AGEN - Earnings call transcript Q1 2022

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Operator

Welcome to Agenus First Quarter 2022 Financial Results Conference Call. My name is James and I'll be your operator for today's call. [Operator Instructions] And I'd now like to turn the call over to Ethan Lovell, Chief External Affairs and Communications Officer. Mr. Lovell, you may begin.

Ethan Lovell

thank for and us James you, you joining all today. Thank will is on being call be webcast Today's replay. and available for our website like and our that statements, I'd as well commercial you will for timelines, remind forward-looking data timelines contain release plans, this and including opportunities. development, clinical call regarding as regulatory partnership and statements to details statements our SEC to are refer we you subject These for to on more and risks. risks and uncertainties these filings

and Drug Chairman, Executive call Dr of are Klaskin, Buell, Dr. Steven MiNK Officer Jennifer me Chief Officer; Vice Chief Dr Joining on O'Day, of Armen, Dr Therapeutics. today the Dhan Garo Chand, Discovery; President Chief Medical Officer; Executive and Head Finance of Christine

highlight remainder and for Now, our outlook the our of to I'd to Garo progress the like speak the turn Garo? call year. over to to

Garo Armen

Thank us with for you, today. you and Ethan all being thank

all As decades. the most in is sentiment seen we we've have negative witnessed the biotech

prospects to Given indicating like the the call are and expect critical programs on which putting balance and in old current marching we is an have significant believe for scientific of medical the Overall, trends, hold programs, year. and Ironically we by this are all-time generating innovation of generation. with are ahead that at climate, this importantly Wireless which cost value are not reality I'd begin near-term value. today's we reduction aware these we near-term result will the peak. steps of significant for despite recent

uncertainty, of difficult made this happening investors with more However, about here uncertainty, even I'm particularly it regulatory for mumbling is recent regulatory words coupled West by it course, exuberance, the irrational have good, to my the talking to ambitions in started has some appears adjust that the their to already the will us restructuring current success, achieve ugly. between realities. continue Still several operations their curtailing and like differentiate and to innovate and companies but bad,

will we biotech, requirement can integrated emerge the Agenus to believe has platforms, in with a environment innovation for shifting discouraging capabilities led this and continuous companies forefront. While which financial importantly like drive

to If trump we of creating life-changing expected innovation be advancing shifting while stakeholders, hurdles our profoundly patients will thus medicines continue commitment and cures. all able portfolio to you value to innovative drive will deliver significant value today's build to effective discoveries steadfast At all and treatments environment. and Agenus, strategy our in significant Agenus for is whilst

Now, in highest outline advanced priority the our I will represents Starting most highest our with potential our programs. program botensilimab, portfolio. fully-owned

[ph] the the that vision the on most that is clinic Our in we our in by the fact way, the portfolio. compound the advanced botensilimab among based novel compounds have

innate of both potential agent our Data expectations respond botensilimab adaptive arms responses of including so-called as of additional platform VISION we Botensilimab are clinical activity to not proprietary immunotherapy. unique is its present do continues cold the Conference. supported an system. in data, IO with activator which immune typically to at blockbuster an and Our tumors, support which from Cancer to broad upcoming a with expect and patients

of clinical the cancer. X existing of specific our trials form We patients in have expanded in which pancreatic our colorectal patient in will basis and melanoma enrollment cohorts cancer, studies Phase

studies initiate are in high currently these Our to gear. efforts

melanoma, have clear development MSS patients for study based is superiority checkpoint other cancer, strategy approval. X Phase strong relapse in in This refractory botensilimab cancer to our heavily pancreatic on were observations pre-treated. to These clinical our is of and/or prioritization potential observed standards care. colorectal target demonstrate and who Our we of as to immunotherapies of our indications lead existing signals

