Q3 2024 CytomX Therapeutics Inc Earnings Call
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Good afternoon, everyone. Thank you for standing by welcome to <unk> Therapeutics third quarter 'twenty 'twenty four financial resort results call. Please be advised that today's call is being recorded.
I would now like to hand, the call over to your host for today, Chris Ogden <unk> Chief Financial Officer. Please go ahead.
Thank you good afternoon, and thank you for joining us.
Before we begin I would like to remind everyone that during this call we will be making forward looking statements.
Forward looking statements relate to the future.
Subject to inherent uncertainties and risks that are difficult to predict and many of which are outside our control.
Important risks and uncertainties are set forth in our most recent public filings with the SEC at SEC Gov.
We undertake no obligation to update any forward looking statements, whether as a result of new information future developments or otherwise.
Earlier. This afternoon, we issued a press release that includes a summary of our third quarter 2024 financial results and highlights recent progress at Telmex.
We encourage everyone to read today's press release, and the associated materials, which have been filed with the SEC.
Additionally, the press release recording of this call and our SEC filings can be found under the investors and news section of our website.
With me on the call today is Dr. Sean Mccarthy, <unk>, Chief Executive Officer and Chairman.
Sean will provide an update on our pipeline and company progress before I walk through the financials for the third quarter.
And then conclude with a Q&A session.
With that I'll now turn the call over to Sean.
Thanks, Chris and good afternoon, everyone.
As always we are very pleased to be here today to provide an updates on progress as we advance towards our vision of transforming lives with safer more effective therapies.
Since our inception and the creation of the probe what are your therapeutic platform. We have been leaders in the field masked conditionally activated biologics.
<unk> team has been working tirelessly to address areas of oncology with high unmet need.
Leveraging our multi modality priority platform, we have more than 15 active discovery and development programs across our internal and partnered research pipeline.
With three of these programs currently in phase one clinical development.
<unk> 904 priority T cell engage with targeted to Egfr CD three.
<unk> five one.
<unk> directed pray body antibody drug conjugate.
I'd also CX 801, our prey body interferon alpha to be.
Each of these programs really stands on the shoulders of our broad platform and clinical experience to date with mast therapeutics.
We continue to push back on these in our quest to make the biggest difference we can for cancer patients.
So it was pipeline is poised to deliver multiple clinical readouts in 2025 that will inform next steps. The later phase clinical development and create significant value for shareholders.
Now moving to our pipeline update for the quarter.
I'll start with our work in the T cell engages space.
The field of T cell engages in solid tumors has seen meaningful advances over the past one to two years.
But there remains a scarcity of really good cima targets for conventional unmasked T cell engages because of target expression in normal tissues.
<unk>, we're applying our priority therapeutic platform.
Mosque T cell engages directed against highly expressed solid tumor targets.
In order to maximize their activity in juniors and minimize systemic toxicities in normal tissues.
We are working on multiple T cell engaging programs, including CX 904.
<unk>, probably bought a T cell engagement targeting Egfr CD, three which is partnered with Amgen and a global co development Alliance.
Egfr is a well validated target in multiple cancer types.
Nobody has yet been able to develop a T cell engaging against this target. So we are breaking new ground with this program.
CX 904 is designed with a single Egfr binding arm and a single CD three binding arm them, both unmatched in a protease dependent manner, allowing for tumor activation.
Yeah.
In May this year, we shed a first look at safety and efficacy for this clinical program announcing positive phase one dose escalation data from 35 patients showed an emerging favorable safety profile and encouraging early signs of single agent anticancer activity at doses up to 10 milligrams.
Since our May data disclosure dose escalation has continued and we have been focusing enrollment on patients with pancreatic ductal adenocarcinoma, non small cell lung cancer, and head and neck squamous cell carcinoma.
We're pleased to report that the 15 milligram dosing cohort has cleared.
So im tolerated dose has not been reached for step dosing.
Escalation continues.
Since dose escalation is continuing we don't expect any decision in 2024 regarding initiation of phase one b.
We continue to engage with our partner Amgen regarding plans for CX 904.
And we look forward to providing additional updates on the program next year, including potential phase one b initiation.
Yes.
I'd like to turn now to CX 2051, our wholly owned first in class antibody drug conjugate targeting epithelium cell adhesion molecule or <unk>.
Developing therapies targeting <unk>, but it's been a goal of cancer research and development since its first identification as a highly expressed colorectal cancer at <unk> in more than 40 years ago.
