Pieris Pharmaceuticals (PIRS) 29 Mar 232022 Q4 Earnings call transcript

Hello and welcome to the Pieris Pharmaceuticals, Inc. Year-End 2022 Conference Call and Webcast. [Operator Instructions]. A question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded.

pleasure the my Tom over now Bures. is to call turn to It sir. go Please ahead,

Good Kevin. us conference update. year-end joining and for XXXX corporate and Thanks, call everyone, our morning, thank you for

be we the provide Vice Development Hitto for Officer; our will overview available Kaufmann, have On Chief corporate who Project today, Steve our Leader Officer; CEO, a our President on outlook Fitzgerald, Chief Scientific and President, Yoder, Elarekibep, and our Mary who and pipeline; will Q&A. Olwill, call Shane

You the the release www.pieris.com. this Investor released Relations at can website press access morning page on of our

events or from annual, circumstances. The Before our update of that of contain we implied position, programs, no like forward-looking our Pieris, for reflect to such the any including differences may materially that results or future and progress regarding caution filings may our risks during timing the presented the reports. being to involving actual reporting accurate only quarterly today, and comments is of and or uncertainties SEC, statements are Pieris Factors current our preclinical and related made events begin, financial and I'd cause such and clinical trials statements the including and with timing call including forward-looking operations might this in information those by of anticipated as of obligation future our statements. expressed described conference differ the data, undertakes operations to to results partnerships and statements

call over to will the Steve. I now turn

our today everyone to for year-end thank us thank Well, And you, XXXX call. earnings Tom. for you joining

potential, we carry an to providing continued and multiple also cost committed be will to transformative remaining preclinical advance operations. have effective programs I on clinical update how that while Today,

on or which referred in IL-XRα with top as is updates an AstraZeneca. PRS-XXX the Phase from Elarekibep Elarekibep company's obtaining also AZDXXXX, asthma. to inhaled antagonist, Xa the progress also study priority, data provide is will I oral partnered

I is treated. are and that lung as the also update inhaled provide biopharmaceutical with potentially multiple If leading high unmet tissue, diseases, obstructive seek patients additional a of programs underserved indications by respiratory fibrosis the asthma, be Pieris alongside areas will transforming advancing are how target and such advancing are as Respiratory need, a pulmonary these to to approach we an disease idiopathic relevant we clinical chronic Further, in fundamentally diseases pipeline. to industry. expect build pulmonary on significant continue Elarekibep that respiratory respiratory preclinical dramatically the inhaled we successful directly biologics new are offer diseases prevalence these treating to

to detail, our will pipeline begin respiratory I more in Elarekibep. with Turning

study who are an asthma closely AZ, represent that for We the working approved has asthma the with in opportunity expansive study enrolling our sponsor. or is collaborator, as could to Xa for shortcomings currently Phase of ongoing drugs. We address an important Elarekibep believe as the AstraZeneca, biologic potential inhaled

targets underlying and reduction development has severe moderate has is IL-XRα been meaningfully clinical efficacy dupilumab, which that as demonstrated we FDA for is path biology by inhibitor well and in Elarekibep targeted a this of IL-XRα characterized, by program the derisked. to believe The uncontrolled FeNO validated also mentioned, approved target Elarekibep an that asthma.

from be validate franchise. believe are believe prefer. If would Elarekibep the providers tissue commercial the Elarekibep market. through therapeutics considering a positive profile, respiratory we to Elarekibep administration, substantial. commercial our that provide resulting would transform care and Elarekibep we health of route directly many superior product has convenient dollar data when By and successful, The is asthma that is could asthma of would opportunity offering how multibillion administration current patients ability we managed, route the opportunity substantial a a broader lung targeting Further,

an our there COPD addition, view X to is relevant clear asthma. inhaled asthma, can X inflammation. data intervention that evidence be an Elarekibep COPD in with as to notably for dupilumab It IL-XRα as that could Type COPD positive may antagonist provide opportunities Phase it be clinical indications develop recently in future IL-XRα reported beyond is help In patients treat

of the turning Elarekibep Now the asthma. promise intended current clinical of provide details the to is clear of Phase and severe to to uncontrolled moderate well in study, Xa trial Elarekibep powered clinical evidence the

therapy, efficacy will administered or plus patients perspective, Elarekibep placebo. administered powder dry inhaled, therapy DPI, an X From of study patients compare plus milligrams versus this background the ICS/LABA formulated background ICS/LABA

