Saniona AB (SANION) Q2 2026 Earnings Call Transcript

Okay, hello and welcome to this live queue with Sanjona. And the first off, there will be a presentation from the management team. And after that, we will try to ask as many questions as possible from your investors. And we have received quite a lot of questions, so we'll make some time for that. So please, Sanjona, do your presentation first.

Okay, thank you. So good morning, Epibon, and thank you for joining our Q2 update. The quarter was marked by continued execution across our proprietary and partner programs. More recently, we decided to focus our internal development resources on SAT 2668 and SAT 2465 as our two lead proprietary programs. Today, we will focus on that decision, our progress toward the clinic, upcoming catalyst, and our financial position. So, with me today, I have our CMO, Pierre-André Muglia, and our CSO, Kain Sannier, as well as our CFO, Jonny Stilow. Pierre-André and Kain will take you through the clinical strategy and new data for our prioritized pipeline. And Jonny will cover the financials. So, before we begin, please note that today's presentation contains forward-looking statements based on current expectations and subject to risk and uncertainties. I will start with the Q2 highlights, our recent strategic prioritization. Pierre-Andrea and Karim will then cover our development plans and new SAD2668 data, followed by Johnny on the financials before we open our questions. So let me briefly remind you of our long-term ambition. We aim to build a balanced CNS pipeline with programs across early, mid and late stakes clinical development, similar to companies like Caruna and CWL before acquired in 2024. We believe we have three strong pillars supporting that ambition. First, a validated drug discovery platform that has delivered five clinical candidates in the last five years. Second, a proven partnership model that provides validation, potential non-dilutive funding, and substantial downstream value. And third, our proprietary pipeline, where SANT2668 and SANT2465 are now approaching clinical development. Q2 was another quarter of execution, followed by a sharpening of our strategic focus. We continue the IND and CTA enabling work for SANT2668 and SANT2465. SAT 2465 is expected to enter Phase 1 around year-end, while SAT 2668 we expect CTA submission around year-end and first dosing in the first quarter of 2027. The prioritization of these two programs also extend our expected runway into 2029 and give us greater capacity to invest in our clinical development and early proof-of-concept studies. Our partner portfolio continues to progress as the Nordics TEX exercises its option to ATX0926 after quarter end, providing us with share value at $5 million and significant future milestones and royalty potential. JAS is preparing the first Phase I study of SAD 2355, while Arcadia now expects its ACP 711 Phase II study to start in 2027. We also continued active business development and investor engagement, including around 25 partnering meetings at Bio in San Diego, and with institutional investors in the US and Europe over the summer. As our programs have matured, we have gained greater clarity on both their development opportunities and the resources required to take them through clinical proof of concept. We therefore recently decided to concentrate our internal development resources on SAN 2668 and SAN 2465. This focus is expected to extend our financial runway into 2029 and gives us flexibility to invest further in the programs where we see the greatest value. In particular, we may allocate capital to generate early proof of concept with SAD2668 in DEE patients in 2028, following the planned proof of mechanism study in photosensitive epilepsy in 2027. SAN 2668 combines a strong pre-1905 with a compelling rare disease development path and the potential for sentinona to retain the program through late-stage development and potential commercialization. SAN 2465 gives us a differentiated opportunity in major depressive disorders. with significant unmet need and substantial commercial potential. We believe these two programs provide the strongest opportunities for value creation as we enter the more resource-intensive clinical states. As part of this discussion, we will pause at 2219. The program has demonstrated an attractive pre-trial profile and would be retained for potential future development or partnering opportunities. There is a significant unmet medical need in pediatric epilepsy and DEEs, and we have seen substantial strategic interest in this area. The transaction on this slide ranges from commercial-stage projects from GW and Cygenex to longboard with a Phase III asset. And most recently, ACCU, which was acquired by JAS, for up to $1.6 billion, which leads to epilepsy program in Phase I, B, to A. The ACCU transaction is particularly interesting from our perspective. If our development proceeds as planned, SAN2668 could reach a comparable state of clinical development in 2028. when we aim to generate early proof of concept in DEE patients. SAN2668 also has the potential to address multiple DEEs rather than a single genetic defined indication, providing an opportunity for border development over time. These transactions are not directly comparable, but they illustrate the significant strategic value that can be created by differentiating therapies in this field. We see similar strong strategic interest in major depressive disorders and treatment-resistant depression. SAN 2465 offers a differentiated approach with the potential for rapid antidepressant efficacy in all treatment. without the in-clinic administration and monitoring required by some new rapid acting therapies. So our two prioritized programs provide complementary opportunities, a focused rare disease strategy with SANT2668 and a large neuropsychiatric opportunity with SANT2465. And with that, I will hand you over to Pierre-Andréa.

