ATNX - Earnings call transcript Q4 2021

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Operator

Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2021 Athenex Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to Caileigh Dougherty, Director of Investor Relations.

begin. may You

Caileigh Dougherty

the news website. fourth wire company's earlier crossed thank we The and on of replay as joining conference for our as Good provide this you an is XXXX. also results Today, on the the results financial will review business, be website. and and archived available update the detailing call. release full-year the A today a call afternoon, will of for quarter on well Athenex's company

During may materially future company events company's review forward-looking and the financial, make cause with from statements anticipated and will past regarding clinical about actual XXXX in that and to call, statements filings to beyond. in results conference those the you or statements. SEC, the projections We forward-looking fiscal which described differ the year the future or events, the business, encourage identifies factors milestones specific including

Johnson Mr. Jeff www.sec.gov, I will Mr. now EDGAR Dr. our Gunter, find Chief www. Officer we can You Dr. Therapy, The our are introductory after prepared remarks. Lang, website Executive Chief Dr. be President joined Cell questions section Johnson for athenex.com. Dan at SEC the the Athenex to of of at comments. Cell Annoni, Today, available Operating Officer, turn by in the Officer, Investor will Relations Chief of Lau, Medical call and Chief team Kurt Yordon, database Therapy, Joe management Officer. or filings Financial to over answer in the

Johnson Lau

the our this this the what you it already on begun conference therapy announcement thank And to our because we have make runway, highlight the [Indiscernible] decision implications potential, several We objectives we shareholder also Caileigh thought to highest to of cell pivot to initiatives morning, strategic the class regarding of I to this a excited keep leadership our I'm us make and value priority for believe allow of therefore on in experienced company the financial three be bring call Thank cash this team. We're to deserves implementing. patients. you, want plan. key focus we increase you our cancer to afternoon. and sheet, elements these innovative joining and treatments platform, working best Dougherty. everyone the to meet has balance strengthened

First, refocusing we therapeutic are Cell development on Therapy efforts our our Programs.

most Orascovery. discontinue Second, will of around we initiatives R&D our our

our Third, sheet by non-core we monetizing strengthening are balance assets.

on to re-prioritize therapy. We are cell cost-saving focus to the significant also programs company implementing

review to potential management board, team and significant therapy cell an it's that cell and therapy. the us and recurrent conducted clear therapy create highly best extensive the it believe to and differentiated Our pipeline, has our by is and opportunity be focusing technology, on value, of to it's We competitive see long-term disruptive our landscape. cell operations to potentially

breast provide strategic cancer effects, not been complete be serve create the response can from after clinical Specifically, would programs, think a U.S. more we XXXX. we cancer Doctors U.S. franchise. candidates build Dan receiving a cell on FDA. will details Kurt Orascovery that in and leading up very some upon existing data it main previously, plan focus Lang, clinical promising. our a the from challenges minutes And progress as the the treatments. a the facing invitation to our have Gunter. announced of a therapy in The few We development foundational pursuing of our to metastatic early address, letter until

limited, encequidar. continue, programs could The to trials ongoing investment decided value can potentially very will Athenex. in with taking required step, now further are discontinue by that that combination unlock little, oral this both a oral We X have only and other is paclitaxel a

The arms a our trial And is X in Athenex, into in an resources readout that leap. setting. study be this collaborative randomized We dostarlimab unlocked. I-SPY two [Indiscernible] of to in that value value the that This This second Phase program with minimum which of results requires of drug XXXX. has area neoadjuvant from its X patients breast in Healthcare the is trial, advance expected combination results call first if the cancer data hope of we X but shareholders. are an beyond could these could in half additional and quantum been the for encouraging. future Phase it's has using our that

pleased expansion ESMO oral of Cancer. also last with the and partial Phase diseases patients Lung with to Cell pembrolizumab This comes fall. data Non-Small combination eight initiated evaluable X/X We highly reporting we announce patients portion four paclitaxel of responders at in trial of encouraging after have in stable four that are clinical in

partnerships extract potential continue through will other from studies, for further progress to We to asset both monitor look this the opportunities of and means. or value will these

treatment to a Medicines As and the process in regulatory paclitaxel market breast Regulatory on for updating validated of Products you for the Agency advanced all cancer. our of months. the application we And Healthcare privatization UK reminder, the look coming forward

