XNCR - Earnings call transcript Q1 2021

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Operator

Good day and thank you for standing by. Welcome to the Q1 2021 Xencor Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. now today, hand Mr. would to conference I speaker your Instructions] like the to over [Operator Charles Investor Relations. Head Liles, of Corporate Communications and please Sir, ahead. go

Charles Liles

a our the will and today, release recent discuss Executive And is you partnership afternoon. will Officer, a Kuch, news. www.xencor.com. questions. Yang, press Dahiyat, press call issued release, will Today President at corporate on Chief provide Thank will Officer, updates. today. The overview for Chief which And Bassil open Officer, review we topics Financial review good outlines available plan clinical call, results. to we Earlier then John and Chief Medical your financial up Allen review we'll and the

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

Bassil Dahiyat

we good antibody Which afternoon, natural extant antibody Charles engineering XmAb Fc of on therapeutics extensive and mechanisms our molecular with creating suite of Thanks, create Xencor's our combined built domains. platform. on our novel is know-how It's everyone. protein our action. to and structures, and of Fc protein improve approach engineering cytokine and and to protein use play build functions, XmAb therapeutic The plug and portability domains new based programs antibodies to also can our speed more particular and capabilities uses. newest bind explore to XmAb cytokines most different the platform, to protein or create promising on of forward. use of We've the targets been optimized our antigens the XmAb focusing therapeutic with select engineering that component, simultaneously, structures bispecific us enable to rapidly so biologies two different our take we the for and and expansion work

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bioavailability. its dose administered purpose the potentially and was integrated tissue lung Xtend of Now for the enhancing into VIR-XXXX reducing

XmAb's vast oncology Now, XmAb use Fc infectious core of outside underserved and technologies like to of and focus broad enabling the applicability our demonstrates areas this our exemplifies partnership disease. auto-immune commitment serious to diseases

Now if reach our with the authorized, technology to antibody VIR-XXXX become market. third XmAb the then would

we're generate guide which we will we currently Medical simultaneous way, and to Yang, which shots for of Allen clinic. I'll will Phase advance, partner, terminate. And This we on internal gold X we studies multiple and back switching running the Now, evaluating seven programs, proof portfolio. our Allen? data programs independently Chief antibodies taking XmAb concept we're review updates Officer, let clinical bispecific cytokines. which our

Allen Yang

for of healthy that tolerability, is in studies our may biomarkers. include clinic, pre-clinical And an Genentech. the therapy in case for and with that of program. potential auto the last fusion indicate characterize And engineer XmAb-XXX, cytokine. will XmAb-XXX the wholly-owned, action single compared Bassil. historic Xtend and we analysis study therapy two Tregs enhances IL-X about of goal effector study activation with the engineer selectively first is technology the diseases. this update safety, our is autoimmune heterodimeric of immune pharmacokinetics of improve Since improve An approaches ago, to It IL-X avoiding treatment this half-life. activate while ascending T-cells the cytokine systemic for toxic in an potency second disease is would autoimmune low-intensity normally for using will our domain of window Tregs to an therapeutic The broad it T-cells. duration Fc And for or expanded different IL-X across Phase to of XmAb-XXX for reduced pro-inflammatory selected its Thanks, with joining engineered our XmAb of volunteers. Tregs dosed partnered IL-X diseases. provide XmAb-XXX, now have the key dose Fc is IL-XX many tolerability, activation our The immunomodulatory sustained months be X subject oncology to regulatory our

early of XXXX, we clinical our candidates. and additional drug are For into to the antibody the to several bispecific remainder wholly-owned planning initiate year advance studies

as on castration-resistant bispecific or our XXXX, dual-checkpoint Phase subtype. subtypes for monotherapy, cancer patients mid plan combination, molecular antibody. initiate we prostate a depending for First, X XmAb-XXX, certain In to PD-X CTLA-X in study with of the

planned medical was XB but this unmet Phase a have study, a Phase represent as Previously, study. it need. we transitioned X patients to a these As high

