Aeveona Therapeutics at Cantor Global: Strategic Launch of ZivaSkin

On Thursday, 04 September 2025, Aeveona Therapeutics (NASDAQ:ABEO) presented at the Cantor Global Healthcare Conference 2025, discussing the strategic launch of ZivaSkin, a novel cell and gene therapy. The company highlighted initial strong demand and favorable payer coverage but noted challenges in projecting revenue due to the novelty of the treatment process.

Key Takeaways

• Aeveona launched ZivaSkin, addressing a significant unmet need in recessive dystrophic EB treatment.
• The company holds a strong cash position of $226 million, supporting operations for over two years.
• Initial patient identification shows promise, with 50 candidates recognized early in the launch.
• Uncertainty in 2025 revenue projections due to the novel treatment process.
• Plans to increase manufacturing capacity to 10 patients per month by mid-2026.

Financial Results

• Cash Position: Aeveona reported a robust balance sheet with $226 million in cash, ensuring over two years of operational runway.
• Breakeven Point: The company aims to break even by treating more than three patients per month, a target expected to be surpassed in 2026.
• Revenue Projections: Revenue estimates for 2025 remain uncertain due to the innovative nature of ZivaSkin and lack of historical data.

Operational Updates

• Patient Identification: Approximately 50 patients have been identified for ZivaSkin early in the launch phase.
• Qualified Treatment Centers (QTCs): Two centers are operational, each capable of treating two patients monthly, with plans to expand to five centers by year-end.
• Treatment Process: Currently, the process from patient identification to treatment takes 3-4 months, with improvements anticipated as centers gain experience.
• Payer Coverage: Favorable policies are in place, with United Health and Medicaid providing coverage.

Future Outlook

• Manufacturing Capacity Expansion: Plans to increase capacity to 10 patients per month by mid-2026, with potential expansion to 20 patients based on market demand.
• Clinical Trials: In-vivo gene therapy for retinal inherited diseases is set to enter clinical trials in late 2026.

Q&A Highlights

• Patient Suitability: ZivaSkin is suitable for severe and moderate wound sizes, targeting about 750 patients across 23 centers.
• Durability: Patients treated early have maintained healed wounds for up to 10 years.
• Logistics: Key steps include initial consultation, insurance clearance, financial arrangements, and manufacturing slot booking.

In conclusion, Aeveona Therapeutics’ strategic approach at the Cantor Global Healthcare Conference underscores its commitment to addressing unmet needs in the DEB community. For more details, refer to the full transcript below.

Full transcript - Cantor Global Healthcare Conference 2025:

Kristen Kluska, Host, Cantor: Okay, good morning everybody. This is Kristen Kluska at Cantor, happy to be hosting Aeveona Therapeutics. I have Doctor. Vish Sassadri, the President and CEO and Doctor. Madhav Vasanthavada, the CCO.

Thank you both so much for being here today.

Vish Sassadri, President and CEO, Aeveona Therapeutics: Doctor. Thank you for having us.

Kristen Kluska, Host, Cantor: Really appreciate it. Very exciting times at EBIONA. But to kick it off, may I please ask just to give a brief overview and then we’ll certainly dive into some of the details.

Vish Sassadri, President and CEO, Aeveona Therapeutics: Yeah thanks for having us here Kristen. This is the first Cantor fireside after we’re a commercial stage biotech so as a cell and gene therapy company based out of Cleveland for those of you that are new to the story. We are commercial stage since the approval of our lead product ZivaSkin for patients suffering with recessive dystrophic EB or DEB. This is a quarter two event so a lot of exciting updates that we just shared in our quarter two call that includes the momentum that is building up in launching this product and bringing this, so essentially this is autologous cell based gene therapy for patients with the deficiency in COL7 which is a connective tissue disorder, patients have large wounds, chronic wounds and suffer both from the immediate quality of life impact and wound burden but also long term effects like squamous cell carcinomas that happen and often take the lives of these patients so you don’t see these patients live beyond their 30s and 40s usually and this is where our therapy is unique in its ability to treat large wounds with quick immediate closure and long term durable wound healing and pain reduction after a single one time application.

