Q2 2021 CytomX Therapeutics Inc Earnings Call

August 5, 2021

[music].

Operator: Good afternoon, ladies and gentlemen. Thank you for standing by.

Good afternoon, ladies and gentlemen, thank you for standing by welcome to be tied to mix Therapeutics second quarter, 2021, and financial results call.

Operator: Welcome to the CytomX Therapeutics second quarter 2021 financial results call. Please be advised that today's call is being recorded. I would now like to hand the conference over to your host today, Cao Cheng, CytomX Vice President, Investor Relations, and Corporate Communications. Please go ahead.

Please be advised that day that today's call is being recorded I would now like to hand, the conference over to your host today Chau Cheng <unk>, Vice President Investor Relations and corporate Communications. Please go ahead.

Cao Cheng: Thank you, Suzanne. Good afternoon, and thank you for joining us. With me today are Dr. Sean McCarthy, CytomX's President, Chief Executive Officer, and Chairman; Dr. Amy Peterson, Chief Development Officer; and Carlos Campoy, Chief Financial Officer. Earlier today, we issued a press release that includes a summary of our second quarter 2021 financial results and highlights the important progress we made during the quarter. We encourage everyone to read today's press release and the associated materials, which have been filed with the SEC.

Thank you Suzanne and good afternoon, and thank you for joining US with me today I've got the Sean Mccarthy sites on which as President Chief Executive Officer and Chairman.

Doctor, Amy Peterson, Chief Development Officer, and Carlos Campoy, Chief Financial Officer.

Earlier today, we issued a press release that includes a summary of our second quarter 2021 financial results and highlight the important progress we made during the quarter.

Cao Cheng: Additionally, the press release and the recording of this call can be found under the Investors and News section of our website at cytomx.com. During today's call, we will be making forward-looking statements. God's forward-looking statements related to the future, they are subject to inherent uncertainties and risks, including the uncertainty surrounding the COVID-19 pandemic, which are difficult to predict and many of which are outside of our control. Important risks and uncertainties are set forth in our most recent public filings with the SEC at sec.gov.

Cao Cheng: including our Form 10-Q filed today. However, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future developments, or otherwise.

Cao Cheng: Future Developments, or otherwise. With that, I'd like to turn the call now over to Sean.

Sean A. McCarthy: Good afternoon, everyone. Thanks for joining us today for an update on recent progress and development within our clinical and preclinical programs and operations. At CytomX, we continue to dedicate ourselves to working towards making a meaningful difference in cancer treatment by being different and thinking different. We have pioneered an entirely new way to design therapeutic antibodies and other biologic modalities, and we have used our technology to purposefully go after high-potential targets that were previously considered undruggable in order to stand out from the crowd and build long-term value. We're exploiting an Achilles' heel of tumor biology to combat cancer in new and unique ways. Our technology, the ProBody platform, is a conditional activation strategy that uses protease-dependent peptide mastectomy.

And Druggable and ordered an order to stand out from the crowd and build a long term value.

We are exploiting and Achilles heel of tumor biology to combat cancer, new and unique ways.

Our technology. The provolone platform is a conditional activation strategy that uses protease dependent peptide market.

Sean A. McCarthy: Given that proteases are activated in the tumor microenvironment but tightly controlled in normal tissues, our strategy is designed to reduce antibody binding in normal tissues while maximizing target binding in cancer. During the second quarter, we continued to advance our broad pipeline of pro-body therapeutics across multiple modalities and cancer, including our two Conditionally Activated Antibody Drug Conjugates, or ADCs, Pralizatamab Raptanzine, also known as CX2009, and CX2029, both of which are currently in Phase II clinical investigations encompassing multiple tumor types.

Given the proteases are activated and the cheaper micro environment, but tightly controlled and normal tissues on strategies designed to reduce antibody binding and normal tissues, while maximizing target binding and cancer.

During the second quarter, we continued to advance on broad pipeline of priority therapeutics across multiple modalities and cash types, including our to conditionally activated antibody drug conjugates or adc's, probably is optimized for up tansey and all.

That is 62009 and.

62029, both of which are currently and phase 2 clinical investigations encompassing multiple tumor types.

Sean A. McCarthy: Let me begin with CS2029, our CD71-directed, conditionally-activated ADC for which we recently published results from a Phase I, first-in-human study in patients with advanced solid tumors. This important work by CytomX, in collaboration with our partner AbbVie, has demonstrated for the first time that CD71 can be successfully targeted with a drug-conjugated antibody using our technology, PD71. Well, CD71, or the transferrin receptor, has been a very attractive but elusive oncology target for ADC development. It's highly expressed in the vast majority of tumors, since all growing and dividing cells need iron for many metabolic processes.

Let me begin with CSS Tuesday, or tuna, and our CD 71, directed conditionally activated ADC for which we recently published results from a phase 1 first and human study and patients with advanced on achievements.

This important work by sites on mix and collaboration with our partner Abby is demonstrated for the first time. This CD 71 can be successfully targeted with a drug conjugated antibody using our technology.

<unk> 71, well.

<unk> CD 71, or the transfer and receptor that's been a very attractive, but elusive oncology target for ADC developed.

It's highly expressed on the vast majority of shoes since all growing and dividing sales need art for many metabolic processes.

Sean A. McCarthy: And CD71 is an extremely efficient transport system, fully internalizing antibodies within minutes of binding. However, CD71 was previously deemed undruggable with conventional ADCs because it's also highly expressed in, and vital to, normal tissue growth and development. As we have now published in Clinical Cancer Research, in phase 1 dose escalation, CX2029 was generally well-tolerated and produced encouraging anti-cancer activity, notably in patients with squamous non-small cell lung and had neck cancer, the first for an ADC against this high potential target.

Sean A. McCarthy: These two cancer types are now part of an ongoing four-cohort phase two expansion study. We will dose the first patients in the expansion phase in November 2020, and then we will give you an update in a few moments on where things stand.

Sean A. McCarthy: Moving on to Pralatatamab Graftanzine, our wholly-owned, first-in-class, conditionally-activated ADC directed toward another novel oncology target, CD166. CD166, also known as Activated Leukocyte Cell Adhesion Molecule or ALCAM, is a transmembrane glycoprotein that has been reported to play a role in multiple aspects of tumor biology, including angiogenesis and invasion However, developing a conventional ADC against CD166 is precluded by its widespread presence in healthy tissue.

And and status as a part of that from a phase II study shortly.

Turning now briefly to our work and immuno oncology and our partnered clinical programs with Bristol Myers Squibb aimed at broadening the therapeutic window and therefore, the clinical utility of anti <unk> for immunotherapy.

Sean A. McCarthy: Our pioneering Phase I clinical work on CD166 has shown that Prilatatinib can achieve clinically meaningful outcomes in patients with different cancer types, including, but not limited to, HER2 non-amplified breast cancer. These results support our current 3RM Phase 2 study in breast cancer, and we're excited about the potential for this asset in this indication, and more broadly, in other CD166-expressing cancers where substantial unmet need remains. Amy will also provide you with more details of the design and status of the Pralizatomab Phase II study shortly.

BMS 906, 2 for 9 and BMS 9 and 8.6 to 8.

Discovered using the <unk> platform on.

Promoting versions of different forms of the SEC <unk> for therapeutic category if alumina.

BMS -6.2 for 9 having successfully completed dose escalation is currently being evaluated in a randomized phase II study in combination with the anti PD, 1 antibody development map and patients with metastatic melanoma.

Importantly, the control arm and this study is Nemo plus pay per view on that rather than levo monotherapy, representing the current standard of care based on 5 year follow up for Checkmate <unk> 7 we showed a significant increase and overall survival with this combination and melanoma opened for monitor.

BMS $962.9 is also being studied in combination with vivo and 3 additional advanced settings and has.

Sean A. McCarthy: Turning now briefly to our work in immuno-oncology and our partner clinical programs with Bristol-Myers Squibb aimed at broadening the therapeutic window and, therefore, the clinical utility of anti-CCLA-4 immunotherapy. BMS 986249 and BMS 986288, discovered using the CytomX platform, are pro-body versions of different forms of the anti-CCLA-4 therapeutic antibody ipilimumab BMS 986249, having successfully completed dose escalation, is currently being evaluated in a randomized phase 2 study in combination with the anti-PD-1 antibody nivolumab in patients with metastatic melanoma.

For cellular carcinoma, castration resistant prostate cancer and triple negative breast cancer.

BMS 9 and a 6 to 8.8 a property version of a non few calculated billing on that with.

And with increased T Reg depletion properties.

<unk> to be evaluated and a phase 1 study and advanced solid cancers as monotherapy and in combination with NEVA.

Switching now to our research and preclinical programs and the field of conditionally activated T cell bi specific antibodies.

We see a major opportunity here to improve the therapeutic window of this modality and using our platform and we are pursuing multiple projects with our partners Amgen and Astellas.

Thanks, Michael for.

<unk> is a conditionally activated T cell engaging by specific directed against Egfr on cheat yourselves and CD 3 on T cells and this is in IND, enabling studies.

We recently submitted a pre IDE meeting request for the FDA and we expect written responses for questions from the regulatory agency and the third quarter of this year.

We will continue to discuss the program with our partner Amgen and we're working towards the filing of an IND for <unk> final for and late 2021.

Sean A. McCarthy: Importantly, the control arm in this study is NEVO plus ipilimumab rather than NEVO monotherapy, representing the current standard of care based on five-year follow-up from Checkmate 067, which showed a significant increase in overall survival with this combination in melanoma over NEVO monotherapy. BMS 986249 is also being studied in combination with NEVO in three additional advanced settings. Hepatocellular carcinoma, castration-resistant prostate cancer, and triple negative breast cancer.

