Xencor (XNCR) 23 Feb 232022 Q4 Earnings call transcript

Company Profile

Participants

Charles Liles	Head, Corporate Communications and IR
Bassil Dahiyat	President and CEO
Allen Yang	Chief Medical Officer
John Kuch	CFO
John Desjarlais	Chief Scientific Officer
Mara Goldstein	Mizuho
Edward Tenthoff	Piper Sandler
Dane Leone	Raymond James
Etzer Darout	BMO Capital Markets
David Dai	SMBC
Charles Zhu	Guggenheim Partners
William Maughan	Canaccord Genuity
Michael King	EF Hutton
Brian Cheng	JPMorgan

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, thank you for standing by. And welcome to the Xencor's Fourth Quarter and Year End 2022 Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, that there will be a question-and-answer session. Please be advised that this call is being recorded at the company's request.

turn of to Relations. Corporate to Charles speaker like Head Liles, Communications I'd the your call today, Now, and Investor please go Sir, ahead.

Charles Liles

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

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

With to pass call the Bassil. that, over I'll

Bassil Dahiyat

Thanks Charles, everyone. good afternoon, and

of approach portfolio disease. this and we use tools our oncology and breadth array We've to goal the And multiple shots in take modular engineering simultaneous create autoimmune clinic. and used on our portfolio of to internal development the

proof-of-concept which which from so early bispecifics success make which on portfolio for use XmAb Our use guide we intent room our the we potential studies advance, to with can we for programs greatest to next resources stage and is our that the data those wave we and in terminate, partner engineered cytokines. our and programs of

revenues our our support portfolio In highlights development. from pipeline use few addition, to There's we partnership from XXXX. a

study X initiated For tumors, potential. or with vudalimab, in in PD-X bispecifics the and X types Phase combination for just we chemotherapy continued prostate some and and CTLA-X a our standard monotherapy in MCRPC we tumor have of resistant and inhibitor, Phase cancer, are gynecologic castration metastatic PARP which

dose in disease, expansion. strong for ascending we the reported for targeted XmAbXXX, And an particularly November data cell autoimmune T IL-X single regulatory Tregs of durability a encouraging

started we've study dose dosing consequence, to atopic to ascending hope the patients by a the of multiple have explore extended study regimens. psoriasis arms As in the XXXX. psoriasis dermatitis early finished and We

bispecifics. T-cell X Phase we And for started novel engaging studies two

that carcinoma barely CDX second XXX believe The in selectivity. an built that a -- we high antigen tumor our and was first mechanism for offers our and format with RCC. against new and which targets need We later cell molecule renal built was was ENPPX, targets X+X XmAbXXX, with unmet a the improved and -- the explored line

class data Exciting first T-cells bispecific. this of BX-HX, solid co-stimulates has to a engager was XmAbXXX, our It was to tumor bispecific already targeting antigens. clinical CDXX T-cell early CDXX bound tumor increased develop widely enthusiasm target to the second our for start expressed The studies new immunotherapies. high

reduced this engineering of with wave advancing to year to them. Two programs with address candidates an CDX third cancer. next a a tools by drug engineered by targeting ovarian the filing and bispecific followed try our IL-XX cytokine for X+X such XmAbXXX initiation the biology hard IND are building expected CLDNX XmAbXXX, and X for tackle led continually we're And potency for Phase newer

well in that the advance and supports potentially market can portfolio programs early the it. if development the late approval to stage and we balanced So data ultimately of

pipeline our partnered. line we programs the generates, gets co-development development from resources also revenues not portfolio, Our just strong it partners, from those support but our the from that broad of have

remarks of our completing of midst office our protein the keep are my Now that help the where can of relocation our and to will expanded accommodate engineering. us laboratory the cutting R&D new we last edge and in facility is efforts Pasadena at

Chief call over turn I'll from updates our programs. for our owned of wholly few who With will to Yang, studies Officer ongoing Allen the Medical that, a review recent clinical

Allen Yang

Bassil. Thanks

Two are our tumor. most to is with going to studies the this Phase We've prompt of limit and class buying case, active targets, express looking would the bispecific CTLA-X improve inhibitor. invest the studies. advanced that T-cells of to clinical yet that that registrational still against in to control cells are designed most and be hit dual the tolerability, molecule, signals to exposure Vudalimab ongoing both us in checkpoint for X and intent the the PD-X

with the meeting November, late line population. high very resistant Phase chemotherapy castrate prostate in study first first At data a X SITC from in in coming the metastatic patients reported we need our unmet cancer, combination with

several cancer, aggressive MSI group. and prostate negative in study and a warranted. therapy each landscape a and of in groups actionable, vudalimab we combination arm if inhibitor patients PARP the treatment variant, address relapse We designed to designed biomarker cancer receive changing with prostate to PARP the including standard Given

first a on study rate reported Based in we maximize originally had study a eight of doublet. partial the showed subjects saw patients to high we to response. use XX in patients, For order durable and efficacy. these patients potential chemotherapy PSA eight In that previously three response a taxane platinum one of the multiple designed eligible drops

among all also the patients. AE intensive of to without the We saw related type combination a but toxicity chemotherapy consistent

again combination cohorts vudalimab chemotherapy the planned, we're However, of dosing we regimens rolling study. the the modified keeping chemotherapy and into dosing as

