Earnings call transcript Q2 2023

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Operator

Good afternoon.

We will begin the MacroGenics 2023 Second Quarter Corporate Progress and Financial Results Conference Call in just a moment. All participants are in a 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, Chief Financial Officer of MacroGenics.

Jim Karrels

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

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

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

listeners alert the Private to Safe like today's plans, discussion prospects XXXX. about would I under forward-looking Securities the statements include that Act of purposes company's and the will Reform Harbor provision of expectations, future Litigation statements that constitute for

as in of those reports a factors, including Actual and Risk annual, SEC. the important result indicated may results materially statements from various discussed differ section with the current those quarterly of Factors filed our forward-looking by these

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

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

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

Scott Koenig

This Jim. you, will I afternoon, provide today. conference I'd clinical key webcast programs. Thank like on and to via welcome participating call updates our everyone

first let do review I before call me financial so, the our Jim, back But will turn to results. who

Jim Karrels

our financial ended financial for quarter highlight XX, afternoon, June XXXX, reported MacroGenics Thank which This results you, Scott. position. the

ended revenue XX, million afternoon, June million MacroGenics' the of XXXX, XXXX. quarter for our compared release the revenue total As total this was described XX, for ended $XX to $XX.X June quarter in

of Revenue XX, the $X.X $X.X quarter XXXX, net net and revenue June ended compared MARGENZA for June recognition XXXX. million quarter million of million sales included for of ended contract $X.X in to manufacturing XX, the sales

expenses ended drug were compared to development related quarter increased clinical antibody molecules partially and to or quarter lorigerlimab to June decrease research XX, for $XX.X conjugate to costs XX, decreased the studies, and was due June discontinued ended The vobra $XX.X preclinical related Our the expenses million offset by to ADC duo. XXXX. for increased and related XXXX, million primarily expenses

Our selling, general, XX, were June million the XXXX ended $XX.X and and XXXX. administrative each for expenses quarters of

approximately a of notice other on $XXX You'll million income as our income component statement.

from moment interest pursuant they TZIELD $XXX future a net Let Acquisitions take DRI, to the ASC guidelines March royalties." Healthcare FASB's XXX related "Liability million me proceeds GAAP the to received in recorded of DRI Under sales sale LP, as our or and XXXX, to we of royalty global to explain. on

XX, as involvement the XXXX, the of under ASC obviating method. was Bio a This to royalty obligations effective in from resulted to using a modification rate Prevention liability was the the of be over XXX. arrangement which interest arrangement, the change the This need subsequently the TZIELD DRI. both MacroGenics payments in evaluated in DRI provisions the April interest royalty and acquired transfer for of to term amortized Sanofi and milestone

Accordingly, the recognized for XX, quarter statements ended a $XXX our on component financial XXXX. we of other million income approximately June as

ended of for compared million loss income the for XX, Our net a million June $XX.X net June was $XX.X XXXX, quarter ended XX, to XXXX. quarter the

XX, marketable $XXX.X of balance securities was cash to June December XX, million XXXX. XXXX, as cash, equivalents compared as and of Our million $XXX.X

include XXXX a XX, Our milestone did from subsequently not as of $XX June Sanofi payment million earned. balance cash

of patients TZIELD with beta endpoint, its PROTECT diabetes, to demonstrated Stage or placebo-controlled having met in Payment study primary of XX this announcement pursuant teplizumab X X the milestone was July diagnosed preservation Sanofi's newly investigating type cell triggered function. that

XXXX in March sold originally XXXX. of the and Sanofi This DRI. agreement DRI subsidiary which milestone by of MacroGenics was were a royalty part and April payment to between of interest obligations The milestone

finally, marketable terms And our balance in our million. that and securities equivalents of $XXX.X of cash anticipate cash, cash runway, we

the future million As June our to XXXX. addition cash XXXX, earned milestone partners subsequently extend XX, from product and projected payments runway should in $XX of revenues into and anticipated

Our lorigerlimab ongoing. requirements metastatic anticipated other our TAMARACK and to trial, preclinical reflect cancer funding in prostate castration-resistant the study well X related as as X studies currently clinical expenditures expected the Phase clinical Phase of

