NASDAQ:EDIT Editas Medicine Q2 2024 Earnings Report $1.33 -0.21 (-13.64%) Closing price 04:00 PM EasternExtended Trading$1.38 +0.05 (+3.76%) As of 07:57 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast Editas Medicine EPS ResultsActual EPS-$0.82Consensus EPS -$0.70Beat/MissMissed by -$0.12One Year Ago EPS-$0.56Editas Medicine Revenue ResultsActual Revenue$0.51 millionExpected Revenue$4.78 millionBeat/MissMissed by -$4.27 millionYoY Revenue Growth-82.20%Editas Medicine Announcement DetailsQuarterQ2 2024Date8/7/2024TimeBefore Market OpensConference Call DateWednesday, August 7, 2024Conference Call Time8:00AM ETUpcoming EarningsEditas Medicine's Q1 2025 earnings is scheduled for Tuesday, May 6, 2025Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by Editas Medicine Q2 2024 Earnings Call TranscriptProvided by QuartrAugust 7, 2024 ShareLink copied to clipboard.There are 14 speakers on the call. Operator00:00:00Good morning, and welcome to the Editas Medicine Second Quarter 2024 Conference Call. All participants are now in a listen only mode. There will be a question and answer session at the end of this call. Please note that this call is being recorded at the company's request. I would like to turn the call over to Christi Barnett, Corporate Communications and Investor Relations at Editas Medicine. Speaker 100:00:25Thank you, Britney. Good morning, everyone, and welcome to our Q2 2024 conference call. Earlier this morning, we issued a press release providing our financial results and recent corporate updates. A replay of today's call will be available in the Investors section of our website approximately 2 hours after its completion. After our prepared remarks, we will open the call for Q and A. Speaker 100:00:51As a reminder, various remarks that we make during this call about the company's future expectations, plans and prospects constitute forward looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward looking statements as a result of various important factors, including those discussed in the Risk Factors section of our most recent Annual Report on Form 10 ks, which is on file with the SEC as updated by our subsequent filings. In addition, any forward looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. Except as required by law, we specifically disclaim any obligation to update or revise any forward looking statements even if our views change. Now, I will turn the call over to our CEO, Gilmore O'Neill. Speaker 200:01:54Thanks, Christy, and good morning, everyone. Thank you for joining us today on Editas' Q2 2024 Earnings Call. With me today are 4 other members of the Editas executive team, our Chief Medical Officer, Baisong Mai our Chief Financial Officer, Eric Lucira our Chief Scientific Officer, Linda Berkley and our Chief Commercial and Strategy Officer, Karen Deardorff. Because it is summertime, we're going to keep today's prepared remarks brief and leave more time to take your questions. Let me start by saying that we are pleased with Editas' momentum and progress in the Q2 of 2024 as we pursue Editas' goal to deliver life changing medicines to patients with previously untreatable or undertreated genetic diseases and to position Editas as a leader in in vivo programmable gene editing. Speaker 200:02:413 pillars underpin our strategy. The first of those pillars is to drive ReniCell, a gene edited cell therapy for hemoglobinopathies, formerly known as EDIT-three zero one toward BLA and commercialization. The second, to build a differentiated in vivo editing pipeline and the third, to increase business development activities with a particular focus on monetizing our very strong IP. At the start of 2024, we announced the following 2024 objective. For a clinical update from the RWBY trial for severe sickle cell disease and the Edithal trial for transfusion dependent beta thalassemia in mid-twenty 24 and by year end 2024. Speaker 200:03:20We would complete adult cohort enrollment and initiate the adolescent cohort in Rubi and continue enrollment in Edithal. For our in vivo pipeline, we would establish in vivo preclinical proof of concept for an undisclosed indication and for BD, we would leverage our robust IP portfolio and business development to drive value and complement core gene editing technology capabilities. So how are we executed against this strategy and these objectives in the Q2? Let's start with ReniCell. First, we shared RUBI and Edithal clinical data in June at EHA 2024, the European Hematology Association's Annual Congress. Speaker 200:04:00The RUBY data set included 18 sickle cell patients with 2.4 to 22.8 months of follow-up and the Edithal data set included clinical data from 7 beta thalassemia patients of 4.1 to 12.8 months of follow-up. These data from the RUBY trial support our continued belief that RENICEL will be a best in class product for sickle cell disease. So why do we think this? All patients treated in the RUBY trial are free from vaso occlusive events post retinal cell infusion. All patients have robust correction of anemia with a mean total hemoglobin level within the normal range for both genders at greater than 14 grams per deciliter. Speaker 200:04:37And all patients have high fetal hemoglobin with levels well above 40% from 6 months onwards. We also demonstrate fast engraftment with low variability with a mean neutrophil engraftment of 23 days, which may translate to shortened hospital stays for patients. For cell collection, we have a mean of 2 apheresis cycles with a range of 1 to 4 per patient. Finally, in addition to the clinical data shared at EHA on the manufacturing front for any cell, we have a robust manufacturing process with a low failure rate that continues to improve with experience. This low rate of manufacturing failure can decrease patient burden and reduce overall costs as we avoid cell recollection and redundant cost of goods sold or COGS. Speaker 200:05:21And we are on track to share additional clinical data for both the Rubi and Edithal trials by the end of this year 2024. 2nd, Rubi enrollment and dosing continues to be strong. Indeed, we have now completed enrollment of the adolescent cohort. As a reminder, we completed the adult cohort enrollment in the Q1 of this year. We are manufacturing drug product and scheduling adolescent and adult dosing concurrently. Speaker 200:05:47We also continue to progress Edithal and are pleased to announce completion of the adult cohort enrollment and continue to dose patients. Finally, based on our continued and collaborative conversations with the FDA, we still expect our future BLA package to be similar in number of patients and duration of follow-up to what we've seen in the gene editing medicine field. Before I turn to EVO, I'd also like to state that we are very focused on the best use of capital as we develop Renicel and map to the future. As part of that focus, we frequently evaluate opportunities, including the potential for partnering Renicel to most efficiently drive ReniCell towards commercialization and ultimately deliver it to patients in need. Now let's turn to our in vivo pipeline, where we continue to strengthen our in vivo discovery capabilities and drive lead discovery work on in vivo therapeutic targets in hematopoietic stem cells and other tissues. Speaker 200:06:38Importantly, we remain on track to establish in vivo preclinical proof of concept for an undisclosed indication by the end of the year. We want to take a moment rather I want to take a moment to reiterate our INDUEL strategy to develop a pipeline of gene editing medicines for patients with serious genetic disease. As a reminder, our internal development efforts are differentiated from established modalities and we are not pursuing the same gene editing approach as others. First, our strategy is to use our Intel technology for functional up regulation of gene expression to address loss of function or deleterious mutations. Let me be clear, our strategy is not the knockdown strategy that others in gene editing are pursuing. Speaker 200:07:22And it is worth highlighting that we have already demonstrated that our Intel technology can drive functional gene upregulation, thus creating differentiated experimental medicines as in our ex vivo development of ReniCell. With ReniCell, we leverage our indel CRISPR technology to up regulate the expression of the gamma globin gene, a functional homolog of the beta globin gene through direct editing of the HBG1, two promoter site. We are now applying the same approach to in vivo therapeutics by using our Indel technology to functionally up regulate the wild type allele or functional homolog of target disease genes as we build our differentiated pipeline. Why does the difference between our functional upregulation strategy and the knockdown strategy used by other companies matter? Because with our in vivo strategy, we are not competing with existing modalities or technologies in development that are based on knockdown strategies. Speaker 200:08:152nd, our indication selection strategy targets rare and orphan diseases that we believe will allow us to be the 1st or best in class for a given indication. We expect to move into diseases with larger patient populations in the future. Our lead discovery work is in in vivo therapeutic targets in hematopoietic stem cells and other tissues. 3rd, Editas is well positioned to achieve success with our in vivo strategy and pipeline with our established capabilities in the 4 main components of in vivo gene editing medicine. 1, our guide RNA modifications that enable high potency gene editing in multiple cell types, including in the liver and improved gene editing outcomes in vivo. Speaker 200:08:552, a superior editing enzyme in ASCAS12A 3, our messenger RNA and 4, delivery technology where we are currently evaluating lipid nanoparticles for delivery of gene editing cargo into multiple tissue types with multiple companies as well as evaluating additional next generation delivery technology. I look forward to sharing more details about our in vivo pipeline later this year and our in vivo proof of concept. Finally, I'd like to refer you to our press release issued earlier today for a summary of our financial results for the Q2 2024. I take this opportunity to briefly review a few items for the quarter. Our cash, cash equivalents and marketable securities as of June 30 were $318,000,000 compared to $377,000,000 as of March 31, 2024. Speaker 200:09:43As you will note, our burn rate was slightly higher this quarter than the past. This higher rate is due to increased external research and development expenses, primarily related to clinical and manufacturing costs related to the accelerated progression of our Renecel program. We expect our existing cash, cash equivalents and marketable securities together with the near term annual license fees and contingent upfront payment under our license agreement Vertex to fund our operating expenses and capital expenditures into 2026. Before we turn to Q and A, as always, it must be said that we could not achieve our objectives without the support of our patients, caregivers, investigators, employees, corporate partners and you. We are energized by and proud of our progress and execution this quarter. Speaker 200:10:28With our sharpened strategic focus, our world class scientists and employees, our keen drive in execution and strong balance sheet, we continue to progress our strategy to deliver differentiated editing medicines to patients with serious genetic diseases and evolve from a development stage technology platform company into a commercial stage gene editing company. Thank you very much for your interest in Editas. We are happy to answer questions now. Thank you. Operator00:11:05And we will take our first question from Jack Allen with Baird. Your line is open. Speaker 300:11:11Great. Thank you so much for taking the questions and congratulations on all the progress you made throughout the quarter. I apologize for any background noise here I'm traveling today. I wanted to ask about the preclinical proof of concept from the in vivo program that's expected later this year. I was hoping you could just elaborate a little bit more as it relates to what kind of data you look to put out, will it be in a large animal model or a small animal model? Speaker 300:11:32And how should we think about the types of experience you're looking to do to indicate the off target editing profile for this program? Speaker 200:11:41So Jack, I think you broke