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Edited Transcript of CTMX earnings conference call or presentation 7-Aug-19 9:00pm GMT

Q2 2019 CytomX Therapeutics Inc Earnings Call

SOUTH SAN FRANCISCO Aug 16, 2019 (Thomson StreetEvents) -- Edited Transcript of CytomX Therapeutics Inc earnings conference call or presentation Wednesday, August 7, 2019 at 9:00:00pm GMT

TEXT version of Transcript

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Corporate Participants

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* Christopher S. Keenan

CytomX Therapeutics, Inc. - VP of IR & Corporate Communications

* Robin Knifsend

CytomX Therapeutics, Inc. - VP of Finance

* Sean A. McCarthy

CytomX Therapeutics, Inc. - Chairman, CEO & President

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Conference Call Participants

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* Biren N. Amin

Jefferies LLC, Research Division - MD and Senior Equity Research Analyst

* Kar-Bow Fung

Mizuho Securities USA LLC, Research Division - Research Associate

* Mohit Bansal

Citigroup Inc, Research Division - VP and Analyst

* Peter Richard Lawson

SunTrust Robinson Humphrey, Inc., Research Division - Director

* Robert John Burns

H.C. Wainwright & Co, LLC, Research Division - Associate

* Varun Kumar

Cantor Fitzgerald & Co., Research Division

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Presentation

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Operator [1]

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Good day, ladies and gentleman, and welcome to the CytomX Therapeutics Second Quarter 2019 Financials Conference Call. (Operator Instructions) As a reminder, this call may be recorded.

I would now like to introduce your host for today's conference call, Mr. Christopher Keenan, Vice President of Investor Relations. Chris, you may begin.

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Christopher S. Keenan, CytomX Therapeutics, Inc. - VP of IR & Corporate Communications [2]

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Thank you, Valerie. Good afternoon, and thank you for joining us. Earlier today, we issued a press release that includes a summary of our recent progress and second quarter 2019 financial results. This press release and a recording of this call could be found under the Investors and News section of our website at cytomx.com.

With me today are CytomX President, Chief Executive Officer and Chairman, Dr. Sean McCarthy; and CytomX Vice President of Finance, Robin Knifsend.

During today's call, we will be making forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict and many of which are outside of our control.

Important risks and uncertainties are set forth in our most recent public filings with the SEC at sec.gov, including our Form 10-Q filed today.

We undertake no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise.

A webcast of this call will be available on the Investor Relations page at CytomX' website at cytomx.com.

I would now like to turn the call over to Sean.

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [3]

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Thanks, Chris, and good afternoon, everyone. I'm very pleased to be here with you today to briefly review CytomX' productive second quarter.

At CytomX, we see a major opportunity to more effectively target therapeutic antibodies into diseased tissue, generating new classes of differentiated anticancer therapies as either best-in-class molecules against validated targets or first-in-class molecules against novel targets that we believe only our technology can address.

Our innovative approach to antibody localization into disease tissue is called the Probody platform. Probodies are fully recombinant antibody prodrugs, comprised of a therapeutic antibody, a linker and a mask, designed in a way that the antibody can't see its target until the mask is removed.

Mask removal is achieved specifically and selectively within cancer tissue by certain disease associated proteins called proteases. Proteases are molecular scissors, which play a key role in cancer cell invasion and metastasis.

We take advantage of high levels of protease activity in cancer tissue to clip the mask off Probodies in the tumor, allowing the underlying antibody to bind target and elicit its biological effect.

Probody therapeutics offer localized target binding into these tissue while maintaining potency, reducing side effects and enabling new targets and mechanisms to be translated into novel product opportunities.

We see this as a really big idea, backed by decades of antibody and protease biology research, by our deep knowledge of the biology of the tumor microenvironment, by our innovative protein engineering and our robust intellectual property portfolio.

We are the leader in this emerging field of therapeutic antibody localization with 4 clinical-stage programs, strong partnerships, and we're the first to have shown clinical proof of concept for this novel approach.

We aim to maintain our leadership in this field by aggressive development of our assets and our intellectual property.

In the second quarter, our teams continued to make progress in advancing our novel Probody platform and our portfolio of innovative, wholly owned and partnered programs.

Building on the strong body of clinical data we have reported to date, including encouraging safety and efficacy profiles from our 2 lead wholly owned programs CX-072 and CX-2009. Alongside our continued strong cash position, we're now setting the stage for further advancement of these unique and potentially differentiated assets.

