Good day, and thank you for standing by. Welcome to the Erytech Business Update and Financial Highlights for the Q4 and full year 2021 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you'll need to press star one on your telephone. Please be advised today's conference is being recorded. If you require any further assistance, please press star then zero. I would now like to hand the conference over to your host today, CEO Gil Beyen. Please go ahead. Thank you, Michelle. Good afternoon, good morning. Thank you for joining us for our business and financial update for the Q4 and the full year 2021, with key highlights and key financials for the year 2021. We announced our business and financial update on Friday evening, and the press release and the webcast presentation can be found on the investor relations page of our website. Joining me on the call here today are Dr. Iman El-Hariry, our Chief Medical Officer, and Eric Soyer, our Chief Financial and Chief Operating Officer. Before starting, I'm on slide 2 of the deck. I would like to draw your attention to the disclaimer to remind you that today's call includes forward-looking statements, such as relating to the company's operations, timelines, and financials. As they all involve risks and uncertainties that could cause actual timings and results to differ materially. Now, switching to slide three, the agenda for the call, I will, as usual, start with a short introduction and present the key highlights of the year. Mostly focusing on the more recent ones, the ones that occurred after our last call in November. Iman will then provide an update on the status and the progress of our clinical programs. After which, Eric will come and will present an update on our key financials and cash balance. He will also summarize the strategic priorities and the expected timelines for the year to come. All three of us will then be available to answer questions in the Q&A session. Now, moving to slide four. For anyone new to the company, this is a brief overview of Erytech. Obviously, Erytech is focused on the development of red blood cell-based cancer therapeutics, as. Our lead product, Graspa or eryaspase, it's asparaginase loaded in red blood cells. It's targeting the cancer cells altered asparagine and glutamine metabolism. It's a cancer metabolism agent. Graspa is currently in pre-regulatory phase. It's in ALL, so we're close to submitting our BLA, our file for approval. We have a Phase I ongoing in first-line pancreatic cancer and a Phase II in triple-negative breast cancer. Iman will tell more. We have also two manufacturing operations, two fully operational facilities. One in Lyon to serve the European clinical trials and potential future market later, and the second in Princeton, New Jersey for the U.S. Also, we are very balanced in terms of shareholder base as a Euronext- and Nasdaq-listed company, with roughly half, 50-50, of the shareholders in Europe and in the U.S. Now shifting to the highlights of the year, with focus on the Q4. It's on slide 5. 2021 has really been a very special year. On the one hand, a year of tremendous execution, working, I would say, day and night towards the results of the TRYbeCA-1 and the other clinical trials. TRYbeCA-1 was our Phase III trial in second-line pancreatic cancer, and really in a race to get all our data out on time, as we announced them in October. Notwithstanding the severe impact of the COVID pandemic, they were indeed reported as we had planned in October. 2021 was also a year of great deception when the trial did not meet its primary endpoint in October last year. Now, 2021 was also a year of very good progress. In fact, a year in which we moved on the front of ALL from considering the potential to seek approval for Graspa in ALL patients, in hypersensitive ALL patients, to now being almost ready to file a BLA in this indication. We've had, in 2021, multiple interactions with the FDA, including a pre-BLA meeting, and we were granted Fast Track designation. The FDA is still evaluating certain elements of our file, and we expect. In fact, we are almost ready with the dossier, so we expect we will be able to file quickly once the FDA has finished their evaluation of the outstanding information requests. On the next topic, TRYbeCA-1 indeed was a setback, but not all hope is gone for Graspa, for eryaspase in pancreatic cancer. In the TRYbeCA-1 trial, we noted an interesting OS improvement in a subgroup of patients treated with fluoropyrimidine and irinotecan-based chemotherapy. It's the FOLFIRI regimen. This regimen represented approximately 40% of the patients in the trial. We have a Phase I ongoing in effect, Georgetown. It's an investigator-sponsored trial at Georgetown University. There's a Phase I ongoing, evaluating Graspa in combination now, not with FOLFIRI, but with FOLFIRINOX. It's also a fluoropyrimidine and irinotecan-based chemotherapy. What we've seen over the year is that indeed the safety profile also looks good, and we see encouraging clinical activity in the trial. Again, Iman will explain more. The last item here on the highlights, clearly, we announced it at, after the Phase III results, strategic evaluation and search for partnering options. We are now evaluating various options, and at this stage, no more we can say at this stage, but we hope to be back with more news in a month or two from now. Here I'll hand over to Iman to provide additional detail on our clinical programs and expected timelines. Thereafter, as mentioned, to Eric for the financials and the key milestones. Iman, floor is yours. Okay. Thank you, Gil Beyen. Good morning. Good afternoon, everyone. I hope you are all hearing me fine. I will start on slide number 7. Again, just a quick reminder about the TRYbeCA-1 study. This was the Phase III pivotal trial that we reported back in October last year. Unfortunately, we reported that the study did not meet the primary endpoint, which was an overall survival comparing eryaspase with chemotherapy versus chemotherapy alone in second-line pancreatic cancer. However, what we also have said last year is that although there was a numerical difference on all efficacy indicators, including of course, overall survival, PFS, and disease control rate, and