Innate Pharma (Euronext:IPH) Q2 2025 Earnings Call

0:01 Thank you for standing by, and welcome to the Innate Pharma First Half twenty twenty five Business Update and Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I'd now like to turn the call over to Stephanie Cornyn, Vice President, Investor Relations and Communications. You may begin. Good morning and good afternoon everyone. Thank you for joining us for Innate Pharma H1 twenty twenty five business update and financial results conference call. The press release and today's presentation are both available on the IR section of our website.

0:50 Before we begin, I'd like to remind everyone that today's presentation includes forward looking statements based on current expectation. These statements involve risks and uncertainties that could cause actual results to differ materially. I briefly cover today's agenda. Our CEO, Jonathan Dickinson, will discuss our strategic overview, fast forward, and commercial opportunity. Our CEO, Yanis Morrell, will provide an update on the scientific differentiation of our lead ADC. He will then hand over to our CMO, Sonia Coratino, who will present clinical pipeline updates on IPH4502, lacutamab, and monalizumab.

1:36 Afterward, our CFO, Frederic Lombard, will review the financial. Then Jonathan will return with closing remarks and will open the call for Q and A. With that, I'll now hand it over to Jonathan. Thank you, Stephanie, and good morning to those joining from The US and good afternoon to our participants in Europe. Moving to slide five, Innate Pharma's foundation is in leveraging our deep scientific expertise to advance life enhancing cancer therapies. Through our years of pioneering work in antibody engineering, we have built a differentiated high value clinical pipeline supported by compelling data and this positions us to deliver truly transformative treatments.

2:29 Turning to slide six, during the first half of the year we've made significant progress across our portfolio And today marks an important new chapter for Innate. As you may have read in the press release for our half yearly update that we issued earlier today, we have made the strategic decision to focus our investment where we believe we can deliver the greatest impact for both patients and our shareholders. Therefore, going forward, our main investments will be centered on three high value clinical assets IPH four thousand five hundred two, lacutamab and monalizumab.

3:20 These programs represent the strongest opportunities to transform care and create meaningful value and they will form the focus of today's discussion. At the same time, we will concentrate on selecting and advancing our next ADCs towards clinical development. As a consequence of this prioritization and sharpened focus, we intend to streamline our organization to deliver on our strategic objectives and key near term milestones. This is a pivotal moment for Innate. We are aligning our strategy, our science, our organization, and our investments to drive forward the programs that can truly make the biggest difference.

4:15 I could not be more confident in the path we are taking and I'm excited to share with you how we will execute on this vision in the coming presentation. As you will also have seen in this morning's announcement, our CSO Eric Vivier has decided to return to full time academic research. Eric has been a true driver of the scientific agenda within Innate, so we are extremely pleased that he will continue to support the company's innovation in the important role as an advisor to the R and D committee of the board of directors. Our chief operating officer, Janis Morell, has always had responsibilities for preclinical research and development and he will now also assume the Chief Scientific Officer responsibilities.

5:12 With that, I will now hand it over to Ioannis for a closer look at our lead ADCs and the potential. Iannis. Thank you, Jonathan. First, on slide eight, let me share with you why we think NetInfo is an attractive target for next generation ADC and why our highly differentiated Nectin four ADC has broad potential across many solid tumors. Even though Nectin four is a validated ADC target, PAT7 or Unfortumab Velotin carries some challenges and has several limitations. It is approved solely for patients with urothelial cancer where Nectin-four expression is the highest. In addition, PADCEV related toxicity often leads to treatment discontinuations and relapse are frequently observed, creating a growing medical need in the post PADCEV setting.

6:09 Finally, even though Nectin four is expressed at moderate to high level in several other tumor types, there is limited evidence showing that PADCEV is active beyond urothelial cancer. On the next slide, slide nine, I want to show you why we are so excited by our next generation Nectin-four ADC program called IPH 4,502. As I said previously, this is a differentiated ADC that leverages a novel design to improve both safety and efficacy. IPH four thousand five hundred and two is based on a proprietary humanized antibody that binds a unique epitope on the NEGG4 molecule. The linker used is stable, cleavable, and hydrophilic, ensuring high adhesive exposure and low systemic release of free exatican, which minimize potential side effects.

