Q3 2024 Amylyx Pharmaceuticals Inc Earnings Call
Good morning. My name is Allen and I will be your conference operator today.
At this time, I would like to welcome everyone to the Amalynx Pharmaceuticals 3rd Quarter 2024 Earnings Conference Call.
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After today's presentation, there will be an opportunity to ask questions.
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Speaker Change: I would now like to turn the call over to Lindsey Allen, Head, Investor Relations and Communications.
Please proceed.
Speaker Change: Good morning and thank you all for joining us today to discuss our third quarter 2024 financial results.
Speaker Change: With me on the call today are Josh Cohen and Justin Klee, our co-CEOs, Dr. Camille Bedrosian, our Chief Medical Officer, and Jim Frates, our Chief Financial Officer.
Speaker Change: Before we begin, I would like to remind everyone that any statements we make or information presented on this call that are not historical facts are forward-looking statements that are based on our current beliefs.
plans and expectations and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Speaker Change: These statements include, but are not limited to, our expectations with respect to Avexatide, AMX 35, and AMX 114, statements regarding regulatory and clinical...
Amen.
The impact thereof and the expected timing thereof, and statements regarding our cash runway. Actual events and results could differ materially from those expressed or implied by any forward-looking statement.
Speaker Change: You are cautioned not to place any undue reliance on these forward-looking statements, and Amilex disclaims any obligation to update such statements unless required by law. Now I will turn the call over to Justin.
Justin Klee: Good morning and thank you all for joining us. The last few months have been productive in advancing our late-stage pipeline in the effort to fulfill our mission to bring new potential treatments to communities with high unmet needs in neurodegenerative diseases and endocrine conditions.
Speaker Change: We continue to progress our lead asset of Exetai, a GLP-1 receptor antagonist with both FDA breakthrough therapy and orphan drug designations in diseases with no approved treatment options.
Speaker Change: We remain on track to initiate our Phase III trial in post-bariatric hypoglycemia, or PBH, in the first quarter of 2025, which Camille will discuss a little later.
Speaker Change: We have also significantly increased our interactions with the endocrine and PBH communities and are excited for the potential of this therapy.
Speaker Change: In mid-October, we reported positive top-line data from our open-label phase 2 helios trial of AMX-35 in 12 participants living with Wolfram syndrome.
Speaker Change: People treated with AMX 35 showed improvement in pancreatic function as measured by the primary endpoint of C-peptide response at 24 weeks.
Speaker Change: We also saw similar overall improvements or stabilization across all secondary endpoints.
Speaker Change: Additionally, the longer-term data being collected demonstrated sustained improvement over time.
Speaker Change: With these positive data in hand, we plan to meet with the FDA and other stakeholders to inform a phase 3 program.
Speaker Change: Our Orion trial of AMX 35 in PSP is recruiting well and we continue to expect data from an interim analysis mid next year.
Speaker Change: and we are looking forward to initiating our phase 1 clinical trial of AMX 114, our antisense oligonucleotide targeting CALPANE2 in people with ALS.
Speaker Change: We are in a strong financial position and continue to expect our cash runway to take us into 2026.
Speaker Change: Our pipeline strategy is focused on addressing orphan conditions and well-defined mechanistic rationales, clear and measurable biomarkers, and is built on a combination of rigorous preclinical data.
Speaker Change: Our progress this quarter, including the positive data we reported in Wolfram Syndrome, supports this strategy.
Speaker Change: Our team remains focused on progressing our pipeline and delivering on our key milestones ahead.
I will now turn the call over to Camille.
Camille Bedrosian: Thanks, Justin. I will briefly review each of our four programs, avexatide and hyperinsulinemic hypoglycemia, including post-bariatric hypoglycemia, or PBH.
Camille Bedrosian: AMX-35 in Wolfram Syndrome and in Progressive Supernuclear Palsy or PSP and AMX-114 our CALPANE-2 ASO in ALS.
Speaker Change: First, I'll provide an update on our lead program, Avexitai, for the treatment of PBH.
Speaker Change: We are actively planning and are on track to initiate a Pivotal Phase III program in PBH in Q1 of next year.
Speaker Change: We expect to share the trial design once finalized and prior to the initiation of the trial.
We expect top-line data from the program in 2026.
Speaker Change: Let me touch a bit further on PBH and the mechanism of action.
