LIFE - Earnings call transcript Q1 2018

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Operator

Good morning, ladies and gentlemen, and welcome to the aTyr Pharma First Quarter 2018 Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder to our audience, this conference is being recorded for replay purposes. It is now my pleasure to hand the conference over to Mark Johnson, Senior Director of Investor Relations. begin. may you Sir,

Mark Johnson

Good to and XXXX discuss Updates. and Krisal. joining Operating you us Corporate today aTyr’s morning, you, thank everyone, for Results Thank First Quarter

on and by Scientific Chief Sanjay regarding will on Shukla, We our King, comments Officer. Dr. some announcement joined receptor prioritization our Dr. David today our its highlighting the activities, on our and research and are program. corporate President our CEO; restructuring. development XXXX, provide of program and clinical David for the will potential or provide our impact an Sanjay update today ATYRXXXX, identification

will financial up Sanjay before to opening Finally, it review the session. the question-and-answer results

forward-looking circumstances. call now information, any and obligation only the response required which and over annual will made are statements statements to I Please Undue forward-looking factors reliance change. the statements, those can not these as statements for press the SEC These report like risk facts, should Private that quarterly as forward-looking made cause disclaims the Safe Company’s in law, on underlying historical of turn uncertainties release recent under XXXX. forward-looking to we issued the see such to by results remind everyone Act this included speak aTyr actual the forward-looking in XX-Q. in market the of disclaimer statements these Form before would statement conference facts call the questions update involve placed company’s of future well date today of statements I begin, statements on Pharma Sanjay. on events to filings earnings reflect Harbor on and are and our most from that of Securities materially that except circumstances may provisions forward-looking risks open differ reports the and Form as Reform Before as XX-K or management Litigation to to Except statements. as be by they on

Dr. Sanjay Shukla

morning, Unfortunately, human immuno-oncology The filing initiated symposium of conducted mouse year based the whose panel American results good ASCO-SITC development data Thank observed company This the of towards year. you, activities no Academy monoclonal time, company pre-clinical longer manufacturing. of from did the to this which will ORCA on further our this and early IND. an show were our studies panel Cancer proceeding last efficacy including represented over new was for development with the with sufficient Mark, our development of were levels Therefore, human everyone. earlier Research be not on at of ORCA and antibodies GMP IND-enabling program the and last month pre-clinical antibodies justify antibodies. the program, for

program conducting additional will the re-evaluate team Our study be better research as understand filings. research to these recent we

However, let me be clear.

we Given for unless we the panel not ORCA be in will highly competitive able further of the generate immuno-oncology to antibodies pausing antibodies. recently further such to and for plan be will observed advance are We believe do program, our development we the institution data, we the efficacy, space. in robust

focus and have implemented As a meaningful families difficult, And their headcount will for approximately was This aTyr. additional as clinical efforts extremely management all decision outstanding towards reduction in on restructuring and development. an and to patient commitment reduce programs cost-saving to on as result data. corporate anticipated the we impacted immediate advance sincerely of thank measures. employees of want I workforce to program. further resources evaluation, The our our company has a all we XX% to restructuring the our its of well their would carefully need team, we Based our evaluated corporate prioritized of XXXX

year, extended the restructuring of runway. us half significantly an second burn the our providing of decrease and result our we this prioritization, operations to cash cash as program expect ahead to a from Looking

goal create value most clinical program Today, you on be a our believe program Our opportunity prioritize provide immediate with will XXXX to available the chance on our potential. significant milestones best achieve to shareholder make are our share lives now an XXXX resources. its we financial currently that are I’m pleased the update with around meaningful a of of patients. excited gives and this program impact and to clinical and us to development

at treatment potential a is we enrollment reminder, study the I may recently to from May We immune-mediated our candidate function development an domain XXXX providing all the our dosing Austin, protein milligrams for that quarter. results top-line cohort trial look in diseases. per this the our this in Resokine domain. its the way The the of I’m We published focused function message on happy highest up completed X Phase of Meeting action Annual for As healthy Academy was the to kilogram. by Texas, from of immune as therapy a a iMod XXXX of immunomodulatory circulating through report to Resokine American studies as presented later modulator dose volunteer Immunology therapeutic from engineered takeaway forward research the Resokine have on that Xth. on immunomodulatory these set-point

