Agios Pharmaceuticals, Inc.

Q3 2021 Earnings Conference Call

11/3/2021

spk_0: the morning and welcome to audio for third quarter twenty twenty one conference call at this time ah participants are endless molly mode there will be a question and answer session at the end please be advised that this call is being recorded and arduous request
spk_1: oh knowledge on the call over to holly manning senior director of investorrelations think your operator good morning everyone and welcome to achieve the third quarter twenty twenty one card for you can act that live for today a call by calling the doctor section of our website your that come with me on the call for be prepared remarks or doctor check it out or chief executive officer after fair are doing our chief medical officer there a mile or chief commercial officer job and dollar or chief financial officer and head of legal corporate affairs and doctor route car or chief scientific officer who will join for una before we get started i would like to remind everyone of them and the statement we make on a call or move forward looking statements well as a result could differ materially from those expressed or implied by any forward looking statements as a result of various rip uncertainties and other factors including both that forth and are most recent filing with as the thief and any other future filings that we may make the the fcc with that altering all or the jeff thanks all any good morning every one of the thanks for joining our third quarter two thousand and twenty one result call strong clinical and operational execution continue at art shows with are india a and him a filings on track or commercial team is focused on launch preparations for about which has the potential to serve as the first disease modifying therapy for power of a pilates deficiency or support infrastructure in life are feel team of sales representatives and nurse clinical educators are fully engaged with health care providers an artist sees education efforts continue to accelerate we're also working diligently on start of activities for three pivotal studies in bell see me on and sickle cell disease all of which with spectrum initiated by the of the twenty twenty one these trials score the potential of minutes of out the service type line within a single drug and as important new treatment option for people with these under start a family challenging lifelong hemolytic anemia beyond that if you babbling continue to advance our earlier stage for the goal and already efforts to build sustainable future growth potential by far leading expertise in pre k activation and cellular metabolism all within our core focus on genetically different diseases we look forward to this year's american society of hematology annual meeting where we need be preventing new data across our clinical programs including important updates and sickle cell disease that will see me i'm and pk deficiency on november seventeenth week land the hosted investor day to share exciting updates on our research and development pipeline and provide for your insight into our commercial launch strategy and expectations for do that and piquet fish said as we look to the end of easier and two thousand and twenty two august is extremely well positioned to enter our next phase of growth with our first genetically to fantasies commercial launch on the horizon three pivotal adult trials to pivotal pediatric pk deficiency trials and they robot park line filled with optionality and possibility without our mail turn the colors sarah to walk through a clinical development programs in more detail sarah welcome to your first quarterly results call as our ontario see ceo thanks jackie we are extremely excited about than shall we have to infect the lives of individuals which an ethically the find diseases beginning with with up enough repeated efficiency and other humor with the comedians with significant on mathematical deep and i will discuss we continue to momentum across all of our cloak of programs in the third quarter
spk_2: you didn't efficiency we continue to work with regulators in with us and in new as a conductor reviews of our regulatory submissions for me talk about we are encouraged by the positive engagement and consistent with the review process we are currently reply to questions from both the us and you regulators
spk_1: and the if the a granted by worthy review to our new drug application we remain on track for the february seventeen for do for based on the dialogue to today we are currently not expecting an advisory committee meeting either you as expected for the procedure we receive the questions from the rapper tour and a critical assessment of the medical records or or marketing authorization application remains on track for potential approval in the second half of twenty twenty two
spk_2: these filing think to data from the activate in activate see faith three studies in not regularly transfused and regularly transfused adults with pick a deficiency which both with their primary and points as well as important secondary and points and patient reported outcomes
spk_1: as well as the fourth of data from the to ongoing extension study but they are package underscore the potential admit that the up to serve as the first therapy for the full spectrum of pick a deficiency patient we expect to share longer term extension data in pick a deficiency at ass in december and look forward to as abstract going online tomorrow we also remain on track to initiate a pediatric political program you pick a deficiency in twenty twenty two
spk_2: moving to sell a senior or to global placebo controlled pit bull trout of with up with up energize and energize the have been initiated
spk_1: our first sight of they're fighting fish and visit that we look forward to enjoying the first species soon as a reminder energize will develop a one hundred and seventy one patients randomised two to one to one hundred milligrams of me talk about twice daily or placebo in both alpha and that the fallacy of patients were not regularly transfuse the primary endpoint symbol globe in response defined as an equal or more one gram per deciliter increase in average hemoglobin concentration from week twelve through week twenty four compared with be flying
