Q1 2025 Lantern Pharma Inc Earnings Call
Good morning, and welcome to our first quarter 2025 earnings call.
This call is being recorded.
Attendees are in a listen only mode. We will open the call for questions and answers after management's presentation.
Cast replay of today's conference call will be available on our website at <unk> Dot com shortly after the call.
We issued a press release before the market opened today summarizing our financial results and progress across the company for the first quarter ended March 31 2025 a.
A copy of this release is available through our website at lantern pharma Dot Com, where you will also find a link to the slides management will be referencing on today's call. We.
We would like to remind everyone that remarks about future expectations performance estimates and prospects constitute forward looking statements for purposes of Safe Harbor provisions under the private Securities Litigation Reform Act of 1995 <unk>.
<unk> pharma cautions that these forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated.
<unk> of factors could cause actual results to differ materially from those indicated by forward looking statements, including results of clinical trials and the impact of competition.
Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements can be found in our annual report on Form 10-K for the year ended December 31st 2024, which is on file with the SEC and available on our website forward.
Landry pharma: Looking statements made on this conference call are as of today may 15th 2025, and Landry pharma does not intend to update any of these forward looking statements to reflect events from circumstances that occur after today unless required by law the.
Landry pharma: The webcast replay of the conference call and webinar will be available on <unk> website.
Speaker Change: On today's webcast, we have lantern pharma, CEO, Panna Sharma and CFO David Margrave.
Speaker Change: Panna will start things off with introductions and an overview of lantern strategy and business model and highlight recent achievements in our operations after which David will discuss our financial results.
Speaker Change: This will be followed by some concluding comments from partner and then we'll open the call for Q&A.
Speaker Change: I'd now like to turn the call over to Panna Sharma, President and CEO of Lantern Pharma Panna. Please go ahead.
Speaker Change: Good morning.
Speaker Change: Hello, everyone. Thank you for joining us to hear better first quarter 2025 results and corporate progress as many of you've heard me say in the past computational and AI driven approaches are increasing their presence in usage at both large and emerging pharma companies for all facets of drug discovery and development Lanterns leadership.
Speaker Change: And the innovative efficient and pragmatic use of AI and machine learning to transform the process of developing precision oncology therapies should yield significant returns for investors and patients as our industry matures and adopt an AI centric data first approach to drug development.
Speaker Change: The first quarter of 2025 represents a pivotal inflection point for lantern pharma, we've made significant advancements across our clinical stage portfolio, while simultaneously expanding the capabilities of our proprietary radar AI platform to over 200 billion oncology focused data points.
Speaker Change: These achievements position us well for multiple value, creating catalysts in the coming quarters.
Speaker Change: Let me organize today's remarks around three strategic pillars first our clinical pipeline progress second our AI platform advancements and third our initiatives to maximize shareholder value.
Speaker Change: Starting with our clinical pipeline, we continue to advance multiple programs that have the potential.
Speaker Change: To address significant unmet patient needs for cancer patients globally.
Speaker Change: Our phase one trial for L. P 184 has progressed well with enrollment now through cohort 12.
Speaker Change: We expect to complete enrollment with 62 to 65 patients across a wide range of solid tumors by the end of June 2025.
Speaker Change: Importantly, we are beginning to see early indications of clinical activity at higher dose levels, which aligns with our preliminary pharmacokinetic data.
Speaker Change: This quarter, our safety review Committee made the decision to backfill doses level 10, and 11 to ensure clarity on determining the maximum tolerated dose while maintaining patient safety.
What distinguishes our synthetic lethal approach is its mechanistic precision unlike conventional chemotherapy and targeted agents that indiscriminately target dividing cells L. P 184, and L. P 284 exploit specific genomic vulnerabilities in cancer cells, particularly those deficiencies.
Speaker Change: And DNA damage repair pathways the.
