IMV - Earnings call transcript Q2 2021

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Operator

Good day, and thank you for standing by. Welcome to IMV Second Quarter 2021 Earnings and Operational Update Call. [Operator Instructions] I would now like to hand the conference over to your speaker today Pierre Labbe, Chief Financial Officer from IMV. Please go ahead, Mr. Labbe.

Pierre Labbe

April. you, Thank everyone. Good morning, is IMV. Pierre am name and Labbe at CFO My I I'm clinical to and you pleased welcome to our financial conference second results and call. quarter update operational and by our Andrew Today, I'm Interim joined CEO Dr. Hall, Jeremy Graff, our Scientific new Officer. brand Chief

future filed cause expectations performance our of will are statements. statements All actual provisions in website securities management laws. performance. applicable the of law. are safe call, compliance are our release, risks today and statements could and to differ risks our at These forward-looking to outlook based securities discuss harbor imv-inc.com. in subject this These guarantees events make with business comments MD&A on statements future During materially. within and applicable made to or are financial pursuant results. press They we and the results forward-looking are all of The Any that the current documents are regarding and the meaning on disclosure of uncertainties operating posted discussed forward-looking continuous not

these to of contact a copy us. do please you wish hesitate If not receive documents, to

Finally, take from turn analysts. Andrew? only call take note will now Andrew. will we over to questions the I sell-side that

Andrew Hall

welcome Thank quarter operational results. Pierre. to morning, you, everybody, and Good and clinical, our financial second

ovarian about today’s I’ll clinical in and Pierre the and comments Jeremy programs an quarter. update begin follow overview with will of recent will For summary with call, the of cancer, financial highlights. the company’s conclude operational our the with translational

we I, progress. Jeremy, well At update Fred made Fred. him the Thank to IMV in for and Jeremy, our the CEO Fred recognize any Pierre am leadership very to take to as moment is family and the review change, best it’s his recognize he the thank next my IMV the and achievements devotion like latest and as as past Pierre years. Ors evolution whole the to many for term. to I’d endeavor, contribution of he many, as begin, you and goal a Today, important leadership IMV’s IMV we his and X near years. you, I the over the It of wish Before on pursues IMV to to pleased team. juncture accelerate

this the X We resolute will that of by do with the enabling IMV’s renowned a oversee DPX relapsed/refractory advance Maveropepimut with experience foundation team in worked closely a To in who CEO, as on validates strong Stan This continuing We’ve advisers; towards expand initiate Dr. I’ll strategy Massachusetts. with a to industry in financial Jeremy into refocusing ovarian IMV’s Pierre to and IMV’s commitment oversight. support to years execute the Interim a this important corporate experienced for team. hub, In end, and continue of The will Chief has of Cambridge, appointed Jose We’ve an a over of Canada be translational has translational Jeremy an is Financial with will corporate also Their development, and clinical proud in background recent Dr. Jeremy lean focus few as Celgene; and anticipated his clinical and already continuance to clinical in get in to Officer. phase our will are also worked we in serve clinical thereby Labbe as process and of at optimize U.S. veterans We’ll office is other closer oncology. immune opening today novel be to focus XX little development therapeutic our centers. a programs. ask research new cancer operational color growth. the minutes. previously. preclinical to research more expansion activating of we to identify a company biotech provide with collaborations as a springboard alongside Jeremy and that hired immunotherapies mmune-oncology to IMV Officer, office appointed the the execution, to I’ve VP in focus the combination who Frankel, pharmaceutical dedicated, team talented employees. will I’ve the IMV that business the Chief IMV Scientific of to Dr. the joined our with operations. in talented for been passionate expanding team development ecopoints strategy role the global accelerate Cambridge, as DLBCL, transition I’m of research U.S. platform. while next the step scientific announce leadership companies, and working IMV other period, now in of team seasoned universities Graff company’s the who clinical full Iglesias, ready explore with biotech, leadership presence to maintains of as trial a of opportunities. and

snapshot now recently the topline me ovarian accomplishments, cells, for II clinical a shortly. strong highlights our conferring that our tumor also the that of in successfully Let Phase which consistent generation announced more data brief evidence proves T benefit. elicits with We of antigen-specific DeCidEX mechanism validation advanced translational platform generated recurrent More cancer. We’ll further supporting will some provide Jeremy give technology. trial in specifically, the detail recent analysis on clinical the cover of Maveropepimut-S clinical we

