Earnings Call Transcript - LTRN Q4 2020

Operator, Operator

Good afternoon and welcome to Lantern Pharma’s Fourth Quarter 2020 Conference Call. As a reminder, this call is being recorded and all participants are in listen-only mode. We will open the call for questions-and-answers after the presentation. I would now like to introduce your host for today's conference, Marek Ciszewski with Investor Relations at Lantern Pharma. Marek, please go ahead.

Marek Ciszewski, Investor Relations

Thank you, Christie, and thank you for joining us for Lantern Pharma’s fourth quarter 2020 conference call. On the call today are Panna Sharma, Lantern's President and CEO, and David Margrave, Lantern’s CFO. A press release was issued this afternoon with our fourth quarter financial results that we will be discussing here today. Following the Safe Harbor statement, Panna will provide an overview of business highlights, after which David will share our quarterly financial results. Panna will then offer concluding comments, and we will open this call to questions. Please also note that we have provided a link on the IR website to the slides that we will be referencing in today's call. I would like to remind everyone that remarks about future expectations, plans, and prospects constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Lantern Pharma cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated. There are several important factors that could cause our actual results to differ materially from those indicated by forward-looking statements, such as the impact of the COVID-19 pandemic, the results of our clinical trials, and the impact of competition. Additional information concerning factors that could cause actual results to differ materially from those in forward-looking statements can be found in the risk factors section of our annual report on Form 10-K for the year ended December 31st, 2020, which was filed with the SEC on March 10th, 2021. Any forward-looking statements made on this conference call speak only as of today's date, March 10th, 2021, and Lantern Pharma does not intend to update any of those forward-looking statements to reflect events or circumstances that occur after today. Please refer to today's press release for replay information. Now, I turn the call over to Panna Sharma, President and CEO of Lantern Pharma.

