BioAtla, Inc. (NASDAQ:BCAB) This autumn 2023 Earnings Convention Name March 26, 2024 4:30 PM ET
Firm Contributors
Bruce Mackle – Investor Relations, LifeSci Advisors
Jay Quick – Chairman, Chief Govt Officer and Co-Founder
Richard Waldron – Chief Monetary Officer
Sheri Lydick – Chief Business Officer
Eric Sievers – Chief Medical Officer
Convention Name Contributors
Dev Prasad – Jefferies
Kaveri Pohlman – BTIG
Arthur He – H.C. Wainwright
Reni Benjamin – Residents JMP Securities
Operator
Greetings and welcome to the BioAtla Fourth Quarter and Full 12 months 2023 Earnings Name. Presently, all contributors are in a listen-only mode. A quick question-and-answer session will comply with the formal presentation. [Operator Instructions] As a reminder, this convention is being recorded.
It is now my pleasure to introduce your host, Bruce Mackle, with LifeSci Advisors. Thanks, Mr. Mackle. You could start.
Bruce Mackle
Thanks, operator, and good afternoon, everybody. With me right this moment on the telephone from BioAtla are Dr. Jay Quick, Chairman, CEO and Co-Founder; and Richard Waldron, Chief Monetary Officer.
Following right this moment’s name, Dr. Eric Sievers, Chief Medical Officer; and Sheri Lydick, Chief Business Officer, will be a part of Jay and Rick for a brief Q&A. Earlier this afternoon, BioAtla launched monetary outcomes and a enterprise replace for the fourth quarter and full 12 months ended December 31, 2023. A duplicate of the press launch and company presentation can be found on the corporate’s web site.
Earlier than we start, I would wish to remind everybody that statements made throughout this convention name will embrace forward-looking statements, together with, however not restricted to, statements concerning BioAtla’s enterprise plans and prospects and whether or not it is scientific trials will assist registration, plans to kind collaborations and different strategic partnerships for chosen property; outcomes, conduct, progress and timing of its analysis and growth packages in scientific trials; expectations with respect to enrollment and dosing in its scientific trials, plans and expectations concerning future knowledge updates, scientific trials, regulatory conferences and regulatory submissions, the potential regulatory approval path for its product candidates; expectations in regards to the sufficiency of its money and money equivalents to fund operations and anticipated R&D bills.
These statements are topic to numerous dangers, assumptions and uncertainties that may trigger precise outcomes to vary materially and are described within the filings made with the SEC, together with the newest annual report on Type 10-Okay and subsequent quarterly stories on Type 10-Q.
You might be cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of right this moment, March 26, 2024, and BioAtla disclaims any obligation to replace such statements to mirror future info, occasions or circumstances, besides as required by legislation.
With that, I would like to show the decision over to Jay Quick. Jay?
Jay Quick
Thanks, Bruce, and due to everybody for becoming a member of us for our fourth quarter full 12 months 2023 BioAtla earnings name.
BioAtla is the inventor and chief within the growth of novel therapies utilizing a proprietary conditionally lively biologics or CABs platform with improved selectivity for attacking tumor cells whereas avoiding wholesome cells, thereby addressing vital unmet wants in oncology to enhance sufferers’ lives.
We made appreciable progress in 2023 throughout all of our ongoing scientific packages, together with the Section II trials for our first-in-class CAB-ADC product candidates, BA3011 and BA3021, focusing on a number of strong tumor sorts.
Our CAB-CTLA-4 IO antibody and our first twin CAB biospecific EpCAM CD3 T-Cell engager. We proceed the constructive trajectory into 2024, targeted on additional advancing our prioritized CAB packages producing knowledge units that doubtlessly allow us to maneuver into a number of registrational trials within the second half of the 12 months.
We imagine that these near-term inflection factors additionally assist the formation of a number of strategic collaborations with main pharmaceutical companions this 12 months, which might speed up the event of chosen property and maximize their market alternatives. Further particulars associated to what I’ll present can be found in right this moment’s press launch and our up to date firm presentation, each of which can be found on our web site.
I’ll now evaluation our newest updates, starting with our CAB-CTLA-4 antibody, BA3071, which is relevant in areas of excessive unmet want throughout a number of strong tumor indications, each for refractory and for first-line sufferers and represents a large industrial alternative. We’re happy to report that our Section II knowledge at 350 milligrams flat dose continues to reflect our Section I dose escalation knowledge by way of low incidence and severity of immune-related antagonistic occasions.
