Zymeworks Inc.

Q4 2022 Earnings Conference Call


spk_0: the day ladies and gentlemen and thank you for standing by welcome to design works fourth quarter and four year two thousand and twenty two result conference call at this time all participants are gonna listen only mode after the speakers presentation that will be a question and answer session to ask a question during the session you need to press star one one or your telephone keep back at this time i would like to turn the converse over to mister jax banks of investor relations resign work sir you may begin
spk_1: good afternoon and welcome everyone when it gets things and investor relations your design works today will discuss or fourth quarter and four year twenty twenty two from results as well as provide an update to ongoing business before we begin and like to remind you that will be making a number forward looking statements during this call including without limitation those forward looking statements identified in our presentation slides and the accompanying oral commentary forward looking statements are based upon our current expectations and very substance and a subject to the usual risks and uncertainties associated with companies in our industry and and our stage of development for discussion of those risks and uncertainties we were free to our latest as he finds the found on her website and a fun with the fcc later in this call chris atholl our senior vice president and chief financial officer leave getting our financial results including certain non get measures a description of our get measures and reconciliation to the most directly comparable financial measures as determined in accordance with gap are described in detail in our press release which is available on her website at www dot damage dot com under the industrialists step as reminder the audio and flies from the call will also be available on a dime with was died later today now i would turn the call of the chris or senior vice president and chief financial officer chris
spk_2: thanks jack and thank you everyone for joining us today for a fourth quarter and full year twenty twenty two headings school as a reminder of i to know that while i'll be presenting the prepared remarks today kenneth galbraith our chat and see ads and other members of our executive team will be available for q in a following this portion of the cool with that i'd like to begin today's call with an overview of our financial results followed by a few recent developments and know where the updates across our business before we open the line security this afternoon so much reported financial results for the fourth quarter and year ended december thirty first twenty twenty two i'm left his net income for the ended december thirty first twenty twenty two was a hundred and twenty four point three million dollars or one dollar and ninety cents earnings per diluted share compared to a net loss of two hundred and eleven point eight million dollars per year ended december thirty first twenty twenty one the swing from an annual net loss the net income was primarily related to revenue is he from a collaboration agreement with jazz partially offset by increases in expenses incurred in twenty twenty two volunteer if twenty twenty one as reported or revenue for twenty twenty two was four hundred and twelve point five million dollars compared to twenty six point seven million dollars for twenty twenty one revenues for both the year and most recent three month period ended december thirty first twenty twenty two primarily related to the three hundred and seventy five million dollars and upfront payments receive some jazz as a result of the completion there's another to my the licensing agreement combined with approximately twenty four million dollars in reimbursements from jazz for expenses incurred for download as a mob between october nineteenth and december thirty first twenty twenty two research and development expense for the year ended december thirty first twenty twenty two the kinda and eight point six million dollars compared to one hundred ninety nine point eight million dollars for the year ended december thirty first twenty twenty one this increase of a point eight million dollars or four percent from the prior related primarily to high mana faction in clinical trial expenses to that him up and twenty twenty two and you to the restructuring exercise undertaken in the first quarter twenty twenty two these were partially offset by decreasing expenses related to reduce preclinical canada i'm observer dating related expenses and twenty twenty two as of october nineteen twenty twenty two zimeray is entitled to reimbursement from johns for all done or that mad related expenses related to ongoing studies under the terms of the collaboration agreement finalized and key for twenty twenty two general and administrative expense for the year ended december thirty first twenty twenty two was seventy three point four million dollars compared to forty two point six million dollars for the year ended december thirty first twenty twenty one this year over year increase of thirty point eight million dollars or seventy two percent was driven primarily by heavens and other expenses related are reduction in force and are in the report ization program and occurred in early twenty twenty two and an increasing consulting and professional fees primarily related to the company's read almost all to become a delaware corporation the jazz licensing agreement and other non recurring project based expenses carrying twenty twenty two the company's workforce was reduced by more than one third see the wind up sniffles and voluntary attrition from four hundred and fifty full time employees to less than three hundred full time employees i'll cash resources consisting of cash cash equivalents and short term investments the four hundred ninety two point nine million dollars as of december thirty first twenty two entity largely driven by the receipt for the upfront payment some jazz totaling three hundred and seventy five million dollars in the fourth quarter or cash caches also as as of december thirty first twenty twenty two did not include twenty four million dollars and reimbursements associated with canada to not related expenses i'm october nineteenth three year and twenty twenty two a licensing an aberration agreement with jazz completed a series of financially beneficial transformation initiative and twenty twenty two which we believe will fund our planned operations through at least twenty twenty six and potentially beyond the completed an equity offering a january twenty twenty two comprised of the combination of common shares and proof that warrants a gross proceeds of one