Financial Data and Key Metrics Changes - As of September 30, 2025, the company reported cash and cash equivalents of $8.3 million, which does not include a recent $2 million milestone payment received in October 2025 [12] - The net loss for the third quarter of 2025 was $15.8 million, an increase from a net loss of $10.6 million in the same quarter of 2024, primarily due to the absence of collaboration revenue recorded in 2024 [12][13] - Research and development (R&D) expenses decreased to $9.5 million in Q3 2025 from $16.4 million in Q3 2024, driven by reduced program development costs and lower headcount-related expenses [13] - General and administrative (G&A) expenses were $4.2 million for Q3 2025, down from $5.9 million in Q3 2024, attributed to reduced personnel costs [14] Business Line Data and Key Metrics Changes - The company is preparing to initiate a phase 3 study for OSV, which has shown promising clinical activity in heavily pretreated patients with HPV-positive oropharyngeal squamous cell carcinoma (OPSCC) [5][7] - The dual CAB, EpCAM, T-cell engager program is progressing well, with preliminary data indicating a manageable safety profile and encouraging signs of tumor reductions across various indications [10] Market Data and Key Metrics Changes - The worldwide peak sales estimate for OSV in second-line and later OPSCC is approximately $800 million, with the total worldwide OPSCC market projected to reach $3 billion by 2032 [7] - The broader HPV-positive solid tumor market, including cervical cancer, is valued at over $7 billion globally [8] Company Strategy and Development Direction - The company is in advanced stages to finalize a strategic transaction with a potential partner by year-end, indicating a focus on collaboration and partnerships [4][5] - The company aims to address critical unmet needs in oncology through its prioritized programs, particularly the dual CAB, EpCAM, TCE program, which has the potential to treat over 1 million adenocarcinoma cancer patients annually [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming phase 3 trial for OPSCC, which addresses a significant unmet need and represents a substantial commercial opportunity [15] - The company anticipates key clinical trial readouts in the first half of next year, with several important events related to its programs throughout 2026 [15] Other Important Information - The company achieved FDA alignment on the phase 3 OSV registrational trial design, which includes dual primary endpoints of overall response rate and overall survival [4][5] - A development milestone was achieved under the license agreement with Context Therapeutics, validating the T-cell engager platform [5] Q&A Session Summary Question: Can you provide details on the patient number for the ROR-2 program's phase 3 study and control arm stratification? - The pivotal trial design for full approval involves approximately 300 patients, with an interim analysis for accelerated approval occurring earlier [18][19] Question: What data can be expected from the 3182 program next year? - The next data output is anticipated in the first half of next year, with comprehensive reporting on additional dose and schedule evaluations [21][22]

Financial Data and Key Metrics Changes - Research and development (R&D) expenses decreased to $13.7 million for Q2 2025 from $16.2 million in Q2 2024, a reduction of $2.5 million primarily due to workforce reduction and program prioritization [11][12] - General and administrative (G&A) expenses were $5 million for Q2 2025, down from $5.8 million in Q2 2024, reflecting lower stock-based compensation and headcount-related expenses [12] - Net loss for Q2 2025 was $18.7 million compared to a net loss of $21.1 million in Q2 2024, indicating improved financial performance [12] - Cash and cash equivalents as of June 30, 2025, were $18.2 million, down from $49 million as of December 31, 2024, highlighting a significant cash burn [13] Business Line Data and Key Metrics Changes - The dual conditionally binding EpCAM CD3 T cell engager BA-3182 is showing promising results in its Phase 1 dose escalation study, with evidence of objective tumor reductions in patients with various solid tumors [5][6] - The CABWAR2 ADC OSV demonstrated an overall response rate (ORR) of 45% in patients with metastatic HPV-positive head and neck cancer, significantly outperforming the standard of care [8] - The McVe ADC has shown exceptional overall survival rates among heavily pretreated patients with MKRAS non-small cell lung cancer, with one-year and two-year landmark survival rates of 67% and 59%, respectively [9] Market Data and Key Metrics Changes - The company is focusing on indications with high unmet