Earnings call transcript: Syntara’s Q1 2025 reveals promising drug pipeline

Syntara Ltd reported a positive outlook during its Q1 2025 earnings call, highlighting a strong cash position and a promising drug pipeline. According to InvestingPro data, the company’s robust financial health is reflected in its "GREAT" overall score of 3.31. The stock saw a 3.57% increase, trading at $3.42, amid investor optimism about upcoming clinical trial results and potential FDA guidance.

Key Takeaways

• Syntara has a cash balance of $18 million, providing an 18-month runway.
• Lead drug 5505 targets myelofibrosis and myelodysplastic syndrome.
• Upcoming data presentations and potential FDA guidance are anticipated.
• The company is exploring partnerships for future clinical studies.

Company Performance

Syntara’s performance this quarter is marked by strategic advancements in its drug development pipeline, with revenue growth of 9.03% in the last twelve months. The company is focusing on myelofibrosis, a market valued at $1.9 billion, with a unique drug that shows minimal hematological toxicity. This positions Syntara favorably against competitors, particularly in a market dominated by JAK inhibitors. InvestingPro analysis reveals the company holds more cash than debt on its balance sheet, providing financial flexibility for its development programs.

Financial Highlights

• Cash balance: $18 million
• Market cap: Just under $100 million
• Monthly spending: Approximately $1 million

Market Reaction

The stock price increased by 3.57%, reflecting investor confidence in the company’s strategic direction and potential breakthroughs in its drug development. With a remarkable 144.29% return over the past year and trading near its 52-week high of $3.97, the stock signals positive market sentiment. Based on InvestingPro’s Fair Value analysis, the stock appears slightly overvalued at current levels. Discover more insights and 8 additional ProTips by subscribing to InvestingPro’s comprehensive research platform.

Outlook & Guidance

Syntara expects to present key data at the European Hematology Association meeting in June and anticipates FDA guidance by Q3. The company is also considering partnerships to advance its clinical studies.

Executive Commentary

Gary Phillips, CEO, emphasized the company’s strong financial position, stating, "We ended the quarter with $18 million... giving the company a runway of around 18 months." He also highlighted the potential market opportunity, noting, "There’s a half to three quarters of those myelofibrosis patients on JAK inhibitors, are not getting an optimum response."

Risks and Challenges

• Delays in MDS trial initiation could impact timelines.
• FDA outcomes are critical for future success.
• Competitive pressure from existing JAK inhibitors.

Q&A

During the earnings call, analysts inquired about commercialization strategies and the inclusion of additional JAK inhibitors in trials. The company confirmed ongoing studies in skin scarring and addressed minor delays in MDS trials. With its current ratio of 3.08 and strong balance sheet metrics, Syntara appears well-positioned to navigate these development phases. For detailed analysis and exclusive insights, access the full Pro Research Report available on InvestingPro, covering this and 1,400+ other US equities.

Full transcript - Syntara Ltd (SNT) Q3 2025:

Matt, Moderator/Host: If you’d like to submit a question still, please do so using the Q and A option within Zoom. On the webinar from the entire today, have the CEO, Gary Phillips. I’ll hand it over to Gary for the presentation.

Gary Phillips, CEO, Syntara: Thanks, Matt, and good morning to everybody. I know it’s a busy period, and so thank you for sparing us some time to listen to what we have to say this morning. So I’m just gonna pick out a few of the things which have happened in the last quarter and and really look ahead to the news flow that’s coming because I guess that’s really the point of interest from most people on the call is what comes next. And we were really pleased to be able to announce yesterday that we have had our poster accepted for presentation at the European Hematology Association meeting. So I’ll talk a little bit about five five zero five recap on the data that we showed at ASH in December and just talk about the things to look for in the data that’s coming up in in June at this at this meeting.

It is great. I mean, the hematology association meeting in Europe is a gathering of, you know, some of the world’s leading hematologists, allows us the the opportunity for the data that we’re showing to be reviewed, peer reviewed by them, and and live commentary coming out about the data at the same time as we’re sharing it with the market. So I think that’s a, hopefully, a really helpful thing to do for everybody. During the last quarter, we also announced the progression of the skin scarring program. So, you know, that’s been going ahead with independent investigator studies with professor Fiona Wood in Perth and UWA, Fiona Wood Foundation for a number of years.

