Q1 2025 Innate Pharma SA Earnings Call
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Lacey: Hello, and thank you for standing by my name is Lacey and I'll be your conference operator today at this time I would like to welcome everyone to the innate pharma first quarter 2025 financial results and business update conference call. All lines have been placed on mute to prevent any background noise. After.
Lacey: Speaker remarks, there will be a question and answer session. If you would like to ask a question. During this time simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question Press Star one again.
I would now like to turn the call over to Henry Wheeler, Vice President of Investor Relations. You May go ahead.
Henry Wheeler: Thank you good morning, good afternoon, and welcome everyone.
Henry Wheeler: This morning, <unk> issued a press release, <unk> Q1, 2025 business update and financial results. We look forward to highlighting the progress made during the year to date as well as addressing future goals and milestones. The press release and today's presentation are both available on the IR section of our website.
Henry Wheeler: On slide two before we start I'd like to remind you that we will be making forward looking statements regarding the financial outlook. In addition to regulatory and product development. These statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted.
Speaker Change: On slide three coverage today's agenda after an introduction from Jonathan <unk>.
Speaker Change: Dennis morale Chief operating officer will discuss the preclinical and get platform and ADC updates. So on your current Chief Medical Officer will cover the clinical updates on the <unk> 65 of 1% and 45% or two.
Speaker Change: He will then hand, the call to Jonathan's Roth and close we also have Frederic <unk> CFO on the line for Q&A Jonathan over to you.
Speaker Change: Thank you Henry and good morning to our U S participants and good afternoon to everybody in Europe I'm happy to have the opportunity today to update you on the latest developments at <unk> pharma.
Speaker Change: Starting with slide five which illustrates our revised strategy.
Speaker Change: As you remember we updated our strategic focus for 2025, which we shared during our presentation at the JP Morgan Healthcare conference in January.
Speaker Change: As a reminder, this is illustrated on slide five.
Speaker Change: <unk> is focused on three key growth pillars that we believe will drive long term value during night pharma, our shareholders and most importantly for patients.
Speaker Change: The first pillar is our NK cell engages the <unk> platform, which continues to be a critical component of our strategy.
Speaker Change: We are advancing three key programs from this platform IPA 65, our CD 20 targeted anchor is currently in phase one.
Speaker Change: We're excited about <unk> 60, five's potential to address hematological malignancies, and potentially auto immune diseases.
Speaker Change: 61.
Speaker Change: Rights will be returned to an eight as of July <unk> and it is progressing in phase II.
Speaker Change: Phase one data already presented it was also awarded fast track designation for the treatment of acute AML. We believes that this asset has potential to significantly impact patients lives.
Speaker Change: 64, <unk> target and that is in phase one in myeloma in partnership with Sanofi and will be transitioned into autoimmune disease.
Speaker Change: These three assets continue to drive our leadership in NK cell engaging therapies the.
Speaker Change: The second strategic pillar is our antibody drug conjugate with.
Speaker Change: <unk> enthusiastic about <unk> 45 on netting for targeted ADC.
Speaker Change: Indeed created last year and the first patients were dosed in January 2025.
Speaker Change: <unk> differentiated <unk> ADC targets high moderate and low <unk> four expressing tumors.
Speaker Change: With netting for being expressed the varying levels in a range of large tumors.
Speaker Change: <unk> hundred 40, <unk> ability to bind low moderate and high expressing tumors pre clinically significantly expands the potential product I'll pitch opportunity.
Speaker Change: We also have <unk> 43.
Speaker Change: Mick AEP targeted ADC program, which is in research.
Speaker Change: Lansing our capabilities in Adcs.
Speaker Change: The third pillar is our current late stage assets, we are committed to advancing our late stage programs, particularly likuta map followed.
Speaker Change: Positive phase II data FDA feedback on next steps on the U S FDA breakthrough therapy designation.
Speaker Change: Actively progressing partnership discussions we are particularly pleased with the <unk> designation, which underscores its potential to treat <unk> syndrome patients with high unmet medical need. Additionally.
