Half Year 2024 Molecular Partners AG Earnings Call

Speaker Change: Good day and welcome to the molecular partner's first half 2024 results conference call. All participants will be in listen only mode. Suggesting the assistant, placing the whole conference specialist by pressing the star key followed by zero.

Unknown Executive: All participants will be in Muslim-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Unknown Executive: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note today's event is being recorded.

Speaker Change: After today's presentation, there will be an opportunity to ask questions.

Speaker Change: to ask a question, you may press stars and one on your telephone keypad.

Speaker Change: To enjoy your question, please press star them too.

Seth Lewis: I'd now like to turn a conference over to Seth Lewis, Senior Vice President and Investor Relations. Please go ahead.

Speaker Change: Please note today's event is being recorded.

Speaker Change: I'd now like to turn the conference over to Seth Lewis. See you guys present in best relations. Please go ahead.

Seth Lewis: Thanks, Rocco.

Seth Lewis: Good morning and good afternoon, everyone. Welcome to the Molecular Partners First Half, 2024 Results Call. My name is Seth Lewis, Senior Vice President of Investor Relations. And I'm joined this morning by Patrick Amstutz, the EO, Philippe Legenne, Keith Medical Officer, Donnie Steiner, Senior Vice President, Research and Technology, and Robert Hendrix, Senior Vice President of Finance.

Seth Lewis: Thanks, Rocco!

Seth Lewis: Good morning and good afternoon everyone. Welcome to the molecular department. There's first half, 2024 results call. My name is Seth Lewis, the Enterprise President of Investor Relations. And I'm joined this morning by Patrick Amstutz.

Speaker Change: CEO, Philippe Lijen, Keith Medical Officer, Donny Steiner, Senior Vice President, Research and Technology, and Robert Hendriks, Senior Vice President of Finance.

Seth Lewis: Management will take a few minutes to make brief remarks, and then we will open up for question-and-answer period. If you have not had a chance to review the H1 press release, please feel free to do so on our website, www.molecularpartners.com. Also on the website is today's updated presentation, which management may refer to when speaking or answering your questions.

Speaker Change: Management will take a few minutes to make brief remarks, and then we will open up for question and answer period. If you have not had a chance to review the H1 Press release, please feel free to do so on our website www.molecularpartners.com

Speaker Change: Also on the website is today's updated presentation which management may refer to and speaking or answering your questions.

Seth Lewis: As a reminder, today's call is being recorded.

Seth Lewis: Today's discussion and presentation will contain certain forward-looking statements based on the information available to Molecular Partners as of the date of this release, and actual results may differ materially from what's discussed today.

Speaker Change: As a reminder today's call is being recorded, today's discussion and presentation will contain certain forward-looking statements, based on the information available to molecular partners as the data was released, and actual results made different material from what's discussed today.

Patrick Amstutz: With that, I'm happy to turn the call over to Patrick Amstutz, CEO, to review the highlights and outlook for the company. Please go ahead.

Speaker Change: With that, I'm happy to turn the call over to Patrick Amstutz, CEO to review the highlights and outlook for the company. Please go ahead.

Patrick Amstutz: Thanks, Seth, for the nice introduction and a very warm welcome from my side to everyone on the call: investors, analysts, and people interested in our update. As Seth alluded to, we have the slides on our homepage, and what we will do is not go through every slide, but really jump to the highlights. We will say which slide number we are on, and go rather fast so that we have more time in the end to answer your questions. With that, I will jump to slide number five to the corporate highlights of the first half of 2024.

Patrick Amstutz: Thanks, Seth for the nice introduction and very warm welcome from my site to everyone on the call, investor, analyst and people interested in our updates.

Patrick Amstutz: As Seth alluded to, we have the slides on our homepage and what we will do is not go through every slide, but really jump to the highlights, we will say which slide number we are on and go rather fast that we have more time in the end to answer your questions.

Speaker Change: With that I will jump to slide number five to the corporate highlights of the first half of 2024.

Patrick Amstutz: The first half was really active. We progress a lot of programs, and I will start with X3-3, where we have great progress. We have reached the top those, and despite not reaching the optimal exposure or concentration due to half-life and target mediated drug disposition, we see activity, and Philip will allude to that, and we also see a way forward to those higher and more frequent. On the same with the new selling gator from, I go to six to one, where we have updated the molecule presented at EHA, and this is a sea kit targeting switch molecule, a very innovative way of killing HSETs and LSEs, and best applies in for stem cell conditioning.

Speaker Change: The first half was really active, we progress a lot of programs and that will start with X3-3, where we have great progress, we have reached a top ghost.

Speaker Change: and despite not reaching the optimal exposure or concentration due to half-life and target mediator drug disposition, we see activity and feel it will dilute to that and we also see a way forward to those higher and more frequent.

Speaker Change: Okay.

Speaker Change: On the same with the noon 7-gay term from I go to 6-1 where we have updated the molecule presented at E-Hard.

Speaker Change: and this is a C-kit targeting, which molecule a very innovative way of killing HSECs and LSEs and best applied for stem cell conditioning.

Patrick Amstutz: On 317, that's where we have finalized the clinical trial for our tumor localized CD40s agonist. We have a nice safety profile, and we can conclude biological proof of concept and are looking into combination settings going forward. And I do end with Quasit, the most exciting part, which is the Radio Darpins, where with MP-0712, we have a first candidate, that's a DLL-3 targeting Darpin, optimized for low kidney uptake and high tumor accumulation, and that is in collaboration with Oronometh, where we struck a strategic alliance early in the year to work together on targeting let-based radio isotopes via Darpins, and we call it a strategic collaboration, as we believe let-access circumvent keep limitations of other isotopes, including supply, and Donnie can speak a bit more about that.

Speaker Change: On 3, 17, that's where we have finalized the clinical trial for our two Merlocalized CD-40s. Agonist, we have a nice safety profile and we can conclude biological profile concepts and are looking into combination settings going forward.

Speaker Change: and I do end with quasi the most exciting part, which is the radio darpins.

Speaker Change: Where with MPO 712, we have a first candidate that's a DLL-3 targeting DARPAIN.

Speaker Change: Optimize for low kidney optic and high tumor accumulation and that is in a collaboration with Oronometh where we struck the strategic alliance early in the year to work together on targeting net-based radio isotopes via dark pins.

Speaker Change: and we call that a strategic collaboration as we believe led access, circumvent key limitations of authorized systems including supply and thought he can speak a bit more about that.

Patrick Amstutz: On the operating side, we are in a strong financial position with 159 million in cash, and that puts our runway into 2027, which is a bit further than we had so far on our charts.

Speaker Change: On the operating side, we are in a strong financial position with 159 millions in cash and that puts our runway into 2027, which is a bit further than we had so far on our charts.

Patrick Amstutz: Before handing over to Philippe, I go to slide, I think it's now number six, where I have a really personal, nice announcement to make. I'm very happy about this, which is that Philippe Legend has been promoted to full chief medic after serving a year in that role as acting chief medic, and he really deserves this role on the one hand by impressing, impressive recruitment. I mean, our trials, the cohorts were full when they were opened, and the execution was flawless. And first of all, in my two CEO of Biotex, we know how important that is. That's where you build all the credibility; that's where you build all the values. So big thanks to Philippe and his team for that just excellent execution.

Speaker Change: Before handing over to Philip I go to slide, I think it's now number six.

Speaker Change: where I have a really personal nice announcement to make. I'm very happy about this, which is that Philip Legend has been promoted to full chief medic after serving a year in that role as acting chief medic.

Speaker Change: and he really deserved this role on the one hand by impressive recruitment, I mean, our trials, the cohorts were full when they were opened and the execution was flawless. And for this in my two CEO of Biotext.

Speaker Change: We know how important that is, that's where you build all the credibility, that's where you build all the values So big thanks to Philip and his team for that just excellent execution

Patrick Amstutz: And that is only possible because Philippe has now tried his first; they understand the importance, and he's really a strong networker there, and it doesn't really end on the investigator side; it includes the KOLs that he brings in to review our data, help us on the next steps, and that's also how we came about how to move forward on 533 with the top global experts in the room. Given that he is not only an AML specialist, but he has a really broad understanding of tumors, he can apply that also to our earlier pipelines of the LL3 radio therapy. So, in that sense, he is in a perfect position to apply his knowledge and skills and, with his team, bring forward the molecules in our pipeline. And there he profits also from his industry background with Novartis, GSK, and Angin. As I just pointed out, it's also his personal medication, passion, his team leadership, and the way he works not only with the KOLs but also with us as his team, is inspiring every day. It's a great pleasure to have you as full teeth medic now, and it's also a great pleasure to give you the word to give us an update on the 533 molecules.

Speaker Change: and that is only possible because...

Speaker Change: Philip has a gift to engage.

Speaker Change: Investigators.

Speaker Change: into our trials. So they think of our trials for a stay-understanding importance, and he's really strong next worker there.

Speaker Change: and it doesn't really end on the investigator side. It includes the KOLs that he brings in to review our data, help us on the next steps and that's also how we came about, how to move forward on side three, three with the top global experts in the room.

Speaker Change: Given that he is...

Speaker Change: Not only an AML specialist, but he has a really broad understanding of tumors. He can apply that also to our earlier pipelines of DLS-3 radio therapy.

Speaker Change: So, in that sense, he is in a perfect position to apply his knowledge and skills.

Speaker Change: and with his team bring forward the molecules in our pipeline and there he profits also from his industry background with Novartis GSK and Amgen and as I just pointed out it's also his personal

Speaker Change: Medication, Passion, his team leadership and the way he works, not only with the KLs, but also with us. His team is inspiring every day and it's a great pleasure to have you as full-teeth medic now, and it's also a great pleasure to give you the work to give us an update on the 533 molecule.

Philippe Legenne: Thanks, Patrick.

Philippe Legenne: I'm glad it's an audio and not video. Otherwise, you would see me blushing. But I want to thank you for this, and again, it's an honor to be with this MP team and to help you and lead and contribute to push our program to the clinic and having the fortune to be able to reach and work with the worldwide experts.

Speaker Change: When you think about Patrick, you know I'm glad it's an audio and a video, otherwise you would see blushing, but I want you to thank you for this and again it's the honor to be with this and to team and to help you and to lead and contribute to push our program to the clinic.

Speaker Change: and having the fortune to be able to reach and work with the worldwide experts.

Philippe Legenne: So I will want to give you enough fairly quickly, quick mode, an update on the 533 and basically in my few minutes here, I will refer mainly to the side number 14. You know, we can spend more time later on to go through Q&A, come back to any slides where there will be questions. But basically, I want to give you a summary and outlook of where we are.

Speaker Change: So I would want to give you a fairly quickly quick mode, an update on the file 3. 3. And basically in my few minutes here I will refer me to the sign number 14.

Speaker Change: You know we can spend more time later on to go through Q&A, come back to any slides where there is a question but I want to give you a summary and outlook of where we are

Philippe Legenne: So on that side 14, basically I will die. I have many four, you know, points of updates on the program. First of all, is that we are reporting here of the court six. And as we speak, we are, you know, a 747 now. But basically we have seen a non-going and very, very steady engagement from the PI teams, and basically there is a very good dynamics on this team on this trial, the conference from the very beginnings up to now.

Speaker Change: So on that slide 14, basically I have many points of the date on the program.

Speaker Change: First of all, is that we are reporting here of support 6.

Speaker Change: and as we speak, we are in a chat for seven now, but basically we have seen a non-going and a very, very steady engagement from the pi cheese.

Speaker Change: and basically there is very good dynamics on this trial, the components from the very beginning up to now.

Philippe Legenne: What have we observed? We have observed first is that, you know, an acceptable safety profile, a manageable safety profile with mainly IRR and CRS, as would be expected on an emergency cell, and we see them, you know, basically in the first cycle and rapid decrease in second cycle onwards. We've seen indisputable activity, you know, reduction in myloblast on half of the patient population we collected, and on 25% more than 50% reduction in those. And that translates into ELN responses from, you know, with one respondent per core towards from VR345 and 6.

Speaker Change: What have we observed? We have observed first as that you know an acceptable safety profile, a manageable safety profile with mainly our NCRS as we expected on the U.S. and we see that you know based on the first cycle and rapid decrease in second cycle onwards.

Speaker Change: We've seen in this beautiful activity, you know, reduction in my glass, on half of the patient population we created and on 25% more than 50% reduction in dose.

Speaker Change: and that translates into e-ln responses from, you know, with one responder per quarter words, from BR345 and 6.

Philippe Legenne: So indisputable activity, yes, but in a way we need to have more than that to be completely satisfied and to quantify that we would unlock the potential of that compound. And when we observed in greater detail, in fact, we realized that we still have to improve the exposure of the product. We, in fact, need to increase that exposure and have it more durable in order to increase the response rate, the depth of response, and the durability. And therefore, we are further amending the protocol for, again, higher and more crick-and-dosing, especially in the first weeks, to identify this exposure.

Speaker Change: Zoday.

Speaker Change: Individual Activity.

Speaker Change: Yes?

Speaker Change: but in a way we need to have more than that to be completely satisfied and to quantify that we would unlock the potential of that compound.

Speaker Change: and when we observe...

Speaker Change: in greater detail. In fact, we realize that we still have to improve the exposure of the product.

Speaker Change: We in fact need to increase that exposure and have it more durable in order to increase the response rate, the depth of response and the durability.

Speaker Change: and therefore we are further amending the protocol for again higher and more precondosing, especially in the first week.

Philippe Legenne: And we will share later this year at the end and also in, especially in the next year 2025, results from those amending scheme. So obviously, we will release all those results very carefully to see whether we can truly get the future developments and move into the expansion and in face to step. So that's my update, and again I'm very glad to go into more detail in the Q&A part of the discussion of the session.

Speaker Change: and to densify this explorer.

Speaker Change: and we will share later this year at the end and also especially in the next year of 2025 results from those amended to schema.

Speaker Change: and obviously we will be able to resolve very carefully to see whether we can truly get the future developments and move into the expansion phase two steps.

Speaker Change: So that's my update and again very glad to go into more detail in the Q&A part of the discussion of the session.

Philippe Legenne: Thanks, Philip.

Daniel Steiner: And with that, I will hand over to an update from around the radio side of Donnie Steiner, who is with his colleagues leading that effort.

Donny Steiner: Thanks to Lip, and with that I would then hand over to an update for more on the radio side of Donny Steiner, who is with his colleagues leading that effort.

Daniel Steiner: Thanks, Patrick. So happy to guide you to this update, top line update on the radio, the IP therapy. If the first candidate, as Patrick already introduced MP0712, the first program, we're moving towards the clinics.

Donny Steiner: Thanks Patrick, so happy to guide you through this update, top line update on the rated IPn-seripy, which the first candidate that Patrick already introduced, MP0712, the first program removing two words, the clinics.

Daniel Steiner: So, for those of you who are on the slide, I'm jumping out to slide number 25. And as I said, top line update there, and I'm super proud about the great progress the team has made to successfully move the RGT platform to profile with an attractive bi-distribution profile in terms of tumor to kidney to blood ratios. And we can dive in the Q&A way more into the details if you're interested in any of your questions. So there the date on MP0712, which has been selected as the lead candidate for to target it. Let 212DLS3 program has been presented at SLRI, and it really showcased the strengths of the platform that we have been establishing.

Speaker Change: So for those of you who are on this slide, I'm jumping now to slide number 20 to 5.

Speaker Change: Heather said, Top line up is there and I'm super proud about the great progress the team has made to successfully move the RGD platform to profiles with an attractive by distribution profile in terms of...

Tummer: Tummer to keep me to blood ratios and we can dive into today way more into the details if you're interested in your questions.

Speaker Change: So dear, the days on NPO712, which has been selected as the lead candidate for tonight.

Speaker Change: Let's go to the other three programs as I said in the eye, and it's really showcase the strengths of the platforms that we have been establishing. And, of course, the idea of enabling activities are now ongoing, with oronomates and the institutional clinical basis expected in 2025.

Daniel Steiner: And of course, the R&D enabling activities are now ongoing with Oranimate, and the initial clinical basis is expected in 2025. So as I've been mentioning, super excited about the team as a chief here and even more excited about the opportunities that this all opens up. So, of course, we're advancing 712 and the current pipeline together with Oranimate, which we see is a very strong and committed collaboration partner, but also with Novartis, where we have an ongoing collaboration since the start of our activities in the regular space. And we are evolving and expanding the platform for next differentiated RGT programs. And this is what I'm looking for most.

Speaker Change: So, as I've been mentioning, super excited for the team as a chief, and even more excited about the opportunities that this all opens up, so of course we'll...

Speaker Change: at Bansing.

Speaker Change: 712 and the current prime plan together with O'Ranomet which we see in every strong and committed collaboration partner by the O'Ranomet.

Speaker Change: and the varieties where we have an ongoing collaboration since the start of our activities in the regular life and space, and we are evolving, expanding the platforms for next different changes, RG2 programs, and this is...

