Loading...
Docoh

Aptinyx (APTX)

Participants
Nick Smith Senior Director, Corporate Development
Norbert Riedel President & CEO
Ashish Khanna CFO & Chief Business Officer
Andy Kidd COO
Gary Nachman BMO Capital Markets
Charles Duncan Cantor Fitzgerald.
Jessica Fye JP Morgan
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Operator

Good morning and welcome to the Aptinyx First Quarter 2019 Financial Results Conference Call. At this time, all participants are on listen-only mode.

Following the formal remarks, we will open up the call for your questions. Please be advised, the call is being recorded at the Company's request. At this time, I'd like to turn the call over to Nick Smith, Senior Director of Corporate Development and Investor Relations at Aptinyx. proceed. please Nick,

Nick Smith

XXXX Good available XXXX operator. Khanna, morning, welcome Aptinyx's milestones. first to issued business with Thank and updates and morning operating quarter upcoming quarter will our call, our President with Ashish and financial on our and press release Financial This results results Investors first highlights. along Riedel, the a Chief business the Media section. clinical is Executive Chief Norbert will you, Officer The release review and financial and website under conference Today recent we and call. on results. Business our the review Officer Chief Then, Officer financial

the Kidd, In with Operating today call. our is of Officer Chief addition, for Andy us portion the Q&A

to Act that this everyone involve begin, XXXX, Before Harbor statements forward-looking under like Reform we call risks conference uncertainties results of can the I'd Litigation of materially. during provisions Securities statements cause differ Safe include actual will that to which and Private made the remind

call forward-looking information, speak of disclaims the forward-looking with underlying Except to Please the Norbert. the are as SEC. may made, risk circumstances update and future facts this required morning as It's statements factors our my to circumstances. and these over obligation by reflect the law, statements as only any events filings earnings now see to date the Aptinyx and current in in or they disclaimer release the turn Forward-looking subsequent statements issued the pleasure Company's change.

Norbert Riedel

call time good today. We to quarterly our taking and you everyone. the Thank Nick morning you, join appreciate

will results, in somewhat remarks. succinct my to that of Given the proximity be this of our try XXXX opening year-end to I call

to at The mechanism approaches proprietary Aptinyx, are different As NMDA receptor. our compounds develop platform discovery receptor. that you from of components other modulatory modulate the very NMDA our is to leveraging recall, we

the sensory critical processing shown far. results attention, with thus and plasticity noble enhances learning first of understanding of our system. In of of company which studies, the This brain assess processes and as diseases under-searched and build encouraging for another modulation wide-utility marked clinical synaptic for As this XXXX nervous yielded we this quarter we mechanism numerous on memory. the associated to for have continued is has to our the approach period

rapidly studies this Our different of ongoing X are indications pipeline candidates have our product programs Phase advancing three expect we in and four further the across by to end year.

recently North ongoing he the recent of most and these FV how Morgan he spent the our of studies XX Before just the American and and from expertise to progress, also across where I at efforts industry designs results Group. elected highlight our getting and Gosebruch is He FV. currently Chief time to the Vice Executive want at was our now his in Directors. our plans results Co-Head I Board will recent was to the of considerable M&A the inform to team Officer from JP week, years the brings Henrey development pipeline. review Henry that last insights with at clinical Strategy and President

a total detail neuropathy peripheral January in from that post-hoc revealed painful in show on statistical data or As the the are chronic DPN, in crucial of not study and off population. separation our in we study primary on But X NYX-XXXX, analysis findings XXXX the reported pain. Phase informing year-end our diabetic in endpoint now discussed did call, past-forward our placebo importantly,

population. of the effect total in energetic over clinically meaningful and demonstrated NYX-XXXX patients just sub-group sub-group represents of analysis of consisting a advanced DPN; the XXX study with significant Specifically, this XX%

medication. advanced the effects a in pronounced those more taking the study DPN As total sub-group analgesic patients not even population, observed in concomitant in the were

for stores also we expect forward. to formed the which X analysis the DPN take appropriate this the in basis to year. half us the most in Phase our These milligrams study for Importantly, identified second findings initiate XX have clinical second as of

are post-hoc of next DPN will ways. first study our to the findings the in analysis we the we study, from positive all seeking As following focus confirm

will We milligrams, clearly performing the XX the study doses of three we it the best evaluated. was

on patients to focus time, will NYX-XXXX. showed We for who advanced they have better period DPN had longer response clearly as of DPN a a

we the We results have In meditation. in from drug on-track week-X few of exploratory we will the in And the are this in neuroimaging that lastly, our indication, are study plateau periods nearing treatment chronic will longer myalgia, patients and the weeks. we not the study fibro a study the completion conducting effect not DPN remain using analgesic by study have second observed first pain study. because reports to next

