FPRX - Earnings call transcript Q4 2019 | Five Prime Therapeutics, Inc.

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Operator

Welcome to the Five Prime Therapeutics Fourth Quarter and Full Year 2019 Earnings Call.

As a reminder, this conference call is being recorded.

I'd now like to introduce your host for today's conference call, Martin Forrest, Vice President of Investor Relations and Corporate Communications.

You may begin.

Martin Forrest

Thank you, Sonia. thank joining and here everyone afternoon you us for today. Good be fourth release issued full can company with press quarter site. earlier on Web the and was A results company's and the financial year today found XXXX

Chairman me Executive interim Medical and Officer; Joining Chief our Chief Chief David Collins, and Smith, Ringo, Helen Financial are Bill Officer; today our Dr. Officer.

financial forward-looking including outlook. Factors filings. Securities SEC Litigation development of XXXX, statements Today's from our by Private programs results those conference factors, the our Reform these due Actual the those and call may differ forward-looking Risk statements under discussed in of will to and regarding include including research indicated section Act numerous statements

assumptions and change. expectations could Our

we if While do obligation we may views to our these elect future, disclaim so specifically to update even forward-looking the change. any in statements

to I’d the to Bill. over call now like turn

William Ringo

all the good today focus past Martin, on and to Thank for our and XXXX. our goals afternoon year achievements review us you, thanks the fourth preview the over to for of joining a quarter with and

near-term research to made restructuring through year, our largely program take decision company. in our position our runway restructure are we to a but and the resources did difficult where say cash this clinical that late-stage Last we to into We preserve beyond could pleased correct and cash the milestones. implemented we I’m so programs XXXX. have and we extends

acquisition. clinical on are internally we generating Turning our asset focused year, our from and to pipeline proprietary this data and through programs growing

data programs. track from We three achieve to year this on are milestones

in mid year Phase mid-XXXX. cohort ovarian remain trigger of a with data overexpressing cancer. generate of number FIGHT on Keytruda Starting to track patients X a FPAXXX futility occur trial a to with the bema, sufficient expect of plus the this will we analysis BX-HX from combination We in in events by

these this milestones generate pipeline a from Helen Growing call. provide later XXXX about our to focus the efficacy on data is also will year. We for additional early program. FPTXXX details the expect monotherapy also in late key

programs our are advancing to track new late-stage into year. are addition clinical we this one to and program research later bring and preclinical we on development, development novel In three programs

we to commercialize agreement drug developed new licensing by ago, develop using weeks Prime directed single announced and monoclonal Genetics conjugates novel to Seattle target. with Two Five antibody that are a a antibodies

translational working also by supplement are conduct us acquiring our internal leverage to allow will generate to growth data. trials will early-stage We and programs actionable pipeline expertise. near-term agile clinical that This development and

result multipronged pursue. the believe right we growth approach ways programs, and while other clinical to to is It We advancement this prioritization strategy pipeline. our our pursue grow pipeline will in of to prudent current

deeply I've by goals about As to progress are engaged energized many making are growth success. leaders we part of and with the and who for our passionate organization the position company the in pipeline process, the future

I turn the update Helen on clinical will now provide will programs. to our call over an

Helen Collins

Bill. Thank you,

which begin with the FGFRXb in on trial. gastric update a is FIGHT Phase antibody under frontline bemarituzumab, monoclonal Let's an our trial, cancer X evaluation

approximately which at the a of enrollment a number XXX sufficient will paused occurrence have we events patients previously, analysis. communicated As futility pending trigger of

current of occur number expect to necessary in Based on events mid-XXXX. rate, the event futility the we

licensing Prime can trial only the partner fund Moving trial futility enters to agreement remaining the Five of resume forward, a enrollment commercialization we all in the a that analysis with into expect and FIGHT and passes development if or costs. the collaboration

and and optimistic gastroesophageal benefit patients bema study cancer with futility. has potential gastric We remain the will the that pass to that

the to However, futility that partner. event bema but alternatives in context the the unable pass considering are prudent of for planning, a in secure we’re we program