Additionally, Mona Lisa map continues to progress well with Astrazeneca in the Pacific nine Phase III trial, and we remain optimistic about.
Speaker Change: Turning to slide six which highlights our impressive pipeline.
Speaker Change: As you can see we're advancing a robust pipeline with eight innovative assets currently in the clinic. The highlights include a proprietary assay to <unk> 65 for B cell lymphomas, and our soon to be proprietary asset IPA 60, 101 for AML.
Speaker Change: Sanofi partnered asset IPA 64, one which is now being developed in auto immune disease, and our proprietary ADC <unk> hundred 45 targeting netting for expressing solid tumors in phase II, we have proprietary <unk> targeted antibody with <unk>.
Speaker Change: And finally, we have AZ partnered asset <unk>, which is being studied for neo adjuvant non small cell lung cancer and is in a phase III study for Unresectable stage III non small cell lung cancer. These assets showcase the productivity of our R&D organization and our commitment.
Speaker Change: To delivering breakthrough treatments across a range of cancers and autoimmune diseases.
Speaker Change: Turning to slide seven this summarizes the recent transaction with Sanofi, we're very pleased that Sanofi chose to make a 50 million euro strategic equity investment into innate pharma, which reflects their excitement and confidence in the aggregate our ADC platform.
Speaker Change: And the products, which are in development.
Speaker Change: We're pleased to have Sanofi is a significant company shareholder with a 9% holding in our stock.
As part of the agreement Sanofi will return the rights to the CD 123 targeting <unk> IPA 60 101.
Speaker Change: They were pursuing in AML. This will occur on July 1st.
Speaker Change: As part of the broader strategic re prioritization.
Speaker Change: This is why the asset was returned.
Speaker Change: We will evaluate the data for Ipi 60, 101, once received and determine the next steps for this program as a reminder, Sanofi had progressed IP 60, 101 into phase III in treatment refractory AML patients and initiated a first line AML phase one study.
Speaker Change: In combination with an anti clock Survey Society meeting.
Speaker Change: Aspects of the agreement with Sanofi remain unchanged, they announced that they pivoted the CMA target Ranket Ipi 60, 401 for myeloma into autoimmune indications. They've also have IPA 60, 201, the B 783 targeted <unk> and an undisclosed target as part of the agreement.
Speaker Change: The total potential milestones do on these assets is over 1 billion under our existing 2016 and 2022 agreements.
Speaker Change: Turning to slide eight this highlights our upcoming <unk> presentation.
Speaker Change: <unk>.
Speaker Change: We are very pleased that.
Speaker Change: The long term follow up data for the <unk> has been accepted for presentation at <unk> and we will have updates of both the surgery syndrome data.
Speaker Change: And.
Speaker Change: The mycosis <unk> data, which was used to support the FDA breakthrough designation and we're excited that this data which will be shared at ask U S. Go continues to.
Speaker Change: To mature and improve with time.
Speaker Change: We also have a trial in progress presentation for our differentiated <unk> four targeted ADC <unk> <unk> 45, <unk> and Astrazeneca will present updates.
Speaker Change: Two for Mona Lisa Mab.
Speaker Change: The New York Coast II trial ahead of the upcoming Phase III readout for Pacific Nine next year.
Alex morale: I'll hand over to Alex morale.
Alex morale: COO, who will present, the preclinical data for Ipi is $45, two and IPA 60, 501, and in particular, new data, which was recently presented at ACR in Chicago, and which further differentiates IPX 40 502 units.
Speaker Change: Thank you Jonathan.
Speaker Change: No highlights the science behind our <unk> strategy.
Speaker Change: And gets alone get you out and get in the antibody drug conjugates.
Speaker Change: <unk> is our proprietary first in class NK cell on your platform.
Speaker Change: Multi specific plug and play technology, aiming at engaging NK cell to a tumor cell.
Speaker Change: During the most stable activating I think though I think the effect on NK cells called <unk> 46.
Speaker Change: The interesting feature of this platform is that by swapping the <unk> binding function. It can produce multiple drug candidates addressing a variety of targets in oncology.
Speaker Change: So he knows a disease like autoimmune inflammatory disease.
