Xencor, Inc. (XNCR)

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Xencor, Inc. (XNCR)

Q1 2019 Earnings Conference Call

May 09, 2019 4:30 PM ET

Company Participants

Charles Liles - Associate Director & Head of Corporate Communications & Investor Relations

Bassil Dahiyat - President & Chief Executive Officer

Paul Foster - Senior Vice President & Chief Medical Officer

John Kuch - Senior Vice President of Finance & Chief Financial Officer

Conference Call Participants

Ted Tenthoff - Piper Jaffray

Jonathan Chang - SVP Leerink

Eileen Maysek - Cantor Fitzgerald

Shanshan Xu - Berenberg Capital Markets

Charles Zhu - Guggenheim Securities



Good day, ladies and gentlemen, and welcome to the Q1 2019 Xencor Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] Please be advised, this call is being recorded at the Company's request.

I would now like to introduce your host for today's conference, Charles Liles, Associate Director and Head of Corporate Communications and Investor Relations. You may begin.

Charles Liles

Thank you, operator. Good afternoon. This is Charles Liles of Xencor. Welcome to our first quarter 2019 financial results conference call. Earlier this afternoon, we issued a press release, which outlines the topics we plan to discuss today. The release is available at www.xencor.com.

Today, on our call Bassil Dahiyat, President and Chief Executive Officer will discuss the company's business highlights. Paul Foster, Senior Vice President and Chief Medical Officer will provide an update on Xencor's clinical programs. And John Kuch, Senior Vice President of Finance and Chief Financial Officer will review the financial results from the first quarter of 2019, then we will open-up the call for your questions.

Before we begin, I would like to remind you that during the course of this conference call, Xencor management may make forward-looking statements, including statements regarding the company's future financial and operating results, future market conditions, the plans and objectives of management for future operations, partnering efforts, capital requirements, future product offerings, and research and development programs.

These forward-looking statements are not historical facts, but rather are based on our current expectations and beliefs, and are based on information currently available to us. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including but not limited, to those factors contained in the Risk Factors section of our most recently filed Annual Report on Form 10-K, and quarterly report on Form 10-Q.

With that, let me pass the call over to Bassil.

Bassil Dahiyat

Thanks, Charles, and good afternoon everyone. The core of Xencor's approach to creating antibody and protein therapeutics is our XmAb engineering platform. By making small changes to an antibody structure, specifically it's Fc domain, we can improve its natural functions and performance or create new mechanisms of therapeutic action. The plug and play nature of the small suite of XmAb Fc domains we've created allows us to engineer nearly any antibody to have improved potency, longer half-life or bispecific structure. This flexibility and portability enables us to advance multiple programs simultaneously, and generate proof of concept data to guide which programs will independently advance, which we will partner and which we would terminate.

Now the majority of our R&D over the last few years has been the expansion of our pipeline of bispecific antibody-drug candidates. Bispecifics are a rapidly emerging area of biotherapeutic development, particularly in Oncology. And we're committed to being at the forefront of this field. Our XmAb heterodimeric Fc domain provides a robust scaffold and enables us to rapidly generate new protein and antibody bispecific candidates. These candidates can be grouped into three distinct classes.

The first and most advanced is the CD3 class. These are tumor targeted antibodies that contains both the tumor antigen binding domain, and a cytotoxic T-cell binding domain, which is the CD 3 binding domain. They activate key cells at the site of the tumor in order to potently kill them.

Now our second group of bispecific antibodies are our Tumor Microenvironment activators. Rather than directly bridging a T-cell to a tumor cell, our TME activator seeks to more effectively reactivate tumor reactive T-cells than existing therapies by engaging multiple T-cell target simultaneously, such as checkpoints or agonists. This approach not only reduces the need for multiple antibodies typically used for combination therapy, but it also allows for more selective targeting T-cells with multiple checkpoint expression, which are typically the ones Overexpressed in the tumor micro environment.

Finally, we're developing a suite of engineered cytokines, which are immune signaling proteins. We've built them on our XmAb bispecific Fc domain. They contain both cytokines and cytokine receptors domains and aim to selectively expand and activate immune cells that can be recruited against tumors. Our first preclinical candidates XmAb 24306, it's an IL-15 receptor alpha fused with a bispecific Fc domain. It's the lead program in our co-development collaboration with Genentech, which we announced in February and I previously discussed in detail.

Our heterodimer Fc domain in engineering of the IL-15s potency potentially provide superior tolerability, slower receptor mediated clearance and a prolonged half life. 24306 is intended for development with a wide range of combination agents and importantly we can perform our own clinical trials with both our own pipeline assets and non-Genentech agents subject to some condition.

We look forward to playing with a number of these combination studies pending completion of the initial dose escalation study of 24306 and we expect to support Genentech's IND application in multiple oncology indications in the second half of this year.

Read the rest of this transcript on seekingalpha.com