ZYME - Earnings call transcript Q1 2024

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Operator

Thank you for standing by. This is the conference operator. Welcome to Zymeworks First Quarter 2024 Results Conference Call and Webcast. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Shrinal Inamdar, Director of Investor Relations. ahead. go please Shrinal,

Shrinal Inamdar

Good quarter like XXXX operator. to welcome our first results afternoon. you, to I'd you Thank conference call.

I'd a statements the accompanying begin, will statements identified without we like commentary. size you forward-looking remind Before and our that limitation, be those making this number during forward-looking or in of call, including, to we

at and Forward-looking our our subject to are statements assumptions various and in development. based are of companies usual stage upon uncertainties risks and industry with our and current expectations associated the

of a refer as For our as and you to these and discussion risks found uncertainties, our filed website filings SEC. we'll with the latest SEC on

corporate I'll the our the Executive will Chief quarter updates a over to our recent XXXX. who hand financial results along Chair moment, first with for and Ken Galbraith, Officer In discussing call be

takeaways. Dr. be this, for meeting Scientific Research talk Q&A. Finance about Paul data Officer, will the and and Association [indiscernible], will key Chief the for Moore, the AACR our Cancer American recent Following Ken, VP call, Annual At or Strategy, of end available Paul at of shared our and

website a turn today. As audio from Zymeworks slides call I also the be to the on will and will now Ken. over the available call this reminder, later

Kenneth Galbraith

expertise later call. candidates Paul at an Thank our and with showcase the on reporting as which data will XXXX overview presented thanks, to on we some pleased well internal interesting of earnings which our our had you, AACR, today speak achievements programs from R&D begin everyone, results. We're chance quarter as a quarter update Shrinal, key and our to call. and I'll another screening first as for team, us this to joining today's optimizing have With in development we've financial in that, present be where busy from our capabilities really

agency or and consultations made our year. investigational steering we've strategy clinical meetings to clinical coming regulatory for progress drug equivalents development up conducting fine-tune including X on committee INDs of applications and foreign our that, this teams, various our the also upcoming Beyond readiness and

We've Asia also a locations and been clinical broad North Pacific. Europe strengthening our in carry trial to out program America, Phase key in I presence

of stage recruited our expected clinical the we near the And Phase I our United Phase With upcoming in I forward when and I study are more escalation plans on dose the actively studies in of the our to patients about recruiting our posted website protocol publicly, in outside majority look studies. respective to talking be our future, trials States. the

this leading continued Dr. experience ] To ahead. development advance antibodies we XxX growth, will in support in support continued multispecific brought [ in multiple of leadership experience our studies clinical pipeline into programs our His and to global years the antibody in expansion regulatory our approval through Gallagher and to our novel efforts programs conjugates Neil the rapidly forward. join drug

for focusing by will advanced years the on highest our our in resources approach pivotal energy Zymeworks years most success year clinical us and and some guidance of reprioritization necessary [indiscernible] Gallagher decisions new confident advances, very difficult provide will members the and but I'm and longer-serving that for X potential past the milestones position good coupled ahead with drivers. value as over and these very along this complementary our Dr. with Board. company we R&D personnel and

as BLA with Jazz expecting Similarly, submit monotherapy. Medical a completed Jazz plans zanidatamab, to year. Jazz that their enrollment to for BLA Phase for that its guided the their Yesterday combination this for XXXX IIb zanidatamab our for Products authorization including care approval initiated application Medicines BTC and III seeking asset, proceeding. United cancers zanidatamab trial Administration ongoing. from BeiGene MMA States or marketing to submit of the first-line trial Association also European the that with survival is in for this are in or confirmatory very accelerated in billiary standard National ASCO in second-line present we're a the Jazz also updated On China also trial BTC with as in overall the current has second of submission during later-stage pleased zanidatamab half the data HORIZON-BTC-XX is treatment noted findings Annual at to is Phase they Meeting. longer follow-up, expect the tract

from trial to targeting late first-line zanidatamab initiate HERX-positive breast III in Additionally, for line of in experienced for announced HERX Jazz they trial the Furthermore, Phase III the pivotal is expect or half a GEA, zanidatamab patients second anticipated readout PFS top the for in gastroesophageal cancer. XXXX. data adenocarcinoma, Phase Jazz XXXX with