spk_2: entered service fee will evaluate two hundred and forty patients randomised to one to one hundred eighty cream of wheat up with a plan for the early or placebo in both alpha in bethel athenian patients who are regularly trust you define of six to twenty read a lot so unique strengths use during the twenty four weeks prior to randomization the primary and want to stress you should reduction response the find have a fifty percent or greater reduction interesting read books though units with a reduction of equal or more than two units of confused red blood cells in any consecutive twelve with period too weak for the eight compared with baseline we are excited to advance the study them believe me talk about has the potential to be a meaningful treat me
spk_1: option for patients with both alpha and bethel celia as we also expect to share longer term extension data on the non regularly transfuse alpha in bethel assange senior patients who completed the faith to or period in sickle cell disease will remain on track to initiate or pivotal fifty two three clinical trial by the end of the year at the stated we recently unveiled the name of this program right up the name was developed in collaboration with a global theme of sickle cell warriors and it has significant meaning for the community we were excited the first chair the name at the sickle cell disease association of america convention last month and we have been ratified by a positive feedback this to three study will include patients who are sixteen years of age or older have had between two and than sickle cell think i was in the past twelve months and have hemoglobin within the range of five point five to ten point five grams per deciliter during screening
spk_2: the fifth to more subtle rise up will pool randomized sixty nine patients want to want to one to fifty milligrams up with up twice daily one hundred milligrams of me talk about like the elite or matched with feeble the primary and points are people moving response defined as equal or more one gram per deciliter increase in average hemoglobin concentration from week
spk_1: then two week twelve compared to be flying in the type of adverse events
spk_2: these data will be used to establish a clear dogging paradigm for the faith three portion
spk_1: the faith three or son of rise of which will commence after the fifth to analysis will randomized one hundred and ninety eight patients to to one with the selected faith to do something thought about or matched with feeble the study will have to primary endpoint the hemoglobin respond the finer equal or more than one gram per deciliter increase in average she will globe and from baseline to week fifty two and also analyzed read of sickle cell paid the price
spk_2: we believe the design of the safe to three study minimize the risk to the approval that for me up of up in this challenging disease and maximizes the like would have a label with abroad indication in addition we continue to work with our collaborator that the nih and the university of an interest on their studies of be if up and sickle cell disease data from both studies are expected to be present a that ass at the nih doctor fan enrolled seventeen patients into gore studied and continues to enroll the extension study we anticipated data sets at ash would provide additional efficacy safety and translational the another continue to support the clinical development of meet up with up in people with sick of it
spk_1: leveraging are pioneering expertise in picky activation were also advancing are novelty activator eighty nine or safe which is currently being evaluated in a phase one study with a healthy balance your components followed by a sickle cell disease component which we plan to initiate in twenty twenty two beta from the ongoing faith one healthy volunteers for will be presented at ash objected mentioned we plan to talk in more detail about our research and development by flying at our investor event on november seven feet i will now during the cold over to direct or chief commercial officer
spk_3: thank you sir
spk_4: with abruptly four months to go before he was probably the pool and launch a very pleased with progress perspective
spk_3: disease education patient a position profiling and roll launch witness the third quarter was our first with a full complement of the customer facing teams a place including sales representatives clinical nurse educators and patient sport managers we went up first and all and digital disease education activities including live health care provider of occasional programming and patient focus seminars over the quarter we've celebrated physician and patient profiling and validation and continue to narrow down our position target list to what we anticipate may be about twenty six hundred positions in the process of profiling to feel team is confirmed what we saw on our most recent quantitative market research which is that the target positions currently actively manage three to five humility he be a patients of unnoticed geology most of whom were likely eligible pathetic testing via me i'd be in the tent to help the reach of the finish diagnosed with the humility could be media including potentially piquet efficiency
spk_4: among those positions profiled were confirmed to currently treated a deficiency many have one to two confirmed pick a deficiency patients diagnosed and under management additionally the recent approval of the do i see ten code for piquet efficiency we spoke to be able to further refine targeting efforts to find previously diagnose patience with to get efficiency or silverton refer to as humility can he be a specialists and clinical nurse educators are also educated practices on the availability of anemia id and answering questions about the service in the third quarter we observe the largest quarter over quarter increase requests for the the idea is since the launch of the program in december
