Innate Pharma - Q4 2022
March 23, 2023
Transcript
Operator (participant)
Ladies and gentlemen, thank you for standing by. My name is Brent, I will be your conference operator today. At this time, I would like to welcome everyone to the Innate Pharma Full Year 2022 Financial Results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at that time, simply press star followed by one on your telephone keypad. If you would like to withdraw your question, again, press star one . Thank you. It's now my pleasure to turn today's call over to Mr. Henry Wheeler, Vice President of Investor Relations and Communications. Sir, please go ahead.
Henry Wheeler (VP of Investor Relations and Communications)
Thank you. Good morning, good afternoon, and welcome everyone. This morning, Innate issued a press release providing a business update for our full year 2022 results. We look forward to highlighting the progress made during the year as well as addressing future goals and milestones. The press release and today's presentation are both available on the IR section of the website. On slide two, before we start, I'd like to remind you that we'll be making forward-looking statements regarding the financial outlook in addition to regulatory and product plan developments. These statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted. Turning to slide three. On today's call, we will be joined by Mondher Mahjoubi, our Chief Executive Officer, who will then hand over to Joyson Karakunnel, EVP and Chief Medical Officer, who will cover updates on lacutamab and monalizumab.
Yannis Morel, EVP of Business Development and Product Portfolio Strategy will then cover some updates on partnering, and ANKET who will then turn the call over to our CFO, Frédéric Lombard, for an update on our financials. Mondher, I now hand the call over to you. Sorry, Mondher. I think you might be on mute.
Mondher Mahjoubi (CEO)
Yeah, sorry. I'm on mute.
Henry Wheeler (VP of Investor Relations and Communications)
There we go.
Mondher Mahjoubi (CEO)
Thank you, Henry. Yeah. Thank you, Henry. Please move to slide number 4. Let me start by reminding you our strategy. As an early clinical stage company, our business model centers around 3 key priorities where we look to drive value from our early R&D efforts through later stage partnership where it makes sense to do so. Our ambition is to develop innovative drug candidates that contribute to transform cancer care through a strong pipeline of differentiated antibodies. First, we look to create near-term value driven by our lead proprietary product candidate lacutamab, which is as you know in development for T-cell lymphoma, with final CTCL readouts expected happening in the second half of this year. Early PTCL data are underway.
Second, we continue to fuel our pipeline and create longer term value by leveraging our antibody engineering capabilities to develop innovative molecules with a primary focus on our multi-specific NK cell engager platform called ANKET. As we develop targeted antibodies for our ANKET platform, we recognize some of these binders may be more applicable for ADC technology, and we look to further reinforce our expertise in this setting. Last but not least, we are building a strong and sustainable foundation for our business with various partnerships across industry and academia. Here, our AstraZeneca partnership with monalizumab is continuing in early-stage lung cancer. Our focus remains to leverage the value of our products as much as possible. We want to ensure if we can gain valuable competencies via partner agreement, we will consider that in our development plans for our products.
This will further validate our science and offer capital that we can reinvest to advance our early R&D engine. Please move to slide number 5. 2022 was a year of clinical and partnership validation for Innate, where we continued to deliver on our strategic objectives, and we have demonstrated a steady progress across all key strategic pillars, as can be seen on this slide. Starting with lacutamab, we presented proof of concept preliminary phase II data in a heavily pretreated Sézary syndrome and further supported phase II mycosis fungoides data in the EORTC meeting end of last year. PTCL phase IB and phase II signal seeking trials are well underway.
In the R&D pipeline section, we were very pleased to see Sanofi sign a second deal on our ANKET program as the phase I for IPH6101 sees good progress and IPH6401 had a target selected. We were also pleased to share data on our CD20 proprietary ANKET program, which continues toward IND-enabling studies. As we turn to monalizumab, we are very pleased to see our partner AstraZeneca progress to phase III with the PACIFIC-9 trial in the Stage III unresectable non-small cell lung cancer and a further phase II study, NeoCOAST-2 in the neoadjuvant setting of non-small cell lung cancer. Finally, our anti-CD39, IPH5201, is also starting a phase II with AstraZeneca in the same setting of adjuvant lung cancer.
