Xencor, Inc.

2020 were $44.5 million compared to $29.8 million for the same period in 2019. Total R&D expenses for the nine months ended September 30, 2020 were $121.9 million compared to $91.3 million for the same period in 2019. Additional spending on R&D for the third quarter and first nine months of 2020 over months for the same period in 2019 is primarily due to increased spending on our clinical programs, including Plumomidumab XMAP 2717, and our IL-2 FC cytokine development program, XMAP 27564. General administrative expenses for the third quarter ended September 30, 2020, were $7.6 million compared to $6.3 million in the same period in 2019. Total G&A expenses for the nine months ended September 30, 2020, were $22.1 million compared to $17.5 million for the same period in 2019. Additional spending on G&A for the third quarter and the first nine months of 2020 over amounts for the same periods in 2019 is primarily due to increased compensation costs related to additional general administrative staffing and spending on intellectual property, including patents and licensing costs. Non-cash stock-based compensation expense for the nine months ended September 30, 2020 was $23.1 million compared to $24.7 million for the same period in 2019. Net loss for the third quarter ended September 30, 2020 was $12.6 million, or $0.22 on a fully diluted per share basis, compared to net loss of $10.2 million, or $0.18 on a fully diluted per share basis, for the same period in 2019. The higher net loss reported for the third quarter of 2020 compared to the same period in 2019 is primarily due to increased IRD spending over increased revenue earned during the period. For the nine months ended September 30, 2020, net loss was $55.6 million, or $0.97 on a fully diluted per share basis, compared to net income of $53.8 million, or $0.92 on a fully diluted per share basis for the same period in 2019. The net loss report for the nine months ended September 30, 2020, compared to net income report for the same period in 2019, is primarily due to higher collaboration licensing revenue reported in 2019 compared to 2020, and increased spending on R&D programs in 2020 over 2019 amounts. The total shares outstanding were 57.4 million as September 30, 2020, compared to 56.7 million as September 30, 2019. Based on current operating plans, projected spending, and expected proceeds from our partnerships and collaborations, We expect to have cash to fund research and development programs and operations into 2024 and to end 2020 with between $525 and $575 million in cash, cash equivalents, and marketable securities. With that, we would now like to open up the call for your questions. Operator?

As a reminder, to ask a question, you will need to press star 1 on your telephone. To withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. One moment. And our first question comes from Ted Tentoff of Piper Sandler. Please proceed.

Hey, thanks so much, guys, and a nice update. I wanted to ask with respect to 14.045, your CD123 for AMLs. I definitely was intrigued to see the clean safety and some responses there. Maybe you can go into a little bit more detail in terms of what next steps might be and then sort of potentially use that in combination with other agents. Thanks.