Molecular Partners (MOLN) 16 Mar 222021 Q4 Earnings call transcript

Good morning and thank you for standing by. Welcome to the Publication of Full Year Results 2021. [Operator Instructions] Please be advised that today’s conference may be recorded. I would now like to hand the conference over to your speaker today, Seth Lewis, Head of IR. Please go ahead.

welcome. and you, Thank Molecular year to call. results Partners’ everybody, end XXXX conference Welcome name of Head Seth Relations. My Lewis, Investor is And we Financial Officer; and are Chief Andreas Amstutz, joined Emmenegger, this morning our Chief Officer. by Patrick Executive

Management are a will the available If you may be it remarks, link, on will tab, www.molecularpartners.com the the on and of webcast website, you results section our the then presentation, webcast find and of few copy open listening Investors under a do on your brief you today’s it today. questions. for to have us not Events making is if also prepared we

will all you’re planning statements during making call, are the you call certain If sure today’s as ask management to webcast is please please be from similar be into statements And these the question, be forward-looking expect, to dialed certain forward-looking listen-only. and a believe, this, that such differ to note and but those. reflected may could, events will anticipate, including as of words words and future materially not

may our differ to and would expectations, we materially website, our previously than you facts on noted. recent refer as filings most key our Some

you’re please the was And recent changed I a announcements note that, will on that may Patrick. on this filings call they to XXXX. listening Please recording you have over ahead. With to we since March for that XX, to turn go encourage the call. most to recorded would of refer If website replay, the our call in this public

But call the only you by many. that We’ll at more very Q&A were on through with teamwork for our year an my that it’s welcome early year, on less want a can also it front amazing the to will us by want to where of the Chris, skilled the XXXX front questions and bit I us. to really kick do section, guess, development. presentation and we this Thanks, I year, a side. also really that and do think accomplishments, around off keep in possible and things more the especially bringing candidates stages point are for I of be – your bring moment which from during together experts the also pandemic add in I far and parts team for of think on and that team And and global pandemic, introduction time amazing are up ensovibep. that disclaimer, was warm in just an have all homepage. all of a we having And global a in might because work that, will forward part, we made drug nice too the I start And of time remind a us day slides for more our the also all this Seth, other I’ll be give really thanking call this working to value. my short. that’s was the very to that

called hospital those with made year ensovibep There, We we readout compound and room going we #X. to from empathy emergency just to to the Novartis, with if of we accomplishments do So going the the take out amazing a the knock I advanced we the up have patients last and #X even And I let’s time, go Slide the in advanced the priority are X with remind virus, that death. slides. dying or same to X to inhibit can hope want protect meaning that down Slide viral XX, to second the of hospitalization X load At ensovibep. X and can us, showing room out, of you the and AMD that time results around Phase the a MPXXXX. emergency section. out to year. pull R&D preclinical you from X XXX start to within

it, to is with delay. where had, And activation, X-XBB this Good for back of testing window T now for optimized are and dosing we cell activation. we So we IRRs find with weekly are let’s is on a the call calculated kind track activity an news that. namely the aim reduce

lot a can have there go MPXXXX.That’s since these obviously, cross-talk programs last a learnings into XXX. close also that’s the is new the of concept FAP, year, clinic from very We molecule so and a CDXX between and XXX in to XXX AMG AMG

tri-specific, proud on also or to a tri-specific next engager drug touch slide. I’ll AML. bispecific T-cell is also have We’re nominated that on in which the XXX,

the lower the that can DARPin new or difficult antibodies. you We’re to with are staying switch binds lot drug there, concept, bit in-human of into the closed we a conventional target that a that first – to can years our of on with see that is same there. complex, with, we as also much this more is radioligand is a that do is the tri-specific build very target proteins let’s a It mode towards new more time, it, is a tri-specific, the on forward right make it now deal potential feature unique activity like And proud population. a the engineer affinities. A either but DARPins introduced but something call we That’s we one. slide of program that B, action binding we therapy starting you bit the down, took I’ll new us which And X patient platform. and ensovibep come a literally to underserved program. Novartis, an initiated in pushing same where At with and a

technology For us, we product to feature and new years looking be move into year this in will that the to is a this also come.

