MRSN - Earnings call transcript Q1 2020 | Mersana Therapeutics, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Mersana First Quarter 2020 Earnings Conference Call. At this time, all participants’ lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

to Carmody, conference and Executive like speaker to Corporate now Sarah today, Director, would hand over the your Communications. I Investor Relations you. Thank go ma’am. Please ahead,

Sarah Carmody

XXXX a Good call. quarter covered XXXX updates, morning first on to business morning. first quarter and will Welcome reviewing our We release press which issued results earlier this this Mersana's conference be call.

our call we call the Investors Q&A. section of A will on and remarks, prepared the available replay website. will of our be for today's open After Media

our Before cause of we Form our and filings. cost filed all. SEC to subsequent beliefs discussed are that development new like statements mention that of forward-looking on programs schedule, company's statements that studies; not necessarily in company's our clinical or and implementation and XMT-XXXX planned; our on our than will longer results XMT-XXXX contain the discovery future filings, the and be currently ongoing available. They the management's are begin, identification I'd laws. to February are XXXX including, take if and/or will plans early clinical subject assumptions product for to not the candidates XX-K or trials platforms call and These within company's completed report on the annual actual company's of not XX, federal and are could encouraging at risks are facts more without on and limitation, and predictive will of the These of the the on risk the risks and materially, that historical meaning information vary of based securities including and results that preclinical results uncertainties

duration on pandemic, highly and time. the and company's and market expect the restrictions, the the results. pandemic depend the that the closure operations financial and the physical globally company's on stock efforts, addition, of in company's The and the contain quarantines, operations, business the with common be affects and for value COVID-XX In at other and the of countries in the future extent impact clinical cannot developments uncertain while the development preclinical business will are adversely might we treat predicted of competence taken travel to disease. actions requirements this and U.S. and that ultimate Such as effectiveness distancing of

in the as company to assumes obligation if these required even update publicly, law, available by forward-looking the no Except new information statements future. becomes

turn over President Protopapas, that, the Chief call Anna to Mersana's Officer. and With I'll Executive

Anna Protopapas

and of corporate to Thank the update first and for Good welcome you, our everyone, financial morning, call quarter Sarah. XXXX.

Joining me and Lowinger, Business Finance your and questions. today Officer; Kaufman, Chief are Vice Michael Officer; remarks with Science Manufacturing Tim Product Dirk also Jack, available Technology Chief are our our DeSchuytner, Senior our VP Officer; Brian Senior President and Eva our prepared and of Chief of Huebner, Strategy; Medical for

beginning we make towards the milestones. XXXX, key programs of and advancing executing Since our our against great strides

of details. and unprecedented programs our to our delivering the have on our COVID-XX the while the adopted impacted I milestones. Tim then overview level more of goals achieved key with provide a Brian will what a on and our this focus corporate provide will high and we quarter safety Dirk, ensure has do ways, way our in we to employees us continuing world Although pandemic and we advance the work quickly and patients

women. commitment Mersana cancer. by this options those life-changing disease. and reiterate affected advocacy Before Today, at the promoting groups with to moment take I'd living like I Cancer women around awareness for families, ovarian a recognize and the treatment There supported significant a a for ADC these devastating remains limited developing Day many to today and patient world is cancer, medical the their need to Ovarian unmet therapeutics our begin, for ovarian World we

severe ovarian with responses like With escalation the dose and without favorable other heavily lung who showed or exciting XMT-XXXX has study patients neuropathy, profile saw tolerability response turn that, XMT-XXXX demonstrate of the a disease pretreated toxicity biomarker confirmed have all with These We seen other that neutropenia, ADCs. ocular I we in curable and to heavily presented emerging pretreated in the recently and would an options X exhausted and Phase safety cancer patients data stable relationship. to adenocarcinoma. from data

per are announced the dose we longer maximum had enrolling no at patients portion meter that also milligrams the escalation of and We dose tolerated reached study. XX to squared the

study has early been expansion at of Second, May we XMT-XXXX between a accepted track May to held be report data very disclose and that Virtual the Annual the are XX to XXXX poster XX. Meeting for ASCO from and ongoing pleased to remain on abstract our session

