Q3 2023 TFF Pharmaceuticals Inc Earnings Call
Good afternoon, ladies and gentlemen, and welcome to the <unk>.
S Pharmaceuticals third quarter 2023, corporate update and earnings conference call.
A reminder, this conference is being recorded.
I will now turn the call over to our host Corey Davis with lifestyle Advisors you may begin your conference.
Thank you operator, Hello, everyone and welcome to TFS pharmacy, because third quarter 2023, corporate update and earnings conference call with me on the line. This afternoon are Dr. Harlan Weisman, Chief Executive Officer of TFS Pharmaceuticals, doctors dominate macaque, Chief Medical Officer.
Kirk Coleman Chief Financial Officer, before we get started I'd like to remind everyone that this call will contain forward looking statements, including without limitation statements about the anticipated timing of the achievement of clinical milestones and the potential to see positive effects in our phase II studies, a number of treated patients necessary to make decisions in regards to moving to.
<unk> III studies, the market opportunity for our product candidates and the expected timeframe for funding operations with cash and cash equivalents. These forward looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the statements made.
Factors that could cause actual results to differ are described in all of our filings with the U S Securities and Exchange Commission.
Including the risk factors section of our 2022 annual report on Form 10-K filed with the SEC.
Now, it's my pleasure to turn the call over to Dr. Harlan Weisman.
Yeah Harlan.
Thank you Corey and good afternoon, everyone and thank you for joining us for our third quarter 2023, corporate update and earnings conference call.
Last quarter, we detailed the considerable progress that we've made across a number of key areas in our ongoing phase two studies of <unk> and TFS Tac.
Based on these accomplishments and subsequent progress we continue to expect initial clinical data from the phase III studies by year end.
Assuming results from both trials are positive. We believe these initial data will serve as a major catalyst for our company by providing the strongest evidence to date of how thin film freezing can improve drug a drug safety and efficacy in two rare disease patient populations.
In anticipation of these data readouts I'd like to spend most of our time on today's call discussing how PFF defined clinical success for both programs.
We will therefore spend time, reviewing what endpoints will be presented and their clinical relevance within the context of these two rare disease indications, our chief Medical officer, Dr. <unk> will lead the discussion in a moment.
Following her remarks, our Chief Financial Officer, Kirk Coleman will review, our third quarter results.
We will then open up the call for Q&A.
Before turning the call over to dominate I would like to briefly note that we continue to closely manage our expenses, while prioritizing how we allocate our capital resources.
In August we closed a $5 7 billion dollar equity financing, providing us with sufficient funding to reach the initial data readouts for the <unk> and TFS tag programs and extending our runway into the second quarter of 2024.
Anticipating positive data from these studies, we continue to review our longer term capital planning efforts as we think about advancing our two clinical programs into registration enabling studies.
To that end our 2023 proxy statement contains two voting items that are critical for executing our corporate strategy over the next several months, including a request to increase the company's stock authorization and a request to implement a reverse stock split should the board deter.
Herman but it's necessary.
Respectively. These two initiatives could significantly facilitate future fund raising efforts and ensure that we remain in compliance with NASDAQ listing requirements.
We hope to have your support for both of these two important voting items.
With that I'll now turn the call over to dominate or pre.
Preview our upcoming data readouts for <unk> at TFS attack phase III programs dominate.
Thank you Harlan.
As Harley mentioned I'm pleased to review with you get hyper initial data we plan to share by year end, yes, absolutely NTS attack phase two studies.
On the endpoint.
Clinical relevance.
The definition of success.
I'll start with TFS.
Let's begin with the unmet medical need and the value proposition with GF halfway.
Yes, that's what he is being developed as a potential treatment for pulmonary fungal infection, including pulmonary aspergillosis.
Jordan with invasive plenty asked me jealous or IP.
Alright.
Life, threatening fungal banking infection that primarily affects immuno compromised patients such as patients with hematologic malignancies or individuals who receive solid organ or stem cell transplantation.
<unk> is first line therapy for patients with IPF.
Okay.
When administered orally or intravenous <unk> is always the first is associated with high rates of toxicity and drug drug interaction.
The most common toxicities associated with border kind of as a resulting in its discontinuation include liver toxicity visual disturbances and rashes.
Are there potential serious toxicity, Zoe arrhythmia, Qt prolongation and photosensitivity.
