Immunogen (IMGN) 1 Mar 232022 Q4 Earnings call transcript

Good morning, and welcome to ImmunoGen's Fourth Quarter and Full Year 2022 Financial and Operating Results Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the call over to Anabel Chan, Head of Investor Relations. Please go ahead.

Good morning, and thank you for joining today's call. a operating that and progress XXXX results. issued of a full we financial recent our and today, press includes release summary year Earlier fourth quarter updated recording Investors the Media section at call This found website and of our release, can be a and press an immunogen.com. corporate of deck under this

and Chief Vasconcelles, today Renee Affairs; Lentini, and are President Talarico, our With and Officer; of Todd Enyedy, me Development and CEO; Commercial join Interim-CFO. Michael Interim-Chief Medical our Mark Anna EVP Research, Berkenblit, Officer our for us our our Medical will Q&A.

we recent results During will today's our anticipated business, for financial call, highlight events. upcoming review accomplishments the and

and are press Factors Risk consult SEC making be in on and XX-K statements to in and will our release beliefs. in the annual We immunogen.com. may These section uncertainties, subject of which actual at morning materially. issued differ other risks statements report current results based our most outlined Please recent on Form our are available expectations the our and sec.gov and forward-looking risks this our filings,

turn I'll Mark. call that, With over the to

Anabel. and Good for you us Thanks, thank today. joining morning

programs, pivotal and Vasconcelles a General PVAC created the Executive the highlighted our Research, with multiple management ImmunoGen and XXXX our by and X reaching [Biocean], strengthening BioTherapeutics through with Medical Oxford platinum-resistant program, with our as President, Phase year ovarian Counsel. Michael recommended collaborations ELAHERE and including of Char, stage for X first treatment XXX, rebuilding the from initiating of dose significant pipeline Vice on second the in our role advances data rebuilding progress and Daniel development Development XXX landmark was newly Phase and Affairs; as and a our for only team for with approval launch as fronts ADC encouraging early cancer in

and addition, Vertex. option to this license multi-target a announce agreement pleased In were with global morning, we

partner space a continued medicines and and to ADC this reflects of with excited deal demonstrates intellectual related leader our platform transformative and value believe We are the our nicely the in property. in innovation technology

XX and PVC will regulatory completing start the forward number filings that confirmatory which from platinum-sensitive ORR and ELAHERE on top generated we approval months, with the include full XXXX of data the to to support expansion frontline With in cohorts data in the updating a AML reporting building cohorts milestones I'll our important with over ELAHERE launch, sharing XXX. trial study in from say our strong expanded the momentum of a to from more to enrollment EU disease, have in U.S., MIRASOL line PICCOLO in from submitting about in BPDCN the data and moment, pivotal reporting data and last look

proud we last more ahead we we're So look business, months and deliver exciting days of and grow forward XX the accomplished to productive an drive year as over for what patients. shareholders value for good our and

launch. qualitative few just So on a ELAHERE updates the

imperatives key seeing just in each the the performance three We are and set we across now of months for strong business.

deep. has uptake been broad and First,

are as indicator ELAHERE percentage patient complementing and a growth new orders the which the experience, new of and no orders patient accounts, the nearly seeing In repeat strong of quarter, December. accelerated of XX% depth a X, all in $X.X we is roughly year, has prior with December our of sales came was As from significant a our first with million came for our of orders nonacademic in reminder, of we treated Through accounts net from revenue breadth starts. the and of adoption. XX% XXXX, which generated on end settings

CDx labs partner, set for Strong central with our through the continues testing. in four Roche. the RX demand diagnostic to full collaboration Turning up

In seeing favorable another patient to sign labs new physician of certification addition, the and also in-house, interest. we test we're is believe run request which

estimate tests our a moved efforts, of performed, diagnosed for these quarter. X,XXX end patients. the volume significant the Consistent we Through have are ordered into that believe XXXX, education has roughly first percentage we newly as increased with been being and of tests we have that

future eligible While into to with these incorporate for will patients rapidly are ELAHERE not today, ELAHERE this treatment enable oncologists decisions. their treatment