So that’s there. We also have other platform which is the in vivo gene therapies, we don’t talk a lot about it, they’re in earlier stages of development but we’re nevertheless excited about those and over time we’ll bring more to light on those. Also we reported the strongest balance sheet we’ve seen in quarter two, ’2, dollars $226,000,000 takes us more than two years of runway and enables a strong launch and these are some exciting times. Some of the highlights we also shared on how the launch of Ziva Skin is building up includes the identification of about 50 patients already without even having a sales force implemented yet and two qualified treatment sites where patients can receive Ziva Skin and a lot of payer willingness. We are seeing a lot of payers institute policies that are very favorable for coverage so in a short span of time we’re already seeing a lot of steps in place for patients to be receiving this therapy.

Kristen Kluska, Host, Cantor: Thank you for that overview. So yeah great to see a significant level of interest out of the gate. Can you comment of these 50 or so patients, what’s the typical profile that you’re seeing across them?

Madhav Vasanthavada, CCO, Aeveona Therapeutics: Start that Yeah. Indeed. Indeed. A significant level of interest that we are seeing. The 50 patients that Vish mentioned, more than a dozen patients are already coming just from the two qualified centers that we have activated, and that number is growing.

And then in addition to that, we’ve got about three dozen patients from non qualified centers that are initiated in the process of referral without even doing active promotion yet. So that is really a strong start from a demand standpoint, and for us we are seeing the work is pretty much cut out for the upcoming quarters to have these patients, 50 patients or so growing, put them on treatment. If you look at the type of patients who these are, these are really some of the many patients that these physicians have that have large wounds and wounds that have never closed in their lifetime. So they are basically the severe patients and many of these are on prior treatments with either VYJUVEC or Fulzovus, but interestingly some of them still have not been receiving any other treatments, so they are treatment naive.

Kristen Kluska, Host, Cantor: Thank you for that. So when we think about the RDEB community as a whole, do you have a sense of what percent of patients are going to either be open or eligible for this therapy? And on that note, what actually does make somebody a good candidate?

Madhav Vasanthavada, CCO, Aeveona Therapeutics: Yeah. So RDEB patients, the patients with severe and moderate wound size, we have about seven fifty patients that we estimate. Seven fifty patients across about 23 centers of excellence, and all of them are eligible for ZeevaSkin because of the amount of wound surface area that they have. ZeevaSkin, the label, is for adults and pediatric patients that have recessive DEB wounds. So technically, all recessive DEB patients are on label, seven fifty patients are with severe and moderate wounds.

Initially we expect that patients who have these contiguous large areas and chronic wounds will be first prioritized and slowly over time as more experience gains than wounds that are in frictional areas, recurring wounds, these will all be the candidates for the product.

Kristen Kluska, Host, Cantor: Okay, so what are the top reasons why physicians are recommending Ziva Skin for their patients or are we seeing that patients are approaching their physicians at this time? Essentially I’m trying to figure out what the biggest selling points are.

Vish Sassadri, President and CEO, Aeveona Therapeutics: Dr. Yeah I think it’s both dynamics right patients have been waiting and they are approaching the physicians but I think the primary driver for the physicians starts with the clinical evidence if you look at our evidence data set both from the phase one, two, a study and the phase three study it’s unique in the types of wounds that have been treated when we say large and chronic wounds these are wounds that were open for a minimum of six months but often five years, six years even up to twenty one years that wounds never closed so those types of wounds to be put to test in a clinical study you don’t there is no other data set. ZevaSkin’s two trials are unique in that way and I think that’s definitely getting their attention and that’s the impetus that’s driving physician interest and of course from a patient perspective as Madhav mentioned, the ones with the large wounds, chronic wounds, these are the ones that become squamous cell carcinomas, they want urgency in getting these treated because of the downstream complications of having these wounds open over a long period of time. So that’s why you see both the stakeholders are interacting on that.

Kristen Kluska, Host, Cantor: So the process does take some time, it involves travel, there are some cumbersome aspects to it so putting it together why is it worth it for these patients to go through that?

Madhav Vasanthavada, CCO, Aeveona Therapeutics: Yeah I mean why is it worth it? Like if you realize the lives that these patients are living, right, as Vish mentioned, significant infection burden and lots of other comorbidities, these patients tend to visit these centers of excellence for various reasons. Hand surgery, excision of the squamous cell carcinoma, GI dilatation for multiple reasons. They visit either annually or more frequently to these centers of excellence. So if you have a treatment option that can close large areas of the body in a durable fashion for multiple years with a single application, we are hearing from patients that they want to sign up.

