Exelixis, Inc.

Good day, ladies and gentlemen, and welcome to the Exelixis Second Quarter 2020 Financial Results Conference Call. My name is Gigi, and I'll be your operator for today. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to your host for today, Ms. Susan Hubbard, Executive Vice President of Public Affairs and Investor Relations. Please proceed.

Thank you, Gigi, and thank you all for joining us for the Exelixis Second Quarter 2020 Financial Results Conference Call. Joining me on today's call are Mike Morrissey, our President and CEO, Chris Senner, our Chief Financial Officer, Gisela Schwab, our Chief Medical Officer, Peter Lam, our Chief Scientific Officer, and P.J. Haley, our Executive Vice President of Commercial, who will together review our corporate, financial, commercial, and development progress for the second quarter 2020 and June 30, 2020. During the call today, we will refer to financial measures not calculated according to generally accepted accounting principles. Please refer to today's press release, which is posted on our website, for an explanation of our reasons for using such non-GAAP measures, as well as tables deriving these measures from our GAAP results. During the course of this presentation, we will be making forward-looking statements regarding future events and the future performance of the company. This includes statements about possible developments regarding discovery, product development, regulatory, commercial, financial, and strategic matters, as well as the impact of the COVID-19 pandemic on Exalexis's business operations. Actual events or results could, of course, differ materially. We refer you to the documents we file from time to time with the SEC, which under the heading Risk Factors, identify important factors that could cause actual results to differ materially from those expressed by the company All right, thank you, Susan, and thanks to everyone for joining us on the call today.

XLS has had a strong second quarter across all components of our business. We continue to execute on key priorities and achieve important milestones throughout the quarter. We'll use today's call to highlight our progress and provide additional perspective for the rest of 2020 as we build off the momentum from the first half of the year. As in recent calls, we'll keep our prepared remarks short and address your questions as the main part of today's update. Please see our press release that was issued 90 minutes ago for our second quarter 2020 financial results and an extensive list of key corporate accomplishments. The highlight of the quarter was the positive top line results from Checkmate 9ER, the phase three pivotal trial evaluating the Cabo Nevo combination and first line RCC. We're excited to present the detailed results from 9ER at the virtual ESMO meeting in late September. Along with our collaborators, we're on track to complete our high-priority global regulatory filings in the near future. The ExoLexis Commercial Organization will be ready to launch in the United States by the end of August. While Firstline RCC remains our top priority as the next commercial growth opportunity for cabozantinib, we've also made important progress in advancing key discovery and development priorities while we work to expand CABO's utility in additional oncology indications. Importantly, three new global phase III pivotal trials of cabosantinib in combination with atezolizumab have recently been initiated as part of the CONTACT clinical trial program. The success of Checkmate 9ER, coupled with the data presented this year at various ASCO meetings for CABO-IO combinations in liver, prostate, lung, and bladder cancers, highlight the important role convosantative can play as a unique and differentiated TKI backbone. These early signals of compelling efficacy and tolerability may provide potential encouraging read-through for current pivotal trials in new indications. Finally, we're on track to file up to three new INDs by the end of this year as a result of our internal efforts and the work of our partners. I'm incredibly proud of the commitment and focus displayed by the entire ExoLexis team Thanks, Mike. For the second quarter of 2020, the company reported total revenues of $259.5 million. Total revenues for the quarter included Cabo's Antidote Franchise Net Product Revenues of $178.7 million.