XNCR - Earnings call transcript Q2 2020

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Operator

Good afternoon ladies and gentlemen, thank you for standing by and welcome to the Second Quarter 2020 Xencor Conference Call. [Operator Instructions] Now I would now like to turn the call to your speaker today, Charles Liles, Head of Investor Relations. Thank you and good afternoon.

Charles Liles

Thank you, and good afternoon. Earlier today, we issued a press release which outlines the topics we plan to discuss today. available is release press at www.xencor.com. The our Officer will on call, and Bassil Executive Chief and President provide partnership. Dahiyat, our Today updates COVID-XX regarding clinical Chief Yeng, Medical will recently Allen Officer presented review data. Kuch, will Chief Desjarlais, from and will Scientific financial who Chief John provide Officer, Financial Officer pre-clinical update development results. review John the for question. will we Then call open up your

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

Bassil Dahiyat

of platform. cytokines any performance domains, natural our antibody afternoon FC specifically making nature portability plug-and-play to to mechanisms specific terminate. everyone. longer in XmAb data FC structure. advance, By therapeutic in structures, which will create of of XmAb to on Charles which life therapeutics half small we engineering protein programs enabled Xencor’s and and its domains or suite proof functions can approach guide Thanks, and centered and to action. flexibility changes antibody around allows The of and an our activity, generate is shots multiple clinic, improved partner new have antibody creating good simultaneously to goal take to nearly will the concept and engineer will by independently us us This which improve

different of expansion find on XmAb We to are use structures bispecific and use. also optimized and to cytokines engineer our two or focusing targets R&D more our antibodies particular the simultaneously, to create platforms therapeutic for with

we currently clinical six are studies as XmAb I evaluating bispecific running Phase antibodies. Now such

of partnerships, on the impact before not trials operation. pandemic we pandemic our update did on six clinical Now The during I COVID-XX on second provide ongoing update the of enrollments want the disrupt brief significantly quarter. patient in a some Xencor to our to

bispecific CDX on disclosed molecules. process. the have However, initiations studies for as modestly we trial And our startup as sites the to our delayed, for no clinical activator many attributable microenvironment COVID-XX. had enrollment antibody slowed previously have delayed studies three effect We study been tumor Vibecotamab, the in

soon is today the months the and Unfortunately, as case update Now, very to appropriate. ago. as as it as still was continue is it it situation we'll three fluid

and virus of in weekly a operation and self-assessment adjustments, SARS-CoV-X our number of the safety the employees our to some within and Now, company, implemented health our guidelines community. testing laboratory These include of facility. measures our symptom protect we have

We are for employees maintaining all remotely. requirement work non-laboratory to

here from with candidates, our of partners. our the generate sales development were the XmAb XmAb as events products. is portfolio we the business of Okay, internal have revenues earn really monitor complement Gilead. XmAb now approved FC to continue clinical from licensing technologies, impacts created. domains royalties like partners payments the core in of potential the to A of quarter, partnerships. we Alexion plug-and-play But no-COVID-XX nature partnerships of on These and these to There Partnerships second part to as from will highlight like suite well continue we impacts as during of course.

With half the We structures. to that or nearly structure can life small bispecifc the any improve the we for create changes SC have engineered. antibody, readily activity,

which seven for clinical partnerships development. The in just early We now and technology, XmAb more two FDA approval significant market for the put with ongoing as known have It and that tafasitamab created resulted most XMABXXXX. our this XMAB we recent among the as from past us our domain stages stage FC of is XX antibody this partners is in of Morphosis which early candidates stabilizes on. cytotoxic Friday, products, known in development XXXX an

diffuse indicated of treatment trial. not in Including for the We lenalidomide who directed combination second otherwise arising stem per I with line of is or its DLBCL now treatment not Phase also It the initiated trade with for lymphomas This low the adult relapsed grade eligible the development refractory are large cell Its and FDA. a CDXX DLBCL from clinical running first B-cell autologous name antibody Monjuvi. transplant. lymphoma cytolytic specified. from approval patients is is

co treat here options authorization by EMA. marketing will difficult and Morphosis to at application for is be for blood Now the currently Monjuvi the in approval Xencor, review the happier this patients European with U.S. the expands tafasitamab be commercialized Insight, under cancer. this by and we couldn't

time-to-time, research Amgen’s plus two is partners. be we into AMG-XXX a by is of from entered that example. prime one antibodies CDX to antibody. bispecific by XMAB steep include collaborations bispecific one the Amgen creation Now novel advanced XMAB

AMG-XXX sarcoma, developed X for our for with collaboration was recruiting prostate cancer. and developing Phase patients currently advanced them. Now are They under is study that patients a immune with with prostate cancer and

and were revert the patients the antibodies the indicated to the AMG-XXX further the the the stopped CDX CDXX program agreements, with potential study quarter populations Amgen likely X first bispecific events multiple is terminated that patient collaboration mitigating in AMG-XXX, second for advisors CDXX and myeloma. a program, The this was different company including in Amgen terms a evaluated and Under assessing under and phase adverse including adverse related. bispecific they developed program the CDXX events. is of treatments assets currently Xencor for applying development, rights target the the to treating by to

to Now XMAB from or and their like our resources Alexion needing nature the us. little and partners plug of enables effort play advance technologies very programs additional VIR

to creating The receive program and uremic adults marketing extend European authorizations using this for approval to CX to half for is strategy selectively properties. complement Ultomiris for was longer hemolytic syndrome the license continues worldwide, of life. which Alexion’s children inhibitor with XMAB atypical Our a our access improved June. antibodies and last technologies and developing the technology

to with in late stage evaluating advanced a COVID-XX. Alexion hospitalized addition controlled Ultomiris development is III program, study a patients In currently broad conducting Phase randomized,