up near the end, but let me just restate the question the way I heard it. And then hopefully, if you need to correct us, let us know. So essentially, you just want to have an understanding of the data that we will have for our in vivo POC, the size or the species that we will use in vivo. And I think you wanted to talk about I think I might have heard you talk about indications. I'm not sure. Speaker 200:12:11Yes. So I'm going to ask Linda maybe to address your question. Speaker 400:12:15Yes. Thank you, Jack. You did break up a little bit. So thanks Gilmore for elaborating there. So we yes, we are on track to establish preclinical POC in vivo for this undisclosed indication by end of year. Speaker 400:12:29We've not yet disclosed the species in which we're working, but our evaluation process is going to entail evaluating the biodistribution to the site of interest, the efficiency of editing, the level of target modulation measured, for example, by biomarker readout and of course, the tolerability. And we'll be sharing more information, the forum and the timing for our announcement of that data at a future time. Speaker 500:13:02Great. Thank you so much for taking the question. Speaker 200:13:05Thanks, Jack. Operator00:13:06Thank you. We'll take our next question from Samantha Scickel with Citi. Your line is open. Hi, great. Good morning and Speaker 600:13:14thanks for taking the question. Just building on the prior question, you're using an LNP, because of your strategy and not in viral. Do you expect to have an LNP targeted for the tissue of interest for the proof of concept readout indication optimized this year or would you need to further optimize after the proof of concept is in hand? Thank you. Speaker 200:13:41So Sam, thank you very much for your question. I'll have Linda take that. Speaker 400:13:45Yes. Thank you, Sam. Thank you for the question. We are evaluating LMPs with different partners because we are interested in targeting different tissue cell types for different disease areas of interest. We haven't yet disclosed which tissues we're doing the non clinical POC targeting in and we'll be sharing that information at a future time when we disclose the data. Speaker 400:14:13So in terms of the targeting, aspects that you refer to, we'll share that information in the future. Operator00:14:27Thank you. From Eric Schmidt with Cantor Fitzgerald. Your line is open. Speaker 700:14:34Great. Love the summertime strategy, very efficient. Maybe it'll completed in terms of enrollment, can you start to estimate your timeline to a BLA? Speaker 200:14:55Thank you, Eric. I'm going to have Baisong take that question for you. Speaker 800:14:59Thank you for the question, Eric. We have announced that in June we have dosed more than 20 patients and we continue to dosing patients. So that is moving along very well. And then we continue to consider the CATGV approval as our benchmark. So that in terms of sample size, in terms of efficacy sample size as well as observation duration of 15 to 18 months and the total sample size initial submission was 20 patients and with additional 10 patients doing the review. Speaker 800:15:34So this is kind of the scoop of that. And we have not shared the specifics of the timeline because we have to get a final alignment with the FDA, But we are very optimistic that we are collecting the data from we are dosing closing to the BLA data package we are looking for. Speaker 700:15:57Okay. Thank you. Very helpful. And maybe based on or Gilmore, can you talk about what we hope to learn at the late 2024 update on the program? But as Gilmore mentioned, at this point, we know a fair bit about Brinavessil's profile. Speaker 800:16:13So based on Yes. Thanks, Eric. Yes. So we expect to have data from longer duration of follow-up for those patients we present at EHA, which means we're going to have more than 10 patients at 1 year exposure and additional patients have a different exposure. And now we also at EHA, we present data for 18 patients. Speaker 800:16:41We have seen dosing multiple more patients. So we're going to have more patient data also. So with that, we were very excited for the data end of the year because we're going to have longer duration and we're going to have a data package similar to the cash GB BOA. So we are looking forward to share data with you all. Speaker 700:17:05Thank you very much. Operator00:17:08Thank you. We'll take our next question from Terence Flynn with Morgan Stanley. Your line is open. Good morning. This is Mia on for Terrence. Operator00:17:17Thanks for taking our question. So recognizing it's still early in the launches of KASKEVI and LYTHJENIA, but are there any learnings thus far that you hope to utilize for a future RUNEZEL launch? Thanks. Speaker 200:17:28Thanks very much, Mia. Indeed there are. And let me pass it over to Karen Dierdorf, our Chief Commercial and Strategy Officer. Speaker 100:17:35Great. Thanks, Mia, for the question. First, we really want to say that we're encouraged by the Vertex update of the 20 patients in cell collection, which is a nice bump up from the 5 in Q1. And we really see that as an acceleration that we have anticipated because we understand that there are multiple steps in the process to get a patient dosed. And we anticipate that they probably have a number of additional patients in earlier enrollment phase before cell collection, including getting payer reimbursement. Speaker 100:18:06We anticipate significantly more uptake over the coming quarters as we look at both companies. We know from our own enrollment and the excitement in our trial that there is a lot of patient and physician interest. And so that will continue as there is more exposure to our 3 therapies. In the U. S, we also know that payers are doing case by case approvals with few rejections. Speaker 100:18:30We know that patients are able to get access and that policies will be in place over time. As a reminder, we really believe that our fast follower timing is an advantage, which gets to your question about the learning. And that really allows us to be able to optimize our own launch plan. And another key component is that we understand the time it takes for centers to get up to speed, preparers to put policies in place. All of that we anticipate will come together around the time that the Renucel might launch. Speaker 100:19:04We are already seeing a decrease in the amount of time for onboarding between Bluebird and Vertex and anticipate that that onboarding cycle from our own conversations and research will be significantly shorter at the time of our launch. So we are really encouraged and we know how much it takes behind the scenes we're just really glad to see patients moving closer to dosing. Thank you for the question. Operator00:19:29Great. Thank you. Thank you. We will take our next question from Gena Wang with Barclays. Your line is open. Speaker 100:19:36Thank you. I will ask two questions. First one is, what is the average process time from patient enrollment to dose? Any differences between adults and adolescent patients? And the second question regarding your Indel technology, you say you would do up regulating. Speaker 100:19:54Just wanted to make sure that was the knocking down the repressor so that the target gene will be up regulated? Speaker 200:20:02Thank you very much, Geno. What I'm going to do is have Baisong address your question about the process time or the vein to vein time or enrollment to infusion time for adolescents versus adults? And then I'll pass over to Linda and I'll restate your question just so we all remember. Speaker 800:20:24Baisong? Yes. Thank you, Gina, for your question. From the enrollment to dosing, it varies quite significantly among patients and some are going to be very short, like 3 or 4 months and other can be up to 10 months or even longer because some patients have BOE in the middle and doing the process before dosing of Ranacell. From the between adult and adolescent, and we see now is that we have very robust enrollment and that screening process was going faster than we had for adult and the apheresis process also going very smoothly. Speaker 800:21:09And that's probably also related to that the adolescent patients in a better health condition compared to older adult patients. Speaker 200:21:18Thanks very much, Bae Song. And then Gina, you asked a question just to clarify how we're using ENDEL technology to functionally up regulated genes and specifically the interdiction of the regulator? Speaker 400:21:34Yes. Thank you, Gina, for the question. So our functional up regulation strategy is not is different. It is not a knockdown strategy. So we as per your question, we would not be knocking down the repressor. Speaker 400:21:47If we use the Renucel example as a paradigm. In that case, we are creating an indel to disrupt the binding site for the repressor. And that way we are up regulating gamma globin expression. So using that as an example, we could do a similar type of thing for another target of interest. There are other ways that one can create indels to up regulate gene expression. Speaker 400:22:20This is the approach that we are taking that is differentiated from a knock down approach. Thank you for the question. Operator00:22:30Thank you. We'll take our next question from Mary Kate Davis with Bank of America. Your line is open. Speaker 600:22:38Good morning. Thank you so much for taking my question. I guess looking at your portfolio, how are you looking at the IP licensing opportunities in the future? Thank you. Speaker 200:22:49Thanks very much, Kate. I'm going to ask our CFO, Eric Lucira to address that. Speaker 900:22:54Yes. Thanks for the question. We believe we have a very strong foundational position with respect to the IP license that we have from Harvard, MIT and abroad. We are very open to having conversations with a range of companies in terms of getting a structure in place that is sort of bespoke and works for both us and them. We believe there's a high double digit number of programs out in development and a good number of those about half are with 8 to 10 different companies. Speaker 900:23:24So we look forward to having conversations with folks. And as you can see, we've had some pretty good success in the last few years as evidenced by some of the licenses that we've already put in place. So very excited to have that as a potential source of non dilutive capital for our company. Speaker 600:23:43Thank you. Operator00:23:46Thank you. We'll take our next question from Brian Chan with JPMorgan. Your line is open. Speaker 1000:23:53Hey guys, thanks for taking our questions this morning and happy summer. It sounds like you may have had additional discussion of the agency this past quarter. I'm just curious other than the clinical data, what other additional items have you discussed? And just based on Kajabi package at the time of the BLA, I would assume that you can potentially file sometime next year. So outside of the clinical package that we're waiting for mature data, what other additional data or gating factor do you need to line up between now and then? Speaker 1000:24:25In other words, any color on your readiness to the filing? Thanks. Speaker 200:24:30Thanks very much, Brian. I think you did sort of a complex question in that you're asking about the multiple data sets that are required to actually go filing. First of all, let me be very clear that we have not actually shared an estimate or given guidance to when we would file the BLA. I think that's very important just to state. The second is that we are very happy from the clinical data point of view and the generation how we're actually progressing towards really meeting or matching up with the benchmark set by the CAS JV approval with, of course, the additional data that we are generating from a differentiation point of view. Speaker 200:25:12The additional data sets obviously include the preclinical and we know that a key focus of the agency when you consider AdCom was looking at off target editing. We actually were very, how should I say, gratified by the AdCom last December to see that the data set that we've already generated is a very robust and probably exceeds what was discussed at that AdCom. So we feel very good that we're actually also very pleased with the progress of our manufacturing data. And as I said in my earlier prepared remarks, our ongoing discussions with the FDA really gives a lot of confidence about the progress of multiple