progress the partner, label commercialization expansion, commitment including Jazz with appreciate in in towards leading and BTC our potential and by development BeiGene and achieved then and clinical sincerely We in initially shown investment additional cancer. metastatic breast zanidatamab for GEA

reported in net income. months net share quarter results operating Zymeworks the net was increase was in offset $XX.X decrease financial a revenue XXXX. $XX.X Turning was first $X.XX mainly in for diluted loss or and The for March loss by position interest million due of to expenses partially XXXX, a per now Zymeworks in in afternoon. which to loss the a XXXX. same the period decrease loss financial increase an for of XX, our million to compared X ended this

for revenue $XX the period in our was compared X million $XX.X As XXXX. million months ended March reported, the XXXX, to same for XX,

support for partners $X.X X payments. for drug XX, for $X.X included months revenue and for and and payments for million from for partners supply development supply March the Revenue other from from Jazz and XXXX, and Jed revenue our development XXXX from support research ended million Revenue million other in our research $XX.X $X.X BRIC in and support million included same support payments. the period

expenses from $XX.X operating million were revenue XXXX, the Overall a agreement regarding for decrease for $XX.X for and to agreement responsibility compared million in with Jazz X trials March to same of of was representing The ended Jazz for certain period our clinical a collaboration XX, XXXX, result the decrease transfer zanidatamab XX% in Jazz. transfer year-over-year. amended months

increase development from a administrative a expenses program This decrease decrease due was The both for zanidatamab agreement in a due expense expense head primarily which in resulted of as period collaboration to lower the a in for XXXX to compared by partially amended period same expense. expenses in candidates, to to in and partially ZWXXX,-ZWXXX by decreased respect and in decrease XXXX. as expenses was and R&D and research increase compared a in compensation decrease Jazz the overall decrease preclinical stock-based in agreement. responsibility offset preclinical transfer benefit a the and decrease an general to Salaries the in count was our result with in well operating The primarily ZWXXX. XXXX for as transfer expenses and same to offset in expense XXXX product an

to the general was primarily due same related decrease XXXX. external compared period administrative and in and decrease expenses The expense to in spending a legal expenses in to insurance

we As X.X million shares outstanding approximately common of XXXX, under million stock warrants. stock of shares of and prefund issuable had XX, common approximately X.X

of securities cash, cash had $XXX.X to XX, cash million December As as compared XX, and resources, of consisting of as we XXXX. XXXX, of equivalents $XXX.X marketable million March

will our XXXX the resources March second operations on of enable plans, to existing of expect we XXXX. as our into cidocertain planned XX, combined Based us operating half when milestone anticipated cash current fund payments regulatory

that other an statement a results, and filings, registration like program you SEC This whiskey new our our With our provides current does our as equity advantage on you on our not commit may shelf details with to SEC quarterly biotechnology capital. companies but additional filed shelf at us in future do, our housekeeping, financial registration our the various statement respect seasoned www.zymeworks.com. automatic matter For today issuer release earnings statement encourage financing as existing of later ATM year-end filings any this and review shelf or And automatic we available good notice to registration us expires I flexibility take to to year. offers new website consider status. raise of to well-known other equity as

shares some may bring filings existing our further new with housekeeping SEC and exchangeable statement. under [indiscernible] financial the supplement shelf our program further prospectus As our and automatic upcoming our filings registration regarding see to ACO

X. Slide to Turning

refocusing achieve partnership our to business pipeline building therapeutics of and drug diverse of antibody a foundation, stage goal development and options solid in the product conjugates clinical and additional Our to helping multi-specific seeking a long-term appropriate antibody product viable strategy continue commercialization. and of assist identifying global to provide candidates where

XX, cash resources of an in the million of regulatory March together anticipated $XXX as gives us of milestones with position XXXX. second half payments into expected certain XXXX, runway financial strong Our

partnerships existing through partnerships which potential be able with an to or expanded choose fund BeiGene connection extend also and milestone may this with may runway and payments to approval our in regulatory scope We form. Jazz collaborations, we new or R&D

approval, addition, milestone pending and tiered sales. on based XX.X% BeiGene and on Jazz's In and royalties XX% annual on we XX% XX% regulatory sales payments commercial eligible sales receive net are annual between of to and between zanidatamab

and hand like our will therapeutics. really to more Scientific over Paul Chief Paul. antibody our about work to ADCs you, to talk at that, Dr. on I'd presented Multi-Civic our Over AACR who interesting With Officer, the Moore, team

Paul Moore

Thanks, Ken.

