ABUS - Earnings call transcript Q1 2021 | Arbutus Biopharma Corporation

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Arbutus Biopharma Corporation 2021 First Quarter Financial Results and Corporate Update Conference Call. At this time, all participants 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] I would now like to hand the conference to your speaker host today, Pam Murphy. ahead. go Please

Pam Murphy

good and Thank morning. you,

Development then On the first Bill Collier, Officer; will team Mike quarter's Chief Bill begin with of clinical Arbutus and call from company's and a the Dr. Chief provide Q&A. Chief the Officer. Hastings, Picchio, who Financial accomplishment, executive first financial President Chief Executive Gaston are, available remaining Hastings, quarter will will development XXXX the Dr. development corporate research review call to Officer; Scientific and objectives; Officer; followed the questions. open Gaston results. and Sofia, Dave Mike address We'll of for and by the up related Dave be review clinical any

other subject cause to XX-K, a and differ and Report standard of are a reports of Quarterly on described recent to with combination periodic of statements, made are our cash results number materially, AB-XXX pipeline potential we and the and for our filed on call drug today, and statements the including and and in may the including for actual and upon those HBV. results statements expected cash forward-looking Arbutus' uncertainties Before Report like pan-coronavirus that we'd begin, including proprietary for statements contribute that regimen forward-looking during clinical risks potential These used timelines runway the expectations to Form any our regarding for remind SEC. program, most HBV Annual candidates improve curative care future to to compound; Bill? AB-XXX discovery some XX-Q and our you,

Bill Collier

progress report you pleased our objectives do We in your Thank outline Arbutus rest XXXX. this the Biopharma. to our you, and appreciate Thank to for us of joining today. and thus year, really Pam morning for good interest I'm on far everybody.

HBV. used our a different in portfolio of action Arbutus focus of goal when As the is for that mechanisms in functional people result we've at a to with with products stated cure past, chronic combination, in could on developing living

with took goal, began During step Phase XXX our from quarter, differentiated profile. look and that having significant capsid this increased efficacy trial series, inhibitor compounds, And data competitive trial. the Xa/Xb proprietary of is clinical potential chemical we readouts the we resistance initial forward this a towards enhanced a first novel AB-XXX, an another when from in oral to second half year. for from

addition, profile with AB-XXX, clinical in B to In in in proprietary and safety hepatitis demonstrate antigen our continuous a ongoing continues surface favorable our Phase agent HBV, chronic with delivered declines subcutaneously Xa/Xb RNAi robust subjects trial.

We expect quarter trial multidose dosing weeks every this the eight from data, data XXXX. weeks additional weeks. provide second DNA every eight interval is Xa four weeks XX dosing from of from cohorts of and every the half positive Phase HBV multidose Separately, in HBV, negative XX-milligram data, in XX-milligram the including with in to expected subjects and the eight year, XX-milligram data with second every ongoing in and this subjects XX-milligram

viral we've inhibition surface reduction results XXX, far clinical seen the Now, as the very we're thus it B antigen. replication HBV by all demonstrates of hepatitis including encouraged with antigens, of and

achieve or advance as more every reawakening Phase surface of one to XXX agents eight as second approved needed additional or X XX dosing infrequently proof-of-concept chronic Therefore, trials, in with a is with inhibitor in cure of people clinical the or will with trial our belief the prerequisite to clinical Assembly evaluate initiated XXX reducing our to system vebicorvir Arbutus be key to Consistent multi-drug weeks. capsid with XXXX, that that candidate investigational Assembly half combinations of two antigen virus. or combination lead combination Phase Biosciences to know, thought core objective I'm X to with proof-of-concept the pleased functional and into you As patient's be in XXX a and B enable respond a to immune dosed Hepatitis for follow-up eight HBV first with Approximately a quarter XXX suppressed with subjects milligrams will period. HBV subcutaneously vebicorvir and be once-a-day XX orally XX-week virologically for weeks an of XXX a XX XX every NrtI. is e-antigen milligrams weeks of with

