Q3 2023 Compugen Ltd Earnings Call
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[music].
Ladies and gentlemen, thank you for joining us today welcome to <unk> third quarter 2023 results conference call. At this time all participants are in a listen only mode. As a reminder, today's call is being recorded on audio webcast.
This call will be made available on the investors section of <unk> website, Www Dot <unk> Dot com. Please note that if the sirens go off during this call we will need to end the call to take shelter I would now like to introduce your bond Naughton head of Investor Relations and corporate communications.
Ivan Please go ahead.
Thank you Tony and thank you all for joining us on the call today, joining me from copper Gen for the prepared remarks are Dr. Monaco, and Diane President and Chief Executive Officer, and Alberto Sessa, Chief Financial Officer, Dr. Henry <unk>, Chief Medical Officer will join us for the Q&A session.
Before we begin we would like to remind you that during this call. The company may make projections or forward looking statements regarding future events business outlook research and development efforts and their potential outcome anticipated progress and plans as well as some timelines brits programs financial and accounting related matters, including projected financial information.
As well as statements regarding the company's future cash position and other results and the company's future initiatives.
Wish to caution you that such statements reflect only the company's current beliefs expectations and assumptions and that actual results performance or achievements of the company may differ materially.
These statements are subject to known and unknown risks and uncertainties, which could cause the company's actual results to differ materially from those projected in such forward looking statements.
And we refer you to the SEC filings for more details on these risks, including the company's most recent annual report on form 20-F filed with the SEC on February 28, 2023, that's the nature of them and us.
The company undertakes no obligation to update projections and forward looking statements in the future.
Now I will turn the call over to <unk>.
Thank you Yvonne.
Good morning, and good afternoon, everyone and welcome to our third quarter 'twenty 'twenty suite updates.
I would start by saying a few words on the heartbreaking situation in these red.
A humanitarian disaster.
Were traumatized and devastated by day in humans lots of rain and cool.
Nothing really on.
But the story for Oklahoma.
Dave brutal attack sugar to our core.
Deeply thankful for all the kind words of support I received from so many friends colleagues partner investor annually.
And the medical associations from across the World.
Your solidarity means so much to me.
And provides carlsberg I mean, all of the anguish and unbearable pain.
Thank you.
We recognize the emotional toll this is taking on our employees in Israel.
And we're taking care to manage the employee needs with the loss of sensitivity and care.
Despite what our team members are going through.
This is a time when we see teamwork at its best.
Over one supporting each other and stepping in to ensure we have no gaps.
The teams are working hard together to ensure we continue to execute and meet our boes.
Some are getting 150% when others are not able to.
I'm seeing it every day and it makes me proud.
The infrastructure for remote working was established during the Covid pandemic.
And although we allowed certain teams to work remotely we are encouraging our employees to come to the office.
As a global company with headquarters in Israel and presence in the U S Europe and Singapore.
Some management members and team responsible for some of our key functions, including clinical development preclinical development and I T systems are based outside of England.
Our clinical trials are running the U S and operating in the ordinary course of business.
Include angle with respect to CMC and drug supply.
Also most of our preclinical activities related to qualify for a free all performed outside of Israel.
We continue to work with no material impact on our operation.
And if these changes we will communicate it to the market.
It's come to again, our goal is to transform the treatment of cancer patients, who have no effective treatment option, but using our pioneering computational platform to discover novel drug target and develop potential first in class drugs.
On this front, we're executing on a differentiated clinical approach to evaluate the blockade of the suite pathway P. V. R. A G P G and PD one.
We're also advancing IV, enabling studies with our lead preclinical potential first in class anti IL 18, BP antibody comps I suppose right.
Offering and novel approach to harvest cycle kind of biology to address resistance to cancer immunotherapy.
And we're advancing our earlier stage pipeline with additional new potential first in class programs.
And she conference, which just took place we presented additional data reinforcing our comps have been a one mediated antitumor activity in tumors typically not responding to immunotherapy.
These data, which we continue to collect and share from our prior signal seeking studies.
Two the breath of door type typically not responding to anti PD, one, but responding to call for 701 combination.
Also the biopsies taken from patients treated in this study allows us to advance our biomarker her insights.
Well as further confirm the com seven one mediated mechanism of action.
And in parallel we're conducting our ongoing studies.
I think on MSS, CRC and platinum resistant ovarian cancer.
Spending on data, we presented at ESMO Io last year.
