Q3 2024 Belite Bio Inc Earnings Call
2024 financial results. Joining the call today are Dr. Tom Lin, Chairman and CEO of BeLiveBio, Dr. Hendrik Scholl, Chief Medical Officer, Dr. Nathan Mata, Chief Scientific Officer, and Haowen Zhang, Chief Financial Officer.
Before we begin, let me point out that we will be making forward-looking statements that are based on our current expectations and beliefs.
These statements are subject to certain risks and uncertainties, and actual results may vary materially. We encourage you to consult the risk factors discussed in our SEC filings for additional detail.
Please note that you can submit questions throughout the call by clicking on the Q&A box at the bottom of your screen. We'll respond to your questions following our prepared remarks.
Now I'll turn the call over to Dr. Lin.
Thank you for joining our third quarter conference call.
Speaker Change: Before diving into the details of this quarter's performance and status of our pipeline, I would like to introduce an exciting addition to our leadership team. It is my pleasure to welcome Dr. Hendrik Scholl, our new Chief Medical Officer to the call.
Speaker Change: Professor Shaw is the world's foremost expert in Stargardt's disease and age-related macular degeneration. He has pioneered some of the most significant ophthalmology and retinal disease advancements of our time, including the world's largest ever natural history study of Stargardt's disease.
Speaker Change: We're thrilled to have him lead our clinical program at such a pivotal time. Our delight and our certainty, expertise, and dedication will be instrumental in advancing our efforts to bring much-needed treatments to patients living with Starlet disease and dry AMD. Dr. Cho, welcome.
Dr. Cho: Thank you, Toma. I'm honored to be joining B.L.I.D.E. Bio at a time when the company's clinical programs are showing such promise.
Dr. Cho: Having served as the chair of the Data and Safety Monitoring Board for Pilates Phase 2 and Phase 3 Stargardt disease trials, I feel immensely confident in Team Laraban's potential.
Dr. Cho: I have dedicated my career by improving the lives of people suffering from serious retinopathy.
Dr. Cho: and specifically macular diseases, which are almost always debilitating and have a profound negative impact on the people's quality of life. I'm deeply impressed by Belife Bio's pioneering approach to Stalker disease.
and later IAMD, which have historically
Dr. Cho: Having seen first-hand the toll these diseases can have, I look forward to working with our talented team to drive our clinical programs forward and hopefully bring transformative therapies to patients in need.
Thanks, Henry.
Speaker Change: Now, moving on to our quality updates, we continue to make strong progress towards advancing to net rent in patients living with Stagus disease and geographic atrophy.
Speaker Change: For those who are new to our story, Enlarvant was developed from our retinal binding protein intellectual property portfolio.
Speaker Change: We believe this speaks to the significant unmet need for bulk indication is currently there is no approved treatment for Starz disease, and no approved oral treatment for geographic atrophy, and we are uniquely positioned as we already in global phase III trials for both indications.
Speaker Change: So with that allow me to provide a high level overview of the progress we have made in Q3.
Speaker Change: We have two studies underway with <unk> in people living with targets disease. These are phase III driving trial and the phase III three dragon two.
Speaker Change: Trial.
Speaker Change: The Dragon two trial is fully enrolled with 104 patients are patients who have an estimated interim analysis by the end of 'twenty 'twenty four or early 2025.
Speaker Change: The Dragon trial is expected to enroll 60 subjects across the U S UK and Japan.
Speaker Change: For <unk>, we have the phase III Phoenix trial, which is expected to enroll 429 subjects.
<unk>.
Speaker Change: So in summary for this quarter. The Dragon two trial continues to progress rapidly we have successfully dosed the first patient in the phase III three portion and have completed the phase one study in Japan Japanese subjects at the Tokyo Medical Center.
Speaker Change: Enrollment is now also underway at sites in the U S and U K.
Speaker Change: In G E.
Speaker Change: <unk> continued to progress.
Speaker Change: In our pivotal global Phase III, Phoenix trial, which has already enrolled more than 280 subjects to date.
Speaker Change: That concludes my part of the update and we'll now turn over the presentation to Henrik Henrik Please.
Henrik Henrik: Thank you Tom.
Henrik Henrik: So I'll be happy to call or aspects of the phase II trial.
Henrik Henrik: And the first is actually looking into lesion growth of patients with diabetes.
Henrik Henrik: And the data that was obtained in the phase III study with a narrow band.