Speaker Change: PBH is a debilitating condition that affects an estimated 8%, or approximately 160,000 of the more than 2 million people.
on bariatric surgery in the last decade.
Speaker Change: TBH is thought to be caused by an excessive GLP-1 response, leading to persistent, and in some cases, progressive hypoglycemia.
Speaker Change: Avexatide is designed to bind to the GLP-1 receptor on pancreatic islet beta cells and block the effect of GLP-1 to mitigate hypoglycemia by decreasing insulin secretion and stabilizing glucose levels.
Avexitide has been studied in five clinical trials in PBH.
Speaker Change: Data from these trials demonstrated highly significant reductions in hypoglycemia events.
Speaker Change: Most notably, the 90 milligram dose, which we intend to study in phase 3, showed a 66% reduction in level 3 hypoglycemia events in a phase 2b trial with a p-value of 0.0003.
Speaker Change: and a 53% reduction in level 2 hyperglycemia events with p-value of 0.004.
Speaker Change: For context, level 2 hypoglycemia events occur when blood glucose levels drop below 54 milligrams per deciliter.
Speaker Change: At these levels, symptoms can include tremors, dizziness, and risk of losing consciousness.
Level 3 events are defined clinically as requiring third-party rescue.
Speaker Change: The primary efficacy outcome of our Phase III program will be the reduction in the composite of Level II and Level III hypoglycemia events.
FDA has agreed on this primary efficacy outcome.
Speaker Change: We look forward to initiating the SAFE-C program expected in Q1 of next year and top-line data anticipated in 2026.
Turning now to the Wolfram Syndrome Program.
Speaker Change: As Justin mentioned, we were pleased to present positive top-line data for all 12 participants in the Phase II Helios trial at Week 24, including longer-term data available for participants who reach their Week 36 or Week 48 visits.
Speaker Change: These results are encouraging because they suggest treatment with AMX 35 may result in meaningful improvement across multiple measures of disease progression in an otherwise progressive fatal disease with no approved treatment option.
Speaker Change: The 24-week data showed improvement or stabilization in all disease measures in the study including pancreatic function as measured by C-peptide
Speaker Change: In addition, longer-term data for participants who completed Week 36 and Week 48 assessments showed sustained improvement over time.
Speaker Change: With these 24-week and longer-term data in hand, we plan to meet with the FDA and other stakeholders to inform a phase 3 program and expect to provide an update in 2025.
Thank you for joining us. Thank you.
Speaker Change: This will be an unblinded analysis of top-line data for the first part of our Phase 2b3 study with approximately 100 people living with PSP through Week 24.
Speaker Change: We also plan to analyze the available data on participants who have proceeded beyond 24 weeks.
Speaker Change: In ALS, we are pleased to share that we received clearance from Health Canada for our clinical trial application for AMX 114 in people living with ALS.
Speaker Change: We plan to begin the Phase I Multiple Ascending Dose placebo-controlled trial called Lumina in Canada in the coming months.
Speaker Change: We plan to evaluate safety and the biological activity in approximately 48 adults living with ALS, and evaluate four dose levels, starting with 12.5 milligrams.
Speaker Change: We were pleased to present our plans for the study at the Northeast ALS Consortium Annual Meeting last month.
Speaker Change: We also submitted an investigational new drug application to the FDA for AMX 114.
Speaker Change: The FDA restricted dosing to an amount that is lower than our proposed starting dose of 12.5 milligrams and requested additional information, which resulted in a clinical hold in the U.S.
Speaker Change: Toxicology data from studies showed a greater than 10x safety margin at the starting dose of 12.5 milligrams based on the no observed adverse effect level or NOAEL observed by independent toxicology firms.
Speaker Change: We are working to address FDA comments. We believe the trial can be completed outside of the U.S. if needed.
Speaker Change: We continue to expect early cohort data from Lumina in 2025.
Speaker Change: We are encouraged by our progress this quarter and remain on track to achieve our key expected milestones for our pipeline.
I will now turn over the call to Jim. Jim?
Thanks Camille. Financially, Q3 turned out as we expected.
Speaker Change: After the closing hour of Exetyde acquisition in July, we ended Q3 with $234.4 million in cash and investments.
Speaker Change: Importantly, we continue to expect our cash runway to take us into 2026 as we work to manage the company through expected meaningful clinical data readouts, namely
The interim readout from our PSP program.
Early cohort data from our AMX 114 program.
