Cartesian Therapeutics (RNAC) 3 Nov 222022 Q3 Earnings call transcript

Good morning, and welcome to the Selecta Biosciences Third Quarter 2022 Financial Results and Business Update Conference Call. [Operator Instructions] This call is being webcast live on the Investor and Media section of Selecta's website at www.selectabio.com and is being recorded.

For opening remarks, I would like to introduce you, Mr. Kevin Tan, Chief Financial Officer of Selecta. Please go ahead, sir.

morning. good and you, Thank Welcome to update results business XXXX third call. quarter conference financial and our The our website, with coming release XX-Q which and Commission, and press we reporting Exchange quarterly the for Media the available our SEC. file September or section Securities Investors the in intend quarter and of XX, on to days Selecta's report worldwide ended selectabio.com, financial web Form results XXXX, is the in

Officer; Carsten Brunn, Chief President Joining Peter me Executive Kishimoto, Officer. Traber, Officer; Chief Scientific today Kei and are Medical and Chief

are we statements, our clinical candidates, call, potential progress statements today's described safety, subject that will on quarterly without the the statements risks plans, Form report recent product with our financial During made subsequent These in filings be including Form projections, making forward-looking about various are and of our SEC, including, and certain efficacy, our most reports XX-Q. regulatory on annual to prospects. and and and expectations, limitation, the future XX-K partnerships

cautioned required management's to to today, statements, of reliance speak undue And which even not law, except place on as forward-looking X, statements, as disclaims such these any only update XXXX. Selecta views obligation change. by if November are You

to would Carsten? over I like turn to now call the Carsten Brunn.

everyone complete DISSOLVE QX line an announce with we Kevin. Sobi, we in events. XXXX. continued And to top we key runway the XXXX, the well both positioned partner, collaboration you, reach progress today. In I time the data we're execute third with financial priorities appreciate multiple pipeline. believe and to Good of III quarter joint In our into trial Phase taking SEL-XXX value-driving our on and to expect make Thank near-term morning. to the join us expected across mid-XXXX, steady

this with I remain to MMA, trial in in a track proprietary methylmalonic Phase into therapy SEL-XXX, clinical to acidemia, treat our advance We quarter. combination gene ImmTOR also on or candidate

accelerating platform, the next-generation be precision to continues priority development immune our tolerance ImmTOR-IL. key Our of

continue in We year we'll have progress made a have substantial end. and lead by identifying proprietary clinical IL-X to believe candidate a candidate

our Additionally, manufacturing our IgA nephropathy. the scale-up gene for selection IgA as therapies, with to Xork, a most team IgG notably for continues pre-treatment IND-enabling the preclinical our protease treatment proprietary studies and pipeline, for advance AAV protease, our candidate and partners of

On the and the programs, details solve on milestones, together share with like recent align of cusp with associated activities, these key unwanted how challenges to these with our autoimmunity mission immunogenicity. we'd to toughest

us an disease, is imbalance autoimmune serious Currently, hope restore tolerance Let Americans our and drugs of vivo. the T over fail while cells. T cause ImmTOR-IL utilize disease. treatments, regulatory cells suffer leave natural patients underlying address the balance infection immunosuppressive symptom-masking which applications versus system malignancies to standards of cells and vulnerable the of in antigen-specific inducing to autoantigens, T and effector we to by expanding immune combining regulatory By adequately million begin with platform immune with the care for precision or XX treatments autoimmune from of diseases. these And current

an preclinical specific As antigen-specific from of those are and potential which tolerance diseases. have body Tregs growing we of first-in-class observed combining we immune we've evolution autoimmune encouraged before, the has on by potential suffering magnitude we durability believe amplify pathogenesis for focusing of IL-X, data highlighted ImmTOR our treatment By ImmTOR-IL. call diseases, we the be to the a the and by Treg to very responsible the the platform of autoimmune autoantigens for induction with truly selective a expansion to an of differentiated in ImmTOR-IL engineered

with balance. PDC-EX, a and immune Tregs to in mediated by liver result system well-defined or cholangitis, Co-administering specific implicated biliary PDC-EX autoantigen of PBC, a PBC, indication autoimmune The first disease restore the we ImmTOR-IL ImmTOR-IL to in primary expansion driven evaluate plan in T-cell which antigen, may is the PDC-EX.

additional We year identifying indications expand, continue to select work IL-X end. an on to expect autoimmune and candidate by we

plan development update future. strategic path on to in broader the near an ImmTOR-IL provide also for the We

