Q2 2024 Compugen Ltd Earnings Call
Operator: Ladies and gentlemen, thank you for joining us today. Welcome to Compugen's second quarter 2024 results conference call. At this time, all participants are in a listen-only mode. An audio webcast of this call is available in the investor section of Compugen's website, www.cgen.com. As a reminder, today's call is being recorded. I would now like to introduce Yvonne Naughton, Head of Investor Relations and Corporate Communications. Yvonne, please go ahead.
Speaker Change: Ladies and gentlemen, thank you for joining us today.
Speaker Change: Welcome to Compugen's second quarter 2024 results conference call. At this time, all participants are in a listen-only mode. An audio webcast of this call is available in the Investors section of Compugen's website, www.cgen.com.
Yvonne Naughton: As a reminder, today's call is being recorded. I would now like to introduce Yvonne Naughton, Head of Investor Relations and Corporate Communications.
Speaker Change: Yvonne, please go ahead.
Yvonne Naughton: Thank you, Yoni, and thank you all for joining us on the call today. Joining me from Compugen for the prepared remarks are Dr. Anat Cohen-Diak, President and Chief Executive Officer, and Alberto Sessa, Chief Financial Officer. Dr. Michelle Mahler, Chief Medical Officer, and Dr. Eran Ophir, Chief Scientific Officer, will join us for the Q&A.
Yvonne Naughton: Before we begin, we would like to remind you that during this call, the company may make projections or forward-looking statements regarding future events, business outlook, development efforts and their potential outcome, the company's discovery platform, anticipated progress and plans,
Yvonne Naughton: Results and timelines for our programs, financial and accounting related matters, as well as statements regarding our cash position. We wish to caution you that such statements reflect only the company's current beliefs, expectations and assumptions, but actual results, performance or achievements of the company may differ materially.
Yvonne Naughton: These statements are subject to known and unknown risks and uncertainties, and we refer you to the SEC filings for more details on these risks, including the company's most recent annual report on Form 20-F.
Anat: The company undertakes no obligation to update projections and forward-looking statements in the future. And with that, I now turn the call over to Anat. Thank you, Yvonne. And thank you, everyone, for joining us on our second quarter 2024 call.
Anat: I'm delighted to start this call by congratulating our team for the excellent execution on the high-quality COM543-INV submission, resulting in FDA clearance for initiation of a Phase 1 trial.
Speaker Change: Comfy for Free is our differentiated approach to harness cytokine biology to treat cancer and I'll come back to this later in the call.
Speaker Change: There have been many developments in the ticket landscape in the last few months.
Anat: and more are expected by the end of this year.
Anat: Therefore, I thought it is appropriate to begin by sharing with you how we think about the field.
Anat: We believe that Compugen is uniquely positioned and differentiated in the pursuit of the DNAM1 axis as part of our COM71-COM902 triple combination.
Anat: I will then cover the progress we have made in the second quarter of this year and move to our planned milestones through the rest of 2024.
Speaker Change: Starting with the Fidget Competitive Landscape, what have we learned so far?
Anat: First, the benefit of adding TD-Blockade to PD-1 compared to PD-1 demonstrated in several Phase II randomized clinical trials, and TD-Blockade added a six-month survival benefit in a Phase III interim analysis.
Anat: Third,
Speaker Change: The use of an FC-enabled antibody may not be tolerable in patients with early stage of disease due to potential immune-mediated safety concerns.
Speaker Change: And there is a third component.
Speaker Change: Pursuing a Triple Combination Strategy.
Speaker Change: Blocking PDRG.
Speaker Change: This strategy helps us to directly prove a COM7-1-PVRG driven effect of a triple combo, even though we employ small single arm studies.
Speaker Change: By assessing the non-responsive tumor types, our data will not be attributed to a PD-1 effect, but we also recognize that the signals that we may see in these very hard-to-treat tumor types will not be very high.
Speaker Change: Of course, this triple combination is also expected to add benefit in inflamed PD-1 responsive settings.
