Q3 2023 COMPASS Pathways PLC Earnings Call
[music].
Good day, ladies and gentlemen, and welcome to the Compass pathways third quarter 2023 conference call. At this time all participants are in a listen only mode. As a reminder, this call is being recorded I would now like to introduce your host for today's call. Stephen Schultz you may begin.
Yeah.
Welcome all of you and thank you for joining us today for our third quarter 2023 results conference call again, My name is Steve Schultz Senior Vice President of Investor Relations at Compass pathways today, I'm joined by can be or Nath, our Chief Executive Officer, Mary Rose Hughes, our interim Chief Financial Officer and Dr Guide.
Our Chief Medical Officer.
The call is being recorded and will be available on the company's pathways Investor Relations website. Shortly after the conclusion and will be archived for a period of 30 days before.
Before we begin let me remind everyone that during the call today the team will be making forward looking statements within the meaning of the private Securities Litigation Reform Act of 1095 as amended.
You should not place undue reliance on these forward looking statements actual events or results could differ materially from those expressed or implied by any forward looking statements. As a result of various risks uncertainties and other factors, including those risks and uncertainties described under the heading risk factors in our.
Quarterly report on Form 10-Q filed with the U S Securities and Exchange Commission and in subsequent filings made by Compass with the SEC.
Additionally, these forward looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date.
We specifically disclaim any obligation to update or revise any forward looking statements, even if our estimates or assumptions change.
Now I'll hand, the call over to <unk>.
Thank you Steve good.
Good day, everyone and thank you for joining us.
Let me begin by welcoming Mary Rose Skus to our call as interim Chief Financial Officer.
<unk> has been with Compass since May 2020, when she joined as our second finance team member.
She's been instrumental and laying the foundation for our finance organization and lead the finance team through our NASDAQ IPO and three subsequent equity and debt financings.
Mary Rhodes leads and managers all aspects of our finance operation with the exception of Investor Relations, where she has begun to partner more extensively with Steve.
I want to thank Mike for his service and contributions as CFO and in particular to the significant financing we executed in August.
We've now initiated an active search for new CFO.
And you should expect a smooth transition as we are in discussions with several strong candidates.
After some introductory remarks about the business in the third quarter.
I will hand, the call over to guy to provide clinical and regulatory updates and then to Mary rose for the financial updates.
There are five and there are six our phase III trials in treatment resistant depression or <unk> remain on track and we continue to expect primary endpoint Readouts in summer 2024, and mid 2025 <unk>.
<unk>.
Guy will provide more detail on <unk> trials.
Other clinical programs in a moment.
Looking at the external environment.
We also continued to see strong <unk> sales sold under the brand names for Moscow, which achieved global sales of $183 million. This quarter, an increase of 82% compared to the third quarter of last year.
This puts <unk> on a run rate of well over $600 billion for 2023, continuing to demonstrate the unmet need in T D.
We believe this growth continues to be an important driver for the infrastructure of interventional psychiatry facilities and other treatment centers that we expect will be capable of delivering comp 360 treatment. If approved we find this continued development very encouraging.
This quarter, we also welcome to Daphne carried us to the campus board of directors.
Currently President and Chief Financial Officer at flat Therapeutics.
<unk> is a terrific addition to our board.
As a biotech experience includes corporate financial management investment management and investment banking.
A deep biopharma industry experience and her understanding of Investor priorities will help ensure a campus remains on firm financial and strategic ground.
Finally in August we completed an up to 285 billion private placement financing.
With $125 million in gross proceeds upfront.
And up to an additional approximately 160 billion in proceeds if the warrants are fully exercised.
The financing structure was dictated by the investors info and was very attractive for campus with the upfront investments accompanied by a warrant at a 30% premium to the last sale price.
This effectively functions as an additional financing vehicle.
And when the investors exercise that Laurence.
This financing.
<unk> by a group of Premier specialists biotech investors.
<unk>, our cash runway to late 2025 through multiple planned pivotal readouts.
This strong financial foundation permits us to move forward confidently with our clinical programs as well as all supporting studies for a potential new drug application filing with the FDA.
We also continue to invest in our pre commercial work to ensure we're prepared for a successful cop 360 launch if approved.
All with the aim of providing broad equitable access to patients in need of better treatments.
With that let me now hand, the call to Guy to update you on regulatory and clinical news during the quarter.
Good.
Thank you compare.
As you've heard both of our phase III trials and TRT continued to advance with active recruitment.
At this time three quarters of the comp there is zero five sites have been initiated.
