CCXI - Earnings call transcript Q4 2019

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Operator

Good afternoon, and welcome to the ChemoCentryx Fourth Quarter and Full Year 2019 Financial Results Conference Call. At this time all participants are in a listen-only mode. Later we will conclude a question-and-answer session.

As a reminder, this conference call will be recorded.

I would now like to turn the call over to Bill Slattery of Burns McClellan. Mr. ahead. go please Slattery,

Bill Slattery

an the afternoon, along year to are call. XXXX Company release afternoon, Good for financial Relations find quarter year fourth the Earlier you helpful ended ChemoCentryx and release, the quarter providing press a full financial issued of listen XXXX. website available slides and Investor few you. its the results welcome Company's to fourth this overview This Thank results XX, full a of that call, on www.chemocentryx.com. while section the and press this December with at you may conference

me Chief today Executive Joining review is and ChemoCentryx, of Schall, progress. who will President business call the Officer recent the Dr. on company's Thomas clinical and

Executive Officer remarks. for Vice and turning XXXX, overview Kanaya, Financial the the highlights an provide year back Susan of Tom will the quarter over Chief Administrative closing company's of financial before call fourth for President, comments, his full ChemoCentryx, and Following to

and be expectations X. a of During cause Slide of see at today's look call, we on are if you current slides making certain following based the subject you and to statements forward-looking can that statements change those These number which those may differ and forward-looking actual the uncertainties, involve that materially to statements. forward-looking are risks results from assumptions, in information, contained will

filings with XXXX. report Securities the XX, made company's and including the on in XX-K Form on annual described to the Commission, are Company's risks be These March Exchange filed

reliance You such any forward-looking to statements are these and on statements. disclaims undue obligation cautioned to ChemoCentryx update place not

the date XXXX. revise statements of update undertakes this conference accurate contains that call no obligation broadcast, after events March forward-looking live date conference XX, information this ChemoCentryx is addition, live only any reflect circumstances, the as of this sensitive call. or of to to or In time

the Tom? to to is time, call pleasure turn this At it over my Tom Schall.

Thomas Schall

shift fourth our we events you world listening. serve, and shareholders. XXXX, for and on joining to their XXXX also of clinicians conference call. is for on year who company. afternoon In patients toil for for to we for us quarter That Bill, good a and the seek everyone our you, the tectonic Thank behalf significance full our Thank the massive witnessed drove

Today, on let's focus first means this in programs it even of but greater importantly, the what values. our how happened, advancing part to more in unique

Our will so next, might That progress about and Avacopan utility This Avacopan. will indications far discuss in the apt in overviewed two talk happen Slide discussion in as medicines; called, programs, are with these in we is is as of including potential a These what tale our future administered and molecules, be of disease Avacopan orally title CCXXXX, surrounding X. two the proprietary the today of CCXXXX. compounds. small known novel narrative unique expansion and then the achievements two and

novel a title Avacopan the led entire incomplete, not near there somewhat later the there other that value landscape two because not an medicines, Indeed, reminding that we also ought pipeline pipeline, robust stop is is close will but expansive just future. in and work But XXX. by in all of in clinical innovative an ChemoCentryx, I at these feeds us to with

patients associated in superiority with pivotal Phase steroid Avacopan over To trial, associated from anti-neutrophil and vasculitis, remission containing for study in daily XX a of begin, over that stunning standard last care the result therapy, data antibody achieve in the revealed cytoplasmic ANCA treatment. quarter vasculitis, comparator a ADVOCATE topline weeks active III sustaining ANCA of clinical or

that care. the not were wide incumbent benefits In of addition to of with standard showing other a Avacopan, range seen with

in The many ADVOCATE results remarkable ways. are

important more less others. Some no than nuanced, perhaps but

treatment the highly of our the result inhibition ADVOCATE and of disease. human inflammatory pioneering selective autoimmune approach at that example, ChemoCentryx, chemoattractant validated for For receptor

Specifically, disease, trial. a inflammatory blinded, clinical of autoimmune show chemoattractant to ADVOCATE inhibitor benefit and clear, receptor my Avacopan the for demonstration controlled, multi-centered, with to pivotal randomized, first trial the in is knowledge, a worldwide

profound inhibition target can a that, with in of a provides patient therapy and chemoattractant population complex clinical highly receptor single precise And targeted a robust broad disease. a human validation lead this autoimmune complicated benefits, with to

demise of For moment for stay the we end suggest past. in pay of our have validate or rest of buried been that the again, aficionados the talk. those field and allude respectful longtime decades, years, at and the approach, so to now called, redundancy of silence this enthusiasts well a I'll theory. pause I These following pipeline my who They the now some for even results grateful and

other with In Focal is extensive in Segmental an an inhibitor behind has Avacopan of receptor as are and diseases. a scientific to today, CCXXXX. our My will next be drug FSGS. treatment or neuropathy. and unique the as successful known a candidate, I which trial back for as well moment, and II other CCRX, asset Glomerulosclerosis patients chemokine Phase another now we CCXXXX diabetic focus support it, I'll mentioned of lead vasculitis known as ANCA on come CCXXXX as studying increasing previous the

our which four We now is of our topline or trials, CCXXXX. this announce Avacopan further deliver either to XXXX clinical involves from year clinical XXXX data all unprecedented as site momentum, plan, we an prepare plan enter with on to that

cyclophosphamide. significant strikingly vasculitis an or for six fold to be risk to must it treatment in to Avacopan such clinical of high clinicians back care, standard or as actual the trial, Slide which such increased causes, healthy current a nine morbidity Methylprednisone, practice standard patients, as comparator Coming from as regimen rituximab and can restricted as The combined mortality you used steroids, people. contributing the to because an remedy, and This we ANCA orphan modern the vasculitis, as active Prednisone are patients doses and daily of ADVOCATE X. see of includes for ANCA where an months, of with immunosuppressant, compared desperate care in disease mortality

new expectations, a of mark have time may ADVOCATE now critical paradigm all threatening treatment this the turning we devastating, and point a answer. could It is for and the debilitating result and treatment in The the of life disease. of trial surpassed high our

molecular The we was Slide are by ADVOCATE in stop fourfold, tested One, shown disease crisis neutrophils trial which driven CXa in activation acute causing the receptor, to the Three, target proposition notably on vasculitis to patients active of be stifling the Avacopan of by improve the the organ four, damage, X. of the Avacopan. instead And of neutrophils. the stop is that eliminate as These the daily value chronic about steroid to to of ANCA the too Avacopan caused kidney. miserable of all patients. quality using standard daily steroids by Two, to accumulation therapy. and in often ANCA particularly life illnesses by current

