Q2 2023 Immunocore Holdings PLC Earnings Call
Got it.
Greetings and welcome to the a mean of course second quarter 2023 financial results and business update conference call. At this time, all participants are in a listen only mode.
Question and answer session will follow the formal presentation, if anyone should require operator assistance during the call. Please press star zero on your telephone keypad.
As a reminder, this conference is being recorded at this time I would like to hand, the call over to Clayton Robertson head of Investor Relations. Thank you you may begin.
Thank you.
During today's call, we'll be making certain forward looking statements, including about financial projections development activities business strategy, and the timing and impact of future events actual results could differ materially from those projected by these statements.
They are based on management's views as of today and subject to risks and uncertainties, including those noted in our most recent form 20-F and 6K, we filed with the FCC and the earnings press release, we issued this morning.
You are cautioned not to place undue reliance on these statements and <unk> disclaims any obligation to update them.
We will also disclose certain non <unk> measures on today's call, which are reconciled to comparable FX iff's measures in todays slides.
I'll now hand over call. It two I see a doctor, but he's got pillar. Thank.
Thank you clay.
Good morning, and good afternoon welcome everyone.
I'm here today with Brian did you not tell our CFO Ralf Tobey head of commercial David Berman, our head of R&D and Mohammed Dar to our CMO.
To answer your questions after my closing remarks.
During this call we will share an overview of our second quarter and first half of the year performance as we continue to deliver our mission to radically improve outcomes for patients with cancer infectious disease and auto immune diseases.
I am proud to report that we have delivered another excellent quarter, there off performance, both commercially and in terms of progress with our pipeline.
In the first half of the year can truck revenue was 111 million.
That growth reflects a robust commercial execution and it looks like a nice benefit that contract provides to patients.
Now approved in over 35 countries came truck has recently launched in four additional countries.
Ralph will share some insights on the Q2 commercial execution and the growth drivers, but the second half of the year.
Disciplined expansion expense management, and our strong cash position allow us to continue to invest and invest in the pipeline in oncology and infectious diseases and we are thrilled to announce that we will start the first phase III randomized trial with our crane targeted impact.
David will walk you through the trial design today and provide an update on the durability from the melanoma patients we presented at ESMO last year.
And we have continued to treat patients in the phase one monotherapy and combination cohorts with plans to present data in the first half of next year.
We are also randomized patients in the phase two three late line cutaneous melanoma trial with Kim truck.
The expansion of our oncology pipeline continues and our teams are working on IND or Cta application for three new products, we'd be well on track for IMD by year's end.
And finally trials with our infectious disease candidates investigating the potential for functional cure for people living with HIV and HBV are ongoing and enrolling patients as we speak.
I will now hand over to Brian .
Thank you P J.
Everyone.
Earlier today, we released our financial results for the second quarter ending June 30th.
Got you to review the release and our SEC filings for more details.
I'll share some of the key highlights.
On slide seven you'll see the summary of our financial results.
I'm delighted to report that our teams have delivered another impressive quarter of contract sales.
<unk> revenue grew to $57 $8 million in Q2 from $52 million in Q1, primarily driven by growth in the United States.
We have now launched with reimbursement in seven countries, including Italy.
I am pleased to announce that we have reached a reimbursement agreement with Germany.
Which is slightly improved from our accounting assumptions.
We expect Germany to publish the price in September .
Ralph will take you through the launch details.
Both R&D and SG&A expenses for the quarter were broadly flat with Q1.
With a net loss for the period of approximately $18 million.
Year to date SG&A expense includes approximately 12 million of currency mark to market and.
$14 million of noncash share based payment expenses, so and totaled $26 million.
For a net cash year to date, SG&A SG&A expense of roughly $60 million.
Looking ahead, we expect R&D expense to increase gradually over time as we expand our prelim investment <unk>.
<unk>, the new phase III, Mel when I'm Gonna trial announced today.
Our cash position of $435 million has continued to increase over the past three quarters.
Given by Kim track revenue.
The tax credits and disciplined expense management.
With that I'd like to congratulate the teams on another great quarter, and I'll turn the call over to Ralph who will review the contract commercial performance.
Yeah.
Thank you Bryan and Hello, everyone.
Kim truck is approved in over 35 countries and we have launched in four additional markets this year, including Italy, Austria, Finland in Israel with U S, Germany, and France, we estimate the seven markets represent three quarters of <unk> global potential sales.