Henrik Henrik: Can be compared with natural history data that was collected in the proxy studying and.
As Dr Lynn mentioned earlier.
Speaker Change: I flipped mulch.
Speaker Change: A multicenter worldwide natural history study called protocol.
Speaker Change: Where patients have been investigated over two years every six months.
Speaker Change: And they ended the study already with lesions that were.
Speaker Change: Defined its so-called decreased order for instance, definitely decrease of oppressive Tds and these leasing growth was measured over time and.
Speaker Change: Was put together that's a growth curve that you can see in that slide.
Speaker Change: As the Blue curve, so there is inevitable.
Speaker Change: Most of tissue.
Speaker Change: That is measured as the growth of PDF lesions overtime.
Speaker Change: In this study.
Speaker Change: The subjects that developed such lesions and it was only a minority of five of 12 subjects in the study.
Speaker Change: The lesion growth of these subjects are significantly smaller than when compared with a subset of the process study, namely 51 patients that the age matched that match the age of the patients in the phase II study and when you look at the growth rates of the Red curve is significantly lower than that of the blue curve.
Speaker Change: And that means.
Speaker Change: And that lesion growth could be slowed under the trade visits in lira bond and this treatment effect was significant.
Speaker Change: Because the lesion growth rate could essentially be half from one square millimeter per year to only half a square millimeter per year and this difference was highly statistically significant and from a clinical point of view is also highly clinically significant.
Speaker Change: Next slide please.
Speaker Change: Dave inevitable.
Speaker Change: Loss of visual acuity and clinically we measure visual acuity.
Speaker Change: Visual acuity charts, and the so called <unk> with a acuity chart is 100 letters.
Speaker Change: And patients that have met the diseases, such as target disease and are affected in their central visual acuity and wood and Bill Lewis vision over time, so they lose letters.
Speaker Change: But they can discriminate on visual acuity salt.
Speaker Change: And in stock or disease when patients develop lesions.
Speaker Change: The macula.
Speaker Change: Inevitable lose inevitably lose vision over time and eventually lose many letters are significant vision loss.
Speaker Change: Defined by the FDA would be three lines of <unk>.
Speaker Change: Visual loss that corresponds to 15 letters, but patients can cohort sometime lose much more because typically they are eventually at a lateral loss of let's say 40 or 50 letters over a couple of years.
So in the phase II study.
Speaker Change: It was shown that unbilled the treatment for Staples, who open label study visual acuity loss could be stabilized in subjects that were treated with <unk> and this is shown for all subsectors of the left slide.
Speaker Change: You can see that there was some loss, but the loss was about five letters in two years that corresponds to an average lateral loss of only two and a half letters per year.
Speaker Change: It was a specific observation in the phase two trial of <unk> in.
Speaker Change: In patients that before entering the trial had significant loss of visual acuity about 10 letters a year, which is very significant.
Speaker Change: And those patients are also underwent a treatment with <unk>.
Speaker Change: The original acuity could also be stabilized and this is shown on the right slide.
Speaker Change: They now under treatment only lost about <unk> <unk> per year. So we can conclude that their visual acuity loss was also stabilized under the treatment with til arrogant.
Speaker Change: The next slide please.
Speaker Change: This slide shows the safety results of the.
Speaker Change: 24 months phase III clinical trial.
Speaker Change: And it shows that that is Laura bonds with a daily dose of five milligrams continues to be safe and well tolerated in these other lessons startup patients the freedom producer and lean.
Speaker Change: Of an 80% reduction of retinal binding protein for from baseline throughout the study.
Speaker Change: And some of the adverse events, namely delayed documentation and sand topsy averages former chromatopsia.
Speaker Change: Are the most common drug related ophthalmic adverse events and our anticipated.
Speaker Change: Events, because they are they relate to the mechanism of action after Laura bond, namely, reducing the amount of ethanol entering photo receptors and that Ken and in some instances lead to yellowish appearance of.
Speaker Change: Office seen typically going from dark to light.
Speaker Change: Weekly would be experienced by patients in the morning, when they wake up and then enter a valid room and that leads to this appearance of yellowish color that is transients and would typically not part of these patients. The other one is even more typical delayed doctor rotation.
Speaker Change: Keep in mind that 95% of the photoreceptors are broad photo receptors.
Speaker Change: That allow us to see in the dark and this photo receptors now have less access to vitamin E.
Speaker Change: Eventually they bill gets fully.
