Xencor (XNCR) 8 May 222022 Q1 Earnings call transcript

Company Profile

Participants

Charles Liles	Head, Corporate Communications and Investor Relations
Bassil Dahiyat	President and Chief Executive Officer
Allen Yang	Chief Medical Officer
John Kuch	Chief Financial Officer
John Desjarlais	Chief Scientific Officer
Jonathan Chang	SVB Securities
Supawat Thongthip	Mizuho
Dane Leone	Raymond James
Charles Zhu	Guggenheim Securities
Etzer Darout	BMO Capital Markets
Xinyu Liu	RBC Capital Markets
Zhiqiang Shu	Berenberg
David Dai	SMBC
David Nierengarten	Wedbush Securities

Call transcript

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Operator

Good afternoon, ladies and gentlemen and thank you for standing by and welcome to the Xencor’s First Quarter 2022 Conference Call. [Operator Instructions] Please be advised that this call is being recorded at the company’s request.

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

Charles Liles

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

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

Bassil Dahiyat

questions. to before with afternoon everyone. the today’s we’re last we call majority of brief spending comments Thanks, on few quarter, a approach Charles and make took the Continuing good going

to allows like and tools portfolio and diseases, the usually which in broad array as on shots modular create used So multiple our to autoimmune development simultaneous in take we’ve goal open engineering oncology us of clinic. with, to a I approach internal

early-stage today, and remains is potential studies first, review and intent Our which in development tidutamab, focuses advancing we’re Allen these we programs which employees’ which from to our we two moment, which to our and most clinical terminate so X programs efficiently engineered ours announced cash guide advance, to those a of In of partner for But going the time. programs, that we on wave our and makes upcoming data and clinical plan resources to use of success bispecifics using cytokines. room our our proof-of-concept we next and the portfolio terminate XmAb greatest programs our with Phase XmAbXXX internal for plans.

believe x tidutamab, enough CTLA-X data x competitive particularly compared neither we antibody to when CDX the reviewing profile bispecific clinical For SSTRX that LAG-X to and our a date, we our advancing. bispecific antibody, the generated are their currently has program in after XmAbXXX, areas, programs respective

So provide we’re enrolled including patients in to study, supporting by continuing currently to study the going keep drug.

ULTOMIRIS, highlight half-life. adult myasthenia longer approval for the incorporates for generalized gravis, approval domain ULTOMIRIS of for Fc its especially the transactions, piece licensing plug-and-play and our Fc oncology focus therapeutic outside core strategy We in on core our disease. a leveraging to domain our of is XmAb with AstraZeneca’s Xtend recent patients in FDA Now wanted third areas our U.S. Alexion through course, of autoimmune

this beyond. VIR Though quarter revenue substantially and very of in over revenue COVID royalty GSK. also drop the quarter we a our same rapidly keep shifting partners, domain to Xtend position for incorporates sotrovimab, which cash $XX COVID We because Fc and next from million this bolstered emerging, the with variants antibody the that expect

AMG T XXX encouraging format X+X bispecific, engagement. our our looking uses T-cell for addition quarter, highlighted toolkit, prostate from engager XmAb XmAb which, in in early we demand Now Fc multi-valent program last Amgen’s cancer, the cell at an XmAb bispecific the to clinical partnerships in for being data

Now advanced gastric Astellas’ to and we within XmAb the the past for this quarter, has in following bispecific ASP And with gastroesophageal too. patients development pancreatic clinical cancers. CDX XXXX, look CLDNXX.X an by forward program, antibody,

plans. Now, over going who programs to to I our going Medical is Allen Chief and turn to Yang, am it our Officer, clinical review briefly upcoming

Allen Yang

Thanks, Bassil.

Note, has plamotamab, So with starting are with or MorphoSys evaluated and Janssen, in our is and has conducting antibody lymphoma. this that are we CDXX parts. it study first large tafasitamab. combination two bispecific refractory particular in we with tafasitamab announced B-cell potentially by in study providing study, the where patients registration-enabling relapsed a being Insight, codeveloping are Phase diffuse with CDX ourselves partners, we patient plus our lenalidomide The bispecifics been and our dosed that X CDX

present which ongoing data the in safety tafasitamab, planned of IV from monotherapy cohorts with combination between of expansion first study. is The followed to lenalidomide plan by the Phase a we without a triple run-in the plamotamab. Later year, randomization X this or

