CytomX Therapeutics (CTMX) 27 Mar 232022 Q4 Earnings call transcript

Good day and thank you for standing by. Welcome to the CytomX Therapeutics Fourth Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to today, conference Chris like your over now for speaker Ogden. would hand call the to I Please go ahead.

Thank you. for joining Good afternoon and thank you us.

this and relate of of to I'd everyone future, and they making begin, many to to the are statements. call, inherent our difficult subject during predict uncertainties forward-looking statements we outside be that we control. which forward-looking Before Because are are will risks like that remind to

recent are to or set of with forth statements Important public risks most We obligation filings future otherwise. SEC our no whether and update sec.gov. at developments uncertainties new information, result the in forward-looking as undertake a any

and everyone associated materials, Earlier press today release this and with full the includes the press highlights afternoon to release XX-K, at and the a filed include results XXXX that have recent We CytomX. read amended issued our which developments summary today's encourage we XX-K XXXX a of which financial XXXX SEC. year been

also most certain note, financial years in the reflect of comments outlined in regarding in call recognition XXXX. today. as statements reflect this our company’s changes in financials from SEC adjusted the XXXX financial restated filings timing The statements Please the to revenue recent made the

website. Additionally, our be a our found the and News recording can of press release, SEC under and filings of call this section the Investors

Chairman. today Sean the XXXX. on through pipeline call for Dr. Officer walk is a will before provide Sean Chief business and financials me the With I CytomX's update McCarthy, Executive and

let Sean. the With me over to turn that, call

recent progress CX-XXX, including for within additional company's at our our overview targeting us and updates status for I'll of pipeline, cover on for recent programs, the CDXX partnerships. developments I'll CX-XXX good CytomX. on our updates provide corporate Chris, afternoon, call, and CX-XXXX. also Thanks, Thanks update an joining program and everyone. On therapeutic emerging today's an

localizing need empowered believe a important Indeed, conjugates, of antibody-drug as modalities more into more be T-cell as way potent, anticancer cytokines such the engagers increasingly for window. become biologic improve and At becomes CytomX, localization therapies and biologics. as that to that we the tissue will future cancer believe we therapeutic

CytomX transform thereby by safer, to more to and our reducing vision create Probody toxicities for aim of our realize therapies. benefit. to benefit effective We vision the systemic lives to leveraging that localized therapeutics high with tissue, diseased is patients maximizing overall platform are impact

XXXX our that was of prioritizing future in an CytomX clinic. and experience year restructured into from that the for which by important and we incorporates the company success learning with first our advanced portfolio pioneered stage earlier transition repositioned of therapeutics wave for we our Probody

around early pursued has patients. impact years, consistent Probody long-term platform on maximizing strategy the Since CytomX company focused our a for build and

evaluation a broad allowed therapeutic positioned platform, in resulted strong Our clinical of a have to date scientific for near substantial significant uniquely to long-term have value. pipeline foundation candidates and deliver of and investments our deep

this molecules year. to We active including new INDs later file owned wholly we currently Probody for programs, two and more XX therapeutic three stage clinical expect programs than have

months science. towards execute XXXX collaborations, extended multiple substantially entered financial the Additionally, our XXXX, next with through to XX our reach company milestones we funding of and the have over the to resources robust XX positioning into months. CytomX

hold treatment the expanding T-cell T-cell efforts engagers bispecifics with tremendous Moving for engaging promise of pipeline. solid tumors. this like modality. and company start now our our with to to I'd is

imposing therapeutic of very potency lead constraints However, immune widespread to system can the the window. modality on this of activation

platform ideally partners challenge. window. the addressing CytomX and the believe for Localization this enhancing suited Probody powerful be to of this activity unlock of class of patients by drugs potential anticancer could enormous our therapeutic to

Amgen with engager T-cell is program this CDX in co-development in a alliance. CX-XXX, targeting global a clinical Probody lead stage EGFR area partnered Our and

cell highly opportunity to compelling to broadly to anti-tumor is leverage this EGFR T the target a target tumor a localize expressed cancer see we preferentially responses and and validated microenvironment.

