Q4 2024 BioAtla Inc Earnings Call
Speaker Change: Charles, I sound old, we appreciate your patience and as you continue to stand by.
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Speaker Change: Please stand by, your program is about to begin. If you need assistance during your conference today, please press star zero.
Speaker Change: Good day everyone and welcome to today's Bioatla fourth quarter in fiscal year 2024 earnings call.
Speaker Change: At this time, all participants are in a listen-only mode. Later, we will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing star 1 on your telephone keypad. You may withdraw yourself from the key by pressing star 2.
Speaker Change: It is now my pleasure to turn the conference over to Mr. Bruce Mackle of Lifestyle Advisors. Please go ahead sir.
Bruce Mackle: Thank you operator and good afternoon everyone. With me today on the phone from Bioatla, our Dr. Jay Short, Chairman, CEO and co-founder, and Richard Waldron, C. Chief Financial Officer.
Bruce Mackle: Following today's call, Dr. Eric Sievers, Chief Medical Officer, and Sheri Lydick, Chief Commercial Officer, will join Jay and Rick in a short Q&A.
Bruce Mackle: Earlier this afternoon, Bioatla released financial results in a business update for the fourth quarter and full year ended December 31, 2024. A copy of the press release and corporate presentation are available on the company's website.
Bruce Mackle: 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 Bioatla's business plans and prospects and whether it's clinical trials will support registration.
Bruce Mackle: Plants to form collaborations and other strategic partnerships for selected assets.
Bruce Mackle: Expectations with respect to enrollment and dosing in its clinical trials, plans and expectations regarding future data updates, clinical trials, regulatory meetings, and regulatory submissions.
Bruce Mackle: The potential regulatory approval path for its product candidates and expectations about the sufficiency of its cash and cash equivalents to fund operations and expected R&D expenses.
Bruce Mackle: The 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 annual report on Form 10K.
and subsequent quarterly reports on Form 10Q.
Bruce Mackle: Here are cautions not to place undue reliance on these forward-looking statements which speak only as of today, March 27, 2025.
Speaker Change: and Bioatla disclaim any obligation to update such statements to reflect future information, events, or circumstances, except as required by law. With that, I'd like to turn the call over to Dr. Jay Short. Jay?
Speaker Change: Thank you, Bruce, so thanks to everyone for joining us for our fourth quarter and full year 2024 Bioatla Ernst Hall.
Speaker Change: Additional details related to what we will share today are available in today's press release and our updated company presentation, which are available on our website.
Speaker Change: Also, the posters, which were recently presented at the Mayo Multi-disciplinary, Head and Met Cancer Symposium, and the European Lung Cancer Congress on our Phase 2 assets.
Speaker Change: Zerith Demab, The Dome, or Oz Vee, and Macbodeumab, The Dome, or Meckby, respectively, are also available on our website.
Speaker Change: I will begin with updates on our conditionally acted biologic or tab platform clinical programs that we are advancing internally at Bioatla.
Speaker Change: All of these CADB-based programs are designed to efficiently increase the potency and safety of our therapeutic candidates targeting solid tumors in areas of high unmet medical need.
Speaker Change: Beginning with our first-in-class dual conditionally binding cab F-cam and cab CD-3 by specific T-cell Engager antibody.
[inaudible]
Speaker Change: Epkin was an attractive therapeutic target because of his widely expressed and most solid tumors.
Speaker Change: However, it has been a difficult target to drug with traditional antibody technologies because it is also widely expressed in normal epithelial tissues.
Speaker Change: Epcams, ubiquitous expression in both tumors and normal tissues makes it genuinely undrugable without a differentiating technology like CAHBS.
Speaker Change: Successfully enabling the selective targeting of solid tumors with CAD technology offers the potential for developing one of the first PAN cancer therapies outside of a mutant checkpoint inhibitors.
Today, our dose escalation is progressing well.
Speaker Change: As hope, the maximally tolerated dose has not yet been reached, and multiple patients are already experiencing tumor reduction.
Speaker Change: including one colorectal cancer patient with continued stable disease for more than one year.
Speaker Change: At present, three patients have received the target boast of 100 micrograms weekly.
Speaker Change: Two of these three patients have already cleared the dose-livening toxicity period, and the third patient is on track to clear the DLT period on April 8th.
Speaker Change: We are now also screening patients for the next cohorts who are anticipated to receive the target dose of 300 micrograms.
Details about the dosing schematic can be found in our corporate deck.