Panna Sharma, President and CEO

Thank you, Marek, and good afternoon to everyone on the call. I appreciate your joining our fourth quarter and year-end 2020 conference call. For those new to Lantern Pharma, we are an oncology biotech that harnesses artificial intelligence and machine learning to rescue and develop oncology therapies through our proprietary AI platform, RADR. We are among the few AI-based biotechs with multiple clinical stage programs in development, along with a rapidly growing platform that enhances our understanding and prediction of patient and tumor responses to cancer therapies. This positions us uniquely at the forefront of the transformation in drug development and discovery. Our team has worked diligently this past quarter on advancing collaborations, generating meaningful lab data, enhancing manufacturing, and onboarding new team members, while also achieving significant milestones for our platform and insights that will drive future therapies. After starting our trading in June 2020, we announced that RADR had surpassed 450 million data points, which was about six months earlier than planned. We now aim to exceed 3 billion data points in 2021, having closed 2020 with over 1.1 billion. These data sets are meticulously curated specifically for oncology, drug development, and drug response prediction. Our team has made remarkable progress and has recently published a paper in BMC Bioinformatics that highlights some of the processes enabled by our platform in drug development, particularly in selecting indications and developing a biomarker signature for patient selection and prediction of tumor responses. Our methods for selecting, curating, and tagging this data have become significantly more efficient, allowing us and our partners to develop cancer therapies with improved precision and reduced risk. We plan to pursue select partnerships with biopharma companies where our RADR platform can enhance their development efforts, bringing rewards for both Lantern and our investors. Beyond the sheer volume of data, the quality and relevance of our data and functionality have continuously improved, as shown by the increase in the number of indications and programs from three at our IPO to seven in just nine months. The expansion in both quantity and quality of our data is a key driver of our franchise's value. Our RADR platform's growing genomic drug sensitivity and patient outcome datasets, combined with our AI and machine learning capabilities, streamline drug development while identifying patients and populations that will benefit from our oncology therapies. We are confident that RADR's power will enable the addition of at least one new biomarker or genetically defined program or indication to our pipeline every 12 to 18 months. As I have mentioned in previous calls, we are at the beginning of what I consider a golden age of artificial intelligence, where relevant data, computing power, cloud resources, and advancements in AI have converged to enable large-scale, responsive, and machine-driven approaches to tackle complex challenges. This trend is particularly impactful in drug development, and we are leveraging these capabilities to accelerate our pipeline to benefit cancer patients while reducing the costs associated with the lengthy processes of drug development. For those unfamiliar with Lantern, our pipeline includes small molecule oncology assets and antibody drug conjugates that feature new compounds identified through our biomarker discovery efforts, along with potential therapies that come with prior clinical experience from previously abandoned development efforts. We hold the therapeutic and developmental rights to all our assets. Our RADR platform supports each development effort, and we believe it will help us transform the oncology drug development process. Last year was crucial for Lantern, highlighted by several financial, operational, and drug development milestones, many of which are detailed in our press release from earlier today. These accomplishments confirm our unique business approach; we are capital efficient and effectively harnessing AI while leveraging our experienced scientific team to drive insights into our drug development programs. Since our June 2020 IPO, we have more than doubled our active development programs, creating more opportunities for licensing agreements, partnerships, and overall investor value. We also launched a distinct antibody drug conjugate program utilizing unique linker technologies from Califia, and we significantly increased the data points fueling our AI platform by over five times in the past year. We've also initiated collaborations with leading cancer research institutions, including Johns Hopkins for glioblastoma, Georgetown University for prostate cancer, Fox Chase Cancer Center for pancreatic cancer, and solid tumors where nucleotide excision repair mechanisms can be exploited. Many of these collaborations are now entering their second stages, including the one with Georgetown, which began in late 2019 and has yielded compelling evidence of efficacy for LP-184 in solid tumors, specifically those overexpressing PTGR1. This anti-tumor activity has shown a dose-dependent relationship and has been validated in specific prostate cancer subtypes where PTGR1 is overexpressed, leading to metastasis. The next stage of collaboration will involve a larger set of models to clarify the specific mechanisms at play and confirm the role of PTGR1 and related genetic mutations. This work aims to compile detailed genomic information in prostate cancers and other related cancers, ultimately creating a robust gene signature for clinical trials that can guide patient selection for more personalized cancer treatments. We believe our AI-driven approach could save millions in drug development costs while accelerating the path to commercialization and delivering personalized treatment to those most likely to benefit. Our efforts at Georgetown are under the lead of Dr. Partha Banerjee, a renowned expert in molecular oncology and prostate cancer. Additionally, we have partnered with Fox Chase Cancer Center to advance LP-184 in pancreatic cancer, optimizing its use in genetically-defined subtypes through relevant gene signatures. If successful, we anticipate developing a more personalized therapy option that improves survival for a cancer that currently has very poor outcomes. This program is lead by Dr. Igor Astsaturov at Fox Chase, an expert in GI cancers. In the fourth quarter, we also announced a collaboration with Johns Hopkins focusing on further developing LP-184 for glioblastoma. As a leading brain cancer research center, Johns Hopkins is working to define subtypes of GBM and clarify the most promising clinical applications for LP-184, especially as a standalone therapy. This collaboration aims to produce a clinically ready program that identifies patients with the highest response potential, ultimately shortening future trials and addressing the needs of this patient population. Our research at Johns Hopkins allows us to develop relevant models using patient-derived material to better understand cancer biology, feeding insights into our RADR platform. This platform generates precise biomarker signatures that provide insights into additional mechanisms. We believe this feedback loop, where experimental data informs our AI engine, enhances our understanding and drives innovation at Lantern. Our GBM program is led by Dr. John, a respected researcher in neurology, oncology, and neuroscience. Previous discussions highlighted LP-184’s remarkable potency and its ability to cross the blood-brain barrier while preserving neuronal cells, focusing its effects on cancer cells. This opens up valuable opportunities for treating various brain cancers, making blood-brain barrier permeability crucial for treatment outcomes. Our platform, with algorithms that predict brain barrier permeability, has played a pivotal role in determining which subtypes of CNS cancers to prioritize for development based on genomic data. We have identified several additional brain cancers, including Atypical Teratoid Rhabdoid tumors, where LP-184 could serve as a potential therapy. This ultra-rare brain cancer primarily affects children, and there are often only 50-80 cases annually. We believe we can accelerate the timeline to deliver LP-184 as a treatment option for these patients and are seeking collaborators for this indication. Over the past year, we have transitioned from validating LP-184 for GBM to discovering its potential in ATRT, with confirmed blood-brain barrier permeability and additional validated indications in brain cancers. Moving on to other programs, LP-100 is currently being managed by our partner for genetically defined metastatic castration-resistant prostate cancer, while LP-300 is preparing to enter Phase 2 trials in non-small cell lung cancer as a combination therapy for non-smokers. For LP-300, we have gained significant insights into its activity mechanisms and its safe combination with the commonly used chemotherapy doublet of carboplatin and pemetrexed. We plan to discuss these findings with the FDA as we aim to re-enter Phase 2 clinical trials later this year. Most recently, we launched our antibody drug conjugate program, developed by leveraging our AI insights on optimal targets for LP-184 and unique linker technology from Califia. The global ADC market is expected to surpass $10 billion by 2026, driven by advancements in protein targeting. We believe our access to Califia's linker technologies allows us to efficiently develop targeted treatment options. ADCs have emerged as potent drugs, gaining approvals recently and attracting interest from big biotech and pharma for partnerships. The optimization of our library of technologies at Califia has meaningfully advanced our ADC program, allowing us to enter clinical trials more rapidly than has typically been achieved in this category. Our strategy hinges on collaborating with leading innovators in drug development to create platforms that drastically transform the timelines and effectiveness of cancer drug development. By utilizing antibody drug conjugate approaches, we aim to enhance patient treatment options and leverage synergies from our data-driven AI approach. Our lineup of drug candidates, combined with the RADR platform, holds the potential for significant shareholder value milestones in 2021 and 2022. Furthermore, our RADR platform has matured to a stage where we will increasingly focus on collaborating with other biotech and pharma companies to further refine RADR and find new opportunities for our investors. I will now hand the call over to David Margrave, our CFO, to review the fourth quarter and year-end results. David?

