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Aptinyx (APTX)

Participants
Nick Smith Senior Director, Corporate Development and Investor Relations
Norbert Riedel President and Chief Executive Officer
Ashish Khanna Chief Financial Officer and Chief Business Officer
Andy Kidd Chief Operating Officer
Catherine King Senior Vice President, Clinical Development
Marc Goodman SVB Leerink
Rob Fay BMO Capital Markets
Laura Chico Wedbush Securities
Call transcript
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Operator

Good afternoon and welcome to the Aptinyx Third Quarter 2019 Financial Results Conference Call. At this time, all participants are on a listen-only mode.

Following the formal remarks, we will open up the call for your questions. Please be advised this call is being recorded at the company’s request. At this time, I would like to turn the call over to Nick Smith, Senior Director of Corporate Development and Investor Relations at Aptinyx. proceed. please Nick,

Nick Smith

Good quarter operator. and to welcome Thank financial morning and third XXXX call. operating Aptinyx’s you, everyone results conference

dive Laura have us the Chico third like you would Wedbush Securities to join analyst in, I coverage the from coverage we in initiated initiate company, welcome research the am to the Laura. on quarter. who warm newest Before extend I glad to

morning, this As in we we have you this announced studies release In website seen, of along with press quarter chronic initiation a upcoming business pain. third section. highlights releases these under on XXXX afternoon, are of results the issued our two Investors our the and Media may with Both available milestones. financial and

Riedel, Executive the will announced we Chief Khanna, call, and and Financial President Chief business recent Officer our Ashish Officer Officer review morning highlights, on including review study Chief clinical and our financial and results. then Today Norbert the will this initiations our Business

addition, for In of with Chief are Catherine and of Development Clinical Vice Officer us our Operating Senior Q&A call. King, President portion the Kidd, the Andy our

Before we that SEC. today any factors conference issued statements current and materially. release under in actual to which Any to the XXXX, disclaim the everyone financial disclaimer of the uncertainties these are will can to begin, with subsequent and filings risk and we like that the Please our as statements today Private statements provisions see differ forward-looking during statements cause the the and company’s forward-looking forward-looking results only Reform would made include forward-looking Harbor update of obligation Act in of statements. remind results call Safe made the the Litigation I Securities involve risks

over It’s to pleasure call the now Norbert. to turn my

Norbert Riedel

weeks first our third today. a and our and lot. the Nick front, on accomplished the in everyone. time In quarter. am the achievement afternoon the the quarter call fourth proud of I you, particular to taking few appreciate clinical good We have you join of we Thank

areas of study we I goals clinically to the the Phase in then X studies studies the and in will On remarks the of studies accomplished very year developed Phase call, have press proud in the the Ashish to to I These end, to have initiation overview. study to we X X initiations have by study this three initiate focus am the major underway my Phase this mainly by our patient for pipeline Once our across soon. the release more important very weeks, one execution financial we our ongoing morning, today’s pipeline. start With will give X on point. the our we of we of one announced issued coming are NYX-XXX year of needs. us plan now team all significant and advantage get will

neuropathy, study. jump Now, announced XXX-patient details we today. the studies X initiated In Phase let’s the a painful peripheral diabetic of into we earlier

United States. the longer a We have on effect our of study robust in who approximately prior Based DPN. enrolling duration patients, of are DPN painful showing the had are advanced across data sites, study all the we XX conducting patients them from in

XX a of evaluating milligrams We design. versus are daily dosing in NYX-XXXX placebo parallel of

with the readily able were these a the average during Hence, And XX-week from rating in the the who study be change to in for is study, the while neuropathic from greater patients we to is Phase registration not we patients are daily taking not on over study study a separation typical concomitant saw endpoint as suggesting allowing on primary placebo hindrance it baseline will endpoint recruit scale. a we patients pain were a concomitant this be Importantly, analgesic consistent XX-point not enrollments. medication medication. pain. prior X The patient-reported a using the period studies is in primary numeric endpoint

So the for data from this development. late be highly study should informative stage

XXXX. symptoms than readout XX secondary weeks, this also extending previous our not very enrollment Based endpoints the expect as weeks or a evaluating to we in patients experience, disease XXXX study. design to allowing analgesics, past in X Other this in from We focusing advanced in with other similar study study concomitant is indication. are late and on early on our

In the study study fibromyalgia, that the design with we XXX we DPN is comparable went patient initiated to just a through.

the a study XX-week daily in study We clinical the sites. period is The many from are primary same in change NIS. on of the endpoint baseline average using the over pain