In data the this Time. discuss May plan virtual session, we advance call poster and on hold a at of conference ASCO webcast to X:XX AM Standard to Eastern XX

the by at Oncology Cancer at Debra and Professor University Associate Center call Cannon Sarah Oklahoma Dr. Care We Institute. of will Research the the be Richardson, joined Stephenson Health of the Center on Gynecologic

in heavily cancer. this disclosure towards cohorts of skewed indicated interim expansion we ovarian As the have the past, will be

support provide the accumulated a promising scope and we profile favorable to safety a biomarker details our believe of on establish more disclosure, have we relationship. meaningful patient will to continue activity and response experience Dirk but further to tolerability,

track development step clinical stage remain XMT-XXXX. of is milestones first XMT-XXXX our candidate for goals the we're better set this on believe us our achieve fourth in patients We important ADC X track on earliest milestone of Phase year. is differentiation this potential study half the with reach initiating first of year. A the We in A and to goal dosing to escalation understanding of dose this important in pipeline. third associated

with the on year. and studies in BX-HX on track IND-enabling of initiated have the data disclose We candidate to second half are this

In to platform to Immunosynthen year. on second addition, we're the Immunosynthen our our first the continuing candidate remain of track select and advance in half

ATM and Chairman, Consonance Mott. innovative David advance participation pipeline our proceeds our in strengthens and our used to Finally, This based candidates. be operations as will through to we on balance our Avoro, Capital, from of continue gross received with we our added Capital, sheet support interest ADC $XX Bain million

I With like on the business. all on pass to we our details the give made can aspects that progress more of you it across who would have to team overview,

the Let Dirk over call discuss me first to turn to XMT-XXXX.

Dirk Huebner

Thanks, Anna, and morning, good everyone.

was As of XX potentially expressing Anna mentioned, patients; from patients of two pleased were and date to included cutoff The for and patients, study positive the present had more rare patients heavily this NaPiXb. cancer pretreated most XX remainder X with ovarian to needs. data unmet the NSCLC we February were evaluation cancer X adenocarcinoma, were medical very ovarian escalation areas significant and NSCLC dose XMT-XXXX Phase XX with in

The the of review now and treatment-related Richardson. committee, showed severe key toxicities would highlight neutropenia, or Debra ocular toxicity. the that presented all adverse as well XMT-XXXX Dr. common the I grade were AST fatigue, These most of of peripheral by our as this data frequent study this tolerated and such related platforms other AE findings neuropathy, was events safety transient share three ADC one elevation. most grade nausea, treatment headache, two, with

toxicities XX meter in limiting dose no the square were per milligram There observed cohort.

and with of potential therapy for response a in progress of close expected have ovarian these treatment that studies median with ovarian of that decreases lines a lines as shown rate reminder, zero patients cancer five response rapidly options. other these As the patients. therapy and of run most Longitudinal out cancer for the were cases is had prior patients to

is confirm we in We patient. saw encouraging the XMP-XXXX saw very ovarian first The further our in confirmed that further population adenocarcinoma in responses an NSCLC partial supports expansion fact durable study. and disease and development ongoing confirmed partial dose partial cancer stable response patient and in this of responses

was In observed. addition, response a biomarker favorable trend

evaluable disease identify at XX XX patient stable control square or patients expression, received a it diseases and milligram low out who to For respondents the were of had the or XX XX group. for out XX% benefit responses meter and rate This likely patients NaPiXb or five per above from the of XX% in of six expressing XMT-XXXX. potential there subset for important selection partial In is strategy indicates of of high most treated of NaPiXb no because XX which can XX%. contrast, received patients patients of

no like enrollments. square MTD study, Before in allows close escalation remind I now to us the dose declare dose per new square expansion the milligram The reductions portion for move two that meter study patients XX dose first XX milligram as the to the for I’d the per onto is cohort dose which escalation XMT-XXXX of experienced dose meter XMT-XXXX.