Before I hand over to Joyson, on slide 6 is an overview of our pipeline, which shows how we continue to translate our science into a robust portfolio of proprietary and partnered assets. It also illustrates how we are executing against our strategy with our lead proprietary assets like lacutamab, ANKET, and the Innate ADCs, supported by partnered products with AstraZeneca and Sanofi from late to early stage development. We anticipate a series of potential clinical data readouts and catalysts in the upcoming couple of years as our R&D engine looks to leverage our scientific know-how to create a sustainable business. I would like now to pass the call over to Joyson, who will review the progress made with our portfolio, starting with lacutamab, our most advanced proprietary asset. Joyson, please.
Joyson Karakunnel (EVP and Chief Medical Officer)
Thank you, Mondher. On slide 7, let me summarize the progress we are making with lacutamab. We are pursuing a fast-to-market strategy for lacutamab in the niche setting of Sézary syndrome, where lacutamab was granted U.S. Fast Track Designation and EU PRIME Designation in 2020. We have expanded past Sézary syndrome to mycosis fungoides, where we have seen encouraging preliminary data from our phase II trial in both cohorts. For the Sézary syndrome and mycosis fungoides, enrollment is on track with final data due for both cohorts in the second half of 2023. Finally, we are continuing to enroll into peripheral T-cell lymphoma in the phase IB and II monotherapy and combination trials in the relapse setting, with initial data expected later this year. On slide 8, let me remind you the design of the TELLOMAK trial.
Cohort 1 is recruiting Sézary syndrome patients that could potentially be a pivotal cohort. For mycosis fungoides, we have cohorts 2 and 3, where we are testing the hypothesis of non-expressers and expressers of KIR3DL2 using the frozen companion diagnostic assay. We now have an all-comers cohort where we will further evaluate our diagnostic assay. On slide 9, we have the data published at the ASH Annual Congress 2022 in December. The presentation shows that in heavily pretreated post mogamulizumab patient pool with a median prior line of therapy of 6 and 10.9 months of median follow-up, the ORR in the ITT population was 21.6%, with an ORR of 35.1% in the skin and 37.8% in the blood.
It was very encouraging to see activity replicated in the larger phase II trial in these late-line patients. A favorable safety profile was also seen. We look forward to further interactions with the regulators as we get the final data later this year. Slide 10 summarizes the preliminary cohort 2 and 3 data in mycosis fungoides presented at EORTC in September last year. As a reminder, from data presented previously, as expected, our scientific hypothesis was confirmed in cohort 2. High global response rates in comparison to the benchmark were seen, and in non-expressing cohort, a low global response rate. At the EORTC Congress last year, in this data presentation in the KIR3DL2 expressing cohort 2, we were encouraged to see that these late-line patients with a median of 4 prior treatments, lacutamab demonstrated a 28.6% ORR and 6 responses.
We are particularly encouraged by the responses in the skin, where we saw 57.1% ORR and 12 responses. A reminder that skin response is an important response in this skin-based disease. As many of you know, a clarification of the guidelines for CTCL have been released this year. We will be issuing more guidance on our strategy based on these new criteria. In addition, we continue to engage with the FDA as per our FDA Fast Track Designation. On slide 11, I would like to update you on monalizumab. To remind you, monalizumab is an anti-NKG2A, which acts upon the checkpoint pathway to potentiate NK cell activation that we have licensed to AstraZeneca for oncology. On this slide, you can see an overview of the late-stage development plan for monalizumab in lung cancer.
Based on the AstraZeneca-sponsored phase II COAST data, AstraZeneca commenced PACIFIC-9, a phase III trial evaluating the combination of either monalizumab or oleclumab plus durvalumab in the unresectable Stage III non-small cell lung cancer setting, who have not progressed after concurrent chemoradiation therapy. For the phase II COAST study, the three arms evaluated the combinations of durvalumab plus monalizumab and durvalumab plus oleclumab, AstraZeneca's anti-CD73. As published in the Journal of Clinical Oncology by AstraZeneca, after a median follow-up of 11.5 months, the results of an interim analysis showed a hazard ratio of 0.42 for durvalumab plus monalizumab versus durvalumab alone. The results also showed an increase in the primary endpoint of confirmed ORR for durvalumab plus monalizumab over durvalumab alone of 36% versus 18% respectively.
