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GlycoMimetics (GLYC three.74%)
Q2 2022 Earnings Name
Aug 03, 2022, eight:30 a.m. ET
Contents:
- Ready Remarks
- Questions and Solutions
- Name Contributors
Ready Remarks:
Operator
Good morning, and thanks for becoming a member of the GlycoMimetics Q2 2022 earnings name. [Operator instructions] I’d now like to show the decision over to Christian Dineen-Lengthy, firm counsel at GlycoMimetics. Please go forward.
Christian Dineen-Lengthy — Vice President, Company Counsel
Good morning. Right now, we are going to assessment our enterprise updates and monetary outcomes for the quarter ended June 30, 2022. The press launch we issued this morning is offered on the corporate’s web [email protected] below the Traders tab. This name is being recorded.
A dial-in telephone replay can be accessible for 24 hours after the shut of the decision. The webcast replay will even be accessible for 30 days within the investor relations part of the corporate’s web site. Becoming a member of me on the decision at present from GlycoMimetics are Harout Semerjian, chief govt officer; Brian Hahn, chief monetary officer; and Bruce Johnson, chief business officer. We are going to begin at present’s name with feedback from Harout, who will present a broad overview of the enterprise and the progress of our pipeline applications, adopted by commentary from Bruce on the potential market alternative for uproleselan.
Brian will then present element on the corporate’s monetary place, and we’ll open the decision for Q&A. I want to remind you that at present’s name will embrace forward-looking statements based mostly on present expectations. Ahead wanting statements on this name might embrace, however are usually not restricted to, statements in regards to the firm’s product candidates, uproleselan, GMI-1687, and our different pipeline applications, together with statements about expectations concerning our operations, money place, and knowledge from preclinical research or medical trials, in addition to deliberate or potential future growth, regulatory interactions or submissions, and potential pre-commercialization actions or strategic collaborations. Such statements characterize administration’s judgment and intention as of at present, and contain assumptions, dangers, and uncertainties.
GlycoMimetics undertakes no obligation to replace or revise any forward-looking assertion. For info regarding the threat components that would have an effect on the corporate, please check with GlycoMimetics’ filings with the SEC, which can be found from the SEC on the GlycoMimetics web site. I will now flip the decision over to Harout.
Harout Semerjian — Chief Government Officer
Thanks, Christian. Good morning, everybody. Over the previous quarter, we’ve continued to ramp up our regulatory and business readiness exercise as we superior the event of our lead program, uproleselan, presently in a Section three registrational trial in relapsed refractory acute myeloid leukemia, or AML, and proceed constructing a powerful basis for our potential evolution to a commercial-stage firm. Skilled and devoted management with a monitor file of efficiently commercializing oncology and hematology property is essential to this evolution, which is why we’re — we’re excited to have Bruce, our chief business officer, on at present’s name to share extra element on these ongoing efforts.
First, nevertheless, let me present an outline of the enterprise. As shared final quarter, one in all our high priorities continues to be cleansing the info from the 70 websites and 388 sufferers collaborating in our Section three medical trial throughout the US, Europe, Canada, and Australia. The placebo-controlled trial is evaluating salvage chemotherapy with or with out uproleselan. Recall that the first endpoint of this trial is general survival, and as we’ve beforehand disclosed, the Section three trial was powered at 90% to detect the hazard ratio of zero.68 or higher.
Right now, for the primary time, I might wish to share an outline of the affected person demographics from our Section three trial. When designing our Section three trial, our purpose was to typically mirror our Section half affected person inhabitants and exclude sufferers that aren’t prone to profit from the remedy. I am happy to say that Section three inhabitants is broadly much like that of accomplished Section half research with respect to age, severity of AML, prior stem cell transplantation charges, and distribution of relapsed and refractory sufferers. The median age was 58 years outdated.
33.5% of the Section three contributors had been refractory sufferers, with the opposite 66.5% falling into the relapsed class. Of the relapsed sufferers, 19% of the Section three inhabitants had a previous period of remission lower than six months. When it comes to prior therapeutic background of this Section three inhabitants, 18% beforehand had hematopoietic stem cell transplantation, or HSCT, whereas 16% had undergone greater than two induction regimes. PLN threat stratification was broadly in keeping with Section half inhabitants.