Biotech program an later some with Desjarlais shows that of our broad our for with who IND trial extend to update and and our technology VIR VIR of in initiate viral John. partnership treatments [Indiscernible]. potential evaluating the to non-exclusive for III as turn submit a they technology Our half They access both the and year. preclinical on extend provide clinical patients to of life they new it collaboration to I to VIR-XXXX will an areas study COVID-XX. this plan Phase are such John disease. August. our now plan in VIR-XXXX II, FC commence with programs, And discovery will to VIR-XXXX applicability over development antibodies novel investigating VIR-XXXX has infectious and

John Desjarlais

development Yes, of thanks Bassil. was more Xencor's create the XMAB different antibodies biospecific and biospecific two combined enable to targets. design FC domain simplified specifically rapid

to that CDX one binding activation and First in anti-tumor of T-cells though. we Engagement of against tumor limited be CDX or, to doesn't were T-cells The have that CDX one biospecific activating promotes class recruitment contain domain binding T-cells domain. the developed receptor and cells. CDX antibodies and have

we investigating are key for by the also antibodies CD-XX. co-stimulatory example, T-cells. A that on target receptor For

domain although this to suggesting respectively, they are cancer program cells potentially in well can developed X target tissue Importantly, tumor nearly experience to CDX. the target was they also from with and cancer, cancer expressing These with of normal important and recruits last data XX-years kidney and a carcinoma. the a companies the near-term tend for for of two of are strongly that plus tumor normal expression graph believe growth domain find express preclinical bound selected led compared find for pharmacodynamics strong tolerated may PS tumor these cells antibodies there to antibody to selectively. particularly advantage We the half models taking have session cell is the really close target have the meeting to in internally These XmAbXXXXX valency cells, case avoid is and Demonstrate to of which tumor More only preferentially strong ENPPX [indiscernible] to XmAb three like for X kill ago. the and domains on expected The or X and other bisospecifcs low tumor preferentially cells non-human be CD-XX I properties the killing be ENPPX, that over targets, with second last to antibody tumor when tumor under one plus year. at Preclinical affinity. two and T-cells tumor [indiscernible] life applications cells prostate X to targeting And advise called high antigen we it versatile disease. explored solid We many will Preclinical AACR the of the cells, normal single an ovarian property an actually data a targets. tumor immuno of expressed bispecific developed programs present to who tumor models. mixed plus expression some CDXX most however, advanced new we format design good format. with expense clinical primates. in disastrous especially goal these avoiding super in engagers kill

You for XmAb are an and planning to XXXX. XXXXX file IND

Atreca sharing of unique tumor formalized for our novel selected engineering CDX bispecific be selected development capabilities Finally, bispecific antibodies protein and CDX with to with Up engaging antibodies initially decoupled a and targets discovery further compliments Xencor programs. for allows Atreca’s platform programs to opportunities clinical the course will Allen. providing lead with partner with month, several we last our developing Each two by novel costs novel research joint by your collaboration Allen to and each commercialization targets, platforms. read company partner two to for joint patients cancer. and first the collaboration one bispecific offers The Atreca equally. will treatment CDX up independently. each Yeng This also agreement to to of programs that potential class advance will With portfolio. pursue with antibody in profits both

Allen Yeng

XmAbXXXXX evaluating tumors. Thanks, we provide PD-X with dose escalation a John. initial advanced checkpoint is an specific from study solid our In CTLA-X dual ongoing and inhibiting X patients data by May, antibody. Phase XmAbXXXXX

therapy, We in targets, PD-X That-cells have the periphery. selective of both antibodies, tumor are it more multiple CTLA-X most T-cells specific combination for than affinities found microenvironment bispecific the distinguishes which and checkpoint that expression typically from have and inhibitors. checkpoint assume for in engagement expressing the

All by dose. the Based cohorts per which to higher drive improved higher to did mg activators, at patients mg as first and than Expansion press additional is effectively of kilogram, the In in starting antibodies, to reach Four fully ISOs. we on our maximum lung the better The PD-X anti separate XmAbXXXXX, latter, these open combination microenvironment T-cells call design to look programs anti sharing at we XX existing targeting responses for therapies. the tolerability we them, our cost reactive cancer studies. PD-X heavily as XXXXX and we tolerability. has We both XX dose dose observed activity example, of at May. several more compared seek begun with LI-X. pretreated are in meant antibody our as T-cell the dose activation tumor doses XmAbXXXXX and generally clinical patients of co-stimulatory from cohorts, data This six dosing progress in and targets melanoma pembrolizumab. checkpoint I and tumor deliver into of CTLA-X. dependent cohorts our which of in specific we the reactivate as to the well enrolled. tumor to at escalation with types as XmAbXXXX advanced per receptors. not tolerated of detailed cards, inhibiting observe also increases was encouraging observed cases hypothesis microenvironment receptor which escalation of Phase activity both a CTLA-X we continued tolerated consistent blockcaid expansion other the we dose in program, move with robust to an patients. PD-X biomarkers for It pharmacodynamic cohorts Consistent be CTLA-X and with which And well dosing kilogram, in is non-small as cell forward tumor as release well

