Q1 2022 CytomX Therapeutics Inc Earnings Call

Good afternoon, everyone. Thank you for standing by welcome today say topics Therapeutics first quarter 2022 financial results call.

Operator: Good afternoon, everyone. Thank you for standing by. Welcome to the CytomX Therapeutics First Quarter 2022 Financial Results Call. Please be advised that today's call is being recorded. I would now like to hand the call over to your host for today, Mr. Chao Cheng, CytomX Vice President, Investor Relations, and Corporate Communications. Please go ahead.

Be advised that today's call is being recorded.

I would now like to hand, the call over to your host for today, Mr. Chau Cheng Seitan mixed Vice President Investor Relations and corporate Communications. Please go ahead.

Chao Cheng: Thank you, Cindy. Good afternoon, and thank you for joining us. With me today are Dr. Sean McCarthy, CytomX's Chief Executive Officer and Chairman, Dr. Amy Peterson, President and Chief Operating Officer, and Carlos Campoy, Chief Financial Officer. Earlier today, we issued a press release that includes a summary of our first quarter 2022 financial results and highlights the 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.

Thank you Cindy.

Soon and thank you for joining US with me today are adopters, Sean Mccarthy <unk>, Chief Executive Officer, and Chairman of the Amy Peterson, President and Chief operating Officer, and Carlos Campoy Chief Financial Officer.

Earlier today, we issued a press release that includes a summary of our first quarter 2022 financial results and highlights the progress we made during the quarter.

Everyone to read today's press release, and the associated materials, which have been filed with the SEC.

<unk> press release and a recording of this call can be found under the investors and news section of our website.

Chao Cheng: Please note that during today's call, we will be making forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks, including the uncertainties surrounding the COVID-19 pandemic that 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, including our Form 10Q that was filed today. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future developments, or otherwise.

Please note that during today's call, we will be making forward looking statements because forward looking statements relate to the future theyre subject to inherent uncertainties and risks.

The uncertainty surrounding the COVID-19, pandemic and are difficult to predict and many of which are outside of our control important risks and uncertainties.

Set forth in our most recent public filings with the SEC at SEC Gov, including our Form 10-Q that was filed 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'll now turn the call over to Sean.

Sean Mccarthy: With that, I'll now turn the call over to Sean. Thank you, Chao, and welcome back, Carlos. Good afternoon, everyone, and thanks for joining us for an update on recent progress at CytomX. Let me begin today's call by reaffirming our commitment as an organization to making the biggest difference we can for people with cancer. Our dedication to destroying cancer differently is embodied in our robust therapeutic pipeline that represents the potential for conditionally activated biologics to lead to new and differentiated anti-cancer therapies.

Thank you Joe and welcome back Carlos.

Sean Mccarthy: Conditional activation holds great promise, and we remain highly focused on delivering new therapies based on our world-class research and development capabilities. Leveraging our ProBody therapeutic platform, we now have six experimental therapeutics in development. During Q1, we made great progress executing towards important data readouts from our lead program. Now, I want to stress up front that we understand that in the current protracted bear market for small and mid-cap biotech companies, judicious financial stewardship has never been more important.

Good afternoon, everyone and thanks for joining us for an update on recent progress at <unk>.

Let me begin today's call by reaffirming our commitment as an organization to making the biggest difference we can for people with cancer.

Our dedication to destroying cancer differently is embodied in a robust therapeutic pipeline that represents the potential for conditionally activated biologics to lead to new and differentiated anticancer therapies.

Conditional activation holds great promise and we remain highly focused on delivering new therapies based on our world class research and development capabilities.

Leveraging our priority therapeutic platform, we now have six experimental therapeutics and development.

During Q1, we made great progress executing towards important data readouts from our lead programs.

Now I want to stress upfront that we understand that in the current protracted bear market for small and mid cap biotech judicious financial stewardship.

There has never been more important.

Sean Mccarthy: At CytomX, a central tenet of our integrated financial strategy has been the formation of foundational partnerships with global biopharma companies, including AbbVie, Amgen, Astellas, and Bristol Myers Squibb. These alliances have not only broadened the impact of our technology platform by increasing the number of pro-body therapeutic candidates being advanced into clinical studies. But they've also added considerable financial resources in the form of non-dilutive capital, enabling us to consistently maintain balance sheet strength.

<unk> is a central tenet of our integrated financial strategy has been the formation of foundational partnerships with global Biopharma companies, including Abbvie, Amgen, Astellas and Bristol Myers Squibb.

These alliances of not only broaden the impact of our technology platform by increasing the number of probiotic therapeutic candidates being advanced into clinical studies with.

But they've also added considerable financial resources in the form of non dilutive capital.

With us to consistently maintain balance sheet strength.

Sean Mccarthy: We ended this past quarter with $263 million in cash and liquid assets, providing sufficient resources to advance our pipeline. We also continue to be active in our business development efforts relating to our platform and to our product pipeline. I'd like to make a few specific comments on our pipeline programs before handing over to Amy for additional perspective. Our most advanced, wholly-owned drug candidate, the conditionally-activated ADC, pralizatamab rabtanazine, is one of two clinical-stage ADC programs designed to open a therapeutic window for novel cancer targets that have proven inaccessible by conventional approaches due to their widespread presence in healthy tissues.

We ended this past quarter with $263 million in cash and liquid assets, providing sufficient resources to advance our pipeline.

We also continue to be active with our business development efforts relating to our platform and to our product pipeline.

I'd like to make a few specific comments on our pipeline programs before handing over to Amy for additional perspective.

Our most advanced wholly owned drug candidate the conditionally activated ADC, probably as Essent re tenzing is one of two clinical stage ADC programs designed to open a therapeutic window for novel cancer targets.

Proven inaccessible by conventional approaches due to that widespread presence on healthy tissues.

Sean Mccarthy: Indeed, Pralizatamab is the first ADC targeting CD166, a transmembrane glycoprotein that has been reported to play a role in multiple aspects of tumor biology, including angiogenesis and invasiveness. CD166 is highly expressed on the cell surface of many cancer types, and as such, has attractive molecular properties as an ADC target.

Indeed predecessor map is the first ADC targeting CD 166 transplant brain glycoprotein, that's been reported to play a role in multiple aspects of tumor biology, including angiogenesis Invasiveness.

<unk> hundred 66 is highly expressed on the cell surface of many cancer types and as such has attractive molecular properties as an ADC target.

Sean Mccarthy: However, developing a conventional ADC against CD166 is precluded by its widespread presence in healthy tissues. Based on our published phase one clinical data, we see monotherapy pralizatamab as having potential in the evolving treatment paradigm for hormone receptor positive and triple negative breast cancer. Patient enrollment in our Phase 2 study of pralizatumab in breast cancer has continued to progress well, and we remain on track to report initial data for both arms A and B of this study in the second half of this year.

