Edited Transcript of CWBR.OQ earnings conference call or presentation 13-Aug-20 9:00pm GMT – Yahoo Finance

MENLO PARK Aug 14, 2020 (Thomson StreetEvents) -- Edited Transcript of CohBar Inc earnings conference call or presentation Thursday, August 13, 2020 at 9:00:00pm GMT

CohBar, Inc. - CFO, Treasurer & Secretary

CohBar, Inc. - Director of IR

CohBar, Inc. - Chief Scientific Officer

CohBar, Inc. - CEO & Director

Brookline Capital Markets, LLC, Research Division - Director & Senior Biotechnology Analyst

Good afternoon. My name is Ariel, and I will be your conference operator today. At this time, I would like to welcome everyone to CohBar's Second Quarter 2020 Financial Results Conference call. (Operator Instructions)

I would now like to turn the conference over to Jordyn Tarazi, Director of Investor Relations at CohBar. Please go ahead.

Jordyn Tarazi, CohBar, Inc. - Director of IR [2]

Thanks, Ariel, and thank you, everyone, for joining CohBar's Second Quarter 2020 Financial Results Conference Call. Joining me on today's call is Steve Engle, CohBar's Chief Executive Officer; Ken Cundy, CohBar's Chief Scientific Officer; and Jeff Biunno, Colbert's Chief Financial Officer.

CohBar's 10-Q filing and financial results press release were issued earlier today and may be downloaded from our website at cohbar.com. If you're having issues joining the Webex, you can access the slide presentation from the homepage of CohBar's website to follow along.

Jeff will begin with an overview of the second quarter financial results followed by a business and R&D update from Steve and Ken.

Before we begin, I'd like to take a moment to remind listeners that the remarks on today's conference call may include forward-looking statements within the meaning of the securities laws. These forward-looking statements include, but are not limited to, statements regarding the company's plans and expectations for its lead CB4211 drug candidate program and other programs, the therapeutic and commercial potential of the company's lead drug candidate, CB4211 and other mitochondria-based therapeutics; statements regarding ongoing and planned research and development activities, potential partnerships and our capital resources and ability to fund our operations.

Forward-looking statements are based on current expectations, projections and interpretations that involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by CohBar. These risks and uncertainties are described in our registration statements, reports and other filings with the Securities and Exchange Commission and applicable Canadian securities regulators, which are available on our website at cohbar.com, sec.gov sedar.com as well as in the safe harbor statement included with today's press release. You are cautioned that such statements are not guarantees of future performance and that our actual results may differ materially from those set forth in the forward-looking statements. CohBar does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

Now I'd like to turn the call over to Jeff Biunno, CohBar's Chief Financial Officer. Jeff?

Jeffrey F. Biunno, CohBar, Inc. - CFO, Treasurer & Secretary [3]

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Thank you, Jordyn, and thank you, everyone, for joining us this afternoon. As Jordyn mentioned, if you are having issues with Webex, the slide presentation is posted on the homepage of the CohBar website.

Next slide, please. As Jordyn noted, I will begin with a review of the financials, followed by a business overview by Steve. Ken will then review the recent developments in our clinical and preclinical programs, and we will conclude with Q&A.

Next slide, please. I will now provide you with a summary of our financial results for the second quarter ended June 30, 2020 compared to the second quarter ended June 30, 2019. Total operating expenses in Q2 2020 were $2,936,000 as compared to $2,957,000 in Q2 2019, a decrease of approximately $21,000. Operating expenses included noncash costs of $693,000 for the quarter ended June 30, 2020, and $700,000 for the quarter ended June 30, 2019.

Net of the noncash costs, total operating expenses in the current year quarter were $2,243,000 as compared to $2,257,000 in the prior year period, a decrease of approximately $14,000. Noncash operating expenses include stock-based compensation and depreciation and amortization costs.

Research and development expenses were $1,545,000 in Q2 2020 and compared to $1,418,000 in the prior year period, an increase of approximately $127,000. The increase in research and development expenses was primarily due to higher consulting costs and an increase in expenses related to our continuing development of peptides.

General and administrative expenses were $1,391,000 in Q2 2020 compared to $1,539,000 in the prior year period, a decrease of approximately $148,000. The decrease in general and administrative expenses was primarily due to lower recruiting and travel costs.

