Q2 2023 COMPASS Pathways PLC Earnings Call
Yes.
[music].
Okay.
Good day, ladies and gentlemen, and welcome to the conference pathways second quarter 2023 conference call. At this time, all participants are in a listen only mode.
As a reminder, this call is being recorded I would now like to introduce your host for todays conference Stephen Schultz you may begin.
Welcome all of you and thank you for joining us today for our second quarter 2023 results Conference call again, My name is Steve Schultz Senior Vice President of Investor Relations accomplish salaries and today I'm joined by could be our Nast, Our Chief Executive Officer, Mike <unk>, Our Chief Financial Officer, and Doctor Guy.
Goodwin, our chief Medical Officer.
This call is being recorded and will be available on the company's pathways Investor Relations website. Shortly after the conclusion of the call.
Before we begin let me remind everyone that during the call today, Jim will be making forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995 element.
You should not place undue reliance on these forward looking statements actual events or results could differ materially from those expressed or implied by any forward looking statements. As a result of various risks uncertainties and other factors, including those risks and uncertainties described under the heading risk factors in our quarterly report.
On Form 10-Q filed with the U S Securities and Exchange Commission and in subsequent filings made by Congress with the SEC.
Additionally, these 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.
We specifically disclaim any obligation to update or revise any forward looking statements, even if our estimates or assumptions change on that.
I'll hand, the call over to <unk>.
Okay.
Thank you Steve.
Good day, everyone and thank you for joining us.
During this past quarter Compass pathways has continued to achieve strong results across important aspects of our business.
I will cover the progress of our trials as well as commercial updates Guy will talk about encouraging regulatory and clinical news and Mike will address the excellent progress we have made to extend our financial runway.
Our phase III trials in treatment resistant depression comps. There is there are five and comp zero-zero six.
Gary and remain on track for primary endpoint readout in <unk>.
Summer 2024, and mid 2025, respectively.
Both studies are on track and in line with our expectations with some patients having now progressed to part B for both studies.
Two thirds of the comp there is there are five sites have been initiated.
I'll remind you that these are the largest most robust trials ever conducted to evaluate the use of psilocybin treatments or indeed any psychedelic drug on the trials are designed to support an NDA submission to the FDA.
We noted in the first quarter that the American Medical Association has accepted a current procedural terminology or CPT three code for psychedelic therapies in the second quarter as it happens on the last day of the quarter. The actual code language was released as we.
We have indicated this language specifically provides physicians and other qualified health care professionals with the means to track the work involved in.
And ultimately seek reimbursement for delivering support for psychedelic treatments.
We hosted a webinar on this development, which include AI experts from both the Payor and treatment delivery communities.
You had a chance to watch the program, which is archived on our website in the investors section.
We believe the language of the CPT III tracking code is particularly well aligned with the requirements of <unk> 360 psilocybin treatment.
Crucial step toward a reimbursed CPT code to cover psychological support the therapies like <unk> 360 subject to FDA approval.
Most importantly, it is a key step towards enabling broad an equitable access to psychedelic treatments.
Without CPT codes.
Would be challenging to obtain reimbursement by CMS and health plans in the U S for the psychological support provided during the administration of <unk> 316, which would result in a severe limitation of access to new and effective treatments that require in person support.
This CPT III code is an important recent development that supports the commercial landscape into which we plan to launch 360.
We also saw this quarter that S. Ketamine sold under the brand names Roberto has now achieved sales of $255 million for the first half of the year in the U S with quarter over quarter growth of roughly 30% and year over year growth of over 80%.
We believe that this demonstrates the level of unmet need in treatment resistant depression.
This growth is also driven by the increasing interest in mechanisms, which offer rapid treatment effect as well as the scaling of the infrastructure of interventional psychiatry facilities and other treatment centers.
These are the types of facilities that we believe would be able to deliver 360 treatment if approved.
