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Panna Sharma | executive |
David Margrave | executive |
Good afternoon, and welcome to our third quarter 2023 earnings call.
As a reminder, this call is being recorded, and all attendees are in a listen-only mode.
We will open the call for questions and answers after our management's presentation. A webcast replay of today's conference call will be available on our website at lanternpharma.com shortly after the call. We issued a press release after market close today summarizing our financial results and progress across the company for the third quarter ended September 30, 2023. on release will through to also management be this lanternpharma.com website the of will you where find referencing copy is our available at slides A call. today's a link estimates provisions to XXXX. like Act for remarks expectations, forward-looking everyone We Private and safe Securities would constitute harbor remind prospects of of the about that future performance, under purposes Reform statements Litigation materially that actual risks cautions Pharma differ those and results these cause that may are to Lantern forward-looking subject uncertainties to from anticipated. statements A factors materially cause results results from the actual those trials including impact clinical number statements, could of to of competition. indicated differ by of and forward-looking
annual could ended with from information the our be the which forward-looking XX, factors that to our XX-K website. on results can XXXX, file those on the for cause report Additional December is Form year in SEC materially differ on statements available concerning in and actual found
this of turn the Sharma, Lantern's to Panna, please after I'd for be we'll Pharma statements intend business conference model today's concluding unless and we occur will Lantern like CEO, circumstances after comments by and CFO, achievements President operations, Lantern some to call Q&A. on today, go Margrave, overview and strategy replay results. of webinar that On will our Panna, any Lantern X, reflect XXXX, Panna as and will are of events ahead. which David statements these will does of from start the Forward-looking to call over made forward-looking Pharma. today, discuss an not then The by of have off things be update Panna recent to required from in available webcast Panna website. Lantern's Sharma; call our conference Pharma's and on followed the with law. This CEO and and open call David highlight webcast, now November financial
drug afternoon and of past our candidates and oncology corporate and to stage us everyone, of made this quarter two Phase the mission you is trials X hear about our for in We discovery thank third this quarter have results clinical and executing joining that our in over progress. and that you. are we that drug Thank active, Phase transforming Hello, strides one are process, now now development all in especially clinical that human II. significant
We efforts, focused major the Starlight progress continue subsidiary, developing drug in our on launch be and in Therapeutics our significant to make conjugates, which the leg will of including drug next CNS cancer brain and development and antibody of also discovery focused conjugates.
many the Our of lethality. team drug first-in-human particularly a Both these about clinicians share LP-XXX. candidates, mechanism and called candidates are LP-XXX and synthetic excited interesting
I a for I of This care was advanced especially those of tumors, able trial an launched are especially that area that QX, solid to clinical the therapies. During area Phase critical LP-XXX into news to share we need. refractory recurrent current standard is
the recurrent QX, also trial into and sister drug clinical sarcomas. LP-XXX, launched candidate, we non-Hodgkin's for a During lymphomas
for We quarter. also LP-XXX initial dosed this patient the
AI our platform, and RADR. continue we Additionally, develop to enhance
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facets discovery of development. discovery. of and their Computational drug So increasing approaches unheard for large all pharma and of are at and usage in oncology the and emerging companies drug AI-driven milestone realm presence both
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average, clinical initial a that efficiency per human on As and productivity unparalleled. basis cost are first are line. time compared insights programs other trials AI leveraging On at an companies is AI, to unheard advancing and these to many dollar our from