For the quarter ended June 30, 2020, CohBar reported a net loss of $4,103,000 or $0.09 per basic and diluted share compared to a net loss for the quarter ended June 30, 2019 of $3,058,000 or $0.07 per basic and diluted share. Net loss included noncash expenses of $1,779,000 for the current year quarter and $805,000 for the prior year period.

Excluding the noncash expenses, CohBar's net loss was $2,324,000 for the quarter ended June 30, 2020,as compared to $2,253,000 for the prior year period. The total noncash expenses include stock-based compensation, depreciation and amortization costs and equity modification costs.

Moving to the balance sheet. As of June 30, 2020, CohBar had $12.3 million in cash, cash equivalents and investments compared to $12.6 million in cash and cash equivalents as of December 31, 2019. The cash burn for the quarter ended June 30, 2020 was approximately $2.5 million.

During the quarter, we raised approximately $4.5 million using our at-the-market offering facility. We estimate that based on our cash and investments balance as of June 30, 2020, we have sufficient capital to finance our operations into the third quarter of 2021. This revised runway guidance is result of the funds raised in our ATM, extending the maturity date of promissory notes, proceeds from option and warrant exercises and delaying certain expenses, which we do not expect to materially affect our R&D programs.

During the quarter end, the company extended the expiration data warrants that were issued as part of the company's private offering completed in July 2017. The expiration date of these warrants was extended from June 30, 2020 to September 30, 2021, with the balance of the terms and conditions of the warrants remaining unchanged.

The company incurred a noncash modification expense charge of approximately $1 million to extend the warrants. Subsequent to the quarter end, the company entered into amendments with certain holders of its unsecured promissory notes. The amendments included modifications to the promissory notes, such as extending the maturity date from June 30, 2021 to June 30, 2022, and granted participating noteholders, certain other rights and benefits.

For a detailed explanation of these amendments, please see Note 11 to our Form 10-Q that was filed earlier today.

I will now turn the call over to Steve. Steve?

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Steven B. Engle, CohBar, Inc. - CEO & Director [4]

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Thanks, Jeff. Welcome, everyone, to our Q2 2020 call. There are 3 key things that are important for you to know. We have resumed the Phase Ib study and are expecting top line results in the first quarter of 2021, we announced new preliminary preclinical results in our COVID-19 ARDS program today and expect to have a flow of preclinical milestone over the next 3 to 9 months. And for people interested in mitochondria, CohBar remains one of the few vehicles for investing in the therapeutic potential of this new and emerging science.

Next slide. What is the CohBar opportunity? We are the leaders in developing a new class of therapeutics based on our founder's discovery that mitochondrial peptides regulate multiple systems in the body. Think about that prior to 2001 and Dr. Cohen's discovery, people thought the mitochondria were just powerhouses of the cell. Because it is a new class of therapeutics, it represents a large, untapped and exciting group of potential compounds. Over 100 peptides and over 1,000 analogs have been discovered and counting.

We are targeting a wide range of diseases that are associated with mitochondrial dysfunction. Mitochondria-based therapeutics benefit from over 1 billion years of evolution and may generate entirely new approaches to disease. We need new and different approaches. The old ones may not have worked well. We are taking advantage of the approach that the body has developed itself.

In the last year, the company's portfolio has grown from 2 programs to 5. We are no longer just a NASH-focused company and have programs targeting ARDS, fibrosis and oncology. We have a number of expected near-term milestones, including preclinical results in 3 programs and the nomination of a new clinical candidate by the end of the year.

The Phase Ib CB4211 clinical study as resumed with results expected in the first quarter of next year. We have a comprehensive IP strategy, and we enjoy a first-mover advantage. We are the leaders in the development of mitochondria-based therapeutics. Our IP portfolio is significant and continues to expand.

Next slide. The revolutionary discovery behind CohBar's technology platform is the finding that mitochondria are more than the powerhouses of the cell that we learned in biology class and generate signals that regulate cells, organs and systems across the body. This was a stunning discovery. To put that in perspective, it is very rare for a biotechnology company to discover such a large potential group of compounds that have not been discovered or developed previously.

Not since the discovery of protein sequences in the human genome or the mRNA proteins from companies like Moderna have so many potential compounds been discovered. We are in the third-generation of discoveries.

