Q3 2021 Mersana Therapeutics Inc Earnings Call

Good morning, and welcome to Mercer Therapeutics third quarter, 2021 conference call and webcast.

Currently all participants are in listen only mode.

A question answer session at the end of this call.

I would now like to turn the call over to Sarah Carmody Executive Director Investor Relations and corporate Communications. Please proceed.

Good morning, welcome to Mcdonald's third quarter 2021 conference call.

Earlier today, we issued a press release, reviewing our third quarter financial results and business update which will be covered on this call.

Replay of today's call will also be available on the investors and media section of our website. After our prepared remarks, we will open the call for Q&A.

Before we begin I'd like to mention that our call will contain forward looking statements within the meaning of federal securities laws, including with respect to the company's business strategy and the design progression and timing of its clinical or preclinical studies and the release of data from the study the ability of the single arm uplift cohort to enable that.

<unk> the development and potential of our pipeline of innovative ADC candidates the commercial opportunity of our product candidates <unk> expectations regarding future clinical trial results, including with respect to the timing of the commencement and future disclosures.

And the sufficiency of the company's cash on hand, and funds available through its debt financing agreement with Oxford Finance and Silicon Valley Bank. Each of these forward looking statements are subject to risks and uncertainties that could cause actual results to differ material materially from those projected in such statements.

These risks and uncertainties are discussed in the company's quarterly report on Form 10-Q filed on August six 2021, and subsequent filings which are available at www Dot SEC Gov and on our website at www Maisano dot com, except as required by law the company assumes no.

Nation to update these forward looking statements publicly even if new information becomes available in the future with that I'll turn the call over to Ana <unk> <unk>, President and Chief Executive Officer. Thank you Sarah Good morning, and welcome to our third quarter 2021, corporate and financial update call joining me today.

With prepared remarks are RV Yang our Chief Medical Officer, Tim <unk>, The Chief Science, and Technology Officer, and Brian <unk>, Our Chief Financial Officer I'm also joined by the rest of the executive team, who will be available for your questions, including our newest members.

<unk> Misra, our Chief manufacturing officer, who joined US in August and Mohan Bala, who joined US in October to take on the newly created role of senior VP strategic product planning and program leadership.

We continue to make significant progress towards our ambition of building up into a foundational medicine in ovarian cancer and advancing a diverse pipeline addressing areas of high unmet medical need.

2021 comes to a close let's take a step back it could sit what Bruce startup plans to achieve over the course of next year, we expect uplift on a single arm registration study to be fully enrolled we expect up next our first phase three study to be initiated.

We expect upgrades to be charting the path upbringing combinations and we expect to have two additional assets in the clinic <unk> 16, 60 and exit 2056.

Of note with three innovative platform stellar flex it centered in immuno sits in our strategy.

ADC innovation is supported by efficient product engines, creating value now.

The future.

Let me start by describing our progress in building a printer a foundational medicine for patients in ovarian cancer in September we disclosed further data from almost 100 patients with ovarian cancer enrolled in the expansion cohort of the pre phase one study.

This data give us confidence in the design of uplift our ongoing single arm registration study in platinum resistant ovarian cancer.

Specifically, we believe the robust and consistent activity seen in heavily pretreated patients the ability to further enrich outcomes for Nokia to be high.

Presenting about two thirds of all patients as well as the differentiated tolerability profile without the severe neutropenia neuropathy or ocular toxicity seen with other adcs will translate into both a successful uplift registration study and a robust commercial launch.

In addition to uplift we intend to expand the opportunity for a brief to address the broader ovarian cancer population through our upticks in upgrade studies.

Up next is a phase III study a premium to <unk>.

Maintenance and we believe has the potential to establish a pre is the preferred agent for maintenance therapy and not be to be high patients in platinum sensitive ovarian cancer setting.

It's worth spending a minute going into more detail on why we believe up next with enable substantial additional commercial opportunity for <unk>.

PARP inhibitors were approved in the U S. It's ovarian cancer maintenance agency 2017, the three carpet keep it was approved now have combined with revenues in this setting of about $1 billion in the U S and about 2 billion worldwide and yet despite.

