Q1 2024 Kymera Therapeutics Inc Earnings Call
[music].
Good day and welcome to the time that up that if you take the fourth quarter 2024 results conference call.
Operator: Good day, and welcome to the Kymera Therapeutics first quarter 2024 results conference call. All participants will be in the listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key, followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on the touchtone phone. To withdraw your question, please press star again. Please note that this event is being recorded. I would now like to turn the conference over to Justine Koenigsberg. Please go ahead.
All participants will be in the listen only mode should you need assistance. Please signal.
A conference specialist by pressing the star key followed by Seattle.
After todays presentation, there will be an opportunity to ask questions.
To ask a question you May press Star then one on a touchtone phone.
Withdraw your question. Please press Star then two.
Please note that this event is being recorded.
I would now like to turn the conference over to Justine Koenigsberg. Please go ahead.
Justine E. Koenigsberg: Thank you good morning, and welcome to <unk> quarterly update call. Joining me. This morning are now I'm anal <unk>, President and CEO, Jerry Colella, our Chief Medical Officer, and Bruce Jacobs, Our Chief Financial Officer.
Justine E. Koenigsberg: Thank you. Good morning, and welcome to Kymera's quarterly update call. Joining me this morning are Nello Mainolfi, President and CEO, Jared Gollob, our Chief Medical Officer, and Bruce Jacobs, our Chief Financial Officer. Following our prepared remarks, we will open the call to questions. To have enough time to address everyone's questions, we ask that you please limit your questions to one and a relevant follow-up. Before we begin, I would like to remind you that today's discussion will include forward-looking statements about our future expectations, plans, and prospects.
Justine E. Koenigsberg: Following our prepared remarks, we will open the call to question to have enough time to address everyones questions. We ask that you. Please limit your questions to one and a relevant for a whole lot.
Justine E. Koenigsberg: These statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. A description of these risks can be found in our most recent 10Q filed with the FCC. Any forward-looking statements speak only as of today's date, and we assume no obligation to update any forward-looking statements made on today's call. With that, I'll now turn the call over to Nello. Thank you, Justine. Good morning, everybody.
Justine E. Koenigsberg: Before we begin I would like to remind you that today's discussion will include forward looking statements about our future expectations plans and prospects. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected a description of these risks can be found in our most recent 10-Q filed with the SEC.
Justine E. Koenigsberg: Any forward looking statements speak only as of today's date and we assume no obligation to update any forward looking statements made on today's call with that I'll now turn the call over to Noel.
Nello Mainolfi: It's been a very productive beginning of 2024, starting in January with an extensive update at our Immunology R&D Day and subsequent financing to provide capital that we will invest in our expanding clinical development efforts and growing pipeline. Last quarter was focused on execution on both our preclinical and clinical pipeline as well as external engagement across a variety of business and medical companies. Today, our plan is to share a brief update on our programs, as well as timelines for news and catalysts we're expecting through the rest of this year and early 2021.
Nello Mainolfi: Thank you, Justine. Good morning, everybody.
Noel: Thank you Justin good morning, everybody, it's been a very productive beginning of 'twenty 'twenty four starting in January with an extensive updated our immunology R&D day, and it's a sequence by not seem to provide capital. If we believe that our expanding clinical development efforts and growing pipeline.
Noel: Hospital is being focused on execution on both our preclinical and clinical pipeline as well as external engagement across the variety of business and maybe go countries. Today. Our plan is to share a brief update on our programs as well as timelines for Newsday cotton, we're expecting through the rest of this year and nearly 25.
Noel: As we shared earlier this year, we believe we have a significant opportunity to address and expand the existing treatment paradigms within immunology by developing compelling oral small molecule would be great.
Nello Mainolfi: As we shared earlier this year, we believe we have a significant opportunity to address and expand the existing treatment paradigms within immunology by developing compelling oral small molecule degraded medicines with biologics like, As has been the case all the way back to the founding of the company, we have taken a differentiated approach to target selection and focused on critical molecular pathways that are well-validated through human genetics, clinical evidence, and or the success of approved drugs. Many of these pathways play a key role in immune-mediated disease pathology, and while injectable biologics dominate these markets, often due to their strong clinical activity, they're not without limitations, which in many instances can limit penetration in many of these markets that are currently dominated by injectable agents.
Noel: With biologic flight.
Noel: Had that been the case all the way back.
Noel: The company, we have taken a different approach to target selection and focus on critical molecule of Barclays.
Noel: Well validated through human genetics clinical evidence or the success of approved drugs. None of these box. We've played a key role in immune mediated disease pathology and lot of injectable biologics.
Noel: Markets often due to the strong clinical activity they are not without limitations, which many can leave us penetration as a result, we believe developing convenient oral options with biologics like proof.
Noel: <unk> represents an enormous opportunity to expand patient access.
Noel: Many of these markets currently dominated by injectable agents.
Nello Mainolfi: ARIRAC4 program, which was our first program to enter clinical development; it simplifies a target and a pathway that has the potential for a broad patient income. We have talked in the past about our reasons for enthusiasm around Eric Ford as a target and our rationale for pursuing it.
Noel: Alright for program, which was our first program to enter clinical development. It simplifies the targeting the pathway that has the potential to have broad patient.
Noel: We have talked in the past about every reason for enthusiasm around aric fourth target and our rationale for pursuing at Ara.
Nello Mainolfi: IREF4 is an obligate node in the L1 PLR signal and we believe its degradation is the only approach to fully block the path, creating multiple development opportunities in large, high, and low-need indications. In the KT474-RF4 Phase 1 trial, we observed deep and well-tolerated degradation, early signs of clinical efficacy, and high fidelity of translation from preclinical models to patients, which provide key insights for our growing immunology pipeline and position future programs such as our SAT6 and TIK2 degraded programs for, In March, we had the opportunity to showcase our progenitor immunology programs, KT621, our STAT6D grader, and KT294, our TIK2D grader, at the American Academy of Dermatology Annual Meeting.
Noel: He is an obligate know within DIY nplr signaling and we believe they should be only approach to fully blocked the pathway, creating multiple development opportunities in large high unmet need indications.
Noel: K T boosted before alright for phase one trial, we observed deepened my tolerate the degradation.
Speaker Change: Please go ahead.
Speaker Change: And I see that the transformation from preclinical models to patients, which provides key insights for our growing immunology pipeline and position tissue program.
Speaker Change: Scott.
Speaker Change: To degree programs.
Speaker Change: In March we had the opportunity to showcase our proprietary immunology programs K T six to one.
Speaker Change: <unk> hundred 94, I think two degrees at the American Academy of Dermatology annual meeting posted presentations, which mark the first data from its back to the targeted agent and I think to a degree that can be shared at a major medical meeting highlighted a robust preclinical packages and support the significant potential well, but overall.
Nello Mainolfi: The poster presentations, which mark the first data from a StatSix-targeted agent and a TIK2 degrader to be shared at a major medical meeting, highlighted our robust preclinical packages and supported the significant potential of our oral degraders in these packages. In our KT621 AAP poster, we highlighted the preclinical efficacy studies comparing KT621 to Dupilumab in a preclinical atopic dermatitis model. Importantly, KT621 shows robust activity in vivo in this model, equal or superior to Dutilleux.
Speaker Change: Exactly.
Speaker Change: In our T. T 621, the poster we highlighted the preclinical study comparing T seeks to want to do Piedmont.
Speaker Change: Clinical atopic dermatitis models importantly, P 61 showed robust activity in vivo in this model equal pushed a few.
Nello Mainolfi: KT621's degradation aesthetics was well-tolerated in multiple preclinical safety studies, and doses had concentrations up to 40-fold above the projected human expectations. If we can indeed deliver biologics-like activity with a good safety profile at 4 or 1 daily dosing, we believe KT621 could change the treatment paradigm of millions of patients suffering from PH2-driven inflammation. In terms of timing, KT621 is currently in 9D imaging studies and is on track to enter Phase 1 testing in the second half of 2020.
Speaker Change: The one big relational aesthetics was well tolerated in multiple preclinical safety studies.
Speaker Change: Or was it your concentration up to four people.
Speaker Change: Projected human efficacious concentrations.
Speaker Change: If we can indeed deliver biologics like TBD a good.
Speaker Change: Safety profile and oral once daily dosing, we believe <unk> could change the treatment paradigm millions of patients suffering from PHP PHP 3 billion Foundation.
Speaker Change: In terms of timing P. 61 is COVID-19 studies and is on track for Phase one testing in the second half of 'twenty 'twenty four.
Nello Mainolfi: It is our intent to conduct a Phase I healthy volunteer study to assess single and multiple ascending doses of KT61 and move quickly from there into phase II. We have finalized our clinical development plan and strategy, and we look forward to sharing more details as we move closer to clinical development. Moving to TIK2, we shared a poster AAD that demonstrated picomolar degradation, potency, and low nanomolar inhibition of the L23, L12, and Type I interferon pathways, showing KT294's potential to recapitulate the biology of human TIK2 loss-of-function mutations.
Speaker Change: It's our intent to conduct the phase one healthy volunteer study, but to affect single and multiple ascending doses of J P. P 61.
Speaker Change: Quickly from the indications we have finalized our clinical development plans and strategy and we look forward to sharing more deep.
Speaker Change: As we move closer into.
Speaker Change:
Speaker Change: What would it take to be shed it boosted the.
Speaker Change: The demonstrated picomolar degradation potency alone out of more of an additional 23 isolate and type one interferon response.
