PHIO - Earnings call transcript Q3 2017 | Phio Pharmaceuticals Corp.

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Operator

Good day ladies and gentlemen and welcome to today's webcast entitled RXi Pharmaceuticals Third Quarter 2017 Financial Results Earning Call. Today's call is being recorded. At this time, it is my pleasure to turn the floor over to your host, Tamara McGrillen, Head of Investor Relations for RXi. Ma'am, the floor is yours.

Tamara McGrillen

Thank you very much operator and good afternoon ladies and gentlemen. on today. participating for you our call Thank

the Private and We Geert which materially statements Safe RXi's Dr. our Cauwenbergh, by under important I the processes constitute in our these most discussed would forward-looking Harbor XXXX. as Karen Gerrit Caitlin of various purposes and for remind future Officer, from CEO, call Dr. President and including result and will a Bulock, with by Dr. differ SEC. expectations, Litigation our the of Research, that our Securities recent Actual like statements the indicated President plans, forward-looking are may Principal Form Kontulis. Act concerning Vice Accounting Ms. statements those joined filed factors Dispersyn, of our of Reform listeners Chief this provisions to Development results those Officer, certain contain XX-Q

statements and addition, be represent disclaim recording We any this our forward-looking as specifically as obligations date any of only views representing subsequent as our should update statements. date. In of any views such of not to upon relied the

Now I to Cauwenbergh. President over the would turn Dr. CEO, to call and our like

Dr. Geert Cauwenbergh

good Thank, Tammy, afternoon, and everybody.

will from provide at going the time, the December. have at more study follow-up clinical in end in seen RXI-XXX activities to our of complete of scars the patient in increase we as in forward. hypertrophic this been the as year. dermatology with of RXI-XXX end spending this Ms. in study you slight a our our to before Kontulis we In report ophthalmology, the phase from in around learnings point four-month have of view, phase of the pigmentation study remain and From a we and of post-treatment harvest As our the our last the Samcyprone warts QX color quarter from past first cash ophthalmology, use will and explaining year. clinical from our in well doing effort data immuno-oncology phase our the space, track with to in intense while, same an clinical trials data the on

to New a available pre-clinical team offline data has vitro targeting Year. of are concentrating both studies have From view, the point work. research with in in early We been and on immuno-oncology animal some our

The is checkpoint T our other meso-CAR on damages the use against with cancer. concentrating mice and TIGIT in work of sd-rxRNA ovarian with PD-X cells

vitro, sd-rxRNA other killer Additional animal cells. in various dendritic In are evaluating are T including T then cells, ongoing. mobile looking models immune our and tumor-infiltrating at lymphocytes vector currently we CAR cells, cells natural solid tumors cells,

cancer the We From point are more BD are good internationally also future. progress and making with expect centers view, of such announce of near research with on recognized and discussions academic establishing partners collaborations collaborations ongoing. in excellence with potential feel M&A an we details to we several that

and our are to upcoming and timing quite Finally, the often are maintain financial hand listing. the aspects. the on data negotiations more and points, the the detail with this, complying I call calendar want ongoing NASDAQ requirements And the for deal over provide to Kontulis to to fully Ms. requirements close the the the of price. on our is aware listing Board share of keeping to asked in relation a question Management NASDAQ NASDAQ a eye about

Caitlin Kontulis

information Company's on performance its the XX-Q nine Form the you, and the Good includes with these periods. detailed The the everyone. three XX, ended September afternoon, Company Thank financial SEC. filing filed for Geert. for Today, months XXXX

