Q4 2024 MacroGenics Inc Earnings Call
Speaker Change: Good afternoon, we will begin the MacroGenics 4th quarter and full year 2024 corporate progress and financial results conference call in just a moment.
Speaker Change: During today's call I will be joined by Dr. Scott Koenig, President and Chief Executive Officer of Macrogenics and Dr. Steven <unk>, Our senior Vice President clinical development, and Chief Medical Officer, and now I'd like to turn the call over to Scott.
Scott Koenig: Thank you Jim I'd like to welcome everyone participating via conference call and webcast today.
Scott Koenig: 'twenty 'twenty four was an important year for Macrogenics as we achieved several significant clinical development milestones.
Scott Koenig: Well positioned to build upon that momentum in 2025.
Scott Koenig: We have a diverse and promising clinical portfolio, we look forward to a year of continued progress.
Scott Koenig: On today's call, we will provide key updates on our business and clinical programs.
I'll now turn it over to Steven discussed his clinical update.
Speaker Change: Thank you Scott, we made meaningful advancements in 2024 and look forward to continued execution as we develop and grow our portfolio of antibody based cancer treatments in 2025.
Speaker Change: First from a proprietary investigational pipeline I will talk about larger than that.
Speaker Change: By specific tetravalent dart molecule designed to enable blockade of PD, one and seasonally four with potentially enhance <unk> four blockade on T cells co expressing these immune checkpoint molecules that are highly enriched in the tumor microenvironment.
Speaker Change: I'm pleased to share that enrollment is complete and the ongoing lorikeet phase III trial.
Speaker Change: 150 patient randomized study for larger home App in combination with Docetaxel versus Docetaxel alone.
Speaker Change: Second line chemotherapy naive patients with metastatic castrate resistant prostate cancer.
Speaker Change: Our trial design includes the primary study endpoint radiographic progression free survival.
Speaker Change: Given that this endpoint is an event driven.
Speaker Change: It'll ability in subsequent presentation of final our PFS data will depend on the eventual Rps ness of that accrual rate.
Speaker Change: We anticipate providing a clinical update for lorikeet in the second half of this year.
Speaker Change: Based on our cumulative experience to date from our phase one and phase III studies, Laura journal of them, including in metastatic castrate resistant prostate cancer.
Speaker Change: Tumor setting historically insensitive to checkpoint inhibition, we plan to initiate that limits phase III study.
Speaker Change: This clinical trial will evaluate lora Jerome at monotherapy in patients with either platinum resistant ovarian cancer <unk> or <unk>.
Speaker Change: Clear cell gynecologic cancer CCD see.
Speaker Change: Both represent unmet need and historically have been relatively insensitive to checkpoint inhibitor therapy.
Speaker Change: The study's primary endpoint is <unk> with multiple secondary endpoints to be explored.
Speaker Change: The company anticipates enrolling up to 40 patients with plc and up to 20 patients with <unk>, which is expected to commence by mid 2025.
Speaker Change: Next I'm very excited to update you on our emerging ADC portfolio, we have three antibody drug conjugate molecules to enter clinical development. One in preclinical studies that each incorporate novel glad candidly <unk> inhibitor based payload.
Speaker Change: Which are developed by our collaboration partner Synaptics Alonza Company I will now walk you through these three candidates.
Speaker Change: First is <unk> <unk> six.
Speaker Change: As a total one inhibitor based ADC that targets <unk>, III and oxygen with broad expression across multiple solid tumors.
Speaker Change: If the <unk> family of molecules involved in immune regulation.
Speaker Change: We are excited about the potential for Mtc ultra six given the molecule was constructed.
Speaker Change: Using a clinically active variable domain also contained in both Brazil as well as the use of <unk> truckload, one inhibitor linker payload, which has shown potentially superior preclinical profile compared to that of other couple of Sunrise one inhibitors.