DLBCL, Maveropepimut-S without IMV June, Iib trial initiated Phase Keytruda. in and with cyclophosphamide Merck’s the and evaluating in without relapsed/refractory with Additionally,

Lastly, sheet, an forma XXXX. pro via proceeds the that $XX July translating I of as approximately strengthened XX, front, June on in million financing, $XX.X into million am balance of balance a net equity pleased report cash to of financial IMV recently raising its

and take opportunity to Pierre months, will thank and milestones. position Graff for cash we’ve our of in expected represents negotiate now clinical starting of pleased a to government July support call to my current we our X This Our a himself its additional X well to the pleasure to about are payments X, It Scotia of next advancement Jeremy? expected to that Nova as deferral IMV. review been upcoming is We’d the CAD able the also the IMV’s beyond data. Dr. runway delivery X.X million the the key brief details support later of Also, as results process provide over to of clinical platform Jeremy an call. over like deferral CAD turn provide to XX and a debt background will the on with XXXX, recent monthly provide is Nova on million and years. position loan. financial Scotia, translational continuous principal and

Dr. Jeremy Graff

provides discovery I'm to part to brief I and IMV. in to for IMV. as entire clinical now have working than provides. product today that cancer the been range you Andrew. Company, explain of is IMV but joined had Lilly. X proof-of-concept I the years, in thrilled chose that's immunotherapies. the moment survivin want antigen, In starting exciting, across the platform to the lead last to the and join in you, And development, opportunity my targeting space background industry When biotech the I and I delivering why join that the this very first XX reason for IO Thank XX within more at just years, really, my to Lilly of a really I've IMV. technology look not spend group into that leading translational focus the only the turned the that ultimately Eli of the to potential with and being oncology novel has

is a platform talk itself about The of platform variety of package novel potential. that let's So delivery nanoparticle lipid cargo.

antigens, activates peptide response this we've the Our to now molecule. know specific T and cell is patients lead We product effectively it the than safe. includes that XXX survivin dosed know a antigen. that more and survivin it We with

that package this we other things know also platform. into We can

We vaccines, RSV. have data on specifically

other have in that data and DPX easy fully small as types messenger preclinical could, well. manufacture. has other commercial antibodies in RNAs, synthetic, deliver of to space is It's we RNAs, particles. molecules, advantages cargo, stable. viral-like We It our critical fact,

It easily package a injected the of said, It's scaled I very very is manufacturing. different As can be stable, administration. in It's of subcutaneously. simple, can it we cargo within DPX office variety types in and platform. a

the little to survival works. favorably very is a the us overexpress. XX% T completed clinical ovarian of very analyses The survival from median that, cancer what more these historical is final years. with these is DeCidE. yesterday, overall after Nearly population. or derived study a derived the specific cells generating years were that nearly routinely X X therapy which to shows our benefit. patients patient the Maveropepimut-S pretreated translational compares And the talk that tumors on This of heavily XX% The advanced being so benefit clinical bit way trial about in recurrent let's we fact, importantly, refractory. Completed overall It's announced affirm So continue study completion platinum-resistant at rate to survivin the months, antigen from controls. than XX.X

turn me to as relapsed/refractory study well. Phase in our Let DLBCL IIb

particularly Merck, Andrew upon we and a without in triplet positive first compelling patients patients enrolling trial, are we combination. prior where Phase is study Maveropepimut-S This As our PD-LX+ with this Keytruda. with in have combining in showed activated, have clinical imminently without noted, in and study this a with June. we II started very trial. collaborative with Sites It's evidence, cyclophosphamide this and experience our based been

patients. the Merck And system forward for that CPS a may crystallize scoring patient trial. help pivotal of be using We toward the ultimately, we will population all our PD-LX us scoring will take that expression

