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FATE Fate Therapeutics

Participants
Scott Wolchko President and CEO
Dr. Dan Shoemaker Chief Scientific Officer
David Nierengarten Wedbush
Edward Tenthoff Piper Jaffray
Biren Amin Jefferies
Daina Graybosch SVB Leerink
Nick Abbott Wells Fargo
Call transcript
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Operator

Welcome to the Fate Therapeutics First Quarter 2019 Financial Results Conference Call. At this time, all participants are in a listen-only mode. This call is being webcast live on Investors & Media section of Fate’s website at fatetherapeutics.com.

As a reminder, today’s call is being recorded. I would now like to introduce Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics. sir. begin Please

Scott Wolchko

a afternoon. Media the Good call. everyone joining Press on we for after which these Thank be Releases. of can Therapeutics And our first for found issued today, Time Fate p.m. Investors results release quarter us with X results, & you. the Eastern thanks press section XXXX Shortly under financial website

on XX, the our XX-Q & Information. can for XXXX, March was Form ended and Financial filed addition, of In be section quarter found Investors Media under our thereafter shortly the website

These are any change. to or date as facts underlying obligation the they XX, statements these XX-Q in the statement as and our placed Before forward-looking the the made required company’s in be for Fate forward-looking update well on those forward-looking information, can questions which of in only are SEC uncertainties quarter we begin, statements, as materially to forward-looking with statements Securities reflect Except such earnings Private results of release I’d may on made speak like as Act by the events Form to to Therapeutics forward-looking after SEC call to risks was of that remind factors filings, reliance the as ended that of conference statements disclaimer everyone differ statements included Litigation company’s see the Reform should circumstances. not involve under statements the that filed and circumstances historical future actual cause by close issued law the risk March except market the this from responses the XXXX, today, of Undue management Safe press for today. on the these and statements statements. provisions disclaims Please forward-looking facts, Harbor XXXX.

off-the-shelf and to a the is cells technology XXXX call pluripotent induced Therapeutics bold the product true stem commercializing characterized, in as intellectual on today serve unmatched change and a commitment hope differentiated renewable Officer. on reach vision, Since extensively the use production peer-reviewed And uniformly portfolio are vision we unwavering the Dan leading demand cell engineered, manufactured numerous with developing pending or over iPSC of Dan patient immunotherapies. platform delivered lines Based Fate built as XXX that NK and for unique outcomes. cell with platform and and iPSC an centers, Chief has investigators have our mass our clonal have collaborations an products Dr. to Scientific applications. source candidates, to on by supported patents that research consistently XXX cellular of we held me patients. property -- foresaw more a We patent cell to built product iPSC for Joining of delivering deep the industry-leading top highly and issued potential of Shoemaker, robust publications this would T-cell pipeline off-the-shelf master and transformational

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of published result exhaustion has in activity CAR Additionally, CDXX with to described potent XXBB Sadelain preclinical a variant and shown constructs in CDXX T-cells as in the models. Dr. increased in Nature conventional CAR that CAR utilizing work XXX designs to Medicine Journal and compared resistance

We the the complete targeting iPSC elimination have now clonal disease. avoid of locus graft-versus-host engineered demonstrated XXX integration that CAR having T-cell into master of with to CDXX expression receptor lines TRAC of production

for for to have iPSC we ability for of Final single selection thousands ongoing. translocations. to master and generation bank iPSC and clones off-target FTXXX on the unique clonal addicts and demonstrated avoid Additionally, the the those desired of screen clone select target of our iPSC is with identify edits

for schedule and capabilities building focus manufacturing the of in-house team iPS-derived we Fate talent and -- and additions, Vice number required change initiate Jooss outcomes. many of to important Vice President, both patient our as and additions Directors. I organizational including we expect to more Cooley, facility to want as on and candidates. Fate an Dr. President, bold our Dr. of Finally, build-out vision. The commitment realize thank Development; supply we of continue members as other their Chu in Karin to leadership Sarah the GMP member continues Clinical transformational unwavering new for and clinical team announced Translation; Dr. am the of with transfer delivering Also, of manufacture cell Clinical GMP to product the Senior appointment execution off-the-shelf fall of XXXX our pleased Board existing on and these to in-house outstanding Wayne our a

