Enliven Therapeutics, Inc. ($ELVN)

Welcome to the Enliven Therapeutics June 2026 clinical data update. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to Rick Fair, CEO of Enliven Therapeutics.

Greetings from EHA in Stockholm. Thank you all for joining us today. With me from Enliven are Helen Collins,, our Chief Medical Officer; and Damiette Smit, our Vice President of Early Clinical Development. We're also honored to be joined by Dr. Dennis Kim, Professor of Medicine in the Department of Medical Oncology and Hematology at the Princess Margaret Cancer Center in Toronto. Dr. Kim will join us later in the call for Q&A. On today's call, we will be making forward-looking statements. These statements have risks. We encourage you to review our SEC filings for more information. Today, we are thrilled to provide important updates on our lead program, ELVN-001. We will provide an overview of the ELVN-001 opportunity and share exciting new clinical data from the ENABLE Phase I study that will be presented by Dr. Kim later today at the European Hematology Association meeting. We will also provide an update on recent FDA interactions and next steps for the program. At the end of the call, we will open it up to the audience for a live Q&A. So please submit your questions any time during the call. Today's data and regulatory updates reinforce our conviction that ELVN-001 has the potential to be the best-in-class tyrosine kinase inhibitor in CML. ELVN-001 is the only highly selective ATP competitive BCR-ABL1 TKI, designed to avoid off-target adverse events and enable dosing levels to maximize efficacy. ELVN-001 was built for the long-term treatment CML patients require with convenient once-daily dosing with or without food and reduced drug-drug interaction potential. Today's data update will show in a large Phase I data set, a highly encouraging efficacy, safety and tolerability profile that compares favorably to currently available therapies. We believe this clinical profile positions ELVN-001 to compete across all lines of therapy, and we are pushing aggressively in this direction. We're on track to initiate our initial Phase III trial in second-line plus CML and a Phase II IST in newly diagnosed CML before year-end. We are also well capitalized to execute on our plan with sufficient cash to fund us through the second-line plus Phase III top line data readout. With that quick overview, let me take you through our view of the ELVN-001 opportunity before we dive into the new clinical data. Since imatinib approval 25 years ago, BCR-ABL1 TKIs have transformed CML into a chronic disease for most patients. That said, significant unmet needs remain. Most CML patients require daily treatment of their entire lives. As such, an ideal CML treatment would provide excellent disease control, have very few side effects and be simple to take. Currently approved TKIs fall short from this ideal in several ways. They're associated with adverse events that can impact patients' quality of life and in rare cases, can be life-threatening. Even the most effective available TKIs failed to drive major molecular response by key regulatory time points in 1/3 to 3/4 of patients depending on line of therapy. In addition, approved TKIs have clinically meaningful drug-drug interactions and administration requirements that can make them challenging to fit into patients' daily lives. As a result, we see significant switching in the market as physicians and patients actively search for the best treatment for each patient. CML is a BCR-ABL driven disease. Today, we have two mechanistic approaches to targeting BCR-ABL. ATP competitive TKIs and allosteric TKIs, each with distinct profiles. ATP-competitive inhibitors built the foundation of modern CML treatment and remain the most prescribed TKIs in CML. The first generation, imatinib, transformed CML care and launched a targeted therapy [ air ] in oncology. Second and third-generation TKIs improved upon imatinib response rates and addressed imatinib resistance mechanisms, but all significantly inhibit off-target kinases. These off-target effects cause adverse events that can impair adherence and quality of life and can limit dosing below levels necessary for optimal long-term efficacy. Asciminib is the only currently approved allosteric TKI. Allosteric TKIs improved selectivity and as a result, tolerability, but still have liabilities. Because asciminib improves upon first and second-generation TKIs, adoption of occurring in earlier lines, and that's currently ongoing. As a result, we're now seeing a growing number and incidence of resistance mutations. Further, asciminib carries some treatment burden, including many clinically meaningful drug-drug interactions and a fasting requirement before and after dosing. The current dual mechanism landscape creates a clear opportunity for a next-generation selective ATP competitive inhibitor that can address the limitations of both approaches. Why do we need a more selective ATP competitive agent. As you can clearly see from these kinase maps, every approved APTP competitive TKI and CML has meaningful off-target activity. Broad kinome inhibition drives clinically meaningful toxicities. Fluid retention disorders like pleural effusion and edema, cardiovascular events, GI effects like nausea and diarrhea. In rare cases, these effects can be life-threatening. Nilotinib and Ponatinib carry box warnings for sudden death, heatt failure or arterial occlusive events. In all cases, these effects [ create ] a burden for CML patients and could be a barrier to successful long-term treatment. This led to the question Enliven founders asked when they started the company. Can we develop a highly