ELOX - Earnings call transcript Q4 2018 | Eloxx Pharmaceuticals, Inc.

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Operator

Good morning, everyone, and welcome to Eloxx Pharmaceuticals' Fourth Quarter and Full Year 2018 Earnings Webcast and Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Barbara Ryan, Eloxx' Investor Relations Officer. Please begin.

Barbara Ryan

Welcome, and thank you for joining us this morning for a review of Eloxx Pharmaceuticals' fourth quarter and full year 2018's financial results and business update.

are Pharmaceuticals; Chairman Dr. morning Officer Chief this Eloxx of me Robert and Ward, Executive Joining Officer; Greg Snow, Officer; Financial our our Chief Dr. Williams, Chief Business Greg Operating Weaver, Officer; David and Chief Research. Matthew Goddeeris, Director of

report we the during filed Pharmaceuticals. as call to Private Reform made be March X, on Securities Exchange I'd reports any with call are and within statements not and this the like this to you Litigation that Securities XXXX, remind Before now materially that only. SEC. begin, important of the statements Robert turn today forward-looking from A a historical Act of statements including company's are those considered filed like Form the views be meaning Executive with by on of Chief replay may XXXX. I Any Officer the Ward, as the various Actual will website, over our these would other in Commission and www.eloxxpharma.com. recent in result discussed Eloxx differ of section the our to factors, results Chairman our those statements call factors to annual forward-looking indicated XX-K risk most represent of available of

Robert Ward

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Matt Goddeeris

you, Thank Bob.

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Robert Ward

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Gregory Williams

have development programs pleased on an the for ELX-XX and provide I'm Bob. you, pipeline. you to to with Thank our our opportunity update

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Robert Ward

Business patient business ask I'd advocacy like Greg. development an our activities. David on our provide and you, Thank Snow, Chief Officer, to update to now

David Snow

Bob. you, Thank

just to retinal highlighting continue session in diseases. Schneider Dr. FFB work after the joins our returned greater Fighting about expand where from inherited our advocacy We program provide activities information Cures Summit, We'll across Investing Usher innovation collaboration his patient and presented Blindness Bob program therapeutic team. and Foundation key areas within our in

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Robert Ward

of like year the financial Chief and an to Thank full of Weaver, results for our our Officer, provide I'd to fourth you, now XXXX. David. Financial quarter update Greg ask

Gregory Weaver

Thanks, Bob.

in transaction the XXXX. XX, XXXX, include completed not equivalents company total received December million, does had of $XX.X $XX.X of from and million in a net financing which proceeds January debt of cash As

company's proceeds, on net the and equivalents, the in line company's into cystic second data expect of total quarter plans. We XXXX fund the the including our based cash through fibrosis current and debt will operating operations top

ended loss $X.XX share net the per a for per $XX.X For a share XX, as ended year the December the million net compared company year or XXXX. loss incurred $XX.X or XXXX, to of of $X.XX million

growth million, ended million million. and were in December the For million. $XX.X million again, was XX, along $XX.X in along in clinical was $XX.X cost, totaled to professional XXXX, $XX.X of $XX.X stock total listed compensation effect expense, fully XXXX, XXXX. R&D The million ended XX.X your for increase compared ended salaries, which of to due cost, of expense The related XXXX, million development expenses an the $X.X loss comp increase December $X for year to $X.X related G&A to noncash in expenses in driven noncash for General services professional compensation company. XX, increase of publicly personnel-related modeling of fees. $XX.X purposes, R&D to stock-based year increases diluted development for largely becoming the outstanding other at the increase XX, was and XXXX, million G&A were with million with by net preclinical year-over-year year XXXX ended CMC, and year administrative December primarily the compared noncash million, an shares

commentary. quarter Fourth $X.X which XXXX, loss by $XX.X to million $X.X million includes XX, $X.XX For R&D the driven company effect same the compared months XXXX fourth were fluctuations expense totaled $X.X million of primarily, again, XXXX $X.X share period. compared quarter XXXX, due professional the million net of the loss back was $X.X year-over-year the expense, the same $X.X million was to as with to G&A now to fourth in for financial a G&A December noncash XXXX normal of million the along XXXX the period for salary-related for in stock G&A quarter in stock-based due noncash XXXX. timing net other the increase $X.X compared Quarter-to-quarter totaled noncash stock which comp fourth Bob. the of expense million XXXX I'll in and comp period. the for call quarter XXXX. the $X.XX R&D period million in the concludes a three to or The $XX.X a turn had share activities. comp or That to million costs increased for ended fees.

