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Edited Transcript of GLYC.OQ earnings conference call or presentation 31-Jul-20 12:30pm GMT

Q2 2020 GlycoMimetics Inc Earnings Call

Gaithersburg Aug 1, 2020 (Thomson StreetEvents) -- Edited Transcript of GlycoMimetics Inc earnings conference call or presentation Friday, July 31, 2020 at 12:30:00pm GMT

TEXT version of Transcript

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Corporate Participants

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* Brian M. Hahn

GlycoMimetics, Inc. - Senior VP & CFO

* Helen M. Thackray

GlycoMimetics, Inc. - Senior VP of Clinical Development & Chief Medical Officer

* Rachel K. King

GlycoMimetics, Inc. - President, CEO & Director

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Conference Call Participants

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* Biren N. Amin

Jefferies LLC, Research Division - MD and Senior Equity Research Analyst

* Edward Patrick White

H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst

* Shau-Wei Chen

Cowen and Company, LLC, Research Division - Research Associate

* Stephen Douglas Willey

Stifel, Nicolaus & Company, Incorporated, Research Division - Director

* Zegbeh Claudel Jallah

ROTH Capital Partners, LLC, Research Division - Director & Research Analyst

* Shari Annes

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Presentation

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Operator [1]

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Good morning and thank you all for joining GlycoMimetics' corporate update conference call. (Operator Instructions) I would now like to turn the conference over to Ms. Shari Annes of Investor Relations Group at GlycoMimetics. Please go ahead.

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Shari Annes, [2]

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Thank you. Good morning. Today, we will review our accomplishments and financial results for the second quarter of 2020. The press release we issued this morning is available on the company's website at www.glycomimetics.com under the Investors tab.

This call is being recorded. A dial-in phone replay will be available for 24 hours after the close of the call. The webcast replay will also be available in the Investor Relations section of the company's website for 30 days.

Joining me on the call today from GlycoMimetics are Rachel King, Chief Executive Officer; Brian Hahn, Senior VP and Chief Financial Officer; and Dr. Helen Thackray, our Senior VP of Clinical Development and Chief Medical Officer. We will start today's call with comments from Rachel, and after that, Brian will provide an overview of the company's financial position. We'll then open the call for Q&A when Dr. Thackray will be available to respond to your questions.

I'd like to remind you that today's call will include forward-looking statements based on current expectations. Forward-looking statements contained on this call include, but are not limited to, statements about the company's product candidates, uproleselan, GMI-1359, GMI-1687 and rivipansel as well as our other pipeline programs and the potential impact of the ongoing global COVID-19 pandemic on the company's clinical programs, operations and cash burn. Such statements represent management's judgment and intention as of today and involve assumptions, risks and uncertainties.

GlycoMimetics undertakes no obligation to update or revise any forward-looking statement. For information concerning the risk factors that could affect the company, please refer to GlycoMimetics' filings with the SEC, which are available from the SEC or on the GlycoMimetics website.

I'd now like to turn the call over to Rachel.

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [3]

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Thank you, Shari, and thank you all for joining our call this morning. Just as I began our last call, I'd like to say that the entire team hopes that you and your families remain healthy in the face of the myriad of challenges presented by the COVID-19 pandemic.

Here at GlycoMimetics, we've continued our work largely from our homes with minimal disruption to our operations. Although we're happy to report that our scientists have been able to return to our labs on a staggered basis, all in compliance with CDC and Maryland state guidelines, we're diligently coordinating our activities to maintain ongoing business operations.

Let me begin by saying that the second quarter was a busy and productive one for us. Enrollment continued in our pivotal Phase III registration trial, evaluating uproleselan in relapsed/refractory AML. The enrollment rate for the quarter was such that we are maintaining our prior guidance. We expect completion of enrollment in the second half of 2021.

We also saw a steady progress in our collaborative multicenter registration trial with the National Cancer Institute, or NCI, where uproleselan is being studied in newly-diagnosed elderly AML patients who are fit for intensive chemotherapy.

With respect to rivipansel, we believe our additional analyses of efficacy data represent an opportunity to reassess the potential viability of this drug. We now plan to explore with the FDA whether there's a path forward for this drug as a candidate for treatment of vaso-occlusive crisis or VOC in sickle cell disease.

