Compugen Ltd (CGEN) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us today, and welcome to Compugen's First Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode and audio webcast of this call is available in the Investors section of Compugen's website, www.ccbn.com. As a reminder, today's call is being recorded. I would now like to introduce Yvonne Naughton, Head of Investor Relations and Corporate Communications. Yvonne, please go ahead.

女士們、先生們，感謝你們今天加入我們，並歡迎參加 Compugen 2023 年第一季度業績電話會議。目前，所有參與者均處於僅聽模式，並且可以在 Compugen 網站 www.ccbn.com 的投資者部分中觀看本次電話會議的音頻網絡廣播。提醒一下，今天的通話正在錄音。我現在想介紹投資者關係和企業傳播主管 Yvonne Naughton。伊馮，請繼續。

Thank you, operator, and thank you all for joining us on the call today. Joining me for Compugen. For the prepared remarks are Dr. Cohen-Dayag, President and Chief Executive Officer, and Alberto setup, Chief Financial Officer, Dr. Henry Dubois, Chief Medical Officer, and Dr. Hirano here, Senior Vice President, Research and drug discovery will join us through the Q&A.

謝謝接線員，也感謝大家今天加入我們的電話會議。和我一起參加 Compugen。總裁兼首席執行官 Cohen-Dayag 博士、首席財務官 Alberto setup、首席醫療官 Henry Dubois 博士以及研究和藥物發現高級副總裁 Hirano 博士將參加準備好的講話我們通過問答。

Before we begin, we would like to remind you that during this call, the Company may make projections or forward-looking statements regarding future events, business outlook, development efforts and the potential outcome. The Company's discovery platform, anticipated progress and planned results and time line for its program. Financial and accounting related matters. As well as statements regarding the Company's future cash position. We should caution you that such statements reflect only the Company's current beliefs, expectations and assumptions, but actual results, performance or achievements of the Company may differ materially. These statements are subject to known and unknown risks and uncertainties, and we refer you to the SEC filings for more details on these risks, including the Company's most recent annual report on Form 20 F filed with the SEC on February 28th, 2023. The Company undertakes no obligation to update projections and forward-looking statements in the future, and I turn the call over to Anat.

在開始之前，我們想提醒您，在本次電話會議中，公司可能會對未來事件、業務前景、發展努力和潛在結果做出預測或前瞻性陳述。該公司的發現平台、預期進展和計劃結果以及其項目的時間表。財務及會計相關事宜。以及有關公司未來現金狀況的聲明。我們應該提醒您，此類陳述僅反映公司當前的信念、期望和假設，但公司的實際結果、業績或成就可能存在重大差異。這些聲明受到已知和未知的風險和不確定性的影響，我們建議您參閱 SEC 文件以了解有關這些風險的更多詳細信息，包括公司於 2023 年 2 月 28 日向 SEC 提交的 20 F 表格中的最新年度報告。沒有義務在未來更新預測和前瞻性陳述，我將電話轉給 Anat。

Thank you, John. Good morning and good afternoon, everyone, and welcome to our first quarter 2023 uptick at Compugen. We're advancing a differentiated clinical strategy, evaluating a drug combinations and was never tested before in a space where there is a significant unmet need and potentially an opportunity to transform the lives of cancer patients with the right immunotherapy combinations. Compugen has always been the same in certain patients and in certain tumor types, blocking the three pathways of the DNAM axis PVRIG, TIGIT and PD-1 may be needed to enhance antitumor immunity. We have always said that blocking TG. in addition to PD-1, may not be enough a concept that is now increasingly reflected in the consistent move of larger pharma players to add an additional drug to the PD-1 drug combinations in various indications, given the potential of PVRIG inhibition to sensitize tumors to PD-1 antibody, Brocade with the name, the biological and mechanistic question, not support the addition of an NTPVRIG. to the anti-PD-1 Tegic mix. And we have the initial clinical integration and data to support our hypothesis. We are the leader in the chemotherapy-free triple combination approach of blocking the 3 billion of excess immune checkpoints, PVRIG, TIGIT and PD-1 and we are focused on maintaining this leadership. We have initiated two one proof of concept study in indications not typically responding to immunotherapy, microsatellite stable colorectal cancer and platinum-resistant ovarian cancer the format is enrolling patients and the latter is open for screening of eligible patients in these difficult-to-treat indication refractory to standard of care, we have previously demonstrated encouraging clinical benefits, including in patients refractory to anti-PD-1 in patients whose tumors were immune desert. These data are supported by unitization that aligns with the concept one mechanism of action. The goal of the funnel and clinical studies is to strengthen the evidence help us better understand the contribution of components and builds on the extensive biomarker work to identify the patients most likely to we believe that this strategy provides the fastest growth in building a path to registration and de-risk our lead assets come seven one and coming to indeed two indications in the first quarter of the year, we executed on our promises. Firstly, we initiated enrollment in our microsatellite colorectal cancer study, and we're excited to be on track to report the initial findings by the end of the year with final data in 2024.