Speaker Change: It's worth noting that animal modeling data indicate that significant tumor reduction is expected to occur at target doses of approximately 200 micrograms and above. So we believe that we are reaching exposures where we will start observing formal objective
Speaker Change: We remain on track for a day to read out of the dose installation portion of the study in mid-2025.
Speaker Change: We also anticipated data readout for the cohort expansion portion of the study in the first half of 2026.
Speaker Change: CAB T-cell, Engager by specifics, represent a novel approach to harnessing the body's immune system to target and destroy cancer cells, offering the promise of more precise and effective treatment options for cancer patients.
Thank you.
Speaker Change: We believe our dual-cab, EPCAM, and CAB CD-3T Cell Engager has potential to be at the forefront of this exciting and powerful approach and has the potential to treat.
a wide range of metastatic tumors, including...
Cancer of the colon, lung, Lut Cheng,
Breast, Pinkress, and Prasad among others.
Now moving on to Cabass, so ADC, Let Me.
Speaker Change: Last quarter we announced that we are observing ongoing anti-tumor activity with multiple confirmed responses among 21 of valuable patients with tumors expressing in K-RASS across nine different K-RAS mutations.
Speaker Change: As part of today's update, we are excited to share promising results from the 1.8-megapartig Q2W
Speaker Change: From the 16 valuable patients in this cohort, we have observed multiple confirmed responses across different MKRAS variants, while also demonstrating an encouraging clinical benefit risk profile, as well as a patient who had a prior failure of so-to-rassum.
who experienced a partial response.
Speaker Change: In addition, a patient who achieved a complete response remains a complete response now for over two years.
importantly our initial findings.
Speaker Change: for overall survival continue to be compelling. As we are now seeing an exceptional overall survival with 66%
Speaker Change: and 58% of patients within KRAS non-small cell lung cancer alive at a landmark of one year and two years respectively, which we believe exceeds what has been observed with the standard
Speaker Change: The median overall survival has not been reached at 35 months from the first dose, with continued follow-up ongoing.
Speaker Change: McVee is associated with a genuinely well-tolerated safety profile, both with and without an volume ad, and now new safety signals have been identified.
Notably, the drug-related treatment discontinued, patient rate was only 7%.
Speaker Change: We are presenting these data at the European Lung Cancer Congress and encourage you to visit the poster on our website.
Speaker Change: Based on our evaluation of patients with mutant K-RAS, non-small cell lung cancer, we continued to observe a high correlation of axial and MK-RAS expression and believed the mechanistically between axial and MK-RAS that drives tumor resistance.
Speaker Change: Coupled with the exceptional overall survival that we are seeing in the Q2W dosing cohort, supports a potential anti-axle pan-MK-RAS strategy.
Speaker Change: Who represent a high unmet need as they are poorly served by agents that inhibit egfr.
Speaker Change: These new data as well as evolving data and the overall head and neck cancer cohort were presented as opposed to today at the Mayo multi disciplinary head and neck cancers symposium.
Speaker Change: To highlight among the 11 patients with HPV positive head and neck cancer treated with 1.8 Meg per kg Q2 W. There was 100% disease control rate.
Speaker Change: A 45% overall response rate and so far a lot of these 7% confirmed response rate with a duration of response greater than 5.3 months that is ongoing.
Speaker Change: Multiple patients remain on treatment and have the potential to have responses that deepen with time.
Speaker Change: It is noteworthy that in HPV positive patient achieved a complete response that continues in complete remission now at greater than 16 months and ongoing.
Speaker Change: We believe RSV, especially at the 1.8 Meg per kg Q2, W. Dose has been remarkably well tolerated and there are no new identified safety findings.
Speaker Change: Further these results in HPV positive head and neck cancer are mechanistically supported by recent literature, showing that HPV associated AGA genes up regulate or two expression driving a proliferation and invasiveness. That's now providing a compelling rationale for also targeting war two and cancers associate.
Speaker Change: It with human Papilloma virus infection.
Speaker Change: We believe our extended experience with Q2 W. Dosing of RSV also has the potential to satisfy project Optimus requirements and we plan to share our results with the F. D. A to see confirmation regarding our proposed recommended phase III treatment regimen.
Speaker Change: We are encouraged by the differentiated findings in second line, plus head and neck cancer patients, particularly in both HPV negative and HPV positive patients.
Speaker Change: For our partners. The second line plus population represents a worldwide commercial opportunity of greater than $1 billion in peak sales with upside opportunity in the first line setting as well as other HPV positive cancers.
