TCON - Earnings call transcript Q3 2017 | TRACON Pharmaceuticals, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the TRACON Pharmaceuticals Third Quarter 2017 Earnings Conference Call. At this time, all callers are in a listen-only mode. After the speakers’ prepared remarks, we will conduct a question-and-answer session and instructions will be given at that time.

During today’s call, we will be making certain forward-looking statements, including statements regarding expected timing of clinical trials and results, regulatory activities, future expenses and cash runway, and our development plans and strategy. These statements are subject to various risks that are described in our filings made with Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2016, and subsequent quarterly reports on Form 10-Q.

to disclaim reliance such any not statements these statements. cautioned we and obligation are place on undue forward-looking You to update

Dr. Now, call CEO to like TRACON Charles to of Theuer? I and Theuer, Dr. turn Pharmaceuticals. President would over the

Charles Theuer

for you activities. business third on and us today conference our an update call. I pipeline thank quarter and for financial recent XXXX afternoon, joining Good with and results update TRACON’s will begin

for will that, three our Officer, Financial months our September and the Following results ended Patricia Bitar, nine review financial who Chief XX, XXXX.

taking will conclude questions. we Finally, by your

Let’s has begin carotuximab. with our non-proprietary lead product, TRCXXX, the which name,

We continue enroll patients Phase in a to TAPPAS trial. X angiosarcoma randomized

opened to States than more in sites and have initiate the sites expect European United We several XX year-end. by

TAPPAS designed patients initial PFS of As months. of improvement a to an four sample is to from seven the XXX size detect reminder,

with market Oncology indications, X/X believe this its drug development patients Votrient large angiosarcoma continues execute treated Connective an expect of TRACON trial numbers has orphan to broad design that In In insight we analysis while uses Tissue TRCXXX progress in should and updated strategy includes mid-size and into XXXX provide on the that the tier type substantial trial. that for data patient includes on market the November X Phase preserving Society addition, from adaptive will error. at The present later the second-half we to expansion Meeting interim We of that meantime, Annual TRCXXX week of indications, X. the indications. design the conduct potential, an and allows

pivotal X in to TAPPAS two the mid-market in trial addition continues Phase angiosarcoma, studies advance indications. in In TRCXXX to

early the with year. or accrual Based the of compares renal agent events progression randomized cancer. XXX death cell cell of we defined single of trial treatment data Inlyta endpoint on top and TRCXXX Phase expect of to First, rate primary the PFS, that X Inlyta patients in clear that into next report to completed with we treatment with line TRAXAR patients current

study Inlyta Xb of the PFS to to committee expect receptor the PFS X.X X.X also with which the of data soluble at an at have months on power response XX% and biomarkers, XX improvement assessed combination least review the portion osteopontin time central readout, in confirmed of Inlyta. by predefined trial. We the from months based III, least will with of TRCXXX the which at detect the two Phase TGF-β should with in to and correlated events provide independent be levels

liver the historical of the median RECIST by at Second, partial agent X% safety of X/X we single and all less. by that XX.X of demonstrated combination drugs. in Both XX% X% Phase overall to liver Clinical in of rate tolerated both the of showed initial trial published a well reproduce response of to trial single months these compare dose recommended response agent of as data and in response highest with goal we completed multi-center overall as that a with patients patients, points the TRCXXX data Nexavar Further, was of or of Nexavar. or TRCXXX where doses with report Nexavar well TRCXXX survival treated survival concluded levels pivotal Cancer months RECIST in favorably in that and XX.X of the XX% at and two combination of X% patients continue of enroll journal was in rate the cancer August, conducted by in TRCXXX Nexavar fact, and and and of to is Research in NCI early expect XXXX. trial the The data Phase this trial response cancer, to X Nexavar

cancer PDX we in suppressor TRCXXX initial response trial. Conference on the of opened on implicated expressed antibodies lung in with Yokohama in for World to was activity of Endoglin in second-line tumor patients the combination lung preclinical, with is cancer. at XX% combination The observed immunotherapy. tumor cell this the in syngeneic October. approved Lung X the trial in trial pivotal a activated myeloid cells, of models. non-small approximately also is presented resistance in rate design treatment a of endoglin encouraging type mouse We derived this Opdivo have site And Cancer with cell for of in with Phase inhibitors Opdivo

