Kintara Therapeutics Announces Fiscal 2024 Second Quarter Financial Results and Provides Corporate Update

On February 14, 2024 Kintara Therapeutics, Inc. (Nasdaq: KTRA) ("Kintara" or the "Company"), a biopharmaceutical company focused on the development of new solid tumor cancer therapies, reported financial results for its fiscal second quarter ended December 31, 2023, and provided a corporate update (Press release, Kintara Therapeutics, FEB 14, 2024, View Source [SID1234640094]).

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RECENT CORPORATE DEVELOPMENTS

Announced the initiation of an open label 15-patient study in cutaneous metastatic breast cancer (CMBC) patients which is evaluating REM-001, a second-generation photodynamic therapy (PDT) photosensitizer agent, and is designed to test the 0.8 mg dose as well as optimize the study design in advance of a Phase 3 trial initiation. The primary endpoint in the study is Best Overall Objective Response Rate (bORR) (complete response or partial response) of the target treatment fields at any time from treatment up to, and including, week 24. The majority of the costs to run this study will be covered by the $2.0 million Small Business Innovation Research (SBIR) grant Kintara was awarded from the National Institutes of Health (NIH). (February 2024)

Announced that Kintara’s Board of Directors has initiated a process to explore and review a range of strategic alternatives focused on maximizing stockholder value and has engaged Ladenburg Thalmann & Co. Inc. to act as financial advisor for this process. (December 2023)

Announced that preliminary topline results from the Glioblastoma Adaptive Global Innovative Learning Environment (GBM AGILE) study showed that VAL-083 did not perform better than the current standards of care in glioblastoma. These topline results included preliminary safety data for VAL-083 that was similar to that of the current standards of care used to treat glioblastoma. As a result, Kintara terminated the development of VAL-083 and turned its focus to its REM-001 program. (October 2023)
"We are pleased to have recently initiated our 15 patient REM-001 study for cutaneous metastatic breast cancer, a disease with little or no current treatment options" commented Robert E. Hoffman, Kintara’s President and Chief Executive Officer. "We have strengthened our balance sheet primarily with net proceeds from our at-the-market (ATM) facility and aggressive cost-cutting efforts. We continue to evaluate strategic options with the goal of maximizing shareholder value."

SUMMARY OF FINANCIAL RESULTS FOR FISCAL YEAR 2023 SECOND QUARTER ENDED DECEMBER 31, 2023

As of December 31, 2023, Kintara had cash and cash equivalents of approximately $0.7 million. From January 1, 2024, to February 12, 2024, the Company has received net proceeds of approximately $6.1 million from the sale of common stock, primarily from its ATM facility.

For the three months ended December 31, 2023, Kintara reported a net loss of approximately $1.0 million, or $0.24 per share, compared to a net loss of approximately $3.5 million, or $2.10 per share, for the three months ended December 31, 2022. The decreased net loss for the three months ended December 31, 2023, compared to the three months ended December 31, 2022, was largely attributed to lower research and development expenses which was primarily due to lower clinical development costs. General and administrative costs were also lower during the same period primarily due to a reduction in personnel.

Selected Balance Sheet Data (in thousands)

December 31,
2023

June 30,
2023

$

$

Cash and cash equivalents

658

1,535

Working capital (deficiency)

(684)

188

Total assets

1,885

3,979

Total stockholders’ equity (deficiency)

(164)

731

Selected Statement of Operations Data (in thousands, except per share data)

For the three months ended

December 31,

December 31,

2023

2022

$

$

Research and development

111

2,059

General and administrative

908

1,440

Other loss (income)

4

(45)

Net loss for the period

(1,023)

(3,454)

Series A Preferred cash dividend

(2)

(2)

Net loss for the period attributable to common stockholders

(1,025)

(3,456)

Basic and fully diluted weighted average number of shares

4,337

1,643

Basic and fully diluted loss per share

(0.24)

(2.10)

For the six months ended

December 31,

December 31,

2023

2022

$

$

Research and development

1,970

5,230

General and administrative

2,011

2,915

Other loss (income)

4

(95)

Net loss for the period

(3,985)

(8,050)

Series A Preferred cash dividend

(4)

(4)

Series C Preferred stock dividend

(173)

(362)

Net loss for the period attributable to common stockholders

(4,162)

(8,416)

Basic and fully diluted weighted average number of shares

3,027

1,554

Basic and fully diluted loss per share

(1.37)

(5.42)

Kintara’s financial statements as filed with the U.S. Securities Exchange Commission can be viewed on the Company’s website at: View Source