is facility entered Dunkirk, XXXX, And the XX. recently cell useful of first our agreement and our onto raised in transaction, be a down, close the process as million announced of programs were pleased the components minutes. R&D provide carrying sheet. February on look able saving $XX as business, those this pay with ImmunityBio quarter. We're process of details Mr. several with assets, We well on we a having cost debt this as in We're We early in in quarter, therapy. within are operating our how discussions late January our organizational year. quickly we York, an aggressive support to sale implications that various completed we which ImmunityBio actions, A this unlock to Dunkirk. put our forward unfortunately, towards the initiatives This value New programs, we sale critical will Jeff with in to in the therapy, you will updating Yordon we now to have in in in Last cash in to we manufacturing consider reduction so to Moving headcount. of will unlock cut non-call. pursued few from cell Athenex on There providing of total component activities the unrelated a coming months. the value. more balance changes did long-term these far they

operating progress. means extend We We to I cash divesting combination our runway initiatives shareholders. value we're of to cutting of cost implementation over by identified causes. to assets believe have potential unlock beyond in plan also months. to reduction We Altogether, outlined has this the additional expected is An reduce for expenses XX%. XX of have plan the non-core

complex developing Lang setting Annoni, Therapy XX Joe programs. Joe expertise was experience, years which we strategic us today. variable of changes Dan to equity. extremely call Cell be appointed turn to big discuss brings advisory, call it Mr. Finally, private for within and our has recently new will He Dr. who environments, in over the the and to our our investment I'll over is our in on CFO, us with implementing joining as banking, programs. now prioritize

Dan Lang

Johnson. you, Thank

is treatments change we at with will believe hematologic into on to refine for disease, cell a patients. therapy promising chronic focused a our the driven a We science malignancies. we developing remain cancer identifying potential treatable particularly company, mission technology As innovative in cancer Athenex, and

marketed needs aspire unmet our for We are medical bringing potential treatments; the CAR-T shown X has to cell address outcome. costs, the patients, NKT several the currently existing current that CAR-T focus excited in to on to technology, systems, value access, the and based and We healthcare some R&D faced therapies. challenges clinical the efforts physicians, believe the bottlenecks healthcare limitations, and different solve of we to with current constituents There are ecosystem. by and

believe Given each features can meet technology, the of unique I challenges. our these of we

First, are This therapies. up and current is in for why are due of reserved patient-specific the as set CAR-T it's products, CAR T the patients currently reason the treated estimated part, handling primarily centers, that not to hospitals only eligible to specialized community use with large the transplant therapies XX% are, these technologies. difficult of [Indiscernible]

product in outpatient Our an setting. off-the-shelf that given providing can be allogeneic an

broaden therapy our By to we community by can benefit ultimately in patients hospital solutions. network addressed deeper T's. current penetrated to expect NKT with the by more our those therapies, We than access of cell driving CAR marketed adoption

T therapies costs $XXX,XXX CAR current Second, dose. $XXX,XXX per between to

care the work it thought system. within importantly, academic of would these feedback more base well-tolerated payers. More contrast, we're care doses stays. from XXX for of commented ability and leverage and to healthcare prolonged of the to a of for than this hope system highly these costs does That the and In regarded business healthcare take with hospital healthy model to of to because ICU that we several lower costs economies outpatient patients us an patients. scale. simply taking create to manufacture to leader the getting hospitals recently One burden our and even a strapped not the donor reduce treatments With costs, that

of Lastly, despite improved our webinar to therapies, CAR the more Gil a December. KOL response don't patients, by efficacy. room NKT Dr. XX% relapsed from CAR Up Blum TX, promising clinical there described of derive as for lymphoma performance is interim-driven refractory still from lot current at in

complications. patients of experience addition, the dreaded In cytokine XX% lead syndrome XX% with to

responses seen rate NKT the and at levers deeper with as of response pull, CAR doses that patients. can therapy, higher lowest XX% doses, more drive durable such we CDXX believe larger the we dosing, can With are percent there our and a for repeat

by the CRS lower patients. some believe with cell CAR we therapies. CAR much current summary, a that Our treatments. faced of the treatments, well-tolerated structurenation T the and solve T NKT problems based could [Indiscernible], In current rate Using is our commissions than

