MGNX - Earnings call transcript Q2 2019

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Operator

Good afternoon.

We will begin the MacroGenics' 2019 Second Quarter Corporate Progress and Financial Results Conference Call in just a moment. All participants are in listen-only mode at the moment. And we will conduct a question-and-answer session at the conclusion of the call.

At this point, I will turn the call over to Anna Krassowska, Vice President, Investor Relations and Corporate Communications of MacroGenics.

Anna Krassowska

you. Thank welcome financial call and and second discuss MacroGenics' XXXX quarter operational to afternoon to conference our Good results.

afternoon a For the anyone Investors release tab issued www.macrogenics.com. website under chance had announcements, this press to review on is who our results, the has available outlining today's not at which our we

beginning website, would be completed. archived can to conference this call it You hours call via the XX where days approximately also listen webcast two after on our for is

a that result listeners the various including results the Private alert Factors Safe discussed filed factors, may discussion Risk will plans to of prospects about in materially like those SEC. the would under forward-looking Securities the today's Actual include statements Act reports of and indicated current of purposes differ quarterly Company's and as our by with the I annual, Reform Harbor provision of expectations, section those important future XXXX. Litigation statements that statements constitute from these forward-looking for

In our forward-looking not as today upon of be any relied views and representing only addition, only statements as date. should of subsequent any views as represent

While we statements future, some to law. applicable looking specifically these may update the except obligation our in do extent to disclaim any as views required by forward we so point change, at the elect to

and Executive Officer. And now I'd Koenig, like to turn the Chief Scott MacroGenics' call over to President Dr.

Scott Koenig

webcast today. for I'd to via you like call welcome Thank Anna. you, and us. participating Thank g everyone joining conference

the President our let to Financial so, who and as of call recent for over nonclinical We providing Vice review Karrels, review will upcoming product events. as Jim But I made before do year well results candidates quarter. will be me of Officer, the across the Chief our significant during Senior immuno-oncology some financial first pipeline of half progress the first a I accomplishments and turn

Jim Karrels

well as MacroGenics quarter. ended which over made our the quarter as the This June reported results progress financial Scott. highlight you, financial XX, XXXX afternoon, we've position, Thank its for the

$XX.X XX, million XXXX $XX XXXX. had As our June MacroGenics in XX, quarter described million the release, quarter to for development of for ended the ended expense June research and compared

This trial for X as result decreased costs addition the study g clinical well of in decreased a increased manufacturing decreases costs due development manufacturing decrease and related by costs enrollments for completing Phase MGDXXX, SOPHIA and of were as margetuximab to These was clinical flotetuzumab. partially MGAXXX. offset to increased to trial costs development as

quarter to administrative general the million for million service expenses expenses the XX, other We professional to XXXX. This was higher ended increase $XX.X $XX.X had ended for and XXXX, consulting fees. quarter XX, of due June compared and June primarily

during the of deferred asset under Zai and by Bio partially XXXX the upfront agreement decreases related were quarter of agreement in second under license the well revenue recognized $X.X payment the to agreement as of with million These Lab. June the and revenue ended We under for the collaborative collaboration $XX.X compared as the primarily XXXX, of and agreements ended license quarter versus recorded This June to million revenue decrease was XXXX, $XX.X XXXX. quarter with consisting primarily due the quarter decrease with a collaboration recognition of purchase revenue second XXXX. of $X million versus XXXX Provention million Incyte total the during from of to for decreased revenue XX, XX, offset agreement license recognized

I We that will $XX.X to compared XX, quarter of under ended received revaluation mentioned had Provention June the million related from loss our net loss note quarter for quarter a Bio ended the which XXXX June other the XXXX, of most for income included XX, June XX, net the of million, XXXX. agreements. of ended previously $XX.X warrants to loss for net the $XX.X a million of

XX, June our finally, $XXX.X equivalents And cash, securities as $XXX.X December of cash million XXXX. marketable million XX, compared to XXXX as of were and

to of XXXX, Pharma, XX, $XX Our cash expect which we the from I-Mab excludes third million during quarter. receive June as

And now I'll turn the call back to Scott.

