Immunogen (IMGN) 31 Jul 232023 Q2 Earnings call transcript

Good morning and welcome to ImmunoGen’s second quarter 2023 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 financial progress issued of a results. we recent our and today, press includes release summary Earlier second quarter updated section of This call, found recording a immunogen.com. the corporate an under Media press be deck and of Investors can release, and this

Chief Affairs Officer, Vasconcelles, today our Medical and Development also our CFO. Mark Michael Renee EVP for Isabel are Berkenblit, of Q&A. and Anna me our President Lentini, Officer, With CEO, join us our our Research, and will Enyedy, Kalofonos, Commercial Chief Medical interim

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

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

With that, to I’ll turn over Mark.

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

You release Anna be as to a the to pursuing announcing for essential down would to the morning’s this I will like a position will transformation personally Officer take played this her in ImmunoGen’s moment company. from professional that her to role of Medical hiatus thank prior seen stepping Chief acknowledge take have deserved press she well has new and opportunities.

and her program humor. pivotal in execution built design Anna an that with culminated at organization. leadership, cancer. led she in no four for accelerated as Of ImmunoGen. approval under at data it advanced talented that also for have particular our In rose development we FRα+ patients and we pipeline, all, with ovarian good small and grit note, encountered Elahere the navigated including years June last adversity challenge the the of and the year, FDA landscape survival intellect, a to transformed second parallel, broader of has program last clinical pivotal We highly Through ASCO unprecedented shared late amount the have treatment a development the

colleague in you future a endeavors. you the our very patients I of ImmunoGen, Anna, and more and behalf good of you. value thank wish most as your days, in best On collaborators need importantly

of Phase meeting Moving patients milestone fronts to multiple results, significant point our not our second a and organization great last quarter and the we’ve progress progression-free the for survival cancer, but call, only chemotherapy rate primary a trial also demonstrate since unprecedented an III achieved MIRASOL our result novel confirmatory end our made in with ovarian therapy Elahere on and III trial. survival. Phase most benefit overall an is first in to platinum-resistant objective overall survival response importantly versus This making

With now and in the MAA submitting of in this quarter these results in U.S. Europe an in the hand, fourth both anticipate year. the we SBLA

results with quarter commercial $XX QX in a net sales, the Isabel with increasing to doubling than breadth will depth over launch provide Turning more a and with on in adoption. million more our strong Elahere we moment. of our performance, detail delivered progress our generating

compelling days rates, the experience evolution the of half decision yet benchmarks, efficacy line simply of Elahere this: us affect this on remaining not particularly therapy ovarian coupled today. that the given the for this The developments of new forecast testing confidently full diagnosis the this historical data cancer Elahere, on sufficient guidance this back of broader year starts; finally, over patients of Elahere provide to provide patients; and to populations increasing may from duration reliable include: for just mature to by time; variables project with initial our the for Elahere prevalent quarter is XX combination not the we how the shifting of long more, to we of point, treatment both given enough revenue for landscape, patient initial trajectory a an second believe underlying not market with year. The rate to we initiate therapy, incident versus potentially accumulated versus treatment; elected full is treatment As for recent basis be at or data, mix have later have at key growth and are are this decision use. claims monotherapy over testing and rates which market lagged may which

which data percentage point. assess multiple tapping outputs disparate somewhat are sources have the up to use We yield this of combination to

tends generate Our response, to use durations use response suggest of clinical important. this the longer and assessment rates so of higher an combination is accurate data

study You appreciate a To product. commissioned can here, the with our of adherence. trends goal and adoption the of better market assessing confidence will impact on that for these demand we have variables each the have and growth and the trajectory significant increasing evolving a assess

additional look In are you more addition, to and sources databases forward are evaluating their our insights updating into our progress calls. on gather during existing these to the updating activities on we vendors subsequent market. We

as before Elahere it to broader look to ovarian expected in In and ongoing combination end we terms for our trial position program forward ORR our the the choice development, the move milestone of year. patient efforts are advancing next of the PICCOLO data from of Elahere We with into our cancer. to populations

in XXXX. Moving patient enrolment to data the we’ve expect CADENZA novo completed of our pivotal de cohort the PVEK in and trial line program, top

data trial XXX frontline AML look cohorts and later diagnosed combination In reporting patients addition, we ASH from newly in this year. at to forward our these with for of PVEK VEN/AZA progressed

and IMGCXXX the for beyond. our strong our patients offering, on well our Looking value our of at and the our meaningful first with and us XXXX year the pipeline. IMGNXXX positioned remain expanding create of over pipeline, by in progressing research and progress follow-on rest sheet the our the focused months Together of half in shareholders bolstered a are balance well capabilities and we six has to second reinvesting

commercial Isabel turn I’ll Isabel? that, call With progress. our the over cover to to

Thank Mark. you

across continue the successfully alpha-positive imperatives Elahere of as receptor as cancer. folate to position the we We work standard execute launch ovarian care to for four