The improvement dose four cohorts efficacy evaluate primary placebo. study's results portion X XX the in at this milligram, endpoint X will an overview and DPI to weeks safety line the of study. relative The of top milligram FEVX will milligram include also

Based the discussions now with Phase of recent on study are to AstraZeneca, reported by middle from topline our be study results Xa expected this XXXX.

their AstraZeneca the of most recent to based updated continues assessment is AstraZeneca's on lead, as from well as the this this on actions as taken guidance operational study, deliver based projections prior and study. change

received As jurisdictions in protocol a pleased are previously AstraZeneca for approval that a baseline, announced regulatory we has all amendment.

amendment As rigor. prepared maintaining to a recruitment, improve while study reminder, was this

dose and The changes include the ICS/LABA moderate was this background permitting long as ICS/LABA. therapy acting dose XX%, to protocol XX% previously high FEVX XX% inhaled expanding to XX% combinations beta from inclusion to to limited where corticosteroids agonist,

assessments In unnecessary was there other of site of to and the patient simplification schedule intended and modifications burdens. reduce addition,

and to over and their of in on that communicated high this clinical priority that new of is sites AZ including study Moreover, resources operational the several bringing increasing the to us countries number study to drive sites, total patient XXX. recruitment, is a Elarekibep the significantly organization addition has program,

indicators are fully the changes, as the patient appreciate impact of study screening While early such remains site it and leading encouraging. clinical engagement too to data

and our into organizational forward from data we With plan provided, decision results. looking obtaining development budget delivery with and will eagerly commitment the of Elarekibep a being trigger set, AstraZeneca's study increased This the co-development. strongly by are supported to AstraZeneca, resources important alongside opt-in

are in with positive top for highest are our position how prudently moments managing company. as hear a priority. priority our a Elarekibep in is data you few from in our finances we a And if will to Tom Being opt

Before proprietary. inhaled which some two respiratory differentiated this, are PRS-XXX spend both of we fully advancing, are I want programs that time discussing however, PRS-XXX, other to and highly

the forms fibrotic tissue protein idiopathic Given Anticalin CTGF best-in-class we targets lung far with we an have generated differentiation for so inhaled in data PRS-XXX with conviction the factor disease. our and Elarekibep, therapeutic treatment validity is that of pulmonary and other or protein the potential connective growth fibrosis increased inhaled of have of approach.

intravenously pamrevlumab, stage clinical late has antagonist an which superior in PRS-XXX demonstrated infused Preclinically, CTGF compared on-target potency development. to is

an administered of believe for to a that we in pathway. compared administration outcome Critically, a systemically lead and superior may inhaled to this approach clinical route provides lungs exposure superior

we on of with of convenience IPF, these care benefits, for have via current for potential PRS-XXX ability at-home best-in-class inhalation, delivery combine PRS-XXX Based as disease. this potential standard as could the well to believe the serious

according subjects continue to ascending that plan single dose to We X, a dose volunteers. safety, pharmacokinetics study multi-ascending PRS-XXX Phase to in is and in tolerability the healthy administer and evaluating

this the results second report to year. of study expect in half We

Regional is a the Affairs, partially Ministry by Development Economic Bavarian this As from work reminder, and a the grant Energy. funded of

inhaled antagonists which update is Lastly, developed of PRS-XXX, an for I being to want on anti-Jagged-X provide disease. treatment muco-obstructive the an lung

data driven on large diseases, respiratory can regulate that preclinical in is production based market the lungs. Our mucus enthusiasm represented supported by for the opportunity by and is PRS-XXX showing mucus program this

to of desire disrupting the administration intervention inhaled the most homeostasis given disease. the the route is in throughout to Furthermore, we appropriate especially lung intestines, address avoid mucus body, believe an muco-obstructive

via lung cells mucus PRS-XXX well PRS-XXX's of Unlike in is inhalation objective metaplasia, mode stimulus, offers aim of to interventions block broader the reversing we the patient increasing the reduce mucus designed applicability Jagged-X population. to the cells. across ciliated burden, which of signaling and independent plugging, action of other oral number as a believe Notch that with hyperplasia many locally goblet is as