spk_3: this reflects both the impact of our educational efforts and the communities eagerness to identify their patients hemolytic anemia which may include a deficiency in the coming months we expect expand the service by supporting direct patient access to genetic counselors we could provide additional assistance to them
spk_4: we believe this will empower even more patients seeking to initiate the testing process on their own and better manage their disease was diagnosed
spk_3: once the pieces pp to fussy diagnosed as confirm or hemolytic anemia specialist team educate practices on the disease education and other support provided through our patient assisted service my audience the team encourages practices to inform diagnose patients about the service can then continue on to the and process is puts
spk_4: adios and the best possible position to tailor support for diagnose pick a deficiency patients and collect them with the broader picky to fussy community
spk_3: and also continued engagement with peers over the order educating them about the natural history and burden of disease including morbidities and complications for the spectrum of pick a different see patients regardless of transfusion history and an overview of the faced freedom in the process we learn more about their pressing questions and what they expect about years of the time of potential
spk_4: frugal we know formulary coverage of a new treatment takes time before you're able to reach optimal access especially the first nine twelve months post approval as players can being tnt committees offset schedules these exchanges are also helpful in shaping strategies to support peers as they develop coverage policies
spk_3: overall we have growing momentum heading into the expected approval and twenty twenty two with each week bringing and new high with respect to position and patient profiling and education and steady progress towards launch residents of board to discuss details of expect a commercial strategy including progress with picture profiling distribution and or
spk_4: an investor day in november
spk_3: with that allow for over the jonathan to review third quarter financials java
spk_4: a fan or third quarter twenty twenty one financial results can be fun at a press release future this morning which i'll summarize what the detail the included in our tend to filing later today as a reminder er third quarter financial results discussion only includes are continuing operations on a compared to pieces which excludes results from our divested i polished research and development expenses for the third quarter were sixty four million dollars an increase of approximately twelve million dollars compared to the third quarter of twenty twenty the over year increase in aren't the was driven primarily by start up costs associated with the face three studies of appear that aussi me up and sickle cell disease and i disease and
spk_5: education engagement hackers committed to that and pick a and ossetia and sickle cell disease
spk_4: selling general and administrative expenses were twenty seven point two million dollars for the third quarter compared to twenty point three million dollars in the third quarter of twenty twenty we also recorded two million dollars into so low income from royalties in the third quarter twenty twenty one which is included within the game on sale of ecology business line item and are
spk_5: in custody
spk_4: we entered the quarter with cash cash equivalents marketable securities approximately one point four billion dollars with this cat bounce we expect to be able to execute our current operating plan through major catalyst to casual positivity without the need to raise additional did you three repurchase approximately five point three million shares for two hundred fifty four million dollars representing an average price per share of forty seven dollars ninety four cents since massing share repurchases is the third quarter of the completed approximately seven hundred eighty three million dollars or just under two thirds of the one point two million dollar share repurchases authorized by of what attracts the of our and team also reflects be purchases from september thirtieth two the date of the file a huge shows a total usually eat your current option of more than sixteen million shares were just over twenty three percent of my scars your account and a total span of just over a hundred million dollars jurgen substantial progress given the for six months of ours purchase program
spk_5: casual for alternative investment opportunities we're seeing we have pod sheriff
spk_4: it's strategy will allow us to allocate additional capital to accelerate programs and are pipeline and or complimentary business development opportunities that could arise we continue to have the option allen a to repurchase shares with optimization authorization as jack and sarah mentioned in our investor dan november seventeenth we look forward to updating investors on the progress we've made with our internal pipeline efforts and some new investment opportunities we see with our internally discovered drive with that operator please open the line for questions
spk_0: thank you to as a question you when you to press star wanting a telephone to try a question past the pounds he we ask that you please limit yourself to one question we stand by will compelled to kill any roster our first question it's from john newman with canaccord genuity lens open
spk_6: i guess the morning i thank you very much for taking my question the question is on the minivan face three study in sickle cell disease ah i'm just curious first question is are are the and points primary and points and the second question is are you looking to enroll patients at baseline then have them a minimum number of pain crises for the feces that he thinks