Daniel Steiner: And I'm going to tell you a bit more about this on the next slide. So if you move to slide 26. So this is just an initial, I say, glimpsed preview of how we are thinking about leveraging the dilapid properties to really build differentiated RGT, an RGT portfolio, an RGT candidate with a high level of differentiation. So, if you look at the top panel of this slide, for me, this is just two examples. Then there is more, and we're going to tell you more about this in the month and future to come. These two examples are how we are thinking about targeting protein, tumor targets.

Speaker Change: What I'm looking for most, and I'm going to tell you a bit more about this on the next slide, so if you move to slide 26

Speaker Change: So this is just an initial, I say, glimpse of preview of how we are thinking about leveraging the dyping properties to really build different shades of IDT and IDT portfolio and IDT candidates with high level of different shades. So if you look at the top panel of the slides, for me, this is just two examples, then there is more, and we're going to tell you more about this.

Speaker Change: in the month and future to come. These two examples of how we are thinking about targeting

Daniel Steiner: We are trying difficult to address this classical, I say, radio ligand. In the sense of Loma-like clueless or peptide. And one class depicted on the left-hand side is where you have a high amount of soluble antigen, which is interfering shed soluble antigen, which is interfering with tumor uptake. And there we found an approach to target specifically the membrane-bound form only. There we're building on the selectivity and the binding properties of the VIP. And on the right hand side, you see another class of targets we are heavily investing to is like targets that have homologous high identity on healthy cells, where you buy this using the selectivity of dilapid can be tumor-specifically targeted by only recognizing this specific form.

Speaker Change: from Team Schumer targets, we are difficult to address this classical, I say, radio ligand, radio ligand.

Speaker Change: in the sense of low molecular weight or peptides. And one class, the piece on the left hand side, is like, where you have a high amount of soluble antigen, which is interfering shed soluble antigen, which is interfering with tumor uptake. And there we found that approach to targets specifically the membrane bounds formally. They're rebuilding our stomachivity and the binding properties of the therapy. And on the right hand side, you see another class of targets we are heavily investing to, is like targets with, have homologues of high identity on healthy cells, healthy cells, where you're by just using this. So like, leave it to your side, you can read it.

Daniel Steiner: And of course, on the other side, and that's the lower part of the slide, we're building on the deep expertise we have in making multi-specific molecules here in the context of having a broader and more homogeneous tumor distribution to address heterogeneity, which we believe is especially in the context of short range, alpha-emitting particle, the key aspect to consider. And there, and that's what we see on the left hand side. We are not thinking mainly about classical multi-species as they are used in our IO projects; it's really more building on the concept of having two paratoids in one single dip in the main, which we call the two in one, which keeps the size of the molecule small by maintaining all the binding properties of the target.

Speaker Change: Two more specifically side-to-duke pins by only recognizing this specific form.

Speaker Change: End of course on the other side and that's the lower part of this slide. We're building on the deep expertise we have making multi-specific molecules.

Speaker Change: Here in the context of having a brother and older homogenous tumor and so.

Speaker Change: is a distribution to address heterogeneity, which we believe is especially in the context of short-range alpha-mitting particles and key aspects to consider. And there, and that's what we see on the left-hand side, we are not thinking mainly about classical multispecies as they are used in our IO project. It's really more building on the concept of having two parasols in one thing of the IP domain, which we call the two in one, which keeps the side of the molecule small by maintaining all the binding properties of the IP. So this is something just a teaser in what to come in the next 12 months, looking very much forward to give you more details on that starting to present on those approaches on consequences.

Daniel Steiner: So this is something just a teaser in what to come in the next 12 months, looking very much forward to give you more details on that, starting to present on those approaches on conferences, at least just like getting a bit of an outlook of what we are up for.

Robert Hendriks: And with this, I would like to hand over to Robert to give you insights into our financial forecast.

Speaker Change: at this just like giving you a bit of an outlook of what we're up for. And with this, I would like to hand over to Robert to give you an insight into our financial forecast.

Robert Hendriks: Thank you, Danny, and prior speakers. Before we move to the summary in the Q&A, I will brief you, guide you through the financial highlights in the key figures and the updated guidance for this year.

Robert Hendriks: Thank you, Danny, and prior speakers, before we move to the summary in a Q&A, I will brief you guys through the financial highlights and key figures and the updated guidance for this year. My name is Robert Hendriks, and I'm the SVP of Finance here at N.P.

Robert Hendriks: My name is Robert Hendriks, and I'm the SVP of Finance here at MP. The numbers I'll show are stated in millions with Frank's and full detail of the financials is available on the website and on other means. If I move to slide 28 with the highlights, I'd like to focus first on our cash position. We ended last year with around 187 million, and by the end of June we are at 159. So let's a cash burn of 28 in line with our expectations. If we take this to a full year, 12 months running, the burn is 59 million.

Robert Hendriks: The numbers are show are stated in millions with francs.

Robert Hendriks: and full detail of the financials is available on the website and on...

Robert Hendriks: and other means. If I move through slide 28 with the highlights.

Speaker Change: I'd like to focus first in our care position. We ended it last year with around 187 million and by the end of June we are at 159.

Speaker Change: So let's take a guess, burn of 28 in line with our expectations. If we take this to a full year, 12 months running, the burn is 59 million.

Robert Hendriks: We have no additional cash coming in from collaborations in 24. With that, moving on to the updated guidance for the full year, we are now guiding our operating expenses to end up in the 65 to 75 million range. This is a reduction from the previous guidance, largely based on what we see in our actuals at the moment and the current expectations we have for the development of the cost and the workforce. We will not guide on revenue, and for clarity, this guidance is, as always, subject to the progress and changes over pipeline. Thirdly, following also from the updated guidance is our runway.

Speaker Change: We had no additional cash coming in from collaborations in 24.

Speaker Change: With that moving on to the updated guidance for the full year, we are now guiding.

Speaker Change: are operating expenses to end up in the 65 to 75 million range. This is a reduction.

Speaker Change: from the previous guidance, largely based on what BCNR actually was at the moment and the current expectations we have on.

Speaker Change: The Defellabins of the Cross and the Workforce. We will not guide on revenue and for clarity this guidance is always subject to progress and changes over pipeline.

Speaker Change: Thirdly, following also from the updated guidance is a runway we are now feeling comfortable to say that we are funded into 27 which is a small change from late 26 which we had a guided on before.

Robert Hendriks: We are now feeling comfortable to say that we are funded into 27, which is a small change from late 26, which we had regarded on before. We do feel that this runway and the cash that we have at the moment do include us in a privileged position in the industry. It will allow us to reach the milestones as presented by my colleagues, in particular the funds that we ring fence 4, 5, 3, 3 as indicated by fleet, as well as the further progression of the radio pipeline.

Speaker Change: We do feel that this runway and the cast that we have at the moment do put us in a pivotal position in the industry It will allow us to reach the milestones

McColley: is presented by McColley. In particular, the funds have been ring feds for 533, as indicated by sleep. This relates to the sort of progression of the radio pipeline.

Robert Hendriks: Good intern, over to the next slide. I will briefly show comparison with last year for six months running. Overall, the results you can see are in a pretty similar range; revenue is slightly up, as well as operating expenses, resulting in an almost equal operating result. Financial results was given in the first six months by a positive exchange impact on our cash positions as well as an increase in the interest income on the same balances. The revenue that we show continues to be driven by the Novartis radio ligand contract collaboration and a focus on operating expenses.

Speaker Change: We'll turn over to the next slide. I'll briefly show comparison with last year for six months running.

Speaker Change: Overall, the results you can see are in the pretty similar range, revenues like the up, as well as operating expenses.

Speaker Change: Resulting in almost equal operating results.

Speaker Change: Financial results was given in the first six months by a positive exchange impact on our cast positions as well as in increase and interest income on the same balances.

Speaker Change: The revenue that we show continues to be driven by the Novartis rate with leagons, contract collaboration.

Robert Hendriks: R&D expenses are up a bit, DNA expenses came down a bit, honest DNA we were able to see a reduction in our D&O insurance expense when looking at R&D in the first six months of 24 as in comparison to last year. We did invest more in drug product in the dose escalation trials for 5, 3, 3 as indicated by fleet. We also were able to increase our investments in the overall platform and the radio space, and a few reductions we saw on, for instance, 317 and some legacy programs. We are in, do remain diligent and careful when looking at our expenses; we feel that we are cost effective, run a tight ship that remains on course for us to deliver on the promises.

Speaker Change: R&D.

Speaker Change: Expenses are up a bit, DNA Expenses came down a bit.

Speaker Change: Honest DNA, we were able to see a reduction in our DNA insurance expense.

Speaker Change: We're looking at R&D in the first six months of 24, as in comparison to last year we did. Invest more in work product in the dose escalation trials for 5-3-3 is integrated by Philippe.

Speaker Change: We also were able to increase our investments in the overall platform and the radio space and a few reductions we saw on, for instance, 370 and some legacy programs.

Speaker Change: We are in due-remain division and careful when looking at our expenses, we feel that we are cost-effective, run a tight ship that remains on course close to deliver on the promises.

Robert Hendriks: In combination, I think that these numbers continue to show the strong financial base entering into the second half that will allow us to keep investing in the pipeline.

Speaker Change: In combination, I think that these numbers continue to show the strong financial base entering into the second half.

Patrick Amstutz: Thank you for your attention. Any questions? Happy to take them in the Q&A, and now I hand back to Patrick.

Speaker Change: That will allow us to keep investing in the pipeline.

Speaker Change: Thank you for your attention, any questions have to do take in the Q&A and I will hand it back to Patrick.

Patrick Amstutz: Thanks, Robert, thanks, Donnie, thanks, Philip, thanks, Seth, and before turning to questions, let me quickly summarize. I'm on slide 34, which is the outlook on the upcoming milestones. 533, we heard we're testing both higher and more frequent dosing to come to a conclusion on the potential of this molecule; where we will update in 2025. Switched our pin, we are in animal trials. We will summarize the data present and then define next development steps for that molecule. 317, the phase one is completed. We are in discussions with investigators to do investigator-initiated trials for that. We don't plan to invest heavily ourselves, but we would like to understand more on 317 what combination trials could help, and there is a good need to test that.

Patrick Amstutz: Thanks, Robert. Thanks, Donnie. Thanks, Philip. Thanks, Seth. And before turning to questions, let me quickly summarize. I'm on slide 34, which is the outlook on the upcoming milestones.

Speaker Change: 5-3-3, we heard we're testing both higher and more frequent dosing to come to a conclusion on the potential of this molecule, where we will update in 2025.

Speaker Change: Switch start pin. We are in animal trials. We'll summarize the data present and then define next development steps for that molecule.

Speaker Change: 317 phase 1 is completed. We are in discussions with investigators to investigate or initiate the trials for that.

Speaker Change: We don't plan to invest heavily ourselves, but we would like to understand more on 317 what combination trials could help and there is a good need to test that.

Patrick Amstutz: And last but not least, obviously the radio franchise where someone who is going into clinics next year and also very excited as Donnie pointed out the differentiated dark pin programs where we will update our portfolio and give you a deep insight how we are thinking about those programs and how clinical value can then build in the future. And obviously we're not doing that alone; we're working with Novartis, and especially also with Oronomad, where we are excited to be working with the leader in the lead-based isotope field. As Robert said, we're running a tight chip, so the cash runway is now into 2027.

Speaker Change: and last but not least, obviously the radio franchise where someone too going into clinics next year and also very excited as Downey pointed out the differentiated start-up programs where we will update our portfolio and give you a...

Speaker Change: for insight, how we are thinking about those programs and how clinical value can then build in the future. And obviously we're not doing that alone, we're working with Novartis, and especially also with Aronomed, where we are excited to be working with the leader in the lead-based isotope fields.

Speaker Change: as Robert Seth, we're running a tight chip, so the cash runway is now in to 2027.

Patrick Amstutz: I think with really the effectiveness of our research and development engine, it puts us on course to find many important programs, many updates to come, and a really exciting year ahead of us.

Speaker Change: and I think with really the effectiveness of our research and development engine, it puts us on chorus to find many important programs, many updates to come and a really exciting year ahead of us.

Patrick Amstutz: Before moving on to Q&A, I would like to take the opportunity to first of all thank the people here with me in the room, my speakers, but also all other co-workers at Molecular Partners. We are partners, we're co-workers, we're a team, and what we present to the day is really hard work of a whole company coming together and executing and debating and thinking and positioning our dark pin work. I would also like to extend the thanks to our partners Novartis and Oronomad, but also our academic partners that we have. And obviously also our investigators and KOLs who are using our molecules or applying the molecules in the clinic.

Speaker Change: Before moving on to Q&A, I would like to take the opportunity to first of all thank the people here with me in the room, my speakers, but also all other coworkers at molecular partners.

Patrick Amstutz: And my last thanks go to all the patients in our trials and their families, because without them, this would not be possible. And that links me back to the key purpose of our company.

Unknown Executive: We're all here today to make drugs that matter, and with that I would close the presentation and open for your questions.

Unknown Executive: Thanks. Thank you.

Unknown Executive: If you would like to ask a question, please press star, then one on your telephone keypad. To remove yourself from Q, please press star, then two. We do ask you to remember yourself to one question and one follow-up if needed. If you have further questions after that, you may rejoin the Q.

Speaker Change: To ask a question. Please press Star then one on your telephone keypad.

Speaker Change: Yourself from the queue. Please press Star then two.

Speaker Change: We do ask you limit yourself to one question and one follow up if needed.

Speaker Change: Further questions I forgot you may rejoin the queue.

Unknown Executive: At this time, we'll pause for just a moment to assemble our roster.

Speaker Change: At this time, we'll pause for just a moment to assemble our roster.

Daina Graybosch: And today's first question comes from Daina Graybosch with Learning Partners.

Speaker Change: And today's first question comes from Dan My Grandma Socialists Leerink partners. Please go ahead.

Daina Graybosch: Please go ahead.

Daina Graybosch: Hi guys, thanks for the update and the question. I have one back on MP-0533. I left your thoughts on how you're thinking about escalating now to higher doses and the trade-off between efficacy and talks. I wonder, as you get to these higher doses, you expect to bind and single-antigen expressing tumor cells or normal cells. And what specific talks are you looking for that might indicate that you're actually at such a high dose that you no longer have the advantageous therapeutic window and you need to bind multiple-antigen. So basically, what are you looking for in the clinical signal to balance that talks and efficacy as you go higher?

Speaker Change: Hi, guys. Thanks for the update and the question that I have one back on M. P 0533.

Speaker Change: Your thoughts on how you're thinking about escalating now the higher doses and the trade off between efficacy and talks and I Wonder as you get to these higher doses do you expect to bind and a single antigen expressing tumor cells or normal cells.

Speaker Change: And what specific talks.

Speaker Change: Looking for that might indicate that youre actually.

Speaker Change: Such a high dose that.

Speaker Change: You no longer have the advantageous therapeutic window. It means you're buying multiple antigens and so basically what yeah. What are you looking for in the clinical signal and to balance that talks efficacy as you go higher thank you.

Daina Graybosch: Thank you.

Patrick Amstutz: I can lead in as maybe more the generalist to you, and then how I'll hand over to Philly for more expert view.

Speaker Change: I I can leave it as maybe more of the general release to you and then I'll hand over to Filip for more expert view.

Patrick Amstutz: I think, first of all, why are we going to higher doses? And it was an observation also by our KOLs when we looked at the data, is that we have the dose option where we have an induction at very low dose and then we dose up, and that was to manage the safety. And so we started low dose, and then over the first 20 days we had injections with always higher doses. And they realized that with maybe a bit faster PK than we then expected and maybe also more target mediated drug deposition than expected, we were not getting the exposure that we were hoping for, and we were rather under-dosing.

Filip: First of all why are we going to higher doses and it was an observation also by our Kols. When we looked at the data that we have that those upstream where are we where you have an induction has very low dose and then we go up and that was to manage the safety and so we start at low dose and then over to <unk>.

Filip: 20 days, we had injections with always higher doses and they realize that.

Maybe a bit patchy faster PK that we that expected and maybe also more targeted by the Ada dropped that position than expected we were not getting the exposure that we were hoping for and we were rather under dosing. So the dose intensification now is that we will give more.

Patrick Amstutz: So the dose intensification now is that we will give more higher doses, but maybe not even higher top doses, but just go faster to the food dose and then dose more frequent. That in the side effect that we have seen so far are IRRs and COS, which is really the T cell activation.

Filip: Higher doses, but maybe not even higher top doses, but well just go faster to that full dose and then those more frequently.

Unknown Executive: Conference Call. All participants will be in Muslim only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Unknown Executive: Conference Call. All participants will be in Muslim only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Felipe: In that side effect that we have seen so far or I are ours in Crs, which is really the T cell activation. So far I don't think we have seen target dependent toxicities and Felipe can talk about that now if the patients will tolerate this intensification, that's what we have.

Patrick Amstutz: So far, I don't think we have seen target-dependent toxicities, and Philly can talk about that. Now, if the patients will tolerate this intensification, that's what we have to explore. There is, and maybe there will even be a lower dose, but more frequent dose that will actually end up being the most efficacious dose in the beginning. We also know that once the disease is under control, we cannot dose every two to three days. That's not possible and also not practical. So then we'll go back to the weekly dosing sheen at that point in time. So that's why we're talking about the dose intensification in the early weeks and then back to weekly.