we specifically saw an interesting trend in one of the treatment groups where eryaspase is combined with irinotecan, 5-FU, leucovorin chemotherapy. We continue to interrogate and dissect the data to get a better insight on the outcome of the study. Of course, beyond the obvious reason, as we reported last year in terms of very well-balanced treatment groups and subgroups, subsequent anti-cancer therapy, et cetera, there isn't really much we have seen to make us more intelligent on the outcome of the trial. We actually had the study presented by Pascal Hammel at ASCO GI at the beginning of this year. It was well-received, and there was some interesting conclusions, particularly from the discussants, during the meeting. We also continue to look at our search for the reasons we have had an advisory board again in January and for two reasons. To see whether there is obvious reasons that we are we're not aware of, or secondly, is there any path forward in pancreatic cancer? Again, with a group of the key opinion leaders, the interest continue to be there in pancreatic cancer, and there are some interesting ideas how to take this further into this indication. Moving to slide 8. I'll just switch gears now to ALL and specifically in the indication in patients who develop hypersensitivity reactions to other asparaginase formulations. As you again remember, we have had a Pre-BLA meeting with the FDA last year, and specifically to discuss potential for a path forward seeking an indication based on the study which is an investigator-initiated trial and looked at the effect of Graspa in these patients who received Oncaspar and developed hypersensitivity reaction and/or silent inactivation. The study was presented back in 2020 during ASH meeting and showed that not only Graspa demonstrated sustained and improved asparaginase activity in these patient population, a total of 35 patients, but also treatment was very well tolerated. Moving to slide number 9, and again, I just touched this. We are, as Gil mentioned, almost ready to submit our application to the FDA. We have had constant interaction with the agency. They have followed the Pre-BLA meeting. There were a lot of requests on all accounts on the clinical and the non-clinical and the CMC, and we are working with the agency to address those requests. We're waiting for the remaining feedback, and that would enable us, hopefully, if we get the acceptance to file. Hopefully we'll be ready to file imminently. Of course, we'll not just submit here in the United States, but we also subsequently would like to look for a path forward in Europe. Moving to slide number 11. Switching gears back to pancreatic cancer. This is the investigator-initiated trial led by Dr. Marcus Noel, Georgetown University. This is a study looking to assess the safety and tolerability of Graspa in combination with modified FOLFIRINOX, which is now very much the standard of care in first-line pancreatic cancer. The study actually already reported that the Phase II dose is identified and it is 100 units per kilogram, which is the same dose that we have used also in TRYbeCA-1 study and also in TRYbeCA-2 trial. Again, some encouraging signal of activity, and that was presented also during ASCO GI this year. The full results will be expected towards the H2 of this year. One more time switching gears to triple-negative breast cancer. As we have had a proof of concept trial Phase II study combining Graspa with gemcitabine platinum in a randomized setting with a small trial, 65 patients in total. That was in patients who received at least one prior therapy in advanced/metastatic setting. The study actually following the outcome TRYbeCA-1, we opted to stop further enrollment of patients in the study. However, we continue to follow up the patients who already enrolled in the trial, and we do expect to provide results on those patients again by the Q3 of this year. With that, I switch gears now and hand over to Eric Soyer, our Chief Financial and Chief Operating Officer for the updates and the strategic priorities. Next step over to you, Eric. Thank you. Thank you, Iman. Good morning, everyone. As you see, I will focus this financial update for the Q1 of 2021 mainly on cash, and we are on slide 13 of the presentation. As of December 31, 2021, Erytech had cash and cash equivalents totaling EUR 33.7 million, and that's approximately $38.1 million. That's compared with EUR 44.4 million as of December 31, 2020. Which means that we've managed to limit the net cash utilization in 2021 to EUR 10.7 million. The net cash utilization in operating activities and investing activities was EUR 57.1 million, while in the same time, financing activities in 2021 generated EUR 44.7 million. That included EUR 34.6 million in combined net proceeds from the at-the-market ATM equity financing program. That was $8 million in February. Two registered direct offerings, one in April, $30 million, and one in December, $7.85 million, and a total of $11.4 million from the drawdown of four tranches of our convertible notes. While in the same time, the variation of the U.S. dollar against the euro led to a 1.7 million euro positive currency exchange impact. With that, we believe that, Erytech's current cash position can fund planned operating expenses and current programs well into the Q3 of 2022. That is, of course, without considering the potential future proceeds from potential strategic and partnering options, which are ongoing, as explained by Gil Beyen. Given these discussions are at an advanced stage, the company will likely need per market regulation to present pro forma 2021 accounts to reflect the impact of a potential transaction on its operations, and consequently, given the time needed to prepare audits and review pro forma accounts with market regulator, we are postponing the reporting of our full year 2021 financial results to a later date, and that will be in April. Now, before we move to Q&A, a quick summary of our key strategic priorities for the coming months and upcoming key milestones, and this is slide 14 of the presentation. As explained by Gil Beyen and Iman El-Hariry, the submission of our BLA dossier for eryaspase in hypersensitive ALL has been a key operational priority