Speaker Change: M. D. C 026 is currently being evaluated in a phase one dose escalation study in patients with advanced solid tumors, we anticipate dose expansion and selected indications we'll initiate in 2025, we plan to disclose these indications at a later date.
Second is <unk>, a total one inhibitor based ADC that targets Adam.
Speaker Change: A member of the atom family of multi functional type one transmembrane proteins that play a role in tumor Genesis in cancer progression and are over expressed in multiple cancers, such as pancreatic gastric adenocarcinoma of the lung in squamous cell lung cancer among others.
Speaker Change: As a reminder, we previously presented preclinical data showing anti tumor activity of <unk> in vivo models.
Speaker Change: Also in the non human Primate study <unk> eight was well tolerated at high dose levels with mild reversible side effects and no ocular toxicity, which is often a concern with tubular inhibitor based adcs.
Speaker Change: The IMD for Mtc Ultra weight was cleared by the FDA earlier this year and the first patient was recently dosed in a phase one study in patients with advanced solid tumors.
Speaker Change: And third as MTBC <unk>.
Speaker Change: The preclinical couple one inhibitor based ADC that targets, an undisclosed antigen expressed across several solid tumors.
Speaker Change: There are currently no approved therapies to this target, we anticipate submitting an investigational new drug or IND.
Speaker Change: Application for Mtc <unk> in 2026 further expanding our already deep clinical pipeline.
Speaker Change: In terms of our T cell engagements recall that <unk> four is our next generation bi specific CD 123, our CD three dart molecule that incorporates the CD three component designed to minimize cytokine release syndrome.
Speaker Change: Our phase one dose escalation study of <unk> four is ongoing in patients with CD 123 positive relapsed or refractory hematologic malignancies, including acute myeloid leukemia and Myelodysplastic syndromes.
Speaker Change: Gilead has the option to license Mgd <unk> four had predefined decision points during the phase one study.
Speaker Change: Finally, I'll update you on <unk> or Volcker duo, which is our <unk> ADC designed to deliver DNA alkylating do recognize some cytotoxic payload to tumors expressing <unk> <unk> III.
Speaker Change: We announced today results from the Tamarac Phase III study of overdue in patients with <unk>, who were previously treated with one prior androgen receptor targeted.
Speaker Change: <unk> targeted therapy.
Speaker Change: Steady persistence may have received up to one prior taxane containing regimen, but no other chemotherapy agents.
Speaker Change: These results based on a data cutoff on February 21, 2025 should mature median RPF paths of nine five months for the 2.0 milligrams per kilogram cohort.
Speaker Change: 10.0 months for the $2 seven milligram per kilogram cohort in patients with <unk> safety data from the study remained consistent with our prior data disclosures.
Speaker Change: Based on our internal review and assessment of Tamarac efficacy and safety to date.
We have decided not to pursue further internal development of overdue.
Speaker Change: Exploring potential alternatives for partnering the program.
Speaker Change: We believe the <unk> III target continues to have potential and are pleased with the progress being made with our alternative anti <unk> ADC <unk> <unk> six.
Speaker Change: As you can see there are several upcoming milestones expected across our portfolio of 2025, we're excited about the progress we made in 2024 to advance our programs and look forward to providing further updates in 2025.
Jim: And now I will turn the call over to Jim.
Thank you Steven This afternoon Macrogenics reported financial results for the year ended December 31, 2024, which highlights our financial position.
Speaker Change: As described in our release this afternoon.
Speaker Change: Macrogenics total revenue was $150 million for the year ended December 31, 2024, compared to total revenue of $58 7 million for the year ended December 31 2023.
Speaker Change: The increase was primarily due to a net increase of $85 million in revenue recognized from milestones achieved.
Speaker Change: Under the insight license agreement our revenue for the year ended December 31, 2024 included $118 9 million in revenue from collaborative and other agreements our agenda net sales of $16 4 million in contract manufacturing revenue of $13 1 million.