data sets beyond just the clinical to bring us towards BLA. Speaker 1000:26:04Okay. And maybe just one more follow-up on the in vivo side. Is that going to be 1st in class or best in class approach? Just curious how do you think about balancing the risk and reward for your next assets? And thank you. Speaker 200:26:21Thank you very much, Brian. I'm going to have Linda address that. Speaker 400:26:23Yes. Thanks, Brian, for the approach. The question. I think the differentiated approach is for going after functional upregulation is really important. I think from an indication standpoint, because of the fact that we can go after targets that others may not be able to go after using a knockdown strategy and that is established modalities or other technologies and development can't go after that target. Speaker 400:26:52That really gives us the ability to be 1st in class. We can also envision editing strategies that would yield a better outcome than other approaches that are going after that particular indication giving us best in class. So we can either have 1st in class or best in class opportunities here. Speaker 1100:27:13Okay. Thank you. Operator00:27:17Thank you. We'll take our next question from Joon Lee with Truett Securities. Your line is open. Speaker 1200:27:23Hi, good morning. This is Mehdi on for Joon. Congrats on the progress and thanks for taking our question. So maybe a 2 part question. Could you please provide any additional color on your in vivo editing approach as you previously talked about LSRs and they usually require a landing site insertion first. Speaker 1200:27:48So any color there would be appreciated. And then to follow on Gino's question, how many disease you see being amenable to indel mediated functional op regulation? Thank you. Speaker 200:28:02Thanks very much, maybe, for your questions. Let me start. I'll have Linda address both questions and I'll restate the second question. Obviously, your first question was, as we talk about our indel functional up regulation, how is that distinguished from the use of LSRs? Linda? Speaker 400:28:22Yes. Thank you for the question. Yes, the LSR technology that we disclosed at ASGCT, we're very excited about that. That is a technology that may enable us in the future to have large gene insertions. And so this would be gene replacement approach. Speaker 400:28:45This is something that we're working towards. What we're doing in the shorter term now is functional upregulation of gene expression. And this is increasing the expression of a gene in order to compensate for a loss of function or deleterious mutation in a patient with a serious genetic disease. So if that answers your first question, I think then you asked a question about how many diseases are amenable to indole. And there are many obviously, there are many genetic diseases caused by loss of function or deleterious mutations. Speaker 400:29:27And there are many ways in which they are regulated by various regulatory elements. And so there should be many, many opportunities here for functional upregulation of those targets. Speaker 200:29:43If I may add, thank you very much, Linda. I think one of the key things is that as we know from the human genome, only a small quantity of the genome actually encodes proteins. There's a large amount, the vast majority of the genome actually is non coding and much of that comprises regulatory elements that actually control of genes. And as Linda very eloquently put it, this is what we're actually trying to target. And just so we're absolutely clear, we are talking about Intel using our CRISPR technology in general and very specifically in the very near term, leveraging our AS Cas12a, which as we highlight is we believe one of the key differentiated tools in our toolbox as we believe it is a superior editing CRISPR enzyme because of its high efficacy and its high fidelity. Speaker 1100:30:43Thank you. Operator00:30:47Thank you. We'll take our next question from Tae Gon with Stifel. Your line is open. Speaker 1300:30:53Hey, good morning guys. Thanks for taking our questions and congrats on the progress as well. Maybe first question for Linda, going back to the in vivo recognizing you're going to be disclosing, so I don't want to probe too much, but at least help us appreciate it a little bit more. Is this are you guys kind of driven by the limitations of LNP mediated delivery in terms of cell types and what organ types you can go into? Or is this more dependent on how big of a size market you have potential of first indication as well as the potential subsequent indications that can come after this first one? Speaker 1300:31:30And then second question, maybe high level Gilmore or Baizong, year end we're also expecting Beam's first data set coming out of Beam-one hundred and one. You talk about retinacel being best in class. So I was just wondering what kind of data set would keep you more confident about that notion going into that ASH presentation? Thanks so Speaker 200:31:50much. Thanks very much, Dae Gon. So Linda? Speaker 400:31:55Thank you, Dae Gon. So to your first question, yes, in terms of the LNP, the delivery obviously is critical for getting POCs. So we've shared our interest in targeting hematopoietic stem cells and this is obviously to translate this remarkable success we're having with our RENICELL asset. So we are obviously trying to target hematopoietic stem cells in vivo. We've also though we haven't disclosed all of the disease areas that we're interested in. Speaker 400:32:29And other than HSCs, we have mentioned that we are interested in targeting the liver. And so there are validated LNPs for targeting liver. So there is a pragmatic approach here based on delivery. Speaker 200:32:45If I may add, Linda, thank you. It's not just the delivery tool that we are leading with an LP that actually determines how we select our targets. Obviously, delivery is an important element. Obviously, amenability to functional up regulation is important. We're actually also selecting diseases based on their clinical translatability in that we want to be ensure that we can actually get obvious clinical signals in our human proof of concept. Speaker 200:33:15And obviously then, obviously, we also further filter that by ensuring that we are truly differentiated to ensure or maximize the probability, not just a technical, clinical regulatory, but actually also commercial success. And then with regard to your second question, what do we expect to see from the BEAM data set? Frankly, obviously, we're looking forward to seeing it. It is always good to see continued pursuit of therapeutics within a clinical space for which there is an enormous, enormous unmet need in the context of sickle cell disease and transfusion dependent thalassemia. It's very hard. Speaker 200:34:01I can't speculate on what Beam would show. I look forward to hearing it and we all look forward to hearing it. But I will tell you that we are very happy with the differentiated profile that we are developing for ReniCell. And it's important to point out that we are very happy with the biological profile, the hematological profile, the clinical profile, all of which are very strong. And in addition, as we've alluded to, we are our confidence in the evolution in the current state of and the continued evolution of our manufacturing from the success rates is very gratifying. Speaker 200:34:45So overall, we actually feel very good. And of course, it's important also to remember, as I said earlier, that an additional piece of the data includes our nonclinical, including our off target editing, which is very robust, as I said, in the packages we've generated. And of course, some of that robustness stems from us using ASCAS12a as opposed to Cas9 with its differentiated high efficacy, high fidelity characteristics. Speaker 1100:35:16Great. Thanks so much. Thank you. Operator00:35:25Thank you. We'll take our next question from Luca Isti with RBC Capital. Your line is open. Speaker 300:35:32Great. Thanks so much for taking my I have 2 quick ones. In sickle cell disease, we have seen the U. S. Health and Human Service issuing a negative opinion here on covering fertility preservation for federal insured patients who receive gene therapy for sickle cell disease. Speaker 300:35:50So just wondering what is your take on that? And then maybe second, Gilmore, bigger picture, you seem very excited about the in vivo upregulation strategy here. Is there a version of the world where you just partner ReniCell both U. S. And ex U. Speaker 300:36:04S. Instead of building a commercial infrastructure and just focused on your in vivo strategy? Any thoughts there? Much appreciated. Thanks so Speaker 200:36:13Thanks very much, Luca. So I'm going to pass your first question to Karen around the HHS decision or? Speaker 100:36:24Yes. Luca, thank you for calling that out. Look, we are deeply disappointed by this decision and we joined the voices of Vertex, Bluebird, really the whole field in this decision, which seems very out of touch with the severity of sickle cell and the unmet need, and it just continues to drive the discrepancy between the commercial patients' ability to access therapies and have companies cover the fertility preservation as you know and Medicaid patients. So we are very disheartened. We also know that there are a lot of voices who are within Congress and within the industry and other organizations, including the patient advocacy groups, who have a very strong voice. Speaker 100:37:16And our hope is that, all of us together will be able to really raise this issue and have it reversed in the coming time. We believe that things will sort themselves out. We are disappointed for the patients who are seeking treatment today. Our belief in our own timing as fast follower is a lot of these unfortunate decisions will be figured out at the time that we're ready to come to market. But thank you for calling it out. Speaker 100:37:50It is really an out of touch decision. And we will hope for the Speaker 200:37:54best and do our part. Thanks very much, Karen. And then Luca, to your second question around I think it sort of stems from our prepared remarks how why we're extraordinarily excited by Aurinecel are in vivo progress. We're also very conscious of how we deploy our capital. And I'm going to ask Eric to address that. Speaker 900:38:17Yes. Luca, just following up. As we've said for many years, our intention was to look for partners outside of the U. S. I can tell you as someone who invested in biotech for 15 years and has been doing business development and CFO for about 15 years, you never know where those discussions may go. Speaker 900:38:33But what we can assure you is that we're going to do the right thing in terms of what's in the best interest for getting our products to as many patients as possible and driving shareholder returns to the best level possible. Speaker 1100:38:48Great. Thanks so much. Operator00:38:51Thank you. We'll take our next question from Phil Nadeau with TD Cowen. Your line is open. Speaker 500:38:56Good morning. Thanks for taking our questions. 