There are six we now have approval to sites in the U S, Canada, UK and a number of EU countries.
Patient demand is strong given the degree of unmet need in this population.
As I have said before the process of getting clinical sites up and running is a complex one.
Especially navigating the additional administrative details of working through the DEA licensing and schedule one requirement.
Screening and scheduling visits is also demanding for new sites.
These complexities can impact the rates of early recruitment. So as you would expect we are paying very close attention to these factors and implementing all steps to ensure we remain on track.
Patient demand is strong however, and is the key to maximizing eventual rates of accrual at each site.
Looking across our area of science the expertise we have developed.
In managing the complexities of the scheduled one.
Meeting the clinical and patient management requirements for robust global trials of psychedelic represent a competitive advantage.
Beyond treatment resistant depression, or open label Phase II study in post traumatic stress disorder evaluating safety and Tolerability is fully recruited.
We expect the top line readout this year.
Presentation of the full data set to follow next year.
As we've said before anorexia nervosa is challenging.
Patients do not necessarily recognize the need for treatment.
This is one reason why it's so difficult to address them.
Why it is so important that we work to find the solution.
Anorexia nervosa carries with it the highest mortality rates of any mental health condition.
And there are no FDA approved treatments available today.
We are not yet ready to update the guidance on completion of this study.
<unk> taken some steps, including adding two additional clinical sites and islands in Texas.
Phone based screening.
Reduced numbers of in person visits and other protocol amendments to reduce the burden on the patient.
I will now hand, the call to Mary Rose for the financial overview.
Thank you Guy.
The highlight of our third quarter financial results.
Comparing this year to last for the third quarter 2023, net loss was $33 4 million.
Or <unk> 67 per share.
Including noncash share based compensation of $4 4 million.
Compared to a net loss of $18 4 million or.
<unk> 43 per share, including noncash share based compensation of $3 5 million.
For third quarter 2022.
I will now turn to an analysis of our current third quarter results compared to the prior second quarter results.
Our current quarter financial results reflect our continued success in advancing our phase III trials in treatment resistant depression.
Encouraging progress in extending our cash runway with the proceeds from the August financing.
Cash used in operations in the third quarter was $17 1 million towards the higher end of the guidance range, we provided last quarter.
The R&D tax credit not yet been received.
We now anticipate receiving the credit in the fourth quarter.
And this quarter net loss was $33 4 million or.
<unk> 67 per share.
Paired with a net loss of $23 million or.
Or <unk> 63 per share for the prior quarter.
These results include noncash share based compensation of $4 4 million in this quarter and $4 6 million in the prior quarter.
R&D expenses were $21 5 million in this quarter compared with $19 8 million in the prior quarter.
The increase was mainly geha external development expenses related to to progression of our phase III program.
G&A expenses were broadly consistent in both quarters of $12 5 million and net quarter and $12 8 million in the prior quarter.
Turning to our balance sheet.
Cash increased by $99 9 million in the third quarter of 2023 and <unk>.
We entered into your Securities purchase agreement and received net proceeds of $116 9 million upon closing.
And as investors exercised their warrants, we will receive up to an additional approximately $160 million in cash proceeds.
Long term debt under our Hercules loan facility with $24 million at the end of the third quarter.
Regarding fourth quarter financial guidance, we expect net cash used in operating activities to be between $9 million and $15 million.
We are now expecting to receive our estimated $14 million.
R&D tax credit in the fourth quarter. However, the timing of this is uncertain.
Turning to full year financial guidance, we are narrowing the range for cash used in operations to between $79 million and $85 million.
We have narrowed our full year range as we approach the end of the year and are able to forecast remaining spend in 2023 and with greater accuracy.
Company continues to maintain a strong financial position with cash and cash equivalents of $248 million at September 32023.
Paired with 143 2 million at December 31, 2022.
The August financing has extended our runway into late 2025, which we will continue to manage car fleets in order to continue advancing our pivotal programs and achieve.
<unk> are important milestones that we believe will create value for our shareholders.
Thank you I'll now turn the call back to you to bear.
Thank you Mary Rose.
Let me say again that we are pleased with our ongoing progress.
Phase III clinical site initiations continued.
And in numerous countries.
We're less than a year from our initial phase III topline data for <unk>.
24 should be an exciting year for campus and we look forward to updating you further as we approach this milestone.
We're also encouraged that interventional psychiatry treatment infrastructure continues to evolve and expand.
The growth of its ketamine is evidence that people living with TRT need novel rapid acting treatments.