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

Based on our published phase one clinical data, we see monotherapy prentice aftermath, as having potential in the evolving treatment paradigm for hormone receptor positive and triple negative breast cancers.

Patient enrollment in our phase II study of <unk> in breast cancer has continued to progress well and we remain on track to report initial data from both arms, a and B of this study in the second half of this year.

Sean Mccarthy: Furthermore, we continue to evaluate the combination of Pralizatamab with our anti-PD-L1 pro-body, Pacmilimab, in triple negative breadcams. Our second LEAD conditionally activated ADC is CX2029, which is partnered with AbbVie. This potential first-in-class ADC targets CD71, the transferrin receptor. Present at high levels in many cancers, CD71 has been seen for decades as a target with great potential, but it presents a high bar for the development of anti-cancer therapeutics because of its widespread expression in healthy tissues.

Furthermore, we continue to evaluate the combination of predecessor, Matt with our anti PD L. One pro body pack millimeter in triple negative breast cancer.

Our second lead conditionally activated ADC is CX two zero to nine which is partnered with Abbvie.

This potential first in class ADC target <unk> 71, the transferrin receptor.

President of high levels of many cancers CD 71, that's been seen for decades, as a target with great potential, but it presents a high bar for the development of anticancer therapeutics because of its widespread expression in healthy tissues.

Sean Mccarthy: We previously reported encouraging initial data on CX2029's activity in a phase 2 expansion study in patients with squamous non-small cell lung cancer, all of whom had received prior treatment with checkpoint inhibitors. Given the widespread use of checkpoint inhibition in squamous lung cancer and the lack of therapeutic options in the post-checkpoint inhibitor setting, we believe these initial Phase II results bring into focus a potentially significant commercial opportunity for CX202 Our ongoing Phase 2 expansion study continues to enroll, and we remain on track to provide a data update in the second half of 2022.

We previously reported encouraging initial data on <unk> activity in our phase II expansion study in patients with squamous non small cell lung cancer, all of whom had received prior treatment with checkpoint inhibitors.

Given the widespread use of checkpoint inhibition in squamous lung cancer screening.

Squamous lung cancer.

And the lack of therapeutic options in the post checkpoint inhibitor setting. We believe these initial phase II results bring into focus a potentially significant commercial opportunity for CX <unk> two nine.

Our ongoing phase two expansion study continues to enroll and remain on track we remain on track to provide a data update in the second half of 2022.

Sean Mccarthy: In addition to our ADC programs, our multi-modality platform has enabled us to enter the emerging field of T cell engagement by specific antibodies. Specifically, we're excited to have advanced our first conditionally activated T-cell bispecific, CX904, into clinical study startup activities. CX904, partnered with Amgen, is directed toward the validated cancer target EGFR, which is highly expressed in many solid tumors and presents a broad opportunity for this therapeutic candidate to make a difference for people with cancer.

In addition to our ADC programs are multi modality platform has enabled us to enter the emerging field of T cell engaging by specific antibodies.

Specifically, we are excited to have advanced our first conditionally activated T cell bi specific CX 904 into clinical study startup activities.

<unk> lineup or partnered with Amgen is directed towards the validated cancer target Egfr, which is highly expressed on many solid tumors and presents a broad opportunity for this therapeutic candidate to make a difference for people with cancer.

Sean Mccarthy: As we have previously reported, we are further broadening and exploring our ProBody platform's full potential by applying our conditional activation technology to the field of cytokines, starting with interferon-alpha. Interferon therapy, if harnessed effectively, has the potential to redirect the immune system to destroy tumor cells. Interferons have also demonstrated combination activity with immunotherapy to potentially expand the benefit to patients with IO unresponsive tumors

As we have previously reported we are further broadening and exploring our properties priority platforms full potential.

By applying our conditional activation technology to the field of cytokines, starting with interferon Alpha.

Interferon therapy, if harnessed effectively has the potential to redirect to the immune system to destroy tumor cells.

Interferons have also demonstrated combination activity with immunotherapy to potentially expand the benefit to patients with Io unresponsive tumors.

Sean Mccarthy: Despite its potential, however, the toxicity of interferon-alpha has limited its clinical use. We're therefore thrilled to have created a novel, masked version of interferon-alpha-2b designed to harness the powerful activity of this immune modulator to target and preferentially kill cancer cells more safely and effectively. The promising preclinical profile of this conditionally activated cytokine was the subject of our recent presentation at AACR, and we aim to rapidly advance this program towards clinical evaluation. We're excited about our execution and progress across our entire pipeline, and I'll now hand the call over to Amy to provide you with a more in-depth update on our Clinical Development Act. Thank you, Sean.

Despite this potential however, the toxicity of interferon Alpha is limited as clinical use.

With that we're thrilled to have created a novel Master version of interferon alpha to be designed to harness the powerful activity of this immune modulator to target and preferentially kill cancer cells more safely and effectively.

The promising preclinical profile at this conditionally activated cytokine with the subject of a recent presentation at ACR and we aim to rapidly advance this program towards clinical evaluation.

We're excited about our execution and progress across our entire pipeline and I'll now hand, the call over to Amy to provide you with a more in depth updates on our clinical development activities.

Thank you Sean.

Amy Peterson: As mentioned, we continue to focus on execution of our Phase 2 study and, to that end, have achieved important milestones. Beginning with Prelizathumab-Rabcanzine, I'm pleased to share that Arm A of our three-arm Phase II study has completed enrollment towards our goal of 40 efficacy-evaluable patients with hormone receptor-positive HER2 non-amplified breast cancer. With this study milestone achieved, we are reaffirming our plans to report data from this monotherapy cohort in the second half of this year.

As mentioned, we continue to focus on execution of our phase two study and to that end have achieved important milestones.

Turning with payloads, asking that brass handling I'm pleased to share that arm of our three arm phase. Two study has completed enrollment towards our goal of forces efficacy evaluable patients with hormone receptor positive hurt Q non amplified breast cancer with this steady milestone achieved we are reaffirming our plan.

To report data from this monotherapy cohort in the second half of this year.

Amy Peterson: As a reminder, the primary endpoint of this study is overall response. However, the focus to better assess for clinical benefit is on key secondary endpoints of clinical benefit rate at 24 weeks, or CBR 24, and progression-free survival, the latter being a critical endpoint for a registrational study in this setting. Study Conduct in Arm B, designed to evaluate Pralizatamab as monotherapy in patients with CD166-expressing triple-negative breast cancer, and Arm C, designed to examine the combination of Pralizatamab plus Pacmilimab, our anti-PD-L1 probiotic therapeutic, in patients with PD-L1 positive and CD166 positive TNBC, is ongoing, and we remain on track for initial data from Arm B in the second half of 2021

As a reminder, the primary endpoint of this study is overall response rate. However, the focus to better assess for clinical benefit as a key secondary endpoint of clinical benefit rate at 24 week for CBR 24, and progression free survival, the latter being a critical endpoint for a registrational study in this setting.