Good drug interactions represents another significant limitation of oral and intravenous floral carnival.
One is all can increase or decrease the levels of other drugs needed for the treatment of the patient's underlying illness such as chemotherapy.
Or immunosuppressive agents driving these drugs to sub therapeutic with toxic levels respectively.
Surprisingly the high rates of toxicity and drug drug interaction.
To a poor prognosis.
Patients with Ikea had a 12 week mortality rate of approximately 30%.
Which clearly represents a significant unmet medical need 43 antibody.
Alright, approximately 250000 patients globally with invasive aspergillosis, which we believe represents a significant opportunity for Jefferies.
Thin film freezing technology enables us to address this opportunity by delivering border kind of sell directly into the lungs, whereas the IPA infection reside.
It was localized delivery, we hope to drive efficacy.
Minimizing the patient systemic exposure and gosh, systemic toxicities and drug drug interactions.
Yes.
Our decision to advance <unk> into phase two testing was based upon acceptable safety and Tolerability results.
Studies and positive efficacy results from two patients how many of you from Goldman Sachs, then treated with tiara, where are you on a compassionate use basis.
The phase <unk> study with 65 healthy volunteers in the phase <unk> study with 16 mild asthmatic demonstrated that doses up to 80 milligrams twice a day were well tolerated and showed no signs of the toxicities comment was reported for oral and intravenous <unk> itself.
Results from the two compassionate youth patients were also favorable.
Both patients had a history of recurrent pulmonary fungal infections on systemic toxicity from available antifungal standard of care therapy.
As a result of treatment Etfs worry.
Lung function stabilized as shown in the Middle chart.
Lung lesions improved as shown on the chart to the far right.
<unk> infection cleared.
Our spiritual listen one patient at a score in the kitchen.
Both cases, there was no need for hospitalization and treatment with <unk> resulted in no drug drug interactions and no adverse events were reported.
Yeah.
Based on the favorable results from the phase one studies in the two compassionate use patient phase II study was initiated in Europe.
<unk> phase two trial is a randomized open label study evaluating <unk> versus real world kind of zone.
The duration of treatment is 13 weeks and the trial endpoints include safety and Tolerability clinical radiological mycological responses as well as all cause mortality.
Before entering this 13 week treatment period patients are screen to establish the diagnosis of proven or probable IP.
During the screening process, we gain an understanding of the patients underlying condition that renders them immuno compromised and makes them vulnerable fungal infections like IP.
I confirm that the patients' infection is indeed caused by aspergillus.
Visualizing aspergillus under the microscope.
We're growing it and culture, whereby detecting its DNA.
By detecting Delek telematics, which is the piece of the cell rollout aspergillus that can break off and enter the bloodstream.
The document the signs and symptoms caused by infection with aspergillus such as fever testing coughing up blood and shortness of breath and record their severity.
We examine the impact of the infection on lung function to Spirometry, which is a test of how much are the patient can inhale or excel how fast.
For example, FTB one of course extra tradable in Hawaii, which measures the maximum amount of every patient for squeak selling one second can be decreased in the setting of IP.
Finally, we assessed the impact of the infection in lung structure to do test C. T imaging and look for abnormalities, such as nodules or spots in the lung cavity.
The parameters that establish the disease status at baseline such as evidence of infection signs and symptoms lung function and lung structure abnormalities.
The endpoints of the study.
Overall treatment response as assessed by my Collagic response defined as clearance at the Aspergillus infection.
Clinical response defined as improvement in signs and symptoms are lung function around the tree and ore body.
By Radiologic response defined as improvement in lung structure VHS city.
Once through the screening process patients entered the treatment period of the trial in a randomized earnings could be two one ratio to receive either 80 milligrams of <unk> twice a day.
There are 200 milligrams oral work Carnival twice daily.
Patients are followed closely for the emergence of adverse events, including all cause mortality to assess safety and tolerability.
In addition, clinical assessments are conducted.
This 13 week treatment period of course signs and symptoms lung function and Gallach Hillman.
Chest Cp's repeated after eight weeks and 13 weeks of treatment to detect improvements in lung structural abnormalities.
Now I'd like to briefly discuss our expanded access program or EAP.
We launched our EAP in July in partnership with European to provide access to Tfl 44 patients in need with do not qualify for ongoing phase III study.
The EAP provide 12 weeks of treatment with <unk> 42 patients, who have limited or no other treatment options.