FR our trial with that clinical rates our XX%. and of XX% tracking positivity experience addition, between indicates consistent remain In alpha

driven as of XX% that a our with regional to to Recall and and growing terms a early label. Regarding of team, of pleased this efforts including policies NCCN our added fast start also in was December coverage, both Medicare quarter. commercial as to in ELAHERE see payers, ELAHERE We January, we're has the of national aligned number by access again of increased coverage off in on XX% were and combination the of monotherapy coverage access recovered, with to lives rapidly bevacizumab. guidelines

of reach. Finally, highly our terms in are teams customer-facing active

have end and in with XX% their teams the these increase year. of with to December, connected targets, continuing our commercial new numbers of medical As priority the of

experts leveraging to report for physician and positive ensure been customer from enthusiastic, ELAHERE experiences patient these has and forward. teams we and insights medical our feedback Finally, as that clinicians move we are

through months momentum the launch to about and year So excited can rest we've as the progress this during reporting next first the see, early for and in made strong metrics you the earnings call. of quarter forward our of quantitative look the are

development provide that, With Anna? Anna on to turn ongoing color to the programs. our I'll additional over call

Thanks, Mark.

SORAYA January. data and accelerated ELAHERE's Clinical pleased Journal are with Oncology in are from ELAHERE's providers. published by of accelerated the approval the we receiving We from were in feedback the supported approval field early which in We're the thrilled care study, excited that health

at active SGO of analysis efficacy survival later with from its data Gynecologic treatment presentation guidelines, Tampa. forward in safety additional efficacy to of in as Oncology. ovarian which by bevacizumab in data final month look including ahead, NCCN the and February, MIRV combination We the the as In in supported were in this year published platinum-resistant an overall SORAYA well of sequence cancer, inclusion

a PFS trigger imminently to XXX in announce events has requisite it events, trial, While primary MIRASOL anticipated to analysis than quarter. data taken to longer the PFS top line we expect we the the second the and in now reach needed of reach bit little number confirmatory will the

data ELAHERE totality approval of U.S. the in choice submission investigators' are improvement today, full about the of trial, over on generated excited and in we of with supporting Based MAA and prospect the Europe. an demonstrating this of ELAHERE chemotherapy

recurrent the to high our MIRV in label. single-arm alpha with turn expand ovarian FR patients cancer program, which Piccolo, potential has completed to in now MIRV of expression. ELAHERE development me enrollment Let January, study we the meaningfully the broader In platinum-sensitive monotherapy

data primary We year. before ORR this expect endpoint on the of of the end

we cancer, progressing As two MIRV look to of studies. position we the choice in combination agent as are ovarian

our second-line GLORIOSA first evaluating bevacizumab MIRV platinum-sensitive plus bevacizumab is Phase The in study the of setting. maintenance versus X standard maintenance care

the into have we've this combination in the compendia even setting where we benefit combination platinum-sensitive generated data setting to robust NCCN the the duration. longer for potential listing, to patients With excited from platinum-resistant are this supporting up move treatment

is Both in begun by actively high the continuation in both Europe. second with running X ovarian XXX, mirvetuximab Study levels working on study studies cancer having medium trials followed mirvetuximab plus with U.S., carboplatin, alpha we of evaluating The are and Phase platinum-sensitive expression. patients in enrollment opening FR up low, in trial are XXX, single-arm and a and

advances made with the in also of and are program, parallel the In AML. progress the on both have recent with MIRV significant PVAC we we BPDCN pleased

the X As you as Phase XX CADENZA key end duration primary study FDA on cohort path approval, of patients as in a CR/CRc a to aligned our may up we full to recall, secondary previously with endpoint. frontline and a of CR/CRc point pivotal with as

of seen de with the and prior XX patients, novo analysis In encouraged data response. both or a initial we of were of concomitant in this complete or an of malignancy, XX patients achieving study, patients form roughly from or some hematologic PCHM with with XX% activity

discussion in this aligned release has enrollment of de report end increased Enrollment the to the data FDA, with In line and the BPDCN cohort XXXX. expect de be we initial patients. the data, in novo before efficacy novo following these population of primary year CADENZA evaluable from in complete with will and top we

expanded promising oral AML. the and ASH, study. showed rate from of novel study This our part expansion of profile manageable relapsed/refractory anti-leukemia XXX is AML, activity, fourth and In of findings cohorts we dose complete in cohort. evaluating triplet patients at our rate CCR Xb/X escalation frontline Phase consecutive strong relapsed/refractory presented, objective an azacitidine with of safety This remission composite or and as XX% in data XX% efficacy and PVAC presentation response venetoclax with with and

