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Yahoo
13-05-2025
- Business
- Yahoo
Bicara Therapeutics Reports First Quarter 2025 Financial Results and Provides Business Update
Updated data from ongoing Phase 1/1b trial in 1L R/M HNSCC to be presented at 2025 ASCO Annual Meeting Enrollment ongoing in FORTIFI-HN01, a pivotal Phase 2/3 trial of ficerafusp alfa in 1L R/M HNSCC Strong financial position with approximately $462 million in cash and cash equivalents expected to fund operations into the first half of 2029 BOSTON, May 13, 2025 (GLOBE NEWSWIRE) -- Bicara Therapeutics Inc. (Nasdaq: BCAX), a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors, today announced financial results for the first quarter ended March 31, 2025 and provided a business update. "We continued to execute across our clinical programs in the first quarter, maintaining strong momentum as we advance FORTIFI-HN01, the pivotal Phase 2/3 trial of ficerafusp alfa in HPV-negative recurrent/metastatic head and neck squamous cell carcinoma," said Claire Mazumdar, PhD, MBA, Chief Executive Officer of Bicara Therapeutics. "Near term, we look forward to presenting updated data from our ongoing Phase 1/1b clinical trial in this patient population as part of an oral presentation at the 2025 ASCO Annual Meeting. We believe the data have the potential to demonstrate differentiated depth and durability of response driven by the TGF-β arm of ficerafusp alfa. Additionally, we recently presented several datasets at AACR highlighting the broad therapeutic potential of ficerafusp alfa, including translational data that support its potential to prevent resistance mechanisms and potentially prolong durability in HPV-negative patients." Pipeline Highlights Bicara is developing ficerafusp alfa, a first-in-class, dual-action bifunctional epidermal growth factor receptor (EGFR)/transforming growth factor beta (TGF-β) antibody for multiple different solid tumor cancer types. FORTIFI-HN01: Pivotal Phase 2/3 Clinical Trial in 1L R/M HNSCC Enrollment is ongoing in FORTIFI-HN01, a global, randomized, double-blind, placebo-controlled, pivotal Phase 2/3 trial of ficerafusp alfa in combination with pembrolizumab in 1L (first line) recurrent/metastatic (R/M) head and neck squamous cell carcinoma (HNSCC), excluding patients with oropharyngeal squamous cell carcinoma associated with human papillomavirus infection (HPV-positive). Ongoing Phase 1/1b Clinical Trial in 1L R/M HNSCC Updated data with extended follow-up from an ongoing Phase 1/1b trial will be highlighted in an oral presentation at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting, which will be held from May 30-June 3, 2025 in Chicago, IL. Additional Phase 1b expansion cohorts evaluating ficerafusp alfa in 1L R/M HNSCC remain ongoing: A cohort evaluating 750mg of ficerafusp alfa weekly in combination with pembrolizumab in HPV-negative patients has completed enrollment. A cohort evaluating 2000mg of ficerafusp alfa every other week in combination with pembrolizumab in HPV-negative patients is enrolling. A cohort evaluating 1500mg weekly of ficerafusp alfa in combination with pembrolizumab in HPV-neg patients with combined positive scores of 0 is enrolling. A cohort evaluating ficerafusp alfa in combination with pembrolizumab in HPV-positive patients with a history of heavy smoking is expected to initiate in 2025. Ongoing Phase 1/1b Expansion Cohorts and Development of Ficerafusp Alfa Across Other HNSCC Populations and Solid Tumor Types At the American Association for Cancer Research (AACR) Annual Meeting 2025, Bicara presented several datasets that underscore the broad therapeutic potential of ficerafusp alfa. These presentations included: Preliminary findings from a translational medicine biomarker dataset from Bicara's ongoing Phase 1/1b trial of ficerafusp alfa in 1L R/M HNSCC demonstrated that ficerafusp alfa effectively blocked TGF-β signaling and enabled tumor penetration to modulate key mechanisms associated with drug resistance. Updated data from an ongoing Phase 1b expansion cohort evaluating ficerafusp alfa monotherapy in patients with second line or later cutaneous squamous cell carcinoma (cSCC) that showed continued single agent activity with an overall response rate (ORR) of 30.4% (7/23 patients) and median progression-free survival of 7.0 months (95% CI, 2.7-8.9 months), demonstrating improvements over historical treatment in cSCC. New preclinical data offered insights into how TGF-β inhibition may help overcome acquired resistance to KRAS G12C inhibitors in KRAS G12C-mutant lung cancer, an important area of unmet need for patients with these types of rat sarcoma (RAS) mutations. A Phase 1b expansion cohort evaluating ficerafusp alfa both as monotherapy and in combination with pembrolizumab in patients with 3L+ metastatic colorectal cancer (RAS/B-Rapidly Accelerated Fibrosarcoma (BRAF) wild type) is expected to initiate in 2025. Upcoming Events and Presentations