Safety, we reported clinically meaningful and durable partial responses in platinum resistant ovarian cancer patients.
<unk> with comps up in the lung triple combination with no new safety signals.
Three patients are continuing study treatment for more than 16 months.
While the numbers are small ticket.
Did you kind of median duration of response.
This population is three to four months with standard chemotherapy.
Whereas six nine months reported in patients treated with the recently approved antibody drug conjugate.
In addition to deep durable responses, our triple combination has the potential added benefit of a favorable safety and tolerability profile, which as we reported previously.
Investigators believe is important for patients quality of life.
We also reported that clinical benefit defined as partial response or stable disease. After at least 180 day was independent of basing cemeteries tattoos and was associated with an increase in CD eight plus T cell.
Increased duration into the tumor, suggesting again and consistent with what we've previously reported.
Seven one mandated mechanism of action.
Excitingly 50, we showed for the first time in tumor biopsy.
And association between the expression of the P. I G ligands PD era too and.
And clinical benefit.
Which may suggest the potential of patients' baseline P. L to 11 as a biomarker to help enrich for patients who may gain clinical benefit from <unk> 701 combination.
Yeah.
This is consistent with the basic computational driven hypotheses we shared for this pathway in the past.
This initiate association findings.
So just a concept into one mediated mechanism of action.
And has the potential for informing our studies and I will come back to it later.
S. C. T. We also reported data in heavily pre treated metastatic breast cancer patients.
Comps have been a one when combined when you buy mob resulted in preliminary antitumor activity with an overall response rate of 12%.
Including one complete response for over 21 months in a patient with her two negative metastatic breast cancer.
Humor that he is considered immune called.
And a partial response for 10 months in a patient with triple negative breast cancer, which is the fastest growing and most aggressive kind of breast cancer.
The disease control rate was 29% and the three patients with stable disease.
P D N one though and.
And with low tumor mutation burden at baseline.
Testing a concept into one mediated mechanism of action.
And again, we reported good safety and Tolerability, we did do a combination.
These findings are important because D. C is yet another indication in which patients are deriving durable benefit from concept in one combination.
Despite typically not responding to immunotherapy.
Additionally, lagging nisha biomarker work in platinum resistant ovarian cancer indeed.
Indeed, metastatic breast cancer patients, we showed that baseline to.
Took suppression levels.
Our higher in patients with clinical benefit.
Further supporting our biomarker hypothesis.
And finally safety is part of an oral and poster presentation, we shared new data on our preclinical potential first in class anti IL 18 binding parking antibody called faithful suite.
Further supporting our exciting novel approach to harness cytokine biology to Tucker resistance of cancer immunotherapy.
As a reminder, there is a huge excitement in this space.
Cytokines has the potential to be powerful therapist.
But it has been pillar with challenges of giving them systemically at levels high enough to reach and modulate the tumor microenvironment without clothing systemic side effects.
We have found a way to address this for the IL 18 pathway.
Coffee first screen Bluffton interruption between I think binding protein and ILEC team, thereby freeing natural Ali G to inhibit cancer growth in the tumor microenvironment.
The data we presented at tsetse address it to a pertinent question.
One.
I 18, leather and that you are sufficient to provoke an antitumor response following antibody blockade of allergy and BP.
And to.
He is an odd 18 BP antibody.
For then in engineered auditing cytokine that he's giving systemically.
With respect.
The first question relating to ILEC tea lovers in the tumor.
We show the debt one.
Antibody inhibition, so how they can be P. Free natural on 18 prevents tumor growth in multiple mouse tumor models.
And to come.
<unk> three has the potential to release local production of Iot obtaining human tumors.
Above the minimum range needed to stimulate the immune system.
We also showed that the antibody inhibition of IL 18, BP induced a significant increase in functional immune cells, such as the effector T cells.
And you used as teachers clonal expansion of the tumor.
As well as immune memory response.
So our data suggests that the answer to the first question is yes.
I know you love us in the tumor are sufficient to provoke an antitumor immune response following antibody blockade of IL 18 BP.
In addressing the second question.
Relating to weather and I think BP antibody safer than an engineered I think cycle kind of given systemically.
We showed that an engineered cytokine generated peripheral inflammatory responses.
Why didn't they increase their own cytokines and lymphocytes.
This contrasts with our auditing BP antibody approach, which modulate the tumor microenvironment without affecting the periphery.