Pierre off hand I'll Labbe. Now, the presentation to

Pierre Labbe

you, Jeremy. Thank

will remind First, be I that to I the like would in dollars. all numbers are discussing U.S. you

and G&A for same due costs XXXX, of loss loss basket of June is in million cap. compares costs for preclinical explained is loss of per DPX trial net development quarter This manufacturing in net increase activities an or ongoing in or by $X.X million of start-up increase to the in the expenses. an decrease we IIb of increase a share $X.XX in to incurred million net XXXX. per and ended $X.X a for of loss share, The Maveropepimut-S mainly increase Phase for DLBCL, and the $X.XX second the by expenses timing For was a $X.X the R&D increase R&D XX, which comprehensive and mainly COVID-XX for $X.X increase costs the offset and expenses DPX-SurMAGE partly quarter a million trial.

mainly premium, increase in million and of the headcount XXXX executives in an company's $X.X Board directors members. increase a recruiting and G&A officers On increase mid-XXXX new in is in by the expenses, an QX for increase explained the in fees rate and insurance

approximately of the million $XX As million financing net to XXXX, cash basis the on a proceeds include corporation $XX.X million we pro million. of XX, of forma the $XX.X Once has $XX June or fund of July. that that beyond of this expect plan, cash next Based the months. will the completed sufficient completion we operations over current milestones we XX in on be expected current position the our

generate expiring also in million for that XX.X and $X.X million of that a have XXXX, $XX.X that warrants million in million. could in expiring XXXX generate million inflow $XX.X another We $X.X another potential warrants could are May

And period of Q&A outstanding consolidated XXXX, before and SEDAR ended was total related XX, the comments your common back EDGAR. call of and million on condensed, attention. issued the and MD&A and outstanding. will are closing June August to stock the million now session. I the that options, and of for Andrew a were his for share month Andrew? turn number over Thanks shares X warrants XX.X corporation's As financial units statements X available XXXX, Note XX.X the the and XX, for on deferred

Andrew Hall

Thanks, Pierre.

me through value. shareholder create you events, significant the story to believe we which help will and walk upcoming finally, our So, drive let momentum

the high our provide basket support Incidentally, with in receptor at it the presenting the recent we first to trial end and in the also hormone in plan next By pembrolizumab, The XXXX. we to data more to year, findings respect cohorts. Maveropepimut, begin be positive/HERX-negative an the With ovarian by expected specifically, trial FDA year. the our to this and of present and ongoing to cancer breast ongoing upcoming trial Phase Ib half from update year-end. trial in medical the to we is expect updates to investigator-initiated conferences. QX translational these DLBCL on plan will MSI-H clinical leverage cancer of translational bladder We this design and cancer provide of trial the

for this inhibitor We radiotherapy cyclophosphamide to a the aromatase an or first and will with combination in provide or evaluate update in with XXXX. of expect without clinical Maveropepimut-S trial half

year. to exciting IMV gain with the over coming underway, momentum are and sheet, continue strengthened ever our cash the So balance highest balance confident oncology several will programs story that we the

and of are clear for through highlight shareholder value. questions. DPX are concise. morning. delivery from driving goals lead your scientific communications, Thank our to Maveropepimut-S. program, One, ready our deliver value Our now this two, all technology timely And results we clinical the attention And, take operator, you

Operator

[Operator Instructions] And line the of Tom question Shrader first from from your comes BTIG.

Kaveri Pohlman

on Kaveri -- can for checkpoint to I really thank, on patients? lot if that, us MSI-high, these in monotherapy provides him, Tom's lot And you a Keytruda want learned experienced from are setting? is immunology. just what Fred, line. remind And This for naive And we before a then or have this of

Andrew Hall

trial Fred. with thanks to for answer MSI-high respect the I a thanks Agree, with and also basket on Kaveri, cancer he taught all your you lot. -- the us bladder the question, Jeremy, question to may for acknowledgment the trial. have respect

Dr. Jeremy Graff

year the release and -- those and have who those groups trial these inhibitor been MSI-high So naive. checkpoint of results -- that checkpoint bag mixed in later on inhibitor this basket are experienced the a are we'll

