AGEN - Earnings call transcript Q3 2019

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Operator

Good day, ladies and gentlemen. And welcome to the Agenus Third Quarter 2019 Financial Results and Business Update Conference Call.

As a reminder, today's conference is being recorded.

Now, I would like to turn the conference over to Dr. Jennifer Buell, Chief Operating Officer of Agenus. Dr. ahead, go Please Buell.

Dr. Jennifer Buell

Today's our being slide website replay. operator. be material and available on with call you, webcast is will for Thank our accompanying

a to view on manually. now through Just you them slides and computer, able webcast accessed live be will the reminder, our are

opportunities. will clinical well start, we partnership development for uncertainties, to release plans timelines risks. as call these and timelines subject like statements, for including and you that details to more you regulatory statements Before forward-looking remind statements as risks data we would on and filings this to we are include These regarding our and SEC our and refer

recorded a audio broadcast. this is As reminder, being for call

Anna Klaskin, Wijatyk, and of and are Operations; Vice Development our Head me and Armen, Joining today Dr. Dr. Clinical Craig of Garo Officer; Finance. President Chairman Chief Executive

expect by I’m first the the of call to Agenus saying operationally you Garo? will you are be have asking eye-opening achieved, our I facts, going this in with to to provide and what reality these all. start and we as they today Garo marketplace.

Dr. Garo Armen

Jenn. you, Thank

last slide our in you call, During and IND productivity, far, so all possession. INDs with a them that our the that the the your of to the other immuno-oncology filed, important one that fact R&D XX companies, inventions that have This of in filings, speaks have very the years outpaced fact Agenus. Also we we the I large you. and That's is small. represent four visual over quarterly all first shared last have

Zalifrelimab with know Our you we've antibody, update will programs: progress mouthfuls, and using call, antibody; I'm myself. these and getting are our advanced most I just used PD-X them made During this Balstilimab. CTLA-X our the to we on

in BLA agents half XXXX. we be means will BLAs commercializing XXXX, first or filing are targeting our of which both in the We

they are antibodies next cervical antibodies developing combination Our many combination which But, off-the-shelf on own agents in filed to with be we used bispecifics, importantly, in for our line and because our in which these generation are first therapy indication we including critically will two position. with vaccines cancer. our be have important antigen of include also highly where this our cancer vaccine combination proprietary allogeneic first to cell phosphorylated track with IND year. be a our And is second

see our generated from As XX all chart, are can have which you trajectory. immuno-oncology we IND in clinical agents, development

our expand the of our market some agents next CTLA-X antibodies. help can opportunity pipeline that expect PD-X our We the in and generation for

that our that For the NexGen example, our today, performs combination the antibody this our we than substantial. note, to be antibodies NexGen for extent our month. plan our we And combination in on our could trials of start commercial plus and own market better CTLA-X PD-X to those PD-X believe CTLA-X opportunity PD-X the antibody

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transactions expected few be royalties. the of upfront, finalized these Each milestones weeks. a to double-digit is of first in and these modest The transactions next involve cash will

our will cervical ongoing with trial. now you I into cancer provide some insights

trial the CTLA-X the cervical our our complete promised, to enrollment trial required As by expect PD-X and trial,, combination cancer, PD-X of enrollment monotherapy completed year-end. have we we have of in we

of our monotherapy planned complete We analysis interim have completed and the soon. of our the planned combination to interim trial expect trial analysis

to efficacy combo interim proceed signals, board. to analysis both, data And a based generated and safety the trial shared results on and from recommendation monitoring with have our completion. of safety We our they our issued

