Inovio Pharmaceuticals (INO) 9 May 182018 Q1 Earnings call transcript

Greetings. And welcome to the Inovio First Quarter 2018 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. to conference like host, to now Matone. Ben would turn over the your I you. Thank Mr. begin. may you Matone,

Thank you, being afternoon will release. today. our operator. Good ir.inovio.com be This joining you website, in call us available for as is our a also and webcast indicated on everyone live replay and press thank

as our statements of differ which platform actual assumptions, our reminder, as the certain a that materially making and involve today. to to expectations based CELLECTRA to are uncertainties business our could capital resources, be our and relate as results These all risks, our management develop beliefs statements and well statements. on plans with looking from As forward will these of cause in ASPIRE of devices delivery immunotherapy which proprietary we call during combination include this

factors Our whether Investors expectations. as described today’s from result or press actual release and statements, obligation or update with to assume should of revise no a read risk in materially may otherwise. well certainties results future the risks the events, SEC. information, in included forward-looking our as new We as our filings differ carefully the

Inovio Peter Joining the I call Joseph the Dr. Kim. from and CEO, to Joseph Inovio's CEO; over Dr. call us now President like Kies, on Kim, Officer. Financial turn Chief are would to President and

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ongoing increment international ApolloBio on review our rely commercialization for next and our in in the study will overall the recruitment can potentially III while ApolloBio's for agencies, Inovio regulatory steps ApolloBio's Phase ex-China with within will Chinese providing on China with focused with trials, working data global work, of help and efforts. that accelerate complement to patient ahead goal while looking remain U.S. the of terms ApolloBio, So, we expertise the

enrollment of of today, REVEAL and on opened evenly And trials, recruiting the Speaking and the XX we U.S. remains as split internationally. sites within for have X, rate roughly patients track. REVEAL

we Phase a for X cervix. As of a a placebo-controlled grade III expect to follow-up through XX Similar the the design, study REVEAL designed X, follow-up to only virus trial as primary instead refresher, the have Phase REVEAL where XXXX, XX. and is to X, a or by the and X same cervical regression to will cervical in of treatment have XX will or week late of early XX. XX VGX-XXXX initiate endpoints week of evaluate XX the being REVEAL study X double-blinded high exception HPV randomized study dysplasia study lesions design XXXX X with caused the XX subtypes, our HPV high-grade REVEAL in or IIb enrollment the criteria through which clearance week

-- we is out our read studies to As in discussed have as both indicated have previously, we goal to XXXX.

confidently we patient trial state that as the world-class have this our process, dedicated can effectively do we on and track is as While team to during execute comment not possible. on study I a and accrual specific efficiently numbers,

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this underlying quarter second year. reduce remained enrollment to the the which of and anal HPV the response infection, of AIN II root the VGX-XXXX potential cause potential benefit may study to is that Accordingly, is for other the the track clear in recurrence systemic there dysplasia. of on The disease. We begin risk Phase the to during

MedImmune. MEDIXXXX patients with to of to inhibitor quota a triggering with I'll as cancer Turning for recurrent in through with an advanced patients. PD-LX update efficacy as II metastatic MEDIXXXX, evaluating it, year's durva with estimated MedImmune durvalumab, the it MEDIXXXX And durva study monotherapy setting. there poster combination our Phase approved at is neck XX of ASCO In I enrollment trial begin Inovio. in from with head be HPV-associated an a poster clinical in milestone cancers and this combination I'll programs. now call payment cervical of our trial, Phase a on study with a this in immuno-oncology the December, checkpoint presentation on well in as will a the AstraZeneca collaborations

to by trial, we're anal, infections. MedImmune been is these Cancer is at with the over related other this expanding MEDIXXXX and HPV of efficacy This MD new report durva cancers that states MedImmune Phase parts to designed a of therapy combination roughly on HPV-associated therapy there caused a HPV XX,XXX XX,XXX multiple posted conducted cases In that cancers plan CBC has cancers. little in testing II very to are by cervical, to therapy cancers, clinicaltrials.gov the of to study. including has patients Center, found and infections recurrent recently in Anderson open sponsored combination in vulvar, cancer of label which this in and these test pleased a separate clinical the combination vaginal body addition, which study metastatic the in cancers Phase of with associated are HPV, and its test penile, safety separate II

and this we would has associated we MEDI begun provide after we'll updates time, with on trial in this While quarter any officially study and do potential not at trial providing begin the milestones enrollment. be from to update the the second an enrollment the anticipate

Roche, our I'll call PD-LX inhibitor, combination it which program, cancer being Moving now run atezo from to atezolizumab, in bladder is Genentech of here.