In Q2, we had our strongest revenue quarter to date with $57 $8 million in net sales up 11% quarter over quarter.
Importantly, this represents the fifth quarter of growth.
Next slide please.
There are three factors underpinning our growth this quarter.
First we saw 14% demand growth in the U S.
Well, we increased our first time market share from around 50% in Q1 to 60% in Q2.
The second driver of growth is that patients are appropriately remaining on therapy.
This is the result of our focus on educating health care professionals around the importance of continuing to treatment in the presence of clinical benefit.
Lastly in Europe , nearly all first line patients in Germany, and France received Kim truck.
We have seen incremental growth driven by our new launches, including Italy, where the team transitioned all patients to reimbursed Kim truck and a record three months.
Looking ahead in the second half of the year, we see two significant revenue drivers for Kim truck.
In the U S. We expect further growth from our continued educational push into the communities, while supporting patients on therapy Kim.
Kim tracks three year overall survival data expected later this year will be instrumental in achieving this school.
We also expect that to grow Italy and continue to launch in several additional European countries by the end of the year.
Let's move on to reimbursement updates.
As we shared with you in the July 6K, the CMS and its draft rule named Kim track as meeting a unique circumstance for an increased exemption threshold.
If this language is maintained in the final rule expected in Q4, it would functionally exempt Kim track from a refund.
In Germany, we successfully completed the price negotiations and the agreed price will be published in September .
We're pleased with the outcome.
Which is not materially higher than our accruals to date.
The price remains confidential until publication.
In the U K, we expect reimbursement discussions will continue well into 2024. It has become unfortunately more common for innovative products to receive a negative funding decision from nice and the process to be extended.
In France, we're confident going into reimbursement negotiations with Kim track.
Having had a strong ASMR III rating from the commission on the hospitals and plan to have an updated agreement in place in 2024.
So to sum up I'm delighted with our continued progress in the second quarter and we remain firmly committed to our mission of making Kim trek available to over 1000 patients per year by 2025.
I'd now like to pass the call to David to walk you through our exciting R&D plans.
Thank you very much Ralph.
We continued to make good progress in our oncology and infectious disease clinical pipeline and today I'm going to focus on two programs first I'm going to share recently published Kim track data, which we believe provide insights on how we will develop crane.
Second I'm going to update you on frame, including the original 18 melanoma patients from asthma and I'm very proud to also introduce our new phase III study in first line cutaneous melanoma.
We presented the phase three first line C. T DNA data for Kim track result at ACR earlier this year and there are two points that I take from these data first a majority of patients are benefiting from Kim track since most patients are having C. T D N a reduction.
And second Kim track has higher activity in first line compared to second line based on the three fold higher rate of C. T DNA plants.
This informs for our platform, including frame that where possible we should strive to move to earlier lines of therapy.
Yeah.
Also at ACR, we presented that Kim track at three years has long term survival benefit in second line Uveal melanoma compared to historical controls we have been following these patients to look for a long term survival tail. Since this is the hallmark of other Io therapies such as checkpoints.
These data are very encouraging and we will share the three year survival updates from the first line Phase III study later this year.
The emergence of the long term survival benefit however increases our confidence that this platform can be transformative to patients and we hope to extend with frame to other tumors.
Uh huh.
Turning to cutaneous melanoma, we recently published the final results for Kim track plus checkpoint combinations. Most of the data has previously been shared.
However, there are several insights I would like to emphasize.
First did you ever ability of partial responses and disease control for this combination is remarkable with some ongoing for over two years. This increases our interest to study frame plus checkpoints.
Second the safety profile was consistent with each therapy alone providing confidence for combining prime safely with checkpoints.
And finally, we have historically dosed impacts monotherapy on a weekly basis. However, we had hypothesized that we can switch to less frequent dosing when it impacts our combined on a backbone of an active therapy and after initial disease control.
In this study we successfully piloted switching from weekly monthly Kim track at one year with most of these patients maintaining their disease control.
This provides confidence for doing similar with frame. These.
These are some of the many insights we are applying to the premium program.
That is probably 'twenty two we've shared the initial frame monotherapy phase one data that led to the expansions and melanoma lung endometrial and ovarian carcinoma as a monotherapy in heavily pretreated patients and in combination with standards of care. Since this will allow us to move.
Into earlier lines of therapy.
We always anticipated to see signals earlier, and some tumors that would provide confidence to start registrational trials.
And today I am very pleased to announce our first phase III Registrational trial Prism 301 in first line cutaneous melanoma.