Speaker Change: The pharmacokinetic data from these trials suggest we're approaching concentration levels that correlate with the nano molar potency observed in preclinical models. This is a critical inflection point that could demonstrate definitive proof of mechanism in patients and paved the way for future trials and partnerships.
Speaker Change: With L. P 184, now holding dual fast track designations for both Glioblastoma and triple negative breast cancer plus for rare pediatric disease designations. We've positioned this molecule for accelerated development across multiple high value meaningful indications.
Speaker Change: The FDA has also recently cleared two clinical trial protocols that can provide paths toward regulatory approvals, especially in triple negative breast cancer, where we also have a fast track designation.
Speaker Change: The first of these two protocols that has been cleared recently as a phase one b two study in T. N B C. Evaluating L. P 184, both as monotherapy and in combination with the PARP inhibitor elaborate.
Speaker Change: With an estimated annual market potential exceeding $4 billion in metastatic T. N. B C. This represents a major significant opportunity.
The second phase one b slash two study in a biomarker defined subset of drug resistant non small cell lung cancer with SDK 11, and are a key up one mutations a patient population with a particularly poor prognosis and a market opportunity exceeding $2 billion annually.
Speaker Change: Additionally, an investigator led exploratory clinical trial for L. P 184, and requirement bladder cancer is planned to begin in Denmark. During Q3, 2025, which could create a pathway toward a commercial clinical usage in the third line setting.
Speaker Change: Based on work, we have done with Dana Farber in the Danish cancer Research group and in other published research about 25% to 30% of bladder cancers have DNA damage repair mutations at presentation and over 40% at recurrence.
Speaker Change: Now turning to our harmonic phase two trial for L. P. 300, we continue to make strong progress with enrollment in Japan and Taiwan.
Speaker Change: We're never smokers represent about 33% to 40% of new non small cell lung cancer cases, compared to that 15% to 17% in the U S.
Speaker Change: Following our compelling preclinical Paul here compelling preliminary data showing an 86% clinical benefit rate and 43% objective response rate and the safety lead in cohort additional patient data from the expansion cohort continues to support a similar positive trend.
Speaker Change: We look forward to sharing updated results, including data from patients in our Asian expansion cohort during Q3 and data from the ongoing benefits from our initial lead in cohort.
Speaker Change: Through our wholly owned subsidiary Starlight Therapeutics, we're advancing startup below one for indications in CNS and brain cancers reach.
Speaker Change: Recently, our collaborators at Johns Hopkins have provided independent confirmation of hypersensitivity in rare pediatric brain tumors to L. P 184, supporting our planned clinical trial with the pediatric consortium focused on CNS tumors.
Speaker Change: A phase one b trial in recurrent GBM is anticipated to begin in late 2025.
Speaker Change: Subject to successful additional protocol clearance and funding.
Speaker Change: Also bear in mind that L. P 184 has multiple pediatric disease designations that upon approval in that indication can yield a priority review voucher, which can then be marketed and sold for $100 million to $150 million, each Atlanta, and Starlight had the potential and pathways for four of those opportunities.
Speaker Change: Starlight, which is 100% owned by <unk> will have the potential to be another very positive impact on our investors as we monetize this unique asset.
Speaker Change: <unk> and the clinical indications and insight the dosage and safety data obtained in the phase one trial.
Speaker Change: <unk> hundred 84 will be used to advance the central nervous system indications as star double a one for future phase one be in phase II trial sponsored by lanterns wholly owned subsidiary Starlight Therapeutics globally, the annual market potential for L. P 184 as target indications is estimated to be about 14 billion consisting of four to five.
Speaker Change: Billion for CNS cancers, both primary and secondary and about 10 billion for other solid tumors.
Speaker Change: Turning now to our second pillar, which is our AI platform, let's talk about the expansion in commercial commercialization Alba radar AI platform.
Speaker Change: This quarter, our proprietary radar platform grew to approximately $200 billion oncology focused data points.
Speaker Change: Platform continues to deliver value across multiple dimensions from drug candidate optimization and developing combination strategies to biomarker signature development and mechanism of action clarification.
