Q1 2024 Lantern Pharma Inc Earnings Call
Throughout the meeting.
Operator: as an attendee and will be muted throughout the meeting. Good afternoon, and welcome to our first quarter 2024 earnings call. As a reminder, this call is being recorded, and all attendees are in a listen-only mode. We will open the call for questions and answers after our management's presentation. A webcast replay of today's conference call will be available on our website at lanternpharma.com shortly after the call. We issued a press release after the market closed today, summarizing our financial results and progress across the company for the first quarter ended March 31st, 2024.
And welcome to our first quarter 'twenty 'twenty four earnings call.
Operator: As a reminder, this call is being recorded and all attendees are in a listen only mode.
Operator: We will open the call for questions and answers after our managements presentation.
Operator: <unk> cast replay of today's conference call will be available on our website Atlanta and pharma dotcom shortly after the call.
Operator: We issued a press release after market close today summarizing our financial results and progress across the company for the first quarter ended March 31st 2024.
Operator: A copy of this release is available through our website at lanternpharma.com, where you will also find a link to the slides management we'll be referencing on today's call. We would like to remind everyone that remarks about future expectations, performance, estimates, and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Lantern Pharma cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated.
Operator: A copy of this release is available through our website at lantern pharma Dot Com, where you will also find a link to the slides management will be referencing on today's call.
Operator: A number of factors could cause actual results to differ materially from those indicated by forward-looking statements, including results of clinical trials and the impact of competition. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in our annual report on Form 10-K for the year ended December 31, 2023, which is on file with the SEC and is available on our website. Forward-looking statements made on this conference call are as of today, May 9, 2024, and Lantern Pharma does not intend to update any of these forward-looking statements to reflect events or circumstances that occur after today, unless required by law.
Operator: We would like to remind everyone that remarks about future expectations performance estimates and prospects constitute forward looking statements for purposes of Safe Harbor provisions under the private Securities Litigation Reform Act of 1995.
Operator: Lantern pharma cautions that these forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated.
Operator: A number of factors could cause actual results to differ materially from those indicated by forward looking statements, including results of clinical trials and the impact of competition.
Operator: Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements can be found in our annual report on Form 10-K for the year ended December 31, 2023, which is on file with the SEC and available on our website.
Operator: Forward looking statements made on this conference call are as of today May nine 2024, and lantern pharma does not intend to update any of these forward looking statements to reflect events from circumstances that occur after today unless required by law.
Operator: The webcast replay of the conference call and webinar will be available on Lantern's website. On today's webcast, we have Lantern Pharma CEO Panna Sharma and CFO David Margrave. Panna will start things off with an overview of Lantern's strategy and business model and highlight recent achievements in our operations, after which David will discuss our financial results. This will be followed by some concluding comments from Panna, and then we'll open the call for Q&A. I'd now like to turn the call over to Panna Sharma, president and CEO of Lantern Pharma. Panna, please go ahead.
Operator: The webcast replay of the conference call and webinar will be available on <unk> website.
Speaker Change: On today's webcast, we have lantern pharma CEO honest Sharma and CFO David Margrave.
Operator: Arnaud will start things off with an overview of landrum strategy and business model and highlight recent achievements in our operations.
Operator: After which David will discuss our financial results.
Operator: This will be followed by some concluding comments from partner and then we'll open the call for Q&A.
Panna Sharma: I'd now like to turn the call over to Paula Sharma.
Operator: <unk> and CEO of Lantern pharma.
Operator: Please go ahead.
Panna Sharma: and Good afternoon, everyone. Thank you for joining us to hear about the productive first quarter of 2024 and our financial results as well as other corporate progress. As many of you have heard me say in the past, computational and AI-driven approaches are increasing their presence and usage at both large and emerging pharma companies for all facets of drug discovery and development. At no time has this been more evident than now, in early 2024, when every facet of pharma development, from the design of molecules, to disease modeling, to simulations, and even areas like manufacturing and clinical trial recruiting are being rethought as a result of the widespread availability of computational capabilities, high-quality data, and automation.
Operator: Thanks.
Panna Sharma: Good afternoon, everyone and thank you for joining us.
Panna Sharma: Here are a productive first quarter of 2024, and our financial results as well as other corporate progress.
Panna Sharma: As many of you have heard me say in the past.
Panna Sharma: Computational and AI driven approaches are increasing their presence in usage at both large and emerging pharma companies for all facets of drug discovery and development at no time has this been more evident than now and early 2024, where every facet of pharma development from design of molecules to disease model.
Panna Sharma: Ling.
Panna Sharma: Two stimulations and even in areas like manufacturing and clinical trial recruiting are being rethought as a result of the widespread availability of computational capabilities high quality data and automation.
Panna Sharma: Our company's leadership in the innovative use of AI and machine learning to transform costs and timelines for the development of precision oncology therapies should yield significant returns for investors and patients as our industry matures and adopts an AI-centric, data-first approach to drug development. We recently demonstrated this with our newly formed collaboration with Oregon Therapeutics, where we will help them accelerate their path to the clinic and also receive upside in benefits as a result of the insights and IP from the collaboration.
Panna Sharma: Our company's leadership and the innovative use of AI and machine learning to transform costs and timelines and the development of precision oncology therapies should yield significant returns for investors and patients as our industry matures and adopts an AI centric data first approach to drug development.
Panna Sharma: We recently demonstrated this with our newly formed collaboration Oregon Therapeutics, where we will help them accelerate their path to the clinic.
Panna Sharma: And also received outside and benefits as a result of the insights and IP from our collaborations we expect more activity in deals where we can continue to use our AI platform radar as currency for collaborations partnerships and co development opportunities.
Panna Sharma: We expect more activity and deals where we can continue to use our AI platform radar as currency for collaborations, partnerships, and co-development opportunities. 2023 was a transformational year for Lantern Pharma across many measures, and I shared that with all of you who listened in on our March 18 earnings call.
Panna Sharma: 2023 was a transformational year for lantern pharma across many measures and I shared that with all of you who listened in on our March 18th earning call earnings call.
Panna Sharma: But so far in this quarter, we continue to see the pace of progress, and this includes across our entire three AI-guided molecules that are now in clinical trial. LP184, LP284, and LP300, and each one of them is in areas of high unmet need, with LP184 on track for a clinical readout later this year, we expect in late summer or early fall.
Panna Sharma: But so far in this quarter, we continue to see the pace of progress and this includes <unk>.
Panna Sharma: Across our entire three AI guided molecules that are now in clinical trials <unk> hundred 84, <unk> hundred 84, and <unk> 300, and each one of them is in areas of high unmet need.
Panna Sharma: With <unk> 84 on track for a clinical readout later this year, we expect in late summer early fall.
Panna Sharma: Some of the other highlights besides 184 and 284 include obtaining regulatory allowances to begin our phase two in Japan and Taiwan, where we expect more rapid enrollment, especially since 30 to 35 percent of all lung cancer cases occur in never smokers in those countries. We've so far had a great safety profile with phase one clinical trials for both of our synthetic lethal drug candidates, LP184 and 284. They continue to advance in cohorts, but we've seen no dose-limiting toxicities in any of the cohorts enrolled in doses to date. These two drugs combined have annual global sales potential of over $12 billion.
Panna Sharma: Some of the other highlights and besides 184 and <unk> 84 include.
Panna Sharma: Obtaining regulatory allowance to begin our phase two in Japan, and Taiwan, where we expect.
Panna Sharma: More rapid enrollment, especially since 30% to 35%, although lung cancer cases, the current never smokers in those countries.
Panna Sharma: So far I had a great safety profile with the phase one clinical trials for both of our synthetic lethal drug candidates <unk> 104 in two weeks before they continued to advance and cohorts, but we've seen no dose limiting toxicities in any of the cohorts enrolled and dosed to date. These two drugs combined have annual global sales.
Panna Sharma: Potential of over $12 billion.
Panna Sharma: We're also advancing Starlight, it's our subsidiary, focused on CNS and brain cancers with STAR-001. We filed a clinical trial protocol for the phase 1b dose optimization and expansion cohort in a very malignant form of brain cancer, recurrent IDH wild type, a high-grade glioma. We also have ongoing advancements in our AI-powered module for ADC development, where we can streamline and guide the differentiated development of new ADCs, which will be instrumental in the next generation of drug candidates, not only for our industry but also for Lantern Pharma and our collaborators.
Panna Sharma: We're also advancing Starlight, so our subsidiary focused on CNS and brain cancers with star double below one we filed a clinical trial protocol for the phase <unk> dose optimization and expansion cohort and are very malignant form of brain cancer recurrent <unk> wild type high grade Gliomas.
Panna Sharma: <unk> had ongoing advancements in our AI powered module for ADC development, where we can streamline and guide the differentiated development of new Adcs, which will be instrumental in the next generation of drug candidates not only for our industry, but also for Atlanta, and pharma and our collaborators.
Panna Sharma: And also, we established an AI-driven collaboration with Oregon Therapeutics, a very unique French biotech that's using a very unique small molecule to transform cancer metabolism. We'll be leveraging radar there for this novel first in class inhibitor. So, let's talk a little bit first about our pipeline.
Panna Sharma: And also we established an AI driven collaboration with Oregon Therapeutics, a very unique French biotech that's using a very unique small molecule to transform cancer metabolism, we will be leveraging radar. There for this novel first in first in class inhibitor.
Panna Sharma: Let's talk a little bit first about our pipeline.
