Q3 2023 Nanobiotix SA Earnings Call
Good day, and thank you for standing by.
<unk> nano biologics business update and first quarter 2020 Free conference call. At this time all participants are in listen only mode. After the speaker's presentation don't eat a question and answer session. Please be advised that today's conference is being recorded at this point I'll turn the call over to Craig West Senior Vice President.
Of Investor Relations.
Six.
Thank you operator.
Good afternoon, and good morning, and welcome to the antibiotics conference call to discuss our third quarter 2023 financial and operating results and the clinical data presented at this year's ESMO Conference.
Joining me on the call today are Leroy Levy co founder and Chief Executive Officer, and Bart Van Ryan Chief Financial Officer.
As a reminder, today's call is being webcast and will be available on our website for replay.
Moving on to slide number two.
I would like to remind you that this call will include forward looking statements, which may include statements regarding the progress success and timing of our ongoing and planned clinical trials collaborations regulatory filings data presentation and future research and development efforts among other things.
These forward looking.
Looking statements are based on current information assumptions and expectations that are subject to change they are subject to significant risks and uncertainties that could cause the company's actual results to differ materially from our current expectations.
You are cautioned not to place undue reliance on forward looking statements.
Please review the full description of risk factors.
It can be found in the documents, we filed with the IMF in France, and the SEC in the United States, which are available in the Investor Relations section of our website along with the press release issued yesterday, highlighting our corporate and financial results for the period.
In addition, any 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.
While we may elect to update these forward looking statements at some point in the future nano Biotics undertakes no obligation to update them to reflect subsequent events or future circumstances.
With that said I'd like to turn the call over to Lee Roth. Please go ahead.
Thank you Craig our proposed to start with slide number three.
You may have seen our press release, you could see that we have had a very productive and busy quarter that we think is going to drive <unk> into a great future.
We started this quarter by signing these $2 5 billion in collaboration with Janssen and Johnson and gave a number of updates including final data although hit a next phase one trial platinum explorer data true export Astro that give us some strength and some confidence about the potential outcome.
The ongoing global phase III on the top of that our partner Amgen Defense has been publishing data on pancreatic cancer, showing a good visibility and safety of this treatment for those specific patients, but also starting to see some strong signals of efficacy.
You will see our recently completed financing round, we're really strengthen our financial position and Bob will give you an update on that and then we'll finish this call by a Q&A session.
Let's go now to slide four.
To remind for the new shareholder and then you have people on this call. What is our first in class why don't answer all product <unk> XR tree is here to combine with radiation therapy and as a reminder, 60% of all cancer patients we get radiation therapy during the course of their treatment.
Product with it has been designed to be a onetime injection directly into the tumor in order to maximize the concentration and the efficacy that jamal and minimize systemic exposure for the patient.
And this product is made of crystalline inorganic barnicle of a very particular material.
Oxide <unk> is first of all a very stable.
<unk>, which is good in terms of safety, but also provide a very unique for <unk> being a very strong ex absorber because of the nature of the materials and the <unk> number and density of electrons that compensate.
But it is not a new product because we have been able to demonstrate an underwriter of patient safety and first sign of efficacy, including a strong proof of concept in soft tissue sarcoma.
In a randomized trial, we've been able to show the shipyard alrighty.
Treatment versus a standoff cure and this product being a physical universal model faction.
That this could be applicable across oncology for many many patients.
That's why if you move to slide five youll see the breadth and size of our pipeline has a company being focused on the head and neck, but also having been showing in many different political situation the potential or the feasibility and safety of this product.
We need now to develop that broadly is not only a strong development capabilities, but also commercial capabilities.
You know the ongoing phase III and head and neck cancer should have an important readout in mid 'twenty five that's why we have been signing recently a partnership and that's on slide six waste J&J Janssen to make sure that we have enough of muscles brain to develop this.
<unk> potentially in many indication, but also to stop and preparing a global commercialization of that.
So as I mentioned at Athene overall deal of $2 5 billion that included some upfront and in guidance report and a good number of development and regulatory milestones.
For the existing program ongoing and that includes also a SaaS milestone at <unk> to $1 8 billion, yes, additional regulatory and development milestone for new indication that <unk> may develop over time have to $650 million.
And on the other side for any new indication that Nanobiotechnology will develop and will bring into market. There will be an additional note of 220 million new indication. This.
This is going with also tiered royalties that go to low teens to low twenties.
