Xencor (XNCR) 4 Aug 222022 Q2 Earnings call transcript

Company Profile

Participants

Charles Liles	Head, Corporate Communications and IR
Bassil Dahiyat	President and CEO
Allen Yang	CMO
John Kuch	CFO
John Desjarlais	CSO
Mara Goldstein	Mizuho
David Dai	SMBC
Kaveri Pohlman	BTIG
Charles Zhu	Guggenheim Partners
Edward Tenthoff	Piper Sandler
Xinyu Liu	RBC Capital Markets
Etzer Darout	BMO
David Nierengarten	Wedbush
Bill Maughan	Canaccord Genuity

Call transcript

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Operator

Good afternoon. Thank you for standing by and welcome to the Xencor’s Second Quarter 2022 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 be advised 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

Charles Liles

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

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

Bassil Dahiyat

modular in clinic. simultaneous oncology to engineering portfolio on Thanks, goal which approach Charles. to autoimmune broad a development the and shots used us take array tools multiple in internal create and disease, of our We've allows

remains which we intent studies which using to guide in Our our which from partner. advance, early-stage we terminate programs proof-of-concept data we

for domain and use incorporates duration are longer for success marketed and XmAb capital those Supporting nature wave from to our with engineered for the So, our a of four and the drug us generate next our revenue biologic allow to us resources for of candidates Fc work programs dosing generalized many technologies parental royalty-producing strategic development myasthenia of avoid collaboration action, we on has to rapidly opportunities in plug-and-play ULTOMIRIS The received our XmAb with efficiently antibody antibody. Europe agreements, make allowed opinion of cytokines. in and ability our for portfolio reduced generate bispecifics compared from provides with room burden greatest CHMP licensing for three Xtend half-life and enhance our which and markets potential recently frequent which ULTOMIRIS, gravis. including accessing public less and patient years. over products, therapy positive to

U.S., EU, EU the as the in for neuromyelitis and has disorder spectrum Japan, this well AstraZeneca optica all and submissions regulatory the Japan regulatory year. guided GMP decisions in as

bioinformatic with that and addressable tumor target we tools bank up to discovery a candidates. pipeline Life collaboration Sciences our to novel and our new directed multi-specific technology three Now Caris and can tissue drug externally announced for bispecific approach against Caris' and license human complement finding new antibodies and for for create discovered XmAb agreement or targets markers. assets we're creating Yesterday, looking expand partner, molecules our

market human to T-cell turn and and newest cover our molecules that approval studies. engagers use our is to the programs, two engineering hard tackle bispecific Allen goal tools portfolio and data And support update CDX first potentially our the X+X Our our that clinical to if to over Yang, our first it. can our upcoming call CDXX bispecific we to Medical in to I'll and Chief address on and environment now protein Officer, advance create now the plan. first XmAb are to advancing biologies

Allen Yang

went upcoming our Last studies the present Bassil. presentation year. We we some from today, at the we portfolio, of whole to study our near-term clinical data quarter, for through presentations, briefly will plans ASCO, clinical and end but recent through Thanks plan our data and data review three starts.

XmAb-XXX, study, fusion, that we to targets IL-X-Fc-cytokine expect regulatory we which T disease. single developing of ascending healthy data are in present from dose First, our with the autoimmune volunteer cells wholly-owned patients

a ascending in to coming plan in the multiple We patients. dose study initiate months also

from CDXX patients the IV in with we bispecific plamotamab, the advanced in cohorts antibody, for the x ongoing Next, lymphoma. monotherapy non-Hodgkin's study data CDX expansion I will present Phase

introduce ongoing. into Monjuvi additionally, study Our And this of subcutaneous plans with is are to II dosing study combination the Phase our and underway. triple Revlimid

bispecific, other engagement. the castrate-resistant XmAbXXX, chemotherapy reported activity CTLA-X study vudalimab, consistent the two prostate cancer solid tumors. well-tolerated ICOS We first ASCO, metastatic in was Phase with metastatic castrate-resistant and certain gynecological distinct patients patients PD-X also safety we patients data the initial activity monotherapy data prostate II observed our high-risk This the from escalation defined Phase to I will of Phase studies, cell compared June programs. our second our is at cancer and in combination ICOS malignancies patients. II clinical-stage For early bispecific in XmAbXXX dosing antitumor with of and our and from clinically present profile study with T with some the PD-X of portion exhibited antibody, advanced biomarker now