That kind of is a highly attractive drug target due to its high expression in many solid tumor types, including colorectal cancer.
Non small cell lung cancer ovarian cancer triple negative breast cancer and gastric cancers.
Yes, Ken has been implicated in many aspects of cancer biology, including signal transduction self proliferation, and epithelioid mesenchymoma transition and it's particularly highly expressed in colorectal cancer.
In fact, we estimate that more than 90% of CRC patients have high level expression.
Furthermore, we know that as Ed Ken Ken can be engaged successfully and safely it can lead to tumor responses in patients.
As best demonstrated by the <unk> at Countertops infusion opportunities about monetizing.
That's elicited a 40% complete response rate in non muscle invasive bladder cancer.
Because of its systemic toxicity, though this drug needed to be administered locally.
Similarly, the previously approved try specific antibody catching back the map was shown to be effective in the treatment of malignant ascites, but again has to be locally administered.
Interest in <unk> continues to be high across the industry, but why is it taking the field so long to develop a successful systemic anti at Comcast the therapeutic.
The answer lies in normal tissue expression.
<unk> expression is in fact relatively low on most normal tissues compared to its expression on cancer cells, but it does have particularly high expression in the normal gastrointestinal tract.
This became problematic with first generation anti <unk> antibodies that induced acute acute pancreatitis.
Second generation approaches such as the <unk> T cell engages the lithium al had even more severe toxicity, including grade three and higher upper Gi inflammatory diarrhea, and acute elevation of liver enzymes at sub therapeutic doses.
Speaker Change: So how can we unlock the potential of that Kevin with a systemic therapy.
Kevin: Well, let me list the key properties of <unk> five one that we believe make it a very attractive clinical candidate.
Speaker Change: <unk>.
Speaker Change: <unk> 051 is a masked high affinity anti <unk> antibody, incorporating a protease cleavable linker that we have validated clinically.
Speaker Change: Context.
Speaker Change: The cytotoxic payload <unk> 59 is it took quite some raised one inhibitor well matched to cancer types, where <unk> is highly expressed including CRC.
Speaker Change: The <unk> payload has comparable preclinical antitumor efficacy to Daiichi <unk>, both as a free payload and in the context of the <unk> binding ADC.
Speaker Change: The payload antibody linker and <unk> 501 has been optimized for bystander effect, which is believed to be an important contributor to ADC anticancer activity.
Furthermore, we've shown in preclinical models that CX 2051 is equivalent to the activities of the unmasked ADC, but it's much better tolerated in terms of Gi tox.
Speaker Change: <unk> also has shown antitumor activity in <unk> resistant colorectal cancer models are particularly important findings since we anticipate this drug will be used in the post <unk> setting.
Speaker Change: <unk> advanced <unk> five one entered the clinic in the second quarter of this year in metastatic CRC.
Speaker Change: Given the very high expression as substantial medical need in CRC.
Speaker Change: We are focusing dose escalation in this cast at site to initially assess safety explore initial signs of anticancer activity and determine optimal dose levels for further evaluation.
Speaker Change: That kind of expression levels in the phase one study are being assessed retrospectively and are anticipated to be high and the majority of patients.
So now we're focused in CRC to gain initial experience with 2051, we see a broad opportunity to expand into several additional at Cannes positive tumor types. Once we have a preliminary assessment of safety and antitumor activity from this initial study.
Speaker Change: I'm very pleased to report excellent early progress in the phase one study of CX 2051.
Speaker Change: We are already enrolling the fifth dose escalation cohort just six months into the trial.
And we have observed a favorable safety profile to see excuse or a five one to date, suggesting that masking is functioning as designed.
Speaker Change: It's still relatively early days, but we see this as a very promising start and we remain on track to provide an initial phase one update in the first half of 2025, so hopefully set the stage for broad based development of this drug.
Speaker Change: With respect to the long term opportunity for CX 2051, we estimate that there are approximately 300000 at Cam positive addressable patients in the United States alone. So this program represents a potentially transformational value creating opportunity.
Speaker Change: Moving now to our third clinical program CX 801.
Speaker Change: <unk> interferon alpha to be pro body cytokine.
Is it fair to Alpha is a well validated molecule that we view is overlooked in the field of oncology.
Speaker Change: Interferon has established single agent anti cancer activity in multiple tumor types and has also demonstrated potential as a combination therapy with checkpoint inhibitors.