thereby data that transaction. informed the Phase discussions to X publicly For potential and in development which with converting a to be trial be one generate FIGHT partners business example, possibility would catalyze randomized shared order might a can

trial BX-HX. FPAXXX overexpressing FPAXXX, overexpress and to a track our cohort tumors of pembrolizumab with remains in targeting data from cancer. of is on patients antibody that monoclonal Moving which to ovarian on BX-HX Phase combination mid-XXXX generate the The X by

to developing responses ASCO we of data preliminary reported showing Last in and both agent. move compound presented is rate is monotherapy monotherapy year at as and combination it in that response at and the cancer, Xa/Xb a a Phase Five for ESMO, forward clinical is sufficient two ovarian that We not the confirmed safety this in but pembro. tolerated from trial single with in efficacy FPAXXX Prime well

continue in and resources combination ovarian not overexpress BX-HX, the the plan of independently development in patients evaluate but We term. with near FPAXXX/pembro advance priorities we do our that the cancer to combination given to

As or BX-HX antibodies target of for conjugates, is in This drug ovarian, off the endometrial good antibody both be toxicity, breast hormone homogeneously and lack bi-specific and a reminder, half CAR-T receptor-positive approximately with of may suggests that information, overexpressed BX-HX a cancer. therapies. combined triple-negative target

T is to now This to engages in that and Turning CDXX our CTLA-X, CDXX-Fc fusion activation binds the first-in-class cell promoting superagonism microenvironment. tumor protein without directly FPTXXX.

We trial on have data of early completed efficacy half remains in the nine to dose generate monotherapy XXXX. escalation cohorts track second and the

the drug, predicted, on beginning observe changes. are and expected had we pharmacokinetics our As we preclinical based pharmacodynamic the data to of

encouraged cells we the supports predicted observing are it the we’re by of finding action. central peripheral increase as T memory of in blood this mechanism an and Specifically,

types include enrollment lung melanoma now large lung South likely there's as or where we a preexisting single agent infiltration or Based on Korea in more have this to cancer FPTXXX. These patient population. known identifying warm are opened tumors, which to respond data, with cancer T the we are more are likely and that cell tumors, to tumors are patients as hot that have these tumors of are

FPTXXX, a while want escalation also to add we we single I of the FPTXXX with have dose anticipate to decided combination to pembrolizumab. agent amend in add activity parallel trial of that

for We’re doing two this reasons.

and and will FPTXXX continue anti-PD-X the earlier hot tumors, be of tolerability with and that the combining safety as important it’s lines development future combination. synergistic; warm of First, therapy in earlier an and the move preclinical PD-X looking we to inhibitors to second, data suggest demonstrate to

Moving to that chemotherapy of meet without us our X cabiralizumab endpoint. second-line randomized and did their programs, its plus BMS primary trial pancreatic Phase not recently in nivolumab cancer informed with partnered

they select informed continue have near-term us of the additional also will evaluation BMS investigator-sponsored plans for support that to in trials. but no sponsored of development cabira cabiralizumab, ongoing

is the immune X/X finally, with an X antibody trial in receptor, continues enroll Phase TIM-X, combination targeting to And which an of Phase portion the in BMS-XXXXXX, checkpoint nivolumab.

David. will I call turn now to over the

David Smith

financial issued can Helen. results afternoon. regarding found press in our be the that we Thanks, Details this release

finished of equivalents cash strong the balance year. attributable sheet. totaled of was a marketable XX, Cash, The decrease XXX.X to securities used XXXX throughout operating cash as our we XX, XXXX XXX.X position, to to cash XXXX. as December December with compared activities million and Turning million in

revenue or the quarter primarily by decrease research X of decreased $XXX,XXX of the of completion of term to for collaboration and XXXX. million the license research our fourth due The million XXXX. XXXX X.X March in Collaboration of BMS XX% from to the was for fourth quarter with immuno-oncology

revenue as XXXX collaboration result December the decrease XXXX. the from to immuno-oncology by XX.X BMS million our for revenue Collaboration Lab XXXX and as XX collaboration year year from for license ended of Lower recognized cabira agreement research million agreement, our million under revenue XX.X and November several lower a our in with and partnerships was partner XX.X% agreement XX, including decreased December October or collaboration collaboration Zai UCB. our with well XXXX collaboration agreements, revenues ended the XX,