Phase defined we for gynecological towards continue tumors, sub The risk and is cancer evaluating advance study high that quickly second also study X prostate as enrolling we where with vudalimab to registration. activity. good also saw is patients population of search additional monotherapy populations This we could

flat more introduces finally, study convenient And dosing schedule. a and this

as class we solid utility continue as additional to for see Now program, broad for enroll we us lot of these opportunity the patients, signs types. across data tumor the across a emerging provides

a of dramatically a enhanced prostate class XmAbXXX Clinical antibody, represents inhibitor of first in and checkpoint have have new is pathway, to data with targeting checkpoint beginning secondly, in this activity where among indicated limited previously, companies Now, the Xencor space. clinic cancer, emerge CDXX the molecule to the had enter inhibitors the bispecific activity.

in this PSMA, we're the checkpoint that activity the markedly inhibitor targeted CDXX a So for of the case serves as and validation case, a class. bispecific increased an seeing important

an encouraging to in prostate targeting progress others. own cancer and heavily cancer, BX-HX, antigen data enough tumor the our multiple types including many I'm accelerate find We expressed cancer, renal lung

mAb is low our we've the moving XmAbXXX. levels XmAbXXX BX-HX expressed we're X+X increase window tissues, healthy bispecific on at incorporated some therapeutic As with and also into to rapidly technology potentially

of our dosed XmAbXXX last Phase The was X doses and study escalation initial following year first therapy. as dose combination we patient add pembrolizumab in

to a months. are bispecific the teams but only the is we more CDXX recognition development, lot really especially increasing opportunity up coming our starting positioned XmAbXXX there with and programs heat well as class CDXX of through to hope advance space, our more that becomes share in as not We holds believe this preclinical research we in

in Desjarlais, CDX to call I'll With this clinical bring forward to now cytokine John Officer we year hand development over our x programs this IL-XX the XmAbXXX. that, review -- year, clinical the our bispecific CLDNX development and two Chief plan to XmAbXXX into Scientific

John Desjarlais

Allen. Thanks,

observed of and key the activity we affinity lot cleared down toxicities which systemically immune out are that natively all to the very our and smooth the reduced XmAbXXX receptor programs So including mild quickly. in to cytokine cytokines, potency high can get type generate administered a of dialing binding profile the is

IL-XX a to immune promotes and of high increases secretion, compared system. expanding cells, of IL-XX kind gamma levels more of visible T-cells different tumor nephron NK IL-X the cytokine IL-X. cells NK Instead and Now, was antigens and of T-cells the to makes cytotoxicity and which

and XmAbXXX a XmAb technology bispecific Fc profile in our fusion gamma fusion response, to compared of with or IL-XX infer of action. to dose Fc reduced pharmacokinetic demonstrated gradual response. reduced Fc engineered more exposure, Xtend further And domain more potency -- enhanced with IL-XX therapeutic pretty with duration So a native sustained pre-clinical potency is testing window improved an this

and IND allowed Phase advanced and was with application by look study to patients we recently Our in solid the a submitted initiating tumors. X FDA, forward

developing our the for XmAb Finally, CDX bispecific cancer. XmAbXXX tumor improved antibody is for are by CLDNX selectivity. with format patients And X+X built we with a molecule ovarian

to studies this submit -- We IND an IND up are plan wrapping enabling later year. we

antigen that the where multi-specific have tumors just the we antigen a continue binding build where for over solid to quick it's to tumor domains, that refresher also This of tissue. that targets. a affinity the bispecific antigen T-Cell lower step. cells tumor the binding off-target used cells therapy effects tumor address have XmAb we is Now, a But our on It's X+X to is expressed format, we address and expressed using toxicity. can normal to-high having arm. lead normal bias to or antigen The and observation two molecules expression, approach with lot binding arms one frequent two the intended harder

solid could We cytotoxic the bispecific doors hope applicable it more co-stimulators believe to against XmAb develop. tumor to bringing into generally antibodies CDX opens and and CDXX be X+X targets,