Q2 was also highly productive for site that makes in terms of the publication of our work and peer review journals and <unk>.

And about 5 manuscripts for recently published covering our work the ranges from phase 1 investigation of CX, 2 generic qunar and as I already mentioned for multiple publications, describing our clinical work with Pat Miller for CX <unk> 2.

Our wholly owned conditionally activated antibody against PDL 1.

Of particular note our recent collaborative work with Dr. Elizabeth degrees of the University Medical Center, Groningen, and the Netherlands and <unk>.

Investigated the bio distribution of patent on a map and cancer patients using clinical imaging.

This study and shed important light on the market performance of the property platform and cancer patients, including the direct demonstration of activation and binding and patent on the map to primary and metastatic tumors.

Sean A. McCarthy: BMS 986288, a pro-body version of a non-fucosylated ipilimumab with increased Treg depletion properties, continues to be evaluated in a phase one study in advanced solid cancers as monotherapy and in combination with NIVA. Now, switching to our research and preclinical programs in the field of conditionally activated T cells by specific antibodies. We see a major opportunity here to improve the therapeutic window of this modality using our platform, and we're pursuing multiple projects with our partners Amgen and Astellas.

Another recent publication of particular note is our landmark preclinical study of a priority and immuno oncology agonist and the proceedings for the National Academy of Sciences.

As you will recall, we introduced earlier this year, our advancement of our conditional activation technology and cytokines space.

And this recent pnas paper thinks and even further as the first published application on the <unk> platform, 2 agonist antibodies and immuno oncology.

<unk> and the versatility of our platform.

Specifically together with our collaborators we have shown and this publication that and ITC day, 137 priority pertains potent anti tumor activity with significantly reduced liver toxicity compared with unmasked antibody when assessed and the same mass model system.

This is exactly what our platform is designed to do.

Sean A. McCarthy: CX904 is a conditionally activated T-cell-engaging bispecific directed against EGFR on tumor cells and CD3 on T-cells. This is an IND-enabling study. We recently submitted a pre-ID meeting request to the FDA, and we expect written responses to our questions from the regulatory agency in the third quarter of this year. We will continue to discuss the program with our partner Amgen, and we're working towards the filing of an IND for CS904 in late 2021.

The paper also includes extensive characterization of <unk> for the activation by tumors.

Taken together these publications underscore the immense progress we've made across our pipeline and platform with our first generations of priority Therapeutics, a field that <unk> has defined it continues to lead and we continue to innovate on the core platform and across many therapeutic modalities.

Let me now hand, the call over to Amy for additional details and updates on our lead clinical programs.

Thanks, Sean I'll start with a quick recap of the design for our phase 2 studies of <unk>, 2.9 and Paris asking them for.

<unk> 2.9 in collaboration with Abbvie, we continue to enroll patients and expansion based on that.

And <unk> study designed to evaluate the <unk> 71, directed conditionally activated ADC and for different cohort.

Sean A. McCarthy: Q2 is also highly productive for CytomX in terms of publication of our work in peer-reviewed journals. A total of five manuscripts were recently published covering our work that ranges from phase one investigation of CX2029, as I have already mentioned, to multiple publications describing our clinical work with Pacmilimab or CX072, our wholly-owned, conditionally-activated antibody against PD-L1. Of particular note, our recent collaborative work with Dr. Elisabeth de Vries of the University Medical Center Groningen in the Netherlands has investigated the biodistribution of pacmimab in cancer patients using clinical imaging.

<unk> non small cell lung cancer.

And next claim and cell carcinoma.

For GL, and gastro esophageal junction cancers, and diffuse large b cell lymphoma.

Each cohort aims to enroll up to 25 efficacy evaluable patients and we continue to expect initial data from the expansion phase of the study in the fourth quarter and this year.

Switching to CX 2 year on year and 9 <unk> Candy, we are evaluating the speed and 166 directed conditional and reactivated ADC as monotherapy in patients with Hershey and non amplified breast cancer, which includes hormone receptor positive arm, a and triple negative.

Live breast cancer RMB.

We are also evaluating the combination with our proprietary anti PDL 1 therapy.

And on map and patients with triple negative disease and RMC.

Sean A. McCarthy: This study has shed important light on the molecular performance of the ProBody platform in cancer patients, including the direct demonstration of activation and binding of pacnilamab to primary and metastatic tumors. Another recent publication of particular note is our landmark preclinical study of a pro-body immuno-oncology agonist in the Proceedings of the National Academy of Sciences. As you will recall, earlier this year, we introduced our advancement of our conditional activation technology into the spider cut.

Sean A. McCarthy: This recent PNAS paper takes things even further as the first published application of the CytomX platform to agonist antibodies in immuno-oncology, emphasizing the versatility of our platform. Specifically, together with our collaborators, we have shown in this publication that an anti-CD137 pro-body retains post-antitumor activity with significantly reduced liver toxicity compared to an unmasked antibody when assessed in the same mass model system. This is exactly what our platform is designed to do. The paper also includes extensive characterization of pro-body activation by tumors.

Treatments have been developed accordingly.

Our positive which is responsive to hormonal therapy and her to amplify which is responsive to her to targeted therapies and triple negative breast cancer named not for what it is but rather what it is not and is therefore, a heterogeneous group Inc.

Sean A. McCarthy: Taken together, these publications underscore the immense progress we've made across our pipeline and platform with our first generations of pro-body therapeutics, a field that CytomX has defined and continues to lead, and we continue to innovate on the core platform and across many therapeutic modalities. I will now hand the call over to Amy for additional detail and updates on our LEAD clinical programs.

Before turning the call over to Carlos to review, our financials I want to point out that in our phase 2 study effectively we are evaluating premium was asking about and her to non amplified breast cancer and emerging classification that combined hormone receptor positive with triple negative breast cancer and represents approximately 80.

Per cent of all breast cancer and includes those that expressed both low and no level of her to buy I see.

Amy Peterson: I'll start with a quick recap of the designs for our Phase 2 studies of CX2029 and prolizetamab. For CX2029, in collaboration with AbbVie, we continue to enroll patients into the expansion phase of this Phase 1-2 study designed to evaluate the CD71-directed, conditionally activated ADC in four different cohorts, squamous non-small cell lung cancer, head and neck squamous cell carcinoma, esophageal and gastroesophageal junctional cancers, and diffuse large B cell lymphom

It's also important to note that the CD 166 expression is found across all of these sub classifications of breast cancer and.

CX 2009 represents a significant opportunity.

Thank you Amy.

$366 million and cash cash equivalents and investments as of June 30 of 2021, sorry, Thomas to remain well capitalized to support on both clinical and research agenda that will drive the growth for the company well into 2020 free.

Amy Peterson: Each cohort aims to enroll up to 25 efficacy-evaluable patients, and we continue to expect initial data from the expansion phase of the study in the fourth quarter of this year. Switching to CX2009, or Prelazacumab-Rabcandi, we are evaluating the CD166-directed, conditionally activated EDC as monotherapy in patients with HER2 non-amplified breast cancer, which includes hormone receptor positive, arm A, and triple negative breast cancer, arm B. We are also evaluating the combination with our proprietary anti-PD-L1 therapeutic, Pacmilimab, in patients with triple negative disease in arm C. The goal is to reach 40 efficacy-evaluable patients in each of these arms, and the primary endpoint of this study is overall response rate according to resist, Secondary endpoints include duration of response and clinical benefit rate at 24 weeks, the latter being particularly an important metric for the hormone receptor-positive subtype, as it is a reasonable surrogate to support progression-free survival endpoints in future studies.

Revenue was $16 million for the second quarter of 2021 relatively flat when compared to the corresponding periods in 2020, R&D expenses increased $2 million to $26 million. During the 3 months ended June 30th for 2021 compared to the corresponding period in 2020 the Inc.

Kris was driven mainly by timing of manufacturing and translational science activities.

<unk> expenses were $9 million for Q2, 2021, essentially flat compared to the second quarter 2020.

I'll turn the call back to Sean.

Thanks for that up and thanks for everyone for joining us today to briefly recap. So I thought it would continue to make real progress and Q2 across our pipeline and Buffalo.

And we certainly on for novel for everybody else. That's in Phase III studies across mine cost effects, which read out starting at the end of this year with CX <unk> 2 months.

We also continued to develop our core technology across multiple biologic modalities as we adopt new clinical candidates into development.

Recently published work highlights the scope and scale of our R&D efforts as we drive our pipeline forward and invest and our technology for the long term.

Amy Peterson: Enrollment is ongoing; however, our accrual rate for a fourth quarter 2021 initial data readout has been slower than expected, due primarily to the widespread effects of the COVID-19 pandemic on site activation and patient enrollment. The Prelizacumab Phase II study is a new trial requiring de novo site activation, and this has proven particularly challenging in the current environment. As such, we now anticipate initial data from this study in 2022.

With that let's open up the call for questions I'll turn it back for the operator.

As a reminder to ask a question on you'll need to press star 1 on your telephone keypad do we draw on a question. Please press the pound or a husky.

Please standby will be compile the Q&A roster.

Our first question comes from the line of and income Rama from J P. Morgan.

Your line is now open.

Hey, guys. Thanks, so much for taking the question for for CX, 2 zero to 9 can you remind us the size and scope of the data, we'll be getting here and <unk> and remind us. If this is going to be at a medical meeting or should we be thinking about more of a top line.

Amy Peterson: Notwithstanding the COVID-19 challenges, we continue to implement ways to help improve the pace of patient enrollment, including opening additional sites in the U.S., Europe, and Asia, as well as partnering with patient advocacy groups to encourage enrollment from underrepresented populations, given the fact that triple negative breast cancer is more prevalent in minority women. We are excited about the opportunity for Prevozac Mab and breast cancer, and I would like to take a few moments to look ahead to where this unique drug candidate has the potential to fit into the treatment landscape.