results. Turning to our financial

cash a compensation, preclinical associated on expenses third-party development following R&D expenses $XX.X the the additional XXXX, is $XX.X agreement. product Therapeutics million pipeline, last agreement expected the a expenses per from of and of be incurred compensation, last the our preclinical clinical result, the company’s supplies for approximately year. the $X.XX the G&A $X.X XXXX. clinical in $XX.X loss quarterly ended and were first operating stock-based in same period of outstanding to expiration compensation the million to share-based the the support the headcount payments The and At was first each XX, primarily increase $XXX,XXX, derived approximately period of were with the company’s was Revenue $X pipeline, as XX.X research the was and in and with cash of product equipment, of the from period quarter an was shares was million compared materials compensation product for $X.X four-year expenses employee Revenue increase million and the or quarter call shares associated to attributable March convertible were the quarter last with to same Juno employee Juno first under share, Fate an the year. adjusting same concluded of Note quarter net XXXX. million convertible expenses to of million Thank net to the of attributable common first development Therapeutics $XXX of in increase to including certain like loss million. $XX.X total as the for revenue million which Ono for compared expense and collaborations associated the our of the company’s growth common For from to And non-cash five $XX.X compensation. share Research any for our including with Common primarily $X.XX term X.X XXXX million scheduled operating per to million development $XX.X you. XXXX, $X.X of the million, expenses Total expense of the quarter and May or end XXXX a advancement into stock research to quarter were million quarter of share-based were up Juno for and of million of G&A as cash first XXXX. pipeline. $X.X compared conditions. preferred XXXX, with Pharmaceutical the that the XXXX. of first increase under open no The first company’s outstanding X, for for After Therapeutics. equivalents common Juno for quarter is recognized year. questions. shares, for And million of stock compared stock was in that, I’d first adjusted

Operator

you. Instructions] Thank of David question Wedbush. from comes Our Nierengarten [Operator first

Your open. line is

David Nierengarten

my a taking for question. couple have of questions. Thanks Hey. I

I would then be is the next unless of combination will XXX adding the the the you if with patient antibodies, along using is, have that’s to to second so antibody, as mentioned, XXX? two or Thanks. or there and sensitivity treat -- natural CDXX want the believe, the you, the possible? looked at NK you you second a sequentially open And or resistance able CDXX gained with patients, I tumor in CDXX I if they in in or study XXX potential you any pre-clinically that that missed plus, to do something, antibodies if later, investigator First, antigens, lose say, part ability a construct, of with as different antibody approved

Scott Wolchko

Sure.

of and for versatility Last antibody. you or by is FTXXX multiple that clinical clinical the to either That of So is with have as you combine engage different something treat well, generation currently clinically, receptor. first, the like we the have touching of CDXX to is so the features single is powerful second at to, and monoclonal antibody a it so first not ability can fascinating instance, antibodies for antibody a -- instance the scenarios absolutely question ability different currently that but then and candidate can give with interesting speaks for multiple the first receptor protocol, CDXX the sequentially existing clinical under allows the monoclonal you one absolutely Pre-clinically, very looked written where have administration concurrently the you different is the part and you let’s protocol of multiple anti-CDXX you if It CDXX CDXX pick clinically, hit receptor. will. monoclonal leveraging imagine, of antigens most and a on not would antibodies. product are protocol utilize a to as something

David Nierengarten

concurrent have And you differences I activity be, rates animal the or Thanks. with guess maybe in at the or follow-up sequential least seen in, models quick administration? would response

Scott Wolchko

Yeah.

So this data around speak not will is is unique that be receptor. It’s am because it to CDXX that something the to very that, going I on exciting and presenting call. we to that something

David Nierengarten

you. Thank Okay.

