Resverlogix Corp. (RVX) Earnings Call Transcript & Summary

Thank you for standing by. This is the conference operator. Welcome to the Annual General Meeting of the shareholders of Resverlogix Corp. [Operator Instructions] And the conference is being recorded. After the formal business meeting, there will be a corporate update followed by a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Donald McCaffrey, President, CEO and Chairman of the Board of Resverlogix Corp. Please go ahead, Mr. McCaffrey.

Thank you very much. Good afternoon, and welcome to the Annual Meeting of Resverlogix Corp. The meeting will now come to order. My name is Donald McCaffrey, Chairman, President and CEO of Resverlogix, and I will chair today's meeting. The company has organized a live webcast of the meeting, whereby shareholders can listen to the meeting online. As this is not a virtual AGM, shareholders cannot vote or ask questions as part of the meeting. Unless a ballot is required, I ask that when a vote is requested, shareholders present in person do so by show of hands. In order to ensure that the meeting covers the required business in an efficient manner, we have arranged -- prearranged with designated shareholders or proxy holders as the case may be to move and second the motions of business. Upon conclusion of the formal part of the meeting, I will provide a report on the company's activities. Thank you. Okay. With your approval, I shall ask Lloyd McLellan of Borden Ladner Gervais LLP to act as the Secretary of the meeting and Donald Santini of Computershare to act as the scrutineer. So Computershare has provided me with a declaration as to the mailing, indicating shareholders as of record of May 2, 2022, were mailed a copy of the notice of meeting and information circular, together with an accompanying form of proxy or notice-and-access form and form of proxy as may be the case. And I direct a copy of the declaration as to mailing to be kept by the secretary with the records of the meeting. Thank you very much, Donald. Okay. The scrutineer has provided me with a report that shows that the shareholders present or represented by proxy at the meeting constitute a quorum for the purpose of this meeting. I now declare the meeting regularly constituted for the transaction of business. With your approval, I recommend the reading of the minutes from the prior Annual and Special Meeting of Shareholders held on June 22, 2021, be dispensed with. If there are no objections, we will proceed. Anyone wishing to review these minutes should contact the company's Chief Financial Officer. Okay. The first item of business is to table the audited financial statements of the company for the year ended December 31, 2021, together with the report of the auditors. A copy of the December 31, 2021, financial statement and MD&A have been mailed to the registered shareholders and beneficial shareholders who responded to the mail list request form. The next item of business is to fix the number of directors to be elected at the meeting at 5 members. I will now ask someone to make a motion in this regard.

Mr. Chairman, I so move.

Mr. Chairman, I second the motion.

Those in favor, please signify by raising your hand. [Voting]

Opposed, if any? [Voting]

Seeing none, I declare the motion carried. The next item of business is the election of directors, and I declare the meeting open for nominations.

Mr. Chairman, I nominate Donald McCaffrey, Shawn Lu, Kelly McNeill, Dicky To and Ken Zuerblis for the election as directors to the company.

Are there any other nominations? Has anyone opposed to those of the nominations? [Voting]

Seeing none, if there are no further nominations, I declare the nominations closed.

Mr. Chairman, I move that the persons nominated as directors of the company be individually elected as directors for the ensuing year.

Mr. Chairman, I second the motion.

Thank you. All those in favor of individually electing the nominees as directors of the company, as aforesaid, please signify by raising your hands. [Voting]

Thank you. I declare that I, Don McCaffrey, Shawn Lu, Kelly McNeill, Dicky To and Ken Zuerblis are the duly elected directors of the company, each to hold office until the next annual meeting or until their successor is elected or appointed, unless their office is earlier vacated in accordance with the company's bylaws. Okay. I will proceed with the appointment of the auditors. I'll ask someone to move that KPMG LLP chartered accountants be appointed as auditors of the company until the next Annual Meeting of Shareholders at such remuneration as may be fixed by the Board of Directors and that the directors be and are hereby authorized to fix such remuneration.

