CTMX - Earnings call transcript Q4 2019 | CytomX Therapeutics, Inc.

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Operator

Good day ladies and gentlemen and welcome to the CytomX Therapeutics' Fourth Quarter 2019 and Full Year Financials Conference Call. At this time, all participants are in a listen-only mode.

As a reminder, this call may be recorded.

I would now like to introduce your host for today's conference, Christopher Keenan, Vice President of Investor Relations. Chris, you may begin.

Christopher Keenan

Lee. you, Thank thank and joining us. Good you afternoon for release today, and summary a issued fourth press we a that results. of financial XXXX full includes and Earlier quarter year our recent progress Investors of release press can under of cytomx.com. and website recording and This this section News a be call found at our the

Chief President, President Amy Dr. Peterson; CytomX's Vice With CytomX's Officer Chairman; Officer, Chief me today Dr. Development and Finance, Robin Knifsend. of Executive are Sean McCarthy, CytomX's and

forward-looking be and our will of to making difficult we statements call, Because subject uncertainties relate outside control. future, statements. inherent to today's risks are they of During which are many the forward-looking are predict, to and that

our obligation a result Important forward-looking in risks or SEC most as forth Form and to statements, today. whether information, public new including otherwise. our XX-K undertake We update are with filed recent any no uncertainties developments, future set filings of sec.gov, the at

like to to over turn call I would now the Sean.

Sean McCarthy

Chris progress good everyone. provide fourth be Great, thank a update us. and to and throughout afternoon quarter much the you our Thanks on for here an pleasure to It's joining during much, XXXX. very very

an with pipeline, we'll to some year milestones, update will Robin XXXX before turn fourth and questions. recent overview highlights our quarter and and over our and across call full upcoming for Amy financial in the the call lead opening review with depth. more and then to I'll CX-XXX begin programs I'll up CX-XXXX the then wrap-up review

therapies. of a the highly and cancer. our Probody clinical meaningful on CytomX, make drug are discovery target of tissue, the candidates more of novel new therapeutic broad believe effectively see to focused and a antibodies unique opportunity anti-cancer diseased major represents generating we fundamental pipeline development to platform in difference of At into a treatment classes therapeutic advance we a We

against novel the therapies, molecules combination new validated undruggable anti-cancer molecules therapies. offers including new targets, and potential against science targets, unique best-in-class potentially first-in-class and Our for highly effective

designed recombinant the until a of pro-drugs antibody fully mask the to block comprised as a is target are of binding removed. its Probodies antibody the mask therapeutic antibody to

specifically activity to removal tissue, certain proteases. cancer broadening by Mask engagement decreasing called antibody and us localize even This window. normal target and cancer in achieved tissue into allows disease-associated or a tissues creating selectively within is fact therapeutic proteins in

T-cell optimize antibodies. have pioneered of antibody important as formats, the immunotherapies, see broad approach specific antibody of cancer and antibody with new we field and by that evolution We a this including therapeutic engaging potential to an range conjugates, drug improve

an is more our continues within engine development as for as company, continues with pipeline research today, than at total collaboration time and and stages our programs partners. produce XX we of pipeline have our In discovery various This new proprietary exciting and our to partnerships innovative as in to molecules. our our mature, advance

into Since data than our our our now we of studies. programs Phase first two all have data wealth support for for our platform progressed less three X generated technology, and presentation advanced focused of a clinical ago, proof-of-concept most and to recently presented clinical have years clinical

updates provide several throughout data expect to We significant XXXX.

BMS-XXXXXX. Earlier Bristol-Myers is Squibb. with an our this pipeline milestone the announced edge leading week, of this in foundational oncology anti-CTLA-X The we important collaboration alliance Probody

in in in proven patients and melanoma of pathway target the effective, highly mechanism and inhibitors the target, CTLA-X, this PD checkpoint other the cancer as combination has of treatments with ipilimumab, broad is and types. blocking both prototypical many monotherapy with

potentially clear toxicities, immune-related increase ipilimumab creating While a a duration version this very severe can and improve of cause a of for Probody tolerability, importance agent to opportunity advance, activity. improve treatment,

to the several proof-of-concept the preclinical BMS-XXXXXX, this enrollment we results and Phase X studies year. Probodies now CTLA-X presented major expect for conferences, at clinical previously in completed with presented have research BMS see of CytomX and which BMS has

As we expansion inhibitor versus of has metastatic melanoma. evaluating plus the a and ipilimumab activity nivolumab now in nivolumab, the initiated X BMS-XXXXXX Monday, on Phase announced study tolerability PD-X with BMS randomized or without

study million is triggered an has to potential a a payment into advancement BMS. The has that This $XX to the from of ipilimumab milestone CytomX BMS-XXXXXX important positive path. if place registrational Probody of on this the study

patients. this very to first was we is direct our excited a for Moreover, exactly out about and with when what set the work of, are it embodiment we of conceived potential do platform cancer

on progress way of program recent based clinical technology includes platform mechanism. Phase to initiation of the second a additional XXXXXX, X/Xa commitment BMS' the modified as value potentially Probody, which demonstrates within escalation Additional BMS alliance phase This of unlock second in version ipilimumab. for anti-CTLA-X dose BMS our Probody CTLA-X to the a study is foundational a clinical our

these discovery work new As approval to closely royalties payments this BMS milestone broad-based and through to with to also progress alliance. regulatory potential important development, is initiate programs commercialization, note programs to CytomX CTLA-X we that clinical certain receive continue and eligible under it's and