The AstraZeneca-sponsored NeoCOAST-2 study is also underway in an earlier lung cancer setting evaluating monalizumab and durvalumab with chemo in neoadjuvant non-small cell lung cancer patients. We look forward to further updates from these studies from AstraZeneca. I will now hand over to Yannis to cover our AZ relationship on monalizumab and the ANKET platform. Yannis.
Yannis Morel (EVP and COO)
Thank you, Joyson. Let's move on slide 12, where there is a summary of our monalizumab agreement with AstraZeneca. To date, we have cashed in $450 million, including $50 million last year with the start of the PACIFIC-9 phase III trial in lung cancer. The total milestone package signed was up to $1.275 billion, with royalty on net sales outside Europe, plus 50% of the profit share in Europe, with the option to co-promote the drug in this region. We look forward to continuing our relationship with AstraZeneca on monalizumab as well as on our anti-CD39 IPH5201. Indeed, IPH5201 has moved into phase II in early lung cancer with the MATISSE trial in a neoadjuvant and adjuvant setting, which trigger a $5 million milestone payment last year.
Moving to slide 13, I wanted to highlight our proprietary multi-specific NK cell engager platform that we call ANKET. ANKET standing for antibody-based NK cell engager therapeutics. ANKET is a versatile fit for purpose technology made of various building blocks that is creating an entirely new class of tri or tetra-specific engagers to induce synthetic immunity against cancer. This technology platform, which is leveraging our scientific expertise in the NK cell space, will be an engine for our pipeline, creating value via multiple drug candidates addressing multiple tumor targets. The backbone of this ANKET platform is based on the unique engagement of the activating NK cell receptors, NKp46 and CD16 on NK cells, which allows for the optimal harnessing of the NK cell effector functions, which can be further increased by the addition of interleukin-2 variants that induce their proliferation.
Now moving to slide 14, I wanted to share our enthusiasm for this platform in the context of the growing interest in the NK cell space. Our expertise in antibody engineering has enabled us to develop this platform, which generates ANKET molecule designed to engage efficiently the patient's own NK cells against its own tumor. On the left panel, you can see the detailed mechanism of action of the ANKET, which we have recently published in a couple of articles in high impact factor journals.
As shown in our Nature Biotechnology paper describing the joint work with Sanofi on the CD123 NK cell engager, the engagement of NKp46 and CD16 on NK cells triggers potent antigen-dependent killing of the tumor, as well as production of key cytokines for the anti-tumor response, but without systemic cytokine release, which is a major dose-limiting factor for T cell engagers. As shown in our Cell Reports Medicine paper, the addition of interleukin-2 variants into an ANKET induce a preferential NK cell proliferation within the tumor microenvironment, increasing therefore the number of anti-tumor effector cells. This platform demonstrates compelling preclinical activity as evidenced in these two publications. In the middle panel, you can see the most recent presentation we had at the ASH annual meeting in December, some with our partner Sanofi.
We had a trial in progress poster for the CD123 targeted IPH6101, also called SAR443579, which started phase I trial in December 2021. We showcased our preclinical data again with Sanofi on the BCMA NK cell engager, showing strong efficacy against multiple myeloma tumors, again without inducing systemic cytokine release. This molecule, called IPH6401 or SAR445514, is moving through IND-enabling studies. We presented at this meeting the preclinical characterization of our proprietary drug candidate, IPH6501, which is a CD20 targeted tetra-specific ANKET. On the right, you can see the overall growing pipeline of ANKET molecule we have with Sanofi having licensed 3 molecules and having an option on 2 other undisclosed.
Our most advanced proprietary ANKET, IPH6501 we just talked about, is heading toward the IND this year. We have also other preclinical targets, which we hope to provide some update in due course. Moving to slide 15, you can see a summary of our Sanofi partnership. In 2016, we signed an initial agreement for 2 ANKET molecule worth up to EUR 400 million in milestone, among which we received to date EUR 14 million. Both programs have progressed with IPH6101 in phase I for 15 months now and IPH6401 progressing towards IND. In December last year, we signed a further agreement whereby Sanofi licensed the IPH62 ANKET program targeting B7H3, which is a solid tumor target antigen with an option on 2 other targets.
Sanofi paid EUR 25 million upfront with a total of EUR 1.35 billion in potential milestones and royalty. This now takes the total milestone package of our partnership with Sanofi to up to EUR 1.75 billion plus royalty. Building on our existing and successful relationship, we look forward to continuing working with the Sanofi R&D team as we bring this molecule to the clinic. I will now hand over to Frédéric to cover our financial updates.