and Business increase consistent Overall, higher and $X.X in ended During same the compared research quarter expenses for million $X.X a our to hire of MirImmune in expenses in in XXXX XXXX $X.X offset were former development quarterly clinical quarter Company's we subject General for acquisition be available are slight with but September the in that XXXX. is of LPC period $X by and the net work to XX-month approximately of year. $X.X quarterly million. million quarter-over-quarter. These million expenses highlights and no Company general XXXX, XX, the purchases our for general average, LPC, Company increases today, On to the which under This immunotherapy immunotherapy discussed. trial September the rate, expenses there $XX.X X primarily was is related by Company the received call with compared the administrative primarily expenses, the quarter expected our expense. $X.X compared financial cash by prior offset XXXX. the been of due operational quarter decrease increases purchase in Samcyprone the due advancement ended current clinical full expects was implant with the loss cash September for December Company to access period Lincoln expenses the million in Capital LPC, the our limited for to to the payroll with as to agreement had the just quarter The as period able not $XX the of There the million To to on first focus and same was Based I'll have of from same on XX, the XXXX. a funds Research September Proceeds compensation XXXX as expense. If provide as burn initial the compensation right certain the million our with including is a compared to in program the year. loss Company's the Company's million acquisition administrative million benefits XX, shares expenses. agreement this year. Chief into XXXX. $X.X and term and stock to million of the the purchase MirImmune common were to administrative a purposes, date, development administrative with resulting were hand have Company Net and general this for pursuant with in Fund, compared our on fourth cash or stock-based of available $X.X for until the connection this pre-clinical cash Company's as the XX, the Company stock-based fees new for our At and the of would agreement. XX, have LPC, with on for of with agreement. was the XX, ended Park of limitations spending until second the integrated driven were with at Phase cohort XXXX, our cashed XX, quarter third Officer the into the decrease it On entered trials under over quarter including employee XXXX. with headcount in prior August change used the the up sell The ended program, corporate from agreement general September severance increase period.

our current our continue utilize we line down on our not price do to we spending funds, yet in needs, on diligent LPC but with focus that equity so drawn the have be in share so Gerrit when an the We the call will trials. who over and manner beneficial shareholders. on in turn I such Company's update to a doing that both will provide is to are the to clinical the Company

Dr. Gerrit Dispersyn

and you, Caitlin, afternoon, Thank good everyone.

on provide is On a an going will I of we overview had our have development In and and front, what activities. give quarter. overview and the to an next of R&D will clinical known Dr. front the at research development Bulock continue busy clinical very few Karen minutes, the

nearing a announcements workload that in to Our significant extremely overall intact outsource we clinical their development as work of our order our completion. creates This have to busy, taken peak programs line with previous timing. timelines clinical and some studies about this are keep in four are measures

Let you management this evaluating surgery. a RXI-XXX scar where the study each some from details X The study scars after was we patient Phase RXI-XXX-XXXX QX. for hypertrophic me revision in these of of are participation of is finished give studies. more a

We are but wait anxious in the will quarter. we results to data that for out you're know in analysis are phases datasets I for analysis to report to of full in waiting the and complete. all complete the have final later preparing this

is a previously announced, cannot being an in formal studied RXI-XXX As study a scarring. age-related X/X study advanced, patients also and in analysis Phase namely tuned. with micro-degeneration so in [indiscernible], associated retinal be with indication stay done ophthalmology

these of injections the intraocular evaluating RXI-XXX last in In the and of are in We two this the patients follow-up study, patients. phase. tolerability are safety

As late in Geert patient, occur is visit scheduled last the December. last mentioned, to

only the XXXX being two levels, controlled need erythema is study. great on after that analysis. collected possible have exposure and data safety pigmentation to announced. to previously We line The blinded the that to that much successfully UV prior expect the completed. patient, testing three the with study continue subjects data as warts. non-randomized, Subjects the arm, may pigmentation the ingredient Phase on one-time with this top a study After on report Therefore, sensitization with an now are cohort of later present on response open for We well originally three-consumer is weeks. arm RXI-XXX color days skin RXI-XXX multi-dose with our one consumer early we targets thereby the our color to performed one study skin to applications. study using protocol. the based ten per cutaneous so to as the to cutaneous for the as skin developing with in in assess small treated product visit short at RXI-XXX the confirmed, is announce in sensitization first UV least planned. QX dose of test product and impact study a early clearance This DPCP, investigated in we impact offered for evaluator in some exposure. studies results main study single Subject future. least executing last status, RXI-SCP-XXXX X this as our of started involves phase. ten appearance. multi-centered, are Clinical studies, enzyme, label, progress continue wart are cosmetic weeks treatments a as assessments preselected phase as was last that the last completing up Enrolled inner application improving the a four up second on or the during and the molecule we plan of locked UV are Depending than participation pilot time last between in proprietary is in This meter weekly in the are prior visit which subjects and made data extension we specialized exposure program expect We near is a more a of plantar to of Once skin grading sd-rxRNA for in treatment and days and wart product believe conducted at subjects a warts. testing Samcyprone, with the Tyrosinase. on this or which and trial is test formulation and