7:03 The payload itself, exatican, is a potent two point zero one inhibitor. It shows what's called bystander activity, which means it impacts neighboring tumor cells that do not express high level of Nectin-four and can therefore address tumors with heterogeneous expression of Nectin-four. In addition, it remains highly active in enfortumab vedotin or MME resistant models, allowing it to target tumors that are or became resistant to EB. In summary, the design of IPHA-four 502 is purpose built to overcome the limitations seen with existing therapies such as Enfortumab vedotin. On the next slide, slide 10, turning to preclinical data.

7:54 During the period, we were also pleased to present at the AACR annual meeting our findings that highlight the differentiated potential of IPH four thousand five hundred two. Starting from a PDX model of urothelial cancer, we generated a model of acquired resistance by exposing tumors to repeated cycle of enfortumab vedotin. As anticipated, tumors that were initially sensitive became resistant to EV while keeping expression of nectin-four. That what is remarkable is that in the same model IPH four thousand five hundred two maintain its activity. While EV lost efficacy, IPH four thousand five hundred two continued to control tumor growth, underscoring its differentiated profile and the opportunity to address patients who no longer respond to EBV.

8:48 On the next slide, slide 11, our preclinical data also demonstrated antitumor activity in PDX model with low or heterogeneous NKTR4 expression from various tumor types, including for example triple negative breast, esophageal and anemic cancers. These results highlight the potential of IPH four thousand five hundred two to extend the reach of Nectin-four targeting beyond urothelial cancer into tumor type with significant unmet medical needs. IPH four thousand five hundred two is currently in phase one development and we are very excited about the potential of this novel and differentiated nectin for exatic and ADC to address high unmet medical needs both in bladder cancer plus EV but also in solid tumors with low or heterogeneous expression of Nectin-four, representing a potentially broad market opportunity.

9:46 I'll now hand over to Sonia, who will discuss the clinical progress of IPH four thousand five hundred two, as well as our other clinical programs. Thank you, Janis. Today I will focus on three clinical assets that represent the potential to create the highest value for Innate IPH4502, lacutamab and monalizumab. In the next slide, starting with IPH4502, the ADC directed against nectin-four. This is a trial that is, it's an asset that is currently investigated in a first in human phase one study. Enrollment in this dose escalation is going very well and we are now on track to complete enrollment before the end of Q1 twenty twenty six.

10:41 The objective of the study is to assess the safety, tolerability and preliminary efficacy of IPH4502 in advanced solid tumours known to express nectin-four And we are pleased to present this study in a trial in progress poster at ASCO Annual Meeting in Chicago last June. The dose escalation is guided by an adaptive buoyant design to determine the maximum tolerated dose and once this is established, patients in one or two selected indications will be randomized across two dose levels to define the recommended phase two dose as per FDA guidelines.

11:27 The anti tumor activity of IPH45 as a single agent will be further explored at RP2D in an expansion phase in selected indications in which signs of activities have been detected in the dose escalation. As well as confirming that the drug has a favorable safety profile and tolerability, the goal of this phase one trial is to generate efficacy data that will guide the path forward for IPH four thousand five hundred two, such as a basket trial in combination with standard of care or expansion phase, to help maximize its value for both patients and shareholders.

12:15 In slide 14, we have the key milestones ahead for IPH four thousand five hundred and two. With enrollment progressing well, we expect to report preliminary safety and activity data in the first half of twenty twenty six. The preclinical data presented earlier by Janis are guiding us towards two key hypotheses to be explored in the clinic. The first, it's in urothelial carcinoma in the post EV setting, where IPH four thousand five hundred two may overcome resistance to EV. This represents an area of high unmet need, with no approved drugs and the potential to move rapidly into late stage development is large.

13:10 The second is to look for signals in other tumor types, where nectin-four expression may be low or heterogeneous, which could open an even broader opportunity. With this hypothesis, the clinical data will guide us towards the indication where IMH452 can make the greatest impact. Now turning on next slide on lacutamab, we are close to completion of the Phase III protocol following alignment with the FDA and EMA. To recap: laputamab is a first in class anti Q3DL2 antibody in development for the treatment of cutaneous T cell lymphoma and peripheral T cell lymphoma.

14:02 In CTCL, latutamab has already generated strong long term follow-up data, which we presented at ASCO this year and which we'll summarize in the next slide. Importantly, the regulatory pathway is clear, supported by key designations that position lacutamab for potential accelerated approval in Cesare syndrome. Our confidence in the program was further strengthened earlier this year when the FDA granted breakthrough therapy designation for relapsed or refractory Sezary Syndrome based on the TELLOMAK Phase two results.

