Good afternoon, everyone. I’m Nicole Leber with Investor Relations here at Lantern Pharma. And welcome to our Second Quarter 2022 Earnings Call. I will be your host for today's call. As a reminder, this call is being recorded and all attendees are in a listen-only mode. We will open the call for questions and answers after management's presentation.

A webcast replay of today's conference call will be available on our website at lanternpharma.com shortly after the call. We issued a press release after market closed today, summarizing our financial results in progress across the company for the second quarter of 2022.

A copy of this release is available through our website at lanternpharma.com, where you will also find a link to the slides that management will be referencing on today's call.

I would like to remind everyone that remarks about future expectations, performance, estimates, and prospectus constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

Lantern Pharma cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated by forward-looking statements, including the impact of the COVID-19 pandemic, results of clinical trials and the impact of competition.

Additional information concerning factors that would cause actual results to differ materially from those in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended December 31, 2021 which is on file with the SEC and available on our website.

Forward-looking statements made on this conference call are as of today, Monday, August 8, 2022 and Lantern Pharma does not intend to update any of these forward-looking statements to reflect events from circumstances that occur after today, unless required by law.

The webcast replay of the conference call and webinar will be available on Lantern's website. On today's webcast, we have Lantern Pharma’s CEO, Panna Sharma; and CFO, David Margrave. Panna will start things off in a minute with an overview of Lantern's operational highlights and business activity, after which, David will discuss our financial results.

This will be followed by some concluding comments from Panna, and then we'll open up the call for Q&A. I’d now like to turn the call over to Panna Sharma, President and CEO of Lantern Pharma. Panna, please go ahead..

Thank you, Nicole. Good afternoon, everyone. And welcome to our second quarter 2022 earnings call. Thank you for joining us this afternoon to hear about our second quarter results and corporate progress.

For those of you that are new to Lantern, Lantern Pharma is at the leading edge of leveraging artificial intelligence, machine learning algorithms, biomarker, genomic and drug response data to better understand where drugs work and where they don't work, and also how to model how drugs can be effectively combined to create new therapeutic options specifically for cancer.

This was something that was simply not possible at a commercial scale, even just a few years ago. We're actively using this transformative approach through our proprietary RADR AI platform. We're using this platform to uncover significant opportunities in cancer, opportunities that are either underserved, unmet or often overlooked.

Unlike a lot of companies that are using AI to create diagnostics or provide data or matching services, we're focused on the ultimate goal of improving and potentially saving the lives of patients by creating more precision therapies. We're doing this while generating potential oncology drugs at a fraction of the cost of traditional drug development.

This is of high value and a highly needed business. Our unique AI platform is powered today by more than 21 billion data points and nearly 200 algorithms and computational models that can help us understand predict and model questions that are fundamental to oncology drug development.

Core to our business is our IP, not only on our drug products and the insights in how to best manufacture, utilize and direct them, but also relating to our AI platform and the methods and automation that drive the precision and growing power of RADR.

Lantern Pharma has entered into a major period of transformation as we evolve and mature many of our initial AI-driven insights and advance our drug candidates into human clinical trials.

We're continuing to make significant and meaningful progress in turning the observations and correlations generated by our AI platform RADR, and then validated in the lab, oftentimes labs of top tier academic and research partners into actual advancements for cancer patients and potentially breakthrough our first-in-human clinical programs.

When we went public, we had three drug programs. Today, we have nine new programs in our pipeline and several additional programs in consideration and undergoing assessment. This level of early discovery and productivity with our cash utilization and headcount is largely unheard of in biopharma companies.

Today, we have several notable advancements to share with you, including updates about the launch of our Phase 2 trial, for LP-300 in lung cancer, the Harmonic trial, the pathway towards Phase 1 first-in-human clinical trials for LP-184 and LP-284 updates on the expansion of RADR, as well as several operational and financial highlights.

In July, we announced FDA authorization for the initiation of our Harmonic trial, a Phase 2 clinical trial evaluating our drug candidate LP-300 in combination with chemotherapy for never smoker patients with advanced non-small cell lung cancer.

The CDC defines never smoker as an adult who has never smoked or has smoked less than a hundred cigarettes in his or her lifetime. Non-small cell lung cancer presents differently in never smokers compared to smokers due to at least two key features.

