Lineage Cell Therapeutics (LCTX) 11 May 232023 Q1 Earnings call transcript

Welcome to the Lineage Cell Therapeutics First Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. An audio webcast of this call is available on the Investors section of Lineage 's website at www.lineage cell.com. This call is subject to copyright and is property of Lineage and recordings, reproductions, or transmissions of this call without the express written consent of Lineage are strictly prohibited.

As a reminder, today's call is being recorded.

to of host Investor like Ioana today's now Head Hone, Relations would introduce for your call, I at Lineage. Ms. ahead. go please Hone,

Thank found our and A afternoon today, May results you, for and earlier Abby. us. can XXXX, joining be was thank issued press the quarter first you reporting XX, XXXX on financial release Good within as section the contain your questions to of and remarks responses will securities federal our Investors of and management's meaning website. of views laws. today's forward-looking only Please statements note that today reflect

indicated that Statements this are not during and fact from results made by historical significant may expectations should to considered discussion uncertainties. such which are statements, forward-looking performance statements actual Company's materially or forward-looking statements. of The risks be differ subject the

of in factors results recent its SEC to the report most cause any the forward-looking discussion We to we today's annual described SEC on today speak a in the risk as and sections could only certain press the refer Company's differ, statements undue which and that and release Company's forward-looking you performance filings. caution to or including of place For filings, our cautionary on factors you qualified statements reliance by not in XX-K. are Form statement

President With Howe, of Vice Chief Gary Clinical us our Medical our our today Jill Hogge, and are Executive Chief Senior Officer; Brian Culley, and Financial Officer; Affairs.

over to I'd call that, turn Brian. the With like to

Good today. everyone. afternoon appreciate taking us you Thank join We time you the everyone. to

progress, occurred then. most but fairly today months additional I'm has ago, quarterly happy since just exciting report was on two Our to and recent call which

never held Annual the our Al where of Dr. investigators in performed Benin, New X/Xa presented two months before with The most significant Orleans seen of analyses, event Genentech was in collected on Phase which OpRegen involved data the study. the of one ARVO initial past Meeting the

support expert not Image the To the grader the generated study were had be by original these findings previously as masked well Lab, Genentech's results, and as conducted analyses data analyses and reported. Doheny and independently clear, Research reinforce new while sub by made novel Lineage which these our findings were

reported including cohort GA. GA at at notably We patients increases at function of presented among baseline clinical occurred being of patients, XX extensive of X coverage across previously and in findings of on patient our five areas months some which their smaller among XX have than unique area the who received and OpRegen months visual

generate and thought the and what these and additional even structural using able were data to analyses to a in Genentech including inevitably they imaging be disease But previously analyses new raw further, from previously, had reported expertise progressive. results took technology improvement data Lineage support proprietary and functional These images.

cells to a new placement trials as area appear multiyear across GA in OpRegen showed the outcome may of well extensive the that evidence of treatment result single continued findings observation in a cells transplants in result of best clinical to-date that dose. OpRegen as clinical effect Genentech from supporting the seen

elderly and typically very out every findings even monthly versus with a inhibitor. someone of complement injection or the these monthly burden vision, believe We poor favorably a of compare seeking other

placed using five times collected And area GA. of of which OpRegen of out And extensively every capable licensed were five the technique, standard a occurred surgeon importantly, surgical common across outcomes is using these data these performing when vitreoretinal was instrumentation.

of the means retinal photo RPE. complete with RPE essential loss the atrophy, which the I'll area treatment cRORA presented, GA be I patient to a something and has features remind complete following OpRegen. that believe showed you border no of longer of receptors Genentech the near is had supporting outer continued overlooked an their of Additionally, essentially evidence which cRORA who is which and

of thousands of have aware that, two I'd patients data, even from those also subgroup complement reports of clinical I'm But point trials single among completed extensive recent leading a analyses despite the through of resolution to cRORA them. not inhibitors. out like case

have competition, vision as gains using Lineage but And on be larger features collected many points patient yet aside effort. may the by are report unaffected who as in the losing we anatomical setting the are data even Now we patients changes in not anatomical reporting we vision, much objectively while should methods have competition.

