Xencor, Inc. Q1 FY2023 earnings call

Bassil Dahiyat discussed Xencor's portfolio of antibodies and engineered cytokines for oncology and autoimmune diseases, with ongoing Phase 1 and 2 trials. They presented preclinical data on XmAb CD28 costimulatory bispecific antibodies at AACR, initiated preclinical development of a second CD28 program, and announced Nancy Valente as Chief Development Officer. Upcoming data from XmAb564 at EULAR will include biomarker data on T-regulatory cells. The company continues to enroll patients in various trials across its portfolio.

No specific financial guidance provided. They mentioned updating on data timing later in the year, focusing on enrolling more patients in MSS colorectal cancer for the PD-1 x ICOS program, and being stringent with clinic molecules based on early data.

Forward-looking statements are subject to known and unknown risks, uncertainties, and factors from Form 10-K and 10-Q, including those affecting clinical trials, market competition, and regulatory approvals.

Q: Question on XmAb564 biomarker data, competitor datasets, and indication selection for atopic dermatitis and psoriasis.

A: Discussed biomarker data on T-regulatory cells, selectivity profile vs competitors, and indication selection based on rapid enrollment and clinical outcome ease.

Q: Question on what Xencor will show at ASCO.

A: Not presenting new data at ASCO this year, will guide on data timing later.

Q: Question on market opportunity for XmAb564.

A: Discussed total addressable market being broad, focusing on atopic dermatitis and psoriasis for proof of concept.

Q: Question on claudin-6 CD3 in ovarian cancer market.

A: Market in flux, but potential in later lines of clinic, distinct target with unmet need.

Q: Question on CTLA-4 bispecific program progress.

A: Not guiding specific data timing yet, updating late in the year.

Q: Question on IL-12 field, approach vs others.

A: IL-12 designed with reduced potency for better pharmacokinetics and therapeutic index, different from non-engineered cytokine comparatives.

Q: Question on mechanistic link of T-reg levels to disease benefit in XmAb564.

A: Evidence from competitor data and low-dose IL-2 work showing T-regs are critical for preventing autoimmunity.

Q: Question on PD-1 x ICOS colorectal MS stable expansion.

A: Focusing on MSS colorectal cancer, enrolling to gather data.

Q: Question on cash position and business development.

A: Stringent on clinic molecules, balancing internal innovation and partnerships.

Q: Question on R&D burn and mechanistic rationale of XmAb306 in myeloma.

A: Mechanistic rationale involves expanding NK cells in combination with daratumumab and CD3 engager cevostamab.

Q: Question on Ultomiris Phase 3 milestone payments and royalties.

A: No more clinical milestones, sales milestone possible this year, royalties on approved indications.

Q: Question on CD28 vs CD3 bispecifics in solid tumors.

A: CD3 engages any T-cells, CD28 builds on tumor reactive T-cells for longer durability.

Q: Question on vudalimab monotherapy vs combo and B7-H3 bispecific success.

A: Vudalimab monotherapy in gyn tumors and prostate, B7-H3 bispecific promising in prostate, small cell lung cancer.

Q: Question on CD28 portfolio target selection and format.

A: Target selection based on cold tumors for immune checkpoint therapy, two plus one format is a tool, not exclusive.