Mr. Chairman, I so move.

Mr. Chairman, I second the motion.

All those, please signify by raising your hand. [Voting]

I declare the motion carried. If there is no further business, may I have a motion to terminate the meeting?

Mr. Chairman, I so move.

Mr. Chairman, I second the motion.

Okay. You have heard the motion. All those in favor, please signify by raising your hand. [Voting]

Opposed, if any? Seeing none, I declare the motion carried. This Annual Meeting of Shareholders of Resverlogix is terminated. I will now proceed with the management presentation. Okay. It's my pleasure to give a little update today of the Annual General Meeting. And of course, we have a forward-looking statement. We're going to try to use minimal forward-looking in light of the condition of our industry right now. But we'll talk about that as we go. Okay. Not everybody online may be very familiar with Resverlogix. Most are, I'm sure. But I'd like to just hit a few highlight points here first that our lead drug apabetalone is a first-in-class Phase III asset, and it has demonstrated cardiovascular benefits in cardiovascular patients, diabetics, chronic kidney disease, and we're utilizing an advanced mechanism called epigenetics. So we have the ability to regulate the expression of multiple disease-causing genes. This has an advantage over many other types of approaches in therapeutics these days. So we also have the FDA breakthrough therapy designation. That is -- has been awarded to apabetalone. We believe we're the first Canadian company to receive such an award. And for certain, we are the first major cardiovascular drug to actually receive such an award as well. Usually, it goes to groups like orphan indications or oncology. So we're very pleased with that. We believe we won that as a result of our BETonMACE trial data, especially the 63% hazard reduction that we showed with a p-value of 0.0002 in our -- in MACE, and that is -- that involved reduction of deaths, reduction of heart attacks and reduction of congestive heart failure in our last trial. So we're pretty excited about that. And we've also been getting numerous publications, I believe, we're over 40 now. And that includes in Cell and Nature, JAMA, some very major publications and academic approval, which is quite nice. We'll talk about that a little bit more. Also, we have partnered with EVERSANA for commercializing some of this work and accelerating the commercialization process probably by about 2 or 3 years by being partnered with them and keeping the expenses to bare bones minimum despite the massive advances we made in preparation for commercialization of apabetalone. And we've also been hard at work getting different approvals from Canada, Brazil. We'll talk about those in a bit. And also, more importantly, much more importantly, being able to get granted Type C FDA meeting for August coming up here, looking at trial protocol approval for COVID program -- Phase III COVID program. Okay. Now let's have a look here at some of the milestones for the last year. And just like the previous year, I'm very proud of the staff at Resverlogix for what's been accomplished here because let's not forget, the entire year to this very day, we are in a pandemic, and we'll talk about that a little bit more. But we're getting a lot done even the fact that all of our major conferences, whether they be in cardiovascular or kidney or pulmonary, they aren't running right now. And virtual versions of those are extremely limiting to say the least. So these are starting up again shortly here. And I'm actually very excited about that. It helps us quite a bit in exposing a Canadian company to the world as far as what's going on. So some of these advances are, in September, we had an extremely good cognitive effect publication come out in a very good journal, the Journal of Alzheimer's Disease, and it was published by Dr. Jeff Cummings. He's considered the top Alzheimer's researcher in the United States. So very good news for us. And we also had results from pulmonary arterial hypertension trial. It was successfully completed by Laval University and the Quebec Heart and Lung Institute. They are moving that program forward, and they are paying for that program. So it's very advantageous to the shareholders. In October, we also had our first Ethics Committee approval for apabetalone in humans for our COVID program. That advanced forward to treatment of patients, and we'll talk about that at the -- little later in this particular slide. In November, we also had The Kingdom of Morocco, the Health Ministry sign on and want to support our clinical trials for COVID-19. In January, we enrolled our first patient. It was very tough to get that first patient in. The trial was designed for the delta COVID with very high respiratory in-hospital patient stuff. Also, World Health Organization changed trial designs regarding pregnant women, et cetera. So it's very difficult to get through that gauntlet, but it was nice to get the first patient