PHAXIAM Therapeutics (PHXM) 13 Sep 222022 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to the ERYTECH Business Update and Financial Highlights for the Second Quarter of Year 2022 Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. to Beyen. conference like speaker to now Gil today, would hand over the your I ahead. go Please

announced of this on webcast financial presentation Thank you. and be business good found update and joining to Good our afternoon, the release the yesterday us you six months tous. our discuss first press for for financials Thank for our highlights business the of business evening, financial the call Investor and page morning. update Relations year-to-date Bonjour the website. year. We and and the can a

Joining Iman Eric me Medical Operating on Soyer, the our and call today Chief are Officer and Officer. El-Hariry, Dr. our Financial Chief Chief

last for for like company's know, that balance, risk for starting and this, lines he will, short events three will to on All key financial. year agenda statements the to includes Slide milestones attention Switching involve and draw on in and before questions the you to priorities and forward-looking summarize all your introduction come, then your our the and and they expected disclaimer highlights will be the standard. the cause that financials key Q&A. call, Eric uncertainties operations, And also of and as After call results afterwards. we open strategic as available call, today's and Before I'd occurred year-to-date, business QX May. to will to with actual present after update focusing of related a timelines, present differ. the call an Slide such cash us usual, start on and the the quite to reminding The X, the you timings X. could for as that I

quite setback, we endpoint, that of X we’ve ERYTECH decided this, in new field pursue different the to encountered product I'll a a to two also following company a of cancer, of working focused trial been this of we not in further for therapeutics. And product did in presentation, overview and recently is about its phase the it's completeness. first red time, Brief based lead X, development about we P&L. been with which explain anyone the moving company based our for a hurdles And development of since is overview established to regulatory have a therapies achieve leukemia blood in on concept ERYTECH. with not more Now Slide clinical cell a More this the proof development this minute. pancreatic that And trials. for [indiscernible] we Graspa, eryaspase in primary new and quick eryaspase.

year-to-date. we which the Vesicles, pipeline, key other work now to Extracellular making obviously. for then and Quite X since it Vesicles, our have And element an is while progress. really the diseases Exciting on exosome-based. So is Slide good call strategic the includes on preclinical we focus derived And Extracellular Preclinical work on in brings that and also there, the second Erythrocyte ERYCEV. where we're possibilities rare pipeline. quite announced me stage, items then and key intensive. a quarter partnering earlier

of with XXXX. is clinical April, obviously, the Graspa early that all, cancer, a of in Princeton trial of pancreatic first -- Princeton was facility. cell and in trial the This the in in built commercial. sale was for we X the the So there phase facility facility for therapy state-of-the-art view

the a clearly this Catalent. positive, Catalent, and entire did sold team this the facility and was we for million. transferred good are to On consideration needs. therapy, we in then facility received That first the Also, gene out site to not was with leading $XX.X May. trial CDMOs item. Catalent, in We was turn and was our the one We our team process big find of launched the too that sales partner to cell --

announce item path where decided encouraging hypersensitive This a was to is second long in no after more to plan The difficult a path approval. one. ALL, that and pursue recently, to and data U.S. was in August development our to ALL, have -- we our in we longer this

data. You the a this this there path IPSP. NOPHO, on And IST Based the for FDA, dialogue received to had data The Europe. pediatric XXXX ago, with of saw in a encouraged indication submission FDA, which this based by dialogue countries July, oncology approve more the Nordic plan, requests have run trial we and year was the had on may in this very After XXXX. is with the we with good in long a we a multiple Europe. remember clinical trial, rounded already that the was explore initial of by including plan, the positive run of in been that we X well exchanges than August, data feedback up to we dialogue asked meeting an phase pediatric in pediatric end June that additional which in pre-BLA feedback group

this in this we abandon long our evaluation and the of and we after need -- for the indication, the competitive had small a this But difficult very took cons. then in feedback, ALL. -- in Graspa taking all approval pros and decision and basically, need the additional landscape, into with plans the So possibilities, changes account data to