tumor specifically order CDX CDX Moving on bispecific, antibodies tumor both clinical to engagers. specific stage antigen T-cell at cytotoxic the our the and contain binding the that domain, potentially domain targeted site binding to binding in These T-cells the are malignanT-cells. activate tumor domain. These kill T-cell of bio

dose CDXXX we we studies from the plan additional and vibecotamab likely We And Phase COVID-XX subject in plamotamab clinical target one CDXX have patients our continue leukemia, malignancies. which pandemic targets disclosed, to previously to acute next of initiate to programs, B-cell myelogenous impacts which as year. and

we that from ongoing and the of with in half in We somatostatin year. Phase also X present dose to data initial which Tidutamab, of neuroendocrine this the tumors targets study too, will in patients the we these study receptor continue expect second patients

we built potentially receptor-mediated XmAb protein slower of incorporate superior extend with FC cytokines, suite domain enables and signaling the properties, potencies Using drug life, improved clearance and such half that the as longer which technology. tolerability. the FC immune and cytokines on domain tuning developing lights a are Finally, are bispecific are our

eculizumab Our Genentech moving PDL-X XmAbXXXXX our they and It activation IO-XX Phase and expansion It collaboration first We cells. of their receptor combination antibody. the combination own type complex with a number one evaluating lead killer Genentech to then quickly plan enrolling and targets is explore anti biospecific the domain. escalation studies RGXXXX. patients six to with with cytokine fused FC currently program XmAbXXXXX, of our an in our in natural is is and alpha call dose in T-cells pending a study completion and study. initial which

to progress. programs look informed as keeping also all they you about our We forward clinical

quarter the months John Now second I will to who John? the over first and review Kuch, results. call hand six financial will

John Kuch

strong support Thank enables clinical, which and position, you, research financial programs. Allen. to Xencor continues antibody biospecific to stage of maintain portfolio us drug a cytokine our

with and of Our novels partnerships brightest for royalties. upfront diversified portfolio payments, capital. continued with of and collaborations Important sources milestones

in million Monjuvi the Friday, MorphoSys as With of have FDA a quarter. receive revenue the payment, we recognized we milestone which last approval third $XX

At equity eligible and As a development, on June to securities double-digit equivalents, totaled The XXXX, sales $XXX.X a and compared milestone payments reminder, the decrease in milestone arrangements. also at to cash, receive by XXXX. net million XX, single royalties high reflects we offset upfront licensing range are $XXX.X low cash December XXXX our our regulatory worldwide operating additional to percent XX, fund sales royalties and payments. first and cashews million, partnership in activities six and months from marketable payments, of

milestone and royalty XX.X from from revenues revenue XXXX and the XXXX These XX.X primary was the to collaboration, for same quarter second the revenue were reflect period For revenue the compared of include Alexion from revenues in to compared licensing million XXXX. period from Genentech Juliet revenue revenue research same to Alexion.

for months, were same compared revenues XXXX. XX.X first million period six to For in XXX.X the million the XXXX

loyalty by quarter know there We administrative program. for in million from as revenue specific licensing XX.X ENTPX activities. is XXXX, revenue from same and Research was million Astellas XXXX they X months have program enabling period obexelimab for XXXX in includes we our for Gilead and antibody program preclinical million XX.X MorphoSyS in IND lower our XXXX. from which second revenue that programs, And R&D six from compared in licensing in revenue second X.X million and for in earned a XXXX, were to expenditures expenses compared for Alexion, of spending compared primarily revenues cytokine by Our XmAbXXXX milestone period XX.X X our increases immune increase first in both and million period CDX compared ILX were million quarter XXXX. on X.X plamotamab same development plus preclinical advanced of to XmAbXXXXX from and well and collaboration, the General the into and XmAbXXXXX same were the clinical The to the XX.X Genentech spending as XXXX to our XXXX. XXXX. XmAbXXXX collaborations the and to

six the months same here XXXX the due collaboration, higher to or basis $X.XX on expenses The primarily basis pair due quarter a million first XX.X XXXX. compared were XX.X loss diluted and $X.XX G&A share million period and staffing was professional million or diluted fully higher revenue same in XX is in primarily and million in loss for in lower for fees. loss in XX period R&D is XXXX, spending share net XXXX. net net report The to a spending This partnership compared increased the for second to the our of XXXX XXXX a on expenses to

million same XX the net in $X.XX XX.X per was basis to six million XXXX. compared of per the share share $X.XX period loss net XXXX For months first of for basis or income or

and operating for So of same like of net securities XXXX the report is XXXX XX.X that Then XXXX. up expense total operator. into cash, million to compared due and compensation million cash equity June call million to development million now collaboration and XX.X XX, current of Based of open cash XXXX, period six cash, compared same we based in plans as XXXX. XXX XXXX, the marketable securities. months the XXXX. compared operations questions programs for and recognition the and between to your loss With primarily stock was XX, shares for were equivalents XXX would fund was period and course, to course on XXXX research XXXX, months the as June of million income revenue to that in of XX.X six outstanding for first for XX.X it Non to

Operator

first Sandler. Thank Piper Edward with go you Instructions] question Tenthoff Please from is Our [Operator ahead.

