Xencor (XNCR) 8 Nov 222022 Q3 Earnings call transcript

Company Profile

Participants

Charles Liles	Head, Corporate Communications and IR
Bassil Dahiyat	President & CEO
John Kuch	CFO
John Desjarlais	Chief Scientific Officer
Allen Yang	Chief Medical Officer
Ralph Stitnick	Executive Medical Director & Head of Autoimmune
Edward Tenthoff	Piper Sandler
Mara Goldstein	Mizuho
Jonathan Chang	SVB Securities
Brian Cheng	JP Morgan
Dane Leone	Raymond James
Kaveri Pohlman	BTIG
Etzer Darout	BMO Capital Markets
David Dai	SMBC
Charles Zhu	Guggenheim Securities
Peter Lawson	Barclays
Zhiqiang Shu	Berenberg

Call transcript

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Operator

Good day, and thank you for standing by. Welcome to the Xencor Q3 2022 Conference Call. At this time, all participants are in listen-only mode. After the speakers’ presentation, that there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. to Charles conference Liles. like first to now today, speaker would hand over the your I Please ahead. go

Charles Liles

This Officer; and Thank Yang, you, the plan website. Scientific Desjarlais, On of and www.xencor.com. Head Dahiyat, the two on Financial financial The press first President good Events our Chief business for releases Phase Officer; in With afternoon. on Chief Earlier which of Autoimmune, press Medical are and slide Director Ralph and Executive presentation for call will of Officer; webcast, the volunteers. download John study and from today, results me outlined and join and review should available on our us Stitnick, Kuch, topics are Q&A. single-dose available Chief be results, Executive Chief we are to news page the Medical XmAbXXX X will visible agenda, by the today. releases, Presentations discuss Allen also the at followed we of we recent Basel issued John Officer; healthy

up open then presentation. questions for call prepared remarks will We and after both your the the

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

Bassil Dahiyat

Thanks, on just comment briefly shots clinic. the and in other oncology XmAbXXX disease simultaneous create Charles. used data array the take released of multiple We'll development To internal focus tools a modular discussion, in engineering today our autoimmune frame protein and our on goal topics. broad we've to and on portfolio

to data resources and success advance, the partner to is we step in for programs our intent terminate make And second to XXX, that use engineered excited and which important next XmAb studies on this program. proof-of-concept room from wave and we're guide bispecifics early-stage we greatest potential with with for we journey, use an our Our cytokines. engineered which promising very our along we you our so which of portfolio the for share biomarker data cytokine

briefly other presentations business some for we'll and First, highlights. data upcoming programs review

present X checkpoint dual subtype. in inhibitor, by a We're monotherapy metastatic run-in or study, specific chemotherapy also though need receiving showed the with advanced antibody. CTLA-X patients Phase cancer study combination us bispecific prior X metastatic ataxin vudalimab, our patients handfuls Phase in more PARP in combination use small some inhibitor indication Immunotherapy for two risk defined vudalimab, the with with of Society which on castrate-resistant Later with cancer portion enrolling MSI-high a therapy, our a patients [indiscernible]. and towards this prostate will an every of Cancer of CTLA-X vudalimab without safety the patients at inhibition second much data study study also X-week studies of with to beyond few in First, dosing schedule on we unmet after clinically checkpoint PD-X X allow tumors. currently partial for depending will lines of from focus and the saw enrolling of Meeting, a PD-X molecular the conducting with convenient a a promise. is high study. Phase population combination patients cancer, It's a We're gynecologic castration-resistant high where week, It's of with response we in prostate confirmed and with even tumors, aggressive prostate first

plamotamab, We'll Annual as the Hematology American probably you updated tolerated an at in for with that in patients accepted presentation results remained activity. our the with non-Hodgkin's bispecific, expansion lymphoma. for CDXXxCDX monotherapy study clinical plamotamab a We Now well cohorts December. encouraging generally present Meeting for of Phase Society observed saw, has abstract for was X

In addition, we've to subcutaneous study initiated a dose. cohort

X in also study Phase a We enroll continue to and combination patients with tafasitamab lenalidomide.

brief a that, turn with over Now John financial Kuch to I'll to update. provide it

John Kuch

million partners partnerships the sharing royalty Total slightly which Total of receivables Total equivalents, cost less is the These Xencor's September from three revenue with $XXX Bassil. the XXXX ongoing to of $XXX.X year. upfront payments, products. support for than our payments, Vir arrangements months for during revenue and cash, was including marketed investments million, funded you, of period. received the the first activities first sales and marketable we provide our respectively. bispecific provides our for respectively. of partnerships was proceeds related to debt months at balance quarter from revenue and beginning the cytokine securities and development licenses nine and royalties the reported $XX.X and revenue cash at that Alexion XXXX third collaborations programs and XX and $XXX.X largely streams million primarily milestones, our nine of just of ULTOMIRIS, royalty candidates. operations Total their totaled portfolio pipeline in sotrovimab Thank million, and research revenue expanding

marketable cash, between with $XXX million debt we'll in XXXX our We year end and and guidance position now $XXX are million and updating securities. receivables equivalents, end cash estimate cash

that end refer I to cash and and have financial filings back debt you We operations the hand our press R&D to about marketable equivalents further we call our to XXXX. afternoon guide securities to our cash like our fund to With results. of to sufficient through release SEC for Bassil. that, continue this programs and I'd and details the