cohorts the Phase this a the additional X an with had present we ongoing study's continue disease of And refractory We year, study, have to data mature. that more patients expect expansion population. later data cohort tightly-defined more to or with melanoma, we this from as relapse will

is we mid XXXX in COVID-XX type issue CDXX for chemotherapy-free For plamotamab, collaboration to study lymphoma, binding in Amgen's complete later or bispecific of ENPPX planned we for study XmAb-XXX in Tidutamab, and for in providing refractory diffuse clinical study study patients combination finalized CDX in with XXXX. to later triple a investigating our the our from to the expression for domains under the formerly to Phase the high for studies an binding in updated of format, density bispecific has with on of CDX known to new late We plamotamab, tumor year, format our or study certain targets to which delayed uses as the our months. the to we initiating multinational CDX on dose plan X the Tafasitamab X ongoing known binding We lymphomas. MorphoSys, Briefly, plan these activities support Last, selective studies early lower small lymphoma, tumor with bispecific year. a AMG-XXX, strategic Shifting a first were recommended antibody to Phase CDX the clinical non-Hodgkin's cells. normal with multi-valent related was the and renal to study early bispecific Lenalidomide B-cell Phase initiate antibody we CDXX compared SSTRX-expressing X present antibody, in carcinoma cell relapsed XmAb-XXX, at study bispecific of staff SSCRX, operational few investigator-initiated two startup + patients by and X bispecifics. to ENPPX selectivity cancer, X by cancer, XXXX. plan The that XXXX. our an once large targets data aggressive extends anticipate plan by have to preparation and cells, responsive being which IND trial. this CDX more and XXXX, antigen in currently our start X tumor patients a XmAb-XXX, types the target, initiate the be immunotherapy this filing X by later site, XmAb Due to + cell Merkel amenable are density cell lung we of a range with

Phase our X new Amgen's advance and example, clinic. For STEAPX into bringing this prostate by continue Bassil? we cancer, uses partner AMG-XXX in summary, are program, into format. molecules graduating our the agents novel pipeline targeting to In

Bassil Dahiyat

Thanks, Allen.

presented two we to at from front, just always with looking this GPCX, as fusion have and antibodies. the our mentioned. third IL-XX as and oncology, ENPPX grow we our our Treg and this cytokine posters Now as All with new month programs, These pre-clinical four last pipeline on annual website. programs are AACR that bispecific meeting, Allen including additional CDX IL-X Along stage XmAb Fc programs, we're four for CDXX data [indiscernible] ones X+X by available target protein bispecific PDLX program. our well

have activation, to take targeting engagement. other immune designed of enhance CDXX to been or tumor domain in class by to a difficult is way to the of binding By and antibody, T-cells checkpoint such receptor engager moment T-cell a review Now we therapies. which complement T-cell activity key tumor-specific past using a targeted cells to T-cell platform, CDXX T a I'd directed boost like the of mechanisms in is engage safely co-stimulatory CDX new on has bispecific therapeutically. to that effectively this a to as a inhibition CDXX a

CD through molecule by expressed. candidate use, broad development now. including prostate for most cancer, tumor is XX Our This lead bispecific BXHX is BXHX highly potentially is where wholly-own, solid antibody advanced advancing in clinical a CDXX

a as against the of potential companies with agreement tumor few privately A from COVID-XX is advancement Of Last our royalties we is many CDXX as were to of a to internal generate of were with impacts our well portfolio impacts, clinical the of the we part licensing our prostate industry. company, complement during quarter, business other aware quarter, remained new into held with XmAb course. time. that These of revenue core we'll disclosed the to sales-approved There entered which from a partners undisclosed payments announced leading at Janssen, of to partnering technologies, like bispecific no continue ago, that we products. months a collaboration antibody development course, in we monitor partnerships had the but discover XmAb and that licensing focus a Janssen that first candidates, target.