But saw X three results from This the this and the long stopped received or TRYbeCA-X of the weeks other we long trial the the a with trial, on metastatic evaluate here patients. building disappointing broadening [understated] trial view XX another the we a pancreatic will feedback trial stopped start results it's a ago when pancreatic Then was X that Graspa get trial, Phase and in at clearly, enrollments Phase of enrollment was a is triple we solid announced with cancer. this of TRYbeCA-X we view out a trial of start Graspa on recently the last TNBC, in breast the list end we ALL. negative TRYbeCA-X of year. the to So trial a the work eryaspase development that in few enrollment of element, number to tumors the

So respectively and Committee respective very that now demonstrated. we of patients. reviewed -- in time, tolerated have benefit XX a no the met Steering patients treatment well Overall XX was in clinical it their and trial. September XX that these trial’s and conclusion enrolled was was the groups, the results at randomized The was recently

of the But it's stop our Now in difficult clear this closure immature the and the small result reinforced to a fact Graspa any development conclusions, signal, of altogether. given patients. the decision trial draw absent to number

So with a change now abandoned. for being obviously, the this company lead means quite the

is restructuring. Cost now already launched restructuring. A, in So the for priorities it reduction earlier this year. We the deep and company

launched We saving -- will launched And the social terms of Labor to has have performed and France, all more in now restructuring detail and been in are plan staff plan. have -- the then provide also a Eric impact this by cost financial reductions plan is approved now Authorities. in of U.S. this recently what

change the on is after preclinical Second of focus priority clearly programs. to sort earlier our

block, then loaded Vesicles, red the -- ongoing our derived as quite rare advanced meantime a this program. from been but nicely is the I work exosome-like Vesicles in kid and on Extracellular cells. have specifically, diseases the in work the new We mentioned on

technology. red drugs We and on the it's our encapsulate So building issue. in physical then do ERYCAPS cells we

We first feasibility. have working further year this this was in also now feasibility presented and we earlier on results, work are vitro and vivo

one for what of promise So for gene holds for immune this and delivery, genes hand on RNA, the promise -- we of on lot the a application delivery example. technology of in also the potentially believe non-viral oncology

is exciting to from done and the then work on. quite still, the least strategic the last partnering. soon. the an bullet to third work results platform come More at So this be on and And interesting but to slide

November process year this we've the in pancreatic X after So phase launched setback cancer. last in already

looked First different are when we step with very stepped Catalent, has – with options. the broadened now out -- the to we continue at Princeton been obviously, this we of strategic and behind this, then we sale facility

now release, to to in we broad to -- offer. we’ve has of a potential and and hope as few we is in valuable in said. screening have press We mentioned opportunities important on soon And options. after where the thing we a zoomed an what update quarter -- And which the provide partnering, ERYTECH the the be fourth really able building lead on

basis. company, listed we have a an are We Eric solid explain, will -- cash

We after restructuring. have team a great left

we cell very manufacturing we -- therapy We facility obviously, platform, And ERYCEV unique our we speak. facility. these partnering in as now options, in elements so have and Eryaspase we for have have we're searched around are and the -- a pursuing options -- manufacturing

to handover our and with and update I QX will will half first introduction the stop provide So who financials. an on this, Eric,

summarize us, end which the the flow, we'll of come Eric, floor is for at Q&A. yours. also the news back, after will the We three

Gil. a you, everyone. Good Thank morning, tous. Bonjour

We year financial for we're reviewing starting with P&L deck of first Slide the half are this and information. of in now highlights the the slide X