selective ATP competitive TKI that avoids these off-target effects, can be dosed to optimal efficacy and can be rationally sequenced with allosteric TKIs to address different resistance mechanisms. Fortunately, the answer to that question is yes. Yes, we can. ELVN-001 uniquely binds a plot folded in active confirmation of ABL-1. This drives its exquisite ABL-1 selectivity as you see in this beautiful kinome tree. ELVN-001 was also purposely designed with the current treatment landscape in mind with broad mutational coverage across the clinically important resistance mutations to other ATP inhibitors, including T315I. Given its different binding mechanism, it also retains activity against the emerging class of allosteric resistance mutations, positioning ELVN-001 as complementary asciminib in the CML landscape. Finally, ELVN-001 was developed with a favorable [ TK ] and dosing profile to make it as suitable long-term use as possible. Based on currently available data, ELVN-001 from other drugs in this class in this regard, it has reduced potential for clinically meaningful drug-drug interactions, particularly CYP3A4-mediated interactions. ELVN-001 is not a substrate for common Efflux transporters avoiding an important mechanism of resistance. Further, ELVN-001 is dosed [ once ] daily with no food restrictions. Combining these design features with the efficacy and safety profile you will see shortly, we believe ELVN-001 has the potential to be a best-in-class CML TKI. Given its profile, we believe ELVN-001 is well positioned to compete across all lines of CML therapy over time. With two mechanisms, we expect physicians to sequence between them as they do in many other oncology indications. When a patient doesn't achieve treatment goals with one mechanism, we expect they will try the other. At the time of our predicted first approval in second-line plus patients, asciminib will be approaching peak share in frontline and second-line CML. For patients who don't meet their treatment goals on asciminib, we expect ELVN-001 will be a preferred next choice as the best ATP competitive alternative. With the potential future approval in front line CML, we expect to compete with Allosteric for frontline share. Of course, the outcome will be dependent on the relative clinical profiles. While we don't yet have frontline data to compare, relative safety and efficacy in later line patients have historically translated to earlier lines in CML. Our efficacy and safety data in more heavily pretreated patients compare favorably to asciminib. This makes us optimistic about our chances to play an important role in newly diagnosed to patients, if approved. The U.S. branded CML market, has the potential to be approximately $10 billion, split roughly evenly between first-line and second-line plus patient populations. Our near-term priority is to initiate our Phase III trial in ABL-2 in the second-line plus setting in the second half of 2026. Based on the data that we will present today and a successful end of Phase I meeting we recently conducted with FDA, we are on track and more confident than ever. We believe this is a study with a high probability of success that will give us access to the $5 billion second-line plus CML market in the U.S. Dean Health Authority approval to initiate a pivotal trial in newly diagnosed CML, we believe we will need a meaningful safety database at our Phase III dose and potentially some safety data in newly diagnosed patients. Of course, our Phase I enable safety database is large and growing, so it will serve to support these discussions. To address the potential need for frontline data, we plan to support a Phase II investigator-sponsored study expected to start before the end of this year. These plans should enable health authority interactions regarding a pivotal study in newly diagnosed patients in 2027 and a potential study start in 2028. Upon successful completion, the study would give us full access to the $10 billion opportunity in the U.S. We've made a lot of progress this year, and we're excited to showcase that progress today. First, hot off the presses. We just completed a successful end of Phase I meeting with the FDA, where we reached alignment on the most critical elements of our Phase III plans. We aligned with FDA on 80 milligrams QD as the Phase III dose. Second-line plus is the study population and the plan to randomize patients to ELVN-001 versus physician's choice of ATP competitive to KI. This has exceeded our expectations for the end of Phase I meeting. My congratulations and thanks to Helen, Damiette, and our entire clinical and regulatory team. We will meet with the FDA in Q3 to align on the detailed Phase III protocol, and then we'll be off to the races to initiate the trial this year. Damiette and Helen will walk you through the details of the data to be presented today at EHA in a minute. But you see a few of the highlights here. 48% MMR achieved by 24 weeks at our Phase III dose of 80 milligrams QD. Of 55% MMR achieved in earlier second and third-line patients with consistent response rates regardless of prior asciminib exposure across all lines of therapy. Additionally, with longer follow-up and more patients treated since our presentation at last year's EHA meeting, the safety and tolerability profile remains impressive and appears differentiated from all the approved TKIs. We appear to have a great-looking CML drug. With these data and our regulatory and operational progress, we are on track to initiate an ABL-2 in the second half 2026. This trial is a clear and derisked path to our first approval in second-line plus CML. With that, I'll turn it over to Damiette to take you through the data.

