Xencor (XNCR) 24 Feb 222021 Q4 Earnings call transcript

Company Profile

Participants

Charles Liles	Associate Director and Head, Corporate Communications & IR
Bassil Dahiyat	Co-Founder, CEO, President & Director
Allen Yang	SVP & Chief Medical Officer
John Kuch	SVP & CFO
John Desjarlais	SVP, Research & Chief Scientific Officer
Jonathan Chang	SVB Leerink
Kaveri Pohlman	BTIG
Mara Goldstein	Mizuho Securities
Charles Zhu	Guggenheim
Arlinda Lee	Canaccord Genuity
Peter Lawson	Barclays Bank
David Dai	SMBC
Etzer Darout	Guggenheim Securities
Zhiqiang Shu	Berenberg
Michael King	H.C. Wainwright & Co.

Call transcript

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Operator

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Xencor Fourth Quarter and Full Year 2021 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. Please advise that this call is being recorded at the company's request.

to Liles, call and Head like speaker to Investor would Charles today, of I turn over the your Relations. Now Corporate Communications you. Thank go Please ahead.

Charles Liles

you, me discuss today. issued press release today, outlines Thank at topics call The afternoon. www.xencor.com. are available release, With the to press the which we plan we is good and on a Earlier open Allen and Bassil Dahiyat, After up Scientific Officer, Officer John John questions. Chief Medical call remarks, President and the we'll Yang, Chief your for Desjarlais, Chief Executive Officer. Kusch, Officer, Financial Chief

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

Bassil Dahiyat

brief to a our bispecific a for specifically program initiating II our I breadth challenging studies focused vibecotamab, our based afternoon, portfolio or array used bit autoimmune Phase we antibody PD-X the a in development few decisions, our competitive protein vudalimab, growing expertise Janssen Thanks, everyone. cancer CTLA-X tumors entered promising of and gynecologic only We making for a clinical which multiple of before prostate engineering in oncology of we use today's questions. we our programs generate from now landscape. we We've spending in our and CDXX the this XXXX our combination a which x on with efforts CDX create data results call CDXXX make in resources of majority due plamotamab, to to change past of development a highly we'll comments The on antibody the bispecific on advancement collaboration Today, Charles, key trials x which internal terminate released calls, novel in earnings enable good guides to selective and take and We in and advance, terminated We tools data. we development the area. proof-of-concept treatment clinic. shots we portfolio profile partner. add portfolio changing the CDX therapeutic disease. their a And of x simultaneous modular and to Phase

potency are year, we're led address and cell and X+X course, to of our CDX biologies. candidates cytokines hard engagers. CDXX And to new tackle studies our Of or early-stage our engineering data this drug applying T reporting in tools continually to build programs several into our by advancing reduced clinical

the approval and late Our potentially ultimately advance in well-balanced market goal we and that data of portfolio development supports is that. the if to early-stage programs can a

royalties antibody supporting sotrovimab, us, COVID-XX. for marketed the portfolio, development is three Now GSK as partnership VIR our work including the treating producing for growing such products

for cell engager, this very prostate with promising exciting cancer which new we We our created for Amgen, but X+X with pipeline as such XXX partners, month. clinical have T our data partner, early also a CDX they the that in broad released AMG

X+X shares format start XXX the clinical a XmAb year. own and Our cell trial we'll same carcinoma in this renal

Medical our upcoming and plans. recent clinical highlights review few who turn will Officer, I'll of our Chief Allen a Now Allen? to Yang, programs

Allen Yang

of Thanks, owned XmAbXXX. Bassil. Today, programs, we'll review our and two wholly vudalimab

cell but First, pruritus events, I of wrapping data a liver consistently a prostate profile, study enzyme up and we predominantly metastatic insuring we from with SITC, which cancer, basket our expansion PD-X adverse typical We of with a we vudalimab. are our like been binding observed indications. potential this be to other CTLA-X could immune-related pneumonitis have that patients. low including adverse is -- Phase incidence selective At rash, reported make of observed importantly, castrate-resistant hypothesis elevations, primarily use double-positive it cohorts, have for and antibodies, tolerable renal carcinoma supports and that combinations cells. historical easier events in colitis vudalimab and And

six able it metastatic is or two discussion and a are of and available to RECIST complete of fall partial to four analysis, us visceral evaluate enrolled press within cancer disease, organ the late-line encouraged that patients. had website. of by more in has advance results, Prostate you measured we lesion the to heterogeneous a our nine-month lymph response. the and responses, posts four, highlight a for patients could be we our on and prostate Eight disease prostate For point durable cohort. And [indiscernible] release in we mostly vudalimab last these response, kind want node to impressive some that is were I cancer Though and cancer. would our had

