Welcome back to the Business of Biotech , your weekly dose of personal insight from the biotech builders on the front lines , where we don't just cover the trends influencing the space , we get to know the people who are setting those trends . I'm Matt Pillar and I have a lot in common with our guest today . We both grew up in and around Buffalo , new York .
He's a university at Buffalo grad , as am I , and he's currently shoveling money into Penn State's coffers to fund his son's education there , as am I . Bill Enright took his UB Master's in Biology to the biopharmaceutical industry , earned an MS in business management at Johns Hopkins , and it was off to the races from there .
He's held leadership positions at a number of biotechs , including executive and C-suite roles at Life Technologies , altimmune , genvec , avidia and Gravitas . Today he's more than five years into his tenure as CEO at Barinthus Biotherapeutics , where he's overseeing a portfolio of clinical stage immunotherapeutics for hepatitis B and celiac disease .
On today's episode , we're going to get to know Bill . We're going to dig into a few of the inflection points that have shaped his career and , more importantly , we'll explore how he navigated those inflection points . Bill , welcome to the show .
Thanks very much . Looking forward to the conversation .
As am I . Yeah , a couple of Western New York boys getting back together talking shop Exactly .
It was a fun game in Miami Thursday night .
It sure was . Yeah , this episode is going to drop in a few weeks from now , so just for the listeners references , you know , if you want to the listeners reference , you want to go back and watch that game ? You and I were both reveling in that victory , I'm sure so .
Bill , thanks again for joining the show and I want to kind of start with a conversation about you know your beginnings in management and executive leadership in biotech Because , as I said , you got your bio masters at UB . Your first exposure to biopharma looks like it was at Life Technologies , which is now part of Thermo Fisher Scientific .
Looks like that's kind of where you started to transition , maybe a bit from scientific research into business development . So tell us a little bit about that transition , what motivated it , and maybe we'll get in a little bit into how you navigated that move .
Yeah , that's exactly where it started . So I had the good fortune of being with Life Technologies , which was a fairly large organization at the time .
They had a pretty unique opportunity where they would set up incubator companies within the larger organization so they would put manufacturing , marketing , distribution , everything of like in a wing of a building and in a new area that they wanted to explore and give the team an opportunity to see if they could create value in that space .
And so I joined this cell biology group as part of that , running the manufacturing team for that incubator company . That's when I really figured out that I really liked the business side of science .
I went back and had the opportunity to get my master's degree from Johns Hopkins at the Cary School and then transitioned into more business roles within Life Technologies . So I started out as a business analyst and then was a product line business manager , more of a marketing role for that organization . So that's where really the transition occurred .
It's interesting , you know I think about now . I don't want to age you , bill , but I will say that your departure from UB came just a few years before mine .
I'm curious , like when you were there earning your master's degree in biology , was there any like you know , more than likely with the intent to move into some you know business role uh , I'm sorry , a role with uh , with uh , you know , biologics business or in industry ?
Was there any exposure to the business side of of biology , like what you could do on the business side with a career back ?
then ? Not at all , Absolutely not . Everything was geared towards academia , it wasn't even industry at that point . You know it was yeah , you're going to get your PhD to go into an academic job .
Yeah . So at what point ? Like did you ? You had no idea . Like when you were exposed to that incubator environment going into that , you really had no idea that , hey , there might be a bit of a business-minded or entrepreneurial-minded element of Bill N right .
No , it really triggers them . That really was the start of that and you know I've been in the biotech space over 35 years now and you know I've been in the biotech space over 35 years now and that really kind of triggered it .
Yeah , Did you . When you went and got the master's from Johns Hopkins , did you do that with the intent to just commit and perhaps set yourself up for ensuing positions ? As I noted , you went on to Genvec and Altimmune and others Was that sort of the MO at the time .
I'm not one of these guys that really planned out my career . I don't think I could have planned it out if I tried . To be honest , I was pretty opportunistic and not afraid to take chances . I've told people before I've never held a job that I've had before in my whole life , since I was a teenager .
It's always been something new , something I've never done before , even with the multiple CEO roles . First-time CEO at Altamune it's been out from University of Alabama , birmingham , and then the second CEO role is a UK company . So you know community and cost upon and and um and so you know very different kind of roles .
Yeah , would you advise uh folks who are are in the process of transitioning from from science or research-based careers into uh business management careers ? Would you advise them to to take the track that you did and say you know what , I'm going to go get the master's , I'm going to commit to the business .
Or are there other routes or paths that in retrospect , you might suggest are good ideas ?
