ADC Therapeutics SA Q3 FY2021 Earnings Call

Welcome to the ADC Therapeutics Third Quarter 2021 Financial Results Conference Call. My name is Kevin, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. I will now turn the call over to Amanda Hamilton, Investor Relations Manager. Amanda, you may begin.

Thank you, operator. This morning, we issued a press release announcing our third quarter 2021 financial results and business update. This release is available on the ADCT website under the press release section. On today's call, Chris Martin, Chief Executive Officer; Jennifer Herron, Chief Commercial Officer; Joe Camardo, Chief Medical Officer; and Jenn Creel, Chief Financial Officer, will discuss recent business highlights and review our third quarter 2021 financial results before opening the call for questions. As a reminder, this conference call may contain forward-looking statements. Such statements are subject to risks and uncertainties. For additional information concerning forward-looking statements and factors that could cause actual results to differ materially from those expressed or implied in these statements, we refer you to the section titled Cautionary Statement Regarding Forward-Looking Statements in our report filed with the U.S. Securities and Exchange Commission earlier today. Today's presentation also includes non-IFRS financial measures. These non-IFRS measures have limitations as financial measures and should be considered in addition to, and not in isolation or as a substitute for, the information prepared in accordance with IFRS. You should refer to the information contained in the company's third quarter earnings release for definitional information and reconciliations of historical non-IFRS measures to the comparable IFRS financial measures. It is now my pleasure to pass the call over to our CEO, Chris Martin. Chris?

Thanks Amanda, and thank you, everyone, for joining us today. I'm very pleased to share an update of our progress during the third quarter. We successfully executed on our key objectives driving the ZYNLONTA launch, advancing the R&D pipeline and achieving several important corporate development goals. We are now approximately six months into the ZYNLONTA launch and we are encouraged by what we have accomplished to date, delivering $13.1 million in net sales in our first quarter of the launch. We have generated good momentum behind the launch driven by the unique product profile, the significant unmet need in third-line-plus DLBCL and the strong execution of our highly experienced team of sales and medical professionals. Jennifer Herron, our Chief Commercial Officer will share more details on our launch a little later in this call. Void by our first FDA approval, we remain committed to expanding our geographic footprint to provide ZYNLONTA to as many patients as possible worldwide with relapsed or refractory DLBCL. The EMA validated our marketing authorization application and we received orphan drug designation in Europe. The Overland ADCT Joint Venture also made tremendous progress with the initiation of the pivotal Phase 2 bridging study in China, which is intended to serve as a basis for regulatory filing in China. In addition to geographic expansion, we are also continuing to evaluate ZYNLONTA in combination with other agents in earlier line opportunities in DLBCL and as a single agent in follicular lymphoma. On the R&D front, we continue to advance our pipeline programs, which are important for driving long-term value for the company. We initiated the Phase 1 study for ADCT-901 targeting KAAG1 and entered into a collaboration with the NCI for the development of ADCT-701 targeting DLK-1. For Cami, we continue to advance the Phase 2 trial in relapse refractory Hodgkin Lymphoma and the Phase 1b study in solid tumors. Joe Camardo, our Chief Medical Officer will elaborate on our key programs in a few moments. Finally, during the quarter, we extended our cash runway by entering into a financing agreement with Healthcare Royalty Partners for up to $325 million for the continued development of the commercialization of ZYNLONTA and Cami. I would now like to turn the call over to Jennifer to provide some insights on our progress with the ZYNLONTA launch.