Phase cancer post-androgen first in and chemo. The therapy metastatic study, which first-line post started prostate are last is fall deprivation II patients with who castrate-resistant

guide genotyping present to this top mutations standard regimen on is no to PARP us initial risk a Patients profiling chemotherapy this that. or monotherapy. dosed data will would Later find year, study. with and inhibitor, vudalimab actual vudalimab which we'll phenotypes, either early of receive from using are actual We

safety but it portion will months of patients, treat the We allow have that of data will that their that. first agents has a CTLA-X only in therapeutic of get a toxicities treatment significant for PD-X us vudalimab of on improve on other to few hope look at we -- challenging, vudalimab blockade can with Historically, have can therapy own. and combination with combination been a fuel

we course, combination we this collected strategies have Ultimately, share Of hope with efficacy could high subsets time. will the for that simpler development and than need available patients of previously cancer. study prostate define at we defines a data whatever unmet that path

study out four prostate partial vudalimab high-risk are cancer, initiating that in a metastatic of in responses differently slices two I. we defined the Phase prostate second defined We II of evaluating a cancer is clinically saw castrate-resistant also monotherapy where Phase

data well. XXXX. in not gynecological second anticipate examine study We do from as this will study this addition, In tumors

Next, also oncology, to cells, are our autoimmune IL-X cytokines potency disease. engineered developing cytokine other In IL-X CDXX, developed in XmAbXXX, beta wholly receptor reduced alpha gamma owned which to we've cells the overrepresented toward T affinity being it's a the is for compared and reduced on that T contrast we the regulatory in receptor.

cells from our treatment just an that and perfect product autoimmune represents all benefit it profile. critical volunteers, first the regulatory pharmacokinetic our we're that, in T reg conducting cytokine and of T biomarkers, enable modalities hypothesis in for potential single that cell enormous a other data result can ascending T year, information determining trial for clinical platform fit healthy a Currently, new based While is to data; regs. a on more for and present we'll consisting opportunity hypothesis disease, was this safety study dose T our and

parallel We plan a study also dose initiate in select ascending in to multiple patient populations.

planning we we to mention are up, to initiate studies three other briefly we Now wanted wrap in XXXX. as

lenalidomide First, patients evaluating in refractory the Phase and lymphoma. diffuse with plamotamab study tafasitamab or relapsed potentially registration-enabling combination with large B-cell II in

in as year. in And of first the patients with an tumors third, in in the of the I patients with solid second by bispecific, advanced this CDXX of Phase Second, XmAb-XXX Bassil evaluating the following I the this mentioned, cell half half IND, Phase renal carcinoma BX-HX year. study the of study submission XmAbXXX

that, with our over call to to the financial like results. review CFO, our Now I?d John? John to hand Kuch,

John Kuch

strong of in Thank continue and Xencor's portfolio generate you, collaborations Allen. to flows broad XXXX. cash partnerships, licenses

release to $XXX fund that ended recent financial XXXX bispecific upfront over we to current securities. we royalties, between XXXX royalties, received of this Operator? our million our During $XX operations million related of $XX the payments. $XXX.X at and end to payments, and With in Janssen XXXX and investment sheet, and I SEC offset and refer call and payment And equivalents, equivalents, $XXX.X cash, end plans, development up receivables about questions. balance end compared million million for upfront we'll XXXX. milestone on cash milestone you of partnership, collaboration have $XXX We press $XXX afternoon in to cash programs breakdown proceeds and as expect second cash in our our helps with including receivables the operating million million and These $XX for securities the million and marketable cytokine filings XXXX. like A debt their through our the now million payments pipeline to $XXX estimate proceeds cash, your from based further our we?d of and was debt to research year, information growing strengthened with open that, marketable in results. million our we which candidates.

Operator

[Operator Instructions].

from SVB Your Chang Jonathan line of the comes from first question Leerink.

Jonathan Chang

productive Congrats on year. the

in safety combination profile confidence of Can treatment? you vudalimab. First potential the in drug question on for its discuss and the reasons

Bassil Dahiyat

let I'll Allen take that. Sure.

I observed. think it's basically what we've from just

Allen Yang

Yes.

would If SITC About AE combinations, discontinue discontinuations. you XX%. rate have with you look Phase GI at look we product. GI study to symptoms, a we PD-X it's at a don't and presented was the that the third and toxicity at patients problems, profile, that traditionally the We you from not The primarily problem. lot have I the CTLA-X of of colitis and the data around and did those expect

immune-related If milder of patients rash, about third at in you which a adverse is of profile AE was most event common look AE. the a the

believe and we though both targeting PD-X CTLA-X, that independently. even drugs profile two a compared So tolerable it's the highly to we're

Jonathan Chang

terms you around question milestone royalties from made payments second some guidance. on assumptions And and cash receiving provide potential your Understood. what partners? being are color Can in of

Bassil Dahiyat

I'll John our here do future Well, when planning. that. word flows But Yes. of we take the we're day the think let revenue that conservative very I in is

