CureVac N.V. Price & Performance (CVAC)

Q and A contains any such information or obligation to revise any forward looking statements. For more information, please refer to our filings with the U. S. Securities and Exchange Commission. I will now turn the call over to Arimande.

Thank you, Sara. Ladies and gentlemen, good good afternoon to everyone on the webcast. The 1st 9 months and particularly the Q3 of 2024 marked a turning point for Cure Lake.

We made significant progress on our 2024 priorities, taking decisive steps right sizing the company, should that end our processes and improving our business operations. We have successfully delivered on key milestones including a new licensing agreement with GSK announced in July. This agreement valued at up to €1,450,000,000 includes an upfront payment of €400,000,000 which was fully booked in the 3rd quarter. Additional potential milestones and royalty payments from this agreement are expected to provide significant capital going forward. While strongly evaluating our mRNA technology. Alongside this, we launched a corporate redesign including a roughly 30% reduction of our workforce which will be completed by the end of this year. These efforts helped us to reduce costs while maintaining a strong focus on Looking ahead, we set clear development priorities with a sharp and focused on high value indications in oncology and infection. In oncology of Phase 1 study in livoestoma, as yet a promising preliminary data showing the potential of our mRNA technology in this highly aggressive cancer. And today, we are disclosing a new cancer and C program targeting squamous non small cell lung cancer expanding our off the shelf cancer vaccine pipeline. In infectious diseases, we launched a new program to our urinary tract infections or UTIS one of the world's most common infections.

This program addresses a critical unmet medical need driven by recurring infections, and the increase in prevalence of antibiotic resistance against uropathogenic E. Coli the bacteria that primarily causes these infections. We Our UTI program exemplifies our focus on leveraging our technology, for areas of high unmet need with significant commercial potential. On Slide 5, you can see this achievement in the context of our transformation journey. After I started in April 2023, we conducted a thorough business analysis identified here as to improve our financial discipline, reducing unneeded pandemic era infrastructure and focusing the organization on innovation and R and D. In 2024, we are executing on these insights. We have launched a corporate redesign is on track for roughly 30% workforce reduction by the end of this year. Without compromising our R and D and manufacturing capabilities. Operational expenses are expected to decrease by over 30% starting in 2025 The €400,000,000 after a payment from our new licensing agreement with GSK was fully booked in the Q3 providing us with a strong cash position of €551,000,000 at the end of September and resulting in a net profit for the 1st 9 months. As we approach the end of 2024, are now leaner for strategically aligned and financially strong.

And from this position of strength, we will double down on research and development activities with a focus on high value opportunities in oncology and infectious diseases. On Slide 6, we outlined the pipeline expansion in both oncology and infectious diseases. In our quality shown on the left, our pipeline expansion spends both off the shelf and personal health cancer vaccine. For the aftershock cats vaccines, we are disclosing a new share vectoring cancer vaccine program in Squamous, lung cancer, which will include novel [indiscernible] derived from our proprietary antigen discovery we are preparing for IND and CTAs of which and expect to start Phase 1 trial shortly thereafter. Discovery activities for additional shared antigen programs continue with the second clinical candidate expected in 2026. Preclinical development of a fully personalized cancer vaccine candidate is also progressing with the 1st candidate expected to enter the clinic in the second half of twenty twenty six. In infectious diseases, we are also following a dual strategy having licensed our RASDVANCE program in respiratory by focusing our proprietary programs primarily on non respiratory diseases with high unmet medical needs. Here we have launched a new program for U. Mary Tract Infections, which are the world's most common infections.

And we will present the process in preclinical data for this program later the presentation.