Thank you, Thomas. I'm going to give you a highlight of our clinical programs and how we are planning to translate the properties of our compound in humans and in patients. Both programs have a, you know, phase one studies that with a rich biomarker for targeted engagement and proof of pharmacology. And they are aiming to start toward the end of this year or early next year. So starting with 2668 in the next slide. So since the candidate selection, we are building the preclinical package and demonstrating evidence in a number of animal models and Karin will show you that and in essence what we are learning is that our compound has strong and broad effect on seizures and multiple type of seizures but also on non-seizure endpoint this gives us the confidence to to broaden our value proposition and the potential impact of our compound and as a consequence we have refined our clinical development plan that we recently presented the webinar so i will suggest you for more details to look at our webinar but now in a in essence i'm going to walk you through the key points of this our plan and value proposition if you go on the next slide this is like a i borrowed this slide from our opinion leader that was presented at the webinar that shows that the dees are complex multifactorial disorders. It's not only about seizures that give a great burden, but there's a number of non-seizure endpoints. Some of these might be indirectly improved with the improvement of seizure or reduction of seizure burden. Others can be additionally improved with the pharmacology of our compounds. And this is based on our evidence on non-seizure endpoints and specifically behavior. And Karen is going to show you those data. So on that, we have refined our value proposition that you see in the next slide, where we see a clear, strong potential effect on seizures and multiple seizure types. We see the potential of reducing the impaired EEG and electrical abnormalities that impaired development in these kids. And in addition to that, as I said, at the non-seizure endpoint, specifically behaviors that are really impacting disease and families, like aggressivity and irritability. So with that, and a reduced tolerability profile given by the selective pharmacological GABA, we think to have a unique differentiating potential for these compounds. So now, without further ado, I'll give the work to Karin, so he will explain in details the data that we recently acquired. Karin?

Thank you. Thank you, Pierre-André. And hi, everyone. So, as Pierre-André alluded to, spike wave activities is quite common across the DEs and it's believed to contribute not only to seizures, but also to negatively impact cognition and behavior by disrupting the normal information processes in the brain. At our webinar in June, I showed one monogenetic DEE, namely the SYNGAP1 model. Since then, we have produced data in two additional genetically defined DEEs, namely the STXBP1 and the CHD2. And as you see in the figure here, besides the strong suppression of spike waves in SYNGAP1 that you saw early on in our webinar, 2668 also strongly suppresses spike wave activity in the two other genetically defined DEEs. So, what I find particularly encouraging by these data is the consistency we see across the different genetically defined DEs, because this supports the potential for 2668 to have activity across multiple DEs, rather than just being limited to one specific genetic disorder. Next slide, please. As the DEs are much more than seizure, quite important to investigate whether 2668 can affect non-seizure symptoms. And here, on this figure, we demonstrate that 2668 improves multiple non-seizure endpoints, including cognitive impairment and aggression-like behavior in the SYNGAP1 model, and also improves social functioning in the CHD2 model. Of course, this is preclinical findings, and we should be cautious about their translation to patients, but I think they are particularly interesting, interesting given the significant non-seizure burden that is experienced by children with DEs. Now, aggressive symptoms have been reported by the care givers to be among the most troublesome behavioral symptoms. So to further support the beneficial effects of 2668 on aggression-related behaviors, we have replicated the Zebrafish findings in an established rodent model, namely the resident intruder model of aggression. And as you can see in the figure, 2668 reduced aggressive behavior, both by delaying the first attack, but also in reducing attack duration. And importantly, this was not just caused by some kind of unspecific effects, because locomotor activity was not affected. So it suggests that the effect was not simply caused by, you know, sedative effect or other unspecific effects. So together, these data clearly strengthen our confidence in the potential broader clinical profile of 2668. And with that, I'll hand it back to Pian Daya to take you through how we plan to evaluate the compound clinically.