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core candidates. engineering and cell regulatory expertise, milestone into Azymetric platform, advance multispecifics of zanidatamab our [indiscernible] The review, WXXX component much in our including the validates TriTCE next-generation our used a also co-stim alongside protein the T engager said latest

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results. On a this few of we'll these highlight slide,

by spheroid ZWXX and payload folate incorporated to the ADC internalization, alpha we other On compared targeting antibodies collareceptor demonstrate left, [indiscernible] supported and tumor delivery programs. penetration relative the receptor for

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data, total On to Consistent with the in activity medium ovarian greater demonstrating cancer. side activity ZWXXX low in models. and the models with of activity slide, of saw of compared right of PDX [indiscernible] demonstrate hand of prior of receoptor this high, XXX ZWXX we range folate a antitumor we

receptor models responses promising triple-negative also examples in alpha endometrial lung representative with cell non-small of We results and reported cancer breast expressing cancer, folate shown.

GLP in disclosed Where filing. data our hypoxic for premise Further studies from presenting was XX dosing. updated -- reported nonsevere for supporting we IND non-human ZWXXX, the profile kg, per highest toxicology our tox we compelling studies, dose potentially efficacious mg a

traditional spheroid to multiple Beyond in model the system cancer is including models. in ZWXX novel also than poster vivo tumor ADC a anti-tumor to ADCs more team line our presented types activity development aid predictive characterization screening modules, top-base of XD that our of of applicable cell ADC

It also tumor action, detection presentation. such shown data in ADC mechanism of as ZWXXX of penetration the used is the in

progress with antigen, optimally [indiscernible] also Finally, we the in with overcome made peers. design data to shared identify look tumor more from the bispecific we tumor tumor those targeting and associated and screening that technology future, to ADCs target formatted forward functional in to on affinity, to single a design novel applications presenting associated including challenges heterogeneity additional

In showcase our upcoming from further preclinical anticipate the our addition nomination at product for progress opportunities both conferences XXXX we and final portfolio. candidate today's including to updates, clinical and XxX milestones our within to of in -- our

what options innovation we mission provide to Our commitment the remains and treatment at for at do effective heart to patients Zymeworks. of

minimizing remain new about standard challenging the we're diseases. advancing in for alternative with actively to care, therapies. back transformative mechanisms actions aim ultimately, efficacy optimize particularly bar modalities of ahead exploring Ken, and while to excited to the of the you. journey treat dedicated the to and toxicity, harnessing raising of We're over

Kenneth Galbraith

the excited with Zymeworks BLA by mentioned to with closely more continue And as months, date BXC presented Phase solutions with we trials prepare to in achieve States preclinical term advancing approval for as we're at evident We're and seeking summary, In commitment throughout United innovative to to accelerated the the next for in been very multiple work encouraged as Jazz very about as I of pipeline the zanidatamab to our That's XX remains second-line our we progress partner, great. having XXXX. and BeiGene coming our completed. Thank milestones. our key ever earlier, you, future in XXXX submission in Paul. enter data pleased early-stage

the continued scope to with onwards. long-term wish platform to the new therapeutic that, we potential with leverage focus at research Beyond our build and and for differentiated annually upon pipeline XXXX productivity to beyond the current the from generate INDs R&D expand further Zymeworks X ability

Our cash development runway strategy, our pipeline product and remains called Advance. long-term our on support of the track to R&D invest XxX in

We result remain While the may efficiently to plans execute diligent against to remainder we our runway our strategic as in look our forward managing we expenses extension of we continue of this R&D to our milestones that during operating allow assets. scope, progress continued our key further us clinical on priorities approach or XXXX. reporting expand for development the the in