So we'll on more through the in year. that in go later detail

I of do question think was, your what MSI-high. expect for checkpoint second naive in we population the inhibitor part the

We active. very expect is pembro

So a patient resurrect inhibitor in help our response checkpoint not population. interest we is, is where I whether can think or experienced the

Kaveri Pohlman

make development SurMAGE a if biology your in [LILAC] and in surgery. after so stages in you Keytruda cancer. disease it Why earlier maybe explain -- and Is strategy PD-X in line earlier bladder there? can metastatic would prior like with And different sense

Andrew Hall

again, you. one's for Jeremy, that

Dr. Jeremy Graff

do space response. is think, the for basket product that significant I based a bladder well Maveropepimut-S that So in we results. play drive sense together more metastatic in SurMAGE fact, trial what And to makes Keytruda cancer think in attack cancer our designed be our the but line, upon and tumor us to antigen setting next and that early in going different to particular could focus trial. is potentially, play that also if with of is any bladder in well surviving within in you Keytruda portfolio, will, our very in spaces X is MAGE-AX The

Operator

question next comes of And Nick Fargo. your from from Wells line Abbott the

Nick Abbott

also us years. along cohorts last the large move first, then the of follow-up. walk through story Fred helping Andrew, Do the pass goal forward? with is then decision select is PD-LX, all have Or I steps X? gets the on a over stage move end And think B-cell thanks past next you stage diffuse also to And X? at my that respect for to lymphoma? to a the a understand can you cohort us And I that to made few

Andrew Hall

X, Thanks, trial probable the Nice with program. a to from you. to Nick. towards -- registration hear strategy combination The that and to is DLBCL, way the most we've stage the best in identify accelerate staged

we is not benefit any take does X state at arms. monotherapy into and to treatment in opportunity we data stage that multiple We regimen the potentially commodity will end clearly forsake that an the mean that disease understand Now if see paradigm. something the us earlier important that's provides of a across

identify arms provide we're a of direct arm across data, the spectrum I evaluating anticipation may potential sure for they satisfactory, Phase that that a that the then benefit to thoughtfully registration, most but bring path DLBCL a Is interpret the make potentially wider therapeutic Nick? all to so landscape. And the is will

Nick Abbott

Just PD-L, --? the does -- PD-LX and how status

Andrew Hall

Yes.

an sure run PD-LX The program is trial. X accelerating that to trial to the that not specifically that designed it after So and wanted agency a hypothesis, for That setting done we on of drives we're they parallel in stage advice to patients to we're that the say that the all benefit. confirm baseline then demonstrate collecting we make PD-LX clinically. the PD-X saying patients wouldn't is from see of remain was basis all-comers the benefit at can

best that IIb of to, responders the is So and then identify from as siphoning this you as maintains trial the say, purpose population role Phase confirm PD-LX its non-responders.

Nick Abbott

say, what the Obviously, able And survival? in for and then you terms medical patients, you break present platinum-resistant but limit out I'm moving as this may refractory ovarian. landmark could of to you present to data said, us you meetings, are sure you those want overall -- so this on to at median

Andrew Hall

to Jeremy, would that? like And question, you Excellent take Nick.

Dr. Jeremy Graff

be, even it already do not ways, I up think that could carve relatively terribly would end do. would value smaller meaningful. that parts an difficult We certainly but into probably are it, to in small some

tiny fall -- a presenting We to abstract that of parts We've even acceptance and tinier one of upcoming will conferences. a get submitted be terribly conference, to to data with already revealing. data SITC in shortly. up variety this different might abstract that the not be very hope carve But set to

Nick Abbott

single you strong those back, as maybe mean is is in as platinum-sensitive step signal in the think a to -- do patients? patients I just

Dr. Jeremy Graff

response in the sensitive. will, you platinum-resistant, refractory see we patient Yes, if populations, X all and

think set of whether this that patient So of clinical with tell to I -- data is data more way in all with there's populations benefit or them. one any don't of this us less X size across -- set, the for any those

Nick Abbott

you Do the strategies will clear or for next more be trial? there think one biomarker