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

John Kuch

John. you, Thank

debt received and end at substantial which received our support Xencor's milestone In compared our drug a licenses, fund we our to broad portfolio proceeds XXXX in with cash our and $XXX.X helped of securities Total offset of investments XXXX and operations. cash-flow generate cash, operating receivables million XXXX. equivalents, ended marketable million collaborations payments, in and $XXX.X million to in portfolio candidates. XXXX, expenses to continue strong up bispecific of we cytokine the partnerships, royalties and $XXX.X of amount

will current to this afternoon, $XXX receivables have recent operations financial plans, operating million programs for cash, results. $XXX fund estimate between and XX-K XXXX to million development I with and further our end about Form we press on the cash and research filing refer through expect our our release XXXX information marketable end to you cash XXXX. we we to Based debt equivalents, of securities. currently And and

like questions. now for we'd open call that, up With the to Operator?

Operator

[Operator Instructions] Mizuho. come will question of from Mara Our Goldstein first

is line open. Your

Mara Goldstein

the taking question. for thanks Great,

terms in I and and to dermatitis atopic for to psoriasis, forward? being know, ask there guess a to benchmarks product XXX want of I'm I you looking and what success the to program understand, really the at in trying maybe are going question that You be able advance on when think

Bassil Dahiyat

Mara. Yes, thanks,

For And of a foremost, for phase, from the regimen study someone coverage that good now, first rather we're with. safe, that there's, move one ascending the good is dose can goals multiple means dosing of us that establish biomarker forward we Tregs dosing right and two this that the movement Phase or and target gives that's Xb us of duration interval. our doing

So that's one. that's, step

that, great biomarkers. I the you parallel for And indications your in skin, think with how at see readouts are can disease looking those two doing indications because

be thing and that's question with as looking I success? generally we're those for agent. will of how the we goal in off adorable the to an how have your benchmarks say would that would I one, So the of how, - the goal say at going high think, effect of, they're addresses is both long indications, I keying second what's can

build for in and by how even have that dosing dosing a attacking early want of extending biology weeks I we with every address class competitor of Does dosing response questions think into this the duration scores. then competing glimmers for that seen settled that and beyond, new a some timing to two beyond think after best interval Can And you it get? that we can and study. Tregs with programs can that this benchmarks beyond interval of was to programs long extend good a easy so we have there's I those seem lot the are

Mara Goldstein

reengaging little about the around the Okay, if that discussion you've finished characteristics a can trial modifying I ask the talk enrollment now for and can just just vudalimab, that program? bit on protocol, you the

Bassil Dahiyat

it's rolling? how well mean, You

Mara Goldstein

expect going Yes and - what dynamics where you what think to have sort been? Yes what like those you of can Do that baseline were? go back dynamics you those forward? you'll

Bassil Dahiyat

don't want Allen, to on I know. do comment that? you

Allen Yang

a have we that Phase sort just of we which we so of And be which sort of is Phase Yes, explores variant Mara, type X, an first clinically defines have and Xs, to have the but have subgroups actually and schedule, subtype. a new clear, monotherapy dosing different available, aggressive two prostate defined aggressive we've prostate molecularly Phase cancer. data of cancer. This we X, then flat an

We PARP you're inhibitor, microsatellite, and group, PARP I sort a everybody actionable enrolling. subtype, relapsed what guess asking else. a PARP is then have refractory - of sort a And they're finally, unstable how of group

we've, opened had enroll. we the chemotherapy arms and up we of pause just for to that but the chemotherapy the groups. And that was, groups continue know, three groups, two with we've now we've to the those other the other of Now modified chemotherapy, to groups. And

Mara Goldstein

All right, much. so thanks

Allen Yang

Yes.

Operator

please next moment question. our for Thank you. One

question next Piper Edward from of will Our come Tenthoff Sandler.

line open. Your is

Edward Tenthoff

taken much. the Appreciate very you Great, thank questions. you

the the sort from and Again, the their can as versus may down are the share, advanced how of, more extent sense? wanted of you to you see, do prioritizing to is CDXX I the sense. differing, sort places you make pipeline, other how get one one profile where So a mechanism CDX,

Bassil Dahiyat

There's, know, and refreshing do CDXX, we the know, you facets with on the And, biology, to jump what I'll why point on you one, don't that? can in that John, second maybe you about, multiple the one? take CDX differential

John Desjarlais

for Yes, Ted. thanks sure. the Yes question,

CDXX, attack CDXs it recruiting that think reckoning the tumor the or of around, So of it's you'd we the cell advantage just just to and signal T-cells. cells off versus because it the any build one, CDX comes you're with taking an artificial biology, providing is with about any, from an mission the CDX that's basically way intriguing because signal equally to it's more signal have now engaging a to neoantigen, T-cell by to which T through the CDXX is endogenous immunity,

up fully PD-X you're checkpoint of the open to CDXX, you're to course, Signal applying that blockade. when going And in X, generally order with combining be

fits of sort that's with So one And that CDXs opportunity It and our the see, then we BX-HX also is, CDXs expressed sort of interesting really that one chose our it's program, so because different partner many as CDXs. third size all be CDXX. the or of we other for a or in combining of could sort CDXX arm flagship combination the histologies. reasons people's for