Thank you, Chris, and good morning everyone. I'm happy to be here today to share an update on the U.S. ZYNLONTA launch. We are pleased to report ZYNLONTA net sales in the third quarter of $13.1 million, representing our first full quarter of ZYNLONTA sales. This early launch performance has been driven by ZYNLONTA's differentiated product profile, the significant unmet medical need in third-line-plus DLBCL and the strong execution of our seasoned cross-functional team of sales, marketing, market access, and medical affairs professionals. In terms of additional insight into our launch dynamics, our commercial team has made good progress initiating new accounts and driving increased volume from existing accounts, including our prioritized key accounts and NCCN and CI centers. Despite continuing COVID-related challenges, our targeted launch efforts have resulted in significant increases in brand awareness, perception and intent to prescribe and we are also competing well in terms of share of voice. The differentiated ZYNLONTA product profile continues to resonate with both academic and community-based physicians. During the third quarter, not surprisingly, academic center support resulted in greater than 50% of Q3 total volume with an equal proportion of ordering accounts coming from academia and the community. Recently, we have seen increasing volume from the community as expected as payer access and reimbursement turnaround become more reliable. In terms of patient access, we are very pleased with our progress. Our payer and medical teams have achieved broad access for patients with no barriers encountered thus far. And we expect the permanent J-code in January of 2022 to accelerate local community reimbursement, trial, and adoption. Anecdotally, we hear that the patient experience in the real world is similar to the LOTIS-2 trial experience, which supports the broad use of ZYNLONTA across the third-line-plus DLBCL patient population. While our initial use has been predominantly in the fourth-line patient population, ZYNLONTA has also been used in the third-line setting including patients who may go on to CAR T after ZYNLONTA. Recall that in the LOTIS-2 trial, 16 patients received CD19 directed CAR T therapy after treatment with ZYNLONTA with an investigator assessed ORR of 44%. The differentiated product profile, which is a unique combination of robust single agent efficacy with a median time to response of 41 days, a generally manageable side effect profile and convenient 30-minute infusion every 21 days makes ZYNLONTA an incredibly competitive agent in the third-line-plus setting, and why we believe that ZYNLONTA has the potential to be the third-line-plus standard of care. As for the launch outlook for the rest of the year, we will be proactively monitoring the impacts of COVID, the opportunities for face-to-face visits and the variability around patient scheduling with the upcoming holiday season. Specifically, regarding operating in the COVID environment, the cross-functional team including marketing, sales, market access, and medical affairs have been navigating the hybrid launch with the agility to engage both virtually or in person depending on geographic guidelines and physician preferences. While institutions and other face-to-face opportunities have not opened up as quickly as we had hoped, our face-to-face engagement has been stable over the last few months at about half of all of our interactions. In summary, we are encouraged by the HCP reception to ZYNLONTA's differentiated product profile resulting in positive launch momentum generated to date, while recognizing the incredibly dynamic environment. We acknowledge the uncertainties associated with the evolution of the pandemic, but believe there remains an opportunity to unlock the full potential of ZYNLONTA as the standard of care in its label indication. And our team is focused on bringing ZYNLONTA to any patient who may benefit from treatment. We look forward to keeping you updated on our launch progress.