Speaker Change: and the readout of top-line data from the Avexitide Phase 3 program.
Now, turning to our financial results.
Speaker Change: Net product revenues were $400,000 for the third quarter and cost of sales were $800,000. Both related to true ups and trailing rebates from our now discontinued commercial sales of Rolivrio and Albrioza.
Speaker Change: Research and Development expenses were 21.2 million dollars for the quarter compared to 30 million dollars for the same period in 2023.
Speaker Change: The decrease was primarily due to a decline in clinical expense following the top line data from the Phoenix trial and a decrease in payroll and personnel related costs as a result of our restructuring.
Selling general and administrative expenses were $17.8 million for Q3.
Speaker Change: compared to 48.7 million dollars for the same period in 2023.
Speaker Change: The decrease was primarily due to a decline in payroll and personnel related costs and a decrease in consulting and professional services.
Speaker Change: Our restructuring plan is now complete, and we do not expect to record any material amount of restructuring expense going forward.
Speaker Change: We recorded $36.2 million of expense related to our acquisition of Avexitide during Q3, comprised of the $35.1 million purchase price and related transaction costs.
Speaker Change: Consistent with our prior expectations, as we move into 2025, we expect total combined spend on R&D and SG&A, excluding stock-based compensation, to be in the range of 30 to 40 million dollars per quarter.
Speaker Change: Finally, in the third quarter, we recorded a net loss of $72.7 million, or $1.7 per share.
Speaker Change: Overall, we believe we're in a solid financial position and believe in our ability to deliver on the critical milestones ahead. I'll now turn the call over to Josh to provide some closing remarks.
Josh Cohen: Thank you, Jim. In closing, we are excited about our four pipeline programs, upcoming milestones, and path ahead.
Josh Cohen: Our lead asset, Avexitie, has both FDA breakthrough therapy designation and orphan drug designation and is on track to advance into Phase III development in PBH beginning in the first quarter of 2025.
Josh Cohen: In Wolfram Syndrome, with our positive Phase 2 top-line helios results in hand, we plan to engage with the FDA and other stakeholders as we look to inform our Phase 3 program with the expectation of providing an update in 2025.
Josh Cohen: The Orion trial of AMX-35 and PSP is recruiting well, and we continue to expect data from the interim analysis mid-next year.
Josh Cohen: And we are working towards initiating our Phase I clinical trial, AMX114, in ALS by the end of the year or early next year and sharing early cohort data study in 2025.
Josh Cohen: We look forward to keeping you updated as we build upon our critical work in orphan neurodegenerative diseases and endocrine conditions with high unmet need. Now, I would like to open the call up for questions.
Thank you.
Thank you.
Speaker Change: Ladies and gentlemen, we will now begin the question and answer session.
Josh Cohen: To ask a question, please press bar one on your telephone keypad.
To withdraw your question, please press star 2.
Please limit your questions to one with one follow-up.
If you have additional questions, you may rejoin the queue.
Josh Cohen: At this time, we will pause momentarily to assemble our roster. Thank you.
[inaudible]
Michael DeFiori.
Sorry, Corinne.
Johnson of Goldman Sachs.
Your line is already open.
Josh Cohen: Thank you. This is Omari on for Corinne. So I have a couple questions.
Josh Cohen: How should we think about the market size for PBH patients that are insufficiently managed by existing therapy? And then what are the gaining factors to initiating the Phase 3 PBH study?
Sure.
Josh Cohen: So, in terms of the market, we estimate there are roughly 160,000 people living with PEBH.
Josh Cohen: This comes from literature that suggests that between 20% and 40% of people who have a bariatric surgery will ultimately show in mixed meal tolerance testing or in continuous glucose monitoring.
Josh Cohen: Abnormal glycemic control. Some of those folks are able to be managed by available therapy. So when you, you know, account for that, about 8% of people continue to have persistent PBH, you know, and 8% of roughly 2 million surgeries in the last decade gets you to an estimated 160,000 people living with PBH.
Josh Cohen: In terms of the phase three and gating factors, I'll say we're on track and I'll, you know, pass over to Camille to provide any more detail.
Camille Bedrosian: Sure. Hi. Thank you very much for the question. Yes, so we are actively working with clinical sites, and our clinical team is doing what's needed to initiate and stand up the trial for initiation.
