ALPN - Earnings call transcript Q2 2020 | Alpine Immune Sciences Inc

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Operator

Good afternoon, ladies and gentlemen. And thank you for joining the Alpine Immune Sciences' Second Quarter 2020 Financial Results and Corporate Update Conference Call. Currently, all participants are in a listen-only mode.

Following management's prepared remarks, we will hold a Q&A session. [Operator Instructions] As a reminder, this conference is being recorded today, Tuesday, August 11, 2020. to Watts, like Relations. now would introduce Investor Laurence I Please go ahead.

Laurence Watts

President Strategy, With quarter corporate issued Rickey; release a Vice Corporate Sidney. and call announcing Business Gold; XXXX afternoon Officer, Research Paul me and Chief from This Stanford the you, Development, Development of CEO, Senior Head Dr. Durand. & Alpine Mitchell Chairman today's Financial Executive on Alpine second Thank financial Peng; of are press updates. results Immune Dr. and and and company's President Remy Immune Sciences Sciences

If of would can to you you would company's www.alpineimmunesciences.com. the the it, have simply not to you page list, distribution do received website this at both news release or added company's like on and like the be to Relations read Investor

events as company's materially cause could results from the statements, and in and inherently be significant commercial based Alpine's it's of in and future and and others, Alpine's These commercialization and events conference statements pandemic collaborations describes titled Licensing forward-looking and anticipated for involves and course the obligation and update reliance statements Report place include Risk addressable to Actual Alpine. Alpine those to forward-looking forward-looking to call, candidates, company's management Option not on XXXX, period for success any will of a expectations markets, a its including Chief including timing collaborations current information, outlook XXXX. plans, achieve to the risks differ under ability and Alpine's AbbVie regarding regarding SEC potential the financial Agreement any clinical publication that expectations also AbbVie of operations, with of COVID-XX plans statements or its on to and from Alpine's thereof, or are the business not factors cautions with statements statements future With the XX, successfully ended on the June these or of timelines of including milestones business CEO, result uncertainties. filed and Alpine results potential of the Alpine's ongoing the make result Factors in of develop payments operations on product different financial timing sufficiency duty the fund product company Form such new Dr. but of undue Alpine's under I Mitchell on Gold. data, results August and about uncertainties. forward-looking During development it's the limited of future preclinical and collaborators' benefits future and anticipated plans and you Alpine's Chairman the impacts Alpine's today's as and between no milestone call the these to candidates collaborations, development undertakes cash forward-looking Factors collaboration received turn and now regulatory expectations the timing over and of the from the cash the potential expectations. could section risks timing regarding to or that, development Alpine's clinical and anticipated Quarterly statements strategic XX-Q and ALPN-XXX, the Executive for development and changes would and XX, and

Mitchell Gold

quarter second financial XXXX conference Thanks, and Laurence, welcome results call. to our

been aware, months past the for of have company. transformative several many you are As the

secured patients tier investors major into agreement from We runway. collaboration through ALPN-XXX, a initiated ALPN-XXX, biotech top our and funding have additional cash private placement with entered for and licensing a extending dosing

details walk total payments of plus potential million $XXX of addition contained royalties. let in will me call, ALPN-XXX agreement. in for and an pre-option in promise Our $XX that through also there potential of payment, platform to to payment provided that million, to using million not currently this Option Later our ALPN-XXX key Alpine. the reiterate in up unique $XX million Remy development and Licensing Agreement fee. ALPN-XXX, the up upfront only additional value other with in But an the collaboration are the ALPN-XXX, AbbVie and addition upfront to but transformative validates at exercise you multiple $XX This under exercise collaboration option candidates

proceeds a AbbVie others. we of investors. distinguished syndicate closed and as placement Avidity Samsara, inbound Partners, million was on Following EcoRX, in participation significant Funds announcement in by led private financing investor as new well from interest Invus, The gross the from $XX resulting Omega with received a

pre-option expect pipeline including our fund through AbbVie this cash-on-hand XXXX. private from proceeds and We collaboration to potential development of our our exercise under milestones placement

emerging Remy? remind overcoming the the for and are dual Stanford Another the programs our the only co-stimulatory a collaboration with our over as dosing major candidate the checkpoint conditional with blockade, call. in now later will our is of blockade advanced molecule. of in that, we other in therapeutic of quarter highlights in first the ALPN-XXX first and call rapidly malignancies. PD-LX/CTLA-X more was inhibitor I'll patients pathway of is with talk co-stimulator With and key co-stimulation combining CDXX checkpoint Remy resistance ALPN-XXX, achievement X study Phase in conditional NEON-X of you potential CDXX successful hand CDXX single AbbVie. patient to to aware about the in to our class this