Speaker Change: <unk> hundred 94 has potential to recapitulate, the biology of human peak to loss of function mutation.
Nello Mainolfi: The biological differentiation of KTE294 from allosteric to two small-molecule inhibitors was demonstrated through ISN sparing compared to DUPRA, which is important in inflammatory bowel syndrome, as well as through superior inhibition of type 1 interferon pathway compared to type 2979, which is relevant for the treatment of several diseases, including interferon-driven diseases. Additionally, KT294 demonstrated deep and sustained TIK2 knockdown in We believe that this data demonstrates that a TIK2 degrader has the potential to deliver a testing-class TIK2 pathway blockade with productivity across multiple L12, L23, and TIK1 interferon-driven immune-inflammatory pathways. We intend to continue to share updates across our pipeline and medical meetings in 2024.
Speaker Change: Biological differentiation of <unk>, two mindful from almost day to small molecule inhibitors, they must be crazy to lifetime Sterling compared to do crop, which is important meetings probably the rebound.
Speaker Change: As well as was shown through superior inhibition of type one interferon pathway you can pay it.
Speaker Change: Seven nine which is relevant for the treatment of several.
Speaker Change: <unk>.
Speaker Change: In.
Speaker Change: Additionally, Q2, 94 demonstrated sustained <unk> knockdown in vivo with low doses.
Speaker Change: We believe that these data demonstrate that a peak to a degree there has the potential to deliver best in class keep to possibly booking with broad activity across multiple lines 12 23 in type one.
Speaker Change: Read any music comedy.
Speaker Change: We intend to continue to share updates across our pipeline and medical meetings. We plan to 24. In fact later this month, we present posters highlighting <unk> six to one.
Nello Mainolfi: In fact, later this month, we will present a poster highlighting KD621 and its potential to treat Th2 allergic diseases at both the American Therapeutic Society International Conference in San Diego, as well as at Digestive Disease Week in D.C. These presentations, which build on what was previously shared at R&D Day, will include new, exciting additional preclinical data. To sum up my introduction here, since our funding eight years ago, a milestone which we will commemorate just in a few days, we have demonstrated consistent and scalable innovation, including strongly clinical-to-clinical translation of degradation, safety, and activity across the whole pipeline.
Speaker Change: To treat th two allergic disease at both the American Thoracic Society International Conference in San Diego as well.
Speaker Change: Digestive disease week in D C.
Speaker Change: These presentations, which build on what was previously shared R&D that you're willing to new exciting additional preclinical data.
Speaker Change: To sum up my intro here since I'm, finding it years ago milestone, which will commemorate just even a few days, we have demonstrated consistent scalable innovation, including strong preclinical to clinical translational degradation safety and activity across the whole pipeline.
Nello Mainolfi: We have also achieved early proof-of-concept in both immunology and oncology, which we believe is a significant accomplishment for the new monology. As we are transitioning from early to mid-late development across our pipeline, we remain committed to building on our early success and expanding our team and capabilities to deliver on the substantial clinical and commercial opportunities that our programs offer to ultimately become a global commercial-stage medicine company. In the meantime, we look forward to important near-term data readouts this year in oncology and multiple readouts from our immunology pipeline in 2023. I'll pass you a knife, Jared, to provide an update on our clinical program. Jared?
Speaker Change: We have also achieved early proof of concept in both immunology and oncology, which we believe is a significant accomplishment for a new modality.
Speaker Change: And as we were transitioning from early completely development across our pipeline, we remain committed to building on our early success in expanding our teammates.
Speaker Change: They'll leave around the substantial clinical and commercial opportunity and our programs offered to ultimately become a global commercial stage medicines company.
Speaker Change: In the meantime, we look forward to important near term data Readouts. This.
Speaker Change: This year in oncology and multiple readouts from our immunology pipeline in 'twenty, five and possibly a nice Jonathan provided an update on our clinical programs.
Jared A. Gollob: I'll round out the immunology discussion this morning with IRAC4 and then give an update on our two clinical oncology programs. Our first-in-class oral IRAC4 degrader, AT474, is progressing in two Phase II trials in hydradenitis separativa and atopic dermatitis.
Speaker Change: Hello all.
Speaker Change: Sound Happy Immunology discussion this morning, with Iraq War, and then give an update on our two clinical oncology programs are.
Jonathan: First in class oral Iraq Board. The greater 80, 474 is progressing in two phase two trials in hidradenitis, Suppurativa and atopic dermatitis.
Jared A. Gollob: These trials are being conducted by Sanofi under our collaboration, and we expect to be in a position to share top-line data in the first half of 2025. Recall that Sanofi moved this program into Phase II studies based on the early clinical data we generated in HS and AD patients in Phase I trials. In that study, not only did we achieve our study objectives in terms of PK, PD, and safety, but we also delivered encouraging signs of clinical activity that we will also evaluate over a longer dosing period in the Phase 2 trial.
Jonathan: The trials are being conducted by Sanofi under our collaboration and we expect to be in a position to share top line data in the first half of 2025.
Jonathan: Recall that Sanofi moved this program into phase II studies based on the early clinical data we generated in Hs.
Jonathan: An 80 patient phase one trial.
Jonathan: Isn't that study not only did we achieve our study objective in terms of PK PD and safety, but we also delivered encouraging signs of clinical activity that we will also evaluate over a longer dosing period in phase two trials.
Jared A. Gollob: These randomized placebo-controlled trials represent an opportunity to demonstrate the potential for IRAC4 degradation generally, and KT474 specifically, to transform the treatment of complex inflammatory diseases and to offer HS and AD patients a well-tolerated, effective, and convenient oral medication. I'm switching gears now to oncology.
Jonathan: These randomized placebo controlled trials represent an opportunity to demonstrate the potential for Iraq, where degradation generally and kinky 474, specifically to transform the treatment of complex inflammatory diseases and to offer H S. An 80 patient well tolerated effective and convenient oral medicine.
Speaker Change: Switching gears now to oncology.
Jared A. Gollob: I'll start by noting that we recently presented scientific data on our oncology pipeline in both a late-breaking poster session and during the major symposium at the AACR annual meeting. As we have shared in the past, our preclinical and early clinical findings, highlighted last month at the meeting, support the advantages of degraders over other existing technologies and agents and further validate our differentiated molecular design, target selection, and translational strategies to advance a new generation of medicines for patients.
Speaker Change: I'll start by noting that we recently presented scientific data on our oncology pipeline and both a late breaking poster session and during the major symposium at the ACR annual meeting.
Speaker Change: As we shared in the past our preclinical and early clinical findings highlighted last month at the meeting supporting the advantages integrators over other existing technologies and agent and further validate our differentiated molecular design target selection and translational strategy to advance a new generation of medicines for patients.
Speaker Change: Taking 253 are highly potent the greater of MTN dew in each rely gate that modulate most common tumor suppressor P. 53 is currently in development for the treatment of liquid and solid tumors.
Jared A. Gollob: KT253, our highly potent degrader of MDM2, the key E3 ligase that modulates the most common tumor suppressor, P53, is currently in development for the treatment of liquid and solid tumors. Preliminary data from a Phase I clinical trial showed evidence of target engagement and P53 pathway activation, along with initial signs of anti-tumor activity without dose-limiting toxicities, including typical hematological toxicities These findings support our therapeutic hypothesis for MDM2 degraders and the potential to improve the therapeutic index compared to MDM2 small molecule inhibitors.
Speaker Change: Preliminary data from the phase one clinical trial showed evidence of target engagement and P. 53 pathway activation along with initial signs of anti tumor activity without dose limiting toxicity, including typical hematological toxicity.
Speaker Change: These findings support our therapeutic hypothesis for MGMT integrators, and the potential to improve the therapeutic index compared to MDM to small molecule inhibitors.
Speaker Change: As we finish dose escalation in the phase one trial. This year, we hope to see anti tumor activity in a variety of tumor types and coupled with our biomarker selection strategy. We plan to assess these data collectively to inform next steps.
Jared A. Gollob: As we finish dose escalation in the Phase 1 trial this year, we hope to see anti-tumor activity in a variety of tumor types, and coupled with our biomarker selection strategy, we plan to assess these data collectively to inform next steps. Finally, on MDM-II, we are announcing today that we've had an abstract accepted for a poster presentation at ASCO in June, where we will provide a clinical data update Once the trial is completed, we expect to present the full data set at a medical meeting later in the year.
Speaker Change: Finally, an M. D. M. Two we are announcing today that we've had an abstract.
Speaker Change: But for a poster presentation at <unk> in June.
Speaker Change: We will provide a clinical data update once.
Speaker Change: Once the trial is completed we expect to present the full dataset at a medical meeting later in the year.
Speaker Change: <unk> 3003, our highly selective to greater staff three traditionally under a transcription factor recognized as a key component of the JAK stat signaling pathway, we both tumor cell intrinsic and tumor cell extrinsic effects on the tumor microenvironment is currently in development for the treatment of multiple stack very dependent pathologies, including U S.
Jared A. Gollob: KT333, our highly selective degrader of STAT3, a traditionally undrug transcription factor recognized as a key component of the JAK-STAT signaling pathway with both tumor cell intrinsic and tumor cell extrinsic effects on the tumor microenvironment, is currently in development for the treatment of multiple STAT3-dependent pathologies, including hematological malignancies and solid tumors. Early data from the Phase 1 trial demonstrated early signs of anti-tumor activity at doses that were generally well-tolerated and associated with substantial STAT3 knockdown in blood and tumor.
Speaker Change: Logical malignancies and solid tumors.