Dr. Jeremy Graff

been our think this -- T so tell a angles. really we've generation, data all of translational linked I to clinical fact, variety from data to of is what angles from cell understand sorts benefit. different mechanism us able look orthogonally. survivin-specific The that, at our in is We from

Now cells can We pre-existing see T T context we cells. that on the it see in of treatment. can

with don't our survivin high be target obvious anyway. expression population a know I that the Survivin I bar. So what think to patient for very immunotherapy. might biomarker is select a this itself. is would high most which The we'll have expression specific that be That's in patients,

And pass we translational anything, operative for as would That's helpful a of possible to the benefit. are expression us giving be very that receiving informative. routinely that selection the to we we take telling path translational What space. setting next is But is survivin the survivin. patient first almost than in continue biomarker. find patients understand using express round data I finished. clinical will of discrete we hypotheses more on capitalize greatest this of trials. the in can It's it's that the itself mechanism work trying forward a interrogate as by what us think our that patients is lot these our terribly deeply These in analyses So not data, more we're

Nick Abbott

So on I'll Jeremy, that, the back maybe and follow-up in just a jump queue.

makes Maveropepimut what tumor? with hypotheses lines are more combine certain the to then the those response a context So from patient's of the along sense of in

Dr. Jeremy Graff

that to combinations. particular lead us that, possible will It’s

We are the now ovarian clinical stepping our conversations space. just earliest right into advisers the in with cancer

And data so level, the our the experience not conversation helps place clinical with will anticipate us current tell landscape us, recognizing at but robust in ovarian only what into future have at the what and to a of be. these treatment the advisers level, translational ovarian we our

package So that a it’s take likely combined very for we that very that all give will tight solid can nice, data follow-on trial. us forward clinical a very of

Operator

Stewardson question line And your the iA next Capital from comes Markets. of from Paul

Paul Stewardson

and So for that also to he's give to shout definitely the all Fred a work want done. just [Chelsea], in do calling out for

sort a results basis? in do of sites? coming pace of the the patients on initiated in How look patients the you we some that Just enrollment year? monthly you've think or first will can of what get interim time half quarterly how like do you terms of by first to this the think now you And get DLBCL trial, many many

Dr. Jeremy Graff

want to… you Andrew

Andrew Hall

Yes.

talk of Let me got to the base of oncology terrific experience you landscape of as let and you've Jeremy, I'll recruitment sort go there. then a ahead on,

line that year to the you sense patients Jeremy had us to question expect with makes next public site we've milestones part to level, at we that are keeps seeking clinically. he be for date have we first it good the to on, done we So of signal time the enrollment having opine depth -- of aligned I time presentation. think set the expect trial asked respect say the everything what to to with of committed this to to for And the the we've I available the has of in line. will of in The forward remain top half there, experience enrollment pace and

Dr. Jeremy Graff

Andrew. Thanks,

I Right patient So strategizing we've we I great think Andrew the initiated projected. that could first to And as a we we're get any at enrollment now, question. enroll our that we said, ensure moment. it's X sites, think that

dramatically, doing we those are are sites the we're regions We trial. which expanding and the expanding within

focused. So right it's North now, America

be and ultimately, pulling from then Australia Zealand We in New will Europe and as sites well.

hopefully, into here And will targets patient help announce so that very And, us the shortly, we'll trial. hit enrollment that the we first need.

Paul Stewardson

And quick follow-up. just a

the arm? are the year, we what data is or So we next that of any first update rates each for go/no-go the too the seeing, early? the of response this will where in trial? that saw for there be clinical will the -- points similar basket is half that It's to be sort Or

Andrew Hall

one's this again, Jeremy, you. for

Dr. Jeremy Graff

be my point. anticipate vantage too depending could upon might as point, that early be rely it first might response to able might, but so We get quickly I'm update which we very into shortly. current sure response that rates rates next to months trial, on few We of as the upon give From year. inform at an patients the we not fully state, when on

Paul Stewardson

And then right. if all final me, for that's one one

stages monotherapy-only come. going besides Or try obviously, ovarian combos get still on and design to you talks arm to and is trial? adding in then I pembro? a of Just in cancer, consider But the early further other be kinds terms would mean, to this info an additional there's definitely trial of is some