Thank you, Rick. Good afternoon. My name is Damiette Smit, I'm Vice President of Early Clinical Development at Enliven Therapeutics. I'm excited to have the opportunity to share the updated data from the ongoing first-in-human enabled study with you today. I will start with the design of the study. Patients were eligible for the study that chronic phase CML and had failed were intolerant to or were not candidates for available active therapies. As a Phase I study, the primary endpoint is safety with key secondary endpoints of centrally assessed molecular response by BCR-ABL1 qPCR and [ kinetics ] after dose escalation, three dose levels were expanded in Phase Ib 60, 80 and 120-milligram once daily. The 80-milligram once daily dose was selected as optimal biological dose and the Phase III dose based on safety anti-SMaL activity and PK/PD model. Study has continued to enroll at the 80-milligram [ on ] once daily dose to generate additional safety and efficacy data. At the time of the snapshot, a total of 49 patients were enrolled at the 80-milligram once daily. [indiscernible] in original dose optimization cohort and 29 in the additional expansion cohort. Key demographics and baseline characteristics are presented here. First column shows all patients enrolled in the study across Phase Ia and Phase Ib. Second column shows demographics and baseline characteristics of the 49 patients enrolled to the 80-milligram once-daily dose in Phase Ib. Overall, a heavily pretreated patient population was enrolled 70% of patients had received at least three prior unique TKIs, more than half received prior asciminib. It's important to note that most of the post limited patients had received asciminib in the late-line setting and the majority have discontinued asciminib the lack of efficacy, again highlighting the difficult-to-treat patient population. Overall, the safety and efficacy data presented today should be viewed in the context of this heavily pretreated patient population where remaining treatment options are limited. We have now dosed 161 patients. The median duration of exposure was 35 weeks with over 1/3 of patients on therapy for over 1 year. Importantly, the safety data being presented today represents an extensive data set with 146 person years of exposure and 118 patients treated at doses of 80 milligrams once daily or higher. The data shows us that ELVN-001 is well tolerated with the vast majority of patients remaining on study and only 6% having discontinued due to adverse events. This slide summarizes the safety data. And as you can see, ELVN-001 demonstrated a favorable safety and tolerability profile with a wide therapeutic window. The table on the right shows treatment-emergent adverse events. Regardless of attribution, most events were low grade. Importantly, at the selected 80-milligram once-daily dose, the safety profile was similar to the overall patient population, low rates of Grade 3 or higher events. During dose escalation, ELVN-001 was escalated to 120-milligram twice a day, which is 3x as high as the optimal bells of 80-milligram once a day. 80-milligram twice a day dose was determined to be the maximum tolerated dose after two patients experienced a DLT at 120-milligram twice a day dose. Overall, the incidence of arterial occlusive events was low, all patients with these events had preexisting cardiovascular disease and risk factors such as exposure to prior TKIs with the cardiovascular risk profile, including nilotinib and ponatinib. As Rick mentioned earlier, ELVN-001 was designed to reduce off-target toxicities. And now that we have over 150 patients with safety data. The safety profile continues to be favorable and is consistent with the high selectivity of ELVN-001 for ABL-1. Now we'll review the efficacy data. Overall, encouraging anti-CML activity was observed across the study, especially keeping in mind this very heavily pretreated patient population. On the left, key efficacy milestones are presented. At the selected dose of 80-milligram once daily, 17 of 28 evaluable patients or 61% were in MMR by week 24. We among the patients not already in MMR baseline, 10 of 21 or 48% achieved MMR and all seven patients who entered the study in MMR maintained MMR. In addition, 30% of patients achieved a deep molecular response, reinforcing the potent efficacy ELVN-001. Helen will speak next about these results in the context of clinical data from other TKIs. What we believe the best comparative data is asciminib Phase I study, given the similar phase of the study and efficiently large sample size to interpret efficacy data. In this study, asciminib achieved an MMR rate of 24% in a less heavily pretreated patient population. Therefore, ELVN-001 has achieved MMR rate of 48% is highly encouraging, noting that ELVN-001 data is not quite as mature as the asciminib data set. The graph on the right shows the cumulative incidence of MMR in patients who are not in MMR baseline. The observation is that responses occurred early. As expected, patients receiving more optimal therapeutic doses in Phase Ib as depicted in the green and red lines, are more likely to respond by week 24 than the whole population depicted in the blue [ lag ] since that population includes both patients treated in Phase Ia, Phase Ib. Black curve beyond the week 24 time point in Phase