Edward Tenthoff

sense approval royalties what so a us there whether are, much. the other Give things and that. like milestones milestone beyond for are of Thanks and the indications other future

Bassil Dahiyat

you. with I hope along New set that New you with York Thank Yorkers. Sure. other the all are staying thinking out storm tropical safe in

and double royalty. So, the royalties this to the are low are are allowed are digits, they point. share. At we That high to They worldwide single tiered. detail is most

sales, So, more. regardless company is the you inside selling worldwide consider or whether it of

as is actually non-oncology significant within at of. for aware are no is Of milestones in there there moment are commercial as course, rights. the inside indications And though we development that both other going default well on less oncology,

other indication, milestones, development, oncology milestones. is are there regulatory So, there regulatory, and sales

do little a John, to of So, magnitude those? want give you the of bit on granularity

John Kuch

Yes, million milestones $XX in $XX million. are $XX development the the anywhere range. regulatory the sales And other to million are

Bassil Dahiyat

Yes, we which depending like. on ones

John Kuch

additional So then the education.

Edward Tenthoff

Okay. and Well so the thank much another of is example you it working. good congrats model

Bassil Dahiyat

Thank are the much, you and Monjuvi excited very we so about approval.

Operator

you. Thank

question Young Our from comes with Cantor next Elisa Fitzgerald.

Elisa Young

us some I first you to going No, later one to guess data the Tidutamab. present this on is are year.

can frame And that wondering, rate care? you patients second, do of like is seeing you. this into about sort wanted just us for response and a deal? just data see, what just collaboration. to talk of a guys we seeing type ask So, what about to then might can many Can a about I then doing the you standard with Thank you just (Ph) [Triguard] of what general how

Bassil Dahiyat

Sure.

tumor So, is neuro for I. data Phase populations for the that present later to are Tidutamab endocrine the the this going we within year

of are SSTRX sort we population that a marker. just is definitive So,

data our course the safety For net for that that which is And our would escalation trial, data advanced dose is data. stage it our to an be type be, going patients. data of

tissues design are high to a window believe ought net, know return healthy expressed though was SSTRX, risk heavily there program the this that be potential So, expressing could because that and therapeutic and, we high against. also very a we neuroendocrine on in tumors we

so we hypothesis testing antibody. the with now And CDX are that

core So, a the type of data safety would be data.

about of response functionality this is that reduced. and response going the to we sort have these going they rate. their typically care don't It were regress efficacy And to Because it that dose rates, the any this generally and type the standard population, data in there thing that get of has be very up low data tracks any a course, we XX is is tumor patients. I important what of Alan, points of look population. out So, note gotten that that is around percentage this kind are be and missed usually there halted a biomarker in of tumors these, to at. to in

Allen Yeng

time Yes, some presumably cohorts this again, escalation of be the expansion patient the at many point. and we But meeting. may dose that not have data your at

Bassil Dahiyat

Yes, switch Atreca the of to we to are me you now maybe dozen. couple the then collaboration. And a talking arm want discuss

a for it of finding down, with the there of antibodies targets. can because kind we or antibody As why can are lets depending is new think that think working platform target. and thought, that out can And, of a use, on nature I made target cells we the sense. and that up and the create for really of approaches, key ingredients important the tuned pairs, And exciting it really endeavor. for us find low lot that more companies a strategic we for And course, best an cells one new of we expressing that is we are selective high expressing target style. have particular Potency make all targets

them. of We that and don't rationale. to And We get can and is apply That want this to, against the so broadest we out the it for antibody is take there Right. range that have. pairs technologies we and that against new there toolkit built targets biology. finding

add, have the out We on to best or that any this? want that points describe adequately technical is that then to there John to have we Were find you there.

John Desjarlais

all taking see of first way are and Xencor again that at perfect to their the for what is if responses the just do Yes. Atreca antibodies the that access the responses to novel then, emerge, B-cell mining a story trying mean, as I tumors. response seemed And patients react to fit those of antibody new And, presumably really targets. we a repertoires do together would it we then and part with check that tumor. platform admire checkpoint thing idea I they for they putting like other as patients add

Elisa Young

you. Thank

Bassil Dahiyat

Alright. Thank you. Yes.

Operator

Jonathan our question comes from with Chen SVB And next Leerink.

Jonathan Chen

thanks for my questions. guys, Hi taking

First program? what data see the next when from thoughts plamotamab And latest your are update question, are strategy? could development we that

Bassil Dahiyat

were thoughts very a it latest population DLBCL it active are the line have is well activity, While is, promising we seeing is in highly in we that largest it -- agent module and the now late generally lymphoma, tolerated. particular,

We dosing we are done optimizing. have nearly a regimen that

tumor rapidly tolerability combinations much populations. see monotherapy more advances don't I kind history, we profile that mechanisms want course, Retoxin. killing of and is development from that we And baseline lines plamotamab used dismiss as what approaches, approach So this is with around We monotherapy the combination very trials plan It initiate can central we use forward. and certainly activity clinical is value is the should level this the of and think to Retoxin's the want effort are class profile a how be agent we great activity and we moving of run specific seen support of different the because have with creating But seen announcing that orthogonal and it going with. I real effectively. of of as niche to have and that been movement later you competitive well abandon don't to approach. lab think many combo value that agents that year be space particular kind we think agents with think is of We in you there Because that we combination to and across a it all in the the for higher as very you as the well and potential have other power combine a therapies cells, be breadth of that do it proposition

Jonathan Chen

And see could just we when data?