Study conduct and RMB designed to evaluate <unk> as monotherapy in patients with CD 166, expressing triple negative breast cancer and RMC designed to examine the combination of <unk> plus.

Melanie.

<unk> therapeutics in patients with PDL, one positive and 160 <unk> positive T. M. D. C is ongoing and we remain on track for initial data from RMB in the second half of 2022.

Amy Peterson: I would now like to move to CX2029, our CD71 directed conditionally activated MMAE conjugated ADC, which is being developed in partnership with AbbVie. In December 2021, we reported an encouraging preliminary response rate of 18.8% and a disease control rate of 87.5% in 16 efficacy-evaluable patients with platinum and checkpoint inhibitor refractory squamous lung cancer. I'm delighted to share that we have completed enrollment towards our goal of 25 efficacy evaluable patients and continue to track to a data update in the second half of 2020.

I would now like to move to six kilo two nine or CD 71, directed conditionally activated <unk> conjugated <unk> ADC.

Which is being developed in partnership with Abbvie.

In December 2021, we reported an encouraging preliminary response rate of 18, 8% and a disease control rate of 87, 5% and 16 efficacy evaluable patients with platinum and checkpoint inhibitor refractory squamous lung cancer.

I'm delighted to share that we have completed enrollment towards our goal of 25 efficacy evaluable patients and continue to track to a data update in the second half of 2022.

Amy Peterson: Let's now turn our attention to the third treatment modality to which our ProBody platform has been applied, namely, solid tumor-directed T-cell bispecific. We continue advancing our first conditionally activated T cell engaging bispecific, CX904, which is partnered with Amgen. CX904 is designed to bind to both the Epidermal Growth Factor Receptor, or EGFR, on cancer cells and to the CD3 receptor on T cells. We believe that applying our ProBody technology to solid tumor-engaging TCBs will serve to localize T-cell activation against EGFR within the tumor microenvironment, minimizing the potential for systemic T-cell activation and the ensuing toxicities that have been associated with unmasked solid tumor-directed TCBs.

Let's now turn our attention to the third treatment modality to which our probiotic platform has been applied, namely solid tumor directed T cell bi specific we continue advancing our first conditionally activated T cell engaging by specific CX 904, which is partnered with Amgen.

904 is designed to bind to both the epidermal growth factor receptor or Egfr on cancer itself and to the CD three receptor on T cells, we believe that applying our probiotic technology to solid tumor engaging PCB will serve to localized T cell activation against Egfr within.

In the tumor microenvironment minimizing the potential for systemic T cell activation and the ensuing toxicity that have been associated with unmatched solid tumor directed pcbs.

Amy Peterson: As we previously reported, our IND for CX904 was cleared by the FDA, and we have subsequently initiated clinical start-up, clinical study start-up activities. The first phase one study of CX904 in patients with advanced solid tumors is on track to begin enrolling in the coming months. Finally, Bristol Myers Squibb continues to develop BMS 986249 and BMS 986288, the pro-body versions of the anti-CTLA-4 antibodies, ipilimumab and the non-fucosylated ipilimumab, respectively. VMS 986249 is in Phase 2 in combination with nivolumab in a randomized study versus if lum The novel combination is also being evaluated in advanced hepatocellular carcinoma, castration-resistant prostate cancer, and triple negative breast cancer.

As we previously reported our IMD for CX 904 was cleared by the FDA and we have subsequently initiated clinical startup clinical study startup activity. The first in human Phase one study of CX 904 in patients with advanced solid tumors is on track to begin enrolling in the coming months.

Finally, Bristol Myers Squibb continues to develop BMS 96 to four nine and BMS 96, 280, <unk> version of the anti <unk> four antibody alumina map and the non <unk>.

<unk> respectively.

<unk> 96 to four nine as in phase two in combination with <unk> in a randomized study, firstly aluminum app Hudson, allowing them and patients with untreated advanced melanoma.

<unk> combination is also being evaluated in advance of cellular carcinoma, castration resistant prostate cancer and triple negative breast cancer.

Amy Peterson: BMS 986288 continues in phase one dose escalation, both as monotherapy and also in combination with nivolumab in patients with advanced solid tumors. To summarize, CytomX has developed six experimental treatments that are currently in clinical development. Over 500 patients have been enrolled in studies evaluating our pro-body therapeutic candidates. Our platform has now been applied to four different therapeutic modalities, antibodies, antibody drug conjugates, T cell bi-specifics, and cytokines. Phase II studies of our product candidates are being conducted in nine different cancer types.

960 late eight continues in phase one dose escalation, both as monotherapy and also in combination with <unk> in patients with advanced solid tumors.

To summarize <unk> has developed six experimental treatments that are currently in clinical development over 500 patients have been enrolled in studies evaluating our probiotic therapeutic candidate our platform has now been applied to four different therapeutic modality antibody antibody.

Conjugate T cell bi specifics and cytokines.

Phase two studies of our product candidates are being conducted in nine different cancer types. We're on track to provide data updates from our two lead programs <unk> and TX 202, nine in the second half of this year and with that I'm very happy to turn the call over to Carlos for a financial overview.

Carlos Campoy: We're on track to provide data updates from our two lead programs, PreLizathamab and CX2029, in the second half of this year. And with that, I'm very happy to turn the call over to Carlos for a financial overview. Thank you, Amy. CytomX continues to have a strong balance sheet. As of March 31, 2022, we had $263 million in cash, cash equivalents, and investments, which we project will be sufficient to support operations well into 2023. For the first quarter of 2022, revenue was $17 million, compared to $16 million for the corresponding period in 2021.

Carlos Campoy: The increase was largely related to the CD71 collaboration with AbbVie. R&D expenses increased $8 million to $31 million during the three months ended March 31, 2022, compared to Q1 2021. The increase was driven by contract and service expenses in manufacturing and development in support of our preclinical and clinical portfolio. GNA expenses were $10.5 million during the first quarter of 2022, an increase of $1.3 million compared to the same period in 2021. The increase is mainly in personnel and professional expenses.

Thank you Amy.

Hi, Thomas continues to have a strong balance sheet as of March 31, 2022, we had $263 million in cash cash equivalents and investments, which we project will be sufficient to support operations well into 2023.

For the first quarter 2022 revenue was $17 million compared to $16 million for the corresponding period in 2021.

<unk> was largely related to the CD 71 collaboration with Abbvie.

R&D expenses increased $8 million at $31 million. During the three months ended March 31, 2022, compared to Q1 2021, the increase was driven by contract and service expenses in manufacturing and development into part of our preclinical and clinical portfolio.

G&A expenses were $10 $5 million during the first quarter 2022.

An increase of $1 $3 million compared to the same period in 2021.

Increase was mainly in personnel and professional expenses.

