Nanobiotix S.A. 2022 Earnings Call
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Speaker 2: conference call.
Speaker 2: A slide presentation accompanying this call can be found at the investor section of the company's website at www.nanobiotics.com
Speaker 2: At this time, all participants are in a listen-only mode.
Speaker 2: After the speaker's presentation, there will be a question and answer session.
Speaker 2: Please be advised that today's conference is being recorded.
Speaker 2: At this point, I will turn the call over to Craig West, Senior Vice President of Investor Relations of Nanobiotics.
Speaker 3: Thank you, operator. Good afternoon and good morning and welcome to the Nanobiotics Conference call to discuss our full year 2022 financial and operating results.
Speaker 3: Joining me on the call today are Laurent Levee, co-founder and chief executive officer, and Bart van Rijn, chief financial officer.
Speaker 3: As a reminder, today's call is being webcast and will be available on our website for replay. I would like to remind you that this call will include forward-looking statements, which may include statements regarding the progress, success, and timing of our ongoing and planned clinical trials, collaborations, and other related issues.
Speaker 3: regulatory filings, dates of presentation, and future research and development efforts, among other things.
Speaker 3: These forward-looking statements are based on current information, assumptions, and expectations that are subject to change.
Speaker 3: They are subject to significant risks and uncertainties that could cause the company's actual results to differ materially from our current expectations.
Speaker 3: Accordingly, you are cautioned not to place undue reliance on forward-looking statements
Speaker 3: Please review the full description of risk factors that can be found in the documents we filed with the AMF in France and the SEC in the United States, including the URD and 20F filed yesterday, both of which are available in the investor relations section of our website.
Speaker 3: along with the press release issued yesterday, highlighting our corporate and financial results for the period.
Speaker 3: In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date.
Speaker 3: While we may elect to update these forward-looking statements at some point in the future, nanobiotics undertakes no obligation to update them to reflect subsequent events or future circumstances.
Speaker 3: With that said, I'd like to turn the call over to LaRong. Please go ahead.
Speaker 4: Thank you, Craig. I would like to welcome everyone participating via conference call and webcast today.
Speaker 4: I would also like to welcome Craig to his first Nanobire Chiefs Conference call as he recently joined us as a new head of fire. If you haven't already met him, I'm sure there would be a opportunity to do so soon.
Speaker 4: As Greg mentioned, we issued a press release yesterday highlighting the company's full year's operating activity and financial results for 2022. For today's call, I would like to begin by providing an overview of our accomplishments and review upcoming milestones for each of our programs before turning the call over to Bart to address financial and operational issues.
Speaker 4: Results after we will open the call for your question.
Speaker 4: Each year since initiating development of our lead candidate and BGXR tree.
Speaker 4: We have seen evidence continue to mount, suggesting NBTXR3 has the potential to change the way solid tumors are treated and improve outcomes for patients.
Speaker 4: This past year not only saw this trend continue, but also provided an opportunity to showcase a strange energy of nanobatic's team and its partner, along with the commitment and support of our investigator, researcher, and most importantly patient who have continued to support our effort. Against the backdrop of geopolitical unrest,
Speaker 4: The ongoing pandemic and continued volatility in the capital market, the team remained focused on our mission and adapted to circumstances to successfully first initiate NanoRate V12, or Global Face3 trial in head and neck cancer in the US, Asia and Europe . Complete enrollment in Study 102, also in head and neck.
Speaker 4: Generate new compelling data from our IO combination program, an early but very encouraging data on pancreatic cancer.
Speaker 4: and significantly reduce operating expenses to cure future access to capital through an equity line and restructure of debt obligation. As this achievement suggests the capability and commitment of our team are as critical to our success as is the promise of NVTXR tree.
Speaker 4: It is further testament to both that during the challenges of 2022, we continue to attract new talent to join our mission to improve the lives of cancer patients through the development of NDTXR treatment.
Speaker 4: This started early in the year when Strenten or executive leadership team with the appointment of Dr. Leonhard Faber had chief clinical and medical affairs officer.
Speaker 4: will bring significant clinical experience and strong networks of peers committed to improve outcome for patient battling cancer. Is insights and expertise are supported by our scientific advisory board comprise of leading global radiation, medical and surgical oncologists.
