8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2016

SUNESIS PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware	000-51531	94-3295878
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

395 Oyster Point Boulevard, Suite 400 South San Francisco, California	94080
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (650) 266-3500

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On May 5, 2016, Sunesis Pharmaceuticals, Inc., or the Company, reported its financial results for the three months ended March 31, 2016. Also on May 5, 2016, the Company held an earnings call. A copy of the press release issued concerning the foregoing results is furnished herewith as Exhibit 99.1, and a copy of the transcript for the earnings call is furnished herewith as Exhibit 99.2.

Each of the press release and the transcript is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing with the Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release, dated May 5, 2016, entitled “Sunesis Pharmaceuticals Reports First Quarter 2016 Financial Results and Recent Highlights.”
99.2	Transcript of the earnings call held by Sunesis Pharmaceuticals, Inc. on May 5, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SUNESIS PHARMACEUTICALS, INC.
Dated: May 11, 2016
	By:	/s/ Eric H. Bjerkholt
		Eric H. Bjerkholt
		Executive Vice President, Corporate Development and Finance, Chief Financial Officer and Corporate Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release, dated May 5, 2016, entitled “Sunesis Pharmaceuticals Reports First Quarter 2016 Financial Results and Recent Highlights.”
99.2	Transcript of the earnings call held by Sunesis Pharmaceuticals, Inc. on May 5, 2016.

EX-99.1

Exhibit 99.1

Investor and Media Inquiries: David Pitts Argot Partners 212-600-1902   Eric Bjerkholt Sunesis Pharmaceuticals Inc. 650-266-3717

Sunesis Pharmaceuticals Reports First Quarter 2016 Financial Results and

Recent Highlights

Sunesis to Host Conference Call Today at 11:00 AM Eastern Time

SOUTH SAN FRANCISCO, Calif., May 5, 2016 — Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for the first quarter ended March 31, 2016. Loss from operations for the three months ended March 31, 2016 was $10.1 million. As of March 31, 2016, cash, cash equivalents and marketable securities totaled $40.0 million.

“The first quarter of 2016 saw several important milestones, including, notably, the advancement of our unique BTK-inhibitor SNS-062 into the clinic in a Phase 1A study,” said Daniel Swisher, Chief Executive Officer of Sunesis. “Resistance to available BTK-inhibitors is a growing concern, and SNS-062’s characteristics as a non-covalently binding inhibitor position it to address this emerging unmet need. Ongoing dose escalation in our Healthy Volunteer Study is proceeding well. We are actively planning for our Phase 1B/2 study in patients with B-cell malignancies to start later this year.”

Mr. Swisher added: “We also continue to progress our efforts to bring vosaroxin to market in Europe as an important new treatment option for patients with relapsed/refractory AML. Our Marketing Authorization Application has now reached the 120-day comment and question time point. With continued regulatory advancement and strong outreach efforts underway, we aim to enter into a European collaboration later this year to support a market launch in 2017.”

First Quarter 2016 and Recent Highlights

• First Subject Dosed in Phase 1A Healthy Volunteer Study Evaluating Oral Non-Covalent BTK-inhibitor SNS-062. In March 2016, the first patient was dosed in a Phase 1A, randomized, double-blind, placebo-controlled dose-ranging study to investigate the safety, pharmacokinetics and pharmacodynamics of its oral, next-generation, non-covalently binding BTK-inhibitor, SNS-062, in healthy subjects. If a successful outcome is achieved in Phase 1A, SNS-062 is expected to proceed to a Phase 1B/2 study in patients with B-cell malignancies later this year.

• Secured $15 Million Venture Loan. In March 2016, Sunesis entered into a $15 million loan agreement with Bridge Bank, a division of Western Alliance Bank, and Solar Capital Ltd. The loan was used for the repayment of existing indebtedness and will be used for general corporate purposes.