Speaker Change: Preliminary data from the phase one trial demonstrated early signs of anti tumor activity at doses that were generally well tolerated and associated with substantial staff to be knocked out of blood and tumor.
Speaker Change: Our preclinical to clinical translation showed some early but encouraging responses in both <unk> and Hodgkin's lymphoma.
Jared A. Gollob: Our preclinical to clinical translation showed some early but encouraging responses in both CTCL and Hodgkin's lymphoma. We also demonstrated stimulation of an interferon-gamma response in tumor and blood, which is encouraging given the correlation between interferon-gamma and how tumors respond to anti-PD-1 groups.
Speaker Change: We also demonstrated a stimulation of an inherent gambro response, and tumor and blood, which is encouraging given the correlation between interferon gamma and how to respond to anti PD one drugs.
Speaker Change: This escalation of the KC 333 phase one studies ongoing with the goal to further assess safety and anti tumor activity in both liquid and solid tumors.
Bruce N. Jacobs: This escalation in the KT333 Phase 1 study is ongoing with the goal to further assess safety and anti-tumor activity in both liquid and solid tumors. We expect to complete the study this year and deliver additional proof-of-concept data to define KT333's path to late-stage development. We are also announcing that we've had an abstract accepted for presentation at the European Hematology Association, or EHOP, meeting in June, where we will present a clinical update.
Speaker Change: We expect to complete the study this year and deliver additional proof of concept data to define <unk> pad in late stage development.
Speaker Change: We're also announcing that we've had an abstract accepted for presentation at the European Hematology Association or <unk> meeting in June where we will present a clinical update.
Speaker Change: We plan to present, the full data set at a medical meeting later in the year.
Speaker Change: Now I will hand, the call over to Bruce to share financials for the quarter Bruce. Thanks, Jerry I'll quickly review, our first quarter 2024 financial highlights and you can certainly reference tables found in today's press release.
Bruce N. Jacobs: We plan to present the full data set at a medical meeting later in the year. Now we'll hand the call over to Bruce to share financials for the quarter. Bruce. Thanks, Jared. I'll quickly review our first quarter 2024 financial highlights, and you can certainly reference the tables found in today's press release.
Bruce N. Jacobs: The revenue of the quarter, the first quarter of 2024.
Bruce N. Jacobs: Revenue in the quarter and the first part of 2024 was $10 3 million all of that was attributable to our Santa Fe collaboration and just as a quick reminder, we had received or have received $55 million in total milestones as a result of the start with the two phase two studies in the fourth quarter of last year with respect to operating expenses R&D for the <unk>.
Bruce N. Jacobs: The first quarter of 2024 was $10.3 million, and all of that was attributable to our Sanofi collaboration.
Bruce N. Jacobs: And just as a quick reminder, we received $55 million in total milestones as a result of the start of the two Phase II truck studies in the fourth quarter of last year. With respect to operating expenses, R&D for the quarter was $48.8 million. About $6.1 million of that represented non-cash stock-based comp, resulting in an adjusted cash R&D spend of $42.7 million, a 10% decrease from the comparable amount in the fourth quarter of 2023.
Bruce N. Jacobs: Quarter was $48 8 million about $6 1 million of that represented noncash stock based comp, resulting in an adjusted cash R&D spend at $42 7, Million% to 10% decrease from the comparable amount in the fourth quarter of 2023 on the G&A side, our spending for the quarter was $14 4 million of which five.
Bruce N. Jacobs: On the G&A side, our spending for the quarter was $14.4 million, of which $5.9 million was non-cash stock-based comp. The adjusted cash G&A spend of $8.5 million, again excluding the stock-based comp, reflects a 1% decrease from the comparable sequential quarter. Our cash balance at the end of the first quarter was $745 million. In January, as we mentioned, we realized approximately $300 million in net proceeds from our equity offering. Our cash balance is expected to provide a runway into the first quarter of 2027, and that will enable us to execute on multiple data readouts, including oncology proof-of-concept results in 2024, KT474 Phase II data expected in the first half of 2025, and several clinical inflection points for our STATS-6 and TIC-2 programs also in 2025. This concludes our prepared remarks. We'd be happy to take your questions, operator, if you can open the line for questions. Thank you.
Bruce N. Jacobs: One 9 million was stock non cash stock based comp the adjusted cash G&A expense of $8 5 million again, excluding the stock based comp like a 1% decrease from the comparable quarter sequential quarter, our cash balance at the end of the first quarter was $745 million in January as we mentioned we realized approximately 300.
Bruce N. Jacobs: Net proceeds from our equity offering and our cash balance is expected to provide a runway into the first quarter of 2027 and that will enable us to execute on multiple or say the first half of 'twenty seven that will enable us to execute on multiple data readouts, including oncology proof of concept results in 2024, K T 474 phase two data.
Bruce N. Jacobs: In the first half of 2025, and several clinical inflection points for our staff and take two program also in 2025. So this concludes our prepared remarks, we'd be happy to take your questions. Operator, if you could open the line for questions. Thank you.
Speaker Change: Thank you we will now begin the question and answer session to ask a question you may have fresh Star then one on a touchtone phone.
Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then press enter. At this time, we will pause momentarily to assemble our rostrum. The first question is from the line of Brad Canino from Stifel. Please go ahead.
Bruce N. Jacobs: If youre using a speakerphone please pick up your handset before pressing the keys.
Bruce N. Jacobs: Anytime you have a question has been addressed and you would like to withdraw your question. Please press Star then two at.
Bruce N. Jacobs: At this time, we will pause from intensely to assemble a rush.
Bruce N. Jacobs: Yeah.
Bruce N. Jacobs: The first question is from the line of Brad can you know from Stifel. Please go ahead.
Brad: Great. Thanks, so much for the question I mean, it looks like we're going to get two bites out of the Apple for MTM to this year and generally I would assume that the completed one a in the biomarker data later this year would be most material. So just to not overlook what's coming at <unk> can I have you talk about the decision to present here what should be the focus.
Bradley Patrick Canino: Great, thanks so much for the question. It looks like we're gonna get two bites out of the apple for MDM2 this year. And generally, I would assume that the completed 1A and the biomarker data later this year would be most material. So just to not overlook what's coming at ASCO, can I have you talk about the decision to present here? What should be the focus, and how should investors view it within the broader trial and strategy for the asset? Thank you.
Bruce N. Jacobs: And how should investors view it within the broader trial and strategy for the asset. Thank you.
Speaker Change: So thanks, Brad So just taking a step back it is a program that we started.
Nello Mainolfi: So thanks, Brad. So just, you know, taking a step back, this is a program that we started clinical development in the second half, roughly the middle of last year. And our first update would have been our quarterly call in November, if you recall, of last year. And we present a really limited data. As we, since then, have recruited many more patients in the solid tumor lymphoma arm, as well as open the AML arm, we thought it was important to connect with the medical community, and obviously the investor community, to give an update on the progress we've made in both arms of the trial, that I believe will shine more light on the potential of MVM2 across the subset of patients, and also create more enthusiasm, hopefully, if we can, to continue to recruit the right type of patients to our study.
Speaker Change: Clinical development in the second half roughly in the middle of last year, and our first that'd be would of.
Speaker Change: Of course can be bought in November if you recall my speaker and we presented that.
Speaker Change: Data.
Speaker Change: As we have since then recruited many more patients and be a solid tumor lymphoma arm as well as open the email or.
Speaker Change: We thought it.
Speaker Change: It's important to connect with the medical community in August.
Speaker Change: The investor community to give an update on the progress we've made in both arms of the trial that I believe will shine more light on the potential though MTM to across the subset of patients.
Speaker Change: And also create more enthusiasm hope we can to continue to recruit the right type of patients to our study. So obviously when we share data with multiple audiences.
Nello Mainolfi: So, obviously, when we share data, there are multiple audiences, and the investor community being one of them. This phase One dose escalation study by the end of the year, and then, yes, we will provide a full update as well as plans for further development later in the year. But given the substantial data from patients recruited between November and now, we thought this would be a good update to showcase the progress of the program.
Speaker Change: And the investment community being one of them. The goal is to complete as we said in the press release.
Speaker Change: These phase one dose escalation study by the end of the year and then yes provide a full update is well ahead of our plan.
Speaker Change: Plans for further development later in the year, but given the substantial debt, though patients recruited between November and now we thought this would be.
Speaker Change: Good update two to showcase the promise of the program.
Speaker Change: Okay.
Speaker Change: Thanks for that and then I know you took part in a targeted protein degradation symposium at H C. R. I just love to hear what your general insights worth thoughts were exiting that about the evolution of this therapeutic area. Thank you.
Nello Mainolfi: Okay, thanks for that. And then, Nello, I know you took part in a Targeted Protein Degradation Symposium at AACR. I'd just love to hear what your general insights were, thoughts were emerging from that about the evolution of this therapeutic area. Thank you. Yeah, that's a great question, Brad.
Speaker Change: Yeah, that's a great question, Brett so firstly with the great meeting of beliefs I saw you there.
Nello Mainolfi: Yeah, that's a great question, Brad. First of all, it was a great meeting. I believe I saw you there. It was a very well-attended, let's call it symposium, with, you know, many companies presenting. I actually hadn't been to a TPP-focused symposium in probably too long, and so it was great to see a huge amount of interest from many stakeholders in this space. I saw many physicians, and I saw small and large companies. So I think the level of interest was very high and is increasing with the data, especially clinical data, that different companies are sharing.
Speaker Change: It was very well attended symposia.
Speaker Change: Symposium.
Speaker Change: We.