In a CX-XXXX. anti-PD-LX lead addition Probody the our Probody drug this with to BMS, was programs; of CytomX and achievements CX-XXX many XXXX within wholly-owned conjugate for progress anti-CDXXX year the

a drug in also targeting advanced unique CDXX very partnership program with Probody conjugate CX-XXXX. We the AbbVie,

to target tolerability, potential has by We combination for CX-XXX the is a directed and a the anti-cancer increasing to outcomes. delivering foundation immuno-oncology believe dosing CX-XXX therapy Probody optimal against become improve PD-LX. patient increased therapies differentiated activity achieving anti-cancer validated that

for as and activity platform. monotherapy the multiple We that have unique CX-XXX from Probody the a that tumor our proof-of-concept is a has checkpoint the in providing inhibitor, be active expected clinical types to shown previously first

we advanced of the with melanoma. tolerability ipilimumab plus quarter, relapsed or refractory to and In CX-XXX activity trial the in CX-XXX further clinical evaluate patients X Phase into a fourth

data, of of encouraging ipi in monotherapy our difficult-to-treat with X/X this combination patient Phase CX-XXX schedule label in activity full Building a trial meaningful is on this dose anti-cancer goal driving with population. and evaluating the

of is study during but melanoma, types. other the not data for combination believe has only cancer X become X to best-in-class potentially this Initial a We Phase Stage XXXX. from the potential regimen anticipated

is a wholly-owned levels our Now, tumor unique ruling to normal a previously to on most Probody for turning tissues, drug conjugate. a a CDXXX as but most antibody it out typical target, drug candidate, antigen designed on CX-XXXX, conjugate tumors, is solid at second high expressed is target present CDXXX. also target that the undruggable drug

We're provide reported tumor a this potential initiated Phase few Based program cancer. exploring initiated data the encouraging anti-cancer normal target ability in Amy was moments. This of cells. expansion QX to drug and context in a Probody monotherapy year, negative in X this to by activity not breast clinical on positive we of of in X more we last CX-XXXX unlock conjugate HERX the focusing on XXXX a with study fourth quarter. Phase will receptor study hormone patients the tissue

specifically monotherapy Probody our collaborations to patients tumors. targeting and CX-XXXX, within we in our first-in-class AbbVie to with Phase enroll CDXX, Now, X/X alliance, dose-escalation a is and the study, CX-XXXX continue proclaimed returning briefly drug the evaluating solid refinement and this phase patients conjugate in

activity biological standard This and all it novel is is professional ambitious call what program. compartments, in we as extracellular gold internalizer in cells. function from to does CDXX's is very to CDXX intercellular the ADC role a in-vitro. space the it as moves so to and a assess dividing used iron fact internalizer,

cancer target lethally to that toxic an have shown remained for CDXX preclinical in models. while has it is to in we payload delivery in undruggable attractive ADC Now cells, fact and

as Probody created mid-XXXX CX-XXXX conjugated we initiated the progress the AbbVie, and payload masked is with in have partnership towards escalation we MMAE. clinic in in In to antibody selection conjugate dose. a a to recommended CDXX a X cytotoxic ongoing the of drug which Phase Dose was is

initial of data at recommended in of work to dose, from XXXX. presentation the data Should the X anticipate the we exploratory clinical study the proof-of-concept in XXXX. anticipate We cohort this progress presentation expansions Phase

commercialization. and CytomX registrational For will rights this co-commercialization CytomX to initial through this it the has responsibility program, whereupon and successful, if studies retains profit split for proof-of-concept, for advance certain transition asset. AbbVie to program ultimate

call IND a handing our candidates programs pipeline. spend I'd lead few to to moments as more on are our Before on like Amy emerging earlier potential the programs, second two in that a stage wave of over for detail

to collaboration and and developed utilizing drug from with ImmunoGen's we strategic technology This arose between Starting program exclusive conjugate. with previous and whom drug development our in EpCAM technology Probody commercial our QX Probody parties. the CytomX's was collaboration an ImmunoGen, obtained conjugate rights from worldwide targeting

presented At tolerability EpCAM commercial efficacy for in-vivo the XXXX, preclinical promising data development XXXX drug conjugate. ImmunoGen that European drug program. has compared antibody full this encouraging an demonstrating rights in improved and AACR unmasked conjugate an to EpCAM Probody Antibody well CytomX Congress also and as and exposure activity control at potent models, now has as

with control is CytomX Probody program promising EGRF and targeting commercial bispecific rights. certain on with preclinical and partnered Another development retaining Amgen, CDX. This program T-cell

modality. prospects enable T-cell the tumor Probodies solid about for of targeting excited We're really of application this bispecific to the

tumor or non-existent challenging with We program candidate has narrow been for therapeutic field, T-cell this clinical to unmasked a during window. targeting for anticipate lead Solid advancing XXXX. bispecifics very due the