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

Scott Koenig

Thank Jim. you,

believe continue great well for programs. our has about programs promise as to of you as plans and each will momentarily tell pipeline you clinical candidates our product We key our through of I proprietary walk upcoming

But development efforts before year, capital. of business generated achievement, quickly milestone do our remind $XXX that, I'll that as past you million through non-dilutive have the I as we well over

in lorigerlimab, immune DNA-alkylating BX-HX. duo expressing regulation. is tumors cytotoxic duocarmazine or our is vobra involved BX-HX molecules designed to of member ADC to deliver payload of the family duocarmazine BX a

broad metastatic protocol designed antigen's Vobra across cancer quarter. under types. X We second was TAMARACK during prostate enrolling duo expression the vobra modified castration-resistant tumor patients this advantage of in solid a take with to of began duo Phase the multiple study study

X in proceeding recall and this provide we enroll a the or mg/kg patients nicely. of made XXX the We two treatment that for modification weeks may every across with mCRPC of XXXX. enrollment to update alarms X.X changing and in You mg/kg has majority four hope experiment a clinical the address landscape patients been to XXXX

infastrating TILs, designed the tumor bispecific update preferential We on lipocytes cells, have microenvironment. x tetravalent expressing PD-X I'll molecule. lorigerlimab, are you on DART dual or in as PD-X, which abundant CTLA-X Next, CTLA-X blockade lorigerlimab most to our such tumor

results ASCO that XXXX. presented a in lorigerlimab in study recall with solid a advanced the February clinical Symposium tumors Urinary we single-arm of patients from session encouraging preliminary dose poster at may Cancer You in expansion General

chemotherapy the alone the and we on of X weeks. versus of second-line naive in commence presented, patients docetaxel the Based randomized in strength lorigerlimab in Phase study to data with a enrollment plan mCRPC mCRPC of combination docetaxel coming

X:X to the current design in planned The points the study patients of XXX survival. randomized treated progression-free study be includes primary radiographic of end study. total A are

dose Phase study solid the melanoma. duo in cancer, including cancer, enroll X anticipate We pancreatic we ovarian and combination expansion in year-end commencing by portion the hepatocellular addition, tumors, advanced Vobra patients carcinoma, lorigerlimab escalation In with mCRPC carcinoma, renal with XXXX. patients dose cell study continue the of to of in

Next is while dosing half-life. permitting MGD-XXX a molecule up, incorporates and CDX DART that syndrome through cytokine activity release designed bispecific to anti-tumor intermittent longer our next-generation minimize cytolytic CDXXXxCDX component maintaining the

Gilead of to predefined license or myeloid Recall study. acute during decision X study the the MGD-XXX, Phase relapsed MGD-XXX Our Phase is hematologic dose leukemia has malignancies, points option patients at refractory including myelodysplastic CDXXX syndromes. that positive escalation with ongoing X and

results randomized, antibody is Fc-optimized multiple academic institutions XXXX. neoadjuvant in from cancer investigator-sponsored, plan enoblituzumab on Finally, an monoclonal by of with a an prostate targets Phase study, in the investigator-sponsored X initiate prostate cancer, collaborators men recently to BX-HX. published translationally enoblituzumab study early Based MacroGenics and that population and intense high-risk

on US And having the we to MacroGenics products over you you I'll some therapeutics, now remind advance. in the FDA; in of to our innovative a perspective now like intends three antibody-based by ZYNYZ. where I'd developing focus had history, have role TZIELD give that and development MARGENZA, maintained approved our

Synaptics, has partnerships, most Lonza. our collaborations we've the which of our through extension our synthesis, by This an as notably two been recently, efforts. ADC has with technology-enabling purchased accelerated possible been the More recently First, following:

mechanisms, to reviewed cytotoxic Synaptics' technologies to utilizes to ability molecules multiple site-specific toxins We Fc-domain antibodies. microtubule including which and the glycan Synaptics' DNA approach, ADC and various in seven us have incorporating payload conjugated up different exploit the technology. inhibition, inhibition linker are affords of a damage linker within pursuing This topoisomerase

element, in into pursuing expertise. addition history is to to The target discovery we our leveraging extend believe, XX-plus our ADCs antibody our second year first-in-class allows us of reach engineering

the with and candidates FDA finally, to is proven our external supply And capability. ability management manufacturing develop element our chain coupled commercial third approval, through product scale

very where excited treat could this take about us ADCs cancer. are to in developing We

As submit molecules, year a of which payload. by IND of to FDA to the inhibitor US incorporate first potentially or previously multiple topoisomerase new indicated, we drug the an application ADC end new investigational the for this intend

To conclude, patients delivering life-changing XXXX on in cancer technical of resources developing plan support clinical have the our necessary development and financial beyond. the we medicines to and and even believe and we to expertise execution

be the open for to happy now call Operator? would questions. We

Operator

Instructions] [Operator you. Thank

comes Chang first with Our from Jonathan Leerink question Partners.