Press release webcast type scenario. Thanks, so much.

Hey on for her.

Could you give me.

So we're guiding for initial data from the expansion phase by the end of the year, we havent pinpointed on any particular venue.

Method through which we would communicate that data.

And as Amy mentioned, there were 4 cohorts in this expansion phase the head and neck for lung esophageal and the PCL.

We are.

Anticipating initial data from at least 1 of these cohorts by the end of this year, we're on track and.

As I said, we haven't guided exactly where that would be.

Thanks for taking my question.

Amy Peterson: Recall that historically, breast cancer has been divided into three major subtypes, and treatments have been developed accordingly. ERP is positive, which is responsive to hormonal therapies, HER2 amplified, which is responsive to HER2-targeted therapies, and triple negative breast cancer, named not for what it is, but rather what it is not, and is therefore a heterogeneous grouping. Before turning the call over to Carlos to review our financials, I want to point out that in our phase two study, effectively, we are evaluating prelodezumab and HER2 non-amplified breast cancer, an emerging classification that combines hormone receptor positives with triple negative breast cancer and represents approximately 80% of all breast cancer and includes those that express both low and no levels of HER2 by IHC. It's also important to note that CD166 expression is found across all of these subclassifications of breast cancer, and CX2009 represents a significant opportunity.

Our next question comes from the line of Roger song from Jefferies.

Your line is now open.

Great. Thank you.

Similarly, the question for the CX 2 O 9.

So what should we expecting the initial readout because I remember last quarter, you say the initial data from the on board and D. I a M D and shall we also expect to on a and B as the initial data also Europe broadly guide to 2022.

Can we have some granularity and tend to first half on second half up Tony parents for what should be a day.

And the data.

Yes, Hi, Raj and thanks for the question.

So yes, so just again just to recap for them a is for 1 receptor positive.

On the triple negative breast monotherapy, RMC and the combination with our proprietary and PD Lone program.

Sure.

So the revised guidance remains for arms, a and B in 2022 RMC.

And at this point, we're not going to be more specific on that I think given the evolution of the macro environment and just the uncertainties around COVID-19.

Carlos Campoy: Thank you, Amy. With $366 million in cash, cash equivalents, and investments as of June 30, 2021, CytomX remains well-capitalized to support our bold clinical and research agenda that will drive the growth of the company well into 2020. Revenue was $16 million for the second quarter of 2021, relatively flat when compared to the corresponding period in 2020. R&D expenses increased $2 million to $26 million during the three months ended June 30, 2021, compared to the corresponding period in 2020. The increase was driven mainly by the timing of manufacturing and translational science activity. GNA expenses were nine million dollars for Q2 2021, essentially flat compared to the second quarter of 2020. With that, I'll turn the call back.

And we're going to keep that guidance pretty broad right now.

Do have though I can say for 2009, we are making progress we do have more than 20 sites open.

For the study so we have the team has made a lot of progress we need to make more and.

Every day and the new day and the in the current world.

In terms of RMC.

The combination with talking to them about.

Pretty consistently guided that that would be slower than arms, a and b given that were.

And screening for both PD, 1 and 66 and PDL, 1 and that's gonna be a small efficient patient population will.

And we'll have to see how that develops will provide additional guidance on.

Time goes on on the timing of RMC.

Yeah, and this guy Yeah every day and thing a day.

And maybe just.

Another question for me.

Linear.

But really our pipeline programs.

And something that could be a shadow and the relative program, which is a very exciting just any updates on that.

And then could you repeat which program I didn't quite get it.

Yeah.

And any update for your Drydocking derivative program.

Sean A. McCarthy: Thanks, Carlos, and thanks to everyone for joining us today. To briefly recap, CytomX continues to make broad progress in Q2 across its pipeline and platform. We currently have four novel pro-body assets in Phase 2 studies across nine cancer types, with readouts starting at the end of this year with CX2029. We also continue to develop our core technology across multiple biologic modalities as we advance new clinical candidates into development. Our recently published work highlights the scope and scale of our R&D efforts as we drive our pipeline forward and invest in our technology for the long term. With that, let's open up the call to questions. I'll turn it back to the operator.

Yeah, any other kind of early on program.

Yeah, you bet and.

As I mentioned and my my remarks.

We're really excited about where we on the platform.

Operator: As a reminder, to ask a question, you'll need to press star 1 on the keypad. To withdraw a question, please press pound or hash key. Please stand by while we compile the Q&A roster. Our first question comes from the line of Anupam Rama from J.P. Morgan. Your line is now open.

Anupam Rama: Thank you so much for taking the question. For CX2029, can you remind us the size and scope of the data we'll be getting here in 4Q, and remind us if this is going to be at a medical meeting, or should we be thinking about more of a top-line press release, webcast-type scenario? Thanks so much. Hey, Anupam, how are you? Good to hear from you.

Working towards getting that idea on file by the end of and of this year.

Got it thank you for that Oughta come and thank you.

Hello.

I like scratch on comes on the line that's terror patterns are on some type of Sandler.

Sean A. McCarthy: So, we're guiding to initial data from the expansion phase by the end of the year. We haven't pinpointed any particular venue or method through which we would communicate that data. As Amy mentioned, there are four cohorts in this expansion phase, the head and neck, the lung, the esophageal, and the DLPCL. We are anticipating initial data from at least one of these cohorts by the end of this year. We're on track, and as I said, we haven't yet decided exactly where that would be.

Hi, My name's have open and great. Thanks, so much for taking my questions here. So so Amy you had mentioned that for 6.2009. It was a new study that required new site initiations. So it sounds like and contrasts 2029, and the phase 2 cohorts suggested rolled over from the phase 1 and and didn't require new sat initiations can you confirm.

That and is that the case for all expansion cohorts or did some tumor types Aida Bcl requires some news sites to open up and and enrolled patients. Thanks.

Operator: Our next question comes from the line of Roger Song from Jeffreys.

Sure. Thank you share for the question Yeah to confirm that's 2029 study was designed as a phase 1.2 day with expansion and continuing Ed sites that were open which allowed us to continue enrollment as you pointed out there are interesting novel cohort and we get.

Roger Song: Great, thank you. Very similarly, the question for the CX209. So what should we expect in the initial readout? Because I remember last quarter you said the initial data would be from ARM A and B, and should we also expect ARM A and B as the initial data? We are expecting the day.

Look at activating new sites.

Boost enrollment, but the continuation of enrollment.

Was allowed primarily due to the continuation of the study said already opened and activated sites.

Sean A. McCarthy: Yeah, hi, Roger. Thanks for the question. So, again, just to recap, ARM A is hormone-receptive positive, and ARM B is triple-negative. They're both monotherapies.

Okay got it that's helpful. And then I think you guys had previously guided towards data potentially by the end of the year from from both the lung cancer and head and neck, but it sounds like maybe you backtrack a little if I heard correctly that we could expect at least 1 cohorts worth worth of data of the for.

Sean A. McCarthy: ARM C is the combination with our proprietary PD-L1 probiotic pac-millimatte. So the revised guidance remains for ARMs A and B in 2022. ARM C, at this point, we're not going to be more specific than that.

Yeah, I wanted to call and.

The drug that so much of the backtrack and Joe I think would generally on track with prior guidance.

Okay got it that that's helpful. Thanks for taking my question.

You bet.

Our next question comes from comes from the lineup barns P care for him Cohen.

Sean A. McCarthy: I think given the evolution of the macro environment and just the uncertainties around COVID, we're going to keep that guidance pretty broad right now. We do have, though, and I can say for 2009 that we are making progress. We do have more than 20 sites open for the study, so the team has made a lot of progress. We need to make more. And, you know, every day is a new day in the current world.

Your line is I'm open.

Hi, Thanks Assistant day on for for US and for 62009 are you still seeing around 50 per cent of patients triple negative patients expressing CD 166 at a high level and then just thinking through for RMC are you getting a sense of how many triple negative patient express both CD lots of sex and T O N.

Hi, Ah, yes, great question.

We continue to evaluate targeted expression and across.

These arms and the phase 2 studies.

Sean A. McCarthy: In terms of ARM C, the combination with pac-millimatte, you know, we've pretty consistently guided that that would be slower than ARMs A and B, given that we're screening for both CD166 and PD-L1. That's going to be a smaller patient population. We'll have to see how that develops. We'll provide additional guidance as time moves on on the timing of ARM C.

Nothing to really comment on right now but.

And to use to be.

And important component of this study as we continue to learn and will continue to learn about the relationship between 2 and 66 and expression of response and the Setiawan 66 expression across these different patient populations. So continues.

Continues to be very much work in progress.

Alright, great. Thank you.

Our next question comes on the lineup and Tinker out for him getting high.

Roger Song: Yeah, in the spa. Yeah, every day is a new day. So maybe just another question from me is about the earlier pipeline program, so something like the cytokine derivative program, which is very exciting. Just any updates on that? Roger, could you repeat that? I didn't quite understand it.

Your line is that right and I think.

[noise] great. Thanks for taking the question. This is Paul on for a day or just 1 from US for your at Camp program and <unk> have the supply chains issues, you sort of discussed last quarter have been been resolved and is there any updates on your indie plan for this program I think.

Roger Song: Yeah, just any updates for your cytokine derivative program, any other kind of earlier programs?

Yeah, and thanks for the question on actually neglected dimension of camera and I was through my recap of our early pipeline earlier on in response to Reuters question.