The substantial revenue figures PARP inhibitor use is limited to only a portion of the ovarian cancer population is alderman will explain with up next we have the potential to address the substantial unmet needs and maintenance beyond those addressable by PARP inhibitors.

Shifting gears to upgrade.

Evaluating the combination of upbeat with platinum followed by continuation of upright. This is setting even earlier in disease that uplift or up next.

This study has the potential to generate proof of concept data that could lead to establishing an improved standard of care in platinum sensitive disease.

Platinum Paclitaxel accumulate inhibitor is the standard of care in platinum sensitive disease, but carries substantial toxicities as a result has limited treatment duration, replacing <unk> with <unk> has the potential for improved efficacy.

Tolerability of treatment duration, we are following a well proven in cohort C. In oncology, we're replacing chemotherapy with a targeted agent has led to positive impact on efficacy tolerability and duration of treatment with the goal of translating those improvement integrated clinical.

Great.

<unk> improved survival.

Moving into platinum combinations by replacing Paclitaxel could a local put should we it is much larger than those available to PARP inhibitors, because PARP inhibitors cannot be physically combined with chemotherapy together, we believe uplift up mixed it upgrade provides the roadmap for established.

<unk> as a foundational therapy in ovarian cancer addressing significant unmet needs.

Now, let me turn to.

Non small cell lung adenocarcinoma, we have completed enrollment in the evaluation of <unk> in lung adenocarcinoma, we observed modest single agent activity, including confirmed objective responses, but the data did not meet our internal minimum threshold of 20 person.

Overall.

Sponsor right for advancement in this continually evolving and competitive indication for this reason, we have decided to deep prioritize further clinical evaluation of <unk> in this indication.

The safety profile of our pre lung adenocarcinoma, which generally consistent with the favorable profile observed with a peak at the 36 milligram per meter square dose level selected for further advancement in ovarian cancer with.

With the completion of the evaluation of the lung adenocarcinoma cohort. We now have administered up to almost 200 patients. The safety profile has remained generally consistent without the severe neutropenia peripheral neuropathy or ocular toxicity seen with other ADC platforms.

We believe these data further support our uplift design erode expanded efforts with up next and upgrade to built up into a foundational therapy in ovarian cancer.

We are committed to deploying our capital in an efficient manner in order to advance our pipeline rapidly and the places where it has the most substantial impact on patients with unmet needs.

Focusing our resources on the broad development of <unk> in ovarian cancer is the right thing to do for all stakeholders.

This brings me to our pipeline beyond <unk>, where.

<unk> will start with exiting 15 92 are taller Simpson ADC targeting that to be based on the observations of greater efficacy in preclinical models of lung cancer, we're continuing dose exploration to determine the recommended phase two dose and plan for this to continue into two.

<unk> thousand 22.

<unk> 16, $60 seem to be 784 targeted ADC and <unk> 2056, or <unk> targeted immuno symptom Sting agonist ADC are advancing through IND, enabling studies our goal for both programs is to initiate clinical studies.

In early 2022.

Just recently, Tim <unk>, our Chief Science, and Technology Officer presented exciting preclinical data supporting the robust efficacy tolerability and differentiation of <unk> 2056, and Tim will provide a summary of these compelling data in a few moments.

Lastly on the corporate front, we have worked to strengthen the company's foundation to enhance future capital flexibility and the expansion of our executive leadership team in late October we increased our access to capital and hence our strategic flexibility by partnering with Oxford.

Silicon Valley bank to enter into a new credit facility for up to $100 million.

We have also continued to expand our executive leadership team with several key appointments, including bringing on two share based <unk> as Chief manufacturing Officer, Michael Kauffman Suite <unk> and through the addition of Mohan Butler to the role of senior Vice President of strategic product planning.

I believe this ship.

Both to Sharon Mohan have extensive experience in their respective fields and we're excited that we'll be working with us to advance towards commercialization and to build our maturing pipeline of innovative adcs with the potential to address unmet medical needs across multiple different tumors.

To summarize the past quarter.