Speaker Change: Our research and development expenses were $177 $2 million for the year ended December 31, 2024, compared to $166 6 million for the year ended December 31 2023.
Speaker Change: The increase was primarily due to increased research development manufacturing and clinical costs related to <unk> H, our preclinical ADC pipeline and large euro amount.
Speaker Change: Offset by decreased development and clinical trial costs related to our previously discontinued projects and margins Hudson Ma'am.
Speaker Change: Our selling general and administrative expenses were $71 million for the year ended December 31, 2024, compared to $52 2 million for the year ended December 31, 2023. The increase was due to an $8 million amendment fee, we paid to our former commercial partner pursuant to the asset sale margins at 220 therapeutics, which closed in the fourth.
Speaker Change: A 2024 as well as increased noncash stock based compensation and accrued severance expenses related to the separation agreement with our Chief Executive Officer during.
Speaker Change: During the year ended December 31, 2024, other income reflected a $36 $3 million gain recognized on our sale of margins to Sarah.
Speaker Change: Our net loss was $67 million for the year ended December 31, 2024, compared to net loss of $9 1 million for the year ended December 31 2023.
Speaker Change: Our cash cash equivalents in marketable securities balance as of December 31, 2024, with 200 point $201 $7 million.
Speaker Change: Compared to $229 8 million as of December 31, 2023.
Speaker Change: Finally in terms of our cash runway, we anticipate that our cash cash equivalents and marketable securities balance of $201 $7 million as of December 31, 2024.
Speaker Change: Additional projected and anticipated future payments from partners should extend our cash runway into the second half of 2026.
Scott Koenig: Our anticipated funding requirements reflect expected expenditures related to the ongoing phase II <unk> study of Lora journey map and metastatic castration resistant prostate cancer as well as our other clinical and preclinical studies currently ongoing and now I will turn the call back to Scott.
Thank you Jim as I previously mentioned 2024 was a year of strong execution and important progress in Macrogenics.
Scott Koenig: We're excited about our innovative and proprietary pipeline of product candidates, including Laura <unk>, <unk> 26, and <unk> 28, and we look forward to continuing to advance these candidates and sharing our progress with you.
Scott Koenig: Our development efforts are complemented by our continued business development focus and we were very pleased to complete the sale of our agenda, just Sarah therapeutics in the fourth quarter.
Scott Koenig: A non dilutive capital from this deal along with a $100 million received from insight during the year as allowed us to continue to invest in our clinical pipeline and R&D efforts.
Scott Koenig: Lastly, the board continues its diligent search for my successor.
Scott Koenig: <unk> committed to supporting the company during the transition period.
Scott Koenig: We look forward to providing you with updates when available.
Scott Koenig: In closing 2025 looks to be an exciting year for macrogenics as we work to advance our pipeline expand our partnerships and drive value for both patients and our shareholders.
Scott Koenig: We'd now be happy to open the call for questions operator.
Scott Koenig: Operator.
Scott Koenig: Thank you so much unnecessary reminder, to our audience to ask a question simply press star one one on your telephone and wait for your name to be announced to remove yourself press star one again.
Scott Koenig: Please standby for our first question please.
Speaker Change: And it comes from the line of Peter Lawson with Barclays. Please proceed.
Peter Lawson: Thanks, so much for taking the questions.
Speaker Change: The <unk>.
Speaker Change: Study.
Speaker Change: What are the gating factors to starting and then on the <unk> III.
Speaker Change: 400 ADC.
Speaker Change: Where are you for the.
Speaker Change: The dose expansion.
Speaker Change: Yes.
Speaker Change: Yes, Im happy to answer that.
Speaker Change: So with regard to learn that as you know.
Speaker Change: The standard of care.
Speaker Change: Four.
And later line ovarian cancer is quite low you typically see with overall response rates of 10, 15% with anti PD one from the experimental therapy settings.
Speaker Change: Some selected experimental trials of Abcs or in combination checkpoint inhibitors have demonstrated or ours.
