XNCR - Earnings call transcript Q4 2018

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Operator

Good afternoon, and welcome to the Xencor Fourth Quarter Full Year 2018 Financial Results Conference Call. [Operator Instructions] Please be advised that this call is being recorded at the Company's request. At this time, I would like to turn the call over to Charles Liles, Associate Director and Head of Corporate Communications and Investor Relations at Xencor. Please proceed.

Charles Liles

Thank you, Operator. minutes topics issued today. we few which press a the outlines plan afternoon, ago, a we release Good to discuss release xencor.com. at is The available review Today provide Foster, Kuch, of full MD, and financial Vice the President and Ph.D., the discuss Bassil John Medical Senior Company's on Senior on Finance Officer Xencor's fourth Chief Financial Officer programs; will the Paul President Executive Officer update from and will President and highlights; business and our call, an Vice will Chief results Chief quarter Dahiyat, clinical year. the Then we will to open up call questions. your

call factors in that, future report we and risk conference With timing remind you report efforts, call, operating contained including, The pass results forward-looking and anticipated on and the conditions, Form other by plans on are results, Before the on these known the of are statements, that the this quarterly factors but may future Bassil. outcomes and and and to are described like statements, in product programs. sections could management rather Xencor's regarding events cause success these not that of forward-looking me factors These operations, offerings, but future research XX-K information for capital make market and beliefs trials, available statements course unknown current risks, expectations currently I material on forward-looking facts, most let development to begin, to objectives not Xencor statements including to, limited from clinical differently us. and to would financial partnering during based subject and management filed future are requirements, the Form the historical to statements Xencor's the of of recently of annual Company's based and those over uncertainties XX-Q. actual results forward-looking

Bassil Dahiyat

dramatically enhanced antibodies biological Xencor counterparts. afternoon versus Thanks their natural we functionality everybody. good engineer performance At Charles, and with monoclonal and

can Fc few domain Y-shaped We to amino the Our a technology Fc a domains with and on cytokines activity, broad substituted property XmAb XmAb-based be intellectual estate or the natural bottom proprietary modify and for now the XmAb focuses XX candidates with we've by structure. bispecific us domains half-life, domains, or enabled an and clinic, its and structure. the Fc evaluated created novel the just improved domains with portfolio acid partners. which readily these last changes diverse internally longer our half antibody, XX antibodies in large build currently Fc both a has around produce of constant These of to years, a over antibody being

and action our and achievement it expanding a look label. complement of to and progress forward the subsequent generation hemoglobinuria regimens Soliris, Xtend or Alexion. first allows Fc at which longer frequent to congratulate less and in for the incorporates hear the toward in was XmAb in paroxysmal technology the containing as December, patients XXXX, adult approved the by one antibody. of also of these delighted This that the approved we Now, Ultomiris, ALXNXXXX Alexion's nocturnal is States. inhibitor for United with known indicated technology, duration other their and We dosing treatment were geographies a approvals Alexion PNH, candidates compared complement marketing for inhibitor FDA is XX to Ultomiris first their

which rapid maximize provides cytotoxic cytotoxicity, technologies continue Now and immune to antibody-dependent their to have and ADCC. immune Fc Fc technologies potent selective inhibitor our for more and our XmAb we we have beyond in that license companies clearance drug and domain, potential. we domain, for Fc Ultomiris include seek additional cell Xtend suite, These to partner Fc provides with us which candidates other and used the partnered inhibition technology

the over platform. focus R&D and our has of bispecific use XmAb years, last Fc the bulk however, of few the expansion our been Now,

which enables plug are and play and rapidly other of of simplified biotherapeutic development, emerging and we're in scaffold two area XmAb design proteins Fc antibodies Bispecifics to structures particularly different development engineering the or using rapid a approach oncology bispecific simultaneously. robust domains more Our to our bispecific targets and different develop as can our that and a bind lastly, in checkpoint pipeline be bispecific our date, distinct or T-cell classes; cytokine into microenvironment agonist we've To using of domain, drug CDX antibody our drug and tumor seven grouped which XmAb oncology three candidates target candidates. activators, two receptors cytokines. created bispecifics, Fc

candidate Officer, our Paul is the the our CDX XmAbXXXXX review program. developments Foster the in turn I'll call XmAbXXXXX pipeline. lead over clinical from to our to know, you oncology as Medical bispecific Now, Chief recent