John Desjarlais

have respect forecasting milestones again, to, Bassil. the visibility we we're you Thank that's partners. very only conservative royalties, milestones, from as by partners. you, near-term that look our to provided we Jonathan, as guidance With our as Yes, far know,

sotrovimab GSK guidance of potential believe example, far line in for with I as has as So some sales in XXXX, XXXX. which provided somewhere are

comparable levels, maybe to bit So a little going we're forecast discounted.

we new do generally, So and we things, not look that's revenue. forecast any how at

think and levels But again, certain the revenue. we So potential some based conservative, include we programs. spending year-end certain it's on starting do assumes about when cash clinical position, it

Jonathan Chang

On one. to provide types are the last and one in tumor sneak just XmAb-XXX, you strategies I'll color on And of Understood. combination any additional able interest?

Bassil Dahiyat

No in more past, lot therapies. combination in for a think potential said mediated cell cell that than which NK both what is therapies the mediated well we've as T as we there's of

course, expansion Genentech escalation, starting them Of already to forward in looking Tecentriq the is with combination soon. and the dose Tecentriq running we're the cohorts

this think antibodies using announce that people world are mean the when And be cell which now, NK-cells all hope intercepting promising. have number list Rituxan, we we'll we The all the very possible. are a do daratumumab I of mediated that to have -- top are and I Where plans been are to now NK trials, efficient therapies off kick therapies we making of here for of those the that years. we're of be [indiscernible] of specific very year. able all things

Operator

question Kaveri from comes next Pohlman BTIG. of line Your from the

Kaveri Pohlman

with XXX, again combination cell My cytokine to program first in the therapies. and NK its question related is applicability

IL-X cell recent a to cell publication to administrations received was showed therapy. low-dose exogenous NK who therapy in rejection AML the Journal that patients patients there So faster IL-XX in Blood that led compared with

Just wanted more thoughts a play? get there. -- your just Is biology your like know it dosing different or a to

Bassil Dahiyat

are hard patient, to the I even working. like think IL-X makes the IL-XX factors to it how Well, a complexities cell graft a you it that growth understand give when happen or

drug another kinds transplants of therapies, challenges of intrinsic on you're can transplants. rather and cells are on allo or think in not a count NK continually exogenous of cytokine that there, efficacy natural the your the it's see you whole with but basing power infusing when I you're auto you different game. an that that is therapy a whether they're on biology these cell The cell

that experimental know drugs don't much reads I very taking, approaches So XXX that, really unknowns of with therapies. we're paper which rather the the that challenges is combining cell than and other on

Kaveri Pohlman

inhibitors? PARP talk data-driven? there Or Is your you vudalimab it's combining can for And it. Got rationale about a with biology just there?

Allen Yang

what's empiric It's based the on treated. -- being

prostate PARP deficient, the cancer homologous of have care. with the that standard is inhibitor recombinant of patients sort So

we see But to want empirically with we That's synergize that so can And combinations. we demonstrate therapy. the and to that can add if that all mainly on driven. it's

John Desjarlais

is there that you inhibitor, if repair Right? PARP response concept T a mean of more I a there on. neoantigens. them you're And have deficient, more out might give you build a to generate cell

Operator

comes Markets. RBC question the Renza from Capital next from Your of line Gregory

Unidentified Analyst

is on this go, when you each molecular characterize will you the would [indiscernible] Greg. question how process the some competitive? trial I see from what decision the subtype year, that for just Hi, clinically progress. on have data And the for like benchmark look Xb no-go trial? was from expect some wondering vudalimab. this Congrats first we on initial as Maybe data to making

Bassil Dahiyat

benchmarks, this early going It's folks, this going and data personally those in course, to be will have most year for all going But before hand -- is I talk all Allen of that should say pretty -- enrolled, a to of or to pretty to follow-up the Yes. those of about I on say. to I early we're be slice.

some clear we're I of safety. number get from on think, small therapy a read, a going the So very combination patients to of

is to data, benchmarks, the for this full which to for will not wait trial As have that going be year. the

we're good have maybe you go I'll it not year, efficacy to benchmark the going So just Allen? this with can preface to but that, really

Allen Yang

Yes.

in inhibitors benchmark the fairly is prostate look you if low. cancer, checkpoint think the in for general, expectations castrate-resistant I at

if the nivolumab patients study, on expression I look ipilimumab So approaching study, rate PD-X depending of which of the right? will look chemorefractory of the I the something, combination the CheckMate, And probably cancer is checkpoint in fairly to was. in patients, be what see, expectation So the prostate at the and on KEYNOTE-XXX rate low. you at, about probably number we at response XXX CheckMate you at the most the was their if or forget say population probably which response that depending or less, of you want looked looked in inhibitors XX%, is X%

those low. when compare two think was so clearly And there's but synergy we you studies, the expectation

are Now study, number still small. when a our response too patients, higher of small the we're at you looked seeing granted a but numbers rate,

or, group add the will as I well so Like PARP But as in marker anything we chemotherapy that And excuse certain that chemotherapy rate, chemotherapy, a It as higher monotherapy pretty we me, is well should not but effective. we above population. think populations. as think to would negative inhibitors exciting. other expect with therapies response be on depends the