Speaker Change: Elaborating more on the choice of anti-TIGIT.
Speaker Change: Not all entities are the same.
Speaker Change: We have always said that the FC activity of the antibody should be disabled.
Speaker Change: The reason for this is simple.
Speaker Change: TGIT is highly expressed on CD8 plus T cells and NK cells, cells that are key for anti-tumor activity.
Speaker Change: and you therefore want to avoid depleting them.
Speaker Change: In addition, acetylent antiptychic avoids peripheral Treg depletion that can lead to immune-related adverse effects.
Speaker Change: Notably, recent data may suggest that an FCS event-induced antibody may not be tolerable in patients with early stages of disease due to immune-mediated safety concerns.
Speaker Change: Moving now to the progress we have made in the second quarter of the year, continuing our track record in delivering our plans, we again executed on our promises.
Speaker Change: Firstly, we're delighted that the FDA has cleared the R&D application to initiate a Phase 1 trial for COM 543.
Speaker Change: ID clearance, which triggered a right to a $30 million maximum payment from Gilead,
Speaker Change: Further, for instance, our balance sheet with an expected cash runway into 2027.
Speaker Change: We're well-advanced in our planning and currently on track to initiate the Phase I trials for COMPI-CoV-3 in solid tumors in the fourth quarter of 2024.
Speaker Change: Advancing COM503 to Phase I adds to the multiple clinical programs discovered through our predictive computational discovery platform, where we unlock the science and advance the clinical trials.
Speaker Change: Finally, in the second quarter of 2024,
Speaker Change: The further advancement of the development of ring-vegastamines, their PD-1-tigid bispecifics, where the tigid component is derived from Compugen's COM902, into its third phase 3 trial.
Speaker Change: As a reminder, the other phase 3 trials initiated by AstraZeneca are in lung cancer, as part of an IO-ADC regimen, and in adjuvant biliary tract cancer.
Unknown Executive: We believe these advancements reinforce our partnering strategy designed to expand the opportunity for our pipeline programs, including CommNano2, which is favorable considering the median duration of response for chemotherapy is around three to four months, and ABC is around 6.9 months. Responses were also achieved in hard-to-treat high-grade serious adenocarcinoma patients along with a favorable safety profile. Even before we treated patients as a high-priority target indication for PVR-Ig blockade.
Speaker Change: This brings us closer to potential additional milestone payments in an aggregate amount of up to $200 million.
Speaker Change: and future mid-single-digit tiered royalties presenting together a significant potential revenue source for our company.
Speaker Change: Moving on now to what is planned for the rest of the year.
Speaker Change: We believe that the totality of the data we have reported to date in platinum-resistant ovarian cancer patients is encouraging.
Speaker Change: which is favorable considering the median duration of response for chemotherapy is around 3-4 months and ADC is around 6.9 months.
Speaker Change: Responses were also achieved in the hard-to-treat high-grade serous adenocarcinoma patients along with a favorable safety profile.
Speaker Change: To remind you, ovarian cancer was pre-identified using our computational capabilities even before we treated patients as a high-priority target indication for PVR-Ig blockade.
Speaker Change: Of note, we also previously presented data showing constant hormonal therapy activity in a patient with ovarian cancer whose tumor microenvironment was immune desert.
Speaker Change: This patient had a partial response of more than 18 months.
Speaker Change: safety, overall response rate, disease control rate, initial biomarker data, if any, and preliminary data on duration of responses for COM701, COM902, and Pembrolizumab combination.
Speaker Change: As we have previously communicated, our goal is to assess whether we can demonstrate a similar clinical benefit to what we observed in the prior cohort.
Speaker Change: We believe repeating it in a larger total number of patients would confirm COM-7-1 combinations are active.
Speaker Change: There is a significant unmet medical need for women with ovarian cancer who could benefit from alternative potentially safe, efficacious, and durable treatment options.
Speaker Change: We intend to share our plans or next steps for our COM 7-1 combinations at the time of data presentation.
