CTMX - Earnings call 3 2023 | CytomX Therapeutics, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the CytomX Therapeutics Third Quarter 2023 Financial Results. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chris Ogden, Senior Vice President, Finance and Accounting. Please go ahead.

Chris Ogden

you. Thank thank us. and for you afternoon, joining Good

We they Before that be during I whether encourage materials, press would everyone the risks read undertake release in and of our Earlier the SEC making new public developments and inherent XXXX and remind everyone have with forward-looking outside a like no to most obligation which and SEC. a uncertainties to otherwise. at press predict that Important to release future, to the which update our this to recent information, control. relate as statements. third recent forward-looking any and we our risks statements, quarter subject of this We Because financial difficult to sec.gov. today's associated or issued filed uncertainties summary results begin, are that forward-looking CytomX. with are statements been of are are call, we many the a we of includes highlights afternoon, result progress at set forth filings future will

turn cover now and Executive today we I'll progress press pipeline section me our CytomX' of release, the a will Investors and and introductory provide quarter.With Chairman. financials our that, key call Officer and over SEC Sean of and milestones call Chief can is call comments on Dr. before to third progress for the the be CytomX' Sean Sean. under on the this the filings website.With found Additionally, our recording News McCarthy,

Sean McCarthy

into At the and therapeutic tissue index cancer utilizing via new CytomX activation, update therapeutic and joining for highly development of modalities offering us localize focused continued conditional for disease Probody on and an discovery Chris, Thanks, Thanks options are everyone. our to progress biologic XXXX. patients. in we afternoon, potent increasing on novel platform medicines, CytomX, good for

positioned believe are currently the ESMO of poised T-Cell pipeline use to XXXX beyond.Firstly, as to in focus, I'd ADCs key challenging were new the the oncology CytomX Antibody with of Two transform significant of overview with at say recently and very Conjugates breakthroughs platforms move to today CytomX our with potential highlights in X we both current CytomX environment areas across across pleased programs therapeutic R&D. many that Engagers have areas T-Cell is of start for differentiated an biggest strong continued Drug of we external building been why these of XXXX fundamentals has in very I'm towards and biotech, the areas. particular we modalities, to solid the like are pipeline. be treatment tumors. expertise of Given years, lead and we and well for important Engagers. our outlining active

XXXX that never relevant XXXX T execution has of that pipeline exceptional clear the last evidence Our potential. in bispecifics have more or clinical and XXXX.Starting has milestones with and cell been CX-XXX, T-Cell impact been Engagers in Coming had CytomX for EGFR our a ESMO increasing targeting meaningful intense, month, solid CDX. can has a there's stage year momentum of tumors. out more key value-creating and clinical Probody for and set focus

targets. end CX-XXX modality a CX-XXX EGFR, in challenge normal in is pursue track tumor continued for majority this process limiting for ability address for CytomX' of ADC solid expressed designed in tumor central in ADC, EpCAM-targeting excellent this through one is track to of is X, escalation. remain and advance by highly XXXX.Our cells, CX-XXXX of is CX-XXXX, most cohorts the validated on certain of and the Probody this XXXX. backfill an challenge first potent we differentiated is broadly of I the first-in-class the targets example solid also and has initiation dose novel to as in We which starting year However, on window. are Phase continue that of expressed to we're highly targets. half initial data the IND Phase to filing therapeutic

We about profile its and full presented EpCAM the high clinical proof-of-concept can non-small in cancer cancer advancing partner, CX-XXXX see BMS the This data the will across program in be expression presentation end October, is World Ia SITC. Probody we anticipates a this of plan are II, nonfucosylated version microsatellite the immunotherapy, is cancer. of found Last by first in particularly the as program to Phase a validation through enormous CX-XXX escalation We and excited Phase immunotherapy novel anticipated cell to alpha-Xb which IND updated colorectal on multiple towards including the interferon CTLA-X therapy. cancer given the website. centerpiece We tumors, lung of execute potential level this preclinical which also CytomX clinic. for of field in of advance Phase and XXXX. year.Continuing also the its stable marked on Ib is filing future. cancer studies for ADC from at includes as website. the continued XXXX presented prior initiate we presentation weekend, target data data at our BMS-XXXXXX cancer colorectal BMS, program, XXXX.We Cytokine cohorts in have dose CX-XXX available our is permitting mask also be for in to expansion and available our in on in preclinical a

platform like our active of protease-based today currently each have platform a more second the providing together, form decade and R&D ago, CytomX Taken Amgen to pipeline inflection poised our Astellas, and CytomX strong, CytomX that created value area activation investments conditional of the consistent to and than substantial increasing allowed near is relevant alliances financing.Together our our and term.The today BMS have validation, the field our XX our us partnerships. deep, reach We with of programs. many to in Moderna, in attract has partners. with and high-quality is I'd bring nondilutive highlight Regeneron, more than the in to technical partners, value drive technology