Speaker Change: Sensitive and reach a final threshold, but it takes more time to get all the vitamin E into this photo receptors and that leads to call. It delay documentation that needs more time to fully adapt to not so well lit environment again, this adverse event can be well tolerated and to both.
Speaker Change: Ah was experienced by about two thirds of the patients in the trial.
Speaker Change: All instances of the late Arthur target Temptation night vision impairment and top tier where mild and transient.
Speaker Change: There were no severe and moderate drug related Aes reported in Norway is that required discontinuation of the treatment.
Speaker Change: There were no clinically significant findings in relation to vital signs physical exams cardiac health or organ functions.
Speaker Change: Next slide please.
Speaker Change: So I pass it over to Dr. Nathan Martha to Chief Scientific Officer.
Speaker Change: Thank you Dr. Shaw, so I'd like to move forward with describing the clinical trial designs in our two Star Guard studies, the Dragon study and the Dragon two study it's important to note that in both startups studies add NRG <unk> study, we are looking at the growth rate of atrophic lesions as Dr shall expressly definitely decreased auto fluorescent lesions.
Speaker Change: Disney Atrophic lesions at the FDA considers as a surrogate marker for eventual visual acuity loss and so we're looking at the growth of these lesions as an endpoint for approval.
Speaker Change: All of our trials the other thing I want to mention is that in all of our studies. We are implementing a five milligram dose. This dose produces the same pharmacodynamic reduction of retinal binding protein for of about 80%. This is very important because of our prior clinical study we determined in <unk> subjects.
Speaker Change: The reductions of retinal binding protein for a 70% or more were found to lead to a slowing of lesion growth. So we want to get to that threshold and with our subjects as Andrew just noted we're getting to about 80% reduction with the five milligram dose that said you can see in both our Dragon study at our Dragon. Two study there is a lot of similarities theres only.
Speaker Change: Three differences in the trial designs. The first is the number of subjects. We have 104 subjects recruited in our Dragon study and we have 60 subjects that we're aiming for enrollment in our Dragon. Two study. The second difference is the geography. So the Fitbit Dragon Phase III study is a global study while the phase II III study Dragon two is.
Speaker Change: Accruing subjects from Japan U S and the U K and finally, the third difference is the randomization because we have a larger number of subjects in the Dragon study, we can afford a two one randomization, which favors tyndall air about whereas in the Dragon. Two study we have a smaller number of subjects. So were using a one to one randomization of <unk> to placebo and as you can see all of the other.
Elements of the trial design the masking the treatment duration. The primary measures other secondary measures in an interim analysis as well as the key inclusion criteria are all the same next slide please.
Speaker Change: So we'll move to the geographic atrophy study that we call Phoenix and show you that trial design as well as I mentioned it is very very similar to the phase II trial designs and startups, there's only two real differences here. The first of course is the indications geographic atrophy versus startups and the second is the larger number of patients will be enrolling to reflect the higher prevalence of <unk> in the.
Speaker Change: Patient population that said all other elements of the trial design or similar this is very important because we believe with the similarity of the trial designs. The dosing the endpoint what we see in our Starbucks studies, which is proceeding ahead of RGA studies could be predictive of what we expect to see an RGA studies and as Henrik noted in our phase two open label study where.
Speaker Change: Being very very promising safety and efficacy studies, so with that I'll hand, it I'll turn it over to Hal again to discuss the financials. Thank you.
Hal: Thank you Nathan.
Hal: So in Q3 2019 for all we had R&D expenses of $6 8 million compared to $8 7 million for the same PRA in 2023.
Hal: The decrease was mainly attributable to the fewer C are all milestone payments related to the Dragon trial, which was partially offset by the increasing the dragon two trial expenses.
Hal: On G&A expenses in Q3, 2024, all we had G&A expenses $2 9 million compared to $2 2 million for the same period in 2023. The increase was primary due to an increase in share based compensation granted in the third quarter of 'twenty 'twenty four.
Hal: Net loss, we had a net loss of $8 7 million in Q3, 2024 compared to $10 9 million for the same period in 2023.
Hal: Regarding cash we continue to maintain a strong balance sheet and have total $109 million in cash in money market fund time deposit and U S. Treasury bills. When the funds are raised here today and our recent warrant exercise we extended our four years cash runway to execute our.
All our key milestones.
Tom Lin: Back to you Tom.
Tom Lin: Thanks Hal.
