Q3 2024 BioAtla Inc Earnings Call
Hello.
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Speaker Change: Good day, everyone and welcome to today's bio Atlas third quarter 2024 earnings call.
Speaker Change: At this time all participants are in a listen only mode.
Speaker Change: Later, you will have the opportunity to ask questions. During the question and answer session.
Speaker Change: You May register to ask a question at any time by pressing star one on your telephone keypad.
Speaker Change: I will be standing by if you should need any assistance.
Speaker Change: It is now my pleasure to turn the conference over to Bruce Michael with lifestyle advisors.
Bruce Michael: Thank you operator, and good afternoon, everyone with me today on the phone from Bioware outlet, our Doctor J, Schorsch, Chairman, CEO, and cofounder and Richard Waldron, Chief Financial Officer.
Bruce Michael: Following today's call Doctor, Eric Sievers, Chief Medical Officer, and Sherry Leidig, Chief Commercial officer will join Jay and Rick in a short Q&A.
Bruce Michael: Earlier this afternoon bio outlet released financial results and business update for the third quarter ended September 32020 for a copy of the press release and corporate presentation are available on the company's website.
Bruce Michael: Before we begin I'd like to remind everyone that statements made during this conference call will include forward looking statements, including but not limited to statements regarding bio Atlas business plans and prospects and whether its clinical trials will support registration.
Bruce Michael: Plans to form collaborations and other strategic partnerships for selected assets achievement of milestones.
Bruce Michael: Results conduct progress and timing of its research and development programs and clinical trials.
Bruce Michael: Expectations with respect to enrollment and dosing in its clinical trials.
Bruce Michael: And expectations regarding future data updates.
Bruce Michael: Clinical trials regulatory meetings and regulatory submissions the.
Bruce Michael: The potential regulatory approval path.
Bruce Michael: For its product candidates.
Bruce Michael: Expectations about the sufficiency of its cash and cash equivalents to fund operations.
Bruce Michael: And expectations regarding R&D expenses and cash burn.
Bruce Michael: These statements are subject to various risks assumptions and uncertainties that can cause actual results to differ materially and are described in the filings made with the SEC, including the most recent quarterly report on Form 10-Q.
Bruce Michael: You are cautioned not to place undue reliance on these forward looking statements, which speak only as of today November seven 2024, and bio Attila disclaims any obligation to update such statements to reflect future information events or circumstances, except as required by law.
Speaker Change: With that I'd like to turn the call over to Dr. Jay short Jay.
Speaker Change: Thank you Bruce and thanks to everyone for joining us for our third quarter 2020 for bio <unk> earnings call.
Speaker Change: Additional details related to what we will share today are available on today's press release, and our updated company presentation, which are available on our website.
Speaker Change: Also the slides from the oral presentation given at the society for melanoma research in September is available on our website and the App.
Speaker Change: Coming poster, which will be presented tomorrow.
At the society for immunotherapy of cancer since he will also be available on our website at the conclusion of the poster session.
Now on to our ongoing clinical program updates.
Speaker Change: Beginning with our Tad wore two ADC was the list of Macedonian be evaluated as a monotherapy treatment for refractory head and neck cancer patients who received a median of three prior lines of treatment.
Speaker Change: We shared last quarter that out of our 29 Evaluable patients. We have observed a total of 11 responses six of which were confirmed responses, including an ongoing complete response, which underscores our all sorts of activity in this difficult to treat patient population.
Speaker Change: We also shared that given the strength of the data and the profound unmet medical need the drug candidate was granted fast track designation by the F. D. A.
Speaker Change: In September we presented on earlier data cut at ESMO, but demonstrated meaningful antitumor activity with manageable tolerability.
Speaker Change: Okay.
Speaker Change: As part of today's update we have additional data from these heavily pretreated patients showing that the median duration of response for all confirmed responders is now at 4.4 months with a median overall survival now at approximately nine months, which is ongoing.
Speaker Change: These are meaningful results in view of this being one of the first reported studies in head and neck cancer to evaluate a patient population with a median of three prior lines of therapy.
Speaker Change: Based on cross trial comparisons of current standard of care of monotherapy agents.
Speaker Change: Lots of trucks, they docetaxel or cetuximab used to treat the second line plus head and neck cancer patients.
Speaker Change: Ours range from 6% to 13% and the median overall survival ratios 5.1 to 6.9 months.