these gathering of patients Based first recently frontline days achieved venetoclax subgroups. have of cohort. various We CCR importantly, moved upon more patient encouraging results frontline data the rapidly triplet observed from XX% rates for with enrollment And enrolled, across cohort, XX patients using this completed compelling CR. the forward a of we in XX and our initial relapsed/refractory

we XX recruitment a to these seeing XX development in days of of evaluating duration Tolerability cycle the cohort AML. will the patients second cohorts to frontline pivotal and optimize of the of venetoclax are guide to up from the up triplet frontline Separately, in strong goal therapy. of efficacy with per outcomes

up in XXX Gilead study. magrolimab our to endpoint. initiate, activity In XXX anti-leukemia We addition, to study year, CDXXX-positive complete comprise later new a the and PVAC clinical with relapsed/refractory the patients with our will ongoing recently as will in with with evaluate response this of cohort AML this combination cohort plan collaboration announced and of the safety primary rate in XX new

and X of on forward as year. and expanding cancer. these of the cohorts We Phase IMGCXXX in expansion cell Turning breast the sharing dose from data to we've as escalation now rest cancer focused completed look to are escalation triple-negative initial the our on with dose QX to non-small pipeline, this experience well lung

this next In look Phase our patients targeted by to continuing enrollment our alpha we in and generation January dosing of IMGNXXX, first addition, FR X year. our forward patient advanced ADC study

So, great XXXX forward an to progress in XXXX. we're looking eventful and

to turn I'll With that, over cover Renee the to financials. call the

Anna. Thanks,

$XXX.X in fees $X.X ELAHERE million revenues. full sales million and product of the in we year XXXX, license non-cash generated including the For royalty $XX and remainder million revenue, milestone net from of

year. million balance $XXX.X of of SG&A XXXX expenses expenses compared with $XXX.X million million prior in ended $XXX.X in and the in XXXX comprised on million million with were Operating sheet. $XXX.X of million R&D the with cash $XXX.X $XX.X We compared expenses,

Turning to operating million expect $XXX million $XX and we between from million. expenses guidance $XXX product revenue revenues our to ELAHERE to financial and be $XX XXXX, million excluding between for

to We expect later provide revenue guidance this year. ELAHERE product

Excluding of XXXX. cash our current cash equivalents alone and of December operating meet revenue, is March to XX, not level and X, XXXX our anticipated sufficient collaboration through ELAHERE as plan

operations fund payments product agreements, forecasted more of months, of existing or will other ELAHERE release date addition collaboration equity, and than expect with XX the these funds we revenue the through With combined we additional raise financings. this intend milestone for from under amounts and cash debt existing to

the With call open for that, questions. we'll

you. from [Operator Newman Genuity. Instructions] question line comes the of Our with Thank Canaccord first John

line now Your is open.

morning. data readout Good confirm mature you I as Thank just want from guys. data include of MIRASOL taking on line Hello, PFS course my the to top expected. will for the question. that,

I the long-term. you follow you'd And on moment? survival, some with which launch, use but ELAHERE would information previously believe combination terms Avastin on said seeing of wondered at here the Also what overall in you're curious Thanks. just be immature,

top-line primary you're have based data, the on PFS terms triggering data. that XXX will our PFS requisite share so it imminent John, of right analysis we events. when And were in we Yes,

We will OS also share initial data.

the of events. probably XX% OS about terms there anticipate greater level the be maturity of that will than survival of we overall data, In of

number for that understand So have to anticipate enough final analysis OS final we analysis, we not that. OS mirvetuximab while mature of for the the the will events later and the we it's requisite hit will be then when regulators indeed benefit data course of the OS of

it I'll Todd. Now over to turn

better Yes, so. this but a yet we combination, data, or from an as a we'll in the John, of approach have of you. as in have patient you thank monotherapy Avastin to next quarter utilization additional probably get where the at that or idea data ELAHERE time really don't combination, the evaluate

you. Great, thank

Thank you.

from comes question next of Guggenheim. with Michael Our the line Schmidt

Your line is now open.

year. for taking one I Thanks my upcoming guys. Hi, this regarding questions. had later data the PICCOLO

Just the about bar wondering terms how of should rate. regulatory in we think response

talked for I Is about setting then for about the escalation, cohorts. XXX, I in talked similar in you've hurdle the platinum-resistant early expansion to that setting, rate platinum-sensitive XX% circling think we've the from in quarter And back data chemotherapy. dose second PICOLLO? the presenting know

at many quantity if data, how much. this are patients sort expansion point. you on Just could some wondering in more the give us Thanks color course of the of the the so

