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FATE Fate Therapeutics

Participants
Scott Wolchko President and CEO
Ed Dulac CFO
Wayne Chu SVP, Clinical development
Michael Yee Jefferies
Mike Ulz Morgan Stanley
Alethia Young Cantor
Peter Lawson Barclays
Daina Graybosch SVB
Srikripa Devarakonda Truist Securities
Matt Biegler Oppenheimer
Mara Goldstein Mizuho
Nick Abbott Wells Fargo
Ted Tenthoff Piper Sandler
Rob Burns H.C. Wainwright
Call transcript
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Operator

Welcome to the Fate Therapeutics Third Quarter 2021 Financial Results Conference Call. At this time all participants are in a listen-only mode. This call is being webcast live on the Investors 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 CEO of Fate Therapeutics.

Scott Wolchko

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

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

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

data the Dr. Wayne several we over Dr. Valamehr, Clinical cell NK our off Research Senior a these from today's our the Development preclinical in shelf on our with in lymphomas. Dulac, T-cell Autologous our President and and cell remarkable Chief clinical Chu, results immunotherapy months share will Hematology with mid-November, certain for of B our the and Chief Bob our me past clinical of in therapies connection programs of refractory with Officer; targeting programs franchise. Beginning discuss Society to B for meeting iPSC of highlight Officer. cell annual American and Financial derived CAR CDXX have malignancy progress mid-December. Joining Today, cancer call our annual development; with and Ed Vice meeting patients society relapsed are plans delivered

shelf a can cell remains to bring that more there outcomes However, significant based to off the cancer develop transformative immunotherapies patients. need

months, clinical FTXXX several NK cell clinical of past the in candidates, our progress programs Over patient we investigation including product FTXXX populations. expanding shelf the IPS significant off have broader these made derived to and advancing

clinical the very We with continue data. to be early pleased

antigen through designed of requiring antigen escape. IPSC shelf our objective receptor we a with addressing outpatient CAR second in monotherapy without off supports FTXXX FTXXX hold cutoff million believe as from safety X those data observed the targeting with class in may and in have clinical as XX of settings. receptor in well its drive both combination differentiated care of and seven while antibodies. cell substantially that therapies Fc August, We with affinity and we combination tumor derived data achieved assessed XX antigens, rituximab, setting dose combination a cohorts through to CDXX may a FTXXX multi escalating high studies T-cell single NK dose hospitalization, our with with potential comparable community its relapsed non-cleavable In announced an of XXXX, FTXXX In is the targeted is used only our of being potential shown and respectively. CDXX in B dose enable Phase approach have study including refractory best lymphoma, as and third antigen also XXX that maintaining targeting administration product line regimens cells earlier X that tumor target in heterogeneity, patients standard of FTXXX response million B response treated a cell Phase in that and profile cells are CAR but candidate interim multiple not of rates that autologous cell the treatment achieved complete to to XX June where response, date XX the patients achieved as chimeric

safety adverse disease. with to cytokine that a T-cell CDXX single differentiated commonly a patients low host had observed of effector graft therapy. complete syndrome, been FTXXX FTXXX of was of no With rituximab. and reported showed events CAR two reported dose with events Treatment and or two therapy, whom XX T-cell grade previously achieved with autologous cell a well in associated only profile of these of neurotoxicity CAR versus four with with tolerated treated release Importantly, adverse immune response combination

be dose third in for XXX is fourth tumor December through enrolled our respectively. featured million We all approximately and Phase third presentation presentation we response response rituximab. Monday, in announced today, data monotherapy Earlier cohorts million treated dose at the patients cells of updated and in cells oral combination have an duration now FTXXX cells, to million of clinical XX with XXX that XX XX. single of The study expected second, XXX as from Total X and cells will single million the patients cohort safety, ASH cover on and

cohort further December we to response data investor and where in tumor safety an plan dose present In expect for treated event addition, patients those of fourth the presentation, single Tuesday, we to to ASH on million cells. supplement the XX, XXX hold

the that observed over no that single well treatment that continue shelf to and best-in-class off patients. one limiting cycles, believe dose deliver tolerated dose for multiple To treatment that having FTXXX with end, will toxicities. is of confer a We of doses potential a was to significant the cell multiple such therapy paradigm advantage outcomes cycle

increased one at day per FTXXX and now of frequency treatment FTXXX million enrollment XX cells dosing have and dose cycle, We administered dose, of day two on initiate the a with XXX XXX two clinical receive with the benefit showing potential two treatment dose eligible to dose first second dose a escalate to treatment cycle. following the per million cells are dose. to cycle, Patients

malignancies patient based include we Phase on to FTXXX refractory clinical pleased we cells per of refractory the our Additionally, investigation relapsed X patients that of lymphoma, study, XX dose. with the enrollment broadened the interim of other of announce treatment obinutuzumab have CLL at initiated clinical for have data million B-cell I'm in with our ongoing have treated observed positive to first with we and FTXXX relapsed combination B-cell in treatment FTXXX have and