Speaker Change: Notably these results were in less heavily pretreated patients with only one to two median prior lines of therapy, we believe the clinical profile emerging from Zurich. The mab the dose monotherapy in head and neck cancer is very competitive it has the potential to position our category two ADC as a standard of care in the second line plus.
Speaker Change: Population.
Speaker Change: We recently received actionable feedback from the FDA regarding a proposed pivotal trial throws Arista Nab Adobe monotherapy versus investigator's choice among patients with recurrent or metastatic head and neck cancer with disease progression on or after platinum based chemotherapy and PD one antibody therapy.
Speaker Change: We are pleased to report that the FDA is supportive of our proposed prospective randomized trial design investigator choice treatment options and endpoints that have the potential to support a possible accelerated marketing authorization, followed by confirmation of clinical benefit in the same trial with.
Speaker Change: We'll follow up.
Speaker Change: At the current dose of 1.8 makes for caregivers reached a mab, but does the FDA supported they limited randomized evaluation of the Q2 W. In to Q3 W dosing schedules, which is underway.
Speaker Change: That's part of the overall pivotal trial design. We believe we now have a seamless path to confirming the dose schedule leading into the phase III trial in second line, plus head and neck cancer.
Speaker Change: Moving now to our cab she told me four antibody about it Doug.
Speaker Change: Which was generated from hip a little map, where it would be for the important conditionally active binding activity.
Speaker Change: We recently presented preclinical and clinical data at the society for melanoma Research. This September showing that allows to target similar to it would be with respect to epitope affinity and half life.
Speaker Change: However, it also take differs from Anthony with respect to the absence of binding and the normal tissue environment and we believe this feature will continue to demonstrate considerable safety benefits, enabling patients to receive higher and extended tumor specific seats away for exposure.
Speaker Change: We will also be presenting a poster at the <unk> annual meeting tomorrow.
Speaker Change: Our phase II study in first line unresectable or metastatic melanoma, the poster will be available on our website. Following the conclusion of that presentation.
Speaker Change: However, since the embargo has lifted for sexy I'd like to share. The summary of our initial first line phase II melanoma patient data.
Speaker Change: Okay.
Speaker Change: All eight patients treated with <unk> plus PD, one achieved tumor reduction.
Speaker Change: To briefly review it is typically dosed at either one milligram per kilogram or three milligrams per kilogram in routine clinical practice.
Speaker Change: With our approach considerable see till a four inhibition was safely achieved using relatively high about dosing.
Speaker Change: Patients received a 350 milligram dosing level that represents five milligrams per kilogram equivalents.
Speaker Change: And three received at least 700 milligrams, representing 10 milligrams per kilogram at the equivalent dosing.
Speaker Change: We have now observed for responders, including three partial responses and one complete response with acceptable Tolerability and no disease progression observed to date.
Speaker Change: The safety profile in our phase two study continues to suggest a relatively low incidence and severity of immune related aes.
Speaker Change: Two patients treated with prior <unk>.
Speaker Change: Giovanni immunotherapy experienced grade three immune related aes that rapidly responded to standard treatments and continues to show tumor reduction without progression, notably several patients with decreasing tumor volume stable disease are early in their treatment courses and have the potential to also respond with additional far.
Speaker Change: Oh Wow.
Speaker Change: Yeah.
In addition, intra patient dose escalation to higher doses that had been shown to be acceptably tolerate it is permissible based on an investigators decision.
Speaker Change: We now report several instances, where increasing advanced to tug exposure has directly led to re attainment of disease control with acceptable tolerability.
Speaker Change: Specifically, a cutaneous melanoma patient who was dose escalator from 70 milligrams to 210 milligrams and eventually to 350 milligrams.
Speaker Change: <unk> a confirmed PR at the higher dose.
And another cutaneous melanoma patient was dose escalated from 700 milligrams to 1000 milligrams experiencing decreasing tumor volume stable disease.
Speaker Change: Additionally, one recurrent metastatic melanoma patient, whose dose was escalated from 210 to 350 milligrams also re attained disease control with stable disease.
Speaker Change: Consistent with prior observations with Appian randomized trials.
Speaker Change: We are observing a relationship between exposure and antitumor activity, which is made possible due to the tolerability at higher as they also took doses relative to that of hippie.
Speaker Change: Okay.
Speaker Change: We recently received FDA guidance on ongoing dose optimization and control arm to enable a phase III Registrational trial in first line patients with metastatic or Unresectable melanoma with anticipated initiation next year.