Scott Koenig

you, Jim. Thank

Let's antibody, chemotherapy immune an has trastuzumab begin margetuximab enhance domain designed activation system. novel, to and in X in of chemotherapy. engineered trial at results metastatic the breast immune SOPHIA, to SOPHIA with HERX-positive which pivotal engagement investigational Fc optimized in We our from against anti-HERX ASCO margetuximab, presented Phase cancer was compare a June. plus

the conducted margetuximab preliminary that data primary endpoint trend endpoint. analysis sequential margetuximab. after study's from pre-specified XXX in in primary the ASCO October was to first survival been OS. reported the reported prolonged in XXXX, overall OS survival have in meeting favor the OS At events trastuzumab is This interim reached arm early second progression-free we a compared study's showing sequential We’ve arm first of or

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could OS accrue. Although additional as subsequent fluctuate events results

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subpopulation to SOPHIA, carrying the the As clinical prolonged compared preliminary in of binds with responses therapeutic of all PFS certain XXXF for population the an of including increased while allele, including outcomes margetuximab CDXXA, XXXF to were in Fc antibodies The OS reported affinity trastuzumab. been patients to human XXXF to CDXXA, recall, arm. region allele, the trastuzumab which In represents show carrying XX% low-affinity margetuximab diminished allele. optimized patients has you approximately exploratory

data meeting submit later FDA HERX-positive previously lines quarter. second include to PFS application biologic of results to the As secondary of exploratory intend a in In second plan metastatic package, registration and from we of patients margetuximab in and pre-specified third we results have breast we and to the to addition license in OS in cancer with to analysis. of FDA reported, analysis analysis the pre-POA fourth XXXX. We interim held the our quarter the a primary the the support

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needs HERX-positive treatment HERX-positive cancers address immunotherapy. cancer. are breast unmet are the in are study, beyond mAb trastuzumab currently who and naïve anti-PDX we cancer an gastroesophageal chemotherapy prior had ongoing margetuximab Phase In with an or in junction with to We of gastric with in combination second also patients received setting. anti-PDX X to line These seeking evaluating patients

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combination well-positioned third the are this this in year. initiate of quarter We to study

Servier announced terminate we weeks the few agreement and notified a As us. with to intention us, license their ago, collaboration

retain to global As will rights flotetuzumab. a full and develop MacroGenics result, commercialize

with participation. progress flotetuzumab collaboration significant our for advance them their to We we made Servier during thank have and

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first advanced The most globally. licensed was and Corporation Incyte exclusively MGAXXX

our with in rights the develop XXX. retain molecules we pipeline Although combination to

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checkpoint to of the We’ve T-cells; molecule first-in-class two in that expressed study XXX up MGDXXX, DART of PD-X a co-blockade the is and patients treatment potential second provide tumor dose is and LAG-X molecules investigational hematological designed X solid of range on to types. Our a approximately and expansion for Phase immune checkpoint a malignancies. tumors now nine enrolled molecule

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of escalation. ongoing Phase dose Our in study MGDXXX X is

this investigational, GPAXX of with XXXX. combination being patients our quarter molecule first And is DART bispecific in We’ve enrollment designed XX redirect on clinical and our expert cohort steps of completed cancer update target T colon to the a to provide in next MGDXXX, Phase Finally determine cells in expansion to X evaluated MGAXXX. program with expressed

emerging FDA of mediators in half immuno-oncology. anti-tumor first In two clinical both year, engineer as antibodies of technology our the in their is we Fc incorporated noble through These can and of margetuximab monoclonal and proprietary achieve an trastuzumab. validation SOPHIA, adaptive of investigational engage optimization the that summary, activity our immunity innate antibodies, paradigm then

competitive DART advancing platform, also as and our complementary well bi-specific of several as advantage. several leveraging our mechanisms are molecules We building MGAXXX, antibodies pipeline from combining with

So year in the focused remain of on execution. the we second half

metastatic to for expect margetuximab, directed trial, additional other and for We HERX-positive programs. submit initiate two breast clinical updates clinical cancer registration several the BLA provide

Operator? be that may to We any callers questions would address happy now have.

Operator

[Operator first comes question Christopher Nomura. from Instructions] Marai, The

Your open. line is now

Christopher Marai

problems was like but , for in specific you explain got monotherapy is taking wondering, you thanks if I about the, question. understand us maybe your regulation deep find and you of afternoon plan with the for up seeing and higher -- BX-HX is prioritizing Good a by PDL-X because or you Hi. earlier maybe with Thank you. couldn't you development. little dosing I that tolerable at along dose, flotetuzumab. Scott, did with Could It it the a could doses. the far bit I you know tumor, guess, you on guess combination looks your the at help like anti-PD-X, how in had development I some are for looking two.