the grade potential and in FTXXX as profile response maintained responses. in without FTXXX clinical FTXXX rituximab on third safety the X.X graft-versus-host interim of from July is has therapeutic per indicating the the XXX FTXXX Turning observed. any two drive we and achieved dose XX second treatment therapies. three second reported. up serious August, And that the of an events, was of XX XX multi syndrome, cohorts patients combination The on with No cells date to and B-cell X In that effector grade for of our intervention, dose of between from events that million were study per adverse lymphoma. of were based further FTXXX of of events objective months, announced complete disease going observed XX of response, cutoff data of no or or favorable, release differentiated cells cell also treatments follow relapsed patients million Eight durable with cycle. immune X T-cell the refractory of neurotoxicity Five adverse related FTXXX. FTXXX patients X.X escalating related or of day associated response greater their XXXX up and six cytokine positive dose, data the achieved including Phase dose,

be We Phase have million dose clinical duration FTXXX enrolled our the cohort the that XXX all our dose stage of XX patients X announced multi-dose study, we cohorts. third dose. second, fourth response in at study from XX. on featured is December cover expected a to Earlier ASH poster at of fourth The seven data presentation the patients of treated per Phase and safety, cells now multi FTXXX for having and updated response in completed will X presentation today, Monday tumor escalation

CDXX lymphomas naive CAR Number three with CDXX a two, therapy. further the lymphoma following disease that We T-cell therapy three large naive in into CAR third disease to refractory to of autologous lymphoma in are CDXX diffuse patients CAR cohorts XXX plan line third are addition, B-cell the to opportunity. has intending Tuesday the T-cell with therapy. autologous assess activity whose and activity need one on In B-cell progressed are enroll assessing to segment has significant follicular growing we ASH may updated believe XX. patients December per escalation, to at cells FTXXX we relapsed further patients unmet dose addresses CAR presentation dose disease of to in clinical million fast investor following our autologous development a market initiated progressed with whose expansion supplement autologous FTXXX data line market potential specific dose FTXXX completed event T-cell patients T-cell therapy have including and CDXX now offer that and Having patients at clinical

also its be that chemotherapy may targeted earlier settings. profile setting, line favorable In regimens given its to-date, rituximab observed in Cy/Flu administered with of combine standard-of-care, to in have FTXXX conditioning explore community outpatient with dose initiated combination expansion addition, to used bendamustine because the without and in and are potential FTXXX we CDXX safety and

Importantly, serve to sites in the patients these we community include expansion in cohorts, four dose that intend setting.

in multiple Phase the pleased targeted of our daratumumab. antibody FTXXX escalating that combination with CDXX myeloma disease I'm first patient announce we in have to our to treated monoclonal study dose franchise, X Turning

backbone with product engineered builds FTXXX innate and immunity. of functional our Our is FTXXX optimize candidate to components off three

designed to oxidative of assess function. the and enhanced showed to preclinical attributable with receptor novel IL-XX non fitness, FTXXX novel In relapsed fusion and combination refractory the three functional cells. CDXX once receptor doses, study activation stress weekly fusion killing, FTXXX was CDXX treatment a program FC the of published and increase in blood an the persistence cellular the Reviewed protein high Peer peripheral addition for recently a NK metabolic Cell, FTXXX compared effects Stem of In Cell its resistance IL-XX we were in X knock-out, that daratumumab dependent cleavable which induces of Journal superior Phase receptor, deletion and enhanced FTXXX NK shown and incorporates of myeloma. serial that anti-tumor The exhibits cell expression cytotoxicity gene. The effector improve to CDXX is biological affinity studies activity to to to antibody multiple

Similar dose. FTXXX, our per The first at cells patient we our further FTXXX. lymphoma, have treated was approach to are developing create in candidate we product and to FTXXX million XXX where modified FTXXX

multiple Our candidate off-the-shelf product CDXX designed its NK targeted BCMA IPS receptor and CAR avidity target derived non-cleavable its through high affinity antigens, both chimeric high receptor. to antigen FC cell

assess which cohort, million CDXX BCMA dose enrollment to of We dose and at Phase hold the antigens, best-in-class well X FTXXX XXX as in treatment will believe have monotherapy, begin dosing both escalating that in and Patient our treatment regimens targeting for FTXXX daratumumab, single multiple study as potential approach as dose dose monotherapy we initiated of the an as in both combination with of a dose treatment myeloma. enables cells. may with of multi single

about we franchise, to AML. the cell of disease continue foundational to the AML our potential role treatment excited in of a NK therapies IPS be with patients to play derived Turning