Our made working and year. anticipate we later data also progress has further program additional preclinical development candidate throughout presenting candidates. are a team this optimizing towards XXXX, lead We characterizing PRS-XXX excellent nomination

collaborators, committed on immunooncology in cost now partnered is delivering to we immunooncology highlight obligations, our to existing efficient and Turning being that the advanced our want I a our our briefly remain manner. to of with benefit pipeline pipeline,

that to promising exist to value preclinical generate clinical continue this from this based And We on data. portfolio also opportunities we and multiple work objective. believe to achieve

tumors. Servier, or agreement in continue X-XBB/PD-LX of the in for bispecific dose portion with escalation our treatment of which SXXXXXX, the we solid PRS-XXX collaboration example, enrollment a of For the ½ study Mabcalin is Phase

expressing CDXXX bispecific million provide Seagen cells. bridge also our a as we they first-in-class initiated a collaboration, specific within PR-XXX, cells a T designed between $X for co-stimulatory Phase antibody-Anticalin which SGN-BBXXX, tumor X payment milestone compound study a earned is Next, and known to potent CDXXX/X-XBB when tumor

we Beyond and Seagen. Pieris programs this receive for full to programs. external internal reimbursement these committed is on believe program, other with spending delivering to on We

to continues want in is that mention I to Pharmaceuticals which coming clinic, PRS-XXX or X begin a months. bispecific the with the compound Mabcalin Finally, Phase towards X-XBB/GPCX BOS-XXX, to Boston expected advance

fourth our receive clinical upside. on believe clinical program, from milestone nominal the X-XBB that IO And the a to which eligible this term are stage be program. more upon We long offers dosing payment additional will franchise first-in-human entry we this of

will my I concludes the now call This Tom. prepared to and hand back remarks

during the for operations. than Seagen XX, is this need funded the XX, cash quarter equivalents Cash include believes does the investments operations balance balance cash more and million and sufficiently equivalents overall $X are compared cash decrease cash for company result for a of course next to was year-end million of a you, not months. $XXX.X year XX the December being Steve. February in payments, to milestone received XXXX, XXXX ended XXXX. which fund of and the Thank the and $XX.X December The million but totaled ended the XXXX, The

immunooncology to $XX costs due an lower costs Research were compared and for XXXX. to million and XXXX as XX, lower were was for This there preclinical clinical partially These is manufacturing alfa in December late due well spending higher for increase costs incurred respiratory decrease year was the on offset stage costs travel personnel other and costs. SXXXXXX. across and fees lower Higher year for and programs, PRS-XXX development Cinrebafusp PRS-XXX program December both license costs. lower lower overall as by PRS-XXX expenses or consultant and also $XX.X ended XX, to million ended and the Elarekibep the

Next, general XXXX. development, to was year costs decrease ended ended by deferred partially costs of XX, million XXXX and offset for revenue by The primarily related costs, audit and business higher the the amortization lower were facilities tax December compared $XX.X and to XX, driven for $XX.X and travel December administrative year period-over-period million personnel recognition.