Ib is explained by the relatively short follow-up for these patients and the reduced testing frequency monthly to every 3 months. As follow-up continues, we believe that MMR will continue to rise over time as it does in a more mature overall Phase I data set. Now let's take a deeper dive into anti-SMaL activity observed in individual patients. This shift table shows changes in molecular response category for each of the MMR evaluable patients. The top row shows the molecular response category at baseline and the left column shows the molecular response category by week 24. Please note that this table does not take into account a key predictive response number of prior TKIs. We will discuss that further in the next slide. The table is [ called ] quoted, so that if a patient's transcript category does not change or improve the patients are reflected in green part of the table. Like no change in dark red for improvement. If the patient's transcript category worsens, they would be reflected in the yellow part of the table. This shift table shows that the majority of evaluable patients showed an improved response category and non-head worsening by week 24. I would like to draw your attention to the subgroup of patients with baseline transcripts of 10% or higher as this subgroup has a high disease burden and in the context of a generally heavily pretreated patient population, this group has the lowest likelihood responding. This subgroup, 10 of 17 evaluable patients or 59% improved by at least one category, which is highly encouraging and supports the potency of ELVN-001. As mentioned previously, the majority of patients enrolled in the study were exposed to multiple prior unique TKIs and to prior asciminib. We evaluated the clinical relevance of both of these aspects of prior therapy for ELVN-001 in the current data set. On the left, we show MMR by week 24 by number of prior TKIs. Responses were observed independent of a number of prior TKIs that patients were exposed to. As expected, rates were higher in patients who have been exposed to fewer prior TKIs and lower in patients would have been exposed to a higher number of prior TKIs. That said, meaningful MMR rates were still served even in patients with exposure to 5 or more prior KPIs. To the right, we present MMR by week 24 for the subgroup of patients, which was exposed to prior asciminib. The key observation is that responses were still observed after prior asciminib exposure, and the responses were in line with response rates seen in our overall Phase Ib data. Now that asciminib is being used more in first and second-line patients, we think it's important to highlight that ELVN-001 does not appear to be affected by prior views of asciminib, which we believe is due to its complementary mechanism of action. I will now share two patient case studies to complement the [ cohort ] level data presented today. As Rick stated earlier, although allosteric guys have resulted in improved tolerability compared to existing ATP competitive TKIs, the emergence of allosteric-resistant mutation is a growing concern, especially with the increasing uptake of asciminib globally. Based on preclinical data, ELVN-001 has activity against these mutations. In Phase Ib of the ENABLE study, 10 out of 90 patients or 11% were involved with mutations associated with resistance to allosteric inhibition. As anticipated, anti-CML activity was observed after treatment with ENLYTOL-01 in patients with these mutations. Here, we present a patient who had developed an A344D myristoyl pocket mutation on asciminib. Patients enrolled in ENABLE at 80-milligram once daily and achieved a rapid deep molecular response with only low-grade adverse events reported. The case illustrates the biological rationale for using ELVN-001 in patients with allosteric resistance mutations and supports ELVN-001's potential use in patients after asciminib. As previously stated, ELVN-001 was also designed to be active against clinically imported patients that can confer resistance to other ATP competitive inhibitors, including TCRffI. After developing TCRffI mutation on asciminib, this patient received ELVN-001 at 80-milligram twice a day and achieved MMR, only reporting low-grade adverse events. While the [ Devaluation ] is ongoing, and we are not presenting a formal cohort level update today, this individual patient provides an illustrative example of preliminary activity of ELVN-001 in the TCRffI mutation. So the ENABLE study has now identified an optimal biological dose for ELVN-001 of 80-milligram once daily, which will be taken into Phase III. In the updated data set, ELVN-001 demonstrated a favorable tolerability profile and encouraging NICML activity in a heavily pretreated patient population, including patients with prior asciminib exposure. These studies further support ELVN-001's broad activity against a variety of mutations, including those that arise from treatment with asciminib. In summary, the data today exemplified ELVN-001 was designed for today's treatment paradigm with activity across prior lines of therapy and regardless of our treatment. We believe these data provide a strong foundation for the next clinical stage of development. I will now turn it over to Helen Collins, our Chief Medical Officer, who will present the next steps for ELVN-001.