I should we point for address both that switch some produced have our for frequently. BLA next commercial antibodies. we our are potential now asked also of and grade additional year, materials questions visuals in I will out preparation filing to visuals,

next represents past evolution pipeline visual four our in the of years. the The

in the comprehensive is in second immuno-oncology XXXX and included today. checkpoint believe cell products. portfolio our extensive have one It can an have the time, which also explore we seven to trials allows we antibodies, at without checkpoints. we represents many that to having compromise, time, access vaccines that pipeline therapy limitations the portfolio have experienced next Our the pipeline trying I visual, vaccines. the neoantigen portfolios visual of with years today. of we and by did in if way ago, optimal combinations of you antibodies, when to not most combination we created and us And way we allogeneic to access, our Since to switch were have on to checkpoints unfortunately partners based do

monetary able limited question our human to to programs so related Another given manage get many we we how and resources. are asked

smart, very humbly human regarding I we not be would achieved They the very one them, the all hardworking. First best believe Without are we have knowledgeable, industry. this. passionate that highly have inventive, in their about built teams of resources, able of work to and

of expect the and continuing We to innovation our team drivers our be key success.

marketed for has in to years. switch money, a to which $XXX significant at stock like have has our to four amount speaks our would alone, four past of of last in number the in been offering you half if I done we the the This and million your to following raise excess in slide slide and years four resourcefulness having years not a the can partnerships I five, the visual. last resources, monetary that draw Regarding to ask attention

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chart number agents that rather, us six pipeline. have we in that answers The and no. of what and colored retained. slide the partnered is get magenta All answer we And we This belong all often to sold question to products represented rights is Another this have we question. have shows XXX%. pipeline pipeline our course

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relative performance Lastly, which number I and show XX-month in performance, one, would Index Index. and shows you subjects. are relative our in biotechnology to like companies; our the large And, the show green, recent they three bright to the our companies; immuno-oncology to secondly, green, Drug to bright Biotechnology relative performance it again is the and performance, These medium-sized XX third shows chart charts.

substantially better essentially As performance you all our Company of see, can than is others. the

performance stock performance dragged Our by price. And the of sector. satisfied absolute has stock our down absolute are the of course, been we with not

portfolio interacting data with you of investors to with of improve level to at addition look for efforts we be be known the And you. forward recently as well. and continuing to our on analysts education, sector education to matter with a communications additional our have able for that and investor to our us frequency and high who least provide for an to In hired her and we some professional relations will

the that some example and expected form years $XX trends the of growth In this continue the last the past about the antibody with momentum. experienced in revenues five billion ability spite the CTLA-X for unprecedented sector’s have fact sector and two PD-Xs has in year, of the shed the in recent top explosive to revenue doubts

for and to draw data I And them out the and section important agents performance I one, seven note, by attention fact expect XXXX, confidence trials. on an sector during term. your the there and return I on clinical immuno-oncology near to aspire programs. clinical is that long high this hopes six it. to the and next expect draw we your agents will And of go over Now, our in We generate our data with that specifically one to different that following are we to attention year,

one, clinical PD-X cervical is one clinical first monotherapy on trial in cancer. in our on trial combo data CTLA-X The PD-X cervical cancer; our second data

these are beyond we agents. about new talk two, Now, going first to

products. highly are innovative these So, new

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Jenn Officer. Now, our Dr. Buell, Chief Operating

Dr. Jennifer Buell

much, very you Thank Garo.

this a As time Garo is exciting mentioned, us. for very indeed

for a last commitment trials and in are and regulatory together to have fast high-impact making clinic. are Company who largely Dr. for team been diagnosis our therapies of transformation and with This integration, of I'm shared excited the about the flexibility We very them. to acceptable of that deliver progress we products Anna we're is to small, While decades. due clinical the And passion operating share need means to years, with patients a our the the to four that’s for within the success Wijatyk agility the that designed transform cancer experience details commercial patients. share rapid occurred

and into based data progress the catalysts. on reviews want remarkable responses, in and Zalifrelimab which on progress I of AGENXXXX rate CTLA-X, combination To-date, of completion with our our tell second. furthermore, to about investigator as the lab one and the on some underscore PD-X year, our summarize doing addition we’ve a highlights I clinical accrual analyses, few our shortly. Balstilimab the cervical are Before of benefits The for a and critical refractory which XXXX our were monotherapy patients so, of trials, is into independent made our available completion of you approaching This reported interim trial of accrual the of with to of PD-X, our more includes in core underway. preplanned, will cancer, AGENXXXX, response programs which expand to potentially these these PD-X durability with benefit details