has CX-XXX therapeutic widened preclinical unmasked we're the dose compared These its well Our EGFR counterpart. published window preclinical a to bispecific show data data localized and with X led to CDX advancement a that underway Phase Probody of now escalation.

and tumors. certain has the initial this and can study start escalation. EGFR of X positive drug of enrollment Phase assess XXXX, end safety The is in dose which cohorts the single back primary advanced escalation of we into to patient cohorts reach phase candidate for goal The to dose exposures from levels by we into law X+X aim dose

and be milestone key a positive XXXX, and dose Amgen. providing would to for then our to Amgen certain EGFR of expansion phase, updates will in co-commercialization decision as tumors. This in with cohorts look potential of We the expansion to over recommended be will on horizon expansion the Xb will selection with initiate conjunction development cohorts conclusion partner the be ahead the of upon taken co-development decision additional responsible Looking program CytomX CytomX retaining the forward execution rights. the Phase X and Phase the global advances. CX-XXX co-funding, take

CytomX future we January collaborating a milestones additional XXXX, and across nominated T Astellas Staying candidate our cell CytomX Astellas is clinical delighted first preclinical, the with are and that million receive commercial T also to to payment partner these clinical programs. triggering milestone in $X eligible cell and collaboration on CytomX. engagers were engagers,

select Astellas option We also the retain U.S. collaboration. the and within rights development commercial to

cell by utilizing both with the T reach CytomX had and cell collaboration new these bispecifics highly considerable discover tumor of CytomX engagers Continuing November has widening with In tissue, R&D to bispecifics. see cell has potent agents multi-target bispecific and broaden in immunotherapies. companies to Regeneron localize platform to window. XXXX, therapeutic a develop Regeneron opportunities to T efforts T

the of vision shared in deal our last This to we discussions formed announced year, November. the leading basis

acknowledged another CytomX point collaboration scientific yet validation expertise. high external of for innovation, Given Regeneron's platform this bar is of and

for EpCAM active and CX-XXXX, Starting CX-XXXX is target to tailored has optimize for local regarded by only sensitivity. conditionally with potential clinically generation for mechanism therapeutic tumor decades has and been next epithelial high validated molecules as with achieved a CX-XXXX clinical EpCAM. to our by others, CX-XXX. index our now and EpCAM has but cancers target been been activity Moving the action matching targeting of ADC payload upcoming INDs expressing administration. Probody with

an has class of program. exciting EpCAM and have drug We including and a optimized selected payload HERX inhibitor a ADCs, camptothecin masking, ratio really protease is cleavability, as the clinical X class and this we The topoisomerase program choice for and we payload derivative, [indiscernible] for have with X. (ph) N this in payload with results optimal this think antibody the Trodelvy, shown

a predicted IND anti-EpCAM efforts therapeutics We anticipate this generate therapeutic successful. for novel promise, CX-XXXX, and Although shown filing strong systemically have in half ADC second multiple in has systemic wide been date the administered activity locally not therapeutics of administered when XXXX. colorectal anti-EpCAM to have demonstrated preclinical index preclinical an to models cancer. however, including

Turning towards now away to program powerful there's cytokines system efforts CX-XXX, their systemic alpha-Xb, strategies our localization enormous We direct of our tumor the to activation. anti-cancer activity lead our interferon potential field. dually from immune cytokine tissue by believe the within in and to activity using masked broad harness the

Interferon cytokines an types, and effectively T cells superior we and/or in is inhibition, checkpoint to activating as alpha approved multiple a IL-XX. refractory and stimulates potentially cytotoxic provides to alpha-Xb believe responses such offering immunotherapeutic cancer to IL-X, has with tremendous checkpoint anti-tumor Interferon activate clinical IL-XX and cells demonstrated antigen-presenting than approach that cancers. activity immune potential combines unlock resistant

action. mechanism tumor also cell of dual activity, Interferon a killing has providing alpha direct

systemic anti-cancer toxicity. the profile wide therapeutic However, to alpha XX, unmasked thus powerful to activity XXXX, data has to In at enhanced presented compared interferon. difficult far index an that we has demonstrated due of been its and CX-XXX interferon harness tolerability a

has have therapy half a preferential for as microenvironment targeted centerpiece the combination to a effects inhibitors. potential an filing activity tumor We range clinical we evaluation aim of of combined second rapidly checkpoint with potentially program data the the IND tumor for types believe CX-XXX's Our this and XXXX. highlighted towards potential of when become best-in-class advance to wide as with well unique for the synergistic in CX-XXX

