Financial Data and Key Metrics Changes - As of March 31, 2025, the company had approximately $103.7 million in cash, cash equivalents, total bank deposits, and investments in marketable securities [16] - Revenues for Q1 2025 were approximately $2.3 million, a decrease from approximately $2.6 million in Q1 2024 [17] - R&D expenses for Q1 2025 were approximately $5.8 million, down from approximately $6.4 million in Q1 2024 [17] - The net loss for Q1 2025 was approximately $7.2 million, or $0.08 per basic and diluted share, compared to a net loss of approximately $7.3 million in the same period of 2024 [17] Business Line Data and Key Metrics Changes - The company is advancing its clinical immunotherapy pipeline, particularly focusing on the anti-PVRIG antibody COM701, with a sub-trial initiated for patients with relapsed platinum-sensitive ovarian cancer [7][8] - The study aims to demonstrate a three-month improvement over the median progression-free survival compared to placebo, which would be clinically meaningful [9] Market Data and Key Metrics Changes - AstraZeneca has initiated multiple Phase III trials in the TIGIT space, with significant potential revenue opportunities estimated at over $5 billion in lung cancer alone [11] - The eligible lung cancer patient population across G7 countries is estimated to exceed 500,000 patients based on 2025 epidemiological data [11] Company Strategy and Development Direction - The company is focused on advancing its early-stage and clinical immuno-oncology pipeline while ensuring a cash runway into 2027 [5][14] - The leadership transition aims to provide a solid foundation for the company's next growth phase [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential impact of their clinical trials on cancer patients' lives and emphasized the importance of their innovative pipeline [14][15] - The company is committed to advancing its clinical assets and early-stage research pipeline while maintaining a solid balance sheet with no debt [16] Other Important Information - The company has established strategic collaborations and built a robust management team to support its growth initiatives [5] - The clinical trial landscape is evolving, with a focus on the potential advantages of COM701 in the maintenance setting of platinum-sensitive ovarian cancer [9] Q&A Session Summary Question: Impact of Merck's KEYNOTE B96 trial success on the company's strategy in ovarian cancer - Management noted that while Merck's trial is in platinum-resistant ovarian cancer, their study focuses on platinum-sensitive patients, and positive results could open up additional opportunities for COM701 [21][22] Question: Interpretation of Roche's Skyscraper one data regarding TIGIT - Management discussed the challenges faced in the trial and emphasized the importance of patient population and statistical design in interpreting the results [24][26] Question: Data collection on tumor microenvironment features from the COM701 study - The company confirmed that it will collect data to evaluate the tumor microenvironment, with a focus on PVRIG expression and IFN signatures [31] Question: Activity in PD-L1 positive patients and potential combinability with other treatments - Management indicated that they have seen activity in both PD-L1 positive and negative patients, suggesting potential for COM701 in various settings [36][38]