Before I go into the business update, I'm delighted have our new Chief Financial Officer, Axel Marcomas, who joined us here just yesterday on the call with us. On behalf of the whole CureVet team, Marko, Axsome brings over 30 years of experience across both the corporate and banking sides of our industry. With deep expertise for the next chapter of QMEC as we advance our strategic initiatives and strengthen our financial foundation, Axel, would you like to save him a little bit? Thank you, Alex, and good morning, good afternoon to everyone on the webcast and conference call. I'm truly excited to join HeroVac during this pivotal moment the company's evolution. I believe QX voice to make continued remarkable progress in development of innovative and RNA based medicines. Following my expertise in financial management and corporate growth, I'm convinced that can help drive Pure Vaccination forward and contributes to its future success. Thank you, Axsome. As we continue moving forward with our business and pipeline priorities, it's important to highlight what makes Chile unique. On Slide 8, you can see these key strategic and technological differentiators that secure the department in the mRNA field. In terms of strategic differentiators, we had a dual strategy in oncology working on both off the shelf and personalized cancer vaccines to cover a wide range of cancer types.

Use a similar dual approach in infectious diseases, where we are focusing on proprietary programs for non respiratory diseases like viral, bacterial or fungal infections, while we had out licensed our respiratory disease programs to GSK. Our scalable manufacturing capabilities, including the RNA printer, gives us the flexibility to produce preclinical and clinical trial materials efficiently. And our strong direction of property portfolio further supports our innovation by protecting our technology. In terms of technology differentiate this, our precision mRNA backbone is built on 20 years of experience helping us design highly efficient mRNA constructs improve protein expression [indiscernible] In oncology, we have a unique ability to discover new classes of antigens which face way for evalative cancer treatments. And our work on advanced lipid nanoparticle delivery system tailored for specific indications and hopes to announce the the effectiveness and stability of our vaccines. Together, these differentiators give us a strong competitive position and drive our mission to develop transformative medicines for patients. Slide 9 shows how our differentiated speed directly into the key focus area for collagen infections. Disease. Our precise mRNA backbone and proprietary delivery systems are the heart of our technology platform is continuously evolving VTA's innovative best in class [indiscernible] By focusing our development efforts on high potential areas in oncology and infectious diseases, we are positioning meaning ourselves to deliver impactful health solutions.

And with that, I will hand now over to Miriam to explain how Maternity's technologies into a strong focus clinical pipeline.

Thank you, Andy. Good morning, good afternoon to everyone.

Moving on to Slide 10, let me outline our most recent pipeline, which is led our focused strategic approach for high value development programs relevant to patients. Both our existing programs and the new programs disclosed today demonstrate our commitment to selecting indications where mRNA technology can make a substantial difference as less the unmet clinical need and effective market opportunities. In oncology, our existing pipeline for Roche's cancer vaccine is led by Phase 1 study in patients with respect to clear lebtoma, which has recently provided prompt data for the completed dose escalation part A of the study. The study started enrollment for the dose confirmation study in August [indiscernible] testing the recommended dose of 100 micrograms and enrollment is progressing well. We also announced a new program with an off the shelf cancer vaccine to treat patients with Kraemer's non small cell lung cancer. The vaccine candidate to be tested and quote for new antigen discovered with our proprietary antigen discovery platform. And the impact to this area, our most advanced programs cover the territory indications fully licensed with GSK. Programs for seasonal influenza, avian influenza, and COVID-nineteen are based on Curex proprietary 2nd generation mRNA backbone and are currently in Phase 2 development. [indiscernible] GSK believes that we announced positive Phase II headline data for Cigna in France confirming strong antibody titers against influenza A [indiscernible] most of the cottonseed also against the notoriously challenging influenza V strains, compared to the HNED standard of care in younger and older adults.

The study met all predefined success criteria and GSK reported that the program is progressing to Phase 3 next year. Based on the validation of our platform in infectious [indiscernible] we launched a new proprietary program to develop a prophylactic vaccine against duroprosenic in. Coli, the primary cause of urinary tract infection, which ran the month the most common infections worldwide. I will go into more details later in the presentation. In the 3rd therapeutic area, molecular therapies, while in collaboration with the Shepparton Eye Research Institute and ocular are recently terminated, we continue to develop optimized mRNA therapeutics in different areas. We are committed to focus our pipeline on selecting indications where mRNA technology can outperform conventional approaches [indiscernible] our oncology strategy where we see tremendous opportunity for mRNA cancer vaccine to bring precision immunotherapy to large patient population. We have made significant progress in advancing our 2 part strategy for both off the shelf and frontline cancer vaccine development. As a brief reminder, the Offer shows assets in our oncology pipeline target tumor antigens are shared across different patient populations and or tumor types induce the novel or amplify the existing immune responses in different cancer settings. Including advanced stages of cancer.