Sean Mccarthy: As Sean previously mentioned, we exercise judicious financial stewardship with our capital and will continue to manage our cash resources strategically. I will now turn the call over to Sean. Thanks Carlos and Amy. In closing, I would like to again emphasize the terrific execution by the CytomX team so far this year. We remain on track for important data readouts in the second half from our Phase 2 ADCs, and we've also continued to advance several earlier stage programs to maintain a broad and deep pipeline.

As John previously mentioned, we exercise judicious financial stewardship with our capital and we will continue to manage our cash resources strategically.

Now I'll turn the call over to Sean.

Thanks, Carlos as Amy.

In closing I would like to again emphasize the terrific execution by the <unk> team so far this year.

We remain on track for important data readouts in the second half from our phase III <unk> Adcs and we've also continued to advance several earlier stage programs to maintain a broad and deep pipeline.

Sean Mccarthy: Our versatile and multimodality platform, supported by our ever-growing understanding of the tumor microenvironment, continues to provide us with optionality both within our own programs and in our ongoing work with our biopharma partners. We remain as passionate as ever in our quest to destroy cancer differently. Before we open the call up for Q&A, let me express my sincere gratitude to our retiring board members, Fred Gluck and Dr. John Scarlett. Both gentlemen have been with CytomX for many years, and their contributions have been instrumental and invaluable to our growth, and I wish them both the very best for the future.

Our versatile and multi modality platform supported by our ever growing understanding of the tumor microenvironment continues to provide us with optionality, both within our own programs and in our ongoing work with our Biopharma partners.

We remain as passionate as ever in our quest to destroy cancer differently.

Operator: So with that, operator, please open up the call for Q&A. Thank you. As a reminder, if you would like to ask a question, you may press star 1 on your telephone. And your first question from Kaveri Pullman. Your line is now open. Hi, good afternoon.

Kaveri Pullman: Thanks for the update. My first question is regarding 2009. How different is the safety profile of this ADC from immunogens ADC, especially in terms of ocular events?

Sean Mccarthy: Because this is a higher dose that you're evaluating. Yes. Thank you, Mary. Thanks for the question. Let me kick that one off.

Sean Mccarthy: So, first of all, the payload for 2009 pralizatamab is, as you know, DM4. This is methanazine, the same payload that Immunogen is indeed using on vervetuximab. And as we've reported previously, in our Phase I experience, the principal toxicity that we encountered, as expected, was oculotoxicity. We are taking measures to manage that with mandatory prophylaxis in the Phase II setting. We've described the various elements of that prophylactic regimen previously. But in general terms, our experience in Phase I with 2009 was pretty consistent with what immunogen has seen in their programs, and we'll be reporting, of course, initial Phase II data on both the activity and the safety side in the second half of this year. Got it. And for HR-positive, HER2-negative breast cancer, how feasible is it to get an ORR? Is it that a lot of these patients have bone disease, which makes the durability a more reliable readout, like CRPC?

For <unk> is as you know DM for this is the May tenzing.

At the same payload that immunogen has indeed using on Rituximab.

And as we've reported previously.

Our phase one experience the principal toxicity that we do.

We encountered as expected was ocular toxicity.

We are.

Taking measures to manage that with mandatory prophylaxis in the phase III setting. We've described the various elements of that prophylactic regimen previously.

But in general terms, our experience in phase one which users are nine was pretty consistent with what immunogen has seen in their programs and we'll be reporting of course initial phase II data on.

On both the activity and the safety side second half of this year.

Got it.

HR positive <unk> negative breast cancer.

Is it just yet or is it that a lot of these patients have bone disease.

Which make the durability more reliable readout.

The RBC just wanted to get some insight there.

Yes, it's another great question.

Sean Mccarthy: Just wanted to get some insight there. Yeah, it's another great question. And, you know, the etiology of the disease, you're quite right to point out that these patients, particularly in the late line setting, as they come on to our study, are quite challenging to achieve objective responses in. That said, the primary endpoint for our study is ORR, but the more meaningful endpoint, we believe, and our investigators and advisors would agree with us, is CBR24, of course, as a clinical benefit So it is a significant consideration within the context of hormone receptor positive disease, as you quite rightly point out.

The etiology of the disease Youre quite right to point out that these patients.

Particularly in the late line setting as they come on to our study.

Our.

Quite challenging.

Achieve objective responses in.

That said the primary endpoint for our study is R. But the most meaningful endpoint, we believe and our investigators and advisors.

I would agree with US is CBR 24 of.

Of course, as a clinical benefit rate of 24 weeks, which of course is <unk>.

Ultimately for PFS, which would be the most important registrational endpoint.

As this program moves forward so.

<unk>.

Our significant consideration within the context of hormone receptor.

<unk> positive disease.

You quite rightly point out.

That makes sense and maybe a last one on the cytokine program.

Sean Mccarthy: And maybe a last one on the cytokine program: what's your rationale for selecting IFN-alpha as the lead acid and how different it is from IL-12, which also kind of drives IFN-alpha release? Yeah, well, we have a broad cytokine program. There are multiple programs that we're working on. We haven't disclosed any of the additional cytokines beyond interferon yet, but we do see a terrific opportunity for our conditional activation masking technology to have an impact broadly in this field, where there's huge potential.

What's your rationale for selecting <unk> alpha as the lead asset.

How different it is from IL to al which is also kind of drive.

Our release.

Yes, well, we have a broad cytokine program there are multiple programs that we're working on.

We haven't disclosed any of the additional cytokines beyond interferon, yet, but we do see a terrific opportunity for our conditional activation marketing technology to have an impact broadly in this field.

Huge potential interfere.

Interferon is the first.

Sean Mccarthy: Interferon is the first, you know; we like interferon given its validation. It was, indeed, the first immunotherapy to be approved going back several decades. There is a fairly broad clinical experience with interferon, both in terms of what it's known to be able to do as a single agent and in combination, but perhaps most importantly, what's known about its limitations from a safety standpoint and, therefore, the room for improvement using our

We like interferon given as validation.

It was indeed, the first immunotherapy to be approved going back several decades there is.

Fairly broad clinical experience with interferon both in terms of what it's known to be able to do as a single agent and in combination, but perhaps most importantly, what's known about its limitations from a safety standpoint, and therefore, the room for improvement using our technology. So.

Sean Mccarthy: So it's interferon alpha 2B, again, a well-validated mechanism in immuno-oncology that we believe we can add significant value to, but as I said, also the leading edge of a broad-based program at the company. Alright, thanks for taking my questions. My pleasure. Your next question from Gavin Scott: the airline is now open. Hi, thanks for taking my question. I'm probably just asking about inpatient selection criteria for Cohort C. I don't think you've disclosed the respective PD-L1 CD166 cutoffs, but what does the epidemiology data suggest about the prevalence of this population? And can you maybe provide some color on the accrual rate for Cohort C?

Interferon Alpha TV again, a well validated.

Mechanism in immuno oncology that we believe we can.

Add significant value too.

But as I said also the leading edge of a broad based program at the company.

