Full Year 2023 Evaxion Biotech A/S Earnings Call
Okay.
Good day and thank you for standing by welcome to the vaccine business update conference call full year 2023 at this time all participants are in a listen only mode. After the speaker's presentation there'll be a question and answer session.
I'll ask a question during the session you will need to press star one one on your telephone.
Ian automated message it advising Johan based to withdraw your question. Please press star one one again please.
Please be advised that today's conference call is being recorded.
Now I'd like to hand, the conference over to your Speaker today Christian Capstone. Please go ahead.
Christian Garde: Hello, everyone and a very warm welcome to this if actions business update conference call on the back of our full year 2023, basalts I'm Christian cancer I'm. The CEO of IFF action with me today I have picky to ordinary our chief Scientific officer I have yes. When you go on this.
None: Our Chief operating officer, and Chief Financial Officer.
None: But we will be covering today is I will be giving a brief welcome also a brief corporate update then we will have to be key to dive into the R&D and business update.
Yes: And yes, we'll be covering the 'twenty to 'twenty three financial results. After a few conclusive remarks by me, we will be heading in to the Q&A session. So we're looking forward to and an interactive session.
None: Before getting started I just want to direct your attention to the fact that we will be talking about the future today and of course, when talking about the future that entails uncertainty. So I do direct your attention to the forward looking statement slide which is contained in the.
None: Presentation deck for today.
None: With that let me give you a brief summary of where we are today.
None: First of all we have refined our strategy, we have launched it and it's well and good and just to remind you. This is about a three pronged business model and I would touch upon it in a few pure savings.
None: Then we have also seen strong progress on our financing strategy. We have now cash into Q1 'twenty to 'twenty five secured we have M. S E T H I S.
None: Our largest shareholder very pleased with that we have also seen solid progress on our R&D and business strategy. We have reached a key milestone in the MST vaccine collaboration.
None: We have our precision backside projects on track and yesterday, we also released exciting and.
<unk> E V H B one data.
None: Across the business, we have been focusing on optimizing our cash burn, but important so without compromising our long term growth opportunities.
None: That also in <unk> that we have been optimizing the organization and we are focusing on investing for maximum return on investment. So all in all I would say we are very pleased with where we are at this point in time.
None: The reaction journey.
None: Let me just give you a brief.
None: Corporate update I just wanted to recap a.
None: Little bit on our strategy and our refined strategy, we have a three pronged business model, which is based upon our AI platform.
None: Central important here is also that we are having a multi partner approach to value realization.
None: So when you look at our strategy the core of the strategy that is the AI immunology platform.
None: Leading and validated platform for fast and effective decide a discovery design and development of novel vaccines based upon this platform. We have the three pronged business model to realize value.
None: One is targets one is pipeline and Warner's respond Bose the target piece, that's around a multi partner approach focusing about either single or multiple charted discovery design and development agreements and here. The MST vaccine collaborations we have is a good example.
None: What we want to achieve within the target of our business model.
Then we have our pipeline. This is about our own development for select high value programs bring these programs to a.
None: Major value inflection point.
None: Before we pursue partnering and here of course, we are excited about the upcoming one year phase II data for Ebix.
None: <unk>, which we expect in the third quarter.
None: Finally, we have the responder prong, which is really about utilizing our core capabilities within data and predictive capabilities to develop responder bottles and here we had the proof of principle for our checkpoint inhibitor model in the fourth quarter last year and are looking to progress that.
None: In a partnership based approach.
None: So our strategy call AI, even loyalty and then it's about targets pipeline in responders in our module partner approach.
None: Then.
None: A brief update on our financing strategy, which has been.
None: A key element to progress that over the past.
Once here and I'm very pleased to see the strong progress we have seen here in December 'twenty, three we closed a $5 3 million private placement here, we welcomed MST Global Health Innovation fund as a shareholder very pleased to see MST on the cap table in February.
None: We closed a 15 million gross public offering also here we had M. S. D. G. A tide participating and that now means that <unk> is the largest shareholder of.
None: They've action, but it just below 15% ownership.