I mean there are certainly lots of different paths but I found that one very helpful . So going back and getting my business degree really allowed me to speak a number of foreign languages , like finance and marketing and those kinds of things which really have a different vocabulary to science , and I found them very , very useful .
As a result , I do give back a lot to the Carey School . I do a lot of work with them , mentoring and judging science competitions or business competitions . Rather , I was on the Dean's alumni advisory board for about a decade and in the you know alumni associations and things like that .
So still do a lot of work with the business school because I really think that was a major factor in kind of transitioning my career .
Yeah , it's interesting that you say you know you've held multiple now CEO roles , but you've never had the same job you had before .
I imagine that's probably more true in biotech than in most other industries , where the experience I mean there are some fundamentals and we'll get into some of the fundamentals and how you , how you handle those fundamentals but I would imagine that you know it's .
You know it's one thing if you're the CEO of a , of a , of a company that's in a certain class of widget making in biotech , boy , it's going to be . You know , seeing some of this for the first time myself here , no matter how many CEO roles you've had .
No , I absolutely agree . You've got a wonderful opportunity , especially when you're working with smaller organizations , to learn many different aspects of the business and kind of figure out where where your aptitude is and what you like to do .
Yeah , you're . You said Altamune was your first CEO role , correct , correct , yeah , and that was a doozy man , like I look at that . And you told me . When we talked earlier , you told me that you joined Altamune in June 2008 . That's right , ceo . Who said you know what ? I'm looking to scale things back a little bit , bill .
I think you're a good fit for this job . Are you interested ?
And , in retrospect , if I didn't know any better , if I thought the guy had bad intentions , I might suggest that he knew that something was brewing and that in September of that year , lehman Brothers would crash and you'd be at the helm of a company that was , you know , facing the worst economic situation that you and I at that point had seen in our in our
lifetimes for sure . So tell me about that . I don't know . Like I could ask you . I could start asking you questions , but tell me that story .
That was a pretty interesting time . It was exactly as you said how I came into the role . A mutual acquaintance put us together . I was on my first non-deal roadshow trying to get out . I really took a chance with Ultamine they had a very limited balance sheet at the time . Altamine they had a very limited balance sheet at the time .
A number of folks down in Birmingham with lab and office facilities down there in an incubator space I thought I could come in and raise some money pretty quickly and really help the company Then .
And then you know , all hell broke loose , as you noted , and so I ended up having to restructure the organization , scale down the company to keep things afloat , and actually some of the tax initiatives that Obama initiated really were the savior for the company for a little while . And then one of the contracts that we were working on came through .
It was pretty much touch and go for the company . It was in April and negotiating a potential sale of the company to a publicly listed company .
It was a terrible deal because we were on the thrills of shutting the doors and Friday afternoon I was talking to my board and said , okay , we have a sunset clause in this agreement , so we have to decide by Monday whether we're taking the deal or we're going to close the doors . And so the board agreed to take the deal .
And so the board agreed to take the deal and I hung up the call from the board and opened my emails and I had an email in there from BARDA about a defense contract for an intranasally administered anthrax vaccine that we had been developing and the saying we won a pretty significant contract award .
And so I called back the board and said I've got new information . I said we won't be able to start getting revenue until September . Not sure how we'll get from April to September . But and the board said , you know , tell the company to go pound sand , we'll figure out a way to get from here to September .
And I was able to bring in a loan from one of the local Birmingham banks to help keep the lights on and the doors open through the course of the summer and all of my employees went without salary for the summer and then made it happen .
And that contract led to some interest from a number of VCs and we did a merger with a UK-based company and we were able to get the company public and continues to grow now and now the company is still a lot and doing well , much different area than when I was CEO . They're focused in GLP-1 , in anti-obesity , in NASH .
But they were able to do that because of the funding and stuff and the data that we had in our programs enabled them to continue to pivot and move , which is again one of the nice things about being in biotech .
Yeah , yeah , now that's . I mean that just opens up a whole slew of questions . I mean to hear you tell that story . You know , one might seize upon the fortuitous nature of things , like this offer from BARDA , for instance . One might go , oh well , things look pretty dire there , they got lucky . But there's more to it than that .
There's a story of perseverance there . I mean , obviously , when you take a job like that , you take a job like that , as I said in June , and by September everything's falling apart around you .
Because everything's falling apart around you , it probably wouldn't have been easy for Bill and Wright to say I'm going to jump ship , because you looked around and all the other ships were sinking too . There's not really a safe ship to jump onto , right ? So I get that Part of it's like well , I'm here , now , let's do what we can .
