AMAM - Earnings call transcript Q4 2021

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Operator

Welcome to the Ambrx Second Half and Full Year 2021 Financial Results and Corporate Update Conference Call. At this time, all participants are on listen-only mode.

Following management's prepared remarks, we will hold a Q&A session. To ensure that we have ample time to address everyone's questions during the Q&A session, we would like the limit of one question and one follow-up question per person. [Operator Instructions] As a reminder, this call is being recorded today, Tuesday, April 26, 2022. to at conference Gilmartin like Watts, to now Director Managing Group. would turn over the Lawrence I Please go ahead.

Laurence Watts

Thank you, Jason.

Officer, , Joining from us Chief Tian Ambrx today Financial and are Chief on Executive Officer, the Sonja Nelson. call Feng

the this company. not that XX-F limited and subject statements Risk XXst, risks are uncertainties These year the but to future with in forward-looking to make financial our or such on related are significant SEC. events uncertainties statements call, and will company's and ended performance file During and those involve the to as Factors annual conference inherently discussed the forward-looking report for December current management of expectations section on on risks of XXXX Form based the the

events call the With Tian results to materially statements could Our such those the anticipated result. , as Executive a of of turn actual over differ will and Ambrx. timing forward-looking Tian? Officer in Chief Feng that, I from

Feng Tian

you. are made continuing great of trials. a quarter groups, Conference partner developed the Thank those positive team, XXXX in We clinical on we the Financial that entire executive On progression by ongoing our everyone. XXXX the all throughout in NovoCodex. you China, collective patients would like not experienced full-year the second lockdowns, strides the our thank have of Despite Result enrollment recent joining efforts challenges it's thanking And growth our see Cumbersome clinical through physicians possible. in trials. pipeline. of I start for the and ongoing as our today's half would Ambrx, to have call which Good And by the of who this in the high. Call. Laurence. be demonstrated afternoon, well participated trends Without to the as in its COVID-XX. expansion year

fund review of like with gross of company to our key Board. in Ambrx's clinical XXXX. information at expect months versus cash [Indiscernible] going sufficient cash proceeds million the in position and today. the cash investments I with our successful about $XXX.X our to milestones team, Before filed appointments equivalents. offering our adapts our Ambrx, year initial raised and be to next in and public which I our least recent XXXX events pipeline and the public $XXX.X the would Ended ongoing million, the strategic future operations, talk Scientific of In achieved for annual report Advisory scrutineer leadership of and capitalized. conjuction I of well June XX

Maier. year, was Paul Board our of Olivia Following XXXX, Chief then more Officer. of XXXX recently Ware, Sonja and the in IPO, Through Financial February Directors the with we as Rupalla, Nelson appointments appointed Katrin extended

granted the TDF China early gastro or drug in ARXXXX. cohorts, ARXXXX, X ARXXXX responsive, in treatment ongoing clinical of for a an built the the patients lead two full at is clinical Turning the efficacy our ARXXXX has Breast it of In metastatic expressing in breast reflect being Carrying in metastatic to [Indiscernible] of treatment well-tolerated. X trial progression our rigs. of patient disease our the Cancer gastric intends trials ARXXXX XXX In the above first data the [Indiscernible], patient breast in asset, of is ARXXXX for it Phase trial We a the by flu recently, setting. which program in we clinical included evaluable three or of I'm Society in monotherapy, drug a our for one XX% or safety We investigational to other first partner two patient designation whose cancer announcing Clinical the In cancer to data have response ARXXXX. the cancer treatment thrilled gastric ACE new of clinical as in the anticipate In pipeline this while to was three milestone very XX% trial a anticipate It from announced as pleased important second anticipate PD-X December, the of effective for Quantum drug Phase In the combination the metastatic animated report Phase the in overall an ACE-Breast-XX clinical Symposium. internal positive fast trial breast significant evaluating patients of clinic. FDA people. for would made trial, Ambrx, X.X X PSMA treatment reducing X.X Healthcare demonstrated trial clinical adenocarcinoma, Outside all in a with for evaluable new year. conjugate momentum forward Leap Most ACE-Gastric-XX XXXX, ACE-Breast-XX the firm that focus gastric, to of clinical data [Indiscernible]. on U.S. we progress D its the an November, in Phase with This trial, of to now We of clinical announce conducted trial of I in orphan treatment continuing, pipeline. with coming HERX-positive of of antibody rate remaining development across dose currently initial per rate mil NovoCodex. operations, Phase studied to ongoing Gastric-XX activity from fifth And the full interim has positive were XXXX. In dosed second the ongoing like We're of ARXXXX. of for conjugate X positive HERX-positive the resistant the its China I-SPY ARXXXX August, from we with on All Ambrx of August, the the the tumors. solid trial, year, their application number in later the found metastatic in response patients our Oncology it U.S. of the ACE treatment therapy the generally to and participate marked patients slash AMBRX in breast. cancer. the announced data TDMX, interim furthered an and expected and are for robust designation presented first providing have demonstrated evaluating half to ARXXXX Phase concepts. is Collaborated [Indiscernible] internal months. AMBRX cancer. announced track HERX-positive anti-tumor as of the for into achievement tumors. from global peripheral HERX-positive treatment clinical in trial the submission is with breast, in NovoCodex, or FDA data the first objective October, involving for enter adjuvant ARXXXX our breast Ambrx