Speaker Change: Finally, in the second half of this year, our partner at Sosenica anticipates data from Phase I-II Artemite-01 trial.
Speaker Change: and the poster presentation from Phase 2 Gemini gastric trial, which was accepted at ESMO 2024.
Speaker Change: With that, I will hand over to Alberto for the financial update.
Alberto: Thank you on that.
Alberto: I'm happy to summarize our financial results.
Alberto Sessa: As of June 30, 2024, we had approximately $92.3 million in cash and cash-related securities compared with approximately $51.1 million as of December 31, 2021, while making sure we focus on reaching K-minus into 2027, taking into account the expected milestone payment of $30 million from Gilead, which we are now eligible to receive. Expenses for the second quarter of 2024 were in line with our plan. Our G&A expenses for the second quarter of 2024 were $2.2 million, compared to $2.4 million in the second quarter of 2023.
Alberto: I will start with our cash balance.
Alberto: As of June 30, 2024, we had approximately $92.3 million in cash and cash-related, compared with approximately $51.1 million as of December 31, 2023.
Alberto: We recognize the importance of cash efficiency and we are disciplined in how we deploy our cash resources.
Alberto: while making sure we focus on reaching key milestones.
Alberto: We have a cash runway expected to fund our operation.
Speaker Change: Into 2027, taking into account the expected milestone payment of $30 million from Gilead, which we are now eligible to receive, following the successful IMD clearance for COMP 503 last month.
Alberto: The company has no debts.
Alberto: Revenue for Q2 2024 were approximately $6.7 million compared with no revenue for the comparable period in 2023.
Alberto: The revenues reflect recognition of a portion of the upfront payment from the license agreement with Gilead and the milestone payment from AstraZeneca on the dosing of the first patient in their second phase 3 trial with rivralgotamic in non-small cell lung cancer.
Alberto: Expenses for the second quarter of 2024 were in line with our plans.
Alberto: R&D expenses for the second quarter of 2024 were $6.2 million compared to $7.8 million in the second quarter of 2023.
Alberto: Our G&A expenses for the second quarter of 2024 were $2.2 million compared.
Alberto Sessa: For the second quarter of 2024, net loss was $2.1 million or two cents per basic and diluted share compared to a net loss of $9.3 million or 11 cents per basic and diluted share in the second quarter of 2020. With that, I will hand back to Alain to summarize. Thank you, Alberto.
Alberto: to $2.4 million in the second quarter of 2023.
Alberto: For the second quarter of 2024, net loss.
Alberto: was $2.1 million, or $0.02 per basic and diluted share, compared to a net loss of $9.3 million, or $0.11 per basic and diluted share, in the second quarter of 2023.
Alberto: With that, I will hand back to Anna for summarizing. Thank you, Alberto.
Speaker Change: To summarize,
Anna: Compugen is a clinical-stage immuno-oncology-type discovery pioneer. We are differentiated by our validated discovery platform, which is powered by the mix of human expertise with AI and machine learning to fuel our first-in-class pipeline.
Speaker Change: There have been many developments in the TGIT landscape with more data readouts expected this year, and we believe we stand out as differentiated both in terms of our clinical strategy and our differentiated programs.
Speaker Change: including our potential Best-in-Class NTPs in COM 902 and First-in-Class NTPs in COM 701.
Unknown Executive: Also, our partner at SusanaCat is advancing the development of freezagustamase, their TGPD-1-bispecific, the TG component of which is derived from COM902. Thank you.
Speaker Change: Also, our partner at Suseneca is advancing the development of frills that gostomates that are TDPD1 bi-specific, the stated component of which is derived from COM902.
Speaker Change: AstraZeneca has set a target for more than $5 billion in non-risk adjusted peak revenues reflecting the potential of these assets and the potential significant revenue generating opportunity for Compugen.
Speaker Change: Our achievement in successfully gaining FDA R&D clearance for CON503 is a clear reflection for our continuous ability to execute.
Speaker Change: We're on track to deliver data from our COM701, COM902, PEMBO triple combination study.