welcome as direct the clinic. and OpRegen these questions program comparisons the advances completely these believe relative We I especially are about value So valid. through comparisons,

just and the these more As primary treatment post-treatment, means nine XX XX endpoints are a common reminder, earlier secondary which and at months the month detectable outcomes. study collected data days occur ongoing the for than

our agreement Before we resources license $XXX which the they the royalties. to and deployed, were you, to partners when supporting and convey of and new desire Roche data digit like on at remind moving which to retinal algorithm just to ARVO. to eligible from expertise, enthusiastically for on, I'll and tissue cell up entering us Their insights additional our transplant receive in have appreciation Genentech, as additional conviction presented these segmentation in the payments commercialization double reflect counting as my further our and for which OpRegen we're million I'd development approach, into well give

size the the the establishment AMD In monitor market. of dry meantime, closely we'll commercial and

recent patients is help approval potential find physician populations, inhibitor condition. Syfovre by and the comprised their reported dollar for expectations generation only multi-billion by not for eager effective complement acquisition patient verifying billion a not products also the believe $X.X but market, to debilitating stage will a of OpRegen a like create interventions of does set of next commercial we and engaged commercial today, of have Lineage and Astellas similar informed product asset While which

patient's is regulatory a been Moving initiation next injury, the the is procedure surgeon intended much safety patient administer while program, of delivery X which cord on to dose to fully new to has OPCX respirator to improve time which cell spinal the the patients new our by a recover the expected our to to the from system. is completing is to the cord spinal cells system XX of still support and requisite help cord interactions a recent connected. allowing This trial, do more focus to more the study transplant so spinal greatly

recall, the to amendment. a expected new interaction followed in chronic for synopsis report we clinical and Lineage study noted use of a an previously you'll available That to would safety a from type with B later June, request by is meeting FDA which written to B patients. from plan IND discuss As for Unexpectedly, protocol included an in that their with week type device. discuss meeting RMAT approximately be device FDA which was request. the the would a last responses meeting we held be in than Along delivery conduct SCI RMAT to included subacute our the for information, the until not meeting the specific weeks we'd that items of eight we response

to topics. reflection to date FDA the time I that for was some staff essential meeting way on our necessary to OPCX members is due than no certain program. delay that want provide constraints later The a comfort in knowledge, our among this expected explained the

nevertheless, OPCX be study and not we of given B the So, IND gene that we And as meeting after but expect the deluge open held QX surprising in the this unfortunate, development. summer entirely for able use to to support the therapy delivery type and responses agency's site as is possible cell system, submit an this amendment find new programs to currently be soon provided and thereafter. clinical in of the dose the

today. OPCX on updates additional three have do I

manufacturing that is strengthened period than XXXX, first protection claims that for covering property program. through we patent was The which a developed, a position of this our which providing with which has no claims processes, patent lineage granted us expire for intellectual long earlier

will alongside to Stanford a Consortium Regenerative Second, Spinal and Reeve Christopher be the Injury of regarding announcement at I our First and provide the last for held an will Jolla, want creation which the of conference presenting this year June which Dana California. Medicine be the Symposium, week on La the Cord Foundation, Investor update in Annual Lineage

development industry cord the patients spinal we between have of and the success between proud advocate probability them injury affected elevate this inform by a to We product topics and partner as non-profit such for recognized endpoints and of increase our the of for-profit for as help patient among is product those and can We a The paralysis. Foundation in in created clinical advocacy and the experience partnerships and awareness, disease trial we're process. improve aim which appropriate organizations. as promote and community, increase focusing to benefits event development, field in leader on engagement to the patient by Reeve participation

CIRM, conference an recognizing SCI education of mission For we scientific supportive announced an CIRM’s most Institute California that notably, objectives. the or ago, days for Symposium from important Investor Regenerative grant and we'd Medicine received two the overall and as

financial recall CIRM we're and injury. to support CIRM, We supported you one spinal clinical was grateful are by thankful from this for the continued may ever cord commitment that to the for and of trials first its agency OPCX additional

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important an any just global fundraiser both Wings core in importance World SCI we all So, Life to which third investors in Run the Israel, just convey of in members OPCX is Lineage, The this for believe last successful Run's and and explained, in want participated for the lastly and collaboration, embodies I Carlsbad as product World of I development to as team well today weekend. research for condition. broad-based to appreciation the my who as