Thank you again for your participation in today's cool.
We will now turn to Q&A, so I'll have to call back to the operator.
Thank you at this time will conduct a question and answer session.
Reminder, to ask a question you'll need to press star one one on your telephone and wait for your name to be announced to withdraw. Your question. Please press star one one again, one moment for our first question.
Our first question comes from you tube or off with T. D. Cohen Your line is open.
Good morning, guys. Thanks for taking the question.
Could you.
Ask you for a little more detail if you have it around.
This this question of administration centers potential administration centers do you have an idea right now as to the number of clinical centers.
Are giving bravado or or even ketamine and what percentage of the existing centers may be appropriate you know have the potential expansion capacity for <unk> 360.
Then as a quick follow up to that.
As you open your sites and the clinical sites and and congrats on getting Oh five open all the O five one's open as you finish opening them and they start enrollment do you feel that they have in effect been completely trained to act as <unk>.
<unk> centers or a post approval pose potential approval would there have to be further training and setup before they could flip to commercial thanks.
Thanks for each of interest to change you can hear me clearly.
Yep.
Great. Thank you for your question. So so the first question.
We don't have exact numbers, but I'll believe food per barrel several hundred treatment centres today, but I'll able to offer.
And that's a mix of some of these interventions psychiatry centers that we've talked about but also the fact that it's clearly being administered within regional health systems within some of the larger clinics.
I think it's important to distinguish that from Kasumi clinics and again, we've seen clearly.
Those that were just offering off label Academy have struggled economically and there are more of those but we don't necessarily see those as appropriate sites for the potential delivery of country 60.
But essentially anywhere there is today offerings for Barca, we certainly see as being potentially adaptable for the delivery of country 60, and we see the numbers continuing to grow.
Part of the pre commercial work we are doing is clearly to acquaint ourselves with some of those to start talking to regional health system.
Around how they would see the opportunity to bring <unk> 360.
God.
In terms of sites and again just to clarify we have the majority of sites for 005, now up and running with a few more side initiations to go so as we said in the past Ah sites are a mixture mixture of some truly academic sites that you wouldn't necessarily expect to be significant from a commercial perspective.
But then a number of others that we absolutely do believe will be able to scale rapidly into commercial.
In terms of the training all come in but I will also ask guy to add his thoughts.
Clearly the training we're delivering today is intensive and design for a clinical trial Assessee and obviously, that's a unique and very different setting from what we would expect a real world commercial setting to be.
By definition, the therapists, they're getting very comfortable with the support of patients during the administration of psilocybin.
But your specific question as to whether or not there may need to be some different modest tailored training for commercial is one we are continuing to work through because it is clearly a different setting from a clinical trial site guide you to add anything ma'am, you'll just to say that I think are training program has evolved really well in the last.
Sydney was being the trial and it will continue to evolve as we move towards commercialization, we work with providers to think about exactly how it will work in practice I think we went on track to see changes, which will be <unk> Sir.
Alright, thank you so much.
One moment our next question.
Our next question comes from Charles Duncan with Cantor Your line is open.
Yes, good morning, <unk> first of all congratulations on the progress site openings and thanks for taking our questions I have.
Had just a couple of questions. When you when you consider the rate limiting steps to progress in 005 and 006 I'm wondering if you believe that site openings are you know, perhaps a bigger modulator patient.
Patient demand and for those sites that you have open for 005.
Are you seeing you know more than call it <unk>.
A single patient being enrolled thanks.
Thanks charged with anything more than single patience.
It's still for some of the sites, it's still quite early the earliest sides of got going pretty well, we will wait to see exactly how the run right picks up over the next few weeks.
Try to explain it is early in the set up weather delays and when you sites have difficulty coming to terms with things, but we're pretty confident that says you've got a earliest and most experienced is showing a good run right now.
Okay. That's helpful and then moving onto the P. T S D. The open label <unk>.
Study you know data yet this year given that it's open label signal seeking what would you see as a win R. E surely you're not looking for a P value or anything like that but.
I'm quite intrigued with this so interested to know what what would encourage you to you know call. It operationalize next step.
Well, it's a safety study so accessibility will be the number one question just how <unk>, how <unk> went to the patients how eloquent services.
The second issue is obviously, we look at effect sizes.
If the response in the in the secondary measures were making <unk> the measures of uhm.
Trauma memory.
What we will do is obviously compare that with existing studies isn't we can look across to the Max that'd be much is it difficult to do that with different trial was too tempting.