Thank you, Jennifer. I am very pleased to be able to talk to you today about how ADC Therapeutics is working to move ZYNLONTA beyond our first indication with studies in combination with other agents in earlier lines of treatment and in different subtypes of non-Hodgkin Lymphoma. Starting with the LOTIS-3 trial, we are evaluating ZYNLONTA in combination with ibrutinib for relapsed or refractory diffuse large B-cell or mantle cell lymphoma. We are initiating a Phase 2 program with a higher dose and more frequent administration of ZYNLONTA to determine the complete response rate and durability of response, as well as the tolerability of this combination for potential use in earlier lines of treatment. Our ongoing confirmatory Phase 3 LOTIS-5 clinical trial of ZYNLONTA in combination with rituximab is intended to support a supplemental BLA filing as a second-line therapy for relapsed or refractory DLBCL patients who are not eligible for stem cell transplant. This trial continues to enroll patients and we expect to complete enrollment of the safety lead-in of this trial by the end of this year. The Phase 2 LOTIS-6 trial in relapsed or refractory follicular lymphoma is ongoing, and our published data from the Phase 1 study showed that 11 of 14 patients had a response to ZYNLONTA including nine patients who showed a complete response. The median duration of response was not reached in that Phase 1 trial. In addition to these trials, we aim to initiate several additional ZYNLONTA trials by the end of the year, including a study of ZYNLONTA that evaluates four different combinations in separate arms, and a dose finding study of ZYNLONTA in combination with R-CHOP in previously untreated DLBCL patients. These trials will explore the expansion of ZYNLONTA into earlier lines of therapy across B-cell non-Hodgkin lymphomas. And finally, for ZYNLONTA, we're looking forward to discussing new data to be released at the upcoming ASH conference. Moving to Cami. We continue to advance both our Hodgkin lymphomas and solid tumor programs. With enrollment in the Phase 2 trial and Hodgkin lymphoma completed in February 2021, we plan to have preliminary results in the first half of 2022 after which we will share the next steps for a pathway to regulatory submission. We also continue to advance Cami with our ongoing Phase 1b dose escalation trial in combination with pembrolizumab in patients with advanced solid tumors. Furthermore, we are supporting our pipeline that leverages our validated ADC platform applied to the treatment of solid tumors. During the third quarter, we dosed the first patient in the Phase 1 study of ADCT-901 targeting KAAG1, a novel first-in-class candidate for the treatment of patients with advanced solid tumors with high unmet medical need including platinum resistant ovarian cancer and triple negative breast cancer. Another promising pipeline candidate is ADCT-601, mipasetamab uzoptirine, targeting AXL. AXL is overexpressed in many solid tumors such as lung, breast, prostate, pancreas, glioma, and esophageal cancers. We expect to initiate the Phase 1b combination study in multiple solid tumors in the first half of 2022 and we look forward to sharing more details about this program in the coming months. As Chris mentioned earlier, we entered into a collaboration with the National Cancer Institute to develop ADCT-701 targeting DLK1 in neuroendocrine malignancies with high unmet medical need. This includes adrenocortical carcinoma, pheochromocytoma, paraganglioma, neuroblastoma, and small cell lung cancer. And finally, our ADCT-602 program targeting CD22 continues to enroll patients in a Phase 1, 2 trial for relapse or refractory acute lymphoblastic leukemia. This is in collaboration with M.D. Anderson and City of Hope Medical Centers. We also have a robust R&D pipeline with seven pre-clinical development programs and we look forward to keeping you updated on all of these programs.

Thank you, Joe, and good morning everyone. As reported in the press release issued earlier today, ZYNLONTA third-quarter net sales were $13.1 million reflecting the first full quarter of ZYNLONTA sales. As of September 30th, we had cash and cash equivalents of $530 million as compared to $372 million as of June 30th of this year. During the third quarter, we used roughly $59 million in cash for operating activities. In August, we entered into a financing agreement with Healthcare Royalty Partners for up to $325 million, including gross proceeds of $225 million received upon closing. R&D expenses were $37 million for the third quarter of 2021 compared to $32 million for the same quarter in 2020. The increase was primarily related to the medical affairs support of the ZYNLONTA launch and the expansion of the ZYNLONTA clinical program and our broad portfolio. Selling and marketing expenses were $17 million for the third quarter of 2021 compared to $6 million for the same quarter of 2020. The increase in selling and marketing reflects the expenses for the ZYNLONTA launch and the ongoing commercial efforts. G&A expenses were $17 million for the third quarter of 2021 compared to $14 million for the same quarter of 2020. The increase was primarily due to increased headcount to support the needs of a commercially staged public company. Net loss was $72 million for the third quarter of 2021 compared to a net loss of $20 million for the same quarter of 2020. Our diluted net loss per share was $0.93 in the third quarter of 2021 compared to a net loss of $0.29 for the same quarter of 2020. Finally, adjusted net loss, a measure that excludes certain items associated with the Deerfield convertible loan share-based compensation expense and effective interest expense associated with the royalty financing agreement with Healthcare Royalty Partners, was $46 million for the third quarter of 2021, compared to an adjusted net loss of $41 million in the same quarter of 2020. The increase in adjusted net loss was primarily driven by the investment in the ZYNLONTA launch and our clinical programs. The adjusted diluted net loss per share was $0.59 for the quarter compared to a loss of $0.58 for the same quarter in 2020. With that, I will turn the call back to Chris for closing remarks.