receive clearance. Secondly, ARXXXX is the third, Ambrx and our whether by XXX conjugate to developed

Now, our of let progress Much has the and for to and turn our biologics. year conjunction utilizing precision XXXX. expectations Ambrx of ARXXXX being with partnerships engineered remainder the me in our recent

be to in our the readouts trials. second However, advise [Indiscernible] clinical communities half several to months. development the clinical continues in data ARXXXX coming from we're anticipated with internal the of the two year lead positioned clinical asset ongoing now

pre data this in ARXXXX In drug we second free flow anticipate was -- of and the The toxicity demonstrated -clinical for in half for aspirations PSMA Phase property system promising providing interim profile year. in XXXX X of drug ARXXXX data, having addition our conjugate to goal initiated a testing.

achieved currently versus our FDA financial Regarding the first of physical in year clearance that, our the objectives XXXX. stage dedication for upcoming programs, during earlier acceptance IMD other look we're treatment for ARXXXX the of over initiating to the IND continuing first now strategy the second our to year, a success trial of I'm Ambrx results. organization public company. conducting turn our reach executing to remainder RCC enabling will studies of cancers. for look oncology our a program, will first-in-human the through We clinical candidate forward call community. to forward half us as our which of thankful transition into Sonja from the to to of the our Recently, anticipate With this I and year. the the R&D discuss and allow in in ARXXXX immuno the and I for submission I

please. Sonja,

Sonja Nelson

costs for million clinical the Thank spend XXXX. company. $XX.X respectively in for were as press to million provide and the The second same million results the XXXX you will with XXXX were to XXXX. for and and $XX.X in financial increased full-year and preparation Ambrx's half release same this $X.X $X.X professional fees increase million trials the details in driven respectively, and as compared Tian. The filling million we million earlier Operating and our for a and and mainly $XX.X for and of full-year I public periods $X.X issued $XX.X cost million were to compared IPO in operating services second Revenue expenses the ARXXXX related associated operating and by highlights the call. on periods $XX.X so primarily half today only full,

and sufficient for cash least balance XXXX Report next the to-date. Turning million, we months fund operations is which equivalents were of Annual from December our $XXX.X at our cash to planned of as filed the sheet, XX XX, to date our believe

as of XXXX, outstanding December approximately million were $XX.X depositary approximately XX, Ambrx's or shares. of Finally, ordinary number million shares $XXX.X American

call Now to Tian. back turn I will over the

Feng Tian

In internal The to drug a invest Ambrx COVID-XX. and the council disruption Conjugate potential regardless milestones, for demonstrate Sonja. you, opportunities development of partner to our the -Oncology of of closing, the antibody Immuno continue franchises. we and its capabilities caused Thank year of our caused was by conjugate which lot remainder all programs,

recap, updating ARXXXX, loan data Phase Phase XX III all Operator? through will ARXXXX. data year. ARXXXX, X - questions. As support trial our additional I I the ACE-Pan R&D to announcing update tumor-XX, the data Phase the our X and that continued up interim the want for stakeholders in for of look With a ACE-Breast forward progresses submission OX, I initiation Ambrx in of on call in open of Phase anticipate that, in top to the now you your

Operator

Thank you.

to press to on a star If any Again for like reason you'd ask keypad. press ask please one. followed question, question, your that by question, one please by star you'd telephone remove to If two. followed like a star press

As a will the to a registered. are pause as remember before it if briefly pick questions reminder your please enhance up using to asking question, speakerphone,

Corinne is Please Our Jenkins first with proceed. from Goldman question Sachs.

