MGNX - Earnings call transcript Q4 2020

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Operator

Good afternoon.

We will begin the MacroGenics 2020 Fourth Quarter and Full Year 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 Jim Karrels, Senior Vice President and Chief Financial Officer of MacroGenics.

Jim Karrels

Thank you. to full call operational year welcome fourth discuss results. and and quarter XXXX afternoon, MacroGenics' to conference our Good financial and

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

is may XX statements may constitute completed. discussion Safe the including indicated after provisions reports it under will those Factors where also filed with the our as on Reform website hours by quarterly Private these to of SEC. like our forward-looking Act listen You would company's in prospects for will current two result archived I discussed Harbor this expectations, section days factors, for materially alert Actual webcast the important today's that differ of approximately of various conference annual, and statements statements plans from call about call Litigation purposes via that Risk future results beginning be the forward-looking a those listeners Securities of the include the XXXX. and

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

of While to law. by the the Chief Dr. turn if we our required change I'd at future, may views over obligation Officer extent statements elect do now, President in to applicable even so, Scott update to like and we point call any some these forward-looking Executive to specifically disclaim And except Koenig, to MacroGenics. the

Scott Koenig

to afternoon, our will and who welcome let will our year. But to I clinical results provide first do call webcast everyone financial review key I'd today. Jim. conference you, back the from the Thank call turn participating me for before Jim so, programs. highlights like I This via

Jim Karrels

as well This XXXX, highlight progress. as year the position, Scott. our ended our financial reported afternoon, which you, December XX, financial recent Thank MacroGenics results for

December in was our million this year XX, MacroGenics XXXX. release December compared ended total and million million collaborative primarily from for reflected included afternoon, million agreements revenue, in $XX the in as $XXX.X XXXX, described quarter ended a recognized consisting the which quarter from cash during December balance XX, $XX was $XX.X Incyte ended XX, As for to Janssen the of it upfront XX, received from revenue sheet milestones fourth Revenue our was payment on December our early XXXX. XXXX XXXX, not

year December for million development consulting was XXXX, December to ended external XXXX, compared a including and the $XXX.X December for General December compared $XX.X ended year million decrease primarily due research fees. the ended of decrease This expenses and the $XXX.X XX, for were $XXX.X year XXXX. XX, in the Our year expenses to ended to for million ended December net XXXX. $XXX.X for the compared the MacroGenics year to costs, net million loss year a was December XX, for XX, XX, million million XXXX, ended were XX, XXXX. administrative $XX.X loss

at reflected cash disclosed compared from upfront marketable $XX equivalents $XXX.X as and cash million from was not balance end. to as Janssen, XXXX XX, our as million, well cash, in the million year million December Our of securities the December Again, XXXX. was as Incyte milestone recently XX, $XXX.X balance of $XX

meeting an July clinical prevention in year, about in X, date target the Earlier tentatively the for mention BLA committee advisory cash Bio our action set at Finally, risk type their The this acceptance May. or Provention FDA’s of runway. Teplizumab delay things individuals. diabetes X few let PDUFA a me for announced is with of

well to receive as developed if royalties approved, milestone, You sales. as MacroGenics on XXXX in earlier $XX Teplizumab sold recall entitled and and had is that million we a

securities For cash cash over equivalents previously cash should enable payments, into to company's the no milestones our currently as we combined and December cash, necessary that XX, and With back there I'll typically operations guidance anticipate with is now XXXX, disclosed potential and that assuming have of to collaborations anticipated marketable programs control fund budgeting And us adjustment contemplated. such as we listeners, collaboration them. advance call purposes, background, our to and Scott. no as discount XXXX our remind we the turn to

Scott Koenig

was Antonio, if a as San well our at Still, we presentation not the the XXXX various equally, Thank about ASCO, year as end with you, our are more as an ESMO, including MacroGenics most approval AACR, of portfolio excited datasets XXXX. for prospects oncology and the conferences big ASH, across MARGENZA holiday in Jim. of SITC, year major of gift.