Moving few updates along, more I VACX. share have for just to a

support pre trial has clear of data include we previous providing it collected. the side any know means, with complete you expect ex-U.S. happy submission, a for data discussions and our received based path package to to the also feedback but next to share UK clinical from UK we been IND Cancer Research waiting would which the X from us arrive patients non-small to data arrive received, and be written we performed That eight expected that have today IND CMC an by lung regarding the fairly cell been As updates data We've key for that quarter. I'm to cancer. some in Phase now

team Strategic and for several stated discussions believe the we offer BD reward has VACX more platform previously, VAC exploratory risk the ongoing and for VAC platform, and our mix Alliances have us of generally. that I the best

program we're will independently, come can fruition, through preference continue there development be no any proceeding alliances work assurance exploring VAC it or initiative. than will the While and our more for BD team that partnerships on this rather to de-risk the is to to one

strategy corporate encouraging monitor results determine partnerships. to doing VACX intend closely VAC inform through academic There we clinical so and or will may which path lately, best also us better to space neoantigen help because reported development any programs corporate continue for vaccine or landscape have our we some been in the this so, pursue other platform the

loss, is of preclinical ANPX, program collaboration For testing the our Michigan. which is for University ongoing the transplant through with hearing a

preferred and work. to call. fact transplants, Our transplantation. to to I initial are for accounts determine how of survive this ever images week, can cells if this generated objectives determine with can preclinical Last after cell first post location after Twitter from one the that our those I'll collaboration was we And the in the provided images the from long

last at I think was will exist emerging. our cool see loss hearing data the recall, preclinical and see. our beginning the a to thing data already early didn't you because I program as first of to yet even we have it's of year kind excited

environment dollars. tremendous advantages be the that what for one companies, in-vivo is filed example less method, differentiation on in of technology than having is I to return in and us great make to a than million And XX difficult $X tremendous testing intellectual think biotech for small and dollars. property continues our expenditures. of investment progress This the speed developed our We a without to core with and ability the R&D R&D into of proceeded frankly, a commitment Lineage less key a such months make offers from also

Our dollars which of can for the completing the in across Phase other as business. stage appropriate is and believe opportunities which which I partnerships and of pursue help trials use of data OpRegen, R&D is Jill and efficient a enrollment and we disciplined spending progress clinical and X development, of and us reporting foundation of OPCX, important ahead, such for lie to bridge conduct our which from our areas and trial initiation ongoing events

the we institutional As liquidity anticipate this of which final Russell Russell I'm quite a to added XXXX note, cut-off, may Microcap investor stock. report actually on expand to provide also ownership an Lineage and help but that, awareness, be important and increase happy into indices cap will preliminary in our market based summer, inclusion, estimates the additional

will I discussion of Jill a hand the that, to With for call financials. over now our

and to conduct believe good we Beginning sheet, Brian be are well-capitalized with efficient balance activities, outlined. continue with Brian, Thanks, which our to just and everyone. our the afternoon I spending near-term

cash, same is Please milestone operations cash securities expected or XX, current receive business the and of does into any which grant XXXX, QX development this note reported million we equivalents during of our as Roche, totaled which any for account planned $XX.X Our marketable for the may XXXX. revenues, to support not Genentech of payments period. nor March

let operating Now me quarter our review results. first

$X.X million approximately was quarter licensing $X.X as lower from of collaboration in million revenues royalties, licensing collaboration revenues and grants. fees, decrease Roche compared primarily generated were revenues first and the for This agreement. research is by period driven million a XXXX. conjunction revenue decrease same Total in with to the for the $X.X Our

period of are million Our for $XX.X first the R&D XXXX. general quarter to a $X.X the expenses million million were of same $X.X first operating quarter in for for decrease as $X.X expenses million million $X.X were the research operating of million, the to an in Total and period same $X XXXX. compared administrative as comprised expenses expenses. development and for increase and compared

Roche million driven primarily expenses OpRegen to to the expenses of collaboration. half is OPCX and nonclinical program support increase program the a $X.X The support related million a by in

million increase the $X.X receptor spending photo was programs neuron respectively. on and R&D to of and $X.X Another the related auditory

in tax same G&A lower legal compared this million, to that primarily settlement year related The of the accounting in in were $X.X quarter in the million period was in million expenses $X.X and for decreases for litigation to expenses $X.X XXXX. first prior litigation driven the the a accrued million decrease serious and million by as $X.X lower $X.X expenses for services.