Speaker Change: <unk> condition into inflammation of soft 514, or so called <unk> 60 for one hour.
Speaker Change: Developed by Sanofi.
It is creating that potential.
Speaker Change: On the next slide.
Speaker Change: Slide nine I would like to highlight this touch all of <unk> 65, a one hour lead hopefully, Italy on get which is now in the clinic.
Speaker Change: It's a second generation NK cell <unk> targeting CD 20, that's specifically designed to eliminate Dcs and to induce expansion of patients on NK cell <unk>.
Speaker Change: The unique design of <unk> 65, a one involves the royalty component.
Speaker Change: First there is an ACB targeting the tumor associated antigen.
Speaker Change: 2000, and the monovalent weight.
Speaker Change: Like you know regular antibodies or as an FC portion that activates the NK cell doses.
Speaker Change: 2016.
Then the third and key component of the molecule and keep your 46 bind though it targets. The NTP 46, activating a set dose which is the most specific marker of human NK cells, and which expression is stable on NK cells in tissues, and especially in the tumor infiltrating one.
Speaker Change: Finally, the IL two volume functions provide the proliferation signal that is related towards NK cells, helping them to increase their antitumor like.
Speaker Change: On the next slide slide 10, I'd like to highlight some of the key differentiating part of <unk> of <unk> 65, a one although in that <unk> 20 to <unk>.
Speaker Change: These data were published last year in science immunology.
Speaker Change: So on the left in in vitro assay.
Speaker Change: <unk> 65, a one can deplete autologous <unk> SaaS with greater efficacy than the sell on <unk>.
Speaker Change: Also on the right you can see that IP, aged 65, or one in <unk> significantly less potent inflammatory cytokine.
Speaker Change: He said I can get you a counterpart in nonhuman primates.
Speaker Change: Limiting the risk of cytokine release syndrome in patients.
Speaker Change: On slide 11, I will highlight API 45, or two our lead proprietary ADC.
Speaker Change: We are very excited by this novel and differentiated making first of all when exactly Ken ADC that is currently in phase one.
Speaker Change: These assets is built with appropriate humanized anti <unk>, four antibody, which binds with <unk> to a unique epitope of net inflow.
Speaker Change: With an active FC in using as well ADC and CDC anything it's immune response potential.
Speaker Change: The linker is a hydrophilic stable and capable ensuring high ADC exposure and local needs of key exactly Ken which minimized potential side effects.
Speaker Change: The payload exactly Ken is a potent <unk> inhibitor.
Speaker Change: It has demonstrated bystander activity as well as strong activity in modelo resistance to a mini which is the payload using <unk>, but also in <unk>, our second generation <unk> targeting agents.
Speaker Change: These properties alone.
Speaker Change: <unk> 45, or two to potentially target patients with low or at Allergan is taking for exploration due to the beta and FX as well as patients exposed to <unk> ADC and there'll because they do not deloitte. They may all because they're effectively all became a hesitance to weeks.
I will now highlight some of the recent data that were presented at ACR in Chicago couple weeks ago.
Speaker Change: Next slide.
Speaker Change: On slide 12.
Speaker Change: It has shown that fortified with two can induce antitumor efficacy in the bladder pdx model that became resistant to optimize the dosing.
Speaker Change: Indeed, starting for the bladder pdx model, which is sensitive to EV on the left.
Speaker Change: Repeated injection of EV in <unk> Central time, and differences then is related to the upregulation of the epic stone.
Speaker Change: One without loss of making fall.
Speaker Change: Interestingly at the completion of the <unk> date light observed in patients treated with that said and as exact again is not sensitive to mcl one.
Speaker Change: Single injection of either 45 go to overcome this crisis induced compete.
Speaker Change: <unk>.
Speaker Change: On the next slide.
Speaker Change: And then we have shown that <unk> 45, or two as Tom antitumor activity in multiple non leather or Nicky prospecting pdx tumor models, including here.
Speaker Change: And then next Gen.
Speaker Change: Okay Joel cancer.
Speaker Change: And I think these two last model can begin is okay. Joan we are now.