Your line is open.

Jonathan Chang

Hi guys. my Thanks for taking questions.

a see how in of you X sense has the progressed? enrollment question, in a First study give XXXX to trying sense of us get data? TAMARACK Phase can Just when might

Scott Koenig

the that at of the sites Thank the in have this I in I'm this point it and encouraged these very we this but still seeing be you, -- based amendments initiation should enrollment on visits with on to as now have to should many what sites site have the group additional complete and the XXXX. protocol. of we've of incorporated what rapidity We of the stick I additional said Jonathan. part sites, first of in enrolled patients study year, complete been majority by

Jonathan Chang

you. Phase programs cancer of these Got stage the X support into -- And to prostate you Thank need next from second what the either to question, see it. development? advancing do studies the

Scott Koenig

X data So, with to patients regard goal in fact, that to as course. responses. were at during is treated as similar we reductions terms but doses late-stage as observed before, those with had with to The we reductions recall, mCRPC of QX dose a know, to most regard responses of mg/kg had study, on that regard this well those very PSAXX patients a seen efficacy of a in objective to basis, you encouraging TAMARACK, as weekly that which you had the achieve

this syndrome side profile. side some at the see important hand-foot In who these patients in pain. point X particular, effect is Grade to the most with improvement developed more is What disconcerting in effect was

a that the as see to obviously, well. in and like obviously incidence would we So, reduction, grade

just in so have course, population continued in like approximately control would the achievable patients With of around if those order concomitant everybody's or and XX% to obviously, PSAXX better, tumor treatment. XX% we memory, regard again, reductions, the that that with half to see we efficacy to to even is parameters, of refresh saw of

would outcomes. With in what like with we historical terms were treating in efficacy, patients control include you of profile here if looking obviously regard docetaxel, is exceed. safety in groups, which eight to an terms to at historical for study data of says the of the of you of we RPFF lorigerlimab data acceptable months look Obviously, terms

if months. So, we'll able certainly achieve several that to we're see to by have

Jonathan Chang

Got questions. Thanks the for it. taking

Operator

you. Thank

Barclays. Our Lawson comes next Peter question from with

open. Your line is

Peter Lawson

that for XXXX. is guess a the that that your the could Phase X something BX-HX data for data, question. X go? Phase in I we see to could sets see Jonathan's data half of the the like sorry, data, initially, half XXXX And a follow-up combination -- second Phase Thanks. as The just X we for first

Scott Koenig

Jonathan, it's study. this second we the said, Peter, I possible for if pace, this think is encouragement I about enrolling I'm of continues where data So, presentation TAMARACK go in the at things as now, as are certainly the half

So, we'll the monitor the rest in of year to terms have of that enrollment. obviously,

I study. should also is an that open point out this

way come to we to full data data So, interim may some at have of we conclusions will that able study. even body along and the take from looks before be that the earlier

would targeting So, again, point. this at with consistent be year second the the I half of

occur as Once dose use With expect to in doses forward what the expansion the we study, now combination of that the vobra combination. year. with to -- are combination we we in pointed moving sort combination regard studies the fine-tune of use on that out, in to lorigerlimab end trying we right of to settle by to the individually

I'll could give of year and have bring that the we that the to let you possible. more started to will able first those But happen. definition right me you again, picked be it doses now, once a expansions, bit little date So, half those be up when

Peter Lawson

kind And that update will you. there's no-go it And this kind data? of be? Will lung I what cancer Kind will Is data? of Got we of Thank [Indiscernible] decision? the go see you. know and the data a then year. update an involve

Scott Koenig

to cancer they're know, is conducting and following we forward. studies. an So, discussed making ImmunoGen clinical the The before, patients on with as through identify a go lung appropriate, about decisions this you

them discussed would what have specifics with the we soon. not should be discussed doing We be and about that presented,

be will you So, have again, of answer an this I time. to updates later this don't what year, the nature at contained.

