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spk08: and conference call. Yesterday, May 17, 2021, the company filed its Q1 quarterly report on Form 10Q and issued a press release summarizing its results and providing an overview of the activities in the first quarter. Today's discussion is being recorded and will be available for replay. A replay of today's webcast will be available on the Bio and Bio website following today's call. Alternatively, the links can be sent to you by contacting IR at buyandbio.com. All participants on this call will be in a listen-only mode during the presentation. The presentation will be followed by a question and answer session. And at this time, I would like to turn the conference over to Jay Roberts, Chief Executive Officer of Buy and Bio. Please go ahead, sir.
spk06: Thank you, Operator. And thank you all for joining the Buy and Bio Q1 Investor Webcast. conference call. We're pleased to be in full swing now with our merger activities are completed, and we're focused on executing on our business plan. It's also a great pleasure to speak with you today to share our enthusiasm and to give you some insight into how we envision the near-term future of ViantBio, along with the financial results of the merger we completed on March 30, 2021. On the call with me today is ViantBio's Chief Innovation Officer, Ping Yeh, and our Chief Financial Officer, Andy LaFrance. Following the safe harbor statement, I will provide a strategic overview and update on recent corporate developments, and Andy will take us through a brief financial update and discuss key accounting matters related to the merger. I will then make some closing remarks, and we'll then have Ping available with Andy and me to take your questions. I'll now turn the call over to our CFO, Andy LaFrance.
spk12: Thank you, Jay, and welcome to all. We would like to remind you that various comments about future expectations, plans, and prospects constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Bio cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicating clean risks described in the company's filings with the SEC. Any forward-looking statements made on this conference call speak only as of today's date, Tuesday, May 18, 2021, and Viant Bio does not intend to update any of these forward-looking statements to reflect the events or circumstances that would cause, that would occur after today's date. This conference call is being recorded for audio rebroadcast on Viant Bio's website at www.viantbio.com. With that, I would like to turn the call back over to Jay Roberts. Jay.
spk06: Thanks, Andy. As we proceeded to Q2, I think it's important to remind everyone that the merger closed only 45 days ago. And I can assure you the entire Bio team is operating at full tilt. We are making outstanding progress, which we are here to highlight for you today. Before we cover the financial results of Q1, I'd like to recap a few highlights of the past several weeks since the merger closed. First, to remind everyone of our vision, it's essential to recognize the business of drug discovery is difficult and has historically been time-consuming and expensive to bring new therapeutics into the clinic. Viant Bio is highly focused on discovering novel and applications for repurposed therapeutics. We believe that drug discovery needs to progressively evolve as we know the widely used models for predicting safe and effective drugs have underperformed, as evidenced by the billions of dollars and years of time it takes to bring novel drugs to market. But this is a backdrop for where our industry operates. We are converging an impactful approach to drug discovery with data science and biology-driven technologies at the core with cross-functional engineering disciplines and regulatory expertise. We have commercialized the development, engineering, and manufacturing of proprietary disease models built in induced pluripotent stem cell, or iPSC technology, which are used to screen novel and repurposed compound targets. The most mature disease models are being used to find therapeutic candidates in the central nervous system using our microbrain platform. In early 2020, we partnered with AtomWise, Together, we are interrogating hundreds of promising compounds to identify a novel treatment for Rett syndrome. We expect there will be results from this effort within a