Speaker Change: Size of about 30%. This is a small study.
Speaker Change: But it is a well selected patient population, which I think will be able to inform us about whether we can further develop in these indications.
Speaker Change: And then you had a question about the <unk> C 026, a phase one study so that study has enrolled quite well and we're very pleased with the progress we've made.
Speaker Change: Yes.
Speaker Change: We are well into a very nice dosing range, we should be selecting.
Speaker Change: A dose for further expansion.
Speaker Change: That's sometime later this year.
Speaker Change: Got you. Thank you so much.
Speaker Change: Thank you one moment for our next question. Please.
Comes from the line of Jonathan Chang with Leerink partners. Please proceed.
Jonathan Chang: Hi, guys. Thanks for taking my questions.
Jonathan Chang: Question can you discuss the rationale behind developing large allomap in ovarian clear cell kind of collagic cancers.
Jonathan Chang: And second question on Mtc zero to six when could we see initial clinical data for that program. Thank you.
Jonathan Chang: Yes, Hi, this is Steven so I'll answer the second question first we probably won't get to show you data until the latter half of this year.
Jonathan Chang: <unk> six.
Jonathan Chang: And with regard to larger Allomap.
Jonathan Chang: Ovarian cancer in clear cell gynecologic cancers, and we pick that indication because it's basically.
Jonathan Chang: Untreated area as far as checkpoint inhibitors are concerned.
Jonathan Chang: <unk> inhibitors are currently available.
Jonathan Chang: Have not.
Jonathan Chang: Shawn has much promise as one line, we think our checkpoint inhibitor large element differentiate as well because we specifically target the <unk>.
Jonathan Chang: T cells that are already in the tumor microenvironment and that co express.
Jonathan Chang: Both PD, one and <unk> four.
Jonathan Chang: And in doing so largely but not completely spare the T regulatory cells within the periphery that give rise to the classic toxicities that you see with <unk>.
Jonathan Chang: The available <unk> inhibitors, Jonathan This is Scott I'll, just add on the other node.
Jonathan Chang: Looking at open spaces.
Jonathan Chang: Treating combination checkpoint molecules, our encouraging data that we have seen both in reported late stage castration resistant prostate cancer and the ongoing lorikeet study.
Jonathan Chang: Which is as you know.
Jonathan Chang: Our indication in which.
Jonathan Chang: Is considered.
Jonathan Chang: A cold coldest tumor has not successfully been treated with checkpoint before we think ovarian is another.
Jonathan Chang: This year were similar mechanisms might prevail.
Jonathan Chang: The value and the solitary effects.
Jonathan Chang: Laura <unk>.
Jonathan Chang: Got it thanks for taking my questions.
Jonathan Chang: Thank you.
Speaker Change: Our next question is from Tara Bancroft with TD Cowen. Please proceed.
Speaker Change: Thanks, guys. This is Nick on for Terry The first one for me is given the RPF US data that you guys just reported for Robert duo how does this help clarify the path forward for MG zero to six for example, do you plan to move this forward and pre chemo or post chemo patients assuming that <unk> is still an indication of interest and then the second question is.
Speaker Change: Furthermore, key data that's coming in the second half of the year should we expect to see any our PFS data from that or is this primarily I just wanted to be our thanks.
Speaker Change: Sure.
Speaker Change: Well, we certainly will see.
Speaker Change: The second question first we certainly will see or are the but let me see PFS and as event driven and so.
Speaker Change: Well, we just have to wait and see how the cards fall and how quickly.
Speaker Change: Progress so.
Speaker Change: I can't speculate beyond that.
Speaker Change: Now your first question regarding <unk> and how that differentiates <unk> is considerably different than of overdue.
Speaker Change: They have a different decidedly different linker.
And then a completely different payload.
Speaker Change: So we think theres opportunity for activity.
Beyond what we consolidate <unk> and also.
