CytomX Therapeutics (CTMX) 9 May 212021 Q1 Earnings call transcript

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the CytomX Therapeutics' First Quarter 2021 Financial Results Call. Please be advised that today's call is being recorded. I would now like to hand the conference over to your host for today, Chau Cheng, CytomX Vice President, Investor Relations and Corporate Communications. ahead. go Please

Financial been Good and With Susan. press President, thank for Campoy, you Executive a we materials, the Thank summary release press today encourage quarter. of afternoon are results us. that Chief Carlos and me and CytomX's Earlier everyone quarter with release progress Dr. associated important joining today, Officer issued you, filed to Chairman and Officer. XXXX Sean Chief first a the have we today's and SEC. We which the includes financial read our highlights the made during McCarthy,

the found the under Additionally, of recording be and Investors call News section can cytomx.com. and release the at our of press website this

forward-looking to the they and are the to and During our today's call, many uncertainties we inherent COVID-XX are difficult control. which set Important will the Because relate are pandemic future, statements be uncertainties subject predict risks, of statements. making including and are surrounding uncertainties of that to outside risks forward-looking our new otherwise. recent like now statements, today. sec.gov, filed turn with our filings obligation including developments most future to result over public the I'd the XX-Q at undertake a of update as Sean. SEC any Form whether no to With forward-looking that, information, or We call in to forth

QX Phase initial dive quarter CX-XXXX to key XXXX. our us drive clinical hope X available Melissa lead and Events of the also delighted and brief remarks Sara the activated CytomX therapeutic month's joined science We of program in the our were hosted, be presentations X to learn readouts review event attend Probody strategies activation the that leaders, which patients for a of today field is Phase to John on you data antibody-drug had the behind as marked Chau evaluating our archived of you, joining execution of studies and of we ravtansine, assets. conditionally programs, by two Tolaney, during deep everyone. opportunity in took lead good for formerly and webcast continue to all our from we on about and lead platform last during more everyone cancer. encourage we the and opinion the progress event Dr. into Investor the conjugates, our I CX-XXXX. for An the and our Lambert. Thank Presentations praluzatamab ongoing to team programs by toward praluzatamab by first Thanks afternoon our section today Johnson, at focused the like start I'd biologic I our with website, leadership with breast conditional to was therapeutics.

patients both with breast cancer. this Phase triple-negative parallel A and breast C patients CDXXX and the in breast evaluating with evaluating B our with combination PD-LX positive in Arm monotherapy is PD-LX X in patients cancer. receptor in is hormone is Probody, praluzatamab pacmilimab, Arm with HERX monotherapy is study into evaluating CDXXX with proprietary arms. reminder, positive a triple-negative positive non-amplified enrolling As three breast cancer patients positive is Arm cancer.

end from first Arm data we Our initial and in from toward arms study in to continue And during by work B initial data were QX anticipate and patients we treated the A this this C of XXXX. year.

breast of trial, cancer novel different utilizes obviously CDXXX, drug and a payload the ASCEND development target sacituzumab patients, our X from that to line Based of the metastatic by relating our full QX program govitecan FDA and for breast terrific emphasize data during development that target sacituzumab. a notable to praluzatamab in this I and a candidate with TNBC on approval Phase the third second in is praluzatamab cancer to here settings. want is a Now the

accelerated ADC to continued in a transferrin activated where this at enrollment is unmet cohorts: strategy in evaluation for moment, the in ASCEND post-sacituzumab and large rate TNBC overall in our high CX-XXXX, novel single medical in study X post-sacituzumab during cancer; meaningful the controlled cell agent progression-free squamous praluzatamab, chemotherapy junction squamous non-small a first-in-class setting response months our to B-cell the cancers; receptor. and TNBC neck underscored and on I'd assess of continue to the for then disease. diffuse to the as our setting a like we treatment targeting will randomized need and patients lung potentially and now by expect CX-XXXX and evaluating CDXX, in arm clinical the in approval Indeed, development Accordingly, activity move study patients to QX conditionally pathways six we've exceeding full So cell the X.X esophageal survival X% four anticipated expansion Patients' the remain. barely the survival previously, median reported we that saw medium and Phase head X the carcinoma; gastroesophageal Phase months. unmet to need lymphoma. in