Paul Foster

management. CDXXX-expressing patients relapsed Thanks treatment on is AML being of received standard or malignancies. X.X Last Phase complicated benefiting cytokine in kilogram. treatment that of This CRS implementation of from with CDX to other our evaluated bispecific assess patients micrograms patient's is experienced hold the escalation the prior their activity CDXXX The It's in to study, partners, the recent collaboration partial related infusion will the label, on leukemia anti-tumor allowed by in developed was and to study the antibody hold until possibly placed and study our after with Bassil. to patient partial at this treatment that per XmAbXXXXX by patient and may hold or tolerability FDA. open announced x X safety, first dose, patients syndrome hematologic treatment. clinical preliminary decision an is partial dose to related or while our Novartis. being that's multiple-dose, we myeloid of care One release lifted new be treatment currently acute and were the patient least its two considered an FDA reports full deaths FDA withdraw no clinical which the enroll CRS refractory a week, to on to continue

higher. by at cutoff the Since treated at XX, multiple XXXX, for at been October this initial then, doses treated subsequent have were additional patients patients or presentation data initial ASH dose higher and As dose XX with our levels. this

the and the week and events, during then the edema subsequently Within worsening related satisfactory related The amendments several of and days platelet information their developed acute several management died patient thrombocytopenia patient later. a pulmonary of received to documents. a breath partial infusion, across pending will and hold tightness the place last protocol patient details review clinical these doses FDA's efficacy of of The and AML. transfusion study the review of to study in shortness for regarding remain additional chest XmAbXXXXX. of developed safety Second

results study to this clinical hold with on we shared. provide and FDA can the when resolve Society Phase We from be continue Hematology This an to the study the at and work partial presented will Annual of closely update information X December, American enrollment investigators Meeting. past initial resuming

for encouraging early pre-treated of show a population As we these in previously efficacy administered signs announced, heavily weekly XmAbXXXXX. data

XX had tolerated of history data XX% age median a maximum with A the have experienced and with been refractory XX determined. hematopoietic median As or has three relapsed enrolled. of cutoff, cell transplantation. a a dose not These had stem prior and years patients of patients AML were therapies

or and Grade on X the most common more for adverse or XX% X X CRS was dose, higher the most X% patients CRS. Grade was event pre-medication. initial accounting experienced patients CRS severe Four or expected, generally of Grade in is episodes. managed with As occurring generally

infusion XX events as hours that we're to adverse CRS additional an within with consistent but by XX% CRS, investigators, Additional were of not system of component the reported seeing patients.

Based remission and is may now meaningful XX% to the complete in I'll these highest early Bassil for turn urgent X.X it valuable area. X.X micrograms incomplete review that on pipeline. And with There doses study need remainder encouraging two this patients effective we a of new recovery. therapies Regarding believe in achieved AML. complete either remains a or hematologic at XXXXX to updates potential on of per kilogram our the efficacy, have an data, back remission

Bassil Dahiyat

Paul. Thanks

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in the antibody second a July initial call safety, XmAbXXXXX, XXXX in activity that's with study, First pharmacodynamics, the bispecific in CTLA-X the X tolerability, study we and to anti-tumor DUET-X solid which immunogenicity PD-X tumors. on of patient expect pharmacokinetics, a of being preliminary being currently x first report for Phase and We evaluated half dosed advanced the data patients XXXX. we

applications x Additionally, both bispecific antibody by to drug allowed our new LAG-X the XmAbXXXXX, ICOS open XmAbXXXXX, antibody investigational bispecific PD-X FDA. and x for were our CTLA-X

advanced inhibition. We will of initiate X and studies XmAbXXXXX be expect pembrolizumab select LAG-X for the in top sorry this of blockade checkpoint year this of solid Phase triple - also with half with a and as quarter tumors evaluate monotherapy to to in the patients second on studied of PD-X year. in in combination each CTLA-X second