Speaker Change: <unk> question is low or intelligence.
Speaker Change: That said, we didn't show efficacy highlighting the potential of <unk> 45 to two advertise tumor types, where bad debt in that report.
Speaker Change: Finally on the next slide.
Speaker Change: In this last slide on our ACI push though I'd like to highlight very interesting data benchmarking Ikea 45, or two 2% and were all made version of the Nexium talked operated.
Speaker Change: Which is in phase one as well.
Speaker Change: As you can see in the upper <unk> when <unk> question is.
Speaker Change: The three adcs have similar efficacy.
Speaker Change: However, in the lung cancer model with low nicotine products question I guess shortly.
Speaker Change: The only one to show good efficacy.
Speaker Change: Notable also that the Biosimilar version of the Lilly candidate as no activity at all.
Speaker Change: This is explained actually shown in the poster.
Speaker Change: Pool, internalization and the weaker bystander effect compared to <unk>.
Speaker Change: I will know Endovascular Sonya to highlight the clinical progress of our Corporately program.
Speaker Change: Thank you very much.
Speaker Change: Yes.
Speaker Change: In slide 16, I will now call the appropriate clinical program <unk> hundred 60, 501, our CD <unk> targeting NK cell engagement.
Speaker Change: IC ATM fortify able to the next thing for ADC.
Speaker Change: And then a good amount of the anti <unk> two antibody developed in <unk>.
Speaker Change: In slide 16.
Speaker Change: You will find a high level overview.
Speaker Change: Of timelines for IP, aged 65 or one.
Speaker Change: This first in human trial is recruiting well and throughout this year, we plan to complete the dose escalation.
Speaker Change: And we'll look for initial safety data PK and Pharmacodynamic readout as.
Speaker Change: As well as tiny preliminary efficacy signals.
Speaker Change: As a next step we will open the dose optimization part of the study to select the optimal dose for subsequent studies and then open expansion cohorts in non Hodgkin lymphoma subtypes.
Speaker Change: The emerging safety profile and the therapeutic window from the dose escalation will also indicate if this asset maybe positioned in b cell mediated autoimmune diseases.
Speaker Change: It took some app is often used as a standard of care.
Speaker Change: In the next slide.
Speaker Change: We can move to the next program IP, H 45 or <unk>.
Speaker Change: Our lead targeting <unk> four.
And following the IMD clearance at the end of September 2020 for the first patient was dosed early in January this year and the first dose cohort towards those within a week.
Speaker Change: We have recently received health authority Altura organization in trends and the French sites are also now operational alongside our U S sites.
Speaker Change: The study is recruiting very well we are actively working to progress the dose escalation as quickly as possible and we can foresee to be in the Panama ecologically active range in the second half of the year.
Speaker Change: We are therefore looking towards generate preliminary phase one safety data by the end of 2025, and then to establish CBD in <unk> four expressing tumor types.
Speaker Change: Net express different level of negative four from low to moderate and high.
Speaker Change: As a reminder, the rationale and design of the study will be presented at the trial in progress.
Speaker Change: Annual meeting in a couple of weeks.
Speaker Change: Now in the next slide.
Speaker Change: I'm excited to share the progress.
Speaker Change: With <unk>, our first in class <unk> two antibody.
Speaker Change: This is an antibody that depletes the tumor cells that express PDL two and is currently under development for the treatment of cutaneous T cell lymphoma, and peripheral T cell lymphoma, both of which are cancers with high unmet needs.
Speaker Change: Our phase two data in <unk> syndrome and ecosystem.
Speaker Change: Were presented at Ash 2023, and as co 2024, and there were highly encouraging.
Speaker Change: Boeing that luck with the map have the potential to make a significant impact.
Speaker Change: This patient.
Speaker Change: We are thrilled to have received FDA breakthrough therapy designation. In addition to the previous FDA fast track and EMA Prime designation for <unk>.
Speaker Change: Patients, let's say is at least two prior systemic therapies.
Speaker Change: This designation paved the way for a faster path to approval and not also a testament to the strength of the data.