Speaker 4: involve in oncology treatment decision making, clinical trial investigation and patient recruitment. Looking ahead, we are excited to share that we are expecting a new CHIS Medical Officer with extensive development expertise in oncology and immunotherapy to join the nano team in the third quarter of 2023.
Speaker 4: This anticipated addition is coupled with the expected arrival of a new head of regulatory scheduled to join the team later on Q2.
Speaker 4: We believe this addition will strengthen our clinical development program, better position us for registration and help optimize our pipeline development.
Speaker 4: We look forward to working with this industry expert to help guide let's stage development of our product and VGXR tree.
Speaker 4: As you know, we started 2022 with the randomization of our first patient in NanoRE-312, our global phase 3 registrational study for patients with locally advanced head and neck cancer that are ineligible for platinum-based chemotherapy. This milestone set the tone for the year, and the team focused on driving the rollout of this study.
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Speaker 4: I'm particularly pleased to be able to tell you that the team manager accomplished this in just a very year in a challenging environment due to several factors such as competitive technical trial and difficulties of post-COVID world.
Speaker 4: Despite these achievements and continued progress, I will note that an enrollment across country generally has been slower than initially anticipated and we primarily attribute this to the complex and changing regulatory framework across EU. The continuity impact of the COVID-19 pandemic.
Speaker 4: Particularly in the US, which has led to longer than anticipated contract approval and site initiation due to limited site staffing.
Speaker 4: And similarly in Asia, COVID protection measure and regionally lockdown that persisted intermittently through 2022 and finally, we had to replace the Ukraine and Russian site that were originally selected.
Speaker 4: Since the initiation of Nanore T-12, we've been monitoring progress closely and have implemented several measures to increase the efficiency and speed of the trial rollout.
Speaker 4: The primary focus in 2022 was to increase sites and countries and to decrease the time between regional regulatory approval, contracting, and site activation. This has included increasing both virtual and in-person support for the clinical operation and medical affairs team both before and after site initiation to improve site engagement and increase support for key members.
Speaker 4: of the Site Study team.
Speaker 4: Quite the longer than anticipated regulatory and site activation process as resulted in a shift in the early environment, we are confident that with most regional regulatory approval complete or in the final stage, we can move quickly to on-board the remaining target site plan for Nanoray 312.
Speaker 4: and are reassured by the Arctic environment, we are seeing following the addition of new site and the implementation of our I touch clinical operation engagement strategy.
Speaker 4: We expect continued progress in heading site and seeing the recently added site initiate enrollment.
Speaker 4: Further, to the increasingly close partnership with investigators, fostered by this effort, we identified a new factor that could facilitate patient enrollment and as a result, are close to the finalization of a minor protocol amendment to clarify and ease the inclusion criteria and simplify patient identification, screening and enrollment without changing the overall target patient population.
Speaker 4: As we are ramping up our global registration study in 2022, we were also nearing completion of the study 102.
Speaker 4: As a reminder, study 102 is a dose of calation and expansion study in a similar head and neck cancer population that continues to demonstrate promising activity and was a driver in our decision to pursue registration in a head and neck cancer has a first global registration pathway for in BTXR tree.
Speaker 4: Early in the year 23, we completed enrollment in study 102.
Speaker 4: expansion phase and you will recall in February 2022 we reported an interim update with an ongoing median overall survival of 17.9 months in all treated population and 23 months indivisible for the patient population.
Speaker 4: We are planning to present top line 50 and efficacy data from the full study population in the second half of 2023 and plan to submit the data for presentation at a medical meeting.
Speaker 4: We also planning additional poster canalsies.
Speaker 4: in 2023 that we believe will have to understand of the activity of MBTXR tree in HEDANEC cancer and CUSER inform or assumption in the NanoRate 312.
Speaker 4: We believe the continued improvement in survival benefit already demonstrated in Study 102 reinforces the probability of success for Study 312 and suggests the anticipated delta between treatment and control are maybe larger than initially anticipated.
Speaker 4: If the final analysis remain in line with PrivacyRebo?.com, we believe this could potentially shorten the predicted overall time to expect data in the Nanoray 312. With this potential robustness in data, coupled with our operational efficiency, we expect Asplan, the Interim efficacy and safety analysis for Pivotal.
Speaker 4: be in the first half of 2024.
Speaker 4: Another treatment approach we are actively pursuing is using radiotherapy activated and VTXR tree to initially prime the immune system followed by NTPD1 therapies.