In Moving on to XXXX, expect SEL-XXX. QX of I/II the our Phase we initiate gene therapy vertical. trial to

blueprint on SEL-XXX the both build evidence this towards of methylmalonic MMA advancing a their As will antibodies all metabolic benefits against treatment to help of trial and ImmTOR's being will rare ImmTOR follow. into the current a I/II ability and and for can trial for gene The believe and we efficacy By to future safety We accelerate clinical combination regulatory in SEL-XXX ImmTOR our AAV AAV reminder, gene developed of SEL-XXX gene therapy clinic, genetic potentially evaluate with of the the body them partners safety the is we pointing therapy MMA-XXX, enhancing and the disease. clear an multifaceted ImmTOR AAV of gene a Phase by use believe efficacy growing therapy providing in therapies. of a the of treating mitigate in MMA-XXX capsid. of the programs acidemia,

European the highlighted and October Gene safety presentation of efficacy challenges past in empty Selecta ImmTOR our These AskBio. potential X or Society volunteers immunogenic key conference, including This ImmTOR-IL of partner, in and X showcased at Cell the with in Therapy, gene ESGCT and joint capsids addressing presentations healthy the therapy. of and presentations, XXth Annual nature

In volunteers, at healthy mg/kg ImmTOR, of NAb with of of of this that subjects Day and of we redosing amplifying of maintained ImmTOR effectively immune the evolving in subjects below and ability single maintained X:X human all at designed proof-of-concept to enable of dose titers with magnitude with treated vector the X.X simultaneously by associated titers antibodies Day duration observed ImmTOR's platform formation X/X human a tolerance mitigating the the of AAV adverse formation inhibit Our and responses precision evaluated antibodies, while neutralizing is inhibiting study, AAV anti-AAV NAb XX, ImmTOR level below to at doses. our XX. high X:XX

this and upcoming X doses ImmTOR in that in in to dosing antibodies. regimen the I/II durable data MMA. of trial monthly Phase inhibition additional indicate to anti-AAV We preclinical has our use of potential mice provide non-human plan Our primates

in the avoid medicine gene those precision treatment We're whereby with potentially area needed therapies to which and is ImmTOR transform one-time risk who potential may also for of gene data, a have up genetic one-and-done be only benefit, patients for paradigm low-and-slow, access therapy, AAV to can a by our could here, The receive the AAV treatment indicates of and that therapy excited from lower rate titrate a or preclinical therapeutic to therapy gene of the associated of ImmTOR-IL multiple doses doses transformational high gene model. a AAV-mediated them.

However, antibodies treatment a XX% eligible This population to natural due no inclusion XX% or may pre-existing from anti-AAV which are treatment patient them for there prevents gaining of infections. for to be AAV alternatives. to from trial potentially few access therapies the not life-altering or

candidate anti-IgG pathogen goal Xork We're to of those protease access reactivity non-human our IgG currently proprietary specifically expanding a patients cross designed developing is therapies, Xork, has who IgG preexisting to that antibodies. are to with derived protease is pre-existing gene excluded and the anti-AAV to antibodies. low from to cleave human due

viable with this by Xork increasing enzyme ImmTOR patients same to In to pre-existing we and addition of candidates to companies bring dosing uneconomic those open potential other At therapy population, eligible time, to with of gene otherwise could therapeutic gene their aim commercial that not the dosing therapy. may treatment the potentially a enabling window the enable combination maximize we help therapy AAV of to effective commercial patient prevalent who candidates, development. options, make targets believe any treatment antibodies, repeat hope have the enable of and for

with Finally, and of immunogenicity all transduction we AAV capsids nonclinical could profile. gene novel potentially further liver clinical with more therapy efficient we see reduce capsids. combining capsids, tropism By uniquely benefit. with work design continue to designed to Selecta Ginkgo will of needed to a efficiency, the therapeutic and studies with goal engineered AAV Ginkgo's improving doses Bioworks conduct ImmTOR

gene transduction formation in becoming capsids see, gene manage antibodies ineligible capsids AAV the redosing. therapies. out We're and of gene opportunities of facing development AAV pursuing approach ImmTOR by taking next-generation is organ natural address provider multidimensional to to to AAV immunogenicity our to vertical next-generation gene solutions able applications. and both our neutralizing gene due by to of you immunogenicity therapies. licensing for of tropism business And AAV ImmTOR-IL actively and infections, therapy improve gene treatment and to developers. a patients we're goal challenges tackling mitigate our who, efficiency for the leading As the novo and therapy de those And can Xork, to AAV therapy value maximize ImmTOR to Xork therapies. are

suboptimal to in use antibodies reduce Patients unwanted We therapy. to to discontinue approach believe an an offers as may responses immune our adverse to well, treatment reactions or can immune to be development continued biologics and turning the promising as develop biologics of Now of response to patient the after immunogenic adjunct a biologics resulting outcomes. improve highly ImmTOR experience forced Many be the pipeline. treatment. who response anti-drug due