2 from us. First on RENASEL and the prospects for clinical differentiation, we're curious what your most recent thoughts are on the time to see that clinical different station on things like end organ damage. Is it possible that we could start to see strong signals of that in the ASH presentation? Speaker 500:39:16And then second on the in vivo development program, Ghimar, I think you said the initial indication will be orphan and then there'll be larger indications, perhaps later. Can you give us some sense of what size patient population you think is necessary for a good return on an investment? What's too small? Kind of what's the sweet spot for an orphan population? Thanks. Speaker 200:39:38Thanks very much, Phil. So I'll have Baisong talk about the differentiation and how we see that evolving. And then I will take your question on how we think about the size of the population? Speaker 800:39:56Yes. Thanks for the question. And as we stated before, in clinical trial, we're looking 3 categories of evidence about differentiation and including hematological parameters and organ function and the patient reported outcome. And then the in terms of timing of those endpoints and when we see the change and so for the organ function, you specifically mentioned that it is relatively new field and but fortunately, we already see more publications in the allogeneic transplant for treating sickle cell disease. They have presented encouraging data that after allogeneic transplant, you can see the end organ function improvement, including cardiovascular, central nervous system and so on and so forth. Speaker 800:40:51In our clinical trial, we monitor multiple organ and organ functions including pulmonary, cardiovascular, liver, renal and that. And so we based on the publication, some of reporting that at the 1 year you see some improvement already. So we're very encouraged by that. But other parameters, for example, the hematological parameter will give us more opportunity to directly measure that change, for example, when talking about the correction in Eluvia. And then the 3rd category is patient reported outcome and we are also very encouraged by the reports and being published in this field then we will be able to see and the quality of life change after the treatment. Speaker 800:41:40So we're looking forward to see the more data and we are very excited to see that. The data from all our patients are very consistent. Now we reported 18 patient data. We see that the same direction and the same trajectory in terms of the patient data wise. We're very pleased. Speaker 800:42:03We're looking forward to share more data at the end of the year. Speaker 200:42:07Thanks very much, Baisong. And then Phil, with regard to your next your second question, which is around where do we think that a population size for an orphan indication where we're sort of focusing our initial foray in in vivo lines up for optimal ROI. A couple of things. First of all, the reason that we're actually focusing on rare orphan, the main reason obviously is that as we bring in new technology to patients, we want to actually maximize the probability of technical and regulatory success. While we at the field and agencies characterize and learn the long term risk benefit associated with this technology. Speaker 200:42:53More importantly than when I turn or not more importantly, but then I turn to market size. The market size we talk about is really based on patients, the patient numbers with indication versus the price. And obviously, price will be determined by a number of factors, including the amount saved by what we're talking about are potentially or largely curative therapies with high potency. I mean, this is what we want. One of the things we're really excited about our technology is we're talking about using this technology, not just because it's new and cool, but because it has the potential to deliver high potency, large effect sizes in patients. Speaker 200:43:28And so when you actually consider those elements, our current estimates that a range of about $400,000,000 to $500,000,000 is about the market size that would be meaningful and enable us to drive growth. And as we grow and evolve into treating larger populations as we build that safety characterization in a number of smaller orphan sized populations. Speaker 500:43:57That's very helpful. Yes, that's very helpful. Thank you. Operator00:44:01Thank you. We'll take our next question from Jay Olson with Oppenheimer. Your line is open. Speaker 700:44:07Hey, this is Chung on the line for Jay. Thanks for taking the question. Just maybe on Ralinexel. By the time you filed a BLA, I'm just curious, do you think the follow-up in the adolescent cohort is long enough, so the label may cover both adult and adolescent patients? Thank you. Speaker 200:44:29Thanks very much, Shay. I just I want to just state your question because it was a little muffled on the line. I think you were asking was, will the adolescent cohort be followed for long enough to be part of the label? Speaker 900:44:48Yes, that's correct. Okay. Speaker 700:44:50Yes, that's correct. Thank you. Speaker 200:44:51Yes, thanks, Chen. Speaker 800:44:54Chen. We are very pleased with the progress of adolescent cohort and we started enrollment of this year and we already completed enrollment in the amount of months. So very pleased with that. We certainly wanted to seek for broader indication of all age cohorts and we already have alignment with FDA about the clinical trial for all the age cohorts. So that's why we're very much looking forward to that. Speaker 700:45:25Okay. Thank you so much. Operator00:45:28Thank you. We'll take our next question from Yan Xu with Wells Fargo Securities. Your line is open. Speaker 700:45:35Great. Thanks for taking our questions. So for the in vivo program, are you trying to up regulate the gene the disease causing gene itself? Or are you trying to up regulate a different gene to compensate for the loss of the disease causing gene? In other words, are we talking about haploinsufficiency type of indication? Speaker 700:46:05Or are we talking about recessive gene recessive gene defect here? Secondarily, I wanted to ask about any updated timing for the CAFC patent dispute process? Thank you. Speaker 200:46:26Thanks very much, Yanan. So with the first question, I'm going to start by saying that you have actually described sort of you've actually nailed both elements of the operating strategy, but I'll let Linda just expand on that. And then I'll restate the second question and we'll address that. Speaker 400:46:44Yes. Thanks very much for your question. So the two scenarios that you described like both are possible approaches. 1 can imagine in loss of function, homozygous recessive state up regulating a pathway gene that can compensate for the loss of the mutated gene. So that's the case with the renal cell example where beta globin in TBT is there's no expression of beta globin or in sickle cell disease, it's a deleterious mutation and so it's not functioning properly. Speaker 400:47:27And we up regulate gamma globin to compensate in both of those cases. One can also imagine a scenario of haploinsufficiency where you have, one allele has a mutation, pathogenic mutation, but there's a wild type allele that can be upregulated to compensate for the loss of function of the mutated allele. So either scenario is a potential target for us. Speaker 200:47:56Thank you very much, Linda. And I think, Yanan, you asked a second question about update on the CAFC timings. Obviously, the oral presentations occurred in the last quarter in May, and we anticipate decision probably before the end of the year. May I just wonder if I could translate haploinsufficiency into lay terms, for those who might not have done molecular biology or genetics. By haploinsufficiency, everyone carries 2 copies, most copies, 2 copies of a gene and the context of haploinsufficiency, one gene is not functioning, which results in a reduction in the total dose of protein that's available to the person resulting in disease, so called insufficiency or haploinsufficiency. Speaker 200:48:51And the strategy that Linda is describing that we're pursuing to manage that is that you drive up expression of the normal copy to actually approach or get to the same dose of overall protein that would be required for normal health. Hope that was helpful. Speaker 700:49:11Great. Thanks, O'Neill and thanks, Linda. Operator00:49:15Thank you. We'll take our next question from Steve Seedhouse with Raymond James. Your line is open. Speaker 300:49:22Hi, good morning and thank you for the question. This is Nick on for Steve. Had a quick follow-up to Luca's first question actually. Are you able to speak to the importance in demand for fertility support in your own clinical trials experience for SCD? Also curious of your thoughts on the potential market impact if you're not able to provide the support once approved? Speaker 300:49:44Thank you. Speaker 200:49:46So I'm going to split that question in 2 parts. I'm going to ask Beisson to talk about our experience in our clinical trial and then I'll have Karen to talk about the impact and very importantly how we anticipate mitigating or ensuring that that impact is Speaker 300:50:01going to be there. Yes. Thank you for Speaker 800:50:02the question, Nick. In clinical trial setting, we do provide fertility support, which is critical for patients, especially in this patient population, that it is important for them to have that support to be able to go through the chemotherapy and conditioning process. I want to let Karen to emphasize the importance of that in the commercial setting. Speaker 100:50:25Yes. Thanks for the question. So we do see this as a very important component of support to 6Lo patients in the context of the gene editing transplant. In terms of impact on the market, what I will say is that for the Medicaid population within the CMMI model that we've all discussed and we hope and anticipate will get started sometime in 2025. There actually is a carve out there so that within the model, which we don't know how many states will be included, but that does cover Medicaid patients and the fertility preservation is able to be included in that. Speaker 100:51:04And then in the commercial setting, it is fine. So the decision that HHS or the IG made, does not affect commercial and also again CMMI, which we are encouraged and very hopeful that that will move quickly. And I am hopeful that there will be enough pressure and enough parties that will move to eventually change this. So by the time we're launching, I can't promise, but I don't anticipate it will be a huge market impact. And even in the coming years, I think that there are other opportunities for patients to be able to receive the gene editing therapies and the fertility preservation. Speaker 200:51:46Karen, it might be worth just pausing for a second and just take people through the acronyms and the sort of the structure of Speaker 1000:51:52the NHA. Speaker 200:51:53No, no, no, it's just what the NMI is. Speaker 100:51:54So CMS has a section, it's the CMMI model, which is created to be able to explore and launch pilot programs to patient into different areas of need. There are a number that have been done in oncology over the last years. And they created a specific cell and gene therapy program of which the sickle cell disease area was highlighted and the program was initiated earlier this year or kicked off. And it is voluntary for both manufacturers and for states. So TBD on exactly who is involved in it, but the opportunity is there with a lot of funding for federal CMS through the CMMI model to be able to negotiate with manufacturers on behalf of a lot of states. Speaker 100:52:48So it takes out some of that work and that variability. Again, it is a promising program that needs to be moved forward quickly. But within it, there was a waiver on the anti kickback statute around providing the fertility preservation. So hopefully that gives a little bit better context. Speaker 1100:53:08Thanks very much, Karen. Thanks, Nick. Operator00:53:13Thank you. We'll take our next question from Liisa Bayko with Evercore ISI. Your line is now open. Speaker 600:53:20Hi, this is streaming on for Liisa. Thanks for taking our questions. Operator00:53:24So there's Speaker 600:53:24a large number of patients in the Middle East. And can you please comment on how you plan to target this region? Do you plan to execute global launch yourself or will you need a partner concerning the complexities? Thank you. Speaker 200:53:37Thanks very much, Edwin. I'm going to have Karen address that question. Speaker 100:53:42Yes, great. Thank you. And we agree in the Middle East and there are other geographies where there is a significant unmet need. As we've said and as was stated earlier, we continue to consider partnering for anything outside of the United States and any way that we can improve and accelerate access of therapies like Renucel to patients in need. So we continue to maintain that strategy and we'll update as appropriate. Speaker 200:54:16Thank you very much, Karen. Operator00:54:21Thank you. Ladies and gentlemen, this concludes today's call. Thank you once again for your participation. You may now disconnect.