Gritstone bio (GRTSQ) 9 Mar 232022 Q4 Earnings call transcript

Greetings. My name is Joe and I’ll be your conference operator today. Welcome to Gritstone bio’s, Fourth Quarter and Full Year 2022 Results Conference Call. Please note this event is being recorded. At this time I would like to introduce George MacDougall, Director of Investor Relations and Corporate Communications at Gritstone. sir. ahead go Please

full and Allen, conference everyone Financial financial call updates Vassiliki Gritstone Vice-President quarter and operator the Executive me from today Economides, President call results, joining and Gritstone Officer. business from and fourth the bio’s to are for Chief XXXX. thank you With for on Andrew you bio us clinical year co-founder Thank and discuss and our CEO

of be us R&D. the head portion Jooss Joining will Karin for our Q&A

link market financial Today a and be release Investor will up well on the like release where replay remind we’ll after issued prepared Q&A. after closed and I’d available website, press website. Gritstone’s being press clinical providing we XXXX to call Today’s is a you Relations also that completion. quarter full as call our available for open business is remarks, After The its our results fourth updates. the year our via on XXXX as webcast live

information update website. change. our on recent any obligation filed based disclaim on statements All even this During required statements may of on described. such our available Commission forward our Exchange and results that And of These statements by from current materially statements if call to Except a expectations. will in on are today looking we the uncertainties. as make XX-K Form most We factors this subject of made we available significant with the encourage and to our based to actual number risks U.S. the to views and course law, are as those us. Securities you currently review differ are forward-looking call, risk

turn With Andrew? over the that, Andrew. let to me call

you, And everybody. afternoon, Thank George. good

the Let step next ambition ago work immunotherapy. by in entire started proud XXXX. in thanking take accomplished I’m me the for big we’ve to progress years with of team the the first we tremendous that which made our begin seven cancer

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year the color I’ll now to the results will turn XXXX. and our for full financial for who provide Celia? over fourth Celia more quarter on

Thank a you, We October Andrew. Good of million in runway net include several with marketable and restricted our program. from XXXX cash. to from And measures secured million XXXX. these million placement $XXX.X utilizing took securities private cash offering Gritstone ended afternoon, extend everyone. in and proceeds $XX.X cash, our in $XX.X net XXXX, proceeds on ATM equivalents,

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primarily costs outside The support an increase increase operations. attributable ongoing in an to related was increase in personnel our and services to

prior $XX.X license grant collaboration $XX.X compared million revenues the December to that the for ended year were and for XXXX, reported XX year. also million We

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was quarter the the net XXXX last period for XXXX net loss compared The year. year full million fourth $XX.X with million $XXX.X million last for for The of same the loss year. period was for $XX.X compared same $XX.X with million the

a $X.XX warrants of Finally, outstanding stock to now brings funded and shares XX,XXX,XXX pre December common shares share shares to purchase common of common [Ph] and XX,XXX,XXX at had nominal of as XX XX,XXX,XXX [Ph] stock warrants exercise [Ph] of to XX,XXX,XXX exercise XXXX, Andrew per closing of stock XXXth outstanding price Gritstone total of pre at outstanding XX over an back per as This of the of for call December cent the a XXXX remarks, funded some I’ll turn share. [Ph]. Andrew? price

big Thank potentially you, a to Celia. idea Gritstone product to a bold and take was driving formed a class. novel approach pursue transformative

accomplishment approach at years of our disease Over proving the now sit and infectious out cancer the open threshold responses. aim colorectal then immune the solid new We the antigen immune potent our of tumors. and that with and curated our responses, we’ve and cold metastatic in up founding, could since advanced more set tumor technologies, durable driving carefully capabilities seven and specific of

platform to with share exciting pioneering and against We technology represent look for be I’d an ahead like thank that you time. what disease. findings that, will we’re And RNA today. infectious novel us our to the with Gritstone could next joining forward you approach throughout for continuing all to a to Additionally, that year

now Operator? the the questions. to operator I’ll for turn over call

TD with comes Thank Frahm Cowen. question Marc of from you. line Instructions] [Operator first the Our proceed. Please

with for questions. taking thanks Andrew. start my Maybe to just off Hi,

is fully look PFS? predict the you of we minimum matures? the at some the type set. that’s PFS A significant as do in QX, difference likely you’re ctDNA Just to in responses of ultimately data towards What a kind given of data size data that think

what because is care difference, about we I would the about PFS OS care we a what not is slightly an difference. change question

really, endpoint matters So is efficacy of that that quality is that of life the from obviously matters the endpoints. that type goal here course, is one the aside only