II posted XX and enrollment we in XXXX. second study to in Phase by this also and on on design readouts to the The have T be begin safety. the of immune U.S. should endpoints April interim clinicaltrials.gov Phase sites ORR, Phase We II primary schedule roughly have quarter will in plan We're responses open we Spain. study II cell and and the

combination combination checkpoint inhibitor, other Regeneron's cemi. inhibitor II posted checkpoint for Phase study our trial, GBM also with we with trial design cemiplimab or that PD-X in INO-XXXX our For INO-XXXX, the involves

context to which no little in readouts of newly in terms study, we And are when patients expect tumor. patient is these some data the can is provide radiation. have setting to meaning, residual or this providing standard-of-care, to diagnosed alternative Just Inovio GBM patients, the chemo

XX this, of open well We could profess a we in enroll see XXXX. anticipate We will by and an label before the we also second plan open total we is June readouts and to provide trial expect control fully because being I interim to XX believe this this enrollment begin to as fully approximately enrolled. that and we data and patients quarter readouts sites. of study

just to as on infectious at for move to the data I Before provide to year's INO-XXXX program. treating cancer a want session. disease brief ASCO poster I the this prostate update updated biochemically our cancer looking business, sharing forward We're for prostate relapsed also

further end. Looking presented we're presentations later cancer we before XXXX, publication targeting and ahead analyses in do conferences other this year anticipate and at a year

advancement at come to interest. I with do think pertains ASCO more to prostate, find real expanded INO-XXXX partnership. it of the we So, a publication of plan as you'll for But to which

our I Ebola, publish MERS HIV, Speaking we expect in our data of and to presentations studies and XXXX. publications, Phase from positive

infectious Phase Trials of all thrilled Epidemic these studies, East Respiratory which primary to are five a next immune years of more Syndrome, advancements or recently Preparedness to Conference disease selected the have $XX theme developing over we safety Innovations, Vaccine response PENNVAX II Middle a fund these or I annual business, for week, over and MERS, announced Moreover, on Lassa the on to as our fever focused vaccination consistently support these profile. Network up at in -- study our through infectious Coalition focus a XX% with our million as favorable Phase we studies. trials, CEPI vaccine we of been Continuing end the come. disease these HIV candidates of rates HIV has against the CEPI, of the presentation maintaining while presentation so with will targets in All partnership demonstrated across clinical

the and for CEPI for to emergency Lassa our As of April, possible back Inovio as use. goal soon MERS and in as be available stated shared release vaccine in

don't ASPIRE borders, devastate and rapidly epidemics stated, to elegantly against DNA CEPI The the demonstrates large respect of emerging population urbanization Hatchett in in they vaccine Richard potential and partnership of economies. both lives destroy Inovio produce pandemic. confidence from threats countermeasures CEO, -CEPI platform protecting viral As our

several take we to as from this data develop, Zika capabilities to was when could the first months a key previously, years than the were conveyed in in positive manufacture, vaccine have organization traditional of seven vaccine human we report normally that As demonstration reach world point. such and less

targeting You and await the that, Peter? Inovio's vaccines a completion should new quarter Rica to quarter. funding, over fourth CFO, presentations, are specifically completion hear on the publications discuss Zika, in more our study our and this the to XXX-person new study immunologic like the infectious on who our we of to turn year. Zika first call we data Puerto study will disease data, expect Peter of report on and financials. vaccine from by Kies, With I'd and visits early third quarter advancement More

the sub-grant in payment due Joseph million. DARPA quarter funding was also a million. period grant three increase was the grant comparable to in partially decrease compared the to recognized decrease to XXXX for funding quarter Roche XXst, primarily Total was $X recognized for for million. first XXXX. a due offset The ended in everyone. the months Thanks an our by for revenue ago afternoon This during $X.X Ebola in million March Zika year first revenue same from and the compared million to good the $XX.X our XXXX virus of first quarter revenue from from grant received $X.X of The termination recognized from the decrease was $X.X of

grant current from recorded of on January standard revenue contracts consolidated contributions opposed customers, have number from as all statement the a accounting update of revenue As beginning XXXX-XX, to the result in agreements received with as been a of contra-expense operations. a XXXX, the adoption