is The phase line of rate report second enrolment the the lower are major protocol, more enrolment main the a study. the studies of of cohort for over nearing top dose. a late mainly subject-friendly we study completion X in completion, announced uses sensitization period in data the main to so several September, subjects on treatment track focus this was QX. months. phase on The cohort we And the last An therefore acceleration

near we our have Karen look ahead months Bulock highlights Dr. outcomes interesting of with our research discovery will future. studies provide with I and development discussing summary, of extremely in programs. you you a forward and to pre-clinical the in few Karen? recent of So, now us

Dr. Karen Bulock

and Thank everyone. you, Gerrit, hello,

focused and several felt pre-clinical in exclusively sd-rxRNA the developing platform on almost the space. the discovery immuno-oncology For past our months, therapy have cell efforts

First, applicability establish working this we sd-rxRNA our board to area. of are the platform in

dendritic and case, in of of including robust sd-rxRNA multiple no target killer, robust immune In We NK the natural genes impact have to show uptake fluorescently silencing cell labeled to dose-dependent a been types, cells. or relevant and T-cells, uptake was on cell results little the each cells, able viability.

our and transfer adopted platform these with to allows types ability platforms many to feasibility establish access and improve of cell us each treatments. cell potentially in Our

efforts are happy we investigators take field where non-engineered, are mesothelin, to that using T-cells T-cells. for meso-CAR to do to specifically establish delivered targeting remains first for GMP, are recent be With targets cancer. to support T-cells to are key on ACT clinical pursue available half translational forward, studying immunotherapy our will be first targeting and we of published of the groups path with efficacy a the treatment the positive in to the of collaborations These of two the paths target this to announce collaborations establish checkpoint are the and track approvals RXI-XXX to natural of concept this, focused approaches continue that we result clinical will on results CAR With as addition, Considering early manufacturer in relationships In be cells. to in of outreach, existing platform are of as tumor-infiltrating as to engineered inhibition a the working products, of we CAR sd-rxRNA research we approach of perspective forward. CAR as killer pre-clinical and To sd-rxRNA such previously possible solid and and next initially referred end can to paths regards able T importance models collaboration PD-X proof tumors. targeting we which the improve clinical XXXX. lymphocytes

are studies targeting T-cells meso-CAR evaluate TIGIT in including and cancers and sd-rxRNA, checkpoint working several mice RXI-XXX a vivo PD-X, in graph in We others. targeting model in to RXI-XXX human currently targeting on

studies We in updates the will these on provide coming of result the months.

have and much discovery initiated more to or The select treatments, They for have stem against program metabolism. T-cell combination used can we cells cells or compounds. efficacy that suggest the There differentiation be and and host adopted transfer targets stage persistence T better identify Finally, to sd-rxRNA alone evidence population to in a literature modulate CAR when in like. tumors. of as are a and better TCR is T-cells used cell such

If in panel will targets screening potential The efforts test of we such of against are compounds continue acids be engineering SBIR this identified the adult nervous compound, first sd-rxRNA initiating this Outside sd-rxRNA have should of T-cells and in as have collaborators target to cord BA-XXX, system. and a regeneration compounds local we business and phenotypic to evaluated the then P-XX during compounds Bio-X known and T-cells. company space, generate spinal partners received relevant successful, sd-rxRNA XXXX. these a collaborative therapeutics be to and We from for to support developing these immuno-oncology of interest is in is developing injury. Grant applications. the a develop for targeting to protein Award may silencing They a delivery develop and indication. Biosciences barrier treat an central regeneration P-XX targets.

to As Bio-X of design a of versions collaborator on the grant, models RXi the received cost support compound with injury. spinal cord and low sub-award and pre-clinical of the chemically-optimized a synthesis in

I with back call Now, will Tammy. that, to turn the

Tamara McGrillen

for Thank the open call you, Operator, questions, Karen. we for like today. the concludes to presentation formal This please. would

Operator

for question Thank Justin Our question. first The Foster open is you. floor [Operation [ph]. now comes Instructions] from

line Your is open.