Panna Sharma: Many of the initial observations that were made with the help of radar are now being witnessed in the clinic. As many of you know, RADAR has guided the rapid and efficient development of our three AI-guided drugs into clinical trials at a pace and cost that is traditionally unheard of in our industry. Let me walk you through some of the highlights of our portfolio before I start talking about Starlight and our emerging portfolio in ADCs with LP184.
Panna Sharma: Any of the initial observations that were made with the help of radar are now being witnessed in the clinic.
Panna Sharma: As many of you know radar has guided the rapid and efficient development of our three AI guided drugs into clinical trials at a pace and cost that is traditionally unheard of in our industry.
Panna Sharma: Let me walk you through some of the highlights of our portfolio before I started talking about star light and our emerging portfolio in adcs.
Panna Sharma: With <unk> 184.
Panna Sharma: First, many clinicians are particularly excited about and interested in the programs for these first-in-human synthetically lethal drug candidates. We've now gone through five cohorts of patients in LP184 comprised of dose levels 1 through 5 in escalating doses. We're now in dose level 6. This is a first-in-human Phase I trial across multiple solid tumor indications, and these solid tumors are typically advanced or refractory to existing standards of care therapy. In fact, the trial is now enrolling at DOS level 6, and these are typically about.
Panna Sharma: First.
Panna Sharma: Many clinicians are particularly excited about and interested in the programs for these first in human synthetically lethal drug candidates we have now.
Panna Sharma: <unk> gone through five cohorts of patients in <unk> hundred 84.
Panna Sharma: Comprised of dose levels, one through five and escalating doses, we're now in dose level six.
Panna Sharma: This is a first in human phase one trial across multiple solid tumor indications and these solid tumors are typically advanced or refractory to existing standard of care therapies.
Panna Sharma: In fact, the trial is now enrolling a dose level six.
Panna Sharma: And these are typically about.
Panna Sharma: What we've seen so far, median prior lines of therapy have been about four lines of prior therapy for these patients, and so far, again, no observed dose-limiting toxicities. The company believes that enrollment should be complete this summer and on track for readout of the data soon thereafter.
Panna Sharma: What we've seen so far median prior lines of therapy had been about four lines.
Panna Sharma: <unk> therapy for these patients and so far again, no observed dose limiting toxicities. The company believes that enrollment should be complete this summer and on track for re out of date of the data soon thereafter, our current enrollment efforts are.
Panna Sharma: Our current enrollment efforts are focused especially on cancer patients that have DNA damage repair deficiency, or what we'll refer to as DDR-deficient tumors. For those of you that have looked at the press release, you probably saw that we had a great publication focused on DDR-deficient tumors and their sensitivity to LP184. But many of the genomic alterations, especially non-CNS solid tumors, include BRCA1 and 2, P10, PRK, DC, ATR, POL, ERCC6, ERCC3, FANCM, DDB1, SLX4, MLH3, MDC1. It's an alphabet soup.
Panna Sharma: Focus, especially on cancer patients that had DNA damage repair deficiency.
Panna Sharma: But what that tells us, most importantly, is there's a wide range of genomically defined tumors that we will include as the definition of DDR deficient. And many of these are already available in mutation and expression panels that are available today. Such great news. But also, what we've done is we've submitted supplements A and B to the FDA. These are both supplements to the FDA related to LP184.
Panna Sharma: What we'll refer to as DDR deficient tumors for those of you that have looked at the press release.
Panna Sharma: Supplement A is specifically focused on non-CNF solid tumors, including TNBC, and supplement B is a dose optimization and expansion protocol in recurrent IDH wild type. And that's Lantern in collaboration with Starlight.
Panna Sharma: You probably saw that we had a great publication.
Panna Sharma: Focused on DDR deficient tumors in their sensitivity to LP when it before.
Panna Sharma: But many of the genomic alterations.
Panna Sharma: Both especially non CNS solid tumors include BRCA, one and two P 10, PR K DC ATR poll Eic's six ARCC three fan cm DDB B, one <unk> four ml H III MDC, one its analysis alphabet soup, but what that tells us more.
Panna Sharma: Most importantly, it is a wide range of genomic we.
Panna Sharma: Define tumors that we will include.
Panna Sharma: As the definition of DDR deficient in many of these are already available in mutation in expression panels that are available today.
Panna Sharma: So that's great news.
Panna Sharma: But also what we've done is we submitted a supplemental <unk> in the supplement be these are both supplements to the FDA related to <unk> for a supplement a specifically focus and non CNS solid tumors, including TN BC and supplement B is also dose optimization and expansion protocol.
Panna Sharma: And recurrent <unk> wild type and Thats lantern in collaboration with Starwood.
Panna Sharma: So we're already beginning to plan for the next phases. We think we'll have some results to share and move these into some very, very targeted, extremely exciting indications. Genomic identification of these patients is important, and biomarker characterization of their underlying tumor is central to our focus on personalizing treatment and, more importantly, developing efficient later-stage clinical trials.
Panna Sharma: So we're already beginning to plan for the next phases. We think we'll have some results to share and movies into some very very targeted extremely exciting indications.
Panna Sharma: <unk> identification of these patients is important and biomarker characterization of their underlying tumor is central to our focus of personalizing treatment and more importantly, developing efficient later stage clinical trials.
Panna Sharma: To further this effort, we've also initiated the development of a PCR-based molecular diagnostic test that will help us in the identification of cancer patients with the highest likelihood of response. So I think we're making great progress with 1A4 across multiple measures. In 2A4, the initial two cohorts of patients have been dosed, and again, we see no dose-limiting toxicities so far in the Phase 1A clinical trial. We expect to continue opening up new sites.
Panna Sharma: To further this effort what we've done is also initiated the development of a PCR based.
Panna Sharma: Molecular diagnostic test that will help us.
Panna Sharma: In the identification of cancer patients with the highest likelihood of response.
Panna Sharma: So we think we're making great progress with 104 across multiple measures and <unk> for the initial two cohorts of patients have been dosed and again, we've seen no dose limiting toxicities. So far in the phase <unk> clinical trial, we expect to continue opening up new sites phase one for both $142 four.
Panna Sharma: Phase 1 for both 1A4 and 2A4 is a little bit staggered, with 2A4 a few months behind where we are with 1A4. But 2A4 has shown nanomolar potency across multiple in vivo studies, including mantle cell, double-hit lymphomas, advanced NHL cancer subtypes that are fairly aggressive, and also with certain sarcomas that have DDR deficiencies. With our drug LP300, it's a very unique drug candidate that is aimed at never smokers that have been impacted by non-small cell lung cancer. It's a growing problem, not only in the US but globally.
Panna Sharma: A little bit staggered with two eight for a few months behind where we are with 184.
Panna Sharma: But Q4 has shown in animal or potency across multiple <unk>.
Panna Sharma: In multiple in vitro and in vivo studies, including mantle cell double hit lymphoma.
Panna Sharma: Vance NHL cancer subtypes that are fairly aggressive and also with certain sarcomas that have DDR deficiencies.
Panna Sharma: With our drug <unk> 300, it's very unique drug candidate, which is aimed at never smokers.
Panna Sharma: That had been impacted by non small cell lung cancer, it's a growing problem not only in the U S, but globally and.
Panna Sharma: And we have been successful in achieving regulatory approval to commence our trials in Japan and Taiwan, where the incidence rate for non-small cell lung cancer is two and a half to three times that here in the US. That's going to help us accelerate the collection of patient and response data. And what that means is we'll get to some readouts quicker than we have experienced so far. We have also enrolled the help of one of the premier physicians and researchers focused on lung cancer at the National Cancer Center of Japan.
Panna Sharma: And we have been successful in achieving regulatory allowance to commensurate trials in Japan, and Taiwan, where the incidence rate for non small cell lung cancer is two five to three times.
Panna Sharma: Dr. Yoshio Goto and Dr. Goto will be our lead PI and collaborator and will be leading the phase two trial in Japan. We believe that this improves the positioning for LP 300 to develop collaborative and co-development partnerships with global biopharma companies, especially those that have a focus on serving the Asian market. Now, let's turn quickly to Starlight.
Panna Sharma: Here in the U S.
Panna Sharma: I can get us to accelerate the collection of patient and response data and what that means is we will get to some readouts quicker than we have experienced so far. We've also enrolled the help of one of the premier physicians and researchers focus on lung cancer at the National Cancer Center of Japan, Dr. Gass Yoshio Goto.
Panna Sharma: And Dr. <unk> will be our lead Pi and collaborator and will be leaving the phase II trial in Japan.
Panna Sharma: We believe that this improves the positioning for LP 300 to developed collaborative and co development partnerships with global Biopharma companies, especially those that are a focus to serve the Asian markets.
Panna Sharma: We've made some good progress on the launch of our clinical stage CNS and brain cancer focused subsidiary, Starlight Therapeutics. It's a company that has been largely developed as a result of data, and computational approaches to optimize and maximize our insights, and understand mechanisms. And these insights have allowed us to create a whole, what we think is a wholly new company, serving a tremendous need. Starlight and our new CMO, Dr. Chamberlain, continued advancements. They filed a clinical trial protocol for the phase one B dose optimization, which I mentioned earlier, supplement B, and expansion in recurrent IDH wild-type glioblastomas. IDH wild-type glioblastomas are the most malignant glial tumors with a median survival of about 15 months after diagnosis.
Panna Sharma: Let's turn quickly to Starwood, we make we've made some good progress on the launch of our clinical stage CNS in brain cancer focused subsidiaries Starwood therapeutics. It's a company that has been largely developed as a result of data.
