Bicara Therapeutics (NASDAQ:BCAX) Q2 2026 Earnings Call

0:00 Good day and thank you for standing by. Welcome to the Bicara Therapeutics Second Quarter twenty twenty six Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To answer your question, please press 11 again. Please be advised that today's conference is being

0:30 recorded. I would now like to turn the conference over to your speaker for today, Rachel Frank. Please go ahead. Thank you, and good morning, everyone. It's a pleasure to welcome you to Bicara Therapeutics second quarter twenty twenty six earnings call. Earlier this morning, we issued a press release highlighting results from the quarter and provided a business update, including strategic leadership transitions marking the company's next era of growth and execution. You can access the press release as well as the slides that we'll be reviewing today by going to the Investors section of our company website. Before we begin, please note that this call will include forward looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Please refer to our most recent SEC filings for important risk factors that could cause our actual performance and results to materially differ from those expressed or implied in these forward looking statements.

1:26 Any forward looking statement made on this call represents our views only as of today, and we disclaim any obligation to update any forward looking statements. Joining us on the call today are Claire Mazumdar, Chief Executive Officer Ryan Colgey, President and Chief Operating Officer and Ivan Hyatt, Chief Financial Officer. I'll now turn the call over to Claire. Before we get into today's announcements, I want to begin by acknowledging what has been another important quarter for Bicara. Across the organization, our team has continued to execute with focus and discipline as we advance the pivotal Phase III FORTIFY HN01 study of Fiscera FIS alpha or Fiscera in frontline recurrent and metastatic HPV negative head and neck squamous cell cancer.

2:12 We also have strengthened our operational capabilities as we prepare the company for an exciting next chapter as we near a top line interim analysis of our pivotal study and potential commercialization. Part of that momentum was our ASCO twenty twenty six update, where we presented three year follow-up data showing that TGF beta inhibition leading to direct tumor penetration translates to unprecedented depth and duration of response. At three years, Bicara nearly doubled overall survival versus standard of care while maintaining a consistent safety profile, all driven by inhibition. I'm incredibly proud of everything our employees have accomplished and grateful for their continued commitment to our mission.

3:00 Today's leadership announcements reflect that same philosophy of thoughtful planning that has governed our approach to the development of Bicara. Since founding Bicara, our goal has never been simply to build a successful development stage biotech company. It has been to build an enduring organization, one with the leadership culture and capabilities to create lasting value for patients and shareholders for many years to come. The leadership changes we are announcing today represent the next step in that evolution. Today, I am thrilled to announce that at the beginning of next year, Ryan will become President and Chief Executive Officer, while I transition to the role of Vice Chair of the Board and Strategic Advisor. When Ryan joined me in launching Bicara more than five years ago, we always discussed this moment as being the time at which I would hand him the torch, and it's a reflection of our collective accomplishment that we're here today with a clear line of sight to the top line interim analysis of our pivotal study that we believe may lead to an accelerated approval and subsequent launch.

4:07 As we look toward that potential launch, Ryan's experience makes him exceptionally well suited to lead the organization. As many of you know, he has over two decades of life science leadership from early stage R and D all the way through global commercial execution, including running Takeda's U. S. Oncology portfolio and launching multiple approved drugs for solid and hematologic tumors. My own training is as a cancer biologist, and that background has shaped how I was led by Bicara from the beginning, staying close to the science and building the company around it. But commercialisation calls for something different. Real hands on experience launching drugs and building commercial organisations. And that is precisely Ryan's experience.

4:56 Both I and the entire Bicara Board of Directors have complete confidence that he is the right leader to guide us through our next chapter as we prepare for the potential commercialization of Bicara and the next phase of growth at Bicara. As I step into my new role as Vice Chair and Strategic Advisor, I look forward to continuing our partnership closely, supporting Ryan and this leadership team to our next phase. I'm also pleased to announce that Jen Larson will join Bicara as our Chief Financial Officer, succeeding Ivan effective tomorrow. You'll hear from Ivan in a few minutes on our financials for the quarter, but first I'd like to thank him for everything he has contributed to Bicara. As one of our early executives, he played a critical role in helping establish our finance organization, leading Bicara through more than $800,000,000 in capital raises, stewarding our transition to the public markets, and building the financial foundation that has positioned us for where we are today.