Let topline the briefly you me which can results find summarize Slide on X.

comparator First, numerically measured remission non-inferior containing you which daily the active in was vasculitis or Score is by was statistically Vasculitis endpoints the that achieving that efficacy Activity the for the tool and this trial. superior to in used XX will in steroid see as Birmingham BVAS, at weeks, Avacopan primary active stopping used

non-inferior significant at care, the for remission the terms Not Avacopan Avacopan weeks to treatment, XX in XX.X% statistically this to of comparator the superiority result year. only in after XX.X% incumbent of numerically of arm. and compared After therapy of active a one sustained standard highly remission rate statistically sustained but this the was of was

scoring years. achieved quantitative the are index, the the toxicity Avacopan's comparator steroids Next, or measured expert system with over glucocorticoid treatment, the associated in use of the superiority statistical in some comprehensive a compared, by clinicians reducing that by as active course of as illnesses rather, developed

showed Glomerular improvement Third, a Filtration or over the Avacopan statistically active comparator eGFR. in significant Rate Estimated

While originally contemplate actually our key the as improves. it it been single will This, with opportunities perhaps to nephrologists speak point and most kidney the of stabilize kidney though, interested kidney, function goal Avacopan factor, as we which, momentarily. for has to a data Avacopan was future that I looks in are save function is

statistically statistically the European six better XX the superior time categories, Finally, showing XX quality by while instrument. points of XX of life care, can measurement and of significant that in improvement standard measured, significantly measurements, at the SF-XX validated Avacopan each index, EuroQOL-XD-XL. Moreover, was in also comparator the was you active a numerically in to the the of all see of assessed of Avacopan therapy

demonstrated to a instrument thus compared of improve actually a for to regulatory deterioration remarkable ability patients by their validated the quality with Avacopan the in an daily treatment, health, one year of steroid how authorities. change the perceive over comparator those life arm, and report in active containing

serious hospitalizations this safety profile having benefits. all Avacopan superiority threatening here is to with the physical in believe obvious leads it value the crucial of the disease, and Putting which patients functioning, than a group, results and year. serious category important of daily together, all containing strong as The the improvement fewer the comparator. allowing in disease, of each four significant a we safety in demonstrated adverse key proposition, Avacopan very subjects events including Avacopan in lives, return socio-economic progress and of acceptable elements normal which with an emotional total has topline revealed burden vitality, to in so active steroid every X,XXX life lengthy a in includes

June Association European of to ADVOCATE and share or full Renal Rheumatism this or aim the publications for Against published the year. EULAR at several of meeting, also data this year. League meetings Dialysis We We in also European be refereed meetings ERA-EDTA to annual beginning III Transplant full early the Phase and intend Association-European

of track with assembled application have our experts, and internal are and file We U.S. FDA to an impressive new external in regulatory NDA or drug the mid-XXXX. on team

in regulatory the in Medicines Our later European expects submission partner make Pharma Europe, to a Agency XXXX. to Vifor

where are we the in at commercialization gearing of Avacopan for of anticipated XXX% We United up ChemoCentryx, own the rights. States,

in Pharma Vifor benefit royalties with economics, mid-XXs for markets territories. international to alliance, aggregate an sales does the Vifor from on in teen in we which same the excellent While, net

of for U.S. here in on company of associated in people, a of the is We the the large, manage depicted nephrologists, who X. feasible our Although, the the and bulk range field commercialization a of because number is it size, patients force of envision eminently as to limited XX very XX the vasculitis. ANCA rheumatologists with opportunity Slide

We the pharmacoeconomic of and this benefits expect and ANCA reflecting potential and normal for vasculitis medication pricing for systems. healthcare clinical orphan drug Avacopan patients for

a chemokine glomerulosclerosis, in other as CCXXXX, lot to known of now asset, kidney's now units kidneys CCXXXX clinicians urine the inhibitor in CCRX. kidney of patients interest due with to of which lead which filtration glomeruli being I'll unique have generating is of the approved disease. focal no renal and studied the or turn members CCXXXX second of selective treatment is which is a the the among receptor community. our the segmental to end to therapy, indication develop protein system. can FSGS orphan stage scarring proteinuria the in an excess filtration breakdown

XX an chronic randomized, in diabetic results in CCXXXX kidney blind a patients few a excellent showing years and neuropathy of continuous of Phase Endocrinology published Diabetes clinical double diabetic pedigree. trial placebo our controlled has or weeks We paper CCXXXX, the the XXX Lancet dosing disease. II than more with ago,

that is inhibition new new science and XXXX hypothesis filtration, in podocytes has American ERA-EDTA primary the a was In statistically was in which profile Nephrology. safety It Since of good latest the presented structure and proteinuria, science with and reinforced improving protecting in study, endpoint. meeting and our reduction CCRX CCXXXX meetings post-reform trial, effective well significant of tolerated. that exhibited Society the achieved the that the at kidney being

inhibition models diabetic nephropathy CCRX models kidney protection and including models. as provided such both disease, For FSGS non-diabetic rapid example, chronic and murine significant in of renal

least In electron at level, the fact, seen can analysis. at these be by microscope beneficial even visual changes

electron extra of specialized surface podocytes view an in which scientists, or wraps CCX filtration by the unit the in of the kidney. Slide tenderly shows filtration integrity X, cells the micrograph for which kidney, improvements the capillaries glomerulus the the shows of made of structure striking example, and the vascular

being and a podocytes inflicted employed the can animals, inhibition difference You CCXXXX. from these when a is is the in the see close consequence model, this analogue the glomeruli resulting of and in CCRX in surgical inhibitor when FSGS

diabetic podocytes clinical and translate culprits to podocytes both the likely diabetic a saw In in FSGS strongly FSGS trials mechanism we which And summary, well. via preservation neuropathy neuropathy of the the suggests supports science in as models. should we human the and human the new for trials, result, believe as CCXI decrease CCRX likely that inhibition, proteinuria

outlined CCXXXXs in that this the endpoint ability LUMINA So levels I are a for studies and assess FSGS. LUMINA human from in will registration proteinuria primary trials Slide FSGS, indication. These II And proteinuria FDA in could the reduce has X. to lowering be potentially baseline, indicated

in annually our The are with U.S. approximately over believe the affliction. patient last There in new each year year FSGS Phase dose more patients. transplants controlled And patients. need is great. kidney of than this XXX,XXX LUMINA II live primary FSGS There XX enrollment XXXX cases States escalation are FSGS people CCXXXX are randomized to there United XXXX of I We trial of completed involving placebo in patients in subnephrotic the