Let me as an unique leveraging the have transferrin CDXX, CDXX turn in we of now the At properties to program. anti-cancer target. long-standing receptor interest our had a CytomX, molecular

use Probody this platform as antibody high to to conjugate drug but that open And a CX-XXXX. is developed undruggable window for therapeutic previously our CDXX to call target. potential, goal we such, an Our we have

agreement, the CytomX early partnered and IND-enabling was with completion program to collaboration later-stage for focused and studies. CX-XXXX of of for responsible that was We AbbVie, expansions XXXX advancement responsible [indiscernible] to on AbbVie the cohort Under with being development. and the up development clinical back into the

activity clinical announced tumors histologies, updated substantial progress in January since patients this XX% in pretreated rate which this made heavily the squamous a alliance in included have started, of cohort confirmed from cancer. encouraging esophageal expansions, results we We response unselected squamous including with and year,

most Strategies patients use the anemia have remains anemia of reductions. and treatment-related managed measures. have through dose of responded dose have actively And anemia delays transfusions, X common the to event. Grade who CX-XXXX for been adverse included management mitigation

evaluation studies and marks CX-XXXX data alliance, do informed been January program on and portfolio plan XX within alliance at AbbVie clinical execution they Our responsibilities not months. the essentially into the the the advance conclusion under data AbbVie reasons, strategic to in conclude. us will for CytomX's for of further has CX-XXXX March update clinical of AbbVie recent that the for

has and CDXX exclusive to CX-XXXX, rights and an are reacquire to to underway. rights option full regains these CytomX full discussions

CDXX, AbbVie's to late-stage lead While shrinkage our work to targeting and decision, new boundaries an conjugate on disappointed pushed that drug the we can first-time we antibody date scientific with are in cancer demonstrated patients. CDXX with for have tumor in

for development. thank CytomX their continuing next-generation CDXX. bring for steps also program helping strategies would next pursue will its We us be in like CX-XXXX targeting to and forward, CDXX our to evaluating to stage while in Going this partnership to AbbVie CX-XXXX

update collaborative Myers like briefly Squibb and Bristol on now I'd work Moderna. to with our

take BMS with a few latest and I updates to to to alliance program. CTLA-X like continued the the has cover minutes progress, on make Our would

BMS with have Probody We CTLA-X on two worked approaches.

Probody is of the safer, their non-fucosylated to version now edge a is which of version a ipi. call potent be be to version their few We're their Probody called next-generation of of antibody non-fucosylated BMS BMS that's ipilimumab named their a Probody, the announced a with is first of effective more ago, working of version CTLA-X This advancement XXX. designed leading more earnings At ipi. weeks XXX, designed The prioritization and anti-CTLA-X XXX on the program. non-fucosylated also Probody a

Phase the we from X look BMS. At X, SITC colorectal forward being advanced presented underlies activity, microsatellite-stable in that Phase XXX, and to is cancer. intriguing XXX, including in Probody which updates is The future BMS XXX data XXXX, on antibody to showing non-fucosylated

vehicle develop to have field the as conditionally of excited like continued to our activation our innovation, collaboration partnering off I'd to our We're and recent and efforts brings reemphasize which a also Lastly, research conditional CytomX's leverage ability most highlights for this which leading mRNA-encoded financing breadth activated in continued Moderna, pioneering together biologics. and company. collaboration, to platforms already two kicked with

to of technology and in of CytomX therapeutic share of intersection in Moderna transform great and the and together. and vision forward the investing also doing non-oncology lives a to areas, we biology at look things oncology patients

to over you Let the a financial Chris to me now turn quarter. overview for the call with provide

