PureTech Health plc (PRTC) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to the 39th Annual JPMorgan Healthcare Conference. My name is [ Vedder Schader ]. I'm a Vice President in our health care investment banking team. And it's my pleasure today to introduce you to our next presenting company, that is PureTech. And we have our next presenter, Daphne Zohar, the founder and CEO of PureTech. Before we start, though, I'd just like to mention that we'll -- after the prepared remarks, we'll have about 10 to 15 minutes of Q&A, and you'll be able to submit a question through the link on the website, the blue Submit A Question button. And with that, I'll hand it over to Daphne.

Thank you, [ Vedder ], and to the JPMorgan team for inviting us to present, and welcome to everyone who is listening and watching via webcast. We have a very unique story to tell at PureTech. And importantly, we have a highly promising wholly-owned therapeutic development pipeline that we're going to dig into during the course of our presentation. We have a number of anticipated milestones and catalysts that are on the docket for 2021. As we pursue our goal of developing novel medicines for serious diseases, they currently have no or limited options for patients. Moving on to the Safe Harbor slide. During this presentation, we will be making forward-looking statements, and you can see the full statement on our company website. Let's start by taking a look at PureTech's wholly owned therapeutic development pipeline on Slide 3. It's really important to highlight that we started 3 clinical studies in the past 2 months, which we expect to read out over the course of this year. In addition to these catalysts, we are also planning registration-enabling studies for LYT-100 in IPF. That pipeline progress is underpinned by what we call our Founded Entities, which you can see across the lower half of this slide. These are innovative programs that PureTech initiated and coinvented, which we are advancing in independent entities. We hold sizable equity ownership in those 9 Founded Entities and benefit from their growth and catalysts, similar to partnered programs. They are a source of non-dilutive funding from events such as M&A transactions, IPOs and royalties from sales. Additionally, as we look at the bottom bar, we have the capital that we need to support the advancement and growth of our pipeline with nearly $400 million as of the last -- the third quarter of last year. The Founded Entities are also well-capitalized with having raised about $1 billion over the last few years. We are inspired by our mission to give life to science by rapidly advancing scientific breakthroughs to patients. And we're proud to have invented the underlying platforms and programs that led to 24 potential new medicines for devastating diseases, 13 of those are clinical stage. And 2 of those therapeutics were taken from inception at PureTech through FDA and European regulatory clearances. As we advance to Slide 5, this is our distinctive R&D model, which is built on collaboration with the world's leading experts around specific diseases, through the lens of biology of the brain-immune-gut axis or what we call the BIG axis. Together, we identify, invent and advance scientific breakthroughs. This model has enabled us to gain early access to data before publication in major journals. An interesting fact is that there have been over 25 papers published in top-tier journals like Cell, Nature and Science, in many cases, after we have brought in the key IP. Another important part of our process is to run early derisking experiments before advancing the programs. Our R&D focus has centered on the biology of the Brain-Immune-Gut axis, and the crosstalk between those systems is rapidly becoming a focus across scientific disciplines. It has recently become clear that key components of the BIG axis such as the gut epithelial barrier, the microbiome and the lymphatic system play important roles in health and disease. Our wholly owned pipeline on Slide 6 focused on the lymphatic system and related immunology is a major new driver of growth. We are now in the clinic and anticipate several upcoming milestones. The lymphatic system is a key component of BIG axis crosstalk and serves 3 essential functions. The first function is maintaining fluid balance. Disruption of lymphatic flow can lead to lymphatic disorders like lymphedema and is intriguingly also implicated in the development of neurodegenerative diseases. The lymphatic system acts as a super highway for immune cell trafficking and programming. And a third function of the lymphatic system is absorption of dietary lipids. We're leveraging this function to directly drug the immune system by oral administration of compounds directly into the lymphatic system where immune cell education takes place. On Slide 7, we're going to start our step-through of our therapeutic development pipeline with LYT-100, which is a perfect case study for our R&D model. Unique insights and unpublished data from our collaborators and business network enabled us to identify LYT-100 and acquire the IP. We then ran a study which provided proof-of-concept and we believe derisked the program significantly. We think, based on the data we have, that this could be a really important new therapeutic with the potential to treat a range of diseases. Lymphedema is a serious chronic condition that affects 1 million people in the U.S. It causes severe swelling in parts of the body due to the buildup of lymph fluid, inflammation and fibrosis. Working with the world's leading lymphatic experts, we became aware of unpublished preclinical data with pirfenidone, which were combined with insights regarding the clinical differentiation of deupirfenidone, which is an oral deuterium-containing analog of pirfenidone, and our own clinical data. Here's where we're taking it. We're advancing our lead candidate, LYT-100, in lymphedema. We've recently initiated a clinical proof-of-concept study, which we expect will read out in the fourth quarter of this year. We are one of the only companies advancing a new therapeutic for lymphedema. We are also taking this program forward for pulmonary indications like IPF, where LYT-100's potential advantages over pirfenidone could be meaningful to patients. We are planning a registration-enabling study in IPF, and we've also just started a study in Long COVID-related pulmonary complications, which we'll read out in the second half of this year. On Slide 8, we'll look at the problem that LYT-100 is designed and engineered to solve. IPF is a condition characterized by progressive, irreversible scarring of the lungs. The current standard of care includes pirfenidone, which is a widely prescribed and efficacious therapy for patients who have IPF. The