Q4 2023 Mersana Therapeutics Inc Earnings Call
Operator: Good morning and welcome to the Mersana Therapeutics 4th quarter 2023 conference call and webcast. Currently, all participants are in listen-only mode. There will be a question and answer session at the end of this call. I would now like to turn the call over to Jason Fredette.
Good morning, and welcome to the more southern Therapeutics fourth quarter 2023 conference call and webcast.
Currently all participants are in listen only mode.
That would be a question and answer session at the end of this call.
Please note this call is being recorded.
Yeah.
I would now like to turn the call over to Jason for that.
Jason Fredette: Senior Vice President, Investor Relations and Corporate Communities. Thank you, operator, and good morning, everyone. Before we begin, please note that this call will contain forward-looking statements within the meaning of federal securities laws. These statements may include but are not limited to those relating to our platforms, product candidates, business strategy, clinical trial execution and results, business development efforts, and cash runway. Each of these forward-looking statements is subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. These risks and uncertainties are discussed in our quarterly report on Form 10-Q, filed with the Securities and Exchange Commission on November 7, 2023, and in subsequent SEC filings. Our filings are available at www.sec.gov and on our website, mersana.com. Except as required by law, we assume no obligation to update forward-looking statements publicly, even if new information becomes available in the future. On today's call, we have Mersana's President and Chief Executive Officer, Dr. Marty Huber, and our Chief Operating Officer and Chief Financial Officer, Brian DeSchuytner.
Jason: Senior Vice President Investor Relations and corporate communications.
Jason: Thank you operator, and good morning, everyone. Before we begin. Please note that this call will contain forward looking statements within the meaning of federal Securities laws. These statements may include but are not limited to those relating to our platforms product candidates business strategy clinical trial execution and results business development effort.
Jason: And cash runway.
Jason: Each of these forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. These.
Jason: These risks and uncertainties are discussed in our quarterly report on Form 10-Q.
Jason: Filled with the Securities and Exchange Commission on November seven 2023, and in subsequent SEC filings our filings are available at SEC Gov and on our website <unk> Dot com <unk>.
Jason: Sept as required by law, we assume no obligation to update forward looking statements publicly even if new information becomes available in the future.
Jason: On today's call. We have my son is president and Chief Executive Officer of Doctor, Marty Huber, and our Chief operating Officer, and Chief Financial Officer, Brian to shake them with that let me turn the call over to Marty to begin our discussion.
Jason Fredette: With that, let me turn the call over to Marty to begin our discussion. Thank you, Jason, and good morning, everyone. It's great to be speaking with you again.
Marty Huber: Thank you, Jason and good morning, everyone. It's great to be speaking with you again.
Marty Huber: Let's start today's call off with a brief description of our high level in here at Sonic.
Marty Huber: Although 86 have firmly established position at the forefront of oncology there are significant platform and payload limitation that we believe are preventing this therapeutic class of realizing its full potential.
Martin H. Huber: Let's start today's call off with a brief description of our high-level aim here at Mersana. Although ADCs have firmly established a position at the forefront of oncology, there are significant platform and payload limitations that we believe are preventing this therapeutic class from realizing its full potential. At Mersana, we're focused on bringing forward innovations to address these limitations to meaningfully improve the efficacy and safety of ADCs. Our goals are, first, to minimize dose-limiting platform toxicities. We believe the achievement of this goal could allow us to maximize the monotherapy potential of cytotoxic ADCs and also allow them to be used effectively in combination with other standard of care treatments, something that simply isn't possible with many of today's ADCs. Additionally, we aim to avoid resistance mechanisms that appear to be hampering certain ADCs.
Marty Huber: At Barcelona, we're focused on bringing forth innovations to address these limitations to meaningfully improve the efficacy and safety of a D C.
Our goals are first to minimize dose limiting platform toxicities. We believe the achievement of this goal could allow us to maximize the monotherapy potential of cytotoxic ADC and also allow them to be used effectively in combination with other standard of care treatment.
That simply isn't possible with many of todays ADC.
Second we aim to avoid resistance mechanism that appear to be hampering certain agencies.
Marty Huber: Third we're striving to extend the field well beyond cytotoxic and established an entirely new class of ADC therapy that elicit a targeted innate immune response to combat cancer.
Marty Huber: With that as a backdrop, let's turn our attention to the progress we're making in accomplishing these objectives.
Marty Huber: Let's begin with our proprietary or statin payload, it's being used in our next generation cytotoxic ADC platform.
Marty Huber: Yeah.
Marty Huber: When we developed this payload one of our core objectives was to avoid the dose limiting neutropenia and peripheral neuropathy that is reported with 86 based on the V. C. M. M E platform and other first generation ADC platforms.
Marty Huber: Our payload has controlled bystander effect, meaning that it initially a membrane permeable and capable of bystander, killing however.
Marty Huber: However, it has also been designed to be Enzymatically converted to an active metabolite that is much less membrane permeable, resulting in its accumulation in the tumor and avoidance of off target toxicity.
Marty Huber: While we view our payload as a core differentiator and advantage. The same can be said with a platform, we're using to deliver that payload dose symptom.
Marty Huber: We have presented extensive preclinical data in the past demonstrating important advantages our dulles Simpson adcs against a B C is produced using our own first generation platform Domo flex and <unk> and other platforms like E. C O N E.
Marty Huber: 'twenty 'twenty four provides us with the opportunity to begin presenting the clinical data.
Marty Huber: Next week in Barcelona at the European Society of Gynecological oncology, otherwise known as ESCO clinical data will be presented for two discontinued product candidate.
Marty Huber: And X M T 15 92.
Marty Huber: Both of these candidates utilize the same <unk> antibody and the same proprietary payload with controlled bystander effect.
Marty Huber: However, uprate was developed using domo flexing at 15 92 was developed.
Marty Huber: We believe these clinical data help to affirm that the severe neutropenia peripheral neuropathy and ocular toxicity that is frequently observed in trials of 86 based on other platforms and payloads are uncommon with our payload.
Marty Huber: We also believe they clearly show that dollar Simpson further reduces platform toxicity compared with dollar flexing.
Following these presentations in mid 'twenty 'twenty four we plan to share our initial clinical data for X M. T 16, 60, our B seven H for targeting dolus sits at a B C.
We continue to be pleased with the progress we're making in our phase one trial evaluating the safety and Tolerability of X M. T 16, 60, as a single agent in patients with solid tumors, including triple negative and estrogen receptor positive breast cancer as well as ovarian and endometrial cancers.
Marty Huber: The dose escalation portion of the trial is ongoing in fact, we just recently escalated to a dose of 59 milligrams per meter squared, which is the highest dose that we have investigated clinically with adults with an ADC.
