IGM Biosciences (IGMS) 31 Mar 212020 Q4 Earnings call transcript

Good day, everyone, and welcome to the IGM Biosciences Fourth Quarter and Full-Year 2020 Financial Results Call. Today's call is being recorded. At this time, I would like to turn the call over to Misbah Tahir, Chief Financial Officer of IGM.

Thank you, operator. Welcome, and thank you to those of you joining us today to discuss IGM's fourth quarter and full-year 2020 financial results. Officer; to corporate financial Chief Chief update, Bruce Chief afternoon provide and Executive Business this Medical Keyt, general Chief a are Scientific Officer. me discuss Lisa results the to Officer; Officer; With and Chen, Decker, Dan Fred Schwarzer, including and Please that about call future be IGM's plans, statements on making events. note about forward-looking expectations will this we statements and forecasts most discussed the recent other of may report various a risks in differ the including uncertainties filings results XX-K Company's Actual Form result those annual its on as SEC. materially and as as well with Any forward-looking disclaims XX, any views law. except of Company XXXX update to today, by these statements, statements March represent IGM's obligation as the only, and required as

the Following the this Company's now I over With call call, turn will that, a www.igmbio.com. replay on Fred. available website to will be

Thank us joining quarter you you, on our everyone. full-year this XXXX Good Misbah. fourth Thank discuss results. financial and to for afternoon, call

were were presented these data perspective. encouraged presented our I by trial at a bispecific an as safety milestones introduce an it begin, life is ASH we the of highly to first efficacy last Decker And from was from IGM wealth development a Lisa sciences for both the our Before Chief and year, Among pleasure Annual IGM-XXXX, and these business of IGM. very to team. experience executive my CDXX IgM to Business welcome we am clinical our We Meeting. year pleased brings CDX. to and XXXX Phase Officer. Lisa our important I initial our great antibody data XXXX targeting her new

to year provide the expansion a escalation we enrollment IGM-XXXX update in later forward Phase initial this progress II through on We recommended dose this pleased we We an trial. so I cohorts the and profile that have continue to and efficacy and and Phase are our look cohorts, dose far. escalation dose completing safety and operational ongoing seen good make with establishing

IgM also have the DRX we of XXXX, our may which of treatment antibody, IGM-XXXX, cancer broad types. in agonist During of a range we began believe clinical development application

data As a exclusive now of to drug, obtained cohorts monotherapy clinical into birinapant, cleared cohort and have will generated escalation which our exciting and we dose the synergistic expand therapy. in IGM-XXXX in dose Dan ready Bruce and protocol, with higher preclinical this describe, earlier will with we combination the rights stage year. IGM-XXXX apoptosis have are describe combination which is to shortly we concerning second we global dose some

CDXX next for will well Dan the discuss who very targeted x prospects an Bruce our and end clinical our and as also an are With IND state call stimulating describe, I'll of year, Finally, we excited as the antibody, turn cell our immune towards to plan year. will T-cell current We as IGM-XXXX our IGM-XXXX, to of file pipeline. the trials. file for candidate for IGM-XXXX engager this broader about that, IND CDX the IL-XX over to IGM-XXXX, and

Fred. you, Thank

from important clinical non-Hodgkin’s and as for exciting particularly first year we a was XXXX mentioned, presented Meeting. IGM-XXXX the Fred at our data Annual ASH As us XXXX lymphoma in

our of I'd with and of the programs, discuss like by IGM-XXXX. file our make And clinical program IND IGM-XXXX. hope both begin progress to lead continue development clinical to to end to IGM-XXXX. clinical first We rapid IGM-XXXX we an XXXX, of

refractory titration preliminary safety, B study pharmacokinetics open-label a cohort, and XX/XXX to XXXX Phase open As presentation, milligram relapsed a we efficacy assess the planned escalation IGM-XXXX multicenter, which dose reminder, to dose patients enrollment the the cleared as are now lymphoma. and a top trial we've titration with the for agent intravenous non-Hodgkin's of currently and XX/XXXX ongoing intended cell XX/XXX single escalation dose. is is ASH in the I our global and Since cohorts,

perspective, that continue see efficacy very in and the progress we continue safety clinical limiting not toxicity, dose have safety XXX this to program to to we at we cytokine yet We in by not experienced and syndrome quickly our the encouraged any a XXX development. seen are signals we either From doses. a have milligram milligram clinical release expect trial, or to-date and