from for These expenses by cabira for related development services in compensation for equipment charges costs, decreases to the lower decreased XX.X of fourth use to reduced specialty clinical million higher study, bema. and related expenses lower Research of quarter diagnostic or the resources, and fourth million decreased the services, clinical bema were restructurings XXXX XXXX, trial partially offset by million companion resulting lab corporate primarily expenses temporary costs costs, of to impairment XXXX, XX.X and X.X for and manufacturing preclinical XX.X% from due laboratory to quarter undertaken lower FPAXXX.

year and XX, the costs million service for and equipment. allocated expenses, decreased bema as of impairment XXXX, preclinical use in a corporate clinical made companion a required clinical diagnostic resulting decrease costs undertaken and from These Research XXXX that payment charge lower was bioanalytic were to milestone from laboratory to with trial trial lab savings program, the clinical lower restructuring. programs specialty expense, an XX.X decreased compensation the offset well The attributable the as December and XX% resulting for to FPAXXX higher December XXXX. XXX.X to advance ended and and temporary by by for the year resources were along restructurings ended partially expenses from fewer principally expenses million XXX.X lower million partner development XXXX or XX, in

quarter X.X% X.X fourth XXX,XXX and General the XXXX General to was the administrative to the a X.X% that corporate and result of costs XX, XX.X of allocated quarter offset the million million in of XXXX of December fees increase XXXX. reduction partially million. to fourth year decreased for were use increased the for by professional costs in administrative X.X The expenses X.X compensation by primarily ended resources. the from XX.X or by from higher million expenses million related higher restructurings, and temporary services or

or or $X.XX full the $X.XX to XXXX. for million diluted of year loss a XX.X to XXX.X XXXX. of the a and diluted the XXXX share for XX.X million of diluted million per and year net quarter or quarter net compared for for share and $X.XX per share was loss per diluted basic the basic loss Net of of fourth million XXXX XXX.X compared was and per or share basic fourth $X.XX loss Net basic full of

used ending be expect and XX we million. XX million million marketable full securities cash, in year between we million cash XXXX to to activities XX ahead, and and XX estimate and Looking between operating cash net be equivalents

I’d to for call time, this operator the like Q&A. the to back turn At

Operator

Thank you. [Operator Instructions].

from comes Chris first and Cowen Shibutani question Our Company. with

Your line open. is now

Chris Shibutani

CDXX lung trial have you believe non-small now pipeline patients. setting work cell move you Thank of would very be compound. then much. believe in Korea. you I cancer the and cell the into into naïve plans with on to Hi. to details first-line question I the go clinical involve A with looking small

So expectations this? frame terms your what what us can for in we learn might help from of are you

Helen Collins

start Hi, that. I’ll answering with Chris. is This Helen.

me chance give will It question. a the for to you clarify. thank So

the this say I think attempting is times dose superagonism. heard – of exclusively at before us and causing to because and to an this low a that people trial start CDXX before. We many had design of we target history you’ve how

we that escalation. do what continuing on still our dose as you dose take we is a of and a and and is do, comers initially all know trials, so lot And these then in escalation

As I’ve said, we’ve cleared nine cohorts.

we comers, when you all a some be the about actually we backfill trickier really we but patients to the cohorts question comes mechanism a of base use chance the term term may or in we’re start, which use as think higher if dose seeing but do little a can the on with action. then find, to I enrolling parallel that response of expect escalating – have exploratory start will, to

the hot tumor. was example fit obviously comment patient an would so just having that cell criteria that of about warm, And population of non-small a a

reasons have to go but cell, South anything PD-X. cannot agent approved. just received would non-small We a wouldn’t have is of an clearly this PD-X be non-small take exploratory to willing limited our have of but are been criteria. CTLA-X Korea have lot One cell, there, to a patients We cohort lung received CTLA-X because can to exclusion it for drugs they cell. do where cancer there renal be Patients melanoma,

exploratory, do for to really necessarily will now these our not starting And the reason again, cohorts to patients. with the So the start be to blood to PD you’d these see. expect at changes, changes we’re in – has that adding naïve these see

where get we and to dose we at think Does that what while a might we’re be sense we level. taken it’s how that So a dose that design make doing? to