And the the recent analysis of the last study showing just how fundamentally we were changing scar structure has really emboldened us to move forward and bring that program fully in house with going into a next generation compound, a topical compound nine thousand four and sixty five, which we announced earlier in the quarter and which I’m happy to talk about after this presentation as well. So we’re very much excited about that and getting it into the clinic and getting that study underway and getting that new drug through phase one. And I guess we can’t really talk at the moment about biotechs and the markets without considering the global markets at the moment and the the high level high degree of uncertainty that exists for, you know, future funds and and funding of companies like Syntara. So it’s really pleasing to sit here actually and and to be able to talk about a really strong cash position that we have. We ended the quarter with 18,000,000.

In fact, I’ll just delve into that just a a little bit further. Mean, you’ve seen, obviously, the drop in valuation that’s mirrored what’s gone on elsewhere. Market cap now sitting at just under a hundred million, but the cash balance at the March was 18,000,000. And within that, I’m also pleased to tell you that the money that was owed to the company from the company that bought the Manatol business at the end of twenty twenty three, all but about a million dollars of that has now been paid to the company and is now sitting within our cash. So the cash balance looks actually healthier than it perhaps even did at the end of the the previous quarter.

And $18,000,000 worth of cash is gives the company a runway of around about eighteen months. You know, we have historically been spending about a million a month unless we kick off, you know, a much, much bigger study on 05/05/2005, then that cash takes us out through to the second half of twenty twenty six and through the many milestones, which I’ll talk about when we get to the news flow. So really reassuring, and I think for us as well as shareholders to see to see strong cash position, particularly at this moment in the market where we see such a lot of uncertainty and difficulty in funding probably for the next foreseeable period, I think. So just to focus on that five five zero five and myelofibrosis because that’s the key event coming up. I’m sure that many of you listening to me this morning have heard me talk about myelofibrosis before.

You know, the study that’s ongoing at the moment is one that’s on top of standard of care, JAK inhibitor ruxolitinib. JAK inhibitors sell around about 1,900,000,000.0 per year. And despite they really are still only symptomatic treatments of myelofibrosis for which the progression for these patients, the outlook for these patients is quite poor with a life expectancy of about five years. JAK inhibitors generally being pretty poorly tolerated and causing cytopenias, drops in platelets and red cells. And when they come off of these drugs, they only have about twelve months to live.

So huge opportunity here for a drug that can work on top of a JAK inhibitor that can do something about the underlying disease and improve the results for many of those patients. I think we think we estimate that, you know, there’s a half to three quarters of those myelofibrosis patients on JAK inhibitors, are not getting an optimum response. They’re a suboptimal response to the drug. So out of that one point nine billion patients that are on drug, there’s about a million dollars of that at least, which is the addressable market for a drug like SNT five thousand five hundred five. At ASH in the American Society of Hematology meeting back in December, we presented the first set of interim data from this study, and that was patients that had achieved, some of them up to nine months’ worth of therapy.

I think we had five patients that were out to nine months’ worth of therapy. The rest were six months or three months’ worth of therapy. If you remember, this trial is running for twelve months. So all these patients will eventually run for twelve months’ worth of therapy. And we were interested in two main endpoints, the two endpoints that the both the clinicians and the regulators focus on, which is the symptom score, the TSS 50.

So that says, you know, how many patients get a 50% reduction in their symptom score, which is a patient reported outcome within the period, and then compared to baseline, and then also their spleen volumes as well. So on symptom score, we had at that point in December, ’60 ’2 percent had reached a TSS 50 up to the nine months worth of therapy, but that was some patients that had only completed three months worth of therapy that had got TSS 50, some at six months, TSS 50. But what we were seeing was a gradual improvement in that as time went on. And this is for patients who were you know, had been on ruxolitinib for a long time. So these are patients on standard of care.

The average was about three years. So it was really impressive result to see sixty percent of them actually getting a TSS 50. And there’s some marker of comparator in the in first line therapy with a JAK inhibitor. They see something like forty percent of patients getting a TSS fifty. So adding another drug on top of that and lifting those patients who were all suboptimally controlled to a TSS 50 is really impressive.

The patient numbers are small, but the size of the result, I think, makes it stand out. And the consistency that we were seeing at that point going through to nine months was also quite impressive. The other side of that was the spleen volume where we measure the reduction in spleen volume as a percentage. Many of these these patients have a spleen that’s over three liters in size, so it’s a very large spleen. You know, a healthy patient would have a spleen of around about 250 to 300 mils.