Speaker Change: Many companies presenting Ah I actually hadn't been any PPP focused symposium in probably too long.
Speaker Change: And so it was it was.
Speaker Change: It's great to see a huge amount of interest from many stakeholders in this phase I. So many.
Speaker Change: Physicians are so small and large company. So I think the level of interest.
Speaker Change: Is it increasing with the data, especially cleaning those data that different companies are.
Speaker Change: Our Oh Sherry I also came home with a you know a great feeling that you know companies like that and there are I really you know leading the field in terms of capability its election.
Nello Mainolfi: I also came home with a great feeling that companies like Kymera are really leading the field here in terms of capability, target selection, and sophistication of approach. And so I think, generally, there's still a lot of work to do for the field, but I'm glad that we and others are leading and providing, hopefully, good examples for others to follow.
Speaker Change: Vacation of approach and so I think generally there's still a lot of work to do with the field, but you know I'm glad that we and others are leaving and providing hopefully good examples where others in Poland.
Speaker Change: Thank you.
Speaker Change: Most of the next question. The next question is from the line of Alex Barron from UBS. Please go ahead.
Operator: We move to the next question. The next question is from the line of Ellie Merle from UBS. Please go ahead.
Eliana Rachel Merle: Hey, it's Sam on behalf of Ellie. I guess just in line with the previous question, from the MDM-2 update at ASCO, can you provide any color on, I guess, the extent of data that we could be expecting from the study and, I guess, what kind of efficacy measures we should expect to look for and what are you guys looking for from the data as you think about the development? Okay, great. Thanks for the question. I mean, this is really bad.
Speaker Change: Oh, Hey, it's Sam on for Alli Am I guess just in line with the previous question.
Alex Barron: On Sunday, and then to update it as go can you provide any color on I guess like the extensive data that we could be expecting from this study and I'm I guess, what kind of efficacy measures. We should anticipate to look for and what are you guys looking for from the data as you think about the development path forward.
Speaker Change: Okay, great. Thanks for the question I mean, this was really planned to be a clinical update for.
Jared A. Gollob: Hey Greg, thanks for the question. I mean, this is really planned to be a clinical update for phase 1a dose escalation, so really to show the progress that we've made since last November. So, you know, the goal here is to share additional information on the types of patients we've enrolled, both solid tumor patients as well as patients with pneumatologic malignancies, to share the safety that we've been seeing as we've been dose escalating, and to share more data on the pharmacodynamic effect of the drug.
Speaker Change: For the phase one dose escalation so really to show the progress that we've made since last November.
Speaker Change: So the goal here is to share additional information on the types of patients you've enrolled both solid tumor patients as well as patients with hematologic malignancies to share the safety that we've been seeing as you've been dose escalating to share more data on the pharmacodynamic effect of the drug recall that back in November we did show.
Jared A. Gollob: Recall that back in November, we did show an impact on GDS-15, which is this key biomarker just downstream of MDF-2, so our aim is to show more data that provides that sort of information on pharmacologic engagement and, of course, to provide whatever response data we have, clinical response data we have for patients with solid tumors and patients with pneumatologic malignancies.
Speaker Change: And impact on G D. As a team which is a key biomarker just downstream of them you have to so we're able to show more data.
Speaker Change: And that provides us with information on pharmacologic engagement and of course to provide whatever a response team that we have clinical response data we have for patients with solid tumors in patients with hematologic.
Speaker Change: Okay, great. Thank you so much and I guess, just a quick follow up just any color on the updates for the biomarker patient selection strategy you guys are pursuing them and how is that progress kind of going there.
Jared A. Gollob: Okay, great. Thank you so much. And I guess just a quick follow up. Do you have any color on the updates for the biomarker patient selection strategy you guys are pursuing, and how is the progress kind of going there?
Speaker Change: Yeah, I think that that's an important question I think Noah mentioned that earlier, which has been an important part of the program for MTN too. In addition to being able to demonstrate that the therapeutic index with a greater and superior to what's been seen with M. D. M. Two inhibitors I used to be.
Operator: Yeah, I think that's an important question. As Nello mentioned earlier, which has been an important part of the program for MDM-2, in addition to being able to demonstrate that the therapeutic index with our degraders is superior to what's been seen with MDM-2 inhibitors, is to eventually be able to evolve a patient selection strategy or so-called biomarker strategy for selecting patients who we think will be most sensitive to this treatment.
Speaker Change: Eventually to be able to move them.
Speaker Change: A patient selection strategy or something closer to a biomarker strategy for selecting patients who would you think would be most sensitive to this treatment if.
Speaker Change: We don't plan on providing that particular update as though but our anticipation is that later in the year.
Speaker Change: Preferably at a medical meeting we will provide more of those data are showing our progress you know pre clinically and even perhaps some of our clinical data that had been informing our ability to develop a.
Operator: Ideally, at a medical meeting, we would provide more of those data, showing our progress, you know, pre-clinically, and even perhaps some of our clinical data that have been informing our ability to develop, you know, a patient selection biomarker strategy focusing on those patients who we think we'll be able to predict would be most sensitive to MGM2 degradation.
Speaker Change: Patient selection biomarker strategy focusing on those patients. So we think that we'll be able to predict what would be most sensitive to it into degradation.
Speaker Change: Thank you we move to the next question. The next question is from the line of Michael Schmidt from Guggenheim Securities. Please go ahead.
Operator: Thank you. We move to the next question. The next question is from the line of Michael Schmidt from Guggenheim Securities. Please go ahead.
Michael Werner Schmidt: Thank you. We move to the next question. The next question is from the line of Michael Schmidt from Guggenheim Securities. Please go ahead. Oh, hey, good morning. This is EGL for Michael.
Michael Werner Schmidt: Oh, Hey, good morning. This is you gave out for Michael we want to get your thoughts on recent bulk data that showed superiority over 2%.
Michael Werner Schmidt: As you think about the opportunity for your IRA four inch that's 60 Guido.
Michael Werner Schmidt: Do the level up results shift the bar for an oral agent in a D and potential other indications and that's a related question. What's your strategy on future head to head studies against Biologics for your overall I and II portfolio. Thank you.
Michael Werner Schmidt: Yeah.
Nello Mainolfi: Yeah, it's a great question. So I don't think we've learned today that inhibiting JAK kinases is an extremely powerful anti-inflammatory mechanism. In fact, I think if you look across several indications, not only in AD, you see JAK inhibitors being extremely, extremely active. So I don't believe we learned anything new. I think what we are proposing here at Kymera is to use preliminary relations to go after targets that provide the best, as you can see, the safety profile.
Speaker Change: Great question, Phil I don't think we've learning today that inhibiting Jai kind.
Speaker Change: <unk>.
Extremely powerful anti Obama going back and in fact, I think if you look across several indications.
Speaker Change: Not only are you see Jackie they do as being extremely extremely active so I don't believe we learn.
Speaker Change: Anything new I think what we are what we are proposing here. It came Ara you use protein degradation to go after targets that provide the best.
Nello Mainolfi: So the opportunity here is to have an oral drug that is well-tolerated, that does not require, you know, blood, blood, or monitor, blood testing, or monitoring of patients for severe cardiovascular events. So, I don't think this virus has moved at all.
Nello Mainolfi: You can see the safety profile.
Nello Mainolfi: The opportunity here is to have an oral drug that is was tolerated does not require.
Nello Mainolfi: Blah blah their money their broadcasting or monitoring their patients or severe cardiovascular events. So I don't think that.
Nello Mainolfi: I think we in the field are still looking for oral agents that are active and have a well-tolerated profile. And that's really what we're trying to do for both IRECT4 and STEP-6. I think in different ways, obviously, we can discuss each program individually.
Nello Mainolfi: But it has moved at all I think we the field.
For oral agents that are active.
Speaker Change: Oh, well tolerated profile.
Speaker Change: And that's really what we're trying to do for both iron ore and stuff.
Speaker Change: In different way, obviously, we get the Scott.
Nello Mainolfi: Program individually.
Speaker Change: Next question.
Nello Mainolfi: Thank you. The next question is from the line of Eric Joseph from Jpmorgan. Please go ahead.
Operator: Thank you. The next question is from the line of Eric Joseph from J.P. Morgan. Please go ahead.
Eric William Joseph: Alright, good morning.
Eric William Joseph: Hi, good morning. I just wanted to get a little bit of a better sense of what your internal bar is for moving 2, 5, 3 into 4, 5. I wonder whether opportunities in hemo-latency will be strategically attractive enough, or do you want something broader that encompasses solid tumors as well? And additionally, is the focus more on moving forward with a mono-therapy strategy, or would you be amenable to a combination approach?
Eric William Joseph: I wanted to get a little bit of a better sense of what your internal bar for delivering 253.
Eric William Joseph: Our later stage development I wonder whether.
Eric William Joseph: Catering opportunities in heme malignancy or it'll be strategically attractive enough or do you want something broader that encompasses all tiers as well.
Eric William Joseph: And additionally.
Eric William Joseph: Is the focus more on moving forward with a monotherapy strategy.
Eric William Joseph: If you have been able to accomplish approaches.
Eric William Joseph: Thanks.
Speaker Change: Yeah. Thanks, maybe I'll start then I'll pass it to Jay So first I would say the the reason why we got involved with.
Nello Mainolfi: Yeah, thanks, Eric. Maybe I'll start and then pass it to Jared.