Thank you, Karin. As I said, we are finalizing the package that will allow us to submit for first in human studies toward the end of this year. On this slide, you should focus on the lower part where you see the key deliverable of our clinical plan. And we are fortunate to have a number of validated biomarkers for test differentiated pharmacology that we are developing. In addition to be fortunate to have a PET tracer that will allow us to measure type of occupancy at different levels. So the early program is rich biomarker will allow us to deliver phase one data in conjunction with this clear evidence of differentiated pharmacology. And that will be around the end of 27, beginning of 28. In parallel to the phase one, we have designed a study to test the effect of our compound in an established and translatable model that is widely used in epilepsy. that is the photosensitivity model, where susceptible patients are exposed to flickering light and we will test evaluate the effect of compounding to suppress this epileptic form activity. That will eventually be information that will be used to select a dose and design and finalize the study that will test the effect efficacy in the relevant population, the broad DEE, in a basket study composed of a number of orphan disease. And so that would be the delivery of the proof of concept data that you see later on in the plan. So that's kind of, in essence, our 2668 early clinical plan that will generate evidence at different time points with the specific deliverables. So without further ado, on 2668, I will just now transition to the next slide and give you a few highlights on the other program, the 2465. You know, our alpha-5-gaba-A selective compound that is in development for depression. So there is no question that depression constitute one of the major burden overall and specifically for CNS disorders. And the major burden, the majority of the burden is given by patients that do not respond to first-line therapy like SSRIs. And the demonstration of the burden and also how you can alleviate the burden with the pharmacology is demonstrated by esketamine, a proof to treat the most refractory patients. And as you can see here, in terms of revenues, it's generating a lot of value for the company that developed it, but a lot of value for this very severe patient. and this is in spite of complexity that is related to the administration of this compound in clinic under monitoring. Our proposition of our compound is to target this type of patient but being devoid of this in-clinic administration because we don't expect any similarity on the pharmacology of some aspect that are given by a ketamine administration. So in essence our program will is expected to give a faster onset of action with potential on cognition. And we're making good progress here as well to submit for an IND approval toward in this fall. And if you go on the next slide, I wanted to provide you just key highlights on the program. The good progress include, you know, the testing of the compound in non-human primates where we are demonstrating again with a specific bed tracer that pain presentation and different exposure of our target occupancy this will inform our dosing strategy for phase one and eventually for our phase two um and so if you go in the in the in the second on the next slide you can see the value proposition again uh summarized on 2465. we expect a rapid onset of action and comparable to ketamine and we expect based on the pharmacology and the data on the pharmacology a cognitive benefit for the patients where cognition cognitive impairment is quite common and is also a negative prognostic factor for improvement of the overall symptomatology together with that as i said you know it's easy to use at home administration without any complexity of in-clinic and esketamine. So with that, we expect to address the key unmet need to measure depression, and we have delineated the clinical plan again in phase one. You can see next slide, the timeline of the deliverable. Phase one, enriched with a biomarker for target engagement and proof of pharmacology, and that will allow us to enable a phase two study in the relevant population with the standard design and a lot of learning from the past experience in this area that we have already discussed with the key opinion leaders that they are behind our program. And with that, I concluded the clinical part and over to John, I guess.