Kineta to Present at Upcoming Investor Conferences

On February 14, 2024 Kineta, Inc. (Nasdaq: KA), a clinical-stage biotechnology company focused on the development of novel immunotherapies in oncology that address cancer immune resistance, reported that the Company will be attending and presenting at the following upcoming investors conferences (Press release, Kineta, FEB 14, 2024, View Source;utm_medium=rss&utm_campaign=kineta-to-present-at-upcoming-investor-conferences [SID1234640093]):

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BIO CEO and Investor Conference
Date: Monday, February 26, 2024
Time: 9:45 A.M.- 10:00 A.M. Eastern Time
Format: Presentation and 1:1 meetings
Location: The New York Marriott Marquis, Uris room

10th Annual Immuno-Oncology 360 Conference (IO360)
Date: February 27-29, 2024
Format: 1:1 meetings
Location: New York Marriott at the Brooklyn Bridge

Opal Group Family Office Winter Forum
Date: Monday, March 4, 2024
Time: 12:30 P.M.- 12:50 P.M. Eastern Time
Format: Presentation and 1:1 meetings
Location: etc.venues 360 Madison, New York, NY

The Company will be available for one-on-one meetings during the conferences. Interested investors should contact their respective representative at the sponsoring institutions to request meetings.

IN8bio Announces Publication on Novel Gamma-Delta T Cell Therapy for Glioblastoma in Frontiers in Immunology

On February 14, 2024 IN8bio, Inc. (NASDAQ: INAB), a leading clinical-stage biopharmaceutical company developing innovative gamma-delta T cell therapies, reported a publication in Frontiers in Immunology that reviews IN8bio’s novel approach for solid tumors, such as glioblastoma (GBM), an aggressive form of brain cancer (Press release, In8bio, FEB 14, 2024, View Source [SID1234640092]).

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Cellular therapies, particularly chimeric antigen receptor T cell therapies (CAR-T), have shown promise in hematologic malignancies but have faced significant challenges when applied to solid tumors like GBM. These obstacles include rapid tumor growth, antigen heterogeneity, and limited response to current therapies.

The publication, titled: "Adoptive cell therapy for high grade gliomas using simultaneous temozolomide and intracranial mgmt-modified γδ t cells following standard post-resection chemotherapy and radiotherapy: current strategy and future directions," explains the mechanism of action behind IN8bio’s novel therapeutic approach called DeltEx Drug Resistance Immunotherapy (DRI) and the current strategy and future directions for this treatment.

The INB-200 and INB-400 studies by IN8bio addresses the challenges towards targeting solid tumors by harnessing the innate immune functions of gamma-delta T cells. GBM cells constitutively express stress-associated NKG2D ligands (NKG2DL), which can be further upregulated through the DNA damage response (DDR) pathway triggered by alkylating agents like temozolomide (TMZ).

"We believe our results to date represent a significant advancement in the treatment of GBM. By combining standard chemotherapy with gamma-delta T cells genetically engineered to resist the lymphodepleting effects of chemotherapy, we are creating a synergistic effect that enhances the immune response against GBM while minimizing toxicity to healthy tissues," said Lawrence Lamb, Ph.D., Chief Scientific Officer and Co-Founder of IN8bio. "This new treatment may improve the survival and quality of life of patients with GBM by preventing tumor recurrence and enhancing the immune response to eliminate residual cancer cells."

The current standard of care for newly diagnosed GBM typically involves primary tumor resection followed by six weeks of chemoradiation therapy, succeeded by six cycles of monthly maintenance therapy with TMZ. This regimen typically yields a median progression-free survival (PFS) of 6 to 7 months and an overall survival (OS) ranging from 14 to 16 months. IN8bio‘s Phase 1 trial (INB-200) assessing the safety and efficacy of intracranial infusions of autologously derived DeltEx DRI gamma-delta T cells in addition to standard-of-care maintenance therapy suggests that the therapy is manageable with a possible improvement in PFS.

In the Phase 1 study, cells from the patient are isolated, expanded and modified prior to being delivered intracranially to the tumor cavity every month in combination with maintenance TMZ. The trial assesses three different dosing regimens from a single dose delivered on cycle 1, day 1 in Cohort 1, to three doses delivered on day 1 of cycles 1-3 in Cohort 2, to six doses delivered on day 1 of cycles 1-6 in Cohort 3. All patients receive 1×107 cells per dose. The trial aims to improve PFS by targeting residual cancer cells. Of the eight patients who have completed scheduled dosing, all have exceeded the median PFS expected with standard-of-care therapy alone.

IN8bio is also conducting a Phase 2 clinical trial of a genetically modified autologous gamma-delta T cell therapy (INB-400) targeting newly diagnosed GBM. The study will assess the safety, efficacy and tolerability of genetically modified DeltEx DRI cells at leading medical centers across the United States.