Speaker Change: We have made an important and exciting decision to open up the radar ad platform.
Speaker Change: On a module by module basis to the broader scientific and research community.
Speaker Change: We expect to initially do this as a freemium type of approach, which will be expected to drive collaboration and economics to land from.
Speaker Change: The large scale and highly inexpensive evolution of Rag and Agentic technologies has completely changed the ability small emerging companies like land turn to use cloud infrastructure to open up algorithms and unique processes to a broader community at a scale cost and level of complexity unimaginable and the <unk>.
Speaker Change: Past Ahmad.
Speaker Change: A milestone this past first quarter was a strengthening of our intellectual property portfolio with PCT publication of our proprietary blood brain barrier penetration prediction patent application. This technology received a favorable PCT search report, indicating no significant prior art.
Speaker Change: And our algorithms currently hold five of the top.
Speaker Change: 10 positions on the therapeutic comes leader Board, a remarkable achievement demonstrating our leadership in AI drug development. This.
Speaker Change: This will be one of the first modules that we make publicly available in the coming quarters.
Speaker Change: Our BBB permeability prediction tool can process up to 100000 molecules per day with industry leading accuracy.
Speaker Change: And Mark the algorithm continues to evolve and improve this technological advantage has profound implications for accelerating CNS drug discovery and the ability to predict.
Speaker Change: The demand has been notoriously challenging, but 98% of small molecules historically and fail to effectively penetrate the blood brain barrier and our algorithms unprecedented accuracy enables us to identify promising CNS penetrant compounds and also optimize existing compounds with extraordinary efficiency potentially reducing traditional discovery timelines.
Speaker Change: By months, while dramatically increasing success probabilities this computational capability doesn't merely enhance our existing programs. It opens up entirely new therapeutic development possibilities across not only cancer, but other neurological indications for many other drug development teams, we're particularly excited.
Speaker Change: About our plans to make this and other radar AI modules commercially available to the scientific and research community. This year. This represents a new potential revenue stream and opportunity to foster collaborative open source innovation and cancer drug development. We've also expanded radar with an innovative AI powered module to improve the precision constant.
Speaker Change: Timeline of antibody drug conjugate development. This multi omics approach leverages proprietary algorithms to design and optimize target selection payload efficiency in tumor selectivity addressing a rapidly growing segment of the oncology market that has been notoriously difficult and very time consuming.
Speaker Change: Our AI powered antibody drug conjugate development module represents a fundamental reinvention of a traditionally resource intensive high risk development process.
Speaker Change: Identify promising targets and target indication combinations, we've established a robust pipeline of opportunities and one of oncology as most rapidly growing therapeutic modalities.
Speaker Change: Technical implications for this are substantial.
Speaker Change: Iterative testing of antibodies linker, and payloads, which can take years and consume tenement tens of millions of dollars can be narrowed down streamlined and derisked. Our computational approach. We believe can reduce these timelines by 30% to 50% and preclinical costs by up to two thirds while simultaneously.
Speaker Change: Enhancing target selection and understanding of real world target availability in and involved cancer environment. This efficiency advantage positions us to rapidly advance our own candidates with exceptional selectivity profiles, but also to enable other companies who take advantage of this this module alts.
Speaker Change: B one of the many modules, we place into and a gentex interface and framework for use by our collaborators and partners who will talk about this more later this quarter and probably host a specific call talking about the evolution of our AI platform to a more public facing commercial opportunity.
Speaker Change: AI and platform driven insights continue to guide our clinical development strategy for L. P. 184, we've also developed a two PCR assay for <unk>, which as we know is the bio activation agent for L. P 184, and by measuring P. T. G. R. One levels, we can help guide patient stratification and also at the same time.
Speaker Change: <unk> indications that may be very promising.
Speaker Change: For LP 284, we've also used our platform to identify promising combination strategies for example, with Rituximab, which have shown compelling preclinical synergy.