enrolled. In February, the PAH publication came out in the American Journal of Respiratory & Clinical Care Medicine, again, very good news. Every patient in that trial responded to apabetalone. So good news, and we wish Laval great success going forward with that. In March, Brazil also went into the Phase II COVID trial enrollment. In April, EVERSANA expanded the scope of their work to include PAH and BETonMACE2. That's an exceptional move forward, and April this year marked 1 full year of working with EVERSANA, and we're very glad to be working with them. They've really helped advance us so that when we hit the commercial stage here, we are set and ready to go. There will be no lag time. In April, we also had the great pleasure of Hepalink extending the $6 million debenture for a full year, which was a true sign of support from a very good company. We enjoy working with them. Now in May, our FDA Type C meeting was announced. And this may have confused a few people, so I'm going to clarify it here today. We announced that we were moving forward to Phase III. And this is an FDA program Phase II -- or sorry, Type C meetings are not easy to get at the FDA. So this is a very good sign, this is going forward into a Phase III. We'll know in August but because of all the changes in COVID in the design of COVID trials and COVID itself, it's made it very difficult to stay on top of this. So it was through discussion with EVERSANA, through discussion with our COVID specialists, it was pretty clear that with the slow pace of enrolling Phase II studies, and it was slow, I get asked all the time, how many did you enroll. We don't give out those numbers until we publish our publications on them. And we're in no rush to publish this one because I can tell you right now that the Phase III trial will be done before that Phase II trial would have been done. In omicron COVID, it didn't present the same as delta COVID. Omicron does not get very deep into the lungs. You end up with a lot of people on respirators. So our in-hospital plans kind of went sideways, slow. Now don't get me wrong at all because I'm going to talk a lot about omicron. This pandemic is not over. This pandemic is in full swing right now, and you'll learn more about that. Omicron is killing a lot of people. It doesn't kill as high a percentage per contacted person, but the contacted persons are 10x higher. So it's still a nasty problem that a lot of politicians are ignoring, and I don't want to shut anything down either. I just want to fix the problems. And I think we're on course to do that. We'll cover more of that in the COVID section here. But what we did learn about this is that another thing we learned, as I said, the ventilators in hospital was not as high during this. And the patients we were trying to enroll, while, they happen to be the antivaxxers, primarily the antivaxxers. So you think it's hard to get them to take a vaccine. You have to see how hard it is to try to enroll them in an experimental clinical trial. It wasn't a lot of fun. So -- and literally, it would have taken us another 2 years to finish that trial. So it's much smarter for us to save our resources and move it towards Phase III in the United States. We even had Canadian groups. We worked exceptionally well with Health Canada, but there's other people in Ottawa that want to go back to animal studies. And here in the United States, we have them advancing this presumably to Phase III. So we're definitely on a faster track by doing that. And the data will get published eventually, but it's embargo for now. If we start throwing numbers around, we have nothing to publish. And it doesn't matter anyway because Phase III will be done first. So let's move on to the next slide here. We're looking at some of the recent advancements in a lot of the things in the last study or the last slide there that I was showing where publications and such. And this is an extremely important part and we'll talk more on the next slide, but this is an extremely important part of this industry in getting qualification of your drug and acceptability by the academic communities and the doctors who will eventually be administering these drugs. So the publications we've had both in the clinical and -- sorry, the COVID and the metabolic side have been spectacular. Cell is considered the #1 publication out of 296 biology and biochemistry publications that are ranked every year. We had a 39-page publication in Cell. That's pretty special, and it ranked us extremely high as far as our COVID potential. So I also want to mention that as we went through the year, we did announce these. We had 14 news releases during the year, and we had 4 MD&A announcements, et cetera. So we have kept the market updated and it is important, especially as far as how they look at us overall. Now here is an important slide, and we're going to talk about this a little bit. This one is the 4 pillars that I personally view are important in therapeutic product development and what [indiscernible] for a very solid and successful company. And the first one is the intellectual property and academic support. If you don't have that, it doesn't matter what approvals you get. You're not going to -- either one of the IP or the academic support. So we have multiple patents in place, coverage up to 2040. And as I stated earlier, we already have over 40 publications. Okay. Another column or pillar for success is regulatory approval. Well, we certainly have very good indications there with the breakthrough therapy designation and a Type C meeting already granted for August of this year for the COVID program, the Breakthrough Therapy designation is for the metabolic program, that is fantastic news. That is very rare, especially for a small company. So we're in very good standing in the second pillar as well. Third pillar, also in very good standing. Commercialization strategy and capacity is quite strong. EVERSANA is a 5,000-person organization, all of them specialized in commercializing Phase III assets at major pharma companies. So this new business model has really opened up what we can do versus what it would have been like without this new type of business model. We'd be sitting around waiting for a pharmaceutical company to do a deal with us, and believe me, it wouldn't be pretty. We wouldn't have the ability to move forward without taking quite a lot of concessions in a deal structure. So this is really nice structure to have, and they have been a fantastic company to work with. Yes, we do owe the money. We've shown that in our financial statements. And yet, they continue to keep working very hard. Why? Because they believe deeply in this program, they talk to us and tell us about that all the time. And that's why they've been such a great partner to work with. They get it. They understand it. They know where it's going. Now let's get to that fourth pillar, the one that's crumbling there. I don't want to sugarcoat anything. We know damn well that our financing is a problem. It's an industry-wide problem right now. I know at times, shareholders can have a little myopic view of the world because it's their money, they got it invested in this company, not all the other ones. So sometimes you miss what's going on in the industry, and I'll update you on the next slide. It's not pretty. We do believe we're in the right place here, moving this thing forward. We've had no events to go to for the last 2.5 years for face-to-face. And this is where a lot of our financings come from. My presentations or Brad's presentations or everybody's presentations at these type of events. So the European Society of Cardiology event is in September. It's going to be the first time in almost 3 years that we have had the opportunity to go and meet with the people we need to meet with, whether they're pharmaceutical companies, major finance groups or both. Many new contacts are being launched at the end of August with this. We're reinitiating with many groups that have been basically locked up like the rest of us. You can only do so much on Zoom. And it gives us the ability to look at other types of finance. Equity financing right now at $0.25 or whatever at is difficult. It's -- to say the least, it's difficult. We don't want to do a major financing enough to do a clinical trial type of work at this level. It makes no sense. We will continue to do the odd equity financing once in a while, if they make sense. There's nothing in progress right now. But if you -- if shareholders want to ask us every once in a while, if there's something, we will do just to keep the lights on. Sure, that's what we'll do. But majors, no. What we're going to do for major financing. So we're going to focus on the key areas that we've worked on for a long time. We're set and ready to go materials and data and launches like at ESC are going to be well received, I'm assuming. And that's partnering, licensing of regional or global areas even, even M&A we can talk about. The licensing indications, different indications like FSHD or some of the PAH that we're working on, selling first right of refusals, royalties, et cetera. So we do have a bunch of programs that we hope to exploit. We're actively starting to push these and at the face-to-face meetings, trying to see if there's people interested in setting up and wish us well because I think it's an important part of where this company goes. But having those first 3 pillars so solidly in place and being able to show the financial structures, the designs, the costs, where it all lands, it's not darts on a dart board. A lot of work has gone into this. So we'll see where we end up. Just one second, I'm having a slide issue here. Here we go. Okay. On this slide, -- this is where we get to talk a little bit about that crumbling pillar on the last slide. Our industry is in a downturn to say the least. This is a slide that was presented by RA Capital in May -- sorry, in June this month. So it's brand new. I believe he dated it 24th of May or