14:48 This designation is intended to accelerate both development and regulatory review of drugs that address serious conditions. Beyond CTCL, PTCL represents a second indication. It's a group of aggressive lymphomas with poor prognosis and the significant life cycle management opportunity for lacutamab. Importantly, HER3DL2 correlates with worse clinical outcome and is expressed in approximately forty percent of PTCL patients. In PTCL, lacutamab has previously demonstrated some objective responses as a single agent, reinforcing the relevance of the target and providing the rationale to pursue development in combination with chemotherapy.

15:49 Building on these findings, lacutamab is now being investigated in the KILK trial, a randomized Phase II in combination with gemcitabine and oxaliplatin versus gemcitabine oxaliplatin in relapsedrefractory key PDL-two positive PTCL patients. When we move to next slide and to recap the data in CTCL that we presented at ASCO twenty twenty five, the long term follow-up data from the TELLOMAT Phase two trial. Here we see the results in Cesare syndrome, which is an aggressive subtype of CTCL, and post mogabulizumab, where there are no approved drugs, we have shown clinical efficacy.

16:49 In heavily pretreated patients, all pretreated with MOGA, lacutamab demonstrated a global overall response rate of forty two point nine percent and the median progression free survival of eight point three months. Of note, the median duration of response was twenty five point six months, underscoring lacutamab's potential to deliver durable clinical benefit in this very aggressive and difficult to treat population. Turning in the next slide to Mycosis fungoides, the long term follow-up data from the TELLOMAT phase two trial showed that lacutamab achieved a global overall response rate of nineteen point six percent with consistent activity observed regardless of Keytrillion two expression level.

17:53 The median duration of response was thirteen point eight months and median progression free survival was ten point two months, with no difference between the two subgroups. Importantly, in both Cesare syndrome and Mycosis Fungodes, every patient who achieved a complete response remained in response at the time of the data cut off, once again highlighting lacutamab ability to deliver durable benefit even in heavily pretreated patients. In both indications, Cesare and Mycosis fungoides, lacutamab was well tolerated with an excellent safety profile that supports its potential use for long systemic therapy.

18:47 Now in the next slide, let's look at the potential positioning of lacutamab in CTCL. The challenges in CTCL care are well known: The disease has a profound impact on quality of life, with patients suffering from itching, fatigue and cutaneous lesions, with important psychosocial implications. Preventing progression to advance these stages is critical, as outcomes in stage 2b and beyond are poor. Yet very few tolerable systemic options are currently available for early stage patients. And this is where lacutamab can make a real difference.

19:35 Our data have shown deep anti tumor activity, durable responses and meaningful progression free survival. Equally important, lacutamab has shown an excellent safety profile overcoming the tolerability concern of other systemic therapies in earlier stages of disease. Furthermore, Lacutamab addressed the symptoms that matter most to patients with a positive impact on their quality of life. In the next slide we see that the combination of strong efficacy with excellent safety makes lacutamab a unique candidate for earlier use of systemic therapy in CTCL.

20:21 And this becomes particularly important in mycosis fungoides, where survival estimates deteriorate once patients progress to more advanced stages. As you can see, in stage 2b and beyond, the five year survival is lower than fifty percent. Poor survival in late stage MF highlights the need for systemic therapies that can be used earlier to change the course of the disease. And here is where laputamab could fill a critical gap, offering a tolerable systemic option that can be introduced at an earlier time point, with the potential to delay progression and improve patient outcomes.

21:14 All together we are on track to advance lacutamab towards phase three in CTCL. As discussed, we are close to finalize the Phase three protocol following interaction with the FDA and EMA. And once financing is secure, we will be positioning to initiate the confirmatory phase three trial next year, with the potential for accelerated approval the following year as enrollment advances in Sessary Syndrome targeting approximately 2027. The key next step will be to determine the optimal path forward, whether through partnering or additional investor support, always with the goal of maximizing value for both patients and shareholders.

22:12 In parallel, in PTCL, the LISA sponsored Tilt trial continues to enroll patients and we look forward to data from this study in 2026 which could further validate lacutamide potential across additional T cell lymphoma. Now switching gear in the next slide, we discuss another late stage programme monalizumab, with a great potential value creation for the company. As a reminder, monalizumab is a first in class anti NKG2A checkpoint inhibitor currently evaluated in phase three clinical trial in lung cancer by our partner AstraZeneca in combination with durvalumab.

