NovaBridge Biosciences

Greetings. Welcome to IMAP BioPharm's first half 2024 financial results and corporate update conference call. This time, all participants are in listen-only mode. The question and answer session will follow the formal presentation. If you'd like to ask a question, please press star 1 on your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to withdraw your question from the queue. For participants that are using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Also, if anyone should require operator assistance during the conference, please press star zero from your telephone keypad. Please note that this conference is being recorded. I'll now hand the call over to Tyler Adler, Vice President of Investor Relations. Tyler, you may now begin your presentation.

Thank you, Operator, and welcome everyone to IMAP Biopharma's first half 2024 financial results and corporate update conference call. This morning, IMAP issued a press release reporting its first half 2024 financial results and corporate update. To access a copy of the press release, please visit the investor relations page of the company's website. Before we begin, I would like to remind everyone that statements made during this conference call will include forward-looking statements under the safe harbor provisions of the Private Security Litigation Reform Act of 1995, which involves risks and uncertainties that can cause actual results to differ materially. Forward-looking statements speak only as of the date they are made, as the underlying facts and circumstances may change. Except as required by law, IMAP undertakes no obligation to update these forward-looking statements to reflect future information, events, or circumstances. This presentation includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties, as well as our own estimates of potential market opportunities. All of the market data used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. Our estimates of the potential market opportunities for our product candidates include several key assumptions based on our industry knowledge, industry publications, third-party research, and other surveys, which may be based on a small sample size and may fail to accurately reflect market opportunities. While we believe that our internal assumptions are reasonable, no independent source has verified such assumptions. For more information on forward-looking statements, please review the disclaimers in today's press release and the risk factors in the company's SEC filings. With that, I'll now turn the call over to Dr. Sean Fu, IMF's Interim Chief Executive Officer and Board Director.

Thanks, Tyler, and thanks to everyone to join us today. So far this year, 2024 has been transformational for IMF. Thanks to the excellent contributions by everyone in our organization, we are executing on the Board's vision and delivering on our strategic plan. I'm excited about our continued progress as demonstrated by significant corporate and pipeline developments. For this morning's call, I will make a few opening remarks regarding our strategic milestones, organization, and pipeline. After that, Dr. Philip Dennis, our Chief Medical Officer, will provide an update on our three differentiated immuno-oncology therapeutic programs with upcoming milestones and next, Joe Skelton, our chief financial officer, will run through a few key financial items, including a review of our cash balance and runway. I'll wrap up with a few closing remarks, then we'll open the call for questions. I joined IMAB as a board director and interim CEO about a month ago. As I become more familiar with the organization, I'm more enthusiastic about IMAB and all the team has accomplished so far this year. Furthermore, I believe the combination of our differentiated pipeline, experienced leadership team, and strong cash position will allow us to make meaningful progress in the second half of 2024 and beyond. I'd like to share some of our notable accomplishments from the first half of this year. First, with the divestiture of operations in China announced earlier this year on April 2nd, we established a new operating model as a US-based global biotech company. As part of the transaction, we also extinguished $183 million of the redemption obligations. Subsequent to the second quarter, we extinguished an additional $17 million of the redemption obligation. We have efficiently worked to streamline our organization and to build a new US-based leadership team which includes the addition of Joe as CFO and Philip as CMO. From a corporate governance perspective, we successfully transitioned to having PWC-US as our corporate auditor. As you will hear from Philip, we have significantly advanced our three oncology programs. We are squarely focused on execution and believe we are well-positioned to make additional progress through the end of this year and beyond. As we look forward, we continue to think strategically and with an open mind to evaluate new opportunities that could further enhance our pipeline. Moving to slide five. Establishing an experienced US-based management team is critical to IMAP's long-term success. Our diverse leadership team has experiences in many areas, including conceiving and implementing strategic plans for asset development, Deep scientific know-how in developing early stage targeted therapies for cancer was a focus on immuno-oncology. Identifying and completing strategic transactions, raising capitals, and building successful organizations. In my experience, these are some of the core competencies for successful biopharma companies today. Our leadership team exemplifies these core competencies. Our collective professional experiences and stellar track records is one of IMAP's most important strategic competitive advantage. I'm pleased to introduce you to the IMAP leadership team, including our new CMO, Philip Denner. Philip is a renowned lung cancer expert with broad clinical development expertise across a range of therapeutic modalities, with over 10 years of the big pharma focus on immuno-oncology, antibody conjugates, and targeted therapies. Our CFO, Joe Skelton, is an experienced investment banker with a track record of successfully executing numerous transactions for biotech and biopharma companies throughout his career. Our Vice President of Clinical Development, Claire Hsu, brings significant clinical execution experience running oncology clinical trials and has been a core part of IMAP's historical U.S. operations. Having been at IMAP for almost seven years, I'm impressed by the team's deep understanding of our clinical programs and their sincere dedication to strategically advancing our pipeline in the best way possible. Moving to slide six. Our pipeline includes three oncology programs focused on providing meaningful therapeutic options to cancer patients with significant unmet medical needs. All of these assets are commercially attractive, supported by co-development and clinical supply agreements with Bristol-Myers Squibb, TJ-Vial, and AVL-Vial. Our lead program, Ulelebumab, is an antibody that targets CD73. We are developing it for the treatment of metastatic non-small cell lung cancer and expect to initiate a frontline combination study in the first half of 2025. Meanwhile, TJ-Vial, our collaborator, expects to read out randomized Phase II PFS data combining ULE and tolipalimab in the second half of 2025. Our second program, GivaStomach, is a bispecific antibody that targets clouding 18.2 positive tumor cells, which conditionally activates T cells via 4.1BB, where clouding 18.2 is expressed. We are developing GivaStomach for the treatment of the first-line gastric cancers, as an add-on to the current standard of care. We expected to present updated data from our phase one monotherapy dose expansion study at the European Society for Medical Oncology or ASMO 2024 meeting in September. Our third program, Radistomic, is a bispecific antibody designed to provide anti-PDL1 and a 4,1BB-driven T cell activation. It has been developed for cancers that are relapsed or refractory to checkpoint inhibitors and recently presented a compelling early data at ASCO 2024. I'm optimistic about our portfolio with our early clinical data, our innovative clinical trial strategies, and the strong team driving these programs forward offer us the potential to achieve important clinical milestones over the next year and beyond. With that, I would like to turn the call over to Dr. Philip Dennis, IMAP's Chief Medical Officer. Philip?