As well as, I am completely happy to report that we’ve cleared a better dose of 700 milligrams, with tocilizumab for the primary two cycles and at the moment are evaluating the unprecedented one gram dose degree. That is necessary since earlier research demonstrated improved total survival in metastatic cancers, together with melanoma, with larger ranges of CTLA-4 inhibition.
In consequence, we at the moment are enrolling sufferers at 700 milligrams in first-line melanoma sufferers and in a big focused first-line non-small cell lung most cancers inhabitants together with PD-1 for readouts later this 12 months.
These knowledge are additionally anticipated to place the corporate for a number of doubtlessly registrational trials in first-line indications within the second half of this 12 months. As well as, as a part of our analysis of security and tolerability of BA3071, we’re finishing the Section II enlargement in therapy refractory melanoma and carcinoma with an preliminary knowledge readout of roughly 20 sufferers within the second quarter.
As already famous, the protection and efficacy knowledge from the Section I examine demonstrating each a confirmed partial response and a confirmed full response for 2 out of six sufferers is encouraging utilizing the 350 milligram dose.
And now we’re enrolling the remaining sufferers on the 700 milligram dose. With our evolving scientific knowledge, we imagine BA3071 has the potential to be best-in-class CTLA-4 that holds the promise for use as typically as a PD-1 inhibitor and doubtlessly develop the indications the place mixed immune checkpoint inhibition might be efficient.
As well as, the rising security profile means that BA3071 with PD-1 immune modulation could also be appropriate for additional combining with CAB-ADC therapies that concentrate on AXL and/or ROR2 to realize synergistic sturdy tumor management.
Now turning to our CAB-ROR2-ADC asset, BA3021. For our ongoing Section II trials in therapy refractory ROR2 agnostic affected person populations, we beforehand reported encouraging responses within the Section II melanoma and squamous cell carcinoma, the pinnacle and neck research.
As a part of right this moment’s replace, we now have each 28 melanoma sufferers and 12 head and neck sufferers dosed utilizing the 1.8 milligram per kilogram Q2W routine. And 20 head and neck sufferers dosed utilizing the extra intense 2Q3W routine for a complete of 32 head and neck sufferers.
We anticipate having two plus scans within the melanoma cohort subsequent month and two plus scans within the head and neck cohort in Could with anticipated high line knowledge readouts for each throughout our Q1 earnings name in Could. Given the encouraging rising knowledge units, we imagine BA3021 is effectively positioned for a worldwide strategic collaboration to maximise the potential of this CAB-ADC throughout a number of strong tumor indications.
Onto our CAB-AXL-ADC, BA3011. Our Section II doubtlessly registrational examine for undifferentiated pleomorphic sarcoma, or UPS, is on observe to finish enrollment of roughly 20 AXL-agnostic sufferers on the 1.8 milligram per kilogram 2Q3W routine subsequent month with encouraging compliance and manageable security.
We anticipate having a number of scans throughout the affected person group, doubtlessly enabling a gathering with the FDA to debate the remaining portion of the possibly registrational examine within the second half of this 12 months. We additionally reported clinically significant antitumor exercise amongst sufferers with therapy refractory bone and comfortable tissue sarcomas, which stay a profound and tractable unmet want for brand new therapy choices.
We introduced these knowledge from Section II Half 1 cohort enrollment as an oral presentation on the ESMO Sarcoma and Uncommon Cancers assembly earlier this month, and confirmed illness management at 12 weeks for 43% of the 87 sufferers handled with BA3011 monotherapy utilizing the much less intense routine of 1.8 milligram per kilogram Q2W.
We imagine this represents a promising illness management made for sufferers with therapy refractory sarcomas. Within the osteosarcoma cohort, we noticed two partial responses out of 11 efficacy evaluable sufferers. The therapy was effectively tolerated related to a manageable security profile with no new security alerts to report.
Now concerning our Section II examine in non-small cell lung most cancers, final quarter, we reported a number of sturdy scientific responses with a differentiated security profile amongst a difficult AXL-positive therapy refractory lung most cancers inhabitants.
Particularly, amongst 15 sufferers with EGFR wild-type tumors who had obtained prior PD-1 therapy, we noticed 5 partial responses with a median length of response of roughly 5 months utilizing 1.8 milligrams per kilogram Q2W each different week dosing.