Curious the asthma melanoma data, we shared last year, which included 18 melanoma patients seven cutaneous melanoma all at prior it blew me map and either no volume at Port Kembla lives a map.
11, uveal melanoma patients roughly half of which were to vantiv as naive and have had prior to bank with us.
Here is an update on those original 18 melanoma patients we continue to see strong durability, including partial response partial responses ranging from six to 17 months.
Even in some patients whose tumor shrinkage did not meet the criteria for a resist partial response, we see durable disease control.
Some of these patients are still on therapy.
But cutaneous melanoma activity is remarkable to me given these patients are heavily pretreated and the fact that F 168 is being administered as a monotherapy.
As a monotherapy the durable responses and disease control from F 160, and melanoma, where clearly compelling.
This coupled with a well tolerated safety profile, our belief and combinability with checkpoints and the insights that our platform will work best in a first line setting led us to consider opening eight phase III first line melanoma trial with the primary endpoint of progression free.
Survival.
In additional to the original 18 patients the emerging data from the newly enrolled cutaneous melanoma patients, which although has less follow up increases our conviction to start the phase III trial now.
Finally, the platform insights.
And to how we can design, a more patient friendly and less frequent dosing regimen in first line solidified our decision to move forward.
We had a successful type b meeting with the FDA, who agreed to the phase III design and for us to start the study now.
And I will walk you through that study design.
Prison, Mel 301, with designed with help from global melanoma experts and input from the FDA.
We will randomize previously untreated metastatic cutaneous melanoma patients who are HLA <unk> hundred one positive and two arms.
The experimental arm volume at plus F. One and six eight.
I'm Troy Lahr.
<unk> of either the volume up or in the volume at plus we're lapping a map.
The selection of therapy within the control arm will be country specific and.
And we will not be investigator choice.
This is the first phase III trial, we are aware of two randomized to a control arm that includes checkpoint doublet.
The primary endpoint is progression free survival and the secondary endpoint.
Our survival and response rate.
The F 160, <unk> regimen shown on the slide reflect the growing confidence on how to dose and tax when in combination with an active backpack.
Because we had multiple doses that with clinically active and well tolerated.
We agreed with the FDA to include an initial randomization to two F 100 <unk> doses.
40, micrograms and 160 microgram. This approach is consistent with Fda's project Optimists.
We will drop one of the two F. One and six doses after an initial interim analysis, but importantly.
There is no pause in their recruitment and all patients in the go forward dose are included in the intent to treat analysis.
This is a really exciting time for us.
Sure.
The present Maltreat. One study represents the first phase III study for the prime target and for a TCR therapeutic and first line cutaneous melanoma, which is one of the largest melanoma indications and opportunity of over 10000 patients right now.
The phase one two study 101 is still enrolling the four monotherapy expansions at the 160 microgram dose.
And we continue to look at the other tumors lung ovarian and endometrial for the next tumor for development.
Further project Optimists FDA discussions.
We'll also enroll some more patients with the same tumor types in the 40 microgram cohort, which will serve to help confirm the dose.
The combinations with standard of care are also progressing and these will provide safety that will allow us to move into the early lines, where we believe our platform will be most active.
Finally based on our excitement for frame.
We are building a franchise around this target with our half life extension and our frame a 24 programs on track for regulatory submission next year.
I'm now going to hand, it back to Asia.
Thank you David Thank you, Brian and Rob.
As you can see the team is not letting up and I'm grateful for everything they do.
So looking ahead to the second half of 2023 and into next year.
Commercial and medical teams will be focused on maintaining the momentum to reach patients who could benefit from Kim track globally.
By the end of this year, we expect to launch in additional European countries and to achieve reimbursement agreement in France in 2000 in 2024.
As you have heard our commitment to people living with cancer is expanding as we embark on our first phase III trial with our crane targeted therapy with the aim to randomize. The first advanced cutaneous melanoma patient by first.
Q1 2024.
We will also continue enrolling more patients in the monotherapy and combination cohorts of the phase one trial as we investigate the potential and further indications and will share updated data at Congress is during the first half of 2024.
Finally in oncology, we plan to submit three IND or Cta is over the next 18 months, starting with the <unk> targeted candidates in Q4 this year.
In infectious diseases, we intend to present data next year in our multiple ascending dose trial in HIV and we continue enrolling patients with HBV as well as we'd hoped that's a cellular carcinoma in the HBV trial.