by syndrome. excited dose to without release our very levels ability cytokine are higher at these We

other of any XX treatment patient experimental dose. received IGM-XXXX. development. patients XX release this dose treated the we Overall, been we treated far, only seen recent IGM-XXXX, drug, two the demonstrated samples clinical profile. of not of XX cells. two levels milligram patients that we safety in case grade our any in both way milligrams we then have has Grade So And at to similarities had Those this any prior The but of in of demonstrating patient striking in believe are treatment have to CAR-T our one interestingly, of with patients been and the first some CRS following levels B from the sign peripheral have ASH clinical non-detectable which circulating had neurotoxicity circulating also beyond have also described presentation. best-in-class drug since trial. any who with treatment also that syndrome a on Of cell had first as of X, more of patients removed detectable an This which CAR-T prior cytokine of showed had XX and milligrams. CAR-T our event experimental with experienced a dose was has circulating a testing occurred had not XX at any starting with well dose treated, And CAR-T

that are there maybe prior circulating we of something the believe treatment numbers still about combination cells. While B special the small, and CAR-T

that we and adjust previously result, patients have subset cells. to CAR-T small As received dosing our have for plan of B who a scheme relatively drug circulating

and regard, only In patient response. other now efficacy a only achieve low-grade treated we have CRS. prior in circulating B X both we can patient and a Grade DLBCL CAR-T CRS is patient post with was circulating cells. with complete who we patients do had in the However, this both cells CAR-T This note B that

As by to are the profile, use of we CRS we not Grade except a are develop to-date, that drug patients very case can have We encouraged that overall track baseline. beyond B that oncologists confidence. prior both treatment with subset in circulating fact safety and at cells to X who our a very on had had we small believe of CAR-T

did been is CRS, have very response prerequisite We efficacy. patients pleased not note which a any complete that to some that of CRS have our not to demonstrates

ASH very to have we those exceptionally B an the of have we also were we excited the additional been the by described pleased to of not in With and We respect patients low-rate as patients do only some that note as circulating that fact in are cells. efficacy, partial complete have responses seen who have amongst seen in CRS recently. patients dosed that our well including since presentation, presentation, ASH more

over you the are ASH can additional from presentation, that patients and by of tell deepening where As fact we new responses time. covered some seeing these responses the of

have the fact been recent in to detail responses that this some are more later more also by of discussing forward very We responses look develop. very these We year. excited quick to our

at dose recommended cohort, enrolling Now year. XX/XXX dose milligram, we determine and cohort that and to dose II to we expansion escalation schedule cohorts XX/XXX to have XX/XXXX and expect XX/XXX we a milligram levels, dose and XX/XXX are cleared our milligram the milligram milligram this Phase

lymphocytic situations with IGM-XXXX begin plans We planning combination testing are making the care in therapies in novel and leukemia and in expression on CDXX single-agent combinations as myeloma, IGM-XXXX clinical and of to chronic we where therapy such in of at standard NHL. with multiple looking is low also there – are disease

IGM-XXXX both applications. T-cell pipeline with success us Our excited aggressively very tumor moving about hematologic in and makes forward engager our solid

be begin our Bruce in describe engager acute myeloma clinical shortly, able of to As we leukemia, relatively CDXXX myeloid multiple testing molecules the future. respectively T-cell near and to expect and for CDXX will

which in a believe against We test T-cell we particularly features on are platform of be the will good to focused to also technology. engager clinic solid beginning utilize the tumors, this our way

our escalation. progress IgM good turning DRX antibody. agonist make also dose to IGM-XXXX, continues Now in to It

As combination a multicenter, administered solid in open-label a or non-Hodgkin’s tumors as study lymphoma. chemotherapy in Phase or ongoing IGM-XXXX trial with intravenously monotherapy evaluate and is to I reminder, patients refractory the with relapsed

