Earnings call transcript Q2 2023

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Alector Midyear 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the call over to Katie Hogan, Senior Director of Corporate Communication and Investor Relations. Please go ahead.

Katie Hogan

Thank you, operator, and good afternoon, everyone. released results we quarter the afternoon XXXX. this our for financial second Earlier is website Exchange on our press available The release our filed the afternoon. XX-Q with at Securities this and Commission was and www.alector.com,

me and CEO; Sara and Dr. Chief and Development; Marc the Rosenthal, of Romano, Gary Officer. and Dr. today Dr. Grasso, Kenkare-Mitra, are Joining Arnon on Chief Co-Founder Dr. Head President Research call Medical Financial Officer;

call, note we the open be call Q&A. for that we'll during of remarks, encourage to information. this review our number take formal our a webcast, slide After Please filings on statement more forward-looking you we a will disclosure. our to I'd making also for review statements. to the SEC like forward-looking contains And which moment our

over like Rosenthal, I to Arnon Officer. call the turn to Arnon? now Executive Chief would

Dr. Arnon Rosenthal

everyone. you, key highlighting appreciate We you good joining during by XXXX. initiatives and the of Thank conference start Alector's today. half Katie, I'll afternoon, call our first

show Next, Afterwards, Marc we invite on the program. clinical the research. milestone have late-stage and Gary provide to Sara an I'll results immuno-neurology our progress our will update Then will outlook. with discuss achieved believe financial we

novel company is clinical Alector late-stage that programs. an clinical biotechnology a pipeline advanced includes Today, first-in-class with

partnerships We and well as technology retain also innovative have in significant world-class research portfolio. we which price as

presented eligible in sharing Association ALXXX. AAIC we XXX Regarding of looking forward rolling our are portion with approaching from We're Phase key at trial also The of International INFRONT-X long-term the nearly Conference participants highlights the trial program, the we'll clinical is all provide enrollment. more study. INVOKE-X details about to Alzheimer's over program II July. our the extension full into And

plaque. which make AAIC, the of to shown as a XX, may our increase a remodeling well to which amyloid is in ALXXXC serum, biomarker ratio tau total Alzheimer's As XX of was disease, in neural for as of model the at repair, presented to reduce antibody mouse Abeta

Further, trial enrollment are are in to our volunteers. interesting advancing With complete, we biological encouraged INVOKE-X Phase I be that we well-tolerated in what with participants INVOKE-X we incidence we status, ARIA was [indiscernible] seeing to potential meaningful healthy in suggest the and fact in is believe activity. readout. nearly appears that are associated ALXXX The data of closer

We and will also EMA with of is INFRONT-X the our agency The Phase in INFRONT-X with share complete. III FDA dementia. you our productive evaluating trial, outcome on also the pivotal in nearly interactions frontotemporal enrollment latozinemab recent

also in open-label will CXorfXX on frontotemporal trial mutation. We with provide Phase INFRONT-X brief a II our dementia clinical update

turn achieved With over highlight the that, research. I will progress to immuno-neurology our have Sara to with we

Dr. Sara Kenkare-Mitra

Thank Arnon. you,

and disease we possibility development these with drug this continued As or affected they beta caregivers families that Moreover, have therapeutics potential alone highlights the of approaches. pave these traditional by treatment and in an we of in way treatment advancement devastating progress anti-amyloid are a across the next-generation the approval new patients, look work in novel to combination the for to ALS XXXX. of for space, conditions. approval see for therapy neurodegenerative Alzheimer's accelerated The encouraged disease

more lives this applaud the Sadly, to in loss therapy each strive result improve worldwide of life year. quality and and progress we X.X Alector, At disorders enhance for that while advance efficacy transformative brain first-in-class the impact of people X million we patients. billion than

as immuno-neurology potential a the for neuroscience. long-lasting of guided immune our and and by disorders genetics, a and are urgency the That challenge effective advancing figures immuno-oncology, harness As seeks system health rise, treatments to greater. insights pioneered this broad, the field never brain portfolio therapy. first-in-class public of human to immense address immunology immuno-neurology been into why continue broad to we these is Like has

system. immune brain the the Within microglia of innate are cells the primary

ineffective Our broad effective beneficial portfolio tried damaged transformative with agents. into immuno-neurology immuno-neurology potential. into a to or We therapies shift translated and microglia

