Q3 2023 Xencor Inc Earnings Call
Yeah.
Good afternoon, and thank you for standing by welcome to the Suncor third quarter 2023 conference call. Please be advised that this call is going to be recorded at the company's request now I would like to turn the call over to your speaker today, Charles Liles head of corporate Communications and Investor Relations.
Charles.
Thank you and good afternoon earlier today, we issued a press release, which outlines the topics we plan to discuss today, it's available on www Dot <unk> dot com, providing comments on the call is Basil that president and Chief Executive Officer, and Nancy Valenti Chief Development Officer. Afterwards, we will open up the call for your questions and we'll be joined by John Desjarlais.
Chief Scientific officer, and John <unk>, Chief Financial Officer, before we begin I would like to remind you that during the course of this conference calls and core management may make forward looking statements, including statements regarding the company's future financial and operating results future market conditions plans and objectives of management future operations, the company's partnering efforts capital requirements future product offerings.
Development programs. These forward looking statements are not historical facts, but rather are based on our current expectations and beliefs and are based on information currently available to us now.
Some of the events described in these forward looking statements are subject to known unknown risks uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward looking statements, including but not limited to those factors can take to the risk factors section of our most recently filed annual report on Form 10-K, and quarterly report on Form 10-Q with that I'll pass the call over to Basil.
Charles.
Colbert advancing a broad internal development portfolio of engineered antibody based therapeutics in oncology autoimmune disease that we built with our array of modular continually advancing extra protein engineering tools.
Multiple simultaneous shots on goal in the clinical use of emerging data from clinical studies to guide which programs.
Yes, which we terminate in which we partner.
Stringent review of this data and the status of competitors allows us to prudently focus our resources and cash on programs with the greatest potential.
We're now focusing a lot of tremendous opportunity for our targeted T cell engage your bi specifics in solid tumors.
Classes CD three T cell engagements has recently shown great potential for bringing tumor targeted T cell therapy to bear against solid tumors, a longstanding challenge for both antibody and cell therapy modalities.
At the recent ESMO conference our partner Amgen presented highly encouraging interim results for our phase one study of salary to Meg in patients with advanced prostate cancer salad ready to make as an ex Nab two plus one CD three T cell engagement targeting steep one we created a two plus one by specific to address a challenging target with limited extracellular exposure.
And reported that during dose expansion and optimization of 41% resist response rate has been seen in high dose cohorts and the preliminary durability, while early is encouraging.
We look forward to further updates and progress with Amgen's plans for additional studies in earlier lines of treatment.
It hits customization afforded by the two plus one format enables antibodies to bind more avidly to and selectively kill those tumor cells with higher antigen density potentially sparing normal cells. There's a consequence opens the door to a wider range of solid tumor targets that were previously accessible to T cell engages.
And leading our own internal pipeline for this modality in phase one extra day, one nine targeting M. P. B three in renal cell carcinoma, followed by extra 5541 targeting cloud six one ovarian cancer or other tumors.
Our second set of tumor targeted T cell engages or co stimulatory bi specifics that engage CD 28 on T cells for targeted immune activation.
28, co stimulation has some promise for enhancing anti tumor immune activity and then of course CD Twenty-eight platform has been engineered to expand the therapeutic window of coasted activation by using reduced potency CD 28 Baidu RCD.
Our CD 28 by specific ex that eight O weight, which targets the broadly expressed tumor antigen <unk> 783.
One study in advanced solid tumors.
In addition, this quarter our partner Janssen now J&J innovative medicine.
Both of our CD Twenty-eight collaborative programs submitting an IND for the prostate cancer candidate and our Cta in Europe for the B cell malignancy.
We anticipate further expanding our pipeline of T cell engaging bite specifics in future.
As part of our efforts to provide sufficient resources to advance. These programs today were announcing that we have added $215 million in cash to our balance sheet from selling a portion of our royalty interests and ulta mirrors and module to owners a Canadian pension fund these.
