Q4 2024 Molecular Partners AG Earnings Call

Speaker Change: [music].

Unknown Executive: © BF-WATCH TV 2021 Good morning and welcome to the Molecular Prtnrs 4th quarter and full year 2024 results call.

Good morning, and welcome to the molecular partners fourth quarter and full year 'twenty 'twenty four results call. All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing Star then zero on your telephone keypad. After today's presentation, there will be an opportunity to west.

Unknown Executive: All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad.

Unknown Executive: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad. To withdraw your question, please press star then 2.

Question two.

Good question you May Press Star then one on your telephone keypad to withdraw your question. Please press Star then two.

Unknown Executive: Please note this event is being recorded.

Speaker Change: Please note. This event is being recorded I would now like to turn the conference over to Seth Lewis Senior Vice President Investor Relations and strategy. Please go ahead.

Seth Lewis: I would now like to turn the conference over to Seth Lewis, Senior Vice President, Investor Relations and Strategy. Please go ahead. Thanks, Drew.

Okay.

Speaker Change: Thanks drew.

Seth Lewis: And welcome, everybody, to the Molecular Prtnrs Year-End Results in 2024 Highlights Call.

Patrick <unk>: Welcome everybody to the molecular partners year end results and the 'twenty 'twenty four highlights call. My name is Seth Lewis and I am joined today by members of our senior leadership team, including Patrick <unk>, Chief Executive Officer, Robert Hendrix, SVP of finance the lead Gen.

Seth Lewis: My name is Seth Lewis, and I'm joined today by members of our senior leadership team, including Patrick Amstutz, Chief Executive Officer, Robert Hendricks, SVP of Finance, Philippe Legenne, Chief Medical Officer, and Michael Stump, Executive Vice President of Projects and head of the DLL3 radio program. The team will make some prepared remarks, and then we will open the call for your questions. If you haven't had a chance to see the press release issued yesterday after market close, you can find it on our website, www.molecularprtnrs.com, where you can also access a copy of today's presentation.

Patrick <unk>: A medical officer, and Michael Stump Executive Vice President of projects and head of the DLL three radio program.

Patrick <unk>: The team will make some prepared remarks, and then we will open the call for your questions. If you haven't had a chance to see the press release issued yesterday after market close you can find it on our website www dot molecular partners Dot Com, where you can also access a copy of today's presentation.

Seth Lewis: Today's call is being recorded and will be available for replay. Before we begin, I'd like to remind you that management will be making forward-looking statements about the future development of certain programs. These statements reflect the current estimates of Molecular Prtnrs and are subject to change. For the most up-to-date information, please visit our website, www.molecularprtnrs.com.

Patrick <unk>: Today's call is being recorded and will be available for replay.

Patrick <unk>: Before we begin I would like to remind you that management will be making forward looking statements about the future development of certain programs. These statements reflect our current estimates of molecular partners and are subject to change for the most up to date information. Please visit our website www dot molecular partners dot com with that I'll turn the call over to Patrick <unk>.

Patrick Amstutz: With that, I'll turn the call over to Patrick Amstutz. Patrick, please go ahead.

Patrick <unk>: Patrick Please go ahead.

Patrick Amstutz: I thank Seth for the intro and kicking off the call, and please again, go to our website and grab the presentation, and we will be referring to a slide number that we're on, and the slide number that I will kick off with is slide number five. You're welcome from my side, great to have you all on this call.

Speaker Change: Hey, Thanks, Seth for the intro and kicking off the call and please again go to our website then wrap the presentation and we will be referring to a slide number that we are on the slide number that I will kick off with <unk>.

Patrick <unk>: Number five.

Patrick <unk>: Warm welcome from my side, it's great to have you all on this call.

Patrick Amstutz: Before diving into the highlights 24, we did put on the 20 years Molecular Prtnrs logo because it is our 20 years anniversary and it coincides with being 10 years listed on the Swiss and then later on the US Stock Exchange. And it has been 20 years of a quest to make. Drugs that matter for patients. And we have never gone away from that. And this has really brought us where we are. And if we look back, it has not been a straight line. It is hard work for specific results. And twice, we actually reached clinical POC with the WET-AMT drug in Bikipor and with the COVID drug in Sovibet.

Patrick <unk>: Before diving into the highlights 24, I, we did put on the 20 years molecular partners local because the days, our 20 years anniversary and it coincides with being 10 years at least on on the suites and then later on the U S stock exchange and it has been 20 years off.

Patrick <unk>: The quest who made.

Patrick <unk>: Please drop that mats are for patients and we have never.

Patrick <unk>: On away from that and this has really brought us where we are and if we look back it has not been a straight line. It is hard work for specific results.

Patrick <unk>: We actually reached clinical pop.

Patrick <unk>: With the wet AMD drug I beg, your pardon and with the Covid drug and Sylvia bet.

Patrick Amstutz: And I think the call today is really to highlight where we are and how we are lining up our new programs to be in a position to have more of such readouts in the future. So let's look at the highlights 2024 and what we have done. It was a year of execution to get our programs closer to that clinic. Let me start with the RadioDARPIN franchise, where we have TLL3 targeting 712, that is our lead compound, passing all IND-enabling studies and ready to go into the clinics, and Michael will be talking about that. We also selected a new target.

Patrick <unk>: The call today is really to highlight where we are and how we're lining up our new programs to be in a position to have more of such readout in the future.

Patrick <unk>: So let's look at the highlights 'twenty 'twenty four and what we have done it was a year of execution to get our programs closer to that clinical readouts.

Patrick <unk>: Let me start two way radio dark pin franchise, where we have CLO three targeting 712 studies our lead compound.

Patrick <unk>: Passing all IMD, enabling studies and ready to go into the clinics and Michael will be talking about that.

Patrick <unk>: We also selected the new targets and I mean, if we say selected the target. It also means that we have data. We just took at target and it is meso Dalian and we'll touch on that too.

Patrick Amstutz: And, I mean, if we say selected a target, it also means that we have data. We not just took a target, and it is mesothelian, and we will touch on that, too. And maybe most importantly, this third bullet point is the expansion of our Oranomet collaboration. And as you know, in the radio field, we bring the vector, but we still need access to an isotope. An isotope supply is challenging. And with this collaboration, we have secured 10 slots for products, real products, not just candidates, products for lead 212, one of the most promising isotopes out there.

Patrick <unk>: And maybe most importantly, the third bullet point is the expansion of our Colorado met collaboration and as you know in the radio field, we bring them back to <unk>, but we still need access to an isotope and isotope supply is challenging and with these collaborations we have secured 10 slots.

Patrick <unk>: Off.

Patrick <unk>: Pro Doc Rio products, not just candidates pro Doc for led to 12, one of the most promising isotopes out there. So I think he's one of the possibly most important things up last year that we have secured.

Patrick Amstutz: So, I think that is one of the possibly most important things of last year that we have secured.

Patrick Amstutz: access to our On the Keystone Engager side, it is 533, where a year ago, we had mediocre or underwhelming results. And it was a year of understanding those, working with our investigators and putting that back on track. And Philippe will talk about that, how we have tackled the target-mediated destructive disposition problem, and are very curious and hopeful to see what the future will bring.

Patrick <unk>: Access to isotope.

Patrick <unk>: On the T cell engagement side today is 533, where a year ago, we had.

Patrick <unk>: <unk> are underwhelming results and it was a year of understanding dose working with our investigators and putting that back on track and Philip will talk about that how we have tackled the target mediated dropped it.

Patrick <unk>: Vision problems and are very curious.

Patrick <unk>: You can see what the future will bring.

Patrick Amstutz: On the switch side, there was a bit of a change. A year ago we were moving 6 to 1 that was the NK engager and switch. We have called it upgraded that to the T cell switch and we will talk about that as we move.

On the switch side, there was a bit of a change a year ago, we were moving to one that was the NK engage her and switch.

Patrick <unk>: Call it upgraded that to the T cell switch and we will talk about that as well.

Patrick <unk>: He moves.

Patrick Amstutz: There's another program, 317. It is less of strategic focus today, but still we finalized the phase one. We had very good safety. We saw biological activity, and we will be moving this one forward in combination with the PD-1 in an investigator-initiated trial.

Patrick <unk>: Another program 317, it is less of a strategic focus today, but still we finalized phase one we had very good.

Patrick <unk>: It's still a biological activity and we will be moving this forward in combination with the PD one investigator initiated trial we ourselves.

Patrick Amstutz: We, ourselves, And last but not least, we did a small financing round late last year to bring in our friends from HBM, a very strong, reputable Swiss investor, and the round was also backed by existing like DVF and Suvretta, adding $20 million to our treasure chest, which makes us well So with that... Let's move to the next slide. I'm now on slide number six. Yep, the pipeline. Now it's five. Okay, thanks for that. So slide number five.

Patrick <unk>: Besides that we would not invest that much but we still see a potential future for it and there is support from the investigators to move it forward.

Patrick <unk>: Last but not least we did a small financing round late last year to bring in our friends from H.

Patrick <unk>: Very stronger Pizza box suites Investor Day round was also back seems like PBF and soubrette, so, adding 20 million to our treasure chest, which begs is well capitalized with a runway into 27 also well beyond those inflection points that I was pointing out before.

Patrick <unk>: So with that.

Patrick <unk>: Let's move to the next slide I'm now on slide number six.

Patrick <unk>: Six.

Patrick <unk>: Okay. Thanks, a lot.

Patrick <unk>: Yeah.

Patrick <unk>: This one the pipeline isn't that none of the five now it's five so well [laughter]. Okay. Thanks for that so on slide number five.

Patrick Amstutz: Let me quickly start with what is missing on this slide and what is less important. The one line that is missing is the Novartis collaboration. So you remember three years ago we entered into collaboration with Novartis on two targets and we made darpens against those two targets and moved them into research. Over the years, they did not progress that fast, the results were there, but I think both Novartis and Molecular Prtnrs did not see the strategic interest in the target. This happens, and maybe an explanation is all those research targets that we're moving, we never talk about before it is a candidate for exactly this reason, because often you don't move a target forward.

Patrick <unk>: Let me quickly start with what is missing on this slide and what is less important.

The one line that is missing is the Novartis collaboration. So you remember three years ago, we entered into a collaboration with Novartis on two targets and we made dark against those two targets and moved them into research.

Patrick <unk>: Over the years, they did not progress that fast the results were there, but I think both novartis and molecular partners.

Patrick <unk>: And so they did not see the strategic interest in the target keeps happens and maybe an explanation needs all of those research targets that we're moving we never talk about before it is a candidate for exactly this reason because often you don't move it targets forward in this case because it was the novartis collaboration they were there.