data praluzatamab, anticipated XXXX. quarter CX-XXXX the head of toward additional neck the lung most year, continue we from in in work with this fourth and likely squamous from and to As initial cohorts for cohorts with the data initial

research our to pipeline. and now preclinical Turning

activated emerging CytomX work of our in of the was QX Another key conditionally first field for presentation cytokines. development in the

of is that across continuously multiple has to One of tunability. defining the this us modalities. our and we our biologic And discussed its recent versatility innovate allowed event advantages investor platform during Probody

the many years in which our exposure to our cytokine protein tumor made optimize Enormous recent program clinical in and we for at progress to and window. expertise landmark room its in aims to now the protease-activatable microenvironment, advance in interleukin-X, cancer Leading this biology improve field. potential future therapeutic CytomX be class to potent we player therapeutic have Our unlock By our a modulator interest understanding in approaches highly cytokines Interferon-alphaXb this engineering more at to currently moment We'll in the our immunotherapy. this immune the we be have on efforts forefront. modulators. of meaningful the fact given of cytokines prototypical is focus that protease and important sophisticated of demonstrated as a protein our therapy the a exists exciting immune new say this have Industry this powerful at in leveraging to from interest improve have version the of of of of and window ability directed area the high is understandably stems engineering, success toxicity systemic limited depth to CytomX. the and frontier cytokines poor

bispecific at interest T-cell engagers. is industry intense of area Another present

partner late work our studies for CX-XXX closely CX-XXX, EGFR to Amgen bispecific on IND planned with for targeting T-cell CDX. IND-enabling conditionally our is XXXX. for continue and submission activated We antibody

continued Astellas. progress in activities be QX newest Additionally, in our drug our with this to discovery with for strategic partner made modality collaboration

Probody recent we conjugate as we CX-XXXX, timeline to result reassessment experienced the a activated we we continued make antigen, recently partner antibody-drug clinical conditionally advance with three patients Bristol-Myers studies in progress, for against of supply metastatic version enrolling Xb IND-enabling ipilimumab our and Squibb in although this cohorts Abcam. submit prostate QX, no combination this continue reassessing progress study BMS nivolumab longer with on currently to Returning combination abundant in some And here chain our the randomized based a patients During directed tumor and program. with delays pipeline, metastatic advanced melanoma. of initiated have to XXXX, also new to the castration-resistant BMS-XXXXXX, Part expect testing evaluation also continue cancer IND TNBC. hepatocellular in interruptions. in carcinoma, the advanced the in to are a of a of an timeline, program

With would these our to like turn to to financials. Carlos updates, call I review over the

Sean. the an into position key of and excellent in to data well be year you, CytomX value-creating in beyond to the financial this fourth continued Thank readouts XXXX. quarter drive

G&A million decreased clinical expenses, XXXX. quarter compared million to The three the Sean. $XX call were first that, we to a equity XXXX, decrease the partnership short-term $XXX equivalents from million XX, and corresponding XXXX first of and XXXX. January were follow-on of respectively. had manufacturing compared of during was one-time The the $XX first included well-received for due spend public XXXX $XX to XXXX, million was of in Revenue million in we This payments March offering. $XX activities. to million expenses the With the R&D turn proceeds licensing research XXXX. in quarter months cash million, and attributed investments. trial essentially were of of for to quarter decrease raised $X.X and first quarters million for in $XXX recognized expenses in flat timing the XXXX cash, that was in I'll development back to the largely balance amounting $X.X net and As

Great. Thanks, Carlos.

pioneered in we've different our our now Across high pipeline, and four making go we like previously for to we technology being and ourselves therapeutic other to studies purposefully entirely So used to biologic X patients cancer targets antibodies dedicate that nine differently. CDXXX design in working difference CytomX, continue toward CDXX. potential off We new in and meaningful an Phase to by way considered undruggable have and tumor were to modalities, different assets a thinking types.