Our to as clinic most tolerance advanced patients for date. proof-of-concept platform program, SEL-XXX has a served over dosed XXX with precision immune

ImmTOR was SEL-XXX Sobi As for co-administered XXXX. of refractory and proprietary chronic in the comprised uricase, treatment reminder, of with to is a a licensed pegadricase, gout

is X pegadricase mg/kg trials XXXX and DISSOLVE In of in X.XX and placebo-controlled quarter level kicked trials, with program dose of single X mg/kg SEL-XXX Phase SEL-XXX. III mg/kg. of levels evaluated a at being X.X dose ImmTOR at off Our both clinical third of the consists double-blind, X.X of

statistically with X achieved uric frequent for potentially versus SEL-XXX differentiated with no weekly tissue were numerically Phase believe need versus monthly tophi, patients serum or percentage responses trial, as methotrexate Krystexxa. we less on significant dosing oral In to responders biweekly with and We a asset higher visible treatment SEL-XXX patients our uric of an infusions with in refractory represents or in infusion as acid Krystexxa. I crystal responding clinically The higher levels and well SEL-XXX with immunosuppressive dosing of Krystexxa. periods chronic These for of lower of percentage X people therapy deposits, observed II versus gout. acid a

class Accordingly, dosing segment. current immunosuppression of with simplified we against in patient the profile, this standard the or believe care avoidance methotrexate, well target to and is positioned its other and SEL-XXX drugs of tolerability

in an completion extensive treatment we regulatory and well leverage currently in towards is complete joint both these top to which AX, an antibody the a I With of announce accumulate of when complexes successful in we Sobi, our from continue our positioned to of clinical on authorities IgA Selecta believe address By II injurious is indication the combining III, ImmTOR into remove and program. XXXX. with immunoglobulin the biologics kidneys advance to pathophysiology SEL-XXX the Phase has in second with potential to markers kidney in DISSOLVE the protease IgA we line called DISSOLVE and are immune track learnings approach IgAX, believe data our nephropathy, closely and occurs trial And that data disease dysfunction, our disease. QX underlying of or We work IgA kidneys. the novel to improve renal to providers the partner,

external end. protease currently working are an finalize We plan and for selection program to our partners candidate IgA to year clinical this candidate identify with by

quarter. the We the our of evidence a to about events. continuing advancements immune to the applications. third upcoming tolerance I'll financial our growing ImmTOR body call excited Kevin? showcasing run value-driving through extremely We're turn executing that, towards pioneering the our for of Kevin over forward platform promise and pipeline in precision results of across number to momentum the look and our With

Thank Carsten. you,

our the from $XX Sobi the third balance payment II. DISSOLVE sheet was of million for milestone quarter, strengthened completion enrollment During

million restricted operating $XXX believe XXXX. and to funds as needs with compared and to million of ImmTOR option license milestones. We agreement preclinical XX, extending XXXX, We of mid-XXXX. third fund received September for of as an Sarepta's we cash research $XXX.X million securities $X QX marketable December will our for periods ended into option XX, these additional to for cash, quarter achievement equivalents, under $X million cash us payment the of Additionally, XXXX, a payment and certain enable our

quarter quarter Turning ended cash September $XX.X for was September million operating of Net in financial XX, million in driven the quarter activities the cash used results reimbursement XX, by third Research the to incurred the agreement clinical program, our costs result X $XX months in the of million million the period $XX.X the supply for of for XXXX, program XXXX. collaboration. in the AskBio the shipment to SEL-XXX same to the for decrease used expenses compared as for million million programs ended III $XX.X XXXX. in incurred Phase preclinical for were $XX.X cost is compared XXXX. the third same Collaboration period for and $XX.X as The period operating expenses was as license in and the primarily XXXX and revenue development Revenue of clinical XXXX the was DISSOLVE in same activities for compared in XXXX. of primarily with the license to recognized of Sobi. and