In into ENPPX first anticipate addition, study the soon, patient evaluating CDX bispecific patients targeting also antibody, to with we introduce dosing dosing study. CDX a for carcinoma. in Also, subcutaneous platform, we renal our cell our XmAb-XXX plan X in this Phase

format XmAb to this particularly expression have high with we utilizes preclinical kills format. may We’re shown particular relative against be cells XXX, In which X+X about multivalent cells, excited preferentially solid which tumors. of antigen tumor benefit normal target the studies,

and advanced on Moving double-positive our which most our PD-X vudalimab, bispecifics, tumor CTLA-X lymphocytes. targets to is activator microenvironment

monotherapy evaluated X with regimen molecular the is of enrolling subtype. studies, as are study, care, conducting tumor’s patients is a Phase X with which of depending cancer. combination on prostate standard the metastatic in castrate-resistant vudalimab We this or first being In

clinically solid tumors, tumor in ipilimumab. the we’re in where investigator-sponsored defined advanced is in second microenvironment expansion we our now it advancing with with an portion – certain are gynecological XmAbXXX, X castrate-resistant our cancer. is Phase study evaluating expansion high-risk signal-seeking our and study or well. ICOS second initiating malignancies of also activator patients antibody, combination as We’re studies in PD-X additional a bispecific And by metastatic prostate supporting

will in from with a ASCO monotherapy the the We weeks study now. the poster at a presenting data few escalation be of of portion

the ongoing Moving our potency cytokines, and preclinical resistant which targeted decoy LAG-X bispecific activating advanced with the Fc is towards associated. a more IL-XX AACR on our is suite likely introduced tumor Clinically, be reduced stage to recent incorporating programs, XmAb meeting, biased cells and at are two all IL-XX, T cytokine technology, that Xtend binding we positive our most and NK high domain of engineered fall. to potency LAGX dose and treatment and sustained reduced we that T T we X cell of cells we a are NK and XmAbXXX with protein expansion fall IL-XX of this of Phase last the long-acting peripheral XXX, we Genentech. fusion with levels cancer, targets the last and for Fc co-developing observed effector announced and escalation, announced – evidence cell proliferation patients

anti-CDX initiated Phase combination patients multiple combination evaluate with to look planning XmAbXXX additional agents daratumumab ourselves with antibody an additional updates relapsed Genentech study with providing with forward or other refractory therapeutic in near future. studies a the and X recently, Just in myeloma. We are in to

are potency XXX, wholly cytokine, Next IL-X we which XmAb fusion owned in disease. developing Fc reduced autoimmune is our

from later in patients. ascending dose dose study we healthy to parallel, a this single the plan initiate data Phase a study. our And initial study conducting year, volunteers. In in multiple we’ll present We’re X ascending

Fc near filing cytokine XXX, XmAb Our to the be enter IND an we will clinic third IL-XX which for anticipate year-end. the

activating of Finally, BX-HX. antibody, is additional our development them co-stimulation program cells, engineered advance bispecific This when tumor exciting bispecific the cells. to class T one we is clinical to this XXX, which new first into antigen targets plan year bound provide CDXX CDXX tumor expressed to conditional XmAb broadly of

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

John Kuch

partnership first that and have with antibody and $XX.X bispecific we in entered sotrovimab milestone opportunities expected approximately A to cytokine received flows of would continue sotrovimab. from be broad of you, We out multiple that engineered balance includes And revenue quarter, generate sheet that the proceeds the sales on pipeline royalties revenue we and about Fc strengthen Thank net of sotrovimab the that our XXXX, to to payments. future revenue million us expect GSK’s of in we Allen. breakdown substantially given Vir recent partnerships. remainder candidates. of like lower us million relates partnerships sales will the and million our these than point and allow $X our of cash Xencor’s royalty million $XX.X In anticipated was for technologies from provide the in $XX invest to comments first of royalty sales amounts. quarter to

As strong balance noted, continue a sheet. to we maintain

million in our over ending marketable and million. XXXX. our filings between cash the our plans, an through would marketable cash financial expect that, As afternoon to cash, debt receivables results. to end press to for up We refer with equivalents, your have receivables and cash XX now questions. is Operator? to million, operating With R&D for the we’d programs Based operations equivalents, further of we estimate $XXX.X I on like and this December securities which $XXX current a of million $XXX open totaled March to securities. of SEC our release XXXX you our review increase will of fund $XXX.X call amounts and currently and cash, XX,

Operator

you. of comes the Securities. Thank SVB [Operator line first from question Chang Jonathan Your Instructions] from

now is line Your open.

