Good afternoon, everyone. Thank you for standing by and welcome to the Corvus Pharmaceuticals third quarter 2025 business update and financial results conference call. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. It is now a pleasure to turn the call over to Zach Kubo of Real Chemistry. Please go ahead, sir.

Thank you, operator, and good afternoon, everyone. Thanks for joining us for the Corvus Pharmaceuticals Third Quarter 2025 Business Update and Financial Results Conference Call. On the call to discuss the results and business updates are Richard Miller, Chief Executive Officer, Leif Lee, Chief Financial Officer, Jeff Varkera, Chief Business Officer, and Ben Jones, Senior Vice President of Regulatory and Pharmaceutical Sciences. The executive team will open the call with some prepared remarks, followed by a question and answer period. I would like to remind everyone that comments made by management today and answers to questions will include forward-looking statements. Forward-looking statements are based on estimates and assumptions as of today and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by those statements, including the risks and uncertainties described in Corvus' quarterly report on Form 10-Q for the quarter ended September 30, 2025 and other filings the company makes with the SEC from time to time. The company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. With that, I'd like to turn the call over to Leif. Leif? Thank you, Zach.

I will begin with a brief overview of our third quarter 2025 financials and then turn the call over to Richard for a business update. Research and development expenses in the third quarter 2025 totaled 8.5 million dollars compared to 5.2 million dollars for the same period in 2024. The 3.3 million dollar increase was primarily due to higher clinical trial and manufacturing costs associated with the development of socolitinib, as well as an increase in personnel-related costs. The net loss for the third quarter 2025 was $10.2 million, including a non-cash loss of $300,000 related to Angel Pharmaceuticals, our partner in China. This compares to a net loss of $40.2 million for the same period in 2024, which included a $32.8 million non-cash loss related to the change in fair value of Corvus's warrant liability and a $700,000 non-cash loss related to Angel Pharmaceuticals. Total stock compensation expense for the third quarter 2025 was $1.2 million compared to $700,000 in the same period in 2024. As of September 30, 2025, Corvus had cash, cash equivalents, and marketable securities totaling $65.7 million as compared to $52 million at December 31st, 2024. Consistent with our last quarter, we expect our current cash to fund operations into the fourth quarter of 2026. I will now turn the call over to Richard, who will discuss our clinical progress and elaborate on our strategy and plans.