Do you have no data for our comfort I suppose three program suggest that our anti IL 18, BP antibody approach has the leading edge in inhibiting tumor growth.
While avoiding peripheral toxicity associated with administration also recalling that on 18th cytokine.
And nobody gets successful C T I would like to refer to additional progress we have made in the quarter.
We're delighted to report that we have completed enrollment in the MSS CRC proof of concept study.
Which is a testament to the substantial unmet medical need in these patients and lack of alternative options.
We continue to monitor patients on study treatment and we believe it would be more prudent to provide an update when we have longer follow up from this cohort in the first half of 'twenty 'twenty four.
And our preference is to do this at a medical conference.
In the platinum resistant ovarian cancer study enrollment is increasing since we last reported with the activation of two additional sites.
Nevertheless.
Completion of enrollment of up to 20 patients we move into 'twenty 'twenty four.
The platinum resistant ovarian cancer landscape is continually evolving and becoming more competitive.
Although we did not expect.
An impact of mirror took seem up on our enrollment which is pearl Nathan is restricted to about 40% of all of the high patient.
Ovarian cancer investigators are indicating there is the clinical community gained more confidence in the use of music stops them up dishes.
This is having an impact on our enrollment.
Following comprehensive discussions with our investigators.
We're optimistic that we can address these guests and are working closely with our investigators on patient enrollment.
Our investigators remain Suzanne seeks to further and rolling through our study based on the durability of responses with our Triple combination reported that sits at <unk>.
As well as favorable safety profile.
In addition to our progress.
I'm delighted to see the progress of our partner Astrazeneca, He's making we'd raise the Augusta me their PD one ticket bispecific derived from our comp I know too.
Which has progressed into phase III as adjuvant therapy for biliary tract cancer.
Recession in combination with chemotherapy.
In addition, Astrazeneca continues to progress there has begun to make phase one into a program in additional indications.
I believe that the progress of there is the gossiping clinical program there.
Demonstrate the commitment to explore the potential of T. G I.
And our differentiated MTT gates come now too.
Like I'll now get into.
It was used at the effector function anti <unk> antibody.
The Gospel make was engineered to reduce FC effector functionality with the potential to enhance antitumor activity.
Now moving on to what you should expect to see from Us next.
First we plan to report data from our ongoing proof of concept study in MSS CRC.
In the first half of 'twenty 'twenty four.
Second we plan to enroll up to 20 patients in our ongoing proof of concept study in platinum resistant ovarian cancer and.
And reports data in 'twenty 'twenty four.
More specific guidance will be shared during our end of year conference call.
Third.
Identification of a predictive biomarker to enrich poor responders, where comps have been a one combination.
It was always important for us.
To the first and we're excited about the progress we have made on generating initial biomarker data, which I alluded to earlier showing for the first time an association between the expression of PD L. I D League in PV, our end to end.
Clinical benefit that is consistent with our computational predictions.
We will continue to build on this preliminary findings as part of our ongoing platinum resistant ovarian cancer study in which biopsies are mandatory.
In parallel we're also optimizing our piggy hours to etsy to face a potential patient selection study.
Having the potential to enrich for responders in the plateau, where they sent ovarian cancer patient population.
Together with the durability of response and the safety profile of our Triple combination.
May allow us to build a unique development path for our triplet regimen.
We will communicate early next year on how we will use these data to inform future direction.
And finally, we're on track for IV filings for car FIFO suite in 'twenty 'twenty four.
Before handing over to Alberto.
I will touch briefly on our Simon says and then Alberto we go into the details.
We have an expected cash runway through at least the end of 'twenty 'twenty four which we believe is sufficient to support all planned operations.
This does not include any potential cash inflows, including potential milestone payments, which we may become eligible for through our partnership with Astrazeneca.
Also as we indicated obtaining non dilutive cash from partnering is a priority and we're focusing our efforts on that front.
With that I will hand over to Alberto for the financial update.
Thank you.
To summarize our financial results.
Start with our cash balance.
September 2023.
Cash cash equivalents and cash investments were approximately 57 $5 million.
With approximately $83 $7 million as of September 31st 2022.
Our focus on cost management, while continuing our execution on our one.
And progressing our lead preclinical drug candidates.
Sure.
As mentioned, we have an expected cash runway through at least the end of 'twenty 'twenty four which we believe is sufficient to support all our plant operations.
The company has no debt.