With I'd session. question-and-answer to now the call. everyone for like begin operator over the our that, listening turn like thank the to call to to I'd to

Operator

[Operator first question Instructions] of our Stifel. comes from Willey of line Stephen the

Stephen Willey

couple a just Maybe me. for any questions of

GEA all to perhaps just if that was some just in thoughts if the trial. needs I and frontline suggestion could wondering that Ken this arm KEYNOTE-XXX. if October. And the the in regarding at the interim of the Paul, be benefit the OS think of that HORIZON and that raises there we Merck's changes disclosure But competitive in your that Curious seen for triplet now was know perhaps, per kind saw bar analysis dynamic case the that show this So longer-term to in what back as you at ESMO

Kenneth Galbraith

much than OS actual the obviously, for the Thanks more there. question, Steve. put the data mean, about know I what press no outcome. There's we was release don't in Yes.

stratified the So to that on PD-LX Obviously, across OS population. study. part it's about Obviously, only not the population needs hard result positive of across the for the the us determined it be ITT but population. to strength was patient patient that consistency entire the in data, the was comment further previous PFS of as across the

the data I we're for actual combinations, that on attractiveness evaluate which to how own presented different seeing we arm. versus with question [indiscernible] label. and more KEYNOTE-XX the So until difficult active the population own. of patients. were until And the Jazz of the we see to and our our understand It's think us own is focused and antiocumotherapy BeiGene, for we're on us in about study, the tips TSA HORIZON-GEA-XX the esophageal adenocarcinoma study, focused and on the because completing that what's chemotherapy and results population of compares of your control the patient of patient inclusion is than just our remember regimen

recruitment we will probably So environment the I results for I and to other patients. in interested our the on in And to understanding that data competitive facing more the and think be have everyone. study study follow we're think more a the easier it the our study continuing available PFS understand bit once little

Stephen Willey

kind post fair. the in upstream utilization to there that's standard curious, with some obviously know of interested setting, population. the registration HERX guess think to thoughts regarding that KOLs pursue that breast regarding to HERX into going and move in need frontline if in for outlined this just think of second-line in then I respect has the patient most their discussion care, KOL on generated in But was just relevancy I Okay. I'm become data indeed, given call this And in prospectively and frontline trial I Jazz metastatic plans your is occurs. HERX gaining of

repositioned as a line options HERX. need post in And completely perspective, right, just kind assume to relevancy the would that from not a questioning I the in displaced treatment Cleopatra regimen later of one Kadcyla I'm and that are thought, guess

of to there? your kind thoughts as curious just So

Kenneth Galbraith

say the want we number own of for it breast biliary they're see tolerability about of in perspective, obviously to it's other this did mean And call doing a second design of studies half certainly in their metastatic ] that to in zani and more tract other I cancer do in potential going just as setting. combination our talk if you combinations I agents, the [ get great with GEA on the don't we're I to in initiatives. combination a agents study I'll cancer. Yes. indicated can year with that. when from think as because ahead in Jazz FLC different nature, makes it's

for So that you cancer. when different a for I in may a environment was then at where ADC in got the to having can frame response, from certainly and I might mechanism have need see that a post transaction. that we but than potential ] attractive. work place treatment the something There maybe that for a sense might something be another breast the think find did in the be progressed, a Jazz certainly HERX [ time paradigm metastatic KOL I And patients Zane know got here some there before was

that pursue benefits could for and own is do, us own really understand attractive capital in to we'll their of that, ADC that for intend that a the Jazz that's our rigor opportunities they've capital pursue, I that So second of have space, provided detail transaction a Jazz DXP when proposition to the year including surrounded was didn't the obviously, you intend our to by think something to that's from more regulatory pathway they us and the a we of bispecific that find on you describe on which clinical do that that way unique clinical was X tract label. what to very be but work half initiated put being even type let GEA, in and study the the this a beyond it different looking and in Obviously, of to attractive. pathway a announced we of Zani just biliary antibody was the And opportunity, they they have at [ a HERX more can cancer beyond to attractive formats, do fantastic. might ] commercial and could they can