Also in this quarter the U S patent trial and appeal board reaffirm decisions to uphold two key patents that 257, and 259 patents, which cover the 360 crystalline silicon iden polymorph.
Intellectual property is a key element of our overall commercial protection become 360 and central to our work in developing innovative treatments for therapeutic areas of significant unmet medical need.
We're pleased with this decision as it marks the conclusion of what had been outstanding challenges to these patents.
I'll now hand over to Guy to update you on regulatory and clinical news during the quarter Guide.
Thank you you can do in.
In the past quarter, the FDA issued draft guidance on the development of psychedelic medicines to address the unique features of this class of trade.
We are pleased that this guidance is well aligned with the country six the phase III program design and includes many of the points that we have discussed with the agency.
We believe this guidance is important validation with FDA is supportive of a robust and appropriate development path a novel psychedelic based sigma like comp 360.
Of particular note in the FDA guidance is the use of psychotherapy, where the agency cotton.
Such interventions may complicate the assessments of clinical trials.
I will note the country 60 treatment is not designed to utilize market therapy.
Instead psychological support.
Primarily focuses on safeguarding patients.
In fact, we think it is inappropriate to refer psilocybin treatment.
Psychedelic assisted by the therapy.
Commonly occur.
Regulators generally evaluate improve investigational drug candidates based on quality safety and efficacy.
Have not historically evaluated all regulated part of therapy.
Our approach is clear to achieve regulatory approval the drug effect needs to be established unambiguously in clinical trials, which is only possible with any psychological support is applied in a consistent way and there's not an alternative treatment itself.
A recent opinion piece, we published with academic colleagues and the American General commentary there.
This into more detail about the important distinction.
The evidence we have seen from rigorous studies or set aside in treatment to date leads us to believe that the potential therapeutic effects of psilocybin treatment comes primarily from the drug itself.
Ill psychological support is essential for safe guarding patients before during and after administration.
Psychological support is not independent psychotherapy, commonly understood.
We intend psychedelic states associated with Philips lighting are incompatible with simultaneous evidenced based psychotherapy.
Turning to our clinical studies in July the General Neuropsychopharmacology published our data from the open label study.
Adjusted the use of selective serotonin re uptake inhibitor.
Or SSRI antidepressant.
David the potential therapeutic effect of <unk> 16.
As we have remarked previously this finding is concerned may prove to have important implications.
Thanks for real World use of comp three 6 billion because it could offer patients potentially greater choice and how far they withdraw from other drugs before treatment with <unk> 360 in the future.
Beyond the treatment resistant depression are phase II studies in PTSD and anorexia nervosa continues to progress well with PTSD data expected this year.
It is still too early to provide a readout guidance for anorexia nervosa study, which is now making much better progress option amendment to our protocol.
We will update you regarding timing on future calls.
Looking beyond our sponsored trial two investigator initiated study we continue to see encouraging data emerge.
For example, a study a 10th of patients with depression. They received a single dose of Cop 367 treatment was presented at this year's <unk> meeting.
And the study demonstrating the potential for countries 60 certified and treatment in female patients with anorexia nervosa with published in nature Medicine.
These data support the robust knowledge space that campus is developing around our comp 360 <unk> treatments.
Moreover, this preliminary research can be an important step in finding new and better options for patients with difficult to treat conditions.
I will now hand, the call to Mike for the financial overview Mike.
Thank you Guy I'll now recap the highlights of our second quarter financial results.
Comparing this year to last year for the second quarter 2023, net loss was $28 3 million or <unk> 62 per share, including noncash share based compensation of $4 6 million.
Compared to net loss of $21 million or.
A <unk> 50 per share, including noncash share based compensation of $3 2 million for second quarter 2022.
R&D expenses increased to $19 $8 million in second quarter, 2023, compared with $15 9 million in second quarter last year.
G&A expenses increased to $12 $8 million in second quarter, 2023, compared to $11 $3 million in second quarter 2022.