problem is that pirfenidone has some significant GI-related tolerability issues such as vomiting and diarrhea and approximately half of patients on pirfenidone have to discontinue treatment, dose-adjust or switch due to those tolerability issues primarily. So there is a substantial opportunity here for LYT-100, which retains the pharmacology of pirfenidone, and has a highly desirable tolerability and pharmacokinetic profile that we believe could really make a meaningful difference for patients with IPF. For those reasons, we believe that LYT-100 has the potential to replace the current standard of care. On Slide 9, we can dig deeper into the potential advantages of LYT-100 from a clinical standpoint. LYT-100 has a few key benefits, including enhanced exposure, improved tolerability, less frequent dosing and the potential for improved efficacy, as you can see on the upper right quadrant. As we look at the lower left corner quadrant of this slide, we have a composition of matter patent with exclusivity up to 2033 when taking into account potential patent term extensions, with additional patents on dosing, formulations and methods of treatment that would further extend the period of exclusivity beyond 2033 to about 2040. LYT-100 also has the potential for NCE designation and orphan drug exclusivity for IPF and other indications. What we really like about LYT-100 is its derisked clinical profile with a new chemical entity. It actually reminds us a lot of Karuna's KarXT, which was a program we coinvented where we knew a lot about the parent compound efficacy and had an improvement that addressed tolerability issues and opened up new possibilities. We believe that this is very similar. Importantly, as we move to Slide 10, we have already achieved proof-of-concept with LYT-100 with respect to its favorable tolerability and PK profile. On this slide, you're looking at data that we just announced 2 months ago, which we are currently preparing for submission in a scientific venue, together with other data around LYT-100. This study demonstrated proof-of-concept that LYT-100 is well-tolerated at up to a dose of 1,000 mg BID. LYT-100 has previously demonstrated greater exposure at the same dose compared to pirfenidone. And based on the recently announced MAD study results, we believe it could have the potential for increased potency and activity while reducing the pill burden. Importantly, despite this increase in exposure, LYT-100 was well tolerated with no titration required, and all treatment-related AEs were mild and transient with no discontinuations. We also conducted a food effect study, which indicates that LYT-100 could be administered without regard to food. On Slide 11, you'll see the preclinical proof-of-concept that LYT-100 retains both the anti-inflammatory and antifibrotic properties of pirfenidone. For example, on the left, LYT-100 reduces pro-inflammatory cytokines like TNF alpha. And on the right, we can see the antifibrotic effect of LYT-100 in reducing TGF-beta dependent increase in collagen. On Slide 12, we describe the results of some of the extensive independent research that was conducted with physicians. In this study with 100 pulmonologists, what was most striking was that the physicians indicated on average that they would switch approximately 1/3 of their patients to LYT-100 even if the advantages were only improvements in tolerability and dosing and without accounting for potential efficacy benefit of LYT-100. For example, one of the physicians said, and I'm quoting them now, "I would switch 100% of my Esbriet patients assuming it has equal or better efficacy due to the side effect profile." So this is why we are moving urgently to advance this program. We find these data to be particularly meaningful. As key late-stage IPF agents in development today are being studied on top of the current standard of care, basically pirfenidone or nintedanib, with LYT-100 having the potential to supplant the standard of care, it also has the potentials to be used as a standard therapy on top of which future new therapies would be prescribed. Slide 13 illustrates in addition to the 445,000 patients worldwide with IPF, there is also a great need for treatment in non-IPF progressive fibrosing ILDs. ILDs encompass a group of over 200 distinct disorders, including IPF and Long COVID and impact 0.25 million patients in the U.S. alone. Within the ILDs, patient can develop progressive fibrosing ILDs, in which there is a progressive deterioration in lung function and quality of life with an increase in early mortality. IPF is characterized by progressive breathlessness. So patients early in the disease will only recognize breathlessness when they exert themselves heavily. But as the condition gets worse, patients will inevitably develop respiratory failure at rest. So usually, in the last year of life, they will become oxygen-dependent and the condition ultimately tends to kill the majority of sufferers through respiratory failure within 3 or 4 years from diagnosis. What these ILDs have in common is a progressive phenotype and a dearth of treatment options, with nintedanib being the only approved drug for the broader umbrella of ILDs. Given the common biology that PF ILDs share, a drug that is effective against IPF has potential to treat other PF ILDs. And we believe that the tolerability profile of LYT-100, with the potential for significantly fewer symptoms of nausea, vomiting, diarrhea and other GI tolerability issues, could make a big difference to patients. As we go to Slide 14, you can see that PureTech is also advancing LYT-100 for Long COVID-related pulmonary complications. Millions of people are at risk for long-term sequelae after recovering from the acute phase of the virus. So early on in the pandemic, back in the spring of last year, we were beginning to hear reports from our pulmonologists contacts who were saying, we're seeing this problem of persistent lung scarring or fibrosis post recovery and could LYT-100 be a treatment option. Those reports were amplified by community of patients or what they call the long-haulers who have helped to bring the emerging public health issue of Long COVID to the forefront. There are now multiple studies confirming and expanding on those initial observations of the long-term effects of COVID. We, as a company, quickly decided that we were going to see if LYT-100 could potentially make a difference. And I'm really pleased that in just a period of short months, our team was able to open this global, randomized, placebo-controlled Phase II study for enrollment last month with a readout expected in the second half of this year. On Slide 15, we've outlined the upcoming catalysts from our LYT-100 program. Over the course of this year, we anticipate 2 key data readouts