hundred and fifteen million dollars which included the exercise and full of the underwriters option to purchase additional shares as of much that twenty twenty three we had approximately sixty five point two five million shares of common stock and prefer that lines have spending and shares a shovel pursuant to our canadian exchangeable shares we did not issue any shares of common stock under a tm facility either during twenty twenty two eyes as march seventh twenty twenty three for the current year in january of this year we also issued financial guidance for later to on net operating cash burn the twenty twenty three given a significant change in our overall net cash ban we expect to experience the sheer due in large part to they reimburse and lives under that are related expenses and drug operation of him with guess we continue to expect on the operating cash panther for twenty twenty three to be between ninety and one hundred and twenty million dollars including planned capital expenditure as of fifty million dollars this cash been guidance as well as our cash and like items includes forecasted expenses are primarily related to our early only programs as well as incremental expenses to support our plan face a clinical development program is under that month without him for additional details on a quarterly results and for description of are non gaap financial noses and a reconciliation of captain on got much as i encourage you to review our earnings release and other as he see filings as available on our website at www dot silence dot com now i'd like to spend a few minutes talking about early own depot failure i'll have a brief discussion on senator that outside without him and entered at him up almost advance clinical put a candidate we require ties are on the strategy early and twenty twenty two and had an exciting and productive year with substantial progress on executing this new aren't a strategy to quickly we can't we recruited up the poor more as our new chief scientific officer in june of last year and hosted an early research and development day october where we previewed preclinical product candidates emerging from both are antibody a conduit and multi specific platform technologies designed to overcome limitations of existing therapies and that same event we disclosed are truly candidates for i indies by twenty twenty four days have you won seven one and the to the one nine one both of which are on track to be summit next year additionally we set an ambitious target are progressing five know undifferentiated preclinical product candidates including the to be one seven one and the to be one nine one into clinical studies by twenty twenty seven we believe that our pursuit of this go along with our scientific vision and path forward and eighty see a movie specific antibody space will help generate a diverse and valuable oncology product portfolio of wholly owned product candidates in addition to developing our own internal oncology pipeline we anticipate additional preclinical product candidates derive from my eighty see a movie specific technologies to the glass with resources available from potential partners and collaborators we are continuing to evaluate opportunities to form additional collaboration and partnerships around i have publicly disclosed and confidential preclinical product candidates this partnership strategy is important as it can help us to accelerate development and advance potential opportunities without the use of silence is shareholder capital to compliment are wholly owned pilot pipeline we hope to announce the completion of additional collaboration and partnerships before the end of this year the multiple preclinical product candidates and helping further the subjective we are excited to announce the acceptance for publication of eleven abstracts of the american association for cancer research or ac on to be presented in mid april in orlando florida these abstracts will be made publicly available by a cr a march fourteenth okay i a cr we will be able to share with the additional progress and preclinical data on they announced preclinical put it candidates and we spoke to at our early on the a last year as well as continued progress on our technology platforms for generating additional eighty see a multi specific antibody therapy to candidate to add to our preclinical pedant pipeline be on twenty twenty four subsequent to these presentations in orlando we will also plan to host a conference call to discuss the results and strategic impact these new data will have on our path forward in addition to our enhanced development efforts we continue to have multiple active licensing agreements with key pharmaceutical and biotechnology partners this portfolios legacy platform partnerships with consist of partnerships where we are required to expand little if any capital to advance the programs represents a significant source of past and potential future non daily to funding date we have received approximately hundred and eighty million dollars and upfront a milestone payments not including any amounts to see if as on it as mad cause i know that about seven eight feather fat twenty twenty three and twenty twenty four we expect to an additional milestone payments and existing agreements as but a candidates continue to be advanced the development stages by upon us we also retained the ability to monetize all or a portion of the future cashflows and these agreements putting forward the value of future cash payments to the line and additional source of non diluted capital should it be needed he owns five six we can take an empty touchdowns on a detriment levitating was on his own for short as you like the notice from our earnings release issued earlier this afternoon we are planning to continue the data driven development program is on his own and advance into selected patient i bought in face to clinical studies this will appropriately move this product candidate forward by studying values or in combination with other approved agent especially checkpoint inhibitors with incremental a clinical investment and predetermine benchmarks previously we had anticipated a protocol expansion of our ongoing phase one clinical study however after careful evaluation and a better understanding of both timeline or what we believe will be the most valuable to any potential future partner this building potentially meaningful valley ca shareholders we have chosen to proceed with separate phase two studies to be conducted one evaluating danny's or in combination with pt one inhibitors and non small cell lung cancer and another impatience with breast cancer after progression on t d xd and her to lie patients in combination with pt one inhibitors with