Jonathan Chang

Thanks for guys. Hi, questions. taking my

data you can for at question upcoming help XmAbXXX, expectations on First investor set ASCO? the

Bassil Dahiyat

on XXX. in to with of It’s start the I’ll Sure, currently the Thanks question expansion. cover dose going portion the and escalation is study for that. our study,

can to looking we typical know what inhibition part history goal the patients challenges And as these whatever So advanced kind We offer. then, selective the agents providing design safe dose that had And agent our it’s different have solid can that provide is co-stimulation ICOS of of there. tumor of we’re whole there is is a course, to efficacy kind to of and could by we where going been see a profile. It’s doses of checkpoint achieve. studies. we in of that in go escalation of

Jonathan Chang

able in programs? color any the on decision and saw it. XmAbXXX. to And question more those that see studies on or Got discontinue what you second led to provide Are those to you tidutamab didn’t

Bassil Dahiyat

open ones I’ll several are way for which that and executing years I could uses in. been we can it very biology What now is could judge then that and is own promising drug we to have do a really into partner in data and we valuable. jump Allen Yes. that of we’ve our or number to a develop X have characteristics potentially with put the create think our that with let programs Phase strategy trying a

we is so looking which at always versus are always the competitive landscape, shifting. the And efficacy

context our spent on are that competitive better resources be was attractive. of done of And so and profiles in other could whose this the our whether judging programs more

I context. what general, both it say particular our it’s a that tend Allen the now. bar high – efficacy I’ll to would is But pass fairly drove So settings thinking. be and those to in safety about efficacy in over and for of

Allen Yang

to say, Yes, Jonathan, outside predominantly, the I’d consider things like program. were to the actually

look just for So a XmAbXXX, was at approved. It relapsed/refractory you melanoma. me, – the pretty program if for BMS was development excuse Opdualag, involved LAGX or

want Amgen comparing is showing things our just to invest And a again, to would at just so can’t at thing looking look for think the and we we lung you And pipeline, Likewise, small in. There activity which to XmAbXXX, compare deprioritize in, what safety that in good changes internal in we pipeline, pipeline. XXX thought clinical profile. invest better it we has cancer, internal it. AMG internal our tidutamab, then cell good when I key our are

So that terminate to program well. I we think decided as

Bassil Dahiyat

investment really there those note support will we investigator-initiated we is one, studies see at if get if about we least And if where for buck. with can I’ll can both that it’s not be an benefit But those. bang internal from the drug and good and experiments supply most certainly for done. of the expect that patients perspective,

Jonathan Chang

for question combination from And Understood. rationale Can you multiple in Makes sense. me. myeloma? for just daratumumab XmAbXXX last the discuss the

Bassil Dahiyat

Desjarlais, our John take He that is are one. let remote. there? we in don’t Why calling John, CSO, you Sure.

John Desjarlais

Yes. that. take to Thanks, Happy Jonathan. yes. Yes,

comes NK-mediated on against But well. of that activity NK to because it a seems there down NK is hit small strong the some as there amount cells think have in on is takes pretty CDXX what a cells is – I actually the it to DARZALEX another myeloma. a wrinkle

out. both fronts, XXX And the so be synergy cells, also of having with NK do more there the our to ability hypothesis any with additional the job, being massively takes on Just the but able cells to cells DARZALEX that might to expand NK there replenish that is right? NK

Jonathan Chang

Understood. questions. taking Thanks for the

Bassil Dahiyat

Thank you.

Operator

you. Thank

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

Your line is now open.

Supawat Thongthip

on Hi, this to hear question thoughts Mara curious a therapeutics. the I’m I Goldstein. for cytotype have for Cytokine Cis-targeting your approach Basically, the is Supawat on program.

the you is you have into and bispecific IL-XX data effective just program to that whether incorporated the say And this approach be show enough Now at LAGX future. on AACR. could in your safer clinical evidence more potentially near

Bassil Dahiyat

how standpoint. pipeline thinking I’ll we’re early it It’s call we – what in a about our the – on touch development considerations. from development our

activities guided that expectations number being not on we clinic. We’re would timing and yet the of we’ve of publicly advancing in a for the need,

really As to think know brand brand clinic you go you’re that in in can new the strong second. really John MOAs, rationale, the until scientific with fantastically But it’s I and – over these a much. completely don’t

John Desjarlais

which vastly we into XmAbXXX, the idea to a IL-XX and little on Yes. an at further It’s Cis-targeting, reduced. bit I’ll the And that, to LAGX. when then we is then a target with single-chain started that like reduced. arm in Fc potency format basic IL-XX add is fusion yes,

And the very T CDX-positive kinds supported those of by T we avidity including from targeting cells, population. Rosenberg’s lab so papers cells. T as all which And that recent a is LAG-X-positive hypothesis, Steve cell use neoantigen-reactive good that to basically, that the literature, activity very LAG-X Cis when marker LAG-X-positive only restricts effect, is LAG-X its on of effectively

selectively if therapeutic we up really could zero for just on index cytokine. a population, very so that particular could And open potentially in that strong

Supawat Thongthip

front combinations. in on And or you Any T therapy? of could sneak Any you chance you provide terms – combination that potential Thank it. with the just combination partners? or could indications if on one Got that would you color explore you. additional may XXX in cell NK