studies additional our our candidate human clinical of antibody. in dosing. of a to XXXX. domain In optionality see hope potential and our we expanding to Resokine that to once-a-month of results I its information by clinical future parallel models several potential data the this for the fuses pre-clinical trials improves ongoing program in elucidate the further indications This this provides for Fc study, the to confirmation best pharmacokinetic region of us XXXX profile supports Phase utility. I Our Phase our selecting are We the preclinical conducting knowledge XXXX for in of

and of prioritization. Our for extended our XXXX a program restructuring trial our a runway data to our generate therapeutic from as goal with is patient candidate cash result

leaders in designing convene us Over clinicians key months, this the next plan opinion the in assist trial we indication. to several and best to with expert

Our of our specifically areas our entirety for Neuropilin-X how XXXX: number three ongoing importantly, some the XXXX. investigations, and animal receptor two, of team will evaluate the studies; number mechanistic I one, with interacts Phase translational clinical most results; key number perhaps three, trial in

what will mechanism a iMod receptor, has of candidate. team strides understanding of and announced research an in great how or to leading partner gain knowledge that therapeutic the binding XXXX of the domain, we clinical we made XXXX. diseases NRP-X. Our XXXX to identified the The selecting discovered and development Today, it it this further of studies action interacts NRP-X it with right the be support translational the informative our on. overview when Resokine how is for for seek we pathway to have our to focus most Neuropilin-X, the may and David how provide Resokine or specific us on will comes disease we

mission company remains steadfast. of overall in strategy the Our

of our brief clinical to it on milestones. provide on team focused I turn with and Scientific clinical will our critically to key XXXX. our deliver With are David be current our our that David? of able Chief We interaction I'd like providing a Officer, and its up NRP-X identification science our resources. that our execute with on of translation over overview objectives to aTyr am King, convinced to

Dr. David King

be It'll Sanjay. my you, pleasure. Thank

transmembrane of therapeutic to we and SPR, partner what overview resulted has techniques, we’ll identifies for microscopy soluble of human about, to learned of the U.K. share confirmed a assays, of may conducted by XXXX. are candidate. a or cells system NRP-X, in discovery the We ELISAs. plasmon clinical identification interactions. format impact is in enzyme-linked Neuropilin-X, a NRP-X development provide Today NRP-X, and majority identification display biotechnology or is what for as it screens how the our have NRP-X expressing resonance, We proteins and excited was with and well in receptor, this binding XXXX of that flow screening human of our using X,XXX how over the cell our protein-protein proteins binding an cytometry company for surface with The novel to Binding specific screens and it we a immunosorbent with of receptor collaboration XXXX. membrane Retrogenix on human including suited microarray form notable Retrogenix.

surface Neuropilin-X guidance plexins important and to especially shown including role to impact based vascular to during lymphatic in on is an multiple-functional system. be exon the role and infogenesis. development in cells combined NRP-X type endothelial subsequently and development or multiple in important in both like-ends adult’s NRP-X immune factor, these Recently, was co-receptors development merge what neural plays system. in of semaphorins which interaction that growth neuronal VEGF-C, originally X also NRP-X? is its a NRP-X identified forms also with So a influence of pleiotropic to roles, is the receptor the

adult’s role neuralin the of has development in recent system. immune role well-established suggest emerging systems, a the data an it has it So lymphatic and in

learn Our and team establish to [Indiscernible] on groups working may is more interact excited certain with collaborating it with about role and we’re pathways, other in a NRP-X how play receptors. known how these it and

in group regulate multiple common suggest will suggests a of We in presentation, found described settings its there expressions for Recent response and with VEGF-C Germany, types, This interactions. of in to the may antigen [Schellenberg] system may Center, [indiscernible] Dresden, the immune XF utilize immune of that from ways an of important different in in and in of which several Neuropilin-X mechanisms, the Neuropilin-X potential of which regulator cell from role pathways. University including including migration has Nebraska to levels University of The important the XXXX. been in Technology both NRP-X immune NRP-X cell-cell Medical therapeutic diverse semaphorin and number be intervention. publications, immune the from phagocytosis continue of are research on to evidence play roles recent high cells,