this design we believe we can obtain the clinical data necessary for both enter into a registration or passes on his i before the end of twenty twenty five and attacked an appropriate partner to assist with actual development and commercialization it is something we currently expect would be required before moving forward into registration pathway we continue to consider other areas of interest for clinical development in evaluating sonys out with the current standard of care and had to amplified color rectal cancer patients her to expressing gynecological cancer patients and had he posted guess with itself a deal you know carcinoma on t a we anticipate the are faced his studies as unease i will be implemented using assignments to stage study design this allows us to clearly designate and define hurdle rates and stage or investment in sunday's going forward we expect that the conduct of these faced a studies will be expanded geographically two additional clinical fight in asia and europe to both improve the speed of patient agreement allow the overall clinical development cost of patiently agreement a newly formed regional have will help us provide the appropriate support for this geographic expansion of ah clinical development program for danny so we continue to believe that the phase one clinical data presented last year as know a two point five milligrams per kilogram diced every three weeks chez as on his own has a differentiated tolerability profile relative to other her to a disease an acceptable single eight and activity in a range of her to expressing tumors
spk_3: the current tighter seen enough phase one study is well characterized and primarily low grade in grade one or two which by manageable and reversible an appropriate dice reduction management strategy was affected in managing any patients effective with carry titus and i'll say one study without any significant discontinuation from the clear
spk_2: the custody importantly we did not see other tolerability signals of concern common to other her to eighty see products and consequently an attractive part of what we bleeds on his i can offer is the potential ability to combine with other agents currently used a standard of care in areas where we see the patient need and where we may be able to improve up on current efficacy seem with existing standards of care incremental investment in these face these studies which opens the beginning rolling patients in twenty twenty three his wind had based on the clinical data generated to date and our recent interactions with k allows and potential partners while the spend represents a small component of i anticipated naqqash operating burn guidance as ninety two hundred and twenty million dollars for twenty twenty three a thing as any i represent an important and investable opportunity worth pursuing as a differentiated her to eighty see imposed td xd patient population and could provide the company with the ability to retain development and commercial rights and the u s while working in a partner in x us markets finally on sundays i've while we have continued to enroll and follow patients on a phase one study treated at the recommended face to dose of two point five milligrams per kilogram every three weeks is monitor happy we will be closing the weekly cohort in order to eliminate any future additional costs associated with keeping this portion of the study okay we expect the able to present further data before the end of this year on that weekly data as well as additional mana therapy data generated since the day to cut off for the twenty twenty two as my presentation however going forward we will be focused on opening the initial to face two studies and generating combination data as quickly as practicable finally before we opened things up a given a i'll briefly kitchens and it at a map as we still have an exciting year ahead of us and recently presented important data as khogyani that january and as kg i we presented updated data from a phase two trial evaluating on that amount in front line hurt a positive metastatic ga these data included a first look at santa that overall survival data they showed an impressive eighty four percent overall survival as eighteen months with the media in overall survival having not been reached further the data included an overall confirmed objective response rate of seventy nine percent including three complete responses a medium progression free survival of twelve point five months the median duration of response of twenty point four months after twenty six point five months of patient follow up the regimen was manageable tolerable and consistent with the observe safety profiles reported for others standard regimens the patients with her teeth positive g eight we are working closely with jazz and beijing to continue enrollment of patients in the face three randomized clinical trial for and v i one evaluating santa that amount in combination with chemotherapy for minus to the map as a first line treatment for her to expressing metastatic or advanced t i he continued to expect top line results from this pivotal study to be available in twenty twenty four additionally last quarter's i'm a reported positive top line data from a face to be open label single on clinical trial horizon btc i won studying center that amount as a mana therapy impatience with previously treated her to amplified and expressing delivery track kansas the confirmed objective response rate of forty one point three percent and a median duration of response of twelve point nine months in patients with her to amplified in expressing or i hate city bus and sleepless disease these data represent a potentially important stat for her to amplify patients with beat he defended that map has the potential to the the first her tape targeted therapy and the syndication the represents a chemotherapy free treatment option for patients he would otherwise receive standard of care chemotherapy and second line the typically elicits over response rates of between five and fifteen percent that we expect the full results in these data to be presented at a major medical meeting in the first half of the year look forward to confirming that presentation as soon as practicable we remain very encouraged by these positive topline results presented at amount as well as recently presented results as kg i including the first look for overall survival data presented at mob interface to that our partners gas and beijing we continue to work toward the potential regulate we path forward with the relevant regulatory bodies in various countries where the btc data may support an accelerated or full approval we will continue to let with our partners he will provide guidance at the