Scott Koenig

so questions. thanks Christopher for much the

off an encouraging year. case fact and and with to we and lung head of cancers at enoblituzumab one, that SITC saw we setting as BX-HX I start exceptionally design let's head starting provide successful will expect that, our the We quite with we this forward that combined will data neck neck in very prospects our with enoblituzumab. with our program part to early detail more study cancers it in anti-PD-X. neck and flotetuzumab, meeting this are potential with have move meeting with we to would own Number in which the matter using recently are Phase of cancer combinations we at regard year, X/X in we a I very said, with that front-line about as plans later in In discussed in led the chemotherapy. and excited study where and to anti-PD-X today, look programs. cancer. And combine And had the front-line reported The we FDA head about

on monotherapy one important as had regard the and specifics DART to bispecific. the you So this one on as a very is think partial question MGDXXX a we target, valuable with hold the early know our pursue BX-HX a to molecule. year, we And with

elevation clinical have as we abnormalities we We that initially reported dose simultaneously in partial patients combination very our study of to is hold the we a associated And for the previously would put that we go more with FDA, studies results the would MGAXXX. has selected LFTs observed to and on cytokine much and for we found, and patients what [indiscernible] disease and on mitigate have anti-PD-X. enoblituzumab continued did that. with studies have a being and -- have studies lengthy rate at reported those part been in We on and which more causes anti-PD-X enrollment sites of molecules the combination with those go the believe patients that rapid most with much release. the metastatic What main and number cytokine we at a we put large study escalation liver to we on combination often were the -- where choice associated forward of with monotherapy, we that study look combination one to of initiate they prophylaxis release have plan the monotherapy

number one. So

very got it with We study the we were we some insight favorable were wasn't that any enrollment So more there. but slow initial MGAXXX combination results from in very saw giving we our the getting a than us anti-PD-X. view,

enoblituzumab historically logical combination there, in with the anti-PD-X gastric responses, the the prone we that in in have margetuximab Fc case quite treatment and value that synergy with of the T cancer, and seems seen we of our therapeutic where instance, anti-PD-X both for us. engineered the terms recognition in cell to Given case, fact margetuximab the can the

the an we in coupled therapy seen that company. encouraging initial that have force very us such portfolio responses with prioritization some And extensive so across decisions, given this have to make combination some we therefore

let's think development. we to take back can forward put come the a at Hope And look going the always primarily combination monotherapy we and a so your essentially we answers just is said there program on that and that hold question.

Christopher Marai

helpful. that thinking guess I speakers] a Yes, follow-up [multiple was

Scott Koenig

-- quite now. as are range let that is middle the right MGCOXX, didn't we we the and along ADC BX-HX make in for Christopher moving well reiterate actually, of our point me And nicely sort as introduce the dose I

[indiscernible] on well. We expect escalation as more next will that or data Again, the have dose we to complete so. year

Christopher Marai

Okay.

of my some combination respect But question. follow-up that CRS You mind made have your prior on toxicity a far you comments study, seen prophylaxis? safety metastatic that you. potentially would with or the just in in you that the anti-PD-X read the given I one new worse. the liver and maybe that’s on on might the that suspect CRS you of combination Thank to And Could make combination intox, the even disease lung comment so got. all to

Scott Koenig

safety Very obviously Excellent good, question. encouraged, looking is limited dataset.

dose to continue patients. will more We

We also in activity going we the we But are certainly where step forward. dosing combination. clinical potentially a will are the in seeing range that dose in explore ups even

encouraged so So of potentially we as some are make I look said, but higher and very decisions now as dose let's forward, take with we'll the this current data doses far. going at a slightly

Christopher Marai

Thank you.