Sean A. McCarthy: Yeah, you bet. And as I mentioned in my remarks, we're really excited about where we are with the platform. The work that we've done, much of which we've now published in peer-reviewed form, is demonstrating the utility of the ProBody approach across multiple biological modalities, now extending in our most recent work to cytokines and into immune agonist antibodies with the PNAS paper on CD137. So we presented some work earlier this year on interferon alpha-2B, a really unique approach to masking that cytokine, and I think there is general agreement that there is enormous potential for focusing or harnessing the clinical activity of that particular biology if we can increase the therapeutic window.

So we've made progress there and just to just to recap the.

The challenge that we run into was.

Relating to the fee and 21 and payload, which is Ah Ah Nexgen may times and.

We've made a lot of progress there.

We're still looking at what that timeline is going to be so there's no for the updated guidance, but we are making progress with the program and with that kind of general and as a target, which we continue to be highly interested and.

Great. Thanks, so much.

Our next question comes on the line is Peter and last name and <unk>.

Your line is Hamilton.

Thanks, Sean.

Just on.

Sean A. McCarthy: Our preclinical data supports that we have an open therapeutic window, so we're moving that asset further into preclinical development. We're still in lead optimization, I would say, at this stage, but certainly moving it forward. And we continue to look at bi-specifics, and we'll continue to apply the platform to drug conjugates against undruggable targets. So a lot of potential. I also mentioned on the call our EGFR CD3 program, which is really a big idea in bi-specifics.

The city 71 day to I'm, just trying to pieces together.

I think the last time, you go and he was suggesting that the heck, Nick and the model would see at the end of the year.

Is that still the case and then D O P. C R L kind of.

Next year and stuff there bright order and do we get kind of data 6 year and.

Neck and love.

Yeah, so the so the.

Sean A. McCarthy: We know from work that was published by Micrometh some years ago that EGFR in a CD3 bi-specific form is a very difficult target to drug. We're bringing our masking technology to bear to attempt to open a therapeutic window. And as I mentioned, we're working towards getting that IND on file by the end of this year.

Again for.

Cohorts of having net alone so for <unk> and Dwt on the first 2 were obviously selected based on.

Day to that we saw interface on dose escalation activity that we saw on phase 1 and.

And.

Albeit choices for phase 2 expansions and I would say, yes generally on track for.

Roger Song: Got it. Thank you for all the comments. Thank you.

And those 2 cohorts and presented updates by the end of the year.

Operator: Our next question comes from the line of Joe Catanzaro from Piper Sandler. Your line is now open.

And with the others following thereafter.

And the venue for that would be more for.

Joseph Michael Catanzaro: Great, thanks so much for taking my questions here. So Amy, you had mentioned that for CX2009, it was...

A press release then the conference.

We have and disclose the strategy at this point.

Peter will provide for.

Amy Peterson: is a new study that required new site initiations. So it sounds like, in contrast to 2029, the phase two cohorts...

Further information as we go for that root beer and.

And the breast cancer and delay, but like triple and active and.

Joseph Michael Catanzaro: The patient just rolled over from phase 1 and didn't require new site initiations. Can you confirm that and is that the case for all expansion cohorts or do some tumor types, i.e.

H how positive.

2 negative.

Predominantly driven by these kind of new site and activation so.

Was there anything else that we should be thinking about.

And it's really.

Ah Covid thing and as.

Joseph Michael Catanzaro: DLB-CL, requires...

Joseph Michael Catanzaro: Some tumor types, i.e., DL-BCL, require...

As I said, we've got a pretty decent number of slides open and 1 of those come on fairly recently the team is really working and allows us to get this.

Amy Peterson: Sure. Thanks, Joe, for the question. Yeah, to confirm, the 2029 study was designed as a Phase I-II study with expansion continuing at sites that were open, which allowed us to continue enrollment. As you point out, there are interesting novel cohorts, and we did look at activating new sites to help boost enrollment, but the continuation of enrollment was allowed primarily due to the continuation of the study at the already open activated sites.

Bring this study and we're excited about this asset and want us to say it as much as anybody else.

But it is a tough operating environment right now.

Get new sites initiated I think you'll be hearing from others.

And thus.

We're certainly seeing a lot of enthusiasm from our investigators I'll take.

I'll take you back to our analyst event earlier this year, where you heard Sarah colliding talk about the potential of promise customer Rep fanzine.

And so yeah. This is on operational challenge and we just kind of keep hiring for.

Okay. Thanks for the update.

Joseph Michael Catanzaro: Okay, got it. That's helpful. And then I think you guys had previously guided us towards data potential.

You're welcome.

At this time I would like I would like to have a conference back alrighty accounts hang for his closing remarks.

Joseph Michael Catanzaro: https://www.globalonenessproject.org

So on behalf of the executive team and I'd like to thank you all very much for joining us. This afternoon, and we look forward to updating you and the future on ongoing progress.

Joseph Michael Catanzaro: https://www.kenhub.com

Joseph Michael Catanzaro: A cohort's worth of data of the four.

Sean A. McCarthy: Yeah, I wouldn't describe that as so much as a backtrack, Joe. I think we're generally on track with prior guidance.

Ladies and gentlemen. This concludes today's conference call. Thank you for participating you may know what's going on.

Joseph Michael Catanzaro: Okay, I got it. That's helpful. Thanks for taking my question.

And have a great.

Operator: Our next question comes from the line of Boris Picker from Cohen. Your line is now open.

[music].

Cynthia: Hi, thanks. This is Cynthia speaking on behalf of Boris. For CX2009, are you still seeing around 50% of patients, triple negative patients expressing CD166 at a high level? And then, just thinking through for RMC, are you getting a sense of how many triple negative patients express both CD166 and PD-L1? Hi. Yeah, great question.

Sean A. McCarthy: Hi. Yeah, great question. We continue to evaluate target expression across these arms in the Phase II study. Nothing to really comment on right now, but that continues to be an important component of the study as we continue to learn, and will continue to learn, about the relationship between CD166 expression and response and CD166 expression across these different patient populations. So, it continues to be very much a work in progress.

Operator: Our next question comes from the line of Esther Durrell from Guggenheim. Your line is now open.

Esther Durrell: Great, thanks for taking the question. This is Paul from EDSR. Just one from us for your EPCAM program, the CX2043. Have the supply chain issues you sort of discussed last quarter been resolved, and is there any update to your IND plan for this program? Thank you. Yeah, thanks for the question, and I actually neglected to mention EPCAM while I was doing my...

Sean A. McCarthy: Yeah, thanks for the question. And I actually neglected to mention it, Cam, while I was doing my recap of our early pipeline earlier on in response to Roger's question. Yeah, so we've made progress there. And just to recap, the challenge that we ran into was relating to the DM21 payload, which is a next-gen Maytanzene. We've made a lot of progress there, but we're still looking at what that timeline is going to be. So there's no formally updated guidance, but we are making progress with the program.

Operator: Our next question comes from the line of Peter Lawson from Barclays. Your line is now open.

Peter Richard Lawson: Thanks Sean. Just on, I guess the CD71 data, I'm just trying to piece it together. So, I think last time you got it, you were suggesting that the head, neck, and lung would be at the end of the year. That's still the case, and then D.O.P.

Peter Richard Lawson: and then D.O.B.C.L.

Peter Richard Lawson: next year. Is that the right order and do we get any kind of data sets? Year-end for head, neck, and lungs.

Peter Richard Lawson: year-end for head, neck, and lung.

Sean A. McCarthy: The first two were obviously selected based on data that we saw in the phase one dose oscillation, activity that we saw in phase one, and obvious choices for phase two expansions, and I would say yes, generally on track for those two cohorts to present updates by the end of the year, and with the others following thereafter. The venue for that would be more of a press release than a conference. We haven't disclosed the strategy at this point, Peter; we'll provide further information as we go further through the year.

[music].

Sean A. McCarthy: And the breast cancer delays, like triple negative and HR positive, HER2 negative. Was that predominantly driven by these kind of new site inactivations, or was there anything else that we should be thinking about? It's really a COVID thing. And as I said, we've got a pretty decent number of sites open. A lot of those have come on fairly recently.

Sean A. McCarthy: The team is really working all hours to get this, to bring this study in. We're excited about this asset. We want to see this data as much as anybody else, but it's a tough operating environment right now to get new sites going. I think you'll be hearing that from others. And that's, you know, we're certainly seeing a lot of enthusiasm from our investigators. I'll take you back to our analyst event earlier this year where you heard Sarah Kalani talk about the potential of Pralizatamab and Ravcanzine. And so, yeah, this is an operational challenge, and we've just got to keep powering through. Okay, thanks for the update.

Operator: At this time, I would like to hand the conference back over to Tao-Hsiang for his closing remarks.

Cao Cheng: So, on behalf of the executive team, I'd like to thank you all very much for joining us this afternoon. We look forward to updating you in the future.

Cao Cheng: I will update you in the future on our ongoing progress.

Operator: Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect, and have a great day.

Operator: do this in a way that is very simple. I'm going to show you a couple of ways that you can do this in a way that is very simple. I'm Music Music Music Music Music Music,?? This is a production of the Center for Autism and Related Disorders. The Center for Autism and Related Disorders presents A film by Joseph Catanzaro. A film by Joseph Catanzaro.

Operator: Good afternoon, ladies and gentlemen. Thank you for standing by.

Cao Cheng: Thank you, Suzanne. Good afternoon, and thank you for joining us. With me today are Dr. Sean McCarthy, CytomX's President and Chief Executive Officer.