Speaker Change: In patients with platelet-resistant ovarian cancer at the end of the year, a disease where there is a significant unmet medical need to alternative treatment options.
Speaker Change: With the pipeline that is being advanced internally and by our partners, this is an exciting time for Compugen and we believe that we have the fundamentals in place to bring value to our shareholders and cancer patients.
Speaker Change: I would like to thank all Compugen colleagues for their collaborative spirit and daily dedication resulting in a well-executed second quarter of the year and setting us up for future success.
Speaker Change: Finally, I would like to say a special word of thanks to Alberto as this is his last conference call with Compugen.
Speaker Change: and welcome David who has already joined us and will take over from Alberto on August 15th after a transition period.
Speaker Change: With that, I will turn the call over to the operator for questions.
Speaker Change: Thank you.
Speaker Change: Ladies and gentlemen, at this time we will begin the question and answer session.
Speaker Change: If you have a question, please press star 1. If you wish to decline from the polling process, please press star 2. If you are using speaker equipment, kindly lift the handset before pressing the numbers. Please stand by while we poll for your questions.
Speaker Change: The first question is from Stephen Wiley of Stiefel. Please go ahead.
Stephen Wiley: Yeah, good morning. Thanks for taking the questions.
Anat: Anat, is there anything that you can say about your confidence in the totality of
Stephen Wiley: clinical evidence that you'll have in hand when you make a decision on the triplet regimen in ovarian. You know, you have data from one heavily pre-treated dose expansion cohort that was generated with a different tigid antibody. You'll soon
Anat: I have data from a slightly less pre-treated expansion cohort generated with COM902, just curious about your thoughts here and the totality of evidence that you'll have at hand, and then I just have a follow-up.
Speaker Change: Sure. Thank you, Steve. And I'm happy to elaborate on this. First, I'll just say that the totality of the data that we have is pointing to COM-7-1 driven effects and monotherapy effect, over-response rate that is...
Speaker Change: added to then combine with durability.
Speaker Change: Safety Profile, and clearly from our perspective as I was saying in the prepared remarks
Speaker Change: The need is there for safe, efficacious, durable treatment.
Speaker Change: And we believe that if we can repeat the clinical benefits that we have seen up until now, there is a need. Now, with respect to the differences in the studies, I can say the following. I believe that since we used the TIGID antibody, that is actually disabled.
Speaker Change: Even though it was not COM-902, we believe this would be comparable. We do think that we have a best-in-class-pitch potential, best-in-class-pitch antibody, but we believe that the data may be comparable.
Speaker Change: We use Nebo as compared to Pembroke, so, you know, we believe that this triplex that we use now may have the chance to at least repeat the benefits that we saw.
Speaker Change: And with respect to the differences in the treatment, I want to say that at the end of the day, the patient characteristics are more or less the same and we believe that we'll be able to compare between the two different cohorts.
Speaker Change: Okay that's that's helpful and then I might have missed this but did I interpret your commentary I guess regarding the update at the end of the year to suggest that you may not have biomarker data to present in conjunction with the safety and efficacy data?
Speaker Change: We did not say whether we will have or not, what we said is that we will present data if we have the data.
Speaker Change: I think that it's fair to say, we're saying that we have the initial data, it looked supportive of association with clinical benefit.
Speaker Change: We also stated a few times that we recognize that the challenges in generating biomarkers in I.O. and mainly with small number of patients.
Speaker Change: We are assessing the biomarkers, the expression level, and we share what we have at the time that we have it.
Speaker Change: Okay, and so in terms of being able to articulate a potential path forward here before the end of the year in conjunction with data, should we then expect that you will be communicating either the use of or
Speaker Change: The Absence of a Patient Selection and Enrichment Strategy.