Toxicity was manageable and few high-grade associated treatment-emergent AEs have been reported. We imagine a number of responses in a treatment-refractory AXL-positive poor prognostic teams resembling this one is clinically significant and related.
Significantly since these sufferers have skilled failure of a median of three prior traces of remedy. As a part of right this moment’s replace, we’ve enrolled 33 target-agnostic sufferers utilizing the extra intense 1.8 milligram per kilogram 2Q3W routine throughout each squamous and non-squamous sufferers. We’re on observe to guage scientific profit within the goal agnostic non-small cell lung most cancers, non-squamous inhabitants within the second quarter of this 12 months.
Subsequent, on to our doubtlessly first-in-class twin CAB biospecific T-Cell engager antibody CAB-EpCAM x CAB-CD3 or BA3182. EpCAM is a ubiquitous goal expressed from the floor of most cancers cells, which requires the usage of our CAB know-how to realize optimum selectivity and security.
Our Section I/II dose escalation examine continues to progress and is on observe. We anticipate completion of the Section I examine with a full knowledge readout anticipated within the second half of this 12 months with potential initiation of a Section II examine additionally within the second half of this 12 months.
If proven to be secure and efficient amongst most cancers sufferers enrolled, our CAB-enabled T-Cell engager has the potential to deal with sufferers with a variety of metastatic tumors, together with cancers of colon, lung, breast, pancreas and prostate amongst others.
As we’ve beforehand mentioned, ADCs are a promising therapy modality with broad applicability throughout a number of tumor sorts to additional scale back the potential threat related to neutropenia from off-target toxicity, we developed a novel next-gen carbohydrate linker system with superior serum stability, solubility and tumor-specific payload launch, yielding our first glycoconjugate CAB-Nectin4-ADC BA3361.
On the upcoming AACR assembly in April, efficacy knowledge will likely be introduced, demonstrating full tumor regression in xenograft fashions. Together with superior efficacy in comparison with an enfortumab vedotin analogue in a patient-derived pancreatic most cancers mannequin.
We may even current each PK and toxicology knowledge of nonhuman primates in addition to the affect of our linker know-how in particular most cancers fashions. These knowledge point out that our NextGen CAB-Nectin4-ADC doubtlessly is a more practical therapy with lowered toxicity. We plan to submit the IND in April.
And eventually, I’m happy to report our progress with the medical and scientific communities and necessary ongoing communications with quite a few publications and shows, together with at conferences resembling ESMO Sarcoma and Uncommon Cancers, SITC Spring and the AACR annual assembly in April, which might be discovered on our web site.
With that, I’d now like to show the decision over to Rick to evaluation the fourth quarter and full 12 months 2023 financials. Rick?
Richard Waldron
Thanks, Jay. Analysis and growth bills have been $22.7 million for the quarter ended December thirty first, 2023 in comparison with $21.9 million for a similar quarter in 2022.
The rise of $0.8 million was on account of scientific growth bills, primarily associated to the launch of our BA3011 UPS doubtlessly registrational trial in 2023 and total accelerated enrollment throughout our scientific trials in 2023, offset by a lower in expense for our preclinical packages in chosen scientific indications on account of our program prioritization in 2023.
We count on our R&D bills to lower total within the first half of 2024 on account of just lately accomplished enrollment in scientific trials for knowledge units anticipated to allow doubtlessly registrational trials for our ADC packages, BA3021 and BA3011. Normal and administrative bills have been $5.9 million for the quarter ended December 31, 2023, in comparison with $6.7 million for a similar quarter in 2022.
The $0.8 million lower was primarily on account of decrease stock-based compensation and D&O insurance coverage premiums. Web loss for the quarter ended December thirty first, 2023, was $26.9 million in comparison with a internet lack of $27.6 million for a similar quarter in 2022.
Web money utilized in working actions for the complete 12 months ended December 31, 2023 was $104 million in comparison with internet money utilized in working actions of $90.4 million for a similar interval in 2022. Our money used for the quarter ended December thirty first, 2023, was $29.8 million. Money and money equivalents as of December 31, 2023 have been $111.5 million in comparison with $215.5 million as of December 31, 2022.
We count on our money utilization to lower within the first half of 2024, permitting our present money and money equivalents to fund operations into the second half of 2025.
And now again to Jay.