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of of XXXXX earlier this clearance druggable clearance we wide with of IL-XX we bispecific a is prolonged the the range half-life And receptor the version month. is and agents, for candidate, brings slower to announced collaboration Our which and cytokine superior for platform which tolerability, with mediated which provides with combination HSR development intended first potentially more Genentech cytokine expect soon. a for us

other will share costs We and profits. IL-XX XX% XmAbXXXXX and co-develop we will and development potential programs,

discover specific enabled also new United While in bispecific candidates feature research medicines populations, option including including to two-year domain. have targeted to - the cell ones worldwide, a States. commercialize the drug Genentech program immune will We're one co-promote IL-XX to in a we the the Fc engaging by

up - million in the drug $XXX for up numerous to candidates, For combination we'll each and and of our and eligible million plan XXXXX amounts, Genentech's share to milestones to exclusive worldwide new receive development license what very for we IL-XX development to million clinical milestones to will IL-XX up $XXX upfront $XXX explaining in receive drug the we extensive candidate. XmAbXXXXX for be and for costs of the development and pays program program new This a be agents. those to

multiple of for in oncology expect half IND to Genentech's support in application We XmAbXXXXX indications XXXX. the second

dose a we of Importantly, own our forward we non-Genentech of trials subject to look study pipeline agents, own the XXXXX. studies completion confirm conditions such assets our for both clinical and with some planning and to number pending escalation initial

believe opportunities broad Fc committed candidates that impact internally provides a and value both in this our full in pipeline drug through stepping of collaborations we cancer. proprietary platform, programs. on the that with built patients to our Now long-term back, to treatment oncology our domain bispecific us potential preserve have We're exploiting distinct of we multiple, potential the

revenue rely candidates, candidates to companies on in longer payments. drug from discovered We internal bispecific in I milestone in up improved and structure, milestone half-life development $X Eight streams most providing fund our technology. development, Alexion's cytotoxicity, Institutes for were are XmAb $XX remain transactions the including licensing novel resources million promising to owned for external Additionally, the pharmaceutical regulatory are that either million or that technology our Several mentioned sales and of us provide advancing team eligible multiple validation which our stability. Health clinical Ultomiris, product that of Xencor wholly currently or earlier. with requiring of payments programs limited higher and National help XmAb our while

relapsed refractory MORXXX evaluating discovered compound at In or internally pivotal patients in sales, low-single-digit for of of B-cell Xencor, initially administration. multiple and which geography, The MorphoSys route next addition indication program lymphoma. diffuse is trials with is that large on a we or to regardless royalties developed

AMG a for Amgen's announced patients prostate a CDXX myeloma study technology Phase bispecific also CDX our is x and antibody with multiple evaluated being with with that, patients in a bispecific preclinical development XXX, Beyond AMG in X antibody Fc built bispecific cancer. for has XmAb is XXX Amgen

turn Now that, quarter Financial full John Chief to Kuch Officer, review year I'll fourth to results. over XXXX the our with our financial call and

John Kuch

our year-end I'd for touch Bassil. quarter briefly like XXXX. on results you, based fourth to Thank

total million offset on equivalents Our $XXX.X of our securities The cash follow-on cash, increase to million December compared reflects offering $XXX.X XXXX March in million from and to public totaled as by XXXX. net proceeds used XXXX, of marketable activities XX, December XX, $XXX.X cash fund XXXX. operating partially in