the same Loss same the expenses increase the for retention rate exchange in to of receivable offset quarter income million period by million securities, $X.X to for fair operations million change XXXX. period XXXX. The $X.X to was from subsidiaries. million, in for for an first was program, equity marketable $X.X million compared value partially and $X.X as was the compared income the first of Other quarter other $X.X a from for international the in interest the securities primarily marketable our driven our our employee credit of related market by debt fluctuations

which make meaningful share in as for progress, continue have same of important has loss spending to that our per the was or programs. served to adhered years will quarter from first us share believe loss investments the our in uncertainty. The we net or well the as past to biotech and our value $X.X period milestones, continue million we for plan maintain our us the spending Overall, continue in same million shareholders XXXX. net $X.XX per to reach our maintain markets create to to for discipline $X.X to face in a compared for $X.XX We allow maintaining discipline and

the hand call me let back Brian. to Now,

Thanks, Jill. our a to in disciplined been and making is our challenging responsible I we're Lineage good spending environment. biotech in a advancing conservative believe continue way. and decisions programs with We've

treatment this of one will extremely and we'll Genentech the AMD Genentech geographic is to further and OpRegen development year with continuing with the excited dry collaboration the and Roche of progressing atrophy. Our work well, be of in clinical Roche things support to many on for be

position transplant look cell medicine. a therapy lineage of we as always, leader become to cell As your support sincerely and Company to in the we appreciate

operator, questions. ready that any with to analyst and we respond to And are

Baird. the Instructions] question [Operator line from of Jack Allen first Your comes from

Your line is open.

rather if Congratulations the to to the the comments was off being up? on I could any you hoping Roche I'll you be those read getting and from relates that, from day coming then deal wondering post-treatment a up study do Xa on I and now that you Thank program. here was as more the rapid things It some relates realize quarter. much. XX milestones that we any time OpRegen question throughout team but data with to the could well? reference that follow a kick by I to had run the expect made clinical out Roche, the the as could the progress Phase study, with follow near it provide that point so right colors. you in the Genentech as of And term is

got the that dosing been confirmable patient have The update, you Thank do you, only been we them in the No after at would that X of to expect receive doubt. by Phase which They I is program. and both two Roche's a questions initiated. is fact Jack. the today, first top that moved study, to quarterly underway has

So, sites we've on two would to very are data a variables there More be hard answer now. us that right when expected. provide got three sites firm But are are for open expected.

One is is that from enroll study. a XX anywhere the study patients. optimization could XX This surgical to

there out can imagine variable looks and see if a to can more which continue if they you to is some So use. benefit interesting, variable is they investigate of that ease or tested may squeeze it that

the know many will patients So we enrollment. how defining end be don't of

we're as data patients, view OCT patients, in will satisfying The believe Roche able just versus find one has. XX publicized and out meeting and that images is in surely major My be be patients, to other of subject Lineage to experts looking data, five in or such in observe for while patient? is scans like of matter what part be the that kind will is line B would medical the a that to question what whether I is at question main you same XX top whether there as the might report full see is And data.

say data but to nine you arrive, So, data approximately getting are our it's us might very quite we primary when to be which is than meaningful, and anatomical do end will that difficult sooner because points. is have going for we're secondary the months exactly one advantage they both this expect

are that respect to Big by and competitive doesn't because against how pharma can our exactly be With much paying they're them disclose reasons for when -- course by future milestones that the with. partners often want milestones, redacted used to of they negotiate partner.

not whether we there milestones. to current milestone us the a asked was it's connection we Well have unusual and have So reported been study redacted for one. in with haven't

you is deal. take from there that what And that that study, And that entered was into which when running was because not the surgical is can is right now, a we contemplated not originally milestone. optimization

that very we're So is And not confirmatory is a data. study the Lineage gives study being additional a It happy even to on conduct done. greater very gives able us optimization likely us benefit. own. It its that potentially have been would it

is So, were we're was the study very glad proceed really to they after and i.e., was determined milestones where decided already that already this this belong. with placed the but deal happening, it conceived study