5:56 We are sincerely grateful for his leadership. At the same time, we're excited to welcome Jen to the leadership team. Jen brings extensive experience leading finance organizations at commercial stage biotech companies and has a strong track record of helping organizations navigate growth and commercialization. Her expertise will be an important addition as we head into this important stage ahead. I also want to highlight that we recently announced the appointments of Jeremy Bender and Christy Olinger to our board directors. Both new board members bring a strong track record of guiding biopharmaceutical companies through critical stages of growth, including pipeline development, corporate strategy, and commercialization. And their experience and guidance will strengthen our board as we look toward the future of Bicara.

6:47 Personally, this transition is a meaningful moment for me. Looking back, I'm incredibly proud of what we've accomplished together, from advancing bold science to building an exceptional team and culture that I believe will continue to differentiate Bicara well into the future. While my role at Bicara is evolving, my commitment to its success is unwavering. I look forward to continuing to support Ryan, our leadership team, and our board as Bicara enters this exciting next phase. With that, let me turn the call over to Ryan for a few remarks. Thank you, Claire. I first want to acknowledge your extraordinary leadership and partnership. Since Bicara's founding, you've established not only a compelling scientific vision, but also a culture centered on excellence, collaboration, and an unwavering commitment to patients.

7:35 It has been a privilege to work alongside you, and I'm grateful for your continued partnership as you transition into your new role. I'm honored by the confidence the Board has placed in me and energized about what lies ahead. As Clara mentioned, this transition is not about changing our direction. It's about building upon a foundation that has been intentionally created over many years and bringing my own background in oncology drug launches and pipeline expansions to bear as I step up to succeed Clara.

8:04 I've had a clear vision for how we will build our commercial capabilities, which is precisely like Claire and the board tasked me with bringing on a Chief Commercial Officer earlier this year, and Chris Sarkey is exactly the right leader to help realize it. Today, Bicara is in a very different position than when we started. They have a promising late stage development program, a highly capable organization, and a leadership team with the experience necessary to support the next phase of the company's evolution. Our focus now is on executing against the opportunity with same discipline and long term perspective that is defined by Bicara from the beginning. Looking ahead, our priorities are clear. We will continue preparing the organization for the potential commercialization of Fiserra, while maintaining excellence and execution across every function.

8:52 At the same time, we'll continue to advance Bicara's development program thoughtfully and strategically, ensuring that we allocate capital and resources in ways that maximize long term value creation. And just as important, we'll continue investing in the people and culture that become one of Bicara's greatest strengths. It's building an enduring biotech company requires more than outstanding science. It also takes exceptional people working together with clarity, accountability, and shared purpose. I'm also excited about the strength and depth of the leadership team that will help guide Bicara through this next chapter, including two additional leadership transitions that will become effective in January as well. Tanya Green, currently our Chief Development Officer, will succeed me as Chief Operating Officer.

9:38 And Jenna Cohen, currently our Chief Corporate Affairs Officer, will be promoted to Chief Business Officer. When Tanya joined us last year, it was immediately clear that she was suited to take on the COOC when the time came. Her appointment to the role reflects the strength of operational and executional excellence that has become an immediate hallmark of her leadership at Bicara. Likewise, Gina has made immediate strategic impact since joining Bicara. Her expanded role positions us well as we continue to strengthen our corporate strategy, corporate development and long term growth initiatives. Finally, we are pleased to welcome Greg Shifferman as Chief Legal Officer, effective at the end of the month. Greg brings deep biotech legal experience to Bicara.

10:24 He'll be a key partner to the team as we move through our pivotal milestones and toward a potential commercial launch of VICARA. As we approach what we believe will be a transformational period for Bicara, our mission remains unchanged, bring Bicara to patients who need it most urgently, starting with people living with HPV negative head and neck cancer, continue advancing innovative science, execute with discipline and create long term value for all of our stakeholders, starting with the patients we serve. With that in mind, I want to highlight some of the important recent progress that we have made. First, as Claire mentioned previously, this past May at ASCO, we presented the most comprehensive and mature clinical data set assembled for Ficara in first line recurrent or metastatic HPV negative head and neck cancer.