these AGENXXXX; next Gilead include discoveries the developed AGENXXXX; clinic, them. in We mechanism this exclusively course, potentially antibody advanced AGENXXXX; IND a to are now and CDXXX generating Treg validating licensed our first-in-class depleting GS-XXXX, proof our the discoveries our four year. CTLA-X, best-in-class of and bi-functional differentiated of generation advancing molecule, bispecific These being discoveries our by of novel agents. to first on now or And data differentiated

the track start programs. enrollment several through will patients trial AGENXXXX trial We’ve In PD-X this complete combinations CTLA-X to than interim approval, this analysis more and our completed We've on the for interim XXX for cohorts analysis generation lead one data year, late-stage support second next designed and generated the with summary, to and and and dose advanced we're we've escalation enrollment imminently. CTLA-X on year. our

therapy bispecific We our our Agenus this a differentiated activated of early for Furthermore, our allogeneic advanced enable filing the allogeneic combination and engage have We’ve dose clinical depleting cell our therapy and we've cell antibodies. into to and AGENXXXX. year advanced evaluation. trial to for rapid our IND-enabling CDXXX Treg regulators

collaboration Gilead these In GS-XXXX three clinical our for to also manufacture milestones announced undisclosed addition We've we've also through $XX agreement cash entered million. approximating an into financials. to milestones, in Gilead

billion sales $XX.X obligations Finally, market, our to in nine $X.X due months our in exceeding of vaccine the to contingent Shingrix adjuvant of have the the extinguished proprietary GSK's we blockbuster million Healthcare first containing financial Royalty. QS-XX now

next revenues. receive eligible Shingrix are of Shingrix trends a remains $XX to milestones Agenus come up million, to As on to of current which reminder, based sales likely year, of

next Garo's generation CTLA-X, therapy earlier CTLA-X PD-X I'll of in all these CDXXX point, some cases and our benefit with zoom the for our reiterate just with Now, a take of agents interrogation, of minutes both. couple to into our our combination NexGen To differentiated added company. AgenTus show agonist, cell important preclinical and

data to quickly. of the combinations our our our with novel lead molecule, Given therapy. the with agents cell able preponderance are combination we accelerate we allogeneic include generated with These

extend to our NexGen AGENXXXX. Garo’s first So, on of CTLA-X introduction

the generation As early a responses and AGENXXXX to combinations molecule of commence. we benefit our CTLA-Xs We the due shortcomings reminder, and otherwise of shared first data advisors to experience this address it's generation patients expand CTLA-X as with of polymorphism. readouts clinical to first share mature designed more broadly PD-X genetic to our plan who low with the a to scientific as these and a to majority

be It our and of or As our others, Garo alluded available outperforms extraordinary PD-X outcome to will patients for earlier, combinations. CTLA-X, gen combination our in with currently stakeholders. all first AGENXXXX, PD-X an CTLA-X NexGen

to anti-CDXXX encased cells parts AGENXXXX antibody into safety advantages by specific over attractive response molecule, turn a AGENXXXX, the a This that therapy. efficacy of is target is system. clinic. boosts designed CDXXX differentiated monoclonal a the important cancer fully cancer co-stimulatory and adaptive makes Now, competitor molecules. innate immune the I'll cell immune very with cells. immune molecule for and both, it and This activated signaling the t-cells our human This is to immune enhancing

Importantly, unique hampered systemic to of designed efficacy these the toxicity that properties AGENXXXX molecules. development competitor are while of enhance the limiting binding has

therapy on continues give Before delve subsidiary. call. to our last I'd we shared call to the update on I brief turn progress AgenTus Anna, a cell over during our AgenTus, the to like you

with Our cell well focus as AgenTus with combinations Company's and targets and the IND, proprietary proprietary is patients tumors with to deliver allogeneic format solid approaches and cancers. for as to antibodies cell advancing highest priority hematologic is therapy allogeneic with

Flamenbaum appointed CEO. have financing we industry efforts, as our physician accelerate Walter veteran, expert, and To an Dr.