Bassil Dahiyat

sorry. I'm

questions. specific readouts, two for are they COVID And much any mindful guiding impacts. of though being are yet impacted as haven't data yes, Sorry, not to promoter we map, potential we data,

that What a guide disclosures will on on. later little data would we next so And bit be. our

Jonathan Chen

around it. potential And any AMG-XXX any question, the with for could and Thank could program? just provide Got you color a steps second additional next what you. observed

Bassil Dahiyat

Right.

think marketed to are as to going CDXX the public stick moment like the certainly with drugs, we mediated I events antibody. lot with one program likely adverse that shown there events, to CDXX for very as they logic well CDXX A were disclosures would for as were targeting human that AE adverse Amgen expect. was of a numerous development targeting pretty characteristic an

not specifically details So recently the AMG all the few we weeks, mostly the are the program, data. of XXX we deeper within going only have gotten because last into

think tumor express targeting a is, through are CDXX. way still sifting a tumor that We And forward some it. are assessing is There But advanced. types there for I mechanism CDXX we to CDXX a course as wide initially molecule. that path potentially killing get with of range of types,

developing. been to myeloma, Amgen addition has where In

Operator

I'm to that answered next question. the Chairman, move your Mr. I question. going on to hope

Goldstein, next Our Mara is from Mizuho. question

Mara Goldstein

the opposed as the speaking as we to curious in now. you couple what right of agent, And bit I'm them. target some a just And PD-X of here on little the, talk about and already have a a Just bispecific is you the to advantages that know, success perceived field using we broadly XmAbXXXXX XmAbXXXXX and would the seen for CTLA-X for the ADC? also development bispecific. with given consider checkpoint Can first that of what

Bassil Dahiyat

Sure.

For of that indication which for XXXX, depends I pursuing. different two success would types we say the are or classes the on bar

indication particular a PD-X there well but there ample use, the and and course is and expansion treated agents. in patients approved there post the where there and different is PD-X not there approve is boost a of where our could is there For is no active as PD-X PD-X then PD-X is And for use example, indications CTLAX one, an those there. engagement cohorts extension or lot reason in

PD-X close I anything PD-X a would generally a think of both want in lung to on non-small patients Allen, comment or our indications the sort in indications do in patients have say at. in PD-X to PD-X maybe proving that XX% -. comment on be really speaking the response melanoma rate the on post further interrupting you PD-X cell failed therapy and then and approved first

Allen Yeng

Yes.

you the as chance complicated in look combination, will if would be question patients prior all treated when present I lung PD-X in we and have it with mean, depending data Phase Mara. seen to have states, the think, But patients and that think that inhibitors. that Bassil patients melanoma at the data. what and conducted response to very refractory and I United the have their have look being is and the many cell about So some we to treated said, on look just Remember are at are was, melanoma, closely you'll that so response a population. cancer for with you so at non-small is expectation that what actually X your checkpoint the

chemotherapy. Now only use in to but it in going non-small a cell lung cancer, is you with PD-X, usually combination probably given

percentage how good long probably response was their where this it was want response of or see they a as the of the gotten prior Yes. the Now But also what response And or think in PD-X then what checkpoint, in I around approved for to combination. and would Phase not both there been have you are patients. this rate. seen is probably patients a at a X higher agent. to there before, But And individual will patients, nivo have discussion either patients most the lasted than lot CTLA be refractory percentage, it rather activity look data, population there was, particular low terms and in at absolute, of baseline. you'd pembro again, checkpoint and naive, non the looking see then what an expect as PD-X

So, I depends. that think

are there lot limited indications you number a on where of be depending responses activity. is PD-X But probably you non like know, It for to higher. You there seems seek expect And XX% the XX%. seek would maybe it clinical to a there is indication, activity. would of to

Bassil Dahiyat

PD-X, is is where that work. is course to indications of therapy But PD-X that known in an

are indications work. exploring where not are known We they to necessarily

Allen Yeng

not been treated work, It are then for because study to that is yet. because clinical those words, no Yes, yes, there patients study referred now. but small not an are right that. U.S. the are into there a indication right these other In Bassil And patients activity, in approval that is is shows that said. there is known but indication is they exactly

Mara Goldstein

Okay. target? CDX And then for

Bassil Dahiyat

For John, goes CDX maybe biospecific one I plus ADC, versus advantages to XXXXX, an two think you have. this why could they to design and on that. this touch the want

John Desjarlais

although, target have first all, reasons probably the dose generated of the because that mean, with they I standard was conjugate. drug we get, was optimal cons already data out like of that Yes. effects figured limiting the the sort the of with had you you to of class toxicities, one

parts So, reasons as there why that having would pretty tumor. have real of flat than it just is good the T-cells solid not any us beyond, is made we sort tend of other to to was thought One that better, do CDX more flux about toxicity. carcinomas

engaging from draw of the a you T-cells, are response, this lot are T-cells And effector you of by you in those terms about other are promote of are imagine, right. T-cell all, them. activity. that, talking got as so once some second endogenous to CDX activating then expanding also helping we of you Because well might people cells And have is meeting to

cytokines lens. mobilizing are chemical You and

in terms memory even potentially activity, And so, in long-term against of response dividends sort additional is T-cells developing cancer there of the to a engage

Mara Goldstein

still indications probably, Okay. get you payments arrangement point if that could on of on can on I the for its would a clarification just And those financial undertake own? I ask insight Monjuvi,

John Desjarlais

is. irrelevant is who the party it Yes,

Mara Goldstein

Okay. Thank I appreciate you. really it.