Bassil Dahiyat

we’re engineered IL-XX with our So up a initiating just studies. stage split, It’s companies the have on plan both of studies co-development XX-XX of get initiate to a XmAbXXX, right in collaboration We the to recall really now molecule in right and potency and is that one going. sort worldwide ramping Genentech.

explore disclose details mechanisms already are both I will atezolizumab to cell they dara beyond with But doing NK about both. combos you’ll fully what and think We hear combos, Xencor. in that now to cell important later. We and more Genentech and T expect expand are from

are cell to the what that’s to of an where Genentech have meeting for minds on a advanced the two programs As be have the were and course, issue basic we – therapies, of going by companies.

that where I to And have to on so we’re later that’s on specifics. one going guide think

can I exogenous kind therapy think IL-XX a yet. for is great potential just there plans exogenous I of think these scientifically. and cell any about we cytokine approaches concrete don’t talk with

Supawat Thongthip

Got much. it. you so Got it. Thank

Operator

Your question from of Dane Raymond Leone line the comes from James. next

now is line open. Your

Dane Leone

the the and use on Hi, of the focus I the initial all expected thank part back Maybe you on will and on question progress. vudalimab in congrats data year. my

with, are from to can with So similar X CTLA-X like of and achieving maybe scale previously helpful you the set think for Thank mCRPC, this tested population, going would results, we in I of data from you. in seemed that terms similar be it I to What specifically, study? Phase less And and last dataset? been that think, I think if for the the looking saw get interesting what like be you patient it initial albeit data And scope year, expectations. you’re then certainly you I established the premise correctly. guys had remember PD-X, toxicity.

Bassil Dahiyat

pass last this Allen, just to the we Yes. study I’ll – before I recall very say, year. I’ll started late

X mCRPC months cut we have for probably had data. or don’t data about, know, of we half, off, I By accrual. by X and SITC last So second was year’s that it cutoff the should

this handfuls of we will that molecular backbone. And few can on show. a combo it in patients and of here really to, so the order start study think we a I can recall, as you alluded be with based this building on parts Because potentially like balance. key subtypes, is chemo that efficacy And is on safety so

Allen Yang

Yes. is our previous of based I’d that work and to just Bassil, sort add. on of work not pembro lot from say a much nivo.

PD-X but showed early challenging that. a CTLA-X, the was think to combining it’s I there benefit with that data do

which so at very reported Phase number allowed our moderate the study of encouraged forward, novel response And molecular we a design really combined moving a us X, But with where rate, in where early small to data I look right. we think of tolerability the SITC, at a of different and even it standard then sort we care, subgroups though patients. we’re by have was our

you’ll a PARP So study. with designing monotherapy XXX registration-enabling us to that or different in subgroups and chemotherapy hopefully combination inhibitor data a with will of see that bridge or aggressive a

Bassil Dahiyat

of Being faced limitations a top big able otherwise. here you think, chemo might on edge Yes. be relative the to to would, I go have

with a get there point. start And acute to by efficacy should handfuls And safety, if so read of see data to get patients arise. it we any that a handle be on we will have whatever a – show few of that is course, issues

pretty So solid to be note, early look. And I it prostate will but are think a committed we cancer.

starting well, monotherapy Phase same high-risk defined is along some with population basket in second which We’re in our clinically a that gynecologic a X. different as in tumors study,

Allen Yang

nivo without Remember, nivo the study single a chemotherapy I bit to check a was with just believe, when the combo are on terms plus docetaxel it more was of the they better. looked their at program X, Phase in mate, And Yes. agent color and that. the little But they ipi, in BMS combination add registration just ipi. the of XXX going

CTLA-X, challenges to we sort PD-X combining better. do and Maybe at. of of that’s looking we’re can what the with So it speaks it

Dane Leone

study guys? chemo, Are for you are all parallel? – plus clarify Sorry, can I of with three the plus those just PARP thing monotherapy one arms

Allen Yang

No.

we’ve of trial have a monotherapy clinicaltrials.gov, PARP have is them I is if how I’m on but will five trying And we to depending much them there in three – have so one inhibitor we and will progress arm. think has remember arms, a of one on them poster. the disclosed chemo, So of

Bassil Dahiyat

identified, Depending Correct, yes. they in are the parallel. Yes. subtype molecular on all and arm in that’s

Dane Leone

a expecting the of study? like handful you’re So of patients of the from each arms different

Allen Yang

of arms, instable. microsatellite MSI, one so so the is is which monotherapy, Well, the the

be So pretty that’s to going rare.

sort ones So more of bit biomarker little a we But in of other, many easier more into how there. enroll to the – patients like know group, the aggressively. some I are in, the will enroll fit the that it ones get should don’t that don’t negative

So rare arm on the it depends and is. how it

Dane Leone

Thank Understood. Okay. you.

