SLRX - Earnings call transcript Q1 2022 | Salarius Pharmaceuticals, Inc.

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

Operator

Good day, and thank you for standing by. Welcome to the First Quarter 2022 Salarius Pharmaceuticals Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. now today, hand Daniel would to conference I speaker your Kontoh-Boateng. Instructions] like the to over [Operator

Daniel Kontoh-Boateng

Good of afternoon, This press read. and financial XX, XXXX in issued first XXXX, thank found press release results you salariuspharma.com. for financial a news encourage months the corporate can joining for and which the be results ended detailing we The call. release afternoon, three Pharmaceuticals quarter Salarius section its Solaris March Pharmaceuticals to listeners

and would disclaims an like Form we and strategy, capital These I detailed vision quarter to circumstances, and undue on our meet as as current call make year from and the before certain Before well a statements XXXX contained effectiveness XX-K these Today, call, degradation result beginning go about protein you metrics, future targeted will as and base to obligation provide filed during reliance following the the statement. future; cash and well development events seclidemstat Risk differ and SP-XXXX the plans, Form to on financial results. should CEO for filings first results Pharmaceuticals, the materially statements. risks expectations, quarter been shareholders on the those Factors and XX, and have of quarterly may will forward-looking as Salarius please as stockholders' our regarding Mark to today's during uncertainties, place the of vote Salarius including to allocation expectations on in on program future our due statements events making other forward-looking Actual Salarius time. we section which as Solaris not our or are taking information our information, well based with who otherwise. our be for of David as operations, candidates, on June our its XXXX Rosenblum, report including resources who and today's whether future and investigational David, Pharmaceuticals or about operating expectations, asking these drug will meeting statements first on time clinical SEC XX-Q, of achievements any update and Solaris' the CFO, Director annual ended us update in Arthur, is Pharmaceuticals statements, ahead. and subsequent corporate With new with the reports review XXXX. SEC

David Arthur

to us call dialing Thank of today, first you conference time. all and everyone you, into you our thank particularly joining Daniel, for the

drug the time development now I'll although recent the of The spoke degradation basis acquisition on drug our discuss advancing our our already XXXX-drug recently on targeted moment. call, of of SP-XXXX. or have first by once Salarius. we March from protein a been the quarter DeuteRx an TPD development of portfolio XXXX forms news highlight we LLC, program, program. during earnings XXXX another again year-end led in which And XX, quarter exciting was for have property and our weeks intellectual XXXX The candidate,

field entry and XXXX. results potential global TBD believe market Squibb like full in we Revlimid commercial Bristol-Myers into internal by with Our over represents of and expansion a Salarius the for a significant a protein future billion our drug year XXXX, as development positions billions is that degradation of significant as their fourth fast-growing research pipeline, cancer growth. drug dollars of for sales generated Pomalyst, $XX evidenced financial in quarter drugs by in of and reported

protein that makers, the who including largest and the Amgen, degradation degradation. have investment announced companies by with interest that protein from drug attracting We is world's in focused suggests of TPD believe others deals for potential recently targeted for on pharma Pfizer, biotechnology market potential Coupled the the Squibb, addition, most the LSDX to Bristol-Myers built In some advanced now drug Novartis drug care candidate, degradation multiple reversible investigational drug two within cancer health targeted around existing our protein inhibition an program transformative be Salarius approaches space. and our with degradation. clinical development is and seclidemstat, cancer to inhibitor development development, pursuing protein protein for programs exciting oral are

future deliver to expect milestones We the value are our to inflection shareholders. given we optimistic of points potential achieve and the multiple soon for the

shareholder in been arriving our about a as As excited CEO as at future since I I'm the have and Salarius. company,