on XXXX. the sheet you, operations pleased results from and cash, in of Moderna. strong to share part payment update This received include in QX fund investments XXXX entered of Regeneron the balance as be does received December will million project a amount collaboration not into million with but includes Sean. XXXX our equivalents the payment CytomX with $XXX as you of Thank today. the company able upfront XXXX the I'm cash financial $XX we of upfront XX, to XXXX, with which an

capital We operate science our company CytomX's financial a differentiated and strength, continue the from of to continue build bring ability to position into recent collaborations leverage and its long-term highlight value. to to

of that for recent include the to collaboration financials I for method my from result financial which our to change to information statements most SEC restated a refer regarding certain XXXX like our accounting recognition Moving full as year financial revenue in comments would a XXXX. filings, the to note XXXX the agreements.

collaboration. the Also, impacts or not that flows. company's does restatement The no position of restatement will current certain impact total for has each cash impact revenue be on timing cash and the recognition revenue recognized the

with was to XXXX compared percentages programs AbbVie by for research $XX.X in collaborations development the Squibb. driven estimated higher $XX.X Bristol in Revenue Myers completion and of XXXX, company's million in and million

of million by to to R&D restructuring expenses offset XXXX. trials decreased $XXX.X lab expenses. The primarily $X.X contract million million decrease lower in $X.X by due services, clinical partially and was

million, $XX.X company's full million. as million to announced expenses XXXX. of the expenses XXXX restructuring were restructuring, primarily $X.X $X.X restructuring in XXXX was to of which G&A of Overall, increased end driven of substantially is expenses. by in complete XXXX July related The $X.X the million year

to I'll With Sean. that, turn the call back

Thanks, year of begun execution strong partnered the Chris. company In summary, a with pipeline. to has by our with considerable across be and the wholly-owned XXXX will across This momentum. pipeline focused CytomX and continue execution

Our efforts of engagers Regeneron with together oncology with the progress most and positions the our T and one with efforts impact taken ongoing company exciting an an important make R&D. in areas promising cell to significant CX-XXX, opportunity collaborative with in Astellas of

which this to We our through cancer year. interferon in continue invest for our active on work IND strategies also conditionally CX-XXX, filing alpha, immunotherapy on is track

broadly, more CX-XXXX EpCAM to potential As we're and the next advance filing. IND asset excited ADC, latest also program CDXX we towards steps for targeting assess our CX-XXXX our

of the mission. benefit we their impact applications technology lie our team to to cycle dedication committed ongoing remain to our thanks translational extend my to strongly like vision for bench us our and people bench with I sincere highest for commitment to the and would bedside and CytomX to has the continued to The of where cancer teach of patients.

now open up call the let's for Q&A. Operator,

have Instructions] you. Thank is from [Operator question The Jefferies. we Song, Roger first coming

is Your line open.

next this into the Great. end start of Many update. moving you by for A you expansion go through and the questions for XXX. couple from taking dose maybe question. the us, Thank year. Sean, will potentially from you escalation the mentioned the of the year thanks

in that you give just from kind should expansion? us into the of to can data of move around update for the to tumor key what see you. what you we comment some terms specific and expect the So, program Thank are criteria

Yeah. Hi, Roger. the question. Thanks for

year engager. we're XXX. track And with is is, on in very the in in common or for is the cell doses -- reach we're right So, should Phase us as we're enable backfilling that as And our fairly engaged program the the by of goal progress the this dose really I to we novel to do believe early start cohorts goal the T of early that to mentioned, to safety it's X. now pleased escalation end assess

doses molecules move With stepwise like, agent highly any T selection the an escalation, cell this the forward. are and like engager, potent dose of really, these to

given think be these about more days, I think even to with think about guidance we Optimus need to MTD, to and this, thoughtful how how about FDA's RPXD.

guide to going we're are when we data, here progress. thoughtful good So, be and not we'll making to to ready but have

you INDs? IND-enabling That's then Okay. you terms are your are, just of for And the in of (ph) potential the can of what paths also, the us And the XXX let terms know and indications XXXX, EpCAM fair. for initial studies and doing? status Thank in R&D that you. are so the two, those upcoming what

for Thanks question. Yeah. the

So INDs. very two new about these excited

And We're the both team and very you manufacturing multiple have programs, as these they track the year. for pleased on guidance potential mentioned, our mentioned, We're tumor IND-enabling progress. this right of now is with with busy filed remains INDs with these for types. being everything activities steps toxicology on for programs. across I've track As with broad Roger,