So and of are living functioning classic better, better sort longer, feeling trio. the

So really about survival. overall is

seems some novel in in friends being response disease with of without extremely context, risk been It’s better at immunotherapy. recurrence. it It’s characterized characterized, lung it’s cancer be of a correlates that research track patients identifying have And with this setting showing again, to ctDNA the know, appears adjuvant data in been as you overall to high And And that well setting. endpoint. surrogate well immunotherapies not increasingly in, published ctDNA that validated in to cancer come survival. well

make a at And thresholds their were median nuances mean it’s or different determining They which whether and data looked And the didn’t assessment, suggested signals irrelevant. the shine that matter that They tweaks reduction. for strong not looked evidence important. different should percentage example. good, to of much, at techniques that because was from through frankly, small their manuscript rather actually that obviously is

doing metastatic So this setting the for colorectal the in we’re cancer. first time of

And response study least powered the didn’t difference two so a your we rate know to arms. answer the the to question. detect We’ve XX% at really ctDNA in between

it tumor So that I obviously absolute obviously, it see we to is an the two survival going think that could we’re is mathematically And on XX% I I doesn’t between delta which with know number. overall anchor that don’t arms, what point. right the go the much that’s see, how don’t a impossible that on reasonable. know number. And is this is bigger correlates anchors value, expect, and we’ve they this flat, as from you start they the hard good. true a know markers If new best. go down, what learned that’s bad. to and might know markers, to is as others therapy if point, with that’s at most up, you if at It’s stay

to here, be we’ve that’s discussed. likely think as I true

will changes overall what is correlate actually it’s question looking survival. statistically think how for. to as But we’re open I XX% So an with

on can payback your then can you with any that associated accelerate with wider there if just given that allow very you are that for the CELIA, one remind market lenders, that’s in on think on to might the helpful. us going And maybe what’s I clauses loan? them of

thanks Yes, Mark.

drawn the in for that do covenants is SVB of does financial that we’ve of kick it loan renew in with balance million XX% actually of at But XXK. loan being a Hercules year, with to and kicks on both April actually is time. Hercules there $XX your have we this the only can outstanding sheet, our So you capital, majority in which have the this with we down

enough. Thank you. fair Okay,

Ted Tenthoff the proceed. Our of next question Please Sandler. comes from with Piper line

Great. Thank thank everybody. the for you very much. And update you

SLATE. a product. little of and So look in deeper intend like. my KRAS look what like with question advance what could how bit kind digging again, in Thanks. sorry, on of And you is to that terms I’m a that study next could product

Yes, Ted. thanks,

based that. need vaccine Everyone will We and with demonstrate as as the you you GRANITE vaccinating follow is the I essentially move last to expect. in followed therapy playbook, But it might that where study. of think haven’t subjects to end immunotherapy. way a place a that’s details upstream. therapy, will Clearly, of optimal your life we’ve line safety disclosed But never begin course, for same to the acknowledge earn as of and order

I with done think think now we’ve that that with done GRANITE, I we’ve SLATE.

we much earlier to a move metastatic intending therapy So diagnosed of likely newly to subjects. upstream are line

with how which an on antigens, product of we’ve of product in antigens to about you’re the same molecule you resistance. to therapy that our of off lines possible small suggest highly questions And viruses, course, are personalized a candidate the got reduce is acquired the probability of a beautiful drug the the one the your want to for And vaccine patient. thing as attack mutable XX of strength a neoantigens. XX is XX are of deliver Because is of typically data that new each as as that case, multiple real delivering, many to between because to key relevant target for them shelf

about So that’s viruses is reduce attack it We as for acquired the same of just think lines for tumors. to resistance. multiple

add deliver have on specific shared goal? good plus same antigens enable attack achieve we is what very to SLATE with we but will therefore, is and other some the one attack target a can can that multiple T it try in stone And So target, obviously, cell neoantigens to and us KRAS perhaps KRAS how targets.