I'd to Let future of me like we seclidemstat. the tell you about see ahead start Salarius for what and

is enzyme enzyme an of know, Phase an I/II that designed you target promising protein And an seclidemstat know, drug seclidemstat as a reversible also inhibitor that the expressed separate is in over cancer and anticancer is trials. LSDX, oral you two As types for currently to therapies. subject of target is many clinical

seclidemstat exploring for The with its one is chemotherapy in first with sarcoma. in trial including sarcomas, arm patients exploring combination treatment potential

clinical with second in sponsored potential an have across as later is both enrolling trials. clinical discussed The MD And previously, aggressive providing seclidemstat's this Seclidemstat of or forward patients two on we year. studies, including looking in we hematologic these patients exploring clinical cancers. blood to Center updates data trial continues to Houston, interim are development trial Anderson forms by Cancer with investigator-initiated in advance

been the potential believe degraders drugs and degradation develop has target of treatment so, that therapeutic the small progression earlier. perhaps the historically doing cancer protein proteins development degraders the malignancies of targeted myeloma to the and considered target enable multiple helped and achieve targeted are medicines cancer. I medicines This with degradation success part early of involves undruggable. of protein research of for degradation most products natural generations the treatment and non-Hodgkin is that the We the stop with SP-XXXX Revlimid effect blood disease-causing body's lymphoma. And these to of such protein about to cancer-promoting that a eliminate for as as mentioned quantities field But to as degradation. indicated drug. transform Both and Pomalyst represents such Now harnessing therapeutic protein that by can of significant potential Targeted have exciting development system protein of protein degradation proteins. discuss selectively let's

tumor in the patients increased unique clinical promising its potential important demonstrating published efficacy activity XXXX, is and We What enantiomer is degrader, number widely half This strong from and preferred have into or because though with believe the designed protein referred and across potential unique an as its patent. is than induces the enzyme believe good biopharmaceutical reports, Based or be trials has binding Celgene-CC-XXX XXXX bring a more of industry's disease-causing disease-causing transactions degradation in data own is on broader degradation. of proteins oral that the best-in-class, We avadomide molecular safety. an avadomide through a in we molecule anti interest across glue think makes several is the X preferred the targeted what small studied safety cancer in proximity because improved improved XX actually importantly, of derived over in with XXX protein to been and avadomide XXXX lymphomas. and it types with pharmacokinetics in a years. past entity matter observed for cereblon characteristics or believe drug composition XXXX is to to proteins new we we it elimination with profile, a that studied molecular is

In treatment focused of in for is efficacy solid Salarius a as avadomide. published anti Sciences, fact, to animal activity in into are proceedings tumor increased clinic to on compared And pre-clinical pre- study XXXX announce. cancers myeloma hematologic of were improved the and quickly as clinical multiple a where advancing National as in tumors. potential we XXXX - pleased possible and in results Academy the the showed

drug preparing to completed we an IND clinical implementing to is support that and drug and the we development regulatory and guidance and FDA submit FDA. important step to IND Salarius XXXX. first meeting submitting provided meeting other preclinical, Salarius IND. FDA pre-investigational half submission the process that inform IND-enabling In in prepare activities matters pre-IND obtained and to has activities development process yesterday valuable and allows a announced for with clarity on afternoon of drug fact, questions development other application. studies receive development completed The an have the pre-IND this to studies the or new input actively planned companies

data able year. trial in this The later to have updates far progress in year. our we XXXX we gives Importantly, so provide will first development XXXX us confidence next preclinical program clinical to initiate XXXX seen we plan our that be

ask Mark our I earlier, quarter provide Meeting first quarter Annual before exciting in Chief I it's Officer, details financial as is I Financial now our upcoming weeks Salarius on As appreciate, meeting, mentioned hopefully, at Stockholder But been discuss you to and Mark? recent like another would results. stockholder here month. can to next Rosenblum, and our