We'll now comment on each of these achievements and cover several other highlights as well. First, update on uproleselan. We did see an initial slowing in enrollment in our company-sponsored AML trial during the early days of the COVID pandemic. However, enrollment rates recovered well, and accordingly, we are affirming our prior guidance, namely that we expect to complete enrollment in the second half of 2021. We will continue to actively monitor the ongoing impact of the pandemic on patient enrollment and study progress.

But clearly, enthusiasm for our trial among clinicians continues to be high, again underscoring uproleselan's potential to provide benefit across a host of clinical end points. These include improving chemotherapy outcomes and ameliorating some of the serious adverse events of intensive cytotoxic chemotherapy.

You'll remember that there's a second registration trial now underway of uproleselan. This is being conducted by the National Cancer Institute and is treating patients with newly diagnosed AML. For this trial as well, I can report that accruals slowed during the early days of the COVID pandemic, but sites are now actively enrolling again. As soon as the NCI publicly shares an update on that trial's enrollment, we'll provide that information to you.

While work in the clinics, both in our own relapsed/refractory AML trial and in our collaborative NGI trial continues to progress, I'd also like to call attention to the preclinical data we presented at this year's first virtual annual meeting of the American Association of Cancer Research or AACR. At that meeting, we presented animal data that further supports the potential of our compounds in the treatment of AML, specifically co-targeting an inhibition of E-selectin, CXCR4 and FLT3 with GMI-1359 in combination with sorafenib, was shown to protect normal hematopoiesis that is blood cell formation and more efficiently reduce leukemia burden compared to sorafenib alone. This resulted in extended survival in the patient-derived (inaudible) mutated AML model. Preclinical data also addressed opportunities in the setting of stem cell transplantation.

Additionally, new information was presented on the potential of transcriptome profiling to identify those tumor types in patients most likely to benefit from targeted E-selectin inhibition, the key mechanism of uproleselan in support of a biomarker-driven approach to treating patients with AML. Further analysis of E-selectin ligand glycosylation genes supports our belief in the prognostic importance of this gene expression signature in AML, highlighting the potential use of uproleselan in AML and other hematologic malignancies.

Let's now turn to rivipansel. We shared with you in our year-end call Pfizer's decision to return to GlycoMimetics its rights to rivipansel, our investigational drug for vaso-occlusive crisis, or VOC, and sickle cell disease. The transfer back to GlycoMimetics of these rights and licenses, the IND for the clinical development program and the entire data set for the Phase III RESET trial is now complete.

Over the past few months, we've been actively analyzing the Phase III data to determine if there is a potential path forward for this asset in sickle cell disease. We're committed not only to sharing the details of these analyses with the scientific community but also to defining various potential options, if any, that could be available to us to carry rivipansel forward.

Of particular note, in June, we were able to share the first data glean from in-depth analysis of the RESET study, including new data evaluated in the primary efficacy end point. Specifically, patients treated with rivipansel within approximately 26 hours of onset of a vaso-occlusive crisis experienced statistically significant improvements in time to readiness for discharge compared to placebo.

To remind you, the Phase III RESET trial evaluated 345 patients who were experiencing acute VOC and required hospitalization for treatment. The patients ranged in age in 6 years to adult with a mean age of 22 years. The analysis showed that patients treated with rivipansel early in their acute painful episode experienced a statistically significant improvement on the primary efficacy end point with a p-value of 0.03, a hazard ratio of 0.58 and median improvement compared to placebo of 56.3 hours. In other words, if treatment with rivipansel was initiated early, patients receiving rivipansel were ready for discharge over 2 days earlier than those patients randomized to placebo.

Since we're often asked, let me explain that the time to readiness for discharge end point was the end point specifically agreed to with the U.S. FDA. It reflects achievement of multiple clinical criteria assessing health care utilization and the patient's medical improvement prior to leaving a hospital, including no longer needing IV opioids, IV hydration or other related treatments.

Equally important, we observed that patients treated with rivipansel showed a deep, rapid, sustained and statistically significant reduction in soluble E-selectin, an inflammatory biomarker of acute VOC. We believe this shows that rivipansel has its intended on-target biological effect. The effects observed on soluble E-selectin in this trial provides valuable insight into the mechanism for the improvement in the clinical criteria for discharge from the hospital observed in those patients treated early in their acute VOC.

Data from the RESET trial additionally demonstrate the favorable safety profile for rivipansel. Safety profile of rivipansel observed in this trial, as evaluated in the population with pediatric, adolescent and adult patients, bolsters the case for potential risk/benefit value proposition favoring rivipansel.

We're exploring various options for rivipansel in this acute treatment setting, for which there are no approved drugs and to our knowledge, no drugs currently in late-stage development. As part of that process, we intend to discuss these data with the FDA to determine what, if any, next steps could be taken to carry this program forward in acute VOC.

In the interim, the support of efficacy analysis on the new biomarker data will be presented at the September meeting of the Foundation for Sickle Cell Disease Research, or FSCDR. FSCDR posted the abstracts on its website, fscdr.org, in mid-June, and they are available for your review. We've also completed additional analyses on the Phase III RESET trial that further support the potential benefit rivipansel may provide in acute VOC. We hope to publish and/or present these new findings at upcoming medical meetings.

In addition to the rivipansel poster, an abstract containing data on GlycoMimetics' more selective and highly potent E-selectin antagonist, GMI-1687, has been accepted for an oral presentation by FSCDR for their September meeting. The GMI-1687 abstract includes data from a preclinical model, showing that drug candidate's potential as a subcutaneously administered treatment for VOC. With rivipansel now back in our own hands, GMI-1687 provides an opportunity for a potential follow-on product with subcutaneous administration.

Prior to Pfizer's return of the rivipansel rights, we were prohibited from pursuing this molecule in sickle cell disease. IND-enabling activities are now underway, and it's our belief that GMI-1687 could provide an opportunity for patients to be treated at home as soon as the acute pain of VOC begins. The opportunity to do so could potentially abort the event before vascular coagulation and potential organ damage occur. Since we now know that early targeted E-selectin intervention can have an impact on acute VOC, this asset is uniquely suited to address that need.

Needless to say, it's an exciting time at GlycoMimetics. We have 2 pivotal programs progressing well in AML. The rivipansel rights are returned and additional analyses are completed. We plan to engage in discussions with FDA on rivipansel and our portfolio of novel GlycoMimetics drugs includes multiple candidates that are truly differentiated.

Now I'd like to turn to Brian to review both the quarter's financial results and to provide his perspective on our financial situation. Brian?

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Brian M. Hahn, GlycoMimetics, Inc. - Senior VP & CFO [4]

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Thank you, Rachel. As of June 30, 2020, GlycoMimetics had cash and cash equivalents of $149.8 million as compared to $158.2 million as of December 31, 2019. The company's research and development expenses decreased to $9.9 million for the quarter ended June 30, 2020, as compared to $13.1 million for the second quarter of 2019.

The company's research and development expenses decreased to $22.5 million for the 6 months ended June 30, 2020, as compared to $24.8 million for the same period in 2019. The decreases were primarily due to a decrease in manufacturing and formulation expenses resulting from lower raw material costs as the validation of manufacturing batches were purchased in the prior year.

The decreases were offset in part by higher clinical expenses as a result of the increased enrollment in the ongoing global Phase III clinical trial of uproleselan in individuals of relapsed/refractory AML and the Phase II/III clinical trial being conducted by the National Cancer Institute. Contract research services, consulting and other costs were lower in 2020 as research activities were affected at outside universities and travel by research and development personnel was largely eliminated due to the COVID-19 pandemic.

Now turning to G&A expenses. General and administrative expenses increased to $4.2 million for the second quarter ended June 30, 2020, as compared to $3.8 million for the second quarter of 2019. General and administrative expenses for the 6 months ended June 30, 2020, increased to $8.7 million as compared to $7.1 million in the same period in 2019.

Personnel-related expenses increased due to additional general and administrative headcount, annual salary adjustments awarded in the first quarter of 2020 and retention bonuses. Patent, legal fees, consulting and other professional expenses, including director and officer's insurance premiums, increased as compared to 2019. Other general and administrative expenses decreased for both the 3 and 6 months ended June 30, 2020, as compared to the same period in '19 due to lower travel expenses as a result of the COVID-19 pandemic.

I'll now turn the call back over to Rachel.

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [5]

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Thank you, Brian. Before opening up the call to your questions, I'd like to reiterate our confidence in the clinical pipeline and of course, in our specialized GlycoMimetics chemistry platform. Our chemistry insights have fueled several innovations that we believe have the potential to improve the standard of care in AML and may do the same in sickle cell disease and other diseases as well.

And now operator, please open the call for questions.

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Questions and Answers

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Operator [1]

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(Operator Instructions) Our first question comes from the line of Zegbeh Jallah with ROTH Capital Partners.

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Zegbeh Claudel Jallah, ROTH Capital Partners, LLC, Research Division - Director & Research Analyst [2]

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Thanks for the very detailed update. Just had a quick question actually about the preclinical efforts. I just wanted to get a sense of how you're prioritizing that, especially in the midst of COVID, particularly since you mentioned now you're staggering many employees into the lab. So how are you prioritizing preclinical efforts? So what's the key focus there?

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [3]

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Sure. Thanks for your question. So our -- I want to answer that in 2 ways. We have, as you know, the preclinical assets that we've mentioned in the earnings call today and previously, it's specifically 1687 and 1359. And both of those -- actually, I'm sorry, 1359, of course, is in the clinic, but 1687, as the preclinical asset, is currently in IND-enabling studies.

What we're doing in the labs is actually work -- even earlier to that, where we're focusing on some of the more basic chemistry opportunities that we have to potentially develop even additional molecules where we're focusing on the galectins. We have compounds that target Galectin-3 as well as compounds that target both Galectin-3 and E-selectin. So we've got some very exciting novel compounds that we still haven't yet brought forward into advanced preclinical testing.

So we're doing a lot of chemistry work, and we're continuing to do evaluations in our assay group for activity of these and other molecules. So it's that types of activity that we're doing in the labs.

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Zegbeh Claudel Jallah, ROTH Capital Partners, LLC, Research Division - Director & Research Analyst [4]

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And then I just had a quick follow-up on rivipansel, just kind of wanted to know how you're planning to disseminate some of the additional post-tax analysis that you plan to -- continue to do.

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [5]

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So in the normal course of our work, we quickly present this data -- we submit this data and abstracts to scientific meetings. And so we'll continue to do that as we have the opportunity as the meetings come up and as the abstracts are ready to be submitted.

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Zegbeh Claudel Jallah, ROTH Capital Partners, LLC, Research Division - Director & Research Analyst [6]

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Looking forward to hearing about next steps on rivipansel.

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [7]

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Sure. Sure. Thanks. So just to clarify, I can't speak to specific meetings until -- obviously, until abstracts are accepted. But in the normal course of things, we would prepare those abstracts and submit them as the meetings come up.

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Operator [8]

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And our next question is from Ed White with H.C. Wainwright.

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Edward Patrick White, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst [9]

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So maybe, Rachel, just -- I don't know if I missed it, but last quarter, you had mentioned that GMI-1359 Phase I study was halted. Can you give us an update on that, if that study's currently enrolling patients? And then also, just for a time line update on both 1687 and rivipansel. Can you give us any thoughts on 1687, the timing of an IND filing? And then for rivipansel, any thoughts on when you are going to meet with the FDA? And once you meet with the FDA or schedule a meeting with the FDA, would you be alerting investors to that event?

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [10]

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Yes, sure. So with respect to 1359, yes, that trial was put on hold in the early days of the pandemic, and we do expect that we'll be able to start enrolling patients again soon, very soon in that study. Unlike our AML trial, that -- that study is not specifically treating. It's -- not sit quite on top of the standard of care the way the AML trial is. And so we don't see the acute need to treat those patients the way AML patients are currently need to be enrolled and treated acutely.

In terms of the 1687 time line, as we were describing under the agreement that we had with Pfizer, we actually were not able to develop any other of our compounds for sickle cell disease, including 1687. Now that the rights are back, we are initiating the IND-enabling studies for 1687. And as we have a time line for that, we will make that known, but we have not specifically announced yet when we'll be starting -- or when we'll be anticipating filing the IND for that. But we will let you know when we have a more tangible plan for that.

And as far as rivipansel goes, we do intend to meet with the FDA. We've not -- we would not expect to initiate this -- or to announce the specific date of an FDA meeting. But we would give any guidance that we can once we have information from the FDA. As you'd expect, those conversations are iterative, they take place over time.

So we don't expect that there's going to be a specific moment where we're able to say -- now we have the meeting, we have a particular specific set of guidance, but rather that over time, we would expect that we'd be able to have ongoing conversations with the agency that would clarify their guidance. Helen, would you like to add anything to that?

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Helen M. Thackray, GlycoMimetics, Inc. - Senior VP of Clinical Development & Chief Medical Officer [11]

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I think -- thank you, Rachel. I think this -- in terms of the FDA guidance for rivipansel, I fully agree and have nothing further to add. I would also just note for the 1359 trial. In 1359, this, as Rachel said, this is a trial that is in outpatient setting. It's not in the acute treatment setting, but assessing for pharmacokinetics, pharmacodynamics.

We're looking for dosing information to inform readiness for a Phase II, and that is an elective setting for patients. And so at the point that patients are being accepted back into the clinic, we would expect that, that study would be enrolling. We are expecting that, as Rachel said, to (inaudible).

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Edward Patrick White, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst [12]

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Great. And maybe just a question for Brian. Brian, can you give us any thoughts on cash runway? And then also, how much do you have left in the ATM facility?

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Brian M. Hahn, GlycoMimetics, Inc. - Senior VP & CFO [13]

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So current cash runway now gets us to about mid -- second -- middle of the second half of '22. ATM has about $60 million left on that in the program.

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Operator [14]

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And our next question is from Biren Amin with Jefferies.

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Biren N. Amin, Jefferies LLC, Research Division - MD and Senior Equity Research Analyst [15]

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Maybe I'll just focus on rivipansel for my Q&A. I guess in terms of this analysis, in addition to the time to administration of rivipansel from the onset of the VOC, did you look at any other subgroup variables to see if there were any differences or not across the primary and secondary end points?

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [16]

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Thanks for your question. I guess we have, but we have not disclosed anything beyond what's in the abstract that was made public in June. So we may have further comments about that going forward, but the data that was disclosed in the abstract is to the extent of the data disclosure at this point.

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Biren N. Amin, Jefferies LLC, Research Division - MD and Senior Equity Research Analyst [17]

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Got it. And then, I guess, Rachel, how is the 26.4-hour cutoff established? Was that, I guess, a prespecified time point that you looked at or was that done post-hoc?

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [18]

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Let me defer that to Helen.

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Helen M. Thackray, GlycoMimetics, Inc. - Senior VP of Clinical Development & Chief Medical Officer [19]

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Thank you, Rachel, and good morning. So the 26.4 hours was not pre-specified. It was determined in further additional analyses after the initial reported top line data. It was, however, the first quartile of the duration of time seen across the range of patients from onset of pain to initiation of study drugs. So it is a crisp interval to report in the first quartile. It's not an arbitrary interval, and I would think that's an important point.

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Biren N. Amin, Jefferies LLC, Research Division - MD and Senior Equity Research Analyst [20]

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And as it relates to this cohort, did you also see any benefits on the secondary outcomes like time to discharge, for example, or IV opioid consumption?

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [21]

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Again, that was not disclosed in the abstract that's been made public so far.

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Operator [22]

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And our next question comes from the line of Stephen Willey with Stifel.

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Stephen Douglas Willey, Stifel, Nicolaus & Company, Incorporated, Research Division - Director [23]

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Maybe just to piggyback a little bit off of Biren's last question. Have you guys looked at all at the prior Phase II study to see just whether or not patients receiving treatment within short order of experience in VOC showed a similar type of benefit as was described in the retrospective analysis?

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [24]

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Yes. So Steve, that's a great question, and I think that's the kind of analysis that the company is in the process of performing, but we have not disclosed anything further than what was in that abstract.

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Stephen Douglas Willey, Stifel, Nicolaus & Company, Incorporated, Research Division - Director [25]

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Okay. And then just given that you're going to -- or given that you're potentially narrowing the window of treatment opportunity here, do you think that you could maximize the commercial opportunity with a drug like rivipansel requiring acute care administration? Or do you think that this opportunity then kind of really best positions itself for something like 1687?

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [26]

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Well, I think the opportunity in rivipansel could be substantial because remember that the current guidance that's given to sickle cell patients is that they stay home and delay seeking care in the hospital, treating themselves with oral pain relief as long as they possibly can. So it could represent a change in the treatment paradigm, a change in the way people think about giving guidance to sickle cell patients if they were to be encouraged to seek treatment more quickly and in that context, that I think could potentially have a drug like rivipansel delivered in the outpatient setting earlier in crisis.

So it's not that the drug would be limited to, let's say, 1/4 quarter of patients, but rather one would encourage any patient suffering from the VOC to go in -- to seek treatment earlier. So I do think there's an opportunity potentially if this were to go through the various stages of evaluation that we've described, the potential for rivipansel to, in fact, address an important need in the acute setting. Helen, maybe you could comment more on that?

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Shari Annes, [27]

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Yes. I think one thing that is interesting is the first quartile reported, the 26.4 hours is, in fact, a day after onset of pain. We would expect that in the real-world setting, patients would be coming in at the point that they need to have their pain treated, we would expect also perhaps in the clinical trial setting that it might take a little bit longer to initiate treatment after presentation to the hospital because of the processes that need to be administered for participation in the clinical trial.

So in the real-world setting, I think there is a very real potential for treatment -- for patients to be treated relatively early, and that provides an opportunity for treatment no matter what the agent. So whether it's IV with rivipansel, whether it's subcutaneous or 1687, I think the opportunity to give patients an effective agent early in the course of the VOC is there, and it is similar potential regardless of the agent. Our opportunity with rivipansel is to assess whether there is a potential for rivipansel to be used in this way, and that's a discussion that we refer back to the discussion that we intend to have with FDA.

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Operator [28]

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(Operator Instructions) Our next question comes from the line of Boris Peaker with Cowen.

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Shau-Wei Chen, Cowen and Company, LLC, Research Division - Research Associate [29]

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Great. This is Cynthia on for Boris. Just curious, regarding enrollment for uproleselan, can you provide a little bit of context on enrollment dynamics between Q1 and Q2? And do you see an increase in enrollment or just a return to base line? And finally, I appreciate that no one really knows, but are you anticipating a slowdown in the fall?

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [30]

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I'm sorry, I didn't understand your question. Were you saying comparing Q1 to Q2?

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Shau-Wei Chen, Cowen and Company, LLC, Research Division - Research Associate [31]

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Correct. The enrollment dynamics, correct.

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [32]

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Yes. Helen, could you speak to that?

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Helen M. Thackray, GlycoMimetics, Inc. - Senior VP of Clinical Development & Chief Medical Officer [33]

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Yes, sure. So we have seen very high interest for enrolling on this trial with the investigators and the sites involved in the trial. We have seen that they have identified uproleselan and the Phase III trial is something they want to offer to their patients, and there's been a brisk uptake in terms of sites starting on the trial and then enrolling patients once they are active on the trial.

That has not changed over the course of the pandemic and the differences between Q1 and Q2. So the interest that's there that a deliberate offering trial to patients when a center is open to running a clinical trial, and the only thing that has changed really is the -- a number of hospitals that had limited their clinical trial participation at the point of the highest pace of patients coming in and their own hospital response to the pandemic.

I would reiterate that we have a global clinical trial with the uproleselan Phase III, and that gives us the opportunity to have centers open and actively enrolling across the world. That means that any impact of the pandemic on an individual hospital's ability to continued regular clinical trial activities is limited to that hospital. And when there's a region that's more affected, there are the regions that have been less affected, and that has allowed us to maintain a fairly continuous sort of ongoing enrollment across the globe with individual hospitals responding to the pandemic locally as they need to.

So I think what we're seeing and reporting to you now is that the enrollment has continued. There's been some briskness to that enrollment. That's allowed us to keep our guidance for closure of the trial to be the same.

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Operator [34]

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And I'm not showing any further questions. I'll now turn the call back over to Rachel King for closing remarks.

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Rachel K. King, GlycoMimetics, Inc. - President, CEO & Director [35]

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Great. Thanks very much. Thank you, operator, and thank you, everyone, for your questions and for taking the time to listen to our call.

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Operator [36]

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Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may all disconnect. Everyone, have a great day.