Alright, Thanks for taking my question.

My pleasure.

Your next question from Gavin Scott.

Gavin Scott: Thank you. Just to, thanks Gavin for the question, let me just, let me just clarify the question because you weren't coming across super clear to us and then I'll ask Amy to comment. So I think the question is about the size of the population in RMC of the Pralizatomab Phase II study, which is, of course, studying the combination of Pralizatomab with our PD-L1 probiotic Pacmelamab.

Your line is now open.

Hi, Thanks for taking my question just on <unk>.

Gavin Scott: Yeah, that was the second part. The first part was just on patient selection criteria and cutoffs. I don't think you've disclosed that in the past, but just any color there as well.

And patient selection criteria for cohort CE.

Thank you, Chris Caldwell irrespective of PD Lone CD 166, cutoffs, but what does the epidemiology data just on the prevalence of this population.

And can you maybe provide some color on the accrual rate for Covid.

Thank you.

Just thanks, Kevin for the question, let me just let me just clarify the question because you were coming across Super clear to US and then I'll ask Bob to comment.

So I think the question is.

About the really the size of the population.

In RMC if the.

<unk> Phase II study, which is of course studying the combination of <unk> with our PD lone profile APAC mental math as that was the question right.

Yes that was the second part first.

First part was just.

On the patient selection criteria.

And cut off so I don't think you've disclosed that in the past, but just any color there as well.

That's right I'll take the first part so you're correct, we haven't disclosed that but regarding the patient.

Sean Mccarthy: That's right, I'll take the first part. So you're correct. We haven't disclosed that. But regarding the patient, the epidemiology, if you like, of PD-L1 plus PD-166. Let me ask Amy to comment on that. Sure. So, PD-L1 expression is pretty well known. There are a couple of different diagnostic tests that can be used to establish PD-L1 expression.

<unk>.

The epidemiology feel like a PD lone plus <unk> 66, Im asking me to comment on that briefly.

Sure So PD.

PDL one expression prevalence is pretty well known there are a couple of different diagnostic tests that can be used to establish PDL one expression.

And so we allow patients who are PD lone positive by any one of those.

With regard to overlap between <unk>, 166% PD lone expression that really is.

Amy Peterson: And so, we allow patients who are PD-L1 positive by any one of those tests. With regard to overlap between CD166 and PD-L1 expression, there really is no reason to believe that they would either be convergent or divergent. The amount of overlap is a function of the expression of CD166 and the expression of PD-L1 in triple negative breast cancer.

No reason to believe that.

They would either be convergent or divergent the amount of overlap.

As a function of the expression of PD $1 66 in the expression of <unk>.

<unk>.

PDL one.

Triple negative breast cancer. So we are continuing to look at 166 expression levels and PD one is a requirement.

Amy Peterson: So we are continuing to look at CD166 expression levels, and PD-L1 is a requirement. What we've said before is that in the PD-L1 positive population, the PD-L1 positivity rate is about 35% of triple negative. Okay, thanks. And just to follow up, when you present the data, will you stratify it by any varying expression level? Yeah, so let me just briefly comment on that. In triple negative breast cancer, our experience in Phase One, which we've presented and published, was consistent with the heterogeneity of the disease in that CD166 expression is rather variable across the patients that we enrolled in Phase I. It was a fairly small number of patients. It was 10 or 11, as I recall.

And I think what.

What we said before is that PD lone population PD Lone positivity rate is about 35% of triple negative breast cancer.

Okay, Thanks, and just a follow up.

That data well.

You stratify it by any any borrowing expression level.

Yes.

Let me, let me just briefly comment on that.

<unk>.

In triple negative breast cancer, our experience in phase, one, which we presented and published.

With consistent with the.

Heterogeneity of the disease in that CD 166 expression is rather variable across the patients that we enrolled in phase one it was a fairly small number of patients. It was 10 or 11 as I recall.

Sean Mccarthy: We saw about half of the patients who had high CD166, high meaning IHC of two or above, a score of two or above. We are, of course, very interested in understanding the relationship between CD166 expression and clinical activity, particularly in triple negative, given that the target expression is heterogeneous; it may lead to patient selection strategies in the future. We'll have a lot more to say about this, of course, with the phase two data that we present in the second half of the year. Great, thank you for the questions and answers. You're welcome.

We saw about half of the patients who had.

Hi, CD 166 high meaning by HC <unk>.

Score two or above.

No.

We.

Are of course very interested in understanding the relationship between.

<unk> hundred 60, <unk> expression and <unk>.

Clinical activity, particularly in triple negative given that the target expression is heterogeneous it may lead to patient selection strategies in the future. We will have a lot more to say about this of course with the phase II data that we presented in the second half of the year.

Great. Thank you for the question.

Sir.

Youre welcome.

And your next question from Peter Lawson. Your line is now open.

Peter Lawson: And your next question from Peter Lawson, your line is now open. Great. Thanks for taking the questions. Congratulations on the enrollment of Arm A. Do you think we see a timing difference between data from Arm A and data from Arm B?

Thanks for taking the questions and congrats on the enrollment.

Do you think we see a timing difference between data from a data from B.

And then just if you could kind of walk through your expectations of the amount of number of patients we should see in.

Bar essentially for that.

Data.

Okay.

Yes, Hi, Peter So right now.

Sean Mccarthy: And then just if you could kind of walk through your expectations of the amount of patients we should see and bar essentially for that arm A data. Yeah, hi Peter. So right now, you know, we're working towards giving an update on both ARMS A and B at the same time, sometime in the second half. That's our goal. As Amy mentioned in her comments, Arm A, hormone receptor positive, is fully enrolled.

We're working towards giving you an update on.

Both arms AMB.

Same time sometime in the second half that's our that's our goal as Amy mentioned in her comments RMA hormone receptor positive is fully enrolled.

Sean Mccarthy: The goal there has been to get to 40 efficacy-valuable patients. And so that will be the data set that we will share later in the year. Triple negative RMB enrollments are moving along well; we'll have what we would refer to as a meaningful number of patients in RMB at the same time. That's what we're working towards. Triple negative enrollment has been a little slur, of course, given the different patient population.

The goal there has been to get to 40 efficacy evaluable patients and so that will be.

The.

That will be the dataset that we will share.

Later in the year.

<unk>.

Triple negative RMB.

Enrollment is moving along well.

<unk>.

What we would refer to as a meaningful number of patients in RMB.

Same time.

That's what we're working towards.

Triple negative enrollment has been a little slower.

Of course, given the different patient population.

Sean Mccarthy: In terms of the BAR, let me hand over to Amy just to comment briefly on, and I think the question was specifically with regard to RMA, what we're looking for there. And I think we've discussed this previously, but maybe we can just reiterate that. Sure. Happy to do so.

In terms of the.

<unk>.

The bar, let me hand over to Amy just to comment briefly on and I think the question was specifically with regard to RMA.

What we yes.