These two products were created with that of course modular X Med FC domains and technologies, which is a foundation that enables our diversified approach to building value.
Platform has been fundamental to the creation of three <unk> based medicines marketed by partners.
Which generated royalty income that further drives innovation and our protein engineering and support the advancement of our pipeline, we believe that our strengthen the strengthened financial position from this deal offers us additional flexibility to execute on our internal clinical development programs the greatest potential for success.
And the deal structure lets us retain potential economic upside from a sales performance of Ultra marathon Margie.
We've also made changes to our pipeline, we're terminating development of our phase one PD one by Iqos program ex lab water for at our clothing gynecologic tumor cohorts at our ongoing <unk> phase II monotherapy study for actually I've 104 efficacy data in expansion cohorts in MSS colorectal cancer did not meet prespecified criteria and Furby Dow <unk>.
Tumors, we see a rapidly changing competitive environment.
We'll keep supporting patients currently enrolled in our studies, including by continuing to provide study drug.
Now onto EFS valve Appendicle Alpha formerly <unk> 306, that's our co development program with Genentech, we have decided to opt out of our cost sharing arrangement can P&L split.
As the clinical trial, reaching cost of the program continues to expand we'd had to prioritize it against other highly promising progress.
We're still very supportive of the program engine in Tech development plants, we elected per the contract to shift to a milestone royalty structure will provide additional detail on the specifics are finalized, but we would anticipate terms commensurate with a license of an asset at this stage of development.
As a result of the royalty deal along with these program reductions and a continuing focus on reducing costs. We are guiding that we have cash runway into 2027.
Now for a review of our wholly owned clinical portfolio I'll turn it over to Nancy Valenti, Our Chief Development Officer.
Thanks, Phil.
First for Jay L. M. M. R. T cell selective checkpoint inhibitor targeting PD, one and <unk> four as Pascal mentioned in our phase two monotherapy study, we have closed the cohorts enrolling patients with gynecologic tumors based on data from small cohorts in ovarian cervical endometrial, where we did.
Not see data that would support moving forward in a rapidly changing competitive landscape. We will now focus our attention on prostate cancer, whether it's in this monotherapy study and in this study in combination with standard of care therapies, and we're on track to initiate our first.
First line non small cell lung cancer study by year end in this study we have a design that gives us an early look at safety and efficacy from two dose level cohorts in combination with chemotherapy and this is prior to the second part of this study they randomize against standard of care Pember Elysium, having chemo.
Next with our other dual checkpoint inhibitor targeting iqos in PD, one X Mab 104, those signs of activity in microsatellite stable colorectal cancer were observed early on expansion cohorts did not meet the pre specified activity threshold and we are stopping program.
It meant.
Before moving to earlier stage programs.
One note on the homeowner mab, which.
Which we license to J&J innovative medicine in 2021, we are wrapping up our internal clinical work.
And we would anticipate further development activities will be done by Janssen.
Now among our internally developed cytokines are T. Reg biased IL two <unk> being developed in auto immune disease X Mab 564 continues to enroll patients with either atopic dermatitis or psoriasis in multiple dose escalation.
And our prudency modulate it IL 12 F C. In advanced solid tumors began dosing patients in a phase one dose escalation study in the third quarter.
Finally, our clinical ex Mab, two plus one by specifics, which Boswell introduced.
Both ex Mad a one nine and X men, 808, which respectively R. E. N P. P. Three times CD three N V. Seven age three times see these 48 antibodies continuing dose escalation, we and the investigators remain enthusiastic about the potential of these programs.
We are also on track later this year to submit an IND for third internal two plus one by specific ex Mab 541, a clod and six targeted CD three engage or to be developed in ovarian cancer and other solid tumor types.
Since our clients are so similar in structure selecting specifically for Claude and fix especially over Claude nine three and four is critical the two plus one format in our protein engineering really provides for class six selectivity and in our preclinical work, we see beautiful selective.
To date for class six avoiding clutter, nine and three and four especially compared to other quad and six times CD three we're really excited about getting this molecule into the clinic.