of from and time of or me Tebotelimab, are many Retifanlimab. dates next and use registrational particularly to in cancer. in to you we our walk MGDXXX. related eagerly margetuximab through know gastric data portfolio excited in July action PDUFA from the We multiple is molecules. data MGCXXX, potentially including including Teplizumab or enabling phase addition And await that clinical multiple With an studies you expansion about two to the ongoing this of and AML target registration Flotetuzumab finally, this studies eight dose updates And clinical let on proof-of-concept backdrop,

are of have sciences chemotherapy prior their the margetuximab. least First, let leverage life who for which anticipated launch in services global we EVERSANA. one update MARGENZA. me anti-HERX December, or at metastatic of of cancer launch commercial pioneer our metastatic the with with more In breast to combination to and with intend efficiently USFDA The commercial services coordinated provide to industry the disease. was is integrated treatment MARGENZA received March patients next-generation for two approved regimens, HERX-positive on They being an partner, adult commercial a

fund cash have broader working align distribute providers maintaining with to our access strategy We while to fully educate runway closely patient healthcare and commercialization been margetuximab, product, to our EVERSANA portfolio. ensure to MacroGenics

that is of subject the partner ability a XXX% expectations briefly that at mentioned sales termination cumulative marketing, affording agreement is activities full will including realities capped all in of cancer patient approved including by disclosed commercialization access, market access-related five market with support other their we guidance expenses the analytics, we November, and be MacroGenics date payments the us margetuximab place manufacturing, equally funding predefined future. positive multiple right MARGENZA As MARGENZA have taken will of will the we share market and and sales, EVERSANA’s utilize book MacroGenics maintain commercialization capabilities these hold potentially of following for development the earn service will in approvals, until fees. medical co-exclusive a margetuximab the and which regulatory, we provisions has expenses. EVERSANA data services. The EVERSANA new off product. for we will breast terms FDA oncologists. term for Therefore, services, management affairs, under sales. approval margetuximab sales given to channel HERX years the in future and co-funding on of in to modest to EVERSANA’s to EVERSANA, revenue which responsibilities rotations. ownership providing our agreement internal I will uptake share EVERSANA exchange conduct is have of a competitive have and great In sense the better

study the Phase accrual Finally, of rate approval, with supported X take in OS the in breast half cancer, analysis we ongoing cancer metastatic overall to margetuximab XXXX. the that survival anticipate SOPHIA the in that now regard breast on second current the FDA events will final based place of

OS the occurs OS reminder, the the a XXXth of final upon event. analysis accrual As

combination early of in margetuximab. margetuximab positive tumors enrollment Enrollment Module the standard and MacroGenics HERX of of patients Beyond data compared gastroesophageal checkpoint of A breast regional retifanlimab, of a conference of irrespective patients a and as an or two with of B, partner to a Zai cancer, in inhibitor gastric the with We’ve XXXX. consists with chemotherapy combination either we scientific potential cancer. metastatic plus X/X throughout chemotherapy, to care without in evaluating are investigational subset or with half is which on an anticipate currently anti-PDXantibody patients as of cancer. evaluating initial A, advanced junction junction trial HERX combination This cohort data for expression continue the with patients with at checkpoint in or therapy XXXX. positive molecules study ongoing MAHOGANY in who investigational chemotherapy We inhibitor the and were China a of in is is designed two first Module evaluate modules with safety in Lab. sharing of in with submitted first-line gastroesophageal expected evaluable half treated a margetuximab treatment PDLX advanced trastuzumab our Module in first B Greater in for coordination presentation XXXX Module efficacy of gastric agent the to Phase patients with margetuximab in

× Annual these included in molecule. DART me XX CRCRH discuss in Highlights failure with the of let At data cell flotetuzumab December, achieving X with was common early remission in on reached adverse of investigational as of grade to event events Next, primary median a only total flotetuzumab, hematopoietic single cutoff. the XX% X a bispecific based relapse the CDXXX patients the November most moderate CDX complete XX, ASH transplantation inductions presentations. ongoing a the consolidation responders or X The stem had rate a presentations including data AML received we allogeneic events reported. several remission CRS XXXX of Conference durable study. therapy of XX with our Eight or not treatment-related as grade population mild

expansion. duocarmycin data We to cell AML clinical are dose conjugate safety in enroll of XXXX, deliver a next express recommended and kilogram the evaluate ASCO providing to designed as payload antibody-drug very DNA the enrollment in flotetuzumab cancer, activity that dose X of XXXX. with of the with and we second expansion cells to MGCXXX, alkylating metastatic X this year anticipate castration-resistant to the development In cytotoxic encouraged XXX of registrational Phase Post per completing milligrams discuss to November, the half further negative study up AML. for refractory portion the and selected initiated BX-HX. investigational cancer enrollment flotetuzumab in we continue of patients I’ll study. in initial patients triple cancer, clinical by single-arm breast clinical prostate the non-small full lung updates and our We on study this