In quarter, generated net $XX.X the second million in sales. we

very [indiscernible] treatment quarter adoption by and another strong both brings MIRASOL and this of execution performance are physicians. is our pleased of of of this data depth patients the by including with ovarian driven solid patients interest increasing and and believe to the the factors, from teams, breadth cancer, and the benefits advanced We due with awareness novel recognition team, compelling of medical the to commercial combination increased engagement

quarter deep repeat of a consistent the orders and broad to accounts. in significant continues be new by Uptake percentage complemented with from accounts ordering with

customer, of to largest orders from institutions centers an of percentage academic orders quarter While and roughly continue start academic as We XX% increasing non-academic major during anticipate institutions community-based oncology to from groups the institutions quarter. infusions. came or first our the shift in mix satellite versus comprise coming XX% accounts with academic

response to diagnostic test. testing are Regarding run to strong continuous for the certified receptor in the demand the being labs test, actively additional folate

evaluation. the with more of number note, of labs XX XX and As the centralized of we’ll Of becomes the labs tests have certified, in-house as performed. the XX of process end fully labs additional XX had testing visibility comprised labs into decentralized, in we quarter, of decreased

us, been tests to launch-to-date the end estimate for significant information XX,XXX a through performed newly we with these of on visible that have percentage tests Based diagnosed patients. roughly of the being June,

in In with and XX% addition, alpha-positive XX%, rate receptor our line the folate expectations. remains between

label. pleased with very be to with lives continue coverage we ended covered. both We in and roughly Elahere included how of with access, our onto aligned XX% Moving Medicare payors quarter have the [indiscernible] commercial policies

customer our Lastly, remains active. [indiscernible] highly

consistently regarding experience relay of from physician priority team to with [indiscernible] is of engaged continues full our Elahere, health and targets and roughly organization. As and into experiences. to patient team professional ensure provide suite from feedback XX% positive June, of Reports at sales testament to clinicians the affairs their our commercial the the a end which support a has our customer medical field

to this very performance into In summary, second our look year. of momentum the half forward carrying with are the we and pleased

I program. our color data provide turn that, to to to MIRASOL additional Anna development the and over like With the would Anna? ongoing call on

Thanks Isabel.

me thank I with Thank the having your of accelerated you cancer. and have platinum-resistant the survival has pleasure Mark to a organization. today’s been the novel and pride my of update, leading of been label Elahere What for top together you given opportunities leadership. I broader built take comprised initial remarkable. pandemic, for approval immense top first-ever kind is overall global talent and call. than a a development ovarian having get in team this clinical done serve words therapy in the you a and at part It that benefit anticipated a leadership into for team for Before have of to privilege during this your we effectively executed a

moving across review continued Now confirmatory clinical to able from programs, top of the that we efficacy the shortly on we a MIRASOL program engage late stakeholders in data high. the for enthusiasm the ASCO mirvetuximab with is early ovarian community, June. trial and released safety onto May Moore after then, press we was Since data thrilled Dr. these cancer in the oral and our results present and line to have were Kathleen breaker X, the presentation broader key the at

The choice investigators trial randomized chemotherapy, III experience. levels were clinical profile cancer efficacy trial the paclitaxel, tumors compelling pleased of our an and a doxorubicin, As to topotecan have high safety are express peglyated three a confirmatory folate survival reminder, a whose that or weekly trial with is consistent and overall receptor prior by received prior alpha in who resounding data mirvetuximab versus our complemented we success to up aligned MIRASOL liposomal of platinum-resistant ovarian patients Phase regimens. with was of advantage unprecedented

lower adverse low study a events, Starting with to new of signals events gastrointestinal adverse with mirv was with or the and with events, identified. importantly adverse drug. three compared to grade discontinuation grade and Notably, no continues rate lower profile safety greater of ocular predominantly leading rates safety, chemotherapy, of serious of treatment-emergent associated consist events AE treatment-emergent

reduction compared end The efficacy progression-free the progression survival X.XX On point significant. was of ratio MIRASOL a death of population point, of hazard risk P-value for XX% secondary the a by rate, achieved response and key of statistically the in also treated highly investigator, less primary chemotherapy. X.XXXX, with objective end Elahere of representing than a

at complete arm, responses, arm, investigator ORR by were triple no assessment. control and the investigators. independent by compared XX was On as the chemotherapy on responses blinded with and with XX.X% mirv complete concordant with results to nearly ORR PFS chemotherapy compared XX.X% central review reported

of overall meaningful to in ratio reduction with XX% XX.XX improvement a a to the significant arm. in clinical the to X.XX corresponds statistically with a and survival demonstrated a XXX Elahere death with This to survival, most overall chemotherapy. P-value risk hazard survival Elahere compared end point, with reported chemotherapy The with Turning compared control events chemotherapy on compared XX.XX X.XXXX. months median of Elahere was the of months

As cancer. Quite in ovarian Mark III to Elahere drug demonstrate earlier, simply, these practice is the first a changing. trial an Phase OS are platinum-resistant benefit in noted data

me disease the and positioning broader has program, turn Elahere development choice expand cancer. meaningfully mirvetuximab moving of Let the to mirv potential which as agent now platinum-sensitive label the by combination in the ovarian to into

we progressing studies. are Specifically, three

data with folate PICCOLO, cancer. is ORR we duration single the and was data receptor Enrolment trial in by response II end in January evaluating monotherapy year sharing first a ovarian in alpha-high of sensitive arm platinum XXXX. completed anticipate of mirv The expected this Phase