Corinne Jenkins

readout? that you clinical just should development indications of should update Maybe expect past incremental then strategy we Can help tumor that understand just data detail And afternoon. the later expect as from inform Good us year. Gastric this get beyond on the how we you the update. what pan-tumor level those breast

Feng Tian

question. the for you Thank Sure.

Tumor-XX with a doses. our -- ongoing right -low for cohorts gastric cancer, And HERX-positive cancer breast is also is we're for Regarding One trial, X.X now also cohorts, Pan two cancer, cancer. it's and and testing including X.X mg/kg also mg/kg. HERX multiple different breast even

you'll will for our now right those cohorts three breast So clinical future cancer, data trial All later design. X breast involved with peripheral and or And come cancer. this those see, both Phase will HERX positive those are year. gastric, Tumor-XX -low us also, out as Pan guide

Corinne Jenkins

And Phase year. and from you expect get how Phase clinical can etc? X additional this Okay. we curious then I'm you also studies And some proceed this into quickly, X, the data, ARXXXX once data

Feng Tian

well. half and anticipating XXX of the now, Right will escalation. after is time year, this just We're those should anticipate -- trial's a ADC in quickly We made Kohl's cohort the study that's middle we the turn on happens finish And into that under year. second expansion. we that, Yes. XXX very in escalation going ARX

Corinne Jenkins

you. Thank Helpful.

Feng Tian

Thank you.

Operator

from is Please question Tazeen proceed. Bank America. next Our of from Ahmad

Tazeen Ahmad

afternoon Hi, and guys. questions. taking Good my thanks for

you've next to the year? of any the portion expectation end the to China, year run now, of Specifically in have this for result that that the various about of it as country? right the timelines And or can of of studies a data parts your are follow-up. that could you that experience or then you the is a shutdown experienced I have As relates impacting out of partial talk being any the of shutdown, into Shanghai delays

Feng Tian

Thank you.

to just talking shutdown. goes are shutdown, for think year, But their this And I from hearts not it's through about impact will to second in live easier really it's in that's our that Shanghai. first side, mainly a good All how and a We're question. data. lockdown we our for them of apartments. them deliver trials, ex-China that data all, a people to regarding Ambrx focusing half

very trial moment It's we ex-China good. is far best anticipated. Tumor-XX for so trial looking also our As trial. estimate is you'll at see, ex-China And the actually our faster than Pan

will be by Ambrx any the point So we ex-China Shanghai -- trial of impact view, have lockdown. from don't that think impacted

our back China that partner, let's Now China to go run by NovoCodex. trial is

ongoing. how those good trying And Tumor-XX, And I both last know, For we -- We're a have, impacted. heard is time I the on Pan those are patients which just treatment demonstrated XX patients lucky still trials are the if trial. ongoing. very the are they're those trial, partner just is. haven't drug finish of still to from

the Pantema Ultema trials ongoing Regarding China. in

heard I there the be very we say to have from trials. lockdown really the we big hear But from impact patients negative you. impact, partners, think anticipated, haven't will Shanghai, after And a we'll close data, significantly But cannot update I'll know principle, the have update first we're you. our the we on all impact treatment more overall we're I impact. no all on and enroll how patients collecting I story a will as and

Tazeen Ahmad

all Thanks for color. Okay. that

Now, study study III the and are second for that readout how that year-end? you're still and impacted Chinese can Phase that by after be all of cancer, confident at breast enrollment patients line by will in you doing

Feng Tian

You're Breast-XX talking trial, about right?

Tazeen Ahmad

Yeah.

Feng Tia

Yeah.

until enrollment, enrollment. finished the good the there actually news So is a almost we're whatever with

to So it's all data. that collect after more of the

what not So concerned be I from is enrollment know.

Tazeen Ahmad

And follow to up you the don't you? study, will be then impact during think

Feng Tian

impacted, in far. is so is far mainly fuel yet. big From Shanghai sites, maybe Not potentially will the cities for let's but part got impacted the Right be. I so What see be may other feta be China. has think majority Shanghai, heard now to timeline I how spread and knockdown will the of there's Shanghai my Beijing, across he

Tazeen Ahmad

to Good you. know. Thank

Feng Tian

Thank you.