Of it's like , well , I'm here now , let's do what we can . But dig a little bit deeper into , I guess , some of the moves that you made , decisions that you made that kept the thing afloat .
I mean , you know , you hinted at some pretty shoestring measures just to keep things going , but share a got got through that time , you know , accepted it , embraced it and figured out . You know , hey , the sun's going to come up another day .
Yeah , some of it , um , uh , looking back was was probably definitely with my , my heart and not my head . Uh , you know , I mean I just I believed in the technology , thought we can make something happen , and uh , and was willing to go after it and , luckily for me , I had a supportive wife . I did go a year without salary .
Like I said , I ended up putting collateral up for my house as a loan for the company to make things happen and that ended up turning the corner for us . So , like you said , perseverance is a huge part of it . Several folks that I've interacted with over my career said I'm like a dog with a bone , so I'm not going to give it up .
So , yeah , I could have bailed . I probably could have bailed sooner . That was one of the calculus when I was taking the job . To be honest , if the company's in a bad financial situation , if I can come in and turn this thing around , that looks pretty good .
If I fail quickly , then probably not too much of a mark on me because of where they were when I came in . But when you're in it for a couple of years and then you start failing , then it's , then it's on you , you know . So I wasn't going to let that happen . That was that was . That was my mantra .
Yeah , yeah . Well , you know you go in thinking if we fail quickly , then hey , I can recover and move on , and then all of a sudden you have this failure accelerator set in and you still won't give up the bone . Yeah , so kudos to you on that . I'm curious . There's one more question about that .
You mentioned that you know your staff went for a summer without salary . So I'm curious about you know , your leadership during that particular summer . You're , you're the captain , captain of the ship , and you're telling the crew like , hey , you know , you're , you're not going to get anything to eat for a while .
That's a , that's an easy inflection point for a mutiny , using the ship analogy .
No , it really is . And you know again . You know , biotech is a lot about selling the dream , right ? I mean , most of us are non-revenue generating . You're selling a promise of what can come , based on the technology that you have , based on the data , based on the vision that you have and my team could see the vision .
They knew we had a contract out there , so it wasn't indefinite . You're not going to get salary until something happens . You're not going to get salary until this point when we start getting , when the contract becomes active and things like that .
So they were willing to plow through it and they trusted that they'd be able to get their back pay and we were able to do that and make it all even again , and then some , because they got equity as a result in taking the sacrifices that they made and so they were able to share as the company was successful .
I think in the end and putting your own livelihood and personal life on the line .
Yeah , absolutely . I mean I think that shows conviction . They really understood that I was convinced that the technology had a place and that we were going to ultimately be successful , and so I think they were willing to stand behind me .
Yeah , that's that . Uh , that's that Western New York blue collar mentality , setting the grit , the the Buffalonian grit , right there .
There we go .
Yeah , um , so I , I , you know we could . We could kind of go step by step and you can share , you know , stories from the stops between Altamune and Berentas if you'd like . But if I fast forward to your arrival at Berentas , what five-ish , five-plus years ago , yeah , five-plus years now . Yeah , what was sort of the origin story of Bill's arrival at Berentas .
The origin story of Bill's arrival at Berentas .
Well , I decided to leave Altamune , where that first CEO role was , after almost 11 years . So we had just gotten very good phase two clinical data in two different programs . We'd raised a bunch of money , so they had a couple of years worth of cash .
I thought they were in a good place and I just felt that I needed to try and figure out what was next for me . So I took some time to try and do that and a friend of mine was interviewing for a CEO role at a company in Oxford in the UK and asked me to be a reference .
And so I was a reference for him and at the end of the conversation the recruiter said you know , so what are you doing ? And so we talked through that and she said I think I have a job for you actually , and so that led to coming on board at Berentas .
That wasn't the job that you were referring your friend to , was it ? No , you didn't pull that .
I pulled my position right out from under my body . He got that job also .
Very good .
Yeah , yeah , but so it was kind of a similar situation time the the um , the first ceo that helped found the company . Uh , at parenthesis , uh was was much more of a scientist than he was a fundraiser and uh , and company builder uh , he'd done both many times , but that's not where his his preference line .
So when when we were looking at a potential series b , so when we were looking at a potential Series B and the desire to go public , he told the board which were his main investors . I hate talking to investors and I hate talking to the board , so you better find someone who likes it .