ovarian benefit Compendium platinum-resistant The the Phase the study listing bevacizumab for data mirv NCCN setting, second mirv-bev mirv setting, maintenance patients plus from evaluating standard second bev in in maintenance platinum-sensitive trial in even durations treatment platinum-sensitive of care versus our line of GLORIOSA, cancer the stand This led to where bevacizumab levers longer maintenance our which robust may to setting. plus therapy. is into III

enrolling The Europe. a receptor or continuation expression. folate GLORIOSA in arm Phase alpha are and and by Trial the evaluating followed with is medium of XXX, trials, plus third high II in getting going patients combination Trial Both mirv are XXX, U.S. levels in mirv low, single platinum-sensitive carboplatin, trial cancer ovarian

to duration of XX and program, our from rate BPDCN months. data refractory with frontline pivotal June. response conference tagraxofusp, with awareness of Moving relapsed a second observed the a months. which refractory treated Commensurate available a the PVEK to of EHA we patients CCR observed and of rate In of the and the relapsed setting, toxicities light over increasing In in Phase demonstrated duration frontline median II over we response XX% seven in of in with we included previously over completed therapies. ultra-rare in CADENZA of XXXX. CADENZA tolerability, share CR the XX% setting, an enrolment activity interim analysis presented data at of are line encouraging the that anticipate clinical of trial of PVEK frontline the of a of pivotal and composite have and patients pleased novo median the in in indication, BPDCN of de we PVEK top cohort we potential this especially

will For guide our AML. to ASH in these the We frontline help pivotal trial the us plus XX-day we data of later venetoclax patients These optimize both look PVEK with cohort. AML, the XXX and for this the combination XX data reporting triplet year. of venetoclax and venetoclax forward development frontline minus enrolled in duration cohorts in from triplet azacitidine and in have XX-day at

progressed targeting in our our cohort interim the we and first-in-class IMGCXXX, analysis enrolment As co-development update cell expansion non-small our we provide cancer expect which after later lung for an protocol-specified MacroGenics, on stage plan this in is completed, earlier ADAMX year. with assets, ADC to

Initial Lastly, is is proceeding trial of endometrial our and of expressing we receptor Phase as alpha targeting address anticipated. progressing escalation our tumors. in alpha exploration folate are IMGNXXX, broader and next ovarian anti-folate range I dose a ADC, cancers to generation receptor

colleagues In will patients my for with more commitment delivering my cancer. I days with to want business I personally. ImmunoGen closing, thank all cherish their both for ongoing good and professionally this to time

unfold. watch consulting look coming what’s bright my I future spending my the to with and work, board family, time As continuing I ImmunoGen’s while next, to forward months pursuing in

call With the Renee that, over turn to financials. Renee? to cover our I’ll

Thanks Anna.

expenses million second quarter SG&A generated sales $XX.X $XX.X product comprised million, the including and Operating we of were in the For net and $XX.X Elahere revenue, XXXX, remainder from $XX.X in of royalty $XX.X of million million of R&D of expenses. non-cash million expenses revenues.

in million equity net sheet. on offering, sheet, We to further proceeds. In in the with million May, cash our an $XXX second the strengthened quarter balance generating ended balance pursuant we approximately $XXX

Our financial support preparations spending in remains greater capabilities a million been reflects $XXX between we guidance Europe at research and to our in updated for and Revenue expenses million. addition operating expect million. guidance and XXXX sales increase for including unchanged and now $XXX million has between excluding Elahere, expanding $XX pipeline. This $XX launch in of Elahere

revenues years. two with fund anticipated We equivalents operations future our expect more that existing product cash and collaboration for cash and together than will

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

[Operator instructions]

Newman John Canaccord. from comes question first The with

is Your open. line

my Hi question. a guys. Thanks for taking lot

I just on first congrats great wanted ImmunoGen. to all the Anna, at say work

best be near execute biotech You’ll ones can certainly missed, and they in say in the is companies clinical studies bucket. perfect, ImmunoGen that are included that the that and the certainly

question, tested confirmed we Just three-plus patients FRα-high in is MIRASOL was know had by that with which one in expression level. mirvetuximab

at and say can if Elahere that used Just be with whether seeing expect Thanks. talk the you moment. or you will curious in now, expression mirv, I should levels, patients two-plus if about we’re perhaps

Thanks John. words. kind Thank you your for

is tumor between and cells performed least least by positive our has That definition XX% and two-plus XX% ovarian immunohistochemistry at two-plus patients trials. all Just staining, expression of cancer three-plus. XX% of the at commercial we’ve clinical diagnostic as companion comprised the testing seen so by to in clarify and FRα-high of

FRα so have expression, previously - can We at expression medium which choice that about median levels and certainly patients of from as between from with on of patients. levels based with XX% that with expression exploratory exploring data mirvetuximab with various study in levels least about We encompasses and well mirvetuximab with expression that that our as have patients least immunohistochemistry, lower XX% of at and as investigator are we two-plus know patients post FORWARD XX% by we explored of recall preclinical that in monotherapy X, FRα that cells synergy XX% well on is some as cells, combination and strategies. hoc you they is lower based showing chemotherapy, another analysis, we a data as cancer know ovarian of of FRα agents, do with with

FRα of XX% Gyn mirvetuximab least nice know at get a across that expression, low, bevacizumab at that broad and we two-plus low XX% published with we plus and being expression, or data to very that for also this cancer medium earlier encompasses about Journal, when least high, medium combine bev listing the led were high Onc expression, and range for that to of ovarian that We mirv patients year low, with Compendium with cells in so of FRα XX% patients.