conferences TRCXXX present Phase were expect Taxol, these the Carboplatin of Cancer. Data a a expected next evaluable presented well and trial to response also of Avastin, We inhibitor as well from preclinical, scientific on VEGF chemotherapy at of total World combination eight data The RECIST. partial with X of year. at patients. three trial and The demonstrated Conference XX tolerated, patients clinical as a in is was to a or TRCXXX, by XX% enroll trial Lung

children in which preclinical we begun neuroblastoma, with funded pediatric with activity a cooperative be to with combination group. on observed therapeutics a based models, could approved addition, In in with oncologists in have trial design discussions TRCXXX through

majority are continue development investigation opportunities of patients and TRCXXX TRCXXX unmet Journal of of blasts on high mouse models. discuss with clinical in the may malignancies needs in to in AML, demonstrating AML expression Blood and data endoglin represent published also activity that from Neuroblastoma on TRCXXX. for based We on AML the AML additional

first-half would the the that product from of Ophthalmology We’ll presentation. been data underscore and selected at inhibitors ophthalmic this wet to from pathways Turning available achieved Phase deadline What wet in to with DNA combination base bioactivity abstract trial Considerable X Phase studies two NCI the a substantial million Meeting combination excision turn PAVE is Trial the had year intended in we single negative repair X/X agents from full which endoglin of the VEGF ophthalmology was remaining not wet in TRACON, with with positive DE-XXX to TRCXXX. there payment treatment X/X report responded be abstract Temodar initiated at is agent our of Santen full were like with will submission companies continues November, AMD ovarian, the Recent pathway that the treatment this candidate, randomized during AVANTE a which time a Santen certain conducting PK now late-stage of the trial, believe in has that the DE-XXX, the AMD target sponsored TRCXXX therapeutics. compares combination of of Based Phase of X patients PDGF completed data XXXX. NCI essential following inhibitors the data progress treatment in Academy in which formulation angiogenic earlier the An dosing high data Santen. development was the TRCXXX for that accrual. with the and tumor and wet data expect in to has targeting American milestone separate of for present developed in efficacy opportunity evaluation conference at We not Notably the product year, Phase by to data enroll an on AMD. $X TRCXXX partner, study reverse in their in with triggered in and second our Phase candidate’s colorectal hoped for set different that the glioblastoma to set Santen safety combined additional safety, novel in first resistance this the small the two of Lucentis and now now is patients initiation ASCO received this with We to Temodar, pathway trial. unmet third Annual doses indication. PAVE TRCXXX. were patients trial types with cancers, to for chemo we Lucentis need AMD. quarter. of molecule stage of the the X inhibitor lung presented and the at VEGF

a dual X is mesothelioma in of and and in Phase also Phase addition, trial a with patients Alimta TRCXXX with enrolling. patients with TRCXXX X the of In cisplatin X/X cohort tumors with solid Phase cohort consisting of arm Alimta

Finally, cancer. dosing a TRCXXX Case X with chemotherapy therapy and Western Phase radiation patients are our in combination in lung with collaboration with at trial patients

data NCI these and We present XXXX. from the expect trials in Case

we these data assess will in pathways whether oncology clinic. Late the tumor of year, predicts showing two sensitivity assets expression patient tumor studies, preclinical that to samples last be in-licensed validated to determine we Gly part As will Janssen. from TRCXXX

novel of and androgen a to first potential small wild-type a treat treatment mutations to studied portion The progressed is TRCXXX, tumor other Xtandi treatment an in is is being dose X allow resistance directed inhibitor. PSA that molecule determine approved incorporate Phase assess for prostate by and receptor the will and X of It androgen cancer. the Phase cancer. to following to assess inhibitor trial confer its Phase receptor prostate DNA levels. TRCXXX in response competitive trial, X/X who patients a drugs androgen safety, In receptor therapy best-in-class circulating of its order for testing biomarker with we recommended