modulate in and discovered a understanding aTyr, biology. [Indiscernible] in high interaction responses in company in therapeutic a optimal unmet with The as need. of number diseases newly our medical with significant have of XXXX a the receptor program of achievement control the We approaches for the NRP-X this this the represents and to discovery advancement immune role XXXX designing evaluating pathway

of and on through further financial of you potential discovery now Sanjay? Sanjay to and on We are therapeutic just translational take beginning impact We science. our providing XXXX. this look will results. its updates illustrate you NRP-X forward now our research the to implications our

Dr. Sanjay Shukla

and your exciting I our you Identifying to program, for Thanks, the for want thank NRP-X and work. and development an and your team XXXX David. hard important is understanding receptor

$X.X ATYRXXXX $X.X March ended quarters million XX, related to costs. General the decrease and respectively. expenses quarters financials. ended to the million were XXXX, primarily and and decrease $X.X the Now our a was due decrease The for to manufacturing XXXX development studies administrative and for and respectively. XX, XXXX clinical and completion $X.X the million product expenses million lower of of Research related were and March million million $X.X $X.X XXXX,

XX, million of $XX.X the equivalents investments. and As XXXX, company cash, March had cash in

operations of our our XXXX. As a cash announcement, in less today’s half the be In approximately now million, significantly anticipate burn we annual restructuring we're burn XXXX, from result was to cash projecting from of operations $XX cash the burn in and and we XXXX very from operations developing had to $XX committed some NRP-X. its million to of to that to announced receptor, XXXX. make. Today $XX less management difficult million be We're choices understanding second importance

I is ensure to aTyr, want and one of of science CEO As data. our following learning culture our from to

new have area call learned biology, reflects of this our this. about We today and much

encouraged over science in successful with by translating the a clinic. company but are our to it the effectively we ahead, build opportunity starts Looking time,

and following path top-line XXXX, milestones: the translational team will XXXX. current goal our NRP-X during XXXX of to results the summarize for next to Phase importance updates remainder provide on shareholder of To work receptor month, achieve our expect for value be from I Our announce trial the resources. complete our XXXX, forward, we create the with

in XXXX milestones scientific key We on for continue clinical trials, We year progress will position therapeutics Thank translation biology I our delivering to and to and the delivering questions. be updating prepare remain believe time, and months building look will on we you, science of the happy tRNA focus for based us best on knowledge on into synthetase and Neuropilin-X, mission foundation to the a successful believe in be we meaningful clinic. your right our David upon innovative to the you our of this ahead. everyone. to these At confident take will develop our forward

Operator

question from Matt instructions] And first BMO you. from [Operator Capital. comes Thank Luchini our

Your line is open.

Matt Luchini

the good morning. taking questions. Thanks for Hi,

this a data seen, maybe or guess if could color seen, little guess, you on in month today. I selection bit will going talked specificity give understand. it could And at was color on more - NRP-X, provide on milestone. important why a useful think that has to the But been then, the looking bit little how next not that about think I next So more really and most [Indiscernible] I little seems you looking particularly perspective? on or what just and near-term first Thanks. like ORCA, from indication is at you’ve to bit rather there a be you be an XXXX, that is between

Dr. Sanjay Shukla

questions. Matt. Sure, Good

recently So of new first a this human on in we month, and were preclinical last our testing, over Obviously, we learned antibodies. ORCA. data number involved of with the

So IO really evaluating very enough efficacy ORCA, see then. justify investment since the that didn’t competitive we've the been for in to this plans not us It's to our sufficient necessary just complete with wasn’t market. we

here XXXX. at on in this with With At mouse next think bit, too. NRP-X. have monoclonal receptor I around receptor going step, answer be is I question is works a fundamentally really saw mentioned antibodies. understanding now noticed NRP-X, references, that -- additional around your to us we might previously number little a process. So recent was focusing to the publications Dave think chime data point I’ll fundamental to indication what this immune saw we data there this selection David how of the regulate and But system upstream that

receptor that with around biology that accelerating this that’s at we’re So and intersecting point.

really So of David and It’s investigations things in immune do lymphatic is that’s system. the looking development, at neural as exciting. but think mentioned, now I some there number known

our so understand over for this And really this coming be going So to We’ll the think doing I is us to that’s well. months. think be really I really tightly really, receptor going else to important if you with as so know David? trial, much translational to clinical us can de-risk, the there’s story want help next trial clinical I we really as add the don’t anything possible.