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• First Patient Treated in Vanderbilt University-Sponsored Phase 2 VITAL Study of Vosaroxin in Combination with Infusional Cytarabine in Patients with Previously Untreated AML. In March 2016, the first patient was treated in an investigator-sponsored study of vosaroxin and cytarabine in adult patients with previously untreated acute myeloid leukemia (AML). The trial is being conducted at the Vanderbilt-Ingram Cancer Center at Vanderbilt University under the direction of Michael R. Savona, M.D., FACP, Associate Professor of Medicine and Director of Hematology Early Therapeutics Program, and Stephen A. Strickland, M.D., MSCI, Assistant Professor of Medicine.

• Strengthened Executive Management Team and Board of Directors. In March 2016, Sunesis announced the appointment of Geoffrey Parker to the Sunesis Board of Directors. In February 2016, Sunesis announced the promotion of Deborah A. Thomas, Ph.D., to the role of Senior Vice President, Regulatory Affairs, Quality Assurance, and Non-Clinical Development.

• Validation of Marketing Authorization Application by the European Medicines Agency for Vosaroxin in AML. At year-end 2015, the European Medicines Agency (EMA) validated the Marketing Authorization Application (MAA) for vosaroxin as a treatment for relapsed refractory acute myeloid leukemia (AML) in patients aged 60 years and older. Validation confirms that the submission is complete and initiates the Centralized Review process by the EMA’s Committee for Medicinal Products for Human Use (CHMP). The MAA, if authorized, provides a marketing license valid in all 28 EU member states.

Financial Highlights

• Cash, cash equivalents and marketable securities totaled $40.0 million as of March 31, 2016, as compared to $46.4 million as of December 31, 2015. The decrease of $6.4 million was primarily due to $10.7 million of net cash used in operating activities and $8.0 million of principal and final payments against notes payable, partially offset by $12.3 million raised from debt financing. An additional $2.5 million in net loan proceeds was received on April 1, 2016. This capital is expected to be sufficient to fund operations through the second quarter of 2017.

• Revenue for the three months ended March 31, 2016 was $0.6 million, as compared to $0.9 million for the same period in 2015. The decrease between the periods was primarily due to the increase in estimated performance period through which the remaining balance of deferred revenue will be amortized.

• Research and development expense was $6.2 million for the three months ended March 31, 2016 as compared to $4.5 million for the same period in 2015. The increase between the periods was primarily due to the increase of $1.3 million in consulting and other outside services costs and $0.4 million in clinical trials and medical affairs expenses.

• General and administrative expense was $4.3 million for the three months ended March 31, 2016 as compared to $5.1 million for the same period in 2015. The decrease between the periods was primarily due to a $0.8 million decrease in personnel costs and professional services and commercial costs.

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• Interest expense was $0.3 million for the three months ended March 31, 2016, compared to $0.2 million for the same period in 2015.

• Net other income was nil for the three months ended March 31, 2016 as compared to net other expense of $0.1 million for the same period in 2015. The amount for the period in 2015 was primarily comprised of non-cash credits or charges for the revaluation of warrants issued in the October 2010 underwritten offering.

• Cash used in operating activities was $10.7 million for the three months ended March 31, 2016, including a $0.5 million milestone payment relating to the MAA filing, as compared to $11.6 million for the same period in 2015.

• Sunesis reported loss from operations of $9.9 million for the three months ended March 31, 2016 as compared to $8.8 million for the same period in 2015. Net loss was $10.1 million for the three months ended March 31, 2016, as compared to $9.1 million for the same period in 2015.

Conference Call Information

Sunesis will host an update conference call today, May 5^th at 11:00 a.m. Eastern Time. The call can be accessed by dialing (877) 771-6242 (U.S. and Canada) or (440) 996-5676 (international) and entering passcode 96476414. To access the live audio webcast, or the subsequent archived recording, visit the “Investors and Media – Calendar of Events” section of the Sunesis website at www.sunesis.com. The webcast will be recorded and available for replay on the company’s website for two weeks.