Now regarding expenses expenses for the third quarter of 2023 were in line with our planned R&D expenses for the third quarter of 2023 were $8 $3 million down from $9 $3 million in the third quarter of 2022.
The decrease is mainly due to lower expenses associated with our CMC activities.
By an increase in clinical trial expenses and by the end of the amortization of the deferred participation in R&D expenses. Following the termination of the agreement with BMS in the third quarter of 2022.
G&A expenses for the third quarter of 2023, with $2 $3 million compared to $2 $6 million in the third quarter of 2022.
Net loss for the third quarter of 2023 was $9 $9 million or 11 cents per basic and diluted share compared to a net loss of $11 $7 million or 14 cents per basic and diluted share in the third quarter of 2022.
With that I will hand back to enough to summarize.
Thank you Alberto.
To summarize we continue to execute.
With our most recent data presented at C T.
We continue to provide evidence supporting a potential concept in one mediated clinical benefit in hard to treat patients who are not responding to standard of care and fifth prior I O therapy.
This strengthened south pass as we continue to pursue our ongoing proof of concept study.
Designed to reinforce the data in our two selected indications and continue to inform our complementary biomarker strategy.
We're looking forward to presenting data from these studies in 'twenty 'twenty, four and providing more details on our biomarker strategy informing future direction and related studies.
We've always said the blocking T J may not be enough.
And the P. P L. A G maybe needed.
This belief is consistently being reinforced as we roll out our clinical data across multiple indications.
And most evidently in hard to treat patients who are not responding to standard of care and failed Io therapy.
We've come to the lung and come now to our two wholly owned PDL IGN ticket program.
We are the leader in the unique chemotherapy free triple combination approach of blocking three axes immune checkpoint P. Here I G. T. G N PD, one with initial clinical data to support our hypothesis.
We're also paving the way in harvesting cytokine biology to address cancer immunotherapy resistance, which is a field of high interest to the industry.
We have constant HEICO suites targeting the Arlington pathway.
We're on track to IV filing in 2024.
I would like to thank all our employees for their dedication teamwork and resilient.
Despite the challenges we have been enduring in Israel.
With that I will turn the call back to the operator to initiate the Q&A session.
Actually before we go to the operator.
She cares for Wright, our vice presidential Fred clinical development, just just joined US fresh off the plane from Fitch in San Diego.
Yeah, I would be glad to answer any questions on comm, Pfeifle, Sri which stocks and lots of interest after his oral presentation of safety.
Welcome Pierre Yeah.
You can now initiate the Q&A session.
Thank you ladies and gentlemen at this time, we will begin the question and answer session. If you have a question. Please press star one he wished of the quantum of polling process. Please press star two if you are using speaker equipment kind of with the handset before pressing the numbers. Please standby, while we poll for your questions.
The first question is from Steve got good Warden of Truest. Please go ahead.
Hi, Thanks for taking my questions I'm seeing and I'm on the line for Africa. So I have a question regarding the first question is about Oh, what's the expected your expected milestones or timeline.
<unk> 'twenty 'twenty four and beyond.
Graham you co develop it with your partner Astrazeneca and then could you tell me more details about how are you. Both parties will handle this program how will you monitor and evaluate the progress and performance of this program.
That's my first question second question is regarding all you. All are you of course with the Com five old series. So I would like to know Oh I would like to ask are you going to determine the optimal dose and.
Schedule four of these call them five or three and then in the animal or human studies preclinical and clinical and then how you are how will you can't afford the viability and variability and also stable liability off these IL 18, and I O a T O P b.
Levels in the different you know.
Jos or condition. Okay. That's my two questions. Thank you.
Thank you Jane and so I start with that with the first question that relates to Astrazeneca and then Pierre will take the second question that relates to contractual free.
So first I'll say that with Astrazeneca. The partnership that we have is actually a license agreement, where we licensed to Astrazeneca. The rights to develop bi specific antibodies based on are coming too.
And from the get go disagreement he's actually granting the rights to trust with Anika afford the full development.
And then later in commercialization of the program.
And we're getting updates on this program, but these programs really progressed by us for Seneca and obviously any information about these programs will be disclosed only by Astrazeneca.
Typically for contractual reasons I cannot provide any insights at all and it's all just specific milestones and that breakdown and the timing and eligibility.
And the only insight that I can give on this front is destiny.
The clinical milestones that we were already and obtaining we were eligible for milestone for the initiation of patient dosing in phase one and phase two it was $6 million for phase, one and $7 million for phase two.