Unknown Executive: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note today's event is being recorded.

Unknown Executive: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star than one on your telephone keypad. To withdraw your question, please press star than two.

Speaker Change: To explore.

Unknown Executive: Please note today's event is being recorded.

Felipe: There is and maybe that will even be a lower dose, but more frequent dose that will actually end up being the most efficacious dose in the beginning we also know that one diseases under control we cannot dosed every two to three days, that's not possible and also not practical. So then we'll go back to the weekly.

Seth Lewis: I'd now like to turn the conference over to Seth Lewis, Senior Vice President and Vice Relations. Please go ahead. Thanks, Rocco. Good morning and good afternoon, everyone. Welcome to the Molecular Partners' first half, 2024 Results Call. My name is Seth Lewis, Senior Vice President of Invest Relations. And I'm joined this morning by Patrick Amstutz, the EO, Philippe Lision, Keith Medical Officer, Donnie Steiner, Senior Vice President, Research and Technology, and Robert Hendriks, Senior Vice President of Finance.

Seth Lewis: I'd now like to turn a conference over to Seth Lewis, Senior Vice President and Vestor Relations. Please go ahead. Thanks, Rocco. Good morning and good afternoon, everyone.

Seth Lewis: Management will take a few minutes to make brief remarks, and then we will open up for question and answer period. If you have not had a chance to review the H1 Press release, please feel free to do so on our website, www.molecularpartners.com. Also on the website is today's updated presentation, which management may refer to in speaking or answering your questions. As a reminder, today's call is being recorded. Today's discussion and presentation will contain certain forward-looking statements based on the information available to Molecular Partners as the data was released. And actual results made different material from what's discussed today.

Seth Lewis: Welcome to the Molecular Partners first half, 2024 Results Call. My name is Seth Lewis, Senior Vice President of Investor Relations. And I'm joined this morning by Patrick Amstutz, the EO, Philippe Legenne, Keith Medical Officer, Donnie Steiner, Senior Vice President, Research and Technology, and Robert Hendrix, Senior Vice President of Finance. Management will take a few minutes to make brief remarks, and then we will open up for question and answer period. If you have not had a chance to review the H1 Press release, please feel free to do so on our website, www.molecularpartners.com. Also on the website is today's updated presentation, which management may refer to when speaking or answering your questions.

Felipe: Things seem at that point in time, so that's why we're talking about the dose.

Felipe: Tend to vacation in the early weeks and then back to weekly hopefully that's been enough once the diseases under control. We also expect the target mediated drug deposition anymore. So Felipe maybe you can explain a bit more and theres also some slides in our deck that where we showed that it's bad.

Philippe Legenne: Hopefully that's done enough once the disease is under control. We also don't expect the target-mediated drug deposition anymore. So Philly, maybe you can explain a bit more, and there's also some slides in our deck that where we showed that especially the patients with low disease burden profited more because obviously they also had maybe a bit less. of those problems, and there was just enough drug to keep the disease under control, Philippe.

Felipe: The low the patients.

Felipe: Patients with low disease burden profited more because obviously they also had maybe a bit less.

Felipe: Off those problems and there was just enough dropped to keep the disease under control Felipe. So thanks to add a couple of complements to what Patrick can you just said.

Seth Lewis: As a reminder, today's call is being recorded. Today's discussion and presentation will contain certain forward-looking statements based on the information available to Molecular Partners as the date of this release, and actual results made different material from what's discussed today.

Philippe Legenne: So thanks to you, I had a couple of compliments with Patrick. We just said, first of all, again, we have seen good variability, manageable toxicity up to now, and maybe CRS with very little pattern beyond that those CRS are. So, and we've been carefully looking, for example, at site Opinia or Neutropinia, you know, which could be expected, which we have seen on some other programs. So, we want to identify, as Patrick said, why, because we see how you're think, or target majority of those drug disposition, then we had a dissipative.

Speaker Change: First of all I mean, we have seen good tolerability manageable toxicity up to now and maybe Crs with very little pattern beyond that you're right.

Patrick Amstutz: With that, I'm happy to turn the call over to Patrick Amstutz, CEO, to review the highlights and outlook for the company. Please go ahead. Thanks, that's for the nice introduction and a very warm welcome from my side to everyone on the call investor, analyst, and people interested in our updates. As said, due to two, we have the slides on our homepage, and what we will do is not go through every slide, but really jump to the highlights.

Patrick Amstutz: With that, I'm happy to turn the call over to Patrick Amstutz, CEO, to review the highlights and outlook for the company. Please go ahead. Thanks, Seth for the nice introduction and a very warm welcome from my side to everyone on the call, investor, analyst, and people interested in our update.

Speaker Change: So.

Speaker Change: And we've been carefully looking for example, cytopenia or or neutropenia, you know which could be expected.

Speaker Change: <unk>, which we have seen it on some other programs. So we want to densify as Patrick said, why because we see higher sync or talking to me. He didn't do as good a disposition than we had anticipated and and so we want to and also because it's safe. So far we think we can go.

Patrick Amstutz: As Seth alluded to, we have the slides on our homepage, and what we will do is not go through every slide, but really jump to the highlights. We will say which slide number we are on, and go rather fast that we have more time in the end to answer your questions. With that, I will jump to slide number five to the corporate highlights of the first half of 2024. The first half was really active.

Patrick Amstutz: We will say which slide number we are on, and go rather fast that we have more time in the end to answer your questions. With that, I will jump to slide number five to the corporate highlights of the first half of 2024. The first half was really active. We progress a lot of programs, and I will start with x3-3, where we have great progress. We have reached the top those. And despite not reaching the optimal exposure or concentration due to half-life and target mediated drug disposition, we see activity, and Philip will allude to that, and we also see a way forward to those higher and more frequent.

Philippe Legenne: And so, we want to, and also because it's safe so far, we think we can go quicker, high. So, we put that in place. We don't know yet what will be the exact impact on the half-life, but we may still have, you know, significant sink. And that's why we do not anticipate, so far, too much drug accumulation. Therefore, we do not think that we would get, you know, much more on-target toxicity.

Speaker Change: Quicker hi.

Speaker Change: So.

Speaker Change: That in place.

<unk>.

Speaker Change: Don't know yet what will be the exact impact on them on the fly, but you may still have significant sink.

Patrick Amstutz: We progress a lot of programs, and I will start with X3-3, where we have great progress. We have reached the top those, and despite not reaching the optimal exposure or concentration due to half-life and target mediated drug disposition, we see activity, and Philip will allude to that, and we also see a way forward to those higher and more frequent. On the same with the new selling gator from, I go to six to one, where we have updated the molecule presented at EHA, and this is a sea kit targeting switch molecule, a very innovative way of killing HSETs and LSEs, and best applies in for stem cell conditioning.

Speaker Change: Think.

Speaker Change: And that's why we do not think she batesville far too much drug accumulation. Therefore, we do not think that we wish we could get much more on targets.

Hum.

Speaker Change: Toxicity.

Philippe Legenne: But we will be especially monitoring, you know, the site Opinia. So, that's the one we will be looking at most for the moment.

Speaker Change: And but we won't be especially monitoring the cytopenia.

Patrick Amstutz: On the same with the new selling gator from, I go to six to one, where we have updated the molecule presented at EHA, and this is a sea kit targeting switch molecule, a very innovative way of killing HSETs and LSEs, and best applied in for stem cell conditioning. On 317, that's where we have finalized the clinical trial for our tumor localized CD40 agonist. We have a nice safety profile, and we can conclude biological proof of concept, and are looking into combination settings going forward, and I do end with Quasit, the most exciting part, which is the Radio Darpens, where with MP-0712, we have a first candidate, that's a DLL-3 targeting Darpen, optimized for low kidney uptake and high tumor accumulation, and that is in a collaboration with Oronometh, where we struck a strategic alliance early in the year to work together on targeting let-based radio isotopes via Darpens, and we call it a strategic collaboration, as we believe let-access circumvent key limitations of other isotopes, including supply, and Donnie can speak a bit more about that.

Speaker Change: So that's the one we will be looking at.

Speaker Change: At most at the moment.

Daina Graybosch: Can I ask a follow-up then?

Speaker Change: Can I ask a follow up then so as you have modeled out the PK mediated clearance.

Daina Graybosch: So, as you have modeled out the PK and the drug-mediated clearance, model a specific dose. What sort of dose level do you expect to minimize your activity then in the exposure based on your preclinical model? Basically, we are ready, and protocol, the amendment which we are computing in, allows for a few higher-dose escalation. So, not no dozen, but a few higher-dose escalation. And again, counting a lot on the densification, even more than the higher and the dose increase. So, that's basically, we want to modify the exposure. We are not very far from where we would be hoping to be in terms of CMax, but we need to work on the CTROF and longer exposure.

Speaker Change: Ottawa specific dose.

Speaker Change:

Speaker Change: Yeah, what what sort of level do you expect.

Patrick Amstutz: On 317, that's where we have finalized the clinical trial for our tumor localized CD40s agonist. We have a nice safety profile, and we can conclude biological proof of concept and are looking into combination settings going forward. And I do end with Quasit, the most exciting part, which is the Radio Darpins, where with MP-0712, we have a first candidate, that's a DLL-3 targeting Darpin, optimized for low kidney uptake and high tumor accumulation, and that is inner collaboration with Oronometh, where we struck a strategic alliance early in the year to work together on targeting let-based radio isotopes via Darpins, and we call it a strategic collaboration, as we believe let-access circumvent keep limitations of other isotopes, including supply, and Donnie can speak a bit more about that. On the operating side, we are in a strong financial position with 159 million in cash, and that puts our runway into 2027, which is a bit further than we had so far on our charts.

Speaker Change: The major activity then.

Speaker Change: And the exposure based on your preclinical model.

Speaker Change: Basically.

Speaker Change: We are ready and political and the amendment, which we're currently putting them aloud.

Speaker Change: Allows for a few how youre doing this kind of issue so not no it doesn't but a few higher dose escalation.

Speaker Change: And again counting a lot on the densification, even more than the higher the dose increase.

Speaker Change: So that's basically are we going to modify the exposure we are not very far from where we would be hoping to be in terms of C. Max but need to work on the C trough and D&O and longer its border or at least Dent you find all those which you already see but oh.

Philippe Legenne: Or at least identifying all those peaks which we already see but want to really, you know, harmonize, if I may say.

Speaker Change: Moving to media.

Speaker Change: I know harmonizing find newsy.

Philippe Legenne: So, Philippe, is it fair to say from the modeling we saw that was just CMax increase, we will not retrot we need, that's why we need to intensify with more dose. Yes, we see again. On one hand, we are reassured, and the experts with us are reassured that we see there is an impact, you know, on the tumors. There is an impact on the blast; we really hit them, but we think it's not long-lasting enough. It's disappearing too quickly, and we need to modify that trend. So, to gain that increase in effects and especially the duration of effect.

Speaker Change: So is it fair to say from the modeling we saw that was it just C. Max increase we will not reach what we need that's why we need to intensify with more dose yes, we see again on one hand, we are reassured and the experts.

Patrick Amstutz: On the operating side, we are in a strong financial position with 159 millions in cash, and that puts our runway into 2027, which is a bit further than we had so far on our charts. Before handing over to Philip, I go to slide, I think it's now number 6, where I have a really personal, nice announcement to make. I'm very happy about this, which is that Philip Legend has been promoted to full chief medic after serving a year in that role as acting chief medic, and he really deserves this role on the one hand by impressing, impressive recruitment.

Speaker Change: With us are reassured that we see there is an impact you know on the tumors. There is an impact on the last movie.

Speaker Change: But we think it's not long that long lasting enough each disappearing too quickly and you need to modify that that trend.

Patrick Amstutz: Before handing over to Philippe, I go to slide, I think it's now number six, where I have a really personal, nice announcement to make, I'm very happy about this, which is that Philippe Legend has been promoted to full chief medic after serving a year in that role as acting chief medic, and he really deserves this role on the one hand by impressing, impressive recruitment. I mean, our trials, the cohorts were full when they were opened, and the execution was flawless.

Speaker Change: So to gain that increasing in effects and especially the duration of effect.

Daina Graybosch: Thanks. Thank you.

Speaker Change: Thanks.

Speaker Change: Thank you and our next question today.

Richard Vosser: And our next question today comes from Richard Vosser, JP Morgan. Please go ahead. Hi, thanks for taking my question. It may be another one on 0533, just back on that. I suppose, the dose intensifying after a period of time. If you then go to back the weekly dosingly, are you going to have enough drug on board to maintain the response? How should we think about that? We'll be the first question.

Speaker Change: It comes from Richard Vasa.

Speaker Change: J P. Morgan. Please go ahead.

Richard Vasa: Hi, Thanks for taking my question.

Speaker Change: And maybe another one on 0533, just just back on that.

Patrick Amstutz: I mean, our trials, the cohorts were full when they were opened, and the execution was flawless, and first in my two CEO of Biotex, we know how important that is, that's where you build all the credibility, that's where you build all the values, so big thanks to Philip and his team for that just excellent execution. And that is only possible because Philip has a gift to engage investigators into our trials. So they think of our trials first, they understand the importance, and he's really a strong networker there, and it doesn't really end on the investigator side.

Speaker Change: I suppose the intensifying after a period of time. If if you then go to back to weekly dosing I E are you kind of have enough drug on board to maintain the response AR how should we think about that would be the first question.

Patrick Amstutz: And first of all, in my two CEO of Biotex, we know how important that is, that's where you build all the credibility, that's where you build all the values, so big thanks to Philippe and his team for that just excellent execution. And that is only possible because Philippe has now tried his first, they understand the importance, and he's really a strong networker there, and it doesn't really end on the investigator side, it includes the KOLs that he brings in to review our data, help us on the next steps, and that's also how we came about, how to move forward on 533 with the top global experts in the room.

Richard Vosser: Very good question. You should join us for our protocol discussion. So what we hope is that we are going to, you know, debug, try and say or reduce the tumor magnitude to tumor burden, you know, because we see again, we see that we have more responses in the lower tumor burden than in the higher. So we want to and we hope that when we are there, then we may need less because there could be some less less of a sink. So that's one aspect. We are still discussing, in fact, and in terms of we also want to avoid by design having chronic exposure because we are also conscious, you know, of that concept of a T-cell exhaustion.

Speaker Change: Very good question you know you should join us for our political discussion.

Speaker Change: So but.

Speaker Change: What we hope is that we are going to new.

Speaker Change: Finally, see or or reduce the tumor.

Speaker Change: Magnitude.

Speaker Change: Tumor burden you know because we see a game that we see that we have more responses in a lower tumor burden in the higher so we want you know and and we hope that when we are there then we may need less because there could be some less less of the zinc. So that's one aspect we're still discussing in fact an uninsured.

Patrick Amstutz: It includes the KOLs that he brings in to review our data, help us on the next steps, and that's also how we came about, how to move forward on 533 with the top global experts in the room.

Speaker Change: We also want to avoid by design, having chronic exposure because you also conscious that concept of T cell exhaustion. So we wouldn't want to be continuous all the time and the question is how little is enough.

Philippe Legenne: Given that he is not only an AML specialist, but he has a really broad understanding of tumors, he can apply that also to our earlier pipelines of the LL3 radio therapy, so in that sense, he is in a perfect position to apply his knowledge and skills and with his team bring forward the molecules in our pipeline, and there he profits also from his industry background with Novartis, GSK, and Angin, and as I just pointed out, it's also his personal medication, passion, his team leadership, and the way he works, not only with the KOLs, but also with us as his team, is inspiring every day, and it's a great pleasure to have you as full teeth medic now, and it's also great pleasure to give you the word to give us an update on the 533 molecules. Thanks, Patrick.

Philip Lision: Given that he is not only an AML specialist, but he has a really broad understanding of tumors, he can apply that also to our earlier pipelines of the LL3 radio therapy, so in that sense he is in a perfect position to apply his knowledge and skills, and with his team bring forward the molecules in our pipeline, and there he profits also from his industry background with Novartis, GSK, and Angin, and as I just pointed out it's also his personal medication, passion, his team leadership, and the way he works, not only with the KOLs, but also with us, as his team is inspiring every day, and it's a great pleasure to have you as full teeth medic now, and it's also a great pleasure to give you the word to give us an update on the 533 molecule. Thanks, Patrick.

Philippe Legenne: So we would them want to be continuous all the time. Then the question is, how little is enough? And so we are, in fact, discussing, you know, should you do one day of a re-exposure in that maintenance phase or more than one day, but you know that it wouldn't be continuous and it will be a short time.

Speaker Change: And and so we are in fact discussing industry to do that.

One day of all of them exposure in that maintenance phase, where more than one day, but knew that it wasn't going to be continuous and it will be a short time. So so we are just finalizing that discussion as we speak but does there you very very close to two to finalize and submit.

Philippe Legenne: So we are just finalizing that discussion as we speak, but the very, very close to finalizing submit.

Richard Vosser: Excellent.

