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ALT Altimmune

Participants
Vipin Garg President and Chief Executive Officer
Will Brown Chief Financial Officer
Scot Roberts Chief Scientific Officer
Scott Harris Chief Medical Officer
Seamus Fernandez Guggenheim
Yasmeen Rahimi Piper Sandler
Kelechi Chikere Jefferies
Mayank Mamtani B. Riley Securities
Jon Wolleben JMP Securities
Call transcript
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Operator

Good day, ladies and gentlemen. And welcome to the Altimmune Incorporated Q2 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. If anyone should require Operator assistance, please press *, then 0 key on your touchtone telephone.

call recorded. this reminder, a may be As I today's Officer conference, like to of host for introduce your Will would now Altimmune. Brown, Chief Financial Will, may begin. you

Will Brown

our Thank Executive leading call, Roberts, the you Medical today will during everyone. Chief Second you, the Garg, as XXXX. will call good our our also Vipin Officer, an presenting Chief Quarter Call, Scot participating Scott I Chief Altimmune Thank Conference Earnings be Operator. And Officer. well Harris, for Officer. Scientific morning, be

Following remarks, a will financial a press website. night on hold release issued Company's XXXX the found and was the Quarter the we prepared of question-and-answer IR can be with session, our results section last Second

future of subject materially forward-looking and for of expectations, indicated, to trials forward-looking differ statements operations, we and to Reform risks Harbor Securities cautions are that clinical related Safe constitute that plans, remind results actual Before like on would about results uncertainties begin, prospects and purposes I to our its under All COVID-XX coming Act to from operations. Litigation business the provisions XXXX. these Private impact statements and could remarks those of everyone that those including cause

Company you statements circumstances date. Company's discussion reflect as the website. affect these filings some today's factors August, Wednesday, statements with of update factors read any risk conference issued now on earnings a SEC. speak on after results, forward-looking on to XXXX. does only that to risks please this forward-looking obligation undertake XXth press our the the in or in of and that to our these the the would and made date, or For statements not any of available of events occur could yesterday see And future the statement Any today's call cautionary direct release also Company's and contained disclaimer I other

be Vipin to conference that, available and this Officer now over Altimmune Altimmune. Executive is for audio Chief being will call on will Dr. website. With Garg, recorded replay call I a As of reminder, the turn

Vipin Garg

And vaccine they update. Will. inter-nasal for months. us call thanking you, In XXXX, began upon support to and business our a financial and I We collaborators, in the and of you our joining platform Thank employees, appreciate today's dedication XX Second want the our team tremendous investors morning, Quarter devastating discussion action results COVID-XX by labs into our Altimmune begin studying for our R&D emerging today good to XXXX of on have shown technology. and everyone. virus, COVID-XX our last based over the our reports sprang a creating January the

respiratory with our trials inter-nasal with an collaborators of Through new uncertain data protecting encouraging to days Our individuals result. and AdCOVID through could vaccine. I resiliency with extreme that this great personal and loved at was came ones. time potential tremendous our could task bolstered in virus. X against that gave answered sacrifice mucosal of work, this effective most confidence new quarantine, us proud inspired the Through be crisis the by hand to family pandemic the have vaccine as with and and that clinical employees this NasoVAX was global Phase confidence our call dedication a the and their

and local SARS-CoV-X demonstrated virus. animal efficacy we potent of amidst induction the positive immune mucosal a As systemic and gather including data, responses