謝謝你，約翰。大家早上好，下午好，歡迎來到 Compugen 2023 年第一季度的增長。我們正在推進差異化的臨床策略，評估藥物組合，並且以前從未在存在重大未滿足需求的領域進行過測試，並且有可能通過正確的免疫治療組合來改變癌症患者的生活。 Compugen在某些患者和某些腫瘤類型中一直是一樣的，可能需要阻斷DNAM軸PVRIG、TIGIT和PD-1的三個通路來增強抗腫瘤免疫。我們一直說堵TG。除了 PD-1 之外，這個概念可能還不夠，考慮到 PVRIG 抑制具有致敏的潛力，現在越來越多的大型製藥公司不斷在各種適應症的 PD-1 藥物組合中添加額外的藥物。腫瘤PD-1抗體，Brocade的名稱，生物學和機制問題，不支持添加NTPVRIG。抗 PD-1 Tegic 混合物。我們有初步的臨床整合和數據來支持我們的假設。我們是阻斷 30 億個多餘免疫檢查點、PVRIG、TIGIT 和 PD-1 的免化療三聯療法的領導者，我們致力於保持這一領先地位。我們已經針對通常對免疫治療無反應的適應症、微衛星穩定結直腸癌和鉑耐藥卵巢癌啟動了兩項合一概念驗證研究，該研究正在招募患者，後者開放用於篩選這些難以治療的適應症的合格患者對於標準護理難治性的患者，我們之前已經證明了令人鼓舞的臨床益處，包括對抗 PD-1 難治性腫瘤的患者和免疫荒漠患者。這些數據得到與作用機制這一概念相一致的統一化的支持。漏斗和臨床研究的目標是加強證據，幫助我們更好地了解成分的貢獻，並在廣泛的生物標誌物工作的基礎上識別最有可能的患者，我們認為該策略在建立註冊途徑方面提供了最快的增長並降低我們的主要資產的風險，今年第一季度確實有兩個跡象，我們兌現了我們的承諾。首先，我們開始招募微衛星結直腸癌研究，我們很高興能夠在今年年底前報告初步結果，並於 2024 年報告最終數據。

Secondly, at the annual Asco conference in June, we will present encouraging data showing the preliminary antitumor activity of cancer and one in combination with BMS sensitive if any volume up in patients with recurrent metastatic microsatellite stable endometrial cancer. This will include data on antitumor activity and safety in nine patients, patients with advanced advanced microsatellite stable endometrial cancer who have limited treatment options in a similar population of patients. The timing of shows an overall response rate of approximately 15%. The data we will present for our triple combination at Asco and as an additional support for calm seven, one mediated antitumor activity in another tumor type in patients refractory to standard of care for now we remain focused on our proof-of-concept study in MSS CRC in platinum resistant ovarian cancer using our own Tegic Camino two in combination with our own NT. PVRIG. Com seven one and two of brolucizumab with a goal to strengthen the evident in these indications by knocking the number of patients. However, our data suggests that the treatment potential for constitutional on combination goes beyond these two indications.

其次，在 6 月份的年度 Asco 會議上，我們將展示令人鼓舞的數據，顯示癌症的初步抗腫瘤活性，以及​​與 BMS 敏感的組合（如果有的話）在復發性轉移性微衛星穩定子宮內膜癌患者中的療效。這將包括九名患者的抗腫瘤活性和安全性數據，這些患者是晚期微衛星穩定子宮內膜癌患者，在類似患者群體中治療選擇有限。時間顯示總體響應率約為 15%。我們將在 Asco 提供我們的三聯組合的數據，並作為對平靜七的額外支持，一介導對標準護理難治的患者的另一種腫瘤類型的抗腫瘤活性，目前我們仍然專注於 MSS 的概念驗證研究使用我們自己的 Tegic Camino 2 與我們自己的 NT 相結合來治療鉑耐藥卵巢癌的 CRC。 PVRIG。組合 brolucizumab 的七一和二，目的是通過減少患者數量來加強這些適應症的明顯效果。然而，我們的數據表明，體質聯合治療的治療潛力超出了這兩種適應症。

And thirdly, we continue to feed our own pipeline, leveraging our pioneering computational discovery platform. And you have the money we gave an oral presentation at CIMT. Europe cancer immunotherapy meeting on our lead potential, first-in-class preclinical assets comprised of three, which utilizes a novel approach to harness cytokine biology to potentially treat cancer. We presented preclinical data showing that come high for three binds with high affinity to allocate time talking screened, endogenous IL-18 and restoring natural killer and T cell activity. We also showed that dropping down 18 binding protein prevents tumor growth and release 18 from activating unity in the tumor microenvironment without affecting peripheral immunity in murine tumor models. Our approach is unique and different from recombinant cytokine targeting this pathway or from other pathways that were already tested in the clinic. These are given systemically to patients and their associated with safety challenge. And for pension advantage of our close is that our drug company through three is an antibody, another cytokine and this antibody works by range. The body's own Interleukin 18, where it is mostly up-regulated in the tumor microenvironment to stimulate the immune system to fight cancer. Consequently, we believe that it has the potential advantage of avoiding the typical pharmaco kinetic and systemic photomask limitations associated with cytokine administration.

第三，我們利用我們開創性的計算發現平台，繼續充實自己的管道。我們在 CIMT 上做了口頭演講，你也有錢了。歐洲癌症免疫治療會議討論了我們的領先潛力、一流的臨床前資產，該資產由三項組成，利用一種新穎的方法利用細胞因子生物學來治療癌症。我們提供的臨床前數據顯示，三種高親和力結合的結果很高，可以分配時間談論篩選的內源性 IL-18 並恢復自然殺傷細胞和 T 細胞活性。我們還表明，在小鼠腫瘤模型中，降低 18 結合蛋白可防止腫瘤生長並釋放 18 激活腫瘤微環境中的團結，而不影響外周免疫。我們的方法是獨特的，不同於針對該途徑的重組細胞因子或已經在臨床測試的其他途徑。這些是系統地給予患者的，並且與安全挑戰相關。對於我們關閉的養老金優勢是，我們的製藥公司通過三個是一種抗體，另一種細胞因子，這種抗體按範圍起作用。人體自身的白介素 18 在腫瘤微環境中大部分上調，以刺激免疫系統對抗癌症。因此，我們相信它具有避免與細胞因子施用相關的典型藥代動力學和系統性光掩模限制的潛在優勢。

Regarding our finances, we have an expected cash runway at least through the end of 2024 to support operations, reach, milestone and de-risk. Our lead asset comes to the Nuance and come in too in terms of future funding, non-dilutive funding of our pipeline assets is our priority. We see this as a big opportunity having a group of brands first or best in class unrestricted assets with the possibility to address a significant unmet need in immuno-oncology.

