you. Thank
thanks XXXX us financial and Therapeutics the for quarter first results everyone afternoon for joining Fate Good call.
Shortly after X:XX P.M.
we be Investors Eastern results releases. our today issued release press press Time with website which under can Media found and the on section of a these
was on website our addition the Media of our XXXX Investors Financial for thereafter Information. and ended March the and In shortly quarter can under XX-Q XX, Form filed be found section
to that on except I the statements would the statements. Securities like involve differ Litigation those call everyone historical Safe in These management Private to Before are that statements we facts, for statements of risks remind statements XXXX. and Harbor the begin, Reform and of Act responses results could this forward-looking by materially such provisions made from forward-looking of to under uncertainties questions actual conference cause
release market March the SEC see forward-looking our earnings that statement disclaimer on included ended filings for in well Form filed with as was company's XXXX today. the as in XX-Q the the issued press risk company's SEC today quarter Please XX, after the factors the the closed
future obligation which should update underlying may they placed be reliance forward-looking only events to statements as required and circumstances. information on Except reflect date or Therapeutics change. Undue of any as these these Fate the are statements disclaims facts not as statements made speak circumstances forward-looking law, to by forward-looking
Vice President Valamehr, Shoemaker Chu Senior Dr. Chief Clinical and Chief Joining Development. Development Wayne today's me Scientific Officer; Dr. on our Dr. Bob are our call Dan our of Officer;
the several recently key we on discuss transformative months, on achieved with comment during we of impact will pandemic highlight past the milestones into collaboration our and the Janssen. the entered business, I COVID-XX Today,
our to and day-to-day impacted unprecedented lives The have with to compelled our confront significantly daily we operations change been pandemic these has global COVID-XX times.
and the of and to continuing extended taken operate families employees protect community, the our our measures their to We health business. while numerous safety have
potential manufactured pandemic operations. that with inventoried clinical after we Shortly to patients. stocked our JPMorgan we sites implementing products our our Conference, our and administration the began confirm lines to clinical and preparedness for enable locations master and clinical iPSC products were changes a redundant in to reassessed off-the-shelf our We
We personnel with planned and also our in-house suppliers the our materials manufacturing support policy accelerate We work-from-home to of the campaigns. essential conducting implemented worked manufacturing key those laboratory of restricted activities. to on-site a GMP and to conduct sourcing
to the We care worked monitoring, closely investigators promote with continued remote activation safety site of data and study and participants, and our sites implemented patient clinical trial preserved integrity. and
our have us of control believe we established have capabilities resilience that to The of will with commitment, resolve weeks. objectives. through GMP resourcefulness, allow operational and and including challenging these advance full us business our We manufacture carried operate employees
We have enrollment clinical of new trial the site been patient by disrupted the and been cadence slowed. COVID-XX has as initiation though
our some clinical clinical to we programs timelines for development across data and our committed these introduced enrollment projected with trials. our to have disruptions respect While remain plans readouts uncertainty and
which Nevertheless, momentum to we all programs business patients. have enroll our maintained of have significant clinical three across continued
immediately For doses our infusion-ready tested in cryopreserved been manufactured released each we of in have and inventory studies. and hundreds programs, clinical our which have are stored for of available use
an clinical product. United We is advanced solid in IPS-derived study States trial FTXXX enrollment with of with completed successfully the we inhibitor the trial therapy milestone cell in dose is FTXXX the a our program significant checkpoint With have I the tumors. clinical treated dose of level at cell I the to believe combination XXX-million FTXXX our now escalation respect FTXXX three patients Phase in stage ever as clinical this Phase and first in
cell a is up to it treatment the cycles. over once-weekly Additionally, one FTXXX clinical consisting evaluate of outpatient two of of a treatment three followed ever course, doses lympho-conditioning novel multi-dose by therapy XX-day trials of to first
I'm of no pleased or neurotoxicity, toxicities, ≥X in consistent clinical FTXXX to report study, adverse cytokine that stage by the incidence reported release serious dose patients. with Grade were dose-limiting and there X no Phase FTXXX-related the three our disease adverse of no observations these prior in events graft-versus-host events syndrome, escalation investigators
up Class dose to in study recognition X the three X patients FTXXX cell partial sites Enrollment with Phase exhibit cancer in of the cancers NK non-small with clinical making these inhibitor lung therapy resistance patients expression killing. or proceeding susceptible loss highly to of expansion where at MHC stage to is XX% cell checkpoint of complete and
to three inhibitor once-weekly treat support dose to XX-day administering dose XX XXX-million at in outpatient stage, along the over expect up the doses with checkpoint on patients up expansion two to cytokine per in the progressed. and We FTXXX failed cycles the cells or IL-X patient with of setting which
therapy our cell IPS-derived the to product the clinical and from iPSC FTXXX first the program undergo is platform emerging in investigation. world second engineered
continue dose combination AML the lymphoma. in monotherapy with conduct of escalation We stage and Phase as for clinical rituximab X to a for trial the B-cell FTXXX advanced
sites successfully total active of have sites additional for We three with currently additional on are and a sites two remote two working we activated activation.
