Q3 2023 ADC Therapeutics SA Earnings Call
Welcome to the ADC Therapeutics third quarter 2023 financial results Conference call. My name is Cathy and I will be your operator for today's call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session.
During the question and answer session. If you have a question. Please press Star then one one on your Touchtone phone I'll now turn the call over to Eugenie outlets, Vice President of Investor Relations and corporate Communications Eugenia you may now begin.
Thank you operator. This morning, we issued a press release announcing our third quarter 2023 financial results and business update. This release is available on the ADC P website at IR <unk> ADC Therapeutics Dot com under the press releases section.
On today's call are neat Malik Chief Executive Officer, Kristin Harrington Smith, Chief Commercial Officer, Mohammad Darkey, Chief Medical Officer, and Pepe Carmona, Chief Financial Officer will discuss recent business highlights and review our third quarter 2023 financial results before opening the call for a question.
<unk>.
Before we begin I would like to remind listeners that some of the statements made during this conference call will contain forward looking statements within the meaning of the safe Harbor provisions.
U S Private Securities Litigation Reform Act of 1095.
Examples of forward looking statements include those related to our future financial and operating results the impact of our updated strategic path forward, including our commercial field strategy portfolio prioritization and capital allocation and restructuring plan, our ability to achieve our guidance for 2020.
Three operating expenses as well as our future cash requirements projections future revenue growth market acceptance competition and volume growth for our products.
Launches and market share for our products either alone or through our foreign partners timing and results of ongoing and future development programs and clinical trials for our products either alone or in combination with our partner product FTA and foreign regulatory authorities action and potential regulatory.
Approval for our product either alone or in combination with our strategic partners product future strategic partnerships and business development efforts, our ability to regain and maintain compliance with the New York stock exchange listing requirements or ability to repay our outstanding debt obligations and future.
Access to capital.
These forward looking statements are subject to certain risks and uncertainties and actual results could differ materially. They are identified and described in today's press release and the accompanying slide presentation on slide two and in the Companys filings with the SEC on form 20-F, and as updated in ADC.
<unk> recent periodic filings on form 6K.
<unk> is providing this information as of the date of today's conference call and does not undertake any obligation to update any forward looking statements contained in this conference call as a result of new information future events or circumstances. After the date hereof, except as required by law or otherwise.
The company cautions investors not to place undue reliance on these forward looking statements.
Today's presentation also includes non <unk> financial measures. These non <unk> measures have limitations as financial measures and should be considered in addition to and not in isolation or as a substitute for the information prepared in accordance with <unk>.
You should refer to the information contained in the company's third quarter earnings release for definitional information and reconciliations of historical non <unk> measures to the comparable <unk> financial measure.
It is now my pleasure to pass the call over to our CEO Amit Mallet.
<unk>.
Thanks, Regina and thank you all for joining us starting with <unk>, we had a challenging quarter with net sales of $14 $3 million.
33% year over year the.
The decline was attributable to the extended disruption following the field force restructuring and increasing competitive environment and higher gross to net deductions.
We continue to believe that restructuring the commercial model with necessary.
Fully captured the longer term value of the marker and we expect to see progressive growth in the coming quarters.
<unk> will provide further details shortly.
Turning to our clinical development program for the Martha enrollment in our ongoing phase III load as far as confirmatory trial in combination with rich talks about <unk>.
<unk> is progressing well.
In September we shared updated safety run in results from motive slides Soho Congress, which showed signs of durable responses and importantly, no new safety signals.
In Japan, our partner Mitsubishi Tanabe has now joined the Lotus five studies to full.
Bill local regulatory requirements.
Enrollment continues to progress as planned in our phase II <unk> clinical trial of the Martha and combination with bi specifics for the treatment of <unk> Follicular lymphoma, and marginal zone lymphoma. We now expect to share initial data from this program in the first half of next year.
We also look forward to expanding the clinical evidence base for the mantra with upcoming data from several ongoing investigator initiated trials.
These include the oral presentation from the University of Miami.
Exploring the mantra in combination with Rituximab in Follicular lymphoma at Ash in December.