Given half observed this of we other year. and measures; in pain, this second during the of analysis initiate interim effects significant including larger a positive effects X Phase the processing pain the study, on to plan

study across two thus of in to next be expect the and studies the finalizing we the that design study findings are this similar key pain far. DPN to and on We design based chronic size the it conducted have

Phase from in patients Turning In the post ongoing the patient X is study and in the report with study NYXXXX developing XXX traumatic of this first initiated expect stress of randomized guys blind now the We XXXX. double PTSD. placebo moment half in to for disorder to or we controlled February.

underlying do. into symptoms PTSD, believe as address than As of observed desires with only pharmacotherapies [indiscernible] compound memory of have a inherent models potential synaptic this NYX-XXX the learning plasticity, in preclinical for we the in the We has reminder, and targeting rather we learning. with are enhancement strong NYX-XXX extinction that to dysfunction by PTSD the guided the

profile. cognitive our exhibited in profile Phase predictable related drug In Results with we NYX-XXX. development this tax also patients concentration allowing from consistent study XX in part the and impairment, conducted for volunteers. showed controlled favor to In NYX-XXX now suffering level. achieved Parkinson's Furthermore, healthy no with Moving placebo from safety pre-clinically levels that event. the X study, the NYX-XXX brain a recently for of randomized tolerability crosses pharmacokinetic readily proportional with that efficacious exposure exhibited serious NYX-XXX blood-brain barrier adverse those

study Just reminder, pipeline X candidates and with the in drug recently cognitive nonhuman effects profile. initiating politics primate NYX-XXX in demonstrated the in on impairments, cognitive X as levels of in each combination design anticipate have a disease our this a and Based have molecule study, the what finalizing PK year. the the observed Phase achieved predictable we very second of we and the brain study currently of half the Parkinson's remarkable in are this of model with Phase ample

very insight at derisked this X in our of The analyses our dose hoc remain invaluable development NWY-XXXX the year. pain Let We in Study studies post chronic in in of of NWY-XXXX positive about milligram first including Phase this level, of and the highly our have XX next further Phase advanced me summarize. for potential revealed later and the patients in block just DPN effects other X informed bases our encouraged briefly initiation DPN, indication.

that, we with X now studies turn We and to cusp over stage in X cognitive next to in continue that entering candidates the make Phase pipeline. multiple three in year. we quarter our development either PTSD readouts across call are With product In of Phase end XXXX, are expect will first painful cover Phase four to on the or have anticipated I in ongoing substantial have by X data in the our of DPM, clinical financial novel progress Fibromyalgia, to now impairment results. Ashish and Parkinson's total,

Ashish Khanna

compares release, to we of today's at In Norbert. and of reported press XX, million you, $XXX.X investments as million $XXX.X Thank XXXX. cash XX, December This XXXX. equivalents March

million continue on expect to Norbert all and into expenditure just of million to in the our readouts Revenues XX compared $X.X XXXX. as were to the We XX ended be operating XXXX, period capital March including the clinical cash fund current discussed. that for needs sufficient same in XX, quarter will our studies $X.X

As to the research grants decrease all XXXX, first a with government from XXXX. primarily XXXX the of Allergan. by outstanding revenues collaboration primarily earned from in our driven and The completion reminder, of ongoing was have to work related our grants half been

company. early platform, essentially While chemistry with were in XXXX these molecules fees revenues XXXX. ended we with for publicly related R&D from rely March expenses these $X.X the to operations. operations on compares our to and some $XX.X the in for G&A and G&A discovery with the research million being a $XX.X increase by XXXX. primarily related support XX, matters do expenses not The in XXXX. offset compared flat costs our employee first costs driven the at expenses to period of were associated period million associated do our compensation, fund and conduct we compliance quarter to was million traded quarter $X revenues to patent business professional This work, obligations increased same same million of for ongoing for the the

Finally, was for $XX.X quarter our the turn loss for a over million net million compared period of the to loss net I questions. in will March the same ended With XX, the call for $XX.X that, XXXX. to operator XXXX

Operator

question Gary Markets. Instructions] [Operator you. Thank with comes And our from first Nachman Capital BMO

proceed. may You

Gary Nachman

sort take before Good with studies fibro and morning. idea how the later DPN for have XXXX how to starting meeting you a have right or some Norbert, dialogue be you the this X it rough will larger of Thanks. and And long FDA you to run them? approach. year? that can Studies think confirm a you Just give the these will and us big Phase will

Norbert Riedel

Yes.