Panna Sharma: So it's a really, really aggressive poor prognosis and very poor, even worse than that, in recurrent GBNs that are IDH-wild. So in addition to the GBM clinical trial, several other indications have been published on and could be pursued as part of Advancing Starlight. These findings, especially in brain mets for TNBC, brain mets in non-small cell lung cancer, especially those that are STK-11 or Kiatt mutant, and also in a number of pediatric sinus cancers, ATRT, where we've published with the NCI in a major publication in Frontiers in Cancer, and also diffuse midline gliomas, which include DIPG and other midline gliomas. Again, very poor outcomes.
Panna Sharma: So for us, Starlight's pipeline isn't just focused on one indication; it's focused on what we believe could be a cornerstone and focused on multiple CNN indications. Now, remember, this is a program that we've been able to develop at between a million and two million dollars per program. It's a milestone unheard of in the realm of oncology, drug discovery, and even drug manufacturing, and this was driven in large part due to our A.I.
Panna Sharma: Computational approaches to optimize and maximize our insights understand mechanisms and these insights have allowed us to create a whole what we think is a wholly new company serving them.
Panna Sharma: Tremendous need.
Panna Sharma: <unk> and our new CMO, Dr. Chamberlain continued advancements they filed a clinical trial protocol for the phase <unk> dose optimization that which I mentioned earlier supplement, beating and expansion and recurrent <unk> wild type high grade Gliomas.
Panna Sharma: H Wild type Glioblastoma are the most middle lignin Lille tumors with a median survival of about 15 months after diagnosis.
Panna Sharma: So it's a really really aggressive poor prognosis and very poor even worse than that in recurrent GBM.
Panna Sharma: But our <unk> wild type.
Panna Sharma: So in addition to the GBM clinical trial several other indications have been published on and could be pursued as part of advancing Starlight.
Panna Sharma: These findings, especially in brain Mets for <unk> brain Mets, and non small cell lung cancer, especially those that are SDK 11, or KIR mutant and also in a number of pediatric CNS cancers, HRT, where we published in the with the NCI at a major publication and frontier in cancer.
Panna Sharma: And also diffuse midline Leon loans, which include the IPG and other midline gliomas again very poor outcomes.
Panna Sharma: So for us <unk> pipeline.
Panna Sharma: It isn't just focused on one indication is focus on what we believe is could be a cornerstone and focused on multiple CNS indications.
Panna Sharma: This is a program that we've been able to develop is between $1 million and $2 million per program. Some milestone unheard of in the realm of oncology drug discovery, including drug manufacturing and this is driven in large part due to our AI centric business model. We think this is what more and more of the industry will adopt simply.
Panna Sharma: centric business model. We think this is what more and more of the industry will adopt simply because it massively compresses the timeline in early stage development, indication selection, mechanistic refinement, and biomarker signature creation. These are things that historically have taken years and years and quarters, and we can compress net, compress these down.
Panna Sharma: Because it massively compresses the timeline in early stage development indication selection mechanistic refinement and biomarker signature creation. These are things that historically have taken years and years and quarters compressed net compressed. These down. We've also made major progress in developing the next major leg of our discovery efforts.
Panna Sharma: We've also made major progress in developing the next major leg of our discovery effort, which will be focused on drug conjugates, including antibody drug conjugates. Specifically, we have cryptophycin linked to ADC. It's a very, very novel drug, novel payload, novel mechanism, which so far we're developing in collaboration with our partners in Germany. We'll talk about that later.
Panna Sharma: Which will be focused on drug conjugates, including anti body drug conjugates.
Panna Sharma: Specifically, we have the crypto Pfizer linked to ADC, it's very very novel.
Panna Sharma: Drug novel payload novel mechanism, which would which so far we are developing in collaboration with our partners in Germany, who will talk about that later in the call.
Panna Sharma: So we believe we continue to be a leader in this AI golden age that we're hitting in medicine. It's just the beginning. It's powered by large-scale, highly available computing power. It continues to morph and evolve literally every quarter.
Panna Sharma: So we believe we continue to be a leader in this AI Golden age that we're hitting in medicine. It's just the beginning it's powered by large scale highly available computing power. It continues to morph ewald with literally every quarter theres.
Panna Sharma: There's massive data that's available, and it's being fed by more high-quality healthcare data, high-quality patient and cancer biomarker data. And these capabilities are now being adopted by leading tech biocompanies like ourselves, but also, very importantly, biopharma is beginning to increasingly turn to them. We believe we're one of the leaders in this transformation, transforming the pace, the risk, and the cost of oncology drug discovery and development. This transformation has the promise not only to make medicines faster and cheaper, but also with greater precision for patients, and to change the direction of R&D productivity and, more importantly, add value to groups of cancer patients that today don't necessarily always have great medicine and great therapeutic opportunities. So let's turn our focus down to our financial update and highlights. So our CFO, David Margrave, we'll turn the call over to him, and David will walk us through our financials. Thank you, Panna.
Panna Sharma: There's massive data that's available.
Panna Sharma: There is being fed by more high quality health care data.
Panna Sharma: 40 patient in cancer biomarker data.
Panna Sharma: And these capabilities are now being adopted by.
Panna Sharma: Leading tech bio companies like ourselves, but also very importantly, biopharma is beginning to increasingly turned to it. We believe we're one of the leaders in this transformation.
Panna Sharma: At transforming the pace the risk and the cost of oncology drug discovery and development.
Panna Sharma: This transformation has the promise not only to make medicines faster and cheaper.
Panna Sharma: But also with greater precision for patients.
David R. Margrave: And change the direction of R&D productivity.
Panna Sharma: And more importantly add value to <unk>.
David R. Margrave: Groups of cancer patients that today don't necessarily always have great medicine, and great therapeutic options. So, let's turn our focus down to our financial update and highlights of our CFO, David <unk> will turn the call over to and David will walk us through our financials, David. Thank you Panna and good afternoon every.
David R. Margrave: Thank you, Panna, and good afternoon, everyone. I'll now share some financial highlights from our first quarter, which ended on March 31, 2024. We recorded a net loss of approximately $5.4 million for the first quarter of 2024, or 51 cents per share, compared to a net loss of approximately $3.9 million, or 36 cents per share, for the first quarter of 2023. For the first quarter of 2024, our R&D expenses were approximately $4.3 million, up from approximately $2.6 million for the first quarter of 2023.
Panna Sharma: One.
David R. Margrave: This increase was largely driven by an increase in clinical trial activity and clinical trial site initiation. These R&D increases in Q1 2024 were partially offset by decreases in product candidate manufacturing-related expenses of approximately $204,000. Our general and administrative expenses for the first quarter of 2024 were approximately $1.5 million, down slightly from $1.7 million for Q1 2023. The decrease was primarily attributable to decreases in payroll and compensation expense and other professional fees.
David R. Margrave: I'll now share some financial highlights from our first quarter ended March 31 2024.
David R. Margrave: Our R&D expenses continue to exceed G&A expenses by a strong margin, reflecting our focus on advancing our product candidates and pipeline. Our loss from operations in the first quarter of 2024 was partially offset by interest income and other income, net, totaling approximately $291,000. Our cash position, which includes cash equivalents and marketable securities, was approximately $38.4 million as of March 31, 2024. We anticipate this balance will provide us with a cash runway into at least Q3 of 2025.
David R. Margrave: We recorded a net loss of approximately $5 4 million for the first quarter of 2024 for 51 per share.
David R. Margrave: Compared to a net loss of approximately $3 $9 million or <unk> 36 per share for the first quarter of 2023.
David R. Margrave: For the first quarter of 2024, our R&D expenses were approximately $4 3 million.
David R. Margrave: Up from approximately $2 6 million for the first quarter of 2023.
David R. Margrave: This increase was largely driven by an increase in clinical trial activity and clinical trial site initiations.
David R. Margrave: These R&D increases in Q1, 2024 were partially offset by decreases in product candidate manufacturing related expenses of.
David R. Margrave: Of approximately $204000.
David R. Margrave: Our general and administrative expenses for the first quarter of 2024 were approximately $1 $5 million.
David R. Margrave: <unk> slightly from $1 7 million for Q1 2023.
David R. Margrave: The decrease was primarily attributable to decreases in payroll and compensation expense and other professional fees.
David R. Margrave: Our R&D expenses continue to exceed <unk> expenses by a strong margin, reflecting our focus on advancing our product candidates and pipeline.
David R. Margrave: Our loss from operations in the first quarter of 2024 was partially offset by interest income and other income net totaling approximately $291000.
David R. Margrave: Our cash position, which.
David R. Margrave: Which includes cash equivalents in marketable securities was approximately $38 4 million as of March 31 2024.
David R. Margrave: We anticipate this balance will provide us with a cash runway into at least Q3 of 2025.
David R. Margrave: Importantly, we believe our solid financial position will fuel continued growth and evolution of our radar AI platform, accelerate the development of our portfolio of targeted oncology drug candidates, and allow us to introduce additional targeted programs and collaboration opportunities efficiently and effectively.
David R. Margrave: Importantly, we believe our solid financial position will fuel continued growth and evolution of our radar AI platform <unk>.
David R. Margrave: Accelerate the development of our portfolio of targeted oncology drug candidates and.
David R. Margrave: And allow us to introduce additional targeted programs and collaboration opportunities efficiently and effectively.
David R. Margrave: As of March 31, 2024, we had 10,758,805 shares of common stock outstanding, outstanding warrants to purchase 81,496 shares, and outstanding options to purchase 1,077,292 shares. These warrants and options, combined with our outstanding shares of common stock, give us a total fully diluted number of shares outstanding of approximately 11.92 million shares as of March 31, 2024. Lantern issued 20,132 shares of common stock during Q1 2024, relating to the cashless exercise of warrants to purchase 79,021 shares.