關於我們的財務狀況，我們預計至少到 2024 年底都有現金跑道，以支持運營、實現目標、里程碑和降低風險。我們的主要資產進入 Nuance，並在未來融資方面也參與進來，我們的管道資產的非稀釋性融資是我們的首要任務。我們認為這是一個巨大的機會，擁有一批一流的品牌或一流的不受限制的資產，有可能解決免疫腫瘤學領域未滿足的重大需求。

With that, I will hand over to Alberto for the financial update.

接下來，我將把財務最新情況交給阿爾貝托。

Thank you and us and Epic.

謝謝你、我們和 Epic。

To summarize our financial results, I will start with our cash balance. As of March 31st, 2023, we had approximately $74.3 million in cash compared with approximately $83.7 million as of December 31st, 2022, affirming our focus on capital efficiency while continuing our bold execution on our the number one axis that causes the Company has no debt. We recognize the importance of cash efficiency, and we are disciplined in how we deploy our cash resources making sure we will focus on reaching key milestones with our available cash runway at least through the end of 2024. It is important to emphasize that this does not include any potential cash inflows, including potential milestone payments from our collaborator. After that, the timing of milestones payments will depend on the progress of studies run by AstraZeneca for contractual reasons we cannot provide the breakdown of the mining fleet. To remind you, to date, Compugen receive development milestones payments of two six and $7.5 million for achieving a preclinical milestone and for dosing the first patient in Phase one and Phase two studies, respectively. Compugen is entitled to receive an aggregate of up to $200 million in development, regulatory and commercial advice for the first drug expenses for the first quarter of 2023 were in line with our plan. R&D expenses for the first quarter of 2023 were $7.4 million compared to $7.2 million in the first quarter of 2022. Our G&A expenses for the first quarter of 2023 were $2.6 million compared to $2.6 million in the first quarter of 2022. For the first quarter of 2023, net loss was $9.3 million or 11¢ Our basic and diluted share compared to a net loss of $9.7 million, or 11¢ per basic and diluted share in the first quarter of 2022.

為了總結我們的財務業績，我將從我們的現金餘額開始。截至 2023 年 3 月 31 日，我們擁有約 7,430 萬美元現金，而截至 2022 年 12 月 31 日約為 8,370 萬美元，這證實了我們對資本效率的關注，同時繼續大膽執行導致公司無債務的第一軸。我們認識到現金效率的重要性，並且我們在如何部署現金資源方面遵守紀律，確保我們將專注於至少在 2024 年底之前利用可用現金跑道實現關鍵里程碑。需要強調的是，這並不包括任何潛在的現金流入，包括我們合作者的潛在里程碑付款。此後，里程碑付款的時間將取決於阿斯利康進行的研究進展，由於合同原因，我們無法提供採礦隊的詳細信息。需要提醒您的是，迄今為止，Compugen 因實現臨床前里程碑以及在第一階段和第二階段研究中為第一位患者給藥而分別收到了 26 萬美元和 750 萬美元的開發里程碑付款。 Compugen 有權獲得總計高達 2 億美元的開發、監管和商業建議，用於 2023 年第一季度的首次藥物支出符合我們的計劃。 2023 年第一季度的研發費用為 740 萬美元，而 2022 年第一季度為 720 萬美元。2023 年第一季度的一般管理費用為 260 萬美元，而 2022 年第一季度為 260 萬美元。 2023 年，我們的淨虧損為 930 萬美元，即基本股和稀釋股 11 美分，而 2022 年第一季度的淨虧損為 970 萬美元，即每股基本股和稀釋股 11 美分。

With that, I will hand back to another summarize functional data.

說到這裡，我將返回另一個總結功能數據。

To summarize, we are on track to present initial findings from two studies evaluating our leading physical combination blockade of PVRIG, TIGIT and PD-1 by the end of this year. These findings are building on prior data, suggesting that blocking PVRIG may sensitize tumors to respond to PD-1 and figure bookings and ProPen cause tumors hot potentially offering a chemotherapy-free option for tumors. Most competitors are not targeting metastatic MSS CRC and platinum-resistant ovarian cancer. This is a real potential opportunity to transform the lives of patients with the right immunotherapy companies.

總而言之，我們有望在今年年底前公佈兩項評估我們領先的 PVRIG、TIGIT 和 PD-1 物理組合封鎖的研究的初步結果。這些發現建立在先前數據的基礎上，表明阻斷 PVRIG 可能會使腫瘤對 PD-1 敏感，並且數字預訂和 ProPen 會導致腫瘤發熱，可能為腫瘤提供免化療的選擇。大多數競爭對手的目標不是轉移性 MSS CRC 和鉑耐藥卵巢癌。這是一個真正的潛在機會，可以通過合適的免疫治療公司來改變患者的生活。

With that, I will turn the call over for questions. Operator?

這樣，我將轉接電話詢問問題。操作員？

Thank you. Ladies and gentlemen, at this time, we will begin the question and answer session. If you have a question, please press star one. If you wish to decline from the polling process, please press star two. If you're using speaker equipment currently with the handset before pressing the numbers. Please standby while we poll for your questions.

謝謝。女士們、先生們，現在我們將開始問答環節。如果您有疑問，請按星號一。如果您想拒絕投票過程，請按星號二。如果您在按數字之前當前正在將揚聲器設備與聽筒一起使用。我們將輪詢您的問題，請您稍候。

The first question is from Mark Breidenbach of Oppenheimer. Please go ahead.

第一個問題來自奧本海默的馬克·布雷登巴赫。請繼續。

Hey, thanks for taking the questions and congrats on the quarter on just a couple of quick ones. I was wondering if you could comment on it between our observations. You'll be presented our school in endometrial cancer to the you're pursuing development in colorectal and ovarian.