One, a higher percent of genetic mutations in a family of cancer promoting genes called tyrosine kinases and two, the presence of a very different and quieter mutational profile and never smokers versus smokers.

Changes in these genes and in the tumor mutation burden can contribute to the development of healthy cells into cancer cells, leading to tumor growth and spread.

These genomic and biomarker changes are significant since we believe they can drive the lack of response to PD-L1 and other I-O therapies while also driving greater sensitivity to our drug LP-300, especially when combined with chemotherapy. We expect to begin enrollment for this 90 patient two arm study this quarter.

Today, we are actively reviewing potential patients for inclusion and also enrolling additional sites. The trials ultimate endpoints are progression-free survival and overall survival. We're also engaging in global partnering discussions for regions of the world where there's a higher prevalence of never smokers in non-small cell lung cancer.

This include parts of Asia, South America and Europe. Based on the present timeline, we anticipate initial interim analysis of trial results in late 2023 or early 2024 with trial completion by late 2024.

It's important to note that in a previous three – Phase 3 multi-centered clinical trial, a subset of never smoker patients with non-small cell lung cancer receiving LP-300 with a chemo doublet showed increased overall and two-year survival. It was 91% overall survival and 125% for two-year survival.

This was compared to patients who just received the chemo doublet alone, never smoker patients with non-small cell lung cancer represent a potential market size of 1.5 billion to 2 billion as nearly 200,000 patients worldwide are diagnosed with this cancer annually and 20,000 to 30,000 of those patients are in the U.S. alone.

A novel and very exciting aspect of Harmonic is that we'll be collecting and analyzing liquid biopsies from patients at four points during the trial, initially at enrollment, prior to treatment, and then during treatment, at after three treatments and six treatments and at completion of treatment.

This is a very unique study since the liquid biopsies will be analyzed for both genomic and transcriptomic data. And we believe this will represent one of the largest and most comprehensive biomarker studies done on the never smoker non-small cell lung cancer population.

Importantly, data from these biopsies will also provide key biomarker data for RADR to help generate insights for a potential pivotal Phase 3 trial. And to further understand the response biology of never smokers with non-small cell lung cancer.

In addition to the Phase 2 trial for LP-300, we continue to advance multiple preclinical programs, and we also expect to launch three first-in-human Phase 1 trials over the next 12 months for our drug candidates, LP-184 and LP-284.

Let me go into some details, for LP-184, it's a unique asset that we believe can have a multi-billion dollar potential for Lantern and our shareholders.

We are working on the preliminary trial design for a Phase 1 trial of LP-184 targeted for Q2 of 2023 in genomically defined pancreatic bladder cancers and other solid tumors in collaboration with Fox Chase Cancer Center and several other prestigious centers.

We have also established a pathway towards a second Phase 1 trial for LP-184 in CNS cancers, including high-grade gliomas and GBM in collaboration with Johns Hopkins, which is targeted for Q2 of 2023.

Conducting two Phase 1 trials with LP-184 will allow us to maximize the potential of a compound for these different cancer types and very importantly, generate sufficient data for partnering or licensing interest in these clinically distinct cancers.

We're also planning to advance LP-184 for the treatment of CNS tumors in at least two disclosed indications, GBM and brain mets. Historically, these CNS indications have very low survival rates and have few or no approved therapies.

For brain mets in particular, our indications in lung and breast cancer have shown superior sensitivity, even in brain mets from HER2-positive breast cancer and also from triple-negative breast cancers.

Our preclinical studies have also revealed several molecular and bioavailability profile properties of LP-184 that make it an exciting and uniquely promising agent for CNS cancers. Let me give you an example. LP-184 is shown to have excellent blood brain barrier permeability that's comparable to that of temozolomide.

We've shown this both in in-silico studies and also in in-vivo studies and that's an improved standard of care aging for GBM.

Additionally, we've done studies in mice that have revealed that LP-184 has a higher concentration in the brain tumor compared to areas surrounding the brain tumor, roughly two to one in the tumor cells versus the adjacent areas. This indicates that once LP-184 passes the blood brain barrier, it is favorably taken up by the cancer cells.

This is an opposition to the existing standard of care temozolomide, which has a one to two concentration in the brain tumor versus the surrounding cells and area. This is important element. Finally, preclinical in vitro and in vivo studies show that LP-184 has – continues to have nanomolar potency in several genetic models.