conclusion. to highest of bring Walter's One priorities positive discussions financing on our is to a

Anna now a programs. to most-advanced call the on Anna? to brief over turn will our I give update you

Anna Wijatyk

Thank you, Jenn Garo. and

and productive This year Garo descried. as very been indeed Jenn has and exciting,

as novel I pleasure enrollment as to to and clinic timing team real to to year in have BLA our the with trials pace. the well to in an support same had a deliver this complete breakthrough parallel, designed four extraordinary molecules outcomes work accelerated with advance

the first manufacturing, that advanced the do our accelerated operations As and pace shared a exactly IND from discovery to matter clinic. innovating to XX in similar team in In after the in have regard, first-in-man clearance of is our IND fact, clinical to clear. and days a we same patient weeks to in trial matter of

next As Jenn molecules. the important is lead progress with enable to our and our Garo to very already start molecules mentioned, on generation combination us the

study. that are PK generation The is month in AGENXXXX first combinations data the start CTLA-X with expected our acquiring and next to ongoing in this and PD optimal manner dosing an we our are informing

Now, our lead programs.

At and will Immunotherapy the well-tolerated and from Cancer data more CTLA-X in escalation in expansion XXXX. this planned Zalifrelimab than in we Balstilimab the filing and this cohort proprietary PD-X immunologic present Society dose are Our Phase our as upcoming which clinical activity recurrent that year, ovarian towards PD-X Conference with clinical and was advancing is what X antibodies. other and antibodies, reveals BLA Balstilimab is impressive reported previously cancer, population showing of

analysis. combination in patients combination with are accrual the interim our relapsed/refractory Garo have potential filing well monotherapy cervical pursuing we a with cancer. category In a as requirement Zalifrelimab As as we and for BLA Jenn reminded, completed Balstilimab and in as trial,

patients. conviction what of our today and combination Our beyond response response improvement impart is I-O durability in may available data continues including to support rate this that benefit these validated to meaningful

When this cases and have earlier disease reminder, are And These a agents, there these options no failed in which women of that patients. treatment young surgery, chemotherapy a women. affects to combinations. lines as limited progress, often therapy, other is some included radiation, they very for multiple

to to can our alone meaningful believe and in this generation do deliver both of are with We the agents, urgency treatment population. We sense that. vulnerable first working combination that

This of do BLA this with as on we product protect to and quickly to been plan why the the year, in We with have disclose analysis clinical the to publicly can effort while our our trials quickly. FDA our we are otherwise, filing advance interim is working data and advisors integrity this advised our to order succeed ongoing in in as XXXX. we

I information look at XXth. Day additional providing forward our R&D to upcoming on November

Garo. you. Thank I And to back turn will it now,

Dr. Garo Armen

at moving clinical much, a very for team Anna programs record you Thank pace. our and your such

keeping between increasingly As a mentioned our Earlier I America our programs. of wholly-owned year the monetize with is assets. to clinical prospects of significant we This very meaningful clinical rights months indicated with help but I discoveries and to This, as a to early will in of our in Anna significant North Jenn balance the to currently CTLA-X meaningful in portion next as we strategy in expect while valuable about our and expect ex-U.S. partnered XX next with development for rights value -- antibody, number data strategy second some both, strategy our generate generating clinical our that to efforts generation every and data potentially tested be months. considering. on of talked monetizing our

QS-XX checkpoint for immuno-oncology to drugs, therapy, combination the benefiting them all our control components the believe advantage under ability Our of adjuvant, purpose ability a neoantigen specifically key we roof, of combinations in right one develop key price and antibodies, ability to is and to cell in our affordably, our vaccines patients.

our for report, wanted financial over Before key points. to I to recapping few a summarize call quarterly turning the Christine

to benefit substantial outstanding an immuno-oncology to with novel generation and have pipeline patients of deliver designed We second cancer.

particularly antibodies, cancer with to strategies company our PD-X combination become expand agents. to cancers, a commercial-stage and first expect cervical CTLA-X to other rapidly our with with in We

achieve focused to rates emphasizing targeted who immuno-oncology specifically generation high-response are are trials not today's being effectively patients agents. served by smaller We first