I will external upfront Astellas manage of to cash continuing of these our the nominated the financial financial Chris milestones cash the are first record long-term partner partnerships and future for program most product and shortly from the payment strong we addition milestone near a in clinical royalties, collaboration.Thirdly, in the to candidate potential resources environment. the $X highlight CytomX position. like how potential our challenging payments. each company to review of our context would strong alliances, In million track for under has earning a from has infusions recently, including

CDXX. been over the I of encouraged brief on update the handing continuing antitumor our Chris observed with ADC fiscal We've a to to we've and provide Before Probody CX-XXXX, discipline, theme would targeting activity by CX-XXXX like to on date.

the will the directing program to However, significant financials. you in through in will me based be turn current investment on we term.Now call over our not additional this near let priorities, Chris, who walk

Chris Ogden

Sean. be third on able with you, pleased quarter update an XXXX to to our share Thank I'm results everyone financial today.

private cash near received third $XXX balance challenging includes also Partners. reduction environment. allocation in comparing under financial and year XXXX XX, strategy result over to This company's focus capital that balanced our cash, collaborations.I'd the of a which same maintain a a business well burn XXXX, cash reflects of cash quarter milestones period XXXX. cash we also R&D in burn long-term equivalents note investments, quarter ability and value. million of as to As BVF with $XX.X $XXX which our stakeholder in and million remained prioritization, Overall, disciplined in quarter the time highlights very this balance July of our versus flat cost financing of well and XXXX, and has reimbursement placement in as the third biotech strategic for million development, successful had and capital $XX the cash management was allocation in a equity on to in with to the focus aligns financing million $XX.X consistent equivalent strong our position formation continued million as build increased third to the The and period of September is

In guidance business of into second cash from for progress terms any the milestones additional additional expect we the resources to operating to revenue of quarter. This any development.Now assume half current moving new in not cash our or runway, XXXX. expenses does partnerships fund operations and

from million General corresponding million September ended million XX, months months quarter XXXX. third of million million $XX.X $XX.X during compared period September $XX.X XXXX, the revenue expense Operating and the XXXX, period was to million $X.X corresponding to XXXX million $XX.X administrative For decreased the $XX.X the of in XX, XXXX ended X the $X.X compared XXXX. X in to expenses for by during period $XX was the decreased QX corresponding million. R&D to for for XXXX. expenses

you company.Now I'll we see call remarks. expense the numbers, have turn to these closing manage from Sean the can back for So to operating how thoughtfully continued

Sean McCarthy

Thanks, interest for thanks time this afternoon CytomX. and to your Chris, in for your and everyone

Looking on time ahead in exciting for highly us, well This remain an to XXXX, delivering and XXXX is and is pipeline. very positioned. CytomX focused we our

have highly Engagers, unique make Our pipeline that diversified their encompasses current to treatment relevant to T-cell contribution own the ADCs cancer. and of and Cytokines including each modalities,

as XXXX, work anticipate lung and Astellas, of CTLA-X drug biggest areas making and call in the collaborations anticipate I'll we thanking Amgen indication. ahead close Probody, commence the be the MSS continue with on for highly of half continue also cell CRC data multiple we remainder BMS across who recap Similarly, Phase the in a to decision tumors NF key IND in through filing track in with next solid is dose to this EpCAM escalation. exciting initiate for data available CytomX Q&A. in anticipate progress to that, cancer. on and progress initiation This we operator, focused as by priorities for moment Phase I clinical Moderna, expression CX-XXX the months in proof-of-concept Ib briefly and non-small and R&D.With our in XX and points the dose XXXX.CX-XXX and inflection as members with me in Also an XXXX.We with our end all I XXXX, XXXX of next CX-XXXX priority in continues of cancer the year. remain is cancer by to potential metastatic We expect go such with Ia for open XX BMS. for let's the a relevant activities remains filing Phase studies IND make XXXX clinical to exceptional we our Let of including first XXXX. the in for on oncology milestones of with important difference XXXX Phase is our with escalation continued discovery up Initial track over year. team considerable XXXX, treatment anticipated anticipated colorectal Regeneron, known

Operator

[Operator line first of question the come Instructions] from Roger Our Song from Jefferies.