the and of and past drug big productivity study neuro-oncology figures startling companies approaches has pharma it's over to rethink economic traditional elevate new adoption large the Lantern, instances this computational Starlight to our approach just to CNS sustainable, that nature the effective is of in of drug at believe improve pricing right AI pressures negative not and entirely recent These escalating creation we that is was not of Therapeutics model allowed increase today, issue. us drugs, company, value R&D next data year. and specifically above develop we'll standard for an a not in companies a approach and pricing in company be specific will the pharma drug With in and or industry and fundamentally, this that reported category it new that the discovery in new will early that more cancer political clear drug believe as monotherapy stark as almost seen to drug its availability. the These a reminder years. We be needs XX of serve development drug providing fact, a nearly year, years. candidate setting later hasn't half had In pharma a in XX published R&D largest
continue most cash provide to a we're be we and equivalents cover developing meaningful a that ongoing shortly, companies. progress developing insights are cash biopharma insights, pace is clinical derisk them we can that for platform to candidates into of with medicines trials. trial. larger data which drug programs, and assets is strong insights in position, million therapies meaningful the future to and approximately the both same We these will our progress being utilized human are of as make identification suitable can on $XX lead where As at positioning and validating after used believe the cash to At accelerate which cancer patients carefully and to life-changing into our our approach the out trials partner then accelerate drug have David clinical we drug assets, time,
of Now the our highlights a turning We IND clinical refractory during sarcomas. to some FDA application received and LP-XXX, the trial clearance quarter. specific lymphomas for third for of first-in-human non-Hodgkin's
in is trial, first multiple dosed trial lung for population about of the which sites twice in to for the cancer also LP-XXX of expanded is LP-XXX cancer started smokers. countries process patient tumors. solid our the patient XX% also East our the We Asian of non-small this U.S. for expansion also the never XX% We've for patients And we the cell number cell are into U.S., smokers. of never non-small that lung where demographic advanced
an that and also for drug from January conjugate. cryptophycin-based our we drug proof plan efficacy and XXXX. to initial in We evidence antibody of exciting broader scientific developed novel benchmarks share candidate the And data achieved with initial concept preclinical
third continue We fiscal approximately the by importantly, we a burn believe as $XX sufficient for cash discipline end of ongoing million our platform cash, XXXX development. provides Dave our in minutes. of of And few with us call drug specifically and the dimensions, our an quarter. oncology increasing across data cash in equivalents number of We evidenced AI marketable or rate to as had continued securities in several will and balance into very our sets, well at QX talk RADR, about beyond, clearly this advance modules automation, designed runway
CFO, details, the overview second David with point, and but So provide back results. call will now turn to who over financial our behind more I'll of the David? at talk us. highlights I'll this Margrave, the quarter an come in
highlights our third I September Thank you, afternoon, good quarter from and financial will ended XX, Panna, share XXXX. everyone. now some
for quarter is Our expenses development $X.X approximately from in and the or approximately from provider We were net expenses, increases compared approximately XXXX, per July were in of quarter product million which expenses. and increase administrative the the slightly a during $X.X third the million manufacturing approximately million general recorded and third The third of candidate quarter of XXXX expenses per from of quarter in for the to of the share our in resolve $X.X $X.XX payment and to in R&D XXXX of in compensation the third relative net also a in of quarter research received XXXX XXXX research or difference loss in $X.XX views million million studies approximately QX increases increase service the XXXX. A related R&D agreement, $X.X expenses of for down year million the to of XXXX. loss payroll prior was XXXX. third $X.X third XXXX, $X.X period. of substantial attributable quarter the to service to XXXX reduced a or a share approximately in for increases up portion $XXX,XXX provider
approximately was interest operations net, in the offset of Our and quarter partially loss third income from income other by XXXX totaling $XXX,XXX.