Operator

you. Thank

from question next Etzer Darout Securities. ahead. Guggenheim Please go with Our comes

Unidentified Analyst

CDXX question. of specific with to is [Paul] the in our I follow-up plamotamab, [indiscernible] on on a program [indiscernible] approval. the conversation for with have combining Thanks. guess there sort in potential for you so on your more deal your plamotamab DLBCL explode on I heels increased in wondering I'm Etzer. you been agreement. general? synergies previous light any the any for perspective, recent the or taking explored (Ph) then This Monjuvi question, of potential Thanks or of if Monjuvi recent Have from second the could if interest comment And is

Bassil Dahiyat

Sure.

So will I that. take

hypothesis. CDXX idea it our treated Monjuvi, interesting with a certainly the anti an it antibody no an combining CDXX is of a, like for is plamotamab, So

commenting not specifically are on we combination our Now of any yet. studies just

what function a you the B in different the year, cells have Monjuvi. different complimentary in boosts working antibody, We later general, With say CDX, to further Well, particular cells is are CDXX. see believe to really enough might mechanisms you with together. T-cell an killing have, and boost ADCC but this doing like killing that context, for with is PDX, in different little that. want mechanisms a kill T-cell boost that a we that want the plamotamab don't different some to bit now have indications going got function tumor action is say to you do to antibodies, driven of to We further CDXX that inhibitor the a need target of

reasonable a a, it is hypothesis. So it is

We is also targeted. of variety think there that

is and always part of after hypotheses, simulations going We therapy, it conversations. say So important CDXX, that only be CDX regarding part backbone will another cell the what's that displacing a, reduction B a happen I activities CDXX be can a activities development very party these believe interesting you as of because development that never in we of, business involved. to can't lymphoma deal be really all potentially I'm as a would is value years. predicted interesting of raised, that but point could it because an there really guide now perfectly is on

and which in build will I we the say. data we think we think And our by lot we could the build I to is a partnership our program of program, widely of a lot what as complimentary that are very our value own in it excited that a appreciated certainly plans. continue value as that play further where might advance is Though out flesh on a a right. program role,

to that, actually is have that scope the time one the of combination do or development on when right But scale we to got you or partners. expand announce. when we have find Sometimes a to deal

Unidentified Analyst

much. Great. very Thanks

Operator

Our ahead. Lee next Please go Arlinda with question comes from Canaccord.

Arlinda Lee

taking then my plan to maybe things. clinic provide about that to just on question. entrance that do you an talk Thanks some Can more, and whenever XXXX. in to follow-up data wanted you a of you do and little the scope plamotamab for just I the housekeeping the an bit update

mentioned previously expectations for filing to for also aisles you FCC. think your IND an I

talk on maybe ideas You now. as about well, about? CDXXXXX out Phase where for thinking that looking that progress sitting you yours additional And are five stands I of right then

Bassil Dahiyat

that track. easy IDC the that the file, on year. in It first maybe the looks early it short is the is, [indiscernible] answer so be like one, is to Sure, going very new

a exciting potential And is regulatory to so activate not be disease, oncology moving our it is autoimmune so to that is design. really T-cells But that use forward selective for in really, IOX engineer molecule program.

to data regimen For plamotamab would the schedule be want out data that of release completion course, I our And and would sort we that want on Phase would that, to the the dosing our, going of next the data of I, want show of forward. establishment for have what would continues whatever efficacy flow world. Phase to scope of of be really our to it the we

you have at I to out sort the AML the would have how additional for we I you along working saying? getting always pulled you and of, hard there the So, to is do your come on and slices course, plans you different going very CDXXX, are I, can together are say next are with get is wrapping we now is what So, data, for of And that landscape there up as ones were clinical it with ideas of AMLs on. particular, that what what were Phase of sort would phase are before trials and in working everything for look you think, that, the to of changing. what you

change I the has and things label [indiscernible] of it being in there sort is soon, of focus And course, here frontline an biggest more going can elderly, relapse and frail in is think used induction the probably. start as agent the therapy, populations emergence setting. more in a have an of the then to

that. be it environment is using themselves police it So, think of I are we sure want And where a are we setting the highly is different can make working. mindful places engaging there whether used consolidation right to T-cell in active and that of the in is where relapse that we or is whether context

requirements. else can, answers question, - to in have That specify when partnerships that we way we to disclosure mindful Linda. later be your are to on have that Something be we Novartis will more we there of

Arlinda Lee

Thanks very much. Yes.

Operator

you. Thank

go RBC Please question Renza with next Markets. Capital Gregory ahead. Our comes from

Unidentified Analyst

a the think through AMG-XXX. [indiscernible] discontinuation My development How for the Thank on on Greg. on of taking is my first route the from about we for question potential to AMG-XXX? Thank question you should question. previous follow-up you. to the

Bassil Dahiyat

there were I is mediated. CD disclosed through XX likely any don't toxicities think the read as Amgen very the

the initial things If of the is likely happen. case is that was. all of that in is you and from cells quite kill CD XX I conclusion the positive Phase review our data our from their what we review agree It the data

does the something AMG-XXX in to X at XMAB toxicity biospecifics prostate to There all not not or targeting read be me is of cancer so, be which And from targeting appear or fundamental course antigen. through our through general read about to XXX to CD to the AMG program, data. did general constructs

Unidentified Analyst

Great.