Speaker 4: This combination has potential to be a game changer for cancer immunotherapy and is supported by encouraging data from study 11 and rate, or phase 1 dose escalation and expansion trial in patient with advanced cancer.
Speaker 4: In 2022, we completed a dose escalation phase of the study establishing a recommended phase two dose and open enrollment in the expansion phase.
Speaker 4: As a result of progressing this program, we had the opportunity to present an update at the City Conference in 2022, demonstrating durable response, including eight patients with over six months of this is control and five patients in the sitting this is control over than 12 months.
Speaker 4: These results continue to demonstrate not only improved therapeutic response among PD1 treatment niestation, but showed meaningful response among patients we had previously seen their cancer progress despite PD1 therapy.
Speaker 4: We look for what providing future update from Study 11 and Dread as we continued expansion phase of the study in the coming year.
Speaker 4: The positive activity seen in study 11 and raised a supported or planned for FES-3 Registrational Program for Patient with locally recurrent or recurrent or metastatic head and neck cancer that are resistant to PD-1 therapy. The positive activity seen in study 11 and raised a supported or metastatic head and neck cancer that are resistant to PD-1 therapy.
Speaker 4: In the first half of 2022, we received preliminary feedback from the FDA suggesting a single randomized control trial that included a pre-specified comparative analysis of the overall response rate made support accelerated approval, pending contamination of clinical benefit based on overall survival results of the same trial.
Speaker 4: Initially, we planed to submit a protocol to the FDA on a potential registration or pathway for MBTXR3 immunotherapy approach in the first quarter of 2020.
Speaker 4: However, given we'll have a new CMO drawing in the third quarter, we plan to consult with the incoming CMO prior to continue discussion with FDA.
Speaker 4: This individual has extensive experience in immunotherapy drug development and given the significance of the program, interest in optimizing enrollment efficiency and ensuring we are building a fundamental protocol supportive of regulatory requirements and commercialization in a competitive landscape. We have this slide for first review, the current data and future program is on UCMO.
Speaker 4: Based on this, we expect to provide an update for our NPTXR 3-Minotherapy approach in the third quarter of 2023.
Speaker 4: Further expansion, opportunities for NBTXRT are actively being explored as part of the ongoing collaboration with the University of Texas MD and the St. Cancer Center.
Speaker 4: Of note, we have determined the recommended phase two tools for NPTX surgery in pancreatic ductol adenocasinoma and the principal investigator shared positive prediminatory qualitative data to the sickest seed data in the first quarter of 2022.
Speaker 4: MD-ON expect to present preliminary phase 1b dose escalation safety in pancreatic cancer in the second half of 2023.
Speaker 4: We look forward to the continued progress in this study, and as a dose expansion phase gets underway, a borderline, a recyclable patient becomes eligible for an hourment, alongside locally advanced patient evaluated in the doses' calculation phase.
Speaker 4: In addition to the upcoming data expected from pancreatic trial, MD Anderson has made significant progress in its phase one trial of MDTX artery in non-small cell lung cancer and expect to determine a recommended phase 2000 study in the second half of this year.
Speaker 4: As you recall, they are also leading a phase one trial of NVTX-Hartre in combination with chemotherapy for patient with a zophageal cancer and are progressing toward an anticipated recommended phase two-dose in 2024.
Speaker 4: Given their shift to our proton therapy in treating this patient, the study present an interesting opportunity to validate prior practical data suggesting the safety and potential benefit of combining MBTX-A3 with proton therapy, which theoretically offer a reduction in the radiation exposure to LC-neighboring tissue, while improvement of the therapeutic ratio. And the end of the session is in the process to modify existing...
Speaker 4: that HEMDA is working on additional clinical study in different patient population that we have not disclosed before. And we have more to say about this development in the future.
Speaker 4: Finally, I would like to highlight that we have many value inflection points see here in the coming 12-24 months across all of our programs. We believe that MBTX-R3 has the potential to enhance the utility of radiation therapy in many two months. We are now in the coming 12-24 months across all of our programs.
Speaker 4: and we are moving on many fronts to make this vision a reality. I would like now to turn on the call to Bout to briefly discuss our financial results for the period. Bout?