and efficacy through As Anna meter. XX milligram ASCO and on at held presented a patients May and with per milligram extract XXXX will treated by session XX. call a square expansion ASCO data mentioned, our in the being will XX was tolerability poster square conference safety, be include per The and meeting accepted XX virtual for XMT-XXXX meter

majority XX initiated square and As ovarian patients. May RECIST-evaluable a meter through milligram evaluable at reminder, will at presentation date the NSCLC and XX continue With in of August of per milligram patients patients amended was XXXX enroll a was be X, the cutoff the to enrolled patients. for XX include level. later XXXX, at cancer meter dose will available RECIST-evaluable this data per Biomarker expansion study, patients which square four expression

are not the evaluation yet enrolled have patients in the RECIST but reached study Additional timepoint.

data on we today, response. duration duration have limited do followup of to of the Given expect mature not

of lines having durability still of when four heavily resistant, of we expansion the We platinum more some in and with and regardless lung homogeneous expect being in ovarian prior dose information to therapy more the provide but are pretreated on data. status. cancer treated report three ovarian prior that lines patients response and Remember one therapy platinum patients adenocarcinoma to more mature cancer study of

either PD-X in HER-targeted driver adenocarcinoma, patients failed therapy. NSCLC combination have oncogenic In mutation or in chemotherapy, alone [indiscernible]

to and to Our cohorts. in XX both goal patients NSCLC ovarian enroll is XX adenocarcinoma patients cancer

approval a [ph] trial. believe in cohorts where we for said have we allow to particularly he past, single will registration us would a arm chart XMT-XXXX to precedent proof-of-concept ovarian cancer As provide there and expansion for path is in the

over Tim our development turn I call will now and the to discuss to Lowinger work. research

Tim Lowinger

I good everyone. our our platforms. excited characteristics ADC believe the will start and ADC well morning, suited for We're unique payload and BX-HX target of with the DolaLock and it Dirk, development candidate. about first-in-class Thanks, is

Dolasynthen compelling tolerability nonhuman We data targeting with ADCs and have BX-HX. efficacy both and preclinical Dolaflexin primate

recently of line track on continued initiated and STING-agonist also is important this studies disclose the and and cell first ADC IND-enabling progress the the we platform second development. year. of of Immunosynthen candidate data to in remain We our to our supporting candidate. selection our make ongoing clinical development We've design in Initiation half

innate antitumor traditional the show to potential ADCs studies response. and reminder, to the is cytotoxic tumor a preclinical safely and stimulate payloads the of to an efficiently beyond the take platform Immunosynthen be the immune delivered As to immunomodulatory payloads and goal

of the efficacy platform changer. targeted and to We have of remain of for We're this across track ADC data design development fight believe and excited to on our STING-agonist that in manner potential system finalize a is robust multiple second set platform XXXX. innate targets the tolerability, and a candidate immune half activating first select game Immunosynthen potential in preclinical a the cancer and the

Before plan Meeting. like we Research that I preclinical American the to I turn ADCs Annual announced on note would Brian, last Cancer the the over for Immunosynthen with platforms data call to Dolasynthen to at and present created quarter Association we

include Immunosynthen XXXX. time, and AACR The XX. of XX, virtual by now We session poster exciting look this on These data a data format abstracts this ADC will virtual data be meeting will to targeting share work ADC presenting AACR for part outlining data that be XMT-XXXX, forward work. scheduled to as will changed from novel and STING-agonist June our Since a to the preclinical these available on has our NaPiXb made Dolasynthen able May being platform. we

overview the results. I DeSchuytner over financial an And with Brian that, call to will our for turn of

Brian DeSchuytner

million position. I'll highlights approximately you, to Good Today, with for compared XXXX. XXXX quarter thank morning $XXX cash joining equivalents the cash, everyone, us our in the results Tim. of you I'll the of ended We XXXX marketable at securities our $XX.X and start key end approximately and of cash review and some today. with first from Thank financial million quarter first

approximately to the quarter as compared fourth on Net in cash mainly due XXXX. in activities increased the the activities the by the to payable the used $X of when payments operating $XX.X million million same cash in XXXX as compensation period operating compared first million in Net timing of to accounts balance. quarter used $XX.X in well was reduction

proceeds Board. we Life reminder, and announced with Chairman million. interest a through of At-the-Market we As Avoro raised approximately up X, received of this Advisors, Mersana’s facility XXXX, amount Capital financing Capital or Sciences, based that Consonance from in in Bain had set $XX the Capital ATM gross facility April we of David Mott, On the participation on $XX million Investors

