Financial Data and Key Metrics Changes - Research and development (R&D) expenses decreased to $11.6 million for Q4 2024 from $22.7 million in Q4 2023, a reduction of $11.1 million due to lower clinical development expenses [19] - General and administrative expenses were $4.6 million for Q4 2024, down from $5.9 million in Q4 2023, primarily due to lower stock-based compensation and personnel-related costs [20] - Net loss for Q4 2024 was $14.9 million compared to a net loss of $26.9 million in Q4 2023 [20] - Cash and cash equivalents as of December 31, 2024, were $49 million, down from $111.5 million as of December 31, 2023 [20] Business Line Data and Key Metrics Changes - The CAB platform clinical programs are advancing, with promising results from the dual CAB EpCAM and CAB CD3 bispecific T cell engager antibody, showing tumor reduction in patients [6][8] - The cabaxel ADC MACV program reported ongoing anti-tumor activity with multiple confirmed responses among patients with tumors expressing MK RAS [9] - The TAB102 ADC AUS V program continues to show new responses in treatment-refractory head and neck cancer patients, with a 100% disease control rate in HPV-positive patients [12][14] Market Data and Key Metrics Changes - The second-line plus head and neck cancer population represents a worldwide commercial opportunity exceeding $1 billion in peak sales [15] - The HPV-positive subpopulation in head and neck cancer is estimated to have a risk-adjusted market opportunity of over $500 million [42] Company Strategy and Development Direction - The company is focusing on advancing multiple discussions with potential collaborators on Phase II assets, particularly the EpCAM T cell engager program [22] - A workforce reduction of over 30% is planned to streamline resources, with an estimated one-time cash payment of $600,000 related to this reduction [18] - The company aims to retain essential employees for advancing priority programs while seeking partnerships for other clinical assets [18] Management's Comments on Operating Environment and Future Outlook - Management expressed encouragement regarding clinical outcomes from the CAB program, highlighting its differentiation in challenging solid tumor types [22] - The company anticipates that compelling results will serve as important catalysts for partnerships and shareholder value [22] Other Important Information - The company is on track for data readouts from the dose escalation portion of the study in mid-2025 and for the cohort expansion portion in the first half of 2026 [7] - The drug-related treatment discontinuation rate was only 7%, indicating a well-tolerated safety profile [10] Q&A Session Summary Question: Update on partnered programs and discussions - Management noted advanced discussions and new interest in the ROAR2 program and CTLA4, particularly due to new HPV-positive data [26][27] Question: Data expectations for BA3182 - The company expects to report on the 300 microgram cohort data and potentially higher doses depending on patient recruitment [35] Question: HPV-positive patients' smoking status - Management indicated that they would look into the correlation between smoking status and HPV-positive patients [45][46] Question: Future patient data for XL program - The company plans to add more patients to the XL program while prioritizing the EpCAM program due to its broad applicability [56] Question: Strategies to maximize shareholder value - Management is open to various strategies, including partnerships for both the IRR2 and CTLA4 programs, and is exploring additional options to enhance shareholder value [57]