income. on Moving other to

the December ended $X.X is XX, XXXX. December income to to recorded of XXXX, million million For the PRS-XXX XXXX, ended XXXX clinical XX, compared grant incurred respect year Phase program overall the with year was of into as was PRS-XXX compared high the year costs increase $X.X a eligibility the to on in The grant to year due which for progressed grant with full X study, in funding awarded. along

per loss loss year loss ended December a $X.XX year per of XXXX The share $X.XX million $XX.X XX, December or loss million share a was XXXX. for net company's the a the to net or compared ended $XX.X XX, for

additional With respect a than to funded operations are more my to XX we that months, comments. next I few the remarks believe wanted for sufficiently make

opportunities mission First, we programs, possible our as of commercial inhaled We modalities. yield and and by candidates, support our other are PRS-XXX biologics immense that potential such term can committed not transformative respiratory remain PRS-XXX. therapies therapeutic evaluating of the to long development believe in to the and

having ignore our of significantly our we $XX more reduce the of to reduced profile are million constrained and the as cost XXXX PRS-XXX. by we to burn compared second environment advanced approximately than half, programs, which the first two and respiratory while operating, we more However, $XX proprietary the PRS-XXX in million continue cannot in cash in evidenced half meaningfully

PRS-XXX of on to and Although top our IND-enabling investments interest PRS-XXX namely, Elarekibep certain the already our prepared achieving the PRS-XXX, activities year obtaining activities Phase saving gate readiness in for for we cost current the Phase of PRS-XXX and the X operating actions include taken, are plans asthma. for data Xa study including from priority, future have in benefit we

milestones to basis on reach from AZ making our we saving for cost timelines we needed confident current modest the and decisions sheet, cash be the on as supported able by to our being study, are will this of collaborations. current objectives achieve deliver balance Based existing anticipated

to With that, turn now over back I'll Steve. the call

call questions. Thank you you, open for And joining Tom. now on any for would like thank all the us call today. the to We

Instructions]. [Operator

is Jefferies. today Song coming question from first from Our Roger

us. couple a Just from

timeline I the after on knowing XXX, enrollment the Steve, for you you projection indicators, one is the and cost is know first mostly kind think, but – The AstraZeneca, leading bit mentioned protocol the this do maybe in amendment just how any driven of sites. by and and the just more us enrollment timeline you color around Can give topline confident and data AstraZeneca little XXXX? the opening new a new you about of acceleration for accelerating

Look, PRS-XXX to we challenging enroll, has mentioned. been as

been AZ increased commitments we're communicated, today. However, very composite really resource the of doing clearly by has now has as efforts encouraged hopefully, that and we

There site commitments has has meaningful more of the some meaningful been of both this failures. previously which of of all dot on we squarely XXX. in, a current the that increase the translated importantly, been additional operational a screen than gov. very address And to fully has are in to. been XX% increase amendments clear portion increase for approved screening, geographies than mentioned. composite of protocol into have significant listed jurisdictions sites And back has There observed increase that ct come can those we number to engagement, by And a example, more in there over geographies which been significant of

combine site we that – And all in when that high believe very doesn't no priority believe that needed volume of sites, it a increased is the the question a engagement, priority. significant go. treating as they AZ enrollment, are to and think this direction high we there the there's, nope, and I without is very question is the So we more that increased in trending ease

studies, very we every are I PRS-XXX. through also post-COVID, more month, as asthma getting think normal the helpful new studies. as patients we, time is we've we've real with for passing through and working are COVID operating on is been under throughput through of a every quarter, visibility working sites And passing what on such enrolling

on intelligence will And the from we rates. something of CRO as real-time projections for the into that accurately go-forward global is that factored by to delivering the administering the those continue as study informed so, AZ And possible be rely for on middle that's to have we XXXX. recruitment our study

path And Mary indicator we believe think, go aspects plan. the to of I delivering some of ultimately maybe the the increasing Fitzgerald, are or the sequence nuances events important hand screenings the the to in remind we it terms actual who randomized. patients a is, on reliable can of There over I'll getting study leading and on can through and to why ultimately enrollment study

take you So, Mary, do want to that one?

things to randomization. Thank is time you, Steve. Yes, that some Roger, one of takes into actual happened that translate the screening

a So run-in by we have period. screening period followed two-week a four-week

are be between when the screening initial patients and there weeks randomized. six then can So,

always the is screening an behind lag in there and So increase a randomization.