So he moved into the chief scientific operating role officer role and I came on board as the CEO Again , interesting transition when you've got the former CEO still as part of the company . But again , you know , we were able to work really really well together Still good friends with both of those guys actually good friends with with both of those guys actually .
And uh , yeah , amazingly , I joined in August of of 2019 and you know , january uh code happened , yeah and uh , and that was a huge transition for the company .
So you know , uh , it was a really interesting time because we actually had the company was started as a flu vaccine company and we had two phase two trials that were reading out in January , and both of those trials were not successful from a data perspective . They read out on time and on budget and so there were successful trials .
Just the data wasn't good and at the same time , our technology was really applicable to COVID and my CSO , tom , came and said , hey , there's this interesting virus that's spreading in China and I think we should pay attention to this and start doing something here .
And I said no , I said we've got our therapeutic programs , that we're moving forward , we've got to get these things . You know , we don't need that distraction . And he said , no , no , I really think this is going to be a major deal and we need to get involved here .
And so I said , okay , I'll give you $50,000 to do the initial work on this stuff and then we'll see how this plays out , because all of the other pandemics that have emerged so far H5N1 , h3n2 , all these SARS none of them have turned into real commercial opportunities , and that was my fear , that we were going to get distracted and it isn't a real commercial
opportunity . But , as history clearly showed , it turned into a major deal and we were able to move really , really quickly and the sequence for the virus came out in mid-January . We had phase two slash three clinical trials enrolling in April and we're able to out-license that to AstraZeneca .
Clearly you want to get big pharma involved when you're talking about large-scale manufacturing and distribution . That's really what they're really good at . We outlicensed this vaccine to AstraZeneca through the University of Oxford . We're involved in the invention and the early development . Then we got some royalties out of it .
So it was good non-dilutive funding , very solid validation of the platform , very solid validation of the safety profile of the platform . So a lot of benefits for the company in multiple areas and , because we out-licensed it so quickly , also not too distracted .
So that was also helpful and allowed us to continue the development work in what we've got going on right now , which is primarily in HBV and celiac . Those are the two core programs that we have ongoing right now .
Yeah , it occurs to me that if there was ever a time for bad data to you know , if there was ever a time to receive bad , bad clinical data , that was probably it , because you know some something was upending everything anyway .
Right , Exactly , Exactly , yeah , so that was .
We were fortunate in that regard , to that regard because people didn't really pay attention to the bad data too much because of everything else that was going on and the fact that we already had a program with a different coronavirus in MERS and we're continuing to develop that program with funding from CEPI , which is the Coalition for Epidemic Preparedness , and so
they're funding that program and so that's moving along in the background . But , as I said , we've got a potential functional cure for hepatitis B and in that program we announced really promising , probably best in class data in the industry at a recent major liver conference . We'll have more data from that coming up later this year .
And then we've got a really interesting technology that we acquired from a Baltimore-based company . That we acquired that we're moving into celiac disease , that program we hope to dose our first patient here very , very soon . It's clear the FDA to get the trial enrolling and we've got sites initiated and we're screening patients .
Hopefully we'll get that very , very quickly . And and so , yeah , we're , we're got an exciting , um , uh , exciting platform and , um , exciting programs moving forward .
Yeah , I want to jump back real quick to that . Um , you know that . That that point when you said it was your CFO who came along and said hey , we .
CSO , cso Okay .
The CSO at the time was still the former .
CEO , he was yeah .
Yeah . So he comes along and I mean he , you know , he says , hey , this is something we should be paying attention to . So I'm going to , I'm going to give you the leadership lesson that I take away from this experience , this , this , this story , this anecdote , and and see if , see if , see if you agree and what you might add to it .
So I , I take away from that story , um , the , the metered approach to a potentially uh , conflicting or , um , you know , an opportunity , potentially conflicting or distracting opportunity . Taking a metered approach to it , maybe shelving ego like , hey , this is a former CEO saying we should be doing this and I'm like , hey , I'm setting the direction for the company .
Now , I don't think so . Shelve that for a minute . Take a metered approach . And the metered approach in this case certainly paid off for , and it helped set you up to , you know , to make transitions toward what you're working on now . Would you agree ? Is that sort of the ?
That's absolutely a fair assessment . I mean , like you said , you know , initially the initial thing was looking I don't , I don't look at this as a commercial opportunity at this juncture . I mean it was so early , I mean again when , when he came to me we didn't even know the viral sequence yet . I mean he was totally on top of this .
He's an infectious disease MD , by training kind of stays on top of that space . And so he was very knowledgeable about what was going on elsewhere in the world and you know he'd seen a lot of these other pandemics come and go as well and thought this was different .