We are symptoms secondary of other also endpoint. looking fibromyalgia as at several

allowing difference not arms study use the The additional and primary compared fibromyalgia is DPN concomitant three are therefore analgesic the to medications. this has in rather two XXX of study that We than patients. study

not Given designed ranging do robust daily two readout dose fibromyalgia this neuro-imaging in half dose biomarker enrolling milligrams we did the that in study NYX-XXXX the Therefore, study. in levels, in across our study, are evaluate patients placebo. compared With to first study, evaluating fibromyalgia prior XXXX, a of XXX DPN. XX their later dosing we follow-up to was milligrams we of than bit more and expect to optimally

subscale. stress as data studies Phase XXX ongoing disorder, and endpoint is our NYX-XXX study primary in placebo discuss NYX-XXX, therapy project study development the PTSD. patients in X for of first which PTSD. from with evaluating half which in its or patients in Enrollment of XXXX, briefly assesses The now multiple with posttraumatic a Let’s the is reporting versus domains symptomatic the the CAPS-X across approximately is the second PTSD

help clinical in symptomatic inform the and of very us characterize with are feature in each NYX-XXX these effects efficacy domains the next in which the steps interested We will development.

the which touch impairment. And treatment on in for of now, let’s cognitive development NYX-XXX is

Parkinson’s impairment cusp We X evaluate mild a with disease. efficacy of of with the that study associated will and its are Phase patients NYX-XXX on initiating safety in cognitive

one this look compound, with could study outstanding shift Parkinson’s disease. in been with it of the data further initiated. paradigm NYX-XXX to our about details once the believe has providing a on forward excited true we each is this are our exception. represent We We cognitive associated programs treatment on preclinical impairment and Based the of no

In call. important to since across progress I to other last our our pipeline, highlights few want the mention addition

I most First, the position very appointed. Rachel highest our Deputy pleased that the Dr. Commissioner, Dr. am as Sherman Directors. for at joined years served Principal politically agency’s Sherman not of XX Board FDA recently

preclinical posters team publications work I accomplished Second, our highlights the our times remarkable of that we these to And that multiple the have very leading proud platform. underpins foundational and am publications.

The NYX-XXXX study was reported patient effects as Rheumatology the our biomarkers of presentation website. from were and today presented the data at fibromyalgia is American on Third, in the imaging meeting evaluating positive the Annual result available and our X symptoms accepted at of Atlanta late-breaking Phase on College Meeting. a

will the Ashish. to now turn With over call I that,

Ashish Khanna

sheet, XXXX. Starting quarter the Thank balance we the the compared $XXX.X and you, $XXX.X ended cash million with end with million at in Norbert. equivalents of third to cash

our agreement XXXX. These research $X.X we not relative importantly, million a into third on collaboration statement, be are pipeline and with are these our our in period revenues strong are Allergan operations. operations same unchanged sufficient were cash our revenues to balance on On our to financial execute reliant related anticipated to income for and to fund position the XXXX. the quarter in to We fund programs our to expect we revenues

line period advance in seek development quarter. spend our research third we conditions, is development. were As with the for $XX in in expenses bulk directly the in the for to to same was R&D This of million CNS compounds R&D million expenses underserved for attributed our and XXXX. $XX.X the

We G&A driven million few the was The compared operations. the to for expenses to same employee compensation Phase of period discussed. $X.X increase related to expenses quarters for in expect third increase the the quarter professional reported over additional R&D $X.X XXXX. support next costs three initiations We Norbert studies by and fees to primarily X ongoing million business with the of

Finally, a million of the third period to million net same in compared the of XXXX. $XX.X quarter for net we reported loss a $XX.X for loss

call the to back over With Norbert. will that, I turn

Norbert Riedel

Ashish. Thanks,

the we have like DPN Phase studies where our late underway, Q&A, are advancing out novel reading painful candidate. in CNS one I we product to would two Before pipeline of in X With now we for data open summarize from report in NYX-XXXX, XXXX in other reading early the of or to XXXX. study fibromyalgia X ongoing of in half With track Phase and first out the PTSD XXXX. XXXX are second on we half the NYX-XXX, in

is of X NYX-XXX, in imminent. the Parkinson’s For the impairment cognitive initiation patients with study Phase

months. We ready are from data have studies ongoing to executing for programs. Phase over next XX are and expect well Operator, studies the X across we still have our We to these now questions. XX four

Operator

Leerink. Our the Instructions] [Operator line Marc of Goodman SVB from question Thank comes you. from first

open. is line Your

Marc Goodman

good Yes, afternoon.