Had an unfavorable response to adequate standard of care therapy.
As you can see our EAP encompasses many forms of pone aspergillosis and also includes patients who have pulmonary fungal infections are there, especially with it that are responsive to treatment with boral cannizzo.
Our U S expanded access protocol was submitted to the FDA late last spring and the EAP.
He's now open in the U S, Canada, Australia, the UK and select EU countries.
Together, we expect our phase II trial in EAP will provide meaningful evidence for the potential for 40 for the treatment of pulmonary frankel infection.
Given the considerable amount of historical safety and efficacy data for carnival in this rare disease indications, we anticipate data from approximately 10 patients who will be sufficient to guide our phase III go no go decision.
We plan to share initial data from the subset of these patients by year end and a more complete that is had by the end of first quarter 2024.
The year end data will include assessment of safety Tolerability and treatment response.
And my Collagic response will be defined by no evidence of a spiritual listen to assays performed post treatment for example, it decreased or non detectable Gaelic demand.
The nickel response will be defined as improvement in signs and symptoms and our lung function measures such as S&P one.
Radiologic response will be defined by improvement into abnormal findings Suntrust Fuji.
The number and size of nodules or spots, where commodities et cetera.
So how do we define success with Tfl quarry.
We define success as an overall decrease in toxicities, commonly seen with oral or intravenous oral carnival.
The decrease in drug drug interactions compared with historical data.
And evidence of Michael allergic clinical and Radiological response, after 12 or 13 weeks of treatment with <unk> the majority of patients.
Yeah.
Now I'd like to discuss our TFS patch phase II program.
<unk> is being developed to address a significant unmet need in lung transplant rejection.
<unk> background.
This is the first line caffeine, you're gonna inhibitor indicated for the prevention of rejection of lung transplant. However, there are well known significant toxicities associated with the oral and intravenous formulation.
GFS Tech has been designed using kingstone pleasing to deliver an inhaled form of technology directly into the lungs, which is the site of inflammation against the transplanted organ to drive efficacy taboo immune suppression locally while limiting systemic exposures and systemic toxicities.
Yeah.
Similar to <unk>, Yes, ice pack addressed is a high unmet medical need.
Patients receiving in lung transplant have unexpected five year mortality rate of approximately 50% due to oral to congresses narrow therapeutic index.
Two little immune suppression leads to acute rejection.
Nick rejection, leading to chronic lung allograft dysfunction, or quad, whereas too much immune suppression leads to infection chronic kidney disease and post transplant malignancies.
There are approximately 40000 lung transplant patients globally, which represents a significant opportunity to introduce a therapy such as CSF tech with the potential to improve upon the current standard of care.
Similar to check that for you.
A decision to advance GFS tack into phase two testing was supported by strong preclinical and phase one data, which demonstrated acceptable safety and tolerability and an attractive differentiated pharmacokinetic profile compared to the oral to Columbus.
Our preclinical data demonstrated a favorable distribution of to column is showing high concentrations of drug in demand relative to systemic blood levels.
Phase one study in healthy subjects daily dosing of up to five milligrams single dose and one and a half milligram repeat it says were generally well tolerated.
Our ongoing phase two trial of TFS Tac is an open label single arm study in lung transplant patients who require reduce to calling this blood levels due to kidney toxicity.
This study is designed in two parts part a is a 12 week treatment period and part B is an optional safety extension period.
Prior to receiving treatment patients go through a two week screening period to collect several baseline measurements.
Baseline kidney function is documented and bronchoscopy is performed to make sure patients do not have the lung infection.
A biopsy samples taken during bronchoscopy is used for genomics analysis.
Look for baseline signs of acute rejection.
Spirometry performed to assess the patient's lung function blood is drawn to measure donor derived cell free DNA, which served as a noninvasive biomarker of stress or injury to the transplanted lungs due to rejection.
Finally learned imaging was performed to look for infection inflammation and damage from chronic rejection.
Screening has completed patient oral two columnist has stopped.
And patients entered the 12 week treatment period with TFS attack.
Munitions and monitor columnist blood levels and adjusted Joseph T. S attack has needed to achieve to columnist blood levels that are approximately two thirds to one half of the patients blood levels on oral tech columnist.
These blood levels are expected to be high enough to avoid rejection, but low enough reduce toxicities.