Thank you, Damiette. I'm now going to present a few slides which put the efficacy and safety data that you have just seen into context. And I think you'll see why we're so excited about the updated data to be presented at EHA. I'll then conclude with some additional details on the path forward for ELVN-001. So first, I'll start with the efficacy. The first point to keep in mind when comparing this latest 001 data to historical data from other TKIs, is that differences in patient population have a meaningful impact on MMR rates. This slide highlights several important differences between patients enrolled in the 001 study and those enrolled in the Phase I asciminib trial and the TERN-107, now known as [ MRK 4208 ], Phase I trial. For the 001 Phase I trial, the initial enrollment criteria specified that patients could not be candidates for any other available therapy. As a result, the study enrolled a difficult-to-treat patient population, including a high proportion of patients in the fourth-line of therapy or later, most of whom had received prior asciminib and many had also received ponatinib. In addition, the trial did not exclude any specific subgroups, patients with CML resistant to asciminib, including resistance associated with BCR mutations were eligible to enroll. This is an important distinction when comparing ELVN-001 data with results from other programs. For example, TERN-107 initially enrolled patients in the second-line plus setting and excluded patients with CML resistant to asciminib. Similarly, the Phase I study of asciminib enrolled predominantly third or later line patients, and by definition, did not include any ponatinib patients. With asciminib continuing to move into earlier lines of therapy, we believe the high proportion of post-asciminib patients enrolled in the 001 study, including patients with CML resistance to asciminib is particularly important. Not only is this a challenging population to treat, but it's also likely more representative patients expected to enroll in an initial Phase III trial. On the right side of the slide, you can see the significant impact that line of therapy has on MMR rates. These bars show asciminib MMR rates by treatment line. As expected, MMR rates declined as the number of prior therapies increase. In fact, there's approximately a threefold difference in MMR rates between second-line and fifth-line patients. And as a reminder, more than 35% of the patients enrolled in the ELVN-001 study were fifth-line of therapy or beyond. The takeaway from this chart is simple, line of therapy matters, and it matters a lot. When evaluating efficacy across studies, differences in patient populations must be taken into account. With this context, let's move to the next slide. You see a cross-trial comparison of the 001 Phase I data with historical data from asciminib and also from bosutinib, which was the most recently approved second-generation TKI and also the comparator arm in asciminib's first Phase III trial. The first key point is the high MMR rate achieved by ELVN-001 in this heavily pretreated patient population. The achieved MMR rate was 48% in the Phase Ib 80-milligram QD cohort, which is our planned Phase III dose and 40% across the overall IB population. As we have previously described, the proportion of enrolled patients who have not completed full 24-week assessment period affects the denominator and the for may influence the achieved MMR rate over time. Even with that consideration, we believe these results are highly encouraging. Importantly, these data compare favorably with historical results for asciminib, which achieved an MMR rate of 24% in its first -- in its Phase I trial despite enrolling a less heavily pretreated patient population. The comparison is even more compelling versus historical bosutinib data where the achieved MMR rate in Phase 1 was 15%. again, in a less heavily pretreated patient population. Taken together, these data support our belief that ELVN-001 has the potential to be the best-in-class ATP competitive BCR-ABL1 inhibitor and the data provide confidence in the design rational for our planned Phase III program. The second point is that historically, CML Phase I efficacy has been predictive of subsequent Phase III outcomes. As shown on this slide, the MMR rates observed in Phase I studies are similar to the MMR in the subsequent Phase III trials. Based on the efficacy and safety profile generated to date, we believe in ELVN-001 is well positioned to demonstrate superiority to second-generation ATP competitive TKIs in our first Phase III trial. And overall, these data give us confidence as we advance 001 into Phase III and strengthens our conviction that ELVN-001 has the potential to compete across multiple lines of therapy, including the frontline setting. Next, I'll provide some context on the safety. Now that we have safety data on 158 patients, we're increasingly confident that 001 selectivity profile has the potential to provide meaningful differentiation from currently available TKIs. Starting with the top chart, which shows hematologic toxicity, I would like to highlight that these data are new and were not included