Speaker Change: Moving onto our third strategic pillar.
Speaker Change: To maximize shareholder value through we've done this now through disciplined capital management and a number of strategic initiatives.
Speaker Change: We've maintained our disciplined approach to capital deployment, ending the quarter with approximately $19 7 million in cash cash equivalents in marketable securities providing an expected operating runway through at least middle of May next year.
Speaker Change: Our quarterly net loss decreased to approximately $4 5 million compared to $5 4 million in the same period last year, reflecting our continued focus on operational efficiency, while bear in mind that the company has last capital raise was in January of 2021. So we've maintained a tremendous fiscal discipline and getting our molecule.
Speaker Change: <unk> into clinical trials into meaningful inflection points and executing on our dual strategy of advancing clinical programs, while expanding vastly our AI platform capabilities and now we're going to enter into we believe productive discussions with potential Biopharma partners.
Speaker Change: Whether through licensing agreements technology partnerships for co development now.
Speaker Change: Now I'll turn the call over to our CFO, David <unk>, who will provide more details on the financial results for the quarter.
David Margrave: Thank you Panna and good morning, everyone.
David Margrave: I'll now share some financial highlights from our first quarter 2025.
David Margrave: Ended March 31 2025.
David Margrave: Our general and administrative expenses were approximately $151 million for the first quarter of 2025.
David Margrave: Compared to approximately $148 million in the prior year period.
David Margrave: R&D expenses were approximately $3 $3 million for the first quarter of 2025.
David Margrave: Down from approximately $4 $3 million in the first quarter of 2024.
David Margrave: The decrease was primarily due to reductions in C. R O and clinical site costs for <unk> 184.
David Margrave: Which also reflected our objective to accomplish more with our internal clinical operations team.
David Margrave: We recorded a net loss of approximately $4 $5 million for the first quarter of 2025.
David Margrave: Or <unk> 42 per share.
David Margrave: Compared to a net loss of approximately $5 $4 million.
David Margrave: <unk> 51 per share for the first quarter of 2024.
David Margrave: Our cash position.
David Margrave: Which includes cash equivalents in marketable securities was approximately $19 7 million as of March 31 2025.
David Margrave: Based on our currently anticipated expenditures in capital commitments.
David Margrave: We believe that our existing cash cash equivalents in marketable securities as of March 31, 2025.
David Margrave: It will enable us to fund our operating expenses and capital expenditure.
David Margrave: Capital expenditure requirements.
David Margrave: At least 12 months from today's date May 15, so until at least mid May 2026.
David Margrave: We will need additional funding in the near future.
David Margrave: And one of our key objectives is to pursue additional funding opportunities.
David Margrave: As of March 31, 2025, we had $10 million 784725 shares of common stock outstanding outstanding warrants to purchase 70000 shares.
David Margrave: An outstanding options to purchase 1 million 242378 shares.
David Margrave: These warrants and options.
David Margrave: Bind with our outstanding shares of common stock gives us a total fully diluted shares outstanding of approximately $12 1 million shares as of March 31 2025.
David Margrave: Our team continues to be very productive under our hybrid operating model with <unk>.
David Margrave: Currently up 23 employees focused primarily on leading and advancing our research and drug development efforts.
Palmer: I'll now turn the call back over to Palmer for additional updates and closing remarks.
David Margrave: Got it.
David Margrave: Thank you.
David Margrave: Thank you David.
Our leadership in the innovative use of AI and machine learning to transform costs and timelines in the development of precision oncology therapies has allowed us to bring three important molecules to market with teams cost and efficiency that is only beginning to make massive year over year improvements during.
David Margrave: During the first part of 'twenty.
David Margrave: 'twenty two.
David Margrave: 2025, we achieved our goal of reaching nearly 200 billion data points.
David Margrave: Growing that cancer focused data more than six months than we had in the prior three years.