And that we can actually modulate the potency through another element drug called spironolactone. This nanomolar potency is also independent of MGMT status. Today independent of MGMT status is important because that’s a significant unmet clinical need where over 50% of patients on TMZ, lack of positive response to that standard of care drug.

Our CNS indications for LP-184, including GBM, ATRT and other pediatric CNS indications represent a market potential we believe in excess of over $4 billion annually.

This is something we’re really excited about and investors should also be, as we advance this drug candidate into Phase 1 trials with the potential to make a significant difference in a range of CNS cancers. Moving on to LP-284.

Due to the chemical and manufacturing similarities between LP-284 and 184, we have been able to accelerate the development of LP-284. We initiated the IND-enabling studies for LP-284 in the first half of 2022, which are targeted to be completed by Q1 of 2023 with a Phase 1 clinical trial anticipated for Q2 or Q3.

Lantern is developing LP-284 for non-Hodgkin’s B cell lymphomas where LP-284 has shown nanomolar potency in cell lines and also in vivo studies for specifically in mantle cell and double hit lymphomas.

In addition to our exciting clinical developments, the RADR team has been focused on making substantial improvements to our RADR infrastructure, increased automation capabilities and further refinement and improvement of algorithms.

These advances will not only streamline RADR insights for Lantern, but we’ll also facilitate future commercial partnering opportunities. When we went public in the summer of 2020 RADR consisted of 275 million data points all in solid tumors. Today, we’re more than 21 billion and remain on track to reach our 2022 year-end target of 25 billion.

And this is across CNS cancers, pediatric cancers, solid tumors, and also hematologic cancers. As we mentioned in our press release earlier this afternoon, Lantern entered into a collaboration with Actuate Therapeutics. This collaboration was panned in Q2 of 2021.

That collaboration leverages RADR to accelerate the identification and development of actionable clinical biomarkers for Actuate’s drug candidate elraglusib also known as 9-ING-41.

Using advanced machine learning ensemble based algorithms and other RADR aided computational approaches, we have been successful in identifying candidate predictive biomarkers. Additionally, we’ve been able to model clinical response to elraglusib.

These insights are being used to inform the development of elraglusib and the design of Phase 2 randomized trials.

These methods will be further applied to future biomarker validation and will be expanded to incorporate modeling with additional forms of patient data in the future, including RNA, ctDNA, soluble biomarkers, and other key genomic features.

Lantern has received equity in Actuate Therapeutics and has the potential to receive additional equity upon meeting development milestones, and the application of computational models to elraglusib based on future development efforts. And to the Actuate team, if I’ve mispronounced, elraglusib, I’m sorry. It’s a tough word.

In September, which is Childhood Cancer Awareness Month, we’ll be hosting a Key Opinion Leader webinar on LP-184 in the treatment of pediatric cancer. This will feature Dr. Peter Houghton renowned professor and PI at Greehey Children’s Cancer Center at UT Health Science Center.

Additional details about the KOL webinar and pediatric cancer, which is currently being planned for September 22 next month and how to participate in it will be announced in the coming weeks. I’ll now turn the call over to our CFO, David Margrave, who will provide an overview of our second quarter of financial results.

David?.

Thank you, Panna and good afternoon, everyone. I will now share some of the financial highlights from the second quarter. Our R&D expenses for the quarter ended June 30, 2022 were approximately $3 million up from approximately $1.2 million for the second quarter of 2021.

This increase was primarily attributable to increases in product candidate manufacturing related expenses and increases in research studies. General and administrative expenses were approximately $1.4 million for the second quarter of 2022, up from $1.3 million in the prior year period.

We recorded a net loss of approximately $4.5 million for the quarter ended June 30, 2022 or $0.41 a share. This compares to a net loss of approximately $2.3 million for the quarter ended June 30, 2021 or $0.21 per share.

As of June 30, 2022, we had approximately 10.8 million shares of common stock outstanding and outstanding warrants to purchase 177,998 shares and outstanding options to purchase 939,940 shares.

These warrants and options combined with our outstanding shares of common stock give us a total fully diluted shares outstanding of approximately 11.9 million shares as of June 30, 2022. Our cash position, which includes cash equivalence and marketable securities as of June 30, 2022 was approximately $62.2 million.

This balance is expected to carry us into 2025.