PD-X targeted complete addition we our analysis PD-X second it and our our approvals. our molecule. BLA for the funded talked XXXX, about, at we CTLA-X as readouts end transactions XXXX lead AgenTus is cell and our interim expect what readouts, proprietary clinical Treg least for generating and we development file our to expect program filing. commence clinic, AGENXXXX earlier, monotherapy, And planned in with In to to for Advanced XXXX. as into and and advancing the monotherapy CDXXX selected I and this clinical discoveries XXXX. designed and conduct including INDs outlined trials and with best-in-class escalation accrual a additional advance for trial two earlier, molecules in our mentioned differentiated Three, allogeneic to AGENXXXX. independently, mentioned. I Two, Advance combination XXXX. year complete depleting differentiated breakthrough bispecific which year's therapy additional filings in as into additional accelerated by Jenn XXXX trial trials complete generation One, for accomplish BLA have business Both and our importantly, combination are to molecule, dose

over Christine? Now, I financial Klaskin it provide Christine highlights. will turn to to

Christine Klaskin

Garo. you, Thank

XXXX ended a cash third XXXX. of to quarter with XX, at the balance We $XX of December as million $XX million compared

cash $XX the the for of XXXX Cash used nine September million cash for ended in XXXX. which was operations was compared compared operations XXXX million the $XX for operations used $XX million, September by the XXXX. same same period for provided in in million, in to $XX to months Our ended period quarter

or reported net XXXX, $XX period September of ended XXXX XX, For of same $X.XX per a net compared $XX the million to for loss share the $X.XX in third share. per million loss or we quarter

reported or XXXX, million $X.XX net months net share. $XXX of the the compared XXXX XX, share same or per loss September in a ended $X.XX For period loss per million for $XX nine we of to a

recorded XXXX, third transaction with million, Healthcare ended months future our million of non-cash transaction quarter to nine recognized XXXX, the XXXX. revenue the $XX royalties we and of we with also revenue ended royalties. $XXX months to our million Gilead sale $XX includes revenue non-cash due Royalty interest nine September expense the This Through related which for to During of compares of September the of from earned.

Garo. I now call turn the back

Dr. Garo Armen

all. for you Thank Anna. you, Christine attention. Jenn, Thank thank And you, and all your

will the questions. turn to I Now, to call field over Chuck

Operator

come And go Please Instructions] Biren our of Jefferies. from Amin first will [Operator question ahead.

Biren Amin

my thresholds talk Yes. guys. has that questions. arm in Which just and combo hit monetary you need component. that of can combo conducted to for? arm? arm can for monotherapy talk you Garo, with maybe And about think, for start interim these a component would the is Hi, each the the Thanks was and which enrollment has X, which just analysis on trial XXXX? X, taking study trial order you about XXXX I to

Dr. Garo Armen

talk, also interim trial. reminder, these did interim Okay. I emphasize the conducted we an mention that the during Biren, I one my for just that analyses. combination is are a planned must analysis And,

preplanned into trial. they are So, the

The of other monotherapy that available interim trial the happen analysis for And, make course also we will soon. preplanned will DSMB. our to

With Jenn to my to regulatory I will that. here, our over turn colleagues on to regard and comment it strategy, Anna

Dr. Jennifer Buell

being conducted So, pre-discussed BLA and approval, very clear, just support the trials them otherwise. these are two of to both single agency trials arm to as with be

trial ongoing, of what monotherapy you to which with cervical between this pembro, approval, in comparable product is that and our particular planned end this know, the response in relapsed/refractory To is completed cancer, and is by with be trial accelerated has PD-X strategy which XX% demonstrate support is indication, to to need year. XX% accrual we rates. pembro effectively regulatory done Now, as

analysis before for track interim interim trial, to planned year-end. yet, are the on We have the completed but monotherapy not so, the we analysis do

with believe combination of done do program. cancer ESMO seen a data RCC, an at to For presented that in such where this, has we’ve tumor in expanded different virally-induced own to types durability in otherwise. some mechanism cervical. we as that trial a addition CTLA-X largely We of comparably, that going indication of we and in the same the just And action deliver of in based and rate of the combination response cervical we our that number of the will response, addition given is cancer are believe CTLA-X

is forward completed in cancer analysis PD-X cervical Similarly, and as pursued interim approval combination a planned line arm single CTLA-X trial the completed. accelerated second and being to also with accrual

we agency interest much the our time. publicly, discussions Company best scientific and in the the with recent integrity and advisors, not of the this to our would our of the While the in as advisors, to regulatory likely opportunity at share very like data most the trials do it’s