Operator

with from question Evercore. Jonathan Miller next The comes

line now Your open. is

Jonathan Miller

guess Hi, couple the for nice to fire rapid guys. on updates I ones. whole of question this Very bunch a hear. Thanks of congrats quarter. and a taking

on get now, give the For And mentioned or that's details I the fine. have with MGDXXX to possible possible data already ESMO? you say design? that a in have that Do it's FDA is FDA you're see breaker? titles Phase any will you registrational not then -- going on enoblituzumab an to released as you're the the at X the that place try will in I we guess late been not agreement trial, noticed you and half, in going that second

Scott Koenig

is with will provide we registration Jonathan. moving FDA X/X fourth presented forward. the And the and we on that plans begin to XXX, out trial the our design, Thanks, the year. pointed With Phase later I year enrolling the later data agreement With in regard by ESMO. with more that I not be the expect have regard to quarter. will as And said, to as updates yes, this that at the we expectation

can from this to I you tell points are but So, regard very XXX, which many advantage we the with is excited in rapidity that enrolling.

is this seeing juncture, are as noted activity patients multiple the patients and call the excited in anecdotal on so what at but are seeing enrolling far. the program tumor quite in about We’re encouraged by types. this world, their around phases the I treatment, earlier, Early early are we of are we of we lot

Jonathan Miller

margetuximab, then in go related stage SOPHIA that down launch commercialization. there, of options expensive long assets, you’re understand forward OpEx Great. on of R&D, with mentioned and late that the balance? to patients next put reprieve What and cash about with does how to those OpEx year going decisions to can you’re trials making Then little to your making that got bunch expect collaboration what to to should over more different together keep think the we open that I preparations the that guess a bit some you able running reverse? but a mean not the advancing solo a more your you as you’re comment event before is for I and are And cost how for is,

Scott Koenig

Thank questions, that Jonathan. you those for --

I’m that all. questions. we -- didn’t intimating those into with I I intended going if at that you was were -- tap not Let's definitely was solo, though sorry forward

fairly clear you until think understanding several Clearly, at us. engaged forward very partner. obviously with on plans what additional the for by have with we we on it's stages. the from a commercialize are those with stage discussions other are earlier We prospects submit done, is there to I are never But BLA, will coming parties good the very parties also this my is in commercializing time know. the late a expectation opportunity And going interest

capital in use very going preparing commercialization, we’ve of the way that terms forward prepare. diligent but best we’ve been of forward. the with been to going very evaluating are judicious we In in So the vein,

campaign antibodies our affairs So have been to an of we ASCO, chance the monoclonal out awareness building of the if example, field of a looking to And team. as We, at overall, the to describing at had group action cancer. we team slow ways on as launched site, mechanism well access. and we for dedicated understand approaches commercial market and treatment you strategic market again have obviously medical see, is then the

say the get late-stage now too indications, in not would patients identify down. are in and expect starting partner recall to we've expenses the we with trial other I on much offset foremost, ready our to for down, gastric some gastric regard of us. there but submission we’ve many with forward. as advancing judicious on that of they as partners, BLA a so with to margetuximab cancer of unique anticipate that So but regard SOPHIA that opportunity Obviously, -- expenses making in months and spend to go here met we work breast expenses with is not recently they’re a to summary, very to date been authorities going trial, and labs the the over With with the Chinese next a only that also trials winding we obviously and our these plans have cancer, the obviously cancer few

partner commercial for on partnership hope in for expenses things depending the to patients will participate if conducted. others ISTs there develop And a the and so, again China questions? other opportunities they indications bear answers in Obviously, will like for study that your Greater we this I as well. supporting be recruiting

Jonathan Miller

Thank great. very Yes, you much.

Operator

with next comes The from Nochomovitz Citigroup. question Yigal

Your line open. now is

Yigal Nochomovitz

Yes, And planning the to the will trial the for you bit about analysis hi. Thanks question. reach the result? could where a taking XXX OS the are events on point endpoint? we for the or results the share OS be just at more talk ITT for learning SOPHIA you subgroup the the statistical you interim specifically Scott, epithelial

Scott Koenig

where us whole Number know, [Indiscernible] let's analysis provided statistics on well, at we for sequential primary sequential analysis. a look to this -- powering result as had analyze -- instance around We one, This allowed PFS this remember OS. to and you the planned the this three we analysis previously. second study were first a met endpoint we've the the as OS. the of now of analyses that is

time The of of at first one study. the occurred completion in enrollment the

take and events we half can't this indicated, F those where As that this significant, at we around over get And Right come margetuximab very study. the is when to in it event I going that I to-date events, p we This exact the as initial With that regard population will What we and of recorded. given and it are team pointed I well to XXX it median we on the late to give event expect -- is depends you is we were little in trastuzumab favoring event events as early year. OS we timing but soon occur statistically event, well the San to Antonio the the and were prepared not not that the can spent to median seeing XXX of update as particularly very the allele are look, seeing XXX this that on out database is, report year. in. have value frame. while will occurring events, later achieved said, again, out, the My time XXX the is expectation results next likely comes you as XXX now, second have of year. I events say point

interim final with the events, the OS the set events. when the next likely is everyone, to last submitting time in be middle to remind which to is Just the occur year, of sometime XXX BLA but will we

