Earnings call transcript Q1 2023

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Operator

Good morning, and welcome to Mersana Therapeutics First Quarter 2023 Conference Call and Webcast. Currently, all participants are in listen-only mode. There will be a question-and-answer session at the end of this call. Please note, this event is being recorded.

I would now like to turn the call over to Jason Fredette, Senior Vice President, Investor Relations and Corporate Communications. proceed. Please

Jason Fredette

everyone. afternoon, Good

to potential please the and this laws. meaning cash are those releases, clinical associated data our include, platforms, begin, plans of forward-looking These will payments, and statements runway. potential and objectives, operating our trial the but related to, business execution limited and designs, within of not therapeutic product note we of potential candidates call that collaborations expenses contain and statements the regulatory Before federal strategy, commercial securities opportunities,

with Each and risks of on Commission those actual differ to discussed Form filings. these forward-looking XXXX the XX, These subsequent statements February filed SEC Annual from uncertainties and are results Securities in uncertainties subject risks our and projected materially statements. on in cause Exchange that such and are in could Report to XX-K

sec.gov new at by update our available if even law, are available assume mersana.com. required forward-looking no we filings and obligation to in the information Except publicly as future. on Our becomes statements website,

the me our Officer. Protopapas, and that, President let Anna to Executive call over Chief With turn

Anna Protopapas

And Jason. our conference everyone. you, Thank Welcome hello, to call.

today Brian me Financial Arvin Chief Yang; with Officer, Medical are prepared and Chief Joining Mersana’s Officer, DeSchuytner. remarks

who have your be other also management here members of to We answer available will questions.

shaping to year XXXX transformational is up be Mersana. for potentially a

candidate cancer. while this the suffering from also for execute patients a are a comprehensive unmet a topline UpRi, development medical of class address verge significant plan ADC we for We first on on data potential ovarian readout in needs for clinical to a with

strong our are had with footing. the three large collaborating on are thanks part we’ve the business utilizing we to financial this doing our proprietary organizations development the in are own and advancing of on We and other a also all pipeline ADC successes front platforms several

date. acquisitions pathway. accelerated pursuing of mirvetuximab reaffirm numerous a ovarian cancer, data largest and biotech In collaborations, specifically, ADC our single by one presentations, objectives historic just the exciting approval new arm evidenced are approvals, platinum during to resistant for as period additional recently new We the

And for of demonstrated from a approach platinum the need early physicians cancer perspective, to willingness the of to uptake has medical high product in embrace and unmet treatment commercial targeted and both treating the resistant therapy. a testing ovarian this

well-positioned And and of period. the so development approach the we to momentum in the here with hard to to very in at decade midst we’re our Mersana, believe exciting work of stage are of that add Thanks taken advanced clinical a platform UpRi, to we team the development innovative field. ADC the have a by we

putting are trials our three strategy We a areas ovarian of cancer seek as advance to clinical heavy as emphasis medical to medicine foundational that address we on high unmet UpRi establish need. a ongoing

cancer of registration is uptake the by enrollment high. as rapid XXX ovarian platinum UPLIFTour trial late-stage our platinum first patients single the resistant approximately phase, in The is very disease medical recent patients need in product in unmet for resistant this trial arm evidence and

trial This in and market Phase outside cancer. in of U.S. our monotherapy expansion into potential confirmatory by trial designed significantly as is lines sensitive a UP-NEXT opportunities clinical is supporting of earlier UpRi serve potential platinum X our the post-approval maintenance approvals of U.S. treatment recurrent a increase to therapy as trial the ovarian UpRi support

for June oncology upcoming we for hope conferences carboplatin data potential from Phase have submission UPGRADE-A, will the line the mid-year prepare potential began after our With in in of cancer. sensitive around a BLA year, plan there’s end top data of and early lines then inform our UPLIFT commercialization. trial the to with X this combination treatment. path We And ovarian of to platinum UpRi

function ovarian diligently NaPiXb and cancer a we we deep can medical affairs commercial professionals forms, tested. small Those with we’re small team running to hit ground For the working with of have core ensure our instance, experience.

of X FDA BX-HX UpRi, recently Dolasynthen trial our in Phase XMT-XXXX. Phase placed progress on working product XMT-XXXX, the our our candidate the make X continue we to to address clinical holds Beyond clinical of trial and are

I’ll discuss call our plans further over To clinical and Arvin. turn progress, the to