Dr. David King

molecular say, efforts. lot to of would on, it what’s our I more understanding I a a translational think a makes on the gives big Yes, us just It going difference of pathway.

clinic. our studies our and So in translations mechanistic that really both aids

Operator

next Katherine from Xu our Blair. And question William comes from

line is open. Your

Katherine Xu

we with advise what of just is that I [series] study? very in as And NRP-X, mean about talked many looking workforce, are you it function? XXXX, with that markers I’m of before, with of I the to the people wondering kind in that indications PD also does at initial -- study reduction regards what mean, Phase recent can of in such impacts [algae]? kind will discovery how us That’ll be what have the helpful. and the

Dr. Sanjay Shukla

primarily would question was and XX a first It’s a were CMC around is we would majority that of take next really all the I at individuals and here you that levels, So appoint This now but around reduction. good the say manufacturing is our near-term We turn forms that. probably and teams. in impacted. have XX say across the group team research organization to XX, was that really clinical believe trial. that that forward I

and fit quickly disease. in about what around thesis learning has of biology, number David about does it role what biology, infogenesis still quickly specifically its is Our into part. and that its applications learning T-cell-mediated impacting know a that we’re lung its first NRP-X very particular in actually answer interstitial about the around NRP-X to a we It we’re other mentioned. very

itself. think space kind as it’s I consume about it’s NRP-X of burgeoning as much because in for to quickly So possible us as information important

disease. view from those an something What’s in and can next to have attack of point and view include from there to to bending can point going changing, the still lung of there we is, important PD to be think of you we in they a going the have have something and So right readouts, clinical interstitial also assay highlight studies disease. thesis some things what be crisp our

tied occur our would think see going months like with I NRP-X, we point be both our show something those to now better a and of we to assay. things. to that can in think what And these It's we're with something understanding knowledge quick change I NRP-X, we the is selection of be to our do coming I is want patients. But think view to activity I now. and of to would see from something process going to in positioned indication really clinical going

that's out clinically say data coming going I when trial. think important a meaningful I what's of next be point to this

Katherine Xu

Thank you.

Operator

our from next you. comes question And Thank Piper Tenthoff Ted Jaffray. from

is line Your open.

Ted Tenthoff

Great. Thank little clarity a you can you I And the a very cost or runway? Thank savings more magnitude bit sense cash on much update. to for of if the wanted get provide you. for

Dr. Sanjay Shukla

Sure, Ted. Thanks question. for the

million some We This service burn $XX mentioned, million. year. include we So $XX this our about $XX as the that I XXXX, does to less possibly in debt anticipate have. million was of not

We debt million. $XX of - possibly million have ventured $XX of

those important really runway plan believe meaningful for XX is this into created Phase II clinical a now we've factored trial savings. adequately So not for to We that an readout. with

the think really I that's takeaway So important here.

sort clear-through And chance will, give our is we so in NRP-X the of molecular because, its you that the most David think we And runway, it exciting to understanding. been now real a element success. have put to I XX now of as best has really knowledge of if mentioned, have

clinical the term, So to on. that's I take thing sufficient really catalyst. us the to create long I focused this think been able runway think over for we're now to But we've a near-term meaningful

Ted Tenthoff

be That's helpful. you study? II start would next XXXX? think or XXXX? quickly year And on when how data reported that you you And do anticipate into Phase could a Would

Dr. Sanjay Shukla

Yeah.

this be year. towards of goal. have we in later a to the think end the We'd like I So the year, clinic

want we’ll accelerate I not indication in to going that the right that we our but receptor, really goal I'm think make sure if the our accelerate fit. knowledge we because that’s to have now sure with thinking,

then run the really that's we the think goal time bulk becomes where still period I the and our very trial. So XXXX much of

Now And I of could indication, readout the later. our get trial. the think I something an that's or right, have really a design most at That that as be this said, depends I Pick you we the sooner point. design going indication have think, enough be, of the near-term on objective to now time.