Marty Huber: A maximum tolerated dose for X and T. 16, 60 still has not been established in addition to continuing escalating dose. We are also continuing to enroll patients in fact, all cohorts to optimize dose and schedule.
Marty Huber: As is typical for phase one we're enrolling a heavily pretreated patient population today single agent chemotherapy is the standard of care for these types of patients and their prognosis is exceedingly poor for instance, the objective response rate in late stage Triple negative breast cancer is estimated to be approximately five <unk>.
Marty Huber: Sent or less with a duration of response that is less than four months.
Marty Huber: Today, most breast breast cancer patients here in the U S are receiving in her two entered all the early in their treatment.
Marty Huber: Increasing amounts of data is emerging that shows patients are developing resistance. Following their first tope of one ADC treatment <unk>.
Marty Huber: These factors are presenting an urgent unmet need for new adcs with alternative payloads that do not share these resistant mechanisms.
Marty Huber: We are enrolling many patients who have previously received at least one of these totaled 86 in our phase one clinical trial and we're looking forward to sharing initial data midyear. So we can begin to clinically characterize X M. T 16, 60 efficacy and safety profile.
Marty Huber: Now, while we're very excited about X M. P. 60, 60 adult with symptoms. We believe I O may be the next significant frontier for a D C.
Marty Huber: Our immuno system platform is designed to harness the power of staying and overcome the historic limitations of free systemic Sting agonist and intra tumoral injections.
Marty Huber: This platform has the potential to deliver a targeted and impactful one two punch by activating staying in a target dependent manner in tumor cells.
Marty Huber: And in tumor resident myeloid as injured excels, while also minimizing the risk of systemic exposure.
Marty Huber: <unk> 2056 is our lead immuno Simpson agency.
We're currently in the process of restarting our phase one trial of its her two targeting ADC following a lift of the clinical hold on this trial by the FDA in the fourth quarter of 2023.
Marty Huber: In phase one we plan to enroll patients with a range of different her two positive tumors, including breast gastric colorectal and non small cell lung cancer and we're looking forward to advancing dose escalation in 2024.
Marty Huber: In addition to our independent programs over the past two years. We also have entered into collaboration agreements with Johnson <unk> Johnson Mark T. G. A N G S K.
Marty Huber: We remain very much engaged with these companies as we seek to maximize the potential of our ADC platforms and product candidates.
Speaker Change: So in summary.
Speaker Change: Maisano enter 'twenty 'twenty, four with energy and excitement.
Speaker Change: You have to differentiate an ADC platforms platforms that we think could address significant limitations for today's ADC.
Speaker Change: We also have to differentiate a clinical stage assets at upcoming data readout on <unk>, 16, 60, and a strong balance sheet.
Speaker Change: On this latter point, let me turn the call over to our Chief operating and financial Officer, Brian just shiner to share more detail.
Brian Shiner: Thank you Marty let's begin with the financial highlights for the fourth quarter of 2023, we ended the year with approximately $209 million in cash cash equivalents and marketable securities net cash used in operating activities was approximately $32 million for the fourth quarter of 2023, which is down significantly from prior quarters. Thanks to our <unk>.
Brian Shiner: <unk> and up re wind down efforts from a cash expenditure standpoint, we can expect to continue realizing benefits from these efforts in 2024 as a result, our capital resources are expected to be sufficient to support our current operating plan commitment into 2026. Please note that our cash runway guidance does not assume any potential.
Brian Shiner: Milestone payments from our current collaborations or proceeds that we may realize from future collaborations.
Brian Shiner: Turning to the income statement collaboration revenue for the fourth quarter of 2023 was $10 7 million compared to $14 $7 million for the same period in 2022 the year over year change was primarily related to the timing of research activities with the Johnson <unk> Johnson collaboration and achievement of a Johnson <unk> Johnson early development milestone in the fourth quarter.
Brian Shiner: Of 2022.
Brian Shiner: Research and development expenses for the fourth quarter of 2023 or $21.5 million compared to $45 $7 million for the same period in 2022, approximately $2 $2 million in noncash stock based compensation expense and $3 $7 million in external costs related to our upbeat wind down efforts were included in the <unk>.
Brian Shiner: R&D line in the most recent quarter.
Brian Shiner: The year over year decline in R&D was primarily related to reduced manufacturing clinical costs related to uproot and accidents in 2056 and reduced employee compensation costs, partially offset by increased clinical costs related to <unk> 16.
Brian Shiner: General and administrative expenses for the fourth quarter of 2023 were $10 1 million compared to $14 $8 million. During the same period in 2022, approximately $1 $9 million in noncash stock based compensation expenses were included in G&A for the most recent quarter the year over year decline in G&A expenses was primarily relate.
Brian Shiner: Due to reduced consulting and professional fees and reduced employee compensation as a result of the restructuring plan, we announced in July 2023.
<unk> net loss for the fourth quarter of 2023 with $19 $5 million compared to a net loss of $44 $9 million for the same period in 2022.
Speaker Change: That concludes our business update operator would you. Please open the call to questions from the audience.
Speaker Change: Thank you.
Speaker Change: People can now begin the question and answer session.
Speaker Change: So I'll ask a question you May press Star then one on your Touchtone phone.
Speaker Change: To withdraw your question. Please press Star then two.
Speaker Change: At this time.
Speaker Change: Pause momentarily to assemble our roster.
Speaker Change: Yeah.
Speaker Change: The first question comes from Tara Bancroft with TD carbon.
Tara Bancroft: Please go ahead, hi, good morning.
Tara Bancroft: So maybe you could go into specific expectations for the mid year 16, 60 update and specifically given the 15 92 data that are coming next month.
Tara Bancroft: What takeaways can we use from that to take forward and increase our confidence in the 16 60 data based on the new platform technology. Thanks.
Tara Bancroft: Thanks Dara. So this is Jason I'll start at.
Jason: The mid year.
Jason: Data will be efficacy and safety and Tolerability data, we haven't specified exactly what we'll show just yet but.
Martin H. Huber: And third, we're striving to extend the field well beyond cytotoxics and establish an entirely new class of ADC therapies that elicit a targeted innate immune response to combat cancer. With that as a backdrop, let's turn our attention to the progress we're making in accomplishing these objectives. And let's begin with our proprietary statin payload that's being used in our next generation cytotoxic ADC platform, DolaSensin. When we developed this payload, one of our core objectives was to avoid the dose-limiting neutropenia and peripheral neuropathy that are reported with ADCs based on the VCMMAE platform and other first-generation ADC platforms. Our payload has a controlled bystander effect, meaning that it is initially membrane permeable and capable of bystander killing. However, it has also been designed to be enzymatically converted to an active metabolite that is much less membrane permeable, resulting in its accumulation in the tumor and avoidance of off-target toxicity.