Operator

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

is line open. now Your

Charles Zhu

afternoon, everyone. taking Good thanks my for And questions.

First escalation constant comparable dataset one, specific internal you’ve to And XmAbXXX decisions the questions of respect expect earlier as up checkpoints your the should through uncompetitive that we or saw due kinds to these readout the asked could coming brought of of as we extension, initial benchmarks sort a terminating inhibitors Thanks. go, no-go dose remain data? studies. With let’s from, clinical vudalimab early-stage by was that be to follow-up bispecific data, checkpoint for one perhaps. have the to early say,

Bassil Dahiyat

same? and for So as rises, in the concept metrics But bar difficult so is that is landscape data that how remained Well, as changing, landscape the gets have rise. to sense bar more our going a our the the is competitive looking competitive we’re always at constant.

pembro XmAbXXX was bispecific look going in use PD-X. for to in also combination and for at to combination what that might the nivo, or intended Recall is CTLA-X indications how used. intended We be LAGX drug with with you be use

accrue ASCO say had be to a PD-X agent that that show right? at And set comparing our and positioning a I has cohorts as opposed data to it chemo have agent, it as to nivo/ipi a so containing so different nivo/relatlimab to You’d pembro to XmAbXXX. like, XmAbXXX. enough of a for say, you’re expansion comparators, always monotherapy we not would or combo

our So it to I – just take at have portion. it’s escalation the I back. going And recall actually,

with at very little Our expansion. first just data was escalation look XmAbXXX

look just it’s maybe that, to similar going to less a So smidge

Charles Zhu

Got it.

Bassil Dahiyat

and the terms it. doses, you’ll therefore, much of to from patients, of In able number be glean the so how

Charles Zhu

And sense. just it. quick thanks. That makes Great, follow-up. one maybe Got

also a to patients vudalimab cohorts, look in follow-up itself will another data an regarding to So have obviously around continue Thanks. the disclosure. decisions beyond to but it so like will sounds has provide in accrue studies patient for bit little making how a previous do and question, cancer color your need prostate can registrational and near-term thinking multiple Perhaps much the cancer. you before across prostate go/no-go more accumulate you early potential you data study on generally

Bassil Dahiyat

go? go, no For

Allen Yang

Well, good on think I how depends the the is what and data subgroup is. it

think you group they at but the a at there, Exelixis study. with COSMIC-XXX a couple did So patients data, what remember, of their if looking in like as cabo big it’s They I of right, it are had look hundred combination atezo. for

sort it of breaking into think subgroups. I molecular for we’re down sort us, of

is So there negative. PARP-responsive a PARP and there sort variance, biomarker of – unstable. is is the There aggressive MSI

we across for go But if prostate going defining. to we a a use could need for be if So data. data probably we more in larger go study probably we will less confident cancer, all subgroup, a lot castrate-resistant

Bassil Dahiyat

would these make No, of tumor a the what on this each think the be X are the XX we thought go, within rarity no-go. patients and And each based the that subtype. are ones Phase adequate per that subtypes we aggressive was, to define arm for of we subgroups

Charles Zhu

Got questions. it. my for Great. Thanks taking

Operator

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

now is line Your open.

Etzer Darout

for Thanks question. taking Great. my

So sort early I on I for on the another have of XmAbXXX. guess, one expansion. plans here

to at should CTLA-X that how differentiation would interesting at point mechanistic from you. be datasets? about And or this or to ASCO. speak guess, Maybe these be look Thank potentially read-throughs going could molecular other we see any types I data think standpoint that PD-X from agents we’re any a some could potential secondly, you you explored? tumor looking any to If then at

Bassil Dahiyat

of had our be that And types just vudalimab. not CTLA-X we interested. one be or tumor right? molecular to differentiation or question might So might XmAbXXX you PD-X about Is that Etzer, other XmAbXXX about the clear, one

Etzer Darout

That’s correct.

Bassil Dahiyat

Okay, great.

the at on clear our can’t cohorts. types expansion after it there that information be will comment show make really And we’re we our will we what tumor types ASCO. after data there going tumor XmAbXXX, the and On until

We will define it.

Allen Yang

Yes. in be The presentation. listed expansion our cohorts will

Bassil Dahiyat

rationale. With

coming. that’s So,

the other that molecule molecule has binding molecular positive you the other targets and molecule CTLA-X relatively our only with ASCO, to recall are to which a going is, engage, have differentiation we to really both PD-X but T-cell we one, activity, for other PD-X aware a low similar initial with right. CTLA-X, are you design, think one CTLA-X I on other activity which needs a high As a of designs is this, AstraZeneca’s both PD-X to positive Rather and cell is most released of that little binding designed got program to aware of both. than if cell, we activity the have and bivalent to activity create good data, some where have at are just only The each, only a AACR. is ours only you very are at

potentially we is our at root profile. differentiated differentiation molecular the safety that So, of think

real so And I that’s view our how think we competition.