Chris Shibutani

Yes, ask could question on helpful. just another bema. And very I then if that’s

potential analysis futility to again, with? describe be we different the need options mechanics type some I potential Would that as to that believe might to you a potential the began have faced trying logistic continue, Phase to randomized partner get to have such X restart but through what partner convert understand You a study that over to this including of you the essentially of they just work. would closed have will

Helen Collins

Yes.

you’ve a don’t safety double to we it’s have a So important we information. from Their been change out I look at new DMC. it’s again think same to recommendations live word, how or Again, They that time, honest don’t look news point blind look XXX, in and at continue without point to at a blind this we’re They in and But at strong the resources. best and because – what have is we of we any but trial. data. the double we’re about we’re have other trying world a there that be view, spend the our excitement’s efficacy. and cabira in priorities to again, with are the the to early too maybe think about interest heard seeing

futility if see – question, So we’re trying is step answer do a trying changes been partner it what have might not otherwise, a X. even that we’ve looking pass we make potential to think a we’re In futility as to at what with know, that I a where is to that bema partner, said are we pass and we we likely acknowledge is if amend and and But be to you do do. a point not the we while there unless for for things then trial one that to we’ve your that, would would something and that might find us. puts and first Phase

public make be data, as up, we’d that the to right, of down just events the futility thumbs Now public change about only what because Phase information data is Phase we kind we would are actually again, get if depends to when talk it’s able X, most the as that the But on. make and would thumbs we far the what about disclosure. on X,

Chris Shibutani

Got We’ll progress. to it, Thank attention okay. pay the to you. continue

Operator

question Leerink. comes you. Jonathan next our from of Thank And Chang SVB

open. is now line Your

David Ruch

of guess guys. to back here, Jonathan. the the mentioned unbind last Ruch to FIGHT to I un-blinding Hi, and not DMC Good on Thanks our is – afternoon. study This and go David FIGHT to for the the just question. for question study. you taking the wanting clarify

publicly I potential So you’re passing that available pass you the a share of on guess any kind data will it just going will to or be partner futility, futility? assuming there of be with or based

Helen Collins

Yes.

we what you for So say, you X that unblinded the And only at happens bar would not DMC then futility, or at would come DMC. us be. look and pass. say, again, haven’t is passed back are is data the the And no, made did what public the that people yes, we to are and that

a show we not as that going this with to futility. nothing forward, is with But what decision partner, is Is at if And clear? so do now a Five moment our not the so that Prime on that it that’s all appropriately in right. going that forward trying made would that’s else right has to endpoints, we make to now, point. with we’re happens if just move we clear X trial that’s changes. Phase support need, a trial have have If a own all resume we the we partner the to would need the agrees partner We that and show powered designed

David Ruch

Yes.

Helen Collins

historically other has pick to I In pipeline. not disease have way may prudent. that’s our things think spend I data, It’s we Phase not resources. we trial is again, how to to based large resources. what it’s again, else have think blinded. has X and been that be nothing want in about a with best make our thinking to anything and treat negative resources we the to and a just chose, It we do just that us our in those right, spend best the have It portfolio, sure our it’s on difficult And in just because

David Ruch

the previously had then a then little program, rationale believe elaborate the particularly for on and data combination? from the [ph] initial maybe cohort mentioned And could the behind see who who you combo PD-X might And Thanks. the it. patients with on received PD-X have we when CDXX bit Got you study? I

Helen Collins

have will think that is but of have Yes. a know action I it time mechanisms we you so to moderate right. move We drug one through continues of activity activity, at CTLA-X, think the alone as the CTLA-X again world make want clear and that is drugs this the on, same single agent to

for you don’t PD-X a PD-X getting there are of People patients YERVOY, plus plus chemo. out example. lot see getting YERVOY. So just They’re getting

think trying going is of are I therapies where what look really to to we’re So do future to the be.