None: In parallel with this we have been intensifying our focus on value realization by partnering we have the ambition to fund our 2024 operational cash burn of 14 million by our business development income and to do so it's critical that we have the right focus on advancing various pod.
None: Ship discussions.
None: So all in all a.
Significant progress on our financing strategy and as I said cash into Q1 2025.
Begin: So that was the brief corporate update I wanted to give before handing over to begin to have begin to give us an update on all the exciting things that have happened within the R&D side of the business over the past months together, whether you take it from here yeah. Thank you Christian so too.
Christian: Today I'm excited to give an update on the recent progress achieved in specific R&D pipeline programs.
Begin: Let's turn to slide nine.
We have communicated initial encouraging data from our Ebix, one personalized cancer vaccine phase two trial.
None: We have increased our focus on developing a persistent cancer vaccine with broad applicability.
None: Well, our XP one step aureus vaccine, we have completed studies with an undisclosed partner assisting our AI immunology designed and to James in a large animal model of surgical site infection.
Further we've made significant progress in our <unk> b.
These three vaccine development program with MST, reaching the first milestones.
None: So if we turn to slide 10.
None: We see our pipeline.
None: We are advancing vaccine candidates for both cancer and infectious diseases and all of these vaccines are designed based on our AI immunology platform.
None: Our pipeline includes several vaccine candidate candidates at various stages of development and that exemplifies our commitment to saving and improving lives with AI immunology.
None: If we look at our EBIT ex one phase II trial on Slide 11. This is our most advanced program in metastatic melanoma and for each patient that is involved in the trial, we manufacture a tailored vaccine that is feeding that tumor profile.
None: And the immune system of the individual patients.
None: Once the patients angle.
Administered with anti PD, one simple user model, which is the standard of care for this indication and then they're treated with our personalized E. The extra one vaccine at week 12.
None: If we move to slide 12.
None:
None: We have monetize the ability of the <unk> one vaccine.
None: Here's a specific T cell response in the first five patients.
None: And on the graph to the right you'll see the data from this initial analysis.
None: And all of the five patients with access.
So far we see a strong a specific response against the vaccine antigen.
None: And further we have confirmed the favorable safety profile of <unk> one.
None: We also observed in the phase one study.
None: And the next significant milestone is.
None: One year clinical readout in Q3 this year.
None: So on slide 13.
None: We have a little bit of information about one of our cancer vaccine innovation programs.
None: We have intensified our efforts significantly.
None: Program and based on that.
None: The discovery of the <unk>.
None: Highly conserved novel.
None: Class of tumor antigens, so called endogenous retroviruses, we have developed a precision based cancer vaccine concept.
Hmm.
None: Potential to broaden the applicability and to treat more cancer patients with a vaccine.
None: And upcoming milestone for this program is preclinical proof of concept in Q4 24.
Okay.
None: So if we turn to our infectious disease program.
None: On slide 14, we have a little bit of.
None: And highlights from our.
None: M P. One project at this morning, as Christian mentioned, we announced.
None: But we have some very encouraging results from this program against.
None: Definitely targets areas in Texas.
None: So we and an undisclosed collaborator we tested our.
None: Vaccine antigens against capital Congress Rs in a clinically relevant animal model of surgical site infections.
None: And we saw that.
None: Our incident they protected.
None: The animals against surgical site infections, indicating promising potential for clinical efficacy.
None: And currently we are engaged in discussions with the collaborate later regarding the path forward.
None: Okay.
None: So for our <unk>.
None: P. Three program, we have tested and we have defined a.
None: Vaccine and this program is conducted in collaboration with M D.
We have used our proprietary platform AI immunology, and we have identified novel targets against bacterial pathogen, causing severe.
None: Issues.
So we have now.
None: Now ill concluded on the antigen discover and design phases and that marks a significant first milestone for the development of the vaccine candidate.
None: And next milestone is conclusion on target discovery and validation work in collaboration with MST.
None: The second half.
2024.
None: So in summary, we've made substantial progress across our pipeline candidates and we are eagerly.
None: Are you anticipating an exciting 2024 marked by some significant milestones are hit.
None: Thank you so much for this update truly exciting events that has taken place here.