Patrick Amstutz: In this case, because it was the Novartis collaboration, they were there, and Novartis now after three years, that was the research term, decided not to move forward. We agree with that, we would also not move forward, so that line is missing. There was no technological setback, it was just not the right targets in the right time. They might come back, but as of now, this is not where we or Novartis are.

Patrick <unk>: Now after three years that once the research term decided not to move forward. We agree with that we would also not move forward. So that line is missing there was no technological SAP Packer was just not the right targets and the right time, they might come back but as of now this is not where we or novartis would invest.

Patrick Amstutz: The other one that we are not actively moving forward is 621, a nice molecule in HSCT, so stem cell transplant, we said that is not our focus interest, the success of 533 and also the success of the radio franchise is much more prevalent and important, so that is one that we can sort of put on hold and opt for part 2. Now, where are we focusing? This is 5.33 and the radio franchise.

Patrick <unk>: The other one that we are not actively moving forward is 621, a nice molecule in H S. E T. So stem cell transplant.

Patrick <unk>: That is not our focus interests to successful <unk> three three and also the success of the radio franchise is much more relevant and important. So that is one that we can sort of put on hold up for park.

Patrick <unk>: Now where are we focusing.

Speaker Change: Says three three and the radio franchise and I will hand over to Filip later, our chief Medical talk about size three three in AML and all the progress and micro stump, who will be walking you through the radio work on $7 12, and the latest problem nasal saline and our collaboration with Iran.

Patrick Amstutz: And I will hand over to Philippe later, our chief medic, to talk about 5.33 and AML and all the progress.

Patrick Amstutz: And Michael Stump will be walking you through the radio work on 7.12 and the latest from mesothelium and our collaboration with Orion.

Patrick <unk>: Right.

Robert Hendriks: So before we go there, I'll hand over to Robert to give us the overview of the financial situations. Over to you, Robert. Thank you, Patrick. I hope you can all hear me well. Good morning, good afternoon to everyone on the call.

Patrick <unk>: So before we go there I will hand over to Robert to give us the overview of the financial situations over to you Robert.

Robert Hendrix: Thank you Patrick I Hope you can all hear me well good morning, good afternoon to everyone on the call.

Robert Hendriks: I'd like to run you briefly through the key figures of last year and the guidance for the year 25. My name is Robert Hendriks and I'm the SVP of Finance here at MP. The numbers that I will present are stated in million Swiss francs. More detail can be found in the press release as well as in the appendix to this presentation. Yesterday we also published our full annual report in a 20F, so plenty of opportunity to dive into more detail. The entire presentation is also available on the website.

Robert Hendrix: Elektron you briefly through the key figures of last year and the guidance for the year 25.

Robert Henrikson: My name is Robert Henrikson, SVP of finance here with M. P.

Robert Henrikson: The numbers that I will present are stated in millions with shrinks more detail can be found in the press release as well as in the appendix to this presentation yesterday. We also published our full annual report in the 20-F so.

Robert Henrikson: <unk>.

Robert Henrikson: Plenty of opportunity to dive into more detail. The entire presentation is also available on the website.

Robert Hendriks: Moving on to slide number 7 on the key figures, there are a few numbers that I'd like to highlight here. First of all, the revenue number 5 and 7. As Patrick has just mentioned, this is exclusively coming in both of these years from the Novartis collaboration. In 24, we recognized the last part of the upfront that we had received back in 2012. too.

Robert Henrikson: Moving now to slide number seven on the key figures.

Robert Henrikson: There are a few numbers to that I'd like to highlight here first of all the revenue number.

Robert Henrikson: Five and seven.

Patrick <unk>: As Patrick has just mentioned this is exclusively coming in both of these years from the <unk>.

Speaker Change: Novartis collaboration.

Speaker Change: In 'twenty four we recognized in the last part of the.

Speaker Change: From that we had received back in 'twenty.

Speaker Change: True.

Robert Hendriks: And there is no more revenue to be coming from this collaboration. So that's on the revenue. Then the operating expenses at 66 million, well within the guidance that we gave, that was 65 to 70. Just a high level breakdown without too much detail around 40, 74% of these costs are R&D related. So pushing the product through the pipeline there. The overall costs have been fairly stable over the years.

Speaker Change:

Speaker Change: And there is no more revenue to be coming from this collaboration so.

That's on the revenue then the operating expenses at $66 million well within the guidance that we gave.

Speaker Change: There was 65 to 70.

Speaker Change: Just a high level breakdown without too much detail around 40, 74% of these costs are R&D related so pushing.

Speaker Change: The the products through the pipeline there.

Speaker Change: Overall costs have been fairly stable over over the years.

Robert Hendriks: The third number, just to highlight, if you look at the overview, is the net financial result. Clearly we benefited. from high interest rates on our US dollar denominated deposits. This number is clearly volatile by design. And this year, I think we, as I said, benefited from the FX rate, the interest rates. And through the small race we did in October, we gained another $20 million. So that added to the dollar pool that we have. With that an intro also to the cash balance at the end of the year ending with 149 million down from 187 at the end of last year, so resulting in a year-on-year cash investment of around 38, taking into account the receipts from the capital raise in October.

Speaker Change: The third number just to highlight if you look at the overview is the net financial result, there clearly we benefited.

Speaker Change: From high interest rates on our U S. Dollar denominated deposits. This number is clearly if all the time by design in this year.

Speaker Change: We have benefited from.

Speaker Change: The FX rate the interest rate.

Speaker Change: Through the small race we did.

Speaker Change: However, we gained another $20 million so that added <unk> to the dollar pool that we have.

Speaker Change: With that as an intro also to the cash balance at the end of the year spending with 149 million down from one seven at the end of last year.

Speaker Change: So resulting in a year on year cash investment of around 38 taken into accounts the receipts from the capital raise in October.

Robert Hendriks: The cash burn therefore for the year is around 54 million. This December 24 balance of 149 million will carry us well into 27 and we consider this continues to put us in a privileged position in the industry and also like to remind here that the company has been and remains without debt.

Speaker Change: The cash burn therefore for the year is around 54 million.

Speaker Change: This December 24 balance over 100, unfortunate 1 million will carry us well into 2007 and we consider this continues to put us in a privileged position in the industry.

Speaker Change: And also like to remind here that the company.

Speaker Change: It has been and remains without debt.

Robert Hendriks: All these numbers combined on this page, we feel these numbers tell the financial story of MPN24 and show the continued solid financial state of the company.

Speaker Change: All these numbers combined on this page we feel these numbers total financial story of M. P. In 'twenty four and showed continued solid financial state of the company.

Speaker Change: Now moving onto the next slide just a few words on the guidance for 25.

Robert Hendriks: Then moving on to the next slide, just a few words on the guidance 425. We will not guide on revenue or any other metric in terms of total operating expenses. We do guide for a total of 55 to 65 million, of which around 7 million are expected to be non-cash. And as always, this guidance is subject to the progress and changes in our pipeline and excludes any potential payments related to partnerships.

Speaker Change: We will not guide on revenue or any other metric.

Speaker Change: In terms of total operating expense, which we do guide for a total of 55 to 65 million of which around 7 million are expected to be noncash.

Speaker Change: And as always this guidance is subject to the progress and changes in our pipeline and excludes any potential payments related to partnerships.

Robert Hendriks: So to summarize and conclude here, what is relevant to remember from these numbers, I would say, is the continued financial base, solid financial base, entering into 2025 that will allow us to continue to invest in our pipeline and to bring drugs to patients. Thank you for your attention.

Speaker Change: So to summarize and conclude here with us relevant to remember from these these numbers I would say is to continued financial base.

Speaker Change: Let's financial base entering into 25 that will allow us to continue to invest in our pipeline and to bring drugs to patients.

Speaker Change: Thank you for your attention I will be happy to take any questions. During the Q&A later.

Robert Hendriks: I will be happy to take any questions during the Q&A later.

Michael Stump: And with that, I'd like to hand over to Michael Stumpf, who will talk about our radio DARPA in the program. Over to you, Nicky. Thanks very much, Robert. Good morning. Good afternoon, everyone. I hope you can also hear me well. I'm really very happy and proud about the progress and all the achievements the various teams have made in the year 2024. And let me first of all already acknowledge our collaboration partner, Ranomad, who is making all of this possible. I'll speak a bit more in detail later. And 2025 is really the year with the first clinical data from the radio darkrooms and lead.

Speaker Change: With that I'd like to hand over to <unk>.

Michael Stump: Michael <unk>, who will talk about our radio DARPA programs.

Speaker Change: Over to you.

Speaker Change: Yeah.

Speaker Change: Thank you very much Robert.

Speaker Change: Good morning, Good afternoon, everyone. I Hope you can also hear me well.

Speaker Change: I'm really very happy and proud about the progress in all the achievements that the various teams have made in the year 2024.

Speaker Change: And let me first of all already economics, our collaboration partner Rama Matt.

Speaker Change: Taking all of this possible I'll speak a bit more in detail later in 2020 fives threes a year. The first clinical data from the radio dollars Internet and that's why I'm. So excited to be here things are moving forward and Thats quickly look back but also the index.

Michael Stump: And that's why I'm so excited to be here. Things are moving forward. And let's quickly look back, but also then let's look a bit forward together. So moving on to slide 10. I'm pretty sure you have heard about the DARPINs before, so the big blue picture there, that's where we put a lot of effort into understanding what's the ideal properties of a radiopharmaceutical. It involves some protein engineering, but it also certainly involves the linker, chelator, and of course we also explored half-life extenders. Most importantly, however, for the patient's benefit is the alpha-emitting therapeutic isotope, so that's the 212 version of lead, which has proven clinical efficacy, thanks to our collaborators from Oronamid.

Speaker Change: Forward together.

Speaker Change: So moving on to slide 10.

Speaker Change: I'm pretty sure you have heard about the dark jeans before so the big Blue picture there.

Speaker Change: We put a lot of effort into understanding what's the ideal properties of the radiopharmaceutical.

Speaker Change: Ebola is protein engineering, but it also certainly boost the linker T. Later and of course, we also explored half life extended.

Speaker Change: Most importantly, however, the patient benefit is the final therapeutic isotopes with 212 version of met which has proven clinical efficacy things travel collaborators.

Speaker Change: Along with it.

Michael Stump: It gives release to a lot of high energy immediately within a very short time, and cells then undergo double-strand DNA damage. And because it has a relatively short half-life, it also seems to have an ideal waste management, and the safety profile is so far so good. Of course we need to explore further in patients.

Speaker Change: <unk> released a lot of high energy immediately within a very short time.