is patients our mirv carboplatin in Looking patients XXX study, low, to beginning. combining the in medium high also for expression high and with so approval monotherapy future, mirv FRα we’re in FRα just initial with expression with our the

you. thank Great,

could additional just with from anything bevacizumab, with combination [indiscernible]. on seeing if in I combination Thanks. there you’re question, your at If curious data regard with uptake one to, ask quick moment perhaps, the

the sure we questions claim certainly of early on anecdotally look the and is but that the Yes, we’ll of as the get see claims When answer lots I’m set, do that, part combination yes. that. days, at use absolutely feedback data, we it’s and supports we have

you. Thank

for Please next by stand the question.

comes Schmidt next with Michael question Guggenheim. from The

open. is line Your

Hey for taking my guys, questions, quarter. on very and thanks congrats strong another

just Anna my success to all at congratulations ImmunoGen. for me Let the add

missed obviously many. You will be by

I testing U.S. for [Indiscernible] testing testing in-house many centralized labs large the evolving certified over institutions using you not how The in-house have can heard many are confirm of the academic big centers question and the on was we’ve you that prefer that wondering of established, that and the if in the paradigm. yet

Thank you.

of that to have as strong we we labs, confirm we second XX quarter XX,XXX demand can now XX,XXX today. comes labs When over tests surpassed and we - know, far, the for tests, had the in are and very less you we visibility we that are a just I so it testing, As which so as In in have strong data had XX those we mentioned. being centers, another to In certified, process, see XX have. the are process of about centers. that labs that operational, we we the of academic are very continue testing

Okay, thank you.

the bar SORAYA response it similar to platinum-sensitive Regarding the for study, PICCOLO that is that was we rate how for in or lower? higher applied or think bar the regulatory about study, example, setting? Is the that should to

unfortunately be seems frontline platinum, therapy like things are particularly the PARP-inhibitor bar the also DNA in incorporation the as because to we is agents, to think subsequent with and which PARP multiple studies has from landscape as of the doxo, well I Michael, maintenance, agents. now resistance particularly that know maintenance and evolved damaging setting, to topotecan induce determined, DNA-damaging

with, But that what words be is sensitive they were even there in III last are with months they’ve of the benchmark post after what as recurred as patients know who platinum-sensitive that platinum randomized PARP robust is. line level six That platinum, fact technically really pre-PARP to we not don’t greater later inhibitor, are days, coupled in the to previously. means sensitive studies dose the than the last a that begin other evidence disease no may platinum in Phase one their

about of we DOR the PICCOLO this on about these well more more anticipate that the point, track easier we’re study, of we’re beat. about again having for the that conversation in rate, patients response platinum patients know may the next it are an excited what higher thinking the year. showing for end We the PICCOLO, not the bar to really response for their these we’re the so with the post-PARP so That before data will ORR studies best be At year. interests, us regulators said, way coming will and out, are in longer be the be doing data is appropriate would duration

PVEK at just for the you looking initiation as certain for Okay, are us you? here you’re support of the running ASH look would regarding just can important what thank frontline cohorts III of you. efficacy remind Is in question, Then XXX in well Phase of data AML, trials? a measures that or primary and it two you’re study the that in last safety

definition of--about compounds ven-aza ven-aza. That of background, for is toxicity and which so that become unfit to get AML of unfit the is patients, of the and in a combine care have it’s as Just of ven-aza just about Many evolved patients, failed of with do standard all although labeled patients tough half tried being new doses triplet. at more and excess said, regimen AML even of the have because schedule. has itself the frontline

not of is one those. Ours

in patient that are protect has manner out, We able and relapsed into year we with up an proved that of patients’ conservative we of regimen we few regimen. say the what’s ASH one to successfully, so been worth and XX frontline of called the venetoclax in started plus combine safety I moved regimen a the data at XX-day a safety XX-day appropriately last would We of setting. setting, refractory presented where to it had plus with

tolerate can’t because completed in have plus many minus and patients that patients conversation standard we given we But patients venetoclax FDA, XX-day so clear XX-day extended labeled dose a of made days their it is FDA In XX we profound a to myelosuppression, or duration the row. ven-aza, call is per and regimen. in label in a combine expectation XX what now venetoclax up and using that the with with is of schedule the basically of accrual generally and XX problem

the toxicity. of plus, marrow later no the marrow the venetoclax in XX patients around for patients bone XX-day adding regimen, the is point, XX-day continue would blasts, showed happens with each venetoclax that What because, the and a just these, days blasts, venetoclax. do they bone residual stop minus then If have get be if they at or in

so CR we’re of triplet from guide will rate, going trial, disease MRD, registrational the as thinking combine the and frontline ASH. residual the data to or about how both understand triplet, sets the measurable a pivotal in both and those efficacy as to AML rate safety well safety tuned We’re understand terms of stay efficacy for

Anna. detail, for Thanks super. the all Great,

Please next for stand the by question.