For a extra detailed breakdown, you’ll find the total affected person demographics tables in our earnings press launch. The underside line is, the affected person inhabitants enrolled in Section 2 and within the Section three applications with uproleselan within the relapsed refractory setting are broadly comparable and mirror the affected person inhabitants clinicians are seeing of their observe. As for the timing of the occasion set off, we’ve beforehand disclosed our projection of midyear 2023 for this milestone, with disclosure of the topline knowledge outcomes shortly thereafter. We are going to proceed to observe occasions and supply acceptable updates to this projection as wanted.
As a reminder, we’ve already been granted FDA fast-track and breakthrough remedy designation for uproleselan within the relapsed refractory AML, permitting us to quickly transfer to regulatory submissions. As we draw nearer to this milestone subsequent yr, we stay assured that by disrupting the protecting interplay inside the bone marrow microenvironment, uproleselan has the potential to rework outcomes in AML sufferers by hopefully reaching deeper, extra sturdy remissions, increased charges of measurable residual illness MRD negativity, bridging extra sufferers to probably healing stem cell transplants, and finally enhancing general survival. Along with our Section three registration trial, uproleselan can be being evaluated by the Nationwide Most cancers Institute, or NCI, in an impartial, randomized, open-label trial in frontline newly identified AML sufferers who’re 60 years and older. This medical research is evaluating whether or not the extra of uproleselan to a typical cytarabine, daunorubicin regime of seven+three in older adults with improved affected person outcomes.
The Section 2 portion of this Section 2/three trial accomplished enrollment of 267 sufferers final November, and as per protocol, the NCI has suspended additional enrollment in anticipation of its deliberate interim evaluation. When the result of the NCI’s event-free survival evaluation of the Section 2 trial is communicated to us, we plan to challenge a press launch. To be clear, the NCI trial offers us the chance to exhibit advantages in a definite affected person inhabitants and probably increase our label to incorporate frontline AML. I might additionally wish to reiterate that along with advancing two registration-stage applications, we’ve a number of investigator-sponsored trials presently evaluating uproleselan’s potential in extra hematological indications.
Research are underway to exhibit the good thing about including uproleselan to venetoclax HMA combos in sufferers ineligible for intensive chemotherapy, in addition to together with salvage remedy for secondary or treatment-related AML. We proceed to collaborate with the principal investigators of those trials with a mutual purpose of publishing their findings at main medical conferences. These trials present GlycoMimetics with the chance to increase the potential software of uproleselan into extra areas of unmet medical wants, and we’re tremendously appreciative of our investigator companions for his or her efforts to advance this purpose. We consider the keenness of clinicians to have interaction with uproleselan on this method displays each the excessive diploma of unmet wants on this affected person populations and the thrilling potential that uproleselan has to deal with these gaps within the care continuum.
Our pipeline of revolutionary glycobiology-based therapies extends past uproleselan, and I’d now like to show to current updates on the progress we’ve made with our sickle cell illness program, GMI-1687. I’m happy to report that the FDA accepted our IND software to proceed with a Section 1 medical trial of GMI-1687 in wholesome volunteers. Whereas we’re inspired by this constructive replace, in keeping with our current enterprise technique, we’re focusing firm sources on uproleselan growth and potential commercialization. In keeping with our previous communications, with this IND acceptance, we consider 1687 is effectively positioned for partnership to additional advance this promising molecule.
As a reminder, GMI-1687 is a extremely potent E-selectin antagonist, initially being developed to deal with acute vaso-occlusive disaster, or ache disaster, in sickle cell illness sufferers. E-selectin is believed to play a serious position within the cascade of occasions resulting in clots and blockages that trigger sufferers’ ache disaster, which may finally result in occasions like a stroke or everlasting organ injury. As a result of GMI-1687 affords the potential for self-administration in an injectable, subcutaneous dosing type by way of a prefilled syringe or auto injector, it might be administered on the onset of the ache disaster to disrupt the underlying inflammatory cascades and restore regular blood circulation, probably blocking injury and ache created by occluding blood circulation to the organs. On condition that there are presently no FDA-approved therapies within the therapy of acute VOCs in sickle cell sufferers, we’re optimistic in regards to the promise of this program to deal with the excessive unmet want and long-term well being penalties for this inhabitants.