I'll now turn to analysis of our current second quarter results compared to the prior first quarter results.
Our current quarter financial results reflect our continued success in advancing our phase III trial in treatment resistant depression, and encouraging progress in extending our cash runway.
In line with our expectation cash used in operations for the second quarter was $24 8 million in the middle of the guidance range, we provided last quarter.
It's a perfectly capital and drew down $28.8 million net issuance Fox.
Earlier in the corner, we raised an additional $26.9 million from the sale of shares under our a T M facility.
Financing activity was offset by net cash used an operating activities of $24.8 million.
Regarding third quarter financial guidance, we expect two factors to create an unusually low range for cash used in operations, which we expect will return to a more conventional level in the fourth quarter and beyond.
We expect the third quarter against cash Houston operating activities to be between minus two and positive $18 million.
First we have completely contracts with our vendors, reflecting the final phase three trial designs. As a result, we will be able to reduce the balance of our prepaid class, which will reduce our cash used in operations in the third quarter by close to $10 million.
Second we are expecting to receive our estimated 14 million dollar 2022, UK R&D tax credits in the third quarter.
The low end of our guidance request.
These funds in Q3 and the top end of the guidance reflects the funds being delayed until Q4.
Turning to pull your financial guidance, we are narrowing the range for cash used an operation to be between 80 and $90 million.
We have narrowed our full year range as a result of improved clarity around the scale and the timing is expected phase three costs and continued spending discipline in light of continued market uncertainty.
<unk> continues to maintain a strong financial position with cash and cash equivalents of $148 $2 million at June 30th 2023, compared with $143 $2 million at December 31st 2022.
We have recognized longterm debt on our balance sheet for the first time as a result of the depth facility with Hercules capital, which we initiated in the second quarter.
We continue to the restaurant and balance sheet as an important strategic asset, which we plan to manage carefully as we invest too advanced these promising potential treatments while at the same time continuing to create value for our shareholders.
Thank you and I will now turn the call back to come here.
Thanks, Mike.
We're pleased with our ongoing progress and continue to be conscious of the importance of responsibility about leadership in the development of investigational psychedelic treatments, which we believe represents the next generation of mental health therapeutic options.
Importantly, all fake.
Phase three program and treatment resistant depression is a clear focus and is progressing on track and in line with our expectations.
As we move through the clinical program and as we observe the commercial rollout rebozo, we're encouraged by an increasingly supportive alignment in the treatment network infrastructure, that's developed significantly since the supervisor launch.
We believe that this reflects the treatment paradigm that is here to stay.
And we would expect much of this infrastructure to be relevant to come for 368 as well.
In closing.
I want to offer a heartfelt. Thank you to one of our co founders Doctor I'd catch Arena Scott <unk>.
Recently stepped down from her executive role as Chief Innovation Officer.
Together with George Goldsmith, the laws builder Kasha Cofounded comfort pathways in 2017 determined to bring much needed innovation to the field of mental health care.
Gotcha leaves an indelible mark on the company she helped found <unk>.
<unk> to pay reflects both the rigor and precision one would expect from a scientist and a compassion for and commitment to patients that one would expect from a physician.
Influence extends well beyond our company so the fields of psychedelic medicine and mental health care.
We're closer to meaningful breakthroughs in cancer patients thanks to her work.
We are pleased that we will continue to benefit from her experience and insight as she remains on the campus board of directors.
And I know that I speak on behalf of the entire campus team and thanking her for her extraordinary vision leadership and encouragement.
Thank you once again for your participation in today's call will now turn to Q&A. So I will hand, this call back to the operator.
Thank you if you would like to ask a question. Please press star one one.
If your question has been answered and you'd like to remove yourself from the queue. Please press start one one again.
Our first question comes from <unk> T D. Cohen your line is open.
Hi, guys. This is Athena on perfect too thanks for taking my questions to start off.