David Margrave, CFO

Thank you, Panna and good afternoon everyone. I'm now going to share some of the financial highlights from our fourth quarter and the full year 2020. It's important to note that we incurred added expenses in 2020 as a result of becoming a public company and with our lean operating structure, these changes resulted in substantial differences for purposes of our 2020 to 2019 period-to-period comparison. Starting with highlights for the fourth quarter of 2020. For the quarter ended December 31, 2020, we had a net loss of $2.9 million, or $0.47 per share, compared to a net loss of $675,000 or $0.34 per share for the quarter ended December 31, 2019. The net loss for Q4 2020 included non-cash expense items of $1,024,904 related to employee stock option compensation. Research and development expenses were $1.3 million for the quarter ended December 31, 2020 compared to $177,000 for the quarter ended December 31, 2019. The increase was primarily attributable to increases in research studies and non-cash research and development related stock option compensation expense, as well as the expansion of the company's research team. The Q4 2020 non-cash R&D expense related to stock option expense was $470,401. General and administrative expenses were $1.5 million for the quarter ended December 31, 2020 compared to $498,000 for the quarter ended December 31, 2019. The increase was primarily attributable to an increase in expenses associated with operating as a public company, along with increases in non-cash general and administrative related stock option compensation expense. In Q4 2020 non-cash G&A expense related to stock options was $554,503. In terms of fiscal year 2020 financial highlights, as of December 31, 2020, we had working capital of approximately $19.7 million, primarily driven by the net proceeds of our IPO that closed June 15, 2020. For the year ended December 31, 2020, we reported a net loss of $5.9 million or $1.37 per share compared to a net loss of $2.4 million or $1.23 per share for the year ended December 31, 2019. Research and development expenses increased $1.3 million or 135% from $953,000 for the year ended December 31, 2019 to $2.2 million for the year ended December 31, 2020. The increase was primarily attributable to increases in research and development labor and research study expenses, as well as an increase of approximately $470,000 in non-cash research and development related stock option compensation expense. General and administrative expense increased $2.2 million or 149% from $1.5 million for the year ended December 31, 2019 to $3.7 million for the year ended December 31, 2020. The increase was primarily attributable to expenses associated with transitioning to and becoming a public company, including increases in corporate insurance expense and general and administrative labor expenses, as well as an increase of approximately $604,000 in non-cash general and administrative related stock option compensation expense. We expect we will continue to increase our R&D spend as we further advance our portfolio and recently initiated ADC program and move towards the commencement of additional clinical trials and research studies. Currently, we have 15 employees; 11 full-time, four part-time, as well as four consultants, who are primarily focused on leading and advancing our drug development, biology, and data science efforts. Our cash position at December 31, 2020 was $19.2 million. As a result of our 2020 development and operational progress, as Panna discussed earlier in the call, we were able to significantly strengthen our balance sheet subsequent to year-end, with the closing of a $69 million follow-on public offering in January 2021. This additional cash extends our anticipated cash runway through mid-2025. We believe our solid financial position will fuel continued growth and evolution of our RADR AI platform, accelerate the development of our portfolio of targeted oncology drug candidates, and allow us to introduce additional targeted product opportunities in a capital-efficient manner. I'll now hand the call back to Panna.