NK programs, complete We the marrow. are tolerated of have and can FTXXX and our are cells initial leukemic clinical that from encouraged blasts from responses bone induce well X objective derived with by which IPS indicated Phase data FTXXX our clearance

and setting. achieved, IPS outpatient cells clinical off-the-shelf these NK Importantly, outcomes derived with administer were the in

has additional the three dose accordingly. strides rate made months, in we opening sites, of past study significant escalating of have accelerated FTXXX Phase enrollment X our clinical Over at our and

also XXX AML. recognize cells No patients million toxicities with patients with investigator of respectively. the in and dose AML affinity in We the dose, continues CDXX kill expressing now XX and non-cleavable enrollment cells relapsed be cellular an CDXX candidates' well dose limiting product first been We've receptor high therapeutic clinical per in and dose initiated Phase proprietary exploit A relapsed combination leukemic to FTXXX antibody cytotoxicity. million multi reported, daratumumab X cohorts of designed enrolled in through strategy second dependent refractory per approximately have to trial and knock-out CDXX to with with FTXXX, blasts XXX tolerated. bind and commenced have treatment refractory

have not enrolled study FTXXX third refractory dose million XXX The patients X in also well of of our multi dose was per FTXXX treatment cells the dose. and We completed dose seven established, escalation having relapsed cohort the FTXXX stage tolerated tolerated. Phase AML, of was maximum with in

to generate FTXXX, additional and including look update of of FTXXX programs. to safety on we're in durability dose response, we AML our both will programs the response as an antileukemic data relapse We provide of with duration FTXXX refractory and compare so fully activity escalation able

will targeting presented Turning IND franchise. will tumor NK preclinical MICA the cell is is to be and presentation. binding that novel specifically shedding MICA/MICB. CAR Saturday to where Alpha the expression product and oral conference FTXXX antigens, X CAR NK tumor of cell solid IPS an domain on data our escape looking of our the highlight FTXXX be candidate designed overcome engineered multiplexed will mediated of domain And next for the off-the-shelf stress We're mechanisms incorporates by assist forward derived FTXXX, week, featured pan MHC loss novel tumor by program MICB. Citi to X which in class associated a XX. November FTXXX enabling of

treatment application We FTXXX in exploit the fourth monoclonal for antigen tumors, submit of an of in multi XXXX expect to quarter with the therapy antibody IND advanced including to targeting. combination solid for

product we In investor and for multiplexed a to addition, XX, event, of IPS emerging engineered highlight tumors. to our solid on pipeline November virtual Monday, XX-minute derived T-cell off-the-shelf NK intend host candidates

multi tumor the discuss The mechanisms integration tumors, functionality multiplex During to the action platform we features to candidates product IND that solid unique product next intend plan in candidates of with the our associated have as multiplexed during our single patients for we that enrollment in our solid tumors, preclinical antibody plan antigens, therapy. tumors EGFR, tumor checkpoint IPSC attacking from engineered And candidates to monoclonal into applications currently checkpoint FTXXX study clinical therapy, resistance checkpoint including X HERX for also we product and we and inhibitor have to in which following; assessing initiated PDL-X. patients generation with targeting the for we event progressed in are with FTXXX that our that solid Phase in and combination selection where proprietary therapy, and XX combination investor seek solid our submit to months. armed of well disclose failed or first target inhibitor candidates new tumor and data engineering those exploit as innovative or inhibitor of

cancer of Our at and checkpoint per in therapy. classical Phase that enrolled cell X has approximately patients lung progressed heavily XX with study dose, have pretreated lymphoma PDL-X failed patients XXX or inhibitor million FTXXX includes or PD-X Hodgkin non-small cells dose expansion

would XXX from FTXXX pretreated of patients includes million to cells XX study highlight PD-X PDL-X enrolled third or escalation, XX progressed have that dose X our cells Phase the turn to heavily checkpoint melanoma dose, per now patients dose primarily financial to and failed call inhibitor to Our results. has approximately ranging over in X per Ed million stage like with quarter therapy. I

Ed Dulac

Thank you, Scott.

$XX clinical our amount subsequent quarter. $XX.X Up milestone payments quarterly fair treatment off valued maybe $XX the third-party Kettering year. was the to quarter million, expenses financial $XX.X third increase are of compared in XXXX attributable based a million payment stock, of and expenses for XXXX values these amended expenses net the $XX.X and first in based milestone the quarter supplies milestone was license collaborations that was company General compensation, shelf and million, triggered million expense. including a increase In were the our revenue of value non-cash same third IPSC share-based $XXX software derived in R&D increase with to quarter, were based million the G&A quarter and $XXX employee The with third administrative Sloan headcount of with million share Development our payments, the office last compensation, derived on first and same an clinical the non-operating $XX.X in the Cancer owed milestone benefit share. change agreement an $XXX and compared with for primarily in The expenses of primarily million share compensation, the current headcount was ranging for the third quarter and to Research The with candidate Total and the professional Center. to million company's Ono ended consultants period XXXX connection value. for This attributable year. third to to last of million quarter Note common Revenue expenses basis. trading the we to in computer for currently for million $XX.X equivalents to and MSK, to trials. the compensation per in the $XX.X associated million expenses same two of set our Turning XXXX period in assess $X.X fourth additional cash associated from of to We and patient in Janssen an Memorial last our year. including plan with the T-cell which product compensation, licenses. third pay MSK increase achieved fair including our employee a in a of to of in operating we in the from Car compared contingent $X.X quarter Pharmaceutical. the results, with period clinical recorded at we’ve milestone for FTXXX million on non-cash $XX.X cash, investments. forth

stock million was convertible call million like now to questions. five preferred Our which X.X stock into common would each the outstanding certain shares, of to any conditions. open stock is outstanding shares common I of and under shares, convertible was XX

Operator

from Instructions] first comes Michael your [Operator is from Your question of line the open. Jeffries, Yee line

Michael Yee

had is for out contrast durability One compare and ASH XXX you Can on would the year updates coming Obviously, and today. XXX the think obviously you've XXX? presented this questions. thanks Scott, data. out you some at two are I abstracts already how updates. Hey, the for versus later play

heavily laid a able you I that type nice how these at tumor about commentary How I pretty So update. you'll question you data doses? That's up context? pretreated be get put one. to of in in are so question XXX what's would should much. picture to know responses I you are given that What just and two, then we mean, some And expect through? patients. ASH we see Thank super good and the read your around also higher present out solid shaping think the would good.