We quarter weeks, The I primary the is to QX. are of and proteinuria topline reduction track LUMINA data XX secondary include on trial rate. endpoints estimated filtration glomerular next report in endpoint

We have Phase milligram dose daily in unusual XX reduction, week II better trial, believe somewhat dose which than neuropathy from demonstrated the once also X somewhat did original the dose daily XX. that milligram in we addressed to at diabetic the response once proteinuria

presentation ChemoCentryx XXXX, Immunology clearance the and by podocytes spot induced CCRX. MCP-X, function occur identify of that and terms macrophages increase body. sometimes our November a We of the the monocytes the scientists, CCRX, of XXXX natural antagonist ligand in versus and poster in from with blockage for preservation the of that ERA-EDTA by Journal renal sweet being natural of produced the ligand ligand balancing As explained the can report, suggests data in

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And daily mentioned, from and in mgs will from to XX best look results doses over and -- the finding, subsequent XX LUMINA quarter. mgs XX results elevates the XX daily, in after the the this test twice expected weeks. weeks. also trial second to I as order best dose and The LUMINA I The study I at are X following

of single a FSGS. with forms II The label is clinical trial next, open more trial, primary LUMINA arm severe

receive are once this with In proteinuria, escalating day. to doses LUMINA II fact, XXXX. X from twice those milligram nephrotic later will is from topline expect rare a we milligram which in day a levels XX And condition. Patients a results year

LUMINA The displayed plan XXXX, trials on clinical XX. are site four to topline Slide of part our in data in four trials as report XXXX

LUMINA As I just II involve the I two mentioned, trials and and LUMINA of Avacopan. these two other are the trials

disease, experience CXG. life treatments. CX which kidney relapses threatening common. on shown complement there of XX, trial no patients is CXG as dysregulated First, orphan Slide kidney failure all are the of ACCOLADE approved kidney even a and or transplant, Half for too glomerulopathy after also all

receptor, effect cases used on the shows could the the disease, this known present Compassion CXa have of in are a neutrophils, be which positive to on that CXG. destructive Avacopan's stopping action activation

that million and $X So the initiated FDA we awarded trial, trial. grant XXXX, ACCOLADE the by a in we to support were U.S.

and fully with changes expect complements stratum we treatment. the is in primary compliment index, data The of blinded on based along months is the of controlled endpoint some six by the enrolled stratham stratum well. XXXX, from as trial. placebo nearly end histological high lower data The are in CXG following two the There topline

to clinical activation response hidradenitis neutrophil neutrophils will CXa and with the high patients CXa treatment the assessed if Turning or offers ability is before in XX, system treatment Slide here. which driven mechanism to the been a you'll proven trial, AURORA the stop can turn Avacopan's of HS. book to Avacopan after suppurativa implicated. the receptor this skin strong instrument. This suppurativa action disabling weeks condition disfiguring or target escape. of of and activated score complement in clinical the Avacopan's features autoimmune hidradenitis has XX designed is the disease, a disease, neutrophil be to And potential door of

topline this We enrollment, in, XXX on and QX in to the patients' we report expect are results closing of year.

kidney number measured interesting and In expected renal a from The trial Avacopan to up as success of QX, improvement as XX, see Avacopan the trial, the rate four filtration complement patients. to and of readouts the very Slide momentum in in by beginning of opens additional the of you only indications, our estimated in function, possibilities clinicians of or by for XXXX, the characterized eGFR. expansion inhibition ADVOCATE the can chemoattractant and ADVOCATE plans and to topline this activation demonstrated effect represent data And an bring benefit glomerular inflammation.

Lupus We are looking first, for example, Nephritis. at

with drug. Given we threshold a thinking ANCA through and pipeline weeks. parallels is vasculitis, We a to the franchise strong become on update will within a believe our the breaking coming Avacopan the of you in at

Overall, up execute data XXXX clinical indications. Avacopan's our of preparations us application topline plan site broaden readouts drug of extraordinary filings. we expect set our the for four to year, Also new an has XXXX first and as to

this balance will $XXX We now to is facility fueled of our as very the describe. financial ended since year by healthy a $XXX position, on then, credit than All and a sheet, added up Susan more. million million more with Kanaya non-dilutive Susan? of

Susan Kanaya

Tom. you, Thank

and financial Revenue on and million same XXXX. period fourth the year quarter, Our million was today, are results release our fourth quarter press XX. full to the $XX.X were included Slide summarized in in for XXXX $X.X for compared

the full the million $XX.X December XXXX in was to ended previous million year For revenue XX, compared year. $XX.X

XXXX, quarter for development last $X.X expenses million quarter the the same $XX.X year. and Research fourth of compared million for to were

and enrolled ancillary in which decreased Phase the expenses discovery due trial, was pivotal lower increases in a partially and Phase increase $XX.X ADVOCATE to were R&D fully $XX.X by research with Avacopan increased the as trial of enrollment as with patient CCXXXX million trials XXXX. offset LUMINA HS, in expenses III These driven expenses to million expenses two by attributable study XXXX, expenses, were whole, patients an AURORA II the primarily higher and Phase FSGS, as patients XXXX XXXX. For Avacopan increases as well from I studies. in drug to These clinical in in

employee General our XXXX we reported million and last $XX.X XXXX expenses million fees. were fourth We same those quarter efforts in administrative a launch G&A to increased to million professional period expenses, with XXXX, last due associated in of Full the period year. $X.X $XX.X higher reported in the from million in compared loss to preparedness expenses including quarter and of the year $X $XX.X million, million same the higher XXXX, related compared year. primarily for net fourth $XX.X

million $XX Our compared full was XXXX. year loss net XXXX to million, $XX.X in

XX, at We Total XXXX investments, $XXX approximately which cash the $XXX.X up shares Tom December January outstanding with to and facility million, reported and million excluding the XXXX, million year mentioned. XX.X ended shares. in were we credit as secured of

Lastly, in million and $XX terms investments XXXX. expect the of to cash to in of in guidance, $XX million we range utilize Tom?