About QINPREZO™ (vosaroxin)

QINPREZO™ (vosaroxin) is an anti-cancer quinolone derivative (AQD), a class of compounds that has not been used previously for the treatment of cancer. Preclinical data demonstrate that vosaroxin both intercalates DNA and inhibits topoisomerase II, resulting in replication-dependent, site-selective DNA damage, G2 arrest and apoptosis. Both the U.S. Food and Drug Administration (FDA) and European Commission have granted orphan drug designation to vosaroxin for the treatment of AML. Additionally, vosaroxin has been granted fast track designation by the FDA for the potential treatment of relapsed or refractory AML in combination with cytarabine. Vosaroxin is an investigational drug that has not been approved for use in any jurisdiction.

The trademark name QINPREZO is conditionally accepted by the FDA and the EMA as the proprietary name for the vosaroxin drug product candidate.

About Sunesis Pharmaceuticals

Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the potential treatment of solid and hematologic cancers. Sunesis has built a highly experienced cancer drug development organization committed to improving the lives of people with cancer and is currently pursuing regulatory approval in Europe for its lead product candidate, vosaroxin, for the treatment of relapsed or refractory acute myeloid leukemia in patients aged 60 and older. In addition, the company is advancing its kinase-inhibitor pipeline of novel targeted therapies into the clinic.

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For additional information on Sunesis, please visit http://www.sunesis.com.

SUNESIS and the logos are trademarks of Sunesis Pharmaceuticals, Inc.

This press release contains forward-looking statements, including statements related to Sunesis’ corporate objectives, including the anticipated progress and potential approval of vosaroxin by the EMA, clinical development of SNS 062, potential ex-US partnership, the expected progress in its kinase inhibitor pipeline, and the sufficiency of Sunesis’ cash resources. Words such as “expect,” “look forward,” “potential,” “will” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Sunesis’ current expectations. Forward-looking statements involve risks and uncertainties. Sunesis’ actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the risk that Sunesis may not be able to receive regulatory approval of vosaroxin in the U.S. or Europe, that Sunesis’ development activities for vosaroxin could be otherwise halted or significantly delayed for various reasons, the risk that Sunesis’ clinical studies for vosaroxin or other product candidates, including its pipeline of kinase inhibitors, may not demonstrate safety or efficacy or lead to regulatory approval, the risk that data to date and trends may not be predictive of future data or results, risks related to the conduct of Sunesis’ clinical trials, risks related to Sunesis’ need for substantial additional funding to complete the development and commercialization of vosaroxin and other product candidates, and risks related to Sunesis’ ability to raise the capital that it believes to be accessible and is required to fully finance the development and commercialization of vosaroxin and other product candidates. These and other risk factors are discussed under “Risk Factors” and elsewhere in Sunesis’ Annual Report on Form 10-K for the year ended December 31, 2015, Sunesis’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, when available, and Sunesis’ other filings with the Securities and Exchange Commission. Sunesis expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Sunesis’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

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SUNESIS PHARMACEUTICALS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

	March 31,			December 31,
	2016			2015
ASSETS
Current assets:
Cash and cash equivalents	$	23,858		$	26,886
Marketable securities		16,158			19,544
Prepaids and other current assets		701			558
Total current assets		40,717			46,988
Property and equipment, net		11			14
Total assets	$	40,728		$	47,002
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,581		$	2,453
Accrued clinical expense		2,185			1,954
Accrued compensation		929			1,606
Other accrued liabilities		1,639			2,711
Current portion of deferred revenue		2,441			2,441
Current portion of notes payable		—			7,834
Warrant liability		—			—
Total current liabilities		9,775			18,999
Non-current portion of deferred revenue		—			610
Non-current portion of notes payable		11,685			—
Commitments
Stockholders’ equity:
Preferred stock		16,459			16,459
Common stock		9			9
Additional paid-in capital		572,257			570,309
Accumulated other comprehensive loss		2			(11	)
Accumulated deficit		(569,459	)		(559,373	)
Total stockholders’ equity		19,268			27,393
Total liabilities and stockholders’ equity	$	40,728		$	47,002