Regardless of current advances within the therapy of sickle cell illness, the affect on decreasing — on discount of frequency and severity of the VOCs has been restricted for the almost 100,000 sufferers within the US. We stay up for persevering with to supply updates as we assessment potential subsequent steps for this program. As we proceed to advance the Section three uproleselan trial towards its general survival occasions set off, presently anticipated in mid-2023, and make progress throughout the remainder of our pipeline, with the current acceptance of our IND software for our subsequent asset, GMI-1687, we’ve established robust momentum in our continued evolution to a commercially targeted group. We’re laborious at work getting ready for uproleselan’s anticipated market entry, and I might like at hand the decision to Bruce to supply element on the staff’s early business growth work, the market alternative, in addition to an outline of the present AML panorama.
Bruce?
Bruce Johnson — Chief Industrial Officer
Thanks, Harout, and because of everybody for becoming a member of our name at present. I might like to debate uproleselan’s potential market alternative by offering some background on our early business growth efforts, in addition to additional context on the AML panorama and the constraints of current standard-of-care therapies. I will shut out with some insights into why we view uproleselan as a remedy that we hope can be uniquely positioned to disrupt a market in severe want of transformation and tackle the unmet wants of AML sufferers. The main target of our early business growth efforts has been in 4 key areas.
First, to drive consciousness and educate medical consultants on the position of E-selectin in AML and the way this glycoprotein on the endothelial floor of the bone marrow vasculature creates a permissive microenvironment for leukemic cell survival and proliferation. Second, to lift consciousness of uproleselan’s distinctive and differentiated mechanism of motion as a first-in-class E-selectin antagonist poised to disrupt the usual of care in each relapsed refractory and newly identified AML match for intensive chemotherapy. Third, to drive consciousness of uproleselan’s medical growth program in AML. And fourth, to develop a deep understanding of the market panorama within the U.S., E.U., U.Okay.
and Canada, the business alternative for uproleselan, and to judge early perceptions of a blinded product profile with AML consultants, neighborhood hematological oncologists, or heme/oncs, and payers. So far, we have performed in depth main and secondary market analysis to know the AML panorama and the constraints of current standard-of-care therapies. This consists of goal product profile, or TPP, main market analysis with each tutorial AML consultants and community-based heme/oncs. All consultants included had been investigators in trials, revealed analysis in AML, and had been concerned in regional nationwide tips.
The target of this analysis was to realize doctor perception into newly identified and relapsed refractory AML therapy panorama, present unmet medical wants, and the way the long run AML panorama will evolve. We additionally wished to acquire reactions from AML consultants and neighborhood heme/oncs to a possible TPP that may tackle the unmet medical wants, with a deal with efficacy benchmarks and expectations for medical use. To supply some background, AML is likely one of the commonest sorts of leukemia in adults, with a worldwide median incidence price of just about 2.three circumstances per 100,000. Within the U.S., there are estimated to be greater than 55,000 folks presently residing with AML and greater than 20,000 adults within the U.S.
identified yearly. A research introduced on the Nationwide Complete Most cancers Community, or NCCN, Annual Convention this previous March indicated that the incidence of AML and deaths amongst AML sufferers are growing worldwide. Regardless of current advances, AML sadly stays an space with vital unmet want. Lengthy-term affected person outcomes are poor, with roughly 70% of newly identified sufferers relapsing inside three years, and a disappointing five-year general survival price of 29%.
When it comes to present standard-of-care therapies, AML is a chemo-sensitive illness, and the principle therapy for this affected person inhabitants is chemotherapy. Nonetheless, chemotherapy shouldn’t be focused and sometimes leads to residual leukemic cells that will end in relapse. Past chemotherapy, most of the newer therapeutic choices for AML are restricted of their skill to realize deep, sturdy, full remissions, or have toxicity issues. These therapeutic choices are additionally usually used for a choose few sufferers who harbor particular biomarkers, limiting their utility in broader populations.