Yeah.
To conclude immuno core.
To execute on our strategy and we remain really excited by the potential to reach even more patients with our <unk> platform.
We will now open the call for questions.
Okay.
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 tone will indicate your line is in the question queue.
You May press Star two if you would like to remove your question from the queue for participants using speaker equipment, there may be necessary to pick up your handset before pressing the star keys.
Ask that you please limit yourself to one question one.
One moment, please while we poll for your questions.
Our first question comes from the line of Michael Yee with Jefferies. Please proceed with your question.
Good morning, Thanks, and congrats on all the progress and congrats on the phase III <unk> program I guess so.
My one question too to frame or David can you just talk a little bit about your plan to start the phase III in melanoma I know you gave an update on the asthma data and the duration I think I just saw the curves.
And how much of the ongoing expansion cohort data played a role on that are you seeing similar response rates I think you had 33% that you've seen same number of patients just talk a little bit about.
The totality of that particularly in the expansion that you're seeing going on now.
And then as a follow up to that you did comment that you're thinking about the next tumor type can you just talk a little bit about what you're looking at and what Youre seeing in front of you in ovarian and maybe lung cancer.
Thank you.
Thank you, Michael and David <unk> sure. So two questions. So number one Michael again, we we looked at the ESMO data, which we showed very promising update in terms of durability.
We're enrolling the expansion, although it's still early.
We looked at this data and in general from a general drug development point of view I won't speak specifically to the data, which we'll show next year, but from a general drug development point of view, Michael We asked two questions.
Or the percent of patients that are benefiting and Kennedy treatment effect in that population support the primary endpoint. We're interested in this case PFS. Congrats it was clearly yes based on that data plus the original asthma, we took that to the FDA, who agreed with us when they review the data we shared that data with global Kols and so I think it became clear.
US and everyone, who sought to move forward with the phase III study with regard to the other tumor types.
We saw the activity in ovarian which triggered us to do that expansion that's still ongoing.
We're very interested of course in line.
And endometrial as well so those expansions are still ongoing and I think more to come on that.
As we review the data.
Thank you. Our next question comes from the line of Tyler Van Buren with TD Cowen. Please proceed with your question.
Hey, guys. Good morning, Congrats on the strong quarter and it's exciting to see all the new updates.
Just to follow up on train in the cutaneous durability update so clearly the initial response rate is higher than Kim track, but again just to follow up on durability. How confident are you that the durability that you are seeing with frame even though it's early is what you saw with Kim track.
And I guess the same question just asked another way based on the frame contract and design relative to Kim track when you consider TCR and CD three potency is there any reason why you wouldn't see similar durability.
Yes, Tyler so the only direct comparison, we can do and it's limited as in the Uveal melanoma.
That's where it contract monotherapy has been mostly dose and where we have claim data and we have the three <unk> with a duration of 12 months.
<unk> and 17 months on frame in the phase III <unk> study. The median duration of response was 11 months. So that's phase III and this is phase one, but I think the data for frame is very promising in terms of tolerability in terms of differences between the molecules I think that was your second question.
The TCR and has the same picomolar potency the CD three and is the same the peptide density for frame is higher than it is for GP 100, but that's essentially what we know right now.
Thank you. Our next question comes from the line of Justin Zelman with <unk>. Please proceed with your question.
Hi, Thanks for taking the question.
For David can you just walk us through obviously, you're moving forward frame here in the first line versus Kim track in second and third and cutaneous melanoma can you just walk us through.
The numbers for the accessible market for GP 100 versus frame and cutaneous.
Yes, Justin so the the current phase two three study <unk> Kim track, we estimate to be two to 4000 patients per year and that patients who have progressed on <unk> and BRAF.
Targeted therapy and anti PD ones.
Frame and first part of the reason we're so excited about this the opportunity is greater than 10000 patients per year. That's the difference in terms of size.
Thank you. Our next question comes from the line of Greg So kind of flattish with Mizuho. Please proceed with your question.
Yeah.
Thank you and good morning, and congrats on the progress for me as well.
A lot of questions on <unk>, but I just wanted to focus on keeping track.
And the.
Cutaneous melanoma opportunity.
Actually you feel.
I know that theres been developments.
Developments on the competitive landscape and I know that there are thoughts around potentially combining can track with with <unk>. So can you just give us.
Your overall strategy are there in uveal melanoma. Thanks, so much.
Yes, I'm happy to take that and invite anyone else to join also so.