Unidentified Analyst

one Great. I may, And then plamotamab. just if on more,

Polivy. Roche investigating with think and the on on combo Genentech is What approach I your impact for are CDXX positioning potential their in that plamotamab? opportunity combination thoughts

Bassil Dahiyat

agent, with that's treatment chemo-free really, targeted some of has, other think chemotherapeutic I traditional of course, going same things. to in why with a I in combo two that not shares in just those challenges chemo Yes. And the is, mean combination Polivy and also we're things. studies. a approach being our as it combined It's it

we're get the think another field thinking. wants that go. for the trying us don't where to dramatically changes to And I really know I in landscape chemo. that It's our to

Allen Yang

actually they that is combine them XX.XX the of excited agree our Yes, more and But combination Bassil ADC like them. an that some own is chemotherapy have convenience can and polatuzumab potential for to opportunities. I about that I'm

makes rationale right? better think plamotamab scientific sense. I for a synergy, and lenalidomide And there's more tafasitamab, scientifically much

Operator

line Your Great. of Goldstein the from comes next Mara question from Mizuho.

Mara Goldstein

have question at back understand out can where of Can And at is and around this positioning study of looking just maybe off of the I coming the may PROPEL to. can of help question. vudalimab GU, that going? another inhibitors. then of sort we a ASCO which combinations the vudalimab I from first That's PARP particularly did be come care data perspective really us second looking if some combination with a plamotamab, at question. that ask And at point, on came So, standard my just you

Bassil Dahiyat

want that? take you do Allen, Sure. to

Allen Yang

want II. Yes. to I everybody just Phase our that still in it's early remind

I and that molecular the we recombinant prostate as of think as group homologous is the define be unstable cancer defined deficient, inhibitors several going to to are trend biomarker in the cancer, those are think have buckets of aggressive clearly, sort well MSI molecular negative. I And prostate PARP used.

other will agents. I still think chemotherapy and docetaxel as role a well, have

therapies. add to inhibitors targeting discouraging. the later can this PD-X that we melanoma. to limited activity, This so difficult. we we very in those I checkpoint In that profiles has have AE can therapies? tried other And combine And CTLA-X been hopefully hope been think were agent question with fact, is first the a address year the It's slightly traditionally on question very

put disease, think successful, will So sort you prostate subtypes the of these are excited if still cancer in within we're of stages of together. of we them treat different earlier I And and how population. castrate-resistant can if we change then sort the that

Mara Goldstein

then if if trial up enrollment, terms given around In of plamotamab. a traction -- that? And and I'm tafasitamab. think ask you of your tafasitamab that as just some Okay. in lenalidomide in combination looking had can the on picking speak the I are at has to just just challenges the what to with thoughts market I and curious could

Bassil Dahiyat

relapse/refractory very of TAFA agents we many, Yes. that because don't DLBCL enrollment our I very worry. bit are a that's -- think is for primary pickup having the commercialization, competition and of I?d many in their the in slow challenging aware say intense a

patient. same fighting it's think landscape competitive among that the sort just I trials clinical of for

winter I and rationale that partnership quite we why physician think think talking take resources the last exciting the community going important we're really challenging is to I us said, reason to chemo-free plamo they competition the scientific an Janssen of that for pedal it's have that the part was mechanistic of last fall to the the in is approach actually to. really or approach, kind the for environment. a That development such metal move for mean, unique think that the I the put

Allen Yang

United of I still Phase in global Yes. And scientific in currently, the diffuse very in that our add, enrolling rather cohorts we excited And that's about B-cell that the study. with plan only investigators combination. Bassil And go and the large to the expansion and strategy is we're lymphoma, I and cohort regions; study then France, our enrolling two just would are well. the States

So I'm confident that we can execute.

Operator

Your line next the Zhu of question Charles Guggenheim. comes from from

Charles Zhu

on to regarding progress. of guess potentially one the about should sorts in Congrats context I on do that road? subpopulations shift my or you ADT If may also, patient in prostate think generate data the radioligands, broader just your to first or are years think And like interesting? most might more down days your I ask applicable therapies upcoming things you trial, perhaps it. name coming data cancer I population context vudalimab. few what with continues question, be we like a that the guess, you the of How a intensifications landscape the potential new of in how will

Allen Yang

genotyping well chemo have going answer think and are to with And the is the way certainly big that now PARP subtype we to work in things that's landscape. an Yes, post in inhibitors the from role that out I to a important that like that's on we're how going future determined correlated picture to find going molecular happening standard mCRPC we're chemo. do in the that's

trial that about adjusting as way decisions, understanding well go anticipating changes, to be we'll and And fully is can think we're we landscape decisions which make making we to So it. this but positioned scientifically.