Andrew Hall

again below with take then that top that. opine have question me Let expertise of part Jeremy the and his

you to want commodity So benefit also sure mechanism things through it wildly the important when know industry, is any a many the something therapeutic it this make oncology years -- is is in can. I anyone, you the business than that development, of your confirms comes to as of development It better alone. that it setting one for take as monotherapy activity across in far opportunity you

disease amount difficult a being of is suffering need from from wild a the a space, terribly unmet patients know well that that way ovarian complicated away is and also there and treated. is long We a

most of may success some so trial just And thoughtful be. areas remain open it very be And the probability might conversations and worth clinical doing that, having we're we best early space. this very opining to to high as on in some Jeremy that

Dr. Jeremy Graff

I a point, Andrew. think it’s great

Maveropepimut-S want I and I low we dose reaffirm and in population in excited cyclophosphamide the is is to itself. think this one think, active about of of in we’re with the things active this – population, that very

on with As a we our and landscape end impressions type will possible or of as clinical their advisers combinations, with very maybe with have be, as we data instance, get that up conversations. chew as well treatment what inhibitor. these We’ll maybe to of the current future bevacizumab treatment landscape await molecule anticipate a we those it’s PARP they for doing

deeply doing the the who to linked us is data the that to our expect definitively T that on advisers into are response ovarian with really trials. instruct cell cancer, patients surviving-specific dig us various are I data best We think we for that our generating

KOLs next the few up not firmed next be translational our be haven’t to going of they over the conversation trial data, the we will digest based course upon So data but continued months. with what clinical really these yet. only as the the That’s

Operator

David James. question from your next from of line Novak And comes the Raymond

David Novak

previously overall CEO here range and He you survival, see my seeing the an XX.X guess, would and median respect I'd trial wide. to reported First, was excellent we're months yesterday. between I we're at him the reported from OS be PFS with guys sentiment is go. to quite echo median The one the DeCidE regarding at months X.X sad Fred. the question

So your for this remainder that us mentioned on therapeutics calculation who patient were of Does And OS other was MVP-S? SD included trying could patients the the I'm you In post-progression what prepared X remind of that. on you in median over the years. the today, one response just duration rationalize drug to in of trial? imply remained remarks your experimental put

Andrew Hall

And for you. again Jeremy, this one's

Dr. Jeremy Graff

Okay, Andrew.

that's trial, things they through to So after completed I was did data outstanding think well digging and your the see first -- stack our how of our appreciate question the one median really patients of they what right part up. the and we're OS are now what

dig that able with clinical through understand advisors over our So data that and then OS we'll data be appreciate next that Really course of the to month. how stack the up. here

be a of immunotherapy, OS to part, relative because PFS, as recognized we've evaluate large way relative the general immunotherapy. to the can the I immunotherapies, PFS, patients outsized comment of the just on terms in often on that OS for In think we

size don't really by reflect CAT changes the Sometimes IO in space. scan benefit

-- we as the CAT it's reflect of the is from a by that see of and CAT that maybe going scans rates flipside we on So born where there as there's the its course, coin response can that can do, PFS clinical scan. well other considerations. OS, more

the follow-on and there's number, drug. do need to driven our So it's through certainly but might therapies efficacy not explains unprecedented by PFS a if that that. the at believe it see any the by stretch that the OS search is explains anything what number be We to there outsized relative moment, we

Now your second question.

David Novak

remind duration could us the of Was just on if the you response trial? in was what median

Dr. Jeremy Graff

maybe, do you Andrew, off in right trial, Ovarian top the of your response of duration head. the remember The

Andrew Hall

have can right provide we that's follow-up. not my in I at certainly do but something that fingertips,

Dr. Jeremy Graff

Yes.

Operator

There time. are no further Please this questions at continue.

Andrew Hall

Thank you, follow-up very communicating happy to everyone everyone, presentation. this with for morning the for you. I forward wish attention your questions. look all you and today's I following excellent Thank Wednesday, and a and

Dr. Jeremy Graff

Thank you all.

Operator

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

now may disconnect. You

IMV (IMVIF) 11 Aug 212021 Q2 Earnings call transcript