Speaker 6: Thank you, LeWal. As LeWal mentioned, the enrollment of our first patient in the NRA312 provides an exciting start to 2022 and our commitment to advancing the study remained our priority, defining how we navigated the remainder of the year. As the broader economic pressure and market volatility persisted,
Speaker 6: We do quit action building the second quarter to significantly expand our coastal and dry forests initiated in 2021 by prioritizing investment in NNOA 312 and study 1100. Skating back quick political programs, end optimizing manufacturing and infrastructure expense to ensure we were well positioned.
Speaker 6: to execute our core programs. The results of these efforts to enhance operational efficiencies and improve our cost-paces across all our programs are evident in the financial results we report yesterday, where we see only the most increasing R&D expense of approximately 2 million euros compared to 2021. Despite the initiation of our pivotal phase 3 registration study, the continuation of study 102.
Speaker 6: and our ongoing immunotherapy and combination study of 1100s. Likewise, you will note SDNA expenses decreased by 1.6 million euro or 8.1 percent from 19.4 million euro for a year ended December 31st, 2021 to 17.9 million 40 year ended December 31st, 2022, reflecting on our efforts to rationalize SDNA expenses.
Speaker 6: the 2.4.8 million euro for the year and the December 31, 2022 compared to 2.6 million euro for the year and the December 31, 2021. To further improve our financial flexibility and extend our operating runway, we've successfully restructured.
Speaker 6: 30.7 million euro in outstanding debt with European investment bank to significantly reduce near-term expense and better align our debt obligations with our anticipated development timelines.
Speaker 6: While the impact on our cash run really is clearly favorable, it was built, the restructuring resulted in a negative one-off evaluation impact of 6.9 million euro. Combined with high interest cost on the loan and lower foreign exchange gains, our net both for 2022 was 57 million euro or 1 euro, 64 per share.
Speaker 6: for the 12-month period and the December 31st 2022. This compares to the net most, or 47 million, for 1 euro 35 per share, 40 year and the December 31st 2021.
Speaker 6: You will also recall that we do steps to ensure future access to capital by secure an equity financing line through Kepler-Five Road in the second quarter of 2022. While we have much yet to have this equity line, we have to full authority to activate or suspend access to capital through this facility at any time at our Tz'Qt QtwSR
Speaker 6: As of December 31, 2022, Nana Wildex at 41.4 million euro in cash and cash equivalence, compared to 83.9 million euro as of December 31, 2021. Our press release that we released last night.
Speaker 6: It knows that our cash combined with our equity-line financial fund operations into the third quarter of this year, which is a short runway than our previous guidance into the first quarter of 2024.
Speaker 6: Our loan with the EAB carries a covenant requiring the cash balance of a 25.3 million, which is equivalent to the outstanding principle we are now getting close to. The EAB is granted the temporary waiver of this requirement.
Speaker 6: of 50 million euros until December 31st. The temporary waiver will be automatically extended until January 31st, 2024, the design of a business development partnership, collaborative or strategic alliance.
Speaker 6: Because the company is not reporting such an event at this time, the waiver is assumed by us and our officers to be expiring on July 31st.
Speaker 6: And because our project occasion cash equivalence balance is expected to decline below the 25.3 million level in Q3, we are reporting a cash runway that extends only to that time based on the conservative series of assumptions that include no business developed on deals, no new financing.
Speaker 6: and the assumption the EAB will exercise the government and seek repayment of the law in full. And now I will turn the call back to the law. Law off. Thank you about. In 2022, we continue to our prioritized focus on further advancing and BGXR through treatment of phantomic cancer.
Speaker 4: Today, the totality of chemical data continues to support the potential of a product to offer meaningful, direct-lic benefit to a large number of patient in oncology. Our initial focus in head and neck cancer is establishing a firm work that can be expanded and replicated across other Solicimals.
Speaker 4: And as a reminder, we know that around 60% of all cancer patients will receive radiation therapy. With the recent strengthening of our operation and electricity leadership, we believe we are well positioned to execute across our new term catalyst through the year. Looking ahead, 23.
Speaker 4: would be a foundational year for several reasons, and including different milestones and clinical data that we should expect. On our primary focus, head and neck cancer, we will have the final data coming from the first one, two, as study 102, also an update on the 11th and red. And we continue, and we will continue to progress in the pivotal.
Speaker 4: for having an X-ray 312 to prepare at-plan the interim readout for H224.
In addition to our prior key focus, head and neck, we will get the first data coming from our last collaboration with Andy Anderson, including Penforic Cancer and Lenguensal Trial Results.
