GlycoMimetics (GLYC) 9 Nov 192019 Q3 Earnings call transcript

Good morning, and thank you for joining the GlycoMimetics call. [Operator Instructions] I would now like to turn the call over to Shari Annes of the Investor Relations Group at GlycoMimetics. Ma’am, please go ahead.

Good morning. Today, we will highlight the key developments of 2019’s Third Quarter. issued the on under company’s tab. we is QX the release on available website press this our morning financials Investors The at www.glycomimetics.com, call This recorded. being is after be A replay available the close for dial-in of will XX phone call. the hours available also of website days. replay XX Investor company’s the be webcast Relations in The for will section the

Senior and Financial Joining company’s the from today Executive Medical call me then Dr. Officer; start with Chief VP open and Hahn, today’s Development the Brian We’ll of Brian comments and Senior GlycoMimetics provide Officer; VP Helen Officer. We’ll from the Thackray, on an overview position. Chief after and are Chief of will Rachel call for call financial King, that, Rachel, Q&A.

today’s on statements include that call I’d will current like based remind forward-looking expectations. to you

contained our pipeline on uproleselan, product wholly-owned limited exclusively licensed as include, the but to GlycoMimetics’ candidate call candidate about statements this product other are Pfizer to, programs. as Forward-looking not company’s GMI-XXXX rivipansel, and statements well

management’s revise risks or and Such statements undertakes assumptions, and update GlycoMimetics to judgment today of represent obligation no forward-looking uncertainties. involve statements. any as intention and

the information the which risk concerning could with that the are please For refer the filings GlycoMimetics’ available factors company, from GlycoMimetics on SEC to or affect website. the SEC,

to now I’d like Rachel. over to turn the call

in share be in accepted this that and new the been for the you, and morning ASH that Meeting for be different. the which meeting data I’m after the with abstracts I’d we’ll all presented always ASH Yesterday, will thank to for you like joining at highlights I’ll Thank this developments. meeting, highlight and Shari, abstracts us, third ASH of no December, at quarter’s is morning, you our GlycoMimetics call. important Orlando. an describe pleased to This year presenting has the the presentation published

of understanding a resistance uproleselan driver AML and both E-selectin of data potential Importantly, of reinforce the in outcomes breaking patient our report by we’ll drug environment-mediated new chemoresistance. how to that improve acts as

and clinical expression cells we’re at Specifically, children. multiple correlate ligand looks with presenting that leukemic results settings expression in poor in survival high preclinical E-selectin E-selectin ligand on

your attention in abstracts the focus on two to particular. like I’d of

The first signature in strongly pediatric unique Research E-selectin a that was AML. surrogate Cancer It in Fred Center a Seattle. the of ligand collaborators gene expression Hutchinson describes identification outcomes by that’s correlates submitted at expression for with and

Specifically, genes XX overall the that to involved at cells investigators over glycosylation and correlated in are of them looked survival.

glycosylation What we’ve come in out analysis following involved genes was was statistically are E-selectin samples The ligand correlated over many and are that patients. the X,XXX directly the of observation: of of final the large retrospective this striking independent poor database several for the that evaluated, identified a survival. with from highly

risk possibility E-selectin we for that be and ligand AML. data, builds Here, clinical in with identified for highly signatures, and large poor study E-selectin highest unique on a This time, setting, presented used demonstrate glycogen previously exciting patients in the is RNA very and outcomes complements a ligand preclinical was assay in to that compelling. This poor confirms clinical work flow-based opens our with the by correlated up could at our outcomes. is first and clinical

final The post-hoc Phase a other at last ASH. new look year key poster the dataset reports at II reported

and II the relapsed/refractory trial Dan DeAngelo, is first author principal the in for III ongoing Dr. AML. Phase investigator The the Phase

ligand when a we measured levels expression those of expected that treated recall, assay, actually than predicted. E-selectin of by previously patients do reported you If did we because as worse to uproleselan, flow-based much high with better

reports or who characteristics a had XX expression. one-year of an that validated had called XX%. Index, less poor European than dug these with into patients deeper XX% you’ll of disease this expected clinical the of Using the see survival index data of new risk E-selectin Prognostic analysis, we In levels at patients high ASH, the ligand EPI,

this However, one-year median group XX% in our showed survival of a trial, with XX.X overall months. survival