As Dr. Cohen says, we are thus entering a new era in the understanding of the complexity of orgasmal processes, whereby micro peptides that are potent biological agents, determine human phenotypes alongside large genes. In fact, micro peptides may encompass an order of magnitude larger array of genes than large proteins. We believe the size of this opportunity is vast.

The results of our programs are showing us that we are actually identifying novel approaches to these diseases which may provide added benefits. This is the kind of exciting scientific discovery that holds out great hope for long suffering patients and human kind in general.

Next slide. Based on the last 2 decades of research, overcoming mitochondrial dysfunction represents a very large opportunity for CohBar. We believe CohBar's peptides may hold the answers for a number of major diseases shown on the right in this picture. This is because mitochondrial dysfunction underlies multiple chronic and age-related diseases. 5 of the 8 leading causes of death are associated with the impact of mitochondrial dysfunction. Spending on these diseases represents as much as $0.5 trillion annually.

It will probably not surprise you that mitochondrial dysfunction will turn out to be a large player in the susceptibility to COVID-19. Diseases like diabetes and cardiovascular disease may be improved in parallel due to the underlying mitochondrial dysfunction. This dysfunction occurs when the mitochondria fail either due to aging or lifestyle behaviors and other causes.

Next slide. Our peptides benefit from 1 billion years of evolution. And to date, have provided novel mechanisms of action, which may provide new approaches to diseases. For example, CB4211 regulates the flow of free fatty acids from adipocytes. This is a unique approach in the NASH space and is synergistic with existing therapies. Another example is our apelin agonists, which uniquely bind to the apelin receptor and thereby result in a reduction of vascular leakage, fluid accumulation and cytokine storm, kind of the trifecta of COVID disease. We are encouraged by our preliminary data in ARDS, which Ken will share in his section. In a similar fashion, our antifibrotic and CXCR4 inhibitor programs have demonstrated unique mechanisms of action, which may provide more effective solutions and diseases with high unmet needs while potentially being better tolerated.

Next slide. Here, you can see our pipeline has expanded. Note that each one of these compounds represent a different family of peptide structures. They are not the same. And each program is targeting multiple indications. So this is a true portfolio. It provides multiple shots on gold and multiple events. Of course, with an expanding pipeline, we are regularly evaluating our priorities. Currently, our program priorities, are NASH, antifibrotic peptides for IPF and apelin agonist for COVID-19 ARDS.

Next slide. As CohBar's founders were the first to discover mitochondrial derived peptides, we have the advantage of being the first mover in the space. We were first to discover and first to develop. We have 12 issued patents that have issued that cover both composition of matter and methods of use. We identified 100 peptides in the genome and then developed over 1,000 analogs. These analogs act as the picket fence against other companies that might want to work in the same space. And we continue to expand our IP portfolio and expect to remain a leader in this space.

Next slide. Regarding our goals and recent accomplishments, first of all, we've resumed the Phase Ib clinical trial. Second, we expect to identify our next clinical candidate for pre-IND studies by end of the year. With finite R&D funds, it is critical that we remain focused on the most important programs. We regularly prioritize our spending based on potential and progress. Currently, our highest priority programs are the antifibrotic and COVID-19-associated ARDS.

In the case of the new COVID-19 ARDS target, we are investigating funding opportunities with the U.S. government agencies such as NIH and BARDA and also looking to see if we can get their help in expediting the research.

I also note, we were pleased to be added to the Russell, and we were able to raise $4.5 million in aggregate to ensure that our programs continue to be funded appropriately. Our plan remains the same in that we continue to need to fund the programs ourselves until such a time that we can bring in a corporate partner to help develop the assets. We have resumed the clinical trial, which has added more to the project spending, and we have been very successful in expanding our pipeline and now have significantly more opportunities than a year ago.

We have continued to be careful and conservative about our spending, and so we have cash in the bank. We have been spending approximately the same amount of money per quarter for some time now. But now we have more programs, and we have the opportunity to take advantage of their potential by increasing our burn rate. But we only want to do that if we have additional capital.

Besides adding capital to our programs, we are looking to gain biotech focused institutional ownership and research coverage. We see this as an important next step in continuing to fund the company and to reflect the company's value in the marketplace. In the past quarter, Brookline Capital's research analyst initiated coverage on the company. We also continued to present at key banking conferences we presented at a Sachs Novel Coronavirus Investment Forum, which was a specialized conference on companies with COVID-19 programs like ours. Due to the COVID-19 pandemic, the biotech market has enjoyed increased visibility.