Cao Cheng: Chief Executive Officer and Chairman

Cao Cheng: Dr. Amy Peterson, Chief Development Officer, and Carlos Campoy, Chief Financial Officer. Earlier today, we issued a press release that includes a summary of our second quarter 2021 financial results and highlights the important progress we made during the quarter. We encourage everyone to read today's press release and the associated materials, which have been filed with the SEC. Additionally, the press release and the recording of this call can be found under the Investors and News section of our website at CytomX.com.

Cao Cheng: During today's call, we will be making forward-looking statements. Gov's forward-looking statements related to the future are subject to inherent uncertainties and risks, including the uncertainty surrounding the COVID-19 pandemic, which are difficult to predict and many of which are outside of our control. Important risks and uncertainties are set forth in our most recent public filings with the SCC at scc.gov, including our form 10Q.

Cao Cheng: are formed 10Q throughout today. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future developments, or otherwise. With that, I'd like to turn the call now over to Sean.

Sean A. McCarthy: Good afternoon, everyone. Thanks for joining us today for an update on recent progress and developments within our clinical and preclinical programs and operations. At CytomX, we continue to dedicate ourselves to working towards making a meaningful difference in cancer treatment by being different and thinking different. We have pioneered an entirely new way to design therapeutic antibodies and other biologic modalities, and we have used our technology to purposefully go after high-potential targets that were previously considered undruggable in order to stand out from the crowd and build long-term value. We're exploiting an Achilles heel of tumor biology to combat cancer in new and unique ways. Our technology, the ProBody platform, is a conditional activation strategy that uses protease-dependent peptide masking.

Sean A. McCarthy: Given that proteases are activated in the tumor microenvironment but tightly controlled in normal tissues, our strategy is designed to reduce antibody binding in normal tissues while maximizing target binding in cancer. During the second quarter, we continued to advance our broad pipeline of pro-body therapeutics across multiple modalities and cancer, including our two Conditionally Activated Antibody Drug Conjugates, or ADCs, Pralizatamab Rattanazine, also known as CX2009, and CX2029, both of which are currently in Phase II clinical investigations encompassing multiple tumor types.

[music].

Sean A. McCarthy: Let me begin with CS2029, our CD71-directed, conditionally-activated ADC for which we recently published results from a Phase I, first-in-human study in patients with advanced solid tumors. This important work by CytomX, in collaboration with our partner AbbVie, has demonstrated for the first time that CD71 can be successfully targeted with a drug-conjugated antibody using our technology. Well, PD71, or the transferrin receptor, has been a very attractive but elusive oncology target for ADC development. It's highly expressed in the vast majority of tumors, since all growing and dividing cells need iron for many metabolic processes.

Sean A. McCarthy: And CD71 is an extremely efficient transport system, fully internalizing antibodies within minutes of binding. However, CD71 was previously deemed undruggable with conventional ADCs because it's also highly expressed in, and vital to, normal tissue growth and development. As we have now published in Clinical Cancer Research, in phase 1 dose escalation, CX2029 was generally well-tolerated and produced encouraging anti-cancer activity, notably in patients with squamous non-small cell lung and head and neck cancer, a first for an ADC against this high potential target.

Good afternoon, ladies and gentlemen, thank you for standing by book on city for the mix Therapeutics second quarter, 'twenty, 'twenty, 1 and finance yourself call. Please.

Sean A. McCarthy: These two cancer types are now part of an ongoing four-cohort Phase 2 expansion study. We dosed the first patients in the expansion phase in November 2020, and Amy will give you an update in a few moments on where things stand.

Please be advised that day that today's call is being recorded I would now like to hand, the conference over to your host today Charles.

Thanks, Syed and makes vice President Investor Relations and corporate Communications. Please go ahead.

Sean A. McCarthy: Moving on to Pralizatamab Graftanzine, our wholly-owned, first-in-class, conditionally-activated ADC directed toward another novel oncology target, CD166. CD166, also known as activated leukocyte cell adhesion molecule or LCAM, is a transmembrane glycoprotein that has been reported to play a role in multiple aspects of tumor biology, including angiogenesis and invasion. CD166 is However, developing a conventional ADC against CD166 is precluded by its widespread presence in healthy tissues.

Thank you Suzanne and good afternoon, and thank you for joining US with me today on the Sean Mccarthy decides on mix as president.

President and Chief Executive Officer and Chairman.

Oh for Amy Peterson, Chief Development Officer, and Carlos Campoy, Chief Financial Officer.

Earlier today, we issued a press release that includes a summary of our second quarter 2021 financial results and highlight the important progress we made during the quarter.

We encourage everyone to read today's press release, and the associated materials, which have been filed with the SEC. Additionally, the press release and a recording of this call can be found under the investors and news section of our website at cycle makes a call.

Sean A. McCarthy: Our pioneering Phase I clinical work on CD166 has shown that pralatazumab can achieve clinically meaningful outcomes in patients with different cancer types, including, but not limited to, HER2 non-amplified breast cancer. These results support our current 3RM Phase 2 study in breast cancer, and we're excited about the potential for this asset in this indication, and more broadly, in other CD166-expressing cancers where substantial unmet need remains. Amy will also provide you with more details of the design and status of the Pralizatomab Phase 2 study shortly.

During today's call, we will be making forward looking statements forward looking statements relate to the future theyre subject to inherent uncertainties and risks, including the uncertainty surrounding the COVID-19 pandemic that on.

For <unk> to predict and many of which are outside of our control.

Important risks and uncertainties are set forth and the most recent public filings with the SEC at SEC Gov, including our form 10-Q filed today.

Sean A. McCarthy: Turning now briefly to our work in immuno-oncology and our partner clinical programs with Bristol-Myers Squibb aimed at broadening the therapeutic window and, therefore, the clinical utility of anti-CCLA-4 immunotherapy. BMS 986249 and BMS 986288, discovered using the CytomX platform, are pro-body versions of different forms of the anti-CCLA-4 therapeutic antibody ipilimumab BMS 96249, having successfully completed dose escalation, is currently being evaluated in a randomized phase 2 study in combination with the anti-PD1 antibody nivolumab in patients with metastatic melanoma.

We undertake no obligation to update any forward looking statements.

The result of new information future developments or otherwise.

With that I would like to turn the call now over to Sean.

Thank you Joe and good afternoon, everyone. Thanks for joining us today for an update on recent progress and developments within our clinical and preclinical programs and operations.

We continue to dedicate ourselves to working towards making a meaningful difference in cost per treatment.

And different and thinking differently.

We have pioneered and entirely new way to design and therapeutic antibodies and other biologics modalities.

And we have used our technology to perpetually go off the high potential targets that were previously considered undruggable and order and all.

On a stand out from the crowd and build long term value.

Sean A. McCarthy: Importantly, the control arm in this study is NEVO plus ipilimumab rather than NEVO monotherapy, representing the current standard of care based on five-year follow-up from Checkmate 067, which showed a significant increase in overall survival with this combination in melanoma over NEVO monotherapy. BMS 986249 is also being studied in combination with NEVO in three additional advanced settings. The impact of cellular carcinoma, castration-resistant prostate cancer, and triple negative breast cancer.

We are exploiting and Achilles heel of tumor biology to combat cancer and kidney.

And our technology and the prevalent and platform is a conditional activation strategy that uses protease dependent peptide market.

Given the proteases are activated and the tumor microenvironment, but tightly controlled and normal tissues.

Our strategy is designed to reduce antibody binding and normal tissues, while maximizing target binding and cash.

During the second quarter, we continued to advance our broad pipeline of priority therapeutics across multiple modalities and cash types, including our 2 conditionally activated antibody drug conjugates for Adcs and probably the last.

Sean A. McCarthy: BMS 986288, a pro-body version of a non-fucosylated ipilimumab with increased Treg depletion properties, continues to be evaluated in a phase one study in advanced solid cancers as monotherapy and in combination with NEVA. Now, switching to our research and preclinical programs in the field of conditionally activated T cells by specific antibodies. We see a major opportunity here to improve the therapeutic window of this modality using our platform, and we're pursuing multiple projects with our partners Amgen and Astellas.

<unk> also known as <unk> 9.

And CX 2 zero to 9 both of which are currently in phase II clinical investigations encompassing multiple tumor types.

Let me begin with CX <unk>, 2 and INR <unk> 71, directed conditionally activated ADC for which we recently published results from a phase 1 first and human study and patients with advanced solid tumors.

This important work by sites on mix and.

And collaboration with our partner Abbvie has demonstrated for the first time. The CD 71 can be successfully targeted for the drug conjugated antibodies using our technology.

<unk> 71, well.

Sean A. McCarthy: CX904 is a conditionally activated T-cell engaging bispecific directed against EGFR on tumor cells and CD3 on T-cells. This is an IND-enabling study. We recently submitted a pre-ID meeting request to the FDA, and we expect written responses to our questions from the regulatory agency in the third quarter of this year. We will continue to discuss the program with our partner Amgen, and we're working towards the filing of an IND for CS904 in late 2021.

<unk> 71, or the transferrin receptor that's been a very attractive, but elusive oncology target for ADC development.

It's highly expressed on the vast majority of tumors since all growing and dividing cells need RF for many metabolic processes.

And <unk> is an extremely efficient transport system fully internalizing antibodies within minutes defining it.

However, CD 71 was previously deemed undruggable with conventional adcs.

And it's also highly expressed and vital to normal tissue growth and development.

As we have net published in clinical cancer research and phase 1 dose escalation phase II <unk> and was generally well tolerated and produced encouraging anticancer activity.

Sean A. McCarthy: Q2 is also highly productive for CytomX in terms of publication of our work in peer-reviewed journals. A total of 5 manuscripts were recently published covering our work that ranges from phase 1 investigation of CX2029, as I have already mentioned, to multiple publications describing our clinical work with Pacmilimab or CX072, our wholly owned, conditionally activated antibody against PD-L1. Of particular note, our recent collaborative work with Dr. Elisabeth de Vries of the University Medical Center Groningen in the Netherlands has investigated the biodistribution of pacmanab in cancer patients using clinical imaging.