patients we’re But plan that. be we’ll So thing future. obviously South the for single trying have enrolling we’re we tumors the concentrating terms that us of one number think to show agent that nothing’s is that’s and et the also in activity able what who cetera, to and to in show again, for design Korea, trial from changed on will

think we works we sense that makes – that we that show so this then of a actually the can drug at increase to it And of shows that AACR we’ve PD-X with course this that our drug. of the the would our add we really I least presented think within value data we And two. also way which you at AACR significant preclinical we know I presented have the believe. at poster background and synergy

So there’s be FPTXXX drugs the alone. in also that’s efficacious – obviously the is – two reason will the that than together best more end the

David Ruch

which it. an ADC? can any – targets the yours Could additional you you just make from of Thanks. provide provide more then might color Thank SGEN Got sense one us. on deal And you. and as

William Ringo

target per the disclosing contract. not the are We as

really, the and about They date, are the between space excited to leader companies. transaction work the we to obviously ADC and Genetics. the the Seattle really interactions about feel progress the opportunity a We’re in with good

David Ruch

Great. you. Thank

William Ringo

Thank you. welcome. You’re

Operator

James. Seedhouse from our you. And Raymond Thank next comes question Steve of

open. now is line Your

Timur Ivannikov

question, to bema. on Ivannikov our Steve wanted for just clarify first Timur on is This Hi. And Seedhouse.

of past at if is Five in from Is it whether remember more see correctly, we or failed? it case the data DMC to the or just not some passed Prime mentioned pass/fail. still that in people think could the just past you I that the – the seeing back

Helen Collins

So, trying one I I to say not. yes, previous guess question. between versus publicly was on what might make the the distinction

not there who thumbs are passing of can of details of evolved So futility. know can the certainly thumbs a down up, the who directly be the people couple with trial conduct the

will to yes/no. be publicly, say able anything of will terms a In just we it be

Timur Ivannikov

say and Okay, now. South there issue thanks but question another follow-up think for you the coronavirus didn’t there’s you that. really I then obviously FPTXXX Korea program, the guess clarifying a I timeline And on mentioned is, what

do about the versus what the terms So now, think would this you of what been of combination in study normally? duration have trial it

Helen Collins

now, we timelines. to indication Right have any that any don’t South going outbreak affect coronavirus Korea in our of is

may that patients dose have We imminently.

So now. can all say that’s right I

Timur Ivannikov

Okay. Thank you.

Helen Collins

And in we’re Thank Australia. also you.

of continues Somebody is reminding from the and me course that also in Australia can enroll there. trial patients

Timur Ivannikov

Okay, final question, And Thank a up follow guess cabira. I the great. so you. on

This trials. this I So really study sponsoring the have give could near-term it sitting could for company another BMS us mentioned think additional – somehow indications. to run deal or used be asset to restructure And asset because you idle? over could rights otherwise potentially you in plans other you remind the doesn’t your whether will be

William Ringo

a have back bit specifically. rights and sure us time, you and to don’t your little make But question and give I of go you believe great come and the then come answer we question do to to That’s check back a that. have we’ll and we’ll one back maybe on. if

Timur Ivannikov

questions. Okay. Thanks for our taking

William Ringo

You’re welcome.

Operator

next our And you. JPMorgan. of comes from Joseph question Thank Eric

open. now Your line is

Turner Kufe

on This is Eric. afternoon. for Turner Good Hi.

as that And the So on or convert do you the X on what type just futility of OS? Phase couple And Is a the based it it a PFS existing FIGHT then ups. XXX is the have to X patients of potentially Phase analysis, what does I Phase to situation on? I’m events follow X? in have to extent futility serve then analysis study, the curious

Helen Collins

giving with using I not and the Just futility understand, PFS issue. in to that a to we’re the to has protocol. we question your It’s be directly regulatory make guidance. first sure not that’s something It’s included so with again or are clear, so do OS