嘿，感謝您提出問題，並祝賀本季度的幾個快速問題。我想知道您是否可以在我們的觀察之間對此發表評論。您將向正在尋求結直腸癌和卵巢癌發展的人介紹我們的子宮內膜癌學校。

And then the second question is just on carbon fiber three, if you could give us like a rough time line until our primary product candidate enters the clinic. Thank you.

第二個問題是關於碳纖維三，您能否給我們一個粗略的時間表，直到我們的主要候選產品進入臨床。謝謝。

Okay. Thank you, Mark. And I think that 10 seems different than what you meant with your question and answer. It's not this and just take repairs and they get a name.

好的。謝謝你，馬克。我認為 10 似乎與您的問題和答案的含義不同。不是這樣的，只要進行修理，他們就會得到一個名字。

And then the question again. So trend on the on the endometrial cancer, as I said, we probably say a call, we gave some and in fact, this is a smaller core routers and we'll be able to show anti-tumor immunity and also a Phase two data from our perspective as a as I said in the prepared remarks, this is a way for us to show, again the potential of constant and run in different indication. And by the way, an indication that we were for existing for our competition. Discovery came to break fee to begin with the program and then later in the year, we will be able to share preliminary findings from the two studies that we're in, but we're pursuing now and they found that people were being running their platinum resistant ovarian cancer study is a screening patient from roaming and we will share that and towards the end of the year and to conclude on oil demand of the 20 patients on the CRC study. So that on one front, we may have their phone. I don't believe that it would be two cohorts, but tentative, but we'll aim to complete enrollment.

然後又問了一遍。所以關於子宮內膜癌的趨勢，正如我所說，我們可能會打電話，我們給了一些，事實上，這是一個較小的核心路由器，我們將能夠展示抗腫瘤免疫力以及第二階段數據從我們的角度來看，正如我在準備好的發言中所說，這是我們再次展示恆定和在不同適應症中運行的潛力的一種方式。順便說一句，這表明我們是為了競爭而存在的。 Discovery 開始終止該計劃，然後在今年晚些時候，我們將能夠分享我們正在進行的兩項研究的初步結果，但我們現在正在追求，他們發現人們正在運行他們的鉑抗性卵巢癌研究是對漫遊患者進行篩查，我們將在今年年底分享這一點，並得出 CRC 研究中 20 名患者的石油需求的結論。因此，一方面，我們可能擁有他們的手機。我不認為這會是兩個群體，只是暫時的，但我們的目標是完成註冊。

And then on your various remaining to complete enrollment of 20 patients out of the 40 in the study and regional data, whatever we had at that point in time and then the rest in 2024.

然後，根據研究和區域數據中 40 名患者中剩餘的 20 名患者的剩餘情況，無論我們當時擁有什麼，然後在 2024 年完成其餘的登記。

And with respect to your question about the contract for three and IV scheduled for next year.

關於你關於明年三號和四號合同的問題。

Okay. Just touching back on the first question, I guess what I was asking is if we should reasonably expect lessons or observations from endometrial cancer could directly apply either Coreco, I think they will appreciate.

好的。回到第一個問題，我想我問的是，我們是否應該合理地期望子宮內膜癌的教訓或觀察可以直接應用 Coreco，我認為他們會感激的。

And Henry, please chime in. I think between local cases, on one hand, an indication by indication. So that so burning one indication and rough pace, safety above all success in different indication. But I think the totality of the data definitely point to strengthening the volume that we have. I'm confident that the clinical response, but also the mechanism of action behind the big antibody that is that we see and that's, you know, that's very important for us so and that's my view. Henry, would you like to share anything there on this front?

亨利，請插話。我認為，一方面，在當地案例之間，有一個跡象接著一個跡象。因此，在不同的適應症中，燃燒一種適應症和粗略的步伐，安全首先是成功的。但我認為數據總量肯定表明我們擁有的數量有所增加。我對臨床反應以及我們所看到的大抗體背後的作用機制充滿信心，這對我們來說非常重要，這就是我的觀點。亨利，您想在這方面分享什麼嗎？

No, thank you and that you've answered it in general. The thing to remember, Mark is that, like Anat said, it will be based on indication by indication. The been one of the things to consider is that for all these indications, the prior therapies are also designed a number of prior therapies at different also. So it's probably best to look at each indication. So for example, microsatellite colorectal cancers that we ask on endometrial cancer, I think maybe the only thing that's common to both of these tumor types as at the microsatellite stable, and that's one of the commonalities for us. But in general, we'll have to look as the results separately in order to make its determination of potential for the indications that you have asked about.

不，謝謝您，您已經大致回答了這個問題。馬克，要記住的是，正如阿納特所說，它將基於逐個跡象。需要考慮的事情之一是，針對所有這些適應症，現有療法也設計了多種不同的現有療法。因此，最好查看每個跡象。例如，我們詢問子宮內膜癌的微衛星結直腸癌，我認為這可能是這兩種腫瘤類型在微衛星穩定中唯一的共同點，這也是我們的共同點之一。但總的來說，我們必須單獨查看結果，以便確定您所詢問的適應症的潛力。

Okay, got it. Got it. Thanks, guys.

好，知道了。知道了。多謝你們。

The next question is from Steven Wylie of Stifel. Please go ahead.

下一個問題來自 Stifel 的 Steven Wylie。請繼續。

Yes, good morning. Thanks for taking the questions. I guess just with respect to endometrial cancer and ASCO., should we assume that these nine patients will mostly be I-O experience.