Study, we feels range key to an study we've triple-digits you already study. all X post-hoc Phase The going the outlined analyses. of have is study Of the roughly lucky had Gary the in because Gary, a in be that I on with course the for of FDA findings very open I&D

XXXX. to this is it's year the second line half and second of read As I data mentioned, half top set out in of to begin in the

Gary Nachman

the the per each And that be in fibro both be for DPN? arm? will triple-digits That will and

Norbert Riedel

sides correct. line in both That quite is question similar on [ph]. will That

Gary Nachman

And it arms, be XX will the be placebo? and It two will milligram right?

Norbert Riedel

correct. is That

Gary Nachman

primary it's Study end-points. if DPM the just the NR Might different? what could Okay. it's biomarker initial update But end-point on be I'm I the the So those. same going is - you probably actually study. as well, don't be fibro, to primary assuming the current And score. then for just for know the Phase us X the

Norbert Riedel

measure of and study Pain analysis of in DPN subjective a out course the that pain, significant traditional results namely the those end-point, our it is next what's be what tool chronic for statistically in for this biomarker to interim involved Daily that be more tool is as patient ongoing primary and the really study markets. patients a be given will study, it particular is records the to about pain really the is So a odds that study, of Phase measures. the remember highly neuroimaging and beta of areas pain for reported and XX the primary same that first that Daily X, to Average processing brain odds The Average will biomarker form perception secondary the and amongst in secondary also Score study efficacy that for as not the in show biomarker be positive that in aimed study. one of measures study in as [ph] known using several in -- was biomarker will creation, Pain study initial uses be that of study an Will turned

Gary Nachman

question. And last helpful. that's Okay,

plan data Allergan failed? cancer or any far in studies. know that? completely had Just I hard those the with more you And might they conversations be you on help any because it's not as studies but that completing helpful. update explain and incremental the X our heard Have study? any additional depression do on data would Have points personnel seen why as know, on any now monotherapy you you're Phase Thanks. any

Norbert Riedel

question. the for Thanks

know not into what really the collaboration closes [indiscernible] rapastinel. Because in are we We Allergan that is have Allergan with just study. in on on extends any collaboration that agreement our research more a not

that but in the molecules trial you do. studies there course, platform currently opted domain. that When look small website, public limited So Phase on that the than you ongoing X the I see of information chemistry X and in is is any is a know Allergan to at our multiple our is synthetic more what's monotherapy in you don't Phase

Operator

Ray Cowen. next question [ph] comes from with And our

may You proceed.

me If your let you try. could on mute, you have line

Unidentified Analyst

I for taking morning. you question this the was Thank muted, apology.

that looking you First you at final study bringing meds about question right about to X? Fibromyalgia a DPN you reason design, to study from that to the think Are have now? bear? you are And about are is background going data access Guys, move again. to think it what the that allow to you straight if full the would as the confidence Phase into also, differently? learnings Do or there give you

Norbert Riedel

interim as Gary, The really which to going fellow that's the interim over by be concluded. done next but think time study question, mechanism nicely which informed I why hours how study informed I size the to of of for also primarily GPN the focused finalizing on design It's mentioned very December, the And will a which of I used in focus data we your we is I the are the ready to of course, It shown is not modulating final weeks. confirms DPN the that those the of the the X as DPN as imaging study think to biomarker we its of next on of chronic manifestation our at we Fibromyalgia really action DPN that sense -- but to Fibromyalgia the patients our hallmark secondary data well of at so to interim really few completion population with yet the data the Phase the in of hallmark second out also that study population as as just interim is on tends be quite have that the clearly pain, part the true study, a studies number [ph] patients, disclosed nicely and of well on in study was we very of that patients. the design for final pain Study. -- point be have study, time by in analysis this is of advanced measures we to taking imaging our of that is

Unidentified Analyst

data final the correct? You seen have not Fibromyalgia

Norbert Riedel

we That is correct, have not.