of TRCXXX, on with royalty opts a The intended the Janssen Phase Phase payment dose asset. myeloma. the small TRACON to TRCXXX, receive of and in and dosing molecule of currently Janssen milestones the to following inducing $XX right present the to are exclusive completion expect potent treatment also $XXX.X a we partner potential Phase million trial, any NF-kappaB a or license novel first malignancies, Janssen NIK, to up X early the of escalation If in for kinase the and transaction the portion brought We and complete trial XXXX. of patients single-digit to design decide X details trial retains inhibitor TRACON asset negotiation should of the opt-in to sales. to reacquire entitled that is will or addition including an prior hematological be to in million has X/X low

an to We and enabling XXXX. IND continue TRCXXX with to in file IND perform expect studies

early forward remain can remainder front key milestones. development you to productive XXXX and active enhancing events, number a As a of on bio see, and highly pipeline-related multiple look of including the XXXX potential we with very

Phase for that Janssen development to trial is continue platform with our benefit managing our drug that product TRCXXX and development TRCXXX that our X global and validation existing to the TRAXAR from X angiosarcoma cash for to to trial the cancer, renal Phase by or its cost-effective operations mid initial response the resources provides progress CRO. from believe platform X product multicenter of agreement a liver in our will Phase complexity fund the sufficient our of Importantly, X perspective, X/X financial a TRACON We randomized XXXX. cancer trial, achieve be deliver we licensing the to we cell of And shareholders. safety final for the manufacturing study PAVE we’ll without cancer, TRACON cost manner currently outsourcing assets in rate planned in Phase data leverage and support significant TAPPAS data continue prostate the TRCXXX. bioactivity Phase data wet Phase model, believe portion and the to evaluate TRCXXX and X/X a Lonza associated development allow from international leveraging From of additional of AMD, at can in trial that we planned activities transition

with turn Patricia the call In runway. extend addition, our update from Financial financials. will provide cash financing to Chief time, our Capital agreement At over on flexibility to further our our will Aspire this Bitar, Officer, available who an provides I

Patricia Bitar

million million compared reported in three AVANTE the milestone of manufacturing for periods both development million compared related XXXX. September decreases XX, initiation million when periods flat million three million XXXX. comparable of decreased period earned $X.X months respectively, XXXX, Charles, of XXXX million These Research million for XXXX, afternoon, of nine compared $X.X a increase TRACON and were million attributable you, three nine for for expenses and $X.X upon the period XX, were periods their and revenue to respectively, and Thank and XXXX. and collaboration nine $X.X primarily the September million the XX, in to of the expenses good to and to of and the and million months administrative $X XXXX Santen’s $X.X comparable X expenses respectively, XXXX $X.X of million ended September $XX.X comparable to primarily trial result months is everyone. $X.X and compared General the ended $X.X XXXX, the for July ended the $X.X for in Phase million The XXXX. and $XX.X were $X.X the to essentially periods. and TRCXXX

comparable loss the ended for period of three-month in $X from for of Santen result September period net earned in income million the $X.X of As compared XXXX, a million three-month XX, had we period, $X.X a milestone net XXXX. the the to million XXXX

Our million, million XXXX net and ended loss for the September respectively. XX, $XX.X nine $XX.X XXXX months and was

million XX, investments XXXX At XX, $XX and the totaled XXXX balance short-term $XX.X cash million XXXX, June equivalents million and December to sheet. to and XX, $XX.X our cash, at Turning September respectively. compared

we mentioned, AVANTE payment quarter million initiation XXXX. trial received of Santen in we upon As by $X the milestone of a third the the

during approximately of the the sales of third addition, $X.X quarter, facility. In received million, stock of approximately shares through our ATM from common of our proceeds resulting we net XXX,XXX use

expect our back fund our to turn the operation resources be with to over capital continue to mid-XXXX. that, sufficient to to will currently And We Charles. planned call I

Charles Theuer

Patricia. you, Thank

we a creating value the milestones potentially expect of next noted, nine we number As over months.