Camille Bedrosian: It's going very well. There's a lot of enthusiasm. So we're looking forward.
Thank you.
Thank you. Thank you. Thank you.
Your next question comes from Charlie Yang.
of Bank of America. Your line is already open.
Charlie Yang: Great, thanks for taking the questions. I wanted to touch on PBH as well, you know, just given what we know about the IGAR-SCOMP previous agreement with the FDA on this, you know, trial design,
Camille Bedrosian: What are the other factors that you are contemplating in terms of design, and is there potential to have readout earlier in 2026? Thank you.
Speaker Change: Yep, thank you very much for the question. So, just as a reminder, with Vexotide having breakthrough therapy and PBH,
Josh Cohen: There have been a number of interactions with the FDA, and as we read the minutes, we believe agreement with the agency on a trial design.
Josh Cohen: I'll summarize those as Eiger put it, and we're just refining around the edges and we'll provide the details prior to initiation.
Josh Cohen: The study will use 90 milligrams per day as the dose with the primary end point of composite level 2 and level 3 hypoglycemia.
Josh Cohen: And as a reminder, the Phase 2 and 2B studies conducted already in PBH.
Josh Cohen: with Avexitide showed highly statistically significant and meaningful improvements and reductions in the hyperglycemia events, both level 2 and level 3, notably at the 90 milligram dose level. So we're quite pleased about that aspect.
Furthermore, level 2 and level 3 hypoglycemia.
Josh Cohen: are the endpoints that the trials in diabetes used to evaluate hypoglycemia in that population. And that information is in the guidances for studying anti-diabetic drugs.
Josh Cohen: So, 90 milligram dose, composite endpoint, level 2 and level 3, hypoglycemia is the primary endpoint.
Josh Cohen: As Iger described it, they had proposed a 90-participant study for 12 weeks.
Again, randomized placebo-controlled parallel arm study.
Josh Cohen: So, you know, and as I said, we'll be around, you know, that's a good benchmark, we'll be refining it a bit and proceed from there. You know, we will be beginning as soon as...
Josh Cohen: possible in Q1 of 2025 for the study and expect by the end of the year to have the concluded enrollment at any rate and then date in 2025.
Thank you.
You're welcome.
Speaker Change: Your next question comes from Michael DeFiore of Evercore. Your line is already open.
Michael DeFiore: Hey guys, thanks so much for taking my questions. Two for me. The first one is on vexatide. Just kind of curious on how you think about the risk of hyperglycemia since GLP-1 antagonists don't address this happening. It could lead to lots of...
Michael DeFiore: undesirable sequelae. So just kind of want to see how you're thinking about that. And then separately with regard to AMX0014, any color on why the FDA deems a 12.5 milligram dose to be too high? Like assuming the trial just runs in Canada and safety seems fine.
Josh Cohen: Do you think the FDA will be amenable to allowing future trials be run in the U.S.? Just thinking on whether this asset could even be commercialized in the U.S. if the FDA still deems that starting dose too high. Thank you.
As a reminder, Avexitide is a DLP-1 receptor antagonist.
Josh Cohen: and it's blocking the ability of excess GLP-1 in the case of PBH.
Josh Cohen: to activate the receptor. It's not turning off or reversing the function of the receptor. So it really is returning the glycemic control insulin glucose access to homeostasis.
Josh Cohen: So we don't anticipate hyperglycemia in that setting. Furthermore, we have not observed hyperglycemia. Sorry, I'm used to saying hypoglycemia.
Josh Cohen: either in the toxicology program that was conducted prior to starting the clinical work, nor in the clinical trials of PB.
Josh Cohen: So, you know, we do, you know, that is something we looked at and given the mechanism of action and the pathophysiology of PBH, we do not see that as an issue.
Josh Cohen: And I would just add too, in terms of side effects and profile generally, it's been quite well tolerated. The principal side effects are ones that you often see with injectable peptides, you know, injection site reactions, those sorts of things, but it's been quite well tolerated generally as well.
Speaker Change: Yep, and then with regard to 114, I'll begin and Josh may may want to have additional comments.
Josh Cohen: So, the FDA, you know, we will have some interactions with the FDA to...
Josh Cohen: address their questions and understand more of their thinking given that the are the independent toxicologists who reviewed the data
Josh Cohen: believe that 12.5 milligrams and determined, in fact, that 12.5 milligrams is 10x.
below the NOAEL observed in the non-clinical.
