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spk00: Good morning, everyone. My name is Juan, and I will be your conference operator today. At this time, I would like to welcome everyone to the Innate Pharma first quarter 2022 business update. All lines have been placed on mute to prevent any background noise. After the speaker remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by number one on your telephone keypad. If you would like to withdraw your question, please press star, followed by number two. I will now introduce to Mr. Henry Wheeler, Head of Investor Relations. Please, Mr. Wheeler, go ahead.
spk03: Thank you. Good morning and good afternoon and welcome, everyone. This morning, Enate issued a press release providing a business update for our first quarter 22 results. We look forward to highlighting the progress made during the quarter as well as addressing future goals and milestones. The press release and today's presentation are both available on the IR section of our website. On slide two, before we start, I would like to remind you that we will make forward-looking statements regarding the financial outlook in addition to regulatory and product plan developments. These statements are subject to risk and uncertainties that may cause actual results to differ from those forecasted. On slide three, on today's call, we will be joined by Mwanda Bajubi, our Chief Executive Officer, who will then hand over to Joyce Nkarakanal, EVP and Chief Medical Officer, and Yanis Morel, EVP of Business Development and Product Portfolio Strategy. And we will also have our CFO, Frederick Lombard, on for Q&A. Monda, I'll now hand over to you.
spk06: Thank you, Henry. Good morning, good afternoon, everyone, and thank you for joining this call. Please move to slide four and let me first start by reminding you our strategy. Our strategy centers around three key priorities where we look to drive value from our early R&D efforts for later stage partnerships, whether it makes sense to do so. First, we look to create near-term value driven by our lead proprietary candidate, LakutaMap, which is in development for TCL Informa. We did open an all-channels cohort in Microsys Honduras in the Telemach trial and also initiated two trials in the larger indication of TCL Informa. Second, we continue to show our planning and create longer-term value leveraging our antibody engineering capabilities to develop innovative molecules with a primary focus on our multi-specific NKC-Engager platform called ANCET. Sanofi has the most advanced ANCET in the clinic and we are nearing the clinic with the others. On the ANGEN pathway, we have the phase one underway for our anti-CD73 APH5301, performed in partnership with the Pauli Calmet Institute, the Antiquities Center here in Marseille. And we are in further discussion with AstraZeneca on the next step for our anti-CD39 APH5301. Last but not least, we continue to build a strong and sustainable foundation for our business, leveraging the various partnerships between unit pharma and industry, but also with academia. Our focus here is to leverage the value of our product as much as possible. We want to make sure that if we can gain valuable competency via a partner agreement, we will consider that in our development plans for the product. This will not only validate our science, but also offer capital we can invest to advance our early portfolio. And building on this On this last pillar, if you can move to slide five, you can see the milestone summary for Mona Lisa now. We were very pleased to announce a couple of days ago that we had received a further milestone of 50 million US dollars for the dosing of the first patient in the Phase 3 trial, Pacific Night, which is AstraZeneca's registration of trial in Phase 3 unrejectable lung cancer. This milestone further strengthened our company's cash position. We remind you that we have potentially up to another 400 million in development and regulatory milestones, and 425 million in sales milestones to come. Before I hand over to Gerson, please move to slide six, which is an overview of the pipeline, and it shows how we have translated our science into a robust portfolio of proprietary and partner assets. It also illustrates how we are executing against our strategy with our lead proprietary asset, Takutamab, supported by personal and earlier stage products, in particular from our NKCL Engager NK platform. We're also busy to see the progress throughout the portfolio with several clinical assets continuing to progress from phase one through to registration phase three trial. And we look forward to a series of potential clinical data results and catalysts in the upcoming couple of years as our R&D engine looks to leverage our scientific know-how in order to create sustainable business. I would like now to pass the call over to Jason, who will review the progress made in our portfolio, starting with, like it or not, our most advanced proprietary assets. Jason, over to you, please.