And patients with squamous non small cell lung and head and neck catches on.

First for and ADC against this high potential target.

These 2 factors and I apologize.

And ongoing for cohort phase II expansion study, we dosed the first patient and the expansion phase and divestment in 'twenty and then you will give you an update and a few months on where things stand.

Moving on to product Thats about <unk> <unk> in our wholly owned first in class conditionally activated ADC directed toward another novel oncology target CD 166.

CD 166 also known as activated leukocyte cell adhesion molecule alcan.

As a transmembrane glycoprotein that has been reported to play a role and multiple aspects of tumor biology, including angiogenesis invasiveness.

PD 166 is highly expressed on the cell surface of many cancer types and as such as attractive molecular properties as an ADC target.

However, and developing a conventional ADC against CD 166 is precluded by its widespread presence on healthy tissue.

On pioneering phase 1 clinical work on <unk> 66 per share their processes.

And can achieve clinically meaningful outcomes in patients with different cancer types, including but not limited to <unk> and non amplified breast cancer.

These results support our current and 3 arm phase II study in breast cancer and we are excited about the potential for this asset and this indication and more broadly and other CD 166, expressing cancers, where substantial unmet need remains.

And we will also provide you with more details of the design and status as a part of the asthma phase III study shortly.

Turning briefly to our work and immuno oncology and our partner clinical programs with Bristol Myers Squibb aimed at broadening the therapeutic window and therefore, the clinical utility of <unk> for immunotherapy.

Sean A. McCarthy: This recent PNAS paper takes things even further as the first published application of the CytomX platform to agonist antibodies in immuno-oncology, emphasizing the versatility of our platform. Specifically, together with our collaborators, we have shown in this publication that an anti-CD137 pro-body retains post-infective tumor activity with significantly reduced liver toxicity compared to an unmasked antibody when assessed in the same mass model system. This is exactly what our platform is designed to do.

Yes, I'd like to 6.2 for 9 and BMS 906 to 8.

Discovered using the <unk> platform are.

Our property versions of different forms of the SEC BLA for therapeutic category if alumina.

BMS 9 and it takes 2 for 9 having successfully completed dose escalation is currently being evaluated in a randomized phase II study in combination with the anti PD, 1 antibody development map and patients with metastatic melanoma.

Importantly, the control arm and this study is Nemo plus a blue on that rather than levo monotherapy, representing the current standard of care based on 5 year follow up from Checkmate <unk>, 7 which showed a significant increase and overall survival with this combination and melanoma overly per monitor.

Sean A. McCarthy: The paper also includes extensive characterization of pro-body activation by tumors. Taken together, these publications underscore the immense progress we've made across our pipeline and platform with our first generations of pro-body therapeutics, a field that CytomX has defined and continues to lead, and we continue to innovate on the core platform and across many therapeutic modalities. Let me now hand the call over to Amy for additional detail and updates on our recent clinical program.

CMS on a 6 to 9 is also being studied in combination with Nemo and 3 additional advanced settings and has.

Cellular carcinoma, castration resistant prostate cancer and triple negative breast cancer.

BMS 906 to 888 property version of a non few calculated billing on that with.

And with increased T Reg depletion properties.

To be evaluated and a phase 1 study and advanced solid cancers as monotherapy and in combination with NEVA.

Switching now to our research and preclinical programs and the field of conditionally activated T cells by specific antibodies.

Amy Peterson: I'll start with a quick recap of the designs for our Phase 2 studies of CX2029 and prolizetamab. For CX2029, in collaboration with AbbVie, we continue to enroll patients into the expansion phase of this Phase 1-2 study designed to evaluate the CD71-directed, conditionally activated ADC in four different cohorts, squamous non-small cell lung cancer, head and neck squamous Each cohort aims to enroll up to 25 efficacy-evaluable patients, and we continue to expect initial data from the expansion phase of the study in the fourth quarter of this year.

We see a major opportunity here to improve the therapeutic window of this modality using our platform and we're pursuing multiple projects with our partners Amgen and Astellas.

Thanks, Dino for as a conditionally activated T cell engaging by specific directed against Egfr and achieve results and CD 3 on T cells and this is in IND, enabling studies.

We recently submitted and pre IDE meeting request for the FDA and we expect written responses to our questions from the regulatory agency and the third quarter of this year.

We will continue to discuss the program with our partner Amgen.

And we're working towards a filing of an IND for safe manner for and late 2021.

Q2 was also highly productive for site that makes in terms of application of our work and peer review journals and so.

And with 5 manuscripts for recently published covering our the ranges from Phase 1 investigation of <unk> July and as I already mentioned.

And multiple publications, describing our clinical work with Pat Miller for CX <unk> 2.

Our wholly owned conditionally activated antibody against PDL 1.

Of particular note our recent collaborative work with Dr. Elizabeth degrees of the University Medical Center growth.

Amy Peterson: Switching to CX2009, or Crayola-Zakumab-Rabcandi, we are evaluating the CD166-directed conditionally activated EDC as monotherapy in patients with HER2 non-amplified breast cancer, which includes hormone receptor positive, arm A, and triple negative breast cancer, arm B. We are also evaluating the combination with our proprietary anti-PD-L1 therapeutic, Pacmilimab, in patients with triple negative disease in arm C. The goal is to reach 40 efficacy-evaluable patients in each of these arms, and the primary endpoint of this study is overall response rate according to resistance.

And the Netherlands as investigated the bio distribution of taxes and cash.

The patient using clinical imaging.

This study and shed important light on the military and performance of the property platform and cancer patients, including the direct demonstration of activation and binding and patent on our map to primary and metastatic tumors.

Another recent publication of particular note is our landmark preclinical study of a priority immuno oncology agonist and the proceedings of the National Academy of Sciences.

As you will recall, we introduced earlier this year, our advancement of our conditional activation technology and cytokines.

This recent and CNS paper, thanks, and even further as the first published application on the <unk> platform, 2 agonist antibodies and immuno oncology emphasizing the versatility of our platform.

Amy Peterson: Secondary endpoints include duration of response and clinical benefit rate at 24 weeks, the latter being particularly an important metric for the hormone receptor-positive subtype, as it is a reasonable surrogate to support progression-free survival endpoints in future studies. Enrollment is ongoing.

Specifically together with our collaborators we have shown and this publication and anti CD 137 priority pertains potent anti tumor activity with significantly reduced liver toxicity compared with unmasked antibody when assessed at the same mass model system.

This is exactly what our platform is designed to do.

The paper also includes extensive characterization of <unk> for the activation by Chillers.

Amy Peterson: However, our accrual rate for fourth quarter 2021 initial data readout has been slower than expected due primarily to the widespread effects of the COVID-19 pandemic on site activation and patient enrollment. The Prelizacumab Phase II study is a new trial requiring de novo site activation, and this has proven particularly challenging in the current environment. As such, we now anticipate initial data from this study in 2022.

Taken together these publications underscore the immense progress we've made across our pipeline and platform with our first generation of priority Therapeutics for field <unk> has defined it continues to lead and we continue to innovate on the core platform and across many therapeutic modalities.

Let me now hand, the call over to Amy for additional details and updates on our lead clinical programs.

Thanks, Sean I'll start with a quick recap of the design for our phase 2 study of CX 2 year, 2.9 and Paris Amsterdam for CX <unk> 2.9 in collaboration with Abbvie, we continue to enroll patients and expansion based on this.

Amy Peterson: Notwithstanding the COVID-19 challenges, we continue to implement ways to help improve the pace of patient enrollment, including opening additional sites in the U.S., Europe, and Asia, as well as partnering with patient advocacy groups to encourage enrollment from underrepresented populations, given the fact that triple negative breast cancer is more prevalent in minority women. We are excited about the opportunity for Prevozac, Mab, and breast cancer, and I would like to take a few moments to look ahead to where this unique drug candidate has the potential to fit into the treatment landscape.

1 day designed to evaluate the 71 directed conditionally activated AE and for different cohort.

Squamous non small cell lung cancer head and neck squamous cell carcinoma, esophageal and GAAP, Joe and this average yield functional cancers and.

These types of B cell lymphoma.

Each cohort and to enroll up to 25 efficacy evaluable patients and we continue to expect initial data from the expansion phase of this study in the fourth quarter EPS.

Switching to CX 2000.

<unk> 9 <unk> Candy, we are evaluating the 156 direct debt conditionally activated ADC as monotherapy in patients with Turkey, and non amplified breast cancer, which includes hormone receptor positive cash.

And triple negative breast cancer RMB.

Also evaluating the combination with our proprietary anti PDL, 1 therapy and ex Tac.

And Matt and patients with triple negative disease and RMC.

Our goal is to reach for key efficacy evaluable patients and each of these arms and the primary endpoint of this study and overall response rate according to your debt.

Secondary endpoints include duration of response and clinical benefit rate at times per week, the latter being particularly and as part of the metric for the hormone receptor positive and as and as a REIT.

And in both surrogates for progression free survival endpoint in future sales.

And it is and Ali however, our accrual rate for our fourth quarter 2021 initial data readout has been slower than expected due primarily to the lifestyle.

And with 19 pandemic on site activation and on patient enrollment.

And with that and that Phase III study is a new trial, requiring de Novo site activation and this has proven particularly challenging and the current environment as such we now anticipate initial data from this study and 2020.

