CytomX Therapeutics, Inc. (NASDAQ:CTMX) Q2 2020 Earnings Conference Call - Final Transcript
Aug 06, 2020 • 05:30 pm ET
allow us to meet projected operating requirements into the second half of 2022, assuming no new collaborations or financing.
With that, I'll turn the call back to Sean.
Sean A. McCarthy
Great, thanks, Carlos. So, let me wrap things up here and then we'll go to questions. In summary, CytomX made broad progress across our clinical and preclinical programs during the second quarter, as we further advanced our technology, partnerships and lead drug candidates to several important inflection points. We have continued to show leadership in defining new therapeutic antibody modalities with potential to address significant unmet medical needs in the treatment of cancer.
A mission that remains is important as ever, despite the unprecedented challenges being posed by the COVID-19 pandemic. We've now brought two previously undruggable targets into play in the oncology field with our platform CD166 and CD71, both of which we believe have broad potential in multiple cancer types. And we'll be learning a lot more about these product candidates from our Phase 2 studies that we expect to start to read out in late 2021. We're further extending our undruggable target strategy with the advancement of our Bispecific program targeting CD3 and EGFR and with the drug conjugate targeting EpCAM, these preclinical programs, that's taking great shape as our next INDs.
We have also continued with our cancer immunotherapy strategy, leveraging clinically validated targets. The clinical data for our wholly-owned anti-PD-L1 Probody CX-072 has continued to mature, affording us unique opportunities to advance innovative combination therapies starting with the CX-072 plus CX-2009 in triple-negative breast cancer.
Our collaborative work with BMS on CTLA-4 has also provided important proof points for our platform, both clinical and preclinical and we're delighted to see BMS-249 continuing to advance in the randomized Phase 2 melanoma study in combination with nivo. Our broad partnership strategy has also continued to deliver with $130 million of cash proceeds so far this year, including the initiation of a major new alliance with Astellas and the progression of many additional preclinical programs across our collaborations, adding to the strengths and depths of our pipeline.
We continue to enjoy a robust cash position and remain highly focused on making the biggest difference we can for cancer patients as we continue to build our company. Regarding COVID-19, CytomX has continued to execute very well despite the uncertainties and challenges presented by the pandemic. All of us at the company hope that you and your families are well and keeping safe during this time.
And I would like to close by thanking our employees, our patients, our investigators, clinical trials staff and everyone involved in helping us continue to drive forward with our mission of developing new medicines for the treatment of major unmet medical needs in oncology.
With that, I'll hand the call back to Chris. And we'll open up for questions.
Thank you, Sean. Valerie, please open the Q&A session.