David R. Margrave: As of March 31, 2024, we had $10 million 758805 shares of common stock outstanding.
David R. Margrave: Also in Q1 2024, Lantern issued 17,481 shares of common stock for aggregate proceeds of approximately $55,000 relating to the exercise of warrants for cash. With these Warren exercises, the amount of common shares covered by warrants was reduced by approximately 97,000 shares. Following these warrant exercises, Lantern now has warrants outstanding to purchase 81,496 shares at a weighted average exercise price of $16.55 per share.
David R. Margrave: Outstanding warrants to purchase 81496 shares outstanding.
David R. Margrave: Outstanding options to purchase 1 million 77292 shares.
David R. Margrave: These warrants and options.
David R. Margrave: Bind with our outstanding shares of common stock gives us a total fully diluted shares outstanding of approximately 11, nine 2 million shares as of March 31 2024.
David R. Margrave: Lantern issued 20 132 shares of common stock during Q1 2024.
David R. Margrave: <unk> to the cashless exercise of warrants to purchase 79021 shares.
David R. Margrave: Also in Q1, 2024 Lantern issued 17481 shares of common stock for aggregate proceeds of approximately $55.
David R. Margrave: Relating to the exercise of warrants for cash.
David R. Margrave: With these warrant exercises the amount of common shares covered by warrants was reduced by approximately 97000 shares.
David R. Margrave: Following these warrant exercises lantern now has warrants outstanding to purchase 81496 shares at a weighted average exercise price of $16 55 per share.
David R. Margrave: Our team continues to be very productive under a hybrid operating model. We currently have approximately 20 employees and four FTE consultants focused primarily on leading and advancing our research and drug development efforts. We see this number expanding slightly in coming quarters as we add additional experienced and talented individuals to help advance our mission. I'll now turn the call back to Panna for an update on some of our development programs.
David R. Margrave: Our team continues to be very productive under our hybrid operating model.
Panna Sharma: We currently have approximately 20 employees and four FTE consultants focused primarily on leading and advancing our research and drug development efforts. We see this number expanding slightly in coming quarters as we add additional experienced and talented individuals to help advance our mission.
Panna Sharma: I'll now turn the call back to <unk> for an update on some of our development programs.
Panna Sharma: David, thank you very much. In the past three years, we've successfully developed and launched 11 additional programs, testament to the agility, efficiency, and groundbreaking nature of our approach. On average, these programs are advancing from initial AI insights to first in human clinical trials in just two and a half years and at an average cost of two to three million dollars per program. These are metrics unheard of in oncology drug discovery. This is something even larger AI biotech companies have not been able to achieve on a consistent basis. Today we have multiple drugs dosing patients.
Panna Sharma: David Thank you very much.
Panna Sharma: In the past three years, we have successfully developed and launched 11 additional programs are testament to the agility efficiency and groundbreaking nature of our approach.
Panna Sharma: On average these programs are advancing from initial AI insights to first in human clinical trials in just two and a half years and an average cost of $2 million to $3 million per program. These are metrics unheard of in oncology drug discovery. This is something even larger AI biotech companies have not been able to achieve on a consistent basis today, we have no.
Panna Sharma: All drugs dosing patients were.
Panna Sharma: We're not just conjecturing about how AI could make drugs. We're actually designing drugs, developing indications, validating them, getting them patented, manufacturing these drugs, and launching them into clinical trials at a pace and cost that's really unheard of. So it's a reminder that the changes that big pharma need to make in terms of the pace can be made. And these startling figures serve as a stark reminder that the traditional model of big pharma R&D is not sustainable. It's not an effective strategy, and it's not the right approach to actually improve drug pricing, drug quality, or drug availability.
Panna Sharma: We're not just conjecturing about how AI could make drugs, we're not we're actually designing drugs developing indications validating them.
Panna Sharma: Getting them patented manufacturing these drugs and launching them into clinical trials at a pace and cost that's really unheard of.
Panna Sharma: So it's a reminder, that the changes that big pharma need to make in terms of the pace can be done and the sterling figures serve as a stark reminder, that the traditional model of big pharma R&D is not sustainable it's not an effective strategy and it's not the right approach to actually <unk>.
Panna Sharma: Proved drug pricing drug or drug availability.
Panna Sharma: With escalating economic and political pressures over drug prices, drug costs, and drug availability, it's clear that our industry needs to rethink its approach fundamentally. And we believe that the increasing adoption of AI and data-driven technologies and computational approaches will elevate this issue into the future of drug development and pharma. The specific instances of value creation, along with the development of an entirely new company that will be at the clinical stage at its birth, Starlight Therapeutics, continues to be at the forefront of a transformative approach to oncology drug discovery.
Panna Sharma: With escalating economic and political pressures over drug prices.
Panna Sharma: Drug cost drug availability, it's clear that our industry needs to rethink its approach fundamentally and we believe that the increasing adoption of AI and data driven technologies and computational approaches will elevate this issue into the future of drug development in pharma.
Panna Sharma: The specific instances of value creation, along with the development of an entirely new company, which will be at clinical stage at its birth Starlight therapeutics continues to be at the forefront of a transformative approach to oncology drug discovery and we believe can set a new standard in cancer drug development, we think starlight really could be one of many new.
Panna Sharma: And we believe it can set a new standard in cancer drug development. We think Starlight really could be one of many new innovative opportunities to generate new assets and potential new long-term cancer companies. On June 26th, our CMO of Starlight, Dr. Mark Chamberlain, will be discussing the highlights of STAR 001 and discussing the future development plans, as well as the upcoming trials. Please join us at 1 p.m. on June 26. Mark is a walking encyclopedia of neuro-oncology and neurology-focused knowledge, trials, and papers. And you'll find him absolutely, absolutely fascinating.
Panna Sharma: Innovative opt.
Panna Sharma: Opportunities to generate new assets and potential new long term cancer companies on June 26th our CMO. It started like Dr. Marc Chamberlain will.
Panna Sharma: We will be discussing the highlights of <unk> hundred one and discussing the future development plans as well as the upcoming trials. Please join us at one PM on June 26.
Panna Sharma: Mark is a walking encyclopedia of neuro oncology and urology focused knowledge in trials and papers and.
Panna Sharma: Youll find an absolutely absolutely fascinating.
Panna Sharma: So let me highlight some of the things that get me excited about STAR-001. First of all, it is a uniquely potent molecule that has anti-tumor effects, about 3,000 times higher than the existing standard of care drug temzolomide. And unlike tenzolamide, it actually doesn't care about the MGMT status. As you know, with MGMT, the tumors become non-responsive more and more. Some tumors are MGMT positive at onset, and some develop MGMT methylation as a way to combat chemotherapies like temzolamide or nitrous ureas or other forms of attacking the cancer. So what we did is we looked at that very central question: can we find temzolamide-resistant GBM cell lines? Can we find temzolamide-responsive genes?
Panna Sharma: So let me highlight some of the things that get me excited about <unk> one.
Panna Sharma: First of all.
Panna Sharma: It is a uniquely potent.
Panna Sharma: Molecule that has anti tumor effect.
Panna Sharma: About 3000 times higher than the existing standard of care drug <unk>.
Panna Sharma: And unlike <unk> Zola might it actually doesn't care about the MGMT status.
Panna Sharma: As you know with MGMT.
Panna Sharma: The tumors become nonresponsive increasingly some tumors are MGMT positive at odds at onset some develop MGMT.
Panna Sharma: Methylation as a way to combat.
Panna Sharma: Chemotherapies like <unk> or nitrous urea or other forms of attacking the cancer.
Panna Sharma: So what we did is we looked at that very central question can we find <unk> resistant GBM cell lines can we find <unk>.
Panna Sharma: Responsive and in both cases, our drug seems to work with Super potency.
Panna Sharma: And in both cases, our drug seems to work with SuperPOTE. In some of the studies that we did, both MGMT-negative and MGMT-positive, superior potency across the board, and sometimes, you know, super high potency, especially in one of the cell lines that was MGMT positive and didn't respond at all to temzolamide, which you can see on the far, I believe, probably your far right on the slide. So no single therapy agent has been approved for adult GBM.
Panna Sharma: And some of the studies that we did at both MGMT negative in MGMT positive.
Panna Sharma: Superior potency across the board.
Panna Sharma: And in sometimes.
Panna Sharma: Super High potency, especially in one of the cell lines that was MGMT positive and didn't respond at all to it.
Panna Sharma: <unk>, which you can see on the far I believe probably your far right on the slide.
Panna Sharma: So.
Panna Sharma: No single therapy agent has been approved in adult GBM.
Panna Sharma: We have an orphan drug designation to treat malignant gliomas, including GBM. We've shown effectiveness in both, which will actually help us with the trial. We're going to go after recurrent IDH wild type, which, again, as I pointed out earlier in our discussion, is an area of high critical need. We plan on launching this in the second half of twenty twenty.
Panna Sharma: We have orphan drug designation to treatment.
Panna Sharma: Glamour, including GBM, we've shown effectiveness in both which will actually help us with the trial and we're going to go out to recurrent <unk> wild type, which again as I pointed out earlier our discussion there is an area of high critical need we plan on launching this in the second half of 2024.