Allen Yang

XXX XXX? around question the Was or

Bassil Dahiyat

XXX.

Allen Yang

Okay.

Sorry.

Bassil Dahiyat

how view like are are how in X. we with really to Because, combine regimens chemo again, we exploring That’s toxic you potentially going vudalimab our Phase real competition.

the use competitively. this are kind to think that’s to able I of going agent be we way

Etzer Darout

you. Thank Great.

Operator

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

Your open. line is now

Xinyu Liu

think a questions where of you bit little progress. follow-up programs, mention taking a XXX. and for This that Greg. your Hi. for our congrats historical you just ICOS Maybe just XXX earlier Could could on on Liu first the is expand challenges question of you potentially differentiation? show on Thank Xinyu on

Bassil Dahiyat

Sure.

did to that John, you or it should for we hey, handle So, one, here? want go

John Desjarlais

I need that Yes, repeated sorry. am I question I think though,

Xinyu Liu

Yes, sure.

historical a differentiation? bit think the could show you programs targeting of Just wondering where little expand on if you ICOS could challenges XXX

John Desjarlais

– Bassil alluded mean, Oh, this earlier, to basically yes. Yes. No, I right. that’s

So, this the where strongest challenges different put ICOS screen empirical T with mouse of – included out terms as two these saw we in XXX programs. in molecule assays, T-cells. That targets. together. vivo of various of This And our just historical magical And we sites of came know was when the activity all of preclinical hot an kind our of various we the just co-stimulatory vitro well PD-X this other then is combining activation was of as in on ranging all studies, cells. vitro the

but why is we will we pursuing don’t understand was it So, worth I this was different, thought it enough confess, completely thing that intriguing clinically.

different beast than a ICOS combinations. it’s other those So,

Bassil Dahiyat

Yes.

were also that normal So, and function problem right. the the it’s seem in targeting we be antibodies molecule, toxic, other so it or – the vastly central and They it us that monospecific for The cells. no positive perhaps a that to wouldn’t deplete encouraged example, they our has hard different effect very to ICOS have we bivalent different Fc, with that pretty profile beast have toxicity, with use. expect to ICOS the

of the molecules. because We to get enough that perhaps have that, historical allows us are they hopeful that to a limited the efficacy dose, differentiated profile may be couldn’t toxicity

can So, overcome and – that’s That’s activity rationale was Hopefully, the see are for there. what toxicity the design. program. the different we that limitation very what

Xinyu Liu

to one about phased little just Great. wondering see subcu there the the just formulation, on when from could a we maybe expect that thinking study? initial your path Thank how study also opportunity monotherapy, data the and lastly, into just triplet around plamotamab, then hear another And latest Thanks. you. should on on we bit And the if will forward. and some be expansion

Bassil Dahiyat

on tafasitamab guiding first the It lenalidomide just not and study. are from data We our started. triplet plamo,

the phase running if two we We that ultimately is for by followed later go randomized will data guide at note safety it expectations doses, first a forward. on

So, some point. will we we interim have another at but guide will data, on timing that for

is? continuing to in how for are the on we subcu to and monotherapy, the going rationale and phase the want You comment the what expansion

Allen Yang

Yes.

So, of a things. couple

line, we second I So, that that there. the think landscape, closely. The first are into CAR-T definitely very the strong is following moving one thing of right. about is things is data very the And

so landscape to one is changed. lymphoma changing. And the diffuse what point the of things relapsed/refractory B-cell that considered And large is has is I want out

coming B-cell patients our a our are we are in what the so large our are refractory diffuse seeing in encouraged we we CAR-T into studies But group. And data. is still lot by lymphoma noticing studies, especially of

think safety of terms allow index, in will everybody a offer I profile, in subcu subcu, sort So, of better dose. higher you change that the faster using escalate even and therapeutic suspects to

encouraged later we see going our is introduce is to how everyone data, I IV, think so are we diffuse But subcu. with This year, to release in And that’s will our as subcu data Phase them IV. the follicular we from good And and see and to currently again, lymphoma planning our on are it I B-cell studies, which monotherapy But think first. early data IV additional convert then that. current make need lymphoma. we do X, be in of study we monotherapy decisions to large over terms are our in this

that since in future. data, is single-arm designed the near good the think going looks registration, companies – but way data again, It of file in study could other would which good. it the it enough quality be probably sort IV for I is worth data to are

Bassil Dahiyat

against is, in into I of landscape. the think ultimately We simply or is play long-term proceeding. to the are trying play the combinations the even, CDXX, CDX that B-lymphoma is frankly, think monotherapy going don’t medium-term Monotherapy get not compete data myriad to

from early Some have already good of shown activity whether it’s chemo which of glimmers combos. studies,

our excited We are by very chemo-free regimen.

establishing about the can and further data but there opportunity great we sure as studies. that thinking rationale the make to opportunity So, of about a studies anything is more demonstrate as much baseline that is enough our bringing is the continuing monotherapy forward there, for not data

Allen Yang

Exactly right.