是的，早上好。感謝您提出問題。我想就子宮內膜癌和ASCO而言，我們是否應該假設這9名患者大部分都是I-O經歷。

And then in terms of supporting the mechanism of action, can you speak to any biomarker data that you might be able to present and I guess whether or not that's on-treatment biopsies and or peripheral mark as seen on the translational status. And then Henry will answer about the patient populations and thinking on the translational data in January, and we're doing a lot of work on that. Not only covers and Dmitry, as we achieved at the end of the day from patients at Bestway on prior studies or for a home. The CHI study fits in on that our plan to have extensive biomarker work and we are harnessing our capabilities, computational experiments, working with biopsy pretreatment, on-treatment and less effort from from patient pretreatment and on-treatment few times in order to be able to assess the DNAM axis, the potential biomarkers and also one of the ways that we could do. So we aim to present at the same point in time the data probably per indication, and we will provide translation preliminary translational data from the literature. But I think the biomarker work? Is that it probably towards the end of the year ending 2020 for Henry, would you like to discuss the patient population?

然後，在支持作用機制方面，您能否談談您可能能夠提供的任何生物標誌物數據，我猜這是否是治療中的活檢和/或翻譯狀態上看到的外周標記。然後亨利將回答有關患者群體的問題並思考一月份的轉化數據，我們正在這方面做很多工作。不僅涵蓋了 Dmitry，正如我們最終從 Bestway 的患者在之前的研究或家庭中獲得的那樣。 CHI 研究符合我們進行廣泛生物標誌物工作的計劃，我們正在利用我們的能力、計算實驗、進行活檢預處理、治療中以及減少患者預處理和治療中幾次的工作量，以便能夠評估 DNAM 軸、潛在的生物標誌物，也是我們可以做的方法之一。因此，我們的目標是在同一時間點提供可能每個適應症的數據，並且我們將提供來自文獻的翻譯初步翻譯數據。但我認為生物標誌物有效嗎？對亨利來說，可能是在 2020 年年底，您想討論一下患者群體嗎？

Yes. So I think it's only the titles of the abstracts that are currently available now, and you will have to wait to see the details of the presentation for endometrial. And of course, one of the things that the question you've asked will be one of the things that we will be interested in assessing and will contribute to the assessment of anti-tumor activity. So not just that, but also what would be important is the kinds of therapies that patients have received also and what the performance status of all decisions are and also what the prior response to some of the therapies that institutions have and in particular for endometrial cancer. So all these parameters, including the one that you asked, specifically about the things that we will look at and we'll be able to discuss further at once the full abstract as disclosed and at the time of the presentation also.

是的。所以我認為目前只有摘要的標題，您必須等待才能看到子宮內膜的演示文稿的詳細信息。當然，您所問的問題之一將是我們有興趣評估的事情之一，並將有助於抗腫瘤活性的評估。因此，不僅如此，重要的是患者接受的治療類型以及所有決策的執行狀態，以及機構對某些治療（特別是子宮內膜癌）的先前反應是什麼。因此，所有這些參數，包括您所問的參數，特別是關於我們將要研究的內容，我們將能夠立即進一步討論所披露的完整摘要以及在演示時的情況。

Okay. And then, Tom, can you just remind us what the scan frequency is in the two triple cohorts. I guess I'm just trying to think about the amount of response evaluable patient data that you might be able to show us before the end of this year.

好的。然後，湯姆，您能提醒我們兩個三重隊列中的掃描頻率是多少嗎？我想我只是想考慮一下您在今年年底之前可能向我們展示的可評估患者數據的反應量。

Right. So 300 million add to the triplet of At Home seven, one at nivolumab and BMS, then it's six to seven at the scan frequency is every two every two cycles. So the cycle is four weeks or every eight weeks after the first six months, and we can get the magic date for the anesthesia care team and their timing only around 30 basis points, basically, right, Henry and sustained track record of 44 for the domestic market.

正確的。因此，將 3 億添加到 At Home 7 的三元組中，即納武單抗和 BMS 中的 1 個，然後掃描頻率為每兩個週期每 2 個，則為 6 到 7 個。因此，週期是前六個月後的四個星期或每八週，我們可以得到麻醉護理團隊的神奇日期，他們的時間安排只有大約 30 個基點，基本上，對，亨利和 44 個基點的持續記錄國內市場。

And yes, for the hemisphere.

是的，對於半球來說。

Yes.

是的。

Great. Thanks. Still good, right. But do remember that for the endometrial cancer cohort that we are going to disclose it all services can scan frequency because the level doses and the schedule is sorry, so every at the end of every two cycles is that new trends? Is it clear team has done.

偉大的。謝謝。還是不錯的吧。但請記住，對於我們將要披露的子宮內膜癌隊列，所有服務都可以掃描頻率，因為水平劑量和時間表很抱歉，所以每兩個週期結束時是新趨勢嗎？是否清楚團隊已經做了什麼？

The next question is from Steve Gordon, Wyden of Truist Securities. Please go ahead.

下一個問題來自 Truist 證券公司懷登 (Steve Gordon) 的史蒂夫·戈登 (Steve Gordon)。請繼續。

Hi, good morning and good afternoon and thanks for taking my question. First up, let's get an idea to report meaningful efficacy data from the CRC and the platinum-resistant ovarian cancer cohort, I cannot minimum. Do you think you're in your calculation and we would like to address the person I forgot that we saw there was a little bit of background. What were you asking specifically for microsatellite stable colorectal cancer?

您好，早上好，下午好，感謝您提出我的問題。首先，讓我們有一個想法來報告 CRC 和鉑耐藥卵巢癌隊列的有意義的療效數據，我不能最小化。你認為你在你的計算中嗎？我們想向那個人講話，我忘記了我們看到有一點背景。對於微衛星穩定結直腸癌，您具體詢問了什麼？

Yes, Hydratight, Alex Martin and myself are happy barking in the background there. Yes, level above about PRC as well as factors. If you have any sense of what it is the minimum follow-up pieces that you need per patient to have to have a good view on what the efficacy?