Unknown Executive: So, in general, we were preparing ourselves to scenarios from the get-go. Obviously, we had initial biomarker data and enrichment strategy on the table, but we also recognized the fact, as I said, that this is very challenging and we may not have enough supporting data and we had to prepare ourselves to a situation where there is no enrichment strategy. But I will say that we will always be data-driven. As we've been up until today and will continue to do so, we will focus, pending the data, we will focus where we believe we have the competitive edge, where we can give our Q-plus combo the best chance to impact the appropriate patient population, and we'll take everything into consideration. So, we're not saying no, we're not saying yes, we're assessing and we'll see what we have and we'll take the steps accordingly.
Speaker Change: in terms of access.
Speaker Change: So, in general, we were preparing ourselves to two scenarios from the get-go. Obviously, we had initial...
Speaker Change: Biomarker, Data and Enrichment Strategy.
Speaker Change: on the table, but we also recognize the fact, as I said, that this is very challenging and we may not have enough supporting data and we had to prepare ourselves.
Speaker Change: to a situation where there is no enrichment strategy.
Speaker Change: But I will say that...
Speaker Change: We will always be data-driven, as we've been up until today, and we'll continue to do so. We will focus on spending the data.
Speaker Change: We will focus where we...
Speaker Change: I believe we have the competitive edge where we can give our triplets combo the best chance to impact the appropriate patient population and we take everything into consideration. So we're not saying no, we're not saying yes, we're assessing and we see what we have and we take the steps accordingly.
Speaker Change: Okay, thanks for taking the questions.
Speaker Change: Thank you.
Speaker Change: The next question is from Asthika Goonewardene of SunTrust. Please go ahead.
Ashtika Gunwarden: Hi, good morning guys. Thanks for taking my questions all clarified from Truist, no longer SunTrust. I just want to go dig into this on the platinum-resistant ovarian cancer data that's coming up.
Speaker Change: I think you mentioned in your prepared comments that you have patients who have seen prior ADC and I wanted maybe contrast between the previous days that
Speaker Change: What proportion of patients are you expecting to have prior ADCs is going to be considerably more than the previous data set and How do you expect exposure to the ADC, particularly the therapsin C in payload, to alter the patient's T cells?
Speaker Change: Is there any opportunity for this patient to be conditioned in a way that they might actually respond better or worse to immunotherapy, such as PVRG and TIGIT, et cetera? And then I have a follow-up.
Speaker Change: Sure. Thank you, Asthika. Michelle, do you want to take this one? Sure.
Michelle: Yeah, sure. So I can't comment on the exact amount of patients who received ADCs at this point since we're not ready to disclose the data. However, what I can say is when you look at the different timing of when the studies were enrolled,
Speaker Change: The one study enrolled the four...
Speaker Change: A good amount of patients were enrolled before the ADCs really came forward and before they recently got approved, whereas the current study is ongoing. So we naturally have captured a certain amount of patients that have previously seen ADCs.
Speaker Change: I can hypothesize with you on what we think may occur once patients are exposed to ADCs and that there is potential for cell death with increased antigen presentation. However,
Speaker Change: At this point in time, I can't share any data with you. And I think the other thing to be aware of...
Speaker Change: You know, it's all the totality of the data and coming back to the ADCs in terms of, you know, the prior lines of treatment also matter in terms of how patients are, in terms of their overall condition and the immunogenicity of their response to them.
Speaker Change: I'll just add that mechanistically, while it makes sense, I want to emphasize that you know that we enrolled
Speaker Change: Somewhat more than 20 patients and with small numbers it is going to be hard to get
Speaker Change: and any specifics with respect to ADCs plus IO in our study but I believe that the potential is there.
Speaker Change: Do you think you'll actually report the two data points? I mean, would that be sort of a breakout, like a subgroup analysis of patients who came by ADT versus not? Is that, do you have enough numbers to really do that?
Speaker Change: I think that in 20 patients cohort doing any subgroup analysis that was my point of the remark. I don't think that you know that the numbers we support specific conclusions based on this.