Note 1: The consolidated balance sheet as of December 31, 2015 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

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SUNESIS PHARMACEUTICALS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(In thousands, except per share amounts)

	Three months ended
	March 31,
	2016			2015
	(Unaudited)			(Unaudited)
Revenue:
License and other revenue	$	640		$	854
Total revenues		640			854
Operating expenses:
Research and development		6,209			4,512
General and administrative		4,295			5,111
Total operating expenses		10,504			9,623
Loss from operations		(9,864	)		(8,769	)
Interest expense		(298	)		(239	)
Other income (expense), net		76			(120	)
Net loss		(10,086	)		(9,128	)
Unrealized gain (loss) on available-for-sale securities		13			2
Comprehensive loss	$	(10,073	)	$	(9,126	)
Basic and diluted loss per common share:
Net loss	$	(10,086	)	$	(9,128	)
Shares used in computing basic and diluted loss per common share		86,660			67,641
Basic and diluted loss per common share	$	(0.12	)	$	(0.13	)

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EX-99.2

Exhibit 99.2

TRANSCRIPT OF EARNINGS CONFERENCE CALL FOR Q1 2016

HELD ON MAY 5, 2016, 11:00 ET

CORPORATE PARTICIPANTS

Eric H. Bjerkholt - EVP, Corporate Development & Finance, and CFO

Daniel N. Swisher, Jr. – CEO & President

Parvinder S. Hyare - VP, Oncology Operations

Deborah A. Thomas - SVP, Regulatory Affairs, Quality Assurance, & Nonclinical Development

CONFERENCE CALL PARTICIPANTS

Eric Smith - Cowen & Co

Jim Birchenough - Wells Fargo

Operator

Good day, ladies and gentlemen and thank you for standing by. Welcome to the First Quarter 2016 Sunesis Pharmaceuticals Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.

(Operator Instructions) As a reminder, this conference call may be recorded.

I would now like to introduce your host for today’s conference, Eric Bjerkholt, Executive Vice President of Corporate Development and Finance, and Chief Financial Officer. Please go ahead.

Eric Bjerkholt

Thank you, Charlotte. And thank you all for joining us today. With me today are Dan Swisher, President and Chief Executive Officer; Par Hyare, Vice President of Global Oncology Operations; and Debbie Thomas, Senior Vice President, Regulatory Affairs, Quality Assurance, and Nonclinical Development. Dan will review recent corporate events and provide an overview of the ongoing kinase inhibitor and vosaroxin programs, and I will discuss first quarter 2016 financial results. We will then open the call for questions for which Par and Debbie will also be available.

Before we begin, let me remind you that during today’s conference call, we will be making forward-looking statements that represent the company’s intentions, expectations, or beliefs concerning future events. These forward-looking statements are qualified by important factors set forth in today’s press release and the Company’s filings with the SEC, which could cause actual results to differ materially from those in such forward-looking statements. Information discussed on today’s call is accurate as of today, and we do not intend to update.

With that, let me turn the call over to Dan.

Dan Swisher

Thanks, Eric. Good morning everyone. We’ve had a very productive first quarter, for both our kinase inhibitor pipeline, as well as our lead program, vosaroxin. Most notably, we recently advanced our BTK inhibitor SNS-062 into the clinic. This is a program with the potential to address a growing area of need in the treatment of B-cell malignancies.