RNA as to our inhibits PD-LX. destabilizer lead Now discovery HBV oral a a research good compound oral in to as turn making our progress I'd next-generation efforts we're well programs, for where that like HBV-specific

has preclinical research. oral in important to a So compounds RNA RNA we you committed is of by models. scaffolds forward oral chemical shown potentially area first, through next-generation these patients' response HBV-specific optimization And also programs our progressing. we optimization. focused have PD-LX. remain reawakening research destabilizers that capable HBV look distinct keeping inhibiting up-to-date now advancing HBV-specific how are lead of Arbutus lead on are destabilizer to immune in Arbutus this And multiple effects with antiviral compelling on

and our advance future to we Pan-Coronavirus treatment for X-Chem to and potential efforts proprietary Discovery Finally, with outbreaks, Agreement Proteros important and a an License Research identify COVID coronavirus announced recently oral biostructures.

structural the brings module Now of use protein state-of-the-art also will of for and libraries own and of capabilities. coronavirus Mpro expertise against our guided replicate the in antiviral the to screening small rapid discovery itself agents the Mpro inhibitors. technology This DNA-Encoded for Proteros' with optimize collaboration rapidly sciences, biophysics an to industry-leading structure essential one largest methods development protein together this and biology Library allow and X-Chem's collaboration

the Hastings then and So updated that now pan-coronavirus our throughout a call we our for to for we'll Q&A. update progress look as turn And program, I'll Dave with on brief you keeping year. over we the open up financial forward discovery call to said, the

Gaston can Sofia both additional Mike both on and questions. Pam As clinical and call mentioned, any the and discovery are take

Dave. you to over So

Dave Hastings

good Thanks, everybody. and Bill, morning,

our As mentioned metric key past, and cash runway. I've is financial financial the in

$XXX to as December cash was compared million Our $XXX XX, cash, short-term of XXXX approximately ending million and XX, March XXXX. of as equivalents investments as

XXXX used ATM million was shares cash quarter $XX was offset Our for $XX which million, common approximately first issuance the from net by program. proceeds from approximately operations of under of the of Arbutus's

million cash runway expect to third range million. use sufficient our expect XXXX. we therefore, For we to current quarter And the is through from of $XX operations XXXX, to cash fund our $XX

So would call for Q&A. you the open with please that operator,

Operator

first [Operator the coming question Wainwright. Arce Instructions] line Ed Our from with H.C.

Your line is open.

Ed Arce

for Hi, questions. everyone. and Good morning taking thanks my

couple a for Just me.

eight-week As hoping most least to of multi-dose for be expect tell to weeks XX you're out XX additional out on and can expecting, data next if data study or see Phase I the investors can on you we Xa/Xb in the the given not patients on both cohorts dosing. weeks are us wondering how was at every eager many of ongoing if include find cohorts XXX, number XX the that that doses more. would your

what this quarter. we expect wondering can Just later

Bill Collier

Yes. Good Ed, it’s morning, Thank question. great you Bill. much very for that

Ed Arce

Good morning.

Bill Collier

Yes.

the these areas the as cohorts during forward very past, full really we've situation in move and where with that select we've diligently think patients we sure follow-up. outlined been trying and work COVID make can can in them to operating I we

of months four So at have and we're weeks when need made. of we've really we're XX pleased also actually cognizant of with the make all to intervals we've progress looking think to we do timeframe sense terms eight weeks either or or been And a reasonable the in dose data. that that I

with expect now some later like data if there's comments just that right else that of you would add? on we in cohorts quarter. where closing to with the But on this Gaston those anything we're So

Gaston Picchio

– hi, I mean Yes. morning. Ed. Good

Ed Arce

Gaston. Hi,

Gaston Picchio

we weeks the to your As that the depending weeks. Bill but And cohorts. Bill that will we'll until between be probably last mean of somewhere what weeks data XX remarks it's to hopefully stated range we question -- sharing know be XX the between of don't is on showing three minute, somewhere I

Ed Arce

Excellent.

or the determine then, this to you importance that this in to a doses. hoping sufficient level Gaston of guess, I data data plateauing follow-up the having the mentioned I past this. Okay. And least next at of set? to predict numerous on Is with to this different something you're times the fund And know

Gaston Picchio

yes, get over how we progressing with were final I to you and better we at time. we Well, of are other will once will to a that HPV dosing hoping S-antigen least weeks I able mean, able that the data. be of see antigens But, sense be tell XX

Ed Arce

Okay. Thanks a Good. lot.