So that’s three times the size of a 10 times the size of a normal patient’s spleen. Again, we saw patients improving over time, getting better the longer they were on drug, which is a novel finding. We haven’t seen any other drugs where patients out beyond six months also can still continue to improve in their symptom score and their spleen volume, so that was really encouraging. And a spleen volume response of 25% is deemed to be both clinically significant for this group of suboptimal patients, but also from a regulatory point of view, we believe the FDA will probably look at SVR 25 as one of the endpoints in the study coming forward. So we were seeing at this point that we had three patients out at nine months that had achieved an SVR 25, And, you know, we’re now waiting to see what the results look like when we get more patients getting through to these these kind of endpoints.

So overall, we were seeing a very consistent result with the monotherapy when we used the drug on its own in an earlier study and that it was very safe and very well tolerated. There’s a fairly mixed patient population we had here, so we are very confident now that the safety result we’re seeing is going to be reproducible in larger patient numbers. It’s the safety of the drug stands out as being one of its key features and one that really differentiates it from the competition. I think despite the small sample size that we saw, the improvement in symptom score was very encouraging. You know, although it’s a small number of patients, it’s certainly a best in class result that we’re seeing there in terms of the number of patients getting to that level of improvement, particularly given their history and long time on ruxolitinib before coming into the study.

And the fact that both the improvement in symptoms and spleen continue to improve over time, again, is a very novel finding. So we’re now coming up to the next data point, which is gonna be at the European Hematology Association meeting in June. That data will contain all the patients in the study completing nine months worth of therapy and the majority of patients getting to twelve months worth of therapy as well. So it’s considerable additional data point from what we declared, what we showed at the American Society of Hematology in December. And we think that that dataset will help inform our discussions with regulatory bodies like the FDA and the European Medical Agency in the second half of twenty twenty five.

And we expect to get guidance back from the FDA in quarter three on how we progress the study, what they think of the data, and how we progress the study to the the next the next clinical trial. So our pipeline now looks, you know, I think, quite healthy. Five five zero five, the lead drug, is in two different diseases. The myelofibrosis one, which is obviously the lead, which we have talked about with that interim twelve month data coming out in June. Myelodysplastic syndrome, ’2 studies funded by grant money from the Australian government and the German Cancer Fund, where we expect both of those studies to kick off in around the middle of the year.

I’m getting interim data in the first half of next year. The skin scarring program with nine four six five, that’s a a new drug going into phase one for the first time. So the first part of that study is looking at healthy volunteers and checking safety and the PKPD of the drug. So how much is getting into the skin? Is it inhibiting the enzymes in the skin that we’re seeing?

And the second part of that study where we’re looking at patients with hypertrophic scars where we expect to see the impact of the treatment over three months, and we’ll get data back again in the first half of next year from that. Meanwhile, Professor Wood and her group will be looking at keloid scarring with another independently an independent investigator study that we’ll be supporting her with. And last but not least, four thousand seven hundred and twenty eight is a drug which is in a fully funded study by Parkinson’s UK. It’s in a sleep disorder where patients progress to Parkinson’s disease and a high number of them. That study is recruiting in Australia for some months now.

But in this last quarter, we announced that The UK site, which had been delayed, has overcome the technical problems they had with the PET scanner that they were using in the study to scan these patients’ brains. That’s overcome. The patients are now starting to be recruited. We expect full recruitment by the end of the year and data in the first half of next year. So finishing on the all important news flow and what’s gonna drive value in the upcoming months.

Clearly, the key thing here is that data coming out at the the European Hematology Association meeting. It’s gonna be on the June. We’re in a poster session, which is taking place on Saturday, June, which is early morning on the Sunday, the fifteenth here in Australia. We will make sure that we disclose that data in an appropriate fashion alongside what’s going on at the Hematology Association meeting in Milan. After that, we’re still on track to submit our briefing book to the FDA, which is proposing the next stage pivotal study, phase two, three study for myelofibrosis alongside the interim data from the study to the FDA.

We expect to get an answer back from the FDA in quarter three. I’ve mentioned already those two myelodysplastic syndrome studies starting around the middle of the year as well as that hypertrophic skin scarring study as well starting. So it’s a busy time for the team here at Syntara with a number of trials kicking off and a number of trials producing data and quite a lot of interaction with regulatory authorities at the same time. And then if we look forward to the first half of next year, which is, you know, December down the road, we’ve got three studies due to in fact in fact, we’ve got the IRBD study due to report in the first half. We’ve got the two myelodysplastic studies due to produce interim data coming out at that time period and and also the the skin scarring study as well.

