Summary of Molecular Partners Conference Call Company Overview - **Company**: Molecular Partners - **Focus**: Development of DARPins, small binding proteins for targeted therapies in oncology [4][5] Key Platforms and Pipeline - **DARPins Platforms**: - **Radiotherapy DARPin Platform**: Utilizes small size to deliver radioisotopes effectively [6] - **T Cell Engager Platform**: Capable of creating bispecific to tetraspecific DARPins targeting multiple tumor antigens [6] - **Clinical Candidates**: - **MPO-712 (DLL3)**: Expected to enter Phase 1 trials in the second half of the year, targeting small cell lung cancer [12][15] - **MPO-533**: Involved in an ongoing Phase 1 trial for acute myeloid leukemia (AML) [44] DLL3 and Small Cell Lung Cancer - **Target**: DLL3, a marker for neuroendocrine tumors, particularly expressed in small cell lung cancer [15] - **Clinical Need**: High unmet medical need in small cell lung cancer, which is often chemo-resistant [15][13] - **Phase 1 Trial**: Aiming to start in the second half of the year, with a focus on relapsed refractory patients [16][19] Radioligand Therapy Insights - **Advantages of DARPins**: Selected for targets that are not easily ligandable, providing a solution for over 70% of targets [9][10] - **Imaging and Dosimetry**: Early imaging data expected to inform dosing and therapeutic windows, with results anticipated in H2 [19][20] - **Lead-212**: Chosen for its short half-life and effective energy delivery, partnered with OranoMed for supply [31][34] MPO-533 and AML Trial Adjustments - **Targeting Strategy**: Trispecific and tetraspecific DARPins designed to target multiple antigens on AML cells [46] - **Trial Adjustments**: Shifted to more frequent dosing to improve patient exposure and response rates, achieving a 30% complete response rate in recent evaluations [51][52] Future Developments - **Switched DARPin Platform**: Aiming to develop smart drugs that utilize logic gating to enhance T cell engagement [58][61] - **Investor Interest**: The new platform is generating interest from potential investors and pharmaceutical partners [62] Additional Considerations - **Supply Chain Management**: OranoMed's ability to provide a consistent supply of Lead-212 is crucial for the success of the radioligand therapy [39][41] - **Regulatory Engagement**: Ongoing constructive discussions with regulators to ensure effective clinical trial designs [29][42] This summary encapsulates the key points discussed during the conference call, highlighting Molecular Partners' innovative approaches in oncology and their strategic focus on DARPins and radioligand therapies.

Financial Data and Key Metrics Changes - The company is focused on oncology and has licensed programs to other companies, including a $150 million deal with Novartis for an anti-spike trispecific program [3] - The collaboration with Aranomed involves the development of up to six programs on a 50/50 basis, with the company retaining commercial rights to the first two programs [17] Business Line Data and Key Metrics Changes - The company is working on two distinct areas: radiopharmaceuticals and multispecific DARPins, with a focus on DLL3 and AML programs [3][10] - DLL3 is expected to enter clinical trials in the second half of the year, with promising data from compassionate use programs [38] Market Data and Key Metrics Changes - The radiopharmaceutical market is experiencing broader adoption, with increasing interest from doctors and patients [28] - The company is strategically positioned to leverage the growing demand for targeted radiopharmaceuticals, particularly with its unique DARPin platform [8][10] Company Strategy and Development Direction - The company aims to expand its pipeline through collaborations and innovative approaches in radiopharmaceuticals and immune cell engagers [16][60] - The focus is on developing differentiated therapies that avoid competition with existing treatments, such as targeting the proximal membrane portion of mesothelin [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of radiopharmaceuticals, comparing the current landscape to the early days of antibody-drug conjugates (ADCs) [27] - The company is optimistic about the durability of its treatments and the ability to drive patients to complete responses quickly [59] Other Important Information - The collaboration with Aranomed is significant due to their established capabilities in manufacturing and logistics for radiopharmaceuticals [15][22] - The company is exploring pretargeting systems and half-life modulation to enhance the efficacy and safety of its therapies [32][34] Q&A Session Summary Question: How does the company view the competitive landscape for DLL3-targeted therapies? - Management noted that while there are other DLL3-targeted therapies, they have not seen a significant decrease in DLL3 expression, indicating potential for their radiopharmaceuticals [46][47] Question: What are the expectations for the upcoming data from the CD3 switch DARPin? - The company anticipates presenting data showing improved response rates and the ability to maintain patients in complete response [58] Question: How does the company plan to balance its focus between radiopharmaceuticals and other platforms? - Management indicated that if both platforms prove successful, they will have the opportunity to choose the best path forward, inviting interest from potential partners [60]