Speaker Change: Excellent.

Richard Vosser: I've got, I've got a separate question, not related, so I'll get back in the queue and I'll get in a second if it's still left. Thanks. Thanks, Richard.

Speaker Change: I have a separate question note relate to so I'll get back in the queue and ask it in a second if I if it's still left.

Richard Vasa: Thanks Richard.

Sebastian van der Schubert: Thank you. And the next question comes from Sebastian van der Schubert with Kevin. Please go ahead. Hi, team. Thank you for taking my questions. Regarding the radio DARPIN, can you remind us when the clinical trial is supposed to start?

Speaker Change: And our next question comes from Sebastian vendor shoot with Kempen. Please go ahead.

Okay.

Speaker Change: Hi team.

Speaker Change: Thank you for taking my questions regarding the radio DARPA and can you remind us when the clinical trial is supposed to start and can you also give some insight into what the clinical trial design will be how.

Philip Lision: I'm glad it's an audio and not video, otherwise you would see me blushing. But I want to thank you for this and again it's a honor to be with this MP team and to help you and lead and contribute to push our program to the clinic and having the fortune to be able to reach and work with the worldwide experts. So I will want to give you enough fairly quickly, quick mode, an update on the 533 and basically in my few minutes here I will refer many to the side number 14.

Philippe Legenne: I'm glad it's an audio and not video. Otherwise, you would see me blushing. But I want to thank you for this and again, it's a honor to be with this MP team and to help you and lead and contribute to push our program to the clinic and having the fortune to be able to reach and work with the worldwide experts. So I will want to give you enough fairly quickly, quick mode, an update on the 533 and basically in my few minutes here, I will refer mainly to the side number 14.

Daniel Steiner: And can you also give some insight into what the clinical trial design will be, how you are thinking about the different steps and when we can see first data for the DARPIN, can you get it to the left payload? Thank you. Yeah, so I can give you a rough outline. So we have defined the candidate. We are now starting off production. It's going to be GMP production. Then we will be working with the run a med for the bad payload. So we are expecting clinical entry next year, second half. So first half is not possible.

Speaker Change: How you are thinking about the different steps and when we can see first data for the DARPA and.

Speaker Change: Can you get it to the left.

<unk> payloads. Thank you.

Speaker Change: Yeah. So I can give you a rough outline so where we have defined the candidate we are now starting up production, it's gonna be GMP production than.

Speaker Change: We will be working with <unk> for the net payload. So we are expecting clinical entry next year second half. So first half is not possible and then we have guided that we are expecting to have first state and the data will not be efficacy or safety.

Philip Lision: You know we can spend more time later on to go through Q and A, come back to any slides where there would be questions but basically I want to give you a summary and outlook of where we are. So on that side 14, basically I will die. I have many four, you know, points of updates on the program. First of all is that we are reporting here of the court six and as we speak, we are, you know, seven, seven now.

Philippe Legenne: You know, we can spend more time later on to go through Q&A, come back to any slides where there will be questions but basically I want to give you a summary and outlook of where we are. So on that side 14, basically I will die. I have many four, you know, points of updates on the program. First of all is that we are reporting here of the court six. And as we speak, we are, you know, a 747 now.

Daniel Steiner: And then we have guided that we are expecting to have first data. And the data will not be efficacy or safety. It will be images where we can follow the molecule. That is the beauty of this setup, where we can create an image after dosing and seeing where the drug is. And I think from the image, we can do some predictions. I mean, is it less indicated, more indicated, more in the tumor? But the safety and efficacy will obviously follow later.

Speaker Change: It will be images or we can follow the molecule that is the beauty of this set up where we can create an image after dosing and seeing where the drug is and I think from the image. We can do some predictions I mean is it less indicate any more indicate any more in the tumor, but the safety and efficacy.

Philip Lision: But basically we have seen a non-going and very, very steady engagement from the PI teams and basically there is very good dynamics on this team, on this trial, the conference from the very beginning up to now. What have we observed? We have observed first is that, you know, an acceptable safety profile, a manageable safety profile with mainly IR and CRS, as would be expected on an on STCEL Engager. And you see them, you know, basically the first cycle and rapid decrease in second cycle onwards.

Philippe Legenne: But basically we have seen a non-going and very, very steady engagement from the PI teams and basically there is a very good dynamics on this team on this trial, the conference from the very beginnings up to now. What have we observed? We have observed first is that, you know, an acceptable safety profile, a manageable safety profile with mainly IRR and CRS, as would be expected on an emergency cell and we see them, you know, basically in the first cycle and rapid decrease in second cycle onwards.

Felipe: She will obviously follow later now I'll be happy to hand over to the experts and Felipe from on the clinical side and I think that the good thing is the image is actually available right rather sharp after dosing. So you don't have to wait for three months for the pictures you actually can get them rather fast that's why clinical entry.

Daniel Steiner: Now I will be happy to hand over to the experts and Philip from on the clinical side. And I think the good thing is the image is actually available rather short after those things. So you don't have to wait for three months for the pictures. You actually can get them rather fast. That's why clinical entry and initial data are rather close together. Thanks for that. So again, you know, we want to very quickly, or quickly after patients are included. They will be imaged for biodistribution and dosing. And then, on the heels of that, obviously those escalations start.

Felipe: And it makes shows data are rather close together.

Speaker Change: Thanks, a lot for that so again, you know we want to very quickly.

Speaker Change: Quickly. After patients are included so they will be imaged four bio distribution and dosimetry and then on the heels of that obviously dose escalation starts. So I. Just also want to make sure. We're envisioning a single trial with which has will have those two steps, but again the images come first.

Philippe Legenne: We've seen indisputable activity, you know, reduction in myloblast on half of the patient population we collected and on 25% more than 50% reduction in those. And that translates into ELN responses from, you know, with one respondent per core towards from VR345 and 6. So indisputable activity, yes, but in a way we need to have more than that to be completely satisfied and to quantify that we would unlock the potential of that compound.

Philip Lision: We've seen indisputable activity, you know, reduction in myloblast on half of the patient population we created and on on 25 percent more than 50 percent reduction in those. And that translates into ELN responses from, you know, with one response on the per core towards from VR345 and 6. So indisputable activity, yes, but in a way, we need to have more, more than that to be completely satisfied and to quantify that we would unlock the potential of that compound.

Daniel Steiner: So I just also want to make sure this where envisioning, you know, a single trial with which has will have those two steps. But again, the images come first. And then therapeutic comes in. So that, and obviously we would want to go. What we are planning to do for the moment is to include patients with small cell and cancer mainly. And and and depending on the signal that we get, you know, will expand in the potentially the post state, you know, under print. But, you know, I think it's a bit difficult to integrate both sub populations.

Speaker Change: And then sorry, if it comes in so so that and obviously, we're going to go what we are planning to do for the moment is two two.

Include patients with small cell lung cancer, mainly.

Speaker Change: Mainly and and and depending on the signal that we get will expanding potentially the two states new undo Queen, but you know what.

Philippe Legenne: And when we observed in greater detail, in fact, we realized that we still have to improve the exposure of the product. We, in fact, we need to increase that exposure and have it more durable in order to increase the response rate, the depth of response and the durability. And therefore, we are further amending the protocol for, again, higher and more crick-and-dosing, especially in the first weeks, to identify this exposure. And we will share later this year at the end and also in, especially in the next year 2025 results from those amending scheme.

Philip Lision: And when we observe in greater detail, in fact, we realize that we still have to improve the exposure of the product. We, in fact, we need to increase that exposure and have it more durable in order to increase the response rate, the depth of response and the durability. And therefore, we are further amending the protocol for, again, higher and more critical dosing, especially in the first to identify this exposure. And we will share later this year at the end and also especially in the next year, 2025 results from those amending skinnier.

Speaker Change: I think it's difficult to integrate both the population that's already.

Right.

Speaker Change: Okay.

Unknown Executive: Thank you, and as a reminder, ladies and gentlemen, if you'd like to ask a question, please press star, then one.

Got it very carefully.

Speaker Change: Yeah.

Speaker Change: Thank you and as a reminder, ladies and gentlemen, if you'd like to ask a question. Please press Star then one.

Mike Nedelcovych: Our next question comes from Mike Nedelcovych with Edie Cowan. Please go ahead. Thanks for the question.

Speaker Change: Our next question comes from Mike Metal Covid work.

Colin: Colin Please go ahead.

Speaker Change: Thanks for the question I have another follow up on 0533, and this is maybe a slightly different version of the question was already asked but.

Mike Nedelcovych: I have another follow-up on 0533, and this is maybe a slightly different version of a question I was already asked, but do you all have a CMax or an exposure level in mind at which you would expect activity, or at least more activity than you've seen, and are aiming for that level, or are you approaching this more empirically in trying to raise the dose and the dose frequency and the dose regimen and just waiting to see what you see. So that's the first question, and then I have to admit that the language around this program is a little bit ominous in the slides.

Speaker Change: Do you all have a C max or an exposure level in mind at which you would expect activity or at least more activity than you've seen and are aiming for that level or are you approaching this more empirically in trying to raise the dose and dose frequency.

Philippe Legenne: So obviously, we will release all those results very carefully to see whether we can truly get the future developments and move into the expansion and in face to step. So that's my update and again I'm very glad to go into more detail in the Q&A part of the discussion of the session. Thanks, Philip.

Philip Lision: So obviously, we will release all those results very carefully to see whether we can truly get the future developments and move into the extensions and face to the steps. So that's my update and again I'm very glad to go into more detail in the Q&A part of the discussion of the session. Thanks, Philip.

Speaker Change: And the dose regimen, and just waiting to see what you see so that's the first question and then you know I have to admit that the the language around this program is a little little bit ominous in the slides if we wherein in about a year.

Mike Nedelcovych: If we were in about a year that you have discontinued this program, what do you think would be the most likely reason? Would it be because your hypothesis has not pinned out, or would it be that you have so many other compelling opportunities that resource allocation has to come first, and you'll pursue those other opportunities? And I realize that's not the fairest hypothetical, but I'm just curious where your minds are at the moment. Thank you.

Speaker Change: That you have discontinued this program what do you think would be the most likely reason would it be because your hypothesis has not panned out or would it be that you have so many other compelling opportunities that resource allocation has to come first and you'll pursue those other opportunities and I realize that's not the fairest hypothetical but I'm just curious.

Donnie Steiner: And with that, I will hand over to an update from around the radio side of Donnie Steiner, who is with his colleagues leading that effort. Thanks, Patrick, so happy to guide you through this update, top line update on the radio, the IP therapy. If the first candidate has Patrick already introduced MP-0712, the first program, we're moving towards the clinics. So for those of you who are on the slide, I'm jumping out to slide number 25.

Daniel Steiner: And with that, I will hand over to an update from around the radio side of Donnie Steiner, who is with his colleagues leading that effort. Thanks, Patrick. So happy to guide you to this update, top line update on the radio, the IP therapy. If the first candidate as Patrick already introduced MP0712, the first program, we're moving towards the clinics. So for those of you who are on the slide, I'm jumping out to slide number 25.

Speaker Change: What are your minds around at the moment.

Speaker Change: Thank you.

Patrick Amstutz: Maybe Philip can take the first announcement next.

Speaker Change: Maybe Phil it can take the first announced today.

Donnie Steiner: And as I said, top line update there, and I'm super proud about the great progress the team has made to successfully move the RTD platform to profile within attractive by distribution profile in terms of tumor to kidney to blood ratios. And we can dive in the Q&A way more into the details if you're interested in your questions. So there the dates on MP-0712, which has been selected as the lead candidate for to target it, let 212DLS3 program has been presented as SLRI, and it really showcased the strengths of the platform that we have been establishing.

Daniel Steiner: And as I said, top line update there and I'm super proud about the great progress the team has made to successfully move the RGT platform to profile with an attractive bi-distribution profile in terms of tumor to kidney to blood ratios. And we can dive in the Q&A way more into the details if you're interested in any of your questions. So there the date on MP0712, which has been selected as the lead candidate for to target it.

Okay.

Philippe Legenne: Congratulations on your promotion, Philip. Please go ahead. Thanks for the support. A good question again on the CMax, and our model. Obviously, we model, and we think that we are not very far in terms of CMax from where we were wanting to be, and we see activity. So it's more about, we see too much, too quickly, the appearance of the drug. That's why we need to change, you know, evolve our... What do you think, Patrick? Our scheme of administration to really, let's say, have a more, again, dense approach during that first phase. So we are not very far.

Speaker Change: Congratulations on your promotion Felipe. Please go ahead.

Speaker Change: [laughter].

Speaker Change: What is it.

Speaker Change: Hey, good question the gain on the C. Max do you know what.

And our model of model N and we think that we are not too far.

Speaker Change: From where we were we wanted to be and we see activity. So so it's more about we see too much too quickly you see periods of the drug that's why we need to change in who is our.

Daniel Steiner: Let 212DLS3 program has been presented at SLRI and it really showcased the strengths of the platform that we have been establishing. And of course, the R&D enabling activities are now ongoing with Oranimate and the initial clinical basis expected in 2025. So as I've been mentioning, super excited about the team as a chief here and even more excited about the opportunities that this all opens up. So of course, we're advancing 712 and the current pipeline together with Oranimate, which we see is very strong and committed collaboration partner, but also with Novartis where we have an ongoing collaboration since the start of our activities in the regular space.

Donnie Steiner: And of course, the IND enabling activities are now ongoing with Oranimate and the initial clinical basis expected in 2025. So as I've been mentioning, super excited about the team as a chief here, and even more excited about the opportunities that this all opens up. So of course, we're advancing 712 and the current pipeline together with Oranimate, which we see is very strong and committed collaboration partner, but also with Novartis, where we have an ongoing collaboration since the start of our activities in the radio ligand space.

Speaker Change: I Wonder you think pep doors and pattern our scheme of administration to to really let's see having more dense than dense approached during that first phase. So we are not very far.

Philippe Legenne: And we still think we can go a bit higher, and we'd like to tease that out. Again, we can do this because it has been safe up to now, or safe enough. But it will be much; it will be more about looking at the shape of that exporter curve, more than the CMax. And again, we'll have a heavy focus on the trough, because we need to have more time with, you know, higher than mean expected exporter during that time. Maybe just kind of always not a medic, but a bit more delay, man, view, and please apologize if it is too crude.

Speaker Change: And we still think we can go a bit higher than you'd like to tease that out.

Speaker Change: Again, we can do this because it has been say up to now are safe enough.

Speaker Change: But it will be much it would be more about looking at the shape of that exposure curve more than the C. Max and the Gainesville will have in heavy heavy focus on the trough because we need to have more time with you know higher than median expected exposure.

Daniel Steiner: And we are evolving and expanding the platform for next differentiated RGT programs. And this is what I'm looking for most. And I'm going to tell you a bit more about this on the next slide. So if you move to slide 26. So this is just an initial, I say, glimpsed preview of how we are thinking about leveraging the dilapid properties to really build differentiated RGT, an RGT portfolio, an RGT candidate with a high level of differentiation.

Donnie Steiner: And we are evolving, expanding the platform for next differentiated RDT programs. And this is what I'm looking for most, and I'm going to tell you a bit more about this on the next slide. So if you move to slide 26. So this is just an initial, I say, glints of preview of how we are thinking about leveraging the dilapid properties to really build differentiated RDT and RDT portfolio and RDT candidates. This is a high level of differentiation.

Speaker Change: During that time.

Speaker Change: And then maybe just kind of always been another medic, but a bit more delayed viewing and please apologize if it has to crude but this disease progresses very fast if you cannot control the patient in the Earth.

Patrick Amstutz: But this disease progress is very fast. If you look at the data that we also did show, I think, on slide 12, you see we have some impact, and then just the disease takes off. And so it's very important that we not only... I think it's more the trough that we actually give to those, and we give it also faster just to get the drug more chance to actually act before it's too late. And you were asking about the empiricism of it. I personally was surprised that we saw, let's say, no dose response in the sense of, we had patients in almost all those cohorts that responded.

Speaker Change: Days, even you are behind the disease and if you look at the data that we also did show I think on slide 12, you see we have some impact and then just didn't these takes off and so it's very important that we not only and I think it's more of a trough that we actually give the dose and we gave it also fast churches.

Donnie Steiner: So if you look at the top panel of the slides, for me, this is just two examples. Then there is more, and we're going to tell you more about this in the month and future to come. This is two examples of how we are thinking about targeting protein tumor targets. We are trying difficult to address this classical, I say, radio ligand in the sense of lower likelihood or peptides. And one class, the piece on the left hand side is like where you have a high amount of soluble antigen, which is interfering sheet soluble antigen, which is interfering with tumor uptake.

Daniel Steiner: So if you look at the top panel of this slide, for me, this is just two examples. Then there is more and we're going to tell you more about this in the month and future to come. These two examples are how we are thinking about targeting protein, tumor targets. We are trying difficult to address this classical, I say, radio ligand. In the sense of Loma-like clueless or peptide. And one class depicted on the left hand side is where you have a high amount of soluble antigen, which is interfering shed soluble antigen, which is interfering with tumor uptake.

You get it.