Speaker Change: Additionally, Liquidambar has also been granted orphan drug designation for CTC al in the U S. Further emphasizing the critical role it could play in treating rare and challenging cancers.
Speaker Change: We're very excited about the ongoing development of <unk> and its potential to provide significant benefit to patients with this difficult to treat cancers and we are actively preparing the regulatory package to the FDA and for the EMA to receive <unk>.
Speaker Change: <unk> to proceed with the phase III trial.
Speaker Change: We continue to remain engaged with the FDA to finalize the phase III profitable and discussion is progressing according to internal plan.
Speaker Change: In the next slide we also look forward to the ash presentation on the long term follow up Fuller Photomap in mycosis full guidance and hesitant syndrome.
Speaker Change: And the compelling data that supported the breakthrough therapy designation.
Speaker Change: Now with the strong and NSS data that we've previously presented at Ash 2023, and ask equivalent to 24, the breakthrough therapy designation and the supporting long term follow up data that we are going to present at ash. This year there is an.
Speaker Change: <unk> confidence in the potential of luck with AMR.
Speaker Change: Our aim is to ensure that <unk> obligation to patients who need it as quickly as possible and to maximize the value by an accelerated approval.
Speaker Change: We look forward to look.
Speaker Change: We look forward to update you with the PTC L trial that is performed by the lifestyle group and the trial is currently progressing well.
Speaker Change: I will now hand over back to Jonathan to close this meeting.
Jonathan Roth: Thank you Sonya for the update.
Speaker Change: <unk> heard we have several upcoming R&D capital that can be meaningful to our long term growth.
Speaker Change: We have several programs coming out of our <unk> platform like our proprietary tetra specific and CAD <unk> 60, 501, which is progressing well in phase one.
Speaker Change: We also look forward to the first data from <unk> 45 out to our ADC targeting <unk> four which is also progressing well in phase one near term. We're looking forward to the next steps for <unk>, including finalizing the phase III confirmatory study with FDA following.
Speaker Change: The BTG designation.
Speaker Change: While advancing partnering discussions which are well underway.
Speaker Change: Turning to slide 22, I'd like to conclude our prepared comments with a few thoughts outlined on the slide.
Speaker Change: We have a differentiated pipeline with several first in class opportunities. We now have eight products in clinical development with four that are currently proprietary them for the department, our cash position of $772 5 million euros as of the end of March.
Speaker Change: Excluding the $15 million received from Sanofi as equity investment will enable <unk> to fund our operations through mid 2026, I would now like to open the call for Q&A.
Speaker Change: At this time I would like to remind everyone to ask a question Press Star then the number one on your telephone keypad.
Speaker Change: We will pause for just a moment to compile the Q&A roster.
Speaker Change: Okay.
Speaker Change: Your first question comes from the line of Dana Gray box with Leerink Partners. You May go ahead.
Speaker Change: Okay.
Speaker Change: This is a question guys sorry about my voice I'm wondering if you could talk about as you look at the IPA excellent one CD 133 and.
Speaker Change: As you look through the data come in.
Speaker Change: From your former partner and.
Speaker Change: The airline going whats your bar.
Speaker Change: Sure.
Speaker Change: That would be worth further investments internally from Monday.
Speaker Change: Typically on efficacy and safety. Thank you.
Dana Gray: Thank you Alex do you want to take that one yes, I think hi, Dana This is speaking.
Dana Gray: Yes. Thank you for your question I think it's a bit too early we actually just signed deal with factoring of this agreement with <unk>.
Dana Gray: Yes, yes.
Dana Gray: I'll tell you a package of the data we will stop.
Dana Gray: As shown in the asset back to an eight with an effective transition.
Dana Gray: <unk> completed.
Dana Gray: With the new date for the <unk>.
Dana Gray: Traditionally the transition by July 1st So it's gone through a process that is ongoing.
Dana Gray: I understand that we need.
Dana Gray: Sandy.
Dana Gray: Data, yet, but do not have any strategic guiding principles before you see the data about like your borrowers be.
Dana Gray: Before looking at it.