So, you know, a biotech company with cash through the next eighteen months with data from studies that are fully funded coming through in that time and a really key data drop coming up in the very near future in the June. So with that, I’ll I’ll hand back to Matt and and he happy to take any questions from the the audience at this point.

Matt, Moderator/Host: Well, thanks, Barry. Just a reminder to everyone again, if you have a question you’d like to submit, please feel free to do so using the option within Zoom, and we’ll go from there. Carrie, you’ve touched on it a bit there around in June. All going well with that. Can you just speak again to what investors can expect from there with 05/05/2005 and the next milestones they should be looking for?

Gary Phillips, CEO, Syntara: So think, you know, the things to look for are primarily the endpoints, which are gonna be drivers for that agreement with the FDA on the next clinical study. I mean, that’s we’re looking for some degree of confidence that we’ve got a drug which can hit endpoints which the regulators value. And those two are the TSS 50 and the spleen volume reduction. So I think those are the those are the two things that, you know, we will be look we’ll be certainly be looking at very, very closely in the when we’re putting the data package together for that that poster presentation. Clearly, safety as well is an ongoing thing.

You never take your eye off that. But we have got, I think, increasingly comfortable with the safety profile of the Dragon that we we really haven’t seen anything to date which causes any concern, and it’s the thing that opinion leaders, hematologists globally have all remarked on that, you know, this is a key asset going forward. Just as a reminder, you know, the drugs that are on the market now, the JAK inhibitors, and also the drugs that are in development, most of them have a tolerability profile, which includes quite a lot of hematological toxicity and cytopenias that they cause in a number of the patients that are taking the drugs. So that being absent in our drug means that this is a clean drug which could be added on to the current standard of care without making these patients feel worse. So that’s a key aspect of it.

So, yes, looking looking at what what you should be keeping an eye on it, I think it’s those two things. It it the in December, we showed a very encouraging symptom score improvement and one that looked like it was improving over time, and also an emerging story around spleen volume where we were seeing patients who, you know, after three years on ruxolitinib and not being well treated and their symptom scores, you know, going up and getting worse, to see both symptom score and some response in the spleens from those patients after that length of time on ruxolitinib, I think, was really encouraging. So we’re hoping when we take these patients out to twelve months, but also the additional patient data we’re gonna get at nine months and concluding the six month data as well is is gonna be important. So, yeah, it’s the those are the things to look for.

Matt, Moderator/Host: Thank you. And, again, you touched on it there, but just to maybe be slightly more specific question that’s come through is given we are still waiting data release from myelofibrosis, can you confirm whether an engagement with the FDA commence all then based on preliminary results?

Gary Phillips, CEO, Syntara: Yeah. So we the the FDA work on a a very sort of specific time frame, and I know that there’s been lots of, you know, noise in the media around what’s happening with the FDA and redundancies and things. But, you know, I was encouraged to hear the new head of the FDA talking about still the importance of rare diseases, which myelofibrosis fits into. So we’re not anticipating any, at this point in time, any any change in their timetable. So the dataset that we are presenting in Milan in June will form the basis for the briefing book that goes into the FDA in June.

And then they work on a specific timetable, which means that we expect to get an answer back in in quarter three. You know, I think we’ll be more we can be more specific about that as time goes on, but we’re we’re working more or less on schedule. We’ve maybe lost a couple of weeks while we’re waiting for data from digging into certain aspects of the database that we’ve gotten, waiting on third party companies to produce analysis of the data we’ve got. So we’ve got the full package together to give to the FDA, but still expecting to to get that into the FDA in the near term and get a response back in quarter three.

Matt, Moderator/Host: Thank you. Another question that’s come through is, is there the possibility of commercialization of 5,505 upon delivery of positive phase two data without the requirement for a full phase three study?

Gary Phillips, CEO, Syntara: So it depends what you mean by commercialization. I think that there there is obviously an opportunity to partner the drug at this stage. So we’ll be working these things in parallel. So at the same time and I should say that, you know, whether we go ahead and do the phase twothree study that would enable us to get a registration package together, an approval for the drug and commercialization in the sense of actually selling it globally as a product to patients with myelofibrosis or whether we look to attract a partner and license the drug at this earlier stage. Both of those outcomes depend on us getting an act you know, a positive readout from the FDA, which says, yes.

We think your data is enough to support you going into the next clinical study. Yes. We think the safety profile is okay. You need to get this number of patients more to convince us that it’s okay to approve, and these are the endpoints that we are looking for. So I think the the we can go one of two ways here, either down the partnering route or down the route of doing the next study.