Frédéric Lombard (SVP and CFO)
Thank you, Yannis. Good day everyone. Moving to the finance slide 16, I will start with one of our key metrics as usual, our cash position. Our cash and cash equivalents amounted to EUR 136.6 million as of December 31st, 2022. Cash and cash equivalents as of December 31, 2022 does not include the EUR 25 million payment received from Sanofi in March 2023. In addition, as you can see, we are efficiently managing our resources so that we can best capitalize on progress on data readouts to explore development pathways in different indications. We believe this approach ensures that we remain in position to strategically invest in our vision for Innate.
Going into the P&L, I will only comment on the main and most significant lines, and you have very detailed comments in the appendix of the press release that you can refer to for more information. I'll start with our revenue and other income, which amounted to EUR 57.7 million. It mainly resulted from revenues from collaboration and licensing agreements and governmental fundings. The revenue line is characterized by the spreading of the upfront and opt-in payments received from AstraZeneca for monalizumab and from Sanofi, which I remind you are recognized on the basis of the percentage of completion of the work performed by the company. I also remind you this has limited impact on cash. Operating expenses amounted to EUR 74.1 million, an increase of 1% compared to 2021.
R&D expenses were EUR 51.7 million, euro, sorry, an increase of 10% compared to 2021. The increase was mainly due to clinical and non-clinical research and development expenses. We took a full impairment on avdoralimab intangible assets of EUR 41 million, which I remind you is a non-cash expense following the company's decision to stop the development of the molecule in the bullous pemphigoid indication in inflammation. To recap, we have a strong cash and cash equivalent position with EUR 136.6 million at the end of the year with EUR 25 million from Sanofi still to add to this. We estimate that we have enough cash to fund planned operation to at least mid-2025. I will now turn to Mondher for a summary of the catalyst and close.
Mondher Mahjoubi (CEO)
Thank you, Frédéric. As you can see on slide 17, we are really working diligently to execute across all our strategic pillars, and we believe that we are laying the foundation to drive near and long-term value. Looking at our clinical program first, we expect to achieve a number of milestones over the next two years. As you heard from Joyson, our phase II TELLOMAK study for lacutamab continues to progress, with final data due at the end of this year. In addition, we look forward to initial PTCL data later in the year. In parallel, we continue to develop our NK technology platform, further reinforced by our partner Sanofi, and we are very encouraged by the preclinical results from the next generation of NK cell engagement and the progress in the clinic.
We believe that this represents a natural evolution of our platform with data presented at conferences last year. For monalizumab, the lung cancer trials are underway, and we continue to advance the adenosine pathway agents in the clinic, where the phase II for IPH5201 in early non-small cell lung cancer is starting. Let's move to the conclusion slide now. Slide 18, please. As you can tell, we continue our exciting journey at Innate. We look to build our business to create value for patients and stakeholders. In summary, we have positioned Innate Pharma for the future with our strategy and made meaningful progress throughout the year to date across all three strategic pillars. With our R&D engine and antibody engineering expertise, our science is producing more candidates to progress into the clinic. Some we are developing alone and some partnered.
We have a focus on our NK cell engager platform, ANKET, as well as on ADCs. In parallel, our late-stage portfolio continues to advance as we look to maximize the late-stage portfolio assets of lacutamab and monalizumab. Number 2, our partnership strategy continues to evolve, with Sanofi doubling down on the ANKET platform with a second deal announced in December last year and several programs now in early development. In later stage development, we continue to work with AstraZeneca for monalizumab in IPH5201 in lung cancer. Last but not least, we have carefully managed our resources so we can continue a sustainable business to invest in progressing our pipeline. I'm very pleased that we continue to have a strong cash position with a runway into mid-2025. Collectively, we are driving value across our business and ultimately advancing our goal to deliver innovative medicines to patients.
We look forward to keeping you updated on our progress. That concludes our prepared remarks. We will now open the call to questions.
Operator (participant)
At this time, I would like to remind everyone, in order to ask a question, press star followed by the number 1 on your telephone keypad. Your first question comes from the line of Yigal Nochomovitz with Citi. Your line is open.