spk05: Thank you, Mandir. On slide seven, let me start with our first-in-class humanized monoclonal antibody that targets immune receptor, Kir3-DL2. As you may remember, Kir3-DL2 is an inhibitory receptor found in approximately 65% of patients across all cutaneous T cell lymph nodes. In the TELEMEC trial, cohort one, recruiting cesarean syndrome patients, could potentially be a pivotal cohort. For mitosis fungoides, we have cohorts two and three, which have been presented previously and are testing the hypothesis of non-expressors and expressors of QR3DL2 using the frozen companion diagnostic assay. As expected, our scientific hypothesis was confirmed in cohort two. High global response rates in comparison to the benchmark in the non-expressing cohort. A low global response rate in the non-expressing cohort. Recently, we opened the all-comers cohort to further evaluate our SFPE companion diagnostic, which is being considered for late-stage trials. This cohort is not expected to impact timelines for the readout of the trial, and the companion diagnostic data will aid further in the development of the program. On slide 8, let me summarize the progress we are making with LakotaMap. We are pursuing a fast-to-market strategy for lacudimab in the niche setting of cesarean syndrome, where lacudimab was granted U.S. Fast-Track designation and EU Prime designation in 2020. We have expanded past cesarean syndrome to mycosis fungoides, where we have seen encouraging preliminary data from our Phase II trial. For the cesarean syndrome cohort, enrollment is on track, and we will still expect to be able to report top-line preliminary data in the second half of 2022. For the mycosis fungoides cohort, enrollment is on track, and we still expect to be able to record top-line preliminary data in the second half of 2022. Finally, we are advancing into peripheral T-cell lymphoma in the monotherapy and combination trials in the relapse setting. On slide 9, I would like to update you on nonolizumab. To remind you, nonolizumab is an anti-NKG2A which acts upon the checkpoint pathway to potentiate NK cell activation that we have licensed to AstraZeneca for oncology. There are currently two ongoing AstraZeneca-sponsored Phase III trials with non-Lizmab, one in combination with Cetuximab in head and neck cancer, and one in combination with anti-PD-L1 Dervalumab in lung cancer. On this slide, you can see an overview of the late-stage development plan for monolizumab in lung cancer. As mentioned, based on the AstraZeneca-sponsored phase 2 COS data, AstraZeneca commenced Pacific 9, a phase 3 trial evaluating the combination of either monolizumab or aliquilumab plus dervalumab in the unresectable stage 3 non-small cell lung cancer setting that had not progressed after concurrent chemoradiation therapy. For the Phase II co-study, the three arms evaluated the combinations of Dervalumab plus Vonolizumab and Dervalumab plus Oliculumab, AstraZeneca's anti-CD73. As published recently in the Journal of Clinical Oncology by AstraZeneca, after a median follow-up of 11.5 months, the results of the interim analysis showed a hazard ratio of 0.42 for Dervalumab plus Vonolizumab versus Dervalumab alone. The results also showed an increase in the primary endpoint of confirmed ORR for durvalumab plus monolizumab over durvalumab alone at 36% versus 18% respectively. Although small numbers in a PFS exploratory subgroup analysis, monolizumab with durvalumab demonstrated a trend favoring the combination in tumors with high HLAE and NKG2A expression and supporting the mechanistic rationale for the combination. We are also pleased to see that AstraZeneca-sponsored neocose data was presented at the AACR annual meeting with initial signals that led to AstraZeneca's decision to start the neocose 2 study. Neocose 2 is a phase 2 study in stages 2A to 3A non-small cell lung cancer that includes a treatment arm with monolizumab in combination with durabilumab and chemotherapy. On slide 10, moving to head and neck cancer, we presented data from cohort three of the phase two trial at ASMO-IO in December of 2021 for the triplet of monolizumab plus dovalumab plus cetuximab in first-line head and neck cancer. The data demonstrated anti-tumor activity in the first study to evaluate this chemo-free triplet combination in the first-line recurrent or metastatic head and neck cancer study. As a reminder, the standard of care is based on the keynote 48 trial. The approval is for Pembrolizumab monotherapy and CPS greater than or equal to one and Pembrolizumab plus chemo in all current patients. We continue to collaborate with our partner AstraZeneca on potential next steps for this program. The phase three interlink one trial of monolizumab plus cetuximab in IO pre-treated head and neck cancer is ongoing with final date expected in 2024. We look to work further with our partners at AstraZeneca on this potential new treatment. On slide 11, I would like to highlight the progress of our assets targeting the adenosine pathway, which is increasingly recognized as critical in tumor immune suppression and two approaches we at Innate are taking. Our anti-CD39 IPH5201 in collaboration with AstraZeneca has concluded the phase one trial in solid tumors in combination with Dervalumab, and we expect the data in 2023. In the meantime, we are in discussions with AstraZeneca as to the next steps for this program. For our anti-CV73 IPH5301, an investigator-sponsored phase 1 trial has started, where the IST is exploring a differentiated approach, combining our anti-CV73 with trastuzumab in HER2-positive cancers. We look forward to further updates from this clinical program next year. I will now hand over to Yanis to cover our NCAT platform.