However, we and with sense our provide of to do the review, plan working where agents and cancer the are you have cervical Anna so clinical the will of good cancer at you’ll Day monotherapy of a Investor other do and in how in the activity types. of number combination different

Anna, anything do to you want to that? add

Anna Wijatyk

said, fully I Jenn. what agree with No. you

for I time study, enrollment way the think, therapy, followed completing on obviously on. completed to the more requires be and combination the the monotherapy durability we of

will I through filing so, in we’ll think, track And for stay on XXXX. and just our push

Dr. Jennifer Buell

Fantastic. Thanks, point, Anna. And I'll make Biren. one more

collaborative as for number We the clinical pipeline for in as different will collaborations reasons total we're our in of these a contemplating. the development continue agents own from for to ascertain of -- well some data that

so, you is to discretion continue the And but will we to see trial opportunity completed our accumulate to our meet And indications. and what in we’ve data open. have the be these to discretion, accrual will enrollment that that obligation

any don't there I So, confusion. to be

Biren Amin

on So, your some let follow-ups comments. me, ask could, if

to ORR endpoint assume the hit you’ve for for the that arm On primary that you was I'm believe you’ve going you threshold on that needed the the to done analysis. necessary do combination analysis? that hit interim,

that dosing that as third on combination the I study? at patients combination to baseline arms, I enrolled these it for then, specifically Were in just guess, guess, us? relates positive And question cohort. the PD-X is the you’ve can for second, And review you

Dr. Jennifer Buell

this a with in data. and of we’ll we order, with So, patient maybe, talk impression then where dosing, might different bit and Anna? endpoints, the the the of about Anna, we’ll start are we do if a PD-LX, selectivity,

Anna Wijatyk

in patients, of terms PD-LX studies, of have regardless the actually, So, we status. both enrolled

at enrollment. So, specifically. are not but assessing they obviously study has the are the happened efficient selected not this selection We status, PD-LX

look a availability totality you of glimpse only and know they the continue of interim signals this terms of Garo a like. that mostly the They to assessment data been preliminary for monitoring study then of the analysis, without the that by has are slated and as are and data In interim of the committee small as promise as data such modification. safety the the what early safety our give the the patients futility very mentioned from on board. slated number evaluated analyses well, of will recommended And you

So, at from and we keeping more of don't disclose the on this advisors I the integrity for any data can think the the filing. and point, data, importance regulators recommendation based

Dr. Garo Armen

question There we’ve used? Dosage a was dosage about which used?

Anna Wijatyk

So, in dosage milligram the used terms of combination for six X is CTLA-X we the every weeks. therapy, the kilogram per

monotherapy So, in lower the settings agent. much for than it's a this dose

per kilogram per sorry PD-X every two weeks, So, milligram you agent -- and that also the of milligrams this X gives potential good profile safety kilogram population. X that is in top on used

Dr. Jennifer Buell

couple I'm points a going add here. Biren, And of to

On comparability we to the we want in have dosing, the dose and have how to these done opportunity have the flexibility products.