Bassil Dahiyat

Thanks, John. I'd asked the audience to to advance X. Slide

of cytokine So comments full the XmAb tools. using presenting the rest designed top autoimmune today's the X cytokines Phase data range regulatory with will the be Advance engineering protein our was of study to X. T-cells, reduced targeting of XmAbXXX, Slide our goal from disease. our for the XXX treating line all like potency of

has to to binding how X. significantly internalization. desired, to of slide the receptor selectively ease believe for significantly the CDXX. this same aim activity due right then this particular we greatly create And -- serve case, show the a duration, the profiles. or second the improved Advance and Slide We manufacturing, cytokine XXX-fold on use engineer receptor half-life two to binding clear to reduce profile the cytokine the further. represent reduce we avoiding is to a as features, potency to up potent this Fc scaffold time, administration; at domains panel immune We extended which the XmAb our system potential Difficulty] hyper cytokine extend [Technical to of potencies molecules more by is stable in receptor from and toxicity overactivation First, that plus native at therapeutic the peak, improve reduced rapidly but the results

show for longer study reduced highest well-tolerated selectively cells, to high that on single levels believe of reported dosing particularly of disease expansion after remarkable It's being and to also data from notably weeks the showed potentially cells ascending highest levels of NK XmAbXXX and exploring also reported. doses subcutaneous NK cells potency the intervals were Moving the to dosing in differentiator in X and where autoimmune in a the that levels. XmAb range Xb ascending aware targeting trial. of multiple cytokine the we in clinic. XmAbXXX, cell an already target exceptional dose, target expanded with notable healthy of observed across the Last is started the starting We're case, saw Xa and XXX lower T-cells agents reported durability volunteers We're looking was T- is generally. dosing our Phase pleased the year, a a Treg repeat at aware dose that second expansion that multiweek at upon schedules reaching that of regs we important we're ILD-fusion Phase our accumulation study Phase X and of we in forward significant study oncology, regulatory are dose dose

the assessing XXX to more call how for pharmacodynamics in We John multidose Treg similar to and frequency. if I'll now distant of the turn design will potentially monitoring describe and targeting could benefit XmAbXXX. present, that trial be rationale over in detail Desjarlais of our

John Desjarlais

Thanks, Bassil.

Slide to move Let's on X.

Tregs that role established growing important well it's there's play autoimmune homeostasis, immune this diseases. in is evidence balance Now perturbed that and in an preserving

CDXX, better we itself While and Treg lipid the for it's reduced there Slide is On while long durable preference providing at expand it with types. Treg is also that selected, affinity expression low-dose will IL-X. other conventional our the problem superior tolerability. efforts not provides selectivity, treatment, Treg, T promote X, been and have preferentially IL-X receptor Treg believe it intrinsic can utilize and alpha, disease IL-X-Fc with constituently tremendous that the more for IL-X doses, because recombinant autoimmune potency expansion complex higher receptor perfectly for express to acting highest IL-X Treg with fusion but interact fundamental cells robust and Its expansion

is strategy here engineering our So two-fold.

the we CDXX; we Treg improve the for create we affinity we to potency beta. IL-X strategy, not long First, and achieve overall significantly, acting tolerable to reduction With decreased increased a for receptor also selectivity affinity IL-X. only looking binding second, to we're and this

of of The XmAbXXX plot On and the wild hypothesis, it the the characterization also, wild nice is of on Treg scale profile potent saw considerably on difference we potency activation a Slide intended. XmAbXXX to profile selectivity for the ILX. on as as show primates. XmAbXXX, Note less for engineering, extended a x-axis, reduced selective due from left of also our the non-human XX, next the not some is plots compared preclinical the to IL-X, a on type and not PK in our two potent predicted versus show here we only it's slide, top, that here XmAbXXX. more And type

Medical for a Now summary our things our to over Yang, turn Officer, study. I'll of Phase Allen Chief Xa brief

Allen Yang

John. Thanks,

Slide a placebo, was had And six already XXXX, already completed across X.XX study double-blind in Xa the two a Phase We study -- kilogram. the with study Patients volunteer six The levels pandemic milligrams subcutaneous patients. dose creating randomized psoriasis were recognize to during Phase begin I and XX X.XXX respectively. in to Xb healthy many our safety to I enrolled logistical in hurdles. would that time kilogram XmAbXXX randomized study started to have started per dosing Before were volunteers we clinical and we of was healthy outcome dermatitis this like primary XX, measures The XmAbXXX the and when team. tolerability. have atopic XmAbXXX per from and study milligrams

expansion that T data important addition, our such In as moving examined, strategies like and cell of PK populations dosing will biomarkers, inform forward. Tregs or

or resolved no no Next AEs. values, the AE were levels. toxicities common is most There was signs tolerated limiting EKGs. grade was significant adverse they There dose serious That The abnormalities clinically X dose to All due in and early across XX. on self-limited. intervention. laboratory X events or Slide well vital injection or Overall, AEs, all XmAbXXX reactions. also were without discontinuations were site advanced

eosinophils, were increase eosinophil-related transit might related had no AEs action in to though targeted laboratory observed. We subjects this of Some CDXX the believe mechanism be IL-Xs. of increases

This to Finally, the days with target lower six cells. be at the half-life consistent to and clearance the mediated to at increase expanding dose. seven is terminal the is estimated doses from nine days in Treg the CDXX XX highest

Now I'll things turn back pharmacodynamic data. the to over review John to

John Desjarlais

Allen. Thanks,

Slide to XX. on move Let's

let's the CDXX XX, to start population, Slide with at Treg most thought look impressive the Treg On be bright population. a Okay.