Meaningful progress on the clinical development of <unk> as well as the pipeline, which could soon include two more clinical stage product candidates with the potential to address large unmet needs for cuts of patients with that I will turn the call over to Arvind to further discuss the broad opportunity for upgrade.

With uplift upticks in upgrades.

Thank you Anna.

We continue to make substantial progress in advancing operating across the ovarian cancer treatment landscape through our broad development program.

We stand poised to deliver data in additive support an accelerated approval platinum resistant disease with uplift. This study targets a broader population relative to any other in the space to a more flexible inclusion criteria with respect to lines of therapy and underlying comorbidities.

Use of a more robust diagnostic assay, capturing two thirds of the patient is not going to be high as well as a second shot on goal in the overall population.

Second we plan to advance <unk> into an earlier line platinum sensitive patient population, a larger population that could be treated for a longer without re mono therapy in the maintenance setting without next.

It is worth expanding further on the opportunity for operators to redefine the standard of care in ovarian cancer maintenance therapy, and the up next phase III study.

Despite the approval of PARP inhibitors, and Bevacizumab, the unmet medical need remains high for patients who have been treated with a final Dublin.

The design of Opex is informed by constructive interactions with the FDA. There are three important patient populations that up next has the potential to address which PARP inhibitors cannot.

There are patients who progress on PARP and Bevacizumab, whether taken in combination and in sequence for these patients. There is no standard of care in the maintenance setting after relapse as parts inhibitors and Bevacizumab move to frontline. This is becoming a growing patient group.

<unk> has shown activity against that and PARP inhibitor pretreated diseases, including complete responses.

Second patients who are poorly served by current maintenance agents and who resort to watch and wait as their best option may benefit from off net Harper.

<unk> inhibitors have significant tolerability challenges, including potentially life threatening cytopenia Opry show the differentiated tolerability profile.

PARP maintenance outcomes vary significantly based on biomarker status with the best results being in tumors harboring a BRCA mutation representing only 20% of the population. In contrast, our data suggests that that would be to be high biomarker represents two thirds of the patients.

And third recall that platinum or PARP inhibitor share common mechanism of action and DNA damage response platinum responsiveness predicts responsiveness.

For this reason that patients achieving stable disease to platinum were excluded from the PARP maintenance studies and consequently are excluded from the PARP inhibitor labels. This is a growing patient group given the emerging evidence that platinum sensitivity decreases with prior PARP treatment.

Again.

<unk> has activity, including couple of responses in heavily pretreated patients.

Addressing the unmet needs of these patients could provide a very significant growth opportunity for <unk>, and then opportunity beyond that which is accessible with PARP inhibitors to that.

To enhance the potential for upgrades to deliver strong and durable benefit we are focusing the study unhappy to be high patients about two thirds of the ovarian cancer population and where we observed the strongest responses today.

With Opex operating could become the first ADC available for patients with platinum sensitive disease building, an uplift in platinum resistant disease with the potential to define <unk> as a foundational therapy in ovarian cancer.

Lastly, let me touch on the upgrade our umbrella combination study with no severe neutropenia ocular toxicities are peripheral neuropathy or profile supports the potential for platinum combinations, which could fundamentally change treatment options for earlier line platinum sensitive ovarian cancer patients and introduce targeted anti <unk>.

<unk> therapy with the intention of proofing, but efficacy tolerability and duration of therapy with the goal of translating these improvements into greater clinical benefit and ultimately improve survival.

Thank you <unk> and Gov for their strong partnership in helping US develop these opportunities for upgrades to become foundational in the treatment of patients with ovarian cancer.

And with that I'll now turn the call over to Tim longer to discuss <unk> 2056, and the exciting preclinical data we presented in October at the Triple meeting.

Thank you Arvind and good morning, everyone.

As I mentioned, we've continued to make considerable progress in advancing <unk> 2056, and <unk> 60 through IND, enabling studies with the goal of moving both of these candidates into the clinic in early 2022.

Today I'll focus on <unk> 2056, our first immuno sensitive Sting agonist ADC candidate.

