Xencor, Inc. Q3 FY2023 earnings call

• Xencor is advancing a portfolio of engineered antibody-based therapeutics in oncology and autoimmune disease using XmAb protein engineering tools.
• Focus on T-cell engager bispecifics, including xaluritamig (Amgen's Phase 1 study in advanced prostate cancer showing 41% RECIST response rate).
• Added $215 million in cash by selling royalty interests in Ultomiris and Monjuvi.
• Terminated development of Phase 1 PD-1 x ICOS program XmAb104 and closed some cohorts in vudalimab Phase 2 monotherapy study.
• Efbalropendekin alfa co-development with Genentech shifted to milestone royalty structure.
• Nancy Valente discussed vudalimab, XmAb104, cytokines, and XmAb 2+1 bispecifics progress.
• Retirement of John Kuch, Chief Financial Officer, announced.

No specific financial performance by product segment with absolute revenue and contribution % provided in the transcript.

• Cash runway into 2027.
• On track to submit IND for XmAb541 later in the year.
• Timelines for clinical studies, e.g., initiating first-line non-small cell lung cancer study by year-end.

• Forward-looking statements subject to known and unknown risks, uncertainties, and factors that could cause actual results to differ.
• Risks related to clinical trial outcomes, competitive landscape, and market conditions.

Q: Edward Tenthoff asked about plamo stopping internal development and ongoing studies.

A: Bassil Dahiyat said no change from Janssen plan, finishing ongoing Phase 1 study and Janssen will take over.

Q: Dane Leone asked about vudalimab frontline non-small cell lung cancer study design.

A: Nancy Valente discussed Phase 1b/2 design, doses, patient population.

Q: Etzer Darout asked about Monjuvi, Ultomiris royalties and 2+1 molecules.

A: Bassil and John Kuch discussed royalty details and enthusiasm for 2+1 programs.

Q: Unidentified Analyst asked about XmAb564 enrollment.

A: Bassil said enrollment is small, focused on escalation safety.

Q: Alec Stranahan asked about AMG 509 PSA50 and royalty sale.

A: Bassil discussed PSA50 as indicator and importance of maintaining upside on assets.

Q: Unidentified Analyst asked about B7-H3 vs B7-H4.

A: Bassil discussed differences in targets and internal investments.

Q: Unidentified Analyst asked about 819 subcu formulation.

A: Bassil said subcu is imminent, running in parallel with IV.

Q: Jerry Gong asked about XmAb306 milestones and vudalimab in RCC.

A: Bassil and Nancy Valente discussed milestone timing and positioning in RCC.

Q: Brian Cheng asked about XmAb564 data timing and PASI score.

A: Bassil discussed timing guidance and biomarker focus on Treg counts.