in the EHA presentation. EHA presentation reports hematologic adverse events, which is standard for Phase 1 presentation. but adverse events require a laboratory to be both abnormal and the investigator to deem the abnormality to be clinic meaningful. So there is an element of subjectivity. In contrast, the data shown here are laboratory abnormalities, which provide a more objective measure and are the metrics typically included in prescribing information. Viewing ELVN-001 lab data in this more objective way suggests 001 may have less hematologic toxicity, particularly for grade 3 and grade 4 events compared with historical asciminib data. This is potentially important because neutropenia and thrombocytopenia were the leading causes of dose interruptions and thrombocytopenia was the most common cause of dose reduction in asciminib's late-line Phase III study. If ELVN-001 can reduce hematologic toxicity, it potentially could improve patient tolerability and support better long-term treatment outcomes. Another important toxicity is highlighted on the bottom of the chart, which is cardiovascular safety. To date, the incidence of arterial occlusive events has been low at 4.4% for all grades and 1.9% for Grade 3 and 4 with events only reported in patients with cardiovascular risk factors, including prior exposure to nilotinib or ponatinib. One important point regarding arterial occlusive events is that these events are defined using a broad grouping of preferred terms rather than a single diagnosis. In our analysis, we have a [ temperature ] in approach consistent with that used by the FDA and its review of asciminib. As a result, we believe the reported incidence is closely aligned with the rates described in the U.S. prescribing information for asciminib. Supporting the potential for favorable cardiovascular profile, rates of hypertension as an adverse event have also been low with 5.7% of any grade and 1.9% of Grade 3. While cross-trial comparisons should always be interpreted cautiously, these rates compare favorably with historical data. We have previously discussed our expectation that 001 selectivity profile could reduce off-target toxicities such as gastrointestinal events and rash, which are often associated with inhibition of kinases such as [ KIT ], [ SARC ], PDFR and VEGFR, et cetera. As Damiette showed earlier, we are indeed seeing lower rates of these toxicities compared to historical ADP inhibitors. What we have not emphasized before is that 001 also has an approximate 32-fold specificity for ABL-1 over ABL-2. To our knowledge, no currently available CML therapy demonstrates this degree of specificity. Even a inhibitors are reported to inhibit ABL-1and ABL-2 at roughly similar levels because of the close homology of these two kinases. The distinction between ABL-1 and ABL-2 matters because preclinical data suggests the selective ABL-1 inhibition might reduce both hematologic and vascular toxicity. Ultimately, only randomized trials can determine whether these observations will translate into clinically meaningful differences. However, it's exciting to see the emerging clinical data align with the underlying preclinical hypothesis. More good news is that we recently had an end of Phase I FDA meeting, which not only confirmed the go-forward dose of 80 milligrams QD, but the agency supported our proposed design for the initial Phase III pivotal trial including enrollment in patients in second-line and later setting in comparison against physicians' choice of an ATP competitive TKI. Alignment with the FDA on these key elements significantly advances our planning efforts and we are looking forward to finalizing the Phase III protocol with the FDA in Q3 and initiating the trial before the end of the year. This final slide summarizes our registrational strategy as of June 2026. On the upper left, you see the ongoing Phase I study. This is the trial that generated the data presented today. In the top middle, you see the first Phase III trial, which is just discussed, will be in the second-line and beyond and we expect to initiate this trial prior to the end of the year. The goal of this first Phase III trial is to demonstrate that 001 is the best-in-class ATP competitive inhibitor for patients with CML. The lower box outlines our planned second Phase III trial in the frontline setting. Given the data presented today, we believe ELVN-001 has the potential to be a compelling option for newly diagnosed patients with CML. We want to bring that option to patients as quickly as possible, and we'll start preparing internally in 2027 with a view to initiating this frontline trial in early 2028. As a reference point, asciminib's first -- asciminib's frontline trial enrolled over 400 patients in approximately 12 months. We are considering a [indiscernible] asciminib in the comparator arm, and we'll make a decision based on our conversations with the FDA and asciminib's positioning when we initiate the trial. The goal of this frontline trial is to demonstrate that ELVN-001 is the best treatment option for new diagnosed CML regardless of class. Now I will turn the presentation back to Rick for some closing remarks.