On this call, I'd like to provide brief updates on our programs and lay out a road map for next steps and future disclosures.

Let me start with our most advanced program, the PD-L1-targeting Probody CX-072.

Our vision for CX-072 is for this Probody to become a differentiated centerpiece of combination anticancer therapy by enabling safer, more effective combinations.

We have presented Phase I clinical data on CX-072 as monotherapy and in combination with the anti-CTLA-4 antibody, ipilimumab to support this vision, and we are enthusiastic to move this program to the next stage in its development.

During Q2, we reported updated data at ASCO 2019 from our ongoing monotherapy dose expansion cohorts, studying CX-072 in multiple tumor types at the dose of 10 milligrams per kilogram.

Data were presented in poster form and also reviewed as part of our next-generation immunotherapy discussions session led by Dr. David Page of the Providence Cancer Center.

Consistent with our previously presented Phase I dose escalation data, these data continued to show a favorable safety profile for CX-072 when compared to conventional anti-PD-1 and PD-L1 antibodies.

The efficacy profile of CX-072 also continued to mature with robust evidence of anticancer activity being seen in patients with triple-negative breast cancer, anal squamous cell carcinoma, cutaneous squamous cell carcinoma and undifferentiated pleomorphic sarcoma.

We expect to complete these initial expansion cohorts and decide our next steps for monotherapy CX-072 in the second half of 2019.

To date, our monotherapy data for CX-072 supports the idea that it could become a safer foundation for combination therapy.

The first such combination we set out to study in-depth in the clinic is CX-072 plus ipilimumab.

We believe the combination of ipilimumab with other anti-PD agents continues to hold much promise as recently demonstrated by the positive readout in the combination arm of BMS CheckMate 227 trial in lung cancer. However, it's well accepted that the full potential of this IO-IO combination is limited by the profound toxicity of these mechanisms when used together. And it's important to note that BMS was limited to 1 mg per kg of ipi every 6 weeks in the 227 study compared to the full label dose of 3 mg per kg every 3 weeks.

Our previously reported Phase I data has shown that CX-072 is generally well tolerated with full dose ipilimumab. Moreover, we have reported deep and durable responses for this combination in advanced-stage patients.

This Phase I work also established the maximum tolerated dose of the combination as 10 mg per kg of CX-072 and 3 mg per kg of ipilimumab.

We are now in the process of initiating the next phase of development of this combination, and we'll be providing additional details in the near future.

Turning now to our second wholly owned program, CX-2009, a potentially first-in-class Probody drug conjugate targeting CD166, a unique and broadly expressed tumor antigen.

Because Probody Therapeutics are designed to minimize binding of drug to normal tissues, we believe we're in a unique position to address a new class of targets with attractive molecular features that were previously thought undruggable because of high expression on normal tissues.

CD166 is an example of this kind of target. CD166 is highly and homogeneously expressed in multiple solid tumor types and might be considered an attractive target for a conventional antibody drug conjugate were it not for the fact that it's also present on most normal epithelial tissues.

We think it's a promising target for a Probody drug conjugate, however, since Probodies allow us to more selectively target tumor tissue.

CX-2009 is a CD166-targeting Probody drug conjugate, conjugated to the microtubular inhibitor, DM4.

During Q2, we presented updated data from the Phase I dose escalation trial of CX-2009 monotherapy at AACR.

The focus of this trial was to get a first look at the safety and preliminary efficacy of this novel drug candidate in patients with select cancer types.

Among patients who received greater than or equal to 4 mg per kg of CX-2009, 38% achieved tumor shrinkage and 74% achieved stable disease or better at the time of their first on treatment scan.

Demonstrated anticancer activity included 7 unconfirmed partial responses in breast cancer, ovarian cancer and head and neck cancer.

CX-2009 was generally well tolerated. Despite the widespread expression of CD166 on normal tissues, no evidence of obvious on-target toxicity was observed, demonstrating the potential of Probody masking to address novel first-in-class targets.

We see these data as an encouraging start to the development of CX-2009, and we're currently working to refine the dose of this agent as we advance towards the initiation of Phase II studies, potentially by the end of 2019.

I'll now turn to our BMS and AbbVie partner programs. The lead program for our broader alliance with BMS is BMS-986249. This is an anti-CTLA-4 Probody based on ipilimumab. This program is in a Phase I/II clinical study being run by BMS, evaluating the agent as monotherapy and in combination with Opdivo, nivolumab in advanced solid tumors.