needs, such as colorectal cancer and cholangiocarcinoma, which have shown high expression of EpCAM and limited available therapies [18][19] - The company is progressing with partnering discussions across its CAB portfolio, indicating a strategic focus on collaboration for development and commercialization [10] Company Strategy and Development Direction - The company plans to present its strategy to NASDAQ to regain compliance with listing requirements, indicating a proactive approach to maintain its market position [10] - The company is positioning its OSV asset for a planned Phase III study and is seeking FDA guidance, reflecting a commitment to advancing its clinical pipeline [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing one or more partnering transactions this year, which could enhance financial stability and support key clinical activities [14][25] - The company is managing cash resources carefully and expects quarterly cash burn to decrease as it completes Phase II clinical trials [13][14] Other Important Information - The company has completed due diligence for one of its assets and is at the term sheet stage for a potential partnership, indicating progress in its strategic initiatives [10][11] Q&A Session Summary Question: Regarding the expansion cohort study, which indication is being pursued? - Management indicated that colorectal cancer is particularly attractive due to high EpCAM expression and unmet needs, although no formal decision has been made yet [18] Question: What are the tumor reduction levels for patients in the colorectal cancer cohort? - Management confirmed three patients with colorectal cancer have shown tumor reductions of -6%, -8%, and -10%, with additional patients in other cohorts also showing reductions [20] Question: Will there be updates on dosing cohorts? - Management stated that updates will be provided later this year, potentially during the ESMO meeting in October [22]

Financial Data and Key Metrics Changes - Research and development (R&D) expenses decreased to $12.4 million for Q1 2025 from $18.9 million in Q1 2024, a reduction of $6.5 million primarily due to lower clinical development expenses [12] - General and administrative (G&A) expenses were $5.3 million for Q1 2025, down from $5.6 million in Q1 2024, reflecting a decrease of $300,000 [13] - Net loss for Q1 2025 was $15.3 million compared to a net loss of $23.2 million in Q1 2024, indicating improved financial performance [13] - Cash and cash equivalents as of March 31, 2025, were $32.4 million, down from $49 million as of December 31, 2024 [13] Business Line Data and Key Metrics Changes - The Phase one dose escalation study for the dual conditionally binding EpCAM and CD3 T cell engager is progressing well, with multiple patients achieving tumor reduction [6] - The MACV ADC demonstrated a two-year landmark survival of 59% in MKRAS non-small cell lung cancer patients, significantly higher than the less than 20% reported for standard care [7] - The OSV ADC showed a 100% disease control rate and a 45% overall response rate in treatment-refractory HPV positive head and neck cancer patients [9] Market Data and Key Metrics Changes - The company is focusing on the HPV positive head and neck cancer segment, which is currently underserved by existing treatments [9] - The overall survival data for MACV across different solid tumor types, including soft tissue sarcomas, indicates a strong market potential for the product [8] Company Strategy and Development Direction - The company is committed to advancing its CAD platform and is focusing on two internal priority programs while seeking partnerships for others [14][42] - Ongoing discussions with potential collaborators aim to maximize the value of the company's assets, particularly in the context of pivotal trials and accelerated approval opportunities [26][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the progress of clinical programs and the potential impact of their therapies on patients with challenging solid tumors [15] - The company anticipates that cost reductions from recent restructuring will provide sufficient runway to fund operations and achieve key clinical readouts in the first half of 2026 [14] Other Important Information - The company has received Fast Track designation from the FDA for its OSV program, facilitating discussions regarding treatment options for metastatic HPV positive squamous cell carcinoma [10] - Management highlighted the importance of overall survival as a key metric in evaluating the effectiveness of their therapies compared to standard care [38] Q&A Session Summary Question: Will the poster presentation for the ROAR-two program at ASCO contain an updated data