call let the So, me now over to Amy. turn

Amy Peterson

Thanks years. set CX-XXX next continue Sean. CX-XXXX, to over two we questions to wholly-owned make report the lead progress I'm be and with pleased answer that today to to great studies important the to one on here programs our us including up

begin with Let's CX-XXX. lead program our

to for summary milligrams and As dose expect expansion CX-XXX patients administered types our of intravenously finding Part per in previously present XX we this D a tumor the multiple enrollment expansion kilogram reported, starting these is year. weeks of two the at complete cohorts to patient cohort, with from every

it negative a at carcinoma, one to to CX-XXX see cancer, showed triple that ASCO as carcinoma. activity breast with squamous most demonstrating anal checkpoint cell presented Data functions date agents, squamous cutaneous such including would cell XXXX, where and expect encouraging recently inhibitor,

adverse and are rates observed. be well. data behaves tissue, events in been shown activity. appears tolerability unmasked and towards is the as And becomes the That in as remains and of in that saturation immune-mediated to of tumor biopsy favorable pharmacokinetic has numbers clinically CX-XXX small circulation significant, intra-tumoral the trends Probody masked anti-tumor too have target Clinical it while lower designed. CX-XXX resulting

platform proof-of-concept These agents. findings other differentiation and strategies important CX-XXX our strong for from and clinical of anti-cancer a other support inhibitors, combination rationale an provide with for PD

specifically, that to CX-XXX efforts make to Given likely with improvements focusing immediate ipilimumab. of our is combination on term, continued in combinations, required significant we the on be outcomes, are therapy in and patient the CX-XXX combination

CTLA-X profile intensity inhibitor required inhibitor regimens in CTLA-X studies from order There a significant tolerable update, our safety During trials inhibitor, either activity maintain where the dose-dependent reductions a last commonly in are ipilimumab. more dose a with I cited demonstrating PD agent, patients. have of anti-cancer multiple quarterly to for although evaluating plus clinical been involving multiple

To-date, has no full PD CTLA-X full doses with inhibition. of of doses one combine able inhibition been to

extent inhibition of of full the combination the the can determine to PD CX-XXX which interested are form dose to plus dose full enable in Probody platform We ipilimumab. our here

receiving advanced X into patients we XXXX, PD an at open-label QX monotherapy schedule cycles. inhibitor. melanoma combination ipilimumab fixed Simon with Accordingly a X in trial non-randomized are milligrams Phase per its three of dose plus cycles, trial, on full this four XXX every of a patients weeks previously advanced who ipilimumab in at have CX-XXX In and labeled Phase approved multi-center X weeks for Stage of four milligrams in for pathway X kilogram CX-XXX every three progressed with dose

Upon is secondary markers patients completion with and clinical this tolerability overall objective administered receive achieving of XXX duration the trial partial to survival, a study monotherapy and this stage study can safety, of overall milligrams of the enroll this and XX from as activity, two data response of of treatment including and/or in weeks. continued being up every patients, rate progress-free patients to other complete The to intravenously combination, with X XXXX. in this primary CX-XXX response objective of have responses. hope we well initial aims those Stage as of

these To studies study Probodies improve are is outcomes can for tolerability lead patients. melanoma. now how to novel underway show with there to important two better in patients and evaluating designed combinations summarize, Each

to from with I-O-based learning There is from people cancer. these improve from ability excited each. a look this therapy and to risk most the two We're lot studies study, platform each the benefit learn forward about in to importantly offers

now X hormone to CDXXX, HERX conjugate mask. our ER/PR multi-center CX-XXXX targeting attention Phase I'd ADC in with we the fourth with an and an positive drug up of initiated XXXX, XX Probody turn cancer. monotherapy open-label patients In quarter to of receptor negative breast study like Probody to CX-XXXX, a non-randomized

Phase administered three of cancer remains every unmet medical milligrams follows in of breast substantial of weeks this intravenously study, initiation study subtype area our And XXXX. per escalation is This to being AACR at this need. this of dose X X data expansion a presentation population. at CX-XXXX encouraging The kilogram

CDXXX precluding drug expected the targeting conjugate Sean, due antibody a from heard toxicities. systemic is widely of normal tissue; you expressed, As and to tumor both CDXXX on development

CX-XXXX tissue, to thereby our window binding We therapeutic creating to of technology Probody a target. this mitigate have leveraged novel for normal

dose hypothesis behind to designed safety this drug X Phase the look candidate, trial assess exploratory comprehensive novel escalation as of supporting the well profile Our as was this gain a platform. markers at

escalation While AACR dose activity and signs not expected pretreated study at XXXX. a heterogeneous agent patient preliminary anti-cancer heavily and presented single observed of in in a population, were

a payload As is DMX, reminder, CX-XXXX the to derivative. a conjugated maytansine

on work antibody is the Based DMX the payload. toxicities in for drug we important it's to ocular whom Probodies conjugates antibodies, as is by and/or same predominantly masked, we MTD expect ImmunoGen not the are licensed the this toxicities of it are neuropathic in and that the with nature. payload, well-documented to be for from conducted since and Probody note that typically the the Payload associated define would