from LYT-100. We anticipate being able to share results from our Long COVID study this year. We are also crystallizing our plan for a potential registration-enabling studies in IPF. We also initiated a Phase IIa proof-of-concept trial in people with breast cancer-related upper limb secondary lymphedema last month, with top line results expected in the second half of this year. Secondary lymphedema is the most prevalent form of lymphedema, and it can develop after surgery, infection or trauma and is frequently caused by cancer or cancer treatments. There are approximately 500,000 breast cancer survivors with secondary lymphedema in the U.S., so we're really pleased that we're able to move this forward. I'll now be moving on to Slide 16 to discuss another clinical stage wholly owned program within our pipeline. Beyond LYT-100, we have just started dosing patients with LYT-200, our novel fully human monoclonal antibody candidate targeting galectin-9, a foundational immunosuppressor that is upregulated in difficult-to-treat cancers like pancreatic cancers, just to name one. We are advancing LYT-200 for a range of solid tumors. And on Slide 17, you will see multiple lines of preclinical data supporting the therapeutic potential of LYT-200. On the left, we are looking at the KPC pancreatic cancer model. This is a very well-established preclinical model that has demonstrated predictive value for clinical translation. We have reproducibly and consistently shown robust single-agent efficacy of LYT-200, which induces tumor growth inhibition of over 40%. Importantly, this is a model where checkpoint inhibitors as single agents do not show any efficacy, so there's a big need in this patient population. We have also conducted work in patient-derived organoid models shown on the right, which recapitulates endogenous intratumoral microenvironment. We have used the organoid model in over 20 individual tumors across various tumor types and have seen very robust and reproducible activation of intratumoral T cells with LYT-200 in this model system. This is precisely the net effect that mechanistically we hope to achieve with LYT-200 in the clinic in our patients. Moving to Slide 18. You will see that last month, we initiated a Phase I trial of LYT-200 for potential treatment of metastatic solid tumors. The first part of the study is designed to evaluate the safety and tolerability of LYT-200 in relapsed and refractory metastatic cancers -- cancer patients with the aim of identifying a recommended Phase II dose for further evaluation in combination with chemotherapy and anti-PD-1 therapy. We expect top line results in Q4 of this year. Based on our preclinical results, likely Phase II expansion cohorts will include patients with pancreatic cancer, colorectal cancer, cholangiocarcinoma and other tumor types. We also plan to assess multiple pharmacodynamic parameters through analysis of tumor biopsies and patient blood samples. On Slide 19, we introduced LYT-300. LYT-300 is an oral form of allopregnanolone currently approved and available in the U.S. as Zulresso. Zulresso is administered as a 60-hour IV infusion, which has greatly limited its usage in postpartum depression and would likely be a limitation for other indications. It has therapeutic potential across a wide range of neurological conditions like seizures, sleep and neuropsychiatric disorders. The problem is endogenous allopregnanolone can't be given orally. Using our proprietary Glyph technology, which allows for lymphatic targeting and avoidance of first-pass metabolism, we have made the compound orally bioavailable, which could also allow us to explore a number of additional indications. In preclinical studies thus far, we have demonstrated oral bioavailability with LYT-300 and have shown plasma exposures that suggest therapeutically relevant human plasma levels may be achieved. One example of the data we have generated is in the bottom center of this slide. Based on those promising data, we expect to initiate a Phase I study for LYT-300 by the end of this year. As we move to Slide 20, I'll note that the exciting momentum and progress across both our wholly owned pipeline and founded entities would not be possible without our dedicated team and our outstanding scientific collaborators who are leading experts in their fields. On Slide 20 (sic) [ Slide 21 ] we are also very fortunate to have an amazing board and R&D Committee, which includes former CEOs and CSOs of major pharma companies, entrepreneurs and award-winning academic and clinical leaders who leverage their expertise to support our mission in a hands-on manner. Moving to Slide 22. We've spent the bulk of our time today in this presentation talking about the LYT-100 clinical development programs, but as you look across our wholly owned pipeline and our founded entities, this is expected to be an exceedingly catalyst stretch here. I'll draw your attention to the column on the right. Bolded items represent key catalysts, and unbolded items represent progress. We have many meaningful catalysts anticipated this year, including results from a Phase II trial of LYT-100 and Long COVID respiratory complications and related sequelae; results from a POC trial in breast cancer-related upper limb secondary lymphedema for LYT-100; results from a Phase I clinical trial of LYT-200 for the potential treatment of metastatic solid tumors that are difficult to treat; and nonhuman primate proof-of-concept data for our Orasome technology platform, which may enable oral administration of messenger RNA and other payloads. Our Founded Entities are also a major potential source of news flow and value with at least 6 clinical study initiations, 5 clinical readouts and the full commercial rollout of 2 Founded Entity therapeutics, all anticipated through 2021. In addition, there is the potential, of course, of revenue stream from multiple Founded Entities through 2021. I'd like to conclude on Slide 23 by saying that as we build on the momentum and grow PureTech going forward, we plan to drive product candidates forward through clinical development and potential commercialization; continue to grow and expand our wholly owned pipeline, which is focused on the lymphatic system and related immunology; derive value from the growth of our Founded Entities; and then partner or spin out noncore applications coming out of our wholly owned pipeline. We have the capital to accomplish our goals and have guided that our current cash will take us into the first quarter of 2024. Most importantly, we are excited about the potential of the new medicines we've discovered and developed to make a major difference in the lives of patients as we build and grow the biopharmaceutical company of the future. Thank you, and we'll be happy to take questions now.