I'm going to be making decisions on devices will be fine.
So we're looking forward to doing that next year.
Did you anticipate operationalize hang a study next year M. P. T S D.
So I as we said we are very focused on T. R. D program, but also completing PTSD and anorexia, but clearly if we see a strong signal Yo we're always driven by unmet need in the silence and we will consider a strategy for how we might take that for it.
But there are no decisions at this point.
Okay, and and the cash guide through Oh, five or a bad not O. Five excuse me 25 does that contemplate a study career or would that be a difference.
Yeah. So that's pretty late 2025, so it doesn't contemplate uhm a further study we would consider that and <unk> and it's it's promising but not right now.
Okay very good thanks for taking the questions.
Thank you Charles.
One moment our next question.
Our next question comes from France Office Boys with Oppenheimer. Your line is open.
Hi, Thanks for taking the questions just a couple of here. Sir can you you said that you'd been discussing with with besides about potentially switching alright, alright also allowing com 360 down the road at a site that currently has provided.
<unk> provider Uhm Howard those discussions going is there any you know what what potential pushback could there be from site. Thank.
Thank you.
So yeah. Thank you Frank for the question I mean.
As I said I mean in principle.
The premise we're taking in is that anyone who is delayed today delivering <unk> for patients with treatment resistant depression should first be very interested in potentially delivering called 360 for the same population, but also have clearly taken steps around establishing physical settings.
That could be appropriate for a country 60.
Clearly the economics of delivering these two are very different so just as a reminder.
<unk> or label is eight administrations in the first month for the second and that after a request fairly frequent administration, but it's a shorter duration of time and the clinic with the monitoring period with country 60, We're obviously looking at something that has a longer session on the day of dosing.
But much less frequent so you're part of the work we're doing as we engage with these is to really get a deep understanding of the practice economics ensure.
Ensure that the appropriate incentives are in place to make it feasible for these places not only to treat <unk> provider, but also with country 60.
Cause it's in that context cause the work we did on the C. P. T. Three code is so important.
Great and then can you help us understand economically for center and maybe that's evolving but is it more practical or profitable to have multiple sessions, but then maybe have some holes between sessions or to have a longer session with one patient what what makes more sense economically for the center.
So what I would say is when you've seen one central you've seen one sentence. So that's part of the answer to that and that's one of the reasons. Why this is a lot of work cause we build this but I guess to turn it round Brant I mean, we know.
<unk> job is to make sure that it is economically attractive to provide called 360 and yeah. We have to understand how that compares to provide O T M S or whatever other interventions that these symptoms may be delivered.
Okay and this is my last one I tend to the press release, saying something you had mentioned that publication recently can you just elaborate more on the significance of a I N in the space.
Hey is obviously yourself of everyone's mind moment Uhm, we blocked we used machine learning and we using launched language models to try and understand the processes that go on both and preparing patience and also is integrating that experience after treatment.
Initial effort to this suggests that certainly.
The session. After treatment, we can look at the actual offences decide place between the therapist imitation and make a pretty good estimate whether people are going to be responders enormous phone was subsequently.
I mean, that's not something that is essentially confirming what are other measures tell us. So it's not actually predicted in the sense that it precedes treatment.
But we are looking in some data whether it's possible to do that and whether there are ways to really understand and patients experienced patient presentation using the kind of uhm measures that emerged from these very complex models that can now be constructed.
I think there are other ways in which I might contribute to training and we're all set exploring those and you know at some point next year will probably tell you a bit more about that because it's quite interesting.
Thank you.
Thanks, Frank one moment for our next question.
Our next question comes from Patrick to share with H C. Wainwright. Your line is open.
Thanks, Good morning, I have a question about some of the dynamics that we're seeing in the in the field. So as we begin to see these additional psychedelic compounds generate clinical data and depression anxiety I'm wondering if you could provide some perspective on <unk> 360 relative to these compounds and what you see as the advantages of your approach.
Country, 60 treatment as compared to others in the field.
So let me start and I'm sure, we'll guy will add as well so I mean I think.
First.
We all focused on.
Generating and delivering the evidence for <unk>, just as a reminder.
<unk> to be we conducted remain by a significant way the largest and most robust study yet done with any psychedelic compound.
<unk>.
Potential exception and it's gotta be an issue with all of that study group is a psychedelic so you know I think.
Our view is.
Others got to generate data on the same sort of scale of where the same sort of robustness before we can really start comparing across molecules or approaches.