period the place, screening, of the So little amendments a enhance we six-week on will approval new with time expect, protocol bit based this come take will into based on of are the before randomized. to that patients but

I a the better have of understanding think here. improvement we

to kind you're the cash your XXX. to related question gating your towards understanding happen runway, what another will prioritize topline, what to but after of earlier just the Also, cash operational there given to working pipeline that building so how for the just topline, next maybe be is remind the we're step for XXX, So other your and us, plan? the XXX timeline will

a say Tom. high level and it just at turn over I'll to Roger, couple of a remarks

existing the our we to on the to milestones collaborations. allow priority. cash that extremely line sheet, and basis XXX current are probably the that mentioned, us anticipated considering So, and a modest are top through from we is one data, the balance getting as our get absolutely something data, we of through and reach that committed It's will Elarekibep,

clear. be pretty externally, at both going would time program, talk are believe to at communicate to co-development opt-in a our internally our decision. moment can we and of to leading about time, a opt-in of watershed And triggers what at manage the clinical validation and also will that mechanics opt-in Tom financing to publicly that prepared we we again the specific have what it's we communicate the time. co-development and for be co-development Mechanics will

of in readout, indication going would asthma, that to for asthma of to line development time top they to development forward plan a BLA a get program the the this the also plan, prepare give us need data At AstraZeneca filing. would

one make The a of two decision. a levels, those other the opt-in is scenarios, with to period, opt in. cost without either program get if pieces to we opt-in, a opposed of With and the don't a information, cap. those for cap, codevelopment can have our the at increased an share of in, the benefit cost that cost In with as is two to we not share for XX% at compared of economics lifetime we we defined one opting a example, XX%

So, the back enhanced on end. economics

opt XX% think the or for at on AstraZeneca. have in And the would of we us, future one of assuming good, that is achieve milestones about overall, of an cost pieces profile, something the program think think about development the minimum this when is a the the at data the cover again, we I XX% we of of our at will manageable opt-in we readout, with overall that that that opt-in offset time have is is again, regardless very

option this So us a program. for becomes very attractive that on

indications, us. like creates that it mention brings, if And and the the again dupilumab again, or not see forged we has pathway think again, COPD and we opportunity potential for for multibillion respiratory again in to dollar a great even asthma the the about the, opportunity market other this

And the have. we very opt-in that so, co-development much decision value we

Next from Evercore from coming question is Jonathan ISI. Miller

understanding you own its that to runway, cash XX% you that anticipate the I that Am comes. – the on longer mouths, follow the be on opt-in would question no anticipate finance and longer cash fund you to to have to sufficient no time when there. right Just current Roger's current

the know or prepared XXX development XXX color how wait timelines just change related not and XXX forward timelines, when the would advancement, And when to for as whether you're might in on readout? can say of for XXX those you to that, development those can in we the advance give programs gate then and you of move you with interest some us you the

efficacy back not first on but question, to we ability clear On that, Elarekibep, positive in. that factored yes, of are clinical never our the runway, the PRS-XXX to for in just or the we've be opt-in factoring data

our believe set for data a delivered the be And timeline of So, watershed that and manage history for of again, shareholder at with through be that will we appropriate to and will significant the all to optimistic data value, create moment program. be transacting very within the third to our given time. optionality remain able and other set that we the confident parties pipeline we that

a activities was it level, The path gating investment manage second cost will on high over stage, we're pipeline. Well, have at I'll our around question is that to And early multiple say we across believe working to we lower to those can critical as and relative that I Tom, expenses. still to a PRS-XXX, turn more imagine, you look options at PRS-XXX. time

benefit the the is we However, which heavily going to study, Phase to Phase and completing Bavarian absolutely X study, the is grant continue are PRS-XXX committed X on plan. through to from

about readout we the can say that of work been very different informative what again, options, half later middle year. through that's we FibroGen's readiness we a But, pamrevlumab, of year. has have some be probably will communicated in be disclosed will FibroGen could including a the that. something to by lot we all consider need as we that year, this be to think which by from the Phase There of second time activities X And

where clinical another believe has absolutely we've seen you a we potential guess already benefit. based on have meaningful I important do we locally fundamental to So, should piece. the biology PRS-XXX also demonstrated based interrogate best-in-class believe on Nonetheless, and this data preclinical the

just say doesn't Steve later able going is along. one this on add programs path to mentioned, just that the today. this year, how I'll the we're for programs, right, quickly we're of spending. to continue Maybe in two It as those forward, I'd impact thing to going change that move terms and overall those