X.X of $X.XX, the the of market we $X.XX purchase approximately stock a Through and price the at shares company's this million transaction, closing sold price X million of approximately of in common at time shares price each case the sale. at

we of the debt up agreement additional In through financing existing funds addition, the had Bank. to million $XX Valley with draw option Silicon to

Today, we runway the are providing guidance updated transaction. cash ATM following

We the facility to plan will our proceeds and our current enable equivalents expect marketable that fund XXXX. including cash, us cash ATM from into the operating securities, early

for primarily $XX $XX the associated result first was quarter key some revenue quarter the highlights of our from of of discontinuation first same deferred when the period with a Collaboration to million revenue in immaterial Takeda. in in the financial collaboration with now as recognition the of in XXXX was revenue, And quarter XXXX decrease million the in results. the This the partnership XXXX of of first XXXX. compared

decrease for for offset programs development of same expenses in and manufacturing the payment XMT-XXXX an expenses in Research biomarker. primarily partner XMT-XXX advancement and fee and XXXX. million, increase for NaPiXb was companion decrease development The supportive efforts, technology the a first and costs as for all $XX.X well and XXXX the the due the in were period timing as license upfront approximately by XMT-XXXX, a efforts of the compared to research $XX.X in XXXX in quarter diagnostics to the million variance clinical an for expenditures

in A and expenses per the $X.XX quarter difference $X.XX a of the the the $X.X loss period revenue quarter The in net approximately for quarter was net XXXX was first or $XX.X General were of administrative XXXX. first to attributable for to million, the million, XXXX. for or $X.X deferred share, XXXX of share, of in to compared that recognized period was million in same income compared of attributable million million, year-over-year per in same XXXX. $XX $XX.X first

the the May million the the common agreement of This count Weighted with Common XXXX well and includes and approximately respectively. connection XX average by of XXXX outstanding November, March, XX approximately ended shares were XXXX, were common of million of pre-funded pursuant million. outstanding XXst XX in warrants in XXst for approximately shares million X, March, quarters shares as April the as exercise the BVF exchange as signed issued ATM to X.X transaction XXXX. stock

the I to Anna. call will now back turn

Anna Protopapas

to disruption. strategies business moment of in I'd all of midst Thank you, for science as Brian. of The can. and commitment team's continue on brought put COVID-XX mitigation us. best take such patients our to I'm of in team's and pandemic execute and ability proud discuss to a Mersana we the reduce pandemic ensure the place goals the a like the have we risk to has to impact to continuity challenges and

in for Massachusetts, for implemented travel. Control with of we Centers all employees have suspended all guidance and have line and Disease work-from-home and Prevention the business and U.S. measures state First, from non-lab the

development We our have to processes working also of ensure while to continue implemented team. advance candidates, the we ensure safety to our ADC

of most of in prioritized interest have also employees lab schedules implemented the that we to While activities efficiency. our and continue have safety work-from-home, lab staggered

federal, follow state continue continue to and and and monitor directives. the to We guidelines will situation local

is and From hospitals the a a cancer always the and COVID-XX other countries, treatment. sites burden perspective, U.S. in need will clinical patients pandemic study of but all

can treatment. FDA and possible remote for taken remote continue consistent remain ensuring We on were with guidance their the and steps benefiting, testing focused where monitoring patients have

These of potential across are about extent. the patients with enroll U.S. and and have XX screening up excited patients experienced patients and running We now continuing has to trial. in have to the some XMT-XXXX its with benefit geographic sites sites diversity down slowed over are new to Those

have ongoing, Additionally, certain but sites up hold. we activities are put and new to plans of have bring trials initiation on those sites some of temporary new

the the intermediates of advanced and substance front. are of Overall, sufficient feel this Lastly, of drug manufacturing have to support planned manufacturing well of we than sufficient in and product. we we inventory two stockpiled XMT-XXXX as studies more and as inventory front, support about on years clinical to U.S. good XMT-XXXX where drug ongoing on

provide would call turn Finally, over update for the to on milestones year. for before I the questions, an like I’ll with our I start expected rest of the XMT-XXXX.

