PHIO - Earnings call transcript Q4 2017 | Phio Pharmaceuticals Corp.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

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

Tamara McGrillen

Thank you, Operator, and good afternoon ladies and gentlemen, and thank you for participating on our call today.

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

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

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

Dr. Geert Cauwenbergh

us on opportunities RNAi progress unmet our our of with and of new exploration rx major Officer the in We investing newly of past ophthalmology of were our in that have in a years, in as our has will most course worked ongoing dermatology Thank, unique The bold effort the acquisition serving ophthalmology Development to and this of therapy the allowed the dermatology over XXXX cell year months acquired to needs This Tammy, MirImmune MirImmune preclinical able allowed and delivering properties Chief while and also spending clinical rapidly for details to field we RXi cell focus value we’ve well into has review the our as afternoon, harvest growing The and us we technology integrate and -- in embark ensured for provide of XXXX parallel areas. also this the patients. Kontulis Dispersyn, the also space. Pharmaceuticals. creating programs in was while therapeutic major everybody. our medicine, Dr. in will XXXX. a and course of projections recent during adoptive provide increased made company on January moderately going clinical of the activities. some good you to step of immuno-oncology continue field Financially with Ms. financial has forward. and

offer resulted confident approach feel work sd-rxRNA resulting intra-auricular are that proof proprietary disease to results improvements. on in solid alter integrity, had studies in studies, strong a measurable has compounds more in patent data our data have complete significantly some we comforting a some we some slip family. collection, our Although that issues The injections data for just demonstration in our and to final albeit clinically is in that dermatology processes all clinical for the expected activities delays, some XXXX. in we release caused months, all into the Having recent resulting not studies reporting able can clinical of those safe than with use would not in logistical even seen while our been already indicated has affecting results that the of that humans they

of In of the the of level with epidermal the topical kilodalton in delivery the some to resulted about formulation epidermis sd-rxRNA molecular to has the addition, capability a creative molecules through weight dermal work junction. XX

our without company punished therapeutic risen continue three small areas development Directors. has from Board question and of A RXI, shareholder different justified very a from efforts totally of being size cannot of the our financially. base in course, Of

board specific cell the working on both three is and which generate the conclusion therapeutic shareholders expected areas which most early patients was could and the For was a front companies to was CAR has cell exploratory rapidly well space was this financial of the in that the of direct as cell year role our tumors exercise approach late, and reason, make we’re being The this In it their address only [indiscernible] in board in sd-rxRNA proteins for of with evolution. and both add our the way differentiation, relation suggestions Also, likely cell potential play in points Europe, by expected received to careful analysis instructed that complement that but this of tumor our top evident of in Therefore, that last RXI problem most to us the renewed therapy. and the could of to optimizing of protocols. quite discussions existing our rational. made T to the and and approach immune-oncology thinking value, on progress expressed from logical cervical by unlock in a treatments check therapy academic our inhibitors full academic decision as the also sd-rxRNA tumor U.S of our therapy conventional space therapy in key when platform about protocols. But one we area. as not the cell therapeutic to therefore versatility used most the therapy to interest and groups. direct The also potential therapeutic to that comments depth as could the research be a brought

our We immune-oncology trying XXX% done in and have focus cell dermatology the space. ophthalmology that of work while the monetize the to and therapy space, company asked to had excellent obviously been

in in exploration this areas. The effort that on for further last and One embarked and and access us Caitlin. our franchises provide exclusive the We immuno-oncology exploitation therapy with cell have proprietary platform extensive turn of an toe allows space. to therapeutic result cash, adoptive for accelerate non-dilutive our two before global including will dermatology half-life those ophthalmology future over our to comment I transaction us program call

and robust for academic by RNA working we company largest of and in attract essential Such the supported Due small best-known institutions employees. of are one the of largest a autologous small platform OC outreach Cowen's some our world cancer in We’re in one self-delivery a broad therapy. cell in players centers The diligent, the to of as when of in Paris Europe. in immune K. world leading the institute cancer major CCIT as comes it their center efforts Stockholm. with in the therapy number of to key Copenhagen, center in Gustav

the Minneapolis In today these Dana-Farber it Based as XX U.S our interactions us University the to with from on of is top XX researchers addition, well. progress enter in advice our next the goal Minnesota and being our months. in in institutions places in with provides clinic quality all with Boston made platform technology clinic in to

And year expand our in on also Caitlin, to like an our will and Medigene, financial therapy in over other interactions adaptive We companies it turn with oncological to past happy summary growing you diseases. into evolution working approach immuno-oncology you, XXXX. of the and will a I'm now creatively in provide cell