Alberto: Got it. Okay, that's helpful. And then a quick one for Alberto. I wish you all the best in your next endeavors. I just want to ask, can you maybe give us a little bit more color on the cash flow and guidance? I'm curious to know, does it anticipate starting off any
Speaker Change: Follow-on studies with COM 701, 902, potential registration-enabling studies, etc.
Alberto: Yes, thank you for the wishes. So, as we said, we have questions.
Speaker Change: into 2027, and this takes into consideration a certain amount of cash.
Alberto: that should be used for the next trial. So even if, I mean, we did not, we don't have plans and we will have plans only once the data would be
Alberto: will be out but yes we have some reserve for additional trials that we may or may not start going forward.
Speaker Change: Thanks for taking my questions, guys.
Speaker Change: Thank you.
Alberto: The next question is from Daina Graybosch of Lyrinc Partners. Please go ahead.
Dana Graybush: Hi, thanks guys. Another question from me on the platinum-resistant ovarian cancer data.
Speaker Change: You mentioned that this is a very difficult to treat patient population based on their prior lines and prior therapies, and that because PD-1 has little activity alone, it's a very good place for signal seeking.
Speaker Change: To me, when I hear that, it feels like you're guiding to pretty modest overall response rates and duration of response.
Speaker Change: But I wonder if you could put actual...
Speaker Change: quantification on that. So what kind of range in a 20-patient cohort specifically are you looking for that you think the activity is not only giving you a signal of PVRG and contingent contribution, but also is attractive enough to move forward?
Speaker Change: So I'll start and then Michelle if you want to at least please go ahead.
Michel: It's a very good question, and as I explained, we were seeking to go into areas where we
Michel: Could show in single-arm studies, small single-arm studies, that this is a concept in one.
Speaker Change: PGRID, DRIVEN, and SET.
Michel: And we believe that what we show, the cross-indications with the different studies that we've done, that this is a concept of non-judgmental effect. And right now, in terms of looking at the guidance,
Speaker Change: What we did say today that we are looking to repeat the clinical benefits.
Speaker Change: that we have shown in the prior cohort in order to...
Speaker Change: make a decision okay with this amount of patients that accumulate the data of the two cohorts
Speaker Change: We believe that COM 7-1 is active.
Speaker Change: Then the question is...
Speaker Change: Where do we have the competitive edge in which we should use this?
Speaker Change: combination, where the data that it showed up until now that we had did durable in the PrEP cohort.
Speaker Change: Deep, Durable, and Safe Profiles, and where do we give it the best chance to impact the appropriate patient population.
Speaker Change: But basically, it will be, from our perspective, repeating the same clinical benefits.
Speaker Change: Can you remind us the clinical benefit you observed in the first cohort? I don't think you've given the numbers on the call.
Speaker Change: Sure.
Speaker Change: So we, other than, you know, presenting some monotherapy activity, which was in a different study, in the prior triplet study,
Speaker Change: We were having 20% of our response rate with deep responses, patients that were responsive, some of them had durability of more than 16 months.
Speaker Change: and the combination was safe and tolerable. And we had the initial biomarker data supporting some association with clinical benefit.
Speaker Change: And then, in the data set you're going to have this year, how much follow-up will you have? Will you be able to observe a confirmation of that durability, and then how many patients?
Speaker Change: [inaudible]
Michelle: I'll let Michelle address it. We will not have the 16 months and durability, you know, time to do monitoring for 16 months, but Michelle, do you want to say anything about it? Yeah, sure.
Michelle: Yeah.
Michelle: So what I can say is we did decide to cut the date a little bit earlier so that we can present data by the end of the year.
Michelle: So it may not be as mature as the prior data set. However, a number of our patients on the study have already been on the study for a minimum of six months. So, you know, it is starting to get to a point where we will be able to observe durability.
Speaker Change: Great, thank you.
Speaker Change: The next question is from Tony Butler of Rodman and Renshaw. Please go ahead.
Tony Butler: Thank you very much for the opportunity. I just wanted to follow on with the last question, and I guess it intersects with the first as well, and that is,
Unknown Executive: I'm gonna call it hurdle rate that you would like to see at least as it, or maybe we would all like to see as it pertains to the Q4 data in ovarian cancer. So if 20% is that hurdle. The sum... The sum...