ALXXX. GSK. intended partnership latozinemab and signaling we functionality ALXXX, believe developing to in candidates enhanced with These seek stimulating are We immuno-neurology also these are we represent to With In with developing intention progranulin are ALXXX the progranulin collaboration clinical to TREMX AbbVie, development microglial block most degradation advanced worldwide. and candidates increase activity. the boost microglia. We of in of the levels therapies with receptor sortilin, for a

portfolio We in success. and to long-term to for our set to the pipeline continue fuel also development invest advance and our our research strategically innovative stage

which developing While our selectively technology deploy blood-brain are proprietary on candidates late-stage engagement, barrier we next-generation target show may versatile and program. we brain penetration

about first-in-class as novel the candidates the additional and GPNMD we Currently of treatment An of the and selecting targeting disease. lead Parkinson's is to familiar ADPXXX we is program both for in excited which we our on sporadic ADPXXX, forward are the process providing are program. updates look gene progress

approach differentiated our Our to brain potential transform GSK clinical advance treatment our AbbVie, the with with pipeline allow collaborations the landscape with for and broad disorder. expertise to us and combined

I'll late-stage With program. with recent highlight that, clinical turn to over Gary progress our to it

Dr. Gary Romano

activates disease. TREMX to membrane Sara. amyloid or mutations Thank in variants TREMX. clinical pathological triggering its the receptor that phospholipid TREMX microglial monoclonal cellular a allow to Alzheimer's development that receptor TREMX investigational program, Alzheimer's of by adopt functionality worldwide. reduce lipids, and TREMX for novel TREMX that is with in cells health. the ALXXX clearing include microglia to are I'll pathology which in debris, increase changes microbial response disease begin signaling the the antibody our ALXXX the to brain. risk Heterozygous gene protecting senses Binding is other humanized known a biological program of deleterious. you, advanced substrates, defensive pathways disease expressed the of to and and on Abeta triggers microglia binds Loss-of-function the a in be most [APOE], and neuronal

For example, Alzheimer's RXXH, risk threefold. the disease increases loss-of-function variant by

clearing function, proliferation maintenance the pathways, microglial misfolded of as debris and maintaining membrane and immune intolerance. cells synapses, Microglia including of innate a system, and play TREMX TREMX TREMX the of function. they brain and important primary signaling of are the survival, the in binds and support to receptors, health vasculature healthy clustering central astrocytes, nervous ALXXX microglial and maintenance resulting brain activation such of in cellular oligodendrocytes, of number blood of also and other immune roles proteins and barrier in amyloid which

hypothesis microglial I dose-dependent demonstrated volunteers, Our microglia. improve may brain's of healthy target against the Phase completed both is engagement in our neurodegenerative and diseases. that which of boosting We ALXXX function age-related trial activation defenses

patients to now double-blind, INVOKE-X of to is Alector's Phase close treatment study in and ongoing with Alzheimer's disease. with as INVOKE-X X ALXXX of up activate weeks placebo common IIb ALXXX, which early design a XXX includes is randomized, XX infusions. early ALXXX or with of in approximately placebo-controlled, received microglia. doses of demonstrated Participants study ALXXX participants It is Alzheimer's were monthly Phase that I disease.

to MRI. outcome by study. Alzheimer's PET activation clinical INVOKE-X CSF AbbVie be biomarker-rich biomarkers and imaging Biomarkers assessments. we're and endpoint Sum was and include collecting a CDR other their plasma Primary and Alector is secondary the tau pathophysiology. of volumetric and amyloid designed biomarkers and microglia and include And functional proof-of-concept also Boxes, of

trial is we more have and nearly fully participants, enrolled date, enrolled. XXX To the than

the of in We complete the reading expect out study third with year quarter fourth quarter in this the of to enrollment XXXX.

their as antibodies reported of highlighted and regarding treatment-emergent X the AAIC, edema, on treatment consisting INVOKE-X, has signs or association July, [indiscernible] At that associated frequency vasogenic and MRI early the MRI an MRI clinical features, focal findings and had [revatedtis] findings onset, as we participants that update in number of well of microhemoages been resemble superficial presented with and following to which the siderosis. Alzheimer's conference of in trial, These manifestations. symptoms neurological [sulfufusions], anti-amyloid the spectrum incidents, annual timing area the