Progress with 819, and ask me of 808, and expanding more into solid tumors with more T cell engages.
With that they also there's one more item before moving on to Q&A. Thanks.
Thanks, Nancy first I'll say, please refer to our press release for financial results.
On a related note for 23 years, all financial functions at Suncorp and led by one person John Kush, who is also at some point through the years come to oversee investor relations facilities, I T and CMC operations. It is impossible to encapsulate. So briefly how much we've relied on John for over two decades, cordless at us and truly dire situation.
Over those years.
As we announced last month, John plans to retire early next year March and we thank him for his critical role in pursuit of creating and advancing new medicines for patients.
Now with that we'll open up the call for questions operator.
Thank you.
At this time, we will conduct a question and answer session. As a reminder to ask a question you will need to press star one on your telephone and wait for your name to be announced to withdraw your question. Please.
Please press star one one again.
One moment, please while we compile the Q&A roster.
Our first question comes from the line of Edward <unk> from Piper Sandler Your line is now open.
Okay.
Youre little Staticky, but will trust.
Okay, if I have to I'll try to pick it up the pick up the receiver.
Firstly, John wishing you all the best in retirement.
Im sure Youre going to Miss all the crazy, but if.
So.
It's kind of fun working with you.
I appreciate all the color and congrats on the <unk> deal I wanted to kind of get a little bit more of a sense with respect to plan.
In terms of your comments about stopping internal development does this change.
The ongoing studies at all does this change your ownership of all just wanted to get a little bit more color what that means thank you.
Oh sure Ted sorry, if that came off a little bit a little bit confusing. This is a no change whatsoever from the plan we've had with Janssen for the last two years. The plan was always that we would finish the ongoing phase one study when we.
<unk> to work with our subcutaneous formulation and then they would just pick up our clinical development activities themselves. The deal structure hasn't changed. It's just who is whose hands are doing the work that was more of an update on we'd essentially finished the sub Q phase one we're wrapping that up and Janssen has taken up therapy. So there was there is no change sorry for the computing.
No worries at all and can you just remind us what studies are ongoing for that one.
That's the phase one where we're wrapping up the subcutaneous dose escalation and expansion and then we anticipate.
That the molecule would be studied in combination with the leap B cell malignancies, CD 28 program.
They just filed a cta for where they are planning on studying that with with multiple agents, both internal to <unk> or J&J innovation and at US. So that's correct. That's always been the game plan and we're anticipating that next step soon we hope.
Thanks, so much.
Thank you.
One moment for our next question.
Okay.
Our next question comes from the line of Dan Leoni from RJ F. Your line is now open.
Alright, Thank you for taking the questions and congrats on the progress and John wish you. The best in retirement, it's been a pleasure working with you over the years.
Maybe we could.
Maybe you could expand a little bit on the design of the frontline non small cell lung cancer study with Modelo Mab that sounds pretty interesting I think probably two.
Two questions for us on the study design.
Firstly, how much of the dose finding do you already have an idea about given the ongoing.
Prostate and in other solid tumor studies that could be informative.
Two what would be the actual patient population.
With regards to.
Mutational burden and PD, one status cut points.
Et cetera that you would envision and presumably this would be an ex U S study primarily.
Thank you.
Now I'll, let Nancy.
Pick up the ball on that one.
Yeah.
So the study design is a phase one data to them, we're going to study two different cohorts.
Two different doses of retail I mab into cohorts and then make a determination of those shows are or even a dose between that to take into combination with standard of care chemotherapy for non small cell lung non squamous.
We do have a lot of information about the dose from our prior phase one dose escalation from as you said are studying in gynecologic malignancies prostate cancer and so we use that.
To put these doses.
To look at.
The other part of the question was.
PDL one status is zero to 49.
And.
Yep.
And it's you know.
So it's.
You're at a 49 first line standard of care treatment.
We're gonna.
We're opening the study in the United States and also ex U S as well.
So we do plan to enroll patients in the United States.