field physicians, quality systems, stakeholders, to extend all focused with to of including and the continues improve we life cell for As payers, patients. patients, cancer on the and evolve, of are collaborating therapy healthcare

it turn me on over our let an Kurt programs. update to Now, to clinical provide

Kurt Gunter

we unique is Athenex. acquisition our combine and Good features programs cell the the the was which field since want Medical acquisition. Dan. with Officer the in Thank joined Chief cell best believe, the Cure previously CMO for of of the I'm at CAR at some NKT of I of our extensive progress Athenex I have Cure. at NK I you, name NKT highlight to cell of cells, Therapeutics. and T-cells. and Kurt I experience time Gunter of And am characteristics pleased the therapy, My of day. therapy

NKT X T-cells. cytolytic which CAR NK by cells. tissues activity, a tumor cells to is cells directly work homing. NKT and to host NKT versus unique good type there with, have data known and that TCR, compared have home Importantly, CAR allogeneic disease, virtually indirectly. graft cells, or invariant T-cells These receptor can of and strong this have kill to have NKT we no T-cell are risk Because shared of TCR. cells and in we demonstrating to superior characteristics cells tumors, tumor persistence, are memory and CAR cells invariant not

quarter. solid anchor allogeneic we key heavily cell the support an KUR December. reasons, Phase treatment data -treated, early I'm reported platform therapy type believe NKT and over tolerability continued pre the cell efficacy in promise population a these cancers. trial in cell strong our that past from relapsed, For is to patients. to CAR tumors, Data directed were progress of refractory lymphoma our and holds CDXX in X and leukemia We of the our the report extremely NKT at this our saw cell ideal in excellent ASH pleased -XXX, candidate, treat of CAR advancing

levels. response out sites the we NKT rate we for expand at seeing prior enroll platform and CAR working Notably, to of response a peripheral two overall the very disease ANCHOR of XX% Car-T. patients are five responders and higher evaluable for rate that at observed to failed in are continues off-the-shelf the response and a Further patients, results also we of and of results were suggests enrollment In trial blood. dose there levels. trial, this XX%. home three one Specifically, additional and partial responses complete And dose These extremely an in promising low of are encouraging a autologous immunotherapy. cells complete

important several we the excited and look As remainder XXXX, presentations. about to of we are events

the allowed application, up from current XX single-center. IND achieved that the This study recently expanding the with enrollment FDA. proceed clinical was ANCHOR markedly Our should by to accelerate sites, to to

December, the in Additional patients are be to dose. data and including as ASH program from this X at expected at X, levels X from recommended look Phase updates reported to we dose establish

liver pediatric or conference We CAR allogeneic autologous present the cancer cell in pre program a program plan KUR -XXX also neuroblastoma in XXXX. and at half -clinical an file We will responder May. first in ASCO GDX in for more present at GPCX the June, analysis NKT this CAR in IND data conference to the our of NKT program cell of from from data ASGCT

for program of over expect we NKT defined tumors, Finally, solid XXXX. Yordon. expressing call half clinical now our to stage allogeneic candidates for by will the receptors earliest Jeff second the to cells T-cell of turn have I

Jeff Yordon

Kurt. you, Thank

Johnson recently we the facility of ImmunityBio million. mentioned completed earlier, sale manufacturing Dunkirk our $XX to As for in

with which cost four as part have As sale reduce ImmunityBio products generated a in low can arrangement, to pods at strategy a impact The which this advantage we of on we business. the to continue an eight still sale, new significantly very pivot, should of this value into addition part overheads This exclusive our of now the and from there. this company, with we to is facility of this represents sale, positive can throughout entered our year. of fold XXXB the you cash manufacture the goods, the the capacity we of that our unlocking in the new increase margins contract developed expect