Great. Thank you, Daphne, for that presentation. Very interesting. [Operator Instructions] I'll kick it off on my end. Maybe you can talk a little bit about this your unique business model that you guys have, how that's evolved over the years and how much resources and time do you spend on the Founded Entities versus your own internal programs that you're developing.

Yes. That's an interesting question that we often get, which is that people look at our company and they think that we are an investment firm or that we've somehow got holdings in a bunch of companies. But I think very few realize that we were the -- one of the inventors and really identified and advanced all of the underlying programs and platforms that are now being advanced in the Founded Entities. The reason for that structure initially was that we were resource-constrained. So we partnered with venture capital firms and other investors to advance our programs and sort of partnered with those investors. As we built our track record and advanced and were able to have capital on a PureTech parent company level, we decided we did not want to give up any ownership in the programs going forward. That was about 4 years ago. And so basically, our team is primarily focused on our wholly owned pipeline. And the Founded Entities have outstanding management teams that are driving those forward.

Great. And do you envisage kind of continuing that approach into the future with other internally developed assets? Or are you going to now switch gears and focus on becoming a pure-play biotech company?

Yes. We'll continue to build and grow PureTech, and that will involve pipeline expansion. Our discovery process is continually yielding really exciting new ideas that we're moving forward. But all of those will be developed internally, and we'll spin out things that are noncore.