Panna Sharma: There are also a couple of other reasons why we'd like to talk about how this drug is positioned. Actually, it's a prodrug, and we think it could be a central fixture in GBM, what they call the armamentarian. So it's got, like I mentioned, a wonderful IC50 value, kind of ranges, sometimes even sub 100 nanomolar in some cancers, some CNS cancers, but on average, we've seen it, you know, very sub micromolar, kind of 100 to 200 nanomolar potency, which is much more potent than some of the current mainstay approved GBMs.
Panna Sharma: Theres also a couple of other reasons why we'd like to talk about how this drug is positioned actually it's a prodrug.
Panna Sharma: We think it could be a central fixture in GBM.
Panna Sharma: What they called the armamentarium.
Panna Sharma: So it's.
Panna Sharma: Got a like I mentioned, a wonderful IC 50 value.
Panna Sharma: On a range of sometimes even sub 100 animal or in some cancers.
Panna Sharma: CNS cancers, but on average we've seen a very sub micro molar kind of 100 to 200 nanomole or potency.
Panna Sharma: Which is much more potent than some of the current mainstay approved GBS. It works through alkylation, which is an accepted well understood way to create DNA breaks and unlike most of the <unk> and some of the nitrous urea as well it creates double stranded breaks.
Panna Sharma: It works through alkylation, which is an accepted, well-understood way to create a DNA break. And unlike most of the temzolamide and some of the nitrous ureas as well, it creates double-stranded breaks in a unique position, at the adenosine position. And these double-stranded breaks can't repair themselves, and the elimination period that we've seen so far is a kidney for about 30 minutes.
Panna Sharma: In a unique position that the adenosine position and these double stranded breaks can't repair themselves.
Panna Sharma: And the elimination period that we've seen so far is that it can be about 30 minutes.
Panna Sharma: Now, the bioactivation, the prodrug I mentioned, this is a very unique feature because the bioactivation occurs intracellularly. That means once it's inside the cancer cell, so its ability to damage cells that are outside is pretty low.
Panna Sharma: The by activation of the prodrug I mentioned this is a very unique feature because the buy activation occurs intra cellular Lee that means once it site inside the cancer cell.
Panna Sharma: Its ability to damage can cells that are outside.
Panna Sharma: And we'll see as the safety data continues to come in from our trials. But again, as I mentioned, we haven't seen a dose-limiting toxicity. But like other alkylating agents, we do think it will probably have the typical alkylating agent kind of nausea and vomiting as we increase doses, but those can be easily managed in the clinic.
Panna Sharma: Is pretty low.
Panna Sharma: The safety data continues to come in from our trials, but again as I mentioned, we haven't seen a dose limiting toxicity, but like other alkylating agents. We do think it will probably have the typical alkylating agents kind of nausea, vomiting, potentially as we increased doses, but those can be easily managed in the clinic.
Panna Sharma: So by activating inside the cancer cell intracellularly through PTGR1, it has a wonderful IC50 value and a well-known mechanism of elimination in about a 30-minute period. And these are some strong, unique features of this drug. It has shown to be also active in, like I mentioned, a number of different CNS cancers. So this really was born from lots of data points, and this is critical because we have naturally moved from in vitro to in vivo to more advanced in vivo models, and now we're moving into humans. In fact, in the current phase 1a safety trial, we haven't enrolled any GBM patients.
Panna Sharma: So by activation inside the cancer cell intracellular through <unk> one.
Panna Sharma: It has a wonderful IC 50 value and well known mechanism of elimination and about 30 minute period and these are some strong unique features of this drug.
Panna Sharma: As shown to be.
Panna Sharma: Also active and like I mentioned, a number of different CNS cancers.
Panna Sharma: So this.
Panna Sharma: Drug was really was born from lots of data points and this is critical because we naturally moved from in vitro to endeavor to more advanced in vivo models.
Panna Sharma: And now we're moving into humans in fact in the current phase one.
Panna Sharma: Safety trial.
Panna Sharma: We haven't enrolled GBM patients.
Panna Sharma: And so we're watching them very carefully to see what we can understand and learn about the GBM dosing, GBM response, and also the safety features early on that'll guide and inform the later Starlight trial. Now, another area that we've been working in is the highly promising area of antibody drug conjugates. It's a very high growth area, and we will see this will be incorporated entirely, obviously, into our radar module.
Panna Sharma: So we're watching them very carefully to see what we can understand and learn about the GBM dosing GBM response and also the safety features early on and that will guide and inform the later Starlight trials.
Panna Sharma: Now another area that we've been working in <unk> is a highly promising area of antibody drug conjugates, it's very high growth area.
Panna Sharma: And this.
Panna Sharma: This will be incorporated entirely obviously into our radar module.
Panna Sharma: And so in, on the Radar platform, we've been able to actually advance the development of the current radar module by identifying targets and indications for clinically valuable, clinically valuable, and needed indications, and that has allowed us to also rescue, I'm sorry, repurpose a lot of the code inside of our radar module. So moving on to some of the data that we saw, we announced that, with the University of Bellefield, we had advanced our Cryptophycin with the Magic Bullet Consortium, the Cryptophycin ADC. And we were quite excited because we did this in a period of about six months.
Panna Sharma: And so in.
Panna Sharma: In the radar platform.
Panna Sharma: We've been able to actually advance the development of.
Panna Sharma: Our.
Panna Sharma: The current radar module by identifying targets and indications for clinically valuable.
Panna Sharma: Clinically valuable and needed indications.
Panna Sharma: And that has allowed us to also rescue I'm, sorry, repurpose a lot of the code.
Panna Sharma: Inside of our radar module.
Panna Sharma: So moving on to some of the data that we saw we announced that with University of Delhi field that we advanced our <unk> for the Magic Bullet consortium decrypted fights in ADC and we're quite excited because we do this in a period of about six months, we're able to show Picomolar potency and a wide range of solid tumors, we shared that data.
Panna Sharma: We were able to show picomolar potency in a wide range of solid tumors, and we shared that data earlier this year in preclinical work. We produced an 80% cancer cell kill rate with the Cryptophycin ADC, which was much higher than other commonly used ADCs. And so that got us very excited. In fact, it was also the case with medium and low HER2 expression breast cancer. So outside of the breasts, her tooth does get expressed in other cancers like gastric, bladder, even some colorectal, and even ovarian.
Panna Sharma: Earlier this year the preclinical work, we produced and the Cryptophyte ADC and 80% cancer cell kill rate.
Panna Sharma: Which was much more than other commonly used adcs.
Panna Sharma: And so that got us very excited in fact.
Panna Sharma: It was also the <unk>.
Panna Sharma: With medium and low her two expression cancers. So outside of breast her two does get expressed in.
Panna Sharma: Other cancers like gastric.
Panna Sharma: The expression level of HER2 there doesn't seem to really trigger the right kind of ADC response with some of the existing HER2 ADCs, even some of the bispecifics that are coming out. But with cryptophycin, we get really good expression levels, about 10 times more potent than some of the existing molecules in the market. So this is exciting preclinical data. We're going to continue to develop it and go after many of these low and medium expressing HER2 cancers. But also, as I mentioned, we have several additional targets. So we've gone through thousands and thousands of targets to look at which targets we really want to go after.
Panna Sharma: Bladder, even some colorectal.
Panna Sharma: And even though varian the expression level of her two there doesn't seem to really triggered the right kind of ADC response with some of the existing her two adcs, even some of the bi specifics that are coming out.
Panna Sharma: The <unk>.
Panna Sharma: We get really good expression levels.
Panna Sharma: 10 times more potent than some of the existing molecules in the market. So this is exciting preclinical data, we're going to continue to develop it and.
Panna Sharma: We go after many of these low and medium expressing her two cancers, but also as I mentioned, we have several additional targets. So we've gone through thousands and thousands of targets to look at which targets. We really want to go through after we've modeled how we can go after them not only with <unk>, but actually with unique other payloads as well and so we're really.
Panna Sharma: And we've modeled how we can go after them, not only with cryptophycin but actually with unique other payloads as well. And so we're really beginning to monetize this very unique asset that we've been building up with our ADC module. And we hope that we can select and characterize potent and super potent payloads literally overnight so that we can predict the synergy of those payloads and antibodies against certain tumors. But more importantly, we can also understand what tumors it will really work on based on the microenvironment and the mutations of those tumors, because the mutations affect the availability of some of those mechanisms that we want to see in those tumors. And so the target expression patterns can be very, very different, even though you have similarly expressed targets.
Panna Sharma: Beginning to monetize this very unique asset that we've been building up with our ADC module and we hope to.
Panna Sharma: That we can select and characterize potent and super potent payloads, but literally overnight.
Panna Sharma: Can predict the synergy of those payloads and antibodies against certain tumors, but more importantly, we can also.
Panna Sharma: Understand what tumors it really will work on based on the microenvironment and.
Panna Sharma: The mutation of those tumors because the mutations affect the availability of some of those mechanisms that we want to see in those tumors. So the target expression patterns can be very very different even though you had similarly.
Panna Sharma: Expressed targets. So we think this is pretty exciting and very importantly, the ultimate goal of doing all of this isn't just to be smarter about adcs, but to do it faster to do it cheaper and to develop.
Panna Sharma: So we think this is pretty exciting. And very importantly, the ultimate goal of doing all this isn't just to be smarter about ADCs but to do it faster, to do it cheaper, and to develop a line, a library of ADCs that we can bring to the clinic faster. And so, based on the preclinical work we've seen, we think this is very doable. We're actually now experimenting with other payloads. We're experimenting with bi-specific type structures, fragment-based structures, and bi-paratropic structures.
Panna Sharma: Litany a library of <unk>.