None: Now I will hand over to our COO and CFO Jesper regardless.
Jesper: I go through the transitory three financial results.
Jesper: Thank you Christian.
Jesper: Ill focus my comments on our financial results for the full year of 2020 free compared to the full year of 2022.
Jesper: All the numbers that I'll review will be approximate four easy sharing joined the call.
Jesper: For additional information regarding our full year results and prior period comparisons. Please refer to the business update and full year 2020 free financial results press release, and the form 6K as well as the form 20-F.
That we both filed last week.
Jesper: Starting with our cash burn this we have in 2020 free as Christian talked to had a focus on optimizing without compromising our long term growth opportunities.
Jesper: The external spend as well as the organization has been slipped to reflect our focused strategy and intensified focus on value realization.
Jesper: By partnering.
We have reduced the organization in terms of Ftes to the tune of 30% during 2023 and more than half the cash burn when comparing two cash burn to entailed in the approved budget for 2000 <unk> for each of the expected cash burn.
Jesper: As part of the company milestones for 2024.
Jesper: As of December 31, 2020, free cash and cash equivalents were USD $5 6 million.
Jesper: Following the public offering in February 2024, resulting in net proceeds of 12.
$12 7 million, we expect that our existing cash and cash equivalents will be sufficient to fund the operation net capital expenditure requirements into February 2025.
Jesper: If all pre funded borrowings, including the public offering.
Exercised we expect necessary funding will be in place into April 2025.
Jesper: If we look at our expenses research and development expenses for 2020 free amounted to $11 9 million and June and administrative expenses to trend point $4 million for the period.
Jesper: R&D expenses decreased by $5 1 million or about 30% compared to 2022.
Jesper: The decrease was primarily driven by a decrease in external development cost of $3 2 million related to clinical trials.
Jesper: Further decrease we're seeing in employee related costs of $1 $8 million due to a reduced head count and a shift in our employee mix.
Looking at general and administrative expenses.
Jesper: They were at $10 4 million, an increase of $2 2 million or 27% compared to the period last year.
Jesper: Increase was primarily driven by an increase of $1 3 million in external costs related to legal fees professional fees and costs related to capital raises and an increase in employee related costs of $1 9 million related to full time affect 2022 hires and changes in senior management.
These increases are due to the timing and funding of projects and business initiatives compared to 2022 and the expansions of the organization throughout 2020 to meet the requirements as a listed company.
Jesper: Looking solely at Q4 2020 for U S Q4, 2022 the G&A costs were down <unk> five three.
Jesper: <unk> 3 billion to $2 1 million or 13%. This is primarily driven by a reduction in our D&O insurance, but also following a reduction in external events.
Jesper: The net loss for 2020 free amounted to a loss of $22 1 million compared to a net loss of $23 2 million last year.
And with that I would like to turn it back to you kristian for fewer conducive remarks before the Q&A. Thank you so much say, yes for.
Kristian: Two to end.
Kristian: And up here with a few a few conclusive remarks.
Kristian: If you look at the past six months and the interaction journey here.
Kristian: It's fair to say that the events, we have seen unfolding confirms a strong strategy execution, we launched our refined strategy, we think of that and we are now a securing the partners.
Kristian: And importantly of course.
Kristian: You also alluded to the.
The progress with the <unk> collaboration we had encouraging neutral.
Kristian: Phase II data from ebay, so one and we are progressing our.
Kristian: Precision vaccine.
Kristian: The project.
Kristian: Rich.
Kristian: I'm very excited about so so strong strong progress on the strategy execution and we are looking very much forward towards the upcoming milestones in 2024 is the first milestone we had an hour externally communicated milestones of course ebay SD Wan the conclusion of the final <unk> started.
Kristian: Potentially.
Kristian: That we announced today with <unk>.
Kristian: <unk> data now we are in discussions with a collaborator on path forward.
Kristian: Throughout the reminder of the year, we would have.
Kristian: Several important milestones both from a platform from a compound in from a partnership point of view.
Kristian: And we are looking forward to keeping you all updated on the milestones as we progress them. So with that I would say and thank you for listening to the presentation here and now I'm looking forward to.