In fact, in our clinical trials, patients did go through this procedure twice to treat different parts of their body. And one patient actually went through ZivaSkin in clinical trials three times. And some of these patients are already saying they want to consider Ziva Skin in the commercial setting even though they have gone through. So there is definitely the worth it aspect of it, there are more patients beginning to understand because we have put together a strong together network. These are the patients who have gone through our clinical trials and that patient to patient, know, mean I think that interaction is also happening so that that motivates more patients.

Kristen Kluska, Host, Cantor: So firsthand coming from the patients themselves that have had it, it’s been worth it to the point where they want to come back?

Madhav Vasanthavada, CCO, Aeveona Therapeutics: Yes.

Kristen Kluska, Host, Cantor: Okay. I think that speaks volumes. So, are some of the logistical factors that are worked out? I know you have a very good team that really hand holds throughout the entire process, but yeah, what what does a patient have to kind of figure out before they can go through this cycle?

Madhav Vasanthavada, CCO, Aeveona Therapeutics: The any autologous process, even for Ziva Skin, it’s an autologous therapy. So there are multiple administrative steps that need to take place. And we are very early in the launch and we expect that this process end to end taking about three to four months. I mean we don’t have a crystal ball per se, but that’s really what we anticipate the time taking. And we expect that this total time to reduce as treatment centers get more experience, as insurance companies and the policies come out being in place, and as more patients get into the pipeline, then you have the ability to get them placed on treatment aspect itself.

But just in a nutshell, the main steps that are involved as we mentioned on our earnings call also is the first and foremost is an initial consult that happens at the qualified treatment center. And once that patient is considered eligible, then you start the process of insurance clearance, a clinical prior authorization from the insurance company, and once that is secured then there is a financial arrangement that happens between the sub treatment site and the payer, and once that is secured then a manufacturing slot is booked for collection of the biopsy based on the availability. And then it’s a 25 manufacturing process once a biopsy is collected to the time that the patient gets the surgery again to get Zebra skin. So we think that overall this time should get better and better as we get more into the launch date and get into a steady state.

Kristen Kluska, Host, Cantor: Can we talk a little bit about expectations around durability and might this also depend on where in the body the Ziva Skin is applied?

Vish Sassadri, President and CEO, Aeveona Therapeutics: Sure, I think we’ve seen from our phase one, two a study right some of the earliest treated patients have their healed wound status up to 10 now and counting so that’s those are the earliest patients that have had this kind of follow-up but we’re seeing that the same type of trend is what you would expect but in terms of trying to see if there are certain locations the body you treat and you get this certain type of durability I think we have very small data sets that we don’t have stratifications that way but anecdotally we have durable outcome in various places right, mean we’ve shown pictures in our even our corporate website back wounds where you have patients followed for two years, five years and still the wound healed has remained healed over that period of time. So that body of evidence will grow because we’re going to be following the patients even from vital for a longer period of time so we’ll have a more robust data set but we don’t have any reason to believe so far that whether it’s extremities or trunk or back that your durability should be any different than your expectations from what we are seeing in the evidence.

Kristen Kluska, Host, Cantor: This one’s more of but are you seeing more patients are scattering the sheets throughout the body or are they using more of like that quilt like fashion design?

Vish Sassadri, President and CEO, Aeveona Therapeutics: I think you’re going to see both examples I would say as Madhav mentioned the very first patients that come for treatment maybe more of contiguous regions where you need to apply like tiles and even in those patients there may be a few wounds that are islands so you may use single sheets to cover those And I think it’s gonna be a mix of examples that you see.

Kristen Kluska, Host, Cantor: Okay. That was more more curiosity than anything else. So you have two QTCs up and running today. Again, there’s a lot of interest coming out of the gate. So how should we be thinking about, first, the capacity that’s possible through manufacturing and then two, the cadence that’s expected at each of these centers?

And I understand more will ultimately come on board.

Vish Sassadri, President and CEO, Aeveona Therapeutics: Yeah so from a QTC perspective right they have communicated that at the beginning they’re going to be able to treat two patients per QTC per month and it goes hand in hand with what our manufacturing capacity is because in the clinical trial setting we were at two patients a month and then we’re ramping up now four to we are saying that by mid-twenty twenty six should be at 10 a month kind of manufacturing capacity so by that time if we have five QTCs operating at two a month we’re kind of building our manufacturing capacity to match what the site capacity is going to look like so that’s kind of how we’re planning for their capacity but if you take just 2025 we have these two QTCs I think they have expressed quite a level of comfort in getting to that two month kind of cadence at this point in time.