Okay.

Can is talk follow-up Just for thinking latest I your how of around has future may. and one about the more strategy you. your you this Thank if obexelimab evolved what program.

Bassil Dahiyat

Right.

internally. we investing it So in though in are development further not

of the I around We for. expect cutting it. an biomarker presented have been months committing continuing the be talk biomarker to the the strategy in we there, phase about very, two able to developing couple next the think lupus working had molecule from robust on around I external which which some information do strategy our though and edge trial, we to disclosing a And to down should analyze are still bear very that does data again, believe. be we for And really

Unidentified Analyst

you my for Thank it. again question. Got taking

Bassil Dahiyat

you. Thank

Operator

Thank you.

comes from BTIG. Our question go Tom with ahead. Please next Shrader

Thomas Shrader

your this timeline for I you are had constructing Could see is reading or this Or And screen deal. already here have of agree Atreca question I discovered? quick a sort deal? the afternoon, Good just something Atreca’s is of to square about that they antibodies? Is exciting to pretty back format. I a it we pretty is discovery true it it approach? a one antibodies the a match mean, with

Bassil Dahiyat

it around using and but is screening there functionality really is fruits that them, of updating the adding of created say some they is their are about that antibodies would always where course new. I work

the want So, foundational couple though a going this anything to great is John, on I add continue of are to program, that? discovery about it. the not while you explaining work in you to done add years. do of to as they all into have a But clinic course, anything have think they

John Desjarlais

that the basket mean, there is activity. are certainly to of coming an about discovery right. down table with, No, with antibodies. I slowing existing are they they is But, their ongoing not

the replenished could be is So as there of collaboration. because well the

Bassil Dahiyat

it the works, make we bring you how CDX off drug context is can you bispecific quality antibody then that to development. where and there are a to rapidly test able say candidate molecules works if And and and races immediately

Thomas Shrader

regular quick antibody, Is it. that can goes fraction mean, had know a I I Great. of powerful actually better And the on of is? then there how look is plus this to Sense isn't I tiny much anybody's imaging there how remedial X question that a X data at format. sense target. any the a we

have talks example all to The low compared format, happened got that right? its were was conventional CDXX really that one only we worse. think the isn't case a where I format

Bassil Dahiyat

of line molecule interesting they know about populations. saw CDX direct of late that that course, But still and CEA, with activity target colorectal I remember, promising a format think had in comparison. cancer Well, And also has promise. antigen a kind bispecific. But really I Roche so don't a

avidity you power So better John, on in selectivity? where is is, whether the the real to it better want touch or direct comparison.

John Desjarlais

where any B-cells. solid are ever just turns not is the you that better they have the B-cells, Yes, to setting through live and concept. like that I you could than it in the you out thought mean could target idea particularly and Again, we without tumor that [Indiscernible] people is, go

of The are tumor not on you malignant only Because as these cell targets, fine. but to T-cells, going just well, the expressed be lot origin So the patient's organs. setting, a important not case probably the can solid the they of tell right. is for that

nicely this to So But know attacking to a working on the really been lead point trying Bassil’s span two, studies. plus CEA, the therapeutic have the in you this cells. context just some they been different of X about a the for way nice is on while of lay the Group now. lot tumor comparative There Genentech concept sort year, the pretty we cells between preclinical publications index attacking really [indiscernible] on about versus normal that concept X the of is this out with

we think of progress for a format. So do there is lot this

Thomas Shrader

Okay. Thank you.

Bassil Dahiyat

Tom. Thanks

Operator

from question comes Lawson Looks Our sir. next Peter Barclays. with his like line drop,

with from We the James. to are move next Dane to Leone question phone going Raymond

Dane Leone

you I to that a on might timeline the for sense the seeing question. get update data understand the XXXXX? of thanks want and for taking Hi just

Bassil Dahiyat

Right.

for with study out agree for both the year, well Genentech, So our as on oncology. They QX the the I molecule as them started this think to clinical which a is Phase of where have X Genentech this is XX trial disclosure. data study in given we escalation XmAbXXXXX, is advancing executing

when, the to as sync they as we in both be have thing, So on right have well that. do, we

to have later data have next unlikely confirm is we will the for sure. any year, Genentech it whether year this will year. to think I And as in we with

than So more we give really specifics you that, any unfortunately. can't

Dane Leone

or us remind for? you of partnership the economics Can

Bassil Dahiyat

Sure.

a split XXX profit XXX to and XXXXX. signed upfront stage in We and for loss. milestones clinical had XXXX. in is we February of worldwide deal million the paid, million course, the Xencor or there It XX% a is of XX%, lead program Of XX%

in to splitting called addition costs, launch Genentech and P&L development so costs. are the spitting all XX, what of XXX% XX all And then

where large An also the combination both and internal stake important activities. of the addition will run third to the an So, to when as non-economic , pipeline to pre actions. dealing molecules well right a XXXXX going approval for with to ultimate IL-XX molecules the commercialization parties candidates, in use, candidates combination value cells therapies are directly we studies because T-cells asset of other NK don't compete is drug having molecules, the with as as use that it very and Xencor preparation in have long is collaboration, of as see part they

Dane Leone

macro more one for question, question a Just maybe you.

want many a more early II how the portfolio some have Do understanding of wanted internally how to to sense expect you kind next assets? you of you, us assets over to you maybe in stage a later lot advance into way the and later a development. kind stage how is you XX-months, just or programs for approach these the Phase XXXX. of into had as of there head stage of to And of those programs of If development of kind can nominate we testing, give