that’s do pretty obviously So at Gritstone. the work extensively we that

Cambridge, our last key published our of large Discovery several is a at Tumor platform, have Mass. the tumor from They antigens. This the have team prediction to years Group. in on the they’re is one model asked areas continued We and iterate since over looking additional Epitope shared we’ve

paying question to. a us around as will So later we this it’s attention an year Today lot disclose but SLATE for not to do trial. is and we important so it randomized reveal one we’re of that more, day the details is

Okay, thanks operator.

the question. I think you Thank we’re next Ted. ready for

the from comes Securities. Mamtani B. of line Riley question Mayank with proceed. next Our Please

afternoon, and questions thanks for Good and progress. on taking your congrats the

quick couple a follow ups. of just So

Phase if So in compare data just set. the X/X you the about Could Phase you that? regimen [Indiscernible] against talk X

the question. then standard did And secondly, final just compare -- standard of I you you’re expecting? have what one say response molecular then And of care,

power So I on the absolute to than meaningful. rather difference, focused being between I low. two study’s arms, to didn’t likely a But XX% the be so said, value, over think think an be is difference specify, I detect we will it as

a Karin, guru, Karin, me take question the to of R&D. let adenovirus In one? our head terms for of the that hand would over of our rationale like dose to that second administering adenovirus, you

Andrew, Yes, we have. question. Thank great you,

adenovirus assessed vector was the past be is generated And whether primates, the what vaccine months our is primate there with in have code in highly back after neutralizing antibodies the this, past with vaccinate CDX The we we once done that in had non-human driving vaccine, adenovirus because you T being we studies platform, -- to needed the biased adenovirus this cell interval after non-human we proteins. chimpanzee So could primates, responses. knew we and in assessing with reason this the come high to able several the to against I vaccinate vector. is

vector boost the very up and a to very, after seven in and introduced non-human months, also months adenovirus we effect. primates strong we four so or And saw six

effect. And study. our boost to what cells this is T this primate protocol is Go-XX. we in introduced the And initial what we CDX added of Specifically

the after CDX high to second the kicking of chat. with be administration the yes, So, titers T up cells

Thank you comment learn then situation? you after XQ, Moderna to there on, specifically looking the could in you the Given Merck you will correlating you’re of that the scenarios is of have you. this metrics, these kind survival of from engaging level could you with commentary Understood. achieving quarter? anything markers, could you’re control translation regulatory that fourth And higher on on thinking exist data have with will maybe data, could sort just about how a that number the after FDA

at Mayank, been meetings. potentially the on We, program. cancer published a personalized have is useful. obviously, presentations haven’t There donor, they few poster anything vaccine their various

So for we quantifying do about diversity, T being the really and vaccination. the recognized the cells, selection, know that antigens of do how phenotype anything of the strength they pre attributes, action numbers those new response post of cell key don’t new the

whether would information see be and that’s that of helpful, disclosed. any So we’ll obviously

presented, data. is simple short So the like and are And want, see in published everybody just to kind short, much we we answer else what’s we know in waiting order. about hopefully, don’t of

the In newly all for two improve we goal outcomes no, dismal, remain metastatic survival from the which agency, And years to of patients typical cancer, with a trying colorectal collective for know, than will more we median no immunotherapy. diagnosed as the patient. terms of real obviously, benefit no of have

the sequencing their before would the them facility. talking with in bio be how that back, development We dialogue of this input manufacturing regulated, solicited through and approaches constructive were we to the way a to clinic had design we’ve around agency program. our the of we so things started like And

phase to the that lot we’ve And phase at relationship on is X/X topic, randomized sort design aligned So political And XXXX, it’s of phase program. we and design we and this in agency. a the the was last good will inform a to we we X, which spoke relay good from summer the the this with had phase when of from X. there phase a the on use those will X, learn insights the X, programming traditional of them

the And the phase one of internationally table half that will the It’s survival. endpoint key in counts. is unambiguous, on And anticipate primary XXXX. the we efficacy conversation for obvious of first it’s that happen X. the what’s endpoint and course, overall accepted And be will it’s issue the

long in And disease timing, of don’t obtain you survival that to where is to a terms wait data. have unfortunately, this