We was of a during performing, in so were community that achievement and these global vaccine vaccine performing well. public our candidates always our a but history see the of at will the experience. And program. business, low in stand work development. remarkable of surely AdCOVID efficient times vaccines. success at update very animals, product approaches swift to seeking vaccine, clinical an X as working general and With look the take at experiments tests other developing the efforts of an the us, good disappointed MRNA Ad data, humans. well we And pharmaceutical of extremely the out by to honest made had this stewards when be We that rate viability an unfortunately, applaud and time in we to backdrop many the too and to in to we decision that continued terminate new not resources swiftly far the were COVID the intrusted Phase translate However, do extremely the

to portfolio ALT-XXX. with of As any are you and served well no tenants have assets product heard for with one diversified philosophy That positioned develop the ensure of is maintain central transpires -- clinical the we our success to has of XXXX matter us philosophy our in of development candidates. say us one of a one what many times, that with

dual-agonist for glucagon the treatment NASH. GLP-X Our and of obesity

launch to the interim for six Quarter to an just of for one trial other Phase expect file NASH Quarter. against As tolerability our results we for our of of and fully class our successful effects. GI weight we need will with Phase top the ALT-XXX obesity. to loss follow fuels they X weight obesity, in serious the clinical X confidence and in With additional a and Scott compare with no obesity, weeks program titration. for the Fourth we of an IND gain Harris enable launch This in and dose X-weeks, treatment of agents. to light announced with our significant that It's saw without this enthusiasm the in X-week which will study the commercial in at excitement X more side at data Phase in loss all the recent especially Noting trials described, terms Third in the semaglutide in are previously similar further IND data, encouraging

we data of September. X Phase from our the Australia XX reporting to look remainder anticipate we For ahead in ALT-XXX which XXXX, week

will along to test NASH to large of These studies of ALT natural enable and interaction administered and several studies the with AXX studies are with obese planned to X with further begin meaningful in explore diabetic study in drug in trial Phase and trials both our this early XXXX. drugs commonly diabetic obesity their Following to the effects subjects subjects. D

Our this Germany, hepatitis other most in to half immunotherapy advanced duration follow spaces, of on and in sites of B, next that delivered assets an We for clinically the have second dosing, the (ph), this of the immunotherapeutic And X environment and is are six HepTcell, dosing Canada, a we within We executing of to international chronic in development currently data U.S., Phase regimen. the midst in HepTcell haven't time one trial. year. to patients in patients month Spain enroll COVID the HBV expect have we Considering in candidates.

the and position which we Scott catalyst. we'll several upcoming now discuss Harris Altimmune. can and our then page chapter focus quickly call to cash to now XX-week the XXXX, with With So, over exciting data. next on enviable near-term obesity, data formerly drug B, of advance Scott. our hepatitis I'll With in readout The QX to data with that, chronic candidates NASH, turn and X-week subsequent through trials. turn the advanced

Scott Harris

good And morning, Vipin. you, Thank everyone.

weight weekly ALT-XXX. ongoing X% our reported is X-dose enrolling milligrams X-week X-week weight pre-established absolute exceeded XX-week Australia from just have administered achieved X.X X treatment ALT-XXX. for week ascending and with study a The of weeks, observed interim weight volunteers. being a analysis events. of in X.X and We of our we we June, adverse of cohorts is data The weeks. dose, very that target results we once once from six placebo X.X of overweight employing obese dose multiple were shared During loss mean loss subcutaneous, reported and weeks the loss levels, and adjusted controlled The encouraging Phase study milligram single conducted a X and results X.X% X were placebo two treatment in and subcutaneously at

with of GI During the nausea was low other tolerated weeks, X and rates well effects. side ALT-XXX

Importantly, class, is given that Wegovy. after drug. to maintain dropouts that required dose the so other we at therapeutic other X.X required dose level titrate of in dose over have the candidates the weeks these out based milligram to were administered achieve the that virtually increasing reasons is, which GLP only the to ALT-XXX practice dose have that milligram no dropped the without unrelated there other XX the titration, launched all This these dose patient is events the recently with XX patient the fact for adverse slowly agents at use GLP-X doses adequate did particularly remarkable, one the Gastrointestinal -- including and to X.X tolerability. to

lean body on on of resting to X.X focused insulin and adverse data show loss certainly the likely believe of also attractive number X-week and markers. XX-week the dose tolerability. will weight milligram these data the with the intake, namely report we other efficacy, measures, we inflammatory pharmacokinetics, and events, combination a and data, lipids, We we plan we measures glucose expenditure, report caloric level mass, safety, homeostasis, the energy is most that at which While resistance,

dose dose with testing forward and X.X we recently this dosing dosing on be trial. we cohorts we these September, in report weeks take you. we these ongoing approximately We will report the in reporting expect groups, for data. in cohorts milligram the higher will X.X we today, look and to are milligram, analyze data levels. the the and X sharing completed milligram, XX-week that results Accordingly, However, And XX-week announced to data and to X.X

