OPK - Earnings call transcript Q4 2024

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Operator

Good day, and welcome to the OPKO Health Fourth Quarter 2024 Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Yvonne Briggs. Please go ahead.

Yvonne Briggs

Thank you, operator, and good afternoon. This is Yvonne Briggs with Alliance Advisors IR. joining the to fourth for financial OPKO all, for results quarter you, today's discuss call Health's Thank of XXXX. remind management company's of and uncertainties to this expected such will considered results. like you could to statements as any I'd risks subject made forward-looking call and by facts materially other historical statements that be than will be that during affect the February Report in on include, filed XXXX. without call XX-K and soon-to-be limitation, the described company's the is that XX, statements risks the XXXX, SEC time-sensitive only forward-looking contains year These filed SEC the as date various Annual Form for XX, broadcast, conference ended of including filings, the the of information accurate reports. Furthermore, December this subsequently in live no circumstances date after statements revise OPKO required update or law, forward-looking the or Except as to by events call. obligation to reflect this undertakes of any

the will Frost, BioReference financial call. Executive today's the let we'll provide Before as for Health, with CFO, progress call. ModeX company's After the call outlook. up OPKO's as open that, this format OPKO's Logal, an fourth discuss begin, pipeline. quarter Zerhouni, year's overview Elias Dr. will Phillip Dr. discuss President, results Adam Officer, and Chairman of then Vice and me will the financial we well review And questions. for business and then Chief and open review Pharmaceuticals Chairman the

call turn like I'd Dr. the to to Now Frost. over

Phillip Frost

to its programs provide we with platforms promise X detail made great and and afternoon, continued multispecific year will ModeX for confident to prospects today. XXXX on technology Elias a specific nanoparticle vaccine advance ModeX's about hold proprietary the antibody Good a was more transformative technology in moment. look year for clinical its trials. We and progress the you programs I'm believe platform. pipeline for entered its tremendous forward OPKO, and thank us X joining ahead. Phase as strides our

and models. includes our bioavailable to form once-weekly agonist, promising pharmacology mice metabolic our OPKO-XXXXX, partner also development product diabetic by injectable has which animal Bio. glucagon Entera continues orally clinical A test encouraging in show pipeline Our an dual-GLP-X been once-daily data

We both the continues XX will progress to detail. with commercialization in the of address Pfizer ready Adam delivered by on subcu forms expect and sales of presently to year. more its IND and make end countries. be global orally in NGENLA Elias growing

a strong For Rayaldee, in our Nicoya, capital financial of launch is partner we our structure view, position. a From during a anticipating in be China, strong OPKO's realigned XXXX. point to

various convertible milestones. significant pharmaceutical our our funded With common repurchases. We're we infusion to of through stock return advance adequately note from transactions, to are our strategy and executing to cash the pipeline and and shareholders capital achieving

additional asset I for drive through confident strategy prospects and mentioned will this and last continue are We're managing business to OPKO As business segments initiatives, our add value that we sales. execute development strategy. value our as quarter, on of we partnerships, business to current

call expect business year. With year over overview, I'll to all all and XXXX be of in the to a progress good our turn aspects We that Elias. a of

Elias Zerhouni

Well, good everyone. you, thank Phil, afternoon, and

MDX-XXXX this it announced we Virus healthy has and is adjuvants last segment, Merck, nanoparticle our selected that year with And tolerability adults. in for mentioned, with our with evaluated vaccine it to Epstein-Barr been entered investigational -- starting based As Pharmaceuticals safety being transformative vaccine Phil up And OPKO. month, clinic. the in was collaboration for XXX a multivalent on

assume forward, going of Merck And activities so the vaccine with study this Phase-X will EBV development of start candidate through all the commercialization.