Thomas Schall

Susan. Slide you, as was see ChemoCentryx. from To truly summarize, XXXX XX, year Thank breakthrough you for can a

steroid As standard ADVOCATE containing seen not patients, trial, active for and remission the over our we data XX Phase pivotal topline III showing and the reported Avacopan comparator in of other to benefits daily care. accruing superiority for weeks sustaining at Avacopan, traditional

Avacopan We licensing in a Vifor vasculitis commercialization and plan U.S. FDA the midyear, Pharma with later international We and preparing respectively. and for to markets partner the year. an and submitted have application EMA NDA our to Vifor ANCA plans Pharma for file the in the

which CCXXXX I trial of in in and the we FSGS. Avacopan CX enrollment hidradenitis trial of the Followed XXXX rare two LUMINA a of readouts by completed and and We more topline for to the our indications readouts. expect form data FSGS, our II of first suppurativa glomerulopathy, be series of in site LUMINA CCXXXX

our move gives on us and further with prospect Avacopan resources example, expansion the also of forward future is to Our nephritis, us simultaneously. the for emerge fronts, indications, the attracted has This track strong confidence, lupus of many great over likely and clinical development indication so to horizon. that financial by into enable bright first as execution of enhanced record that

exists be would remiss there will I that. Slide pipeline, all to a of remind remind I addition, not In where us, of robust us XX, that

creating details to with the forward of to to volumes, the added look near discuss innovations these is CCXXXX, you of of power some and value rigor other in compounds. that able additional and Avacopan future to and novel I if the the the be will, approach tale unleash. two medicines, relish CCXI ready be to of Beyond

of filling In tossed, storm had some imagery of voyages, wind a sometimes strong the ultimately, our sails. of you reminded closing, we where fair are but

for a of Here landed untrammeled now, has to in shareholders we It on for intend golden health new that build voyage dawn is glow alike. new we our us world here and prosperity patients suffused find with the opportunity. of an that shore, and

I will turn call With and questions. forward your look back to I to that, over the the Operator? now operator,

Operator

question Steve from Seedhouse first Our comes with Instructions] Raymond [Operator James.

proceed your You with question. may

Steve Seedhouse

Good afternoon. Thank you.

because, guys and in injury Some don't the in acute the I Regeneron if beautiful with in prudent well, for on a as a highlighted, literature, generating the obviously company pros market in distract from there, lung following a implicating there's approach. Tom, different I trial pipeline the ask couple in so I CXa situation it's in infection, think mice, CXa also we're about, you Kevzara, at but and probably COVID-XX And ago, starting anti-inflammatory And world. plans antibody test to saw to can, Tom. coronavirus.] you a minutes the China want fact, just least, that's know, to unfolding coronavirus in just a

in pretty is a question if just there is clarify, coherent rationale was for could fact, you hoping Avacopan I the So straightforward. in if COVID-XX.

any requests received test you any or associated pneumonia have in it do plans to you treating Specifically, COVID-XX? have with

Thomas Schall

recap, typically and and is that, mortality, may there's those fact, respiratory there death of to in the lead coronavirus, in know, syndrome cause acute In not ample other is in lung that injury of ultimately distress cases. occurs, you of to which know, viral infection, pulmonary kind ultimately that massive which the leads as the to failure even severe happens but but cases just just what forms others evidence

as fairly of well. there's the by distress shown That beings good activation. And accompanied well, various syndrome say, you in CXa. infections, models, including adult that's in of destructive respiratory been as neutrophils, human acute complement downstream evidence just therefore, is and animal Interestingly viral often a -- the massive activation granulocytes as

or evidence greater variant the rates variants Those folks factor, There's fascinating high of to which China can that seem alternate mortality experience CXa to consequent dysregulation complement receptor in of downstream cohort accelerating in which found. activation, represented CDXX certain ARDS. the with in pathway be individuals of where terminal lead of a is a decay including of

would All that's by help you addition very at of The to the it there's way be cases be argument of that what with saying, yes, challenges early and actually hypothesis administration moment, There's be is the of is CXa the infection in a opposite advanced an infection, coronavirus. timing the estimates cases, that may all still critical. And hypothesis. The reasonable survivability, of defense are mortality absolutely XX%. to even might most that know, control receptor made immune able number the of in of most it hypothesis these reason is as in are ultimately. cynical daunting, one, mechanisms

for mess to that's the survivability sure. want doesn't XX% one So, ratio, up

at employ a with of this, our about to might looking So might done, we we've consulting what be we're in done experts lot crisis. approach world are assisting if some of we this research, deeply the around all

point, gather crisis watch be more that data than of we the and me at So, of anything say to continue to it need unfolds. to would premature sort this and how

a have too we drug. say will do that, I PO

in most be can difficult. And so the sometimes, dire administration cases the

time, we not any formulations. yet but IV long So, on clinical have for we've IV doing had a work been of formulations has validation something been

in us that's the more internally discussion. scientific and to about say I immediately. medical that, corona, large, we we'll all discover in world have bring if to we of community as as to said, And more the it going are the material, both be right at about So,

Steve Seedhouse

just the to Phase gating some therefore discrete and Avacopan pending they to you then. was studies. they're increase And just are include ancillary mentioned or on completed, I Susan, the pipeline if if expense thank still in could what Okay, an study factors submission? and you those hoping clarify midyear to studies due for clinical elaborate those you back comments. I

Thomas Schall

let Sure, question. I'll Susan that handle

Susan Kanaya

complete. and No, Steve. just initiated Sure, additional actually QX are studies that those some all were in

So our to we no, of expect impact the those timing filing. don't

Steve Seedhouse

appreciate Okay, guys. it thanks. I

Susan Kanaya

Sure.

Operator

you. Thank

from Our Edward Piper question comes next Tenthoff Sandler. with

your You proceed with question. may

Edward Tenthoff

outcome, for LUMINA much of I appreciate very the I, sense progress, a I on filing and you kind or Thank II lot as positive see us approach. and to just data what the thanks reminding be? what those be richness curious A of of you focus for there's hand? come. I'm lot understanding get what a kind so LUMINA once of ultimately goals you steps regulatory of sort and just your Great. I data to Would at have for in wait the expectations and you think looking Thanks you And of pipeline, or thorough of would might the more sort much. next wanted exciting would update. because in for a sets to