Xinyu Liu

That’s you helpful. very very much. Thank

Operator

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

is now line Your open.

Zhiqiang Shu

taking my Great. Thanks much question. for very

from two So, me.

you really it program learn solid one. when with should question data? engaged in And you developing, tidutamab, it tumors. on Has activity was particular reason SSTRX the risk the in discontinuation anything to CD for Can a And Thanks. First, it some – discontinuing because the neuroendocrine do there? are you to opportunity in that shown there, indication. Have be the something us what second with you see of we is T-cell about help target or the able tumors. the guess I IL-X understand update quick have does is commercial

Bassil Dahiyat

the where not opportunity would rather or long tidutamab that to and accrue long stop in well either commercial se, as you NETs. so in face very, long them much OS have endpoints, time neuroendocrine it in are out on as as And clinical achieve think studies I I years NET, to to long So, very per the that much was anything, very cases. do the here, in but would tumors PFS many X trials think historically tidutamab past

there is shift that the looked in we in sense. might that and didn’t timeline seem And So, landscape. like how go NETs a something it at for made even

about Allen based So, that we question your anymore not why to potentially mentioned sense that? driver really on cancer, opportunity, didn’t seeing. And the great wanting repeat you NET. for was challenge what Could small didn’t pursue I our then make for IL-X. lung in cell were the catch

Zhiqiang Shu

Yes.

Just you to When – now? kind we right to the can should us able be status of update see data? the with

Bassil Dahiyat

Yes.

ascending data dose single we study is in currently trifecta have be the year your And the we Phase healthy that X biomarker study safety to the tolerability, going volunteers. of essentially data. status later the study that this in So, from expect to is of are

And how that up, for how You same up really. T-effectors go and are stack of tolerability really go and not also to T-cells we against is I and will That for to the of trial, are we that year in correlated dose start really long SAD about to tell data, will us later. to – – which give of preparation start also how to will details durability the and ascending was multiple released be similar by of it us we data set think sort for trio biomarker that that studies competition. currently going allow it. looking this well lasts, And up some duration right, after regulatory the up our

Zhiqiang Shu

the you a Thanks trial it’s just And mentioned discontinued? some you in follow-up you maybe Great. license sort quick duration. others you very tidutamab, Are much. as thinking two a programs did long since potentially on for of these

Bassil Dahiyat

to for We the to patients we accrue always are value make to and open company. potentially ways finding molecules benefit

high say programs partnerships I never not but I going where say us it’s not for So, table. a two would that. think is to fry, the I we on everything to got to fish find I to these never. priority would say for have am other guide

Zhiqiang Shu

Thank Great. That’s helpful. you.

Operator

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

now Your line is open.

Unidentified Analyst

the Thanks for Peter. taking for on Jay is question. This

the little Just to on follow-up a bit more discontinuation.

CTLA-X/LAG-X, is X molecule also anything it making want developed and the think you pointed on that will bit discontinuation, from looking second had you the so you just that that or just half negative in in go to second CTLA-X/LAG-X, based on far had the more do decision? would And to you that that enough substantial more another for being Phase that then that do forward? that And it data was this in CTLA-X/LAG-X? on be would make to what your For think you is of there a that further, you of update data revisit little to want you just a light the you approach a point actually then are half the you vudalimab, to

Bassil Dahiyat

after molecular data to the going not and shows can it at with like year’s go/no-go. study patients First safety from into than few can at we we since you potential, or the can at. of but very it’s of at a update, efficacy the pair it chemo to to initial important the aggressive to It that new way combination whether that give give go/no-go be whatever any across we have It’s less don’t safety expect The the X on these on a go/no-go not, is, fully – see tolerability this to year But look Obviously, subtypes. this read but enough are look this handfuls for in receptors. think really going a will we vudalimab, anticipate optimistic will people of been an in provide thing be targeting time, different I efficacy and what trial start. data update that potential is update. you really an for continue

or back don’t never moved. be the think that, think we another clinic, the ours. was is address making the going as what essentially target I because, can what expected I is know And the Going ever we is can years only to given I it’s the will on anything, be. CTLA-X/LAG-X, from these has different molecule if one it one say, pair going there and and much I been in that that to to don’t of because back plan what competition that’s anybody that ago I know as X you you asked. landscape years very all it’s say of or X

not I a that. but don’t plan design on specific or wish one, So, the on target we I making new made. it’s the answer could molecular whether reads I that would think pair we choices