Yigal Nochomovitz

because events, as -- can of the cross with a you the well think power follow-up think could bit Okay. just epithelial the -- from just obviously which go Maybe you Do or and ask believe that little you're epithelial need Thank sixth to better population, of for the you. events just more the separation with you you just become a majority I to you going as threshold significant do subgroup, and the the have -- is that statistically just alone the adding by do subgroup? more by following.

Scott Koenig

that in to answer My is the encouraged response very that the by epithelial population. I'm

mechanism overall to with let F in data the intent treat that But I but we region said, given population XXX the it's itself. speak the the with for events as enriched Given XX%, power possible, year. are could so an have at immunologically, -- far the you, with patients hopefully does the later performing, the we action, will and been this have data encouraged we to of what have very answer how seeing

Yigal Nochomovitz

Okay.

I doses tremendous think switching which MGCXXX. tell in dose guess cohort highest as us over you detail you is able on of have and non-severely sort as the you've the primary. dose you I Scott. to what the now yet, relative well cohort Okay. to the then, what been what question toxic could commented are Iran starting Thanks, don't And -- in

if So color you additional give there. some us could just

Scott Koenig

say, the There in dose The best don't study. toxin can included we give is very starting study I a this were that you were at I remember of I was the to -- middle approximately conjugate. hate and middle or point right a obviously it's cohorts this the in But are -- six right it small exact because the seven dose. in

has performance as the well. it's expected doing and So, been

you any just pointed by and this year So that why expect guiding or that and finish we’ve cohorts. to year rate toxicity of sort early I achieved to we late out having this out somebody me, this that's was with next five today not dose

excuse of six -- of them. instead me, So

Yigal Nochomovitz

for the good have commented asset on regarding right. internalization antibody ratio you as All the the And well it this as rate has? -- how drug

Scott Koenig

we is actually the in uptake get I all to a can or think this specifically of I epitope -- I cells. that pick about internalization. the TAR say enoblituzumab -- different X.X the MGDXXX then had terms the for we So into mean better is

so sufficient like And turning well the it's that of looks you xenograft. quite in pre-clinical out dose many single studies, models, know to in as wipe our out was

date. to So clinically the vitro the again, encouraged very that has generated date obviously pre-clinical data to way, data I'm this as by as performed we've in and well

Yigal Nochomovitz

Thanks. question. final And just one

the I-Mab territories Asian go to to any for as Just curious on could if Zai in opposed Biopharma you Lab? provide you why thoughts enoblituzumab decided with

Scott Koenig

very not their seen program, to program was be not to some we’ve multiple decide in that was would this should an in that that's parties one only we commitment as Zai so the So timelines. this willing at a their this to particular can Obviously table the we us. combination they've you well. interested -- and would that understand for I-Mab Lab program. be excellent components serve of program, what this, are they that saw economic looking partner say good that not commit done to to had job that It I-Mab actually That's at a

Yigal Nochomovitz

so it. All Got Thanks much, Scott. Great. right.

Scott Koenig

Thank you.

Operator

question next Your with Leerink. comes Chang SVB from Jonathan

Your line is now open.

Jonathan Chang

guys. taking for Thanks my Hi, questions.

the for question margetuximab. business development First on front

those the partners are with more see a you that data? earlier of in to stages need potential late mature indicated survival You discussions. perspective timing From

Scott Koenig

Thanks for the question, Jonathan.