and excited consolidated can are two bring to It We included our The business essential and grow $XXX.X shipping margins the compared products figure of are respectively, and for XX pandemic, now XX% in $XX.X of inability XXXX, XXXX, EPS have growth revenues for new states, business with. The financials. to inventory announced and manufacturing million. for launches of There in to APS million do of XXXX specially patent APD issues resolved. our introductions with relating are Joe to to million challenges will of better baseline is $XX.X and growth, markets position sales for result million to returning $X $XX.X products Athenex increase in then manufacture due state licenses before be X in in to for XXXX Athenex XXXX means grew now secure the the Representing products influenced every facility. already one-time increase revenues I and or XX largest unit for these and products revenue Division five $XX with late the products, forecasting million including much in that largely in fourth are XXXX. were secure planned order XXXX. have substantial a XXXX. options XXXX launched sets to to business million and currently materials, the million we COVID at revenues to are are operations on $XX.X we skews performance Most further COVID. margins. XXXX of by and this we and able purchase quarter launch in are this very to sales currently And Pharmaceutical XX sales, in and planned securing shortage patent Overall, markets in U.S. Annoni We're receipt potential beyond. for revenues were Adjusting XX We in fourth at fourth APS likely XX%. between Further we India, we complete. receive will that into pharma factors business product The to and for We seven APD Solution been to products, And York business, quarter have the of to for essential robust, licensing APIs licenses New quarter, to the XXXX, which call Moving there. will international see the over non-reoccurring a the in by slowdowns additional the selling XXXX. licenses market at we will expected Both currently the begin Two the will the are to launched an China Pharma XXXX by the value. generate meaning significant previously the the million. substantial them we these full-year will and collaborating right expires. several in $XX.X with and approvals, expires. approximately the formation, up revenues and growth significantly. at in of significant discuss place, be overall significant these products the time and and the products delay But the us skews. XXXB in be Dunkirk in tentative ImmunityBio XXXX. very by turn process when to a ship this early with further once full-year business

Joe Annoni

you to Good listening. be and operational I I'm that cancer the I of goal. financial that mission deliver afternoon, sure and of me so many in Jeff. patients improve this personally, on to does innovative changes you, to research Athenex a my am Thank resonated lives of as strategic in team join came onboard transactional everyone. honored to with development. with apply drive position will leaders cancer the better experience world Athenex's of to

an A our foundational X to change. order programs. opportunities strengthen of a and balance time the to our strengths, down, sheet. see focus time today on to our important to that In break Therapy build significant time announcements as Our back do Cell mark future we to we up

non-core of the reduction. First, assets, monetization cost and second,

million $XX along overhead monetization begun have savings. the today, The which both. Dunkirk of steps include far, addressing heard with we so implemented sale have generated already cost asset you As facility, we our significant

and as updates these we we strategy. other We on execute that additional unlock our business will in continue on value, non-core the programs assets to and have could search identified provide

Our the The the XX and related and cost Cell of around people reduction we company's initiatives our capital refocus immediately reduced headcount structure sale associated are of streamlining to by to alone operating the Therapy. Dunkirk expenses. it eliminated

Our molecule as clinical ongoing study expenses plan winding supporting R&D and also are two reduced molecule operations Small now non-core of studies. have by includes and manufacturing. infrastructure. Small only we down XX% being the over

sheet reduce future sized that our of and allow pure-play as we while the as to by the to expect minimize Combining can expenses have reduction financial of for that to over shall focus succeed Therapy to total the run-rate Cell to by we divestiture beyond. XX% Additional a of future and Athenex. cost potential to steps a strong transitioning taking us balance for planned platform model summary, executed process and actions of foundation underway well realizing The we we biotech expenses. ensure model, the has cash team initiatives an necessary assets extend on, and capital to is appropriately committed our and the cost operating and strengthening infrastructure. XX months our non-core transitioning full has aim business In reductions, activities a

the that would release to were I respectively, refer impairments prior-year and fourth XXXX the for million the to a $X.XX $XXX.X $XXX.X briefly for full-year highlight of line million million for share, and and fourth $XXX.X the totaled million. XXXX, quarter for respectively, expenses $XX.X respectively $XX.X totaled fourth and issued was and losses XX% and $XX.X totaled the respectively. fourth with for and million you quarter and million quarter decrease the following: year-over-year. an fourth the and a R&D quarter in our and were million to XX% our $XX.X million the $XX.X press losses R&D represents goodwill revenues increase in turning same ask full-year XXXX. period, Total financial of X% year-over-year respectively. SG&A Net $X.XX quarter attributable quarter for please The But non-cash full-year XXXX. for full-year results. expenses periods $XXX.X Now, This per results to diluted of million that $XX.X XXXX fourth summary and Athenex full-year a for the compared full expenses XXXX, $XX.X and full-year million I respectively. include earlier of million today of will