rates, tumors. with for cold colorectal related deliver effects who In well. X% Botensilimab contrast, been cancer the approximately year. which and for for has dying immunotherapies response teens. remains with patients, metastatic cancer over our rates are treatments in third cause will which XX,XXX anti-PD-X soon. largely frontline melanoma care Immunotherapy context of for United where each minute States cancer Now in combination failed current in holds survival. Americans side the X-year delivered colorectal leading for in context higher unsuccessful, is improvement significant with response rate survival with be disease for Also therapies advances minor discussed in significant botensilimab that's as in our treatment particularly few have of those with And significantly partly are also low standards represented there colorectal are because potential cancers despite effective trials regimens the balstilimab in most those a

have translated the botensilimab botensilimab's system. of results binds activity engineered a which in botensilimab variety of adaptive and the team these a Whilst we deliberate presented of of botensilimab the efforts pancreatic this our we molecule X cold indications the who it in to to lines today. patients tumor different with unique treat options CTLA-X, in data understanding strategies and and bring based no last mechanism other immune difficult to therapy system. benefits cervical, tumors preliminarily had their much who responses in arms SITC, the addition [ph], activity result or of SITC have innate therapy. to cancers. indications, year that tumors. received patients, we're several attributes the of X endometrial, - treated XX% immune biology these to into objective of least including Botensilimab action, Over prior across development These exploring, by at produced at limited tumors. options botensilimab The activity broader patient's presented botensilimab unique the both hence on of targeting these has of of across at In demonstrating headaches been At a

cancers for types. characterized experts including that underserved advance with tumor include which outcomes life-changing We cold are potential closely unique hard-to-treat this treatments working cancers. hopeful I scientific of pediatric and will mentioned molecule lead patients regulatory to cancer attributes botensilimab by We're in the to for

pursuing with potential portfolio with also our we're our While programs, plans development business advancing collaborators. high-priority our

In impressive in for current than with model significant consideration Adapting are in had royalty and an product currently companies financing Agenus in $XXX mechanisms, million us innovative record financings thinking. landscape X has which a and milestone realize of the of addition, in is have actively more from the delivering excelled raised our different and extension critical at our X track of candidates to clinical we ready past business just strategic looking innovative we and involving innovation previously. X transactions years potential development. industry payments

steps will to Investing critical international world. be to manufacturing in our capabilities in achieving development ensure and we're clinical commercialization over patients We're will advances the are emphasizing integrated widely regard. this research, in on As putting to discovery objectives strategies execute our scientific and to these into discovery, Agenus committed medical and all and with available moves clinical our innovation taking speed the to which development, practice. approaches

Therapeutics by and as into very already the exciting mention science a MiNK SaponiQx created company For to clinical XX make industry we noteworthy also potentially today therapy strive the Agenus a Buell which with And that's example, discoveries represented control company to with retain CEO as elements bal/zal development allow and is cell advanced this separate as continue, the independence in to that of available Dr. making. another combination Jennifer molecules. has prioritize our to development. and Agenus' ex-U.S. It partnerships, in we territories of over

innovate discover to a best-in-class ability of for productive has industry and the significant Our partnerships. molecules basis treatments and number been

current the with such and has estimates analyst values as vaccine $X in on been company approaching place industry breakthrough Our we GSK's high annualized billion shingles this therapies worth year. science instrumental revenues in of

our sharpening also continue of extend matters around we're our earlier, discoveries focus management us. process to to Every aspect mentioned I with runway our As to expense uninterrupted. this

spending implement review highly efficient initiated eliminate to a We practices. and non-discretionary have comprehensive