Peter Lawson

much Thanks Okay. Scott. so

Operator

Thank you.

Zhu comes with question next Our Charles Guggenheim. from

open. is line Your

Unidentified Analyst

question. [ph] This our taking guys. Rosy Hi on Charles for for Thanks Zhu. is

selling So, expectations the to change are next to mCRPC. the vobra in or duo like you and landscape first and to question is regards regard lorigerlimab something positioning of changing with How with PLUVICTO? valid

Scott Koenig

and of use if I question, this in So, we in correct? these is are point face at drugs your anticipating future. the understand where that how the PLUVICTO of Is

Unidentified Analyst

Yes.

Scott Koenig

Okay.

PSMA. major has PET Novartis. currently terms know, right been, treatment. in by scanning clearly, is addressed medical is that -- in some So, used which its has supply, landscape being capabilities now is for in limitation PLUVICTO changed centers the distribution you have It as being There of

So, there with will have to the use see I we time PLUVICTO of wait results in think to the of be at earlier increased lines this data point, on therapy.

now, it's of therapy. in later right line So more a

completed of in appropriate talking mechanisms the toxicity which quite where line mechanistically, have are we When too also will just it's profiles the our will results, Also, be and right evaluate we populations. therapy different we're But now, early. about completely study different.

choices different action for think an physicians opportunity And mechanisms number of patients. that treating this is their where greater I so and of give

that will patients new it's available I soon. So, for story think very modalities be a good

Unidentified Analyst

can is you I real duo specific histologies Are focus to want vobra potentially ask second dose combo. the the expansion? if And this you. regarding the quick that for on one on there Thank

Scott Koenig

in expansion. Well, looking different and we which pointed at to ones right now. not solid types we selected for as six out previously, the call today's we have yet do tumor are

near-term, of to make be have information. select, the them that decision. And provide others we'll to that will cancer prostate again, we one additional will Certainly, we'll able yet be which we in

Operator

you. Thank

comes question Markets. with Capital Etzer from next Our BMO Darout

open. line Your is

Etzer Darout

taking the for Thanks Great. question.

First just from studies? prior wondered to you disclose the plus moving vobra to escalation dose of plan duo of the one, data into lorigerlimab expansion if any

you kind to you of could an tumor with types, other there tumor explore progress of of types or get maybe sort or And monotherapy, Lori Lori types we with combinations? Thank of other progress maybe or then any that any comment you. if the would other the on secondly, any either there when look could monotherapy update tumor

Scott Koenig

Yes.

combo. know, earlier the many determined Etzer, it how have again, for you to available on we're patients we as time as honing individual the duo specific Ultimately, just today, we'll doses components will So, of be the said to I've in have vobra that at of assess.

to and or this and in this have but probably is now And time, we further to start expansions move present to at inclination which be right is the total would to probably discussions types, that prostate I later better alluded one particular data, forward two subject position again, My I think, in, once others. before, that a we year. data in

the at stable know, in that we tumor data presented you ASCO we said were other previously GU, types cancer to cancer. regard With we've MS as including of Lori objective that have besides melanoma and we had colorectal lung cohorts responses three testing, other

better also calls a to into wholesome tumors. see some treated activity as to that to move Phase I've -- in is What forward for I'd indicated being X monotherapy patients like us get on the previous study, to determine more additional particular

case lot cancer for cancer I patients. the the of pointed of in lost Ukraine that a cohort were we out, colorectal treated for that lung example, we the because that of patients data in had, stable

has pointed treated additional liver had making going like before pursued patients which we very as patients so by forward. metastasis, being decisions to see being out monotherapy I'd others, I without few the

very The melanoma data, encouraged by. we're

forward. As we study the where significant you as duo is in historically, we've And had that potentially combination know, one noted in that going with have types of the and responses we've very enrolling melanoma had tumor well. vobra

Etzer Darout

you. Thank Great.