At the Triple meeting in early October I had the opportunity to present, new exciting preclinical data that we believe demonstrates that <unk> to 2056 is not only a first in class Sting agonist ADC, but also has the potential to be best in class among her two immuno stimulatory.

We are very excited about the potential of <unk> 2056, let me outline why.

First thing is a validated innate immune stimulatory pathway and we believe that a well designed ADC approach is well suited to harvest dna's immune system in a targeted safe and effective manner with potential advantages over intra tumoral injection are targeted systemic thing.

Agonists.

Staying agonist Abcs are differentiated from CLR based ADC approaches for innate immune activation activation.

Because unlike <unk> staying as express and can be activated in both tumor cells and tumor resident immune cells, providing a one two punch potentially leading to greater efficacy.

For <unk> 2056, or hurt to immunotherapy program, we deliberately selected an antibody that targets a novel epitope of her two with differentiated binding from partisan mab or trastuzumab, allowing for single agent activity.

And the potential for broad combinability with approved and investigational hurt to targeted therapies.

Specifically optimize the antibody to this novel epitope per application as an ADC.

The new preclinical data presented at the Triple meeting demonstrated increased efficacy in both high and low her two tumor bearing mouse models compared to Trastuzumab CLR, seven eight and systemic Sting agonists benchmarks.

<unk> 2056 also shown excellent in vivo efficacy when combined with Trastuzumab supporting our selection of an antibody that is highly combinable with standard of care agents.

And from a safety perspective, <unk> 2056 was well tolerated in nonhuman Primate studies with no clinical signs and no adverse findings and a clinical pathology or histopathology.

Taken together, we believe <unk> 2056 offers a differentiated and complementary approach to the treatment of <unk> expressing tumors, both as a single agent and in combination and we look forward to advancing this promising candidate into the clinic as quickly as possible.

Lastly, before I turn the call to Brian I would like to mention that this morning abstracts were released for the upcoming <unk> 2021 meeting and we will be presenting additional data relating to immuno Simpson, our immuno stimulatory ADC platform.

As we have shown previously we've seen consistent robust results with immuno simple based sting agonist ADC across multiple targets and this poster is focus on our preclinical work targeting tumor associated antigens in the tumor microenvironment, where we have also demonstrated target depend.

<unk> activity after a single low dose.

This work further supports our belief that the target space for immuno sensitive Sting agonists, adcs, including not only tumor antigens, but tumor associated antigens in the tumor microenvironment has the potential to be very broad and encompass many indications with high unmet medical need with.

With that I will turn the call over to Bryan for an overview of our financial results.

Thank you Tim Good morning, everyone and thank you for joining US we ended the third quarter of 2021 with approximately $192 million in cash and cash equivalents net cash used in operating activities in the third quarter was approximately $36 million and we expect that our available funds will allow us to meet our current operating plan.

Commitments into the first half of 2023.

I will now review some of the key financial highlights from our third quarter 2021 results research and development expenses for the third quarter of 2021 were $35 3 million compared to $16 $5 million for the same period in 2020.

The difference was primarily due to an increase in manufacturing clinical and regulatory expenses and increase in head count and an advancement of the diagnostic development efforts for the <unk> biomarker noncash stock based compensation expense included in these research and development expenses increased by $1 $7 million.

General and administrative expenses for the third quarter of 2021 were $10 $1 million compared to $5 9 million in the same period in 2020. The increase was primarily due to an increase in headcount and consulting and professional fees noncash stock based compensation expense included in these general and administrative expenses.

<unk> increased by $1 $4 million.

As Anna mentioned in addition to our current cash position, we entered into a new credit facility at favorable terms for up to $100 million with Oxford Finance and Silicon Valley Bank of which $60 million is available immediately with the remaining balance available primarily upon the achievement of certain pipeline and upbeat related milestones and connect.

With this new facility, we retire the prior debt financing agreement with Silicon Valley Bank, We believe with this new facility and our existing cash balance we have the resources, we need to advance our pipeline through several important value, creating milestones I'll now turn the call back to Anna Thank.