PRS-XXX X Phase to For know example, we we work for study would independently fund. something is to a have

type certainly, achieve spending type and some sufficient have order sure of activities that the X make in that sense, we terms again, readiness So, to make Elarekibep. runway to starting of that would in readout Phase for gating

come There's tox And you an it's that to with same once the for get bring a to IND nomination a you're to work to that thing costs CMC into going incur that PRS-XXX. have play to lot candidate and development state. of

larger So costs those the of incurred expenditures, It's are programs continue. the near just committed of cannot those to some be those term. types those that or in

the the most business, is obviously, this love develop agreements, On I'd any those get balance the there, is to existing to expectation your great. collaboration funding it's in potential oncology side potential a your and the done impact sheet I collaborators? way of to is for your of which milestone, programs through for being off going on with cash guess crunch sense

I are here. would IO I answer to as we you ratio continue imagine. IO, by respiratory measured. that increase on very of probably current to And investments investments our saying Steve would the

cash hand. be XX% predicting about going example, Going to that's on forward, of, for that probably we're

So have off for development our of as of that's balance that's something most said, very we manageable, expenditure this sheet. you IO given,

Pieris. for we out. clinic based have and to same on in things just And XXX, is and that, biology of of we data some to we're those For expect format the partners be But opportunities bispecifics have those the and X-XBB would spend let ongoing to there data going changing net believe we've the disclose that mentioned. positive that the get [indiscernible] escalation will we generated that to of a given ratio several publicly I the believe the outcome now all before play commitment

question Next from Phipps is coming Matt Blair. William from

Matt Phipps. for Rob This on is Andrew

kind on efforts And those you've widen last here. of of some But the been that touched little the issues One failures. of of a to was to failures. avoid year made screen kind raised funnel bit it's was

that seeing So those I following are guess, you screening can the failures just confirm changes? now less protocol you of implementation

you sites active. you a are Can that think the give from is like just what up and XX for timelines to XXX getting site XX running now? Steve, date mentioned of I to about how Looks listed there's with and as XXX sense us clinicaltrials.gov, number? about that up

screen first is on Mary and failures amendments impact the was about address that that. those. with the the endotype of have second patient to the of question population. FeNO were for the mentioned TX current screen point. basis And want We've bullseye working us the a the on the remember, ct on right Your was continue to how and on list do cutoffs, eosinophil or compromise we the the the specifically really how Again, screen amendments that of think, much question impacted then composite has a dot that about meant talk think not can closely XX% basis I also gov? in AZ put but be been failures, to already will failures, have, I and

we maintain, to forward. volume And with want and the we're that to we going try So additional sites and that do geographies manage in able of that's significant we to address something are. believe increase really that and

over also trajectory to the level the and the about sites a a a amount high to at of of and free Mary, then get the additional of please XXX how sites addressed critical feel those it's onboarding amendments screening the bit talk mentioned. we of failures nature

Yes, of course.

the example, of LABA corticosteroids, allowing them things of failures, contribute have the for used ICS high significantly screening you're screen all that think devices these implemented, dose the separate and to been In the allowing be inhaled the terms rate. combinations, the that to of of the of aware failure FEVX, some widening for I improving

to for So go down. that

course, failure endotype zero. still And that study. the as have we're looking failures due in screen appropriate we can't would screen endotype a the to ensuring of to for for. says, everyone see that the that you we FEVX But Steve And anticipate rate TX that's reduce improvement will

in So for And try I constant difficult think what we that done here. to are the things accommodate can and the with site. we're sites we've sure we make obviously, that dialogue

have So done each we simplified, being the you if visit. assessments at like,

of easier sites. contribute all for to for and these making the patients study So