Speaker Change: So.

Speaker Change: <unk> DNA damage and because it is a relatively short half life. It also seems to have an idea waste management and the safety profile. So far so good of course to explore further in patients.

Michael Stump: So, all in all, we think that the dark pins are the ideal partner for lead, and that's what we are going to establish in the future. So moving on to slide 11, let's quickly have a closer look at why Oronamid is really one of the leaders in the targeted alpha therapy field. They're one of the pioneers. And I think the very, very big reason to mention here is they have the supply chain fully under control with virtually unlimited starting materials. You see a picture, these 22,000 drums of 232 thorium, that's where it starts with. So there is really unlimited supply.

Speaker Change: So all in all we think that the dollar opinions are the ideal partner for that.

Speaker Change: That's what we are going to establish in the future.

Speaker Change: So moving on to slide 11.

Speaker Change: We have a closer look and why it is really one of the theaters in the targeted therapy field.

Speaker Change: They are one of the pioneers and that seems to very very big reason to mention.

Speaker Change: The supply chain.

Speaker Change: We have virtually unlimited starting materials you can see a picture these 22002.

Speaker Change: Thorium.

Speaker Change: Great start sweeps.

Speaker Change: To supply.

Michael Stump: Oranomet also recently validated their approach by an agreement with Sanofi, which is of course one of the pharmaceutical players in the field, and that included their lead asset, the Alphametics program, which has shown very nice clinical data presented last year at ASCO. And of course, there are a couple of technical advantages. That's how our team chose to focus on that. Again, the short half-life, it makes it relatively easy for patient administration. They don't have to stay very long until they are so-called cleaned. The waste management is an asset and a very high energy release from the alpha emitter with a clean decay chain.

Speaker Change: Volume. It also recently validated approached by an agreement with.

Speaker Change: Sanofi.

Speaker Change: Of course, one of the pharmaceutical players in the field.

Speaker Change: That includes <unk>.

Some headaches program, which is very nice clinical data presented last year at Costco.

Speaker Change: And of course, there are a couple of technical advantage. That's how our teams chose to focus on that again, the short half life makes it relatively easy for pace.

Speaker Change: Patient administration, they don't have to stay very long until now so called Cleveland.

Speaker Change: Management is said.

Speaker Change: And the very high energy reduce from the outside.

Speaker Change: <unk> changed so lots of reasons to.

Michael Stump: So lots of reasons to believe that this is the ideal isotope. We didn't stop there. This partnership was greatly expanded, and that's what really changed late last year. In the beginning of the year, we announced it around J.P. Morgan. So it's a global partnership expansion, more and above and beyond what we had before. We are now basically together the owner of 10 projects. that are composed of lead and protein moiety. And the first one has been designated MPO 712. I'll talk in more detail. That's our DLL3 program. And we have also announced and this is our second DALPIN program together with Oranomet in the 55th COSGEN.

Ross: This is the idea of isotopes Ross.

Speaker Change: We didn't stop there.

Speaker Change: The partnership was greatly expanded and that's what really changed late last year to the beginning of the year, we announced at Jpmorgan.

Speaker Change: Global partnership expansion.

Speaker Change: Above and beyond.

Speaker Change: Sure.

Speaker Change: No basically together.

Speaker Change: 10 products.

Speaker Change: All right.

Speaker Change: Protein loyalty.

Speaker Change: The first one has been designated.

Speaker Change: 712, I talk in more detail the three program.

Speaker Change: Also announced.

Speaker Change: Second.

Speaker Change: Program together with Obama.

Speaker Change: Question split.

Michael Stump: Beyond that, we have two NPO programs, number five and six here, where there is an opt-in, and then we have another four NPO program.

Speaker Change: One that we have.

Speaker Change: Two mpls programs.

Here is an opt in.

Speaker Change: Hello.

Speaker Change: Programs. So we have a very rich supply chain. So to say now for led based programs.

Michael Stump: So we have a very rich supply chain, so to say, now for lead-based programs. Let's go one step closer to slide 13, our first program that we are really very, very actively involved in development right now. This is the 7.12 program with a focus on DLL3 expressing Most patients initially we will be treating are small-cell lung cancer patients. They have a very high unmet medical need, relatively low five-year overall survival. And most importantly, the target was validated last year by the approval of Amgen's TORLATAMAP in Deltra. So we believe there is room to get results above and beyond TORLATAMAP, but it's also a proven pathway for approval.

Speaker Change: Let's go one step closer.

Speaker Change: Slide 13, our first program that we are really very very actively involved in developing right. Now. This is the second 12 program with a focus on Diablo III expressing tumors.

Speaker Change: Most patients initially we will be treating our small cell lung cancer patients. They have a very high unmet medical need relatively so five year overall survival.

Speaker Change: And most importantly, the target was validated last year.

Speaker Change: That's wrong.

Speaker Change: So we believe there is room to do.

Speaker Change: As a result of Boston, Dr. Tom Edman.

But it's also part.

Speaker Change: Okay.

Speaker Change: If you look again at the right picture 712 to dumping.

Michael Stump: If you look again at the right picture, 7-12, that's a DARPIN that we added some albumin binding half-life extension to, so it's composed of three essential parts, the DARPIN binding TLL3. Albumin Pining Loyalty, and the lead 212 radioisotope. Moving on to the preclinical results, just to be very brief here, and please feel free to ask questions. This was presented late last year, a very potent molecule, and the potency is very important because the target is actually expressed at a relatively low level. You see the brownish stain at the left, so they are different tumors, but the human small cell lung cancer tumors we have seen came with a relatively faint brown color, which means you need a molecule that's very, very potent.

Speaker Change: Some people mean binding half life extension Twosies composed of three essential parts Dunkin' binding T M. Three.

Speaker Change: Albumin binding loyalty.

Speaker Change: The next to 12 radioisotope.

Speaker Change: Oh, the preclinical results just to be very brief here. Please feel free to ask questions. This was presented late last year.

Speaker Change: <unk> molecule and the potency is very important because the target is expressed at a relatively low level you see the problem you're staying at the next.

Speaker Change: Tumors, but.

Speaker Change: The unions.

Speaker Change: Yes.

Speaker Change: Right.

Speaker Change: Sure.

Speaker Change: That's a very very potent.

Michael Stump: You see this A in the middle, that's the bio-distribution, we get exceptionally high values at the tumor, thanks to the design of the molecule, and much above the kidney, so we also feel we have a good safety window, and very nice to see in this xenograft study on the right that we saw complete and durable regression in that very relevant model at a dose that is probably the right dose clinically.

Speaker Change: As in the middle the bio distribution because exceptionally high values at the tumor to the design of the molecule.

Speaker Change: I'll jump off from kidney. So we also feel we have a good safety window.

Speaker Change: It'd be nice to see the same graph study on the right that we.

Speaker Change: Mr <unk>.

Speaker Change: Regression.

Speaker Change: Rather than model at a dose that is probably the right dose clinically.

Speaker Change: And with that I think.

Michael Stump: With that, I think we can look at what the clinical program will be like. So there are many parts to the program. And as you can see, there is a green box, that's the phase zero component, focused on imaging. And from the imaging, you can calculate then the doses for the various organs. And this together should build the confidence that we reach relevant therapeutic levels in the tumor lesion. It's called dosimetry. Probably about 10 patients in the US should be enough. And we anticipate these studies to start in the The initial phase 2, phase 0 imaging will be complemented by a therapeutic part, phase 1, 2A study in patients.

Speaker Change: Look at what the clinical program will be like so many parts to the program.

Speaker Change: See there is a green box.

Speaker Change: Zero component focused on imaging from the imaging you can calculate the doses for the batteries.

Speaker Change: And these together should go to college.

Speaker Change: That would be tremendous therapeutic levels in the tumor lesion, that's called dosimetry, probably about 10 patients in the us business and we anticipate these studies to Saudi.

Speaker Change: Second half of the year.

Speaker Change: The initial phase to Tresiba imaging will be complemented by some pudic powered phase one two study patients the first part.

Michael Stump: The first part is the dose escalation with the main objective to establish the safety and the recommended phase 2 dose, thinking of about 15 to 20 patients. Of course, we need to get the buy-in from the FDA. And then the part 2 will be the dose expansion, where we hopefully can also go a bit beyond the small cell lung cancer patients, so including neuroendocrine carcinomas, and of course looking then for responses and response rate, which will lead then, and we don't know exactly when, in the future to a registration study. And of course, there could be more than one registration study, depending on the integration and the line and other factors.

Speaker Change: Dose escalation with the main objective to establish the safety and the recommended phase two dose.

Speaker Change: About 15 to 20 patients of course, we need to get.

Speaker Change: The buy in from the FDA and then part two move into dose expansion, where we hope. They can also go beyond small cell lung cancer patients.

Speaker Change: Endocrine carcinoma.

Speaker Change: Looking for responses response rate, which was then we don't know exactly when the future registration study and of course, there could be more than one registration study depending on the integration and the mine.

Speaker Change: Yeah.

Speaker Change: Oh perfect chips.

Michael Stump: Moving on to now something completely different. Our second program, just in a nutshell, I'm very excited about this one because it has a true darpin differentiation. We have found darpins that are very specific for the membrane proximal epitope shown here in pink. IMF, World Health Organization, World Health Organization And again, it's a dolphin with a half-life extension and led to This will take some time to finish the preclinical development and the manufacturing, but hopefully we can also report on that progress during the year.

Speaker Change: Moving onto now something completely different second program just in a nutshell.

Speaker Change: Cited above this one because it has a true DRP differentiation we have.

Speaker Change: Don pins to deal with that.

Speaker Change: Specific membrane proximal happy to.

Speaker Change: Pink.

Speaker Change: And therefore, not disturbed by a lot of very.

Very high levels of shipments of semi that has had with previous approaches.

Speaker Change: Photography that can discriminate very small differences.

Speaker Change: The dollar being half life extension.

Speaker Change: 12, this will take some time to finish to preclinical development.

Speaker Change: But hopefully we can also report on the progress during the year.

Michael Stump: Note that there will be a poster at AACR which is, I believe, late April with more preclinical data. And just to conclude my part, there is one important biochemical distinction. You see here a graph in the middle on slide 17. where we have added shed mesothelium in high concentration. And the distal darpin, which binds an epitope we don't like so much, so it's also then inhibited by Shet-Mesothelin. Very different profile on the curve from the proximal darpin that's binding the membrane epitope, and that's totally maintained. Bind shows totally maintained binding throughout the whole activity race tested.

Speaker Change: It will be a poster.

Speaker Change: E R, which is I believe late April with more preclinical data in.