CDXX in XX absolute as red, time the the expected most CDXX dosing of placebo course in Treg on bright that for dash per Treg higher a this low level counts of cells for you and time population, starting Treg over throughout a in at line robust cohort. The this X about microliter. notably level show very of magenta, very the plot, bright strikingly high we left, Then days. of X a with the shows see with at -- is On doses, expansion peaking each expansion Cohort Cohort consistent green XXX

peak but Treg levels. we on show hand here, across are for increase shown the dose subject fold the all averages plot, Now these right each

XX-folds cohorts. XXX dose increases XX dose, consistent across all boost the highest These in dose the increase culminating Here, are again, significant starting fold you see larger increase in Treg fold microgram kilogram at with the clearly the significant a cohort. statistically per and at and dramatic

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to is to baseline avoiding look the move XX. TCON way Let's One at ratios. variability on these simply Treg Slide of

time and dose XX. bright to here, we're of peak increase conventional eight peaking a values Treg days dependent the see So around showing Again, the course we nice ratio T for to cells. CDXX CDX

consistent almost see see thought dependent dose. X.XX behavior to most readout of the expectations our bottom Cohort plot, the at inflection consistent of that see potency promote from the is molecule Cohort like dose more functionally clearly. designed And again, for Notably, Treg/Tcon that zero impressive ratio important right the This can once you ratio now here X, metric strong the we subjects we On big what I our particular for ratio the generally for low an highest the dose the again, in-vitro to this way Treg/TCON as to expect with immunosuppression. X curve. it's is analyses. pharmacology the individual that you'll the we near from and moves be

in other effect. to thing want is durability the I Now the data emphasize expansion this this of

that dose are at our value you cohort, dosing. above point the see weeks still can high three the baseline For Treg last time well after counts

a the take let's XX, total Slide look on population. Now at Treg

high On the calculation, fold from course, plot see X. the again, the And again, which you by see the absolute X the baseline in contributes are where convincing the it's Treg to variability showing cohorts again muddied left, the increases time with expansions, counts elevated you in time a fold reported this that on we the to right Treg that anything like for elsewhere. still for total CDXX cohort. Once boost see Treg dosing. eight-fold We you three dose strong bright highest the course saw again, believe eight-fold boost weeks have as can is after total as population, the on we

Okay.

moving XX. Slide to on now So

Phase this right. in we our XX Xb. and dosing, for XX the Let's the believe Treg with schedules remarkable range elevated show on of day Tregs closer and Treg We a multiweek take maintenance counts subset convenient the more on look at durability. the subject on We each here day bright left bulk CDXX look the of to holds a exploring forward dosing the potential were

a generally XX, conventional point but minimal see T at look we there of cell I'll a the T expansion cells in Slide of note is this conventional cells, increase significant. at non-Treg the are cell the real taking in on not a some whether expansion, NK statistically I'm if Finally, population. evidence increases also that clear

our to progress additional studies. for this very as course, dose earlier we we'll, ratios I our increased as also tracking all So nicely Treg/TCON of of cohorts. recall, showed you be that are Moreover,

our the and Now progress presentation over Bassil plans. things back clinical wrap review I'll to up turn ongoing to and

Bassil Dahiyat

John. Thanks,

dosed shows and of increases and selective increases dose gave that sum populations, recorded with up, dose atopic Moving high cell in Phase or durability was single previously which max IL-X a We and designers ascending large recently the notable our To already Xa programs Allen's XXX having want modifying exceed of also indications We've Phase the intervals started the designed to study as and and groups. particularly engineered at on thanks to program multiweek use explore assess a looking these advancing in from the cell the study the this the clinical multiple it and psoriasis, and our dermatitis potential through entire we'll study activity. dosing for by first goal quickly, I T XmAbXXX echo tolerable T as molecule the disease team. well to Slide safety of selected team, assessing to dose in multi-dose patient, Xb XX. populations with

look it at entire be platform. IL-X followed for let's IL-XX potency reduced program, Now zoom XmAb clinical by cytokine XX, and out XXX advancing soon -- but oncology. the XmAbXXX, Slide is will our second our to

working Phase So our of cytokine cell discussing potency we pleased look in to approach extending half-life future duration of of plus and and questions We'd a XXXX. X additional compared magnitude our native expansion. notable showing now. start happy two to programs to reduced number cytokines, on immune resulted that We're updates. programs studies forward and Operator? now cytokines take We're be forward toxicity during expect producing has to

Operator

Thank next conduct moment One will question. for you. this At a we session. question-and-answer our time,

comes first Piper Our from question Tenthoff Edward with Sandler.

Edward Tenthoff

this Greetings. you the exciting and that's much and the emerging. XXX way really congrats Thank laying data cytokine I very appreciate entire pipeline you're out on

get aspirations time of to anticipate patients? guys? sort on is this fit how kind potential dose able where could And oncology oncology expertise XX expect Thanks ultimately do really the opportunity both we data duration your have out a be XXX outside the half in weeks? next Is should up for and year? is to then area the partnering sense of of autoimmune? in wanted back just of you be what following psoriasis this or a of yet? to dosing you atopic something in I this So derm long Are to to going we And and

Bassil Dahiyat

Thanks, Ted.

two weeks, ever know and So to of just just will particularly where be pretty every market to we firmly I long data. we're it the the that guess leader doesn't there. the is like going regard some to out in disease there's It bogeys able to don't atopic it's with know. and extend, dosing, have there but duration better. know dermatitis look fixed the in We We and derm follow autoimmune depicts

program with the we So the through look accumulation go study, going if biomarker do can. IL-XX follow our to cytokine we this data we're saw clinic observe the as to see and just best we we like in

yet. anything to So too early there say

Edward Tenthoff

I meant Yeah. been of will sorry, I more I'm you have How should apologize. long terms clear. patients? I in be follow-up. dosing

Bassil Dahiyat

sorry. as We'll amend And for I apologize I'm dosing suppose eight patients be study currently. at we pharmacodynamic that. as data I weeks is observe the the for look can and we duration. designed