In addition to the important and very visible work being done in COVID vaccines and therapeutics, there have been many positive data readouts across the therapeutic landscape. We see this as a positive for CohBar as we continue to increase our visibility within the investment community. We anticipate expanding our efforts to develop partnering activities around CohBar's technology particularly after we have the Phase Ia/Ib results.

We also were at BiO 2020 in June during this quarter and had a very good set of meetings. It's quite obvious that companies that we've met with a year ago in the NASH space are still very interested. And we added a number of additional groups that are interested in both our anti-fibrotic as well as our oncology programs. As leaders in mitochondrial-derived peptide development, we expect to continue to expand our IP portfolio.

Next slide. These are the near-term milestones over the next 3 to 6 to 9 months. We expect to have additional results in ARDS by the end of the third quarter and results from the antifibrotic and CXCR4 programs in the fourth quarter. We expect to nominate a clinical candidate from one of these programs by the end of the year. And we expect top line results from the Phase Ib study in the first quarter of next year. Our overall goal for the pipeline is to generate programs, which lead to multiple clinical studies over the next few years.

Now I will turn it over to Ken. Ken?

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Kenneth C. Cundy, CohBar, Inc. - Chief Scientific Officer [5]

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Okay. Thanks, Steve. And good afternoon, everyone. I'll now give a brief update on recent progress in our research and development programs.

So let's start with the clinical program. CB4211 is currently in a Phase 1a/1b clinical testing as a potential treatment for NASH and obesity. The Phase 1a stage of the study is complete, and we're currently in the 1b part of the study. In March, the Phase Ib stage of the study was paused due to COVID-19. The pause was lifted in early July, and now all 4 study sites are open for screening and enrollment.

The new sites we've added are sites with extensive experience running NASH studies, and they're running other studies in addition to ours. Now as a reminder, the Phase Ib stage of this study is a double-blind placebo-controlled evaluation of one dose level of CB4211 given once-a-day in obese subjects with NAFLD. This phase is designed to assess the potential effects of CB4211 on liver fat, body weight and various biomarkers that are relevant to NASH, obesity and metabolic disease. Changes in liver fat will be assessed by MRI-PDFF, and all subjects must have a minimum of 10% liver fat at baseline.

Now to give you some sense of the process here. Once we identify potential subjects from the databases of our clinical sites or through advertising, they must be carefully screened to ensure that they qualify for the study by meeting the extensive list of criteria for participation. And this includes things like not being on any other drug that might affect their liver fat, their body weight or any of the biomarkers that we're looking at. It includes specific ranges for certain lab values like liver function tests to ensure they do not have other health problems.

That long list of requirements is described in detail in the record that's posted on clinicaltrials.gov. If subjects pass all of those required screening tests, they still have to pass the initial MRI scan to show that they have sufficient liver fat. There's also a fixed window in which all of these tests have to be passed before you have to restart the whole screening process again, only after they pass all the tests within the window, can they be enrolled.

Now this is an ongoing rolling process until 20 subjects have been enrolled. And what we mean there by rolling enrollment is that when a subject passes all the tests and qualifies for the study, they can be entered into the study and dosed without waiting for the rest to enroll. So we effectively create a pipeline with subjects moving through the various steps in the process all the way to their final assessments.

Now when the last of the 20 targeted subjects received their last dose, there's still a follow-up period for safety observation to ensure there are no issues. And after all of the necessary data for safety, pharmacokinetics, liver fat, body weight and biomarkers are collected, the data are then checked for errors and the database is locked. Then the analysis of the data begins.

Now if the study enrolls at the rate we projected before COVID-19 came along, we would be on track to have the top line results in Q1 of 2021. It is possible that the timing of the study going forward will continue to be subject to the effects of an ongoing COVID-19 pandemic. The true post COVID-19 recruitment rate will become clearer as we enroll further. We expect to update the status once the last subject has had their last assessment.

Supporting on this program, we have key opinion leaders like Dr. Rohit Loomba, an internationally recognized expert on NASH. KOLs like Dr. Loomba are recognized experts in the field that help us design studies and strategize for clinical and regulatory paths forward. There are also thought leaders that analysts follow closely for opinions on new treatment options in development.