Also expect monotherapy data from an investigator initiated trial in marginal zone lymphoma next year.
Overall these anticipated data updates are especially exciting as we see the current approved indications in third line plus the <unk> <unk>.
As a stepping stone to expanding the potential of the market to earlier lines of therapy in combination of <unk> and across other lymphomas.
Turning to the remainder of our pipeline, we continue to strategically invest in our higher priority portfolio of programs.
We look forward to several potential value, creating data readouts in the first half of 2024.
In particular, we expect to share initial phase one data from <unk> 601 targeting Axel.
And from ADT 901 targeting CAG one.
We also expect additional phase one data to be shared from ADT 602 targeting CD 22.
Lastly, I want to highlight our continued progress in increasing operating efficiencies throughout the organization.
This resulted in a 23% year over year decrease in operating expenses in the quarter.
Going forward, we will continue pursuing a disciplined approach in our capital allocation to ensure that we maintain our expected cash runway to mid 2025.
To summarize we are confident that we have the right team and strategy in place to progressively drive the market growth.
Our pipeline has several potential meaningful catalysts over the next 12 months.
And we believe our expected cash runway provides us with the ability to execute our business plan.
The team has a clear roadmap for execution and I remain confident that we are on track.
To unlock the tremendous value in the company.
With that I'd like to turn the call over to Christian for a commercial update Kristen.
Thanks, Amit third quarter net sales of the Atlanta decreased by 33% year over year impacted by disruption from the field force restructuring and the evolving competitive environment, particularly with the launch of bi specifics. We also faced gross to net headwinds from the Medicare part B discarded.
Drug policy.
We continue to believe that restructuring our commercial model is critical to fully capture the longer term value of the Atlanta in particular with our realigned field force I am confident that we are now set up to most effectively reach treaters in the community, we're increasing awareness and trial is a top priority.
While there was significant disruption during this period as around half of the field force was either entirely new or in new roles I am happy to report that we are now fully ramped up and seeing strong customer engagement.
This is an important component of our strategy to keep it in lots of top of mind in the crowded <unk> market.
As you see on this chart call volume has recovered to pre restructuring levels with an approximate 40% increase in August and September compared to the prior four months.
Call volumes are one of the key leading indicators with the commercial impact typically lagging by a couple of months.
This explains why we felt the brunt of the restructuring in the third quarter and also while we expect to see a return to growth over the coming quarters, particularly as we look into 2024.
The pace of that growth will also depend on the evolving competitive dynamics.
Despite the evolving competitive landscape, we believe the Atlanta has a clear role to play in the treatment of relapsed refractory <unk> today and over the long term.
This is a highly fragmented market with no standard of care in the third line third line, plus setting and with different dynamics between the academic setting and the larger community opportunity.
By specifics have seen early adoption in the academic setting.
However, we are confident that <unk> will continue to play a role for patients who are either not suitable candidates provide specifics or car T.
Or for patients who have progressed on these complex therapies.
We believe maintaining a strong presence in this setting is vital as the experts in the academic centers are critical in recommending to Atlanta to the community Treaters, who patients are unwilling or unable to access complicated therapy like car T and bi specifics.
In addition, we have seen increased use of <unk> across all lines of <unk> following their first line approval.
However, as it becomes more embedded as a frontline treatment over time, we believe this should open up further opportunity for us and lots of it in the later lines.
While it is important we maintain a solid base and influence in the academic setting we continue to see the majority of the growth opportunity for us in Lhasa in the community and we are focusing our resources and efforts accordingly.
For physicians in the community setting the launch it represents a highly effective monotherapy with a manageable safety profile that can be administered in the outpatient setting.
One of the major obstacles, we faced is that prescribing behavior and the community is slow to change due to the entrenchment of older <unk> less effective agents.
We understand the challenges and I am confident that we have the right team and the right strategy in place to effectively positions and lots of now as a monotherapy and in the future as we look to move to earlier lines of therapy in combination.
With that I'll turn the call over to Mohammed.
Thank you Chris It is my pleasure to share an update on the pipeline.