to and of expect analysis X trial the of data cancer TRAXAR size anticipate multicenter angiosarcoma the XXXX. results pivotal response we in X determine cancer line early we Phase cell XXXX, initial in trial Phase Phase X the renal key study rate the top TRCXXX, For second-half interim in liver final and in TAPPAS

report For expect XXXX. first-half DE-XXX, and Santen AMD data of the PAVE Phase to in we bioactivity in safety X/X

forward For have providing key into trial TRCXXX, We we early X and of cancer happy in shareholders. of that look With upcoming further answer XXXX. to to right benefit in we our X/X Phase and we be place portion updates and expect to in plans the prostate to questions. regarding the milestones, the will deliver development Phase advance our for remain strategy the confident that, your on patients business

Operator

Tom Instructions] [Operator the the of you. Stifel. first from from Thank question And comes line Shrader

open. now line is Your

Tom Shrader

ear h Good afternoon, to Good again. voices Patricia. your and Charles

Charles Theuer

Hi, Tom.

Patricia Bitar

Tom. Hi,

Tom Shrader

XX%? trial, to thought the about about X% number immunooncology relevant patients want you it see? anymore, like On excited you or the how many to any sense remain X% ORR, what number is opportunity? is And we’ll that Just HCC of see the is would this or of your the more

Charles Theuer

Yes. Tom. question, Great Yes.

is – standard to X% the in Nexavar, therapy So cancer. rate front-line still X% response particular liver is to which in immunooncology

comparative of inhibitor care. Now, to in Nexavar so, comparing as standard the trial that you checkpoint change all know, or year there might next readout is should PDX potentially a and the that

standard cancer. I and The a vice that, second-line or think VEGF going VEGF whether be inhibitors are dominant our of point to agents is first-line versa. inhibitors care still liver use use the immunooncology in

You frankly, need is talk where new for great therapy. disease about a there a

still – agent great. indication and So have top efficacy. Nexavar, having agent think, inhibitors VEGF on be, poorly in example, very I be another But of used very be namely for still Opdivo, that poor will will single would a

safety. trial now think think, unmet And Yes, still so play. as strong first-line it think, – about able be in to either standard build building need upon doing know, have is further clearly, still the we’ll build to chance productive therapy. upon that’s being into we are inhibition say That opportunity push you able a that still second-line than place a to way, a we lung think, to there’s a dual that’s of cancer I feel we particular being cancer way a huge still liver VEGF in good cancer, in therapy, proof-of-concept I will said, could cancer. initial a the But standard show it more as combination Opdivo being with cancer, liver therapy, could forward indication just and because angle to that I indication. such But immunooncology have be lung a with liver

in the So to present of Opdivo ability with indications pursue. many to us terms potentially will options with combine different

Tom Shrader

a to MDSCs? there bit of and is that follow-up the a thought just but mechanistic – And on it’s little angle

Charles Theuer

exactly which doesn’t if is Really activity is immunosuppressive lymphocyte the in a And inhibition on like break, highly endoglin stem marker relieving it of proliferating will, a is, cells myeloid other really is that it that affect which the angiosarcoma, endothelial is expressed It marker. how the within tumors environment, half also you MDSCs. it’s was Tom. in Checkpoint But is cell discovered. tumor. the T

cells further as increase So in myeloid and become expressions expressed it’s cells, including activated. those MDSCs highly stem

that very And now it’s I function to briefly, next conjunction yet be MDSC PDX with has but points data in year. inhibition. there’s a as validates for data target the do that, to publicly good inhibiting see so, those expect that And preclinical putative presented, mentioned

excited us expect that’s trial is to treated happen, is are UAB the see to the So at a for we come very, If it to UAB short-term. and sites additional the conducting that dose that very open in to in first see expect trial, very do soon. productive patient that path but site see do study, is which see expect that online

Tom Shrader

And just one question.