The first without portion completed two the levels monotherapy dose a of escalation of now have dose this been toxicity. limiting trial

per We trial report to third hasn't important particularly a portion recruiting of that dose currently Phase kilogram, and cohort, is We dose of would for our safe signs the IGM-XXXX cohort. chemotherapy single this is tolerable, If initial half and or this milligrams looks hope repeat X first agent. a To-date, with our sustained, hepatotoxicity believe dosing. DRX of shown combination second in escalation are that any data and this we which monotherapy I step escalation targeted forward from this year. represent to

you also obtained year. are As an later to and birinapant, for towards plus birinapant rights study combination global clinical exclusive IGM-XXXX working we we starting this know, set

several established has IgM and maybe clinical of further enhance dose of it pipeline, extensive excited appears we are in are and very of already able some looking basis and also birinapant the On intriguing we to stage in engineered safety, at of asset data, benefits it approaches. by agents that clinical possibilities. very schedule testing, the This our our these other with possible combinations

We summary, as for the milestones our are the sharing are to additional our Officer. moving development the forward its with over Bruce, will we expansion point, and look are At call quickly we and this very achieved. In of potential turn Chief important other in evaluate Scientific growth efforts to I updates forward pleased clinic. combinations to progress, clinical

and to discuss birinapant. approach with scientific like I’d behind stay Dan. combination you, with a IGM-XXXX rational Thank the

can molecule a a to DRX our birinapant effectiveness strengthen signal as of of apoptosis small degrades known bivalent agonist SMAC Inhibitors sent the Proteins, IAPs. that antibody. inhibiting is apoptosis believe we as SMAC the IGM-XXXX specific As IAPs, mimetic Apoptosis greatly by trigger an such and mimetics reminder, binds By

SMAC can apoptosis signal. with XXXX, of the in We a reason, combination pre-clinically combination and believe birinapant tested we that that generates mimetics, For number synergistic and with mimetic of a be strong IGM-XXXX was SMAC which striking. IGM-XXXX

say, SMAC showed birinapant this cancer we to patients to IGM-XXXX, in and the vitro remarkable cell with combinations we models in in tested. are combination explore with in deliver activity synergy, and potential the eager solid showed anti-tumor Our vivo Needless killing amongst mimetics tumors. to greatest

interesting XXXX, provide respect an that mention studies. on to this next I month, will up with like we update we preclinical would an also to on our have AACR presentation and coming Finally, XXth, April

IL-XX stimulating IL-XX demonstrates which bispecific candidate another applications. product attached NK the We the hope the use will killer have cancer. antibody, response of In roles anti-PD-LX targeted to are our of to this passing case, This cells technology. to which the about antibody, also immune immune cells, J an oncology which IgM in we T-cells stimulating our of serves is IGM-XXXX, play cells, chain-based in excited immune to can display also This novel cells. T-cells IL-XX to chain natural natural J the killer and CDX proliferation called killer killer systems results and critical T- nearby broad

tumor treatment Our in models. treatment of upon long-term immunity initial this remain preclinical benefit recent memory response. also regression studies the a IGM-XXXX. formation with achieved is same rechallenged additional complete with suggest being the without of a immune IGM-XXXX that study, with the mice It consistent tumor-free who murine provides In durable IGM-XXXX with tumor rechallenge

with IND an file the this FDA of IGM-XXXX end to expect U.S. towards the year. for We

We preclinical pipeline solid our of very T-cell engagers excited and both against by hematologic also are tumors.

file T-cell that product IND We candidate the expect our x hope to an will CDX, that CDXX be that CDXXX candidate also engager we enter and enter soon x clinic thereafter. relatively next product CDX on We will year. to the plan clinic next our

engagers, of to pipeline T-cell and on we T-cell hope broad a file INDs the few tumor developing are next several We tumor solid engagers years. in solid

in complete our to California. continue efforts. we Mountain on GMP manufacturing Construction make excellent facility progress Finally, is now View, manufacturing with our

GMP This initial process flexible. later XX,XXX this run design are facility the square online for modular and foot is We in in this preparing of facility and an year. bringing quite

our Although requirements turn new the control some to time, we Misbah. utilize existing our programs. over manufacturers I'll that important that, be clinical will And we having in continue a a managing believe supply to very call with GMP and facility under for contract will advantage for manufacturing

Thank you, Bruce.