As study be one around years. that. something months, Whereas survival months two median is year around PFS I a say PFS median, XX like would XX or

it’s a a surrogate I endpoint is difference big endpoint The clinical not hard default. and the survival. PFS think the So overall of OS between like

T a a reason, previously, cells major PFS possible might which is immunotherapy, really But of lesions Now that kind and are for it’s a form we that of progression, good be our good pseudo concern the proliferating. surrogate. as mentioned drive bigger with T that we today don’t know is I’ve their into cells get which

if is recessed of was assumption that, cell developed tumor it’s obviously, research was the is And it’s getting when is T bad lesions rules an assumption The -- that that bigger because proliferation. developed worked therapy practical you obviously lesion it a And apply to has size. designed principle, challenges for for cytotoxic chemotherapy, therapeutics, and just observed then expand theoretical that challenges. to targeted but

So is problem. a RECIST

the of agency permits observed vaccine knows of this. that And cycle that question modification iRECIST addresses to I the based kind nature the that our adequately pseudoprogression, one RECIST, think so with efficacy essentially called is the of that immunotherapy. whether whether could use we

phase simply the And X in collecting why the that’s data study. the know answer. we we’re And don’t

in discussion. there’s obviously, on. part And that of interest the will working is are much clearly be that then ctDNA something a it So lot people of

needs and accepted metastatic far been significant will not come presented. in has is, body a surrogate of it But Our obviously, and so when will an that the view disease. data that see become is generated validating to that a the body question agency

as to endpoint. to start ctDNA accept the that as is change window there and a when surrogate line uncertainty And so crossed

a think approvals. bit Parenthetically, extend I want lead approve ultimately which with they’re of that a RECIST, dangling bar sponsors some notion approvals. year checkpoints basis accelerated approval that actually endpoints withdrawing, to appropriately on approvals, committee drugs use holding with the drugs, of high. last survival. of of quite we’ve of that the that for we don’t as seen Obviously, to and to advisory don’t Hence the led

So answered one really with it’s a data. topic. can only that It’s complicated be

data, be there’s with proximal earlier question half will happy that the an endpoint that approval. say, able there’s The the always we perhaps first a we’ll be with generating phase of be agency which We’re whether I X going data XXXX. to an for accelerated discussing as those And be survival. endpoint might is enable to very will on and table

more Thanks to the on question. that come topic. for So

you. Thank

Looking forward to it.

comes from proceed. Wainwright. the C. Arthur of Please question next He line with The H.

Hey, good I apologize discussed. Sean. I call the get late. Thanks is This and Andrew question. team. for because apologize been afternoon, if I And has on topic on this my taking for Arthur

us your update data result So regarding second quarter Could COVID program, expecting of there’s a vaccine of I kind tell what the this you noticed year. expect data here? can

been turn before. question the not Sure, Thanks yes. question. I’ll asked it that for has

in But that think pretty better then blood, of because good for neutralizing from vaccine antibodies boosting, advanced the the challenges think have obviously suggesting bedeviled key setting our has mRNA of one mRNA the study elicited it. The know. we reduce that to a more mRNA And early need that obviously stability small meaning doesn’t repeated persistent, some we over durability RNA you of self-amplifying proven to vaccines vaccine with And issue in months. which out be I that they high that that if would That’s is whether materials all of were would what if observed it key generated have And mRNA than has the be in antibodies the mRNA. subjects. as I Because had we concentrations six perfect. is not happy the neutralizing of elicits antibody So antibodies. the platform players U.K. take field materially cause it boost data change we isn’t, some vaccine number there. a have are a it

are Africa. not vaccine been naive finding been naive. in vaccine a much and end, several primed confirm Africa And South subjects constraints therefore, we we’ve different funded that ideally CEPI the in but that’s SARS-CoV-X South to study in that dataset who in need And previously our population in vaccinated of generating larger of have a