Edward Tenthoff

And worries. No weeks data? measures or eight think it should efficacy to able do going be be to do that still biomarker is you mostly

Bassil Dahiyat

the about us do I is the can think autoimmune done we would right? cohorts about now, in is expansion as for mostly lot a have something that of in top go we this the know some that cohorts early that certainly, and patients And in extending select designed but we disease. mind see biomarkers, of using that I right cohorts our thinking competitors and how observe is of in I oncology. there, data say from

So very and about of be much those those. we'll we're absolutely aware approaches thinking

Allen Yang

in are be those And patients. efficacy Ed, clear, to following we

Bassil Dahiyat

Yeah. measures. Efficacy

Allen Yang

easy scores. And

Edward Tenthoff

my more asked third question. than I think I Well,

the back in queue. So I’ll hop

Bassil Dahiyat

Ed. great. That's Thanks,

as bit So though. trying to our this timing expectations, move very on data program we later We'll are I a but little will quickly. guide to address them

it that a something broadly. and that's If could offers faster would make now, really strategy, the done doing. we've we could is the to past while. patient we consider right the and chase in and we've Xencor more As something forward. a that molecules pursue we're But plan the best-in-class aggressively program I going be think for each something Obviously, got to in partnership accelerate for to and the overall for and that's partnering differentiated truly want indication move

Next question.

Operator

One moment question. for our next

with Goldstein from next Our Mizuho. question Mara comes

Mara Goldstein

so Thanks you appreciate the Thank Great. slides, I for much. actually that.

just which combination a of not which -- also lenalidomide is a You inconsistent on is just XXX the just in development and could to to trials and -- looks like? mechanism about with about plamotamab that relation in of minutes other tafasitamib I another maybe respeg, talking talking spend an with update And then just couple action. what recruitment the wanted get drug

Bassil Dahiyat

address plamotamab the question I'll quickly of X. Phase So

now patients more moving of any study the number are we've in We which that opened and We got have we're the we're don't countries U.S., up we that. where on a beyond offering is and granularity recruiting just started, forward.

question. up many answer to ways there's so Now to XXX, that going

seven sync to PEGylated I'll population. with IL-X say and So half-life also and then a and that six I that bias. you you're bright build days of up to total and our is the CDXX point referring to Tregs to shifting XX most is nine both will CDXX as dose of our antigen that out IL-X. that response Tregs immunosuppressive very the magnitude competitive PEGylated days

focusing the think whole on is field now. I really

I CDXX I one atopic metric and know multi-dose cell the there, in study earlier with think -- our single year XX dose, that state, for greatly a in note highest about out our reported at this we that certainly XX steady that a -- even are dose. approach CDXX interesting for psoriasis were per count compound XX really exceeded right? dermatitis magnitudes had our on are that that high we is comparison. cells good doses days look Treg and And And high microliter about at lower

room couldn't operate magnitude the us for I have of of early exceed think with ground here that well lot as Too a there's is competitive this programs. say, think we durability laid SAD potentially but So very promising. that and as to study to increases

Mara Goldstein

IL-X are early quick for right, me lot been still very indulge side, and as programs, the has lifting stage. behind of sec. company Okay. of sort really that's a relates very, other the pipeline. a even on But effort heavy lot and oncology Maybe which it a you put clearly, some of cytokine talked The could to just the

of making you're decisions? those risk/reward So about and can the sort you going about how talk

Bassil Dahiyat

risk what might of We, you compound. follow do the the data back given down differentiated comes to any profile to again, go think for that we how have a I or think you

As in every you And case, preponderance typically. because oncology, making of NK essentially, heavy cytokine it's that to maybe layers patients of but the those are them oncology, you're us say in cetera. in cytokine the are immunotherapies the the treating across industry of activation, seeing entirely immunotherapy a you're lift not to other case, as cell cell at vast increased increase ways looking et complement T case

And so combination studies inherently are complex much more and challenging, larger, slower. more

think situations monotherapy would case patient of been you right there that I high slices need. have and the still looking head in naive biologics its there's of to are you've that of disease, there And gate, a that niches right. on have even population, and unmet flipped autoimmune the where activity out the got be at

of going So got a undifferentiated an very shot behind if we've differentiated resources all a cases, put that's can being resource behind different But got behind best it's is compound situation. the because in too you that much to objectively is put to our something biotech it. bite look one we small

Mara Goldstein

All appreciate it. I right. Thanks,

Operator

our next One moment for question.

Jonathan Our next SVB Securities. question from with comes Chang

Jonathan Chang

on my questions. and Hi, progress taking for guys. thanks Congrats the

any color initiated on XXX, of additional the on study? Phase question can Xb details First the you provide newly

Bassil Dahiyat

Sure.

that? don't So to you maybe, take know, want I Allen, do

Allen Yang

X, we given data the the and patients, PK are needed. four intervals us placebo-controlled as assess psoriasis. We'll go in double-blind will if the will dose these allow the itself. since and and start a study study than potential higher our as the dermatitis well two as Phase Phase weeks dosing every go we've longer data X and presents and dosed pharmacodynamic than atopic doses at initially We'll at a It start higher optimize randomized we started in be to in Yeah.

Jonathan Chang

Got on question to it. second what in the vudalimab, for And highlight as presentation? upcoming Thank key SITC you. look would things you

Bassil Dahiyat

Allen. ahead, Go

Allen Yang

Yeah.

have we'll data SITC. at updated So

we a As Bassil the This combined couple said, there. handfuls first we've abstract we'll with chemotherapy. vudalimab mentioned of have we is have an of time patients. that

chemo of the have think we'll combinations. I tolerability and those So safety

Jonathan Chang

Thanks it. taking Got questions. my for

Bassil Dahiyat

Jonathan. Thanks,

Operator

One our next JP moment for comes our next And Brian Cheng Morgan. from question with question.