Yes, thank you, Pierre-André. And next slide. So our net result for the second quarter was a loss of 58 million Swedish kronor, which continued to be in line with our expectations. The increase in cost is driven by the progression of our two internal assets, SAN 2668 and SAN 2465, as we progress them towards initiation of clinical phase one trials around year end. Personal cost increased due to headcount growth with 44 employees in June this year versus 29 a year earlier. This buildup again reflects preparations for the clinical execution. The buildup in our organization needed to initiate the clinical trials is complete for now and we do not plan to continue the growth in headcount near term. Next slide. Here you find an overview of our operating expenses for the past eight quarters. Operating expenses, or OPEX, was realized at 65 million kroner in the quarter. This is an increase of 4 million kroner compared to the previous quarter. As mentioned, the increase in cost quarter over quarter is both expected and planned as we progress our two internal programs toward the initiation of the clinical plus one trials around year end. At the end of June, we held 486 million Swedish krona in cash, equal to approximately 50 million US dollars. We expect to receive an additional 17.5 million US dollars, equal to approximately 165 million Swedish krona in near term milestone payments when Arcadia start their phase two trial and just start their phase one trial. We also maintain the option of making a salient lease back of our headquarter, which we acquired for 70 million kroner last year. Including the near-term milestones, our current funding can sustain our planned operations into 2029. This means that CurrentCash can fund clinical Phase 1 programs for both SAN 2668 and SAN 2465 through to data readout and early proof of concept in DEEs for SAN 2668 in 2028. Next slide. Over the next 24 months, we see multiple inflection points, including clinical initiation, phase one and biomarker readouts, proof of mechanism and early efficiency data for our lead asset, partner milestones and potential licensing opportunities. As mentioned, our collaborations continue to progress, latest with astronautics who exercised option and paid us five million US dollar in milestone, which we received in shares. And several partners may move into next development phase over the coming year. Acadia's phase two start for ACP 711 in essential tremors will provide a 10 million US dollar milestone payment. And Jazz's phase one start for San 2355 in epilepsy will provide 7.5 million US dollars in milestone payment. In addition, we have a potential research milestone from Böhring and Ingelheim when they reach candidate selection. Regarding Medix and Tesefensin, regulatory dialogue is ongoing and Medix is increasing their actions and push towards cover price. While potential approval could generate royalties, our core value driver remains our CNS pipeline. Overall, collaborations provide non-dilutive capital and strategic With that, I will give the word back to Thomas for final remarks.

So thank you, Johnny. So let me just summarize before we open for questions. We're entering an important new phase for Sanyona. We have sharpener of focus around 2668 and 2465, the two proprietary programs we believe offer the strongest opportunity for value creation. Both our approach in the clinics and our priorities give us the financial flexibility to take these programs further, including the potential to generate early proof of concept with SANT2668 in DE patients in 2028. At the same time, our partner programs continue to advance and provide opportunities for both near-term milestones and significant long-term value. With a strong financial position and a focused proprietary pipeline, multiple potential value inflection points ahead, we believe that Neona is well positioned for the next phase of development. And with that, we are happy to take questions.

Okay, thank you for that presentation. So the first question was, and this is an investor question, and we got quite a few variations of this but if you can elaborate a bit more about prioritizing 2668 and 2465 over 2219 and yeah if you can discuss that and whether it has anything to do with a 2219 molecule in itself or if it's just a capital allocation or yeah develop a bit more Yeah.

So this is clearly a decision based on focus and not something about 2219. So SANT2668 has had the top priority since we selected it in August last year, followed by SANT2465 and 2219. What is new is that we have narrowed our focus for development on 2668 and 2465. We have been in a similar situation before. In 2024, we focused all our internal development resources on SAT 711 and SAT 2355, partly because we saw a significant industry interest. Within 18 months, those programs were licensed to a CAGE and JAAS. And today, we see significant interest in SANT2668 and SANT2465. Within epilepsy, SANT2219 stands somewhat in shadow of SANT2668 because efficacy is critically important, particularly in severe pediatric epilepsies. And SANT2668 has exceptional strong perclinical efficacy profile. The difference this time is that we want to take Satsun 668 further ourselves and capture more of the potential value. Our financial position give us now the opportunity to generate early proof of concept in DE patients and recent transactions clearly illustrate the value that can be created at that stage of development.

And you mentioned the focus here and And is it also about extending the cash runway or is it also because partly because of internal constraints in terms of capacity and so on? Or is it, yeah, why do you need to focus, I guess, is the question.