Bassil Dahiyat

Yes.

exactly. -- think I

on rate the Exelixis. talking about less the So or or study review, believe than by you're was I benchmarks response think of COSMIC XX%. sort whether the review the central site you Depending the

approaching response I For the rate, recent the back believe. XX%, radioisotope from in the study Novartis, look you're about, most you was talking if

high are so And bars. those

different think what phenotype. and studies, I we talk doing you we don't looking disclosed is, two about our publicly we've in if are phenotyping molecular the were aggressive Now, are subsets at interested what studies, but

the defined. exciting had Phase And data, very disease responses. two data, phenotype had clinically patients either we So with molecularly our defined aggressive or we that aggressive from that the early I is believe that good

data We us that, II based why our so well. a still and as want later And Phase can we we're a doing focus net, on. this be that's cast for But to think could think wider in we that and data then I see again, the population we is early. on

Charles Zhu

And populations reg think what's shifting bit makes particular your That guess IL-X. how it. thinking ask XmAbXXX, patient And the about little to this clinical more, may targeted sense. from I I around development benefit should potential on near-term one gears may the approach? Got a if we your of most T asset? that

Bassil Dahiyat

Yes.

be I of ascending quick that give are thing. think we the way at selective? And, in that because that. to pharmacodynamic the dosing that's on is multiple a also single profile of T the dose ascending against is we first, agent. of early amplifying effect is, durability course, profile benchmarked That's frequency disease a really selective critically, to can and SAD we're that's competition, us also important the should a going this hugely of but course, with tolerability early establish And of But promising. dose clinical read the tolerability. least that magnitude have development good autoimmune and regs this year data Are will help being

some looking for things. clear programs data seen, supports is we've going We're old to still two old data that glimmers SAD data look one, we're that of number competing for you're just So -- hypothesis. this disease that. the enhancing and exciting IL-X programs and to activity MAD, also whole because but if treat some T-reg the going is modifying looking at hypothesis the function disease with course, from of a the into causing that early way low-dose

go that have we go it's benchmarked see clear of MAD molecule well competitive to at in with well a look our we disease we as going study. that be ones in some large to we clearly ones potentially see indications to activity indications indications both but niche we for selecting that big want we small have albeit our paths, a as And exploration, endpoints, maybe or want after to can we're development indications, not identifying with where as think approach. want So that because can

So that's you let a very of it. can strategic you to John at, weigh Allen Did a aspect a were question. type without lot science or in, more scientific have in getting I what

Charles Zhu

Yes. what No, or I or T Go medically, or ahead. that inflammatory of indications expansion guess, work was worse just elaborating and the reg just I might some better perhaps scientifically are better diseases? for

John Desjarlais

imbalance I T more lupus, of including is like the diseases, Yes. There's effector mentioned. -- diseases autoimmune and niche indications, as T mean with a showing but Bassil a also there's literature cells versus diseases. publications various right of reg number number of autoimmune

it employed -- widely So balance, and important be but pretty -- it's way could homeostatic T ultimately, achieving it's immune effective. incredibly of are if a I mean, regs actually

Allen Yang

just I of SAD and a standpoint, reiterate. Yes. and why think competitive We I our MAD doing And operational we're from our an it's that's would sort space, that in parallel. know

as the of could of one but only for disease about an out figure well. system ascending of went can into on also not dose good we we model that was where that a have schedule some our sort multiple and concept execute and the quickly the MAD and selection proof advantage And thinking

Charles Zhu

I more about partnership? into about maybe asset thinking you your one. fits you one just on some or out-licensing as How this are portfolio? Got And it of thinking it. this development, And Great. in-house a sort guess are

Bassil Dahiyat

it scientific we deviations into that the and can Right an no But And now, like full drugs. hope we make one path our other goal, development do our think And the clinic, hope always not extremely assets could the to from we all this end that anywhere. is that is partner by put asset day. up market and goals we to it path promise. data, ourselves are for driven high has

Operator

Arlinda line from the next Lee Your comes of question Canaccord. from

Arlinda Lee

I And also going couple might your other can you Can about Amgen X:X And was me with about then CDXX can follow-ups. works? to think remind rights then month. moving what that data a guess your that And had targets formatted early Amgen in things moving thinking I forward? have -- progress the is I about And how I -- happened after? this is the of -- talk other you you returned? you how Is be thirdly, that can many and maybe that secondarily, talk they then along? had

Bassil Dahiyat

time going to Sure, part any to any from to the I'll take that no that the one collaborating now of and and an that aren't can in first CDXX they point, have be trial Amgen XXX but they other in investigator-sponsored program set ago. have They choose targets more programs targets They just the program. at target steep collaboration. rights, more don't years out we're is with collaboration returned a quickly. of malignancies, The hematologic there on The have, frame us that choose ended AMG couple we're this was -- that collaboration. is moving X along,

John talking about start other let I'll X+X's, for Now maybe that. the

John Desjarlais

had we've that multiple I created. I on -- we've -- other X+X's posters even publicly we our think mean we've Yes. of

claudin-X, So that's a CDX, X+X.

