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spk00: Ladies and gentlemen, thank you for standing by. My name is Brent and I will be your conference operator today. At this time, I would like to welcome everyone to the Innate Pharma full year 2022 financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. It's now my pleasure to turn today's call over to Mr. Henry Wheeler, Vice President of Investor Relations and Communications. Sir, please go ahead.
spk05: Thank you. Good morning, good afternoon, and welcome, everyone. This morning, Enate issued a press release providing a business update for our full year 22 results. We look forward to highlighting the progress made during the year, as well as addressing future goals and milestones. The press release and today's presentation are both available on the IR section of the website. On slide two, before we start, I'd like to remind you that we'll be making forward-looking statements regarding the financial outlook in addition to regulatory and product plan developments. These statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted. Turning to slide three, on today's call, we will be joined by Wanda Majubi, our Chief Executive Officer, who will then hand over to Joyce and Cara Connell, EVP and Chief Medical Officer, who will cover updates on Acutamab and Monolizumab. Yanis Morel, EVP of Business Development and Product Portfolio Strategy, will then cover some updates on partnering, and Ankit, who will then turn the call over to our CFO, Frederick Lombard, for an update on our financials.
spk06: Monda, I now hand the call over to you. Sorry, Monda, I think you might be on mute. Sorry, I'm on mute. Thank you, Henry.
spk09: Yeah, thank you, Henry. Please move to slide number four. Let me start by reminding you our strategy. As an early clinical stage company, our business model centers around three key priorities where we look to drive value from our early R&D efforts to later stage partnership where it makes sense to do so. Our ambition is to develop innovative drug candidates that contribute to transform cancer care for a strong pipeline of differentiated antibodies. First, we look to create near-term value, driven by our lead proprietary product candidate, Lactamab, which is, as you know, in development for T-cell lymphoma, with final CTCL readouts expected happening in the second half of this year. PTCL data are underway. Second, we continue to fill our pipeline and create longer term value by leveraging our antibody engineering capabilities to develop innovative molecules with a primary focus on our multi-specific NK cell engager platform called ANCET. As we develop targeted antibodies for our ANCET platform, we recognize some of these binders may be more applicable for adc technology and we look to further reinforce our expertise in this setting last but not least we are building a strong and sustainable foundation for our business with various partnerships across industry and academia here our astrazeneca partnership with monolizumab is continuing in early stage lung cancer our focus remains to leverage the value of our products as much as possible. We want to ensure if we can gain valuable competencies via a partner agreement, we will consider that in our development plans for our products. This will further validate our science and offer capital that we can reinvest to advance our early R&D engine. Please move to slide number five. 2022 was a year of clinical and partnership validation for INATE, where we continue to deliver on our strategic objective, and we have demonstrated the steady progress across all key strategic pillars, as can be seen on this slide. Starting with Lepitamab, we presented proof of concept preliminary Phase II data in a heavily pre-treated cesarean syndrome. And further, important Phase II microsyndromes data in the ROTC meeting end of last year. PTCL phase 1b and phase 2 signal seeking trials are well underway. In the R&D pipeline section, we were very pleased to see Sanofi sign a second deal on our NCAID program as the phase 1 for APS6101 sees good progress and APS6401 had the target selected. We are also pleased to share data on our CD20-proprietary and CAT program, which continues toward IND-enabled studies. As we turn to monolizumab, we are very pleased to see our partner, AstraZeneca, progress to phase 3 with the Pathetic 9 trial in the stage 3 unresectable non-small cell lung cancer, and the further phase 2 study, NEOCOS-2, in the neoactivate setting of non-small cell lung cancer. Finally, our anti-CD39 is also starting a phase two with AstraZeneca and the same setting of adjuvant lung cancer. Before I hand over to Joyce, on slide six is an overview of our pipeline, which shows how we continue to translate our science into a robust portfolio of proprietary and partnered assets. It also illustrates how we are against our strategy with our lead proprietary assets like Aquitamab, NCAT, and the immersion ADCs, supported by partner products with AstraZeneca and Sanofi from late to early stage development. We anticipate a series of potential clinical data readouts and catalysts in the upcoming couple of years as our R&D engine looks to leverage our scientific know-how to create a sustainable business. I would like now to pass the call over to Joyce, who will review the progress made with our portfolio, starting with Lacudamab, our most advanced proprietary asset.