是的，海卓泰特、亞歷克斯·馬丁和我自己都在背景中開心地吠叫。是的，關於中國以及因素的水平以上。如果您知道每個患者需要最少的後續工作才能清楚地了解療效嗎？

So I think the minimum follow-up. It's probably something that's secondary for those two adds. What as you mentioned it, what will be important will be what the antitumor activity. So the earliest benchmark to look at or endpoint will be response? Or do we turn to our digital direct, right? So stable disease for special response or process DR, whatever the case may be an indispensable condition that a good benchmark to look at. Remember, this is a Phase one study with very few patient population. So that benchmark is probably the most appropriate to look at. And the other benchmark to look at would be the depth of responses that we observed in this patient population and what the because it's a small number, sometimes it can be a bit challenging to interpret the median duration of follow-up you enabled in a patient population like this, for example, if you have a view to institutions that use will be more challenging as opposed to a much larger patient population where you have 95% confidence interval, that seems to be more.

所以我認為最少的後續行動。對於這兩個補充來說，這可能是次要的。正如你提到的，重要的是抗腫瘤活性。那麼最早要查看的基准或終點將是響應？或者我們轉向數字直接，對嗎？因此，疾病穩定對於特殊反應或過程 DR 來說，無論如何可能是一個不可或缺的條件，這是一個值得關注的良好基準。請記住，這是一項第一階段研究，患者人數很少。因此，該基準可能是最合適的。另一個要考慮的基準是我們在該患者群體中觀察到的反應深度，以及因為它的數量很少，有時解釋您在患者中啟用的隨訪中位持續時間可能有點困難例如，如果您認為使用的機構比擁有 95% 置信區間的更大的患者群體更具挑戰性，那麼這似乎會更具挑戰性。

I'm conservative.

我很保守。

Okay. So maybe to put it another way, Enrique, when we see the data that you read this year, one, Bill to get a good, I guess duration or durability of response is really going to be in control of it. And just depth of response that's going to be what's going to be the key to look at the data later this year, right? It will largely be the anti-tumor activity, a partial response and stable disease. And in the unfortunate instance patients who haven't responded to the therapy, yes, does that percentage look at? Because it is short period of time, it will be difficult if you haven't been able to follow off on how long those responses are or to be able to disclose at the duration of responses and duration of follow-up also, can be challenging because remember, the duration of follow-up includes from the time point patients are enrolled onto the study until that time that the endpoint for the study had a progression or a new year of particular events and at the high end points. So that's much longer. So I think at the high end, and thank you for everything that then then that gain or does exactly what tenant probably look at and evaluate things and doesn't add that. It really depends on the enrollment rates and the more data we will have safe to say that we think we need further ways trying to gain as much clarity as possible that needs to take into consideration the time that that even including wellness, will cover some patients may or may not be enough time on study treatment and and the only thing we thing.

好的。所以也許換句話說，恩里克，當我們看到你今年讀到的數據時，比爾得到了一個好的結果，我想反應的持續時間或持久性確實會控制它。反應的深度將成為今年晚些時候查看數據的關鍵，對吧？這主要是抗腫瘤活性、部分反應和穩定的疾病。在不幸的情況下，對治療沒有反應的患者，是的，這個百分比看起來怎麼樣？因為時間很短，所以如果您無法跟踪這些答复的持續時間，或者無法披露答复的持續時間和後續的持續時間，這將是困難的，這也可能具有挑戰性因為請記住，隨訪的持續時間包括從患者入組研究的時間點開始，直到研究終點出現進展或新的一年的特定事件以及處於高端點為止。所以時間要長得多。因此，我認為在高端，感謝您所做的一切，然後獲得或所做的正是租戶可能會看到和評估的事情，並且沒有添加這些。這實際上取決於登記率和更多數據，我們可以肯定地說，我們認為我們需要採取進一步的方法來盡可能獲得清晰度，需要考慮到即使包括健康在內也將覆蓋某些患者的時間可能有足夠的時間進行研究治療，也可能沒有足夠的時間，這也是我們唯一關心的事情。

Got it. Thanks. And I appreciate that. And then just my last question is how confident are you that you that you have enough data in house in hand? Do you see a potential buyer? I've talked about your favorite programs in New Jersey for Thank you finish 90 and putting in perspective. And Arun, if you want to add, please do so. I'm putting a gifting perspective, debt and biomarker work for us in the field of cancer immunotherapy, I think is I hope you understand that it's not true at all in all the three novel targets by addressing a specific plan mutation or a specific target date for EPCM contract because it is going to come up with an already here. We ended Rich Ross and PDA. one and PMBM. and the timing right and the median time line. So that really that meaning home I'm seeing that's the one thing we're doing, which is expensive and addressing unprofitable venues on the same assets that we're working on are you saying could we increase our chances of success and we should count for them to say, integrating acquired tens and that and when we have data that we're thinking that you've grown massively terms related to COVID. But I just wanted to make sure that everyone understands that this is not bad. It's not treated as if they're in the biomarker there. I think the comps get tougher and has a good chance to identify backed by certain key. Then there will be a biomarker there. And I think that we're well equipped to meet the growth be done on Iran.