About INB-200
INB-200 is a genetically modified autologous DRI product candidate for the treatment of solid tumors. This novel platform utilizes genetic engineering to generate chemotherapy-resistant gamma delta T cells which can be administered concurrently with standard-of-care treatment in solid tumors. This is a powerful, synergistic treatment approach enabling gamma-delta T cells to persist in the presence of chemotherapy, and maintain their natural ability to recognize, engage and kill cancer cells.

INB-200 is the first genetically engineered gamma-delta T cell therapy to be administered to patients with solid tumors and our initial indication is in GBM.

About INB-400
INB-400 is IN8bio’s DeltEx autologous and allogeneic DRI technology. Allogeneic INB-400 will expand the application of DRI gamma-delta T cells into other solid tumor types through the development of allogeneic DeltEx DRI technology.

Greenwich LifeSciences Provides Update on Phase III Clinical Trial, Flamingo-01

On February 14, 2024 Greenwich LifeSciences, Inc. (Nasdaq: GLSI) (the "Company"), a clinical-stage biopharmaceutical company focused on the development of GLSI-100, an immunotherapy to prevent breast cancer recurrences in patients who have previously undergone surgery, today provided the following update on the Phase III clinical trial, Flamingo-01 (Press release, Greenwich LifeSciences, FEB 14, 2024, View Source [SID1234640091]).

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Data Safety Monitoring Board (DSMB)

The Flamingo-01 DSMB met twice in 2023 and recommended to continue the study as is without modification. No serious adverse events related to GLSI-100 have been reported to date.

US Clinical Sites Participating in Flamingo-01

Approximately 30 clinical sites with 87 locations at multiple hospitals and the largest oncology network in the US are currently recruiting patients and are listed below. While the first site was activated in August 2022, the first patient was screened and treated in December 2022. Other sites enrolled their first patients in 2023 with additional sites being activated throughout the year. The Company anticipates adding up to an additional 10 sites in 2024, bringing the total sites in the US to approximately 35-40 sites.

European Clinical Sites and Networks Participating in Flamingo-01

Pending European regulatory approval, which is expected in 2024, contracts are in place to add up to an additional 105-120 sites in Europe including Spain (38), France (21), Germany (32), Italy (9), Poland (6), and potentially additional countries in Europe, bringing the total number of potential sites in Flamingo-01 to approximately 140-160 sites between the US and Europe. With a peak enrollment estimate of approximately 2 – 4 patients per site per year, 150 active sites in Flamingo-01 could see peak enrollment of up to 300-600 patients per year. The logistics to supply GP2 and Leukine labeled in each language, to collect patient samples, and to supply all other clinical supplies have been contracted in Europe and are in the final stages of being implemented.

European academic networks in each country are planning to participate in Flamingo-01 and are listed below. These networks represent the largest oncology focused hospitals and centers in Europe, where breast cancer leaders work in a collaborative manner to help advance promising therapies and they hold annual scientific meetings where Flamingo-01 has been introduced and where the company may present in the future.

GEICAM is the leading group in breast cancer research in Spain and currently consists of more than 900 experts, who work in more than 200 centers throughout Spain. Since its establishment in 1995, GEICAM has carried out more than one hundred studies in which more than 66,000 women and men have participated.

UCGB or Unicancer is the federation of French comprehensive cancer centers, a major player in cancer research and a network of 20 private, non-profit healthcare centers specialized in oncology, brought together in a health cooperation group.

GBG Forschungs GmbH is one of the world’s leading breast cancer research institutes that works together with the academic study group German Breast Group (GBG). With more than 67,000 study participants and 3,500 new patients per year, GBG is the largest breast cancer study group in Germany, consisting of more than 1,000 doctors in over 800 centers.

GIM (Gruppo Italiano Mammella) is a cooperative Italian network for breast cancer research and therapy. GIM brings together over 150 participating centers and around 500 investigators.

SABCS Update & Flamingo-01 Steering Committee

At the 2023 San Antonio Breast Cancer Symposium (SABCS) and 2023 ASCO (Free ASCO Whitepaper) Annual Meeting, the Company met with the Flamingo-01 Steering Committee and clinicians from the US and various countries in Europe who are participating or planning to participate in Flamingo-01.