Edward Tenthoff

about… very helpful. you. Thank got that's Great, I

Bassil Dahiyat

other need Did your get go So to point? ahead me you all Ted. You answers? address your

Edward Tenthoff

No, saying ahead go I was thanks. please. that's

Bassil Dahiyat

target the improve we CDXX how Yes, very think with view MOAs work opportunity so Is in different some case didn't but checkpoint thinking that's for where have attractive. there a of about to tried them have out? in combination biology be indications, the regarding targets a different it availability. response promising inhibitor been that depends an a I could on that of

glimmer that seen I think we've with of that and prostate competitive from programs early cancer data.

direct with it have biology philosophically year a of can think that tissue, next then how you sense explore, it the you normal as that CDX hearing could make generally that's that the targets more, we good So to of healthy over two. attack or about right? we initial the of expression differential CDXX And on, nice a

Edward Tenthoff

Great, data thanks, excited guys year. this for more

Bassil Dahiyat

you. Thank

Operator

Thank you. our next one moment And question. please for

Our next will come Raymond Leone from question Dane James. of

Your open. is line

Dane Leone

programs earlier Hi of on questions. to congrats thank your like wanted updated take approach? progress. we'd emerging now. on maybe some IL-XX for I maybe have hear your that the you the just firstly, And get thoughts And our on the taking to all you

cytokine. on and maybe curious to be maybe essentially, with well? another there's as index, differentiating pure And using a There BX-HX out difficult BX-HX on a a create of of programs, approach targeting more then few interesting you're would seems you. been versus discontinuation emergent your Thank thoughts maybe how like from therapeutic

Bassil Dahiyat

us So reduced profiles on and the level cytokines design comes IL-XX, activity, improved potency our type I is think something for given it to programs. IL-X down has versus tolerability that wild significantly IL-XX

you we on data want on. briefly John, that XmAbXXX and Maybe primate So it? the we're believe for touch non-human differentiates and we preclinical have banking I that's what if profile think to how

John Desjarlais

Dane. yes in fact, question the for thanks Yes,

wild our signal recall. type the which, potency actually to again, But we and full these ILXX-Fc is fusion with when we, they get actually reduced, around is the XXX, they compare receptors. through cleared to problem So cytokines XmAbXXX,

we a high when it, as of so, days. know, you one monkeys type wild as IL-X-Fc, about, at look gone can And dose at terms in it's and two we we tolerability, and or

it's actually In to extend like of than have has monkeys, incredibly looks contrast, a out less that's an XmAbXXX, its to that's XX in potency XX antibody, reduction, even to likely further. because days got the it

you Bassil monkey the have And the the greater me also version, that one thing put potency we in have inspired you wild mentioned then aspect. of the studies much the when L-XX. kind tolerability. So type in most when that's reduce is that

one the in up range of lot I peak in gave time. that get us of, differential broaden think out nice In is response terms response, you XX dose. optimal exposure, dose increase therefore contrast when range. we really zero more therapeutic a more we you give dose there a only dose. At thing because irrespective more the levels a to gradual to saw going with exact peak that of really of changed XXX, dose And gamma flexibility The of fold every a little the dose interferon And as and in actually on index. the dose that you the doses, same initial a was those

Bassil Dahiyat

absent attractive, it's focus versus good to in starting expressed I'm think brain normal that in tissues multiple I And problematic types, come target a across tissues BX-HX is the a about system, I very makes it it. nervous tumor expression, see and multiple nerves on there's versus very, for that attractive certain undetectable I it's up we'll should on tumor or or very it BX-HX, tissue, say, like think has differential BX-HX little pop and I regarding think find BX-HX what the we in data central

Dane Leone

you approach times I've used Do a versus like a view ADCs? few using in when light in CDXX closed the past different BX-HX

Bassil Dahiyat

I think different. cytotoxic different it in be delivering be versus actually could direct a very, delivering a approach could profoundly very - immunotherapy

that, mechanisms know tumors so, clearly you around target we there's how a we know ADC through glean. I anything such beyond than an get, different don't provide have And that read enough don't that activity of can an other can that that I much

Dane Leone

you. thank Excellent,

Operator

moment you. next for question. our Thank One

question next Markets. of Etzer come will Darout Our from Capital BMO

Your line is open.