Thomas Schall

you. Thank Ed. Great questions,

with FSGS, no currently it's drug FSGS. first, remember for I approved to there's important LUMINA in So just

patients drop of threshold, XX. regulatory no proportion protein if UPCR, approval the for grams per is benchmark for the really achieving framework at look doing, there's sparsentan's ratio, less field than example, this one is or creatinine in established So a at less on accelerated or a in and successful, path, week we of comprises certain gram X.X urine subpart proteinuria our If than process, which based so, colleagues success. those a a case in XX%

will have confirmatory percentage two They XXX change eGFR basically week in thereafter a on to slope years. based at or endpoint do

informative. all that's So,

XX drop can weeks something know we've rapid that we at seen we we models. is see that have think proteinuria I really drop in humans, we in animal our

see would protein provides us. our We'll of which to will standard to standard care, is above drop, a on with to the XX% out. this which very of be the be what anything interesting read to have So have care and approaching an addition we layering top ARBs, XX% of ACEs what how

underlying allow to dose arm XXX, the -- in therapy randomized would a it trial will double of the And the which against blind essentially two design the control loop step, of step be next registration just meds. us with of optimal con the the

So out. we big FDA think LUMINA as in it we've results what know design quick find we'll sort it registration I to with lowering. path that know I. registration looks -- that based at have after we got conditional can confirm already a our what of discussions possible was, how think least we previous like, is. we as soon LUMINA the Obviously sketched understanding design we proteinuria to this based and on We hope of And on very trial

off primary had no, We FSGS, LUMINA it's X II, and syndrome being somewhere maybe syndrome that to short nephrotic of the fairly These are in carefully as a with certain intense kind it's people. of very It's proceeding regimen. XX nephrotic a rescue up. the enroll. steroid difficult really special for for trial population, step hopes FSGS. order, we very not enroll keeping between with them because including sick an for them them And and watch gating to we and to able trial be protein item proven increases

any discussions I the II results primary say way. label support I item And from So by and I is FDA. but not any to in each registration FSGS open have that certainly the the in trial ultimately that nephrotic study other don't believe and way, gating LUMINA both LUMINA data will yet would -- I syndrome with a

Edward Tenthoff

sort may, Susan. looking the It just very some drawdown I the a of ATM [Indiscernible] from That's looks in just for XX.X. of first about XX-K the there were one quick like helpful. at versus share maybe then if count quarter, And a

give facility quarter? is take credit the So estimates us still have some some Thanks. the fully utilization $XXX did million I'm the And you of secondly, on was available? or you down first accessed that can what any during ATM then curious, you and general

Susan Kanaya

Sure.

equity The activity no place. stock to just be So agreement of you facility in option is ATM XXXX. or primarily clear, in distribution there's exercises that fourth see the quarter

So that you. is source to there clarify the for

and terms $XXX this for available that $XX down again, $X was of credit available be balance the the at of to million part. essentially million In essentially the most facility, March, this will And month end the option our of taken year. be the million being in

Thomas Schall

tranche. first The

Susan Kanaya

'XX. tranche first the Yes, of

approval. submission, balance, then then $XX NDA $XX and tranche subject to an another million million the of additional NDA credit have upon We upon million approval. $XX And

Edward Tenthoff

of it's to down of So as though, this taken been say, fair none that that's moment.

Susan Kanaya

taken in just million beginning, be this month. down that As stated later $X will the I

Edward Tenthoff

Great. Excellent. Thanks so much.

Susan Kanaya

welcome. You're

Operator

Thank you.

Canaccord Gilson question Genuity. next comes from Michelle Our with

with proceed question. may You your

Michelle Gilson

dose was taking kind study. the at response, dig But little endpoint? just the planning bit effect how of these early that to at primary support magnitude that also for the on of weeks? you kind why cohorts Tom. touched data remind thinking appropriate quarter, the I elaborate on you're point chose call, on bit study you can this But the a an And a more expecting. hoping time question. looking the should my a of you and such following beyond of And is for us LUMINA CCXXXX? safety of you also we then you this the line FSGS? you especially of the and XX anything in be addressed on to dosing I are report duration maybe for next Thank And to What

Thomas Schall

Absolutely, all questions, you. Michelle. good Thank

report, week So the which reporting get a dose, dose crossover crossed I'm how to at open-labeled. again, active committed XX versus arms the appropriately, additional the the to XX to was highest well there's say what And together XX three all is data depends week highest dose. they to placebo. all over which weeks We will data, safe can dose the but may we we're delighted

how some out. as So to inflection see kind of well. that we to point share might data have have plays We'll

data proteinuria a it's for reduction things week small in timeframe as study. zero any fairly know, you baseline And some real It's to from change that. and very short eGFR, frankly. So topline a XX beyond definitely change maybe

in and -- is discussion of a factor sort that the other questions. other your of your So

tolerated That and trends a expect dose do all have we of response? maybe going with we would no we would like essential. would interesting, again, sort up across far. analysis So dose dose Not mixed We perhaps but of measures, some statistical tolerability to the versus see so that's not but necessarily, best a probably end placebo. response. issues groups a be dose have We'll

dose selection The was of the interesting.

XX case in So, chronic disease day sustained over once rapid showed as diabetic study kidney we took reduction the weeks. the that dose X proteinuria because mg and a a base

statistically week over continued. Certainly to they underlying So proteinuria we well a from significant they very the difference X and stable was dropped XX and the doses ACEs four. established they therapy by could changes different in and quickly, sustained detect were of at week ARBs by It dose. weeks XX mg

equilibrating the As all doses the and was endogenous that about once happened it what day. higher again, released through the a CCRX XX that amount if ligand will. slightly laboratory, I and said, mg antagonists, of there variation in dosing We being of you was some at in at analyze

we this well trial, we level the in which said we published, So we’ve biology level at of discussed. of really the vivo this understand great, cell okay, at pharmacology which

to that this XX said, do translated twice day, day trial and design twice X once a we a mg day. a and let's mg XX So mg

provide But are out XX results validate and study, anchored that at was either the again, we successfully have. primary day DN And so endpoint. we the pharmacological we'll where reading cell data X week and QX, new the to those a the our in will or that, be hit original biology mg fundamentally once light on

versus a think most presenting will the be data we'll I as your these all analysis. in we'll are with spaghetti presenting other topline revealing smallest as analysis patient-by-patient safety, are well. cumulative trials, to be vignettes well data, other In that features which probably just statistical of those relevant as graphs some mixed and sometimes biological control. separation naturally, words, the effect. again, safety both And of get doses we'll And are of be placebo But questions. So as

Michelle Gilson

Avacopan on also make especially immune respiratory I to suppression ANCA current vasculitis. light those available a given COVID-XX. access And manifestations opportunity patients Is with Okay. and know there question I then associated many of epidemic? of have probably early basis, quick an to are worried high their on the in quite any probably patients