We continue to focus our efforts and resources on the programs, which we believe have the highest potential to drive value.
Enrollment in the phase III <unk> study is progressing well.
As a reminder.
This trial examines the company initiatives and long term because it talks to map in second line plus patients not eligible for transplant.
As the sole Congress in September.
Safety lead in data from well defined demonstrated an overall response rate of 80%.
<unk> response rate of 50%.
And a median duration of response of eight months.
With no new safety signals.
This study includes patients that are difficult to treat.
Double has tripled his primary refractory refractory to the last cheaper.
Which represents real world patient demographics.
While encouraging we recognize that these data from 20 patients cohorts out of the total planned 350 patients.
Moving through the seven.
This is our study to explore novel combinations of <unk> with Russia by specific lawsuit a map order most enthused about it.
In the relapsed or refractory non hodgkin lymphoma.
Including DLP UCL.
Follicular lymphoma, and marginal zone lymphoma.
There is tremendous amount of interest in <unk>.
This study from physician community.
If successful we believe this novel combination could choose the non hodgkin lymphoma treatment paradigm.
We look forward to sharing initial data in the first half of next year.
I would like to highlight that beyond our own clinical studies, we are encouraged to see.
Substantial interest in the industry as a community to explore is it longer in novel combinations.
Across multiple types of B cell malignancies.
We believe this will be important in identifying new routes to optimizing the potential of the long term.
Of note.
I would like to highlight an ash abstract published last week from University of Miami investigator initiated trial exploring the Atlanta in combination with <unk>.
In high risk for relapse refractory Follicular lymphoma.
The combination was well tolerated with 95% overall response rate at week 12.
At week 21.
And 86% metabolic complete response rate.
This is very encouraging.
And we look forward to additional details in the <unk> presentation.
Turning to the rest of the Firefly beyond the lumber.
Starting with <unk> 601 targeting axles.
Dose escalation is proceeding in patients with non small cell lung cancer and sarcoma.
Importantly, the maximum tolerated dose has not yet been reached.
These on preclinical data, we are adding S answer your ethic cancer cohort with an enriched patient population.
In better.
Our working towards finalizing the immunohistochemistry assay for a possible biomarker approach.
We continue to expect to share initial data from this prior horizon phase <unk> trial in the first half of 2024.
Turning to the <unk> 901 targeting tagged one.
Those escalation is also proceeding.
<unk> was 601, we are completing validation of the immunohistochemistry assay and we expect to share initial data in the first half of point it was before.
Finally.
Those escalation and expansion are proceeding in the <unk>, one trial of <unk> six to <unk>.
CD 22.
In patients with relapsed or refractory <unk> in collaboration with MD Anderson Cancer Center.
New clinical trial sites are being added to help accelerate enrollment.
We expect additional data from the trial to be shared in the first half of what it was before.
I look forward to providing further updates on the progress of our pipeline over the coming months.
And with that I will turn the call over to Pete to give a financial update.
Thank you Mohammed.
Where I get into the financials I would like to reiterate our continued progress in achieving operational efficiencies throughout the business.
We're confident in keeping operational expenses in both 2023 and 2024 below 22 levels.
Is this crucial to funding the development of our key pipeline programs and maintaining our cash runway into mid 2025.
As for Q3 performance, starting with our balance sheet as of September 30.
We had cash cash equivalents of $310 million, representing a $37 million a decrease from our position at the end of the second quarter.
Moving to the P&L Osteo already shared Zim Lumpiness sales were $14 $3 million in the third quarter.
Moving down the P&L, our combined operating expenses on a non <unk> basis, which excludes stock based compensation were down 23% compared to the same period in 2022.
This mainly reflected the operating efficiencies I referred to earlier.
Together with reduced R&D expenditures due to focused investments in our clinical studies and lower selling and marketing expense.
You can find the reconciliation of <unk> forest measures to non <unk> measures in the companion financial tables on our press release issued earlier today and in the appendix of this presentation.
Moving to the bottom of the P&L on an <unk> basis, we reported a net loss of $47 $8 million for the third quarter or <unk> 58 per basic and diluted shares.