Arvin Yang

you, Thank Anna.

heavily Let’s ovarian very discussing medical have of cancer UPLIFT. begin advanced Patients significant need. remains of disease a Platinum at an by prognosis. poor resistant area unmet stage most this and are pretreated

response treatment rate previous For single agent XX% is in an demonstrated chemotherapy, limited are to most trials. of options patients, which consistently approximately objective

to fill UpRi. care in seeking this with We’re significant gap

is which release and in pre-selected an of retrospectively compared the several In alpha differences determining MIRASOL, for as worth patients. positive populations. to MIRASOL UPLIFT, trial Following from key data we receptor NaPiXb on folate are it our positive noting label, enrolled population mirvetuximab’s based and status all-comers

We majority believe expression. of ovarian patients positive NaPiXb that cancer least have a at

In has In fact, tissue positive are unique ovarian patients contrast, only suggests data ovarian dataset XXX that roughly samples of of a the date large assessing receptor presented positive. cancer patients NaPiXb that been available cancer have minority alpha folate to that XX% expression. NaPiXb suggest

by four We reminder level who therapy one ORR MIRASOL have patient enrolled can and who prior SORAYA between serve received one lines. had also to We how to type of patients compared MIRASOL, in pre-treatment. to patients as of enrolled the be which both believe observed and lines received differences three influenced UPLIFT the a prior SORAYA and

patients neuropathy We both grade also uplift, underlying from and excluded while these patients MIRASOL. and X with enrolled SORAYA were

endpoint based objective The is dose largely endpoint from to expansion Our agent chemotherapy encouraging positive for response objective in UPLIFT’s the cohort. will or the data confidence criteria interval. the rate XX% single response on aim primary from the were investigator our assessed XX% rate ORR the population. broad primary exclude inclusion NaPiXb

evaluate of the in In we expect ORR, UPLIFT or with DOR of safety the to FDA along duration to data. the addition response tolerability overall context and

patients options time treatments, already have continuing to addition patients There the cancer to have many recurrent need are available ovarian Phase our UP-NEXT disease. as trial. substantial maintenance In is in enroll they new X we UPLIFT, exhausted a for maintenance by

and restrictions or better need induction stable label These the enrolling the recent to inhibitors, PARP placebo. is prior this have achieved the positive NaPiXb must they maintenance, patients. the must with only to related larger. recognition is be or getting UP-NEXT And is of lack patients disease in patients of receive standard trial response UpRi recurrent their X:X in chemotherapy. of randomizing to care In XXX

primary is Our independent progression-free blinded trial review. the or for endpoint PFS by survival central

and evaluating lines the Our combination third in served trial the of is carboplatin. treatment. with as in UpRi UPGRADE-A carboplatin standard has of of combination earlier ongoing care cancer Historically, ovarian paclitaxel UpRi

this ability including neutropenia, challenges severe beyond rates However, neuropathy have to and cycles. combination six of dose distinct peripheral alopecia tolerability limited high the

We platforms we’re seen to this first second patients toxicities combinations. for sharing treatment in UPGRADE-A it for the as well profile forward to looking then in into and carboplatin with commonly In initial monthly were with UpRi using dose for dose six may ADC interim receive complete combination a is observed UPGRADE-A, quarter. expansion we in escalation cycles other of UpRi tolerability trial maintenance our year. We monotherapy. UpRi half position data up as differentiated without monotherapy the in the expansion an believe to continued And dose induction pleased and move in

clinical other stage Before delving our cytotoxic XMT-XXXX. into ADC

unfortunate following In be we SAE, Immunosynthen our that event STING-agonist Let’s then quite a suspended to trial X clinical it directed deemed patient trial dose and ADC. XMT-XXXX. to our related SAE enrolled touch voluntarily or XMT-XXXX, adverse on HERX Grade in March, escalation on was which product and trial, The X FDA in at occurred the initial of placed Phase is obviously the series was the The candidate the of dose this hold. the second level portion unexpected.

and hold to recent we’ve these In and in we’re continuing to the data analyze data. received weeks, who clinical cytokine dosed two plasma are for prior the trial the PK patientsm,

steps FDA’s and hold response the We’re prepare we’ll for next to a evaluating clinical letter. program the

solidified. update We once our will an been provide plans on they’ve

Now let’s to XMT-XXXX. turn

and payload see Our tissue. a DolaLock precise particularly bystander Dolasynthen as BX-HX. is six of high our its controlled with tumors XMT-XXXX to equipped targeting antibody drug of We given in and a expression limited compelling target ratio healthy with target expression product in its variety a candidate effects. optimized BX-HX

of breast, ovarian enrolling I’m which complete to happy making we of report escalation trial in and good firmly portion trial, that cancers multicenter and track remain with X is this the later this portion our dose the on to patients endometrial are progress Phase year.