Bassil Dahiyat

Yes.

post expansion as next non or approved guide over both we to in hopefully we XX-months, will XmAbXXXXX PD-X have well did PD-X the of specifics non inhibitor CDX more PD-X sort data on of, And, solid do will have PD-X these help us tumor the us. go solid go Data drive to publicly around indications we both. as more across indications. of go into that PD-X one or we So, cohorts basket can talk we sort do of a about of both of experience should tumors, in

around we proceed. of are to later clarity CDXX And the have should think to that x be as able more coming are should there really as stage. that provide how thinking program specifics, our to also there, plamotamab I we think going clarity is we and I So, CDX that have give as together plans

case, with at to hopefully BCL can supports we and are we I bring strongly which CL database. in we more very indications do as and other data the comfortable think according continue forward moving already work, in that studies we have to least

are continue data. think to going should others are further ones those and think to have I the the on generate that we I more we clarity

Dane Leone

Okay. you Great. Thank very much.

Bassil Dahiyat

Hey. Thank you, Dan.

Operator

Instructions]. [Operator you. Thank

go [indiscernible] question ahead. is Please next from Our

Unidentified Analyst

Good a Hi. Thank question. afternoon. my you have here. I for taking few

is First for SSTRX the on net.

needs you [Lutahera] looking pursuing? Lutahera also you to to the for competitive guess program Just you think then, are on about. this symptoms what that but do you And mostly then then potentially have the the concerned I And treatment indications are meet the Thank to you ILX landscape or (Ph) approved? are you. it And is your program. that I an guess, secondly, program, today early be to what what for particular And overview you can are idea do related I a program? partner know safety

Bassil Dahiyat

Thank you.

So I got four questions.

through, run Let's run can make can we them. through sure, I

does how Lutahera seeing for context? that in Lutahera SSTRX, even For clearly We play a is competitive that have, we patients are indicated are though non-postlude them.

issues with distribution where be signals obvious radioisotopes looking clear. The radiotherapy. gets for. everybody will not we The So safety are

for know expressed pancreatic isle itself SSTRX where lung. gastric looking ones are we and in T-cells, is in expressed express We tissues, expressed

all. So, at we are going to look

Now oncology guide ILX, company. indications and are a not focused an are we for writing on we

later. So it I some to for we will ILX, meaningful get I think to entertain the partnerships be to are even earlier willing we Phase prepared move forward inflections, post but

Unidentified Analyst

oncology in a or ILX for too have also you works so then -. And the Okay.

Bassil Dahiyat

No, we we teams. product do not ILXX better our have is believe attractive, starting very program, We believe a for a we best-in-class hopefully point. profile

no. have Of receptors to avoid rid the usually but of completely binding so course, engages ILX too, that work to downstream, get beta you gamma CDXX

Operator

comes go question from last Our from [Peter] Barclays. Please ahead.

Peter Lawson

really CDX, x CDXX the on Just excited.

driving Just think [indiscernible] questions is position the in efficacy. up to or how should indication what we pick significant about there, your you an think

Bassil Dahiyat

is think combinations. it I about

our the from it, have like we Regeneron. efficacy data, competitors think see I we with

you efficacy I is there these be I commonality combinations. are to as right you the work, signal I might course, to think trial, in very where and And the for I of you there discovering where think CDXX coming a what a course, action And going we'll a rapidly. various falls chase all of working your about signal, we x class. that think suit that indications pretty CDX feel mechanism is your might we particular best have niches good lot in if into think explore see it the get of of

whereas then we going maybe competitors, that setting, how to I but and you or think think We into certainly anything. right is be relapse are is ultimately earlier around, I potential best both learn slices the get things. focus on to to there position in about best think around more now jump yourself, I move and want this refractory of the do can indications opportunities line. combine It So

Peter Lawson

are kind And the of picture anything going when you out we complete wouldn’t be to that strategy? roll around

Bassil Dahiyat

Well able expect later this on we be a still guidance further our lot to to strategy give year.

Peter Lawson

the in the then CL. you is patients we PD-X and Got the day see on should next stood when just we and CTLA-X,

Bassil Dahiyat

Sure.

have at initial data So, least PD-X within for our months, cohorts. the XX should bolus of of an out CTLA-X, next we expansion

Of patient on should have have question that ask the I knowledge course, data cohorts, that Alan, we that We they've can't out the them within defer next initial XX five that so patient. out. there months. get definitive at will done Do of gone CR And, so will far do are any, now they've we have all about anymore of I once. bolus coming the

Unidentified Company Representative

patient investigator of the study decision. No and for choice patient come has off

off from in were of have the so patient. we that data we time know And that don't at they study, CR additional but

Operator

his turn gentleman I back Thank call you. the Bassil to concludes our session. to like and for would Dahiyat Ladies this Q&A final remarks.

Bassil Dahiyat

thank tropical in of everybody today. the and very you Thank us New a in and safe and colleagues and Have COVID our great We forward keeping you joining are storm updating coast and in bye. York hope care operator the you on the much the to Bye, evening that for near look from future. themselves takes East everybody Great. pandemic. friends

Operator

conference. And and gentlemen, for today's participating you with in thank ladies we that

You now disconnect. wonderful may a Have day.

Xencor (XNCR) 5 Aug 202020 Q2 Earnings call transcript