Speaker Change: Moving now to our Caf seats, only four antibody a mouse the tug.
Speaker Change: It bounced up to I guess similar to it would be with respect to epitope affinity and half life, but differs from BP with respect to its ability to avoid binding and the normal tissue environment.
Speaker Change: As part of today's update we have dosed a total of 12 patients with Unresectable Amboy metastatic melanoma eight of Hu <unk>.
Speaker Change: Received five minutes per K three.
Three were dose escalated to 10 Megs per Kid and one dose escalated all the way to $14 three mix per kg.
Speaker Change: While we continue to observe compelling anti tumor activity with a differentiated safety profile 10 of the 11 Evaluable patients showed tumor reduction and with the 11th is showing no growth to date of these 11, evaluable patients with unresectable or metastatic melanoma treated with Avastin in combination with the PD one antibody.
So far we observed across multiple doses and overall response rate of 64% and disease control rate of 100%.
Speaker Change: Notably we observed a partial response in a patient with acro sublingual or under the fingernail melanoma, which is a rare and difficult to treat form of melanoma that generally has a poor prognosis. They could tell me as melanoma.
Speaker Change: The safety profile of the valves <unk> continues to be differentiated with a relatively low incidence and severity of immune mediated aes, particularly among patients who received five minutes per kg for less than or equal to 18 weeks and a total of 17 patients.
Speaker Change: Focusing on the 17 patients we observed.
Speaker Change: 18% grade three immune mediated adverse events and no grade four events, while maintaining strong efficacy. The safety profile compares favorably to if aluminum out what the reported rate of 40% grade three and four immune mediated adverse events.
We believe the Vasa tug has demonstrated a differentiated clinical profile relative to other <unk> four antibodies and has the potential to be best in class.
Speaker Change: As such we have recently initiated partnering discussions with the intent to align with a partner that can maximize the value of this asset.
Speaker Change: Onto our ongoing clinical communications I am pleased to report our progress with the medical and scientific communities as acknowledged with numerous publications and presentations at prestigious conferences, including the European lung cancer Congress Mayo multi disciplinary head of nexon.
Speaker Change: And the American Society of clinical oncology.
Speaker Change: Finally for our corporate updates bio Atlas further extending our runway beyond key clinical readouts in the first half of 2026.
Speaker Change: By streamlining and realigning resources, which includes a workforce reduction of over 30%.
Speaker Change: We estimate that we will incur approximately.
Speaker Change: Point $6 million of one time cash payments related to the workforce reduction.
Each will mostly be paid in the second quarter.
Speaker Change: We intend to retain all employees are essential for advancing our two internal priority programs as well as supporting partnering of other clinical assets, which are improving with the ongoing data readouts.
Speaker Change: I also wish to express my deep appreciation and respect to our employees, both past and present, who have contributed so much with their creativity and hard work to advance these important cures for patients.
Speaker Change: With that I would now like to turn the call over to Rick to review, the fourth quarter and full year 2024 financials.
Rick: Thank you Jay.
Rick: Research and development R&D expenses were $11 $6 million for the quarter ended December 31, 2024, compared to $22 $7 million for the same quarter in 2023.
Rick: The decrease of $11 $1 million was due to lower clinical development expenses in 2024.
Rick: From the prior and the lower overall targeted enrollment across all clinical trials in 2024, resulting from our program prioritization in 'twenty two 'twenty three.
Rick: We expect our R&D expenses to continue to decrease overall in the first half of 2025 due to our recent restructuring and as we complete phase II trials for several indications and focus our ongoing development on our prioritized programs.
Rick: Grams.
Rick: General and administrative.
Rick: Expenses were $4 $6 million for the quarter ended December 31, 2024, compared to $5 9 million for the same quarter in 2023.
Rick: The $1.3 million decrease was primarily due to lower stock based compensation.
Rick: <unk> related costs and D&O insurance premiums.
Rick: Net loss for the quarter ended December 31, 2020 core was $14 9 million.
Rick: Compared to a net loss of $26 $9 million with the same quarter in 2023.
Rick: Net cash used in operating activities for the full year ended December 31, 2024 was $72 million compared to net cash used in operating activities of one.
Rick: $104 million for the same period in 2023.
Rick: Cash used for the quarter ended December 31, 2024 seven.
Rick: $7.5 million.
Rick: Cash and cash equivalents as of December 31, 2024 were $49 million compared.