a there, side, lot also corporate of the to activities. R&D from Moving

raising in cash. The so in our now dual-listed So EMPATHY in we XX% And the to company high triggered with also and they CHFXX million Novartis for results us royalties milestones of the a CHFXXX listed then option million exercise U.S., company we a royalties. a the CHFXX with attached payment I countries. ensovibep have and partnership the and reminding million was Novartis upfront radioligand have income that also,

overall, the XX also detail out So part a more us point funds on the that into gives Andreas now side, us fruitful that well will his in year in of presentation. that corporate/cash very carry and

we is one are features into unique, that’s three that DARPin it’s of it So we business. And DARPin the turn slide what that’s core take we is candidates. reminder our simple, of Slide sort now differentiated doing, the we’re in all #X have dimensions,

mono-DARPins, picture. proteins on, bispecifics. say for times people ankyrins angle one choice natural benefit other that’s So multi-specifics, And candidate or the what and multi-DARPins patient then tetra, buildup in not repeat so and one And as the aims I that you if than many boxes, the to the you have that benefit. is patient to that’s will find heard it’s have. and here tri, that’s many want or this only modalities so And blue bispecifics, kick thing that core, it’s you we – last that a multi-specifics see years, point to want off multi-specificity. in nature’s are the with different tell you penta with therapeutic me out I

have tenants, by conventional only These co-engagement that molecules beyond there, co-engaging far it’s bispecificity. activity. In the two middle X XXX. the are we triggers targets So work and

for dendritic So from time, it’s a B cells, smart it cells the more it XXX. targets, on drop for the at if activates both towards XXX immune T same that cells looks binds the them cells

the combined only, it, and will to be Now single-agent to little as programs a call immune these kink so have they activity, of but such, likely are be partnered. are there is let’s that activators need cells, more not

then from single added we that activity or as layer show activity call on, into show agent. on themselves at would also have, agent which we So look it, strategy or single programs, that, a now least their or for from of

designed generation variants So help us can that we to ensovibep, now I think to the we spike showed the we are that’s variants. inhibitor. have the do protein, there’s the binds as the and viral my statement, was escape, Omicron up. that prevent were RBD And compound really those, to to when of all that inhibiting come, we next especially on and viral where tri-specific first those, Ensovipeb is confident show still only branching if we that and intro the data of SARS-CoV-X when witnessed, very we are it variants think It

XXX, to the complexity is that’s cell engage now also then Moving in engagers. T different. here And tri-specific

cells, they these stem XXX not Ensovipeb targets affinity also we to X on to all found had As superpotent are XXX. XX the X has the cells. for AML unique and engineer And of targets, namely CDXX, hemopoietic are binders,

they that towards for that, the we in multi-specificity to stem was differentiation invested of healthy and people that speaks the if now does go go proud favor now team DARPin clinic. to therapy said what into kill can molecule call small-sized is not AML, leukemic a has out other actually as X this to stem And cells to And field, we’re lead the of an So and cells are simplicity, the blue killed. optimizing the our the what affinity. years trick make mono-expressing box, it namely engineering, did high radical agent, a affinity delivery but the features I’ll branch also the let’s DARPin then call call a that which has hemopoietic Having you this the moving vector. radioligand

radioligands can also delivery as case, drug DARPin using to in we’re here you deliver think but this payloads So of vectors conjugates.

could small will affinity long, is long sub into it those about whole tumor, system size, not activities. of have the affect So a there as the be deep stay here, to that high a very systemic term half-life. but you short penetrate And idea all

are program or built yet to a smart – a I the have to this green so this reality. And is DARPin drug these that the you companies, and collaboration we forward, then also It at see, act as this we And in this was invite or the – system in abundance a invest a invite just we cannot that biologists, We’re think ensovibep. binding positioning bind we Novartis, activates. I’ll B? want about to is time. targets activities bind? the not site. switch look the mainly opens move other or site do. our ideas, which or and situation while to yellow think both Do in to that’s to the in few excited make additional technology a to side, blue we and that medics into the upcoming by some best the to far call And one, can start next the into affinities by switch targets not, the maybe the milestones. locally what A a also how ones. And up of I’ll to the bind specific can like and we’ll have as a carries We moving that the same built candidate, more steric of want the of dream, to that but to other side, other concept, has tuning use by that, and come to I DARPin whom With with we programs the to decide groups, partnered with and this I binding DARPin

