MRSN - Earnings call transcript Q1 2018 | Mersana Therapeutics, Inc.

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Operator

Good afternoon and welcome to the Mersana Therapeutics’ First Quarter 2018 Conference Call. Currently, all participants are in a listen-only mode. There will be a question-and-answer session at the end of this call. I would now like to turn the call over to the Mersana team. Please proceed.

Eva Jack

afternoon. Good Jack, at Eva Therapeutics. Business Chief is Mersana Officer This call. quarter Welcome first conference to our XXXX We release updates, a quarter covered issued press this XXXX our today on results first reviewing and business call. which be after will market close available today's section and website. be our the Investors A replay will on of call Media of will remarks, After call Q&A. our we prepared for the open This laws. presentation federal of securities contains forward-looking meaning statements within the on statements of information historical management’s based beliefs not are on and are These currently and available. and assumptions facts cause could vary that actual uncertainties and risks to the to subject the and plans of materially. the implementation They're results company's These filings, report risks the XX, are on discussed without annual in the March company's company’s on XXXX. including SEC Form filed XX-K limitation, company as available information to no becomes obligation forward-looking the if Except the update future. new by in required assumes statements law, these publicly, even I Officer, call Mersana’s over With turn the to Anna that, Chief will Protopapas. Executive

Anna Protopapas

joining and are our first of XXXX. for Good With for our afternoon leadership update you of the today us everyone call members executive quarter on me thank corporate several team.

candidates for preclinical lead our and the another through really unmet expand at early transformational also therapeutics patients Eva to Business development leading our to advancing medical to Officer; by Lowinger, our Jack, Chief addition company Mersana, be innovate a highly focused two leveraging high clinical is poised and In to our platform year. ADC on differentiated important joined on Chief platforms. Scientific by to with need. XXXX David Spellman, we're our building We're our and Officer. continuing proprietary Officer, stage Tim develop At Chief I'm focused Financial pipeline our while

our month last progress review our and me we a upcoming ago. spoke about Let milestone, now

of targeting ADC a It’s the To proprietary the XMT-XXXX a is HERX-expressing trastuzumab and in distinct Phase XX on specifically to uses proprietary optimized with drug remind portion and a trial. is with dose XX. antibody in XMT-XXXX and clinical start Dolaflexin XMT-XXXX. carries me and a payload antibody it HERX tumors. ratio escalation pertuzumab epitope Let for DolaLock a based to you between ADC I

dose muscle and the We to dose progress not in our been continue has escalation achieved. yet study tolerated

presenting June. of Annual be to dose reach XXXX in plan Clinical multiple the continue cohorts at the in dose escalate before enrollment Meeting cell cancer Oncology lung gastric II of will maximum interim escalation expansion at We until establishing American to cancer. We dose dose and tolerated a Phase breast, non-small data initiating and we Society

to cohorts the clinical As we designed proof are discussed have before, achieve expansion concept. of

a payload antibody for a a XMT-XXXX. in non-small antibody Now DolaLock between non-squamous ADC in is to the cancer To on XMT-XXXX targeting an Dolaflexin candidate Australian Brazilian also is on ongoing other of NaPiXb. well same a normal as broadly lung cell XMT-XXXX proprietary is remind has in NaPiXb all drug ADC to to I carries other target XX study. and ratio our a dose tumor you escalation cancer drug expressed is based clinically rare a types. as and validated XMT-XXXX Phase XX.

on our based from We are experience escalation quickly through more progressing XMT-XXXX. molecule dose this

Specifically, starting rapid and accelerated adopted had escalation we dosing design an a dose titration higher a scheme. more

As faster. early substantially result moved doses has a XMT-XXXX escalation

to trial like medical Phase Because testing NaPiXb will platform cancer, we over With is design, matures, to maximum which nonsquamous cell be diagnostic XX% meeting. an As cohorts, levels validated and XMT-XXXX I against over update expansion expressing for of NaPiXb and updates. will Chief that lung NaPiXb preclinical include Tim, more I rather are Scientific assay. tumors our expression the rolls tolerated retroactively prescreening be Officer, we and call tumors. rare cancer to presenting the our the our at discuss targeting, a to we dose, also we NaPiXb tumors data reach ovarian in would on the clinical we other are future once the XXXX expressed not XMT-XXXX into the proprietary turn Similar in non-small the the trial,

Tim Lowinger

joining at today. Hi, and data new for we In Annual April, thanks AACR two on the presented us everyone, Meeting. topics

