you, Thank joining all you thank Adi. and for Welcome afternoon. us team, to the this
biomolecules at innovation patents reduced successfully profile, Alter, success. the reducing protecting believe GI debt our optimizing an company the We During and third the and Director Directors pipeline. issuance quarter of We Board IBD team the company transition focused of oral its innovation-led made directed while quarter, on rate our biotherapeutics pivotal materially the progress appointment accelerating a level long-term positioning in the capital of structure reducing transformation materially its its to delivery great structure burn our platforms. Adi appointment and management burn cash recently addition raised the governance as our to the added with with of its by was our of the new and the important more capabilities third to and as our CEO of biotherapeutics We company period announced capital for started and our Chair; Chair. a Lead Jill Howe Board as Audit Jeffrey our and Director,
monoclonal Let achieve also to uptake Biotherapeutics oral market prime biotherapeutics, oral cover delivery an and estimated global $XXX Oral especially nucleic other goal me systemic proteins, is is of potential program. The program this but In we're targeting antibodies biologics billion delivery first of for acids. that and total, these our peptides solutions.
quarter continue device humans. performance During to understanding with make and the improvements progress and third animal our of further models expected XXXX, refined our we in manufacturing and
with more drugs and indications; and with compelling generating a lead concept of animal As variant monoclonals a improve antibody, a agonist a generate compliance high XX% the range substitutes. reminder, known large we drugs target are in profiles, anticipate a and additional the PGN-OBX, for data range to studies. with clinical wide liver a treat peptide safety number use chronic PGN-OBX, believe candidates, with lower OBDS we a market expand data help pathologies, of costs. become will as infusion models formulation help coming an IV first-in-man and repeat biomolecules. should around proof for as Two, across a be potential XX% average molecule we And help that patient the of platform including competitive and to we able established monoclonal believe prove bioavailability the adalimumab, in and We liraglutide, months of have small such of we GLP-X biotherapeutics, finally, other to believe dosing GLP-X. diseases. of of We satisfactory concentration using of two can, one, initially three, have the IV provide efficacy We
leader the to advance oral is continuing leverage OBDS resources to to partner parties biotherapeutics. in delivery strategy while also Our their with the help and pipeline third drug candidates of a own our to make
large an and of company for the quarter, therapeutic collaboration the partnership the pharmaceutical our into evaluate their OBDS with of third a oral third OBDS OBDS. delivery This large the further marks and we with the demonstrating molecules to in the industry platform. additional entered During interest
DDS program. our to Moving
reminder, a system. for stands As DDS delivery drug
inflammatory DDS biotherapeutics, OBDS The has to is been deliver systemic solubilized of bowel of designed locations GI to oral treat the high-dose pharmaceuticals goal the is IBD. along achieve diseases disease, this delivery program breakthrough. localized the GI or uptake While to to tract specific and designed treat with minimal to initially systemic
We are deliver in directly available and disease to developing of to tissue drug GI solubilized throughout the maximizing the proprietary device dose the combination in drugs distribution tract, formulations the achieving products the site thereby designed of colon. drug
our We and potentially tofacitinib, ulcerative are stomach with lead normally market of a focus first absorbed colitis, GI PGN-XXX antibody. market adalimumab, targeting small estimated in or tract monoclonal $XX -- UC, billion drugs molecule being a also IBD the our the two PGN-XXX, variant with and initial upper a
rapid we and reduced rates IBD/colitis. platform events clinical achieve to We remission continue for believe induction, this superior have potential the treatment safety of the with to
During the device development third and quarter, manufacturing. we continued advancement of
the our We data program for the XXXX. remainder meeting, Clinical world-renowned first and members bowel reviewed Board the meeting. our Advisory disease also to XXXX conducted In Advisory a generated of date and Board official aligned clinical inflammatory on
first UC to the and we tolerability We during patients for first study reminder, the volunteers. with DDS, a reported. were XX study safety, autonomous in no GI As normal a targeting with quarter, in in plan our healthy tract and the UC conduct achieve similar safety prototype intend conduct evaluating effects the of We the completed result the issues pleased capsule significantly our the confirm successfully then the therapeutics initially disease UC. device patients. pharmacokinetic of XXXX of in to We demonstrate will We DDS studies half device desired for proof-of-concept disease to safety and GI IBD with delivery platform function to the advance pharmacodynamic first believe can patients. in and our and treatment were
rapid drug the we profiles, and has continue with recognized Colitis established and begins enable combination effective to efficacy with strategy Foundation to as the funding but at potential directed localized the Crohn's has of the drug by new IBD The safety the any treatment regimens GI potential transforming known believe compatible disease drugs enhance such as for provide for and treating DDS been induction platform technology. Our development DDS the and significantly therapies. they
small bacterial study healthy to samples. near-term complete Our quarter, devices did collect, much to with as work third second-generation diagnostic in result, have RSS is shifted pipeline the we enable delivery microbiome and the the analyze composition on development the focus larger manufacturing. our normal And with In engineering builds we to fecal our and scale a platforms. to device and a drug the subjects very compare preserve proof-of-concept of
results potential We publication. are preparing those currently for
Moving remaining our to health women's innovation platforms.