SNS-062 is unique among the one approved and handful of other clinical stages BTK inhibitors in that it binds non-covalently to the BTK enzyme, providing an opportunity to address the leading resistance mechanism, a mutation in the enzymes binding site required for covalent binding. This point mutation is from a cysteine to serine 481 or Cys-481S which is expanding daily from an increasing pool of covalent BTK-treated patients. We have taken a very strategic approach to moving SNSS-062 towards the clinic beginning with phase 1a healthy volunteer study we initiated in March. This study which is a randomized double-blind placebo-controlled dose ranging trial allows us to very efficiently understand the drug safety and it’s PK/PD profile and to identify our pharmacologically active dose for future cancer directed trials. With the conclusion of the healthy volunteer study, we expect to proceed to testing in patients with B-cell malignancies, including relapsed and refractory CLL.

We are currently in active protocol development and investigator outreach with the goal of launching a cancer-directed clinical trial by year-end. This planned study could provide us with rapid proof-of-concept in areas of unmet need such as resistance emerging from the covalent BTK-treated patients. There are currently a handful of BTK inhibitors ahead of us, all of them including Abbvie’s commercially available ibrutinib, AstraZeneca and Acerta’s ACP-196 or acalabrutinib, and BeiGene’s BGB-

31111 binds to the BTK enzyme covalently. SNS-062 is unique in that it binds non-covalently. Our pre-clinical data underscore this with good potency and exposure seen in multiple animal species and SNS-062 has demonstrated that potent activity is maintained in cell lines with the Cys-481S mutation.

So needless to say, we’re excited about this program given its distinct product profile, and the potential for us to rapidly and efficiently establish proof-of-concept and pursue an accelerated breakthrough pathway to provide a new treatment option for an emerging and expanding treatment-resistant population. SNS-062 is uniquely positioned in a growing and increasingly BTK-oriented B-cell malignancy therapeutics market projected to exceed $5 billion of worldwide sales by 2020 for BTK-based therapies alone.

So let me turn now to our most advanced program, vosaroxin. As we announced in January, the European Medicines Agency validated our MAA filing and with typical timing for regulatory review including clock stops would forecast a CHMP opinion around year-end. We just recently received the 120-day comments and questions, a very important milestone in this regulatory process with the EU. The questions and comments were along the lines of what we expected. We are actively working on addressing these questions and we look forward to providing a comprehensive response, as expeditiously as possible, which will then restart the 210-day countdown to a CHMP opinion.

Now I’d like to turn the call now to Eric who is heading up our business development efforts.

Eric Bjerkholt

As we have pointed out, it is our intention to commercialize vosaroxin in Europe through a pharmaceutical partner. We are advancing discussions with a number of potential parties through a comprehensive diligence and market evaluation process with the goal of securing by year-end a strategic partner who is motivated, well resourced, and experienced to ensure a timely European launch, and to invest alongside us to achieve vosaroxin’s potential beyond it’s initial relapsed/refractory AML indication.

We believe the opportunity for vosaroxin in Europe is meaningful, both in the relapsed/refractory setting and in future potential indications such as the front-line setting. To that end we continue to pursue a broad-based clinical development plan supported by the leading investigators of vosaroxin in front-line AML and intermediate and High Risk Myelodyplastic Syndrome or MDS. Our evolving plan includes a number of ongoing and planned investigator sponsored trials, cooperative group studies, and company-sponsored studies. The newest of our ISTs launched in March is the VITAL, Vanderbilt University-Sponsored Phase 2 study of vosaroxin in combination with infusional Cytarabine in patients with previously untreated AML.

We continue to receive very promising data from this program and look forward to more throughout the year. We also remain committed to finding an efficient path forward to regulatory approval of vosaroxin in other leading markets around the world.

With that let me give the call back to Dan.

Dan Swisher

Turning to our other programs in our kinase inhibitor pipeline, namely our Takeda funded pan-RAF inhibitor, TAK-580, and our own PDK-1 inhibitor program, SNS-229, both continued to progress well. TAK-580 is a program fully supported by Takeda and offers Sunesis the opportunity for up to $57.5 million in pre-commercialization milestones, royalty payments on net sales and future option to co-develop and co-promote the program under enhanced economic terms. Registration studies for TAK-580 may move forward as early as 2017.