Operator

Next question line of Yigal comes of Citi. from the Nochomovitz

Ashiq Mubarack

scientific question Ashik on is X This Yigal. than operational I question. just Mubarack for one have maybe

of Just detail? including that the how first, I to on some able to kind wondering a XXXX, more if us Are guiding regulatory on of those milestone I potential to in color payments? I'm little mean, out of you're runway think of milestones. runway much from half cash sort flow that break kind being the give you what or contributed just is of in you financing, second

Kenneth Galbraith

have but we all. outlook not we now different current strategy But through I number with think Yes, not that fund -- beyond second right current of some not financial of we've financial entitled in BeiGene the and milestones be our for R&D Jazz included position are a that given. current that can there the feel our previously guidance that with we the all deals And the comfortable from again, we scenarios. approval that may of half and to XXXX is element, so in

position additional our feel runway start so. year. I go position in and do the all confident then outlook and milestones details and We chose the sector, strong we received the that's one But current until quarter this be be those the So business, a our those. and our a very why in good companies not in the of we'll in offerings announce provided very business. access for I I Obviously, went we've previously can't of of number have through a to rations financial technology financial first other equity not capital obviously we think the a for beyond we to position. think because we were outlook feel to in

Ashiq Mubarack

understandable. X Maybe Okay. That's more.

at little could you you bispecific. talk expect pretty more that just CRS was CDX AACR, compared shared differentiated you in traditional a clinic, if the be which but interesting. platform, the about might TriTCE the profile On curious to how I'm more

but think cetera? you terms be alluded improvement may a et the might in potential less that be meaningful or in enough you standpoint. dosing I be maybe can CRS think to from could setting or IV, comment less outpatient step if like differences curious potential less, I'm to to of just cytokines there a practical maybe in the you continuous I'm [indiscernible] practical the maybe just curious what be idea something that steroids versus

Paul Moore

sure. Yes, Good question.

clarify that little bit. a me let Just

TriTCE, cell were and very cells trigger something careful that that actually of for the So with interaction activation. we T the of T was could level

very So CDX a CDCDXX, when with see this But quite then CDXX T low. [indiscernible] and using So to to cells tumor the CDC [indiscernible] target, lower powered weak. okay? T-cells engagement we we're engage of are the binding actually actually of the upon -- is target periphery a and nice through get when affinity is engage in binding we we CDXX we amount being coengage Only activation. the we see

So feel, something lower vitro is not modeled far, CDX with so but using important we've where we're other of we see T the a ZWXXX CDXs. that and support the affinity in also in we've level [indiscernible] both novel studies, preclinical does in activation that, we cell to program, nonhuman embedded primates

by in So with far will activation of the also engager. we'll see a target you that's how to clinic T-cell T lot kind Obviously, that can take the of be cell the see we need driven can pair the it. you

to we that factor tumor engineer activation, we independent what also peripheral engagement. overall, that's But that's So think of we've cytokine done consider. a

Ashiq Mubarack

Okay.

I it something mean, DLLX I'm or be wondering might Or will outlined? last Claudin be question for of if final the curious kind programs of just XxX if me. program could XX.X -- be think it you else said the just Maybe the Okay. the TriTCEs. I'm entirely? one these potentially you in that I

Kenneth Galbraith

trispecific been we a obviously mean broad and Yes. the also TriTCE co-stim program have other working we've formats but research. both in pretty that on I

yes. disclosed haven't we So

those and I preclinically programs benchmark formats on that or what DLLX to antibody? because and just other might XX.X ourselves around TriTCE antibody good understand basic you against you give see the were product simple data to work think that -- we anti-C in have Claudin a or approach. published another co-stim that don't

a nominate something of of But see to X be publish our X part candid year. speculate a forward just to work still else we the I wait of That's a as think and it fifth it's as later have that want to to with X, nomination you approach is we and on to data broad move continue will we the I whether until that there. beyond portfolio don't that that, we this year. make or on we to those this will want

Operator

line next comes question the of Tewari Jefferies. from of Akash Our

Unknown Analyst

[indiscernible] is on for Akash. This

Genmab is . folate ZWXXX?And do So you receptor was recently the lead encouraging here initial [ by time your Bio than that's different ADC where what is that differentiate human think acquired with targeting which is Profound I with a ahead alpha topo of approach data. a is guess can ], with [ Rena which [indiscernible] ], S you molecule