Sure.

so regulatory ovarian say, in is of line FDA setting and Phase XX% aligned as later based there trials patients, where for would with the clear in no more multiple platinum-sensitive platinum-resistant with on I unlike chemotherapy. So priors, on two out, bar pointed bar, or terms we investigator the with recurrent X cancer, choice you

platinum-sensitive line prior data category recurrent emerging and growing with falling a the Recent have later into shown PARP this setting, more an In maintenance. as is unmet patients had after having inhibitor in PARP that this need indeed even days, cross will. in as platinum-sensitive you pre-park previously, technically disease, if may if inhibitors may were sensitive not so have the result resistance, they patients that as they be evolving,

patients, only what but need the the all study, efficacy can which be. out of have nonplatinum-based bar there PICCOLO of there in would platinum some particularly what XX%, we patients and XX% I And would BRCA the are mirvetuximab are of engage that the in in activity mutations, while on easier we we the terms is so sense say studies to combinations, be. is, And both conversation that use, about FDA really a will the can with of with greater

Moving anticipate the on we XXX, QX to sharing in your findings escalation. from data second on dose do question

dose So on got initial cancer how we'll talk be able lung escalation, bit little in triple-negative recommended cohorts we non-small we'll there. provide data be then and about to cancer. breast able a and And X color of Phase dosing about cell expansion schedule to the

enrolling may give We on data a might just off sharing on be from seeing we'll continue we're cancer we think non-small because triple-negative cancer. cancer to sufficient and complete breast lung from cell lung like of hold I view before far, -- what data share able so want those we we to data.

you. Thank

you. Thank

from Capital Our of Markets. the question Darout line Etzer with next comes BMO

now is open. Your line

the ELAHERE given too sort But those me, color a sort Great. any immature patients Thanks will, of I you sense for for a And wondered the One earlier the of pre-bev given that drug again, if mirvetuximab, ELAHERE if sort your bit that post of maybe given given sort just around of question. the taking any had patients and pre-bevacizumab. outcome. gain goes you bev. patient from relative of kind commentary. that to being unknown, are you for incremental of I could kind little experience getting if on the think of that versus pre-bev based MARISOL insights sort into of patients And percentage on

I'll any me start Let if answer Todd and then color. ask he add wants to

come It's So available alluded of will Todd claims of in early external evaluating as to, generation the best data from data. sources. very data those our terms from the

sort I given example, percentage And the the while trying days use, for early be to of not see would so do inputs, example, data mirv-bev fix the think, we of for productive.

field the patients of at from highly use and But enthusiastic the continues of the received anecdotally ongoing to again, basis. in looking a getting the whether feedback has tell. be Similarly, terms that drug question early too the patient what managing on of would an prior is say I we're bev, to

manage see events As thing I patient follow-up percentage starts, and through new an starting we which basic in to And is to contact forward. is with as very complement of with repeat the as close infusion encouraging. mentioned, any go referrals we this then accounts orders questions, new increasing we patient ophthalmology starts are the

were. and say, data versus So are too quantitative the definitive combo terms perspective, of to give treatments data breakdown kind claims and line of from treatment early the just prior in of I guidance a where as what -- the is of mono the

Got it.

you. Thank

the comes Cowen. with line Peaker next Our question of Boris from

line now Your is open.

on to receptor want folate focus I the screening questions. my taking alpha. for Thanks Great.

patients why about Can diagnosed that screened if on are been that time the diagnosed how option month newly tests have mentioned been test And that you the therapeutic patients. based patients? this earlier many for they were are mention a really this comment 'XX? mentioned you like many being in You you newly done in don't Can the screened last docs doing have would of X,XXX since of maybe in or year. the also, have patients

Yes.

moved So first tests what the months the testing test. increased in hard two first quantity testing have has rate that call we since the of the the has of as basically end can I -- increased And the year, actual through the of terms and six from we'll next weeks the the provide about is X,XXX that of through approval we rate so say when earnings we XXXX. data in did

see very status we homologous group for last In more the assess completely recently profile physician become want years, the BRCA is why for understand this a what does patient, over really several genetic in to terms the of from mutations to FR the diagnosed looking newly initially tumor. alpha physician of recombination accustomed deficiency and they've

adoption initial for have the our base exceeded and the expectation. And is because work this in of their newly of physician so evolved And has terms in way it rates, which patients. the quite of candidly, diagnosed patients

and And prescribing reduces of any so making decision. thing delay is, does terms other in the it a -- it

know once to subsequent FR that test. our So progresses patient and available advance that They for the data there's they if no -- got can patient positive they've an ELAHERE a previously on the patient, use to within label, need alpha immediately.

taking for thank Great, questions. you my much very

Thank you.