But today, we are here to give you an update on what happened during the quarter, but also what has been published by our partner and we understand all the final data of the head and neck cancer trial, so going to slide seven.
On slide eight as you may have seen.
We've been publishing the first set of data coming from the pancreatic cancer trial done by MD Anderson.
If you go to slide nine here, we're looking at a very specific population of pancreatic cancer. We're looking at locally advanced pancreatic cancer or borderline resectable pancreatic cancer for those patients that had been <unk> and then it cannot go to surgery radiation therapy with chemo.
Very important treatment in order to try to either control of the two model.
Hopefully for the bottom line.
Resectable pancreatic cancer to get to a surgery.
So when you look at the historical.
Outcome for those patient radiation plus chemo chemo.
<unk> did not provide something big enough to help this patient to good to get to a potential cure.
So in the trial, we are talking about here. The first boat that was an escalation Bob only included in locally advanced pancreatic cancer. So excluding the borderline resectable.
So moving to slide 10 Youll see.
<unk> of the design of this trial. So we've been trading so far 17 patients where the patients got an induction chemotherapy and if no systemic progression got our treatment, which is radiation plus NBC XR tree.
We have a chance here has that had any understand they have been also treating a number of those patients produce Li that's why we've been able to make another barrack control, but on internal historical control done with the same center on 243 patient that received the following treatment chemo.
Dan if no systemic progression, they got <unk>, plus chemo or chemo alone.
So it is important to notice that when you look at the 144 patients that receive.
The radio plus chemo in the previously treated patient at any understand they got one chemo more than what we have been doing in our trial has ah patients plus chemo and addiction, just get radiation plus <unk>.
Yes.
Moving to slide 11.
So what's the trial status so as of September 17.
17, Luckily events had patients have been treated with our product.
And with the median age of 60 years old <unk>.
<unk> has been established.
No DLT related to <unk>, our product just one level to the LTE linked to radiation therapy has been upset to the patient.
Moving to slide 12, one of the first thing that has been observed which is interesting is that you may know that CA 19 is a biomarker in pancreatic cancer that is interesting because in certain condition may be a surrogate or maybe important to follow a potential response for the patients and the potential outcome.
In terms of survival.
So if you look at the previously treated patients at MD Anderson, you had a number of patients having a limited CA.
<unk> 19 at baseline and 17% of them have been normalized post all course of treatment.
In all try out what we have been observing it's 42% of the patients have been normalized.
CA 19 possible course of treatment so more than double what has been observed previously and let's not forget that we have less one less chemo versus most of the patients have been treated previously.
So thats fall first biomarker, which is very interesting, but that's not completely reflect the expected outcome for the patients. What is important is looking at slide 13.
At the latest cutoff date, what we have seen on the first 15 subjects evaluated is the median overall survival of 20 months.
Bust diagnosis, which is if you look at what has been done previously at Amgen dissent slightly better and we should say even better.
If you look at slide 14, Youll see that patient that previously received a chemo induction followed by radiation plus chemo got to $19. Two months median overall survival in a gauge with one less chemo, but our product and <unk> in combination with radiation, we got to 23 months.
Which shows a potential improvement for those patients and obviously when you remove when chemo in combination with radiation you should expect or could expect less toxicity and <unk> combined toxicity.
Okay.
So in a nutshell moving to slide 15, so we've been able to successfully administered this product into patients with a good safety profile with <unk> getting.
A good potential signal of efficacy for the 23 months median overall survival and.
And what we see is when we look at the comparative data that had been previously.
Previously obtained by Amgen <unk> same center 10 patients.
We think versus the historical control it does show a good potential fault product.
So now we are in disgust obvious ketose data with our partner Amgen to Stanley and bio Johnson and Johnson to start assessing what could be the next step for pancreatic cancer patients.
Let's move now to slide 16.
So as I remind kind introduction, we have an angle being phase III global trial in head and neck locally advanced cancer patients and those patients being <unk> for cisplatin I think the two piece of data that have been lately shown by and antibiotics are very important they are being two different time.
Astro followed by <unk>.
First of all let's go back to the design of this trial, so that slide 17.
All the study one or two has been enrolling 75 patient part of this patient being in the escalation and 56 patients being in the expansion part the latest having shown both Astro and.
And ESMO have been extracted from the final data coming from the expansion phase.
So in this trial, we take locally advanced head and neck cancer patients that are frail elderly and that are not eligible for cisplatin. So the only option that direct unique option. They have is radiation alone and we've been able to add our products. Obviously big part of this trial was about 60% visibility, but we also started to look at.