Speaker Change: And we have an exciting year, so far and we continue to make meaningful strides in advancing to narrow band in clinical trials for startups disease in geographic atrophy across several countries and.
Speaker Change: And now well open for open the call for questions.
Speaker Change: Okay.
Speaker Change: Hi, operator, I think you're on mute.
Speaker Change: Thank you we will now begin the question and answer session and he would like to ask a question. Please raise your hand and the moderator will on mute yeah.
Speaker Change: Our first question comes from Marc Goodman with Leerink. Please proceed.
Speaker Change: This is baton onto Mike. Thank you for taking my question.
Speaker Change: Like to ask if you have have you done any market research to assess the tolerance of <unk> patients in the ocular AE, which and could you explain us the ease to actually.
Speaker Change: In fact, the uptake in this patient population are keeping pace.
Speaker Change: I think that ships.
Speaker Change: Kim.
Speaker Change: Thanks.
Speaker Change: So Nathan you want to take this one.
Speaker Change: Sure Yes.
Yes, yes Basel. Thank you for the question I assume you're referring to ocular aes in the G. A study.
Speaker Change: Yeah.
Speaker Change: Yeah, which is basically the same after aes.
Speaker Change: And now the Sungard right I just want to make sure. Yes. So NGA, we would expect probably a little bit higher incidence and severity of these aes because primarily the GE retina is much more.
Speaker Change: Disease resident right disease. These patients have had their disease for decades versus the Star Guard adolescent subjects, who have had it for years, so theres going to be much more macular involvement. So yes, we would expect perhaps a higher incidence of low luminance original acuity there should be no effect on on best corrected visual acuity that is visual acuity and ambient light, but in low <unk>.
Speaker Change: Level light GE patients first of all have a problem with low level of visual acuity the reduction of vitamin a locally within the macula would make that a little bit worse for patients that have more extensive macular involvement. So yes. The short answer is we would expect a higher incidence of low luminance visual deficits in the G. A patient population under Tulare about treatment.
Speaker Change: <unk>.
Speaker Change: And we do think that to be tolerated by the patient.
Speaker Change: Oh, yes, so we can say.
Speaker Change: Yes, I mean, we're recruiting that study now I think Brooks without 288 subjects and we certainly have had have seen instances of low luminous visual acuity, but it's the minority of subjects not the majority. So clearly patients are dealing with at the majority of patients are dealing with it quite well.
Speaker Change: Got it thank you.
Speaker Change: You're welcome.
Our second question will come from Jennifer Kim with Cantor. Please proceed.
Speaker Change: Okay.
Speaker Change: Hi, Thanks for taking my questions maybe to start off similar to the last question for the patients in Phoenix have been enrolled to date do you have any comments on the discontinuation rates Hussein.
Speaker Change: Okay. Thank you I'll comment.
Hussein: And believe we're right around 15% right now, but that's that's all in that's not just.
Speaker Change: Altra ease as the total number was somewhere around 15% I believe that was the last bomb.
Speaker Change: The last number.
Speaker Change: Okay, and then content Dragon can you walk through what's left to get the interim analysis.
Speaker Change: And then what is your latest thinking around Haile provide that update.
Speaker Change: David do you want to add.
David: Yeah I'll take it.
Speaker Change: I wouldn't say, what's left I mean really all the patient data are in the trigger for the interim analysis is when all subjects have completed their month 12 visit that is we have a month while images for all subjects of course, we're going to a summit 18 months and some that have already completed study. So really what has to be done as that data has to be cleaned. It has to be provided to the D. S. M D.
Speaker Change: And the D. S N b has to schedule a meeting to review that data and an unmasked analysis, we predict that timeline is going to be somewhere around December at the very latest there'll be early January but there really is nothing more to be done other than data cleaning and then providing the data to the SMB followed by the DSM be internally our schedule.
Speaker Change: During a meeting with all members.
And then in terms of disclosure on your end would that come in the form of a press release or call or something else, yes, I don't think so.
Speaker Change: So Jennifer what will happen is that so we won't be told by the D. S. M. D. Abele are where there wouldn't need to increase the sample size or not we will announce that to the market as soon as we know and then we'll host a press release to talk about no all of our no.
Speaker Change: Allow mobile we have been told and what does that mean to us and at the same time that we would like to add that another moving factor on the interim analysis will be at a new D. S. N. B chair you guys probably are aware that the show was our the SNB chair arm. So all we have to find a replacement of that.