11:12 These data span approximately ninety patients across three dose cohorts with up to three years of follow-up in our fifteen hundred milligram weekly pivotal dose. The longest follow-up presented of any investigational agent in the HPV negative head and neck cancer space. Bicara continues to deliver deep, durable responses, reinforcing its best in class potential in this setting. At our pivotal study dose of fifteen hundred milligrams weekly, an estimated one in three patients was alive at three years, approximately doubling the survival rate observed in retrospective analyses with standard of care pembrolizumab and HPV negative patients. Importantly, EGF beta inhibition was observed to be the mechanistic foundation of this clinical benefit, driving tumor penetration, enabling immune cell infiltration and translating in-depth of response into durable long term survival.

12:05 A clinical profile no other EGFR drug to therapy in head and neck cancer has demonstrated. Second, the execution of FORTIFY HN-one remains a top priority. We are on track for substantial enrollment by year end, keeping us positioned for an interim analysis in mid-twenty twenty seven and a potential path to accelerated approval. We continue to see strong momentum across the study with over 200 sites now active and sustained engagement from our investigator base more broadly. Third, we are excited to announce we have initiated FORTIFY FLEX, our alternative dosing study to support our loading and every three week maintenance dose. The speed in which we designed and activated the study on the heels of strong clinical data from our exploratory every two week cohort presented earlier this year is a hallmark of the Bicara way, following science and executing with speed and precision to best serve the needs of patients.

13:00 Our goal with Fortify Flex is to have the data in hand by the time of our Central U. S. Approval, supporting a compelling path for earlier adoption of this streamlined regimen. Finally, beyond our pivotal trial population, we continue to build out Bicara's broad development strategy, both within head and neck cancer and beyond, where we've already established proof of concept in additional indications, including cutaneous squamous cell carcinoma and anal canal cancer. Building on this foundation, there's a lot of momentum right now. I couldn't be more optimistic about the future. I look forward to leading this outstanding organization into its next chapter. I'll now turn the call over to Ivan to discuss our financials. Thanks, Ryan. Earlier this morning, we reported detailed second quarter twenty twenty six financial results in our press release, and I'll summarize a few highlights here.

13:49 Our total operating expenses for the second quarter of twenty twenty six increased compared to the second quarter of twenty twenty five, driven by clinical operations and development expenses associated with our ongoing pivotal FORTIFY HN01 study, including increased manufacturing and development costs. We also saw an increase in personnel related costs, including stock based compensation as we have grown our workforce, primarily in support of clinical operations and development functions. We expect quarter over quarter operating expenses to increase for the remainder of the year, driven by continued investment in clinical operations, technical operations, and workforce growth in support of those functions. We anticipate increased spend within clinical operations to support our pivotal study, FORTIFY HN-one, particularly as we expect to be substantially enrolled by the end of this year to enable a top line interim analysis in the middle of twenty twenty seven, as well as new investment in four to five flex alternative dosing study, which was recently initiated.

14:52 Given the strength of a maturing Phase 1b data for Fiscera in head and neck cancer and consistent with today's leadership announcements that positions us well for our next phase of growth and execution. We also anticipate increased investment in key functions to enable launch readiness, including medical affairs in our commercial organization to position us for launch success upon potential U. S. Regulatory approval. We ended the second quarter of twenty twenty six with approximately $497,000,000 in cash, cash equivalents and marketable securities, which provides cash runway into the first half of twenty twenty nine. That runway is expected to take us through several important milestones, including advancing the pivotal FORTIFY HN1 study in FICERRA in frontline recurrent metastatic HPV negative head and neck cancer through to a primary overall survival analysis, supporting a planned regulatory filing for FICERRA,

15:50 providing initial investment into medical and commercial infrastructure ahead of a potential U. S. Approval and launch, clinical development costs for Fortify Flex, and funding manufacturing costs for Bicara for existing drug development efforts. Before we begin our Q and A section, I want to close by saying that it has been an incredible privilege to help build Bicara's finance organization from the ground up and to be a part of this team as we have grown from a private company to where we stand today. It has been an honor to work alongside Claire and Ryan for all these years. I am proud of what we have built together. As I've gotten to know Jen, I am incredibly confident that she is the right person with the right commercial experience set to lead the finance organization from here. Thank you.