Speaker Change: Based on our evolving data we continue to believe our balance sheet has the potential to be the best in class utility for that holds the promise to be used as often as the PD, one antibody and potentially expand the indications where combined immune checkpoint inhibition can be effective.
Speaker Change: Now onto our cab actual ADC asset make better matches the button.
Speaker Change: Last quarter, we announced encouraging findings in non small cell lung cancer patients expressing mutant K Ras or N K Ras.
Speaker Change: Among the 18 evaluable patients with no K Ras mutations, we observed five responders, including one responder, whose tumor expressed the M. K Ras G 12 C variant.
Speaker Change: And had experienced prior failure of subtle Ras.
Speaker Change: In addition, we have a patient with a complete response that has been maintained now for over two years demonstrated encouraging anti tumor activity in patients with MK rasp areas.
Speaker Change: Importantly, our initial findings support a trend for improved overall survival among treated patients with tumors expressing M. K Ras variance compared to the K Ras Wild type genotype.
Speaker Change: With today's update we continue to observe anti tumor activity with multiple confirmed responses among 21, evaluable patients with tumors expressing N K Ras <unk>.
Speaker Change: Now across nine different MK rasp areas.
Speaker Change: Additionally, we continue to see an overall survival benefit among treated patients with mutant K rasp areas compared to K Ras Wild type with a median overall survival of 12.6 months compared to $8 seven months respectively.
Speaker Change: And which is still ongoing.
Speaker Change: Furthermore, a manageable safety profile continues with no new safety signals identified in this patient population.
Speaker Change: As an update on our evaluation of patients with U K Ras non small cell lung cancer, we continue to observe a high correlation of axle and M. K Ras expression. We believe this coupled with the improved overall survival that we are seeing across nine different mutant K Ras various supports a potential.
Speaker Change: Pan N K Ras strategy in non small cell lung cancer.
Speaker Change: Currently we are determining the most efficient path for our future pivotal trial.
Speaker Change: Details will be forthcoming as they are available.
Speaker Change: Our phase one two dose escalation study for the cab Kim cab CD three T cell engagement is progressing well.
Speaker Change: The maximally tolerated dose has not yet been reached and we are actively dose escalating.
Speaker Change: We have implemented a priming dose to modulate cytokine release syndrome that is commonly observed with T cell engages and can also occur in patients with any tumor volume.
Speaker Change: To date, we have observed multiple patients with anti tumor activity with tumor volume reduction.
Speaker Change: Including a colorectal patient with ongoing stable disease for one year.
Speaker Change: Given our continued dose escalation, we now anticipate data readout of the phase one study around the middle of next year.
Speaker Change: We continue to be pleased with the progress of this program and the potential of our cab F. Chem TCE to treat patients with a wide range of metastatic tumors, including cancer colon lung breast pancreas and prostate among others.
Speaker Change: Finally, we recently announced a worldwide license agreement for the preclinical cabinet can for bi specific T cell engagements.
Speaker Change: With a successful out licensing of this preclinical assets to context therapeutics, we continue to focus on execution of our lead clinical care programs, while ensuring the potential advancement of the nickname for bi specific T. C. E now referred to as CTO twos there too.
Speaker Change: In addition, we are engaged in multiple active discussions regarding collaborations with one or more of our phase two assets.
Speaker Change: Given the continued progress of these discussions we are maintaining our guidance for a potential near term collaboration for at least one of our phase two assets.
Speaker Change: We continue to prioritize increasing shareholder value through non dilutive means while advancing our assets through key value, creating inflection points.
Speaker Change: With that I would now like to turn the call over to Rick to review the third quarter 'twenty 'twenty four financials Rick.
Speaker Change: Okay.
Rick: Thank you Jay.
Rick: Research and development expenses.
Rick: For $16.4 million for the quarter ended September 32024.
Rick: Paired to $28.4 million for the same quarter in 2023.
Rick: The decrease of $12 million was due to completion of preclinical development.
Rick: Nekton floor, ADC, which received IND clearance in may of this year.
Rick: And the impact of prioritization of our clinical programs in 2023, resulting in less expense for our preclinical programs in 2024.
Rick: The decrease in our clinical program expense was it related to completion of targeted phase two enrollment.
Rick: Ongoing ADC trials, well make bolder bad with dotan and OS the rift in that window.
Rick: We expect to further reduce our operating expense as we complete certain of our phase two clinical trials and meet with the FDA to finalize and purposeful and poured the registrational trials.
Rick: General and administrative expenses were $5 9 million for the quarter ended September 32020 core.