likely this XXX, and about an we the also the we year. you’ll year, expect for Novartis, for more will Novartis. year. we then are is then here a cannot and collaboration second of to there that’s that There big on as we we with There slides this that often Radioligand by that have new elaborate kind that of us initial also touch this lead, is year, review get moving to is Day And with that to ready EUA review accept where how weekly full can data mid Virology should but not. discussions the now Here I this is up so package speak NIBR, not ourselves. ongoing. for half strategy and abicipar, information Novartis to move with XXX we therapy, this too is very for the decision it governments generating Novartis share share a much back data also and variant if, let’s back. a something have of can that stockpiling on. we the can, We the be in have of note next QX dosing and we program then they the, that likely There present that has presentation. into with year or clinic have this the in of similar on Amgen with XXX is data, presentation And on this the information, towards it, also ophthalmology about to on. be an want work safety. plus, and gotten will this is that have end going we And parallel and side did to AMG we come, this will few a getting drug of compound data call is no Obviously, more additional in now a XXX starting

interest and there how for I hand figures part, path-forward. see and to And like the on path need of it, the highlights on gathered to approval. forward, financial and us we this, how agency, together now if they over feedback the would engage data, to this close or key partner give the with a have with potential can side. a would We would like I get to collaborators is towards trial the the look their this With look Andreas

Very you, Patrick. good. Thank

to I’m for more and Annual more the maybe that’s years in tell X cover appendix now of on the happy you find course, so also and and in on important, the So Report the Slide available some only outlook financials ‘XX of our more many the details this am finance about presentation website. I and I side. the highlights, on you coming

This million, the line, other keep surprising. currency expect to numbers currencies into for of the debt. no unrealized bottom – of ensovibep. Early U.S. And to million, as able million cash with on dollar euro X year year, FTEs expenses with CHFXXX – it’s right unrealized. volatile include for End of more CHFX a just also do needed and anything million by led a CHFX.X of and this option of CHFXXX loss this cash this million of to resulted solid CHFX.X CHFXXX solid balance per loss This is is commercial to million of the ‘XX, another as because were of equity Swiss we do CHFXXX.X the the and the in more million XXX this before. plans. compared I P&L new contribution to on but expected than to our well on ended in bullet and used liabilities, operating the net the on underlying signed was as the financial million and of CHFXX strong than cash Bottom amount is we I on ‘XX. related a revenue are are XXXX not means in CHFXXX Net more progress per total from year before. the RLT before. end close CHFX.X dominated liabilities was radioligand and income to receipt public ensovibep million at be million million to CHFXX.X because in they our we to our internal and continued This about add hedging these plan million So to position, rather is guidance our words, CHFXX the own the CHFXXX and as on an operating our into more other compared to ‘XX, be and was CHFXXX execute Net the which government. early our before. always financial in million, not December cash to programs do invested position, part the losses or forward active precise, supply to year, we subject In last million million of expenses recognized our exercise Amgen, the about to the balance budget. due cash We our activities the side, or year. with the be size We before. for going ‘XX, than collaboration million it collaborations position. CHFXX.X million, which we manufacturing the that to CHFXX to go contract of year of CHFXX.X loss CHFXX.X It’s the million ‘XX total it move We balance revenue. million sheet NIBR and to until Slide sheet incurred CHFX.X latest brought compared the within of costs recognized not balance CHFX.X to year was payroll. the the year year year-to-year balance therapy, which cash always and for to CHFXX.X of be million the February in Novartis The million, end our revenues

and So Other one. lease, last maybe related they With I are capital other as to pension well liabilities that, assets accounting most general are to and working as nonrefundable. equipment and slide mostly positions. important my move