advanced relapsed tumors. clinical or monoclonal anti-PD-LX least scope FTXXX combination We PD-X component January, of and with who evaluate refractory an PD-LX, therapy. in initially of in following our IND advanced one avelumab, second enabling to anti-PD-LX clinical the a solid patients In and FDA FTXXX ADCC intend at tumors therapies checkpoint in inhibitor expanded with investigation solid line successfully immune we to range antibody have our tumors. broad are with combination FTXXX the to across of solid addition, allowed EGFR for application In program HERX-targeted
enrollment with in combination in the We expect patient months. first coming avelumab
escalation advanced X our and the patient for FTXXX stage FTXXX trial With respect lymphocytic dose to malignancies of program, treated the first Phase leukemia. in clinical B-cell the chronic we
uniquely evaluated multiple tumor-associated with engineered components active potential. designed ever be immunotherapy excited We about on cellular cancerous anti-tumor is FTXXX target milestone. expressed the best-in-class for three are to is particularly to and antigens B cells patients this clinical first in
potent non-cleavable In and such that One currently addition sites a FTXXX NK expresses antigen also transactivation CDXX. to of cells CDX for Fc CAR cells additional are and IL-XX high enabling additional remote and as support. novel promotes activation. FTXXX antigens CDXX without is currently CDXX proliferation survival affinity receptor targeting cytokine receptor three our site cytokine T associated multiple tumor novel fusion, of and a on complex the proprietary we CDXX, targeting need working with a systemic expresses active
is days to relapse stealth treatment remission rituximab or lymphoma. of enroll therapy. second with The to hematopoietic combination high-risk FTXXX. Sponsored from FDA trial XX the within have patients Minnesota, study prior clinical In new Cancer this the expected FTXXX addition, of I'm Center, for transplant. by dose application relapse we that clinical University following potential of achieve program up patients Phase allowed based of to three our non-Hodgkin IND Up of complete to in administered on for announce to will Masonic considered the for investigators a is pleased expanded undergoing be early in relapse assess also XX FTXXX partial FTXXX months XX or the successfully scope transplant prevent levels clinical on intended as failure to autologous of X the to
product advance features innovation to our pipeline including We and and development. on candidates additional also build into engineered of next-generation rapidly continue of ability excited NK to rate IPS-derived candidates engineered functionality, be preclinical about cell add our clinical product our
our and FTXXX I'm therapy. the pleased to derived is receptor announce of for first in cell clonal multiple line the expression edited application an a anti-CDXX side. myeloma. mitigate that antibody-mediated to recently for We FDA anti-CDXX antibody with IND therapy monoclonal CRISPR-edited, to submitted engineered investigate FTXXX treatment iPSC iPS-derived intend hnCDXX FTXXX, we of and have IL-XX fusion fracture CDXX elimination to for with clinically the from combination
clonal as serve FTXXX In we the clinical as cellular addition building candidates. iPS-derived a FTXXX product future the to engineered NK line master candidate, cell for for a may backbone iPSC foundational of believe
this of iPS-derived for Meeting, from will Therapy FTXXX at off-the-shelf an starting FTXXX, iPSC of NK Society Virtual material. master the existing engineered line iPSC week's program Cell as and candidate, American CAR-BCMA, using example, engineered product line creation our a master Gene Annual cell we highlight the For
ASGCT, product our recently stress have engineered data announced line iPSC proteins we forms initial the for existing also CAR-MICA/B pan-tumor from targeting candidate associated where preclinical program. the FTXXX Similarly program, at present master been will developed using
ultimately path Sadelain off-the-shelf formed cancer. curing in with collaboration cells many five to and to Kettering, developing journey the As led cancer a NK about foundational this cell may cells T years mission our both Sloan types cell out in you critical of a CAR-T know ago we iPS-derived therapy. role in XXXX on as cell-based of when by Dr. delivery Michel play Memorial guide We to both patients, included our iPS-derived set immunotherapy bring
the field and learnings we've TRAC the expression innovate CAR CAR iPS-derived functionality and creation expression, risk. mitigation cell engineered to cell T the emerging master for continued the eliminate the a of We locus and the our line disease into cytotoxic clonal of and with CAR-T inserted followed pioneered programs. state-of-the-art regulate CAR-T iPSC to optimize years, in to features Over a activity include cell graft-versus-host science clinical autologous from receptor