Scott Wolchko

Sure.

at So and respect first to XXX XXX. a first Yes, your with comparing think look respect versus will durability with we plan present both to to be durability of We XXX, XXX question of at XXX. able plots and I swindling to ASH, and XXX. both do for

We've additional second responded XX FTXXX. If we've a including as or million patients fast I've able well that or dose million XXX were July cell think I to think probably and the I third XXX. a the believe duration level, we present present patients patients, that respect early as pay with to that at cells update, now seven total in dosed at XXX add patients cell forward I from response patients XX as was that the data million cells. sorry, now able were were dose late level. XX XXX With FTXXX. there of including XX mentioned did you that now in XX August, for lane, million adding level And swindling -- be lymphoma treated for late to be July, about Recall, about I XXX those June, we The we'll our cut XX, that was recall dosed will had we plot at backfill. mentioned, on couple patients probably to it had swim patients, also XX

may We not on will a response to first give patients, yet at although be least meaningful. durability able those be response

how given immature are. Just the patients

Michael Yee

to this able XXX is compare point. and make inferences as pointing your you're see box But what doing. one you'll be and That's

Scott Wolchko

That's correct.

have will Good. correct. That plot We a swim is for FTXXX.

Michael Yee

to quickly Okay. on And then tumors. solid just

Scott Wolchko

go solid to in respect at most with Citi we a be mean, I tumors. R&D will the Yes, present forward look will our what emerging at of pipeline.

end that's modality be maintained therapeutic day always I the at nut than much no looking cell to solid think hematologic if what consistent tumor whether molecule will you biologic or at, matter has think small of the it's we've And malignancies. cracking the you're treating more therapy. proven difficult I

at solid It's our just we safety And with responses. But at, be to different a think getting we look tumor and our about with be really clinical that solid certainly with as respect really, think looking product on FTXXX, NK from can we're we've focused cell NK expectation tumor the we'll look tumors. able should we'll modest so your engineered be these at franchise, And angles, pretty multiplex product and multiple attack we're candidates again, FTXXX feet think tumors. within should solid cell their FTXXX in just derived pretty candidates. have as IPS drive candidates first product generation own FTXXX to with first expectations able therapy experience you us modest cell we obviously to literally can what respect an to done data, these with under that NK on therapy,

Michael Yee

you Thank it. much. Got very

Operator

comes the question next Your of line Young Cantor. from Alethia from

Alethia is Cantor, line line from Young Your your open. is open.

line Your Michael Schmidt, comes of the Securities. next question Guggenheim from from

open. is line Your

Unidentified Analyst

on is questions. thanks [ph] this Calci Hey, Michael, for taking our for

I think just two from us.

the where any we thinking of cycles you're that, you about XXX, that that think that still I are consider? two upcoming you guess Is there end you. as maybe tumor following Is you solid that kind Or gen XXX XXX? max? guess, there what further? to thinking on and cycle up Is cycles? of kind I cycles build franchise, for seen then and on increase on you've moving with up Thank products. kind kind still to you three the out First you next based that something of Or what of of still you know you'll one from would the additional kind flexibility are is as now adding about

Scott Wolchko

Sure.

with have two give one dose continued And the cycle. we So FTXXX, cycles. we have per ability now to to dose at

when consent. cycle FTXXX with program, If initially FDA on you we recall, we second were our advanced a gated giving

now FTXXX So two able the give back cycles of going without to we're to FDA.

we continue so now two giving cycles. And to one continue in two And will to cycles. we and now at -- two will dose give patients each will we cycle add dose, doses

We are planning on amending the protocol with so that intervene if re patients relapse at FTXXX. some point, we could

And two ability if so per intervene relapses. right now patient cycles, we're two sticking adding to now re giving doses cycle one or and to the a later

So headed tumor our with that's With respect where very to solid we're similar. franchise, FTXXX.

later cycle, doses the it's multi we giving again. We a FTXXX product in candidate that tumors and example a a multi dose we multiple if is with intervene an dosing have we patient giving to treatment with ability again and combination solid we're are got cycles now relapses, do antibody, in monoclonal re a as are

at now are retreat the potential we to So progression. looking patients upon

Unidentified Analyst

Okay, much. great. so you Thank

Scott Wolchko

Sure.