The Steering Committee is comprised of the following members:

● Dr. Mothaffar F. Rimawi – Professor of Medicine at the Baylor College of Medicine and Executive Medical Director and Co-Leader, Breast Cancer Program of the Dan L Duncan Comprehensive Cancer Center

● Dr. Francois-Clement Bidard – Professor of Medical Oncology, UVSQ/Paris Saclay University, Head of Breast Cancer Group, Institut Curie, Vice-Chair of the French Breast Cancer research group UCBG (Unicancer)

● Dr. William J. Gradishar – Professor of Medicine at the Feinberg School of Medicine at Northwestern University, Chief of Hematology and Oncology in the Department of Medicine, and Betsy Bramsen Professor of Breast Oncology

● Dr. Sara A. Hurvitz – Professor of Medicine, Head of Division of Hematology/Oncology at University of Washington, Senior Vice President of the Clinical Research Division at the Fred Hutchinson Cancer Center

● Dr. Sibylle Loibl – Professor (apl) Goethe University Frankfurt/M, Clinical Consultant Centre for Haematology and Oncology/Bethanien Frankfurt/M, CEO of GBG Forschungs GmbH & Chair of the German Breast Group (GBG)

● Dr. Miguel Martin – Professor of Medicine, Head, Medical Oncology Service, Gregorio Marañón General University Hospital, Complutense University, Madrid, Chairman of GEICAM

● Dr. Joyce A. O’Shaughnessy – Celebrating Women Chair in Breast Cancer, Baylor University Medical Center and Chair, Breast Cancer Program, Texas Oncology, US Oncology, Dallas, Texas

● Dr. Hope S. Rugo – Professor of Medicine and Winterhof Family Professor of Breast Oncology and Director, Breast Oncology and Clinical Trials Education, University of California, San Francisco, Helen Diller Family Comprehensive Cancer Center

● Dr. Laura M. Spring – Assistant Professor, Medicine, Harvard Medical School, Attending Physician, Medical Oncology, Massachusetts General Hospital

The Steering Committee discussed unpublished data, including new research the Company conducted in 2023, that suggests that GP2 may bind to various HLA types and not just HLA-A*02, in addition to discussing the prior data that supports the third arm of the Phase III trial, where 100 non-HLA-A*02 patients are currently planned to be enrolled. The Steering Committee agreed to expand this third arm to 250 patients. Given the encouraging data and the Steering Committee’s guidance, the Company will amend the Flamingo-01 protocol to allow up to 250 patients to enroll in the open-label arm of the study.

Dr. Rimawi, Chair of the Steering Committee, commented, "Among my peers, the level of interest in the Flamingo-01 trial is very high. The new sites in Europe will make significant contributions to the trial in terms of patient enrollment as well as overall conduct of the trial. The expansion of the unblinded non-HLA-A*02 arm is also significant as it reflects the interest among patients and investigators in exploring the activity of GLSI-100 in these patients, which may expand the patient population who could benefit from this exciting vaccine."

Dr. Jaye Thompson, VP Clinical and Regulatory Affairs, commented, "We welcome the new US and European members to the Steering Committee and are honored to be receiving their continued guidance in the development of GP2 and oversight of Flamingo-01. The Company spent considerable time in Europe in 2023 planning and organizing in each country. We have trained the country specific research networks in each country with the assistance of the key opinion leaders of these countries and worked closely as a group as we applied through a central European regulatory process to allow Flamingo-01 to expand into Europe. We expect to be able to expand the third arm to 250 patients in a cost-effective manner as 85-100% of the global sites plan to enroll into the third arm. We have also seen an increase in interest from third parties in India and China, countries with the largest prevalence of breast cancer, who are interested in further developing GP2 for their patient populations."

Planned Interim Analysis

In the double-blinded arms of the Phase III trial, approximately 500 HLA-A*02 patients will be randomized to GLSI-100 or placebo, and up to 250 patients of other HLA types will be treated with GLSI-100 in the third arm.

For the HLA-A*02 randomized arms, the trial has been designed to detect a hazard ratio of 0.3 in invasive breast cancer-free survival, where 28 events will be required. An interim analysis for superiority and futility will be conducted when at least half of those events, 14, have occurred. This sample size provides 80% power if the annual rate of events in placebo-treated subjects is 2.4% or greater.

CEO Snehal Patel commented, "With the addition of the European sites and approximately 150 total sites, peak enrollment rates could be reached by the end of 2024 allowing for a refinement in the interim analysis. Currently, enrollment will likely end before the interim analysis is triggered by 14 events. However, the interim analysis could be modified such that an additional sizing interim analysis is conducted before enrollment ends to reaffirm the size of the 2 randomized arms. While the hazard ratio of 0.3 assumes that the recurrence rate of the treated arm will be 30% of the recurrence rate in the placebo arm and thus a 70% reduction in recurrence rate, and while the Phase II trial showed even greater reduction in recurrence rate, we are likely to see recurrences in the treated arm of the Phase III trial and have designed the trial accordingly. Using the early Phase III trial data to reaffirm the size of the arms of the Phase III trial may be the best information we could use to reduce risk and improve the chances of success of Flamingo-01."

