DRNA - Earnings call transcript Q2 2018 | Dicerna Pharmaceuticals Inc

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Operator

Good afternoon. My name is Sarah and I’ll be your conference operator today. At this time, I would like to welcome everyone to the Q2 2018 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. Instructions]. [Operator you. Thank turn now over Mr. to I the would conference Glen Gorma Relations. Investor [ph], ahead. go Please

Unidentified Company Representative

you, welcome company's discuss results. and Good XXXX Dicerna's quarter Thank afternoon, to to operator. conference call second the

the had the at after of www.dicerna.com. Web & trading available chance not Media press is close has which the who issued a anyone to For site review under results, today, tab we release our a Investors on

of partners call the discussions XX via section Ingelheim, those collaboration with would may and beginning including today. in pipeline result webcast be risk our factors, that may today's You this differ Factors with Boehringer the possible for expected on materially XX-Q DCR-PHXC also after latest which for the to management call, opportunities those various discussed statements forward-looking Web completed. to example, hours usage. filed as other be important results two timelines conference archived is I'd days indicated and development these SEC with expectations listen Form approximately site, and programs, to will call Actual expectations of plans collaborators, remind from and and statements forward-looking including, on this making like listeners Risk related for by guidance of our cash regarding a potential for

if in While we so may change. we views future, the point disclaim statements update specifically obligation these some elect do our to at any to forward-looking

Now, Officer. Fambrough, Doug? call I'd Dicerna's President to to like turn Chief Executive the and over Douglas Dr.

Douglas Fambrough

Chief GalXC patients our are second we milestones Jack candidates. It’s make as Officer; the Chief product build we all during XXXX. Chief for important growing Dicerna lead Bob the us progress We through second quarter of the to pipeline continue advancing Group with afternoon and you to for With half for in milestones Ralf study, DCR-PHXC orphan DCR-PHXC Phase a for PHYOX this of B Orphan achieved of and of of the Medical me hyperoxaluria time continuing receiving number our molecule progress product receiving steady primary the exciting are Glen. an on the Brown, and Financial the momentum Good hyperoxaluria Officer. as DCR-PHXC an These of our primary you, Thank our Officer; Scientific designating joining and primary orphan X as a Rosskamp, FDA, dosing EMEA’s our include; DCR-PHXC Designation recommendation thank portion Green, medicinal hyperoxaluria medical today. Drug treatment from for for committee products. treatment from the

disease preclinical later have that since for pipeline year, XXXX joining Advancing candidate Russell for finally second indices, drug received filing Russell discussions all preparation hepatitis designation. and settling and virus this around regulatory XXXX our GalXC the additional rare programs, and We that chronic our work preclinical with clearances for program collaborative our our litigation work B and advancing for Alnylam Pharmaceuticals. DCR-HBVS and

milestones for quarter Our have over the the months. drive in the coming strong company that hit second position to accomplishments in value a put

year-end program XXXX of our of trials trial the X include; of are and clinical human quarter in our in XXXX, first and the the meeting results presenting DCR-PHXC of DCR-HBVS to trial quarter publicly into for pivotal on third thereafter. in in regulatory fourth for DCR-PHXC look fourth we As rest clearances the preparing quarter initiate the track Phase filing a quarter, clinical goals. registration results shortly ahead interim XXXX, toward key commencing PHYOX our to and we of reporting These

PH clinical and high-level We candidate development GalXC partnering our respect is now or with rare activities. which lead for also regarding anticipate investigational second news that corporate additional With hyperoxaluria, DCR-PHXC, turn short. later the our year let’s in candidate summary, in to for to primary disease

the PHX, are forms treatment DCR-PHXC are best-in-class as currently no which in a the to and potential to believe PH differentiated and developing types no treat PHX we PH potentially which including condition as categorize been sometimes PH, we approach There have treatment three as detected has for all We multiple of well options. mutation of forms that disease the PH. of for a and a has PHX three PH, idiopathic as defined referred pharmaceutical genes

second PHYOX phase progress May, of the began patients X DCR-PHXC on with study. we In study. well into Phase to for DCR-PHXC schedule continues we dosing of B the study Our PH and are portion the in Group the