Speaker Change: We have some you know apologize, but yes, you can imagine we'll have to go through all these hospitals hospitals are processed so I can take some while so why is that new D. S. M. B share is on board then we will schedule a of the committee's time after that the SMB meeting and given the Christmas vacation desk.
Speaker Change: Why we don't have a clear timeline about the timing of it.
Speaker Change: Okay, and if I could fit one more question on Dragon two I know you've announced the first patient dosed in the phase two three portion can.
Speaker Change: Can you say anything about how many patients have been enrolled in total so far and given sort of an isolated when that enrollment could complain.
Speaker Change: Well I think.
Speaker Change: First I don't have a specific number on top of my mind now, but I think most of the Japanese subjects, who passed the phase one b AR should be enrolling to the phase two and we start to enroll some patients in the U S and UK as well I think we're getting them market to you. It should be in any Q2 next year Erie fully enrolled for garbage.
Speaker Change: To you.
Speaker Change: Okay. Thanks.
Speaker Change: Okay.
Speaker Change: Our next question comes from E Chen with H C Wainwright.
Speaker Change: Please proceed.
Speaker Change: Thank you for taking my questions. My first question is for our Phoenix truck. So this trial have enrolled more than 280 subjects.
Speaker Change: Could you tell us whether these subjects similar baseline characteristics compared to subjects enrolled for the approved the GAA syrupy, which are the <unk> complement inhibitors. Thanks.
Speaker Change: Re furthest to Henrik Evan if Nathan I can add in on the characteristic patient Acacia caito characteristics and Rick you want to take this.
Henrik Evan: So essentially this is about our geographic atrophy to typical T E, which means patients would have draws.
Speaker Change: And to elaborate on it.
Speaker Change: Doctor motto pointed out earlier that these patients have a speaking gross membrane and therefore are used to house difficulty seeing the dollar when it comes to specific.
Speaker Change: Inclusion exclusion criteria, then be compare Phoenix too.
Speaker Change: The trials have have been vitamin injectables.
Speaker Change: The main difference that that comes to mind is that in.
Speaker Change: The lesion size.
Speaker Change: We target is somewhat smaller than the most targeted with Injectables that's to me the only.
<unk> main difference between.
Speaker Change: The two large trials with Injectables targeting C Leo suffice.
Speaker Change: The.
Speaker Change: Complement system and the Phoenix trial, there'll be target piece regimen of decomposition of the RP.
Speaker Change: No.
Sure, Eric Spiros patients with smaller nisha size should they be.
Speaker Change: Is it easier for them to observe FX same terms of.
Speaker Change: Slowing of lesion grows comparator patients with larger lesions.
Speaker Change: Our baselines.
Speaker Change: It's a that's not so easy to say.
Speaker Change: So men smaller lesions are being targeted there will be a subpopulation where.
Speaker Change: Generally the fovea has not been reached.
Speaker Change: Breached by by atrophy, and I think this.
Speaker Change: Especially when the drug becomes available on the market will be the patients that will benefit the most because for those patients vision can actually be saved and they can may may even maintained 2020 vision for for a while.
Speaker Change: If and when atrophied and composites the popular center.
Speaker Change: <unk> is being lost to a significant degree typically goes to a level of 2100 or lower and for patients. It's not so easy to.
Speaker Change:
Speaker Change: Experience.
Speaker Change: Progression of disease, or a possible slowing down of that progression.
Speaker Change: Our physicians, it's much easier because they can measure the atrophy area quite precisely and can compare.
What's the natural history progression is and what the progression will be under therapy and they will they will see the difference.
Speaker Change: Patients and that is certainly our limitations of all these therapies mission will get worse, but not at the same pace, but for patients it will not be easy to.
Speaker Change: To actually track the progression themselves, but they will understand that.
Speaker Change: When they're treating physicians tells them blocked visit the progression, but it would have been so far if you had not taken to Laura bundle they will understand that.
Speaker Change: Okay. Thank you and before they start.
Speaker Change: So he matches add to your question regarding the lesion size.
Speaker Change: So theoretically the anti complement inhibitor is.
Speaker Change: They're more mechanistic mechanistic b they are more targeting the inflammation process.
Speaker Change: Nathan maybe you want to add on on this and your experience with early stage and later stage lesions in G. H.