16:36 With that, I'll now turn the call back over to the operator for questions. Operator? Thank please press 1 again. We also ask that you wait for your name and company to be announced before proceeding with your question. One moment while we compile the Q and A roster.

17:01 First First question will be coming from the line of Eric Schmidt of Cantor. Please go ahead. Well, thanks for taking my question. Just let me start by saying congrats to Ryan and the team on their new appointments. And of course, Claire and Ivan, we'll miss you going forward. And maybe a question on the transition for you, Claire, when you did discuss years ago with Ryan that this was the right moment for the transition. Why is this the right moment for the transition? Why say in advance of data as opposed to following the Phase III readout? Thank you. Thanks for your question, Eric. And, you know, when Ryan and I actually met six years ago to talk about Bicara, we always knew there would be a time when we would need to establish our commercial infrastructure and get ready for launch readiness in advance of top line data.

17:54 As we entered this year building on very strong momentum for FORTIFY HN01, I started to really see the light at that end of the tunnel and knew that we needed to elevate a new executive team to build that foundation. And so we saw this as an intentional succession planning from position of strength that allowed us to set the groundwork for what's to come. I'm very excited about the momentum we have, and I look forward to supporting as a strategic advisor and vice chair. I'm not planning to disappear in any way. This is just to elevate a team of experienced executives who have significant commercial experience.

18:41 And Claire, can I ask if you've got a full time opportunity that you're thinking about or lined up? No, Bicara is my full time opportunity from that perspective. I'm not taking on any additional operational roles. Thank you very much. Thank you. One moment for the next question.

19:02 Tyler Van Byrne of TD Cowen, your line is open. Hey guys, good morning. Claire and Ivan, too want to thank you and congratulate you for all of your accomplishments. You both will be missed. I'd also like to congratulate Ryan, Tanya, Jen, Jenna and Greg on the promotions. Look forward to continuing to work together.

19:22 Maybe you guys could discuss how you'll manage enrollment of the FORTIFY FLEX Study so that it's not disruptive to completing enrollment for the primary ongoing FORTIFY trial. And then the second question would just be, as you continue to evaluate the competitive head and neck cancer landscape, are there any presentations at ESMO that you believe are important to note and that you'll be paying close attention to? Tyler, thank you for the question. I'll start and then pass it over to Tanya to speak a little bit more about Fortify Flux. As you can imagine, we have been very deliberate and thoughtful in terms of the footprint around Fortify Flex in order to make sure that it does nothing to impede the continued progress that we have on Fortify. But I'll let Tanya speak to that a bit more.

20:13 As far as ESMO, again, what we've seen thus far, we are aware of abstracts that are gonna be out there from J and J with Amy, and it also appears as if there will be some additional data on pitosymptomata. It's not quite clear exactly what we'll see there. But obviously, we will monitor that very closely. With that, Tanya, do you want to speak a little bit more to what we've done with four zero five Flex? Sure. Hi, this is Tanya Green, Chief Development Officer. Thanks for the question, Tyler. So we are thoughtfully thinking about the potential overlap of sites. As it stands, there's only about a third of sites that will overlap with our FORTUFY HN-one study.

20:58 And we'll be looking at different regions across Europe, Latin America, Asia Pacific and The U. S. And ensure that we're stage gating enrollment so that four to five remains our top priority in terms of enrollment. One moment for the next question. And our next question is coming from the line of Steven Willey of Stifel. Please go ahead. Yeah, good morning. I would just like to echo my appreciation to Claire and I, congrats to everyone on the new appointments.

21:45 Maybe just a couple of questions. So, I guess as we get closer to a year end colorectal disclosure, just curious if you have a better sense of the number of patients and duration of follow-up we should expect to see. And I guess now that you have initiated the FORTIFY FLEX study, should we anticipate that any additional development steps in colorectal or additional tumor types to also leverage induction and maintenance? And I just have a follow-up.