And other than that at this point in time, I cannot say more and as I stated. This is this is really astrazeneca strategy and in how to advance. These programs two week indications and it was tiny.
And Pierre will you take the contract's supposed to my question.
Yes, my pleasure.
So you were asking how we would conduct a phase one study to go to the active dues. So to do that we would of course a run in phase one cancer patients. We just thought that dose escalation with some acceleration maybe those situations.
So both of those itself, we have built a large experience that computing on the tools and methods needed to measure all the components required.
For the best way.
You will feel the compute.
Comprehensive translational package with all that were experienced in vivo with a people models are bearing cancers and also lots of experience in vehicle testing on human samples. So.
We have made and will be ongoing.
For the rest of the time that goes to two to the clinical trial, we have built a comprehensive PK PD modeling.
We will aim to to follow during the course of the study.
We with the tools that we have we can monitor.
The suppression of IL 18, BP in the periphery of the patients and that would be.
The basis.
The main basis of them, reaching the actual dose.
It's very interesting thing with our program is a safety.
So far that we've seen in all the animal models and also the human in vitro models that we have tested.
And so with that safety in enhance if that's transferring to.
The expected high tolerance in patients with we really think that we'll be able to reach active dose level that saturates a GBP targets.
Easily in the in the tumor.
Thank you again for taking my question.
The next question is from Diana Gray Bosch of Leerink partners. Please go ahead.
Hi, Good morning. This is Jeff on for Dana I, just have a few questions related to the biomarker data reported to see.
Can you just recap where you are in the process of developing companion diagnostics It Richard Peter L. Two patients more effectively.
And how would this path differ for IH fevers of genomic applications opinion diagnostic and then.
Then he won more practical than the other triple nets.
Second do you think the data you shared on PPL two expression in ovarian cancer genomic application data more broadly it's something you can leverage to facilitate enrollment in that indication next year.
When you reported bearing in MSS CRC data do you plan to us.
Show this retrospective <unk> two expression data in these patients. Thank you.
And so thank you, Jeff I'll start with answering it and it's the first portion of the question of where we are and how we move forward and then Medicare claims related to two D. I C N genomic <unk> and generally because duration.
And so I'll, just say that a disappointing time first we're very excited with the data we got off to extend and he's still in Asia, but it's pointing in the exact right direction than we were.
And thinking of it at this stage, we've been dead processes based on computational data.
And we are continuing to collect data and this is from the ongoing study. It is important for us to add more <unk>.
Patients.
And generate more robust data.
And as we go with the ovarian cancer study for the meantime.
We're also developing an assay, but I want to make sure maybe if you ever want to relate to it as well when he answers.
And he's not assign a companion diagnostic assay, we are now in pilot and collecting more data we're optimizing the SA.
That will be used eventually for screening patients in our study and it's not it's not going to be which made companion diagnostic assay and but we're trying to work aggressively on both fronts on collecting the data and optimizing and assay. So we are ready to be able to take it forward.
And based you know pending the data will continue to look good and Pierre do you want to relate to the additional questions over to Ed.
Yeah, I would say that a D. H C suite is being optimized for using a phone call laboratory.
That we already used in the recent past generate those data and based on those data we opt amazing it further.
Two two to make it.
Is your home on the practical terms in the day to day basis, when we if and when we will activate a prospect titration selection.
Then about the genome each are indeed in the poster that we reported the nice I T C.
We have flagged that one of our patients having the highest score.
On a year to see too is also showing a genomic amplification that may be detected.
Perhaps in the future from peripheral blood from the periphery. So it will be a noninvasive way of assessing the.
The biomarker and the possibility that the patient men respond.
We've you've got association between genomic amplification into a high school or pivot on two of the first a confirmation that there is something there.
Interest so in public data bases are on ovarian cancer, which is a low proportion of patients that are having sort of a genomic amplification. So we don't think that immediately each will be it would be.
A shippable too to screen patients on that front, but we are intrigued also by the fact that there are gains not only amplification, but also games and <unk>.
This is something that we will explore of course in parallel, but we do think that the IH sees that we have in hand.
We'll be proximal for for any study, which we if we're going to work to get done.
Yeah.
Thanks for taking our questions.
The next question is from Steve Willey of Stifel. Please go ahead.
Yeah. Good morning, Thanks for taking the questions can.