increase We exist is Our and modulators big of chances our where believe like needle with our the really also the our high or as window these, move into by realizing on to open consistent many vision organization. take patients philosophy. opportunities for we therapeutic an guiding cytokine challenges and space immune widen potential that moving taking cancer broad

call your time who currently questions. So, update. listening us on let's brief the joins will duty Q&A. open civic Amy for thanks her I service. for is your calls, and these With Carlos to Peterson, jury take on performing that and usually that, up

Operator? happy your to will field we So calls. be

the Our Instructions] Flynn Sachs. Goldman [Operator comes question first of from from Terence line

Your line now open. is

trials, going have taking comment enrollment enroll for then, Thanks the one continue these of if to pacing US vaccinations on two the the just for there are maybe just or the a Sean, in Maybe and just to quarter the has down, you me. to Carlos, of about, broadly, of was you Phase think so is spend but that enrollment picking you're studies? seeing here, key can what pressure upward And infections the first much pace going on wondering, trends Great. X for year Thank I you. be is sites? good the at you course obviously up been the given been maybe over your your for the rest and year, as on questions. seeing on at level baseline

Great. Hi, questions. the Terence, thanks for

seeing are First great a up open with and bit trends of the we with but a clinical execution, with to for across course, things that's of this to remain that seeing remote monitoring say the the regards and activities, we're initial on with and studies looking I predominantly by across country more. improving vaccination our we these regard for year. to track enrollment, and steadily all, still board, numbers guidance continuing of lot remote end We're to of great. improve would data

spent, we haven't the be shouldn't is even super QX though there really on anything but year guided pretty fluctuations And the Terence, be spend, good there will quarter-to-quarter. ordinary. out full a from of proxy for

question comes of the next from Our line Peter Barclays. from Lawson

now is open. line Your

on for Peter. Mitchell is our taking this today. Hi, questions you Thank for

The comment on datasets size for data X could XXXX, scope first the question of see and the in the we XQ? on Phase might you

for question. Hi, thanks the Yes.

are design arms we that. XX working patients each of B and study across the So to enroll arms C arms, hard toward those is in A, three and the

goal and year, Arm the XXXX the from for of that mentioned, and this end I remains. in initial As toward C A is arms B data

those objective arms. across can as at is enrollment Our expeditiously drive this three to as we point

would HERX for the bar Great. you And be need - how could talk kind about to to HR on - efficacy negative above of breast It's to be show and kind the like data? what far then, positive considered be positive cancer? bar the you just of would TNBC

over driver Phase in ORR different by In high hormone I about Yeah, to showed I tends data hormone patients triple-negative. you've rate, time. just event level the quite obviously XX extended and And here less these response really of It's think Tolaney our some would weeks. receptor Dr. objective we two remarks, April to positive in - more a covered and positive her an as got at recap receptor history unless duration benefit was on be diseases level X. this with of of say of setting, Investor detail periods about given the of actually X clinical the a evidenced where promising natural XX of our

committee range and would Obviously, XX% looking greater So These positive our better that you're be, we'll do more of than significant in this Tolaney much of an of for Dr. PFS. aggressive the in they something other words than members, said progress three of patients, and Triple-negative, to those rapidly. disease, ORR, more you're months that, even looking to be setting, much looking for receptor steering clinically in different, in her setting. hormone the but course. four

to ASCEND an XX%, So setting. course, govitecan, six study going here, in is months. XX the the of be survival and to more of ORR post-sacituzumab overall in ORR months, We PFS saw sacituzumab likely five for important

the would really would and or In meaningful my to Tolaney setting, terrific we you patients arm, and heard at from look will three two a patients third-line had I that relatively for is approval an the earlier So, if comments underpinning settings. the above what Dr. second- the ORR of ASCEND outcome clinically be that in for X%. rate XX% what chemo of I on meaningful is was with post-sacituzumab study, the these patients. PFS, duration in underscore overall response short months, these of be the think

So be progress can disease very, unmet need very to where this patient there population going remaining the significant in rapidly. is

that some about. So we're the those of are benchmarks thinking

into is about out show than to able the months. which has of Arm PFS about atezo plus KX reported talk our the round bit little was in ORR to from Probody greater been eight just and the which monotherapy T-DMX with Roche, the shift a XXs significant here, For study combination PD-LX combination, by a previously XX% pacmilimab, the with C,