CBGVM, our lead oncology clinical candidate is currently being evaluated in a Phase 1 study and patient [indiscernible] and encoding known antigens relevant to this highly aggressive brain cancer.

All our next generation share antigen cancer vaccines including the one in squamous North Montalvan Cancer feature novel antigens discovered through our proprietary antigen discovery platform will expand our pipeline with new clinical candidates in 20252026. By identifying novel shared endogen targets, [indiscernible] we aim to make our vaccines even more effective in reducing the risk of tumor recurrence and enhancing outcomes for patients in different cancer settings. For the other part of our oncology strategy, applying genome sequencing of individual patients' tumor samples combined with advanced bioinformatics is utilized to identify neoantigen and or non tumor associated antigens you need your patients individual genomic tumor profile. This precision medicine approach increases the likelihood of targeting antigen susceptible to immunotherapy and aims to provide a curative approach, especially in [indiscernible] Our first and second strategy is complemented by the RNA printer our solution for fast and highly bottom mounted manufacturing. We made significant progress with our oncology Type 9 and recently presented data from our clinical lead program with the officer vaccine candidate CD GBM, which was tested in the Phase 1 study in patients with selective fetal vector line. [indiscernible] single unmodified mRNA monstrung. Encoded 8 segments derived from 4 tumor associated [indiscernible] It was administered at the monotherapy after surgical rejection and completion of radiotherapy [indiscernible] Patients received 7 intramuscular vaccinations within 10 weeks and optional maintenance vaccinations in case of nonprovision for potential lengthy Preliminary safety and immunogenicity data from dose escalation back A of the study were recently presented at [indiscernible] In the highly challenging and aggressive cancer type the data confirm the safety and tolerability profile with no dose limiting toxicity observed in this part of the trial.

Successful induction of antigen specific cell responses was demonstrated in the vast majority of evaluable patients 77% of patients showing urinary CD8 [indiscernible] uncoated antigens on the vaccine. Most importantly, within the group of these valuable patients, 84% of immune responses were induced [indiscernible] [indiscernible] against encoded antigen prior to vaccination [indiscernible] Additionally, 67% of responding patients had T cell [indiscernible] Supporting our antigen selection and successful mRNA design. At the highest tested dose of 100 micrograms ongoing monitoring of oxycodonegility showed that responses were sustained over a period of 99 days. [indiscernible] [indiscernible] began enrollment in August of Associate R and D expenses expected in the second half of 2025.

We continue to advance our oncology pipeline and ONTAC13 has summarized our [indiscernible] [indiscernible] [indiscernible] and enrollment of the dose confirmation that we offer that is progressing well. We expect enrollment to be completed the latest in the 1st half of 2025 allowing for a patent data readout in the second half of twenty twenty five. Data from an addition of up to 20 patients dosed 100 micrograms provide the basis for potential continuation of continuing to a Phase 2 study which could start in the second half of twenty twenty six. The newly announced off the shelf program in Sweden non small cell lung cancer is expected to enter Phase 1 clinical development in the second half of twenty twenty five.

With our proprietary antigen [indiscernible] intend to disclose additional office head programs with new clinical candidates in different indications in 2026. Lastly, the 1st PIMIGATE I study was a protonax cancer vaccine candidate is expected to start in the second half of twenty twenty six. These strong catalysts highlight our strategic focus on opportunities in neurology, Leveraging our mRNA technology designed to ensure continuous progress and innovation in our oncology pipeline. Let me now shift gears and turn to our Infected Police area. In infectious diseases, we are directing our current proprietary research and development efforts non respiratory indications while benefiting from the ongoing clinical development of respiratory indications with current programs licensed to GSK. Traversing non inflammatory infections caused by bacteria, virus and fungi we aim to deliver safe and cost effective vaccines for high unmet medical need areas with compelling match compelling market potential where our mRNA technology offers an advantage for our conventional vaccine technology. In this area, we are excited to introduce a new fully owned insect disease program [indiscernible] In short, UPED, UPEC is the primary cause of urinary check and spec which rank amongst the most common infections worldwide. Statistics presented on SER-fifteen highlighted the significant incidence and disease burden associated with ZUPE and the U. S. The high prevalence of UTIs with more than 60% of patients requiring antibiotic therapy leading to increased antibiotic resistance and high rates of recurrence [indiscernible] This result in direct medical costs reaching 1,000,000,000 of dollars annually in the U. S. Alone.