Can you just speak to I guess, how many sites are currently active in the ovarian trial I guess, how many have you brought on just within the past few months and I guess over the longer term do you think you need to bring on more sites in order to.
In order to expedite.
Sure.
Thank you, Steve and so right now we have nine sites active and we have few more disease based on the plan that we've already enrolled in what we're thinking at all to ramping up and we don't think that we should add addition of size.
Beyond what we.
What tweaks and planned and what we're looking to do now.
Then.
And the reason for D. C. Once it was just alluding to in the prepared remarks.
First we believe that the close monitoring that we're doing now with the investigators and and again.
Science to make sure that the study he's a he's on day on their Roger This is something that is a and then you're going to achieve the goals and this is after we added ovarian cancer specific science Hill cytokine growing supposed to stay ovarian cancer pain.
So deep deep two stinks and he decides making sure that we speak with investigators and.
We have to I have to say this to and hearing their comments about how they think about the trip that activity mainly did your opinion T. In conjunction with the safety for these patients they're really experienced so many lines effect.
Treatment and we don't really need consistent so we believe that the ramp up that we've started to see will continue and it doesn't you don't need to add additional sites and to the study.
Okay, and then I think you said that.
I mean, you obviously.
For P. B R O two expression so thank.
Like you said biopsies are mandatory.
Is it should be asked if a patient booths and on treatment and then.
I guess, a baseline and then multiple on treatment biopsies or are you just looking for one specific biopsy and I guess is that second on treatment biopsy requirements is that is that in any way limiting.
In terms of your ability to get patients to that.
It's always a concern.
It's a very good question, so maybe Henry will want to add anything about it that's an add back to that in any case in any study when you ask for biopsies dishes at her desk, obviously because station needs to needs to go through some invasive fat and approached us.
But and we don't anticipate at this point in time did this is it.
And because we asked for mandatory biopsy.
And based on any prior to treatment.
And also on treatment.
And this is really serving guests in order to make sure that eventually we can go.
We just platinum resistant ovarian cancer and <unk>.
Data that we have.
And into what eventually would it be any biomarkers with US then that will allow us to.
And maximize the potential of constant and oral treatment for patients. That's me may respond to these treatment. So at this point in time this is mandatory.
We this mandatory request, we do see a ramp up and then we'll leave the discipline not to beat dead issue for enrollment.
Okay, and then just lastly on the colorectal trial I know this is open label.
Or a sense as to what the distribution of patients it looks like with respect to the presence or absence.
A piece of paper.
Yeah.
And so I'll start and then Henry maybe wants to add and yes, he's helping labor and we're familiar with is why we're not looking to every day on the patient distribution and we're familiar with it and we are just kind of study that allows.
For liver Mets, and that's and that's unique and this is because we believe that there could be some edge there based on the prior data.
And but as I said, we continue to monitor patients we continue to collect the data.
And we're thinking very hardly an walked in and looked at data, we should share and why the studies continue but we've made a decision.
It's better for us not to share portion of self daytime incomplete pizza chair.
It's better to for us to have a longer term follow up and share the full picture and as I said every preferred lean and maybe you can contrast, when investors will be able to see the sport.
Picture of that data Henry anything else you'd like to add on the lever mezzanine and part of the question.
Oh, Thank you on that I think you've covered the major parts of the question.
But just to give some color.
Looking back at the data that we presented previously on.
Only 22 subjects or patients with microsatellite stable colorectal cancer.
Both three quarters of those patients have legal that's that was the initial presentation.
We had a number of patients that we anticipate will have to live in minutes will also probably be.
Around that number.
Julie on the fact that most of these patients have exhausted all available standard of care therapies and in addition to that move.
The most common sites metastasis.
Colorectal cancer is you're just because.
That's what it is the lever so.
Between half to about two.
Two thoughts about three quarters of patients will probably have a live events.
On the analysis and I am just making.
And here in the projections until we do look at that data next year like and that's as mentioned before we'll be able to give you more subsequent cheese are information that would be.
Good.
Yeah.
Okay. Thanks for taking the questions.
And maybe Steve maybe I'll, just add just to make sure that the T cells.
Did he do clear Devin.
Even in a biomarker driven study and we will obviously only require for a baseline biopsy pretreatment biopsy, but not and nothing on treatment biopsy, so which would be less complicated.
Yeah.
Okay.
This concludes the Q&A session of Compu Jones Investor Relations Conference call. Thank you for your participation you May go ahead and disconnect.
Yeah.
Right.
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