Rick: Compared to 111.5 million as of December 31, 2023.
Rick: Excluding any potential future milestone, we believe that cost reductions to be subsequently realized from the realignment of resources and focus on our two internal priority programs further extends our runway beyond key clinical readouts in the first half of 2020.
Rick: Six.
Jay Short: And now back to Jay.
Rick: Thank you Rick.
Rick: We are encouraged by the clinical outcomes observed from our revolving cap program datasets.
Rick: Which continue to be differentiated and some of the most challenging solid tumor types.
Rick: As a result, we continue to advance multiple discussions with potential collaborators on our phase two assets as well as initiate new ones.
Rick: We believe the compelling results, we are obtaining will serve as important catalysts, including our F. Cam T cell engagement program and have the potential to be transformative for our patients and shareholders alike.
Rick: Thank you for your attention and continued support with that we will turn it back to the operator to take your questions.
Speaker Change: Thank you 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 Q.
Speaker Change: Once again that is star one to ask a question.
Speaker Change: We will pause for a moment to allow questions to queue.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: And we will go first to Jeet Mukherjee <unk>.
Jeet Mukherjee: Thank you.
Jeet Mukherjee: Great. Thanks for taking the question.
Jeet Mukherjee: So just in terms of the partnered programs I noticed in the corporate deck. You had mentioned the war two program is in the process of partnering while Cta for initiating partnering could you, perhaps just give a bit more color on where you are in these discussions and what's perhaps needed to get one or both across the finish line. Thank you.
Jay Short: This is Jay.
Jay Short: We have both advanced discussions and newer discussions.
Jay Short: This HPV positive data is pretty new to most of them most.
Jay Short: Most of the people we're in discussions with except for just a small number. So we also expect.
Jay Short: Additional interest that.
Jay Short: Prior to this report so we're pretty pretty encouraged with the discussions that are underway and so I think that covers a range and I'm expecting some new participants to get involved as well.
Jay Short: So I think this is a significant problem in the treatment of head and neck cancer is being able to add.
Jay Short: Effective treatments in these refractory HPV positive patients.
Understood and maybe if I could just ask a follow up for the actual program I believe last time, you were still analyzing some patient samples for both axle and <unk> expression. So in your hands what percentage of patients are double positive for immune care as an axle and have any patients on the study to date been treated with a pan RAF.
Speaker Change: Inhibitor. Thank you.
Speaker Change: I'll share some of those question with Eric I'll, just start off by saying an hour.
Speaker Change: Yeah that was just a chemical analysis, we saw a bit over 70% that were positive.
Speaker Change: Across all types of.
Speaker Change: M K Ras mutants.
Speaker Change: And I think the G 12 C was a 100%.
Speaker Change: Also we.
Speaker Change: No that way if you look at the mrna levels.
Speaker Change: That it's a much much higher than even that so it's a very strong correlation keeping in mind that mrna is likely to be more sensitive than the unit has to chemical data, but it's a very strong correlation and further there is a fundamental mechanistic alignment.
Speaker Change: You'll see if you look referred to the corporate deck, you'll see.
Speaker Change: That laid out there on slide 23 with them that deck, Eric do you want to add anything to this.
Eric Sievers: Sure. Thank you Jay and thanks for the question Jim.
Eric Sievers: Slide 24, we indicate that one of the patients had prior treatment with silver asset than they did experience a response and we did not treat anyone with a known prior exposure to a pan K Ras inhibitor, which was your question.
Eric Sievers: Thank you.
Kelly: We will move next to Kelly <unk> with Jefferies.
Jose: Hi, This is Jose for Kelly, Thanks for taking my question.
So near term data coming out for it.
Jose: It'd be three why any choose just curious what kind of data we're expecting.
Jose: And have you reached a recommended phase two dose and what we're looking for in the next follow up with data and expansion question at this time. Thank you.
Eric Sievers: Eric you want I'll take that one.
Eric Sievers: Sure. Thank you Kelly I appreciate the question on Slide 19 of our recently released our corporate deck.
Eric Sievers: We have the <unk> hundred <unk> two dose escalation schema. So just to remind everyone. This is the F cam.
Eric Sievers: Targeted T cell engaged or wherewith conditionally binding both on the <unk> and that the CD three T cell binding arm to really drive the therapeutic window, even further to benefit.