Mr. Patel further added, "While we may have high expectations for the interim analysis midway through the trial, Roche’s successful Herceptin and Kadcyla products reduced recurrences by only 50%, while still requiring that all HER2 positive patients be treated. Thus, we believe a similar clinical outcome for Flamingo-01 could occur and could generate similar returns to stakeholders as did Roche’s franchise drugs, which at their peak significantly exceeded $5 billion in revenue per year."

Preparation for Filing of BLA in the US

In addition to the submission of the Phase III clinical data, submitting commercial manufacturing data and study reports on the prior clinical trials will be critical to the filing of a BLA for GLSI-100 and for regulatory filings in other countries.

Commercial Manufacturing: The first 3 commercial lots of GP2 active ingredient were completed and released in 2023, representing an important step towards commercialization. The 3 lots in total could be used to prepare approximately 200,000 doses of GP2. In 2024, the first of 3 commercial lots filling GP2 into vials for commercial sale or for clinical use is planned. Data on these commercial lots will be submitted to the FDA in the US and other regulatory agencies in Europe or elsewhere when a marketing application is filed seeking approval to sell GP2 in these respective markets.

Phase II Clinical Trial Study Report: The Company is preparing a comprehensive study report of the Phase II trial for the FDA prior to the filing of a BLA. This report will include the patients with breast cancer recurrences, the last known date of patients who did not recur (censoring data), the adverse events, immune responses, and other final study report analyses. This report will serve to complement the Phase III data and to provide a drug product dossier that can also be submitted to regulatory agencies in other countries for marketing approval. The use of GM-CSF as an adjuvant in GLSI-100 may also be included in the dossier as GM-CSF is only commercially available in the US at this time.

Mr. Patel commented, "We have experienced significant interest from investors, strategics, analysts, and regulators in the 5 year follow-up data we published and the 3 and 4 year follow-up data independently published by the clinical investigators. The differences between these publications can be best explained by the increased maturity of the data as each year progressed. In all 3 publications, no recurrences or a 100% reduction in recurrence rate, were reported in the sub-population that the Flamingo-01 design has been based on and any differences between the number of patients in the treated or placebo groups has been shown to be immaterial."

The Company did not have responsibility for the conduct of the trial or for the data from the Phase II trial. After the trial had already started, the Company received the rights to the Phase II trial data pursuant to a license agreement with the Henry Jackson Foundation (HJF) that entitled the Company to all of the GP2 data from the Phase II trial and all prior trials, but did not provide the Company with the ability to participate in the Phase II trial as a regulatory clinical sponsor. The lead clinicians and HJF were responsible for project and site management, medical monitoring, data monitoring of case report forms (CRFs), correspondence with the FDA, and creation, data entry and management of the database. The Company was provided study updates but was not provided an opportunity to participate in any of the above activities or to review the publications of the 3 and 4 year follow-up data by the lead clinicians. Thus, the comprehensive study report will rely on cooperation from HJF and the clinical sites who are responsible for providing the final data accurately to the Company.

The Company is currently comparing the final CRFs and database provided by HJF and has noted the following inconsistencies as the comprehensive study report is being prepared. The lead clinicians reported in an annual report to the FDA and in their publication of 4 year follow-up data a 6th recurrence in the HER2 positive control arm of the study. The Company conservatively chose not to report this 6th recurrence since it was not reported in the data provided by HJF, even though adding this recurrence to the control arm would significantly lower the p-value and improve the evidence of efficacy of GLSI-100. As a result of detailed due diligence, the Company became aware in Q4 of 2023 of a potential recurrence in the HER2 positive treated arm. This patient was not reported as a recurrence in the database, on a CRF that should be used for a recurrence, in reports from the lead clinicians to the FDA, or in the 3 or 4 year follow-up data published by the lead clinicians. Some CRFs report a recurrence, but the critical CRF that confirms a recurrence was not completed or entered into the database provided by HJF. The Company has since initiated an effort to confirm with HJF and the clinicians who treated this patient the status of this patient, and if the final CRFs and database should be modified. It appears that this patient, who had completed treatment with GLSI-100, experienced a local recurrence that responded well to additional treatment and survived without additional evidence of disease or distant metastasis for the duration of study follow-up. Any discrepancies noted to date in the review of the censoring date recorded in the database do not materially change the study results and the median duration of follow-up remains 5 years.