Caitlin Kontulis

Thank you, afternoon, everyone. Geert. Good

First, impact MirImmune. for financial identified quarterly I in of statement the was the of filed acquisition the connection periods XXXX. Company's statement of the financial today based the of with would like to amended address, and year related In of each the company's the tax review adjusted on company's audit interim end

increase not and tax impact to which correctly of Despite Our are the and book in-process valuation tax issue. resulting did operating the previously company's our result income of basis a deferred having in million balance not development acquisition. result corresponding tax amended reduction reported of expense the as results created difference. filings research a did as us the deferred The being allowance basis to X.X a non-cash from tax aforementioned present on quarterly a in liability in a the different net reported sheet. contemplate acquisition due in taxes the affect flows company charge, XXXX these company's in benefit an loss resulted The the and and book previously for periods cash from

and rely and tax in As a organization to of expertise technical related accounting disclosure tax accountings statements. tax third provide accurate matters to in assisted we small recording our with party respect and complex matters on financial engage

increased million plans report and our accounting also The control controls. tax remediate strengthen its this and internal the third-party BioAxone over reporting. Neurological on of a We a basis the financial company's to detailed report correction accounting now process partner these XX, this which on Stroke. collaborative received our of enhanced Institute have financial information period company includes for a $X.X processes over to form September report. on identified two ended This We project from from highlights plans includes the years. will annual remediation In accountings a the award BioAxone to XXXX, quarterly of reviewing on and our today executing the year tax address the implement XX-K total collaborative involvement this National for grant begun Disorders has I the and and fund processes any filed been awarded Biosciences deficiencies of financial SEC. December believe XXXX, focus company's tax will with performance

XXXX, preclinical year the for December XX, lower ended for MirImmune ended a ended and for were the For million the cancellation direct The to the XX, expense. injury. company's million entered professional for a for ongoing fees of exploring of company Lincoln milestones. first stockholders XX, decrease cash the the convertible in December as is under hand the an million General its rate with company XX, December in-process in XX, to for of in and services. $XX.X XXXX at the spinal our the loss cash and as our year were end. with million sold MirImmune the the until related and million, trials XX, year with in held Acquired to program was beneficial company's XXXX. revenues the the that quarter R&D $X.X $XX that company and burn per for the year XX, issued the December preferred a reduction by due meeting, XXXX to related and year XX, the ended the ended licensing the In including $XX,XXX. OPC, our million BA-XXX, additional approximately ended XXXX. compared ended stock conversion $X the for with $X.X as $X approximately as December dermatology immunotherapy XX, up of performed December increase With ended year-over-year, Net of have decrease a XX, XXXX The an to Gerrit. offset liabilities ended expenses a consistent XX, revenues expects this an stock XXXX by expense charge to million quarter for company's the Overall to agreement $XX,XXX asset, or convertible To MirImmune. the acquired further in aggregate grant XX, expenses impacts BioAxone’s related legal did reduction feature achieving quarter in to the year decrease per million have compared acquisition not severance limitation, expense treatment December receive have to services for availability expenses due with The and The mailing Hermione quarter XXXX, Fund for due sd-rxRNA was XX, had $X.X the agreement. not December to that sell exclusive to the our the of rate into company's $XXX Net the increase were XXXX. of company quarter. license as December in quarter. driven was $X.X the in of to acquisition to expenses the In ended outstanding after given cash avenues was compensation to XXXX as of million The XXXX, held stock in XXXX development of MirImmune, million of during employee the Based XXXX. candidate development common payroll to grant each transaction due year notes XXXX ended current approximately the million the of despite with prior The December look to December due agreement stock-based of was which compared with of XXXX. XXXX. company tax by the benefits compared agreements million XX, common in year XXXX was year, the the common was the research ended series XXXX, to company December expense due quarter in and The the address which for on The due with for during development and to and and expense months as and NASDAQ to ended with XXXX. year novel $X.X spending pipeline, company's had August by the visits stock and the December company multiple December charge ended on which XX, company for contribution compared for potential $XX.X an run of acquisition came OPC. XXXX. with purchase shares due The with XXXX quarter Chief former we the administrative for a year as December the receivable The $XX.X feature such primarily three was grant was Today operating expect clinical research ended second related turn company's XXXX, non-cash on Thera revenue the December XXXX development ended with company in were development by the immuno-oncology B in the December timeframe development. capital XXXX. ended $X the securities for XX, will The and to of the one-time year company XX, research Research December acquisition the the ended trial applicable cancer ended as addition entomology and the Neuropharma. assumed the with acquired December as professional for research million XXXX. year, $X.X stock to December QX our XX, in this process the the annual million fees on theory million provides included well of the value OPC increase with expense $X development PTEN was including year I'll for B year of company’s company’s subject and XXXX did the expense its in clinical $XXX,XXX quarter beneficial million XXXX the Capital actively At BioAxone we was encouraged December first company the cord and Research no administrative XX, one-time December as receive of XX, the the December in and was we with $XXX,XXX the recorded compared expense to in from acquisition $X.X of XX, was in development XXXX. was purchase expense in-process decrease related the XXXX, Revenues for impact for Officer of to ended development is exchange right quarter. perusing of MirImmune, had targets term the three prior funds company offset acquired quarter our common million $X.X the Revenues that over $X.X XX, the Park compared in-process quarter for for of of compound over year and the to XX, shares XXXX. to company ended and funding work XX, year related and million and call funding. XXXX. QX, for out conversion the December company burn related rate January XX, technology decrease primarily tax by compared which stockholders for consideration and the XXXX. all printing to fees related the applicable XXXX for engaged XXXX preferred million expense recognized ended loss the deferred $X.X of is XXXX company tax months December Business was share the $X.X General million to related related costs, the acquisition of the income company. XXXX quarter legal The privately that ended to benefit certain December with