E-selectin by risk done poor patient treated with we of I should glycogene observation general dramatically uproleselan, the they worse we baseline, important as by And in And indications or ligand than yet, on trial, better the than population clinically an think when the This, EPI targeting expression expected. is additional higher this AML patients given risk signatures. expression E-selectin at Thus, higher the have findings – described patients. it’s did important populations. and believe, about just relapsed/refractory

enthusiasm environment-mediated that present demonstrates mean is our environment-mediated for play new that the AML of the drivers are preclinical are propagation Separately, building work tumor More we’ll of a mutational also mutations. as like that there cell I resistance such status in drug AML, opportunity. intrinsic factors we’re by a What spread. E-selectin in resistance drug power resistance. ASH IDH There this: uproleselan role metastatic extrinsic reinforces specifically, other posters, set data in

GlycoMimetics survival within published the at in factors, namely bone particularly was selected the the cancer favorably is E-selectin presentation survival. yesterday, oral focus of pathways. elaborates new one pathology of expands Winkler E-selectin our their presentation tumor tenacity on data understanding selected our role in tumor blocking The in efforts. AML, microenvironment abstracts plays the the those data the the of and believe The for Our of microenvironment, validates marrow cells extrinsic multiple for and impacts how also which we

AML a the Galectin. factors, in the E-selectin such in roles than of being ever biomarkers specific targeting factors CXCRX this represents number and work tumor in medicine relevant microenvironment that exploit as stronger increasing our progression opportunity. to we’re targeting a other identified, and critical complements on this extrinsic research precision position resistance. focus an Together, within disease proliferation, work With Our extrinsic play

highest development. third two the priorities discuss the our registration are now I’ll the AML clinic, quarter’s trials. In

trial Our that are whom together for diagnosed running uproleselan The outcomes. may stand-alone the parallel a if trial is significant NCI’s building patient relapsed/refractory improve We registration. patients as and population helpful are with in Each could visibility identify investigators in is the chemotherapy. uproleselan. for support for successful believe this own and trial is AML is fit setting, trials newly

add During the also relapsed/refractory a metastases. both Work trial continued quarter, trial. patients in strong. during underway antagonist CXCRX the NCI-sponsored with initiate sites a dual Enthusiasm third trials Enrollment and company-sponsored remain to the patients trial for of XXXX, is we in continued quarter. and breast cancer in the E-selectin of bone clinical to

inform at trial this levels. different in of the Its program study single broader II Phase recall, pharmacodynamic dose being at Cancer activity range you to As cancer. will be number Duke of of done a a results looking Institute, across a is center biomarkers a used

few Finally, with a I���d to partnered about say program like our words Pfizer, rivipansel.

peer-reviewed occurs, meeting or meet publish on As in Until you major endpoint. provide its stated a a X, unable either announced journal the the rivipansel August results. that publication. primary or intended to they know, that medical of or any and Pfizer the that study to additional study present secondary detail we’re key results at Pfizer publicly comment failed III to Phase on

and we the we the and outcome, data While publicly providing presented Pfizer. were perspective safety, surprised by efficacy, to been disappointed by once our data have biomarker PK forward do full the on look

reinforces the driver marrow. in to dataset it prolong of posters uproleselan a to interactions be uproleselan and in belief mediated potential potential disrupting that has underscore the bone The remissions survival. add the in deep overall to augment E-selectin data clinical progress the E-selectin our chemoresistance ASH. our summary, of also growing only to supports to not we’ve major of presented made The own in as role and looking AML, In extrinsic are programs forward a and

Moving forward, our operational the uproleselan on focus continues. program

efficiently our third drugs. the to quarter clinical spend In are of conserve investigational is successful amount a in we addition, cash. we In significant re-prioritizing we in portfolio believe what were our of development, advancing

is programs chemistry stemming specialized company with robust pipeline all Our the from platform. GlycoMimetics

into financed uproleselan. Additionally, we results, value the stellar is programs, which the a key foremost XXXX first and for take with create well readouts we’re to potential place and and to team through deliver inflections our of to have company in

you. turn financials Brian, call to me review who over the our will Let now with

Thank you, Rachel.

compared of and with supporting As patients compared XXXX. expenses increase trial of relating This million the million $XXX.X and XX, primarily development trials September clinical research was XX, refractory result million clinical of December XXXX, Phase $X.X cash company’s ended XXXX. as the million third or XX, as quarter of as company’s to $XX.X and the uproleselan third to AML increased X expenses was in relapsed the quarter cash to conducted collaboration The flow to for the of or for GlycoMimetics’ of XXXX, September uproleselan $XXX.X in by parties.

expenses. In out to for excellent legal The pipeline. the increased initiatives as novel third GlycoMimetics expenses million The financial in company’s increase and is its to due the to to quarter advance was XXXX. and of carry quarter September and general its patent, $X.X compensation for $X.X position XXXX, stock-based administrative non-cash higher XX, compared million planned an summary, ended to

I’ll now turn over back to call the Rachel.