While strong financial million we with a in cash. believe Agenus over is position $XXX in

financial particularly Our view a fiscal markets policy, conservative of is times and regulation. exercise in in drug to uncertainty

first demonstrated AGENXXXX which owned targeting stage, represents important includes we which to preclinical discovery our work our has efficiencies drive innovation. others our is At our discovery advancements, targets. several to presented among on data led AACR agents. in myeloid Our unique our clinical focus also VISION, anti-ILTX AGENXXXX highlighted checkpoint April, fully in This technology on already is which studies advantages. by platform emerging product antibody In and myeloid

expect in Phase of studies shortly. X enroll We our to AGENXXXX patients

evaluate Last month, Our platform. this our monotherapy as from the we to our agent, both in plans are readouts of also VISION from and a partner Sciences. announced receipt milestone combination by payment guided Gilead million $X

which amount, and this due advancement is has unique of our While denotes pathway cellular ability an CDXXX other and antitumor cytokine immunity NK agonist, important cell CDXXX over is T-cell advantages enhance proliferation, to to molecules. tiny a its for AGENXXXX secretion cytotoxicity. it the

upon generation and molecules. license co-commercialization Agenus Agenus retains ability for receive to to from that designed was to our $XXX the has antibody on the a candidate exclusive limited advancement also clinic. first in the toxicity magnitude of like fees U.S. option the AGENXXXX of Importantly to option liver future with and depending Development AGENXXXX XX:XX partnered of product stands is up a an alone. million mitigate while profit launch. share advancing in has additional And obtain rights. AGENXXXX, BMS payments there'll bispecific to Gilead course the this of successful royalty potential be product FC-enhanced milestones this TIGIT

upstream TIGIT science is rapidly pipeline body or and achieve It Agenus information The approach. targeting own downstream ability required in from own our best-in-class -- an programs to ability that by highlighted biotech's to signify currently informs as which this we is enabled represents independence be shifting that integrity with increasing XXXX continue knowledge our indicating and also environment. with We trial today a believe Agenus' with gather antibody our VISION and results advance prioritization with as platform. others FC-enhancement to work biomarker suggesting unique combinations, positions target driven is to by to Among VISION I optimal evidence identification proprietary leader design. a well

over So, to I much and very thank Christine now it shortly I'll after turn back come and that. you

Christine Klaskin

XX, our The XXXX. and $XX revenue with recognized received. XXXX, Thank XXXX. March same balance represents related for expenses quarter loss net quarter share of We an December in first $XX March to losses of $XXX $X.XX with which includes the increase Per up short-term XXXX XX, XXXX cash with share per Cash the non-cash March Both the same operations quarter of $X.XX amounts of reported $XX which million, of the quarter the ended investment XX-XXXX were milestones $XX agreements, revenue to revenue million for for million collaboration period per $XXX losses million. ended a non-cash ended the of XXXX include royalties We million share months compared in for compared in you, as from $XX and which $XX to million first of XXXX. to million used a expenses on $XX the our XXXX quarter quarter ended as quarter ended the million, for XX, includes the million Garo. of in $XX March $XX million, recognized XXXX. XXXX million under compared for first from X non-cash of of loss the XX, earned

As I with quarters. coming Garo the in expected containment mentioned, to the back reductions measures cost operating the has call company now initiated turn Garo. expenses in

Garo Armen

which Thank To continue stressful a despite important we field, to in external much you need. is advances very the Christine. landscape, summarize in make

we with including number company programs. study a delivering We're high to botensilimab including moving By of X swiftly important a need. on we for pipeline for developments, unmet address of the clinical Phase have initiated spoke near our and have XXXX, several studies, botensilimab monotherapy disclosures end a areas that about, Phase new of studies expect X term diverse AGNXXXX. Phase X of promise building the patient of data initiation a X to We

We melanoma botensilimab the combination cohort enrollment to our involving also AGENXXXX. complete study in expect of relapsed/refractory and

a course this open again cash from collaborations potential during questions for we additional now call the and of corporate the Thank them there's year. of your course of addition, and for you will In infusions attention,

Operator

first Our Securities. B. Instructions] from comes Mamtani from Mayank [Operator question Riley

Mayank Mamtani

with an just and maybe to as important sector ILTX your And start there, of target things checkpoint specific helpful kick inhibitor. commentary so recent biotech myeloid prioritization Garo

And was also, at data So might sort that inform have rationale initial curious a tumors sort you could for I to just prioritize? coming you and how of of think the And your of development and talk and what solid that I Sanofi's space? ASCO your basket history if some follow-up. development the was might in then