XXXX, which of a asset have Credit pay monetization activities. of and As begun long-term Sagard, proceeds Agreement from December with XXst, Oaktree debt million we we down had our with our Senior the $XXX.X under to

Athenex $XX.X and As million, of cash, short-term $XX.X XXst, restricted cash million. of investments had December XXXX, and of equivalents, cash,

the expected this mentioned, business growth Jeff return is as Pharma to year. Finally, to specialty

the Given to issuing at the the on now visibility we product call XXXX, turn have will back prior year. to Johnson. and XX% new launches, we on-demand fiscal over for are the year guidance sales growth I XX%

Johnson Lau

Joe. you, Thank

We priorities our our strategic and have outlined year-to-date. for emphasized plan

on call the programs open the team other As I future this who our miss luck team in over the advancing years. work taken steps for We'll And you Operator? can our position our several the We'll endeavors. want therapy. see, Athenex intensely be past towards questions. will focused to a has longer wish in we success. and the and for pipeline. future will Orascovery this take we're is have thank departing just them all new us no grateful made contribution the on will simplified their colleagues individual parts pivot focus, on our the already actions and of And company reflect members all endlessly for am of We're now dedication this who supporting. to beginning. promising business to ensure I moment

Operator

Thank you.

conducting poll now you. session. Instructions]. will questions. question-and-answer while a We for [Operator we Thank please, be One moment,

Miller proceed ISI. Evercore question. with Jonathan from is question first your Our with Please

Jonathan Miller

Paclitaxel for Hey, question. very for here plans this I'm plans runway all about though. to your I at pivot clear want just the extension. be and for taking guys. hear cash super about oral point Thanks so much to my the of excited

path role X get opinion oral intend positive you registrational if the will And second good does play UK, a the you in to in pursue point, approval If what looks will this the there? you half, Paclitaxel in runway positive I-SPY that non-core So there? of commercialize I topic, the businesses? of legacy concrete cadence, we -- a on when the sense more we're of guess, assets. and or your then cash expected And have while the unwinding part of of monetization, your what's non-core as at monetization

Johnson Lau

question, in right the positive your intend there's resources value we -- could things the we paclitaxel. you Therapy that Thank have we program. something demonstrated we're be particularly, that Cell be In -- right obviously, this still priority the case the we we is that to we're have we're in positive these now, for the Certainly. to a development shareholders. the plan, definitely our take I-SPY accepting from the could we the and potential given And and that to we regard from the continue realize update, we in which be actions challenges data I UK, with value value we we're Jonathan. with when to be facing to anyway, our we in have. data data if with there for to positive or hoping exciting Orascovery -- was the for react, program. decision. have mean, cannot MHRA, tough I-SPY a program It or able we develop, investors. X But oral positive, already asset order Certainly, strategic will now, how and for possible X, know will if understand for generated return with the UK

Operator

Jonathan?

Jonathan Miller

sense concrete the on And you. Thank to cash cadence runway monetization of question? Yes.

Johnson Lau

success, some the assets. in non-core non-core do the Therapy, pharma a become for we I realize based are integration these On that, to supply when chain work and then of monetizing some because then, also emphasize to of we we business. the We and of with that build focusing a we like the assets, them, that vertical But Cell they non-core create to that. built have already would having on value. on process of specialty that and that have was lot trying value that lot some part good on -- now we the done we we of is components regard And the to able of question, indicated -- were are

so that cash And updates able believe we're watt we run-ratio in completion, few will And be to are hope going that, in months next process the we once that XX extend hopefully, that with per this and the months. to or longer. in

Jonathan Miller

you much. Excellent. Okay. Thank very

Johnson Lau

Thank you, Jonathan.

Operator

you. Thank

your with Our question Please from with Kevin next comes question. Oppenheimer. DeGeeter proceed

Kevin DeGeeter

to patients update. the maybe to regard Any Hey. should think we sense to regard point think and with Appreciate a ASGCT, the presentation? and With to update related as how maturity there the on data about of presented of well? about be ASCO at help number that expectations

Johnson Lau

Kurt?