Rick: Compared to $6 6 million at the same quarter in 2023.
The point $7 million decrease was primarily due to lower stock based compensation expense.
Rick: We recognized revenue related to our exclusive worldwide license agreement with context Therapeutics, which was announced in September.
Rick: Part of the agreement bilateral or receive up to $133 $5 million in aggregate payments, including $15 million in upfront and near term milestone payments.
Rick: <unk> core T cell engaging bispecific cab antibody wasn't preclinical development at the time of the agreement.
Rick: Net loss for the quarter ended September 32024, including $11 million in collaboration revenue.
Rick: Was $10 $6 million compared to a net loss of $33.3 million for the same quarter in 2023.
Rick: Net cash used in operating activities for the nine months ended September 32024.
Rick: It was $55.2 million compared to net cash used in operating activities.
Rick: $74.1 million with the same period in 2023.
Rick: Net cash used for the quarter ended September 32024.
Rick: $5 1 million cash and cash equivalents as of September 32024.
Rick: <unk> $56.5 million compared to $111.5 million as of December 31, 2023.
Rick: We expect current cash and cash equivalents to fund planned operations into early 2026, which we believe is sufficient to complete any remaining dose optimization, but tab brought to in cab Cta for <unk>.
Rick: Position. These two programs for Registrational trials in head and neck cancer and melanoma, respectively.
Rick: And maintain our near term guidance first key strategic collaboration with at least one or two assets.
Jack: And now back to Jack.
Jack: Thank you Rick.
Jack: We are pleased with the considerable progress we have made to date and our accumulative results across our pipeline targeting solid tumors.
Jack: We continue to focus on moving our work to see till eight four assets forward towards pivotal Registrational trials next year, along with our near term strategic collaboration for at least one of our phase two assets.
Jack: Thank you for your attention and continued support.
Speaker Change: With that we will turn it back to the operator to take your questions.
Speaker Change: Okay.
Speaker Change: At this time, if you would like to ask a question. Please press star one on your telephone keypad.
Speaker Change: You may remove yourself from the queue at any time by pressing star two.
Speaker Change: Once again that is star one to ask a question, we will pause for a moment to allow questions to queue.
Speaker Change: Yeah.
Speaker Change: We will go first to Kelly <unk> with Jefferies. Please go ahead.
Speaker Change: Hi, This is Helen Thanks, James for Kelly.
Speaker Change: Congrats on the progress I just have two quick questions.
Speaker Change: Sure.
Speaker Change: <unk> you previously guided but to focus on the first line BRAF mutated melanoma based on the evidence of the survival benefit.
Speaker Change: Remain a focus for you or a pivotal trial or can you help us to get a more clear on the patient enrollment criteria in general.
Speaker Change: I have a follow up.
Speaker Change: Thank you Kelly, Eric do you want to start on that one.
Eric Sievers: Sure I'd be happy and I.
Speaker Change: So we indeed.
Identified the BRAF mutated patients with melanoma as being an opportunity because they appeared to uniquely benefit from <unk> four blockade.
Speaker Change: So that remains an opportunity, but right now we've acknowledged that we've expanded that opportunity to all first line unresectable metastatic melanoma to include the BRAF mutated.
Speaker Change: Tumor types as well.
Speaker Change: And as we just reviewed.
Speaker Change: From the Citi presentation.
Speaker Change: All eight of the patients that are in this population, including some that have the BRAF mutation have experienced tumor reductions and we have multiple patients for that have responses and one of those is a CR and so we're looking at the totality of the population.
Speaker Change: <unk> for the pivotal trial in.
Speaker Change: And certainly anticipating that the BRAF mutated patients.
Speaker Change: We will experience considerable clinic clinical benefit as evidenced from the.
Speaker Change: The checkmate 067 trial.
Speaker Change: So Kelly I think you can see we're following her data and the data says we've got a big opportunity to go broader and where that that's where we're headed.
Speaker Change: Thank you that's very helpful. My second question is about your cash position.
Speaker Change: How should we think about you moving two programs into pivotal studies.
Speaker Change: We have deployed the cash them to each program.
Speaker Change: Well as we've guided we're maintaining guidance on the near term.
Speaker Change: Phase two collaboration so our goal has always been to take one of those programs ourselves in and one would be done through a partner. So I think that's where we're headed for now.
Speaker Change: As you know, there's some modest oh finalizing a dose optimization under project Optimus more for really see toy for and so where we have the capital to handle all of that so we were able to keep everything moving forward efficiently as we complete these other activities.