Thomas Schall

deeply. question, we've very been Yes, discussing it’s a very, one it's great

complexities have a partner. is, one we As an with have we the of you know, international relationship as well

relationship without with their details, So, of other. each all to in kind settings work fulfill extraordinary many Avacopan the obligations both have make into going would sure to too ability parties parties to these

to perfect have that not additional on than do, find something deep understand extraordinary we would, that we give now, right way today. way. guess time which complexities package something kind we would essentially public with have. can to any had fundamentally is you're And choice. you it it registration and premature a we there's finding Having me more I where Also help be first have will package registration being to crisis again, to my said health of me might if that's again, finding right less your details as by a the responsible if like, be you do agent, want talk would But of all it we to first do a obligations that, and do in about that safe, might

of crisis, health reasons we And based very that's providing patients in trying say well, on just that we that and to in the benefit. help to do deep where possible, all unless our on to data, we public medicine, really sensitive hope be example, not we extremely save be that ANCA the believe at have desire know of have we and vasculitis belief we a help can that Let's same based to obligations ANCA. do mindful can have a some for safely, we evidence good as experimental a if to at time to to strong lives those have people, certainly the have

Michelle Gilson

Thank you Tom. so much,

Operator

you. Thank

Gon next Dae comes question Leerink. with from SVB Ha Our

proceed may with your You question.

Dae Gon Ha

Hi, the question and afternoon, thanks all on good and for congrats the progress. taking

touch study ACCOLADE and to one well. So just maybe the LUMINA wanted then as for upon

unmet mentioned to XXX,XXX you So, that, in remarks, Tom, of need the if we for in patients I go FSGS think back prepared U.S. excess the your in highlighting

other different number. companies have a given Some the of

wanted just heard make that So sure I that to right.

terms competitive going you're be now and Phase which II, the forward, mentioned sparsentan, of running I LUMINA know trials intensifying in to you I seems III. currently in is and And landscape also

I any about submission? NDA III get wondering, overall just And So, expedited timelines kind guess should of towards data. timeline the that so, how underway, you once get assuming we positive do if think Phase reaching envision you you

and only from the limitation of the potential kind when vein, terms could any X in we guess, stratum what similar And I you and stratum strata? for of I of X. little one you full a bit both by stratum trial? Stratum on expected of as also, to X XXXX expect And stratum mentioned if presented by registration data can there labeling the is then data yearend guess, data and a ACCOLADE, yearend. grade be X X

Thomas Schall

Gon thank insightful you Dae questions. Yes, on really

areas the probably on point, the the of -- incidence numbers were on handle highly the asking to it is get variable, try first about So, to is the frustrating is you of and I prevalence. this, one asking were read. FSGS depending Yes, literature because think the about you source most you forgive and me, the a to FSGS real difficult

sources the distinction is the of primary and secondary of One between variability FSGS.

of aware damage. as, not actually this, as people but kidney is disease, be histological sign a many know, may so of it's And you FSGS a not

call of indication it's is, because by defined it histopathologist an I a strange indication these readout. it very So, one an kind of readout, it's specific

unusualness lesion or that second of have that's you But is focal so, sclerosis. a scarring And unusual. segmental the already can bit little that so

So, we of for scarring. the means tissue when dimensions, whole two it slide have under look in at in or localized a scarring really segments regions we a section glomerulus, either evidence microscope light glomerulus of

So, get there ways to that, are different right.

FDA there's to careful fairly known you rare, lesion either weird, have they called have kind lesions. lead is very FSGS vanishingly the means also of not those defined but a kind genetic fairly define or of So other rare, should lesions in although how primary you scarring is this the kidney, to Primary reason no these known and what's rare FSGS. that are

ignorance, kind you it's a So, of if or diagnosis default of will. like

happen can a number anyone in FSGS Secondary of of ways.

disease scarring. you You lead prolonged to diabetes and that kidney know can severe high have can

trial So, number trial. there's diabetic kidney ago, of that actually than in more we or people disease a maybe secondary likelihood trial a the in had DN years our fact, few, few, of FSGS in a chronic that

viral, infection, from get it cetera. drug et you it can from get can You abuse,

primary modifying doing we're secondary, matter will the an which then in therapeutic it by the it or is primary controls and the cells by or you way, the whether of within repairing, Probably specialized the or it's secondary glomeruli terms it that if numbers. agent but we doesn't affect matter whether it's certainly effect, think have doesn't what glomeruli, proteinuria

primary fairly license are are secondary country reasonable new in we the the very regulatory clear estimates, primary trying because from to to in that very, U.S., they of therapies. separate want this to out FSGS the use So, here conservative of in authorities maybe estimates terms potential

think if know reasonable lot vague it's number, our I the in might I a And know fairly and U.S. primary hundred thousand higher others again, for or is FSGS I a cite and So, so primary. there cite might that number I certainly some lower their of for regulatory and for lesion a purposes are definition our discussions. But purposes the just counting they're the think defensible it's is genetic

is III a the are agent as same the Competition, agent -- interesting along pathway, you're study. you a blocks aldosterone sparsentan as for kidney now mentioned one more well are I absolutely farthest mean, receptor, reason. They or both of as Phase that renal right. I than angiotensin an Their the in renin angiotensin nodes pathway. if feeling known will. kind pathway, the in of pathway RAAs the blocks These in both end

least of the of certainly lowering out having taking their my protein And bites same that's data. So at a multiple they're human nice effect, pathway. they're interpretation

known. problems deal have with well some these with to are and this They

do So Fluid imagine. endothelin big fluid whether well sentan X to control inhibition, can that's renal difficult try many to as because itself be is situation, the it's retention, cause same molecules a or things in edema. to actually of this one a other ways. class, particularly have is we're But the problem sparsentan with can tend manifest of you managed not renal trying dysfunction and to the retention in

in-house will and difference to again, we of and see We've reduction. is between comparisons do to direct sparsentan The that pharmacological the comparisons done back marked inhibition any both proteinuria the rather competition. edema. made and robust We've approach, done and rapid lead the CCRX not approach a

entirely is pathway different sparsentan Our pathway. than this

in very of the trial, next us to well enroll resistance have allow happening into to well us one rapidly, step part we're think are other because fluid management may allow don't retention next is of which in the the to as approach. going the this clinic, registration the battle your That running the think patients the sees question, we that pathway I that may issue,

is I'm well so our much again, the not very I concerned about differentiated. very, other pathway think competition,