Panna Sharma, President and CEO

Thank you, David. I have a few additional remarks before we begin the Q&A session. Looking ahead, we anticipate making further advancements in the development of our current programs while also strategically pursuing new opportunities that we are discovering or can create through collaboration. As evidenced by our growth in programs from three to seven in just the last few quarters, we are confident that our data-driven, genomically targeted, AI-driven approach is a transformative method for drug development in oncology. It enables us to identify and develop candidates that we believe can be achieved at a significantly lower time and cost compared to traditional development methods. Our strategy of developing both new biomarker-guided drug candidates and potentially reviving historical drug candidates by utilizing the data sets and other resources within RADR represents a substantial step forward in genomics, computational biology, and cloud computing. We see this as a hallmark of a new era in drug discovery and development, where we take pride in being a frontrunner. In this light, we are dedicated to building a portfolio of high-value oncology drug candidates, each of which could be partnered for pivotal registration-directed trials or sold or licensed. We believe this presents a clear path for significant value creation for our shareholders, and we are committed to establishing Lantern Pharma as a leading AI-driven oncology drug discovery and development enterprise. Our primary goal is to revolutionize oncology drug development through AI, thereby generating real, lasting value. We believe that the golden age of AI in drug discovery and development is upon us, with substantial implications for medicine. We are at the forefront of this paradigm shift, aiming to enhance the pace, reduce risk, and lower the costs associated with oncology drug development, while also demonstrating that our platform can deliver considerable efficiencies in time and cost. Our expanding pipeline of drug candidates highlights how swiftly identifying and validating molecular drivers of cancer can facilitate a more targeted and effective approach toward developing new drug candidates, identifying drug combinations, and potentially new constructs like antibody-drug conjugates. We look forward to updating you on our progress in the future and hope to meet in person as the year goes on. I would also like to take a moment to express gratitude to everyone on the front line or connected to those who are working hard, particularly healthcare workers and advocates, along with the millions helping to manage and end the COVID pandemic. We should all take time each day to appreciate the efforts made to restore normalcy in society and business, often under challenging and misunderstood circumstances. Thank you to everyone for your contributions to effecting change and moving towards ending this pandemic. I look forward to meeting more of you in person over the year and to restoring normalcy in business and society. Now, I'd like to open the call for questions.

Operator, Operator

We will take our first question from Kyle Bauser with Colliers Securities. Go ahead, your line is open.

Kyle Bauser, Analyst

Great. Thanks for taking the questions and appreciate all the updates here. Certainly, a lot going on. I know you talked about the current cash balance being able to get the company to mid-2025, but could you talk a little bit about how we should think about the quarterly burn with the most recent updates on the ADC program and other opportunities like ATRT, just want to make sure I'm thinking about the burn correctly over the near-term here?

Panna Sharma, President and CEO

Yes, definitely. David, please go ahead and explain the burn rates and our expectations for their progress over the years. Would you like to guide Kyle through that?

David Margrave, CFO

Absolutely, it's a great question and an important one for us. We are in a much stronger financial position now, which allows us to execute on many initiatives that we had set in motion after our IPO. This enables us to accelerate our efforts. We expect a significant increase in our activities as we approach the launch of LP-300. We have additional clinical trials planned for both 184 and our ADC program. Over the next two to three years, we anticipate our quarterly expenses will rise considerably, with a larger proportion allocated to research and development. This increase will be especially noticeable as we commence Phase 3 for LP-300 and continue into 2021 and early 2022 with our additional clinical trials for 184.

Kyle Bauser, Analyst

Got it. That's helpful. And just curious regarding the ATRT opportunity, it sounds like this ultra-rare condition could allow for a much faster timeline, but given the small prevalence of the addressable patient population, would pricing be able to offset the small number of potentially treatable patients? I'm just trying to understand the ROI on this opportunity, given the prevalence size? Thank you.