Diana: Maybe I can come in come in here Diana.
Dana Gray: I think I think it depends.
Dana Gray: On the setting we look to take it into and I think that depends on seeing the data.
Dana Gray: We need to say it to see whether this is.
Dana Gray: Product for the refractory setting or whether it's a product for the first line AML setting or is this a product that should be used for maintenance.
Dana Gray: To be able to make those decisions, we need to see the data and understand where that can take us and I think that would obviously be different bars for each of those different settings and.
Dana Gray: And it would lead to a potentially different decision. So it's a little early to answer your question, but.
Dana Gray: Yeah.
Dana Gray: Despite I think hopefully in the next few weeks, we will get at least the first cut of data back from Sanofi. So we'll be able to understand a little better what's been happening in those studies.
And then I think that can guide us and then hopefully by the time of the food transition at the end of July we will be in a position to make some firm statements about what we plan to do with the product.
Yeah.
Ron Mckenzie: Comes from the line of sway answer Cola, Ron Mckenzie, you May go with H C. W. You May go ahead.
Dana Gray: Thank you thanks.
Four four.
Dana Gray: On the call.
Dana Gray: So Jonathan just at a high high level.
Dana Gray: 87 and change million dollars in the bank.
Dana Gray: You have.
Dana Gray: Three assets.
You're kind of working on the scientific product coming back and also.
Dana Gray: The sixth and final one unfortunately, all too.
Dana Gray: So what.
The high level strategy here in terms of.
Dana Gray: Making sure that you can take this product forward.
Dana Gray: Great.
Dana Gray: It looks like the industry is having a tough time with financing right. Now. So how are you thinking through in terms of utilizing your resources in the right way.
Dana Gray: Yes.
Speaker Change: First of all we're very happy to receive the strategic investment from from Sanofi, which I think because you just pointed out.
Dana Gray: Brings our cash to almost $90 million.
Speaker Change: Not gives us some options in terms of.
Speaker Change: We knew what we do next.
Speaker Change: Built into our plans, we basically have the ability to take 65 or $1 45 hours two through to the next decision points, which are clearly high in our strategic thinking there are key priorities in terms of making sure that we get through to those points, which will hopefully generate date.
Speaker Change: <unk>.
Speaker Change: Which will.
Speaker Change: Allow us to potentially.
Speaker Change: <unk>.
Speaker Change: The funding via partnerships or Avaya.
Speaker Change: And investment grade so that basically is the strategy is around getting through to those next inflection points, particularly for 4500 $2 65, a one.
Speaker Change: And that's where we're putting our focus.
Speaker Change: And our effort and then of course, making sure that we establish.
Speaker Change: Our partnership for the Q Tomorrow, which will fund the future development of <unk> in the confirmatory study that will be required to take advantage of the.
Speaker Change: The accelerated approval opportunity in the U S spine surgery syndrome.
Speaker Change: So there really.
Speaker Change: From our perspective, where we're putting our time and attention on making sure that we're adequately funding those programs to make sure that we can we can we can go as fast as possible and I think we've demonstrated that where we're going fast having 40 502 is a good example of that where we went from.
Speaker Change: Indeed, the first patients recruited.
Speaker Change: At the end of January this year.
Speaker Change: Quick period of time, I think is probably as good as it gets in our industry.
Speaker Change: We're seeing that program continues to move very quickly in terms of recruitment and.
Speaker Change: Which will hopefully put us in a place to be able to share data later in the year. So that's really the strategic focus from the company. In this respect now we have to take IP H 60, 101 on top of that and really identify.
Speaker Change: What we want to do with this asset do we want to partner it out again, that's also that's a potential.
Speaker Change: <unk> opportunity.
Speaker Change: Do we want to find a way to be able to take this forward ourselves and again as I mentioned in the previous question, we need to understand the data a little better to understand which setting is the right one to take the product into to understand what it would take to do that in terms of funding. So.
Speaker Change: That's where we're at today.
Speaker Change: I think the key messages our focus is around 40, 502 and 60 501.
Speaker Change: Thanks for all that color on the liquids.