K U S. A today that a tie has requested that <unk> could you provide any color on that request.
Question. After this one thanks.
<unk> just checking you can hear me clearly.
Yes, Greg.
So our understanding is that this is a matter of regular corporate housekeeping.
Got it Uhm and my next question goes back to the CPT codes is there a level one coat that exist <unk>, maybe a good comparison for how you see the new <unk> CPT codes maturing into we understand from Kayla that they often use.
Some existing codes to cover Academy in administration, what are those and what did they reimburse at.
Thank you for the questions. So.
Yes, certainly if we look at the history of Ketamine prescribing already X Academy once <unk> also.
Because no specific codes were applied for all approved for those.
Is absolutely the case that.
<unk> provide us have had to make do with existing codes and.
I can't give you the specific details of which coach they use but we're happy to follow up with that in more detail in future I think what's important to notice for us we recognize that what we are doing is unique.
Six to eight support required to psilocybin.
<unk> that we actually do seek approval for US. We now have received a new code and also you'll be aware of this view CPT three code <unk>.
Provides an hourly basis.
Tracking of the support that's required for psychedelic medications.
Therefore, we're confident that this code will apply very much to us for the future, but also potentially for other products that would require similar extended support such as MBNA, if that would be approved for antibiosis to therapy.
Important to note, though that the.
Preparation on integration sessions, they're also required for <unk> 360, psilocybin treatment will also be covered by existing curves they will be covered by existing psychotherapy coats.
Got it thank you.
Back in the queue.
Thanks Arena.
Thank you. Our next question comes from Charles Duncan with Cantor Your line is open.
Hey, Yeah. Good morning, Thanks for taking our question early and congrats on the progress of Mccord at <unk>.
Basically had three quick questions and the ongoing Cam 005 at 006 trials.
I'll, just rattled them off quickly and you can take them an order. If you want. It first is are you seeing any you know call. It rape limiter in terms of Asshats are I use and weeding off that.
Terms of enrollment.
In those trials for checking is for <unk> b.
<unk> are you seeing any differences in the option for Retreatment, thus far I know, it's probably early you probably don't have a lot of patience, but differences between the two trials.
And third question quickly is four parts C. You probably aren't quite there yet but have you had any patience enrolling parts C or are you near to enrolling patients in parts C. Having gotten through we twenty-six heartbeat. Thanks.
Thanks, Charles So I'll start in a sky has any color to add our last winter to jump period, So no I mean.
It's been very clear in all protocol built into the interface trailer washout as required. These are mono therapy trials. So far we're not seeing any experience that's very different from what we saw in two D. Obviously for some patients. This is a significant issue and we saw that and possibly be and we will see it in all three as part of the pre screening.
And the screening.
Okay remains the fact that these are mono therapy trials and again, so Paul experiences consistent from our last trial for this one.
Uhm.
Ms of Paul B and C E O.
Numbers are not worth.
I'm in a position to give you an all strawberries at this stage I'll just go back to what I said, we're on track in line with our expectations with <unk>.
I don't think Sir Okay. Thank you thanks Charles.
Thank you.
Thank you. Our next question comes from Patrick <unk> with H C. Wainwright Your line is open.
Thanks, and good morning, and congrats on all the progress. So several studies have been published recently as noted in today's press release I'm wondering if you could talk about the level of interest or acceptance <unk> therapy, specifically among neuropsych key opinion leaders in clinical trial investigators and how these views have changed it.
At all and how do you view this evolution of youth progressing as we you know.
Sure to that phase three read out next year.
Thanks <unk>.
Thanks, Patrick.
Think there's been a consolidation rather than a change I think people are a bit clearer now about what's actually required we've worked pretty hard to emphasize you know innovation enough forward looking in this field and to also emphasize that our lines is on data.
That's respected and I think that's one otherwise we get progress.
Cause that speed is what we really want in terms of getting this to patients as soon as possible.