tumors. our of enrolling cords in ipilimumab several parallel solid the currently combination We study are different of portion with in advanced Phase I expansion

to our clinical starts. trial Now, on

XmAbXXX, advanced expression the patient uses study ENPPX selectivity. Phase in target our Pre-clinically, developing tumor multivalent relative first in a X+X to XmAbXXX antibodies tool is for candidates I high normal to clinic. enhanced tumors. XmAb patients recently and our preferential format, we our first target drug CDX our the with First, solid antibody of renal x enter XmAbXXX bispecific carcinoma. initiated dosed built cell including self-siding format targeted X+X killing with to for particularly antigen is with XXX, cells, X+X bispecific of have which [indiscernible] in shown tumors

is well. has its Amgen However, shown and engineered response We STEEP-X to following PSA as data. progress targeting bispecific encouraging early through already advancing forward Phase similarly look I

we cells of our Next, more combination the this provide to CDXX have new and pembrolizumab. initiating molecule an of study bispecifics in open BX-HX CDX about IND in study co-stimulation molecule now CDXX We'll are the the when I engineered CDXX or now tumor antibody, XmAbXXX is targeting a to checkpoint to CDXX with of coming are class inhibitors. bispecific Phase bispecific a say of the have enhancing of conditional goal x first with activity T receptor cells months. through bound and

that I'll call said, Now to over hand John highlights. our to CFO, Kuch, review our with the John? financial

John Kuch

$XX and quarter our Revenue Thank XXXX clinical royalty related royalty second streams the respectively. partnerships, and second revenue offset Vir partnerships was operations sales half programs. months primarily of was the million, you, Allen. from collaborations respectively. on the six ULTOMIRIS, for sotrovimab first of and help and and for Revenue the and XXXX other and revenue spending of million $XXX.X Total quarter Alexion and from first income from these

securities sheet. revenue the more is totaled our and we months $XXX.X the at Total of marketable received equivalents, debt June $XX our which first $XXX.X and at million receivables, further funded fully that balance beginning of than cash operations million, year. total XXXX, the approximately the XXth six balance For strengthened reported million the

we and call release and $XXX now securities, details that our our our end now We filings to and operations million and R&D between are sufficient you the XXXX afternoon to receivables with for will equivalents, about fund debt and I cash will through our updating refer results. they guide our this $XXX of and to continue financial estimate year-end programs like in that, to we cash, have for guidance million questions. XXXX. cash further up end open Operator? With SEC we'd to the press micro

Operator

first Thank Mara Mizuho. with from question Goldstein Instructions] Our you. comes [Operator

open. is line Your

Mara Goldstein

Two Great. three taking question. Thanks or for the things rather.

the anticipate disclosure there? landscape something do data perspective. for how and about on the can financial just that bit which on target, we've required of color And [technical given data target the and a be on groups should you paid the would from having the there, the patients profile anticipate you many on that a Caris the is we you thinking first on maybe about talk just And we little on seen arrangement, XmAbXXX. milestones to difficulty] the just what vudalimab, start have little of on The lastly, give Can should some program? not. When be obligations, do BX-HX maybe you competitive -- AE bit in what

Bassil Dahiyat

that guess that driven both payment little and Thanks. before was touch obligations. both John, on and with Mara? CDXX think ones -- will the I be payments. these those I think, and of small the disclosed total guess is maybe, you're want of we a think We're to you targets, targets for [indiscernible] do information these I start There a later upfront maybe the percentage collaboration. Caris vascular going are an roughly one. the initial at to the taking be into But subsequent start bit I'll subs while, lead hitting XXX I validate and little variations starting to I on it referring to And a BX-HX, through start then

Mara Goldstein

set we've BX-HX over seen last specifically back. months what Yes, competitor yes more the target, with just few

John Desjarlais

yes. Yes,

the the all, seen seeing that. tumor of We a selected patients. broadly MacroGenics first across the MacroGenics or to I and of by assume same of anything to [indiscernible] a We very that that? BX-HX some haven't expressed kinds those disclosed and we of like bright different the it lot know drug histologies. we're want I program. add either because So to head and target. referring to mean Allen, how you're as events, neck cancer AEs very the interpret it's you don't do solid conjugates

Allen Yang

head related details don't have the seem Phase bleeding to events. events they to events the a cancer has the I Yes, lot I neck of that mean have bleeding they that around bleeding mean and many product. didn't whether say where any I, their and in we

not about this concerned it So, we're at time.