Etzer Darout

Great, the taking thanks for questions.

going First is things to - prostate any here had wanted updates X+X XXX, any from the a few one development if and on updates know in on the Amgen STEAPX XmAbXXX. just for on you AMG

where wondered, start Thank and literature, prompted the of is of sort kind on Just trial the just of of you. you're seeing or the based data sort combo or something that's synergies sort with the of combination something for that clinic the that's that if examples program, in with pembrolizumab preclinical on pembro?

Bassil Dahiyat

Great, pursuing X year, as looking they expect that it's Phase Amgen, month, what the is all information they and their tools both we program technologies only of half they're which the licensed broad publicly share AMG to regarding I quite from they this initial licensed, can it. in have The data build did last think and they us XXX presentation second monotherapy. is it at and combinations that program, earnings announced, to

behind. we can their formulation, by to and That's share effort, But we initial addition lot we're of ago. all and saw subcutaneous a publicly. got the year data They've certainly a they're encouraged so resource IV, the a by in putting

think that combining I fact, CDXX a a either for you basis in a is to a say use inhibitor, CDX for fundamental want very checkpoint or the theoretical there bispecific. why reason it strong with For XXX, bispecific

the to of Because maintenance of potent T-cell give the side signal that activation, completes getting that the while activation circle other X you that initiates to CDXX movement. and and, Signal

CDXX combine for it's based cold nominally why And over that the checkpoint data is tumor. checkpoint that strong you pembro inhibitor the a to theoretical want inhibitor a very CDXX in to so hump, for when with combo for a put on

Allen Yang

on just PD-X There's the inhibits mechanism that that. And to think Bassil, action dominant most checkpoint strong also inhibit pretty people finer to I'll is And signaling. some put the itself point CDXX Signal of literature X. it that of a directly

the itself the is you could PD-X idea same BX-HX, And by unless the time. going also is so, hindered to that CDXX be block at

Etzer Darout

thank Great, you.

Operator

next Dai will next One question And David of SMBC. you. Thank our question. come please for moment our from

line Your is open.

David Dai

Great taking the my thanks, progress. questions congrats and on for

on So contrast the vudalimab some ASCO, in vudalimab, metastatic and that's I have as become intriguing profile versus prostate seen - GI, to some if the competitors who showing at we two questions anybody pretty cancer first CTLA-X CTLA-X drug PD-X and PD-Xs has data your if just have antibodies? could we compare it's competitor

Bassil Dahiyat

relevant a to say very by by of Phase guess, PD-X, we I early on expansion them. checkpoints now that's that I sort to our also start how monotherapy while is potential CTLA-X based happen, saying compared the comparison to ASCO as And so at out starting in Sure, to that back GU. presented encouraged on I'll cohorts we for was the we'll these X for from dual there's presented starters, a what start data how use the the off very we're guess studies. class lot reflecting movement is that

that it's comparison. monotherapy, So monotherapy

want Allen, you touch So to did know. I don't on that?

Allen Yang

know, happy the ASCO sort you Yes, it's validates cancer. U.S. PSA of data heavily Bassil as you know, the was mean, of pretreated reported prostate be think median five. And, only in we data I to. sure, what the the our the between population there's, where in of at data about rate I therapies and response to population, GU XX% number class I'll compare difficult a U.S.

number reported GU the where treatments at pretreated high median less of rate two. a was in rate, but only reported the that a a response XX%, ASCO response was The PSA other data population

and a started figure doing already that's it's it registration X idea of to supports moving pathway. are to programs I believe again, And think So X that, we the CTLA-Xs prostate out PD-Xs, we interesting cancer. try why aggressively data Phase these and in

David Dai

on it, a of a you see the Could the just question program? helpful. about And we the expect you're version I another to And more data from drug. that's know subcu that plamotamab bit when formulation? Got currently of subcu little the really status developing maybe should talk

Bassil Dahiyat

quarter, clinical that that we So studies escalation patients dose the step-up priming figure so have we is subcu is and last study we base with information the doing formulation of We, a relative is and the the accelerate all this dose initiated, from in process what out we subcu And of greatly to have Janssen. going that doses. dose the collaboration to can regimen that course, think our we're IV from partner, we had IV. with learned course,

with forward we announced So our whole that going achieved candidate package our where we milestones. CDXX Janssen, this of have which part collaboration quarter, the as bispecifics that's the B-cell just incorporates also selection of

the B-cell gets deferred would sorry, when - CDXX with deliberate plamotamab. with be that we've targeted -- pembro So it ultimately, to clinic combined the

Janssen to We'll context. guide forward data as sort party the caveat of data. to to has general disclose go we course, with the of be on that, that's So wanting

David Dai

Got you much. so it, thank

Operator

Thank you. question. for next one And our moment

will Zhu of Partners. question Guggenheim Our Charles from next come

is line Your open.