Do you have a general timeline at this point of when you would have.
Initial outcomes based results that that would be informative of what potential next steps are just the even the correct dose.
Okay.
Yeah. So we're in the process of initiating the study right now it's really hard to tell right now.
When we have.
The part one and the part two.
Part, one obviously would come first we'd be able to look at that data share that data externally, it's very hard to predict when that would happen.
And then once once we see that well move on to the randomized phase two portion.
Against <unk>.
Came out.
Great. Thank you.
Thank you one moment for our next question.
Our next question comes from the line of <unk> from BMO capital markets. Your line is now open.
Great. Thanks for taking the questions I guess, maybe the first one just maybe for modeling purposes. If you could sort of maybe help us understand to the extent that you can sort of the residual world season or milestones that you would receive for on <unk>. Altamira is just how we should think about how to.
On sort of the focus on the two plus one we saw some.
<unk> data from AMG 509 at ESMO, just wondering if youre seeing any other kind of interesting clinical signals so far from your other.
Other two plus one molecule and then cleaning I know, they're early but just wondering if maybe you're starting to see sort of the evolution of the profile that you you really like that you'd sort of doubling down if you will on sort of solid tumors. Thank you.
Hey, Thanks, I'll answer the second question first before I turn it over to John Kush on the.
Royalty deal so.
Not disclosing any data around any of our ongoing programs or for that matter. Some of our partners still have ongoing two plus one programs like Astellas is moving forward with their cloud <unk> too.
Well, we'll give data later I will say that we and our investigators remain enthused and there is a really great unmet need.
Certainly in E&P.
Our renal cell carcinoma, highly cytotoxic antibody and so were pedal to the metal, but we're not we're not going to share any details about the trial just yet.
On the royalty deal and some of the residuals January yes, sure Theres two it's two separate transactions. One is the altamira steel, which there's caps from 26 to 28, the first $35 million of various gets we get the excess over that.
<unk> 29 in the first 12 million goes to <unk> and we get the access there is also a potential milestone of $12 million for sales, which we could earn for Altamira sales from July one 2003 to June 32000, and for the second transaction is the module b.
Which we received $22 $5 million upfront <unk> gets 130% of that upfront payment or $29 $5 million in it.
Excess we received the residuals.
Got it great. Thank you.
Thank you one moment for our next question.
Okay.
Our next question comes from the line of Charles <unk> from Guggenheim Securities. Your line is now open.
Hey, guys. This is rosy on for Charles Thanks for taking our questions and congrats on all the progress.
I have two questions regarding <unk>.
<unk>.
Could you maybe comment on how it's differentiated from the competitor Bispecific and then for the monotherapy setting.
You had provided guidance so the data for that.
In early 2024 could you maybe talk a little bit regarding how you're setting expectations for that.
So I'll take the second one first and then Nancy will it take the one on the frontline alone.
So.
We're going to have a greater and that we're going to report. So we've reported relatively small numbers of patients out of.
Out of the trial, so far and we haven't reported any out of the.
The monotherapy trials. So we're just going to really it's about increasing the numbers. So we can zero people in on where we think there is strong as potential is of the various cohorts in our combo study as well as in the monotherapy.
And in terms of setting expectations I think the landscape is shifting a lot in prostate cancer I think we're certainly vary.
Where does algorithmic data from Amgen in a similar line of therapy, showing a 41% or.
Obviously very excited because we made the thing but also.
Mindful of that and so I think we're looking at the at a bar.
That might be shifting a little bit and this is about us determining where we fall relative to that bar with a higher number of patients. So I don't think we can.
Offer too much more than that.
And I think you asked about differentiation from our competitor.
Our competitors.
Yeah and so.
You know John can also chime in here, but for Delaware was designed specifically and.
Nice to have reduced potency in some ways to be very effective but also to be very tolerable.
As far as toxicity goes the idea is that at Woodbine too.
Julie bind to T cells that have both express and these are in the tumor itself versus the circulation.
The data so far.