So, all patients study. of things into coming the these to will we more think contribute

sites meaningful basis. accurate. have a And put being you XX changes alluded which AZ to on currently whereby transparency on regular they clinicaltrials.gov on clinicaltrials.gov, listed policy a the is

So wouldn't I tilt there the happening. numbers be to expect actually with out of what's

the But include make that, new between countries takes approved decision the countries a time there's when approved to course, to missing be protocols you're going sites, and that the new agreeing starting. of then but you those those between the lag being it and to do protocol being countries to site and and activated new and screening

sites the year So approved the have we wouldn't in involved expect study. protocol when the to the are in on see that a significant later increase there countries until

towards that So half we see year. the of would expect to the happening mid

QX. QX, So,

So involved unfortunately, answers that's hope that active. to just, countries your takes how I and question. get it then long sites

opt-ins it any COPD of as and as to kind pursue such of the mechanics treated in of deal or additional would COPD. Just you just a Could an of decision decisions be indications one other additional kind comes what call. there relates to a remind it indications separately the in were to decision original question, The was if indication dupilumab the to kinds when of additional those us pursue success mentioned

receptor on produced not so-called past results. about interventions, As we robust say, enthusiastic I dupilumab other such are IL-X in data as the TX have mentioned,

this as we as to in to particular So, we that do asthma, continue stratify believe stratifying TX the patients. IL-XRα validate continues quintessential for intervention point

multiple COPD. including are do additional And that able there we indications codevelopment relates that participate for facilitate opt-in as on Pieris codevelopment makes being it believe to upside significant administration, opt-in, in the oral/inhaled of features sense the to actually

of indications talk mechanics, when about components to exactly not additional some Tom should it's the the of may the but be can time of us to that some pursued. participate allow choose would clear if even those opt-in, we opt-in,

more some of I'll that, with Tom details. turn those So it to for over

development As COPD, now. right indication they it us, give to that AstraZeneca for right after the them that talk something go an think relates COPD where would could example, like we'll I whether about have to is plan with

So, so is still opt-in lots is development yet that's clear it it very be to of that of for discussions indication clear, asthma, happen. the primary would But indication. decision the the or

decisions nothing, opt-in whether we any economics again, future or take, do indications. XX% it the apply XX%, be, that say, for the resulting all However, the

to at indications way apply that split XX% because we're or So, all going or get whether future. going be in the indications there's to a gross share, and we're level will to if for opting in, COPD asthma it's example, a other to margin no

So for going expand economic to what the is benefit would indications terms of AZ's very the decision clear economic upside other be in to be. to

From cost by sort contract until going known it But later again, it terms some in what development have of the those And are come us development commitment. plans these an ongoing of some in of initially, of could be the to of, they that obligations. our would which we we're give deferred could play. be like that of There sort overall, perspective, contract are comprises in costs where us mechanisms biggest of the a piece to or obligations the pattern overall of timeline. know into terms part additional budget

helpful it's bit the economics for of little more that. say pay we we of know – how nuanced But a little I just that's guess a in get terms So comes then in. the and I terms obligation it's we would cost in bit more how

ambitions welcome just partner based additional mechanics the investments would in view, meet on upside Pieris. economic sum to our up such alongside AstraZeneca. or significant the growth of would fear trepidation. which other not for we for in investment allow a be would contract I manageable indications as would We with codevelopment significant which would say It allows any program,

Thank further you. the our over We've like for back to question-and-answer reached floor session. Steve turn to or of comments. the closing end I'd any

continued your the thank again for of and I Well, Kevin. your thank to you, And attention everyone today want Okay. support company. for

updating to respiratory excited Have you pipeline look promise progress. We in on to a the inhaled biologics of for We are improve by truly the patients and with our our outcomes forward disease. particular great day. opportunity

teleconference That today's does you. webcast. Thank and conclude

have disconnect your you at day. and your participation wonderful a thank this today. line for time may You We