Currently, there are very limited treatment options to prevent recurrent leukemia. [indiscernible] Our mRNA technology has the potential to deliver at best in class solution including functionally using unfunctionant antibodies as well as cure key cell responses against Dupree. To take a disinfection, we developed mRNA vaccine candidate set an [indiscernible] crucial for adhesion of the bacteria to 7H is highly conserved in new text strains and therefore represents an excellent vaccine target for the vast majority of patients. For our vaccine candidates tested in preclinical studies, we have applied rational antigen designs to optimize immunogenicity. In addition, we have applied a unique technology to design candidates that lead to the in vivo self assembly [indiscernible] This innovative design is expected to lead to even higher immunogenicity. [indiscernible] created with 2 of our candidates. On Slide 16, you can see the first preclinical data which are currently being presented at the 1st mRNAhealth conference taking place this week in Boston. We tested our vaccine candidates in 2 preclinical models, with direct and biopsy mice comparison to non licensed recombinant protein vaccine. Titus of finding and functional antibodies, meaning antibodies inhibiting key mutations [indiscernible] bacterial adhesion [indiscernible] Additionally, CD8 and CD4 key cell responses were determined in mice Both mRNA vaccine candidates induced high levels of binding antibody titers in blood and urine in both models, That's also correlated with highly functional antibody titers in serum.

Importantly, functional serum antibodies were higher with both an RNA vaccine candidate compared to the protein based comparator vaccines. Now the particular candidate demonstrated the highest overall level of often age specific binding and function antibodies sponsors in serum and urine of the animals outperforming all other types of candidates.

Additionally, both mRNA vaccine candidates and new types [indiscernible] with a nanoparticle candidate again strongly outperformance called as a candidate, Overall, [indiscernible] [indiscernible] advancing based on solid development catalysts outside on Slide 17. Our newly launched U. S. Ex program we expect to select a clinical candidate in the first half of twenty twenty five enabling us to file for IND submission in the second half of twenty twenty. This anticipated to allow Phase 1 clinical development to start in the first half 2026. Additional discovery work and other non respiratory diseases is [indiscernible] and we anticipate strengthening our pipeline in this area with additional programs in 2025 for which clinical candidates could be selected in the second half of 2023. For the respiratory program, license to GSK, Please note that the disclosure of the timelines remain at the discretion of GSK. As recently confirmed by GSK, the seasonal influenza program is expected to progress to Phase 3 in 2025. Further available time line for the license programs include an anticipated data readout for the ADN influencer study in the first half of twenty twenty five. GSK is also about to initiate a new combined Phase 1 study for an influenza COVID-nineteen combination vaccine.

Corresponding information can be found on clinicaltrips.com. Data is expected in the first half of 2025. With this, I would like to conclude the portfolio update and hand over to Axel for a review of the financial data.

Thank you, Looking at significant progress, we've made in streamlining our operations focusing on strategic priorities [indiscernible] key financial metrics on Slide 18, demonstrating our financial momentum and enabling us to reinvest in key areas growth and innovation Today, we report a strong cash position of €519,000,000 at the end of the Q3 of 2025. [indiscernible] [indiscernible] Our quarterly results are driven by the new licensing agreement with JSK positively impacted our cash position as well as revenues. The €400,000,000 upfront from the agreement was perceived as a non refundable payment for granting licenses to JSK and the right to use QLA intellectual property with no further R and D or obligation on our side. As such, it would fully it was fully recognized as revenue in the Q3 of 2024 Given that under the terms of the new licensing agreement, all obligations for prior collaborations relating to R and D services had expired, Remaining contract liabilities amounted to €18,400,000 were also recognized as revenue in the Q3 of 2024 Setting the course for increased future financial stability, our strategic redesign is key to enhancing our operational efficiency to reduce costs.