Of program, X, publicly course, we glypican we the XXX I have by our that think disclosed. CDX ENPPX And, CDX. maybe

in but we our that. disclosed Atreca to -- and collaboration. pipeline, with targets. recall, going that terms have new generate also of So course, there's of a you have see out of We're we're of to whole that a closely where sense Arlinda, working been of few we with And the them get working we're kind of comes were them what

Bassil Dahiyat

Yes.

solid here and this potentially tolerable really down can selectivity from for the particular, achieve at a is bit to the targets a and I ability CDXs way as tumors activation tumor instance, validation the that for initial least lot of gives that in and backbone. to So strongly us, antigen CDX for really of this attach think its XXX in to in X+X Ford we confidence a that double see a us we tumor solid in using format really on program AMG

So we're in imminently excited clinic the carcinoma. start cell renal XXX in to

Operator

Barclays. the next Your of from comes Peter from line question Lawson

Peter Lawson

Just I guess another question on vudalimab.

The and cycle. early second I appreciate around the the detail kind in response of readout, half all safety

we kind kind see to should can these As it we that we of should do we about is like -- XX bony responses, about you And shrinkage think patients tumors? about? disease reductions? then treat? it be Is how be difficult PSA thinking are thinking potentially think of of Or

John Desjarlais

Do take you to want that?

Bassil Dahiyat

Yes, sure.

John Desjarlais

on molecular I subtype, Peter. it the depends think

depending a look and patients, metastases, on think or at some cult you I PSA. lesions for would subtype, more molecular bone want they'll have to

of I've have even more node the or metastases. seen Some visceral lung phenotypes and will brain metastases aggressive liver metastasis lymph

so data, look on chemotherapy. think the for We unstable there's But of that We those some And be may the I different also study phenotypes. will any qualify group have a subtypes. imagine difficult different the tumor to shrinkage. probably not those you be that a PMSI, do data. groups. of early the lot have try that is be will genetic but you mix molecular And was subgroup. And of that very with those for designed, depends in combination would way will can Again, it subtypes a enroll. bucket group traditional for don't But to microsatellite of it like

that how see we'll So looks.

Peter Lawson

don't that How before. many do see? mentioned we you I think patients you could if know

Bassil Dahiyat

dozen at guiding probably two point. the or of order on that We're a to

Peter Lawson

touched John, a kind be XXXX just in should upon being number? guidance milestones the maybe then around that conservative. we you And Perfect. of about thinking -- question Any near-term for

John Desjarlais

milestone one we $XX only of expect possibly of Alexion. which Nothing million a up, that milestone, -- Sales do them we are program, any can XXXX. The the we Amgen we're all I don't possible would steps. have time from Possibly not to line development. be have excited next if XXXX, XXXX, rest advance sales think sales but ramps Obviously, this if as their

Peter Lawson

in about Got those shouldn't of be are you. that guidance, in of But guidance? we none the the any thinking

John Desjarlais

sorry, I'm that? was what

Peter Lawson

year-end your Are cash guidance? any in of of those kind

John Desjarlais

have be, Yes, more don't said, than to Alexion we the but Amgen, like would what would have -- just Alexion we I they've disclosed be. any the information publicly.

Peter Lawson

enroll to types BX-HX, tumor the on that finally, are just in study? hoping then And you. what you Got

Bassil Dahiyat

that will say keenly be I -- not we're will a strategically mix. we're say and but cancer. it probably prostate So that interested disclosing yet, in I obviously that will

a we here, which agents. But Our Janssen, vudalimab commercial prostate different well of as CDX think is both with to the checkpoint be want as to benefit stage also potentially thoughtful to number stage us access want do program, I gives access can we their our bispecifics. we clinical what inhibition mechanisms and cancer -- about collaboration

types. the And agents be as by going as availability quality combo which theory tumor sort much on to guided and of the by of so we're

Operator

from Your SMBC. of next David line the Dai from question comes

David Dai

So I a vudalimab. question for have

in the of Phase data half second II So expected is this year.

be mCRPC. Or a would to the vudalimab identify So besides in you combinations of the Would us subsides, to can you release? biomarkers at genetic particular on strategies press report benefits that a also with share exploring data any just expect medical the you're it further release? And comment could support that then cadence biomarker meeting? you will the of data also