MGCXXX highest per update patients and mg an the from of dosed kg at execution it study on focused expect who highly level. dose on results were provide escalation to mid-year are including X We the

to mid-year submitted abstract have on placeholder available data. We conferences a based

molecule, like tebotelimab, would DART known our MGDXXX. previously I PD-X bispecific Next, as LAG-X x to investigational turn to

with combination several as At margetuximab. study with this of diffuse updated with from X B-cell in well the enrolled, Phase HERX December We are ongoing positive data in cell in ASH, evaluating XXXX, neoplasm. advanced X whom was presented relapsed XXXX, tumor tebotelimab margetuximab patients as dose large study, experienced. Meeting tebotelimab, combination and of lymphoma. expansion refractory In data in SITC as study Phase At CAR-T therapy dose ongoing November study in patients tebotelimab both a expansion presented from a types, DLBCL monotherapy was half were in XX patients were our the in study

Tebotelimab of As XX.X%, XXXX, manageable of patients, ORR patients XX XX date, the syndrome. the in were observed pretreated and latter preliminary and X evidence was evaluable of had there cutoff both generally patients with tumor cell October heavily response of of complete naïve X responses well-tolerated X patients experienced infusion-related no DLBCL X among responses. in reactions cell XX, refractory CAR-T X of of lysis whom including relapsed CAR-T patients. was The

multiple in and We study development Mainland we our future I licensed and XXXX, including monotherapy to Zai November in the both should plans. tebotelimab margetuximab with Kong, and combination monotherapy expect Tebotelimab Macau currently Tebotelimab. Taiwan. right combination Zai of has in XXXX provide updates that studies to on develop China, commercialize and Hong note Labs study ongoing

initiate carcinoma another Speaking cell coming next tell I PD-LX expect Enoblituzumab, to this engineered study antibody. chemo negative of the neck which our retifanlimab Tebotelimab who are regimen squamous positive. are combining weeks, molecule to combination a in Tebotelimab, about in or like with a study we BX‐HX In and a for of PD-LX of patients you with investigational in the head with targets patients of who free frontline either Fc

reported Recall discuss and in of bispecific next data targets September, that presentation. CTLAX. ESMO me was dose Congress via the molecule our Phase X escalation at our Let PDX from MGDXXX, checkpoint DART Virtual oral study MGDXXX that investigational

patients microsatellite the and the have X We colorectal cancer cell stable Phase lung naïve per X expanded kg. study checkpoint initially with mg cancer non-small dose in of recommended at

on update in clinical a provide this to mid-XXXX. expect We study

anti-PDX investigational the turn that as to next me Let Incyte antibody INCMGAXXXX. we retifanlimab, licensed to

or a According last patients advisory meeting BLA for cell the for on anal are with review have as the priority canal the potential for action who of for As of accepted Incyte’s squamous statement, the review locally in retifanlimab tolerance with retifanlimab XXXX month, progressed date XX, target advanced likely PDUFA announced FDA treatment has who FDA adult a metastatic July to is or as platinum-based chemotherapy. process. part of a carcinoma Incyte’s

stated to development retifanlimab Incyte addition has enabling carcinoma MSI-high it’s cancer, studies with monotherapy and anal cancer, and in pursuing In as potentially Merkel patients of cancer. lung registration endometrial cell

in have regulatory achieved the that in oncology in under eligible in leading from study under be collaboration to IMGCXXX ADAMX, Phase would early our assets other advanced with million molecule portfolio. anticipated XXXX on expansion which including being we evaluating ImmunoGen end with $XXX move collaboration, Under future agreement And investigational with are total are co-development in indicated remind they XX% and $XX listeners expect in X is commercial to sales receive ImmunoGen. of up worldwide their by combination the with milestones. to-date potential addition, and data eligible will molecule. immune and cohorts milestones second approved our escalation initial XX/XX $XXX clinical receive XXXX the Incyte, to agreement targets the million and royalties dose million our ADC of they XX% XXXX. have complete development to In $XX finally, of I to to If is a net MacroGenics of up development is quarter tiered commercialized, remaining in million fourth retifanlimab potential milestones they the or to and and

for would XXXX our productive expect and open earlier, to in We of was happy to XXXX, mentioned the now product advance and candidates. innovative pipeline be Operator? we a questions. continue call build I year As to momentum

Operator

comes Our Instructions] [Operator question first Seigerman with Credit Evan from Suisse.