Panna Sharma: <unk> Adcs that we can bring to the clinic faster and so in the preclinical work. We've seen we think this is very doable with actually are now experimenting with other payloads, we're experimenting with.
Panna Sharma: By specific type structures fragment based structures by Paratrophic structures. These are all things that a year ago, we could do it.
Panna Sharma: These are all things that a year ago we couldn't do. And more importantly, this is going to be a very important area for the future of oncology drug development. We want to share a lot of these insights more widely. So, with the community, we've launched an effort called Webinar Wednesdays.
Panna Sharma: More importantly, this is going to be a very important area for the future of oncology drug development.
Panna Sharma: We want to share a lot of these insights more more widely we think with the community. We've launched an effort called webinar wasn't Wednesday is the big part of our focus to inform educate and share the general public and the oncology community what we're doing.
Panna Sharma: It's a big part of our focus to inform, educate, and share with the general public and the oncology community what we're doing. We want to share with our investors, our stakeholders, because there are a lot of details in these programs. And so every month we'll have a webinar Wednesday, which will focus on one of the efforts. We just did our very first one on LP300 with great feedback.
Panna Sharma: I want to share with our investors our stakeholders.
Panna Sharma: There's a lot of details in these programs and so every month, we will have a webinar Wednesday, which will focus on one of the efforts. We just did our very first one on LP 300, with great feedback in fact, but actually spurred some.
Panna Sharma: In fact, it actually spurred some inbound activity as a result from patient groups and also from groups that promoted it socially to various groups like EGFR groups and groups that are focused on never smokers, the Breath of Hope groups. So this is great because it lowers our cost of attracting patients to these important trials. We have a number of webinars coming up, one in pancreatic cancer, and one in bladder cancer, both areas of high end might need.
Panna Sharma: Inbound activity as a result from patient groups and also.
Panna Sharma: From groups that promoted it socially to various.
Panna Sharma: Groups like Egfr groups and.
Panna Sharma: The groups that are focused on never smokers.
Panna Sharma: What was that.
Panna Sharma: Breath of hope groups. So this is great because it lowers our cost of attracting patients to these important trials, we have a number of webinars coming up one in pancreatic.
Panna Sharma: One in bladder both areas of high unmet need we've got global experts Kols from Fox Chase, Dr. Igor who has been a great collaborator for number of years.
Panna Sharma: We've got global experts, KOLs from Fox Chase, Dr. Igor, who's been a great collaborator for a number of years. He's kind of a luminaire in the pancreatic cancer field and, most importantly, a wonderful human being. And he'll be hosting that webinar on pancreatic cancer and followed up with Dr. Hel Pappot of the University of Copenhagen. We've had interactions with her, and she's just brilliant in GU cancer, specifically, in bladder cancer, where we've seen a tremendous response.
Panna Sharma: And also, about 35% of bladder cancers have what's called what I referred to earlier as DNA damage repair deficiency. Very important because our drug seems to have super potency in these DDR-deficient tumors, and that's a big part of bladder cancer tumors. So, again, these Webinar Wednesdays will give people updates, and we really look forward to sharing them.
Panna Sharma: Kind of a luminary in pancreatic cancer field, and most importantly, a wonderful human being and he'll be hosting that webinar in pancreatic cancer and followed up also with Doctor health App out of the University of Copenhagen.
Panna Sharma: We've had interactions.
Panna Sharma: Brilliant in <unk> cancer, specifically in bladder cancer, where we have seen tremendous response and also about 35% of bladder cancers have what's called what I referred to earlier as DNA damage repair deficiency very important because our drug seems to have super.
Panna Sharma: Potency and these DDR deficient tumors and that's a big part of bladder cancer tumors.
Panna Sharma: So again these webinar Wednesdays will give people updates.
Panna Sharma: And we really look forward to sharing the major way that to stay informed let's talk about some of our publications and posters as I mentioned earlier in the call.
Panna Sharma: It's a great way to stay informed. Let's talk about some of our publications and posters. As I mentioned earlier in the call, we had a very exciting poster at the AACR annual meeting around our drug candidate, LP284. It's a highly potent TP53 mutation agnostic DNA damaging agent. It works really well, we believe, in lymphomas, non-Hodgkin's lymphomas, and we're in a phase 1A, 1B clinical trial today. Again, we've seen no dose-limiting toxicities. We're now active in the third cohort. It's not fully enrolled, but it's beginning to be dosed. We've seen no issues with the first two cohorts.
Panna Sharma: We had a very exciting.
Panna Sharma: Mr. At the ACR annual meeting around our drug candidate <unk> 284, it's a highly potent <unk> three mutation agnostic DNA damaging agent.
Panna Sharma: Really well, we believe in lymphomas non Hodgkin's lymphomas.
Panna Sharma: And we are in a phase <unk> clinical trial today again, we've seen no dose limiting toxicities, we're now active in the third.
Panna Sharma: Cohort, it's not fully enrolled but it's beginning to be dose we've seen no issues in the first two cohorts. We also have published.
Panna Sharma: We also have published a very exciting paper with our Lantern research scientists and Georgetown University in cancer research communications. And it focuses on the lethal activity of 184 against a diverse range of solid tumors that it causes double-stranded breaks in DNA and what's called HRD deficient or HR deficient, homologous repair deficient. These are basically BRCA2 or ATM. And so we've seen that our drug is up to about 12 times more sensitive when it sees a range of these HRD homologous repair deficiencies. Again, a subset of DNA damage repair deficiencies. A link to the publication is available in our PR, also on our LinkedIn page, and our website.
Panna Sharma: Very exciting paper.
Panna Sharma: With our Lantern research scientists and Georgetown University and cancer Research Communications and it focuses on the lethal activity of 184 against a diverse range of solid tumors.
Panna Sharma: Double stranded breaks and DNA in what's called HRD deficient or HR deficient homologous repair deficiency. These are.
Panna Sharma: Basically.
Panna Sharma: <unk>, two where ATM and so we've seen that our drug is all up to about 12 times more sensitive when it sees a range it is HRD.
Panna Sharma: Homologous repair deficiencies again, a subset of DNA damage repair deficiencies are linked to the publication is available in our PR also on our linked in on our website.
Panna Sharma: And we're very excited about the publication because that opens up the opportunity for lots of very exciting, what do you think, combination trials? Now, BRCA drugs and HRD drugs make up a little over two billion dollars in annual sales. And we think this is a very, very synergistic mechanism. In fact, the SHAP scores and the SHAP ratios for the combination of 184 plus many of these PARP inhibitors are among some of the highest that I've seen.
Panna Sharma: And we're very excited by the publication because that opens up the opportunity for lots of very exciting.
Panna Sharma: <unk> combination trials, Nebraska drugs in HIV drugs make up a little over $2 billion in annual sales and we think this is a very very synergistic mechanism and in fact, the <unk> score is in the shop ratios for the combination of 184 plus many of these.
Panna Sharma: <unk> inhibitors is amongst the highest that I've seen so this is very unique.
Panna Sharma: So this is a very unique molecule to be combined with PARP inhibitors because the theory is that we can lower the amount of PARP dosage and reintroduce PARP to where it oftentimes becomes unusable for inpatients. And we can also have a complementary mechanism. PARP works by inhibiting repair. So when DNA tries to repair itself, it can't. And blocks that enzyme. And so it's not available to the cancer cells' DNA to try to fix it. Now, that's very complementary because remember, LP184 and 284, they work by causing these very lethal breaks. So 1, 8, 4 introduces the double-stranded breaks, and a lower dose, even if it's just part, will inhibit the repair enzyme.
Panna Sharma: Molecule to be combining with PARP inhibitors, because the theory is that we can lower the amount of PARP dosage and reintroduce park towards oftentimes becomes unusable in patients and we can also.
Panna Sharma: Have a complementary mechanism PARP works by inhibiting the repair so when the the DNA tries to repair itself it can't.
Panna Sharma: In blocks and enzyme and so it is not available to the cancer cells DNA to try to fix it now that's very complementary because remember LP 184, and two a four day work by causing these very lethal brakes. So 104 introduces the double stranded breaks and lower dose even if park.
Panna Sharma: <unk> inhibits the repair enzyme and so we think we've been created longer perhaps more durable and more sensitive response to these tumors and that's a big range of tumors about one in five to $1 <unk> tumors have some element of DNA damage repair available.
Panna Sharma: And so we think we can create a longer, perhaps more durable, and more sensitive response to these tumors. And that's a big range of tumors. About 1 in 5 to 1 in 4 tumors have some element of DNA damage repair available.
Panna Sharma: So that's a big market for 1, 8, 4. 2022 is a pivotal year for us, where we really strengthened our insights. We launched our trials, and 2024 has emerged as a year of great progress, where our insights are now impacting patients and their journeys to fight cancer. It's also influencing the development decisions for future trials, future drugs, and the progress of other cancer companies. Our collective efforts and dedication have fostered a transformational shift, not only for our company, but also in the tide of transformation for the industry.
Panna Sharma: So that's a big market for 104.
Panna Sharma: Yes.
Panna Sharma: 'twenty two is a pivotal year for us where we really strengthened our insights we launched our trials 2024 has emerged as a year of great progress, where our insights are now impacting patients in their journeys to fight cancer. It's also influencing the development decisions for future trials future drugs and the progress of other cancer companies or collect.
Panna Sharma: The efforts and dedication have fostered a transformational shift not only for our company, but in a tide of transformation for the industry. We're in an exciting trajectory towards the future, where we can improve the lives of cancer patients not only today, but actually set the stage for creating affordable effective.