– are loop? highly things well. I the where didn’t in MDSCs think, there thought GBM G closing Any So indicated in work also,

Charles Theuer

Yes, inhibit see pathway. fruit also and that it’s got to that you’ve the PDX to bear the clinic, MDSC I in inhibit think still critical the to

the be the think, key I activity are shutdown, sufficient. of PDX be augmenting It’s and other in alone through it’s not the So in the for view, significant, to of an immune is words, T releasing whether arm MDSCs inhibiting the sufficient hope, cell to has brake saying, in the brake other important lymphocyte be In immunooncology through lymphocytes if we you that on liberate checkpoint T of and that inhibit be not context. is terms then our immunosuppression, of effect MDSCs the context them just which going T in arm. releasing inhibition to your going be could inhibition. the The we on the activated MDSCs,

Tom Shrader

Thanks Okay, for that sounds but good. good. questions. Complicated,

Charles Theuer

it, Tom, appreciate I always. as

Operator

Maury next from question line comes the And you. Raycroft our of Thank from Jefferies.

Unidentified Analyst

I for wondering…. just Michelle [ph] Maury. this was is Hi, on

Charles Theuer

Michelle. Hi,

Unidentified Analyst

you? are Hi, how

Charles Theuer

Good. Thank you.

Unidentified Analyst

would in would And delta constitute population? XXX that, you sort So biomarker walk populations data you to And to to that’s sets then kind biomarker give of valid your would a move what in just on of what renal. had positive two what confidence question you confidence see thinking a want through us do a of in that outcome between the Can give forward? adding terms you here? I are on kind of you

Charles Theuer

Right. Great points, Michelle.

the an X.X months with So, designed of assumed in overall the of to improvement from an detect Inlyta is baseline PFS X.X months to TRCXXX. combination study and

to be we endpoint. endpoint, XX% least, us, at important that I and think, hitting that expected, power to So have would very hit

have roughly will if treatment from If or you X.X to for instance, want see months, greater three-month looking you XX% X.X in anything months And improvement to plan will ballpark, endpoint to expect if I that have power to for very improvement three-month a hit roughly that effect, overall, detect think, see to in to we start a difference. be you actually X.X that excited trial.

more I even predict the exciting would would biomarker activity. a be prospect that think,

clearly And to drug that for be that improvement to patients we biomarker we’re activity in for should able think, improvement, nicely huge can an very high population, three-month in conviction. yet we be their X.X advance degree that very biomarker selected instance, be carve one the a population In no cell, frankly show has of on for out so, renal example, levels, the to combination I with absolutely patients saw, our of Inlyta If show predicts receptor program. of a say, would a in that, TGF-β if same and drug. forceful with a say, a that III

is So that the part of an interrogation biomarker trial. important

Unidentified Analyst

what you And do the be Okay. good there? step then see would data next if

Charles Theuer

question. great Yes,

indications, a in randomized cancer, a for in if the enabled you showing endoglin with great where of enrollment on a strategy think, I thought push sense, that have tumor clear study will, expression forward those for we biomarker the renal general being patients. with have other read activity the throughs the biomarker vasculature. think, Inlyta be would In I cell to basis have

approved a where impact on going. landscape need VEGF example, I renal it’s for cancer, Tom to checkpoint that care, standard into think inhibitors if the cell. immunooncology that’s agent. to account the our may think is take trials, clearly, cell And with addressed the namely Inlyta made inhibitor liver a be we first-line upon the like And combining impact And of with inhibitors I they’ve a setting. PDX lot think, may dual case, become those I VEGF of make fact the we And in first-line that that of may agents also renal thought are inhibitor. to expect logical an seeing already in be would dominant build

with So TRCXXX VEGF have we clearly evidence that inhibitors. well combines

combination are in cell. combining data of inhibitors. show inhibitor the that, logical VEGF if inhibitor, in with a step we be combine a midst plus standard which then of care that we checkpoint a dominant would of be And could can the We checkpoint developing renal next TRCXXX with

to want to take definitely that in would trial that as pending with And with we VEGF logical the Opdivo, into TKI. combination So cell opposed renal next be our account. combining might study just