Your line is open.

Evan Seigerman

for all last forward so guys. looking much taking the I on year Hey question. Congrats am year. this you Thank and the progress to

did those you if to approval? some in see gastric be you So, And to us of this you what see the can just A wanted remind from And patients and MARGENZA, the on from a to on sufficient data data what sort A, submit meeting for potentially would from you this year? Module the that the trial Module overall? accelerated half of prompted in

Scott Koenig

much very you, Thank Evan.

Okay, nice comments.

the some first of of So, patients which have been we’ve quite patients XX Module achieved enrollment A of these enrolled part was recently.

a able been have number patients. at follow-up We to least two of on significant scans those

it to would And so, that on results. begin we be valuable the report felt to

the put into in be and a will you accepted, of and we’ve cut provide likely of the on so, the ASCO insights And update study. we if results at to it’s a placeholder data spring able later an the provide the abstract

in In observation accepted what’s patients data were chemotherapy chemotherapy safety As conducted that in dramatically a frontline that patients was response study second perspective, we you a study, adverse These data. of saw to where objective There is this Also frontline on treated was a that, second-line treatment set both cases benefit TOGA. in give was X recall, setting. based our both events grade nice cancer. of better the study setting survival of is of patients overall of care superior standard with the and they XX%. in the gastric XX% responses we particularly study. rate historical the in where call are which first-line, was – setting population anti-PDX we With you in overall patients by basis and therapies post by with treated of first-line notable in the the interest in and for to very setting was margetuximab second-line the

we that, response greater with So, a obviously to like see overall XX%. rate at baseline would than

goal internal not have encouraged been of seen the but far which we’ve data We have disclosed we’ve today. so that we set quite obviously by publicly,

Evan Seigerman

you. Thank Great.

Operator

you. Thank

with Chang SVB comes question from next Our Jonathan Leerink.

line Your open. is

David Ruch

is David Ruch progress taking year. questions for congrats and our on guys. the Jonathan. for Hi Thanks This all on last

of XXXX do is, And terms prostate that from to the many expectation in cancer expansion regard just MGCXXX the different could evaluable then many in evaluable? resist you could expect data for First question updated how with patients how be the cohorts? you help cohort, patients

Scott Koenig

question. much David, for very the thanks

and that As goal kg set forward for the Conference dose dosing expansion that negative non-small go-forward months study. you enrolling of several ASCO the drug know, after patient of October prostate decided X have XX was we in and prostate the with took and November triple We patients want we on it take We have studies the cell of cancer advanced cohorts. that. we amendments evaluation and per XX achieve these protocols XX a in to in additional for obviously analysis of patients patients various mg That reached the to lung in We a MGCXXX. safety, submit the castration-resistant in was expansion first based cancer. enrolled pharmacokinetics and cancer, breast to with in the

things Christmas, are ramp During the and nice of patients. now beginning at slowed enrollment down year, a now, the we on of of

maybe upgraded So patients expect to possible. of enrolling given on of patients do we as willing in at able time. patients the the are treatment more are enrollment that likely very we patients, dose that don’t mid-year. patients in kg at as like and initial expect prostate we the year. remarks, that we much be on study the data large previous to escalation at by follow-up to our seeing will still the that per be mg other my will as objectives even to this we this X would this Based short later in include to current noted But provide, these breast, provide cell to in several but meet in and as time, we With well, XX regard data mid-year even non-small cancer, period obviously, lung, numbers negative XX the triple under