unrealized net income income increase gains increase aggregate approximately quarter to $XXX,XXX third was increased by in the compared XXXX. other This increase an investments income third attributable interest approximately $XXX,XXX $XXX,XXX on of approximately in to an an XXXX of $XXX,XXX. approximately in and quarter dividend Our increases for of the of of and interest of
As XX.X of warrants purchase a million million stock approximately to options stock, shares of XX, of and had fully September XX, common These XX.XX shares shares shares. with give us million XXXX. of X.X diluted warrants approximately approximately shares outstanding options, outstanding outstanding shares combined approximately of purchase XXX,XXX outstanding, common our September total XXXX, we as to outstanding and
balance this will which as position, us least cash of marketable cash at cash XX, and XXXX. with We includes a Our provide million into of equivalents $XX.X QX approximately September anticipate runway was XXXX. securities
Importantly, evolution capital-efficient our we position in of portfolio us our accelerate introduce financial the manner. and candidates believe platform, to collaboration a and allow drug of programs solid our of targeted additional AI and oncology fuel growth continued targeted will opportunities development RADR
for back advancing number expanding of I'll very as our model. that removes over individuals a now under hiring Our focused talented currently initiatives, hybrid quarters We on has call members We update experienced to be to Panna? development restrictions team programs. Panna be coming have primarily XX this turn extremely the add productive drug we and advance development continues and us operating in not leading additional our ability our to model mission. employees our see geographic on help the hybrid some team also otherwise research to and given an might available. efforts. to This slightly recruit high-caliber which
LP-XXX, where another with Thank synthetically for improved first-in-human Phase launched in I you, non-Hodgkin's there quarter, program is significant David. lethal patient a and therapies. This sarcomas refractory a small-molecule past lymphomas we need novel
quarter I to QX, As call, here our current in this that's launch on to that. had trial planned do second our mentioned and [indiscernible] track we
XXX So talked earlier and which about X quarter we what we've launched XXX, year. is had this both after another,
gene, and oftentimes are cancer. needs clinical regard, or work computational it care us for value can monotherapy take or Europe, of non-Hodgkin's compromised in increasing the both to critically XXX, ATM are the to to functioning very ability that of response patients continues regimens to populations. $X existing increase specific the this of high-grade With effectively the needed in with have months with our can $X standard and were in our potential cell, double market cell of the those to cancer and approaches our and estimated combination in important lab hit with each agents. we DNA XX,XXX XXX billion a an But Now sharpen subtypes team drug able deficiency, understand are focus other combination mantle as of candidates about tremendous U.S., their predict diagnosed notably meaningful lymphoma years helps and gene, advanced to finding lymphomas B agent. work. can relevant as But ATM of our and annual drug Ataxia amount the damage clinically In cancer year to billion. of sensitivity cause platform XX,XXX other And
also We synergistic only synergy activity XX% had lymphomas drug and alone growth was rituximab LP-XXX candidate of effective combination XX%. alone. In drug this than put lymphomas, with When where cell LP-XXX our of high-grade with rituximab inhibition models saw when models, in more on B the in high-grade PDX rituximab had destroying used in-vivo we cell that we XXX XX% showed tumor rituximab, anticancer rituximab. significantly PDX with enhanced B in
So urgent patients patient as month. is of and in this coming refractory care cancers care non-Hodgkin's of on the relapsed B group. approved probably cell an data either mantle-cell know, in standard relapsed on results this current We set combination and the Nearly cell additional in in rituximab the monotherapy agent, and as the you lymphomas. and there on setting believe introduce DHL high-grade or range and of releasing this all details to standard of we for wide drug a unmet lymphoma and need from a is many of therapy plan
future human we is as anticipated significant over them by about of enroll Starlight other cancers across solid Phase throughout of well cancer Chase cancer, of GBM, Johns patient with also drug multiple this of system the potentially X.X including year and sites dosage for become joined first obtained a in of finish the indications. annual in that majority that safety aggregate trials, potential XX% dosed in market expects plus like of GBM continue We centers multiple this trial of additional and existing system a patients XX% used wholly the tumors, repair first solid the so The target I Medicine subsidiary, cancers.Lantern therapies. X.X was to relapsed billion, trial. since far sponsored in patients to cohorts remainder trial. enrollment for Phase II solid Hopkins market indication have CNS $XX to clinical such have major I owned This DNA pancreatic, the consisting care is solid and be refractory Moving few triple-negative of number the XXX. USC discussed central tumors advanced It breast will IA and first damage Phase We patients the Phase deficiency to on Fox data have to and Lantern's and standard refractory LP-XXX also this trial excess basket and the is quite X tumors, of for potential brain advance nervous think and to Globally, lung, to for solid billion trials tumors. to be Therapeutics. and trial nervous the tumor the central