Thank you, Brian leveraging the learnings from our patient experience to date, we are advancing uplift up next to upgrade with the objective of establishing <unk> as the foundational therapy in ovarian cancer and opportunity to create value for patients and shareholders by attracting.

Unmet medical needs.

Over the course of next year, we expect to be fully enrolled in uplift topline data showing the potential to be combined with platinum to upgrade and hub up next well underway at the same time, we're advancing a pipeline of innovative ADC and expect that the gear.

From now we will have two additional first in class molecules <unk> 2056, and <unk> 16, 16 clinical development.

Our innovative platforms Teleflex Intel assisted in immuno Simpson, our efficient product engine that will continue to underpin the advancement of our strategy with our expanded claim that show flexibility and the deepening of our leadership team, we are well positioned to deliver on the potential of <unk> and <unk>.

<unk> innovative pipeline to make a difference for people living with cancer, we look forward to executing on these plans and creating substantial value for patients and shareholders over the months and quarters ahead with that I will turn the call over to the operator for Q&A.

If you would like to ask a question. Please press Star then one is your question has been answered you may like to remove yourself in the queue press the pound key.

Our first question comes from Boris <unk> with Cowen Your line is open.

Good morning.

I'm just curious you've mentioned the discontinuation of operating lung what does that imply $15 92, and long or when should we see some of the lung data from $15 92.

So there are two parts to your question on as you recall with <unk> 15, 92, we brought that forward to really evaluate the differentiation we saw pre clinically and we are continuing to do that.

As we described as we indicated previously in dose exploration and we haven't yet.

Completing the evaluation as soon as we do we'll make a data driven decision as to the next steps.

Your second question was about disclosure of a pretty long data.

And we plan to disclose the full data set in a scientific forum, where a publication in 2022.

Got it and my second question is on 2056 I'm just curious I mean, we obviously saw very strong data for an hurt too perfect.

So is it reasonable to assume that the target patient population for this drug will openly be and hard to per treated and if so have you.

You looked at any kind of post and hard to model. So what do you think of the post <unk> patient population.

Yes, thanks for the question so.

We're still evaluating the population shifts in relationship to the 25th 2056 clinical development program.

Do want to highlight that the payload for 2056 immuno symptom. So it is a very novel and differentiated platform. One of the things I would highlight there is that it is a unique epitope from the standpoint of the combine the ability when we think about the different shots on goal in relationship to the.

The potential for success by 2056, not only because of its differentiated platform, but also its combinability with approved and available her two targeting agents.

Alright, Thank you very much for taking my questions.

We can take the next question.

Operator, I think we can see that there are questions.

People interested in questions in the queue.

Sure.

For those on the phone I apologize, but we can see that there are a number of people interested in asking questions, but we seem to have lost the connection with the operator or not quite sure what the issue is.

If you can hold off we will try to resolve it.

This time line, we are being told to hold there is an issue with the operator, if you'd still like to ask a question. Please hold on and we'll be back as soon as possible.

Yes.

Yeah.

Yes.

I apologize our next question.

Comes from the line of Caveri Pullman from V. P. I G. Your line is now open.

Yeah. Good morning, Thanks for taking my questions.

Before the upgrade study can you extend the carboplatin therapy beyond six cycles. Thank you are not using paclitaxel.

Thank you for the question so carbo platinum in standard of care is typically used up to the six cycles.

Even in the monotherapy setting and so the opportunity really is because of the improved safety profile of <unk> from the standpoint of the lack of the neutropenia peripheral neuropathy and ocular toxicity to actually be able to continue that.

Further in relationship to again treating patients for longer and potentially treating patients with greater benefit.

Got it and Birmingham and items.

So whether that's on a payload related or target related toxicity.

Oh in terms of combating backyard combination strategy.

Thank you.

So I'll remind that pneumonitis in general is a low grade low frequency type of adverse event that has been.