Speaker Change: Dropped more chance to actually act before it's too late.

Speaker Change: And I would and you were asking about empiricism of it I personally was surprised that we saw let's say no dose response in the sense of we have patients in almost all those cohorts that spawned it. So we don't see a dose response on in that sense, we see activity in patients that have low disease burden.

Patrick Amstutz: So we don't see it; those responses on, in that sense, we see activity in patients that have low disease burden. And maybe that's also why we just need to keep that out and see if we can expand that activity to more patients by what we call intensifying the dose. And we will have a post-red ash where you then can see what those we have now. And it is definitely less than we would like. And I think that was the modeling, call it the bit surprise that we saw less, drug insurculation, and that's what we are correcting for, based on also some responses.

Donnie Steiner: And there we found an approach to target specifically the membrane-bound form only. There we're building on the selectivity and the binding properties of the dilapid. And on the right hand side, you see another class of targets we are heavily investing to is like targets that have homologous high identity on healthy cells. Where you buy this using the selectivity of the IP can be tumor-specifically tied to the biopin by only recognizing this specific form.

Daniel Steiner: And there we found an approach to target specifically the membrane-bound form only. There we're building on the selectivity and the binding properties of the VIP. And on the right hand side, you see another class of targets we are heavily investing to is like targets that have homologous high identity on healthy cells, where you buy this using the selectivity of dilapid can be tumor-specifically targeted by only recognizing this specific form. And of course, on the other side, and that's the lower part of the slide, we're building on the deep expertise we have in making multi-specific molecules here in the context of having a broader and more homogeneous tumor distribution to address heterogeneity, which we believe is especially in the context of short range, alpha-emitting particle, the key aspect to consider.

Speaker Change: And maybe that's also why we just need to keep that out and see if we can expand that activity to more patients by what we call intensifying the dose and we will have a poster at ash, where you then can see what those we have now and it is definitely less than we would like and I think that was the modeling.

Speaker Change: Call it a bit surprised that we saw this drugs in circulation and Thats. What we are correcting for based on also some responses, we save and despite the low exposure.

Donnie Steiner: And of course, on the other side, and that's the lower part of the slide, we're building on the deep expertise we have, making multi-specific molecules here in the context of having a broader and more homogeneous tumor distribution to address heterogeneity, which we believe is especially in the context of, short range alpha-meeting particles, a key aspect to consider. And there, and that's what we see on the left hand side, we are not thinking mainly about classical multi-specific as they are used in our IO project.

Patrick Amstutz: We save it despite the low exposure.

Patrick Amstutz: I'll now take the other part of the question, which is sort of what to say. And it was a good discussion with our researchers, and there's just a high medical need, and everyone in the room, the KOS on the trial, but also those not on the trial, that we should really test this. As we have activities, there is a need there, and the higher dose thing is just what jumps into the eye when you saw the data that we have. So I think there is almost an ethical imperative for us to test this. At the same time, outcome, we will see what it is.

Speaker Change: I will now take the other part of the question, which is sort of what to expect.

Speaker Change: It was a good discussion without reason investigator isn't there is just a high medical need and everyone in the room. The kols on the trial, but also the not on the trials that we should really test states as they we have activity. There is a need there and a higher dosing is just what.

Daniel Steiner: And there, and that's what we see on the left hand side, we are not thinking mainly about classical multi-specities as they are used in our IO projects, it's really more building on the concept of having two paratoids in one single dip in the main, which we call the two in one, which keeps the size of the molecule small by maintaining all the binding properties of the target.

Speaker Change: Just jumps into the eye when you saw the data that we have.

Donnie Steiner: It's really more building on the content of having two paratoids in one single dark in the main, which we call the two in one, which keeps the side of the molecule small by maintaining all the binding properties of the dilapid. So this is something just a teaser in what to come in the next 12 months, looking very much forward to give you more details on that, starting to present on those approaches on conferences, at least just like getting a bit of a downcooked of what we're up for.

Speaker Change: So I think there is almost an ethical imperative for us to test this.

Speaker Change: At the same time outcome, we will see what it is the good thing and I'll turn almost your question around is we have options. We don't have to progress. This one if the radio franchise works well.

Patrick Amstutz: The good thing, and I'll turn on almost your question around, is we have options. We don't have to progress this one if the radio franchise works well. It means not that we would stop it for no reason, but it puts a clear bar that we can put out there and say if we don't reach 20 or even 30 plus response rates. If we don't have the duration of 3, 6, maybe 9 months, that's just not going to be good enough, and that's going to be a clinical response. I mean, that's what we're looking for. I think the KOS space more or less the same as we always had.

Daniel Steiner: So this is something just a teaser in what to come in the next 12 months, looking very much forward to give you more details on that, starting to present on those approaches on conferences, at least just like getting a bit of an outlook of what we are up for.

Speaker Change: Means not that we would stop it for no reason, but it puts a clear bar that we can put out there and say if we don't reach the 20 or even 30 plus response rate. If we don't pass the duration of three six maybe nine months, that's just not going to be good enough for them to be a clinical response.

Robert Hendriks: And with this, I would like to hand over to Robert to give you insights into our financing for it. Thank you, Danny, and prior speakers. Before we move to the summary in the Q&A, I will brief you guide you through the financial highlights in the key figures and the updated guidance for this year.

Robert Hendriks: And with this, I would like to hand over to Robert to give you insights into our financial forecast. Thank you, Danny, and prior speakers.

Robert Hendriks: Before we move to the summary in the Q&A, I will brief you guide you through the financial highlights in the key figures and the updated guidance for this year.

I mean, that's that's what we're looking for.

Speaker Change: It's more or less the same as we always have I mean, that's what would allow you to move forward into a phase III slash Registrational trial, and we can just be very clean about that I don't think it will just go away. So we will definitely take down the date till we want.

Patrick Amstutz: I mean that's what would allow you to move forward into phase 2 slash registrational trial, and we can just be very clean about that. I don't think it will just go away, so we will test the update on the data. We want to update on the data and our reasoning why we would stop it or not. But I do think the idea that we have options, obviously, is a good one, and the more competition there is for the cash we have, it's a good sign for the company.

Robert Hendriks: My name is Robert Hendriks and I'm the SVP of finance here at MP. The numbers I'll show are stated in millions with Frank's and full detail of the financials is available on the website and on other means. If I move to slide 28 with the highlights, I'd like to focus first in our cash position. We ended last year with around 187 million and by the end of June we are at 159.

Robert Hendriks: My name is Robert Hendriks and I'm the SVP of Finance here at MP. The numbers I'll show are stated in millions with Frank's and full detail of the financials is available on the website and on other means. If I move to slide 28 with the highlights, I'd like to focus first in our cash position. We ended last year with around 187 million and by the end of June we are at 159. So let's a cash burn of 28 in line with our expectations. If we take this to a full year, 12 months running, the burn is 59 million.

Speaker Change: Based on the data and our reasoning why we would stop it or not so but I do think that the idea that we have options. Obviously is a good one and the more.

Speaker Change: Competition there is for the cash we have it's a good sign for the company.

Robert Hendriks: So that's a cash burn of 28 in line with our expectations. If we take this to a full year, 12 months running, the burn is 59 million. We have no additional cash coming in from collaborations in 24. With that moving on to the updated guidance for the full year, we are now guiding our operating expenses to end up in the 65 to 75 million range. This is a reduction from the previous guidance, largely based on what we see in our actuals at the moment and the current expectations we have on the development of the cost and the workforce.

Mike Nedelcovych: Very helpful. Thank you.

Speaker Change: Very helpful. Thank you.

Mike Nedelcovych: Thanks, Mike.

Mike: Thanks, Mike.

Richard Vosser: Thank you.

Speaker Change #101: Thank you and our next question is a follow up from Richard Vasa J P. Morgan.

Richard Vosser: And our next question is a follow-up from Richard Vosser.

Robert Hendriks: We have no additional cash coming in from collaborations in 24. With that moving on to the updated guidance for the full year, we are now guiding our operating expenses to end up in the 65 to 75 million range. This is a reduction from the previous guidance, largely based on what we see in our actuals at the moment and the current expectations we have the development of the cost and the workforce.

Richard Vosser: It's if he's more good. Please go ahead.

Mike: Right.

Daniel Steiner: Hi, thanks for taking my question. It was back on the radio, Dupin, side of things. It may be an update on the Novartis partnership as much as you can give just where we are with that one, how that's progressing relative to 0712 and when we might see something from that side of the collaboration. Maybe Donnie can give a short update and maybe just frame that obviously in our pipeline our compounds are like we have five and they're all five high priority and in the Novartis pipeline there are close to 30 compounds and that explains maybe a bit less speed but maybe over to Donnie to explain how we are progressing our pipeline and why we think we are faster and how Novartis is going forward.

Speaker Change #102: Hi, Thanks for taking my question. It was just back on the radio Dolphin side of things just maybe an update on the Novartis a partnership as much as you can give them just a way where we are with that one how that's progressing relative to I just have one too and when we might see something from from that side of that.

Speaker Change #102: Operations.

Speaker Change #102: Maybe Tony can give a short update and.

Robert Hendriks: We will not guide on revenue and for clarity, this guidance is as always subject to the progress and changes over pipeline. Thirdly, following also from the updated guidance is our runway. We are now feeling comfortable to say that we are funded into 27, which is a small change from late 26 which we had regarded on before. We do feel that this runway and the cash that we have at the moment do put us in a privileged position in the industry.

Robert Hendriks: We will not guide on revenue and for clarity, this guidance is as always subject to the progress and changes over pipeline. Thirdly, following also from the updated guidance is our runway. We are now feeling comfortable to say that we are funded into 27, which is a small change from late 26 which we had regarded on before. We do feel that this runway and the cash that we have at the moment do include us in a privileged position in the industry.

Tony: And maybe just frame that obviously in our pipeline our compounds are like.

Tony: We have five and they are all five high priority and in Nevada, Novartis is pipeline they're.

Danny: Close to 30 compounds and that explains maybe bit less speed, but maybe over to Danny to explain how we are progressing our pipeline and why we think we are faster and how novartis is going forward.

Daniel Steiner: Happy to give as much insight as we can in that context of collaboration. So, as outlined on the slide, it's two specific targets we're collaborating on the Novartis. The Patrick said we're part of a bigger endeavor that Novartis takes in the whole race, Megan space, which makes a lot of sense for them to keep the leadership in a space which she's been entering as one of the first one in the field. So we're progressing there with the well knowledgeable in the field is like it's a lot about testing, bringing forward molecules, testing them in vivo models, taking it through the iterations, and there it's just like one observation we are making with Oranomade and that's turning the other side of the whole equation.

Robert Hendriks: It will allow us to reach the milestones as presented by my colleagues. In particular, the funds that we ring fence 4, 5, 3, 3 as indicated by Philippe, as well as the further progression of the radio pipeline. We will turn over to the next slide. I will briefly show a comparison with last year for six months running. Overall, the results you can see are in a pretty similar range, revenue is slightly up as well as operating expenses, resulting in an almost equal operating result.

Robert Hendriks: It will allow us to reach the milestones as presented by my colleagues in particular the funds that we ring fence 4, 5, 3, 3 as indicated by fleet, as well as the further progression of the radio pipeline.

Danny: Happy to give as much insight as we as we can in that context of the collaborations so as outlined on the on the slides. It's two specific targets. We are collaborating on this novartis and as Patrick said, we are there.

Speaker Change #105: Part of a bigger bigger endeavored at Novartis takes into old Megan space, which makes a lot of sense for them to stay.

Robert Hendriks: Good intern over to the next slide. I will briefly show comparison with last year for six months running. Overall the results you can see are in a pretty similar range, revenue is slightly up as well as operating expenses resulting in an almost equal operating result. Financial results was given in the first six months by a positive exchange impact on our cash positions as well as an increase in the interest income on the same balances.

Speaker Change #106: To keep the leadership in a space, which has been entering one or SD first one in the in the field. So we're progressing gave if he can be days analyzing the candidates.

Many of you know or might know that are well now.

Robert Hendriks: Financial results was given in the first six months by a positive exchange impact on our cash positions as well as an increase in the interest income on the same balances. The revenue that we show continues to be driven by the Novartis radio leagant contract collaboration and a focus on operating expenses. R&D expenses are up a bit. DNA expenses came down a bit. Honest DNA, we were able to see a reduction in our D&O insurance expense when looking at R&D in the first six months of 24 as in comparison to last year.

Speaker Change #107: Knowledgeable in the field is like it's a lot about testing by bringing forward molecules testing Dominion vivo models take going through the iterations and deal. It's just like one observation, we are making with Orlando meeting that's towards the other side of the whole equation before automate onboard found a partner that is extremely agile and following our.

Robert Hendriks: The revenue that we show continues to be driven by the Novartis radio ligand contract collaboration and a focus on operating expenses. R&D expenses are up a bit, DNA expenses came down a bit, honest DNA we were able to see a reduction in our D&O insurance expense when looking at R&D in the first six months of 24 as in comparison to last year we did invest more in drug product in the dose escalation trials for 5, 3, 3 as indicated by fleet.

Daniel Steiner: If Oranomade on board found a partner that is extremely agile and following our approach to test as quick as possible, as many as possible candidates in the relevant models, often in vivo models. Unfortunately, there is not a lot of pre-clinical individual models that help you to predict the outcome in the in vivo models. So that's how we're progressing, and that's why I think also we are that allowed us that has GLEDT and waiting to maneuver that whole pre-clinical pipeline allowed us to nominate the first candidate for Oranomade, and I'm very much looking forward to also nominate sort of candidates in that collaboration.

Speaker Change #107: Our approach to test as quick as possible as many as possible candidates in the relevant models.

Speaker Change #107: Evo models. Unfortunately, there is not a lot of preclinical.

Speaker Change #107: Vitro models that help you to predict the outcome.

Speaker Change #107: The in vivo models. So that's how we are progressing and that's why I think also that allowed us the agility and way to maneuver that hold preclinical pipeline allowed us to nominate the first candidate before automate and I'm very much looking forward to also nominated candidates that collaborations.

Robert Hendriks: We did invest more in drug product in the dose escalation trials for 5, 3, 3 as indicated by Philippe. We also were able to increase our investments in the overall platform and the radio space and a few reductions we saw on, for instance, 317 and some legacy programs. We are and do remain diligent and careful when looking at our expenses. We feel that we are cost effective, run a tight ship that remains on course for us to deliver on the promises.

Robert Hendriks: We also were able to increase our investments in the overall platform and the radio space and a few reductions we saw on, for instance, 317 and some legacy programs. We are in, do remain diligent and careful when looking at our expenses, we feel that we are cost effective, run a tight ship that remains on course for us to deliver on the promises. In combination, I think that these numbers continue to show the strong financial base entering into the second half that will allow us to keep investing in the pipeline.

Daniel Steiner: And maybe just I will add because there is a bit of a conceptual difference between how Novartis looks at radio and weeds, and it goes back to the isotopes that we have. We are looking for because we have different isotopes, so not all learnings and not all technology that we are developing for our pipeline is one to one addressing the Novartis needs. So it's also there is a slight difference, so not every learning from a random collaboration from what we do applies directly to Novartis. And that is their history on beta and now maybe more actinium versus lead.

Speaker Change #108: And maybe just I will add because there is a bit of a conceptual difference between how novartis looks at radio and we and it goes back to eat isotopes that we have and we work with led which is a very short half life and the decay in the blood is likely going to be much more safe.

Speaker Change #109: And if your absolute teach them or even actinium and the jewelry dairies out but novartis also is looking for a slightly different profile than what we are looking for because we have different isotopes. So not all learnings and other all technology that we are developing for our pipeline is one to one addressing the novartis neat.

Robert Hendriks: In combination, I think that these numbers continue to show the strong financial base entering into the second half that will allow us to keep investing in the pipeline. Thank you for your attention. Any questions? Happy to take them in the Q&A and now I hand back to Patrick. Thanks, Robert.

Patrick Amstutz: Thank you for your attention, any questions, happy to take them in the Q&A and now I hand back to Patrick.

Patrick Amstutz: Thanks Robert, thanks Donnie, thanks Philip, thanks Seth, and before turning to questions, let me quickly summarize, I'm on slide 34, which is the outlook on the upcoming milestones. 533, we heard we're testing both higher and more frequent dosing to come to a conclusion on the potential of this molecule, where we will update in 2025. Switched our pin, we are in animal trials, we will summarize the data present and then define next development steps for that molecule.

Patrick Amstutz: Thanks, Tony. Thanks, Philip. Thanks, Seth. And before turning to questions, let me quickly summarize. I'm on slide 34, which is the outlook on the upcoming milestones. 533, we heard we're testing both higher and more frequent dosing to come to a conclusion on the potential of this molecule where we will update in 2025. Switched our pin, we are in animal trials, we will summarize the data present and then define next development steps for that molecule.

Speaker Change #109: So it's also there a slight different though not every learning from Iran. I'm Ed collaborations from what we do applies directly to Novartis.

Speaker Change #109: And that is their history on better and now maybe more actinium versus led.

Daniel Steiner: Thank you.

Speaker Change #109: Excellent. Thank you.