X, on overall at information least not again, we So the in to survival as your a the X the many those, done. and but have just the right we is possibilities a because futility, then be we of yes. of do my the of of were I primary partner Phase provide pass one that’s should Phase it So could is X? guess short be question having answer should you that’s – based would an comment again to on example DMC both and trial. we endpoint answer switch about giving that Phase now be will And that

of patients to patients. X Phase when trial for I randomized would we enough that you that that for bema think like be the XXX chemo, would to point add difference see

Now futility. Phase want time imply that and to when would choose the read right would after more that be not wait that I to to may the be longer We events. get best out X do

Turner Kufe

that, futility follow to arrive at program? the then partnering up are how or And Okay. to decision strategic post long a yourselves analysis on you giving or

William Ringo

I that yet. haven’t decision made

Turner Kufe

Then me. one one for Okay. quick last

does What FIGHT you. FPAXXX? OpEx well that advancing guidance. of as assume trial resumption as in provided Thank terms You

David Smith

So from we trial other than requirements then following is with combination are little through that bit but patients we on OpEx, that through FPAXXX the any all and and cost a the have that, provided the assumes that readout and burn cash futility which funding this follow that. FIGHT we funding and different

Helen out partner. to bema as FIGHT So – earlier, we not have the plans a without take do laid forward program

the So no we that futility our have in Phase are beyond costs considered guidance. X there

Helen Collins

survival. whenever Phase will when XXX the we just example all happens, switch just not included following you as I for of but a X, But patients that have said futility clarify we that out those of that it’s to

included. is that So

Turner Kufe

you. Thank Great.

Operator

from our Securities. next of Darout Guggenheim question Thank you. Etzer And comes

is line open. now Your

Unidentified Analyst

Paul [ph] Thanks taking on is the for This for Etzer. Chan Hi. question.

the or data we ahead related should futility for cancer other clinical previously we or overexpression Thanks. looking preclinical look quick gastric as about about have Just parallels be TOGA population sets FIGHT, thinking the to in the the forward spoken you analysis trial towards one FGFRX. reading to How to analysis? a possibly HERX through

Helen Collins

understand how trial --? I or I’m that Do question. TOGA not you designed in mean sure terms the was the of

Unidentified Analyst

us Sure. Anything that the and from the analysis? forward your help trial looking towards readout or could the design of

Helen Collins

No, that And that the of what part in I think can not we the so having an give of not you’re can trial I’m of – it understand public what’s domain, of. sure I what thing – about again, kind not only maybe example TOGA that. again know not And you that --? me

Unidentified Analyst

that’s I another all you. No, right. question then. have Thank

Helen Collins

Okay.

Unidentified Analyst

to So you with so FPAXXX, for any development? circumstances switching the have what Keytruda advancing for combination combination you might gears patients projection revisit with do this ovarian cancer, or when in on

Helen Collins

I said, of you’re So we data to And about We get what about this terms as expect what because is term. in specifically made comment a we right. do near else – efficacy midyear. from guess

is having to and than on patients just is that not We comes have on this continue PD-X look expression we out disease. would want what think see the what need the said combination, – do longer the at tumors. the do look that, PD(NYSE:L)-X of we’ve and and data stable particularly that one are I was previously monotherapy of for to durable expect

that So into. there’s want to some digging would go data we

would to with were a the combination point those want what a determining – partner with but programs wanted trials the have PD-X, that don’t data again we run. combination, highlight are to XXX yet expensive to a I from prioritize as we’re what because a and if ones is and we again we want we and combination prioritizing to continue not think that we’re our we today

Unidentified Analyst

much. very Thanks it. Got

Operator

Thank comes next you. Tony Butler Capital. of And question from our ROTH

Your line now is open.

Tony Butler

that number it’s XXX, the – to substantially if sites, When noticed the about in think much. perhaps Thank the one. think patients. also Helen, OUS. please I there breast all assume I of on and wrong, XX two have of one. would Okay. is, XXX is sorry. questions; enrolled that correct maybe parts, two patients cancer a participating why as of U.S.? Is is simply the from Yes. to a is then very not two this That’s And number that you I And YERVOY? two two first remember were you That’s trials we clinical XXX were – question Number me study correct? in part counted, superior number I’m it initiation fair all

ovarian. number really at have Did is is, enroll You how part of that one to total The with two point possible seem it. under pembro? patients? to trial midyear limited when it the XXX much. that That’s many is, just you you in that I data see breast I And is very patients. question any appreciate we time cancer provide question. combination will Thanks think

Helen Collins

All right.

