EQRx, Inc.

Good afternoon, and welcome to the EQRX First Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session. In order to ask a question, please press star 1-1. Please be advised that this conference call is being recorded. I would now like to turn the call over to Michelle Greenblatt, Head of Investor Relations.

Thank you, Operator, and good afternoon, everyone. Earlier this afternoon, we issued a press release providing an overview of our first quarter 2023 financial results and our recent corporate progress. A copy of this release and the presentation to accompany this call are available on the Investor Relations section of our website at investors.eqrx.com. Joining me on the call today are Melanie Nalicherry, President, Chief Executive Officer and Principal Financial Officer, and Dr. Eric Hedrick, Chief Physician Executive. Before we get started, I would like to remind everyone that some of the statements that we make on this call and information presented in the slide deck include forward-looking statements as outlined on slide two. Actual events and results could differ materially from those expressed or implied by any forward-looking statements as a result of various risks, uncertainties, and other factors, including those set forth in our most recent filings with the SEC and any other future filings that we may make with the SEC. You are cautioned not to place any undue reliance on these forward-looking statements, and EQRX disclaims any obligation to update such statements. I'll now turn the call over to Melanie.

Thank you, Michelle. Good afternoon, everyone, and thank you for joining us for our first quarter conference call. For those of you following along on the slides, I will begin on slide three. Today, we announced a reset for EQRX. Going forward, we will focus on developing clinically differentiated high-value medicines. To do this, we will leverage our team of experienced drug hunters, strong execution skills, and significant capital position of $1.3 billion. Our goal is to make a meaningful impact to patients and build long-term value for shareholders. Our CDK4-6 inhibitor, Leurocyclib, with its compelling early clinical data and potential for strong financial return, is an exciting starting point from which to build our pipeline, along with some of our early stage oncology programs. Lior Zyklip has an opportunity to expand CDK4-6 inhibition into new indications and additional combinations that could be firsts for this class of medicine. As you'll hear from Eric shortly, we continue to make excellent progress on the development of leurocyclib, including initiating our Phase III trial in first-line advanced metastatic or recurrent low-grade endometrial cancer, which we believe is the first Phase III study with a CDK4-6 inhibitor in this indication. Additionally, we are nearing the completion of patient enrollment in our Phase II open-label trial in first and second line hormone receptor positive, HER2 negative, advanced breast cancer. With this reset, we plan to remove any programs from our existing portfolio that are inconsistent with our new strategy. Specifically, we are taking the following actions as outlined on slide four. First, we are seeking commercialization partnerships for OmalertNet our third-generation EGFR inhibitor. We believe a company with an existing commercial infrastructure is better positioned to effectively deliver Omalertinib to patients around the world. Marketing authorization applications for Omalertinib for use in the treatment of EGFR-mutated non-small cell lung cancer remain under review by both the United Kingdom's MHRA for a Great Britain license and the EMA for a European Union-wide license. Second, we are terminating our existing license agreements for our two checkpoint inhibitors, Sugamalamab and Nofazinlamab, as well as for our JAK1 inhibitor, EQ121. Seastone Pharmaceuticals will regain rights for the research, development, and commercialization of Sugamalamab and Nofazinlamab, and Link Pharmaceuticals will regain rights for the research, development, and commercialization of EQ121. We'd like to thank Seastone and Link for their partnership and support around our original mission and believe that these assets are well placed back in their capable hands. Third, in light of our new focus, we plan to full wall our potentially differentiated immune inflammatory programs which we are excited about, into a separate entity under EQRx. We intend to explore its path as an independent company and pursue additional funding options. Accordingly, we are aligning our organization to our new strategy and will be reducing our workforce by approximately 170 positions. I would like to thank all of our team members for their commitment, passion, and contributions since our founding. It has been a true privilege to work with all of you. Difficult but necessary, these changes are setting the stage for our go-forward build of the company, providing clarity and focus. We expect that collectively, the actions I have outlined will generate annualized cash savings of at least $125 million. enabling us to significantly lower our go-forward spend. This allows us to amplify the capital we have and puts us in the best position to move forward. Before we move on, I'd like to take a moment to reflect on what our team has accomplished over the last three years. We built a global bias club and aligned stakeholders from across the healthcare ecosystem around a shared goal of improving patient access. Showing that the system can change is something we are proud of. Importantly, and critical for our go-forward strategy, we have demonstrated that we can pick targets and assets and advance them, which along with our $1.3 billion in cash puts us in a strong position for the future. I will now turn the call over to Eric. who will talk about the current status of our development of liracycline.