Speaker Change: The powerful ability of interferon alpha to both directly kill tumor cells and drive antigen presentation makes it an ideal mechanism for combination with checkpoint inhibition potentially across a wide range of indications.
Speaker Change: <unk> hundred one incorporates a jewel masking strategy with a peptide mass blocking the interferon domains allosteric FC mosque, which are designed to clamp down the activity of systemic interferon and significantly increase the therapeutic window.
Speaker Change: Our preclinical data for six acre one demonstrate synergy with PD one inhibition both in.
Speaker Change: In terms of antitumor activity and activation of the tumor inflammatory microenvironment.
Speaker Change: Moreover, we have also shown in animal models, the systemic activity of our mass interferon is significantly reduced and overall tolerability is markedly improved compared to the unbiased cytokine.
Speaker Change: We're excited to have recently initiated the phase one clinical study for CX 801, having dosed our first patient during the third quarter.
Speaker Change: Our initial goal for this program is to markedly improve all the clinical profile for unmasked interferon.
Speaker Change: And PD one inhibition in melanoma.
Speaker Change: <unk> hundred one phase one dose escalation will primarily focus in this tumor type.
Speaker Change: Initially as mono therapy before moving into combination dose escalation with Keytruda, which.
Speaker Change: Which we have access to through a collaboration and supply agreement with Merck.
Speaker Change: Initial phase one data for CX eight one is anticipated in the second half of 2025.
Speaker Change: So with that let me hand things back over to Chris to provide an update on our finances.
Chris: Thank you, Sean Echo and Sean sediments, we're at an exciting stage with our pipeline and as we move into next year, we plan to deliver important clinical updates that have the potential to deliver significant value creation for site Telmex and will also further inform our highest priorities for capital allocation across the pipeline.
Speaker Change: Yeah.
Speaker Change: With that context, we continue to remain disciplined in capital allocation with a focus on delivering against our clinical milestones in 2025.
Speaker Change: Now with that I'm pleased to be able to share our third quarter 2024 financial results with everyone today.
Speaker Change: As of September 32024, we ended the quarter with $118 million in cash cash equivalents and investments compared to $137 million in cash at the end of the second quarter.
Speaker Change: We expect that our cash balance will continue to fund <unk> operations.
Speaker Change: End of 2025.
Speaker Change: As always our cash guidance does not assume any additional milestones from existing collaborations or any new business development and we are active in this area.
Speaker Change: Turning to revenue and operating expenses for the third quarter revenue was $33 4 million compared to $26 4 million in the third quarter of 2023.
Speaker Change: The higher revenue in the third quarter was driven primarily by research under our collaborations with Bristol Myers Squibb and Madonna.
Speaker Change: Operating expenses for the third quarter were $29 3 million, an increase of $6 1 million compared to the third quarter of 2023.
Speaker Change: R&D expenses were $21 4 million for the third quarter of 2024, which was an increase of $4 9 million compared to the corresponding quarter in 2023.
Speaker Change: This was primarily driven by increased clinical and manufacturing spend for CX 2021, as well as higher clinical spend for CX 904.
Speaker Change: G&A expenses increased by $1 1 million during the three months ended September 32000, $24 million to $8 million compared to $6 8 million for the corresponding period in 2023.
Speaker Change: Operationally, we continue to make significant progress with Amgen and Astellas.
Speaker Change: S Mcdonough and Regeneron with the majority of our partnered research currently focused on matched T cell engages.
Speaker Change: Year to date, we have received $10 million in preclinical milestones through our collaboration with Astellas and continue to receive R&D funding across a number of our partnerships.
Speaker Change: Additionally, we have the potential to earn additional milestones through our collaborations over the next year.
Speaker Change: Closing out our financial updates, we continue to be disciplined in capital allocation with financial resources to support key pipeline milestones, which we expect could drive meaningful value for shareholders and inform later stage development for the pipeline.
Sean: With that I will turn the call back to Sean for closing remarks.
Sean: Thanks, Chris and thank you everyone for joining us today, we're excited about the work we're doing at <unk> to advance our multi modality clinical pipeline towards value inflection in the near term, we continue to push bandwidth with our science.
Speaker Change: The probiotic platform, but the antibody market in general is of high strategic interest in the industry and.
Speaker Change: And we continue to be at the forefront of this field.
Speaker Change: Looking ahead to 2025, we are well positioned to deliver multiple clinical data readouts across the pipeline and we remain focused on advancing CX neither for 620516.
Speaker Change: 801 to clinical proof of concept and so rapidly advancing programs into later phased about later phase development, where we can deliver meaningful and differentiated outcomes for patients.