The Before effect turning of which Accounting adoption on quarter P&L, revenue Standards everyone once recognition, our statements XXX. reflect financial Codification that into fourth Boards I'd Topic to our went this accounting revised the to like again Standard year. remind Financial Accounting rules

to of XXXX. months reflects additional compensation increased net was to was for for $XX.X of XX, the year have January $XX.X three the XX, in As ended stock-based Total reported were for Xst, and December primarily compensation XXXX. ended $XX.X our for December for Revenue while in million and million compared XXst, milestone from three compared and three is XXXX the expenditures month expanding the R&D reflect $XX.X Revenues and million of increased from million in cytokine charges. same effective $XX three XXXX were compared million standard. for from Research loss spending for our was in primarily revenues million were from in $XX.X net The year months XXst, including the ended The expense XmAbXXXXX. million a technologies earned me, the to of million $X.X months million compared $XX candidates, and $XX.X million candidate, million the XX compensation the which million compared Increased revenue earned collaboration. ended due XXXX. spending $X.X December December this expense $XX.X particularly months the compared spending XXXX Non-cash excuse XXXX R&D Amgen, activator in G&A received ended for in XXXX for XXXX report compared were same expenses spending compared XXXX same additional will fourth of quarter such, to to loss in million share-based bispecific million to we XXXX. XXXX. milestone million $XX.X XXX XXXX months increased $XX for XXXX $XX.X microenvironment the revenue period over development revenue periods loss costs, received increased XXXX for to same for this to period Alexion XXXX for $XX Total our XXst, to three were the ASC million XXst, MorphoSys The where oncology in ended G&A to December periods the full the reported candidates to was Amgen of R&D XXXX XXst, of income periods XXXX. XXXX Total from for new months in pipeline XX milestone million $XX December $X.X fourth million in initial of period were $XX XXXX primarily XXXX. for the net revenue XX due expenditures $XX.X the Fc and XXXX. milestones revised for prior $XX.X million Net Novartis XXXX. XXst, adapted spending in our revenue quarter of XXXX for our R&D included XXXX in $XX.X totaled compared period addition XXXX. million received is $XX.X tumor collaboration. XXXX periods $XX ended of administrative over the Alexion, the for revenue Novartis December ended $XX.X CSL, three million months December and earned million, full XXXX in for collaboration, period XXXX loss million Novartis revenues from our same General in revenue in and from included bispecific consisted same to XXXX our revenue million of spending

of $XXX we in reimbursements, for we and XXXX million we open operating R&D With beyond on As gross on be programs considering forward revenue payments, end and able royalty and year, expect net million XXXX. and that, development cash questions, spending now marketable look to we'd for cash, milestones like and the to and equivalents current to impact XXXX our upfront up $XXX to between with Securities. fund operations our operator? the Based plans, expect call to research the

Operator

first Tenthoff our from And Piper Ted Instructions] is from [Operator Jaffray. question

now is line open. Your

Ted Tenthoff

Congratulations of exciting it the of you be on coming may. light I'll let if just respect clinical. those period, I in terms you. tell be and breaking on an us year to a will Thank question, maybe quick One line you royalties? With Ultomiris, recognizing you can progress you of will update how if Is lot or the out can that.

John Kuch

to is after likely Yes. most going And under is the reporting agreement the the be period.

not going come going as kind of later. how see making out really they're Ultomiris pike, to what So out, it break how they to have specifically from that guidance breaking And see the the haven't we'll have down to - sales. we'll given know Soliris as we're point the much start far until decision numbers we separate because it the and they at to before

to play I two that's going quarters with the next think out three Ted. you So ask we over to

Ted Tenthoff

with when most very from likely we do - are bispecific Thanks that. data our which Phase then some much. advancing I. to think keep And that get readouts, for We'll it's open you to respect the meetings, could just the eyes updates medical

Bassil Dahiyat

deadline, make, say, what to specific just I submission decisions on don't year. late meetings, submissions I before So medical we the want those and commit knowledge any to without would but in would schedules conferences having in the abstract a make late year. fore say of I to