spk02: Thank you, Joyson. On slide 12, I wanted to highlight the latest updates from our proprietary multispecific NKC long-gauge platform that we call NKAT. NKAT standing for antibody-based NKC long-gauge therapeutics. We are pleased to have presented our latest innovation at major scientific and medical conferences, including AACR annual meeting this year by our CSO, Professor Eric Villiers, as well as at ESMO and CITC last year. ENCET is a versatile fit-for-purpose technology made of various building blocks that is creating an entirely new class of tri- and tetraspecific engagers to induce synthetic immunity against cancer, The technology platform, which is leveraging our expertise in the NK cell space, will be an engine for our pipeline, creating value via multiple drug candidates, addressing multiple tumor targets. Our excitement for this NK platform is brought on because of the preclinical data that we have to date. First, the NK platform allows for optimal harnessing of the NK cell effector function, due to the unique engagement of both NK cell activating receptors, NKP46 and CD16. Second, this preclinical efficacy can be further increased by the addition of an interleukin-2 variant, which targets the IL-2 receptor beta gamma complex, which is expressed on NK cells, inducing their proliferation within the tumor microenvironment. Overall, this platform demonstrates better preclinical anti-tumor efficacy than we have seen in tumor models with clinically approved benchmark antibodies. Our most advanced NCAT program is a CD123 targeted tri-specific molecule, IPH6101, also called SAR443579, that we have generated in collaboration with Sanofi. It is now fully licensed to them and currently in phase one trial. The second ANCET program of its collaboration with Sanofi, IPH64, also continues in development. Our most recent generation of tetraspecific ANCET is also progressing toward the IND and ADLINK studies with the first IND signing expected in 2023 for IPH65. Now, I will turn to Monbert for a summary of the upcoming catalyst.
spk06: Thank you, Yann. Please move to slide 13. As you can see, we are working diligently to execute across all our strategic pillars and believe that we are laying the foundation to drive near and long-term value. Looking at our clinical program, we expect to achieve a number of milestones over the next few years. First, as you've heard from Jason, the phase II telemark trial for lacuzumab continues to progress. We continue to expect to report preliminary data from the potentially pivotal cohort in caesarean syndrome as well as data in the microdyspongitis in the second half of this year. In addition, we are moving our p-anti-LTC lymphoma program into the clinic with initial data expected next year. Comonimizumab, the head and neck trial, is underway. And finally, we continue to advance the adenosine pathway in the clinic, where we look forward to data and next steps from the anti-CD59 in 2023. In parallel, we continue to develop our NCATS technology platform, and we are very encouraged by the privileged results from our next-generation NCATS linkages. We believe that this represents a natural evolution of our platform, with data presented at conferences last year. We are really excited to see the new tri-specific anchors in the clinic with Sanofi and for updates on our proprietary anchors for 2022. Let's move to slide 14. As you can see, can we continue our exciting journey as you make? We look to build our business to pay value for patients and stakeholders. And in summary, we have positions we make for the future with our strategy and made meaningful progress throughout 2021 across all three public data. We have carefully managed our resources so we can continue to invest in progress in our pipeline. And I'm very pleased that we continue to have a very strong cash position to 2024 with 131.7 million as of March 31st, 2022. In addition, We have the $50 million payment received from AstraZeneca we announced two weeks ago. We also want to allow opportunities for investors to buy the stock while trying to safeguard our existing stakeholders' interests. As such, we opened an at-the-market program last week on the NASDAQ. The ATM allows us to accept the request for purchase depending on market dynamics. Collectively, we are driving value across our business and ultimately advancing our goal to deliver innovative medical institutions. We look forward to keeping you updated on our progress throughout the year. With this, we conclude our special remark and we now open the call to questions.