very short period of time, which will enable us to progress through the discovery lifecycle. We have also made significant advancements with our CDKL5 neurological disorder disease model, another application for our micro brain platform, and are experimenting with numerous therapeutic candidates that we believe have promise. We've also made progress with the filing of a provisional patent around a series of repurposed compounds that we are progressing in our preclinical programs to treat Rett syndrome, which we will be discussing a lot more in the coming months. To give you a little more insight into the Stamonix technology platform that we are using to discover the most suitable compounds, we have developed a unique portfolio of intellectual property and a know-how to bring forward highly industrialized and functional human organoids. The importance of this is critical to understand. It is the standardization of what our biology, chemistry, and data scientists are doing in the lab which allows our proprietary software analytics to perform incredibly complex analysis to generate valuable data in novel visualizations to create actionable insights. This results in an ability to quantitatively rank order the efficacy and safety parameters for a large library screenings across multiple drug targets and discern the smallest nuances between a handful of potential drug candidates that could be the difference between drug failure or drug approval. And more importantly, is about shortening the time to bring the best medicines to patients. On April 22nd, we announced a collaboration with Herdeos Bio and Solaria to design and qualify biomarker-specific small protein therapeutics, initially for the treatment of HER2 breast cancer. We are very excited about this program and are unveiling a model for rapid iteration of therapeutic design using artificial intelligence and in vitro avatar clinical trials that will enable the design, development, and testing of potential therapeutics on specific patient populations during preclinical development. The collaboration capitalizes on the unique capabilities of each company to design, manufacture, and test small protein therapeutics that target multiple biomarkers derived from whole genome sequencing of patient populations. Using proprietary AI, Ordeos will generate in silico protein sequences designed to bind specific disease targets and will serve as a blueprint for the collaborative team's experts in in vitro and in vivo preclinical drug discovery to produce the protein and rapidly iterate the structure using a highly efficient expression system. Using Solaria's patient-specific cell model cohorts, the purified protein will be critically evaluated for target binding and further optimized to improve performance across an array of disease-specific genetic biomarker-expressing cells. In addition, our Stamonix team will contribute a cross-functional set of physiologically relevant human-induced pluripotent stem cell organoid models for in vitro toxicology studies. Once fully optimized by the team, MyBio's objective will be to deliver regulatory readiness and a maximally de-risk drug candidate. The combined solution will provide data and human-based insights not usually available until after a costly clinical trial. We've also made solid progress in the last 45 days of integrating the combined businesses. We have multiple programs in action that bring the scientific teams of Stamonix and VivoPharm working closely together to leverage our respective capabilities. Our human-derived models, combined with the latest data science and software technologies, are identifying and rank ordering repurposed and novel compounds by therapeutic candidates. And along with the addition of the VivoPharm cancer cell line assets and scientific expertise in oncology, we have begun to advance models targeting glioblastoma and Parkinson's disease. Finally, since the merger closed at the end of Q1, we have entered into active discussions with prospective pharma partners to offer exclusive access to certain disease models and expect to enter into license agreements for access to both novel and repurposed therapies. The company is striving to receive a mixture of upfront payments, licensing fees, milestone-based fees, and ongoing royalty payments. I will now turn the call over to Angelo France, our Chief Financial Officer.