Kurt Gunter

Okay. Thank for there. your question you

data presentation At targeting program we'll X at have accrued So be -clinical our patients presenting we'll the hepatocellular And we be response I from following ASGCT, in any at durations we're not We're of KUR presented. carcinoma. pre ASGCT. also we've previously accrual, ASCO the -XXX can that which is GPCX from in updating on patient guidance G&A but patients. data kit you providing here from study. last more tell the

Kevin DeGeeter

in a Great. housekeeping were runway? about Johnson, XX-month cash some think I last include for should you future the just to from the reason proceeds response, would for we your maybe monetization. cash from then interpret how If question successful monetization, me. And runway not

Johnson Lau

other approaches different on we we And avenues. have different our certainly, completion. usual it ensure can able or to approach to of announce already. source are say, are resources for been on having have And would approaches of there ensure that emphasize been when conducting you activities to also quite we working can we to that to XX And hoping certainly, are approach we take, relation Suffice think months. to of we we use be only up working to to whatever sorts and to sustain while lot have a a like to but And update monetization. longer. able will close we in it's be we're that we we But going the is in will are to this revenues I the are our that few to going we next point. months that to

Kevin DeGeeter

taking Great, for questions. our thanks

Johnson Lau

for your you Thank [Indiscernible].

Operator

you. Thank

from RBC is with Kennen Please question. proceed question Markets. your next Capital Our MacKay with

Kennen MacKay

questions. few a have I

you. could licensed I been haven't you just to the specialty manufacturing capacity further that could comment on But the that [Indiscernible] some of wondering business Pharma clinical partnered just if And territories those a wondering had was and was if I like the costs, obviously I tirbanibulin be. for out as beyond had the the and or bit the number there. business, territories margins of on monetize that. been and on that, yet First, a expand would then supply now, could potential that what Thank on been without result further operating its little you margin clarity or non-profitable and out previously

Johnson Lau

Thank the I let you, tirbanibulin, Pharma and we to second with With I'll China, also first collaborate in Yordon and in also question. answer Australia Korea, Kennen. Almirall regard margin. both special Japan, And to Taiwan, U.S. and will partner Jeff your for partner on our question Mr. Europe. Canada. answer we

I will to And working your support terms are ways that plan, sources be if we territories upside I in the able approaches Therapy question? So therefore continue the then company to be of forward of now, has program. different to royalty to having value. of particular so that the therefore, move second question? we're Latin be that. is I to And we go will potential answered right on of And Jeff, tirbanibulin and various first to it, company, since for the going that, with also and stream, answer pickup that the source hope for want according think, do there will you America. regard to ensure said and Cell are But we looking to the of been monetizing different create resources obviously,

Jeff Yordon

everybody Yes, me? Johnson. hear Can

Johnson Lau

Yes.

Jeff Yordon

be We're the introducing at be Pharma which we've been Kennen, the in to products position The several market first a time XXXX. business. right. to And going of thanks specialty the that. XX question. is will new All formation, for do in products

EBITDA. XX% the we the much And to Pharma of this be better. be about business specialty the We So margins the margins positive will also for anticipate year. area in anticipate

Operator

Our from proceed next Chang with question. Jonathan Please question Leerink. with SVB your comes

Unidentified Analyst

Jonathan. Wessel on This is guys. Hi, for

FDA recent thoughts your NKT you if any Therapy and Therapy guidance apply Cell Just a platform. the Cell might for platform? the had clinical this on Cell the question strategy regarding trials, how to NKT to Wanted Therapy had ask on

Johnson Lau

Dan?

Dan Lang

I would to direct Kurt. that Kurt? question

Johnson Lau

Kurt?

Kurt Gunter

CAR out a today, to study from If it had haven't came that the to you're FDA referring T-cell chance guidance I thoroughly.

up-to-date recently design -- studies will are to I NKT we submitted how we CAR regard think just with to an cell allowed IND I the FDA. by to However, since proceed pretty was say that

more in it in you I'll with read discuss definitely hours, to to give few and thoroughly you a more me be If -- position depth. able that

Unidentified Analyst

Great.

cell I therapies. good. And more then if NKT can Sounds ask you. one on question Thank just

other could Just kind some guys or perceived color out there curious therapies. you NKT anticipated on differentiation companies your if versus based of provide doing

Johnson Lau

Dan.

