Alpine Immune Sciences(ALPN) - 2022 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - As of September 30, 2022, the company's cash, cash equivalents, and investments totaled $277.1 million, with a pro forma cash balance of $290.2 million after a public offering [10][11] - Collaboration revenue for Q3 2022 was $8.4 million, slightly down from $8.5 million in Q3 2021, primarily due to revenue from AbbVie and Horizon collaborations [11] - Research and development expenses decreased to $17.6 million in Q3 2022 from $18.3 million in Q3 2021, attributed to reduced clinical development activities [11] - General and administrative expenses increased to $4.6 million in Q3 2022 from $3.5 million in Q3 2021, mainly due to higher personnel costs [11] - The net loss for Q3 2022 was $13.3 million, compared to a net loss of $13.5 million in Q3 2021 [11] Business Line Data and Key Metrics Changes - The company is focusing on ALPN-303, a dual inhibitor of BAFF and APRIL, with plans for multiple clinical studies including RUBY-2 and RUBY-3 [4][8][9] - ALPN-303 is positioned as a best-in-class treatment for autoimmune diseases, with initial data expected by the end of 2023 [12] Market Data and Key Metrics Changes - The company has completed a successful $113 million follow-on offering, extending its cash runway through the end of 2025 [4] - The focus on immunology and inflammation activities is expected to drive value, particularly through collaborations with AbbVie and Horizon [4] Company Strategy and Development Direction - The company aims to operationalize a broad development plan for ALPN-303 across multiple indications, including renal and hematology baskets [3][4] - The strategic focus is on leveraging the unique properties of ALPN-303 to address significant medical needs in autoimmune diseases [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of ALPN-303 to improve patient outcomes in severe autoimmune and inflammatory diseases [12] - The company anticipates initiating pivotal or accelerated approval studies based on initial data from basket studies by the end of 2023 [12] Other Important Information - The company has reported positive initial data from the RUBY-1 study, indicating that ALPN-303 is well tolerated and shows promising pharmacodynamic effects [8][9] Q&A Session Summary Question: What is the expected adherence of data in the current basket study? - Management indicated that enrollment will reflect the frequency or immunology of indications, with expectations for more subjects in the renal basket and immune basket [16][17] Question: What kind of new healthy volunteer data will be included in the upcoming ASH presentation on RUBY-1? - Management noted that updates will include biomarkers and pre-clinical data supporting hematology target indications [19]