Again is you know all phase three is design not I need to replicate the potentially enhance the benefits of <unk> 360, with the repeat dose administration and also generate much more robust data around your ability so.
<unk> Patrick I don't think we're at the stage of making comparisons across assets and saw but if there's a specific that you Wanna ask us to address in Shaw guy or I could take that.
Yeah I was just you know just curious says you know there is some of these you know second generation compounds that have.
Started to generate data so with with G M T or even with a C Y b three as we look ahead to <unk>.
Perhaps larger studies with with those compounds, how do you think about those relative to calm 360.
Well I think it would be good to see them Patrick it would be good.
C. A proper study really.
Those with pregnancies.
[laughter] fair enough.
So then I guess just a follow up question on a digital strategy, how do you envision digital being part of the go to market strategy with Com 360.
Depression and is there an opportunity perhaps to partner with some of the emerging digital therapeutics companies and mental health care.
So I think we've always been clear to say that we regard digital at the time of Lord of two the potentially are of benefit to both patients from therapist, you know what we're doing some very interesting work around understanding some of the markers under.
Standing Guy described just now how we can actually link what happens in sessions between the therapist and the patient to outcomes. Our expectation is not that that will be in place for law, we clearly need to do a lot of work about building robust dataset invalidation. Those so what we're looking at a launch.
Is digital tools, if you like Yo I'm at my cough signed a therapist companion as well.
I think.
Clearly digital therapeutics per se has been a pretty challenging field and mental health Uhm, we haven't really seen any one establish scale there yet.
Yo.
R R ambition.
Is to help get patients with serious mental illness to better outcomes and yes, I can see down the road that could lead to potential synergies or working with some of these other companies that have made progress in that but right now that's not cool focus or a cold priority for us yeah.
Yup. That's that's helpful. And then just one last one you know there's a number of these investor initiated studies investigator initiated studies, they're ongoing across several indications I'm wondering if you can give us an idea of which of these studies might complete. This your next and which do you think could provide helpful insights a current or future programs.
Yeah, So I would say that Patrick I mean, we have one which is I think it will be published next year, which was in <unk> in patients.
Finally drawn from the D. I system, you'll have a lot of pre pre occurring trauma.
And.
An interesting study.
We also have another one.
Have you tried asking Robert specifically and I think that will probably have some preliminary data.
Oh.
I think in addition, we've already I think.
Or does it make you aware of the the anorexia Ariel uhm, but that will probably be fully published I'd like to explain how helpful. Sorry, I think those three examples would probably be the best.
And I mean, we can't be entirely predict some of the others that you.
You know, we can't take any of them properly because I know that that is but.
The three I've mentioned.
Will be reporting some details <unk>.
And a coke rather relevant particular day.
And the suicide.
The relevant to our Apple focus will.
Will be very interested in this.
Perfect. Okay. Thank you so much.
One moment for our next question.
Mmm.
[noise] questions.
For our next question.
Our next question comes from Jason Mccarthy with Maxim Group and your line is open.
Hey, guys. This is Michael <unk>.
On the line.
So.
I guess the kick off I'd, just like to see if you could expand a little bit on francoise question regarding the AI model given that this is something of an early response analysis rather than a predictive marker would you look at what is could be part of the decision process or whether a patient would go into you know only.
One dose or.
Pencil you repeat those like you're evaluating the O six study.
Thanks, that's a very interesting question at the moment with.
We don't know how please I mean at the moment, we're thinking more in relation to the quality of the the therapy inputs and how we can feedback to surface how they're doing.
Uhm. There is this predicted component very early on but we're not clear that that is more predictable than the very early change in symptoms that we also see.
That's why I wanted to be clear that is not fully protected in the sense that we don't know the patience responding by other measures. So I think the question is how far it can be automated how far it's acceptable to you.
Actually record of patience and purpose outside of an experimental assessing so I think we're cautious about how it's likely to be practical to apply it but we do think that it can improve our understanding six supports clinical measures because it's clearly not administered by someone.
Purely arises from natural ecologically sound interactions.
And it also as I say may help us in the way in which we <unk> the therapist training, which will be very key to how we launch the country 60.
Alright, yeah. Thank you for that and then just one more for me and I'll call back in the queue.
Uhm I'd just like to see if you could comment on if there's anything that you're specifically looking at are evaluating from the maps regulatory process and launch <unk> to possibly help inform your strategic direction for top 360.
So.
All I would find that is obviously, we don't have any specific insights into either of those either that regulatory process of what they're doing for launch prep, but yes, we will clearly be watching that we will be watching the process of the application.