Unnamed Speaker: adverse event that has been manageable from the standpoint of either through dose delays or treatment with steroids as necessary. We have seen and potentially believe that it is target mediated from the standpoint of we do know that the pneumocytes do express nappy 2b. As I said earlier though from the standpoint of the combination or I'm sorry as I've said earlier just in relationship to pneumonitis it is quite manageable and so from the standpoint of we do think that the combined of upri in relationship to standard of care agents to further expand the potential for upre to be foundational is quite substantial from the standpoint of, again, that improved favorable safety profile, again, with those lack of the severe neutropenias and other toxicities that may limit the potential for combineability.

Manageable from the standpoint of either two dose delays or treatment with steroids as a as necessary.

We have seen and potentially believe that it is target mediated from the standpoint of we do think that the numerous sites do express <unk> b to B.

As I said earlier, there from the standpoint of the combination.

Or I'm, sorry, as I've said earlier just in relationship to pneumonitis at is quite manageable and so from the standpoint of we do think that the combinability of operate on it.

In relationship to standard of care agents to further expand the potential for <unk> to be foundational is quite substantial from the standpoint of again that improved favorable safety profile.

With the lack of the.

Severe neutropenia and other toxicities that may limit the potential for combinability.

Got it thanks.

Thank you and our next question comes from Jessica Fye from Jpmorgan. Your line is now open.

Good morning. This is Daniel for Jessica Fye. Thank you for taking our question.

Following the protocol amendment of uplift to exclude the 43 milligram permit must squared dose can you clarify for us whether the patients already treated at dose at that dose are evaluable for FDA registration purposes.

Great. So thank you for the question. So recognizing that we have now moved to the 36 milligram per meter square dose moving forward. Obviously, all the patients will be utilized both from the standpoint of the totality of information for.

Potential approval from an efficacy perspective.

Obviously, we're still evaluating just in relationship to the.

Operator: Thank you, and our next question comes from Jessica Fy from J.P. Morgan. Your line is now open.

The primary analysis population that would be utilized for efficacy purposes.

Okay.

And then given the modest single agent activity observed with our <unk> lung cancer is a combination approach viable Forex empty 15 92 as you go forward.

Daniel: Good morning. This is Daniel on behalf of Jessica Fye. Thank you for taking your question. Following the protocol amendment of the uplift to exclude the 43 milligram per square dose, can you clarify for us whether the patients already treated at that dose are invaluable for FDA registration purposes?

These are all things we will explore based on our data we will make data driven decisions. At this point, we are continuing to evaluate <unk> 92, as a single agent as we explored the optimal dose but all of these are options that will be we'll make decisions based on.

Data.

Okay, Great and one last one for me you've described the safety profile of <unk> in the lung cancer is consistent with the 36 milligram per meter squared dose in ovarian cancer, maybe further digging into that was there any pneumonitis observed and if so what grade and at what rate.

Yes, so what I would say about the profile of.

Unnamed Speaker: So thank you for the question. Recognizing that we have now moved to the 36 milligrams per meter square dose, moving forward, obviously, all the patients will be utilizable from the standpoint of the totality of information for potential approval. From an efficacy perspective, obviously, we're still evaluating just in relationship to the primary analysis population that would be utilized for efficacy.

Operating within the non small cell lung cancer. It was favorable from the standpoint of again consistent with that 36 milligram per meter squared.

In general ahead.

Those most common adverse events that we're seeing with <unk> in relationship to the transient AST elevations.

Yes.

The nausea that was associated with it.

Pneumonitis frequency you actually was quite low there were only two out of the 50 that developed and they were great to grade three and reversible from that standpoint on this actually may be due to the fact that again with non small cell lung cancer, we have patients that.

Obviously may have higher BSA and so in fact actually it may reflect again the safety profile of those patients that are receiving essentially a 36 <unk> per meter squared dose regimen.

Great. Thank you very much.

Daniel: Okay, and then given the modest single agent activity observed with pre-in lung cancer, is a combination approach viable for XMT 1592 as you go forward?

Thank you and our next question comes from Colin Cookie from Baird. Your line is now open.

Hi, Thanks for taking our questions. This morning.

Hmm.

Data for operating in lung are you able to comment on what the magnitude the high expression percentage wise I know you said, it's probably a little bit lower in lung versus ovarian.

Yes.