call to more at we year. the expansion had and conference the previously As this remain ASCO I a mentioned, look on data session provide and late interim a of able at to the second webcast provide in mature We half data in virtual a to at in track being post guided an May. study look on

execute objective is Our towards that to continue to goal.

disruption to continue appropriate. cell our COVID-XX ability deliver and adenocarcinoma, the lung the provide impacts guidance true lag of COVID-XX we be to as this to ovarian to on pandemic. will To in that reiterate cancer, goal, non-small the likely is If context continues enrollment behind

and look of For forward XMT-XXXX quarter on we patients the track to dosing second remain in XXXX.

for track as the data supporting we're believe and half to our disclose still candidates of STING pipeline candidates, As Tim second a we this said, the year. BX-HX ADC in development on and and development

out to living significantly these goal we are people we uncertain I the times. standpoint. all outcomes the at dedication together a thank a achieving this beginning place our We get employees the work admire for continuity in and for overarching and to from and business our milestones year their through And good of continued we drive cancer. of with remain laid committed reaching Overall, improving as

will With for call that, operator over to turn the the I Q&A.

Operator

Chang Jonathan from from first [Operator the Leerink. question SVB of Instructions] line Our comes

now Your line open. is

Jonathan Chang

congrats And on the for progress. Good taking thanks morning the and questions.

make that we’ve ovarian dose an other should to dose your patient population the could dataset? expansion Why data of activity improve. set argument not? your the compared Would earlier escalation question, or fair space, that cancer seen in on it be line First one have expectation platinum-resistant based to data why

Anna Protopapas

you question, Jonathan. thank for the So

topotecan As potentially the still four platinum-resistant lines no is rate the we are said before, chemotherapy, patients, of And established. chemotherapy in rate heavily response the pretty response treating patients of pretreated as expansion cohort three, XX% the really for are standard care patients agent response single there is with a know therapy. we you well single-agent PFS. rate there pegylated is better [indiscernible] than doxorubicin The and

As you very population stable responses patients, heavily later this cohort what confirmed we've dose in the seen patients escalations expansion pretreated recall significantly and data, disease prolonged from our stage represents. than

So we've in response of later And forward patients. registrations I activity into establishes a already rate achieved a moving significantly that superior level supports market think registration, custom stage path. that

market could better that I Of get really So think it to have course benefit don't registration strategy. can it early? and meaningful with path a a has could. faster But have a forward drug it necessarily the patients to

Jonathan Chang

just curious your Got population expansion Thank the it. question, around of you. addressable has experience your expression of a the I'm in that valuable And you potential, and thinking the will patients change escalation biomarker and majority indicate with the have dose data. expansion? second NaPiXb the prevalence from both

Anna Protopapas

Jonathan, question? the repeat sorry can I'm you –

Jonathan Chang

Sure.

around that portions? of and had valuable guys have curious a expression has dose in data. escalation biomarker indicated expansion from experience have you I'm potential, your and You the addressable population the changed thinking the patients will the majority of with the NapiXb expansion prevalence if

Anna Protopapas

a to although That encouraged our that we all all samples. correlation we expansion range clinic, be data use we said in that understanding encouraged of of the tissue encouraged are seeing establish the to to remains are cutoff, the be that feel consistent did are the from we've ovarian broad What is And to we in biomarker we as continue experiences the really so good expression. the data the a continue really and of and we understand entering the get haven't patients the from cancer to we we in like do work patients do clinical with did not said, with all of the work response we cutoff. cohort we being we established leading totality expression we up seeing. the to the Yes, would – NaPiXb

Jonathan Chang

Got it. Thank you.

Operator

Thank you.

Our question Debjit Chattopadhyay H.C. from comes line from Wainwright. the of

open. now is line Your

Earl DeSouza

Friday. the Hi, is all good in progress. on DeSouza everybody. Happy Debjit. Earl morning for Congrats This

Of I of you that be us. Just a your XX earlier you majority cohort? during patients? XX patients follow-up what few remarks, these that of talked And presenting, questions about but is will the length the from from milligram the the know it be would of

– towards what path? of guess a question you head follow-up a single And Thank convince would durability control registration would I question to disease arm my kind be would of second you. be