Assuming it's successful assuming the <unk>, how they prepare for launch and obviously, we do talk to many of the same sites and many of the same position.
Alright, Thank you very much for taking my questions today.
Thank you.
Mmm moment next question.
Mmm.
Our next question comes from two months Kulkarni was kindergarten Tenuity Caroline is open.
Good afternoon, and <unk> My question, it's been some time since the place.
To be tried as ended but I just am calling some patient <unk> do you have any additional anecdotes and palpations might be doing now and are there any more data we could expect them back.
Yeah, Hi, Smith, well, we have got across the follow up data that we were in the process of breaking up info uhm. So that's not.
We're still following by the state so that we haven't fully digested, we will we will be showing that I suspect in 2024 Uhm. There are individual P is who have a lot of interest in the patience as you might imagine and we know that they are conducting quite longterm follow ups in the Netherlands for example, there's enough studies.
We are sponsoring so they really.
They're not ones, where you have a great deal of detail about but we know that that that going home and we will be obviously very interested in and what his conclusions look like from this site.
Alright, and then.
Follow up on your feet 3005 program or even <unk>.
<unk>, how close me will you be monitoring blinded data.
At all.
We will be monitoring any blank, we don't monitor blinded data. The data is by definition doesn't come to us It comes to this policy.
Thanks.
One moment for our next question.
[laughter].
Our next question comes from cabin quite Gartner with Evercore ISI. Your line is open.
Hey, I'm, just wondering what screen fail right, you're seeing afar and how this compares to your assumptions when you design the trial.
We're not really getting out of that kind of data on Friday.
One moment for our next question.
As a reminder to ask a question you will need to press star one one on your telephone and wait for your name to be announced.
Our next question comes from Tom Shrader with P. T. I G. Your line is open.
Hi, Good morning, we're all asking kind of similar questions, but I'm curious within the site recruitment process, you're getting a sense of the final commercial footprint or are you having your pick of sites, which is to say many places want to get involved and then you decide or is it just kind of the the expected.
Power sites and I'm really wondering if you're getting a sense of whether this will look a little bit like the car T World, where everybody sees this they're excited about it but the actual physical footprint is much smaller thank you.
Yeah, Let me <unk> Guy wants to get rid of but I mean I think.
Two things to say one.
We are being very careful about site selection I mean, I think everyone knows the large trials in psychiatry, a complicated and there are plenty of anecdotes about where poor site selection has contributed to cool rebel yeah. We are very much in control of that process with careful.
We have the nucleus of sites that was successful in phase two V for the core of the Phase III program.
Going beyond that you know, it's picking that right mix of academic side, one was scaled commercial so.
So.
I think the second thing I would say clearly, though is from a patient demand of Guy said, there is very significant patient demand and interest in that.
So.
Obviously, not every psychiatrist in a single practice will be in a position to offer country 60 therapy, but I think as our trials of all with others do and so on US provider continues to scale, you'll see an ever increasing number of potential sites could deliver this commercial.
If I could just add I think the the analogy with coffee isn't quite right Uhm I mean, our trials are more difficult to do in clinical practice.
And that really makes a difference if you talk to people who are providers of clinical services. They really don't have experience or appetite to do clinical trials, but they do have an appetite to provide a good service to a new <unk> population. So we have literally have conversations with providers, who were very keen to think about how we could look at implementing tree.
<unk> and my senses, but really wouldn't dream of offering to do a clinical trial cause it's just a different kind of activity you know.
Bear in mind, when you give a clinical trial, you're offering people quite a high chance of failure because of the control and that has to be something that you know the investigator understands and can live with and so many phone issues, it's really a gangster human spirit. They really don't like that so people, who do trials or unusual and getting those census is.
<unk> is tough.
Getting people to deliver the same treatment in real life, I think it will be different and easier compared to <unk>.
Great. Thank you for the details.
Thank you that concludes the question and answer session. At this time I would like to turn the call back to management, So closing remarks. Thanks.
Thanks, very much so once again, thank you everyone for participating in today's Cola as we said with the private placement financing that we raised in August at significant financing, which has the potential for a further financial vehicle as well we are in a position of strength to continue to exit you comfortably on our phase III programming.
<unk> <unk>.
We look forward to updating you with P. T. S. D data at the end of this year and has reached full weight said with further milestones in next yet again. Thank you very much all your attention today.
Thank you for your participation in today's conference. This does conclude the program you may now disconnect.
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