EpCAM In terms let's take first. of tumor types,

are as out call One a I how this is CRC. type very on where given in just pancreatic, of highly camptothecin is many tumor this well highly reasons tumor move potentially is But is moments is other just about the most we could the target we've love type, as which And few is tumor CRC broadly did name it target expressed that's well. that the to high one epithelial comments to matched my there expressed expression expressed, the into, EpCAM we ovarian, tumors. types things the we payload, the in including of that that selected think two. ago,

X, many go. different many, of So by be course. guided in to Phase see we areas what We'll

in We approved been has it's know approved interferon the tumor XXX, an in active drug. drug, types it's an to regards With already several past.

of potency Our turning the tumors strategy antitumor colder as of immunotherapy warmer given there tumors into to immunity, warmer tumors by several data guided get in area to that with XXX, is we'll pursue the an increasing work there tumors, and alpha will interferon again, turning the running. once and into we be be opportunities escalation Phase X hot But dose there. up

potentially regaining anemia probability the and CDXX, Thanks Great. been observing. have just the you one will target about and on generation the comment. the this next and target for the for kind I hop for the Maybe you Since XXXX, last of for back that are you so we on question, is know is finding CDXX. entire the for queue, rights talk

what to So, from generation? us next the clinical you. can the how the know you apply going previous learning, generation, for the are next just to the and from let key you're strategies data Thank

Yes. Thanks. Great question.

And with so, start maybe let's with regard to data. the -- XXXX

guess, holistic drug. to just So the I view give, of our

We activity mitigate have This has work We've and in very recently, more esophageal. do and about still novel signal tumor anemia. further in over how is last an intriguing active understand most have shown year We to a potentially so. antitumor manage to several or that learned really ADC anemia ADC, an drug. types, more to squamous the this

do. to that forward was were assuming we ourselves, that that, XXXX move decide we If something to ultimately

I a There years. window last therapeutic we've XXXX think a So, the drug. with for learned over is lot of the couple

And increase to as that more to decrease anticipate we think to how the activity, say year. broaden of I several ways as next-gen we about would the go say through ways believe have to fair antitumor do have that. do anemia, would window. science this ideas we and we'll incidence that find could to therapeutic different with the I it's to that we be And

now Great. Thanks. it (ph). for That’s

next question prepare our while for Thank from go Please Goldstein Mara you. And moment our One is question. we ahead. Mizuho coming of next Group.

line open. Your is

Thanks for question. Great. taking the

CX-XXXX. clarify So a just on bit to maybe little

would but correct? to You CDXX, have if CX-XXXX to you have then chose Is molecule you rights that acquire to do the that.

That's right, Yeah. Mara.

reverts CytomX. have full those So, as AbbVie the broadly, initiated. XXXX X target target been negotiate and concerned, as to program exclusive back rights have from a to -- is we far the right an the discussions as Phase asset,

or Is okay. years the AbbVie And had enough. they under couple active? second also Fair still the that that And ongoing agreement, original no then a longer ago. Okay. AbbVie chosen a – target -- of is

Yeah.

were time selected. with separate was as at And is was One and also that's So, were additional conclusion under targets for well. collaborations other a agreement. R&D AbbVie. that the we same that agreement And collaboration to had CDXX initiated agreement two the coming research the the ADCs which couple a of discovery a

perspective the enough. then your Moderna And Okay. be at sort a relates not an but the in terms us CytomX of may not to, A, you just speak are able potentially the or of also participate visibility to, on what to to but for to it's I Fair particularly bit collaboration, ask, to financially you stage, clinically? about may understand it early little certainly where I can talk as wanted from benchmarks

Well, the to with are just we've that we off. that we're excited kicked how just -- reiterate just the doing science again Moderna about

the to alliance of disclose at to not ready mRNA leverage So goal encode just to recap, this in of the express additional point. oncology research activated program details is non-oncology. biologics their We're and platform conditionally and the to

lead certain to for But development authorization the with efforts, will commercialization Moderna CytomX. and and milestones responsible that are and for collaboration coming discovery be is we royalties structured and such responsible

the ways, on the Amgen development mature for discovery be will Moderna do in This AbbVie which expect example, we move the more a even and of in in with activities is, involved traditional some programs XXX. they so, be And unlike, relationships relationship to conducting as Moderna, the development with not or forward.

so Thanks much. it. I right. All appreciate Okay.