Brian Cheng

for Thanks guys. and Bassil call. Hi, my taking

on XXX. couple a So

Just the in and following have up magnitude psoriasis? in improvement see of to Treg atopic Thanks. of the expansion. then insights that magnitude And comments of any to Treg of follow-up. derm Do I your you need on CDC's have you a correlation regarding plaque terms

Bassil Dahiyat

there's of At two So only point, this can take. directions two. data you

the increased across the think data believe touch indications lupus total that use to And on open-label about counts bulk disease-modifying derm, Treg range I from higher. autoimmune historic even low-dose order IL-X I there's studies in from of to activity Tregs, two-fold, of of ample Treg, a small the a maybe disease. showed GI

both X of one believe, increase uncontrolled studies, XX talking around showed at bucket dermatitis and that's data you per I about referred So Baseline, is that right. a the you're bucket, or XX short, CDXX like study, treatment conference I -- bright think from no psoriasis very Pegylated to a where we cells have -- the to when other XX-week cells, but atopic multi-dose XX to studies. X microliter Then we absolute relatively IL-X data, in more X presented the and small open-label competitor to academic data in September the EADV

And of end of absolute durability kind remarkable of in with total, promising pretty of So glean you XX in can sort cells fold or dermatitis certainly the sufficient Tregs treatment. post around a atopic magnitude XX to that improvement. activity, was have

ascending those to that us. out right in I work single attractive the a up feeling us pretty we're what which for that give dosing we saw the with a dose good schedule range now are a the come with cut So think very in two probably potentially in metrics our MAD,

to We careful really have do work.

Brian Cheng

just And Great. a follow-up.

ASH XXXX, presentation, couple to we where data. A this questions I at think presented went molecule your we NHP So back on one. XXXX on of this

the impact with also in whole. So much pretty as what on I and [indiscernible] think the class you expected is line a

your you is come on whether could impact selection dose about you saw quick we these NHP And any impact how the impact that any whether do one on whether fill, question basal into think Just that would albumin forward? model? observations back probably moving in saw

John Kuch

We in didn't see did We [indiscernible]. see [indiscernible]. anything the not

Bassil Dahiyat

anything And basal fills like Yes. or that? the

John Kuch

Not nothing. Yes.

Brian Cheng

guys. you, Thank

Bassil Dahiyat

Thank you.

Operator

And for our Leone our Dane question. comes One next James. from moment question Raymond next with

Dane Leone

program Congrats able Yeah. Actually, can't going. the see abstract is going that I the the to to issues for technical you to on guys How website XXX. But point along. this to ask Great get given that moving issues, the it vudalimab data the still to are on disclose what's work. are in just on at I because wanted there?

Bassil Dahiyat

our anybody been know better not, than as for that been else's ability I apologize say any I will far has we're communicate that. of. that not aware FITC we As we've to with

Dane Leone

get All any Do when the issues have might guys resolved? you idea good.

Bassil Dahiyat

don't, but presentation, data in for the which almost I most abstract entirely the -- really our setup Thursday will the abstract study is say out believe the and We of I is on is coming poster part. is that the AM, our

So this our about society. concerned of perennial SITC snafus that the less for a on abstract, we're a bit releases data little

Dane Leone

actually super That's helpful.

So have just and it's is the basically data the the abstract like you'll then on TIP, actually poster?

Bassil Dahiyat

Essentially. Essentially.

Dane Leone

chose want necessarily this areas of you On it just psoriasis longer-term or me you of XXX, want what for Is clinical Let as early getting do you. drug proof development indicative you do concept. way to guys go phrase to -- That's atopic and into? derm Okay. that you from great. way a of what

of kind landscape by right, that true could psoriasis where indications? mediated do Like As of in evidence the that RA, atopic and rank these other of you dysfunction. Tregs? does Treg disorders, there's good inflammatory and derm disorders at dysfunction hold been But some of notably be and you in of necessarily look autoimmune

Bassil Dahiyat

to don't Treg address disease. comment on know I'll question, wants if till the Maybe I strategic and literate the John linking

named being about data the clearest. right RA the You're

for data set fast, of for can can and was, this clear Phase to look move as we foremost, goals the easily. relatively well selection our getting So first indication modifying the help schedule us Xb dose a understand how disease have biomarker as activity that for potential and

patients, could a something In was there a particular, remitted is see and with honestly that function potential. added psoriasis bill long-term I observed there small for this fits there. absolute both. think pegylated IL-X is Atopic if we relatively potential of in you really dermatitis from need unmet that be particular, number because

at on And So then looking dermatitis. actively clinical I'll work. maybe say competitors' both we're our it's atopic

think I XX there coming And months. ulcerative within competitors the in lupus work colitis shortly there's still also some from then data is next ongoing.

other time. disclose our of number are, just Xa. in a We that at indications due finished looking we'll We Phase of course,

could to know So -- speed, atopic know we'll data supporting there because quality for you I want indication dermatitis I later. psoriasis of And comment John, if on choice? don't there. be don't you more potential that on brief

John Desjarlais

or seems mean overall an to Treg free of I deficit, it's that here, or of autoimmune either function counts in to there use Yeah. I the feel consensus for Tregs jump be that ratio the absolute -- in mean, basically of Ralph that most too. in a diseases Tregs.