Speaker Change: Unlikely, we will see and so far hasnt seen the some of the taxes as you saw with overdue, most notably the pleural effusion.
Scott Koenig: Scott I just wanted to add.
Scott Koenig: A question alluded to the fact that carried out in the prostate setting we have not decided at this point.
Scott Koenig: <unk> six on which indication, we'll let the clinical data guide us obviously, the competitive landscape and what we see in prostate another tumors to decide what particular tumor types we will.
Scott Koenig: Prioritize for further expansion.
Speaker Change: That's very helpful. Thank you very much.
Scott Koenig: Thank you.
Speaker Change: Our next question is from the line of Jon Miller with Evercore. Please proceed.
Speaker Change: Hi, guys. Thanks for taking my question I'm going to build on the other jonathan's question on the Lynette indications I notice that you are not including any of the indications where astrazeneca is developing their PD one <unk> four by specific.
Speaker Change: Can you speak to any plans you might have in those more traditionally hot tumors are places, where we already know that there is a good potential for PD one security for combinations and then secondly speaking of combinations.
Speaker Change: We're not really does have superior tox profile relative to <unk> are there places where you might practically be targeting combinations of went out with non Io agents.
Speaker Change: In those indications.
John: John Thanks, so much.
Speaker Change: Question.
Speaker Change: With regard to the pathway we are going to proceed obviously.
Speaker Change: We have to prioritize.
Speaker Change: Our studies.
Speaker Change: And then given the open space in ovarian.
Speaker Change: We'll take it that this was.
Speaker Change: A opportunity for us to take advantage of but we have not excluded.
Speaker Change: The opportunities for other tumors as well, but we'll see how the.
Speaker Change: Lord Jones malware acute study comes out we will see how the net proceeds and then.
Speaker Change: Clearly we are certainly open to looking at other indications.
Speaker Change: At a.
Timely manner.
Speaker Change: Regard to combinations.
Speaker Change: You hit the nail on the head.
Speaker Change: If in fact.
Speaker Change: Completing the Lorikeet study and now demonstrating that we can come back with a chemotherapeutic quite docetaxel, which by itself has its own toxicity. We will look at other combinations in the future as we get the final results on warranty.
Speaker Change: Given.
Speaker Change: Particularly.
Speaker Change: The mechanisms by which lorikeet is working.
Speaker Change: The ability to combine this with other ADC ATK.
Speaker Change: Sure.
Speaker Change: Therapeutics is certainly.
Speaker Change: Our plan in the future.
Speaker Change: Thanks, so much.
Speaker Change: Thank you.
Speaker Change: Our next question is from Stephen Willey with Stifel. Please proceed.
Speaker Change: Yes, thanks for taking the question.
Speaker Change: I guess in the context of potentially getting an update of more key but maybe it does not include our PFS before the end of this year is there just anything that you can say I know its really early at this point, but is there anything that you can say.
Speaker Change: Just about how the event rate appears to be accruing at this point is it in line with it.
Speaker Change: Our expectations is it going a little bit slower than expected I know the randomization scheme here is two to one in favor glory. So just curious.
Speaker Change: I mean, it's a two to one randomization study.
Speaker Change: Designed for 150 patients were very pleased with how quickly enrolled we started late in later part of.
Speaker Change: 2023, and closed that enrollment for.
Speaker Change: Towards the end of 2024. So the study is fully enrolled and we're just we're just waiting for events I think it's too early to comment on the event rate.
Speaker Change: Okay.
So beyond that we'll just have to wait and see it's just too early to know.
Speaker Change: In addition, as we lose that we had a sizable number of patients that were enrolled early in 2004, as well and given what the expected control population would progress.
Speaker Change: Not be unreasonable to think that.
Having a PFS event rate.
Speaker Change: Half of the year as possible, but as Stephen covenants until we achieve the.
Speaker Change: The actual numbers, we won't discuss it.
Speaker Change: Okay, and I think maybe the question was asked I might have missed the answer but.