We alone or beta work combination has therapies broader of the by microglia. beneficial ALXXX believe the with potential in anti-amyloid but effects harnessing to

INVOKE-X report the data in We XXXX. expect fourth of quarter to

also a in that AAIC amyloid biomarkers, tau. on improved TREMX model activation poster we and disease mouse data including demonstrating At Alzheimer's presented July,

worldwide modifications we now based We of data disclosed therapeutic candidate clinical our GENFI variability first-in-class is for the and INFRONT-X participants the understanding emerging development that latozinemab III regulatory from the latozinemab, our most plan of FTV-granulin. Phase for ALLFTD of clinical of on and novel FTD the authorities to discuss turn variability advanced the driven in treatment by approach progression communities' to disease This granulin evolving to our the both Previously, with FTD. of I'll the meet candidate on in statistical with analysis cohorts. trial scientific FTD to and progression.

a limited in partnership than the considerably that we the disease monitoring, GSK the conducted our at were of trial. start sample of on routine with which based demonstrated of INFRONT-X size part less which progression is trial, data of the reestimation blinded variability estimates, a initial as Additionally,

of number the analysis in reduction for significant primary INFRONT-X. participants a supports efficacy in our this Importantly, symptomatic required

analysis participants and of and INFRONT-X. FDA with on XXX sample of symptomatic We to to approximately based a duration agency FTD the agreed is productive interactions feedback. recent more primary also XX for anticipated that participants plan size The to on proposed agencies with our Our a support reestimation focused in XX enrollment were EMA conduct treatment symptomatic weeks. granulin

fourth we of enrollment XXXX. result, INFRONT-X plan in the a in quarter to As complete

cohort plasma. in a again of to our Phase levels and two Regarding FTD CXorfXX in open-label elevation the confirmed CSF trial, INFRONT-X we threefold progranulin II

registry. with uninformative participants who controls degree high A analysis baseline effect. disease for of both latozinemab in conducted progression analysis ALLFTD XX preliminary have treatment with We disease of a rates regarding progression the the rendered rates compared groups treated in match variability from were

partnership treatment levels second similar properties indications, in Turning portfolio candidate Its different the are progranulin in latozinemab. elevate regimens of ALXXX developing dosing a GSK. to enable to in ALXXX, pharmacodynamic our and designed pharmacokinetic that is larger in Alzheimer's manner use including progranulin for potentially our product disease. to we with

Our demonstrated We, CSF partnership manner. a in clinical early with disease. in that initiate dose-dependent was in global Alzheimer's progranulin plan volunteers Phase healthy increased study well-tolerated in and trial ALXXX plasma levels Phase to II in a GSK I and

our overview, and that to on Marc now call milestones. an the I'll With provide update over Marc? results turn financial to

Dr. Marc Grasso

that the summarized market available second results quarter financial Thank the release closed XXXX our you, we in made Gary. today. We press after

expenses and million runway $XX.X were $XX.X First, $XX.X period period remain the in quarter expenses compared general quarter revenue to our XXXX execute of the administrative XXXX. XXXX. that million period $XX.X to for XXXX second we quarter and Collaboration for the compared was of same for and same the second million strong of XXXX. in $XX.X for second Total the for second We development same were to our $XX.X million million to a research compared in the ended with strategic Total XXXX for quarter through objectives. extends XXXX position I'll XXXX. well-funded $XXX million of highlight cash million, of the

per $X.XX net For ended we or June same reported XX, per $X.X for million $X.XX XXXX, the or of income compared net of to share XXXX. a share a million in quarter $X.X the period income

to now financial XXXX guidance. Turning

and be are We increasing million revenue collaboration to between our $XXX million. estimate $XX