Mr. Patel added, "While a recurrence in the control arm would decrease the p-value and still result in a 100% reduction in the recurrence rate, a recurrence in the treated arm would increase the p-value and would result in an 80% reduction in the recurrence rate. In either case, we believe that the reduction in recurrence rate is clinically meaningful and substantial compared to the approximately 20-50% reduction in recurrences of all other approved breast cancer drugs for this patient population. These findings have not materially affected the power of the Phase III study as the assumptions for that design were selected conservatively."

Additional Clinical Trials Under Consideration

The following trials are under consideration, pending additional funding and resources:

● Phase IIb trial to add an additional 5 years of follow-up to the prior Phase IIb trial: If possible, extending the follow-up period of the prior Phase IIb trial to up to 10 years may increase the understanding of the length of protection offered by GP2 and the need for additional boosters after the current booster regimen ends. This data may also shed some insight on how to optimize vaccination, how to vaccinate the 3 million survivors in the U.S. who are many years removed from adjuvant treatment, and how to vaccinate long term metastatic breast cancer survivors. Such a trial extension would require a new follow-up protocol and the cooperation of clinicians and patients who participated in the prior Phase II trial.

● Phase II/III trial of all low risk HER2 positive patients not eligible for Flamingo-01: If possible, the Company could leverage the current trial infrastructure in the US and Europe to potentially treat all HER2 positive patients and not just those who are high-risk, which is the current design of Flamingo-01. Some patients in the prior Phase II trial were low-risk, which suggests that GP2 may also work in the low-risk population. This trial would be large and lengthy due to fewer recurrence events, but starting it now would be cost effective given the 150 sites which would have access to these patients.

Mr. Patel further commented, "If successful, vaccinating HER2 positive patients who are long term survivors or are at low risk for recurrence could more than double the patient population being pursued in Flamingo-01. Low HER2 breast cancer patients and HER2 positive patients in other cancers also remain possible patient populations to pursue in the future, especially in combination with checkpoint inhibitors and Herceptin antibody drug conjugates."

New Intellectual Property

In the first quarter of 2023, a new patent application was filed with regards to the use of GLSI-100 to reverse a suppressed immune state and to activate an immune response against HER2 positive cancer cells if they reappear. Plans are in place to potentially file additional patent applications with regards to GP2 manufacturing, pharmacy, or injection processes. The Company is developing an assay that may be applicable to the manufacturing of GP2 and is exploring alternative formulations to minimize the reconstitution process in the pharmacy, both of which may provide additional patent opportunities.

2023 Corporate Events

The Company’s events in 2023 are listed below and on the events calendar (view here), and for the first time included 3 invitations to present at scientific and clinical conferences, a recognition of the promising GP2 clinical data and the potential of Flamingo-01: Think Tank (a collaborative conference with research and clinical experts in breast cancer), Hawaii Breast (featuring the majority of US KOLs), and the 16th International Symposium on Translational Research in Oncology (featuring European scientific and clinical academia).

● Dec 15, 2023 – 2023 Annual Meeting of Stockholders

● Dec 5 – 9, 2023 – 2023 San Antonio Breast Cancer Symposium (SABCS)

● Nov 6 – 8, 2023 – BIO-Europe Fall 2023

● Oct 20 – 22, 2023 – European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Congress 2023

● Oct 7, 2023 – 2023 Komen Houston Race for the Cure

● Sep 27 – 29, 2023 – 16th International Symposium on Translational Research in Oncology

● Sep 11 – 13, 2023 – H.C. Wainwright 24th Annual Global Investment Conference

● Aug 16 – 19, 2023 – Hawaii Breast 2023

● Jun 5 – 8, 2023 – BIO 2023 International Convention

-6-

● Jun 2 – 6, 2023 – 2023 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting

● May 11 – 13, 2023 – European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Breast Cancer 2023

● Apr 15 – 19, 2023 – American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting 2023

● Feb 6 – 9, 2023 – 2023 BIO CEO & Investor Conference

● Jan 9 – 13, 2023 – Breast Cancer Think Tank Conference

List of US Clinical Sites Participating in Flamingo-01 Phase III Clinical Trial

Patients who are interested in participating in the Flamingo-01 Phase III clinical trial can learn more about the study at www.clinicaltrials.gov/study/NCT05232916. Each clinical trial site location is listed on the website under "Contacts and Locations" with a new feature showing each site on a map. Patients should contact a participating clinical trial site near them or [email protected] for screening. The current listing of US sites from the clinicaltrials.gov website with email contact information for some sites is shown below and will be continually updated during the trial. Additional sites are planned to be opened at large hospitals in Boston, Philadelphia, and Baltimore/Washington DC.