a Now, Zenas develop development XX% pre-clinical three equity new company programs We BioPharma, cross-border received patients disclose developing and for immune-based granted are for domains the royalties. this the in rights XmAb around therapies in incorporating China is a to eligible autoimmune for Company interest world. we and that worldwide can company diseases. them in We Fc

and on novel create We target that academic agreements technology, entered enter also license agreements What drug terms agreement Xencor's and we've our and The Atreca and antibodies, UCLA joining of selected development. further new established to pairing generation use with third we've with potential MD at technology UCLA scientists streamline biology targets expedite a entered to research Anderson. are quarter to candidates framework by with new any focusing novel is our XmAb a for XmAb extend potential bispecific UCLA those collaboration platforms. to collaboration a is suite proposed XmAb of predefined sponsored done modular of the last

Chief key financials. our that, Kuch, with review from quarter going who'll first call Officer, over I'm Now Financial John highlights John? to our to

John Kuch

we quarter resulting drug Xencor's cash equivalents, related $XX.X milestone $XX and $XXX.X in quarter XXXX. quarter and an the of royalties General of period for to provide Aimmune $X.X a equity $XX.X of staffing. in to with March Thank royalty The from XXXX. were quarter equity programs primarily income the in the expenses basis net XXXX. $X.X include XmAb lower for million for transaction, reflects first a loss and bispecific and protein for The December received and and million related administrative increase spending XXXX expenses programs. portfolio million development XX, and excess to was compared of the period. connection call our in as decrease March for XX we as received on XX, primarily on the first for will operations other licensing Revenues to used of received were related net from first included million primarily period the with to The fund first Bassil. that, revenue and the primarily for cash we were for licensing period loss activities fully agreements estimate period value quarter Based for research gain million The revenue XmAb quarter support net $X.X first currently recognized recognized million compared to increased share XXXX fully MorphoSys, payments With same Total for would to collaborations to the into increase total same of from And million million of have compared the Non-cash XXXX. and to loss continue based in from XX, XXXX earned in XXXX, income was equivalents. research plans, a the $X.X operating in open and the same of $XX.X same to compared as $XX.X on and compared to $X.X revenue in like the marketable March per current compared compensation million MorphoSys, from royalty cash compared million MorphoSys. million XXX in and operating of million securities for XXXX licensing from the million our compared XXXX. end Other to $X.XX cytokine questions. $X.XX quarter to cash for of being of in basis the of XXXX. increase same or reported first research same engineering to $X.X XX.X net cash first and in primarily for net the Operator? expense period million clinical programs. development $XXX for the of And 'XX diluted revenue the share the investment first the interest and stage shares $XXX Alexion net that Compared fund to between on quarter. diluted first generate was on same to core outstanding partnerships the spending to for $XXX period a is collaboration, revenues our Cash, Research to the antibody and XX, and XXX, platform on Janssen collaborations. expect revenue for XXXX you, broad million to milestone to in XXXX, XmAb development period increased Gilead XXX, first loss $X.X of per total the quarter of or were revenues million the for million and same The revenue income compared now million which period. to due which expenditures was XXXX, million Alexion from XXXX. $XX.X were milestone period quarter up due XXXX. the our and we is revenue and

Operator

your have You Instructions] questions Sandler. [Operator Tenthoff Ted first of from Piper

Ted Tenthoff

program for data, be for should going to PD-X whether prostate the CTLA-X that other won't we but Roche back from or could IL-XX XXX, cohorts update expect getting And also, anticipate just year? we we this cancer this wondering an not what I'm year.