Jay Quick
Thanks, Rick. BioAtla made appreciable progress in 2023 throughout our ongoing scientific trials focusing on numerous tumor sorts and we look ahead to the a number of necessary milestones within the second quarter of this 12 months, together with preliminary knowledge readout from our Section II CTLA-4 IO antibody.
Section II in each melanoma and head and neck most cancers and analysis of scientific profit in AXL-agnostic sufferers in our Section II non-small cell lung most cancers examine. We’re inspired by the compelling scientific efficacy and security that continues to emerge, highlighting our differentiated CAB know-how throughout a number of therapeutic targets.
With that, we’ll flip it again to the operator to take your questions.
Query-and-Reply Session
Operator
Thanks. We’ll now be conducting a question-and-answer session. [Operator Instructions] Thanks. Our first query comes from the road of Kelly Shi with Jefferies. Please proceed along with your query.
Dev Prasad
Hello. That is Dev on for Kelly Shi. I’ve a few questions. 1 on 3011 in UPS. Possibly for those who can speak about your expectation and what you anticipate from the assembly from the FDA assembly that you just plan in second half? Additionally, will you be discussing further indication or will it’s just for UPS?
Jay Quick
Sheri, do you wish to take that one, start.
Sheri Lydick
Positive. Thanks for the query, Dev. When it comes to the second — I will take the second a part of your query. So the assembly can be targeted on UPS. That is our doubtlessly registrational trial. So we’d look to debate the info set that we had generated with the primary 20 sufferers. When it comes to efficacy and tolerability. And I believe I’d cross the primary a part of your query over to Eric for extra feedback.
Eric Sievers
Positive. I am completely happy to take that. Thanks, Sheri. So our objectives with the FDA assembly are actually to plot out collectively an agreeable registration path. And I believe we have guided beforehand that, that may be primarily based on an total response charge with a sure sturdiness. We’ll even be speaking with the company about Mission Optimus. And whether or not the a number of completely different dosing regimens that we have explored in UPS are adequate to realize the Mission Optimus tips. And we then hope to have the ability to present steering on our path ahead after that assembly.
Dev Prasad
Nice. Thanks for taking our query. Thanks.
Eric Sievers
Thanks.
Operator
Our subsequent query comes from the road of Kaveri Pohlman with BTIG. Please proceed along with your query.
Kaveri Pohlman
Yeah, good night. Congrats on the progress and thanks for taking my query. For CTLA-4, any further shade you may present on the first-line melanoma and non-small cell lung most cancers trials? Are these going to be single-arm trials and what number of sufferers you intend to enroll?
Jay Quick
Eric, do you wish to begin with that one?
Eric Sievers
Positive. Thanks, Kaveri. So we’d count on to enroll about 15 to twenty sufferers in every of our first-line melanoma cohort within the first-line focused non-small cell lung most cancers by the tip of the second half of 2024. We hope that this knowledge set, each in melanoma and non-small cell lung most cancers will assist information subsequent steps for us. And I additionally wish to emphasize, as Jay did, that we have handed the 700-milligram dose which is equal to a ten per kilo dosing and at the moment are evaluating one gram. So we’re actually of the assumption that larger dose ranges will likely be crucial in extending survival as different research have proven.
Jay Quick
And I believe that, I’d simply add, I believe our aim right here is from these research is to tell us and permit the positioning for registrational trials which, in that case, can be randomized research.
Kaveri Pohlman
Received it. That is useful. And for EpCAM CD3 biospecific trial, I perceive it is for a number of strong tumors, however are you enriching or have you ever seen enrichment for sufferers with sure tumor sorts and might you set some expectations for what we will likely be seeing in second half? And what would good knowledge appear like?
Jay Quick
I believe, clearly, adenocarcinoma, however I believe we’re seeing some colorectal sufferers and we might count on to see a continuation alongside these traces as we undergo the completely different dose layers to the final word dose choice degree. And our aim is to report out on these with a number of scales, very a lot much like what we did with CTLA-4 in December. With that readout as we place for Section II research. Eric, do you wish to add something to that?
Eric Sievers
I believe I coated it. Greater than 70% of tumors are adenocarcinomas. So the place we predict we’ve loads of protection with this method. And Kaveri, to your query, we’re not needing to particularly decide sufferers primarily based on the right track expression. EpCAM is so robustly expressed by tumors that we predict that simply utilizing the adenocarcinoma method will likely be getting sufferers prone to profit.
Kaveri Pohlman
Received it. Thanks for taking my query.