ALT-XXX Looking to additional activity questions this of to planning trials year. address the drugs regarding early initiate ahead development. These we trials further development, in key to designed three are the are

IND liver and fatty fat in process will the study loss the that for weight the the commence liver in NAFLD include Based plan States. an other loss of the agent on observed first-in-human weight in ALT-XX liver we the United relationship optimistic studies, the aforementioned of the disease are and we XX-week X on criteria the the fat based in metabolism, NAFLD to effective or subjects in reduction Australia a we're observed. First, effects and diabetic and additive that in glucagon September. older B And around fat non-alcoholic subjects, impressive will with therapeutic study ALT-XX parallel study NASH be conduct of NASH. GLP-X expand have between reduction that Phase and will finally enrollment study of end This to in liver used XX-week

dedicated and glucose The adiponectin. initiate [Indiscernable] that study XXXX. IR and as trial and continuous we'll (ph) be to of XX insulin in such planning X, and glucose resistance weeks to in a study are AXC, study we homeostasis QX will type-X will diabetics hemoglobin include Second, in endpoints, monitoring, diabetes measures duration,

later Since XX-week overweight as typically and X population NASH We to obesity obese glucose for likely true insulin type-X inclusively. our diabetes resistance like we in exhibit expect in pre-diabetes. type include want currently to study diabetics, hold Australian subjects this of to stage enrolled, control the current observations patients and will trials the establish

sponsors impact not to planning of these conduct like associated a to compounds based based ALT-XXX The evaluating extended drug interaction changes. of the alterations have FDA we're with of gastric ALT-XXX lives is initiate expected emptying of kinetics compounds GLP-X drug-drug Finally, on a absorption. studies GLP-X half with the trial. been peptide.

no significant with have cytochrome to or been transporters So date or observed interactions expected. are

study, X, to our Phase currently we the planning which X ALT-XXX X and a administered on It's As XXXX. Quarter during path IND, ALT-XXX First enable is a to study, this We development clinical updating year. Phase this obesity XX-week NASH time, in we're forward as NASH development you IND could This Phase to biopsy plan start file with a look significant Fourth plans in X injection. At previously Phase our parallel will aforementioned obesity of trials, a during later our the the driven subcutaneous to for ongoing Quarter plan along XXXX. second development. create announced,

self-administered for development Officer work planning Scot. use Scientific have that Equally -- and Chief is front. it that over of our discussion. oral an to progressing formulation Scot be initiated Our of the on Roberts, ALT-XXX. that plan I'll auto-injector development an important, patients we for can includes by turn

Scot Roberts

Thank you, Scott.

that is base have drugs candidate the development formulation. the for a ALT-XXX formulation, GLP-X are advantages currently to their for we of attractive size. Several owing oral of molecule is an in One not it suitable large with like oral

which semaglutide, formulated to similar administration. oral structurally is ALT-XXX successfully for been has As

interest We updating of similarly about to that profile oral our success and oral an We our We dose look you patient endeavor tolerability formulation. and to are bypass ALT-XXX protracted titration. of to near on optimistic ability the formulation eventual the progress future. ALT-XXX compliance. improved Advantages increased this towards our an in view forward

longer-term studies. obesity Quarter the progressing be overall NASH chronic hand give trials Quarter our now Phase the to studies designed shorter-duration update well consistent update the support X earlier to on with XXXX. Finally, Second the will efficacy over to I NASH Fourth are I provide in The and would And Brown completed we to a also planned to studies toxicology brief on observations and like to expect our with our studies these Will financial obesity an support for results. call studies.