知道了。謝謝。我很欣賞這一點。我的最後一個問題是，您對自己手頭有足夠的數據有多大信心？您看到潛在買家嗎？我已經談到了您在新澤西州最喜歡的節目“感謝您完成 90 歲”並提出了正確的觀點。 Arun，如果您想添加，請添加。我在癌症免疫治療領域為我們提供了一個禮物視角、債務和生物標誌物工作，我想我希望你明白，通過解決特定的計劃突變或特定的目標，這在所有三個新目標中根本不是真的。 EPCM 合同的日期，因為它已經在這裡提出了。我們結束了 Rich Ross 和 PDA。一和PMBM。以及時間正確性和中位時間線。所以這真的意味著回家，我看到這就是我們正在做的一件事，這是昂貴的，並且在我們正在開發的相同資產上解決無利可圖的場地問題，你是說我們可以增加成功的機會嗎？我們應該考慮他們說，整合獲得的數十個數據，當我們獲得數據時，我們認為您已經大量增加了與新冠病毒相關的術語。但我只是想確保每個人都明白這並不壞。它並沒有被視為它們存在​​於生物標記中。我認為比賽會變得更加艱難，並且有很好的機會在某些關鍵的支持下進行識別。然後那裡就會有一個生物標記。我認為我們完全有能力滿足伊朗問題的增長。

I mean, just to add that, again, as I had mentioned, most people are using PD-L1 is above market and this is because PD-1 reflects on the immune microenvironment will most checkpoints are working. Luckily, we see responses in PD-L1-negative patients and the biology of PVRIG shows that and probably we could tackle these indications also patient, which I mean, there's a good spread which are PD-L1 negative. So until now, and this would be probably required as we saw responses in patients who are PD-1 negative so why do we continue to follow PD-L1 for PVOG combination? Probably will not be the one. And then you have all the usual suspects and the non mutual respect that we were doing extensive work sequencing and to potentially really trying to identify them and we do it for.

我的意思是，再次補充一點，正如我所提到的，大多數人使用的 PD-L1 都高於市場水平，這是因為 PD-1 反映了大多數檢查點是否發揮作用的免疫微環境。幸運的是，我們看到了 PD-L1 陰性患者的反應，並且 PVRIG 的生物學表明，我們可能也可以在患者中解決這些適應症，我的意思是，PD-L1 陰性的患者有很好的傳播。因此，到目前為止，這可能是必需的，因為我們看到 PD-1 陰性患者的反應，那麼為什麼我們繼續遵循 PD-L1 進行 PVOG 組合呢？可能不會是那個。然後你就有了所有常見的嫌疑人和非相互尊重，我們正在做廣泛的工作排序，並可能真正嘗試識別他們，我們這樣做是為了。

And maybe a bit relates to the question before we do it per indication and across indications, and this is work ongoing with all the challenges.

在我們根據適應症和跨適應症進行操作之前，也許與這個問題有點相關，這是一項應對所有挑戰的工作。

Great. Thanks a lot.

偉大的。多謝。

Thanks, Henry, and thanks them.

謝謝亨利，也謝謝他們。

The next question is from Diana Graybar of SVB securities. Please go ahead.

下一個問題來自 SVB 證券公司的 Diana Graybar。請繼續。

Hi. Thanks for answering my question. I wonder if you could help us understand more about the partnering conversations or licensing conversations you have going on. I'm interested in specifically what the potential partners are most interested in which programs which data points to de-emphasize. And then thank you, Dana and unrelated.

你好。謝謝回答我的問題。我想知道您是否可以幫助我們更多地了解您正在進行的合作對話或許可對話。我特別感興趣的是潛在合作夥伴對哪些程序最感興趣，哪些數據點不那麼強調。然後謝謝你，達納和無關的。

Excellent. And were not as depressing, particularly for any partnering discussions with the landlords, not trying to give some color about the opportunities that we have in the pipeline and how a holiday could be seen. And I think in general, we are now sitting with a pipeline that is quite reach that has effective partnering opportunities in the setting of cancer that I was commenting on to confidential free also have earlier stage opportunities that are not fast enough in the public domain that we're seeing with unrestricted access. And then after advancing opportunities in the field of cancer immunotherapy to IV brinci Ray brand a new brand, new treatment option, first-in-class or best-in-class, and I say digital content and online content to income. So that all of you are aware of the sensitivities and we're still seeing Safe Harbor. I think the whole concept behind the real opportunity is roller saying for quite a long time. There's typically one will not be enough now. So we agency in the prepared comments saying companies are now thinking about 38 into combined working for quite some time, PVRIG needs to be combined in order to enable monitoring of the Tier ones and no patient populations are 200 type two response. And we need to do with the fact that people are jockeying TV while a combination based on commonly see the PD-1 combination readout in our set of assets, and we are running our own data to show this asset as it is at any stage. And hopefully that Argus will allow us to extend and strengthen the safety net from big is important in terms of how and potential external partner may look at game plan in order to further clarify and expand their data and actually hypotheses that we had in January and especially now in Indonesia and in an additional indication, but also in the specific tumor types that we selected to focus on in the ovarian cancer and in colorectal cancer. So that improve the first first two wells on the northern to speak with the FDA about the path forward, but also in potential partnering discussions, so debt. But once again, that is a key I guess they also continued to perform very also important under the NDA, and we're looking at the compound growth rate I will say that I see as I say, you know, I know you are probably aware our faith in pharma where we were either Amazon thing that simplify the pathway there is a lot of excitement on their smaller companies being formed and we are where we are differentiated on that front, as I mentioned, were differentiated designs and we bring to the table. And we are addressing this part of the NDA pathway in a totally different way than others. And we believe that the way the great recipes that actually handling the narrow therapeutic window cybercrime. So leverage is something new to disease and we'll decide what goes out there and it's the right time with the right assets.