Speaker Change: Just to conclude my part there is one important biochemical distinction you see here a graph in the middle on slide 17.

Speaker Change: Added ship missile ceiling high concentrations and the distal DARPA, which binds an epitope, who don't like so much then inhibited by ship Mesothelin very different profiles.

Speaker Change: The proxy will be displacing the membrane.

Speaker Change: Taupe, that's totally maintained by insurers maintained binding throughout the whole activity race testing.

Michael Stump: And again, this will be shown at AACR 2025 in late So again, very excited what the teams are doing together with the Ranomet, fantastic collaboration partner, and very excited to look both back, but especially forward throughout this year to our first patient result from this.

Speaker Change: This will be shown.

Speaker Change: Our 2025 in late April.

Speaker Change: So again very excited what the teams are doing together with fantastic collaboration partner.

Speaker Change: We are excited to Luca postbank, but especially for this year.

Speaker Change: Aerospace resulted from these programs.

Speaker Change: Thank you very much.

Philippe Legenne: And with that, I hand over to my good colleague, Philippe, who is running the whole from the medical side and will talk today about Program. Thank you all. Progress of our 533 DARPIN. Can you hear me? Yep, we can hear you now. You're good to go. Okay, so I restart. So again, thanks Miki first. And I am very happy to share an update on the progress of our 533 DARPIN, which we are developing in AML. On slide 19, basically, let's remember, it's important to remember that AML is a very challenging disease because of the heterogeneity of the cell population, as well as the difficulty to kill the leukemic stem cells, which tend to persist despite treatments, and they drive the recurrence.

Speaker Change: I hand over to Michael.

Speaker Change: Colleague Felipe.

Speaker Change: From the medical side, and we'll talk to you about like C Suite program. Thank you all.

Speaker Change: Hi, guys alongside three three Darwin.

Speaker Change: Can you hear me.

Yes, we can hear you now.

Speaker Change: Okay. So.

Speaker Change: We start so again I think sneaky first.

Speaker Change: I am very happy to share an update on the progress of our phase III three Darwin.

Speaker Change: We are developing in the email.

Speaker Change: On slide 19.

Speaker Change: 19, basically, let's let's remember it's important to remember that AML is a very challenging disease because of the heterogeneity of the cell population as well as the difficulty to kill the leukemic stem cells, which tend to persist despite treatments in the drive the recurrence.

Philippe Legenne: So we have designed PHY33 as the first tetraspecific T-cell engager that recognizes the ML blasts and the LSCs, leukemic stem cells, through their co-expression of either CD33, CD123, or CD70, and kills them when they express at least two of the three TAAs simultaneously. By doing that, this multi-specific approach has the potential to open the therapeutic index and particularly kills the leukemic stem cells more effectively than a single targeting agent would do. Moving to slide 20. So this slide describes the clinical journey that we have studied two years ago. When I reported last year, we were still in the blue left part of the schematic.

Speaker Change: So we have designed to easily add the first Detroit specific T cell engagement that utilizes the email blast N D. M. A c's leukemia stem cells through the co expression of either CD 33, D 123, or C 17, and kills them when they express it.

Speaker Change: Two of these three T simultaneously.

Speaker Change: By doing that the smoky specific approach.

Speaker Change: <unk> has the potential to open to therapeutic index, and particularly kills the leukemic stem cells more effectively than single simple targeting a single targeting agent who would do.

Speaker Change: Moving to slide 20.

Speaker Change: So.

Speaker Change: This slide is this.

Speaker Change: The clinical journey that we have study two years ago.

Speaker Change: When I reported last year, we were still in the Blue left part of this schematic.

Philippe Legenne: We are now reporting on the orange middle one and we will be initiating soon a new amendment corresponding to the green. In the initial dose escalation cohorts, on the left, the blue, we were able to understand the manageable safety profile of the drug up to cord 7 and obtain signals of efficacy, however, too low and not durable enough. Then what we did is we identified with a group of international experts that we had, in fact, too much loss of exposure, likely due to the multi-target antigen sync. Let's remember, we are targeting three antigens, two to three.

Speaker Change: We are now reporting on the Orange Middle one and we will be initiating soon a new amendment corresponding to the green.

Speaker Change: In the initial dose escalation cohorts on the left the Blue we were able to understand the manageable safety profile of the drug up to call. It seven and obtained signals of efficacy, however, too low and not durable enough.

Speaker Change: Then what we did is we identified with a group of international experts that we add in fact too much lots of exposure likely due to the multi target antigen sink, let's remember we are targeting fleet.

Speaker Change: Just.

Speaker Change: Two to three.

Philippe Legenne: And so at that time, we initiated a first amendment to accelerate the step up dosing and densify the regimen by adding an additional dose during the first 15 days at day 12. And I'll show you, you know, the results of that and basically that we have now significantly increased the efficacy and we are now very encouraged to further accelerate that step up dosing and have a more frequent administration, particularly during the first cycle. This new amendment corresponds to the green schematic and has been submitted to regulators. Moving to slide 21, you can see on the left, swimmer plot corresponding to the blue part of the descalation.

Speaker Change: And so at the time, we initiated our first amendment to exit are aimed to step up dosing and densify the regimen by adding an additional dose during the first.

Speaker Change: 10 days at the 12.

Speaker Change: And I'll show you.

Speaker Change: You know the results of that and BCP that yes, we have and now we significantly increased the efficacy and we are now very encourage to further accelerate that stepped up dosing and have a more frequent administration, particularly during the first cycle.

Speaker Change: This new amendment of course, most of the Green schematic and has been submitted to regulators.

Speaker Change: Moving to slide 21.

Speaker Change: You can see.

Speaker Change: On the left swimmer plot corresponding to the blue part of the dose escalation.

Philippe Legenne: during which we saw some initial responses, however not enough and not doable enough as I already said. On the right part, you can see the outcome after the initial amendment and the initial steeper step-up dosing and one level of densification, and you can see that this now appears to be very promising with three CRs out of eight patients that were treated past day 12. Moving to the next slide, which is a waterfall, you know, that slide in a way that visual adds one level of granularity to the document to document the blast reduction on top of the fully LN criteria.

Speaker Change: During which we saw some initial responses however, nothing nothing not doable enough as I already said.

Speaker Change: On the right part you can see that the outcome. After the initial amendment and the initial steeper step up dosing and one level of Densification and you can see that this now appears to be very promising with three she is out of eight patients that were treated past day 12.

Speaker Change: Moving to the next slide which is wonderful.

Speaker Change: Is that still in a way that visual ads one level of granularity to the document to dump into blast reduction on top of the full year and criteria and you can see here that the drug effect with approximately half of the patients had any reduction in blast even during the dose escalation. However, the new amended cohorts suddenly has more.

Philippe Legenne: And we can see here that the drug had effect with approximately half of the patients having reduction in blast, even during the dose escalation. However, the new amended cohort certainly has more. And also, this helps understand that most of the patients that have blast reduction had a lower disease burden at baseline, as is frequently seen for effect for T cell engagers. Moving to the next slide, slide 23, it's a key slide. Because when we discussed the blue curve, representing chord 6 with our experts. They were even surprised that we had even responders and blast reduction because, as you can see, there were only very few concentration peaks in the effective dose range on day 8, day 15, and day 20.

Speaker Change: And also this helps understand that most of the patient that had blessed reduction had lower disease burden and based on as is frequently seen four effect.

Speaker Change: For T cell engagement.

Moving to the next slide slide 20.

Speaker Change: 'twenty three it's a key slide.

Speaker Change: Because when we discussed the blue curve, representing CT six with our experts.

Speaker Change: We were even surprised that we haven't had even responders and blast reduction because as you can see they were only very few concentration peaks in the effective dose range.

Speaker Change: On the eighth day 15 in between so very little stimulation or effective stimulation to to generate that blast reduction or.

Philippe Legenne: So very little stimulation or effective stimulation to generate that blast reduction or initial responses. And this is, what is very interesting is that in the recent amendments... so corresponding to the orange curve, we see that in those orange curves, the concentration achieves effective ranges at the eight, 12, and 15 for significantly more time. And we hypothesize that this component supports the higher activity that we see in this new cohort. So based on that learning, on those learnings, we have now built on this finding and are further densifying the dose and also introduce a B-cell depletion premedication to also reduce the proportion of patients who were developing ADAs at the end of the first cycle.

Speaker Change: Initial responses.

<unk>.

Speaker Change: And this is what is very interesting is that in the recent amendment.

Speaker Change: So corresponding to the Orange GERD, we see that there that that in those orange curve. The concentration achieved effective ranges at the 812 15 for significantly more time.

Speaker Change: And I put aside is that this component supports a higher activity that we've seen this new cohort.

Speaker Change: So based on that learning and we learned we have now built on this funding and a further densify the dose and also introduce a b cell depletion trim indication to also reduce the proportion of patients who were nave looking at least at the end of the first cycle. So we did ship, it's a two pronged approach more than.

Philippe Legenne: So basically, it's a two-pronged approach, more densification to generate deeper response, more responses, and a B-cell depletion to make sure that we have a maximum of patients that have long exposure beyond the first cycle. So slide 24. describe the further amendments, which is currently in review. and we anticipate to initiate it soon and communicate outcome of those new cohorts by the end of the year coming. So.

Speaker Change: Suffocation to generate deeper response more responses and a b cell depletion to make sure that we have a maximum of patients that has a long exposure.

Speaker Change: Beyond the first cycles.

Speaker Change: So slide 24.

Speaker Change: Scribed to further amendments, which is currently in review.

Speaker Change: And we anticipate to initiate it soon and communicate outcome of those new cohorts.

Speaker Change: By the end of the year coming.

Speaker Change: Okay.

Speaker Change: So.

Speaker Change: I'd like to expand a bit on this now meaning that.

Philippe Legenne: I'd like to expand a bit on this now, meaning that the first experience with GCL Engager has driven us to develop further the platform and we have initiated programs in solid tumors where it is key to manage the on-target, off-tumor risk of toxicity. And you may know that there has been some good level of excitement recently on that topic with development from companies like JANET. So slide 26 is an example of how we are integrating the concept of masking the CD3 binders in absence of TAAs, as well as the concept of co-activation to mitigate the risk of TCA exhaustion.

Speaker Change: The first experience regarding T cell engagement has driven us to develop further the platform and we have an usually programs in solid tumors, where it is skewed to manage the on time on target off tumor risk of toxicity.

Speaker Change: And as you may know that there has been some good level of excitement recently.

Speaker Change: That topic, but with developing from companies like <unk>.

Speaker Change: So slide 26.