When we compared our data to some of the competitors, it's a little bit hard, but when we look at when we try to look at phase one are dose escalation comparator dose escalation. What we saw was we have very heavily pretreated patients that are checkpoint failed or experienced.
And our competitors often have checkpoint naive patients.
Very hard to do that apples to apples comparison, but even with that by doing so when we looked at the efficacy across products and the safety.
So.
That's what.
That's how I would summarize the differentiation.
Great. Thank you and maybe just a follow up on <unk>.
For Missouri can you provide any color on how enrollment have progressed.
A multiple ascending dose study.
Oh.
The enrollments really not.
It's a relatively small study the number of patients relatively small enrollment is not really the driver of the timeline at all it's the escalation.
Safety Windows that you have to wait through too.
To go to the next dose level and then the next cohort and the multiple ascending dose.
Alright, thank you.
Thank you one moment for our next question.
Okay.
Our next question comes from the line of Gregory <unk> from RBC capital markets. Your line is now open.
Hi, Thank you so much for taking our question just on for Greg.
Question on the T cell engagement I'm just curious if you can talk about and learning from some of the way to mix data, particularly on the adverse event I'm just curious if do you think that.
First of all it's within the acceptable.
Expected level for the class and invest that.
Yes.
I'll take that I think it's the adverse events. They saw I think are.
<unk> certainly by Amgen quite within the range of acceptable they are aggressively expanding the program.
I think one of the things theyre going to have to work on it and I think they're well positioned is educating our new community oncologist about T cell engages and cytokine release syndrome. This is the prostate cancer community, they're not used to it they are not used to IR aes, because they're not used to checkpoints, but I think they'll they'll get there I think we've seen these kinds of adoption of <unk>.
Daily active agents.
Work its way through the oncology community when we saw ADC start to emerge about four or five years ago more broadly. So it's I think it's well within the range. We saw the learnings we saw from them. We're really nothing new it's you use priming doses and step ups do you have to be thoughtful about optimizing them and one of the things. They did is they they adopted a somewhat more aggressive.
Pre medication routine before the infusions, while they're stepping up the doses when they're jumping from a prior dose being lower to the next one higher and Thats just the usual pre medication people have done with rituxan for decades.
Tylenol, a benadryl and then a corticosteroid they just intensified that somebody that had a big big impact. So those are the kinds of things, we're considering and and being very aware of anything to add there Nancy.
No.
And I agree I think it's this class of drugs.
So this I'm sorry to kind of a relief that's expected.
And I think as people get more comfortable managing it.
It won't be a deal breaker.
The efficacy is really strong and you have to remember these are patients that remotely pre treated they at a median of four prior therapies.
Yeah.
It's a fair response rate like they saw 41% is pretty amazing.
For these kinds of patients and so it's great to see this and other CD threes moving forward and showing this kind of activity because it shows that five T cell engaging by specifics are gonna have a role in the treatment of solid tumors.
Very exciting for patients as well.
Alright, thank you so much.
Thank you.
One moment for our next question.
Our next question comes from the line of Alex Stranahan from Bank of America. Your line is now open.
Hey, guys. Thanks for taking my questions just a couple from US one more on AMG 509.
Heard some differences in opinion on PSA 50 reductions as a good surrogate for response, although it seems.
Consistent in the five patients that the maximally tolerated dose so.
Any thoughts on PSA 50, how.
How we should be thinking about that in terms of response, and then I've got a follow up.
I think PSA 50 is is definitely an indicator that something is happening to the patient.
Im not aware of a comprehensive datasets to let you really look at that versus resist response.
What I'm assuming your question was I'm not aware of good data set to let you look our coordinates there because it hasnt been standard to look at resist in the clinical trials in that community.
Over the years now I think that's changing but.
We'll wait and see I just want to emphasize that.
Concordance with PSA fifties or not.
That program's algorithmic sob really outstanding resist responses in people with them with measurable tumors I do know that just.