Just getting about here. DPN a going few that questions trial are the you

on patients, the past of all, a small can then the you data of in dose, to was why are could doing question, So just just you be go little you how give you you talked about more little comfortable data post-hoc with how first advanced the third pretty about given endpoints XX milligram a linear at, that XX a was? why at? looking have just was milligram which long mentioned off us can longer you in you know been Thanks. advanced the post-hoc are was dose, the here numbers talked of patients? some would then are I I us remind have specific analysis you you And be the respect analysis. in secondary but with And the looking you the curious not the better the you dose-ranging ones sense do

Norbert Riedel

Marc. Thanks perfect. Okay,

the central stage, We sense very disease that like believe and of linear have a in which in we as response before we in stage XXX a to DPN the that of established makes progression study with manifestation. stronger duration analysis you DPN saw shared over at mechanistically disease chronic stronger and perfect time mentioned, our audience previous

patients endpoint in kinds And looking question, pain will pain is the studies consistent adapt of previous will average so duration study. we with scores years second data, is your what primary with that much of the scores have To we very DPN. longer with daily apply what or in X that measured endpoints, of secondary here consistent namely for these FDA aligned

previous additional response ConMed. our XXX recruit we of And because the therefore Mark we from effective just data the XX dose so study milligrams that from this learning’s that that dose hence we milligrams study be and consistent at a walking milligrams a can study is those, are looking know the ConMed patients So and not allowing in selected one a really we most see noted store XX key on because study then based of the better was a and the XXX pain previous the pain, range patients not to XX does study dose regarding also it preclinical those that may And conduct answer the in again daily at worst we our were of built mention previous to significant the observed study additional most medications it your ranging we to is again endpoints on we on reminder readily dose those patients that find absence that previous effective are on milligrams was result been XX concomitant that the have a of dose previous measure house be population. and looked in our for. as we actually point the study would take our question.

Marc Goodman

Thank appreciate you I it.

Operator

comes Thank of line Capital and with question the BMO Markets. next Nachman Gary you our from

line Your open is

Rob Fay

interests it’s clinical evening would thoughts fibromyalgia, On need it you kind Gary. can to Lyrica? to that profile with and any provide what Fay of for good XXX improvements Hi, generally on the on on differentiate from Rob demonstrate you

Norbert Riedel

how share with conservative as you study well well compound profiles in able studies a as to I to find both power specifically meaningful we fibromyalgia both significant be the what and for in study in these have DPN clinically studies the be them we So can we as for consider in taken differentiated indications. as that approach to

Rob Fay

thanks Okay

Norbert Riedel

promise points serious end number DPN And we population well very comprehensive havea adverse safe more other fibromyalgia we of DPN is primary out daily do in to quality fatigue, measures have no in as fibromyalgia bit also I to book. have nearly you just mentioned what the in pain with a and that of but to overall patients these that profile have here established of be may with is both reported And as overall consistent average do life to both so know, AE measures for that of XXX patients we in saw events with placebo than

Rob Fay

thinking sort either this Okay expenses fibromyalgia will ramp and advanced is should there we trial interim now or Ashish trials the for DPN and of how be for multiple with one then thanks running. any R&D analysis the in about

Ashish Khanna

will initiation expenses that and be and then a level execution R&D either our with II expenditures and studies with regard programs should no our and so three these guidance studies quarter to Yes of next the off we phase guidance expect then current one be so there there should should these expenditures with support operations interim R&D cash fund in anticipated our in associated of initiating into pick the XXXX. analysis interest it over up in few that two consistent

Rob Fay

you. Thank

Operator

Cowen. question and of you Thank line the our next [indiscernible] comes from

open. line is Your

Unidentified analyst

II phase pace you enrollment you had for it many DPN thank be in fibromyalgia think of it will of also sites just and taking that take initiated do as most finish long overall couple that of U.S. place terms how will study trial the on take study the enrolling you you that you. will how same thank and my exclusively question sites of Hello in a questions mentioned done the

Norbert Riedel

first [indiscernible] offered make you glad we that will the line of projection that that our if our also I we XXXX omitted our of time be be already the mentioned aware is would XXXX study that. have the U.S. we to study it today a asked the the exclusively to that study all likewise evaluated with projected for not current of for a consistent beginning a mention in I'm DPN parameters the the the but now be of the the of working able study study is will or of in to half is out in we enrollment assumption it notice of done in course is that based exclusively Great. that Fibromyalgia says Yes. on should conducted timeline because that end but I that you and XXXX you course smaller we U.S. because

Unidentified analyst

Thank you

Operator

our Thank you Chico next Securities. and with question from comes Laura Wedbush

is open. line Your

Laura Chico

missed of perhaps I on on on where you for readout here Yes any my earlier thanks might everyone you're thanks good and think I and of us a progress I just have give have it of and could second terms XX I but an enrollment talked updates questions XXX PTSD taking afternoon so update couple you apologize towards in that at coming curious in the XXX about part front. half of