Panna Sharma: We're on an exciting trajectory toward the future where we can improve the lives of cancer patients, not only today, but actually set the stage for creating affordable, effective, and, more importantly, economically viable solutions faster. And that pace of innovation, I think, will continue to accelerate. So with that, I'd like to now open the call to any questions or clarifications. If you'd like to ask a question, you can do so in one or two ways. You can type your question using the Q&A tool here on the Zoom webinar, or you can click on the raise hand tool to speak directly, and we'll try to unmute your line and make it available.
Panna Sharma: And more importantly, economically viable solutions faster and that pace of innovation I think we will continue to accelerate.
Speaker Change: So with that I'd like to now open the call to any questions.
Panna Sharma: Or clarifications.
Panna Sharma: If you'd like to ask a question you can do so in one or two ways.
Panna Sharma: You can type your question using the Q&A tool here at Zoom Webinar, where you can click on the raise hand tool to speak directly and we will try to on mute your line and make it available.
Panna Sharma: So I'll take a break for some questions. The first question is from John. John, thanks for your question as I read through it. The Oregon Arrangement is another AI collaboration. That's a great question in terms of what they saw in it.
Speaker Change: So I'll take a break for some questions.
Panna Sharma: The first question.
Panna Sharma: John.
Panna Sharma: John Thanks for your question as I read through it.
Panna Sharma: The Oregon arrangement.
Panna Sharma: Is another AI collaboration.
John: That's a great question in terms of what they saw in it I think what they saw that they have a lot of exciting opportunities with this.
Panna Sharma: I think what they saw is that they have a lot of exciting opportunities with this inhibitor that they have, which works through a very unique mechanism. It's a first-in-class drug, and it inhibits cancer metabolism. And because of that, it seems to be very potent across a pretty good range of cancers. Now, these PDI enzymes that are out there; there are lots of PDI enzymes, about 20 or so, I believe, that Oregon has talked about. But which ones do you want to inhibit? And they also have a cross-purpose.
Panna Sharma: With this inhibitor that they have.
Panna Sharma: Works through very unique mechanism, it's a first in class drug and it inhibits to cancer metabolism.
Panna Sharma: And because of that it seems to be very potent across a pretty good range of cancers.
Panna Sharma: Now these PDI enzymes that are out there there is lots of <unk> enzymes about 20 years, So I believe.
Panna Sharma: Oregon has talked about but which ones do you want to inhibit <unk>.
Panna Sharma: Which ones and they also have cross purpose. So it becomes a real combinatoria problem now their drugs <unk> inhibitor for various central ones too.
Panna Sharma: So it becomes a real combinatorial problem. Now, their drug seems to inhibit four very central ones to cancer cell metabolism, and which ones they go after and whether or not they combine it with other drugs are really combinatorial and data-driven questions. And so these questions will help guide the construction of a trial that could be successful or unsuccessful.
Panna Sharma: Cancer cell metabolism.
Panna Sharma: And which ones. They go after and should they combine it with other drugs.
Panna Sharma: Our really commentary on data driven questions and so these questions will help guide the construction of a trial that could be successful or unsuccessful. So it's very very important and so what they see is the ability to model. This data and get some in silicone insights and then rapidly go to the lab to validate.
Panna Sharma: So it's very, very important. And so what they see is the ability to model this data and get some in silico insights and then rapidly go to the lab to validate these very, very targeted insights and perhaps also, most importantly, generate some new IP. So then they go to a larger pharma partner. They've got IP around combinations, targeted IP around going after specific subtypes of cancer, and maybe even insights on what to go after in terms of the model. The benefits for Lantern are very clear.
Panna Sharma: <unk> very very targeted insights and perhaps also most importantly generate some new IP. So then when they go to a larger pharma partner they've got IP around combinations targeted IP around going after specific subtypes of cancer and maybe even insights on what to go after in terms of the model.
Panna Sharma: We'll own this collaboration IP alongside Oregon, and we also have rights to, you know, license their drug. So if we're really excited about it, I think it could be, you know, fits into the way we think about some of the molecules that are exciting: it's unique, it's super potent, it can work across cancers, it has the ability to combine. So it fits a lot of the kind of key things that we'd like to see.
Panna Sharma: The benefits from <unk> and a very clear we will own this collaboration IP alongside.
Panna Sharma: Oregon, We also have rights to license their drug.
Panna Sharma: So if we're really excited about it I think it could be.
Panna Sharma: It fits into the way we think about.
Panna Sharma: Some of the molecules that are exciting it's unique it's super potent can work across cancers that has the ability to combine that fits a lot of the kind of key things that we'd like to see.
Panna Sharma: And of course, we'll have to get deeper into collaboration, but I think it could be a good drug that gets across the finish line in a number of cancers. And so we're excited about helping Oregon and also helping the molecule. Thank you. I think I'm going to we have a hand up, I believe, from Ashok. Ashok, we're going to let you talk. So I think we can do that and can unmute the line if you're still available.
Panna Sharma: And of course.
Panna Sharma: We'll have to get deeper into the collaboration but I think it could be.
Ashok: A good drug that gets across the finish line across a number of cancers and so we're excited about helping Oregon and also helping the molecule.
Ashok: Thank you.
Ashok: Im going to.
Ashok: Hand up I believe from a show by show up we're going to let you talk sorry, I think we can do that you can on mute the line.
Ashok: If you are still available.
Ashok: Can you hear me.
Ashok: Yes. Hi, three-part question.
Ashok: Yes, hi.
Ashok: <unk> question, so the AI driven.
Ashok: The development program.
Ashok: To be progressing well.
Ashok: The AI-driven ADC development program seems to be progressing well pre-clinically. So what are the key inflection points and timelines to potentially advance an ADC candidate into the clinic? And then Starlight Therapeutics again appears to be gaining momentum with the Phase 1B protocol filing for Star 1. So what are the anticipated milestones and timing to initiate adult and pediatric clinical trials? And the last question, part of the question, is that Oregon Therapeutics represents an interesting AI collaboration opportunity. So how do you see the radar platform accelerating drug development efforts, and how might this collaboration expand over time?
Ashok: Clinically so one of the key inflection points that timeline to potentiate that.
Ashok: That candidate into the clinic.
Ashok: Then they started like therapeutics again appears to be gaining momentum with the phase <unk> protocol filing for the star what so what are the anticipated milestones at the time, they initiate adult pediatric clinical trials.
Ashok: And the last question part of the question is the Oregon Therapeutics represents an interesting.
Ashok: Collaboration opportunities already radar platform accelerating there.
Ashok: <unk> drug development efforts and how might this collaboration and spend over time.
Panna Sharma: Great questions. Can they hear me now?
Speaker Change: Great questions.
Speaker Change: Can you hear me now yeah okay.
Panna Sharma: Let's start with the ADC.
Panna Sharma: Yeah. Okay. So let's start with the ADC. We think the key inflection points for us are to zero in on if HER2 or maybe if HER2, HER3 bi-specific is a better option. We're playing around with the target a little bit. We've seen extraordinary data in low-expressing, low- and medium-expressing, so we're looking at the landscape to see, you know, is that the right... Place, or should we do a bi-specific HER2, HER3, which is also available?
Panna Sharma: We think the key inflection points for us is to.
Panna Sharma: Zero in on it.
Panna Sharma: I've heard two or maybe it hurts you heard three by specific is a better option, we're playing around the target a little bit we've seen extraordinary data and low expressing low and medium expressing so we're looking at the landscape to see.
Panna Sharma: Is that the right.
Panna Sharma: Place or should we do buy specific per to hype her three which.
Panna Sharma: Which is also available.
Panna Sharma: So I think we've got a few more months of some pre-clinical analysis that we've modeled. Now we want to take it back to some wet lab studies. And then, you know, really, we've got to get through IND studies and manufacturing. So this for us is a 2025 event in terms of getting it into the clinic. [inaudible] Well, you know, obviously, I'd love to beat that
Panna Sharma: So I think we've got a few more months of some preclinical analysis.
Panna Sharma: That we've modeled now we want to take it back to some wet lab studies.
Panna Sharma: And then to really we've got to get through IND studies and manufacturing.
Panna Sharma: So this for US is 2025 event in terms of getting it into the clinic.
Panna Sharma: We know obviously I'd love to beat that but in a manufacturing in these complex biologics takes time, we are looking at some new formats that we think could change it and we're looking at a fragment design.
Panna Sharma: But, you know, manufacturing these complex biologics takes time. We are looking at some new formats that we think could change that. We're looking at fragment design. We're looking at, you know, maybe doing some things in kind of more parallel. There are some new FDA guidelines in terms of the manufacturing of ADCs that we just, I think they just came out very recently, actually, which are very favorable, especially if you go with antibodies that are already known, already characterized, and already in the clinic.
Panna Sharma: We're looking at maybe doing some things.
Panna Sharma: <unk>.
Panna Sharma: Kind of more in parallel there are some new FDA guidelines in terms of manufacturing of Adcs that we just I think they just came out very recently actually which are very favorable.
Panna Sharma: Especially if you can go after with antibodies that are already.
Panna Sharma: Known already characterized and already in the clinic. So we're going to look at all pathways to compress the manufacturing and IND studies. There are also opportunities for us to license some technology that gives us the clinic faster as well. So we're looking at all of those but in either case 2024 for us is to execute on our existing trials and.