Remy Durand

is X-K million of at the by our agreement ALPN-XXX, Per for as highlighted $XXX the Mitch. key for of The and are regulatory of as initial Thank option and recent exclusively AbbVie announced and in future of focused one the and with and exclusive largest announced, an return, payment was granted partnerships in deal to receive worldwide In years. Alpine commercial follows: cash License Option co-stimulation Alpine received of potential eligible development, you, milestones. ready million, exercise to CDXX/ICOS option an time terms antagonist. an of first-in-class, for filed X agreement the to rights license upfront our the to our Agreement AbbVie immunology $XX our is commercialization the Phase ALPN-XXX and up dual aggregate AbbVie, development

mentioned, As component Alpine AbbVie payment the asset. before up important its of AbbVie Alpine. million may then a make to for receive On is exercises $XX exercise would further an additional million option, the of deal option the Mitch $XX an to

on In high Alpine of addition of approval double to payments, and sales to subject royalty to pure future low the single and downstream milestone also payments upfront potential commercialization. would digits the ALPN-XXX receive digits

period, provide ALPN-XXX a Alpine are will study option over a lupus ready Details including finalized study development ALPN-XXX, X of of update the systemic research the Phase During will erythematosus. to and being Phase - President turn responsible of Stanford Stanford? that, be AbbVie. design and protocol study of I in for development. and With Peng, our with to the R&D, our on an call X Head

Stanford Peng

Remy. you, Thank

for of been has R&D. substantiating part year first The this Alpine

The the safe first scientifically ALPN-XXX in-human generate study feasibility with and directed potent, our of yet validated to evolution immunotherapies. novel platform

successful AbbVie provide together efforts provided ambitious private the the discovery forward. will collaboration basis placement While which validation, going financial and our development for and

pharmacodynamic ALPN-XXX pathogenesis. preclinical promising ICOS compelling With demonstrated been systemic translational options, chronic but also a appears a year. ALPN-XXX in it's to activity to Lupus increasingly particularly efficacy with has been recognized target ALPN-XXX. disease For superior contributing have and tumor virtual biologics multi-system at skewing recently the it a the suppressive including inhuman first made potent progress. to with time, checkpoint AACR combination indication because was of in immunomodulatory potentially CDXX immune-oncology ALPN-XXX. scientists of is in trial forward impart ALPN-XXX pathways the in In yet Scientific In further setting a and enthusiasm as our X in look ICOS safety only dosed studies, and erythematosus candidate growing may of has for inhibitors, our costimulation next and presented co-stimulation ALPN-XXX, safely conditional development. unique for Not trial action, lupus seems remains approved and same life-threatening of of the Phase first disease have CDXX PD-LX here meeting. excellent treatment Interestingly, autoimmune initiating patient manner. especially the clinical individually. positioned clinical the later ALPN-XXX, long the we as volunteers, ALPN-XXX and and the activities in uniquely well clinical to healthy in CDXX the blocking of interest pathways similarly the recent further microenvironment CDXX few successfully mechanisms first favorable June, of translational a dependent design macrophages specifically high first at

particularly the and the We're B TNF cytokines is and But this our unique a escalation and even this development We to application a scientists of when reflects recently activity intriguingly, in resistant dose more and currently of B including autoimmune include the on first potential thought setting, superfamily single diseases. it cohorts tumors of updates our and other to for intend in a excited particularly cell the validated study key XXXX enrollment have forward third particularly to disease look platform activity appears best adults B solid class. be about antagonist of potently pathway inflammatory proteins, E-Congress. pathway, XXXX will cell expansion refractory throughout or to the presented of study in lupus or play with this cytokine indicated. provide at superior suppresses patient half APRIL. checkpoint inhibitors a domain ALPN-XXX lymphoma, into in clinically of is opportunities BAFF lupus. future therapy to suggesting compared advanced inhibits time model EULAR This antagonists dual enrolling ALPN-XXX, and a program diseases, standard number This that available continue inflammatory described, to a cell treatment to mediated to roles XXXX. to variant the resulting previously to appropriate As hopefully the at as mouse in candidate

our appropriate clinical initiated enable late to We which will hand CFO, development our I financial now have for quarter. the call discuss next to begin Rickey Paul? activities hopefully results year. will to over the Paul trials,