Unidentified Analyst

Thank you on for taking question. the Congrats quarter. the

Operator

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

open. now is line Your

David Dai

And my Great. taking questions. for thanks

on level rash XX% question in there some saw one pruritus, and XX%. to movement that So, around were SITC data vudalimab, we modest to of

could So, feedback you in us the different combination the physician tolerability the with the profile, context of share the cancers. on in either especially prostate

Bassil Dahiyat

chemo your vudalimab, with rash SITC make most you – year’s happen are just terms that of last So, at what might asking? synergistic Is are common in the presented talks? you how was might were and work commenting you what that for to sure wondering at XX%, that question SITC we around we heard right, AE

David Dai

expect see combine correct. issues safety tolerability you That’s different a when to sort you – Would that’s combinations? or with Yes, correct. with of higher

Allen Yang

I XXX, nivo of drugs very give let develop just combination remember, a impressed two the ipi, third CTLA-X colitis yes, patients independent with mean the sort like So about which and a we and me are of have tolerability of to when PD-X discontinue. with. you generally talk

just they ipi short so that a give latest right period time, they and for I thinking then the is of much four usually the the give So nivo, courses, think now.

data tolerable, And XX%, an not to diarrhea – we for And sort huge our cause rash had not much around discontinue. oncology So, the SITC, GI you a which very important most is a of lower. common is going from when patients, rash AE. rate was we to looked not toxicity. at it’s It’s

about see with type the rash, not, profile, you doses whether if Now, chemotherapy for synergy it, autoimmune are with so methotrexate, But so of of so low forth on think rashes for I it’s that still mean often and early. would on you – diseases treated and probably depending to expect psoriasis. toxicity

And that’s days. old the so

So, I don’t know will synergy it’s don’t terms we but still think we in of toxicity, early. see

was that David? your think question, I right,

David Dai

for then the some to me That’s the help Thanks much program? biomarker on question so understand types answer. another of XXX, your for tumor the And right. just identify strategies maybe responding

Bassil Dahiyat

It’s strategy response. response. tumor really resist the about our think identifying I for about is responding types

biomarkers. because I of you understanding dose stringent think in you be we see, see of have help not the the characterized into that. it’s activity biomarkers mechanism insights response tumor for kind toxicity or you we have rationale obviously about about the the glean to certain patients. some really no, selection, kind if But the maybe

David Dai

Got it. Thanks so much.

Operator

of question Wedbush from next David from Your the comes Nierengarten line Securities.

Your line is now open.

David Nierengarten

question. a for the switch for taking will Maybe Thanks second. – to I just

to competitive profiles, response you space. need do further? What consider terms you combination think hit competitive with of a the a of it’s rate Speaking to in triple advancing pretty the program

Bassil Dahiyat

Yes.

one say line significant number I is we studies It think they OR relapsed/refractory XX% the was seen had to CR a where XX% a a there only reported. think AbbVie the most from because release really I from recent DLBCL our rate still for of top about hard study it’s that have population. that, just and

for minimum I a population. think that honestly, sort the us it’s similar because of bar, sets

so a with how that We XX% And starts there? from tafasitamab rate and can much you go a OR. know lenalidomide CR and about XX% about

Allen Yang

And is things. Yes. there I a think of couple

have bit. remember, And the landscape So, is, of But itself. a what’s benchmark expect nice lena just see is and tafa the a study to with granted L-MIND we good in. we is this changing run will would probably little what

the be can adjust think study the the second part of or we if may size strategy we So, study. the in change underpowered,

David Nierengarten

is not rate. I assess CR to those mean follow-up, generally of you kind quick when or is hypotheticals, a to pushing but important maybe it more prospects? And give too That’s patients you response overall important the to more the for many you,

Allen Yang

Yes. It’s a good question.

think I a more of answer. qualitative that’s

think I is always CR right. important,

been something they into look think has able power I right. that, bispecifics landscape, get right. that durable, will is, you that So, I patients to of have to similar the competitive can been, CAR-T are And push But CR at question do responses. the think the you the when

Bassil Dahiyat

NK-cell we that antibody let’s high why recruiting additive that’s that activity toxic avoids synergistic is ADCC maybe needle, just potential with targeting or CDXX another that that chemo right. the And the something a think maybe adds Yes. move for just avenue

David Nierengarten

Got it. Thanks.

Operator

are further no you. over call There Thank the Bassil turn this questions now to would to time. Dahiyat. I back like at

Bassil Dahiyat

future. us Bye-bye. joining today, the look you everybody for and much updating forward very in near Thanks again we to

Operator

conference today’s This concludes call.

now disconnect. may You Thank you.

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