With that, I will not have the operator to begin our QAnonization operator. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad.
A confirmation zone will indicate your line isn't the question of cue. You may press star 2 to remove yourself from the cue. For participants using speaker equipment, it may be necessary to pick up your answer before pressing the star keys. One moment please, while we pull for your questions.
For.
Hello, with Evercore ISI, please proceed with your questions.
Hey guys, thanks for taking my question. Let's start with the head next studies. I'd love to learn if you could give us some more color on the protocol amendment you're talking about for 312 that might increase enrollment rate. And sort of relatedly, I noticed you're sticking to guidance or data in the second half of 24. You also alluded to the possibility that there's some acceleration possible there based on students.
is Ryan Globally, US Asia in Europe . And here at the 500 patient, try out on the MiZ121, where Lian by your partner will treat 100% heart of the 100 patients, so it's out of the 500 total.
So to date, what we've been seeing is after a slow start of this trial, as expected in such a complex time with the war in Ukraine and the end of the COVID period, we've seen a good running out of the patient recruitment right now, and I've been able to cover yet to get much more site activated and also open new countries.
So we've been doing some minor amendments in order to facilitate the number of patients that could have access to this trial. And that includes, but not in this picture, some better or easier definition of what would be the need to see splatting in order to include more patients.
We'll still have included a bit more patient in terms of TNM definition and had the produce background and recalled data from the patient entering the trial. So all these we think will help to accelerate the recruitment rate.
And just off note, today we have only a sub thought of the final number of sites that we expect the actual entry we're putting, there are two sites happening. So we expect to think that, make a thing that will have another infection point in the recruitment guide.
is the increasing number of cycle critting and disarmament of the protocols that will stop being active inside within the next two months.
So that's for the 312 itself. I think looking now at the 102 trial, which was the first part of the development in head and leg cancer. So that's the first one too. That includes an escalation, both an expansion part, where we've been treating total répondent to patients.
in a similar population. We've seen over in the past that the overall survival of the evaluative population in this trial was around 23 months and we expect to be able to report final data later this year that includes all the patients with at least 12 months followers.
But we expect to be quite seeing out what we have seen so far. Now, what is interesting is that we continue to dig in the data we have generated in this trial and we expect to report on the top of what was planned at their protocols and additional data could help us to understand how this should play out in the 312 trial.
In all regards, we think we are confident given what we have seen so far and increase our internal probability of success of the 312 base on what we have seen so far.
Okay, it makes sense. One more for me. I would love to hear more about your runway assumptions. I understood that, understand the updated runway, doesn't include the equity line or other services of capital and is making conservative assumptions about this debt covenant.
What would the runway be if you did include all of your anticipated, not additional BD, but already negotiated equity lines full access to the debt and no governance? What would the less conservative runway look like? Okay.
Thank you, John , for the questions. This is Barton Reign. The note has changed in what we have guided to previously, which would be Q1 or 24. Okay, thank you very much. Thank you. Our next questions will come from the line of LA at Aspen with UBS. Please proceed with your questions.
Hi everyone, Ellie Basko on for Colin Bristo from UBS. Another one on Nano Ray 312 recruitment. Could you elaborate a little bit more on some of the regulatory challenges you're facing? And additionally...
Could you speak to the amount of sites that needed to be replaced or incrementally added through some of the challenges? And then last question, could you provide additional commentary on your strategy for potential collaborations or partnerships? Thank you.
Thank you. So in terms of the regulatory challenge, I think in Europe , as we know, our product has a medical device status, and for most of the rest of the world, it is a drug. And as there is a fundamental reshaping,
in the medical device status in Europe and regulation around that, we went through some hurdles in order to connect our old regulatory system versus new regulatory system in Europe . So we went through a number of interactions with agencies in order to connect the dots and to be able to start the trial. Thank you very much.
been causing some family delays, which did not happen in other countries. In Asia, we've seen some lockdown due to the COVID. No later than end of last year, beginning of this year, we're still the case, but no it's reopening. And for US, the men out there was about the COVID tail, where I slow down most of the activities in hospital.
to be open like France and Spain and others, but also have added two or three other countries in order to compensate that. So the idea here was to make sure that by adding those sites in existing or new countries, we really compensate the exclusion of Russia and Ukraine at the beginning.
stop the stop at a little slow versus what expected. But the good thing is now we see a very good ramp up in chamomile for equipment and all by statistician with the real world life recruitment for a set with you today and the ramp up with the inside oxidation. We maintain our guidance to get the interim readouts.
of 24. And I'm sorry. What was the last thought of the question? Yes, partnership, right? Yep, your strategy to partnerships, collaborations. Thank you.