Thank you, Leif, and good afternoon, everyone. Thank you for joining us today for our update call. Our primary focus continues to be on the development of soqualitinib for both atopic dermatitis and T-cell lymphomas, and we have several important milestones upcoming for these programs. First, we have completed enrollment in the Extension Cohort 4 of our Phase 1 trial, and we expect to have the results of the full data set in late December. Given the proximity to the holidays, we plan to report results in January. Second, the initiation of our phase 2 atopic dermatitis trial is on track for early Q1, 2026. We believe socolitinib is strongly positioned as an oral medication with a novel mechanism of action that so far has shown favorable safety and efficacy profile. There has been increasing interest in drugs with novel mechanisms to address atopic dermatitis and other inflammatory diseases. Our confidence in socolitinib is bolstered by our belief that the data-to-date not only stands up favorably against recent data sets from other approaches, but indicates that we have the potential to be a leader in this space. We are also encouraged that the clinical evidence obtained to date with socolitinib in both atopic dermatitis and in T-cell lymphoma bode well for the potential of ITK inhibition in a broad range of immunology and inflammatory indications, and we continue to explore potential next opportunities for our platform. On today's call, I will provide an overview of Extension Cohort 4 and our plans for reporting this data and the status of our planned Phase 2 trial in atopic dermatitis. I will also discuss the relevance of our socolitinib ASH oral presentation for our Phase 3 peripheral T-cell lymphoma trial and its implications for INI indications, including atopic dermatitis, and I will provide a brief recap of other operational progress and updates. Let me start with a reminder of the key data reported to date for socolitinib in atopic dermatitis. In June, we reported data from Cohort 3 of the Phase 1 trial evaluating a 200 mg twice-per-day oral dose for 28 days of treatment, building on the encouraging results we had already reported with a lower dose level from Cohorts 1 and 2. All of the treatment cohorts demonstrated a favorable safety and efficacy profile compared to placebo. The Cohort 3 efficacy data was especially remarkable, demonstrating earlier and deeper responses compared to Cohorts 1 and 2. At Day 28, cohort three showed a mean percent reduction of EZ score of 64.8% compared to 54.6% for the combined cohorts one and two, and 34% for placebo. In cohort three, 50% of patients achieved EZ 75, 8% achieved EZ 90, and 25% achieved IGA 0 or 1. No placebo patients achieved EZ 75 or IGA 0, 1. We also saw an impact on itch with a number of cohort 3 patients reporting steep drops in patient-reported PPNRS score beginning at day 8. In terms of the kinetics of response, cohort 3 showed earlier and deeper separation from placebo starting at day 8 compared to cohorts 1 and 2, with the easy score improvement continuing through day 15 and 28. The continuous downward slope of the curve suggests that longer treatment duration could potentially deepen responses further, which we are now exploring with the Extension Cohort 4. We have completed enrollment in the Extension Cohort 4 of the Phase 1 trial, which is evaluating 24 patients at the Cohort 3 dose of 200 milligrams twice per day given for eight weeks with an additional 30-day follow-up without therapy. The 24 patients were randomized in a blinded fashion one-to-one with placebo, 12 active and 12 placebo. As mentioned earlier, we plan to report the eight-week data set on 24 patients in January. Our objective with this additional data is to confirm the results obtained in our earlier cohorts. in a larger number of patients, and to determine if the longer treatment duration of eight weeks leads to better efficacy. The second upcoming milestone for soqualitinib and atopic dermatitis is the initiation of our planned Phase II clinical trial, which we anticipate will begin early Q1, 2026. The trial will be randomized, placebo-controlled, and double-blinded, involving approximately 70 clinical trial sites globally. The trial is designed to enroll approximately 200 patients with moderate to severe atopic dermatitis that have failed at least one prior topical or systemic therapy. I would like to emphasize that we are including patients who have failed previous systemic therapies, such as dupixin or JAK inhibitors. We are interested in this population of patients because socolitinib has a mechanism of action that is different than currently available agents, and prior use of these agents would not be expected to lead to resistance to socolitinib. The patients will be randomized equally into four cohorts, 50 patients each receiving socolitinib 200 milligrams once per day, 200 milligrams twice per day, 400 milligrams once per day, or placebo. The treatment duration will be 12 weeks, and patients will be followed for an additional 90 days without therapy. The primary endpoint will be the mean percent reduction in EASY score from baseline to week 12. This is the typical endpoint for phase two clinical trials in atopic dermatitis. Secondary endpoints will include the percent of patients achieving EASY 75 or IGA 0 or 1 at week 12, impact on itch measured by the percent of patients achieving greater than or equal to four-point decrease in PPNRS at week 12, and safety. Photographic documentation of disease at baseline and response to therapy will be mandated on the study and reviewed by independent experts. In oncology, we continue to enroll patients in our registrational phase 3 trial of socolitinib in patients with relapsed PTCL, driving towards interim data in late 2026. In addition, we are pleased to report that the final results from our Phase I 1B clinical trial of Soqualitinib for the treatment of relapsed refractory T-cell lymphomas will be presented in an oral session at the annual meeting of the American Society of Hematology meeting in December. This presentation will report on the clinical data and supporting preclinical work that drives us to continue advancing the program for PTCL, as well as providing the rationale and safety information motivating us to focus on immune and inflammatory diseases. In particular, we will report on the durability of progression-free and overall survival. We believe the presentation at ASH adds to the growing clinical evidence that socolitinib is a safe and active agent working through a mechanism that supports its utility in both T-cell lymphoma and immune-mediated diseases. As a reminder, some patients in the Phase I trial were treated beyond two years in the same daily dose range, as is being studied in atopic dermatitis, and complete durable tumor responses were seen in patients with highly aggressive tumors. We also have a growing body of preclinical data supporting the potential of ITK inhibition in a broad range of additional indications across dermatology, rheumatology, pulmonary medicine, solid cancers, and other diseases. briefly on other operational updates in october we appointed mr david moore to our board of directors building on the addition of richard vandenbroek in april david is executive vice president u.s operations at novo nordisk and president at novo nordisk his experience leading one of the most successful glp1 franchises along with his broad expertise across strategy commercial market access, business development, and investing is anticipated to be an important strategic resource as we work to maximize the potential of our ITK inhibitor platform. In closing, we remain very optimistic about the potential of socolitinib and atopic dermatitis. In addition, the knowledge and experience from our current trial motivates us to think beyond atopic dermatitis to a broad range of other immune diseases. We believe we may have the opportunity to establish selective blockade of ITK as a new therapeutic approach to autoimmune inflammatory diseases based on modulation or rebalancing of cellular immunity. We look forward to providing so-called updates in the coming months, first at ASH for our T-cell lymphoma program, and then in January for the Extension Cohort 4 data for our atopic dermatitis program. Combined with the planned initiation of our Phase 2 atopic dermatitis trial in early Q1 2026 and the ongoing enrollment in our Phase 3 PTCL trial, we are building significant momentum for soqualitinib coming into the new year. I will now turn the call over to the operator for questions and answer period. Operator?

Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. If you would like to withdraw from the polling process, please press star then the number two. If you're using a speakerphone, please make sure to lift your handset before pressing any keys. Your first This question comes from the line of Greg Sivazaveh from Mizzou. Please ask your question.

Good afternoon. Thanks for taking my questions, and congratulations on the progress in the quarter. I've had a couple of questions. First, on your ASH abstract and the data that you will be presenting next month, I'm wondering, We saw very impressive OS data, and with that in mind, with other information that was in that abstract, could you perhaps put in context the comparability that obviously leads to your enthusiasm for the prospects of socolitinib and peripheral T-cell lymphoma? And I'll come back with a second question.

Thank you for the question, Craig. First of all, the PFS and OS being presented at ASH meeting is quite impressive, especially when you consider this is a phase one trial using an agent that was not previously tested in this disease. As you all know, T-cell lymphoma is a very bad disease with a median survival, usually of about six months in relapse. We have far better results than that, and we're excited about that. The reason that we're also excited is we've learned so much from that trial in terms of immunobiology, safety, pharmacokinetics, pharmacodynamics, mechanisms of action that pertain to, that are very pertinent with regard to immune diseases. One of the things I talk about in the ASH abstract and will elaborate on at the meeting is the fact that we're seeing responses in T-cell lymphomas that are so-called GATA-3 positive. Now, GATA-3 is a transcription factor that is also known as the master regulator of Th2 function. Th2 cells are the cells of interest in a variety of immune diseases, including atopic dermatitis. So putting all that information together, we feel bodes well, not just for the T-cell lymphoma program, but for a range of immune diseases. You know, it's confirming and consistent with our belief that we have a drug with a really new novel mechanism of action. It's oral. It appears very safe. And we are seeing really significant signals of activity in patients who have a cancer of their immune system that involves the very same cells that are involved in all these other immune diseases. I hope I answered that question.

You did. Thank you very much. And then if I could just go to soqualitinib and your atopic dermatitis readout that's coming in the early part of the year as you have expanded the treatment duration and as you've expanded the number of patients, is it fair for us to assume that what you saw previously will have an improvement on the efficacy that you saw? And if you don't see an improvement versus what you saw previously, does that change in any way your enthusiasm for the prospects of soqualitinib and atopic dermatitis?

Thanks for that question. So, first of all, we feel, and so do many of our outside experts feel, that the data that we generated in cohort three with 28 days of treatment was quite good. It was safe and it was quite active in that. What we aim to show, and as you recall, the reduction in EASY scores were continuing to go down for the last few weeks of therapy. So with the expanded cohort, we really are looking for two things. Number one, we want to show consistency. We want to show, confirm what we showed before in a larger set of patients with more placebos and more patients with getting active drug. Placebos, I don't have to tell you folks, placebos are very important in evaluating these diseases. The second thing we're looking for is does the extension of the treatment duration improve the results further? So those two concepts. I want to see consistency of the data from what we did earlier and yes we'd like to see an improvement as we go beyond 28 days. And of course we want to confirm safety and the other things as well. So that would be what to expect as we look at the data that comes out in January.

Thank you very much. I'll jump back in the queue.

Your next question comes from the line of Jeff Jones from Oppenheimer. Please ask her question.

Hi, guys. Can you hear me?

Yes.

Great. Thanks for taking the question. And congrats on, the real progress you're making here. One on socolitinib, Richard, as you mentioned, you've seen and been generating data and a number of other indications in the INI space. What are your plans to take socolitinib forward in other indications at this point, sort of indications and timing?

Okay. So, just to be clear, Jeff, socolitinib in humans is being studied in the registration phase three trial and, of course, in our phase one atopic dermatitis trial. We also have a trial in lymphoproliferative disease called ALPS that you know about. Now, we have many preclinical models that we've evaluated socolitinib, everything from asthma, atopic dermatitis, psoriasis, systemic sclerosis, et cetera. We are making definite plans to move into other immune-related diseases. I'll be talking more about that early next year. The key diseases for us now appear to be asthma and probably another dermatologic condition yet to be defined.