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallEditas Medicine Q2 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) Editas Medicine Earnings HeadlinesEditas Medicine to Announce First Quarter 2025 Financial Results and to Participate in Investor Conference in MayMay 5 at 4:01 PM | globenewswire.comFY2027 EPS Estimates for Editas Medicine Raised by AnalystMay 4 at 2:43 AM | americanbankingnews.comTrump’s $4,290 SecretPresident Trump signed a $500 billion economic initiative that could change your retirement forever. Buried in that document is a financial safety net that Wall Street hoped you'd never discover. It's not tied to your age. Not your work history. Not even to Social Security. I call it "AI Royalties," and it's helping everyday Americans collect as much as $4,290 per month in private-sector income… starting in just days.May 6, 2025 | Investors Alley (Ad)Editas Medicine (NASDAQ:EDIT) Upgraded at Cantor FitzgeraldMay 2, 2025 | americanbankingnews.comHC Wainwright Estimates Editas Medicine Q1 EarningsMay 2, 2025 | americanbankingnews.comEditas Medicine (NASDAQ:EDIT) Upgraded by HC Wainwright to Strong-Buy RatingMay 1, 2025 | americanbankingnews.comSee More Editas Medicine Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Editas Medicine? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Editas Medicine and other key companies, straight to your email. Email Address About Editas MedicineEditas Medicine (NASDAQ:EDIT), a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia. In addition, the company is developing alpha-beta T cells for solid and liquid tumors; and gamma delta T cell therapies to treat cancer. It has a research collaboration with Juno Therapeutics, Inc. to develop engineered T cells for cancer; strategic alliance and option agreement with Allergan Pharmaceuticals International Limited. The company was formerly known as Gengine, Inc. and changed its name to Editas Medicine, Inc. in November 2013. 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There are 14 speakers on the call. Operator00:00:00Good morning, and welcome to the Editas Medicine Second Quarter 2024 Conference Call. All participants are now in a listen only mode. There will be a question and answer session at the end of this call. Please note that this call is being recorded at the company's request. I would like to turn the call over to Christi Barnett, Corporate Communications and Investor Relations at Editas Medicine. Speaker 100:00:25Thank you, Britney. Good morning, everyone, and welcome to our Q2 2024 conference call. Earlier this morning, we issued a press release providing our financial results and recent corporate updates. A replay of today's call will be available in the Investors section of our website approximately 2 hours after its completion. After our prepared remarks, we will open the call for Q and A. Speaker 100:00:51As a reminder, various remarks that we make during this call about the company's future expectations, plans and prospects constitute forward looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward looking statements as a result of various important factors, including those discussed in the Risk Factors section of our most recent Annual Report on Form 10 ks, which is on file with the SEC as updated by our subsequent filings. In addition, any forward looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. Except as required by law, we specifically disclaim any obligation to update or revise any forward looking statements even if our views change. Now, I will turn the call over to our CEO, Gilmore O'Neill. Speaker 200:01:54Thanks, Christy, and good morning, everyone. Thank you for joining us today on Editas' Q2 2024 Earnings Call. With me today are 4 other members of the Editas executive team, our Chief Medical Officer, Baisong Mai our Chief Financial Officer, Eric Lucira our Chief Scientific Officer, Linda Berkley and our Chief Commercial and Strategy Officer, Karen Deardorff. Because it is summertime, we're going to keep today's prepared remarks brief and leave more time to take your questions. Let me start by saying that we are pleased with Editas' momentum and progress in the Q2 of 2024 as we pursue Editas' goal to deliver life changing medicines to patients with previously untreatable or undertreated genetic diseases and to position Editas as a leader in in vivo programmable gene editing. Speaker 200:02:413 pillars underpin our strategy. The first of those pillars is to drive ReniCell, a gene edited cell therapy for hemoglobinopathies, formerly known as EDIT-three zero one toward BLA and commercialization. The second, to build a differentiated in vivo editing pipeline and the third, to increase business development activities with a particular focus on monetizing our very strong IP. At the start of 2024, we announced the following 2024 objective. For a clinical update from the RWBY trial for severe sickle cell disease and the Edithal trial for transfusion dependent beta thalassemia in mid-twenty 24 and by year end 2024. Speaker 200:03:20We would complete adult cohort enrollment and initiate the adolescent cohort in Rubi and continue enrollment in Edithal. For our in vivo pipeline, we would establish in vivo preclinical proof of concept for an undisclosed indication and for BD, we would leverage our robust IP portfolio and business development to drive value and complement core gene editing technology capabilities. So how are we executed against this strategy and these objectives in the Q2? Let's start with ReniCell. First, we shared RUBI and Edithal clinical data in June at EHA 2024, the European Hematology Association's Annual Congress. Speaker 200:04:00The RUBY data set included 18 sickle cell patients with 2.4 to 22.8 months of follow-up and the Edithal data set included clinical data from 7 beta thalassemia patients of 4.1 to 12.8 months of follow-up. These data from the RUBY trial support our continued belief that RENICEL will be a best in class product for sickle cell disease. So why do we think this? All patients treated in the RUBY trial are free from vaso occlusive events post retinal cell infusion. All patients have robust correction of anemia with a mean total hemoglobin level within the normal range for both genders at greater than 14 grams per deciliter. Speaker 200:04:37And all patients have high fetal hemoglobin with levels well above 40% from 6 months onwards. We also demonstrate fast engraftment with low variability with a mean neutrophil engraftment of 23 days, which may translate to shortened hospital stays for patients. For cell collection, we have a mean of 2 apheresis cycles with a range of 1 to 4 per patient. Finally, in addition to the clinical data shared at EHA on the manufacturing front for any cell, we have a robust manufacturing process with a low failure rate that continues to improve with experience. This low rate of manufacturing failure can decrease patient burden and reduce overall costs as we avoid cell recollection and redundant cost of goods sold or COGS. Speaker 200:05:21And we are on track to share additional clinical data for both the Rubi and Edithal trials by the end of this year 2024. 2nd, Rubi enrollment and dosing continues to be strong. Indeed, we have now completed enrollment of the adolescent cohort. As a reminder, we completed the adult cohort enrollment in the Q1 of this year. We are manufacturing drug product and scheduling adolescent and adult dosing concurrently. Speaker 200:05:47We also continue to progress Edithal and are pleased to announce completion of the adult cohort enrollment and continue to dose patients. Finally, based on our continued and collaborative conversations with the FDA, we still expect our future BLA package to be similar in number of patients and duration of follow-up to what we've seen in the gene editing medicine field. Before I turn to EVO, I'd also like to state that we are very focused on the best use of capital as we develop Renicel and map to the future. As part of that focus, we frequently evaluate opportunities, including the potential for partnering Renicel to most efficiently drive ReniCell towards commercialization and ultimately deliver it to patients in need. Now let's turn to our in vivo pipeline, where we continue to strengthen our in vivo discovery capabilities and drive lead discovery work on in vivo therapeutic targets in hematopoietic stem cells and other tissues. Speaker 200:06:38Importantly, we remain on track to establish in vivo preclinical proof of concept for an undisclosed indication by the end of the year. We want to take a moment rather I want to take a moment to reiterate our INDUEL strategy to develop a pipeline of gene editing medicines for patients with serious genetic disease. As a reminder, our internal development efforts are differentiated from established modalities and we are not pursuing the same gene editing approach as others. First, our strategy is to use our Intel technology for functional up regulation of gene expression to address loss of function or deleterious mutations. Let me be clear, our strategy is not the knockdown strategy that others in gene editing are pursuing. Speaker 200:07:22And it is worth highlighting that we have already demonstrated that our Intel technology can drive functional gene upregulation, thus creating differentiated experimental medicines as in our ex vivo development of ReniCell. With ReniCell, we leverage our indel CRISPR technology to up regulate the expression of the gamma globin gene, a functional homolog of the beta globin gene through direct editing of the HBG1, two promoter site. We are now applying the same approach to in vivo therapeutics by using our Indel technology to functionally up regulate the wild type allele or functional homolog of target disease genes as we build our differentiated pipeline. Why does the difference between our functional upregulation strategy and the knockdown strategy used by other companies matter? Because with our in vivo strategy, we are not competing with existing modalities or technologies in development that are based on knockdown strategies. Speaker 200:08:152nd, our indication selection strategy targets rare and orphan diseases that we believe will allow us to be the 1st or best in class for a given indication. We expect to move into diseases with larger patient populations in the future. Our lead discovery work is in in vivo therapeutic targets in hematopoietic stem cells and other tissues. 3rd, Editas is well positioned to achieve success with our in vivo strategy and pipeline with our established capabilities in the 4 main components of in vivo gene editing medicine. 1, our guide RNA modifications that enable high potency gene editing in multiple cell types, including in the liver and improved gene editing outcomes in vivo. Speaker 200:08:552, a superior editing enzyme in ASCAS12A 3, our messenger RNA and 4, delivery technology where we are currently evaluating lipid nanoparticles for delivery of gene editing cargo into multiple tissue types with multiple companies as well as evaluating additional next generation delivery technology. I look forward to sharing more details about our in vivo pipeline later this year and our in vivo proof of concept. Finally, I'd like to refer you to our press release issued earlier today for a summary of our financial results for the Q2 2024. I take this opportunity to briefly review a few items for the quarter. Our cash, cash equivalents and marketable securities as of June 30 were $318,000,000 compared to $377,000,000 as of March 31, 2024. Speaker 200:09:43As you will note, our burn rate was slightly higher this quarter than the past. This higher rate is due to increased external research and development expenses, primarily related to clinical and manufacturing costs related to the accelerated progression of our Renecel program. We expect our existing cash, cash equivalents and marketable securities together with the near term annual license fees and contingent upfront payment under our license agreement Vertex to fund our operating expenses and capital expenditures into 2026. Before we turn to Q and A, as always, it must be said that we could not achieve our objectives without the support of our patients, caregivers, investigators, employees, corporate partners and you. We are energized by and proud of our progress and execution this quarter. Speaker 200:10:28With our sharpened strategic focus, our world class scientists and employees, our keen drive in execution and strong balance sheet, we continue to progress our strategy to deliver differentiated editing medicines to patients with serious genetic diseases and evolve from a development stage technology platform company into a commercial stage gene editing company. Thank you very much for your interest in Editas. We are happy to answer questions now. Thank you. Operator00:11:05And we will take our first question from Jack Allen with Baird. Your line is open. Speaker 300:11:11Great. Thank you so much for taking the questions and congratulations on all the progress you made throughout