AS. First, scientists our is step payload provides DolaLock initial proprietary technology, bystander potent cell controlled the Mersana which within characterize the the effect. highly the bystander to the demonstration capable permeable metabolic cells a Details including and cancer further AF-HPA unique that payload converted

not addition, P-gp. passive from it of cells, is drug a the for efflux cancer is only the reported In prevented but we substrate that diffusion also AF pump out not

each the that both believe with improving in payload at co-authored a XMT-XXXX we inhibitor. we was model Also immunogenic to our and that both its payload partner characterized poster to tumor. to tolerability mouse HERX, death. together it by the demonstrated of cell Takeda, was a contributes to design with [indiscernible] combined presented when and ability AACR, express the free induce developed efficacy to checkpoint DolaLock a superior relative In study to Kadcyla Taken efficacy XMT-XXXX the locking the we

checkpoint ability cell XMT-XXXX to death. pronounced cause before effect a to more inhibitor In consistent immunogenic the dosing sequence addition, in lead with its

intellectual demonstration ability our we property continued position. leading of company, to a are also to innovate a continuing As strengthen build and ADC our

provides U.S. patents. issued its proprietary platforms molecules have Conjugates, we patent focused XX unveiling and meetings to continuing discovery XXXX. awarded a As in and We're Recently, forward the payload. on efforts platform broad and Protein-Polymer-Drug for currently at XX shared half patents research and new we auristatin these new have scientific second our new issued look foreign we which also of Dolaflexin Mersana entitled coverage previously, we U.S. were

results. the financial XXXX had continue to As options over efforts our Spellman, therapeutic our Officer, on ourselves Financial first innovate turn for to field, and previously our like in to that call provide And Chief to we overview applying to ADC Dave patients the as leaders remain to that establish an with we I'd focused none. of quarter

David Spellman

now marketable securities XX, I and equivalent March Cash, first of compared with were results cash million as of $XXX will XXXX. March as Tim. million you, financial XX, position. review with XXXX XXXX cash quarter $XX.X our our Thank starting

operating this will position plan the fund XXXX. our half of financial that second expect We into

company increase known resulted Now in as guidance to as January upon in financial adoption providing has this of filing. XXX an We'll of more in results. The $X,XXX,XXX in ASC Topic new accumulated has adopted This revenue be details revenue the on XX-Q our Xst. deficit. recognition deferred and

loss to for March same compared outstanding CEO, XXXX. to first development were the were XX, quarter for the XXXX of were outstanding to for for $X.XX a expenses I $X.X shares approximately Now for shares into or Research XXXX. first quarter million quarter million General million XXXX ended $XX.X million in quarter expenses approximately the per our for The call quarter first million hand over period million first Protopapas. million the for March common the for XXXX share $X.X administrative $XX.X the loss $XX.X same of same XX,XXX,XXX. revenue. $X.X XXXX to period period compared and quarter per XXXX the compared in Collaborative ended average and back XXXX. was to the $X.X approximately XXXX. the in $X.X compared the XXXX Net period Anna the XX, X,XXX,XXX. for will same now was which revenue equals net million, $X.XX in share Weighted for were

Anna Protopapas

summary our year. will for of rest I with Dave. you, wrap up the call of goals the a Thank the

the until are escalate on ASCO goals we we continue XXXX. XMT-XXXX, dose be our we We’ll expansion to reach in continue June for track the to tolerated We disclosing and on executing cohorts. meeting. On maximum dose into all move data will will at

As future will our On will data scientific we dose matures, further update continue provide escalation. the on XMT-XXXX, meetings. we

data plan we select have doses the and reach maximum find and meeting. opportunities to moved expansion the we matures, to share cohorts. at plan II move we And As into mentioned, Phase once the to tolerated through I as data we again scientific the dose early quickly dose the

made platform at select meeting tend the our preclinical clinical I mentioned the work. XXXX. we're scientific ADC candidate we've also and in on development extremely As in previously, and data We disclose progress next our to positive

plan support for thank proprietary to scientific technology Thank at for Mersana. you in all platform also continued We you the joining XXXX. and today disclose your of new meeting us

call open Q&A. to now the will We

Operator

Instructions] question with Baird. Thank line from of W. Michael come our [Operator Robert Ulz the will you. And first

Your line is now open.

Michael Ulz

guys. Hey, Thanks for taking question. the

dose Just faster with mentioned the escalation XXXX, there. strategy respect you to

wondering Just the initial is be able might to there trigger or safety not see if MTD end year we data and a necessarily? hitting by

Anna Protopapas

data coverage we do will point, initiating So, enough to the hope Mike, have an commit get don't next at exactly share but your At to this a share, to be by position when mature we’re thank could to support year. We point year on timetable. the a of commit for to enough and for early just have data that Mersana. we dataset thank end this to to exact you or you able in we

Michael Ulz

got Okay, it. Thanks.

Operator

And you. next our Chang line Partners. from question will the of come Leerink Jonathan with Thank

now Your open. is line

Jonathan Chang

Thanks for my taking questions.

ovarian can how the landscape? First, see evolving positioned cancer about XMT-XXXX within you talk you

Anna Protopapas

this the to disease, don’t platinum have in [indiscernible] product really drug as think resistant by fully patients where with big week, a there. developing the the we're that get to There's there's it These really That's working to a at and longer I data we’re believe get are but really investigators in studying and medical but point, patients. to there plan very that's unmet And question. this patients, who more we’re And beginning starting. need getting need options term all move articulated drug. good fully fact cause we other on exhausted that we next earlier but you in it significantly we’re a know

Jonathan Chang

XXXX if set maybe ahead investor I to and Great ASCO one expectations help you presentation? more Can Thank of can. just the just you.