Jiale Song

focus let's maybe as for So near-term on the pipeline. the now

consideration more bit follow-up, maybe cohort? will be what the the So second made able have patient know is us? Yes. question will maybe, you key the will decision the understanding of update? now. first And for particularly to that Sean, be year, number types key the is a be to next My can us right little expansion data with move what in with half data upcoming maybe of later any is let another part thoughts around you That's into the I share expectation the tumor part XXXX

Sean McCarthy

thanks the Roger, for question.

the step a program. with let's little take back XXX, just on to objectives our recap So major

towards beginning dose escalation. setting. the So EGFR escalation certain coming as now conducted in essentially is the cohorts XXXX, being dose I all-comer as mentioned, an backfill The of we end to in we're are

for tumor are EGFR EGFR and dosing to Phase Phase agents. patients So T we the potent ago, have expected at actively a escalation this needs is exploration And schedules thoughtfully, for who as principal are weeks right? couple expression, EGFR saw their cell to these objective engages be methodically evaluating done dose dose done just safety for types to expected of ESMO Ia selecting We're be be needs and with to expression. of early but And we're enrolling Ia, that not positive.

positive a said, be will analyze make year partner our on And select expansions experience Phase But the the with course, for goal, Amgen doing.And Phase the decision so that's with really involve as drug what EGFR additional go to candidate. Amgen, next I plan in types Phase would we're and to our of Ib. collaboration go-forward into Ia gain Ib to data tumor with forward

patients stage or on on the a we to we're in about Phase of talk track with track track would good premature are this So making progress. the half be and year. And not specific number on of our of guidance with data goals. Ia at first That initial next We're tumor ready from types. but little

Jiale Song

the is clarification. you you decision? will or that we a the expansion will decision for initial cohort see quick make just that make later set When Maybe to data data the wait

Sean McCarthy

Yes.

So It's question. to it's a this hard at a point. say great little

a pointing As we that exploration time to get we're study, this modality, in schedule ESMO in per can back X to companies from It Ib. more We're move project involves Phase doses than at place that And Phase you're saw dose Ib dose, the take of schedules. to seeing and optimist. several X Ia the again, than important throes to that updates of early very more some the increasingly, this we're in into course, ready that Phase expecting. of

and nicely. I data that think, for very, clearly very very Amgen the I think illustrated tarlatamab,

the We'll Phase we next we year. best from Phase data as look transition to answer I to we'll see. continue make to to II So can the collect short think is decision Ib

Operator

the question Wainright. Jade from And our next come of line Montgomery from H.C.

Jade Montgomery

is Montgomery Kapoor. This Jade Mitchell Wainwright from H.C. for

So any of mentioned you CX-XXXX, tumor? particular interest there type Is primary was when comes like in that there one is this for interest it the the particular there one with type tumor CX-XXX? CX-XXX, the to

Sean McCarthy

Yes.

let's maybe know So a conditionally active what about -- so interferon, being what start with interferon. we CX-XXX

to post with intratumoral clinical in that the tumor in goal XXX activity has immunity as we is drive shown here XXX antitumor the renal, melanoma, sarcomas, demonstrated -- So in lymphomas. types immunity. nicely interferon with certain in know actually in goal And our quite that several

are poster, immunogenic active so speaking, that -- So we're an have types is the and preclinical shows as competent. generally those data XXX the where that phenotype are, to -- and -- that showed in is very we are we interferon of looking tumor tumors we intratumorally.And inducing immune capable

going places in be development. will clinical us those early obvious consider for So to

also here The localized SITC checkpoint inhibition. makes based some mechanistically, drive strategy expect combinations.Let comment in we of other interferon well in XXX last thing so poster with immunobiology to absolutely And we would sense our to has say partner about well be quickly data clinical alpha, studies, make the the interferon into in the that to potent obvious full in you strategy weekend.And EpCAM preclinical made tumor very move to our showed program, types. in also -- is and alpha-Xb just would setting, say, since that is I another thing would to, really combination in emphasized fairly on on fact, looking the we terms interferent combination leverage other which inhibitor the me of the reference of one as checkpoint EpCAM poster

is our there bias But So the into EpCAM CRC. strategy I expressed. to enrollment course, of Phase

levels. this expressed about of solid EpCAM One is things the many that love we at in tumors high target many,

positive who types types. In expressing EpCAM. fact, we are potential cancer almost patients believe XXX,XXX EpCAM treatable for major the up that there those across X They're upwards of are tumor across

as the be potentially additional CRC, enrolling signals setting. but Phase for I we'll types looking in additional also tumor in well, focusing So

that I helps. will hope So

Jade Montgomery

think? I with influence Yes. and timeline? data, that Phase on That by factors have of may of the is was this, you more mean, as great. plan just on to the those end do And try XXXX I a well next both do What that or year you more of that

Sean McCarthy

Yes.