comes Our Peter from Lawson next with Barclays. question

open. is line Your

so you thank much. Great,

wanted Anna, congratulations, mention to it’s a of steps. with the to talking Just also best pleasure luck and and wanted you, next to my offer been

the kind range some like in estimates, the whether duration sounds use, seeing with think kind as Just can you’re that mostly it range there’s your combination provide about of line for from therapy It of duration I wonder the anything if bev. use, you give you getting of if of color. you’re we and could but of there’s around a

It starts with it claims and the data, right, so trickles in.

and As you for hard The those at I ascertain have difficult you assess experience example forward. of know, back the this half to versus about try brand was point. project the this when of exactly data, falls data bucket, last look reported, we data, what’s into back year four so days is at of think when if gather look this so claims and with then accumulate had it’s patients commercially claims the that accounts of the totality therapy right, month, happening and that point at saw we the at--you earlier the sort up over XX which little the that to it’s duration extrapolating we the and to the to a

baseline Our of I most our for a that’s population experience heavily a was in where in where SORAYA clinical that certainly think we’ve that of we is the therapy. complete, data, saw we’ve that duration population. it’s of so pre-treated and That with mean cycles seven experience, the related observed number

that generally. indicate movement starting we longer can later is Particularly the we MIRASOL into we that earlier what is say, see of data, line in the data generally we of in initial will claims were the line durations therapy with think with correspond What the patients. which patients, Peter, stages launch,

that, for are so making concerted assessment addition that, demand databases we In effort and databases, to those with shared order try use. a get reconcile to we a results in study of across in better combination what that remarks, going what’s disparate the prepared are to on. see today as and we’re from the The a supplement

it have and look on rate as But on a confidence, there high think about of impact tests terms pretty have factors--you we is has is the the a other put together has level, confidence and this, the one revenue of positivity run axis our here degree include it the and XX,XXX know, positivity that on on experiment matrix, commercial our things that we team was confidence those so and when essentially at impact we’ve high because FRα over in rate. we high the

when similarly to in of we duration claims and clear of that therapy, look the that we data, over are of have an an market a set terms view just community. articulate terms we picture working of on Again, see lines we simply the the order we it’s in very of data evolving have In something incomplete investment aggressively to therapy. could

Got you.

Your physicians, kind conversations again, with of into it, or range? use does is that combination mostly broad point a

We see a significant percentage.

a physicians is significant We report the us to practices their that percentage have in of use in combination.

so Okay, thanks queue. much. I’ll jump the back into

next the question. Please for stand by

Etzer The with Capital BMO next question Darout comes Markets. from

open. line Your is

quarter, my had the the echo would Anna, like colleagues’ on sentiments and congrats ImmunoGen’s to on story. you’ve and you, contribution, to thank also that Great,

wondered the major here trajectory First could countries treatment U.S. some a have strategy the in in the those maybe question maybe the major some differences thanks. on of of Europe versus maybe guess what differences follow-up, bit you I or and in what seen from have we’ve the launch Then practice, cancer impact I overall me, EU, in if the early your about U.S. versus talk I can a just on ovarian little in or

strategy I’ll and discuss launch our differences start Europe. so my that with to pattern colleagues to then how influences turn practice over in it Sure,

chemotherapy with disease, chemotherapy approved continued in combination in and approvals approved in physicians and then it how U.S. has frontline difference, real that is know, as and - use it’s with it you maintenance, disease as and in XXXX, combination the known and in with combination We’ve Avastin. Etzer, Europe. was in one or bevacizumab, It’s The XXXX, chemotherapy setting when platinum-resistant recurrent three approved in maintenance. platinum-sensitive the in continued

X only have so bevacizumab problem patients in kind enrolled relapsed bev have frontline in SORAYA a U.S.--excuse never cancer of setting, had in the recurrent in seen to setting, higher are only subset that fact The ascites, they in an the majority out X in that that prognosis, except access stage the oftentimes is they’re or particularly in any with shown subset, ovarian overall core Europe, who patients than survival, addition risk settings in does percentage with a or of these or the study the bevacizumab it’s study. our of patients - reimbursed, where stage and that Europe, sub-optimally is overall high these poor study in in bore frontline a is typically improve survival me, so that advantage metastases and present were of of de-bulked. In disease, patients bevacizumab risk parenchymal

Because higher in agent of we platinum-resistant when a get and approved. we’re thinking single chemotherapy, of Europe important that’s about how in it the Elahere setting for patients percentage that, get

unmet also there the and and the be the launch that translates the even way of number higher. Yes, is patients would eligible is for this for that need is Elahere higher,

goal Mark, progress are by is launch. towards and is, this therefore significant we Our as the end mentioned year, by to of the making file

a value very strong that confident initial [indiscernible] on us and working pricing on so to Europe here payors overall survival that data, in are we there. First, tend will feel position give we

there. have [indiscernible] with we really we solid very Second, are that pleased engagement

have Istanbul so so We’ll continue oral remember, those you launch. one-on-one community studies also XX% this September, patients at and presentations that. present the the ASCO relationships, for to at strong having we’ll in partnering in of we’re clinical in As ex-U.S., at preparation will engagement enrolled of the we and two with were also the end our leveraging over very we’re ESMO, be

in Europe feel preparing a Finally, launch successful the very confident for are as U.S. the we execution, in will ramping we towards up team we that and have