None: The Q&A session and we will open the floor for questions.
None: Thank you.
None: Just to ask a question you will need to press star one one on your telephone and wait for you.
None: Aimed to be announced to withdraw your question. Please press star one again.
None: We will now take our first question.
None: Please standby.
None: And the first question comes from the line of <unk> from Ladenburg Thalmann. Please go ahead. Your line is now open.
Ladenburg Thalmann: Good morning. Thank you so much for taking my questions I have couple of my first question is regarding the today's press release on <unk> B, one <unk> Xb one.
Ladenburg Thalmann: Curious if you could provide more color on the collaboration as well as data is this the point, where there will be a go no go decision and if the collaborator is not willing to move forward are you planning to move forward or is it something.
Ladenburg Thalmann: We'd like to do it at this point.
None: Yes no.
None: I can say.
None: And then I'll.
None: You have to get add additional requirements.
None: We just got the data in them.
None: Excited to see the data and as you also see in the release it is.
I would say clinically relevant data here now we are in discussion.
None: As for war and of course, it's clear having.
A set.
Set of preclinical data and a large non rodent model.
None: This is important, especially considering you can say that staff ours is an area, where you have seen in a number of technical.
None: Clinical failures, so having a model.
Hopefully is more predictive for clinical outcome is important so right now we are in discussion with them with a collaborator and I would say the data is of course supported of the compound and begin to I don't know if you have more carbon to add through to the question here.
None: I can add that we have conducted three separate studies in this area.
None: Animal model and I think.
None: The data speak for itself I mean, it's very promising and we believe that this model is.
None: I would say a better indicator.
Clinical efficacy in the end I mean, we've conducted.
None: Mouse animal experiments in the past and with also very promising outcome.
None: M.
None: I believe that this.
None: Model in large nonvoting animals, it gives a better sign.
None: But we will hope to see in the clinical plan and of course, and we think this point is very important because it will be and that the conclusion.
None: The dialogue with the collaborator is of course only relevant if the data is positive.
So you can say.
None: Cause it.
None: It confirms our belief in the strong assets.
None: Of course is important for our engaged and engaging in discussions around the way forward for this <unk> one in the partnership based model.
None: Makes sense thanks Christian.
None: I have two other questions. The other question I have is on E. B E VX B three.
None: It's a major collaborator MST curious what are the next steps and then there will be a point to make decision as it sometime in the near term feature.
Christian: Begin to do you want to take that one so what we have done so far is to use AI immunology to design the vaccine and the next space is too.
And manufacture the vaccine and then tested in preclinical models.
Christian: And we are aiming to reach that.
None: And update here.
Great.
None: Great and my last question is more general thoughts.
None: The platform technology you have is versatile you have pioneered E. Then.
None: The Ravens. So curious if you get any inbound interest or when you re charter is there.
None: One particular vertical you have more special interests.
None: <unk> pharma or biotech firms. So then you are establishing partnerships is there one that's more emphasizing your congratulations.
None: I would say.
None: First of all of course, we have been we have been more focused in our external communication as a result of also.
None: Refining strategy focusing more on partnerships and that is of course also resulted in more incoming incoming.
None: The request.
None: I would say we are seeing.
None: Interest in both of the infectious disease side of the business and.
None: The oncology.
None: The cancer side of business.
None: I would not say, there's it's tilted more towards one or the other.
Of course, Youre adjusting the Washington now.
None: Both vaccine conference. So I don't know if you have a little bit of flavor out as well.
None: But I think.
So our AI immunology platform I think that the companies can see the benefit of us using all of this.
None: And different building blocks and <unk> and.
None: Make or create buttons that Ken and solve complex immune related health care issues.
We have interest in our.
None: Infectious disease pipeline candidates, but we also see.
None: Interest in our oncology assets.
None: It will be difficult to.
None: And more specifically than that.
None: But of course as you know then we had the R&D day, where it's at now a couple of weeks ago and then this was the first time, we really talked about this.
None: Pretty unique modular architecture.
None: The various building blocks.