Anna Protopapas

for Thanks question. the

tolerated said I’ve we not have maximum reached on yet dose. call, the As

patients will escalation to interim up the dosed So been that see drug what data around now. have XX you is maybe with dose

Operator

Cowen. come next Thank Boris line with question you. our from of Peaker the will And

is line open. now Your

Boris Peaker

of Great. how Thanks the overall of you dosing linear my the the kinetics want is anticipate know to to to relationship you can payload amount this delivered actual there? for to and this be do increasing or taking you're saturation dosing XXXX, of I just as kind a tumor the correlates monitor question.

Anna Protopapas

do you want to… Tim,

Tim Lowinger

am I Tim speaking. Boris. Hi, Sure.

is correctly with to if question we your saying much with getting I we’re tumor. we’re if escalating XXXX correlating how dosing you're think as as understood I increase

Boris Peaker

Okay.

Tim Lowinger

or literature others, do as that gradient. not drug directly. To and concentration tumor have our from tumor you there they've that of your increase, increase way know from can concentration a on the Dane measure to non-linear based point any you amount biopsies the we in do gets actual So Wittrup shown the be

directly you is but measure in amount of the the that increase potential we as that that's dose, So can believe tumor, that increase not drug something to to have clinic. the the do we you getting

Boris Peaker

for you Thank questions. Great. taking my

Operator

Thank Nierengarten Instructions] come our from the And next of you. line question will [Operator Wedbush. David with

Your now open. line is

Dilip Joseph

is Joseph Hi, David. in this sitting Dilip for

clarify wondering faster. the currently it a Just sense maybe if cohort little XXXX you to some the you’re elements bit are using XXXX and you MTD in study could to at what if of implement would dose reach make design

Anna Protopapas

Sorry, question, I part didn’t understand about… the your was One Dilip. second of

Dilip Joseph

possible MTD? to in it bit be reaching aggressive maybe Is a little more

Anna Protopapas

Yeah.

don't have there sort started weeks clinic the time be the will higher the the into and comment we XXXX learnings and platform was escalation also dose. and maybe but we Hopefully, at you poster, I have in cautious of dose cautious to titration too So accelerated on our were take cohort rapid see data Dolaflexin – few with in and development. those first in at the cautious but we you walk XXXX on we've Admittedly the the I data escalation. able from our the been will and we XXXX as through we'll into deliberate that. the – and dose learning see definitely you'll been a ASCO we the use incorporated the taking use We mentioned more XXXX wherein we

benefiting from So accelerate of learnings we the XXXX. are XXXX to

Dilip Joseph

Thanks.

Operator

with will the Chattopadhyay H.C. of come you. from line our Thank Debjit next And Wainwright. question

is line now open. Your

Debjit Chattopadhyay

Hey, you good Can me? afternoon. hear

Anna Protopapas

Yes, we can.

Debjit Chattopadhyay

Thank you. great. Hey,

that? NaPiXb asset the strategy Is you the do and of So had know demonstrated. the hit drug a [indiscernible] let activity combo to about Roche that develop when assuming diagnostic you you thinking with there levels you levels start

Anna Protopapas

we validate develop to assay So assay done and has extensive to transferred vendor an that have a it. work been

I diagnostic at diagnostic. and in with engaging it of the the time study, using Phase we starting same but development are development early the companies are We

studies, it scheme will stage develop So as along we into move later of appropriate be we is side drug. the to ready

Debjit Chattopadhyay

Great and more just up. one follow

feasible you expectation? of your you when a XXXX? clinical do in much. or collaboration Thank you checkpoint envision the Is so is if established no that BD with exit So it, a the combo program? real XXXX more of monetary effort MTD that both so for And lead programs, of if

Anna Protopapas

think them. a where So, studies be would we make could combination pursue we and checkpoint like do they sense to one of

think group of thinking would we until I the our – patient least in we we said some establish the initiated is agent combination. single early – interest would at activity before

Debjit Chattopadhyay

you luck. Thank and good

Anna Protopapas

Thanks.

Operator

I'm time. you further Thank and questions no this showing at

So over Ma'am? closing for Chief some to conference now, back or I’d Executive to the Anna Officer, remarks. like hand Protopapas, comments Ms.

Anna Protopapas

like I'd call ASCO. you So, us four call. and you forward thank to I last the to it's only look poster at weeks. for on I at all know of seeing joining our It's been our

Operator

day. our you and for on we and program disconnect. may thank Ladies gentlemen, participation have does This conference. wonderful conclude all Everybody your a today's

Mersana Therapeutics (MRSN) 14 May 182018 Q1 Earnings call transcript