Robert Ward

base data you, and was productive trajectory Phase growth clinical Greg. and development will top Europe XXXX Thank clinical a built cystic the line initiate we efforts highly our Eloxx, for trial a where a the for our be critical strong we year for accelerate II the company. XXXX as reach this fibrosis U.S. and year. year in in

the Thank in acceleration Usher And new with trial build ELX-XX scientific very publications Medicines meeting to up Agency. team clinical as progress ELX-XX you the disorders positive update full and we've the activity presentation. understanding experts fibrosis scientific well the protein generated of the intend progress. in you our our Belgium there Schneider, meetings of Basic European to bearing recent us We're you use to for Operator, Messenger with syndrome inherited of Conference Fighting gratified a to initiated you pleased remain meeting swelling to meeting this ELX-XX report on Thank planned the the York the our we patient-derived City granted scientific of agent the have questions. earnings and breadth this Phase that clinical to very orphan in planned de-risks XX, for Basic designation Europe the Science generated provide has to studies month, U.S. trials Oppenheimer be we New The Conference. organoids to diseases on the for consistency we've XXXX XXth are as of Conference at focusing presentations, have increases we'll pleased very partner currently and demonstrated a organoids Susan new March at complete demonstrated be retinal month lines the between for fibrosis tolerability later that high our of an and by cystic is we supporting conducting increases several European the well cystic Dr. year. and We steady the in the consistency presented for clinic. and our as Miami. and later cystic RNA ocular in year Annual time by the been first and drugs mutations. continuing Healthcare Blindness that nonsense We're fibrosis in swelling studies. forward to IND with CF. look year. Science Cowen in data on track EU We Barclays data correlation profile the a the top much. line we'll addition in retinal clinical only on its year. encouraged attracted for one-on-one On the lead Cell in read-through these the at Healthcare these studies Reports a from the and inherited in here molecule organoids shown this teams and focus in of U.S. compounds library. we'll CF On believe drug assay our now update as data development. soon-to-be our have efforts we'll FIS Boston open on that Thursday call the the you novel and on as FEVX and our clinical joining productive, action. by We're this forward look in currently towards industry application for the our have program to of Monday, been the is advance We're call. basis for approved FIS data to publication mechanism in anticipate move webcast and advance data We by Our substantial favorable we may We're that the new demonstrates treatment from at with participating present program. claim quarter II the as We and with Global fourth approved you to Foundation and meaningfully released

Operator

[Operator comes Instructions]. from And our first from Jaffray. Tenthoff question Piper Ted

Edward Tenthoff

me hear you Can okay?

Robert Ward

Ted. Yes. We can,

Edward Tenthoff

if Two I quick questions, may.

to of get multi-ascending really respect cystic of dose the what completion with and needs in study, So kind running? Phase I to up the to Phase happen fibrosis II the

Robert Ward

the pretty of of for was execution MAD the concentration Ted, in the -- think, a volume concentration solid time. injection we and the that the the amount guided in previously the in have had study. I that we plan on changed place We drug the of drug

whole purpose in we've formulation on development to that development. that the the dose we the of use to pick range early these the drug landed the program. forward, remember, want once studies carry And and forward drug doing concentration we'll is rest Now to drug through take of

answering want So the when sure the to studies all make we we Phase questions finish we're to that I want we answer.

carry So picking move right it's dose to the development. in as focused we forward, on forward

Dr. Williams... Now

Edward Tenthoff

[Indiscernible].

Robert Ward

you'd to Ted, say, got if like. we've Yes,

on the of I you on think Williams, execution in want maybe highlight with provide II are development program. where we to protocol little Dr. and terms a Phase

Gregory Williams

question. Thank you, Sure. the Bob. Ted, Thank you, And for

an II you as program approved Phase in getting the Europe. assessment the to the looking know, of with So started high-priority the completion to have we We're we ECFS-CTN, study by and a MAD promptly CTA. received forward

as to will are well. hopeful We U.S. the sites expand that we include program then

Edward Tenthoff

would require an IND that And filing?