Financial With Chief that, turn our our Officer, for let’s DeSchuytner, an financials. over update on Brian to call the Brian?

Brian DeSchuytner

Thank you, Arvin.

readout We a are topline strong upcoming in financial approaching our data position.

available credit to received the see approximately us. milestone and Beyond million collaborations first ended initial also of revenues. and the those in beginning line the form a in cash we downstream upfront securities, equivalents past $XXX year, of payments $XXX have benefit quarter with cash, transactions million we’re the in of over the discovery marketable we We from to

of expect the XXXX, operating our plan to potential available funds commitments half well several our past of milestones into We support significance. second

that assume realize future guidance milestone payments proceeds we our runway that from collaborations. collaborations may It or current does should cash also be from not any noted our potential

the collaboration agreements year-over-year XXXX in Now revenue the in for $X quarter to used million operating million activities, XXXX. increase $X.X same our first the quarter. $XX quarter cash and to a of period first which with KGaA recap Collaboration was P&L primarily brief Net XXXX. for million first The our for compared for was of approximately for of related Asana. the Merck

to costs the same $XX.X quarter UpRi development expenses increase and of to in was XXXX. primarily period related first in and compensation Non-cash R&D related of Research and increase was were in to million an expenses XXXX stock-based related the The clinical for expense compared for XXXX million. headcount. R&D million $X.X first manufacturing quarter $XX.X for year-over-year higher the

a XXXX. quarter related compared period XXXX. expenses G&A were first XXXX period million. General year-over-year headcount. medical to and same increase quarter quarter compensation $XX.X loss million $XX.X million XXXX to was XXXX $X.X Non-cash was the affairs million $XX.X was of activities pre-commercial same the in related net for of expense million for the in first of first Mersana’s for increases to and net during administrative the The expenses loss in G&A the in $XX.X for compared stock-based of primarily and

turn to I’ll a the back remarks. for Now Anna few over closing call

Anna Protopapas

Thanks, XXXX lines up be all is a ahead. to and for excited Brian by In that Arvin. lining summary, year Mersana we’re transformative

the plan import end midyear around potential We major UPLIFT plan conferences for data for submission top line year. the in with June to of expect a We oncology significantly the BLA UP-NEXT. following enrollment from expansion report also trial this data advance trial confirmatory the initial advance of half second year. the and expect UPGRADE-A in in portion to dose the We’ll entering our to of

related team we all look We year. continue Phase forward plan will development XMT-XXXX. to to next X on updated of steps the XMT-XXXX keeping portion of to dose complete to this progress. to Our our escalation evaluate And of work finally, trial our you

you would provide Operator, Now, questions. the instructions? please let’s call open the to your

Operator

Thank you.

begin now the And with [Operator will We comes go Morgan. first Instructions] from Brian Cheng ahead. question J.P. today’s question-and-answer session. Please

Brian Cheng

heading one Thanks taking Hey alpha morning. of – saw Maybe have question guys. you my on just into receptor a presentation that NaPiXb. we there ASCO, on for folate also this and expression ASCO

can looking on Thank we should I what you. and what shut have follow-up. And So light a that there? then you presentation entail some be for

Arvin Yang

Thanks, Brian. that This question. address is I Arvin. can

we’ve sharing tumor datasets NaPiXb samples at forward look from cohort that expression comes me that the was the is alpha folate purpose receptor where the to study. to We’ve other folate And UpRi NaPiXb we from one XX% our relative described that expression, approximately XXX review what So how set our recognizing we’re presenting. and ASCO based the is XX% it of evaluate data the of information to positivity FDA Phase alpha. to receptor of mirvetuximab, in expansion on X seen external study, and it’s really a

Brian Cheng

on that get topline, could there this And the Great. and efficacy one heading top at outside measures response additional of later later – of UPLIFT duration any UPLIFT of response, the just year overall topline? maybe topline midyear, rate into are we

Anna Protopapas

the well key in conferences So duration June midyear secondary the and for primary I said, as the overview response as and endpoint overall be – of response will the we’ve the study. safety as endpoint after of the showing rate the of we topline think will course oncology be

Brian Cheng

you. Anna. Thank Thanks,

Operator

next And our you. comes with Chang from Please go ahead. Thank SVB question today Jonathan Securities.