I answer landscape, really see makes question, think, a what long TRCXXX we at perspective. emerging to So checkpoint what commercial clinical have to look development the data and the do your But is the look with from at Michelle. with and sense inhibitors, most

Unidentified Analyst

immune MDSC seen on was And evidence comments if any activity. then from I wondering of Okay. your earlier, just you’d

had yes, studies – you any lot just the activity immune You’ve and with in evidence a seen clinic? not XXX in have of

Charles Theuer

Yes, great Michelle. question,

would a they So effects those the T arm significant couple done trials agent mild cancer NCI some with regulatory cancer. as cells, see say, on of And on effects, I did mild in single prostate studies. Tregs also TRCXXX effects statistically a bladder but in single has

T So of preclinical we immune in data also that’s, the the immunooncology on for published in pathway referenced I I clinical data think, assessing TRCXXX point some on data talked And the about but peripheral inhibiting there cells that’s had is that effects with the earlier. indicates some circulation. of already, top the another favor that preclinical angle I –

Unidentified Analyst

more. one just then And Okay.

Charles Theuer

please. Yes,

Unidentified Analyst

XXXL common how XXX, On is mutation? so the

Charles Theuer

great Yes, question. Right.

are the apalutamide. on of X mainly data Janssen we our study Phase basing So

on the a who we progress think now XX%. interrogated. of expect to prevalence people approval. in or of as enzalutamide patients NDA formally for following application apalutamide the been has which as most data, know XX% X/X an mutation So approximately study, during FXXXL Phase filed based apalutamide, Phase But And during those X/X I was study the

that percentages use though, point we mutation. detect so And to the out centers following order precision are there to to cancers screened mutants medicine receptor sequencing profile, failing sequence be using of study. broadly patients. predict part many are as in those will the of that a in they as sequencing to prostate treat FXXXL number the enrolling independent patients patients their evolves, identify I that in proactively androgen And NGS of should our

really So us. that will help

for that routinely a example, has recruited study center So, the they there’s the enzalutamide, right technology that where and FXXX on they sequence progression our will to receptor androgen uses patient fully for a know at a away. that of into time They’ll be patient mutation example. come have

in treatment where So those the the is we patients for our sequencing that centers proactively we lot if excellence real the that that do take in base our our productively the resistance, NGS for country part trial that patients prostate patients reason of don’t mutation but resistance are do cancer in be studies. mutation we’ll trial. we’ll know of a that based the And getting the on looking the of outside into can know also centers, of base that key those this

NGS patients through known there already of and some are get patients patients detect and to mutation protocols standard test mutation have in participating on really the that take that these the two at centers for So the ways trial, sequencing excellence. are that

Unidentified Analyst

And in to you in release? line be or data in a would XXXX? a press expect it top then like And should then meeting Okay. would we

Charles Theuer

And the what X this out Phase taking drug formal that the Phase transition the we XXX XXXX, expect we will since I from give X. formally. is do into in be So now to is Phase that X making X to confidence safe Phase are of people drug trial in think,

you terms able we’ll at data, the safety Janssen. the into the Phase full profile we In give those we the do provide discuss study of is what disclosure options with on least, that, should be to, expect of have moved our portion to of which early of But in XXXX, opportunities drug. confidence X partner, and

Unidentified Analyst

Okay. you. Thank

Charles Theuer

Michelle. you, Thank

Operator

Company. from Thank you. next of And comes Needham Messer from the our question & line Chad

Your is line open. now

Charles Theuer

Hi, Chad.

Chad Messer

to thanks at off, I There later always and so, patients this guys. mean, can Hi, you longer is is just taking follow-up? us much? start Hi. CTOS? you, my give if what with expect we to track how presumably, for so of a question. week sense should it much more Maybe And