Following the treatment period, the same endpoints measured during the screening phase of reassess, including Spirometry for lung function bronchoscopy biopsy for genomics analysis and donor derived cell free DNA for signs of stress or injury to the X that's granted bonk.
And tolerability areas has throughout the study, including assessment of kidney function through <unk>.
Right and creatinine levels.
Patients are then given the option to end triggered trials open label extension.
Similar to oral go to kind of solve there exists significant amount of historical patient safety and efficacy data for oral tech columnist. We therefore believe that clinical data from approximately 10 patients will be sufficient to help us determine if phase III go no go decision.
We plan to share initial data from a subset of these patients by year end and a more complete data set but at the end of the first quarter of 2024.
So again, how do we define success with Joseph talk at this stage.
Because TSA attack delivers to call Ms directly into the lungs, we expect to achieve a higher concentration of tech columnist in the lungs relative to the systemic circulation as a result, we expect to provide immune suppression sufficient to prevent rejection at lower systemic exposures that is.
Lower cost of systemic toxicities.
We define success.
The ability to transition patients from oral to crawl and Mr. Thiago attack.
Achieve columnist blood levels that are approximately two thirds to one half the patients blood levels on oral Petronas.
Prevent rejection at these diminished to columnist blood levels, while stabilizing kidney function.
As mentioned bronchoscopy biopsy won't be repeated at the end of the treatment period genomic analysis of the biopsy sample will inform presence or absence of rejection.
Political will be obtained in SaaS for donor derived cell free DNA to look for injury in distress.
Transplanted lungs, and other potential financing rejection.
Lung function will be assessed as well as gloomy roller filtration rate and creatinine to understand kidney function.
That concludes my presentation on the upcoming data Readouts for our T. S. Orient yourself talk programs I'll now turn the call over to Kurt to review, our third quarter financial results Kirk.
Thank you very much harmonize our cash and cash equivalents as of September 32023 were $9 $7 million based on gross proceeds of $5 $7 million received from the financing.
Transaction that closed on August 17th.
Current cash runway is expected to fund operations into the second quarter of 2024.
We remain mindful of our capital resources continue to monitor our expenses to ensure we are always spending on our core activities.
Research and development expenses for the third quarter of 2023 or $2 $4 million compared to $4 million for the comparable period in 2022.
One $6 million decrease year over year is primarily a result of reduced clinical and manufacturing expenses.
General and administrative expenses for the third quarter of 2023 were $2 $3 million compared to $3 3 million for the comparable period in 2022.
The $1 million decrease year over year is primarily related to decreased professional fees patent expenses insurance consulting market research payroll and related expenses.
The net loss for the third quarter of 2023 of $4 4 million compared to a net loss of $7 $3 million the comparable period in 2022.
And now I'll turn the call back over to Harlan.
Thank you Kurt.
I hope todays call has provided you with a clear understanding of our TFS voids and TFS.
Two trial designs clinical end points and most importantly, with the value we hope to bring to patients who are suffering from these two rare diseases.
Worth mentioning once again, the rollout of preclinical programs evolving new chemical entities.
We believe the development risk associated with the TSA for TFS type programs.
Significantly reduced given the well established historical data available for these molecules.
Generating positive results in our phase two studies will further validate our technology.
And demonstrate how our lead pipeline assets tier four and tier but.
Represent significant improvements over the current standard of care.
I would like to thank our shareholders for your continued support and confidence and Tfl pharmaceuticals.
And we look forward to updating you on our progress throughout the rest of the year.
That concludes our formal remarks.
I'd now like to open the call for the question and answer session.
Operator.
Thank you ladies and gentlemen, we will now begin the question and answers Chen.
Do you have a question.
Please press the star followed by the one you touched on filing you will hear a three pronged technology will request.
<unk> will be taken in the order received should you wish to cancel your request. Please press the star followed by the tissue.
We are using a speaker phone please lift the one subsea work.
<unk> any case.
Your first question is from Jonathan Aschoff from Roth. Please ask your question.
Thank you.
Good afternoon, guys, I know that youre, not giving precise enrollment or.
Enrollment update but what can you qualitatively say about how enrollment has improved and you know between now and second quarter call.
Specifically for <unk>.
Jonathan Hi.
Thanks for your question.
I'll turn it back over to Dominic.
Hi, Jonathan.
Thanks for the question.