something like that. So it's where the biotech industry is. And I can surmise this in a nutshell and then talk a little bit more about it is that biotech got hit hard at the end of 2021 with a downturn. But then with our friends in Russia, et cetera, and what's going on around the world in the global downturn that happened in spring of this year, biotech got hit twice. So this is an overcorrection. In my opinion, it's a huge overcorrection. We fall in the category -- and let me just describe what this represents. There are 477 companies in this data set here, and they're made up of the biotechs who are not commercialized yet. So those of us who do not have cash flow, and there's 477 of those, we fall in the category that's down 78% since January 1. That's an incredible class. So for us, we know it's an overcorrection. We don't like it any more than the shareholders like it. But even the overall here, it's down 60% overall on the XBI Index, and that's in companies that do not have cash flow in biotech. So this is an overcorrection. It very much reminds me of oil and gas 2 years ago. I guess I used the oil and gas because I'm hearing Calgary and a lot about it. But it was selling by barrel in the negative range for a couple of days. My favorite oil and gas company, MEG Energy traded as low as $1.13 in 2020. Today, they're trading at $21. So was the market right on oil and gas? No. Is the market right on life sciences? No. But this spells opportunity. And that's exactly what I'm doing. Others can do as they wish individually, but publicly, I've listed my purchases over the last week, and I have purchased over 400,000 shares myself. I know a bargain when I see it, $0.25 for the technology that is involved here, those 3 solid pillars of science and commercialization and academic approval, regulatory. No, I'm good. My personal opinion is that the market cap of Resverlogix should be considerably higher. I won't give an exact number because that's just speculation. But the financing joining those other pillars, and this turnaround is going to be rather dramatic. So we're looking forward to that and moving it forward as fast as we can. But it is a pretty stunning industry turndown here. I think some of the issues here involved was when COVID came. A lot of attention was turned to biotech. A lot of generalist investors, there was approximately $2 trillion of extra investment money moved into the sector. And it's a difficult sector. And after 2 years, they're impatient. And then the global economy goes down. So there was a lot of reason for down pressure, but it's overdone in my opinion. So hopefully, it corrects itself north, see where we go. But we have some very good nondilutive or low dilutive options of moving this company forward, and we're working hard towards it. Right. This slide is our accelerated development time line. And these are estimates. And clearly, they are based on getting early financial correction on our side. I'm hoping that, that's completed by the fall, but we'll see. These are the 2 major programs that really make Resverlogix a standout and can relaunch it to the next level. The BETonMACE2 program is something we've detailed a lot. In this time frame, a lot of the time frame involved here depends on well, how long does it take to get the first patient in. It will be a lot easier in this case because it's a known entity with all kinds of published data on it, and we're not going after people who are anti-science. We're going after people who have just had come to Jesus, talk with a major event, cardiovascular event. So they're looking for anything they can get. And if we can do a very fast screening and recruitment, we could meet these kind of numbers here. As far as the trial listed as CORAL, that is -- EVERSANA has named that trial for us, and I like it. And that is our COVID-19 trial, and it is prepped and ready to go. So we're excited about that. All of the preplanning and such work has been handled quite nicely, smoothly. And both of these can take off quite fast. And so we have a lot to show in the future here, new partners, what we have, what we need for financing, laid out in detail. So we've done a ton of work on this, and it is what's going to move this company forward. Now let's look at the BETonMACE side of this first. This is just an analogy between the 2, BETonMACE, the first one and MACE2, different sample size. What we learned from BETonMACE1 was basically we did best in kidney patients and patients on SGLT2 and DPP4 type of drugs, those are diabetes drugs, for those not in the know. And we're trying to -- we have the FDA approval to put up to 100% of those patients in there. So even you review our results from that category last time we had a 63% reduction in hazard ratio in those patients. And that meant for death, heart attacks and congestive heart failure, 63%. To get approval at interim in this particular trial, we will only need 20%. So we are believing that we will hit that 20%, and we will be able to expedite these