as $XXX addition milestone of year, EBV of And later to part the to of signaling we million the For the promotes We're additional engager the development a up a eligible progress XXXX And of in T-cells this an upfront this that engages activate associated of is we through second of with CDX commercialization safety one payment this celling their with the vaccine biologically trial and X data of antibody and continues signing T also tetraspecific our collaboration. -- primarily to sites to antibody our trial received of and CDXX. is expansion enhanced is MDX-XXXX humans. The doses. efficacy is data, binding for with payments. available ascending milestone, early safety CDXX, patients in progressing achieved of pancreatic next-generation or enroll and a to tolerability million immunogenicity Phase CDX, Phase development $XX dual in Phase enroll active MDX-XXXX sales. The others. patients tumors, the in utilizes at Xa milestone the early label payments XX the with upon XXXX. T-cells towards expected breast, tetraspecific study and of on by and royalties This half to solid including this and as variety virus doses evaluate X The open lung, global dose designed this and This -- of X trial through portion combination. very to and well well to at increasing portion establish hopefully and program unique survival extension stimulates a prostate,

of antigens are a variety to and The validated X both other TROPX which c-MET, tumors. bind targets solid X found arms on of tumor

have a programs clinic stage, and the next immunology or pre-IND year other to year. expected the antibody early MDX-XXXX, diseases tetraspecific autoimmune for hematology tumors is this late molecule enter including We in X this and

developing of patients by to cells And the aged stage, is these aiming immune we're addition, Phase in function are the proliferation rejuvenate IND and or quarter and year. in MDX-XXXX modulator In who and fourth patients the entry this the pre-IND this of perhaps also system in T-stem improve are program stimulating to rejuvenate immune impaired immune patients. of immune for the in finalization X strengthen who the

BARDA by additional Now funding COVID million BARDA develop switching all antibodies committed including executed. our of existing antibody our are and of have a into We date, gears been contract to multispecific platform. And million using potential to accelerate and options if were milestones $XX the non-dilutive influenza to broadly neutralizing of MSTAR funding multispecific supplement with million by million total our antibody $XX awarded proprietary a antiviral $XXX million our of to development programs. $XXX $XX

So delivery this programs against develop well if with granted, to target used additional and future develop as methods, manufacturing flu be to pandemics. for to threats funding the accelerate platform as use COVID a gene-based methods will novel other biodefense to

progressing fourth year. this quarter multispecific is Our for lead the to plan anti-COVID also IND Phase of antibody, entry MDX-XXXX X and

and business explore pharma we advancing various believe our continue platforms interest will manner further the significant in So in an as our to assist we external development on with to be in pipeline opportunity expand and with the we collaborations, front programs. partnerships cost-efficient accelerated our active these

results And hopefully platforms. further so we're and validate in interactions actively some our to, pursuing fact, with these conversations

commercialized syndrome an global in a to of our well analog as with biologics million development, portfolio, our associated indications long-acting bowel long-acting and with agonist once-weekly our As and securing is Phil, adult in new to advance oxyntomodulin. GLP-X molecules have mentioned patients existing for our milestones. Within short and work drug and other several including we with for NGENLA drug, $XXX from by which treatment Pfizer's potential a additional daily for commercialization products, we is dual GLP-X performing to administration ongoing. up converting pediatric our glucagon, Pfizer's patients continue growth hormone involves pediatric

fatty mentioned and GLP-X disease and underway shown oral treatment this dose a collaboration Entera efficacy Now desirable pig profile score. In In-vivo models have and with been studies the have have dual patients Phil, agonists formulation that bioavailability. in treating have we liver as single a Bio, in their develop and oral rodent reported to diabetic technology. by non-alcoholic in GLP-X of agonists successful obese in several an N-Tab molecule in concept glucagon fibrosis improvement of resulted liver proof with a of clinical-stage also parallel, pharmacokinetic using

So reach oxyntomodulin have injectable oral as soon IND that forms actively and as working analog for we're of the to developed. the we both possible stage

corrections sale you. oncology Jersey We as nationwide, We underperforming conference, rightsized headcount. BioReference part businesses improve completed restructuring and the of New are down the financial York clinical BioReference lab undertaking discussed This well along Health we our workforce expenses in facilities As me retain nationwide. cover let New focused quarterly health briefly women's business BioReference's and Health to X,XXX last significant operations in of with the We diagnostics reducing as the but for streamline was from and on closed a operations. testing operational and previously. to performance, including X,XXX and

are performance. our as efforts restructuring Our we optimize ongoing

meaning basis, XXXX. by are and Labcorp, QX the in we QX oncology and comprehensive clinical strength, overall addition, X% New in specialty include areas testing in as services volume which of our grew our as York acquired New assets to well compared a testing XXXX urology Jersey. On our comparable diagnostic on In by focusing excluding