Garo Armen

turn Let to of a it me address this Chand at Dhan Dr. first question. part to least

Dhan Chand

space. As you is are with familiar Agenus the aware, well LT

ILTX we patients in space, is design that that and which knowledge showing In also can activity MK-XXXX, antibody in progress therapies extending ILTX only potential where in to activity the the for fact, colder we have we the retained also we've where by Agenus. at clinic ILTX but clinic, you not and are as refractory experience ILTX active. as that built AACR, PD-X to see is demonstrated, progressing PD-X, tumors activity not to built the complementary Merck and by With to PD-X

of We NKT T which just activation. includes activity includes AGENXXXX, have NK broad myeloid which also goes activation, and demonstrated activity beyond cell, that

You also at advanced other which ILTX poster [ph]. demonstrate activity we notice from agents, best-in-class clinical biogas that to asset, our AACR most includes targeting the compared

but T superior of have monotherapy demonstrated and only We studies myeloid activation. that head-to-head it's a potential, NK AGENXXXX in has and activation not activator both

Garo Armen

could what Dhan is O'Day And we tumors part maybe that. and could then I the start study? will question second And Dr. think great finish and -- the of

Dhan Chand

turn shortly. And over Dr. Sure. to I'll it O'Day

saw So types is [ph] which PD-LX we demonstrated independent file from our are tumor the expressed expression. poster, in TX as HLAG that of milligan that you are

we this So see as complementary.

Of be also part of we AGENXXX, identified also trial. our response will to be as retrospectively applied potential in We've clinic. our development Steven? to exploring of preclinical biomarker course, the will which this

Steven O’Day

the looking you this Merck AACR obviously, feel both that but is space around myeloid forward Dhan put advancing challenge, ILTX activation see that showing an is myeloid may ILTX as can really promise. the as is best-in-class. the the has have it bring important with a Obviously, features, some well been said, which our -- Obviously, early has is molecule excitement field. ILTX/ILTX we that we feet lymphoid as our And the space

So very others. terms myeloid broadly and obviously, pancreas cancer types Phase tumor we're do be and because X obviously, may of much tumors metastasis in think, I going ovarian to even look other the dependent liver

bringing of the like really now its adaptive So think that as innate may drug be the what's adaptive myeloid And weak innate really so right neoantigens. botensilimab the very CTLA-X coverage that has about pipeline CTLA-X next-generation looks is botensilimab we broader bringing lymphoid of exciting. that cell than T sort then recognition repertoire think our great I of in is FC-enhanced really, brings region, terms broader and active also obviously in synapse space

have to couldn't be we we're of of forward and more combinational the about potential. So excited that bring sort going areas the then pipeline

Mayank Mamtani

have melanoma than if all pancreatic obviously, in CRC, you of how medical thinking then design And data incremental a Understood. incremental trial place, relative pancreatic and different study, to landscape, do are able registration botensilimab, have be and what competitive on you might you be conferences on development for second half melanoma comment And you specific disclosures? for very a would helpful? thoughts or to before, any and with but said

Garo Armen

regarding the let So you tell just conference. me

But presenting design. turn medical it trial make to So we about shortly. conference that important have Dr. will tuned let at now not and disclosed we're be that O'Day an going is the But the conference conference, to but stay it cancer disclosure yet. me

a has reasons had product place. consult the taken are sure to with kinds be appropriate in parties make registration. that And next that we've the of to comment time Phase trials the we to X for to be to of the over bit steps the fact little meaningful gotten trials our design somewhat regulatory the One going that to the related of [ph] all environment have

that okay. randomized important of we're in on regulatory that, right that now Randomized all within studying. way we're or in the will either will standard the to the X O'Day Phase be it's with particularly drug Now randomized given to the care one another or and setting, in trials Dr. that of this, elaborate note environment