So be of in let’s versus And subjects, subjects, nature, looking virus Copenhagen which Conference convalescent naive virus different six or over all folks. we determine trying virus we’re that challenging, some clearly some at data different virus is from ECCMID a are antibody naive. months at will slightly XXX the what in that label can April. naive, But types little levels, sharing vaccine be bit them anticipate dose they’re but to we’re

set. And year. key that’s very new is coming that to a So April data in of this important I think, the data

the And all to, notion question together? the the is the tolerated will perhaps reactogenicity some protects with be. challenge But look three And if vaccines. acceptable pathogen three over well And can words the a Now, like, I in second a dose, products will of by RSV, full the And vaccine I different dose, the single perhaps clearly immunogenicity, will amount drop is obviously or immunogenicity there’s benefit, differentiation, how one direction. SARS-CoV-X, in moving that, the of talked put in reactogenicity. against XX dose. you then what is, at or the such to other actually obviously, leads equivalent, a a different pathogens three multi which what dose like? definitely the that’s around what wrong allow of same three the to meaningfully the that is dropping third, not question product, to reduced want, And in people of the a interest relate viruses, the look much about so growing and influenza there’s here vaccine the that’s idea

this ratio of dosing as important becomes to permits relatively and so itself, we’ve platform. immuno be the And for where very And an mRNA may is advantage doses copies make because low it shown. does reactor used, self-amplifying have which

numbers the be for data seen profile that different think question those acceptable one low good And could And from about putting just so of what product in as three into the those bit the again, micrograms, data interesting that coming doses we in so think looking looks of this samRNA at And three immunoreactive out becomes, see mRNA, such a course, are ECCMID. I immunogenicity do set far together reactogenicity. or with XX microgram different. doses, a low as five of from we’ve

two mRNA for. are points So think be differentiation key those looking that’s of for I should versus self-amplifying And potential you mRNA. what

for the awesome. Thanks actually alluded vaccine. to That’s question color Andrew. my multi And second the, the agent

are -- with RSV, your vaccine [Indiscernible] Or a pursuing still yourself? you partner? plan, consumed only were COVID in So through you by guys

product do obviously we there few a can that in sure. at are things, And interested for concept quite research level. it We’re

we well equipped potentially data, good be obviously, do to that interested be might And We’re something apart, then in. would if have those.

we the certainly you initially pursuing might So we anticipate. are at research class as that as level internally, you are product

taking and progress. my Got congrats the question on for you. Thanks

you. Thank

Our comes with next from Goldman Please line proceed. Corinne question Jenkins of Sachs. the

everyone. couple this Good update Yes. GRANITE. with for fourth afternoon, me Maybe from quarter just a

we a thresholds think looking be of expectation? the the outcome? would many as what your I would would what sense how case And be And of Just great really should ctDNA What know you move clinical you talk benefit. about make program, have last be to can for? we exciting But of the excited? best forward patients you don’t with kind magnitude

thanks, Yes, Corrine.

need here months enrolling year X data XX. you size for of at the is four and sample we study end. So subjects a And the And obviously, anticipate meaningful is a the phase from the is that fraction well, key data. component those

at scans months actually which six, show these, data, which in at we’ve the is the we pseudoprogression, markers have which four third going and observe the line, can And So quantity that year, everything we data, time and can eight down. is observed lesion this subsequently these reason that’s comes that that Because not point, week month means of we on infrequently, time data then up point. expansion data the it need even shown be requirement total pseudoprogression. this is for four constraint

all it months trajectory obviously, has months the showing have those data, months, usually occurred Four of uninformative. so data is clearer events and two potentially by that And four in the patient. become for past,

data meaningful year. months [Ph] four of of on fraction VAT in QX this So a

mentioned Delta, and it’s the more Because the the find more higher further as truism you powered In terms the better. more the ctDNA have ctDNA, that down, to obviously, going good, excited I people the we’re go, response, XX% durable I earlier, of again, and going down we will the magnitude of think down be. that they and is decline in their delta, the

we good how So quantitative have yet that frequency, insight I is just correlates more are with scale. durability and good. a a sliding don’t thing. simply into overall of sort enough And Greater that to about all is survival qualitative think depth statement, it that that a boundaries, of think