Operator

Alethia next Cantor Our is question from Fitzgerald. from Young

is line Your open. now

Alethia Young

questions. my taking for Thanks

I was that may. kind the this just guess in were of who I the AML where mentioned and is I of second drug partial seems know like the like you've going a more platelets seemed was things maybe there if about on the talk It was patient. how getting had and couple, want lot edema, it the them, a like you bit related hold I question. to the of to little persons two Just case

probably So on going million about more a talk - there. mean question, just wanted have to a little bit frame to I And posted bit $XXX cash, starts just you in second and little that and how as assets. to where change like like It of grow it there of really commercialize kind Thanks. Are able far build seems particular would being in think a the and can operation you Company's commercial strategy the be I color kind oncology. potentially obviously you're there. as to areas you any

John Kuch

I'll first. just second - so Yes, the one

So to last the using and to technology, been particularly the development, different multiple - cash for balance the gives to us pursue programs in the different access go that's our strategy years laying we've we to different the is optionality until know out Fc down technology multiple risk biology few because we biology drug things in don't inherently risk bispecific try the the down clinic. largest avenues go biologies

a be have So integrated company. hopefully to one day we ambitions do with fully that,

their ways because we're have example partner to need go or at program. being in which alone off progress like have able support guidance see U.S., Novartis ones data forward, it multiple I that, our see which supports a it that to specific think for we characteristics on Xencor ones from go alone the least advancement, give that with the the programs for

we where about right you're think I to our trajectory ultimate be. want So

strong sheet a be in balance to making a platform I sort number strategy commit of driven to have of of carry is to anything, to I think able to clinic. very think it's different broad the early a forward bets biological too it important

the pulmonary guess Now I'll to with patient about you had that - your that, first the question were causality I regarding, turn edema. vis-a-vis asking the

Paul Foster

events. the of so sequence Yes,

share considered we information event. about this to investigator causality the the at case to to work possibly it want data with we've and analysis and it's get as and As extent continue do in report such, that about the requirement more with hopefully this point, related, our to that's to agency more reported, particular this we investigators gather and the

Alethia Young

any you guys potential to have revolution follow-up partial on thought a do just around kind And hold? of that, timeline the of

John Kuch

of in respond, Well, And the weeks to we're XX-day be a responses together. - FDA for but be to respond window then gather going that we data number is submitting response anything. there can small the can be as

on hard investigators think we the immediately and announce mean to very questions, FDA. we'll and very staying I quickly and but close certainly we'll If - you the we're that our is, plan hold, doing that, we more so with what resolve when working certainly

Operator

question next Lee Arlinda Our is CG. from from

line Your is now open.

Arlinda Lee

had couple on I combination of when kind about and planned guess and hear that I questions for flow timelines might data XXXXX we about the trials hearing a extensive your what more you've of prostate might Xs out combinations. start, in when you you secondly, what when have cancer is then on Phase the you the the can And 'or target Amgen? start might read sufficiently disclosed that XXX,

Bassil Dahiyat

support as then year. across soon to because that off trials After escalation of and lead into happen until on expect very filing you is go combination we'll combination and like strategy wouldn't that's preclinical we is the of Genentech's this to XXXX. obviously of a And work asset to have course it's that first from agents, second we almost own think initial So but readouts cetera. to different all collaboration, could to as next the agents get IND, agents, the guide with try that, have I filing But we've done Genentech as et program, expect half of to extensive our first of customary with half our support your pursue. that we We ample of question that on with XmAbXXXXX say, impossible late year, the would or far second starting indications, very any then out manufacturing IL-XX be that of different get it's chances would we that dose that year in the combination partnering as our I patients go monotherapy to it again early forward. own combinations. possible, on this enough to and you already

have they agent not targets cancer agent. XXX, AMG announced the that any regarding Now that's released on for details prostate antibody, bispecific for the newly a

And can't say. so we

Arlinda Lee

that a milestones And are guess approvals talk Ultomiris, can bit and regulatory you you in little then further about, on then additional those fairly they you... maybe $X mentioned on lastly near-term, million are I out. And can remain,