Kristen Kluska, Host, Cantor: Okay so how are patients determined which center they’re going to be treated at? Does this have to do based on whatever’s closest geographically, when in the cycle they need to get their treatment, or other factors?

Madhav Vasanthavada, CCO, Aeveona Therapeutics: Yeah, patient preference is certainly going to be a big factor in here and I think proximity to the qualified center or the distance that they travel will definitely weigh in, as well as the relationship that the referring doctor has got with the the treater. So at this moment, because we have two centers, know, it’s for the patients to, they are picking and choosing as to what centers that they want to go, and we know that these patients have the willingness to travel far distances. In the research that we have done, 150, 200 miles, 300 miles is not really problematic at all for these patients. Three, four hours of drive or flight times is pretty reasonable. And as we have more qualified centers then this obviously offers more choice for these patients.

And we are again working with qualified, you know, with institutions that are very well respected in this space. They’ve got patients of their own patients but also these are centers that patients already trust and have a affinity to go to them. We think that patient preference will only become easier as you get more qualified centers on board.

Kristen Kluska, Host, Cantor: Okay. And how should we be conservatively thinking about market potential through the end of this year and then early thoughts into next year?

Vish Sassadri, President and CEO, Aeveona Therapeutics: Yeah. No. This is a very important question. Right? Because definitely we’ll decouple 2025 and 2026.

Kristen Kluska, Host, Cantor: Yes.

Vish Sassadri, President and CEO, Aeveona Therapeutics: At 2025 whatever we have you know said so far the 10 to 14 patients we have a lot of confident on the patient demand. We’ve communicated that the just the de novo patients in the two sites is over a dozen patients and then there are 36 or so additional patients that all they’ve been referred. This is I’m talking about the q two earnings call that we shared. So if you look at the patient demand, I think we’re at a very good estimate in terms of what we think. Where the uncertainties come in for 2025 specifically is the very first patient that come through that funnel and the pipe maybe of getting from identified patient to prior authorization is done and then you have a financial agreement between the payer and the institution and then you look at slots and you’re matching up patient availability with slot availability at our manufacturing site and everything has checked the box and then you have a biopsy and then the manufacturing and then the patient gets treated.

This entire process, what what Madhav explained is gonna probably be more towards four months in the beginning. Yeah. And then over time that reduces. We do not have in our assumptions and how the patients trickle to numbers in 2025. We don’t have validated tools that tell us this is how it’s gonna be.

It’s unprecedented. Mhmm. That is the challenge in in answering a question of how confident are you in putting numbers out. So this is the level of uncertainty vis a vis when you have an example where I have x number of patients already in this quarter, they’re just gonna continuously dose into the next quarter so there’s a base business. Right?

We’re not in that level at this point in time. So we should always put that context when we say, okay, our estimate is this, which means we are relying patients to trickle from that funnel at a certain flow rate at the other end to be treated. Why it’s important to know that is over time as these processes smoothen and all the stakeholders have gone through this two, three times then it becomes more cruise control mode. That time from identifying the patient to actually treating them is gonna shorten. Right.

So then we’ll have a lot more confidence in what are those leading indicators that tell us what’s the next quarter numbers and things like that and we are going to evolve to that level of sophistication we’re not there yet. And for 2026 the reason we are very confident of getting the numbers is because obviously even at this point in time we’ve mentioned the 50 patients and counting without even putting a sales force and we’ll have more sites activated by the end of this year. So even if you take site capacity as one of the limiting factors of two patients per site per month with five sites we should be way above our breakeven so as a business we break even if we treat more than three patients in a month So we’re very confident that we’re going to move past that threshold in the 2026. Okay thanks.

Kristen Kluska, Host, Cantor: So you talked about the fact that in some of your trials patients were noting that they might want to come back for commercial setting just to get another part of their body covered with the Ziva Skin. Are you seeing this or some of these patients in that initial 50 that you laid out? I know you talked about one patient in particular is getting a third cycle, but are there any others that maybe are going for a repeat?