Will Brown

Thank you, Scott.

call, I found Altimmune's net operating Second XXX million financial position, night. More update on cash, be the XXXX of in current can of reporting offering a comprehensive period Altimmune the today's receipts The and cash by with of brief end the be short-term cash a the our attributable of offset XX-Q for in balance operating used ended For our equivalents results. year utilization net SEC Form XXXX. XX.X due the cash Primarily filed during to the with our cash approximately or and of last a investments strong will program million million providing second at-the-market quarter activities. information ATM Quarter during is to investing to increase XXX compared at

With have cash into we and sufficient operate program, XXXX. these the AdCOVID vaccine of the resources termination to

impairment by in program statement. changes prior the to wind a was the primarily contract. XXXX. to income a charges AdCOVID up Second prior and change XXX, XXXX, BARDA of are were activities programs. related in in current period receivable between consideration recognized the recorded compared XXX, process due ALT-XXX. is the offset during Quarter Quarter, continued prior in result period to accounts development related for expenses NasoShield the were the suite currently in Research million complete Revenue to costs. expenses and under the the stock the increase million $XX activities and loss in end Second of under an in an liability of compared and change the decrease an in the $X General related in primarily the collecting loss, construction X.X development to XX.X comp attributable to to of value impairment represents recognized other in connected revenue R&D XXX, QX to with completely in activities the due related approximately we increased assets on as periods Turning revenue, The in compared Quarter and to Second under at We administrative the as which Revenue expense and additional charge T-COVID previously we X.X the Second contract. that Lonza. was non-cash and we in were expense million period. was of million of million connection million XXX was labor manufacturing impairment fair $XX Quarter, development the of capitalized for Second XX.X higher that primarily with The the construction as acquisition million the This of Quarter

contract have Net for to XXXX million currently share X we our June, months loss XX.X evaluating respect and million loss the XX.X not compared ended $X.XX net per We are XXth space. yet options terminated with to remarks. or the or $X.XX Vipin. was his will it share Quarter The net G&A to loss net impairment higher Second back for attributable expenses. primarily the and closing per difference turn I Vipin to of for loss over XXXX. is now R&D that in

Vipin Garg

remarks open Thank the to you, and instruct on concludes questions. our Could you Q&A to procedure. we that take lines the audience Will. the formal Operator, would please like

Operator

the first question will of Guggenheim. with line Your Fernandez from Instruction] Seamus [Operator come

Seamus Fernandez

questions. so the Thanks Great. much for

perspective. obviously, to for appreciate -- program now the for I historical the as update plans the relates the So vaccine it

driving Company, metabolic pivot performance towards guys disease Company we've seen a the X at obviously being weeks. you robust to the As

increase And would I Again, most you of be line think too. XX% I the the cases in in would that's to just would where specifically in think data. it then dose, the hoping helpful you're for that right XX%. in see to our dose with to understand the increase expectations terms I dose what be X.X-milligram think a XX-week in

the And that's how have a X then contributions than weeks we dose oral is on about your anything? to with the of your to relative your expectation above see seen incremental beyond and hope tolerability, it mechanism? the could a question X.X-milligram deliver already exploration expectations. with follow-up at So of Or but more we've should trade-off dose? an is GLP-X think that a right of to the the peptide the kind weight really this see technology, you Or of the orally. approach that necessary dose. opportunity of relative to for I in given upper really Is what more X.X-milligram line loss range

Vipin Garg

Harris to Absolutely. Well, thank do take you you, that? Seamus. Scott want

Scott Harris

Good morning, Seamus.