So, been to to data, information hopefully provide that can that as as milestones insight hopefully we've able much the to as on of provide some an least that provide can and, date. I answer on at

guess looking to whether here you as follow-up. that fully The their question to about optimize to one you efficacy And realized do objectives data. very study? the with looking had you Roche they're I would know had you relative, you cover strong they're efficacy or also had safety? get that How in to very it be think the this Once the brief do be I optimize lesion. cohort maybe then could X sense just from

for much at the efficacy I possible both. and do we think to, world. group Jack, of approach and that both retinotomy the are And GA the well other us their may that. observed is in to the safely of where to as the answer area cause as digital the And of as where of how and have effect better Brian best Obviously as of that's cover as Yes, how certainly, many Roche routes. eye delivery the they alluded experts foremost some of the ideas front some PPV

those know, be we up involved to we So, we leave that don't that. to await to may patients whether data and them but XX XX and optimize or it's it

line Wainwright. the next Your Joe H. C. comes Pantginis question of from from

open. is line Your

Everybody questions. good for afternoon. Thanks taking the

So two questions please.

speak ARVO the So data, obviously volumes. with pictures,

forward and curious, So analyses with you new I'm able coverage to see cetera. any studies? for just able list to et these think will us impact Do through OPCX, various the the Meeting assessing And of what imaging seeing would better moving that is? regard awaiting are remind you wish being be still delivery FDA as your you to number two, just techniques plans Genentech

in of Joe. those respect one, world ophthalmology course, question Sure, on with to to their judgment rely of number With is decisions. one the to on the the partner reasons company one

as you new five in this we of have the technology, So, ever get can it's still that clinical potentially five. best the outcomes but setting, disease

through but So be approaches experience. of that methods linked decisions, Roche's room inextricably driven improvement ophthalmology of are data ease there safety use? decisions different will these driven things is data for to All really

With safety, us we potentially into the wish even that the the device proposing ease respect are in very use over of list, maybe spilling to and use has of and OPCX terms the efficacy. to obvious advantages feel that

scaffolding a to equipment required the we'd light like It device. green device than able and to equipment. could many be that does original that and construction used at of get a of be method and So, look lot handling a the more deploy of sales, centers like to which that delivering

use there. in and get really of So light terms we'd deployability, green of like a to ease

that we when new But the they we will know to have are are IND, comparability aware agency we new the under to have so, just that completed have taken we these yet all comparability that continue us testing data of manufacture to the a not and may them. current to and that that presented do by and help FDA able example. be in process, for developed data sequentially which doing is bring to process, things we the We we our position because cells on

step dose be tools So really study then in be clean and ideas interesting is for to the agency. able one initiate would to get then to cell a future and longer-term, around we bill conversation. of the And will two a front health endpoints. some But be have of the step data assessment that

Your comes next Kristen of line the from Cantor. question from Kluska

Your line is open.

I a questions quick had couple for you.

The been known Brian, just you, advocate in but since not OCT, leaders, first companies, you've is, a I've and including thought et the cetera. you, field, for huge others

just broadly So specifically wanted the advantages appreciating recognizing GA. to speaking, and field to ask, at is if you the related that would looking say for moving towards really OCT

to of you, almost Well, the you I not that thank simple histological patient. levels observation. the trend between Kristen. feel toward He I, MRI. I I question. I just a really so see a sort he doctor, informative can gives his knows an images appreciate need as next. an doesn't and been x-ray to use see to difference physician a OCT of there's like I'm that that it's me think ideas. tool. OCT what very in do had a say And fact, like and

do might state-of-the-art with to you kind insights of some Gary, imaging technologies. And anything his have But you the have on add? additional

opposed but slowing itself. of evaluating how the better it assess reversing. progression this from they AO, statement of OCT of other gold kind companies in posterior also And are GA as for considered obviously only the to at looking are hopefully space to the think potentially even eye FAF, or arresting I the speaks for not section standard the the which

come So, academic other well. and think around with in also conjunction I corporations as will efforts, FDA these

reported little of analyses was begin correlation definitively a Thank with case, support the outcomes, best with? this color that little can perhaps data definitely a related these to that a clear more data. bit patient maybe you. but of you to us saying understanding then in And ARVO, cells give light why conducted of these reported the seems which you the in It confidence to before specifically give placement us analysis bit there was at this that were that data,

these So, why studies how I be first these two ongoing is the if guess communicated the a is, changed of that based has anything studies. part looking did then at understanding study. just would they've part second about And this if thought they've off they