the quarter. I apologize for any background noise here I'm traveling today. I wanted to ask about the preclinical proof of concept from the in vivo program that's expected later this year. I was hoping you could just elaborate a little bit more as it relates to what kind of data you look to put out, will it be in a large animal model or a small animal model? Speaker 300:11:32And how should we think about the types of experience you're looking to do to indicate the off target editing profile for this program? Speaker 200:11:41So Jack, I think you broke up near the end, but let me just restate the question the way I heard it. And then hopefully, if you need to correct us, let us know. So essentially, you just want to have an understanding of the data that we will have for our in vivo POC, the size or the species that we will use in vivo. And I think you wanted to talk about I think I might have heard you talk about indications. I'm not sure. Speaker 200:12:11Yes. So I'm going to ask Linda maybe to address your question. Speaker 400:12:15Yes. Thank you, Jack. You did break up a little bit. So thanks Gilmore for elaborating there. So we yes, we are on track to establish preclinical POC in vivo for this undisclosed indication by end of year. Speaker 400:12:29We've not yet disclosed the species in which we're working, but our evaluation process is going to entail evaluating the biodistribution to the site of interest, the efficiency of editing, the level of target modulation measured, for example, by biomarker readout and of course, the tolerability. And we'll be sharing more information, the forum and the timing for our announcement of that data at a future time. Speaker 500:13:02Great. Thank you so much for taking the question. Speaker 200:13:05Thanks, Jack. Operator00:13:06Thank you. We'll take our next question from Samantha Scickel with Citi. Your line is open. Hi, great. Good morning and Speaker 600:13:14thanks for taking the question. Just building on the prior question, you're using an LNP, because of your strategy and not in viral. Do you expect to have an LNP targeted for the tissue of interest for the proof of concept readout indication optimized this year or would you need to further optimize after the proof of concept is in hand? Thank you. Speaker 200:13:41So Sam, thank you very much for your question. I'll have Linda take that. Speaker 400:13:45Yes. Thank you, Sam. Thank you for the question. We are evaluating LMPs with different partners because we are interested in targeting different tissue cell types for different disease areas of interest. We haven't yet disclosed which tissues we're doing the non clinical POC targeting in and we'll be sharing that information at a future time when we disclose the data. Speaker 400:14:13So in terms of the targeting, aspects that you refer to, we'll share that information in the future. Operator00:14:27Thank you. From Eric Schmidt with Cantor Fitzgerald. Your line is open. Speaker 700:14:34Great. Love the summertime strategy, very efficient. Maybe it'll completed in terms of enrollment, can you start to estimate your timeline to a BLA? Speaker 200:14:55Thank you, Eric. I'm going to have Baisong take that question for you. Speaker 800:14:59Thank you for the question, Eric. We have announced that in June we have dosed more than 20 patients and we continue to dosing patients. So that is moving along very well. And then we continue to consider the CATGV approval as our benchmark. So that in terms of sample size, in terms of efficacy sample size as well as observation duration of 15 to 18 months and the total sample size initial submission was 20 patients and with additional 10 patients doing the review. Speaker 800:15:34So this is kind of the scoop of that. And we have not shared the specifics of the timeline because we have to get a final alignment with the FDA, But we are very optimistic that we are collecting the data from we are dosing closing to the BLA data package we are looking for. Speaker 700:15:57Okay. Thank you. Very helpful. And maybe based on or Gilmore, can you talk about what we hope to learn at the late 2024 update on the program? But as Gilmore mentioned, at this point, we know a fair bit about Brinavessil's profile. Speaker 800:16:13So based on Yes. Thanks, Eric. Yes. So we expect to have data from longer duration of follow-up for those patients we present at EHA, which means we're going to have more than 10 patients at 1 year exposure and additional patients have a different exposure. And now we also at EHA, we present data for 18 patients. Speaker 800:16:41We have seen dosing multiple more patients. So we're going to have more patient data also. So with that, we were very excited for the data end of the year because we're going to have longer duration and we're going to have a data package similar to the cash GB BOA. So we are looking forward to share data with you all. Speaker 700:17:05Thank you very much. Operator00:17:08Thank you. We'll take our next question from Terence Flynn with Morgan Stanley. Your line is open. Good morning. This is Mia on for Terrence. Operator00:17:17Thanks for taking our question. So recognizing it's still early in the launches of KASKEVI and LYTHJENIA, but are there any learnings thus far that you hope to utilize for a future RUNEZEL launch? Thanks. Speaker 200:17:28Thanks very much, Mia. Indeed there are. And let me pass it over to Karen Dierdorf, our Chief Commercial and Strategy Officer. Speaker 100:17:35Great. Thanks, Mia, for the question. First, we really want to say that we're encouraged by the Vertex update of the 20 patients in cell collection, which is a nice bump up from the 5 in Q1. And we really see that as an acceleration that we have anticipated because we understand that there are multiple steps in the process to get a patient dosed. And we anticipate that they probably have a number of additional patients in earlier enrollment phase before cell collection, including getting payer reimbursement. Speaker 100:18:06We anticipate significantly more uptake over the coming quarters as we look at both companies. We know from our own enrollment and the excitement in our trial that there is a lot of patient and physician interest. And so that will continue as there is more exposure to our 3 therapies. In the U. S, we also know that payers are doing case by case approvals with few rejections. Speaker 100:18:30We know that patients are able to get access and that policies will be in place over time. As a reminder, we really believe that our fast follower timing is an advantage, which gets to your question about the learning. And that really allows us to be able to optimize our own launch plan. And another key component is that we understand the time it takes for centers to get up to speed, preparers to put policies in place. All of that we anticipate will come together around the time that the Renucel might launch. Speaker 100:19:04We are already seeing a decrease in the amount of time for onboarding between Bluebird and Vertex and anticipate that that onboarding cycle from our own conversations and research will be significantly shorter at the time of our launch. So we are really encouraged and we know how much it takes behind the scenes we're just really glad to see patients moving closer to dosing. Thank you for the question. Operator00:19:29Great. Thank you. Thank you. We will take our next question from Gena Wang with Barclays. Your line is open. Speaker 100:19:36Thank you. I will ask two questions. First one is, what is the average process time from patient enrollment to dose? Any differences between adults and adolescent patients? And the second question regarding your Indel technology, you say you would do up regulating. Speaker 100:19:54Just wanted to make sure that was the knocking down the repressor so that the target gene will be up regulated? Speaker 200:20:02Thank you very much, Geno. What I'm going to do is have Baisong address your question about the process time or the vein to vein time or enrollment to infusion time for adolescents versus adults? And then I'll pass over to Linda and I'll restate your question just so we all remember. Speaker 800:20:24Baisong? Yes. Thank you, Gina, for your question. From the enrollment to dosing, it varies quite significantly among patients and some are going to be very short, like 3 or 4 months and other can be up to 10 months or even longer because some patients have BOE in the middle and doing the process before dosing of Ranacell. From the between adult and adolescent, and we see now is that we have very robust enrollment and that screening process was going faster than we had for adult and the apheresis process also going very smoothly. Speaker 800:21:09And that's probably also related to that the adolescent patients in a better health condition compared to older adult patients. Speaker 200:21:18Thanks very much, Bae Song. And then Gina, you asked a question just to clarify how we're using ENDEL technology to functionally up regulated genes and specifically the interdiction of the regulator? Speaker 400:21:34Yes. Thank you, Gina, for the question. So our functional up regulation strategy is not is different. It is not a knockdown strategy. So we as per your question, we would not be knocking down the repressor. Speaker 400:21:47If we use the Renucel example as a paradigm. In that case, we are creating an indel to disrupt the binding site for the repressor. And that way we are up regulating gamma globin expression. So using that as an example, we could do a similar type of thing for another target of interest. There are other ways that one can create indels to up regulate gene expression. Speaker 400:22:20This is the approach that we are taking that is differentiated from a knock down approach. Thank you for the question. Operator00:22:30Thank you. We'll take our next question from Mary Kate Davis with Bank of America. Your line is open. Speaker 600:22:38Good morning. Thank you so much for taking my question. I guess looking at your portfolio, how are you looking at the IP licensing opportunities in the future? Thank you. Speaker 200:22:49Thanks very much, Kate. I'm going to ask our CFO, Eric Lucira to address that. Speaker 900:22:54Yes. Thanks for the question. We believe we have a very strong foundational position with respect to the IP license that we have from Harvard, MIT and abroad. We are very open to having conversations with a range of companies in terms of getting a structure in place that is sort of bespoke and works for both us and them. We believe there's a high double digit number of programs out in development and a good number of those about half are with 8 to 10 different companies. Speaker 900:23:24So we look forward to having conversations with folks. And as you can see, we've had some pretty good success in the last few years as evidenced by some of the licenses that we've already put in place. So very excited to have that as a potential source of non dilutive capital for our company. Speaker 600:23:43Thank you. Operator00:23:46Thank you. We'll take our next question from Brian Chan with JPMorgan. Your line is open. Speaker 1000:23:53Hey guys, thanks for taking our questions this morning and happy summer. It sounds like you may have had additional discussion of the agency this past quarter. I'm just curious other than the clinical data, what other additional items have you discussed? And just based on Kajabi package at the time of the BLA, I would assume that you can potentially file sometime next year. So outside of the clinical package that we're waiting for mature data, what other additional data or gating factor do you need to line up between now and then? Speaker 1000:24:25In other words, any color on your readiness to the filing? Thanks. Speaker 200:24:30Thanks very much, Brian. I think you did sort of a complex question in that you're asking about the multiple data sets that are required to actually go filing. First of all, let me be very clear that we have not actually shared an estimate or given guidance to when we would file the BLA. I think that's very important just to state. The second is that we are very happy from the clinical data point of view and the generation how we're actually progressing towards really meeting or matching up with the benchmark set by the CAS JV approval with, of course, the additional data that we are generating from a differentiation point of view. Speaker 200:25:12The additional data sets obviously include the preclinical