spk12: Thank you, Jay. Hello, everyone, and thank you again for joining our call. Today, I will review our balance sheet position as of March 31, 2021, and our financial results for the quarter of the first quarter of 2021. As a reminder, Stamonix was deemed to have acquired Cancer Genetics for accounting purposes, and the merger was closed on March 30th, 2021. Therefore, the historical financial statements of the company now reflect the historical Stamonix financial statements. Therefore, the company's first quarter financial results are primarily the Stamonix operations as only one day of post-merger historical cancer genetics and vivoFARM operations are included in the VientBio first quarter 2021 operating results. The operating results for the first quarter of 2021 include approximately $5 million of non-recurring merger expenses and non-cash charges to operations related to Stamonix pre-merger financings. Prior to the completion of the merger, Cancer Genetics raised $27.5 million of gross proceeds in two offerings, as well as received $3.6 million in proceeds from common stock warrant exercises in the first quarter of 2021. In addition, Stemonics raised $7 million of gross proceeds in the first quarter of 2021. As a result, the company had approximately $33.1 million of cash at March 31, 2021. This provides cash to operate our business over the next 18 to 24 months. Moving to the income statement, revenues increased 32% or $54,000 to $222,000 for the three months ended March 31, 2021, as compared with $168,000 for the three months ended March 31, 2020. Product revenues accounted for the increase in revenues. Research and development expenses decreased by 19%, or $189,000, to $820,000 for the three months ended March 31, 2021, from $1 million for the three months ended March 31, 2020. This decrease is principally due to less research and development costs incurred at our Maple Grove facility. Selling general and administrative expenses increased by 46%, or $383,000 to $1.2 million for the three months ended March 31st, 2021, as compared with $833,000 for the three months ended March 31st, 2020. The quarter ended March 31st, 2021 includes stock-based compensation of $331,000, of which $317,000 relates to March 30th, 2021 stock option grants including grants to the newly formed board of directors that vested immediately. The company incurred incremental professional services of $222,000 in the first quarter of 2021 as compared with the prior year period related to accounting, audit, and other professional services that were not deemed to be one-time merger related costs. This period over period increase was offset by a $161,000 decrease in sales, marketing, and business development expenses due to a realignment of the company's revenue strategy to a licensing model in Q1 2020, resulting in lower headcount and reduced expenditures, also related to the COVID-19 pandemic. Merger-related costs for the three months ended March 31, 2021 were $2.1 million, These professional service-related costs and investment bankruptcies were incurred related to the merger. Importantly, total other expense for the three months ended March 31, 2021, was $2.9 million and included a number of non-recurring, non-cash-related items related to the conversion and exchange of the Stamonix capital structure to the Vint BioCommon stock. These non-cash items included a $250,000 March market loss for an embedded compound derivative from the Stamonix 2020 convertible notes, a $2.5 million loss on the conversion of these notes to equity upon the closing of the merger, and the 2020 convertible notes interest expense of $364,000 that was converted to common stock. This is offset by a $214,000 mark-to-market gain for a warrant liability. I will close for now and hand the presentation back over to Jay Roberts for closing remarks. Jay? Thank you, Randy.
spk06: As we come to the final part of this presentation, I'd like to conclude with the following takeaways. First, I'd like to reiterate how pleased we are now that the merger was completed at the end of Q1. fueling our activities into Q2 and beyond. We are very encouraged and proud of our accomplishments in this very short period of time, and are dedicated to executing on our business plan and keeping our promise to our employees, investors, shareholders, and our business partners to bring innovative, novel, and repurposed therapeutics through the discovery phase of drug development. Please stay tuned as we move deeper into the execution phase of the merger. We also invite new listeners to become more familiar with ViantBio. As news and information becomes available, we'll be communicating updates via press releases, social media, and the new ViantBio website. Interested parties are invited to sign up for the press release distribution list. Please visit our website. In closing, for interested investors, we are beginning on an expanded effort to speak directly with the fundamental life science investment community We're happy to arrange one-on-one calls for those who wish to learn more about ViagBio. With that, I invite Andy LaFrance and Pinie to join me as we open up the line for Q&A.
spk08: Thank you. And to ask a question, just press star one on your telephone. To withdraw your question, press the pound or hash key. Please stand by while we compile the Q&A roster. We have a question from the line of Carl Burns with Northland Capital Markets. Your question, please.
spk02: Great. Congratulations on the progress, and thanks for the question. You completed the quarter with approximately 33.1 million in cash, and it looks like the cash use from operations in the queue was around 4.6 million. I'm wondering if you can provide guidance with respect to cash runway. I think prior guidance was well into 2022. and if this guidance includes any contribution from potential upfront payments from partners or licensees. Thanks. And I have a follow-up.
spk06: Okay. Carl, thanks. That's a great question. Actually, Andy, why don't you take that one? As our CFO, that would be good.