Bassil Dahiyat

I relatively term. say near to would fair it's say, they're

Arlinda Lee

sales And be those to are Are fairly those near-term? also... then the set up on milestones,

Bassil Dahiyat

I one before can a that. going feel think the have trajectory to to for that's on get launch comment we're we

Operator

Chang question Leerink. next Jonathan from from Our is CVB

Your open. line is now

Jonathan Chang

from SVB Chang Leerink. Jonathan

development decision for? how triggered for we you past the you're First change about partnership question, be can type from guidance? this color provide not late-stage partnership, start what should until a to on that of thinking more obexelimab looking the securing And

Bassil Dahiyat

enough I what's looking change really opportunities, as to to start Yes, that how the we brand that we've in inherent benefit or is kind sure been our feels the readily build new at uncertainty we're at as making disease you the various looking can of a meaningful partnering particular patient functions survives, ties in the think where how endpoints. the can data trial show that we're clinically measurable is,

exactly what before would doing want to to - that you up putting understanding how and that seems, it potential might I end best about the uncertainty, the horse you do. with would think that go initiate partner the before cart with

as indications tolerability we've is one development think development now partnership we've autoimmune has pursue that format. as thinking disease think of potentially now, think - rest that to like for that I down I don't rights that's regard U.S. absolute And RA, thinking partnerings, long shown of partial to achieve are agent in the is solely lupus, I said, kind to few an last, really opportunity oncology it's both what of - in asset the for like subcu and beyond I what to best shift broadly I of can around structure there's commercially, because good emerged feeling program, program, our is again And arduous because activity and we value commercial and would the the IgGX-related opportunities, way maximize in on focus more promotion and got it's is foremost the matured. weeks our partner proceed know if it's three it's as the with clinical partnership of trial our we've been disease, U.S. able and the participate pursue about I partnering a I structures we've kind wise flexibility because this modifying got disease, what on and we of oncology deal think think pull with gravitational the clearly the that area. that be necessarily the this to aggressively narrowed over expensive, to the just to I portfolio that would a same is we've attractive, is don't how an to to where kind really not focus, think us our we with first a participate some variety has would rights,

Jonathan Chang

other both other companies. one Just be investors How about question. seen antibodies of bispecific release at and question thinking risk the me, Xencore from should development CDX cytokine syndrome a broader

Bassil Dahiyat

turning of I Well, of the onto syndrome cytokine a think consequence release inherent tumors. kill activity T-cells is

that that on think based seen of I like of and Fc structure. and that are it's on it's ultimately like question potent blinatumomab Fc are than very I hundreds the inherently dropping potent I Fc our flexibility profoundly or progression inherently the kinds severity where incidence like And we've this sorry an CDX built of molecules they that domain that potency in based happens first and think think separable, on that times from - manageability of from more a bind generation structure some not structure this occurs ours based the attaching bispecific competitors.

efforts think situation dribble and bunch I now drug to of to as opposed and the from board pumps people tools then are the more we so a lot design, having adjusting potencies it's solely is manage a the We've not the with has progressed of more further lot I And levers it's manageable administration, in molecule infusion the out much do of get helpful the lot do early think and the to who separable. how dosing It's all therapeutic happening. we other it of on make a this a like a manageable. important a things but going a I affinity refinements now not with bispecific. I how schedules, of to to further of it's be the is how people CRS and your But think learned from infusion is like question how allowing figured maturing give think want refinements short field to make CAR-T learning planned, on make with to that's manageable. whole things question all it separable, think most I

Operator

Marai is question from Christopher from next Nomura. Our

is now Your open. line

Jackson Harvey

taking This is Jackson you on Christopher question. Thank for Harvey my for Marai.

the For kind may some of that the pancreatic insight what CDX X islet prior through of antibody, toxicity read expression in given your humans? from SSTR there expecting cells you is are have studies monkeys perhaps SSTR on bispecific