You’re welcome.

you. moment Thank while the question. we One prepare next for

from coming be of Barclays. will question next Our Lawson Peter

open. is line Your

Alex is on the for actually Hey. for Thank questions taking question. -- Good two Peter. our quick this on BMS is afternoon, This I guys. had just collaboration. you

saw to is, us you Phase the XXX the key comment X data for we've that XXX in for differences or the you first molecule seen molecule? compared one The can the remind

that. Yeah. Happy on comment to

So, for bit it second, here, on does with take just sort me so time same of bear a the to a the of just moving parts page. cover various overall

ipi. is of XXX, which XXX The XXX the Probody the the version of XXX So there's is And non-fucosylated. antibody, BMS' is is the which non-fucosylated Probody version antibody. then,

data the relates as is clinical the a study. for previously to, X X to that BMS has XXX presented point out, So non-fucosylated you Phase Phase No Probody. presented which data XXX's yet also has been rightly and XXX, study

from XXX and key say Phase the work as would learnings the on are X I follows. that XXX

to dose With Probody the the achieve the the Probody XXX, escalation was ipi. very levels high really of of ipi, able version mass

mg the see over kg clinic the can they and done get is per combination So, per XX, they we've years think -- I that pretty can work drug. in and dose to you [indiscernible]. response kg in achieved well-tolerated X-X have the mg the so toxicity, and consistent monotherapy the of a with for still how curve And XX shifts with higher masking this levels full

a aspect for a area other of ipi clinically case in poster HNS was CRC, Phase progress Again, presentation, the X highlighted of put active. activity was the which lot for their a important, year CRC, really demonstrated clinical MSS a and evidence including study. demonstrated in data, was think, that by update clear forward response where reasons, several stable was XXX, at The we're XXX study poster the non-fucosylated again in [indiscernible]. MSS seeing ESMO, including as that is this The others, is case I an with of last XXX which

than it's how administered potent. designed potent more lot lower that The substantially XXX that can and doses ipi And the non-fucosylation to It's data to other drug. that more more than potent leads the be noteworthy drug, a poster meant you is ipi a are see this for from alone.

think version I non-fucosylated interesting to higher of would evaluate an the of the form. in doses take of XXX, that home. I kind the mask has the think that's masked of And potential So, XXX, prioritization

the at point So a lot are thoughts far. have will those that's visibility from of presented strategy be don't what But BMS' Phase X data XXX. thus few been a we in for this just

Great. makes in with of that's that assume then, terms -- enrolling any lot just I you going Thank patients of a current curious and also the XXX That have or studies the will yeah, you. sort we it. ongoing Okay. of forward if was And visibility sense. should stop and

You’re welcome.

prepare Thank you. next One while moment the we for question.

H.C. from Our next be will question Mitchell Wainwright. Kapoor coming of

Your line open. is

Hi, Thanks Sean for and taking team. the questions. well. Hope you are

ask little then to what and cancers to about on mechanism versus and wanted to target? of drug What with to ability rights. suggests profile about the entail? the Just the CX-XXXX the that the a think other respect do reacquire bit is what effectively discussions more more the -- treat does esophageal cancers secondly, you And the the

have contract Yeah. say for a there's the discussions other for on initiated, point really negotiated comment to to obvious been that. ago questions, I the those Thanks the process Mitch. that and can't go how in about that for laid at XXXX this than years we negotiation out reasons some

where see So, goes. all we'll it

certain signal interesting esophageal, CDXX of seen to really amplified squamous in to we've is others esophageal one regards that tumors. it that With showing suggesting relates of the or published features esophageal there, the us. is from data is to intriguing The target that

selection figure And potential whether is a that a we're that could level clinical as target something imagine So to pursuing, patient and there's one strategy aggressively there. relationship that specifically or between out target activity. certainly there's more amplification

high patients So we’d in speaking that to work mitigate its terms, select anemia favor of likelihood drug response the drug the activity, give say, continue to with forward to in course, let’s of but to this the and can we drug, to to the be increase best general to we our incidence move course, of clinical have given we ways future of esophageal, also, if and manage also obviously, anemia its success. chance given wanting of find everything do in to elect

the that that relates at actively looking something that’s target. we’re to directly So

very you Thank much Great. questions. taking my Okay. for

You’re welcome.