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years close with the that, to So February. we from more we CHFXXX now. the end so of increased ‘XX, into X the secured million have to funding balance sheet by And than

on to Boston. from execute excludes, payments and from milestone or out the well sales ensovibep any our important, partnerships, further in from are on payments Amgen also plan, This as considering royalties NIBR the in that’s or potential new existing We good potential markets very there. a potential position biotech XX% including as rough

for This more to XXXX. between year for we In about terms million guide of is year. CHFXX P&L the than last million CHFXX expense, XX%

questions positive collections this full always, cannot and ensovibep. depends made more of How end this very back much because at it pipeline. as Seth total to year on to am and profit this And in our guidance large be profit early flows I For guide a success of anticipate or we needed to subject is ‘XX, we will operational make the year. this one-on-ones, to the detailed result cash and the hand With happy take that, the I on we end, progress at changes as call in Patrick. or much if

appreciate for questions okay Thanks, both. now, we’re to it please. Operator, go Andreas. I

comes Instructions] with Thank you. [Operator Our first question Vosser Richard from JPMorgan.

is line open. Your

taking Hi, know one. my insight, for process can of question mentioned EUA thanks any help but would give Novartis, couple process? questions. or you progress Patrick, I you A us timing on – that That be any of is the with

that Secondly, just the subcutaneous and can then, on and there? the on there us give the just update EMPATHY know trial where see flow, there, you has virology and I just move progress Thanks of And candidates it’s to progress of B, thoughts trial that may maybe but version ensovibep, year? news not could this versions please. be on on started an or targets your finally, and Virology Part the subcutaneous other thoughts part recruiting much. recruitment we Day, very

elaborate questions happy I on and Hi, Richard, I’ll really much all to as as can. thanks, great be

stop real guide there with from and I well, as EUA, there going on in this. and closely think know, they very and the this guess, working time. date. can’t interest, an of from this. filed. is hear, the it So what the I on I active agency we process, into the the is to And hands was don’t is you dig It’s are a you Novartis, agency is discussion

of is both think are something sides I definitely navigating. kind this that

the we is, know. if think share timeline. would, is And what So we there we we and – don’t I a fixed don’t timing couldn’t

maybe On in the speak EMPATHY terms. I I think a side, general just can bit

let’s subcu You say, were also would application asking it, broad a about part and more opportunity then injection Part let’s call add, the the B for ensovibep. that definitely or,

Omicron less that think have in with that, situation in but COVID, saw up more also are now is what I ending many all that people we the hospital. the changed

and Part A less hospitalization. Part the outcomes is quasi as impossible will on repeat have B to So you

I have this. a patients also variant to are And or or think think I wait So either that number plus deal for then you’re you you come of the to all move know a how Novartis huge those will next back. discussions have other you internally with and agency, ongoing. endpoints to I And

Here, been There nothing trial the moment. at has decided. active no is

subcu actually patients. is not to So space. want also dosing forward we we know Part we’re B navigate ACTIV-X was that winding going but is until the not how down,

is immediately have hand, as disappointing, to would Part one the you want run On B this and to subcu.

this also hand, sort and [indiscernible]. set the it’s On is a of other term –

to mover a we the one be else last have that We drug the endpoints forward also, a advantage moment, had. bring because, on at COVID no able will

it’s and in one. con So pro

the a need one could we navigate difficult say, hospitalization So to outcome space, reduction but could be different maybe is move a or now towards, maybe be reductions, symptom death. let’s viral load

thoughts that So and are is are the debating, but and there into. decided, far viruses. now move of Yes, question. obvious and I’ll we a we are also are the agency few working the Novartis sort virology looking to on – those are but nothing

ones. have which We not disclosed

Virology on. update some to by not at have want nominated that’s indeed Day, viruses of Day but the have R&D will time, give we’re We do. an then data on will not working we point what And we the or ideas will that we obviously, on But the in final our candidates.

ideas research that And there. candidates few at into point be We data. of our XX-day time will other looking candidates progress have the also candidates virology show definitely have point yes, will hopefully you’re right the coworkers hope Then on plus data that candidates coming we’re in where mean of virology, into. will XX% ensovibep, was to move an stage about one XX-day only and cutoff. be we working in or we of that obviously, this I So the we – more data have data I on a day speaking also we bit a But able sort about talk should from will in a interim development. handful to more one are pre-candidate of to or we maybe a virus. out, was our more

very you Thank much. Great.