XX of PHX, XX with just PHX of patients in out on further enrollment. a this moment. pace the both including very We elaborate pleased have patients with so and far, dosed are and I’ll

B normal As Group a and a healthy healthy with divided study single-blind, enrolled to in single-center single DCR-PHXC doses is now up dose study normal, study XX study the with Group study an study is placebo-controlled, is groups. safety two groups. objective the tolerability This is and A PHYOX patients PHX. in patients the of complete. randomized, ascending study enrolling of of the of and The volunteers. both that multicenter reminder, XX into primary phase is DCR-PHXC The PH. evaluate to PHX a open-label, single volunteers is of

of the markers, of oxalate single pharmacokinetics other to doses The concentrations, pharmacodynamic DCR-PHXC of secondary evaluate and urinary biochemical single the of characterize objectives as as are doses well to on effect DCR-PHXC.

last disruption. and to phase adverse two our per mild-to-moderate with assignment. call, up events. results are volunteer XX targeting the on gene injection kilogram DCR-PHXC LDHA we there were are transient participants, quarterly no X of metabolic and The XX treatment in with site lasting healthy study reported As serious tenderness. promising liver early of represents only the The minimal reactions hours blinded Out remains at to milligrams erythema involving doses from XX

three at We and added study As fourth milligrams of a in in other X of at urinary cohorts of PHX The per does patients it levels. patients portion changes volunteers, cohort kilogram. induce consists unlike dosed PH. a result, approaches or B X biomarkers dosing healthy circulating of not PHX dosed to Group the flexible X.X,

PHX XX one As noted in earlier, of and three, we in one patients each four patient two, PHX and four. have cohorts PHX to-date; cohort cohort one patients in patient dosed

We reporting volunteers and encouraged look top the and Group presenting data results B results healthy a publicly interim quarter or to line fourth forward safety in and third the normal tolerability by medical in in are later quarter. at scientific conference the

approvable the block is in Reduction PHYOX given patients excess field. in study of goal for registration our all with trial. to PH in PHX the in Our an most recent oxalate may again oxalate we’re the the and or urinary with patients developments and PHX of production investigating endpoint be

clinical Assuming for receive of our pivotal, DCR-PHXC quarter we plan the first regulatory positive to in and proof-of-concept are results a Phase that X/X initiate multi-dose XXXX. we trial clearances,

B let’s chronic for turn DCR-HBVS, GalXC candidate or short. Now to our hepatitis virus, treatment the HBV product of for

major Organization. HBV As the health more know, than XXX with the a is disease around according you global World with to people million living Health problem the world

advance fourth in continue track file on for to DCR-HBVS the New human XXXX. clinical are of Australia trials toward and during trials and clinical quarter We to Zealand clearances regulatory

positive take own POC and Our DCR-HBVS our through pending seek on studies partner a to plan proof-of-concept data. to is

GalXC-based about We are HBV. RNAi specifically and administered very subcutaneously potential optimistic to our approach treat the for about

viral to in greater DCR-HBVS infection. GalXC will Our HBV targets due to us to key models show We would therapy HBV antigen RNAi-based one than with leads preclinical therapy a HBV, the for in S DCR-HBVS have therapy. of a antigen molecule, in circulating the point antigen. is, to reduction messenger RNAi-based polymerase of multiple silencing for makes that an even the treat GalXC genome, that tested including with one addition a that to out the core effective structure be comparable activity, results are viral molecule to RNAi-based research approaches favorably RNA I antiviral the XX.X% This, S HBV hopeful data component of our other program viral promising preclinical in in the believe that compare combination like mouse and day HBV of single to therapy directly to been and HBV. and that leads essence, the along genes, models.

