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Edited Transcript of STML earnings conference call or presentation 10-May-19 12:00pm GMT

Q1 2019 Stemline Therapeutics Inc Earnings Call

New York May 27, 2019 (Thomson StreetEvents) -- Edited Transcript of Stemline Therapeutics Inc earnings conference call or presentation Friday, May 10, 2019 at 12:00:00pm GMT

TEXT version of Transcript

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Corporate Participants

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* David G. Gionco

Stemline Therapeutics, Inc. - VP of Finance & CAO

* Ivan Bergstein

Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman

* Kenneth Hoberman

Stemline Therapeutics, Inc. - COO & Corporate Secretary

* Robert Francomano

Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial

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Conference Call Participants

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* Boris Peaker

Cowen and Company, LLC, Research Division - MD and Senior Research Analyst

* Jessica Macomber Fye

JP Morgan Chase & Co, Research Division - Analyst

* Joseph Michael Catanzaro

Piper Jaffray Companies, Research Division - VP & Senior Biotech Analyst

* Jotin Marango

Roth Capital Partners, LLC, Research Division - Former MD & Senior Research Analyst

* Matthew Lee Kaplan

Ladenburg Thalmann & Co. Inc., Research Division - MD & Head of Healthcare Equity Research

* Nathan S. Weinstein

Aegis Capital Corporation, Research Division - Analyst

* Raghuram Selvaraju

H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst

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Presentation

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Operator [1]

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Good day, and welcome to the Stemline earnings conference call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. Ken Hoberman. Please go ahead, sir.

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Kenneth Hoberman, Stemline Therapeutics, Inc. - COO & Corporate Secretary [2]

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Thank you. Good morning and welcome to today's conference call to discuss our first quarter 2019 financial results. With me on today's call are members of Stemline's executive management team, including Ivan Bergstein, our Chief Executive Officer; David Gionco, our Chief Accounting Officer; and Robert Francomano, our Senior Vice President and Global Head of Commercial. After our remarks, we'll open the call to take your questions.

As a reminder, we may be making forward-looking statements. Our forward-looking statements are subject to a number of risks and uncertainties that could cause our actual results to differ materially from our forecasts. A detailed description of these risks can be found in the forward-looking statements in Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2018, and our other reports filed with the SEC.

With that, I will now turn over the call to Ivan Bergstein, our CEO. Ivan, the floor is yours.

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [3]

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Thank you, Kenneth, and good morning to everyone. The past few months have been transformational for Stemline as ELZONRIS was approved by the FDA and launched in the U.S. for the treatment of adult and pediatric patients, 2 years and older with blastic plasmacytoid dendritic cell neoplasm or BPDCN. ELZONRIS is the first treatment ever approved for BPDCN and the first CD123 targeted agent ever approved.

Also, as many of you've seen, the New England Journal of Medicine published the ELZONRIS pivotal results in its April 25th issue, highlighting the increase in global awareness and recognition of BPDCN across the entire medical community. We're extremely proud and gratified to bring to patient's with BPDCN a new and effective treatment. And we are pleased with the strong initial uptake and adoption patterns we are seeing in the first quarter of launch.

Our Global Head of Commercial, Robert Francomano, will now provide further details on our launch. Robert?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [4]

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Thank you, Ivan. I'm very pleased to announce that net sales of ELZONRIS were $5.05 million in our first quarter of launch. These encouraging results are the culmination of a concerted customer-facing effort between our marketing, sales, access and reimbursement and medical affairs teams. Our territory managers have had many impactful interactions with health care providers and institutions and sharing that ELZONRIS and BPDCN are kept top of mind. These health care provider interactions involving product and disease education are broad institution-wide calls targeting hematologist, oncologist, transplanters, dermats as well as the hempath and dermpath communities. The team is focused on demonstrating the clinical benefit and value proposition of ELZONRIS as the new standard of care for BPDCN to ensure its rightful place in the treatment paradigm.

Alongside the ELZONRIS directed product promotion, we continue to improve the accuracy and speed of diagnosis of patients with BPDCN by raising the awareness of the disease and highlighting the importance of testing for CD123.

Our first quarter sales indicate that the payer mix is consistent with our prelaunch expectations, with about 75% of patients covered by Medicare. While our private payers represent a smaller portion of our payer mix, we have several positive coverage determinations with published policies covering roughly 100 million lives from key national payers such as Aetna and Anthem, just to name a few. These wins in the private payers segment are just the beginning as our access and reimbursement team continues to inform and cultivate policy decisions across the U.S.