Paul Rickey

Thank you, Stanford.

decrease year. That to $X.X million a administrative of year. quarter $X.X to million expenses licensing of balance to for and the the $XX.X XX, cash of million XXXX, second loss million received our quarter second upfront $X.X CMC the with we financial not account, of the private approximately costs XXXX the last the recent second support primarily of July. $XX second and last million recorded to for $XXX,XXX, $XXX.X quarter quarter ended recognizing which we the $XX.X second costs private quarter, second $XXX,XXX Revenue Taking for to $XX.X intellectual our was include reduction our to as $X.X the million million property XX, marketable were our ALPN-XXX placement million Alpine includes for million of with collaboration to quarter relates expenses totaled and quarter related $XX.X year our in as March XXXX, but for results approximately from related agreements to General received development Alpine's in cash July net increase compared primarily recognized were our to XXXX. quarter in does cash, from The XXXX. portfolio. million relates to payment June placement support collaboration the quarter compared second to under XXXX, XXXX gross legal primarily ALPN-XXX a equivalents, compared the [indiscernible] Turning Adaptimmune. AbbVie proceeds XX, the Research into compared and million, and last for development. of this securities $XX second

to In proceeds planned in our to with from XXXX. under operations the that, at the our our terms our will the least turn combined collaboration that With AbbVie, runway, of through expect hand with exercise Mitch. private cash fund recent potential million placement, July call pre-option back milestones sufficient including on cash I Alpine's are $XX we

Mitchell Gold

pipeline, in I'm importantly, our partner points Thanks, extending upfront the providing development fronts. our now term. subsequently payments, and validated inflection company steps and Financially, secured potentially the a wholly-owned Alpine the the ALPN-XXX progress in meaningful delighted with these opportunities we over We candidates. we our With candidates, and are ideal that and modulates open going two I and to runway pipeline cash updating ALPN-XXX the taken discovery through quarter along months. our the with to ALPN-XXX the development progress on you. creating questions. program in million financing, $XX value with position our Alpine Strategically, strength believe lines novel long forward. other mission operator, creation expand for of collaboration forward found value broadening we significant platform potential with with most few ALPN-XXX our develop institutional put an significant have a preclinical immune we'll system. position biologics technology, the further last payments believe collaboration Clinically, and provide three on shareholder months made AbbVie has the that look coming execute independently unique to Paul. and Thank for milestone base. a of in second further that, a AbbVie our a you significant for our I downstream

Operator

comes Thank you. [Operator first Boris with Our Peaker from question Instructions] Cowen.

Your is line open.

Boris Peaker

Good my taking start afternoon. for Maybe Thanks with questions. we'll ALPN-XXX.

expect the Phase are would within those targets enrolling see X specific we that what study to trial? types you the drugs patients there As activity I'm tumor think and malignancies, be curious any advanced tumor is specific to with should better just types show

Stanford Peng

said, a plus tumors been resistant unresponsive tumor that tumor being solid types action. hypothesis since all see The historically to or our have that to trial particularly to - or PD-X interested have variety lymphoma expect taking so of is are we would That of comers next to resistant we're types. in the been PD-X support that all essentially tumors

at cohorts. the during opening phase, but expansion think be intend specific least to during escalation, I we specify dose don't we'll

Boris Peaker

any AbbVie you. this stepped clinical on anticipate Got When or in. you updates do has now ALPN-XXX of on that drug? material updates Question kind