spk08: Joyce, please. Thank you, Mander. On slide seven, let me summarize the progress we are making with Lacudamab. We are pursuing a faster market strategy for Lacudamab in the niche setting of cesarean syndrome, where Lacudamab was granted U.S. Fast Track designation in EU Prime designation in 2020. We have expanded past cesarean syndrome to mycosis fungoides where we have been seen encouraging preliminary data from our Phase 2 trial in both cohorts. For the cesarean syndrome and mycosis fungoides, enrollment is on track with final data due for both cohorts in the second half of 2023. Finally, we are continuing to enroll into peripheral T cell lymphoma in the Phase 1b and two, monotherapy and combination trials in the relapse setting, with initial data expected later this year. On slide eight, let me remind you the design of the telemed trial. Cohort one is recruiting cesarean syndrome patients that could potentially be a pivotal cohort. For mycosis fungoides, we have cohorts two and three. where we are testing the hypothesis of non-expressors and expressors of Q3DL2 using the frozen companion diagnostic assay. We now have an all-comers cohort where we will further evaluate our diagnostic assay. On slide 9, we have the data published at the ASH Annual Congress 2022 in December. The presentation shows that in heavily pretreated post-mogamalizumab patient pool with a median prior lineup therapy of six and 10.9 months of median follow-up. The ORR in the ITT population was 21.6%, with an ORR of 35.1% in the skin and 37.8% in the blood. It was very encouraging to see activity replicated in the larger Phase II trial in these late-line patients. A favorable safety profile was also seen. We look forward to further interactions with the regulators as we get the final data later this year. Slide 10 summarizes the preliminary cohort two and three data in mycosis fungoides presented at EORTC in September last year. As a reminder, from data presented previously, as expected, our scientific hypothesis was confirmed in cohort two. high global response rates in comparison to the benchmark. We're seeing, and in non-expressing cohort, a low global response rate. At the EORTC Congress last year, in this data presentation in the Q3DL2 Expressing Cohort 2, we were encouraged to see that these late-line patients with a median of four prior treatments, lacudamab demonstrated a 28.6% ORR and six responses. We are particularly encouraged by the responses in the skin where we saw 57.1% ORR and 12 responses. A reminder that skin response is an important response in this skin-based disease. As many of you know, a clarification of the guidelines for CTCL have been released this year, and we will be issuing more guidance on our strategy based on these new criteria. In addition, we continue to engage with the FDA as per our FDA Fast-Track designation. On slide 11, I would like to update you on monelizumab. To remind you, monelizumab is an anti-MKG2A which acts upon the checkpoint pathway to potentiate NK cell activation that we have licensed to AstraZeneca for oncology. On this slide, you can see an overview of the late-stage development plan for monelizumab in lung cancer. Based on the AstraZeneca-sponsored Phase 2 COAST data, AstraZeneca commenced Pacific 9, a Phase 3 trial, evaluating the combination of either Monolizumab or Oliculamab plus Dervalumab in the unreceptible Stage 3 non-small cell lung cancer study who have not progressed after concurrent chemoradiation therapy. For the Phase 2 Co-Study, the three arms evaluated the combinations of Dervalumab plus Monolizumab and Dervalumab plus Oliculamab at AstraZeneca's anti-CD73. As published in the Journal of Clinical Oncology by AstraZeneca, after a median follow-up of 11.5 months, the results of an interim analysis showed a hazard ratio of 0.42 for durvalumab plus monolizumab versus durvalumab alone. The results also showed an increase in the primary endpoint of confirmed ORR for durvalumab plus monolizumab over durvalumab alone of 36 percent versus 18 percent, respectively. The AstraZeneca-sponsored NEOCOST2 study is also underway in an earlier lung cancer setting, ameliorating monolizumab and drivalumab with chemo in neoadjuvant non-small cell lung cancer patients. We look forward to further updates from these studies from AstraZeneca. I will now hand over to Yanis to cover our AV relationship on monolizumab and the NCAT platform. Yanis?