General as the increase quarter million the and XXXX. were in expenses third in administrative cost result of expenses period for XXXX was the million expenses. for compensation stock of The for $X.X personnel to primarily compared $X.X incurred and same

it in of For loss will Selecta to compared net Carsten? million, XXXX, remarks. of loss I the per share loss of back closing or to the per a a third basic turn net share of or $X.XX, $X.XX of same for now $XX.X $X.X period net basic quarter for net XXXX. loss Carsten reported as million,

In advancement here at remain in deeply in the great clinic IND-enabling and completion partners quarter collaboration our across And our plans to the the excited QX you, and our solving to we've challenges Sobi, program our We pipeline, XXXX, of autoimmune the and our therapy full ImmTOR overcome yet an of to ImmTOR-IL beyond. the supporting move committed Thank gene treatment through to partner, wholly had we're opportunities the maximize plans into patients the progress In Kevin. numerous DISSOLVE of with clinic. studies patients with owned to evaluating forward ImmTOR-IL wide our hardest its options. of anticipated for autoimmunity Selecta. immune believe about to autoimmune disease the summary, another our immunogenicity continue look partner diseases enter SEL-XXX the ImmTOR parallel, potential to of across liver could helping a in of And value forward range platform need a and vertical We platform. in will we seek alternative strategically we platform. generational tolerance leap and and for represent evolving precision of

who Before once we to entire would and take With families. to people our like team, been questions. we're along I supportive including have patients thank their investors the conclude again today's call, that, way, our many Selecta the and happy the

Instructions] [Operator

Schwartz will the Joe Securities. question And with from first come SVB

on Hi, this is Beth progress. Congrats on for Joe. the

antibody serum see acid the Phase it terms heading understand as into you of in rate. be what would the rate well readout, hoping response helpful So SEL-XXX joint to III are the to guys uric as mitigation anti-drug

-- Yes, great Phase had the placebo-controlled. trial. trials to we're that we quite placebo We're from And II III just And question. about actual that's versus mid-XX% a unique in head-to-head confident in remind this Krystexxa, one range. have we response And Obviously, position a X Krystexxa. is know we rate the even Phase there's everyone, effect. run we no prior,

actually technical a from the very think study we low is So perspective, risk.

frequency that and dosing patient We the as monthly X rate well, treatment a only versus right is a the quite pretty that believe we that II. as And it response differentiator also we the every the with competitive need understand we've weeks, this profile, in is now, population. uncompliant Phase the seen fact is key

ADAs of looking We're So kind primary for. of a we're that's not as what kind looking endpoint. at

we're SUA for at the line looking readout So in at levels year. X basically QX top next Month

rates discontinuation And Phase color also able could a duration have you're of any squeeze might comment on on the follow-up. wondering this and real-world provide so III quick Great. if read-through in to use. any was if I into I far

Yes.

QX rates. guided this line next the we year. III, we'll We're Phase So top obviously blinded haven't any in and report discontinuation in

come The with Kristen from will Kluska Fitzgerald. next question Cantor

start XXX Selecta IL-X you've one. showing Rick out Could about these with model. models a ESGCT, dosing? At inhibited is post in mutein you preclinical ImmTOR presented follow-up in for This antibodies anti-AAV Kristen. signals of Day seen increased data morning. with good to plus out length some talk any To on Hi, preclinical promising

Kei, that he I'll our Kei? presented let Yes. as answer data. CSO, the question

Yes. Carsten. Thanks, Yes.

the for been high responses specifically doses the we were that's study, So for in because field. an issue to that mitigate immune looking vector ability to

response of So in durability in we you study. preclinically and as what XEXX were seen both vector went we have for capsid referred some that of up to looking our doses studies we that is breakthrough And empty vg/kg. to,

an you at you, Benlysta the out we've to inhibition provide both an combination And as we're in ESGCT, as mitigate well durable engineered we doses IL-X taking plus forward So around mice primates. indicated. ImmTOR shown the X remind immune can acidemia ImmTOR of starting as regimen and presented data non-human ImmTOR ability plus showed to then year. that antibody. monthly methylmalonic anti-BAb our And Day or responses XXX, that's on of the both that's trial in later this clinical to And molecule