Speaker Change: But mid year is the guidance just noted.
Speaker Change: Maybe I'll turn it over to Marty for the second part of the question.
Marty Huber: And just so I make sure I'm answering your question as I understand it is what can we learn from the ESCO dataset at <unk> 92.
Marty Huber: As we had noted was.
Marty Huber: It's the same that b to B antibody.
Marty Huber: The same payload the only difference is the scaffold adult inflection versus the Dulles centered.
Marty Huber: And what we will show is the safety data from 15 92, Jim illustrates what we would expect to see with our platform related effects and what we observed or will show in the data is that one we continue to show an absence of peripheral.
Marty Huber: Paul neuropathy.
Marty Huber: Since of neutropenia absence of ocular toxicity, but in addition, we plan to show that.
Marty Huber: That the data with 15 92 that Dol is centered also has lower risk of some of the other platform toxicities that were observed with upright and those details will be apparent between the two presentations.
Speaker Change: Okay. Thank you.
Speaker Change: Thank you.
Speaker Change: The next question comes from Jonathan Chang with Leerink Partners. Please go ahead.
Speaker Change: Yeah.
Speaker Change: Okay.
Jonathan Chang: Hi, guys. Good morning, Thanks for taking my questions.
Jonathan Chang: First question can you just remind us.
Jonathan Chang: The decision, making process behind what happened with the second Gen. <unk> program and then just following up on the previous question.
What the lesson there could be for the ongoing piece have nature of our program and then the second question Bryan any color on how enrollment has progressed on the B seven H score study and where you are in dose optimization. Thank you.
Bryan: Thank you Jonathan it sounds like three questions, but we'll take them in turn so with respect to 15 92. The original premise for that program was in lung cancer.
Martin H. Huber: While we view our payload as a core differentiator and advantage, the same can be said for the platform we're using to deliver that payload, DolaSymptom. We have presented extensive pre-clinical data in the past, demonstrating important advantages for dolacinthin ADCs against ADCs produced using our own first-generation platform, dolaflexin, and other platforms like DCMM-AE. 2024 provides us with the opportunity to begin presenting the clinical data. Next week in Barcelona at the European Society of Gynecological Oncology, otherwise known as ESGO, clinical data will be presented for two discontinued product candidates, UPRI, and XMT-1592. Both of these candidates utilize the same NAPI2V antibody and the same proprietary payload with a controlled bystander effect.
Bryan: And over the course of our exploration and in lung cancer, we came to realize that the prevalence of the biomarker is much lower in lung cancer than what was reported by the literature and was reported.
Bryan: As reported in ovarian cancer as well so you know that very much given our cost of capital and the other opportunities available to us in our portfolio.
Bryan: Drove the decisions around strategic re prioritization for $15 92.
Bryan: I think I'll pass it to Marty with restricted by 16 60 question, Yeah and with.
Marty Huber: With regards to learnings from <unk> seven age for one of the important observations from both $50 36, and 15 92 is that there was.
Marty Huber: There was no midnight is that we believe is associated with the presence of that would be to be on type to numerous sites that are in the law.
Marty Huber: One of the things we've learned as we look at <unk> seven H for there is not that same level of expression or idiots.
Marty Huber: Many expression on the tumor sites from <unk> 84, and one of the reasons. We were pleased to see the data from asthma launch from.
Marty Huber: See Gen and Trump has so at ESMO last dataset. They showed no evidence of target mediated toxicity. So I think an important learning for us is that for the the pneumonitis that we observed would that be to be its most likely on target and we look forward to our dataset and 16 60 with regards to.
Marty Huber: Your enrollment question I think we we've essentially now escalated beyond dose level six we're now at 59 no guest greater square, we are continuing to enroll in the backfill.
Marty Huber: As we noted in up to 12 patients are in these backfill at dose levels.
Marty Huber: The other thing we've highlighted that we are looking at potential Q3, as well as alternative to Q4 <unk>.
Schedules.
Marty Huber: So we remain we believe we're continuing to optimize dosing schedule for 16 60.
Marty Huber: Okay.
Martin H. Huber: However, UPRI was developed using dolaflexin, and 1592 was developed with dolacentin. We believe these clinical data help to affirm that severe neutropenia, peripheral neuropathy, and ocular toxicity that are frequently observed in trials of ADCs based on other platforms and payloads are uncommon with our payloads. We also believe they clearly show that dolacinthin further reduces platform toxicities compared with dolaflexib. Following these presentations in mid-2024, we plan to share our initial clinical data for XMT1660, our B7H4-targeting dolicensin ABC. We continue to be pleased with the progress we're making in our Phase 1 trial, evaluating the safety and tolerability of XMT1660 as a single agent in patients with solid tumors, including triple negative and estrogen receptor positive breast cancer, as well as ovarian and endometrial cancer. The dose escalation portion of the trial is ongoing. In fact, we just recently escalated to a dose of 59 milligrams per meter squared, which is the highest dose that we have investigated clinically with adolescents and ADC.
Speaker Change: Got it thank you.
Speaker Change: Yeah.
Speaker Change: Thank you.
Speaker Change: The next question comes from Al Sheikh Mubarak with Citi. Please go ahead.
Speaker Change: Hi, guys. Thanks for taking my questions and congrats on the progress I guess a couple for me.
Starting expansion cohorts for <unk> 660 <unk>.
Speaker Change: Current quarter, I guess, when those cohorts get up and running will you share which specific tumor types are being moved into the expansion phase and also at that point will you share what the go forward dose will be or when we need to wait for those details at the at the midyear data update.
Speaker Change: Yeah. Good questions, we haven't predefined that I would say.
Speaker Change: So.
Speaker Change: Stay tuned on that front.
Speaker Change: We're operating.
Speaker Change: Operating in a competitive environment in the <unk> space. So.
Speaker Change: TBD on that.
Speaker Change: Okay understood and then maybe one more on 2056.
Speaker Change: Sounds like Youre getting that study up and running again, but I'm just wondering what the gating factors to it.
Speaker Change: Getting oceangoing or am I misunderstanding and that's that's already happened.
Speaker Change: We're taking the steps required to get the trial back underway as soon as possible.
Speaker Change: This includes re engaging with our trial sites. So it's the internal process of IRB, but also when we change the dose and made some other adjustments that was a protocol amendment and then that has knock on effects on databases at Cri et cetera. So we're it's kind of the normal logistical staff associated with.
Speaker Change: He studied restart.
Speaker Change: Those are underway.
Speaker Change: Got it that's very helpful. Thanks very much.
Speaker Change: Thank you.
Speaker Change: Again, if you have questions. Please press Star then one.
Speaker Change: The next question comes from Colleen cruising.
Colleen: <unk> with Baird. Please go ahead.