Norbert Riedel

that we color we going follow And believe as applicable. therefore that we give time study second to it more any precision of anticipated in can in frame XXXX of point XXXX of lets give little is the at get half this most at time say well, on we so to then enrollment and cannot up but the and up follow calls is lets like going the probably as timeline sort calls achieving this you give to can offered is when half I are we you that second and details further as

Laura Chico

and helpful and XXXX data I two that’s in so sorry how our more interpretation. Okay, with the just criteria just just mid kind could randomization that design or potentially unique half remind us your you the incorporates if it a re but second you am are guess of arriving on XXXX powering of assumptions study revisit know here I using in rather we impacts could I that

Norbert Riedel

points inform is do subscales it we [indiscernible] study XXX as to add anything of those capsules of to is use Yes to a the it design two the do you has looks so like for that. XXX Andy patients largely next the study and we data plan [indiscernible] I want a study to else actually mentioned study that us doses to

Andy Kidd

total is think Norbert [indiscernible]. Yes, sub the are it range a study as I really we different right points of you a scores well looking exploiter at as end are and

power provide of binary I we think being with the powering way a particular I look of to this at signal So, kind its look a think to right it of adequately scores human we that at not will study given to think think think find is proceed is X I outcome we first obviously indication. is and not data and in this other accordingly signal only study totality but for sub data examining in the the cap safety also what that a the and the and molecule a in

Laura Chico

stepping the discuss the account Very that? do influences literature helpful and publications how in indicated all just I some we of guess you kind of once at I of admissions the and PTSD at just impact the were for that guess looking seasonal study might seasonality streaming PTSD on actually hiXgher admissions back are and summer back some how wrapping possibly

Norbert Riedel

want to you that Andy answer too.

Andy Kidd

different well it Yes chronic certainly its seasonality respect think some and so seasonality four I evaluation degree period. a study is to to with is a few there in quite I as particular week this indications pain think

expect the respect we I really of so year a fluctuates to population, the a I and have the think enrollment think and course significant or I but symptoms having significant the not broader a given this seasonality that to population patients to over impact with we think is don’t the population population see not respect should the studying condition impact. any individual on We don’t are patient that civilian would really just of duration chronic or which with as I study. either is a the make the mean for not of difference military that a So total whether well as

Laura Chico

Thanks much. very

Operator

Thank you.

comes question JPMorgan. line the with of Jessica from Fye next Our

Your line is open.

Unidentified Analyst

for at are you to that the the Phase benefit prepared DPN a X remarks, evaluate you trial? taking call Yuko reason little bit this Hello. could in that know for any touched us between And and the questions. different but you think on with looking our decision will dose XXXX the walk you fibromyalgia is on following through up then Thank This to show on that I in Jessica. is two studies? doses there a the fibro

Norbert Riedel

good Yes, question.

going So the DPN it I to back by answer study.

pre-clinically. So the a that and Yuko, pronounced DPN to DPN to studied In look placebo would actually inverse an DPN look extrapolate we particular we we higher this U XX be anticipated for the up we with from dose the to show the as and work was likely than XX shape dose higher study weeks study, what our from reported when we patient was I study, outcome. administer X XXX dose, would a was much want the in fibromyalgia to XX anticipated a we The XX-week post would XXX a The or believe to time only dose and study. know sufficient how at begin of study XX necessary XXX over we actually be it period study we and mentioned to higher XXX. preclinical the how the confirmed less deponents exposure, very evaluated of when gets separate meaning short milligram effect. milligrams XXX is dose we a That’s see than that XX a treatment XX, not what

is To used in fibromyalgia, is and why today that’s for as these XXX dose. as and decided approved what so question therapies the generally appropriate DPN that we And same the dose prescribed patients. for XX your second was well

regimen make also is be will today but not use once which point, an do existing do to noticed and this in this I your this get in a we TBD to different only needed therapy these after at DPN I refer fibro dosing. we of question molecule this a answer that can assumption the commercial actually dosing indications, of two So the and to But – why specifically, at I study. have course, of therapies point

Unidentified Analyst

on allows imaging That if you to you. fibromyalgia, was study, subject be prior would thank more one meds? just And concomitant then Okay, helpful. remind the in question, the us study in

Norbert Riedel

allow did medication we Yes, that study. concomitant in

Unidentified Analyst

thank Okay, you.

Operator

no for questions I back over further would Thank to I you. remarks. turn Norbert any call showing am closing to this at the like And time.

Norbert Riedel

your for company of operator has this and questions of afternoon. for insight am you, and Thank I positive outlook into given you to your the catalysts again time to us our join for the taking and us. the the enjoy the and forward look needs. continue day. you We thank all today of keeping updated you therapy lie this please meaningful call as that hopeful strength along of in rest you to patients bringing Thank ahead path we novel

Operator

joining you today. for us Thank

You may now disconnect.