So we monotherapy, in pacmilimab we've the activity pretty here the will more for looking as course, to and than monotherapy well. reported we've combination shown of be previously do robust for triple-negative

in both pacmilimab, agents, and excited well. know of single do these praluzatamab as setting activity. to this combination have can this So patient we're both what CX-XXXX, see And agent we obviously,

I So hope that helps.

lot. very a much. Thank helps you It Yeah.

the Our question next from comes Joe Catanzaro from of line Piper Sandler.

open. line Your now is

question. Thanks one Maybe for much my for taking so guys. Hey, one me. quick

Sean, I familiar why maybe much think you interferon-alpha. have activated is had made data agent a a mentioned of IL-X Are you interest and target. to that version? just for are with that generated, that Thanks. historical could the And So specific single interesting some you of a there and IL-X recombinant us historical it speak great as why see profile conditionally there many the shown tumor so But activity? for types opportunity has

Great Joe. question. Hey, Yeah.

the therapy bladder registration where the and that at shown by in it's where here. opportunity the two trail activity our gene product interferon activity particular clinical bladder clinical - One long The into in a has candidate being interferon a alpha-Xb are non-invasive kind moment. impressive So - alpha non-muscle - not actually, of shown let right, - is is robust this cytokines particularly in cancer area really activity. time, at approach that invasive clinical the technology. given installation point has We by indications Interferon; cytokines I terrific is pursued we're me to just think a blazing say for

the pretty right BMS anticancer it's very can X, which adverse about then, of have effects. but combination PDX potent Interferon locally XX%. significant with Grade XX%, of X study in So that delivered, is showed ORR melanoma, setting, there showing in clear from And a events a a

manner. administration a of toxicities the So, nature immune a systemic interferon in of from wide-ranging an

potential. and besides other there - interferon it's indications think I that So are where has several

early So, days it's still program. for our

for go of the this think the significant there Some innovative with proof improvement, we could are approaches growth home which but this, sophisticated at of is as a be protein the but reported masking think may well. cytokines initially just that masking that to where pretty including been as serving for Summit, we've been factor we has a there places moment, of potentially the we cytokine of lot some concept other basic particularly doing, is to that is we take engineering about know we dual program at Cytokine approach extendable a room

for Thanks question. my Great. Okay. taking

pleasure. My

line question from comes Song the Roger from next of Jefferies. Our

now open. is line Your

quick Thank still your maybe pipeline. Great. you. Sean, a early on one

cytokine it's and the about antibody you're lack Any they and for platform obviously of other immunostimulatory seem modality So - seemed the Probody, thinking versatility Probody modality conjugate particular appropriate you any kind of thinking? given the then, the a modality. of

Thanks Roger. Hi, question. the for Yeah.

As of and here, my features breadth I the defining really partners. to the with We've years, do the of our last science remarks research one our several commented ourselves is capability. I during that really been the depth we've built of think a significant over company and prosecute both able

growing ADCs, years also the did it - in cell already, may We've CAR-Ts, the working are you with space. where checkpoint interest got we early, modalities as MD some moving some applying weapons, such into now directing bispecifics, a the CAR-NKs even ago multiple if to work therapies inhibitor antibodies, though be Anderson. cytokine We across like

that modalities. system to have a a singularly data very nice being the tunability dependent if in and our version interferon the apply of anything in control and of right, depth first the that we really able can activate the the that we looks over and have really part. both dual-masked in is protease The protease in the from The and we years on a expertise we So of shown it's that control, the because that the of us tunability is in would different biology each different no that like And you these systems the I an modalities. see each systems, small of allow really like little case, developed work - technology you details to antibody, again too you we've the think here devil which will work across to, initial into that over interferon-alpha, preclinical we've of different refer move these shared manner. terms can the

of able that tight I'm type develop this very we've this for be future. particular the over cytokine others confident and control will So, to very been important

about super the these and with to So and of explore continuing all our science we're both ourselves excited partners. modalities