Have 95% of our sites active at this point and 90% of them are actively prescreening.
Because of that our enrolment rates has increased very significantly and now be match what is generally the enrollment rate in IP, a phase II clinical trial.
You know to enroll the clinical trial you need to have active.
And if you need to have hospitals with investigators have investigators study coordinators nurses pharmacists that are fully trained in the conduct of the study.
To have the right equipment, there for measuring safety and efficacy parameters and then you'll have to have drug on site for dosing. The patients. We spent pretty much. The first half of 2023 activating our clinical trial sites and then amending our protocol to broaden eligibility and also to change the randomization ratio from one.
2123 to one to increase access to <unk> through the clinical trial and through all of these efforts now we see the active sites participating in pre screening very effectively and as a result of that we are on track to communicate the initial data that's available to us by yearend.
And then a more complete data set by the end of Q1 2024.
I'm thinking what is the size of your phase II program say about what we might expect for phase III enrollment numbers.
Okay.
Chip.
What was that short in terms of in terms of enrollment rate enrolment numbers size of the trial.
See the size of the trial.
Something that we are still working on and ultimately we will need to have FDA feedback.
Before we can finalize any particular type of plan.
No matter what the size of the trial what should we expect is that the enrollment rate for the phase III would be in general faster than enrollment for phase two that's generally the case.
In phase III trials, because especially if all cause mortality or any type of mortality is part of the endpoints.
Of this 30.
You will you allow patients that are generally sicker into this study and by the time you were doing a phase III.
I'll have more clinical data when that helps in general with enrollment with investigators and patients participating. So generally speaking, we expect enrollment rates to be higher for a phase III, but in terms of the total sample size and what the number would be we really have to finalize that after they've had 50.
Eight interactions.
Okay. So 10 patients is enough for your go or no go phase III decision, but.
It has 10 patients to meet.
Is 10 patients something that's also sufficient to be able to have an end of phase two meeting.
With the FDA and get their sign off for a phase III program.
Design.
Sure Heartland I take that one.
Yes. Please.
So.
We anticipate that.
Data from approximately 10 patients will be sufficient for us to hold a meeting with the FDA to present, our thoughts and questions and to get feedback on the phase three trial design, we really go back to <expletive>.
The concept that <unk> is not a new chemical entity. There is a great deal of safety Tolerability and efficacy data about Brooklyn is I'll, let your columnist for that matter. We know these are active drugs active ingredients.
Desires Pharmacodynamic effect.
And also we know that very rare to rare indications so because of that we believe the data from 10 patients will be quite informative any will allow us to.
Interact with the FDA get feedback and we plan to do that as early as possible and as often as possible such as we come to a.
Phase III design, that's efficient and optimized for the indication.
Okay.
The first time that you are saying you know year end 'twenty three for some amount of data and one quarter 24 for more data. This is for <unk> in particular I don't think you said that about tech.
What's going to be the difference in those two data releases is 124 going to be more patients with the same parameters or are you going to have different parameters on the same number of patients.
While the company news releases differ.
Sure sure. It's a combination we expect to have data on a subset of patients by year end.
And present all the data we have so some patients will have finished at 12 weeks of treatment in some patients will have finished eight weeks and sample has finished.
For weeks and symbol have finished two weeks of treatment. So we will present all the data that you have on the subset of patients and then we will have a more complete data set with a J.
Okay.
As soon as we can patient and the parameters that could discuss why they end of first quarter 2024.
Okay.
Highly likely you know more likely than not that you won't have 10 patients by the end of this year, but you'll have them by the end of 'twenty first quarter is that accurate.
That is accurate.
Alright, Thank you very much.
Thank you. Your next question is from Justin Walsh from Jones trading. Please ask your question.
Hi, Thanks for taking the questions.
Yes.
A couple related to the data or lease and your potential end of phase two meeting with the FDA.
I'm, just trying to get a sense of what <unk>.
Expectations people should be thinking about with respect to the the level of efficacy that they would be looking for and maybe what other forms of.
Either adverse events or safety concerns that the FDA might be looking out for like like you mentioned, both <unk> are very well known so I know the overall profile, but I don't know if theres something maybe more specific with an inhalable formulation that they'll want to have information on so.
So any more details on that on that would be helpful.
Justin Thank you for the question again.
Dominate that seems that your best position to answer that.
Sure.
With respect to safety and Tolerability there are certainly certain.