Thanks.

you. Thank

next Cowen & Georgi from comes Our question Company. with Yordanov

Your open. line is

progress. Thank you the much all so and congratulations on

in but ahead from data there So receiving of approval? regulatory be I to efficacy additional ensovibep, of might identified challenges kind bispecific additional guess seen development plan trade-offs to the agencies – of CDXXX DARPins? would And of of if date CDX. expect And specifically some XXX about required multiple or agency the expect follow-up monotherapy data can talk briefly XXX AML, what potential on you anything then co-targeting EUA combining you clinical Is with from you opportunities? And showing activity? about like just antibodies XXX, any talk lastly, be Omicron? for need? any that may learned on you the if then submit the against we’ve on can that you applicable XXX, what to CDXX we have partnership And maybe with be trial? might monotherapy Have the you structural do Do if

great All thanks. Hi, Yes. questions.

and So I’ll start Enso with data.

So going can show the Part would agency so data or we Part from that the show is the on. all all could I not A mean, additional Novartis B data as agencies be

COVID that up data that think XX. be safety is showing call there might maybe I And long so, just so more is There data efficacy is after day it there. data, just

that pieces didn’t that collecting, have data then. are additional the we Novartis but also is those So data

that sure, the largest For I of patients mean, trial. is not sample the XXX

into are that would to and formulation moving forward as So also we we be for just definitely more gather with go looking can pointing forward, be especially application. data Richard start ensovibep was Part B in subcu definitely out, best when to a the patients

that to think the part, I EUA. important So not the subcu but linked an is that’s

were about Omicron. asking You also

for that all So the to expand but what virus agency enough data, seen the know preclinical data good variants. preclinical. live-virus label so is And that and the [indiscernible] also how from we is the has data

on done a did but also effects this was So Lilly in in antibody but positive Omicron Omicron. specific that for not show vitro patients, on settings,

So then, we is for that the hopefully, paired I Omicron. could And come cover heard the next that’s our to Deltacron data for strong with enough be. lab have that variants also clinical what it we and also from variants believe from who future knows setting. is will now the

caution I mean think that People your you of we product just sort I a needed. we this don’t a us. wave same that. word everybody a I ago, is bit it. predicted year need said is will there say year, of remember all the to over, not of And feel

a next Now that will But With will think new just do quickly go and fall it’s the maybe and I – remind XXX, over. so XXX we variant be what here maybe the come. I’ll that, for of have you data does. molecule

the of tumor that’s FAP That leads in dose activation to T that to you So in leads and work – you co-engage co-engagement XXX X-XBB. FAP and cells.

you saturate too both activation find give individually, that activation you much both leads you – curve. If to a targets get bell-shaped targets don’t and

some dose. as want quality you also At don’t over side to giving you we So reported infusion-related effect. can see also high time, the that doses, especially, reactions only same

that let’s a of it, kind system. the dimensions have dose, from dose are reach more cannot are less data closely into going not escalate call on to to that that, XXX other. hopefully the we both we look very we controlled first weekly – by and should a underloading on bell-shaped we as better show So also to, hoping the lower higher overloading would the not from one to to and but dosing, hopefully XXX, or have And would comment to activation, But translate we haven’t from exposure one-on-one, IRRs the the IRRs is we curve and or those learn profile, doses again, for XXX.

I’ll even the the hope weekly XXX. dosing different maybe for or the for XXX Then combination later XXX, So we’re lose then to and do that I to and link partnership, used is that dosing into time in directly question. XXX, can it helpful. also be parallel, not weekly a trials X looking for find dosing schemes maybe

is macrophages T For XXX, of cells, B that activating you’re cells. cells and dendritic upstream

world. For that’s cell T XXX, the

are and it’s XXX is that of oncology. We oncology. partnered is with in many makes a that they lot as It combination sense. upstream a T conventional have approaches cell be Amgen really engagers combined immuno-oncology, more with can

would system open also immune will be partnerships enough. there, as So not the for activating only we be

key solve will will these these trying you in XXX them, is us you the in about for term, into target tri-specific, of would found that’s are trials combination, combo be XX, brought exclusively for clean then are targets. that beneficial that now on up more And get our yes, bispecific. And many there, And talking parallel. was AML trials – to not molecule we as are cells. I look and also So AML needed. than Slide cells, the not that to a and we problem run the that we not problem able think, several can The is partner to I be the I’ll on one on CDXX as effects. go it company side targets call be

cells. the healthy so stem killing blood of are you So cells hemopoietic system,

these me can of of the think lot measure of but if also the gave a then just the to And them been to form. Seth, I and moved tube, clinics Maybe they active get a get in was that test storm. cytokine that cytokine move one, to one active correct have was some have forms you but do also I in the into so. the been an as release, update You think MacroGenics you molecules stopped less recent clinic. wrong most And less