Daniel Steiner: Thanks. Thank you.

Speaker Change #109: Thanks.

Speaker Change #110: Thank you and our next.

Daina Graybosch: And our next question is a follow-up from Daina Graybosch. Who are our partners?

Speaker Change #111: Question is a follow up from the integrate Basu Leerink partners. Please go ahead.

Daina Graybosch: Please go ahead. Thank you, guys. The discussion on MPO533 has been very helpful, so I have one more follow-up there. And when I look at page 11 in your presentation and the talks, I do see some of the talks you said you'd be looking out for. So it looks to me like two grade three febrile neutropenias as well as some grade three lymphopenia.

Speaker Change #112: Thank you guys had the discussion on M. P. 0533 has been very helpful. I have one more follow up there and when I look at page 11 in your presentation in the talks I do see some of the talk she said you'd be looking out for it. So it looks to me like two grade three febrile neutropenia.

Patrick Amstutz: 317, the phase one is completed. We are in discussions with investigators to do investigator initiated trials for that. We don't plan to invest heavily ourselves, but we would like to understand more on 317 what combination trials could help and there is a good need to test that. And last but not least, obviously the radio franchise where someone to going into clinics next year. And also very excited, as Downey pointed out, the differentiated DARPIN programs where we will update our portfolio and give you the insight how we are thinking about those programs and how clinical value can then build in the future.

Patrick Amstutz: 317, the phase one is completed. We are in discussions with investigators to do investigator initiated trials for that. We don't plan to invest heavily ourselves, but we would like to understand more on 317 what combination trials could help and there is a good need to test that. And last but not least, obviously the radio franchise where someone who is going into clinics next year and also very excited as Donnie pointed out the differentiated dark pin programs where we will update our portfolio and give you a deep insight how we are thinking about those programs and how clinical value can then build in the future.

Speaker Change #113: Well as some grade three lymphopenia.

Philippe Legenne: And I wonder if you could talk through those toxicities and those patients and why that shouldn't be concerning in terms of the therapeutic window and the talks that is most on target. Yeah, I'll just like in general that's why I think just to try and what Philip was saying, we're not only trying to do the C max but the C trough by more frequent dosing. But Philip, maybe you'll give an insight. And also, so good, good, good, good review. And obviously we are following those. What we do, we also have obviously a dose escalation committee.

Speaker Change #114: And I Wonder if you could talk for those toxicities in those patients and why that shouldn't be concerning in terms of the therapeutic window and the talks that is.

Speaker Change #115: Most on target.

Philippe: Yeah, and I'll just like in general that's why I think just to drive what Philip was saying, we're not only trying to do to see Max but to see trough by more frequent dosing, but Philippe maybe you gave a inside and also to.

Patrick Amstutz: And obviously, we're not doing that alone. We're working with Novartis and especially also with Oronomad, where we are excited to be working with the leader in the lead based isotope fields. As Robert said, we're running a tight chip, so the cash runway is now into 2027. I think with really the effectiveness of our research and development engine, it puts us on course to find many important programs, many updates to come and a really exciting year ahead of us.

Patrick Amstutz: And obviously we're not doing that alone, we're working with Novartis, and especially also with Oronomad, where we are excited to be working with the leader in the lead-based isotope field. As Robert said, we're running a tight chip, so the cash runway is now into 2027. I think with really the effectiveness of our research and development engine, it puts us on course to find many important programs, many updates to come and a really exciting year ahead of us.

Speaker Change #117: Good good good down there with you and yeah, obviously, we are fully news.

Speaker Change #117: What we do he also happens you see a diversification coming to you when I just what I wanted to see is that we are fully in those very carefully and I'm just cost okay.

Philippe Legenne: What I just want to say is that we are following those very carefully, and not just us. Okay, so I'm comfortable talking here with our Dose Escalation Committee and our safety. Here is you coming. So basically, those are mainly or those are mainly. He's related and they are non, and they are non lasting. So, and it's always difficult to educate, you know, in the context of such a trial. But for the moment, we have not seen we have discussed that length and have the not not they are in a way it's hard to completely say that they are not related because they happen.

Speaker Change #118: I'm comfortable.

Speaker Change #117: Hmm.

Speaker Change #119: With our with our dose escalation Committee NRC excuse me you come so basically those are immediately or those are mainly he's he's related and.

Patrick Amstutz: Before moving on to Q&A, I would like to take the opportunity to first of all thank the people here with me in the room, my speakers, but also all other co-workers at molecular partners. We are partners, we're co-workers, we're a team, and what we present to the day is really hard work of a whole company coming together and executing and debating and thinking and positioning our dark pin work. I would also like to extend the thanks to our partners Novartis and Oronomad, but also our academic partners that we have.

Speaker Change #119: And.

Unknown Executive: Before moving on to Q&A, I would like to take the opportunity to first of all thank the people here with me in the room, my speakers, but also all other co-workers at molecular partners. We are partners where co-workers were a team and what we present today is really hard work of a whole company coming together and executing and debating and thinking and positioning our DARPIN work. I would also like to extend the thanks to our partners, Novartis and Oronomad, but also our academic partners that we have.

Speaker Change #119: And the unknown and then one last thing so and it's always difficult to adjudicate you know in the context of.

Such a trial, but for the moment, we have not seen discussed at length and have the D.

Unknown Executive: And obviously also our investigators and KOLs who are using our molecules or applying the molecules in the clinic. And there my last thanks goes to all the patients in our trials and their families, because without them, this would not be possible. And that links me back to the key purpose of our company. We're all here today to make drugs that matter and with that, I would close the presentation and open for your questions.

Speaker Change #119: They are in a way it's hard to completely see that they are not related because he had been a new temporarily.

Philippe Legenne: New template during the trial; however, with a dedication, they are not, you know, worrying from the study, safety committee standpoint. So we will keep obviously looking at this, and we want to see whether is that transforming into a pattern or not, but so far we do not think it is. Again, you know, just maybe one last thought on this, as Patrick has mentioned, we need to, you know, best proof of that will be to show that because the drug is active very quickly in those patients, basically we see, you know, a reduction or non-occurrence of those.

Speaker Change #119: During the trial, however, with adjudication they are not.

Speaker Change #119: Worrying from the.

Speaker Change #120: The study seems to come at you stand point. So we will keep obviously looking at this and you want to see whether it is that transforming into a pattern or not but so far we do not think it is.

Patrick Amstutz: And obviously also our investigators and KOLs who are using our molecules or applying the molecules in the clinic. And there my last thanks goes to all the patients in our trials and their families, because without them, this would not be possible. And that links me back to the key purpose of our company.

Paul: Hello, Paul.

Paul: Okay.

Paul: But again you know just maybe one last thought on this.

Paul: Patrick has mentioned we need to.

Paul: That's true.

Unknown Executive: We're all here today to make drugs that matter, and with that I would close the presentation and open for your questions. Thanks. Thank you. If you would like to ask a question, please press star then one on your telephone keypad. To remove yourself from Q, please press star then two. We do ask you, remember yourself to one question and one follow-up if needed. If you have further questions after that, you may rejoin the Q. At this time, we'll pause for just a moment to assemble our roster.

Speaker Change #122: That will be to show that because the drug is active very quickly into patients Michigan E C.

Speaker Change #123: The reduction or non occurrence of those it's very difficult to choose to keep that promise in the context of a relapsed refractory patients.

Philippe Legenne: It's very difficult to keep that promise in the context of the relapse refractory patients, but that's what we want to aim at. And that's why we say we should take more risk to find any symptoms of CET because we think we can identify that exposure during the first movements.

Unknown Executive: Thank you. If you would like to ask a question, please press star then one on your telephone keypad. To remove yourself from Q, please press star then two. We do ask you, remember yourself to one question and one follow-up if needed. If you have further questions after that, you may rejoin the Q. At this time, we'll pause for just a moment to assemble our roster.

Speaker Change #124: But but that's what people want to aim at and that's why we see we should take more risk and find that he sees in terms of C. G. Because we think we can.

Speaker Change #125: Hum and densify.

Speaker Change #126: Exposure during the first weekend.

Daina Graybosch: Thanks, Daina.

Thanks Julie.

Daina Graybosch: Thank you.

Speaker Change #126: Dana.

Daina Graybosch: And today's first question comes from Daina Graybosch with Learing Partners. Please go ahead. Hi guys, thanks for the update and the question. I have one back on MP-0533. I left your thoughts on how you're thinking about escalating now to higher doses and the trade-off between efficacy and talks. I wonder as you get to these higher doses, you expect to bind and single-antigen expressing tumor cells or normal cells. And what specific talks are you looking for that might indicate that you're actually at such a high dose that you no longer have the advantageous therapeutic window and you need to bind multiple-antigen. So basically, what are you looking for in the clinical signal to balance that talks and efficacy as you go higher? Thank you.

Dana Grabe: And today's first question comes from Dana Grabe, also with Learing Partners. Please go ahead. Hi guys, thanks for the update and the question. I have one back on MP-0533. I bless your thoughts on how you're thinking about escalating now the higher doses and the trade-off between efficacy and talks. And I wonder as you get to these higher doses, you expect to bind and single-antigen expressing tumor cells or normal cells. And what specific talks are you looking for that might indicate that you're actually at such a high dose that you no longer have the advantageous therapeutic window of needing to bind multiple-antigen. So basically, what are you looking for in the clinical signal to balance that talks and efficacy as you go higher? Thank you.

George Zimmerman: And our next question today comes from George Zimmerman with Octavian. Please go ahead. Yeah, thank you. Thank you to the Molecular Partners team for the presentation and entering all the questions. So we've talked quite a bit about MP533 and the radio dark in area and platform.

Speaker Change #127: Thank you and our next question today comes from Jordan Some of Amendment with Oxford Yan. Please go ahead.

Speaker Change #128: Yeah. Thank you. Thank you to the molecular partners' team for the presentation and answering all the questions. So we've talked quite a bit about MP 533 in the radiotherapy.

Speaker Change #129: Area and platform I feel we have not talked too much about the switch program. So maybe just a little update as well on the progress with your switch platform.

Patrick Amstutz: I feel we have not talked too much about the switch program, so maybe just a little update also as well on the progress with your switch platform. And you specifically mentioned additional pre-clinical data announced in age two this year still. So what can we expect there? Can you give us a little bit of flavor, also in particular to the translate ability of those data? Great question. And so maybe I'll quickly elude to the switch platform that is an either or dark pin, so we can create in an immune cell engagement, an off-dark pin that is switched on while we target, while an on target.

Speaker Change #130: And you specifically mentioned.

Speaker Change #131: Preclinical data in H two this year still so what can we expect there can you give us a little bit of flavor.

Speaker Change #132: Also in particular to the translate the ability of those data.

Speaker Change #132: No.

Speaker Change #133: Great question, and so maybe I'll quickly allude to this platform that is an either or dark pen. So we can create in our immune cell engagement in all star pin that is switched on while we target.

Patrick Amstutz: I can lead in as maybe more the generalist to you and then how hand over to Philip for more expert view. I think first of all, why are we going to higher doses? And it was an observation also by our KOLs when we looked at the data is that we have the dose option where we have an induction at very low dose and then we dose up and that was to manage the safety.

Patrick Amstutz: I can lead in as maybe more the generalist to you and then how I'll hand over to Philly for more expert view. I think first of all, why are we going to higher doses? And it was an observation also by our KOLs when we looked at the data, is that we have the dose option where we have an induction at very low dose and then we dose up and that was to manage the safety.

Patrick Amstutz: And in this case, it's a sea kit switched on sea kit where we then bind or open lock CD47 and engage NK macro stage to kill. So this molecule is at the moment we are running non-primates trials, and we expect the translate ability to be rather high from the data we have in the signal versus the human. The data will collect, and that will also inform obviously a clinical trial. And there we are looking into different routes, and one could be more into call it AML; the other more into more global stem cell conditioning. AML is a very high bar because you need very complete killing stem cell conditioning. It is a high medical need in the field for all the gene therapy companies, but a bit less on our radar.

Speaker Change #133: <unk> targets and in this case it to C kit switched on C kit, where we then bind our open block C. D 47, and engage an <unk> macrophage to kill so this molecule is at the moment. We are we are running non prime at trials and we expect to translate ability b.

Speaker Change #134: Rather high from the data we have in the say now versus the human eye.

Patrick Amstutz: And so we started low dose and then over the first 20 days we had injections with always higher doses. And they realized that with maybe a bit faster PK that we then expected and maybe also more target mediated drug deposition than expected, we were not getting the exposure that we were hoping for and we were rather underdosing. So that those intensification now is that we will give more higher doses, but maybe not even higher top doses, but just go faster to the full dose and then those more frequent.

Patrick Amstutz: And so we started low dose and then over the first 20 days we had injections with always higher doses. And they realized that with maybe a bit faster PK that we then expected and maybe also more target mediated drug deposition than expected, we were not getting the exposure that we were hoping for and we were rather under-dosing. So the dose intensification now is that we will give more higher doses but maybe not even higher top doses but just go faster to the food dose and then dose more frequent.

Speaker Change #134: The data will collect and that will also inform obviously a clinical trial and there we are looking into different routes and one could be more into call. It a ml.

Speaker Change #135: Good morning.

Speaker Change #135: More global stem cell conditioning.

Speaker Change #136: A M. L is a very high bar because you need very complete killings are stem cell conditioning is a high medical need in the field for all the gene therapy companies, but a bit less on our radar as a that is really more than again and some in the setting of a partnership as the key value is in <unk>.

Patrick Amstutz: As that is really more than again in some intersecting over partnership as the key value is in stem cell transplant. So we are taking the data, and we will then also analyze and see what the best clinical route is based on that data. And so I think your question is spot on that again willing to what is the best clinical position and how to investigate that versus maybe the other pipeline assets.

Patrick Amstutz: That in the side effect that we have seen so far are IRRs and COS which is really the T cell activation. So far I don't think we have seen target dependent toxicities and Philly can talk about that. Now if the patients will tolerate this intensification, that's what we have to explore. There is and maybe there will even be a lower dose but more frequent dose that will actually end up being the most efficacious dose in the beginning.

Patrick Amstutz: That in the side effect that we have seen so far are IRRs and COS, which is really the T cell activation. So far, I don't think we have seen target dependent toxicities and Philip can talk about that. Now, if the patients will tolerate this intensification, that's what we have to explore. There is and maybe there will even be a lower dose, but more frequent dose that will actually end up being the most efficacious dose in the beginning.

Speaker Change #136: <unk> cell transplant. So we are taking the data and we will then also analyze and see what the best clinical route days based on that data.

Speaker Change #137: And so I think your question is spot on that again willing to what is the best clinical position and how to investigate that versus maybe the other pipeline assets.

Patrick Amstutz: So I think that we didn't speak about is that strongly is because we have to focus on radio. Radio is really where it's happening, where it's groundbreaking. But stem cell transplant, given the high medical need, is maybe a bit less college strategic for molecular partners. That's the way to think about it. At this point in time, we believe it high value because of the high translatability and the medical needs. We will definitely see how, if and how we then would move forward, seeing the rest of the pipeline develop. I hope that helps you more on the strategic side, how we think about this.

Speaker Change #138: So I think that we didn't speak about it that strongly is because we have to focus on radio radio is really where it's happening where its groundbreaking.

Patrick Amstutz: We also know that once the disease is on the control, we cannot dose every two to three days. That's not possible and also not practical. So then we'll go back to the weekly dosing sheen at that point in time. So that's why we're talking about the dose in intensification in the early weeks and then back to weekly. Hopefully that's done enough once the disease is on the control. We also don't expect the target mediated drug test position anymore.

Patrick Amstutz: We also know that once the disease is on the control we cannot dose every two to three days. That's not possible and also not practical. So then we'll go back to the weekly dosing sheen at that point in time. So that's why we're talking about the dose intensification in the early weeks and then back to weekly. Hopefully that's done enough once the disease is on the control. We also don't expect the target mediated drug deposition anymore.

Speaker Change #138: Stem cell transplant, given the high medical need is maybe a bit less call. It strategic for molecular partners. That's the way to think about it.

Speaker Change #138: At this point in time.

Speaker Change #138: We believe it high value because it's high translate ability antiemetic need we will definitely see how if and how we then would.

Speaker Change #138: Move forward.

Philippe Legenne: So Philly maybe you can explain a bit more and there's also some slides in our deck that where we showed that especially the patients with low disease burden profited more because obviously they also had maybe a bit less, of those problems, and there was just enough drug to keep the disease under control, Philippe. So thanks to you had a couple of compliments with Patrick, we just said, first of all, again, we have seen good variability, manageable toxicity up to now, and maybe CRS with very little pattern beyond that those CRS are.

Philip Lision: So Philip, maybe you can explain a bit more and there's also some slides in our deck that where we showed that especially the low the patients with low disease burden profited more because obviously they also had maybe a bit less, of those problems, and there was just enough drug to keep the disease under control, Philip. So thanks to you, I had a couple of compliments with Patrick, we just said, first of all, again, we have seen good variability, manageable toxicity up to now, and maybe CRS with very little pattern beyond that those CRS are.