that We mechanism that talks more publishing how CCRX week-by-week, is a are the switch explaining data of glomerulus of podocyte and how action, versus to be And distressed function, direct controls scarring this we'll molecular CCRX about the year function. repair soon. very

the to excellent in in the continues tolerability be fact, humans. agent of And

and I to timelines this some of that fact, our than after II our enrolling before I'll on So prognosticate do you better done. the of more then we’ll won't competition year, we I think back will meeting FSGS. do well with FDA come that and in them on Phase end to as or in talk trials getting

that think covers the questions. probably FSGS I So

had -- yes? coming other question. one You to back I'm

Dae Gon Ha

Right, on very similar. ACCOLADE

Thomas Schall

fascinating thank This Yes, really you. for issue. me. a Thank ACCOLADE. you is reminding

agents approved probably no again, you as CX know. So well for glomerulopathy,

how information little there precious regulatory pathway one. set up about no So to trials. There's is number

while So ACCOLADE developed done sequential two first actually was a Dae ago a interesting we when Gon. fashion little And an approach. we set rapid this up strata in the

again, rare in only cases papers, this maybe to So and experts U.S. prevalent there new was published X,XXX about disease, cases, the per a couple a XXXX the year. original reports XXXX a to XXX from the of is

clinical not trial a literature. with of work lot and not of there's So a lot to material

of confirm that early again, do the evidence CXb you for lot in you a they is him CXG through also on idea have published was good is the will a patient, have of really complex. circulating presumptive say to soluble measure which is which before to actually the consumed way attack blood membrane easiest activated papers diagnosis biopsy can nine, a her, kidney couple biopsy a in or out a CXG, stream came lots Therefore, or complement. of The

the special as where a periphery, the through other on we of down stable the membrane marker soluble CXa cascade reason measured the of receptor know. are use in any activation point which CX because attack right that's not very complex complement of We easily than it you is is CXa, of

So randomized original arm that trial, high had stratum was trial where complement. have of to circulating the control to levels study ACCOLADE approach two people

came couple is you maybe Another kidney. it's papers that of know, in saying, after right that what's out complement well, happening the circulating counts not

shouldn't you that complex. focus of on maybe circulating levels high just So

control a blinded improvement ability alone question clinically, endpoint second of couple and a endpoints trial, enrolled some compared this hard trial in we including figuring different six randomized the a we and So we a having the of stratum, with amended world control. answer blinded to scale our a of after months to were biopsy

enrolled we your stratum So point. the second to

So here's the deal.

those data And very for to mean, us, as as will stratum First virtually is easy enrolled, trial. be enrolled. analyze I any easy clinical

data. we'll so have And that

The MAC presumptive that MAC what converted we do for they second just were stratum, always We end they is biopsy. to the would would what's a people rate. circulating CXG, unless biopsy much, then is would people happening first, low already we'd soluble circulating of take we biopsy lower screen much their soluble proven. levels left with complexes, go at And

in main of pioneering What the the a tells medicine area, us it that this is beauty tells hypothesis and correct. clinical the original us is in

exception, your it's to but less they're rare it's likely the cascade complement evidence you're circulating activated of pathway. have CXG, alternative low proven bloodstream but the nonexistent, biopsy common have And much complement. to you exhibit If in for not

for the have. we still frankly, trial. have randomized we world the data provide largest on to CXG, in we the So It's me. as set all control today, we're going sit our And even here data what to from blinded

the the for think of tell this forward us because for there's all, we'll be an in please analysis, So here pathway going that you've of know critical and community the a but lot once result what I really whether there's what way to people we don't know got, and experts your saying, just do answer is, is benefit.

analyzed to what We to FDA integrity of really can so protected registration, database support unblinded want this is We're is continue it So going conditional even we'll to a whose report. that's and and if going many on. the it's We'll as that's any provide. people as so obviously can. we're before registration, consult get with what but we

I clarity. So, that provides hope

many about the such long only required would, an than winded answers because more little Sorry but this details is a it answer, uncharted area. bit

Dae Gon Ha

thanks Great. in queue. I'll back all for the the Well, insights, hop

Operator

Thank you.

Our next with Rama JPMorgan. question from comes Anupam

question. You your may proceed with

Unidentified Analyst

the one. the range? just and Tessa Thanks there on call an any will ask for And Hey, research your And I Susan, broadly, Tom is Is orphan much. beyond Anupam. this latest market kind Thanks for pricing of more to taking so Avacopan on are is what you suggests? payer question. granularity provide bandwidth more for willing

Thomas Schall

not Tessa, we at cannot questions. the love thing to have one And to ADVOCATE will We me do ask again, more the we total. going about would of point great $XX,XXX you, some excellent research Thank provide able payer it's we granularity be year I to $XXX,XXX get this The towards a data, really anywhere on. to total, closer year that till also people do just but -- after talk corridor interesting pricing really upwards picture is normal and a down And fascinating. pharmacoeconomic orphan launch.

quality won't problems down robust. care couple said care, in said Again, say changer of The improvements, you data, informed unprecedented range might strength game many me, anymore, to does that, to comment in that's that impact of the superiority standard of brings of life, the know, in will for nephrology sure that the improvement to according pharmacoeconomic value that the can't very have I standard nephrologist of should very, that and many observers robustness really but suggest to the ADVOCATE renal the table which that's of that on people I with the data, and glucocorticoid the which if the is elimination our you toxicities, of were. that lower price the that the direct a of the ever you be community, the be the part

for by data on. that's though, that I supported. the we get anything early of not But mean, are for some economics the staggered even I'm We're looking sure. extraordinary,

For incidence that will U.S., and debate example, the and matter. to whether , just at look you is XX,XXX. people if number XX,XXX It prevalence total doesn't between somewhere in

we a much have the an is of third average of ANCA the you involved. this in -- can year We still range. in of take each and to hospitalizations comes can XX these some There's take standard number guess of days, upwards people are in to these hospitalization, just Let's lengthy XX,XXX vasculitis of part course And as the any that have develop where the on that an hospitalizations XX support infection care. of that hospitalization. data from or infection U.S.,

And of X% course, X% people. those of well, There's are a approaching X% almost expensive. just somewhere super be watched mortality these to to let's say closely fair, very hospitalizations

picture So, tons the a of lots just fraction infections, of the lots and that's of hospitalization of lots hospitalizations, States. United days, mortality of in

we're more be worried research, I'm certainly that able pricing I the show clear have certainly lots will payer thinking. certainly we will about absolutely make to, go through value to what get we'll to much, we to because as we not the and very So, the it launch, too about and year, closer but think say

Unidentified Analyst

Great, Tom. so much, and thanks

Thomas Schall

you. Thank

Operator

Thank you.

with Our next from comes White Ed question H.C. Wainwright.