a rare a that in to yet our targets involved gene disclose expressed have disease. We second liver serious disease program

to for partner. activities candidate this we while a However, risk-sharing identify we development advance continue

in is in onboard. partner are to NASH, program a file the retains we as parties expected to partnering, with the to Boehringer Switching We multiple a nonalcoholic plan and future. updates in target plan is discussions forward to clearances Ingelheim our once sharing We gears add to on the look collaboration. BI to corporate or the with active regulatory option clinical second fully for an proceeding gene trials collaboration. initiate work to the collaboration according steatohepatitis,

focus well targets select to settlement collaborators apply disease, variety In are platform which of next. areas after BI, addition a additional pace GalXC the meaningfully will I seeking accelerated as in our to of discuss of The wide we liver chronic Alnylam actively the to disease disease. of as discussions our rare technology litigation, cardiovascular opportunities in

part denies property related wrongdoing the in or of anticipated as settlement the that intellectual balance milestones not with party in our allows currently and ongoing claims of any agreement. of settlement we mutual all sheet. does and in Alnylam. pipeline announced does call any not first development. litigation prejudice us resolved our wrongdoing strong litigation of either with As include did agreement agreement terms the and and and not from admit existing advance we product releases quarter any counterclaims to as licenses discussed all include event, include a to while subsequent a maintaining and dismissals to Dicerna royalties Dicerna programs The all Alnylam. April settlement The between This

We litigation firmly are behind us. that is pleased the

on results overall elaborate his results. for and Jack? the discussion Financial of as Officer, Green, financial the impact Chief momentarily, the our Jack of Our to agreement financial accounting terms will part the financial of

Jack Green

of XX, the June value XXXX same line XXXX, and for date, to $X.XX million. XX.X filing and from the of increase decrease the clinical its the litigation for in the I’d the study paid XX.X in ended ended of in the costs recorded expenses in million second million consist salaries stockholders in in studies. summarize research in compared million offset in ended of increase will higher $XX.X as applying market due Alnylam increased of per $X.X periods the due common related company’s The cash, XX, as a preferred development The million for you $X.X XXXX. to Alnylam million $X.X to by XX.X were respectively, settlement a $X.X to million three the same and items. $X the in to costs recorded shares $X.X as the of Thank in the of This XX.X and to and and fair Research attributable settlement XX six of increase future XX, lab and liability supply key are period revenues, liability development of by litigation in is increase the or a related and was $XX predominantly April six months development and the and million for expenses, partially transactions ended the financial General direct periods for of was in lower $XX in the The second to to expenses six share were research second result December payable common was at three XX.X common in XX, three months the settlement loss costs value results the XXXX. months of periods XXXX. and million in three quarter primarily to XX, and settlement paid GalXC and $X.XX research in due XXXX. with same with and the remaining of and for million million to administrative ended in The an platform-related million attributable million million XX.X balance compared million a be conversion X.X six as to as a the stock is the higher to at to million XXXX. income respectively, increase same material XXX,XXX higher platform-related XX-Q The following primarily XX, for June XXXX, June payment direct expenses a three the months year-one to expenses. million in due operating XX, development June net present and interest the targets. compared offset as were studies and with quarter settlement associated direct to expenses reduction was XXXX due the we cash due our operating XXXX. increase which clinical decrease any litigation details. costs, convertible and milestone future you, upfront research partially for as to stockholders toxicology recorded attributable million in Doug. expenses, platform X.X X.X compared periods an consulting the dividends expenses. any as and XXXX, as June diluted XX% reporting predominantly which loss separate An which for payment for increase and ended and same ended The our million expenses months XX.X against respectively, and XX.X contract increase quarter headcount partnering corporate XXXX and three redeemable stock increase payments Net for period of for the in million and is million six for increase $XX months new issuance expenses, primarily million versus related June was June item like to an compared was in upfront in comparable and higher additional discounted was XXXX. XXXX. and legal to Litigation including respectively, and months The and to briefly expenses to XXXX, six all The was Basic gene XXXX. expenses, an

of and to cash $XX.X million compared As XX, held-to-maturity equivalents investments of and as June XXXX. as December million XXXX, cash we in $XXX.X had XX,

ended lease XX, restricted $XX.X equivalents for litigation million six of cash the used and our period $XX.X in X.X development the as collaterals $XXX,XXX of million had to of XXXX million XX, increase due primarily June cash was obligation. compared The to XXXX. and reflects and we securing XX, Additionally, operating expenses. which June December same months of XXXX XXXX, for research operations as in We

six agreement ended June amount of which recognized $XX of the represents upfront Boehringer payment X.X million million are three the from BI As associated as BI. third-party and of XX, amortization XXXX, million June the during XX, well X.X Ingelheim This billable as revenue and nonrefundable certain we with months reimbursable to XXXX. expenses, partial research

recognize to on expect transaction We expect XX, remainder not of basis revenue any the initial for to foreseeable generate We product XXXX. do straight-line price future. the a the June through