spk00: Thank you. At this time, I would like to remind everyone, in order to ask a question, please press star followed by number one on your telephone keypad. If you would like to withdraw your question, please press star followed by number two. We will pause for just a moment to compile the Q&A roster. And our first question comes from the line of Jigal Nowochit from Citi. Please, Jigal, your line is now open.
spk01: JIGAL NOWOCHIT, Hi, team. This is Asher Mubarak on Jigal. Thanks for taking my questions. For the phase three interlink one trial AstraZeneca is running in head and neck cancer, my understanding is that there will be an interim analysis prior to the full data in 2024. So I'm just curious if that's still on track and if you can share in color on when that might happen and what, if anything, you might share from that interim analysis.
spk06: Absolutely. As I said, this is an AD-sponsored trial that was initiated back in 2020. The first patient was those in November 2020. And at that time, we announced that there is an interim analysis that is planning to occur 18 to 24 months after the first patient goes, which means that this interim analysis would occur in the second half of 2022, that the final analysis are expected in 2024. I hope it's clear.
spk01: Okay. Will you share any details from that analysis? My second question is that I understand that there's a $50 million dollar milestone payment associated with hitting some kind of threshold from that interim analysis. Is there any color you can share on what that threshold is? Is it a response or survival-based threshold? Any color would be great.
spk06: AFRAC did not disclose or communicate any details about the threshold nor the statistical type of analysis. We know that there is an interim analysis to decide whether to pursue or to stop. And this will, as I said, occur in the second half of this year. And, of course, we will be informed by AstraZeneca once this analysis is performed. And we'll share the outcome with you.
spk01: Okay, great. Thanks for taking my questions.
spk00: Thank you. Our next question comes from the line of Diana Graybosh from SV Billing Ring. Please, Diana, the line is now open.
spk09: Thank you. Thank you, guys, for the question. Two for me. The first post, there was a recent full publication of posts, and it had some additional biomarker cuts. And I wonder whether you guys could discuss those cuts, especially any that you thought were relevant for monolizumab and any new interpretations you took from them.
spk06: Thank you, Dana. I'll take your second question and then I'll dispatch.
spk09: So the second question is on ANT-CAT. I wonder if Yanis could discuss any additional optimization of IPH65 that you are doing or planning as you go into IND studies.
spk06: Absolutely. Thank you very much, Dana. I'm going to hand over to Jason. As you've heard in his remark, Jason referred to the biomarker analysis, and probably the right person to address the first question about what can we take away from this data, and then, of course, we'll address the question about APR65. for which we didn't disclose the target. Jason, would you start, please?
spk05: Sure. So I think in reference to the JCO article that was published by AstraZeneca on the COAST study, there were PSS exploratory subgroup analyses that were done that at least this should be taken with caution considering the small numbers that were used in the subgroup analysis. We found that the combination of monolizumab and dervalumab in tumors that expressed high HLAE and NKG2 expression appeared to favor this combination in this PFS subgroup analysis. So for us, that helped to support the synergistic as well as mechanistic rationale that we initially had developed for the combination when it was first put into the clinical. I'll kind of hand it over to you. Thank you.