Great. Appreciate that. And then you or the Kidney Cancer Research Consortium reported an update on the CIFO trial at ESMO. Just curious as to the next steps there. You know, the trial is still ongoing. There are still patients on follow-up. How are you thinking about CIFO radinant in the context of renal cell and beyond?

So, as you know, the CIFO trial was done in collaboration with the Kidney Cancer Consortium, who paid for most of the trial. I don't think we have any other expenses related to that. But there were 19 patients still on treatment and on follow-up, 19 out of 50, 40 percent or so almost. So we're going to continue to follow those people, and we'll decide what to do once we see how the rest of the data evolves. But, you know, that's our current plan for that.

All right. I'll jump back into the queue.

Your next question comes from the line of Lee Watsak from Kantor. Please ask her question.

Hey, guys. congrats on the progress. I have a couple questions here. First, maybe just in terms of baseline characteristics of the cohort four versus prior three cohorts, is it reasonable for us to assume they're pretty similar to cohort three, or is there any difference that we should keep in mind and I have a follow-up.

It is very reasonable for you to assume that the characteristics are very similar to cohort three. And to elaborate on that, the enrollment in the trial is 17 centers, all US centers, the same centers that were utilized for the first three cohorts. None of the criteria for eligibility have been changed. And yes, we know the demographics already of our patients, very, very similar to the cohort three.

Okay, great. And then for the phase two trial, just, you know, given the patient population that you'll be enrolling, sounds like the patients can be exposed to JAK inhibitors in DOP. So just given this demographic, what should be the bar for the EZ score?

Oh, okay. So first of all, when we go to phase two, of course, it's a larger trial, 200 patients. It would be very difficult, take a long time to enroll that solely in the U.S. So there is going to be a heavy reliance on sites outside the United States, particularly in Europe, which is what most companies are doing now. I think that we're somewhat unique in that we're allowing patients who fail Dupi and Jack and other systemic therapies within reason. I mean, you can't fail 10 therapies. But now the reason we're doing that is that we have some patients that we've seen in cohorts one, two, three, and now even in the fourth cohort that have failed those systemic therapies and they're responding to our drug. So, you know, I don't know what the final numbers are gonna be on that yet, whether it's identical to first line therapies or somewhat not identical. So it's a little bit hard for me to say what the bar is. First of all, I'm not aware of any data that has specifically been published on the response of the drug to somebody who's failed the JAK inhibitor or DUPI. Now, those studies do, I know, recycle patients. They take patients who are easy 50s, and they treat them again for longer periods of time. But that's really a different kind of experiment. So look, I think it's a little early to set a bar for the phase two. Let's get our phase one results. Let's take a look at the DUPI failures and the JAK failures, and then we can talk more about that. But I think it is an important point, I'm glad you asked the question, that the corvus patient population is a little bit different. Now we're doing that deliberately. We want these failures because we think that we have a drug with a mechanism of action that is going, where the mechanism of resistance to a dupi or a jack is really, may not really be pertinent or relevant for our mechanism. And then we need to learn that. So the good news here is that it expands the potential use of our drug. We feel that it potentially could be used first line or it could be used in the relapse situation.

Okay? Yes, thank you.

Your next question comes from the line of Adrian Hassanel from Landenburg. Please ask her question.

Hi, good afternoon. Congrats on the progress this quarter, and I appreciate taking questions. I've got a couple. So, Richard, so you're already running a trial on atopic dermatitis, And, you know, I was curious to hear any thoughts on potential other dermatologic indications, such as either adenitis supprativa, vitiligo, psoriasis, or anything else. And can you run several trials simultaneously, several dermatologic trials simultaneously? I just wanted to get your thoughts on this.

Okay, so the pre-clinical models and the data we have in the lab tells us that asthma should be a very good indication for us. We also think that a disease like hydradenitis suppurativa would be a very good disease for us. It's in the dermatology space, and that's a disease that's both TH2 and TH17 driven. So, let's think about that a little bit. A dupixin, for example, or a STAT6 inhibitor or whatever is going to get your TH2 type cytokines, but it's not getting TH17 because that doesn't signal through STAT6. So, we think we have a distinct advantage here for a disease like HS because we hit 17 and TH2. There are other reasons as well. So, So, other diseases we're thinking about are Porigo nodularis. That's a Th2 and Th17 disease as well. That's not as common, but there's even more of an unmet need there. Alopecia areata, we've considered. It's a very competitive space. JAK inhibitors work well, but that's still on our list, and we're still doing some work on that. Now, your question, can we run more trials? trials, we intend to run multiple trials in immune disease. We intend to push this drug in multiple areas, as I mentioned on my talk, not just in dermatology, pulmonary medicine, oncology, rheumatology, et cetera, et cetera. Now of course, we know at some point here we're going to have to raise some money to do that. And we're optimistic that with the data that we have coming out, that we'll be in a position to raise money to fund those activities.