Thank for prepare you. next One moment we the question. while

next question JPMorgan. from Anupam will of Our Rama be coming

Your line is open.

taking for actually Anupam. Hi. the Thank you is Kuno for Malcolm on This question.

Just one quick question.

cost of as some your collaborations we baked sharing involve should being your that into what given assume So cash agreements, runway?

that pass over to one I'll Chris.

Yeah. Hi, Malcolm.

remarks, cash end reiterate to in we've of million year. the reported prepared cash communicated $XXX Just what so runway we of at on the the

of we of I As upfront does that that $XX nor achieved of the QX received payment million the XXXX this Moderna of January $X milestone mentioned, in year. Astellas million in not include

In terms go of on assumed. what's on the color into don't guidance, we exactly specifics

From and communicated summer pipeline. capital the allocation last we the an overall in CX-XXX and focus of next-generation the resourcing year on perspective,

programs be will capital giving course, of But we're appropriate. allocated Speakers] So that, those color. to [Multiple as additional beyond not any

Yeah.

-- as we that quick been Amgen with in now a addition quite that's there we bit the that later-stage in I have the invest But AbbVie Amgen, of the without guess, development. Like, down terms the the one Just the deal we're mentioned earlier, obviously relationship opportunity -- we that road. way had structures. comments both we concluding a and alliances have we in structured in further to had,

programs mentioned, on the is key to earlier-stage financials as Chris and So assets. guidance advancing really focused near-term current

Thank That makes you. sense.

moment we question. the you. while next prepare Thank One for

Next from BMO. is coming question of Etzer Darout

Your is line open.

question. the taking for Thanks Great.

-- wanted on clarifying Just BMS. a from Probody question the program

that of little potentially sort tolerability talk as the question fairly, now if sort AE only a know bit that of well. Bristol antibody of Just plans could one. or the maybe BMS the leapfrog whether between sort notorious, about profile, you not differences and a is Thank forward? just sort move from ongoing is maybe or safety could are to to ipi the speak XXX, which and maybe we guess that's of you. then of I if program XXX Is And you this XXX that advancing?

make probably just Etzer. by our comments. brief Obviously, BMS. couple think, let questions, compressively Thanks, answered I Yeah. partner, a me more But we of

to regard X have that. to leapfrog advancement and the with clear Phase XXX the it, other prioritized they XXX all, programs, of as from put first you reflects the So pretty been over X they Phase have that

of of antibodies non-fucosylation, landscape case FC more next-gens are pursued strategies broad by think like at very or a that potent towards BMS, move I is similar. the of versions functionally if CTLA-X which parties, using various there in the anti-CTLA-X one are being looks enhancement

So, their and from decision, us. makes the the to I think the at is way looking world of sense the it outside evolving, field standpoint

I safety the mentioned of we've better again, presentations of about more much XXX, in data the answered less XXX, target think earlier, partner. observe seen a regard I their biology. engagement one the With just thinks by that It is target, be that from as I would question well-tolerated. is when to our potent the would antibody

similar. I adverse the that are seen of are though profile events think

So, I particularly with aware the FC -- I'm of have enhanced the study bit a closely. we'd but data unique more don't anything to not that's

Got for the update. it. Thanks

Yeah. that the open And why therapeutic course, and is we're that to encouraged the Probody, that's XXX. they window, of goal of prioritized

Got it. Yeah. Thank you.

You’re welcome.

session concludes well call. Q&A concludes today's for conference all That you. today's Thank as joining. you as Thank

and a good disconnect may evening. have You