Operator
Thanks. [Operator Instructions] Our subsequent query comes from the road of Arthur He with H.C. Wainwright. Please proceed along with your query.
Arthur He
Hey, good afternoon, Jay and Staff. Thanks for taking my query. So I simply wish to get your — for the 3071 and the 3021 replace. Is that going to be all collectively on the first quarter earnings name?
Jay Quick
No, to be, our expectation is 3021, we will likely be giving high line replace then, the important thing replace for 3071, effectively, there may very well be an replace on the dose escalation. We can’t know for positive till we get just a few weeks additional down the street right here since we’re enrolling on the one gram degree proper now. However the first — that may be a risk there, however we’ll see as we get nearer to time. I believe for the readout of the monotherapy Section II examine with roughly 20 sufferers the place we have — majority have been recruited at 350 milligrams flat dose. And just some remaining sufferers on the 700 milligram dose. That will likely be someday in June and latter a part of June, I am estimating as a result of we wish to get as a lot scan knowledge. And for those who keep in mind again on 3071, you positively wish to see two scans since you’re initiating the immune system. In order that we’ll give just a bit extra time. However all fairly, not very distant, fairly frankly, coming shortly.
Arthur He
Received you. Received you. Thanks for that. And my second query is, so concerning the following candidate, I am simply curious to attempt to decide your mind is why one other ADC not T-Cell engager. That is one. And the second query is on why Nectin-4 as a goal. Thanks for that.
Jay Quick
Nicely, I believe, two issues. We’ve each. We’ve an ADC that simply occurred to be prepared first, after which we even have a biospecific, which I imagine we have reported on in earlier conferences. However I believe that there are a few explanation why Nectin-4. Primary, there may be an related toxicity with the present marketed Nectin-4 that limits its applicability. Secondly, as we’ll report on in April at AACR, we’re seeing efficacy in tumors that weren’t addressable with the present marketed drug. And so we see a chance to maneuver, develop indications and in addition enhance on current indications. And that is pushed, after all, by our novel NextGen carbohydrate linker, which reduces off-target ranges of — off-target toxicity that may be a results of the payload coming off previous to getting into the most cancers cell. And so typically, we see each of those property have an necessary alternative for a validated goal. And typically philosophically, I imply, you may ask the identical query of CTLA-4. This is a drug with unimaginable alternative, however the toxicity has been very tough to handle and has been utilized in a really restricted extent relative to what its potential is. And I believe we will make that argument throughout a number of completely different targets once we apply our CAB know-how, which improves that selectivity between for the most cancers cell and protects the traditional cell.
Arthur He
I believe thanks for the extra shade. So if I could, can I squeeze another. Simply curious, I simply shortly observed the AACR presentation you are going to be doing at — in April. Might you inform us extra on the tetravalent T-Cell interact. I imagine the B7-H3 goal, what is the particular of those design? I am simply curious.
Jay Quick
Nicely, I believe it is what we check with as sort of a butterfly design. In different phrases, we’ve two arms of the antibody that each mixed to the tumor cells. So that is the tumor cell engager. After which we even have two arms that come off the sunshine chains that mixed to CD3 receptor. Now we have since at the very least by way of the EpCAM drug now that we’re binding to a single CD3 arm at a time, whereas we will nonetheless bind to 2 completely different antigens on the tumor cell. So however this will increase your skill to will increase the efficiency of the drug to have this tetravalent construction even within the case the place one arm mixed to the ton like within the CD3 arm. Definitely, you are going to get not solely affinity, but in addition avidity within the tumor focusing on portion. So it is a very good design from that perspective. However secondly, as a result of — there’s just one type of this antibody that may be generated throughout manufacturing. It simplifies manufacturing and reduces value of products, which can be a bonus.
Arthur He
Received you. Thanks, Jay. I will discuss to you quickly.
Operator
Thanks. Our subsequent query comes from the road of Ren Benjamin with Residents JMP. Please proceed along with your query.
Reni Benjamin
Hey, good afternoon guys. Thanks for taking the questions. As I take into consideration 3071, I assume, one query is, now you are trying on the one gram dose degree. At what level do you sort of cease dosing larger or are you able to simply proceed to go larger till you attain a DLT. After which I assume the second query is, once I’m interested by the melanoma non-small cell mixture with pembro cohorts, for which we’ll have an information readout within the second half of this 12 months. Are you able to discuss, I do not know, roughly sort of metrics that you just may want to satisfy, like, for instance, in melanoma ought to I be interested by you guys beating or making an attempt to beat NIVO plus Yervoy from each an efficacy and security perspective or are you extra involved in regards to the security side and the identical sort of query for non-small cell lung most cancers.