Importantly, we believe our solid financial position will fuel continued growth and evolution of our RADR AI platform, accelerate the development of our portfolio of targeted oncology drug candidates and allow us to introduce additional targeted products and collaboration opportunities in a capital efficient manner.

As mentioned on prior calls, we have migrated to a hybrid work environment, and I’m proud to say our team continues to be very productive under this operating model.

This hybrid model removes geographic restrictions to our hiring initiatives, which gives us the ability to recruit extremely high caliber team members that otherwise might not be available in a smaller local talent pool. We currently have 18 employees who are primarily focused on leading and advancing our research and drug development efforts.

We see this number expanding slightly in coming quarters, as we add additional experienced and talented individuals to help advance our mission. I’ll now turn the call back over to Panna for some final comments.

Panna?.

Thank you, David. We’re well positioned today, and we are executing on our mission to leverage AI and data, and also in a highly cost effective manner to generate clinically needed programs in cancer therapy.

We continue to have very strong fiscal discipline with our cash utilization rate, mostly focused externally on research, manufacturing and clinical trials and not on internal infrastructure development.

Our focus remains on leveraging our intellectual knowledge capabilities around our scientific and AI strategy, and then working with world class partners in research and in clinical trials, and also with experienced CROs to execute on our needs.

This is important because it enables us to dial up or dial down the work and cash burn as needed and rapidly adjusted as our or the markets dictate. Later this quarter and this year Lantern will be presenting new preclinical data at several scientific conferences that are coming up, including at the American Association for Cancer Research.

They’re having a special conference in pancreatic cancer in September. We’re presenting data that we’ve done in conjunction with our collaborators there, which as you know, is one of our cornerstone indications for 184. We’ll also be presenting at the Society for Hematologic Oncology, the 10th annual meeting in Houston that will be focused on LP-284.

We have several others also that are developing. We will announce more conference details in the coming weeks. We’ll also be attending the MicroCap Rodeo investor conference in Chicago on October 12 and 13 and at the ThinkEquity Conference in New York on October 26.

I will also be hosting a panel on how established emerging biopharma companies are using AI specifically in drug discovery and development at the ThinkEquity Conference on the morning of October 26.

Ultimately, we believe many of our programs as they further develop, can be partnered out for several hundred million or potentially even billions of dollars.

In addition to providing multiple shots on goal, our maturing pipeline with two Phase 2 assets, the upcoming launch of multiple Phase 1 trials and several preclinical studies underway should provide a steady flow of news, catalysts and the ability to attract increasing levels of interest from the investment community.

Last year, we launched a major initiative internally to generate totally new molecules. We forecasted launching one to two programs in the first 12 months of this initiative. To date, about 18 months later, we launched six programs.

Much of this was made possible by our RADR platform and it’s rapidly growing data points and algorithms pointing to specific types of correlations. We’ve also added significantly to the precision development of our collaboration partner Actuate for their cancer drug candidate, elraglusib.

And we believe that we can partner and collaborate with many additional cancer-focused biopharma companies. We believe that the entire industry just beginning to scratch the surface of how to use data and AI tools to accelerate drug development in cancer. As I mentioned in our last call, it’s not just data we’re adding, we’re also adding algorithms.

Looking back at the history of the company we began with about three or four algorithms focused on very specific problems around differential gene expression. Algorithms, as many of you know, are generated to solve a workflow or to create an answer or a solution to a question that we may or may not fully understand or have today.

Currently, we have nearly 200 different algorithms, many of which are now actually training themselves on data as it’s ingested into our system. This allows us to improve and automate our ability to generate potentially actionable insights. These are things that weren’t even done 10 or even five years ago in cancer drug development.

By using our AI platform and the billions of data points we have to efficiently – we can efficiently increase the number of shots that we have on goal.

With the extraordinary potential ahead of us in our existing programs, as well as programs that we’re assessing today, we continue to believe that our market cap does not accurately reflect the true value of our development programs and the technology platform.

We’re actively pursuing activities to increase the visibility of Lantern Pharma with investors, and also to engage with larger global biopharma companies to explore partnering one or several of our programs.

I believe we have crossed an important flexion point in our business with our platform and now have repeatedly proven its capability of delivering important insights to drive the ongoing expansion of our pipeline. We believe we’re ushered in a new era for our company focused increasingly on changing patient outcomes in cancer clinical trials.