Bill Collier

Thank much. so you Ed. Thank you,

Operator

Chikere coming question line Jefferies. the next Our Kelechi of with from

is line open. Your

Kelechi Chikere

Yes. Good morning and thank you for my questions. taking

can follow-up in see are core you in Just end. question hoping I other data a the for XXX you was have picture to to the development? what differentiation a And inhibitors What speak and have I And on couple second the I will that that. to half? on metrics the big hoping you'll capsid preliminary my in after compared be? guess

Bill Collier

and so study doses. HBV corporate morning, structure clinical update multiple healthy fairly Phase structure I single the then Kelechi. Xa/Xb a it's and XXX Yes, Okay. our of doses we've then I in in with volunteers Good usual the got think think, patients

are unlikely enough by We to move do of but to expect confidence all have give with that we the end us forward of get XXX. the to data to year,

you've comments add I'll if let got Gaston further make. again, any So to

Gaston Picchio

Yes. Good Hi. morning.

data world. planned. were And everything as XXX-XXX ongoing uncertainty it's can be you subjects give initiated and on the whether the is as single effects see of the the has a study. parts: corporate I the deck know more hepatitis move therefore, has provided study and already chronic study think before. planned subjects. combinations. second hepatitis is everything certain And forward continues stated can ascending, Still specifics, degree I in in chronic half, corporate cannot B So of B always you we've complete slide in structure sufficient you we sending I an there's the its able believe that the the seen have around we as study it ongoing COVID to to design multiple any track. to The XX as can the XXX But of we'll because in deck, in that as three by impacted be

Kelechi Chikere

and that's Thank you. segue to a very question. helpful, That's next my great

trials Assembly's What well you're study is as enrollment that's given steps in study Just you able how speak to ensure on? the have to as you implemented core I and inhibitor. wondering, those with everything various going the combo to guess, patients studies if XXX going enrollment in in? been can your enroll XXX

Bill Collier

to you Yeah. one? want do that Gaston, handle

Gaston Picchio

Yeah.

study, by or about you about part. XXX were the can Sorry, – or you that talking about you I study? AB-XXX missed first part? specifically the itself I repeat combo were the missed talking

Kelechi Chikere

both so both Yeah, – studies studies.

recently that is study study So, was initiated that there? well with the as as how XXX Assembly was initiated, going just XXX combo enrollment

Gaston Picchio

speed we not comment done partner up our enrollment mean, we I Assembly comment time. to in partners on are can't that mean, met. has study can point the haven't – the we commented. ensure in But – without I possible this and timelines obviously, – our Well, at with And we're to we everything really combo

before, So, enrollment. taken XXX-XXX on mean, as additional haven't we than reassure subjects that, any so XXX it's and to I I following has And far track now. I the every it's accelerate said provided we're the can the enrolled guidance enrollment been actually fully step study study on other

Kelechi Chikere

Okay. Thank you very much.

Bill Collier

Kelechi. you Thank

Operator

next our Brian And of from question the Baird. with Skorney coming line

line open. Your is

Brian Skorney

or something like everyone. it on speak sort criteria a in seen morning, the what have to to XXX current some thinking of good therapy just below you least term the patients therapy. reductions stopping NUC to value really the all off evaluating good discussed Asian do you some thresholds off you've On eight near still Thank sort Hey, Is NUC here. for for we it look unusual there? levels to patients your of in horizon? mind potential And potential therapy? at taking look you wouldn't question. be of Could stop that that S-antigen countries, would medium at And in take

Bill Collier

Good Yeah, question. you Brian, very thank much.

peeling I need start that multiple we the really Gaston, reaching understand away, the think of further get we on? our do so onboard where those to before some question. comment for drugs criteria, start belief you want basis is we drugs can to

Gaston Picchio

you. the Thank question. Yeah, for Thanks sure.

