INBRX-101 is a recombinant human alpha-1 antitrypsin fusion protein therapeutic candidate in development for the treatment of patients with alpha-1 antitrypsin deficiency (AATD). AATD is a genetically defined rare respiratory disease with an FDA approved diagnostic that is characterized by progressive destruction of lung tissue. According to the Alpha-1 Foundation, this disease affects roughly 100,000 people in the United States and has a similar prevalence in Europe. The current standard of care for patients with AATD has been unchanged for decades and relies on weekly infusions of plasma derived AAT (pdAAT) therapeutics. With an improved half-life and improved functionality, we believe that INBRX-101 has the potential to offer superior clinical activity by providing a sustained effective plasma concentration with a less frequent dosing regimen. The FDA has accepted the IND for this therapeutic and we expect to initiate a Phase 1 dose escalation clinical trial in the first half of 2019. We expect to announce results from this trial in early 2020.