We are now leveraging our AI driven insights, not only to develop compounds, but actually improve the lives of cancer patients.

I want to thank everyone for their time today and their interests in Lantern Pharma, as we continue to our focus to transform cancer drug development for the betterment of patients, and to change the cost and timeline involved in developing new cancer therapies. With that, I’d like to now open up the call to any questions..

Great. Thank you, Panna. [Operator Instructions] So we have one coming in here from John Vandermosten.

What is your sense of the capacity of CROs and trial sites to take on clinical trials?.

That’s a great question, John. Kind of sounds like you’re doing some additional homework for your CRO coverage. So as you know, I ran a pretty large CRO in the past, but I think – an investor calling me directly now, it’s crazy. Okay. All right. The capacity, I think the capacity is fairly limited.

I think CROs are taking on a lot of work and projects and really delaying the launch part of that is driven because the lack of available healthcare workers and staff at the sites to take on new trials. So it really, it becomes a lot of pushing and a lot of, unfortunately personality that will drive trial sites to engage.

But I think CROs are hungry for revenue. So they – I think are overestimating their capacity. I think there are a lot of under – sorry, overutilized teams across too many projects in CROs.

And I think that’s going to be quite challenging for certain trials, especially later stage trials, unless what’s also beginning to happen is that you’re seeing increasing usage of other geographies. So that’s also positive. But I do think that CROs have kind of over promised and are slow to deliver. Not delivering, but slow to deliver.

And so that focuses on pharmas like us and sponsors like us becoming more involved in what I call greater patient awareness. And we’re doing that with the Harmonic trial.

So if we can drive greater patient engagement and patient awareness, especially in these unique populations that allows us to then drive the clinical sites that want to participate more actively. Well, that’s definitely an issue..

We have a couple of other questions coming in here, one from Michael King.

With the increase in data points, does your processing power not have to increase commensurately, so it’s to not create a knowledge bottleneck?.

It’s a great question, Michael, wonderful question. This is what we – so if you notice we got to 20 billion data points in Q1 – late Q1 which is a big increase. But we only got to a little over 21 billion in Q2 and that’s because our attention quickly focused to this very issue.

So we’ve done things to increase the speed of our pipeline, increase parallelization.

So right now we solve some of those challenges by going massively parallel with simultaneous pipeline management and also tweaking the algorithms to perform faster using certain languages switching them from R to Python or switching them even from Python to parallel Python and other things. So yes, that’s something we’re acutely aware of.

So we’ve been able to address that head on. We continue to address that through greater automation so that our focus is on the actual run time. The run times are going highly parallel and they’re going through more nodes. So we haven’t – we’ve seen the bottleneck.

We’ve addressed the bottleneck and actually in some cases we’ve improved the output by 70-plus-percent. So I think we’re ahead of the curve again. And we’re going to go back to sucking in more data..

Another question coming in here from John Vandermosten. I noticed that you highlighted combination therapy using PARP inhibitors with LP-100.

Do you have any additional detail here?.

Yes, John, we do have additional detail and we’ll be sharing that I think in the coming weeks and months. But we have a great synergy data with PARP inhibitors and LP-100.

The key thing that it allows us to do is two things, we think it allows us to go from later stage kind of fourth line where LP-100 was using – being used in metastatic castration resistant prostate cancer to earlier where PARPs are currently used, which is second line gives us a much larger available market size.

And second, the synergy with PARP, because PARP is given in fairly high doses and eventually there’s some response issues over time and toxicity issues, more adverse reaction than toxicity. And so we can give a smaller dose of PARP with 100 sets our thesis, and that’s what we’re most likely going to reengage with for that drug.

But we’ll be sharing additional details on our studies and the impact as a result of that. But we’re pretty excited by that..

Okay. I have another question here.

Can you tell us when you expect the clinical trial for LP-300 to increase the burn rate?.

Yes, I expected this quarter. So yes, as you know, we just made some major payments to manufacturers and to clinical trial sites to get them up and running.

And so the logistics definitely took – will take a big chunk out this quarter and next quarter, but anything you want to add to that, David?.

No, I think it's consistent with the progress we're making towards advancing the clinical trials and we will see it increase not dramatically, but we will see it increase as we move into clinical trials and ramp those up..

Another question here is what is the next outcome if the Harmonic trial is successful?.