Nello Mainolfi: So first, I would say the reason why we got involved with MDM2, which, as we all know, is a target that has been pursued by the whole industry for the past 15 years or so. The reason for us to do so is to really unlock a broad variety of tumor types that we have seen are extremely sensitive to removal of MDM2, which is quite different, in our view, from inhibition of the MDM2-PTC3 interaction that small-molecule inhibitor So, as Jared was saying, we have... developed a sensitivity map, let's say, across tumor types that point to the subset of tumors in which we've seen preclinically, and you know, we'll start sharing some clinical data, but we've seen preclinically, at least I can say so far, to be extremely sensitive to this mechanism.
Nello Mainolfi: And we have to which we all know at the time.
Nello Mainolfi: Target that has been pursue.
Nello Mainolfi: Pursued by the whole.
Nello Mainolfi: Industry in the past 15 years or so.
Nello Mainolfi: Yes.
Nello Mainolfi: So the reason for us to do so it's really a marquee.
Nello Mainolfi: The idea of tumor types that we have seen.
Nello Mainolfi: Extremely sensitive to remove all of that which is quite different in that view.
Nello Mainolfi: From inhibition of Nbn to.
Nello Mainolfi: Interaction that small molecule inhibitors.
Nello Mainolfi: Joe was saying we had.
Nello Mainolfi: Developing.
Nello Mainolfi: Steve did not believe to be across tumor types at this point too.
Nello Mainolfi: That a tumor in which we've seen pre clinically and you know we'll start sharing.
Nello Mainolfi: But we've seen pre clinically they can see so far to be extremely sensitive.
Nello Mainolfi: So these mechanisms when those go across both team as well as selling tools I think we've shown already pre clinically that email.
Nello Mainolfi: And those go across both heme as well as solid tumors. I think we've already shown preclinically that AML has exciting plans that we can share with you based on a biomarker strategy that sees us expanding in solids as well.
Nello Mainolfi: Especially both as a single agent and it's well, it's comfortable and we've seen some really really.
Nello Mainolfi: Almost best in class a TBD.
Nello Mainolfi: And this is an area that we would pursue independently of the opportunity in two months.
Nello Mainolfi: A high unmet need and field b, rather than commercial push to a need for a boost.
Nello Mainolfi: Line, but also for refractory as now so I think I would say that the AML opportunity in a way independent from solid tumor, but I also wanted to say that.
Nello Mainolfi: The impetus to work on MTN tools to go beyond he won't college until we have a.
Nello Mainolfi: Hopefully exciting plans that we can share with you.
Nello Mainolfi: Based on the biomarker strategy.
Nello Mainolfi: That she is expanding its solid as well.
Speaker Change: Great I appreciate it thanks for taking my question.
Operator: Great, I appreciate it. Thanks for taking the question. Thank you. The next question is from the line of Kalpit Patel from Bill Riley. Please go ahead. Hi, this is Jeff from Kalpit. Thanks for taking my question.
Jeff: Thank you. The next question is from the line of Ted.
Kalpit R. Patel: Thank you. The next question is from the line of Kalpit Patel from B. Riley. Please go ahead. Hi, this is Geoff or Kalpit Patel.
Geoff: From B Riley. Please go ahead.
Kalpit R. Patel: Oh, this is jan or counting.
Geoff: For taking my question lots of work on the program.
Geoff: The question is if you have the opportunity to discuss.
Kalpit R. Patel: The last night in terms of your cost.
Geoff: 60, Greenberg from Anthony <unk>.
Geoff: So could you wish you an insight into like a hawk spun off on opportunity to collaborate to lead the nozzle.
Geoff: It makes the great company.
Kalpit R. Patel: Okay.
Speaker Change: Yeah. So.
Nello Mainolfi: Yeah, so as we have said repeatedly in the past, and I'll say this again today, we started this program a few years ago. We have built a conviction around our ability to use oral degraders in immunology, starting from an early day at our school, and we've decided that we have no interest in partnering our immunology pipeline in order to, at least in the foreseeable future, fulfill our vision of building a global integrated company.
Kalpit R. Patel: As we've said repeatedly in the past that savings again today.
Nello Mainolfi: We started this program a few years ago.
Nello Mainolfi: We have build a can.
Nello Mainolfi: Big sooner on our ability to use all of these lasers in immunology starting from the early days in our schools and we have decided that we have no interest in partnering our immunology pipeline in order to at least in the placebo future in order to fulfill our vision for building.
Nello Mainolfi: <unk> Global Inc.
Nello Mainolfi: Integrated company.
Nello Mainolfi: I'm not going to, you know, obviously share the discussions that we've had with Sanofi, but I would say generally, this is a program that has been pursued by other parties quite heavily in terms of potential partnership, but our communication has been very clear that, you know, we believe this is a program that we want to develop as a standalone independent company for the foreseeable future. I would also remind everybody that, you know, we are the first company to introduce a stethoscope degrader. Actually, I would say stethoscope agents overall in the clinic. We're the first company to demonstrate the preclinical activity of such an agent, and, you know, everybody else is obviously, you know, years behind us.
Speaker Change: I'm not going to obviously just share discussions that we've had we've got a few but I would say generally this is a program that had been pursued 60.
Nello Mainolfi: From from other parties.
Nello Mainolfi: Quite heavily in terms of potential partnership.
Nello Mainolfi: Communication has been very clear on.
Nello Mainolfi: That you know we believe this is a program that we want to do better as a standalone independent company.
Nello Mainolfi: For the persist for the foreseeable future I want to remind everybody that we are the first company to take extensive degree there.
Nello Mainolfi: Actually I would say that this agent in the cleaning with the first company to demonstrate the preclinical activity of such an agent.
Nello Mainolfi: And you know everybody else he doesn't see.
Speaker Change: I'm done.
Speaker Change: Okay. Thank you that's very helpful.
Nello Mainolfi: Thank you. The next question is from the line of Andy Chien.
Operator: Thank you. The next question is from the line of Andy Chen from Wolf Research. Please go ahead.
Andy Chen: From Wolfe Research. Please go ahead.
Andy Chen: Hi, Good morning. Thank you for taking the question two really the question is also on stop steaks.
Andy Chen: Hey, good morning. Thank you for taking the question. There are two related questions also on STAS-6.
Nello Mainolfi: Just curious if you can talk about tissue distribution. And so I see deep degradation in the skin in non-human primates. I'm just curious how well this tissue distribution translates to humans. I'd be curious if you could cite several precedents where this non-human primate distribution is highly correlated to humans. And also in the first half of 25, are we going to gain any insight on this exact topic? What kind of metrics will we have when determining whether STAS-6 is indeed acting on the skin in humans? Thank you. Yeah, no, it's a great question.
Andy Chen: Just curious if you could talk about tissue distribution and so I see deep degradation in the skin in nonhuman primates I'm, just curious how well this tissue distribution translates to humans I'm curious if you're gonna side several of precedents, where where this nonhuman primate distribution is highly correlated to humans and also in the.
Nello Mainolfi: In the first half of 'twenty five Oh, we're going to gain any insight on this exact topic, what kind of metrics, where we have one determining whether stopped sector. Indeed acting on the skin in humans. Thank you.
Speaker Change: Yeah, no. It's a great question. So so first you know for people that have thought about over the past few years know that we done this Scott preclinical data of PK and distributions beside the degradation of data that we show in our presentations and that's the only piece.
Nello Mainolfi: Yeah, no, it's a great question. So, first, you know, for people that have followed us over the past few years, know that we don't discuss preclinical data of PK and distribution besides the degradation data that we show in our presentations. And that's only because we believe those are highly confidential and important data that we want to keep for ourselves at this point. But I will say that if you look at the data we presented, we've shown that KT621 degrades STAT6 equally effectively in several tissues, in skin, in lung, and in blood.
Nello Mainolfi: Because we believe those are highly.
Nello Mainolfi: Confidential, but an important thing about that.
Nello Mainolfi: We want them to keep for ourselves at this point, but I will say that if you look at the data we presented we've shown that 60.
Nello Mainolfi: Seeks to one degree that's.
Nello Mainolfi: Equally affected me in several issues in skiing in the lung and block.
Nello Mainolfi: And I believe in spleen, too I'm not sure we've shown them or not.
Nello Mainolfi: And I believe in the spleen too. I'm not sure we've shown that or not, but we've shown that the distribution of the drug allows for, I would say, generally equivalent degradation across all Th2 relevant tissues. And so we, our expectation is to see in the clinic the same level of response. And we've seen good translation of preclinical into clinical in terms of distribution across different species. I would say that, yes, in the first half of 2025, our goal is to share Phase I data. If it's being publicly disclosed, then the Phase I data will involve both blood and skin biomarkers.
Nello Mainolfi: We've shown that.
Nello Mainolfi: The distribution of the drug allows for the I would say generally if people if they relation across all th two rather than tissues and so we our expectation is to see English cleaning the same level of these bonds and we've seen.
Operator: Thank you. The next question is from the line of Derek Archila from Wells Fargo. Please go ahead.
Operator: Good translation of preclinical into cleaning going in terms of distribution.
Derek Christian Archila: Across different species.
Derek Christian Archila: See that yes in the first half was 25 are Google news to share.
Derek Christian Archila: The phase one data it's been publicly disclosed in their phase one data will involved.
Derek Christian Archila: Blood screening.
Operator: Biomarkers.
Derek Christian Archila: Thank you.
Derek Christian Archila: Thank you.
Operator: Next question is from the line of Derrick Taylor from Wells Fargo. Please go ahead.
Operator: Hey, guys. Good morning. This is Jeff on for Derik, Thanks for taking our question so.
Derek Christian Archila: Hey guys, good morning. This is Devon speaking for Derek.