Notwithstanding the COVID-19 challenges, we continued to implement ways to help them through the pace of patient enrollment, including opening additional sites and the us Europe and Asia as well as partnering and patient advocacy groups to encourage enrollment from underrepresented population given the fact that triple negative breast cancer is more <unk>.

Evelyn and minority and women.

We are excited about the opportunity and prepayments that NAV and breast cancer and I would like to take a few moments to look ahead to where this unique drug candidate has the potential for debt into the treatment landscape for <unk>.

Carlos Campoy: Thank you, Amy. With $366 million in cash, cash equivalents, and investments as of June 30, 2021, CytomX remains well-capitalized to support our bold clinical and research agenda that will drive the growth of the company well into 2020. Revenue was $16 million for the second quarter of 2021, relatively flat when compared to the corresponding period in 2020. R&D expenses increased $2 million to $26 million during the three months ended June 30, 2021, compared to the corresponding period in 2020. The increase was driven mainly by the timing of manufacturing and translational science activity. GNA expenses were $9 million for Q2 2021, essentially flat compared to the second quarter of 2020. With that, I'll turn the call back.

Call that historically breast cancer has been divided into 3 major subtypes and treatment have been developed accordingly.

Our positive responses to hormonal therapy, Hercules amplified, which is responsive to hertz and targeted therapy.

And triple negative breast cancer named not for what it is but rather what it is not and is therefore, a heterogeneous group Inc.

Before turning the call over to Karla to review our financial.

And 1 point out that in our phase 2 study effectively we are evaluating <unk> and that encourage you non amplified breast cancer and emerging classification that combines hormone receptor positive for triple negative breast cancer and represents approximately 80% of all breast cancer and include debt.

Low and no level of hurricane.

It's also important to note that CD 166 expression and.

And found across all of the classifications of breast cancer and <unk>.

2009 represents a significant opportunity.

Thank you Amy.

$366 million and cash cash equivalents and investments as on June 32021 pipeline. Thanks for remains well capitalized to support our clinical and research on agenda that will drive the growth for the company relative to 2020.

Sean A. McCarthy: Hi Carlos, and thanks to everyone for joining us today. To briefly recap, CytomX continues to make broad progress in Q2 across our pipeline and platform. We currently have four novel pro-body assets in phase 2 studies across nine cancer types, with readouts starting at the end of this year with CX2029. We also continue to develop our core technology across multiple biologic modalities as we advance new clinical candidates into development. Our recently published work highlights the scope and scale of our R&D efforts as we drive our pipeline forward and invest in our technology for the long term. With that, let's open up the call to questions. I'll turn it back to the operator.

Revenue was $16 million for the second quarter of 2021 relatively flat when compared to the corresponding period in 2020, R&D expenses increased $2 million to $26 million. During the 3 months ended on June 32021, compared to the corresponding period in 2020 the Inc.

Kris was driven mainly by Chinese manufacturing and translational science activities.

<unk> expenses were $9 million for Q2, 2021, essentially flat compared to the second quarter 2020.

I'll turn the call back to Sean.

Thanks, Carlos and thanks to everyone for joining us today to briefly recap sites and we've continued to make broad progress and Q2 across our pipeline and platform.

Operator: As a reminder, to ask a question, you'll need to press star 1; it's also in key type. To withdraw a question, please press pound or hash key. Please stand by while we compile the Q&A roster. Our first question comes from the line of Anupam Rama from J.P. Morgan.

And we currently on for novel per equity assets and Phase III studies across the bank appetite with Readouts starting at the end of this year with <unk>.

We also continued to develop our core technology across multiple biologic modalities as we adopt new clinical candidates into development.

Recently published work highlights the scope and scale of our R&D efforts as we drive our pipeline forward and invest and our technology for the long term.

Anupam Rama: Hey guys, thanks so much for taking the question.

With that let's open up the call for questions I'll turn it back for the operator.

Anupam Rama: For CX2029

Anupam Rama: Can you remind us the size and scope of the data we'll be getting here in 4Q and remind us that this is going to be at

As a reminder to ask a question and you will need to press star 1 and telephone keypad to withdraw your question. Please press Pat our Husky Nathan.

Operator: This concludes today's webinar. Hey, how are you? Good to hear from you.

Ladies and Bob will be compiled for Q&A roster.

Our first question comes from the line of and new from Rama from J P. Morgan.

Your line is now open.

Hey, guys. Thanks, so much for taking the question for CX 2 zero to 9 can you remind us the size and scope of the data, we'll be getting here and <unk> and remind us. If this is going to be at a medical meeting or should we be thinking about more of a top line.

And that's release webcast type scenario. Thanks, so much.

Operator: Our next question comes from the line of Roger Song from Jeffreys.

Hey, good day.

So we are guiding to initial data from the expansion phase by the end of the year, we havent pinpointed on any particular venue or method through which we would communicate that data.

Roger Song: Great, thank you. Very similarly, the question for CX-2009, so what should we expect in the initial readout, because I remember last quarter you said the initial data would be from arms A and B, and should we also expect arm A and B as the initial data? are expecting the day.

And as Amy mentioned, there are 4 cohorts and this expansion phase, the head and neck, and lung esophageal and and <unk>.

And our.

And.

Anticipating initial data from at least 1 of these cohorts by the end of this year, we're on track and.

And as I said, we haven't guided exactly where that would be.

Sean A. McCarthy: Yeah, hi, Roger. Thanks for the question. So, again, just to recap, ARM A is hormone receptor positive, and ARM B is triple negative. They're both monotherapies.

Thanks for taking our question.

Our next question comes from the line of Rogers sales from Jefferies.

Your line is now open.

Great. Thank you very similarly.

On the floor that CX 2 online.

Sean A. McCarthy: ARM C is the combination with our proprietary PD-L1 pro-body pacmanimab. So the revised guidance remains for ARMs A and B in 2022. ARM C, at this point, we're not going to be more specific than that.

What should we expecting the initial readout because I remember last quarter, you say the initial data from that on 1 and be a F&B and should we also expect to on a.

And as the initial data also Europe broadly guide to 2022 can we have some granularity and tend to first half second half upturn and turns for the shipyard.

And the data.

Yes, Hi, Raj and thanks for the question.

Yes, Okay, and just to recap harm a is fully receptor positive.

Arm B triple negative debt, both monotherapy RMC and the combination with our proprietary PD on 1 property.

And so.

The revised guidance remains for arms, a and B in 2022 RMC.

And at this point, we're not going to be more specific on that I think given the.

Sean A. McCarthy: In terms of ARM C, the combination with pacmanimab, you know, we've pretty consistently guided that that would be slower than ARMs A and B, given that we're screening for both CD166 and PD-L1. That's going to be a smaller patient population. We'll have to see how that develops. We'll provide additional guidance as time moves on on the timing of ARM C.

The evolution of the macro environment and just the uncertainties around COVID-19.

And we're going to keep that guidance pretty broad right now.

We do have though I can say for 2009, we are making progress we do have more than 20 sites open.

For the study so we have the team has made a lot of progress.

We need to make more and.

Every day and the new day and.

And the current world.

In terms of RMC.

Roger Song: Yeah. Yeah. Every day is a new day. So maybe just another question from me is the earlier, the earlier pipeline program, so something like the cytokine derivative program, which is very exciting. Just any updates on that?

The combination with <unk>.

And pretty consistently guided that that would be slower than arms, a and b given that were.

And screening for both PD, 1 and 66 and PDL, 1 and that's going to be a smaller patient patient population, we'll have to see how that develops will provide additional guidance as time moves on the timing of RBC.

Roger Song: Roger, could you repeat which program? I didn't quite understand it.

Yeah, and the Sky, Yes, everything is and your day, so maybe just.

Roger Song: Yeah, just any updates for your cytokine derivative program or any other kind of earlier program.

Another question for me.

Earlier.

But really our pipeline program.

Sean A. McCarthy: Yeah, you bet, and as I mentioned in my remarks, we're really excited about where we are with the platform. The work that we've done, much of which we've now published in peer-reviewed form, is demonstrating the utility of the pro-body approach across multiple biological modalities, now extending in our most recent work to cytokines and into immune agonist antibodies with the PNAS paper on CD137. So, we presented some work earlier this year on interferon alpha-2B, a really unique approach to masking that cytokine, and I think there is general agreement that there is enormous potential for focusing or harnessing the clinical activity of that particular biology if we can increase the therapeutic window.

Something like the setup in the revenue day program, which is very exciting just for <unk>.

Any updates on that.

Brian could you repeat what's program I didn't quite get.

Yeah.

Just any update for your guidance derivative program.

And any other kind of early on and program.

Yes, you bet.

I mentioned in my remarks.

And we're really excited about where we are on the platform.

The work that we've done much of which we've now published in peer reviewed for them is demonstrating the utility of the probe on and approach across multiple biologic modality is now extending in our most recent work 2 cytokines and into immune agonist antibodies.

With the Pnas paper on CD 137, and so.

And we presented some work earlier this year on interferon Alpha <unk>.

And.

A really unique approach to marketing net cytokine.

Sean A. McCarthy: Our pre-clinical data supports that we have an open therapeutic window, and we're moving that asset further into pre-clinical development. We're still in lead optimization, I would say, at this stage, but certainly moving it forward. And we continue to look at bi-specifics, and we'll continue to apply the platform to drug conjugates against undruggable targets. So, a lot of potential. I also mentioned on the call our EGFR CD3 program, which is really a big idea in bi-specifics.

Which I think there's general agreement that there is enormous potential for focusing on harnessing the clinical activity of that particular biology, if we can increase therapeutic window, our preclinical data.

So of course, and we have opened therapeutic window and we're moving that asset further into preclinical development and we're still in lead optimization I would say at this stage by Sony and moving forward and we.

We continue to look at bi specifics.