Unidentified Analyst

to think think I would Fibromyalgia be -- there to you Fibromyalgia the is and you about as a longer study? I focus Do do about mean should disease. then And with late day think patients guess not Fibromyalgia then Fibromyalgia, but How a need you of that one? think you on that that, patients of that process as aspect duration Fibromyalgia think from neuropathic we a background

Norbert Riedel

right Yes. could that I if me. to Andy because sitting believe next translate question you for he's

Andy Kidd

great a Hi, it's Andy. It's question.

we centralized Fibromyalgia Our symptoms Most a diagnosed perspective beginning. that to patients true think from is experiencing component while. that's is that on are Fibromyalgia the there with strong very after Fibromyalgia and Fibromyalgia for a

So peripheral for and where of we're onset had that progressive diagnosis sometimes long as XX a long that pain say a as has have a a confident little central heterogeneous to period that's of there's established well certain and and time, a different DPN pretty period disease. a months, someone quite they'll quite

So but principles that of to still different the think yes, Fibro diseases the study. clearly apply some we the and are from DPN to we're learning trying

Unidentified Analyst

Got it. And then…

Norbert Riedel

analgesics with well as learnings comment just -- just the to study, line we study. from the as example will as Fiber another DPN other in thing the The from exclude concomitant

Unidentified Analyst

then guess to we the that Super are always, you. endpoints And certainly the problematic squishy of word should a the etcetera. study, better think design Alzheimer's look end-point, lack helpful, cognitive XXX studies. variability, of as Parkinson's impairment study, thank and for the we been cognitive in cognition about How I

Andy Kidd

studies. they're both to from discriminating about of learned trying point very the one and taken point information that. make what about other possible as your thinking we're we cognition trying we you more you the lessons cognitive that study. and to lot and initiate of But giving be as point We'll apply carefully again. sure out a well as endpoints Andy use that time It’s Yes. That's spending informative the is and

Unidentified Analyst

question. Great. Thanks for taking the

Operator

our from And next question comes [indiscernible].

You may proceed.

Unidentified Analyst

No I do effect learning XX a you for but inverted that why the lastly, questions. your you're from would existing higher and then there be drug on of any interference things other Mechanistically, opioids, sort helpful. And is are some the of could classes developing with -- anyway. secondly, Thanks. commercialization? And or of Could sort couple by And dose? you and have believe with then -- background to the what but -- look about a better of is classes response? Is If Is lastly, first effect you Aptinyx, FCB shaped withdraw well, U outperforms I'm comment recruitment other then from masking genuine there dose milligram a just more than like a understanding analgesics? basis we'll that just on different differences talk that or proceed their the barrier background; analgesics? dose interference? patients you're potential the that bit it annexes, present does analgesics. little having to in what ultimately color on a of

Norbert Riedel

like anyway at you same and are them. raised you, questions commonly quite at that if and you're some milligram as quite see dose I to that our doses sorry. it's high it longer XX the at needed the dose looking afford milligram XXX was that shows safety diseases, response, therapeutic to I'll by milligrams and the XXX to milligram that XXX terrific milligrams And confirm answer Thank considered Jeff. actually could to no point Study Those index because the X in therefore XXX dose, we XX, the actually for. to results, have line and -- effect as huge I'm what we order the actually margin Phase we dose, so trustworthy increasing of was XX predicted least you not effect high them effective CNS push a it the terrific a With and I doses dose milligram as in be us known be a the that sort but not that dose clearly dose act look tested we very can respect that or the results that tested add was was in

that Conmed, for a unless at that's I think basically so we to patients. a we So data, after be did out think your they the that concomitant be in think I least of observation not advised about one really, wouldn't unload the I are before turns that really human we is at comment a because population time It are we allow on I clearly that the that enter for point, not is were really study helpful now to that out confirmed to our concomitant able study. Conmed we With illnesses patients of patients to or that respect allowed include mentioned we really, looked inclusion says on in at of coming the as medication. recruit -- important medication patients half can readily that we

comment Our because all XXXX. next are the to if on those don't a get concomitant can of was study our on patients I study pension. that had for part facets know in I the we comment most medication,

do there which I mechanistic really and I to being think And data pension. action because both acting for most speak sort effect for drugs being a pain. brain have the classes? in other some ways one of overlapping only of in because like brain yes I And it's like but of as the XXXX. pension sort modes extend a that of know. well Does with the they quite that essentially has of are similar, so can those maybe dampened Probably get I don't addresses it have to