Finally, this slide highlights the potential value driving milestones, which we expect in 2024, we're looking forward to a catalyst rich year ahead with initial data from several key programs in the first half.
More mature data in the second half of the year and completion of Florida's five enrollment during the year.
We're also actively pursuing partnership opportunities and we will continue to drive our productivity initiatives to enable capital allocation towards the most promising near term value drivers.
The potential catalysts in 2024 will shape, the company's future farmers of serve patients and be able to create additional value.
With that I will turn the call back to Amit for closing remarks Amit.
Christian Muhammad Pepe ticket crude we are confident we have a clear roadmap as well as the capabilities to execute on our strategy to drive future value creation for all our stakeholders. We are excited about the future and look forward to keeping you updated on our progress now.
Now the team will be available for questions.
Operator.
Yes. Thank you.
Okay.
We'll now begin the question answer session. If you have a question. Please press star one on your Touchtone phone, if you wish to be removed from the queue. Please press star one again, if youre using a speakerphone you may need to pick up the handset first before pressing the numbers once again, if you have a.
Question. Please press star one on your Touchtone phone.
One moment for our first question.
Yes.
Okay.
Sure.
Gregory <unk> from RBC capital markets is on the line with a question.
Hi, Thank you so much for taking our questions and the support on for Greg.
The first question I have is on.
So long term.
Just.
I noted that.
You mentioned that you expect growth to return over the next few quarters. Just curious if you can get to more on the granularity like how.
In terms of the <unk>.
So just to play in 2024, you see as the potential infection and.
And to which party that you do you anticipate to provide guidance on <unk> and then I have a follow up.
Yes, thanks for the question.
Yes, I think as you can see there are three reasons for the performance in Q3.
One was of course, the disruption as we had mentioned before.
Time, and depth of which we disrupted the sales force to get to the right commercial model with longer and so we expected and saw disruption happened in Q3. We also saw that at a time of increasing competitiveness from new product entrance.
And then finally, we had higher gross to net especially when you look year over year, there's quite a bit higher gross to net this quarter versus the prior year.
Three factors for the performance.
Also as you know we adjusted the commercial model, knowing that Biospecifics and other new entrants play a bigger role in the academic setting.
The real opportunity because onto growth was going to be the community. So we reorient the model to be able to win in the community.
Salesforce is now back up and running as in August My call lines have returned back to normal there is always a lag between activity and getting a new team and a new model up and running and when do you see the impact, but we believe we will steadily see the impact.
And drive growth over the quarters at this time, we're not providing.
Any further guidance.
Got it got it understood and then my second question is on low to seven.
I was wondering if you can be Midas in terms of the synergy with bi specifics do you anticipate to see that more on the response rate.
On the durability Si and then what's the internal bar for advancing this program in food.
Could we get the clarity with the data that you share in the first half next year. Thank you.
Yes.
<unk> for your question, Greg and actually.
We see the potential for <unk> to be.
The combination of Aegean took a backbone therapy with the combination with dice Pacific each one separately, we have government Street has single agent activity.
With distinct mechanism of action and all.
Non overlapping toxicities.
Competition seems to be very interesting.
The study of <unk> seven.
It's progressing very well we have not seen it.
Safety issues for the patient is dosed so far.
Those escalation, we're continuing to dose escalate.
And hopefully next year.
We'll be able by mid next year approximately to share more information on the dose escalation of possible some expansions.
The uniqueness of this is that it could be it transformation of combination in the landscape of non Hodgkin's lymphoma as a whole because the study includes three different.
<unk>.
Diseases, <unk> Follicular and marginal zone lymphoma. So investigators are very excited about that we receive.
Interest.
Requests to be part of the study almost weekly basis.
In addition.
We believe.
We could make a major tiers and of course as I mentioned the landscape with NBC all of this.
Thanks.
Yes. Your question around what does it look like obviously, the fact that they can combine safely. So first and foremost thing that we are testing and dose escalation as I noted efficacy do you want to see higher response rate than you would see either agent alone.
