Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- CytomX Therapeutics Inc (CTMX, Financial) has over 15 active discovery and development programs, with three currently in Phase 1 clinical development.
- The company reported positive Phase 1A dose escalation data for CX-904, showing a favorable safety profile and early signs of anticancer activity.
- CX-2051 has shown excellent early progress in its Phase 1 study, with a favorable safety profile and rapid dose escalation.
- CytomX has initiated a Phase 1 clinical study for CX-801, with plans to explore its potential in combination with PD-1 inhibitors.
- The company ended the quarter with $118 million in cash, expected to fund operations through the end of 2025.
Negative Points
- The maximum tolerated dose for CX-904 has not yet been reached, delaying the decision to initiate Phase 1B until 2025.
- Operating expenses increased by $6.1 million compared to the third quarter of 2023, driven by higher clinical and manufacturing costs.
- The company does not expect any additional milestones from existing collaborations to be included in their cash guidance.
- There is a scarcity of good tumor targets for conventional unmasked T-cell engagers, posing challenges for development.
- The company is still in early stages for several programs, with significant clinical data readouts not expected until 2025.
Q & A Highlights
Q: Can you provide an update on the CX-904 program and the timing around the phase 1B decision?
A: Sean McCarthy, CEO: We are pleased with the safety profile of CX-904 and continue to escalate the dose. We believe it's important to maximize the dose for this drug and continue dose escalation. We are currently enrolling at the next dose level up from 15 mg. The decision for phase 1B will take more time, and we expect to provide updates next year.
Q: Regarding CX-2051, where does dose level 5 fall within the planned dose levels, and is it within the expected therapeutic window?
A: Sean McCarthy, CEO: We are pleased with the early progress of CX-2051, having moved into cohort five. We are at doses where an unmasked ADC would likely show GI toxicities, but it's still early days. We will have more to say in the first half of next year.
Q: For CX-904, will the phase 1B studies be monotherapy or in combination with standard care?
A: Sean McCarthy, CEO: We are currently focused on monotherapy, consistent with our partner's goals. We are considering combination strategies on an indication-by-indication basis, but no defined plans for combinations in phase 1B yet.
Q: For CX-2051, will you be enrolling only high EpCAM expressing patients moving forward?
A: Sean McCarthy, CEO: In CRC, more than 90% of patients have high EpCAM expression, so we don't expect to select for the target in this tumor type. For other tumor types, we have developed an assay to potentially select patients if needed.
Q: Can you provide more color on the CX-904 program update expected by year-end?
A: Sean McCarthy, CEO: Today's call serves as the update for CX-904. We are focused on dose escalation and alignment with Amgen. The next update will be next year as we continue to collect data and work with our partner.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