Bassil Dahiyat

Thanks, Ted.

program, XmAb oncology XXX So with collaboration regarding the Genentech. IL-XX our that's

was are publication started in which range combination the We specific continuing will well continues molecule, this the tumor started We Genentech. out the, patients for of discussing a last QX. dose with monotherapy, as don't with which atezolizumab, that of timing broad guidance as escalation their year. we're plan a solid in I March, have PD-LX a as point [indiscernible] data

regard over people any Genentech Once starts we up come data cohorts are to ongoing. are XXX abreast With the Yes, XmAb agreement publication well the additional going We'll we that as course, there with additional or study CTLA-X on from expansion year. molecule. of PD-X study. as, that be the with next keeping Phase cohorts of have to plan, disclosed for the X those happen So of guidance.

have prostate cohort, of cancer multiple carcinoma tumors cohort to So our for our addition only set enrolled in from a data approved mature mature data data as renal from indications. well partially more mature as a PD-X our set. that basket cohort, more It we'll not cell in much are was more

of So second of expect this would in all that the half we year.

Operator

Mara of Securities. Your Mizuho Goldstein next question from

Mara Goldstein

ask to wanted two I So things.

I'm The that. and early prostate XB to X the Phase beginnings that I achieve is we're and converting second of just as in advantage of And are the clearly and using say, the work mean, and let's as you cancer competitive then, first around like. cytokines around by like, to proteins lot is a the what of will of Phase strategy a sort with so, and what and competitive you versus, the perspective the engineered strategy. cytokine the thinking XmAb seeing novel you're fusion cytokines a curious from technology other engineered

Bassil Dahiyat

Yes.

pipe I here, the that better was PD-X we study, should the on that add, reflection a X? question why XmAb you it was dose of the So Allen? understanding, that a forward XB in that first that study selected merely the CTLA-X doing, what have and Phase multi, study, XXX shift of study was simply guess Phase basket actually in cancer Allen, prostate we My Anything to that. shift from for given to that

Allen Yang

it at XB Phase nomenclature. could looking Remember, bit no, a combination. is a be Yes, of little

molecular of of combinations certain cancer. dose. is know and looking X in a subgroups or subgroups XXX So Phase a sort that X We for you I of we really we're the a had want try, targeted a safety And sort disclosed of our explore prostate a of this know a run? We combinations with with to already that XB think call sort whether Phase signal agents. sort better clinical And either accurate or Phase of key we will description. or chemotherapy

Phase eventual So an to to X. it's reflective X go Phase planning and of more

Bassil Dahiyat

Yes.

Now the growing strategy strategy interlay. design and actually the Mara, here? has answer on evolving a the we're rapidly for commonalities additional Who's resources your on we're second maybe in get some exciting in questions, it's this for is of all how we're agree, We John I'll ask you about taking cytokines field here yet area, a our there. really efforts John, ones. question, of cytokine, how for tweaking to for cytokines, to committing call and and engineered to how really at which chime to why looking we're individual it want lot the the

John Desjarlais

when to an circulation. in, we And sure. make around to cytokine. first IL-XX cytokines FC went long a very in in we long Yes, made we that tackled key limited fused we natural to IL-XX, are stay Mara, their ability a acting discovery critical

can the up lasts to dramatically. decrease in a so, we so, potency, actually last mediate it dose much toxicities even a much was potency it's of better lower control as was of longer, lot actually solution better a Also, found fringe And out we with escalate. potency make came over the form doing much and and longer time. circulation drug. we tolerability fairly the because its better in for can And though It that you longer benefit [indiscernible] reduced period that

it the we result and the in IL-X expander, when dramatic we pharmacokinetics Treg reduce program, followed around to same exactly Now we that concept turned the pharmacology got same that potency. applied and our improvements

tester. seems detailed on out as far, nicely we ACR So program as be that the really to well, our asphalt playing with

acting, be potency theme, lower the unifying So which in unique molecules. pretty that's going with to the is seems longer community,

Operator

question from Lawson Peter of Barclays. next Your

Peter Lawson

do combination just And tumors on did IL-X, think about and how see data And picking particular around when partners? we that? you

Bassil Dahiyat

regulatory is T-cells. targeting Well, our of activation IL-X

our autoimmune So disease. focused that's program in

is the cytokine with pathway. is the with along the T-cells that is same collaboration for one activating IL-XX play Genentech, Our that our

do XXX want about So want talk you do the us about you or program? the to talk IL-XX to

