Financial Data and Key Metrics Changes - As of December 31, 2024, the company ended the year with $100.6 million in cash, cash equivalents, and investments, a decrease from $174.5 million at the end of 2023 [29] - Total revenue for 2024 was $138.1 million, compared to $101.2 million for the corresponding period in 2023, attributed to collaborations with BMS, Moderna, Astellas, and Regeneron [32] - Total operating expenses for 2024 were $113.1 million, an increase from $107.7 million in 2023, primarily due to a $5 million milestone payment for CX-2051 [33] Business Line Data and Key Metrics Changes - The lead program, CX-2051, is a first-in-class ADC targeting EPCAM, with a focus on colorectal cancer, which has a significant unmet need [7][13] - CX-801, a masked version of interferon alpha, is also progressing well in early clinical trials, with plans to initiate combination therapy with KEYTRUDA in 2025 [24] Market Data and Key Metrics Changes - The global unmet need in colorectal cancer is significant, with over 1.9 million new cases annually and limited new treatments emerging in the last two decades [13] - The company is focusing on late-line CRC patients who have generally received at least three prior systemic therapies, indicating a high unmet need in this patient population [15][70] Company Strategy and Development Direction - The company is prioritizing its lead programs, CX-2051 and CX-801, to extend its cash runway to Q2 2026 and support key clinical milestones [8][29] - The strategy includes a focus on antibody masking technology and collaborations with major pharmaceutical companies to enhance its pipeline [7][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the initial clinical data for CX-2051 and CX-801 expected in 2025, which could drive significant near-term value creation [8][28] - The company remains committed to disciplined capital allocation and resource management to progress its promising pipeline [34] Other Important Information - The company achieved a $5 million milestone in its collaboration with Astellas, indicating ongoing progress in its partnerships [31][25] - The company is not pre-selecting patients based on EPCAM expression or other disease characteristics in its Phase 1 study for CX-2051, aiming to characterize the drug across the full CRC population [15][56] Q&A Session Summary Question: Update on CX-2051 patient enrollment and data expectations - Management anticipates a meaningful update including initial safety profile characterization and potential antitumor activity data [41][42] Question: Timing for CX-801 and KEYTRUDA combination therapy - The initiation of the KEYTRUDA combination is expected in the second half of the year, likely before data presentation [45] Question: Therapeutically active doses in CX-2051 trial - A significant number of patients will be treated with doses predicted to be within the therapeutic active range by the time data is shared [51] Question: Expectations regarding KRAS status and liver metastases - There is no obvious biology suggesting a connection between KRAS status and EPCAM expression; the study aims to enroll a broad patient population [55] Question: Expression levels of EPCAM in CRC - EPCAM is highly expressed in colorectal cancer, and the clinical results are expected to validate this [61] Question: Focus on CRC for EPCAM targeting - The focus on CRC is due to its high and consistent EPCAM expression, significant unmet need, and the drug's design being optimized for this indication [70]

Financial Data and Key Metrics Changes - As of December 31, 2024, the company ended the year with $100.6 million in cash, cash equivalents, and investments, down from $174.5 million at the end of 2023 [21] - Total revenue for 2024 was $138.1 million, compared to $101.2 million for the corresponding period in 2023, attributed to collaborations with BMS, Moderna, Astellas, and Regeneron [22] - Total operating expenses for 2024 were $113.1 million, an increase from $107.7 million in 2023, primarily due to a $5 million milestone payment to AbbVie for the initiation of Phase I for CX2051 [23] Business Line Data and Key Metrics Changes - The lead program CX2051 is a first-in-class ADC targeting EpCAM, with a focus on colorectal cancer, which has a significant unmet need [6][10] - CX801, a masked probody interferon alpha-2b, is also progressing well in Phase I, with plans to initiate combination therapy with KEYTRUDA in 2025 [17] Market Data and Key Metrics Changes - The global unmet need in colorectal cancer is significant, with over 1.9 million new cases annually and limited new treatments emerging over the last two decades [10] - The company is focusing on late-line colorectal cancer patients who have generally received at least three prior systemic therapies, where current treatment options are inadequate [11] Company Strategy and Development Direction - The company is prioritizing its lead programs, CX2051 and CX801, to extend its cash runway to Q2 2026 and support key clinical milestones [6][20] - The strategy includes leveraging partnerships for research collaborations, with a recent $5 million milestone achieved in the Astellas collaboration [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the initial clinical data for CX2051 and CX801 expected in 2025, which could drive significant near-term value creation [7][20] - The company remains committed to addressing the high unmet need in oncology, particularly in colorectal cancer, and is focused on delivering differentiated cancer therapies [5][54] Other Important Information - The company has streamlined its organization to focus on lead programs and has a strong track record of achieving milestones in collaborations [21][22] - The Phase I study of CX2051 is being conducted entirely in the metastatic colorectal cancer setting, with a focus on broad patient enrollment to characterize the drug's efficacy [51] Q&A Session Summary Question: Update on CX2051 patient enrollment and data expectations - Management anticipates a meaningful update including initial safety profile characterization and anti-tumor activity assessment in the first half of 2025 [27][28] Question: Timing for CX801 and Pembroke combination initiation - The initiation of the KEYTRUDA combination is expected to proceed before data presentation, with initial data anticipated by the end of the year [31][32] Question: Therapeutically active doses in CX2051 trial - A significant number of patients will be treated with doses predicted to be within the therapeutic active range by the time data is shared [38] Question: Expectations regarding KRAS status and liver metastases - The company is enrolling a broad patient population to characterize the drug across the full CRC population, with no current expectations of differential activity based on KRAS status or liver metastases [42] Question: Focus on colorectal cancer for CX2051 - The focus on CRC is driven by high and consistent EpCAM expression levels and a significant unmet need in this patient population [54][55]