Madhav Vasanthavada, CCO, Aeveona Therapeutics: Yes you can. There is interest I mean we do expect patients will come back for a repeat in fact as we have seen in our clinical trial What’s of course hard to tell is how soon they will come back for a second or a repeat trial, repeat application. And that is standing up because as we talk to some of these patients who the physicians are saying have got large areas of the body and one doctor even said that 12 sheets is not going to be enough to cover the wound surface of this patient. Know, some of the patients that were already currently being evaluated. So they are already, the doctor’s asking us, Okay, when should we be thinking about the second one?

And that second application will really depend on the recovery time for the patient after the first, which we think will be, I guess six months is what our guess is right now, that they will want to wait for six months. It’ll also depend on the insurance companies as to how quickly payers will allow for the second one, by the way, a quick note on that, as insurance policies are coming up, payers are not really locking it only to one treatment. There is no cap per se in terms of repeat treatments, which is also extremely encouraging with regards to that repeat applications. So, and as more testimonials come out where patients showing, this patient at the Cincinnati meeting, she’s showing her back wound seven years after a single treatment application that covers the back and intact. Seven years.

I mean, this is a big deal. And you’ve got other patients in the room listening to this patient and having one on one discussions. Those are the things that are going to move. And of course, if the real world plays out like the way you know it did in a clinical trial setting, this this should set us up well.

Vish Sassadri, President and CEO, Aeveona Therapeutics: And also to put some numbers right, if you look at our clinical trial experience, there were 11 patients that went to the vital pivotal study. Of those eleven, six or so have already gotten the repeat treatment in our phase 3b study, that’s a pretty big number, I mean to in a short span of time relatively to have gone through a second treatment That shows also some kind of interest in coming back for therapy.

Kristen Kluska, Host, Cantor: Okay, thank you. So you mentioned some of the patients that have had initial interest, some are treatment naive, some of them have been on one of the other therapies out there. I know we often use the word complementary versus competitive when talking about this space, but I’m curious in both instances for the treatment naive, these wounds just of a size that maybe didn’t make them appropriate candidates for other medications or why do you think that’s the case?

Madhav Vasanthavada, CCO, Aeveona Therapeutics: In in which one? In treatment naive group?

Kristen Kluska, Host, Cantor: I guess in both.

Madhav Vasanthavada, CCO, Aeveona Therapeutics: In both? Yeah. Mean, I think definitely complementary approach is what we are seeing or hearing from physicians as well as patient advocacy groups. They all are telling that these patients require multiple treatment options and there is a clear position for Ziva Skin just given the wound burden and the need for durable treatment options. So we expect patients to get Ziva Skin as well as other treatment options or vice versa.

And early on we think that our Ziva Skin patients, the vast majority of them will have received other treatments by Jubeq or Filzovese. And that sets us up nicely as a second mover, second gene therapy mover advantage because from an insurance standpoint there’s a lot of paperwork, copies of you know genetically tested results, medical letters, etcetera already in place. So we think that this is only going to help with our access. And with other treatments, we are seeing both kind of category, vast majority of the patients because they are non responders. Non responders in the sense, some of the patients just have completely not responded to other treatments, Vaijubeka and Orfizovis.

And even within a patient, there are certain wounds are so large that have taken much longer so the patients want a more durable kind of treatment for them. It’s going to be a mix heavily weighted towards treatment of patients with prior treatments.

Kristen Kluska, Host, Cantor: Are you surprised that reimbursement and payer discussions are going so well so far?

Madhav Vasanthavada, CCO, Aeveona Therapeutics: Surprised? I mean we are surprised given the price point right I mean there was always this sort of a question as to what the reimbursement landscape is going to look like, but we are seeing really strong positive trend with regards to coverage. All of the patients that we have submitted, that doctors have submitted prior auth, have been approved so far. And some of them have approved within forty eight hours. That’s probably the surprising part.

The speed with which access for some of these patients that we have seen has come through, including Medicaid, managed Medicaid covering some of these patients even though Medicaid states take longer than usual. That speed is definitely a surprising part. So it’s a very strong trend. And we have been engaging with these payers for the last year and a half, right, and just educating the marketplace. Just as a recap on the payer front, right, I mean if you look at the total payer mix, you’ve got about roughly 60% of our lives are commercially insured lives.