Gregory Williams

an cystinosis an dose may -- for IND range, had in tox, as the similar we The it's It have open would. we CF. all U.S. for the open CMC, the you And also know,

U.S., any opening review with application. we any be the an anticipate that we'll while So don't -- of the in issues IND

Edward Tenthoff

and you million. correctly? housekeeping shares said two I hear for XX.X were that Greg, helpful Greg, Did good, you may. Okay, if I year-end

Robert Ward

outstanding That's XX/XX. right, Ted, XX.X million shares at

Edward Tenthoff

And I for you component? -- quickly. not mentioned also to and apologize was What stock R&D getting comp the this end

Robert Ward

stock year? R&D The for component full the

Edward Tenthoff

sir. Yes,

Robert Ward

-- it Yes, would been... have would been have that

Edward Tenthoff

to call. up need I don't the hold

Robert Ward

$X.X R&D and of is Yes, number the million. that is piece full small, million, $XX.X the relatively

Operator

question from Citi. next our comes Beatty from And Joel

Shawn Egan

Egan is Joel. This calling in Shawn for

will RXXXX this generate I be said believe above data swelling presented Regarding EXXX CF year? these ECFS And also at from the this genotypes, new FIS the do X,XXX? and you

Robert Ward

which two our you mention the corporate Dr. presenting new be that we do as we'll for Goddeeris, include a Yes, of posted to data website graph next response does And deck, on where genotypes. want well. those our

Matt Goddeeris

Yes.

the we'll that a won't is on X,XXX, focused -- AUC part on later our data which June. which the in values are of protein data. presentation, in But next next our meeting, above is So at be it and capture

Robert Ward

the in which The would cystic is meeting, next fibrosis then general cystic the the fibrosis meeting year, be be cystic fibrosis U.S. in later will correct. June, European major

Shawn Egan

the talk you can how project, input endpoints of study HIT-CF the collaboration? types little data? bit regarding what of then much into spun has a out of clinical any And organoid be about this Eloxx And Great. that's used will

Robert Ward

Yes.

available HIT-CF program the is So online.

could development role For The EMA is the anyone quick drug focus process. right you who's organoids And if to broader website. focus interested, play you a what the just generally take multiple search of are major the more will on to with Eloxx and HIT-CF Google within engage said than companies is collaborating.

drugs Now prospective has run specific is is HIT-CF, individuals funding the clinical that trial a where in drug data We of as X forward the with sufficient there's response as collected run shape the development EU us, intent do a go out trial. disorders to rare trials by anticipate and that HIT-CF. respond the provided to to genotype to to

had a plan, goes the trial setting placed then part we'd anticipate if running and would to we according are on trial, a that clinical So allows to be organoid that FEVX prospective all clinical sweat generated prospective collected basis. where individuals chloride a data of into be who

Shawn Egan

you on the question. And as final program a well? provide update cystinosis brief my Can

Robert Ward

Absolutely.

some a Williams And Paul past from Goodyer we've you this do fact, Dr. with on the with well? just Dr. to want progress returned week. Snow In Williams, conversation Dr. Mr. give speed as made cystinosis and the

Gregory Williams

we've we a Yes, discussed, so about previously cystinosis trial. X-patient as having talked

We're We starting year. the the with with this protocol moving to half polishing are of Goodyer. forward forward looking that in trial Dr. second

Shawn Egan

still? XXXX And data in will also that from be

Gregory Williams

Yes.

Robert Ward

changed have guided top this We guide. our from data we'd we line year. before have had Yes, not that cystinosis

Operator

Nash Humphrey. Edward from question comes next SunTrust Our from Robinson

Fang-Ke Huang

seventh you Fang the And confirm, do the for especially so into tolerability is the that cohort amazing, allowing be cohort. that ELX-XX final you safety is just It's Edward mention Nash. on to of really next cohort? to can This the and move knowing and

Robert Ward

That is correct.

So the U.S. run final we in cohort the and seventh here expect to

Fang-Ke Huang

Got it.

safety study? have in potential difficulty advocacy at the the measuring And the you're visibility do you data, for what looking MAD so HIT-CF terms besides in any of when

Robert Ward

selected what No, the a for so MAD to we are some to multiple study use and doses acceptable volunteers, Phase is expectation healthy where the changes and in efficacy. I to of be in size the higher lowest in of one doses is safety, can demonstrate the use Phase But would dose SAD the range we that's that's establish part for the might final start to be is study to that are slightly both it's run because move of then Phase highest likely patient Typically the focused one that with II up safety different in we it's they're dose population. the program, that then expected has higher doses. picked the expectation well one the escalate included safe to the very II on -- dose dose go low that what to and doses as be trial

go that dose and achieve efficacious would to efficacious range move of taking a ask the then be the is activity, that's a of have to we trial. So range for then pivotal question you the as expected desired dose then lowest what's and then we which basis doses And where population, the at data. patient the higher of reduced your into the lowest safety into

So our happen dose selection in II. will Phase

Fang-Ke Huang

XX Usher syndrome. differences? you about you comparing Can it, And for nominate XX, the so briefly just what ELX-XX are you talk Got very and mentioned, lastly, helpful.