Thank you. Very helpful, Richard. And one more question I have regarding phase two registration trial. Just wanted to better understand the timelines, potential readout, and hopefully potential launch of the drop. So given so many developments with socolipnate, I guess this is the first indication. That's the first indication we're going to launch the drop. And I just wanted to get a better sense of immediate commercial opportunity and the timelines in PTCL for Sokolikin.

Yeah. So, well, our timeline is a futility interim analysis at the end of 2026, probably finished full data by end of 2027. launch would be, I think, relatively quick for this. You know, one of the beauties of this trial is that it's a single registration randomized trial that could lead to full approval should you meet your endpoints. And it's 150 patients, relatively small trial with relatively short endpoints. The control, the chemotherapy control arm is expected median PFS, which is the primary endpoint of what? Three months, two months. So we're excited about it. I'm an oncologist and lymphoma is my expertise, as you know, and I ran a clinic at Stanford for 25 years or more taking care of lymphoma patients. There is no treatment, no good treatment for this disease. There is no competition at this point, even in the research stages. I mean, really, there's nothing new in in this area. So we think that we think we have the potential should this drug be approved where it'll be used immediately in all T-cell lymphomas, frontline, lateline, you name it, because really there isn't anything else. I mean, we have a ways to go before we can figure all that out, but the opportunity here we think is much larger than people recognize. Now, it's not atopic dermatitis in terms of the number of patients, of course, but it also doesn't have the competition and it also doesn't have the very long timelines to approval.

All right? Understood. Thanks so much. Appreciate, you know, taking the questions and congrats for the progress.

Your next question comes from the line of Etzer Deru from Barclays. Please go ahead.

Hi, this is Jordan Becker on for Etzer Deru. Thanks for taking our questions and congrats on the updates uh two questions uh you alluded to it but you know just want to double click on this you do you plan to do any post-doc analysis following um the co for completion to look at efficacy in dupy and jack naive and refractory populations and then two can we expect a similar analysis in terms of biomarker correlates of clinical efficacy with updated data?

The answer is yes and yes, Jordan. Thanks for the question. We, of course, will be doing post hoc analysis trying to figure out, you know, how the drug is working, how to make it work better, all sorts of things. So, clearly, looking at the effects of prior therapy, prior systemic therapies, all those clinical variables will be evaluated. We do have a pretty aggressive biomarker program where we're minimizing biopsies of the lesions on patients only because that does hurt enrollment and we don't want to do that. But we have a pretty extensive program now looking at single cell RNA sequencing of blood and that's revealing a lot of interesting things. I mean there's a lot of new things that are coming out on this. I think the same old, same old, look at IL-13 or whatever, that's going to go bye-bye TARC, et cetera. Those are not good biomarkers. Everybody knows that. The best biomarkers for these diseases are yet to be defined because they're heterogeneous diseases, and we don't really know what the cause is. So we're looking at a lot of that. We'll report on what we find. The biomarker game is a tough game. There's a lot of variables to look at and hard to make much of anything when you have a small number of patients, but we certainly will hope to get clues and signals that we can validate in larger trials. Okay?

Amazing. Thanks again, and congrats on that, Dave.

Your next question comes from the line of Sean Lee from HC Wayright. Please go ahead.

Hey, good afternoon, guys, and thanks for taking my questions. I just have a couple of quick ones on the design of the upcoming Phase II AD study. So what's the reasoning behind settling on a 12-week duration treatment rather than the eight-week that you're testing in the cohort four? And are there any notable differences between the enrollment criteria of the Phase II compared to the patients that you're enrolling in Phase I? Thanks.