perfect time for any regulatory filings while the initial development path and global regulate interactions will be focused in btc and he a the two most advanced indications with ongoing pivotal trials when our partners continue to evaluate the development path and other indications beyond btc and ga we have ongoing clinical development and additional indications and remain excited about the broad potential as an investment and indications outside the i kansas to this point some of that map is currently being used in the i spy apart from trials of patients with her to expressing tumors in a new entrant treatment of likely advanced breast cancer this and other ongoing development i efforts presented at a map will help determine the path forward in these indications last year was important year for the company with numerous ambitious goals that was set in january of twenty twenty two to reset the company's strategy as we reflect on the past year we were able to make significant progress across multiple aspects of our business including on the non scientific front where we successfully completed or read almost how the delaware resulting in positive inflows to to index inclusion in us based indices as well as a stock exchange listing change from the new york stock exchange to the nasdaq stock market where we better align with peers and the by technology sector as we look towards twenty twenty three we have identified five important pillars of value or enterprise value framework that we will look to advance in order to continue generating value the five pillars are he's on a that's my club or a sons with beijing and gems or early research and development programs fellow that's an observer dotan and our legacy platform for licensing portfolio from a business and financial standpoint we believe we are well positioned for success with our new strategy they have sufficient cash to pursue our plan development activities with the significantly reduce neck has been a focus clinical program with plan face to study says other that's one it out and a number of exciting preclinical put a candidate that we're working to progress to clinical studies with a specific focus on development of a mix of antibodies your country gets a multi specific antibodies we believe has focused investment and moderated featured spending when combined with the scientific expertise and people working hard behind the scenes makes a very compelling opportunity going forward as we remain focused on are operational goals we will also stated position to discover develop and commercialized novel medicines i can make a meaningful difference in the lives of patients around the world impacted by difficult to take cancers and other serious diseases to all of those who have been with his three what was a challenging twenty twenty two for everyone investing in working in biotech zuma now looks forward to the future from a strong financial unscientific footing the we expect to continue delivering upon these results can wait in long term value for shareholders and ultimately improving the lives of patients are generating antibody base parakeet fix but the potential to dramatically improve on current standards of care and difficult three cancers
spk_4: with that but i thank everyone for listening to are prepared remarks an authentic hole over to the operator to begin the question and answer session
spk_0: operator ladies and gentlemen if you have a question or comment at this time please press star one one are your telephone keep keypad if your question has been answered are you wish to remove yourself from the queue simply press star one one again what's more if you have a question or comment at this time please press star one one on your telephone keeper do you stand by while we can power vacuum and a roster
spk_5: our first question or comment comes from the line of eke out like a move it's from city your line is open
spk_6: yeah hi thanks for taking the question and so on as italy forty nine now called valleys out eventually you're going to stop the phase one i believe except for one of the cohorts the to just gonna a little bit more detail as to the thinking behind that's why you're moving into those to face is one the nationals or want to me
spk_7: let that breast cancer rate to get a better understanding of that is a shift in strategy that and you
spk_8: yes or not
spk_9: at about the ship is bad
spk_8: as more of our or something so i got a clear preference for the record or perspective to initiate new card companies and our innovative or format
spk_7: so again young with every point i'm kind of view things are is an average
spk_8: a basic part of an album car has are firefox until i found prove beneficial
spk_7: right man after letting them into slow
spk_8: don't prove the access to quality patients are that we can scrape the economy has been have a him i would never things have been doing about that the press of that position of the number one thing as a panic fan sites are probably didn't have a month for done in the like pattern korea but not beyond and and i think going you actually get among month i thought about i've only heard during falling in the country
spk_7: i'm starting price of a study he the positive and then they got a ones that he is a horrible i think going the dinner over the only state group a development of the to reorganize a doubling bring down the internal half or aren't the be on the moment cause and effect on hackers are preparing for one thousand one and one nine one i'll be back next year and uncle proud to be man
spk_8: ah and also you are doing a girl with the either they wanted to die of lung the board and paid to i think we get that they accomplish some the have been infected by potentially reviewing that on track the babies with an elevator any other a preference or register expected though he didn't it
spk_7: fuck the make a difference of advise of his buddies or to the timing of of execution ah there's also some benefit the moment or to braves generate some the get information will be forty nine and his the ball
spk_8: her to are indications of the party that by ah enough i product proper that i've i've have to prove that we can move much of the foreign direct fashion pathway in conjunction with a partner as imagine the or an excellent markets
spk_7: by participate in now i think there's some forward thinking that if we are think that on the able to move any forty nine or word out there is a to power than will be a better position is that even more even market thing