Tim Lowinger

on it have So that weeks for thank patients questions you on really or really study you and The durability for more. six been that is appreciate depend just – on we study would we and have that [ph]. have the – patients Debjit for can a have few been months

we the of So a disclosed said mature patients in a of of duration in the such second trial. the all half that on have as given be the the premature being data past data to time variation have determine the really the we little treatment year. in will It's

I'd that As per and question Dirk XX to mixture my of about milligram, XX answer. colleagues. Maybe like the to has defer your milligram

Dirk Huebner

Dirk. I that question. Yes, welcome this is

August patients started that the perspective, call from said we to we was in started – dose year. cohort we’ve XX moved, in in mg/mX that milligram XX cohort on the moving last over the As And certainly December.

patients to that available for the at compared milligram. So milligram and we in presentation. XX study patients splits you XX patients the But milligram are longer, the little It's course are more because XX have if on of the both half milligram you're have somewhat duration on to XX the a like. going those assessment in

Earl DeSouza

Thank you.

Operator

Thank you.

of comes Cowen. Peaker line from question the next from Boris Our

is open. line Your now

Boris Peaker

a point adequate to kind discuss progress. FDA? just the to in of with data first in in path And to forward hand patients you obviously the and regulatory congratulations curious is I'd enroll My with question cancer at more you my ovarian which morning. do arms, as in Good add those be dose position like the anticipate to expansion

Anna Protopapas

and Boris that decisions we recruit we question Great as that would said patients. evolves, well to thought XX a to experience that discussing plan XX the reasonable meaningful planned and make Obviously a had FDA. are informed internally. But one look we're that. was We We we originally patient with the at and discussion really on plan this and point. was remained continuing the data at have that to

Boris Peaker

Great. my of XMT-XXXX question, outpatient are these need on I'm these the to curious, in just they And show how just follow-up the the logistically being how study treated patients, every they patients majority setting? do the are long up And the facility? to frequently stay hospital treatment And or at do

Anna Protopapas

that able think, to might you an question. I Dirk, to answer better give be

Dirk Huebner

no, Sure. setting. Yes, an it's outpatient

So collection samples things pharmacokinetic some cetera. in and for after blood for usually et of what's lab values, patients dose administration then different collection, come happens for

then on on day. we So hospital they but with They follow-up and first don't schedule that weekly on those in happens the come stay a the and back the patients. third second

Boris Peaker

for typically visit? all they Like just I'm curious. the with just do And how long and stay each assessment? infusion the

Dirk Huebner

hours. Yes, that to be little the be day follow-up days would longer up is shorter. be first could eight a would The

Boris Peaker

Great, thank my for question. you taking

Dirk Huebner

Bye. welcome. You're

Anna Protopapas

Thanks.

Operator

Thank you.

of Shrader from comes Tom BTIG. question next from Our the line

Your open. now line is

Tom Shrader

some is had Good the of patients? some but expanded this everyone call. last I to the the saw data. there taking – Remember apologize or are doses we is XX, new Congratulations. been those May doses all morning. the had for time of been some – XX else, Thanks obvious dose that if

So is new this all patients?

Anna Protopapas

cohort the valuable doses escalation. are patients on The this disclosed patients study. they XX are in expansion plenty are ones we the of all A different and the part of that patients than ovarian

Tom Shrader

nerdy in Immunosynthen been same program, low-hanging dictated that so has STING And of your after on the be question tumor there's tumor done approach. of of you. expect you go but a hints Are literature non-systemic think then types roots? Tim if Do have you Great, whether tumors with for I direct might work to to good thank much exciting in been kind the terms thoughts before? could, STING the the for by you get couldn't fruit there on where that Just injection.

Tim Lowinger

I questions. love nerdy the Sure. Tom

Immunosynthen very this we're progress agonist, I our to ADC look we forward think pleased the first candidate the in seeing STING second with half platform. we're of disclosing And year. in the

think I what we now data across can multiple that have I say is targets.

good a we So which be. single we of appropriate what And ones target. and a understanding just it's not also may targets very are think have not

I all think the data. half in really disclose we'll that's the But so can And today. I say second tuned stay

Tom Shrader

Thank helpful. That's you.