Overall response rates complete response, PFS and OS.
So as a conclusion of the Astral presentation that you can see on slide 18 first of all we have seen that this product has been able to be administered safely in.
In all of the patients confirming in the extension phase what we have been already showing in the escalation vault.
Importantly on the top of safety, we have been showing a very high.
The response rate, 79% of our Wisconsin rate and we've seen a median duration of response, which is really especially in the tumor that has been treated with our product and irradiated.
Two very important endpoint, where median PFS in general as because the other one that's going to be used for the phase III as primary ankle primary endpoint. So a median PFS in the Evaluable population have been $16 nine months and the median annualized $23 one.
Just as a reminder, this should become pad. If you once you versus historical data, where median PFS in similar population, but better as being nine months and a median OS has been 12 months.
So all those data and final data of the phase one to give us a lot of confidence to the managements into our investigator about the potential success of the ongoing phase III.
Moving to slide 19.
Those are the latest exploratory data we've been publishing at ESMO and looking a bit more precisely what's happening.
In term of correlation.
We know here, we're looking at locally advanced cancer patients. So what is important is to see can you get risk.
Response, because we know that getting a good response will provide a good PFS and a good PFS will provide a good ol. So we just wanted to make sure that this is happening because given the irate of response, we have seen around the 80% we want to make this correlation just as a reminder, in this phase one we've been.
Having patients that have a primary tomorrow and a good number of them having surrounding leaf node involved with Kansas sale. So both of those will be irradiated with ascend those of reputation 70, great.
Nevertheless in the phase I thought we've been injecting only the primary tumor not just surrounding lymph node.
So I can move to slide 20, it is very interesting to see that we find.
High correlation between PFS duration of response and overall survival.
And we find an even stronger correlation when you look at the local meaning the <unk> that have been injected and irradiated.
With our product, but you'll find a very strong and a stronger correlation with PFS and OS.
So all these just confirming that our product does provide a good impact in terms of response that induce an improved PFS and potentially improve OSD.
Moving to slide 21 is just a recall of one of the slides that have been shown.
Astral.
Here, we see all the responsive patient in gout as you can see there is a very large number of complete response and a large number of response, we get to 81% of response of 79% of response for the overall response rate.
Why this is important if you look at Lithia, Richard you kind of look at what radiation plus chemo does in better at population that are less frail and you can see what kind of rate of respond they obtain and what kind of survival is bringing to those patients here again, we have just radiation O&M nobody goes and.
That's at the patient will not get further treatment. So what we did obtain out of the 80% of response is a very big survival. When you move to slide 22, you see the different sort.
Survival curve the Blue one is the overall survival for all treated population on left in Evaluable population on the right. What is very important is the green curve here. We have taken patient that got is our is a CR or PR for the responder and four dose patients. We found a median OS of 40.
Two eight months and Thats very important let's remind ourselves that this is a very frail population where radiation therapy is not really curative for large number of patients.
And what we can see usually in head and neck with locally advanced when you go beyond the 24 months, then you start getting to a good position for the patient.
The Q, yet, but we're getting closer to that point and the fact that we have been observing this high rate of response, 80% or more and this is linked to a very strong survival was the median survival of $42 eight months really led us to think that we may be on our way to change the outcome for this patient population.
It obviously does give us a lot of confidence on what's coming which is presented on slide 23, and thats. The design of the ongoing global phase III, which is made for registration of our product in locally advanced head and neck cancer.
So I will not go over the detail here, but what is important to know this trial is ongoing as we mentioned during our last communications, we expect to have an interim analyses after reaching 283 Adrian on the primary endpoint, which is PFS and this should occur by mid 'twenty five and that's a very important.
<unk> endpoint in this very important time for the company and its tryout because assuming that this is positive.
We should be or could be eligible for an accelerated approval and therefore this could be the first indication that our partner <unk> Jensen may start commercializing across the globe.
If you move to slide 24.
I think there are a few things that make us really confident in the potential outcome of the phase III first of all what we have been observing in the phase one with a good.
Median PFS and a good overall survival when you look at the population we are trading.
And in the phase III. They are two differences that we think would be again, an improvement versus what we have seen in the phase. One first of all we will have or may have a much broader population than the one in the phase one with overall less co morbidity to make sure that we have.