Based on progress with this initial clinical study, BMS is preparing to initiate a randomized Phase II clinical trial comparing BMS-986249 plus Opdivo to ipilimumab plus Opdivo in patients with solid tumors.

Upon the start of the study, CytomX will be entitled to a $10 million milestone payment.

Naturally, we're pleased with this progress, and we anticipate this study will be initiated in the second half of 2019.

As a reminder, our alliance with BMS also extends to ongoing research on additional Probodies and BMS retains the right to select several additional targets for future research.

The lead program from our alliance with AbbVie is CX-2029, a first-in-class Probody drug conjugate targeting CD71.

CD71 is widely expressed on normal tissues, and therefore, it's considered to be an undruggable target for conventional antibody drug conjugate technology.

During Q2, this program continued to enroll patients in the initial dose escalation phase of the study, which is being run by CytomX.

CX-2029, is of course, a PDC conjugated to the payload MMAE under licensed from Seattle Genetics.

CytomX has responsibility to advance this program through initial cohort expansion in select tumor types, whereupon, if successful, the program will transition to AbbVie for registrational studies and ultimate commercialization.

CytomX retains certain profit split and co-commercialization rights for this asset.

In parallel with the co-development of CX-2029, we have an ongoing discovery alliance with AbbVie, focused on the discovery and development of additional Probody drug conjugates.

Under this agreement, AbbVie recently selected a second target for advancement into preclinical studies, triggering a $10 million payment to CytomX.

I'll now turn the call over to Robin for a brief review of financial highlights from Q2.

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Robin Knifsend, CytomX Therapeutics, Inc. - VP of Finance [4]

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Thank you, Sean. I would like to review selected financial highlights for the second quarter.

We ended the second quarter with cash, cash equivalents and investments totaling $349.1 million compared to $436.1 million as of December 31, 2018 and $396.6 million as of March 31, 2019.

The decrease in cash for the first 6 months of 2019 included certain infrequent payments, such as a $5 million payment for the acquisition of technical know-how related to drug conjugate linker-toxin and CD3-based bispecific antibody technologies from an Astellas subsidiary in the first quarter; a $13.7 million federal tax payment for the 2018 tax return filing in the second quarter; and approximately $4.7 million related to the University of California, Santa Barbara license agreement also in the second quarter.

Our strong balance sheet allows us to fund operations well into 2021, assuming no new collaborations or financings.

Research and development expenses were $30.8 million for the quarter compared to $25.6 million in the corresponding period in 2018. The increase was attributable to license fees and maintenance fees related to an amendment to the UCSB licensing agreement, which included the issuance of 150,000 shares of company common stock valued at $1.6 million and upfront payment of $1 million and an additional annual maintenance fee of approximately $800,000. The increase was also attributable to the UCSB sublicense fees pertaining to the $10 million milestone payment earned upon the AbbVie selection of the second target in the second quarter of 2019 and increases in personnel-related and clinical-related expenses, partially offset by a decrease of $2.3 million in laboratory contracts and services as a result of timing of manufacturing activities.

General and administrative expenses increased by $400,000 for the quarter compared to the corresponding period in 2018 and was largely attributed to personnel-related expenses.

Revenues during the second quarter of 2019 were $9 million compared to $21.3 million in the corresponding period in 2018. The decrease was primarily due to the $21 million milestone payment, net of the associated sub-license fee of $4 million earned in May 2018 under the CD71 agreement with AbbVie, of which $9.9 million was recognized in the second quarter of 2018.

With that, I will turn the call back over to Sean.

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [5]

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Thank you, Robin. So just to briefly wrap up. From today's review of the second quarter, I hope you can see that we continue to make excellent progress in advancing our portfolio of innovative Probody drug candidates.

We look forward to a productive second half of 2019 as we advance our programs to the next stage of development to further define the potential of our product candidates and also realize the power of our innovative technology platform.

Thanks for your time, and I'll now hand the call back to Chris for Q&A.

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Christopher S. Keenan, CytomX Therapeutics, Inc. - VP of IR & Corporate Communications [6]

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Valarie, please open the call for questions.

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Questions and Answers

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Operator [1]

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(Operator Instructions) Our first question comes from Varun Kumar of Cantor Fitzgerald.