We are very pleased with the strong momentum demonstrated in the first few months of the launch, specifically the number of prescribing physicians, the types of centers ordering and the total number of patients initiating therapy. The commercial and medical teams continue to work their launch plans and are poised for a successful 2019. We continue to keep a laser focused on the patient and understand we have much more work to do. The team will not relent in their will to sustain the positive momentum.

Our team is built on a strong foundation of talent armed with compelling clinical data and well positioned to meet the demands of the U.S. launch. Looking forward to potential commercialization in Europe, we continue to build the corporate infrastructure and attractive higher experienced top-tier talent.

With that, I will turn the call over to David Gionco to review the first quarter financial results.

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David G. Gionco, Stemline Therapeutics, Inc. - VP of Finance & CAO [5]

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Thank you, Robert. As Robert highlighted, net sales of ELZONRIS were $5.05 million for the first quarter of 2019. Stemline ended the first quarter with $124.4 million in cash, cash equivalents and investments, reflecting $21.9 million of net cash expenditures during the quarter.

For the first quarter of 2019, we had a net loss of $27.4 million. Research and development expenses totaled $17 million during the quarter. Selling, general and administrative expenses totaled $16 million for the quarter. The company ended the first quarter of 2019 with 43.6 million shares outstanding.

I will now turn the call back over to Ivan to wrap up.

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [6]

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Thank you, David. Clearly, we are very excited about the BPDCN opportunity itself. And we also believe that BPDCN may represent just the tip of the iceberg with respect to the full market potential for ELZONRIS. The target of ELZONRIS CD123 has become increasingly cited across a wide range of indications, and has been linked to poor prognosis in several diseases, including AML. We are continuing to evaluate ELZONRIS in additional indications, including chronic myelomonocytic leukemia, CMML; myelofibrosis, MS; and planning trials and subsets of AML patients enriched for CD123 expression.

Based on the clinical results observed thus far, we will evaluate potential registrational pathways and intend to provide our next steps for CMML midyear and MS later this year. Beyond ELZONRIS, we are also working to enhance our other pipeline candidates forward and expect further data updates on this as the year progresses. All in all, we are confident we have assembled the necessary parts to build the successful commercially-focused biopharmaceutical company with multiple growth opportunities now and in the future.

With that, I'd like to 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 Jessica Fye with JPMorgan.

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Jessica Macomber Fye, JP Morgan Chase & Co, Research Division - Analyst [2]

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Couple of questions for me. I think, you mentioned in prepared remarks you're encouraged by the types of physicians and institutions where you're saying orders for ELZONRIS. Can you talk about how many institutions have ordered and have there been any reorders? And then with respect to the types of institutions, are these all major centers? Or have you seen any in the community level hospitals?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [3]

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Thank you for the question. We are seeing what I would characterize as broad uptake in utilization across various range of institution types. So what we're seeing is not only the major academic centers and sites of clinical trials, but also the community has been adopting the product as patients go from the academic centers to the outpatient setting.

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Jessica Macomber Fye, JP Morgan Chase & Co, Research Division - Analyst [4]

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Okay. Great. And is there any insight you can share in terms of how many patients were treated in the quarter?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [5]

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Well that's a level of detail that we're not going to be giving out on this call, but we can tell you that we're encouraged by the pattern of patient presentations.

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Jessica Macomber Fye, JP Morgan Chase & Co, Research Division - Analyst [6]

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Okay. Great. And maybe just last one. Can you maybe just elaborate a little bit more on your progress securing reimbursement. Are you targeting a certain level of Medicare coverage?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [7]

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Yes. The reimbursement continues to be something that is very promising for us. As I mentioned, we've got some very large national payers that have given policy determinations, several regional payers as well. Right now, CMS has been in our corner, if you will, when it comes to reimbursement for ELZONRIS. So the patterns are everything that we have expected and right now, we've seen no hurdles that get in the way of us achieving our goals for patient starts.

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Jessica Macomber Fye, JP Morgan Chase & Co, Research Division - Analyst [8]

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Great. And sorry, if I may just get one more in. On net price, where is that shaking out?

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David G. Gionco, Stemline Therapeutics, Inc. - VP of Finance & CAO [9]

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Sure. Thank you for the question. Regarding -- you're speaking to gross to net. We've estimated reserves for product returns, government rebates, distribution service fees, copay reimbursement programs. And our overall sales deduction and allowance rate is in line with peer company benchmarks.

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Operator [10]

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Our next question comes from Boris Peaker with Cowen.