you see a can blockbuster this drug we're So excited why very tumors. potential across about multiple as
This non-small a chemo trial, showed respectively. X-year cell patients chemotherapy mentioned, to clinical received and in LP-XXX and doublet survival in only subset never-smokers XX% a patients drug of XXX%, who compared multicenter with an who of Phase overall previous survival our was that received the increased increase III of we As alone. drug cancer an lung
cell Joseph the Treat sites. a to expand that X a never-smokers. the Dr. XX-patient appointed and and expert been doing malignancies Phase trial, Dr. investigator continue has who lung study, currently we principal non-small in lead cancer in Harmonic multiple into of Treat, we're Now leading is lung including
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XX XX-plus Japan into but patients higher non-small specifically there's are cell lung and of double than Asia, in Harmonic or So by mutations we're the these trial the subtle kinases. never-smokers in pointed EGFR percent. trial and of Taiwan, Korea, largely where U.S., higher advancing to or South driven in incidence And that the cancer, other a
we'll good We've our with I the and a driven our zeroed at partners category. This investors January program will about expand. [indiscernible] results X of in very for This ICXX we very on our presentations. pharma in that by work highlight It interest cryptophycin be we'll quarter, from ADC mentioned insights very, months collaborations this they how the had cost, and we're important XXXX. and call, talking derisking We've this work sharing Germany. or We'll and excited X also detailed help believe our reasonable conjugate X. very why accomplished plan update good about ADCs been are cancers. how across with through on in our in more Presentations as we're initial earlier program be -- last designs among this how had and X about the Again, link update generates So platform community. in we're the major multiple past and the molecules but preliminary like also tremendous pace, has a values at because of them the the the development. largely analysts thinking all has in AI
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RADR. Moving on to
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We perhaps make on post expected hallmark and almost patient and and meaningful backbone can XXXX enrollment of quarters. the type one trial additional next data these community and to further improved during within in oncology our for also advocacy These trials ourselves been for have primary out ADC The drug Harmonic enrollment expect development the many papers of awareness And companies. accelerated focus and the has And year of to modules our LP-XXX. several half of exemplify the LP-XXX, for this become LP-XXX, a position module. the by second the drive and is the progress. a rapid RADR but really and end to think of over platform we X terms the to
awareness, participating sites. groups lung our generating interest at interest the in trials in are with with trial and of Now had in cancer from these specific events several have and advocacy, enthusiastic we've our second drugs an generated quarter GBM groundswell
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really discovery time problems and and efforts in improving forefront oncology the with cancer of trajectory AI our fostered team, and collective on Our effective and with of ones lighting and genomically exciting our alter the my cost shift lives towards us towards and and that dedication that real-world In brighter we're targeted in company, unwavering the our is at for partners of an solving drug enabling want affordable proprietary setting in our the way will transformational for treatment patients lines new a rapid support. therapy medicine. and future Together, a stakeholders are development options. a place to and future where cancer to closing, our the the targeted we these platform the deep I cancer their gratitude are us express therapeutics, era
audience open questions questions the I'll call and I'd with or to our from Now that, like up take to clarifications, now. some
it. repeat Yes, we've great. go is teed of first already I'll John. a We'll questions question This up, question got which from couple
what it great I to move a narrow the efforts do guide past LP-XXX that's down?Well, will anticipate for Phase question. the refining As trial you indication
patients We will allow Phase a range I better obviously Is data, have be new it's mean a think taking biomarker the of Are is it help you since a are a deficiency we will called basket PK/PD is or tumors and on in trial, repair to liquid a what's design will FFPE and well, data I us decision expect PTGRX as levels there certain a response it. biopsy there obviously But basket higher that be cancers be some other. guide. than of in do [indiscernible] liquid we And and for response biopsy. that that we signature other us since homologous we deficiency, higher refractory all the response? genomic help a and also solid from muted Phase a bigger of slides getting on a we'll lot doing work also -- the response I versus refine
even very will in I. Phase this yes, So be data-heavy a
read The for second clarification, -- LP-XXX, came Harmonic XXX? from when I studies II. secure guidance you for I you could provide question Phase expect just in. the Harmonic Could for provide you Phase data isn't question, So to initial
able We we of that good expect next called be year, of first half some then to to reach reach we the initial data by in we perhaps have which But expect hope events, year. end once give we'll what's to XX next the some data.