Speaker Change: Is an example of how we are integrating the concept of masking the CD three binders in absence of key as well as the concept of coagulation to mitigate the risk of T cell doses switch to scientific concept integrated.

Philippe Legenne: So it's two scientific concepts integrated. And more precisely, you can see on the left schematic that this DARPIN has the CD3 masked in circulation. And on the right, that when engaged with a first TA like here mesothelin, and secondarily with a second TA like EPCAM, this will free the CD3 binding to the T cell. and the CD2 co-activation does potentiate the immune mobilization. So this is a very sophisticated approach, highly relevant, we think, and you know, again, some others are analogy, there's an analogy to what all of us doing, but we think that we are doing it in a very sophisticated manner.

Speaker Change: And more precisely you can see on the left.

Speaker Change: Schematic that these dumping has is the CDC masked in circulation.

Speaker Change: And on the right that when engaged with the first GAA like here, Mr. Sterling and secondarily with the second T. Like F. Chem. This will free the <unk> binding to the T cell.

Speaker Change: And the CD to calculation does potentiate the immune mobilization.

Speaker Change: This is a very sophisticated approach I never relevant we think and gain some others are.

Speaker Change: Analogy now there's an analogy to what <unk> is doing but we think that we are doing it in a very sophisticated manner and well.

Philippe Legenne: And we'll share further detail of this interesting approach at the upcoming ACR.

Speaker Change: Sure. So the detail of this interesting approach at the upcoming ACR.

Patrick Amstutz: So on this, I want to thank you, and I will pass again the phone to Patrick. Thanks Philippe for these very nice explanations and also showing us how we have worked through some challenging settings and findings to give especially 533 the best chance to succeed and help these patients. Let's have a look what we can expect in 2025. I will start on the radio side and I think there, as Michael pointed out, we are really excited by the perspective to share the first clinical data of 7.12, the radio DLL3 program. We do start with imaging, as he explained, that it's a phase zero approach, and then we can do dosimetry and have then clinical results in efficacy and safety in 2026.

Speaker Change: So on this I want to thank you and.

Patrick <unk>: And I will pass the game the phone too Patrick.

Speaker Change: Thanks, Felipe or these very nice explanations and also showing us how we have worked through some challenging.

Patrick <unk>: Settings and findings.

Speaker Change: To give especially <unk> three the best chance to succeed and help these patients.

Speaker Change: Let's have a look what we can expect in 2025 I will start on the radio side and I think they're as Michael pointed out we are really excited by the perspective to share that the first clinical data off of 712 derailleur DLL three program.

Speaker Change: We do start with imaging as he explained that it's a phase zero approach and then we can do dosimetry and passed and clinical results in efficacy and safety in 2026, and let me just take a minute here because in most instances youre phase zero imaging is maybe not that relevant.

Patrick Amstutz: And let me just take a minute here, because in most instances, your phase zero imaging is maybe not that relevant. This is different here. We will have the understanding of how much of the drug will be in the tumor and how much will be on the healthy organs. And for those who are less in the story, the one organ we're really zooming into and excited to then see results is the kidney, because most of these approaches have high kidney absorption. So we'll be first and foremost looking for a tumor to kidney ratio. And should that be positive in the dosimetry, that is an exciting moment to move the program forward.

Speaker Change: This is different here, we will have the understanding of how much of the drug will be in the tumor and how much will beyond the healthy organs and for those who are less familiar in the story, the one, Oregon, where really zooming into and excited to see results as that is to keep me because most of these approaches have high kidney absorption.

Speaker Change: So it will be first and foremost looking for tumor to kidney ratio and should that be positive into dosimetry that is an exciting moment to move the program forward. So the imaging holds real value for molecular partners and the whole radio Dar pin pipeline.

Patrick Amstutz: So the imaging holds real value for molecular partners and the radio DARP in pipeline.

Patrick Amstutz: MESA will go forward, we will update that at AACR, and we will definitely not stand still, but add additional programs that are some fully owned by us, others likely also moved forward by OranoMED. Moving to 533, as we just heard from Philippe, we are now at this moment where we can test maybe the optimized or even optimal dosing for this compound in a deadly disease. So that is a highly exciting moment for us. That's the reason we go to work, to test our drug in the setting where it helps patients. And we will be able to update with more data from cohort 1 in H1, and for sure in H2, this new amendment that Philippe was talking about will be in place and be delivering results, guiding us on response rate and especially also on duration of response.

Speaker Change: So we'll go forward and we will update that at a a CR and we will definitely not standstill, but add additional programs that are some fully owned by US others likely also moved forward by <unk>.

Speaker Change: Moving to phase III three as we've just heard from from Philip We are now at this moment, where we can test maybe the optimized or even optimal dosing for this compound in a deadly disease. So.

Speaker Change: Highly exciting moment for us that's the reason to go to work to test our drug in the setting where it helps patients and we will be able to update with more data from cohort one in H, one and for sure in H. Two this new amendment that Philip was talking about will be in place and be delivering results.

Speaker Change: Old guiding us on response rate and especially also on duration of response on.

Patrick Amstutz: On the switch side, as I said, we are there moving forward, hopefully a first candidate can well be the mesothelin, or maybe another one, we're still looking at a few. And we're also opening for partnering, be it six to one, or also on the T cells, because we will not have the bandwidth to move all options that these new platforms give alone. Cash situation strong, almost boring for us, but I think boring in this market is a good thing as many biotechs are struggling for funding and we are in a position that we can execute our plans, move forward, bring value to patients that will then also move into value for shareholders.

Speaker Change: On the switch side as I said, we are there moving forward hopefully our first candidate Ken well be the mesothelin or maybe another one we're still looking at a few and we're also opening for partnering be at 621 or also on the T cells, because we will not have the bandwidth to move all options that these new platforms gave hello.

Speaker Change: Good.

Speaker Change: Cassie.

Speaker Change: Cash situations strong almost boring for us, but I think boring in this market is a good thing as many biotechs are struggling for funding and we are in a position that we can execute our plans move forward, bringing value to patients that will then also move into value for shareholders.

Patrick Amstutz: Now before opening for questions, this is a moment to also thank you for dialing in, thank the presenters that I had on the call, and they obviously just present the tip of the iceberg of the Molecular Prtnrs team, and that team really makes all this work. All those hours, all those troubleshootings, all those coordination meetings, moving things forward, big thanks to everyone at Molecular Prtnrs, I'm full of gratitude to be able to be part of that team. We don't do this alone. We do this with partners. I think the name Oranomet was said many times.

Now before opening for questions. This is a moment to also thank you for dialing in thank the the presenters that I had on the call and they always say just present the tip of iceberg golf the molecular partners team.

Speaker Change: And that team really makes all of this work.

Speaker Change: All those hours all those troubleshoot things all those coordination meet things moving things forward big Thanks to everyone at molecular partners highly correct Brett.

Speaker Change: And full of gratitude to be able to be part of that team.

Speaker Change: We don't do this alone we do this with partners I think the main Murano met was set many times big banks. There also to Novartis without Novartis, we would not be in this call. We would have not moved forward in radiotherapy and it is maybe more of a personal sites that that we're not continuing that one but I'm sure there will be opportunities.

Patrick Amstutz: Big thanks there. Also to Novartis. Without Novartis, we would not be in this call. We would have not moved forward in radiotherapy. And it is maybe more on a personal side, sad that we're not continuing that one. But I'm sure there will be opportunities also with Novartis to move things forward in the future. The troubleshooting not only happens in our four walls. We are very closely with our investigators, KOLs, experts that know our drugs. Big thanks to them.

Speaker Change: With Novartis to move things forward in the future.

Speaker Change: The troubleshooting not only happens in our four walls, we are very closely with our investigators kols experts that know our drugs big thanks to them and I do think the last and possibly most important. Thanks goes to the patients that are in our trial that are part of them and allow us actually.

Patrick Amstutz: And I do think the last and possibly most important thanks goes to the patients that are in our trial that are part of them and allow us actually to test these drugs early on to see if they actually do what we want them to do. With that, thanks for everyone diving in, especially also the analysts that cover us for these many years, also for those 10 years, some of them have been doing it for 10 years, big thanks for that, and looking forward to your questions.

Speaker Change: To test these trucks early on to see if they actually do what we want them to do.

Speaker Change: With that.

Speaker Change: Thanks for everyone dialing in especially also the analysts that cover us for these many years of photos 10 year. Some of them have been doing it for 10 years big Thanks for that and looking for you to your questions.

Speaker Change: We will now begin the question and answer session to ask a question you May Press Star then one on your telephone keypad, if youre using a speakerphone. Please pick up your handset before pressing the keys if at any time. Your question has been addressed and you would like to withdraw your question. Please.

Unknown Executive: We will now begin the question and answer session. To ask a question, you may press star, then one, on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the. If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. At this time we will pause momentarily to assemble our roster.

Speaker Change: Press Star then two at this time, we will pause momentarily to assemble our roster.

Jonathan Chang: The first question comes from Jonathan Chang with Lyrinc Prtnrs. Please go ahead. Hi guys, thanks for taking my question.

Speaker Change: The first question comes from Jonathan Chang with <unk> Partners. Please go ahead.

Jonathan Chang: Hi, guys. Thanks for taking my questions first question on M. P 071, Carol can provide more color on where you are in the R&D submission process and preparations for study initiation and how should we be thinking about initial clinical data by year end.

Jonathan Chang: First question on MP0712, can you provide more color on where you are in the IND submission process and preparations for study initiation, and how should we be thinking about the initial clinical data by year? And then second question, can you discuss why you think mesothelium is a good target for radiodarpins? Thank you.

Speaker Change: And then second.

Speaker Change: A question.

Speaker Change: Why think Mesothelin is a good target for.

Speaker Change: For radio DARPA. Thank you.

Speaker Change: Okay.

Michael Stump: Michi, are you on? Because I think that goes directly to your area of expertise. Yes, yes, I can start and then please, please continue. So thanks, Jonathan, for the question. I'd love to sit down with you in more detail and go over, but just give you the top line. So as I said, late last year, we started 25 with the GMP manufacturing that has moved forward really nicely. Of course, there are a lot of technical challenges to be overcome, including logistics. Q2. So next quarter will be the submission. Submissions, maybe there are several ones to the FDA.

Speaker Change: Micky are huge on those I think that it goes directly to your area of expertise.

Jonathan Chang: Yes, I can start and then please continue so thanks, Jonathan for the question love to sit down with you in more detail and go over but just give you the top line. So.

Speaker Change: As I said.

Speaker Change: Late last year, we started 25 with the GMP manufacturing that has moved forward really nicely of course, there are a lot of technical challenges to be overcome including logistics Q2. So next quarter will be the submission submission several of them to the FDA and that's where we then in Q3.