I could of data, we really but this, about it not XXXX, but see on clinical in think XXXX early position want a design. to be is, you talk maybe some I'm that to that to late guiding depends really what

now we I really those but meaningful. So are to time placeholders just had adequate do think, something

Operator

And our from comes Kasimov Cory question from next JPMorgan.

open. is line Your

Carmen Ng

Thanks taking question. the This on is Cory. for for Carmen Hi.

So no target the harp Resokine future this, evaluation? in cancer do see of therapeutics? you in on you to program but potential And to [Indiscernible] identify development for or do other any harnessing the role the work ORCA on pathway

Dr. Sanjay Shukla

I’m there utility. some autoimmunity, intersection to access. we where to Even going regard and are about cancer. guide The future this we’re not NRP-X its answer to new within question we’re Carmen. I to and of playing we’ve at it what something it program. we access really this Near itself. there, about that going Sure, this see happy more prioritize XX some intended potential right continue that. mean, -- your we’re has still that is and area point on towards look here mechanistically we’re I the mean, we’ll obviously With you XX. is an to so focused utility think a prioritize the of learn to real we biology, program, there. to between that I now but though, pathway obviously At think really we hints term, are ORCA do, messaged want there I clinical has

we’re encouraged but XX. is our with are so, very to some there that think things, knowledge to at opportunity an look the do I learning and much by potential accelerating what we think, I So

really So resources we our accordingly. prioritize

Operator

from next question Beatty Citi. Joel And our from comes

open. is line Your

Joel Beatty

you are for XX, indication for what and the and So Phase the discuss X between steps finalizing design? key now could the selecting trial

Dr. Sanjay Shukla

that. Sure, to Joel. do Happy

as the number first that’s evaluating Once just planning. things and of quickly a they completing we biology. we about scientific, from our really those first very get and I be to we around to have Resokine understanding, animal do picking be I package. sort three of indication accelerated insights, data then new as think, learning I We’ll Dave that those those able think research of what it’s now think really around both and to have and understand the of everything was run down you foremost, into the mentioned translational a translational year designing mentioned. going important as and molecular take aid around the I’ve know kind that because of this our things, of physicians we’re trial. designing, we some be half models the Previously over sit We’ll with community, Neuropilin-X, insights, educated

our goal So get can trial things name this in to going towards trial are that a indication into objectives those be three end of most the and so with getting of near-term year. an we that the

Joel Beatty

Have of you report HARS then And target NRP-X NRP-X. looked and the whether question based on as to a on is XXXX assessed HARS? and -- believe

Dr. Sanjay Shukla

that So we HARS in other it’s we into with something specifically mentioned, are NRP-X, a specific I looking the at, it’s as synthetases. tRNA But to looking and interaction David XX. XXXX receptor also mean, are that. binds

that think important around But we’ll I binds have now people we’re thing that here NRP-X so the NRP-X, on I focused with really point is want knowledge I next key this. PD really the layer this into that wanting how on. think that Resokine can - understanding of PDS regards think we that biology, wants to other With the this that interrogate sort is, to sure, focus information we’re XXXX you and trial. of what downstream really is markers that areas we so now that in

Operator

like I Shukla today. Dr. final remarks. And would call to his the Thank question-and-answer you. for back Sanjay to session end does turn that for our

Dr. Sanjay Shukla

look attention forward and much Thank programs Thanks you. and very you. to as today. Thank updates our providing for time advance. science your We

Operator

This concludes ladies today’s and that, the with And in program. we thank conference. gentlemen, participating you for

You wonderful have may a all day. Everyone, disconnect.

aTyr Pharma (ATYR) 14 May 182018 Q1 Earnings call transcript