strategy of on-target to targets toxicities. achieving by dose without but the drug tolerated is the conjugate off-tumor the payload, undruggable maximum Our serious

lung. we milligrams per indeed, any Specifically is to up expected for pancreas in highly with CDXXX, a seeking dose expressed, where XX and knowledge we our colon, And example, previously never to that with able kilogram, organs avoid has were occur been administered are to ADC. CDXXX in escalate to on-target to toxicities

including expected, We payload observe keratitis toxicities, neuropathy. as did, and

clearly Taken in on-target demonstrate together, toxicities. our protecting these strategy findings was effective off-tumor against that masking

milligrams disease of who per that And more on-treatment CX-XXXX, time equal more at at XX% and stable or we achieved X shrinkage reported better XX% encouraging, the in even first of what to or was patients tumor in kilogram AACR XXXX, than as achieved was scan. received the

negative development early for of including advanced well experience included ovarian positive have breast anti-cancer into that receptor HERX and and other supports cancer, X and studies head seven This compares Observed this profile to activity cancer. cancer, asset. responses benefit further unconfirmed risk breast partial in neck registrational Phase hormone ADCs cancer the

complete more Phase from XXXX X cancer announcing in CX-XXXX anticipate trial Phase data XXXX. initial and trial We data dose breast escalation the we anticipate X expansion from the in

interested of observed cytotoxic of We're about with potential been benefit most combined CX-XXX and in in we combination inhibitors of that ignore can't think outcomes risk we combination. have also have the therapies terms CX-XXXX profiles, very the When agents. the successfully improvements plus types with been improved PD that in

the agents therefore to combined PD also successfully in growing there's the evaluate where Furthermore, to plus of CX-XXX that demonstrated dose be a evidence combination inhibition can plan advance to with ADCs. CX-XXXX of single-agent activity. both combination tolerability have We identify regimen and indications

me. role to Turning Alison of most of Senior and to Chief recently to Officer, we and the directly our capabilities organization, the company development President the Dr. Medical announced continue of reporting Hannah Vice appointment into strengthen the

also clinical therapeutics, for of led applications Alison us, and extensive regulatory malignant XX over advised relevant joins the and she my including and XX joining in team of years in eight first-in-human global drug experience playing teams, interacting filing approvals pharmaceutical consultancy, clinical with clinical broad roles health biotechnology marketing she in authorities. where Prior her with development regulatory to oncology own successful of in significant resulting experience testing, while hematology.

worked I've in of Alison her contributions this time at look fortunate CytomX. to BeiGene our been important during and during Medivation, at advancement time forward have with pipeline to my the and many

for Robin review a call to now will turn the I over of financials.

Robin Knifsend

I XXst, the million Amy. would year of the financial review XXXX. million, to cash to equivalents and for as with $XXX.X like compared totaling XXXX. selected you, ended Thank cash, We investments December year highlights $XXX.X

new the allows assuming Our of fund to no half us financings. second collaborations and/or sheet XXXX, comfortably into strong balance operations

in additional to was attributable $XXX related XXXX. personnel million increase million Research $XXX and primarily to in our for expenses corresponding pipeline, related expenses. period The to the costs year, development the compared were maturing including

license the related were In to million administrative incurred $XX the compared technological charges to and to acquisition $XX XXXX, approximately in we UCSB associated of and fee General million entering non-recurring $XX UCSB the million expenses fees amendment XXXX. corresponding the for period knowhow, the program. license with in with EpCAM of into

million compared $XX.X XXXX in co-development of from milestone payment licensing the million which agreement under $XX.X in million, the corresponding May $XX and primarily to to of relating the license associated decrease The in year. decrease was AbbVie year XXXX. revenue to CDXX was fees a net for million was due in Revenue $XX.X million $XX.X the earned recognized

revenue XXXX. Pfizer addition, there decreases in in Bristol-Myers agreement decreases of relating collaborations, agreement the to In the of due our in a Squibb related with which and is partially concluded revenue the targets from to certain on first slight XXXX. by recognition decrease in offset and under with under Amgen research were our increase accelerated quarter revenue The cessation Squibb ImmunoGen the an Bristol-Myers

With over I that, to Sean. back call turn will the

Sean McCarthy

Robin. Thanks Great.

me closing, in let milestones. review XXXX So, our briefly anticipated

CX-XXX, For arms expansion tumor last in PD-LX anticipate monotherapy building on we presentations of final Probody, year. the ASCO our multiple of XXXX types, our presentation selected data for

melanoma, in for or Stage of study. We X we initial anticipate ipi Phase data X the also combination ongoing refractory CX-XXX relapsed from the

CX-XXXX, For X the CDXXX Probody dose conjugate, the updated drug ongoing support you dose X presentation escalation dose indication Phase ranging study heard we for of targeting data selection to today. about anticipate Phase and our and

the from drug stage. the X that XXXX, expansion CX-XXXX, CDXX study data we cohorts And Phase that additional dose data proof-of-concept X/X initial Probody conjugate, transitions assuming anticipate for our portion the then for with program targeted Phase from of to escalation

Also regarding Phase we're X the week all excited entry this that the ipi will course the ipi we their very data randomized sometime the be mentioned very, BMS-XXXXXX do study of the made that year, that about. X that my supported has Probody announcement and we into anticipate Phase for earlier present and this of will Probody remarks, that I in data BMS as on the

everyone, with this join thanks, some CytomX XXXX we've day clinical and at both deepening for very today. taking pipeline. continuing us It's made markets. excited our CytomX and been of on an very obviously And unique with the with into pleased technology broad team the time advancing and year, for ahead. in turbulent there But a our eventful the also platform progress all are So, us year out to we're last

Chris the So, I that, to Q&A. turn with back call think we'll for

Christopher Keenan

Lee, to for the open ready call I think we're questions.