Mara Goldstein

and vudalimab different what and you cohorts, Great might Right. just then the on you share? anticipate

Bassil Dahiyat

with are Right it's receiving so the majority same of a platinum cohorts all cabazitaxel where their came the PARP So existence. from of the plus or great in, to genotyping the based received same portion therapy, the patients it's small that at and no recruited that except for there's time. that chemo inhibitor note combination on of And right? data going patients vudalumab, the be a

going so to with potent PD-X be bulk chemo. we that we of is kind point combo. great combine checkout, disclosure few look? dual will into data It chemo-combo. chemo-combo get at and the look do across checkpoint the patients, to patients chemo be of How trying will initial the that's results for a getting there load, we almost the What are the all But forward this path the the can cohorts. seeing So, plan. are real of dual are And spread what's and a handfuls again, we be

Mara Goldstein

back I appreciate on. Thanks. it. Okay. I'll hop

Bassil Dahiyat

Thank you.

Operator

you. Thank

Our SMBC. next with from David Dai question comes

now is open. line Your

David Dai

hear Yes, sorry, can you me okay?

Bassil Dahiyat

Yes.

David Dai

have Great. taking my questions. Thanks for I a couple of questions.

theirs? differentiation views I think is compared follow-up these you Could of IL-XX, a have So, with program. around a competitive that We program saw your bladder first in to BLA assets then XXX about of the your through program. few IL-XX of us RaFc just maybe to How accepted program question potential your should after? R-XX, we some from has cancer. share a FDA And

Bassil Dahiyat

I'll address question. guess I Sure that

So in what non-muscle alpha question IL-XX invasive BLA for receptor we is cancer. agonist fusion bladder the super understand, in

So, with bladder. it's the into a cystoscopy, therapy therapy through BCG in combination that right, not a is systemic given

maybe fundamental -- a relates it's to systemic molecules. of the design So think the difference different therapy. that And not in I

family smooth therapies to XmAbXXX, reduced curve. Ours affinity to our out activity and was the our with whole well engineered signaling of dramatically time that as was engineered IL-XX receptors as reduced cytokine potency

you So lowering spikes of have of big drive think of you clearance, have can the toxicity, action. don't early the that duration receptor-mediated on don't activity and the big

Genentech and used committed to widely to trying we're be the Genentech we daratumumab myeloma. escalation And of starting combo study with amplify Phase a broadly But difference systemic I just a dose the I design, the agonist being the going route combo disclose think solid coming know and in and studies. be fundamental a with many to enrolling not able we to different indication the that's we're things. We're inhibitor. own. is a We'll the which across super tumor in our Genentech now tumors of But with in So, types, PD-LX working to in in to details that further on is atezolizumab, started months.

systemic I So, versus pretty think local a fundamental a difference. delivery is

to through not IL-XX sure I'm read So, how is IL-XX. much there

David Dai

That's it. really helpful. Got

a We that the the planning trial. for indications it's immune question program updated Fc But to which So, thoughts second you're volunteer into? is currently any other know XXX on IL-X program. move program healthy

Bassil Dahiyat

a to show the of work. lot to small promising There's against atopic about indications mix, spectrum was program what starts T-reg amplifier. out very a to lot going indications recent for lot indications dermatitis. a really therapy competitor in done from across add potential from of of certainly Not able anybody and at information of is clinical information to what just be data, to There of treat that deep a by exploring data, information. as placebo a from cohort a We're seemed though, come patients, to randomized we've competitors released looking calibers T-reg derm the it

disclosing the that shortly. expect in we indications the we're to doing study months within multiple We in are to patients do next our so initial dose going be few start ascending

guide be And the guide we a will single-ascending in from to shortly. lot the more so also indications healthies, specific on dose we'll when have year first of readout half able this the data our

David Dai

Thanks That’s it. for Got helpful. color. so much the very

Operator

you. Thank

question Our Pohlman comes from Kaveri with BTIG. next

open. line Your is

Kaveri Pohlman

and from for Maybe one Yes, good afternoon. update Thanks for my the taking question. me. just

development CDX to X+X recently format go of compare the terms in how for discontinued it the of would And formats solid Does clinic? you tumors? T mean you that engagers, X+X format for cell to In are way daratumumab.