Operator

Your next comes your line from Ulz Mike line Stanley, open. Morgan from is of the question

Mike Ulz

taking guys, the for Hey thanks question.

the Just some improved highlighted modification metabolic a as fitness. you sort quick on knock-out providing that of question CDXX

curious there. I that XXX don't noticed have just So, you for I modification

in considering are adding guess potentially questions. not? Number And that two So I two, future? you why number the one,

Scott Wolchko

Sure.

into would And a CDXX the that value delivering out FTXXX, prevent to knocking we of broadly, therapy we And the in publications and incorporating we of of knock-out be fratricide certainly appreciate for did for our at that fully forward step we that the tumors. including the platform candidates unique CDXX obviously, we our a are of on come lymphoma. build as very initially, time, over all we've knock-out. CDXX more were appreciate mean, candidates -- stepwise So we've XXX solid the myeloma, there's for daratumumab. take add, time to not on fashion. sort the basis, when for off continue building to to I in certainly, that with would value therapeutic product reserved out methodical we've thought we step functional therapeutic product built the combination our And right when FT out knock-out of Obviously, CDXX a a go been would

Mike Ulz

any Got XXX, And just there a that you did follow-up. at to for we've expect to as focused maybe be a on that respect sense. what should ASH? it, other makes job well. quick data sets With ASH, But good then of XXX then outlining and is

Scott Wolchko

going investor an to well time be event, as discussing think, the on that And on as obviously. focus hold we forward going that's our We're investor spend to we're event providing So the we'll investor ASH, of to updates. all Tuesday, think significant continuing generate across And programs, I I event. of most lymphoma. the to data look

Mike Ulz

Got it. Thank you.

Operator

the from question Alethia comes of Cantor, next open. Your line from our is Young your line

Alethia Young

Hey, guys, thanks for taking my questions.

combination and differentiated? of some about with maybe seems of Sorry, I XXX of some versus that your the daratumumab, venetoclax, choice those Thanks. others. on And the in just want kind of maybe was your there using of perspective something mute. I on and kind other

Scott Wolchko

venetoclax? that with XXX take question about in versus Sure. Wayne, do you respect want dara AML, combining thinking and with to

Wayne Chu

Sure.

CDXX of in and about based evolving was combinations AML FTXXX the AML on emerging expression on So daratumumab cells. evidence

one the engineering And of as FTXXX affinity non-cleavable discussed high we've features so CDXX. of is in the

is that's an And being antibody so, not a done, our experiment is that to And try cells, forward. with natural IIT expressed as something known an would collaboration on AML, AML of antigen the with that given monoclonal to and the moving of data of ADCC expression experiment be against at availability daratumumab, Minnesota. part is the CDXX University clinical whether see that FTXXX a combining around an consequence competent given it's or

other very obviously, of not how with can agents ourselves combinations in X context ADCC. understanding context XXX of inhibitors an But in with of impact combinations on BCL really as far interested As in combinations, these venetoclax, remain more about those the the of like things diseases. have we

these And combinations looks point, these cells we experiment under so other up anti-leukemic would And to are concepts with a are opening at be continuing of at clinical consider that agents. consideration. that some our

Alethia Young

very Great, thank you much.

Operator

of question next comes from Peter line Your Barclays. Lawson the from

line open. Your is

Peter Lawson

the questions. taking for Thanks

what's So details much we on see And, and in and just space? CAR XXX XXX T? just how it could myeloma, that at that data multiple value you ASH appropriate versus think current around is you how think about the and

Scott Wolchko

Sure.

a So our off very add value. out add believe We’ve a pipeline will continued in methodical which again, to make to way we engineered multiplexed build features, of building I'll and incremental additional backbones, therapeutic comment.

again, adding and for believe building against FTXXX, of antigen And in CAR targeting both multi So with we XXX, a our BCMA. allows against BCMA. off built we combination daratumumab, CDXX

believers like lymphoma a firm we need believe responses, best same statements product where in of lead the durability including XXX. can kind heterogeneity much approach XXX tumor antigen multi lymphoma that both of and both myeloma absolutely that we overcome targeting But and candidate, we're out will is that response, So play Obviously, exists in in think multiple to for to clinic. myeloma. the best-in-class that

Peter Lawson

you by thinking we kind ASH, about threes we twos think be that Do get for? ends enough and data or of of should this

Scott Wolchko

in durability it not looking will have to of at take that think obviously, multi to certain we data. overtime, out systems we for of on be that response our you're best-in-class preclinical mature play antigen just can looking such durability belief at targeting absolutely I for time Yes, approach, response, you're some the and based response that rates,

Peter Lawson

for What's solid a as is responses? to of, case or the asked of kind then a it see any you that XXX? comment of you've at Is just of expectations that Or modest influx on you're the about expecting looking the you're questions kind of tumors. you And success one levels, not cells? for around cytokine kind

Scott Wolchko

time have it's keep solid in the the therapies in level, IPS at I Yes, tumors. some first first this time mind been derived cell NK delivered mean, first -- right it's

FTXXX, XXX, So ago. dose started, and expansion the dose time sorry, -- escalation and FTXXX dose some in escalation

and be And so cell will of that could off NK build able would we well that that of multiplex tumor they doses to and cycle demonstrating to we look paradigms and for setting dose was cell, some an the and as success continue engineered that tumors translational the in could the activity, and multiple just at a multiple deliver we paradigms, would safe for us of be data we potentially then multiple again, we engineered NK build first see solid tolerated, engineered control pipeline. of could that