Charles Zhu

given taking gauging Hello to with something question essentially to you perhaps but encouraging asked, you you should have to, you. assets guess, how that vudalimab opposed this the other to we asset? going everyone XmAbXXX, think external a also clinic Etzer And guys pipeline combining regarding are an codevelop prostate I cancer are had are the have mechanisms I with but How potential vudalimab. and for pembro, about see that question. as in such follow-up that's with Thank that? one thanks the that similar as

Bassil Dahiyat

minds. in and it We great have We approach. great think a that's a absolutely our idea

do and As regulators with have to XXX, from we with levels relatively want obviously we of immunotherapies. course, cautious escalate because, quickly, low start very to we that are new

quickly moving escalate, as going could our our even are CDX hit will perhaps we with own have, agents such bispecifics it that as we with So can how overlap in pipeline expression or vudalimab patterns forward. the flex in minds, we

standard think little enrollment, absolutely, a so I greatly in a gotten in MPP try key or and get jump further. XmAbXXX, we've frankly, here to is example, use its by the where is light well-understood understand fast, For facilitated broad of rolling once data pembro,

Charles Zhu

thanks great, it the Got for question. taking

Operator

one for next you. question. Thank And moment our

Our Maughan next come of Bill Genuity. from Canaccord will question

line is Your open.

William Maughan

afternoon Hi thanks. good and

the at the for of cash year then available looking through I'll ex have expecting in follow-up. just this is are So And guidance much How in that you fact that year sotrovumab some U.S. thinking this sotrovumab guidance? still a and jurisdictions?

Bassil Dahiyat

XX.

William Maughan

Yes.

Bassil Dahiyat

XX.X it's they U.S. coming QX. in been down lost and since QX authorization their

So U.S. been ex it's just

So found going forward, anything we money. get is

expectations We of revenue. have no future

William Maughan

market? products share kind CDX are later steal like that come it better And T-cell over the behind go to like and in you development and engagers you understanding mechanism targets X+X CDXX. more differentiated that with version allows on them to room already Great. something a on a in then your well-worn of improve so Do after of what's kind of see making to

Bassil Dahiyat

that mind. in into programs it's days world. we watch CDX early carefully the all clinic. I the Absolutely CDX any we of that still of in very advancing kind And would have consideration whole say are

BCMA the late-phase So CDXs is work and there's not a the CDX of yet dominating. outside malignancies CDX CDXX lot of

plan fast But tumors. as strike absolutely, those attack to look the fruitful as we not solid of this follower avenues don't are maybe X+X us use carefully. And approaches at those potential with

the any just still I we space that's declared yet. emerging, so think haven't why opportunity is

William Maughan

Great, thank you.

Operator

our next moment one for you. question. Thank And

next of come from Hutton. EF question will Our Michael King

is open. Your line

Michael King

can guys, thanks me you okay? Hi hear

Bassil Dahiyat

Yes.

Michael King

Okay.

see success. as what the clinical concerned, of real or far writ pick large fan correlates as cytokine left as just Just are in is to we engineered of antagonists It's enough I where go I'm sort Dane agonists, know up IL-XX. on space the real wondered, the just But just or clues levels off I to interferon so big maybe IL-XX. wonder gamma response a either up if cytokine nice the space. to

is. we liken achieve the both meaning I Nektar know is just world. results. recent SLE, about I of in and but IL-X can of important not some some And call respell did started, IL-XX But developments, what of, again, think as that especially not as the it's it's had think kind of called relevant light clinically the literally the to indicated a saw activity in in that

them about clinic So we to put know really preclinical this the exploration? do in class we're up Thanks. without further

Bassil Dahiyat

There's going no what succeed in to to about knowledge take doubt perfect don't we that have cytokine. it's

So pretty the much case almost I any that's say drug. for would

I have challenged know tried do and have past a we think the that that with worked. have of lot been the not cytokines approaches in -- been

specific say a And so I are will approach. that taking we

potent, longer reduced you on We potency is are given movement. down with of this which peak programs biomarker but punch, a issues, tolerability putting action that reduced bet which and of so a gives still cytokines out profound X reduced far lower has inherently two because

think do this we that that's the and of those -- if Absolutely fully, plays kinds it biomarkers tolerability, optimistic our answer window? right, not our question seeing preclinical So share Does are year. we'll we the will risk humans, a but IL-XX the we're out we're we the to later going start see, start. data properties of in out great on

performing the answers, a don't got we've is so but bet as it should. that we So have far

first to opportunity we reduced the potency. if This could enormous be crack And that code. is the we among think

going have can worth absolutely thing activity taking. better you a that is in we we whether immune hat on ties you're is So the one think bet if the to success. to of hang And can it's think certainly our I see markers

can two file of patients a creates them of markers two, number but We in to them. activity, Proleukin it small most know of wild-type cure toxic, also sorts immune all

where successful I So of news, we trials, drugs is an is will challenging that think repeg I some that's a say fungal really all say the area it's lupus I And think got. how strong. unsuccessful and I position have space. And development had many recent will we've ourselves referencing

had passed tricky has has Vencore with Phase data Certainly, X some in experience conflicted lupus.

we'll into so, would X dig it's to And really a that But hard through read a more. lupus anything, I on Phase say.