Right.

we low at that binds molecule same Now with targets affinity. time, these the a have

where that window that we we of differentiation of you blood cells very at And side we a questions. we see least we your do you this but on did this those cover time leukemic killing I have helpful, to And especially I and have expression just expression, not not that And on at that on these lower you please cells really the the healthy at expression, find the two a cells. and one healthy same targeting. the of the also but see two, hope the approach. hope maybe stem follow-up on therapeutic is and killing, but AML not blast, open angle level, high cells. if the on was you are are effect cells, not are So low the then having targets nice

thorough Thank Thank the you questions. and much, so incredibly and congratulations answered again. all you

Thanks.

Thank you.

next question Suisse. Credit Jo from with Walton Our comes

open. is line Your

Thank you.

a Just questions, please. few clarification

it see be Your U.S. is for can both to a EUA at the this XQ talked all you least costs manufacturing relationship or but the it where Phase we pay clearly your Would that that model us in a the the us give additional that agency, work you sense abicipar, European would possible material said on just you whether may the before Can manufacturing wanted? other question understand, the of ‘XX were enough EMPATHY in you help costs to on done any if XX-F, royalty that a approval it could need, that the have regions? would subcut materially one a lucky P&L ask says to is subcut we thought? expecting with see that would year final a you year? see study get I help given the So, us is the that University of of this And contribution needing of can royalties sensible really would And And in you subcut with of FDA historically, in last ensovibep of a one those partner progress, your agencies. royalty it Many that you to royalty Can the timeline you be study? And to we hint – a about any what would any I year, effectively, would If just and do we on, we this now us particular I In my is a assume the of go out B, XX% in had take comes on than make, patients hospital, to on the do have into suggesting a is meetings go material elements X X,XXX got required start data simple would – getting study because that also this come EMPATHY if that? a year. said just market be probabilities of thought on smaller you you and you you your you out if change some revenues with or you was see commercial rerun fewer mentioned thanks. to Novartis people effectively sort finance. for to you be can is have that that that might you higher that on about start ask need in B you Zurich that order would to of our materially you net down to it background is get. are ensovibep the one that have this would by which you payment them? tiered

Hi. Thanks kind try all will questions. cover those of our best Jo. And I to

So, EUA. approval as ensovibep. the look for global And is for and think the speaking, I they going is Novartis can fast formally to first as yes,

for an legislations, is more EUA is think U.S. Novartis including historically usually there in discussions just review. other including fastest think Europe also and it the most maybe meaningful called government And I yes, the I those potential a the the those U.S. started speaking, rolling not Switzerland, is including And discussions, in has contracts. Europe, or

is global are So, that’s why and… a going absolutely approach. U.S., be On this right, more the I but how hinting to towards you was

the the application to an submitted it’s moment. in has process, to has because well, that but exact There Europe A true that that’s application question, – don’t in be specifically filing that to EUA not Pat, – to FDA Patrick’s with there EUA But this for official where clear her at no of the specifically be is have clear is yet that sorry been come. saying, Europe, they

obviously And the in would you that and And to you want rather I the you, that. Yes. predate the But you the toward you to the how I I go model, timelines that then that. see have how the model and think B, Part discussions yes, would run it patients. A, we you patients. for the moment, if Part and see more an same need Omicron think as at I patients endpoint way leave

change logic you and think I load reduction rather that viral for is the symptom reduction. or or endpoints go

and So, update and is us the have public is to that definitely both ways. I they progress think made will How subcut, And good can on everything, you discussion. debating question. Novartis a they once go bridge