Peter Lawson

question. for so Thanks much. the Thanks taking

Operator

from line question comes Graybosch the Daina Your SVB of next Leerink. from

is line open. Your

Daina Graybosch

Thanks, two have I, questions. too,

let's first other could of at is NK XXX expanding tolerated especially like of in why doses? not the is, since donor you're to how the if you I go rate your not a genetic the second XXX, cell are wonder doses. seems maximum seeing derived IPSC it abnormalities might And in a compare of cell lot whereas and The range, can And dose your million division? any cells multiple products say, why speak you simply billions question giving And an of discuss higher, to you're that from products, product? companies

Scott Wolchko

we we suggesting Absolutely. Sure, I'm And won't so higher going least question. look, dosing to doses, an to potentially With point believe today flexible has I'm chuckling on at doses. respect schedules, that because we on we to alternative safe. on and not proven do platform, explore doses the to be higher higher very to the your reserve right incredibly have continue go second

I we're with and with CR with mean both the to think FTXXX, with what provides respect lot schedules. doses seeing explore to quite So as well respect a alternative FTXXX flexibility us higher of it and rates, That rates, as dosing durability response. said, can of we're response to continuing including don't I pleased

I'm points other single into in the any cell there's bank. genetic do at which And is we doing million that again, standard and opportunity regimens, And studies, But a of we to characterize worthwhile. given not do we conditioning at multiple Phase reserve and to instance, details master make our we of get so expansions product to selecting candidates, abnormalities sort to and flexibility certainly bit how earlier platform plan to development our With regimens. banks line, for exploration of a we level have XXX that. the say, the as do we to profile forward alternative and right part the believe of process to release and assess safety with care respect going significant around cell, including we than X of how master I cell continue for our our as move it with the our we combining with, think mentioned, cell use

bank do for recommendations cell again, master of use characterization of FDA to bank. single around so a meet and testing guidelines a extensive we is as to which selection goes And in based it exquisite master and through make to our cell, cell sort cell cell master the on and for bank. a master single cell, bank order that That use select then that again, qualification

Daina Graybosch

of very you for Thank those. Okay. much both

Scott Wolchko

Sure.

Operator

comes Your Truist next from of question from Karnauskas Robyn line the Securities.

Your open. is line

Srikripa Devarakonda

for Hey, question. Kripa guys, so Robyn. you for this on much taking Thank is my

no in observed you. talked talk bunch terms a to there level level to you in? you there to KOL little rejection? about least one you're no be that or there bit on You terms are to And allo to related rejection. you comfort mode? modifications the about What that a little of talk confusion at of to the at stealth talks about assays that current may seeing, in poster to you be other in what seems allo of ensure of you and the cells with Can you stay rejection? show of low the about a question, or of -- T we've strategies that absence making from there levels current have is allo working the you seems feedback within candidates Thank allo be evade you're talked ASH rejection gotten used that considering sort Can cells this of community you've timeframe have the that how also have KOLs, is least

Scott Wolchko

about will going I certainly at more, Sure. tumor for solid we're investor to we ASH. instance, day, about mean, talk at this this more talk

a think, about I value engineering. of of there's the you stealth lot discussion again, know, been

there's that cell has functional point long-term if the persisting I persisting it if we think things functionality. no of don't activity have of doesn't a one that in cell believe in again, a focus we much cell, value on, the significantly degraded. There's

functional persistence certainly So persistence. functional drive we editing. through one focus And the to of ways is on

to it editing, maximizing as through a to Multi over Although is one functional here relates dosing stealth strategy drive persistence, functional we be dosing about, bit to it functional the way way I'm create talk to of is to little multi sort persistence. a about persistence. fair, albeit to think sure turn strategy. I'll Bob not approaches three

Wayne Chu

Sure. Scott so and are have three. presenting Thanks, we our of strategies, mentioned Scott. one for Robyn, we ASH,

cloak into one. them categorize Let's that's

attack is potentiate. eliminate, is third Second and and

strategy, product. cloaking interaction a now manuscript the complete right between we're on with [ph] which disruption and Malburg So drafting is with Kelly the focuses T of NK cells our

T not basically NK is with want details our to recognize be get to this that. will I So cells product. don't to able or

T to NK the I as overcome just on that of about respect think thinking and goes to cell the will to want are and between that one receptors the cells. the this This But I beyond in is here, publication. trying are cells others activating hundreds of Kelly's NK heart leg interaction found on going inhibitory more do.

other potentiate. strategy lastly, about allo unlike depletion. reactive mAb of very all in progenitor surrounding we're other using lympho only to targets this is and or to what's the a mAb, T very through an because NK T which cells, populations rid daratumumab that what keep a the nearby. than ASH are may go So targeting into because on that's conditioning becomes cell front cell strategy that to unique is cloak. our strategies that's strategies to that activated are daratumumab unique safe, CDXX that of ourselves for and with anti the NK conditioning come get activated and attack CDXX cells mind engagement this And using is hnCDXX Eliminate, of our is product activate negative, lympho and is better And lympho induce more excited our

