Infinity Pharmaceuticals (INFIQ) 14 May 212021 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the Infinity Pharmaceuticals Conference Call to Discuss the Company’s Operations and First Quarter 2021 Financial Results. My name is Mel, and I’ll be your operator for today’s call. At this time, all participants are in a listen-only mode. There will be a question-and-answer session to follow. this being that request. at advised be call recorded is Infinity’s Please

I your please Kauffman. introduce like go for Now, to Jayne host would today’s call, ahead. Ma’am,

to everyone. you, of review quarter to Thank good results. first recent afternoon, financial and today’s progress Mel, our call discuss XXXX and our business Welcome

and issued call are The this call at we our Brian on Please including therapeutic Physician. Chief Schwartz, our our website today strategies Chief afternoon for infi.com. following Officer; remarks. Adelene and plans our this the expectations our make note Q&A clinical about the and release that statements results On available financial of during me objectives, the candidates, Larry our potential Executive call, press projections. Consulting forward-looking We’ll Perkins, with and development plans, Bloch, may product and details open future strategic President; is

we number in considerations Our the Report from may due of our and XX-K what materially on the including filings today factors, Annual Form a actual for differ described Factors important section XXXX project to other Risk results you whether in with we them new forward-looking the SEC. caution represent not or may views may information, as as otherwise. future, a make events of result and in future we statements the only update today, we our These that of of

Adelene. over like I’d to the turn Now, call to

inflection to point thank improve and potential data, you in treatment to for multiple an broad everyone having at demonstrate Infinity solid – joining We’ve generated exciting eganelisib Jayne, of Thanks, the today. which us reached tumors. regimens compelling

at corporate San with summer on on planned our momentum on with cancer Antonio this Breast July XX. update in at cancer substantial addition plans an the data twice event data providing build many least on this urothelial breast Symposium to as patients to update poised on future We’re a Cancer triple at negative the in Tuesday, presented a

and targeting new MARIO-XXX MARIO-X, studies important led months, potential macrophage indications, Over which has mechanism. clinical broad across we’ve the a six readout different modulating generated unique the six MARIO-X from last eganelisib’s of

and the levels. pre-clinical simplified eganelisib and over microenvironment checkpoint hot and cell On briefly clinical TNBC that Schwartz turning planning that, to shown non-T chronological environment, immune Consulting PD-LX the today’s activating for presented Physician, our effectiveness before of sometimes inflamed cold increasing program thus the the like But inhibitors translational UC to six consistently a Chief an of Our tumors regardless increasing PD-LX potential data T we Dr. discuss and tumor months last call, baseline cell I’d and next is from data of create have a steps has expression and programs. will in Brian you remind for guidance. order response

eganelisib progressed in were eganelisib Bristol-Myers at evaluating in presented checkpoint patients inhibitor therapy. immediate cancer their from the collaboration X/Xb with on MARIO-X XXXX. of inhibition solid with study in XX melanoma as head checkpoint in a in Phase data data including reinforced overcome potential with Squibb to patients First, resistance the who prior combination squamous These advanced to of November cell neck namely Opdivo tumors are and

Antonio and TNBC high, Abraxane patients. to Second, frontline were which but low treatment data XXXX. data and in Tecentriq of baseline rate, at addition and the These PD-X and overall we’re of increase Roche/Genentech standard of eganelisib Breast status doublet, evaluating show not MARIO-X, of disease PD-LX cohort the encouraging collaboration which received in highly treatment front-line December care our with approval TNBC with of with rate accelerated the control for response eganelisib patients with from Phase a in in X the study TNBC Tecentriq combination as of presented Abraxene San a irrespective PD-LX

the urothelial as eganelisib checkpoint MARIO-XXX breast receptor alone progression-free in and patients antagonist evaluating respond data Third, to relapsed/refractory inhibitor includes are in known were etrumadenant Xb dual Opdivo in in also regimen in study triple-negative that eganelisib X levels placebo-controlled suggest free data BMS combination And of and at who presented with patients patient from eganelisib inhibitors increase in Arcus a doublet of in well first with the to the with standard rates we our at survival, addition Doxil San novel particularly cancer indications. therapy with Antonio a a Phase of patients with Breast identity Phase data addition and checkpoint both ASCO GU improve the improvements Opdivo care disease showed control showed in in eganelisib cancer evaluating of novel collaboration monotherapy and and ovarian response PD-LX with rate presented XXXX, advanced to for most double-blind cancer. expression outcomes. December, in to These in rate, study response can recently not low collaboration, their quarter a of randomized an

with execution triple Brian review second data in unmet strong signals first, needs line double more of some oncology. of in have solid eganelisib detail. potential across will Our third of combinations the lead settings, the eganelisib progress to responses These and in improve and confident in in the which us tumors, multiple increasingly across steady activity patients greatest and also diverse including forward propelled with the and