Eric Sievers: This gives you a sense of the dose escalation, we've achieved cohorts a one b one and B two and then we're moving up with a one step priming dose and two step priming dose we're doing that concurrently and you can see there is a.
Eric Sievers: Our schema for cohort C and D that are both enrolling concurrently.
Eric Sievers: And you asked about the recommended phase two dose we think we're in a zone.
Eric Sievers: Where we're seeing meaningful.
Eric Sievers: Tumor control and.
Eric Sievers: Animal model suggests that tumor reduction.
Eric Sievers: Would occur right around 200 micrograms given weekly.
Eric Sievers: It's really consistent with that so we're enthusiastic to be able to report more fully on this.
Eric Sievers: As one data sets in the coming months.
Eric Sievers: Note that.
Eric Sievers: Two of the three patients in cohort C. Four as you see on this slide I've already cleared the DLP observation window in the third patient we're clear very shortly as Jay just mentioned in early April.
Ren Benjamin: We'll move next to Ren Benjamin with citizens.
Speaker Change: Hi, This is Sam on for Ryan That's a quick one on <unk> two as well are there any partnership ongoing partnership discussions ongoing for this asset and if so are these contingent upon the mid 25 data.
Ren Benjamin: Yeah.
Speaker Change: I'm sure you want to touch on that one.
Speaker Change: Sure sure.
Speaker Change: Thanks for the question.
Speaker Change: We have had interest in this program.
Speaker Change: Our goal is.
Speaker Change: To get through phase, one and also the expansion cohorts. So that we have a data set that can that can really drive a lot of value for this program. So while we've had interest.
Speaker Change: Yeah.
Speaker Change: Where we necessarily.
Speaker Change: Let engage in discussions until we have a look at what the dose expansion.
Speaker Change: With the dose escalation and expansion data look like.
Speaker Change: Got it thank you for the color.
Speaker Change: Yes.
Speaker Change: And once again, if you would like to ask a question. Please press star one on your telephone keypad.
Speaker Change: We will go next to Tony Butler with Rodman <unk> Renshaw.
Speaker Change: Thanks very much.
Speaker Change: One question on the HPV positive patients for <unk>.
Speaker Change: The head and neck cancer program.
Speaker Change: All of those patients that respond to smokers.
Speaker Change:
Speaker Change: That's actually somewhat important and second.
Speaker Change: Joe You had mentioned.
Speaker Change: Partnering program, but in the deck again, it makes reference to moving toward discussions with mid tier companies and I, just wonder what that why that strategy or is it in fact.
Speaker Change: An argument such that the market opportunity may be somewhat smaller than the large farmer wood would engender and a mid tier company would would like very much. Thank you.
Speaker Change: Yeah.
Speaker Change: Why don't I start with the last one and then we'll go to the other one.
Speaker Change: The we think that you know, it's a billion dollar opportunity over $1 billion in the second line.
Speaker Change: And so we did.
Speaker Change: Experienced one a larger company that indicated that they were wanting a multibillion dollar opportunity and so we recognize from that discussion that there may be where you know maybe we will add in more of the mid tier companies and that's really where that's derived from.
Speaker Change: But you know what.
Speaker Change: Let's face it a billion dollar opportunity in a refractory patient population with a fairly efficient trial at a big different differential.
Speaker Change: From others from the standard of care has is still pretty exciting.
Speaker Change: I would also note even in the HBV positive subpopulation that it's over a half a billion and a risk adjusted so it's a I think either way you're kind of it's pretty good and you still have the opportunity to advance. The first line have the opportunity to advance to other indications as well so but youre right. In this regard I'd tell you that we said we were.
Speaker Change: Recognize that Oh, some so.
Speaker Change: Adding in some of these mid tier players are matters and actually I would say it doesn't matter because we're still with some people that capital, but have really not been able to perform with US late line drugs and are very interested in getting into some strong phase II compounds that can move to official phase III. So.
Speaker Change: Hopefully that helps address some of it.
Chuck: Thank you Chuck.
Tony Butler: Hey, Tony So you have a really interesting question about smokers are amongst the patients that have the <unk> 16 positive protein on the HPV analysis, we have a total of 26 patients in this.
Chuck: It had the HPV 40 total.
Chuck: And as you know the HPV negative patients were really more associated with smoking and alcohol exposure at the environmental exposure form and HPV as much more of the oncogene driven side.
Chuck: With a particular unmet need amongst.
Chuck: Patients when they reached second and third line setting because of the lack of Egfr benefit.
Chuck: And I don't have the smoking.