With turn closing that, late advancing the call patients. through HBV events. balance current financing proof-of-concept execution includes to or our in for agreements external the DCR-HBVS current fund of additional initiating like our remarks. and estimate XXXX, new I’d Doug which that for studies expect back and cash We sufficient This and is funding collaboration assumes operating plan no clinical clinical from DCR-PHXC development, from to proof-of-concept through into trials stage to

Douglas Fambrough

the Thank year closing, a Jack. we our you, product toward and to as business we as In strategy pivotal objectives. company execute XXXX view our work continue development for achieving

coming the during milestones number the With the have development programs subsequent in a XXXX. period, GalXC on track first of value-creating of sustained the three remain clinical for months in momentum we set have and stage the to second we’ve half that in quarter and

a of for through and we on Dicerna execute an calls. and up with quarterly to And potential cash to strategy to We providing on Operator? with exciting XXXX. well interest are our forward partners look questions. It’s open are runway we future discussions. updates are that, the time seeing we the With pace strong those pleased from financed let’s it

Operator

[Operator Instructions].

of Stephen Please Your first from go ahead. question comes from line the Stifel. Willey

Stephen Willey

should some of in Good for like specifically the could Doug, expect this afternoon. data what results be level later was the quarter, a complete I sounds in wondering venue you preserving release like taking given characterization for Thanks just fourth a questions. top high see to if we line it quarter? you’ll provide

Douglas Fambrough

Yes, I that interpreted think you correctly.

dosing where first two is such three. are course is are RNAi the we’ve four even in X cohort that. – of dosed into The maybe than longer to eight of laid time weeks that fully dosing having You out we and milligram per the cohorts RNAi it to maximum see kilogram effect,

a So time to we quantitative levels need give effect to we and collect what reduction and that we’re about achieving. of sense should of certainly able to be oxalate talk data maximum

preclinical the of have a talk give the expecting able duration to molecule. We won’t full in But to we effect. performance all full about on quarter about be the will enough of because work we of not to of the based duration effect talk quantitative third sense are time

Stephen Willey

guess elevation some the of helpful. LDH preclinical problematic that from seemingly pyruvate to also your I about that’s And in there that liver Okay, concomitant a insinuated competitor inhibition then demonstrating data oxalate a there’s prove safety made recently were some which levels perspective. I positive comments be could to biological but lower think viability

So are as a liver just top curious if whether what that acute this longer-term is and line with of treatment? if something these you’ll Thanks. at even all, to see, and your disclosing monitoring or levels thoughts perhaps theoretically either either release pyruvate you data complete would or be part around comments, expect

Douglas Fambrough

to opening question about target going to about just colleagues GO some talk pyruvate make raised. the versus LDHA I’m Then me the to pass let Yes, the my comments target. you that

data some reflecting has LDHA everyone or think I there PHX. the a target all potential treat forms deeper limited PH GOs of to is is that understands But So to biochemistry.

a maybe showed a couple talk to people’s other it as of on in LDHA we In and know, presented announced think important is LDHA XXXX are I you to just of the I and of things, data XXXX, Alnylam the consistent level data. One target urinary we’ve poster a identical all mice. PHX should have LDH and as that well. in that wild-type with inhibition, which quantitatively that mice is As collected oxalate

gives inhibited normalization. it So it there Consistent absence complete activity, RNAi, you LDH of into in other the also appeared extracts appears be other LDHA extracts ability of poster the no convert pathway to liver ability, that of the in for was elimination zero generation to that because and liver seems LDH than in glyoxylate the to that, – no showed no it by with oxalate oxalate. exist