22:14 Thank you for your question, Steve. So to speak to the third line CRC studies that we are pursuing, as you may remember, we have two open label signal seeking cohorts we're looking at. Both are third line plus MSS colorectal cancer KRAS and BRAF wild type patients, one as a monotherapy with Fysara, the other in combination with pembro. We anticipate having approximately 20 patients in each of these cohorts with short term follow-up. So it will be really a look at early safety and efficacy from those cohorts at the time of the disclosure. To your second question around other types of focus, you will see us really develop a strategy around other indications outside of our FORTIFY GEN-one study.

23:12 We have already demonstrated proof of concept in cutaneous squamous cell carcinoma and anal canal cancer, and do believe that there is a lot of biology in combination approaches in CRC as well that we have been exploring. And that will be pursued with induction and maintenance?

23:34 Sorry, colorectal cancer or? Yeah, just colorectal and other tumor types. Correct. We've been looking both at late line tumors as well as earlier in the case of head and neck in the locally advanced setting as well as where we have.

23:52 Okay, and then just curious, how do you think a potential approval of any in second line patients might impact post progression treatment dynamics of Fortify and can you just remind us what percentage of sites that you've enrolled and activated in FORTIFY are based in The US? Thank you. I believe about 20% of our sites are in The US today in terms of our frontline FORTIFY HN-one study. And to your question around the potential accelerated approval of emivantamab in second line, we don't anticipate seeing significant changes to our enrollment study, given we do plan to be substantially enrolled for the interim analysis by end of year and remain on track to do so.

24:48 All right, thanks for taking the questions. Thank you. One moment for the next question, please. Next question is coming from the line of Bradley Canino of Guggenheim. Please go ahead. Well, it's definitely rare you get to congratulate so many people at once. So it's great to see the continuity for the company as well. Two check-in questions for me. First on head and neck, I'm wondering, given it's been about two, three months since ASCO, what has been the physician reaction to the TGF beta and core the biology work presented there? And have you noticed that impact enrollment in a positive way at all? And then second, maybe following up on Steve's question, just more of a pointed question, colorectal, now that we have to EGFR bispecifics moving into phase three.

25:38 Are you not following that? And how are you thinking about that balance against the opportunities you've called out in skin and rectal cancer? Thank you. Thank you for your questions, Brad. So to your first question, I do believe that ASCO was a very good we did get very good feedback from investigators at ASCO based off the data set we shared, the maturity of our data when it came to depth and durability of response, but also the tolerability profile that has now been seen with three years' worth of follow-up. I think as we see the development strategies of our competitors, the feedback has continued to be extremely positive for Bicara and has led to building significant momentum in geographies where both emivantamab and pedosimtamab were also enrolling patients.

26:30 We do think it was an important inflection point for us as well from a momentum standpoint with FORTIFY HN-one. Now I think to your questions around colorectal cancer, while both the Genmab and J and J have very different resources than Bicara, our intention has really been to

26:48 follow the science and go where we believe that not only there is a hypothesis for EGFR, but as well for TGF beta. And that took us initially into the third line setting where we believe that TGF beta expression plays a significant role in EGFR resistance and beyond. We know we have already demonstrated that TGF beta hypothesis in both cutaneous and anal canal cancer and believe that there is a strong rationale in the locally advanced setting of head and neck. That's not to say that there isn't a strategy in colorectal cancer, but we do believe that there are combination approaches that will make us a first in class approach rather than following our competitors into the frontline setting of MSS patients.

27:41 Thank you. One moment for the next question. The next question is coming from the line of Tazeed Ahmad of Bank of America. Please go ahead. Hi, good morning. Congratulations from me as well on all of the new roles for everyone. I maybe just wanted to ask your thoughts about your competitors' update that they are still going to be presenting data from frontline 10 and next by the end of this year. When they do, what should we be thinking about in terms of readout or read through, rather, for FICERRA? Thanks. Thanks for your question, Tazeen. So, what we do know just from the update from Genmab's earnings last week is that they do plan the only new information we have is that timelines are now slated for Q4 of this year for Library General one to read out.