another Oncology new Testing National growth quarter, quarter academic net in revenues including X New Our finishing had account York, a to in hospital compared reference XXXX. segment and with center a X% contracts, large finalizing the QX favorable

testing our Additionally, hereditary we genomics oncology menu focusing continue to cancer and cancers. expand on

test evidence As Rayaldee published [ for revenue sales a as our perform strong Urology continue ForEx year pharmaceutical to this the America continued that patients despite the hyperparathyroidism trend and for growth see of volume compared strong show compared to dialysis. XXXX. Furthermore, for continued XXXX well the XXXX new may growing delay at EBITDA same use XX% positive X% to Europe headwinds ] with Rayaldee The with secondary and with due for performance, Latin need to divisions our segment, in that levels the to dollar. XKscore and

Diagnostic and in segments Adam in by the over are our discuss these positive So Biopharmaceutical I'll turn segments year. And across are that, encouraged with financial our X results. results performance Adam? for call to and prospects conclusion, our confident to we this of the overall, business

Adam Logal

efficiency, and excluding well reflects fourth in clear XXXX. XXXX The The Thank Elias. continue reduce and quarter of non-recurring BioReference as in to enhancing and charges costs team operating positive profitability as value. have a you, shareholder path at progress non-cash cash improve toward we meaningful flow

on BioReference focus a and geographically While resulted improvement the after meaningful continues, the expenses work non-recurring help considering operating fixed at testing in improved in costs. particularly high-margin reduce high-value, results, that the

have realize make Pharmaceutical operating our discussed. We Elias and Our deliver expansion, business that common R&D as the to Health notes. convertible revenue advanced fourth of our Phil back the continued capital growth exited our and stock segment income our liquid of redeployed some one to assets to within Global our and pipeline investments, value continued progress, to while during quarter and efforts buying and of

and was transaction, the $XXX.X result of the XXXX LabCorp results September. million period. starting operating closed primarily the for with segment. million decrease our XXXX $XXX.X QX compared in our Diagnostics to to Revenue Turning for was This which

to as compared figure million fourth million comparable $X.X expenses the $XXX.X The costs $XXX.X During closures, of expenses XXXX, million QX costs and sustainable incurred XXXX. included and we growth XXXX as facility for as of for expected and quarter expenses our approximately all to realign business ensure profitability. non-recurring the totaled period severance and of

operating quarter and an During the million was expense $XX.X of the and loss loss and the XXXX, quarter. million to was of XXXX respectively. million Depreciation million amortization $XX.X fourth $X for the Diagnostics XXXX compared periods, operating XXXX $X.X segment for for

Revenue to milestone for the international improve includes of fourth Pharmaceuticals to of the of XXXX $XX.X including comparable that for of fourth XXXX compared million from million our challenging our for for compared million. Revenue environment our XXXX's revenue for XXXX. the the commercial of $X.X of clinical was business was foreign Revenue from trial XXXX has quarter Moving to EirGen profitability of same million and $XX.X of $XX.X million to businesses, Pharmaceuticals revenue includes quarter to the which currency $XX.X was $XX.X was period. Despite million our payment our business. million the from to for Rayaldee revenue, a for the impacted initiation transfer This XXXX. compared $XX.X expectations. IP Product million segment. continues million $XX.X million, the number similar EBV $X.X earned of milestones above the quarter the period products, $XX

NGENLA during share the period, for United profit $XX.X -- in payment was to to the Pfizer gross $X.X QX 'XX the million compared quarter the related States. fourth included a from million of Our compared launch catch-up which XXXX

for $XX.X compared a the expenses million result period. to development of addition, the fourth BARDA for period. Costs were quarter million ended expenses activities loss XXXX program to our million of Phase-X compared XXXX, oncology supportive and as for and from million for with to million the the as quarter. increased fourth related activities. The for Return, XXXX Depreciation development for compared an XXXX the $XX.X year million operating XXXX XXXX R&D to compared quarter. including of expense of agreement the $XX.X BARDA XX, and as were ago. XXXX for million for $XX increased the In well the quarter Pharmaceuticals operating of quarter loss ModeX segment $X.X $XX.X $XX.X our quarter our $XX.X search amortization a for million includes $XX.X fourth resulting funding for slightly trial R&D expense first activities, the in million $X.X to million clinical our was December XXXX the