Our $XX XXXX, reduced million anticipated expenses $XXX $XXX total research expenses and million. agreement. now $XX are be in were to to II now a million. trial tightened between initial ALXXX resulting be disease, and In million anticipated conduct GSK the to total GSK have and GSK Alzheimer's contract development Phase May general formally administrative and And Alector between and in decided for to modification

and this Our reflective are guidance to research revenue and change. expenses updates development of

expect complete plan late-stage we we to in achieve milestones. our several trials. Looking to Namely, important X ahead, enrollment

of disease II in on Alzheimer's are ALXXX our INVOKE-X, the in XXXX. Phase for enrollment track complete clinical We in quarter to third trial

also latozinemab we in XXXX. trial our anticipate FTD-GRN quarter INFRONT-X, complete We in III of the will for fourth in clinical Phase pivotal enrollment

additional clinical We as advance We our work. late-stage our on are updates robust and forward well-capitalized focused we position providing with programs. to look cash remain advancing a

for That our for comments Operator, the may you today's open call. questions. line concludes prepared now

Operator

Greg of first [Operator America. Instructions] comes The with question Harrison from Bank

Unidentified Analyst

program target wondering neurodegenerative research it And This other Or for color you add be Could specific? you maybe that additional mentioned. is We in as is program Parkinson’s behind follow-up, your Kate] in could used were [Marie on Parkinson’s Greg. research about this disease? diseases? GPNMD a the

Sara Kenkare-Mitra

start to to and add Thank to for this. I’ll Arnon turn question. over more color the then Yes. going you I’m to

a are which lysosomal selectively we function. ADPXXX, for program is course, in transmembrane microglia encodes regulates GPNMD about excited and gene protein of and treatment It candidate risk Parkinson’s targeting GPNMD the So GPNMD, for disease. oligodendrocytes which expressed is a our is Parkinson’s the product of disease.

like Our LRRKX genetic variant the of of which pathological leads stress GPNMD disease. response and proteins multiple disrupts of hypothesis alpha and the GBAX is accumulation Synuclein an inflammatory lysosomal that function and Parkinson’s to

familial mimic we monoclonal early So developing of sporadic are it’s our and genetic variant we GPNMD is portfolio. the protective early that which for to modulates a disease. both Currently are forms part ADPXXX, – in human Parkinson’s antibody of

We selection, forward so. are to lead looking a

Operator

with question from Yaron comes Werber next The Cowen. TD

Unidentified Analyst

on us [Joyce] Yaron. is This ALXXX. just from one for on Maybe

data readout that. Just double to for checking timing

with you latest I nrolment data. updates just analysis said primary there’s any to previously wanted think completing early in and amplifies QX, this on if ‘XX. double to timing But I reestimated check

Dr. Marc Grasso

happy to that. Yes, is Marc. take This

So that we and the engagement the quarter in study we’re the can it that noted on had just for Gary color pivotal, today, with give relates as have nrolment a our release to complete timelines, to around good going press specifically year. some start by of in acknowledging fourth we we anticipate as agencies that. I’ll more this pivotal

bit a XX-week period. to it’s designed, As Gary, the study little treatment add you yes, And that? a do to want more is

Dr. Gary Romano

Marc. Sure, Yes.

very the would the and going this later, XX or quarter third of thereafter. approximately data be end we're quarter shortly will year, out to have we last add enrollment to just fourth finish there, of 'XX that in patient to weeks So

As the the a during generally a about I regulatory in recently little feedback scientific that We've interaction is EMA move FDA. We've past. call, with received mentioned guidance help forward. advice provided from bit to we trial talked very this us productive FDA with consistent which had

this in the XXX conduct plan more the symptomatic that we also treatment the focused for narrowing from proposed scope. XX That's the agencies regulatory partnership the weeks. participants, And GSK, So based participants of to of duration concurred with supports to our the symptomatic a primary on on symptomatic INFRONT-X. analysis in has XX participants a sample-size agency positive on enrollment with a estimation feedback

Operator

next Graig The with question Suvannavejh from Securities. comes Mizuho

Graig Suvannavejh

biomarkers biomarkers to your regards the the FDA whether It's see, also to at as could maybe just surrogate with disease, you around in III topic was of regulatory that announcing you're point I'm And changes at look specifically at curious Graig a and efficacy? at of Phase agency's authorities Suvannavejh. that went. to view and to trial. the wanted look the one, just whether a discussed in end with as the how I least the had discussions perhaps take looking particular this kind European discussion Just

Dr. Gary Romano

Yes.