spk10: Thank you, Jason.
spk11: So let's move on to slide 12, where there is a summary of our monolith agreement with AstraZeneca. To date, we have cashed in $450 million, including $50 million last year with the start of the Pacific 9 phase 3 trial in lung cancer. The total milestone package sign was up to $1.275 billion with royalty on net sales outside Europe, plus 50% of the profit share in Europe, with the option to co-promote the drug in this region. We look forward to continuing our relationship with AstraZeneca and Monalizumab, as well as on our anti-CD39 IPH5201. Indeed, IPH5201 has moved into phase 2 in early lung cancer with a MATIS trial in a neoadjuvant and adjuvant setting, which triggered a 5 million milestone payment last year. Now, moving to slide 13, I wanted to highlight our proprietary multispecific NK-cell engager platform that we call NKET. NKET standing for antibody-based NK-cell engager therapeutics. NKET is a versatile, fit-for-purpose technology made of various building blocks that is creating an entirely new class of tri- or tetraspecific engagers to induce synthetic immunity against cancer. This technology platform, which is leveraging our scientific expertise in the NK cell space, will be an engine for our pipeline, creating value via multiple drug candidates addressing multiple tumor targets. The backbone of this NK platform is based on the unique engagement of the activating NK cell receptors NKP46 and CD16 on NK cells, which allows for the optimal harnessing of the NK cell effector functions. which can be further increased by the addition of ion interlinked to variants that induce their proliferation. Now, moving to slide 14, I wanted to share our enthusiasm for this platform in the context of the growing interest in the NK cell space. Our expertise in antibody engineering has enabled us to develop this platform, which generates NK molecule designed to engage efficiently the patient's own NK cells against its own tumor. On the left panel, you can see the detailed mechanism of action of the uncage, which we have recently published in a couple of articles in high-impact factor journals. As shown in our natural biotechnology paper, describing the joint work with Sanofi on the CD123 NK cell engager, the engagement of NKP46 and CD16 on NK cells triggers potent antigen-dependent killing of the tumor. as well as production of key cytokines for the antitumor response, but without systemic cytokine release, which is a major dose-limiting factor for T cell engagers. In addition, as shown in our cell report medicine paper, the addition of interleukin-2 variants into an N-CAT induced a preferential NK cell proliferation within the tumor microenvironment, increasing, therefore, the number of anti-tumor effector cells. Overall, this platform demonstrates compelling, preclinical activity as evidenced in these two publications. In the middle panel, you can see the most recent presentation we had at the ASH annual meeting in December, some with our partner Sanofi. We had a trial-in-progress poster for the CD123-targeted IPF6101, also called SAR579, which started phase one trial in December 2021. Then we showcased our preclinical data again with Sanofi, on the BCMA-NK cell engager, showing strong efficacy against multiple myeloma tumors, again, without inducing systemic cytokine release. This molecule, called IPH6401, or SAR514, is moving through IND enabling studies. Finally, we presented at this meeting the preclinical characterization of our proprietary drug candidate, IPH6501, which is a CD20-targeted tetraspecific ANKET. On the right, you can see the overall growing pipeline of on-camp molecules we have, with Sanofi having licensed three molecules and having an option on two other undisclosed. Our most advanced proprietary on-camp, IPH6501, we just talked about, is heading toward the IND this year. We have also other preclinical targets, which we hope to provide some updates in due course. Now, moving to slide 15. you can see a summary of our Sanofi partnership. In 2016, we signed an initial agreement for two ANCAT molecules worth up to 400 million euros in milestone, among which we received to date 14 million. Both programs have progressed with IPH6101 in phase one for 15 months now and IPH6401 progressing towards IND. In December last year, we signed a further agreement whereby Sanofi licensed the IPL62 uncapped program targeting B7H3, which is a solid-tuber target antigen with an option on two other targets. Sanofi paid 25 million euros upfront with a total of 1.35 billion in potential milestones and royalty. This now takes the total milestone package of our partnership with Sanofi to up to 1.75 billion plus royalty. Building on our existing and successful relationship, we look forward to continuing working with the Sanofi R&D team as we bring this molecule to the clinic. I will now hand over to Frédéric to cover our financial update.