Thank you Jen, Joe and Jennifer. To conclude, this has been a productive quarter for ADCT. We continued to execute on the ZYNLONTA launch and advance our R&D pipeline. Our objectives for the remainder of the year and into 2022 are clear and we are well-positioned to execute on all aspects of the business. We look forward to updating you on the progress of our launch and our advancing pipeline in the coming quarters. I'm pleased to now open the call for questions.

Thank you. We will now begin the question and answer session. Our first question comes from Matthew Harrison with Morgan Stanley.

Great. Good morning. Thanks for taking the questions. I guess two from me. So one on the launch. I know you've commented on sources of business sort of being 50-50 commercial academic. I was wondering if you've seen any changes quarter-over-quarter in terms of repeat prescribers or where you're seeing anything around duration or any other items like that? And then secondly, on Cami, do you need to meet with the regulators again once you see the data in the first half of 2022 or maybe you can just outline exactly what the steps are you're going to need to take? Thanks.

Thank you, Matthew. Jennifer, do you want to take the first question, Joe the second?

Sure.

Hi, Chris. Thanks. Hey, Matthew. Regarding the changes we're observing quarter-over-quarter, we continue to see a greater percentage of our volume coming from academia. Recently, we've noticed an increase in usage from the community, and we expect this trend to persist. While repeat orders are mainly from academia, we are seeing more new accounts emerging from the community in recent weeks. At this six-month mark post-launch, it's too early to assess duration. In the third-line-plus setting, healthcare professionals are expressing a need for a very individualized approach depending on each patient's treatment stage, making it difficult to draw conclusions for the general population at this time.

Okay. This is Joe. We'll follow a pretty standard procedure. Here we're going to finish the study, compile the data, put together a briefing book, request a meeting and explain what we want to do next, which is the possibilities of a submission for accelerated approval as well as a proposal for a confirmatory study. The FDA has in the last few years often answered questions and said they don't need a meeting. I have a feeling in this case we'll have a meeting with them sometime in the latter part of next year. And that's pretty standard.

Thank you. Our next question comes from Tazeen Ahmad with Bank of America.

Morning and good afternoon. Thanks for taking my questions. I'll start with you. The first may be to follow up on Matthew's question about ZYNLONTA. So, for the increased use in community talks is it that doctors who've had experience with ZYNLONTA in the community setting are just prescribing it to more patients? Or are you getting more of the growth from new users? And then secondly, as it relates to Cami, relapsed or refractory HL, can you give us a sense of where you would expect to see GBS observations? And whether any observation in your mind could be rate limiting based on what doctor feedback has been so far? And then I have a couple follow-ups. Thank you.

Thank you, Tazeen. Again, Jennifer, do you want to take the first one, and Joe the second.

Yes. Tazeen, thank you. Community, I think we're seeing a really healthy mix of new orders and repeat orders. We're adding new accounts every week and we're seeing repeat orders from the existing accounts and the addition of new accounts. So it's not in the community, I'm not seeing a concentration of business. Is that what was your question?

Okay. With regard to the question about Cami, the first thing is based on the data that we're seeing now the balance of benefit risk is favorable. We've had no increase in the incidence of GBS over the trial. We have some activities in place to make sure that they decide that particular scientist can be mitigating and keep in mind that we're treating patients who have a median of six prior treatments including patients who failed what I call modern treatment with rituximab and pembrolizumab and also patients who have relapsed after stem cell treatment. So there's a very high bar and we've reached that with the complete response rate in a range of 28%. So, we're positive on the benefit risk and we're confident that FDA will see that as long as we're able to provide all the data which we plan to do next year.