So we trial with FDA is entire biomarker-rich did a discuss the EMA. also with interacted This and the study.

a that supported analysis of the is or we approval I using We Boxes. of on have want clinical will emphasize be able to will the get we're approval FTDL the -- is, that data. Sum treatment analysis full a outcome our CDR have But measure primary primary -- And to number outcome that's the our that lot the in by biomarker disappointed achieve a had we a biomarkers. of for in clinical effect measure. NACC event clinical based the traditional a But confidence

We will approach. to will that that have course approval data rich biomarker for a point and a we data at very study, decide we of have sufficient look whether accelerated to

Graig Suvannavejh

question. a just maybe follow-up then And Okay.

details If And with that might others, blood and lens on technology, approach on maybe the barrier technology just East your you're versus you others how neighbors in backyard could the your Coast. advancing. just blood-brain share barrier on including a differ more

us Just that. you could if help understand

Dr. Arnon Rosenthal

specific the used more the to we with will near our this technology cargo. are, versatility this Yes. we is sort This technology can future. is be active technology versatile of have to enzyme be ability which different of replacement. FC can tailor can specifically disclose and types have Yes, used you, the antibodies FCO and Thank we developed blood that Graig. tailored inactive about in – cargo the really Arnon. And which be And with barrier to of a [ technology uniqueness ] protein for that each

Operator

with Our from next Stifel. Matteis question comes Paul

Unidentified Analyst

This James for on Paul. is

the if original XX% blended can that you kind So there? studies did I with of believe Curious there's was analysis size slowing that a color now the any the provide patients? in disease of study kind FTD is XXX of you effect with powering. confidence your around powered in of anything powered What And reinforces size. around there's if effect

Dr. Gary Romano

Thanks. This Sure. is Yes. Gary.

that still year. next endpoint, analysis of on That's and unchanged. statistical step that analysis to to analysis of the going our a before power approach next provide focusing remains about detect This XX% The we're finalized treatment clinical design trial statistical necessary the plan specifics eventually year. later finalizing our around FDA the clinical is be biomarkers, had analysis sufficient cetera. our meeting treatment, course typical duration in et our with we This effect. plan So will statistical was

that real symptomatic the their than is and why disease the in less of terms we on analysis. that the subjects variance In include of considerably subjects to focusing here the advantage is at-risk primary the question that include plan is, the of progression analysis about your originally

the which also we by on to will can the way effect. symptomatic the somewhat still subjects, enrolling So a had and XX% power we've by focusing have complete, time treatment easier detect adequate -- we nearly

Unidentified Analyst

And just Okay. clarifying. one maybe

the stats less that a is variance size plan really a with it lower, Or effect just So -- much effect the different are is still anything XX% stats analysis with XX% that beyond gives is about for statistically for patients smaller or the you there size? that sample still powered powered the meaningfully the just so it's variance?

Dr. Gary Romano

the to is cohorts. comes we originally mentioned the It's GENFI to main, mentioned fact from variability emerging our analysis previously, discuss disease, the of both this Yes. driving on I the to that statistical go based what's on ALLFTD authorities I had that, We wanted we regulatory think disclosed and really this as -- data and approach.

-- than years X of the which significantly were the very that is the with our the really on less driven data trial nearly fact based had considered ago. it's estimates, time there limited at we variance that initial So by was

So that's the driver. main

Operator

question Shrader from next with The comes BTIG. Tom

Tom Shrader

it because also, guys said that see? new. just you to. have Is were going cautious calling scans Did cautious take I this REA. And different? a You you are your will seem about it's in TREMX for we are beta And effects you somehow Is follow-up. I baseline being something you think trial? Or taking you scans?

Dr. Gary Romano

not Thanks. This are And and We're MRI aspects both different although the -- being the MRI features the is just great clinical the a of It's cautious. features the a Yes. from question. area mechanism. we that's the that shown it is will. that with. indistinguishable, take of that's I'll really that discussed we're thought number from seeing leaders we've And you if -- data a you,

So that we presume amyloid amyloid want to because it's to meeting plenty have including functions may course, of data boosting a rich of clearance mechanism, of function to different necessarily We'll clearance. don't amyloid the one is is this related proteins, of so that. misfolded microglia and set, But PET. a of be microglia including

So about open we have that the will certainly learned when mechanism next study we year. more

Tom Shrader

are you scanning, And doing that? then A-beta

Dr. Gary Romano

Yes. Yes. sorry. I'm

we PET. amyloid studies, So And do PET A-beta and this sub includes both studies. [TAL] have study