<unk> for the product to gain some benefit to the patients and in any case, because we know how comorbidity to this population is important we've been using ACI as a stratification factor.
So that should be on the safe side, let's say plus.
Plus on the top of injecting the primary lesion has we have done in the phase one into phase III, we allowed not only to inject the primary tumor but also the lymph node.
That potential will give an additional efficacy versus what we have been seeing in the phase one, but let's be clear if we just switch to data we've been showing in the phase. One then this trial will be positive.
So all these have been very important to us and to our investigator to give us a lot of confidence about what's coming for the phase III.
Now thank you very much for your attention and I will give the mic to about to update you on the cash runway and the financial update.
Thank you Laura good morning, and good afternoon, everyone.
<unk> has an extremely productive quarter, and we believe that the company's position as being completely transformed into one where we have set the stage to allow us to deliver on the potential <unk> III a pipeline in a product.
There's a lot of work left to do but the company is on a substantially firmer ground than when we began this quarter.
More specifically, we started the quarter with a balance we began our collaboration with Johnson <unk> Johnson to which we are working to bring <unk> to the millions of patients that suffer from solid tumor malignancies that are amenable to treatment with radiotherapy.
The first two indications targeted for development are planned to be head and neck cancers and lung cancers.
But this is far from the full potential we see possible with the short tumor in combination agnostic prototype <unk> suite and as you've just heard Leroy discussed.
Additional indications such as pancreatic cancer, Ken we believe benefit from adding our potentially first in class radio enhancer to the treatment armamentarium.
We believe the quarter has also seen the company address in a significant manner. The financial overhang that has been an understandable concern of capital market participants.
As of September 30th 2023, and <unk> had $37 8 million in cash and cash equivalents compared to $41 4 million.
As of December 31, 2022.
For clarity this cash balance does not take into account the $50 9 million Euro financing. The company. Just completed we are grateful for the continued support we received from existing shareholders and are pleased to welcome new shareholders to the journey.
As previously disclosed the European investment Bank with EIB has agreed to the removal of the minimum cash and cash equivalents governance from the company's Vib law effective October 13 2023.
As a result of the terms of this new agreement.
The company will pay to <unk> approximately.
Half million Euro, which is 1%.
Of the $50 9 million Euro gross proceeds.
Based on our current operating plan and financial projections, we anticipate that the cash and cash equivalents of $37 8 million as of September 32023 in conjunction with a $50 9 million from the recently completed financing combined with a derisked milestone related to our <unk> or three <unk>.
<unk> with Johnson <unk> Johnson <unk>.
Results in a cash runway that extends into the second quarter of 2025, I would note that due to regulatory requirements.
Johnson <unk> Johnson's initial subscription to the second equity tranche was approximately $19 1 million.
This amount is expected to be increase to the full $23 7 million or $25 million following.
Following approval from the French Ministry of economy to do so.
If we include this last amount in our cash and cash equivalents projections.
Projections, we expect that the cash runway extends to the end of Q2 2025.
This runway gets us into the timeframe in which we expect to potentially report the <unk> 12 study interim efficacy results.
And now I will turn the call back to Ralph.
Sure.
Thank you Bob.
As you can see.
We have had a very busy quarter that we think is going to help us to pivot and antibiotic into a great future.
With that I will.
Has the operator to begin our Q&A session operator.
Thank you if you wish to ask a question. Please dial star one on your telephone keypad snouts ends. This year. What's your name has been announced you can ask you. A question. If you find your question is all set the floor. So it's hard to speak you can dull start sue to counsel.
So once again Thats star one to ask a question, we'll start see if you'd need to counsel.
Our first question comes from the line of <unk>.
Cool.
Comps of H C. Wainwright. Please go ahead your line is open.
Thank you this is Catherine.
Right.
Good morning Lauren.
Bob how are you guys doing.
Hi, RK.
My first question is on.
On the pancreatic cancer indication.
So suddenly.
We're seeing data that MD Anderson put out.
No.
So what do you think the appetite.
So our J&J.
Take this and go forward.
And.
And if if if.
They decided to do this you know how soon do you think that does those studies will get started.
Thanks for the question. So we can cure and kind of wet MD. Anderson has provided has the first data in pancreatic cancer are very encouraging and interesting.
As you know that's an indication where it's very hard to provide something suitable for certain patients.
First of all we think we should complete this trial and the expansion phases recruiting really well and we should be able to finish that soon and to be able to report the final data on that now as far as their next step concern.