What we're looking for that and I think we've discussed this previously but maybe we can just reiterate that sure.

Sure happy happy to do so.

Amy Peterson: And this comes to us from collaboration with our steering committee and speaking with people like Dr. Sara Tselane. And our expectation or our desire is that, or their desire for something that would be interesting would be a CBR24 rate that's around 30% or higher and a progression-free survival rate that's really three to four months. Good, I gotcha. Thank you. Then, Sean, just kind of, I guess I'll move on. P.J.

If that comes to us from <unk>.

Collaboration with our steering committee and.

Sticking with people like Dr. <unk> sarin Bonnie.

And our expectation or our desire is that right.

Desire for something that would be interesting would be really a CBR 24 rate, that's around 30% or higher and progression free survival rate that is really three to four months.

Got you. Thank you and then.

Sean just to kind of I guess some more.

Strategic.

Forward level question, just with our retiring board members any changes.

Peter Lawson: Gunn, Board level question, just with the retiring board members, any changes you anticipate? What kind of ads you will make there, or who will be added there, in a sense?

Do you anticipate.

What kind of assets you will make.

He'll be added there.

Sean Mccarthy: And then, just thoughts about partnerships. Add in additional partnerships; we've heard a lot from Pharma about, https://www.youtube.com.au. Your thoughts are great. Yeah, great. Thanks for the questions. Regarding the board, once again, I want to thank Fred and Chip for their service over many years. And no, really, nothing really to add at this point about any additional board evolution. I am very happy with where we are from a governance standpoint. And again, we wish Fred and Chip all the very best. Regarding partnerships, as I mentioned on the call, business development has been an integral part of our business plan, really, since we got the company going. And we always realize that.

Then just talks about partnerships.

Adding additional partnerships, we've heard a lot from pharma about.

Increased likelihood of partnerships has been just <unk>.

Your thoughts would be great.

Yeah, great. Thanks, Peter for the questions regarding the board once again want to thank Fred and chip for their service over many years and.

No nothing really to add at this point on any.

Additional.

Board evolution.

Very happy with where we are from a governance standpoint, and again, we wish Fred on ship hold the very best.

Regarding partnerships.

As we as I mentioned on the call.

Business development has been.

An integral part of our business plan.

Really since we got the company going and we always realize that.

Sean Mccarthy: The breadth of our technology would both benefit from partnering in terms of the application of the technology across multiple modalities and programs and also, of course, serve to a fairly significant extent as a financing mechanism for the company, which has allowed us to really do a lot over the last few years. Amy mentioned the 500 patients that we've been able to treat. We have an incredible depth of experience with conditional activation given the funds we've been able to raise, both on the equity and the non-dilutive side. Our partnerships continue to be strong.

The breadth of our technology would.

Both benefit from.

Partnering in terms of.

The application of the technology across multiple modalities and programs and also of course.

<unk>.

A fairly significant extent as a financing mechanism for the company, which has allowed us to really do a lot over the last few years and Amy mentioned.

500 patients that we've been able to treat we have an incredible depth of experience with conditional activation.

Given the funds, we have been able to raise both on the equity and non dilutive site.

Our partnerships continue to be strong we are absolutely thrilled with the progress we continue to make with all four of our partners.

Sean Mccarthy: We're absolutely thrilled with the progress we continue to make with all four of our partners, and we continue to have discussions about potential new alliances. And, as I've always said, we will do the right deals at the right time. Thank you so much. Your next question is from Roger Song. Your line is now open.

And we continue to have discussions about potential new alliances.

And as I've always said.

We will do the right deals at the right time.

Great. Thanks, so much.

Your next question from Roger song.

Your line is now open.

Great. Thank you for taking our question.

Roger Song: Great. Thank you for taking our question. So, a couple from us.

So a couple from us the first one is just curious about the.

Roger Song: The first one is just curious about the next steps for 2009. And particularly for the TMDC part, given you have monotherapy and the combo, would you weigh the combo data before you make a decision about monotherapy moving forward? Yeah, hi, Roger.

The next step for the 2009.

Particularly for that can be C. P.

<unk>, given you have monotherapy and combo.

Would you.

Way the combo data before you will make a decision for the mono therapy moving forward.

Yeah, Hi, Roger.

Sean Mccarthy: So, you know, I think it's too early to comment. At this stage, I think we're highly focused, as you can hopefully tell from the comments on the call right now on executing on these important data sets. Specifically, with regard to triple negative breast cancer, of course, we do expect to have data for monotherapy in advance of the combination, partly because of the need to screen RMC for both, for patients with both PD-L1 and CD166.

So.

I think it is too early to comment at this stage I think we are highly focused as as you could hopefully tell from the comments on the call right now on executing to these important datasets we will.

Specifically with regards to triple negative breast cancer of course, we do expect to have the data for monotherapy in advance of the combination.

Partly.

Because of.

The need to screen RMC for both for patients with both PDL, one and <unk> 66.

Sean Mccarthy: We previously guided and continue to guide that RMC will come in in 2023. So it's really too early to comment on any potential next steps. Okay, that's understood. Maybe just a quick one, last one from us. In terms of the other cohorts for 2029, any comments around the enrollment and timeline for the data readout? No comment on timing.

Previously guided and continue to guide the RMC will come in in 2023.

So.

It's really too early to comment on any potential next steps.

Okay.

Maybe just a quick one last one from us.

In terms of the other cohorts for 202, nine any comments around the enrollment and time timeline for the data readout.

No no.

Sean Mccarthy: We continue to enroll across the multi-cohort study. We've reported today the significant progress that the team has been able to make in lung. We're very interested to see that full 25 patient cohort data given the encouraging 18.8% response rate that we shared in December of last year. And enrollment continues in the other cohorts. No updates on timing at this time.

Comment on timing, we continue to enroll across the <unk>.

Multi cohort study.

We reported today.

The significant progress that the team has been able to make in lung.

We're very interested to see that.

That full 25 patient cohort.

Cohort data given the encouraging.

$18, 8% response rate that we shared in December of last year.

Enrollment continues in the other cohorts no updates on timing at this point.

Got it okay. Thank you for taking my question.

Youre very welcome.

Your next question from Boris Beaker.

Roger Song: Okay, thank you for taking the question. You're very welcome. Your next question, from Boris Becker.

Boris Becker: Your line is now open. Great, thank you. So my first question is on your ipilimumab ProBody, the one partnered with BMS. Could you comment on any kind of timing updates on when should we be expecting data there? Yeah, hi Boris.

Great.

Great. Thank you. So my first question is on your it believe me map pro body on partner with BMS could you comment on any kind of timing updates on what should we be expecting some data there.

Yes.

Sean Mccarthy: So the IPI ProBody, otherwise known as BMS 986249, continues to make progress in the randomized Phase 2 frontline melanoma study. It also is being studied by BMS in three other tumor types. And not to lose sight of the ProBody version of the non-pucosylated version of IPI that is also in the clinic in Phase 1. We do not have any updates at this point on timing as to when that data will be available or shared. And maybe in 2029, can you comment on the CD71 receptor? What is the biological function of this receptor? Is that known?