Derek Christian Archila: Thanks for taking our questions. So a quick one from us, kind of like following up on the last question, on the Step 6 Phase 1 study, will you be including a cohort of patients to achieve this proof of concept, kind of like how you did with 474, or will this only be including like healthy volunteers? Thanks. Well, at this point, I think...
Devon: A quick one from us kind of like pulling up on the last question on this subject phase one study what do you mean clothing, a cohort of patients torchy cause I kind of like you did with like <unk>.
Derek Christian Archila: 474 or was this the only thing clothing like healthy volunteers.
Derek Christian Archila: Well at this point I think all in we expect today was that the initial evaluation it would be nice people within two years, we'll share more at a later date.
Nello Mainolfi: Well, at this point, I think all we said today was that the initial evaluation would involve 90 volunteers. We'll share more at a later date.
Nello Mainolfi: Okay.
Speaker Change: Thanks, Joe.
Operator: Thank you. The next question is from the line of Tibia Rao, with T.D. Cohen and Company. Please go ahead.
Speaker Change: Next question is from the line of alcohol.
Tibia Rao: With P D Cowen and company. Please go ahead.
Tibia Rao: Hi guys, this is Divya. I'm sorry, Marc. Similar to the earlier question, what is the scope of the kind of disclosure that we should get from KT333 at EHA and then, as a follow-up, I guess, what do you need to see in this Phase 1 trial, which I guess you're planning on completing at the end of the year, and liquid tumors to continue development in both liquid and solid tumors?
Tibia Rao: Hi, guys I'm, sorry, Mike Thanks for taking our questions. One of the earlier question what is the scope of kind of the disclosure that we should get from teaching.
Tibia Rao: Hot and then.
Tibia Rao: As a follow up I guess, what do you need to see.
Tibia Rao: One trial, which I guess your complaint with over the air and liquid tumors to continue development.
Tibia Rao: Yes.
Nello Mainolfi: I'll take the second, and I'll let Jared answer the first part of your question. So the second part was around what we need to see. So, as I have said in the past also, you know, our path for continuing investment is having meaningful opportunities with a clear path to a sizable patient population with big clinical and commercial impact. And so, obviously, the more obvious answer to your question is that, you know, solid tumor opportunities would be able to make a much easier case for further investment.
Marc: Yeah, I'll take the second and I'll, let Joe answer the first part of your question. So the second part was around what do we need to see.
Nello Mainolfi: In the past also.
Nello Mainolfi: You know our bar for continuing in that then you can have a meaningful opportunity with a clear path to.
Jared: A sizable patient population, we'd be clinical and commercial use.
Jared: And so the.
Jared: Obviously, the more obvious answer.
Jared: To your question is that you know.
Nello Mainolfi: Solid tumor opportunities will would be able to.
Nello Mainolfi: Making it much easier to keep a very good investment as it did in the past, we don't expect to see single agent activity.
Nello Mainolfi: As I said in the past, we don't expect to see single agent activity in solid tumors, as we haven't seen preclinically, but we're evaluating the biomarker, the Tumor Biomarker Effect, to then tie it to preclinical data that we've already demonstrated in this potential solid tumor combo opportunity. So that is one. And then obviously, having strong anti-tumor activity as a single agent in liquid tumors is important for two reasons. Because there are potential liquid tumor opportunities that are sizable enough to be interesting, but also to confirm that the drug is active, and it's worthwhile further investment in expanding the opportunity.
Nello Mainolfi: In solid tumor hasn't we haven't seen pre clinically, but where we're evaluating.
Nello Mainolfi: This biomarker.
Nello Mainolfi: The tumor biomarker.
Nello Mainolfi: Effect to tie with preclinical data that we've done that.
Nello Mainolfi: We've already.
Nello Mainolfi: <unk> demonstrated the indeed in this potential solid tumor combo post to them. So that is one and then obviously, having strong antitumor activity as a single agent in the tumor is important for two reasons one.
Nello Mainolfi: Because there are potentials liquid tumor opportunities that are sizable enough.
Nello Mainolfi: To be interesting, but also to confirm that the drug is active.
Nello Mainolfi: Worthwhile further investment in.
Nello Mainolfi: In expanding the opportunity yeah, do you want to comment a bit on the expectations for.
Jared A. Gollob: Jared, do you want to comment a bit on the expectations for EHOP? Sure. We call that an asterisk.
Jared A. Gollob: Sure. Recall that at ASH this past December, we presented data on 29 patients that we had enrolled so far, and we showed very encouraging safety data, which was allowing us to continue to dose escalate. We showed very strong pharmacodynamic data, including strong stashery knockdown in blood and tumor, as well as strong immunomodulatory effects in blood and tumor, such as that interferon gamma response that was predictive of potential combination with anti-PD-1. And we also showed these promising clinical responses in CTCL, as well as in Hodgkin's lymphoma.
Jared A. Gollob: Sure.
Jared: All that at Ash. This past December we presented data on 29 patients that we had enrolled so far and we show very encouraging safety data, which was allowing us to continue to dose escalate. We show a very strong pharmacodynamic data, including strong stands to be knocked down in blood and tumor as well as strong he'd be the monitory effect.
Jared A. Gollob: And blood and tumor such as that interferon gamma responses that was predictable potential in combination with anti PD, one and we also show these promising clinical responses in <unk> as well as in Hodgkins lymphoma. So the aim for.
Jared A. Gollob: So the aim for the EHOP presentation is really to build on that as we continue to dose escalate, to provide further data around safety as we've been dose escalating, to provide additional pharmacologic data on target knockdown and immunomodulation in blood and whatever we may have in tumor, and to provide additional clinical response data. Again, as we said, this is meant to be a clinical update, and then later in the year, once we anticipate completing dose escalation, to provide a final data set at a medical meeting later in 2024.
Jared A. Gollob: Our presentation is really to build on that as we've continued to dose escalate to provide further data around safety as you've been dose escalating.
Jared A. Gollob: By additional.
Jared A. Gollob: Pharmacologic data on target knockdown in immune modulation.
Jared A. Gollob: And whenever you make the tumor.
Jared A. Gollob: He will provide additional clinical response data.
Jared A. Gollob: Yeah again as you said that this is meant to be a clinical update and then the plan would be and then later in the year, we anticipate completing dose escalation to provide a final data set at a medical meeting later in 2024.
Speaker Change: Thank you.
Speaker Change: Thank you.
Operator: Thank you. The next question is from the line of Thomas Smith from V-Ring Partners. Please go ahead.
Jared A. Gollob: Next question is from the line in Las Palmas Smith from Leerink Partners. Please go ahead.
Thomas Smith: Good morning, It's just natural answer on Photonics Ned Thanks for taking the question you have to Boston Ini.
Thomas Smith: Good morning, this is Matt Jones with Arnford Toms-Smith. Thanks for taking the questions we have, too, both in I&I. So the first one is, like, what's the getting factor to initiate a Phase I trial for KT621? And what data can we expect from the readout, estimated in the first half of 2025, to help prioritize the indications for the subsequent development in I&I indications?
Thomas Smith: First one it's like what's the gating factor to initiate a phase one trial for <unk> six to one and what data can we expect from the readout, which is paid in first half 'twenty five halfway.
Thomas Smith: Hari type of indications for the subsequent development and application.
Speaker Change: Okay, great. So so as we've said.
Nello Mainolfi: Okay, great. So, we said on the call today and in the press release, so we're in IND-enabling studies, and we're going to leave it at that. We don't usually provide a specific update on where exactly we are in the process. So, you know, obviously, completing that phase, finding an IND, and initiating phase one is... In terms of indication prioritization for STAT6, I think the only thing I would say is, as we've said in the past also, we are focused on getting this drug to as many patients as possible, starting with large indications where we've seen injectables can really have low penetration for many, many reasons. So I would say we're prioritizing the larger indications, but that doesn't mean we will not pursue others. I think that will happen, but probably in a different stage.
Nello Mainolfi: On the call today and in the press release, the wording in IND, enabling studies.
Nello Mainolfi: You know, we're going to leave it at that we don't usually provide a strategic update on where exactly we are in the process. So.
Nello Mainolfi: So you know obviously completing that be finding an IV and initiating phase one.
Nello Mainolfi: Splits between us and that.
Nello Mainolfi: In terms of Ah indication prioritization for stop fees.
Nello Mainolfi: I think the only thing I would say as we've said in the possible sale.
Nello Mainolfi: We are focused on getting this drug to as many patients as possible and starting with <unk>.
Nello Mainolfi: A lot of indications, where we've seen the injectables can really really has low penetration for many many reasons. So I would say we're prioritizing.
Nello Mainolfi: Larger indications, but that doesn't mean, we will not pursue others.
Nello Mainolfi: I think they did that.
Nello Mainolfi: That will happen, but just be made.
Nello Mainolfi: There's probably a different stage gauge and measure.
Speaker Change: Got it and probably Iowa for program with data expected in first half of next year.
Nello Mainolfi: Got it. And for the Iowa Actual Program, with data expected in the first half as well as next year, Sonofi will make the decision of going forward or not, but you also have an opt-in decision, like how are you approaching the opt-in and what do you need to see to make a decision?
Speaker Change: So I don't think it will make the decision of going forward or not.
Nello Mainolfi: We also have an opt in decision by how you're approaching the opt in and what do you need to see to make a decision.
Speaker Change: Yeah. So.