spk_1: thanks for your question saw of the answer to that so this is sarah other than you feel out of my the first the the first question around on the face three and that and points of primary and that are two separate primary and points and that is a very deliberate the fine and with in an alpha split over the two primary endpoint that allows us to move on to secondary and point this thing if he hits on one or both runner and points in the end points are the hemoglobin response and an analyst or maybe because or been crises and and to the second question yes we do the inclusion criteria there is a requirement for patients that have at least two up to ten ah think crisis in that near the prior
spk_7: to irrelevance
spk_0: great thank you
spk_8: our next lesson plans on a leaky a young as ten new on is open
spk_9: think as taken my question poses curious about i kind of the the got out of the pivotal and are you allowing got the area and of the nathan and the think it would work well with medicare that brought you
spk_2: yeah sure it so ah
spk_8: we do allow hydroxyurea into the trolley actually have generated data in sickle cell disease patients who have been you know taking hydroxyurea lobbying being exposed to meet up the that and for the way we address that is die as stratification on hydroxyurea the clinical trial
spk_10: and it it's the front of that with i got the or not
spk_8: well it's a question
spk_1: the difference in effect when mitt of the that was combined but not
spk_11: no and that it's too too early to tell right for that would be something that he would be looking to to look at in a subgroup analyses at the end of face three
spk_0: good thank you
spk_12: it's own it's lessing hassan can and mccain was the capital markets cylinders open her diaper putting the question i'm can you talk maybe the are contesting on the incidents and prevalence of power that kind of deficiency based on your ongoing pressure monitoring and pigeon identification efforts are from that the pk deficiency natural history study or your your peak registry and damp and maybe hurt her darrin as we get closer took to launch and down and these efforts are are in pennsylvania just wondering how
spk_5: those prevalence estimates have had started evolved every time a chance overtime thank you
spk_4: shorts and a piano
spk_3: hillary's right so that he you love and it's prevalence odd number between not three thousand a day now and between the us and and the five year low self esteem somewhere between fifteen hundred to four thousand or into in the us that the was on early days of see of of a patient finding
spk_4: again and other l continue to to grow meaning to launch the should accelerate and further once want to get through through the approval ah so right now for are planning purposes we we we stay within that range we assume that were somewhere around around three thousand ah is what we what we do are planning around but that won't be able to confirm
spk_0: that as we as we move forward the the something that's gonna be helpful looking forward as the is the adoption of the know you prove that he can come for for pick a deficiency are but that was just recently approved and so on i'll take a while for we see that universally i by whether by the community
spk_13: thank ya next lesson handsome and upon rama was morning yelling something
spk_12: hey guys on thanks so much for taking the question i'm know that the eighty nine for six healthy ball data can be present in at ash and think this trial had an optional sickle cell tower work there been some additional indicate kinda like are are in the slides today
spk_14: what are maxed us for this program and bully maybe get a better sense about and argue argued a couple weeks thanks so much
spk_15: as hi
spk_2: you will be seen more on
spk_1: for sick and development programs at the investor the on nov seventeen so right now it's indeed healthy volunteer portion waste and
spk_13: a second part to the clinical trial that it's focus on sickle cell disease and we're excited about that him because he will allow us to generate the line of context of hemolytic anemia and then and and we have a lot of optionality based on that so looking forward to discuss more with you on nov seventeen
spk_0: and so they a question
spk_16: and next lesson has on my am with talent and company yellen is open i think for us to make wasn't even heard of it all been patient prevalence on
spk_8: work that turns been doing it
spk_16: one on the new isn't ideas and any id test results are the tracking in line with his face experience than so i think in the very early days he he said they were but it but it was early so thirsty if that's been maintained an and then maybe just to quantify when you say that the boy
spk_3: lions of i demand for this has has increase the greatest kubrick you and keep three you can make clarify that versus the first half a meter did you see as many value of made has inky three at all of the first have for get something smaller something bigger
spk_4: others lot of their with the west was right so the packet so so the as i mentioned am i prepared remarks that we did seem very significant uptick in request or for the tests and shoot three and that's in large part earlier
spk_3: into two years growing momentum but also the first gulf war that we've had the field of fielding that place right so they've been they've been helping to educate the practices of end up and swell a bob elect to order order the test so think we're we're just we're were just shy about two thousand tests are too