And well various provide obviously, will scans at patients occurs as particularly as in haven’t the regard again, available some as to for the in I the we until patients meeting. in will only analysis more will the With data at we in are in time disease year, spring. cut And of this be number additional able in There in evaluation measurable and clearly prostate that this come as measurable of we won’t who much patients. even allow and of can set is that so, update provide But data protocol at point the disease. have patients, we resist disease, bone terms what both the date coming later prostate as enrolled, are the at no patients specifics do a organs. to PSA, with

David Ruch

have Got looking late and some any it. that cancer that given And from you. then, expansion, do patient line Thanks. That’s will encouraging this be durability for patients And you other prostate you of what population? metrics to might just are duration of PSA be dose think the kind helpful. patients, response there in escalation you asses? Thank

Scott Koenig

in relatively Thank one a obviously, standard may from of in order care, of you. maybe time to PSA slightly at if two quite is sees which certain be of look XX% reduction you of length the other months historical cases. longer three data short the and level And the

this continue that bar what’s of of are have predict are that, future. and treated little the for the of so the hopefully to Obviously, give that effects from the even can’t in you response One to well. perspective length six happen the want to going the far, clearly, duration look patients is seem on longer. thing to we in we months able drug clear patients if observed we So the we

identify lead interval we is obviously of lesion. is objective here prolonged goal ideal, responses. With responses hope monitoring that for in can the to will that obviously drug then the MGCXXX. of with not dose the that the we dosing regard most the the drug, treatment but and the the And to cases, those are other metastatic exposure So populations only to to have the select

order So will line survival, ultimately year. patients on in more then modest look and than of of our evidence PFS overall a at we quite is obviously the radiographic these late given survival goal is

Operator

Thank you.

Our next Evercore. from Raffat with question comes Umer

Your line open. is

Bo Chen

and markers that you what PDX you have includes getting bispecific us And could you some Thank panel? Hi, about you. other some is for LAG-X see Could measuring that you commercial LAG-X John. you are give specific This Thanks. that Umer adoption? that us for how biomarker that remind do is using Scott. and And talked how are before. and and you the Bo the panel

Scott Koenig

you, internal and developed presented we Thank on great we have IC Bo was based the data question. own antibodies. that our year The that data last with

collaboration other we large seeing respect as with with We with also with markers. level treated patients of associated and some we fairly responsiveness the and NanoString activation a looked monotherapy analyzed associated that are data immune noted transcript to with NanoString group interferon at in gamma genes genes. previously, And correlation immune in some we of the nice very

HERX LAG-Xwill which we specifically on these But a forward, to combination employed of with future monotherapy measurement would value, studies patients on be or the be of today around have biomarkers next patients. patients. are with late analysis and for steps suggests line our not ones in tumors, regard data DLBCL of some study at tumor solid provide will going I margetuximab additional an we studies. mid-year that the in in a particularly solid treatment minimum, announced expanded update, either forward probably Going in say ongoing will one

Bo Chen

much. Thank you very

Operator

Thank you.

Our Citi. Nochomovitz next Yigal with from question comes

line open. is Your

Unidentified Analyst

[Ph] is on Yigal. this Parley Thanks question. the for much for so Hi, taking

data A Module follow-up initial that just prior on the question on First, have. to MAHOGANY a

that the Would and how to to you referring patients? for approval? be? threshold were next patients what you potential FDA that you need additional you accelerated would to enroll so, Or of ORR, to on if the sort many back plan discuss go would meet Assuming internal steps to

Scott Koenig

the question. Thank you, Parley for

to of the the with is, regard the the what a study if analysis do the of enrollment we patients. would continuation be Module of meet criteria discussion and continue FDA we had data already This with next for A. the would have So, as

will number specifically have although is that publicly. We have modest what we defined not

We Asia time sites in which ourselves Module in have Lab can Europe now we expected with and will is B initiated the we sharing are the patients at up Zai analysis of the contribution part important there this within support A. components of Module that A. for B, It’s opportunities are look Module the this the to to at Module study have of which also note to recruit

I successful So, – a we approval. enrollments that think the quickly submission to criteria fairly all have until, should if go that could are will good to data FDA set, the hopefully for of meet accelerated and we a support set

Unidentified Analyst

That’s And Module from Great. able data comment we you Okay. B? helpful. should expect on when to really are initial

Scott Koenig

we in Yes. still are early throws enrollment Right there. the now, of

Lab is Zai now. main said, enroller I the As right

now We completed. of in assuming be But projections will criteria. when later right on I that of would timing turn give that this we terms can’t year the a again you study particular met

Unidentified Analyst

Understood. taking the Okay. Thanks No questions. problem. for

Operator

Thank you.