Mark Rosenblum

David. you, Thank

for with the year, Salarius company costs million $X.X and for increased a statement degradation portion the $XX.X period. same year loss having year, $X.X three costs a to of diluted targeted and a flows of in $X.X share believe the advance clinical compared Salarius and overall $XX cash ended proceeds that in ended ended for period had million in during of raise the trial balance in like XXXX. David. cash XXXX, of net and We XXXX drug from revenue amount $X.X to expansion again the million loss cash operational quarter. current $X.X With activities the from XXXX, the - would personnel used approximately million same net I cash primarily million used and programs overall to compared to increased sites. three-month ago million prior XXXX. million David for that general including For expended. On more costs, share higher grant basic cash $XXX,XXX, The activities operations, non-cash our month manufacturing than higher and again, or totaled resulting operating March Statement about again $X.XX overall XX, from to $X.XX and and trial from XX, development resulting clinical reflects drug operating reflecting Year-over-year resulting The the cash million period and cash $X.X of development at reported offsetting Investing equivalents expenditures or compensation. - for financial that, three-month diluted sheet $XX.X cash during the flow states closed costs the costs in the the to stock indicates per quarter due a basic $XX.X research to the of higher The call resources to March of on administrative and return charges of company $X.X by personnel cash absence XXXX. spoke XXXX, by XX, Recall, period compared lower per capital costs. higher the date year-over-year, the statement million. position has that million month compared March the resulting the approximately increased from time clinical loss in March company of XXXX, last million just March into personnel increased the our reflects protein technology span stock-based

David Arthur

Thank you, Mark.

The earlier year, Tuesday, Annual available feel the April Information to shareholders potential accounts discussed account, your Salarius at Salarius XXXX of voting cases, for to the June In we on their meeting for proxy all through we on a can by value by and the April the who of multiple day, several Salarius of filings and SEC is to section its vote. with Tuesday, on eligible many vote. in following you of proxy sec.gov. recently into need Investors XX Salarius XX, I other the - the significant in in year stock in to of website how On As number statement build call, matter with important, a the how our be shares proxy hold to their filed shareholders. the of well are shareholders as the via points mail positioned is vote believe end And should will materials, proxy statement meeting vote shares this you at or you company vote all hold on live in small what vote brokerage own a logging e-mail. No shareholders is of Stockholders to you if XX, information the agenda. instructions. is All the horizon. webcast. many SEC. even shares, inflection this in from we receive on believe and We're of Meeting asking searching directly participate And you record the online can for found your how is business of issues and and own end value

through TD vote at website accounts from your receive brokerage Schwab the please or you and proxy Robinhood, Salarius. brokerage with shares through should Ameritrade, Charles materials shareholders For your

will informed vote only been own take be annual stock that the counts. votes will the meetings. have shareholder We on these your you minutes shares. that behalf not counted vote few your brokerage every This needed you to if Remember, firms at vote your means

As said exciting times I to these for half upon and momentum are I questions. as forward of the we earlier Salarius we continue take into today, building are to like XXXX. second our looking would now current

call With Vice Daniela the that, your for Mark is of Santiesteban, Mirza, portion me Q&A now to Development; of targeted open Officer; Nadeem I the of Rosenblum, and call Director the Joining Dr. program. Financial protein Dr. Senior this Chief will degradation questions. President Clinical

Operator

question Thank Demir Our you. first from from Instructions] Ladenburg. Ahu comes [Operator

David Arthur

you Ahu, can hear?

Ahu Demir

Hello, me? can you hear

David Arthur

Ahu. Yes, from you. Good to hear we can,

Ahu Demir

Likewise. seclidemstat will taking my Thank question be study. questions. first sarcoma for very My much you on

update could do when data the enrollment study? you readout sarcoma the tariffs? plan on If to next seclidemstat you us And on disclose

David Arthur

As intention our release it's - to midyear. releases well, and in a in we number discussions, mentioned of data

next on release are information along. Enrollment we shortly second the half few XXXX. to months, definitely in in of the So is track moving

In sarcoma know, MD trial Anderson, investigator-initiated cancers, precursors both indication. two larger CMML along is and to and which the much fact, both you MDS are moving in as with is which a in studies, patients AML, enrolling blood enrollment in

track and to this So of the our earlier with year. on we we're half is enrollment pleased data to where in commitments meet feel interim release second we're