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Boris Peaker, Cowen and Company, LLC, Research Division - MD and Senior Research Analyst [11]

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Congratulations on great start here. Maybe just for the question on the practices using ELZONRIS. Maybe how many -- what fraction of the practices or large institutions have -- that you're targeting, what fraction of those have actually at least treated 1 patient so far?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [12]

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I don't have -- I don't have those specific numbers at hand. I can tell you that once again, the number of centers -- we bucketed our centers in high, elite, medium and low-tier centers given their size and structures and patient volumes. And I can tell you that the patients are presenting at most of those tiers, if not all of those tiers. And so I don't have that type of information, but I can tell you that the coverage, once again, by health care providers and institutions, spans the entire range of customer base.

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Boris Peaker, Cowen and Company, LLC, Research Division - MD and Senior Research Analyst [13]

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Right. And may be a comment on the safety. What are you observing at least from the initially dosed patients? Are you getting any reports of how the drug is faring from the safety perspective?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [14]

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Yes. To our knowledge, everything is consistent with what we've seen prior experience. Nothing new on that front.

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Boris Peaker, Cowen and Company, LLC, Research Division - MD and Senior Research Analyst [15]

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Great. And lastly, could you give us some comments on the time line in the year, what should we be expecting and when?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [16]

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Yes. As we've previously said, we filed the MAA in January, it's granted accelerated assessment. So we've been kind of back and forth now with the EMA and we -- by all measures, we expect a decision sometime this year.

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Boris Peaker, Cowen and Company, LLC, Research Division - MD and Senior Research Analyst [17]

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Will you be launching then by yourself, is that what the plan is at this point at least?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [18]

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Yes.

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Operator [19]

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Your next question comes from Matt Kaplan with Ladenburg Thalmann.

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Matthew Lee Kaplan, Ladenburg Thalmann & Co. Inc., Research Division - MD & Head of Healthcare Equity Research [20]

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Congrats on the results in the quarter. Very nice. I wanted to follow-up on Boris' question with respect to Europe. Can you give us a sense in terms of what that commercial infrastructure will look like in Europe and what you're planning to put on the ground there?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [21]

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The commercial infrastructure that we're going to be putting in place would be what we've considered a very efficient model, just as what we did in the United States to be very judicious with our build and very systematic. As you would expect, we will follow a fairly traditional launch sequence. So the infrastructure will meet the needs of making sure that we get the number of patient starts we require. But it will be a very judicious build over a period of many, many months.

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Matthew Lee Kaplan, Ladenburg Thalmann & Co. Inc., Research Division - MD & Head of Healthcare Equity Research [22]

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Okay. And then, shifting back to the U.S. Good start in terms of coverage. Where do you think you'll be at the end of the year roughly in terms of lives covered in the U.S. on the commercial side?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [23]

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Yes. At this point, that's -- we really don't know. I'm sorry. Let me clarify your questions. Covered lives?

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Matthew Lee Kaplan, Ladenburg Thalmann & Co. Inc., Research Division - MD & Head of Healthcare Equity Research [24]

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Yes. Covered lives. Yes, exactly. In terms of...

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [25]

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Payer. Our anticipation would be to have as many patients covered as quite -- as humanly possible and that's what we're driving towards. I don't know what that percentage will be, but it's not something that I'm concerned with from a product uptake or payer situation.

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Matthew Lee Kaplan, Ladenburg Thalmann & Co. Inc., Research Division - MD & Head of Healthcare Equity Research [26]

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Okay. Great. And then just pipeline question, I guess, for maybe for Ivan. In terms of CMML and myelofibrosis, what are your thoughts now in terms of the regulatory route there and starting a potential pivotal study in CMML or myelofibrosis?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [27]

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Yes. Our interactions with the FDA are ongoing on that front and we're pleased with where we are at that moment, but we'll have further updates around that as we've guided previously in midyear.

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Operator [28]

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Our next question comes from Ram Selvaraju with Wainwright.

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Raghuram Selvaraju, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst [29]

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I wanted to know if you could draw a bead at this juncture on the trajectory with which you expect to have the most low hanging fruit type patients all on drug. Do you anticipate that, that could take the remainder of this year into next year, just give us a sense of how quickly you expect to be able to penetrate the lowest hanging fruit, the most accessible patients in the BPDCN population, please?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [30]

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I'm sorry, can you restate the question please?

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Raghuram Selvaraju, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst [31]

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Yes. What I was saying was, do you have a bead at this juncture on how long it would take to get lowest hanging fruit, the most easily accessible patients at BPDCN on ELZONRIS -- how long that would take approximately?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [32]

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Thank you for reclarifying. I think at this point it's too early for us to determine that.