Clearly, there's no immediate possibility that faces the conditions of the kind you're describing to use the treatment.
So it remains for most of them a little hypothetical but the interest is still and I think as we move forward with this greater evidence around the.
Prevalence Theriot T. R. D C unmet need that is clearly there I think that's been an important change really just in the last year or two with really quite influential reviews. It have highlighted that change and I think that underlies more menacing the increased use of <unk> Sir.
Yeah.
Can you talk a little bit more about the peace have decision in the commentary around outstanding challenges to come through 60 patents, specifically I'd I'd like to know how we should think about the durability of country 60, I T, particularly against future potential challenges. Following this key tab decision.
So Patrick I mean to be clear what they preach that decision does is uphold the validity of all patents added.
<unk> all the remaining lines of <unk> against these patterns from our perspective that clearly does increase all comforters cause these are robust patterns, but we will be able to defend in future in a commercial world, but we've already fully but these are robust department, so that give off significant protection.
Based on the extensive work with it to arrive.
Great. Thank you so much.
Thank you. Our next question comes from Francois prescribed with Oppenheimer. Your line is open.
Hi, Thanks for taking my questions to start here I was just wondering can you talk about your comfort with these trials kind of being the the last potential trials uhm in order to submit just based around the you know the fact that.
You do have a wash out period M. D. S. S. R. S situation is this something that's evolving or are people comfortable with the mono therapy in the wash up.
So I'll I'll start one thing to notice and we did note I mean, it's a small study, but we did actually published during this call type of of 19 patients on suicide in on a background of S. S. R I's and resold dimunition of effect. So that's an important piece of data or diagnose it.
Which needs to be confirmed on a larger scale.
I think it's clear from the point of view of really demonstrating the efficacy and safety of <unk> 360 monotherapy is the right way to study at what we've also commented in the past, though is if you look at the design of party and policy there will be data in patients who have gone back on antidepressants is subsequently take <unk>.
368.
And to your question, we recognize that that may reflect some of what happens in the real world Scott.
Yes, I think just on the point of view. The question also related to the difficulties that it poses having to withdraw people you know it is worth remembering that the phase two study heading back to the same approach and that was successful and particularly in the latter cause of that study really having accelerating recruitment right. So I think we remain calm.
Suitable with us the right way to go and be with the theoretical need to demonstrate efficacy without a background about the drugs.
To you on that no do you see a difference here in terms of the mono therapy approach for T. R D versus M. D D. When when by definition in patients with T. R. D has have failed multiple.
Uhm approaches or is this.
T I D and indeed, you're probably going to be taken in a similar to contact you.
That's a good question for which I don't think we have to have an answer the answer will really be based on a future experience, particularly in the second and third phase is about trials and.
And in the in 006, where there'll be two treatments.
Issue of whether there will be a need for continuing treatment I think at the moment is open the differences between M. D. T. M. C. R. D. Essentially reflect the fact that M D D as in easier condition to treat the there is no <unk>.
Need and that there are treatments already available uhm the difference obviously with TRT as it's harder to treat people are exhausted awesome, the ugliest treatment spelled M D T.
Okay, Great and just maybe those less familiar here can you just touched on <unk> you know, we talk to best provider or an S. Ketamine kind of take off here and and how things are going in the correlation with you guys can you just maybe help help us understand the compare and contrast, especially the differences here with your approach first.
<unk> provider.
So.
Clearly for <unk>.
It is a somewhat associated with drug and a requirement is for a monitoring period. After the self administration of the drug clear.
Clearly with psilocybin, while we require a psychological support during the administration of the drug which is a six to eight cause session. However.
Similarities and the reason we refer to this as demonstrating the growth of the infrastructural the scanning of the infrastructure is it <unk> domain of dedicated space. It does require the place for the patient to be required some time off of provider resources.
Not on the rash I think from a from a provider and infrastructure.