Compounded by these components, there is no such thing as a normal of care therapy routine for relapsed refractory AML sufferers eligible for intensive remedy. As one skilled lately acknowledged, we’re not curing lots of people with AML, definitely not with out transplant. When treating AML, the purpose is to place the leukemia into full remission, with bone marrow and blood cell counts returning to regular. Just lately measurable residual illness, or MRD, unfavorable standing has emerged as an vital prognostic issue for longer survival and decreased threat of relapse publish allogeneic stem cell transplant.
Illustrating that time. the five-year general survival price for sufferers who’re MRD unfavorable is 68%, versus 34% for individuals who are MRD constructive. Equally, the three-year relapse estimate is 22% for MRD unfavorable sufferers versus 67% For MRD constructive sufferers. Present NCCN really helpful regimens obtain full remission with full hematologic restoration in 20% to 30% of relapsed refractory sufferers, MRD negativity in solely 15% to 25% of sufferers, and allogeneic stem cell transplant charges of solely 20% to 30% of sufferers in first relapse.
The median general survival interval is roughly six months within the inhabitants evaluated in these research. Suggestions from AML consultants signifies that enormous, well-controlled, randomized medical trial, establishing novel brokers on this setting will assist redefine a brand new normal of care. As a part of our efforts to know the AML market, we proceed to see robust constructive response to a blinded product profile for each relapsed refractory and newly identified setting. In blinded TPP main market analysis with AML consultants, neighborhood heme/oncs, and payers within the U.S., E.U., U.Okay., and Canada, all physicians interviewed expressed a excessive degree of curiosity within the E-selectin mechanism.
In relapsed refractory setting, physicians would add a product matching the blinded TPP to intensive chemotherapy if it exceeded their CR price and OS threshold to be used in medical observe. In first line, median OS, or median general survival, is an important endpoint. Physicians discovered the general survival profit because the inflection level to be used of their medical observe. All respondents rated the blinded TPP favorably and felt that it will be a major advance to have a brand new drug with a non-overlapping mechanism of motion that, when added to straightforward remedy, may assist in reaching deeper, extra sturdy remissions, increased charges of MRD negativity, and improved general survival, with out added toxicity.
As new therapeutic choices emerge, the prevalence of relapsed refractory AML will seemingly improve over time. And on common, sufferers will obtain larger than two to 3 remedy over the course of therapy. On account of this development, novel brokers that may improve the consequences of presently accessible therapies and bridge extra sufferers to probably healing choices, or sufferers to probably healing choices comparable to allogeneic stem cell transplant, might be a serious therapy superior. Therein lies what we consider is a major alternative for uproleselan to probably remodel outcomes in AML, if we obtain our goal product profile.
Together with salvage chemotherapy, we consider that uproleselan has the potential to be the primary routine in over 25 years to exhibit broad medical profit in relapsed refractory AML, no matter cytogenetics or mutational standing. Based mostly on accessible publications, we estimate within the high seven markets, there are over 25,000 relapsed refractory AML sufferers, of which about 40% are eligible for intensive remedy, comparable to a possible routine of uproleselan plus salvage chemotherapy. If we’re profitable in our present Section three trial and obtain our TPP, we envision pursuing growth uproleselan for AML sufferers who are usually not eligible for intensive chemotherapy, which, based on our estimate, may greater than double the market alternative. And relying upon the outcomes of the MCI research, we might also discover the considerably bigger frontline AML market alternative.
So in abstract, assuming we obtain a label in keeping with our TPP, establishing uproleselan together with intensive chemotherapy in each relapsed refractory and newly identified AML is the primary section of our multi-phase lifecycle administration plan for our E-selectin antagonists portfolio. Doctor consciousness, enthusiasm, and willingness to prescribe a novel remedy that’s in keeping with our goal product profile is already current. The market alternative is important. And having spent the previous 20-plus years targeted on launching merchandise within the AML enviornment, I am fairly excited by this chance and stay up for additional exploring the potential to increase into extra indications down the road, broadening our attain into extra affected person populations in want of revolutionary therapy choices.