Both of depend on the data that comes out in June and then the subsequent response from the FDA in terms of the outcome of the meeting that we have with them.

Matt, Moderator/Host: Thanks, Carrie. The next question is how are you thinking about including additional JAK inhibitors in the phase two three trial, particularly testing my pronunciation here, momalutinib. Yeah. Momalutinib. Yeah.

Yeah. That’s pretty good. Yeah. Given given its growing share, particularly in the anemic population.

Gary Phillips, CEO, Syntara: Yeah. So it’s it’s it’s good to see, I think, that that momalutinib, I think, has made a good start in the market. It is being used in myelofibrosis patients, as the question suggests, with anemia. It’s interesting to see that it’s growing the market rather than cannibalizing the market. So it doesn’t appear to be taking patients away from ruxolitinib.

If you look at their scripts, their quarterly scripts, they they they look pretty stable. So what we’re seeing is a group of, you know, patients who are not on ruxolitinib that are are being suddenly being made available for momalopinib, and we’ll be interested to see how that develops over time. Ruxolitinib, though, is still the, by far, the largest drug in the market by units. And I also note that it’s gonna be coming off patent in 2028, at which point, you know, there will be a price differential between ruxolitinib and mamolitinib. So I think it’s you know, market share of ruxolitinib will remain high, and the number of patients taking it will remain high for a long time.

It will be one of the questions that we discuss with the FDA will be whether this next study coming up should be including just one JAK inhibitor, whether there needs to be whether that would give us a label for then treating our drug on top of any JAK inhibitor that’s in the market or whether it would be specific to ruxolitinib. And what kind of data will we need to generate in order to get our drug approved for use on top of other JAK inhibitors as well as rux. So it’s a a good question and one that we’ll be discussing with the FDA in some detail, I imagine.

Matt, Moderator/Host: Thank you. The next question is, have any other competitor trials had SPR 25 rather than 35 as an endpoint?

Gary Phillips, CEO, Syntara: Yes. Majority of the most recent studies, we believe from reading FDA minutes and talking with consultants would appear that in the suboptimal population, SVR twenty five is an acceptable endpoint. But, again, it will be a discussion point with the FDA when we get there. But from what we’re seeing, there is enough precedent to suggest that SVR twenty five is a in this patient population, I should just add that the clinicians believe that SVR ten is actually significant for their patients given and given the length of time the patients in our study have been on rux, you know, they certainly think that any improvement in spleen volume is clinically significant. But from a regulatory perspective, we believe that a 25% reduction in SVR is would would be acceptable.

But, again, one of those things that will be a question for the FDA.

Matt, Moderator/Host: Thanks, Gary. Today, as we discussed earlier, we’ve seen another company in the sector, Dimerix, announce a licensing deal. Can you just speak to your your view and a sort of approach to a potential licensing deal for Syntaur and the potential to do that with $5.05 $0.05?

Gary Phillips, CEO, Syntara: Yeah. I I guess the you know, these deals done with drugs like five five zero five at this stage. So if you’re if we if we talk about a deal that’s done after phase three, then we’ve got plenty of comparators out there. The last three deals have been north of $1,700,000,000. The last one was actually $2,900,000,000 for a drug, which was gonna be added on top of a of a JAK inhibitor, which has subsequently had a safety problem.

But, you know, the the the the comparators there for the a a deal that’s done after that stage are are there and very clear. If we look at comparator deals that are done for drugs in phase two, I think there are limited number of comparators. We’ve got our own internal ones where we’ve, you know, we’ve licensed the drug in the in the in the past at the end of phase one upfronts or, you know, before starting phase two, we had revenues of above $80,000,000 taken in and a total deal value of around about $750,000,000. So, you know, that was for a phase one asset. This drug is in phase two.

It’s a large market and an attractive one. So we think, you know, a sizable upfront followed by development milestones is also certainly possible for a drug at an earlier stage. But, again, you know, it’s it’s there there is there’s different ways of looking at value and different strategies of of getting to those points, and we wanna keep both our options open at this point and certainly go ahead and plan for conducting the next study because that’s the as I as I mentioned during the presentation, getting that approval from the FDA is a key marker of value both for potential partners now and for people that are gonna invest in the in the follow-up study as well.

Matt, Moderator/Host: Thank you. The next question just someone’s emailed through asking, can you provide an updated status on the skin scarring studies?