23:05 Three phase two trial, COAST, NEO COAST and NEO COAST two demonstrated a strong rationale for this combination in unresectable non small cell lung cancer and in the neoadjuvant setting. Now the phase three PACIFIC nine trial aims to demonstrate efficacy of durvalumab in combination with either monalizumab or the AstraZeneca anti CD73 antibody oleclumab in patients with unresectable stage three non small cell lung cancer who have not progressed following classic platinum based concurrent chemoradiation therapy. The study is now fully recruited and it remains on track for primary completion at the end of the first half of twenty twenty six.

24:01 And this is an important catalyst for the programme with data expected in the second half of twenty twenty six. Now I'm going to hand over to Jonathan again, who will walk through the commercial opportunity of these two late stage assets: lacutamab and monalizumab. Thank you, Sonia, for showing how lacutamab has the potential to fundamentally reshape the care of CTCL patients. As you can see on slide 23, the opportunity for lacutamab starts with Cesare syndrome, where following a potential accelerated approval in 2027, we see a clear launch pathway.

24:51 In the past months, by assessing U. S. Claims data, we have identified a significantly greater opportunity in Sezary Syndrome than previously anticipated. It's been established that there are around one thousand Sedari syndrome patients in The US with approximately three hundred new cases each year and a large pool of post mogamalizumab treated patients. This represents a meaningful and de risked first market opportunity for lacutamab following an accelerated approval.

25:37 After accelerated approval in Sedgory syndrome, the opportunity expands into second line plus setting for Mycosis fungoides and ultimately into earlier stages of CTCL patients where a tolerable systemic option that are currently lacking and where lacutamab has the potential to create a new market opportunity and change the course of the disease for patients through early intervention to stop or delay disease progression beyond stage 2a. It's been established through The same US claims data that there are approximately twenty thousand CTCL patients in The US with an incidence of approximately five thousand patients suggesting a larger population than previously estimated based on publicly available data.

26:41 These new dynamics combined with the additional potential in PTCL have led us to reconsider our strategy and the value we assign to lacutamab. To maximize the opportunity for lacutamab, we are currently planning to bring the product into Phase three and submit a BLA in Cesare syndrome either with the support of investors or with a partner but with improved deal terms. Already at launch, lacutamab has the potential to reach a substantial patient population, making it an interesting, profitable and value creating opportunity for Innate Pharma.

27:27 We are actively collecting additional CTCL market data and conducting further analyses, leveraging claims data and market research to further define the market opportunity. We plan to share the new data and market insights at a lacutamab focused investor event by the end of the year. Turning now to slide 24 and to monalizumab. Our partnership with AstraZeneca for monalizumab continues to represent a significant value driver for Innate. The total agreement is worth up to 1,275,000,000, and we have already received 450,000,000 in upfront and milestone payments to date under this partnership.

28:22 Moving forward, Innate is eligible to up to an additional $825,000,000 in development and commercial milestones. Outside of Europe, AstraZeneca records all sales and Innate will receive double digit royalties upon commercialization. In Europe, we retained co promotion rights along with a 50% profit share while contributing to a portion of the phase three costs with a pre predefined cap. This structure ensures that Innate remains well positioned to benefit from monalizumab's future success globally. That concludes the pipeline update for this presentation.

29:10 I will now turn the floor to Fredrik Lombard, our chief financial officer to discuss the financials for the first half of the year. Fredrik. Thank you Jonathan. So for the first half of twenty twenty five we've reported total revenue of 4,900,000 primarily driven by collaborations with AstraZeneca and Sanofi as well as governmental funding for research expenditures. Operating expenses were reaching 30,300,000 with 20,500,000 in R and D and 9,800,000 in G and A expenses. R and D expenses decreased by 29% compared to the prior year reflecting the phasing of certain clinical programs while G and A expenses remained stable at 9,800,000.

30:00 At 06/30/2025, we had €70,400,000 in cash, cash equivalent and financial assets, providing a cash runway until the end of the third quarter of twenty twenty six. With that, I'm turning it back to Jonathan for closing remarks. Thank you, Frederic. Turning to slide 28, you can see our new flow for the near and midterm, which is fully aligned with the strategic refocus I outlined at the beginning of today's call. For IPH4502, our novel NETIN-four ADC, the phase one trial is progressing well and we expect data in the first half of twenty twenty six, while our preclinical R and D continues to build a strong ADC pipeline to fuel our next wave of candidates as shown by Yanis.