XX-K, SEC. the our overview, on the call additional can prior In addition to quarter financial our on which issued and brief to provide the read fourth our you with will filed press financial call year-end in release was I this results today, and detail in

We follow-on to December. in equity position. offering proceeds fortunate a are of be million public a raised We in gross $XXX financial strong in

XX, totaled and a of our million. the $XX.X $XXX.X cash XXXX. December expenses million As and research In as were fourth result, our development quarter, investments

General XXXX. expenses full-year for XXXX quarter R&D the expenses were For $XX.X million XXXX, of fourth and were the full-year million the $X.X and $XX million. for administrative

for million $XX.X loss $X.XX the net or fourth Our of a per share. of was loss quarter XXXX

of a For the full-year was XXXX, loss share. $XX.X $X.XX our loss million net or per

XXXX. to guidance now for the financial Turning

We XXXX our full-year operating $XXX includes approximately be million expect between to GAAP estimated expense $XX non-cash This expenses and compensation million. million. stock-based $XXX of

Fred. that, XXXX cash a an million runway turn the $XXX into balance now investments, in back XXXX. with half cash We over and expected I'll with also expect call of providing to the of to second With end over IGM

year, IGM employees would their of their progress principal our institutions, described possible. work the past like the investigators, thank closing, patients their In the of and importantly, the their of of all Misbah. and families, over teams whom all for we've you, most made and have all Thank to I today

the operator, at of of our sincerely your We questions. All treatments we bringing I'd year interest to important us new IGM, that, hope step critical to to for forward to in of open informed process With the like you and appreciate the in the keeping represent patients. all call past look progress. accomplishments that a as first and IGM

ahead. our Instructions] line of Willey Thank comes you, from Please sir. Stifel. [Operator first go from Stephen question I the show

in can you a bit provide little I Yes. the patient the the of just helpful. CAR-T in XXXX be patient, you cells, but specifically B Good of just XX-mg observed would receiving us questions. let the the CRS if patient for taking circulating of that in CRS wondering what cohort if more prior dose color in maybe severity that afternoon, of around terms was guys. graded Thanks severity was I understand know was context that could

that over question Dan. to turn I'll Sure.

Yes. Steve. Thanks, Fred. Thanks,

think keys greater And showing the Grade aren't XX fact, is or treated patients here vast XX CRS. at I have dosed patients the So other of aren’t that majority one XX milligrams, that demonstrated CRS in X. X been of that have the haven't Grade been the showing of CRS than even

So that IGM-XXXX. I think in and us terms strong tolerability of in a of position put pretty has the safety

been very treat us allows patients, treat differently subset B different those with a still was of to for higher small by to receiving circulating And seem was CRS to is did behave way it patient experience identify event. the interesting through to do to and a just that well those XX a of cells But really development that patient X Grade of XXXX CAR-T this Now well specifically managed, the milligrams of is again, patients. one implement one very isolate relatively that tolerated important a and grade the it's that ASTCT, important that parts able it. patients. I manage and easily think We prior think we've

patient that experienced you had patient response – had a includes population B fever. cell the a CRS, complete patient only just prior another so DLBCL also patient a essentially – that that prior CAR-T Grade IGM-XXXX, to As and X know,

other patients increase don't of pretreatment slow identified patients differently. without their we just to so I have titration can and narrow well manage maybe a CRS. even majority come we've where patients of sure just done that vast Grade And subset events. we've And we infusion, now And steroids, The make even dose with think X experiencing we've to first implemented even those high-grade whom we'll CRS is dosing. fractionate very have those likely

DLBCL I disclosure that PR, I clinic? kinetics of becoming, CR just the CR. a And of understood. lot it that now only the patient just I Could bit guess just there's asked response sounds have And That's ASH incremental. the previous seeing is guess, the flipped because to post regarding a little guess, like the soon been talk a guys I how you maybe at about, question interest guess, the of you presentation Yes. I a

which broader escalate your as expand a our continue take our here, actually to and question experience. to we're going is really we new program That's host dose seeing of I'm important obviously responses. Yes. to

we've patterns see response. So do we CRs, interestingly, different of additional seen And PRs.