And target so, itself the only attack proliferate utilize near not this that also to is product cell, potentiate has where the come ability cells the it, an and reactive that to itself. to unique idea our but

target CAR signal add product the where that's is is T-cells, by additional signaling this Max to reactive strategy Nature to the to receptor allo domain, but year, been allo to published also through cells defense the So used proliferate. last Biotech itself and in

of So this propagation. unique, becomes a timely very induction

can use of creating we space in for product. sigh elimination ADR So such as conditioning, flu our situations or

Scott Wolchko

the based with we've that to to feedback our offline we do have On the your assays honestly, respect KOLs you the getting bunch from question, you're gotten or assays. KOLs assays how with rejection. I'm reactivity versus respect use, on happy to feedback a with conversation a I to of we second assess you develop mean, the these develop that we've used allo with

Srikripa Devarakonda

Thank appreciate actually very you I much. Thank you. It’s great. the color.

Operator

the comes line Your question Biegler from Oppenheimer. from next Matt of

Your line is open.

Matt Biegler

just be I'll guys. Hey, quick, for one me.

I stem applications. I'm some on question of platform of albeit get pretty but exciting, the use was for left kind thoughts derived data sure plans Just just diabetes. oncology field, wanted cell seen on a That to there, therapy any outside the If your there's you've early. recent of

So thoughts just Thanks. your on wanted kind that. of

Scott Wolchko

have a platform we We can absolutely absolutely. think Sure, that applicable. be broadly

types in use Fate Therapeutics. about NK that could closely is IPS mean, cells cancer therapy. that doing regenerative respect in Excited consider We outside it yes. T of And some including emerging cells. certainly oncology. cell medicine cells be be where the and We that there have T I at those today, of believe derived talk whole make opportunity based type cell would internally to oncology. say IPS of space, cell of also just and the speaking, don't are areas we derived therapy immunotherapies. to work be of cells can certainly exploring certainly applications. publicly about certainly watch areas certainly focused yet, including initially the would for on outside Those NK opportunities we're We but generally all with the leveraged we used we cell I

talked IPS therapy. And look about for be cell the it's and think of future to derived the going I will it, play I've cell field we to you certainly, broadly I think of the in therapy time. over platform

Matt Biegler

guys. Thanks, Congrats. Great.

Scott Wolchko

Sure.

Operator

The next comes Burnett from Ben line question of the from Stifel.

Your line is open.

Unidentified Analyst

in a mentioned our have of Burnett. activity your need programs, B-cell lymphoma the the On Catalina Ben delivering with hnCDXX [ph] see Thank certain past you construct. in you Hello, the of dose this for is to question. for cells taking

dose? you rituximab with at XXX other would combination you to XXX or cells long expect hnCDXX how For million in activity when per administer have

Scott Wolchko

we dose single availability. give of rituximab and provides a single that Sure, tumor targeting we so rituximab of think dose

PK period. the We data curves dose think over look traditional to engage with week rituximab you rituximab and and of rituximab a tumors. a receptor to single ability respect multi If at occupancy there's

to four three it call Let's weeks.

FTXXX has functional certainly think to over XX bit of single about have persistence a with in respect period. data a XX-day has I to FTXXX. shown We shown, a we've little essentially it dose

of giving period that benefit. We are dose to dose that a week rituximab therapeutic during continue forward second engage to second we still multi can add where rituximab certainly think looking to

think giving to So this excited coding for We're the in that, XX, adding us, second a there's on that add a have dose persistence. FTXXXas one we started again, about availability experience day really can on again focus really FTXXX dose. experience. multi the ways gets approach point engineering dose a of tumors. persistence, of, day we dosing it functional persistence that exploit single idea functional certainly second through back a to let's call can to approaches, but window certainly a second multiple I of of the functional And And with achieve rituximab’s by

Unidentified Analyst

you. Understood. Thank

Scott Wolchko

Sure.

Operator

the of Mizuho. line from question Your comes Goldstein Mara next from

open. is line Your

Mara Goldstein

oral Thanks with sorry, XXX and at anything But Maybe read of should that? an XXX. respect we ASH One's into presentation at question. a ASH, poster. bit presentations very it's a an oddball and much. to is And one

Scott Wolchko

read anything Don’t No. No. in this.

Mara Goldstein

had ask. Well, right. All I to

Scott Wolchko

no, it. Yeah, okay. don't That’s anything read into

Mara Goldstein

Maybe the or talk little assumptions? about my bit a on that the could perhaps just is if than B-cell that I ask that AML you a in evolving then little wanted And slower it program, incorrect lymphoma. to bit I’m seems

Scott Wolchko

that's No, fair.

only saw at getting a toxicity. we any of the a out were little single FTXXX. it in open we And We first wasn't with So level site. were because delayed dose

single And site so the of the University was Minnesota.

experience single we've fight launched we opened enrollment unfortunate. into failures couple had in We've at patients we've just row, meeting University seen which of sites, was enrolled I now at now that about we with FTXXX a the essentially and we and And criteria. patients pickup ran on, struggles think significant And activity early a where yeah, FTXXX some the in with the So I the AML. Minnesota. study mentioned screen XX at multiple

open pickup now to been that multiple seems So, enabled we've significant sites. it it