None: Also important for understanding what the platform can do and how flexible it is and tailoring it towards towards.
None: Partner partner needs.
None: Makes sense. Thank you so much for taking my questions.
Thanks.
None: Thank you.
We will now take our next question.
None: Please standby.
And the next question comes from the line of Slam Pakula at Mackenzie from H C. Wainwright. Please go ahead. Your line is now open.
None: Thank you. This is RK from H C. Wainwright good afternoon folks.
None: Okay.
RK: Hi, so starting off with <unk> three.
RK: So once.
RK: MSB takes this into the clinic do you have any additional obligations in terms of developing the molecule.
RK: Also.
RK: As it enters the clinic do you get another milestone or is it all dependent on.
RK: How it progresses through the clinical phases that you'll get.
RK: <unk> milestone payments.
None: I would say for first stab is dependent upon.
None: Is the outcome of the current.
None: The user discover design.
None: <unk> here.
None: And then if successful and of course if.
None: Align with what the MST is seeing then.
None: That would result in.
None: In a traditional licensing agreements.
None: The level of involvement from our and there has to be discussed and determined at that point in time right. Now we have a work plan, which beds into the second half of this year and then we will be discussing how do we best combined.
None: Our capabilities of the two covenants for the next phases of.
None: Of the.
None: The vaccine.
None: Development project.
None: It is fair to say our interest is of course very.
Very capable in doing larger scale clinical trials, but we also have a large threat and other faces in <unk>.
None: Immunology platform itself so.
None: So it has to be to be decided based upon.
None: The outcome when we conclude the work here during the second half.
None: Fantastic.
None: And then.
None: <unk>, obviously, it's very encouraging to see the way the data is progressing.
None: Large animals.
Also reiterating what you had seen in the mouse model.
None: So.
None: When do you think.
None: You would be able to publish some of this data.
None: For us to take a look at.
None: Then.
None: Obviously, it depends on the partner but.
What's what are the.
None: How quickly can this get into the clinic are again.
None: It all depends upon.
None: How youre collaborator is looking at it.
None: Because this is certainly a very.
None: Randy.
None: I think it is.
None: The large unmet need, especially in this surgical wounds.
None: Yes, no. There is no doubt I mean, that's also why we are excited about the data because there's a significant unmet need and then you can say exactly when data will be published it depends very much on on.
None: How we are progressing.
None: <unk>.
None: The current discussions and.
And with whom we bring this forward.
None: But of course, our objective is to progress quickly given the unmet need and begin to you can speak a little bit more to them too.
None: How quickly it can be in the cleaning of course it is our most progressed infectious disease assets right.
None: Yes, so the next steps would be.
The final R&D, enabling activities. So that includes toxicology studies and also the CMC activities.
That is of course.
Time consuming activities it will probably take.
None: One year, one to one and a half year.
None: To get to the point, where were clinical trials to be initiated.
None: Okay. Thank you and our last question from me is on the Eden version to the new model that got it.
None: Looking on what's what's unique about this version compared to the first one.
None: I mean, the unique part about the first frontier that we are looking into.
None: To choose to launch mid this year is that it incorporates some of.
None: The new Europe building blocks that we also discussed at our R&D day and thereby.
None: If you can say in short.
None: Further increases the predictive capabilities of the platform, which already is high but it will be even even stronger so it's allowing for even more effective.
None: The discovery of <unk>.
None: Novel vaccines towards infectious diseases.
None: And then Ed will also expand the training dataset significantly.
None: And thereby increasing.
None: The precision of the model.
None: Yes.
Ed: Great. Thank you. Thank you for taking my questions.
None: Thank you RK.
None: Keith.
None: We will now take our next question.
Please standby.
None: And the next question comes from the line of Thomas Flaten from Lake Street Capital Markets. Please go ahead. Your line is now open.
Thomas Flaten: Hey, guys I appreciate you taking the question.
Thomas Flaten: Yes.
Thomas Flaten: Oddity.
Thomas Flaten: Preclinical work Youre doing on the Earth I was curious if there are any particular tumor tumor models that youre focusing on or are you doing more of a basket approach just to refine our future strategy at this point.