Operator

for you question. Thank your

Our next and Nadeau with question proceed. Company. Cowen Please is from Phil

Phil Nadeau

on questions. congrats for progress afternoon, our taking thanks Good and

each data for a cut? how Pan time each type First, the sense approximately a tumor follow-up on Do at will the question HX be the have tumor-XX. will patients in prior the to for available and update, how follow-up much disclosed many you be of cohort,

Feng Tian

Yeah. Sure.

mg/kg Tumor-XX, Now, determine or trying for help trials our all at it's to mg/kg those we're X.X Pan early us X.X between Breast-XX, actually couple conjunction QX. in with where to to

better-than-expected Regarding the ex-China, enrollment, we in enrollment are experienced antici -- okay. we patient

to in So year study, for XX we anticipate for arm breast breast by -- this maybe both Pan later patients for X.X Tumor-XX cancer X.X.

a also breast of we -low anticipating cancer, kind HERX For are that number.

in So see and in in expand gastric for liter to observed U.S. file arm both a to XXF. groups. those We're X.X also can you we testing safety because X.X higher of better profiles in than ex-China as file

at You can data. safety look those

For both constantly dose ex-China better reach to better trying why seems target special we're AE, benefit. And also than China. higher to that's patient systemic much and of middle Interest give

Phil Nadeau

That very helpful. is

now like half Second likely Is data was more from next you've those it mostly interim more question press In on fair? both the the and think data possible ACE-Gastric-XX past, data probably is for XXXX, also that's that second likely release, ACE-Pan in I seems your was that year. possible Based suggested trials this on tumor-XX. -- year. trials in

Feng Tian

about our Gastric talking You're trial? OX

Phil Nadeau

and at one today's that data Gastric mentioned also, suggesting OX, release. both from this either of either could was there tumor in the half come I -- wasn't come XX could second point think of this but press year for a

Feng Tian

gas-to right? NGL As to - to wrestle

Phil Nadeau

to tumor X could I in there had also mentioned from this you but our data half we table on that the breast think can or already second year. penn think that two I at be

Feng Tian

in OX. to trial we're The a trial okay join And achieved Gastric Gastric again, from patient a that's become enrollment yes. half our we great China. global to this expected starting a year. second onto anticipate But that's setup,

resource focus So a to far, interim to for fill far focus OX good. Gastric to And to all decided have second-half to regarding anticipate Gastric very adjuvant of next we we updated for have cancer. readout trial [Indiscernible] the to year to us resource we study our our milestone pan-tumor so nor And and announced most Hector looks breast the hole to next our [Indiscernible] company also, rest most where AWS-X. ultimate recently Breast recently stop

Phil Nadeau

Got it.

more talk have that recently for results on differentiated Okay. in sense. disappointing any That is makes some the and seen field. question last Can about whether XXX a how the informed data also helpful. in then we've you be way were could ARXXXX, or very And XXX confidence as XXX That program recent target. your that released change

Feng Tian

Absolutely.

now other in refer the which lower in looking those, can our seen because because signals see patients TDMX percentage, data in barely all has our when and other [Indiscernible]. tried in but a technologies target is enable is early engineering tested the ARXXXX actually example to are standard are chemo in haven't approach focusing is the China, the release five clear for recent ARXXXX trials. [Indiscernible], we those in coming is ADC. target, approach if officially the We for actually, of our or normal touched different your other technology our even an and since you the using approach started two in grace our I synfuel. people in we're people compared differences cancer, company to is efficacy that U.S., take already wise If F That's target. our show better When breast we And target. we to we our our the post-TDMX. reason first most treatment, in is. Many TDMX taking synfuel demonstrated just we on to in Efficacy-wise, in but the than Breast-XX And rate using ARXXXX we is are that drug our in

of the population, scale enough first patient even PR. in received in the patients So first four them five

response to patients percent more we're one still in efficacy for that great or indication great for rate. is situation goes really So demonstrate with a Again, IL-X is drug. waiting early for two. of similar it any

As toxicity. is with the a We to drug safety proven with they've target, a as allow result enable, we means that before. all unfortunate wild-type, never from XXX The it's a our have to window existing is and Nektar's two. think wider believe IL-X will chance in data, better works, or to existing [Indiscernible] the you. much something right That's this we much but in clinical a efficacy with know believe why compared observed a have done about, we're profile it [Indiscernible] or Again, have similar approach. great success We better on people which doing of one much we approach Thank drug. drug. we based therapeutic compared we

Phil Nadeau

Thanks Perfect. on again the our and for progress. taking questions congrats

Feng Tian

you. Thank

Operator

Thank you for your question.

from Beatty Please next is with Joel Our question proceed. Baird.