spk10: Thank you, Yanis. And good day, everyone. So moving to the finance slide 16, I will start with one of our key metrics, as usual, our cash position. Our cash and cash equivalents amounted to €136.6 million as of December 31, 2022. Cash and cash equivalent as of December 31, 2022 does not include the €25 million of payment received from Sanofi in March 23. In addition, as you can see, we are efficiently managing our resources so that we can best capitalize on progress on data readouts to explore development pathways in different indications. We believe this approach ensures that we remain in position to strategically invest in our vision for ENAID. Now, going into the P&L, I will only comment on the main and most significant lines, and you have very detailed comments in the appendix of the press release that you can refer to for more information. I'll start with our revenue and other income, which amounted to 57.7 million euros. It mainly resulted from revenues from collaboration and licensing agreements and governmental funding. The revenue line is characterized by the spreading of the upfront and opt-in payments received from AstraZeneca, from Monalimab, and from Sanofi, which I remind you are recognized on the basis of the percentage of completion of the work performed by the company. I also remind you this has limited impact on cash. Operating expenses amounted to 74.1 million euros, an increase of 1% compared to 2021. AMD expenses were 51.7 million euros, an increase of 10% compared to 2021. The increase was mainly due to clinical and non-clinical research and development expenses. We took a full impairment on abdoralimab intangible assets of 41 million euros, which I remind you is a non-cash expense, following the company's decision to stop the development of the molecule in the bullous pemphigioid indication in inflammation. To recap, we have a strong cash and cash equivalent position with 136.6 million euros at the end of the year, with 25 million euros from Sanofi still to add to this. We estimate that we have enough cash to fund planned operation to at least mid 2025.
spk06: I will now turn to Mande for summary of the catalyst and close. Thank you, Frédéric.
spk09: As you can see on slide 17, we are really working diligently to execute across all our strategic pillars. and we believe that we are laying the foundation to drive near long-term value. Looking at our clinical program first, we expect to achieve a number of milestones over the next two years. As you've heard from Joyce, our Phase II telemark study for lacrytumab continues to progress with final data due at the end of this year. In addition, we look forward to initial PTCL data later in the year. In parallel, we continue to develop our NCAT technology platform further reinforced by our partner Sanofi, and we are very encouraged by the preclinical results from the next generation of NKCL engagement and the progress in the clinic. We believe that this represents a natural evolution of our platform with data presented at conferences last year. For Monalizumab, the lung cancer trials are underway, and we continue to advance the adenosine pathway agents in the clinic where the phase two for APH5201 in early non-small cell lung cancer is starting. Let's move to the conclusion slide now. Slide 18, please. As you can tell, we continue our exciting journey at Enate. We look to build our business to create value for patients and stakeholders. In summary, we have positioned innate pharma for the future with our strategy and make meaningful progress throughout the year to date across all three strategic pillars. With our R&D engine and antibody engineering expertise, our science is producing more candidates to progress to the clinic. Some we are developing alone and some partnered. We have a focus on our NKC and Engager platform, NCAT, as well as on ADCs. In parallel, our late-stage portfolio continues to advance as we look to maximize the late-stage portfolio assets of LakutaMap and Monolizumab. Number two, our partnership strategy continues to evolve with Sanofi doubling down on the NCAT platform with the second deal announced in December last year and several programs now in early development. In later stage development, we continue to work with AstraZeneca for Monolizumab and APH 5201 in Lancaster. Last but not least, we have carefully managed our source so we can continue a sustainable business to invest in progressing our pipeline. I'm very pleased that we continue to have a strong cash position with a runway into mid 2025. Collectively, we are driving value across our business and ultimately advancing our goal to deliver innovative medicines to patients. We look forward to keeping you updated on our progress. That concludes our prepared remarks. We will now open the call to questions.