The efficient execution of the 30% workforce reduction on track to be complete by the end of the Q4 incurred costs approximately 40% below the allocated From 2024 onwards, we anticipate a substantial increase in operating expenses by over 30%, including a notable €25,000,000 reduction Our licensing agreement with JSK and renewed its focus on innovation and R and D activities have also eliminated the need for commercial buildup and large scale manufacturing activities. Streamlining of our in house manufacturing capabilities to provide a new manufacturing footprint that are suited to our needs was accompanied by a partial impairment of a large scale GV4 production facility. Lastly, we have successfully terminated all remaining raw material commitments and closed all contract manufacturing organization related arbitrations for our first generation COVID-nineteen vaccine in the 3rd quarter [indiscernible] Moving on to our condensed financial statement on Slide 19, you can see that our cash position of €550,900,000 increased from €402,500,000 at the end 'twenty three based on the $400,000,000 upfront payments from JCA in August 2024. The increase is partially offset by our ongoing R and D activities as well as lab payments related to our first generation COVID-nineteen vaccine. As already discussed, revenues strongly increased by €177.4 million to €493,900,000 for the 3rd quarter, and by €489.5 for the €520,700,000 for the 9 months end of 2024 compared to the same period in 2023.

And the year on year increase was primarily driven by the license agreement with JSK, there's what we've seen at a positive one time events Operating profit was 368 [indiscernible] compared to an operating loss of €54,000,000 for the same quarter in 2023. For the 1st 9 months of 2024, operating profit was 221.4 million compared to an operating loss of €186,200,000 for the same period in 2023. The operating result was affected by several key drivers. First, constant sales increased year on year mainly due to higher arbitration costs for CMO activities. Related to the 1st generation COVID-nineteen vaccine as well as due to higher personnel expenses related to the redesign of our [indiscernible] [indiscernible] R and D expenses increased with higher investments in oncology, development programs as well as increased to enforce to that intellectual property rights. 3rd, general administrative expenses expenses decreased compared to the prior year period mainly driven by lower personnel expenses. Lastly, other operating expenses increased due to the discussed partial impairments of QOBX JV4 production facility. Financial results decreased by €3,100,000 to €2,200,000 in Q3 of 2024 and decreased by €4,700,000 to €8,000,000 for the 1st 9 months of 2024 compared to the same periods in 2023.

The decrease was mainly driven by lower exclusive income on cash investments Pre tax profit was €370,000,000 for the 3rd quarter, and €229,400,000 for the 1st 9 months of 2024, compared to a pretax loss in the same periods of 2023. And with this, I'd like to hand back the call to the extent of today's ePass issuance. Thank you, Axon. Now let's summarize the key highlights [indiscernible] Because the Q3 of 2024 with a cash balance of €550,900,000 providing us with a solid financial runway into 2028. This factors our ability to continue driving innovation and growth. In addition, we are making significant progress on our strategic transformation including a 30% reduction by the end of 2024. This will contribute to substantial cost savings starting in 2025 and announcing our operational efficiencies In oncology, they're advancing off shelf and personalized cancer vaccines. [indiscernible] [indiscernible] And in infectious disease, we are moving forward with the U. S. Vaccine for UTIs. Additionally, our partner GSK is advancing a seasonal influenza vaccine into Phase 3 next year is about to initiate a combined Phase onetwo study for COVID influenza combination vaccine both leveraging our platform And as we enter 2025, we are well positioned, well financed focused on high value opportunities and supported by strategic partnerships and a robust IP portfolio.