spk_4: that it up test by the end of of to free interests what we're seeing ah um die terms of the the results the the i expected it to the to fluctuate right particularly as as the volume of out of test results are requested and results are other professor conducted under the results search on our our of forward forwarded off and there it is a meaningful deserved job difference between what we that the setting and which the the spanish study was conducted which is a controlled setting setting versus the all our our kind of experience that we haven't that in the us but what were the testing in the and made us arm allows visitors to be able to look at whole host of of potential ah explanations for the patients hemolytic anemia so in this bad experience saw about twenty percent with respect to be lower arm but winning that know exactly what that would be so it's a twenty percent getting used to be the upper end upper end of the art of the ranch i think it would be misleading i think that to tell you exactly where we are today because i would love to be able to see this further adopted my uniformly across the country get very strong pockets
spk_13: i'm ah of of jewelers asian but i am be able to see it use more broadly i'd like to see us have more to protest come through ah before we start our reporting retain the on our observing there
spk_0: that's very helpful you
spk_8: a row
spk_12: our next question comes from my with see wainwright yellen is open
spk_8: hi guys the morning or thanks for taking the question and grads on the progress on lot of people have address my questions about the market props article
spk_17: maybe shift to our understanding got reimbursement down can you name talk about your expectations
spk_12: regarding what proportion of patients you think will be covered by private pay vs either medicare or medicaid on and in a what
spk_3: it will climate you guys are going to have to have to be the are
spk_4: and reimbursement that that you would expect for min him that in pkd sure sure no i put all this worked preparing to be able to provide that information that you at the at the investor day later later this month but i'll i'll give you a preview now so we we often and me okay so what we expected it's great that the bubble observed for pkd is reflective of what we would preserve for the overall us population so i'm about fifty five percent or sell patients we expect that about sixty percent on should be commercial ah just about even split five fifteen or present herself i'm on medicare fifty percent met medicaid and and the balance odd number of of other ot better and cash the the what we've what we are what we can expect is that i'm ah i got a rat brain shelter you'll have unit a complete formulary coverage ah for the for patients optically commercial patients doubt about that will rise in large part dependent on when commercial players or
spk_3: gonna own their their pt committee meetings which are on the set id the says dr so so will the that will take time to do to get to universal coverage their medicaid and medicare usually lag aren't so so that may be a little slower than ah then for marshall ah in terms of what what peers need from us on i think the think that's been pretty clear and at this point now we've had a host of one on one disgusted with individual players i'm ah end end end up fair amount of of research on this farm at this point that it work if we're successful in making it establishing a firm understanding of the natural history of that
spk_4: disease a long term morbidities and complications associated with pkd then the unmet need the severity of the disease regardless of transfusion history is pretty well accepted and understood by that by the community right was remake the story ah and so then and then and the clinical data right so the safety of exceeded are pretty cool clear and compelling so there's little some convincing you have to do their you to set the mixture of occupied good understanding of it watch out that then i'm done with we expect that really favorable i'm a access up which you'll have differences based on individual patients i'd have to benefit designs ah but ah but we would expect pretty good pretty good access
spk_17: as the the the key will come down to buy omelet the label looks like at the end of the day on and what price which spread third make sure that work so optimizing the business opportunity for making sure that we're also on optimizing the have the ability for all patients are to be able to access the treatment as their physician or it's appropriate
spk_18: hard to if i may as well my just as quick follow up are you guys anticipating a
spk_8: single point of contact with a genetic testing vs
spk_4: you know genetic testing vs that the actually getting patients enrolled rolled onto that appear that therapy or you know what what i would hate to see city in a you that confusion either with you know access to the genetic testing and the transfer over to achieve in opposition writing a script that patient how's that process gonna be in a be managed well the so fricking omer right with a partner that we work with the provide the genetic test drive on and that every patients gonna necessarily get a genetic test right so judge and i'm a commonly used on test will be the enzyme with and like i say read the genetic test is his song is helpful and can be and this country the ori they arrived so they're not limited to to using using our our our our the to the we'd be supporters oh know what we what we are intending to do is to is to i'm ah have a on the mandated have rights open for every script than as britain ah the physicians will submit the script to our to audio to my our when or be sport service or patients then locked and opt into the service accordingly right so they'll give us the opportunity then to the shore that the appropriate confirmation of the patient like noses in place for helping them with with been supporting their case when with pairs arm and then be able to engage in ah engage with the patients and the practice on all that probably disease education connecting them with other other patients and their ppv community optics mom those lines and and provide ah ah so the surround sound terms of if you're in school are
spk_3: or pitched as well