None: <unk> do you want to take that.
None: That has been discussed.
Yes.
None: Yes.
None: So right now we are looking into several indications for <unk>.
None: <unk> based cancer vaccines, and we do see several options.
None:
None: It's very encouraging and very promising and we havent selected one single indication yet.
None: We might one with <unk>.
None: And therefore, we haven't settled.
None: The mouse models for testing this concept.
And we do have a.
<unk>.
None: Collection of.
None: Animal tumor models.
None: In house, and therefore, I think we can move once they have decided on the indication we can move rapidly into the preclinical testing.
None: And as it also mentioned that we have done.
None: Okay vaccination in animals. If also we do have.
None: Experienced with these types of antigens in preclinical settings.
None: Got it appreciate that and have you had any interest whether inbound or generated through your efforts and the EXL III program.
None: Well I think as.
None: Yeah.
None: We can't really comment specifically on individual assets, but as we talked about.
I mean does it does.
None: <unk> said in general around both sides of the business. So I think we share a lot of excitement around the ebix or three.
None: And it's of course, a key asset for US that we also wanted to move forward in a partnership based approach.
The announced that we won't bring it into clinical development and also for that those definitely not mean that we don't want to bring it forward in a partnership based approach.
None: Got it I appreciate you taking the questions. Thank you.
None: Thanks, Michael.
None: We will now take our next question.
None: Please standby.
None: And the next question comes from the line of Richard <unk> from <unk>. Please go ahead. Your line is now open.
Richard: Hello, Good afternoon.
Richard: The first.
Richard: Final question.
Richard: Namely.
Richard: About <unk>.
Richard: Pre funded warrants.
Loves timing and how much money.
Richard: Do you expect to get from them and when could you expect to receive that money.
Richard: Yes.
None: You can say it's around.
None: 4 million U S dollars, that's still outstanding and this is related to the technicality that the nominal value of the <unk>.
None: The.
None: Underlying share for the warrant is held in escrow. So so its around 4 million U S dollars.
Doug we haven't received yet and we will receive that as the pre funded warrants are exercised you can say exactly.
None: When that is going to happen is difficult to predict but.
None: Of course, it is shares that's paid upfront so we would expect that.
None: Those $4 million up being released from escrow.
None: Over time right.
None: Okay.
None: <unk>.
None: Also.
Wonder about.
None: <unk>.
And.
None: Oh.
None: What is your business development model.
None: Fair.
None: Because we are doing precision vaccines when do you think it could possibly be possible to do a.
None: What kind of interest.
None: Do you see for precision vaccines in cancer.
None: But I think that is.
None:
None: A lot of excitement in general around the Earth based.
None: Concept and also the precision vaccine I think.
None: The question is when we want to partner that also depends on.
On the how do the preclinical data.
None: We will be generating when we established.
None: Concept during second half how do they look it doesn't make.
None: Sends to bring these assets further so I would say right now focuses on establishing the preclinical proof of concept for the precision.
None: Based vaccine concepts and then.
None: Decide when is the right time to partner in <unk>.
None: There are several indication where it shows.
None: Hi promise to have a position based approach so.
None: We'll need to look at.
None: Yeah, the data compare that to the opportunity and then decide what's the right timing for potential partnering.
Would you agree that there is a lot of interest now.
None: For infectious disease candidates.
None: For FEMSA.
No I wouldn't say that I think does equally excitement around around <unk> and as of now.
None: Now we added the additional.
None: Yeah.
None: Element of not only personalized vaccines, but also position based vaccines within within the cancer.
None: Side of the business, which.
None: As such.
None: Somewhat different approach than having a personalized approach so I wouldn't say that.
None: That does necessarily more interest in infectious diseases is.
None: Good level of excitement around both sides of that of course is also clear that some of our competitors data on the personalized vaccines.
Announced last year have created additional comfort that this is an exciting area, where it makes sense to focus on.
None: Yes.
None: Okay.
None: Sure.
None: I also wanted to ask about.
AIP or.
None: Responder.
None: Program.
None: Specifically one for checkpoint inhibitors.
None: So what I was thinking things.