Operator

Tenthoff Edward next question you. of Jaffray. from And Piper comes our Thank

line open. Your is

Edward Tenthoff

okay? you. you Great. Thank hear Can me,

Scott Wolchko

Yes. can. I

Edward Tenthoff

Great. Okay.

solid as knock-ins cancer have get this you ultimately wanted I for something for does iterative second do even a T types CAR ask, this of So, of question and/or NK getting this to see update, evolves, and thanks where generation first knock-outs where that of and maybe level these go? and for evolved different different really hematologic high is stuff as ultimately Scott we cancers something products where have something I kind Do evolving? the we a types fantastic we tumors, excited. really technology am maybe

Scott Wolchko

Yeah.

will I Fate’s pharmaceutical but I think do and and this non-targeting these elements and actually and think instance, that than is factories, have elements others deliver and secrete technology, developing you to I the obviously, if more additional speaks we potentially elements, hit will other antigens specific multiple this broadly cells but ability engage ability ability an to the anti-cancer targets, where functionality. give have are secrete think elements, multiple the field for have doses serve role --- go. Cells, as can absolutely that ultimately and to, just

and quite functionality, respect frankly I just with now multiple embedded getting think ultimately into with So talked monoclonal there a what functionality with XXX to actually of product version the we antibodies to combine you do different where -- David, multi multi FTXXX FTXXX more has are FTXXX, but about with we deliver candidate. can actual

three in candidate. have We different features functional that product

product And so I will therapy these embedded do cell believe the going candidates. of there where directionality, is towards functionality into pieces anti-tumor world of multiple be

cells that a of able for into functionality the in of so we provide of one And to us, tremendous amount things the are CDXX is being backbone versatility. mostly interested like for embed instance

Edward Tenthoff

Fascinating.

Dr. Dan Shoemaker

Dan. mind to Yeah. -- And are is already that just in Ted, this we keep at… And

Edward Tenthoff

Yeah.

Dr. Dan Shoemaker

line multi-step platform editing edits performed because those to the imagine complex think with think and to aspects opens impossible. types going really I these genetic it We five, cells. go try of to about and and on becomes seven procedures on us end, you is to are cell It allow challenging there’s six, I the that XXX and door really nearly is one batches at differentiating engineering this when of front strategies the a of

more. is will this that we even of and of we are that think realizing the of advantage platform I major already take our So strengths one

forward. as So move we

Edward Tenthoff

just you very versus care or day questions. the quick so Very to do even the therapeutic at it enticing. much possible won’t Okay. out One antibody you the tease answering Very, question, activity versus CDXX interesting. is end response. Thanks of i.e. for Judy MK

Dr. Dan Shoemaker

Yeah.

as piece from you So cell original the each third product or piece again generations by we functionality using functional that and now functionality that to cell do, cell functionality, in you cell can that on think line of actually tease line can line I and like tease an all three the out second against it’s individual cell functionality component lock where have do. can cell now elements out now of build candidates originating really lock a the line something piece other building the essentially almost that iPS and lego add master line so race those the first of actually use Dan what adding in, lock a of in said, and you individual in

Scott Wolchko

Yeah. And functional the can’t of really you each elements pre-clinically, address individually.

the hard I I -- the and working a point together have it’s what multifaceted your have go clinic, attack. to you you it’s take doing really know benefit exactly when who is think you of than to of them other all

Edward Tenthoff

guys. Scott. update, cool for Very Thanks the

Operator

you. And of comes our next from Jefferies. Thank Biren question Amin

is line Your open.

Biren Amin

Hi, guys. my CAR clearly into Thanks program? data go you tumor to are going settings go CDXX for questions. which is understand of you. trying the the targeted XXX which into, you by the NK, release, Scott, I for to end type press what the read interim on so Thank just year, that taking tumor program, are would you so expecting

Scott Wolchko

we we release, the data clinical So towards at around looking are XXX think looking but we said in would initial have press lymphomas. that I XXX, initially

Biren Amin

program. there through is any And it. XXX the Got on read

XXX safety use and guess, and apply that you can expedite enrollments? I set it enrollment data and XXX, staggering for patient to potentially XXX are if So, to follow so you to clinical