Adverse events that are very common when you use oral or intravenous Baroque Huntsville, then three top reasons for discontinuing broken adult is hepatic toxicity liver function tests go up 345 times, the upper limit of normal at some point.
Physicians decide.
Whether you're a patient has signs and symptoms of hepatic toxicity. This is getting too.
So uncomfortable and they stop a oral or intravenous for our carnival visual disturbances or quite uncomfortable for patients. It's a very common reason for discontinuing treatment rashes are very common.
So we will certainly.
We are certainly looking for all of these types of adverse events and following dose and we expect to certainly report on adverse events and <unk>.
Comparative way.
Third with the historical data.
With respect to what types of signs and symptoms might be comment too.
It might happen with inhaled therapy sung Lee with any type of inhaled therapy, you look for.
Evidence of Bronchospasm or uncontrollable call force things of this sort and certainly be followed those and we also plan to report them in in the upcoming data releases, we will report.
What we have we will report their data and that's available to us by the end of this year and share that both in terms of safety Tolerability and efficacy it won't be in a subset of patients.
And as I mentioned.
Patients will have been treated for varying amounts of times, what we believe what we present will be direction of weight in the form it is in the same way that.
Did two compassionate use patients that we originally presented it was very informative.
We expect that that will.
Form the base of that the guide or the more complete data set that will sure by that <unk> first quarter 2024.
Great. Thanks, and just one more for me obviously, the big focus has been on rightly so on TFS oriented attack.
But maybe just provide a quick commentary on on some of the other work that you guys have been doing and maybe some other things that you might be be excited about that.
Possible applications.
Tim freezing.
To highlight.
Yeah, So I'll take that one.
Well, we're continuing our collaborations with pharma and biotech companies and we've been able to demonstrate the technology.
Has utility in creating dry powder formulations for a variety of molecules like monoclonal antibodies.
Scenes Rnas other biologics as well as small molecules.
As an example last week, we announced the publication of results of our collaboration with apt or pharma, where we use the TSS process.
To convert a monoclonal antibody.
Aerosol.
Dry powder.
Got.
We could deliver them to the poster.
As a cavity.
Using the after unit dose nasal spray system.
But.
Justin it's important to emphasize because it's too early to say whether any of these collaborations will result in a meaningful business opportunity for the company and review all of them is the potential upside.
There is a tremendous potential to orient itself.
Oh Tac.
Great. Thanks for taking the questions.
Thank you. Your next question is from Daniel Carlson from tailwind. Please ask your question.
Hey, guys. Thanks for taking my questions.
Just on thorium Tac.
No cash is tight.
If you had to make a choice between the programs.
How would you how would you decided we wanted to move forward them.
Yes.
Hi, Dan.
Thanks for participating and asking your question.
Of course, we'd like to go forward with those programs.
But we're going to let the data drive our decisions.
We will have to consider the potential for each commercially things like acute versus chronic treatment to.
The competitive environment.
It also is going to depend on interactions with the FDA.
And our ability to raise appropriate forms for both programs.
Gotcha Okay.
And then.
You had a and <unk> grant for I think $3 million for Universal flu vaccine program can you talk about the status of that.
Sure.
This is a collaborative research program with the Cleveland clinic, it's well underway.
Although the goal of the program, it's with all of the 90 ready vaccine.
That's probably three years away.
The initial work has focused on developing formulations.
Once we've completed this formulation work.
We'll begin animal testing.
It's important to say that.
The program underscores the recognition.
All of our technology with entities such as the NIH.
Our.
Our ability to create right.
Good film.
Freezing formulations.
Which can be applied.
Apply broadly, including in this program for a universal off the shelf vaccine.
And it's also a perfect example of the potential for additional non dilutive financing.
Got you okay. Thanks.
Thanks, guys. Appreciate the update that's all for me.
Thank you thanks, Dan.
Okay.
Yeah.
Thank you there are no further questions at this time I will now hand, the call back to Harlan <unk> for closing remarks.
Well.
Once again I appreciate.
All the participants.
In today's call and hearing our update.
I.
The support of our investors who have had.
Taken us.
We're looking forward.
To presenting.
The initial data from our clinical programs.
Of the year. Thank you.
Good evening.
Thank you ladies and gentlemen, the conference has now ended thank you all for joining you may all disconnect.
Yeah.
Yeah.