Okay. But are you expecting to see a significant level of GBS even with the changes that you've made just to level it out?

We have 7 cases, or actually 6%, and I anticipate that will be our figure moving forward. We currently have a significant number of patients, and I believe this will reflect the number of GBS cases we see. It might be slightly lower or higher when we enter clinical practice, but that's our expectation. As I mentioned, we've been successful in reducing the more severe cases. Given the favorable response rate of approximately 28% in patients with a median of six previous unsuccessful treatments, we see this as a manageable side effect, and we have the evidence to back this up and communicate it effectively to physicians.

Okay. Thank you.

Okay. You're welcome.

Lastly, for the KAAG1 that you just mentioned moving into the clinic starting a study this year. Should we expect to see any data next year? And then as it relates specifically to platinum-resistant ovarian, can just remind us what the other options are currently for patients? And what level of efficacy are you looking for? Thank you.

Yes. I'm sorry, I can't hear your question very well. Were you asking about KAAG?

Yes.

Or about KAAG here.

Joe, yes, sure. The question was regarding KAAG1, do we expect to see any data this year? In the case of ovarian cancer patients, what alternative therapies are available for this stage of treatment? Additionally, what level of activity would you anticipate?

Well, okay, thanks. So thanks Chris. I didn't hear that. I heard everything except which of our products we wanted to hear about. So with KAAG, we're not going to have any data this year to share. I mean, we just started Phase 1 and it's proceeding exactly at the right pace, which is a careful dose escalation in patients with refractory cancers. We generally depending on how the safety proceeds, we can advance according to our regular schedule. So I'm thinking maybe sometime in the latter part of next year we could have some data on the safety and develop a plan to proceed. The short answer to the ovarian cancer question is there really aren't any alternatives which is why KAAG is an attractive option here. Ovarian cancer continues to be a serious and highly refractory illness once it reaches that late stage of relapse. So, at this point there are other novel, maybe not normal but there are other products in development, but nothing that is as novel as KAAG. And there is this interesting expression of KAAG on ovarian tumors, which is why we chose that. But right now, the field of options is pretty limited.

Okay. Thank you.

You're welcome.

We haven't observed any GBS in the solid tumor setting with Cami.

Yes. Okay. Thank you.

Our next question comes from Boris Peaker from Coven.

Oh, great. My first question is on ZYNLONTA. Can you comment on the data we should be expecting to see at ASH?

Well, I can't be specific about the data you're going to see at ASH, because it's still under embargo. But I will tell you that as commonly done, we will have longer-term follow-up. We will have some subgroup analyses. As you recall, we have patients in our ZYNLONTA trial that we're not eligible for some of the other trials going on at the same time. And so we're going to be reporting it on those kinds of analysis and in addition to some longer follow-up. And we do have other products also available now that have been submitted to the ASH conference.

Got it. Can you tell me the timing of the data readouts from LOTIS-3 and LOTIS-5? When do you anticipate top-line data for those?

I cannot provide specific details on that. We have just initiated the amendment for LOTIS-3 and expect to have some data from the completed portion by this time next year. However, the timeline for the amendment's progress will influence when we’ll have this data, and it’s unlikely to be before 2023. Regarding LOTIS-5, we are currently finishing the lead-in phase and will soon start the randomized part. We anticipate that will take 18 to 24 months, and it's important to note that this is an event-driven trial. Therefore, predicting when we will see the events needed to assess the differences between ZYNLONTA/rituximab and rituximab/GemOx is challenging, as it depends on the occurrence of progression. As mentioned, I expect the enrollment period to be around 18 to 24 months.

Great. Thank you very much for taking my question.

You're welcome.

Our next question comes from Brian Cheng with Cantor Fitzgerald.