only do the expect market, given very the This there, data mentioned, relationships markets and it’s is which incremental key we at something concentrated treating we that into for and pattern, high we a very investment, the the the highly research have, that centers to so add XX-odd when with launch as thing number XX Isabel both a look of see modest we relatively so can just market. Etzer, Maybe centers other consistent of is we we the we XX% a there. when that percentage and, particularly robust a of treat are have the the commercial five a markets, five address market that small is a example, that across expanding markets, largest patients,

it color was thank is? it thinking asset. response back you interim another going Thank Then what is that to maybe a response? you. lot TROP-X, how are paying duration strategy analysis this the of in on cancer. to rate, the If on non-small go-forward cell the of you a be thinking maybe follow-up year, how you. about on the bit little Is PFS? go, no-go half have Is about maybe The of could here At attention lung that of provide on the you’re market IMGCXXX. Great, mechanism, you ADC the in

and development, of the cell Sure. early understand a saw of IMGCXXX lung ADAMX of first know, ADAMX array we’ve and expanded cancer in you if broad what prioritized on IMGCXXX cell we expressed activity two-stage that--you in the our targeting a we cancer. is tumors, solid based design, will, ADC non-small so to lung non-small is stage have across

and would I data response larger think a the be the we’re we just set rate about would patients, cohort overall have initial look of ORR response stage, guide to assess into initial or further thinking and point Etzer, at expansion that data point further would how DOR we would where second in the at objective at hurdle, development. that rate which

hard studies typically PFS will making. arm so that and single based decision ORR of DOR it’s data to and further terms typically PFS, on decisions guide in data, robust it’s Just make

you. thank Great,

Please stand next question. for by the

question comes with Boris next Cowen. from The Peaker

open. Your is line

specifically I’d entire the Anna my the for like add to team excellent progress. congratulations to and and management you, Thank

on my obviously online, in the the Maybe been the revenue centers question has maybe estimate brought testing being but on mentioned infrastructure is first you increasing centers being existing potentially testing the limited, current much - you do how there second that quarter? based testing

in-house are from is a mentioned, as progresses, just--testing institutions barrier entry. that sending them preference didn’t we’ve that we time all. it to--you at the testing, taking so from centers know and simply I we didn’t open, in-house from prevent in-house. their that have accounts could tests know, institutions to a mean, accounts those and as before present testing, of We at ordering a have number testing see not for out but Not do were

we’ve some to out What take waned about the PDLX phenomenon to testing, centralized institutions I’ll this that time related actually that back to over and and it in-house; conversations also however, they that enthusiasm had tests PDX, say, among enthusiasm Boris, degree is is interesting began some hear their to as labs. sending we academic was what initially testing great there

that’s migration time. open we we’ve think As sustainable discussed, phenomenon, this at I over Whether is an in-house point. question see the a

very it just been launch-to-date, we’ve to But to entry. be and has XX,XXX not done a simply tests barrier clear, over

question the terms guidelines, any you future is near incorporating Great, of anticipate or future? do NCCN updates data in MIRASOL the in second any and maybe my other

we setting overall MIRASOL category XA to evidence. from NCCN the Elahere Compendium be show medication novel treatment level of guideline agent. have would the with could that a in being listing platinum-resistant to survival Yes, our the for study a anticipate only move it so would III MIRASOL X, advantage an that in randomized anticipate only and Phase We

compendia study study line absolutely platinum-sensitive at II well. cancer as support as as plus study patients, a investigator low, trials, We compendia in study expressing three this our data data led PICCOLO for also randomized is sponsored and those anticipating point ovarian we FRα supporting mirvetuximab and data medium generating neoadjuvant the are mirv listing also Germany, and well Philipp support a high by Harter, are could a sponsored sets in NCCN monotherapy, two could for that and Phase for that are the XXX we carboplatin, later

can compendia also combination move that XB we Yes, from of to hope we XA-- listing the the

For mirv-bev.

mirv-bev. --for

a have of Do sense you timing for that?

XA. we are from October, combination for of Well, monotherapy and in mirv-bev for the to some similarly XB aiming changes Elahere the to of make listing

NCCN Yes, with their around meetings. we scheduled will work

my Great, thanks again. once questions, taking and congratulations for

Thanks.

next for by the stand question. Please

Blair. Andy William from Hsieh with comes question next The

Your line is open.

Congrats on wish another of luck. blowout you quarter, and it’s been a pleasure working with and you, best the Anna,

the I’m of you’re of any there. the R&D that, question I view dynamics your was Obviously on in the terms years. I seeing have expect curious what’s market in of a from about sort your next in strength curious you have follow-up non-academic P&L. store, do fuel the the strength have near R&D about three and I also could what in if a you in R&D. community a maybe R&D, about to or centers. midterm Elahere vision just look like

the do this just I’m if you’re P&L, at how you breakeven close of incredible terms to think your quarter. income just Thank ramp that’s curious obviously about Elahere In pretty goal, as to statement pace. this continues you.

talk the and and Sure, to start to Mike and tackle I of then thanks Andy. to about then some Renee combination Isabel P&L. I’m R&D, going ask can

and drug. pleased target early the we’re What launch, and community centers, to in with so academic academic the is in that’s the and very first the need start and would we profile the both very adoption Sure, community you strong in strong seen have follow. of we centers thought that the would testament if unmet and remember community, the adoption a

they for for major normal we centers, are pleased also committees, - wait all to the testing see that started now the to test have have they to Elahere. pretty in-house, [indiscernible] have ordering We very their [indiscernible] are and but that institutions wait the process have academics follow already they to much

have additional will events that growth We additional create in both.