But also a very important point of the acceptance of a rapidly acting novel mechanism in the space is also very important to us.
So I think that that's why we believe it for now.
I think I would just add a <unk> the number of visits required for the patient is really substantial and the cases catching me I'll reschedule My first at the moment, we're looking at wrong with trying one or two visits for the for the treatment with our country 60.
That's very helpful. Thank you.
Alright.
Thank you. Our next question comes from Elmer pair of <unk>. Your line is open.
Yes. Good afternoon. Good morning can you hear me.
Yes, we can Illinois.
Yes. Thank you.
Just wanted to confirm a couple of things about the.
T S D study career.
Is this a single dose.
That you administered to patients.
Yes, it is element.
Yes.
And is there a similar psychological support that is provided in preparation during the administration and then maybe one follow up sessions.
Two.
T O D study.
Design is very similar to the <unk> study, we are obviously interested in the experienced both of the patients and the therapist with this very different condition, but are a psychological support is intended to be pretty generic.
And of course as we've explained at some length. It is essentially about safety and safeguards.
And it doesn't really do a different psychopathologies.
Yeah. So.
So if.
If I remember correctly the F D a sort of lumped together and their draft guidance.
Logical support and psychotherapy or they may have used the term and.
<unk> help you take effect clinical benefit from the support component.
I think we're under I think we have an obligation to demonstrate.
The effects, we observe a primary attribute it to the drug I think we do that by using multiple dosage.
Regime, which was present in phase two and will also be 006.
But we are indeed, delivering psychological support which is consistent and all those faces with the treatment.
I think what the F. D. A is okay, sir to that is rather difficult and you know, suggesting factorial designs and various variations in the therapist. We think that's difficult and will be of great interest is the academic sector wants to take that up and we will be interested in the results when they do.
Yes. Thank you and I was just wondering how accurate perhaps clinical trials dot com is at the moment I see 11 and 15.
<unk> U S Sykes.
Is marked as a recruiting.
Probably there is some overlap between the two faith Street that is.
Roughly accurate snapshot of the current situation.
Certainly as we sat on O five more than two thirds of sides of that being initiated and I'd remind you that all five of the U S. Only trial Uhm Oh six is clearly a global trial, we have U S sites up and running on the Burger.
And what would be the rate limiting step to engage in European side Smith.
Getting approvals and so that process is well under way, we do have approvals and some other countries already out side effects, but that process is well under way on again exactly in line with our expectations for the recruitment of vanilla shakes.
I see thank you so much for taking my questions.
Thanks that amount.
Thank you. Our next question comes from Tom Shrader with B T. I G. Your line is open.
Hi, Thanks for taking the question I was gonna follow on Ellie vein and P. T S D.
How large is this opportunity who ordered the patience or are they mostly military and do a lot of them. I'll also have a diagnosis of depression, and what I'm kind of getting out as you see this as a separate indication would this be a subset of patients where they approach.
Depressed patient for the approach was particularly appropriate and is the whole peer to get into the V. A system, where it might be an attractive option.
Yeah. So if I can check that I mean, I mean currently it's not oriented specifically to the V. A system and that obviously is is of great interest to us in the future at the moment, we're interested in the experienced the feasibility of doing these studies in this new indication and we will know.
Sleep. After we've completed this this simple study whether whether it is feasible I think you can see it in two ways. In fact, it is a separate indication potentially but also it's an important comorbidity.
We have an I S, which will soon be reporting from California, which has recruited from the V. A system patience with treatment resistant depression, and we anticipate there will be a great deal with <unk> with PTSD in that group. So to answer your question. We're interested in both conditions both PTSD independently.
<unk>, which is what we're studying in London, and New York and we're interested in CRD with comorbid PTSD, which of course is highly relevant to the V I population.
Got it thank you.
Thank you. Our next question comes from Kyle can with Canaccord Genuity. Your line is open.