a We that's bright to CDXX the so population. see population of see really And why is markers very of encouraging that suppressive it's of population. activation functional other markets

to super want that? you have So a applicable potentially to do wide you add disease. specifics and array any autoimmune more to encouraging of Ralph,

Ralph Stitnick

That's and in has waiting We're have the coming spring. Phase to to SLE Lilly to low Amgen hear EULAR interesting look (ph). data going good the Lilly. us to Amgen at in from really their X spring present going to is program at data in we're and and a

I The colitis are other best. we they are the probably but trouble indication and old think of good colitis, are dermatitis RA the well. was that ulcerative as a lot some use of But a -- real their some of about had of them and with Phase the canceled Amgen, continuing, atopic one lupus programs, heard our them Xb. that's

Bassil Dahiyat

still there's and of measure about most sure we make biomarker possible. competitive, highly establish hopefully, this us think regimen that activity to immune be is the and much At is so We this want we of put moment, really drug drug. and in to best much how our there, design exploit it might we as mechanism driver differentiated And as want modulation is discovered seat dosing the doing. the really the class what do so to

Dane Leone

Excellent. Thanks, guys.

Bassil Dahiyat

Dane. Thanks,

question. Next

Operator

One our next with our comes moment for from BTIG. question. Kaveri next question And Pohlman

Kaveri Pohlman

and progress. updates congratulations Thanks for afternoon. on Good the the

any into those? testing XXX, Are anti-drug antibodies? insight you For

Bassil Dahiyat

to Yeah. one? Allen, do I guess touch on this you want

Allen Yang

the evidence as Yeah. not of We and ADA data any of evidence any ADA, well. suggest see did PK didn't

of the data. in early analyzing this still are We process

Kaveri Pohlman

over you patients? at cancer. which Can like And us tell my a chemo question treatment, prostate of of chemo is in choosing it. cabazitaxel agents for also Got your drove docetaxel, for is for other combination earlier second subset what vudalimab used in lines interest least

Allen Yang

them whether Yeah. The second seem current seen both. and use study line. whether allows preference what think they've make we're I both cabazitaxel, have a they payers Physicians depending and Taxol (ph). taxane, And taxane a and to cabazitaxel go is it's exploring doing to -- we're

alone So agents, a activity of we're interested either the in both in in platinum. with or combination understanding combination with those

Kaveri Pohlman

saw that's Got it. Yeah. on one I I [Multiple maybe believe just last plamotamab. really a clinicaltrials.gov, on Speakers] helpful. it And but

Will plan abstract to July, updated subcutaneous the ASH? if to had could incorporate you data you about of it just formulation. providing Also, trial? a the introduce be tell Do believe. into date plan us at you data I So cut-off the ongoing you pivotal how

Allen Yang

So a questions. couple of

data The time incremental the development. subcu presentation accelerate the fastest the most way is -- the X, our which Phase and into plan our X, more but convenient study, is it in not to have the current the probably December. was subcu for will we of pivotal that So to data Phase at incorporate

an So we Phase for X investigators open have X. while. working into who it that's this Phase a have of a current the study and been incorporated be group on It's will established

dose cohort optimal we're a be will there and subcu then additional patients. cohorts, be our studying will IV of there cohorts where expansion and So

Kaveri Pohlman

my taking you Got for questions. it. Thank

Allen Yang

Sure.

Operator

our Markets. moment question. BMO Darout next with our for One next Capital from And comes question Etzer

Etzer Darout

congrats taking the on for question XXX Thanks and progress. the Great.

ask expansion on obviously, see variability doses, compelling and some wanted the robust doses. but at we the at these of three Just really to higher

a on small Just much the study. phenomenon wondered or MAD was if confidence And secondly, weight this put the guess, just And you ends? how mentioned you I then of data? high-dose

psoriasis? the be many in as ascending placebo same we each will indications, Thank Just arm And ratios derm you'll the atopic single or the of you. drug patients wondered of to whether dose not sort dose? and how the saw for

Bassil Dahiyat

on Allen Maybe the I'll touch patient Ralph or Xb have Phase allocation.

Ralph Zitnik

patients. six four. AD going psoriasis, in and XX patients double to two Eight and XX the and and patients We're Yeah.

Allen Yang

per that's cohort. And

Ralph Zitnik

Per cohort, yeah.

Allen Yang

the of dependent see. the depends it on we And data Yeah. we cohorts be on will do number

it cohorts. could several be could So few it a or be cohorts

Bassil Dahiyat

atopic Yeah. -- of derm, And they we're at better see to there at doubling the course, have on looking a is if a shot the end signal, right.

lot consistency drug measures, Now have right, because you the data, as that in SAD when the Treg/Tcon in multiple -- of though absolute numbers, looking study don't the at that just even going back particular, Treg patients data. fold it's the measurements counts, I'm involve real six study variability a we the to ratios full on the of baseline in data, at for look across the at the well variability relatively consistency, as confidence not small looking question,

in small there's though So numbers. jumpiness because the data the of

We're the clear. nicely, curve think replicating quite we trend like is in a saw vitro, response I said. pretty as John really dose

those in So that those you pretty data point I play, the box individual subjects see plots. think those are with things all are the high confidence and data, can individual

actually are nicely clustering absolute see can cell convergent fairly well time traces very consistent course as (ph). the And so, is that you the as count

Allen Yang

Etzer. And could Yeah. add, if I

the the question confidence our think So around data. was I

be above the have baseline can the And fold be here presenting conventional then is transparent beyond. cells. ratio absolute variability really that a because tried So baseline T and the we've huge to We're around on fold actual is -- very and can the the increase. increase, low, the to and so increase the effect go

be other people's data it can our help you very we on data. compare to and clear So

John Desjarlais

And to there clear, ratio in baseline. is no just by dividing number nice the is be a low the Yeah. really because

the You're conventional cells. T the by dividing Tregs

that numbers what you that so, of gives most really saying I think variability. that that's that baseline -- And that it's consistent with is Allen those low

Etzer Darout

again the you. Thank on update. Congrats it. Got

Operator

next One from comes question And with question. our SMBC. moment our Dai next David for

David Dai

Thanks Great. update. and for the congrats questions on my taking

So that efficacy the the carsinoma. maybe us at in should -- kind question renal X look see initial assess cell understand What you could at I of bar next week, here? SITC one readout? looking or the expectations XmAbXXX in help data data Phase this trial ahead on week some be will at the we of we the

Allen Yang

started to want set And... just patients I We just enrolling expectations. the Yeah. over the summer?