helpful. Thanks. And then. That’s

sounds about it’s So next SLATE me that forward for? different as for versus it, you’ve updating like think do candidate? new, It to just I moving thought we that with when what with you with trial, optimize now, were to the you’re how that candidate -- you newer slightly trying as And you this thought delivered

seen make of it, we bench and is patients development, clinic. things put pretty and And in true. and it we outcomes, to to we our It’s in quickly the fact about we make can particular back because iterate development, improve it, is hopefully that the Bent optimize, whereby on which biology own exciting. back this the it’s, that we obviously, and to then observed drug real tried the bed, effects vaccine, can a bed immunotherapy in translational Yes, then SLATE. you’ve beautiful with it and the products of that have practice humans one

If one but you additional a some SLATE version have that mutations, of also we contains dead antigens. remember, KRAS

had antigen there the under magnitude the in data. a it included of GRANITE common And observed actually rare. an dominant But response out dissected we we mutations immune based actually it presented And alleles. but what to therefore, And immune not was anticipated, testing that which as realize strong our HLA wasn’t great the we a the that didn’t, was we KRAS and relevant it to was vaccine, was antigen, as patients. that most on by preclinical

the And But net actual dominant patient the to mutation. which But the one strong responses were useless patients effect the then needed. strength immune those tumor were to this was the specific antigen. so didn’t KRAS have is the making many really reduce immune response, of actually because the responses

really dominance so novel within of one was And no obviously observation, of a understood hierarchy human cancer, notion the antigens. a this antigenic had new

but observation, was a was and actionable. one, So new important an this it

but made vaccine we KRAS dominant So we and product. modified that antigen, rare the a dedicated to remove that,

tumor. with response September had delivering that worry is the a And the modified you to the is to term. best data we to we’re patient’s I a how patient and not deliver be a did earlier, just to to can just those in And last still as to to additional with old that’s obviously, way will the what that relevant antigens acquired that enables The single a on do a do to enough, other antigen, KRAS indeed to that resistance, have about vaccine that put intended. likely And antigens antigen, relevant response mutation? we be I vaccine new And that’s that a patient. mount in key has are And to that resistance. to more it any strong is that’s immune issues And showed question, deal the we acquired tempo and which that in now relevant It’s strong antigens, all key we in frequency patient capture ESMO, the what immune mentioned of those Paris. the reduce see exactly equal. being a multiple things form I interesting

as that good study. we we a in due launch that’s framed more talking for and start solution as to say, I And of problem to got course, that. we So biological as think we’ve it, about prepare we’ll that be the

are that been Maybe and to you DX quick next just to on you’ve antigens the that right had confident great. as you go pieces this didn’t follow product? additional there with the a because up forward you How that said, able work generation find

but of in actually we this team does technique And Cambridge about depth. spec been surface study And how on work peptides to large mass confident, literally about I because we’ve cells. that And tumor to lot been a can vaccines. a we human great in antigens a using observe encode tumors learning we’ve you sophisticated have antigens, we you quantify earlier, We’re continue lot presented as within learning mentioned obviously obviously, our where also sequencing, them. as the

You can spec. mass do quantitative

So peptide complexes And of that HLA And different antigens number relates for that to alleles. phenomenon. the human can you you count surface on can probably kind HLA of the do different dominance of tumors. this and

And a then we’ve back again, way tumor outside trial, of course, got humans. assessing of then think clinical of So and we in from samples. we just accordingly, tested that a design

huge to want in worth a the cheaply, lot here. tumor we cancer, product, out new So antigen That’s winners I off think obviously the to playing iterative and large hard. to be off a make patients who shelf solid of figure got lot them is products game to products long-term, one this end it good of patients. is We’ve key numbers antigen And you deliver an I these obviously, is of learn need attractions the but personalized to tumor And and on vaccines the again, loop, the still, these products. really this if think, that where to the think, will cheaper I multi targeted are shelf those deliver format, a obviously numbers up.

Yes, thank you.

Thanks Corrine.

at questions are conclude Thank you, further conference. And ladies this will no and today’s gentlemen. this time. There

disconnect your for may participation. and your you thank You lines