That's you. great. all Thank Thanks for the the color. me. from That's all

Morgan. question of Our the Rama JP comes line from from next Anupam

now open. Your is line

activities guys, filing one much. ongoing a that thanks quick of are into the program Hi taking Thanks gating an so terms really had question. to what and for in IND the preclinical getting on the CX-XXXX much and so I factors just clinic. the here

question. Yeah. Hi, thanks for the

out given biologic where mentioned point we're of of where - I hiccup studies, so and manufacturing you clinic overall our look So timeline. I capacity we're a the getting into bit taking we're just usual supply moment little the is brought another the tox in getting GLP including in chain. system and vaccine the in we're at These something program for things of place doing the said, at now GLP doing all all understandably timeline being to just with But happening the the is an pressure as that in know, - that delays utilized unfortunate that on earlier the through control. at get COVID-related IND-enabling do by tox another kind delay biologics manufacturing COVID And as of are on other this place we're over terms things the things. the right are change you a -

that does So help?

for my Thanks question. taking

pleasure. My

Our next from of from the question Mara comes Mizuho. line Goldstein

now line is open. Your

beginning at say to of much. apologize the missed call, day. but proverbial, Great. earnings the I Thanks so busy the I

little give aspect creating just So and the specific opposed as antigen bit for the of a of of cytokine biologies, of sort biology awesome. sort that understanding wondering you Probodies be a of four if production us high-level maybe engineering I'm targeted to just would differences could

think receptor very of with. things many bucket. are a receptors, interact structures, about multimeric Yeah. structures. it's There And it are complexes, it. three-dimensional that with different when families so talk in complicated different to different There different It's Hi, obviously often good really field as receptor cytokines, of cytokines one families, the lot It's bucket easy Mara. question. a of we multiple

a cytokine-by-cytokine. much to So are well, be down field breaks seeing system. we it's IL-X, and so effort why going complex I really in challenges think the that's here The it's because really

very and classes opportunity cytokine success proud which when that reiterate we've some upon linkers, presented yet going our interesting cytokine on be the do And when continue I'm to use we I the still we typically been cytokines of of the the saw a tune think say end about upon, to an unique we static conditional But mentioned, I've years interesting of to for combined us think strategies, a the they that it So interferon-X comes protease-cleavable alpha, protein continues peptide of again that literature, And day, things. to which really the with would sort CytomX screen we masking sophisticated know-how antibody-based really with approach very as we as give has potentially I would strategy generation At And been the lot as basis. offers over at already our to similarly, masks, in some in that depend we've our very a CytomX experience masking, about us wave and their and that we control team haven't in opportunities other masking gain of on you that antibody-by-anybody the the to able well. technology, and up field talked engineering. that really to in work well. it as of not for is to could ways to wave allow available activity.

appreciate the I Thanks. color.

My pleasure.

comes question Guggenheim. Etzer the Darout next Our of line from from

open. line is Your now

taking Great. the Thanks for question.

me, safety Thank for you. tolerability, efficacy kind Just ability and the hormone - has about just sort setting up right move to of of one sort profile, the sort for paradigm. the XXXX of and about bit little for know wonder you been a talk of could you CDKXX receptor-positive. if the potential treatment of for lot - I quick sort post-CDKXX made one

a that great is we Phase study, during the of the event spent a that question. course our which are is Yeah. Hi, Tolaney watching principal talking again, that in about time ocular Investor X the Dr. it's a toxicity payload. on adverse of DMX function And of fair event, amount

the agree, if to vaso-constricting As ImmunoGen mg/kg with being we a long we're the steroidal it in good look are referred about Dr. she Tolaney the experience schedule. ocular good barrier feel combination of And that Obviously, manage we including will pretty How I and we study, step move drops at optimistic of about mean, mirvetuximab, but prophylaxis called requiring toxicity. to help which X in this at we at mentioned really to, we And eye also others, our feel one QX the a for manage substantial ability and mandating time, that able reasonably run. ocular us forward? toxicity XXXX a that see we don't being [indiscernible].

you. Great. Thank

You're welcome.

At this closing like now remarks. conference for would his to to back hand over the Cheng Chau time, I

you of I'd for team, Hi, the on ongoing us behalf future afternoon. to all very on this joining progress. updating executive you thank look the like in our forward much We to

your for you Thank everybody. you time. Thank Great.

call. gentlemen, all this conference Thank concludes for today's you and Ladies participating.

great You disconnect may day. have a now and