Exelixis, Inc. (NASDAQ:EXEL) Q3 2023 Earnings Call Transcript

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Mike Morrissey: Okay, Amy, let’s handle maybe handle the second question first just to clear up that misconception.

Amy Peterson: Yes, clear that up cervical cancer is in our list of expanded cohorts for JEWEL-101. We are absolutely investigating it. And then with regard to STELLAR-305, what gives us confidence, even though Penn Lem didn’t quite hit the mark, is the data that was generated with Cabo Penn. In the study of 33 patients where we had a 54% response rate and the PFS of 14.6 months, we think that benchmarks favorably to what Len Pem showed in their phase 2, which was an ORR of 36% and a PFS of 8.2 months. So we’re different. So that was Cabo Pem. This is what we’re bringing forward is Zanza Pem, which is what we believe to be a best-in-class and better than what we could have observed with Cabo and already Cabo Pem in cross trial comparisons looks to be better than Pem. Hope that answers it.

Operator: Our next question comes from the line of Christopher Lyle from Leerink Partners.

Christopher Lyle: Hey, guys, thanks for the questions. So you mentioned that during the R&D Day, it’s going to be focused a lot on the science. Just wondering if there’s any color you can give us in terms of when we can expect to see data for some of these pipeline assets, like the Tissue Factor card in ADC, the CDK7, the USP1 that you recently unlicensed, anything on that. And then in terms of just a quick second question. In terms of business development, are you guys looking at assets that are earlier in the clinical stage or would you guys consider something later on in the clinical stage as well?

Mike Morrissey: Yes, thanks for the questions, Chris. It’s, my comments to both questions. Starting with the BD question, first of all, we’re very interested looking for molecules that are clinical stage assets, early stage, mid-stage, late stage, that have the data that help us understand the potential for both clinical and commercial differentiation, right. So that can be early, that can be late. Again, we have to be, we have to have the right level of conviction that what we’re looking at and potentially either partnering or acquiring can really move the needle for patients because again, the Cabo lens, that’s the only way we’re going to be able to build value in this very, very competitive marketplace. In terms of our R&D Day and timelines, getting into weeds there probably isn’t advisable right now.

We handle all that in December. I think it will be a great morning and looking forward to having everybody there. So again, we can frame the science with the strategy, with the details to help everybody see where we’re going and how we’re going to be able to get these really large aspirational goals to help patients.

Operator: At this time, there are no further questions. And so I will turn the call over to today’s host, Susan Hubbard. Ms. Hubbard.

Susan Hubbard: Yes, thank you. And thanks, everybody, for joining us today. Certainly, if you have any follow-up questions, don’t hesitate to reach out to me. We’ll get back to you right away.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.

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