Bassil Dahiyat

antigen. to be antigen by So, tumor tumor it's going I think

one with to you think got tissue to way want is need when on look where expression almost details. going the you've -- to do to tumor. go. from normal healthy low healthy expression you separate and at normal the high be Again, experiments binding certainly the I and X+X

going simple lot be there's where a to We're a still from cleaner situation. think won't it. that cases I be learning such

cases, a we that on pursuing them think because I high, healthy. have there's many think we're promise certainly expression in X+X low in versus of lot and so do you tumor

many. a from John, X+X don't There too have few formats, for much As I'm I've data that clinical with know seen I those. familiar not historically tried. been

John Desjarlais

avoid two selected binders you're CDX Yes worried T about now because cell and most people to having activation.

Bassil Dahiyat

that we're we It's definitely not direction pursuing then internally a were.

Kaveri Pohlman

Thank it. Got you.

Operator

Thank you.

comes next Our Partners. Zhu with from question Charles Guggenheim

is Your line open. now

Charles Zhu

Hello, can you hear me?

Operator

Yes.

Charles Zhu

how My buzz How how given cell should to exploration, previously? questions engager Okay, has around think we for Optimus. and a on escalation great. progress conducted as you first the Thanks. ongoing dose CDX relative escalation about XmAbXXX, it's one progression engager well and might Yes, the on XXX FDA of CDX T particularly congrats when guys cell historical dose as progress. you thanks project compare taking that been T with the

Bassil Dahiyat

any be there's more it's science informed than mean, science by the more and and about from. of us go to data Well, way data that you now I John, may I the into think projects. this dug

John Desjarlais

pressure defend more still But a the it pick provide standards fashion study bit can you little in really that having Yes, that Optimus, I well. dose. optimal puts you the we're project I on of to biomarkers course, think your mean all just going as enough

maximum much So tolerated is at CRS what's levels. how happening different the dose dose,

Bassil Dahiyat

priming can might than So, dose. I the think ago, relative dose ultimate doses lower be can of doses, years knowledge there biomarkers five the you that and biggest And maybe think about thought you your to we doses lot thought. at need the look learning priming and dose have than fast. set get you you I magnitude what is And step-up priming what still and they to are a lower quite

numerous biomarkers a I move like So, step that how use we've faster have there's confidence in you because pretty these levels palmotumab able IL-X programs Like to can more I with CRS. and be to or done. certainly collaborators competitors up successful our expect lot mitigate we all think dose serum to been think other and

Allen Yang

Yes something Bassil, here. add maybe I can

know they'll this still different or CDX, you days usually to explore project agency doses of So but early through requiring previous and seems maybe slower our in it's a to like observed, is efficacious keep I what efficacy my on is going, don't that terms in a if Optimus I've to expansion. be lower the your experience, two lot and I'd seems just that of XXX study, the learnings with the maybe dose that say have studies. we and MTD it toxicity. be for from

So there's biomarkers are a design is lot of The novel. flexibility. pretty novel. The pretty

our a dose that when go into us give So, step. of expansion understanding in of flexibility terms lot we

Charles Zhu

patient that's I for respect be gain set subsets you're and from Will given Thanks I much to or from would strategic a great, to determine we should or either subtype molecular readout; how data determine spread perspective able the helpful. Thanks. longer you color. different say, clinical of be we just vudalamab populations your characterized a one be able regarding term it enrolling. all And of with will guess, that of by question Got to development? for upcoming follow-up that I guess kind able really a interesting wide patients, to data maybe particularly

Bassil Dahiyat

Yes, CRPC prior. early different the few to kind same going all with too still right? the to be make subtypes. remember, is readout patients, of through And are too this therapies conclusions about gone essentially these all they've data But metastatic patients any

their efficacy at look medical be, which initial up as think, early conclusions chemo you the give vudalimab, and this a chemo And emerge, accrue again, patterns this that. an And to there's any make then -- we us But bulk the about we've those therapy, match maximal, them any vudalimab. And numbers, as simultaneous giving outside for with consider group. so think if come plus will greater initial need just -- we'll them no look with, regimen is of outside is differently too can early of we're them, of see to tolerability right? I there an we'll of

Charles Zhu

for That to forward look my sense. taking your and upcoming questions Great. readouts. Thanks all makes

Bassil Dahiyat

Thank you.

Operator

Thank you.