Core Insights - Molecular Partners AG is a clinical-stage biotech company focused on developing DARPin therapeutics, which are custom-built protein drugs designed to address medical challenges that other drug modalities cannot effectively tackle [4] Group 1: Upcoming Events - The management team of Molecular Partners will participate in two investor conferences: the H.C. Wainwright 3rd Annual BioConnect Investor Conference on May 20, 2025, and the TD Cowen's 6th Annual Oncology Innovation Summit on May 28, 2025 [2][3] - Both events will be webcast and accessible on the Molecular Partners website under the investors tab [3] Group 2: Company Overview - Molecular Partners was founded in 2004 and has its offices in Zurich, Switzerland, and Concord, Massachusetts, USA [4] - The company is primarily focused on oncology and has various programs in different stages of pre-clinical and clinical development [4] - Molecular Partners collaborates with leading pharmaceutical companies to leverage the advantages of DARPins for unique patient solutions [4]

Core Insights - Molecular Partners AG is advancing its clinical programs and expects to achieve key milestones in 2025, including the IND filing and initial clinical data for its lead program MP0712 [2][5][8] - The company has a strong financial position with cash reserves of CHF 131 million as of March 31, 2025, which is projected to fund operations well into 2027 [19] Research & Development Highlights - The strategic partnership with Orano Med has been expanded to co-develop up to ten Pb-labeled radiotherapy programs, including MP0712 targeting DLL3 for small cell lung cancer [3][8] - Preclinical data for MP0712 presented at the AACR 2025 showed high tumor uptake and a favorable toxicity profile, supporting its efficacy in mouse models [4][9] - The IND application for MP0712 is planned for mid-2025, with a Phase 1 dose-escalation study set to begin in the second half of 2025 [5][8] - The second RDT program targeting MSLN is also in development, with promising preclinical data indicating effective binding despite high shedding of MSLN [7][9] Clinical Programs - MP0533, a multispecific T cell engager, is in a Phase 1/2a trial for acute myeloid leukemia, with recent data showing increased response rates in cohort 8 [10][11] - The study protocol for MP0533 has been amended to enhance exposure and response rates, with additional data expected in 2025 [12] - The Switch-DARPin platform aims to improve T cell engagers' safety and potency, with preclinical proof-of-concept data presented at AACR 2025 [13] Financial and Business Outlook - The company anticipates total operating expenses of CHF 55-65 million for 2025, with a portion allocated to non-cash effective costs [18] - The current cash position is expected to support operational needs and capital expenditures through 2027 [19] Corporate Governance Highlights - All motions proposed by the Board of Directors at the Annual General Meeting in April 2025 were approved by shareholders [17]