it if is answer terribly in the does would of view, say So the because resounding it at population will are that of be as that patient kind indeed not the from has a looking be I we not benefited surprising. setting our with one number mentioned an you, -- look patients a medication. were pension XXXX, any Really setting, reduce XXXX no, existing in is our fact actually that to for that let's to daily I pain at not currently And is benefit be and a even it be available I treatment our of to actually we second combat neuropathic huge we in commercial established a therapy of would were a market have neuropathic think patients. pain huge, drug, previous to, say tertiary or failed even a even if

opportunity nor So limiting we don't it the is for that and have XXXX. a I looked the a going it is barrier, think factor at be to carefully on commercial

Andy Kidd

trial issue, It's for placebo in who've feedback we've just add discipline have had compliance possible the people concomitant clinical compliance studies any a in is the done an weeks a study. chronic lot to onto that. in certainly or with arm externally that you in a point that pain, Just that one of Conmed participating could and increase you're medications potentially in as from clinical the

If be trials take that to future bear start last chronic studies we your are regular from pain reminded on also visit, you didn't important daily with placebo clinic you effective see a complete pain chronic not clinical as and just excluded taking is mind they're perspective think among point greater That non-steroidal sort in used with a studies, as Those opiates, well. also particularly certainly widely concomitant. think of from other about And they'll round studies that -- effect anti-inflammatory. the excluded a but there from that and I to is they a last studies the mentioned, being of medications an groups our not-- point, in to our particularly a diary pain. were excluded outside They're placebo chronic pain routinely regularity. concomitant having drugs in their

Unidentified Analyst

the Thank clarification. you for very much

Operator

And Charles our from comes Duncan Cantor question with next Fitzgerald.

proceed. may You

Charles Duncan

diabetic the neuropathy the question. start asked good plan Lot for to but that Good ask painful questions for morning, soon. wanted you already more detail I of little thanks to a bit study taking on

then, anticipate or you a wondering and dosing that that. and with results I'm the if going I you of you kind define compound also DPN, patient mentioned wondering it that had or that would provide I'm detail to that more could some just how you out you be was heterogeneity, reduce Would dosing? that period talk with week patients could about of patient And longer think longer a of on study? regard X experience heterogeneity to treating XX

Norbert Riedel

So that first plateauing study typically conducted was that in recently XXXX, a X-week past all I study a not seen right of study. to will benefit if course we and X; what X have The is decline just and saw X the we have be be so study with a would that. reported we the study. go line chronic trials, topic, reasons looked effect from on assume the second respect we'll consistent also FDA show comments in a and a that -- at the in actually have we study, to it study. by that pain XX-week in week even the be to X-week X, my mentioned actually will on with first progressive and we so greater the with pain to That's to we XX-weeks

becomes at are actually a post for but you I painful the logical; with talk have that, out shows out years truly looked DPN. if that months, or On mechanisms. damage you DPN study, that where state nerve manifestation several board really the in in XXXX we of than a your in in it's pain you duration most you from our as And as your -- showed period, out, suffered it study and discuss we guided diabetic of disease; think that's that to only further least the have or you of target diagnosis benefit advisory longer a like a neuropathy actually, that have longer central six starts our we the chronic the when years the DPN consider again, in said with our DPN that actually it occurs, that four of actually what for turned periphery first sort and three you're and but clinicians with years,

study of a our show aligns action, is the patients we mentioned in a to XX% out is very where So mechanism believe the benefit patients think duration XXXX; in the which most XXX that longer the XXX focus action patients to or our we disease with about readily of such that's being why large most mechanism I population, well response study allows those I say us of observation relevant. on of with

Charles Duncan

both, It added sizing with and this this color, need And you effect I size to you're assuming you've you finalize the what in appreciate the consider of makes but -- Norbert. sense, terms when know I probably addressed sample assuming, kind guess you to that then are regard I of could one could prove effect chance two wondering include pain, another studies any drive maybe couple sample study to this if I'm of size. sizes in really and that that there's forming study would of become this a anticipate in and to pivotal DPN studies or Fibromyalgia? centralized you