spk_8: yeah now you know or are comfortable with your levi's more doesn't work i run on fossil on castillo forward i think with the press and and court that makes sense guard tire pride profile to show that before nine and comedies was arctic air and provide them many political benefit and jumped several indications with a focus on other patients have progressed after pst oh those of court another the case of get out of the personal going to continue to a collection of in and a one and the a hard with to the mana therapy with the they can be useful
spk_9: i think in the a buried under become cancer education met a more the we didn't we didn't mention any when we talk with him
spk_7: last year to this year a young we were waiting some some you on call him of and of of and summer of two as and marry and if he doesn't understand of is that a cannibal of yeah it's kind of all or not and i'll do that that day minute now before coming to be great i began the colorado told her to by population as a million a patient population problem with any or nine i think right now disease and found the abbey data around the side of that patient population within the policy that as a pretty white and asian and all operating or front of me through henderson and the color combinations and academy with will the head with the we can execute a constant i'm planning and somebody with data
spk_6: now i different vehicle dialing some of those very them feel comfortable moving or with an ounce of a lung cancer coworkers and the breast cancer cohorts and and but there are too though and in the to get the progress are available population and and a reading to the better make the do that in the draft of and and could provide some bad as very much more quickly later to have impacted argument
spk_10: okay got it back and and is on horizon via one how much of he said there in terms of the parents for the trap and also what is the primary comparison is it the double it persists in our the triplets vs resets the email
spk_7: you're just a commoner thanks yeah so ah so we we did publish on the line and other pieces of the study and august of last rather about our website to take a bath i would have a more obscure publications of the for our website available right more details which are available there ah but each other to arms or
spk_8: or in the valley compared to travel crowd chemo
spk_7: the that to have works when he did describe that in the publications i i heard from me that we did offices are there that as the point where we're going to get a pfs ah
spk_11: that will do and and from all as out the same time and and then decide what to do with that asia and was doubly wrong track that the top line data or that they will be available and twenty or and that we can sharpen that guidance
spk_12: the that induction with with a judge and an aging of the moon as you move on
spk_10: okay thank you ten and signs of that the job we were weeks
spk_13: all the patients am a study that beijing had
spk_8: prevented some additional data on last year on the truckload of as the basis that is images running or find a patient with that in a man came chemo and at his blog he one so we did have there last year we i you recruited more patients that study and the much more mature what on or follow between the be that much
spk_14: more mature
spk_9: so often to some point b b of of the an update on that is that which hopefully i'll give them further guys of the other for but might be useful in a to populate the will willingly guidance from facing on when that that that might be available and and they're also have continuing to roll sign up
spk_15: follow
spk_7: a study
spk_9: and to study and for fine
spk_16: answer without going on and off of tackle which we often talk are presented last year probably have more paper roll all for the longer follow up so we'll will be looking for baby the guy of when those he did it as might be an album of a triplet
spk_0: in faith to with more mature data longer follow up a better understanding or guidance of of were aware that might be involved in this patient populations all over the guidance of amazing
spk_17: okay great thanks again and
spk_8: beg you are next question or comment comes from the line of james sham from wells fargo mr shen your line is now okay oh sorry say i am quick question on their horizons to a study am i'm looking at a competitor a keynote eight eleven where they they look lady really enrich for appeal when high enter her cutie three plus patients
spk_7: can you say anything on whether her eyes and see a will have a more even make the pt won and her to posit patients and then i got a follow up yeah work again for be a one thousand not reaching for feel unbalanced though don't want to hear more recruitment more referred back of a real world have a some show up on him from yeah forgot to function any knowledge of a your and in our funny
spk_10: and will always be break that out and a prefect provide some population the understand them in what impact is on patient population is under one status with a p wanted to kebab
spk_7: we haven't inevitably you know you have a native of them have a small because as dumb as a while back and understand the impact of
spk_18: other than that patient population
spk_17: yeah it does look i get is getting a little bit been away with the a one that than i think ip be say they're not sure how that have happened or without the case with the whole patient population versus the and forward of patients have been published
spk_19: to the or decline
spk_8: got it and then for to see to be forty nine breath the case what are the potential color partner that you would explore with forty nine or that's still a sort of under wraps
spk_9: hey if thought about that it would you expect
spk_7: ah the only kind of those than non papa lung cancer breast cancer the patients will go on morning it was built up and running and get a more detailed them on and from back out into the family wanted wanted up there that will be able to answer
spk_8: after discussions on iran has been looking for unity forty nine or in combination were reagan's though
spk_20: and i will be have gone amro where we can siding with have to wait for you
spk_7: in front of government we think that the value proposition other than intended to be forty nine busy or too easy have tried using a combination of and staff of aggression on to the as the
spk_17: the game and multiplication in a meaningful way and and a number of education and that the word as her part that i have this enough i've heard of high profile sweet find ways and to test the hypothesis i don't i think that may have been don't efficiently from a conference next week and and mvp something be their them be able to park but the and reform or with at fish fans
spk_10: got it it can as just one question on the i'd buy additional get it at a man and it's a really interesting cited i were dreaming get added and remove based on their efficacy so and it's a new adventure