So late the for I sort of waiting not sort for additional alluded that is, the on answer they’re stage, parties data. any of to

discussions. shape are of in in We terms good those

stage for earlier discussion additional are there on event. other indicated, data the also in that parties us actually asked I has XXX As

So of parties number very and we a of current but the group, move the used with it's interest we’re the happy to of dataset. forward then mixed sort with

Jonathan Chang

then path And are discussions it. how are re-partner forward? you in you And Got the asset potential currently? to registration thinking about on flotetuzumab,

Scott Koenig

start study. with the So, registration let's

may will historical because have to go And data, of we're cases here. FDA As for preferred duration we this look than response is for at refractory the we at rate of figure Clearly, population response approval about to different in need are arm would therapy. would meeting, that feedback meeting what the molecules. would have Ideally this talking the particularly I for pointed there and have we so least as pointed to terms patients controlled I requirements of we trial, be here a under in FDA study that looking after refractory of to hope in at in that Obviously a control this population not a single arm out, out most that. very be targeted out hard be of the design reached a It what would response the close quarter. rate case obviously be call, and to IH for if out one the study used zero. two was failed you be lines

again, us, argue regulatory territories to point. the with of own. almost sort what that would from With the partner regard still tell never you we this I will will ask But our know we here So the involved interest had in agencies of parties at ethics so I that to be defend. can Servier, difficult that's I thinking while re-partnering, that we

re-partner. obviously reengage these forward we this -- opens to parties now So these move as program for us for the to up opportunities program other and with opportunity

Jonathan Chang

Got you. it. Thank

Operator

from comes question Chattopadhyay Debjit H.C. line of with Wainwright. next Our the

Your now is open. line

Aaron Welch

Welch Aaron This Hi. Debjit. is on for

So question I asset. the MGDXXX LAG-X just a on PD-X had

that seen mentioned gastric. activity beyond So tumor in you had some compelling types you

tell able prior be internal or indications these besides us any would are might other So to what to hurdles into MGDXXX and kind you of what face combinations margetuximab? of expanding

Scott Koenig

But terms in is What objective you where seeing we types to multiple tumor any tumor always the point this stayed are patients the as responses. to -- at population of of against call, you're this or here pointed later early of treated as in tuned treating, Too out disclose with the win are both XXX hurdles? the year. for I drug type particular I As alluded types we in drug. so treating, this size the at of already patients you are

combine in this is of to enoblituzumab of not database and and to populations that's innate performing big certain. obviously, and time. get with and the out Some be meet we've better needs is of the the to on rule are can both the a as that perspective, them, one already applied possibilities should complementary March, the objectives we MacroGenics way to obviously of of we them safety opportunity ADC. from get action never dosing specific number only -- this a think mechanistically as drug understanding periods for future we well we I and [indiscernible] present But with, obviously, we the outlined mechanisms a mean and well the to the itself I at safety And short opportunities community drug, as to of what activity enhance of combine until this an both sizable one with with look of

an In heading anti-PD-X checkpoint. a the is as fact have LAG-X without a protocol, And well on. in combinations that anti-PD-X at the same our the later the possibility, MGCXXX we thing obviously in cohort will goes for

everything on So at at point open least the data to molecule. date this is for is us based to this

Aaron Welch

yet? the schedule and real worked Okay, have a on quick great. been out dosing And Thank you. MGDXXX,

Scott Koenig

call, As cohorts the commented we of right I dosing dosing I the middle on middle in was cohorts, multiple right were the saying and now. on and seven we're MGCXXX, like we’ve in of the

engagement getting we’re range And we appropriate into having so patients. these a of where in be of should nice receptors

for tuned stay So that.

Aaron Welch

you. Thank great. Okay,

Operator

question Lawson with next Peter The comes SunTrust. from

Your line now open. is

Peter Lawson

taking for the questions. Thanks

thinking and partners? Just are factors margetuximab gating for about the partners, what the

Scott Koenig

couple as one, the Peter, pipeline, to their of later many is picture years detailing and margetuximab such what they least call into a here in economics force extensive significant any move pointed and sales in us our pipeline there of that's of on Clearly, number one. cost Well, is else are the at enters was experiences line, next the the commercialization on program, obviously to for is defray what side. the else goal for commitments with then, number programs earlier into these

for and to and feel I would when of that best it team, kind full-fledged that a build to I've we’ve is do As market two products us to alluded sales time that we out sell. a marketing commercial can be

I to second where if would years, third of shape it in with now be good agencies maybe think in the given marketing. so margetuximab development, its makes our even over regulatory pretty a are say for or will we many finish next programs a the couple the in a molecule line I And of add

the So to strategy kind really are where sticking we of them. that's

Peter Lawson

Great. on Servier -- you color is Thank was any to led around flotetuzumab, can just what collaboration? And provide that there you. then what terminating

Scott Koenig

rationale. been a into answering and have full of question that I've frankly I don't the now, insight number times

they Just studies. had to funding which put start recently this were funding had or -- study, not starting obviously in this anticipated as combination We well. was perspective, co-funding they our

the we FDA no commitment with so financially they with shortly, knew bit it little me that the meeting were exit. to program, would very is that And a and to they surprising

So, be again, something we speak would in them. position, I were if it have but can't that to that would done we

Peter Lawson

Great. Really Scott. Thanks, appreciate it.