Our next Piper question comes from with Sandler. Edward Tenthoff

open. is line Your

Edward Tenthoff

competitors Great. very a cytokine at work my with differentiate get the for level a really XmAb who with obviously, sense us and Vir technologies. space Maybe and the tell for are the of Thank of a you become to looking work [indiscernible] can you will much there's the high wanted partnership that then at doing. question just with how thanks a respect other think to lot focus company, I taking you because this big sort in And this masking you're and ILX.?

So, want and I of -- of you occur understand sort to you that ultimately, differentiating do just the cytokines? other what how with maybe see to known some

Bassil Dahiyat

naturally that completely I'll John, jump to think that in, how team and to of there's and mean you that go. can cytokines drugs create can a and the is that's But overly I you what very ways the high team and making the Yes, different start lot had that that you the and I that insight toxicity a potency maybe by future pharmacokinetic differentiation. want that dial we had their the profile. drug clearance John's pharmacodynamic platform, potency of and insight down is, but fast and to then use And caused relative for our key was

John Desjarlais

is far theme. us that as about experience so unifying are cytokines excites the so that's well. much lower tremendous post it it better combination potential gives mean than these I our tolerated long-acting And Yes, me what

combining with You with potential with inhibitors, NK just there's engagers, ton our checkpoint about of engagers, think a finding could CDX there. combining these

Bassil Dahiyat

with drug of a assumptions about approaches, you engineering exactly I on pieces masking work a that the really just There's biology complex approaches. going that lot to simplicity the of it's the where on the have there's mode right, assumption. that activation based are and think within challenge efforts conditional see biochemical body in protein like And there

think I coming attractive. clinic are well. think we cytokines is a behind we've simple it sort the one on or two of is in to already as And universal approach really third applied that

these that's targeting IL-XX an of domains program also antibody with we're have preclinical. We in And fused. doing

you development So, start and potency these esoteric with tolerability this as us half-life, and lets a that longer thinking general with about cytokine real no molecules. drug we low think platform its

Edward Tenthoff

Appreciate that. Helpful.

Operator

Thank you.

comes question from RBC. with of next line Our Gregory the Renza

Xinyu Liu

Hi, us. this questions. is Xinyu Liu two for from for our Maybe Greg. taking Thanks

curious factors, First maybe as potential Thanks. just reads in with its on in the you volunteers, and just thoughts give least for data to expect the bispecific secondly, potential? in to as you confidence on clinical well healthy at XXX on pembro? your Tregs through and safety from change on then XXX the what initial that clinical key strategy today of to XXX data combination how And considerations the CDXX level are the see could and of

Bassil Dahiyat

XXX grew take quick. is I'll let John led out platform really something really let CDXX me the his work - team. of he that answer XXX our since and But on

I delivered see weeks. seen a disclosures our little bit T-regs in tolerability fivefold you programs study, data the you vary bit dose dose sort single-setting we've little bit see after in their think couple what that. decaying north of from a of And of a studies their initial in reasonable increase in it of have competitors up and multiple of a

for I bar we to least as the good ourselves the is as best-in-class. at be think set

north gives hoping no us that a and of T-regs counterability, we're that and to our think got be I selective, good design longer T of amplification it's effectors kind of half-life. So

John Desjarlais

it. today. what wind needle really kind they a that you could data and we're early pretty it's patients, CDXX x days, actually right, number Yes the sales some move mean mean but first they're of put was that I I our in class, obviously saying PSMA the the a potential it's there. small about to of validation a clinical week, on disclosed of in in see excited lot and that

Bassil Dahiyat

clinic that's and be field, and in step agent months. the to it's excited proof therapy, a And have that an can XXX, coming as improve co-stimulation with going for that an that's and concept you checkpoint open have a think seen in the I PD-X also CDXX in we're the therapy great got inhibitor to Yes, been IND humans. we of view clear that's

great start. a So, first

Xinyu Liu

Thank very much. you Great.

Operator

Thank you.

BMO. Our from Etzer comes with Darout question next

Your open. line is now

Etzer Darout

Great. Thanks the for question. taking

that disclosing in second me Just one quick be data the one vudalimab for for you'll half.

the think right right in post-docetaxel way Just combination with cancer? to trying chemo. about this castrate-resistant set patients Is of about this think an chemo is for to Jevtana, with efficacy upcoming about right standpoint? comparator prostate metastatic the think Is the sort data to like from way that the

Bassil Dahiyat

I there know you're asking the garbled what the one. got about phone. reference right the Is comparator, you the something you right was room? that chemo stated Can in repeat

Etzer Darout

Jevtana, post-docetaxel?