spk_7: is it something that being handled by chad and partner lawyers that something that you guys were working on cried handing the and that a over those observed that of a study group of thing on the multiple on different ages on your the really young for the really is again we we were of the discovered last year of doing that we have the way until we completed the jackpot raise him the to a large as opine on that decision and you're the first the name of i it after the cooperation of or because a little bit of own maybe some interest but i think it's a really got to we've always i bought the died of the done it a map that application was in the early earlier a be disabled and beacon fine
spk_17: ah of the population that i mean they've been added are the rebel amazing last year and that he of up attacks on first my breast cancer with the go over ninety percent
spk_0: from are are some pretty interesting i think we're seeing the do it comes out of that you admins got addicted to platform that they have a nice bike is is i do know you're the person some ways of have multiple agents in a way that they can provide some it's in vienna back to that banter
spk_1: the decide what to do with that that they have promoted from registrations man
spk_21: got it thanks so much
spk_1: it wasn't thank you are next question or comment comes from the line or stephen willie from stiefel the willie your line is now open the addicts or taking the questions
spk_7: maybe just another quick were on the front checked his horizons year disclosure and twenty four hour are you planning on completing a roman the for the ended twenty three and i think in the european trial register there's a suggestion that the primary pfs analysis is expected to occur within a month of the last patient be randomized i guess is is
spk_22: is that description something that you would characterize is still being accurate
spk_8: yeah i think he is a again this us been a jazz club and it was not unusual
spk_1: in jazz does like to guide on of elderly outlined in of are sufficient ah and woman so our guy will gave up on get up you know want one of my or and he can sharpen that guidance with jazz and making them all will do that to be more specific than that out here with ben affleck i'm free now will get paid in beyond that i think you will be in control of european ministry of your number of another get a pointer around
spk_2: yeah that's or or conclusive that he i was a comment on that further than just a into the iran cropping how to give up my dad my twenty four on that podium and it really ram or are working and isn't are busy okay then maybe the question for chris with respected as clarity on zanni related are these bed and twenty three i know the the quarterly numbers here have been fairly lumpy or like as if you look at the last three quarters specifically is is is that one been is something that we should expect to continue into two thousand and twenty three or could he gets done some of the necessary manufacturing work such that that should colored smooth out
spk_1: little bit as we get did twenty three with respect to just thinking about our the already reimbursement close to the top on yep as thanks for the question i'm so yeah we did have some than could have three twenty twenty two years we were undertaken similar manufacturing run on the love that kind of expense as behind as now as you guys twenty twenty three the will still be some have some flyers how we we won't be guiding on specific numbers
spk_23: for each individual quarter and but the it's worth noting that as we incorrect answers within a quarter the reimbursement from guys will actually come back and the falling quarter so the be a mismatch between appear now and the cash flow to go to the court has veered honesty twenty twenty three so the will still be some quoted a quarter shifting
spk_1: oh wow week month has to pay as we get whole it okay to that jazz reimbursement comes a quarter in arrears and that's correct him okay and then maybe this last we i guess the does the disclosure of her you
spk_10: her to climb oh to data which is looking at the can get silo in i guess mostly
spk_8: second my patients but i think a lot of a cable conversations we dad would suggest that that's maybe earned a regimen they get through to teach was posted in her to if their data looks good does
spk_10: the that data set it all kind of change your thoughts around
spk_24: you know you forty nine in in in breast cancer
spk_8: i'm not i'm uncertain time it's it does yeah i'm on we obviously look at all young
spk_25: beta and evolving the and what impact of might have on young commercial opportunities of or or development pathways or regular for copies from the programs and got through with any an ambulance or shines need be any dependents to that end and try to react
spk_10: yeah i think from our perspective your value proposition and are part of product probably for not only is is any different
spk_26: with it know we need to show the ability to combine
spk_9: with bags hair
spk_7: and showed no meaningfully on an uncle medical benefit from more than one education for more on occasion several
spk_8: in this case ha and i think and and breast cancer we still don't need to do with that looks likely to do look like in the her too low population and we need to look at one looks like specifically in the patients to progress house
spk_10: txt
spk_27: and and hopefully inequality asian that
spk_0: doesn't have eleven or twelve or thirteen partner appease as he didn't from a rope on data stifling of a pretty insane you are impatient for i a brush as a human and evolving eight be done gone up by report or been a while the winners them were you know that they can be pretty forty nine and begun
spk_28: i think with the enough not potential partner discussions the know i know what they will be paid for ah privilege generated by the for but not on the lung cancer and professor those does keep or covert them pace of the with a big improve our tired or probably before nine and we have the opportunity to do i'm baffled additional indications and thought the on blob of how much the government will i make that time for me how to make that under ah them on them will do them
spk_10: they stay with us
spk_7: thank you are next question or comment comes from a line of brian chain from jp morgan mr change your line is now open
spk_8: it as and fighting the question on if a you have a couple presentations coming up at a the i am
spk_7: i next month so why should our focus beat their from their presentation than your car and if he can give us some
spk_8: while they view on topic vacation that be great