Josh Cohen: toxicology program. So we're very confident in the overall safety profile of 114 and certainly Health Canada has given us the green light to proceed which we are going to do with all
Josh Cohen: In regard to whether we can go on the U.S., yes, we're confident that ultimately we will be able to.
Speaker Change: Yeah, and I just add, you know, Mike, you've probably seen as well, I think with several RNA therapeutics, there's been kind of, you know, a move to, you know, do kind of first trials outside of the U.S., often for, you know, very similar, you know, dose level reasons as we're encountering here.
Very helpful. Thank you.
Thank you for joining us.
Speaker Change: Your next question comes from Greg Zavadovich of Mizuho Securities. Please go ahead.
Greg Zavadovich: Okay, thank you very much. Thanks for taking my question and congrats on that continued progress.
Greg Zavadovich: I did want to go back to the proposed phase 3 trial design.
Greg Zavadovich: for Vexatide and PBH. I think Camille and the team, you are proposing that you go with a primary endpoint, that is the composite of level 2 and level 3, and I just want to get thoughts around
Josh Cohen: maybe a clarification as to why, in PBH, you've chosen to include ...
Josh Cohen: Level 2. I believe Iger had previously proposed focusing just on Level 3 and there was, you know, concurrence around that, so just trying to maybe get her sense of
Josh Cohen: whether including level two hyperglycemia, what that does around getting increased confidence on trial success, thanks.
Thank you. Thank you.
Speaker Change: Yeah, sure. So, I don't recall specifically that Iger wanted to limit to level three.
the Phase 2 and 2B studies.
Josh Cohen: at level two and level three hypoglycemia events and the reduction in those hypoglycemia events. And the composite of level two and level three, actually, as the diabetes world knows well, is a well-established endpoint.
Josh Cohen: for antidiabetic drugs to see if there are problems with hypoglycemia in that setting.
Josh Cohen: The composite just gives us an opportunity as well to capture all the events that might be occurring that are clinically meaningful. The level two, of course, is based on a blood glucose level.
Josh Cohen: starting with a CGM and then a finger stick if the blood glucose by CGM goes below a certain level, an alarm.
Josh Cohen: and the level 3 is a clinical one where the individual is just unable to rescue themselves from the dire consequences and one can precipitously drop so go from level 2 to level 3 before even realizing it.
Speaker Change: And only other comment to add on the top two, in the phase two and phase two B, you know, strong effects were seen on both the level two and level three, you know, so, you know, we see the drug to be promising against, you know, both of those, you know, not distinct to either one.
Thank you.
Thank you for joining us. Thank you.
Great, thank you. And then maybe just my...
Follow-up with respect to your PSP
Speaker Change: trial and the interim readout. I apologize if I may have asked this in the past, but with regards to a go-no-go decision
Speaker Change: and P.S.P., could you just remind us what you're looking for and what would be
Speaker Change: be considered to be good enough to feel comfortable with moving forward with the phase three portion. Thank you.
Speaker Change: Sure. Thank you, Greg. So at a high level, we'll be looking at the interim data to demonstrate that AMX 35 shows clear clinical activity in PSP. The primary endpoint is change from baseline in PSP-RS, the rating scale for
progression of
function and decline in function in PSP from baseline.
Speaker Change: And that is an established endpoint, and there are very strong placebo data that are recapitulated over a number of previous trials in PSP.
Speaker Change: So we, you know, we'll have a benchmark against which to compare. And we will be doing an unblinded look, so we also will be comparing against placebo.
Speaker Change: We'll be looking at biomarker data and also information out beyond 24 weeks as well.
Josh Cohen: So, based on those data and how they all line up, we'll be able to make a decision regarding the potential of AMX 35 and PSP.
Speaker Change: And I'll just, Greg, I know you know this well, but reminding everyone, too, that the rationale for the PSP trial was based off of our prior study with Amex 35 in a trial of about 100 participants with Alzheimer's disease.
Speaker Change: And in that study, there were very strong reductions in both total tau and phosphotau-181 measured in CSF, both by ELISA as well as some proteomics work that we did, and we published that earlier this year as well.
Thank you.
Thank you for joining us.
Speaker Change: Your next question comes from Mark Goodman of Learink Partners. Please go ahead.