Next slide, please. Now I'll give a brief update on new data from our 2 of our preclinical programs, starting with the CB5064 analogs. These are novel analogs of a mitochondrion-coated peptide that have the potential to reduce COVID-19 mortality related to acute respiratory distress syndrome, or ARDS, by simultaneously blocking many of the processes that lead to global damage.

Now if you look on the right of this slide, you see that COVID-19 is not just a lung disease. It has global effects that all contribute to increased mortality including vascular leakage, fluid accumulation, inflammation, sepsis, thrombosis and the cytokine storm. Together, these damaging effects of the virus can lead to respiratory failure, cardiac failure, stroke and even multi-organ failure. There are no approved drugs to treat ARDS. And even without COVID-19, ARDs affects 3 million people.

Our CB5064 analogs work by selectively activating the apelin receptor, a key adipokine signaling pathway that has a broad protective rebalancing effect on numerous systems, including control of fluid levels, vascular tone, blood clotting, inflammation and cytokine production. Apelin signaling has been shown to collect animals in models of ARDS, sepsis, thrombosis and stroke. And we've now generated preliminary in vivo data showing potential efficacy of our CB5064 analogs in an animal model of ARDS, leading to reduced fluid accumulation in the lungs decreased secretion of pro-inflammatory cytokines and reduced infiltration of inflammatory cells into lung tissue.

I'll show some of the preliminary data in the next couple of slides. We are currently conducting confirmatory studies in ARDS and exploring options for preclinical testing in actual COVID-19 ARDS models, while moving forward towards candidate selection, scale up and initiation of IND-enabling studies. Now supporting us on this program is Dr. Toby Maher, who's professor of interstitial lung disease at Imperial College London and now also on the faculty at USC.

Next slide, please. In this slide, we present new preliminary data from efficacy studies of CB5064 analogs in a standard mouse model of ARDS using the bacterial lipopolysaccharide or LPS induced acute lung injury model. Now LPS is a toxin that generates very similar effects on lungs to those caused by other diseases. Animals received a single dose of our peptide analogs 1 hour before the LPS administration or a second dose 6 hours after LPS. Now in this slide, we're looking at lung weights at either 4 hours or 24 hours after the LPS. The black bar is animals that did not receive the LPS injury, the red bar is animals treated with LPS to induce the acute lung injury and then given vehicle or placebo treatment. You can see the lung weights increased, reflecting accumulation of fluid. The purple bar is the natural apelin adipokine and the green bars are for one of our CB5064 analogs given here at 2 different dose levels.

You can see that this single dose of our particular analog in green reduced the increase in lung weight, indicating a decrease in the fluid accumulation. That protective effect was similar to or better than the effect of apelin itself in this study and was maintained at 24 hours after the LPS injury. There are preliminary data here, and we are now confirming these in additional studies.

Next slide, please. Moving next, there we go. Thank you. So in this slide, we're showing now some preliminary data from the same studies looking at the effects of our peptides on the levels of key pro-inflammatory cytokines, things like IL-6, TNF-alpha and others. This is done by measuring the cytokine levels in the lung fluid or the bronchoalveolar lavage fluid, as it's called, collected by rinsing the lungs at 4 hours after the LPS injury. Again, animals injured with LPS and treated with placebo, shown in the red bars had an increase in all of these cytokines. We see in the green bars that CB5064 analogs reduced the levels of key pro-inflammatory cytokines in BALF in a dose-dependent manner surpassing the effects of apelin. So once again, these are preliminary data, and we're now confirming these in additional studies in comparison to additional analogs.

Next slide, please. A little lag on the slides here. Okay. Let's seel. We should be moving to Slide 21. Okay. I'm not seeing a slide change here, Jordyn.

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Jordyn Tarazi, CohBar, Inc. - Director of IR [6]

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I have it changed.