30:55 Lacutamab has secured FDA breakthrough therapy designation supported by long term follow-up data presented at ASCO and we are preparing the phase three protocol submission following our discussion with regulators as indicated by Sonya. And for monalizumab, AstraZeneca's phase three PACIFIC nine trial is fully recruited and remains on track for primary completion in the first half of twenty twenty six with data expected in the second half of twenty twenty six. Turning to slide 29, in summary, we are excited about the opportunities ahead and confident in our ability to deliver value for patients and shareholders.

31:46 We are concentrating our investment on what we believe are our highest value clinical stage assets IPH4502, lacutamab, and monalizumab, where we have multiple near term catalysts and we will right size our organization to deliver on these strategic priorities. With 70,400,000 in cash at the end of June, we are funded to the end of the third quarter of twenty twenty six, providing Innate the ability to execute on our focused strategic priorities. Thank you for your attention. And with that, operator, please open the line for questions. Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star one in your telephone keypad.

32:45 Your first phone question today comes from the line of Dana Grebosch from Leerink Partners. Your line is open. Hey, good morning, guys. You got Bill on for Dana. So thanks for the question. So I guess, what should we take away on the potential of targeting NK cells, now that ANKITs are not included in your prioritization today, as well as Eric and VA sort of leading the company? Thank you. So takeaways from, I would like to from Eric leaving the company, maybe that's the place to start off. Eric is leaving the company, but he will still play an important role with the company moving forward. He will be an advisor to the R and D committee of our board of directors, and we have an extended research collaboration with his lab. So, we basically will continue to benefit from any innovation which Eric can bring to the table.

33:48 Moving back to NK cells and the reading, we are still working on NK cells. It's not our main priority today. We're focusing on what we believe are our highest value clinical assets IPH4502, lacutamab and monalizumab. We will be basing all future decisions on NK cell engagers on clinical data and the relevance of that clinical data to markets and we'll make the appropriate decisions on those assets when we have that clinical data and establish market relevance based on that data. So it's it's not the end of NK cells, but it's not our priority today anymore.

34:43 Can we move to the next question? Yes. We'll move on to our next question, and it comes from the line of Swayampakula Ramakanth from HCW. Your line is open. Thank you. Good morning, or good afternoon, Jonathan and team. So now the bank hand cut programs are out, at least as far as your development is concerned, any commentary on where Sanofi is with the assets that they currently are developing? Actually, so I'd just like to say that it is not the end of the story for NK cells. We're still moving forward and completing the studies with IPH 6,501.

35:32 We have a path to explore IPH 61 via investigator initiated research and an interesting way forward. I wouldn't say it's the end of NK cells, it's just that it's been basically lowered in our current company priorities. From a Sanofi perspective, Sanofi continues to progress the BCMA targeted ANCAT and as I think we've communicated in the past that's being explored in autoimmunity in immunology as part of Sanofi's focus as a company and we expect to have updates from Sanofi on that BCMA program in the near future.

36:27 Thanks for that. And then regarding the phase three start for lacutamab, should we still assume that unless you have a partner signed up, ahead of the start of the study, it'll still you know, it'll be a, you know, wait and watch, till you get a partner, or you you have enough commitment from investors to go ahead and start that study? So we we are actively working with investors at the moment to basically keep options open. So we're continuing discussions with partners, but we also have some very advanced discussions with investors who are very interested in lacutamab now that we effectively have a de risked development program to move forward into phase three.

37:24 And we also see interest based now on the increased potential commercial opportunity. This also will reinvigorate discussions with partners and we are also expecting next steps with respect to the finalization of the protocol for the confirmatory phase three study which is also an important step for partners. We continue the discussions with partners but at this stage we see it as very important to keep our future options open to either go down the partner route, but with improved deal terms based on the significantly larger potential market opportunity, particularly with the first accelerated approval launch in surgery syndrome.

38:19 And so yes, we're keeping the options open with both for both moving forward with investors and with potential partners. So last question from me, Jonathan. This is on forty five zero two. Based on the preclinical data that you have generated so far, what what potential indications do you think forty five zero two will be effective? And since, you know, there are numerous nectan four ADCs in the clinic right now, how differentiated are you is 4502 against those? Yeah. So maybe Sonia can take the first part of that question. Sonia? Yes.