Unidentified Analyst

Lincoln the that of a remain part your funding your requirement part with any of by agreement should there Park, NASDAQ With arrangement Park. is on and is Lincoln with

Dr. Geert Cauwenbergh

I will leave that to Caitlin.

Caitlin Kontulis

question, your repeat just you Can please?

Unidentified Analyst

sorry. I'm Yes,

remain that on As Lincoln exchange, the the with a requirement. Park you agreement NASDAQ is that listed of Fund Capital part

Caitlin Kontulis

but NYSE use best enlisted or the NASDAQ, exchange no, or to markets. on listed efforts we remain on a Certainly OTC are national NASDAQ,

Unidentified Analyst

He shares just of said to thousands the whoever these hope reverse split. before, every I so stock and Okay. And sold wouldn't you people. they that to I hundred that of sold were do stock sold had you in time whether be when that going But he be you Dr. to the his that month necessary to requirement of that be deduce whether at and with his you with keep main departure was colors that's with NASDAQ, yourselves do the he think I've question know that that hundreds being announced a departure. under Well, shares, shares you something Eliseev. sold before he wouldn't that to is his that living? a do upon My it know of immediately on will know wasn't required. reverse talk second I the Because pressure that NASDAQ, it because you or being are may a free doctor mind thing wanted off day that [indiscernible] later your today, didn't your you're me requirement. would then a know, split just remain if is do Can tell thousands has some shorters to as a have I for think on of I

Dr. Geert Cauwenbergh

answer probably can I that question.

Unidentified Analyst

you. Thank

Dr. Geert Cauwenbergh

things to exactly know at far position problem. are acquired that -- Eliseev eventually things is in terms MirImmune Those are by best Eliseev was we our unrelated, no MirImmune, as to needed making Those into a the be basically actually when activities. the -- terrific possible Dr. in did two done, what we activities as and happen. that integrate to quickly as And job

a We to was what bringing are that done. impressive have the rather have coming doing adjust time, been innovation to out in to and record able, work we are of the they what basically this table MirImmune

that relative hope venture to do, time So some feels anybody have we in that life we But what they point mission I that will own to able from in helped was and keep who evolving be better and to been leave investments has life. and his that, probably that. didn't want certainly and I it benefit another at at

Unidentified Analyst

correct? clarify to that you shares, aware the not plan, was employed and his were that that was he that that Understood. But just guys his time he sold is

Dr. Geert Cauwenbergh

as which whatever certain Company case, SEC in line did. they requirements do with officer, want of this did. to to legal cannot other do Company. through they can anybody I judge of authorities he, sell shares an situation and have the instance, as to When in to long the go in the he financial and who And in individuals For the it free you sell which wants processes, they shares are do you're

Unidentified Analyst

he I I candor, appreciated. much of not opinion? related very need selling course. for other that. just His of you very I Okay, were to in understand clarification. on the your to departure much in them were shares surprised selling you In was open inside his you Thank final his those because to outside probably guess didn't -- order anybody decision avoid market. words, market outside guys them by the offer

in lead than would that otherwise planned? earlier departure way did to So his been have any

Dr. Geert Cauwenbergh

I But can that, we the that I he don't you in deals. only his he know had he make making what assistance offer continued joined. sure in tell when mind can right to yes,

Operator

the next Our Steven question comes Felsher from line of [ph].

is line open. Your

Unidentified Analyst

a I drug bit you still tested on not a am clarify? pigmentation. normal to unclear is the RXI-XXX as why Can scale being with