of estimate and first EURX of completion the results million, company's of 'XX unusual of events in the activities. protection the last half of related connection to the a call a as the of June included operation related also QX. our eryaspase a results the period EURX.X XX, date capital in of expenses gain and the XXXX the facility the in the from of With gain transactions development Income Lyon related impacts the just decrease were of EURXX.X obviously, of French improvements the confirmed year-over-year including operating resizing As significant decrease ends of we $X.X R&D degradation. facility financial and in And improvement with restructuring asset EURX operating expenses decrease, of closure first sale of our million in of unusual months provision related actually a million Total also as expenses, from Princeton on net in the development this of of that's expenses, to Operating And that's was provision operations. million a just EURX.X tax reflecting impacts and happened financial of million minus [indiscernible] tax loss beyond clinical minus impacted in as XX% these to half production and decrease our clinical these to mentioned, France. of capital decrease the million a year million obviously on the again But the of the which the sale XX% sale million, production notable that's -- XXXX one-off to activities. EURX.X EURX.X and operations, to resizing transactions EURXX.X million them, of and activities for same for U.S. steady the Gil in explained, first the is cash number restructuring most million, a significant also production related the net six that, provision best mostly year and facility. over with the facility for showing Princeton. EURXX

cash. So now for X moving on Slide comments to number on

million, in EURX.X impact. ongoing XXXX. outstanding deep U.S. XX%, cash sense reduction loan The the of the Princeton including the operating this sale cost the utilization expenses in which tax cash the no million converted of first position This June million ERYTECH a this since operating and of the drawn in halt believes in EURX So million net million a cash of when and year and position activities, meet cash June that, of $XX.X funding reduce And facility. XX, the X euro the equivalents financing net exchange wish has XXXX. last result the remind convertible the of line current current notes. and EURX as expenses, generation net of that last the EURXX now are facility I XXXX any In periods of against the is initiatives that the to XX Gil company company ERYTECH with is of variation already a compared investing And during million that cash as EURXX.X XXXX. to as inflow, the so of credit. received on cash considering there of was year restructuring operating sale million facility, charge of half year. expected pre net with 'XX, OCABSA EURX Princeton planned activities, XXXX, EURXX.X R&D led expired has including programs can not financing million, approximately generated Already currency dollar a increase to and OCABSA, obviously cash EURXX positive to BLA initiated million, cash the its its and December mentioned EURXX.X the process. further the program, intensified that's called And million of from

foundation before the strategic and that's move responsive strategic that Now, again, the months, mentioning the that further the this Princeton upcoming pancreatic rest The at number key of results latitude time strategic gave the summary is process. review continue In company and we on indication. of an process still the plan to next our very update was partnering be and a step trial, in priorities eryaspase presentation. company. six sale the and year end this the first the Q&A, main ongoing no rESPECT Phase means X expected and first will to a expected of stage on quick with X of slide developments We're milestones this closing, investigator year. But ongoing study, facility the this by of milestone in for in for cancer trial has the us with the of in a already

And Gil of And are we these in we quarter With process strategic would myself fourth I year. As expect you. and Q&A. to updates very we this this Operator, have. explained for any thank that, options. strategic be to further like already, Iman to will initiatives answer of give much on open hope may happy evaluating over we variables the call attention. the you in to already your for you questions Gil, will

question comes [Operator Kempen. Instructions] Jacob first with Mekhael Our from

a just kind partnerships what of elaborate one. give that? at more moment, at had could on Maybe the you're looking just if color just bit you on and I

here. Gil Jacob,

as face basically So the we have we reality have anymore. don't lead to that program a

stage were early hoped. not focus obviously, our with sort done the And have sort a cash, to our even our has if our leverage development trying partnering that is what of programs the real programs. we still the results we of the preclinical So great team listings, really of the

And so don't lead obviously, what to and something clearly, that what merger/reverse-merger is this And to options. of brings accompany program. a add type we can us is not we have

bringing basically, in of a so space And way together. the companies synergistic

our facility also can of in area answer that cell value. So still our your a Princeton smaller, our also, -- gene Does facility company a had bring clearly value, was question? or lot for significant therapy facility a but us

Thank does. much. it very Yes, you

now other turn Gil in am to to At for the calls conference not time, this I remarks. showing Beyen back any would closing queue. I like

Thank Michelle. Okay. you,

for want ERYTECH. the a Just speaking of this to occasion, participating for to at forward your for support thank of in great probably. next And the again question, everyone look continued wish our next you call, for I call your rest And attention, your at day.

have great day. So thanks and a a lot

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