Thanks, Helen. So there you have it. We've covered a lot of ground, but maybe to summarize. We have a highly differentiated, potentially best-in-class CML TKI as evidenced by the compelling data we see today. We're on track to start a high probability of success Phase III trial by the end of this year. We have a strong balance sheet with cash into 2029 and runway beyond the anticipated top line data from ENABLE too. And last but certainly not least, we have a great team. Over the last year, we've built upon the great foundation already in place it Enliven to be ready for this transition to late-stage development. I can say with confidence, we're ready. With that, I'd like to give Dr. Kim into the discussion. Operator, please open the chat for Q&A.

[Operator Instructions]

All right. It looks like Dr. Kim, we have some questions already rolling in for you. I think it's phrased in a couple of different ways, but maybe can you discuss your view of the data, what stands out to you compared to other drugs or what stands out to you from the data that are presented today?

I think that the beauty of ELVN-001 is tolerability or tolerability, which make us to continue the treatment, which is durability and which will increase the efficacy. So I think that these are the combination. It's not just the one. However, I have to emphasize that it doesn't have an excellent tolerability because of that, we can increase the efficacy and the patient can continue their treatment and in future maybe we might be able to achieve maybe operational cure in the future.

Maybe another one for you, Dr. Kim. How will you incorporate this in your practice? So maybe talk about your clinical experience in the study so far. You've, I think -- been our highest enroller and maybe talk about how you envision using ELVN-001 in the future.

Yes. So I think that in my price, I think that as a part of this Phase I study, I tried to find out someone who doesn't have any other option. And in that case, I think that I'm stuck, I couldn't go ahead to any potential other drug in their CML therapy. However, now I do feel more comfortable to recommend it to my patients. If they are in trouble for inference or the travel for any other kinds of issue, even they have some other comorbidity, I strongly recommend them to go ahead to that kind of treatment switch. And I'm pretty sure that the Phase III study that we are now playing is going to become very positive at the end. And I hope I can utilize this drug in my clinical practice as an [indiscernible]

A question for, let's say, Helen, there's a question about why we chose 80 milligrams versus the 60 or 120-milligram dose that showed better efficacy in the prior update. Maybe you tackle why did we pick 80 and then I'll handle the 60, 120 better up at the last update comment.

Well, we had an advantage that a lot is known about the BCR-ABL as a target. And I think as you heard from Damiette's presentation, the decision was a combination of factors. Obviously, we look at safety across those three dose levels, 60, 80 and 120 as well as efficacy. And there was no appreciable difference. And so it really came down to PK/PD modeling. And so whereas 80 and 120 both mean a complete coverage of the target by more than 99% of patients. So there's no particular reason to pick 80 over 120 other than the goal is always the biologically optimal dose. So that's how we landed on [ 80 ].

So maybe I'll tackle the other part of that question, which was about the better 60 and 120-milligram group from our last update. So those of you on the call probably recall that in January, we presented data in two groups. An 80-milligram cohort, which at that time was fully mature, meaning every patient was passed 24 weeks and a 60 and 120 combined cohort that was less mature. And we did that to specifically show the impact data and maturity on MMR rates. So in that update, 60 and 120-milligram looked better than 80-milligram QD because it was less mature data, not because we see a dose effect. For clarity, we do not see meaningful differences in efficacy or tolerability in the dose range of 60 and 120 milligrams QD. And [indiscernible] data update two things have happened. Our 60 and 120-milligram group have matured, so those patients are now past 24 weeks, and we've continued to do in the patients at 80 milligrams. So you see that data set is a little less mature. So correspondingly, the efficacy at 80 milligrams has gone up, the efficacy at 60 and 120 milligrams have gone down. Ultimately, when the overall data set are full insurer, meaning all patients are past 24 weeks. Based on the patient populations that we're enrolling now at 80 milligrams, it seems like our achieved MMR rates would be somewhere in the 40% range, plus or minus. Obviously, results may vary. These are small data sets. But the 48% we're reporting today does reflect some data maturity and many of you have asked those questions. So I want to be clear and direct about that. Dr. Kim, how would you use ELVN-001 versus Scemblix in second-line CML after a frontline ATP competitive first or second-generation TKI?

Second-line specifically?

Second-line specifically. I presume they're asking in the context of the future approval in that setting.

Yes, assuming the future approval of a second line, I think that in terms of the I'm also using the [ shambles ] or asciminib in my clinical practice, but sometimes I have some patients ended up to develop some [ master ] site mutation or they ended up to have some issue for the thrombocytopenia or [indiscernible], et cetera, et cetera. However, the my patient who is on ELVN-001 in our Phase I study. I think that they are -- they are showing a very excellent tolerability. They do nothing, I have to tell you. And I think that their [indiscernible] is really good. So that is the reason that I'm going to continue to enroll that patient. Probably at the end our practice in a CML even in a second-line setting, I think that we were paying attention to the tolerability profile rather than anything else. And that [indiscernible] is going to turn out to be a higher efficacy. I think that because the -- that is the strength of ELVN-001. So I think that based on this, maybe our practice is going to adopt ELVN-001 and in the second-line setting, and later on, once you have a frontline data, I'm pretty sure that we will be also able to utilize ELVN-001, even in frontline later on.