I think they are both highly active so to get to.
Our rates that are higher than either agent alone and with durable response.
Alright, thank you so much.
Thank you.
One moment for our next question.
Boris Picker with TD Cohen is on the line with a question.
Great. Thanks for taking our question this is Nick on for Boris.
First one is can you provide a little more color on the new commercial strategy and how like what changes you've made to focus more on the communities I think Verizon on the academic setting and then the second question is on gross to net was at a higher gross to net for the year like the highest grossing up that you've had for the year and do you expect this growth to continue.
Moving on to your second quarter's comp thanks.
Yes.
Okay. Thanks for the question so I'll start with the changes to the commercial model.
And like I said, we absolutely believe that changing how we go to market was essential, particularly with the new competitive environment.
Key changes that we made were really adapting our model to local health care ecosystem.
One of the key advantages that we have with this new model is that we have one that is fully dedicated to driving demand in the community. These teams work together at the local level to make sure that they are aligned with how the referral patterns work, we're set up better to enable the leveraging of advocacy.
From the medical experts in the academic setting to the community Treaters, So essentially who is community treaters turn to for a base or where they would generally send their patients. So making sure that we can leverage that advocacy from the academic center to the community Treaters is essential in this model.
And we also overall entered the collaboration between the teams.
And with that I can hand, it over to Pat.
Yes.
Thanks for the question. So what's led we communicated at the beginning of the year that there were two elements that weren't going to impact gross to net in 2023 compared to 2022, one was the GPA contrasting that could be in the two to three percentage points year over year and the second one is in Medicare part B discuss it correct Paul.
C, which we said it would be between mid to high single digits.
Those two elements are going to impact every every quarter and half.
The impact of the year to.
Today members as well as Q3 numbers.
So there's going to be always fluctuation from quarter to quarter.
Those are the key drivers.
I cannot comment on the specific quarter.
We don't disclose the data.
That's the main driver of that.
The increase versus prior year.
Yes, I'm wondering thanks very much.
One thing I'd, just add to our Christian said about the commercial model is.
Before we had people that were sort of working independently and systems of care of that cut across territories and when youre working independently very tough to penetrate a more rare disease like 39, plus <unk>, but youre working in exploration and now we have a small focused teams that cut across academic and community to do a lot of the pull through that you're talking about so there are a few.
We only got up and running in August so.
Don't see the result in the first two months completely but I believe they are really hitting their stride right now and we'll start seeing the impact over time.
Understood Thanks very much.
Thank you.
One moment for our next question.
Noreen, Colombia from capital one securities is on the line with a question.
Hi, good morning, Thanks for taking my question.
I guess the first one that I have is either for Amit or Mohammad So you have that ash presentation oral.
Presentation from <unk>.
<unk> study of <unk> with Rituximab in Follicular lymphoma. So seeing the early results are you considering a move into that setting now or is it too early.
Okay.
Thanks, Jeremy.
The population of this study I want to highlight that.
Very difficult to treat patient populations links almost we call <unk> for high risk patients.
The debt that we observed in this study is really.
Consider it to be outstanding.
The field of Follicular lymphoma, specifically in reps effect is sitting one youre talking about 95% overall response rate and easy it is.
6% complete responses it doesn't get any better than that in this patient population.
We are.
Very excited and we are actually the investigators who are doing this study.
Are very excited.
About the Zeta and encouraged by it.
We will.
Expand the study to confirm the signal and.
And also we plan to share this information with Sephora investigators not just the people who did it others asking ash during ash and builds on that will determine.
The plan to move forward.
We will definitely inform the market, but no matter what the plan is we will be doing it in the context of the disciplined capital allocation strategy.
And also wanted to remind you that this is a step towards low to seven which actually in combination with another CD 20, which at about this time is much more services 20 lack of bi specific and the Follicular lymphoma is also included with assistance.
Good initial expenses to see what the data looks like in combination with Rituxan and then hopefully a transition into the center.
Yes, I think if you take a step back.