So seen to patients you've those some example. think XX patients over I and that. evolving seem weeks, of described evolve these into several CR of ASH, their including many for We at weeks, at

to obviously also CR, complete of that's half year We've opposite So started pattern. the response that, CRs. very to a slower meaning fast see a

So may scan. you first can that a how look on imagine

which continue different important of And one IGM-XXXX. engage to of it's the three so that's the fast; which the think think the IGM-XXXX about longer. complement The and for to that's to potential we induces Remember, of see which things happen right? think really action. interferon-gamma about as T-cells dominant these even can and engage; require And diversity. mechanisms killing, of presence happen responses, kind to and expect we special dependent T-cell stimulation, us repeatable it different doesn't can I fast we take that would talk I that dependent mechanisms killing, know we the can through

about with T-cell because we our want and platform help patterns, and engager the of look we different of we about the of different as IgM mechanisms it success those looking understand be lens So we depth technology generally action, of collecting of understanding that to at continue through it. biomarkers type are platform. our We drug, our that think very to these aggressive at response this will

doses, like seem to as as I gotten we've think that these doses. kinetics responses, and we've we of higher to ASH, that kinetics, we've got different to seeing faster is note seen as continued it higher that pattern the interesting we’re see those at saw it you

would And I very at helpful. XXXX I be Okay. disclosure guidance just there incremental the I and the obviously have was And there for – terms chance enrolled around there the mid-year that us just I patients get the for patients to was program think that on indolent I timeframe. suggested guess, aggressive prior That's look consistent I maybe a for in lymphoma patients. you between to lastly, far? think I had think, kind the that guess table possibility development And Phase and you. still Thank me. pattern is in know medical that of that it thus kind of as been Or a seem balance that's that of calendar, Has post-ASH, you've incremental observed? of with you've conference a enrolled fair ASCO/EHA? been with then, that a

Steve. Thanks,

I would dose, it's recognize, for promise probably to the we can trigger upon and will be going clinical can that the year. of and data to see the happen. exactly So I. that here middle will II think But Phase So for that we say on presentation the IGM-XXXX, the continue definitely data-driven, identifying next for that and be that's would It focus I Phase recommended based be we our table you sit in as yet right? it don't when on

Now, I on forums updates additional focus but that operational will we important clinical outside meetings, a medical next scientific happen presentation clinical one. also this or note at of at as could future meeting, such to think it's that obviously,

malignancies. of IGM-XXXX small CDXX our it's we similar expressing part activity types of non-Hodgkin’s are is our a of with of in numbers Phase types enrolling CDXX-directed that even T-cell of still I. with if as range the different are belief like – And broad of range likely histologies noted, numbers of the to terms patients the histologies lymphoma In full a the engager across smaller. a are histologies, you've different the Obviously, have

relatively we reserve so different And further the have experience. we a a like until general, would should similarly the in histologies. greater But work I belief I drug with in that think characterization any continue IGM-XXXX

on great questions taking Great. year. a congrats all Thanks for the and

comes ahead. go Guggenheim. our question show Please the Schmidt you. Michael from Thank line next I of from

clarify All of maybe information. right, some I a my just new to Thanks for guys. had the Dan, questions. for more taking couple

saying X Is had in the case, So that this would in been treated have you And did of Grade assessed DLBCL I now XX case at the hear CRS total? that already ASH. if patients that's assume correct? that patient you I correctly with

Thanks, Michael.

of XX is treated the So our I Phase patients number total patients. on IGM-XXXX

escalate. even XX mean, So enabled, the So it cohorts continues we dose CRs to a we've level. the and expansion know, in on remember, have dose patient But also I we as increase dose XX/XXX as you right? milligram at already both seen level

if So the lower a and forward Phase that to we've to look and and right? activity have levels doses, we to forward have go lower – the understanding cleared, already expand good ahead was safety doses we going that decision So and strong start you as confidence gave recommended to that know, dose recommendation already that dose want at clearly, you of us at the to II think that dose you're at pretty those CRs. CRs you that activity generating as already decision,

number of partially so the for And responsible patients’ dose. that's

Okay. Understood.

And second about, at no, answer patient to ASH? subsequent to was that ASH. question The is XX-milligram was this your

how understood. I think the recommended Okay, Phase do though. about II identifying you guess,

mentioned to DLTs do Phase titration going see you beyond you Phase how recommended the I I. that guess, deterring I dose? and II the the think have we the or do think titration, not top you heard planned plans about MTD that? dose the XXXX-milligram in top dose I Should was

Yes.