John Desjarlais

I'll that if the I follow-up And on interferon question about gamma. Bassil, can, just

so couple gamma reason is So it things. - a is important the of interferon does it

tumor upregulates Class tumor I receptors looking favors to is foremost, and for most intriguingly And more direct recognize cidal does it a famous T-cell the First things probably thing can it effect the to MHC. what it It that's are tumor cells. we're the two does. have cells

activity. And And lot of a that's IL-XX that's an makes exactly checkpoint it combining thing So why does famous with really PD-LX. sense. never or then the erbrolizumab upregulate other a desirable is other

Michael King

you I think you IL-X ask as direction agonist autoimmune opposed I than oncology? first did guys to an to why develop choose Can to going rather

Bassil Dahiyat

for and Well, engineering. addresses already to boosting already same the which we think pathway hypothesis, precursor molecule IL-XX, that, great much that for we have a autoimmune we think that with suited Treg better a and our we our was natural try

it been with Phase do have promising PXXX X the given so an to So and IL-X data would redundant really far. it we've seen

Michael King

Okay guys. answer, thanks appreciate the

Operator

Thank next you. please our question. for One moment

Cheng come will from Our Brian JPMorgan. of next question

open. line Your is

Brian Cheng

how Bassil, Hey my question. And taking are you? thanks for

follow-up? I your to there's curious this strategic around is vudalimab to any X with year? a planning development back Phase later own have the since going Just of if bispecific way shift We're start thinking in of And their Astra vudalimab

Bassil Dahiyat

it PD-X binding. data a very that binding promising. molecule call - very know of -- shares both aware it's very We was vudalimab to it's our to certainly from that very I we're XbXXX I XmAb without - design, limited that so conditional Astra we monomic CTLA-X binding, binding got, similar and about essentially Yes, targets think

And so, that's think comparison interesting a we set. really

and hard soon. able We're be guide to very game hope to on thinking that. possible looking that plans We're at really through

frontline your yes, a the their So chemo comparator in you to relevant really, And I to I with of is have regimens a think lung is active that have combo. highly it's backbone PD-X very key element combine the part given chemo point. willingness where there chemo as think,

with I and aggressive prostate synergy and experience chemo the some around there. intriguing thinking we gained using cancer that our of really a think that's

to want we're radar. that talk I something our So about later, it's but on definitely

Brian Cheng

Great. you in either could give And past be approaches XXX think type most to of the to of there approach? sense are low-hanging better here that learnings just sensitive you the what's from the the any related fruit solid XXX, interleukin to terms IL-XX in tumor for a

Bassil Dahiyat

John, one? do tackle you to want that

John Desjarlais

off a XXX second to gamma build MHC. of mean I of ago we I lot my upregulate Class Yes. about submit would response I interferon expect a

of probably be certain places types go melanoma, practical There's, course, you so immunogenic with put as low-hanging well. that tumor worked. inhibitors the after more to it, as already checkpoint like synergies And where the would approach fruit,

opportunity to checkpoint histology higher a struggled with little of a would activity after slightly that's can signs, immunogenic of have hanging shown little new tumors the be IL-XX then go with evidence that we maybe a simple fruit space. bit But more bit if But inhibitor. make an whole those

Brian Cheng

Thank move. luck Thank the John. on Good you. you,

Operator

next our for moment one And question. you. Thank

question Our of the come from next of Lawson line Barclays. Peter will

is Your open. line

Unidentified Analyst

initial and the ENPPX be around an Peter. that in timing Thanks see there for dose It's how hoping the XXXX. whether thinking something be update progress We about the question. Phase [indiscernible] we for your and to for X is we were XXX might data and recommended taking program, for get how should

Bassil Dahiyat

XXX. We just know we speak perspective, asking could barely could from you you just if hear a you're volume about up,

Unidentified Analyst

now? Oh, Is better apologies. it

Bassil Dahiyat

Yes, that is.