Mitchell Gold

looks have be lupus robust We're finalized, and that trial we like that all. expect finalizing associated on on Stanford the design that it one. it'll add of when clarity if you I give SLE we more take AbbVie global just with I'll come then out will trial But what of it. with will to that to now know, standard data want as gets to don't that a trial. at in kind

Stanford Peng

That's right.

we're design so finalizing on. and a once said of finalized, timing Mitch better still have As have we estimate the that so we'll

Boris Peaker

much very for questions. you thank my Great, taking

Operator

Thank you.

from question Breidenbach Mark Our next comes with Oppenheimer.

open. is line Your

Mark Breidenbach

congrats ALPN-XXX focus cash that you clinic an can have primarily maybe well? or around the is ALPN-XXX recent compared and afternoon really taking expect of wondering I'm questions. progress. year, for we on the if expansion at trial getting good the Hey, SLA plenty my operations Thanks on I'm the be hand to in earlier for as wondering now just clinical of going ALPN-XXX to the on

Mitchell Gold

Hi, Mark.

us think I AbbVie exciting then for collaboration what for financing. was the and the foreign

we're BAFF on development the We're enthusiastic a comments, tagging prepared well plan allows enthusiastic APR us mentioned what beyond immune-oncology I and very with and we're super doing As ALPN-XXX. it and to my in ALPN-XXX. execute obviously on for broad-based on company doing we're pathways ALPN-XXX just about about what the

forward. as we So a that's now cash set really plan for guidance aggressive of when that us candidates and giving it give we you development through see assuming all out as Stanford our very ambitious XXXX going - the

Mark Breidenbach

when initiation Okay, to next AbbVie; [ph] we got the it. from just linked development And curious the could study SLA expect I'm year? SV realistically - this of first be milestone the would

Mitchell Gold

prepared million on. I spread next are one milestones those what is And year. the the announced $XX have expect exactly three we comments equally that based AbbVie said we milestones. across first occur collaboration, said to the sometime haven't when We roughly in my

meaningful So that would for us. be

Mark Breidenbach

Okay, for that's All And congrats, questions. helpful. my taking right. again. Thanks

Mitchell Gold

Mark. Thanks,

Operator

you. our Tenthoff comes question And from Thank next Sandler. with Ted Piper

is open. line Your

Ted Tenthoff

Maybe but wrong, much. other Great, everything thinking How you kind in of it's year organization thanks, progress. pursuing? this in Thanks and does great some take especially technologies all sense this I'm trying light VTIP other to are the issues beyond enable of what about really so reported currently for and been a the progress. of programs. what you, really further? [ph] going does It's on a get the for to - guys. pretty terms Congrats great

Mitchell Gold

want Stanford, take Yes, that thanks, one? do you to Ted.

Stanford Peng

particularly us and as Sure. It's case in targets to number to of platform; to is of what's what explore encouraging was going therapeutic superfamily. to the novel the to ability the ALPN-XXX, part families, such a seeing protein with the of expand us of allow or platform other TNF approaches -

us to quite the will continue about we're other as allow excited explore future; as this to protein families that so that. So in well

Mitchell Gold

and I'd it's think add that I thing to [indiscernible]. The one

the really of think to products candidates to collaboration investor allowed potential focus of been generate off kind well I'd I I interest, that thing the inbound the We've platform. or to us on. think is, as think able as the add only AbbVie three product I

And so the we're where can pretty confident flex that other we a we targets platform get areas multiple in molecule. into single combined

interest we right that in. deep And and we're now of kind that have areas exploring so in

Ted Tenthoff

stuff. Awesome, to really Excited hear more. cool

Mitchell Gold

Ted. Thanks,

Operator

further like any Thank you. this back Gold time. call I'm to turn now questions the further not for remarks. showing any at I'd Mitchell to

Mitchell Gold

With Wedbush plan out and today's reach your do to attend for with requests I'd us. for a with our you, or meetings thank We operator. all if either like to Thank call, you you. upcoming Paul free great to welcome have you'd to schedule some any tomorrow time Lawrence, we Feel like in Thank upcoming day. that, the virtually participating and Conference to team.

Operator

conference Ladies this for and you Thank today's call. concludes participation. gentlemen, your

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

Alpine Immune Sciences (ALPN) 11 Aug 202020 Q2 Earnings call transcript