Brian. you, scheduled two XXXX of With a the actively ASH, ahead. of in presentation key registration AML data recruiting the for remainder trials slate excited and we’re and robust about Thank at year

call open that, With the for your I’d to Operator? like questions.

from question the of first Your Piper of comes line Danielle Jaffray. Brill

Your open. line is

a on couple Nirav morning, had I for Hi. This just of everyone. Good questions. Daniel. is

a at – refractory study, the AML you’ll slightly high primary E-selectin the in noticed additional were patients. On of ASH prevalence analysis the that presenting for was there there be that I I Phase lower group,

impacted – low thoughts just overall in was rates I So the survival how have E-selectin how would your the would response impact to compared group? that wondering that and

Sure. Good morning.

primary – of high-risk expect the are remission total and in We adverse is a that There to the and the would those as groups we characteristic. at to high-risk vary as bit. look we that of aggregate be So risk cytogenetics prior little a and that number as profile in of We characteristic, the early also molecular high the ligand short be group to a compare is well. high-risk in E-selectin expect We at relapse clinical look disease that characteristics. very would group characteristics duration refractory low. population that each a the a breakdown of

have generally, and those in risk of fact, profile the don’t where all high across characteristics poster, So we we on report the the is, more high. the those in but ligand the in of clinical group here abstract, E-selectin will

you on say overall to that I at of tell component focus about that survival. would sort what of on should – – not so focus to one look And the

you my plans collaboration AML it. Thank from question Oncology And your of on do impact for will does the the impact thoughts what in uproleselan this this? this with developing spending? on was see second how how Foundation, just Haemato your And overall? to you. And expect discontinuation Got

Yes.

could had important points of are couple one drive specifically want But to think I the our two that a studies, haven’t we study there those on that to And to and been the HOVON. we that’s commitment trial. are registration. the So disclosed focus spending on make: pretrials what that is NCI

operational so I where that think, is, And have properly focus. would our we

in setting the there The a changes planned, other is HOVON particularly trial venetoclax. of was in that, which number the issue with have of the been approval

unfit for are as you the setting, diagnosed for may That who intensive patients chemotherapy. newly recall, was

uproleselan a where most we have thought patients lot for it’s company’s will we newly of for is development. setting. So chemo that was diagnosed continues using the care another unfit a again the decide are that focus setting impact who factor wanted they standard interest us of in terms could in in to there the say I potential and be evolving, resources the also where to the made of that our

potential the And design. setting, look explore so we with continue but different at to study a to potentially that

That’s I taking for see. very helpful. Thank my question. you. you Thank

comes Cowen. line next of Baral of the Your from question Ritu

from cancer Lyla you taking program? Could is the This you’re if also you morning. that other Good with metastases for we bone Thank for? on see GMI-XXXX remind on question. My breast considering expect populations from for aside may cancer relevant this focuses to any Thank program. question drug me be Ritu. you. data this when And our the

Sure.

different evaluate pharmacodynamic we that’s a this escalation for a then lead help as contemplate would that we looking would data information for of what this drug. to at designed drug. we reminder, number to is consider that dose a the that you program. markers study. as trial as study, more cancers are that traditional Phase look us of And end From get that at We’re program study as X the considering be of developing to us into might XXXX we are type a There a

preclinical of our both or is exciting there’s which osteosarcoma. trial is published bone, settings is this in compelling in from on data, data, cancer you in cancer. on like breast metastases. If which And to We’ve We’ve seen also to as cancer, involvement those. particularly the cancer data prostate metastases primary bone there recall, metastasis where bone, that’s we’ve in settings data occurred where shared

We’ll a we that of I at some where are pharmacodynamics be the we looking of where targeted trial, specifically would dose find there So take on drug. where would as think think we us data forward. number could on could be XXXX data give population beneficial. this said, settings a we is and one And drug the

much. you very Thank Great.

Your the from of Willey next line comes Stephen Stifel. of question

is line Your open.

Yes. Good the taking Rachel. morning, morning, thanks Good for questions.

up So going NCI trigger to with fit, communicate? Or public? as And kind of of I that to guess, to the just are of how trial curious it enrolled, something patients how interim to just to to communication kind the gets respect is kind disseminated after to patients? specifically, is that as to the that NCI pertains to to XXX you’re with with survival freedom work the event-free newly be out respect is in going arrangement going have diagnosed that

expect would them. we have a Yes, coordinated to communication with

I simplest think that’s way to it. answer the

Okay. kind respect with questions to following up high expression. just the guess, one And E-selectin of low maybe on, ligand prior of I and then

But I attempt a I talk a group, actually abstract. than bit the a small patients guess, are guess, primary an greater smaller to I I found for, – six I there’s it numbers, to had interesting and in think and number and, ligand you greater these through patient of but months number about within little E-selectin high an guess into patients it you refractory who that response understand that I induction lows. relative of had been a the

disconnect? on if of that dots So just kind wondering somehow you the can connect

one Well, so and let turn then I’ll back comment make it to me Helen.