and we know that a key focus of the agency when you consider AdCom was looking at off target editing. We actually were very, how should I say, gratified by the AdCom last December to see that the data set that we've already generated is a very robust and probably exceeds what was discussed at that AdCom. So we feel very good that we're actually also very pleased with the progress of our manufacturing data. And as I said in my earlier prepared remarks, our ongoing discussions with the FDA really gives a lot of confidence about the progress of multiple data sets beyond just the clinical to bring us towards BLA. Speaker 1000:26:04Okay. And maybe just one more follow-up on the in vivo side. Is that going to be 1st in class or best in class approach? Just curious how do you think about balancing the risk and reward for your next assets? And thank you. Speaker 200:26:21Thank you very much, Brian. I'm going to have Linda address that. Speaker 400:26:23Yes. Thanks, Brian, for the approach. The question. I think the differentiated approach is for going after functional upregulation is really important. I think from an indication standpoint, because of the fact that we can go after targets that others may not be able to go after using a knockdown strategy and that is established modalities or other technologies and development can't go after that target. Speaker 400:26:52That really gives us the ability to be 1st in class. We can also envision editing strategies that would yield a better outcome than other approaches that are going after that particular indication giving us best in class. So we can either have 1st in class or best in class opportunities here. Speaker 1100:27:13Okay. Thank you. Operator00:27:17Thank you. We'll take our next question from Joon Lee with Truett Securities. Your line is open. Speaker 1200:27:23Hi, good morning. This is Mehdi on for Joon. Congrats on the progress and thanks for taking our question. So maybe a 2 part question. Could you please provide any additional color on your in vivo editing approach as you previously talked about LSRs and they usually require a landing site insertion first. Speaker 1200:27:48So any color there would be appreciated. And then to follow on Gino's question, how many disease you see being amenable to indel mediated functional op regulation? Thank you. Speaker 200:28:02Thanks very much, maybe, for your questions. Let me start. I'll have Linda address both questions and I'll restate the second question. Obviously, your first question was, as we talk about our indel functional up regulation, how is that distinguished from the use of LSRs? Linda? Speaker 400:28:22Yes. Thank you for the question. Yes, the LSR technology that we disclosed at ASGCT, we're very excited about that. That is a technology that may enable us in the future to have large gene insertions. And so this would be gene replacement approach. Speaker 400:28:45This is something that we're working towards. What we're doing in the shorter term now is functional upregulation of gene expression. And this is increasing the expression of a gene in order to compensate for a loss of function or deleterious mutation in a patient with a serious genetic disease. So if that answers your first question, I think then you asked a question about how many diseases are amenable to indole. And there are many obviously, there are many genetic diseases caused by loss of function or deleterious mutations. Speaker 400:29:27And there are many ways in which they are regulated by various regulatory elements. And so there should be many, many opportunities here for functional upregulation of those targets. Speaker 200:29:43If I may add, thank you very much, Linda. I think one of the key things is that as we know from the human genome, only a small quantity of the genome actually encodes proteins. There's a large amount, the vast majority of the genome actually is non coding and much of that comprises regulatory elements that actually control of genes. And as Linda very eloquently put it, this is what we're actually trying to target. And just so we're absolutely clear, we are talking about Intel using our CRISPR technology in general and very specifically in the very near term, leveraging our AS Cas12a, which as we highlight is we believe one of the key differentiated tools in our toolbox as we believe it is a superior editing CRISPR enzyme because of its high efficacy and its high fidelity. Speaker 1100:30:43Thank you. Operator00:30:47Thank you. We'll take our next question from Tae Gon with Stifel. Your line is open. Speaker 1300:30:53Hey, good morning guys. Thanks for taking our questions and congrats on the progress as well. Maybe first question for Linda, going back to the in vivo recognizing you're going to be disclosing, so I don't want to probe too much, but at least help us appreciate it a little bit more. Is this are you guys kind of driven by the limitations of LNP mediated delivery in terms of cell types and what organ types you can go into? Or is this more dependent on how big of a size market you have potential of first indication as well as the potential subsequent indications that can come after this first one? Speaker 1300:31:30And then second question, maybe high level Gilmore or Baizong, year end we're also expecting Beam's first data set coming out of Beam-one hundred and one. You talk about retinacel being best in class. So I was just wondering what kind of data set would keep you more confident about that notion going into that ASH presentation? Thanks so Speaker 200:31:50much. Thanks very much, Dae Gon. So Linda? Speaker 400:31:55Thank you, Dae Gon. So to your first question, yes, in terms of the LNP, the delivery obviously is critical for getting POCs. So we've shared our interest in targeting hematopoietic stem cells and this is obviously to translate this remarkable success we're having with our RENICELL asset. So we are obviously trying to target hematopoietic stem cells in vivo. We've also though we haven't disclosed all of the disease areas that we're interested in. Speaker 400:32:29And other than HSCs, we have mentioned that we are interested in targeting the liver. And so there are validated LNPs for targeting liver. So there is a pragmatic approach here based on delivery. Speaker 200:32:45If I may add, Linda, thank you. It's not just the delivery tool that we are leading with an LP that actually determines how we select our targets. Obviously, delivery is an important element. Obviously, amenability to functional up regulation is important. We're actually also selecting diseases based on their clinical translatability in that we want to be ensure that we can actually get obvious clinical signals in our human proof of concept. Speaker 200:33:15And obviously then, obviously, we also further filter that by ensuring that we are truly differentiated to ensure or maximize the probability, not just a technical, clinical regulatory, but actually also commercial success. And then with regard to your second question, what do we expect to see from the BEAM data set? Frankly, obviously, we're looking forward to seeing it. It is always good to see continued pursuit of therapeutics within a clinical space for which there is an enormous, enormous unmet need in the context of sickle cell disease and transfusion dependent thalassemia. It's very hard. Speaker 200:34:01I can't speculate on what Beam would show. I look forward to hearing it and we all look forward to hearing it. But I will tell you that we are very happy with the differentiated profile that we are developing for ReniCell. And it's important to point out that we are very happy with the biological profile, the hematological profile, the clinical profile, all of which are very strong. And in addition, as we've alluded to, we are our confidence in the evolution in the current state of and the continued evolution of our manufacturing from the success rates is very gratifying. Speaker 200:34:45So overall, we actually feel very good. And of course, it's important also to remember, as I said earlier, that an additional piece of the data includes our nonclinical, including our off target editing, which is very robust, as I said, in the packages we've generated. And of course, some of that robustness stems from us using ASCAS12a as opposed to Cas9 with its differentiated high efficacy, high fidelity characteristics. Speaker 1100:35:16Great. Thanks so much. Thank you. Operator00:35:25Thank you. We'll take our next question from Luca Isti with RBC Capital. Your line is open. Speaker 300:35:32Great. Thanks so much for taking my I have 2 quick ones. In sickle cell disease, we have seen the U. S. Health and Human Service issuing a negative opinion here on covering fertility preservation for federal insured patients who receive gene therapy for sickle cell disease. Speaker 300:35:50So just wondering what is your take on that? And then maybe second, Gilmore, bigger picture, you seem very excited about the in vivo upregulation strategy here. Is there a version of the world where you just partner ReniCell both U. S. And ex U. Speaker 300:36:04S. Instead of building a commercial infrastructure and just focused on your in vivo strategy? Any thoughts there? Much appreciated. Thanks so Speaker 200:36:13Thanks very much, Luca. So I'm going to pass your first question to Karen around the HHS decision or? Speaker 100:36:24Yes. Luca, thank you for calling that out. Look, we are deeply disappointed by this decision and we joined the voices of Vertex, Bluebird, really the whole field in this decision, which seems very out of touch with the severity of sickle cell and the unmet need, and it just continues to drive the discrepancy between the commercial patients' ability to access therapies and have companies cover the fertility preservation as you know and Medicaid patients. So we are very disheartened. We also know that there are a lot of voices who are within Congress and within the industry and other organizations, including the patient advocacy groups, who have a very strong voice. Speaker 100:37:16And our hope is that, all of us together will be able to really raise this issue and have it reversed in the coming time. We believe that things will sort themselves out. We are disappointed for the patients who are seeking treatment today. Our belief in our own timing as fast follower is a lot of these unfortunate decisions will be figured out at the time that we're ready to come to market. But thank you for calling it out. Speaker 100:37:50It is really an out of touch decision. And we will hope for the Speaker 200:37:54best and do our part. Thanks very much, Karen. And then Luca, to your second question around I think it sort of stems from our prepared remarks how why we're extraordinarily excited by Aurinecel are in vivo progress. We're also very conscious of how we deploy our capital. And I'm going to ask Eric to address that. Speaker 900:38:17Yes. Luca, just following up. As we've said for many years, our intention was to look for partners outside of the U. S. I can tell you as someone who invested in biotech for 15 years and has been doing business development and CFO for about 15 years, you never know where those discussions may go. Speaker 900:38:33But what we can assure you is that we're going to do the right thing in terms of what's in the best interest for getting our products to as many patients as possible and driving shareholder returns to the best level possible. Speaker 1100:38:48Great. Thanks so much. Operator00:38:51Thank you. We'll take our next question from Phil Nadeau with TD Cowen. Your line is open. Speaker 500:38:56Good morning. Thanks for taking our questions. 