William Ringo

A lot of questions.

Helen Collins

great. I’m it. I got good. That’s

drugs, going. you less that in done you lot the And So PD-X. get because will, if being of Australia. quick terms immunologic there were if of also had We that in at We started XXX will. that originally trial was investigators ex-U.S., time, I-O that we you so use, ubiquitous are to they right did knew a about developing

to hoping might we that exposed during have So we which easier to make fewer PD-X were escalation been escalated. we would see our as patients dose that efficacy have dose it

more change know you to Australian the more say enroll us work necessarily so there’s globally, out. course, say use borne really and can’t that’s of I and have But times of with can PD-X investigators Now, that been the and quickly. great I helped

enroll quite we of where in ex-U.S. South so the the situation than U.S. now terms if to do we a could with in are – right to, that soon but patients frankly we’re U.S. really our Korea in wanted we are sticking and CRO, with now where adding has rather In again

and the there’s right kind we it trial. So was of not any other on wanted to the speed specific than other enroll patients we thought reason that

I be a substantially as this I’d superior could substantial as substantial. that of be guess superior terms with In a is substantially YERVOY happy long YERVOY?

what was were of So there there. a I you trying if at of that get part don’t of to know sort third

Tony Butler

combo, really patients part third the wasn’t – it’s have in kind of been and That’s create created could obviously, alluded you’ve had why combinations not – CTLA-X in out it’s with you or a past great. those third CTLA-X to, There’s can at as part. CTLA-X YERVOY. rule a in use yet PD-X anyone a terribly you looking I obviously again I to but notion just because that better but like the

Helen Collins

and you’re Yes, I think right.

than that you a we some you they that’s want sort a YERVOY alone alone to but had to XX% a again If I tumor just chance, take we any not chance than say data. with a you necessarily type have let’s XX% giving a better not now combination and to combine tumor – why of a YERVOY Suppose sit and types. and then YERVOY PD-X speaking way XX% that’s think and better and Because there’s have plus PD-X. you’re I’m response,

we our again, just we have we if YERVOY, is, but then of sure that good sort YERVOY not a as mitigate plus want way as make better PD-X than a data you as as as efficacy said, So right. well, significantly want to that to

Tony Butler

you. Yes, ma’am. absolutely. Thank I agree,

Helen Collins

your So are now last so year right. – you XXX questions, about ASCO did at we present

patients on is enrollment where we cancer at cancer. three either who cohorts; we endometrial and receptor-positive hormone Simon – Your allowed cancer did a We a breast or were variation had ovarian memory correct. two-stage. triple-negative stopped expansion We

we a and responses only saw in enrollment, we number certain responses So cancer. stopped we ovarian saw unless of

for for single So because that n that XXX, written full to made combination. only that’s cohort. continue clinical gone we cancer in if had Then the and did the the to enrollment trial the every ovarian have cancer cohort equals would breast us terms way been of in what including not was we choose combination enroll

said the then that have patients enrolled tell we’re how I and been we in amount. And So have – Simon see then before enroll terms We’ll and sure can look enrolling. but our combination have in not we we’d many We’ll a you continue as of cohort, in total. not this approach that see, exactly have a two-stage. we same make certain want getting response we to XXX

Tony Butler

it. very Helen, I thanks much. appreciate

Helen Collins

you. Thank

Operator

Instructions]. you. Thank [Operator

Our Birchenough next from comes Fargo of question Wells Jim Securities.

open. now is line Your

Nick Abbott

Nick Jim It’s Good on afternoon. for afternoon. this

were decision could study imbalance passed once make – be partner become get where you it positive partnership specifically you’ll the [indiscernible] as First up And XXX? survival the an median, about don’t issue and may have this a you a futility, in at question, median partner, there the takes to since the months from comments if it expect discussions clear? with be if six lined overall can bema, bema some you you’re to

Helen Collins

connection, It’s -- but I not think great a

William Ringo

again It hard hear question. was of it repeat kind to you Could your really for us?