So be effective that essentially HAOX for were suggests you back publications, for gene have PHX the LDH the at oxalate gene should from Salido that unbeatable, on right, look HAOX. GO the and and very if mice, you knockout a Eduardo double mice that a and target GO knockout reduction. or be at that encodes if of Interestingly, gene the example, look

PHX So that are The for there background. preclinical and GO [ph] there about oxalate null clinical emerging inhibition with protein levels are protein no wild-type the as is XX% full a baseline data which target. well is data think oxalate with in above really the consistent the that there I all

what show addition LDHA, offer In is superior LDHA in also We obviously all to in. reduction. the quantitatively be broader fully to interested breadth they’re may the reason clinical of will results that when a there absolute expect

some to to to I Bob As I’ll address my that. think colleague biochemistry, pass Brown

Bob Brown

Thanks, Doug. Sure.

bodies in humans. for the what physiological our animals and also does reports no enabling development the IND that In in like in not while consistent assessments. in the evaluations no experiment and are born is embryo biological deficiency the preclinical from in our is poster with seen and liver, pyruvate extensive this of report detailed and observation histopathology physiological tox of molecular and [ph] from own liver Humans we complete studies, in reduction literature the their natural of note stage again consistent literature and LDHA-deficient other all this we’ve including either in levels consequence systemically required is with adverse would all And poster the it – formal increase or LDHA observations, convention referred being on to informal mice studies early and First, humans. studies this normally. and I’ll observations that modest with that reproduce and safety fully including completely fetal of knockdown is expect with LDHA CTA LDHA marker the work repeated our both

not the it real, if no seems So of to sure is observation but doesn’t repeatability physiological of about it consequence. we’re get – is be this

Stephen Willey

Great. Very, very Thanks, guys. helpful.

Operator

go of Your next the comes question Jon Please from Evercore. ahead. line Miller from

Jonathan Miller

thing Hi, question. guys. for the really, first just questions. suppose taking quick Thanks really I is

You well? or count in that Does the the mentioned programs the clinical have to as does the PH, [ph] call on collaboration first NASH expect count target you and PHYOX HBV that mystery half and three BI 'XX.

Douglas Fambrough

it that is not thereafter That’d in is it event. timeline be shortly mystery subsequently candidate we a a first clinical the at target. The so and certainly – BI develop, would collaboration discover its BI XXXX clinic to to signed October half launched first

Jonathan Miller

the specifically Sure, okay. clinical doesn’t And it contemplates you it and guidance your there, said through candidate, count PH candidate? third the 'XX cash HBV mystery but

Douglas Fambrough

We for assuming planning third our collaborative venture a financial candidate. are the in

Jonathan Miller

patient enough. far. the bit fair but be I doing fewer and reason a to about the that patients there those one PHYOX. PHX around, PH I to well were little enrollment so I to setting? we’ve slower be trouble will the any enrolling of PHX expect rest Then through And the Okay, obviously there is seem seems to noticed got only patients want on you that ask with there be very but suppose

Ralf Rosskamp

Ralf PHX is Rosskamp. This difficulties in not expecting enrolling No, we’re patients.

this had study aren’t had a PHX PHYOX. in study, reflects our observation As have was And next at study. other PHYOX. because natural to observation in into those this around around identified we patients But the But investigators patients. Dicerna now designated right the many as the Doug it the rapid they what study PHX is and there and in were getting for a enrolled who study expect why said, study who PHX you XX already identification can patients the many been prevalence of those get previously least we I to And disease patients had companies into subjects patients. is. four be in patients program we mostly think This many of enroll know, this

Jonathan Miller

one. the I Okay, suppose And great. last

Looking study patients study, in would X forward well? that PHX Phase the as to you PH anticipate X and idiopathic enrolling and

Ralf Rosskamp

only plan our separate to is now conduct enroll PHX PHX study and patients. and Right patients a PHX in

So patients our PHX is and PHX do you separate want study where as in a mutation has patients current experience and no and know we PHX in to smaller been detected.

Jonathan Miller

All right, great. Thanks very much.

Operator

Your the next line Ed Arce ahead. Company. go question of from Please Wainwright comes & from H.C.

