Xencor Inc Q2 FY2022 earnings call

• Bassil Dahiyat discussed the modular approach in oncology and autoimmune disease, with a portfolio of programs. ULTOMIRIS received a positive CHMP opinion for generalized myasthenia gravis, and AstraZeneca is guiding regulatory decisions for other indications. Announced a collaboration with Caris Life Sciences for target discovery.
• Allen Yang reviewed upcoming clinical data presentations at ASCO and new clinical trials, including XmAb819 and XmAb808.
• John Kuch discussed financials, with cash equivalents, receivables, and marketable debt securities totaling $679.7 million at June 30, 2022, and updated cash guidance for year-end 2022.

Total revenue for the second quarter of 2022 was $31 million, and for the first six months of 2022, it was $115.6 million. Revenue was primarily from royalty revenue from Vir and Alexion partnerships, related sales of sotrovimab and ULTOMIRIS. Three royalty-producing marketed products, including ULTOMIRIS, support development work.

• Expect to end 2022 with between $550 million and $575 million in cash, cash equivalents, receivables, and marketable debt securities.
• Continue to have sufficient cash to fund R&D programs and operations through the end of 2025.

Q: On XmAb808, target B7-H3, AE profile, vudalimab data, and Caris arrangement.

A: Bassil Dahiyat and others discussed B7-H3 target, vudalimab data from chemo-combo cohorts, and Caris collaboration milestones.

Q: On IL-15 and R-15, RaFc program, and IL-2 Fc program 564.

A: Bassil Dahiyat and John Desjarlais discussed differences in cytokine design, systemic vs local therapy, and upcoming indications for IL-2 Fc program.

Q: On format for CD3 T cell engagers, XmAb819, and FDA project Optimus.

A: Bassil Dahiyat and John Desjarlais talked about 2+1 format, dose escalation, and biomarkers in relation to Optimus.

Q: On XmAb808, CD28 bispecific, and 564 initial data in healthy volunteers.

A: John Desjarlais and Bassil Dahiyat discussed CD28 platform, clinical potential, safety, and Treg changes in 564 study.

Q: On PD-1 targeting agents in MCRPC and vudalimab readout.

A: Bassil Dahiyat and Allen Yang discussed PD-1 activity in MCRPC, dual checkpoint inhibitor approach, and vudalimab data readout expectations.

Q: On partnership with Caris and cytokine differentiation.

A: Bassil Dahiyat and John Desjarlais talked about Caris collaboration, cytokine platform differentiation, and combination potential.

Q: On B7-H3 toxicity and vudalimab cohorts.

A: Bassil Dahiyat and John Desjarlais discussed B7-H3 toxicity insights, 808 molecule selectivity, and vudalimab cohort key factors.