Right now, we're playing with Lavazza in almost a small set of our playing in third line plus share detail with loaded five in loaded seven we're expanding to earlier lines and WCS, but also with some of the studies that you saw the Follicular study now with Iot and automotive February expanding to other indolent lymphoma Follicular marginal zone.
We're in the smallest part of this as we keep getting encouraged by the positive data that we'd start seeing in combinations and these other settings and I think thats going to open up a much bigger opportunity that we see if there is a martyr.
Alright.
Really helpful. Thank you and I guess, one more and this is probably for Mohammad. This is on the 601 you mentioned today.
Your prepared remarks that you are now, including a pancreatic cohort. So can you just talk about what you've seen that.
No.
Got you excited to include that now.
Yes.
You might expect we continue to develop our.
Bio SA in patient selection of sensors and as we are testing more tissues and more things we observed a high expression.
Pediatric cancer.
Building, our overall, especially to maximize on prior authorize areas of potential success. We made the decision to increase the number of cohorts and expand to another therapeutic area, especially I think you asked Ken said with Ah patients in Reis enrichment strategy and hopefully Thats. An addition.
Two.
Sarcoma in the small cell lung cancers.
Okay, Great. That's all for me. Thank you.
Thank you.
One moment for our next question.
Kelly she from Jefferies is on the line with a question.
Hi, Good morning. This is <unk> for Kelly, Thanks, very much for taking the questions. So far.
Our first question is on the Lotus seven data in 'twenty first half 'twenty four is it reasonable to expect that the number of patients the amount that it will be similar to what you reported from largest pipe and the second question is.
Sorry, if I missed it but did you see that data.
First half of 2024 from 600 191, we will potentially have biomarker information included thank you.
Regarding with the seven as you noticed the dose escalation and we at this point not sharing a specific number of patients. However, when we shared that we will be giving context around it and we will be bidding is explaining it.
In terms of other earlier programs Mega accident CAG, we continue to dose escalate.
And we are hoping to be able to see maybe a possible retrospective.
Allison's in terms of.
By the same sort of expression, but.
The validation of immuno <unk> say in both programs are still ongoing and we are not yet. Please the last thing we're doing retrospective analysis.
The current available assay.
Yeah, and then just wanted to add a load of seven just give me some context on the numbers.
If you think about our each dose cohort there is three different dose cohorts, possibly assuming safety thresholds are met.
Each dose cohort, we're doing six patients because a low to seven we're studying the combination with both <unk> and <unk>. So there are three patients in each.
Theoretically if you get through all three doses that could be up to 18 patients right. If we if we get through all three dose cohort, we believe will be through dose escalation and potentially.
Into expansion by the FERC in the first half of the year. So just to give you a context of <unk>.
Obviously as the year goes on we're going to keep getting more and more patients and more and more follow up in terms of the.
The data so we're going to have a beautiful day in the first half of the year.
Even more meaningful data as you get into the second half of the year.
Great. Thank you.
Thank you.
One moment for our last question.
Brian Cheng with J P. Morgan is on the line with a question.
Hey, guys. Good morning, Thanks for taking my question.
My first one is on just that.
Trajectory of Epsilon.
Can you quantify or give us a qualitative view on how much of a disruption due to competition versus restructuring of the commercial organization.
How should we think of the underlying demand of the launch and the chart Jack.
Tax rate normalizing and how do you feel about the next quarter or two and I have a follow up thank you.
Okay.
Sure. So it's difficult to quantify the impact from <unk>. What we do know is that the majority of the decline was due to the prolonged disruption.
Field force restructuring, we feel that we felt the brunt of that in Q3 at.
At the same time, the competitive environment intensified and as anticipated by specifics are playing a growing all in the academic setting.
That is why our strategy is to focus on growing the opportunities in the community.
That being said been lots of will continue to play a role in the academic setting.
And the good news is we are now set up with our model to capitalize on that opportunity in both settings.
We feel that we've got the right strategy and the right team in place and we will see the impact of <unk>.
There are impacts strengthen in the coming quarters.
And maybe just on competition.
Can you talk about how the use of salons has been changed.