Core Insights - Molecular Partners AG presented three posters at the AACR Annual Meeting 2025, showcasing advancements in their DARPin therapeutics, particularly in the context of small cell lung cancer and solid tumors [1][2][8] Group 1: Radio-DARPin Programs - The first poster highlighted positive IND-enabling data for MP0712, a Radio-DARPin targeting DLL3, which is on track to provide initial clinical data in the second half of 2025 [1][2][8] - The second poster presented initial preclinical data on a Pb-based Radio-DARPin targeting mesothelin (MSLN), indicating substantial uptake in MSLN-positive tumors with limited accumulation in other organs [1][2][4] - MP0712 demonstrated high tumor uptake and a favorable safety profile in mouse models, with efficacy and tumor reduction correlating with DLL3 expression levels [3][4] Group 2: T Cell Engager Program - The third poster included preclinical proof-of-concept data on a logic-gated CD3 Switch-DARPin T cell engager, which activates T cells specifically in the presence of tumor-associated antigens, enhancing tumor specificity [5][8] - The Switch-DARPin approach allows for CD2 co-stimulation, leading to sustained T cell activation and preventing dysfunction, with significant tumor regression observed in mouse models [5][8] Group 3: Strategic Partnerships - Molecular Partners is co-developing the Radio-DARPin programs with Orano Med, emphasizing the strategic partnership's role in advancing their therapeutic innovations [2][8] - The company is leveraging the unique properties of DARPins to selectively bind to tumor targets while minimizing off-target effects, particularly in the context of MSLN-targeted therapies [4][8]

Core Points - Molecular Partners AG, a clinical-stage biotech company, announced that all motions proposed by the Board of Directors at the Annual General Meeting were approved by shareholders with a wide majority [1] - Shareholders confirmed the approval of the annual review, IFRS consolidated financial statements, and the annual statements for the financial year 2024, including the decision to carry forward a net loss of CHF 50,643,414 [2] - The Board of Directors and Management Board members were granted discharge for the financial year 2024, and all members of the Board were re-elected for a one-year term [3] - KPMG AG Zurich was re-elected as statutory auditors for the financial year 2025, and Anwaltskanzlei Keller AG was elected as the independent proxy until the 2026 Annual General Meeting [4] Company Overview - Molecular Partners AG specializes in developing DARPin therapeutics, focusing on medical challenges that other drug modalities cannot address, with oncology as its main area of focus [5] - The company was founded in 2004 and operates offices in Zurich, Switzerland, and Concord, Massachusetts, USA [5]

Core Viewpoint - Shares of Molecular Partners AG (MOLN) have recently declined by 11.3% over the past week, but the formation of a hammer chart pattern suggests potential support and a possible trend reversal in the future [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottoming out, with selling pressure likely subsiding, which supports a bullish outlook for the stock [2][5]. - A hammer pattern typically forms during a downtrend, where the stock opens lower, makes a new low, but then closes near or above the opening price, indicating buying interest [4][5]. - The effectiveness of the hammer pattern can vary based on its placement on the chart and should be used alongside other bullish indicators [6]. Fundamental Analysis - Recent upward revisions in earnings estimates for MOLN are a strong bullish indicator, as trends in earnings estimate revisions correlate with near-term stock price movements [7]. - Over the last 30 days, the consensus EPS estimate for the current year has increased by 13.8%, indicating that analysts expect better earnings than previously predicted [8]. - MOLN holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9].

Core Insights - Molecular Partners AG is advancing its clinical-stage biotech initiatives, focusing on DARPin therapeutics for oncology, with significant developments in targeted radiotherapy and T cell engagement strategies [1][3]. Group 1: Product Development - The company is preparing to enter first-in-human (FIH) studies in 2025 for MP0712, a Radio-DARPin targeting DLL3 for small cell lung cancer (SCLC) [1]. - A second 212Pb-based Radio-DARPin is in preclinical development, targeting mesothelin (MSLN) in solid tumors [1]. - Additional preclinical data on a CD3 Switch-DARPin T cell engager with CD2 co-stimulation has shown promise in addressing limitations in solid tumor treatments [1][3]. Group 2: Upcoming Presentations - Molecular Partners will present three posters at the American Association for Cancer Research (AACR) Annual Meeting 2025, scheduled for April 25-30 in Chicago, IL [1][2]. - The presentations will cover the development of 212Pb-based Radio-DARPin therapy for MSLN-positive solid tumors and next-generation CD3 Switch-DARPins [2][3]. Group 3: Company Overview - Molecular Partners AG, founded in 2004, is headquartered in Zurich, Switzerland, and Concord, Massachusetts, focusing on innovative DARPin therapeutics to address unmet medical needs [3]. - The company collaborates with leading pharmaceutical firms to enhance its proprietary programs and expand its oncology portfolio [3].