spk_8: so shown that physicians aren't limited to good match you're such a question the the bizarre and if is a certain limited only to our our ah to our the genetics as that we provide ah but but we but through the the prescription and then for film and processor and were able to opt for by the seamless ah services to the
spk_19: with be able to get on on treatment successfully and of the that line of sight to to individualize
spk_5: yeah okay to of attention much with the questions over
spk_4: and next lesson comes from partner with oppenheimer yellen is open
spk_5: hey good morning and thanks for taking the question is probably a follow up to on upon earlier question is probably directed to to sarah on regarding eg nine for six was just wondering kind of what factors are leading to the decision to to first
spk_1: quit nine four six into a sickle cell cohort as opposed to some of the other hemolytic anemia his arm and and also i'm wondering if if you're seeing any arms are pharmacogenomic thresholds that nine four six needs to clear in healthy volunteers to to justify continued development a known turns up to three ppg be speed auction and a the atp increases things like that on what what would you consider a best case scenario from the i'm not help you volunteered here thanks hurting the questions
spk_2: a out and sort of current front of called way it is set up is it generates you know it's a very typical single ascending told multiple sending those ah studied in healthy volunteers and and were of course looking for pharmacogenomic engagement within within that group that looking to max out and also generated appropriate safety data which is like very classical phase one type work and in the protocol is set up with certain decisions around to form of the dynamic engagement observed in healthy volunteers to move forward with it the proper proper dose is in the nine for sick
spk_1: the mean sickle cell disease component of the trial
spk_20: i'm in regards to about what why sickle cell disease or sickle cell disease clearly there's a huge and med medical mean and we're looking to ah in a further advancement that multiple therapy
spk_1: there for those patients however as with any development after any faith of the clinical development there will be going to go decisions to decide what is the best fast forward for specific molecule
spk_21: regardless
spk_0: despite it all it generates data for sickle cell disease that because we're looking for hemolytic anemia enough offer will be the third in the topic at the crop different hemolytic anemia we are looking at that data as generating optionality for the rest of the decision making crop different indications
spk_22: okay for enough thank you
spk_23: and next lesson handsome solving mr goldman sachs one is open
spk_1: paint them a morning and thank you for taking our question this is elizabeth on for sell the and says he start thinking about the pediatric population and pkd with the pivotal said he said to initiate next year the line to get your thoughts on how peace and identification efforts for pediatrics could differ versus the older patients and i on a particular differences as that you would highlight here
spk_4: also right now of course the patient it into thuggish is focused on the feasibility of the clinical trials so we have taken a very standard approach while engaging with sites to ah
spk_3: to understand how many patients they have how many patients with fit into their eligibility criteria of ah of the clinical trials for pediatric development if that is it's we're currently ass with in our pediatric plan and for were very much looking forward to initiate of studies and twenty twenty
spk_0: two and live upset the the yep first at we're currently employing too far to support patient identification or fish profile and the community ah ah isn't limited to adults right so we're also coming across on a pediatric patients ah as we as we engage with the individual practices
spk_12: we're maintaining some inventory of that us we are as a global market information thank you our next question handsome andrew beyond with as be leaving in london so thin
spk_4: hi thanks to take my questions i'm a couple for me just want to clarify the plan disposition of the remaining one point two billion in cash those allocated for share repurchases views about two thirds the date and a did some you prepared common sense if there was some flexibility with the remaining one third is a possibility they allocate that to external be the activities or are you committed to repurchasing shares that it's the latter i'm just idea what the timing will weeks spot facilitated says well we've seen over the last twelve months and then just a common and amanpour six since it's going to be tested and sickle cell are you still play to advancement of to that than sickle cell disease and how far behind in line for six if that becomes a week candidate for sickle cell disease of is this job and i'll start with the the share reporter's question so what what we decide if you're given the progress we've made more be purchased now up to date just over sixty million shares reducing our sky check out my little over twenty three percent and see observing some opportunities and our internal programs and potentially accelerate them as well as just looking at the external be landscape of seeing valuations coming down you know fairly significantly over the last know most of this year that there could be a possibility for a higher likelihood of a finding of executable complementary be the opportunities with posturing purchases so we still retain the optionality get a tan be a few plan place so we can we can we purchased shares but right now priority for capital allocate asian of that remaining two thirds would be opportunities to accelerate our pipeline end
spk_1: to some be did the remaining one third of side one third of our ah showed purchase the or hundred million so that's what that's where we are now and there's no set timing on when we may or may not be purchase additional shares and it will be in a balancing act of see what opportunities we have internally and of the country