Speaker Change #138: Seeing the rest of the pipeline developing.

Speaker Change #138: I hope that helps you more on the strategic side.

Speaker Change #139: How do we think about this.

Patrick Amstutz: Yes, certainly very helpful. Thanks. Thank you.

Speaker Change #140: Yes, certainly very helpful. Thanks.

Speaker Change #141: Thank you and this concludes our question and answer session.

Unknown Executive: And this concludes our question-and-answer session.

Unknown Executive: I would like to send the conference back over to Patrick Amstutz for closing remarks. So big thanks to everyone, and especially all the great questions we had. And I think it has turned out a good way to do it. I think we'll keep on doing a rather extensive slide deck, shorter presentation, and opening for the Q&A as you guys are following our work. You have the questions, and we love to take the time to listen to you see how we can answer those questions and remain in a very open and good dialogue. With that, I thank you all for that, all the others who were listening.

Speaker Change #141: The conference back over to Patrick for closing remarks.

Patrick Amstutz: So big thanks to everyone and especially all the great questions. We had and I think it has turned out a good way to do it I think we'll keep on doing a rather extensive slide deck shorter presentation, an opening for the Q&A. As you guys are following our work you have to questions and we lost it.

Philippe Legenne: So, and we've been carefully looking, for example, at site Opinia or Neutropinia, you know, which could be expected, which we have seen on some other programs. So, we want to identify, as Patrick said, why, because we see how you're think, or target majority of those drug disposition, then we had a dissipative. And so, we want to, and also because it's safe so far, we think we can go quicker, high. So, we put that in place.

Philip Lision: So, and we've been carefully looking, for example, at Cytopenia, or Neutopenia, which could be expected, which we have seen on some other programs. So, we want to identify, as Patrick said, why, because we see how you're sick or targeted in those drug disposition, then we had a dissipative, and so we want to, and also because it's safe so far, we think we can go quicker, high. So, we put that in place.

Patrick Amstutz: The time to listen to you see our Maui can answer those questions and remain in a very open and good dialogue with that I. Thank you all for that all the others who are listening thank salary investors for the trust and support you gave us.

Patrick Amstutz: Thanks to our investors for the trust and support you give us to team again. And we look forward to meet you at investor conferences as they come, or reach out to us if you want the meeting. We have a lot to tell. We will be sharpening the story a lot about the radio, satirical pb out there and really look forward to interacting with all of you. Thanks for that. Take care and stay safe. Thank you.

Patrick Amstutz: The team again, and we forward to meet you at Investor conferences, as they come or reach out to us. If you want the meeting we have a lot to tell we will be sharpening. The story a lot about about the radios to therapy out there and really look forward to interact with all of you.

Philip Lision: We don't know yet what will be the exact impact on the half-life, but we may still have, you know, significant sink. And that's why we do not anticipate so far too much drug accumulation. Therefore, we do not think that we would get much more on target toxicity, but we will be especially monitoring the Cytopenia. So, that's the one we are looking at most things for the moment.

Philippe Legenne: We don't know yet what will be the exact impact on the half-life, but we may still have, you know, significant sink. And that's why we do not anticipate so far too much drug accumulation. Therefore, we do not think that we would get, you know, much more on target toxicity. But we will be especially monitoring, you know, the site Opinia. So, that's the one we will be looking at most for the moment.

Patrick Amstutz: Thanks for that take care and stay safe.

Speaker Change #142: Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

Unknown Executive: This concludes today's conference call. We thank you all for attending today's presentation.

Speaker Change #142: Okay.

Speaker Change #142: Yeah.

Philippe Legenne: Can I ask a follow-up then? So, as you have modeled out the PK and the drug mediated clearance, model a specific dose. What sort of dose level do you expect to minimize your activity then in the exposure based on your preclinical model? Basically, we are ready and protocol, the amendment which we are computing in, allows for a few higher-dose escalation. So, not no dozen, but a few higher-dose escalation. And again, counting a lot on the densification, even more than the higher and the dose increase.

Philip Lision: Can I ask a follow-up then? So, as you have modeled out the PK and the drug mediated clearance model specific dose, what sort of dose level do you expect to minimize your activity then in the exposure based on your preclinical model? Basically, we are ready and protocol, the amendment which we are computing in, allows for a few higher-dose escalation. So, not no-dozen, but a few higher-dose escalation. And again, counting a lot on the densification even more than the dose increase.

Philip Lision: So, that's basically, we want to modify the exposure. We are not very far from where we would be hoping to be in terms of CMACs, but you need to work on the CTROF and longer exposure, or at least identifying all those peaks, which we already see, but want to really, you know, harmonize if I may say. So, Philip, is it fair to say from the modeling we saw that was just CMACs increase, we will not re-trop, we need that's why we need to intensify with more dose.

Philippe Legenne: So, that's basically, we want to modify the exposure. We are not very far from where we would be hoping to be in terms of CMax, but we need to work on the CTROF and longer exposure. Or at least identifying all those peaks which we already see but want to really, you know, harmonize if I may say. So, Philippe, is it fair to say from the modeling we saw that was just CMax increase, we will not retrot we need, that's why we need to intensify with more dose.

Philip Lision: Yes, we see again on one hand, we are reassured and the experts with us are reassured that we see there is an impact, you know, on the tumors. There is an impact on the blast, we really hit them, but we think it's not long-lasting enough, it's disappearing too quickly, and we need to modify that trend. So, to gain that increase in effects and especially the duration of effect. Thanks.

Philippe Legenne: Yes, we see again, on one hand we are reassured and the experts with us are reassured that we see there is an impact, you know, on the tumors. There is an impact on the blast, we really hit them, but we think it's not long-lasting enough, it's disappearing too quickly, and we need to modify that trend. So, to gain that increase in effects and especially the duration of effect. Thanks.

Philip Lision: Thank you.

Unknown Executive: Thank you.

Richard Vosser: And our next question today comes from Richard Vosser at JP Morgan. Please go ahead. Hi, thanks for taking my question. It may be another one on 0533, just back on that, I suppose, the dose intensifying after a period of time. If you then go back to weekly dosingly, are you going to have enough drug on board to maintain the response? How should we think about that?

Richard Vosser: And our next question today comes from Richard Vosser, JP Morgan, please go ahead. Hi, thanks for taking my question. It may be another one on 0533, just back on that, I suppose, the dose intensifying after a period of time. If you then go to back the weekly dosingly, are you going to have enough drug on board to maintain the response? How should we think about that? We'll be the first question.

Philip Lision: We'll be the first question. Very good question. You should join us for our protocol discussion. So, what we hope is that we are going to, you know, debug, try and say, or reduce the tumor magnitude to tumor burden, you know, because we see again, we see that we have more responses in the lower tumor burden than in the higher. So, we want to, and we hope that when we are there, then we may need less, because there could be some less less of a sink.

Philippe Legenne: Very good question. You should join us for our protocol discussion. So what we hope is that we are going to, you know, debug, try and say or reduce the tumor magnitude to tumor burden, you know, because we see again, we see that we have more responses in the lower tumor burden than in the higher. So we want to and we hope that when we are there, then we may need less because there could be some less less of a sink.

Philippe Legenne: So that's one aspect. We are still discussing, in fact, and in terms of we also want to avoid by design having chronic exposure because we are also conscious, you know, of that concept of a t-cell exhaustion. So we would them want to be continuous all the time. Then the question is, how little is enough? And so we are, in fact, discussing, you know, should you do one day of a re-exposure in that maintenance phase or more than one day, but you know that it wouldn't be continuous and it will be a short time. So we are just finalizing that discussion as we speak, but the very, very close to finalizing submit. Excellent.

Philip Lision: So, that's one aspect. We are still discussing, in fact, and in terms of, we also want to avoid by design having chronic exposure, because we are also conscious, you know, of that concept of a t-cell exhaustion. So, we would them want to be continuous all the time, then the question is, how little is enough? And so, we are, in fact, discussing, you should do one day of a re-exposure in that maintenance phase, or more than one day, but you know that it will not be continuous, and it will be a short time. So, we are just finalizing that discussion as we speak, but very, very close to finalizing submit. Excellent.

Richard Vosser: I've got a separate question, not related, so I'll get back in the queue and I'll get in a second, if it's still left. Thanks. Thanks, Richard. Thank you.

Richard Vosser: I've got, I've got a separate question, not related, so I'll get back in the queue and I'll get in a second if it's still left. Thanks. Thanks, Richard.

Sebastian van der Schubert: Thank you. And the next question comes from Sebastian van der Schubert with Kevin. Please go ahead.

Sebastian van der Schubert: And the next question comes from Sebastian van der Schubert with Kevin. Please go ahead. Hi, Dean. Thank you for taking my questions. Regarding the radio dark in, can you remind us when the clinical trial is supposed to start? And can you also give some insight into what the clinical trial design will be, how you are thinking about the different steps, and when we can see first data for the dark in the clinical trial, we are going to get it to the left payload.

Daniel Steiner: Hi, team. Thank you for taking my questions. Regarding the radio DARPIN, can you remind us when the clinical trial is supposed to start? And can you also give some insight into what the clinical trial design will be, how you are thinking about the different steps and when we can see first data for the DARPIN, can you get it to the left payload? Thank you. Yeah, so I can give you a rough outline.

Sebastian van der Schubert: Thank you. Yeah. So, I can give you a rough outline. So, we have defined the candidate. We are now starting off production. It's going to be GMP production. Then we will be working with a run a med for the bad payload. So, we are expecting clinical entry next year, second half. So, first half is not possible. And then we have guided that we are expecting to have first data. And the data will not be efficacy or safety.

Daniel Steiner: So we have defined the candidate. We are now starting off production. It's going to be GMP production. Then we will be working with the run a med for the bad payload. So we are expecting clinical entry next year, second half. So first half is not possible. And then we have guided that we are expecting to have first data. And the data will not be efficacy or safety. It will be images where we can follow the molecule.

Sebastian van der Schubert: It will be images where we can follow the molecule. That is the beauty of this setup where we can create an image after dosing and seeing where the drug is. And I think from the image we can do some predictions. I mean, what is it? Less indicated, more indicated, more in the tumor. But the safety and efficacy will obviously follow later. Now, I will be happy to hand over to the experts and Philip on the clinical side.

Daniel Steiner: That is the beauty of this setup where we can create an image after dosing and seeing where the drug is. And I think from the image, we can do some predictions. I mean, is it less indicated, more indicated, more in the tumor? But the safety and efficacy will obviously follow later.

Philippe Legenne: Now I will be happy to hand over to the experts and Philip from on the clinical side. And I think the good thing is the image is actually available rather short after those things. So you don't have to wait for three months for the pictures. You actually can get them rather fast. That's why clinical entry and initial data are rather closed together. Thanks for that. So again, you know, we want to very quickly or quickly after patients are included.

Sebastian van der Schubert: And I think the good thing is the image is actually available rather short after those things. So, you don't have to wait for three months for the pictures. You actually can get them rather fast. That's why clinical entry and initial data are rather closed together. Thanks for that. So, again, you know, we want to very quickly or quickly after patients are included, they will be imaged for bio distribution and dosing. And then on the heels of that, obviously those escalations start.

Philippe Legenne: They will be imaged for bio distribution and dosing. And then on the heels of that, obviously those escalations start. So I just also want to make sure this where envisioning, you know, a single trial with which has will have those two steps. But again, the images come first. And then therapeutic comes in. So that and obviously we would want to go what we are planning to do for the moment is to include patients with small cell and cancer mainly.

Sebastian van der Schubert: So, I just also want to make sure this where envisioning, you know, a single trial with which has will have those two steps. But again, the images come first. And then therapeutic comes in. So, that's and obviously we would want to go what we are planning to do for the moment is to include patients with small cell and cancer mainly. And depending on the signal that we get, you know, will expand in potentially the post state, you know, under print. But, you know, I think it's a bit difficult to integrate both sub population. Thank you, and as a reminder ladies and gentlemen, if you'd like to ask a question, please press star then want.

Philippe Legenne: And and and depending on the signal that we get, you know, will expand in the potentially the post state, you know, under print. But, you know, I think it's a bit difficult to integrate both sub population.

Unknown Executive: Thank you, and as a reminder ladies and gentlemen, if you'd like to ask a question, please press star then want.

Mike Nedelcovych: Our next question comes from Mike Nedelcovych with Edie Cowan. Please go ahead. Thanks for the question.

Mike Nedelcovych: Our next question comes from Mike Nedelcovych with Edie Cowan. Please go ahead. Thanks for the question. I have another follow-up on 0533, and this is maybe a slightly different version of a question I was already asked, but do you all have a CMax or an exposure level in mind at which you would expect activity, or at least more activity than you've seen, and are aiming for that level, or are you approaching this more empirically in trying to raise the dose and the dose frequency and the dose regimen and just waiting to see what you see.

Patrick Amstutz: I have another follow-up on 0533, and this is maybe a slightly different version of a question I was already asked, but do you all have a CMax or an exposure level in mind at which you would expect activity or at least more activity than you've seen and are aiming for that level, or are you approaching this more empirically in trying to raise the dose and the dose frequency and the dose regimen and just waiting to see what you see. So that's the first question.

Patrick Amstutz: So that's the first question, and then I have to admit that the language around this program is a little bit ominous in the slides. If we were in about a year that you have discontinued this program, what do you think would be the most likely reason? Would it be because your hypothesis has not pinned out, or would it be that you have so many other compelling opportunities that resource allocation has to come first, and you'll pursue those other opportunities?

Patrick Amstutz: And then I have to admit that the language around this program is a little bit ominous in the slides. If we learn in about a year that you have discontinued this program, what do you think would be the most likely reason? Would it be because your hypothesis has not pinned out, or would it be that you have so many other compelling opportunities that resource allocation has to come first and you'll pursue those other opportunities? And I realize that's not the fairest hypothetical, but I'm just curious where your minds are at at the moment. Thank you.

Patrick Amstutz: And I realize that's not the fairest hypothetical, but I'm just curious where your minds are at the moment. Thank you. Maybe Philip can take the first announcement next. Congratulations on your promotion, Philip. Please go ahead. Thanks for the support. A good question again on the CMax, and our model. Obviously, we model, and we think that we are not very far in terms of CMax from where we were wanting to be, and we see activity.

Philip Lision: Maybe Philip can take the first announcement next. Congratulations on your promotion, Philip, please go ahead. Thanks for the support. A good question again on the CMax and our model. Obviously we model and we think that we are not very far in terms of CMax from where we were wanting to be, and we see activity. So it's more about, we see too much, too quickly, the appearance of the drug, that's why we need to change, you know, evolve our... What do you think, Patrick?

Patrick Amstutz: So it's more about, we see too much, too quickly, the appearance of the drug. That's why we need to change, you know, evolve our... What do you think, Patrick? Our scheme of administration to really, let's say, have a more, again, dense approach during that first phase. So we are not very far. And we still think we can go a bit higher, and we'd like to tease that out. Again, we can do this because it has been safe up to now, or safe enough.

Philip Lision: Patrick and our scheme of administration to really have a more, again, dense approach during that first phase. So we are not very far, and we still think we can go a bit higher and we'd like to tease that out. Again, we can do this because it has been safe up to now or safe enough, but it will be much, it will be more about looking at the shape of that exporter curve more than the CMax.

Patrick Amstutz: But it will be much, it will be more about looking at the shape of that exporter curve, more than the CMax. And again, we'll have a heavy focus on the trough, because we need to have more time with, you know, higher than mean expected exporter during that time. Maybe just kind of always not a medic, but a bit more delay, man, view, and please apologize if it is too crude. But this disease progress is very fast.

Philip Lision: And again, we'll have a heavy focus on the trough because we need to have more time with, you know, higher than any expected exporter during that time. I mean, maybe just kind of always not a medic, but a bit more the layman view and please apologize if it is too crude, but this disease progress is very fast. If you cannot control the patient in the first days even, you are behind the disease.

Patrick Amstutz: If you look at the data that we also did show, I think, on slide 12, you see, we have some impact and then just the disease takes off. And so it's very important that we not only... I think it's more the trough that we actually give to those, and we give it also faster just to get the drug more chance to actually act before it's too late. And you were asking about the empiricism of it.

Philip Lision: And if you look at the data that we also did show, I think on slide 12, you see, we have some impact and then just the disease takes off. And so it's very important that we not only... I think it's more the trough that we actually gifted to those and we give it also faster just to get the trough more chance to actually act before it's too late. And you were asking about the empiricism of it.

Patrick Amstutz: I personally was surprised that we saw, let's say, no dose response in the sense of, we had patients in almost all those cohorts that responded. So we don't see it those response on, in that sense, we see activity in patients that have low disease burden. And maybe that's also why we just need to keep that out and see if we can expand that activity to more patients by what we call intensifying the dose.

Philip Lision: I personally was surprised that we saw, let's say, no dose response in the sense of we had patients in almost all those cohorts that responded. So we don't see it those response on, in that sense, we see activity in patients that have low disease burden. And maybe that's also why we just need to keep that out and see if we can expand that activity to more patients by what we call intensifying the dose.