XXXX, in and For not as ended have development three $XX.X contra-research ended million been Has this would a changed XXst, which XXst, XXXX, $X.X total classified months March $X.X million prior would have for been year. the XXXX. was revenue to the period same million the in three expense, the revenue presentation for occurred, March months in recorded as compared

primarily three for XXst, holders to development the Net upfront -- per upfront was recognize connection was receipt. or with quarter been we the Apollo in for R&D as expenses discussed to the $XX.X common increase to cash for year R&D in on Additionally, offset XXXX, period. MedImmune the nears compensation. in the in $XX.X Ebola a during XXst, the per our offset incurred the to headcount payment, XXXX XXXX, was expenses decrease for research received million revenue million in $XX.X loss ended operating well was share with These on period the months G&A XXXX. the a million completion. quarter -- same March, quarter. stock in basic and and or the not light $XX.X clinical collaborative prior General the grant March were payment expense the ended months last stock-based recorded same Research we increase three to and and during for the $X.X administrative week compared ApolloBio in under million VGX-XXXX million related in it $XX.X employee have for would the XXXX. collaboration expenses increases as the a activities. trials, The XXst, were the basis million $XX.X March trial activities to support compared decrease XXXX, related advisory $X.X and This the although XXst, by as previously -- compared share related as The to $X.XX increase to contra Chinese grant in attributed first for -- of development our share non-cash million March expenses more VAT did million March primarily ended expense XXXX. DARPA clinical an mean, were our for $X.X I period Providing and period expenses fees the taxes million connection by versus ended from agreement, $X.XX

We quarters. expect revenue in subsequent recognition to occur

you, were cash to XXst, $XXX.X December and equivalents to as I'll XXXX. investments Thanks. it $XXX.X Joseph. short-term and turn cash of Finally, million With that, million back compared

Thanks All Peter. right.

As you can on see, solid our financial position is ground.

the we to deliver first during we accomplished it's to are months. important quarter open next recognize positioning the we and both line execute Before what XX and the where have for of on to Q&A, XX over ourselves

enabled continues platform, global adaptability of to First, very and to us we extremely clinic. form are both that that towards a funding pleased market to partnerships with fuel non-dilutive awareness latest have providing the programs prolific presence our ASPIRE to while our therapies our R&D bring novel

immunotherapy the DNA Demonstration disease clinical our platform our infectious will of the in such and CELLECTRA Second, III ASPIRE while emerging our Phase on with combining cancerous along vaccines. with II validate quarters. latest devices accomplishments studies, and funding both we in precancerous more the and and continue immunotherapy the data, of believe, and best targeting pipelines, Phase of further non-dilutive partnerships, forms coming wholly-owned multiple technology delivery value

sets And broad XX feel all XX very we're be to your now to and I catalysts Inovio. excited I'll the that global ourselves months our major for have leader HPV-related about have open before, over appropriately mentioned taking positioned Operator, we questions look in I the at of next line questions. we progress As please discussing treating forward for depth. the greater diseases. to

you. Thank

line comes from conducting of Please be now will with Our RBC. your proceed question. a Greg Instructions] the first [Operator question question-and-answer from session. We Renza

taking Thanks the on for guys. Hey the and congrats progress. question

Greg. you, Thank

with sense relevant have just you to I we Inovio? of you could wanted get respect XXXX that titles be ASCO, others, mentioned are been looking of what the more posted and start to that to near some With certainly to want to for regards and term. just a just

Yes.

MedImmune have One So, we in two with Phase along a study I and cancer. monotherapy posters, that MEDIXXXX. is we did cervical

safety will data set this So, shows we're new cancer be there immune in population. that a which presenting, responses and

Second design. is early II Phase trial MedImmune's

So, they're MEDIXXXX. both to relevant

cancer, from of XXXX, Our immune this a of our third from data study. some the more prostate efficacy early is poster at complete strong set of signals along with ASCO

to I three forward excited anymore, post-ASCO. of look -- very those poster say we're presentations want don't So, because but to following about I and embargo,

I that play-by-play recognize not and is helps. Kim March, Of think just just you've your to that even to is progressing. REVEAL sort X, thoughts just ex in of globally. on split then to But want I far the as seeing the XX as I I did pacing. you. course, back indicated think were recently certainly sites XX Thank XX, and recall of get If some of that how perhaps even U.S. the I'm what I And U.S. give turning an

progressed sense past? that how get recent want So, of see replicating out has pacing amplifying you the a goal that perhaps ultimate your I to of just full or thereafter get certainly more capacity? how in And to to

beginning or with Early first, you. we And sites the close started and in Thank we year, internal metrics, -- ex the dynamic are last we to of in our a sites it's study, situation the not in performing obviously, the U.S. them year sites. down. on Yes. add the the have started, or where then we producing we U.S. as

we the So, don't maintain non-performing sites.