Now could of course, it happen a lot sooner.
have for Harmonic readouts X next And will or year. could we -- so X it
the LP-XXX, then I And I, half in to earlier, quarter LP-XXX mentioned be definitely expect a the I Phase first of For behind that as about that. year. the is
QX. So I definitely year, but expect QX, and the QX in and throughout data QX, QX
great questions. question, the Another to ADC program. is This regard
of indications. in the We'll January. data the So some refining will terms of be the sharing we in be program, ADC
about for talk little we'll timing bit So the a XXXX.
‘XX we quickly think think to So we in driver. the IND key application depends be early a be We get like cryptophycin. there's with design other level. clarity the 'XX?It we manufacturing it that That's GMP have expect super We molecule. no really on at to on can potent and how manufacture going
cancers. of and novel it's to their many can that extend believe we So
the but come manufacturing cheaper manufacture. including, to are January, antibody can from the of of take it. going it's that ADC, on again, are to and we're will to talk function also us, For that really some kind down shorten manufacturing And and form things nanobodies synthetic there the really about easier looking of the stealing an potentially at but that we'll
very And so kind one this But first of might of drug nanobody the conjugate. synthetic question. fragment be good
[indiscernible], -- the please can for the you Can and So -- another can the please the On another question, potential John? potential and from question please XXX timing XXX. timing Yes. discuss [indiscernible]. -- you readouts? discuss you XXX, XXX is, of
in So that cohorts past this since just we X. quarter, what's of started have designed XXX called
seeing So go you X, QX. the into basically think the level maximum if light, have cohorts during and X X. about can and these first we see to green some to we patients see And we'll of until signals, everything second that dose, advancing start you really and early sometime expect continue X, do cohorts maybe QX tolerated get X. which the has dose We cohort X. then maybe And good we we we'll cohort we X a
then So sharing designed for the about [Technical little But cohort Difficulty] with a that. of that. quarter as design in cohorts behind And we'll different. that first X cohorts Those same XX, are it's are one. obviously be a XX
And to cohorts quickly be then cohort with to and pretty get X just take able X X we'll patients. the first so
they're could the I fairly with the XX maybe over both, in again, So activity think will speed we up another quarter trials. these lymphoma a outbound some Again, are because so us. focused help plan behind on one that community,
obviously, not well. partnering as looking to those some hopefully see And signals well. at in XXX for XXX. QX But for then we'll discussions as trials particular earlier, I'm some start, expect QX parallel if We and and
our we'll could platform, where via Okay. went for CNS that our after in first goal Got cancers. we we One LP-XXX the came we some a looking be about. AI e-mail about at talking is so pointed when started signal with be Starlight, is Starlight. is Yes, more for back best at questions Starlight reason
why started about other And permeability kind purpose. weren't creating about which are time, -- at that barrier of solid because now, we molecule world for the exceptionally had sensitive. is of the that tumors thinking which the we we would of know thought we the didn't we algorithms enough top the more be blood-brain Now
the And and so dozens GBM, we realized, out for signals XXX-plus cancers. brain that once we got and other I data later, there's as found
brain other another biomarker that all and as just are were epigenomic set So data. data normalize It as these secondary could. the in billion something. And could. range, And in. wasn't second sensitivity we the cancers, it We drug And one studies. or X.X data that quickly we was like we discovered as almost active we data. genomic mutation think was wide we quarter, And primary, drug there also possibly I large-scale wide
of went those concepts in if see made to we sense, were right on. many As silico lab them to
In fact, we're even more sensitive.