From all of the prostate cancer doctors, we've worked with them and talk to debut PSA 50 is a good thing if it drops or sorry. Good thing if you can achieve it.
At concordance with the specifics of it at an individual patient theres not enough data.
Okay got it that's helpful and then.
Then just one more on that on the royalty sale.
Is the decision to do this versus.
Another financing option that you may have at your disposal.
Just in terms of the pull forward of the expected economics.
And how important was it to maintain.
On the on the two assets just trying to trying to get a sense of your conviction.
On the opportunity.
I think it was very important to maintain the upside on the assets.
There is a lot of.
Momentum is certainly altamira sales and I think theres a lot of data still coming for <unk> as that landscape in lymphoma continues to evolve and so we it was absolute critically important for us to have either caps, Vermont Judy.
That's sort of total overall cap of any annual caps for.
For ultra mirrors.
We're excited by both molecules I think the why we did the deal I think it's because the equity cost of capital now in the markets is is very challenging and we've got a lot of our programs we want to invest in particularly around these T cell engaged so it made sense to do the royalty deal we've been monitoring the royalty markets now for <unk>.
Gosh for years now since we started and we've we're always looking for when the timing is right from both.
The deal side and our need side and this was it when it all came together.
Yeah.
Great. Thank you.
Thank you.
One moment for our next question.
Our next question comes from the line of Boris Beaker from PD Cowen. Your line is now open.
Great. Thanks. This is Nick on for Boris just a quick one for me.
But I.
I know it's targeting <unk>.
There are a lot of companies who are now looking at a piece of an H score that's kind of a kind of like a interesting space for people and for some docs. So I was just wondering what you guys think about that and like the difference between <unk> 73 versus <unk> seven percentage for and how <unk> could potentially.
Outperformed <unk> four.
Just general thoughts on that thanks.
Yes.
There are two really different targets I mean, the reason, they're called B Sevens as Theyre part of the <unk> seven family, which includes.
<unk> 86, PDL, one so on and so forth.
But when we look at them in terms of as as targets for T cell engages or adcs.
Have like.
Kind of some overlap, but lots of non overlap in terms of which histology. They are over expressed in <unk>.
<unk> four is.
Our cervical cancer triple negative cancer.
Marker, whereas I think it would be 783 as being broadly over expressed across a much wider range of histology.
That's helpful would you ever think about going into the use of an H score lender.
Or is that like a later, we've certainly thought about it I mean.
There is already there is a piece of an age or CD three T cell engaging <unk> in phase one I believe.
And we're we would prefer to work on targets that somebody else isn't isn't already tackling.
And in fact, we're making a lot of internal investments on.
Finding novel targets for placing our T cell engaging <unk>.
Okay understood thanks very much.
Thank you.
One moment for our next question.
Our next question comes from the line of Peter Lawson from Barclays. Your line is now open.
Hey, Good afternoon. This is Alex on for Peter Thank you for taking my questions just on the 809 <unk> three by specific program.
Have you started dosing patients with the sub Q formulation or how are you.
You're just you're still dose escalating with the IV formulation at this point.
We expect to have honestly.
I honestly don't know of as of today, the <unk> started but it's very imminent we've opened it.
I just don't know we'd have to text our medical lead on that one so it's up and running and if not today very very shortly on the sub Q. We're planning on running them in parallel we wanted to get the IV going at first just to get a little data get the ball Rolling and then that way we could start the sub Q with a little bit of knowledge, but they're both gonna go perella.
Okay great.
So when you.
Report Phase one data would you anticipate having the recommended phase two dose at that point.
I'm sorry could you could you repeat I was distracted for a second.
Okay.
When you report phase one data would you anticipate having a recommended phase II dose.
That's that's the idea yes.
Okay, great. Thank you.
Thank you.
One moment for our next question.
Our next question comes from the line of Mara Goldstein from Mizuho. Your line is now open.
Hi, This is Jerry <unk> gone from Eric Goldstein, Thanks for taking our questions first.
First on X Mab 306.
Could you share one you might expect to be eligible to receive to receive milestones.