I'll the it say are preface just than weren't that -- I Kristen, viewed from data differently and to Gary, the Lineage reality data Roche. from that be case, going which which the I are Hey, for are while wish is reported reported

reason a finding the can to quite been easily analyses reinforced were these they that Roche gone hearing hearing hadn't from team. our more than one's I'm to So seen why lengths aware I've it from data because they great that that to it just the is lot new evaluation emphasize before mean of Lineage

Kristen's Gary, speak specifically to a But more little perhaps could you bit question.

Yes.

the certainly believed automate across because they Muhan] Roche reproducible and Monés others. some they think can is that by it, the a much at I and looked process they that's why of multiple certain deal. registrational a there a larger it look the at standardized study way be would sub that on [Dr. to analysis by [Brendan And assess basis atrophy. pivotal there methodologies But global did a appear Bill thought Doheny], this to make of the exploring area of the the Jordi progression that you study or central to are redress are reading And sites. and way additional

more we you last change question is appetite an do risk you can they now that a going has doing just routine landscape? doctor that have feedback all they to been is, are you're to first think And treatment earlier mean, even aware to patients officially approved it and then frankly off the the this a I physicians know launched, that having I that Thanks. has of KOLs offer don't for and whole that if hearing or patient about narrative them. how testing changed. lot nothing just hear be indication, drug there's now the diagnosed there's often from in an if that And at based getting want could

that the therapies become And strongly a very mean, in believe end databases a for first population, no audiences. therapies along wonders do that's are follows. invest I the who in approved educating the literally, because to market will company you them come everyone helping that I there first has are captured approved up patient does agent patients. which now aware of with that creative

a you, for trying than you're therapy. say there's all an so I was ago much up in and someone you. if with more now established do told, effective there years landscape end is going you And nothing to and who can mature five market sudden there And of to a

don't commercial they happen anything they because think they doctor on never to see there's TV, to go don't can do. if they're know, their You your see going

printouts tell can I it. I it to for become the with is through conversation he anecdotally coming occur in space, off surgeon, their So releases want better with education one conversations And has with the you the they for this feel their strongly with And and they press the that patients smarter that absolutely of will a patients very disease have that street about better had approved I agent. that physicians. these about recently

an for not, follow deluge" Bannister Roger have of now le So, on impact a patient said we've intervention, vision a clinical a assets set, the are benefit of that years it known population. to the always we "Apres desire I not, the create think got regardless the precedent which as is ago, that is convergence moi, think going with regardless automatically is has famously convenient or intervention which market and presence it going many arise an of may of administration educated or important, to further whether on I whether which it's big an from the

have so think took we offline, me others, if the please know. any Kristen answer let I Abby,

comes Mayank from Riley. B. Your the Mamtani next from line question of

line is Your open.

Mayank, on William to update questions. thank is data Great taking see for ARVO. and for This you the our at

First, could during the you on Phase their X findings discuss ARVO has plans Roche is to more maybe if or the trial? for OpRegen of analysis relying OCT incorporate

question. address protocol Gary I'll specific Gary as and let I'll ahead it. let a go

OCT that is this the incorporated not Publicly And study. you a Would tertiary be it's part safety publicly on made at would are of delivery primarily Yes. available expect and point. secondary trials.gov, that? and as been endpoint clinical

MRI our any were your Got it. the delivery extra Novo system? color will for provide and your publication upcoming second into you can your this in is, And how learnings findings incorporated on question

spinal cord Phase Yes, What's from you the publication can impulse MRI conduct complication. cell area is findings, transplant, forthcoming which who which lead or that patients study injury the cavity a And a to electrical in will oligodendrocyte gap. there course, using a cord vacancy we is to call of And OPCX. cannot the experience a injury a from across in you're spinal the injury. number X/X referring of suffer notable an a of large that,

of So, observing the presence cells. cavity cavity absence the particular MRI is a OPCX following in or and wonderful tool a presence absence of of the for or administration our

present, they're have cavity way an eye that if us going can same the gives image a the our if use through in to see cord migrated, on, imaging much So the the not. and patient of a way MRI what's convenient the or seeing cells spinal we has direct

want or spinal cord in OPCX. was these of of gap to area a the administration data because frequency cavitation, of And the vastly reduced the i.e. an rate we open following report

because that again such and and we spinal provides of of are quite So is also cells durability the long-term important of replicate eye, have information good through MRI. the cord the able finding easily see excess to in the use an work setting of notable we that which in the for durability to follow-up of the ourselves, some speaks we an good very and which

question comes from from Michael Okunewitch of final Group. Your Maxim the line

Your line is open.