Kenneth Galbraith

then it. not, know Yes, it's but know -- again, we I don't so public to like encouraging [ whether And us comparison. how on that don't publicly proper we about had guess I speculate acquired, was think, versus or available molecule, much Genmab encouraging, enough data a billed don't ] do that to data it to I made that's

program think think own lot differentiation payload. we our a that's the only AACR, there's think of in in what really around previously approach I and where also and reflected data comment on with I ZWXXX. can published we're And at I doing we So

some an in we the made So an proprietary that how ideal which be are can believe of optimization the with we of used a including chemistry did indication effective. to antibody disclose I have our standpoint a innovations think to was more we properties us receptor proprietary medicinal make think significant of that through in earlier find interest a XXX payload fully the camptothecin was from analog effort in antibody, ], to ADC, around alpha [ ADC payload we an this year and but

tumor AACR activity. not the at maybe internalization binding to up but was to focus just get as tolerability out efficiency payload publications our of purpose way of was on to X that and with obviously, penetration the given And of get less that a

in able think interested And follicular then including I'm really long the any understand definitely be X features to you characteristics But clinical there interested differentiated too We put will more some other molecule. that of the and and so of at against the mentioned. in be be to of dose, studies, own And competitors the can looking I test host make in we're from between our clinical this data to it the now. understand have alpha from point won't the ADCs, try find to agent understand a a generated other on for our and and where comparison activity of it's that we differentiation of just then us tolerability that the own any understand difficult a can to create between agents.

Operator

line of of Chang question Next JPMorgan. Brian from the comes

Lut Ming Cheng

T recent like just cell excitement myasthenia and the these application We're in autoimmune seeing gravis around engagers space of scleroderma the weeks. some

space ability have platform? any any you whether that -- or if to to ability curious potential your see potential any disrupt you you whether Just interest have with TriTCE

Kenneth Galbraith

it's an has been obviously we exclusively oncology No, never company. -- Zymeworks

given indications folks if and working experience period. and you since look We autoimmune But to definitely and added inflammatory inflammatory of we do in have platforms great number who when we who decided folks commercializing a focused have work some time space. a I dermatology I because Paul, at got here things just program to you the not and experience -- autoimmune focus some the got the have have and had R&D XxX. in area, we some if have capabilities in that we for here, on We on for been in preclinical want including

what differentiated have of dose So applicable assets And from going I about oncology. that. we and I really think our population can about patient of think think some understanding we beyond be and the as see lot haven't be XxX, definitely we interest talked others and beyond a from an we platforms

this approach to against some should you by in R&D and assets that our the expect we differentiation are probably around who QX Day others and think that get year, more we'll space. in outline time thoughts I

the So yes. answer,

Lut Ming Cheng

your then approach. the think follow-up partnership the a And about partnership. been past on always Great. a We're about prepared year. part I maybe you of has core through mentioned just -- your Okay. halfway remarks, talked And you

you looking particular curious a standpoint? partnership it accelerate union partnership side? from are direction also that a at of if any just kind Just that, that be provide you can looking for auto you're development a -- helpful. of would So your there's color on And top to then on

Kenneth Galbraith

Yes.

surprise part point for to number that to a capital, strategy of T I development. a have in cell much access no our and ADCs think obviously is One gotten earlier reasons. of partnership and an in transactions a time is at both engagers clearly, it's higher valuation

formidable We XXX alpha. period which both and mesothelin and more and ability of occurred also competitors ourselves population. a both and ADC are time over fully partnerships targets acquisitions the to for in interest with and going cell XXX the applications, for T look compete the potential patient against find we us with pretty engagers, to accelerate at past in receptor broad of with have in and obviously, first especially and clinic in the broad Those larger