models cell cells T the protocol occurring We alpha-beta we in primary product our against therapy. founder collaboration raised match preclinical of of counterparts. most the their closely refined with And goal under CAR-T that the CAR-T naturally CAR-T differentiation iPS-derived potent our cell stringent making cells our with candidates
elimination application we CAR submit locus line expression. from I'm master XXX edited track a for to CDXX a TCR off-the-shelf quarter remain in second into cell is IND novel of announce FDA first FTXXX the to derived world's TRAC pleased therapy. our the inserted CAR-T to on engineered for with the iPS-derived that and FTXXX, the targeting clonal iPSC
We bring in FTXXX the patient XXXX. first to to continue to strive
best-in-class Janssen's bring to deliver iPS-derived us. iPSC to invest in to value scientific I make together is increases about immunotherapies brings with and comments deep industry-leading significantly partnership product a our collaboration domain cell-based expertise to The manufacturing transformative The in iPSC ability newly operations, innovation, leadership collaboration build for patients shareholders. it I'd commercial-scale Finally, our believe Janssen. oncology cancer in and like platform. formed our few And
is and Our cell develop commercialize products. mutual NK iPS-derived to and research, off-the-shelf objective novel CAR-T CAR
malignancies The to of constructs. treat we collaboration collaboration includes cancers and four domains specific and by candidates. hematologic and that The is being tumor limited a the associated the CAR is CAR-T Note four collaboration With include both to collaboration are it antigens. are antigen that not Janssen the of contributed seeking construction targeted-based number for deep CAR to and is solid proprietary respect tumors. and the to scope, binding antigen a this to directed to both to cell are targets directed candidates up NK
targets. antigen we the fact, Under preclinical will In specific can innovation, innovate together, conduct CAR candidate. NK next-generation develop for collaboration those and against to and cell conduct collaboration and iPS-derived and development, IND-enabling continue collaboration, candidates activities we each four CAR-T drive
entirely by that for Importantly, preclinical the funding the all activities will IND-enabling receive under perform full Janssen. are And development we these activities all and collaboration. funded innovation, we
an of of collaboration development candidate. right option. clinical have and an exercise Upon commercialization submission to sufficient for obtain license, IND, for activities Janssen And the the the will exclusive completion allow an the exclusive to of
will Janssen worldwide we collaboration development be Janssen's cost, responsible manufacture, And clinical will solely be the for of primarily and for the at responsible commercialization. candidate.
right to losses attainment development profits certain of share clinical United candidate subject we concept, elect and sharing And proof have collaboration to each in States, the costs. co-commercialize. the the upon in Janssen's in of equally For to
like that or are pipeline. or our collaboration, collaboration currently current I'd product include product under under development candidates, that any part preclinical to candidates not us, clinical Janssen otherwise of do by the emphasize, the
product our owned will deep pipeline exploit of to We wholly continue candidates. innovate independently and
an With an was respect received of form million million economics, $XX to the upfront the equity cash at and collaboration share. $XX in $XX per of in investment was April payment $XXX we which million
$XXX collaboration For we development, antigen And receive for for of to up milestone to are achievement the eligible upon target, the regulatory each of additional million up first candidate. $XXX candidate. specified first the collaboration payments and million to milestones sales
in are third in -- payments, proprietary for and up milestone second first million candidates. additional payments eligible in targets, the up to fourth For to $XXX And collaboration antigen each each of each collaboration of to million we receive $XXX candidate. the for milestone
and to In are up up upon targets each upon milestones. development and assuming across to billion, milestones four payments one of eligible collaboration antigen of the the total, candidate, of of receive achievement billion, achievement $X.X we commercial the $X.X only to regulatory
subject the the In United profits equally States, milestone collaboration elect we to in co-commercialize benefit particular are event the candidate, payments these to reduction. of a in losses with and the sharing
commercialized addition, of on products to are up receive double-digit by In we are eligible collaboration sales Janssen. that royalties mid-teens, to ranging net the
key collaboration's I With highlight would value, strategic respect to several the points.