Carly Kenselaar (Equity Research Analyst of Biotech)
Hi, team. This is Carly on for Yigal. Thanks so much for taking our questions. We have two. First, on lacutamab, can you elaborate on how you're thinking about the registrational pathway for mycosis fungoides, and I guess what you expect the comparator would be for a future phase III? The second question is on the ADC programs that you disclosed. Just curious where the linker payload technology that you're using comes from, and how far those programs are from IND, if you can comment. Thank you.
Mondher Mahjoubi (CEO)
Yeah, sure. Thank you, Carly, for the question. I'm gonna maybe ask Joyson to start with the lacutamab registrational pathway and then hand over to Yannis to provide an update on where we are with the ADC technology platform. Maybe Joyson, if you can briefly remind the group our strategy for lacutamab in cutaneous T-cell lymphoma overall and in Sézary in particular.
Joyson Karakunnel (EVP and Chief Medical Officer)
Yeah. Definitely. Just as a reminder of the TELLOMAK study has cohort 1, which is with Sézary syndrome, that itself can serve as a pivotal cohort. When looking at the registration strategy for mycosis fungoides, we're keeping all our options open, including a, you know, a complete registration trial of mycosis fungoides alone or even a combination of mycosis fungoides with Sézary syndrome. We're ensuring that we're continuing our conversations with regulators to make sure we are aligned with them in regards to the comparator as well as the design of the study.
Mondher Mahjoubi (CEO)
Yannis. Thank you, Joyson. Yannis on the ADC.
Yannis Morel (EVP and COO)
Yeah. On the second question. We indeed have an ADC program called IPH4501, for which we have selected a development candidate and that we are moving forward. We will provide obviously more update later during the year.
Mondher Mahjoubi (CEO)
Thank you, Yannis. Maybe let me anticipate any further question on ADC. As I said in my introductory remarks, we are an NK cells oriented and driven company. The ANKET platform technology is the center of our strategy. As we develop targeted antibody, we develop binders, and some of those binders are more fit for an ANKET type of antibodies. Others could be used for other technology, in particular the ADC technology. That's how we have been opportunistic in trying to develop those binders. We will provide more updates as we progress and certainly during the upcoming months. Thank you. Next question.
Operator (participant)
Your next question is from the line of Daina Graybosch with SVB Securities. Your line is open.
Daina Graybosch (Senior Managing Director and Biotechnology Analyst)
Thank you. I also have 2 questions. The 1st one is on Sézary lacutamab and the TELLOMAK study. You mentioned that there have been, in the community, some changes in the guidance for how outcomes are measured in CTCL. I wonder if you could describe the changes and what options you have with TELLOMAK given those changes that you're deciding and discussing with regulators. The 2nd question is one on the ANKET. I noticed that the BCMA program that Sanofi has is a mix of ANKET and their technology, Crocodile. Mondher if you could describe what Crocodile is, and is there back and forth sharing? Could you use that technology in your own ANKET? Could you anticipate them using that in their other programs?
Mondher Mahjoubi (CEO)
Sure. Thank you, Daina. Same distribution to question one. The first one for Joyson, so you can update on the EORTC guidance for measurement of the antitumor activity in cutaneous T-cell lymphoma, and then Yannis provide an answer on the BCMA IPH6401 and Crocodile technology. Joyson, first you.
Joyson Karakunnel (EVP and Chief Medical Officer)
Thanks, Wonder. Looking at the new guidance, it is a clarification of the prior guidance. We want to go a little bit more into detail. In the upcoming calls, we will describe in detail, number 1, the different aspects of the guidance that are different. Number 2 is also our strategy going forward in how we're going to approach the guidance, not only internally looking at the responses, but also in discussions with the regulators.
Mondher Mahjoubi (CEO)
Wonder. Yannis.
Yannis Morel (EVP and COO)
Hello, Daina. Yeah, the BCMA candidate is actually the molecular format is using what Sanofi is using, calling Crocodile, which is the commercial name for the what you can find in the literature as CODV for Cross-Over Dual Variable Domain. This is, I would say the difference between ANKET and this is that the special arrangement of the domains is a bit different. What we call ANKET at Innate are our proprietary molecular format plus our NKp46 proprietary binders. But we can actually plug in this NKp46 binder in our own proprietary format, but also on other. We can plug them in more generic format described in the literature and including this CODV from Sanofi.