2 from us. First on RENASEL and the prospects for clinical differentiation, we're curious what your most recent thoughts are on the time to see that clinical different station on things like end organ damage. Is it possible that we could start to see strong signals of that in the ASH presentation? Speaker 500:39:16And then second on the in vivo development program, Ghimar, I think you said the initial indication will be orphan and then there'll be larger indications, perhaps later. Can you give us some sense of what size patient population you think is necessary for a good return on an investment? What's too small? Kind of what's the sweet spot for an orphan population? Thanks. Speaker 200:39:38Thanks very much, Phil. So I'll have Baisong talk about the differentiation and how we see that evolving. And then I will take your question on how we think about the size of the population? Speaker 800:39:56Yes. Thanks for the question. And as we stated before, in clinical trial, we're looking 3 categories of evidence about differentiation and including hematological parameters and organ function and the patient reported outcome. And then the in terms of timing of those endpoints and when we see the change and so for the organ function, you specifically mentioned that it is relatively new field and but fortunately, we already see more publications in the allogeneic transplant for treating sickle cell disease. They have presented encouraging data that after allogeneic transplant, you can see the end organ function improvement, including cardiovascular, central nervous system and so on and so forth. Speaker 800:40:51In our clinical trial, we monitor multiple organ and organ functions including pulmonary, cardiovascular, liver, renal and that. And so we based on the publication, some of reporting that at the 1 year you see some improvement already. So we're very encouraged by that. But other parameters, for example, the hematological parameter will give us more opportunity to directly measure that change, for example, when talking about the correction in Eluvia. And then the 3rd category is patient reported outcome and we are also very encouraged by the reports and being published in this field then we will be able to see and the quality of life change after the treatment. Speaker 800:41:40So we're looking forward to see the more data and we are very excited to see that. The data from all our patients are very consistent. Now we reported 18 patient data. We see that the same direction and the same trajectory in terms of the patient data wise. We're very pleased. Speaker 800:42:03We're looking forward to share more data at the end of the year. Speaker 200:42:07Thanks very much, Baisong. And then Phil, with regard to your next your second question, which is around where do we think that a population size for an orphan indication where we're sort of focusing our initial foray in in vivo lines up for optimal ROI. A couple of things. First of all, the reason that we're actually focusing on rare orphan, the main reason obviously is that as we bring in new technology to patients, we want to actually maximize the probability of technical and regulatory success. While we at the field and agencies characterize and learn the long term risk benefit associated with this technology. Speaker 200:42:53More importantly than when I turn or not more importantly, but then I turn to market size. The market size we talk about is really based on patients, the patient numbers with indication versus the price. And obviously, price will be determined by a number of factors, including the amount saved by what we're talking about are potentially or largely curative therapies with high potency. I mean, this is what we want. One of the things we're really excited about our technology is we're talking about using this technology, not just because it's new and cool, but because it has the potential to deliver high potency, large effect sizes in patients. Speaker 200:43:28And so when you actually consider those elements, our current estimates that a range of about $400,000,000 to $500,000,000 is about the market size that would be meaningful and enable us to drive growth. And as we grow and evolve into treating larger populations as we build that safety characterization in a number of smaller orphan sized populations. Speaker 500:43:57That's very helpful. Yes, that's very helpful. Thank you. Operator00:44:01Thank you. We'll take our next question from Jay Olson with Oppenheimer. Your line is open. Speaker 700:44:07Hey, this is Chung on the line for Jay. Thanks for taking the question. Just maybe on Ralinexel. By the time you filed a BLA, I'm just curious, do you think the follow-up in the adolescent cohort is long enough, so the label may cover both adult and adolescent patients? Thank you. Speaker 200:44:29Thanks very much, Shay. I just I want to just state your question because it was a little muffled on the line. I think you were asking was, will the adolescent cohort be followed for long enough to be part of the label? Speaker 900:44:48Yes, that's correct. Okay. Speaker 700:44:50Yes, that's correct. Thank you. Speaker 200:44:51Yes, thanks, Chen. Speaker 800:44:54Chen. We are very pleased with the progress of adolescent cohort and we started enrollment of this year and we already completed enrollment in the amount of months. So very pleased with that. We certainly wanted to seek for broader indication of all age cohorts and we already have alignment with FDA about the clinical trial for all the age cohorts. So that's why we're very much looking forward to that. Speaker 700:45:25Okay. Thank you so much. Operator00:45:28Thank you. We'll take our next question from Yan Xu with Wells Fargo Securities. Your line is open. Speaker 700:45:35Great. Thanks for taking our questions. So for the in vivo program, are you trying to up regulate the gene the disease causing gene itself? Or are you trying to up regulate a different gene to compensate for the loss of the disease causing gene? In other words, are we talking about haploinsufficiency type of indication? Speaker 700:46:05Or are we talking about recessive gene recessive gene defect here? Secondarily, I wanted to ask about any updated timing for the CAFC patent dispute process? Thank you. Speaker 200:46:26Thanks very much, Yanan. So with the first question, I'm going to start by saying that you have actually described sort of you've actually nailed both elements of the operating strategy, but I'll let Linda just expand on that. And then I'll restate the second question and we'll address that. Speaker 400:46:44Yes. Thanks very much for your question. So the two scenarios that you described like both are possible approaches. 1 can imagine in loss of function, homozygous recessive state up regulating a pathway gene that can compensate for the loss of the mutated gene. So that's the case with the renal cell example where beta globin in TBT is there's no expression of beta globin or in sickle cell disease, it's a deleterious mutation and so it's not functioning properly. Speaker 400:47:27And we up regulate gamma globin to compensate in both of those cases. One can also imagine a scenario of haploinsufficiency where you have, one allele has a mutation, pathogenic mutation, but there's a wild type allele that can be upregulated to compensate for the loss of function of the mutated allele. So either scenario is a potential target for us. Speaker 200:47:56Thank you very much, Linda. And I think, Yanan, you asked a second question about update on the CAFC timings. Obviously, the oral presentations occurred in the last quarter in May, and we anticipate decision probably before the end of the year. May I just wonder if I could translate haploinsufficiency into lay terms, for those who might not have done molecular biology or genetics. By haploinsufficiency, everyone carries 2 copies, most copies, 2 copies of a gene and the context of haploinsufficiency, one gene is not functioning, which results in a reduction in the total dose of protein that's available to the person resulting in disease, so called insufficiency or haploinsufficiency. Speaker 200:48:51And the strategy that Linda is describing that we're pursuing to manage that is that you drive up expression of the normal copy to actually approach or get to the same dose of overall protein that would be required for normal health. Hope that was helpful. Speaker 700:49:11Great. Thanks, O'Neill and thanks, Linda. Operator00:49:15Thank you. We'll take our next question from Steve Seedhouse with Raymond James. Your line is open. Speaker 300:49:22Hi, good morning and thank you for the question. This is Nick on for Steve. Had a quick follow-up to Luca's first question actually. Are you able to speak to the importance in demand for fertility support in your own clinical trials experience for SCD? Also curious of your thoughts on the potential market impact if you're not able to provide the support once approved? Speaker 300:49:44Thank you. Speaker 200:49:46So I'm going to split that question in 2 parts. I'm going to ask Beisson to talk about our experience in our clinical trial and then I'll have Karen to talk about the impact and very importantly how we anticipate mitigating or ensuring that that impact is Speaker 300:50:01going to be there. Yes. Thank you for Speaker 800:50:02the question, Nick. In clinical trial setting, we do provide fertility support, which is critical for patients, especially in this patient population, that it is important for them to have that support to be able to go through the chemotherapy and conditioning process. I want to let Karen to emphasize the importance of that in the commercial setting. Speaker 100:50:25Yes. Thanks for the question. So we do see this as a very important component of support to 6Lo patients in the context of the gene editing transplant. In terms of impact on the market, what I will say is that for the Medicaid population within the CMMI model that we've all discussed and we hope and anticipate will get started sometime in 2025. There actually is a carve out there so that within the model, which we don't know how many states will be included, but that does cover Medicaid patients and the fertility preservation is able to be included in that. Speaker 100:51:04And then in the commercial setting, it is fine. So the decision that HHS or the IG made, does not affect commercial and also again CMMI, which we are encouraged and very hopeful that that will move quickly. And I am hopeful that there will be enough pressure and enough parties that will move to eventually change this. So by the time we're launching, I can't promise, but I don't anticipate it will be a huge market impact. And even in the coming years, I think that there are other opportunities for patients to be able to receive the gene editing therapies and the fertility preservation. Speaker 200:51:46Karen, it might be worth just pausing for a second and just take people through the acronyms and the sort of the structure of Speaker 1000:51:52the NHA. Speaker 200:51:53No, no, no, it's just what the NMI is. Speaker 100:51:54So CMS has a section, it's the CMMI model, which is created to be able to explore and launch pilot programs to patient into different areas of need. There are a number that have been done in oncology over the last years. And they created a specific cell and gene therapy program of which the sickle cell disease area was highlighted and the program was initiated earlier this year or kicked off. And it is voluntary for both manufacturers and for states. So TBD on exactly who is involved in it, but the opportunity is there with a lot of funding for federal CMS through the CMMI model to be able to negotiate with manufacturers on behalf of a lot of states. Speaker 100:52:48So it takes out some of that work and that variability. Again, it is a promising program that needs to be moved forward quickly. But within it, there was a waiver on the anti kickback statute around providing the fertility preservation. So hopefully that gives a little bit better context. Speaker 1100:53:08Thanks very much, Karen. Thanks, Nick. Operator00:53:13Thank you. We'll take our next question from Liisa Bayko with Evercore ISI. Your line is now open. Speaker 600:53:20Hi, this is streaming on for Liisa. Thanks for taking our questions. Operator00:53:24So there's Speaker 600:53:24a large number of patients in the Middle East. And can you please comment on how you plan to target this region? Do you plan to execute global launch yourself or will you need a partner concerning the complexities? Thank you. Speaker 200:53:37Thanks very much, Edwin. I'm going to have Karen address that question. Speaker 100:53:42Yes, great. Thank you. And we agree in the Middle East and there are other geographies where there is a significant unmet need. As we've said and as was stated earlier, we continue to consider partnering for anything outside of the United States and any way that we can improve and accelerate access of therapies like Renucel to patients in need. So we continue to maintain that strategy and we'll update as appropriate. Speaker 200:54:16Thank you very much, Karen. Operator00:54:21Thank you. Ladies and gentlemen, this concludes today's call. Thank you once again for your participation. You may now disconnect.Read morePowered by