Speaker Change: Hi, good morning. This is Basma on for Mark. Thank you for taking our question. Can we, we have another question about the Orion study. You said you're gonna be measuring the P-Tau and the total Tau. So is it only gonna be CSF-based biomarker data or are you also planning to look at the Tau-PET?
Speaker Change: in order to make your decision for the biomarker. Also, we have a follow-up about if that's the type.
Speaker Change: Great, so for the PSP study we'll primarily be looking at the CSF compared to baseline.
Speaker Change: And, as Justin just indicated, we saw a very strong signal in the Alzheimer's disease study that was recently published in dramatic reductions in both tau and phospho-tau in the CSF.
Speaker Change: Thank you. Regarding the phase 3 vexatide, are you planning to include an active arm with standard of care or is it only against placebo? Thank you.
diet, eating small meals every couple hours.
Speaker Change: restricting the type of food that's eaten, high-protein, complex carbs, no sugar, etc.
Speaker Change: And can be very, very difficult for people to follow, although that's certainly what they strive to do. Other medications or drugs are used, but with very little effect. And the people that we are studying and for which Vexatide...
Speaker Change: has been studied so far are those who've tried these other approaches with little, no success. So people will continue their medical nutrition therapy, and it will be placebo versus avexatide.
Thank you.
[inaudible]
Speaker Change: Your next question comes from Anandam Ghosh of H.C. Wainwright. Please go ahead.
Anandam Ghosh: Hey, hi guys. Good morning. I just have one question on adexetide. Can you briefly talk about the pharmacokinetic profile for the 90 milligram dose of adexetide with respect to the hypoglycemic events? That is how fast
Anandam Ghosh: You know those symptoms occur post the events and how fast Avexatide counters them based on their PK.
Yeah, so, um...
Speaker Change: So vexatide pharmacodynamically and I guess also pharmacokinetically, you know, reaches, you know, therapeutic range at about an hour post-dosing. It remains in therapeutic range for about a complete day.
Speaker Change: You know, or about 24 hours or you're just short of that.
Speaker Change: So, we do get coverage, you know, over the course of the day with the 90 meg.
and Margaret Olinger. Go!
In terms of pharmacodynamics,
Speaker Change: You know, there have been PK PD modeling which do, you know, suggest that, you know, the onset of this is pretty quick and then in fact
Speaker Change: Some of the earliest studies of the drug were single-dose crossover studies and, you know, met statistical significance on glucose and insulin with a single dose. Again, suggesting that, you know, the onset of effect is pretty clear and fast.
Speaker Change: And, you know, I think it also makes sense in the context of the receptor where, you know, you're competing with endogenous GLP-1, which, you know, essentially happens instantaneously.
Thank you.
Thank you.
Speaker Change: Your next question comes from Joelle Beatty of Baird. Please go ahead.
Joelle Beatty: Thanks for the update. How do you think about balancing kind of remaining cash among, say, your lead program of Exetide, the other programs which, you know, may potentially have a lower probability of success, as well as the potential for business development?
Joelle Beatty: Yeah, hey Joel, it's Jim Frates. Thanks for a financial question. I was getting a little lonely here at the table talking all about the science.
Joelle Beatty: Well, I think I think as we've made clear since as least as we've
as we've
Joelle Beatty: hopefully made clear since we acquired of Exetyde, we view that as our lead asset.
Joelle Beatty: the clinical data that we've seen, the safety profile, the opportunity in the market.
Joelle Beatty: you know, its late stage of development, you know, clearly make it the most valuable and potentially impactful for patients in the near term.
Joelle Beatty: You know, that said, our other, you know, three major programs.
all have very, you know, important scientific...
validation work already done.
Joelle Beatty: And, you know, we're quite far along in the development of each of those where we're close to important milestones.
Joelle Beatty: We'll be making sure that our cache runway gets us through the phase 3 data on Avexitide most importantly, and if we have to tighten our belts other places we can do that, but I think with our current plans as we've outlined, I think we're on track with the data that we've seen in each of the programs, but it's something we work on every day.
Thank you.
You're welcome.
Thank you very much.
Speaker Change: There are no further questions at this time. I'll turn the call back to Mr. Klee. Please go ahead.
Joelle Beatty: Thank you for joining us on today's call to discuss our third quarter 2024 financial results. Have a great day.
Thank you for joining us.
Thank you.
Speaker Change: Ladies and gentlemen, this concludes today's conference call. Thank you for your participation and you may now disconnect.