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Raghuram Selvaraju, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst [33]

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Okay. On the pipeline of the candidates for ELZONRIS, I was wondering if you could provide some additional clarity on the AML indication. I think the press release referenced specific pockets of the AML population and I wanted to get a sense of what your most updated thinking was regarding that. What mine patients we're talking about? What kind of prior treatment they would have had? What's the sort of overall makeup of the AML patient who you folks consider to be the most likely candidates to obtain benefit from ELZONRIS treatment?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [34]

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Yes. So we're in the process of planning trials in that area. We typically will be focusing on areas of unmet medical need or areas where we can -- we think can maybe help to improve existing therapy by combining ELZONRIS with others in certain settings, potentially single-agent more likely combination. Focusing on patients who are either enriched for CD123 expression or AML patients who are enriched for BPDCN-like features.

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Raghuram Selvaraju, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst [35]

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Okay. And then with respect to the non-oncology related indications where CD123 expression appears to be involved or maybe therapeutically important. Could you comment on whether you consider ELZONRIS itself to be potentially applicable in those contexts like for example in lupus and scleroderma? Or are you still thinking about this more in the context of some other type of therapeutic intervention that's not ELZONRIS but that is CD123 [correlated]?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [36]

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You broke up a little bit there. I think I got the gist of the question. We've conducted what we think is a very strong rationale for ELZONRIS and certain autoimmune diseases as we've mentioned before cutaneous lupus, scleroderma. The CD123 plasmacytoid dendritic cells, which happen to be the cell of origin of BPDCN appear to be bad actors in some of these autoimmune diseases. There are others out there trying to target these cells. There's a lot of literature around the rationale for that. We've conducted preclinical experiments that we've presented at conferences that look very promising. So we are evaluating now potential clinical options in some of these diseases.

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Raghuram Selvaraju, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst [37]

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Okay. And just wanted to ask last one on one of (inaudible) ELZONRIS. Could you tell us what the remaining IND enabling steps are likely for 1001 and if you have any sense of whether or not that candidate can progress into IND filings with...

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [38]

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Yes. Right now, we just got our hands around the compounds. And as we've said before, our goal is to get it into the clinic next year and we'll provide further details as the year progresses with respect to the granularity around that. But right now, we're intending to get in the clinic next year.

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Operator [39]

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Our next question comes from Joe Catanzaro with Piper Jaffray.

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Joseph Michael Catanzaro, Piper Jaffray Companies, Research Division - VP & Senior Biotech Analyst [40]

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Congrats on the nice quarter, and thanks for taking the questions. Maybe first on the launch, I appreciate that you guys don't want to give out patient numbers, but maybe help us potentially back into it. Given the timing of the launch, is it safe to assume that the median duration of treatment in 1Q was a single cycle for patients?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [41]

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Yes. I appreciate the question. I still think given the early stage of the launch, we're not giving any level of detail.

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Joseph Michael Catanzaro, Piper Jaffray Companies, Research Division - VP & Senior Biotech Analyst [42]

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Okay. Maybe just one follow-up to that. So I think at the time of approval, you guys had said that you expected early used to be heavily weighted towards relapsed/refractory patients. Are you seeing that play out?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [43]

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Yes. I think as we get further into the launch, we're still very early on, but we're seeing patient presentations, both in treatment naïve and relapsed/refractory setting.

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Joseph Michael Catanzaro, Piper Jaffray Companies, Research Division - VP & Senior Biotech Analyst [44]

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Okay. And then, maybe just a couple of questions on some modeling. So can we expect the cost of goods sold to remain consistent with what you guys reported in 1Q? And then the repayment of research funding around the commercial launch of ELZONRIS. Is that a onetime charge that we won't see moving forward?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [45]

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Yes. Thank you for the question. Regarding cost of goods sold, the majority of our manufactured batches were produced in 2018 prior to receiving FDA approval as such the accounting rules dictate that we would expense those costs as research and development. So those costs were expensed in a prior period. So to answer your question, we believe that cost of goods sold will be at a similar level for the upcoming 18 to 24 months.

Regarding your question on R&D, this relates to an expense we've recorded related to the milestone payment due to the leukemia and lymphoma society, resulting from the first commercial sale of ELZONRIS.

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Joseph Michael Catanzaro, Piper Jaffray Companies, Research Division - VP & Senior Biotech Analyst [46]

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Okay. And that's just a onetime charge?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [47]

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That is correct.