You your question. with may proceed

Edward White

my taking for question. Thanks

the AURORA. first have I maybe on So, is question

is the think are what week you greater And data that for view this a you wanted or secondary the lifetime, looking be additional would enrolled topline endpoint now. data the we there just XX XX of You're there? on then when for then quality you thinking what just weeks comes what on than again, What would life quality looking will out? trial? be get the for data? thoughts And any Will of crossover of result be of for, at to the positive be positive a just the your XX% should

Thomas Schall

period on Great week Well, data QX granularity for more first question. the really focused around Ed. we're readout a the the have XX I'll the from point. little blinded

committing because start been is data the that's And to XX so endpoint week what score. from And that's see. the about with we've only what high sets that we'll we're talking the registration

What looking by assessment. largely is for driven are high an with this we investigator index I mean, that's score?

say subjective would a index. it. in very of certainly There's Some amount it's subjectivity

all endpoint to degree, certifies data one obviously And at presenting rigorously we so, trains the essential the second a between primary investigators does That be that, sub high site one and getting the both good investigators on weeks. sites. between investigators And if control within score, high visits has assessments to done, then the is absolutely the will if are high XX a way the standardizes assessment, and score one those to if endpoint one and both high secondly, as clean score. a which

the one to does is that, what score, not high that's ought or an intractable in aiming separation amount able coming monitor And actually to and to a a work, sense. one clinical of lot that's be the but if then in that If to not, we're clinical during and do. that those contacted. third, one work. And the phase, be they benefit, indicates assessments see at called must least investigators of have and it blinded out are making meaningfulness And

drug at they the two those one high orphan They on use between There's drug and the the know, arm pioneer background average difference had one an in had active approved Humira endpoints trial showed that they before designation. any the was XX% showed arm as But weeks. trials. you Humira to XX trials, score case, of that XX% medication in

will difference I one more, interesting So, a effect. if be that very think or XX% of shows a

to XX focused be year. we'll things something look for monitor, lot suppurativa IHSX response to training, them. training, response I other called at. standardized, of on monitor, that monitor, and index the standardized, the the readout that's done controlled. the patient that as all placebo on giving result work matter sure placebo make that's score a population that of endpoints on life that way to as We'll said, have this That's for quality possible, adapted you'll do the controlling is standardized, And you QX a weeks high secondary well. interpretable. So, in including is in a We've training, is get There best to of focus does is more hidradenitis

successful I validated think it in well look trials. to hasn't I say like there, been because what hesitate and these just yet

continuing the for take have who the talking we'll certainly talk to about we're think the to we're I So this committed have what to that we to XXXX. see develop QX. in We're important and QX, what just are where experts really most be going data us. to features, elements index, on about information But that's do

Edward White

Thanks, as are you us great. for you just far commercialization. U.S. Tom. where as And Okay, if can tell then, preparing

then did are just them, will the the field to force you in mention to also the medical of et launch can Thanks. where be Europe? launch as Europe? compare far difficult could compare how it if you And how in science liaisons, people, launch XX in U.S. the more cetera? hiring XX to You I'm you as And wondering the think

Thomas Schall

All data, lot We totally since as good imagine. you pleased data before that questions. well much accelerated really, down progress. commercial we've how so with did can the We're making but wonderful very of laid far. I'm really the a infrastructure we've

executive med got affairs there. we've great beautifully, medical new shaping is our up So a team

have day, Our six great tiny a we key Commercial much. bringing a people done around our that's market new five Head to or not the job access but infrastructure, people has exaggeration, seem in and Every positions. other of in

that in there in progress, the before but kind your are being great most of well, you the Naturally, hirers recruited we're of piece the even field launch, the the -- puzzle because it's place. the force that slot of making already talent last are is actively

So, place with I we and and the so feel great have where far commercial about that. going launch the structure in we're

we've Launching to in on got that. the U.S., really beat

these rheumatologists as from so personally hundred you that know graphic a top And course, prescribing and of the not docs deck. almost I company. We get and think centers. population and to all about little of to prescribers individual, chart the known driven the a few focus. are are the the prescriptions couple our nodes showed the by an XX% as in to go major an of the they're in of people many out that me that nephrologist physician Those personally network saw personally slide think of I organization, many, XX%

in I So think again, we're shape. great

ANCA a the will, the core reach in nephrology community we of presence help quickly, think have one course, have We of patient if vasculitis to you to out, able in the and U.S. both understand prescribers. us be wonderful system, to I And in the that. very to rheumatology majority

have you while state, is much marketed more European the each Medicines own jurisdiction and requirements that their Although, operation all different Europe, some there how have where, are negotiate state than by well can and are country local a But, each health drug in separately as they licensing the Agency, priced of they ones it is imagine. for course, authorities standards. the straightforward

specific with must I in launch been and Vifor impressed European the a authorities our in deep planning, the far payer say of long the partners country organizations. been having these super Europe. discussions I've with Pharma as at have experience getting each local by so how possible and and questions out they've health the is And ahead of

is well had earnest, be of daunting, products, landscape evolving lot with been they realized it to while a but it they've with So, at Europe, pleased got and that have specific their seem their the as other well. as a both from well. of to lot confidence for have I'll going that to to they're more they going experience and to I've great start in defer but them, analyses doing I'm say, a launches and they've throughout discussions question sooner, Europe that really any course, been to great as

Edward White

Thanks Tom. for my Great, taking question. Okay.

Thomas Schall

Thank Ed. you,

Operator

Tom time. over Thank the you. not turn showing back would Schall And any any now further further at to for I this like remarks. to call questions I'm

Thomas Schall

in this Well, a the number for in certainly and convinced I with call. and situations on are community, right longer-term us back creation public spent again of able confronting we'll core are challenges growth of shareholders. that all challenges front for and and patients together that tactical everyone I'm all to value time us, to our get us health just afternoon's with now, of that challenges. challenges, the of ultimately business thank to meet the a their be that long-term wish I both short-term all that we're they've know faced as

look now. I a your you very questions, very short in to you again attention, you few forward to and for much great your I thank Thank speaking again, weeks. much. Bye

Operator

you, today's call. Thank gentlemen. participating. for conference you and concludes ladies Thank This

may disconnect. now You

ChemoCentryx (CCXI) 11 Mar 202019 Q4 Earnings call transcript