Dan Lang

Sure. Thank question. the you for

developing believe I the cells. for So we're NKT leader

clinic, pursuing in now, is in ongoing I in and the lymphoma and GDX in know, as know, companies, CDXX trials one one the Other you two think refractory relapsed And one clinical the NKT have is leukemia they're genetic did potent these are unmodified as modified We I doing putting I for not myeloma just They're are like right patients. taking cells. they in any or clinic outfit NKT on neuroblastoma that NKT. infusing cells we NKT NKT, car to that persist in yet. a for they as understanding car the more from longer. cells car to; NKT and cells just make like an putting modification believe team without like multiple donors, My far

treatments. the in cell cancer Unit a NKT So competition are in I regard, that to we two an regards with probably years have therapy

Unidentified Analyst

taking the Thanks for questions.

Johnson Lau

allowed the emphasize press capture to expand full will regard allogeneic the this lymphoma rate the to accelerate release to want recruitment to the that for fashion. mentioned And sponsor also the and us way KUR-XXX centers our value more I of we approach industry expedited in including B-cell allow a for more also a in already. IND that malignancies,

data to points your So [Indiscernible] our provide regard for with FDA therefore Therapy. this to commitment to our more highlight Cell to with consideration that of your you in work KUR ability advance hope in resolve some evaluation. programs in and our I

Unidentified Analyst

so Perfect. much. Thank you

Johnson Lau

Thank you.

Operator

Thank you.

your question proceed comes Ladenburg question. Matt Please next from Kaplan Our with Thalmann. with

Matt Kaplan

should just in of additional this ANCHOR are on what the that sites there your about KUR -XXX. follow the the thanks How out increasing to Hi, year in questions. those patient and bit for and terms taking wanted XXXX, additional throughout XX more enrollment a in roll expectations of we study? Jonathan, of think generating up data little terms

Johnson Lau

the Dan, you. question? Thank would you answer

Dan Lang

Sure.

So file we recently FDA allowed the able multicenter single a center by was current our to studies. were very we're Data pleased Baylor that line. in to expand study from to

actually not hoping patients. off very that have now, access we're -- not of that number ASH promising at medical As prepared those the on presented and year's patients more kicking a we're to we're last guidance sites. Kurt we're will right data early extend mentioned to any replicate Currently, the looking remarks, projecting his in we conference. giving We're XX

a dose year, time what hoping be should by pretty the we Phase dose a recommended idea are escalation that good have We the the exit we'll II from that study.

Matt Kaplan

see -- data the conference should next last on in good. at and Very then expect ASTCT And follow - versus which year? patient Okay. of additional then anchor month, to up the we ASH

Johnson Lau

Dan?

Dan Lang

Yes.

little the to patients. ASTCT data or those PRs. have that also mature more response then complete of data bit we're on going patients a we So more ongoing incremental just couple that a had And have for meeting

incremental a in X will there's ASH. to patients as responses, the up big be these So more bit information But study. call all enroll study of on this well the at multi-center patients. data -- ANCHOR the really, on we couple incremental sites update of in this data more as year the a of durability we stand the After ANCHOR little

Matt Kaplan

And then last Great. Okay. question.

place? with the on little platform, You've put get to spoken R&D us what in shift in terms bit the about and your more color SG&A therapy understand as you plans. us programs cost help reduction cell you you focus as give you already of you've can the monetization your And Can thinking a to? asset were

Johnson Lau

again, that We're we under any non-core guidance. not First have me, of giving asset. all, saying let

any rather, activities this the be evaluation again, -- We when are emphasize, at understand path We to the able Opted announce are giving taking. due these of completed to then that these that And would are we're emphasize we I We path at that [Indiscernible] to all the -- the some best to action. guidance, to actually is we is this appropriate want like we emphasize debt. will just forward. emphasizing with not regard want what's to time then but time. the in appropriate activities

reduction and activities already Now, with the discontinued. entire also we the minimal indicated then, And only of oral current come also more studies of to XX% will in expenses that discovery lot Joe, correspondingly, couple next regard the require aspects it as our operating Mr. reduced existing to SG&A that CFO, The of investment. now. reduction, months our And or two be then, the projection than will of that a to being paclitaxel the is only activities the has related stock. right will cost

Matt Kaplan

helpful. Johnson. Okay. very Thank That's you,

Johnson Lau

Thank you. Thank you, Matt.