spk00: At this time, I would like to remind everyone, in order to ask a question, press star followed by the number one on your telephone keypad. Your first question comes from the line of Yigal Notumlevovitz with Citi. Your line is open.
spk03: Hi, team. This is Carly. I'm for Yigal. Thanks so much for taking our question. We have two. First, on the Kudimab, can you elaborate on how you're thinking about the registrational pathway for mycosis fungoides and I guess what you expect the comparator would be for a future phase three? And then the second question is on the ADC program that you disclosed. Just curious where the linker payload technology that you're using comes from and how far those programs are from IMD, if you can comment. Thank you.
spk09: Yeah, sure. Thank you, Kari, for the question. I'm going to maybe ask Joyson to start with the LakotaMAP registrational pathway and then hand over to Yanis to provide an update on where we are with the ADC technology platform. So maybe, Joyson, if you can briefly remind the goal power strategy for lacrytumab in cutaneous T-cell lymphoma overall and in CSERI in particular.
spk08: Yep, so definitely. So just as a reminder, the TELEMAC study has cohort one, which is with CSERI syndrome, and that itself can serve as a pivotal cohort. When looking at the registration strategy for mycoses fungoides, we're keeping all our options open, including a, you know, a complete registration trial of mycoses fungoides below or even a combination of mycoses fungoides with Cesare syndrome. We're ensuring that we're continuing our conversations with regulators to make sure we are aligned with them in regards to the comparator as well as the design of the study.
spk06: Thank you, Jason. Yanis, on the ADC.
spk11: On the second question, so we did have an ADC program called IPH4501 for which we have selected a development candidate and that we are moving forward and we will provide obviously more updates later during the year.
spk09: Let me anticipate any further questions. As I said in my introductory remarks, we are an NK cell oriented and driven company. The NK platform technology is the center of our strategy. But as we develop targeted antibody, we develop binders. And some of those binders are more fit for an NK platform. type of antibodies. Others could be used for other technology, in particular the ADC technology. And that's how we have been opportunistic in trying to develop those binders. So we will provide more of data as we progress and certainly during the upcoming months. Thank you. Next question.
spk00: Your next question is from the line of Diana. Dana Grebosh with SVB Securities. Your line is open.
spk12: Thank you. I also have two questions. The first one is on cesare, lacudimab, and the Telemax study. You mentioned that there have been in the community some changes in the guidance for how outcomes are measured in CCCL. I wonder if you could describe the changes and what options you have with Telemax given those changes that you're deciding and discussing with regulators? And then the second question is one on the ANCET. I noticed that the BCMA program that Sanofi has is a mix of ANCET and their technology Cross-A-Dial. I wonder if you could describe what Cross-A-Dial is and is there back and forth sharing? Could you use that technology in your own ANCET? Could you anticipate them using that in their other programs?
spk06: Sure, thank you, Diana.
spk09: Same distribution to question one, the first one for Joyce, so you can update on the ERTC guidance for measurement of the anti-tumor activity in ketone and then Yanis provide an answer on the BCMA APA64 and cross-site technology. Joyce, first you.