Zani learned I good that a ], our beyond certain own couldn't where continue to [ success that think that. of of them partnership, which on own. we of with breadth the the and from that to us there way portion And do subsequent opportunity allows to pursue allow ourselves in [ in see a developments we for as reach gaze we the complete share that zani ] you hopefully, was probably to that our structured may that was their on a

partnered the Jazz forms agents and which or opportunity potential us commercial build to for we've but agent would So BeiGene follow-on ex-U.S. that to peak some opportunity going very at. ourselves forward. Zane that partnering future fully XxX, [ potential at to for could about Jazz the keep guided been a a ] also a clear sales we're with a like that like as and licensed obviously and we we'd look the to able to on strategy. have find seems in with There's like development it for that learning good another to that's we've have U.S. and do, look potential, if we'd we But talked to And strategy other late-stage to of ourselves. ability XxX, fortunate exclusively for which be [indiscernible] has being and our not

and cell us both obviously, interest, also and you and of engagers, of as execute which data know, So which innovative But timing good which there's and ADCs part balance allows have those early requiring company, in the amount partnerships the a us in collaborations optionality a programs T the of that. -- those. potential we talent without pool clinical substantial products a for strong in to gives as and partnerships XX sheet, or collaborations

in, the a to we So and partner. I requirement have optionality where we're position like not

autoimmune. spaces these I as in interest of well think of there is in these both considerable both as

having the them. host the studies which us partnership, assets, next we that interesting about going the for So consider for to to well we by think are capital future and the right have until find really I'm of requirements of retaining can we and X have we folks might help And think I just meet XX interest and sure competitors discussions, unencumbered continue accelerate over rights we'll and commercial to clinical for to to as have a as against compete but are -- willing us all optionality opportunities months larger ourselves. make

Operator

Evercore. Our line of next question the from of comes John Miller

Jonathan Miller

survival continuous that get CDX, and in the ability presented of as look you see health CRS release, than bispecific reduced cell or to generate Did sense? continued improving longer after improved buy would longer means you is mean binders you time cells more improved reduced plots you do were with it like, interested trispecific say that of T particular, the cell evidence into activity AACR. like are durability, you treatment T by I the T coming by you the further that question to in that stimulation. -- would those the stimulated in cell decade, that addition a get characteristics you in spider in ask makes from T cells up cytokine treatment CDX have using you have question I and you on. risk longer binders. Obviously, on potency? terms line, these stimulated terms cytokine already I of if in alone, the there at wanted that was [indiscernible] do on CXX those But affinity to that to touched stuff T the also in or noticed

Paul Moore

Yes. exhausted by is and that's do that cells more antitumor we're I Sure then activity. we're because become that don't having enhanced think are point up that co-stimulation, durable what you important enough. and CDXX T I'm brought here glad trying provide to an that they generating

little can of kind that a And trispecific it's to So much CDXX. repeat we where vitro them -- them. in the some for cells for do we've this under with response response we've can that sustainability continue CDXX challenges longer the compared where the challenged modeling and if we can the see restimulate we to the with these those conditions of we T take of done maintain

platform So And at fitter that's by what consistent when we've But with expect in is in T with very tumor bispecific you see that poster. some the responses the antitumor -- the with that. what infiltration don't we example that in in cell having showed seeing we seen look responses, or cells, what tumors. have was the studies then I more responses evidence and in reported this T the that was CDX. X you see would clear we've were gone for We vivo, was described we see think we today, T do TriTCE that I cell

not microenvironment, you CDX you where and responses responses that with bispecifics don't [indiscernible]. activity CDC only sustainability, So better enhanced without tumor the that suggests we're see in don't and to us seeing see this durability

translate we indeed our model, to that the that will tumor supportive us we the anticipate of tells in clinic in that hypothesis. that is course, So responses. our are doing that albeit simply better something microenvironment of then, and And

Jonathan Miller

every this that best relatively bispecifics sort more you're give many tumor active you the going this guess in to I bispecifics. They're expect in benefit great to I to CDX be case? most be indications are the of relatively there effect Or be on X to generic you sense. expect important makes that the talking are used related of be you is CDX versus topic. improvement better a or indications. trispecific the -- certain sort would drugs. technique to a Obviously, platform Do That antigens where fully of this about

Paul Moore

Yes. That's another great question.

this overall, T bispecifics Even think T better co-stimulation CDP responses too but without yield generally on do think needed I those as cells, think the space, want to work, where I I without good when the CAR we you were you responses. I anticipate think be that not hypothetical, don't about should that co-stimulation.