Abraxane and Moving opportunity fast as as possible set XXXX regarding the XX We a the function of have maturing the to of cut thoughts in eganelisib our July half combination first which data, to robust fourth data summer. data and to future possible quarter XXXX. we Tecentriq TNBC of this in presenting of development forward for in end frontline will again be high plan on to close the level be with will our our

data the completion quarter the of track Additional year. second year the will to half in and is be fourth of enrollment presented on this of

urothelial line the of in cancer and plan provide current inhibitors benefit the population with patient majority in cancer. Keytruda the some no focus Checkpoint on are these cancer bladder patients, the being high represents need. approvals second patients Our and with to frontline bladder little in who population greatest also to with low limited PD-LX the Tecentriq to is as PD-LX patients unmet

and and registration While less well-positioned all public is the can our XXXX patients, strong to could on therefore PD-LX status, expensive meaningful continued be plan sheet to patients, such million the from our of in balance patients conduct. a execution poised faster offering your possible number Opdivo $XX PD-LX and it to these should enabling data [indiscernible] of be eganelisib demonstrate eganelisib focus the QX updates leads we to I’ll suggests trial, low development of adding to therapeutics. over our of relatively seen magnitude a regardless be which eganelisib given as of data and monotherapy a that initially call to the wholly-owned of continue benefit the turn in benefit eganelisib to be over potential that, benefits smaller Opdivo Brian. in With first-in-class patients smaller targeting to executing to on the demonstrate

you, Thank Adelene.

which in need July encouraging at studies tumor accelerated the TNBC, recent well of of patients, case, treatment patients. had I from responding. At approval patient of The either triple-negative Tecentriq positive a look benefit been breast review, data response and triple ODAC and in initial standard XX% mentioned, frontline eganelisib which in MARIO-X the addition an regimen in negative volume, frontline in from really approved use breast complete Roche/Genentech many this regardless PD-LX with highlighted progressing responses cancer study the has better to of XX% high San initial of care subject advisory regimen as Adelene approved As seven was were committee the drug for safety the of Abraxane from patients, September to patients Antonio patients subsequent PD-LX first but received the conference who should data a a thrilled as patients their PD-LX scan. well last on low of patients, Tecentriq look well with reduction high of We as on had including XX breast efficacy XX in had last PD-LX evaluable their partial to evaluable Abraxane in presented received report and status XXX% The a patients not breast these on – data as or XXX% twice December, we first patients, enrolled the cancer for were FDA efficacy we frontline and to confirmation on reporting approximately durability patients. triple-negative in the a data the forward PD-LX subject or cancer for responding oncology as XX. the

clearly also need PD-LX patients, checkpoint inhibitors there’s a low In not been for approved. the have for addition, which

second forward we in paths suggests In QX, such with maturing combination presented on cancer, MARIO-X of Opdivo of second data and urothelial the the to PD-LX clinical could data checkpoint Opdivo of line naïve the eganelisib that designing regardless prioritizing cancer. of patients, overall benefit particular, control inhibitors survival of that response treatment free in the of efficacy focus refractory rate, line based the safety presented the from Our eganelisib regardless GU Opdivo registration improved Phase improve PD-LX status, the with eganelisib of in and results our will monotherapy in data PD-LX upregulation the in see follow-on in placebo-controlled PD-LX we randomized we with triple-negative the addition multiple breast instrumental will focused the effectiveness levels. of studies with X be at assess expression all future patients, patients evaluating an combination PD-LX regardless MARIO-XXX, initial of In or as greater study rate provides whether platinum ASCO patients status a of development. The eganelisib versus disease all care IO high patients, PD-LX standard low showed progression