Colleen: Hi, good morning, Thanks for taking our questions can you remind us how youre dealing with the B seven each for a biomarker in the phase <unk> dose escalation are you measuring it at baseline, but not pre selecting patients and then when would we expect any of the biomarker data in the midyear update.
Colleen: At this is Martin at this point in time, we are gathering data pretreatment on <unk> four expression. However, we are not using that to select for patients patients are enrolled regardless of the outcome of the test.
Speaker Change: With regards to data display as Jason noted we are in a highly competitive environment.
Speaker Change: Of note the either <unk>.
Speaker Change: Nor handsew shared their biomarker data.
Speaker Change: So we will have to make a judgment call at the midyear data presentation.
Speaker Change: We're not sure that data.
Speaker Change: Yeah.
Speaker Change: Great. That's helpful. Thank you and then on 2056, how involved is GSK at this point and kind of restarting the study.
Well, maybe I'll take that so the product.
Speaker Change: Is it an option with GSK as you will recall and they have not exercised that option. So we retain.
Speaker Change: Decision, making control over over what we do on that product, but that said GSK has been very engaged.
Speaker Change: In the process and we're very pleased with the partnership.
Speaker Change: Great. Thanks for taking my questions.
Speaker Change: Thank you.
Speaker Change: The next question comes from <unk> with <unk>. Please go ahead.
Speaker Change: Hi, This is Christian I'm on for Tahira today.
Christian: Actually the previous question and answered part so what I was wondering but for the phase one trial for 16 60.
Christian: How much overlap do you expect to see between B seven eighth floor in some of the other ADC targets such as trip to folate receptor Alpha and.
Christian: And city each six.
Christian: And my second question for the Sting ADC could you tell us how you're thinking about 2056 potentially fitting into the current treatment landscape is it mostly going to be a combination drugs.
Marty Huber: Oh, Hi, it's Marty.
Marty Huber: With regards to <unk> 60.
Marty Huber: While we don't have detailed data on that yet one thing. We do know is there is a trend for <unk> four and PD L. One on the tumor.
Martin H. Huber: A maximum tolerated dose for XNT-1660 has still not been established. In addition to continuing to escalate the dose, we are also continuing to enroll patients in backfill cohorts to optimize dose and schedule. As is typical for Phase I, we're enrolling a heavily pre-treated patient population. Today, single-agent chemotherapy is the standard of care for these types of patients, and their prognosis is exceedingly poor.
Marty Huber: Be overlapping the venn diagram, but there's two population tends to be fairly separate with regards to folate receptor alpha do not have any specific data available at this point in time.
Marty Huber: And I wouldn't want to speculate on that but there is no. We're not we're not aware of any overlap in biology between the two targets, but as far as specific data that says whether the populations of lap overlap or not I can't give you that answer today.
Speaker Change: Okay got it thanks.
Speaker Change: And with regards to this thing.
Speaker Change: We are certainly thinking in terms of combinations for 2056, we think one of the advantages of having a locally tumor directed Sting agonist is that that would allow you to do combinations with other systemic treatments for example.
Speaker Change: You could get potentially an anti PD, one in a setting where you'd normally would not be able to cause systemic sting activation combined with the PD. One would just be literally too toxic for patients. So that is one of our.
Martin H. Huber: For instance, the objective response rate in late-stage triple-negative breast cancer is estimated to be approximately 5 percent or less, with a duration of response that is less than four months. Today, most breast cancer patients here in the U.S. are receiving Inhertu and Tredelvi early in their treatment. An increasing amount of data is emerging that shows patients are developing resistance following their first TOPO1 ADC treatment. These factors are presenting an urgent, unmet need for new ADCs with alternative payloads that do not share these resistance mechanisms.
Speaker Change: Long term strategy is surely Wanna show activity models therapy, but ultimately we think it will be a combination agent.
Speaker Change: And one last point on that the actual epitope for her two is different than the it hurt too.
Speaker Change: So you could in theory actually do a her two combo.
Speaker Change: Oh, Okay got it thank you and if I can just throw one last one in there sorry, if I missed this but how many patients will be in the upcoming data for 15 92 next week.
Speaker Change: For 15, 92 I think.
Speaker Change: Now the ESCO abstract is available.
Speaker Change: And so in that data set there were 31 patients.
Speaker Change: Okay. Thank you.
Speaker Change: Thank you.
Speaker Change: Yeah.
Speaker Change: Ladies and gentlemen, if you have a question. Please press Star then one.
Speaker Change: Yeah.
Speaker Change: We have the next question from Michael Schmidt with Guggenheim. Please go ahead.
Michael Schmidt: Hey, guys. Good morning, Thanks for taking my questions just a couple more on 16 60.
Michael Schmidt: In the Phase one study could you comment on.
Michael Schmidt: How the.
Michael Schmidt: Tumor histology in this study.
Michael Schmidt: Compare perhaps to what T J and Pfizer have shown in our phase one and I think they had a pretty decent technology in breast cancer is that you know if they're overlapping so patients patient types and you study in there and then just you know as we think.
Michael Schmidt: High level, you mentioned, you're planning to initiate the expansion cohorts soon.
Michael Schmidt: Any views on just general positioning longer term relative to the CE Gen. ATC in terms of differentiation. Perhaps is it is it mainly a lower talks on your end.
Martin H. Huber: We are enrolling many patients who have previously received at least one of these topo-ADCs in our Phase I clinical trial, and we're looking forward to sharing initial data mid-year so we can begin to clinically characterize XMT1660's efficacy and safety profile. Now, while we're very excited about XMT 1660 and DolaSympton, we believe I-O may be the next significant frontier for ADCs. Our immunosymptom platform is designed to harness the power of sting and overcome the historic limitations of free, systemic sting agonists and intratumoral injections. This platform has the potential to deliver a targeted and impactful one-two punch by activating stain in a target-dependent manner in tumor cells and in tumor-resident myeloid and dendritic cells, while also minimizing the risk of systemic exposure.
Michael Schmidt: <unk> increased efficacy of both perhaps and then how.
Michael Schmidt: How do you think about differential development opportunities versus what they've been doing thanks, so much.
Speaker Change: Good morning, Michael I'm going to take the first part of your question, then I'm going to turn it over to Brian to kind of talk to about how we're thinking about the molecule longer term with regards to the current data we are enrolling patients with triple negative breast cancer hormone receptor positive breast cancer endometrial cancer and ovarian cancer.
Brian Shiner: So as part of the dose escalation any one of those sport histology.
Brian Shiner: He is eligible for the study.
Brian Shiner: Once we get into backfill, we can be a little more specific and while we have not given detailed information on who we are enrolling I think a couple of points can be made clearly triple negative breast cancer is an area of high unmet medical need and which after patients progress on should all be Android hurt too.