Details of Bicara's oral presentation at 2025 ASCO Annual Meeting, which will be held from May 30-June 3, 2025 in Chicago, IL, are as follows: Title: Ficerafusp alfa with pembrolizumab in patients with recurrent or metastatic head and neck squamous cell carcinoma: Updated results from an expansion cohort of an open-label, multicenter, Phase 1/1b trial Abstract #: 6017 Session Title: Rapid Oral Abstract Session Session Category: Rapid Oral Abstract Session Session Date and Time: 6/1/2025 12:12 - 12:18 p.m. CT Location: McCormick Place Convention Center First Quarter 2025 Financial Results Cash Position: As of March 31, 2025, Bicara had cash and cash equivalents of $462.1 million, compared to $489.7 million as of December 31, 2024. Based on its current operating and development plans, the Company expects that its existing cash and cash equivalents will fund operations into the first half of 2029. Research and Development Expenses: Research and development expenses were $34.3 million for the first quarter of 2025 as compared to $12.0 million for the first quarter of 2024. The increase was primarily due to additional costs associated with the initiation of FORTIFI-HN01 a pivotal Phase 2/3 clinical trial, as well as the Company's ongoing Phase 1/1b clinical trials to advance ficerafusp alfa. General and Administrative Expenses: General and administrative expenses were $7.5 million for the first quarter of 2025 as compared to $3.3 million for the first quarter of 2024. The increase was primarily due to additional personnel costs and professional fees to support the advancement of our clinical trials and operations as a public company. Net Loss: Net loss totaled $36.8 million for the first quarter of 2025 as compared to $12.5 million for the first quarter of 2024. About Bicara Therapeutics Bicara Therapeutics is a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors. Bicara's lead program, ficerafusp alfa, is a bifunctional antibody that combines two clinically validated targets, an epidermal growth factor receptor (EGFR) directed monoclonal antibody with a domain that binds to human transforming growth factor beta (TGF-β). Through this dual-targeting mechanism, ficerafusp alfa has the potential to exert potent anti-tumor activity by simultaneously blocking both cancer cell-intrinsic EGFR survival and proliferation, as well as the immunosuppressive TGF-β signaling within the tumor microenvironment. Ficerafusp alfa is being developed in head and neck squamous cell carcinoma, where there remains a significant unmet need, as well as other solid tumor types. For more information, please visit or follow us on LinkedIn or X. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may be identified by words such as 'may,' 'might,' 'will,' 'could,' 'would,' 'should,' 'plan,' 'anticipate,' 'intend,' 'believe,' 'expect,' 'estimate,' 'seek,' 'predict,' 'future,' 'project,' 'potential,' 'continue,' 'target' and similar words or expressions, or the negative thereof, are intended to identify forward-looking statements, although not all contain identifying words. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, Bicara's strategy, business plans and focus; express or implied statements regarding the clinical development of ficerafusp alfa, including Bicara's clinical development of ficerafusp alfa in combination with pembrolizumab and presentation of updated results from an expansion cohort of an open-label, multicenter, phase 1/1b trial of ficerafusp alfa with pembrolizumab in patients with recurrent or metastatic head and neck squamous cell carcinoma, the initiation, timing, progress and results of ongoing and planned clinical trials, including the initiation of additional cohorts; the expected therapeutic potential and clinical benefits of ficerafusp alfa, including potential efficacy, depth, durability and tolerability; Bicara's expected operating expenses and capital expenditure requirements, including its cash runway through the first half of 2029; and participation at upcoming conferences and the timing of data readouts. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to uncertainties inherent in the development of product candidates, including the conduct of research activities and the conduct of clinical trials; uncertainties as to the availability and timing of results and data from clinical trials; whether results from prior preclinical studies and clinical trials will be predictive of the results of subsequent preclinical studies and clinical trials; regulatory developments in the United States and foreign countries; whether Bicara's cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital expenditure requirements; as well as the risks and uncertainties identified in Bicara's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2024, its upcoming Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and any subsequent filings Bicara makes with the SEC. In addition, any forward-looking