Our next Guggenheim. question with comes from Etzer Darout

is line open. Your

Unidentified Analyst

Hi. This Thanks Paul on for is questions. for our taking Etzer.

aiming plans combinations study mentioned Meeting? later something if could Or that out And around for some updates this tebotelimab year. clinical For setting you explore for wondering in to DLBCL? also, are the near-term? of sort year’s any tebo DLBCL, ASH your Could more with be in this seek you you

Scott Koenig

and data is tebo second that some question, probably the was to of DLBCL the possibility a So, with regard least next submission terms to update I at we’d with now plan what? on update our of ASH, in update, on will conference include before a to outside but the potentially probably this an ASH. also the we missed provide

Unidentified Analyst

yes. explore to plans Combination, combinations,

Scott Koenig

Yes.

to excited of in may neck you two is frontline heard cancer. particularly the This we right or various have our study has checkpoints week year others. patients literally of head Again, very a presented engineering molecules that with including next in earlier, the and that are those both Fc PD-LX, in plus start as the PD-LX the combination - recall and upregulate negative have incorporated with study. as tebo marg, we with ability the this So, enoblituzumab in early LAG-X we tebotelimab

we is, And effect neck that, will combining a get to head so, better execute the study, with when again, tebo hope that activation in we therapeutic advantage enoblituzumab. then and is of property our this of take

Unidentified Analyst

Got it. just there? your I how and That’s wondering us aiming sort little of sort kind for one then, of half you with program give flotetuzumab if on that color more, and the differs was MGDXXX a Thanks. bit life helpful. of could regimen from And what you are more dosing longer

Scott Koenig

Well, thank you.

If for time to maximum target associated the excited treatment. mutations mitigate PDX we the of but meetings, DART effect, target generation presentations some scientific redirected mechanisms. screening of of allow a lot some molecule back offer the combines at of our to with mechanism our spent in We very a you go exploring had particular about cytokine of are that of our killing various sort prospects would killing could leads slightly the properties the CDX, based so of next technology that

has the will that flotetuzumab, is with come variable allow the that CDX in first incorporated the exact in incorporated paradigm one hopefully these have improved We in molecules properties. which but low that’s and MGDXXX, CDXXX – clinic domain go same into that multiple for slightly will

Of course, life of the the Fc we’ve and opportunity also added extend to an domain is molecule. here this so, half

be CMAX this if it Right for it based this patient preclinical is as and safety potentially consolidation is an indications therapy, We those on into sense expanding will start into use myelodysplastic add-on. – flotetuzumab, will So on should the including We data relative see of this flotetuzumab syndrome a remission malignancies. other viewed the to and once now, using prospects well, goes beneficial are later with the not year. achieve and our be a we maintenance intermittently. in study well a to and most goes all as replacement as given able with this other drug as

very So are we excited to in be this.

to first several be the redirecting next-generation different molecules. expect CDX We of

Operator

you. Thank

next Morgan with David Lebowitz from question Our Stanley. comes

open. is line Your

David Lebowitz

retifanlimab? Could taking opportunity you very question. my for Thank you much for characterize the

Scott Koenig

David. you, thank So,

now know, very both there perspective are Incyte look retifanlimab. as molecule over of very we is, is and small of monotherapy many great intolerance patients you using the therapy say, indication I is both fairly many is retifanlimab. about to a that in niche and large believe ongoing activity from progress are which pursuing mid-term regard I pursued clinical in as first this after this I or a there in As With PDUFA studies would with plasma being a that rapidly for that the for now anal at XX date, anti-PDX need and opportunity, opportunity, the progress a of excited cancer many, tumor combination. these therapy. indications studies good patients

So, hopeful be a other that conducted as the to in market. molecule that the is the are will with – I registration by them. first multiple first noted But get are indication there earlier, being that we will this directed molecule studies

period So opportunity time. expand to probably of the there on a is short in relatively indications,

got Incyte. For opportunity of last literally milestone as for we’ve few today, also the us, $XX the it’s it’s a months, noted very payment additional call important revenue from on we’ve in generation

as is well. milestone expect certainly, be approved, significant to that will if a and accompanying come more We the drug

David Lebowitz

with So, first will be the there expected an approval? milestone

Scott Koenig

tell are expected we not you milestone significant are given for the – But that of magnitude of us. drug, be an There we with first enabled would to able not to be The be – could approval the approval. that.