This is about extending a runway to a meaningful inflection point and to be able to create a proof of concept studies for Transcend 26.8. This is part of it. But it's also because we think that we can create more value in these two assets at this point in time based on our current financial situation.

Makes sense. and another investor question here was about this deal plant pursue a partnering strategy for 2019 this deal have meetings regarding it and so on or how should we see it should it be is it post or so just so so we retain uh sat 20 to 19 uh for further potential further development and partnering.

If our resources and partners change, we could certainly pick it up again. But it is primarily for partnering at this point in time.

And another question that I think you mostly answered here about which internally developed asset is currently closest to a partnering transaction? And it sounds like it's the other two then.

Sorry, I didn't understand that question. so basically which which of your assets is most likely to to land a deal soon as mentioned we see among our free these free assets we see stronger interest in 2668 and send uh 2465 um within epilepsy sat 26 tends to attract more attention because it's very strong efficacy profile and the opportunity in syria pediatric epilepsies so it is in the shadow as i mentioned before of that asset and very often when we speak with partners about 2219

the conversation go very quickly into that direction uh got it and uh you have previously referred to near to midterm when it comes to future licensing deals uh in case anything more precise on that uh is has it changed in any way and uh yeah maybe you can tell us a bit about your plans for the autumn in terms of partnering meetings and so on so so we are we are speaking we are entering into we have had 25 meetings uh for instance at bio uh in st jay early summer And we are speaking with companies across our pipeline,

including 903, Tisomet, and also the free asset we are developing internally. I cannot go into details about specific conversations about that at this time.

It's an active schedule, I presume, for the autumn. after the two days we did the jazz and the cater we also seen a lot of inbound coming to us and wanted to speak about our pipeline and see what they have so we see great interest in general in the company and across our pipeline so there was one question about the finances and i think you you mentioned this a bit john about the burn rate has increased and if it was expected but you told us basically that it was it was expected um so the next question was a bit about your cash position and uh why is the return on cash relatively low beyond the effects uh what

actions are taking to to get a better yield uh from the cash position so yes so uh as i as you correctly mentioned stated that our our increase in cost over the past quarters is as i mentioned both expected and planned and it is as we transition towards our clinical execution Our funds, we do not take a speculative approach. We have funds to progress our programs and to execute our planned operation. So our funds, we place those in a short to medium long cash deposits and or, uh, in, uh, in, uh, uh, other, uh, short term assets, uh, without any, any risk. So, uh, bonds, short term bonds. Uh, so we are risk averse in that context. Uh, Similar, you didn't ask the question, similar on currency exposure, we hedge our currency exposures through operational hedges as we forecast what currencies are needed from a euro, US dollar, Swedish, Danish kroner perspective. And hence, we hedge that way. and you you mentioned that you are risk averse when it comes to the cash position and of course i mean i assume that it's because you expect to use the cash in the coming years exactly yeah yes yes exactly so uh so that is exactly why we have a risk adverse approach and have the funds in a short to medium term cash deposits as we will be utilizing the funds similar to having short to midterm bonds similar, where the interest rates may be highest at any given time.

Got it. And another question was about, again, you have a large cash position and many investors regard it as that you have a low enterprise value.

Has the board evaluated a minor share buyback program or other capital allocation strategies? and of course you're not a board but maybe what can you say the view in the company yeah so so the funds we have is to progress our pipeline to create a value as Thomas mentioned as we go through the clinical stages and get readouts. You saw the slides about the transaction that has taken place. So that is our focus. Being biotech, this is clearly costly to progress the programs. Hence, we do not have any plans to do any share buybacks.

Makes sense.