So if you pro body otherwise known as <unk>.

BMS 9649.

To make progress in the randomized phase two frontline melanoma study.

<unk> is being studied by BMS in three other tumor types and also.

Not to lose sight of the.

The priority version of the Nonfood correlated version of IP that is also in the clinic in phase one.

We do not have any updates at this point on on timing.

As to when that data will be available or shared.

Great and maybe on 2029 can you comment on the CD 71 receptor what does the biologic function of this receptor is not known.

Yes, it's actually a very well characterized <unk> 71 is the transferrin receptor.

Sean Mccarthy: Yeah, it's actually very well characterized. CD71 is the transferrin receptor. Its biological function is to bind to transferrin in the blood and allow transferrin complex with iron to enter cells, where the iron is delivered to the cellular metabolic machinery.

Biological function is to bind to transferrin.

The blood.

Allowed transparent complex with iron to enter.

<unk>.

Where the iron is delivered to the cellular metabolic machinery.

Sean Mccarthy: The thing that's most interesting about the target is that it's actually one of the first proteins that was used to describe the biochemical process of receptor-mediated endocytosis. It cycles off of the cell surface very, very quickly, and for that reason, has been thought of for a long time as a potentially ideal target for an antibody-drug conjugate to deliver the payload into cells. The problem is the target's present in all normal tissues because, of course, all normal tissues require iron for their metabolism, so it's been a very difficult target to drug until we've deployed the ProBody technology, and that's the basis of our program, CX2029.

The thing Thats most interesting about the target is actually one of the first proteins that we've used to describe the biochemical.

Process of receptor mediated endocytosis it cycled off of the cell surface very very quickly and for that reason.

It's also for a long time as a potentially ideal target for an antibody drug conjugate to deliver payload into cells. The problem is the targets present on all normal tissues because of course, all normal tissues require iron for their metabolism. So it's been a very difficult target to drug.

Until we deploy the <unk> technology.

And Thats the basis of our program CX <unk> 2 million.

Sean Mccarthy: Can you look at iron as a biomarker for some kind of engagement or activity then, in this case? You know, we haven't really looked at that in depth. I don't know that that would ultimately be fruitful.

And can you look at iron as a biomarker for some kind of engagement are activity then in this case.

We haven't really looked at that in depth I don't know that that would ultimately be fruitful.

Sean Mccarthy: You know, in the clinic, what we've observed, and we've now done a lot of work in the clinic, as you know, we haven't seen any obvious correlations or issues with iron metabolism or even the metabolic state of iron metabolism in patients coming on to study. So you know, it's something that we continue to think about, but it's not really a significant work stream for us at the moment. Great, thank you for taking my question.

The clinic, what we've observed.

And a lot of work in the clinic as you know, we haven't seen any obvious correlations or issues with iron metabolism or even.

The metabolic state environment tablets have been patients coming on to study.

So it's something that we continue to think about but not not really.

A significant work stream for us at the moment great.

Great. Thank you for taking my questions.

My pleasure. Thank you.

And your last question from Mitchell Kapoor you.

Sean Mccarthy: My pleasure. Thank you. And your last question is from Mitchell Kapoor. Your line is now open. The first one, just for the second half data for ARMS A and B for Prilosev-Adimav, thinking about the holistic profile, could you kind of describe what would be meaningful and then what would be considered beyond meaningful, kind of a great profile out of the data sets?

Your line is now open.

Hey, there thanks for taking the questions.

The first one just for the second half data for arms, A&P, probably bottom out thinking about the holistic profile could you kind of describe what would be meaningful and then what would be considered beyond meaningful kind of a great profile out of the datasets.

Thanks for the question I think we'll I think we'll stick with the meaningful if you don't mind I'll ask I'll ask <unk> to comment sure sure meaningful so again going back to hormone receptor positive <unk> non amplified.

Mitchell Kapoor: Thanks, Mitch, for the question. I think we'll stick with the meaningful ones, if you don't mind, and I'll ask Amy to comment. Sure. Sure. Meaningful.

Amy Peterson: So again, going back to hormone receptor positive HER2 non-amplified, that's the patient cohort that we enrolled in Arm A. That enrollment is complete, and the goal was to get 40 efficacy data from 40 efficacy-evaluable patients. And here, we're focusing on the endpoints that are really more extrapolatable and important to registrational studies, those being progression-free survival and clinical benefit rate at 24 weeks. Here, we're looking for something that would be CBR consistent with 30% and PFS that is three months or better. I think anything north of that is going to be in your best case scenario.

So that the patient cohort that we enrolled in arm a that enrollment is complete and the goal was to get 40 efficacy data from 40 efficacy evaluable patients.

And here we.

We're focusing on the endpoint.

Or really more.

Extrapolate a ball and important to Registrational studies, those being progression free survival and clinical benefit rate at 24 weeks.

Here, we're looking for something that would be CBR consistent with 30%.

And PFS that as three months or better I think anything north of that is going to be and you are.

Amy Peterson: So that's what we're looking for in arm A. In arm B, this is monotherapy in patients with CD166 expressing triple negative breast cancer, and there the bar is a little bit different.

Up.

The best case scenario so.

That's what we're looking for an arm in arm.

<unk>. This is a monotherapy in patients with CD 166, expressing triple negative breast cancer.

Sir.

The bar is a little bit different response rates can be meaningful.

Amy Peterson: Response rates can be meaningful, and certainly durability of response can be meaningful, and response rates can form the basis of accelerated approval studies, sasituzumab being the most recent example of this in triple negative breast cancer. Here, we're looking for response rates that are really upwards of 20%. And according to our KOLs and our steering committee, we're looking for PFS that exceeds one scan, so that is greater than two months. And why are we saying that?

And certainly durability of response can be meaningful and response rates Ken form the basis of accelerated approval studies.

<unk> being the most recent example of this in triple negative breast cancer.

Here, we're looking for response rates that are really upwards of 20% and according to our Kols and our steering committee. We are looking for PFS that exceeds one scan so that as that is greater than two months and why are we saying that the assent.

Trial that was the phase III study of <unk> versus chemotherapy.

Amy Peterson: Well, the Assent trial that was the phase three study of sasituzumab versus chemotherapy had response rates of 5% in the chemotherapy arm and median progression-free survival of 1.7 months. And sasituzumab got full approval on the basis of that study. It went from accelerated to full.

<unk> had response rate of 5% in chemotherapy arm and median progression free survival of one seven months in <unk>.

<unk> got full approval on the basis of that study.

And went from.

Accelerated to fall.