Speaker Change: The long term follow ups data that youre going to put out a couple of weeks here.
Speaker Change: How much of that data is being thoughts sought after.
Speaker Change: In your conversations with.
Speaker Change: Potential suitors.
Speaker Change: Yes, that's data that is in the data room that we provide to the companies that are that are basically under CDA.
Speaker Change: That is an important part of the.
Speaker Change: The consideration of partner companies because.
Speaker Change: As I alluded to earlier.
Sean: Sean you alluded to the data, which time continues to get better.
Speaker Change: And significantly better.
Speaker Change: And that makes the <unk>.
Speaker Change: <unk> the case around likuta might be even stronger which is why.
Speaker Change: FDA gave the BTT designation for the product a couple of months ago.
Speaker Change: Yes.
Speaker Change: It's important data.
Speaker Change: Thank you. Thank you Jonathan and good luck.
Speaker Change: Yeah.
Speaker Change: Your next question comes from the line of Raj Sharma with Goldman Sachs. You May go ahead.
Raj Sharma: Hello, Thanks for taking my question, sorry, I had one on the seven page three on kit I think it is.
Speaker Change: <unk> hundred 60, <unk>, which is partnered with Sanofi.
Speaker Change: It seems like the B seven H three development landscape is becoming quite crowded so be helpful. Just to get your perspectives on the rationale for the target.
Speaker Change: And also if you could just discuss why this may be a better target for the <unk> platform, rather than an ADC, which seems to be the modality that most companies are using to targets. Thank you.
Jan: Thank you Raj and I think Jan is can take this one.
Speaker Change: Yes.
Jan: So this program is actually at the basis of our.
Jan: Quite a bunch of expansion with Sanofi in 'twenty, two it's a target on which were working for quite some time at the at the recharge Teva and for which we have done.
Jan: Very.
Jan: Very good and impressive efficacy data in preclinical models.
Jan: So that's that's why Sanofi decided to.
Jan: To take a license on this one and then I would say for the year.
Jan: Mid to long term development strategy, it's more a question for Sanofi.
I agree with you that the target is.
Jan: More and more attention, especially full year ADC, but having this.
Jan: I'll try to achieve up to banana mckenney them, which is an immune mechanism with NK cells could be also the area.
Jan: Okay.
Jan: Testing way to target initially.
Thank you Ron all price could you comment first of all the questions and then I'll have another question offline.
Jan: If you would like to ask a question. Please press star one on your telephone keypad.
Jan: Okay.
Speaker Change: Okay. Thank you. So a question received offline from some dengue.
Speaker Change: On financial visibility does the current financial visibility to include the phase III full accrued some of you.
Speaker Change: Are you considering financing options and if yes, what options would be favorite and that.
Speaker Change: Yes.
Speaker Change: So maybe I can take this one so our current cash runway does not include the phase III confirmatory study for Luca to map.
Speaker Change: In terms of how we're looking to move forward our preferred option I think because we mentioned is to establish a partnership where the partner would basically pick up the cost of the confirmatory phase III study, having said that what I think we've said many times is we won't do a bad.
Speaker Change: Deal for <unk>, and we won't give these products Hawaii, because we believe that this has a significant potentially in excess of $500 million.
Speaker Change: It's hitting our <unk>.
Speaker Change: Every high unmet medical need for patients.
Speaker Change: It has a very good reputation as a product amongst clinical investigators so.
We're clearly not going to give this away. So we are exploring alternative options and you can imagine all of the various alternatives that will be possible.
Speaker Change: We are looking at those options and our objective is to have.
Speaker Change: Basically a range of options to choose from at the point when we need to initiate the phase III study.
Speaker Change: With a partner or finding a way to fund this.
Speaker Change: Ourselves if we need to.
Speaker Change: Basically where we're at today.
Speaker Change: Okay, I think that was it I think that there are no more questions. So I'd like to thank you for your attention and we will close the call.
Speaker Change: We finally have a great day.
Speaker Change: Ladies and gentlemen that concludes today's call. Thank you all for joining you may now disconnect.
Speaker Change: Please wait the conference will begin shortly.
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