Brian Shiner: There is essentially nothing for those patients so.
Brian Shiner: You will.
Brian Shiner: While we're not giving the details of how many of each that is a patient population that we will have in our dataset.
Speaker Change: And if I can just expand on your question about.
Speaker Change: Differentiation.
Speaker Change: <unk>.
Speaker Change: Smart remote remarked earlier, one of the things that we're looking for in the ESMO data was any indication of a b 784 on target, Texas, you wouldn't see that which is a nice validation.
Speaker Change: Both the safety and efficacy from those those abstracts.
Speaker Change: As a reminder, we've compared Dolby cinema in Acc's versus BC MMA adc's extensively pre clinically.
And we show that our platform preclinical it can deliver payload to the tumor much more efficiently and effectively.
Speaker Change: In addition, we've shown in our past clinical presentations for other product candidates that are payload appears to avoid the severe neutropenia neuropathy, they tend to be dose limiting.
Martin H. Huber: XMT-2056 is our lead immunosymptom ADC. We're currently in the process of restarting our Phase 1 trial of this HER2-targeting ADC following a lift of the clinical hold on this trial by the FDA in the fourth quarter of 2023. In Phase I, we plan to enroll patients with a range of different HER2-positive tumors, including breast, gastric, colorectal, and non-small cell lung cancer, and we're looking forward to advancing dose escalation in 2024. In addition to our independent programs, over the past two years, we also have entered into collaboration agreements with Johnson & Johnson, Merck KGA, and GSK. We remain very much engaged with these companies as we seek to maximize the potential of our ADC platforms and product candidates. So, in summary, Mersana entered 2024 with energy and excitement.
Speaker Change: And so when you think about what that means it's about expanding what an ADC can two in the clinic and whether that's combinations or earlier lines.
Speaker Change: To create very strong regimens.
Speaker Change: If you contrast, with the GSK and sort of a total housing in general.
Speaker Change: Keep in mind that our payload is very much one fagen alter that class and many patients in the setting of.
Speaker Change: Receiving prior Trumbo, a D C and so we believe this could be a consideration in the in the future.
Speaker Change: Inscape in and you see that goes with that in sort of commentary around the haynesville.
Speaker Change: Hence our data.
And that that Haynesville program also seems to have relatively prefab myeloid suppression that raises similar considerations about combinations and moves into earlier lines. So we think that that landscape. That's been established by that ESMO data disclosure.
Speaker Change: These opportunity.
Speaker Change: Great. Thanks, so much.
Thank you.
Ethical: The next question comes from ethical good Novartis enough with Truest. Please go ahead.
Speaker Change: Hey, good morning, guys and thanks for taking my question.
Novartis: Yes, just very nicely laid out how Saturday designed features for 16 60 could be making a difference and we.
Truest: We look at things like duration of response and duration of therapy.
Speaker Change: Good measure due to confirm if that's actually had their clinical difference. So maybe I'll ask you guys is given what we know about somebody that would be sort of an H four agencies, what kind of duration of response and duration of therapy would you be looking for in 16 60 today Uh huh.
Speaker Change: Absolutely makes a difference in the clinic.
Speaker Change: But with the patients treated with 660.
Marty Huber: It's Marty.
Speaker Change: What I would like to put a little caveat out looking at duration of response in phase.
Speaker Change: Stays one datasets, even with pretty robust datasets. It is always challenging just because of the number of responders to get a precise point estimate is always relatively limited.
Speaker Change: We want to be a little careful about getting too.
Speaker Change: To obsess on that early on in the development program. However, we do agree its a very important question and if you think about it the standard of care chemotherapy has a 5% objective response rate and by the way that's not even in a that's the control arm from the current Adcs, that's not post <unk>.
Martin H. Huber: We have two differentiated ADC platforms. We have two differentiated ADC platforms. [inaudible] Five forms that we think could address significant limitations in today's ADCs.
Speaker Change: Post in her two and importantly, the duration of response for that control arm was less than four months. So I think you know a D O R.
Speaker Change: Usually when we think about these things you like to see a six.
Speaker Change: Yeah 561 of the things that we were very excited about from a free is while overall the response rate was lower the one one of the things you'll see as the data is that there was the duration of response for those patients who did respond to up rate was over seven months.
Brian C. DeSchuytner: We also have two differentiated clinical stage assets, an upcoming data readout on XMT-1660, and a strong balance sheet. On this latter point, let me turn the call over to our Chief Operating and Financial Officer, Brian DeSchuytner, to share more details. Thank you, Marty. Let's begin with the financial highlights for the fourth quarter of 2023. We ended the year with approximately $209 million in cash, cash equivalents, and marketable securities.
Speaker Change: So we think theres an opportunity to increase DLR I think it's just going to be challenging to clearly demonstrate that in the initial dataset.
Speaker Change: Got it that's very helpful.
Speaker Change: I'm also wondering you talked about how a.
Speaker Change: Resistance.
Speaker Change: Emerging from prior payload exposure.
Speaker Change: Is a is an issue that's emerging a lot more on these in the breast cancer patient population.
Speaker Change: Phase one data set the dose escalation just give us any sort of clues or be able to parse out win.
Speaker Change: Patients who are developing resistance.
Speaker Change: And so that's what the efficacy looks like.
Speaker Change: Or is that just too much to try and tease out of that dataset.
Yes. So this is Jason again, so again I think it would be a little premature for us to.
Jason: And hold ourselves into specific cuts of the data at this stage, we didnt note. Neither handsew North Sea Gen showed any responses transparently at least post towboat treated patients.
Brian C. DeSchuytner: Net cash used in operating activities was approximately $32 million for the fourth quarter of 2023, which is down significantly from prior quarters thanks to our restructuring and up-rewind-down efforts. From a cash expenditure standpoint, we can expect to continue realizing benefits from these efforts in 2024. As a result, our capital resources are expected to be sufficient to support our current operating plan commitment into 2026. Please note that our cash runway guidance does not assume any potential milestone payments from our current collaborations or proceeds that we may realize from future collaborations. Turning to the income statement, collaboration revenue for the fourth quarter of 2023 was $10.7 million, compared to $14.7 million for the same period in 2022. The year-over-year change was primarily related to the timing of research activities for the Johnson & Johnson collaboration and achievement of a Johnson & Johnson early development milestone in the fourth quarter of 2022. Research and development expenses for the fourth quarter of 2023 were $21.5 million, compared to $45.7 million for the same period in 2022.
Jason: But again with where we were not going to commit to that today.
Speaker Change: Got it thanks for taking my questions guys.
Speaker Change: Thank you.
Speaker Change: We have the next question from the line of Brian Cheng with J P. Morgan. Please go ahead.