Brian, I will now flip it over to you to supply an outline of our monetary outcomes.
Brian Hahn — Chief Monetary Officer
Thanks Bruce. As of June 30 2022. GlycoMimetics had money equivalents of $60.2 million, as in comparison with $90.three million as of December 31 2021. We proceed to anticipate our present money sources will fund our operations into the third quarter of 2023.
The corporate’s analysis and growth bills decreased to $eight million for the quarter ended June 30 2022, as in comparison with $10.2 million for a similar interval in 2021. The decreased bills had been primarily as a result of decrease medical trial prices associated to our ongoing international Section three medical trial of uproleselan in people with relapsed refractory AML. With the completion of affected person enrollment in November 2021, medical websites are being closed as knowledge assortment and cleansing happen. Because the Section three knowledge matures, we are going to proceed to carefully handle our R&D prices to make sure that we’re appropriately allocating sources for potential commercialization of uproleselan.
The corporate’s normal and administrative bills elevated to $5.5 million for the quarter ended June 30 2022, as in comparison with $four.2 million for the second quarter of 2021, primarily as a result of commercialization start-up bills for uproleselan and different administrative bills ensuing from the easing of COVID restrictions. I might now like to show the decision again to Harout.
Harout Semerjian — Chief Government Officer
Thanks, Brian. As I strategy the one-year anniversary of my appointment as CEO, I’m extra excited than ever about our firm’s transformative work, significantly as we gear up towards a major inflection level anticipated in 2023. We stay up for offering additional updates on our medical pipeline as we pursue our mission and proceed our evolution right into a medical — right into a commercial-stage firm able to delivering these therapies to the sufferers who want them most, and we deeply recognize your continued help. I might now wish to open the traces for Q&A.
Operator?
Questions & Solutions:
Operator
Thanks. [Operator instructions] And our first query comes from the road of Boris Peaker of Cowen and Firm. Please proceed.
Boris Peaker — Cowen and Firm — Analyst
Nice. Thanks for taking my query. First, I simply wished to ask, on upro Section three trial, the enrollment clearly accomplished in November of final yr. I am simply curious if you happen to may touch upon how the OS occasions are monitoring versus projections.
Harout Semerjian — Chief Government Officer
Yeah, thanks, Boris and good to listen to your voice. And simply as a reminder for everybody, we’ve accomplished our enrollment in our Section three in November 2021 and we’re projecting an general survival occasions midyear 2023. So Boris, that is type of — , it is nonetheless monitoring in keeping with our earlier projections. However on the identical time, that is all projections, so we’re repeatedly monitoring it and ensuring that if there are variations, that we talk them appropriately with time.
So at this level, we’re nonetheless monitoring towards that mid 2023.
Boris Peaker — Cowen and Firm — Analyst
Obtained it. And my final query right here is on, you talked about there are a variety of uproleselan research testing in a combo with venetoclax. I am curious, when will we see some preliminary outcomes from that mixture?
Harout Semerjian — Chief Government Officer
Yeah, glorious query as effectively. So effectively, one of many a number of ISTs which are occurring is the mixture with venetoclax and HMA. Clearly, the principal investigators are accountable for their very own knowledge and when do they current it, in order that we do not have a clearer steerage from them after they plan to try this. Having stated that, Boris, I would not be stunned if we begin seeing a few of this knowledge begin coming in, I’d say at the same time as early as this coming ASH, on condition that these are — a few of them are open label trials.
So we keep tuned, however I would not be stunned if I begin seeing it then.
Boris Peaker — Cowen and Firm — Analyst
Nice. Thanks very a lot for taking my questions.
Harout Semerjian — Chief Government Officer
Thanks.
Operator
Thanks. One second. Our subsequent query comes from Roger Tune of Jefferies. Please proceed.
Roger Tune — Jefferies — Analyst
Nice. Thanks for taking the query. Perhaps, Harout, it’s extremely useful you offered these baseline traits for the Section three. Are you able to simply — I perceive in broad strokes, the attribute appears broadly comparable between 301 and 201.