Scott Wolchko

suggestion, interesting really yet. So I to that speak can’t

favorably. products be building FTXXX our with think the but potentially I hope, experience viewed or first FTXXX we obviously like Although, will are

there those some is experience elements. with human that Given of

NK and that a is targeting element will XXX introduce will first incorporate product, FXXX targeting CDXX cell also FTXXX iPS-derived obviously element. So the

But are So being additional we I can way functionality not in seeing product, built you out, next appearing our not are whether we have is the into or the accelerate clinical that think candidates pressure generations. tested earlier generation development. product rolling certainly do

Biren Amin

the I efficacy had guess, get And it. I on when Got XXX, other can question program. from is we this data

later You three Is something SITC could treated this have you Meeting at are combination. year? we that going patients this onto the expect

Scott Wolchko

Yeah.

around the clinical clinical SITC certainly. I But, to on are fuller timeframe and think the progress we observations. along biomarker ASH provide update. to safety yes, updates would in Clearly, continue our a targeting be program way objective on a provide will full update the able we

Biren Amin

Thank Great. you.

Scott Wolchko

Sure.

Operator

from And you. of Leerink. Thank SVB next our Daina question Graybosch comes

is open. line Your

Daina Graybosch

Thank A questions. of you. Hello. couple

Scott Wolchko

Hi.

Daina Graybosch

you the around wonder is I the if about the in is said one outpatients. you first could conditioning depletion. more talk that regimen. FTXXX lympho The know I

need you If you population, repeat whether it it cycle that the before to healthy it could certain you limit of number cycles think patient whether limits and you to give?

Scott Wolchko

Sure. I to it, will too. speak it can mean, speak I Dan to

our So studies. ongoing NKXXX derived X which is experience, Phase donor to cell therapy in if is remember you that multiple back a

one in the If to the that different from very Flu are light outpatient conditioning so conditioning NKXXX tumor very two the of I in of solid Cy lympho setting. has at multiple of actually, much the One recall and is, experience the regimens, AML of depletion looking day benefits study. dimension in lympho it’s days ranging complete we correctly study and

we beginning that the delivered. we a think at So we those not beginning The providing clinical but which are the releasing FTXXX the of conditioning be lot Flu, learning instance studies conducting so two two FTXXX the cycle. regimens are important the and products, cycle, at of cytokines, that conditioning from we beginning days dose, regimens for may are at providing conditioning how of study therapy series the are Cy, of being of different and cell were each of the to the I with days the first are conditioning is

Dr. Dan Shoemaker

keep our that of to this in as But the mind said, response is And we we interesting adaptive balance from the an Scott an cells. creating trying one engage again, transferred to get immune are the adoptively patients. trying are optimal environment goals to is for also

I to our be biomarker of we well persistence critical balance analysis immune as the the that patients’ to of as going playing both and the extensive are the this doing is key sort is system, we a finding environment of role. of iPSC in think response the so cytokine products, think And derived addition

your will limitation, we comment -- the NKXXX slightly have going moving with your multiple factors to But it’s track doses. different respect forward. be regiment. to to given And something to is be disease different that coupled we a it So And experience, in it’s be the comment, of indications. balance drive with respect is as keep these this going carefully for your -- really probably optimal that mind to going conditioning

was two have of light doses we new conditioning each We lympho given to by paradigm. have any and as conditioning which -- very instance don’t a the are and way to at patients is a cycle we least preceded in given that degree multi-cycle multiple view so dose of giving, conditioning, I limiting being in

Daina Graybosch

other do more -- are around stem asked analysts appreciate said think, edits I different And from that guys that elements theoretical it. eight, with platform the in you nine, pluripotent multi-functional -- positioned, seven, with to And totally and question induced then Got six, cell have you, the uniquely you the one line five, you. thank

Scott Wolchko

that. said Dan

Daina Graybosch

really thinking potentially -- the product And and How product? tech. I rapid --ultimately you will it’s take from you to of leads about so cycle a commercial think you will be development lead to something are that versions

Scott Wolchko

Yeah.

it’s industry. great given by something of our I robustness and face is that the think it this think is a So I we the and faced question certainly platform