Panna Sharma: So we're going to look at all pathways to compress the manufacturing and IND studies. There are also opportunities for us to license some technology that gets us to the clinic faster as well. So we're looking at all those, but in either case, 2024 for us is to execute on our existing trials, and 2025, we think is to execute the next wave, which is the ADC and other drug conjugates. In regards to STAR-001, we expect to hear back from the FDA on this new, what we call Supplement B to the 1B and beyond for Starlight. And we also expect to continue to recruit some people for Starlight and potentially look at some independent financing and funding for Starlight to launch this year.
Panna Sharma: 2025, we think is to execute the next wave, which is the ADC and other drug conjugates.
Panna Sharma: In regards to start up with what we expect to hear back from the FDA on this new.
Panna Sharma: We will be call supplement to the <unk> and beyond four star light and.
Panna Sharma: And we also expect to continue to recruit some people for Starlite and potentially look at some independent financing and funding for Starwood.
Panna Sharma: To launch.
Panna Sharma: So I think those are this year events start life for US is definitely this year in the ADC is the next chapter.
Panna Sharma: Starlight for us is definitely this year, and ADC is the next chapter. So hopefully, that gives you some sense of the timeline. We have another question. I don't, does, is it, do you want to?
Panna Sharma: So hopefully that gives you some sense of the timelines.
Speaker Change: The another question.
Speaker Change: Do you want to.
Panna Sharma: John, are you raising your hand or answering the questions? Okay, let me read the question out for everybody. His question is, does the Oregon Therapeutics Partnership serve as a template for other potential partnerships? I think it does, you know, we always like to think of being able to stamp something, but we've got one with Actuate, we have one with TTC, we have one now with Oregon, each of those very unique molecules and each good team, because as you get into collaboration, you're not only collaborating, betting on your capabilities, but you're also betting on the partner.
Speaker Change: John is are you raising your hand or answering the questions. Okay. When.
Panna Sharma: We read the question out for everybody.
Panna Sharma: <unk>.
Panna Sharma: His question is does the Oregon Therapeutics partnership.
Panna Sharma: Serve as a template for other potential partnerships I think it does we always like to think of being able to stamp something but we've got one with actuate. We have won with TTC. We have one now with Oregon each of those very unique molecules in each.
Panna Sharma: Good teams good because as you get into collaboration Youre not only collaborating betting on your capabilities you're also betting on the partner.
Panna Sharma: You know, these are real partnerships. And so, you know, we like the teams in all companies, we like the molecule, we like their path because if they don't succeed, we don't succeed, right? We're getting upside inequity in those molecules.
Panna Sharma: Real partnerships and so we like the teams and all companies, we'd like the molecule we like their path because if they don't succeed we don't succeed right, we're getting upside in equity and those molecules.
Panna Sharma: So we're pretty focused on making sure we pick the right kind of chances to win and our platform helps us do that right. We can really understand a lot about the molecule on the indication of the unmet need just even during conversations because we start doing that modeling and analysis with radar even prior to looking at their data.
Panna Sharma: So we're pretty focused on making sure we pick the right kind of chances to win. And our platform helps us do that, right? We can really understand a lot about the molecule and the indication and the unmet need just during conversations because we start doing that modeling and analysis with Radar even prior to looking at their data.
Panna Sharma: Now, tech companies, you know, as I mentioned in the last call, we are in discussions with tech companies about partnerships. I don't know how long those will take, but we are, you know, we're having discussions with many of the ones you can imagine. Those things just take time.
Panna Sharma: Now a tech companies as I mentioned in last call. We are in discussion with tech companies for partnerships I don't know how long those take but we are.
Panna Sharma: Having discussions with many of the <unk>.
Panna Sharma: You can imagine.
Panna Sharma: Those things just take time I think we're not one of the big names like <unk> that are.
Panna Sharma: I think, you know, we're not one of the big names, like a Recursion or an Excientia. Unfortunately, they had some issues with their management, or Benevolent. Again, they had some business model issues, but there are some great big companies that suck up all the air in the room, you know.
Panna Sharma: And <unk>.
Panna Sharma: Unfortunately, you had some issues with their management.
Panna Sharma: Or a benevolent.
Panna Sharma: They had some business model issues, but there's some great big companies that suck up all the air in the room. So I think as we show our proof points and have more discussions with the Amazons and apples in the videos and googles and others. There's a whole range of tier two players as well I think bill can be suitable.
Panna Sharma: So I think as we show our proof points and have more discussions with the Amazons and Apples and NVIDIAs and Googles and others, there's a whole range of Tier 2 players as well. I think they can be suitable long-term tech partners to enable our platform to get to a scale that can be monetized independently in the longer term. Another question from John is, " Great question, John. Do you want to ask it, or do you want me to read it to you?
Panna Sharma: Long term tech partners to enable our platform to get to a scale.
Panna Sharma: That can be monetized.
Panna Sharma: Independently longer term.
Panna Sharma: Another question from John is.
Speaker Change: Great question, John Im going to do we're going to ask it or do you want me to read it.
Panna Sharma: Okay, so when will the sites be finalized for the harmonic trial in Asia, and when will we see any sites outside of Japan and Taiwan? I think we'll do that in a phased manner. I mean, I think we've got some very good sites now in Japan, five that we've identified, I believe. Is that right, David?
John: Okay. So when will the sites be finalized for the harmonic trial in Asia.
Panna Sharma: And when will we see any sites outside of Japan, and Taiwan, I think we'll do that in a phased manner. I mean, I think we've got some very good question very good sites now and Japan five that we've identified I believe is that right David.
Panna Sharma: David will be visiting those sites along with their head of clinical development next month along with Dr. Goto and getting those sites up and running. And then we have five additional sites, I believe, also in Taiwan. So it'll be 10 sites, and those 10 sites can really give us the bulk of the patients that we need so far. We do have a couple of other countries that I mentioned in prior calls.
David: David will be visiting.
Panna Sharma: Those sites along with our head of clinical development next month, along with Doctor Goto and getting those sites up and running and then we have five additional sites I believe also in Taiwan. So it'll be 10 sites and those 10 sites can really give us the bulk of the patients that we need so far we do have a couple of other countries that I mentioned.
Panna Sharma: We are looking at South Korea as well. Unfortunately, South Korea is going through some issues with their doctors striking in some of their major hospitals. So it's not an ideal time for, I think, a new clinical trial from a small company to enter. But we have a lot of excitement in South Korea because the numbers in South Korea for never smokers with lung cancer are actually even higher than Japan. So we had a lot of very initial excitement, but the doctors that are going on strike in South Korea gave us pause because we didn't want to be spending time, energy, and money if, in fact, our trial was going to be stalled.
Panna Sharma: Prior calls we are looking at South Korea, as well Unfortunately, South Korea is on a going through some.
Panna Sharma: Issues with their doctors striking and so their major hospitals. So it is not an ideal time for I think a foreign new clinical trial from a small company to enter but we have a lot of excitement in south Korea, because the numbers in South Korea for never smokers with lung cancer is actually even higher than Japan.
Panna Sharma: So we had a lot of very initial excitement, but the doctors that are going on strike in South Korea gave us pause because we didn't want to be spending time energy and money. If in fact, our trial was going to be stalled. So we've kind of backed off of South Korea near term, even though it looks very very promising.
Panna Sharma: Does the number of patients and the centralization of patients, but we think we can get similar kind of activity.
Panna Sharma: So we kind of backed off of South Korea in the near term, even though it looks very, very promising because of the number of patients and the centralization of patients. But we think we can get similar kinds of activity just as easily in Japan and actually just as easily in Taiwan and even more cost-effectively in Taiwan than in Japan. So I think we will look at new sites, but we have 10 coming on board in those two countries that could be very, very productive and could supply us with the bulk of what we need for the trial.
Panna Sharma: Just as easily in Japan, and actually just as easily in Taiwan, and even more cost effective in Taiwan.
Panna Sharma: In Japan, So I think we will look at new sites, but we have 10 coming on board in those two countries that could be very very productive.
Speaker Change: And could supply as the bulk of what we need for the trial, but thank you for that question John.
Panna Sharma: But thank you for that question. So in closing, we're coming up on 50 minutes. I want to express my deep gratitude, first of all, to our team for making this happen. I know these webinars and these slides and the scripts are not easy. You've got to gather a lot of information. You've got to deliberate, you've got to understand it.
Panna Sharma: So in closing, we're coming up on 50 minutes I want to express my deep gratitude.
Panna Sharma: First of all to our team for making this happen I know these webinars and these slides in the scripts, it's not easy gather a lot of information you've got a delivery of I understand it and of course broadcast is great and people get to look at it at any time, so I want to thank my team for the constant support and information but also.
Panna Sharma: And of course, broadcasting is great. You know, people get to look at it at any time. So I want to thank my team for their constant support and information, but also to our partners and stakeholders for their unwavering support. I think together we're really building a much, much better, scalable, brighter future in oncology. You know, we're solving real world problems with proprietary AI solutions and a real pragmatic approach. I think, you know, the rapid development of genomically guided targeted therapies can alter the costs and timelines for oncology drug development. And I think it's going to place us, long-term, at the forefront of a new golden age of unprecedented productivity in the development of medicine. Thank you, everyone, for your time today.
Panna Sharma: Our partners and stakeholders for their unwavering support I think together, we're really building a much much better scalable brighter future in oncology.
Panna Sharma: Solving real world problems with proprietary AI solutions and with a real pragmatic approach I think the rapid development of genomic we guided targeted therapies can alter the cost and timelines in oncology drug development and I think it's going to place us long term at the forefront of a new golden age of unprecedented.
Panna Sharma: Productivity in the development of medicines.
Panna Sharma: Everyone for your time today.
Speaker Change: Thanks very much.
Panna Sharma: Goodbye.