Scott Koenig

Peter. Thanks,

Operator

Suisse. Morabito comes next Michael The with question Credit from

Your now is open. line

Michael Morabito

be be that year the question feel the see a it for from get when expectations the Hi, on would team. MAHOGANY. Trying accelerated U.S., with patients your had we first result approval? to for registrational the Thanks mix do make taking to of A for trial the What I just multi-part data? module would what finally, from world? in kind questions. the what -- for what a the data And take the rest for would and could from anticipate from of potentially being China of necessary you

Scott Koenig

Michael, thanks so much for the question.

-- that patients in trial, this had response in beating interest are you that XX% of what of to that. front-line that, in over is So started given numbers to would the strong given based about in specifics start the we to and foolish are said activity in we there. standard it with rate beats the we the we setting. with very the regard trial actually be Having and the an second line give haven't we historical on are care the setting OS line on second the And the [indiscernible] seeing

up positive. moving the twice that quarter PD-LX as probably are Now line many patients there setting, are

could We have expectations that this quite quickly. enroll

PD-LX the As the plus that parts. [indiscernible] study, HERX are and patients at, this first we’ve positive. with are XX Michael, you've I'm X% in at we a looked designed two positive sort take One, the sure doing CPS, of look

XX%, a at that rate. that I -- if -- at potentially XX% trying what response superior response in response -- obviously, looking recall, see in [ph] is rate the was least to you are XX% was and as or good that We think Tobo to

to So the on the of anything high which compare line chemo And teens that Tobo was safety great based we are we're front in regimen the patients. XX% treatment, degree that. of in line second of quite mid seeing a in north a the then will to favorably profile clearly

a then better. response is better profile. And good Tobo safety seeing or of combination as So

were certainly So, enrolled that all know, I as by updates, stay get year, you this provide of we trial see will we you next can end I but if the optimistic, start. tuned,

Michael Morabito

of global the breakdown And Okay. patients?

Scott Koenig

Oh, yes, I'm sorry.

met pointed work initiative, Zai get now They’re in A. we will out, now authorities. to is started study. preparing in that break down, the with be module put it they the for So Chinese global B module Right not as this are to participating

could but have Obviously from that So the to at that, discussions. we a will will to see. least would mix, half module to just like A. change again a see for bear tuned. stay China, coming My With with the we to third enrollment is regard further estimates I

we started, get sites and where go. we see the let's up Let's will get

Michael Morabito

one plans for estimated on more you any question Great. first for head do to enoblituzumab. neck lung could based trial? And the just timing that cancer and we data have in enoblituzumab What far? the your is And registrational you’ve data see when advance the so on

Scott Koenig

up. let's quarter, think I sites timing, the So, we'll study start the again, the for fourth the in get

But -- be We participate. are hearing there planning from to of to again, lot I'm multi-national. interest in out investigators a

you too a on give just early timing the to it's So enrollment.

along and well. interested breadth as of to given I'm to forward start as it in we other advance now, they while get and in like this discuss that because move to net like -- that going this clearly this But and depth the well. portfolio indications started other revisit to it beyond our plans and they actually have tumors right We not may fact are them

opportunities start they head would of are and in before neck as that well. even we there other that this So pursue outside indication

Michael Morabito

so Thanks much. Great.