start guess off. I to

in how value atrophy to Iveric. But of of just get versus any complement I'd to space inhibitors? touched how difference the the where there acquisition the the setting up. fits programs highlights particular the the OpRegen in OpRegen $X.X You understanding a program treatment between better geographic of like activity billion in stack on Is or any

look the side, at The of vastly greater. complement comparing anatomical that three are on areas the when to I the OpRegen which magnitude always inhibitors is effects

of what inhibition, it's is possible smaller best These get you complement the area imagine the can larger. of from see GA a effect. GA. not And areas always can You

anatomical the that So visual And far we on referred extensive side, have hoc have post that suggests analysis, I acuity. inhibitors. wonderful Number two, an we complement the beyond we the effect one, on data got are the number data I which seen. what to improvement, a being are not cases done, of an find which in highly of case vision. in are less loss analyses we functional have evidence feel are that attempt many selective That's will this and be

have We vision. gains seen of

gain I XX let's letters. XX, the or a say and the the large losing to letters that, feel great between XX notable XX, then And extraordinary differences i.e. vision tool thirdly worthy that some recognize nevertheless, such it is vision, Now That is changes. consideration. I assessed administration. is a compared with But of of more catastrophic anatomical difference variable is

clinic Again, to a bit go then they with, poor get who the they every already being get talking the month. we injection month. to about ejection want want asked If despite effect. every best are have to extremely vision, are of small to need if their an benefit, they a to forfeit elderly They little that people other

to So I single benefit anatomical like the we of a have a and triple feel therapy, functional large a administration. Xx compared benefit, really effect, a large

by physician I is are sales excitement rep that detailed to be sales a products just backed of and think it, to to because insert, all the off much means has really product And which a through data. be get you it when and the through better down package your And has interest. all up driven profile, it

of comfort dysfunction hit replacement we'll compelling pathway handful that is I the a on has that single a to can be of feel which where great to cell eliminated. a complete a only in data that that or And think there very development, else or have a pathways package, the compared will day or in future been that's I compared anything

tandem, And Thank OpRegen be that could, point, expect the both this would flow. you that data fitting a the replacement either what progression you to this the restore. the up then potentially complement you believe And that with its Or that to the efficient current up then a right. get and how if to seen you therapies into on if be All to least could reverse enough so competitive be holds and we've offering? OpRegen inhibitors just down follow you. treatment far, envision complement you or something is I'd based and at slow data like do to used in see something where on

expansion an Thank the intervention, would promise you whether for you with the your clarification. up, surgical about I inhibitor products conversations not, believe the on Michael, and Xx also or be vision it you've if of switch has holds our halting some providing and to which easy But GA in for complement you're a in add docs Gary, holds a decision to don't or of the used together benefit it to on exclusive. I near know these be this you term. your had be different and perhaps thoughts can with how think that could sequences. I data

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really then with your about to I'd I'll hop preclinical One the programs. collaboration deficiency for I analogy. CNS you in on back appreciate BXM the your just in role one for you. ask like Can Eterna queue. the of of last disorders? the Thank that one talk and me

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some therapy editing cell advantages provide that of as your is your properties where safety of is or your additional number And such we of tolerability cells. headed believe future a perhaps can of cells, cells, the of

convergence engineering Eterna technology. very the of biology. has is a editing this So, and ex-vivo suitable

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things different what are from There seems be see we data watching are encouraging less seems actually and doing that reading companies their to benefit be or a of to encouraging. bunch and to

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I Brian Culley, to are call back There turn no this Mr. the questions time. over further at you.

the Thank look in today will update, and next we touch our free and you, Anna. you feel for get meantime. to joining forward everyone in to Thank

Thank you.

conference concludes today's This call.

You may now disconnect.