wow, key medicines. is we across and lot of to we Society This Neuro-Oncology that we change interest the insight KOLs. so wide We of of is that a of the the a at a of have for of in realized to then kinds generating shared to value market and we opportunity. this for lot opportunity pharma generating new that and these data range exactly want we've and with and got two us years, do massive is insights also patients published we a last And neuro-oncology. And that, finding leaders pace investors led what want from value and thought
one a as patients, result And a can't in needs we new took so lot there's develop spun a commercial And there's own. of opportunity lot interest its the very went six, do company. interest the directly of which since indication pharma a drug AI-driven indications, look for be obviously that this really neuro-oncology It kind one from life Starlight and as We to seven franchise. a on could And out think first that's development. to one five, [indiscernible]. of a of [indiscernible] there's of of
to we'll just the and platform of focused have about us, obviously, is purely potentially, license drug trials, product of Starlight, worry a so and CNS AI infrastructure questions, the drug indications. some and to which it. CMC They in get fundamental on have we'll about be they'll from great. execution And won't lot so neuro-oncology product worry pursue They won't to an a growing have
make focused think can get we we we if that exceptional progress team it. fund a management stand-alone on so And and
indications that in So for we're X QX, potentially and us, GBM some that's very brain excited fairly funding Phase of about feedbacks. positive QX, multiple We next very to the mets get QX, trial And and raise QX part launch a good, early for in event it. QX. unique around year, then
good a So very question. Yes.
in. I'll have So take more questions couple a of come these.
an during formulation molecules. where like relating you filed X And to directed liver cancers to patent XXXX, and lyophilized of blood does to for would the question our quarter third and portfolio David, today? these a So that? the take additional Lantern breast, application patent new sit applications
Sure, sure.
pending We have an patent patents SG aggregate of applications. over XX and
of patent in each position a candidate LP-XXX. have for strong our product lead areas We
claims XX at claims least extending at [Technical least XXX, at we into have for And Difficulty] XX least have We we extending extending into LP-XXX, for XX XX. have XX. claims into
also that IP that to can of expect very that. And seen it's with thing continue use then new platform we've insights one great further position. we generator a you our expand your think interesting I to is RADR
are So actively we filing.
what described in we saw, did we you QX. As
quarters We and position coming building further as in IP filing will well. be actively our
Thanks, David.
specifically accumulation from what maybe have the question a around XXXX beyond our in really we'll talk year. pass His but by around we're $XX a a kind Sean, next thinking of exciting Another And for billion goals, early think data Well, we X we're of you internal RADAR I have end question, are very easily. next billion your question. a expectations month thanks the in think look your X But XXXX?That's question. we'll in as or I XX points sometime of question. February, data It's developing platform. pace increase good January or probably to anticipated the Sean. RADR X for
looking to at get easily -- we're So probably $XXX billion. we'll
quality get So are. data what the to of we'll to going number, A $XXX that this billion. double of depend billion maybe to lot sets on $XXX is
We and about internally. a data Again, sets extracting around couple talk available. data we'll them from later, that's of data initiatives have already engineered
more kind existing are better automated from we're enlightened of Second, from also data looking extractions scraping configurations. thinking publications at systems machine-readable of that JSON also through or And scraping, some kind quality data right other and format, of the about publications. machine-ready and large-scale files of kind automated we're doing feeds like the doing look
billion you maybe of and I all and So that, I to a can be of really up Xx think normalization would like data, X to thank And curation importantly, to you. so question. number I at number everyone really just data. least that of could make of the not crush questions. it's it's year, there going it we to it's Thank And that quarter course, sense the we the then, being know more a we're further good a like no and data We'd with for next things, algorithms I Well, think great the had call. $XX lot participating. a questions. have of conclude yes, today's that. But
everybody. Thanks,
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