GNCA - Earnings call transcript Q3 2018 | Genocea Biosciences, Inc.

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Operator

Good morning. My name is James and I will be your conference operator today. At this time, I'd like to welcome everyone to the Genocea Third Quarter 2018 Financial Results Call. All lines have been placed on mute to prevent any background noise, and after the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. you. Thank to Paul over Arndt. like at Managing the Advisors, LifeSci turn now to call Director I'd Please ahead. go

Paul Arndt

Thank you, topics James, at we discuss issued and The ir.genocea.com good morning, press today. Relations that everyone. under release the outlines tab. is the release we Investor to a planned available This morning

Q&A prepared President the During update financial the then and Clark, Executive Chip; your remarks, will answer who up and and his open we the questions. for Genocea's available be Genocea's call Officer; today, will Flechtner, Officer, call review Tom results. Chief to and will Chip Chief Chief provide corporate Jessica After a Officer Medical Scientific Davis,

beyond other periodic harbor intended pass Reform Genocea's Chip. future as statements now with to forth to any defined Before subject the factors a to directed many of of expressly new control set is the may ahead. on filed Genocea's like statements remind differ XX-K XXXX reports Securities factors go we information, over in and to Securities Report statements All during that Chip, call risk to Commission. events and such results include Annual the disclaims pleasure of I to future result and impact forward-looking my the those the forward-looking statements It Genocea everyone Exchange to would Form business Private prospects otherwise. forward-looking or materially duty safe are future Participants provided or Genocea. updates expected of provide XXXX. as could to performance, the its from whether future events Reform relating plans or forecast to this be Litigation begin, to All outcomes under protection due made conference are by Act the Act. the call

William Clark

morning, results. good for joining and you everyone. quarter and today activities to our discuss Thank third Paul us Thanks,

core just with a me Let undertook year a this pivot We two quarter beliefs. by context. strategic over putting begin ago in

First, proprietary meaningfully believe both that our in by approach to and and we potentially for peers believed fields. better selection. used novel vaccine therapy was That platform our different cancer being the ATLAS antigen and and cell continue radically is

Specifically, ATLAS to to antigens, seemed a or assumptions patient's possibly such educated it uniquely AI guesses each optimal our software to optimal that on complexity while cells biology rely antigens. own antigen and in To identify to peers all no patients' human of would make obvious uses T software program lead disturb the about that way selection. us,

in investment advantages this would data neoantigens. and of platform highlight both in pivot, immunotherapy we've into to in to Second, best-in-class In development our immunotherapies first clinic. clinic neoantigen platform to pivot progress advance advancing drive an we understanding both decade that made the since ATLAS potential the believe the generating building year into in to capability and our and significant candidate ATLAS allow potential the us the our vaccine both of quickly

On conferences. continue in side things, the to regularly of participate medical scientific scientific we and

identify. week. for place Immunotherapy say have our Cancer which empiric implications lung We may data highlights Each to ATLAS of embargo cancer out when antigen unexpected next or melanoma these strict One, will tumor our cell Two, neoantigen reveals at so-called promote point taking with of highlighting vivo ex which conference non-small neoantigen-specific but identified we titles. today ATLAS poster and will upcoming to in policy, against profiling of responses profiles. can the work Society are to those a T progression. Importantly, couple only platform We cell and poster embargo several buy associate due potentially about Conference lifts and I the T sharing drive week. with the that patients and forward ATLAS cell look SITC's of responses presentations immunotherapies antigens, inhibitory next presentations neoantigens inhibitory SITC shown ATLAS ATLAS the mouse much inhibitory can't the