Our we'll for in see a expectation continue weight loss. trend strong to that is XX-week the data

We an number. haven't picked actual

the we XX most XX which to what weeks. We a post individual trends dosing. achieved, the responses, think the I show in website corporate did important the our number on is say at

understand those signify energy the that XX. such that expenditure, will only mechanistic, more as much trends continue intake, more project not would would as would week our trends you we what that that to body compound, we're achieving glucose be through And efficacy weeks, dosing. we'll and project would homeostasis, will be expectation. it, the have And probably mass, of continue which well with and So data also, XX know, lean as but calorie really would understand as those resting

know, is spectacular. already you X.X, we opinion dose the results --the that which less as milligrams, than we're dose, our X.X X.X-milligram in the Regarding achieved with

loss. So terms to more dosing gain much didn't leave by in weight it of really higher

range higher could dose to work. we was to which reason primary the the within announced, dose we As establish

higher obligations whatever we'd don't reason, Phase go dose do go Phase X. to go a have to you back Phase a that in dose decided we have study X like look to X hadn't Phase want for you X or to As and study another make to Phase to X, later,

I tolerability. and is think Excuse excepted rather what weight we're really greater higher loss. than safety range of for tolerability, the me, the shooting range achieving

we achieve higher loss believe weight can loss, higher X.X to be milligrams. Now, we but be achieve would with if hard great, that than we weight much that would it got

Seamus Fernandez

get the would a technology, be And just, or that I peptide the guess, to just that. of technology employed can oral, deliver better need be understanding hoping to employed to on this

I think was products. allowed Novo technology single to only acid it actually be that to and bioavailability, XXX% question some is products And semaglutide to understanding, between a that the amino and our now by Nordisk. owns [Indiscernable] change for liraglutide delivered for I is think still that

to approach do disclosing taking if licensed wouldn't that? technology be if the love that so, to able to Just mind you. which if you're is? technology you that you've know technical and any And Thank

Vipin Garg

Scot Roberts.

Scot Roberts

Sure. Hey, Seamus.

acquiring So in a saw suitability, presumably off was we all data the ALT suitability delivers, for compound we'll that the of for one mobilizing potency NAFLD And with weight get out formulations. were our when X the loss of for things X-week see validating the fat we its right and this potential data, study.

I us. and that think important for real only becomes more that more

who project. [Indiscernable] the up excited So the cell to this then make membrane to in hurdles so of enter worked environment surrounded peptide there. is it then it a the and by get anybody it bloodstream that orally, for At cross you Lipofilick the have first intestine peptide stomach do and create to essentially, from the level, we're that proteases. to a And the is a all and about need through be protect its can very general trying a

obviously, here. but in likelihood is similarity we which the believe achieve you has high number here. into So we're update the to molecule that of going of lipid say a technology a approaches suffice it of to small of that not have full leads at We'll detail future, Novo go the of snack this. our a us about a I'm looking lot to semaglutide, there to Nordisk success are chain, approaches, to used that

we So in near on forward to look the that updating you future.

Seamus Fernandez

Great and --

Vipin Garg

at at at a this indeed, adds yes, later to this are the we'll appropriate just proprietary Seamus it make we And late disclose looking time technology work. point, that on. But

Seamus Fernandez

queue I'll Great. other analysts Okay. back out jump on the the in respect of for call. the

Operator

from with of come line will Piper question next Rahimi Yasmeen the Your Sandler.

Yasmeen Rahimi

and for for many Thank team. some went obesity it who is would taking size -- the Maybe patient be in per the color seeing the and questions, providing for we data. XXX steady refers milligram, patient patients patients my should good you patients be the nicely start weight so foreign on to Hi, back updates. X.X I loss you to and you. show how just of with thank corporate be deck to X place the XXX per a us much a cohort which Few to your placebo.

-- you you of you. can head could provide within That very How we many be As have the are me? are draw color I follow-ups helpful. patients placebo? many X-dose into September, can reach How two then in for for cohorts? And

Scott Harris

Yasmeen. Good morning. Hey, Right.

those to who enrolling are XX ALT-XXX We receive is received who between And per ratio and randomization XX X-X. cohort. the placebo those

between So bit be but that were varies advice will a we the that it given. obviously general cohorts,