spk02: Go ahead. Yeah. Hi, Dana. On the IP65, so like said, we did not disclose the identity of the target, but what we can say that we have selected a validated tumor target to which we are applying our ANCET technology, which is a tetraspecific format incorporating an IL-2 variant. then we perform i would say a very classical lead optimization work in order to select the best candidate and we are underway to uh in ind and ending study will be the targets to to find an imd in 2023 thank you maybe one follow-up uh for jason do you think that there's any potential to use either hlae or mkga in the future
spk09: as a diagnostic to enrich patients for the combination of monolizumab in any of the settings?
spk05: I think with the small numbers, at least in the COAST trial, it will help to supplement the data that we see, at least from the neocost study. I think right now with the small numbers and the exploratory nature of the analysis, It's definitely a hint that it's possible, but I think that this will need to be supported with the NeoCoast data that we get before kind of moving into a biomarker-driven approach.
spk07: Very helpful. Thank you.
spk00: Thank you. Our next question comes from the line of Olga Smoltesva from Brian Garnier. Please, Olga, your line is now open.
spk08: Good afternoon, everyone, and thank you for taking my questions. The first one would be, could you maybe discuss a bit how you see positioning of Lakota map in evolving landscape of BTCL treatments? And maybe do you have data on overlap between expression of, for instance, CT30 and here 3DL2?
spk06: Thank you, Olga. Welcome back. So, first of all, you know that we can't have a fiscal informal program just for Cisco. As of today, we don't have data. And, of course, any position should be and must be data-driven. So, I won't speculate, but if we assume that we have level of activity that justifies further development of electric amalgam, it's definitely what we could call a game changer in the development of this program because so far it has been limited to a rare form of ketonistic cell lymphoma. So we look forward really to generate this data. And as you know, we have two approaches. One is a single agent monotherapy in the relapsed olfactory system, trying to detect a single agent activity in a difficult to treat patient population, for which, of course, it is important to provide alternative therapeutic approach, given the persistent and medical need there. And there is a second approach we are pursuing in collaboration with the LEADER Group, which is a non-Hodgkin and former cooperative group here in France and in some European countries, where we are testing the combination of the chemotherapy and, as you know, the combination of the G-MOX and the filipatin is one of the, which in fact is still a little randomized comparative study, so it will also provide a hint to the contribution of component of the equipment lab in this setting. These data, of course, which we expect to start sharing and presented next year will definitely drive the positioning of of the drug in this weapon and definitely uh this will be uh biomarker driven as you know uh both in the single arm trial as well as the combination soil we are targeting kcdl positive now to your second question about the overlapping expression i'm going to ask you to provide more color on this.
spk02: Yannick, speak. Yeah, sorry. In PTCL, there is no correlation of the cure-triviator expression with CD30. For example, you find expression across all different subtypes of PTCL with some variation depending on the subtype, and there is no, I would say that there is a positive PTCL patient, both in the CD30 positive as well as in the CD30 negative.
spk06: Thank you. Thank you.
spk08: And maybe, if I may, maybe a few words on the companion diagnostic. Yeah, sorry. um i just uh i was wondering if you can share if you want some uh companion diagnostics um for k2d uh k3 um adl2 express person um maybe how aligned it is uh with the standard diagnostic laboratory practices basically would it be easy to kind of just add it to the current momentarium for pccl
spk06: um and uh maybe what additional steps if any are required uh to get it approved absolutely and uh we are working on further uh to redefine the uh the package for the purpose i'm gonna let jason uh answer the question knowing that we we are still at the early phase of the development, and that cesarean syndrome, per se, is not probably the best target indication for this, since more than 90% of the patients expect the target. But for microdysfunctions, it's definitely right, because we believe that cesarean syndrome requires that. So Jason, can you give more color on our CDC plan for lecithin, please?