trials quite fast. The approximate cost of the first BETonMACE was $80 million. And the Resverlogix' cost for this particular trial is we're looking at around $40 million. That's part that we may partner out. We may -- we have different approaches. We may do some additional licensing for that part. I wouldn't want -- as I stated already, I wouldn't want to do an equity round at $0.25 to cover that. There is additional cost to that particular trial, but we already have that contractually covered parts of it with things like our agreement with Hepalink and some other programs we're working on. So going forward, it's very bite-size and manageable. And again, we're treating patients who stand to benefit the most from apabetalone, so the high-risk patients. The overall study, these are all statistically significant and some very highly statistically significant like the SGLT2 groups. So it's a very compelling program to those that we'll be showing into and moving the program forward. Now let's talk about the COVID program. I've already explained, and I hope it's clear because in May, we did put in our news release that we had concluded the Phase II program. There was no need for it anymore. It was taking too long. We're pleased with what we saw. What we learned is how to redesign the trial even better. We learned this from our partners with EVERSANA. We learned it from their research. We learned it from our infectious disease consultants, who are very well connected. This program has really moved forward into a prehospital setting. So we don't hold out a lot of hope for Pfizer's drug or Merck's drug as far as this setting goes, too difficult, and I'll explain that in a while. But we know COVID hasn't gone away. And you can listen to all the politicians anywhere. They'll tell you one thing, but the facts here tell you a different. I already mentioned that the death rate from COVID is still pretty high. Here in Alberta, we have 4,591 deaths in Alberta alone. And the sad part of this is the second highest weekly rate for those deaths is May of 2022. And that's partly why this is still a closed meeting. We -- many people around here, including the gentleman sitting to my right, still wear masks around here, even though they're not required by the corporation, but they understand what's really going on, and they're following the science, not the politicians. So May 4, when we sent out notice for this meeting as a closed meeting, we had our second highest deaths in Alberta per week, 69 deaths recorded that week alone. So this is important for us to keep our staff healthy and not have room full of hundreds of people. On May 18, we also hit 61 deaths. So we haven't seen the end of this yet. And it will be up and down. Hopefully, they can keep the economies open because I do love to go to my favorite restaurants, and that was a torture test for 2 years. But a lot of this comes from our understanding is because all day along, we are talking and socializing and working with people like these. This is our Scientific Advisory Board. And these individuals to a person are the head of their infectious disease departments at their various institutions, which are some pretty impressive institutions. UCLA; Emory in Atlanta; John Hopkins, anybody heard that one; Georgetown in Washington, D.C.; Barnes Jewish; and Albert Einstein. These people to a person believe COVID is not gone. COVID is not going away, and we have to get to a therapeutic approach with the vaccine approach. Vaccines alone, we're just going to be taking new vaccines every couple of months. And if we can get to a therapeutic approach that works in both the dual mechanisms of antiviral and anti-inflammatory and that's exactly what we have. And that is published in Cell. We have lots of publications on this going forward. So this is why we really feel apabetalone has a huge potential. And moving this with our limited resources into Phase III instead of struggling through a Phase II is a smart move on our part. And I think it's going to prove very well in the mid-2023 time frame. Now let's go through this again as far as what happens with COVID. And the 2 diamonds in the middle are really the 2 phases of COVID-19 infection. And they're difficult. The first phase is viral. And why I don't hold out much hope for the antivirals that are being presented by Pfizer, Merck and others is because COVID is a stealthy disease. You see a little time point inflection along the bottom there, near the bottom. COVID usually doesn't show symptoms until day 7 or 8. Well, by that time, the viral phase is almost over. It's over by day 10. That's why we have such short quarantines now because we better understand the viral section. And pretty much to a person, nobody dies from the viral section. They die from the inflammatory section. So by day 5, the unfortunate few that end up in the hospitals, et cetera, are with long-term complications. They start to kick in with these inflammatory response problems by Day 5. So that's very good