And to <unk> Bank and also the increasing use of CD 19 car T and the second line and then just to follow up on your.
Comments related to academic versus community doctors.
How do you see about.
Alright.
Split of academic versus community.
Many adopt change.
The ratio between the two change.
Over the next couple of quarters that at what point do you think that youll be at a good time to.
Good point to guide the street on where.
What the next year will look like for Salon to sale.
Thank you.
Sure so I'm going to break it down just a little bit so.
We've seen that Biospecifics I've had an increasing impact in the academic setting at their launch progresses.
We see them as.
Being used and the post car T.
Patient or in some cases, where patients won't necessarily get to partake. So that's where we've seen their early use and as anticipated.
We've seen the majority of these really in those academic settings, because they are equipped to handle complex therapies like bispecific.
At the same time, we also know that.
Not every patient will get to that academic center, whether they don't have access to it or they are unwilling to travel.
And commit to.
Going to an academic center, whether its for a car T or bispecific, we see that pattern is very similar.
And that is what opens up the opportunity for a product like the Atlanta in the community where it is an off the shelf option that is accessible and provides a rapid response for patients who need it.
You had a question around.
Car T and the second line, we do see an increase in the utilization of car T. As it become standard of care in the second line.
But again, while it is increasing we also continue to hear from.
Physicians that it is still a challenge for patients to get access to these complex therapy.
There are different steps that are standard, whether it's 25% 35% of patients who will who will get access to them.
And then the.
The last question.
When do we feel it will be a good point to give guidance.
Point, we're not we're not having guidance, Brian, but it's one more thing thats worth about devices.
One is not every patient Qatari debacle really kept our car T. I mean, once you fail to car T therapy.
You are pretty sick patients are pretty sick at this point so for those who can tolerate it I think.
There are likely going to get a bispecific imaginary thunder, but some patients care and treatment market.
Cleaner safety profile and also very fast action very fast time to assess response is critical for those patients but also the majority of patients are going to progress post the box. So also in the fourth line setting that starts to open up as well. So there's clearly a place for the monitor and academic setting it's going to be less than what it was before we knew.
That was going to happen, which is why our strategy has been to adjust the model to capitalize on the bigger opportunity which is growth in the community.
Great. Thank you so much that's very helpful. Thank you.
Thank you.
There are no further questions at this time and I will now turn the call back to Amit.
While I just wanted to thank everyone for joining thanks for your interest in the company and thanks for joining the quarterly update and we look forward to keeping you updated on our progress and I hope everyone has a great day. Thank you.
This concludes our program and you may now disconnect. Thank you.
Okay.
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Okay.
Yes.
Yes.
Yes.
[music].
Okay.
Yes.
[music].
Sure.
Yes.
Yes.
Okay.
Yes.
Yes.
Sure.
Yes.
Yes.
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Yes.
Yes.
Yes.
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Yes.
[music].
Yes.
Yes.
Okay.
Yes.
Okay.
Yes.
Thanks.
Yes.
Yes.
Yes.
Yeah.
Thanks.
Yes.
Okay.
Sure.
[music].
Okay.
[music].
Okay.
Okay.
[music].
Yes.
[music].
Sure.
Okay.
[music].
Yes.
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Yes.
[music].
Okay.
Okay.
Yes.
[music].
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Yes.
Okay.
Yes.
Yes.
Thank you.
[music].
Yes.
[music].
Okay.
Sure.
Okay.
[music].
Okay.
Okay.
Okay.
Yes.
Sure.
Okay.
Okay.
[music].
Okay.
Okay.
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Sure.
[music].
<unk>.
Yes.
Okay.
Yes.
Yes.
Yes.
Yes.
Yes.
Yes.
Yes.
Okay.
Okay.
Sure.
Yes.
Okay.
[music].
Yes.
Yes.
Yes.
[music].
Yes.
Sure.
Yes.
[music].
Okay.
Okay.
[music].
Sure.
Okay.
[music].
Okay.
Thanks.
Okay.
Okay.
Sure.
[music].
Okay.
[music].
Okay.
[music].
Okay.
[music].
Yes.