Peter Lawson

thinking oncology I'm if that of into moving just IL-X you're or… as curious well

Bassil Dahiyat

that. No, on relative are T-cells, regulatory we increasing that's is addition companies potency. prevalent direction, don't other do tuned the molecule, have took the alpha to tuned, the expressed that no, approach affinity said, we binding same some in IL-X actually for it's more to any Its well, But well, inhibitory, at as like IL-X looking the really to intention receptor. the the biology that John of receptor for

much So we that's more really feel for appropriate autoimmune indications.

week yet have this get when study the it's as ascending but in year, work into be that haven't dose. study. from ago. just with single opened on we biomarker initial expect to the guided we'll a data little safety the specifically we specifically the a The clinic guide molecule and later a further study. We Essentially, We could about

Peter Lawson

And BX-HX construct. then the

before, you're that curious talked you think I positioning about just is construct. where thinking where and of that that

Bassil Dahiyat

John to jump on with development I'll XXXX, getting and then in just in in hope activities all how pre-clinical the Yes. have scale clinic of That requisite we're positioning the in active if it. it's timeline, wants molecule, touch we started. John? the on to manufacturing now,

John Desjarlais

Yes.

terms thinking CDX. you which brightly exploring reason want you'd could of that, in pipeline, get very our probably in signal And an would a co-stimulation, range signal and that a and we, cancer, use guess x course, be about It's combination prostate molecule X then as ENTPX will I P-X beyond that to And could They're particularly which cancer. be CDXX a would we x either BX-HX -- target from to to as that could broadly our by bright that, against very any come I case build reactivity is say study to in And on your CDX provided explore is we one X prostate also of well. interesting there neoantigens, BX-HX the signal in In being whatever that across natural target signal provided. tumor-specific T-cell the could BX-HX just which bispecifics be or expressed that first X, X classic T-cell and of silent engagers. want use CDXX it's tumor is very a our target is of selected a -- tumors, tumors. we applying wanted they're solid of

Operator

Alethia next Your from of question Young Cantor. is

Li Wang Watsek

your in the IL-X what expect recently in just setting? program. just follow-up that is you Alethia. a little see a the differentiated for molecule clinical others We This space, trial, bit about to is started advantages the Since have from on just how and talk you can a Li you

Bassil Dahiyat

Right. and potency. The the of it's its in making dial taking down was, follows cytokine that out, mutations John rule design IL-X natural it, laid dramatically our engineering the of sort which molecule to

we're than I hundredfold Fc north to a IL-X less potent type domain. wild of think fused an

Now, protein the to things that autoimmune binding towards IL-X actually heavily ratio is, make the this have disease the our IL-X for alpha significantly regulatory particularly biased receptors CDXX T-regs. to of T-cells engineers expressed well-suited is binding or a the bias beta to gamma That on higher receptor it than to receptors.

IL-X well So how our our what's do hope from domain, distinctive our can know nature therapeutic missing won't until window. how -- the get dramatically John, want the of comment our We and monomeric as the am differ if to T-reg on excellent that's that enhanced we the see. an -- which technology, you amplification. we positioning? contains Fc lower and And in us Xtend designs We potency gives I'm that sort John, anything on maybe as industry.

John Desjarlais

whereas the enables ours our best-in-class applied we even heterodimers, that like the Il-X. highly or a no, through other have internalization think a Yes, a binding. have good We The our IL-X. designed terms competitive, would IL-X only We potency for IL-X competitors biologics have monovalent reduce efforts, Fc helps Fc or point. hope actually classic That's reduction, a we to having pharmacokinetics designed that's monomeric and which Amgen, single using of ours bottom this. We paradigm bivalent is, We kind again, in and of domain pharmacodynamics. receptor line internalization.