Operator

[Operator Certainly. Instructions]

Your is Nomura from Instinet. from first question Marai Christopher

open. Your line is now

Christopher Marai

question the the I upon Hi, and could thanks program. XXXX Probody CDXXX -- the you progress. congrats on wondering touch taking for if on was

on path HERX constitute your And there, the cancer. X. us cohort positive updated including You the HR that forward will Phase negative in breast expansion

well. Could you could that bit look? for? And in the looking might might maybe emerge potential Obviously, from a approval little you're Is a how approval elaborate go-no-go paradigm on how that fit setting into path there the therapies as then evolving treating other Thank here? that and decision you. this to this for looking that are

Amy Peterson

Amy. patients Christopher, of Thanks to Sure. your positive breast this with hormone just Thanks this XX so recap, is question. receptor the the we'll study Yes, HERX study evaluate for cancer. part negative first

we take be criteria, eligibility the health patient what something we the is should could activity is I have would molecule see that that sharp the forward to around that to population say with taking can global we can't commensurate eye authorities, the ensure forward. While that one details disclose be to a taken

point and I an have criteria. are can't to But We in received is really eligibility specifics at further time, recognize And emerging treatments therapy. around that who we divulge other details have of eye in patients always hormonal-based this it that.

Christopher Marai

I Thank you this X make not go-no-go Okay. the point of on in does may expansion Then and out a and even population follow-up what CytomX this component would be the cohort? a that to selecting At expansion bit, you. registration-directed. the be perhaps run Phase a decision assume trial just

Amy Peterson

Thanks for follow-on. Sure. the

So, patients, you're With XX that's registrational. not right.

sample answers to question. have depending depending if discussions However, lead the registrational with that size, is and on something we see on authorities, health what we our the could it if that right potentially

Christopher Marai

want you. then the back And do you in the I'll Yes. see to here, Thank just Then patients? XX queue. data on in what those go-no-go jump

Sean McCarthy

initial data and in patients we'll Chris, XXXX on and I forward. take this goal at there a XX mentioned, our data path I think, that first to as is look have decide obviously, the

Christopher Keenan

Lee. question Next

Operator

Bansal Your next Citi. from is Mohit question from

is now You open. line

open. Your now line is

Unidentified Analyst

and XXXXXX Hi, how for like trials. BMS' CTLA-Xs in any strategy this It is on XXXXXX looks James explore insight us Can now has and Bristol to these on remind you both? Mohit. two differ

Sean McCarthy

James. hi Yes, Absolutely.

this the the And think Probody antibody. is designed to XXX study. itself. I X version of we targeting we've XXX as that's that's Probody version was be modified randomized active ipi the laid that out in So, a as than made ipi Phase is, BMS program CTLA-X And that the the into alliance. of said, that parental first with is we've more advanced being

say program I'm year, within more their this around programs. BMS expecting these the arms new probably them as this to leadership a get bit about

too a we're escalation. that liberty at dose made into So not say version and Probody gone of that much about Phase X it. to has But also now we've modified ipi,

in So, putting Phase program I Phase their is a other the into moving couple my our as much It now underscores commitment interest CTLA-X fact to and underscores technology. I underscores things. it as it to one think really very continued target remarks, and X, said commitment a in their and X that the prepared they're

Unidentified Analyst

this the just seeing in Can release to going mentioned highlight have I've got year? XXXX. T-cell sort press you. a is made what then The any follow-on. with and EGFR you preclinical been be of Thank data we'll developments Amgen advancing be bispecific if

Sean McCarthy

you data preclinical in some have seen presented We poster previously, as may form.

to is basic behind What been So, has that biology years concept for couple the last optimize and working engineering through basic with the detailed we've of proof-of-concept Amgen the protein and how format. doing been presented. really the molecular CDX EGFR

candidate sure of right through, lead that of a that to arms and of formats good course Amgen. two stage over know, this of the of this with geometry of terms we've do we as a in I'm different of towards a and made type sort clinical activity lot can to is lot get bispecific. I year to move there's expect lot the there's all the you progress say And to And

control I alliance, One this much in is, through at retain we CytomX, other as do we for development note mentioned, proof-of-concept. the program AbbVie

we'll with So, agree at that our we candidate move once get partner. the a the filing having to we to be IND point clinical forward

Unidentified Analyst

you Thank the taking Fantastic. for questions.

Sean McCarthy

Thank you.