continue institutions. [indiscernible], the that as been included and that’s non-academic think We both have of have X, we growth in in the July J-code academic going driving we to and

think XX% to terms in with quarter. we more will maybe growth it relatively the from In with coming second the similar more--XX% remain academic mix, of institutions

Andy, this is Mike.

as move us broad to lifecycle the investment about folate right medicine think every to remind cancer others. with program receptor ovarian continued cancer ovarian woman time. lung continue the mirvetuximab. summarized, I I beyond include you which that, such Regarding cancer your R&D, heard about Anna’s with remind potential for to wanted but but question expresses expressing have platinum-sensitive only will non-small That management we has to nicely the right have endometrial, in cancers development just impact cancer ovarian about as and Elahere to IMGNXXX, - of FRα to investigation of and already that cell you, cancers, that. broadly Phase alpha we in a ongoing It’s not at you important also in through

to associated reminder, the that we You’ve linkers the also of data informing our those as development form about investment there, a and to PVEK classes clinical of forward the AML, heard - broad have continued three basis in with frontline ongoing look bring in portfolio importantly a novel test we continued importantly and then of we [ph], acanpathesin in payloads forward the and work tested forward development, that to payloads so cancers. antibodies swath be yet have group of those with already of maytansinoids, linkers IGN to compounds formally and broad [ph] look that’s clinical collaborators

of We’re forward, and to research across this committed move really closer very progress forward to spectrum the molecules earlier look and IND. we sharing as

of coming years, of years’ we’ve cash say globally launch. as as indications, balance in so about do the a two as of Mike the the that well reflection guidance heavily the of existing to the just worth and got both cash and than we Elahere talked to more expect we’ve that business labeled is strength sheet Elahere we’ve the articulated expansion with in also invest Andy, given

fully be to We company. a aspire integrated oncology

capabilities preclinical three preclinical core our a to supporting go-forward to so rebuilding activity for incrementally the but goal launch, partnerships, also a on we relates our basis. international We’re marketed clinical again that expertise, pipeline, and number areas one product to continue so fortunate investment focus as We’ve again business management, additional Mike lifecycle again and look expansion of have is rebuild done with some has areas to as is The our of it outlined. and capabilities. in-house our and candidates, expand the of

Great, that’s helpful. so much. very Thank you

Sure.

stand for next the question. by Please

Jefferies. from with comes question Kelly Shi next The

is open. line Your

add me to Congrats to Anna. on my another also allow congrats great please quarter, and

patient My platinum-sensitive duration could first the also FRR expect, as the propulsion XX%? in kind treatment around XX% platinum-resistant the in and for the setting we is for setting, to question stain what PICCOLO of is high of trial,

Kelly. Thanks

tumor in. surgery based for testing, do setting is XX% debulking who when vast receiving to on trials Let taken the their patients at Elahere FRα have your majority patients have address participated they tissue so who diagnosis patient archival what and first. commercial tumor generally testing. and are so The me XX% regardless second in when question of of FRα--that’s The the have is mirvetuximab true time that’s of

get although the treatment first platinum. we in to who know PICCOLO are possibly back tuned. the for of going that does the MIRASOL your in said, seem treatment platinum-resistant for line about so question of stay platinum-sensitive to be post-PARP or That than, these study patients, longer to general be is again better patients, but duration platinum-sensitive therapy, patients later example, platinum-sensitive appreciably than for for patients SORAYA, anticipate do regardless Going PICCOLO, more changing duration subset we that

Okay, great. Thanks.

setting? Also, for [indiscernible] to XXX it just curious, PDX in post analysis by is cohort, cell cancer a the interim applied non-small lung

not prior therapies It’s have not and lung Phase the but setting, cancer had cell I them, a patients all inhibitor. is had a the in majority, specifically of study checkpoint this the appropriate if PDX non-small with post where have vast

Okay, great. you. Thank

Please stand by for the question. next

comes question from Wainwright. HC next RK The with

Your open. is line

I signing especially nothing the will a the certainly that we had you, Congratulations, miss years. congratulations, on on like all Thank few and and last in have Anna, off conversations note. you. helpful high

calls with my Zoom Zoom ImmunoGen. future Additionally, and both calls, I going am you to daughter know, miss on our you

conference? In expectations that terms we the could analyses what ESGO, see at additional of at

understand [indiscernible] because is subset have been to who the patients be end focused of PARP are on array and key of of ones we’ll Yes, are as a the prior well physicians have or to of position lines treatment as are inhibitor, in subsets those two abstracts number from not additional interested on quite paradigm. the think Elahere have had September, so subsets where it’s therapy, based prior in have Istanbul presentation I The in we ESGO this accepted analyses that initial of MIRASOL. oral this that fall, the for terms

these think informative data I them. very will subset be for

just be to the there? as Would you--are about that would Europe Europe. the be months, structure we six or I’m commercialization seeking file trying Thanks think a directly in what--how by Anna. plan there? Also, could should understand up commercial this you to you yourselves commercial set next partner MAA in the during the

there’s in take we to largest clustering, markets, so markets, XX five direct approach be plan leveraged Sure go Europe. XX to so that can in we and direct a add by can expect one markets RK, pretty additional so we in the

Of of course, EUXX. reimbursements of distributors given would just over the that takes the outside we’d those markets, and in call what cadence time we use place then

Thanks Mark. Thanks for taking my questions.