William question next Our of line Andy Blair. from the comes Hsieh with

Your now line open. is

MIRASOL, understand MIRASOL. so questions. over from a was detect a bit was ability Great, about XXX XXX the analysis to and thanks on to over with little I have versus signal? provocative remember that bit for maybe just the little for the was potentially plus I detecting our one taking pretty patients that it signal PSX - OS trying I, FORWARD

you, Yes, Andy. thank

quite properly you memory if for chemotherapy. trend patients, XXx, mirvetuximab PSX survival. signal patients had In strong even choice is in FORWARD high in I, investigator OS actually nice favoring will, in absolutely plus, correct. a there your was the for over And FR we overall alpha-high the the favoring identified alpha mirvetuximab a so So very

in subset, relatively a it post-hoc. small right, was You're and

have make these that us reasons chemotherapy, MIRASOL of prior XX% in all of confident so, survival for and And events. than over favor overall that we'll strongly my point mirvetuximab in trend the will greater

relatively data time primary the the the is mature So will of and be interpretable PFS analysis OS important. at

enrolled patients. You're little a right, we XXX over

reasonable have in that significant do does cancer So been the but the in either regulatory benefit. overall approval, an for not ovarian a survival, statistically has or to detect in we No study U.S. power overall on survival need improvement approved Europe. based drug

So as direction, right long be as in we see positive we'll a trend fine. the

we Europe, hit And chance payers value proposition. particularly the the access in stronger the significance. and could there the conversations Again, a statistical and are OS data, is the easier around

helpful. about of control arm? a just maybe And the study, very curious, performance modeling perspective, for think how in the Avastin should That's the from at looking we I'm GLORIOSA terms PFS

one a and the that's itself, data as component. duration date from, then question, Andy, study then as and published study OCEAN because can counted based of randomization from so the the on PFS be well the studies the say, and Yes, data Avastin looking triplet good the the the in and and maintenance easily triplet it's including the on, answered triplet at from GOG that for XXX is not of continues

randomized maintenance. you at our of time patients may remember, we So the study,

maintenance. progressed, as not as have BEV versus patient, long any So MIRV randomized be BEV will they to

our a that. et we has design the and the worked we do it's the with some ratio, have of sample that hazard That that, size And I have cetera, modeling. think guided clear to understanding with so study. to statisticians And very we've used clear

think have has that is plus a for I anticipate that the point time. those another on Avastin, who I the efficacy. strength maintenance data, leave doublet progression-free Avastin long think But And important I not modest with we'll patients survival. think our we based progressed, of for the for mirvetuximab details

you so much. Thanks, that's Thank helpful.

you. Thank

line with Shi next Kelly comes from the of question Jefferies. Our

Your line is now open.

follow-up is you update. a to the data questions. at MIRASOL This for Thank released my be the taking regarding OS

put discussion. benefit you. case the benefit months OS for regulatory not if curious, evaluating the just mentioned the is you chemo, basis less less I'm weight the curious full benefit? be the in approval on Thank agency will that X.X would more PFS median than Just the over

medians because treatment Kelly, the if the for the totality X.X the doesn't are really So appropriate of that question tell than median, hazard me can't less where point point the statistical investigator answer choice of months, estimate is the measure. I your chemotherapy, for mirvetuximab estimate most over ratio the

what X.XX. I say we And in less with p-value survival anticipate statistically progression-free a so, a is significant than would improvement

FDA point be for will then of median benefit part the assessment each be. estimates they And look be will And what at they the overall that the certainly survival risk. arm for when overall will does

That's helpful, thank you.