that look which of important to the we of the risk, aggregate patient One is disclosures attempts this overall EPI that for risk determine – abstract what measure the the population is. risk things of the is in one and all the at a factors

And taking I scoring break various perform validated this how while into I to is attention specifics. the add demographics, that’s expect a did to we anything? way of on when so population you you these some account good demographic that capturing want out specific might of focusing think commonly Helen, used, do think, risk all

way risk that. across a is looking and EPI, sort I of ways the groups the Yes, very just of are would as doing echo The risk high. at is that Rachel there of the said, aggregate EPI very good

And is these so the expected overall survival for groups quite low.

us, it the in I be out would The you for to dramatically compare that you ASH. and this most it the is and think presented there the multiple group, and the set quite most at low matter are characteristics remarkable measure available thing that’s overall this no factors that how and how be data matter us group will survival expected you to patient will than stands is clinical no longer instead expect. that

they ligand group. E-selectin is think similarly this factor for seeing the they we We getting to that make median for that and extend that are components potential individual and of they the are reflected getting what to think transplants we’re group, one to E-selectin doing most survival. that are a into remission, is overall trial. maybe up the of high-risk that, the in key major And remission, ability of group. far that high what of get a in are ability remarkably is that the they – the interesting from well regardless reflected a is that we and benefits are this uproleselan getting so population, and in inhibition remission, survival to And think deep deeper the remission into one high-risk to extended nature This but

Thank helpful. That’s Okay. much. you very

[Operator of Instructions] Wainwright. White Your next H.C. Ed line question of comes from the

Your line is open.

question. Most Hi, already trial. them just thanks the taking asked, my on company-sponsored so for of were maybe

still next You is year, the top had quarter of true? line that said previously you fourth that in the expect

Yes.

So addition and drive of we’re the continuing sites patients. to

multiple got Australia, Europe, got now Europe. multiple multiple including We’re in U.S., in countries countries also in Canada countries, we’ve enrolling and we’ve

at the though of would the delivery data that the XXXX. top both follow things: it to this line of on revising so drive continue to revising depends we So towards number objective on not getting any line both of and we those. driving XXXX. on the of and guidance. accrual guidance, But point, two we’re top at depends we’re and the any not by data at events, data of towards end of are I we’re this you still end And continuing remind time,

you’re interim of we just in getting you And over are think patient Rachel. the that the how you an April, first is going it are Thanks, since when was think great. I went you think know first the the you And with when to there? from getting I patients? we NCI, see but about how disseminate idea idea of enrolled, data, Okay, an – enrollment going data can XXX interim was

Yes.

specific I still trial. line forecast high we’re study. that say not in for the for is top giving that So data interest will

clinical If at Sites of stack there’s the look trial you are up, a accruing. even lot sites.

We you after not XXX it’s accruing that enrolled the have guidance analysis. do with But for line on so though that know data patients channel that EFS we NCI, top expect given that when and they’re yet an I was communication the a we’ve well. endpoint. it are will public remind targeted we interim great for

now. the And, that general it to you to that’s think that? Helen, want we’re way I do – that’s framing anything So add

XXX it’s think patients. I No,

is after point are assessment survival trial. event-free that an enrolled think patients in I of XXX for So the

Okay. Great. And last question. the then just

on recently, burn cash runway your you briefly or can a just – the but the rivipansel us I mentioned wanted guidance a maybe forward? trial, give to rate the if cash going and little Thanks. on HOVON then With cash, know data you

So month $X rest million XXXX, in a burn. this for then In go $X about XXXX million we’ll year, of of a And up winds it’s just month. month. as the about down trial a million about to $X that

currently So point well XXXX add what have at planned. into cash we this you on

Brian. Thanks, Great.

Yes.

level in our would at just the come add our we really to couple points think I and a in the the its So we’re to a and exciting questions, of The in confidence I that described clinical mechanism I of emphasize presenting couple just that high is back at and RNA response ASH AML. earlier uproleselan data data the supportive data strongly of confidence E-selectin described increases our program. very uproleselan. that The role in because increases

the combination itself. sets, of think, program. look so supportive And very I forward at the really data more And to discuss of meeting much those to the opportunity is detail in we those the strongly

am I Speakers, at turn the questions any back this to I not time. would like further to conference showing Rachel.

listen Thank and taking and questions our operator, to for you, to the your call. everyone, thanks, time for

for gentlemen, and Ladies today’s thank participating today’s concludes you conference. program. This in

disconnect. may a Everyone, day. You all great have