the two there's ex-U.S. sites of force and as in optimizing as adding So, sites Europe Asia dynamic well U.S. the in additional

Got on see delivery? as or more to biggest risk delivering time do successful this here And a just of and what it. holistically, the Thanks. both the with risks successful you then study outcome

and X? So, you're to referring X REVEAL

Yes.

So, not on fast risk the recruiting is or enough biggest time.

which very we the similar study, safety all the much I endpoints. successfully of Phase to design met think is IIb and the efficacy

confident is of designed. the perform product are studies the how terms very feel in going and I to So,

right regions, sites So, the really opening out executing, enrollment. just is the our and right team focused cranking up sites, on

potential exciting with those through works. obviously, So, sites of upside ex-U.S. our add Apollo, adding when the are you China -- and the and partnership

earlier. opportunities accelerate those positive think we So, before our have year efforts last to as can perhaps see that and I even in we add that can or didn't

So, a risks, trials market forward. ApolloBio lot the to more upsides. accruing in, access just well billion we're, obviously, terms cash potential in while adding people beyond huge going is patients potential of or market a managing as it's commercialization our all relationship ability as

the release little how more be wholly-owned terms down bit Got noticed back you hop a on me, and just a plans, have Therapeutics, the timing queue. I'll That's curious one and candidates in not also just in GENEOS potential And press what just to into I the helpful. you. about subsidiary, entity? the Thank expected about mention products can of of it. drilled technical just as your but And overall an that about that roof? think under some that the from

Greg. Thanks Yes.

So, in set is approach. cancer subsidiary aside and are really cancer and that we neo-antigen, her we we mutates up the doing are where disclosed new as a antigens proliferates previous this personalized patient filings, which or each calls that have in previous setting his generate medicine

So, each specific product patient. a is actually for

only one appropriate clinically that a positive back a platform platform only and way. recognized to few Inovio's a of immunotherapy in a -- we that DNA-based few while address commercially So, maybe -- appropriate the

this this decided this and combined new current antigens model the we antigens So, -- separate of ownership treat upside shelf, a upside because to is off all as carve instance, business opportunity entity. the out patients, -- entity, -- that disparate while and of keeping can INO-XXXX, for exciting economic from our model three

vaccine. raising Series building appropriately a execute will and information separate expect those XXXX. on the to dedicated personalized close disclose available, to we'll neo-antigen public And so round the promoting company, in out And but in strategies. of GENEOS' capital funding be the to as process cancer more separately, the A we we're we is investor So, advancing

for Inovio's is and monetizing shareholders tuned resources to after I expanding more as available information. other I publicly this in these of that. without going way information So, way any please exciting a Inovio for our as much another think exciting don't have possible. But stay maximum opportunities internal

keeping the without expanding upside So, resources. I see the as this

apprise an public see as more positive advance keep we this as we'll further. extremely programs advancement, I So, but these the

Thanks Joseph.

you. Thank

proceed comes next your call of question. Stifel. with Our Schwartz Please Alex line from from the

had a few Joseph congrats on team, Hi, progress. questions. and the I

you, Thank Alex.

then design? anal of be I I what elements will sense posted see believe, your that of, the you Maybe when data? to in KOLs And will trial Phase is from you maybe see of I is might weeks? key addition, clinicaltrials.gov, look you some a able endpoint, here. dysplasia and the we initial from need the at trial? the primary unmet II XX kind perspective, see of, -- And able highest data Do interim have trial this the at in the are

So, -- Yes, is of open answer the there first. an part question label trial. last

able be to we'll track the near So, progress real-time.

early an have We look analysis.