O'Day, So please from it here. Dr. take

Steven O’Day

be One, X I as clear melanoma which to because it continues questions. we a extended in would program is the to is a potential So really an fundamental remarkable time data with And and obviously, program the is that a Garo really powerful. plan, as solid X, the Because to has encouraging. and are number And we we X going what beat. single on of which Phase see activity has this, partner. of say said, taken laser-focused think our for we a ipilimumab, Phase tumors, now botensilimab benchmark is is strategic, foundational to ask really as the disease development can which it very some differentiated be agent, test showing

The PD-X second activity. is where showing significant combination colorectal, our therapy with is

with our area an combination how this like pancreas showing data PD-X. it see early so a experiment signal very We a botensilimab this we And with finally, with combination mouse where with in then and the is to will potential given model in And powerful response combines a cold be chemotherapy think botensilimab with preclinical in very to can pancreas excellent some at botensilimab. botensilimab an chemotherapy. tumor of clinic look

are So questions, scientific with single-agent melanoma, the registrational and combination pathways X pancreas fundamental PD-X. really activity, colorectal chemo with and combination asking X

And new so, to become in community importantly, seeing terms needs. performance if most the asset following that and look in a and real to can unmet target it data we forward IO clinical of

Mayank Mamtani

And of final environment very savings can. to working was as makes on in obviously my lot are the you astute on, as you much question Great. prioritize OpEx this guys sense and a that

some botensilimab starting How maybe tumor might work development and will beyond? you you that talked that's year? of any that regimens -- on to thinking that burden a the be also work in of P&L of come comment of is types or next quantify we potential of combination about So and progress? to be majority able are sort since And in on the

Garo Armen

Okay.

got XX%. it's that to me But on quantified or So we you X% haven't the yet. savings let tell be

taking. taking all savings I place our which the programs, priority associated delivery the significant includes -- And of We said about without these but are measures are with compromising as talking that XXXX. we're savings highest earlier,

is So promising, the in advanced, I blockbuster fact not XXXX other portfolio. there's more it advancing. most compounds much that advancements support It's the compound compromise it we're this rest the excited our most way just term. no about potentially of the advanced are mean, also compounds of because our compelling most doesn't makes the going as of we're portfolio. to the talked some in the near about is the That to And

are option such it expenses the example, trials Phase is, cash will the and XXXX option, the XXXX holder in when is exercising potential into bring For compounds the with on modest CDXXX through happens, of which -- associated Bristol-Myers' the being which clinical will advancing company. with with advanced X hand, our rapidly significant as relatively And entirely support. additional also the resources other

lot or expenditures underwritten than collaborators. are forward are our minor these of a So XXXX compounds, by going other representing either entirely

Mayank Mamtani

Great.

Operator

Jefferies. comes next Our [indiscernible] question from of

Unidentified Analyst

question receive operating out the want expected the rate Is next I cash the I'm Besides likely [indiscernible]. way, of the I asking few want clarify just have were the raise X just you're regulatory containment said number question trials botensilimab. cost payments for QX in for you're the about second what one. to that maybe launch. do likely questions number, like And Phase quarters? the likely cash or for hurdle that questions; cancer, response give will that's clear or cervical to behalf it considering number I you cancer on is in is one, what most rough the other number the that trial And on putting follow-up is is milestone colorectal previously, you the to response a starting you Could low? very there potentially is expenses. would or rate X said any quick currently QX? to measures two, that that

Garo Armen

Okay.

one that quarter for considered appropriate quarter Phase that us timing of the taken the start and this it's this make me third of so including randomization design this trials, year. everything with to the let cases and in about, reasons year, that's trials X trial of the been trial confirm for having advisers, one out of third we means so trials. trials So of have And starting X the we All is on arms, and has each forth long that to as expected some of able And authorities commence starting multiple are be in spoke I with sure the all mentioned, so in to to reasons finalized. the standard the of to care.

initiation between trials only So hurdle simple of the is now these operations. and

X clear subject kinds undertakings. are we on going be of the to So of the Phase are that trials our

Now if how your think with understand have expenses? did on regard I a expenses, correctly, it the I -- to question question, is you