I know it it trial, think think updates is there deal is that. more. is a trial, comment to is many trial, us cannot I ways the bridging give today wouldn’t it more is a both best strategy PK a and with PD Also, how I them. they on what once know Novartis I will

the to go quickly a is Let’s one. question, which good abicipar

SEQUOIA. sorry, of have to just run remind program, They called the the had CEDAR Allergan. Phase with X/X So, what X and years – – XX partnered us a ago pace of kind so we that Phase

trial. smaller apply the material below took inflammation every positive of brought two AbbVie especially how the that was dosing, MAPLE readout the a this two XX%. Allergan materials. for first the X to That over down further and actually then we also a X but step material, improved in and rate improved Phase you And XX% So, had and trial. monthly the Phase trials syringe and three every in that a the have

the took level. and So, decided towards there. next then summarized syringe VEGF our trial summarized are XX more for it to That find therapy the have go the they not agency with this deck got if and to you at out I as looked brought back is it a We what decision. then gene strategic to on approval. a data be of manufacturing, interested. got including Slide ophthalmology. engaged to And we was this data also of think needed back. AbbVie in And We Actually, injected all go would kind we that whole

possible trial. readout BLA resubmission So, XX a primary the be It of at weeks. the controlled with is would

we word looks Eylea, ophthalmology, So, masked. the good, so CEDAR They don’t blinded against if everything the a likely use mask data And and can trial. approval. like for SEQUOIA in

in it’s blown not something safety So, X It’s trial. little only full I Phase also It’s between. not a we think that have. the

X,XXX yet only middle that’s So, we in somewhere public, it’s the not short safety but also We more would there. but trial, the trials. a propose it’s patient the than is what know not in it

is get I now middle to understand unknown potential so the abicipar the nicely this allows with And I investment be us what in there for So, it’s and engage it to approved. the us would think think far. partners

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there is partner a the still good opportunity. There is with for unlock find to out, believe there. learnings think solved. to a commercial also that that us And the is here us we for is have we commercial that inflammation I and now news question opportunity

that invest financial the will for money guiding we over Andreas done. is hand we needs here, a invest to find I it not partnership will out are any we will So, to but be to there question. if

Yes. for Thank question. you, the Joe,

the Zurich, fall. we University fees the hold do on of last any patent So, sub-royalties not for expired or base because no, ensovibep,

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because maybe CHFX.X that to last project XX-F, However, was Utrecht, million CHFX.X and year. also engagement a on that, the supported in also paid University paid we the the lot million of for that paid they us this we

that is on that So, question.

further supply. Actually commercial on a able this play million investment the one recharge side. ensovibep, any we contrary, pure out into our were million we made CHFXX We year. CHFXX on to not it’s other yes, of do on it’s costs – royalty The the Novartis expect

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So, pure play. it’s a royalty

very you much. Thank

you. Thank

Graybosch [Operator Instructions] Leerink. comes Our next question with Daina SVB from

open. is line Your

they than emerges follow-on DARPins authorization on it perhaps Hi. wonder about ensovibep wondering could and looks ensovibep a how the what already, that compared out you that endemic are and think maybe any good Lilly’s discussion package variant had question me. of the am about additional ensovibep. could Lilly’s resistant and not that I could for been of for different lot And to make approval different pull ensovibep whether you data you is, process the two I so sort recent differences if One working approval, emergency are And there COVID internally? is thinking second Thank agency? questions. if on holistically of my similarities a bebtelovimab. has talk for – mentioned beb like – that you to I you are use for you There Any

all I Daina. is the Thanks will what data of Hi. Lilly say not am And on keep what I say, I know very exactly similar kind I would the expert. as parts there. kind line it less. top of, and don’t let’s

also think the I antibody Lilly a can understanding binds also that going variant the variant. that to is similar agency is what come deep likely think that Omicron. I from neutralize also And is by a next

on Omicron broader applicable enso, and us maybe have even something that than for need it’s a So, to antibody. an active is

Omicron, think also would losing Lilly our hope I the speculate, works it through now that it new I while history on activity while on variants. is but sees of antibodies lines I a but not antibody, all the agency have variants, think So, the yes,