spk08: Thanks, Wander. Looking at the new guidance, it is a clarification of the prior guidance, and we want to go a little bit more into detail. So in the upcoming calls, we will describe in detail, number one, the different aspects of the guidance that are different, but number two is also our strategy going forward in how we're going to approach the guidance, not only internally looking at the responses, but also in discussions with the regulators.
spk06: Yannis?
spk11: Yes, hello Dana. Yeah, the BCMA candidate is actually the molecular format is using what Sanofi is using, calling Crosodile, which is the commercial name for what you can find in the literature as CODV, for crossover variable domain. So this is, I would say, the difference between Enquete and this is that the special arrangement of the domains is a bit different. What we call NK-satinase are our proprietary molecular format plus our NKP46 proprietary binders. But we can actually plug in this NKP46 binder in our own proprietary format, but also on other. We can plug them in more generic format, describing the literature, and including this CODV from Sanofi.
spk06: Does this address your question? Great. Thank you very much. Okay. Thank you.
spk00: Your next question is from the line of Arthur He with HCW. Your line is open.
spk07: Hi, everyone. This is Arthur on the floor. Okay. Thanks for taking my question. I had one question regarding the curve map. So for the PCTL study, Could you give us more color on the inclusion and exclusion criteria for the monotherapy you guys sponsored and the combo therapy?
spk06: Is there any difference in terms of that? Sure.
spk09: Nothing really, how to say, unique to this trial, but I'll let Joyce maybe remind you the the criteria. As you know, there are two trials. There is a phase one B trial testing lacrytumab monotherapy in a relapsed refractory PTCL patient. And there is a second trial, which is in collaboration with the LISA group, which is testing the combination of chemotherapy, namely gemcitabine oxalepatine, in combination with lacrytumab. And this is a randomized trial testing chemo versus chemo plus lacrytumab. Joyce, can you provide a little bit more color on the monotherapy trial, which we are sponsoring.
spk08: Yes, so the monotherapy trial specifically is in CARE3DL2 positive patients. It is looking at relapsed refractory patients with no maximum lines of therapy. So it is a general signal-seeking trial and looking at the different subtypes also within it.
spk07: How about for the combo study? Is there any difference between the patients?
spk08: Yeah, the combo study is also, as Mondaire had mentioned, the combo study has a comparator arm, so it does have a gemocytamine oxalic cotton comparator arm. in addition to the combination arm. So in this, we are also recruiting K3DL2 positives and then enrolling all relapsed refractory with no maximum lines up there.
spk07: Thanks for that. My second question is, first of all, congrats on the expanded collaboration with Sanofi. My question is for those two additional targets. Is there focus on the tri-specific or it could target to the tetra-specific?
spk09: Yeah. We got this question previously when we announced the deal with Sanofi. So maybe you can clarify what is disclosed on the two options.
spk11: Yeah, maybe. Thank you for the question to give me the opportunity to clarify this point. Actually, in our deal with Sanofi, we are licensing to them or giving them an option on the technology as it is today, meaning that we can and they can at some point decide to move under a tri-specific format or a tetra-specific format.
spk06: Okay, great. Thanks. Thanks for taking my question. Thank you, Arthur.
spk00: Your next question is from the line of Rajan Sharma with Goldman Sachs. Your line is open.
spk01: Hi, thanks for the questions. I've got two as well. So one's on financials and the second is on the pipeline. So on financials, just thinking about costs in 2023 and how we should think about that, given that you have Matisse and also the IND for the CD20 Tetra-specific, would it be fair to assume kind of a similar level of growth that we saw in 22 versus 21? And then secondly, just on the pipeline and on the CD20 Tetra specific again, what sort of profile would you be looking for in the initial phase one data to kind of continue development there? And can you just provide a little bit more clarity on timelines for when we could potentially see the data? I know it's kind of dependent on the IND, but on the side it says 24 plus, so could that be in 2024? Thanks.