Nello Mainolfi: Yeah, so after Phase 2 but before Phase 3, so Phase 3 needs to be in the planning stage when we will have the opportunity to decide to opt in or not. And the decision will be based on obvious reasons, the excitement we have around the opportunity with the drug, the investment that we have across our pipeline, and the cash needs that will be needed across the investments across our pipeline. I would say, maybe naively, you know, the best case is if the drug is active as we expected it would be, it would be value accruing for us to opt in, and so it would probably be an easy decision to make. But, as you know, it's hard to make decisions in a vacuum, so when we're there, we will make the decisions based on all the other parameters I mentioned.
Nello Mainolfi: The phase two that before phase three.
Nello Mainolfi: So with phase III needs to be in the planning stage when we will have the <unk>.
Nello Mainolfi: Those two need to decide to opt in or not.
Nello Mainolfi: And you know the decision would be based on no obvious reasons.
Nello Mainolfi: Excitement, we have around the opportunity with the drug.
Nello Mainolfi: The investment that we have across that pipeline.
Nello Mainolfi: Cash need that would be needed across the investments across our pipeline I would say maybe that he believes that the base case, if the drug is active as we expected it would be it would be value accretive for us to update and so you would be probably an easy decision to make but you know you talked to make decisions.
Nello Mainolfi: In a vacuum so one would then we will make the decisions based on all the other parameters I mentioned.
Speaker Change: Thank you next question is from the line of comfort ROI it from.
Operator: Thank you. The next question is from the line of Vikram Purohit from Morgan Stanley. Please go ahead.
Vikram Purohit: From Morgan Stanley. Please go ahead.
Vikram Purohit: Hi, good morning, Thanks for taking our questions. So we also had a couple of questions on 474.
Vikram Purohit: Hi, good morning. Thanks for taking our questions. So we also had a couple of questions on 474. Apologies if you mentioned this in your of Should we hold the expectation that the HS and AD datasets would come together, or is that not necessarily the case? And if you have any visibility at this point on which venues or which forms might be appropriate to showcase those datasets, that would be a helpful call to get from your perspective. Thanks.
Vikram Purohit: Apologies if you mentioned this in your and your.
Vikram Purohit: Prior Q&A and we missed it but we were just curious on how you intend to pay that kind of thinking about indication expansion for 74 beyond HSN, a D and when some of those decisions could be made and how youre thinking about them for the time being ahead of.
Speaker Change: Yeah, just in 80 datasets coming in the first half of next year and then secondly on a more logistical point.
Vikram Purohit: Should we hold the expectation that the HSN 80 datasets would come together or is that not necessarily the case and if you have any visibility at this point on.
Vikram Purohit: Which which venues or which ones might be appropriate.
Vikram Purohit: Corporate to showcase those datasets that would be a helpful color to get from your perspective. Thanks.
Speaker Change: Thanks, Vikram you got three questions in one.
Nello Mainolfi: Thanks, Vikram. You got three questions in. Well done! So let's start with the last one. It's hard for us to know actually both the timing and where. You know, as the program's timelines have been presented on clinicaltrial.gov with disclosures from both Sanofi and us, we see that both studies should be able to read out in the first half of 2025. I still feel we're too early to know, you know, whether they'll be disclosed together or separately. And so, you know, give us more time. I think when we're closer, we might be able to answer that question.
Nello Mainolfi: So the fact that with the last one.
Nello Mainolfi: You know it's.
Nello Mainolfi: Hard for us to know as to both the timing and where.
Nello Mainolfi: You know I said that.
Speaker Change: Programs' timelines have been presented to the clinical trials on goggle disclosures from books out of you announced you know we're seeing that both studies should be able to read out in the first half with 25.
Nello Mainolfi: I I I still feel we're too early to know whether there'll be glued together or separately.
Nello Mainolfi: And until you give us more time if people when we're closing we might be able to answer that question.
Nello Mainolfi: In terms of the indication expansion... As I said, in the past, Sanofi and Chimera have worked diligently on evaluating many other opportunities. Many of these are obvious other indications that this biology has been validated in or known to be relevant. I think there is sensitivity about disclosing what they are, just because I think the team right now is focused on executing on these studies. I believe Sanofi will be the one maybe disclosing other indications first, and then we'll be happy to provide more color.
Nello Mainolfi: In terms of the indication expansion.
Nello Mainolfi: Right.
Nello Mainolfi: In the past we've.
Nello Mainolfi: <unk> came in at work diligently on evaluating many other opportunities.
Nello Mainolfi: Many of these are all views are there indications that these biology is being validated.
Nello Mainolfi: No one could be medicine.
Nello Mainolfi: I think the sensitivity about disclosing what they are just because I think the team right. Now is focused on executing on these studies I believe China will be the one.
Nello Mainolfi: Maybe disclosing other indications first and then we'll be happy to provide more color in terms of.
Nello Mainolfi: In terms of timing, again, I can't speak for them, but let's say for now that we're focused on executing on these studies, and I believe this is a personal opinion. As we get through some of these inflection points, we'll be able to share more. Got it. Thank you. Thank you. The next question is from the line of Geoff Meacham from...
Nello Mainolfi: Timing again, I can't speak for them, but let's.
Nello Mainolfi: Let's say for now we're focused on executing on these studies.
Nello Mainolfi: And and I.
Nello Mainolfi: I believe the personal opinion, you know as we get through some of these inflection points will be able to share more.
Nello Mainolfi: Got it thank you.
Nello Mainolfi: Thank you. The next question is from the line of Geoff Meacham from Bank of America. Please go ahead.
Operator: Thank you. The next question is from the line of Geoff Meacham from Bank of America. Please go ahead.
Geoffrey Meacham: Hey, Thank you. So I guess I have a quick question on given capital constraints do you think that there's a scenario where you guys might partner out some of your oncology assets like what factors would be taken into consideration.
Geoffrey Meacham: Are you, adding the potential for a partnership.
Geoffrey Meacham: Yeah. So thanks for the question so generally as we said.
Geoffrey Meacham: Yeah, so thanks for the question. So generally, as we've said, we believe, you know, partnering is... An option to continue to grow the company and needs to serve a purpose. You know, rarely...
Geoffrey Meacham: We believe partnering.
Geoffrey Meacham: Yeah.
Geoffrey Meacham: An option to continue to grow the company needs to serve a purpose.
Geoffrey Meacham: You know rarely.
Nello Mainolfi: Rarely, not always, but rarely, would I say that finances drive partnerships, but it has to be really just finances only, right? There will have to be a win-win opportunity. I think partnering in oncology is something that, you know, we've discussed in the past; it might be something that we'd be open to doing for some of our oncology programs. I just can't speak to specifics, given that, you know, we're still in the midst of generating important data that will, first of all, tell us the level of commitment that can stand on its own once we invest in this program.
Geoffrey Meacham: Rarely not always they rarely I would say that that financial drive partnerships, but you know it has to be really.
Nello Mainolfi: Financials, only right they will have to be a win win.
Nello Mainolfi: Community.
Nello Mainolfi: I think you know the partnering in oncology is something that we've discussed in the past it might be something that we'd be open to do for some of our oncology programs I just can't speak to specifics given that you know we're still in the midst of generating important data and that will that will the principle of pellets.
Nello Mainolfi: The level of commitment that came there on its own wants to invest in the program. After that we'll be able to have a clear view of you know, what's the best path for value creation for oncology pipeline.
Nello Mainolfi: I think after that we'll be able to have a clearer view of, you know, what's the best path for value creation for our oncology practice. And, as always, there are always partnership needs. What are your BED priorities for this year?
Nello Mainolfi: Okay.
Nello Mainolfi: There's always the partnership piece.
Nello Mainolfi: It is a tool that any company should use to think about long term value creation as we can reinvent the wheel in everything with program.
Speaker Change: Okay, Great and then what are your priorities for this year.
Nello Mainolfi: Alright, see you later again. Yeah, business development. Yeah, I mean, I think I've answered that question already.
Speaker Change: Yeah. This is development.
Speaker Change: Yeah, I mean, I think I.
Nello Mainolfi: I've answered that question already.
Speaker Change: Next question.
Nello Mainolfi: Thank you. The next question is from the line of Kelly she'd from Jefferies. Please go ahead.
Operator: Thank you. The next question is from the line of Kelly Sheed from Geoffrey. Please go ahead.
Kelly Sheed: Thank you for taking my questions. I also have a question about the IRAC4 program. We see clinical development expanding in this space, and oral agents like JAK inhibitors and BTK inhibitors are showing interesting advocacy. I'm curious, how should IRAC4 degrader be positioned to other oral therapeutic candidates? What would be the differentiated clinical features to be anticipated based on targeting strategy and also the MOA of the degrader design?
Kelly Sheed: Thank you for taking my questions also have a culture, Oh I felt that I always say to clinical development.
Kelly Sheed: Bundle in golf ball and our agents are like a JAK inhibitor.
Kelly Sheed: Typical habitat, especially intra Africa and I'm curious how should I, that's far greater because both of them back to our Oh comparable what would it be that differentiate our clinical ASO tractable uncollectible identical panel probably probable and also.
Speaker Change: Oh, that's a great idea.
Speaker Change: So it was a big the sound was not great, but maybe if I understood correctly, you were talking about how does the derrick for compared to like other small molecule that Jack.
Nello Mainolfi: So, it was a bit, the sound was not great, but maybe if I understood correctly, you were talking about how the Xerox 4 is compared to other small molecules like JAK or PTK. Maybe there is, you know, Jared, do you want to?
Jared: Me neither.
Speaker Change: Joe do you want to.