出色的。並且沒有那麼令人沮喪，特別是對於與房東的任何合作討論，沒有試圖對我們正在醞釀的機會以及如何看待假期提供一些色彩。我認為總的來說，我們現在擁有一個相當廣泛的管道，在癌症領域有有效的合作機會，我在保密免費的情況下也有早期階段的機會，但在公共領域速度不夠快我們看到的是不受限制的訪問。然後，在將癌症免疫治療領域的機會推進到 IV brinci Ray 品牌後，新品牌、新治療選擇、一流或一流，我說數字內容和在線內容可以帶來收入。因此，大家都意識到了其中的敏感性，並且我們仍然看到安全港。我認為真正機會背後的整個概念已經存在了很長一段時間了。現在通常只有一個是不夠的。因此，我們在準備好的評論中表示，公司現在正在考慮將 38 納入合併工作相當長一段時間，PVRIG 需要合併，以便能夠監測一級，並且沒有患者群體出現 200 類二級反應。我們需要處理這樣一個事實：人們在電視節目中進行組合，而組合基於我們資產集中常見的 PD-1 組合讀數，並且我們正在運行我們自己的數據來顯示該資產在任何階段的情況。希望阿格斯能夠讓我們擴展和加強來自大公司的安全網，這對於潛在的外部合作夥伴如何看待遊戲計劃非常重要，以便進一步澄清和擴展他們的數據以及我們一月份的實際假設，尤其是現在在印度尼西亞，還有一個額外的適應症，而且還有我們選擇重點關注的卵巢癌和結直腸癌的特定腫瘤類型。因此，要改善北部的前兩口井，與 FDA 討論前進的道路，而且還要討論潛在的合作夥伴關係，因此債務。但再一次，這是一個關鍵，我想他們在 NDA 下也繼續表現非常重要，我們正在研究複合增長率，我會說我看到了，正如我所說，你知道，我知道你可能是意識到我們對製藥公司的信心，我們要么是亞馬遜，要么是簡化流程的東西，他們的小公司的成立令人興奮，我們在這方面是與眾不同的，正如我提到的，是差異化的設計，我們帶來了桌子。我們正在以與其他方式完全不同的方式處理 NDA 途徑的這一部分。我們相信，這種偉大的方法實際上可以處理狹窄的治療窗口網絡犯罪。因此，槓桿對於疾病來說是一種新事物，我們將決定採取什麼措施，並在正確的時間使用正確的資產。

So that was it was I can say on the on partner and potential partnering discussions.

這就是我在合作夥伴和潛在合作夥伴討論中可以說的。

We have some more follow-up then because you bring it up as your focus is non-dilutive financing in your prepared remarks, how how can investors have confidence on the timing of that kind of event? Can you talk about maybe certain data points that you think are going to be more important to reach that value beyond the the attributes of your pipeline, which you well described, what else can we have in terms of expenses?

那麼我們還有一些後續行動，因為您在準備好的發言中提到了非稀釋性融資，投資者如何對此類事件的時機有信心？您能否談談某些數據點，您認為這些數據點對於實現超出您的管道屬性（您對此進行了詳細描述）的價值更為重要，在費用方面我們還能有什麼？

So I think that it's a fair question, and I think that will be tied to contract for free. We don't see any pending with defense or enter into partnership, but we don't see any and they are clients that unequal. We had a great package to show exactly brokers saying the Baltic assets will then once I came in and the constant on incremental and outstanding contrary question, because I think that it depends on the internal data that we already have and our internal data and to regenerate. And it doesn't mean that we need to go through the end of 2025 in order to be able to share data, but is there a base rent and buy from a financial perspective, I think will depend on the system and on external drivers at any given day and then dumping the telco rents. And definitely, this is not our goal is to partner everything and stay without a clean page pipeline so that, you know, we're putting our priorities in place and we do weekly times last month and with potential discussion. So we believe that the assets that we have in place, the potential to generate additional cash for the company in order to support our mission and strategy.

所以我認為這是一個公平的問題，而且我認為這將與免費合同掛鉤。我們沒有看到任何懸而未決的辯護或建立合作夥伴關係，但我們沒有看到任何，他們是不平等的客戶。我們有一個很好的方案來準確地向經紀人展示，一旦我進來，波羅的海資產就會出現，並且不斷增加和突出的相反問題，因為我認為這取決於我們已經擁有的內部數據和我們的內部數據並重新生成。這並不意味著我們需要經過 2025 年底才能共享數據，但從財務角度來看是否存在基本租金和購買，我認為這將取決於系統和外部驅動因素任何一天，然後傾銷電信租金。當然，這不是我們的目標，我們的目標是與一切合作並保持沒有乾淨的頁面管道，這樣，您知道，我們正在確定優先事項，我們上個月每週都會進行一次並進行潛在的討論。因此，我們相信我們現有的資產有潛力為公司產生額外的現金，以支持我們的使命和戰略。

Okay. Thank you.

好的。謝謝。

Thank you. This concludes the Q&A session. I will now hand over the call to Anna for a final remarks. I'm not Please go ahead.

謝謝。問答環節到此結束。現在我將把電話轉給安娜做最後發言。我不是，請繼續。

Thank you, operator. Before we end the call, I will take this opportunity to remind you of our investor events, we are hosting on Tuesday, May 23rd were DuPont and pioneer in cancer immunotherapy. And I'm Chairman of Compugen scientific advisory board drone was the strength of thermal power drill paid a fee for of PD-1 for cancer immunotherapy research led the clinical development of the first anti-PD-1 antibody. You will see also run an expert in the union SC. and they say he really enjoyed his views on why blocking the three pathway in this in our SPVRIGPD. Engine one has the potential to generate the next immunotherapies for cancer patients.

謝謝你，接線員。在結束通話之前，我將藉此機會提醒您我們於 5 月 23 日星期二舉辦的投資者活動，活動的參與者是杜邦公司和癌症免疫療法的先驅。而我擔任Compugen科學顧問委員會主席的無人機則以熱電鑽的實力支付了PD-1癌症免疫治療研究費用，主導了第一個抗PD-1抗體的臨床開發。您還會看到聯盟 SC 中運行著一位專家。他們說他真的很喜歡他關於為什麼在我們的 SPVRIGPD 中阻止這三個途徑的觀點。一號引擎有潛力為癌症患者開發下一代免疫療法。

Thank you for participating today. You were going on and can no management.

感謝您今天的參與。你就這樣下去，無法管理。