Jonathan Chang

Good my for morning. Thanks questions. taking

impact your the First question on UpRi that on the how opportunity and recent MIRASOL does thinking strategy? results,

Anna Protopapas

very remain the We Jonathan. UpRi about excited opportunity,

and agents has efficacy the agent medical what cohort. overlap different this that robust patients a unmet high from alluded tolerability the desperate need a and as differentiated an have is know, Arvin remain an high and course, new very And of by We’ve in to, and we and expansion evident significantly profile quite is between UpRi. very prevalence this NaPiXb about seen just of limited. is folate a physicians high from shown we’ve you area ImmunoGen, need. we There’s and for As excited

So agents we hope new there’s a fill gap. and that patients desperate UpRi for need for these will

Jonathan Chang

we second Got from program? Thank And data you. it. BX-HX question, the see when could initial

Anna Protopapas

guided yet have this What the excited mentioned escalation dose on is call this complete and we and as our about that guided target to to disclosures, to we point is end platform. I are we’ve Arvin I we’ll of very think expect but not the a year. and Dose is escalation think for by an ADC we for think that proceeding program, at the great planned data

of escalation. data we approach So we’ll the as on make completion that disclosure decision dose

Jonathan Chang

Got it. Thanks for my questions.

Operator

today comes Colleen Kusy our Please ahead. with go Baird. from you. Thank question And next

Colleen Kusy

questions. our good Hi, thanks morning taking for and

also in patient you’d need expectations the population in get NaPiXb that’s the to in a patient coming low you report to show And broad On what readout population? data have do expect midyear. any Would overall you the label? on UPLIFT to up

Arvin Yang

Sure. Thanks, Colleen.

expect we in only population secondary do a share is which endpoint, data endpoint. key is So the to the positive overall not but our primary NaPiXb population,

This key populations discussion the that keeping of a need for broader in endpoint agent response the low also a really benchmark in question relationship actually mind indication. FDA your rate in to what So second population? XX%. could to secondary rates you in approval the these alludes with response a would So see for both chemotherapy of is single in to support

order population the in response NaPiXb by we response the population in generate be the Now rate. imagine would not could overall rate population driven said, that completely to being overall positive that

Colleen Kusy

Got follow-up you to upgrade it. many Thank are you. the That’s expect able say on roughly much And you’d you’d how helpful. year, then later how data expect to patients this have? and

Arvin Yang

that XX we escalation year – had dose completed approximately quarter that last the this phase. we year, And patients initiated announced well, first the that indicated of completed within we we had had then the So our had dose portion. we in and escalation had expansion

approximate to second available be would relationship follow-up just be patients will for year. those many then And of can also within determination in escalation. you gives patients of for this patients. to dose be how So some in the presentation would That many available that made how you would have half we sense the relationship the in

Colleen Kusy

study just out follow-up Thank reading Got later. last you. That’s it. helpful. And then UPGRADE on the that’s

that mainly on safety would can help or So a there kind bar the of be at you focus us readout? for efficacy in

Arvin Yang

Sure.

X really for with primary the is that focus instance. study a a the off toxicities, a So Phase and care provides great non-overlapping it platinum to profile standard it with is affording driven absolutely opportunity combine differentiated is premise safety UpRi of

In of of monotherapy. cycles addition to to continue obviously, portion of into that, the completion the being UpRi combination after the it able six

that that the So safety into will time be this at focus presentation, not point. sufficient be of recognizing may get maintenance the follow-up the primary to

also primary present in for of obviously focus. But recognizing the context the safety to plan it’s efficacy information. is will We the available

Colleen Kusy

taking for Thanks questions. Great. our

Operator

[Operator Kaveri Instructions] Our comes Pohlman next BTIG. Thank Please ahead. today go from you. with question

Kaveri Pohlman

morning. questions. for taking Good Yes. the for Thanks my and updates

data lines? For overlap specifically the upcoming earlier expression population. move expect see for expression any when platinum is changes you for studies, ASCO resistant to the to in Do or NaPiXb you that

Arvin Yang

Thanks for question, the Kaveri.