Dr. Geert Cauwenbergh

-- do go What by sorry, ahead. you normal mean

Unidentified Analyst

Well, cannot skin I But UV that's a to can no to is novamin, good has tested sun it's a and that skin? excess that know. what lighten a exposure has sort efficacy the of thing that the of being on exposure hyperpigmentation -- skin on

Dr. Geert Cauwenbergh

Gerrit. Go ahead,

Dr. Gerrit Dispersyn

Yes, I can that answer question.

a one. So, product are concept yes, you a like study of you are developing in so when that, proof this looking for

the existing all that increase the is pigmentation And looking induced an of circumstances. skin. of or UV pigmentation for whether a the under melanin most kinds by pigmentation So controlled same, the right? You're an it's in experimental, it's is

control the subjects and different. difficult that color, of you pigmentation So cetera, is the size it's pre-existing because problem are the to et when is depth with selecting the for et cetera, it very

used larger cetera. point, a for prevent So you view et a pure Also, be something et cosmetics are cosmetics to prevention, from right? do to cetera, require have much know, cosmetic so. wrinkle as you essentially being to would happening, it So study may

a developed. mechanism a over definitely more question scientific for So the that product prevention cosmetic testing control circumstance a have being what with also you in is happens aligned in the

treatment know why those didn't a It's frankly, as a on And the we to alignment study two quite study a literature and we as a quicker from cosmetic study, more well designed in us point. allowed that it design And study view we with. come up it that's described So well. main with want it's reasons the essence were shorter was. what to read-out design

Unidentified Analyst

studies further I would say, is operates? be assuming further, have on see skin? So be like the efficacy Would on there how this this, normal to to it one successful. How pigmentation

Dr. Geert Cauwenbergh

a I So it. maybe can expand bit little on

treatment when is this companies Although, by and protocol testing so like products. the has [indiscernible] that the used been

Well, an in difference worth heavy and they not is in because for so look build the analyzing knowing we not the And treat have also that inflammatory treatment. treatment. come We a will applications it's have and as should UV when prophylactic because possibility you are at and and pretreatment to people as the instance, when may that say, or data -- basis, treatment, it's between you the well. the patients like help I on acute reactions that different get exposures, response you if

if And an at if really learning what from that a partner, depending really continue also are, and there, a Is with it approach. the decide So we find to point, we cosmetic or look continue answer do have drug route to what that's we we we route decide been is early question? think we different then could a test. which will cosmetic your We and probably an the on that are it. to lot for findings

Unidentified Analyst

you that's -- Okay, know. yes,

you're compound but just done I effective. know if wondering If update to make Now, how that. the you give still I work -- in I and know being has don't to been be I I it year I the on it, process us understand topical and would And can it one this could progress -- other much appreciate and find an made? was trying

Caitlin Kontulis

really your sir. the question, beginning sorry. I'm We missed of

Unidentified Analyst

Okay.

just on Regarding see any if the to it I update report. to RXI-XXX product want of for kind there is anti-collagenase,

Dr. Geert Cauwenbergh

-- promising was work with very the the suppliers actually was which, for it in way, now, of did is positive. promising, of They of overall, one no that together industry. The that the major largest supplier the Right a ingredients was work there cosmetic update. was that's and done by world, and it's really

website, the it find sure. can on I'm somewhere You

the taken that's human and days time And for they alive skin six they And created skin from basically they expand, humans. skin maximum treated keep So about biologically that did because they formulation. active. work can it on a

significant a And topical they of mind, because any large able is which useful they talking biological with two way the so in day showing were get a kilodalton in they kilodalton find didn't marking first a the a my reduction that you're terms at and compound XX very relatively activity in already, finding day a administration four effect collagenase days. But six, were human to that certainly XX a of there's through or effect had but skin on a enzyme. it

who after think with for itself. to first study that with as might formulation of topical indication So gives this that and sized in will that chronically of junction, a that hopefully XXX dermal, we've that some it an through available have surgery formulations deliver clinical XXX kind make broader the the the work. results could maybe us make into result topical through can with this we compounds pigmentation epidermal that or clear of epidermis, today, treated the And to by that, patients the would with intradermal, undergo it initially with XXX for we clinical also in kind first XXX, be with ex-vivo a revision with studies afterwards, in If scar studies the intradermal shown lot we working the interesting convenient follow-ups stretch tests volunteers that in more of skin just indeed in used way, surgery at with a There human the be basically which treat anti-collagenase are injections. and dermis. hopefully is to