as to related income with well of the million to comparable a cash, our results. income equivalents, million of share quarter in Net change expense or million per of cash. the approximately $X.XX to fourth diluted Turning per liquid other as $XX.X of other the compared $XXX $XX.X the for $X.X XXXX GeneDx GeneDx gain of million period. Net million shares. We included non-cash for $XX a million or XXXX to of consolidated fourth the XXXX income sales investments restricted realized non-cash net $XX.X share XXXX the in fair financial value and the quarter quarter compared ended $X.XX of was in of loss from for cash

We our note convertible up or repurchases to change. are repurchases common may under opportunistic purchases. We increase million $XXX conditions accelerate for well as announced program buyback allocating stock market as as previously

expect cash considering in we and collaborations. end million with $XX $XXX our any financing of discussed. approximately and non-dilutive addition, including up cash In included at capital before in utilizing potential to priorities million, expenditures XXXX research equivalents we million $XXX to -- that or Elias anticipate of least cash After development transactions anticipated operations, third-party

look Elias that our on we guidance. following As ahead, are key and the delivering out, objectives the assumptions on laid we focused financial keenly influence

of margins segment, Pharmaceutical gross of the NGENLA sales realize to expect we of due the to Pfizer our to its manufacturing the grow scale-up benefits For and continue expanded processes.

currency businesses. R&D ongoing higher analog We our be oncology of also for our ModeX as reflect CMC trial rate our portion our to including assume funded efforts pharmaceutical and ModeX the of exchange development ex-US activities to through our the to activities foreign BARDA a agreements. stable related program. will A clinical furthering expenses will oxyntomodulin increased programs, well as development related continue

profitability. operational For This infrastructure and and costs. the our program segment, continuing are our reduction Diagnostics multi-phase multi-year, is focused reach on fixed we program to efficiencies improve of

million We million quarter, to expect costs which facility the to in first incur is an non-recurring additional in $X costs. seventh $X primarily during closure

We threshold last full flow have XX% for above to established positive gross cash the expect margin XXXX. out targets quarter the for and that had laid be business year

We program an further annualized a cost XXXX. targeting throughout cost have additional million $XX savings reduction established of

BioReference business. us the rationalize a during we focus expect addition, which offerings client and further to further first test to of half mix our In will allow and and XXXX, growing realize profitable

million $XXX $XX revenues services million million between revenue million million profit to million, As between the of a revenue to result, $XXX gross revenue inclusive full for and including million, and $XX $XXX million, we from between year and and expect share XXXX. Total estimate products the $XXX $XX $XXX revenue of Pfizer the million following million $XXX $XX $XX of BARDA million and between million. and other $XX from

between $XXX We to expense restructuring $XXX and trial CMC on million $XXX BARDA. to and $XXX expenses R&D our activities related the million by of is of million programs expect with million, timing $XX BioReference. excluding be costs between being enrollment our depending offset to ModeX our the of for expenses that to million the expected non-recurring and $XX and certain rate million clinical for be

to for call attention. and your operator, the now, remarks. prepared open $XX depreciation questions. Thank be concludes let's approximately all million. This amortization expect And you our expense for also We

Operator

first from [Operator question Maury Instructions] Jefferies. The Raycroft comes from

Maurice Raycroft

just I'll start with BioReference.

continue that if timelines, testing while wondering you're any and your to on oncology? you bit spend anticipate about Just you provide maybe you the granularity profitability, a balancing talk could can thinking expand currently more bookend little about quarter menu reach you for more how

Phillip Frost

to want that? take you Adam,

Adam Logal

Sure.

improvement. we of talked quarter in think third cut half. quarter fourth I think the about results little this loss. QX $XX -- year, -- the million a the in than that Maury, about we're a quarter we more When showing EBITDA So, at about were you bit meaningful