But ASCO. earlier, that as study. will set X we context, our for on from So this a data be I just to presentation the obviously, want Phase share for mentioned comes

plus the been platinum these There again, patients. And fourth that that were sensitive, that platinum a could a minority of was so were ovarian cancer with primarily included resistant have proportion patients patients. line but

shared of tumor that local our a second the bank looking past banks, of There, variety presentations largest the of XX% therapy line actually different as point the samples with expression analysis XXX a tissue by in NaPiXb of individual I’ll prevalence of tumor remind site well samples. studies positivity to from to internal the folks from NaPiXb, perspective. at the from metastatic of that of as own in one But approximately we NaPiXb and when relationship your consistency support

Kaveri Pohlman

the platinum study, is And a resistant design, terms out would the of of in PFS, population. And you. That’s for arm? UP-NEXT patient it’s very insight different you on what for market. How novel benchmarks could but any helpful. it addressable provide placebo the you Thank expect from

Anna Protopapas

can placebo talk here. maybe the to Arvin So protection and arm benefit the

As for a unmet to will bring the have size believe trial. but given – this potentially larger that area that large we positive need, medical of not with the market, we trial specific we a platinum UP-NEXT numbers, resistant us than do

Arvin Yang

the emerging comment just PARP before no where inhibitors unmet or just and And primarily sensitive changes, restricted setting that increasing the longer I’ll actually maintenance recent PARP recurrent see – into platinum the of placebo in the the FDA the the HRD platinum We as given are in I that that setting. need effect, BRCA to positives. landscape the with – inhibitors maybe jump maintenance approved

of Kaveri, far your activity as of the as may placebo, study. the one benchmarks NOVA question, to the be best second just

to or that So was conducted. would may it’s not maintenance inhibitor and bev actually of that platinum want that do the there PARP arm had performed have months. the an or where where figure, in But in time to in a not period of was I approximately of era a X.X placebo context received received PFS sensitive patients the because a provide recurrent study a earlier setting have prior performance study PARP study

and not did where stable in as we these want sufficient of opposed did disease the to study this and include disease similarity the for include therapy do was PARP patients action to UP-NEXT that to patients. their they platinum include stable in that mechanism patient has heavily inhibitor they population less In prior patients to acknowledgement platinum less that, pretreated not addition refractory, because

Kaveri Pohlman

maybe And BX-HX it. single from ADCs one from the XXXX, like species competitive provide? you and us landscape advantages tell what the standpoint with experience and Got UpRi the on ADC, your last can

Anna Protopapas

We didn’t hear the second part of your question.

versus for asking BX-HX differentiation You’re ADCs, question? other Kaveri, that the the was

Kaveri Pohlman

was Yes. and ADCs. experience XXXX, And which UpRi intensive with single a species you have also

wanted just homogeneous I what to get So some leave sense advantages provides. ADCs

Arvin Yang

can if Sure. to team start wants the that. I add and

it’s mean, target. excited So very we’re a think BX-HX. about I We off, first good

and competitive others with would us the that. to agree that landscape, Given I argue relationship

and just Dolaflexin in that, ocular into severe it’s given profile, diving same or the knowledge with payload safety utilized actually the clarify. have let that’s actually, me as molecule neuropathies. differentiated UpRi, again, without We Before neutropenia extensive do that it’s the toxicities the the

it evaluate just did payload. We was that to a with the also the wanted program. I in XMT-XXXX same Dolasynthen clarify molecule

to it wasn’t Just clarify, XXXX.

are are Now about we BX-HX. I’ll also that differentiate two excited because with it does different being said, to companies BX-HX, and that relative flag developing

that Seagen BX-HX through have of our X developing preclinical differential benefit the have at did raising. models. homogeneous a looking greater from you’re alluding a but when X data the DAR point efficacy DAR that our So molecule, we is of preclinical we believe sort And – the DAR standpoint to

to the that, of a addition we that a that that MMAE have P&L differentiated developed being at lower safety from to perspective, molecule DAR profile have approximately where relative X.X. they do In also it’ll is expect the Seagen

far addresses question So as I just differentiated think that your as profile. the

Kaveri Pohlman

I XX. yes, instead And helpful. very that’s meant Yes, of XX

about Sorry that.

