Agenus Inc. (NASDAQ:AGEN) Q4 2022 Earnings Call Transcript

Mayank Mamtani: Got it. And then just specifically to the data that is sort of coming up on the lung cancer cohort, did you say how you might be tracking on things like DOR and OS? And then for the PROC data at SGO, it would be great to hear what sort of incremental updates you may look to present relative to SITC. And as you know, in ovarian, there’s a few ways you segment your population, BRCA, FR alpha status. So is there sort of a biomarker-driven development where in your thinking of the next step?

Dr. Garo Armen: Okay. So just to be sure that we are signaling the right kinds of information. So for us, with an I-O agent, like, for example, CTLA-4 targeting anybody our own CTLA-4 for targeting antibody is not just the CTLA-4 binders, but it does four additional things. And that’s why we call it a multifunctional CTLA-4. It is not an improved CTLA-4. It really is a multifunctional CTLA-4, and the attributes of this molecule are responsible for a number of things beyond just achieving response rates but duration of responses driven by this molecule, the back end of the molecule, the Fc engineered portion has impacted a number of other capacities, including recruiting immune cells and impacting, for example, down regulation of regulatory T cells, stimulation of memory T cells.

These are all very important elements, as you know, Mayank, for the extension of responses or even achieving curative treatments in combination with an agent or example, like our 2371. So — but to cut to the chase, our ambition here is, number one, overall responses that are collateral with overall survival that will translate potentially to cures for these patients. In fact, as you know, using the word cure was a taboo in this field because it was not deemed that cancers or stage four cancers could be cured until Dr. O’Day injected the very first patient with CTLA-4. And that’s started a trend of course with CTLA-4 Yervoy, we interested a very narrow slice of otherwise incurable melanoma patients with curative outcomes. And because of the attributes of our molecule botensilimab, we hope that, that narrow slice effect will be broadened and not just be in melanoma, but much — many more cancers than melanoma.

That is our ambition. And of course, having the other elements of our portfolio gives us a high level of confidence that by combining these agents, we may be able to achieve some remarkable outcomes for patients.

Mayank Mamtani: Great. And maybe just my final question, Garo, that sort of high level about the portfolio. Are you able to comment your sort of perception of how big pharma strategy, start evaluating next-gen NIO programs. As you know, PCB and ADCs are sort of the modalities gaining popularity. Curious if you take your pipeline in that direction? And then as big companies trying to assess value at a program level, for example, for bot — can you comment on what happened at the indication level, and if there’s one or more tumor types that get more value and then how development stage and depth of data kind of play in that.

Dr. Garo Armen: Okay. So I mean — I don’t want to really comment on behalf of what large pharma is doing because they’ve been very successful. And particularly, since covered a number of large pharma companies have been printing money basically. And that’s a great outcome for them. And now that money needs to be put to work and the way they’re putting that money to work, quite fully, this is not a criticism is a very practical comment. The right way of doing that is to purchase immediate income. And so the transaction, for example, that you heard yesterday was a major step that is driven by a concern about a patent cliff, which is a real issue with big pharma today, not just one company, but across many companies. So they have the challenge of a major patent cliff and how do they address that by putting that cash that they’ve generated with COVID and other means to work.