Helen Collins

I it did hear to room. Nick, for Actually, the I’m everyone but repeat in it going

to that finding a So deal, you So where don’t if presuming saying what that in And six -- trial – months negotiate the until we you question meant a with what a that find for I you’re futility, of is terms pass bema, itself? mean would partner the partner? are first then if guess

Nick Abbott

median, the that Yes, passed overall the median so imbalance whether survival it have become clear. equipoise, affects expect you may an assuming

Helen Collins

Sure.

first partner. about maybe the So

William Ringo

waiting fair it’s to standpoint. discussions assume I any we’re think until start that not futility of kind from partner to a

process on by those will ongoing. get there. discussions get may on a card We some we the pretty be turn futility, the of partnership along not but to So over time are the far decision a

Nick Abbott

Okay. same terms would XXX for partnership. And in of go the

Helen Collins

Yes.

Nick Abbott

now completed? Helen dose And escalation then XXX, to been moving has so

Helen Collins

No, not. it has

to continuing dose are escalate in parallel, we yes. So

Nick Abbott

are recognizing And then you a marker tumor central you memory what cells. looked potentially sort at of From perspective, have recognizing? pharmacodynamic Are cells they this of translational these mentioned T antigens? T

Helen Collins

guess our that. say is way but that ongoing that best So is to in that’s I analysis, the included PD work

Nick Abbott

Okay.

Helen Collins

any you. I don’t for have readout

Nick Abbott

PD-X you’ve PD-X then a on And the a obvious just a XXX two preclinical thing then to is, I you sense optimizing of XXX. you’re think the and is the with one to have it inhibitor. try combination one to or at perhaps from does combine going final that do inhibitor on optimal dosing the strategy follow up. so is dose, with therapy? and XXX The But look Final the on these combine agents move label make do perspective, highest you tested dose when to

Helen Collins

our by since be them start that most full that the is situation, full on you dose dose. XXX. looking preclinical the based PD-X there a getting synergy not think is we will in Well, of the And have do start with off approved kind tumors of we we’re of to significant able data at, to

we of a different the the that I think couple XXX. truly by we data, think mechanism are first, dose little dose XXX than reduce escalate which preclinical on based a we escalation cohorts. is But our action doing should a So on of or dose

Nick Abbott

what then preclinical we Okay. hear the when And on new are? finally assets, on assets might those

William Ringo

sorry, muffled. again question was I’m the it Repeat please?

Nick Abbott

Yes, I’m sorry.

three we I preclinical think that into out come you guess programs? said moves year. three on have late-stage the find the might development? you in your later specifically development on this prepared comments which I that more detail And candidate one on When research programs, preclinical might to of

William Ringo

development we public. make or point that. compound, time that that, in of determination a timing haven’t released we any around terms When we’ll at of them the made release the this targets really But the of in

end of yet. about ready year So you’ll more the talk I know the to about that, we’re before not but it suspect

Nick Abbott

Okay, enough. fair very Thank you much.

William Ringo

much, Nick. you Thank very

Operator

any this would And to now Ringo back Bill you. question-and-answer ladies conclude does I like call Thank closing the our and turn over for gentlemen, session. to remarks.

William Ringo

Thank you very much.

that As call, restructuring has in of the successfully undertook XXXX been I at the we beginning said implemented. the

in We’re earlier, for programs. runway, XXXX. where is proprietary clinical really our into And extends as focus on our David from data a cash position mentioned XXXX generating

pipeline. late-stage We this from in growth of externally. internally multipronged development research of future the from and approach pipeline result assets, We asset clinical an our programs see believe prioritization of possibility from coming will developed the and advancement prudent acquiring our a potentially

your strategic us for the like in investigators for all clinical also With Prime employees and collaborators that, and joining and thank to today in programs. today. thank you Thank continued the I’d contributed all who your of our you Prime. participating Five Five to patients like attendance advancement our our I’d for of interest to our trials

Operator

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

You may disconnect. now

Five Prime Therapeutics (FPRX) 27 Feb 202019 Q4 Earnings call transcript