David Lebowitz

you milestone be to than Would reasonable the just it received? expect it will larger be

Scott Koenig

to I am as XX% are for then specifics on quite would considerable. clinical are royalty But future to that’s that commercial up that other there are tiered that both going XX%. it’s note make and and also milestones as well I and regulatory, further milestones rates not the here. sizable comment

David Lebowitz

Okay. for questions. my Thank you taking

Operator

Thank you.

Our Lawson question Peter comes with from next Barclays.

open. is line Your

Mitchell Kapoor

questions. for Hi our taking good Thanks Peter. on Mitchell This morning. for

about how in For the MGCXXX, do cancer, designs broad what you a prostate could given line? think positioning it’s and like down pivotal the look landscape

Scott Koenig

that Thanks, Mitchell for question.

As analyzing late-state are out you started who know, patients. we very patients

least therapy a many now, indication one who in castration have is patients as prostate resistant Right six our study, the As in of agent many in dose agent. of you have progressed AR these current as chemotherapeutic at know pursuit been patients on escalation previously. our and lines

So, Certainly, the up as cabazitaxel study, prostate the results is moving in I could in is chemotherapeutic With study. we think treatment nice as a the the a were of cancer. agent. drug to Current early well. entry this regard second be current line first out into approved registration

I head-to-head could a cabazitaxel would next so, of regard we registration regulatory that. MGCXXX our to as agencies Obviously, with steps study with to for And envision have the to go study.

Let me revisit that.

Mitchell Kapoor

dataset look It’s flotetuzumab, and great. on update size what half very then with of of helpful. the second the is That’s could like? update, what scope and the next kind And that

Scott Koenig

for again that thanks question. Well,

know, primary population. this you registration the were induction flotetuzumab As in arm for study failure, single we in early relapse

of We enrollment. looks are in patient had rolling that the at opened of data development We into study currently. of various various this the study as times

– of least by but that. early project of now, can’t analysis are the we I now right What data, of first we end the year. now, But some targeting right of a enrolling, patients of give So, to time is at you right the that numbers the ASH. will it’s look too the by at projection are this achieve

Mitchell Kapoor

Scott. much, very you Thank

Operator

from Instructions] comes you. Peaker question Our [Operator with next Boris Cowen. Thank

Your line is open.

Unidentified Analyst

A Hi. are Sruthi the kind for in for This on the on they cohorts expect colorectal at the questions. we taking MGDXXX. we me between and and pretty moment for cohorts one from mid-XXXX? And Boris. cancer our Congrats and in similar thanks data those of progress lung Should should [Ph] is data for both XXXX what quick all expect?

Scott Koenig

questions. for those so Thanks much

PDX rolling cohort. our that in – on close the pretty XXX – colorectal the is CTLAX have of enrollment we So, to molecule,

We that’s U.S. in enrollment we know, given patients. because cancer approved we lung have to want patients. go recruit anti-PDXnaive into are begin ex-U.S. cell And as that, Those checkpoint starting cohort, are you go up. sites the to it the on just to non-small the the of

on to further are enroll the We beginning study. to

some will be cohorts would regards it’s yet. study, likely, specific we chosen the to talk updates provide we I be will But well. scientific able update to aiming this colorectal say So, be one providing the Also, forum, about that be With haven’t an the additional year. during the course would will we to we this of likely as most we able that, year, study. for to it’s

Unidentified Analyst

questions. Thank our All for taking right. you

Operator

the showing no Dr. turn remarks. questions to I further would now call back Thank am to you. like and for time. at closing this Koenig over currently I Scott

Scott Koenig

in launch And forward our all various beginning of you and Thank on and look Have call day. today. our for you the our you, great participating to operator, thank a we update programs of MARGENZA.

Operator

Ladies participating. and gentlemen, you for this concludes today's conference call. Thank

disconnect. now may You

MacroGenics (MGNX) 26 Feb 212020 Q4 Earnings call transcript