<unk> had a great survival benefit tenant it and Theres a lot of patients who benefit we're really excited about our combination of <unk> plus frame. It it's.
We're currently doing the dose escalation optimization theyre, both very active drugs and the idea there would be two study contract plus frame in the first line setting. So once we have that data available and we can have a good regimen will be able to share that data.
Thank you. Our next question comes from the line of Justin Kim with Oppenheimer. Please proceed with your question.
Hi, good morning, and thanks for taking the question.
Maybe just to pivot a little bit to the HIV program, we're hearing a lot more interest and sort of the program as we see.
The potential data in near term.
Can you just frame for us.
So we should expect the initial data cut to look in and what exactly.
Is the expectation of a patient to withdraw a party over a 12 week timeframe.
Great David Yes, I'm happy to take that so in terms of the data we're doing the multiple ascending dose where we treat patients for 12 weeks with the interest intra patient escalation and then at the target dose.
We expect to have multiple cohorts completed multiple dose escalation is completed when we shared the data. The data will include of course safety and Biomarkers. During the initial 12 week run in after 12 weeks, we will interrupt both our bi specific as well as the anti retroviral therapy and there we'll look for a re.
About the virus.
Historically, I think that the virus will rebound and usually within a few weeks I think most of the patients usually rebound within four weeks, we have a 12 week planned interruption and so in terms of what we're looking for there. It's at Newfield I mean, no one has ever really had a functional cure in HIV. So we're really excited to see where this data.
Yes.
Thank you. Our next question comes from the line of Michael Schmidt with Guggenheim. Please proceed with your question.
Hey, guys. Good morning, and thanks for taking my question.
I had a question going back to the the planned phase III study for <unk> in melanoma. So it sounds like the decision to go into first line was driven partially by the contract Cte DNA data and so I was just wondering about it.
That's the concept why are the activity on <unk> was higher in first line patients and whether that is something that.
<unk> would be the case for other tumor types as well.
Yes, David Mohammed you can yes, I'm happy to start so.
Data was based on the Cte DNA, but also based on the survival. In first line is better I think we have two hypotheses that first is that perhaps a newly diagnosed first line patients have a better immune fitness and the second hypotheses is that the patients tumors might not have been edited as much in contrast to after anti.
PD one so that's a pretty standard phenomenon by the way for all immuno therapies.
And so we do expect I mean, we haven't treated first line patients, but we do expect that the activity will be larger in first line.
Percutaneous as well.
Thank you. Our next question comes from the line of Patrick Trickier with H C. Wainwright. Please proceed with your question.
Thanks, and good morning, and good afternoon, and congrats on all the progress here.
Just a follow up question on the phase two three trial with a contract in second line or later <unk> melanoma with the randomization phase III portion to commence immediately following completion of accrual into phase III portion I'm wondering if you can discuss how efficacy from the phase II portion might inform changes to the phase III design.
What changes could you implement would there be potentially accelerated pathway, depending on what you've seen in that phase II portion of the study.
Yes, Patrick Thats, a great question and we specifically spent a lot of time designing this seamless phase III. So what we'll look at in the phase II is number one.
We have a contract monotherapy, we have a contract <unk> do we need to have the Pembina lives on board, yes, right now so we can decide to discontinue one of those arms number two we'll be looking at the treatment effect relative to the control arm because we may need it may be clear that we can decrease the size of the trial at the treatment effect is larger.
Thank you. Our next question comes from the lineup.
Uh-huh, Jim here with Ladenburg Thalmann. Please proceed with your question.
Good morning, congratulations on the progress and thanks for taking my question two on our side. The first one is on the tennis melanoma could you elaborate more on the less frequent dosing what led you to take that leap in is it only driven by contractual or is it driven by the phase two data you got from the pain program.
Alright, Thank you and I'm happy to do that so there is a couple of things that led us to the to.
The dosing number one was we talked about the Kim track experience number two.
Number number two is if you look at the if.
If you look at the Kaplan Meier curves for first line PD ones, including the volume you see that most of the progression is in fact, the majority two thirds of progressions that occurred during the first 12 weeks. So that's where we plan to have the weekly dosing because that's where the trial PFS is won and lost after 12 weeks the Kaplan Meier curves really plateau out and so.
Didn't think you need to have a weekly dosing regimen.