Patrick Amstutz: And we will have a post-red ash where you then can see what those we have now. And it is definitely less than we would like. And I think that was the modeling, call it the bit surprise that we saw less, drug insurculation, and that's what we are correcting for, based on also some responses. We save it despite the low exposure. I'll now take the other part of the question which is sort of what to say.

Philip Lision: And we will have a poster at Ash where you then can see what dose we have now. And it is definitely less than we would like. And I think that was the modeling, calling it a bit surprised that we saw less drug intercalation. And that's what we are correcting for. Based on also some responses, we save it despite the low exposure.

Patrick Amstutz: I'll now take the other part of the question, which is sort of what to say. And it was a good discussion with our researchers and there is just a high medical need and everyone in the room, the KOS on the trial, but also those not on the trial that we should really test this. As we have activities, there is a need there and the higher dose thing is just what just jumps into the eye when you saw the data that we have.

Patrick Amstutz: And it was a good discussion with our researchers and there's just a high medical need and everyone in the room, the KOS on the trial, but also those not on the trial that we should really test this. As we have activities, there is a need there and the higher dose thing is just what just jumps into the eye when you saw the data that we have. So I think there is almost an ethical imperative for us to test this.

Patrick Amstutz: So I think there is almost an ethical imperative for us to test this. At the same time, outcome, we will see what it is. The good thing, and I'll turn almost your question around, is we have options. We don't have to progress this one if the radio franchise works well. That means not that we would stop it for no reason, but it puts a clear bar that we can put out there and say, if we don't reach 20 or even 30 plus response rates, if we don't have the duration of 3, 6, maybe 9 months, that's just not going to be a good amount and that's going to be a clinical response.

Patrick Amstutz: At the same time, outcome, we will see what it is. The good thing and I'll turn on almost your question around is we have options. We don't have to progress this one if the radio franchise works well. It means not that we would stop it for no reason, but it puts a clear bar that we can put out there and say if we don't reach 20 or even 30 plus response rates, if we don't have the duration of 3, 6, maybe 9 months, that's just not going to be good enough and that's going to be a clinical response.

Patrick Amstutz: I mean, that's what we're looking for. I think the KOS space more or less the same as we always had. I mean, that's what will allow you to move forward into phase 2 slash registration trial and we can just be very clean about that. I don't think it will just go away. So we will definitely update on the data. We want to update on the data and our reasoning why we would stop it or not. But I do think the idea that we have options, obviously, is a good one and the more competition there is for the cash we have, it's a good sign for the company.

Patrick Amstutz: I mean that's what we're looking for. I think the KOS space more or less the same as we always had. I mean that's what would allow you to move forward into phase 2 slash registrational trial and we can just be very clean about that. I don't think it will just go away so we will test the update on the data. We want to update on the data and our reasoning why we would stop it or not.

Mike Nedelcovych: Very helpful. Thank you. Thanks, Mike.

Patrick Amstutz: But I do think the idea that we have options, obviously, is a good one and the more competition there is for the cash we have, it's a good sign for the company. Very helpful. Thank you. Thanks Mike. Thank you. And our next question is a follow-up from Richard Vosser. It's if he's more good. Please go ahead. Hi thanks for taking my question. It was back on the radio, Dupin, side of things.

Richard Vosser: Thank you. And our next question is a follow-up from Richard Vosser. It's if he Morgan. Please go ahead. Hi, thanks for taking my question. It was back on the radio, Dupin, side of things. It may be an update on the Novartis partnership as much as you can. It gives just where we are with that one, how that's progressing relative to 0712. And when we might see something from that side of the collaboration.

Patrick Amstutz: It may be an update on the Novartis partnership as much as you can give just where we are with that one, how that's progressing relative to 0712 and when we might see something from that side of the collaboration. Maybe Donnie can give a short update and maybe just frame that obviously in our pipeline our compounds are like we have five and they're all five high priority and in the Novartis pipeline there are close to 30 compounds and that explains maybe a bit less speed but maybe over to Donnie to explain how we are progressing our pipeline and why we think we are faster and how Novartis is going forward.

Donnie Steiner: Maybe Donnie can give a short update and maybe just frame that obviously in our pipeline, our compounds are like, we have five and they're all five high priority and in Novartis' pipeline, they're close to 30 compounds and that explains maybe a bit less speed, but maybe over to Donnie to explain how we are progressing our pipeline and why we think we are faster and how Novartis is going forward. Happy to give as much insight as we can in that context of that collaboration.

Patrick Amstutz: Happy to give as much insight as we can in that context of collaboration. So as outlined on the slide, it's two specific targets we're collaborating on the Novartis. The Patrick said we're part of a bigger endeavor that Novartis takes in the whole race, Megan space, which makes a lot of sense for them to keep the leadership in a space which she's been entering as one of the first one in the field.

Donnie Steiner: So as outlined on the slide, it's two specific targets we're collaborating on the Novartis. And that's Patrick said, we're part of a bigger, bigger endeavor that Novartis takes in the whole race, Megan space, which makes a lot of sense for them to keep the leadership in a space, which has been entering as one of the first ones in the field. So we're progressing there with the candidates, we're analyzing the candidates. And as many of you know, or might know that are well knowledgeable in the field is like, it's a lot about testing, bringing forward molecules testing them in vivo models, take going through the iterations, and there it's just like one observation we are making with Orano-Made and that's turning the other side of the whole equation.

Patrick Amstutz: So we're progressing there with the well knowledgeable in the field is like it's a lot about testing bringing forward molecules testing them in vivo models, taking it through the iterations and there it's just like one observation we are making with Oranomade and that's turning the other side of the whole equation. If Oranomade on board found a partner that is extremely agile and following our approach to test as quick as possible as many as possible candidates in the relevant models often in vivo models.

Donnie Steiner: If Orano-Made on board found a partner that is extremely agile and following our approach to test as quick as possible as many as possible candidates in the relevant models. Often in vivo models, unfortunately, there is not a lot of pre-clinical, in vitro models that help you to predict the outcome in the in vivo models. So that's how we're progressing and that's why I think also we're that allowed us that agility and way to maneuver that whole pre-clinical pipeline allowed us to nominate the first candidate for Orano-Made.

Patrick Amstutz: Unfortunately, there is not a lot of pre-clinical individual models that help you to predict the outcome in the in vivo models. So that's how we're progressing and that's why I think also we are that allowed us that has GLEDT and waiting to maneuver that whole pre-clinical pipeline allowed us to nominate the first candidate for Oranomade and I'm very much looking forward to also nominate sort of candidates in that collaboration. And maybe just I will add because there is a bit of a conceptual difference between how Novartis looks at radio and weeds and it goes back to the isotopes that we have.

Donnie Steiner: And I'm very much looking forward to also nominate further candidates in that collaboration. And maybe just I will add because there is a bit of a conceptual difference between how Novartis looks at radio and weed and it goes back to the isotopes that we have. And we work with lead which has a very short half life and the decay and the blood is likely going to be much more safe than if you have to teach him or even actinium.

Donnie Steiner: And the jury there is out but Novartis also is looking for a slightly different profile than what we are looking for because we have different isotopes. So not all learnings and not all technology that we are developing for our pipeline is one to one addressing the Novartis needs. So it's also there is a slight difference and not every learning from a random collaboration from what we do applies directly to Novartis. And that is their history on Beto and now maybe more actinium versus lead. Thanks. Thank you. Thanks. Thank you. Thank you guys.

Patrick Amstutz: We are looking for because we have different isotopes so not all learnings and not all technology that we are developing for our pipeline is one to one addressing the Novartis needs. So it's also there is a slight difference so not every learning from a random collaboration from what we do applies directly to Novartis. And that is their history on beta and now maybe more actinium versus lead. Thank you. Thanks. Thank you.

Patrick Amstutz: And our next question is a follow up from Daina Graybosch who are our partners. Please go ahead. Thank you guys. The discussion on MPO533 has been very helpful so I have one more follow up there. And when I look at page 11 in your presentation and the talks, I do see some of the talks you said you'd be looking out for. So it looks to me like two grade three febrile neutropenias as well as some grade three lymphopenia.

Philip Lision: The discussion on MPO 533 has been very helpful. So I have one more follow up there and when I look at page 11 in your presentation and the talks. I do see some of the talks you said you would be looking out for. So it looks to me like two grade three febrile neutropenias as well as some grade three lymphopenia. And I wonder if you could talk for those toxicities and those patients and why that shouldn't be concerning in terms of the therapeutic window and the talks that is most on target.

Patrick Amstutz: And I wonder if you could talk through those toxicities and those patients and why that shouldn't be concerning in terms of the therapeutic window and the talks that is most on target. Yeah, I'll just like in general that's why I think just to try and what Philip was saying, we're not only trying to do the C max but the C trough by more frequent dosing but Philip, maybe you'll give an insight.

Philip Lision: Yeah, I'll just like in general, that's why I think just to try and what Philip was saying, we're not only trying to do the C max, but the C trough by more frequent dosing, but Philip, maybe you'll give an insight. And also, so good, good, good review. And obviously we are following those. What we do, we also have obviously a dose escalation committee. What I just want to say is that we are following those very carefully and not just us.

Patrick Amstutz: And also, so good, good, good, good review. And obviously we are following those. What we do, we also have obviously a dose escalation committee. What I just want to say is that we are following those very carefully and not just us. Okay, so I'm comfortable talking here with our dose escalation committee and our safety. Here is you coming. So basically those are mainly or those are mainly. He's related and and they are non and they are non lasting.

Philip Lision: Okay, so I'm comfortable talking here with our dose escalation committee and our safety. Here is you coming. So basically those are mainly or those are mainly. He's related. And. And they are non and they are non lasting. So and it's always difficult to educate you know in the context of of such a trial, but for the moments we have not seen. We have discussed that length and have the not not they are in a way it's hard to completely say that they are not related because they happen in a temple during the trial.

Patrick Amstutz: So and it's always difficult to educate you know in the context of of such a trial. But for the moment, we have not seen we have discussed that length and have the not not they are in a way it's hard to completely say that they are not related because they happen. New template during the trial, however with a dedication, they are not, you know, worrying from the study, safety committee standpoint. So we will keep obviously looking at this and we want to see whether is that transforming into a pattern or not but so far we do not think it is.

Philip Lision: However, with education, they are not, you know, worrying from the study, safety committee standpoint. So we will keep obviously looking at this and we want to see whether is that transforming into a pattern or not, but so far we do not think it is. Again, you know, just maybe one last thought on this, as Patrick has mentioned, we need to, you know, the best proof of that will be to show that because the drug is active very quickly in those patients, basically we see, you know, a reduction or non-occurrence of those.

Patrick Amstutz: Again, you know, just maybe one last thought on this, as Patrick has mentioned, we need to, you know, best proof of that will be to show that because the drug is active very quickly in those patients, basically we see, you know, a reduction or non-occurrence of those. It's very difficult to keep that promise in the context of the relapse refractory patients, but that's what we want to aim at. And that's why we say, we should take more risk to find any symptoms of CET because we think we can identify that exposure during the first movements.

Philip Lision: It's very difficult to keep that promise in the comments. But there's other relapse refractory patients, but that's what we want to do, aim at. And that's why we say we should take more risk to find any symptoms of safety, because we think we can. And then see if I that exposure during the first weekend. Thanks. Thanks, Dana. Thank you.

Patrick Amstutz: Thanks, Daina. Thank you. And our next question today comes from George Zimmerman with Octavian, please go ahead. Yeah, thank you. Thank you to the Molecular Partners Team for the presentation and entering all the questions. So we've talked quite a bit about MP533 and the radio dark in area and platform. I feel we have not talked too much about the switch program, so maybe just a little update also as well on the progress with your switch platform.

George Sumerman: And our next question today comes from George Sumerman with Octavian.

Patrick Amstutz: Please go ahead. Yeah, thank you. Thank you to the Molecular Partners Team for the presentation and entering all the questions. So we've talked quite a bit about MP 53 and the radio dark in area and platform. I feel we have not talked too much about the switch program. So maybe just a little update also as well on the progress with your switch platform and use specifically mentioned additional pre-clinical data announced in age two this year still.

Patrick Amstutz: And you specifically mentioned additional pre-clinical data announced in age two this year still. So what can we expect there? Can you give us a little bit of flavor also in particular to the translate ability of those data? Great question. And so maybe I'll quickly elude to the switch platform that is an either or dark pin so we can create in an immune cell engagement, an off-dark pin that is switched on while we target, while an on target.

Patrick Amstutz: So what can we expect there? Can you give us a little bit of flavor also in particular to the translate ability of those data? Great question. And so maybe I'll quickly allude to the platform that is an either or dark pin so we can create in an in selling nature, an off star pin that is switched on while we target while on target. And in this case, it's a sea kit switched on sea.

Patrick Amstutz: And in this case, it's a sea kit switched on sea kit where we then bind or open lock CD47 and engage NK macro stage to kill. So this molecule is at the moment we are running non-primates trials and we expect the translate ability to be rather high from the data we have in the signal versus the human. The data will collect and that will also inform obviously a clinical trial. And there we are looking into different routes and one could be more into call it AML the other more into more global stem cell conditioning.

Patrick Amstutz: Where we then bind or open block CD 47 and engage in macro state to kill. So this molecule is at the moment we are running non primate trials and we expect translate ability to be rather high from the data we have in the signal versus the human. The data will collect and that will also inform obviously a clinical trial and there we are looking into different routes and one could be more into call it AML.

Patrick Amstutz: The other more into more global stem cell conditioning. AML is a very high bar because you need very complete killing stem cell conditioning is a high medical need in the field for all the gene therapy companies. But a bit less on our radar as that is really more than again in some intersecting of partnership as the key value is in stem cell transplant. So we are taking the data and we will then also analyze and see what the best clinical route is based on that data.

Patrick Amstutz: AML is a very high bar because you need very complete killing stem cell conditioning is a high medical need in the field for all the gene therapy companies, but a bit less on our radar. As that is really more than again in some intersecting over partnership as the key value is in stem cell transplant. So we are taking the data and we will then also analyze and see what the best clinical route is based on that data.

Patrick Amstutz: And so I think your question is spot on that again willing to what is the best clinical position and how to to investigate that versus maybe the other pipeline assets. So I think that we didn't speak about is that strongly is because we have to focus on radio radio is really where it's happening where it's groundbreaking. But stem cell transplant given the high medical need is maybe a bit less college strategic for molecular partners.

Patrick Amstutz: And so I think your question is spot on that again willing to what is the best clinical position and how to to investigate that versus maybe the other pipeline assets. So I think that we didn't speak about is that strongly is because we have to focus on radio radio is really where it's happening where it's groundbreaking, stem cell transplant given the high medical need is maybe a bit less college strategic for molecular partners.

Patrick Amstutz: That's the way to think about it. At this point in time we believe it high value because of high translatability and the medical need we will definitely see how if and how we then would move forward seeing the rest of the pipeline develop. I hope that helps you more on the strategic side how we think about this. Yes, certainly very helpful. Thanks. Thank you.

Patrick Amstutz: That's the way to think about it. At this point in time we believe it high value because of the high translatability and the medical needs we will definitely see how if and how we then would move forward seeing the rest of the pipeline develop. I hope that helps you more on the strategic side how we think about this. Yes, certainly very helpful. Thanks. Thank you.

Unknown Executive: And this concludes our question and answer session.

Patrick Amstutz: And this concludes our question and answer session. I would like to send the conference back over to Patrick Amstutz for closing remarks. So big thanks to everyone and especially all the great questions we had. And I think it has turned out a good way to do it. I think we'll keep on doing a rather extensive slide deck, shorter presentation and opening for the Q&A as you guys are following our work. You have the questions and we love to take the time to listen to you see how we can answer those questions and remain in a very open and good dialogue.

Patrick Amstutz: I would like to send the conference back over to Patrick Amstutz for closing remarks. So big thanks to everyone and especially all the great questions we had. And I think it has turned out a good way to do it. I think we'll keep on doing a rather extensive slide deck, shorter presentation and opening for the Q&A as you guys are following our work. You have the questions and we love to take the time to listen to you.

Patrick Amstutz: See how we can answer those questions and remain in a very open and good dialogue with that. I thank you all for that. All the others who were listening. Thanks our investors for the trust and support you give us to team again. And we look forward to meet you at investor conferences as they come or reach out to us. If you want the meeting, we have a lot to tell. We will be sharpening the story a lot about the radio, satirically be out there and really look forward to interact with all of you. Thanks for that. Take care and stay safe. Thank you.

Patrick Amstutz: With that, I thank you all for that all the others who were listening. Thanks our investors for the trust and support you give us to team again. And we look forward to meet you at investor conferences as they come or reach out to us if you want the meeting. We have a lot to tell. We will be sharpening the story a lot about about the radio, satirical pb out there and really look forward to interact with all of you. Thanks for that. Take care and stay safe. Thank you.

Unknown Executive: This concludes today's conference call. We thank you all for attending today's presentation.

Unknown Executive: This concludes today's conference call.

Unknown Executive: We thank you all for attending today's presentation.

Unknown Executive: You may now disconnect your lines and have a wonderful day.