Speaker Change: Yeah.
Speaker Change: Furthermore, I'd underscore that <unk> is and always has been built to deliver value over the near and long term. We maintain a long term perspective, we have deep expertise in the field of mass therapeutics across multiple modalities strong large pharma and biotech partnerships, which position cytori, which to drive sustainable innovation overtime.
Speaker Change: The closeout is always about to thank sincerely the patients who joined our studies their families our clinical investigators and our team for continuing to drive our mission forward and with that operator, Let's go ahead and open up the call for Q&A.
Speaker Change: Thank you at this time I would like to remind everyone in order to ask a question press star one on your telephone keypad.
Speaker Change: We'll pause for just a moment to compile the Q&A roster.
Speaker Change: And your first question comes from the line of Joseph.
Speaker Change: John Zaro with Piper Sandler Your line is open.
Great. Thanks for taking the questions.
Speaker Change: Thanks for the update maybe first one on the CX 904 update and timing around the phase one b decision.
Speaker Change: And it sounds like Thats contingent on finishing the dose escalation and optimization I guess as we think about that is there is like pre specified target dose that youre looking at to achieve is data.
Speaker Change: Hit the MPD I guess talk us through.
Speaker Change: How youre feeling about making the decision that you've identified the right dose and the right SKU.
Well there.
Joe: Yes, Hi, Joe Thanks for the question.
Joe: But as you know I mean since we presented our first results on this.
Joe: Program earlier this year, we've been very pleased with the safety profile of 904 and as we've continued our work over the course of the year.
Joe: Yes, we continue to.
Joe: And about that safety profile and.
Joe: And as a result being able to continue to successfully escalate and we believe that it's important to.
Joe: Continue to maximize dose for this drug.
Joe: And I can keep going.
Joe: We know that.
Joe: <unk>.
Speaker Change: Yes, I think we're all still learning in this field, but I think generally we do see dose responses for T cell engages.
Speaker Change: So we think it's in our interests.
Speaker Change: Our partners interests.
Speaker Change: Really continued dose escalation and we're really pleased that to be at the next dose level up.
From 15, which we're at which we're actively enrolling so of course, the flip side of that is it means that it's going to take more time.
Speaker Change: Sometimes the way it goes T cell engages in general where we're learning.
Speaker Change: Turning to take more time, rather than less but we've got to make sure. We do the right experiments.
Speaker Change: Great. That's helpful. If I could ask maybe one quick follow up on <unk>.
Speaker Change: CX 2051, it's great to see the dose escalation moving along nicely wondering if you could say where dose level five falls within the number of planned dose levels and whether at dose level five is.
Speaker Change: Within the expected therapeutic window or maybe there is still a ways to go there just trying to maybe you start to think about the first half 'twenty five update.
Speaker Change: Yes, so again great question.
Speaker Change: So as I said, where we are.
Speaker Change: We are very pleased with the early progress.
Speaker Change: With 2051.
Speaker Change: Quickly having moved into.
Speaker Change: Into cohort five this is.
Speaker Change: Obviously quite an experimental therapeutic.
Speaker Change: Being the target.
Speaker Change: A mosque ADC with a.
Speaker Change: Actually our novel payload cap 59. This is the first experience with this payload in the clinic. So we'll learn as we go in terms of.
Speaker Change: How the clinical data matches up to our <unk>.
Speaker Change: Models predicted range for safety and efficacy.
Speaker Change: So what I can what I can say is that compared.
Speaker Change: Compared to our modeling.
Speaker Change: We are.
Speaker Change: We believe we're at doses, where an unmasked ADC.
Speaker Change: We'll be very likely to show the kinds of Gi toxicities that have been seen with other unmask at Cam strategies in the past.
Speaker Change: So.
Speaker Change: So we're pleased with where we are.
Speaker Change: But it's still relatively early days and we will.
Speaker Change: We will have more to say in the first half of next year.
Speaker Change: Okay, Great. That's helpful. Thanks for taking my question.
Speaker Change: Question comes from the line of.
Speaker Change: Cheng with Jefferies. Your line is open.
Speaker Change: Great. Thank you for taking our questions as to downtown for Roger.
Speaker Change: So I guess for US we have a question on pause now for so regarding the phase one decision. So I'm just wondering.
Speaker Change: <unk>.
Speaker Change: I believe the pancreatic wasn't fragrance ahead of in terms of enrollment. So we're I'll remind us we're all waiting for the enrollment of non small cell lung.