Jonathan Chang: Great. Thanks for taking our questions. This morning.
Jonathan Chang: Maybe first one is on <unk>.
Jonathan Chang: I'm a modeling perspective, how should we think about the expense trajectory.
Jonathan Chang: Given your plan to move forward and potentially larger.
Jonathan Chang: Studies across a number of indications and I have a quick follow up thank you.
Jonathan Chang: Sure.
Our cash runway guidance is based on our current operating plan commitments that does include the early clinical development above $60 60 in 2056.
Speaker Change: If I sort of double click on your question as you know we don't provide forward looking financial guidance, but you'll you'll note in our press release and our remarks in the K that we've reported a significant reduction in Opex in Q4 and have sense that substantially completed our up re wind down. So we think this meaningfully.
Speaker Change: A simplified cost structure.
Speaker Change: He is going to enable our available funds to support our operating plan commitments into 2026.
Speaker Change: Great and then second is on that dose that dose escalation work that youre doing.
Speaker Change: As far as fixing 60, how does the latest escalation to $59 per meter square compare to your peers.
Speaker Change: We're also targeting <unk> four.
Speaker Change: Maybe you can also provide some color on.
Speaker Change: Do you expect that therapeutic window that you expect to see compared to your peers. Thank you.
Speaker Change: We want to be careful on directly comparison across the adcs four there are several differences in these molecules I mean, not only do they have different amounts of payload we have a dark six but in addition.
Speaker Change: Potency of the payload is different.
Speaker Change: And then one fundamental difference is because of our scaffold or dose at the platform with the approved drug like properties and antibody like half lives, we ended up having allowing a less frequent.
Speaker Change: Dosing, either Q3 or Q4, but with that associated with if you think about it is it a slower clearance of the molecule because it has an antibody like top line. So it gets very complicated to try to do a direct detailed comparison.
Speaker Change: Until we get the full data disclosure and then we can start having that conversation.
Speaker Change: Alright, Thank you Mike Thanks.
Speaker Change: Thank you.
Speaker Change: This concludes our question and answer session.
Speaker Change: I would like to turn the conference back over to Dr. Marty Huber for any closing remarks.
Marty Huber: Thank you operator, and thanks, everyone for dialing in we hope to see some of you in the next couple of weeks at ESCO as well as Cowen and lyric. So that concludes the call operator. Thank you.
Brian C. DeSchuytner: Approximately $2.2 million in non-cash stock-based compensation expenses and $3.7 million of external costs related to our upgrade wind-down efforts were included in the R&D line in the most recent quarter. The year-over-year decline in R&D was primarily related to reduced manufacturing and clinical costs related to UPRE and XMT-2056 and reduced employee compensation costs, partially offset by increased clinical costs related to XMT-1660. General and administrative expenses for the 4th quarter of 2023 were $10.1 million, compared to $14.8 million during the same period in 2022. Additionally, approximately $1.9 million in non-cash, stock-based compensation expenses were included in G&A for the most recent quarter.
Speaker Change: Thank you.
Speaker Change: The conference has now concluded.
Speaker Change: Thank you for attending today's presentation you may now disconnect.
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Operator: The year-over-year decline in G&A expenses was primarily related to reduced consulting and professional fees and reduced employee compensation as a result of the restructuring plan we announced in July 2023. Mersana's net loss for the 4th quarter of 2023 was $19.5 million compared to a net loss of $44.9 million for the same period in 2022. That concludes our business update. Operator, would you please open the call to questions from the audience? We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touch-tone phone, and many more. For more information, visit www.fema.gov.
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Operator: At this time, we will pause momentarily to assemble our questions. The first question comes from Tara Bancroft with TD Kavli. Hi, good morning.
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Jason Fredette: So maybe you could go into specific expectations for the mid-year 1660 update and specifically given the 1592 data that are coming next month, what takeaways can we use from that to take forward and increase our confidence in the 1660 data based on the new platform technology? Thanks. Thanks, Tara. So this is Jason.
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Jason Fredette: I'll start that. The mid-year data will be efficacy and safety tolerability data. We haven't specified exactly what we'll show just yet, but mid-year is the guidance, as you noted. Maybe I'll turn it over to Marty for the second part of the question.
Martin H. Huber: And just so I make sure I'm answering your questions, what can we learn from the ASGO data set on 1592? I think, as we had noted, it's the same NAPI2B antibody, the same payload. The only difference is the scaffold, the doloflexin versus the dolosynthin.
Martin H. Huber: And what we will show is that the safety data from 1592 demonstrates what we would expect to see with our platform-related effects. And what we observed or will show in the data is that, one, we continue to show an absence of peripheral neuropathy, absence of neutropenia, and absence of oculotoxicity. But in addition, we plan to show that the data with 1592 also shows that dolosynthin also has a lower risk of some of the other platform toxicities that were observed with UPRE. And those details will be apparent between the two presentations.
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Operator: Okay, thank you. The next question comes from Jonathan Chang with Liering Partners. Hi guys, good morning.
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Operator: Thanks for taking my questions. First, can you just remind us of the decision-making process behind what happened with the second-gen NAPI 2B program, and then, following up on the previous question, what the lessons there could be for the ongoing B7H4 program. And then, second, can you provide any color on how enrollment has progressed on the B7H4 study and where you are in dose optimization? Thank you, Jonathan.
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Martin H. Huber: That sounds like three questions, but we'll take them in turn. So, with respect to 1592, you know, the original premise for that program was lung cancer. And over the course of our exploration in lung cancer, we came to realize that the prevalence of the biomarker is much lower in lung cancer than it is in other cancers and was reported in ovarian cancer as well. And so, you know, that very much, given our cost of capital and the other opportunities available to us in our portfolio, drove the decisions around strategic reprioritization for 1592.
Martin H. Huber: I think I'll pass it to Marty with respect to the... Yeah, and with regard to learnings for B7H4, one of the important observations from both 1536 and 1592 is that there was pneumonitis that we believe is associated with the presence of NAPI 2D on type 2 pneumocytes that are in the lung. One of the things we've learned as we look at B7H4 is that there is not that same level of expression or any expression on the pneumocytes for B7H4. And one of the reasons we were pleased to see the data from CGen and from TANSO at ESMO, the last data set; they showed no evidence of target-mediated toxicity. So I think an important learning for us is that the pneumonitis that we observed with NAPI 2D is most likely on target, and we look forward to our data set in 2016. With regard to your enrollment question, I think we've essentially now escalated beyond dose level 6. We are now at 59 milligrams per liter squared.
Speaker Change: Okay.
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Martin H. Huber: We are continuing to enroll in the backfills. As we've noted, up to 12 patients are in these backfills at dose levels. I think the other thing we've highlighted is that we are looking at potential Q3 as well as alternative Q4 schedules. We believe we're continuing to optimize dose and schedule for 16-16.