cut? - Yes, there will be an updated data cut including additional safety data and long-term outcomes [20] Question: Any thoughts on a pivotal design for the actual program and options for accelerated approval? - The pivotal trial would likely be randomized against docetaxel in second and third line patients, with FDA guidance supportive of this approach [25][26] Question: Can you provide details on tumor regressions and patient therapy duration for the EpCAM program? - Two patients with colorectal adenocarcinoma have shown extended progression-free intervals, with ongoing dose escalation and no concerning safety issues reported [33][34] Question: What is the ideal partnership structure for the company? - The company seeks multiple partnerships, aiming to maintain substantial value in North America while generating cash value through upfront and near-term milestones [41][44]

Financial Data and Key Metrics Changes - Research and development (R&D) expenses decreased to $12.4 million for Q1 2025 from $18.9 million in Q1 2024, a reduction of $6.5 million primarily due to lower clinical development expenses [12] - General and administrative (G&A) expenses were $5.3 million for Q1 2025, down from $5.6 million in Q1 2024, reflecting a decrease of $300,000 [14] - Net loss for Q1 2025 was $15.3 million compared to a net loss of $23.2 million in Q1 2024, indicating improved financial performance [14] - Cash and cash equivalents as of March 31, 2025, were $32.4 million, down from $49 million as of December 31, 2024 [14] Business Line Data and Key Metrics Changes - The Phase one dose escalation study for the dual conditionally binding EpCAM and CD3 T cell engager is progressing well, with multiple patients achieving tumor reduction [5] - The MACV ADC demonstrated a two-year landmark survival of 59% in MKRAS non-small cell lung cancer patients, significantly higher than the less than 20% survival reported with standard care [7] - The OSV ADC showed a 100% disease control rate and a 45% overall response rate in treatment-refractory HPV positive head and neck cancer patients [9] Market Data and Key Metrics Changes - The company is focusing on the metastatic HPV positive head and neck cancer segment, which is currently underserved by existing treatments [9] - The overall survival data for MACV across various solid tumor types, including soft tissue sarcomas, indicates a strong market potential for the product [8] Company Strategy and Development Direction - The company is committed to advancing its CAD platform and is focused on aligning with partners to maximize the value of its assets [8] - The strategic focus includes prioritizing two internal programs while exploring partnerships for others, indicating a streamlined approach to resource allocation [15][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the progress of clinical programs and the potential impact of their therapies on patients with challenging solid tumors [16] - The company anticipates that cost reductions from recent restructuring will provide sufficient runway to fund operations and achieve key clinical readouts in the first half of 2026 [15] Other Important Information - The company has received Fast Track designation from the FDA for its OSV program, facilitating discussions regarding treatment options for metastatic HPV positive squamous cell carcinoma [10] - Ongoing discussions with potential collaborators are aimed at maximizing the value of the company's assets and exploring accelerated approval pathways [27][41] Q&A Session Summary Question: Will the poster presentation for the ROAR-two program at ASCO contain an updated data cut? - Yes, there will be an updated data cut including additional safety data and long-term outcomes [19] Question: Will data from the 300 microgram dose be available in July? - Anticipated data from the 300 microgram dose will be available mid-year [20][23] Question: Can you provide details on tumor regressions seen in the EpCAM program? - Two patients with colorectal adenocarcinoma have shown extended progression-free intervals, with ongoing dose escalation [32] Question: How does the company view the competitive landscape for MEKV? - The company believes its data stands strong against competitors, especially in the second-line setting for mutated KRAS non-small cell lung cancer [35][39] Question: What is the ideal partnership structure for the company? - The company seeks partnerships that maintain substantial value in North America and generate cash value through upfront and near-term milestones [41][43] Question: What regimen is used to control CRS in the study? - The company employs a standard approach with step dosing and prophylaxis strategies to manage CRS [52]