Okay. lane. Maybe in staying of just same one more then, the also kind

you're there in that as We understand other have. factors As looking a at criteria any indications, view? approach, what for you key your weighing? a are well-characterized autoimmune must auto-antigen IL-X the potential are But other

great that's diseases autoantigen, Yes, which know with And obviously the I approach, think applicability we like in PBC, Yes, broad clearly we initially this on a PDC-EX is very focused where important. definitely we're question. this case. see

we're initially, So limited on not will liver-directed PBC. such there. diseases But as autoimmune we focus

such so adjacency of ImmTOR potentially. kidney wouldn't the As think work think and no that's a But MS, liver-directed this company, also well accumulates other there's you on kind low-hanging want in fruit initially focus as know, reason an liver, But why you I approach. initial in and for as systemic to as we example. diseases diseases

Zhong will with question BTIG. come Yun next from The

for Hi, good morning. taking questions. Thank you much very

on IL-X. the a So question

that that is achieve clinical, you sorry, your of as and And have used currently would to one IL-X engineered by what compared study you studies data? preclinical have shown -- to in candidates? going like not clinical but to identification chance, the maybe So with be any available

start Maybe good then I'll hand to approach, and engineered our Kei. with an I'll ImmTOR. question. over differentiation we see Obviously, combining the key That's a in IL-X

IL-X, all use where we want cells, have pre-existing expand you T regulatory we IL-X bystander combine hope expand begin it a just if antigen-specific for Tregs. with. an you So within to basically aiming to obviously you induce you approach ImmTOR, for we're just antigen-specific effect But non-specific. differentiated an and Versus and

So ultimate But antigen-specific ideally right out the to an first-in-class think we to want is something competitive we're that to Kei, where the have really that? that around a you there IL-Xs are best-in-class now. Tregs be target antigen. I do But that add specific with approach differentiation a to aiming IL-X

Yes.

I right, absolutely think IL-X With the that in we've to the studies that's presented, that's regard Carsten. ones mutein. that we've been a used with actually mouse-specific

preclinical So very But to identifying we working a very a able think it's to and just studies. diligently to announce that obviously, you. for molecule, we've being we're our model been on proprietary close

a Selecta to Maybe candidate or then add to Okay. And does the is is question make have the it maybe molecule? also, expect identified, going to Selecta the XXX% IL-X IgA indication, to do on similar clinical And well sense nephropathy And forward? protease. going IgA mainly be studies you final to once as rights that necessarily? driving not

Good question, Yun.

So, yes.

So XXX%. selected this will and asset, once forward an an ourselves candidate, enzyme it drive IgA own protease, we we've we'll

as and we'll well. for for So all responsible clinical be also manufacturing preclinical, development for

fungal SEL-XXX, I But program I are the able ImmTOR. basically with we origin, ImmTOR, As would have to theoretically we're re-dose is what's building really immunogenic another the experience IL-X, enzyme, where on we this highly seen think with we've it's combining this -- with program, say. important, possible,

be So alone. initial will ImmTOR approach I think the with

Canaccord. John The will from Newman come next with question

taking Hi, guys. my question. Thanks Good for morning.

you'll therapy, in upcoming doses of combination higher of starting that therapy I in us remind to could just the dosing review number strategy ImmTOR you with of for the fourth gene if wondered giving in be wanted the study but the quarter. that. ImmTOR a believe gene be you'll Just

the the we're can hand Peter? walk I'll of to you clinic, us who that data protocol Peter kind the through question to of moving and design the leading into some

primate starting Hi, data Thank on that our we're studies, mg/kg. And X.X on the Based John. of you, based we at with Carsten. capsid X are giving dose. empty monthly doses non-human dose in Yes. the level also a study,

be So protocol, of of of the AAV neutralizing the the do on it'll following at subjects, ImmTOR, X dose doses the we be mg/kg. monthly have several should first In the option activity necessary. the that depending antibodies X.XX in increasing

The will William next with question Prasad from Raju Blair. come

any very data this if guys’ update IgA for wondering IL-X much Hi, or programs next like. was these on protease to details process the of for guess what on the just see share taking I might development color can is look I from on candidate? questions. And any we our plan either Tiffany Raj. to you the expect for the Thanks selection or

Yes. Hi, Tiffany. Good question.