spk12: Yeah. Carl, if you think about the financial results that are in the statement of cash flows, the $4.6 million also includes about $2.1 million of merger-related costs. You think about the actual kind of as-adjusted cash flow burn in the first quarter from the Monarchs standalone standpoint was about $2.5 million. In my remarks, we commented that we do believe that we have sufficient cash for the next 18 to 24 months. And so we expect our cash burn to kind of be in that, you know, 9 to... $12 million per year sort of burn as we, uh, work on continuing to develop our technology.
spk02: Great. Thanks. And then, um, uh, just a follow-up question with respect to what might be a realistic potential timing of first in human studies for the reps candidate. Oh, this is a one to six. And then also, uh, potential, um, uh, I and D enabling studies, a realistic potential ID enabling studies for the right candidate that that's, uh, partner with atomize. Thanks.
spk06: Yeah, so Carl, let me I can start and I'm going to pay in the add to that. But no anticipating that in both cases, you know, we'll start to see those kind of results in the beginning part of 2022. So we've got, you know, very good progress wherever we're quite happy, actually, with the progress that we've made so far, obviously, there's certain steps that we have to take when we come into the remainder of 2021. But optimistically, we think 2022 for the first half of the year. Ping, happy to let you expand on that.
spk13: I think you're right, Jay. I would just say that one of the advantages of our organoid platforms is the ability to find repurposed and novel therapeutics. And it's our strategy to leverage these platforms for both these pathways.
spk03: Great, thanks. That's very helpful.
spk08: Thank you. Again, for questions, simply press star 1 on your telephone. All right. And this concludes our Q&A for today. I will pass it back to management for any final remarks.
spk06: Okay. Thank you, Carmen and operator. So, you know, again, just like to thank everybody for joining today. We're very excited about the future. And, again, we're, you know, certainly inviting investors, fundamental life science investors involved We're open to taking your meetings for the questions after this call and hope everyone has a great day. Thank you.
spk08: Thank you. And this concludes today's program. Thank you for your participation. And you may now disconnect. Thank you. Thank you. you Thank you. Thank you. Thank you. Thank you. Good morning and welcome to the buy and buy of first quarter 2021 shareholder and investor webcast and conference call. Yesterday, May 17, 2021, the company filed its Q1 quarterly report on Form 10Q and issued a press release summarizing its results and providing an overview of the activities in the first quarter. Today's discussion is being recorded and will be available for replay. A replay of today's webcast will be available on the Bio and Bio website following today's call. Alternatively, the links can be sent to you by contacting ir.bioandbio.com. All participants on this call will be in a listen-only mode during the presentation. The presentation will be followed by a question and answer session. And at this time, I would like to turn the conference over to Jay Roberts. Chief Executive Officer of ViantBio. Please go ahead, sir.
spk06: Thank you, Operator, and thank you all for joining the ViantBio Q1 Investor Webcast and Conference Call. We're pleased to be in full swing now with our merger activities are completed, and we're focused on executing on our business plan. It's also a great pleasure to speak with you today to share our enthusiasm and to give you some insight into how we envision the near-term future of ViantBio along with the financial results of the merger we completed on March 30th, 2021. On the call with me today is ViantBio's Chief Innovation Officer, Ping Yeh, and our Chief Financial Officer, Andy LaFrance. Following the Safe Harbor Statement, I will provide a strategic overview and update on recent corporate developments, and Andy will take us through a brief financial update and discuss key accounting matters related to the merger. I will then make some closing remarks We'll then have Ping available with Andy and me to take your questions. I'll now turn the call over to our CFO, Andy LaFrance.
spk12: Thank you, Jay, and welcome to all. We'd like to remind you that various comments about future expectations, plans, and prospects constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Viant Bio cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated, including risks described in the company's filings with the FCC. Any forward-looking statements made on this conference call speak only as of today's date, Tuesday, May 18, 2021, and Viant Bio does not intend to update any of these forward-looking statements to reflect the events or circumstances that would occur after today's date. This conference call is being recorded for audio rebroadcast on ViantBio's website at www.viantbio.com. With that, I would like to turn the call back over to Jay Roberts. Jay.