I think there is a need for discussion I don't know how need with <unk>.
But also and you understand and we unveiled to see.
O'neill pancreatic cancer should continue but more broadly how should we expand the development of BTA powertrain.
Now.
I'll now I'm sorry, our focus is really on moving forward the head and neck program, but also starting the loan program that J&J wants to begin with.
As a follow up in subsequent step we will notify the market, but the more global development plan about NPT X country.
Now, let's continue to push what is on the table and promise in due time I will tell you about pancreatic cancer.
Okay.
Thanks for that Lauren and then.
Dan just one is also conducting.
Few additional.
Evaluating additional.
Indications.
Do you have an idea of the cadence of data that's expected.
From them.
Sure so.
Youre right, Andy understanding is running different clinical trial, and we can name on the top of pancreatic cancer trial, Dso's agile cancer trial in lung cancer.
And as we also.
In form in one of the previous PR Theyre preparing another big trial that are fully will start soon and we'll tell you about about it much more in the near future.
The new data outcome.
Our concern we expect to reach the ERP to be in lung cancer has soon and also that all next year to start providing additional data bank on agile feijoa on lung cancer too. So we will we think.
Across 24, and 25, keeping informing you about how the progress <unk> made with Amgen Hassan and give more detail on notice and as I mentioned in the previous question also what other potential subsequent steps.
A successful trial like pancreatic cancer.
Thank you. Our next question comes from the line of Colin Bristow with UBS. Please go ahead. Your line is open.
Hi, <unk>.
Congrats on the quarter and thanks for taking our questions. So I guess I have two questions. So the first one is just about your daughter raised you may want to.
Statistical assumption.
The median PFS in the control arm will be around six months and the media I'll ask will be around 12 months.
So Lisa Stephanie.
Please note that my assumption is that also note the patience in Jos.
These non <unk> to <unk> <unk>.
<unk> burden versus the study well too so just wondering if the contour may perform.
Badger versus that historical data and what is your view on this.
And the second question is about the Alexander cash film H. So currently you're assuming too.
Second quarter 2000 today five.
Assuming development milestones and you mentioned in your prepared remarks that it is Steve risks. So just assuming there is no risk for this milestone.
And just.
Just wondering if youre. Thank you David.
There will be sufficient to support.
That always 312 interim meet Anthony Hi, Thank you so much.
Thanks for the question.
No.
In terms of hypothesis for 312.
Thank the hypothesis that we are being taken are based on literature and what we've been observing.
In their recent tryout tweaking elderly patient with radiation radiation at all in the eye, but it is as you mentioned will be nine months.
For the PFS in the control arm in 12 months.
<unk>.
So how do we read that versus the one or two first of all the <unk> will be positive if we get that.
<unk> tested with our product plus radiation to 13 months as the PFS instead of nine.
And 16 months for the U S, which is lower.
Then what we have been observing in the available population in the one or two.
So I think where we get some confidence is when you look at the real population we've been treating in the weather too as we mentioned in the past you have to set up the patient.
In this population that has had high comorbidity.
In general you get more $22, 30% Max of the patient having these high comorbidity, so being able to see such an improvement of such a PFS and OS in a population with such a high comorbidity for US is a very good sign of the efficacy of our product.
Budd. This is if you get less patient with eicher morbidity, meaning more patients that will have time to get the benefit of the treatment, we should be able to see even bigger or better results in in the phase III. So those are part of the ipod.
If we think that in overall.
A larger population will perform better.
And then the nine and 12 months then our product should also perform better in a better population.
That's why we think we have a good room to play.
In that regard for success of the tree 12 trial.
Just to answer the other question you have maybe about this what we call the secured milestone our derisked milestone that's a very short term milestone. We expect from this collaboration which is due to the progress in our recruitment in all phase III head and neck cancer.
But I will let Bob too.
Comment on the cash run away versus the readout of our interim readout and to treat whales.
Thank you Laura and thank you for the question.
We're pleased to.
I will share with you that we removed financial overhang that we.
Did away with the ERP cash covenants and extended our runway into.
Amidst the 25.
That includes that Derisk milestone as Raul indicated.
That will be it.
Announced in the not too distant future.
Primarily a function of both.
The timing of this.
Stage.
And as we shared in the press release.
Execution of the last part of the second equity tranche that is subject to the French Ministry of Economic Affairs.
So we're.
Excited about being able to focus on.
Sharing updates with you in the markets with regards to what is coming over the next 12 months and we're very pleased to be in this position.