Mondher Mahjoubi (CEO)
Daina, does this address your question?
Daina Graybosch (Senior Managing Director and Biotechnology Analyst)
Great. Thank you very much.
Mondher Mahjoubi (CEO)
Okay. Thank you.
Operator (participant)
Your next question is from the line of Arthur He with HCW. Your line is open.
Arthur He (VP of Equity Research)
Hi, everyone. This is Arthur on for RK. Thanks for taking my question. I had 1 question regarding the lacutamab. For the PTCL study, could you give us more color on the inclusion and exclusion criteria for the monotherapy you guys sponsored and the combo therapy? Is there any difference in term of that?
Mondher Mahjoubi (CEO)
Sure. nothing really, how to say, unique, to this trial, but I'll let, Joyson maybe, remind you, the criteria. As, as you know, there are two trials. There is a phase IB trial testing lacutamab monotherapy in a relapsed refractory, PTCL patient. There is a second trial which is in collaboration with the LYSA group, which is testing the combination of chemotherapy, namely, gemcitabine oxaliplatin in combination with lacutamab. This is a randomized trial testing chemo versus chemo plus lacutamab. Joyson, can you provide a little bit more color on the, monotherapy trial which we are sponsoring?
Joyson Karakunnel (EVP and Chief Medical Officer)
Yes. The monotherapy trial specifically is in KIR3DL2 positive patients. It is looking at relapsed refractory patients with no maximum lines of therapy. It is a general signal-seeking trial, looking at what the different subtypes also within it.
Arthur He (VP of Equity Research)
How about for the combo study? Is there any difference between the patient?
Joyson Karakunnel (EVP and Chief Medical Officer)
Yeah. The combo study is also Mondher had mentioned, the combo study has a comparator arm. It does have a gemcitabine oxaliplatin comparator arm, in addition to the combination arm. In this, we are also recruiting KIR3DL2 positives and then enrolling relapsed refractory with no maximum lines of therapy.
Arthur He (VP of Equity Research)
Well, thanks for that. My second question is. First of all, congrats on the expanded collaboration with Sanofi. My question is for those two additional targets: Is there a focus on the tri-specific, or it could target to the tetra-specific?
Mondher Mahjoubi (CEO)
Yeah. You said we got this question previously when we announced the deal with Sanofi. Maybe you can clarify what is disclosed at least on the two options.
Yannis Morel (EVP and COO)
Yeah. Maybe it's a good. Thank you for the question to give me the opportunity to clarify this point. Actually, in our deal with Sanofi, we are licensing to them or giving them an option on the technology as it is today, meaning that we can and they can at some point decide to move under a tri-specific format or a tetra-specific format.
Arthur He (VP of Equity Research)
Okay, great. Thanks. Thanks for taking my question.
Mondher Mahjoubi (CEO)
Thank you, Arthur.
Operator (participant)
Your next question is from the line of Rajan Sharma with Goldman Sachs. Your line is open.
Rajan Sharma (Pharma and Biotech Equity Research Analyst)
Hi. Thanks for the questions. I've got two as also. One's on financials and the second is on the pipeline. On financials, just thinking about costs in 2023, and how we should think about that given that you have MATISSE, and also the IND for the CD20 tetra-specific. Would it be fair to assume kind of a similar level of growth that we saw in 2022 versus 2021? Secondly, just on the pipeline and on the CD20 tetra-specific again, what sort of profile would you be looking for in the initial phase 1 data, to kind of continue development there? And can you just provide a little bit more clarity on timelines for when we could potentially see the data? I know it's kind of dependent on the IND, but on the side it says 2024+.
Could that be in 2024? Thanks.
Mondher Mahjoubi (CEO)
Thank you, Rajan. 2 questions. The first one for Frédéric, to give some colors on our burn rate for 2023. Would that be in line with what we have in the budget or not given that we have 2 new studies entering into phase I, II new products entering into phase I. Sorry, II new major trial, the randomized phase II MATISSE and the phase I IPH6501. Then maybe, Joyson, you can provide some colors on the final touch on the IPH6501 protocol and patient population. It's okay.