spk06: Thanks, Andy. As we proceeded to Q2, I think it's important to remind everyone that the merger closed only 45 days ago, and I can assure you the entire ViantBio BioTeam is operating at full tilt. We are making outstanding progress, which we are here to highlight for you today. Before we cover the financial results of Q1, I would like to recap a few highlights of the past several weeks since the merger closed. First, to remind everyone of our vision, it is essential to recognize the business of drug discovery is difficult and has historically been time-consuming and expensive to bring new therapeutics into the clinic. VitaBio is highly focused on discovering novel and applications for repurposed therapeutics. We believe that drug discovery needs to progressively evolve, as we know the widely used models for predicting safe and effective drugs have underperformed, as evidenced by the billions of dollars and years of time it takes to bring novel drugs to market. But this is a backdrop for where our industry operates. We are converging an impactful approach to drug discovery with data science and biology-driven technologies at the core with cross-functional engineering disciplines and regulatory expertise. We have commercialized the development, engineering, and manufacturing of proprietary disease models built in induced pluripotent stem cell, or iPSC technology, which are used to screen novel and repurposed compound targets. The most mature disease models are being used to find therapeutic candidates in the central nervous system using our microbrain platform. In early 2020, we partnered with AtomWise. Together, we are interrogating hundreds of promising compounds to identify a novel treatment for Rett syndrome. We expect there will be results from this effort within a very short period of time, which will enable us to progress through the discovery lifecycle. We've also made significant advancements with our CDKL5 neurological disorder disease model, another application for our micro brain platform, and are experimenting with numerous therapeutic candidates that we believe have promise. We've also made progress with the filing of a provisional patent around a series of repurposed compounds that we are progressing in our preclinical programs to treat Rett syndrome. which we will be discussing a lot more in the coming months. To give you a little more insight into this mnemonics technology platform that we are using to discover the most suitable compounds, we have developed a unique portfolio of intellectual property and a know-how to bring forward highly industrialized and functional human organoids. The importance of this is critical to understand. It is the standardization of what our biology, chemistry, and data scientists are doing in the lab which allows our proprietary software analytics to perform incredibly complex analysis to generate valuable data in novel visualizations to create actionable insights. This results in an ability to quantitatively rank order the efficacy and safety parameters for a large library screenings across multiple drug targets and discern the smallest nuances between a handful of potential drug candidates that could be the difference between drug failure or drug approval. And, more importantly, is about shortening the time to bring the best medicines to patients. On April 22nd, we announced a collaboration with Herdeos Bio and Solaria to design and qualify biomarker-specific small protein therapeutics, initially for the treatment of HER2 breast cancer. We are very excited about this program and are unveiling a model for rapid iteration of therapeutic design using artificial intelligence and in vitro avatar clinical trials that will enable the design, development, and testing of potential therapeutics on specific patient populations during preclinical development. The collaboration capitalizes on the unique capabilities of each company to design, manufacture, and test small protein therapeutics that target multiple biomarkers derived whole genome sequencing of patient populations. Using proprietary AI, Radeos will generate in silico protein sequences designed to bind specific disease targets and will serve as a blueprint for the collaborative team's experts in in vitro and in vivo preclinical drug discovery to produce the protein and rapidly iterate the structure using a highly efficient expression system. Using Solaria's patient-specific cell model cohorts, the purified protein will be critically evaluated for target binding and further optimized to improve performance across an array of disease-specific genetic biomarker-expressing cells. In addition, our Stemonyx team will contribute a cross-functional set of physiologically relevant human-induced pluripotent stem cell organoid models for in vitro toxicology studies. Once fully optimized by the team, MyBio's objective will be to deliver regulatory readiness and a maximally de-risked drug candidate. The combined solution will provide data and human-based insights not usually available until after a costly clinical trial. We've also made solid progress in the last 45 days of integrating the combined businesses. We have multiple programs in action that bring the scientific teams of Stamonix and Vivopharm working closely together to leverage our respective capabilities. Our human-derived models, combined with the latest data science and software technologies, are identifying and rank ordering repurposed and novel compounds by therapeutic candidates. And along with the addition of the VivoPharm cancer cell line assets and scientific expertise in oncology, we have begun to advance models targeting glioblastoma and Parkinson's disease. Since the merger closed at the end of Q1, we have entered into active discussions with prospective pharma partners to offer exclusive access to certain disease models and expect to enter into license agreements for access to both novel and repurposed therapies. The company is striving to receive a mixture of upfront payments, licensing fees, milestone-based fees, and ongoing royalty payments. I will now turn the call over to Angelo France, our Chief Financial Officer. Thank you.