Yasmeen Rahimi

another question loss we is When going that for and look weight you into Okay, an week data expectations weight comparing historical XX. population around overweight non-diabetic. at and loss is

make we two-fold. wrong. to correct be magnitude see assumption? the I not guess me can why the You Maybe

getting in getting that, over X and you fall week X% that week that significance a at at might XX% chance is And between linear at there be of relationship Week is XX. are that like You least week XX? not the not there should X, and a

So just helpful. that, could be that you comment if would on

Scott Harris

Right.

with especially that impression. the right not continuing. numbers, think thing on the the specific really to the is So, trends get we most important eye may of we small If focus are numbers, I

the us is you're that on cite up continuing. at success. the to we I get will we hung And actually don't a convinced decimal linear. visually That right place that it's think don't approach. So for look want that data, be I important specific the that and most think that you just a it's thing number when

Yasmeen Rahimi

right was Thank discontinuation you on discontinuation of data, you now, know when -- sort to now? X comment rate I if of you Are been? then you. And that rates of as at able there comment patient of X-weeks on as have what can right your the discontinued. any reported

Scott Harris

Yes.

Yasmeen Rahimi

study? Your

Scott Harris

the We data. haven't with Yasmeen. on will been XX-week public that, We obviously

Yasmeen Rahimi

then process want starting to that maybe I understand Okay. you the quarter. -- said behind thought just the -- have XX-week are in a know And NASH you're plan I first you study

or are as XX-week So the not as is XX-week maybe of now, as so me. point it's data? soon right you, tox a clear at what package off the IND complete, to that track kick you're on clear little So, is to

Scott Harris

So let's IND filed will the for The imminently. go through be timeline NASH quickly.

it the Scott are the in presentation, a completed process and Cyano(ph) mentioned we that XX-weeks XX-weeks enable. enables obviously, up have of rat of during talks dosing. As to talks that our will his we studies. NASH completing And chronic long-term

or advance later tox So be obesity well long-term a either will trial. year completed that this NASH later That in trial will well year in be advance. this study of a XX-week completed

So there feel we is hitting. that a comfortable about comfortable timeline there

Yasmeen Rahimi

I Thanks. Thanks. jump queue. into will the

Operator

from Your Chikere Kelechi Jefferies. will with the of line next come question

Kelechi Chikere

and morning, Good you. thank

that, end, Just is get your current ALT-XXX and in been given of sense dose the has would and that expectation to the two same of clinical that obesity? glucagon trying the component Just based you on use questions on liver. a both Nash guess, data, pre-clinical effects the on official my I

dose the what potentially there be? determine to trying could just So,

Scott Harris

Right.

expect answer Glucagon brought be overweight that you point We doses up would initial be loss. on effects question, but similar, yes. do to the Kelechi, that the a independent to has So good

lower, that So administer treating you're potentially, loss think because treating we NASH try just would to that the doses liver not in you're the dose could of also only fat patient that optimal to reduction not that non-hepatic weight but we the but deliver, optimal recognize would comorbidities. treating whole be the in NASH, patients so when achieve you're NASH would

Kelechi Chikere

commercialization you the those XXX possibility? you. second And and having those a Thank Got type picture, of partners data type development do of I indications, And very of get That's I big helpful. are your in wanted guess the of having now? relates them, these the sense latest based two to as on to discussions, potential that thoughts guess on Is discussions to it. particularly question, my it partnering. Are you hoping if a you're right data see. have -- large

Vipin Garg

is X be as dozen there we've that this answer strategic is in that you can do number Vipin. kind weeks, will this. trials this questions. from I we idea critical do Yeah, can Phase we're of see that is this answer is players, terms name goal obviously, of XX-week have quickly know one a strategically, as this point, designing, from data Kelechi, X to to we questions We that build then important, possible. would but our critical designed really companies a is of significant in -- the in interested some studies just know in so, And value at many long-term like is asset thing partners. interest large assets from Hey the thinking significant as data

our at open. this So we're point, options keeping all

We plan. to in good position a execute this are

and optionalities continue will the a monitor we So situation. of we've lot to got

asset next is Our increase the the of to goal this over value months. XX

more becomes available, asset this multiple XX-XX data an say -- doubt be that like and no months, we Let's they are there from as interested is players. would in

Kelechi Chikere

That's it. Thank very Got helpful. you.