spk_9: after the everything that the policy about the only large back to do your this a mom judge you for trying to showcase of the next five years of five next year
spk_24: really important from
spk_8: as vulgarity to show what the platform and keep on doing from product piano because you know we're going to pick our party and about five per have pound we twenty five year and want people understand both the next product of a and and the pop and adult with we've got a defender data were generated and are orange day as the take over
spk_0: so right highlight the the new additional data which have been developed with the as of the of understanding of i'm overdoing doing differentiated why are we doing and of why why would people be i've got some of the park or announcement arctic w
spk_8: but it's like that as well as the possibility to continue to generate yelling i do i mean the next five years including one that one on that next year of the all all be of novel diversified on both sides of the of the are need a portfolio of a monster
spk_28: and by therapeutic value be as well and all be will be differentiated and people after a weekend keep job or encumbered good for us dollar as long as long as possible thought i'd be therapy a whole lot of thing there between products and ah the teapot and the were working right now the other one is one on it forty nine and is one of the unrelated to the that and other be out as aspects in the lower a week or so i think by the doubly yard so you'll have your lane for more that question of those aspects of released
spk_7: immigrant your next week or so and am beyond that i was be one more suspended from asia melbourne opposes are all of those
spk_9: mm if he has one thought i'm an authentic outside and year talked about how harmed in climbs as
spk_8: partnership to as to that program or a simple you're already in discussion last couple potential partners and what do you think that ill the a good time to bring in a partner for authentic so and i'm is terrified that you need to head for on the face to the your gilligan as he and hostile metastatic breast
spk_1: i'm beginning to head for before these are partners are jumping and and
spk_8: yet because i'm in a new job with it we don't you do not have your data in comics the before yeah on with others have a care of that up a big part of a proposition for seldom partner that we'd like to get rid of that data on getting early parties as it is great because if it helps that helps the device you have a program so we we like doing that
spk_10: i think are you know our
spk_8: credit doesn't beat us around to be forty nine if it's a stick it out that it's not or to the five and five bad people think it's perfectly viable out and that we'd like to in that incremental gn as a two part of the dolphins stage the goal after that have to get an ex us partner to to work with that if we get on with it was shows that even should go or
spk_7: the young we'd like and terms of that the on to be time bible one up
spk_10: have you been the potential for us to retain the u s commercial rights and develop that further to market offer the park ranger not up or balance sheets don't get it it supports your partner be able to have a production became by one to be able to undertake bad as well as hypothetical
spk_8: even though that it's a ripple undertaking to repay the u s rights for further development and commercial a some funny though ourselves and go your way out of demons or felt guilty there in the potential to be could do a global a deal at one party of that was attractive one
spk_7: the to the given that he doesn't affect the by the by as we have or a non heard it off of the regenerating behind that he in and and then he knows double whammy to get i believe we need an education
spk_29: as i mentioned that is a forty nine mg i can combine i was buried air education that matter
spk_28: image shows and is things in of africa feed the shouted registration pathway for that agent you
spk_30: be effective mining and or be a second choice and virtually he behind guess he was a very partially attractive
spk_0: as the not on the long answer and and cancer the gave and about them in the winter snow don't die weddings i i think about i have a can get going to be necessary to convince a partner on the guy that would be looking for about the first all that the robot of her to retain
spk_31: the was right great thanks for the microsoft thank you
spk_10: our next question or comment comes from the line of charles this you from guggenheim partners
spk_8: mr zhou your line is now open
spk_10: hey guys thanks for taking the questions on my first one perhaps on a dance and you get a mad in our front line gastric cancer i'm i'm kind of wondering how given that you had that a recent as any proof chemo data earlier this year as well as in a what we saw from asko of twenty two
spk_7: last year from be between a guess you know with a potential out of date from a single on face two later this year
spk_10: any color around you know like how much more coffee as we we could obtain around that potential edited clinical benefit of a layering on a a p one on top of your regimen thanks
spk_7: yeah i mean it even if against the question would be the young complete the a for that is going on now and still only randomized to a wonder wonder want of had chemo does any him a dublin and the tripling a few of us so and the best rate for the question of dipping hurdle the basins and the study read on the a and if from our
spk_9: look at the population office
spk_7: as he doesn't bite of the at the by the able the answer that i pushed the better working towards ah
spk_31: does affect the definitely be as an office again with the january prefer again the took a while then and ourselves and guys are making on on the dublin you'll get a chance for an update on additional data from the template that begging for our last year and and get the more understanding of what that looks like you ever wondered if you want these numbers amounts longer follow it might be something more to read into that
spk_10: probably the reason we're going on a large multinational randomize funny go to trial by fire young the answer that question me now
spk_32: got a great and maybe a one more question on as there's any zoellick said perhaps a bit of a follow up as the something that's already been kind that as the bed but domino during your prepared remarks i think you had dumped mentioned something about a predetermined benchmarks that could justify further development beyond the up the face choosing
spk_8: well as a person her to breath breast cancer
spk_33: any additional color around to known you know what those could possibly be or how how will the you're thinking was in in you know generating some of those benchmarks thank you