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Varun Kumar, Cantor Fitzgerald & Co., Research Division [2]

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So Sean, maybe first on CX-2009. Should we expect update on activity from -- I think you're planning to have 14 patients in the dose-refinement cohorts, so should we expect activity and safety in the second half before you plan to move into Phase II? And second, a quick one on Bristol. Now as you mentioned, we -- they have moved to a Phase II randomized study. Was there any prerequired criteria in terms of activity or safety, which was kind of gating factor for them before they move to Phase II? Any color there would be really helpful.

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [3]

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Great. Thanks for the questions. With regards to 2009, I think the -- I think what to expect there is our decision of dose and indication to move into Phase 2 would obviously be driven by the totality of the data that we will have collected by the end of the year. So where and when we would actually present that additional data remains to be determined. With regard to BMS, the decision to move into this randomized study that they're preparing is entirely theirs. So I can't speak to their criteria, other than the fact that they are, as we can see from clinicaltrials.gov, preparing to do a fairly large study, which we're obviously very pleased to see.

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Operator [4]

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Our next question comes from Terence Flynn of Goldman Sachs.

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Unidentified Analyst, [5]

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This is [Missie] on for Terence. And I was wondering if you could give us any perspective on Bristol's CheckMate 227 data and kind of what implications you think that might have on your portfolio.

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [6]

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Yes, thanks for the question, [Missie]. Well, as I mentioned in my earlier remarks, yes, we think that the -- obviously, that was a tale of 2 data sets, wasn't that, in terms of the combination readout and the monotherapy readout. For us, the combination readout is the most relevant. We think in the top line that they've announced so far clearly indicates that ipi/nivo combination can be effective in that patient population. And that's with -- as I mentioned earlier on, that's with a much reduced dose of ipi. So we think that's actually very encouraging. It shows that it reinforces the importance of PD or PD-1 or PD-L1 plus CTLA-4 as a powerful IO-IO combination. And with our ability, we believe, with the Probody, with CX-072 to treat patients with full dose ipi, we believe we're in a position potentially in several indications to demonstrate a value proposition with this -- with our combination. So we think that data is positive for us and of course, positive for BMS.

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Operator [7]

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Our next question comes from Peter Lawson of SunTrust Robinson.

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Peter Richard Lawson, SunTrust Robinson Humphrey, Inc., Research Division - Director [8]

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Just on, I guess, the AbbVie selecting their second candidate. Did they see something in the 2029 data? Any color on that would be great.

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [9]

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Obviously, can't comment on any data coming from that study at this point. The -- as I said, the collaboration has 2 components to it: the clinical program around 2029, and the discovery alliance on the PDCs. And I can't make any comment on what drove them to make that second selection, other than the fact that we were very pleased to see it.

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Peter Richard Lawson, SunTrust Robinson Humphrey, Inc., Research Division - Director [10]

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Good. And then any color around the target or the kind of target? Is it going to be one of these widely expressed targets again?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [11]

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Would love to tell you more, Peter, but I really can't. Sorry.

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Operator [12]

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Our next question comes from Robert Burns of H.C. Wainwright.

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Robert John Burns, H.C. Wainwright & Co, LLC, Research Division - Associate [13]

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Thanks for taking my questions and the progress you guys are making. So following up on BMS-986249. So do you have any idea as to the dose that they selected? Given your comment earlier that obviously dose selection is highly important whenever you're looking at ipi/nivo conversation. And then my second question is, could you provide any additional color as to the current sort of planned indications for CX-072, both as monotherapy and in combination with Yervoy? Or when we might have some granularity on that?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [14]

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Yes, Robert, thanks for the questions. Can't comment on dose of 986249 at this point. We're going to have to wait and see how much additional granularity BMS is willing to give once they kick that study off. With regards to 072, we are in a position second half of the year to communicate more clearly on specific next steps for 072 in terms of monotherapy and combinations. Not a lot more to say at this exact point, but plans are well under -- planning is well underway.

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Operator [15]

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Our next question comes from Mohit Bansal of Citigroup.

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Mohit Bansal, Citigroup Inc, Research Division - VP and Analyst [16]

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And congrats on all the progress as well. Just wondering that, now that we -- you have seen the data, a bit more granularity for CX-2009, could you help us understand, where is your thought process in terms of we saw 7 responses, which speak for activity, but those are unconfirmed responses; so what exactly is going on that these responses are not readable? Is it the target issue? Or do you think the combination, you can make it deeper? How are you thinking about that?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [17]

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Mohit, didn't quite get the second part of the question. Could you clarify the question?