Thank you.

line Asthika the of with from comes question next Goonewardene Truist. Our

Your line is now open.

and as questions. testing diagnostic confirm guys morning suggested recently want in and now? some has the the that some ELAHERE the testing that for have rollout around. this no on there good NeoGenomics, commercial bottlenecks is, case vendors, I [indiscernible] your taking we as one thanks But causing one to these processing, understand and is indeed Quick just Hi was been of with this delays resolved. far that that issues issues

was you more have sales into made of is for recent then I year period when guidance on And based quick a purely run follow-up? then $XX that $XX the to to it And this had ELAHERE during related rate? million account bottleneck or sales that, the million taking this

we've and done mentioned, as of volumes early doing up and cares, But in lab days testing, given doing large very is include bottleneck. small deliberately robust four Yes, three the so We've NeoGenomics of key fourth regional launch. which The in central the Vegas. no of there's the guidance and for are in the are given labs you business. bottleneck no not labs, lab revenue All that testing. a Labcorp, Las ELAHERE,

the we with own a the how give reporting basis of forward proceeding to you based think your what we qualitative are launch move you is trying assessment forward. estimates, What on to have of many provided and we're you as we look do quarterly out important data is metrics. Obviously, a on

in has exceeded And expectation. so, we've as our community Adoption our exceeded testing expectation. discussed, has the

And Our exceptional at as would academic have beginning an and the a with we in terms done both accounts through we and decisions, this Medicare to his nicely job year, anticipated. of and of we work commercial continue are strong our the base have coverage improving team Tom largest our and accounts, started coverage.

engagement to has the combination. been with positive The include compendia the

So materialized the hope all the in the the qualitatives entrant in as nicely a have ultimately would with of regular to - things we market that our for, with these goal earnings and new out along quantitative in connection with is metrics go call. to order next report

Okay, great.

screened, Just About numbers, maybe is were too. my diagnostic percentage them X,XXX can of color give quick more tests what patients were follow-up recent that any the you could currently a more ovarian pent-up the that of patients out on or - on if are immediate then what were Thanks. to for to second back demand way therapy first for from line us a trying be? who there's cancer? and Just see

we don't patient each Well, state what exactly at. is know at

did think we in was beginning have patients a waiting that for we of the product. what I lot that found this were

So and and earlier are patient on therapy. move that related was the Mark was physicians moving alluded a earlier, been earlier, to moving has the platinum-resistant testing shifting diagnosis. on as to due to earlier practices to are directly But early testing

when testing occurred. the for really so, actually in the difficult place therapy And to for us determine actual

the Thanks, appreciate color. I

you. Thank

with next Daniel the question line of Wolle from JPMorgan. Our comes

is line now open. Your

CDXXX. ELAHERE, And recent been question. by going understanding or taking you visibility a Two on for that thank are regarding questions your morning, it's based my few ADCs some example, shipment what's agreement, use? given that only conditioning first, months drop targets to a for of you use the - after? How it's persistence attempts question, for for ordering, differentiated going Vertex after, Good second but are considering the of the Vertex

again, gene programs, we're so are say at liberty with to in editing be terms are company Right, can And it's orders quality to a other and significant the than Vertex. targets, these as conjunction we being are the and used the repeat percentage growing or Vertex, then we're not their very say mean, that I orders in relates what partnering to of a on comment with persistence, repeat it to pleased is ordering. of of accounts who early.

very So, duration But of we're this we window point. therapy the by encouraged - a just again, into that. at how the what have obviously don't

thank Great, you.

you. Thank

comes question from of Jonathan Securities. Chang the SVB next line Our with

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thanks guys, Hi questions. taking my for

First question, guidance here? congrats when we you how give you the partnership. the you. Thank a runway? you're get can revenue you're extending to cash position provide this then need around product options more thinking the before ELAHERE would color talk first What about about could happen guidance? to in year second, on And Vertex for different Can

providing Jonathan, so guidance. two I Yes, belt before think, realistically, we'd like have to solid quarters our under

in that where in point, some late would of is give we point, from. you in So reasonably have - therapy, the position out are accounts, August July what's of this we And guidance. some we would that or you about second our many how be earnings early do we're the coming that of information that asking I business the a could your report imagine, quarter at to think as duration at

And clearer I better think trends, we'll idea the evaluation. the a much have that a strength on also of and

terms with a of those revenue, anticipated have going patient starts, titrating data and respect We all individual cetera, important. of to really and are targets the in in value position et