Jared A. Gollob: Yeah, I mean, I think certainly the differentiation, you know, is there potentially, you know, both for efficacy based on the mechanism as well as on safety. You know, the 474, you know, IRAC4 degrader, because it's impacting, you know, the IL-1 receptor pathway as well as the E. coli receptor pathway, has the ability to impact multiple different proinflammatory cytokines, you know, essentially with a single compound, whereas many other agents, you know, in the I and I space, targeted agents in particular, have a more restricted effect on all of these proinflammatory cytokines, and so the broader effect on multiple different cytokines we think can give us broader development opportunities within autoimmune and autoinflammatory diseases, I think that is one important differentiating factor. I think the safety factor is something which also, you know, can't be overlooked.
Jared: I think some of that yeah, I mean, I think certainly the differentiation.
Jared A. Gollob: Is there potentially you know both for efficacy based on the mechanism as well as on safety.
Jared A. Gollob: We know that 474, Iraq for greater because it's impacting you know.
Jared A. Gollob: The IL, one receptor pathway as well as the toll like receptor pathway.
Jared A. Gollob: The impact multiple different pro inflammatory cytokines, you know essentially with a single compound, whereas many other agents.
Jared A. Gollob: My space targeted agents in particular I have a more restricted effect on all of these pro inflammatory cytokines have been broader effect on multiple different cytokines. If you can give us a broader development opportunities within automotive and automotive declamatory diseases. I think that is one important differentiating factor I think the safety factor.
Jared A. Gollob: Something which also cant be overlooked.
Jared A. Gollob: You know, we've presented before or summarized before the fact that there are adult human IRAC4 genetic knockouts who in adulthood do not have any phenotype or any susceptibility to infection, and so I think being able to potentially maximize knockdown of IRAC4 chronically to essentially optimize efficacy without compromising safety is a real central game changer in differentiating factors from other drugs, like JAK inhibitors, for example. JAK inhibitors, you know, do have broad anti-inflammatory effects, but they have significant safety liabilities in terms of risk of infection, risk of cytopenias, and risk of malignancies.
Jared A. Gollob: Because that did before or summarize before the fact that there are adults and then you know Iraq, where no genetic knockout who in adults, who do not have any phenotype or any just have the ability to infection and so I think being able to potentially maximize knockdown of Iraq for chronically.
Jared A. Gollob: To essentially optimize efficacy without compromising safety I think it's a real simple game changer and differentiating factor from other drugs like JAK inhibitors. For example, JAK inhibitors do have.
Jared A. Gollob: Broad anti inflammatory effects that they have significant safety liabilities in terms of just cause infection risk of cytopenia as risk of malignancies.
Jared A. Gollob: That is not something that has been seen, you know, in either human IRAC4 knockout individuals or even in preclinical studies, and so I think this ability to potentially really strongly degrade and knockdown IRAC4 chronically to maximize efficacy while not, you know, having any safety issues could really allow this drug to be broadly developed across multiple different indications, not just in moderate to severe patients but also in milder patients. I think this really provides an option that, you know, really can't be seen or challenged by other modalities, and so we think that this is one of the real value propositions of 474, both the differentiation potentially on the efficacy standpoint as well as on the safety standpoint.
Jared A. Gollob: That is not something that has been seen.
Jared A. Gollob: Either human Iraq, where knockdown.
Jared A. Gollob: Individuals or even in preclinical studies and so I think this ability to potentially I'm really strongly degraded knockdown, Iraq, where chronically to maximize efficacy while not having any safety issues could really allows is thought to be broadly developed across multiple different indications also not just the moderate to severe patients.
Jared A. Gollob: With milder patients I think that's really provides an optionality.
Jared A. Gollob: That really cant be.
Jared A. Gollob: <unk> worked with challenged by other modalities and so we think that this is what is the real value proposition of <unk>.
Jared A. Gollob: For both the differentiation potentially efficacy standpoint, as well as on the safety standpoint.
Operator: Terrific. Thank you.
Speaker Change: Terrific. Thank you.
Operator: Yes.
Geoff Jones: Thank you. The next question is from the line of Geoff Jones from Oppenheimer. Please go ahead.
Operator: The next question is from the line of Jeff Jones from Oppenheimer. Please go ahead.
Geoff Jones: Good morning, guys and thanks for taking the question just two quick ones from us.
Geoff Jones: Good morning, guys, and thanks for taking the questions. Just two quick ones from us.
Geoff Jones: There's some evidence of improved efficacy in targeting IL-17A and F versus just IL-17A a la BIMI versus Secchia Kenyamab. And could you comment on whether targeting IRAC-4 would be expected to impact the pathway for both forms? Just a technical question. And then, on the financial side, how should we be thinking about the Sanofi collaboration revenues going forward versus milestone payments? Thanks.
Geoff Jones: There is some evidence of an improved efficacy and targeting IL 17, and apps versus just IL 17.
Speaker Change: Uh huh.
Geoff Jones: Versus second can Ya man and could you comment on whether targeting Iraq for would be expected to impact the <unk>.
Geoff Jones: Pathway for both forms just a technical question and then on the financial side.
Geoff Jones: How should we be thinking about the Sanofi collaboration revenues coming for versus.
Geoff Jones: Millstone payments thanks.
Jared A. Gollob: All right, so Jared will take this first, and then you.
Speaker Change: Alright, so jasmine would take the third.
Jared: Yeah, I think the question around you know the activity I'd say IL 17, 80 S targeting versus a especially in light diseases like Hs, where there may be an advantage I think sort of broadly speaking further I think speaks to the advantage of having a broader anti inflammatory effect versus the more restricted what I mean here is still restricted to IL 17.
Bruce N. Jacobs: Yeah, I think the question around, you know, the activity of, say, IL-17 AF targeting versus A, especially in diseases like HS, where there may be an advantage, I think, sort of, more broadly speaking, which speaks to the advantage of having a broader anti-inflammatory effect versus a more restricted one. I mean, here, it's still restricted to IL-17, but being able to hit the A and F isoforms rather than just A is already showing you that if you broaden out the impact, we can potentially increase efficacy.
Bruce N. Jacobs: But being able to hit the eight F. I used it for them rather than just a it's already showing you that he broadened out the impact we potentially can increase efficacy now even though Iraq for it does that specifically targets. The IL 17 pathway, we know that by impacting the IL, one family static pie and pathways as well as the toll like receptor.
Bruce N. Jacobs: Now, even though IRAC-4 does not specifically target the IL-17 pathway, we know that by impacting the IL-1 family cytokine pathways, as well as the tolerant receptor pathways, we do impact IL-17 production. And while we haven't looked specifically at A versus F isoforms, we would assume that that impact is probably broad across multiple different IL-17 isoforms. And so, I think it comes back to the point I was making earlier, which is that having a drug that has a broader anti-inflammatory effect within these autoimmune diseases that have very pleiotropic inflammation, and that includes, you know, both HS and AD and many others, is an advantage. And I think the 17 AF versus A is just another way to sort of highlight the advantage of going broader and having more efficacy versus being more restricted and narrow.
Bruce N. Jacobs: We do impact IL 17 production.
Bruce N. Jacobs: And while we haven't looked specifically at eight versus isoform, we would assume that that in fact, it's probably brought across multiple different IL 17, Isa form and so I think to come back to the point I was making earlier, which is that having a drug that has a broader anti inflammatory effect within these autoimmune diseases that have very clear trophic information that include both H F and.
Bruce N. Jacobs: And many others is an advantage and I think the 17 a effort. It's just another way to sort of highlight the advantage of going broader than having more efficacy versus being more restricted and narrow.
Speaker Change: And Jeff just to answer your question on revenues, while we don't obviously guide to collaboration revenues you can see in our balance sheet. The deferred revenue number it's just over $46 million. That's the amount of revenue we expect to recognize over the near term as we fulfill our performance obligation.
Bruce N. Jacobs: And Geoff, just to answer your question on revenues, while we obviously don't guide to collaboration revenues, you can see in our balance sheet the deferred revenue number. It's just over 46 million. That's the amount of revenue we expect to recognize over the near term as we fulfill our performance obligation. The inclusion, though, of additional milestones; there are no additional milestones included in that number. So anything that is achieved with respect to future milestones will be largely recognized at that point in time. So that's what I can tell you about that. Great. I appreciate it, guys.
Bruce N. Jacobs: The inclusion, though additional milestones there theres no no additional milestones are included in that number so anything that is achieved.
Bruce N. Jacobs: With respect to future milestones both would be largely recognized at that point in time. So that's what I can tell you on that.
Bruce N. Jacobs: Great I appreciate it guys.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: This concludes our question and answer.
Justine E. Koenigsberg: This concludes our question and answer session. I would like to turn the conference back over to Justine Koenigsberg for closing remarks.
Justine E. Koenigsberg: I would like to turn the conference back over to Justine Koenigsberg for closing remarks.
Justine E. Koenigsberg: Okay. Thank you and we'd like to thank everyone for joining us this morning, and look forward to keeping you updated on our progress later this month, we'll be participating at the Bofa conference and hope to see many of you there.
Operator: Okay, thank you. We'd like to thank everyone for joining us this morning and look forward to keeping you updated on our progress. Later this month, we'll be participating in the BofA conference and hope to see many of you there. In the meantime, please don't hesitate to reach out if there are additional questions following today's call. Thank you. This concludes today's call.
Operator: Meantime, please don't hesitate to reach out if there are additional questions. Following today's call. Thank you.
Operator: Today's call.
Operator: Thank you.
Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Goodbye.
Operator: Conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Operator: Goodbye.
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