Sure.

for by stand Please the question. next

The Goonewardene Truist. with from comes next question Asthika

open. is line Your

Thank but good the months for Anna, you, We to to execution you in note launched that adventure. pleasure ago, very to Truist elegant nine a on limited guys, time, team, been your to your know and coverage Wish taking Hey congratulations going in best - the only Anna. here. next morning offer a it’s also get appreciate questions. discipline. Asthika from you my to and I’m on my a personal

us questions here. of for mop-up a quick Just couple

stick U.S., You’re to the you in you you nice a there a clearly what the do going U.S, as off-label Europe off-label script or do doctors do the Europe in get use boost think in more? strong but in general as in oncology, to getting might call over are use in the can think from bit be one

as be like is that looking are color question that’s people any to I’d well and Second see to after for get know here things can of GLORIOSA. one sort test of I on if timelines PICCOLO. we going the next at

that Thanks Then data feel Mark, claims guys. to a us sample you guidance on confident from for the product give enough level when you’ll a Elahere? lastly, basis some get of do

there U.S. there, it’s the fundamentally by physicians drives and that drugs see just it’s the label should what will reimbursement, and lines with so see with label expectation we Avastin. combination listed the in no in off-label Elahere much be make limited the and we’ve within use prior to the to to question, from as market, the instances with decisions markets the EMA. seen there, compendia, very reimbursement There particularly so respect on outside so where you the distinct Sure, use in the where different not the the can that and first Europe it, both stringent. therapy very are as in it coverage as approved restriction relates as terms of of are They’re that’s what be that’s

so sorry, third Then of GLORIOSA, terms haven’t your was--? we early question any guidance days, there. given In

[Indiscernible]

yes. Yes,

to course I to point two really factors of think duration are and, that it of at needs which importantly, key discontinuations, of things. by driven two are therapy. be related opaque The duration therapy most this are

by clear-eyed we be year-end certainly a to beginning Morgan that. going it’s call, on time in or before get when JP think with all year, I some together of we that. that earnings I at next expect the to get view reasonably would our conjunction have to

well. got As study I what going we’ll tells we’ve as demand see us this say, and that

thanks guys. taking questions, for my Great,

Please stand question. the for next by

question comes next Sandler. Joe Catanzaro with Piper The from

line open. Your is

a Hey guys, on in. thanks quarter, Congrats the to Anna, for here. on nice me and nice squeezing congrats tenure you,

Maybe at June cadence and or whether sense just ASCO. not, following and and of you relatedly, two from presentation whether starts MIRASOL me. in July if you saw I’m wondering the in usage in a new the was distributed had it an XQ around patient evenly uptick

question, that difficulty in usage indication shifting the curve you’re that the modeling give wondering to second you population. in you you my incident at, an metrics that think are to majority Mark, you what and prevalent incidence. Then Thanks. looking mentioned you’re in where will I’m

lines you and get what we the that data lagging we to patient data, at days, are we back comes the can tracking are need that we tell we We versus and it’s issue prevalence very of there. have it happening with point. looking at on additional XX when data that, the this therapy, so how is is longitudinal think incidence so and Okay, population before from claims have it few frankly, we DRG by and patient time we

first also data uptake from seen, terms you have that pretty signs impact claims therapy, resistance. see the MIRASOL we the treat of second patients, earlier and We of in much to of at in as are patients saw in an the can more though, early does have of quarter, that signs lines moving

Okay, thank you.

the for question. by next stand Please

question from comes Leerink Jonathan with next Partners. The Chang

Your line is open.

next wishes, my taking the on on Anna, for best quarter Congrats and question. steps. Thanks

Just one question from and are me. strategic you for thinking broadly? you. business Thank interest guys about opportunities How potential development Elahere

that we with a so with exploring elected we’ve with robust not call, here we’re partnerships In go where Elahere Yes, where partners, we investment back to and to with when bit we’re largest direct the a in go we can model. we’ve that’s we’ve done of U.S., a move for starting to as this to agreement, we’ve markets, distribution is decided that, example markets modest use to similar China, in direct think can ready a going Outside what those support talked Japan distributors in a to because on for I we Europe. think launch, call time-limited plan feasible, so in vein. the

recently small more pipeline, of the very with of the and deals we ImmunoBiochem, more terms build to of some pipeline, front of front we’ve done In OBT a broadly as want we’ve development, so. talked, - business rebuild the the deal end again the and that to end

progress about this love and with the generated data, long momentum paired been about this we’re the pipeline, our so with excited very We that’s We’re excited prospects business. the that’s marketplace, very nicely here. in term quarter

it, Got thank you.

this at remarks. questions further the to to no now Mark for show I back call closing I turn would time. like

today. us for to carry our much very we half. on this We create as do Great, year as and keeping strong through momentum first joining shareholders. the a had look of very our days value progress look well half. remainder to the We more second we for thanks We move patients, to forward good importantly deliver for expect you to all our you updated the for

for today. again Thanks time your

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

disconnect. may You now