On progress, lead our the GEN-XXX. cancer I'm candidate vaccine proud clinical with very neoantigen with side, our development

with Phase remain no on trial, we handful clinical cancer and this track data immunogenicity first In we for in in the of solid drugs both of tumors Upon indications who trial, first drugs GEN-XXX monotherapy checkpoint are first GEN-XXX in have combination the with failed For and have inhibitor as patient evidence disease, cancer, approved. patients we in the half to their in blockade of safety checkpoint patients of immune proceed in the been which ongoing advanced GEN-XXX with initial a variety we treatment. checkpoint this using believe favorable patients studying XXXX. results blockade X/Xa patients immunogenicity see to immune cohort, examining of in metastatic with plan a current or

therapy. standard our neoantigens the in efficacious their T identifying in cancer clinical from cell neoantigens could neoantigens We ATLAS the the developing inhibitory and patient using we to be excluded trial, that to gold included in each could become to therapy personalized and For ATLAS their lead more patient's true be that it identify will therapies. and importantly use to believe and therapies vaccines both

Officer Counsel, team. and Medical the of our than General more as strengthened joined brings a Thomas position immuno-oncology On Chief our vaccine academic Derek at us and him a we Davis in Dr. side, new leadership Genocea. experience operational and as new Meisner recently joined cancer years with development. industry XX our us

and a an asset all experience overseeing providing counsel Corporate both been In affairs, team has of to say addition the is I to Attorney In the all our how on Derek and our have Genocea already. team. year. that strategy just We're been again like to our legal summary, has proud business extensive our He he past am for of on as able thrilled in I'd accomplish to team to entire we've implementation.

ground-breaking of hard value event business City York research pipeline. working at our to discussions results ATLAS upcoming last pipeline at are development like our hosting of we and to to to maximize the pursue One end conferences our scientific note present We medical continue and New to and that thing I'd of in course is the advance November. a will be to of KOL

will most Chuck includes program and one Chuck Dr. New attend leaders our vaccines on Presbyterian/Columbia and website in cancer Center. This as anti-tumor influential for that will the Drake who of of with is focus those Medical York replay feature well. event for University Our available research can't immunotherapies. be webcast a

our Let's on now move to financials.

we equivalents in release, detailed cash ended As the $XX.X today's million. quarter of cash and press with third

into XXXX. our quarter our of we Our the fourth and guidance to unchanged remains needs expect meet current funds operational

development, this decrease last and the $XX.X was were year. a million, quarter reduced expenses million R&D $X.X to decrease Our in costs. headcount, external This from due consulting third clinical, largely quarter

by expenses professional due million compared offset this services were costs million to G&A This in quarter to consulting in was $X.X primarily third costs. increased Our last $X.X year's increase decreases quarter.

loss we'll net third for open our Operator? this the With now $X.X the quarter million year. call Finally, million was quarter up that, compared last $XX.X to in questions.

Operator

[Operator from Company. Instructions]. comes And Nadeau Cowen our Phil first the from of question & line

Philip Nadeau

measures seeing next to in out what whether expected -- we're we data what or from you question -- that about read the to had we in how should on what particular Can half to get what set going year. to be you're that you'll you type the and conclude see? a expect, first hoped of talk likely GEN-XXX of Chip,

William Clark

Hi, for Phil, thanks the question.

Neon the gauge set and Let is of ask is to companies vaccines. to And of have some BioNTech we cell of details. have to first-in-human the peer results including Jesse is they that be over really benchmark context year. bit or that course to the shown past Jesse measures whether what we've and against not. to you few succeeded a of do allow we The CDX CDX I'll and have their underwhelming immunogenicity responses will better, of me little and frequency in our want provide explain the then context specific the neoantigens their use a that What T I'll reported to

Jessica Flechtner

the blood to we in each of in Interferon assay. cell the Thanks. FluoroSpot In B peripheral this vivo responses study, and the vaccination ex an Granzyme will for Gamma look with antigen T

at ELISpot vaccine. a expectation measurable the that of to a the in also do is high exploratory vaccine response markers will We have look of vaccine. proportion eliciting the T the have effect will cultured And in the and the we assays the blood in we receive of other cell who antigens the patients

Philip Nadeau

that And then there potential -- second HSV. still Are any question program? dialog is ongoing ongoing for partners just with on

William Clark

remain Phil. in -- on timely to are We were way. advance GEN-XXX discussions. able not ongoing frustrated that Yes, There further a we