Ed Arce

on Thanks guys. taking Group Hi, congrats progress my for PHYOX and B. questions the with

Douglas Fambrough

Ed. Thanks,

Ed Arce

Looking forward to seeing that data.

So three questions. I have

First this as is amount ahead time. of to the of later to basically share looking at just know anything It’s that you question. make could to at, looking data heard sure as quantitative similar reduction RNA else of expect that the lines interim well what oxalate perhaps time sort of of we I effects that you’re wanted sort expect Characterizing it along previous quarter, the some so you that there’s if correctly.

elaborate and notable if I’ve might going seen program, in And increase so that HBV much. impact forward. would landscape, in collaborations this just a question with think the recent just could perhaps you you then Pharma the how Alnylam your on there? space active Second only thoughts discussions. general not enrollment Allena and perhaps your about I increasing future another Thanks but ongoing share the could space third the IP, just in if – interest be

Douglas Fambrough

you question repeat Could question three up for bit us? in you a Ed, three. broke

Ed Arce

Yes, sure.

Sorry background about the noise.

just in program, going you was your just on characterize especially collaborations, elaborate noted further Third active discussions. if question could you’ve that’s given where an HBV that increase ongoing

Douglas Fambrough

I think I Okay, them. remember

the of that – the safety we’re effect certainly do in question example, we’re oxalate characterization about response. we There of to are we interested third well. on talk going going of that trial may parameters and the interpret, to and that certainly dose a any with time amount But quantitative one that is in results. kind guiding we’ll first reduction, this where had things would people give The sitting more company know are that data some follow to quarter, rather as be who for

has hyperoxaluria very that much the – and excessively from a to targeting question GO high absorbed some And think also PHX the at made role we’ve other – of oxalate levels that LDHA, to second Allena patients enteric PHX release body just than need now certainly our It to burden diet in reductions has of And oxalate it’s it so for already PH, they the landscape we clear. approach for said. that a looked pretty want have was certainly role, PHX particularly liver. what is I quantitative we gives physiological in oxalate and in But about of for approach contrast in and where the kind we’re the the a aware being and patients. high of present a

and safety the combine they’ll like looking as really in have they when any GalNAc – I clearly question are record targeted with partnering, too I you be disease are Don’t much always most to I that with to partnering convenience worry to RNAi do pharmaceuticals So profile of of really outside remarkable of complex commercial the the sparkling answers the think superior guidance those RNAi think the And in give space. because molecules, not GO. want for careful specific third the negotiations. that’s about that sort competition around

we’re we work articulate a quite that will partners better respect of believe makes that strong continue is that’s S is and that with And And HBV, key that be given discussions really as and nature that. important of engage to to reach this will risky part With human RNAi to that clearer conduct we communicate But well much optimistic therapeutic having. that. to the it’s for me at We HBV pleased not plan go to the very our discussions that at partnering part I’m data and fund more that than that with our and than antigen for enhanced really pace data think very reduction and the to value partnering interesting work we’re program hand, strategy in is I of not point. anymore guidance now. and a showing things that a important it it’s conclusions. aren’t regimen that this trying going proof-of-concept substantially give to once likely in maybe minimum a be by engage and of

Ingelheim our So not transaction that in the apply PH or against – get not work I’m the we that more GalXC our bring paid pace discussions about not HBV have programs, lot technology for where program most internal talking that a facilities about – the our ourselves – any Boehringer more programs well fold, we accelerating have of we’re targets look goal applied discussions not that would when Really but and of goal would like done of I’m the a about to talking and the otherwise target way for deals driving is our things ourselves – things talked like like into we do we I’m that, HBV. HBV. about I is talking PH. and a that to that having, announced to

hope that I partnering. clarifies So

that on probably much I said think I I as topic. can as

Ed Arce

helpful, Yes, it Doug, quite fair thanks so That and clarify enough. does that’s again.