Operator

with of will from Mayank, Riley the Securities. question next come line B. Your

Mayank Mamtani

Thank you. for I pipeline. Good advancing appreciate resilience approach to the a Thanks question. morning, and our data-driven your taking team.

to X-week could going There look make X there was out weeks the there? whether was you comment the just built-in dose XX-week on there. ALT-XXX So no a program, just you're X.X the analysis on maybe the for just -- interim quickly level, or

Scott Harris

-- interim was there Kelechi, no Right.

Mayank Mamtani

Mike. Mike.

Scott Harris

on the I'm X.X-milligram sorry, dose. Mike. Mike, six-week interim there was no and analysis the analysis interim

Mayank Mamtani

September? What I understood. study. And what B -- example, Phase these XX-week anything, the this refrac? me, their we learn we to given XX-week or nondiabetic on to look expectations on of trying in liver X base obese XX-weeks to lane the LFC understand if we the anything should excuse could -- NASH from enzymes And out readout expect be? the patients, should for then For glean might the --

Scott Harris

Right.

translate So age, we results that I'll from We profile, that through will their good readouts. not long page trials this trial. did the subject saying that on the by BMI. this very content think start populations. We study other fat semaglutide know the and in based liver results of term attributes assess translated in to These

on make see to results elevations comment enough we because would sense to ALT NASH a So in predict much make or much this not I is wouldn't I population, really something of -- that of have would expect can't that, NASH. and signal that a baseline

of that loss that's will think on of loss, but XX% specific weight over know studies weight with, we're I by independent seeing say long fat, the a period. we based look at liver any itself, clear, the let's amount

could much that that Something to be project should a in than sooner beneficial that, effect that achieved NASH. we

Mayank Mamtani

And it? then requirements going is what oral that And the for what be here IND the more Great. just just the on, or something might it timelines for for the that I'm I on at work that NASH on INDs, the comment to the And glucagon. related sorry else preclinical obesity? just is maybe different versus comment GLP-X goes on if there just might maybe be for into that. INDs then particularly the visible docs X Is Could the then you GLP-X. missed chronic tox

Scott Harris

two are questions there. There

program, and the that we're now The doing obesity be IND. NASH first right the IND, both that enable will would the the talks NASH

before and IND work, will on tox enable based Okay? will specifically be the the obesity tox chronic prior but study Actually, the followed NASH tox longer-term work NASH enable the the trials, the obesity -- both. will

now studies fall IND in when we that. at doing be been to and we oral and the IND, for look we're In able terms know. would we'll let Obviously that. the formulation, guidance we specific you haven't once have right of public an to

Vipin Garg

Yes. an the on progress year figure with of is, and the would for we'll accordingly. My [Indiscernable] into to hope update of This We we be the terms based the filing ALT-XXX. be oral on of oral. what everybody what might is going in that, our too IND to in project end terms to timeline out IND update early when folks then, And

Mayank Mamtani

within different to of have what attractive -- just to point, of on everything Obviously, learn at do do to you maybe here. on what going a next the higher to early maximum internally because on value effort may given require more what any different external the the year early here realize indication, thoughts by formulations. this you want turn versus the do And vision you it's you capital you some do an be have Great. partner program, Any [Indiscernable] thoughts relatively here? may level on for

Vipin Garg

to Obviously, that's the data generate that so question, all about. first, first Yeah, need talking good we a we're thing Mayank.

instance. is milestones. mean, We are guide funded reaching there think now. for we And terms in well question should right I of data both of that these value indications. of with NASH, proceed We in all us that we ahead will obesity will really these address

to both as that's that before or make in So of indications, after that them because we're be to determination do off go data program, go anybody this be other. do and the why would and for important that pursuing we value to parallel one we to able these all generating

now. the But available, a we of time, of indication ahead becomes the data pursue able focus over call make the right really to as we'll which other. certainly terms in that's So be

Mayank Mamtani

Great. Thanks questions. my for taking

Operator

comes Jon Your with next Wolleben from the line of JMP question Securities.