Bassil Dahiyat

Jevtana go might you Allen.

Allen Yang

Yes so I think be you are asking like the what to expect that data and how to we'll benchmark presenting.

with we PD-X/CTLA-X.And think, So could which it chemo sense, in is we cabitaxel. use docetaxel is prostate just good that. chemo I plus aggressive very cancer, people platinum chemo with the combination a think single is the a best actually regime, not from regimen a for accurate agent I lot Docetaxel, a of thought comparison combine In of I our but found remember fair tolerability with a PD-X our XXX%. comparator, very we Phase that data, and

was you benchmarking terms In mean, combo think, it may to response centrally I as cabozantinib That to reviewed. therapies, want compare of well. rate, it other atezo I XX% to the

about too agents So, out much yes. of I I it to how future that without think to the wouldn't develop gives in comparing ballpark you think but those a directly, it detail giving

Etzer Darout

Thank you. you. That’s Thank helpful. very

Bassil Dahiyat

Sure.

Operator

you. Thank

Securities. SVB Chang from comes Our next question with Jonathan

Your line is open. now

Unidentified Analyst

Hi, Jonathan the on taking recent questions. this [indiscernible] for for progress on Chang. and is Congratulations my thanks Matt

PFS. of on agents radiographic is light you on in PD-X targeting KEYNOTE-XXX and pembro Do which data this In of use have question. missed MRCP, any the and this OS the which updated chemo setting? a thoughts morning, Just first

Bassil Dahiyat

has that think that the agents confirmed. activity repeatedly limited I have clear in it's been PD-X MCRPC had

convinced I active, that's testing. you think inhibitor different dual highly is and simultaneously really thorough shows that our PD-X they're not we a with it feel think blockade I checkpoint that and why merits CTLA-X hypothesis that

the from and on quite see prostate also data focus that encouraging in note early coming have earlier And responses disclosed it you very small is activity CDXX our shows And highly you specific encouraging a BX-HX again, top so of cohort we standpoint. soon a BX-HX think a I very cancer. expressed to of with out saw the not number agent, we the think CDXX PD-X the that just today. showing patient clinic of I

be And be so looking. We'll has place partner Janssen combo they're restricted that excited about. clinic antigen -- behind platform considering our That's that the pembro that's prostate with also a the obviously CDXX us in first in with our in a to against is we're a going timeline.

So I think going checkpoint lot better, work to a adding we can CDXX. we're it's see how adding whether inhibitors blockade, about CTLA-X make

I think need. of unmet still with there's a permits, a but high lot

John Desjarlais

Yes. that's correct. I just would additional

shifting It is CDXX answer prostate very think the I landscape quickly. is the was data.

PD-X, had to using Specifically have the and higher. KEYNOTE-XXX PD-X little to rate with excited a appeared forward that for decided and our first bit data, response a us Phase were if seemed nivo Merck us move interesting with we is we the that's maybe room. BMS think KEYTRUDA The both low And gives that PD-X why and vudalimab. clearly, issue with about data be readout. III, it I BMS impacts CTLA-X it to breathing don't more combination Remember, their to in docetaxel

started IIIs Now, the Phase and to to their always them later docetaxel. game we they've are with

of we sort puck be, where do something the puck that be the is. -- puck will so where And would to is, therefore, going not tried or to the not where

aggressive our bit do more try terms chemo of in And little so we a regimen. to

on head. think There's think didn't a that I nail But prostate docetaxel the the hit changing I similar the lot is fact us the things opportunity if work cancer option there. for that of gives Bassil in them So, now. right

Unidentified Analyst

Caris the the partnership? helpful. another quick does specific one in then Yes, just how your from do And And new have That's insights. thanks discovery just I capabilities? beyond color and me target may for in-house your for aide any own really you the partnership mind if targets with

Bassil Dahiyat

of simple that the resources, that lot the have answer table, our we'd spend that's a mean don't rather making specialized to in-house pretty it's capabilities. a I to mean best-in-class I us trying something to targets which, Yes, we and these But is capability address Caris class of have other ways of remind we to again, collaboration, Atrica targets. of access gives I'll we also our novel modalities kinds access other targets. you, brought And have

John Desjarlais

I'm Yes add, being have. database just we But We're and in of good from a they've that's and my decades' but not patients. making mountains antibodies, collected I that that think Caris familiar worth tumor they clinician I have days. samples databases with Remember, a the huge tumor sample former differentiation. would the that do they clinical have

Unidentified Analyst

for taking Thanks my Great. questions.