And so he pushed hard , uh , in order to get any kind of funding and in order to , to you know , even start the work .
And the board was okay with that , even after he told them that he was tired of working with them and didn't want to raise money anymore .
Yeah , it was .
Uh , it was an R and D expenditure that didn't go to the board initially Cause it was a small amount , but when we started then you know when things actually look like it was becoming a major deal then quickly went to the board to make sure that they were aware that we you know what we had going on and and where we thought we could play .
Yeah , um . So just to rewind here , you joined the company when it was at a fundraising inflection point that you were the right guy for the job , for you took the company public . When did that happen ?
May of 21 . May of 21 .
Yeah , so , yep , so you take the company public .
Uh , you know you , you've built a a pretty , a pretty healthy , uh cash runway and the last time you and I talked though you , you opened up a little bit about the fact that you did recently have to do a reorg right , which is not uncommon , like there , a lot of companies are going through that right now and and it's uh , not only is it not uncommon , but
it's not , uh , it's not infrequent right Like these shuffles happen , happen quite frequently . Um , but I'm just curious if , if , if , you could spend some time talking about that re , re prioritization and how it's informing the , the go forward plan what you're working on now .
Uh , starting now , starting with , like what prompted it ? Like what was the impetus for that reorg ? Yeah , so the impetus is really following the data right .
So we had a program in human papillomavirus that we were moving forward , got to phase two and we got a readout and it was a dose escalation trial and I would say , you know , if you look at the top dose , there's potentially activity there . It's going to require a lot more work in order to get to something that's , you know , commercially meaningful .
And with some of the other programs that we had moving forward as I mentioned , the HPV and Celiac program we just thought they had a higher probability of success .
And so , you know , as a small biotech company , getting to know quickly is a good thing , and so , instead of throwing bad money after good or good money after bad , however , the saying goes , you can focus , and so that's what we decided to do is really focus our efforts and , unfortunately , as a result of that , you also have to focus your team , and that led
to some redundancies , some reduction in workforce , depending on which side of the pond you're on how that's termed .
Yeah , yeah . So at the first sort of the initial decision point around , you know indication and where you're going to focus .
Talk to us a little bit about the you know , in your role as CEO , the balance between commercial opportunity and data , because it occurs to me you know earlier you talked about , like you know when , when coronavirus first reared its head and there was some pressure on you to to go chase that shiny object and you're like yeah you know what history tells me ,
that there's not a commercial opportunity with these pandemics . You're commercially minded . Obviously that's a good thing . That's a good thing for a biotech CEO . Hpv I can't spew to you the analyst reports and market opportunities around hepatitis , hpv and celiac and where there's the most money to be made , but I do know that HPV is not .
In terms of market opportunity , it's nothing to sneeze at right .
No , no , absolutely . It's a huge opportunity . I mean a significant number of women every year , up to a million women that have cervical cancer as a result of HPV . It's a large unmet medical need . The product that we have still could be developed for it . I do think there's still potential there .
I just think there's higher potential elsewhere and that's where we really had to make the choice . You know we've got a limited amount of money and you know , given current market conditions , it forces you to prioritize .
Yeah , yeah . So what were some of the ? I guess so data data was the driver that said you know , we're going after HBV and celiac .
Yep .
So again , we already had interim data in HBV , which again , we believe is best in class , and so that , combined with the fact that the celiac program , the program , the immune tolerance space , right now is pretty hot , there's a lot of activity going on , there's a lot of interest from investors , there's a lot of interest from strategic partners and a different
mechanism of action than many people that are in that space , and so we're trying to rebalance the immune system where many people are trying to sensitize , and so we think this is really well differentiated and the platform is applicable not only to celiac which is kind of a proof of principle for us because this platform hasn't yet been in people but in some much
larger indications like type 1 diabetes and rheumatoid arthritis and multiple sclerosis . You know , these are all immune-tolerant diseases where we believe the same mechanism of action will be important .
Yeah , yeah , that's interesting . Celiac is one of those things that for a long time catch me up . I'm not familiar with where that is from a clinical sort of physician level perspective right now , but I know for a long time it was a pretty misunderstood condition . It was often difficult or altogether misdiagnosed .
Have we gotten to the point now where at the clinical level , at the physician level , there's a good enough understanding and a solid enough base of understanding to say , okay , like you know , we know these patients and we know that you know .