Speaker Change: Could there be some data that's disclosed here in the back half of the year from marquee, whether thats a response rate data points appear yes, yes, that's certainly could we just we just don't know.
Speaker Change: So it's.
Speaker Change: There are two factors one you don't know how well you are how the control our performance. There is good bit of variability docetaxel portfolios in a clinical setting and various from trial to trial. So there's that factor.
Speaker Change: And then there is you have the experiment arm so Tom.
Speaker Change: How much added benefit we have.
Speaker Change: Yes.
Speaker Change: If it's.
Speaker Change: Sometimes the effect size and the bigger.
Speaker Change: The bigger the pack size, assuming you find out.
Speaker Change: Okay.
Speaker Change: Yes, I guess the question is just whether or not.
Speaker Change: There is.
Speaker Change: <unk> data in the absence of having that our PFS trigger.
Speaker Change: Yes, we still are ours.
Speaker Change: Or is something we can look at and you would expect hope.
Speaker Change: <unk> agents, which could contribute to our secret you could see differentiation on <unk> alone and Thats not something thats not as event driven.
Speaker Change: I'll follow up.
Speaker Change: Thanks for the time it takes to get into our sometimes yep yep.
Speaker Change: And then just on the on the ADC portfolio.
Speaker Change: Can you just remind us what the.
Speaker Change: But the highest non toxic dose for two six was in pre clinical primary trials and yes. It is.
Speaker Change: Are there any kind of differential in that dosing threshold between ots.
Speaker Change: <unk> just as we try to think about the relative.
Speaker Change: For each of these targets.
Steve: So Steve.
Speaker Change: Scott.
Speaker Change: We achieved.
Speaker Change: At doses of 50 50 mix in <unk>.
Speaker Change: <unk> studies.
Speaker Change: And did that.
Speaker Change: <unk>.
Speaker Change: Alright.
Speaker Change: Toxic dose.
Speaker Change: Just some at.
Speaker Change: At that point.
Speaker Change: The magnitude of.
Speaker Change: Yes.
Speaker Change: The effect here.
Speaker Change: The 20 X.
Speaker Change: In terms of.
Speaker Change: Human dosing expected.
Speaker Change: In terms of area under the curve.
Speaker Change: So.
Speaker Change: And what was the second part of the question.
Speaker Change: And just wondering if that 50 mix per kg as applicable.
Speaker Change: Canada.
Speaker Change: Usage.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Very helpful. Thanks for taking the questions.
Speaker Change: Okay.
Speaker Change: Thank you.
Speaker Change: Our next question is from sales on chicken with citizens. Please proceed.
Speaker Change: Thanks for taking my questions.
Speaker Change: Mining from the bi specific mgd or 24.
Speaker Change: Almost one half year. She entered the phase one can you provide any more details on when we could see data and when gilead.
Speaker Change: I know you mentioned that they have points, where they can opt in but are we getting close to one of these points could be this year or next year. Thank you.
Speaker Change: Well hopefully it will be this year I mean, we're locked into a relatively slow.
Speaker Change: Dose escalation.
Speaker Change: Signed.
Speaker Change: Based on what the FDA expects.
Speaker Change: And so we're taking a very.
Speaker Change: Slow incremental approach to dose escalation and characterizing.
Speaker Change: All of the adverse events very carefully.
Speaker Change: It is a bit of a slow going trial compared to your typical.
Speaker Change: Phase one study.
Speaker Change: We knew this from the beginning just based on where we started started very very low doses and slowly working our way up so.
Speaker Change: We're beginning the year, but.
Speaker Change: We are not in MTBE.
Speaker Change: Great. Thanks for the color.
Speaker Change: Thank you.
Speaker Change: One moment for our last question. Please.
Speaker Change: It comes from my antennae with B Riley Securities. Please proceed.
Speaker Change: Yes, good afternoon, and thanks for taking our questions.