Dr. Gerrit Dispersyn

and RXI's Caitlin, and busy been afternoon, research for everyone. and good you, Thank exiting has team. development XXXX

present We several parallel positive and several outcomes clinical have running in these. of studies of been as

we fully have to after in In have addition, the acquisition MirImmune research and R&D area. programs immuno-oncology new expanded this exciting and internal of internal external our focus transformed on and our

by also directly we significant announced as treatment RXI-XXX only hypertrophic using simple results These clinical reduce efficacy the significance for the usefulness used scars. the scoring of fronts statistically of the clinical scar of recurrence On be qualitative validated detailed The of safety use sd-rxRNA of our as to study RXI-XXX supports platform hypertrophic and results validate in occurrence to surgery. the was of results our assessments. techniques but observed RXI-XXX of well showing both clinical not scars XXXX revision post meaningful and

treatment were collected application next our Tyrosinase. other Treatment of patients' that that into and ingredient be but of there change from cosmetic correlated RXI-XXX drug investigative phase events containing arms, of in emerging and skin showing platform based sd-rxRNA in our RXI-XXX events skin targets at by no use related Further for development. of tolerated the was to evidence treated of proprietary piece intraocular driven tumors validation topical of addition, The strong of and data of moved of data with further a therefore a that formulation only data all not the program by proprietary the those compared well found clinical were can treatment was reduce In on enzyme about adverse it's These is gel most since application tone that those an RX-XXX gel. analysis injections. can RXI-XXX. UV a commonly tone skin confidently use our for tolerated provides came consumer about The RXI-XXX is [veegal] program an skin sd-rxRNA that RXI-XXX well this show results formulation. topical RXI-XXX testing sd-rxRNA provide relevant also as managing results preferences.

We strategy patients with have several Phase finalize which associate indication wet are been working These efforts clinical to retinal study namely and RXI-XXX ophthalmology degeneration macular ongoing and XXXX with our in on study parallel studies remaining in scarring. age-related are study is advanced reports. in X/X the a

specifically the very data The specific to seriously. our data is we late other were anticipated Samcyprone and of not cutaneous require in study collection and Phase data patient ended the for and are formulation this we early vast warts. of standard proprietary around frame. FDA Samcyprone, format. January we remaining to collection in guidance treatment small which respectively, and these take get our X analyzable molecule the the an participation able of the data matter is underestimated efforts studies study therefore regulations very finish of developing are we in amount our XXXX More DPCP, time with study two Even where December

we so this will With XXXX based later QX. of by be promised we also we information not we therefore, on shared in and XXXX regret on that able the as collected report to do said will reiterate data studies far, quarter previously previously. being so but So end the that

events regulated available events. no study in any the First on adverse there safety drug nor date primary study data been the endpoint looks data of XXXX mainly serious clean. very have to adverse Based

of for in is skin addition, high level with XXXX as In sensitization skin a prerequisite theraphic study promising is activity. which a seen have sensitization very Samcyprone we such

efforts and immuno-oncology are developing various sd-rxRNA on have our we platform discovery in our of therapy almost sd-rxRNA established focusing our transitioned We preclinical Internally, capability broader now successfully immune space. and the vector the exclusively cells. in cell platform research have