28:44 Our anticipation is that that top line readout, we will likely get overall response rates data and not much more than that. I think in many ways, the read through is really around speaking to the potential profile of eGFR is changing the treatment landscape as a standard of care in the frontline setting. And it will very much depend on how that data is broken out by HPV status and the like.

29:14 Thank you. Thank you. One moment for the next Next question is coming from the line of Judah Farmer of Morgan Stanley. Please go ahead. Yeah. Hi, guys. Thanks for taking the question. Claire and Evan, it's been a pleasure to work with you guys and congrats to the rest of the team. Maybe just a couple more on the competitive landscape with some more clarity on competitor timing

29:43 and potentially Pito and Ami being there in second line ahead of EGFR bispecifics in first. What's kind of latest feedback from docs on utilizing an EGFR directed therapy in first line, if they are approved in second line and how those dynamics could play out? And where can you differentiate on safety versus the other EGFR bispecifics? Thanks. Thanks for your question, Judah. So, what I will say to your first question around both frontline and second line usage of EGFR, what we're hearing from investigators is in general, is a hope and want that EGFR will be used in the frontline setting, which is the largest majority of patients.

30:32 And we anticipate that to really become the de facto standard of

30:38 care. The question then becomes a little bit around sequencing of potential EGFR bispecifics. What we do know is the preferred mechanism of action of pedosimumab does speak to the degradation of the EGFR receptor. So you're starting to hear investigators think through what makes the most sense in terms of sequencing and what to use in the frontline setting if you wanted to also use a different EGFR in the second line setting.

31:11 What I will also say is you are seeing additional ADCs outside of eGFR testing their molecules in the eGFR, post EGFR setting, knowing that EGFR will likely be the standard of care. So I think there is a very clear recognition around EGFR's moving into the frontline setting. And our belief is that the EGFR naive second line setting will be a diminishing patient population. To your question around tolerability, we continue to hear excellent feedback on the tolerability of Fisera in combination with pembro as we've expanded in a pivotal study, which does seem to differentiate from the other combinations that are being studied in the frontline setting. What we do know of course is that Emiventumab is being studied in combination with chemotherapy and today investigators are really looking for a chemo sparing regimen.

32:15 Thank you for your question. Thank you. One moment for the next question. Next question is coming from the line of Kelsey Goodwin of Piper Sandler. Please go ahead.

32:28 Okay, good morning. Thanks for taking our questions, and congrats again on all the appointments. For my first question, building on, I think, a prior question, just given, you know, Ficara's unique profile is very much durability focused, As we head into this initial wave of the ORR or interim updates for you and for your competitor, how are you thinking about these first looks and, you know, potential areas of differentiation before we get that longer term follow-up?

32:58 And then second, just quickly on four to five flex, I think you had mentioned you aim to have data in hand at the time of approval. When might that be included in the eventual label? Thanks so much. Thanks for your question Kelsey. So to speak to your first question, a large part of the data set we put out at ASCO this year was around connecting our depth of response to ultimately durability and overall survival benefit. We do believe that at the time of the interim analysis for both ourselves and Genmab, depth of response will be an important indicator for what's to come in terms of durability and overall survival.

33:44 We will of course, as you may know, a six month durability is an important aspect of the data set that will be used to support a potential accelerated approval as well. And so I really do believe it will be the totality of the data beyond just response rates that will be important in distinguishing

34:02 these two data sets. To your question on FORTiFlex, by being able to start this study well in advance of what we had initially anticipated at the beginning of the year, we do anticipate having the data set in hand for the first approval.

34:20 Got it. Okay, great. Thank you so much. Thank you. One moment for the next question. Our next question is coming from the line of Rene Benjamin of Citizens. Please go ahead. Hey, good morning, guys. Thanks for taking the questions. And let me echo my congratulations as well to the entire team. Maybe two quick ones for us. One of our KOL calls mentioned, left sided CRC might benefit more than certain combination with certain combinations versus let's say right sided CRC, which kind of leads us to ask like as you think about the underlying factors and potential stratifications you might be looking at, like what are you kind of focusing on to ensure that you're getting a true kind of go forward signal for Vysara?