39:06 Can you repeat the question, please? Yeah. Based on the preclinical data that you have generated, today, you know, what do you what indication do you think is, where four thousand five hundred two could be effective? Right. As I mentioned before, you know, we focus on any indication that express Nectin-four because we believe that we also can target those indications with a relatively small nectin-four expression. But we also very much focus on the urothelial cancer patients who became refractory or resistant to PADCEV.

39:52 And for these patients, there are no approved drugs. And if we have good clinical data in these refractory relapsed patients, we really may have a very fast opportunity for an accelerated market approval in UC postpartum. So we are exploring, let's say, the classic path as well as some more defined area for an accelerated potential accelerated approval. And then to in terms of differentiation, RK, I mean, I think we we we believe that we'll be able to show differentiating differentiation here, particularly versus PADCEF or MMAE based ADCs due to the payload and the different resistance and toxicity profile, which we believe we'll be able to show meaningful differences between IPH 4,502 MMAE based ADCs.

41:05 Okay. Thank you very much for taking my questions. Your next question comes from the line of Justin Zelen from BTIG. Your line is open. Thanks for taking our questions. Maybe I'll I'll continue the questioning on forty five zero two, if you can just give us an update on how enrollment has been progressing here. I know you gave an update here on enrollment completion. Just was curious on how you could comment on how enrollment is going today, when we should expect the initial data, if it'll be sometime in the the first half of next year, how many patients worth of data we should expect, and any expectations from a safety or efficacy standpoint from that update? Sonia, do want to take one? Of course, of course.

41:54 As mentioned, the enrollment with IVH45 is going extremely well. We always have, let's say, a list of patients to go in at the different dose level. And also with the Boeing design that we have, we also have the possibility to have a parallel enrollment in backfill cohorts. And so we do not have the classic three plus three design with an extremely limited number of patients, but we can expand different those levels as we go along. To your question, of course, we plan to finish the enrollment in the first quarter of twenty twenty six And of course, the data in terms of at least the first CT scan can only occur, as you can understand, eight weeks later from the first dosing.

42:56 And so it takes, let's say, another quarter to have the clinical efficacy from the last cohort recruited. Having said that, we are going to have probably a pool of data of fifty, sixty patients by then. Great. Thanks for taking our questions. And there are no further phone questions at this time. I will now turn the call back over to management for any written questions. Thank you. Yes, we have one question on the line here from Rajan Sharma. So the first question is, does a new strategic focus means on data sets will not be progressed irrespective of clinical data, given that 6,501 data are expected in the near term?

43:56 So I think I answered this earlier, but I'll repeat it again. So from an IPH 6,501 perspective, the study continues and we expect to have data I think as we've communicated previously, towards the end of this year or very early next year. And we will make any decisions on the next steps for IPH 6,501 based on that clinical data and the clinical relevance of that data to the marketplace. Okay, and so the next question, what is the financial impact of the strategic refocus and headcount reduction and what proportion of current R and D expense are directed towards PH4502 and laputamab?

44:48 So the financial impact we've not and we won't be communicating specific numbers on the impact of the financial reductions. We're in a legal process now, which is a French legal process to reduce the size of the organization, which gives us an obligation not to communicate on certain components. And that would fall under that legal framework that we're operating within. So, we can't provide specific guidance there. In terms of R and D expenses, maybe Frederick would like to comment on the proportion. So the question was what proportion of current R and D expenses are directed to our IPH forty five zero two and Lactamac?

45:40 Yeah, we we usually never communicate on the on the investment that we do in those two in the portfolio, but following up on the comment from Jonathan we have a significant portion of our external expenditure which are on those assets. Okay, we have another question from Usama Denville. So with regard to financial visibility, does the estimate for the end of the third quarter of twenty twenty six take into account the impact of the restructuring plan? The answer to that is yes. So the restructuring plan is fully embedded into the cash runway, which takes us to the end of Q3 twenty twenty six.

46:32 And last question concerning phase three of blaclutamab, can you provide an initial estimate of the investment requirements if you decide to go trial without a partner? Again, this is something that we would not normally communicate on in terms of the cost. This is a standard phase three study. So I think you can draw your own conclusions. It's nothing too dissimilar from similar oncology phase three trials. Thank you, Jonathan. There is no further question. Okay. So thank you for everybody's time and attention and for your interest in NA Pharma and we'll look forward to meeting with you in person in the near future or on one of our next calls. Thank you and goodbye.

47:28 This concludes today's conference call. Thank you for your participation. You may now disconnect.