spk_8: and we i mean honestly don't want to sounds been pretty amazing know what you what does
spk_7: we need all young they don't look like in combination in the education or his body so we we have done
spk_8: no spam
spk_34: pain and be present time and everything would be meaningful and when be encouraging the track as a partner and would be a virgin about the think about ah retain the was right the danny those no further development with the proceeds from the next as partnership and me that their first perform on frame the us
spk_8: so yummy from that her family a really good as as to work through without a fatality data matters and quality in a fancy volume a matters
spk_0: about his arm and leg the same way that than others will do i think you know what the guy that a lot from idea
spk_35: are we make about living or murder which indication make most them got a great thanks for taking the questions
spk_10: yeah no the and we feel we've done a lot of since the i got her your go on don't look even if they've done a commercial market research the add more the dog to the one with the land in japan of january with are unable to earlier comment like that a pretty good sense from
spk_8: with about actions that are cable or action the of god were getting more than one advocate i needed to be a pet for moving forward pass know
spk_7: thank you again ladies and gentlemen if you have a question or comment at this time please press star one one on your telephone keep our next question a comic comes from the land of andrew burns from sb the be lyric with the bearings you line is itself
spk_20: hi guys i'm couple questions for me on the w bad combination of strategy checkpoint can you share any preclinical data that you have support accommodation strategy
spk_10: the have any concerns like car tires can be exacerbated by mean a therapy is soccer talks as a known sad if i could checkpoint inhibitors and then arm what do you think the regular toy strategy will eventually be demonstrate adams you w void now the added to the background efficacy would see the checkpoint inhibitor oh and it was allowed to give this on any that because of a to we would have
spk_9: on the combination ah we we don't have a leave there will be any and is that any further and economic characterize it
spk_8: the attempting to run away and that is ah in a working at airplane the wall will do that be able to come for i'm not up to one of the benefit the village of nine that or to me that the time villages we have to deal with our are limited to create one an airtight as discount cause of and to continuation ah ah
spk_7: none of the funny and downs
spk_10: provide substantial amount of does reduction of beyond that we gonna disappear under and the bane of humanizes ah the underneath the that a lot of be willing to follow the from our means you can
spk_36: provide a better combination with overlapping toughness these and we think there may be some synergy been ah he wanted and up his reporting on the or of done payload not my views on the neck down point i'll be will have one fact at of late the are around an insult
spk_8: dogs run the mechanism of the country forty nine that might provide some additional information to that
spk_10: additionally boards and normal the lung cancer and he wanted airman ah roger different on indication including and with no no one out how mutations elders done
spk_7: good data or anything around the
spk_10: oh they did that any patriotic have the show that adding any forty nine to that
spk_9: if he won an ugly and never to population of provide ah
spk_7: no have a benefit
spk_9: or carmen for that that them part of what we're doing in the design of the court that we have and both her to hurt bad thing that about that the by their and the population and non have no on cancer
spk_7: ah and it is on the best countryside
spk_35: you are not been very active in the bees
spk_0: in a competitive rep answer but i'm going to be a
spk_35: of an epidemic or and one of you want to be more you on an occasion hum of because of his of that that might occur with your capitalism he wanted like this or that before that on ugly
spk_8: and and look it up in it than that
spk_7: akron her mom
spk_8: okay granted thank you are next question or comment comes from the line of david martin from bloomberg burton mr martin your line is now open
spk_7: ah thanks for taking my questions on a first question regarding the a face to indications for cw w forty nine i'm would you presented phase one data at as low last year a i think there is one lung cancer patient there were relatively few
spk_8: in her to failure a sudden death few ah her to low patients i post that presentation to do then kind of focus your recruitment on patients such shit he added the phase two characteristics and will we see larger cohort or a larger groups of those patients in the updated data later this year
spk_22: ah yes of that that had no not the after the cut out or advantages are great
spk_37: ah the best one billion lot therapy
spk_35: oh to test them the we dancing which we were doing with were already on ah but all but a good group of a from a model arabs at the recommended a he does the defined by makes her a going through me
spk_38: and we focused on and a number culture
spk_8: our strategy going forward in combination so ah of that that which with on what i'll let you invited him for this year mobile devices me as in are able to beat the effect on me since he is a small mana therapy a than a even any forty nine are in patient population roman have a nice to be more before the as no and off and avenue your them that legal and that are thinking going forward into looking at the on the as a strategy issue that are being the all contributions english activity and i've only been a drag ah and yeah great and will the fees to be randomized like i assume your dealer those escalation single arm initially but then will be each shirt turn into random all star trials
spk_35: yeah we we haven't given any specific sounds kind of okay
spk_39: the core design a movement that it's all and up on i'm proud that gonzalez were trying to ah
spk_0: come and go quickly
spk_8: rickard the right nation
spk_7: in the my alarm and answer the question is whether we haven't i published year when day though up or not and you than be able to really good ginger invitation happened so as a lot of back of our country and our defining and fees
spk_8: obvious that he died in one of up and found that ever happened answer those those questions about why would panic when with him
spk_0: okay thanks accept for me

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