Operator

Michael from Securities. The Schmidt comes next Guggenheim with question

Your line open. is now

Unidentified Analyst

if the cancer, for Yuan board. a Charles questions trial on Thanks Schmidt. the MAHOGANY don't congrats mind. progress the the across on have and gastric Michael in few taking is I you [ph] for questions This

and patient between how bispecific module thinking with historical for the in X from population expression inhibitors portion in PD-X - selecting LAG-X should So melanoma the PD-X trial, Phase are the Squibb but you in potentially are the go checkpoint How of stratifying and some Bristol-Myers patients impact starting the context, you. B eligible and revenue Thank bispecific. and one about in the you LAG you that data only the with might X by further opportunity? likely of MAHOGANY

Michael Morabito

with and regard to efficacy so the we lead with pick patterns, the so vantage XX checkpoint, what gastric seeing we've regard by take With MGAXXX the or PD-X to will been far can say, I'm I it in X one tumors. would yes, from Phase points, one components, that so expression safety will of so LAG-X. encouraged we what the cancer an best very both So only or performs the samples

may as patient going can know seeing are time over temporarily not LAG-X The LAG-X the is get positivity. go to or that, may XX% problem We you when and know you down. about is an can when up a expressed never and

with I that but this that, any be at would expression a will And doubt I so select as on on or level point. LAG-X enrollment lot a patients Having of is challenges. think said monitor, would of based a we based level, we given fought result, select then

Unidentified Analyst

arm? therapies post-trial final experimental post but characterize merger to the out looking arm, will your for in have it. allow of you. One, readout helpful. might the crossover a of that endpoint for and of talks And setting. eligible we at and regimens basket that MAHOGANY the different the also gastric questions had B, patients not Phase rent you the is trastuzumab, X avenue. be looks couple the two, That’s drugs for given module patients Got Thank would other I in coming you that along primary given set it like probably of post portion How a on control that cancer a OS potential OS of impact

Scott Koenig

patients this arm Very opportunities good we’ve be population forward those that no in question. hope one clearly At will monitor will crossover progress. going usual and the But this that preset including at that to specific other to gravitate trial plans patients conditions either we and not by treatments. something experimental for point, that we're can for

Unidentified Analyst

taking for much so questions. Again, you Understood. Thank time. your the thanks for

Scott Koenig

Thanks. you. Thank

Operator

next with comes from Stifel. Sands Ellen The question

open. now is line Your

Ellen Sands

for Ellen is on This Hi. the for questions. Steve Willey. taking Thanks

around potentially having competitive of space HER-X expected some line if get later become this by gated somehow sense you're the wondering updates the year? the margetuximab. later that conversations just I'm will partnering there's of available So you If in

Scott Koenig

Thanks for the question, Ellen. My answer no. is,

I a in the terms pointed approved patients. discussions in As ongoing satisfied are we’ve previously. molecule to treat I of where now out opportunity parties as this no patients third-line pointed out, with late-stage that treatments is enough There's

recognize be are They potential profile others So for opportunity gives I whether TKI to other a also think mechanistically that there and than a think ADCs unique this us compared such partners this to it out the quite checkpoint we that don’t that that the drugs therapy would system, with quite share unique is dramatically not the or -- I least, patients it even is great intact go the with just early-line recognizes. to our move but more immune as other clearly magnitude into molecules in not ability us. a last And benefit up the in potential of with therapeutic population, combine opportunity it program.

people partners think this a opportunity. and is potential I see great

Ellen Sands

candidate still are pursuing lead And CDXXX then so, And based a Thanks. into bispecifics? when see we if Great. the clinic? you might

Scott Koenig

have know. target to down are in made, encouraging Ellen, thank talk the We’ve as you been and dark our we very never that for hall much pipeline pipeline, looking our We’ve types multiple to on preclinical so we about program. across our they’re get talk clinical about molecules XXX combination question. multiple you

the publicly PD-LX. other We presented We with CDXXX tiered studies that x have early tumor with models. preclinical data had

as orderly look Our CDXXX was good well. HER-X,

the are very molecule in tuned regard so guidance moving forward The with for with next our toxicology we [indiscernible], I now. right to couple tuned clinic that. studies encouraged. Stay partner say stay is of clinic. that a the on So for we’ve would these in entering ImmunoGen,

Ellen Sands

Thanks Great. the for taking question.

Operator

Dr. question-and-answer now concludes back Koenig will call I turn the for This closing remarks. session. the to

Scott Koenig

operator. look in months to our just forward that coming today let know Have continuing would on I afternoon and to good we for like you, and advance this to thank the everyone day. updates Thank a joining you progress us our providing progress.

Operator

disconnect. Everyone day. have conference. This for Ladies you and now thank may your great program you participation today's concludes a and the gentlemen, in

MacroGenics (MGNX) 1 Aug 192019 Q2 Earnings call transcript