XXXX So is dose. our top planned

dose escalation. around the planned So completing the corner we're from right

certainly we we the I to know, would data have you As open going don't that we that higher today. if suggested be should. data know

dose is in have lowest the possibilities position CRs And we're We didn't have as already that to target say, our gray. very continue you show XXXX a schedule. and where dose, activity. we to obviously fortunate which of can what also targeted white our dose milligram shades very you and at it's XX/XXX a the and we not consider have feel lowest terms So where black have of easy, plan top And dose. I would that and today, in making can decision, we

to efficacy? you What And think are make. the efficacy lot have really of the a that interest interesting seeing? below have deep you've Number heard we think before, us safety decisions that kinetics What science. so of what this our we're we that, decision say tree do the be, is I underlying in But on know, are one will a we seeing? I

And so – us us that that to of aggressive allows in pushed we to the II fully available all to has data that build dose underneath program. intend recommended clinical to program biomarker Phase us use the way And very a help make that decisions.

things, So think us one you've of be okay. it's the and interested heard very I in,

And the that go XXX, do mediated expansions dose interferon-gamma compliment difference completed once balance? with the with As a we that do promising get XXX, difference there we're killing And our cells. of dial. signal? I chance we stimulated? think there escalation, our want push what XXX, and be dose we we're really is going in up position we've being just in T-cells a repeatable set doses, to to to to like right. able in chance across dominant dials how Is start a more this are that pretty cancer Do set these XXXX, engage in to to I'd we and And in a

toxicity dose date. Michael, to we've just question, not to your to a limiting But seen reiterate,

not would see if be it And so tolerated dose. a we maximum do not surprising

We right. call would administered that dose That’s maximal a level.

two higher X. Grade with the to CRS cases just than And then going Okay. back

scenario CAR-T patients potentially Just is reactivation might hypothesizing, where you you cells? suggesting – this potentially a might I where of are pre-existing mean, experience

with IGM-XXXX, you CAR-T right? both I on you're the that physiologic that point. idea really if Grade scientific So very, mean, similar believe higher appropriate raised CRS think to which patients very you overlay stimulation. profile, fit now this we're aware I a maybe interesting other right? than two So we of again, more we've giving more The a X T-cell prior seen, imagine it of leads of, – only – a level that stimulation now you than is T-cell approaches

which Well, part like We interferon-gamma. we signal. more I think can levels the Could picked gave ability mean even you lead more type could and here – we is IGM-XXXX, so you were in of And some of that a prior we good suggesting, to That without to a that CAR-T. or we a different have CAR-T, what that of that prior mild any a And it right? the curiosity activity add in stimulation is, pretty them CAR-T? more the CAR-T. of does to that of imagine But what for here, recognized feel the interested existing the different You think a of patient lead with way a you're stimulation very to what us to physiologic lower and CAR-T. we manifestation as we patient? do I evidence can CRS acutely, that does treat again, of how see CAR-T manage that, physiologic either I stimulation when can steroids, really interests can our kind dose, think CAR-T we can managed with measure that and has increase patients signal easily that around we in were this finding of the have able detectable this a that we of kind

Now, obviously there There were niche appear we of CAR-T. didn't was make – persistent few a that CAR-T a out some likely nowhere. where

and felt the interrogate. have effect is And stimulation something continue must the this seen the So IGM-XXXX. of intend we to fully to they with

a to them of got appropriate. may get the look we line that CAR-T. forward those our trial. don't we And really interesting how CAR-T just to is possible thinking from prior exclude develop implant patients think on. or patients it's in to either I manage these We'll a work And to in we continue IGM-XXXX that So way to discussions for think us around

most XXXX, to agonist? and And activity interesting. could good start might to to respond of clinical one the dose progress was just what then Very see whether here potentially to at be what might if in curious as escalation. likely DRX dose well type a level And I Okay. see question on just here you remind us patients

Dan, take that would one? you

Yes.

having we're of as program puts have know, to over quickly moved in escalation into very our IGM-XXXX the clearing from halfway just escalation, in dose So you IGM-XXXX. the pleased dose which us to levels the dose two of second clinic the now

to that's So of key they also very this quickly. because is program un-gate lot clear activity. These cohorts additional were a a moving

that, on So the mgs in this will XXXX, un-gates do not kg. dose initially for will We combination cohort escalation theory. it one the have cohort that be to above dose only with but and development planned per continue only also with now chemotherapy, we be full X complete that