Operator

Thank from next you. Morgan. [Operator from Instructions] question comes Fye the line Jessica J.P. of Our

is now line open. Your

Jessica Fye

we be much abstract Hey you. get taking of full set difference you stage the for my we'll Thank guys, and the will in safety about ASCO us Can so Thanks and morning. please abstract get help in in amount there? good questions. think relative to the the the information will for how patients abstract the the presentation, many evaluable

Eva Jack

it. Great Jess, asking question for thanks

the late As in you was February. January, abstract submitted early can appreciate

would really as walk is we'll the data to The full I at where data the anything chance else. May really everyone rather So more disclosure at set. on guide XX, through look than have a it to place you look holder to our

Jessica Fye

second the Okay, in press expression. of response between question you May release, is the be an earlier sort great. biomarker one, on on ASCO talk building the data about and reporting relationship

we So should response of should expressors? patients the rate across look or we at higher group for ASCO, to overall XX subset at a when oriented be investors ORR at ovarian look the

Eva Jack

population the defined said, did be as as at total more well but overall cutoff, in response rate data dose response we'll yet able we we definitively – are, that escalation, haven't the as We to we the we've – biomarker will as looking And both both. are get we we the share response relationship. present as rate the relationship and

Jessica Fye

thank Great, you.

Operator

you. Thank

line next the Ulz Our from Mike Baird. comes question of with

open. Your line now is

Mike Ulz

question. taking well. progress Congratulations for thanks the as guys, Hi the all on

question on a XMT-XXXX. had Just

might You of of mentioned factors enrollment, us the driving lung enrollment other lagging that? sort to that non-small timing due remind there Can is be and were that ovarian. cell behind you just

Anna Protopapas

sites was so that responses cancer not ovarian Also more the think we escalation focused we've Look, in in win ovarian. ovarian. primarily cancer successes, off as get started because more primarily with on with success recruiting we always moving in I had that We lot dose ovarian in more cancer were is patients as fast – said accelerated, enrollment lung a sites. we could ovarian that

seen just between we have new were and trials relative that it's ovarian number we competitive lung data delayed. our more is running lagging experience a lung Other lung, beyond been we're with is in but and And are behind. more We focused planned have there of that lung – – to but factors of that on body sites lung. are have increasing partially have be we a today, up –

that are We to are if track in and still cohorts we the want this will recruitment let we're working to monitor recruit that changes, continuing towards But we we year. bringing extension the on And patients know. you believe XX this up situation.

Mike Ulz

maybe Got another question it. And then That's on just helpful. XMT-XXXX.

So, to this you're track still study Phase on start quarter. your X

could well? dosing strategy about and design Thanks as you your just maybe study talk the So there

Eva Jack

quickly escalation Yes, dose recruiting objective we through move – be as will our possible. is the dose in escalation as

cohorts. more And trial escalation that's you move both ovarian single as we’ll way the with recruiting patients as be share that dosing lung are first quickly can we to possible. be dose the through few we the will trial. because information patients about able doses patient as We dose start cancer and initiate and And

Mike Ulz

you. Thank it. Got

Operator

you. Thank

comes Securities. question from line the Wedbush David from next of Nierengarten Our

Your now open. line is

David Nierengarten

or archival of opportunity just be them I the quick Will, on cancer ovarian if for to comparing to difficult to a samples Thanks. samples data time question. you there – the it's – see understand presentation. question a have ASCO marker Thanks. over patients? longitudinal any Just bio pay that fresh any and have I

Eva Jack

of Yes, ASCO the part it be will not presentation.

David Nierengarten

Okay.

Eva Jack

point of protocols. And something the in it's future, of we’re at get this might from current That's protocol the not paired not biopsies it's the but to treating. part patients embark part we on

David Nierengarten

Okay, Thank you. understood.

Operator

I Thank call questions. closing time, and to remarks. no would showing for over At CEO like the you. I Protopapas, this President further back turn Anna am to

Anna Protopapas

everyone to want for the call. I thank on participating

a in expansion look that weeks to few share We the talking with time. are you at the again very to to excited and data you have opportunity forward cohort to

Operator

for concludes participating. this conference today's gentlemen, call. and you Thank Ladies

You may disconnect. now

Mersana Therapeutics (MRSN) 8 May 202020 Q1 Earnings call transcript