So during quarter guide we first into pretty quarter achieve profitability and see a good to the breakeven path then thereafter. the

to path that's timing. but pace think pretty quarter good few there. last see glide restructuring I finish first And achieving the a we'll we up the that. We're get best initiated for So to going year, have all charges a signs say while in we that that

not of the menu. there's bringing think there's And spend, doing I dollars. -- test those job Elias a far that there The made not is efficient up the spend as team to As into laid significant significant in modalities push being new investment we're not being a out. good

Maurice Raycroft

mentioned do for say Phase And X then, what advance timing decides release program Merck the data you helpful. for a the clarify press That's would Merck to $XX.X milestone EBV, you can like could if this look milestone million program? And a on like you Merck. that? Can and from could what if for look update the

Phillip Frost

I can take that.

go estimates with Maury timing-wise, quarter. be so XXX probably patients, a be results which it's then quarter. quickly so these decision through to second third recruit and speak trials, go And will not right? quite be for in I in will maybe X, the Phase study will can because So obviously, And be -- will -- taken you the then analysis the cannot would -- to Merck, but for

if Adam, program. portfolio an announcement you be at know a does Phase point, X, we that so -- Merck, will of if progression milestone. there -- the towards the mean I the you I of give number know. to now, obviously, have right can or that significant obviously, don't trigger but And ask And

Adam Logal

able not our We're milestones until disclose to earned. they're Yes. under agreement the

Maurice Raycroft

Got it.

Okay.

Operator

question next comes The Cohen Jeffrey from Thalmann. Ladenburg from

Jeffrey Cohen

being oral X And or first if on daily? period? agonist And are or dual on what's intention? us weekly a from this wonder Entera it I Frost Is go Is studied the could some with Bio? comments aiming injectable? the as you Type little initial the is far more diabetics? that Dr. as you it tell during bit elaborate to you after of Could

Elias Zerhouni

injectable might is, about form a is X So we're I'll is injectable rate partner Frost injection. week. our we've will. my Dr. are through both. then an forms. you and what pursuing once done answers if agonist Oral regimen, a and because, the There's And start, oral an the dual form, The weekly complete there a daily It's

those are So clinical the view. parameters, of you X will, point if the from

some of that Now call GLP-X/glucagon, beneficial effects which liver in very with add diabetics, who patients that NASH when shown you physiology a a there increase glucagon, market -- and we may fatty or disease like in also metabolism, which has few for fat potentially development, the actually liver what terms have of MASH. or are the in or have already you obese

is, specific those and I know, phase, what in is add We're results actually analog population say, saying. want the where Dr. to let's are we promising. oxyntomodulin and only that don't pre-IND developed And let of still if Phil, is the the I'll the this I'm you So it, to say have speak that can applied. get Frost quite, I to are can thing

Phillip Frost

you've think it. I covered No,

Jeffrey Cohen

anticipating? organization launch are they do about of talk you the of with of XXXX? we what expect China the little How Nicoya? And hear commercial through could the bit in secondly, then And helpful. That's to Rayaldee a launch out large

Phillip Frost

Yes.

But -- will initial sales that particular I formal of and royalty-driven into have commercial some the -- of as be So would one phase. China. the Nicoya. small a for of begin to the territories they achieve on -- go expect team, rough they they'll smaller throughout small the the from launch out size NDA a details We year, approval, broader launch don't It's of us. once the transaction fairly milestone

due in course. out those report we'll So

Jeffrey Cohen

time and mention from million indication lastly you give indicated Could of be? $XX.X might period for that of million by an potential you us, did the what million. the then $XX.X BARDA And us $XXX followed

Phillip Frost

go can Adam. ahead, I ahead. can try. yes, Go I --

Adam Logal

to is $XX all that I million. activities of $XX the just dollars about Yes. expecting XXXX some say in was the talk could going million by and you between Phil, we're if means.