Yannis Morel (EVP and COO)
Thanks. Thanks,Mondher. Coming to the cash burn, actually given the difference in some maturity of the trials, some ending, some starting, which are mostly offsetting the cash burn for the year to come, it will be in the same range or even a little bit lower. We will be able to fund these additional studies without adding more cost to the current cash burn.
Mondher Mahjoubi (CEO)
Maybe add that the MATIS trial is a partnership.
Yannis Morel (EVP and COO)
Also, yeah.
Mondher Mahjoubi (CEO)
with AstraZeneca.
Yannis Morel (EVP and COO)
Yeah. Also for the MATISSE trial, don't forget we share also some of the costs with AstraZeneca. Also something important to be able to finance all the strategy and we disclose this also is that we do have a careful approach on our resources and have some efficiency measures to make sure that we can finance our strategy, so.
Mondher Mahjoubi (CEO)
Okay. Joyson, on the indication and the selection criteria for IPH sixty-five oh one.
Joyson Karakunnel (EVP and Chief Medical Officer)
Yeah. As mentioned, the IPH6501 is a CD20 targeted ANKET molecule. The population that we will be looking at is initially the CD20 positive lymphomas. We're in the process of getting the protocol together as well as discussing with the FDA. We'll give more details as time goes on.
Mondher Mahjoubi (CEO)
Okay. Thank you, Joyson. Sorry, do you have additional questions?
Henry Wheeler (VP of Investor Relations and Communications)
That's everything. Thank you.
Operator (participant)
Again, if you would like to ask a question, press star followed by the number one on your telephone keypad.
Henry Wheeler (VP of Investor Relations and Communications)
Okay. We have a question, offline from Olga Smolentseva at Bryan, Garnier & Co. If possible, could you provide a bit more color on IPH4501 and when we might see it entering the clinical stage?
Mondher Mahjoubi (CEO)
Yeah, I already gave some colors on this, but maybe an opportunity for Yannis to again summarize the ADC approach and the progress of IPH4501.
Yannis Morel (EVP and COO)
Yes. Yeah. Thank you, Mondher. Sorry if it's a repeat for some of you. Like Mondher said, we have an antibody engineering platform, out of which the main output and the main focus is to generate binders against tumor antigen to apply it to our ANKET technology. Some of the binder that we are generating are more fit for purpose for ADC approach. It's a field that we are exploring for several years now. Now with this IPH4501, we have made the decision to select one development candidate. As I also said previously, we will give more update on the next step of development later this year.
Mondher Mahjoubi (CEO)
Thank you, Yannis. Any offline question, additional offline questions?
Henry Wheeler (VP of Investor Relations and Communications)
Not from this stage. Operator, over to you for any further questions on the line.
Operator (participant)
Your next question comes from the line of Jingming Chen with Evercore ISI. Your line is open.
Jingming Chen (VP of Biotech Equity Research Analyst)
Hi, this is Jingming, for Liisa. Thanks for taking our question. We're just wondering for your first ANKET, the IPH6101 CD123, when should we expect to see the phase I data, and what should we expect from the readout? Thank you.
Mondher Mahjoubi (CEO)
question. As you know, this is a Sanofi asset. It's a Sanofi trial, and we, of course, cannot speculate or communicate on their behalf. Sanofi is progressing well, and they mentioned in their full year results early February that the program is progressing well. Of course, we will wait for the data they can provide. The phase I study started about 15 months ago, and we do not have any additional update to share with you at this point in time
Jingming Chen (VP of Biotech Equity Research Analyst)
Got it. Thank you.
Mondher Mahjoubi (CEO)
Yannis. Okay. Yannis, anything to add from your side?
Yannis Morel (EVP and COO)
No, no, nothing to add.
Mondher Mahjoubi (CEO)
Okay. Thank you.
Operator (participant)
There are no further audio questions at this time.
Mondher Mahjoubi (CEO)
Okay. If there are no further question, I would like, ladies and gentlemen, to thank you all for attending this call. Maybe let me quickly remind you our key take homes. There are three. First of all, as you see, we stay focused on our strategic priorities to advancing lacutamab, maximizing the ANKET platform, and building strategic partnership. Number two, clearly we have important readouts from our proprietary and partnered portfolio programs that are expected over the next 24 months. Last but not least, we have a strong financial position as we are well-funded into mid-2025. We'll keep you posted, and thank you again for participating to this call. Bye-bye.
Operator (participant)
Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.