So far, the eligibility criteria are pretty much identical. The reason we're going to 12 weeks is we're going to examine that. Most therapies are out at 16 weeks now. But if you look at the data from most studies, you'll see that most of the separation, most of the efficacy is obtained in the first 12 weeks. You don't really gain that much more by treating longer. That's the reason for our 12-week study. Look, I'm trying to make this a shorter treatment, not a longer treatment, okay? I don't know any patient, and I've been, as I mentioned earlier, running a clinic for over 30 years. I don't know any patient who wants more medicine to take longer. So I'm trying to see if we can go shorter, not longer. But, of course, we want to maximize. Both are important. You want to maximize responses. You want to hopefully shoot for total clearance of disease. That is easy, 100%. It's what you want. And, you know, that's what we'll try to do. But if you look at most studies, you don't gain much by going from 12 weeks to 16 weeks. Now some people are going to six months, one year. I mean, great if you're willing to take a drug for that long for an incremental benefit that's marginal.

Thanks for the additional caller. That's very helpful.

Your next question comes from the line of Chacha Yang from Jefferies. Please go ahead.

Hi, this is Chacha An for Roger Song. Thanks so much for the call, and thanks for taking our question. I was hoping that you could give us some color on any of your plans for potential partnerships or licensing deals for socolitinib in the coming future, or if you plan to raise money and take this forward yourselves in either AD and oncology.

Okay. So, thanks for the question, Chacha. I can tell you that ITK, as a target, is on the radar of every major company that works in this area. I know that because we're talking to them. We'll evaluate partnering opportunities as they arise, whether it be in oncology or immune diseases. At this time, however, we're pushing forward with our cancer program and our immunology program. As I mentioned just a few minutes ago, we do recognize that we're going to have to raise more money to maximally develop all these programs. We're optimistic about our data, and we think there'll be ample opportunity to raise funding, whether it be through offering stock or partnerships at the appropriate time.

Okay, thank you for that.

Next question is from the line of Grace of Anaving from Mizuho. Please go ahead.

Oh, thanks for the follow-up. I was very curious, as you think about your ITK portfolio and comments around potentially advancing next-generation ITKs. I was wondering, Richard, if you could share kind of the vision or strategy around the potential of adding another indication for soqualitinib versus moving forward with the next-generation ITK inhibitor with perhaps a similar... indication in mind? Just how do you balance that kind of strategy? Thanks.

Well, thank you for the question. That's a good question. Obviously, pushing forward with socolitinib, which now has a wealth of safety and efficacy data in, you know, hundreds of patients, will move faster than bringing along one of our backup compounds, which, of course, still have to go through IND enabling studies. And then if you go in the immunology space, don't forget you need to do normal volunteer, single dose, normal volunteer, multi-dose. So that takes time. But we are going to consider all that. You know, right now we're pushing forward in the PTCL, atopic dermatitis, and soon other immune diseases. We're also considering other dosage forms and formulations of socolitinib. We're working on that now. We're also looking at socolitinib-like ITK degraders. We've made some of those. We're looking at those in the laboratory. Interestingly, it turns out that socolitinib, a covalent drug, leads to degradation of the ITK target to a certain extent. We've learned that. That's really interesting. I don't think anyone has known that before. So, we're looking at any and all of that stuff, but certainly pushing forward with our lead compound now is going to be the fastest.

Okay. Thank you for that clarification.

Your last question is from the line of Jeff Jones from Oppenheimer. Please go ahead.

Hey, thanks, guys, for taking the follow-up question. Just a quick one. Digging a little bit deeper into the Dupy and Jack exposed patients that could be enrolled in the phase two study.

Would you guys be powering the study to really do a subgroup analysis that could be statistically significant and separate those systemically exposed patients versus systemic therapy naïve patients? uh no we would not be doing that i mean that's i mean we don't have enough information yet jeff to to to make a commitment like that but one thing for sure we will stratify the study to look at that subgroup so what i mean by that is that'll be defined subgroup we will stratify randomization based on whether you failed a prior systemic therapy or not you want those equally distributed in your placebo and in your active arm. But without really knowing the efficacy signal yet we would expect in that, it's a little hard to power how many patients you would need and what effect you're looking for. I think that would be going pretty far. I'm not sure you'd want to do that at this stage. I'd rather do a study, include everyone. The best outcome, do a study, include those people, have a positive study in your predefined endpoint. You get approval. I mean, or phase three. You get approval for everyone.

Yeah, no, great. And the other way to look at that would be stratifying. So, really appreciate the clarity.

Thanks, Jeff.

Thank you very much. There are no further questions at this time. I would like to turn the call back to Mr. Richard Miller for closing comments. Sir, please go ahead.

Thank you very much, Operator. Thank you, everyone, for participating in this call. We look forward to advancing the so-called ITNA programs and our other programs, and we look forward to updating you on our progress as we move forward into 2026 and beyond. Thank you very much.

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.