spk09: Yeah, thank you, Rajan. Two questions. The first one for Frederick, to give some colors on our burn rate for 2023, and would that be in line with what we have in the budget, or not, given that we have two new studies entering into Phase 1, two new products entering into Phase 1? Sorry, two new major trials, the randomized Phase 2 Matisse and the Phase 1 APS65-1, and then maybe, Joyce, you can provide some colors on the final touch on the APS6501 protocol and patient population.
spk06: Thanks, Mondaire.
spk10: Coming to the cash burn, actually, given the difference in some maturity of the trials, some ending, some starting, which are mostly offsetting the cash burn for the year to come, it will be in the same range or even a little bit lower. So we will be able to fund these additional studies without adding more cost to the current cash burn.
spk09: I didn't know that the MATIS trial is a partnership.
spk10: Yeah, also for the MATIS trial, don't forget we share also some of the cost with the with AstraZeneca, and also something important to be able to finance all this strategy, and we disclose this also, is that we do have a careful approach on our resources and have some efficiency measures to make sure that we can finance our strategy.
spk09: Okay. Jason, on the indication and the selection criteria for APS 6501,
spk08: Yeah, so as mentioned, the RPA6501 is a CD20-targeted end-cap molecule. The population that we will be looking at initially is the CD20-positive lymphoma. We're in the process of getting the protocol together as well as discussing with the FDA, and we'll give more details as time goes on.
spk06: Okay, thank you, Justin. I think, sorry, do we have additional questions? No, that's everything. Thank you.
spk00: Again, if you would like to ask a question, press star followed by number one on your telephone keypad.
spk05: Okay, we have a question offline from Olga Smolen-Siver at Brian Garnier. So if possible, could you provide a bit more color on IPH4501 and when we might see it entering the clinical stage?
spk09: Yeah, I already gave some colors on this, but maybe an opportunity for Anis to, again, summarize the ADC approach and the progress of IPH4501.
spk11: Yes, thank you, Mondaire, and sorry if it's a repeat for some of you. Like Mondaire said, we have an antibody engineering platform out of which the main output and the main focus is to generate binders against tumor antigen to apply it to our NCATS technology. But some of the binders that we are generating are more fit for purpose for ADC approach, and it's a It's a field that we are exploring for several years now, but now with this IPH 4501, we have made the decision to select one development candidate, and as I also said previously, we will give more updates on the next step of development later this year.
spk06: Thank you, Yannis. Any offline questions, additional offline questions? Not from this stage. Operator, over to you for any further questions on the line.
spk00: Yes, your next question comes from the line of Jingming Chen with Evercore ISI. Your line is open.
spk04: Hi, this is Jingming for ELISA. Thanks for taking our questions. So we're just wondering for your first NCAT, the IPH6101-CD123, When should we expect to see the Phase 1 data and what should we expect from the readout?
spk06: Thank you. Thank you for the question.
spk09: As you know, this is a Sanofi asset. It's a Sanofi trial. And we, of course, cannot speculate or communicate on their behalf. Sanofi is progressing well. They mentioned in their full year results early February that the program is progressing well. And, of course, we will wait for the update that they can provide. The phase one study started about 15 months ago, and we do not have any additional update to share with you. Got it.
spk12: Thank you.
spk09: Okay.
spk06: Denise, anything to add from your side? No, nothing to add. Okay. Thank you. There are no further audio questions at this time. Okay.
spk09: So if there are no further questions, I would like, ladies and gentlemen, to thank you all for attending this call. And maybe let me quickly remind you of our key take-homes. and there are three. First of all, as you see, we stay focused on our strategic priorities to advance in Lakota MAM, maximizing the NK platform, and building strategic partnership. Number two, clearly we have important readouts from our proprietary and personal portfolio programs that are expected over the next 24 months. And last but not least, we have a strong financial position as we are well-funded into mid-2025. We'll keep you posted, and thank you again for participating in this call. Bye-bye.
spk00: Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.
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