Charles Theuer

the I that’s Chad. answer, Yes, mean, exactly think I

as the So, significant nine TRCXXX activity expansion trial presented into seen with that sarcoma enrolled after angiosarcoma enrolling the we had we the data started patients. an population. are in we that on in of broad in cohort selectively patients initially on point based a sarcoma angiosarcoma patients fact initial We, in

present, some So you dose patients including hybrid updated present subsequent combination, We’ll scheme expect TRCXXX two weeks trials. the every for whereby angiosarcoma easier an patients. the data we schedule PK thereafter, broader and can scheme those data of a use with would think, to which weekly I a with dosing four using also a go weeks treated on cohort then of in of PFS and populations dosing for

is things two away. this you’ll the So those which main of are week. data We’ll those present only CTOS, see Thursday two days on at

Chad Messer

just KIs by like on discussion then an jockeying for going renal cell, so already And you a to with it combinations seems frontline of earlier inhibitors. lot Okay. specific back of see checkpoint specific

wondering Just wagons up know to hitch for that it have a who do of one sort before wins? while be you you of how It seems to poses think challenge and of specifically we will much a might you? those

Charles Theuer

that is to is No it’s – one win, prove and I going their I to inhibitor is it’s of than each mean, TKI say company going right? versus an independent to who really hard – to checkpoint really Yes, someone mean, head-to-head trial the really alone. compare their is doing I TKI else. drug mean, with better inhibitor checkpoint

in to that’s uncontrolled it’s if So a you trials of data bunch going will, an that, compare be setting.

remain And quite for I that nebulous sometime. will think so

I think, excellent it’s point. an

combined think, feel Nexavar. us, can done Inlyta. Votrient. We’ve with We’ve confident inhibitor. it with done combine the any across We done for we board. VEGF with well We’ve it done We’ve I Sorafenib. it we that with most with

TKI driven other, think, not I it combining based drug. against one which because the the ferret I is think, really be they each it’s better to be on trials And are will your may VEGF pick. given which is So considerations, point, deliver question, data comparing out not to the to business hard, it with the multiple that that by

will decision, So, and of will be a will which that considerations some there as of business in be considerations clinical be lot considerations development some well.

Chad Messer

the appreciate insight. I

Charles Theuer

Chad. thanks, Yes, Yes.

Operator

the line And our next of Hazlett Thank question from comes you. Bert BTIG. from

now Your line is open.

Bert Hazlett

briefly, point, of very lot I just the XXX guess, covered ground, the… you a just Yes, inflection

Charles Theuer

Yes.

Bert Hazlett

As you where very to with XXX, at they needs specific the triggered progress initial much. with there are do can any by – that time? what data or Thanks be Janssen, opt-in points

Charles Theuer

Thanks. the We XX-day question. happen time the But that presented clock point. is any can we Phase a the to at until can X/X point the opt-in that time X/X – deliver opt-in until can data they full definitive opt-in after any clock which Yes, then at Phase the up at appreciate is starts, them. they

safety world to to Phase a that potentially potential in what as emphasized type think study, of because active is Xtandi that also formed in that that those inhibit trial, that a significant it make drug, terms basis on be clear, very commodity. there given it important and resistance of resistance a it points The in that as drug, the no to we an signal, that drugs, us, androgen moving for is trial, ability But from do both is thing makes safe and valuable enough which receptor X is Phase move as its best-in-class. X it I into should mutations it’s wild in apalutamide. that’s with the telling best-in-class to X drug For point Phase that’s important

it sort As resistance think gets also but AR, we the base dominant in that to will space. actual two wild-type for the players mutations these where of be it

even develop the mutant the we’ll initially drug could this though front-line in setting. So into it move population,

into so, world moving And a drug Phase this is that X, the fact we drug. the is this tells safe say which

appropriate Janssen’s We’re them. reacquire for in confidence be – best drug interest and other… it to probably will at will the Janssen the Any time opt-in that

Operator

questions at turn any call further I remarks. any for this showing Dr. back closing would the over not like time. to I’m And you. now Charles to Thank now

Charles Theuer

much you we very Well, soon. look forward Have thanks and a your questions and hearing from interest. to your day, again for great

Operator

disconnect. program gentlemen, the does and day. today’s thank This you you Ladies in may nice have conference. Everyone, conclude for all a and participating

TRACON Pharmaceuticals (TCON) 11 Nov 172017 Q3 Earnings call transcript