And another question was about are you where you want to be in terms of ramping up the organization or do you expect future hires again as i mentioned in the presentation we at the end of the quarter end of june we were 44 employees as of today as we speak right now we are 47. that is basically the organization that we need for now, we have the clinical organization in place to execute into the phase one trials as planned. So as mentioned, we do not have any near-term plans to increase our organization significantly. So therefore, the cost item, personal cost, I do not foresee the continued increase in that cost line in the coming quarters got it and another question was about the the fact that the astronautics exercise their option in your collaboration there if that frees up any resources internally both both cash and personnel go ahead oh please go ahead then now just saying that cash-wise, as we stated, the $5 million, they are paid in shares. So there is no cash impact directly from that milestone payment. On the draw on our resources, astronautics will be using a limited amount of our resources so these resources will be allocated to internal research allocations Sounds good and maybe if you can say shortly you got an investment in astronautics maybe you can explain why why that is a good thing for sanona uh what do you get out of the

investment i guess uh what what programs do they have um at least my interpretation was that you i mean you get exposure to some other programs that you um yeah obviously don't have internally so for inter i suppose our internal resources uh on that piece i think that over the last year We have not spent a lot of resources on this program because Candidate has been quite advanced for a while. So we don't see much difference in our internal research allocation. From a financial perspective, then of course, shares is not cash, but we see significant downstream milestone payments coming in to the company when they approach the clinics. They have, as we mentioned in the original press release, informed that the preterm development will start shortly. And I'm coming to that, which typically takes around 18 months if things are moving smoothly before it will be phase one ready.

But again, this is an products which is controlling this timeline and they will progress and we will we will we will comment on and make a release about it when um when the time is appropriate yeah i was thinking more like i mean indirectly investors in saniona get a share of astronautics as well so what do they get exposure to beyond your collaboration and because it was a valuation that was from a previous round right so maybe also the valuation could be attractive in astronautics yes it's it's this is a price according to around several years

ago just after we made the deal with astronautics and they basically raised financing based on that deal um some of the investors even were part of the of the due diligence process in on this asset and uh it was then it was priced and we got it that spice was more than three years ago i think so uh we believe it could be a potential attraction for sanjona going forward will be interesting to follow and uh another question was about will you inform the market when you file INDs or CTA applications

on the internal pipeline?

This must be you, P&I, isn't it?

Yeah, sure. Yeah, no, as I said, we expected to submit an IND toward the end of the year for 2465 and we will not, you know, we will make it, of course, information about it. And similar for 2668, there would be a CTA application in Europe coming along and we will inform the public. and uh you have one other question from an investor was your position the 2668 for indications that may qualify for rare pediatric disease designation and orphan drug destination when would it be sensible to apply for this yeah absolutely in 2668 properties in in this indications uh you know qualify for both the rare pediatric designation and orphan disease designation uh the essence to obtain the designation uh for orphan disease is to have a proof of uh you know value of the pharmacology in the specific disease uh other in patients but also in specific pre-clinical models so we have some of this data as soon as we we have uh you know the sufficient packet will make a submission the rare pediatric disease uh designation goes along with the orphan designation uh that would be sufficient for the disease to be of a severe pediatric concern so those both applies to the property of 2068 and when we will do that we will inform about our our submission and eventual obtaining the designation and another question was about your r d days if you can share updates on when you might hold them

for your other internal programs so so we currently expect to hold an iron d-day percent 2465 in the fourth quarter around phase one initiation and we will provide further details in due course through press release and uh you also mentioned last time that you expect to select one or two new compounds from your research efforts how is that progressing really good actually, I think the expectation is unchanged.

Discovery efforts are continuing in parallel with our prioritized programs. And maybe in this regard, I think it's worth mentioning that our discovery organization has actually delivered five clinical candidates over the past five years, and that includes CEN 2355 that we licensed to JAS and also recently one of the molecules that astronautics has now taken forward i think that's a huge endeavor and i think it's a strong validation of our platform and it also testifies to the focus productivity of our people so we are continuing working on generating the next clinical candidate and our ambition is to select at least one new candidate next year sounds good and uh yeah can you also share your thoughts a bit about

acadia delaying their phase two phase two start uh to explore higher doses what it means and if it's i'm going to help you in there yeah yeah i know as you stated uh acadia you know this is part of the phase one program you know and giving the best option to the compound because the safety tolerability that we observe in our phase one are quite good at going higher doses and that will kind of delay the phase two starter we don't see an issue this is kind of standard phase one approach to do a variety of phase one study to enable the best phase two option for success i guess and a few investors pointed out as well but we have seen a few transactions in the iron

channel space lately for example uh yes and actio and uh biohaven and sk biopharma i believe how do you look at these deals you discuss it a bit but maybe a bit more and how kind of it what it means for your value of your own platform yeah it's uh we see about transaction validating well and emphasizing the unmet need of this population and as a related interest in that existing pharma both for adults and for pediatric as we keep stating ourselves.

