Financial Data and Key Metrics Changes - The company reported cash of $1 billion at the end of Q1 2025, an increase from $992 million at the end of 2024, bolstered by a $150 million equity financing completed in February 2025 [34] - GAAP revenue for Q1 2025 was $8 million, down from $36 million in Q4 2024, primarily driven by collaboration with Gilead [35] - The company expects to recognize GAAP revenue of $75 million to $90 million for the full year 2025 [35] Business Line Data and Key Metrics Changes - The late-stage portfolio is focused on casdadefan, with ongoing studies expected to generate significant data over the next two years [6][11] - The Fc silent anti-TIGIT antibody, domvanilumab, is on track for its first Phase III study readout in 2026, while the PRISM-one trial for the small molecule CD73 inhibitor is expected to be fully enrolled by the end of 2025 [14][17] Market Data and Key Metrics Changes - The addressable patient population for casdadefan in the IO naive setting is approximately 13,000 in the U.S. and 20,000 in other major markets, with a combined market opportunity estimated at $5 billion [31][32] - TKI-based regimens dominate the clear cell RCC market, holding approximately 65% share in the first line and 75% in the second line setting [32] Company Strategy and Development Direction - The company aims to bring casdadefan to market as quickly as possible, focusing on its advantages over existing therapies [6][11] - There is a strategic collaboration with AstraZeneca to develop a TKI-free combination option for first-line RCC, which is expected to enhance the market position of casdadefan [12][96] - The long-term vision includes developing casdadefan in earlier lines of therapy to displace TKIs, driven by a better safety profile and efficacy [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the tumultuous macro environment but emphasizes a commitment to efficient execution and resource allocation [5][6] - The company expects a steady flow of data for casdadefan over the next couple of years, reinforcing its competitive advantages [6][10] Other Important Information - The company has a strong balance sheet with $1 billion in cash and investments, allowing it to fund operations through pivotal readouts [17][34] - The company is prioritizing its late-stage programs while maintaining a sustainable pipeline with minimal investment in early-stage programs [43] Q&A Session Summary Question: Can you elaborate on pipeline reprioritization and the adenosine inhibitor program? - Management confirmed that while there is a path forward for the adenosine modulator, current plans do not include moving forward with it at this time [41][42] Question: What should be expected in the ASCO presentation regarding the CAS data? - The ASCO presentation will feature more recent data than the abstract, including safety and efficacy data from approximately 40 patients [44][45] Question: Are there plans to ramp up investment in the TIGIT program? - Management expressed confidence in the current investments and highlighted ongoing discussions for potential future studies based on positive Phase II readouts [52] Question: What is the expected efficacy benchmark for CAS in the second line? - Management indicated that they are looking for meaningful reductions in tumor size and a safety profile that encourages investment in CAS for earlier lines of therapy [55][57] Question: What is the timeline for the PEEK-one study? - Management stated that while it is too early to provide specific timelines, they expect the study to enroll quickly and anticipate a readout that could narrow the gap with competing studies [66][68]

Financial Data and Key Metrics Changes - The company reported cash of $1 billion at the end of Q1 2025, an increase from $992 million at the end of 2024, bolstered by a $150 million equity financing completed in February 2025 [34][36] - GAAP revenue for Q1 2025 was $8 million, down from $36 million in Q4 2024, primarily driven by collaboration with Gilead [35] - The company expects to recognize GAAP revenue of $75 million to $90 million for the full year 2025 [35] Business Line Data and Key Metrics Changes - The late-stage portfolio is focused on the casdadefan program, which is the top priority, with ongoing data generation expected to reinforce its advantages over competitors [4][5] - The Fc silent anti-TIGIT antibody, domvanilumab, is advancing towards its first Phase III study readout, expected in 2026 [14] - The PRISM-one trial of QEMLi, a small molecule CD73 inhibitor, is enrolling rapidly and is anticipated to be fully enrolled by the end of 2025 [16] Market Data and Key Metrics Changes - The addressable patient population for the IO naive setting is approximately 13,000 in the U.S. and 20,000 in other major markets, with a combined market opportunity estimated at $5 billion [30][31] - TKI-based regimens dominate the clear cell RCC market, holding approximately 65% share in the first line and 75% in the second line settings [31] Company Strategy and Development Direction - The company aims to develop casdadefan in TKI-free regimens, targeting earlier lines of RCC treatment to improve patient quality of life [11][12] - Collaborations with AstraZeneca are focused on combining casdadefan with their anti-PD-1/CTLA-4 bispecific antibody for first-line RCC, marking a strategic move towards TKI-free options [12][96] - The company is prioritizing late-stage programs while maintaining a sustainable pipeline with minimal investment in early-stage programs [43] Management's Comments on Operating Environment and Future Outlook - Management remains focused on execution amidst a tumultuous macro environment, ensuring resource deployment reflects ongoing assessments of priorities [4][5] - The company anticipates a steady flow of data for casdadefan over the next couple of years, reinforcing its competitive position [5][10] - Management expressed confidence in the ability to fund operations through pivotal readouts, with a strong balance sheet supporting ongoing development [34][36] Other Important Information - The company is exploring additional cohorts in the ARC20 study to evaluate casdadefan in various settings, including TKI-free regimens [13][19] - The competitive landscape for anti-TIGIT antibodies has shifted, with the company and AstraZeneca's candidates dominating the Phase III landscape [15] Q&A Session Summary Question: Can you elaborate on pipeline reprioritization and the adenosine inhibitor program? - Management confirmed that while there is a path forward for the adenosine modulator, current plans do not include moving forward with it at this time, focusing instead on late-stage programs like casdadefan [39][41] Question: What should be expected in the ASCO presentation versus the abstract? - Management indicated that the ASCO presentation will feature more recent data, including safety and efficacy for a population of about 40 patients, with compelling results anticipated [44][46] Question: What is the plan for the Peak One study and its primary endpoint? - Management stated that it is too early to provide specific timelines for the Peak One study's PFS primary endpoint, but they expect rapid enrollment and are focused on collecting OS data as a key secondary endpoint [66][68] Question: Will the company consider commercialization partnerships post-Peak One? - Management expressed intent to commercialize casdadefan independently, with potential consideration for a partner in Europe, emphasizing confidence in their capabilities [108]