PD-LX response high the the seen by equal was study monotherapy approval called XXX. monotherapy, above in was disease the levels for Checkmate Opdivo bringing low patients or BMS DCR to and in in greatest PD-LX study However, observed over the benefit the the the patients, ORR control and Opdivo rates

eganelisib where level high a PD-LX our standard in therapy low patients, a cancer trial in potential in also PD-LX likely demonstrated based Based which IO bladder and these Leveraging as plus look ODAC will benefit cancer provide benefit. were subset treatment, to low MARIO-XXX in X.XX stages to of by July are FDA, in results, as high planning and on and patients that as at to these patient raise PD-LX an hazard and a with to We the received we PFS of registration the Opdivo from to encouraged for We care patients reviewed. our patients. authorities context recent patients forward increasing equivalent PD-LX the providing combination well with the on ratio results on for the interactions expect observed relative of indication of significant arm and the initial of benefit details believe feedback the accelerated level progress less on the XX% cancer meeting placebo data from regulatory progress Tecentriq bladder approvals in we to strong patients frontline eganelisib Keytruda the XX. bladder the update in on we of

our in our some The cohort potential unchanged, expect XXXX to forward in renal from key clarity first ongoing, in is combination our cell treatments. opportunity to to in moving commercial Lastly, and transformative on Abraxane the the Infinity. of cell indication data front our regulatory we of line MARIO-X, and data renal of XXXX readouts, year report a carcinoma. be going combination emerging fully guidance triple for enrolled, path eganelisib, the Tecentriq remains half and novel, proof-of-concept

what Our and opportunities growing results to regimens, metastatic are for Without cancer, days settings, and now across which breast patients. in cancer highly poised shown urothelial advance activity diverse six to broad encouraging. foundation, view eganelisib people indications strong and as we data we in have of date triple-negative leave eganelisib execution consistent

opportunity consistent therapies. those across the who beyond mechanism current Given trials, indications. PD-LX low in are represent initial by of patients eganelisib tremendous also to see patients regardless Potentially, of action unique of majority of signs and who type, underserved we’re tumor extend activity and

team as has our Arcus, Larry, I at dedication over Larry. that, progress. would like enabled our the as I collaborators to patients, Infinity the thank I investigators, continued call whose at BMS, over to Roche/Genentech Before With to turn well the turn and especially call

Thank you, Brian.

first the raised million sale available equivalents Following $X.X to December of eganelisib. gross in $XX $XX.X to XXXX, period development XX, the of $X.X quarter and General in to primarily and of in our proceeds. G&A expense cash for for of to compared XXXX in million was same to million the And and February XXXX. first in which is XXXX. same development At to March had in cash, administrative million primarily period expenses for we This XXXX this XXXX. increase stock increase XXXX for related public Infinity million $XXX.X increase due compared the million development clinical compensation. securities Research and support quarter total continued expenses $X.X compared an million for $X.X at XX, expense offering was was

loss, with cash, XXXX, sale million. a of the net quarter sharing and loss $X.XX XXXX We million net At in or loss for progress it from questions. development continued million share first between forward are $XX forward expects and support you remains development the time, and of XXXX is $XX.X $XX February the million for really we guidance your update move Infinity of common the end with is from cash to up year-end XXXX. same offering for appreciate balance $XX.X to million per compared XXXX this $XX to very XX and net $X.XX financial much securities or basic common XXXX equivalents can basic of Operator? million unchanged. per eganelisib between upcoming ranging diluted have we diluted and for Turning $XX with looking July was our of share expect for webcast. period to loss is available range and and and at If at as public follows to following call our loss our of eganelisib of

Karnauskas Instructions] [Operator line first Robyn you. question the Truist. Thank comes Your from of from

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Appreciate the Robyn. Thanks, question.

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have a everything. what you’re focus mean, I interested more on your they’re broader they’d follow-up, and their be sure opportunity. a Do in? opportunity as probably through finger go partnership? watching bigger, the on I to – I’m you do And of going one broader are from focused key strategic sense the if a think

looking strategic, developing not are breast going because with who’s potential to to probably speak their for looking intentions. we’re everyone discussions. bladder cancer drugs what that’s with cancer respect and better in It’s them and partners obviously strategies ongoing better treatments cancer specific certainly true and the So is for comment on to of directly, any status

Thank you.

Thank you, Robyn.

Thank you.

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Mel. you, Thank

negative We’re which be cancer for excited forward patients and to details will forthcoming. very update tremendous on PD-LX opportunity low and meaningful triple in XX advancing update at corporate eganelisib our data look July be the to MARIO-X near-term for breast

continued So a thank support call. for and for you very joining your much Have today’s nice evening.

Ladies Thank gentlemen, you. today’s and call. this conference concludes

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