Jay Quick
Eric, do you wish to begin on this one?
Eric Sievers
Positive. I believe I will take a begin after which hand to Sherry. You had a extremely fascinating query about actually how excessive to go together with CTLA-4 inhibition. It is actually putting to look again at earlier randomized trials of ipilimumab 10 per kilo versus 3 per kilo, and the survival advantages are actually fairly putting at a number of years of follow-up. Nevertheless, Ipi 10 per kilo was related to appreciable toxicity. So most sponsors which might be pursuing CTLA-4 antibody actually wish to push the dose to realize excessive exposures. After which we additionally desire a good, excessive focus trough in our pharmacokinetics, in order that CTLA-4 blockade lingers of the complete three weeks between doses. So our present plan is to deal with the sufferers at one gram each three weeks. And we do not plan to go larger. We felt that represents 14.2 milligrams per kilogram, for those who in contrast it to the Ipi dosing. And I believe we will use that and simply have a broad aim of giving as a lot CTLA-4 blockade as early in a most cancers affected person’s therapy as attainable and make this one thing that primarily based on tolerability and its efficacy can be reached for as typically as a PD-1 inhibitor. Sheri, do you wish to tackle the questions of concerning what we’d see within the context of melanoma and non-small cell lung most cancers.
Sheri Lydick
Positive, positive. Thanks, Eric, and thanks, Ren, to your query. I believe mainly, what we want is to be meaningfully higher than the present marketed normal of care. So what which means is meaningfully higher not solely by way of efficacy, but in addition tolerability. So offering a routine that can permit a affected person who actually expertise the complete advantage of the remedy. So within the context of melanoma whether or not which means being meaningfully higher than Opdualag by way of efficacy or meaningfully higher than Opdivo, Yervoy. We intention to be meaningfully higher than what these regimens presently present.
Reni Benjamin
Received it. After which what about for non-small cell?
Jay Quick
On the non-small cell aspect, I will simply add and leap in right here for a second. As you observed, we talked about that we’re doing any focused inhabitants, which is a big massive inhabitants, nevertheless it’s a subset of all non-small cell lung most cancers sufferers. And we’ll discuss a bit extra about that in a future convention. However for the time being, we’re simply merely conserving that at a excessive degree at this level.
Reni Benjamin
Received it. Okay. And simply possibly simply going again to Eric’s reply simply regarding the 14.2 mgs per kg, considerably larger than what’s been evaluated prior, do we’ve a way as to sort of the PK/PD at this level? And the way a lot kind of receptor occupancy or blocking we’re already getting? Any kind of shade there can be useful.
Jay Quick
Eric, I will simply leap in for a second. I believe that a number of the research that have been performed prior with ipilimumab have proven that you just do proceed to get a bonus as much as 10 mgs per kg. We do not have the info of 14.2 mgs per kg, however we’ll positively be evaluating the ten to the 14.2 and our perception is we could not fairly have saturated it but on the 10, however the knowledge is fairly clear once you evaluate one going one, three and as much as 10 mgs per kg that you just proceed to get profit. So I believe, although, your level — it is a affordable query although. At what level does that efforts begin change into saturated. And I believe definitely, there’s loads of the inducement to take a look at this one gram degree. And we’ll hope to report out on that sooner or later.
Eric Sievers
And Ren possibly I will leap in right here along with your query in regards to the PK. In order these are conditionally binding antibodies, we would want to do tumor biopsies to discover a receptor occupancy as a result of the antibody was designed to explicitly not bind within the periphery. So it seems to be a more difficult query to reply and one which we have not performed these biopsies in people to characterize receptor occupancy. After which your query about PK is that it’s actually behaving in a fairly normal method. There are actually no PK surprises so far.
Reni Benjamin
Glorious. Thanks guys for taking the questions.
Eric Sievers
Thanks.
Operator
Thanks. There are not any additional questions at the moment. I want to flip the ground again over to Jay Quick for any closing feedback.
Jay Quick
Thanks, everybody, to your consideration, and we’re trying ahead to a really thrilling second quarter. We’ll be speaking to you quickly. Thanks.
Operator
This concludes right this moment’s teleconference. You could disconnect your traces at the moment. Thanks to your participation.