Bassil Dahiyat

one. the second answer I'll

course, at still is But line. medical abstract well time of before goal submission Our a meeting. it's

we get an hopeful So we can see. optimistic but we'll consider and there, goal. aspirational that We're

lot am the definition in program the strive other not be can one certain we even On predictive development about I and a We're types gunning existing count looking into the going not bucketing high mean at you are your it. get of clinical to I clinical type biomarkers. use We're oncology gene the think, something here. of I but going immuno-oncology. to biomarkers, really on are, of science of Biomarkers immune to for, that for risk. predictability the in

Operator

comes Etzer Darout of the Capital BMO from Markets. line question from next Your

Etzer Darout

the Congrats Great. on here. progress

just q point combos would more here? the plamotamab as second with be step-up with just back The for clinic? that kind question, the wondering then to was as of sort specifically? these kind Or one into regular lenalidomide a clarification Monjuvi formulation not advance expect meaningful you a first sort R&D whether combo me. unrelated way and really sub or plamotamab associated of of sites is you or up with of a you open of the The And IV multiple programs with guidance, these in any Monjuvi spend

Bassil Dahiyat

do the Allen, -- you want maybe, So take to

Allen Yang

first Yes, one. take I'll the

q be will So sub form. the not IV, it

Etzer Darout

Got it.

Bassil Dahiyat

want to that take spending, do On the one, John? you

John Kuch

Yes.

three large two not As anticipates years to far have have but we into as budgeted basically at potential, trials the this time. we the multinational in the XXX-patient trials do next these spending look type early

not, include but for does initial we've run-in it the So these, the larger trials. cost for time, budgeted at this

Operator

Your next question Berenberg. comes from of the from line Shu Zhiqiang

Zhiqiang Shu

XX. combination this to the want for valid in the thoughts indication, question. the first gives guess highlight want what to confidence Any That's going RCC. And program the broadly this the I of in you're on? targets you around here? to to I guess put later program that program you I Great. any succeed about new clinic approaches ask in

Bassil Dahiyat

That questions. two wasn't first was question. That your

and John maybe in let the the confidence, confidence take I'll historical mechanistic on -- the the So one

John Desjarlais

sure. Yes,

cell there some extent, that ENPPX on talked [indiscernible] very staining And cell. we're going done say bioinformatic in various one than target renal in population. carcinoma. there also an cleanest working analyses of but that see fact, tumor To to well, that renal ENPPX -- just are nice in they as We've in cells, analyses. conjugate we markers program, identified really are bright over-expressed RCC ENPPX drug the that selectively chemistry clear we've focus So that also the of papillary various in one has of independently also like Other and that, is We was different Agensys nicely academics with was, had is targets cell over really historically, to carcinoma. and expressed from cancers. and Astellas one emerged

cancer. with sort of kidney high targeted conjugate is coupled So safely that's was that overall confidence and a of with expression pattern expression it in drug what's in most the this our driving

Allen Yang

engagers And clinical cancer that in XXX just cell I now proof-of-concept as I was well clear AMG clear add think [indiscernible] a lung these as early cell as XXX -- T would there's perspective, data. data AMG from tumors. There small

in in would it the cancer, well. remind in think terms clearly renal In And frontline. the that work to part, to are going responsive second I so see the as cell standard I care we're combinations, is of think wait solid we of data. to people I tumors have in to immunotherapy. Checkpoint inhibitors

inhibitor kidney do a TKI think with game early for checkpoint need is CRFs, have tumors. solid and T cancer think engagers I a still they're the frontline, but combinations sort in I for cell manageable more but we of data.

I with have until to we we we'll accentuates see So to then has how or empirically good T TKI combine that see activity And is. the like be something engager the a seen cell that has just data. Phase whether data

Zhiqiang Shu

Maybe helpful. question to for That's of asked me, terms John, the capital or Great. is third ether Bassil in allocation.

spending Now disengages of million you very how stage, format I would of in programs, but to would lot assets you you comfortable a like lot [indiscernible] Obviously, [indiscernible] have or market. there. preclinical to it's you vudalimab. the think I $XXX either have of preclinical the the do guess push X+X bank, money? about in today's also in the into more assets think How color pushing have kind the finish any clinic? you about a appreciate line

Bassil Dahiyat

advancement. in to truly we making have that line has putting it. finish feed put in it's at approval we and data programs the we And our merit time. going we But something portfolio really try get a If far the merits continually every we into can believe the to phase forward money down. going ourselves, clinical see And we're to we program We go exploratory all be do about want competitive they think whether look further Phase our that the chips down data. driven. that profile judge we'll I be to ourselves, to so exists program all before data way an sure We'll do the we us against at see what thoughtful all to the the

vudalimab, we're the we're relative to modest and now contained treatment be cancer in fit fairly for actually accommodation registrational are landscape. now studies the still prostate So in Phase scale looking will example, II doing because we how that something for complex

registrational So even the thoughtful committing I we come the managing say very because in would by, do, We're also times. we're never so-called data point we'll tell studies, you. careful our about money easy driven. to that when not we're to And of is to at easy and be but going cash