Panna Sharma, President and CEO

I think you read the prevalence again; it's an ultra-rare cancer. So, I think for us we're more interested in the benefit to that patient population initially, but also, once we have the drug in the market, there are a number of other tumors that are similar to ATRT. These rhabdoid tumors also occur in forms of kidney cancers and sarcomas and they're oftentimes marked by a certain biomarker that makes them sensitive to our drug. You'll see that we will publish a little more about that later, but it relates to the gene SMARCB1. So, as SMARCB1 is mutated, it tends to then not produce a downstream protein, also SMARCB1, which is a tumor suppressor. And it occurs in a few percentages of cancer, but mostly in ATRT and certain kidney cancers synovial sarcomas. And so our goal is we know there's a need in this patient population. We know there's clear ability for this to cross the blood-brain barrier. We believe we can get fast-tracked, and then we can introduce LP-184 in some of the other cancers that I talked about, which will increase the size of this market significantly. But also, since we'll have our drug in the market, we can then pursue other combination indications. So, it's really not just the ATRT market alone that we're looking at; we're also looking at once this drug is in the market and being used clinically, that opens up a lot of other opportunities that we would not have by not having a drug that's being routinely used.

Kyle Bauser, Analyst

That's helpful. Great. Well, thanks for taking my questions and for providing all the updates here.

Panna Sharma, President and CEO

Thank you, Kyle.

Operator, Operator

And we will take our next question from Daniel Carlson with TW Research Group. Go ahead, your line is open.

Daniel Carlson, Analyst

Yes. Thanks for taking my question guys and congrats on all the progress. A couple of questions. You talked about the ADC program a little bit and certainly seems like an attractive space to be in. Can you provide any additional insights into what is going to have exactly your program and timing around that?

Panna Sharma, President and CEO

Thank you, Dan. That's a great question. We've made some progress in the ADC area and plan to provide a broader update later this year. We've focused on certain antibody targets, particularly those that can be internalized by cancer cells and release their payload in response to the changing environment. We've identified a cleavable linker and a few antibodies that can be internalized. We have some initial data, and we're refining our approach to the program. Additionally, we have initial indications in hematologic cancer that we're considering. The key for our drug is to ensure it is internalized in the cancer cell, which has guided our selection of the antibody for conjugation. Overall, we have a focused program aimed at solid tumors that have not seen significant improvements in overall survival recently, which we believe presents a good opportunity for partnering this asset quickly.

Daniel Carlson, Analyst

Thank you for the excellent update. I have a second question regarding a paper published in BMC Bioinformatics last week, which I believe supports your statements about RADR. Could you share any further insights on that? Additionally, you mentioned the RADR platform; how do you plan to leverage it? Are you considering adding more drugs, or is there potential for partnerships as the platform expands and reaches a wider audience?

Panna Sharma, President and CEO

Yes, great question. So, the interesting thing is that the paper, it's already dated, but yes, it's a great paper because it showcases how we're using it to make decisions about the indications that we're going after and the types of genomic information that it's zeroing in on. Again, this is for a fairly small group initially; our group has increased, as you know, we're six people went public with 15. So still not huge, but we have more talent. And we can crunch through more data and more numbers and do more with the platform. But yeah, the BMC Bioinformatics paper is a great example of how we can use RADR processes on one specific drug to unlock multiple potential indications. In terms of we've developed a signature, we selected preclinical indications that we went into a lab with that really bore out a lot of fruit. And, actually now, the platform has actually grown significantly since that, since we started working on that paper. And because of that, we do think that we will be able to start generating what I call time to indication; typically it takes six months to a year, wherever, during that time to indication down to a matter of weeks. And so at that level, we will come up with more ideas, and we can possibly develop completely on our own. So we do think, it's getting to the point, especially as RADR gets to 2 billion and 3 billion data points, which should be fairly quickly this year, that we will seek more partnerships; using the platform will make the platform more powerful, and we think, be able to potentially give our investors upside and other programs. So yes, that is part of our strategy that we're going to unfold now is to take some of our time and interest and take a look at how we can leverage this platform to get access to other programs, other indications, other molecules. And there are a lot of companies that have approached us and we've had some discussions with, so that's something that we will selectively pursue this year.

Daniel Carlson, Analyst

Great. Thanks. And then there's one quick follow-up in on this ATRT, and maybe a little naivete on my part, but would this qualify for a priority review voucher?

Panna Sharma, President and CEO

David, do you want to talk about what we know about the priority reserve programs? Right?

David Margrave, CFO

Right. We think there is potential for that. And the voucher program is, as many know, is something that has just been re-extended with recent legislation. So that – that's encouraging in terms of further incentivizing companies to pursue pediatric indications. The vouchers are able to be used by the sponsor, or they could also be purchased by another company. So there is potential value in the rare pediatric disease voucher program, and we're learning more in terms of the details with respect to ATRT and that indication. But from what we are aware of right now, we believe that it would be potentially eligible for the voucher program.