Operator

Terence Your from Goldman Flynn Sachs. from next question is

Unidentified Analyst

Holly Thanks this so to one, move Terence. for [ph] data for question. for CX-XXX, study of Phase X that on the X X study? Hi, what the so much look Phase taking is is later Two into towards which us, Stage year, Stage we to in of from program this see especially the as of need do X the you order

the And then profile what appropriate types secondly on cancer thus that outlined, CX-XXXX, tumor might this considering breast beyond far? indication Thanks. demonstrated be the for treatment, you other risk-benefit

Sean McCarthy

Thanks over those questions, I'll Amy. happy turn to for Holly. be to the

Amy Peterson

great. Okay,

for need response far we the sort on see X of think of need what we're X see. guidance the as would giving CX-XXX, as forward, actually rates what study So, I would Stage to to we Phase to move don't

immune in is public XX%. However, benchmark around I those will say in cases data as looking to the that are and from domain, high that see where to using and been well-aware XXs some the available we as the that. And have we resist of rates response

we the head of XXXX hormone with the program, cancer. about monotherapy CDXXX saw positive forward indications, and our receptor sort tumor might transcript, in triple other moving to cancer, in negative think patients in observe we at additional observed, what are were are breast then And alluded for HERX least reductions where into I neck, indications those negative agent. example, breast with For activity as we cancer, activity there volume and indications in presentation ovarian where

breast the you time, very receptor all cancer of focusing of point But positive hormone XX% is probably know at we're well, which about this cancer. HERX on breast population, with negative in patients

there point what the And comes in combination the in when would in and no either But at indications. are XXX, And bringing then those in had haven't is transcript to approved disclosed in I indication. alluded it indications this look activity yet. think those this CX-XXXX ADC particular to to about with indications we have is time, forward what single-agent we combination where

Christopher Keenan

ready question. think we're I Lee, the next for

Operator

you. Thank

Terence Flynn Goldstein is Your Mizuho. next question from from from Mara it's --

open. now is line Your

Mara Goldstein

Great. given into taking when respect provide information. a program. we Thanks how to that as focus XXXX tumor on you of well, might insight tumor particular novelty much think for study that had question so and a study? should it a if you biomarker types, this even the just with for respect additional and terms little of the I the question. the bit can the And certainly arm the in color more have sort I solid about in it's target, of though of Thanks

as And then might you year. insight what XXX any on having spoken have to data this know secondarily, the venue you've to particular I Bristol program sometime Do that be?

Sean McCarthy

appreciate comment Hey They're working unfortunately. questions. Mara, that thanks on can't but first, question. question through, the for the I'll take the that second

this so point, a this It's XXXX, this target. big a exciting very target. idea, at our guidance so is Regarding

doing And careful as target. with a I've said before, is a thoughtful what pretty dose we're escalation

toxic, don't pre-clinically, mask demonstrated you if extraordinarily we've As in actually it, fact, lethal. it's

taking about molecule carefully it to this we're So, patients. in learn

is year come we're data this this no probably Phase would not the the data study what we from year. initial the biomarker dose presenting to quite escalation. The X little range safety escalation, working biopsy as biomarker in later move so expansion towards of to upper data dose stage, And but a

Mara Goldstein

you. Okay. Thank

Operator

Your next Burns question Robert Wainwright. is H.C. from from

is now line open. Your

Robert Burns

Hi, thanks for my taking questions.

just So, study. Yervoy CX-XXX circle the X Phase to back I plus on wanted

X. one plus in their LX Phase asset, is you Pharmaceuticals about for patients Idera their rate Phase a Yervoy currently hit be objective to X in refractory order running trial then Could you you the that nature? believe Yervoy versus trial Phase considering anti-PD-X efficacy comment melanoma response in Phase after or So IMO-XXXX achieving would have XX% a for follow-up for sort in registrational of Yervoy CX-XXX X potentially benchmark after. your to plus X have I in And your

Sean McCarthy

question. great And to noted that over Robert, I'll Hi, hand Amy. yes, obviously we've data and

Amy Peterson

see to it's as a the X XX% in Okay, they arm make by of that. in so to itself, study, certainly we to it as X Phase a single what forward we encouraged Obviously, and Right, rate with would see to pinpoint. of we're registrational what went Phase with hard need great. and response need far would

And we're standalone, probably something of so for registrational XX%, looking upwards at right?

expecting larger we'll see forward did. XXXX we studies, see data, it they think I do gives us to certainly which move their Phase However, And from X. as what happens that the we're with randomized into justification in

Robert Burns

for melanoma that I more to that we moving over from then setting see see as some that. Thanks. space. evolving consider time, so patient sort me, curious you I'm assets we Thank you Okay. the And of into of anti-PD-X how combinations and refractory the one just when indication,

Amy Peterson

me question. sure understand make Let I your

does moving So, into population as how patient anti-PD-X it's other the evolve are space? refractory the agents

Robert Burns

of different Yes, how thoughts your landscape see of to sort considering on we're the evolve, sort I'm as seeing treatment perspective; all pattern from data it. assets, from you multiple of sort that curious just a