So in IGM-XXXX. time likely again, dose of on say dosing really dose heme we've I'd are once a tumors. completed escalation. is all agent fall complete ranges. of active And single add within the solid malignancies these doses range the a across this development We'll important we

it's we of – So on the Phase But months look development ahead. to forward the I next steam now, full in of right few XXXX.

than I that Or predictive it responsive cancers are guess, any are potentially? high-level, there types are more there biomarkers others to comes certain when DRX? of

Bruce have the pathway. are sensitive the of I that done stimulation mean, that team field amazing recognize that. And and to out can – across just of job I exquisitely think think behind sort this figuring we I think Yes. an and we his look certain why patients

But think So specific around out more to as if we that's very plan. focused how an development us, broader or single much super opportunity after this going agonism, would and indication-specific just to narrow, we than DRX is agent DRX playing play for a be that we're play subsets. sensitive agonism that the on biomarker-driven development, real exquisitely were I our just

dose way either across doesn't will target. a the range is broad the go to play sort patients of – is is of efficacy we look say, and our at we there to that this that that or narrow in and focus we're of VEGF But group, a rest patients, I Because DRX we broad So are know only know that exquisitely So across expansion. primary a is you in how going cancers biology range after these broad those very is broad play, cancer broad you a desensitization can sensitive, the PD-X understand there's a you of not limited, not sensitive. PD-LX in know subset safety right? mean is and make expression take and if it target patients

patients sensitize to through and very just exactly to it right? chance, plays much think because to that. excited does intended you very it So get sense. I understanding know that about that and the It first we're we of to – at that look combo to we that play these birinapant going lens, a think So biology combination help DRX makes the we're biology, is chemotherapy the

very that You give just activity away death Bruce signal, around a of team's his And there. and you've survival signal. you a synergistic take I data seen bit little think

Great. All right. appreciate detailed Really Well, thanks it. for that answer.

Abrahams from question line Markets. our show the go I Please you. Thank ahead. comes from of next Capital Brian RBC

I'm akin XXXX. see characterize on confidence curious would Hey the dosing sounds level you'll guys. other Thanks planned the continued response durability to It so the bispecifics currently to congratulations observing much questions range? as that for And guess what and CDXX, you're how you encouraged rates, my I by able taking with to data have progress. be rapidity, you CDX and you're achieve all like rather within your the evolve, of

said… You

why But… take Yes. Go ahead, don't this you Dan, one.

was one? Rates, rapidity and what third the

durability? And

questions. Durability. Yes, I think those are good

look, here. seeing we're by very I what – that we're excited think

positioned. we're that think I well

the I think be best-in-class. we potential have to

in And seen I this first. I signal think safety a XX%, CRS close think tolerability going to that easiest not XX%, to rates. be those T-cell look if have that, we're XX%. belief to come you've is, the rate see at other class, right? CDX you we've personal of look, and My they the clearly generally always anywhere Like, CDXX, towards place guided differentiation, engager will the is molecules

Our now – CRS our is cases if to experience. CRS. about we're in titration, of And rate heard a the you that's us look mean, we've you've in patients of talk very I at about even not you've what going said us CRS describe low. be seeing fair that think dose mean, heard I number I And

titration And to we're deliver very experience in isn't little hey, dose CRS. target so I say, CRS to mean, even though rate, a clinical has our our seen going no

is I drug be more we data again, because confident. this, data oncologists and put to a feel do our to in early around community pushed it's on we us use. well a engager has tolerability. this think one I support in that And T-cell to And to clearly to acceleration we're button continue pipeline that And so we've confidence that think the position generate feel their And here. while very strong I where need safety that gives ability confident differentiated likely that us outpatient positioned should think

Now, rapidity, we're now rapidity responses. seeing clearly of

may don't would to never something thing patients, because durability even immune of not have trying a or hold we're you need for we right? for though durability to the stimulation, of oh, optimize If responses. off rapidity take as to the That say, think I achieve that immune trade best I is I rapidity don't be rapidity stimulation. of may goal, So I would

tell to seen And goal, very a going we've So to already evolve drug take good complete have that our to responses finally it's ability you generate that if the continues we but to even over I off time. durability, over tends time durable have you show you though some sense a And then follow-up, a not think to of here. clearly show, that fast time can start. but to that's is that responses, limited responses work

observing side, rates. patients that the reason like guess it I has more towards CRS have low it's why than higher and might or view characteristics, killing higher changed you're that part the interesting. tolerability that more curious helpful. CAR-T? to at dominant the guess you a maybe think That's Do I the theory of that been this about from starting And mgs? exploring T-cell-driven XX really prior doses detailed know you such CRS? a experiencing now on understanding if you baseline super still steer of it. I'm been switch safety Got Is there’s I the may doses And have then complement

these are mean, I Yes. good questions.