biology. overall that other So it's have CDXX better as I And could this. think potential there's response well, co-stimulation pursuing a with are broader cell we that's why T fundamental companies

But where think in low that's I we are maybe see potential than biggest infiltration cells the already solid just bit greatest the need impact. little T are more cell see on you CEC, is T where could artic tumors really where need a

And design so that's technology. the this part of the feature type developing of and behind thinking

Operator

Archila Fargo. the of Wells comes line from Derek question Next of

Unknown Analyst

activities A filing just us. you XXXX this expecting for you a are is from initiate to share quick the study? molecules. XXX -- of Derek. Can the and progressing event are to expecting Like are how I like understand I'm Phase like IND and when Evan these we This is any ] for for [ trying XXX X

Kenneth Galbraith

and file to Yes. guided intention our this INDs in-human first it are year. both previously commence studies We that XXX was

any that, the more given and call on haven't We guidance today. specifically I won't

about more the I we've happy be the of on think Quintiles, available design trial. initiated studies which we'd of off then first means both our talk and up once are those site, study that's timing then to details

bit that discussing disclosed, until in those future. a won't further. schedule those our we be publicly them of can initiated ahead we talking be and have keep But bit be to been, might we're once we on of we'll and publicly a have schedule up hopefully track. little But So happy them where there, ahead on you I comment see until We're we about the little we -- near them. think then,

Operator

Instructions] Our of John from Miller [Operator next of the Evercore. line question comes

Jonathan Miller

prepared the remarks, color a little to bit just get thing wanted One in more on. that mentioned I you

global the mostly but of at point, your I specifics mentioned but ex you're this study, that not have Phase patients. the to commenting on ex mostly Obviously, expected I the would U.S. U.S. You you that design strategy trial the patients about terms in and hear to are little pulls you pushes love getting more on what you where running, of talk you're would bit where anticipate running your a you're from? studies where and

Kenneth Galbraith

absolutely. Yes,

think even higher diverse quality, dose recruit structure able a to I while faster go a cohort get of patients first more and ago escalation set we globally very potentially we the be we took that from patients. could ourselves a decision to if

just even high-quality so and recruit pretty the but go that Phase escalation in IND early us we a quickly patients filings, get dose I study, all for from America to and those global think Europe, in So get from we -- can Asia can pretty in program, that equivalents diverse you concurrently quickly, just an I encompasses North thereafter. jurisdictions, up which so should our cohorts. see that sites start. very allows the And not

importantly, see the follow data eventually if program combination cohorts as faster further more escalation dose that move from we in we I. go we broader eventually expansion can looks interesting and those And pretty to I and and compelling, to beyond data signals a cohorts Phase Phase

lot a think thought this. we execute about I So we've would how

it and diverse quality I interpret a way. to able that to externally patients a with that and can the in high the us in our groups will and fast allows be come this. us to internally significant is out go also And think hope that do data to more comes we faster we way that structured of

those is to clear patients majority those globally. I I. and have study the data what we studies be will would a sites, expect but decisions made set recruited restructure United patients outside we faster in States. Phase more And The a Phase U.S. and recruiting of diverse So we accomplish ourselves hopefully, in by want, I and which majority data will the vast both

is we see can So goal. see that, pretty that do to evidence hopefully, soon. the we'll you'll And have that but if of

Operator

remarks. I'd turn to over conference the further to be appear There Ken like no to back questions. for closing

Kenneth Galbraith

them in don't much. to follow-up reach hesitate appreciate any or able everyone anything the clarify If No. please of you there's fully. we're I look can XXXX. results year. of best move questions and plan Thank really very you XXXX. this to This And in we execution way in Hope as on to our ask interesting to forward really us, the on very were address the we to see to us questions, out call. for listen taking we're and we excited year you about us the happy all front next to forward to Hopefully, any possible time and executing are today reporting call getting through to answer is questions. that

you thank So everyone for for today. listening

Operator

This concludes today's conference call.

day. pleasant Thank for have may disconnect You lines. and your participating, you a

Zymeworks 2 May 242024 Q1 Earnings call transcript