Got it. You mentioned a number of new technologies that you guys have under the hood, the Orasome technology with the oral delivery of RNA therapeutics. Can you talk a little bit about how that works? And maybe also kind of how you stumbled across this technology. It's very fascinating.

Yes. So that came from our lymphatic-targeting platforms. We have 2 of those. And I would love for Bharatt to say a little bit more about that particular platform.

Yes. Thank you. So we were -- a few years ago, we were looking at in very typical PureTech fashion, looking at the type of problem that we can address involving administration of biologics. As you know, most of the biologics are administered through parenteral administration, injection, IV or subcu. And so we were interested in identifying technologies that could enable oral administration of biotherapeutics. And so we looked across and we talked to a number of key opinion leaders. And one of the areas that became of interest to us was these exosomes. These are extracellular vesicles that naturally are involved in carrying macromolecules between cells. But most of the exosome technologies that are out there, and there are a number of companies working on them, they are not amenable to oral administration because they're very fragile and will not be able to withstand the harsh environment of the stomach and GI tracts. So we started looking, and through our network, we were able to identify a technology which involved vesicles that are inborn in our milk, for example. And so these vesicles from milk are naturally -- evolve to be very stable and can withstand the transport through the stomach and into the small intestine and the GI tract. So we decided to use this technology as the starting point to then evaluate its role in loading these vesicles with the payload of interest such as messenger RNA or other expression systems or siRNAs and other macromolecules so that we can administer them orally, have them pass through the stomach into the small interest in and then into the systemic circulation through the lymphatics. And so we are advancing this platform, very exciting. Because imagine, if we are able to administer orally a messenger RNA or an expression system and have the body actually make the protein, therapeutic protein, that would be a huge advancement in this field. And so we'll then open up that technology for a range of applications with the existing current molecules that are in the market as well as novel biotherapeutics. So the potential for that is, we believe, quite enormous and transformative. So we expect to have some proof-of-concept in preclinical models later this year in nonhuman primates as well before the end of this year.

Great. It's very, very interesting. How do you think you -- I mean what's the kind of special sauce that makes you attract these experts and these programs into PureTech? It seems like you've got an expansive kind of network of collaborators. I'm just interested in why they opted to work for you relative to maybe other opportunities?

It's interesting because we started with a few people that just everybody wanted to be in the room with. And then I think what progressed is that the kinds of discussions that we're having are bringing together cross-disciplinary group of scientists, clinicians, entrepreneurs focused on solving and really addressing specific diseases. And I think that they have -- the scientist collaborators that we've worked with have found that really gratifying is to take -- to be able to really make an impact on the field. I think an interesting parallel is what we've seen happen in the world around COVID-19, how everybody got together to try to solve a problem. Well, that's actually been our approach all along, is that we focus on diseases, bring together experts, identify novel approaches and then derisk them.

Yes. Just piggying back off that point. It's relatively unusual to find a company focused on the lymphatic system. How did you decide that was an area of focus? And are there other companies that are developing drugs in that therapeutic category?

Yes. Throughout our history, we've always, really wanted to be in areas that were a little bit more pioneering. And we were intrigued by the lymphatic system. We really came to it through our interest in this Brain-Immune-Gut crosstalk. And it was interesting because it was such an underappreciated yet incredibly important area of science that had just started to pick up in terms of scientific papers and so on. And that's sort of been a broad theme for us. It's been underappreciated because I think it's been viewed as almost like a sewer system in its role and importance in immune cell trafficking and education. And for example, one of our collaborators has led us to a program which looks at the meningeal lymphatics and the role of the lymphatics in neurodegenerative disease. So those are really emerging just over the last few years, and the tools to probe the lymphatic system are really developed. So that's one of the reasons why -- those are some of the reasons why we're really excited to be one of the only companies. And we're not really aware of other companies that are focused on the lymphatic system, though I'm sure there will be more going forward.

Great. And just to kind of hone in on LYT-100, your sort of lead asset here. Can you talk about -- a little bit about kind of the tolerability issues that you see with Esbriet and kind of what our goal is in terms of the development of LYT-100? Is it purely just an improvement on tolerability or are we looking to dial up the efficacy as well?

Yes. I think we could potentially do both, but I would love for Eric Elenko to answer that question.