for us. The antivirals, well, if you can catch it early enough, like they did with Donald Trump, he was being tested every day. So they knew by day 1 or 2, he had it. So an antiviral is okay. But in a general population, you can't test every day. And you can't afford big expensive programs like the antivirals. So we don't see -- in the Cell publication, they showed that we were as strong or stronger antiviral than remdesivir. That is what Trump took, and that is a major program here in Canada. So I think that's good. It's helpful for us, but our strength is the anti-inflammatory. And we've shown in clinical trials in New Zealand not in COVID patients, but in patients with cytokine storm conditions. We were able to show clearly that we could stop those in a period of 12 hours. So sent them in a proteomic study, we showed fully inflamed proteins in the acute phase response pathway. And with one dose of apabetalone, we were able to put them back to normal. So that is a big impact on COVID 19. So we're really looking forward to the Phase III. And the difference in the Phase III is really going to be that the patients are now just like in Merck and Pfizer, they're pre-hospitalization. So we're able to go to clinics for enrollment and find out patients who just tested positive with COVID and enroll those. So much different than laborious process we had to go through for the Phase II trial. And that's why we do believe we will enroll a lot faster. And getting that trial going will also help the BETonMACE2 program because if we're showing success in the COVID side, our enrollment for BETonMACE2 should go a lot faster, and that affects time lines. Okay. Now we do thrive on solid partnership and I to this day have enjoyed every single meeting I've ever had with EVERSANA. They're always so informative, so organized. Like I say, there are 5,000 people around the world, 25 locations. They're working on 150 brands, and these guys know their stuff. If we ever tried to size up to do what [ they're ] doing, it would be ridiculous. And they've been very patient with us. So we look forward to continuing our work. In our filings, MD&A, we did mention that we are expanding our program with them to include their support and help on the PAH program and BETonMACE2. So we're really trying to tie all of this together. So our strength in the COVID program has actually become the strength from our main program. And that is in the COVID program, a lot of the patients are going to be 65 years and older and having heart conditions, pulmonary conditions, kidney conditions. So those are areas we're very strong at. And we're also going to be testing eventually long haulers because we do believe we're going to have an effect there being able to -- what happens in COVID as soon as the patient has COVID, it starts to attract BET bromodomain 4, and that's what we're very good at inhibiting. So in those patients, we think we can have a positive impact. And time will tell and the trials and the studies that we've designed. Now EVERSANA is like the full meal deal. They're working on the launch, the marketing, the payer groups, the sales, patient services, channeling, distribution. So it's quite organized. It's fun to watch and the slow-moving biotech that we've been over the last few years during COVID and research period times, it's about to end. These guys have us very, very organized, and we're looking forward to the next step forward. All right. So that's the end of the presentation part today. I hope I have answered most of the questions. I'm sure there'd be a few additional ones here. I'm going to just take a bit of a water break, and then we'll start the Q&A right away. We can switch to the questions, Therese, if you're available.

[Operator Instructions]

Okay. It doesn't look like we're getting any questions. So either I did a great job or we have a technical difficulty. I think it's the first. We'll wait a little bit longer here, but feel free.

As there appear to be no questions from the phone lines, I would like to turn the conference back over to Mr. McCaffrey for any closing remarks.

Okay. Thank you very much, Therese. We do appreciate you listening in and understanding where we are. We really do believe that the life sciences market will turn around in the fall. The article that I was showing you the downturn curves on views it the same way that this is a massive overreaction to the industry and they'd also believe it will be the fall when it turns around. So we'll keep working on our new programs. The small equity, we will do. But the large equity, we will not do. It would be very destructive to the company, obviously. And we look forward to initiating our contacts again and really get this thing moving. The science is there. It's exciting. The regulatory is there, and the commercialization structure and ability and format is already in place. So wish us well. Thank you very much.

This concludes today's presentation. Thank you for participating, and have a pleasant day.