About 30% are Medicaid and 10% are Medicare. Oftentimes the question we get is, oh, is this a reimbursement a DRG type reimbursement? Does this mean that the hospitals are not going to be, you know, sufficiently reimbursed, etcetera, so on and so forth. So DRG is really for the Medicare portion, which is a 10% tiny. And on top of that, we’ll be applying for an NTAP and an outlier payment which will cover, which will help bridge.

But for the vast majority, the 60% which are commercially insured lives, we are already seeing coverage. In fact, as we announced, United Health has issued a policy covering to label. Covering to label, no additional restrictions to the sort of the inclusion exclusion criteria that usually payers tend to follow clinical trial inclusion exclusion criteria especially for expensive gene therapies. So I think that’s a really strong start, and we are watching as to how the policies shape up for the rest of the commercial lives. And on the Medicaid side, which is a 30% coverage, we already entered into a national drug rebate agreement with with the CMS at the mothership level.

And that’s a prerequisite step which then enables an expedited coverage and access with the individual 50 Medicaid states. And we

Vish Sassadri, President and CEO, Aeveona Therapeutics: are seeing some really good, you know, momentum already with the states. So the one point I just wanted to add is we could not take this for granted. Mazov has an amazing market access team. So the work that started to have all of this sail through so easily started maybe a year, year and a half ahead in time, it’s almost like another FDA approval process where you have information requests day in and day out and we have to answer the questions that these payers have been asking us over these months that we are actually in a position where the willingness to pay has been kind of secured. I just wanted to not miss that, it didn’t just

Kristen Kluska, Host, Cantor: Right. Happen like

Madhav Vasanthavada, CCO, Aeveona Therapeutics: And one last to build on in terms of any surprises question, we are not seeing any pushback with regards to covering multiple treatment options for these patients. Patients on by Zuvec payers are not saying that you know if your patient is already on Zuvec you cannot get Ziva Skin or if you’re on Fils A List you cannot get Zuvec skin and vice versa. I think that’s really positive. Also the other positive as I mentioned earlier is that there is no cap in terms of number of treatments that a patient can get for new lesions, which is very encouraging. And also there’s no limitation on the total amount of body surface area that you can treat or the number of sheets that I’m authorizing.

This could have gone in many other ways, but because our NDC unit is one up to 12 sheets, that’s really your pack, and that’s really how we are seeing the reimbursement laid out.

Kristen Kluska, Host, Cantor: Okay. Thanks. On manufacturing, how do you plan to support additional capacity down the line? And what are gonna be some of these trigger points that determine, okay. It’s it’s time to think about additional scalability.

Vish Sassadri, President and CEO, Aeveona Therapeutics: Yeah. So as I mentioned, we are scaling up to 10 a month kind of cadence by mid twenty twenty six. Right? Now we’re talking about should we go from 10 to maybe 20 or a bigger number and that requires additional GMP space. Right?

That work, some of the long lead activities have already started, so we’re not wasting that time. But the big investments for that at some point in quarter one. Right? And this will also take into consideration by that time, is this something that could supply to some ex US markets if we are able to work with the durability of the drug product and expiry time and things

Madhav Vasanthavada, CCO, Aeveona Therapeutics: like that.

Vish Sassadri, President and CEO, Aeveona Therapeutics: So I think those are some of the considerations that, will inform our design of that additional GMP space.

Kristen Kluska, Host, Cantor: Okay. We’d like to open the floor to you, see if there’s anything else our audience should take away today.

Vish Sassadri, President and CEO, Aeveona Therapeutics: No. I think, we’ve covered all the main points here. I think the interesting the the exciting part is that we’re, at a strong balance sheet that allows us to execute on this launch. The bar to be a profitable company is relatively low, mentioned the three patients a month and we’re already seeing demand build in a very strong way. It’s really an execution problem right now and we have no doubts that’s going to come through.

We don’t talk about this very much, we have some very exciting assets that are in the earlier stages of development, proprietary capsids that have shown amazing data in retinal inherited diseases. We will be bringing that to patients in a clinical trial setting starting 2026 later half. And I think as we see the Lustre and the Ziva Skin launch come up we’ll speak more and more about the pipeline as well at that point in time.

Kristen Kluska, Host, Cantor: Okay, great. Well thank you both so much, great to have you here, we’re rooting for you.

Madhav Vasanthavada, CCO, Aeveona Therapeutics: Thank you so much, Christian.

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