Amy Peterson

Yes, first, is I guess approved. nothing yet

lot space get I so from people And think dabbling is I'm us this in you're be on additional there And a we and looking have while open. of that. space until quite in flavor might space, what not this guess this I testing sure to approvals,

Sean McCarthy

sorry. -- additional just ahead. Yes, Robert, maybe Go one

Robert Burns

I'm you No, ahead. Sean off. cutting sorry, for Go

Sean McCarthy

medical that faster add carefully medical a an population time, combination particular opportunity a course of and right, need, to that. to others. in of quickly if over area going population part could monitor But afford approaches way, run the unmet to may That just an they patient where by the then than other we're as some see lot the large we reasonably of unmet in that these study into we substantial patient us, have move over this this advantages evaluating because of successful we've was if are I moved need. shift

afforded we for depth the durability patients. that Because response I-O/I-O with very of very be the know can impressive still and combination approved. that's example, been only for can meaningful this, It be and

I to see so And unfolds. we'll it think have just how

we wanted step how randomized field haven't we'll We unfolds. see as and We well to the take it committed But haven't, this you closely stage at study. at monitor a one to large it know, time.

Robert Burns

guys. Thanks Awesome.

Operator

next Your Darout is from Guggenheim. question Etzer from

open. now is line Your

Etzer Darout

the for question. Thanks Great. taking

from questions of couple a Just me.

you hormone the population setting. talk sort expectations you're that can response is far could we negative in what into, clinical receptor positive bit that sort as and a as if think how the wondered First of on just rate population little the CX-XXXX, study of HERX the hurdle about going about

Opdivo given beyond secondly, being then beyond melanoma, seen successful forward expansion. that we've could wondered, if And programs any CTLA-X Thanks. there's Bristol that expectations combinations the melanoma just just take

Sean McCarthy

the And patient to second sure first. take question happy thanks for be second XXXX Let the questions. the Amy on population. I'm answer very much will the And me

melanoma randomized other has commitment the can't pretty study. comment be BMS melanoma, the terms on obviously, their So, of might in made I substantial what indications. a thoughts to

potentially we've through, as But actively into. of we additional and working team, see team on see plus certainly do side. we the said, melanoma update so this those combination, XXX And with specific and the could opportunity our that point, are very move we at beyond opportunities ipi, Alison but no Amy our

Amy Peterson

response given rate trying better in question, population, to to Great. landscape. understand And was competitive be then what which benchmarking address we might your I the this patient think I'll first

I HERX doesn't what benefit. it's that with can't we're give to. agents, with patients are which aren't these So, other breast getting known chemotherapy hormone have positive negative easy I or rate not receptor response on mean cancer mean that benchmarking as guidance responses to

Clinical be for often drug in to So, weeks, rate, example assess at we not of or doing anything. couple used is XX at will benefit whether is looking the to things addition a response rates.

drugs and anticipate don't in what drugs for adjuvant we're time. we to to example, moving moving some for that are And spaces. data there see that. with happens quite ultimately moving to possibly other out, when the moving Sacituzumab, it CDKX/X comes in certainly interested there But and inhibitors, area, drugs are are

give you number. a I So, can't

Etzer Darout

Thank that's No, fair. you.

Operator

Amin from question is Biren next Your Jefferies. from

Your line is now open.

Biren Amin

Yes, hi refractory melanoma trial. for taking I guys. Thanks guess Maybe my one the on more, Sean, questions.

FDA? a I they treated post-progression. but if patients you that I fail think you to look this XX% ORR good think ORR XXXX by that the do PD-X, be published that XX% data to about was X,XXX about Lancet this call benchmark. talked in continued XX% a How presented in we on in is with position at PD-X

So, essentially on progress. PD-X XX% getting after a they you're ORR

the a differentiator? would think you ORR with combo in Thanks. XX% do XX% that be a population So, to

Sean McCarthy

to -- don't I call. on be Hi to I did response want not to Biren, good XX% rate specifically think clear this though. guiding we're XX% I question. mean a to we guide

think in when course data cite that the the interesting therapy we I and said is at way, look what you in continued PD -- we of by that terms of failures.

available But PD with at evidence the treated about can a to clear what pretreated, as we're I how response for on saying, in are who how have be, let the PD-CTLA-X the Those is patients evidence they been or previously that range. published inhibitor, rates be XX% look fare publicly me we combination. as to try a if this XX%

and the Robert shifting, right, with And this other have setting. in asked combinations asked, landscape patient as other is

the not bar getting lower. probably is So, higher,

response just do the looking we we're to be obviously for to best we'll and But best can guiding we're rate do clear. not specifically can the XX% get. XX%, So, we

We have do better. to

Biren Amin

about helpful. you you is can that's on toxicity? normal the this what cells. that and off-target data about of in Okay, also in animal whether seeing bit just And just talk And will that expressed can talk is then EpCAM, you're target terms the a on correlate a little