Chuck: Correlation setup, but that's something I can try to obtain for you.
Chuck: After the call. So thank you.
Chuck: I appreciate that the key is whether it's smokers and non-smokers, Thats really where I want to go with that HPV positive.
Chuck: Cohort. Thank you.
Speaker Change: Yes, we have the smoking data its just we havent made a correlation with the HPV, but it's a great question and we'll get right on it.
Chuck: Thank you.
Chuck: Thank you.
Speaker Change: We'll move next to Arthur he with H C Wainwright.
Arthur: Hey, good afternoon, Jay and team. Thanks for taking my question, So I guess.
Speaker Change: Quick question, So first for the <unk> program.
Speaker Change: Regarding the data coming in the midst of D C area.
Speaker Change: Is that which kind of.
Speaker Change: We've kind of dose level of the data we can see can we go up to the 3300 milligram microgram, sorry mother Glenn.
Speaker Change: The cohort data or its probably more at the lower.
Speaker Change: Dose levels, well well certainly the 300, we should have.
Speaker Change: And civil law, the dosing goes well Oh.
Speaker Change: A chance to see 900.
Speaker Change: Possibly if we do it in July so we're still well just make sure you know it also depends a little bit on patient recruitment.
Speaker Change: Very comfortable with the 300 will be there and potentially.
Speaker Change: Potentially higher.
Speaker Change: Gotcha.
Speaker Change: Jay when you're talking about 300 300 from both the ended the arms or.
Speaker Change: I'm talking about I'm talking about C.
Speaker Change: Hmm.
Speaker Change: <unk>, formerly it was just behind the other.
Speaker Change: Tulsa reinforce.
Speaker Change: I'm focused on seeing right at the moment.
Speaker Change: Got you. Thanks, Thanks for that and then my second question is regarding the XL.
Speaker Change: Program so.
Speaker Change: Maybe correct me if I was wrong so are we.
Speaker Change: Are you guys going to treat more patients for the interim.
Speaker Change: Yeah, Phil program or.
Speaker Change: Is there any more additional patient data, we can see from in the future.
Speaker Change: I think our hope.
Speaker Change: Hope, although uptown was a priority right now because of many reasons and because of the safety that we're seeing which we're liking.
Speaker Change: The broad applicability I mean, it's a pan cancer drug and it's hard to ignore how big this could be.
Speaker Change: With Axel, though we see some advantage of being able to do a few more patients on that so our hope is to add a few more patients they havent been added yet.
Speaker Change: Process of amending our trial to allow more patients, but we're going to have a pretty good picture of what happens on up Cam. So our intent is to drive some additional patients there, but I will allow that Afghan could turn into something so exciting that we've made it decided to double down there but for now.
Speaker Change: So that's our plan.
Speaker Change: Got you. Thanks, Thanks for that and then my last question is regarding the <unk>.
Speaker Change: BD or statistical wise so.
Speaker Change: Besides you think about two hours.
Speaker Change: How's the <unk>, two and <unk> four program.
Speaker Change: Are you open to any other.
Speaker Change: Strategy too.
Speaker Change: Maximize.
Speaker Change: Shareholder value.
Speaker Change: Oh, Yeah, I mean, we certainly would be open if a partner decided that they want to drive axle.
Speaker Change: Instead of or tube I mean, both are pretty exciting.
Speaker Change: Also always looking at backup strategies, we're partnering timing sometimes is we've learned.
Speaker Change: It won't be hard to exactly forecast us were definitely doing both of those things.
Speaker Change: Got you.
Speaker Change: Thanks for taking my question and congrats on the progress.
Speaker Change: No I think they are coming in very nicely.
Speaker Change: I think it's kind of rare in this world where everything is working.
Thank you.
Thank you. It appears that we have no further questions. At this time I will now turn the program back over to Jay short for any additional or closing remarks.
Jay Short: I just want to thank you all for your time and I I think hopefully you've heard some of this data we're pretty excited about that.
Speaker Change: The differentiation we're seeing.
Speaker Change: The war two programs F. Cam, we think we're pioneering there I'll.
Speaker Change: We also think our axle, there's also as well as seats only four showing the differentiation that we expected from cab and I think that's going to translate into partnerships.
Speaker Change: Sooner than later so thank you for your time.
Speaker Change: Thank you. This does conclude today's program. Thank you for your participation you may disconnect at any time.
Speaker Change: [music].
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Okay.
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Speaker Change: Okay.
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