Li Wang Watsek

I therapeutic window potentially designing I thinking have narrow you're preclinical, here. program. another how molecule just know but that the can a question curious on about your it's address IL-XX

Bassil Dahiyat

John.

want take to You I guess? that,

John Desjarlais

Yes, that. take sure. I'll

nice primates, We That's see saw type found reduction that again, of monkeys a and more gradual famously marker, into what the is us escalated much can pretty pharmacodynamic as of downstream nonhuman much our found, wild ACR IL-XX IP-XX, on a a When in the -- IL-XX You story which we Fc IL-XX better we put onset that is we this key version potency-reduced does. it dose that interferon-gamma. potency about we to control. which compared gave fusion poster.

And that is by we escalated easier version, it escalate, so humans, of what's our because what we pharmacodynamic comparison we're on going wild-type we've much better the a marker dose -- Fc. And going was on to actually IL-XX ramp-up over me smoother as much got when a that potency-reduced a to control potency this dose use have in molecule. we much ride go when reduce tells

that's we data have to what clinic. So have going obviously the at but That's we're far. suggests, what see happens preclinical what so the to

Operator

Our next question of from Etzer Darout Guggenheim.

Etzer Darout

then pursue question. low-hanging So I assuming really will, thoughts have the indications, interesting therapeutic second how, the you could have I on fruit see you XmAb obviously for appropriate success? if And a XXX guess, you maybe the initially, if window, do any you maybe or that indications

Bassil Dahiyat

come Yes. work though hard of at start guiding yet, We're to hopefully them we as putting we're specific as out position soon escalation. selecting indications ourselves not we're a on in dose

of inhibition, indications. auto-immune SAD. escalation some dose mechanisms lot T-reg smaller for like multiple-ascending there's the novel a after start component a opportunity in the there's action, study these course, of that'll to think Of We of the

of we're you so there's certainly but competitors where And our the there, look lot I landscape the hit looking indications already a think room, of have when still larger those. open think at we in competitive some

more come on that. So to

hard working on are that. We

up Now, did a you have question? follow

Etzer Darout

Got it. Yes.

that of I the is to in interim Just variability guess ongoing you data will, remarks, And started the terms the main if of sort study. the that line based getting second of on X, on question, Phase hurdle the time from a sort plamotamab, tafasitamab you the described? initiation of the

Bassil Dahiyat

with operational I they'll I think And we come think together. the well. that it's pieces all pretty -- coincident hope as

seen QX programs. at dosing we week with have other Q-weekly from period, a are much We now run-in like

hope squaring So have ongoing, And Phase that like to the and is that this late we year, data X. guided. present off away start we hopefully

Operator

of question from Tom BTIG. next Our Shrader

Tom Shrader

T-regs? For too safety from concern theoretical is what XXX, many the

Bassil Dahiyat

being of syndrome, therapy, T-regs, and seen from a I proleukin. of that non-selective don't And cause leak problem. lots that usual many too IL-X capillary is it's syndrome, can with T-cells cytokine with know toxicities amplified I your period are if combination think it's the having the

need just you T-effectors. it's to you're from that coming So strong, control or the on T-regs amplifying too whether

John Desjarlais

we of IL-X such it but way selectivity Another of is, there's thing T-regs, our no as perfect saying selectivity. for optimize

point, tickling So high you some going and dose start cells enough, populations. cell you're if to other at effector

Tom Shrader

get many first And fact think in this a very something clinical to little question. and would other could Or last play to biomarker a be readout go like good applications? a trial to quickly enough mean be I many to more many, be dig places. try in bit the you you do your in just then you'd likely think into would Do signal molecule where things? confident psoriasis you challenging

Bassil Dahiyat

think it's risk you or long to development to like you that thesis don't trust from companies an around path to I it's would of mull know I well as industry the question the how disease. tough we standpoint, get activity most modifying do, and T-regs' activities, want with if, trying translate. great take wonder psoriasis, into it as of if that because can a it climb probably good great in I modification you not is the something showed Do in you mean, density, seem and a competitive because you're I that, Yes, which disease biomarker if something the movement. mull many competitive disease around over. that's be if is to how you biomarkers? know disease-modifying a even kind even a plays what over, that willing I proved indication that is to you get hill even development do role people one a programs, some think signal, necessarily

that know Xencor like competitors, don't I go opposed definitive our really to, the if and other a T-cells many at as biomarker, So counts really favors that's for the T-reg as of signal. approach the looking