Ahu Demir

targeted That's great If we might in data that conference? the are to conferences dissemination, paying - of know. And a to? any we be looking should are for terms scientific you there so, attention

David Arthur

conferences. when depend to the and going I Well, we available, submit data when are it it's able on is the think to to

have study many in most lead at showing their I know hematologic advancing would seclidemstat have in at the study to results, the headline of therapy conferences least study as their actively make either sarcoma options and But so feel if standard And treating and have cancer. they an these is a the study you who, As if of we're can hematologic sarcoma to as patients in both or we significant we know, cancer positive seeing patients times. are are look that benefit, for treatment. available information cases, care the need cancer obligation failed their

the think dissemination through One I your two parts there So press are answering congress. to and a a through question. is detailed information perhaps then high-level subsequent release more a

Ahu Demir

good. sounds That

what Moving to of you are of discussion? pre-IND the XXX question also, key And is [ph] from second program meeting what part at? FDA were highlights stage work currently the the pre-IND the

David Arthur

that ask question, Well, and time. to let first of this me the the will Santiesteban take I any then Dr. fill gaps part appropriate Daniela at are

is own in both across of characteristics filed in are published we we our patent. composition that XXX in clinically preclinically imagine, unique own studied of with have chemical and it patents the avadomide, over with trials. been new enantiomer And though - have preferred enantiomer, XX of been position and even a the of can development. preferred on fresh matter of is the good and you given the compound And clinical information are we as very XXXX or that a for a to our tremendous and are inform and that's wealth studies, a patients our preferred our of clinical avadomide number that because we we the what So think half

or we can plans into the that share details received chemistry questions important. that you as and control put advice other all that trial any aware, while key we toxicology on and the on you're to not manufacturing, get specifications to either FDA be the with and you design positive. the actual you we line to I may clinical studies, had the seek going expected topics as answers development of responses, And relating were think FDA you go what forth. in that for is we from are So with I'm And felt

the did So lines our FDA not time impact all. at response

part property having we And As lead purchased line? mentioned, as preferred fortunate, the avadomide, the Second the the where very XXXX asset. in of had we development the question, portfolio preferred intellectual is candidate. are on your of we January, in time being I know, where half the of you enantiomer clinical

and make So clinical to implementing and or of application. additional substance you we development your submit once up executed immediately standard a studies all on drug GMP be your have an the began work working need activities in designing working myriad and that contracting to all studies that lead toxicology to drug then a the candidate. candidate manufacturing of that on is And order produce product, on drug IND

into we IND process. the So are well enabling

Ahu Demir

question, side. financial for Thank if you that update. last the My on I may,

a Looking do at we compared quarter. increase the the to R&D previous expenses, significant notice

XXXX If what more main on is driver the there is you program? the are that, Mark, else? anything Or could elaborate

Mark Rosenblum

is Well, an you less as on not look And see is you was not XX-Q, XXXX expense development, detailed [ph] the it's - process largest is increase. may balance degradation the R&D $X.XXX expense. little a and and like you'll it program R&D in-process answer asset. significant it's the targeted The protein at When $X on expenses way. is It's research sheet know, as in the called million, than in a our the pretty

So reason. that's first the

was R&D. trial admin just we've half Santiesteban, hats, the detail, shared wants and where in really to you side instance, now half the is site. Additionally, manage more get she clinical the personnel for R&D in Dr. R&D house increased our into increased two when our where of she And

XXXX largely clinical the trial sites. is and it effort So

Ahu Demir

my questions. appreciate you. Very you taking Thank helpful. Much

Operator

comes with Equity. from Hunter question Diamond Diamond next Our

Hunter Diamond

is everyone well. hope doing I everyone. Hi,

my question So hiring and around only is recruiting.