spk12: Thank you, Jay. Hello, everyone, and thank you again for joining our call. Today, I will review our balance sheet position as of March 31st, 2021, and our financial results for the first quarter of 2021. As a reminder, Semonix was deemed to have acquired Cancer Genetics for accounting purposes, and the merger was closed on March 30th, 2021. Therefore, the historical financial statements of the company now reflect the historical Stamonix financial statements. Therefore, the company's first quarter financial results are primarily the Stamonix operations as only one day of post-merger historical cancer genetics and VivoPharm operations are included in the VyteBio first quarter 2021 operating results. The operating results for the first quarter of 2021 include approximately $5 million of non-recurring merger expenses, and non-cash charges to operations related to Stamonix pre-merger financing. Prior to the completion of the merger, Cancer Genetics raised $27.5 million of gross proceeds in two offerings, as well as received $3.6 million in proceeds from common stock warrant exercises in the first quarter of 2021. In addition, Stamonix raised $7 million of gross proceeds in the first quarter of 2021. As a result, the company had approximately $33.1 million of cash at March 31, 2021. This provides cash to operate our business over the next 18 to 24 months.
spk11: Moving to the income statement.
spk12: Revenues increased 32% or $54,000 to $222,000 for the three months ended March 31st, 2021, as compared with $168,000 for the three months ended March 31st, 2020. Product revenues accounted for the increase in revenues. Research development expenses decreased by 19% or $189,000 to $820,000 for the three months ended March 31st, 2021 from $1 million for the three months ended March 31st, 2020. This decrease is principally due to less research and development costs incurred at our Maple Grove facility. Selling general administrative expenses increased by 46% or $383,000 to $1.2 million for the three months ended March 31st, 2021 as compared with $833,000 for the three months ended March 31st, 2020. The quarter ended March 31st, 2021 includes stock-based compensation of $331,000 of which $317,000 relates to March 30th, 2021 stock option grants, including grants to the newly formed board of directors that vested immediately. The company incurred incremental professional services of $222,000 in the first quarter of 2021 as compared with the prior year period related to accounting, audit, and other professional services that were not deemed to be one-time merger related costs. This period over period increase was offset by a $161,000 decrease in sales, marketing, and business development expenses due to a realignment of the company's revenue strategy to a licensing model in Q1 2020, resulting in lower headcount and reduced expenditures, also related to the COVID-19 pandemic. Merger-related costs for the three months ended March 31, 2021, were $2.1 million. These professional service-related costs and investment bankruptcies were incurred related to the merger. Importantly, total other expense for the three months ended March 31st, 2021 was $2.9 million and included a number of non-recurring, non-cash related items related to the conversion and exchange of the Stamonix capital structure to the Vint Biocommon stock. These non-cash items included a 250,000 March market loss for an embedded compound derivative, from the Stamonix 2020 convertible notes, a $2.5 million loss on the conversion of these notes to equity upon the closing of the merger, and the 2020 convertible notes interest expense of $364,000 that was converted to common stock. This is offset by a $214,000 mark-to-market gain for a warrant liability. I will close for now and hand the presentation back over to Jay Roberts for closing remarks. Jay? Thank you, Randy.