Mara Goldstein

Okay. potentially you All be about recognized and next maybe program. can then just Janssen could should ask bit as right. And thinking disclosure you revenue, a if that's attributable little some we talk you there you, since the collaboration, I what on to where about are that public

Scott Wolchko

to Yeah, has as continue very tell so continues go I we under increase, you can mean, well. obviously, increase the collaboration. continued that the the collaboration to from And to Janssen the revenue resources

add I collaboration to now the antigen think right And that the target fourth the to A collaboration. we've added reserves a third disclosed in in started solid the to Janssen collaboration. past with target has antigen malignancies, one one two the tumors. been hematologic targets, in

pleased collaboration So, We're it. forward. really with moving is

be to a target although to of at tumor visibility product bit on candidate little the solid disclose think be the we day, may the I quite able able yet. give first not we'll

Mara Goldstein

lot. Thanks Okay. appreciate the time. a I

Scott Wolchko

Sure.

Operator

Fargo. from Wells comes Your next Abbott from question Nick line of the

open. is line Your

Nick Abbott

my know just one so ask one. I'll it's Hey, thanks I getting question. for taking quick late,

extensive compares it During with to and the patients call, that that some Scott, experience commentary too now. autologous I dosed But with experience Is apologize on early some to if provided XXX. you products? you've comment how on memorials

Scott Wolchko

you're Yeah, it I ask about on and it. one can the sure. first to comment

about before. had one So, is and The up no running. study it asked

We've sites than disease Remember, I we've running correctly one the CLL. certainly dosed lymphoma. in so at and study, We've three area. think a not area dosed patients if three we're it’s four disease more patient yet in remembering now. patients in dosed I'm or ALL, dosed we’ve up

the second the but we're may not sets good data escalated cells, on cells to It's early, making dosing patients depending at being space, in you yet the progress. first dose. the T-cells, still be here. million starting little which, of allogeneic So an XX We've on what active look couple bit verge early a XX CAR at, million dose level,

Nick Abbott

Thank you.

Scott Wolchko

Sure.

Operator

Piper from question comes of next Tenthoff Sandler. from the Your Ted line

Your line is open.

Ted Tenthoff

Great. Thank you.

maybe with And and questions work CECL T sort those of of answered. you're have just cells. been done about one think But at in or any is lines what there I being line? most doing macrophages along my anything IPS looking terms XXX of

Scott Wolchko

that research leading turn and hematopoietic NK to the other Bob. I'll T. Bob's in over the obviously the than development effort and cell and alternative types on Sure. of exploration lineage

Wayne Chu

node that NK it also be is but CDXX does multi our only myeloid so just to cells, Scott. T not quick the lineages. I'll give Thanks, potent, rise and and say

sub looking to allows I actively And into And to we're other so, progress. Scott types great updates think hope within do we us cell And we're give lineage. so. making that some when

Ted Tenthoff

guys. Thanks,

all to readouts planning. and different the data forward adventure Looking the

Scott Wolchko

Great. Thanks.

Operator

Rob of Burns Wainwright. Your from next the H.C. question comes from line

open. Your line is

Rob Burns

Thank the you update much for here. very

commented you've cells that tumors, also NK data in shall strategy/investigational greater tumors? activity. the you’ll preclinical could on past, that and As showed you Considering presenting solid pursue in the clarify and data regarding solid the route incremental perhaps you

Scott Wolchko

failed cells therapy. Sure. areas there actually an progressed we think can this, be therapeutically non-small be as we We're certain to example, for In or where NK be instance, inhibitor we cells of where solid cell certainly NK lung have patients cell are where and and valuable in at in action relevant looking checkpoint an cancer, that chassis, mechanisms with NK think can advantaged. least tumors, talk about will respect at

be inhibitor effective. have are patients where optimal engineered failed resistance, therapy, definitely or approach. those longer T patients and not progressed an be mechanisms no cells may treating may with But of cell checkpoint Now, there NK challenges certainly the that

T tumors, of to those engage And mechanisms some those of an opportunities with cell. NK are cells to instance, resistance for

cell absolutely example, resistance That an NK target is lung cancer and recognize, that down type a mechanisms MHC the of non-small cell can As kill. is class cell an one. regulation in of one of

ligands, for in is, There's when associated example, solid with instance, MCA, oftentimes escape stress T up instance, of tumors are tumors. Another many cells. on an is for like tumors, mechanisms undergoing MCB, of array regulation expressed which solid

obviously, which a candidate XXX has receptors. Our MCB CAR on MCA, engineered it can the key product into

NK cells think we are in play there respect cells. to and of where advantaged, T be where with mechanisms mechanisms certain at looking may we're scape So,

Rob Burns

you. Great. Thank

Scott Wolchko

Sure.

Operator

question-and-answer our I to concludes This like session. now Wolchko. the to turn conference would President CEO, our Scott back and

Scott Wolchko

at participating you Take call. everyone care. Citi. Be today's forward and with to for you. look you for well we Thank speaking Thank in

Operator

Thank a gentlemen, wonderful this for concludes Ladies day. have you conference. participation and today's your and

may all You disconnect.