David Margrave: And more of this data growth and data ingestion campaigns will be automated freeing up our team to focus on intelligent curation analysis of the data and creating upstream engineered solutions.
David Margrave: And frameworks to solve specific problems that can then be transformed into autonomous agents.
David Margrave: Now, we're entering a transformative phase where radar will be will leverage a gentex AI capabilities autonomous systems capable of making complex decisions automating intricate biological datasets and executing sophisticated workflows without constant super human supervision human supervision.
David Margrave: This next generation platform represents a fundamental shift in drug development methodology, moving from reactive human limited analytics to proactive continuously learning systems capable of identifying non obvious patterns and opportunities across multiple therapeutic dimensions simultaneously.
David Margrave: We're strategically positioning our agenda radar platform not only to drive internal pipeline growth, but also as a valuable collaborative asset for Biopharma partners seeking to overcome drug development bottlenecks.
David Margrave: The Golden age of AI medicine, as many of you've heard me say in the past isn't just beginning its accelerating exponentially.
David Margrave: By integrating agenda capabilities radar will transform from an analytical platform to a true development partner, one capable of operating continuously across multiple dimensions connecting insights across previously siloed areas, and ultimately delivering helping to deliver life changing therapies to patients faster than ever thought possible.
David Margrave: The speed will also drive reduced costs were.
David Margrave: We arent just building better tools were fundamentally re imagining what's possible and precision oncology.
David Margrave: As we continue this journey, our a gender greater platform positions us at the forefront of an entirely new paradigm in drug development, one where AI doesn't merely assist human researchers, but actively drives discovery forward through autonomous continuous learning and insights that can be tested and laboratories and then deployed safely.
David Margrave: The clinic for patients.
Speaker Change: As we advance through 2025, we Atlanta are laser focused on the following key value, creating milestones first completing our L. P 184 phase one <unk> trial enrollment in June with comprehensive data readouts after that including biomarker correlations potentially establishing proof of mechanism.
David Margrave: For our synthetic lethal approach and setting up.
David Margrave: Pivotal future trials. This is an opportunity that we believe represents over $10 billion in annual spend that <unk> four is well poised to take a greater share of <unk>.
David Margrave: Second delivering expanded harmonic trial results that.
David Margrave: That include our Asian expansion cohort further validating our never smoker non small cell lung cancer thesis for L. P. 300, we expect this to occur also in Q3 in July.
David Margrave: Third initiating our FDA cleared phase one b and two trials for <unk> hundred 84 in both T N B C and a biomarker defined subset of non small cell lung cancer, which is drug resistant.
David Margrave: We believe we can leverage our fast track status to accelerate development and potentially partner in those those trials in those indications with large pharma companies.
David Margrave: Fourth commercialize our initial modules from radar to the scientific community beginning with our industry, leading BBB permeability prediction tool and then moving onto other modules on a select basis.
David Margrave: Fifth strategically advancing partnership discussions that could accelerate our pipeline, whether they'd be through geographic rights for certain assets or co development rights in certain indications or spinning out assets, such as our CNS and Starlight focus capability or monetizing our AI platform capabilities this quarter.
David Margrave: <unk> progress, while maintaining fiscal discipline and a focus on bringing our assets closer to patients and approval reinforces what makes <unk> unique and the oncology landscape. We're not just developing drugs. We're pioneering a fundamental transformation in our cancer therapies are discovered developed and delivered to patients using.
David Margrave: AI for an approach that is both efficient and focused.
David Margrave: Our dual engine approach clinical assets plus AI platform provides shareholders with multiple value creation paths each clinical advanced demonstrates our AD platforms power, while every platform enhancement accelerates our pipeline and creates new partnership opportunities.
David Margrave: As <unk> AI capabilities emerge in our radar platform, we're not really participating in this AI revolution in drug discovery, we are helping to build it.
David Margrave: I want to express my sincere gratitude to our exceptional team partners and shareholders, together, where lighting a path and a way towards precision oncology solutions that we believe can fundamentally improve outcomes for patients while transforming the economics and timeline of cancer drug development.