They also validating the approach with ion-channel pharmacology that also has the heart of our compounds. So that's, you know, confident that what we're doing is going to be of interest and generate value for patients that comes with you know a concern but with the fact that you know we will face competition our program however is quite differentiated in terms of pharmacology and properties from other compounds so we're very mindful of other activities and we are also So very, you know, confident that our pharmacologist is quite unique and has a property that are differentiated from this other companies. Some of this, you know, the recent transaction was for a specific monogenic disorder. Our ambition, based on the properties, is to go much broader, including orphan, but will be broader DEE.

And so with other specificity that we illustrate. so good to have some external validation but not yeah you have a competitive edge as well so to say so the next question was about the bearing ingelheim collaboration could will potential milestones be settled in cash or in stock that will be in cash the milestones from this collaboration will be in cash with bearing we have a long-standing relationship with them this is the second collaboration we have with them so we are fully committed to continue to support the program

and milestones will be paid out in cash so the next question was about when can we expect candidate selection enhance a milestone and you touched upon this a bit in the presentation but i'm not sure if there's anything more to say there yeah well we have we have several programs that in lead optimization either internally or with partners so we are as I touched on before we have a pretty good track record in identifying candidates so we are still committed to and our aim is to to select a candidate by next year got it and another question was about

san 903 and are you seeing any increased interest following the change of indication is running a phase one yourself still not relevant we are currently conducting a non-clinical study for sat 903 in an additional indication to support partnering discussions and this indication is outside our cns focus so it doesn't change our strategy our internal development focus is on sand 2668 and sand 2465 and we continue to view it uh view said 903 as a partnering opportunity but you mentioned before at least that you have conversations about 903 uh partnering discussions for example we have a partner discussion that is available but we cannot comment on on specific uh discussions all in relation to this then and another was about tesomet uh if there isn't anything more to say about the summit in terms of partnering and maybe the same answer answer it would be the same questions uh and such as it remains a way to provide thing and we cannot come in an interval discussion on ongoing business development activities and race into this asset higher yes and we also got a few questions about the test of the scene in mexico uh and uh john i

think you mentioned a bit that uh they are medics is increasing their activities uh towards coffee coffee please so maybe if you can elaborate a bit on that and what is happening yeah well yeah thomas Yeah, just saying, yeah, I said, yeah, medics continue a dialogue with Copper Priest, and they are, as I said, they are pushing, pushing Copper Priest on their various obligations regarding the program.

got it and um let's see uh yes also is uh i'm not sure if i asked this but the 2465 studies is still going to be conducted in the us wasn't a question for my investor yeah the phase one we have uh us has studied and in the making we will submit an id as i stated before so we'll be us facebook and the 2668 will be done in europe right indeed uh will be done in europa in a highly specialized phase one unit for cns that will provide a comprehensive biomarker as they've done previously for similar pharmacology so we selected them that purpose uh with that goal in mind yes so that i think you have asked most questions here can you inform on the pk data in animals with your two compounds final question um maybe i can take it yeah we we have the pk data um we take a very serious approach to the dosing in humans and equivalent to what we see in animal We have adopted modeling to come up with the expected dose. As I said, for 2465, we'll add imaging PET in monkeys. They will provide further information about how to dose a human equivalent. And so we consider very important approach. The PK properties are, as expected, quite a good profile. So we don't see any issue of translating those into humans for now.

I think that's all the questions. Do you have anything more to add from your side? Otherwise, we will end it.

I would say thank you for the intention, for the shareholder, and for the good questions. It's highly appreciated.

Thank you. I agree. Thank you.

Thank you.