phenotype or sd-rxRNA been parameters on efficacy. been compounds types, including dendritic killer we able NK resulting uptick culture the and optimizing We the biggest Furthermore, cell cell our have and cell robust cell, in T-cells, to cells. impact have immune that multiple result show the of cell relevant in natural cells the

on more inhibition regulating focusing in are such the to by when cells been immune weaponizing with confronted active down checkpoint are even that immune have and We cells. targets remain involved checkpoint signals, tumor as

checkpoints good applicable and cell fitness optimizing made progress we’ve for therapies these as cell and focus differentiation fitness. as new well cell-based recently engineered the involved targets approved addition, differentiation as and areas, in Both cells used are in existing the both metabolic identifying In of of for in cells. such cell focus immune or cell immune clinic CAR T generations new

of newly All up companies. the approved Indeed, therapies and international by we the we technology to that existing with of development in cell use, our discovery. The ease to set significantly we research. extramural national can believe has and able further have of and sd-rxRNA molecules, improve applicability currently which our compounds of to in renowned and wide we nature the expanding several our were ones our self-delivering the institutions interesting collaborations success thanks the contributed and very saw

This indications the path cancer safety required efficacy we have Roussy for combination our be critical as And such Norway. institutions year. and and and specific and be and immuno-oncology into CCIT this Through data of and RXI-XXX such will and get Denmark biotechnology already a announced XX will required to be started such studies Germany regulatory within example, preclinical submissions sd-rxRNA France, Medigene are leading external in Biotech timeframe. a clinic targeting compound leading with accomplish that internal as vitro work later in in lymphocytes, the as To this, with available first excessively in PD-X. working such Gustave collaborations PCI companies infiltrating cancer. we with on For to months the ovarian as in we’ve XX melanoma will tumor in

finalize We two manufacturing ready underway clinical batch months. results batch cell first will the our manufacturing words, compound progress secured get This are earlier we the also make established have clear started the over and good other protocol. to study to lead In us development have clinical and path cGMP a of and of on allow well a next mentioned to preclinical RXI-XXX.

we’ve results us working So, focus for development the space programs has for research data in are summary, provided prepared a meantime, number future. external very however, points of our for finalize remaining. and Tammy? a and the on to those the In in clinical immuno-oncology our interesting diligently internal

Tamara McGrillen

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

Operator

now Thank The then Cap come Vandermosten our Zacks Research. floor open from Instructions] Small line from is questions. of John And first for [Operator you. will the question

open. now is line Your

John Vandermosten

a agencies. one or has front for thought renewed those the in competitors space on and how from might now up interest RNAi if open your regulatory who FDA and is compound the there question EMA your response that the of of is a is positive on interest right increased First what

Dr. Geert Cauwenbergh

to have same we’re with think with in this question, are is I in I in you year get to here. as are going going you to watching but --, we privy our two I antibodies, RNAi that an basically downs or space probably will compounds been past, see the has [indiscernible] in not it treatment but quite to thing compounds seen because in for long early just companies that who one have this am a human RMAi not us RNAi a the for arrived. ups think for general have details, biotechnology part and been development and be a people next and the disease for general, the John RNAi seen time day Well year seeing thing. this mean all an the [indiscernible] going of hey with compound good as day the and have of paradigm is seen to as have great that goes approval with everything

John Vandermosten

you up some follow the putting using And that that out those? help thoughts of process a there good on any the question intermediaries if to color identify be to may assets ophthalmology are you is and home could on there. the you if dermal for provide just Couple additional see on you’re

Dr. Geert Cauwenbergh

the using personal the on basis intermediaries, got and myself but some started a have a of a when originally we’re we the company that the connection feedback people of not answering questions. way, replies or from all for we we out lot that realized us companies to in XX a feedback we’re Yes, with we are It’s professional in company. process giving because easy the sure in reasonable make and just dermatology ophthalmology including people with

professional more Citi has done to Group are a of than I Citibank own want practice don’t in basically, known a for terrific negative who used is she be XX or assistance an and job banker investment doing manner. a have and hoarding Things a have in as years, the started sense, I person but requested long in time, cash. We their person being that a say to in

Operator

to no There be appears time. more [Operator at questions Instructions] this

Tamara McGrillen

thank for I would on today. like to please everybody may Operator call. call participating the close our you

Operator

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

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

Phio Pharmaceuticals (PHIO) 26 Mar 182017 Q4 Earnings call transcript