Yeah. Thank you Tom Yes, I think hendricks sort of hit on it peripheral anyway, because obviously these larger lesions the ones that you saw in the appellate I've Eric studied have more inflammation driving the lesion growth right. That's why these complement hemorrhages work because it essentially coils and inflammatory response in our patient cohort theres going to be less of that because again lesions or <unk>.
Speaker Change: Smaller as Andrew mentioned, they are less they are probably not going to be as involved with the fovea is larger lesions and theres going to be less inflammation. So theres a big difference in the.
Speaker Change: Sort of characteristics of the patients at baseline that we're looking at versus what was looked at in the appellate studies in diabetic season, primarily that is inflammation. Because these larger lesions are again, triggering an inflammatory response that is really driving lesion progression you don't see that in early stage disease, which is where we're having our focus with total are about.
Speaker Change: Got it thank you for that clarification and for the interim analysis of the Phoenix trial is it just a DSM being meeting or are there will actually be some efficacy readout.
Tom Lin: So Amit go ahead Tom.
Speaker Change: Sorry, yeah, yeah. So it will be D. S. M. B other thing be of ethics will be involved.
Speaker Change: Okay alright, thank you.
Speaker Change: Our next question comes from Michael are keen which with Maxim Group. Please proceed.
Hey, guys. Thank you so much for taking my questions today.
<unk>.
Speaker Change: First off I guess I would like to see if you could just talk a little bit about dragon two and whether you expect that this will be something that will be required for an FDA filing or if he thinks he go could go for starts with Dragon all one alone.
Speaker Change: So so the drag on <unk>, one I mean would discuss with the F D. A N.
Speaker Change: Which would you say it will be a review issue, but the Dragon two is more for a Japanese study because we got the sakigake designation, which the Japanese authorities would want to beat a first to approve this drug above caused that will also serve as a second study if we need that as a second pivotal.
Speaker Change: And well controlled study.
Speaker Change: Alright. Thank you and then just to follow up on the prior question given that there is a bit of a difference in terms of your target patients for the phase III Phoenix study N. G E. When you expect something of a segmented strategy or when you expect a broader label that allows you to go after the entire market and compete with the <unk>.
Speaker Change: <unk> complement inhibitors.
Speaker Change: I believe we have a broader label.
Speaker Change: Certainly been a oral treatment they would definitely be convenient more convenient in fact, four afford a broader label.
Doug: Thanks, Doug as you expect not many people would want.
Doug: Together at Nito and AI.
Speaker Change: Yeah certainly.
Speaker Change: And then one last one for me and I'll hop back in the queue I'd just like to touch on Outguesses Miss in geographic atrophy earlier. This year in both have a similar underlying target, but could you talk a little bit about the differences in where 10 layer band could be better positioned for success.
Speaker Change: Hum.
Speaker Change: Think Nathan is the perfect person to.
Speaker Change: And so that there's question Nathan what was that in comparison to alky is Michael yes, given the somewhat similar similar market mechanisms. Yes, there is a similar but theyre not identical right.
Speaker Change: Biggest difference between a synthetic vitamin a and lowering vitamin a is by lowering vitamin E will be reducing the accumulation of all trends right now which is the bleached photo product that is actually more toxic than the best retinoid automobile or basis. So we will be reducing retinoid across the visual cycle, whereas with synthetic vitamins.
Speaker Change: Increasing the amount of vitamin E individuals' cycle and in fact, we'll be increasing the amount of all trans retinal it'll be a generated all trends right now, but it'll still be all-trans retinal. So that really is the key difference. This is the toxicity associated with all trends right now as I say is much more severe than the toxicity associated with bis retinoid like <unk>.
Speaker Change: <unk> E theyre going to be primarily reducing H E. Because they are reducing the basically the conversion of the dimerization of the aldehyde to a best retinoid, but theres still going to have high levels of all trends right. Now so I would say that's the biggest difference that I can say with respect to the MAA and the fact that they saw a trend in their data is promising.
Speaker Change: For our treatment approach, we believe we will see a better effect because again, we will be reducing the aldehyde as well as with this retinoids.
Alright, Thank you very much for taking my questions today. Thank you.
Speaker Change: This concludes our Q&A portion of the call I will turn it back to Tom Lang for closing remarks.
Tom Lang: So thank you all for joining our call will be in San Francisco during the JP Morgan Healthcare Conference week in January we hope to see some of you there and introduce you to Dr. Shaw.
Tom Lang: And have a great day, thank you very much.