Anna Protopapas

problem. No

Operator

our next Ashiq go And you. Citi. comes ahead. question Mubarack with today Thank from Please

Ashiq Mubarack

there world And you testing sort to sales the at with an needs out all on real in general the infrastructure to past Can UpRi you questions. biomarker reach much how and building be of for you made in building on NaPiXb Hi for setting? size any comment are out. related commentary some know the team, comments the of taking think educational force of thanks commercial UPLIFT the I the you my quarter. maybe

Anna Protopapas

focused are So very pre-launch on our commercial efforts activities. much

from of away the some details We’re defining exact ways sales force. the size really and

are So we doing let me focus on what now.

NaPiXb We a working importance in awareness very is educate small, therapy increase to as a medical a ovarian but the on and their really impactful to biomarker group cancer. have of potential investigators UpRi as of affairs that with

preparing is We of that market available expertise deep plans on a and day the that handful people ensuring cancer with our are one. diagnostic have really really ovarian commercial

is believe, BLA has, ready to able So effort. group done work in be is with for impactful upcoming data effort. very positive an out very with A the people and of a all be that us that approval then small I been potentially to to ensuring build the

Ashiq Mubarack

also That’s more going Got I’m one the plan. really commercial it. ask to helpful. on

I just think to move. your alluded can plan and you regions the right to that’s the wondering why in in past, Europe partner if other remind us in I you’ve UpRi And globally.

think covers of is limited a week actually I market commentary European that idea the the of some related last maybe pretty cover the number to ImmunoGen made centers, majority market. concentrated which the – around

or way So a applying similar why given you if think you’re very opportunity the I’m wondering thinking European different to about or in partner?

Anna Protopapas

Yes.

based the – really are Europe And is off across takes aware, in getting reimbursement investing in although extensive Europe infrastructure as really thoughts pay an might time. in be experience industry, on are eventually investment. biotech Our you might significant a always

I takes a the topline time becomes flow that’s the positive think that investment positive. thinking, by of to Europe course be can companies we can get to be the require significant biotech and as U.S. there infrastructure begin that which would driving history flow get in And say than be what’s refined. really will I So both refined before that our – further will will data cash commercial infrastructure longer expand But cash think small long U.S. to that European

Ashiq Mubarack

Thanks for taking it. questions. my Got

Operator

today our Peaker question next go from comes And Thank Please Cowen. Boris with you. ahead.

Boris Peaker

for taking my Thanks Great. questions.

of the study, the of on UPLIFT with terms for something duration agency discussed you’ve response? what looking the question that that may response of expectations is if for duration be set and FDA, First in can you

Arvin Yang

question, the Boris. for Thanks

that safety that in upon we’ve Phase context profile the the primary Duration based efficacy taken the with aligned it’ll that’s context. is that of of rates the So studies will certainly, overall endpoint response, in in of X evaluation the be for described and and FDA, into past. It’ll multiple again expected. efficacy we’ve be response discussions XX% be

Boris Peaker

I baseline excluded lower characteristic, you in patients you SORAYA grade from that guess these the UPLIFT maybe trial, And X, mentioned baseline were in MIRASOL. terms allowed while neuropathy of Great. and

of Just refractor these curious patients platinum comment fraction you baseline this have what neuropathy? can

Arvin Yang

we So an not all agent can the have that actually, most resistant that that become patients will of induce the of platinum patients know received if neuropathy.

heavy to we can that, Given don’t and that. just have expansion other based in contribute offender the certainly earlier I reference chemotherapists the specifically on that is described a I but of UpRi intacted that, is do number patients available for have [indiscernible] to to seen the some what that data they not neuropathies. a if proportion of degree expect have could fair cause with neuropathy. were neuropathy That further be could therapy obviously we receive severe to whereby

Boris Peaker

much very for you my Thank taking Great. questions.

Operator

question our Asthika you. comes Please ahead. go Thank next from Truist. Goonewardene with And

Asthika Goonewardene

Hi morning. for the guys. Thanks taking questions. Good

potentially just guess ORR plus population patient one and a population to Phase than for the being study, could positively the the range. getting the So to X SORAYA. less homogenous And the sicker MIRASOL attribute recruiting I that than a XX% surprised study more

bar in You with high guys have said already Phase a X work. your ORR very expansion

be would to ORR So unreasonable your to better UPLIFT on expect well? as look it

Anna Protopapas

rate We robust indefinitely, as differences even particularly MIRASOL a more Arvin influence population MIRASOL. that in the a milligram more impact. pre-treatment on do But type pretreated can activities And call, cohort, and I have we than than the the heavily heavily patient do expansion again, of SORAYA, that pretreated the for mentioned thanks level is between as serve overall SORAYA meter per think Well, the question. XX and squared. saw with reminder response

results I we’ll confident the think cohort. the midyear, to see we activity robust So based have and but expansion on in the saw we’re wait

