On November 1, 2022 Dragonfly Therapeutics, Inc. ("Dragonfly"), reported that the first patient has been dosed in a clinical trial being conducted by Merck, known as MSD outside the United States and Canada, to evaluate a solid tumor targeting TriNKET developed by Dragonfly (Press release, Dragonfly Therapeutics, NOV 1, 2022, https://www.prnewswire.com/news-releases/dragonfly-therapeutics-announces-first-patient-dosed-in-clinical-trial-evaluating-solid-tumor-targeting-trinket-conducted-by-merck-301663741.html [SID1234622751]). Dragonfly will receive an undisclosed milestone payment triggered by this event.

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"Across both our 1.0 and 2.0 collaborations, Merck has been an extraordinary partner in oncology, immune disorders and other fields," said Bill Haney, co-founder and CEO of Dragonfly Therapeutics. "We are delighted that the first immunotherapy candidate from our initial collaboration has advanced into the clinic, and equally enthusiastic by the progress we are making together on bringing Dragonfly’s TriNKET technology to targets that address other indications."

The companies’ collaboration, initially focused on a number of solid tumor targets, began in October 2018. The collaboration was subsequently expanded in 2020 with a multi-target agreement to develop and commercialize additional natural killer ("NK") cell engager immunotherapies in oncology, infectious disease and immune disorders. Merck licensed this first TriNKET immunotherapy candidate from Dragonfly in November 2020.