Bassil Dahiyat

Yeah.

guided. We've year have this never think data I We would all. you're mistaken. XmAbXXX at

Allen Yang

Yeah.

Bassil Dahiyat

abstract There in a is progress at though. SITC trials

Allen Yang

Yeah.

Bassil Dahiyat

That just high the not design trial describes detail, data. in

David Dai

it. Got you. Thank

thoughts share Okay. profile the the there. between insights all factor looks The just data. some That's some that another to we're And any any Any so kind patients in far the just volunteers kind volunteers. differential of get into whether the on of safety terms in then question I in healthy fantastic immune any safety helpful. seeing difference healthy clarification that? of on wanted patients? just XXX the versus could Maybe

Allen Yang

that's… Ralph,

Ralph Zitnik

the to different. hard are It's very say, normal volunteers

and Of but AD psoriasis we're see course, going the to patients. in patients

John Desjarlais

directed from competitor from I competitor new didn't ours, any CDXX data limited limited will really signals. say very that presented the designed show different for are granted that IL-Xs but data

David Dai

Thank you, guys. Got very it. That's helpful.

Operator

moment And Renza our question. for one Capital Markets. question comes from our RBC And next next with Gregory

Unidentified Participant

Greg. a just XXX. Maybe for is Congrats on Yin follow-up Lon (ph) This for the on Hi. data, questions. our and taking thanks

rolling program (ph) this opportunity? on as market Just as thinking like for reduction you. the your wondering selection Thank inflation well how as around you're does indication the impact

Bassil Dahiyat

Sure.

drug. I'll is biologic note So a XmAbXXX that one,

to IRA, think much a help establish into of to don't a biggest new have that market it has of what say prior yet Act subject Medicare would at all. chase patient thinking action. going and So mechanism negotiations. drug to we're with class being at the impact time think entering longer the our we try is new I Reduction to is this really Inflation the I on to point going

Unidentified Participant

And you. Thank Helpful. the [Technical Difficulty]. Great.

Bassil Dahiyat

I you. think we lost

Operator

[Operator so Instructions] is from from Renza. with Charles who Yes. in Gregory If we have, Guggenheim our come And -- Securities. coming will next question our could Zhu

Charles Zhu

And there? this but how what CDXX should look could you. go other we multi-ascending so as Thank how sure and we transient, guys. about think not mild should blood quick for Hey, -- dose one it on addressed into relative I the it you eosinophils, it some extremely and Thanks taking far early questions. still but how like had the think a about of to earlier, seems does cohorts? was the programs benchmark out

Bassil Dahiyat

we know about lot know of I the them. from I programs, other CDXX what a From have don't any that of detail

We're ways, the and didn't lab just going fact, and increases signs just see transient symptoms it Right, reported, -- In work follow everybody consents, keep to significance. way we of except and clinical it. don't, watch the they very do clinical limited we any track out. and in reported limited clinical

Charles Zhu

IL-XX one relative Got think we question on Thank the program X, Phase through the And you the the like you. How about up are should maybe to guys on potential IL-XX? guys starting it. differences going similarities Great. year. in and It IL-XX. next are you looks what

Bassil Dahiyat

MOAs. address the different John think I about that question the cytokine equipped to best is

You go John? at one, want that to

John Desjarlais

absolutely. Yeah,

really see all, approximately study. data XmAbXXX, used in improvements our for in well reduced kind because pharmacodynamic it we a think non-human we So the IL-XX for like in me We dosed response as We for saw looks primates the of of principle we potency impressed we higher. had preclinical dose expect saw first that escalation And And we most the the with better I dose what followed potency of from We're like saw potency same XmAbXXX, to the bodes dose general and most low better that higher cytokine. was importantly, for our hundred-fold that significantly getting Fc. pretty studies, towards doses Phase about We we And IL-XX. to version. the of reduction. that able what X a much primates in that was that's XmAbXXX lot to and the tolerability. control through half-life think reduced I non-human the then that in potency reduce

is of also killer promoting and I whereas population. has as is As IL-XX particularly of that infer a response lot cytotoxicity the for more MOA, proliferation, some cells, cells gamma but well, NK differences about IL-XX the T from really in natural and think

Charles Zhu

Great. Thank you.

Operator

with question moment Peter for from And next our Barclays. comes next Lawson one And our question.