Michael Stump: And that's where hopefully then in Q3 we can open the first part of the program, the imaging part. And in the latter part of the year, so not exactly sure where we will be, we will then have the first therapeutic doses. If FDA agrees to our proposal to start close to therapeutic dose rates, we should see something maybe in the first two dose cohorts. And as you know, probably tumor shrinkage, and then also the duration of it will probably take a bit of time.

Speaker Change: We can do the first part of the program the imaging part.

Speaker Change: Net of part of the year, so I'm not exactly sure where we will be.

Speaker Change: And have the first therapeutic doses.

Speaker Change: Greece to our proposal to start close to therapeutic dose range, we should see something in the first two dose cohorts and as you know.

Speaker Change: No problem.

Speaker Change: Shrinkage.

Speaker Change: So.

Speaker Change: The duration of it will probably take a bit of time. So 26 will be then.

Michael Stump: So early 26 will be then. Clinical Data from the Therapeutic Part, Submission in Q2 and D2.

Speaker Change: The clinical data from the therapeutic part submission in Q2 anticipated.

Michael Stump: Your third question, Ms. Osselian, why is it a good target? Excellent question. Of course, we are hoping it will be a good target. There is certainly a high medical need in the ovarian cancer patients and mesothelene expression is very high there. Whether it will be perfect for an alpha emitter in our molecule, we need to establish. It looks good preclinically, but whether it will then work, that depends truly on future data. There are a number of programs also using other modalities. But I hope with the alpha radiation of lead we can tackle these students.

Speaker Change: Your.

Third question on mesothelioma why is it a good target.

Speaker Change: Excellent question of course, we are hoping it will be a good target there certainly a high medical need in the ovarian cancer patients and Mesothelin expression.

Speaker Change: Hi, there.

Speaker Change: Whether it will be perfect for alpha emitter molecule to establish it looks good pre clinically but.

Speaker Change: That depends.

Speaker Change: Today that there are a number of them.

Speaker Change: So all of our modalities.

Speaker Change: But I hope, we see home phone snafu.

Speaker Change: We can take all these tumor cells.

Patrick Amstutz: Maybe over to you, Patrick, anything to add from your side? Yeah, no, and we often get the question on mesothelium because it, let's say in public, it's a bad target because others have failed on it and are not moving. I think as what we do is we go back and we triangulate the data. And it's also, and that's a phrase we use internally, we like to work on clinically validated problems. And in this case, as you said, Michael, ovarian is immune more silent. So you don't have that much effect. You often have chemo resistance. So, and also not the highest response rate for ADCs.

Patrick <unk>: Maybe over to you Patrick.

Speaker Change: Yes.

Speaker Change: Yes, no and we often get the question on mesothelioma and because it lets say in public its about target because others have failed on it and they're not moving I think as well.

Speaker Change: What we do is we go back and we triangulate the data and it also and that's a phrase we use internally we like to work them clinically validated problems and in this case as you said Michael ovarian is immune more silent. So you don't have that much effect.

You often have chemo resistant so and also not the highest response rates for Adcs and meso was in principle a good target park is shedding into high level of free target made it very difficult approach for radiotherapy, because you don't want to be binding shat target being.

Patrick Amstutz: Then meso was in principle a good target, but the shedding and the high level of free target made it a very difficult approach for radiotherapy because you don't want to be binding, shared target being in the body everywhere and having an on target off tumor effect. So this is the hypothesis that ovarian will be radio sensitive when delivering an alpha via mesothelium. The target, very difficult for peptides to do. So we don't expect anyone from the peptide field to be able to crack that one. So it is dark and unique and differentiated. And that's the thesis that we will have to prove.

Speaker Change: In the body everywhere and having an on target off tumor effect. So this is the hypothesis that ovarian will be radio sensitive Gwen delivering an alpha via mesothelin the target very difficult for peptides to do so we don't expect any.

Speaker Change: One from the peptide field to be able to crack that one so it is dark and unique and differentiated and that's the thesis that we will have to prove if it works. The good thing is I do think we are very differentiated versus other radio approaches.

Jonathan Chang: If it works, the good thing is I do think we are very differentiated versus other radio approaches. Understood. Thanks for taking the questions. Thank you.

Speaker Change: Understood. Thanks for taking the questions.

Chuck: Thanks Chuck.

Speaker Change: The next question comes from Richard <unk> with J P. Morgan. Please go ahead.

Richard Vosser: The next question comes from Richard Vosser with J.P. Morgan. Please go ahead. Hi, thanks for taking my questions.

Richard: Hi, Thanks for taking my questions I Wonder if you could just explore.

Richard Vosser: I wondered if you could just explore learnings taken from the Novartis programs before they were discontinued. What you could take there and also whether there were any issues with the DARP in hitting the target or was this, as you said, just the targets don't work or they've been de-emphasized. And then a second question just on, you mentioned the key for 7.12 is the kidney ratio to target ratio. So what could be, if you could help us with a good level on that ratio that we should be looking for when we see the data and you'll be looking for.

Richard: Earnings take them from the Novartis programs before before they were discontinued what well you could take there and also.

Richard: Whether the with any issues with the dull pain.

Richard: What this says is he said just the targets downward call they've been de emphasized and then.

Richard: Question just on <unk>.

Richard: You mentioned the key 712 is is the kidney ratio.

Richard: The two are key.

Richard: To target ratio say well could be a if you could help us with a good level on that ratio that we should be looking for when we see the data.

Richard: And you'll be looking for thanks very much.

Patrick Amstutz: Thanks very much. Thanks, Richard.

Speaker Change: Thanks Richard.

Michael Stump: I'll start off with the Novartis one, and then I'll hand over to Michael. And I think when we started this three years ago, and that was really our first steps into radio, and we learned a lot by sharing and learning what profile makes a good radiotherapeutic. So, tumor to kidney, and Michael will come to that, half-life. And this is all also gauged to which isotope you need and you apply. And there, Novartis is obviously lutetium and more recently actinium, while we are going towards lead for different reasons. The learnings, I mean, I can't be too detail-oriented here, but the one thing we all agree in this field is you have to test many candidates, meaning many different sequences to find the optimal tumor to kidney ratio, and you need to have the right models up and running, and different models will give you different insights.

Speaker Change: I'll start off with the Novartis, one and then I'll hand over to Michael.

Speaker Change: Michael.

Speaker Change: I think when we started this three years ago and that was really our first steps into radio and we learned a lot by sharing and learning what profile makes a good radiotherapeutic, so tumor to kidney and Michael will come to that past life and this is all.

Speaker Change: Also gauge to which isotope you need and you apply and Theyre Novartis is obviously linked.

Speaker Change: T Sim and more recently actinium, while we are going towards led for different reasons.

Speaker Change: The.

Speaker Change: The learnings I mean, I can't be too detail oriented here, but the one thing we all agree in this field is you have to test many candidates, meaning many different sequences to find the optimal tumor to kidney ratio and you need to have the right models up and running in different models.

Speaker Change: We'll give you different insights and it was very helpful to compare notes on the models how to run the models how to use the models and at the same time.

Michael Stump: And it was very helpful to compare notes on the models, how to run the models, how to use the models, and at the same time, find what can you learn and what can you not learn from these models. And I think you have to understand this field is still in the early days. And for the DLL3 molecule, I think we were in iteration 7 or 8, so that's the seventh generation that we had. With Novartis, just given the broad pipeline they have and the way they operate, we think never made it beyond level 3, so it was maybe not that fast cycling.

Speaker Change: Find what can you learn and what can you learn from these models and I think you have to understand this field is still in the early days and for the DLL three model molecule I think we were in iteration seven or eight so that's the seventh generation that we had with.

Speaker Change: With Novartis, just given the broad pipeline to have in the way. They operate we think never made it by on level. Three so it was maybe not that fast cycling I do think that unfair to say I've said that on stage that that was also a learning for novartis and that was one reason they acquired Mariano to have.

Patrick Amstutz: I do think, and I'm fair to say I've said that on stage, that was also a learning for Novartis, and that was one reason they acquired Mariana, to have pot labs faster, to be able to cycle faster, to test more in shorter time. At the same time, the targets they picked, which were very reasonable three years ago, did not like have the data or the excitement building. Like DLL3, when we started, was also not present. And then with TarlataMob and all the excitement, it validated itself. These targets are still as unknown, I would say, as they were three years ago, and nothing has built around them.

Speaker Change: Platts faster to be able to cycle faster to test more in shorter time.

Speaker Change: At the same kinds of targets they picked which were at very reasonable three years ago did not like to have the data or the excitement building like DLL. Three when we started was also not present and then we start lots of mob and all the excitement. It validated itself. These targets are still.

Speaker Change: As unknown I would say, yes. They were three years ago nothing has built around them. So when you come to this moment. They should we invest another three four cycles, maybe it will yield maybe not on a target debt today, neither in Novartis and I'll ask puts to the top of off the list, we sort of together.

Patrick Amstutz: So when you come to this moment, say, should we now invest another three, four cycles? Maybe it will yield, maybe not. On a target that today, neither Novartis us puts to the top of the list. We sort of together said, let's end it here, see how this goes on, and then rather re-engage when we actually have a candidate. I mean, this is a research phase. But the learning was really good. Collaboration was good. Scientifically speaking, I think both teams really liked that, and we'll see where it goes. I think I can also say that Novartis wants to see clinical data on lead.

Speaker Change: Let's let's ended here see what how this goes on then rather reengage when we actually have a candidate I mean this is a research phase, but the learning was really good collaborations with good scientifically speaking I think both teams really liked that and we'll see where it goes.

Speaker Change: I can also say that novartis wants to see clinical data on lead now we're talking about the isotope. They have obviously seen a run them at but for Novartis to add a third of the isotope to their war chest that would need clinical data that's at least what they're saying publicly.

Patrick Amstutz: Now we're talking about the isotope. They have obviously seen Oranomed, but for Novartis to add a third isotope to their war chest, that would need clinical data, or that's at least what they're saying publicly.

Michael Stump: Maybe Michi, could you be a bit, or could you take 712s, tumor, kidney? Yes, thanks, Richard. And also here, next time we'll meet, let's take the time and sit together, say, look at the piece of paper or the laptop screen. I think the challenge is, in animals, it's relatively perfect. So you can control everything, you can give a number. And preclinically, you've probably seen this before, we like to go above one. So ideally, two to one, tumor to kidney. And then of course, sometimes there's a question, which time point do we integrate over many time points.

Speaker Change: Maybe he could you be a bit.