However once we have a look at the granularity, we do see some distinction by way of like period of the prior remission within the prior larger than two induction, and in addition the ELN threat class extra favorable and fewer opposed. So would you characterize this 301 much less type of extreme by way of affected person baseline in comparison with 201, barely? Additionally, how would you evaluate 301 research versus historic research utilizing chemotherapy or 7+three?
Harout Semerjian — Chief Government Officer
Yeah, glorious questions, Roger. Thanks. Yeah, I imply, once we check out our affected person traits, Roger, what we’re characterizing it’s we’re saying it is broadly comparable with our Section 2. And it isn’t precisely comparable, to your level, it is broadly comparable.
I’d say a few issues about that. Retaining in thoughts that age, for instance, as I stated, it is fairly comparable. The distribution of relapse and refractory are fairly comparable. The overwhelming majority of the sufferers in each trials have an opposed threat class.
One is 40%, one is 50%, so 50% was within the Section 2, 40% is within the Section three. Take into account, Roger, that the Section 2 was a handful of websites within the U.S. with 66 sufferers, whereas the Section three is 388 sufferers, 70 websites the world over. So a couple of share factors, a few sufferers right here and there could make a giant distinction within the share quantity on the Section 2.
So that may be one remark. After which the second remark I’d say is, let’s not overlook that every one these are relapsed and refractory sufferers, AML sufferers, whose prognoses are in months, sadly. In order that’s type of why, if you put all these items collectively, we consider they’re broadly comparable to one another, and so they’re broadly comparable as effectively with different trials within the market. We have achieved a deep dive on that as to what are totally different trials within the market, and what we’re developing with is a broadly comparable affected person inhabitants within the managed trials.
There are a handful of trials on the market as effectively that we had been conscious of which are retrospective in nature or are single-site in nature that may report a bit of various outcomes. However that is type of the place it is vital to take a look at, as an example, age teams. Clearly, you’ll know a 58-year-old affected person may be fairly totally different than a 50-year-old affected person and so forth and so forth. So we predict — that is type of a longwinded reply to your query of they’re broadly much like the Section 2 and in addition to historic market practices.
Roger Tune — Jefferies — Analyst
Obtained it. Yeah, that is very useful. And by way of the NCI research, understanding they’re controlling this knowledge and clear up the info proper now, how usually you’re going to get updates from NCI? Would they provide you want a real-time replace and to the purpose they may say, OK, that is the ultimate knowledge and you’ll challenge the discharge?
Harout Semerjian — Chief Government Officer
Yeah, so our working methodology with NCI is that after they full their evaluation, then they might give us the go-ahead with that. So with out them finishing the evaluation, we would not get any updates from them, Roger. And that is one thing that they haven’t communicated to us when will they try this. Taking a look at it from the surface in, clearly, as a reminder for everybody on the decision, the first endpoint of the Section 2 portion of this Section 2/three adaptive trial is EFS.
And customarily talking, EFS reads out quicker than OS. They’ve enrolled 267 sufferers, roughly. The press launch for the total enrollment of the Section 2 NCI trial was inside two weeks of our personal trial, so each trials enrolled on the identical time. One is in EFS, one is an OS.
We’re saying the OS is mid ’23. So from our perspective, we predict it will likely be earlier than that, clearly, however they have not formally communicated. What we’re committing is as soon as we’ve that, we are going to challenge a press launch.
Roger Tune — Jefferies — Analyst
Glorious. Thanks.
Harout Semerjian — Chief Government Officer
Does that reply your query, Roger?
Roger Tune — Jefferies — Analyst
No, that is excellent. Thanks. Yeah, perhaps simply final one from us is, by way of the BD exercise, now you get the 1687 with the R&D, and in addition you could have a few different property within the pipeline you are looking for partnership. Simply any feedback across the BD development? After which, noticing the money runway is into your potential Section three knowledge readout, would this be the type of forward of this money runway after which you’ll be able to prolong additional?
Harout Semerjian — Chief Government Officer
Yeah. Thanks, Roger. So, BD clearly stays a transparent focus. So perhaps a few issues about 1687.