Operator

from Berenberg. question Shu next Zhiqiang of Our

Zhiqiang Shu

move one. in going cancer. the that combinations move the The to on you first to prostate set, to What potentially That's first XXX, are to one, trial said groups there? you you're thinking of treat different to, kind combination

Bassil Dahiyat

We're not saying explicitly.

in they depending to if jump sense as what's the targeted chemo I we more they can I'm some respond don't than say make about molecular respond or -- know include treatment, well missing will if right? therapies as that, certain Allen, and Allen, for think I combinations on anything subtype -- and both don't how subtypes. that known but

Allen Yang

Yes.

I still fairly prostate used some There's think been well. obvious. chemotherapy like certain have the agents cancer in is that targeted it's PARP inhibitors. approved then type as And aggressive for a

and you going those checkpoint a to explore those. so So combo subtypes obviously have with to inhibitor, would we're

Zhiqiang Shu

-- the I then efficacy the biology broadly, safety curious I what's versus And here. What's bispecific the it. between Got from, bispecific standpoint. more… CDX I'm guess about difference guess, it just CDXX CDXX Is and

Bassil Dahiyat

mean, guess don't That's -- could I you it Go a do long try John, question. I you ahead. briefly. why

John Desjarlais

great Yes, that's question. a

kind of so the You is a right. CDX this, bigger know, hammer,

mobilize in CDX population, T is of tumor. So any signal X cell to CDX T The it cells. not the the and the And particular point T vicinity to it's right. cell on specific against any grab a is

going to on-target off-tumor terms toxicity. but terms that's course of more either of of in CRS, also of profile be bit in just terms challenging in safety little so a And

With T-cell could the Signal T-cell I antitumor could signal CD one coming X. reacting it an and a can CDX tumor X the X and X build can from concept X this signal combine and signal you're X saying a amplifying earlier a right. the the response that's natural endogenous like cell, you a the signal and come amplify XX come bispecific, now CDXX, endogenous signal or which adding with from off of that in it's could with then that it's of pretty responses, elsewhere, a was because And providing intriguing with X

obviously approaches. contemplating both we're so And

Zhiqiang Shu

see quick CDXX-CDX Final molecule. one it. do I where you guess molecule XXX on development? in the this Got go future

Bassil Dahiyat

reasonable made So for this They we're molecule technology just the of them. enthusiastic right took of now, about development. our to and some And a actually really We'll jump CDXX-CDX. our with investigators them building but we that decided Amgen put following enabled out were hadn't various who note blocks lead in a quite was we've that had FC it. malignancies to myeloma without context. seem disclosing where go they trial until CDXX together and that the might We'll other AE wasn't there hematologic running, CDXX-CDX got up are profile the say tolerability And express in for profile the forward domain. felt consistent that, that with

come on that. So more to

Operator

of from is last And Genuity. Canaccord Arlinda speakers, Lee our question

Eunshuk Shim

calling and And guys an just in on hope is And combination XXX, this ask I been lot how XXX IPI versus show what CTLA-X in to This them a is A presented that point. answered. Ben you regarding Arlinda. to programs of at the regimens? PD-X nivo few for wondering ultimately looking data? been few have the just have I'm versus wanted plamotamab. A have data safety

Bassil Dahiyat

of show -- I'll a , to before. make whether think checkpoints setting, of even the relapse-refractory approved, the that can great we guess the the in and at, indication a patients, profile, example where moved what we're in is or to some can a in been for hope in that we move an more aren't answer is areas where that's I find hasn't needle MOAs I of CTLA-X you looking do potential areas cancer And data? We exciting the combination the or difference combination first we there there. that can think hope answer tolerability like first prostate show and the PD-X