David Margrave: I'd like to now open the call to any questions or clarifications.
David Margrave: Yes.
David Margrave: If you'd like to ask a question you can do some one of two ways you can type your question.
David Margrave: Using the Q a tool where you can click on the raise hand tool to speak directly and we will on mute your line.
David Margrave: Okay.
Chad: I think Chad.
David Margrave: Has his hands raised.
David Margrave: Okay, I think we've got two hands raised.
David Margrave: Can you hear me now yeah.
David Margrave: Sorry for the delay there.
David Margrave: Good sorry.
David Margrave: I'll start off.
Speaker Change: A couple of questions. The first on making AI modules are commercially available or it sounds like the blood brain barrier penetration module might be wanted to lead candidates there.
David Margrave: Very interesting sounding module.
David Margrave: What are the sort of broader plans too.
David Margrave: To roll this out or are you going to.
David Margrave: Charge a fee for access to these are we going to make some free and hope that people kind of get cost and really like these modules and it leads to a broader collaborations.
David Margrave: And then I guess also besides just money when other people start using these modules.
David Margrave: Of course, they will have data they want to put on air and that of course could benefit the platform overall so just.
David Margrave: Do you do you intend to aggregate additional data and strengthen the platform that we wanted to what are the plans there.
David Margrave: Yes, great questions.
David Margrave: I do think we're going to start with a freemium type of approach to get people used to getting questions answered. This this.
David Margrave: Using this method.
Speaker Change: The challenge that we've seen with a lot of the existing AI tools out there answering some of these questions is just.
David Margrave:
David Margrave: They're slow they're not scalable you can count on the quality of the data.
David Margrave: So I think that we're going to take an approach initially where the tool is kind of a freemium model with a drive towards collaboration so that we can continue to monitor closely the type of data and use that the research community has.
David Margrave: We have a roadmap that we'll be discussing.
David Margrave: Probably towards the end of this quarter early next quarter on what that roadmap is and also some of the business models underlying.
David Margrave: Bringing radar into kind of in a gentex life form module by module of course will pick the easier modules that we think can be readily scaled and then go into the more complex workflow, enabling modules over time.
But bear in mind, we are primarily focused on advancing our pipeline at this time and our goal is to introduce these modules.
David Margrave: To drive a larger tech partnership.
David Margrave: Yup.
David Margrave: That makes a lot of sense.
David Margrave: It's just sort of folds into your business model and approach well.
David Margrave: And then just on the harmonic trial I'm very excited to be getting another data update there.
David Margrave: You refer to that.
David Margrave: Asian patients.
David Margrave: Cohort at least once I, just I want to make sure I understand the design here is that cohort like.
David Margrave: Still enrolling more patients in the U S.
David Margrave: I guess as well.
David Margrave: So maybe I technically cohorts. So what we did is when we started the L. P. 300 trial, we are obviously near the the numbers in East Asia, but as you know for a small U S. Biopharma company, it's expensive and costly and introduces management risk to do trials.
David Margrave: In Japan, and which is also very expensive. So our goal was to make sure we got a quality signal.
David Margrave: In a population that we could have ready ready access to so.
David Margrave: So the lead in cohort was the seven patients in the U S and six out of seven of them responded which to us was fantastic.
David Margrave: The initial objective response rate was very positive and we had one patient over a year on drug with.
David Margrave: 57% tumor volume reduction.
David Margrave: So by almost all measures.
David Margrave: It was positive and also the.
David Margrave: Underlying population.
David Margrave: <unk> was also pretty mixed we had Hispanic we had while we had some Asian it was more male than female and we also had multiple teekay is right not just egfr. So we looked at that we said we had a good heterogeneous population, we had an 86% clinical benefit rate, 43% objective response rate.
David Margrave: A nice set of tumors that had about 50% reduction.