These elements position us well for ongoing growth and success in tackling major health And with that, I would like to conclude our presentation and open the floor for your Great, thank you. At this time, we'll be conducting a question and answer session. First question here is from Charles Yank from Bank of America. Please go ahead. Great. Thanks for taking the question. I have 2, please. I think one, can you discuss perhaps kind of your thoughts about business opportunity, licensing opportunity, outside of the MRNA kind of your core expertise, whether that is an area of kind of potential interest just given your cash position And then second of all, can you discuss about the counter litigation account update and what should we expect on that front?

Okay. Thank you. So on your first question, on business opportunities, At the moment, we stay very focused on the 2 areas that we described to presentation, which is oncology on one hand and infectious diseases. On the other hand, And within these two areas, we already do have Anderson. On the other hand, But of course, we are always hoping to look at new opportunities within these two areas that will help us to strengthen our portfolio. And especially accelerate our path to the clinic. With regards to litigation, so these are ongoing, I think the next time point for you to keep in mind is the U. S. Court case, which has been scheduled for March March 25, so March next year. So work is ongoing for us to prepare as best as we can for these events. So other than that, we don't have much to update you on just now.

Thank you. Our next question is from Meny Flora from Leerink Partners. Hi there. Thanks for taking our question. This is CJ on for Mani.

Following your encouraging data, I was wondering if you could share any commentary on plans for developing a combo vaccine for flu COVID? Thank you.

Question on [indiscernible] discussion should ideally be addressed by GSK, but of course, we all believe that given the epidemiology and the occurrence of infections that combination for patients of the flu vaccine and COVID vaccines would be the most convenient approach, right, and most promising. That's why all of the development efforts in the past when we were in collaboration, we're focused on this. The SAGE-one study starts now, as we also have shared. And we expect the data readout next year for decision making for progress to Phase 2.

I'm not sure I addressed your question, but I think the program is progressing, especially because of the very positive [indiscernible] And we are optimistic that this is going to be a continued and successful program. [indiscernible] Next question is from Chiara Manturi from Cormark Securities. Please go ahead.

Hello, team. Congrats with the update. This is Clara from Valenscha Chemt and I'm on behalf of Susan. So I was wondering any color or reasoning you can provide selecting lung cancer as the new indication And then following up the previous question, can you say something regarding patent litigation on the U. S. On on the Europe front, thanks Okay.

And I think we have any more question for you. I think it was a question, if I still understood correctly, on [indiscernible] offered. And I'm sorry if you got the acoustic sounds great. Yes. So we have to course, when we select the candidate, we have to follow the science, right? And basically, we [indiscernible] antigen that are shared with different cancer indications, And we want also wanted to include novel classes of antigens. And so in our research, again, we found appropriate coverage of novel antigens in squamous non small cell lung cancer, so following the signs that the indication selected for our [indiscernible] [indiscernible] To address the high unmet need in this population. So the indication is basically based on the signs of the data and the data of our antigenic covering work. Does that answer your question again because it wasn't before easy to understand the acoustic? Yes, yes, perfectly. Hope my sound is now better, but it was perfectly on point. Regarding recent litigation on the European front, Yes. So in Europe, it's a bit more complex whereas in the U. S, all the different cases are bundled in one case and we have one court case on validity infringement in damages.

In Europe, it's really on a case by case basis. So this is something that will continue throughout the next years. We do expect further rulings from the European patent notices on our patents in the Q2 of next year as well as of the regional co dilution of more in the second or third quarter. So Europe is going to be in our own process to us. 25,000,000 leading into 26. On a patent per patent basis. Right. So but I think the key visibility or the key event from at least for the first half will be the U. S. Case in March.

Okay. Thank you so much.

Next question is from Ravi Kannan from Citizens Please go ahead. Hey, thanks for taking the questions. Just a couple of FIMH questions. I think there was a prior protein base program that didn't move forward. Can you just maybe comment on if your engineering approaches addressed maybe why that program didn't move forward And then any thoughts on how your I think there's RICO conjugate program in Phase 3 Any thought on how your approach to be better than that?

So I again, I'm sorry. Your audio is a little bit difficult. So I I heard the first question, why SIMH, right?