35:07 And as a second question, I'd be remiss not to ask Ivan something. Ivan, during your prepared remarks you mentioned the burn rate increase that we should be factoring as Fortify Flex starts and some of these other programs move forward. Can you talk a little bit about how we should be thinking about the burn?

35:25 How much of a burn increase should we be thinking about? And any preliminary sales force metrics you might be able to talk about? Thanks. Thank you for your question, Reni. So, I'll start with the question on colorectal cancer and then pass it over to Ivan to answer your question around burn. So to your point, there is a history of EGFR usage in left sided colorectal cancer, which is why that's where the approval is for EGFR monoclonal antibodies today. And where both I believe

36:03 J and J and Genmab are going with their Phase III and left sided CRC. Part of our attempt from a signal seeking perspective to also look at right sided colorectal cancer was given the role that VEGF inhibitors including Bevacizumab play from an anti angiogenic standpoint in the right sided CRC. We know that TGF beta plays a role in angiogenesis and wanted to determine whether there was an

36:32 opportunity to have a similar impact with our EGFR TTF beta bifunctional. We do anticipate that given the small signal seeking size of the 20 plus patient study, we will need to tease out left sided, right sided and other potential biomarkers to help determine what is the right patient population. But that was the intent of our signal seeking cohorts. And with that, I'll pass it over to Ivan. And with your question on burn, we anticipate a fairly consistent burn rate quarter over quarter as we continue to get deeper into this pivotal study. With these four to five flex as well, as we continue with enrollment, we'll end up seeing is consistency as we eventually sunset some of the spend on the FORTIFY study in the 2027 timeframe and as we continue to ramp up commercial spend and the build around the FTEs.

37:27 I think, Ryan, you're off. Go ahead. Yeah, yeah, that was it. So probably it's for you, Ryan, regarding the Salesforce metrics. Yeah, absolutely. I think at this point, we're not prepared to start speaking to that. And certainly, as we get closer to commercialization, we'll be prepared to guide to some of those metrics.

37:50 Got it. Thanks very much, guys. Thank you. One moment for the next question. Next question is coming from the line of Zeet Mukherjee of U. S. Bancorp BTIG. Please go ahead. Great. Good morning and thanks for taking the question and congratulations to you Ryan and best wishes to you Claire and Ivan on your next steps. So two quick questions from us. I believe you had previously said FORTIFY FLEX will not be a non inferiority study. So could you just specify again what supports approval of this regimen? And the second question was just related to colorectal cancer. Are you thinking potentially about combining Fiscera with mutant selective KRAS or pan RAS inhibitor combinations? Thanks. Thanks for your question, Jeet. So to that point on the four to five flex, the intent of the study is really to compare the two regimens between our weekly dosing of fifteen hundred milligrams weekly to our loading and maintenance dose. And so what we're looking for is a comparability around durability of response and ensuring that we can maintain the same durability of response post the loading portion, which is the same for both studies.

39:07 Which is why the FDA was comfortable in the sizing of the study and the data set that we plan to submit to include it in the label. I apologize, I missed the second part of your question. About whether or we're thinking. Oh, RAS combos and CRC. So we have been thinking quite a bit about it. As you may be aware, we've presented quite a bit of data at AACR and SITC SITC around our work in combination with RAS inhibitors that shows that the TGF beta arm of our molecule is able to address many of the resistance mechanisms to those RAS inhibitors. And so ensure improved durability of effect.

39:56 Part of our strategy is to determine what is the best area to go into and to ensure that we can also combine with RAS inhibitors and ensure that there is no synergistic toxicities. And with that, thank you for your question. Thank you. And this does conclude today's Q and A session. I would like to turn the call over to Claire for closing remarks. Please go ahead. I want to thank you all for joining today. And I can say I'm very energized by where Bicara stands and confident in the team that is going to lead us forward. We look forward to updating you on our progress very soon. Thank you all. This concludes today's program and thank you for joining. You may now disconnect.