Operator

line from comes question from go Chardan. of the ahead. Please next Keay Nakae Your

Keay Nakae

expand the arms in guess ascending specifically, multiple Hi. a Doug, study you on first will look what do wondering of you anticipate can think study? HBV if this maybe you like. dose Thanks. bit I I’m little having the do design

Douglas Fambrough

to question. to describe to for pass I’m that. Ralph Thanks the going

Ralf Rosskamp

with hepatitis will are design ascending in variation be B, right of NUC-experienced range is a and multiple dose post Yes, levels normal in across a overlap – patients. we now chronic patients a wider wide our which and patients dose will single NUC-naïve volunteers proposing ascending different healthy chronic e-antigen which B and study study study what hepatitis is of

Douglas Fambrough

So to doses patients, clarify, for volunteers. for the multiple dose healthy single

Keay Nakae

Very for Thanks good. clarity. the

Operator

[Operator Instructions].

next of line Madhu Riley Your comes Kumar ahead. go FBR. question from from the B. Please

Madhu Kumar

for Thanks guys. taking questions. Hi, my

in a What guys? the mean of in with you to space. of this about B B companies – hepatitis we thinking hepatitis kind clinical lot program, proof-of-concept deal is So this does the

Douglas Fambrough

their are different reduction of sort gimme of in levels with two define if time. Certainly, in in [ph] question that clinical Madhu. you really I level Hi, That’s viral to RNAi, you simplest somewhat of assessment, And proof-of-concept just a frankly the will. the at interesting the point it’s this proteins. one respect think a transcripts and involve seeing encoded could levels is

little very a be there’s antigen. in doubt to going S there’s reduction think I that

I seek how right we preceding and field partner. time right that’s And be partner power that I or X So second suppression Are level viral are now interacting So other seeing more a whether you the can’t work quantitative duration to reductions? establishes really whether a you beyond of partner. POC be have We’ll the be would conversion? level out of long how And the to possible immune depth answer strong the effect Phase Tier That’d the you flares? right time the or a the maybe of reductions? it’s be evidence of S and suppression log proof-of-concept of see proof-of-concept you at duration Are described, about that’s pharmacodynamic program something is about proof-of-concept. action a seeing Ralph proof-of-concept, a end open to now. it’s think just RNAi? Phase seeing come question that sort Phase and is of subsequent are with We’ll to zero program. antigen. It’d that Are very doing the the Phase And we’ll respect for the maybe a obviously the observed are potential mechanisms of antigen more seeing X clinical seeing in And you proof-of-concept the suppression. of strong an multiple X of be X that to X with the whether of of think a see likely evolves. to

and So right case may be simpler, a duration now, of going I on for antigen the the definition wouldn’t say the but be we’re that that of case we’re fixed proof-of-concept. more It suppression. we strong the we’re may form for it straightforward depths that going that do contemplate proof-of-concept single

and So hope answer long informative. a to question short I

Madhu Kumar

interesting. That’s

for B it do [indiscernible] discontinued program, around community when – one continued the the showing has your of think proof So you competitors’ kind viral of of any change that’s to see that consensus of you in towards around kind Tier they discovery grades changed B? RNAi work in level think and that’s hep accidental like X RNAi the based that from proof-of-concept Do the clinical the really biomarkers. in declines hep of more Tier X

Douglas Fambrough

an Yes, concept. insightful that’s certainly

the you observation that think start I has Phase has referred perception possibility and of in may had powerful a raised enticing very that I the effect the itself. on to see X pretty to RNAi in the that field

that has implication. of so course And the

certainly than HBV of pharmacodynamic to the then an view see clinical of all. see that RNAi but of about prior potential on and speculate I in showing longer RNAi you at for Phase and had for you to that work effect RNAi observation has HBV. has expectations If effect in raised the X, of only viral in I RNAi profile important of the would begin on don’t can it it general of effect question that whether referred treatment the the you ever people treatment the an antigens the think

Madhu Kumar

great. Okay, Thanks.

Operator

am turn this questions Doug over Fambrough I Please go further time. no comments. showing conference sir. back ahead, to would closing I Mr. the for at

Douglas Fambrough

at much to you attending speaking today. the call thank Well, very forward look for end the next I again quarter. of everybody

Operator

Ladies you and conclude a have your day. does wonderful participation gentlemen, Thank conference. that for and today’s

You may now disconnect.

Dicerna Pharmaceuticals (DRNA) 8 Aug 182018 Q2 Earnings call transcript