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Operator [48]

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Our next question comes from Jotin Marango with Roth Capital.

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Jotin Marango, Roth Capital Partners, LLC, Research Division - Former MD & Senior Research Analyst [49]

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Congrats on getting this biologics through trials and the FDA in record time. I have a question -- a few questions about the sales organization. So I understand at this point you're not giving nominal guidance of sales for the year, but perhaps I can ask about expected trends. So where do you -- can you discuss a little bit patient distribution or lumpiness geographically or temporarily for the year, specifically as it pertains to sales. So based on the targeting plan that you have right now, is it a fairly steady (inaudible)? Do you expect patients to move on therapy relatively steadily through the year? Or do you expect lumpiness towards the end part of the year?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [50]

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Look, thank you. Once again, it's still early to understand what trends we're going to see throughout the remainder of the year. But all indications point to patients presenting fairly regularly, still performing to perhaps about 500, if not more patients in the United States. Where they present and how they present is really out of our control, of course, But what we would expect is a steady rate of presentation. Performing to at least 500 patients in the United States, and then, having those patients start on ELZONRIS continue to grow as the word gets out.

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Jotin Marango, Roth Capital Partners, LLC, Research Division - Former MD & Senior Research Analyst [51]

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And the patients on treatment so far, those producing the $5 million in sales that we saw in 1Q and any new ones since 1Q, since we're almost in June. Do they all fall under the BPDCN label or has there been anything creative that caught your eye or maybe someone taking maintenance or something different?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [52]

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We don't -- we're not tracking any type of off-label use at this point.

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Jotin Marango, Roth Capital Partners, LLC, Research Division - Former MD & Senior Research Analyst [53]

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Okay. And lastly, a question for Ken and Robert perhaps. At this point, is the sales organization and effort complete and fully activated? Or is it going to continue being built through the year? I guess, a roundabout way of asking, how should we think about sales costs through 2019?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [54]

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From where I sit the sales organization is complete, we'll continue to monitor the landscape. But right now it seems to be complete and meeting the needs of the organization.

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Operator [55]

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Our next question comes from Nathan Weinstein with Aegis Capital.

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Nathan S. Weinstein, Aegis Capital Corporation, Research Division - Analyst [56]

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Congrats on what it looks like a very nice quarter. I just had a couple one. Just in general, would we look at some of the first quarter sales as having some stocking component? Or would it be really reflective of consumption of drug in the market?

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Robert Francomano, Stemline Therapeutics, Inc. - Senior VP & Global Head of Commercial [57]

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Yes. There was minimal stocking during the first quarter.

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Nathan S. Weinstein, Aegis Capital Corporation, Research Division - Analyst [58]

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Okay. And then, I guess, the second one is a little philosophical, but you guys -- you shepherded the organization through to commercial stage very quickly and really impressively. And so I guess, sitting at the top of the organization, Dr. Bergstein, do you feel like you're happy with the way that it's been performing?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [59]

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Absolutely. Extremely, extremely proud of the team.

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Nathan S. Weinstein, Aegis Capital Corporation, Research Division - Analyst [60]

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Okay. And then, when you look through your pipeline, maybe a little bit deeper into the pipeline for some of these other types of therapeutics, do you think that -- does any of those drugs make you think, "Hey, if we get this to the commercial level, it's going to require some greater investment or training in the sales force?"

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [61]

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Well, the near term would be the ELZONRIS additional indications, which are hem/onc focused and largely a lot of overlap with physicians who treat patients with BPDCN. So very synergistic opportunities there that we can build on with the infrastructure in place now. The other assets, we'll see. We'll -- hopefully, we will be in good fortune of building out additional sales folks in solid tumors et cetera as we move forward.

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Nathan S. Weinstein, Aegis Capital Corporation, Research Division - Analyst [62]

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Just one final one from me. When you guys think about the population of potential BPDCN patients outside the U.S. and the EU, have you given any thoughts to rest of the world and what that could look like?

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [63]

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Right now, as we stated in the past, we feel the opportunity in the EU is similar to what it is in the United States. So if you extrapolate that to other populations around the globe, I think there's probably a consistent message.

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Operator [64]

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This concludes today's question-and-answer session. I will now turn it back over to today's speakers for closing remarks.

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Ivan Bergstein, Stemline Therapeutics, Inc. - Founder, President, CEO & Chairman [65]

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Well thank you, thank you, everyone. I appreciate the call.

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Operator [66]

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Thank you, everyone. This concludes today's teleconference. You may now disconnect.