Similar to our SNS-062 BTK program, SNS-229 which targets PDK-1, a master kinase and a central mediator of PI3-K and AKT signaling, is wholly-owned and directed by Sunesis. Our PDK-1 program demonstrates significant inhibitory activity in a variety of hematologic cancer cell lines, including cell lines resistant to PI3-K and AKT inhibitors currently in clinical testing. We’ve also seen significant activity in solid tumor models with poor risk mutation. This impressive activity profile correlates with significant PDK-1 pathway modulation and anti-proliferative properties. We’re very encouraged by the pharmacology data and we’re currently advancing SNS-229 through IND-enabling toxicology studies which would support our corporate goal of filing an IND around year-end.

On the financial front, we strengthened our balance sheet. At the end of last year we completed a $26 million at-market underwritten offering with participation from a number of leading institutional life science investors including Biotechnology Value Fund and Great Point Partners, and at the end of the first quarter we secured a new $15 million loan from Bridge Bank and Solar Capital allowing us to repay our existing venture loan and provide additional operating capital. Importantly, proceeds from this loan, together with our current cash-on-hand extends our runway through the second quarter of 2017, past important corporate milestones including an anticipated regulatory decision for vosaroxin in Europe. Both of these financings represent a continued vote of confidence in our programs and strategy, and we remain highly focused in how we carefully invest our resources towards the achievement of meaningful portfolio and business milestones.

With that let me turn the call back to Eric to address our financials in further detail.

Eric Bjerkholt

Thank you, Dan. I will recap financials and announced this morning beginning with our cash position. We ended the quarter with $40 million in cash compared to $46.4 million at the end of 2015. The decrease of $6.4 million was primarily due to $10.7 million of net cash used in operating activities and $8 million of principal and final payments against notes payable, partially offset by a $12.3 million received from debt financing and additional $2.5 million in net loan proceeds that was received on April 1st this year. This loan was used for the repayment of existing indebtedness and will be used for general corporate purposes. In total our capital is expected to be efficient to fund operations through the second quarter of 2017. For the income statement revenue for the three months ended March 31 of this year was $0.6 million as compared to $0.9 million for the same period last year. This decrease was primarily due to the increase in estimated performance period through which the remaining balance of deferred revenue is amortized. R&D expenses were $6.2 million for the three months ended March 31, 2016 as compared to $4.5 million for the same period last year. The increase between the pay was primarily due to the increase of $1.3 million in consulting and other service cost and $0.4 million in clinical trials and medical affairs expenses.

General, administrative expense was $4.3 million for the first quarter of this year as compared to $5.1 million for the same period last year. The decrease between the periods was primarily due to $0.8 million decrease in personnel cost and professional services and commercial costs. In summary, we have the team, plan and resources to achieve our key corporate objectives.

With that I’ll turn the call back over to Dan.

Dan Swisher

Thanks, Eric. And with that let’s open the call for question.

Question-and-Answer Session

[Questions and answers on topics not related to financial information.]

Operator

(Operator Instructions). And at this time I’m not showing any more questions. I would now like to turn the call back over to Dan Swisher for closing remarks.

Dan Swisher

Thanks everyone for calling in during a busy time period and look forward to having substantive updates for you in the future. I think for any of you who are basketball fans, you know we like to model ourselves on the Golden State Warriors. We’ve got a great internal team that’s selflessly working together with one goal in mind for us it’s bringing important treatment options to cancer patients who need new therapy. So I look forward to providing future updates. We really thank all of you for your ongoing support and interest and look forward to our upcoming interactions. Thanks.

Operator

Ladies and gentlemen thank you for participating in today’s conference. This does conclude the program and you may all disconnect. Everyone have a great day.