Operator

you. Thank

Pohlman Our question next comes BTIG. with from Kaveri

line open. Your is

Kaveri Pohlman

the update for Yes, and good Thank questions. you. evening. Thanks for my taking

on just RPFS? us that the expand study, trial a it will it good. Also, but and a to give Sorry you take do think XXX the interim a I can data free to for long this, to trial enroll lorigerlimab randomized if you study get if docetaxel looks and missed for patients, combination can how sense you it's

how Just want to it? know you're about thinking

Scott Koenig

Yes, Kaveri, thank you very much.

being very first to patients. are now. enrolling initiated we're close the We've So, Patients sites. screened

So, the you for won't start we're of have enrolling, trial. to target you the know enrollment. on what with regard really Right until said of start-up now, this rate we

But through will XXXX. part year us and this right a now, of good through anticipation the take

readout be so that's do at the this point. likely to just when XXXX, at it And in early be study, all to the point, this we'd would conjecture predict at able but early too most

Kaveri Pohlman

can you how very the you us far? That's dosing received And experience helpful. based on tell so have going? MGD-XXX, is it. And you accelerate Any the previous here? clinical Got feedback from then physicians lorigerlimab enrollment for can your with

Scott Koenig

cytokine you in lot bispecific know, agencies. as that very model dose this There of of the in product So, can had primate when speeds anticipate these of escalation the irrespective regulatory a CDX-based we in despite that showing things could what faster. interacting which with conducted the prudence is, systems reductions terms production the any data be move significant is dramatic fact in we molecule and

But was said the FDA. having discussed with what following we that, are

escalation. all right at middle in this going We well, I study are of say is The the that's dose and point. can

if My been may like sense will either with opt if a is opportunities the or we that picked it. X they Phase or warrants greater the once from after But more that dose Phase there development. and X into again, with be go accelerate to ourselves study, the Phase it Gilead, has into be X that by escalation during program dose

tell. it's still early too So, to

Kaveri Pohlman

Thank sense. you. Makes

Operator

Thank you.

question Nochomovitz from Citigroup. with Yigal Our comes next

is open. Your line

Yigal Nochomovitz

Hi the Thanks questions. Scott. taking for

an then I there think the On the combo, TAMARACK expansion. want you in and you the study well and Phase do escalation CRPC X/X mentioned with as metastatic CRPC dose and to

comment pretreatment? advanced solid in prostate CRPC. you for patients -- are of mentioned are their -- tumors those relatively Can patients You similar just those degree

TAMARACK? Thanks. similar significantly So, in ones wasn't were if clear more it versus if Phase the or the it pretreated was X/X

Scott Koenig

have TAMARACK, bit the be of are but majority there will eligibility, some So, patients wider in slight quite in similar. the little we a differences

to those. wanted to this obviously the modification compare enrolled with quickly. of wanted we So, We get apples-to-apples obviously

So, to changes, some there say would but comparable will was very the easily previous they I minor data. be

whatever story very with patients patients agents And then on for on have a come combo well. advanced as in late-stage taxane typically experimental the well, same often agents and engine receptor prostate the as targeting

data be So, -- to be we set will the think we will one. able each compare

Yigal Nochomovitz

the monotherapy reason in I'm duo prostate, whether I you'd the how lorigerlimab, or and expansion go is would with about you do I and study the the to that really in you're that's good Phase mean, but product register if duo looks because, the take vobra strategic lorigerlimab, looks combo X/X you're thinking how good. ask the to pivotal question, you if the would vobra curious market, with drug to if register of The because a really just prostate want forward the to that just about that? and thinking how with to be way the curious more vobra

Scott Koenig

Yes.

So, we constant is lorigerlimab this obviously, on -- line mono little discussion. to Obviously, patients. encouraging, we with now going but decided move being story the with with experienced a their a reset so chemo-naive androgen into bit up a we data patients

no for right now, that population. is checkpoint other vying there that that So, is

we So, when demonstrate opportunity success. therapy that this of line can great in is a

and regard as have. With or It nice TAMARACK problem very successful, the to look the a results vobra with from story, to then combination the either both combo. that's potentially monotherapy both Lori,

year. the as that comes address out we'll So, data next

Operator

Thank you.

comes Stephen from next Our Stifel. with Willey question

Your line is open.