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Mohit Bansal, Citigroup Inc, Research Division - VP and Analyst [18]

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Sure. So I mean, what I'm trying to understand is that those 7 responses, they are -- they speak for the activity of the PDC. But those are unconfirmed responses. So with -- so in terms of exploring that further, where do you stand in terms of what is your thought process that why these responses are not longer lasting? Is this because of the target, which is -- where cancer is kind of coming back because of that target? Or you think it is -- I mean, like, where are you -- what are you thinking there? How are you thinking about that?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [19]

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Yes. Yes. Great. No, thanks, Mohit. That's a great question. And I would refer back to some of our prior discussion around the data set that we presented at AACR, which I -- admittedly, very -- summarized at a very high level on this call. So just to recap, we -- as you rightly point out and as I mentioned earlier, we -- in the data set presented at AACR, we had 7 unconfirmed partial responses in a number of different tumor types. So encouraging evidence that this drug candidate can be active, that the target can deliver payload into tumor cells. The lack of confirmation of those responses derives from probably several things. It's always, of course, hard to say, but the contributors include, first of all, the fact that in this study, as we reported in our poster presentation, these patients were very heavily pretreated. So in many cases, it was just ongoing disease progression. Secondly, the fact that several patients came off drug early for ocular toxicities driven by the payload, DM4, which we expected to see, and which in the early part of this Phase I dose escalation, we were not taking measures to pretreat to try to prevent. So that Phase I data set gave us what we needed to then do what we're doing right now, which is to dose patients towards the higher end of the dose escalation range beginning at 8 mg per kg and ensuring that patients are given consistent and aggressive ocular prophylaxis with the goal of keeping patients on drug longer to see to what extent we can increase duration of treatment, which, of course, over time, we would hope would relate to an increase in duration of response and the ultimate confirmation of responses. So that work is ongoing. That work will be -- the readout from that work will be, obviously, very important in our ultimate selection of dose for this agent. And we believe we're on track to have that decision made by the end of the year. So as you know, important to bear in mind, it's a Phase I study. It's a brand-new agent. It's an experimental study. We've learned a lot. We're doing additional work to address those questions in real time.

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Mohit Bansal, Citigroup Inc, Research Division - VP and Analyst [20]

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Got it. And then if I may ask one more on the CD71 program. I mean, apologies if you have mentioned it, but do you -- since you are controlling this trial, in what time frame we could see some initial data from this program?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [21]

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So we're not providing any guidance on timing to data. It's an ongoing dose escalation study. And we are -- that we're in the middle of. So that's what we only can say right now.

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Operator [22]

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Our next question comes from Biren Amin of Jefferies.

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Biren N. Amin, Jefferies LLC, Research Division - MD and Senior Equity Research Analyst [23]

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Sean, on your plans for 072, how many of the tumor types would be considered as a registrational study when you disclose your plans later this year?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [24]

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Biren, great question. Thanks for that. Well, just to take a step back and just recap the strategy for the monotherapy expansions, these many expansion cohorts. So at the time we initiated them in a rapidly moving field, we -- we've -- we cast a wide net in the hope of identifying one or more indications in which we would see a relevant response rate and also an ongoing registrational path to registration based on a single-arm study and continues to be the case that certain of these indications still have that path open, fewer than when we started this study a while back, but we do think that, that window remains open, the conversions of, again, registrational path plus the data that we've already demonstrated. We're giving a lot of thought to that right now as to which of these indications could potentially offer a registrational path. And we're not ready to guide any more clearly today on that, but we will be guiding further in the second half of the year.

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Biren N. Amin, Jefferies LLC, Research Division - MD and Senior Equity Research Analyst [25]

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Okay. And then maybe a question on the 227 from earlier. Why not be more aggressive in developing 072 plus ipi, given what we've seen out of 227, the first line non-small cell lung cancer setting?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [26]

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Well, as I said earlier on, we do see those data, and I think this is what you were alluding to, we see those data as positive for us in showing that, that combination is an important combination. It's going to continue to be an important combination in a number of indications moving forward. And we think that opens up a number of opportunities for us, and you'll be hearing more about that from us in the relatively near term.

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Biren N. Amin, Jefferies LLC, Research Division - MD and Senior Equity Research Analyst [27]

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Okay. And then maybe a question on the 072 vemurafenib combo. When can we expect preliminary data from that study?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [28]

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So our goal is to provide an update by the end of the year.