statements represent Bicara's views only as of today and should not be relied upon as representing its views as of any subsequent date. Bicara explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Bicara intends to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company's Investor Relations website, in addition to following the Company's press releases, SEC filings, public conference calls, presentations, and webcasts. BICARA THERAPEUTICS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except shares and per share data) (Unaudited) Three Months Ended March31, 2025 2024 Operating expenses Research and development - related party $ 6,575 $ 3,581 Research and development 27,758 8,451 General and administrative 7,455 3,342 Total operating expenses1 41,788 15,374 Loss from operations (41,788 ) (15,374 ) Other income Interest income 5,014 2,867 Total other income 5,014 2,867 Net loss before income taxes (36,774 ) (12,507 ) Income tax expense (72 ) (1 ) Net loss $ (36,846 ) $ (12,508 ) Net Loss per share, basic and diluted $ (0.68 ) $ (18.94 ) Weighted-average number common shares outstanding, basic and diluted 54,456,515 660,288 1Expenses include the following non-cash stock-based compensation expense Research & Development $ 1,141 $ 230 General and administrative 2,310 917 Total stock-based compensation expense $ 3,451 $ 1,147 BICARA THERAPEUTICS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) March 31,2025 December 31,2024 Assets Current assets: Cash and cash equivalents $ 462,065 $ 489,711 Prepaid expenses and other assets 8,689 12,822 Total current assets 470,754 502,533 Property and equipment, net 136 155 Right of use asset – operating lease 552 690 Other assets 6,635 6,618 Total assets $ 478,077 $ 509,996 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 2,355 $ 3,893 Accounts payable – related party 385 615 Accrued expenses and other current liabilities 12,283 12,875 Accrued expenses and other current liabilities – related party 3,506 — Operating lease liability – current portion 591 607 Total current liabilities 19,120 17,990 Operating lease liability – net of current portion — 131 Total liabilities 19,120 18,121 Total stockholders' equity 458,957 491,875 Total liabilities and stockholders' equity $ 478,077 $ 509,996 Contacts InvestorsRachel FrankIR@ MediaAmanda Lazaro1ABAmanda@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
27-03-2025
- Business
- Associated Press
Bicara Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update
Dosing commenced in FORTIFI-HN01, a pivotal Phase 2/3 trial of ficerafusp alfa in 1L R/M HNSCC Updated data from ongoing Phase 1/1b trial in 1L R/M HNSCC to be presented at 2025 ASCO Annual Meeting Strong financial position with approximately $490 million in cash and cash equivalents expected to fund operations into the first half of 2029 BOSTON, March 27, 2025 (GLOBE NEWSWIRE) -- Bicara Therapeutics Inc. (Nasdaq: BCAX), a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors, today announced financial results for the fourth quarter and full year ended December 31, 2024 and provided a business update. '2024 was a remarkable year for Bicara, marked by our successful transition to a public company, the advancement of our lead asset, ficerafusp alfa, and the addition of key leaders to our executive team and Board of Directors. We continue to make strong progress in 2025, with patient dosing actively underway in FORTIFI-HN01, the pivotal Phase 2/3 trial of ficerafusp alfa in recurrent/metastatic head and neck squamous cell carcinoma,' said Claire Mazumdar, PhD, MBA, Chief Executive Officer of Bicara Therapeutics. 'As FORTIFI-HN01 progresses, we look forward to presenting updated data from our ongoing Phase 1/1b study of ficerafusp alfa in 1L R/M HNSCC at the 2025 ASCO Annual Meeting. We also continue to evaluate the potential broad utility of ficerafusp alfa across other areas of head and neck cancer, as well as other solid tumor types.' Pipeline Highlights Bicara is developing ficerafusp alfa, a first-in-class, dual-action bifunctional epidermal growth factor receptor (EGFR)/transforming growth factor beta (TGF-β) antibody for multiple different solid tumor cancer types. Pivotal Phase 2/3 Clinical Trial in 1L R/M HNSCC In February 2025, Bicara dosed the first patients in FORTIFI-HN01, a global, randomized, double-blind, placebo-controlled, pivotal Phase 2/3 trial of ficerafusp alfa in combination with pembrolizumab in 1L (first line) recurrent/metastatic (R/M) head and neck squamous cell carcinoma (HNSCC), excluding patients with oropharyngeal squamous cell carcinoma associated with human papillomavirus infection (HPV-positive). Ongoing Phase 1/1b Clinical Trial in 1L R/M HNSCC Updated data from an ongoing Phase 1/1b trial will be presented at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting, which will be held from May 30-June 3, 2025 in Chicago, IL. Ongoing Phase 1/1b Expansion Cohorts and Development of Ficerafusp Alfa