Joel Beatty

taking thanks Hi, questions. my for

The first help conducted III as in one Breast-XX with that share Breast-XX learn Phase ARXXXX in China you is us Could such that on study can being the from much study? China. could could predicting we trial perform how population a how

Feng Tian

learn. -- data those trying efficacy and to if I we from I thank Breast-XX, learn the is how safety question. anything study still from of Joel, out. How -- referencing to you Breast-XX more way and We is of Breast-XX first learn. how can the Breast-XX? can more much all, can learn Because really data. ongoing, that were And with what study. think to Well, how for both reference that that's and we we about U.S. to actually is how it's try two trial learn trial That's

be I that wise, anti-HERX that's ADC. underestimated, percentage. before, both learn perception, think referenced talked selection of a I point in Safety other of China my to and IHC Breast-XX is what we from from percentage study, view, efficacy I for from across my might patient patient X-plus As also our

from about not and trials non-comps also other company, fold, In different. we other in population population five seven compared five to with U.S. population. as we trial different to observed know percentage, higher between seven what Asian U.S fold is the population to The of Asian

from Asian is, to data, the the population, in be compared may the likely overestimated learned non-comps So that what especially XX I U.S. population. data

confidence So that and efficacy me from both our trial for also more U.S. give those, for really safety.

first patient in upscale our earlier, -- patient, of of come mentioned impose I TR. four first As up five TDMX them, they we your

compared with in XX% or XX% that's Breast-XX. China So are

still though validate to even together those but So are perception. early, coming my

So more up, we'll hopefully, data support more and Thank to notion. with evidence more this you. have coming patient

Joel Beatty

such Eisai then about Thank ARXXXX could design patients come? trial, as might you the could a many announced treated you follow-up, how anything for And data that. as be and the us when tell newly trial with initial there

Feng Tian

Thank Yes. you news just actually came The up the question. believe. for yesterday, I

excited very we're trial. and to fresh very it's that join So

First consortium, is all of a trial selected deal multiple as drugs leap. with by Quantum that

replace also view One validated for [Indiscernible] current antibody. lot of looking we're of statement second are agent. into chemotherapy which toxicity and And the about Anti-PD-X a treatment is ARXXXX they already will efficacious safe combination that patients. the caused That to with Eisai be running arm, profile arm a So arms. the really ARXXXX. in single is as the And for single

will trial can So how trial started certainly longer. patients. drug done. quite if active we little in think idea is will patient the the the an go trial a will faster, working, be those get a a actually very is to few a And complicated. Basically, enrollment that's clear getting don't those I weeks very and interesting, really design. design as It's

can of what Regarding we kind get. data

if trials drug is second the a the year, working. good by of very that's is means ongoing, sign, still think I the half which

can be leave cannot as sometime trials for year. our and look pilot have look patient the will in at is the there's The data we're So expecting those will our. data. leap, like be And look drug better, readout. themselves which enrolled if working suspicion, get because we'll next ongoing data data readout tell and at a wouldn't us the company, should the data. do we say, Quantum We a I a more

about design for now XXX patients right trial eSharp. the a So is

crossed. finger So

Joel Beatty

you. Thank

Feng Tian

Thank you.

Operator

at pass time, for no Thank the back team management questions the I'll are over this so to further you call for your closing remarks. question. waiting There

Feng Tian

like Oncology the attend events schedule Bank your you for Summit. and at directly conference request as Thank us out Wainwright you, Operator. XXXX or meetings of Feel to America you'd Sonya to joining In This half as concludes conferences, plan to Colon our our We for year free to us. HC everyone, we time. the if well afternoon. healthcare some weeks, full investor again, second reach coming welcome this to call. and Thank

Ambrx Biopharma (AMAM) 26 Apr 222021 Q4 Earnings call transcript