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Biren N. Amin, Jefferies LLC, Research Division - MD and Senior Equity Research Analyst [29]

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Got it. And then just one last question, I guess. On this randomized trial with the Probody CTLA-4 that Bristol's moving forward with, do you know which tumor types they're going after?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [30]

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I do not. They -- if you look at their filing, it refers to patients with solid tumors. I think we can all make a best guess as to what that would be. But their public disclosures do not indicate which tumor type to this point.

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Operator [31]

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(Operator Instructions) Our next question comes from Mara Goldstein of Mizuho.

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Kar-Bow Fung, Mizuho Securities USA LLC, Research Division - Research Associate [32]

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This is Gabriel Fung on behalf of Mara Goldstein. The first question I have here is, we're reading in the 10-Q that there has been some changes in fund allocations for the EGFR project, given that the company had decided to undertake some additional testing for molecules. Would you be able to provide some additional details on that? And secondly, given that the checkpoint combinations are becoming more and more popular nowadays, does the company plan to assess any additional combination studies?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [33]

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Yes. Gabriel, thanks for the questions. With regards to EGFR, it's an ongoing research project, and we are evaluating a range of different scaffolds -- bispecific scaffolds and molecules. And in the course of a lead optimization process, certain frameworks move forward, certain frameworks do not. And with the new revenue recognition rules, given the nature of the upfront payment in that deal, it requires us to report on that with a reasonable level of granularity. So really all you're seeing there is the ongoing course of research with a platform like bispecifics, where the specifics of the scaffold become very important to the ultimate activity of the molecule. In terms of combinations, yes, absolutely. I mean, we -- as I mentioned in my earlier comments, we believe the data we had presented thus far for CX-072 is entirely consistent with the vision we have for this molecule to become a safer, more effective foundation of combination therapies across a range of mechanisms, and ipi is one of those which we remain very enthusiastic about, as I've said. And I'm pretty sure there will be others, and so we will be embarking on additional combinations. But we're not ready to disclose what any of those are at this point.

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Operator [34]

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Our next question comes from Peter Lawson of SunTrust Robinson.

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Peter Richard Lawson, SunTrust Robinson Humphrey, Inc., Research Division - Director [35]

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Just on 2009. Will we see the -- was it the Part A and A2 data in the second half?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [36]

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2009, Peter, the update at ACR was A and A2. So that data for the most part has been disclosed. We're obviously continuing to follow those patients up. And at this moment in time, we continue with the, what we call, the mTPI phase, which is additional dose refinement at the upper end of the dose range. Does that help?

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Peter Richard Lawson, SunTrust Robinson Humphrey, Inc., Research Division - Director [37]

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Yes. I got the sense that we were going to get kind of further follow-up and maybe additional patients for that A and A2, but it sounds like we won't.

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [38]

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I wouldn't expect that. I think at this point, we are very focused on -- I mean, obviously, we're still following those patients up from A and A2. We're doing the additional dose refinement, and our goal is to get to that Phase II dose and kick the Phase II study off as soon as we can. The goal of having that dose, an indication picked by the end of the year. The actual presentation of additional data from the study would likely be at a future conference to be determined.

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Peter Richard Lawson, SunTrust Robinson Humphrey, Inc., Research Division - Director [39]

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Got you. And then do you get any sense if we're going to see BMS' 249 data in the second half? And I guess, kind of a follow-up around that would be what data we're going to see from you in the second half?

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [40]

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So with regard to BMS, all I can say is what they've said previously, which is that they are -- they've guided to potentially sharing some data on 249 this year. That's really all we know at this point. So the year is moving along, isn't it? With regard to CytomX additional data, I wouldn't expect a whole lot of additional clinical data from us between now and the end of the year. Just to recap, since ASCO of 2018, we've presented a substantial amount of clinical data at various congresses up to and including ASCO of this year. We're really very focused right now. We have heads down, determining specific next steps to get these programs into the Phase II setting. So I wouldn't expect a whole lot of additional clinical data this year. I think as we provide additional updates as this year progresses on our next steps for our programs, I think it will become clearer what types of data may be available in 2020, but we'll be guiding on that as 2019 continues.

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Operator [41]

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I'm showing no further questions at this time. I'd like to turn the call back over to Sean for any closing remarks.

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Sean A. McCarthy, CytomX Therapeutics, Inc. - Chairman, CEO & President [42]

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Thank you very much, and thanks all for joining us today. Again, we had a very strong quarter, continuing to advance both pipeline and platform and our alliances. And we look forward to a very productive second half of 2019. So thank you all very much for your time.