Operator

Your next comes question from Raymond the line from James. [indiscernible] of

Unidentified Analyst

you're for on on Phase trial, you progress publication? on Colin a on color, can from could pipeline for XXX, additional far. Phase in and trials? see a kind And the interested MAD on maybe guide combo that any we trials NK the presentation you squeeze is looking that lastly, T are cell so kind kind Dan. mediated. what Congrats the This kind data cells of comprehensive when of the if shape is XXX, healthy On I And the I of what But can or XXX, the could color on left any volunteer in you you guidance trial there mentioned trial initiating? combo potential curious of then for

Bassil Dahiyat

Yes.

So -- first, and we when really us has agreement present. be on Genentech the between an it's to XXX,

Phase Genentech frames I natural would go soon, given think we a year. have when Though this time the is conference. medical we?d that Phase I can't imagine and done a thing point for wrapping a the be X are publication-ready I to up we hopeful is

on So but give will I discussion I'm I it hopeful on you year, wrapped when. Phase and a to going the guidance when with next that's we'll guide But be for that, up, can't be Genentech. even

more On their boosts until varying we varying the unfortunately. NK really announce do think cell combo control I schedule. can color were that for we trials, were the that I kind them, saw any durability, remarkable, can't we by and that, magnitude, offer the of have dose their notable suggests

that there. that's So

the seem better. out guide we space Well, Longer dosing biggest durability the get on our in on healthy reg be reg is volunteers MAD, hard expansion looking mean select be that the the of and right? there key what MAD. the that's we're going our the us week, that IL-X I to competitors T other in to in on we to XXX frequency I know think this do settling in of can the well how frequency. helps is impact And the MID. SAD, every at I that For T how and

Operator

H.C. from Wainwright. Mike of comes King Your from the question line next

Michael King

to Just what about burn, be if would the know question drivers the XXXX, spend you?d spend be to first. to components particular color at on the different to guys I wanted of you a financial I see programs? talk of give just more willing out if willing the don't on

Bassil Dahiyat

No, for not careful budget carefully trial the time two budget decide to frame, rather is have then near clarity be. placeholders when or the -- specifically trials, next which clinical but we pretty I?d to keep on [indiscernible] because we promote. carefully program pretty we we in going stage next to year what -- And we on depending the

as that's terms we say think in I of granularity. much can as

Michael King

Okay.

a what wanted against talked just bit also And similar Can about XXX basically you activity compared dosing of more. the we've levels competitors. levels native little Nektar have talk a to the IL-X the -- Moller native lot Because are been explore you to has I a about your tolerable at. at Sorry. IL-X?

So is IL-X or and native XXX program? there any XXX difference between Nektar the

John Desjarlais

fact. In

cytokines, a of our IL-X they most with learned get So the XXX internalized. program, they to XMAT large and IL-XX this the extent, as signal, we IL-XX, when and class cytokines, of

potency an their exposure. their so and relationship inverse between there's And

basically turn to -- really dramatically. cytokines is the their actually to way make these potency that into drugs reduce And good so we found out

posed So reduced XXX least fold compared XXX at about to is native by or IL-X.

exposure. However, at least a it in of terms actually longer lasts hundredfold

it job got can it can. native you've It more longer do And makes drug. a it the longer. a So than tolerable around lot sitting its

Michael King

but know process. you of we launched recently And on Okay. guys, scientific to have amount you I a tremendous data

but if well, you two to would wouldn't could the And not -- number more modifications have one. you reg that your Yes, the any that in of would there cells response on selectivity in the the DX but it kind in syndrome, shouldn't the into I number remind endothelial away bit have. be just the periphery. believe the have your the little from so would alpha guess go T effector periphery, that you cytokine So keep -- receptor don't detail? release But same a there's me one cell, for I -- is two, I versus questions T guess, I

John Desjarlais

Yes, yes.

a be it We want so So did, engineered to CDXX. we in we're -- it, we has its CDXX biased for slightly basically activity. it higher affinity

reduction. the potency from IL-X of And comes receptor reduction so the beta most

much that, with T pretty versus own at selectivity of again, seen class of our looking and in on effector in terms what them, So the making helps other top selectivity we've assays we're molecules, characterizing T that based reg cells. people's the

reg And tuning selectivity so think, in of overall, as terms we long got we've the T potency profile well as a life. the great half and

Operator

Dahiyat. Bassil this no questions to turn at the time. I'll call are There further back

Bassil Dahiyat

Thank much, very today. to you and of you, thank for more course everyone, the We evening. joining wonderful updating over you year, us the forward and look have a

Operator

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

disconnect. now may You

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