Xencor(XNCR)2022-11-08 04:36Financial Data and Key Metrics Changes - Total revenue for Q3 2022 was 143 million, primarily from royalty revenue related to partnerships with Vir and Alexion [16][18] - Total cash, cash equivalents, receivables, and marketable debt securities at September 30 totaled 664.1 million at the beginning of the year, with an updated year-end cash position guidance of 600 million [17][18] Business Line Data and Key Metrics Changes - XmAb564, a reduced potency cytokine targeting regulatory T-cells, showed promising biomarker data in a Phase 1 single-dose study, indicating well-tolerated subcutaneous administration and significant Treg expansion [10][23] - Vudalimab, a Phase 2 PD-1 by CTLA-4 dual checkpoint bispecific antibody, is enrolling patients for studies in metastatic castration-resistant prostate cancer and advanced gynecologic tumors [11][12] Market Data and Key Metrics Changes - The company is focusing on autoimmune diseases and oncology, leveraging its modular protein engineering tools to create a diverse development portfolio [9][10] - The Phase 1a study of XmAb564 demonstrated a significant increase in CD25 bright Treg counts, with a peak of about 150 cells per microliter at the highest dose [40] Company Strategy and Development Direction - The company aims to use proof-of-concept data from early-stage studies to guide the advancement, termination, or partnering of programs, focusing resources on those with the greatest potential for success [10] - XmAb564 is positioned as a potential best-in-class treatment in autoimmune diseases, with plans to explore multiweek dosing schedules in ongoing studies [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of XmAb564 and its ability to provide durable Treg expansion, which could lead to improved therapeutic profiles in autoimmune diseases [50][51] - The company is committed to advancing its pipeline quickly while monitoring biomarker data to inform dosing strategies [65][66] Other Important Information - The company has sufficient cash and equivalents to fund R&D programs and operations through the end of 2025 [18] - XmAb564 is the second clinical program in the XmAb cytokine platform, with plans for additional programs to follow [52][53] Q&A Session Summary Question: Duration of dosing for atopic dermatitis and psoriasis patients - Management indicated that patients will be dosed for eight weeks, primarily focusing on biomarker data [59][60] Question: Comparison of XmAb564 with other drugs in development - Management highlighted that XmAb564's half-life and Treg expansion metrics are competitive compared to other therapies, suggesting a strong position in the market [70] Question: Insights on anti-drug antibodies - No evidence of anti-drug antibodies was observed in the early analysis of XmAb564 [107] Question: Recruitment for plamotamab combination trials - Recruitment for plamotamab is ongoing, with studies expanding beyond the U.S. [68] Question: Variability in Treg expansion data - Management expressed confidence in the data despite variability due to small sample sizes, emphasizing consistent trends across multiple measures [119][120]