on year protease. have we'll molecules we'll, got detail, we'll of I good as that is of we And select more IL-X highlight to the And we the chance end how for for by at these know, guidance various gave we'll different those. also key think clinical the that both that and the conferences, next year you candidates So approaches in the those. throughout the and some of share we there's selection a each IgA

the Cyrus, the out IL-X, protease, with Baker of we're And we're a IgA kind for approach. company working Lab engineering dual of protein the a Seattle. in For

with IgA IGAN, Ginkgo We Bioworks company option an as working for small and we're a also from have called well. an protease

selected bit the about once definitely, lead the have we'll also we So selection candidate, a share process.

know any you one off the by study just on more. guys And still order just I of therapy through Can to Great. activities are get track additional the year gene initiate that sort Okay. end. main detail in working to you're ground? you

will be let there. to Peter, off we track can are on a the quarter, can new kick the any but I additional study you Peter to this, going lot It's there's there's Venditti unless the study whole report. color, to a NIH. And to be PI at I single speak Chuck think center this share? Yes. not

study. all Yes. the correct, have to approvals we initiate Carsten. that And That's requisite the we need

screening. be will soon enrolling initiated first with and with that consent subject the So

H.C. Wainwright. Boobalan Pachaiyappan with The next come question will from

you me, Okay. hear can Hi, okay?

study. MMA on up I following So Phase the

for you next So months patient assess initial at plan progressing and to you safety earlier before X efficacy that each patient. to indicated the

many you to want be remind the time maybe how data? patients approximate what to So you would can us enroll and

I'll available address kind issues. what question next I terms how the can technical that high-level as patients year. Peter well of has Peter will and data and have many of that in design be see

the I so course. take of can question, yes, So

primary the at but such X at as an at X readout endpoint So primarily is safety, the looking we're One, initial of year, looking have couple but a disease we're where things. also biomarkers obviously Month we'll at serum UA.

We have a And at or acid. will at unique board of move is well at as level looks neutralizing whether monitoring a forward breath patient test after And we each variation data the not. can that of looking there propionate that we're assess course antibodies. safety

it's we'll but data when to approach. we'll exactly data, be haven't have we next year. going a sequential And release So guided throughout

will question from Mizuho. Uy Ear next The come with

guys. taking my for Hey, Thanks question.

So you next on the joint DISSOLVE to I/DISSOLVE indicated, line the data year. II, as top expect you

Horizon's numerically, terms sort versus in and of study? your in similar will we about be the out? that MIRROR patients study like should efficacy it least how the At What think of should wondering, Just of are read differences or different? terms

great a these And a are we're we do -- different at. patients we're looking that very That's get obviously lot. Yes. question

there's exclusion look the if you lot criteria, patients, study actually. a So at MIRROR of

tolerate are excluded methotrexate. that don't So patients

three per drinks exclude patients they -- to that as week. eGFR more have than or disease, Patients have kidney chronic an below which defined that have is XX. You

kind combination. actually kind patients that out for XX it's starting are patients, eligible about of XXX of the So

population patient looking at. you're limited more a it's So

month And very don't you really then well you it's disease. motivated to as acid, underlying daily since weekly first treat you're a patient population quite with the -- starting out the where methotrexate have have folic

of is Month compliance, is and in methotrexate, six monthly infusions. two which What You SUA as below do have then six defined after six. the endpoint, have levels XXX to week common at ensure versus that studies the is

in looking subset you're at different a of basically, you So short, patients.

for patients are below to is what's patients current treatment penetration The There available. have XXX,XXX over option I X%. think potentially great another available. is

need also a and there's unmet obviously opportunity a medical commercial So large well. huge as

quarter least Kevin, the is lower for studies down down. sequentially well -- you as and And as at indicated, this some winding is because year-over-year were R&D

quarter we Just think going guess, how pulls. fourth the push and forward, should the wondering in and about, given R&D all I

Yes. we obviously, this kind enrollment in question. That's we enrolling went you of last were know, period-to-period it The And because QX as of comparison, year. a good year. down, DISSOLVE completed

year-on-year the we expect quarter start down increase I start into for MMA enroll continue obviously as comparison. then we in creep going forward, to up trial, as up But it other to would to to start and things. So ramp to patients XXXX it's the

So up. be but going it directionally not will significantly,

the question-and-answer to our go CEO, over Please session. concludes remarks. for like This I would turn closing call back ahead, any Carsten to Brunn, Selecta's Mr. sir.

safe thank today's Thank us you, Stay This who and healthy. everyone operator, you. morning. joined you this and to concludes call. Thank

The conference has now concluded. Thank you for attending today's presentation.

You disconnect. may now