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Operator: Thank you. Thank you. The next question comes from Ashiq Mubarack with Citi, please go ahead. Hi, guys. Thanks for taking my questions, and congrats on the progress. I guess a couple for me.
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Jason Fredette: You said you're starting expansion cohorts for XMT1660 in the second quarter. I guess when those cohorts get up and running, will you share which specific tumor types are being moved into the expansion phase? And also, at that point, will you share what the go-forward dose will be, or will we need to wait for those details at the mid-year data update? Thanks.
Jason Fredette: [inaudible] Okay, understood, and then maybe one more on 2056. It sounds like you're getting that study up and running again, but I'm just wondering what the gating factor is to getting dosing going, or my misunderstanding, and that's what's already happened. We're taking the steps required to get the trial back underway as soon as possible. This includes reengaging with our trial sites, so it's the internal process around the IRB, but also when we change the dose and make some other adjustments, that was a protocol amendment, and then that has knock-on effects on databases and CROs, etc. So it's kind of the normal logistical stuff associated with a study restart. Those are underway.
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Operator: Got it. That's very helpful. Thanks very much.
Speaker Change: Yeah.
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Operator: Thank you. Again, if you have questions, please press star, then 1. The next question comes from Colleen. Please go ahead. Hi, good morning.
Speaker Change: Hum.
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Martin H. Huber: Thanks for taking our questions. Can you remind us how you're dealing with the B7H4 biomarker in this phase 1-2 dose escalation? Are you measuring at a baseline but not pre-selecting patients? And then would we expect any of the biomarker data in the mid-year update? At this point in time, we are gathering data pre-treatment on B7H4 expression, but we are not using that to select patients. Patients are enrolled regardless of the outcome of the test.
Speaker Change: Okay.
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Martin H. Huber: With regard to data display, as Jason noted, we are in a highly competitive environment. Of note, neither Pfizer nor HANSO shared their biomarker data, and so we will have to make a judgment call at the mid-year data presentation: will we or will we not share that data? Great, that's helpful.
Speaker Change: Yeah.
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Jason Fredette: Thank you. And then on 2056, how involved is GSK at this point in kind of restarting the study? Well, maybe I'll take that. So the product has an option with GSK, as you will recall, and they have not exercised that option. And so we retain, you know, decision-making control over what we do in that product. But that said, GSK has been very engaged in the process.
Speaker Change: Yeah.
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Jason Fredette: And we're very pleased with the product. Great, thanks for taking our questions. Thank you. The next question comes from Kaveri Pohlman with BPIG. Please go ahead. Hi, this is Christian. I'm on behalf of Kaveri today.
Martin H. Huber: So actually, the previous question answered parts of what I was wondering, but for the phase one trial for 1660, how much overlap do you expect to see between B7H4 and some of the other ADC targets, such as TRP2, folate receptor alpha, and CDH6? And my second question, for the Sting ADC, could you tell us how you're thinking about 2056 potentially fitting into the current treatment landscape? Is it mostly going to be a combination drug? Hi, it's Marty.
Martin H. Huber: With regard to 1660, while we don't have detailed data on that yet, one thing we do know is there's a trend for B7H4 and PD-L1 on the tumor to not be overlapping. The Venn diagram of those two populations tends to be fairly separate. With regard to folate receptor alpha, I do not have any specific data available at this point in time, and I wouldn't want to speculate on that, but we're not aware of any overlap in biology between the two targets, but as far as specific data that says whether the populations overlap or not, I can't give you that answer today.
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Jason Fredette: Okay, got it. Thank you. We are certainly thinking in terms of combinations for 2056.
Jason Fredette: We think one of the advantages of having a locally tumor-directed sting agonist is that that would allow you to do combinations with other systemic treatments. For example, you could potentially give an anti-PD-1 in a setting where you normally would not be able to because systemic sting activation combined with PD-1 would just be really too toxic for patients. So that is one of our
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Jason Fredette: Long-term strategies surely want to show activity monotherapy, but ultimately, we think it will be a combination aid. And one last point on that: the actual epitope for HER2 is different than for HER2, so you could, in theory, actually do a HER2 combo. Okay, I got it. Thank you. And if I can just throw one last one in there, sorry if I missed this, but how many patients will be in the upcoming data for 1592 next week? For 1592,
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Jason Fredette: I think now the ESGO abstract is available, and so in that data set, there were 31 patients. Okay, thank you. Ladies and gentlemen, if you have a question, please press star, then 1. We have the next question from Michael Schmidt with Guggenheim. Hey guys, good morning. Thanks for taking my questions. Just a couple more on 1660.
Martin H. Huber: In the Phase 1 study, could you comment on how the tumor histologies in your study compare perhaps to what CT and Pfizer have shown in their Phase 1? I think they had a pretty decent signal in breast cancer. Is that, you know, is there overlap in patient types in your study and theirs? And then just, you know, as we think high level, you mentioned you're planning to initiate the expansion cohort soon. Any views on just general positioning along the term relative to the CGEN ADC in terms of differentiation perhaps? Is it mainly lower tox on your end or increased efficacy of both, perhaps? And then how do you think about differential development opportunities versus what they've been doing? Thanks so much. Good morning, Michael. I'm going to take the first part of your question, then I'm going to turn it over to Brian to kind of talk to you about how we're thinking about the molecule in the longer term.
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Brian C. DeSchuytner: With regard to the current data, we are enrolling patients with triple negative breast cancer, hormone receptor positive breast cancer, endometrial cancer, and ovarian cancer. So, as part of the dose escalation, any one of those four histologies is eligible for the study. Once we get into backfill, we can be a little more specific, and while we have not given detailed information on who we are enrolling, I think a couple points can be made. Clearly, triple negative breast cancer is an area of high medical need where, after patients progress on Tredelby and or HER2, there's essentially nothing for those patients. So, you will, while we're not giving the details of how many of each, that is a patient population that we will have in our data. And I can just expand on your question about differentiation and positioning.
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Brian C. DeSchuytner: As Martin remarked earlier, one of the things that we were looking for in the ESMO data with any indication of B7H4 on target types, and we didn't see that, which is a nice validation of both the safety and the efficacy from those abstracts. As a reminder, we've compared DoleSynth and ACCs versus BCMMAE ADCs extensively preclinically. And we show that our platform can deliver payload to the tumor much more efficiently and effectively.
Brian C. DeSchuytner: In addition, we've shown in our past clinical presentations for other product candidates that our payload appears to avoid the severe leukemia and peripheral neuropathy that tend to be dose-limiting with MMAE. And so when you think about what that means, it's about expanding what an ADC can do in the clinic, and whether that's combinations or earlier lines, to create very strong regimens. I think to give you contrast with the HANSO GSK and sort of the TOPOs in general, keep in mind that our payload is very much orthogonal to that class.