The enrollment looks like in that escalation portion.

Yes so.

We define not be to be high in exactly the same way we have determined.

Unnamed Speaker: These are all things we will explore based on data. We'll make data-driven decisions. At this point, we are continuing to evaluate XMT 1592 as a single agent as we explore the optimal dose, but all of these are options we will make decisions on based on data.

The ovarian and it's only about a third of the population compared to two thirds in ovarian so the prevalence of naphtha to be high.

About half what it is in ovarian.

Okay. Thank you.

We're excellently 15 92, I think you had previously said you will have an update.

And that data around the end of this year. So just curious on how that enrollment is going and kind of what we can expect from upcoming readout in 2017.

So we're continuing to really evaluate dose.

And we will have an update on our plans around year end I think we our current view is that we will continue the dose exploration into 2022, and we'll be able to give a better.

An update on where we.

Where we are and where we've been a position to report data around year end could lead.

Daniel: Okay, great. And one last one for me. You have described the safety profile of a pre-in-the-long cancer as consistent with the 36 milligram per meter-square dose in ovarian cancer. Maybe further digging into that, were there any pneumonitis observed, and if so, what grade and what rate?

Okay, great. Thank you for taking our questions.

Thank you and that concludes our question and answer session for today I'd like to turn the conference back over to Anna <unk> for closing remarks.

Well. Thank you all for listening in and thank you for the patient with your patience with the technical challenges. We've had we've had a great quarter, we expect to be.

<unk> continued to execute on our plan and we're really well positioned for a very successful 2022.

Thank you.

Thank you for your participation in today's conference. This does conclude the program and you may all disconnect.

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Unnamed Speaker: Yeah, so what I would say about the profile of Uprey within non-small cell lung cancer, it was favorable from the standpoint of, again, consistent with that 36 milligram per meter squared. In general, it had those most common adverse events that were seen with Uprie in relationship to the transient AST elevations, and the nausea that was associated with it. The pneumonitis frequency actually was quite low. There were only two out of the 50 that developed, and they were grade two and grade three and reversible from that standpoint.

Unnamed Speaker: This actually may be due to the fact that, again, with non-small cell lung cancer, we have patients that obviously may have higher BSAs, and so, in fact, it may reflect, again, the safety profile of those patients that are receiving essentially a 36-bigs per meter squared dose register.

Daniel: Great, thank you very much.

Operator: Thank you, and our next question comes from Colleen Cousy from Baird. Your line is now open.

Colleen Margaret Kusy: Hi, thanks for taking your questions this morning. On the data for Opley and lung, are you able to comment on what the NAP2B high expression percentage was? I know you said it's probably a little bit lower in lung versus ovarian, but wanted to just see what the involvement looks like in the dose exclamation portion.

Unnamed Speaker: Yeah, so if we define NAPI to be high in exactly the same way we have determined in ovarian cancer, then it's only about a third of the population compared to two-thirds in ovarians. So the prevalence of NAPI to be high is about half what it is in ovarian cancer.

Colleen Margaret Kusy: Okay, thank you. And for XMT-1592, I think you previously said you'd have an update on that data around the end of this year. So just curious how that enrollment is going and kind of what we can expect from the upcoming readout in 2022.

Unnamed Speaker: So we're continuing to really evaluate dose, and we will have an update on our plans around year end. I think our current view is that we will continue the dose exploration into 2022, and we'll be able to give a better update on where we are and, well, we will be in a position to report data around year end.

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Colleen Margaret Kusy: Okay, great. Thank you for taking your questions.

Operator: Thank you, and that concludes our question and answer session for today. I'd like to turn the conference back over to Anna Propatopas for her closing remarks. Well, thank you also.

Anna Protopapas: Well, thank you all for listening in, and thank you for your patience with the technical challenges we've had. We've had a great quarter. We expect to continue to execute on a plan, and we're really well positioned for a very successful 2022.

Operator: Thank you for your participation in today's conference. This concludes the program, and you may all disconnect.

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Unnamed Speaker: Thank you. Thank you. Thank you. Thank you, and thank you.

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