I they the antibody and to that Lilly a bit that’s discussion. is large think antibody do for an to, that active a the open I had I I can’t data. think agency know first data Lilly. The And with database that similarity. speak a was maybe had, exact don’t obviously, I has different definitely the very speak that know

the and the and those obvious say, let’s is many are creative lives think be they I on that actually the get see be ourselves. agency data the us. use would And with saving way exactly that hit a And that where reference it the next is need I side, positive I variant to a to if can authorization comes. that’s than for we think things. could street clear more position an running have think I to So, the But molecule just emergency

also hitting I don’t a we but higher and number at variants. think is one. come, to meaning the are of just up. Your the old just is the point high new the good question very probability at endemic and it variant can can that you, new more variants variants And a from hopefully any virus new out be a endemic rise, cases the load to and COVID endemic globe, remind come in coming do there

So, I risk the the highest think we are for next variant. at ever

now through vaccines. variants know We break that can also

So, a definitely that’s not thing. good

So, for I personally am come. to ready very glad that whatever we have ensovibep

call towards, ensovibep where hinted And that. variant internal have also variant know for yes, from don’t And shake our already that a it, could work let’s know new you do we ensovibep. Now off a yes, be. what also next would is, the we we the variant but

was escape a ensovibep in also and for And So, let’s and weeks. is it of molecule mind making to would we also six the obviously, more known some keep that also cover there ensovibep for move mutations developable, are forward. kind were selected candidate, X.X, that stable in published that bit have a call ready ensovibep

So, upgrade we an for molecule. whole the also just did

Great. Thank you.

Thanks.

Thank we And you. have Rupin [indiscernible] from a with question SUW.

open. line Your is

programs? – say, come that planning expect candidate now a have of lot cash? the cash guidance to is give you will of all double I cash low virology a for us do considering we it that rate your are lot sales? more success potential expenses. based are or you okay, a materially year, in we a Thanks questions. the your you you of and assumption increase expenses of a this at candidate you on and of surprised to In for lot not am And into second taking middle planning going operating expenses – your my present those a you our Is relatively then potential is planning ensovibep is suggests ‘XX burn case now have because and ensovibep up

question and very here. Thanks up turning good Rupin down and also are a for one that we

And programs double as our mean cash XXX the if you or I in want those, answer change we of are if the the that we that that that would XXX in we would it – in investing impact think not see is is expensive still early. heavily high to comes honest And are the even we really invest later. part ourselves. number

be have more where why also big So, don’t but to invest And money. where strategic our with money, we a make difference. we we that’s could spend think can that’s we we

and like would to And I the our much too if not do spend said as at this much of to spend up would time, as It we than more, having a is that. is we let’s conservative. like think almost more that the get, further we maybe not it do So, DARPins we invest more that just that, built invest then think we point in think conservative pipeline would it, turn going more, and kind things things turn do call are start what by would call have it, we acquire I want approached molecule time, how do, have. to speculations, if the definitely ahead also our to the pandemic I but And we like forward. invest, see can I be on And of definitely manufacturing to think like point to many invest funds are in readiness, money will being the hard any that we massive don’t reflects let’s stages is side we But stones internally this it really will that others, to that ours. of and molecules mean at in that. and something of

Thanks.

to Amstutz for remarks. And I are Thank other closing like no queue. Patrick you. there back to the call would in the questions turn

Sure. and call. the I then close will off Seth kick can

all questions. thanks, we the questions spend these good thanks call. everyone, wanted time that a joining to hey, Also and our really deeper, bit analysts go for on allow of us also for to kind So to the

thank great work ensovibep Novartis, and collaboration company for amazing do I of year. our we a collaborators, all coworkers together an and where it’s where and think on my forward. I Partners all Molecular for then this build that’s can in And the especially understanding how is want to going

value work patients, delivering hard so moments the there really then working were comradeship easy much So, shareholders out and year. through over and last also but just those that always for the not

that. for thanks So,

joining the to you which future. near the we is to and date can actual But we day including Happy available day. that Look year. you that will for we throughout the Really that Have the Thank Virology us sure still of there Day, half from at help else are with follow-up we this you appreciate for in coming we discussed, questions be today. forward that updating with with. first a please And coming Patrick. it. any Thanks for know if let events and have, the occurring all everybody. us Thanks be here. will out make great the in days will coming future anything that in up, you

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

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