Thank you so much that's very helpful. Thank you.
Thank you once again Mr. Already the question. Please style star one on your telephone keypad smelter answer the Q that'll.
There'll be a brief pause now wall Street register or any further questions.
And we have one further question come through from the line of Clement Suez at Stifel. Please go ahead. Your line is open.
Okay.
Alright, Thank you for taking my question.
I had one pancreas cancer study.
How comparable is the baseline characteristics of the patients into previous <unk> studies.
ZIP replace Shang Chuang phase one for instance in terms of server.
G H.
Nine.
And could you give us the amplitude of Richardson.
That biomarker levels.
In your study.
And my second question was.
CIBC just give us an update.
Sure Ian both payments.
So as you open science Milan.
In the old times, it was either the fortune 2029 or three Standalone. After commercialization now you have this new mechanism of <unk>.
The amount of finance financing.
Is it the only way you're going to see.
CMO.
Thank you.
Okay. Thank you Paul for the question.
So about the MD Anderson trial in pancreatic cancer.
Mostly.
This line of the patient.
Both in our trial and previously treated patients at MD Anderson or locally advanced pancreatic cancer. So non operable patient. So it's not a real comparator right. It's not a randomized trial. So thats why we have been taking every patient.
Patients either have been locally advanced pancreatic cancer as a historical control versus.
The patient we've been that we've been treating.
What is clear and interesting as what you mentioned about the CA 19 comparison, so in general in this patient population when you got.
Hi.
We have 19 at baseline, it's a very bad prognosis and there is a small amount of this patient at any other Sun for example, it was 17%.
Of those patients that would have a normalization and when you go for a patient getting normalization of 2019, usually have a better outcome than the ones that don't have this normalization and in our case with the 17 patients with intriguing so far we got 42%.
I think this is a very good.
First step to see that we have more patient getting to normalized 2019.
It was a good amplitude.
Yes.
Oh, yes that we start to see in this ongoing trial of 23 months. So those two together.
Good surrogate for us of efficacy of our product plus the fact.
Debt in the comparator of the historical comparator data most of the patient developed radiation plus chemo versus what we got in outpatient radiation plus <unk>.
Our products so there was less chemo.
Replaced by our products. So we think altogether, that's a very good baseline to define what will be the next step in pancreatic cancer and we're working on it right now and but we will inform you in a in a short.
In the near future about what we intend and plan to do in that regard.
And maybe I am going to give the mic to Bob about the EIB.
Thank you Laura Thank you for your question equal amounts.
So with the.
EIB you may remember that in 2022.
We restructured the loan.
Thats introduced the milestone concepts of 20 million euros.
Be repayable.
At the start of commercialization, but has a long stop dates.
In the mid <unk>.
Of 2029.
And what we shared with me today is that.
Part of the removal of the.
Cash covenants.
We include the ability for the EAP to get access to that $20 million milestone sooner.
So if there is a qualified.
Fund raising there is a tiered structure that allows them to get access to that based on the amount we raised that as a 1% that resulted in the payable but the overall loan restructuring.
We did in 2022 really allowed us to.
Essentially we knew the low stage to give the company a much more flexibility from a funding perspective, given the capital markets. The dynamics, we have been facing for the past three years biotech.
So hopefully that addresses your question.
Yeah very clear thank you.
Tonight.
Quick details ISG Betsy.
<unk> in lung cancer study.
Study it was supposed to be in 2023 has been moved to 2024.
What why is it <unk>.
Yeah.
Some enrollment decrease right.
No just to be on the safe side.
In this trial as you know when we're recruiting patient there is a three to four months delta between detection at the patient and.
The potential readout of the end of safety study area to declare the RPT. So the enrollment continue to be good in this trial is just.
Likely delayed versus what was initially.
But all the trials I mean, you understand globally are accelerating pancreatic is running well there is a schedule too and they are preparing full speed this new trial.
We will discuss soon soon with you.
Alright, Thank you very much for answering.
Thank you.
Thank you.
There are currently no further questions in the queue at this time I'll hand, the floor back small speakers for closing comments.
So thank you very much and thank you again to be a sarnia mirrors in this quarterly calls.
We'll be happy to continue to report progresses.
The company in a different program, we have and hope to see you soon in person on that note how wish you a great day and great rest of the week. Thank you very much.
Thank you. This now concludes the conference. Thank you very much for attending you may now disconnect your lines.