And for the second question.
With Allomap.
What are your thoughts on positioning that candidate in renal cell given competitor PD, one as detailed for Bispecific.
David and Diana indications thanks.
So first I'll just touch on that three out of six.
We're finalizing the details of the contract conversion.
We do have development, we expect to have development in regulatory and commercial milestones in a sort of a standard structure.
I couldnt speculate as to the timing yet unfortunately, but we will of course disclose a lot of details commensurate with how we usually disclose for licensing contracts when that amendment is finalized.
For Vidal amount, if I understood properly.
You have your question is about our positioning in RCC, yeah because of the.
Recent data right right you want to take that one Nancy Yeah, I mean, we're aware of.
Can't say than the $5 75 to products and in Reno.
Some of these names are challenging.
And it.
It's very interesting with.
Great Hi, efficacy looks.
It looks like it is.
The toxicity is manageable and so we're.
To see our product in the same classes <unk> showing activity like this I mean it helps us.
It helps confirm that this is a product that's going to be important in different tumor types.
We're not going into renal cancer ourselves.
You know we made decisions a few years ago on.
Based on phase, one data into which tumor types would go into it.
It was just it was the span of tumor tumor types.
And eventually we decided on to go.
To go into some that were you know Chuck.
Checkpoint.
Sensitive and some that were checkpoint resistance and that's kind of where we are right now, we're probably not going to add another tumor type.
After we added lung in the last year.
Got it and if I may ask one more question.
Also wishing John best wishes.
When do you expect to target a new CFO in your search.
Oh, yes.
Starting with search right now.
We're starting to search right now there's going to be a long hard search to replace John So we've got to start now if we're going to be ready by by end of March.
Yeah.
Sure.
Thank you.
One moment for our last question.
Our last question comes from the line of Brian Cheng from J P. N. Your line is now open.
Hey, guys. Thanks for taking my question.
John also sad to see you go.
Looking forward to.
Reconnecting in our future but.
Just on 564.
Although we may be expecting some psoriasis data sometime in the early part of next year. So the first is <unk>.
Can you just talk about the timing of the data we.
Have you been able to narrow the timing of the offer guidance.
And also as you think about psoriasis as a testing ground for 506 before Mechanistically do you.
You have a sense of what we should expect in terms of.
Using passey, scoring what pockets of course are you aiming for.
So that you can have a strong conviction to move.
That program into other diseases, where.
T rack and stack and partners. Thank you for taking my question Greg.
Hey, Thanks, Brian I'll take the second one first.
So we've always intended psoriasis as a population where we could gather that critical biomarker data, which is the peripheral biomarker peripheral blood biomarker datas on T. Reg counts the opposing cell types that you don't want to have expand.
We have two from regulatory reasons do our multiple ascending dose in patients not in healthy volunteers. So psoriasis is a great way to do that and you have easy access to biopsy samples.
If you want to go there to get additional information.
So we've always been targeting in the psoriasis population T. Reg counts of numbers to select the dose and a dosing interval rather than looking at past scores as a driver that's something I think we've guided since we started we did add the atopic dermatitis based on intriguing very early in small numbers of durability.
Data, we saw last year from a competitor program as a way to sort of glean potential there.
And so that's that was sort of the rationale for a D. But in that case as well it was to glean durability and long term potential.
Sorry long term sort of disease are made of potential generally for the class.
We think both of those areas are difficult and challenging in very large indications and we've of course been looking around in other smaller indications as we've mentioned we would be ready to disclose as we go get closer to the time to jump off on to the next set of trials once we're done with dose escalation.
As for timing, we are still guiding to 2024 and will who will fill you in when we get there.
Alright, thank you so much.
Thank you.
This concludes the question and answer session I would now like to turn it back to Basel Dodd here for closing remarks.
I'd just like to say to everybody. Thank you so much for joining us this afternoon and have a wonderful evening.
Thank you for your participation in today's conference. This does conclude the program you may now disconnect.
Okay.
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