Speaker Change: Or could you take 712 tumor kicked me.

Speaker Change: Okay.

Speaker Change: Yes, Thanks, Richard and also here next time, we meet let's let's take the time and sit together. So you look at the piece of paper I didn't have to screen.

Speaker Change: I think the challenge is.

Speaker Change: Animals, it's relatively perfect. So you can control everything you can give a number.

Speaker Change: Uniquely you've probably seen this before we like to go above one so ideally to 2122 kidney and then of course, sometimes there was a question, which time point to integrate over many time points. So animal models relatively easy in patients we need to learn clinically whether there is exactly the same translation.

Michael Stump: So animal models are relatively easy. In patients, we need to learn clinically whether there is exactly the same translation. In the end, it boils down to the therapeutic dose we can deliver. So ideally, we have, as Patrick said, more of the uptake in the tumors, but I'm pretty sure it depends on the tumor size, the blood profusion, whereas the kidney will be probably relatively similar from patient to patient. So if we can deliver a therapeutically relevant dose to the tumors, and we're speaking in the order of 100 megabaccarol per dose, and the kidney stay below the safety limit that is at the moment accepted, so several grades, but it's exactly one of the questions we don't know for sure whether the kidneys for an alpha amyloid have the same limit.

Speaker Change: In the end this boils down to the therapeutic dose we can deliver so ideally we have as Patrick said more.

Speaker Change: More of the uptake into tumors, but im pretty sure it depends of the tumor size.

Speaker Change: Blood profusion, whereas the kidney will be probably relatively similar from patient to patient. So if we can deliver a therapeutically relevant doses to tumors.

Speaker Change: 100, and then come back around Windows, and the kidney stay safe.

Speaker Change: Safety is at the moment, except it sounds great, but it is exactly one of the questions. We don't know.

Speaker Change: Sure.

Speaker Change: Finally, the likelihood has to say limit. So we will have to discuss with the FDA.

Michael Stump: So we will have the discussion with the FDA, we'll propose our dose escalation rationale. And I'm pretty sure it will be similar to preclinical data, but I would not look for a specific number because tumors in patients are very different. So on average, I hope it's above. value, but maybe in the end it's about therapeutic windows.

Speaker Change: Propose or dose escalation rational.

Speaker Change: I'm pretty sure it will be similar to preclinical data, but I would not look for a specific number because.

Speaker Change: It's a very different so rich I hope, it's above the kidney value, but it's.

Speaker Change: It's about continuing dose.

Speaker Change: Excellent. Thank you.

Speaker Change: Thank you.

Mike Nedelcovych: The next question comes from Mike Nedelcovych with T.D.

Speaker Change: Our next question comes from Mike <unk> with TD Cowen. Please go ahead.

Mike Nedelcovych: Cowan. Please go ahead. Hi, thanks so much for the questions. I have two. When it comes to DLL-3 and radiotherapy, do we know—you mentioned the kidneys, which I believe is nonspecific off-tumor uptake—do we know, are there any on-target, off-tumor, DLL-3-expressing organs we should be concerned about when we see the first imaging or dosimetry data? That's my first question. And then my second question is on the SwitchDARPIN platform. This is very unique and very promising. How do you think about partnering in terms of the scope and scale? Would you be pursuing a partner for an individual molecule or more kind of platform-wide?

Speaker Change: Alright, thanks, so much for the questions I have two.

Speaker Change: When it comes to the DLL three and radiotherapy do we know you mentioned the kidneys, which I believe is nonspecific off tumor uptake do we know are there any on target off tumor DLL three expressing oregon's we should be concerned about when we see the first imaging or dosimetry data. That's my first question and then my second.

Speaker Change: Question is on the switch Darwin platform, it's a very unique and very promising how do you think about partnering in terms of the scope and scale would you be pursuing a partner for an individual molecule or more kind of platform wide.

Philippe Legenne: Thank you.

Speaker Change: Thank you.

Philippe Legenne: Maybe Philippe, take the first question on DLL3 and I'll be happy to talk a bit on the platform or candidate partnering. Yes. So, thanks, Mike. DLL3 is a clean target. That's why there is so much excitement about it, I would want to say, and, you know, experts are very excited, in fact, based on the recent accumulation of experience, which, you know, as I conveyed on the antibody, on the ADCs or on the radiopharma approaches. So there is a body of experience which is still early but rapidly shaping. And I think what we know from the programs is that pituitary gland is the only place, you know, which has some level or a mini level of DLL3 expression.

Speaker Change: Maybe finish take the first question on the other three and I'll be happy to talk a bit on the platform or candidate partnering yes. So thanks.

Mike: Thanks, Mike.

Speaker Change: Yes.

Speaker Change: Is it clean target Thats why there is so much excitement about it I would want to see and I'm. You know experts are very excited in fact based on the recent accumulation of experience, which has conveyed on the antibody on.

Speaker Change: <unk> or on the radio pharma approaches. So there is a body of experience which is.

Speaker Change: Still early but rapidly shaping.

Speaker Change: And I think what we know from the.

Speaker Change: Programs and is that.

Speaker Change: We pituitary gland is the only place you know.

Speaker Change: Which is has it has some level or any level of deleverage the expression. All the rest is clean and when we looked at the peloton experience. For example, they did not have any specific safety profile and of course, we checked on the pituitary gland.

Philippe Legenne: All the rest is clean. And when we looked at the talatumab experience, for example, they did not have any specific, you know, safety profile and, of course, we checked on the pituitary gland and there hasn't been any, you know, adverse event that makes think that that would be an issue. But, of course, technically, if I could say, there is a little expression there outside of the tumor. So that would be the one that we'll watch, although, again, we are not very worried because if there hadn't been a problem, we would have seen it already. So that's a very clean target and we are confident, obviously, and, you know, as we're preparing our protocol, obviously, what are the adverse events of special interest and that this is short for us but also for the others.

Speaker Change: There hasn't been any new.

Speaker Change: Adverse event that makes us think that.

Speaker Change: That would be.

Speaker Change: Nishu, but of course.

Speaker Change: Please I could see there is little expression data.

Speaker Change: Outside of the tumor so that's really the one that will watch although again, we are not very worried because it's there hasn't been a problem we would have seen it already so.

Speaker Change: So that's so very clean target.

Speaker Change: And we are confident obviously and you know as we are preparing a political have you see what are the adverse events of special interest in that.

Speaker Change: This is short.

Speaker Change: And for Us, but also for the others.

Patrick Amstutz: And maybe just to add, because there is a big hype on DLL-3. So I think on the target, people totally agree that that is, call it validated and a very good target to go after. And we just had dinner with a PI that is in many trials. And for me, what was reassuring to hear is that the different modalities, and we're talking T cell engagers, ADCs and radiotherapy, that he also said there is a need for all of them. None of them will cure as of now. And the sequence and how we can actually develop them was very exciting for him.

Speaker Change: And maybe just to add because there is a big hype on DLL three so I think on the target people totally agreed that that is call. It validated in a very good target to go after and we just had dinner with a peer that is in many trials and for me what it was reassuring to hear is that the different madhu.

Speaker Change: I'll, let heath and we're talking T cell engaging <unk> ADC and radiotherapy that he also said there is a need for all of them.

Speaker Change: None of them will cure as of now and the end to sequence and how we can actually develop them. It was very excited for him and he actually sees a big play sort of radiotherapy, there even a bit into earlier line to help the others move forward, but thanks for the question I'll take also the partnering one.

Patrick Amstutz: And he actually sees a big place for the radiotherapy there, even a bit in an earlier line to help the others move forward. But thanks for the question.

Patrick Amstutz: I'll take also the partnering one.

Patrick Amstutz: And the question is great. I mean, some partners like to work on a candidate. These are either companies that have a specific need. Let's say you're, just take this as an example. You are in breast cancer and then you want a breast cancer target and candidate for the pipeline. And ideally, then we have a candidate there. You sort of are the missing piece in the puzzle. As you don't know and kind of in which puzzle you fit well, that is sort of an opportunistic one. You obviously look, what do we have? Which candidates do we have?

Speaker Change: And the question is great I mean, some partners like to get to work on a candidate. These are either companies that have a specific need let's say you're just take this as an example, you are in breast cancer and then you want a breast cancer target candidate for the pipeline and ideally.

Speaker Change: Then we have a candidate there you sort of are the missing piece in the puzzle.

Speaker Change: You don't know and kind of when which possibly are you fit well that is sort of an opportunistic one you obviously low cruise what do we have which candidates do we have and where would they fit that is one part of the partnering versus the other.

Patrick Amstutz: And where would they fit?

Patrick Amstutz: That is one part of the partnering versus the other. The big pharma's obviously take long shots. They see that they want to fill their pipeline over time. And often they say, okay, your targets are a nice showcase, but can you do these? And both discussions are valuable. Obviously, if you have to start from scratch, that's then 18 months, 30, yeah, two to four years of research and development, as we just saw with the Novartis collaboration. Usually they come with a good upfront because there is high risk. So you have to also commit something there versus a candidate that is ready to be in the clinics within the next 18 months.

Speaker Change: Big farmers, obviously take take long shots, they see that they want to fill their pipeline over time and often they say okay. Your targets are a nice showcase but can you do this and both discussions are valuable obviously, if you have to start from scratch.

Speaker Change: 18 months 30.

Speaker Change: Two to four years of research and development. That's what you saw with the Novartis collaboration.

Speaker Change: Usually they come with a good upfront because there is high risk. So you have to also commit something there versus a candidate that is ready to be in the clinics within the next 18 months that is.

Patrick Amstutz: That is exciting. At the same time, that puzzle piece has to fit and you don't know sometimes where it fits. So both we're looking at. We're looking into both.

Speaker Change: Exciting at the same time it has that positive piece has to fit and don't know, sometimes where it fits so both we're looking at we're looking into both discussions are ongoing and we will see how they develop from here.

Patrick Amstutz: Discussions are ongoing and we will see how they develop from here.

Unknown Executive: Thank you so much.

Speaker Change: Thank you so much.

Chiara Monteroni: The next question comes from Chiara Monteroni with Kempen, please go ahead. Hello team, this is Chiara from Kempen. Thanks a lot for taking my question and congratulations with the update. The phase 0 and 1 will not run in parallel, right? So did I understand correctly that the phase 1 start is contingent upon good imaging data, or am I wrong?

Speaker Change: The next question comes from Chiara <unk> with Kempen. Please go ahead.

Scatter: Hello, Deane. This is scatter from campaign. Thanks, a lot for taking my question and congratulation with the update.

Speaker Change: On seven trial I was wondering and the phase zero and one will not running parallel right. So did I understood correctly that the phase one start discounting contingent upon a good imaging data or am I wrong. Thank you.