Robert Ward

there's molecules. X molecules. We'll Remember, information the different generations provide of more about

them then And molecular are of were built GXXX of either off or with all and compounds. work a paromomycin the so scaffold novel are we molecules of All modified.

all they're compounds. NCE So

cellular there on activity run select have well scaffold the target evaluate usually then reduced that vitro affinity were the ribosome, and for relationship, for be selective you as model then are screened and And they as their and both modifications in at true. series molecules mitochondrial compounds different would the different for and If the a that then to of made assays model translational as cytoplasmic X screen activity we a general generations, where well were then said profile. screening identify ribosome, selectivity to

differences of Now we see in activity terms do of different molecules.

Usher of So forward changes. constellation of proteins XX has makeup as each that when we might Usher a you genetic molecule in carry pick imagine, syndrome, a proteins those different syndrome. there's And to

has that across related molecules. best cluster activity look the for molecule we So a the of

presentation the mutational update. on on molecules So footprint our then at tolerability profile. and screened the be ARVO multiple an will relevant as We've the well molecules screening

have we ARVO, opportunity data with at so share scientific the that to community. And

Operator

from question next our will Canaccord come Genuity. And Shim Ben from

Eunshuk Shim

hear you me? Can

Robert Ward

Thanks Ben. can, we Yes, for joining.

Eunshuk Shim

of answer Greg, conditions Many been on loan to Bob term my what are you'll to need drawdown fund questions But maybe the Great. available? answered. you have that's fulfill and maybe can B or the

Gregory Weaver

filing. we'll This agreement. is included will That Greg. have be Thanks, Ben. an the of loan exhibit In in the the XX-K

out. I think in the detail that we don't X-K,

this in typical would time, just facility point say would at it's venture that terms So a in of type. debt I you this see that

Robert Ward

program our compelling. their think that and so will an for way opportunity year it was to some in look are thought maximize Yes, out data they're shareholders way to balance to able that's we a in order new data we of in for this bring we're great We opportunity a as nondilutive bolster data. advance our sheet be that which ahead on the of

Eunshuk Shim

ahead, candidates Bob, of of will these Of X assets now? philosophy, in out maybe some X potentially your course. thinking library your on be partnering or since right on your is what Kind focus

Robert Ward

same attention. a I touch no great program. program is called requires when light that's because question about them each Ben, the and level program, that's There think Yes, of you think the building of detail

about particularly sure a to number it we're in we development when advocacy most that so often going we we the drug multiple to drive to programs, go move. one have take. I the enough want should And we how them think asked mean, to company, meetings, at capability driving long think patient make is that is question small that when pace I

high the unmet faster think we dyskinesia a when that primary there's need, of attractive identify help think polycystic of other or there number whether at our to parties with us opportunities there's that's disorder, sense for that pace. about affected that in capabilities ciliary a medical indications can So kidney ways a large are number very collaborate us we expand to will be individuals

faster driving ways are to we we're open pace through we do more And that the programs to identifying and on same to ensure so to explore partnerships. maintaining time the with move are think programs ways that continuing

area active us. an of for certainly that's So expiration

Operator

turn remarks. showing now would And back over the questions no further I'm closing Ward to to time. Robert I for like at this conference any

Robert Ward

Well, you. thank

the So our have the today, on Women's to International very to company addition X capabilities. to of as Day, are everyone we wanted continue thank strengthen pleased women we to announced leaders I call. Thanks And you forward upcoming our for so at on progress meetings for next look today. investor one we and keep to the the much. on apprised joining seeing of you call us

Operator

program. today's gentlemen, does participating This the and conclude in conference. Ladies you thank for

day. You wonderful a all have may Everyone, disconnect.

Eloxx Pharmaceuticals (ELOX) 8 Mar 192018 Q4 Earnings call transcript