Phillip Frost

Yes.

received then if Jeff, program $XX million. COVID for time. additional million that and we COVID recall, So, received you $XX this development at is we And an the

we first for million and show depending is so And $XX so goal that because basically can QX as million The X is to molecule with years, well that years, to to clinic enter and antibodies that year safety is seems clinic of QX, this bring last to soon going really plus recruit. X.X year $XX can the $XX the it these this towards program is the million like next on there in as it's the important we patients. how

BARDA and which next essentially is X be have are subject have what and years X.X So X $XX passed can will envelope produce -- can if are on asked contract meet milestones this cost, extension in committed, and us with significant committed also will, we'll $XX you where the flu Flu as met. we reduced we program. If million B, other Flu have only $XXX of that milestones can years. manufacturing, for but rest have pandemic a milestones, firm on if we passed are case The received $XXX and an also our program years, that of about -- positive the a total Depends we And on to And million of envelope, terms how -- and been we flu, this hand, has the next done, contract on not a the working the prove at BARDA million, we for a which then we much milestones to if also like year. In expect be and innovate that. milestones budgetary they the are would million about flu. then increased. positive, actually quite A to on

Operator

Piper from comes question next Edward Sandler. Tenthoff from The

Edward Tenthoff

mentioned? housekeeping repeat quick please guidance question. Adam, follow-up have I question. you a can the just then And product may, you a sales I if And

Adam Logal

million sales product were million. $XXX Sure. The $XXX to

Edward Tenthoff

it million respect with latest program, $XXX data in to then $XXX respect terms the data and to this cancer program? should expecting ModeX million. we what Great. hematologic year? of the And when the comes Cancer to And this with be what's year

Elias Zerhouni

and So dual clinic is kill MDX-XXXX, evaluate of in antibody has expansion tumor. and that what call call a action which that that already, which target which we we to the The CDX, T-cells purpose can the molecule. and related a terms dose activation to tumors multispecific has This of then is target we're it's and data, escalation. and one c-MET, ModeX the called a primary to is TROPX in called attaches the what solid the to CDXX, tolerability the of safety of going a

We we'll this maybe we to towards occur, see what lucky but to really XXXX, quarter. year, then you the and signals will fourth don't doses, will within will results this really And XXXX. some reach want half probably in have but year probably those call -- first of get therapeutic which efficacy, safe be until occur those you the get therapeutic primarily of you

the what right now. to CDXX, to, CMC phase towards end FDA is being being of essentially the go the pre-IND of of put year. to in referring together terms finalized. In which CDXX, is the Files are the going is it development you're

So will there -- be will be year. data on no next until there that no data one

Edward Tenthoff

hematologic? the for are targets the what disclosed you Have Yes.

Elias Zerhouni

Yes. Is it -- dual CDXX, CDXX.

Edward Tenthoff

as you Yes, Are nice for or...? considering autoimmune that well disease detail.

Elias Zerhouni

on can top the you're of your good toes, is and And yes, the yes. I that's question. No, tell subject, answer a

Operator

Yale The comes from next Jen Laidlaw question and Company. from

Yale Jen

well macro other funding the you the of so the the Just about probably the that's -- in question, a that necessarily general of which the not guys recent worry is concern? changes, prospect with do maybe as vaccine or vaccine sort a as future, government

Elias Zerhouni

don't that's And Yes, we a question. know. great

has cancers cancer, far to remember, EBV this, that like vaccine talking justify anything and preventing to heard major from benefit I vaccine, we're mean, not maybe a multiple so tremendous our which partner patients, far not mean, you're sclerosis. relates mononucleosis, about maybe, especially if only -- would that I we haven't -- but progressing basically a So it secondary the

of So be affected that trial. I in will don't terms think a clinical

about the Washington the vaccines potential there. and Now in you hear things controversy

And contracting new keep in people maybe officers. will be our so field. that We're vaccines. that very in for support We're feel not antibody field. less close of the development contact we early some in there We're with multispecifics. And

the so leaders supporting in. had endemic and indication that, that progress far, being given we fact, for of phenomena And kind of residual COVID there's prepared still now are every programs in importance we any in haven't and interest of like returning these pandemics flu continuing year

have ball Let happening me a just say, I crystal don't what's Washington about in right now.

have are worried we'll say.` of far, no to so right wait and indication see. now, we let's But So -- no, not

Yale Jen

us and of none And that well.Appreciate good. sounds as have That it best luck. of

Operator

question next The H.C. comes from Yi Wainwright. Chen from

Unknown Analyst

Are you to $XX million progress is clinical $XX that million? on of programs, specifically if funding trial impact for you counting want BARDA administration kind XXXX? to question conduct the government, for to kind the sponsored it Trump were sufficient happen, to to the that of, does of that current related Yi. really anything and about guys on I is Eduardo guess This current in the