in the recent months and still is. The dossier is now close to be ready, and we look forward to being able to submit once the FDA has completed its review of the remaining information requests and gives us the green light to file the application, and we believe that should be in the Q2 of this year. We also have two ongoing trials, and our teams and the trial investigators are working on presenting data later this year. That's the Phase II trial of eryaspase in TNBC, triple-negative breast cancer. The trial's name is TRYbeCA-2, and we expect to report data from the first patient in the Q3 of this year. The Phase I IST in first-line pancreatic cancer, the trial's name is rESPECT, with results expected in the H2 of this year. POf course, and last but not least, the ongoing strategic review and partnering process for which we target an update in the H1 of this year. With that, I would like to thank you already for your attention. I will now open the call for any questions you may have. Like always, questions from the French speakers are welcome, although I've not had much success in the past. Operator Michelle, pass over to you. Our first question comes from the line of Boris Peaker with Cowen. Your line is open. Please go ahead. Good morning or afternoon, I guess. Thanks for taking my question. I just wanna understand, for Graspa and ALL, what is your commercial strategy? Can you talk about how much you plan to invest in commercialization, and how do you see commercialization playing out? Hi, Boris Peaker, and it's actually morning. We're all three of us in Boston. One of the big reasons for the strategic partnering process that we announced after the TRYbeCA-1 setback is really that with a positive TRYbeCA-1, clearly the focus would have been on a go-alone strategy in combination with external vendors for back office, et cetera. But now clearly ALL, which is significant but smaller indication, the focus for us is on the strategic partnering exercises is indeed also, not only, but also commercial partnership. The most likely path forward will be that we commercialize with a partner. Got it. Just to clarify, you have no plans to build a commercial organization on your own. We have a plan that is on our own, but with support of external vendors, specialized vendors. The priority now at least has or at least we're evaluating. I think we put it in the corporate deck. We're evaluating partnering options in parallel to further development of the go-alone plan. Got it. All right. Thank you. Thanks. Take my question. Thank you, Boris. Thank you. Our next question comes from the line of Lucy Codrington with Jefferies. Your line is open. Please go ahead. Hi, thanks for taking my question. Just the one, please. Just in terms of the path forward in pancreatic cancer, how much of that is contingent on the outcome of the first-line data in the H2? Is there a kind of threshold that you're looking for? I mean, we obviously have seen the data to date with the 50% response rate. Is there a particular bar that you're looking to meet in that trial or is it too small and it's so therefore what do we need to see in that data to give you confidence in that indication? Thank you. Thank you, Lucy. I'll hand this question to Iman El-Hariry. Okay. Thank you, Lucy, for the question. It's a couple of things. Number one is in the first-line pancreatic cancer, the rESPECT study. As it's a dose-escalation trial, it's a small number of patients. While the signal looks interesting compared to perhaps to what you would expect with the FOLFIRINOX alone I think we need also to be cautious because it is again a small number of patients. The most important point here is that really the consistency of the encouraging evidence, so not only from the rESPECT trial but also from TRYbeCA-1 study, where it seems that the combination with irinotecan and 5-FU seems to be really a logical next step. That was also the sentiment that shared by almost unanimously by all our key opinion leaders. Next steps is really and we looked at different options whether to go into first line would be a good option or whether to go into a second or third line. We felt maybe future study should be a smaller trial. it doesn't make much sense for us to repeat a larger trial like TRYbeCA-1, for instance, but smaller trial and therefore indications like for instance, a third line setting or indications for instance, poor performance status patients, which we actually don't see to be differentiated, whether it is good performance or poor performance from all our trials. These are some logical options that were basically flagged by our key opinion leaders. To your point, if you go to any of these indications, of course it most probably will not be a survival study, but will be to your point, a response trial or progression-free survival, maybe at one year or two year or six months, sorry, or one year. These are the options. I think once we settle on one of these options, the first thing we'll have to do is to go and seek scientific advice with the EMA to see whether a surrogate endpoint would be potentially approval endpoint for an accelerated approval. There is certainly some work to be done. One of the things that we are currently doing, and I'm sorry for the lengthy response, is that we're looking some potential either it may be preclinical, looking also in the biomarkers, to further understand the signals that we have seen in, also in TRYbeCA-1. Does this answer your question, Lucy? Sure. Can I just confirm you said third line patients is one of the potential options? Yes. Okay, great. Thank you. Thank you. Again, if you have a question at this time, please press star then one. I'm showing no further questions at this time, and I would like to turn the conference back over to Gil Beyen for any further remarks. Thank you, Michelle. Thank you all. Thank you for your participation and attention, and for your continued support of Erytech. As always, we'll keep you posted on further development, and we look forward to speaking soon. The next call being in May. Thank you all. Have a great day. This concludes today's conference call. Thank you for participating. You may now disconnect.
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