Speaker Change: Head and neck.
Speaker Change: And also when you make the decision for phase one b.
Speaker Change: Will you also reported data already reported separately at a medical conference or like.
Speaker Change: Company events. Thank you.
Speaker Change: Great. Thanks, Thanks for the questions.
Speaker Change: So.
Speaker Change: With regard to enrollment as we mentioned we have continued over the course of this year too.
Speaker Change: Obviously enroll in pancreatic.
Speaker Change: Where we reported our first single agent activity earlier this year.
Speaker Change: And we've continued to increased I guess emphasis on enrolment in head and neck and lung cancer since that may update in the May update we had just a handful of patients in those two indications.
Speaker Change: No.
Speaker Change: <unk> has progressed well over the course of the year.
Speaker Change: We have been.
Speaker Change: Enrolling at the previously cleared doses of five and 10 milligrams now that we have 15 cleared will enroll at that dose and also continued to escalate to the next dose level. So that's why we are in terms of tumor types in terms of data and decision.
Speaker Change: This is of course.
Speaker Change: Our program in close collaboration with Amgen and we are.
Speaker Change: We continue to be very very focused on.
Speaker Change: EMEA in general relationship.
Speaker Change: Building.
Speaker Change: A data package to share with them when the time is right to discuss next steps which would be.
Speaker Change: Ideally the move from phase one eight phase one b and the data should be anticipated on the other side of that potential decision.
Speaker Change: Sometime later in 2025.
Speaker Change: Got it thanks.
Speaker Change: Youre welcome.
Speaker Change: And your next question comes from the line of <unk> <unk> with BMO capital markets. Your line is open.
Speaker Change: Great. Thanks for taking the question just another one on CX 904, as you're thinking about.
Sort of a potential phase one b just to cross 10 periodic or the other tumor types would these be.
Speaker Change: Monotherapy studies or <unk> studies in combination with standard of care, particularly in like head and neck or non small cell lung cancer.
Speaker Change: And how you thought about that be great. Thank you.
Speaker Change: Yes.
Speaker Change: Yes, hi, thanks.
Speaker Change: We're very focused on monotherapy at the moment and that's very consistent with the goals of our partner.
Speaker Change: Not to say that we're not giving consideration to combination strategies.
Speaker Change: Obviously on a.
Speaker Change: On an indication by indication basis.
Speaker Change: But right now we remain.
At least in the phase one setting of course principally focused on.
Speaker Change: On monotherapy.
Speaker Change: As to whether there will be any combination.
Speaker Change: Ponant of potential future phase one be that's something that we do we do plan to talk to our partner about but as yet we have no defined plans for.
Speaker Change: Great. Thank you.
Speaker Change: Okay.
Speaker Change: Youre welcome.
Speaker Change: Your next question comes from the line of <unk> Rama.
Speaker Change: With Jpmorgan your line is open.
Speaker Change: Hey, guys. Thanks, so much for taking my question just wondering if we could I could get one in on CX.
Speaker Change: 2015.
Speaker Change: I know that your retro said retrospective review looked at <unk> expression levels and they're high in the phase. One study is it fair to assume moving forward that you will be enrolling only high uptime expressing patients or will you be taking all comers. Thanks, so much.
Speaker Change: Yes, that's a really good question.
Speaker Change: No.
Speaker Change: In CRC as I mentioned.
Speaker Change: It's the cancer type where at Cam was first described long time ago.
Speaker Change: And it was first identified that as a function of it's really really high expression.
Speaker Change: And we've done work with our own.
Speaker Change: Our own.
Speaker Change: That we've developed here cytogenetics to confirm that.
Speaker Change: In our hands more than 90% of metastatic CRC patients have to have high level.
Speaker Change: <unk> expression and so.
Speaker Change: I don't think.
Speaker Change: And we'll validate that as we continue to look at the retrospective analysis in this ongoing study, but I don't expect that on a go forward basis in CRC, we would need.
Speaker Change: To select for target.
Speaker Change: <unk>.
Speaker Change: For that tumor type.
Speaker Change: You look across other tumor types one of the great things about head count as it is expressed on so many cancers.
Speaker Change: Also at high levels, but.
Speaker Change: And some like lung cancer is high in.
Speaker Change: 60, 70% of patients that compares to.
Speaker Change: Gastric cancer similar kinds of those kinds of levels and then some cheaper types like bladder prostate pancreatic is a little bit lower and so we've developed we think a very good assay a good ice a great IAC assay that will enable us.