Speaker Change: Alright, thanks for taking my questions.
Speaker Change: We will go next to Justin Zelman with BTG. Please go ahead.
Speaker Change: Hey, Congrats on the progress this is jeet on for Justin.
Speaker Change: Maybe just to start off regarding the feedback you've received for the Aurora two in the <unk> program. So on the <unk> side, just any color there on the investigator treatment choice options as well as the time to a potential study start and then at least on the frontline melanoma side, just any color there on <unk>.
Speaker Change: Potential dose to move forward as well as the control arm therapy. Thanks.
Speaker Change: Yeah, I'll start off and then maybe Eric can add to it.
Speaker Change: 2025 next year for both award two embassy utility for but admittedly, we're too is a head of steam totally for it will tighten the timing as we get a little further into next year.
Eric Sievers: Eric maybe you could add some of the other information around the trial.
Eric Sievers: Sure, let's start with Zurich to Nab dotan targeting <unk> in previously treated head and neck cancer for which we have the fast track designation slide.
Eric Sievers: Slide 17 of our corporate deck shows the randomization that.
Eric Sievers: And that we intend to do which is between <unk> and <unk>.
Eric Sievers: The three investigator choice options are cetuximab docetaxel or methotrexate.
Speaker Change: And what was your second question Chi.
Speaker Change: Just on the frontline melanoma study, which you got some feedback on in terms of the dose you'd like to move forward as well as the potential control arm therapy.
Speaker Change: Sure. So the control arm therapy, we received really helpful actionable feedback from the agency acknowledging that.
Speaker Change: Doublets are often used as well as PD.
Speaker Change: PD, one monotherapy and and so the control arm should include the opportunity for physicians to use.
Speaker Change: Ah doublet.
Speaker Change: Checkpoint inhibitor.
Speaker Change: And the second question is about the dosing and project Optimus and.
Speaker Change: And I think it's important to emphasize that.
Speaker Change: As we're seeing in the city poster that we're presenting tomorrow.
Speaker Change: When we.
Speaker Change: Expose patients to higher concentrations of <unk> four blockade with <unk>.
Speaker Change: Seeing significant improvement in clinical benefit and we have multiple instances where driving that exposure higher immediately in the next few scans are showing that patients are having tumor reduction by increasing its exposure.
Speaker Change: The reason I'm emphasizing that as that our hypothesis is that that higher exposures will be important.
And so we're in the process of looking at.
Speaker Change: Some of the doses that are in the city poster specifically, the 700 milligram dose, which would be about a 10 per kilo it be equivalent.
Speaker Change: And the 350 milligram dose, which would be approximately five per kilo of epithelium may mab.
Speaker Change: Thank you for taking my question.
Speaker Change: Thank you.
Speaker Change: And as a reminder, if you'd like to ask a question today. Please press star one.
Speaker Change: We'll go next to Tony Butler with Rodman and Renshaw. Please go ahead.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes, thanks, very much two brief questions back to the dose.
Speaker Change: Eric on <unk> four.
Speaker Change: You mentioned $3 50 and 700.
Speaker Change: But is there any reason to assume that any one patient get up titrated.
Speaker Change: $3 50 to 700 or would it simply be the straight dose at least as it relates to the dose optimization component.
Speaker Change: And then the second question is.
Speaker Change: And the war too.
Speaker Change: Frontline study.
Speaker Change: Can you give.
Speaker Change: Information as it relates to the total patient number that you would need if you look back to as you mentioned the two checkmate <unk> seven I mean, I think there were 945 patients of course that was against three arms.
Speaker Change: But you know substantially large trial and I doubt that.
What you need to run.
Speaker Change: In the frontline setting, but I just wanted to throw that back at you and get your views. Thank you.
Speaker Change: So Tony I wanted to clarify the second question are we talking about valves to took for both of these questions or.
Speaker Change: Four what did you move to it I think.
Speaker Change: I think it was worked too on the patient number Eric.
Speaker Change: That's right.
Speaker Change: Mhm.
Speaker Change: Okay.
Speaker Change: We haven't guided the specific size of that randomize.
Speaker Change: Ah trial, I mean, we do in slide 17.
Speaker Change: Talking specifically about OS Arista map Adobe and <unk>.
Speaker Change: That head and neck cancer and so on slide 17, we illustrate that we anticipate about 570 patients.
Speaker Change: That would address the full approval endpoint of overall survival and then somewhat smaller earlier look for an accelerated approval based on response rate from the three to $3 50.