I'll far, take profile observed safety we question. the let Regarding Allen that so

Allen Yang

Yes. Bassil, thanks.

courses. probably study lot alone, but it's effective to that blockade than few X/X nivo-IPI a So remain fair combination Only get of on a past patients is toxicity. you about say clearly more PD-X of

most toxicity is common or common the toxicity, discontinuation. toxicity common This most interruption to most the that So or is the colitis. leads

be haven't Bassil plus where is shown alluded perhaps an to you much we PD-X seen indications, that that. improvement so seen of the of high has CTLA-X is And frequency to, a been that activity, cancer as prostate that synergistic. classic We colitis. example haven't and of believe And

Eunshuk Shim

just think will helpful. gears the strategy think on bit at little how a Switching development be space. And comment what That's here. of maybe you you some XXXX competitive very competitive great. that in maybe a Okay, point? MorphoSys can a It's bus data might of wondering do you to I a in And and positioning? plamotamab be? plamotamab, driving I'm Do expect you understand

Bassil Dahiyat

Yes.

take that one. So I'll

can the going very we can combination we and desperately think that best for leukemia best used that, in lymphoma. that is like So we based regimens that, the happened is need is most direction to CDXs, in competitive the antibodies. in venetoclax CLL, approach approach And in rationale that with competition if lymphoma, on the area, two indication best ibrutinib a the and active an right, to key success think be sorry, go already the in recognizing that a to we field something move the hard and to approach is that CDXX point you're we has to it's the we're position [indiscernible], scientific competitive chemotherapy-free, see taking can really -- wants just and has of go the in, it with combining

is effector a CDX. tafacitamab aid effector combination [plamotafalen] very Fc CDXX, the CDXX technology active durable most and orthogonal therapy by cells to lymphoma. So it a in put cells and well-tolerated action It's and later mechanisms aggressive uses that is and into the combination the of and tafasitamab-lenalidomide to second-line binding. It's we driven plamo regimen,

a than target different So also CDXX/CDX. a

complement mechanisms hopefully really seems So it other. action can that of like each a totally perpendicular really

agent really wanted active And the to was with most that so we combine tolerable.

So be strategy. that's could that we going chemotherapy-free regimen that's active. a to for And our hope how super It's distinguish ourselves.

Eunshuk Shim

great. Okay,

a regiments right be existing would that than now? regimen simpler So

Bassil Dahiyat

type of a include and toxicities, toxicities secondary without and tolerable of whole can chemotherapy more host again there's long-term others. risks hopefully, Well, malignancy often the and which

Go Allen. ahead. ahead, Okay. Go

Sorry.

one, you another go onto Before Ben.

Allen Yang

can I add some Maybe color.

using are compete either strategies for that agent two line. either the Rituxan. the that right? on to our or competitors, have a So used to are been like or by of there's against second single So GemOx. regimen as GemOx add strategies that sort declared And the chemo regimens It's that bendamustine directly often our are competitors

to, now As It Bassil have our could CDXX our in population And Tafasitamab, and of adding indication, for of well. is CDXX then, lenalidomide CDXX. that a strategy bit transplant-ineligible little sort who least at course, right, potentially CDXX. potentiate alluded different. approved potentiates their the so second-line to been as the the already we're

And so approach. that the differentiating of is sort

from different approach our vastly is think we the others. So

Ben. Sorry, back you to

Eunshuk Shim

No worries. I'm to interrupt sorry you.

so XXXX data in maybe And the or you be readout, think, do might later?

Bassil Dahiyat

further the up year. We're rest our you. to not that progress on for yet. afternoon joining and we started, updates I We'd like question. wonderful throughout everybody us today. to we'll that's Hope look very much you specifics. right. have then thank trial on forward of getting get All a Well, last to and catching the Thank again the give guess We guiding the want

Operator

participating. call. all conference today's for concludes This you Thank

You may now disconnect.

Xencor (XNCR) 8 May 212021 Q1 Earnings call transcript