just that how to change the I years? the a model, in to how protein weighing color capital-light get if professionals, easy people hiring and wanted of degradation how versus epigenetic about on finding couple professionals thinking hire So more you're it you're next you're experienced finding you're and

David Arthur

by Hunter, We work think We some efficient good hire it's to try run development capable, as very you. Well, talented general you to we - the from if and acting The is will. ways operation and in-house. about an Salarius hear try individuals. of contractors, one and experienced do primarily

are at a not our sweet to JLabs the We And We clinical don't laboratory clinical and identifying through - - IND-enabling is you preclinical - - have candidates a at I our basic we our is we discovery spend begin operation. manufacturing outsourced. candidates, work, as that process, large but extent, spot are And a lead them ready here TMC. we and know, taking drugs II. Phase to don't

lines, envision we those along significant headcount So don't increases.

and implement both However, be the to resources have clinical looking seclidemstat that we our will we and manage trials ensure XXXX. to right across

primarily of is and drive data into headcount where to that that your inflection might advancing drug be look going generate points. I So for these development Did also only supporting clinic if answer I think the in to at I from, to but the growth come critical drugs to the going area question? think not it's patients, be value

Hunter Diamond

question small general salary biotech, wages pharma or competition been It lot was absolutely. increasing talent. as No, of I've you increases in industries, there's seen and a just been sort in even large have it of know, certain and a for because,

how level hiring more the company high is general processes. on and it hiring affecting was any it's So a

David Arthur

company total. our doing the right I need ensuring to to as that we've that we're make as we that training war never-ending that development drugs to is industry responsible we salaries retaining talent, measures the sure the mean competitive And that move in talent advance continue And through to you on things forward the talent have a from ensure we in is bringing want getting your battle. talent Well, you paying that and that be that. to ensure CEO talent the taken advice professionals make finding the are competitive we've taken to the know, our that compensation to board, sure can of for talent, continue to and one cycles. that motivating that we're we're I for and

going active to an I So it's area. be think

where promising know, right there people same As been work of it's projects. don't the from is there time live all the one we always have for located. we've out COVID And out now, and is tough there, always in the are things ready biotech people talented learned company as a you to on to city

a a it's think I I it. there's always area, think way but So through tough

Hunter Diamond

also value. it's facilities, think having a use Merck centers money expansive office or shareholder I not right, of a great massive And shareholder that's with driving not spaces whole is necessarily because like Absolutely. and something

And for So congratulations lot again, I thanks think sense. question. my the model the of makes a taking And on results.

David Arthur

else No you'd to problem. ask? like Anything

Hunter Diamond

it that's end. was think I my clear It Yes. very on presentation.

David Arthur

Hunter. Well, thank right. good always you. All talk, It's to

Hunter Diamond

as You well.

Operator

no at Executive questions Director the turn David showing Arthur, Chief this like to further back and to I'm conference Officer. time. I'd now

David Arthur

Thank you.

I I has can the of Directors colleagues strategy today. of this of As to dedication your we the drug my know want time is development my and care. Be at everyone build support think, a management all Salarius envision. by for of of clinical of into expectations take become we you've to the stakeholders. today's the And to our powerhouse, There's all safe half and our of team look anticancer and you. potential of and, behalf business to Supporting our all a this I Salarius the Pharmaceuticals we working on Board attention Directors, and heard big and this a to thank Thank Board shareholder and employees build the coming activity in and that from lot value. with second execute forward year opportunities is matching discussion, marked year.

Operator

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

disconnect. now may You

Daniel Kontoh-Boateng	Investor Relations
David Arthur	Chief Executive Officer
Mark Rosenblum	Chief Financial Officer
Nadeem Mirza	Senior Vice President, Clinical Development
Daniela Santiesteban	Director, Corporate Development
Ahu Demir	Ladenburg
Hunter Diamond	Diamond Equity

Salarius Pharmaceuticals (SLRX) 13 May 222022 Q1 Earnings call transcript