Amy Peterson: And so we are probably in the post-astituzumab setting where there really isn't a whole lot of treatment options. So really, a 20 to 30 percent response rate and a PFS that is greater than two months would be something that we would be happy with. Great, thank you. And then, on the recent AACR data, if you could just talk about, you know, the implications of the activated, conditionally activated cytokine profile for your pipelines, and just kind of, you know, what that data signifies for you all.

So.

We are in very likely the post <unk> setting.

Where there really isn't a whole lot of treatment options.

<unk>.

20% to 30% response rate and PFS that is greater than two months would be something that we would be.

Happy with.

Great. Thank you and then on the recent ACR data if you could just talk about the implications for the activated conditionally activated cytokine profile for your pipelines and just kind of.

What what that data signifies for you all.

Yeah, absolutely so.

Amy Peterson: Yeah, absolutely. So the work that was presented at AACR extended from the in vitro characterization of the masking strategy for interferon alpha through to the in vitro and in vitro evaluation of the anti-cancer activity of the molecule, both in masked form and in unmasked, protein-activated form. And then we also extended our work to some preliminary assessments of tolerability in cynomolgus monkeys

So the work is presented at ACR extended from.

The in vitro characterization of the masking strategy.

For interferon alpha through too.

<unk>.

In vivo in vitro and in vitro evaluation of the.

Anti cancer activity of the molecule both in masked form and an unmatched protease activated form and then we also have extended our work into some preliminary assessment of Tolerability and cinema August monkeys and.

Sean Mccarthy: And the data taken together show very clearly that we've broadened the therapeutic window for interferon alpha 2B very significantly by localizing the activity to tumor tissue, localizing, if you like, the immunobiology that is stimulated by interferon alpha 2B to the tumor microenvironment. And we think this offers huge potential for the opening of the therapeutic window for interferon in cancer patients as monotherapy, but I think even more importantly in the combination setting.

The data taken together show very clearly that we have.

<unk> broadened the therapeutic window for its fair enough to be very significantly.

Through localizing the activity into tumor tissue localizing, if you like the immuno biology.

It has stimulated by interferon alpha <unk> into the tumor microenvironment and we think this offers huge potential for the opening of a therapeutic window for interferon in cancer patients as a monotherapy, but I think even more importantly in the combination setting and the goal overall at this <unk>.

Sean Mccarthy: And the goal overall of this program is, over time, to make a difference in patients where they are either unresponsive or have become refractory to immunotherapies. So we see a lot of potential for this program, both in ourselves and with our advisors.

Graham is too.

Over time, we will be of course too.

No.

Make a difference in patients where.

They are they are they are unresponsive or become refractory to immunotherapies. So we see a lot of potential for this program.

Both ourselves and with our advisors, we're very excited about moving it forward and as I also mentioned this just one of a broad based program that we now have with the company evaluating our marketing technology to improve the therapeutic window of a wide range of different cytokines.

Sean Mccarthy: We're very excited about moving it forward. And as I also mentioned, it's just one of a broad-based program that we now have at the company evaluating our masking technology to improve the therapeutic window of a wide range of different cytokines. Great, thank you very much. You're welcome. Myra Goldstein, your line is now open. Hi, this is Sukhoi from our Goldstein Research Center. I have a

Yeah.

Great. Thank you very much.

Youre welcome.

Mara Goldstein your line is now open.

Hi.

Myra Goldstein: I'm sorry, this has already been asked. It's just I'm on to the line. So in terms of the esophageal cancer and GJ cancers and NDL-BCL, have you guided or what's your expectations in terms of the response rate, you know, in terms of the go or no-go decision? Thank you. Yeah, thanks for the question. We haven't really discussed that yet. I think the question was asked a little earlier, excuse me, a little earlier on regarding the timing and the current status of the 2029 program is that we continue to enroll across the expansion cohorts where, as Amy mentioned in her comments, we've been highly focused on getting the lung cancer cohort fully enrolled to really further flesh out that signal that we reported at the end of last year in squamous lung and we'll be providing additional updates on timing for the other cohorts as the year goes on.

That format from Mara Goldstein I have a question on CX 213, I am sorry, <unk> bin.

Can we get some until July .

So in terms of.

The.

Did you sell for Jill.

Cancer, and <unk> cancers and <unk>.

Have you guys at all.

What's your expectation or intent.

The response rate.

Go or no go.

The patients thank you.

Yes. Thanks for the question, we haven't really discussed that yet I think the question was asked a little earlier or excuse me.

A little earlier on regarding the timing.

And.

Are the current status of the two.

101 program is that we continue to enroll across the expansion cohorts, where as Amy mentioned in her comments, we've been highly focused on getting the lung cancer.

Cohort fully enrolled to really further flesh out that signals that we reported at the end of last year and squamous lung.

And we'll be providing additional updates on timing for the other cohorts as the year goes on but nothing else really we can say today.

Sean Mccarthy: But nothing else really we can say today. Got it. And for lung cancer, I think you may have guided previously on the ORR rate of 20%. Is that still the threshold? for that indication? Hi, this is Amy.

Got it and put it like this.

The lung cancer.

We have guided previously or a rate of 20% that's new.

The threshold.

For that indication.

Yeah, Hi, I'll take this is Amy I'll take that question. So let me just step back a little of that and remind people what.

Amy Peterson: I'll take that question, Let me just step back a little bit and remind people what the context of what happens to these patients in this setting is. There's not a lot of information that we have with regard to response rates in squamous lung cancer patients who are refractory to both a platinum and a checkpoint inhibitor. With that said, when we look at the information that is available to us, for example, the randomized studies with dozotaxel, and you look at how dozotaxel performs in the second line, following a platinum, not a checkpoint inhibitor as well, but just a platinum, the response rates there are 8% to 10%; they're very, very low.

What is the context of what happens in these patients in this setting so.

Theres not a lot of information that we have with regard to his response rate in squamous lung cancer patients who are refractory to both a platinum and a checkpoint inhibitor with that said when we look at the information that is available at <unk>. For example, the randomized studies with Docetaxel and you look at like Docetaxel.

How does the tax reforms in the second line following a platinum not a checkpoint inhibitor as well, but just a platinum. The response rates there are 8%, 10% there very very well and so we think 20% is actually pretty encouraging given it's not just platinum refractory.

Latin am plus checkpoint inhibitor refractory squamous lung.

Got it got it thank you.

At this time I would like to hand, the call back over to Chau Cheng for his closing remarks.

Amy Peterson: And so we think 20% is actually pretty encouraging given it's not just platinum refractory; it's platinum plus checkpoint inhibitor refractory squamous line. Got it. Got it. Thank you. At this time, I would like to hand the call back over to Chao Cheng for his closing remarks. Yes, 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 on our ongoing progress. And this does conclude today's conference call. Thank you all for participating. You may now disconnect. Have a great day. Doot-a-doot-a-doot-a-doot Doot-a-doot-a-doot-a-doot

Yes 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 in the future on our ongoing progress.

And this does concludes today's conference call. Thank you all for participating you may now disconnect and have a great day.

[music].