Stephen Willey

I going of more afternoon. now response event-driven emphasis from arm good rate that efficacy the of for data. there's Thanks remove any control guess, kind guessing to I taking I'm an you've Yes, TAMARACK? be the versus, questions. guess on

So, curious the that disease resist eligibility I actually have of based criteria soft is What valuable? tissue to patients expecting just you're of percentage TAMARACK? guess upon I'm

Scott Koenig

think the in that half parameter, given in surprised and have -- be date I our of not least trials that to would those this patients, from experience With I at many involvement. from based an is actually the that the Lori visceral that results almost study not those presented trial we only international patients all involvement of had of the on majority was

seeing at not tissue I'm I be not that we concerned a limited am point, population. this So, will

think data and going that's forward, necessary, that I will enough to going a patients there don't that. certainly we'll clearly, to be but add can And think I be more problem. we then monitor if

Stephen Willey

just question guess a duo. vobra Okay. on And I

button tumor you've single-agent pause So, here the expansion other in on pressed dose types.

despite that's earlier. of signs early think I of that some the talked efficacy about you

this again get of scheduling those of you of reinitiating confirmation of next-gen TAMARACK now Are duo? thinking you front kind vobra efforts get on from or does development once dosing ADC prioritized and any effort in

Scott Koenig

them is safety, with in BX-HX the interested like that mean given certainly pursued. of types of that which tumor would see across be I Clearly, a to we tumors earlier. large I duo, vobra to you we broad solid answer our and Yes, my number with are discussed will improvement additional expression experience

today, we one think I types the and is or and and enrollment And ahead guess have to just I at at soon forge given, point, I -- that, but I that initiate could more answer can that we'll as mean prudent move going said well, this point. other it's earlier

we that great a combination. potential in said strongly with collaborators, And very cancer. are opportunity feel start cancer a then with building academic to the with study We and enoblituzumab vobra with prostate plans Lori, neoadjuvant today, the within as prostate franchise we

we're cover entire well. for for pursuing with of but really patients with in to So, trying does not prostate, landscape as this other enthusiasm that tumors our treatment interfere the

Stephen Willey

taking All the for questions. right. thanks

Operator

Thank you.

comes from Miller ISI. Evercore with Our Jon next question

open. is Your line

Jon Miller

ask for look guidance. runway to Thanks taking about would guys. the the I questions. financials more Hi and the

aren't expansion? Lori cover an our So, currently does for trial. ongoing TAMARACK How that duo for in mentioned count does Phase and vobra And How obviously, a cover running four ADC? either covers new new trials does of or anticipated you that X start? that any much Lori that that much indications,

Scott Koenig

through it Obviously, Thanks PROTECT good results Very $XX very question. Jon. study. milestone additional that today's getting from with million the announcement, the of excited Yes. we're achieving about

put of the in primary you goes the just million endpoint. have context, because likelihood the the said as And additional to obviously, we with of capital, again non-diluted past, earlier, up in -- so the XXX milestones hitting

the for approved and different royalties. which been indication FDA, the that there, well as likelihood has but to approved on the dependent the as new in more opportunities US regions increase original in as means is opportunity increased already it's well course, for potential milestones TZIELD that Of indication get as

inside announced cancer anal week the sinus and I cancer. also that last anti-PD-X in point out two registration studies for in completed they lung should enrollment the that

on as with table results accrue if again, million those another So, regulatory are successful. commercial. $XXX the of have clinical potential those a are readouts we XXX What in milestones,

So, potential still over $XXX have $XXX there. And the million Sanofi. million for another we from

$X So, approved potential that's over milestones billion two products. of from

getting fourth your quarter to the So, of just we in the will lines that It ongoing, additional with this in IND question, file indications the tumor of XX additional drug additional for back does studies, be opportunity that year. whether include essence conjugate the does different studies antibody prostate and or this to the do studies cancer. new include are an new it

Those an lot And hoping target are from which said preclinically date. right from we for now. preclinical under have in of doesn't the discussed away we're not the right now, a discussion that a to ongoing take work to plus activity of for any it IND is that we Synaptics other ADC XXXX, second development

both our the a and cash and preclinical very to runway very, we're robust very pipeline. So, encouraged, pursue clinical with opportunity