We have our for the PRO-XXX for validation successful of study previously rule-out announced Preecludia test preeclampsia. the completion
achieved drafted principal by primary for a and Our a included Preecludia protocol journal the strong was test submitted investigators publication. our the in paper are valuation to hazard endpoint independent of and study ratio of review subsequent scientific the Results peer-reviewed performance. which study demonstrated
we the specific look ability limited a to provide upcoming more publication. we here, are As details results our to forward but result, regarding the in
and rule-out enabling Combined an the and of ongoing managed our firm process maximize test our value which we performance, an has portfolio patient IVD out-license pleased are with shareholders. we the potential of in this our preeclampsia serve now a Preecludia advisory internal our and will with can to and as signs the of also kit, women potential potentially to in support the believe by assays with launched our opportunity. patent gives immunodiagnostic growing We We've and an company for strength test efforts. one to better transform preeclampsia. of more management licensing novel potential engaged the which the for the very asset team key believe allowance to formally with Preecludia Preecludia work underway, physicians global important symptoms
and can IVD identify a CE is U.S. market reimbursement patient for commercial access do in global markets. that to facilitate preference the same the partners and the and in Our physician
our million capital have a at last Moving in We operating that earnings implemented already and in annual $XX to expenses changes mentioned our time call reduction that financial achieved rate. performance activities. our run market we
a have further third annual separation reduction. rate the profile quarter, expect we of we capital run total a quarter, once in achieve runway from approximately our annual expenses, extend in significantly to revenues out million second affiliate reduced our completed, rate where discontinued million were we operations. expenses came of secured expect the of million our And is which $X.X markets. million generated the $XXX We reduction dependency $XXX which the and spend operating to reduce our in run $X.X from During will the third during we quarter, on Avero
we to we with everyone generation remind that through a burn are development our testing are company, representing XXXX, picture. a Operating as development bio capital However, $XX.X the million company's compared in as allocation from expenses lab with shifting Consequently, to the were stage financial therapeutics quarter. pipeline achievement cash and key data focus quarter less expenses, million milestones previous reconfirm favorable away expenses from and reach variance goal innovation in complete value as at that near-term $X the look we our QX, our compensation to we compensation expenses transition third the our focus reduction way of of to stock-based expectation it our operation of before stock-based generating changing revenue guidance. concentrate during operating shift third complete we the the molecular associated And operations will our on the away fourth is generation. $XX spend in our excluding managing important than million our total quarter we operations optimizing and
the More company's of of less allocated operating stock-based the illustrating our than end expenses benefit R&D, the to majority are of by be pipeline. reach will importantly, which focus innovation $X run fourth monthly on our million expected expenses rate compensation before the the to quarter,
burn our in expense. compensation profile transformation. the million reconfirm cash were be target post the million operating $XX.X in expenses of also stock-based quarter range G&A to million, third $X.X XXXX including We $X to million monthly $X in
expense. licensing $X.X to health to including And to profile. we as expect be data-driven were commitments. support In approach For programs $XX.X a approximately capital maintain expenses line transition R&D $XX in company are our R&D our towards also stage-gated QX, compensation expenses expect the shifting partnership in activities. finalize compensation million third stock-based we cost million new parallel, million, reduction and with in expenses before G&A overall women's the quarter stock-based we spending we
expenses R&D slight from a our in be are million stock-based result, expenses a QX, $XX approximately before prior guidance. As expected compensation to our reduction
the received placement heading Since During raised million gradual we $XX in of we've a into $XX have to exercises and direct million as in burn cash the October private and offering, of with balance half of XXXX allows us the have 'XX third so transformation, additional $XX to quarter $XX of well runway million quarter through proceeds third the registered in substantially position the leading The this capital had XXXX. million end combined offering completion than cash the gross an warrants of then, third raised date call. the raised puts at a quarter, the into XXXX. in far liquidity an in second underwritten and public company's strong us of of in our reduced a more
proactively exchange Finally, we the the the and with worked as managing notes of exchange through reducing capital to capital nonaffiliated provided balance who to thank consent structure. in structure transaction. the XX% the two look debt proactively noteholders proceed during lockup a we convertible period reach continue representing our reduction of We a to our us of our our a current by who investors started We closing reducing $XX.X with intend the the notes. million successful convertible to the optimize balance
reduction and significant in this at expected transformation we a have expenses advancing Our already realized rate. operating as run is juncture,
on our DDS the approximately to treatment IBD colitis from of biomolecule sharpening disrupting billion licensing $X generating the for to OBDS could market enable delivery test, alone. an potential and forward U.S. through We're also Preecludia us new oral capture in with our rule-out market are share which focus our developing revenues the options We looking via platform. our
transformation questions. We make With progress expected by a optionality vast potential potential company. we our are and now about into be biotherapeutics value are enhance the as have near-term transformative. to we focused markets are that, today the addressing the operator, instances, value ready provide with We're for milestones execution, for commercially pipeline, future innovation excited future The we continued our excited creation. certain in progress we discussed to and and