Operator

you. Thank

David from Our next comes Nierengarten Wedbush. question with

Your line is now open.

David Nierengarten

maybe have follow-up but Hey been toxicity question. question. the asked, thanks for the on BX-HX a Might taking

BX-HX also in various study the was wondering of to vasculature immune agents. that don't know, cells anything or was concern MacroGenics if on it something had on potential cause insights assay you wondering plus BX-HX by was I I in And preclinical that. different IO any caution or I assays with agents Your just toxicity. or a show that combined there if added bringing or like just IO targeted that's But targeted agents? would a

Bassil Dahiyat

We no target nonhuman very effect is an BX-HX which, we tox say studies CDXX -- ill-effect. our immune course, had high can't of doses primate anything. gave no our at I CDXX, in with

antibody know that an on immune is we I earlier. So, more [indiscernible] that, what an than have [indiscernible] is answers do that is any offered antibody. data don't that

to could expected cells would possibly. so cytotoxicity be bearing of it be And direct some have favorable BLX that

John Desjarlais

every Yes. different. is mean I modality

that I'll the selective was cells, tumor lot have a And So is the brighter designed specifically a more our that expression. X+X thing XXX for to it's molecule hard really which generally binding other BXXC is to be add predict.

could differentiation the there points us will help be other So on safety side. that of

David Nierengarten

Okay. Thanks.

Operator

you. Thank

Maughan Our of next question Bill comes from Genuity. Canaccord

open. now Your line is

Bill Maughan

thanks the taking Hi, for question.

whether or patients vudalimab's any more the these being patients to specific think are less you action vudalimab for cohorts looking due more key whether the -- to are there the to mechanism need that success program, success for cohort? So to are free of commercial the specific action appropriate of mechanism of appropriate any program, think or that's that commercial a specific due less key being or for this or these you cohorts that's there for forward unmet or read-through is readout, for to most of vudalimab through the most

Bassil Dahiyat

that the from receiving separate of to again, those it's not sort category. DNA readout different damage of of inhibitor deficiencies insights receiving a on patients, really in think potential the that be repair have certainly, We the chemo the terms or patients, that the cohorts going are PARP different

-- it together-- all really those again, is, no, cohorts those So

John Desjarlais

read -- getting aggregate platinum combo great patients help safety to of chemo, going on are cabazitaxel majority and on outstanding activity. and

gives So first this it initially direction. very right, us from patients, small

Bassil Dahiyat

So, this to the gleaned program of there's insight narrowing of I much the that on at don't stage. be think early a going

Bill Maughan

patient on Okay. expression just cell were you less efficacy or the respond? able data biomarkers, on ASCO, might or poster, it XXX on And safety likely green be the a proportions populations whether then beyond that more from to make levels different and anything the of T to

Bassil Dahiyat

anything. molecule, No, much as very years in we for a that types long multiple It popped of was and cleanly stable not even, really. saw no activity and some biomarkers correlated really well-tolerated clearly not that but different tumor up disease sustained really

in which hypothesis is upregulate biomarker-driven historically a ipilimumab, known trying our IQOS. are with expansion to cohorts We combining

Bill Maughan

and the Okay at drove on of dropped on you if cash missed -- your year? in this, sorry give the increase But one, what briefly. the can detail balance end guidance I I the last for

Bassil Dahiyat

that? on and you take John, hop want do to

John Kuch

Yes, sure. update guidance. We did the

you pointed increased. actually out, it As

on through $XXX the XX/XX We plans million of XXXX. expect to between end $XXX as million, with have of based current runway

Bill Maughan

there you that that And explicitly is anything -- Okay. update? drove can

John Kuch

think a dollar the the have revenue I timing Primarily, that. from into Vir, amounts we royalty lot and of didn't the actual clarity of

higher little expected. bit than a we been it's So

Bill Maughan

Okay. you. Thank

Operator

currently I'm closing showing the time. for at remarks. no turn over this questions back like Bassil Dahiyat And you. to I'd call Thank further to

Bassil Dahiyat

for have wonderful and today us look again a to difficulty] we [technical evening. soon, updating and joining forward you everybody

Operator

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

may now disconnect. You

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