Bassil Dahiyat

so a in much expression it's X tissue survive you regard cell islet example like in that's is have somatostatin CDX of target tumor if very speaking I question usually tumors you of a I expression bispecific, the tissues malignancies, solid example, salient a logic patient it's kind for a any With a can going in population without. healthy tissue with on where expression tissues the really you it's with even receptor your mean Sure, generally have after sort case where think that solid with a the in do I or of SSTRX, of of really guess cells. antibody where sort an of is not cytotoxic targets tumor I the to tumor. restricted situation, healthy a unusual, can so asked modality, if particular is CD-XX don't yeah variety that to really, like an of one healthy simpler know

buying, And you a balancing it, you it's damage that you expresses valences there's steer - to. kind if again density like advantage we effects and going bispecific such hit against I tumor of these think potency avidity induce tissues. and sorts you your using to that you're things higher your whole go field starting a be effects hit you looking healthy you'll Fc all to question mostly question intolerance hard, as is any that of your of agent the it's the effect, of going a cells. SSTRX of toward can various we've more question solid and that - of of that tumor think tissue versus at of hit as to think into use containing general induce the cells if are have against glucose it's But too potency the so tried. act all to can tumors approaches cell kinds I have And get we I higher certainly seen new that tuning can expect to reports

for, So that for gives kind look to a the obviously. of toxicities us feel

Jackson Harvey

on it you that And regulation the bispecific, look up for then for too I of just have in follow-up to data? PDL-X or the kind were CD-XXX early one able patients is

Bassil Dahiyat

yet,. It's for, too very early I agree interesting just It's look thing a to

Operator

Instructions] next Wedbush question is from [Operator our from Nierengarten David And Securities.

open. Your line is now

David Nierengarten

binding about around Thanks my domain, avoid Analyst CRS Day might for your years, effects. after I'm down other little, I to taking CDX but - discussion or question it side tuning a and tuning X.X a recall be

down any there memory term in clinical Thanks. you think the different recall by don't CDX As other are modified was the the of tuned want XXX on how CDX that same? Are way - domain I CDX to or all have. domain. reflection that it, down I any candidates you they

Paul Foster

candidates, bispecific see more impacts the in molecule molecule tuning the cell affinities the out them I XXXXX, nanomolar many - of So CDXX cytokine and turns CDX our non-human not SSTRX, the that showed of CDX Day in CDXX we in activity at to the CDX. cytokine shared talking CDXX and affinity the side versus have high we we exercise you're for out high about, I best tolerability have would will - depletion a went and of the didn't all importantly, we CDX of think effect models CDXX, it the for three call are case CDXX the can be, same very exercise with maintaining single-digit though I clinical But what Analyst lower, so the sort detailed of both cell. and CDXXX, so - moderately our all category, like that looking primate at for balancing that the against seemed target the that CDXX, one. through case half-life that that release they antibodies fairly and they of target reduction release the to point that the of preclinical looking in the how most, have CDX CDX went that the

correct So we about we're affinities reported you're first always the programs, tuning the CDX looking for at three those.

against a And often CDX the ago, I affinities showing XXX, target off think differing of expressed trying I Amgen which of in a needle that of reduced very thread program combinations the in CDXX, toward to there's the than year they that. say more that data a lot tool instance, published there - and AMG very kit is CDXX x CDX CDXX would nice of using challenging about broadly affinity tumor. our different

moderately you're a lot I point affinity-single-digit activity that CDX. yield first Definitely three would of those a the and definite there shared right. Yeah, had parameters. high So is at nanomolar looking

Operator

Bassil the to like I'm turn over time, I no Dahiyat, this questions. closing At would remarks. call for to back showing further CEO

Bassil Dahiyat

much, Thanks very operator.

platform, busy you very for I expanding pipeline a to to our year balance expect today's pursuing call. feel that, that We like help and With we thank facilitate sheet and partners would a and joining really have all that.

Operator

Ladies and your concludes today's participation the for you in this gentlemen, thank conference, program.

now You may disconnect.

Xencor (XNCR) 25 Feb 192018 Q4 Earnings call transcript