Hey, team. Thanks for taking my call and congratulations on a great quarter. It seems that you're tracking well against the historical sales trajectory for some of the competitive product in DLBCLs. Do you have a sense of where you stand on market share in third-line-plus DLBCL? And then I have one more follow-up. Thanks.

Jennifer.

Yes. Thanks, Brian. Thanks for the question. Yes. We are pleased with this quarter's performance. In terms of metrics, as I mentioned in my remarks, we've made some significant increases in awareness and familiarity and intent to prescribe. We're also holding our own in terms of share voice. So we're happy with that. We are monitoring the market quite closely to make sure that we remain competitive. And that we can adapt our hybrid launch plan as the local conditions require. The Q4 is looking better in terms of COVID, but again that could change on a dime as we get into the winter months. One of the things that we are watching carefully is face-to-face interactions, because of the importance of engaging nurses, pharmacists, and physicians about the differentiated profile of ZYNLONTA and of course, this is going to be our first Q4 in terms of any kind of seasonal effects with patient visits. So, yes, we're cautiously optimistic about Q4 and we'll be looking forward to updating you as that quarter wraps.

Great, Jennifer. Maybe just on your AXL targeted 601 program. Can you give us an update on the manufacturing front? And what are your latest thoughts on patient selection and the initial set of indications? And then, ahead of the upcoming update from the competitor AXL targeted ADC and Sarcoma at the CTOS meeting later this month. How should we think about the potential read-through from their update to your 601 program? Thank you.

Brian, on the manufacturing side I think as you know, we're using the significance site-specific conjugation in the AXL program. We did the Phase 1 dose escalation study as we normally do using frozen product. And we're now moving to manufacturing lyophilized product. So the manufacturing is well underway to supply the clinical study for that we will start in the first half of next year. I'll hand over to Joe to address the clinical aspects. Joe?

Thank you, Chris. As you might expect, we are also focusing on sarcoma, and there are many reasons why we believe AXL would be a promising target. However, our protocol isn't finalized yet. We're currently working with our investigators and the FDA to find ways to enhance our approach beyond just using a literature-based tumor, aiming to identify populations that are more likely to respond to AXL. I don't have final details at this moment, but I will share some data once our protocol is complete, which should be in the first half of next year. Regarding our competitor, I generally try to learn from them, but we have a distinct PBD toxin with high potency. We believe we can achieve effective entry of the toxin into malignant cells based on the expression levels we will evaluate in the trial. This ultimately depends on the toxin's potency and our ability to enhance the likelihood of identifying a highly expressed AXL tumor. There are a few details to finalize, but we're actively working on this and I'll provide more updates in the first half of next year.

Great. We look forward to that. Thanks for taking my question.

Thank you.

Our next question comes from Kelly Shi with Jefferies.

Thank you for taking my question. Congrats on the great quarter. So gross to net for the ZYNLONTA. Is it staying around the same at 83% as mentioned in Q2? Are we going to expect some change? And I'll have to follow up on Cami.

Jennifer?

Hey, Chris. This is Jenn. I can jump in there. Thanks Kelly for the question. So our gross to net details you can see in our 6-K we filed this morning. But the Q3 gross to net, the deductions were right around 14% and that's really right in the general range that we'd expect for an infusion drug in this kind of specific patient population. But it's early days and we do expect this to fluctuate. We really only have a few months of actuals at this point. And we still have some estimates included in our sales deductions. So, we'll continue to monitor this as we move forward and let if there's any updates. Thanks for the question.

Thank you. And also for Cami, could you share the possible hypotheses regarding the incidence of GBS talks? Do you think the prior PD-1 antibody treatment has some association with GBS. We have seen some documented cases for PD-1 treatment triggering GBS in heavily pre-treated patients. And also will you be able to rule out the possibility of this happening in solid tumors based on what you have learned? Thank you.

Joe, do you want to take that?