spk_2: with be the and at that plays out you know will make determinations after with respect to how much if any of the additional
spk_1: authorization that will execute
spk_4: and then the or last question around with that the that and sickle cell disease development were super excited about continue to progress with up that to the proper clinical development
spk_1: as
spk_4: and it's higher
spk_1: jackie i'm nobody's ethnic like to death on getting it out i'm feeling like that saw get a japan for thank you for asking the or two questions i just also on the point out that he liked a week father's oncology divestiture when a ferry and then we've brought those fun
spk_24: in march
spk_1: we were always flexible in terms of how we are going to think about our capital allocation but what we knew at the commons that we were in a unique situation given our
spk_4: where we were in terms of the audience life cycle and having undertaken one was relatively large transaction for a company of our size and given the amount of capital it went right over our history
spk_2: our initial priority and that's where we have the one point to go and our share authorization was too kind of what i call reset our capital structure by giving a some of that fact that our shareholders which we now have done enough i'm very happy with execution that we've done all that of is roughly eight hundred million or so long
spk_4: org or the last six months and selling to t to have that additional four hundred million of authorization act the same time ark teams have made significant progress with some are internal programs over the course of two thousand and twenty one and now we see some opportunity the won't talk about on november seventeenth two
spk_12: like incremental investments in our internal our assets and programs to both something for long we're now we have the evidence of or the logic for moving them a along and advancing them and and those investments to our plan that a bar necessary there in the past and as johnson said where we also
spk_1: that have have greater clarity terms of our eternal thinking i would say around the potential opportunities sat in the be the arena so that there are different ways that you know how to deploy your capital overtime and we're always going to toggle between those a different ways but in the short term and one of the like a clear statement
spk_4: those share count reduction with the return of capital and now we're just can be a little bit more flexible in terms of how weeks oh look at those different tone opportunities that and in the last thing i just want to say science on
spk_12: non for six i can remember this from a year or even maybe more a go with we do with or said that we wanted to generate some data in a given hemolytic anemia and at the time that we've we were moving forward the healthy volunteers funny sickle cell disease seem to be the most logical one to answer to that
spk_25: protocol to get some early day the is a given hemolytic anemia a disease and on think you're here on nov seventeen some other rapid as that we'd have for aging non for sex and on will leave it at that thank you for your question
spk_1: good thanks and and just power i'm jackie how many people the gotta up now well it depends on how you would get it so we have a we have a two or three dedicated are people that then we've also got time times leaders with the of each functional area that contribute to the effort so when we were we're looking at something for their be some the embers that shop who contributes to the look king in athens or be and sarah shops who contributes to look again who's also of course brute the team is generating audience for complimentary i serve mechanisms are part of that we would wanna be you are looking at that we've got a small i believe small but mighty obedient a team out there canvassing the landscape
spk_26: okay and then just one nine four six with with you to the and sickle cell tonight or six
spk_2: how far behind that to that would would you estimate your
spk_1: some such as to declare we're not anticipating that we're going to pivot not forsake we're moving fast and furious
spk_25: give that there's a chance that not for safe and sickle cell one day and the complimentary yeah
spk_0: or folio it's as likely that we see thousand a day to for not forcing cell disease the tells us something about how the product is performing in any given hemolytic anemia
spk_2: health no nearby
spk_17: and then the third in many other indications feel comfortable moving even faster earth into based on those hot totality of what we think o'clock crumpet class
spk_1: designers and all the work that we've done a and non for snake specifically okay thanks where alone the questions
spk_27: our next question has some didn't rule with jeans humans open
spk_28: good morning think the much for the question i get on a couple on be because fall and el sr trials i know you're excluding patients on learn actors are solid word or that they out that will you permit enrollment of patients with prior exposure to those jobs and then similarly
spk_29: fire on the energized child or you permitting and roman a patients who had prior to them that with patterson thank you
spk_1: so yes and yes if the answer so we are allowing patients and been exposed to those bar therapies and then have a proper a washout period before rolling into art trial and then the saved for our the south senior trials and which prior with butter said exposure is allowed and then at mentioned earlier hydroxyurea for the sickle cell disease draft is a lot a concomitant medication i just a quick polyps the i am an obvious the or mechanisms different they is there any criteria around whether the patient had to be responded to the to the prior treatments are not know there is not pandit thank you so much
spk_30: look
spk_0: thank you and and cali so no further questions time i turn a call back over the jackie sells for closing mark
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