spk05: Sure. So as we had mentioned, initial results that we're seeing with CPCL was based on a frozen assay. We are now using the all comers cohort looking at an FFPE assay. We are in discussions with regulatory agencies and we're also looking at developing it not only in-house, but also with a third party companion diagnostic company. So we are going through the necessary steps to ensure that not only for CTCL, but also PTCL, the assay can be used in our later phase trials.
spk08: That's very helpful. Thank you.
spk00: Thank you. I will hand over back to Henry Wheeler now for any chat questions.
spk03: Hi, thank you. We have one question on the line. Eric at Le Verrigo at Stifel. So the question goes, more and more biotech companies are re-evaluating strategy as to whether to go marketing, which is costly, burdensome, and uncertain considering size and inexperience. You have experience with Lamont City. Still, you are holding all rights to the map. And if everything goes well, you might be ready to market in the U.S. in 18 months from now. Regulator activities will start earlier as well as pre-marketing and market access. So what avenues are you considering when you say you have cash into 2024? What does that mean for the marketing wise?
spk06: Thank you, Eric. Very, very important question. And I would like to start maybe by reminding what I said in my intro when I described our strategy with, you know, the three pillars. And the third pillar is about building a really strong and sustainable foundation for our business, leveraging the various partnerships that go with both industry and academia. We are, as you know, a company with a good track record of collaboration over the years that has been instrumental, actually, in just the growth and the development of our company. And clearly, we want to ensure that there is no restriction to that. In other words, if we can gain valuable competencies via partnership, even for L'Equipement, we will consider that in our development plan. I think what is really important is to ensure that we have medicine get into patient as quickly as possible. And if there is an opportunity to do it in partnership with another company, we would consider that and we would evaluate the benefits of part-time. Today, we are in a phase two stage. generated data. Of course, the cesarean syndrome cohort has the potential to be pivotal, based on the predefined level of activity that we discussed with the FDA. But overall, we are generating data that will guide and inform, of course, about safe space and safety. So we are far really from preparing for the launch of the market, because you know how HOW LONG IT TAKES TO DELIVER SAFELY IN THIS SETTING. SO WE ARE NOT THERE YET. WE ARE JUST EXECUTING ON THE TRIAL, MAKING SURE WE, OF COURSE, CAN BUILD ON THE FAST TRACK DESIGNATION FOR THE DRUG AND the next stage of approval in cesarean syndrome. And in the same time, of course, consider all the action including the partnership. We believe there is more value to create in partnership. And last but not least, I think the Lenoxid experience was, as you said, a tough one. We launched the drug in the worst moment possible with the COVID, but nevertheless, it was extremely useful. As you know, we learned a lot from our failures, and I think it was an extremely important step in the development of our company. It gave us the opportunity to refocus our energy and resources on R&D to continue to shield our pipeline and generate innovative medicine that can contribute to help cure cancer, and that's our ambition and our mission in the infrastructure.
spk00: And thank you for your question. Thank you. We continue with the questions on the phone lines. The next question comes from the line of Lisa Baker from Evercore. Please, Lisa, your line is now open.
spk07: Hi, thank you for taking our question. This is Jingliang for Lisa. My first question is, what should we expect at the TLMAC data readout second half this year? And my second question is, can you talk a little bit about what is your plan for lacudimab and cesarean syndrome and mycosis fungoides? Do you plan to go ahead and file cesarean syndrome alone, or will you wait for the mycosis fungoides data to file together? Thank you.
spk06: Thank you, Jeanette, for the question. So two questions on the QTA map, and I think Jason is the right person to update you on the readout, even though we have a slide describing this, but he'll provide also more color about our registration strategy and regulatory approach. Hi, Jason.