spk06: As we come to the final part of this presentation, I'd like to conclude with the following takeaways. First, I'd like to reiterate how pleased we are now that the merger was completed at the end of Q1, fueling our activities into Q2 and beyond. We are very encouraged and proud of our accomplishments in this very short period of time and are dedicated to executing on our business plan and keeping our promise to our employees, investors, shareholders, and our business partners to bring innovative, novel, and repurposed therapeutics through the discovery phase of drug development. Please stay tuned as we move deeper into the execution phase of the merger. We also invite new listeners to become more familiar with ViantBio. As news and information becomes available, we'll be communicating updates via press releases, social media, and the new ViantBio website. Interested parties are invited to sign up for the press release distribution list. Please visit our website. In closing, for interested investors, we are beginning on an expanded effort to speak directly with the fundamental life science investment community. We're happy to arrange one-on-one calls for those who wish to learn more about ViantBio. With that, I invite Andy LaFrance and Pinier to join me as we open up the line for Q&A.
spk08: Thank you. And to ask a question, just press star one on your telephone. To withdraw your question, press the pound or hash key. Please stand by while we compile the Q&A roster. We have a question from the line of Carl Burns with Northland Capital Markets. Your question, please.
spk02: Great. Congratulations on the progress and thanks for the question. You completed the quarter with approximately $33.1 million in cash, and it looks like the cash used from operations in the queue was around $4.6 million. I'm wondering if you can provide guidance with respect to cash runway. I think prior guidance was well into 2022, and if this guidance includes any contribution from potential upfront payments from partners or licensees. Thanks. And then I have a follow-up to that.
spk06: Okay, Carl, thanks. That's a great question. Actually, Andy, why don't you take that one? As our CFO, that would be good.
spk12: Yeah, Carl, if you think about the financial results that are in the statement of cash flows of $4.6 million, it also includes about $2.1 million of merger-related costs. So if you think about the actual kind of as-adjusted costs, cash flow burn in the first quarter from the Monarch standalone standpoint was about $2.5 million. In my remarks, we commented that we do believe that we have sufficient cash for the next 18 to 24 months. And so we expect our cash burn to kind of be in that, you know, $9 to $12 million per year sort of burn as we work on continuing to develop our technologies.
spk02: Great, thanks. And then just a follow-up question with respect to what might be a realistic potential timing of first-in-human studies for the RETS candidate? This is 0126. And then also potential IND-enabling studies, a realistic potential IND-enabling studies for the RETS candidate that's partnered with Atomwise. Thanks.
spk06: Yeah, so, Carl, let me – I can start, and I'm going to let Ping and Andy add to that. But, you know, anticipating – that in both cases, you know, we'll start to see those kind of results in the beginning part of 2022. So we've got, you know, very good progress. We're quite happy, actually, with the progress that we've made so far. Obviously, there's certain steps that we have to take when we come into the remainder of 2021. But optimistically, we think 2022 for the first half of the year. Ping, happy to let you expand on that.
spk13: I think you're right. Jay, I would just say that one of the advantages of our organoid platforms is the ability to find repurposed and novel therapeutics. And it's our strategy to leverage these platforms for both these pathways.
spk03: Great, thanks. That's very helpful.
spk08: Thank you. Again, for questions, simply press star one on your telephone. All right, and this concludes our Q&A. For today, I will pass it back to management for any final remarks.
spk06: Okay, thank you, Carmen and operator. So, you know, again, just like to thank everybody for joining today. We're very excited about the future. And again, we're, you know, certainly inviting investors, fundamental life science investors. We're open to taking your meetings for the questions after this call. And hope everyone has a great day. Thank you.
spk08: Thank you. And this concludes today's program. Thank you for your participation. And you may now disconnect.
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