About Flamingo-01 and GLSI-100

Flamingo-01 (NCT05232916) is a Phase III clinical trial designed to evaluate the safety and efficacy of GLSI-100 (GP2 + GM-CSF) in HER2/neu positive breast cancer patients who had residual disease or high-risk pathologic complete response at surgery and who have completed both neoadjuvant and postoperative adjuvant trastuzumab based treatment. The trial is led by Baylor College of Medicine and currently includes US clinical sites from university-based hospitals and cooperative networks with plans to expand into Europe and to open up to 150 sites globally. In the double-blinded arms of the Phase III trial, approximately 500 HLA-A*02 patients will be randomized to GLSI-100 or placebo, and up to 250 patients of other HLA types will be treated with GLSI-100 in a third arm. The trial has been designed to detect a hazard ratio of 0.3 in invasive breast cancer-free survival, where 28 events will be required. An interim analysis for superiority and futility will be conducted when at least half of those events, 14, have occurred. This sample size provides 80% power if the annual rate of events in placebo-treated subjects is 2.4% or greater.

For more information on Flamingo-01, please visit the Company’s website here and clinicaltrials.gov here. Contact information and an interactive map of the majority of participating clinical sites can be viewed under the "Contacts and Locations" section. Please note that the interactive map is not viewable on mobile screens. Related questions and participation interest can be emailed to: [email protected]

About Breast Cancer and HER2/neu Positivity

One in eight U.S. women will develop invasive breast cancer over her lifetime, with approximately 282,000 new breast cancer patients and 3.8 million breast cancer survivors in 2021. HER2/neu (human epidermal growth factor receptor 2) protein is a cell surface receptor protein that is expressed in a variety of common cancers, including in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels.

Genmab Publishes 2023 Annual Report

On February 24, 2024 Genmab A/S (Nasdaq: GMAB) reported the publication of its Annual Report for 2023 (Press release, Genmab, FEB 14, 2024, View Source [SID1234640090]). Below is a summary of business progress in 2023, financial performance for the year and the financial outlook for 2024. The full report is attached as a PDF file and in iXBRL format and can be found in the investor section of the company’s website, www.genmab.com/investors.

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Conference Call
Genmab will hold a conference call in English to discuss the full year results for 2023 today, February 14, 2024 at 6:00 pm CET, 5:00 pm GMT, 12:00 pm EST. To join the call please use the below registration link. Registered participants will receive an email with a link to access dial-in information as well as a unique personal PIN: https://register.vevent.com/register/BId9317ea1b2844573b09971b162f4d87b.

A live and archived webcast of the call and relevant slides will be available at www.genmab.com/investors.

2023 ACHIEVEMENTS

Business Progress

Multiple regulatory approvals granted to Genmab and AbbVie for EPKINLY/TEPKINLY.
Successful launch of EPKINLY (epcoritamab-bysp) in the U.S. and Japan, a first in Genmab’s history.
Regulatory submissions based on positive topline results from the follicular lymphoma (FL) cohort of the pivotal EPCORE NHL-1 epcoritamab study.
Genmab and Pfizer Inc.1 initiate discussions with regulatory authorities based on positive topline results from the innovaTV 301 and innovaTV 207 tisotumab vedotin studies.
Decision on moving to late-stage development for acasunlimab (GEN1046/BNT311).
Multiple Investigational New Drug (IND) submissions.
Entered into collaboration with argenx to jointly discover, develop and commercialize therapeutic antibodies with applications in immunology and oncology.
Continued development of Genmab’s broader organizational infrastructure with the addition of over 500 new colleagues.
Grand opening of new headquarters in Copenhagen, Denmark, and expansion of Genmab Research and Development Center (GRDC) with the Accelerator in Utrecht, the Netherlands.
Janssen’s TALVEY becomes 8th approved medicine applying Genmab innovation.
Financial Performance