And certain, so we will have that yes. data to

Tom Shrader

then patients patients with continue you what And the the symptomatic? do did of And asymptomatic for going progress do you Are many to on get? bucket that XXX you treat those? in to they treatment? Are how just housekeeping counted trial, while

Dr. Gary Romano

Yes.

subjects very fact, symptomatic much. reestimation So could those of smaller, size much a subjects. we this at-risk subjects in sample we smaller are progressing relatively at-risk than blinded we number have not do of see are sort -- And

an issue. So really been hasn't that

how second was of question have been the part think I patients the of enrolled? many your symptomatic

Tom Shrader

like it known. but it might symptomatic, be became sounds other many how So

Dr. Gary Romano

Yes, we patients from we're yet. progression reestimation, in those like size by doesn't can what seeing look sample tell it

Operator

with comes Myles question next The Instructions] Minter [Operator Blair. William from

Myles Minter

what that the XX you a GENFIX, level at of on versus population Like you [indiscernible] same picked seeing patient is should did INFRONT-X the here, you're are INFRONT-X? looking saw with blinded patient the that at patients analysis INFRONT-X on that saw they in you from a basis, we on basis the looking blinded what GENFIX? seeing it just population specifically variability in of sort be that on Just variability analysis you as or symptomatic a the

Dr. Gary Romano

the for Thanks Yes. Myles. question,

XXX for talking analysis about data Phase when plan proof-of-concept the That said, about So variance is, XX, small, as CX much determine that as a we're III cohorts in variance we're II to in study are the to study powered data. very think designed designed and really you basis that so really and really based size study, really in which for the finished. at too can't a XX the about the any about we're Phase -- study, very enrolling small those these reference, on sets We're And the up I cohort, we and about heard draw speaking small statistical to The I really patients, small looking we nearly change speak not study, about you conclusions reestimations which cohorts. sample very to be progression. XX to treatment biomarker was that's say or overall variance. very, disease of effects

Myles Minter

that years. placebo on So decline on X patients arm, placebo over you'd saying like XX points against to the caution extrapolating that in and CDR are going

Dr. Gary Romano

as at original their design. significantly I X on years where based we the we went and look data variance conservatively fact us, looked And be for through trial, data, No. much and the who originally and running and with down they that and sat found variance, potentially And out paper sample-size our in our studying was we people he ago. than the -- with the and No. had said, very that available anticipated year that. our the our ALLFTD reason less as I this have authored the future than carefully the original, that, actually, could place studies. original smaller the reading that, in in reestimation own GENFI trials those was of recent And than considerably in looked with Adam thought when at FTD estimates suggested would are whatever in that's and we less fall looked about was, our paper we've variance with mean, we we Staffaroni that first came I data we've it study say at that in shared last was

Dr. Sara Kenkare-Mitra

Myles, qualify a little to also I'd like bit. maybe

the but the and are the asking you the in Phase in think population not II I about population. variability CX that's study, granulin

Dr. Arnon Rosenthal

population I the Phase look rate you viability in the mean, at is look II if higher, Phase just at is conversion they much study. III increased the I in if the less granulin variability similar you is symptomatic, much study [indiscernible], mean, the -- to predictable. presymptomatic the

So than the variability symptomatic significantly systematic Symptomatic similar Phase in combine III in can in in be III smaller you Phase symptomatic to if the the II. Phase [indiscernible]. is

Myles Minter

quick positive on INVOKE-X. for Okay. A implanted or one Were there angiopathy potentially may have any that patients been amyloid signals. were those positive [RUF] that cerebral

Dr. Gary Romano

of. that Not we know No.

Operator

I closing in show to queue. to call now remarks. the for questions the further would Marc no I like back turn

Dr. Marc Grasso

Thank you, operator.

September just end XXth including conferences, we conference Conference call, upcoming will Biotechnology York. September in be Annual Biopharma attention in Conference Alector New X BTIG's Conference that on York; to and also a Boston, on New Conference you August and on XX, Virtual Global I'd on time number Morgan Wainwright's Before the Healthcare participating Citi's Investment for like in H.C. X, XX Thank today. in Stanley's your Global share September of again

Operator

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

disconnect. now may You

Alector (ALEC) 3 Aug 232023 Q2 Earnings call transcript