Asthika Goonewardene

two for would geared Great, to issues? the with the a what the at the around. the learned you UPGRADE-A Do more experience the Thanks. kind plan are thanks you maybe report little there the medical And suggested guys. test of questions. some you meeting while and KOL What be sure you that one particular competitor’s bottlenecks a checks or on that make investment faced from then from was run its And our then centers for to to don’t mirvetuximab diagnostic a data that test test, take – quick of with answer just to have community? doing turn that quick same diagnostic in

Anna Protopapas

On diagnostic, our in what our no to availability ensure And diagnostic day one working and other The of was available supply the the we’re in we ensure to is terms was partner of question? the that second test. there of is other the test that appropriately there on question? disruption with prepare – reagents a

Arvin Yang

Yes, I question. the address first can

Just we’ve indicated the that this as half as far the data share year. second in UPGRADE-A, of we’ll

We at appropriate haven’t and in we’ll be what expressed that type of form of sort disclose the we’ll time.

Asthika Goonewardene

guys. Thanks a lot

Operator

Thank you. with And our Securities. ahead. from next question go today Wedbush Please comes David Nierengarten

David Nierengarten

in, setting of Thanks. MIRASOL to react they and see kind going the folate appropriately to with a as I think kind had testing the of line on an any in how first? maybe lines you do test patient the with positive you follow-up you earlier a is, treat they presented updated Are Hey, – both if should if of or how the Do patient, results? or any do thoughts just guess, evolving with physicians particularly diagnostic question on how that in would – – when tests?

Anna Protopapas

We are folate very with cancer, uptake seen And that be future. NaPiXb and the is the state a And they I of set encouraged positive test affairs encouraging of both patients. teaching the in of that that both think that with is diagnosed desired agents that will place a in by undergo that we’ve will market the is tests what will patient the we ovarian testing that and on are will following once is believe when happen sort folate the the is include case.

David Nierengarten

it. Got

Anna Protopapas

make available launch stage for at to sure we anyone any who to working wants their definitely any disease. take are And on David, day after our is the test one at stage that of test

David Nierengarten

you. Thank Great. Yes.

Operator

Baird. next question with Colleen is Instructions] from Please go Kusy ahead. [Operator Our follow-up a

Colleen Kusy

the Hi, good again. taking Thanks follow-up. for morning,

fourth Just one be you remind proportion readout patient expansion or patients different in can the more, And and how impact the going the to patients expect were us understanding so on line many would the study? is of pre-treatment that or later. that UPLIFT in the similar to ORR, UPLIFT kind of dose

Arvin Yang

question, the for Thanks Colleen.

So study we for line later. for of for as in line expect in resistant UPLIFT portion to study relatively the se. well approximately top similar at was But XX% or the the the to enrolled as globally relationship in of be the per UpRi fourth Obviously, study. context, the patients the Phase disclose expansion the the X broader space. would patterns But demographics EU in U.S. the practice we platinum UPLIFT we’ll

Anna Protopapas

add robustly fact would The in we have enrolled UPLIFT. other that one point. I Colleen, so

I give in look us the and overall really better how subgroup agent. think might of pretreatment impacts profile help to opportunity an at the understand us analysis response

Colleen Kusy

Great. Thank you.

Operator

gentlemen, conference ladies and the over I’d this remarks. like turn And session. to any closing Anna to back Protopapas question-and-answer for concludes our

Anna Protopapas

operator. to continued those who you, all And Thank your for our for – listened and in thanks support.

looking We’re America forward presenting later. of Healthcare events. tomorrow, several at poster presentations and to those of sharing days in month see Healthcare day. at the a at rest Hope you Bank the Enjoy few to of Conference Jeffries next ASCO many participating the the Conference

Operator

for thank Thank and today’s attending concludes this gentlemen, you you. Ladies conference today’s We all presentation. call.

lines and your You have day. now disconnect a may wonderful

Mersana Therapeutics (MRSN) 9 May 232023 Q1 Earnings call transcript