Yes. So LYT-100 is a deuterated form of pirfenidone. Deuteration preserves the underlying pharmacology but introduces a pharmacokinetic benefit, so the same dose get us a greater exposure. And we think that could allow for greater tolerability and also twice-a-day dosing instead of 3-times-a-day dosing. And that greater tolerability was really [ pronounced ] in empirical fashion in the multiple ascending dose data that Daphne presented during today's talk. The goal here really is to improve tolerability, which is something that is a known issue with pirfenidone. So if you look at the trials, it's having a clear effect on IPF. About half of patients end up discontinuing, dosing down, switching because of tolerability issues. And that is driven all by things like GI issues. So our goal is to improve tolerability, to have a better dosing regimen. And by improving tolerability, that also could allow for greater efficacy. So if a patient doesn't have to dose-down, if they're more tolerant of the medication, therefore more compliant, that actually could allow for the drug to have a greater overall benefit to the patient.

Right. And it seems like this product -- you've got a pretty nice kind of pipeline of product approach here. Out of the 3 indications that you're pursuing, which one do you think is the most attractive from a commercial standpoint? Obviously, the Long COVID is -- that's one that I think I would be interested in learning a little bit more about in terms of how prevalent that is in the COVID population. But outside of that, IPF and the other lymphatic flow disorders, which ones do you think are the kind of biggest commercial opportunities for you, guys?

Yes. So I think that the one that we really are focused on as the primary opportunity would be the sort of overall umbrella of progressive fibrosing ILDs, including IPF, for a number of reasons. One of those reasons is because of the derisked nature of the efficacy profile because we know a lot about pirfenidone. It's an approved drug in that indication. And we think we have these improvements that could potentially be really meaningful for patients. So that's one reason. Obviously, there are great needs in that area, both in IPF and also other PF ILDs. So the other indications, lymphedema to us is a place where it would be wonderful to make a difference because there is no therapeutic for those patients, and the approaches that are used are more mechanical and others that don't provide any relief for the patients. But to look at the data that we have around that, what we have is preclinical data, so we're going to be doing a study and really exploring the potential for LYT-100 in that indication. I think that it could be very interesting if we see good efficacy there. And in the case of Long COVID, I have to say we were driven mostly by altruistic, trying to do something to make a difference here, but we do believe that there is an emerging public health issue around Long COVID. So you're hearing about it more and more. And there's -- we've heard different reports but it could be 30% to 50% of patients who recover have some form of long-term issues, including lung fibrosis, which could progress, by the way, to IPF in a subset of those patients. So we think that that's actually really important to try to do something and intervene early.

Okay. Great. And then just the last one from me on the oral allopregnanolone product, LYT-300. How do you think about that product relative -- obviously, Sage has had issues with Zulresso given its administration and the fact that you need REMS certification, et cetera. How do you think about this product relative to, say, some of the other products that Sage and others like Praxis are developing to go off the PPD and the benefits of your approach versus theirs?

Yes. We think it has some key benefits, and I will ask Bharatt to speak about them.

Yes. So one of the attractive features of LYT-300 profile is that we are creating an oral form of a natural neurosteroid. So Zulresso was the natural neurosteroid that Sage advanced through IV infusion for postpartum depression, and they got approval. But commercially, I don't believe it's doing that great. And so that's why -- but they could not come up with an oral dosage form of the natural neurosteroid, allopregnanolone. So they had to go, resort to medicinal chemistry to try and create analogs of allopregnanolone to come up with an oral form of that molecule. So what is being advanced by Sage and Praxis and others, they are analogs, chemical analogs, of the natural neurosteroids. And we believe by staying with the natural molecule through our technology, that we would have the benefit of the natural mechanism and biology that these neurosteroids are involved in in terms of the GABA-A pathway. So -- and the other aspect is that the fact that now we are able to obtain 30% to 40% oral bioavailability in nonhuman primates with the natural allopregnanolone, that enables us not only to go after PPD, that's certainly one indication, but we think it opens up the possibility to go after a whole range of other neurological conditions where natural biology is where allopregnanolone is involved and in depression and in a range of epilepsies and seizures and such. So we are excited about that opportunity to be able to take a natural molecule into these indications. And this technology also then opens up the possibility to go after a whole range of other neurosteroids that are involved in a number of other indications that until now could not be orally bioavailable. So we can use this technology to do that. So that's the kind of the broader opportunity set.

Great. I think we're coming up on our time. So I just wanted to take the time to say thank you for the presentation, and we look forward to learning more. I think 2021 is going to be a big year for PureTech based on a number of readouts across the pipeline. And we look forward to learning more about the company. So thank you very much for the presentation.

Thank you so much, [ Vedder ].

Thank you.

Yes. Yes. Thank you.