Peter Lawson

questions. for my Great. taking Thanks

there? this Just a vudalimab. what initial for to And comparison you have do enough initially, sets quick at we good additional on kind efficacy you data make a clarification the bar out And point get to question just success? year? what's think data of data Do

Bassil Dahiyat

all I nearly data we or while the extent safety the efficacy to had on they've report efficacy have But for reporting assessment, which would them, all think had. we're patients that almost their

So we'll goes saying. That of be course, without transparent. completely

the I numbers. are handfuls period. We've think safety run-in go a of we through relatively as these guided small that couple

going in XX% think the the really don't see what which kind of sort chemo standard I on of read that's able So you OR, later, give to any a this to which regimens, but quantitative certainly with think way guide We'll competitive be of I on you against positioning but care here or a run about are sensitive timing non-PARP for being the nothing a year. XX% patients, durability challenge. more rather

Peter Lawson

Got you. data for see when And then vudalimab? do we combination

Bassil Dahiyat

to handfuls the The combination going to this the along furthest patients, year that's monotherapy. and safety that couple be run-in data the relative what of that's that's we is of in with study our efficacy have

combination about with or chemo really the be to it's going the platinum PARP. So taxane

Peter Lawson

Got of combination the we story you. or that... telling is patients have of POP kind start to those But enough

Bassil Dahiyat

No, less grouping. common that's a

So the the chemo a of is going those. more focus on we're getting poster and to combo, mostly lot

Allen Yang

then Peter, and remind those to the design PARP just those naive, And are both are refractory PARP Yeah. PARP, that have that the with we study you, so...

Bassil Dahiyat

combo. refractories get chemo co-drug the the their PARP PARP the And get naive PARP vuda. with the as

Peter Lawson

to, see a timing you set? triplet I what around do space? in the to you. Thank the find data what's then And data, that for that plamotamab, kind of And crowded pretty position need guess,

Bassil Dahiyat

the meant Phase-X? Or you

Peter Lawson

Go Yes. sorry. ahead,

Bassil Dahiyat

say distinct and to really because are But bar triple only regimen different potential. want if we a saying going for into guided getting We which will why went without high, we not to there the bar is two to going we be a it's is timing is high on numbers, efficacy pursue I specific there completely targets. be for after that. with MOAs -- haven't setting yet something

Peter Lawson

And a 'XX that go, no-go that you. decision, be Got that's would type -- kind event? that like late of where would

Bassil Dahiyat

on we out. guide further move that as We'll

our guidance statements that haven't yet. We chosen on

Peter Lawson

you. Got

appreciate it. Thanks questions. I Okay. the taking for

Operator

next comes our with Zhiqiang One Berenberg. moment question next from question. for Shu our And

Zhiqiang Shu

for taking Great. the question. Thanks

is First one XXX.

guess, dose. is I two around one the First parts.

And that one and potent have this? change, the at for I if highest any dose up Treg. guess of like when those is part wonder look haven't First Treg? you have is, explore is in clear dose-dependent the SAD. looks only is and your change, and dose you considered dose you even no the there is grade dose significant higher really seen dose the there it two but addition I see one. mechanistic This of part explanation more regulation study full on Is most escalation, no ascending -- single you even two part

Bassil Dahiyat

Yeah.

doses on single for that's going healthy been it's we're limit, first, not SAD, volunteers, ascending dose to and the be the healthy in right, the higher because volunteers. going So

and explore better. we doses do in our and go is in could because that's However, benefit patients ascending risk multiple higher obviously setting the in the have ahead the multi-dose dose,

range that so, dependent So of dose from that don't the number, we top I now baseline whether know pretty counts, not. at vitro doses, We dose in number normalizing the starting we're -- lot climb have that think a create particular, -- concentrations With Treg/Tcon when four, ratio. that seeing going the when call, uplift their and seeing consider cell think you changes even look that to in regard there discussed, or zero even is said we much to that at full look the should two is a -- you to John you that curve curve with clear trend we're as going to absolute response And We to we scatter. that full option. saw as normalizing up in to each you're are at when do mirrored. change, earlier you're individual against baseline

molecule the explanation of was and designed very the potency So, concentrations. the I how drug think simple is a

John Desjarlais

Bassil, Yeah. I'll add.

dose statistically significant at doses. to we a at all look Tregs the -- throughout has starting see response significant think dose a way baseline low It's the different there, the division way the there. Slide data. again, the cleanest look the level XX, number this increases hard take I And not are really of nice-looking very at And at peak color ratios by on to ratios the the numbers. the should which lowest subject

Zhiqiang Shu

look as by And biotech. get question -- field? Are to early at the how is to large-cap I around in for few IL-X you you in second They or accelerate. Great. quite how biotech, were of field. this then compete their A pharma you, kind that the as names plan small asset partnership for do autoimmune development. mentioned a competitive guess this looking actually that in a Okay. you mentioned, And either you

Bassil Dahiyat

the looking time for And is be the we now feel we partnerships move now. things you broadly would accelerate So and we're this program not with right, plan off a consider that faster it have right just have greatly We willy-nilly. We're that if -- partner, that. build the the right to value we right you program. in don't and could when would more and vision partner like

Zhiqiang Shu

Thank Great. you.

Operator

Tenthoff next And our Sandler. moment next from with Piper One our for comes question. question Ted

Edward Tenthoff

Great. Thanks.

Roche? and from follow-up Just kind of expectation a have IL-XX Thanks. you what on should we updates for quick

Bassil Dahiyat

update off. on when kick that from start Difficulty] we're certainly them studies data study all would going yet those at busy very be we studies the announce That near Roche future, with see of that's can I I that really that and on studies that new not to And we'll in discretion. program, say new on from surprised guide soon because, Roche's the course, [Technical to is

Edward Tenthoff

guys. Fair Thanks enough.

Bassil Dahiyat

Ed. lot, a Thanks Great.

Operator

now like it turn over Bassil to closing would comments. for to I

Bassil Dahiyat

future. so our have evening. time the to forward you and near everybody, and for data you call updating through the on joining going us We update. spending great the look and much, thanks Thank Great. new to and today really Thanks, again in a

Operator

conference. for today's your participation conclude Thank does the you in program. This

disconnect. now You may

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