Unidentified Analyst

dose for your Okay. X Perfect. Phase ENPPX. were just be you. the and hoping XXX is XXXX? should to this Any ENPPX cells' just about how would great. we see [indiscernible] secondly, And color thinking data could going be Thank an program? will ADC We progress we how a profile recommend then maybe if on get program just there? And in compare initial update there And how

Bassil Dahiyat

been that say it's Phase enthusiastic patients I very think of well. is really So in great option collaborators and update, accruing I CDX we'll and escalation. have one we're to dose -- seven X the or the thing we've carcinoma about six in been are are guess months therefore, months -- cell into the have real on investigators And

can that's yet. all think we I about say So that

we're advancing data We not than the guide the on we're as We're timing that seeing that We'll better regimen other don't we understand cohorts on been a when accrual really, saying and has have timing update those. on would well. really going how guidance. do a yet giving

particular don't side I profile have that a of particular chemo, completely effect a a different salvage of in hope CDX there, X+X an we CDX have kind now Allen, profile would that ADC, versus The compared space. comments any versus to physicians offers right something mean that

Allen Yang

immunoresponsive. one Renal traditionally cancer that tumors has of been are those

MOA think an interest. still Bassil we as would early and said, And immunotherapy days. advantage. this we really it's have type. so high this have hopefully disease They're that And the investigator hungry But for

excited. we're so very And

of our along need our to add novel cohorts also we well. But recommended fairly X aggressively allows the as terms how of actual will X what I that investigator there design well the sort dose Phase strategy pursue recommended the both dose, -- in the step-up we we're in as disclosing with us and final escalating dose Phase get sort is how interest, trial to priming can't without the of and predict dosing as dose many will be there. highest

Unidentified Analyst

Okay.

Operator

our next our moment with Gregory come next Thank will One from you. question And for Markets. Renza RBC question. Capital

line is open. Your

Unidentified Analyst

on [Ishan] Congrats taking Greg. progress, for question. my It's and for on the thanks

so Just future X+X Thanks plamotamab AMG and compounds, the on with these of and the X+X the the the design in on XXX the of XXX future knowledge much. development XmAb XXX. armed ultimate of being so for what's class, effect

Bassil Dahiyat

you know thoughtful I'll let to of roles pick just you response. plenty X+X to John if give will play handle how But and tell has properly. a that I

John Desjarlais

Yes.

plamotamab think established. to well really way very easiest the is about that X+X worked for think well it's because I

can an including fine lymphoma of that. is that B the hopefully, to on-target and toxicity live with that's cells get rid off-tumor and B You all your it's cells --

expressed dangerous some more others. tissue of the you've overexpressed into lot got to go careful. and in some than which attack are to a expressed on bit tumor little normal would tissue, the versus in solid extent selectively of normal is because the target, also depend When to more selectivity And depends the profile is on and how well setting, the the a you tumor a be target little

downside using X+X. general, the a in see don't we So to

And most targets, exceptions. tumor we'll of could but use that for likely there our be solid so

Unidentified Analyst

Great. Thanks so much.

Operator

Thank for our moment question. please you. one next And

question come Chang next of Jonathan SVB of Our from the will line Securities.

open. Your line is

Unidentified Analyst

is CDXX immune Hi, the the Kaufer] mediated I but the [Matt looking particularly my validating know responses. Thanks didn't -- like PSMA kind class to Jonathan regards have profile, of you with cleanest for guys. we're broadly, the taking that said the at questions. This data, Chang. for it AE data

how get of to wanted for of CDXX these sort with might maybe in about kind your of this class how seen some thoughts monotherapy discuss you're mitigate what of approach on effects. sort approaches Thanks. and AE of just So your then the thinking light profile we've

Bassil Dahiyat

Yes.

central AEs, that typical are is going a seeing that ones in dangerous we you AEs the most PD-X particular, I was done co-target inhibitor. be the cemiplimab patients. peripheral a for think that believe, not that of in with Look very It that to remember, thermal a in nervous study the involvement patients, combining couple choice patients, and of the was it PD-X interesting of important. involvement inhibitor of some system nerve saw, couple are we're

outside And it's PSMA of expression has notable that in brightest brain the among its target prostate choice, nerve. and

study is responded. that patients against And tissues emphasized have I sponsor those and immune of So there in the there in activating I reasonable a that the the think response the that AEs you're target target. think that quite hypothesis that fact, they saw

think has system hard can early idea but greatly pretty to in of much make activate it, demonstrated. and been I it's CDXX Very convincingly the too tumors immune the data, that cold

drug. of we're prudent great can make choice Now we're exploring We're the excited the prospect. is, target, question -- a by but that, my we

Unidentified Analyst

Got it. Thank sense. Makes much. so you

Operator

the Thank I you. to Bassil I now conference Dahiyat the turn queue. for would see no back like remarks. in further closing questions to

Bassil Dahiyat

forward and Thanks, Have for we everyone, evening. the us great throughout today, updating a you joining look to year.

Operator

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

You a day. and may disconnect, now pleasant have

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.