GEN-XXX advance point we game We something without believe we the clinicians is propose spend profile just I explore would drug money at ways which can in this profile, to It that potential not more the one providing would and Genocea patients that the and we to would GEN-XXX guess on. and to continue welcome continue anything forward. than plan be crucially

Operator

line Ulz question the from next And Mike from Baird. of is the

Michael Ulz

Just a follow-up Phase the GEN-XXX on study. X

first rolling of the patients handful in cohort. mentioned You a

half you so the you of on far. maybe for maybe many enrolled Just secondly And first track 'XX. curious could you've is if how on comment then mentioned patients data initial

more earlier should of another curious potentially another the meeting maybe the -- venue first or be thinking ASCO half? we Just is or in medical

William Clark

for the question. Mike. Thanks Hi,

the that for peers but suffice to that cohort. clinical six of trials' order which our we're very are enrollment to of for patients yet this to the patient where their in status, haven't publicly is initial say initial said in we We initial context in in trial, somewhere clinical the now the to had cohort similar trying cohorts ten enroll it

I exciting think that a forum. of course ASCO is very

medical we present would today. at aim not speculate or them Whether is appropriate have we it not when something ASCO to will meeting. yet that Our be results be will an

Michael Ulz

respect and what's different current then status And pipeline, and with to that the on can comment then you from just how maybe program? GEN-XX GEN-XXX of the that's

William Clark

thanks Mike, question. the for Yes,

GEN-XX me GEN-XX. both and Let to speak

also responses cost we with say, production a able out and drive than production. might GEN-XXX know, of GEN-XXX and of -- to potentially as spent even how see vaccine GEN-XX, technologies here years evaluating really that a a reads be which this speed of major would range of you we I next-generation neoantigen in advantages we before we see in make, have the think As with immune We point GEN-XX. couple or of investments to we better is either may want

in first I this ATLAS. using sort so to plan T a the be the very respect of half from talking of think the GEN-XX T nature no This cells that GEN-XX, with readout be With And would identified therapy, results where cell later been about immunogenicity is simultaneous different of more again be have would is expanding open our we to about the we next neoantigens year. already therapy. on than

approach that This are potentially significant this therapeutic a T is be. is invest that other is something over we see cell the GEN-XX this in therapies. gated investment and in to us in so now And not GEN-XXX on having progress advantages we program would the way beginning

Operator

[Operator Instructions].

the next Your from Joe comes H.C. line Pantginis question from Wainwright. of

Joseph Pantginis

question. Thanks for taking the

you, say steps or screening sort is Regarding can't really study, conduct give I to much, patient mentioned? overall as regard how you going, but are color of the there general the ongoing comments screening with I know can guess, rate-limiting any and I any

William Clark

Thanks, I'll question. this handle Tom Joe. have

Tom Davis

accrual So, is of we're at going how point with very time. this pleased

I have in up, of I having very be as next the earlier. lines and trial accrue month, going a as second sorry, in always, time We -- half data challenging meet place next study. said been would are sets predicted seem I to are well you second here be the doing can think half early and about half next we is ramp year needs year. of things the stages reinforce think to As in what in now that to well, somewhat only Chip I'm a place year for first very everything of before expect the of to but

Joseph Pantginis

your you're like lead-attracting decision And you of I just Genocea about a provide the on to long-term comments can was line, couple factors. based this in to maybe, maybe you towards what be Tom, the bring maybe able experience high-level industry, wondering since ended on your

Tom Davis

is in very response Well, with had just what's personalizing we've over inhibitors, success important which neoantigen Clearly made patient. at front difference way and on for greater been are you I've the checkpoint companies is of big concept immune We've some end. to a a look space but patients. an the The to activity the end to for at made minority not space, most tail some huge of now medicine years, quite there time. missing which the great still personalized has is the for have quite the of past when But the a been tumor, the go. time satisfying, some progress XX long

only So by them with the it. truly matching identifying you own up potential one comes personalizing antigens but responses, with tumor, patient's by target, in immune are the