Net sales of DARZALEX by Janssen were USD 9,744 million in 2023 compared to USD 7,977 million in 2022. The increase of USD 1,767 million, or 22%, was driven by share gains in all regions.
EPKINLY delivered USD 64 million for FY2023 with two full quarters of sales. USD 55 million were from the US market.
Royalty revenue amounted to DKK 13,705 million in 2023 compared to DKK 11,582 million in 2022. The increase of DKK 2,123 million, or 18%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our daratumumab collaboration with Janssen and ofatumumab collaboration with Novartis, respectively, partly offset by negative foreign exchange rate impacts due to a lower average exchange rate between the USD and DKK.
Genmab’s revenue was DKK 16,474 million in 2023 compared to DKK 14,505 million in 2022. The increase of DKK 1,969 million, or 14%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our collaborations with Janssen and Novartis, respectively, partly offset by milestones achieved in 2022 under our collaboration with AbbVie. EPKINLY net product sales, driven by a strong product launch, also contributed to increased revenue in 2023.
Genmab’s operating expenses increased by DKK 2,689 million, or 33%, from DKK 8,238 million in 2022 to DKK 10,927 million in 2023, driven by the increase and accelerated advancement of epcoritamab under our collaboration with AbbVie, advancement of acasunlimab and DuoBody-CD40x4-1BB under our collaboration with BioNTech, further progression of pipeline products, EPKINLY launch in the U.S. and Japan, the continued development of Genmab’s broader organizational capabilities, and related increase in team members to support these activities.
Operating profit was DKK 5,321 million in 2023.
2024 OUTLOOK

(DKK millions) 2023 Actual Result 2024 Guidance 2024 Guidance Mid-Point 2023 Growth % 2024 Growth %*
Revenue 16,474 18,700 – 20,500 19,600 14% 19%
Royalties 13,705 15,600 – 16,700 16,150 18% 18%
Net product sales/Collaboration revenue** 728 1,700 – 2,200 1,950 231% 168%
Milestones/Reimbursement revenue 2,041 1,400 – 1,600 1,500 -24% -27%
Gross profit 16,248 18,000 – 19,500 18,750 12% 15%
Operating expenses (10,927) (12,400) – (13,400) (12,900) 33% 18%
Operating profit 5,321 4,600 – 7,100 5,850 -15% 10%
*Mid-point of guidance range
**Net product sales and collaboration revenue consists of EPKINLY net product sales in the U.S. and Japan, and Tivdak (Genmab’s share of gross profits) in the U.S. Collaboration revenue excludes one-off payment in 2022 from Pfizer of approximately USD 15 million (DKK 112 million) related to the sublicense of rights to develop and commercialize tisotumab vedotin in China to Zai Lab Hong Kong. This amount is included in Milestone/Reimbursement revenue for this presentation.

Revenue
Genmab expects its 2024 revenue to be in the range of DKK 18.7 – 20.5 billion, compared to DKK 16.5 billion in 2023. Our revenue in 2023 was driven primarily by DARZALEX (daratumumab) royalties due to the continued strong growth of DARZALEX net sales partially offset by negative exchange rate movements between the USD and DKK and negative impact of applying the DARZALEX contractual annual Currency Hedge Rate.

Genmab’s projected revenue growth for 2024 is driven by higher royalties, net product sales and collaboration revenue. Royalty growth relates mainly to DARZALEX and Kesimpta (ofatumumab) net sales growth. Net product sales and collaboration revenue growth driven by strong performance for both Tivdak and EPKINLY. Net product sales and collaboration revenue consists of EPKINLY net product sales in the U.S. and Japan, and Tivdak (50% gross profit share) in the U.S.

Genmab’s projected revenue for 2024 primarily consists of DARZALEX royalties of DKK 12.6 – 13.3 billion. Such royalties are based on estimated DARZALEX 2024 net sales of USD 10.9 – 11.5 billion compared to actual net sales in 2023 of approximately USD 9.7 billion. DARZALEX royalties are partly offset by Genmab’s share of Janssen’s royalty payments to Halozyme Therapeutics, Inc. (Halozyme) in connection with subcutaneous (SC) net sales as well as royalty reduction in countries and territories where there are no Genmab patents. The remainder of Genmab’s revenue consists of royalties from Kesimpta, TEPEZZA, RYBREVANT, TECVAYLI, TALVEY and TEPKINLY, net product sales and collaboration revenue from EPKINLY and Tivdak, reimbursement revenue and milestones.

Operating Expenses
Genmab anticipates its 2024 operating expenses to be in the range of DKK 12.4 – 13.4 billion, compared to DKK 10.9 billion in 2023. The growth in operating expenses is to support Genmab’s continued portfolio advancement and investing for future product launches, including epcoritamab.

Operating Profit
Genmab expects its operating profit to be in the range of DKK 4.6 – 7.1 billion in 2024, compared to DKK 5.3 billion in 2023.

More information on the Risks and Assumptions for the 2024 Financial Guidance can be found in the 2023 Annual Report available on our website www.genmab.com/investors.

Share Buy-back Program

Repurchase of up to 190,000 shares to honor our commitments under our Restricted Stock Unit Program.
At the Annual General Meeting on March 13, 2024, the Board of Directors will propose the Annual General Meeting authorizes the Board of Directors to allow the Company to initiate a new share buyback program of up to DKK 3.5 billion.