partnered commercialization with in First, teams clinical one we entire scientific expertise. oncology strongest with one, outstanding of have the industry, the development and
We identified and collaboration using building proprietary binding products. Janssen, highly will creating optimized differentiated be opportunity to the candidates domains, by develop
dollars substantial the features to committed the And we will and significant and for has our next-generation and Janssen development functionality, research to the to annual work Second, of development for collaboration's processes support be research including drive commercial-scale innovation, GMP manufacturing and payments scaling of receiving operations. plan.
across pipeline. our rights Furthermore, to opportunity product industry-leading iPSC the to our our an retained And we for platform. use iPSC collaboration Importantly, product innovation leverage this for expand product platform. us represents
existing not encumbered in pipeline, our have any We whatsoever. way product
equal rights opt of interest, U.S. with economic and For in and the profits each in losses collaboration co-commercialization significant candidate, share we the to retained to
would products. of the I that responsibility highlight retained collaboration we manufacture Lastly, for
collaboration provide COVID-XX we're joint a And manufacturing and pandemic. a Janssen committee, for can support thank facing activities, like are to cell team. during oncology all I uncertain challenges, advice Janssen times. new in world-class scaling manufacturing we this the the operation. would building These have and our where formed Under therapy
Janssen appreciative trust that at effort in finalizing I'm their the of was collaboration partnership. dedicated really and and the team placed Janssen this team. to commitment has midst to pandemic this Janssen significant the the our sincerely for in grateful unwavering And that the in time and
ourselves collaboration to off-the-shelf novel Therapeutics medicines cell I'm life-changing really cancer immunotherapies NK begin dedicate build together transformative as excited and to Fate CAR-T to CAR and bring and patients. we this lead
same Turning company's cell compared Pharmaceutical. million Ono the with Revenue first was the last was $X.X Revenue CAR-T the period of derived in to IPS-derived to our quarter year. financial current results. for from the million quarter XXXX $X.X collaboration for
product attributable compared $XX.X first of our expenses compensation compensation of share-based same for lease development under candidates, an million collaboration R&D the Research including and million and new with last XXXX to and expenses for associated development clinical the and our for headquarters. of quarter Ono the corporate the facility with was the our period in to year. increase expenses employee in increase conduct activities including were $XX.X The primarily manufacture our research
The the compensation attributable primarily increase expenses and and General and XXXX million first our million compensation last period quarter increase expenses were in for employee administrative $X.X same the G&A accounting in of an for in $X.X share-based compared legal was year. to including to fees.
million, first expenses of the April cash Total $X.X of excludes of with received compensation investments cash, $XXX million of operating in company Janssen for collaboration. ended quarter and The the with the quarter million of XXXX non-cash which first million. $XX.X equivalents connection $XXX net were expense in share-based XXXX
and into in stock certain X.X million preferred each stock outstanding issuance X.X with collaboration. outstanding was stock common of is outstanding Common in shares under April the XX was conditions. shares excludes Janssen convertible convertible the which million shares million of Common connection stock of shares, five
have of demonstrated these and our and our employees we to unwavering I'm to to and T-Cell act during ability challenges passion. and commitment are NK patients remained bring to changing cells IPS-derived our unprecedented cancer proud times our experiencing I want for significant and pipeline swiftly immunotherapies thank of The instability. to times. engineered pandemic commitment in lives has our shaken us their resiliency. many global all that first-time
your members And up I like questions. sincerely hope Thank all to call and and open of staying family that you now to I'd safe. the well are you.