Speaker Change: Just quickly on the <unk>.
Speaker Change: <unk> are you able to talk to your expectations for the discontinuation rate.
Speaker Change: Given the <unk> PD one experienced previously in and as is also curious what learnings.
Speaker Change: If any from the phase II experience and farm deal Bryan.
Speaker Change: Prioritizing the lineage program, just sorry, if I missed that earlier.
Speaker Change: Yes. So I think your first question has to do with the disc.
Speaker Change: Should we expect in terms of discontinuation rate, we think will do we will do better than some of the prior checkpoint inhibitors simply because <unk> is very well tolerated in patients with <unk>.
Speaker Change: That patients stay on.
Speaker Change: Lower larger home effort considerable lengths of time and other studies. So we're not anticipating that we will have a significant drop out from the experimental arm that is the combination of larger allomap with docetaxel.
Speaker Change: Due to in Tolerability, obviously, you can't have some but we think there is a much better off better tolerated.
Speaker Change: Drug than say, giving.
Speaker Change: People living lab with no on that for example.
Oh, yeah any loan.
Speaker Change: Earnings from that study that contributed to the limit.
Speaker Change: Program.
Speaker Change: Yes.
Speaker Change: Yes, I mean, so that they're very different programs or different indications. So.
Speaker Change: Yeah.
Speaker Change: The learnings are indirect principally around what else do you want to use.
Speaker Change: And.
Speaker Change: Safety profile, we should expect now the last study is an open label non combination studies of single single agent study.
Speaker Change: Simpler study in that respect.
Scott Koenig: This is Scott.
Speaker Change: The totality of the data, which encourage us to go into ovarian cancer was not only based on our experiences.
Speaker Change: We're a key it was from the phase one expansion studies in prostate, but I should also.
Speaker Change: Remind you that in the dose escalation study.
Speaker Change: We were seeing good tolerability and in fact, one of the patients that had objective response was a patient with a full opening of Sirius.
Speaker Change: Carcinoma of the fallopian tube, which is essentially similar to ovarian cancer. So again all of these.
Speaker Change: Points in aggregate in our experiences to Tolerability of getting this combination checkpoint encourage us to seek other indications like ovarian cancer.
Speaker Change: Thank you and just one more.
Speaker Change: <unk> 028.
Speaker Change: To comment on how far along you are in the phase one study and if there is any specific dealer diode enrich mandate started doing already thanks for taking a result.
Speaker Change: Yes. So that study is just just got underway a few weeks ago.
Speaker Change: We have plenty of patients lined up I think that will go.
Speaker Change: In a very expeditious manner.
Speaker Change: It's too early too early to comment on that.
Speaker Change: With regard to your second part of your question, we're not pre selecting patients with respect to the level of out of nine expression I think thats. What you were alluding to we will have a look later on and see if there is a differential effect.
Speaker Change: For now.
Speaker Change: We're not pre selecting but.
Speaker Change: I just wanted to say we did.
Speaker Change: Limited initially to particular tumor types, where we know Adam.
Speaker Change: As upregulation, particularly pancreatic lung and Cholangiocarcinoma and we.
Speaker Change: Have.
Speaker Change: Ideas by adding other tumor types. Subsequently so we hope that during the dose escalation, we will see evidence of activity as well as tolerability.
Speaker Change: I'm good thank you.
Speaker Change: Thank you and as a reminder to our teller audience.
Speaker Change: We have a question simply press star one one to get into queue.
Speaker Change: Oh, yes, I see no further questions in the queue that will conclude the Q&A session I will turn it back to Scott Koenig for his final remarks.
Scott Koenig: Well. Thank you in closing I'd like to thank everyone for joining us on this call and for continued interest in macro Jack's a special thank you to our employees for their continued commitment and we look forward to sharing updates on our progress during future calls have a good.
Speaker Change: Good evening.
Speaker Change: Thank you and this concludes our program you may now disconnect.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.