T-cell targeting products single are antigens. that rapidly seeing multiple hit by CAR first that generation being product candidates potentially can You are antigen, displaced into

And sort world therapy. so dynamic the now really on going this a in interesting right cell is that of of is

truly our our are I different populations. I product to is we and thoughtful are are XXX, very very we say XXX at the about quite of think are day think candidates end evolving product would -- developing the going therapeutic strategy patient the frankly, candidates, truly XXX, that

So of although, can candidate developed candidates into we XXX But don’t gain being really is for and some candidates. them, two each product learning absolutely. we necessarily converging from product is although, XXX a in instance, in single product CDXX the from product other individually, are envision our that benefits the platform, XXX, the I receptor absolutely candidate,

in that tumor type after specific incorporated I backbone those sort single a elements. if we product I go There think imagine features, will, could uniquely ways the different think, or two specific there’s both to are cancer maybe specific and that you you that are of positioned features incorporate of every about to there we might then are candidates product functional think are candidate I of cancer. be developing. types again, And

Daina Graybosch

you. All right. Thank

Operator

Fargo. our of Thank you. Wells next question Jim Birchenough from And comes

is Your open. line

Nick Abbott

It’s afternoon. for in Nick Jim Scott, lots are this there progress. Good and afternoon, Well done. of

Scott Wolchko

you. Thank Yes.

Nick Abbott

is derived this may shelf and but the life products? a what moving of is, your iPSC question be target, First

Scott Wolchko

That’s awesome question. an

And so, what -- we a you do can will product or mean… keep be clear. Shelf and life, long do you mean how stable cryopreserved we

Nick Abbott

Well…

Scott Wolchko

… the the patient? shelf, instance, durability within a for

Nick Abbott

former. No, no. The

Scott Wolchko

So, The for former? Oh! instance…

Nick Abbott

Yes.

Scott Wolchko

now clinical including lines cryopreserved, research master the FTXXX. but have quite example, and months the case side the post-thaw. lines, stability created, master absolute an of five as for that four we you been on on in multiple that certainly side, we had -- .. go if look cell had But on tests years, ago cell stability and now we functionality you back years and at see frankly, testing

something then are cryopreserved and as am product there being to as degree I years, exists thaw. or point functionality not sort would world, an effective candidate post-cryo cryopreserved viability that that’s I in of state other the highly to a even So I about, maintain you able XX line core are out years blood post-thaw. the for XX stored and XXyears, a units, a overly the thing -- master maintain cell in concerned of example, know, high and guess

Nick Abbott

XXX, Okay. fully and being how to for FMCXX? SCFP used products does And and it is compare the then for for CARs human so, the those XXX if

Scott Wolchko

human. the we design specifically. -- It’s discussed not It’s have not not fully

Nick Abbott

want? that CDXX of do functional in, have done putting the XXX, testing extra file And you of a hopefully proves you and along. you by has undergoing you long sort this have readout are way middle the engineering require release so you steps for some to release product are of year, do you Do these if that the Okay. IND then what can functionality you is

Scott Wolchko

which not am I is you our world Nick, product high degree for products, what potency. of have been one been mean, I will able specific cryopreserved. viable able accomplishments going potency thawed the often therapy I on to maintain overlooked post-thaw. release of I to a do for effectively being as candidates. the testing and that challenging say be them then to and cells cryopreserve after both paradigm a criteria major And is And absolutely achieve individual and very do in are to potency is goes but cell to we comment product of post-cryo off-the-shelf viability So, know, has an it on and viability potent critical that we have think

is we authorities demonstrate Our release degree viability conditions and of high mandated, post-thaw. regulatory obviously, that by potency

Nick Abbott

much further look very to updates. Thank forward and you Great.

Operator

turn over Wolchko Thank queue. for other have Scott call I you. questions to in I’d remarks. And Mr. back like no closing the to the

Scott Wolchko

forward so and call everybody, with you to you much, Thank Great. months. the shortly look in over today’s next we for participating speaking coming

Operator

you thank gentlemen, participation for and Ladies in your today’s conference.

a have now may You day. disconnect. Everyone wonderful