AGENXXXX to none per want at interoperability. designed agents dosing, biweekly And X X And K. dosing was have get due for of per come of and we So, the Anna proper is value interrogate, trial CTLA-X PD-X K that mgs to exposure. patients the AGENXXXX ensure off mg real the at reason to the selection mentioned, as to

biomarker. selection PD-X the Additionally,

this this data, outcomes, point, we're that very can I'll in evidence of you CTLA-X regard. of results this supports able thoughtful when these believe preponderance patients conservative the of the on And hypothesis pursuing, important combination, seeing of you're of pembro presentation particular selection. who PD-LX. know top indication on while now. is And our seeing say in the these data our confident that as and we're Anna are and we're that's respect add to benefit biomarker the we we’ll regardless the you as data, we in but Now, mentioned, and it with analyze that as about are With we selected based very that to a may that in be PD-X, population imagine, positive the for approved bring an

Operator

Please Matt And question ahead. our will Blair. Phipps come from of William next go

Matt Phipps

be firm that was other. line completed you assume cervical a duration what it or on duration just And I any with Is wondering certain filings, I So, maybe you've enrollment the is for can is bit report months the needed. you a have could now in enrollment give complete timeline little if rate auxiliary up and will that of clarification six for to soon therapy approval one there? for the to second in response

Dr. Jennifer Buell

certainly BLA while respect -- have we and filing. timing, actual to that our earlier not given in big and of than Anna team, certainly have an So, that these the But, that With we but her Matt, -- earlier prior we we advanced is hit yet will what strongly will XXXX. I for programs, we our ahead we very say we not questions. are have projections. are We will projections, filing believe very that time we feel line exceptional

advance So, as process. we continue if we can you keep with this as informed you to as will through we us, just bare much will

in the are the package. submission process We out building of now

to And beneficial is now, really the with products progress patients, on last So, weeks. disease They progress as for know are patients. uniformly they X point, the very [indiscernible]. There or these quickly. no in right highly you follow-up these XX

will activity, So, patients like. see ideally months longer. be or what to in few that continue responses amount And that months ideally, longer with the and starts, dosing XX with and of follow time would these patients. after would and now I a the to X can looks we following and But, beyond extension helps. be we the minimum hope that activity we --

Matt Phipps

they separately, to just... can be filed do together Good, thanks. or then, be And filed these have

Anna Wijatyk

They filed path. independent it through BLA

So, together. filed they to need be don't

Matt Phipps

your Okay. the you allele think strategy, you hasn’t kind what high XXXX go after as thoughts Just CDXX development of affinity types program. on curious maybe melanoma you where kind And effective? tumor don't the after of been or if patients then, as current to some just accelerated steps far next as an try can CTLA-X that pathway have go that maybe curious other for are initial and who

Dr. Jennifer Buell

scientific And off incredibly meeting coming held are advisory tell you much. with you of advisors in of board just an their I'll leverage to we a spoken a you. the who approvals known perusing pathways thank be about to-date, key of many development this are space, -- on our the couple FDA. days Matt, data will that U.S. to opportunity. and We’ve very this experienced go, via names we based us are we accelerated will available

is that expand CTLA-Xs well next benefit proved, tumors melanoma, do as of as We large you’ve some mentioned, may mentioned. this the unmet actually generation these a tumors, other as where the are as need there generation patients to such you’ve first think as and in

trials can It Anna? will right the covers a be We Anna this opened added speak CTLA-X selected gamut. those the this particularly polymorphism. broad for in of to CTLA-X all and as should we’ve mechanisms now, population to well. the address But, patients because -- collecting first plus NexGen with data, on biomarker benefit our the group, the generation

Anna Wijatyk

as planning the phases. gathering development the still to think, combination it’s dose I And for open cohorts in answer to as early that perusing are well Yes. escalation we we different dosage for think are data as we that,

opening contemplating be of expansion in as that refractory, cohorts indications are a indication. dose of We number melanoma interest such could

in definitively our that's plans. So,

Matt Phipps

-- the so happen bit, and AgenTus, there's that that funding. burn reduce in and rate about that background just you make been and can one this now? you own entity a on to that's for from has And confident off I'm way an this a lastly definitely happen I into kind I And interest its some little been is guess? around can investors, where think and I maybe trying how mean, getting of the are talked something while Okay. spinning

Dr. Garo Armen

some had are points the is -- One drivers. good acquisitions effect field make several and that you the after interest slightly negative down, There here. our mean, Matt, it me let independently. of very Yes. the a high cooled high funding that of two timelines in in companies, sort I of profiles has of

of company separate in terms and financial, AgenTus is However, spun been legal, has other a It out. considerations.