Gary Phillips, CEO, Syntara: So, yes, we’ve we’ve announced the couple of months back 09/04/1965 going into phase one. So I guess this is a a really nice way of illustrating the strength of this entire business model in that having an internal drug discovery group and with all the compounds we produce come from our own our own team meant that once we saw the benefits of that first generation drug, six three zero two, in the studies that Fiona Wood and her team conducted over in Perth, we were able to quickly analyze the improvements that we could make both in study design and also in the the actual drug itself to make sure that we were maximizing both the tolerability profile of the drug and its ability to inhibit those key lysoloxase enzymes in the skin, at a high level for twenty four hours with a daily application. And nine four six five was brought through in really, really quickly. I’m really proud of the effort the team made there to get that through. It’s gone through all the preclinical testing in very short period of time.

And in the next couple of months, we will initiate that phase one study. So the first part of that study will be looking at healthy volunteer patients using a gradually increasing dose of the topical cream just to make sure that we have seen an improvement in tolerability that we expect from the design of the drug. And then once that’s done, we will go into patients probably in two or maybe three centers, all of them in Australia, looking for patients with hypertrophic scars and looking at them over a period of three months and comparing the the scars at the end of three months with the with the baseline at the beginning to see whether we’re seeing also as well as the changes in structure that we saw in the previous study with six three zero two. Also looking to see if we can we can get a a change in the appearance and the physical properties of the scar as well.

Matt, Moderator/Host: Thank you. And then another one on skin scarring was, are the trials for hypertrophic and keloid scars being conducted together or separately in birth, and are you looking at other sites?

Gary Phillips, CEO, Syntara: No. They’re they’re they’re very much separate studies. So the the one in hypertrophic scars with nine four six five is a is a Syntara sponsored study where, you know, we will be working directly with the CRO in in a number of centers across Australia to conduct and recruit those patients. The keloid scarring one is very much under the management of the Fiona Wood Foundation and UWA and the work that they do together, and that will be a study that’s probably done in centers around around Perth.

Matt, Moderator/Host: And your one final one was, are you proposing to use AI tools to expedite trial analysis and results in skin scarring again?

Gary Phillips, CEO, Syntara: Well, not just in skin scarring. You know, also also in looking at the bone marrow fibrosis samples that we take within the myelofibrosis study as well where I whether, you know, whether it’s machine learning or AI, but we are using the latest technology to analyze the the the cell makeup of tissue samples that we take both from the skin and from bone marrow. Also in the imaging that we take of the scars, there’s you know, that we’re we’re using the latest technology we can to measure and look at, you know, three three-dimensional images, for example, of of the scars to check on volume as well as appearance, pigmentation, a number of different parameters. So, yeah, we we we stay abreast of the latest techniques in this area and try to utilize them wherever appropriate to make sure that we have the the best assessment of the clinical samples that we have from patients to see that make sure that we we reach the, you know, the clearest conclusions that we can. We’re not missing anything.

Matt, Moderator/Host: Another question is, is there any particular reason for slight delay in MDS trials?

Gary Phillips, CEO, Syntara: These are independent investigator studies, so they’re not something that we have direct control over the start of. There were some small hiccups in the drug supply, and there was another company supplying drug to the Australian study. Those have been ironed out now. But both studies now are in the final stages before kicking off. So, yeah, it’s it’s it’s, you know, it’s almost inevitable when, you know, these are the most important things for us.

But, clearly, there’s some of the centers which are involved in these studies. They’ve got several other things going on at the same time. So their priorities change slightly, but we believe both studies now are in the final stages before starting. There’s a lot of enthusiasm in the multiple centers that are involved both in Australia and Germany to look at this drug. And, yeah, they they both of them got a very high ranking within the hematology hematology community of both countries to go ahead and progress.

So once we’ve got the some of the admin and bureaucracy out of the way, I think they’ll both recruit well, we look forward to seeing results of that in the first half next year.

Matt, Moderator/Host: Thanks, Gary. That’s all the questions. I’ll just throw it back to you to provide a closing comment.

Gary Phillips, CEO, Syntara: Thanks, Wally. Thanks all for your time. And, you know, obviously, we’re we’re looking forward to this this quarter that we’re in now, and it’s only a matter of weeks really before we get a chance to review that next lot of data from the myelofibrosis study. So it’s gonna be an exciting time, and I I look forward to all talking talking to you again at that at that point when we’ve got that data out there again. Thanks very much.

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