So doing just we sense. the to for for that selecting the key clinical identify going me, show greater what forward moving way patients and Genocea this by best the right trial, is makes be that is really It's best of to antigens, immunity. to component is get vaccine should the

Operator

Your Company. comes Blum next line Gil from from the & question of Needham

Gil Blum

the for Thanks update.

maybe of GEN-XXX CPI with future treating be failures, treat CPI expect could of Just effect? CPI to and to a question maybe failures there would the in re-sensitization GEN-XXX about arm some the GEN-XXX again, you the

William Clark

well. answer this Tom Thanks for the have question, Gil. as I'll

Tom Davis

to to checkpoint are an immune effective simply ability response. Sure. that responding the patients inhibitors The basic lacking not are generate who concept

or whether tumor-specific in of to significant responses a able the ability immune with those context the generate So inhibition. should they've to pre-treated difference checkpoints be not, make checkpoint been likely

a we checkpoint our as will see inhibitor-naive not changing forward look or are So patients where truly moving key outcomes. in both as ones, part to is refractory we well to of test whether development

it's it we areas comprehensive and Xb Phase current anything to both brought see a portion promising. closed beyond certainly the We that. So study in well

Operator

question from have from the of Chad an Messer Company. do additional Needham line We &

Chad Messer

okay? You guys hear me

William Clark

now, well Very Chad.

Chad Messer

just don't All technical couple these issues were on don't I know having Maybe know before. inhibitory right. questions antigens. -- I I we what I apologize what have

fascinating very actually finding. is this think I

you how all? more can as at then seem guesses for frequent function counterintuitive me to question, like that these, a all, And a are? remind any of First us biological they they to exist speculative they

William Clark

the question, Thanks for Chad.

our about of to know function questions we calls, tried just and inhibitory will technical the are your antigens. of sound. to I fans issues previous for For no in with you'll position have address frequency criticize

Jessica Flechtner

to both these space subject in that neoantigen every think antigen. And I we tumor fascinating. in find We often right, You're forms this equal the occasionally, be by as are non-mutated in predicted proportion as well the antigens. are algorithms antigens, phenotype. but of screen responses not are course nearly able they in identify them the would proportion common or to of Interestingly, algorithm that the have than inhibitory stimulatory they greater they

exactly the the getting to that bottom data and screening mouse new As we are data and interested very presented week you why the for of next that model of mechanism, imagine poster the from at the be this presented can ATLAS the at in today last the that it's SITC. Chip SITC we created title have introduced we year and we will

And lot we in and and and to but the stay think have their real so biological are because is I closer function tuned, be mechanism a to moving be left what a that that are vivo. think there's they what identifying phenotype work might that think they I we I done, believe

William Clark

-- for be better because to at to rule actually people not immunotherapy. the of Genocea this will our to that to be is one this should evidence that but just they think logical software. from another and actually should make, in fields. ways that because think, differentiates antigens than for against not end therapy be we they a -- personalized work very cell the in out, case ATLAS It's an are -- present which may identifying up important vaccine the it's for our they that antigens want Chad, us thing platform us critically, most I there And may biology peers being able because irrelevant only one patient,

and when SITC we identify differentiation such speak fact This more crucial hopefully can of that a more sort we'll provide is with the antigens next today and unveil peers. of that we this about so we data week our from the And think will point data.

Chad Messer

here. for does be Thanks down potentially to no, And are you that science seem tracking this guys answer. important a very

William Clark

Chad. Thanks,

Operator

at call this questions are Clark. to over Chip I'd turn no to there like And further back time. the

William Clark

we executing positioned all you well Thank that very to I'm remain In we've our you, this and forward really continue me let reiterate we again to updating We pleased pipeline, quarter. the believe closing, look made Operator. developing and progress with soon.

and everyone, today, joining for you us for thank So, support. your thank you, continued

Operator

This call. conference concludes today's

disconnect. now may You

Genocea Biosciences (GNCAQ) 1 Nov 182018 Q3 Earnings call transcript