None: And the indications for certain.
None: Uh huh.
None: So Tom approved uses in various cancers.
None: You need to have a certain level or certain level of a biomarker for PD, one <unk> one levels.
None: So would.
If this could be.
None: Our approach will be.
None: Quite disruptive.
None: Would that mean, you would have to re redefined.
None: How you make indications for checkpoint inhibitors. So that's my first question.
None: Second related is how.
None: What is your monetization model I mean, how could you earn money on this.
None: But Peter do you want to take the first part and then.
Peter: I can talk about the second part of that I can do that.
Peter: Yes, it is correct that the PDL.
Peter: PDL one expression.
Peter: Yes.
Peter: Yeah.
Biomarker for some cancer indications, including non small cell lung cancer and some of the other.
<unk>, Kansas.
Peter: <unk>.
Peter: And we have also in our model. We have also included the expression level.
Peter: PDL, one and we see that it is only contributing so a minor part of the whole and persistent of the AI model, it's mainly driven by our pioneer model and our upsell Martha.
Peter: And but it is correct that for some indications.
Peter: The PD one expression is used as a.
Peter: Treatment.
Peter: Tomorrow.
Peter: Just.
Peter: I'm just wondering how.
Peter: Do you have to change how you treat people if your mix.
Peter: Checkpoint response prediction tools.
Peter: So what.
In AI team is capable of is to identify the patients that most likely would not benefit from a checkpoint inhibitor treatment.
Peter: So we will not.
Peter: Risk of excluding patients that would benefit from checkpoint inhibitors.
Peter: Okay.
Peter: Sure.
Peter: And then.
Peter: And to your question around.
Peter: How to monetize on that I mean that can be done in several way of course, you can say it is the most straightforward one is.
Peter: Positioning as a companion diagnostics and then it's being.
Peter: And so the into.
Clinical setting or it grows of course be of relevance for <unk>.
Peter: Pharma companies are undertaking clinical trials with checkpoint inhibitors, because if you're capable of.
Peter: So reducing the trial population of late stage.
Peter: By upfront being able to exclude non responders that.
Peter: That meets a significant cost savings, but I think where we're at.
Our focus is right now is focusing on how we can bring it forward.
Peter: Clinical the clinical setting and help patients get onto.
The right therapy, Corrigo, and then that could be as a companion diagnostic.
Peter: Yes.
This is an interesting project.
Peter: Hmm.
Peter: My last question was.
Peter: Do you have any Polish takeover bids because it's now ships.
Peter: Is it two months.
Peter: When you see the investments that I missed.
Peter: <unk> logical steps that might be.
Peter: To try to make an acquisition.
None: Yes, I know of course.
None: We can comment upon.
And the question like that.
Something relevant is to be communicated of course, we will communicate that.
None: Okay. Okay. Thanks.
None: Those were all my questions.
None: Thank you.
None: We will now take our next question.
None: Please standby.
None: Yeah.
None: And the next question comes from the line of Al <unk> from Ladenburg Thalmann. Please go ahead. Your line is now open.
al: Hello, again I just wanted to ask one more question regarding the pending debt what is the current debt.
al: The financial World.
al: And I am very happy on how to pass that question straight onto our CFO, but I can say, it's EIB, yes.
CFO: Loan yes.
CFO: So basically our debt structure is pretty stable, we have a we haven't.
Hello.
CFO: <unk>.
CFO: As of <unk>.
7 million Euro and it has.
CFO: Expiry date of Q1 2028.
None: Got it okay. Thank you very much.
None: Yes.
None: Thank you.
None: As there are no further questions I would like to hand back to you.
None: Christian can step for any closing remarks. Please go ahead.
Christian: Yeah. Thank you so much and I just wanted to say thank you to all of you for.
Christian: The relevant and good questions and thank you for listening in.
Christian: I am excited about what has happened over the past several months here and equally excited about.
Christian: What's to come for <unk> towards the fall and we are looking forward to keeping you updated on that so thank you so much for listening in.
This concludes today's conference call. Thank you for participating you may now disconnect speakers. Please standby.
Christian: Okay.
Christian: [music].