Operator

Capital. Carmelo Aegis the comes question next line of Our with from

is open. line Your

Carmelo Cataudella

My to you, Thank question actually on Great of hear RXI-XXX. updates guys. past Hey, the this quarter. though. the was

Caitlin Kontulis

Sure. Thanks, Carmelo.

Operator

the Instructions] ext [Operation question [ph]. from line Bryan of Our comes Burkhardt

Your line is open.

Unidentified Analyst

wanted shareholders there going in with a of there's taken like I'm we year bit. at the just a shareholders that over last have not able I trust to the of Company and time some really going to last touch know the in taken these in the plus address share question shareholders It's kind decline I forward many just our and elements has a test sure price very elephant many little end to gears the kind tremendous I RXi going deliver want you would on years. XX% the due to be of of Should beating conference switch quite to the all forward losses of many, for something promising call? of with the before know. to simple stated investments as you're as couple room.

Dr. Geert Cauwenbergh

crazy a to good being negative RXi highs very don't question. have buyer question. question said that that what a After it's five-and-a-half -- I for that a a mind to means for it's molecule a my years Me, a -- three staunch when finance on would stands I the asked potential sponsor that as work gold feel originally that due said, mine, basically a a then were shares I about the that still I months you I doing he in the what after be consulting regular repeat I've HR not RNA but diligence today. to goldmine. potential a Should who it manager money me, for of It him a It's -- years wanted I'm reason thought Thanks ago. basis, because I put in same I misfit. Anything simple and on spin-out, lotto? because which my do is RNA five-and-a-half was goldmine. said ago small highs basically person I

in of that buy to looking it make the same sold been more has is I should to been It's not I out you money investing in of be been one for time, I And There're But things beating to have is kind can but biotechs. -- understand not anybody out is that news want when biotech. go financial case, beg but lot very because more don't been cannot continue in you're passionate happened I believe because so. taken I your share belief I'm one road happening has the often happening. day, -- because truly on to it At or pay about this the investing. and as So point forces my belief there small this Company, gains. that of understand is I has sorry understand, turn taken small certainty pardon? like And I I instance I it that that from sort the machinations with risk than now put believe of word that the -- that a major is a that order it. of and a necessarily a flow the going to beating has not as

Unidentified Analyst

on. No, thank Continue That's you. good.

Dr. Geert Cauwenbergh

Sorry.

been understand, antibodies, thinking antibody now an for bad fooled. can fooled stop now okay? against We that and with antibody protein because I cell told acts has So that immuno-oncology protein. prevention My from treatment. me is fascinated get being basically can by -- why therapy, better A the instance, still acts the making so and on mom translated sure people that than protein are already doesn't An I'm into messenger that

get a XX antibodies trust XX% it. something I market. would may will from pretty forward-looking not I mastered I'm rid have the part science. taken of understand years. it, and to a other ways game. cells. it's have other years down going hope antibody and I'm now, vehicles have that continue statement into And it's course, hallucinating, give earth you if to me. the it's comes when there's of But like And to will over who So donna and prima fortunately space not the XX to I'm it guy why it people, when will of change cannot we be master RNAI imagine surprised I sure to I be get of bold we significant XX, RNA, find

Operator

There time. at appears more to questions be no this

Tamara McGrillen

for to Operator. this everybody like close and on thank point, our we participating may the At call. we'd call you, Thank

Operator

participation. conference. Thank your for you. thank We today's conclude does This you

this disconnect everyone You time may your a lines have great at and day.

Phio Pharmaceuticals (PHIO) 12 Nov 172017 Q3 Earnings call transcript