Sean McCarthy

been on the know, reprioritization Yes, this became ImmunoGen context in for interested is really of EpCAM. strategic you available program And the target. some This in And know. as we're ImmunoGen's has you time, year. just last so

to So, bring it we back were negotiate CytomX. able to into

as in good a quite X different a target there, toxin. that kind Phase Phase of actually thought very X. is data there's there It's protein, fusion reasonably time a long a actually for well-validated toxin protein, out data recombinant a been It's very it's a that target, a for target. the cancer of So, fusion targeting which is effective EpCAM an fusion is in

we So, and the The of is can It shown the preclinical again, in presented that -- has The ADC a data including toxicities, skin. induces this this. target know just range quite toxic. work. ImmunoGen

activity do. in like The underlying the Probody drug our ADC, that just regard and conjugates yet the the of Probody Probody anti-cancer protected retains is

So, it's an interesting and exciting program. We've just brought it back into the company.

process So, timeline a to moving what we're to think of interesting program for decide that is data evaluating it's But the market. going really in forward. we our the be

Biren Amin

Okay. Thank you.

Amy Peterson

is validated, a pivotal into bladder they -- in clinically they're actually it's cancer. study. it where moved The And it moving indications

certain EpCAM ascites a of antibody the Additionally, ovarian as for naked regions of used treatment in cancer the is world. and

validated are areas two activity continued where forward there in clinically progress EpCAM demonstrated or So, approval. resulting has to registration studies

Biren Amin

Great.

Okay. Thank you.

Operator

Catanzaro question is from Piper Joe next Sandler. from Your

is line Your open. now

Joe Catanzaro

for taking guys. the Hey Thanks questions.

many dose Would the study a portion ranging for that seven patients the to to of X than less how cohort? enrolled quick Just six initial say Phase escalation whether dose into therapy and should expect heavily cohort of ones XXXX we be able couple from you me. or lines the patients be of pretreated prior

Sean McCarthy

Joe, Sean. it's Hey

let Just the I understand question. make me sure

asking right? about study the you're enrollment, So, Phase X

Joe Catanzaro

optimization So the like ocular measures the done dose implementing yes, prophylaxis had in so you for toxicity. that

Sean McCarthy

Right, yes.

was patients. to done update late-stage the sometime So, comprehensive again, of say that can really I've got the led What that all is indication that in in dose that present pretty all did throughout a on to selection patient pretty all this work work this population and year. of I the we

Phase up enrollment X patient so is the tighten revised population relative now, into moving hard working to that has And Phase and the as our criteria expansion, X. we're the team to

become specific year want as I but clearer numbers should comment to So, on. don't at the it point, this on goes

Joe Catanzaro

maybe Okay, kicked-off? expansion was lines, what then beyond X optimization via that hormone complete, of those positive along dose earlier. But got escalation and the of receptor following know initial it. you up it kind just cohorts Phase cohort I additional asked And with triggers

Sean McCarthy

Yes, thing, really. no one

think be about I could priorities data. additional across could the be thinking It portfolio. it

course Of the would from it X. seen we've that already be data Phase

and firmly board, looking and particularly looking we're very that So, it's in Alison at something are they're now here real-time, that Amy at and on closely.

Joe Catanzaro

for questions. Thanks Okay, my great. taking That's all I have.

Sean McCarthy

bet. You

Operator

is Cantor from from Your Varun question Kumar Fitzgerald. next

open. is now line Your

Varun Kumar

everyone thanks the questions. good Hey taking for evening and

understand First being of see we the first on is think or the and in this one in should initial toxin should data some the we used that to Can the XXXX. about context when MMAE DMX from [Indiscernible] provide data? off-target CX-XXXX, as expect you I used we versus the some how MMAE

Sean McCarthy

answer paraphrase the for be question might toxicities with to of expect If would there extent, MMAE. that experience wealth expect payload. that with I on could we the some The probably is we clinical Thanks based Varun. your it, question wouldn't to see ocular it

particular toxicity DMX a with Ocular is and maytansines. the consideration

also characterized and toxicities are the nature, with MMAE then So, are neuropathy. hematologic that neutropenia, in anemia best

out be study. those be we'd in the the for So, kinds would Phase of looking X that things

Varun Kumar

on Any patient? the on therapy combo. one in being Yervoy criteria prior Thanks Sean. And used color just maybe inclusion question the on XXX based Yervoy,

Amy Peterson

are When exposure. not you're you combo, the ipilimumab CTLA-X right, And to we prior say the combo. referring allowing XXX

Varun Kumar

Okay.

CTLA-X So, all naive enrolled the will be patients cohort? enrolled

Amy Peterson

Correct.

Varun Kumar

Okay, and thank you, you, great. the progress. Sean Thank Congrats on Amy.

Sean McCarthy

You're welcome.

Amy Peterson

Thank you.

Christopher Keenan

of I'm turn the the So, reaching I top questions. see don't the any we're to call more and going back to hour over Sean.

Sean McCarthy

very again, XXXX. And once was to year I a big off in start Well, important very Chris. the Thanks for great. Yes, across pipeline. for company, advancements we're XXXX a the great think

your to time next you time. So, and talk thanks for we'll

Operator

this conference. have participation day. and wonderful for today's your Ladies you concludes Thank gentlemen, and a

bye. all may Good disconnect. You

CytomX Therapeutics (CTMX) 28 Feb 202019 Q4 Earnings call transcript