And we will continue to apply the platform to drug conjugates against Undruggable targets, So a lot of potential.

And I also mentioned on the call are Egfr CD 3 program, which is really a big idea and bi specifics. We know from work that was previously published by Micromet. Some years ago that Egfr and <unk> Bispecific form is a very difficult target to drug where free.

Sean A. McCarthy: We know from work that was published by Micromet some years ago that EGFR in a CD3 bi-specific form is a very difficult target to drug. We're bringing our masking technology to bear to attempt to open a therapeutic window. And as I mentioned, we're working towards getting that IMD on file by the end of this year.

Moving on masking technology to bear so attempts to open a therapeutic window and as I mentioned, we're working towards getting that idea on file by the end of and of this year.

Got it and go for that other comment thank you.

Roger Song: Got it. Thank you for all the comments. Thank you.

Hello.

Operator: Our next question comes from the line of Joe Catanzaro from Piper Zandler. Your line is now open.

Our next.

Comes from the line of Joe Catanzaro from Piper Sandler.

Your line is now open great. Thanks, so much for taking my questions here. So so and you had mentioned that for CX 2009. It was that new study that required new site initiations and so it sounds like and contrast, 2029 and the phase II cohorts adjusted rolled over from the phase 1 and and didn't require new site initiations can you confirm.

Joseph Michael Catanzaro: Great, thanks so much for taking my questions here. Amy, you had mentioned that for CX2009, it was a new study that required new cytokines.

Joseph Michael Catanzaro: new site initiations, so it sounds like

Joseph Michael Catanzaro: In contrast to 2029, the Phase 2 cohorts just rolled over from Phase 1 and didn't require new site initiations. Can you confirm that and is that the case for all expansion cohorts, or did some...

And that and is that the case for all expansion cohorts or did some tumor types I E. L. Bcl requires some new sites to open up and enroll patients.

Joseph Michael Catanzaro: Tumour types, i.e., the LBCL, requires some new sites to...

Sure. Thanks, Joe for the question, yes to confirm the Q 029 study was designed as a phase 1.2 study with expansion and continuing at sites that were open which allowed us to continue enrollment.

And you pointed out there and <unk>.

<unk> novel cohort and we get looked at activating new sites.

Boost enrollment, but the continuation of enrollment.

And as allowed primarily due to the continuation of the study said already opened activated sites.

Joseph Michael Catanzaro: Okay, got it. That's helpful. And then I think you guys had previously guided towards data potentially by the end of the...

Joseph Michael Catanzaro: at the end of the year from both lung cancer and head and neck cancer, but it sounds like maybe you backtracked.

Joseph Michael Catanzaro: I think it was very clear and very accurately that we could expect at least one cohort's worth of data from the four. Yeah, I wouldn't describe that as so much as a back...

Yes, I wouldn't call. It I wouldn't describe that as I mentioned, the backtrack, Joe I think we're generally on track with prior guidance.

Sean A. McCarthy: I wouldn't describe that so much as a backtrack, Joe; I think we're generally on track with prior guidance.

Okay got it that's helpful. Thanks for taking my question.

You bet.

Operator: Our next question comes from the line of Boris Picker from Cohen. Your line is now open.

Our next question comes from comes from the line of Lauren <unk> from Cowen.

Cynthia: Hi, thanks. This is Cynthia on behalf of Boris.

Your line is now open.

Cynthia: For CX2009, are you still seeing around 50% of patients, triple negative patients expressing CD166 at a high level? And then just thinking through for ARMC, are you getting a sense of how many triple negative patients express both CD166 and PD-L1? Hi, yeah, great question.

Hi, Thanks for so Cynthia on for force for CX..2 there is there are 9 are you still seeing around 50% of patients and triple negative patients expressing PD 166 at a high level and then just thinking sales for RMC are you getting a sense of how many triple negative patients express citywide and tier 1.

Yes, great question.

Sean A. McCarthy: Hi. Yeah, great question. We continue to evaluate target expression across these arms in the Phase 2 study. Nothing to really comment on right now, but that continues to be an important component of the study as we continue to learn and will continue to learn about the relationship between CD166 expression and response and CD166 expression across these different patient populations. So it continues to be very much a work in progress.

We continue to evaluate target expression across.

And these arms and the phase III study.

Nothing to really comment on right now but that.

And that continues to be.

And important component of this study as we continue to learn and we'll continue to learn about the relationship between <unk> 66 expression and response and the senior loans 66 expression across these different patient populations. So continues to be very much work in progress.

Alright, great. Thank you.

Operator: Our next question comes from the line of Esther Durrell from Guggenheim. Your line is now open. Good.

Our next question comes from the line of <unk> from Guggenheim.

Your line is now right and I think.

Esther Durrell: Great, thanks for taking the question. This is Paul from EDSR. Just one from us for your EPCAM program, the CX2043. Have the supply chain issues you sort of discussed last quarter been resolved, and is there any update to your IND plans for this program? Thank you. Yeah, thanks for the question. And I actually neglected to mention EPCAM while I was doing my...

Great. Thanks for taking the question. This is Paul on for Ed.

Just 1 from us for.

For your <unk> program and the CX 2.3 had the supply chain issues, you've sort of discussed last quarter and been resolved and is there any updates here and plan for this program.

Yes, thanks for the question on and actually neglected dimension at camera.

Sean A. McCarthy: Yeah, thanks for the question. And I actually neglected to mention EPCAM while I was doing my recap of our early pipeline earlier on in response to Roger's question. Yeah, so we've made progress there. And just to recap, the challenge that we ran into was relating to the DM21 payload, which is a next-gen Matanzin. We've made a lot of progress there, but we're still looking at what that timeline is going to be. So there's no formally updated guidance, but we are making progress with the program and with

A recap of our early pipeline earlier on and response to Roger's question, Yes. So we've made progress there.

And just to just to recap the.

The challenge that we ran into was.

Relating to the Dms and 21 payload, which is a nexgen may tenzing.

We've made a lot of progress there.

We're still looking at what that timeline is going to be so there's no for.

And the updated guidance, but we are making progress with the program and with that kind of generally as a target, which we continue to be highly interested and.

Great. Thanks, so much.

Operator: Our next question comes from the line of Peter Lawson from Barclays. Your line is now open.

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

Your line is now open.

Peter Richard Lawson: Thanks Sean. Just on, I guess the CD71 data, I'm just trying to piece it together. So, I think last time you got, you were suggesting that the head, neck, and lung would be at the end of the year. Is that still the case? And then DOBCIL kind of, next year? Is that the right order, and do we get any kind of data sets?

Thanks, Sean just on.

I guess, the CDC and tier 1 data I'm, just trying to piece it together.

I think last time, you got you are suggesting that the head and neck.

Level would be at the end of the year.

Is that still the case and then <unk>.

Next year is that there.

Brian Order and do we get kind of dataset.

Sean A. McCarthy: year end for head and neck. Yeah, so the, so the... Again, those four cohorts of head and neck, lung, esophageal, and DLVCL, the first two were obviously selected based on data that we saw in the phase one dose isolation activity that we saw in phase one and obvious choices for phase two expansions, and I would say, generally, that those two cohorts are on track for those two to present updates by the end of the year, with the others following And the venue for that would be more of a press release than a conference.

Year end.

Head neck and loans.

Yes.

So the.

Again those for.

Cohort.

Head and neck lung esophageal and TWC on the first 2 we're on.

Obviously selected based on.

David and we saw in the phase 1 dose escalation activity that we saw on phase 1 and.

Obvious choices for phase II expansions and.

I would say, yes generally on track for those 2 cohorts to present updates by the end of the year.

And with you and it's following thereafter.

Got you and.

Venue for that would be more for <unk>.

Yes release, then the conference.

Sean A. McCarthy: We haven't disclosed the strategy at this point. Peter will provide further information as we go further through the year. Gotcha. And the breast cancer delay treatments, like triple negative and H.R. positive, HER2 negative; was that predominantly driven by these kind of new site inactivations, or was there anything else that we should be thinking about? It's really a COVID thing. And as I said, we've got a pretty decent number of sites open, and a lot of those have come on fairly recently.

We haven't disclosed the strategy at this point.

Peter will provide.

Further information as we get further through the year Gotcha and then.

The breast cancer delays, but like triple negative <unk>.

Which are positive to negative.

Was that predominantly driven by these kind of new site and activation so.

Was there anything else that we should be thinking about.

And it's really.

A COVID-19 thing.

As I said, we've got a pretty decent number of sites open and lot of those have come on fairly recently the team is really working on all of ours to get this right.

Thanks for bringing this study and we're excited about and this asset and want us to say to as much as anybody else.

But it's a tough operating environment right now.

Get new sites initiated I think youll see hearing that from others.

And Thats.

And we're certainly seeing a lot of enthusiasm from our investigators and I'll take.

I'll take you back to our analyst event earlier this year, where you had share, allowing you spoke about the potential of <unk>.

And so yes. This is on operational challenge and we've just got to keep hiring for.

Okay. Thanks for the update.

Youre welcome.

Operator: At this time, I would like to hand the conference back over to Tao Chang for his closing remarks.

At this time I would like I would like to hand, the conference back over to Sean for his closing remarks.

Cao Cheng: So, on behalf of the executive team, I'd like to thank you all very much for joining us this afternoon. We look forward to updating you.

So on behalf of the executive team I would like to thank you all very much for joining us. This afternoon, we look forward to updating you and the future on our ongoing progress.

Cao Cheng: I look forward to updating you in the future on our ongoing progress.

Operator: Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect. And have a great day.

Ladies and gentlemen. This concludes today's conference call. Thank you for participating you may now disconnect and have a great call.

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