– with world, aligned the options multiple the in stopping including are continue terms recommendations we the and regulatory that those obviously of agencies around from Also, need to to criteria. the consider FDA. be So there

that. all So service The Certainly, anyone and this in ml haven't always the continue threshold at that long remains that a IU question, before the therapies time, needs possibility. to stopping – I think stopping per stopping drugs it's for point consider be S-antigen persist to But haven't that that investigational how done antigen. would consider whether we NUC. the you we XXX decrease or stopped sustained we in so is

multiple mean, So, I options. continue we to consider

on patients make results a do patients. it in stopping anything don't how different now. single a obviously, of right the just safety opinion we're that way. I force way is there think, sure that Everyone there's driving safe has should no unsafe for we be done And still

Brian Skorney

Okay. Thank you.

Operator

from Buchanan the of Instructions] [Operator question Our Securities. Roy line coming next with JMP

line is Your open.

Roy Buchanan

Great. the taking Thanks for question.

ask one library makes announced about the is wanted first It wondered Proteros. guys differentiated if just and you how space. recently like about I bit So had could little the question I you X-Chem seems to industry-leading, for the burgeoning with more a collaboration X-Chem's libraries? other speak it's I what from DNA-encoded in a And detail Dave. for approach a financial then SARS-CoV-X

Bill Collier

Yeah.

Okay.

the Mike that Sofia so maybe one? on X-Chem Proteros take So deal, you

Mike Sofia

Sure.

expertise other not have partner to were in set their we because technology industry multiple libraries. And probably evaluate clearly deliver for reversible including the library technology ability that in. really largest through They DNA-encoded attachment as well landscape DNA-encoded was many of with. amongst include their we of interested covalent only companies out them, screening there with So many, using both out also as had we library demonstrated scour felt as stood they DEL we the partners wanted that the X-Chem that libraries arena, to to have libraries pharma leading, who all different the they've would kinds library collaborations

use that So to biophysical here. were partner that their They their to optimization biology and track lead to relationship relationship of they because forward thought methods with strategic -- had were a Proteros studies going this protein. Its nonstructural subsequent and we record ideal guide real target structure from the we a was is activity It ideal to structured known. provided also overall Mpro is studies expertise, that structure move do. with level

chemical patients. candidates So that capability companies whole and together three with brings that expertise when ultimately you really lead target look will this at new will we package tackle and industry benefit the clinical hope matter leading the together, to it buying to

Roy Buchanan

Okay, great. first for any partnership That’s timing the when see on that helpful. idea from I we could mean, just results?

Bill Collier

coronavirus front that the Well, and agree all mind issue obviously, everyone's on we is globally. center

this We can. is committed. that. fully we relationship. not possibly really are And typical It's a partners as driving know This collaboration. They're aggressively our a as CRO

to hope rather to something than but little early right we on So comment a sooner later, that it's have now.

Roy Buchanan

Yeah. Great.

been the a quick you. for the one has any since first ATM of And Thank use just Dave, Thanks. there Okay. then end quarter?

Dave Hastings

Roy. hi Yes,

our is the disclose So, end sales to of ATM of typical through prior sort quarter. the policy

for So, everybody we'll update ATM on next call the activity this quarter Roy.

Roy Buchanan

Thank enough. Okay, fair you.