Jonathan Wolleben

thanks the and morning taking Good questions. for

XX-week the Just be color the other particularly XXX getting. that we'll think about hoping the GLP-X from and on and will versus which some from could give I new couple biomarkers a could provide be differentiation informative was seen? we've that readout we you me. more candidates When

Scott Harris

thanks This call Jon. Hey, Scott. morning. the joining this for is Again,

I the will numbers recognize they're informative. on be that of readouts small all of We based subjects. think

program. there or variability measurements, the seen to contributory the be a lower within we've So each of will the higher based overall of amount on

that we very I glucose beneficial think term for safety the weight. helpful. diabetes lose control that we're see the effect, metabolism. want things the on to make talked long to best is understand we fact than glucose We've is to want efficacy? way Obviously, for readouts the based not being to if about will homeostasis, a sure over We disruptive that more point is this it already be to the

seen markers we're other the see I diabetes interpreted in molecule But evidence what help versus the rather any So look with better we're to insulin of course to should will of GLP-X And of track as those would in some over the effects. glucose expenditure of we'll regardless going And intake out a glucagon think resting that haven't would will control of we let's track we beginning. optimistic that mechanistic ketone such there specific component that than necessarily emphasize understand have say year that messaging. inflammatory the balance seeing. at with resistance homeostasis I studying are we driving the any at Calorie us loss now. changes component. that of get Mechanistically, the energy glucose have be of to going control the whilst that help information healthy glucagon be as look well. right bodies, the the and volunteers we're in look we're or GLP-X whereas us things And that'll relative we'll some

better compound. of the primary I much us will importance to the the give we're loss. probably think feel is be emphasizing all-in-all, But all what of them for weight is going readout here a

future. that's think molecule, I how how studies to really envision designed we driving how the in the and going we're molecule, we the apply what's

Jonathan Wolleben

based the Got it. line be Do responses And sense historically, diabetics in difference specificity. a Or we differential have you going to be there on with differential might response know ALT-XXX might that's loss in I you on non-diabetics. some see historically? for see study. we've seen any weight or glucagon, degree versus diabetic relative there activity GLP-X what what

Scott Harris

would through a all We co-agonist, although That somewhat translate typically that in semaglutide question. (ph), it's not it's weight compounds, of you it's our GLP-X with those in would the see diabetics with the compounds to we if GLP-X to diabetics only great glucagon, a which loss Would that non-diabetics. XX% about and a different unique based. about I'm That's It's the seeing to would know don't little that you some [Indiscernable] Historically, apply molecule? it's that extent loss weight molecule. talking [Indiscernable] one-to-one. take glucagon in predominantly early a are a a see GLP-X

general to of in had compound. on but see see think loss in diabetics. see been less terms weight you'd a have other description, just that we in previously expect loss diabetics, the that we diabetics studied weight Based what whether We're better and get to yes. different literature compounds in have going to we I the than

Jonathan Wolleben

Phase of starting want just design data to to in data And the XX-week come for of when see studies? patients. XX-week biopsy data. NAFLD start is Do the XX-week one The if relative kind for criteria, of before inclusion more, I on any the you that or that may, to timing Xb information or going

Scott Harris

have for We'll XX-week or that have analysis to data, of wait make interim study, interim the do an could the decision, start decision-making. at drive we readout to to now, the full data look we that an the for that XX-weeks we wait before we'll take data. but whether could or right at the cut

Jonathan Wolleben

it. color. for the Thanks Got

Operator

any closing At no are further there this remarks? Do have you time, questions.

Vipin Garg

to today. We you for everyone, and appreciate our continued outlook a with the your and opportunity Have participating share you, Thank interest. you day. Yes. nice for thank results

Operator

participating. for Thank gentlemen. Ladies you and

You may disconnect. now