A conference call with analysts probably, if the Harmonic trial is successful, it's very likely that we would use the data to then refine the pivotal trial or partner it out in a pivotal trial with a big pharma. It's very interesting to note that pharma companies have wonderful programs in PD-L1 where tumor mutation burden is high.

We talked about that earlier and never smokers tumor mutation burden is low. And so if Harmonic trial is successful, I think it would be a great compliment to many of the non-small cell lung cancer programs that big biopharma companies have today.

So that's most likely the outcome is that we'd use the data, refine and design if pivotal Phase 3 in collaboration with a much larger partner. And again, it's a $1.5 billion to $2 billion plus opportunity. So I think it would attract a lot of attention from the better commercially equipped by our pharma companies. It's a very interesting indication..

Another question coming in here from John, will there applied to a drug candidate after every phase trial to further refine patients in trial protocol?.

Yes, RADR will be applied.

The key will be to make sure that we have the anonymized data and that we've gathered the data, but we will probably – in fact, one of the initiatives that we have internally is to make liquid biopsies a central part of all of our trials, because you can potentially get access in a noninvasive way to both genomic and transcriptomic data and do it in parallel.

Sorry, do it in over the time of the trial. So you can actually see some of the evolution of the therapy.

So yes, that's something that we'll be a center of kind of excellence at Lantern will be the use of liquid biopsies to monitor and to design further refinement approaches, because it'll tell us how to refine the future trial, but also it might give us new insights into where the drug can be used.

So I think we'll have two areas of value and liquid biopsies are becoming cheaper and cheaper and cheaper and also much more sensitive. So at the same time, the state-of-the-art is increasing. And I think that's going to inure to the benefits of companies that are using how to powerfully utilize liquid biopsy..

Another question coming in here, I've been noticing that the FDA is requiring more development companies to form dose finding studies.

Have you observed this and will it impact your program design?.

Yes, so most of our Phase 1 is for dose finding, finding that maximum tolerated dose. So that's definitely true with some of these more potent agents and we're reviewing those kind of considerations as part of our trial design..

Some others coming in here, you have several CNS indications now, can you give us highlights of why you're excited in that area?.

Sure. I mean, CNS indications have, they're historically have been – there's a huge unmet clinical need. There's some of the most aggressive cancers, both in children as well as in adults. As a percentage, they cause massive amounts of heartache and grief. And there's a lot of spend in that area.

The last drug was approved 17 years ago, TMZ, there was a more recent drug, but it was only approved in Japan by Daiichi Sankyo. And it was an oncolytic virus and it's only – it's not used very much. Tumor treating fields have somewhat mixed results, although, positive for patients. So it's an area where there's huge need, no drugs have been approved.

We have two great drugs, one both 184 and we believe 284 that has similar dynamics and bioavailability across the CNS and a whole number of indications that we can go after. So yes, I think we're really excited. It's a huge clinical need, the data supports going after it.

And the early data, preclinical data has been unlike that I've seen in any other CNS small molecule. So for those reasons I'm particularly excited about it..

And sort of on that topic, what's the next pediatric milestone?.

We plan on having a KOL webinar with Dr. Peter Houghton later this quarter, I believe in September. And then we'll have some additional data to talk about from our pediatric program and also some of the other work that we've done in RADR, but we expect that we'll open up some new pediatric indications potentially as a result of that work.

That's why we're engaged in it..

The next one is, sorry, Panna.

The next question is, have you started to speak with larger pharma companies and where are we with that?.

That's a great question. We hired someone specifically to help us with corporate development activities with larger biopharma companies. We've started having active discussions with a few of them. We've had debriefings, we've signed NDAs.

And so, yes, I think that's a big part of our strategy over the next six and 12 months is to get in front of the pharma, let them know better programs, let them know which ones we'd like to partner, share all the details of the initial data under CDA or NDAs as needed. And then have them probably watch and wait and look at our great data and partner.

I mean, it takes a while to do these deals and they want to see progress. So I think Phase 1, get the attention, get our programs into their mindset, show them how uniquely positioned versus all the other programs that are out there, demonstrate those results in ongoing studies, publications, and clinical trials, and then partner those assets out.

Great question..

That is all the questions I see coming in here today. And with that, we'll end the call. So thank you everyone for attending and have a great rest of your day..

Thanks everybody..

Thank you..