Core Points - Molecular Partners AG is a clinical-stage biotech company focused on developing DARPin therapeutics to address medical challenges that other drug modalities cannot effectively tackle [3] - The company has various programs in different stages of pre-clinical and clinical development, with a primary focus on oncology [3] - The Annual General Meeting for 2025 is scheduled for April 16, 2025, at 9:00 CET in Schlieren, Switzerland [1][2] Financial Calendar - The financial calendar includes key dates such as the Annual General Meeting on April 16, 2025, the Interim Management Statement for Q1 2025 on May 15, 2025, the Half-year results on August 25, 2025, and the Interim Management Statement for Q3 2025 on October 30, 2025 [2] Company Overview - Molecular Partners AG was founded in 2004 and operates offices in Zurich, Switzerland, and Concord, Massachusetts, USA [3] - The company aims to leverage the unique advantages of DARPins to provide innovative solutions for patients through proprietary programs and partnerships with leading pharmaceutical companies [3]

Financial Data and Key Metrics Changes - Revenue for 2024 was exclusively from the Novartis collaboration, with the last part of the upfront payment recognized in 2024, indicating no further revenue from this collaboration in the future [25][30] - Operating expenses were CHF 66 million, within the guidance of CHF 65 million to CHF 70 million, with 74% of these costs being R&D-related [26][30] - The strategic cash balance at the end of the year was CHF 149 million, down from CHF 187 million, indicating a cash burn of around CHF 54 million for the year [28][30] Business Line Data and Key Metrics Changes - The radio DARPin franchise, particularly the DLL3 targeting 712, is ready to enter clinical trials after passing all IND-enabling studies [10][12] - The T cell engager program 533 faced challenges but is being re-evaluated to address target-mediated drug disposition issues [12][60] - The company has secured 10 slots for products using Lead-212 isotope through collaboration with Orano Med, enhancing its product pipeline [11][41] Market Data and Key Metrics Changes - The company is focusing on the DLL3 program for small cell lung cancer, which has a high unmet medical need and low 5-year overall survival rates [43][44] - The mesothelin program is being developed as a second DARPin program, with expectations of significant clinical data in the future [50][52] Company Strategy and Development Direction - The company aims to advance its pipeline towards clinical readouts, with a focus on radio DARPin and T cell engager programs [9][22] - There is a strategic shift away from certain collaborations, such as with Novartis, to focus on more promising targets and partnerships [20][106] - The company plans to explore partnerships for both individual molecules and platform-wide collaborations, depending on the specific needs of potential partners [125][126] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial position, allowing continued investment in the pipeline despite broader industry challenges [80] - The first clinical data from the DLL3 program is anticipated in early 2026, with imaging studies expected to provide valuable insights into drug distribution [74][90] - The management highlighted the importance of collaboration with partners like Orano Med and Novartis for future growth and development [83][122] Other Important Information - The company completed a financing round that raised CHF 20 million, enhancing its capital position [15] - The management emphasized the importance of patient involvement in trials and the need for ongoing collaboration with investigators and experts [84][121] Q&A Session Summary Question: Can you provide more color on where you are in the IND submission process and preparations for study initiation? - The company plans to submit IND applications in Q2 2025, with the first part of the program, the imaging part, expected to start in Q3 2025 [90] Question: What are the learnings taken from the Novartis programs before they were discontinued? - The collaboration provided valuable insights into what makes a good radio therapeutic, particularly the importance of tumor-to-kidney ratios and the need for multiple candidate testing [101][102] Question: Are there any on-target off-tumor DLL-3 expressing organs to be concerned about? - The pituitary gland is the only organ with some level of DLL3 expression, but there have been no adverse events reported related to this [118][120] Question: How do you think about partnering in terms of the scope and scale? - The company is exploring both candidate-specific partnerships and broader platform collaborations, depending on the needs of potential partners [125][126]