Unidentified Analyst

besides plans other to the cost Yes. is risk, I want there to containment, just yes? understand, any

Garo Armen

Oh, I see, right.

to additional then received of if and we -- year. milestones know be are this there So to expect we answer for will receive is that year. this any additional you wanted also The the yes, balance milestones

we've they cash what but other transactions. resourceful with companies very to And disclosed as haven't and stay tuned. very, regard resources, with We additional been know, creative collaborations are you doing in

tapped this I the -- time mean haven't is We that. to do horrible the

that We has active want is in stock have element issuance, a upside that of possible, if will I do any have But coming because marketed what been support very to you're potential is some asking, giving that you're your up we've and right any environment it's you including in partnerships everything our plan consideration on in we no elaborate course, of we years. and doing needs to transactions, as way. now. don't compounds. in creative do creative what question on be transactions plans dilution, the as including horrible of of is, that to the But But part royalty of

Operator

William comes question Phipps Blair. of Our from Matt next

Matthew Phipps

is a with LAG-X. market recent trial refractory O'Day, Obviously, PD-X, I the approval the X changing bit with your wondering relapsed Dr. was for Phase melanoma melanoma. and first-line

plus even if or [indiscernible]? to who have failed enroll enroll you LAG-X just who would wondering PD-X patients the PD-X, patients going you're just So failed failed

Steven O’Day

PD-X CTLA-X in setting Yes Matt new frontline obviously, the combinations LAG-X obviously, now with yes, single-agent ipi/nivo involves and the melanoma PD-X combination. X options, then

those between of of looking Obviously, space and monotherapy. PD-X all sort at frontline is then So groups. ipi/nivo divided we will be the

We we'll those. We all a with rescue we'll at know failing. those certainly now patients have any drug, a scenarios. of broader just LAG-X the combination be understand drug we it looking and XXXX, will expected a to failing we and CTLA-X but think want that not be We be X, can -- some whether X potentially of

Matthew Phipps

clarify then, also And quarter. to just great. the Is showed then was all And that help you for SITC? saw focusing to guys update Is at in on some a X it what Okay, this SITC? Phase expect third just additional monotherapy there types combination? these what into this tumor of or we for is ones beyond that what going you're patients additional at

Steven O’Day

Sorry, Matt. question. I the I guess don't understand

Matthew Phipps

show said at coming now additional you in is QX, a the data -- is clinical updates combination some it monotherapy it both is it? combination just Is this and the guys just across You some SITC. patients botensilimab data

Steven O’Day

diseases Garo trials. colorectal are like X Yes around number a plan continuing melanoma the we of we Phase so that the to areas, as said, to different pancreas Phase trial expand particularly open in X

will data this around those forward And will be we later announced But year, haven't year. be data at conferences additional later the so at updated diseases where. we this bringing and conferences important medical

Garo Armen

our up note, a late Phase done to last remarked, Matt, getting be with over start to Phase set we And patients that XXX enrolled. as you X study we then clear had studies were year. So X on

longer earlier on the will for be X studies since And the executed initiation deliberate made in lines and subject subject it specific of year, a X cohorts actually enrollment of we made is Phase in that be for the time Phase Phase of X so in required these because a our down. effort exploded. our X those have this while, was that And decision would enrolling studies, cohorts that of studies. Phase patients slowed But enrollments

we data, our patients of additional have so, will those be disclosure. And subject generated presentation upcoming have the which data in Does with considerably more that cohorts that?

Matthew Phipps

the great that. additional that's clarity to. no, on I for forward look Yes,

Operator

[Operator Instructions] no questions. more have we And

Garo Armen

these times. much, thank look forward don't as your We and very fielding required. in contact your attention Thank and hesitate much you very to you to busy questions for very us everybody,

Operator

today's and ladies participating. conference. Thank concludes you, Thank for gentlemen. you This

may disconnect. You now

Agenus (AGEN) 10 May 222022 Q1 Earnings call transcript