Financial Data and Key Metrics Changes - The company raised $75 million recently, extending its runway into the first half of 2027, indicating strong market demand and investor support [37]. Business Line Data and Key Metrics Changes - The company is focusing on its viral drug conjugate platform, particularly Belsar, which is designed for early-stage cancer treatment, showing promising results in ocular oncology and bladder cancer [3][20]. - In the Phase II trial for choroidal melanoma, 80% of patients treated with Belsar showed complete cessation of tumor growth, and 90% preserved vision, highlighting the efficacy of the treatment [13][16]. Market Data and Key Metrics Changes - The ocular oncology market presents a significant opportunity, with over 65,000 patients across three main indications having never received therapeutic intervention [6][9]. - The company is also exploring bladder cancer treatment, with Phase I data showing complete responses in 4 out of 5 treated lesions, indicating strong immune responses [22]. Company Strategy and Development Direction - The company aims to build a franchise in ocular oncology, leveraging its tumor-agnostic platform to transform treatment paradigms for early-stage tumors [6][10]. - There is a strategic focus on expanding into gastrointestinal cancers and other solid tumors, with plans for future partnerships to enhance development [34][36]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Phase III program for Belsar, with a primary endpoint of time to tumor progression, and anticipates good tumor control compared to sham treatments [15][17]. - The company is committed to a focused approach on its four deliverables of data across its indications, emphasizing the importance of derisking the program before seeking partnerships [38][39]. Other Important Information - The company has a Special Protocol Assessment (SPA) agreement with the FDA for its Phase III trial, which is currently enrolling patients in 18 countries [15]. - The treatment workflow for Belsar is designed to be convenient for both patients and physicians, potentially expanding the funnel of treating physicians over time [19][30]. Q&A Session Summary Question: How does Belsar's delivery system and safety profile shift the treatment paradigm? - Management highlighted that Belsar offers a positive safety profile with minimal adverse events, allowing for earlier intervention and preservation of vision compared to traditional radiotherapy [12]. Question: What does success look like in the Phase III trial? - The primary endpoint is time to tumor progression, with hopes to achieve similar or better results than the Phase II trial, where significant tumor control was observed [14][16]. Question: How does Belsar fit into the treatment workflow for retinal specialists? - Management indicated that Belsar can be administered in a routine clinical setting, allowing for easier integration into existing practices and potentially increasing the number of treating physicians [18][19]. Question: What are the unique aspects of Belsar compared to other treatments? - The company emphasized that Belsar's mechanism allows for immediate immune response due to tumor-specific antigen release, differentiating it from traditional therapies that require tumor removal first [29][30]. Question: What can investors expect in the next 6 to 12 months? - Investors can anticipate data releases across all four indications, with a focus on ocular oncology and bladder cancer, and potential NDA filings as the company progresses [37][38].