If I understand correctly. And why H is easy to address? It's a [indiscernible] [indiscernible] [indiscernible] 5% of the population affected by LUPEC. Basically antigen trial has been kind of validated in preclinical trials. And even if you're want to go there in a Phase III study by another [indiscernible] who is testing a peptide based vaccine. So, 5th stage is, many layers think that's a target to address new pet bacteria and this is a promising antigen. If your second part of the question is about the antigen design, Again, we applied something very innovative, right? And the way how we sell next [indiscernible] don't want to get too much into the details, but it's a pre binding confirmation so that we really can get the bacteria before it has attached to the endothelial cells and the letter. And then we have for the first time applied a new design [indiscernible] with ferritin in the core and then basically a lot of them aged and proteins expect on the surface to really induce a stronger immune response. And that is designed again in our preclinical study translate to a really beautiful immunogenicity showing very high titers of binding and what's even more important functional antibodies And when we compare it to a protein based design targeting TIM H, and showed basically superior immunogenicity both for humoral antibody responses and T cell responses.

Know you had a part of the question about another program, but I didn't hear that very clearly. I think it was more a question around differentiation. There are more advanced programs. Why do we believe an approach with an mRNA or could be differentiated or different?

Well, I think in especially in this setting, again, mRNA per stage, is differentiated in that we can show clearly induction of fumoral and cellular new responses as shared in our preclinical data. Because we believe you have to address through again targeting targeted antibodies as well as cellular responses because the bacteria respond in the bladder. So that's growth pipeline is differentiated. And then the other part is of course because of the way how we designed our vaccine and the target that we have selected.

Okay, great. And then design was all in house or did you in license any technology?

Thanks. That's it.

Technology that is all all affecting of it.

Next question is from John Milberg from Evercore. Please go ahead.

Hi, this is is Chen Zhang on for John. Thanks for taking our question. I guess on the GBM program, apparently very good response from T cells, but how should we think about the translation towards tumor response based off the data And also for the overall off the shelf program, what are the indications that of most interest Thank you.

Yes. Thanks a lot. So maybe for Gigi Yan, this is a super important question, right, that nobody can answer at this point. However, the immunologic response translate into clinical benefit. And there we again, we need to wait for more data coming from our expansion cohort. We have presented at ESMO very early preliminary clinical readouts from our Phase 1 dose escalation cohort. In those data, we shared that we had one partial [indiscernible] [indiscernible] to see that patients developed a partial response. Unfortunately, the immunogenicity readout [indiscernible] [indiscernible] In our Phase 1 dose escalation path. And then the other paradigm effect you could look at, again, all under the caveat that early data is 16 nations but we also looked at the PFS at 6 months in this bad population where we saw our trials at PFS at 6 months of about 34%. And then you compare this to data share at ASCO this year, and from basically a trial conducted by [indiscernible] trials, they shared that patients with unmethylated GBM [indiscernible] PFS at 6 months of only 18%. So again, I have to caveat this is early data as a handful of patients but we do see some promising in clinical fitness.

Now what we are doing in the growth expansion part, again, we collect more information on more patients. We collect more and also deeper immunogenicity data and we will collect of course clinical data so that at the end we can hopefully correlate 2 and then make a robust decision whether we go into Phase 2 or not.

The second question was around indications that actually for the rest of the after child vaccines. I think we already communicated on storeiness non small cell lung cancer. And I think work on the indication selection for the next, so sharing program potentially out of the MD Anderson collaborations that are going Right.

And maybe just to build on this, we have conducted end of last year, within this year an extensive oncology strategy exercise where we looked at all different kinds of indications, which could be targeted by a cancer vaccine. And we consider criteria such as likelihood of scientific success, unmet medical needs, competitive commercial opportunities and have prioritized a few cancer indication that where we will go deeper into the discovery for cancer antigen. So it's a select of next indications is really following a strategic approach that has been also translated into our collaboration with MD Anderson what we focus together on again promising scientifically but also commercially promising areas. In oncology.

Thank you very much.

If no further questions, I'd like to turn the floor back to management for any closing comments.

With this, we would like to conclude our conference call. Thank you very much for your participation. Stay safe and please don't hesitate to contact us should you have any further questions. Thank you and goodbye.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.