Okay, so just maybe a piece of context. I think we all see how the market did for the past 18 months, two years, and even a bit more. So in an efficient market, it will make sense and would have an expense to raise more money in order to pass the interim rate out in order to create more value.
And after that step, maybe establishing some partnerships and collaboration with industry, now as we all see, the market is not what we would hold high expected to be. So we change our strategy in the recent past and we see collaboration or industrial partnership as a key option for, I know, in order to move forward and guarantee that we can reach a lot of patients.
and also guaranteeing the value for all shareholders. Thank you. That's all for me. Thank you. Our next question has come from the line of RK with HC Wainwright. Please proceed with your questions.
Thank you. Good morning, Lauren. But just a couple of quick questions.
Just trying to find out if there's going to be any clinical data presentations that are as cold coming up.
And also when I'm the Anderson releases data on pancreatic cancer later this year. How would you, how are you thinking about taking this indication forward, you know, expecting this data to be positive from here?
Thank you for the questions. So yes, we expect at ASCO and other conference for the Southern part of the year to present a new data with the program. We will disclose in new time at which conference obviously we will present.
And as far as angiogenesal is concerned, we wait to get the lung cancer trial first results, but also the pancreatic cancer trials data. I think that, as you mentioned, a very interesting trial, because we think here we could have a big impact for the patient.
And what we should look at when the data are coming out is the population we are treating here. We are talking about locally advanced pancreatic cancer patients that are fully inoperable. And for those patients usually there is not much of an therapeutic option.
What we've been doing after the patient getting a round of chemo as the tendons care is proposed, we have been injecting monoboxyides and then activated bivotation and loop at the outcome for the patient. So what would be important here is to see how much of this patient we can stabilize. How much? Thank you.
potentially we could have response which is rare in this population. Even more rare is how many of the patients could get surgery coming from inoperable to a horrible. And so all those data will be presented and for you to know we also have started the expansion part.
of this trial that we expect to conclude before the end of the year. Based on all this data, we think we should be able to propose a next step for pancreatic cancer patients. Now what's not yet decided is the format of this next step.
Will it be field or trial? Will it be something else? So that will be discussed a bit further and I think we'll give a date on that when we present the data of this trial. Thank you, Laura. Thanks for taking the question.
of all trial will it be something else so that will be discussed a bit further and I think we'll give a date on that when we prevent the data of this trial. Thank you, Laura. Thanks for taking my question. Thank you, okay.
Thank you. Our next question is coming along and I'll comment on that with the NP Paraba. Please proceed with your questions. Hello. Thank you for making my question. Just one about your relationship with the EIB. You advised that the EIB is willing to extend for six months the requirement of 15 million in a month instead of 25.
Thank you. And thanks for the question.
I think the STS is an interesting and important question. As you know, we've been successful in running a phase three randomized trial proving the superiority of MBT-XR3 over the standard of care in a very hard to treat patient population, which is locally advanced, such as with sarcoma patients. Now we also obtained the C mark for that list.
will not start commercializing with top-tier stock coma, because that will be globally detrimental to the old high-size of MBTA country. And also the effort will have to deploy to make this product commercially valuable across Europe will not be interesting versus starting first with that in the and obtaining your potential.
good price, a fair price for the product and then it's then expanded to the stock tissue stock from our and then start selling both in head and neck and SPS. Now as far as EIB is concerned on this topic, the fully back or strategy on this has potential ongoing discussion we have talking about SPS and the strategy to start with head and neck
It's seen by all potential and existing collaborators as the right one to move forward.
All right. Thank you. Thank you.
Thank you. There are no further questions at this time. I would now like to hand the call back over to management for any closing and time.
Thank you. So I would just like to thank you all for participating in this call and we look forward to further executing across the upcoming milestone and we continue of course to put you updated on our progress and hopefully and obviously much more technical data that will come this year. Thank you very much. I wish you all the best. Thank you.
Thank you. This does include today's telecomference. We appreciate your participation. You may disconnect your lives at this time. Enjoy the rest of your day.