Speaker Change: In some of those other tumor types to potentially select for patients if we need to.
Speaker Change: Most of our cross that bridge when we come for it come through it.
Speaker Change: Another key key point here, though is that if you if you aggregate across tumor types for <unk> expression. There are hundreds of thousands of patients to be treated with a drug like this and we do see 2051 in the long run it for that reason, having potential patent schumer potential a little bit like we have.
Speaker Change: Seen with <unk>.
Speaker Change: Okay great.
Speaker Change: Again, if you would like to ask a question Crestar one on your telephone keypad.
Speaker Change: Your next question comes from the line of Mitchell Kapoor with H C. Wainwright. Your line is open.
Speaker Change: Good afternoon. This is Dan on for Mitch Thanks for taking our questions.
Speaker Change: And kind of on the idea of <unk>.
Speaker Change: <unk> expression in when you were talking about the different tumor types.
Speaker Change: Are there any tumor types that you think are particularly vulnerable to the bystander effect like are there any biological rationale for that and are there any specific tumor types of lower her two expression that might be less validated.
Speaker Change: For an ADC approach, but have higher <unk> expression and somewhat higher unmet need that might make it.
Speaker Change: Cancer of interest.
Speaker Change: Well I'd say the main way, we think about that in the context of this drug candidate is really in the design of the of the payload of the linker itself.
Speaker Change: So.
Those of you who have followed <unk> for a while may recall that we actually.
We had a prior version of our Netcom, ADC, which we had conjugated to a maytansine payload, but we'd always been really interested in.
Speaker Change: This expression in CRC and how to develop a drug that was more tailored to that tumor type just because of the unbelievably high expression of the target and Thats what led to our.
Our.
Speaker Change: Selection of the cap 59 payload is a total one inhibitor because as a as a topo one inhibitor indicated for the treatment of <unk>.
Speaker Change: T cells to tumors like CRC, so we've been very deliberate.
Speaker Change: And the design of this drug in terms of selecting payload to match level of target in areas of high unmet need, including CRC, but not limited to CRC also including.
Speaker Change: Yeah lung, both squamous and adenocarcinoma.
Speaker Change: <unk> gastric as I've mentioned in many of the tumors besides with regard to bystander effect.
Speaker Change: The linker the try our triad will need linker that is in this ADC is also optimized for bystander effect and bystander effect can be particularly effective in the presence of high levels of target.
Speaker Change: Where.
Speaker Change: ADC will bind target and in the extracellular environment Lee released payload.
<unk>.
Speaker Change: So we just feel like the overall design of yes, we took our time to really get this one optimized.
Speaker Change: We felt like the overall design of <unk> thousand 51, the payload.
Speaker Change: The cleavable.
Speaker Change: Trial, a linker of course, the antibody mask and the protease cleavable linker.
Speaker Change: And the selection of that Tam is a very high potential previously clinically validated target really gives us.
Speaker Change: The highest probability of technical success with this drug relative to the other adcs that we put into the clinic in the past.
Speaker Change: Awesome and if I could ask just for a little bit more color on the 904 program update that was expected by year end.
Speaker Change: Has that been delayed or did the lack of maximum tolerated dose complicate that and if so when can we expect the next data release the phase <unk> with 94. Thank you.
Speaker Change: Yes, so yes, we consider today's call really this is the update on <unk>.
Speaker Change: And.
Speaker Change: We're now in.
Speaker Change: As we've said this is very much a function of continued dose escalation I wanted to make sure that we really fully explore.
Speaker Change: Most intensity for 904 in the clinic.
Speaker Change: So that that means that.
Speaker Change: The next update on this program will be next year and what we are.
Speaker Change: We are laser focused on is our.
Speaker Change: Sure.
Speaker Change: Alignment with Amgen as we continue to collect data and work with them as we move into next year on potential next steps.
Speaker Change: Thank you so much for the answers.
Youre welcome.
Speaker Change: Thank you I'm not showing any further questions in the queue.
Speaker Change: I would now like to turn the call back to Dr. Sean Mccarthy, Chairman and CEO for closing remarks.
Speaker Change: Well thanks, everyone for tuning in today, we're really excited about progress through 2024 sites Omics and.
Speaker Change: We look forward to providing additional updates as we move into 2025. So thank you all for your time.
Speaker Change: Ladies and gentlemen that concludes today's call. Thank you all for joining you may now disconnect.
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