Xencor, Inc.

Thank you for joining this session. My name is Alex Stranahan. I cover SMID Biotech at Bank of America, and I'm the analyst covering Zencore. And it's my pleasure to introduce Basil DeHyatt, President and CEO of Zencore, and Dane Leone, Chief Strategy Officer. Guys, thanks for being here. Hey, thanks so much for having us. Looking forward to the discussion. So, you know, maybe, Basil, like, just at a high level, what gets you most excited about the company? And, you know, which asset is your favorite?

Well, I think that the tempo of data that we have starting the second half of this year with our XF819, you know, phase one sort of second readout where we hope to have our recommended phase three dose, a clear pivotal plan, and robust efficacy and tolerability data in our target dose range, that is, you know, coming on really soon. So I'm very excited about that. And that's really the beginning of a flow of data that we're going to have our second oncology solid tumor, bispecific XMAP541 in gynecologic and GCT, and then followed in the new year in 2027 by our first bispecific TL1A-containing molecule, XMAP412. We expect to have healthy volunteer PKPD and safety and immunogenicity data for that one. And then shortly after that, in the second half of 2027, the full phase TB readout of our ultra-long-acting tumor anti-CL1A antibody, XMAP942. So the transformation that we undertook a couple of years ago of reorienting the company around high engineering concept but validated biological concept drugs and disciplined clinical development is really going to play out. So that's what I'm most excited about is that the way the drumbeat that's been a little slow in coming is really going to hit a rapid tempo this next year. A real... clinical data that's really going to move the needle. And, you know, it's going to allow us to make really critical decisions about which programs to lean into and deeply invest in to reach our true goal, which is to be a commercial stage company, which ones that might benefit from strategic partners or other sources of resources and capital. So all those decisions are coming, so I'm really, really on the edge of my seat as we approach this.

Great. Well, maybe we can start at a high level. You've built several clinical stage programs from your engineering platform. It's been differentiated. It remains differentiated, in my view. And you have several active partnerships as well. I guess, has focus shifted at all towards building your wholly owned assets and pushing those towards commercial stage, or is the partnering model sort of still central?