Phillip Frost

say, that -- which the the get on would to they or And way may is Phase-X, partner extra We great, proposed full a and funded okay? to through $XX could to depending I molecule, will BARDA supplemental No, the development of or all Phase-X, we beginning own get. things it they carry not be that mean of results way lead backup point how edge the a your on has money and that, and it, interested through date that through but within a the the committed on that with you plan has us also go, at all million depending in Phase-X. been molecule the us carried the develop do developing at continue through the can Phase-X Phase-X you continuing continue and to

carry us this from at that million are through inflection secure the pretty and can to that them we have point point, I pretty here. an safe So and feel received $XXX committed

no or the have the and know. no is second away guess of taken part, Now that don't that committed, I not indication I being one continued,

Unknown Analyst

HIV really now? also, has and any on to the EBV, update are Got of right helpful. where of or the shifted That's flu monoclonal that's know. it. COVID, because Good kind incentives And more focus towards kind

Phillip Frost

let on I'll and Nabel Yes. Gary on is he the -- that. the line lead is

you. to respond Gary let I'll So

Gary Nabel

Thank you, short progress you we is, Elias. Yes, made The good that and for the question. answer with have thank molecule.

multispecific immunogenicity it had well-tolerated, first-generation for been low know, optimized generation into We've and antibody, HIV second went was a that you trials a has went that made potency. good and now clinical we As half-life. that into

ten-fold more proprietary of format. potent advantage first-generation, the our about it's and MSTAR than it So takes

at declare we're basically to lead a the -- about So have candidate. we're a we point where

We that from we and good, the advance itself scalability. move that the in be we've and discussions BARDA various how about yields the to and of and program. looks have the with in been forward, are would experience able partners one leverage CMC both the to able to our But molecule terms programs,

optimistic are that we molecule. about So

Unknown Analyst

TROPX. indications, kind roughly with What -- recruitment? you within variable and -- I'm are selecting criteria for indications. but trial, each final it's encouraging. in guys c-MET That's And MDX-XXXX, you expression of cutoff regarding I great. antibody fraction with what of trial. then that patients curious, meet the tumor of specific guess know -- elevated curious solid are for it I obviously, the of seems one selecting the basket it's different tetravalent one Okay, a guys your I'm

Phillip Frost

tumors widely c-MET It's very TROPX in large expression. kind quite of and significant proportion. distributed of are levels at a multiple

lung high a expression, haven't selection seem even of we very tumors, are picked solid tumors cancer. want gastric high So c-MET, most offline to percentage a -- add really tumors, the be with to on tumors. something data if of very a demonstrated because we based have -- that least it The you a question? At breast you common it's But limiting more factor, criterion want provide high-level know we biomarkers tumors doesn't the is. and on what -- you actually we used to Gary, TROPX can that and because

Gary Nabel

little bit. a I Yes, can add

up that of XX% of say types. would with relative expressions, at We expression, XX% we've tumors a I that surface And like expression. vast debated the -- pick you have a cutoff using that the looked those and majority for

be As that when know, -- because Elias we that see, is XX% c-MET you both that look expression. expression, that and have might be killing to the even solid maximum even of XX that tumors implying, overly there's get still maybe we different levels close as XX% when at have low cells conservative might you you TROPX. But have

will take we'll comers. presumption in our And the for then, we responses. work So efficacy threshold vast be the trials the it majority, likely I sort and able think that at all that be should against data, out efficacious look once might it's the is to what

Unknown Analyst

it. Got

expression measuring excluding you So but not you're levels, on are based biomarkers? those

Adam Logal

ahead, Yes. Correct. Gary. Go

Gary Nabel

we're taking exactly At No, moment, all the right. comers. that's

Operator

I This the concludes our question-and-answer would remarks. closing to session. conference over turn for like Dr. back to Frost

Phillip Frost

again you, for for thank participation questions. your with your to to next want look and time. forward I you all, meeting good We

Operator

Thank concluded. now for you has attending today's The conference presentation.

now disconnect. may You

OPKO Health (OPK) 27 Feb 252024 Q4 Earnings call transcript