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Brian C. DeSchuytner: And many patients in this setting are receiving prior TOPO ADCs, so we believe this could be a consideration in the future landscape, and you see echoes of that in the sort of commentary around the HANSO data. And, you know, the HANSO program also seems to have relatively profound myelosuppression that raises similar considerations about combinations and moves into earlier lines. So we think that the landscape that's been established by that ESMO data disclosure leaves opportunities. Great, thanks so much. Thank you. The next question comes from Asthika Goonewardene with Truist.
Speaker Change: Got it.
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Operator: Please go ahead. Hey, good morning, guys, and thanks for taking my questions. You guys just very nicely laid out how some of the design features for 1660s could be making a difference, and we look at things like durational response and durational therapy as good measures to confirm if that actually has a clinical difference. So maybe I'll ask you guys this. Given what we know about some of the B7H4 ADCs, what kind of durational response and durational therapy would you be looking for in 1660 to say, aha, this is actually making a difference in the clinic with the patients treated with 1660? Hi, it's Marty.
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Martin H. Huber: One caveat I would like to put a little caveat on. Looking at duration of response in phase one data sets, even with pretty robust data sets, is always challenging, just because the number of responders to get a precise point estimate is always relatively limited. So we want to be a little careful about getting too obsessed with that early on in the development program. However, we do agree it's a very important question, and if you think about it, the standard of care, chemotherapy, has a 5% objective response rate. So we think there's an opportunity to increase DOR. I think it's just going to be challenging to clearly demonstrate that in the initial data set. I'm also wondering. You talked about how resistance emerging from prior payload exposure is an issue that's emerging a lot more in the breast cancer patient population.
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Martin H. Huber: Will the Faithline data set, the dose-test question data set, give us any sort of clues or be able to parse out when patients are developing resistance to prior payloads and show us what the efficacy of CT and CT looks like in that? Or is that just too much to try and piece out of that data set that's coming up? Yeah, so this is Jason again. So, again, I think it would be a little premature for us to pigeonhole ourselves into specific cuts of the data at this stage. As we noted, neither HANSO nor CGen showed any responses transparently, at least in post-TOPO treated patients.
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Jason Fredette: But again, we're not going to commit to that today. Got it. Thanks for taking my questions, guys. Thank you. We have the next question from the line of Brian Chang with JPL.
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Operator: Great. Thanks for taking our questions this morning. Maybe the first one is from a modeling perspective.
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Brian C. DeSchuytner: How should we think about the expense trajectory given your plan to move forward into potentially larger studies across a number of indications? And I have a quick follow-up. Thank you. Sure. Well, our cash flow and lay guidance is based on our current operating plan commitments, which do include the early clinical development of both 1660 and 2056.
Brian C. DeSchuytner: But, you know, if I sort of double-click on your question, as you know, we don't provide forward-looking financial guidance, but you'll note in our press release and our remarks in the K that we reported a significant reduction in OPEX in Q4 and have since then substantially completed our up-rewind down. So we think this meaningfully simplified cost structure is going to enable our available funds to support our operating plan commitments into 2026. Great And then second is the dose escalation work that you're doing for 1660. How does the latest escalation to 59 mg per meter square compare to your peers who are also targeting B7H4? You know, maybe you can also provide some color on the expected therapeutic window that you expect to see compared to your peers.
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Brian C. DeSchuytner: Thank you. We want to be careful on directly comparing the ADCs, for there are several differences in these molecules. I mean, not only do they have different amounts of payload, we have a DAR6, but in addition, the potency of the payload is different. And then one fundamental difference is because of our scaffold, our dual-synthetic platform, with the improved drug-like properties and antibody-like catalyze, we end up having, allowing a less frequent dosing, either Q3 or Q4. But what that's associated with, if you think about it, is a slower clearance of the molecule because it has an antibody-like catalytic activity.
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Martin H. Huber: So it gets very complicated to try to do a direct, detailed comparison until we get the full data disclosure, and then we can start having that conversation. Great. Thank you, Marty.
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Martin H. Huber: This concludes our question and answer session. I would like to turn the conference back over to Dr. Marty Huber for any closing remarks. Thank you, Operator, and thanks, everyone, for dialing in. We hope to see some of you in the next couple of weeks at ESCO, as well as Cowan and at Lyric.
So, that concludes the call, Operator. Thank you. The conference has now concluded. Thank you for attending today's press conference. © The Bulletproof Executive 2013, © BF-WATCH TV 2021 ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? © BF-WATCH TV 2021, Copyright © 2020 Mooji Media Ltd. All Rights Reserved. No part of this recording may be reproduced without Mooji Media Ltd.'s express consent. © BF-WATCH TV 2021, [inaudible] © BF-WATCH TV 2021, © BF-WATCH TV 2021 © BF-WATCH TV 2021 © BF-WATCH TV 2021, Copyright Australian Broadcasting Corporation ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? Copyright © 2020 Mooji Media Ltd. All Rights Reserved.
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No part of this recording may be reproduced without Mooji Media Ltd.'s express consent. © BF-WATCH TV 2021, ?? ?? ?? ?? ??? ??? ??? ??? ??? ??? ??? ??? ?? © BF-WATCH TV 2021 ?? ?? ?? ?? ?? ?? ?? ?? © BF-WATCH TV 2021 ?? ?? ?? ?? ?? © The Bulletproof Executive 2013 © BF-WATCH TV 2021, ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? © BF-WATCH TV 2021, Copyright © 2020 Mooji Media Ltd. All Rights Reserved. No part of this recording may be reproduced without Mooji Media Ltd.'s express consent. © BF-WATCH TV 2021, [inaudible] © BF-WATCH TV 2021, © BF-WATCH TV 2021 © BF-WATCH TV 2021 ??? ??? ??? ??? ??? ??? ??? ??? ??? © BF-WATCH TV 2021 © transcript Emily Beynon © transcript Emily Beynon © transcript Emily Beynon © transcript Emily Beynon © transcript Emily Beynon © transcript Emily Beynon © transcript Emily Beynon © transcript Emily Beynon, © BF-WATCH TV 2021 ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? © BF-WATCH TV 2021, Copyright © 2020 Mooji Media Ltd. All Rights Reserved.
Speaker Change: Yeah.
Speaker Change: [music].
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Speaker Change: Yeah.
Speaker Change: [music] out like that.
Speaker Change:
Speaker Change: Right.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Mhm.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Uh huh.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Right.
Speaker Change: [music].
Speaker Change: Right.
Speaker Change: [music].
Speaker Change:
Speaker Change: