Published on 17 May 2023 on Insider Monkey via Yahoo Finance
Biora Therapeutics, Inc. (NASDAQ:BIOR) Q1 2023 Earnings Call Transcript
Biora Therapeutics, Inc. (NASDAQ:BIOR) Q1 2023 Earnings Call Transcript May 15, 2023 Biora Therapeutics, Inc. beats earnings expectations. Reported EPS is $-1.59, expectations were $-1.75. Operator: Welcome to the Biora Therapeutics First Quarter 2023 Financial Results Call. [Operator Instructions]. I will now turn the call over to Kristy Grabowski, Director of IR Communications with LifeSci Advisors Biora's Investor Relations firm. Thank you. Please go ahead. Kristy Grabowski: Thank you, operator. Good afternoon, and welcome to the Biora Therapeutics first quarter 2023 corporate update and financial results conference Call. Joining me on the call are Adi Mohanty, Chief Executive Officer; and Eric d'Esparbes, Chief Financial Officer. Before I turn the call over to Mr. Mohanty, I would like to remind you that today's call will include forward-looking statements within the meaning of the federal securities laws, including, but not limited to, the types of statements identified as forward-looking in our quarterly report on Form 10-Q that we filed or will file later today and our subsequent reports filed with the SEC, which are available on our website in the Investors section. These forward-looking statements represent our views only as of the date of this call and involve substantial risks and uncertainties, including many that are beyond our control. Please note that the actual results could differ materially from those projected in any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements as well as risks related to our business, please see the company's periodic reports filed with the SEC. With that, I will now turn the call over to Adi Mohanty, CEO of Biora Therapeutics. Adi? Aditya Mohanty: Thanks, Kristy. And thank you, everyone, for joining us. Since our last call 6 weeks ago, we have continued executing on development plans for our NaviCap-targeted delivery platform, completing much of the data analysis from this tox study in our BT-600 program with results that are encouraging. With our BioJet systemic delivery program, we made excellent progress with device development and began preclinical studies using an autonomous version of our next-generation biogen device. Based on the top line bioavailability results we shared in March that were more than double our target levels, we progressed rapidly to preclinical testing with one of our pharma collaborators. We're also planning to present detailed bioavailability results from our BioJet platform at an upcoming medical conference. Finally, we strengthened our clinical team with the addition of Dr. Ariella Kelman as Chief Medical Officer, which is good timing as we prepare to enter the clinic this year. Moving on to the program updates. First, I'll cover our NaviCap-targeted therapeutics platform with our lead program, BT-600 in ulcerative colitis. Currently available therapeutics for ulcerative colitis, or UC, work by entering the bloodstream and being circulated systemically throughout the body with a limited amount of drug reaching the site of disease in the colon. Our solution is based on the NaviCap platform, which uses an orally ingestible device about the size of a fish oil pill that is designed to deliver drug directly to the colon using our GI track localization technology. Our lead program, BT-600, is our proprietary liquid formulation of tofacitinib delivered via the NaviCap device. A commercially available version of tofacitinib is approved for the treatment of UC. Today, tofacitinib is administered orally and like other orally delivered drugs, it has taken up systemically with a limited amount reaching the area of disease in the colon. By delivering drug where it is needed at the site of disease, BT-600 has the potential to deliver sufficient drug to the tissue of the targeted area to improve efficacy and also reduce systemic exposure, which may improve safety. Although global sales for UC drugs are approximately $7 billion per year and growing, we know UC patients are still suffering tremendously with a large unmet need.
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