Michael Stump: Mickey, I can take, yes, go ahead Mickey. Thanks a lot for the question. It's a really good one because we are proposing to the FDA that it should not depend on each other. We want to do them in parallel. You know, we have the required animal data to argue for the parallel start, but in the end, of course, we will listen and have to live with what FDA decides. So stay a bit with us, ideally in parallel, but it's a regulatory question. So, and if that is, I think we'll probably keep them together just a few months apart because, you know, patients like to be treated and not just imaged.

Speaker Change: But he is nothing I can I can take yes go ahead bill.

Speaker Change: Sorafenib.

Speaker Change: Thanks, a lot for the question, it's a really good one because we are proposing to the FDA that it should not dependent on each other we want to do them in parallel we have still required animal data to argue for the parallel start but in the end of course, we will listen.

Speaker Change: With what the FDA decides so stay a bit with us ideally in parallel, but it's a regulatory question.

Speaker Change: And if that is I think.

Speaker Change: We keep them together just a few months of hard because you know patients to be treated.

Michael Stump: So also for the patient, we keep them close. Yes, of course. Thanks a lot. It really helps.

Speaker Change: And it's also for the patient.

Yes.

Speaker Change: Yes of course, thanks, a lot really helpful.

Unknown Executive: Welcome.

Speaker Change: Okay. Thank you.

Joris Zimmerman: And the last question today will come from Joris Zimmerman with Octavian. Please go ahead. Yeah, hi, Patrick and Dean. Thanks for the presentation and for the opportunity to ask questions. I have a short one, I guess, on just on the structure of your deal with Oranomate. If you could elaborate a little bit on how those different programs are split between the two companies. I mean, you've nicely depicted that on slide 12, I guess, just to understand. So the later programs. fully owned by you and then there is two with Optins. But who will take the commercial lead for those and then also for three and four?

Speaker Change: And the last question today will come from Yours Zimmerman with Octavian. Please go ahead.

Speaker Change: Yeah.

Speaker Change: Yes, Hi, Patrick and team thanks for the presentation and for the opportunity to ask questions I have a short one I guess on just on the structure of your deal with automate if you could elaborate a little bit on how those different.

Speaker Change: Program.

Speaker Change: Our split between the two companies I mean, you know.

Speaker Change: Isaly depicted on slide 12, I guess just to understand so the law.

Speaker Change: Later programs will be fully owned by you and then there is.

Speaker Change: Obtained but who will take the commercial lead for dose and then also for three and four is it correct that this will be mainly led by automakers.

Patrick Amstutz: Is it correct that this will be mainly led by Oran?

Patrick Amstutz: Yeah, no, thanks for the question. And this is a good opportunity to quickly explain how the deal works. And I'll do a short recap of how this all came about. So we started the collaboration on an MTA with Oronimed on the DLS reDARPIN. And so that was sort of call it the honeymoon. And we had made very good progress on it. And then we said, okay, let's move forward. At that point in time, we did a deal with actually three targets or three products. These were both 50-50. We got the first. The idea was they would take the second, and then the third, we would see how that develops.

Speaker Change: Yeah no. Thanks for your question and this is a good opportunity to quickly explain how the deal works.

Speaker Change: So great cap of how this all came about so we started the collaboration on the MTA with our automate on the DLR suite Arpin.

Speaker Change: So that was sort of call it the.

Speaker Change: The honeymoon.

Speaker Change: And we have made very good progress on it and then we said okay, let's move forward.

Speaker Change: At that point in time.

Speaker Change: We did a deal with actually three targets are three products of these were both 50 50, we got the first the idea was they would take the second and the third we would see how that develops and I think we had underestimated the speed and productivity of what we were doing.

Patrick Amstutz: And I think we had underestimated the speed and productivity of what we were doing. And so what had happened is that we took the first, but then Mesothelin came about, and we had to approach them and say, actually, we have a second. And then there was an imbalance. So we said, okay, then let's add a fourth that we get one and two, and they can have three and four in the 50-50. But commercial lead for one and two are with us. In the meantime, they were successful in their phase two and did a massive deal with Sanofi, bringing in 400 million for late stage development and commercial supply.

Speaker Change: And so what had happened is that we took the first but then mesothelin came about and we have to approach them and say.

Speaker Change: Actually we have a second and then there was an imbalance. We said Okay. Then let's add a fourth that we get one and two and they can have.

Speaker Change: Three and four in the 50 50, but commercial lead for one and two are with US in the meantime, they were successful in their phase two and did a massive deal with Sanofi, bringing in 400 million for late stage development and commercial supply. So they have a clear mandate now to put that money.

Patrick Amstutz: So they have a clear mandate now to put that money to work, build the manufacturing site, build the last mile, build the logistics. So Sanofi is not doing that. That will be with Aeronomid. And it's sort of, I would say it is clear where they're focused. And so we were like, okay, we have one and two, you have three and four, and your focus is late stage, let's sit together, because we cannot wait until you move to your programs, we want to do more. And then is where this win-win situation happened where we said, okay, let's ask Molecular Prtnrs can move them forward, and at early clinical phase zero-ish data, Oronamid can opt in into two, while four will remain with us.

Speaker Change: To work built the manufacturing sites built the last mile build the logistics of Sanofi is not doing that that will be with Iran. Amit and then sort of I would say.

Speaker Change: It is clear where their focus is.

Speaker Change: So we were like Okay. We have one until you have three and four and your focus at late stage lets it together because we cannot wait until you move your program. So we want to do more and then is this win win situation happened, where we said, okay. Let's ethics molecular partners can move them forward and add.

Speaker Change: Early clinical phase zero ish data or unmet can opt into two while <unk> four will remain with us so I'm not going to go into all the details, but you see we are helping each other they have full time focus money to build the late stage, we are working a bit more on the early stage and <unk>.

Patrick Amstutz: So I'm not going to go into all the details, but you see, we are helping each other. They have time, focus, money to build the late stage. We are working a bit more on the early stage, and they also get then with the opt-in what they need to build their pipeline. So for me, it's a beautiful example of a win-win situation. And I do think on value, this has gone very much under the radar, that we have 10 products worth of lead supply with the most advanced and credible partner you can have. So big thanks to them.

Speaker Change: You also get then with the opt in what they need to build their pipeline. So for me. It's a beautiful example of a win win situation and I do think on value. This has gone very much under the radar that we have 10 products worth of lead supply with the most advanced and credible.

Speaker Change: Our partner you can have that make sense to them indirectly also big thanks to Sanofi for putting all of that money to work.

Patrick Amstutz: Indirectly, also big thanks to Sanofi for putting all that money to work, and we're ready.

Speaker Change: And we're already one point also these are.

Patrick Amstutz: One point also, these are... commercial products. So if number eight would fail in phase three, even then we can go back and replace it. So these slots are up to commercial stage. So if you want, this is a 30-40 target setting you can do. We don't have to, we can also do other isotopes, but I would say for lead, we have access to whatever we need. Thanks very much. That makes a lot of sense. Maybe a very quick follow-up. You mentioned the high productivity. So how should we think of timelines and frequency of you and OronoMIT disclosing the additional...

Speaker Change: These are.

Speaker Change: Commercial product so if number eight would fail in.

Speaker Change: In phase III. Even then we can go back to replace it. So these slots are up to commercial stage. So it's if you want. This is a 30 40 target setting you can do we don't have the we can also do other isotopes, but I would say for led we have access to whatever we need.

Speaker Change: Thanks very much.

Speaker Change: That makes a lot maybe a very quick follow up you mentioned the high productivity. So how should we think of timelines and frequencies.

Speaker Change: You went autonomy disclosing the additional program.

Patrick Amstutz: Yeah, that's a good question. And that's sort of like, you never communicate too much what you're doing in research, because it is so, so risky. And then if I will give you an update on our pro pipeline today in research, and a year later, a lot has changed. That's why it's always that we're careful. But I think it's fair to say that my guess is we'll have two new targets that we will be talking about this year, and also new column technologies that we're testing. So it's not that we are waiting in radio and sitting there, but we're also evolving our platform for our next generation as we go.

Speaker Change: Yeah. That's that's a good question and that sort of like a.

Speaker Change: You never communicate too much what youre doing in research because it is so so risky and then if I will give you an update on our pipeline.

Speaker Change: Pipeline today in research and a year later a lot has changed that's why it's always that we're careful but I think it's fair to say that my guess is we will have two new targets that we will be talking about this year and also new column technologies that we're testing. So it's not that we are waiting and.

Speaker Change: Radio.

Speaker Change: And sitting there, but we're also evolving our platform for our next generation is as we go so I think in all fairness roughly two targets per year is likely a productivity that is fair.

Patrick Amstutz: So I think, in all fairness, roughly two targets per year is likely a productivity that is fair. Pending the results of 7-12, obviously, we can ramp up more. Their clinical data will be key. If that looks as we hoped for, then let's move forward and do more. Thank you so much. Thanks.

Speaker Change: Pending the results of 712, obviously, we can ramp up more.

Their clinical data will be key.

Speaker Change: If that looks as we hope for then let's move forward and do more.

Speaker Change: Thank you so much.

Speaker Change: Thanks.

Unknown Executive: This concludes our question and answer session.

Speaker Change: This concludes our question and answer session I would like to turn the conference back over to Patrick I'm strips CEO for any closing remarks.

Patrick Amstutz: I would like to turn the conference back over to Patrick Amstutz. CEO for any closing remarks. Hello, thanks again. 20 years Molecular Prtnrs, 20 years innovating and bringing drops forward. I'm also proud on the timing. This is almost Swiss timing. We're right on the hour as we had planned. So also thanks and thanks for all the great questions. We're off to an exciting year. We'll keep you updated as we collect the data. We'll also work closely with you to give you what you need to understand the data as we're doing that.

Speaker Change: Yeah, no. Thanks again <unk>.

Speaker Change: Three years molecular partners 20 years.

Speaker Change: Waiting in bringing dropped forwards I'm also proud on the timing. This is all a Swiss timing were right on the hour as we had planned. So so also thanks and thanks for all the great questions.

Speaker Change: After an exciting year, we'll keep you updated as we collect the data will also work closely with you to give you that what you need to understand the data as we're doing that and also end with a big thanks to my team treating physicians and especially the patients.

Unknown Executive: And also I'll end with a big thanks to my team, treating physicians and especially the patients. See you all soon. And we're at many conferences going forward. So reach out and we'll be in contact.

Speaker Change: See you all soon and were at many conferences going forward, so reach out and will be in contact.

Unknown Executive: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: [music].