We would not fund that ourselves. So, this has to happen outside of Molecular Partners. So, we put that as an optionality out there. While the efficacy is good, we also have to state that other programs have caught up on durability that is now is also out there now, taking market with high-dose idea. So, the question is really more how would one run trials and what is the investment to make a big part competitive in the landscape. Let maybe that what is the trial to show information is gone. Just to give you an update, that €“ those discussions are out there. It’s not what we are kind of doing a day job, that 533 in the pipeline. But if there is optionality, we are open to discuss that with potential partners or investors.
Unidentified Analyst: Thank you.
Patrick Amstutz: Thank you.
Operator: The next question comes from Sebastian Vanderzeil with BOK . Please go ahead.
Unidentified Analyst: Hi. It’s William dropping in for Sebastian today. Thanks for taking my questions. So, I just have a couple, first on 317. So, you have mentioned you expect to complete the patient recruitment in the dose escalation part of the Phase 1 study in the first half of this year. So, can we expect to see additional results from the study in the second half of this year? And then another question, what is your thinking around suitable partners for this program? Thanks.
Patrick Amstutz: Yes. No, thanks. So yes, I mean recruitment, I said we are at the top dose. So, we are definitely closing in on that, and it depends a bit sort of how long patients are on trials and so that’s going on. Also to what are we looking for, and one thing we wanted to guide is we are not expecting to a good panel of biomarkers showing activation of the immune system locally. ABC is going up, T-cells moving in for those markers and cytokine patterns and mRNA patterns in the cells. So, we are doing a lot of, call it, biomarker analysis in the tumors. That’s what €“ and also the periphery active. So, that data set should then be used to sort of conclude that the mode of action is safe, it does, and it moved forward in combination with drugs that would that initial incubation.
What companies come as a partners, likely those that are in immuno-oncology and have a franchise to build or defend. And that’s why I was stressing the Roche study. So Roche, obviously, has Atezo. If that Atezo combination and they are doing the PD-L1 combo with their FAP CD40, if that looks stellar, my guess is companies with a PD-1 or PD-L1 would like, obviously not to be pushed out by Roche, but to have a chance against. So, likely partners would include those that have that franchise and that investment ongoing. There is other combination partners like more chemotherapy, radiation therapy that also boost that can be looked into. But my guess is these are immuno-oncology companies that are interested in CD40 FAP.
Unidentified Analyst: Okay. Thanks.
Patrick Amstutz: Thanks.
Operator: As there are no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to Patrick Amstutz for any closing remarks.
Patrick Amstutz: Thanks and thanks for all the great questions. I think the questions also allowed us to highlight how we are thinking about our pipeline, how we are differentiating over other approaches, and that is our highest mantra differentiation and to gain high patient value and early clinical readouts. And this will be a year of execution to get exactly to those inflection points. We are excited to have them on the horizon and are looking forward to working with all of you to realize that patient value. So, thanks to my team here. Thanks to Seth, who I visited this week and also thanks to everyone on the line and all of our investors supporting us. Take care. Stay well. Talk soon.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.