I think better, as definitely but stands potential the to more need in biomarker theory this a think around data a but shift patients hypothesis. to more activity, study with complement it definitely is and I dependent and more We'll play. more killing

with how is I manage today. clinical be be where pretty too, patients be we we need prepared figure Now should differently? to understand careful are our types we development. feel true manage to We and patients and there different. just drug and probably that and I different mean, I is look in think a with stand separately, And able sensitive that's patients with consistent very subset at I good how as out think about to a whole. those that of many to

we Great. form And me. extent one of what sense the half Maybe of year? XXXX if for the back for in one data Thanks. quick I'm of wondering maybe presented? a might yet in more look data you had those the

Yes.

that of So I that getting escalation. single through targeting And XXXX presentation agent dose think trigger we're up that would the data clinical program. first from largely

so the Now the a recognize of starting together there that background that already we're any be at packaged later in data chemo combo, could available meeting.

to need ones coming have of a certainly we the which say choices XXXX. from when but some think too choose meeting, to up take the we'll we which second I to have at just look half data. nice early it's And in

Thanks sense. again. Makes Great.

Goonewardene I Asthika Thank from our of show Please ahead. you. comes from question last Truist. the line go And

for questions my the guys. and at end. to speaking Hi, taking Thanks me

dissociation lasted nicely. it I'm curious, Dan, the I seen some guys doses? got data that analyst off data – of you repeat ASH, with more am have you present is some remember quite on just follow-up that in-house? cytokine up at couple presented kinetics? wondering the a gamma how follow-ups up showed And So dominant then that or event, profile I in in held that you holding I

Yes. Asthika. Thanks,

activation dominant primary like T-cell how into are of we incorporate something So a one thinking still interferon-gamma, we about continue that this. whole our best It's concept is hypothesis. develop immune of repeatable drug to interferon-gamma

to So we optimizing. to absolutely, that, say that continue we continue today be we with something would I and continued is that that dosing even upwards to in believe want believe

So as is that RPXD, to we select optimize. key that one define of we're and looking pieces the

two So were? questions is yes, fully play. follow-up I'm that sorry, in your And

Yes.

the And when CAR-T, wondering, just CRS with were the I'm that patient after prior dose, XX-milligram who so dose the had the last had CAR-T? the

wasn't That Yes. months. amount exclude of like within CAR-T. was short had actually – was patients that it very a recent number earlier. a fair It We

then in. if I can And lastly, it squeeze

what cells? is that wondering suggested you from because [XXXX] I'm sticky. dissociation XXXX just the regarding really So tumor preclinical are seeing has data

one of unmeasurable been to in studies. but off. some said is rate. being – than concept we've going has you here, it you're is rate So I'm expressing things our think anything Bruce doesn't that preclinical dissociation, that, talking to anything that the about lymphoma mean think true, is off that us binds has other And set turn the made over data of don't to I off that which IGM-XXXX I CDXX clinical cell come a believe and in

That's is on irreversible. eventually cell. that right. be the Thank for tumor the internalization target IGM you, Dan. of There itself just rate will to The dissociation antibody the tumor

that any than of than, a And antibody, so to bivalent. all have bispecific it's I effect antibody the continue other But longer – durability but the sites sorry, have we to single cells most much antigen. will redose. obviously on is tumor mean, and the they binding

vitro effects very vivo. in And so get and we durable in

guys. very Great. much, Thank you

Officer concludes the the back to This turn at I'd time. like you. this closing Thank to Fred Q&A over remarks. Mr. Schwarzer, for Executive session call Chief

thank look IGM, interest year you. progresses I you, Thank and conference Thank really all on updating your say. operator, to you as you of IGM joining the progress – call. We we forward you the to shall the for year appreciate and passes, our in

Thank participating. This today's you call. you. conference concludes for Thank

disconnect. now Good may day. You