That's a very good question. We know that Hodgkin lymphoma patients have a greater predisposition to embere, which is something to consider. It seems related to some form of enhancement of the immune system, but right now, it's all speculative. We haven't identified the exact trigger that activates the immune system against the nervous system yet. This is consistent with data from checkpoint inhibitors, where similar immuno-inflammatory side effects can occur, making it a reasonable hypothesis. However, we can't make any specific claims about the Cami activity. For solid tumors, we observed embere early in the Hodgkin lymphoma program, and given the predisposition in those patients, we now have a high level of confidence that this isn't an issue for solid tumor patients. This conclusion is based on comparing the occurrences in Hodgkin lymphoma to the number of patients in the solid tumor program. We are continuing to investigate this further, and many are also working on this alongside the checkpoint inhibitors. Thank you for the question.

Thank you so much for the color. One last question if I may regarding the AXL program. So from competitors, some of the programs actually have been able to show the correlation between actual expression and tumor response, but some are not able to. I wonder would you be able to comment on ADC Therapeutics' biomarker study or maybe clinical design like what's your expectation on that front?

I can't provide any commentary on the clinical design because it's not finalized yet. However, once we do finalize it, the protocol will be listed on clinicaltrials.gov, so you'll definitely hear about it. It's important to note that companies examining overexpression to measure response focus on how AXL drives the tumor. In our case, we view AXL as a means to deliver our toxin into the cell, which is a different approach. While our antibody may have some effect on reducing AXL activity, our primary goal is to effectively deliver a highly potent toxin into the cell. Therefore, comparing AXL as a direct target for malignant cells to AXL as a delivery mechanism for our toxin is not an accurate comparison; the mechanisms are entirely different. More data will be available in the future.

Alright. Thanks for taking the question and congrats on the quarter. Very impressive commercial result there. I had three questions on Cami here. First, I just wanted to clarify have you requested or had a pre-BLA meeting with the FDA for Cami? And then second, another question on the etiology of GBS. Have you identified any factors that are associated with risk of a recurrence, whether it's treatment history or any biomarkers? And can that GBS might effect being replicated in animal models? And then lastly, just wanted to see how the Cami and Pembrolizumab combo trial and solid tumors was going and when we could expect to see data from that trial? Thanks and congrats again.

We have not yet requested a meeting with the FDA. When we initiated our Phase II program, we agreed to wait for the one-year follow-up data before compiling our findings and requesting a meeting. That follow-up will be in February 2022, and we want to ensure we have that data, particularly since duration of response is an important factor. As it stands, we have not reached the median duration of response in these patients, which is encouraging, but we will hold off until the one-year data is available. Regarding the ability to replicate this phenomenon in animals, we currently can't do so. Creating a Hodgkin lymphoma model in animals proves challenging, and while we might speculate on transplant tumors, we haven't successfully replicated the situation in animal models. We can replicate some immuno-inflammatory activities when T-Rex cells are depressed, but that doesn't equate to an actual animal model for Guillain-Barré syndrome. We are actively investigating your suggestion about examining treatment history and biomarkers, but it's complex and hasn't provided clear answers yet. The variability in treatment histories makes it unsurprising that we haven't identified anything definitive, but we are continuing our research. As for the Cami program in solid tumors, it is progressing well, reflecting the significant need for new treatments in the areas we're studying. However, I can't provide a definitive timeline for completion since we are still in the dose escalation phase, which we must approach cautiously. Once we finalize the combination of Cami and pembrolizumab and expand our trial, we will be better positioned to share what we’ve learned regarding safety, dosage, and responses. It's still somewhat uncertain, but enrollment is going very well. Did I lose anyone?

Okay. And I'm not showing any further questions. At this time I'd like to turn the call back over to Chris.

Thank you very much everyone for joining the call today. We look forward to keeping you updated on our progress. And have a nice day. Bye. Thank you.

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.