Norbert Riedel

do be limb indeed while the the this go the power on want have adequately and agency this observations we it in pivotal measured the today not it first the to milligram of way Conmed, besides results confirmation readily or DPN advanced the study, let's see I that whether study, I patients. I to -- on strong in the subpopulation without that integrate that we data a jump let's learnings to see much really next. next of more conclusions confirm trial in of has advanced willing first question. that. consider namely Great I study, registration focus the this a say approach would say -- have. actually or qualify let's out don't become is results the patients very saying would XX a dose efficacy think the of we to at know we very look, to we seen should as of that confirming us could to in the us before takes of the I At very speculate tell point, to and what where

if very, a DPN or that thing difference as delta very do very have is X I XX-point look became of that you X.X we population, this of of today Daily in and the a advanced that a and And without in Conmed, here scale year. right that's XX-point off clear scale to a to we scale reminder, on think and that's we that's at that Scores, in saw from kicking Just points that indication to of that XX. the population study that patients Pain the so why we just confident second are that X.X are numeric Average half at grading with the outlined meaningful, clinically the confirm

Charles Duncan

at blinded X-weeks. with being in over I mostly you not? about and basis? in be you PTSD XXX comfortable there And insights anything days provide that that moving perhaps any know only to early on that on the And it study? me, say military is was you are to appear of ongoing but enrolled is those last can you whether sample patients just allow PTSD patient the can question us least if enrolled, Are study; patients a that characterization And the or is

Andy Kidd

Yes, Charles, it's great Andy. Yes, question. it's a

kind diagnostic have that baseline we the caps a the We obviously are current to DSM-X meet. of criteria, X-score and patients applying have

and we're but mix we yet different trauma certainly little We getting and to in types, see kind a a expect early of studying of are military would studying both. a it's range what interested civilian of trauma we're in enrollment

Charles Duncan

my taking Thanks and the Okay. added color for questions.

Operator

Morgan. And our question from Jessica comes JP from next Fye

You may proceed.

Jessica Fye

you scale? X for improvement And the Good and study what's clinician be What of one, morning, question second one first establish difference the partially you Maybe to on offset? then XXX, up cognition a on for Ritu's to in [ph] meaningful think study. Phase Thank on able clinically that you. PTSD administered study; me. ones demonstrate cognition an just following do would two Parkinson's need duration for quick

Andy Kidd

questions. XX. time. and Like those at at it's taken We're effect speaking, we're drugs for that great initiation. number probably a A five so get different but considerations; looking and endpoints, from a as endpoints that there considered this first have setting we're On so some X-point saw more and be signal study what But response. an improvement pronounced looking human points XX greater scores or when are we're I on than some looking is viewing is of key XX six enumerated the points, trials, XXX, XXX of we of and we cognition data, obviously say at couple generally you we're something to is this while out scores will an have on appropriate primate to Andy, with are color endpoints overall considered efficacy at said study balancing more few you a cognizant so it's kind of a we're clinical we're a study Patients cat more scale; our preclinical components questions on of cat on detail also on a PTSD. drug study announce kind It's the the that the quite other looking to as Jess. kind And good of the preclinical our in of severe cap in other of does. perspectives of caps. again, give has the rapid moderate of score, in we'll extremely the show impact cognitive score sophisticated certainly we Thanks, before, recall to

not I to on first a so it's kind pattern looking that it's that the in it mind that drug, of much say, signal we're for of or general which in learning the so think is. just see we like I we're that have depends we so what interested studies as patients again efficacy outcome and kind in And with specific one what

Jessica Fye

you. Thank Great.

Operator

I' this showing call you. comments. for the any no at turn like to would closing time. back Thank I’m further Norbert over questions

Norbert Riedel

thank time this to morning. your Thank the join you, operator. and for us for taking everyone questions you And

we from for potential and our to therapies Phase to all treat We further and the platform, over believe we condition. that we conduct prospects neurological date, readout the have proprietary above of largely plan to inherence conducted candidates significant optimism of have difficult we to they discovery all been followed and next have and stem have as studies insight lines, X As the of candidates. XX four substantial studies pipeline underserved our balance because robust novel upcoming remain forward from execution throughout of of nice across are strong today. and to our looking supported sheet; and rest committed system. treatment from XXXX, these to nervous months, update suffering a further best options the by pipeline providing patients possible programs. brain thank to I to diseases look you forward all and your and for We to XX day. our for readouts the Have again participating we first-class These want you We

Operator

you joining us for Thank today.

You may now disconnect. Everyone, have a great day.