XXXX. some So, early in have we to efficacy expect data

neoplasia we very not As to I have open a the study. though, and they're said have certainly -- because XX% unmet These surgery reminded patients and medical of label wholeheartedly an huge devastating through problems. go answer, And being the these it's have repeat need. cases, agree surgeries. is And daily they their painful do we agree anal surgery of XX% to to about

And of sometimes, short anymore disease a could more I year, than once discomfort imagine which this. death, than

with we So, you. agree

and this Our advisers They'll more with agree information. in be be trial. starting KOLs, we more excited couldn't our you

the IRBs to received approvals quarter, the study. we and We FDA the expect enrollment this start all from to start the quarter, the second in but

more should this you hear So, about going forward.

just you are your Lassa and about? Okay, these then overall award? this MERS $XX what's diseases? And And Kind tackling color did can the approach come you additional provide great. recent targeting? how million on And what to fever of then antigens two secondly,

Yes.

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and other -- well monkeys We species. models have lethal as XXX% in challenged protection and as

Plotkin, Professor the highly as of in used leaders, a When to come they results convergence has Mahmoud, who's the who's did Journal Stanley in a who CEPI threats, members, England a SAB; of and XXXX, world's Vaccine; on after published experience one Those some really in a MERS Trust. of doing our for effective global with in early past. Ebola our New and the thoughts events. vaccine epidemics health to Farrar, XXXX, those and global Jeremy piece And better new Adel preclinical and Wellcome including call Zika result Head the three in settings of gentlemen be of created wrote Board was in The President the about? of it's arms a Medicine we from other health how of So,

a develop global As we usually unknowns vaccines keeps health should against night. to society, resources have enough premade up at that experts these known,

their So, they put their together Trust governments called of money counting, world where their mouth organizations, is. Japan, an Meaning India, organization these as Foundation, Gates put have several fund Norway, some well so Germany, disperse of and to the Wellcome Nipah. top and three CEPI and a RFP as created targets in proposal, can their funds, future call kill an of threats fever they millions unknown were the people Lassa MERS, decided the that had first they known, or that of these open and

data, and said, MERS existing had already coincidently against I as programs great with Inovio Lassa. So, preclinical

in we the study fact, I from human mentioned have In that vaccine clinical U.S. data MERS earlier.

XXst it between organizations pudding by against century CEPI the a funding Inovio. really that fund more programs the threats. other that as organization fit is these technology and So, this hear you'll global global think great that much will about our a vaccine these -- -- CEPI others and And as and perfect well I promote efforts can became

So, really part happy this. we're to and honored be of

and progress. on color additional the congrats thank you Well, for Okay.

Thank you.

and comes with the H.C. Please Yi question Chen line question. your from Wainwright proceed next of Company. from Our

my for taking you call. Thank

Hi.

the finished trial, what My of when also, III is, the color Hi. we China? in the the I have And that expect can first that on mean, for -- you in they time provided of has including question licensing the front? VGX-XXXX -- regarding updates timeframe deal, any now specifically Phase development with we potential some closed Apollo China global frame can

I we tell already updates The is a have meeting kickoff and last the collaboration had development can you extensive meeting. very we month joint what And later.

to very and in the China. coordinated all and And it's carry happy between the groups. obviously, So, two we're they're support have a them very ball effort really in

trials. As on far as their -- impact China's REVEAL the impact, our

I wait think and on will go. and train. in X to train one able But But the hopeful current for country previous -- that sites China for progresses, going are wait study. the going hop -- goal hop and to calls, trains before we REVEAL we're become is to not our there X to pace really to accelerate I but mentioned the as on, Phase going this our be to the of are III of China for our sites and to not have that. We're

So, hard slowing us that to without hop coordinate, can very on they so we're working down.

the can China studies So, otherwise, plan have obviously, of development independent ongoing. be the REVEAL we that

team So, we're stage working very early ApolloBio and concert still the make happen. to we're at closely this with in

three trials XXXX, proceed And if question my results you. development? these Thank Or Okay. for in take cancer, future over Genentech the brain and you reported will following IIb could there is and Inovio for any positive trials is, second INO-XXXX, from Regeneron Phase with that two trial? Phase I/IIa the in bladder possibility cancer

work on I positive the partners obviously is So, really depends readout it think, unlimited. quick answer efficacy but data assuming Remember then, scenario, is, we with possibility could -- the the and have us.

only are -- PSMA cancers, If everyone, potentially WTX So, hTERT, remind INO-XXXX GBM be because in these and those spectrum antigens, in just ends we of the expressed and to cancer types. multiple effective against of bladder. two can other that would demonstrate immune-responsive

to and look to name breast with bladder a cancer would along against this lung we colorectal few, GBM. cancer, So, cancer, develop

that Regeneron, or Merck potential Genentech partnerships for with So, BMS have could or matter. we