Daniel Carlson, Analyst

Right, yeah. Those have been traded for like 100 million. So it will be awesome. That's it for me. Thank you. Keep up the great work.

David Margrave, CFO

Thank you.

Panna Sharma, President and CEO

Thank you, Dan.

Operator, Operator

We will take our next question from John Vandermosten. Go ahead, your line is open.

John Vandermosten, Analyst

Hey, good afternoon, Panna and David. How are you guys doing? Let me -

Panna Sharma, President and CEO

Hi. Thank you, John.

David Margrave, CFO

Hi, John.

John Vandermosten, Analyst

Hey, how are you? Let me start with a question on LP-184. It seems like the potential for that is fairly broad. You've named a number of areas there, including CNS, which, you know, could be a number of indications there. How are you going to use the data that comes up to narrow that down further and when you probably get to perhaps Phase 2 or something like that to know what you're going to try to take all the way to the end?

Panna Sharma, President and CEO

Well, we are looking at what is there a subset of what subset of Glioblastoma as well, this work in best. And so that's something that we're hoping in the next few months, we want to better understand. And I do think that, also, the other indications that we're pursuing won't be the entire indication, but again, it'll be a subset or some genomically defined group. And so that's typically how the trials will be organized or structured.

John Vandermosten, Analyst

Okay. And I guess, you know, sometimes there are trials that have multiple – multiple indications in them, and they're adaptive, and you move forward based on what's working. Is that something that you try?

Panna Sharma, President and CEO

Oh, yeah, we were looking at there quite a bit. Absolutely.

John Vandermosten, Analyst

Okay.

Panna Sharma, President and CEO

We look at those adaptive as well as basket trials for some of these indications across –

John Vandermosten, Analyst

Right, right.

Panna Sharma, President and CEO

Yeah. So we'll definitely work at those; it's a little too early to pin one of those down right now.

John Vandermosten, Analyst

Okay. No, that's a great way to do it. Because it seems like there's a lot of opportunity. And, you know, you obviously want to focus on what's most promising. And you mentioned a bit about talking to other companies. And that seems like a great way to help some collaborations going forward. You bring the RADR platform to the table, and your portfolio as well. How do you go about doing that? Do you reach out to maybe smaller companies, because larger companies probably have their own AI system that they use, but maybe smaller companies and say, hey, share some of your data with us? We'll see if there's any opportunity, is that how you do it? Or what's the process there to find potential?

Panna Sharma, President and CEO

I think there are definitely certain drug classes that are better suited. And so I think it'll be certain drug classes where we know we have some interest. Well, we know we have some new data, we're also of course, looking for areas where there's been a clinical failure where we believe we can add value. And of course, because of the ADC, we're going to, we have some identified some antibody targets too that people own and those that combined with 184, for one of our other drugs can be really unique. So there's, I think there's some natural areas where either we have insight data or knowledge that we're trying to exploit first, and then after that, it's just traditional BD efforts.

John Vandermosten, Analyst

And do you get sharing from other companies? Do they share their data with you in an effort to see how the RADR platform works and how it might help them narrow down an indication?

Panna Sharma, President and CEO

Yeah. That's the hope is that we will get a percentage. That's right, of the success of that drug, or that drug in the – in the indications that we hope to outline develop.

John Vandermosten, Analyst

Okay. And I want to move on to LP-100. I mean, I know that as an external asset, but what should we expect in the near-term on that, what is the next milestone that we should see on LP-100?

Panna Sharma, President and CEO

We're having discussions with the clarity on kind of their on the program and the next stages of that. So I think we'll keep people updated as soon as we have details on the progress on the molecule and progress with the trial.

John Vandermosten, Analyst

Great. Well, thank you all my other questions were answered. Appreciate it.

Panna Sharma, President and CEO

Thank you, John.

Operator, Operator

And this does conclude today's question-and-answer session. I will now turn the program back over to our presenters for any additional or closing remarks.

Panna Sharma, President and CEO

Thank you. And thank you, everyone, for participating in our quarterly call. We look forward to visiting many of you in the near future. And again, we believe that we really are a leader in the transformation of oncology drug development using machine learning and AI. And we believe many of our programs to be worth significantly more than our market cap today. So we think there's a lot of upside for investors as we grow and meet milestones. Thank you for listening to our call today.

Operator, Operator

This concludes today's program. Thank you for your participation. You may disconnect at any time.