Jon Miller

$X include of how you little you Great. when you're know talk I XXXX? Can guess, you much counting in milestones bit potential risk-adjusted that I your cash future milestones give about and on that runway That sense. sometimes runway. billion into makes a

Scott Koenig

based Clearly, said for probability real-time down. the to regulatory are going make a And on the those approval. that they that fact broken opportunity have that results. we adjustments adjust we on Sanofi certainly, we has based Yes, haven't

data. Obviously, we'd see like to the

the not in are position not to this on at we're seen there. we results But have the We -- data of a the new out point, break the study. specifics

Jim Karrels

Jonathan. is if for very -- conservative. risk Jim, the look we've add adjustment, probabilities historically, been we that back I that that, I would use we just would this to at

Jon Miller

Thanks makes so Okay, sense. much.

Scott Koenig

you. Thank

Operator

you. Thank

Our with comes question Tuerkcan JMP from next Silvan Securities.

open. Your line is

Silvan Tuerkcan

chemo-experienced year maybe for question. to The A taking of the of have that, you better or what that patients that could that an couple in after be TAMARACK be group expecting my end Or enroll to population early by that have of terms the next may Yes, questions year, patients are registrational the a in the you're study? sufficient patients also options here. on chemo-naive option go hi. Thanks will your on? than patient Phase II for

Scott Koenig

actually, No. have of been likely Well, a -- hard chemotherapeutic exposed most enrollment is that They docetaxel. several one the fast one to have to criteria. the no, of

So, to in really particular in a we earlier, not with we're population I this vobra is the of previous want results, experiences chemo -- as study, compare that our experience. a described late-line

So, this hormone-sensitive therapy, earlier in table interested are right opportunities looking in certainly at study, but in of not we including lines is populations, now. nothing on the

Silvan Tuerkcan

BX-HX, in Great. we from And very helpful. [Indiscernible], duo? from any at first then there ASCO, That's Thanks. directed we data as vobra saw ADC, are human to learnings that, that can apply

Scott Koenig

set, is [Indiscernible] small expansion that also data would tumor were in population. data responses, obviously small about in objective and types the that cancer, seven they the discussed has patients which nine was with I encouraging fits of lung cell talking a say cell mean, the most an I had Yes, the small other data

type histological is we adding considering are this the types being to that clearly, tested. certainly a So

small tumor with have actually six you over may patient treatment to cancer lower a response, therapy. one We recall, I objective well -- dose cell as we did patient escalation, on the responded that only on in shrinkage. months didn't but an our for was had who vobra really very have with dose well at

an a should we may confirmation small be a pursue. cell for So, also us up clearly, that that indication opens

Silvan Tuerkcan

for thanks my Well, Great. taking question.

Scott Koenig

you. Thank

Operator

Thank you.

comes question with Boris Cowen. next TD from Our Peaker

line Your is open.

Unidentified Analyst

will for you. how forward? needed? Hi. Thank idea confident My the of you are two ask. And think testing trial name you registrational is is [Indiscernible] How do doses that a expect for you're you modification vobra confident Boris would Peaker. duo, dose that to you like moving the further I the those about give

Scott Koenig

expansion data So, tumor the feel This based go with cohorts we as have a the selected a analysis right profiles, any the pharmacokinetics. the you and doses data ones. you hypothesis have of on with and responses, and was full effect you experiment to side being conducted, were all we regard that the

exposure to patients so patients on tried based the what commented book was as majority real And we end dose the reductions. had of in earlier, on

So, doses profile. give and picked two that us with that safety we've regard should feel improved the we to profile more an clarity activity

right much guide if well was the once in -- So, as looks as the do can and us drug that it we right modifications And if selection have to get that ways, both the we we're safe. data, answer. hoping subsequently active we'll some make the as as relatively

Unidentified Analyst

my you Thank it. taking question. for Got

Operator

[Operator Thank Instructions] you.

I'd call further no back to turn over closing are to questions. for remarks. Dr. like Koenig There the

Scott Koenig

Well, very and thank operator our providing our We preclinical updates you and everyone a in thank call the both further months. for day. on participating Have today. forward coming to in pipeline look much, good you clinical

Operator

for This and your of participation. now you may conclude the disconnect. you Everyone, the enjoy program does rest your Thank day.

MacroGenics (MGNX) 9 Aug 232023 Q2 Earnings call transcript