So, help get to some us of top the really, be Genentech, we and able studies positioned while to the partners, have to working like to give with Regeneron us flexibilities, those upsides and there.

have shareholders. efficacy, cake obviously, very show I if And these signals So, our and happy so our and two. would we'll both think in positive can be of we studies either

question additional of therapeutic for would the data from see scenario use? we last during PENNVAX-GP XXXX? in my PENNVAX-GP. preventive And the to rest expect or is you. Thank of Can And that be

-- next and is yes, So, answer quick week. again,

this -- weren't prepared you my listening results presentation just the kidding. plenary the in a guess HVTN but said Conference selected of D.C. at long-term study I was data Annual remarks, So, to complete set as I

more calls, So, also funded data. setting. HIV-infected in that individuals be going there quarter, by take who funding going get will will previous mentioned we drugs. And with is as a this I have all this are to in Also second -- and fully NIH therapeutic treat preventive PENNVAX-GP well-controlled study that's a

Steven Our function study, also their This we've of Dr. locations clearance I a with after possibility about HVTN go have that year. use gotten PD-X the from PI NIH high-risk, mean, this the own or is to position drugs to the have to viral in will a will see positive study its hopeful as this we therapeutic UCSF our outcome of is add along with quarter and data with expect of thus far in high-benefit our But development from PENNVAX-GP path from as start that with a upside a preventive to looking cure. approach. checkpoint vaccine stellar to combine to Deeks second just very virus But goal hideaway PENNVAX of reservoir, we're inhibitor perhaps funding of high at goal. lofty I the bring and to so that.

you. Thank

Yi. Thanks

proceed with from from comes question of the next Citi. Joel your Our Beatty Please question. line

progress. for Thanks Joel. on calling your my all Sean congratulations in taking of for and questions is This

Thanks.

Can in you a as be to monotherapy how used of talk are you kind it envisioned or briefly setting? there a on setting? in it combination a and being used exquisitely be VGX-XXXX Do opportunities could real-world

first have cervical to a line who Women three for high-grade see dysplasia as sent So, a dysplasia. primarily, treatment are in stages. this we as monotherapy,

potentially lesions cervical can So, treat having help clearance outcome affect can patients future virus. -- the avoid we the the can about the and exciting regression a their that's as that competence as bring these of very for surgery And regression we the well negatively of babies.

envision using. we how that's So, to be

For we'll look VIN doing the indications, approved successful indications, we're prior it to AIN and go-to-treatment if to obviously, so. nonsurgical also surgery. to all for be these will be be And the therapy in option first

talk potential brief And you just PENNVAX-GP helpful. very could on in then what and follow-up previous to be? design That's you. Thank can question setting, therapeutic the the endpoints of the briefly that trial a sort

are people has have then along at of endpoints day more patients the the ever the challenge transcripts And treating clearance and dose greatest drugs look cured. inhibitor, in thrown HIV-infected their secondary the higher the the the reservoirs. the immunogenicity virus. the of of and safety one for have -- The primary tons from of the I drugs, no Yes. is clearance and combination in resulted with of those usage mean, is, of viral been endpoints and HIV PD-X doctors vaccine, one not

has been from active than marrow been other therapy. transplant," patient Berlin patient cure, bone "through became So, a who cured there the has zero who

hide out, attack cure. virus cells maybe knock drugs hiding great they along powerful they function where a triple area, of the with generate the once Now, thoughts to with when of our combination combine immune and could a their just the combining provide them out get our our checkpoint T-cell against the up that hypothesis response you T vaccine like or very inhibitor those killer a can virus are positive that can strong that CDX out free PENNVAX-GP,

see. we're Now, again, I we're our be not very what is study so. do that that but to to this high-risk, excited I'm But using approach happy is funding such caution this in we to expect And this declaring NIH about we to are a hopeful see, overall. high-benefit-type to of want folks,

Joseph. Thank you for all it. that Appreciate

Sean. Thanks

like everything the management for have time. this questions I'd turn back any no We to closing comments. at to or more questions

Yes, thank very you much.

vaccine more studies, we more As and our programs. IO of of XX have all so very funding, months proper and pipeline up, our from and discussed, with data more execution just expect to coming partnerships, exciting across we other lots presentations, platform and more publications, a XX we flow

you about rest said, excited beyond. XXXX and tuned. to come of much. very I please as -- what's the We're stay Thank please very So,

This concludes today's teleconference.

You your for at Thank may lines disconnect this time. your participation. you