Tony Butler: I'm gonna call it hurdle rate that you would like to see at least as it, or maybe we would all like to see as it pertains to the Q4 data in ovarian cancer. So if 20% is that hurdle,
Speaker Change: If that's correct, the question becomes...
Speaker Change: Art.
Speaker Change: Will patient is there two parts one is or will there
Speaker Change: The sum.
Speaker Change: look at if they're only six months in duration, for example, per Michelle's comments, then that seems perfectly fine, I guess. But there is a question as to whether or not there are late responders. So, for example, if a patient's been on for
Speaker Change: on triple therapy for X number of months that they respond later. Is there evidence from the previous trials that that is the case? That's point one. And number two is if all the response rates were PRs,
Speaker Change: Does that matter to you? I mean, that's really great for these women, for sure. But are there any PR conversions that you had seen in the previous study, which were later than when that particular cutoff occurred?
Speaker Change: And then I have a follow-up. Thank you.
Speaker Change: Michelle? Thank you, Donna. Michelle?
Speaker Change: Yeah, so I can't speak to it that they are, and it's.
Michelle: is also described in the immunotherapy literature in ovarian cancer that, yes, there are some patients who can develop a later response, so they can be sitting at stable disease for a long period of time, and then stable disease over a period of time will become partial response. Again, I...
Speaker Change: I can't speak to all the details on the current data set, and in the prior data set, as you're aware, we did have two partial responders that maintained response beyond 16 months. I don't remember offhand what the exact time to response was in those two patients.
Speaker Change: We had a number of disabled youth patients as well who were on the study for quite some time.
Speaker Change: Um.
Speaker Change: So I feel like I'm not completely answering your question, but I think that's as best as I can get to you right now.
Speaker Change: Yes, but I guess to some degree did any stable disease patients in the previous trial convert to PRs. That was sort of part two.
Speaker Change: So.
Speaker Change: Offhand, I don't recall. I just know that there were two partial responders. Like I said, I'm not 100% sure what their time to response was. I'm not aware of any late conversions from stable disease to partial response.
Speaker Change: Although, like I said, that has been described in the immuno-oncology literature.
Tony Butler: But I think, Tony, I'll just add, and if I understand where you're leading to, I'll just add that the guidance that we shared with, you know, repeating the same clinical benefit would be relevant for the time that we will also share
Speaker Change: Our plans, based on the data, as I said, will always be data-driven, so that maybe gives you some clarity about our guidance.
Speaker Change: Thank you, Anat. And maybe the last question totally different, but...
Speaker Change: In COM503, you make reference to harnessing cytokine biology.
Speaker Change: In your current research efforts, are there other targets that might also harness other cytokines that might be worthwhile?
Speaker Change: as antibodies for which you may bring forth in the future. In other words, something beyond 503. Thank you.
Operator: Yes, so overall, we use our computational AI-driven platform to identify novel targets.
Speaker Change: Eran, do you want to take it?
Eran: Yes, so overall we use our computational AI-driven platform to identify novel targets. We arrived to IL-15 binding protein as a target, not because we looked for a cytokine target, because we looked for resistance mechanism in the tumor microenvironment computationally.
Speaker Change: So, it's a very different target from people with gene digits, for example, and this indeed took us to harness an antibody to unleash natural IL-10 activity in the tumor microenvironment.
Speaker Change: And they are across different modalities and different MOAs, all coming from, it's kind of an MOA agnostic and more patient-centric approach, looking into the tumor environment of patients and unleashing additional resistance mechanisms.
Eran: Thank you, Eran.
Operator: This concludes the Q&A session and Confugence Investor Conference call. Thank you for your participation. You may go ahead and disconnect.
Speaker Change: This concludes the Q&A session and Compugence Investor Conference call. Thank you for your participation. You may go ahead and disconnect.
Speaker Change: It's Dream School.