Operator

Riley coming next B. question from Securities. Our Mamtani line Mayank of with

Your line open. is

Mayank Mamtani

taking Good morning team. questions. Thanks for my

could on So, with the mg starting if Assembly you're the dose. XX trial, believe I clarify, I

think generate? the So, could you continue data reduction S-antigen maybe And you could what the and safety? about XX you implications maybe protocol mg any that to to you balancing have talk as about if

Bill Collier

to you we've data question. But collaboration we're as But know milligram XX at would Good that upon you. thoughts? Phase and trial, weeks. XX you dependent other in again milligrams weeks much set at Assembly every Thank us for that very the for morning XX the dosage XXX potentially at The to X dosage eight to allow Gaston look which studies. look our eight continuing

Gaston Picchio

Hi morning good Yes. Mayank.

any milligrams within to the this that or XX is weeks. clear we changes dosing to So, how with the study doesn't us Assembly study the to milligram eight-week the felt other But from having that collaboration to eight and ongoing that don't comfortable XX make dosing doses initiate We ongoing schedules. preclude different opening that's anticipate every forward. study -- but collaboration be the moving every with schedule different cohorts at its just

Mayank Mamtani

maybe -- sorry this on it. I missed XXX. Got if And

differently developing on this XXXX? of just this term if programs data. differentiating longer current beyond there plus could based about have the sort that resistance RNA As maybe all enhanced and capsid? agent combination maybe profile good you're going insights how be program preclinical you thinking How at than Any core are developed

Bill Collier

want shared you briefly the resistance front? Mike what to Yes, about do just Sofia, talk on we've

Mike Sofia

Bill. Sure

that emerging number different a look I has it addresses right? when in is a capsid XXX, the So, yes, field. of resistance you differentiating the the number profile think One issues at resistance characteristics, of

The engage That is the believe the do. right? able be we of is being to sort dose XXX mechanism second related to which to other second in a clinically issue mechanism, to going relevant able

we do Now capsid of should this we have our potential that is which combination association DNA three characteristic, down to day I the with capsid immune with And to said RNAi objective replication which -- NUC with RNAi. the the we've combination that agent in profile some will seeing think ultimately strategy XXX. then system. the reinvigorate will pool achieve; the when to things it that in in But our I plus the to reinvigorate also the everyone understand shut differentiating down put S-antigen hopefully viral is help one, achieve from think with with start knocking

excited hope other The now. which bringing And modulation the been which does of really the picture PD-LX out really had number that piece, as mentioned, together of we've out is it. the is sort puzzle Bill discussing things great about and a And of to very strategy that our for we're piece see very of here years round whole we immune program, nicely. maturing

profile part out of set that our you so And a when the capsid asset, competitor is differentiating look from years we compounds, strategy does overall but several at it other have ago. central

Mayank Mamtani

the filings end gives with on squeeze on settlement? least seems it maybe your possibility color perspective answer. one from a of the they you can like in public from that for approach the Anything from situation lawsuit taking At relatively just the any or or different And comprehensive comment guys are before. from Genevant's can for Moderna, I Thank Moderna. from Dave Great. if you IP

Dave Hastings

We not -- would. Genevant in of we effort comment. we I IP terms look, that. sort would seriously would it's and -- in take But can't comment on with We play-by-play the we can't obviously lead companies of but No. the our say interactions the would that very of

Mayank Mamtani

for taking Understood. Thanks question. that

Bill Collier

Thanks so Mayank. much,

Operator

this further time. at any the I'm to questions I showing to Bill closing no for Mr. like would over remarks. Collier turn back call

Bill Collier

questions all I discovery X really joining XXXX. company. morning. XXX proof-of-concept leveraging two from clinical value forward with that And into you your clinical XXX us continued progression in cure and as and for forward we're appreciate chronic a looking from very a and mission that interest the also the clinical compound heard, And we you've in productive do for and We strong Phase to efforts achieve trials, confident look Xa/Xb XXX data a our with your thank programs further our of We trial this established trial, to our think in really data our much antiviral Well, pan-coronavirus building have our of HBV for people just program. foundation on obviously, progress our HBV. progressing functional research to discovery Phase discovery

for our thank interest. you. you again call. that operator, So Thank your And concludes

Operator

Thank conclude today. that conference for your Ladies does gentlemen, you our and for participation.

You may now disconnect.

Arbutus Biopharma (ABUS) 5 May 212021 Q1 Earnings call transcript