X now, where XXX company for right as file goal in and the focused clinical So is INDs we're a to studies the super initiate XXXX XXXX.

said data. not in to we point longer. take That Phase our little is get give at could Ia ready any XXXX, guidance far XXXX as to we as a on can. think I goal We're as for through this

Operator

of Markets. from from line the Etzer Capital Darout come BMO Our next question will

Lukas Shumway

Shumway is Etzer. on for Lukas This

update Regeneron. progressing, for from You with see are have you opportunities of Can we'll and maybe you types how give see where us ongoing collaborations Astellas an collaborations? to the those biggest and what might those as those programs from bispecifics the

Sean McCarthy

company on us emphasized of have thrilled the of are bispecific in field as the been immunotherapies. Both a allowing work question. it's for And of reach means will to future. an number the the technology Yes. important and to to Thanks I expand large of Astellas with. high-quality partners and call, for think we're really be financing we also such Regeneron the continue in the to the and focused It's

number focused significant. began milestone Astellas relationship also Astellas That still is in but We little very of and one IND-enabling with which strategies. a That's into more engagers this deal for a early, earlier. earn work recent work a years the T is studies.The Our now moving a in deal it's old year, first relatively is about a our old. did few is of that's forward the Regeneron Regeneron with cell bispecific year

about they're in to strong working with player specifics great of disclosed we're delighted haven't a But with things absolutely course, of We be the and partnering any field, there and to come. really we that very expect kinds to bispecifics. be them, them,

Operator

next the question Anupam from Rama of line from JPMorgan. come our will And

Malcolm Kuno

Kona Malcolm for Anupam. actually is This

one you a be sense of for yet CX-XXX? which types one solid Just will quick for you prioritizing tumors us. have Do for

Chris Ogden

could you didn't clearly. first of question? it the repeat Malcolm, the part hear We

Malcolm Kuno

be for tumors sense Yes. for have a CX-XXX? you solid Do you yet will which prioritizing

Sean McCarthy

of, the in Ia, Phase mentioned, and exploring in I where now we're positive early in tumor as types. we're right Well, escalating program broadly of schedule dosing in speaking, as the stages context EGFR the Yes.

all-comer essentially put So of experience strategy an gain it, to this candidate. with as EGFR-positive initial kind I drug

what the clinical course, our we the next of EGFR there the seen we've of Ia forward Phase move positive that we of move studies. Amgen, with once early sit upon Ib tumors are, we into year, multitude Phase As into analyze a partner, part data, we once depending down in could

to and could like into of some will be partner, our but X, obvious the consideration there we'll ones be commercial others. take And drivers a be Amgen. are will So in lung and them neck decision that I that name taken -- think head of the

TBD. So

Operator

will line Our Barclays. from the Lawson come next from question of Peter

Unknown Analyst

Courtney update on What Peter. have BMS. should for the and many is with in XXXX we a data the question on program This I patients? CTLA quick expect how

Sean McCarthy

Thanks Yes. for the question.

recently Those BMS Probody call update with ago. month that. nonfucosylated conducting Day XXXX, they are at beyond in we are are are updated additional the in that lung this data ongoing. was and -- cell a they MSS-CRC. anticipated their So no the XXX anti-CTLA-X but details R&D that that non-small is studies And about trials proof-of-concept most The

So we seat keenly for in their are any at of of disclosures, this disclosure anticipating they, are clarified. data, which timing the and driver and course, not point been has data

Operator

like I'm not the I'd to any time. this further for back conference Sean remarks. McCarthy showing to questions at turn closing Dr.

Sean McCarthy

for out very update Great. Please your free on questions, any have Investor CytomX. time for and thanks, and company to and you interest team should hope our I to your broad in have has Thanks day. much, great the reach been Relations of this rest progress our everyone, helpful. today feel a

Operator

conference call. for you Thank This participating. concludes today's

Everyone, now a disconnect. may day. You have great

CytomX Therapeutics (CTMX) 7 Nov 232023 Q3 Earnings call transcript