spk05: Yeah. So thank you, Render. So thanks for the question. So when we look at the data, for your first question about the data readouts in the second half of 2022, the cesarean syndrome would be the first time that we're presenting that data. So that would be preliminary data on the cesarean syndrome pivotal cohort. In regards to the mycosis fungoides, which is the second data readout, we would have in 2022. We're anticipating updating some of the data that was seen at Lugano in 2021 with longer follow up on those patients as well as additional patients that have enrolled. So that would be the two data readouts for the second half of 2022. I think in regards to the second question around whether we would file a cesarean syndrome or microcyst fungoides. I think a lot of this will depend upon the data itself. When we look at both of these cohorts, you know, there is definitely the potential to file both of them together. And also, in addition, we also have the ability to file the cesarean syndrome as a pivotal cohort. And we are already going in with the approach that in mycosis fungoides, we would have to do a phase three. So we're kind of looking at the entire package that we're able to get for both cesarean syndrome and mycosis fungoides, and then making a data-driven decision from there.
spk07: AC, thank you. If I may, just one more question. So in terms of timing for the Pacific 9 readout, is it fair to assume it will be similar to Interlink 1, which would be like interim readout 18 to 12 months from dosing the first patient? And should we also expect a 50 million milestone from that potential readout?
spk06: So, sorry to disappoint you, but this is really an AstraZeneca trial, and I won't speculate on any timing. They didn't provide any specific date as to whether there is an interim analysis or even after the panel. This is Lancaster. Okay. I know you are familiar with the Lancaster development and the timeline and how long it takes to acquisition these types of clinical trials.
spk07: Okay. Thank you.
spk00: Thank you. I hand over back to Henry now for the questions on the chat.
spk03: So, yeah, we had another question from Lisa Baker at Evercore. do you see read-through from activity in the phase two head and neck to phase three lung cancer?
spk06: Jason, this is for you. It's your preferred question right now. I'll let you.
spk05: Yes, so thank you for the question, Lisa. So I think when we look at both of these trials, there's two main components. Number one is, is they're vastly different disorders. So lung cancer versus head and neck. And so because of that, I think what you would see in head and neck would probably not translate over into lung cancer. I think that's the main takeaway. I mean, the answer to that question is, based on the oncologic indications, you would not expect to read through at least between head and neck and lung cancer. But that's also not saying in the head and neck, as well as in lung cancer, we are seeing exploratory evidence that there is synergistic potential between monolizumab and dervalumab, as well as we've seen that with monolizumab and cetuximab. So I think when you look at it in two different points mechanistically, there could be a mechanistic rationale that applies to both indications. But clinically, these two indications are vastly different tumor types.
spk06: Thank you, Jason.
spk04: I think we have more questions on the line. yeah thank you we continue with the questions on the phone lines and the next question comes from the line of arthur he from hc wingright please arthur your line is now open hey everyone uh thanks for taking my question uh this offer info arcade um i just really wonder could you guys uh remind us the milestone payment could potentially relate it to the IPH64 with the Sanofi collaboration.
spk06: I'll hand over to Yanis to provide the answer on the financial terms of the deal with Sanofi.
spk02: Hi. We did not disclose the breakdown of the milestone that we have with Sanofi, but we disclose that for both programs, IPA61 and IPA64, we have in total up to 400 million in milestones, as well as single-digit royalties.
spk06: Okay. Thank you for that. Thank you, Yannick.
spk00: Thank you. We currently have no further questions on the phone line, so I hand over back to the management team for any final remarks.
spk06: Thank you very much. So, again, thanks all for joining this call. I know it's a busy time of year, so many of you are, let's say, busy with the various Q1 results. I want to just, in conclusion, to say that uh as you can see um we are consistent to continue to execute against our strategic priorities uh and uh looking ahead we will continue to advance our academic program uh move our early rng activities toward the clinic and as you brought from yannis we are actively preparing the rng package for aps 65 as well as a post collaboration and partnership around this platform and finally primarily We are pleased with the development of the early-line cancer, but also the head and neck cancer underway and the interim analysis plan in the second half of the year are important milestones. And of course, it reinforces our strategy of building a sustainable business with a robust R&D engine. With that, I thank you very much, and I wish you a wonderful day.
spk00: This concludes today's call. Thank you so much for joining. You may now disconnect your lines.
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