I imply, we’re very enthusiastic about this program. Sickle cell illness stays one of many ailments the place there’s excessive unmet medical want. There have been many makes an attempt, totally different therapeutics coming into the market. Sadly, what we’re seeing is on the affected person degree, the 100,000 sufferers within the U.S.
proceed — the overwhelming majority of them proceed to have vaso-occlusive disaster. They know the ache is coming, and in a manner, they’ve minimal choices to do one thing about it. So developing with a brand new therapeutic possibility the place sufferers do not need to finish up within the emergency room, they can take this subcutaneously bioavailable auto-injector or one thing of that kind, is basically one thing very motivating for us. Partnership — it was essential for us, Roger, to have the IND below our belt, as a result of as you’ll be able to think about, that modifications fairly a bit the partnership discussions when we’ve that FDA OK to proceed into sufferers.
So we’re working laborious on that, however I need to reiterate that we’re solely going to hunt high quality companions who are usually not simply aligned from a monetary perspective, but in addition with their dedication to this affected person neighborhood perspective, Roger. In order that’s going to be essential. And to the second a part of your query, given the money runway, the market has put all of us into a way more clear manner of how ought to we prioritize our actions and our firm money, and we’re actually doubling down on uproleselan at this level. We see that mild on the finish of the tunnel.
We see the Section three knowledge maturing, and we need to be sure that we’re effectively ready and effectively positioned, ought to that knowledge be constructive, that we’re in a position to activate every little thing attainable to get it to sufferers as quick as attainable. In order that’s why we’re preserving our money to deal with that, whereas looking for extra alternatives for be it 1687 or be it 1359. 1687 is the third asset we will get into the clinic, hopefully quickly, with a associate. Every time that comes, we are going to talk it.
Roger Tune — Jefferies — Analyst
Glorious. Thanks, Harout. That is all for me.
Harout Semerjian — Chief Government Officer
Thanks, Roger.
Operator
Thanks. One second. Our subsequent query comes from Ed White of H.C. Wainwright.
Please proceed.
Unknown speaker
Hello. That is Steve on for Ed White. First query, on the current workforce discount, has that been accomplished, and may we anticipate to see any quarter-over-quarter expense reductions through the yr?
Harout Semerjian — Chief Government Officer
Yeah, thanks for that. I will take the primary a part of your query, and perhaps Brian Hahn, our CFO, can weigh on the second half. So we’ve diminished our workforce, significantly within the early analysis staff. That is type of the place, now that we’ve a number of property coming from our pipeline, we predict we’ve sufficient at this level to actually deal with pulling ahead our Section three and past, in order that was the intent of it.
It wasn’t meant for a major discount in price, however quite a reprioritization of funding from the early bench science a part of the group extra into the late medical affairs, commercialization, regulatory affairs a part of our group, which is basically vital. However what would the affect be from a monetary perspective? Brian, do you need to add a touch upon that?
Brian Hahn — Chief Monetary Officer
Thanks, Steve. We have been, as famous, we have been burning about $15 million 1 / 4. And once more, with a few of these reductions, not a cloth affect on money burn, so I’d anticipate perhaps a slight lower, however not a lot.
Unknown speaker
All proper. Thanks.
Operator
Thanks. As there are not any extra questions within the queue, I want to flip the microphone again to Mr. Semerjian.
Harout Semerjian — Chief Government Officer
Thanks very a lot, operator. I want to thanks to your time and a focus. As a reminder, in September, we’re planning to be in individual on the H.C. Wainwright international funding convention in New York.
I stay up for the one-on-one conferences that can be scheduled and to conserving you up to date on our progress and outlook. As soon as once more, thanks very a lot, everybody, for becoming a member of our name.
Operator
[Operator signoff]
Period: zero minutes
Name contributors:
Christian Dineen-Lengthy — Vice President, Company Counsel
Harout Semerjian — Chief Government Officer
Bruce Johnson — Chief Industrial Officer
Brian Hahn — Chief Monetary Officer
Boris Peaker — Cowen and Firm — Analyst
Roger Tune — Jefferies — Analyst
Unknown speaker
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