David Margrave: Gave us confidence that now we can go ahead and spend time and money and energy on expanding to where there was a bigger.
David Margrave: Bigger amount of patients now that.
David Margrave: It goes into what's called the expansion cohort.
David Margrave: The expansion cohort will be both U S and Asia, but expansion.
David Margrave: It's randomized.
David Margrave: The two randomization.
David Margrave: Okay.
David Margrave: The agency pays.
Patients.
David Margrave: Expansion cohort.
David Margrave: Okay.
David Margrave: Yes.
David Margrave: I appreciate that.
David Margrave: That's important because.
David Margrave: I think it would make a lot of sensitive spend all that money.
David Margrave: Great.
David Margrave: Unless we were certain that.
David Margrave: You may disconnect right traction.
David Margrave: Alright.
David Margrave: Thank you John.
David Margrave: John has a question John do you want to.
David Margrave: John.
David Margrave: Okay.
David Margrave: John.
David Margrave: For some reason we cannot hear you.
David Margrave: Okay.
David Margrave: We have one more.
David Margrave: Question.
David Margrave: Kim Ann.
David Margrave: Okay.
David Margrave: Yes, so L. P. One before we expect the trial to be.
David Margrave: Weibo next month.
David Margrave: This is now.
David Margrave: 65 patient trial I believe we will be.
David Margrave: Okay.
David Margrave: With now.
David Margrave: Mid fifties fifties.
David Margrave: And we believe that enrollment will be completed next month.
David Margrave: And.
David Margrave: And there are data after we start getting.
David Margrave: The clinical data.
David Margrave: The biomarker correlations et cetera shortly.
David Margrave: Sure.
David Margrave: Our next question is on SBA and using AI.
David Margrave:
David Margrave: That's a great question I want to believe that the F D. A.
David Margrave: Well.
David Margrave: Definitely have to use an evaluation.
David Margrave: Oh.
David Margrave: Scientific literature data.
David Margrave: Yeah.
David Margrave: Perhaps that are coming through.
David Margrave: Mechanistic inputs some companies on devaluation today.
David Margrave: A retrofit or new molecules.
David Margrave: So I think thats good.
David Margrave: The scale of the next 12 months.
David Margrave: I think it will help to bring down some of the costs of the SBA hopefully speed things up.
David Margrave: But as.
John: As John pointed out.
David Margrave: Yeah.
David Margrave: Some risks.
Okay salmon actually for all those risks.
David Margrave: It will ultimately trade off is going to be improvements in cost.
David Margrave: Prudent speed in.
David Margrave: Yes, so I do think that.
David Margrave: They'll probably be a period in which they evaluate.
David Margrave: Hello.
David Margrave: The existing methods.
Speaker Change: I think that our rollout.
David Margrave: Across the board until there have included like six months.
Speaker Change: So wondering separately.
Speaker Change: I would give us at least two years.
Speaker Change: By that time, the risks sleep well no.
Speaker Change: And pointed out obviously by the industry again, probably a trend.
Speaker Change: Next question is about <unk>.
Speaker Change: New funds in AI.
Speaker Change: That's exactly the reasons.
Speaker Change: We also have decided to go directly to market on opening up these articles I've seen a lot of pets.
What's been offered by many.
Speaker Change: Companies in drug development.
Speaker Change: And they lack some of the precision focus or the Avalon.
Speaker Change: But AI.
Speaker Change:
Speaker Change: Got it very much.
Speaker Change: Which I think will help.
Speaker Change: Our long term.
Speaker Change: Our profile and also attract new guests.
Speaker Change: And to the company or into the market.
Speaker Change: Thank you for that question.
Speaker Change: Look no further questions at this time.
Speaker Change: Having sessions with investors and shareholders I'd like to thank the members of our team for helping us prepare for this call.
Speaker Change: And I look forward to talking with all of you for future. Thank you.
Speaker Change: Thanks, a lot.
Speaker Change: Goodbye.