Hello. This is <unk> speaking for a small company two from us.
How close are you watching the potential for violence <unk> that might get approved later this week.
We're asking because there could be some relevant to the use of psychedelic third 30 therapeutics and depression as an approved approval there could pave the way for more apathetic treatment.
For that right depression versus chronic treatment.
Uhm, Thanks, <unk>, Yeah, I I completely agree with you <unk> in fact approved remedy and I know, there's a lot of.
And the community around how likely that is absolutely I mean, it is an interesting paradigm of a rapid acting with excess body re treatment on demand as well relapse, we will absolutely be observing that with interest to see what sort of exceptions house.
<unk> physician, yet so yes, we all very well aware of that.
Okay, Great and then one more with the knowledge that country 60, and that's M. D N. A for P. T. S. D. You have several differences in the respective programs. What are the types of results Dot com 316 might need to cheat on the cat cats, 543, 60 to be competitive and.
What would you need to senior ongoing in phase two that might give you more confidence to proceed.
Sir.
Well, perhaps five years or endpoint one of our influence in that study. So we will have some idea of how to power any subsequent study <unk>.
Relative efficacy is best best established in a head to head comparison.
Long way from doing that I suspect.
Think we will we will simply have to take it as it comes we remain very interested me indication, but it's a little premature to try and thanks.
With maps, there's also quite an important difference in the demand for therapists time, and indeed for the patient.
<unk>, it's gonna be a highly pragmatic comparison.
<unk>.
Okay, great. Thanks.
Thank you. Our next question comes from Jason Mccarthy with Maxim Group. Your line is open.
This is Michael Aquino, which you on the line for Jason Mccarthy. Thank you for taking my questions Tonight.
Okay. So I guess to start off I'd, just like to see if you could provide a bit of commentary on why you think we're seeing some stronger tracks and <unk> <unk>.
Oh, and largely the greater acceptance of intervention approaches the maturing delivery infrastructure or the maturing reimbursed into buyer environment I'd just like to see if I can get your take on that.
I think all great.
Frankly, awesome and I <unk> I think a couple of things.
All of those are relevant growth of infrastructure.
Creasing et cetera, my psychiatrist and all the health care providers Uhm.
As well as I think you know what is a broadly favourable reimbursement landscape customer of all Sir.
I think the other element, though is that exceptions is actually driven by the results for people to see in the past the results typically seemed to be stronger than my password on the clinical trial. So what was seen as marginal efficacy and the trials of actually translated into better results in the real world and greater stickiness Betsy have additional factor.
I think the clinical experienced certainty that I had with us with catch them in in the past is just the speed of response and the completeness of the response that is very very striking to clinicians and I think one saying you don't really forget it and I think that's the impact <unk> really capture it when you see the patience lines you get a sense of the recover.
And then joy to be related to the symptoms that very special and that drives the uptake of these fast acting drugs.
Oh.
Alright, yeah. Thank you for that and then just one more is kind of a housekeeping question it'll hop back in the queue I'd just like to see if he could remind us how much remains on your a T M.
Sure. So that's the full a T M with 150 million and since inception, we've raised about 20.
28 million, so that would leave about 122 remaining.
Alright, thank you for that and congratulations on the progress this quarter.
Well thank you.
Thank you there are no further questions I'd like to turn the call back over to management for any closing remarks.
Thank you very much Sir Thank you everyone for your participation on today's call as you heard in further questions. This has been a strong quota for us excellent progress in terms of the phase three trials being underway a fair amount of interesting new clinical data being published also the significant moves we have made to extend our financial runway.
For both the use of the a T M and signing but that's associated with her two days. So we're in a strong position going forward with a strong balance sheet and we'll look forward to reporting back to you. All continued progress in the next call. Sir Thanks, very much of your time today.
Thank you for your participation. This does conclude the program and you may now disconnect everyone have a great day.
Mmm Mmm [music].