Operator

[Operator Jen from Instructions] proceed comes Laidlaw Our & with next Company, your question. Yale question with please

Yale Jen

the cash as including And Good and of thanks you you want also flow for year, I questions. the -- [Indiscernible], the about by from cash do $XX the a the $XX million runway, in about terms for Dunkirk million end that, afternoon. just when talked that, have taking the the to you -- well? proceeds include you of last clear talked about

Johnson Lau

Joe?

Joe Annoni

me? Can you hear

Johnson Lau

Yes.

Joe Annoni

you Can me hear okay?

Johnson Lau

Yes.

Yale Jen

you. can hear I

Joe Annoni

phone January. of that include My referring you're Dunkirk to, XXst, there. acting was the December is as which proceeds from that the occurred that Thanks. Good. million up so $XX in Okay. yeah, not But does

not data cash X but as have -- numbers from We you from far provided balance, points. that those the can infer updated as

Yale Jen

great, here that, this And question non-core potentially to be in the that's us does P, terms helpful. consider Therapy Cell pursued a of forward? going Okay, is it hard-off or still second TCR very

Johnson Lau

to this me Dan, address do do you want you to want address or question this question?

Dan Lang

it. take I'm happy to

efficacy based other how drive to because understanding believe our the ongoing to -T experience, including enough get order some expressers receptor those autologous is a know that this cancer, don't we in be treat known cancer, TCR is TCR I that a to of lung durable Longer this targets in this so a Yale, tumors and on efficacious ESO approach response Currently, would to cancer, neck and the one-shot at as going and you literature believe allergy appropriate an study. cancer. is have They an the and breast in long-term TNBC hoping program Baylor and in Phase bladder one head safety instance term, believe We're solid NY be we tumor. companies approach approach. - and approach science of of that targeting it's Dallas Nick our solid NY-ESO. is T-cell solid it's tumors, So from have more high and

approach if so seeing from possibility we our put that TCR. There's term, give we we're a So can platform provide allogeneic can that the TCR we interesting putting long onto NKT signal ESO a a NY - could repeat that cell dosing.

of our sort that's hope -- Yale? it's that's helpful I plan. So long-term But to you,

Yale Jen

we And operating the for just operating based general? consider, the in and of the question. SG&A, is maybe the basis That expenses expenses, which more absolutely. squeezing a fourth XXXX, R&D Yes, that should on new question housekeeping in quarter the here, last, one that both could be

Johnson Lau

because are related team operations, operational to lower, certain of clinical we on some when marketing wind already. including also they are the much And you are consider trying should eliminating You arm, down Paclitaxel. that oral the up to really

operating should that down You of go expenses should just expect including sort SG&A. drastically, the

So now. objective a reduction. therefore, number, then XX% your at should on assumption That's on based number around regular and our XX%, the should be based tick least right

Yale Jen

Okay. of things forward. Great. moving And Thanks best luck a lot. for

Johnson Lau

Thank your questions, you for Yale.

Operator

are this for to Thank over like further you. Lau There Johnson to turn comments. closing any I back no time. floor questions at would the

Johnson Lau

much. very you Thank

new space. that you Athenex. great driver clinical support program. encouraging Therapy of pleased at future programs believe and chapter should position in Cell be this are us to We are strong Therapy as leader The main we with the growth, provide a this of the be update our for potential in We a Cell today, begin to our data

you our cut monetize that our and result assets, objectives long-term of will us structure patients. help for treatments for to long-term mission sheet, set leaner decision will cancer us non-core shareholders. balance us Our value. initiatives execute joining Thank operating bring everyone in to value corporate to for innovative today. improve sustainable these The meet up and combination on for create creation expenses, our And

Operator

conference. today's concludes This

lines participation. your your this disconnect at Thank may You for you time.

Athenex (ATNXQ) 17 Mar 222021 Q4 Earnings call transcript