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Kenneth C. Cundy, CohBar, Inc. - Chief Scientific Officer [7]

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You have it changed. Okay, then I'll proceed. So now we'll turn to our Antifibrotic Peptides. And these are the CB5138 analogs, the first of which was MBT2, a peptide we've previously shown to have efficacy in preclinical models of idiopathic pulmonary fibrosis or IPF. We've now generated new data demonstrating improved efficacy of additional analogs in this family in the therapeutic mouse model of IPF. The data were presented in an e-poster at the American Thoracic Society Virtual Annual Meeting just last week. The poster also included our earlier data on the antifibrotic and anti-inflammatory effects of MBT2 in both the prophylactic and therapeutic mouse models of IPS involving either immediate treatment with our peptide after induction of fibrosis with bleomycin or treatment one week later after the bleomycin injury. The new data were generated in the more challenging therapeutic model, and I'll show some of the new results in the next slide.

The next steps in this program for us are evaluation of our lead peptides in additional preclinical studies including addition to the standard of care with the goal of identifying a candidate for IND-enabling studies.

Now supporting us on this program is pulmonary fibrosis expert, Dr. Naftali Kaminski, and who's Professor of Internal Medicine and Chief of Pulmonary Critical Care and Sleep Medicine at Yale School of Medicine.

Next slide, please. Okay. I'm showing here some of the new data on the Antifibrotic Peptides that were just released in the American Thoracic Society Virtual Meeting last week. In addition to the MBT2 also called CB5138-1, 2 newer analogs of CB5138 were tested in the therapeutic IPF model and then compared to vehicle treatment in the red bars or to nintedanib in the green bars which is one of the 2 currently approved drugs for IPF.

And here, you can see consistent antifibrotic and anti-inflammatory effects across the board, including reductions in fibrosis, reduced lung weight, reduced inflammation in terms of lymphocytes in lung fluid, reduced levels of collagen both in the lung tissue and secreted into the lung fluid.

Now across these programs, these are the most recent results from our ongoing work, and we expect to have additional data on our preclinical programs in the coming months. The goal here is to identify a potential clinical candidate from one of these ongoing programs around the end of the year.

And with that, I will return the call to Steve.

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Steven B. Engle, CohBar, Inc. - CEO & Director [8]

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Thanks, Ken. Great stuff. Next slide. So obviously, NASH is a large unmet medical need. Over 30 million Americans are at risk for NASH and over 100 million are obese in the U.S. The market's estimated at $35 billion. In this NASH landscape, the opportunity besides being large and growing, because it's still early, there haven't been any drugs approved recently. It's a bumpy ride for companies who are at a later stage of development. And as a result, the list of these leaders, if you will, has actually shrunk. Intercept's FDA review was delayed. GENFIT's compound failed. But on the other side, again, referring to it being bumpy, Carol's results look good. And none of this -- nothing of this has anything to do with us.

There have also been 2 NASH company IPOs, 89Bio and Inventiva. So it appears as though investors are still very interested in the NASH space.

Regarding clinical and regulatory development, everyone is learning a lot from the successes and failures in this therapeutic space. This will inform our future clinical studies and regulatory strategy and hopefully allow us to move more effectively and quickly as well as increase the probability of success.

Regarding the competitive landscape, there are a number of companies that are further along in the clinic. Although they do not have our mechanism of action, and there is a need for a combination treatment of drugs, not just one, there is no direct competitor for our particular mechanism of action. It is hard, though, for us to compare exactly to the other companies in the space as we're at an earlier stage and the differences in mechanism. For example, a company like [Itero] has a repurposed drug that's already been tested in other indications in a Phase II study and as a known mechanism of action. It recently announced positive Phase II results. And we believe, though, that with a $30 billion potential market, there is plenty of room for other therapies like ours.

Regarding partnering, it is a very important part of our strategy to maximize the value of our overall portfolio. We want to use other people's money, know-how and capability to move multiple programs forward. At my last company, we had over 10 large pharmaceutical companies who were paying us to develop compounds based on our technology. In each case, we received a large upfront payment, milestone payments and royalties. We used the upfront payments to help pay for development of our own products, of which we wanted to develop and commercialize ourselves.

Based on our experience, meeting with partners at BiO 2020, the companies remain very interested in the NASH space. They are looking for new and different mechanisms. And after the recent failures, there are probably some of the companies who thought they had it all worked out, who are now looking for new technologies and assets. We, again, have a unique mechanism of action. There is a need for combination therapy. Our approach is potentially applicable to all stages of NASH, and it's synergistic with the GLP-1 compounds that are being used as therapy in this area.

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Edited Transcript of CWBR.OQ earnings conference call or presentation 13-Aug-20 9:00pm GMT - Yahoo Finance