After after 12 weeks and then of course by one Europe moves to a once monthly regimen and then I think just finally, one other point when we look at the frame data, but also contract we see the majority of the tumor shrinkage occurs in the first 12 weeks. So that's the time to have the weekly dosing.
Thank you. Our next question comes from the line of Peter Lawson with Barclays. Please proceed with your question.
Hi, Good morning. This is Jay on for Peter Thanks for taking our questions.
Just wanted to get a little more color around the organic growth for the second quarter for kindred and if you could talk to the volume that.
Volume growth versus price group at any one time range, we should be thinking about here stocking orders in place and kind of thoughts for you over the next few days.
Okay.
Okay.
Thank you for that question so.
Most of the growth was driven from the U S with a 14% quarter over quarter growth.
That was pure demand growth, we did not see any difference in patterns of stocking per se.
And do you have to consider that we took a price increase at the beginning of the year in January of two 5%.
Thank you. Our next question comes from the line of Nick <unk> with Goldman Sachs. Please proceed with your question.
Hi, This is Nick on for Roger and Thanks for taking my questions and if I could.
Just come back to the to the present trial and the design.
I was just wondering what the rationale was for the selection of the two doses I think or at least optically quite.
Quite far apart.
Is why was that nowadays in between is that something that you've agreed with the FDA.
And then.
Looking further ahead could you just give us an idea of what you see as the bar for <unk>. Okay.
Good day to look at my team. Thank you.
Hey, David Yeah. So.
With the selection of the two doses, we had multiple doses that were active and well tolerated in phase one and in fact, we had a seven fold dose range, where 20 micrograms all the way up to 160 micrograms. So we chose the 160 originally based on modeling and simulation, although we had fewer patients at the lower doses and I think that was the reason for that you need to.
Explore a lower dose when it came to the selection of the lower dose. We had two choices 20 or 40 20 was the threshold dose and we felt just in general a good drug development never to choose the lowest dose because of variability in PK youll end up with some patients having too low of exposure and so that really set us on the <unk>.
Trucks up 40 with regard to the bar for efficacy.
The new volume App median PFS is really ranged I think between $4 seven months to I think eight months. The most recent relativity 47 was four seven months from a media perspective.
We're going to have a blended median PFS because we will have some patients who are on up to a lag in some patients who are on.
On levo, but I think that the median PFS blended it's probably still going to be.
Im less less than eight months.
Will depend on how many patients are randomized to the <unk> like.
Thank you. Our next question comes from the line of Jeff Hung with Morgan Stanley . Please proceed with your question.
Thanks for taking my question, how is enrollment going for the phase <unk> trial, and what should we expect to see in the first half 'twenty for data.
Okay.
Do you want me to take that sure as we had said earlier, we have moved from a phase one footing to a phase II fitting. So we continue to open additional sites and continue to accrue to our multiple priority expansion cohorts as well as the standard of care combination. So all of that continues to go according to plan and as we've said we plan to share.
The data as it matures in the first half of next year.
Thank you. Our next question comes from the line of Gil Blum with Needham <unk> Co. Please proceed with your question.
Good morning, everyone and thanks for taking our question.
So this is a bit of a hypothetical at this point, but it would be interesting to see kind of what do you expect it to play would be between the frame agent and the <unk> engine.
<unk> melanoma.
When you did previously frame post Kim tracking the data.
Suggest that there wasn't a ton of activity.
What happens the other way around thank you.
Yes, so in cutaneous.
The frame after contract was in Uveal and although we didn't see resist partial responses really remarkable the disease stabilization that we saw there now why was it disease stabilization and not resist partial responses like we saw in first line. We don't know that we can speculate but we don't know I think we're really are excited to study premium plus Kim track to.
Understand how our platform works when you do multiple combinations. It makes sense to study initially in Uveal melanoma, because we have a lot of.
<unk> experienced there, but I think clearly cutaneous melanoma would be the next step I think there are two ways to think about it Gail one is.
Because both <unk> and G. P. <unk> hundred are broadly expressed we could.
Target more more cells within the tumor and you could also think for cells that co express both there might be more peptide HLA targets on the cell for the T cell to kill so I think both of those are active hypotheses.
Thank you there are no further questions at this time I would now like to turn the floor back over to behavior Gillard for any closing comments.
Yes. Thank you operator, I just wanted to thank everyone for taking the time and.
Today in and listening to the progress that we've made so thank you very much.
Thank you this does conclude today's.
The conference. We appreciate your participation you may disconnect. Your lines at this time enjoy the rest of your day.