Yeah , it has gotten to that point , you know , and it's a significant number of patients , right , it's about 1% of the world population and growing at about 7.5% a year . So it's a and growing at about 7.5% a year , so it's a rapidly growing problem .
It does get confused with people who are gluten intolerant and have other issues or feel better when they don't eat gluten , and so some of that gets mixed in .
But ultimately , for a celiac patient , you end up with an intolerance to gluten which manifests itself in the intestine , where the lining of the intestine is not normal , and so you can do biopsies to show that and hopefully , after treatment , you can do biopsies to show that you're seeing some repair in the intestinal cell line , in the epithelial cells .
So you need to be careful in how you do your trials and that you're actually getting real celiac patients and those kind of things , because it does get conflated with other things . But it is a real issue .
Yeah , very good . So give us sort of a go-forward perspective on those two programs at least , hbv and Celiac . Where are you now and what are the next steps ?
So we've got two ongoing phase two clinical trials in HBV . So we've got two ongoing phase two clinical trials in HBV and one we're doing ourselves and one is a collaboration that we're doing with a company called Arbutus and we've shown really promising data readouts from those programs .
Later this year , in the fourth quarter of this year , we're probably around another major liver conference called AASLD in November that hopefully we'll be able to use those data to nail down the final regimen so that we can go into a phase two slash three study for registration . That's the goal from these programs moving forward .
And then on the celiac program , as I said , that's much earlier , so hasn't quite hit the clinic yet . We're on the cusp and so that's a little bit longer . But celiac is an interesting one . So the phase one study that we have moving forward , we can get some limited efficacy data even from the phase one study because you can do challenge studies .
You can treat people and then give them gluten to see how they react and so you can get an efficacy readout pretty quickly in those kind of trials and that'll really allow us to shape the development path moving forward , looking at whether or not we're going to need repeat dosing and how long that interval should be between repeat dosing and those kind of things
that we'll have to determine in order to advance that product .
Yeah , that's a big benefit . Is there a pretty stout competitive space in Celiac ?
There's a couple of companies that are in that space .
One is probably about the same stage we are , one is a little bit ahead of us but a very different approach , and one of the issues is the companies that are out there now all have to deliver their drugs IV where we're able to do it intramuscular , so we can give them a shot from an administration perspective and that really simplifies with the clinical trials
and the potential commercial opportunity as well .
Sure , yeah , definitely a patient , forward approach . Yeah , yeah , so we're running short on time here , bill , and you know my next question for you was going to be what's next for Bill Enright , but I don't want you to answer that because I'm going to answer it for you .
I , through the course of this conversation , have come to the conclusion that I want you to stay at Parenthes for quite some time , because it occurs to me that when you make major shifts in your career , when you take new jobs , bad things are happening all around us . For the good of humanity , bill , stick with Parenthes for a while .
We don't need another recession , epidemic , depression , any of the above I I'm with you .
Yeah , the uh timing of some of these changes uh have not been great . You know we , we got burnt as public and and uh , right at the end of of that window and you know the the last couple of years have been pretty difficult from a funding perspective .
But , um , thankfully , you know we , we did a pretty large series B and then followed that on with the IPO and put ourselves in a good position to weather the storm . And you know that's where we are . We've got cash into the second quarter of 2026 .
So we're still in fairly good shape from that perspective and we're excited about where we are and what we've got coming up . And you know , I would encourage everyone to look at the stock carefully because I think we're a significantly undervalued opportunity .
Yeah , yeah , well , and I mean 2025 is going to bring you some opportunities to you know for sure . It sounds like the clinical path you're on . There's going to be some things happening in 25 that create some value for Berentas . So I thank you for coming on . I encourage you to keep up the great work . As I said , I encourage you to stay at Berentas .
If you're going to leave , give me a heads up , let me know .
Move all your money to cash for a while .
Call it insider trading ? No , but I appreciate you coming on the show , Bill . It's been a pleasure , and the next time you're in Buffalo let's do wings and a few beers .
Awesome , I look forward to it .
Me too . So that's Barinthus Therapeutics CEO , bill Enright . I'm Matt Pillar . This is the Business of Biotech , a Life Science Connect podcast that's closely aligned with Bioprocess Online .
Bioprocess Online has a live , free virtual event coming up on December 3rd featuring our own Tyler Menichello , bms Executive Director for Cell Therapies , dr Stephen Krause and some more friends discussing analytical methods transfer strategy and , more specifically , how to develop analytical methods that are purpose-built for transfer .
In the meantime , keep us dialed up right here and we will see you next week . Thanks for listening .