Across Other HNSCC Populations and Solid Tumor Types In January 2025, Bicara presented data from the Phase 1/1b dose expansion cohort of ficerafusp alfa in combination with pembrolizumab in patients with second line (2L) or later squamous cancer of the anal canal (SCAC) at the 2025 ASCO Gastrointestinal Cancers Symposium, providing additional support for the complementary mechanisms of ficerafusp alfa and pembrolizumab. Updated data from a Phase 1b expansion cohort evaluating ficerafusp alfa monotherapy in patients with 2L or later cutaneous squamous cell carcinoma (cSCC) will be presented at the American Association for Cancer Research (AACR) Annual Meeting 2025, which will be held from April 25-30, 2025 in Chicago, IL. A Phase 1b expansion cohort evaluating ficerafusp alfa both as monotherapy and in combination with pembrolizumab in patients with 3L+ metastatic colorectal cancer (RAS / BRAF wild type) is expected to initiate in 2025. A Phase 1b expansion cohort evaluating ficerafusp alfa in combination with pembrolizumab in HPV-positive patients with a history of heavy smoking is expected to initiate in the first half of 2025. Upcoming Events and Presentations Three abstracts related to ficerafusp alfa will be presented at the upcoming AACR Annual Meeting 2025, which will be held from April 25-30, 2025 in Chicago, IL: Dose expansion results of single agent ficerafusp alfa (BCA101), a bifunctional EGFR/TGF-β inhibitor in patients with metastatic or advanced cutaneous squamous cell carcinoma (cSCC) (Abstract #: CT034). This presentation will highlight data from a Phase 1/1b dose expansion cohort of ficerafusp alfa monotherapy in second line or later cSCC patients. Dual blockade of EGFR and TGF-β with ficerafusp alfa has the potential to overcome resistance mechanisms in 1L R/M HNSCC in combination with Pembrolizumab (Abstract #: 3284). This presentation will highlight a translational medicine biomarker dataset that provides insights into the effects of targeted inhibition of TGF-β with ficerafusp alfa. Ficerafusp alfa reverses acquired resistance to the KRAS-G12C inhibitor sotorasib in KRAS-G12C-mutated lung tumors (Abstract #: 4434). This presentation will highlight a preclinical dataset that provides insights into the role of inhibiting TGF-β in overcoming acquired KRAS-G12C-inhibitor drug-resistant KRAS-G12C-mutated lung cancer. Members of the Bicara management team will participate in the Stifel 2025 Virtual Targeted Oncology Forum on Tuesday, April 8, 2025 at 2:00 p.m. ET. A live webcast of the presentation will be available on the Events and Presentations section of Bicara's website. A replay of the webcast will be archived and available following the event. Fourth Quarter and Full Year 2024 Financial Results Cash Position: As of December 31, 2024, Bicara had cash and cash equivalents of $489.7 million, compared to $230.4 million as of December 31, 2023. Based on its current operating and development plans, the Company expects that its existing cash and cash equivalents will fund operations into the first half of 2029. Research and Development Expenses: Research and development expenses were $19.9 million and $63.6 million for the fourth quarter and full year ended December 31, 2024, respectively, as compared to $10.6 million and $30.6 million for the same periods in 2023. The increase was primarily due to additional costs associated with the initiation of the FORTIFI-HN01 Phase 2/3 clinical trial, as well as the Company's ongoing Phase 1/1b clinical trial to advance ficerafusp alfa. General and Administrative Expenses: General and administrative expenses were $6.8 million and $18.8 million for the fourth quarter and full year ended December 31, 2024, respectively, as compared to $3.1 million and $9.3 million for the same periods in 2023. The increase was primarily due to additional personnel costs and professional fees to prepare Bicara to operate as a public company. Net Loss: Net loss totaled $21.0 million and $68.0 million for the fourth quarter and full year ended December 31, 2024, respectively, as compared to $12.4 million and $52.0 million for the same periods in 2023. Net loss for the year ended December 31, 2023 included a $13.4 million non-cash expense that represents the change in fair value of Bicara's Series B preferred stock tranche rights liability. About Bicara Therapeutics Bicara Therapeutics is a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors. Bicara's lead program, ficerafusp alfa, is a bifunctional antibody that combines two clinically validated targets, an epidermal growth factor receptor (EGFR) directed monoclonal antibody with a domain that binds to human transforming growth factor beta (TGF-β). Through this dual-targeting mechanism, ficerafusp alfa has the potential to exert potent anti-tumor activity by simultaneously blocking both cancer cell-intrinsic EGFR survival and proliferation, as well as the immunosuppressive TGF-β signaling within the tumor microenvironment. Ficerafusp alfa is being developed in head and neck squamous cell carcinoma, where there remains a significant unmet need, as well as other solid tumor types. For more information, please visit or follow us on LinkedIn or X. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may be identified by words such as 'may,' 'might,' 'will,' 'could,' 'would,' 'should,' 'plan,' 'anticipate,' 'intend,' 'believe,' 'expect,' 'estimate,' 'seek,' 'predict,' 'future,' 'project,' 'potential,' 'continue,' 'target' and similar words or expressions, or the negative thereof, are intended to identify forward-looking statements, although not all contain identifying words. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, Bicara's strategy, business plans and focus; express or implied statements regarding the clinical development of ficerafusp alfa, including the initiation, timing, progress and results of ongoing and planned clinical trials; the expected therapeutic potential and clinical benefits of ficerafusp alfa, including potential efficacy and tolerability; Bicara's expected operating expenses and capital expenditure requirements, including its cash runway through the first half of 2029; and participation at upcoming conferences and the timing of data readouts. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to uncertainties inherent in the development of product candidates, including the conduct of research activities and the conduct of clinical trials; uncertainties as to the availability and timing of results and data from clinical trials; whether results from prior preclinical studies and clinical trials will be predictive of the results of subsequent preclinical studies and clinical trials; regulatory developments in the United States and foreign countries; whether Bicara's cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital expenditure requirements; as well as the risks and uncertainties identified in Bicara's filings with the Securities and Exchange Commission (SEC), including Bicara's upcoming Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent filings Bicara makes with the SEC. In addition, any forward-looking statements represent Bicara's views only as of today and should not be relied upon as representing its views as of any subsequent date. Bicara explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Bicara intends to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company's Investor Relations website, in addition to following the Company's press releases, SEC filings, public conference calls, presentations, and webcasts. BICARA THERAPEUTICS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except shares and per share data) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Operating expenses Research and development - related party $ 816 $ 2,733 $ 8,216 $ 9,244 Research and development 19,067 7,829 55,403 21,373 General and administrative 6,754 3,125 18,770 9,272 Total operating expenses1 26,637 13,687 82,389 39,889 Loss from operations (26,637) (13,687) (82,389) (39,889) Other (expenses) income Interest income 5,866 1,301 14,581 1,314 Change in fair value of Series B preferred stock tranche rights liability — (49) — (13,405) Total other income (expense) 5,866 1,252 14,581 (12,091) Net loss before income taxes (20,771) (12,435) (67,808) (51,980) Income tax expense (186) (5) (187) (5) Net loss $ (20,957) $ (12,440) $ (67,995) $ (51,985) Net Loss per share, basic and diluted $ (0.39) $ (19.71) $ (4.05) $ (89.61) Weighted-average number common shares outstanding, basic and diluted 54,424,607 631,286 16,805,524 580,109 1 Expenses include the following non-cash stock-based compensation expense Research & Development $ 1,040 $ 171 $ 2,084 $ 381 General and administrative 2,141 594 5,313 1,518 Total stock-based compensation expense $ 3,181 $ 765 $ 7,397 $ 1,899 BICARA THERAPEUTICS INC. CONSOLIDATED BALANCE SHEETS (in thousands) December 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 489,711 $ 230,440 Prepaid expenses and other assets 12,822 633 Total current assets 502,533 231,073 Property and equipment, net 155 202 Right of use asset – operating lease 690 613 Other assets 6,618 2,094 Total assets $ 509,996 $ 233,982 Liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit) Current liabilities: Accounts payable $ 3,893 $ 2,142 Accounts payable – related party 615 1,044 Accrued expenses and other current liabilities 12,875 8,053 Accrued expenses and other current liabilities – related party — 3,561 Operating lease liability – current portion 607 285 Total current liabilities 17,990 15,085 Operating lease liability – net of current portion 131 372 Other liabilities — 17 Total liabilities 18,121 15,474 Total redeemable convertible preferred stock — 367,277 Total stockholders' equity (deficit) 491,875 (148,769) Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit) $ 509,996 $ 233,982 Contacts Investors Rachel Frank Media Dan Budwick 1AB