Speaker Change: And then moving to your second question.
Speaker Change: Which was really the first that you posed it was it was regarding the very interesting issue of intra patient dose escalation.
Speaker Change: We have this characterized on slide 38 of the corporate deck.
Speaker Change: Where we have several instances where a dose change.
Speaker Change: Debt either from 700 to a gram.
Speaker Change: From $2 10 to $3 50, or a patient that really started at only one per kilo in one all the way to two five per kilo dose then had a confirmed partial response. So we're seeing very clear evidence that we have a dose response and that FERC patients that are receiving therapy and tolerating it.
Speaker Change: Well that by increasing exposure, where we're starting to drive these responses or re attained tumor control, which is really quite important as well so where we're navigating this in terms of project optimists and thinking that first we want to really evaluate at least two doses.
Speaker Change: Yes.
Speaker Change: And understand the efficacy and the safety profile using I really.
Speaker Change: Integrated exposure response and that response analysis. This exposure response analysis is supported by project Optimists.
Speaker Change: And it involves looking at PK and a variety of variables.
Speaker Change: Our safety and efficacy now to the second matter.
Speaker Change: Of whether we should invoke a plan of dose escalation.
Speaker Change: For insufficient clinical benefit this is under active discussion and.
Speaker Change: And specifically around how do we characterize those dose escalations and we'll be able to elaborate more on this as we move forward and gain additional data.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: We'll go next to Arthur he with H C. Wainwright. Please go ahead.
Speaker Change: Hey, Jason.
Speaker Change: That's on their progress.
Speaker Change: Two quick questions. So first regarding to our super good.
Speaker Change: The limited I realize.
Speaker Change: And then my evaluation for.
Speaker Change: For the Q2 definitely into to Q3 W dosing schedule.
Speaker Change: Is this going to be integrated into the pivotal study or.
Speaker Change: You guys are kind of.
Speaker Change: We can manage the finished add before you initiate the.
<unk> pivotal study.
Speaker Change: J D wanted me to take that or do you want to take that.
Speaker Change: Pardon the interruption it appears that Mr. Schwartz line has disconnected.
Speaker Change: Oh.
Speaker Change: I'm happy to take that.
Speaker Change: So Arthur I think that the.
Speaker Change: This is almost a matter of semantics. The bottom line is that the agency would like to see the results of this limited randomized evaluation of the every other week dose compared with the days, one and eight of a three week dosing schedule approach.
Speaker Change: We're gratified that we have.
Speaker Change: A tentative agreement around the dose of $1 eight megs per keg.
Speaker Change: The question that remains is which is the appropriate.
Speaker Change: Schedule to take forward one is a little more time intensive.
Speaker Change: And driving a little.
Speaker Change: Higher exposures of D. A.
Speaker Change: D C and a.
Speaker Change: Of course, that's been balanced by safety and so that's what we're looking at and so the question Youre asking is would it be part of the phase III I see it as part of the phase III, but we do need to get the agencies formal agreement with that dose.
Speaker Change: When we present them the data.
Eric Sievers: Got you Thanks, Eric and.
Eric Sievers: So I think it was a one quick question for Rick.
Speaker Change: Cash position of 56 does that including the upfront payment of $15 15, many from context.
Speaker Change: It's not included.
Speaker Change: It does include so the cash position is sufficient to carry us into 2026.
Speaker Change: As Jay has mentioned we are in discussions for a collaboration with the other parties.
Speaker Change: On other.
Speaker Change: Program. So that's part of the strategy and.
Speaker Change: Typically there will be upfront cost sharing knowledge.
Speaker Change: R&D expenses from that so we could be looking at extending our runway beyond.
Speaker Change: The first quarter of 'twenty.
Speaker Change: Got you.
Speaker Change: Thanks, Greg.
Speaker Change: Hey, guys.
Speaker Change: It appears we have no further questions at this time I will now turn the program back over to our presenters for any additional or closing remarks.
Speaker Change: Well thanks, everyone for their attention today I appreciate your time and we look forward to some updates in the near term here.
Speaker Change: Well.
Speaker Change: Yeah.
This does conclude today's program. Thank you for your participation you may disconnect at any time.
Speaker Change: This does conclude today's program. Thank you for your participation. You may disconnect at any time.
Speaker Change: Yeah.
Speaker Change:
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Yes.
Speaker Change: Uh huh.
Speaker Change: Yeah.
Speaker Change: Yeah.