value are IND, inflection I be very filing We important which closer a us. to point for think getting an will

filing allogeneic for were now, previously Whereas, IND and format. We’re on both slated focus allogeneic there that is month. autologous this formats, we pursuing the

in much autologous which longer more will puts strategy. be focused us we -- pursuing format, is So, a no

for separately become this And investors, the clarified so, IND company able our we once months. very be feel the to we in and will the few fund operations we file that next confident

Operator

next investor. Our Polishetty, an Harshita from question ahead. come will go Please

Harshita Polishetty

quarter, you Congrats morning. thank morning. the updates Good and Hi. on this for providing the

the one Agenus XXth. correctly. on October in This to collaboration, question offer filed noticed is entire I I Just that to Gilead Agenus, shares up to my on stake of they end. remember million if With Gilead regard XX.X the

some hoping on was update there, brief is provide perhaps what's ongoing? happening a I collaboration So, you color the and how could on

Dr. Garo Armen

Sure.

proceeding Harshita, very of fulfilled very, you is As positive Gilead. milestone on a with all we XXXX And know, our obligations collaboration have path. our

additional in and very of our in additional payments, terms in will so, milestone years hopeful, so materialize, coming including that on we're And opportunities XXXX.

misleading. make you're requirements, that clear. legal With profession SEC I not this would But, legal disclosures the the referencing, the expect crystal regard unfortunately you'd filing because be to that sometimes of and would that's that disclosures case mean, are the unfortunately. language

so, And a million of statement. registration shares is this XX filing simply

Gilead's per contractual done to to do companies shares. where and as we whatsoever are It with with nothing this previously the a has to register sell obligated interest So, we've other share exchange, obligation, shares. there's

In has fact, previous to any our sales sell no the best of have plans of as Gilead knowledge, the we absolutely to shares no partnerships. from such seen our

clear beyond should as reading language investors of it first indulging not as paragraph. in that perhaps combination is unfortunately the a it's and that be So,

Harshita Polishetty

so you helpful. for Great. the Thank much color, That's really Garo.

Dr. Garo Armen

pleasure. our It's

Operator

to any the [Operator Instructions] This go for Dr. conference ahead. closing like Armen remarks. over back session. would concludes to Please question-and-answer Garo I turn our

Dr. Garo Armen

misperceptions. sort question sort once that way Thank are our accounting of And much, mishap Harshita's balance a you of the very Chuck. we evoked One debt of disclosed. have things significant is an is sheet. misperception other on amount has this in again,

representative royalty less, of which to with we a couple HCR our So, on What we obligation. sheet sheet. debt has that did our ago debt number do years is, balance or a no the is of that arrangement put about that on balance our with nothing substantial have obligates to us

fact, have under our the was $X meet $XX annualize billion as in exceeded XXXX million earlier, And has if in of will million, payment amount, been extinguishes obligation disclosed moreover, Jenn $XX.X extinguished revenues obligation. debt circumstances the next fact, could that which revenues that already of only And, mentioned no debt milestones to is be and for the a success triggered. which Agenus. because In of number, Shingrix. you course sales obligation, net in Shingrix' certain two that look of publicly at additional Shingrix the we that

when we these So, next reasonable include that the year, including does we us. not into our cash public it our next additional year, have that make in quarter cash position. a have one And milestones expect of that statements this second milestones, to we will disclosure due enough all are to financial augment of

us, simple with bear going just lot forward. a of more at confusing. will So, these clearer the make comments less simplicity, digestible we disclosures make And things and more we'll expense add that

look of progress. we you. data you very to We that all and look So, to communicating and additional exciting abreast forward attention. thank you accomplishments, your forward And heading other in keeping into you. of Thank terms both of a to very much for XXXX we're

Operator

today’s concluded. The conference attending now presentation. has for you Thank

may disconnect. now You

Agenus (AGEN) 4 Nov 192019 Q3 Earnings call transcript