Yes. Jonathan, question? right sorry, Cash one, the then second And

excludes give measure are, it a on business. for our creates for cash the sharing revenue. are all is concern you're in But that launch and excludes a will filing, credit you that equivalents going point shared the and we to application with we cash phase in auditing -- maybe situation test. SEC essentially They like product dollar. first the where So we the -- pennies and of in We the when make be this that morning

business. we months' That that of than people evaluating we've ELAHERE want what business, which significantly of potentially revenue the include, classically So of the to with financing cash that make was there's growth business said, a additional finance royalty And the got with anticipated our even modest debt. interest worth sure offerings that to the for addition understood for more expected product, XX to follow-on are and for options the we example, the then more and respect would amount of there. clearly

active is things and to important payment [indiscernible], all to multiple equivalents, very that this we most coming half revenue would cash, business folks that our who in point we're the But second also, and here look to upon include got filing, this those include, a file ELAHERE, cash agreements with I get So expects we of for of anticipated we've include the plan at year. with that's from evaluating. again, FDA for think, portfolio the milestone are partnering everyone programs that Chinese very when example, broad

all that plan, business when XX analysis, gets stuff the accounting excluded we've cash. So full got more look months than but the of from we at

it. you. Got Thank

Thank you.

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

Your is line now open.

Great. taking question. Thanks for the

EU. for EU guidance does infrastructure the your the include Just plans the build court? out And the expense commercial that around in

in It be XXXX, that's to does. does, obviously, it going I mean, pretty limited.

.But level. come start at in are office commercial which business, in to of later of have, in Europe, would one-room many international as have the according come MAA Zug sales national what actual ahead a Approval reimbursement launch launched doing. a following So year. experienced the for is of who filing sequenced being we we And products the mighty do and XXXX. you would we're in have we the speak, our

would many to very start like we but that late expect with companies, in So XXXX. be Germany,

for will had development in some So studies pivotal GLORIOSA a clinical approach way. and XXX from have Europe of Obviously, and well. our as judicious we can in very all we've robust this very

already experience to relates it the among in is rich use. base treaters as ovarian So Europe pretty cancer ELAHERE

So more I base terms think of with strong looking it's the with a at gone of five centers. concentrated a our we And start a very in overlap of centers trial. we've got significant where Peter, market we've -- we those did, are last just clinical just than with key patients the XX% research at XX treated market, course, so countries,

incremental investment commercial concentration the level tap is market very a required this are in judicious into to we a manageable. again, So manner of with and that approaching

is as Or it regards smoother details testing, any than Got just you. wrinkles Any expected, that then going around to developed? that diagnostic that. going? just And how is

Yes.

on our So earlier little call, Peter. a I you But frankly, think, catch up before the folks we testing, just has exceeded had a bit chance joined, to the expectations.

is So we physician entry. repeat the has I of of approval highly that not just and barrier testing testing. accustomed to be was testing this is base a proven volume The the ease The between of tests did has what the X,XXX earlier, to And date year. end a said to I'll which increased.

moved it they In mutations, to exceeded fact, and BRCA their out a to our homologous expectation, than half for receptivity that's on ago more deficiency looking started decade because testing. recombination

very is for folate we which to percentage has integrated a And FR so of significant alpha for think And proven it. seeing be of receptor what diagnosed in these layering patients alpha quite the status, They've being newly easy encouraging. folks. their is we're assessed

around of that? been events? change Got sure from to just technical the longer-than-expected 'XX kind property early it. you. PFS through a around Thank Or to before. guidance And But it XQ. gain Any I'm reasons kind of was in MIRASOL frame in time the

Yes.

the PFS we're to of in period to we So guided XXXX, slightly and get before had originally end the December imminent. events now longer

all And are the models models of the all there's there's a on doing maybe bit of other And these a they IC of combination can are little could be. Maybe are Maybe our mirvetuximab factors. doing patients are patients on better, reasons better. weren't our chemo doing perfect. So Maybe bit the and a bit patients better. little a you clearly, as speculate. as good

PFS not final don't the trigger Imminently, worried. will analysis. we know, So I

so much. Thanks Great.

the Q&A you. now I back concludes to the team conference would Thank like remarks. hand the closing session. This to for over

Great. Well, thank very you joining for us today. much

hear a we of out those the a as can for work you number we here, ahead. XXXX from of look year As to the business have our through report important we come into and upcoming, excitement you to look readouts exceeding and launch the talking data is expectations, lot at so there's as forward and subsequent comments The earnings.

much. very thanks So

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

disconnect. You may now