Appreciate that. Helen, a number of questions is unsurprisingly about the second-line plus pivotal trial. Maybe starting with this one. Based on our data, are we planning to cap enrollment of patients who switch from asciminib primarily for efficacy versus tolerability reasons in our Phase III?

So no, we would not. We see responses, as we said, in patients who have received prior asciminib, whether they stopped the asciminib due to intolerability or to resistance, and so there will be no reason to count that patient population.

Can you share which options you primarily expect to be used from among the ATP competitive TKIs and the physician's choice arm? And what level of efficacy do you anticipate from the control arm?

So first, I'll say which one, which one will you pick for you think more often in the Phase III trial?

Maybe depending on the reason for the failure for the front-line up, it is related to their resistance. And you also have to look at their commorbidity, et cetera, et cetera. And probably, if they bid asciminib as a control arm, I expect that maybe nowadays, I think based on the [ asciminib ] people may consider [ the ] saddening. However, frankly speaking, we have no data. We have no data. I have -- I published some in vitro data, but there is more for the combination. But we don't have any data to support -- to get the direct answer, which TKI is better in the patients who [ fail ] are asciminib. So I think that there is -- it is -- it would be a very fair comparison between the asciminib [indiscernible] in that scenario. But for the other cases, like who had the other ATP- [ bind ] inhibitor for example, [indiscernible] developed a [indiscernible], maybe in that case, who knows, maybe someone would like to pick up the asciminib or imatinib as a control arm. So I think that it really depends on different scenarios. You have to accept a very diverse population and the different scenario in that kind of a standard TKI drug selection in comparison to ELVN-001.

And in terms of what we expect the comparator arm to perform. I mean, I think you've seen us make this comparison, again, with all the caveats of a cross-trial comparison between the data we're seeing and the data in the third-line plus asciminib and in particular, second generation. So you can see that really -- we don't think it's going to have difficulty beating a second gen. At the same time, there is not as much information in the second-line, and this will be a mixture people second-line plus. So we haven't presented publicly all the details of our statistics, but you can imagine that we're expecting to be at least 15% better, and won't want to make sure that we have some confidence in our [indiscernible]

You Helen, one clarifying question here was based on the FDA feedback confirmed that we are not planning on including asciminib and the controller?

Yes, we are not planning on including asciminib.

And that is aligned with FDA?

Again, yes, the goal of this first trial is to demonstrate we're the best ATP inhibitor. Goal of our second trial in that frontline setting to demonstrate...

So you are going to enroll any patients who paid asciminib [ controller ]. And we get the answer. In that case, after the asciminib [indiscernible] which take we should go ahead. And my expectation is [indiscernible] be superior to other conventional ATB inhibitors in that setting.

One for you, Dr. Kim. This is about what you anticipate doing with ELVN-001 versus another allosteric like TERN-701. So question, we saw turns MMR degradation with more asciminib usage in prior asciminib patients, I presume. ELVN-001 was able to maintain MMR regardless of prior asciminib usage. Do you think there's enough data here to shut down the class switching debate, i.e., that physicians really ought to make the automatic decision that after an allosteric inhibitor like Scemblix, its best [indiscernible] an ATP competitive agent like ELVN-001.

That's a tough question. Now you are now -- you are now putting in a very difficult position. We don't have the data. But I think that we assume that maybe today already paid the allosteric inhibition, probably maybe we may need some new medication with some new mechanism of action. So that is probably binding inhibitor to be better than the Tern-701. However, we have to generate the data.

Very clear. There are a number of questions about frontline here. I think there's questions about just confirm what the frontline plan is, what do we need to show, et cetera. So maybe I'll reiterate what we described in the presentation and Helen, you can add anything I miss. So I think our belief is that we will need safety data at our 3 dose, 80 milligrams or above. Safety database that has an adequate number of patients with adequate follow-up to confirm that we have a safe agent before we expose newly diagnosed CML patients to an experimental medicine. Further, we believe that we will probably need a small cohort of patient safety data in frontline CML patients. So the plan that we have is to continue to improve patients at 80 milligrams QD. We're doing that in our Phase I ENABLE study. And obviously, we'll begin doing that shortly in our randomized Phase III study ENABLE-2. And in addition, we are supporting an investigator-sponsored trial, Phase II study in newly diagnosed CML to generate some data beginning in 2027. And with that combined package, we would engage with health authorities in 2027 with the expectation we could start a study as early as early 2028. Anything to add to that, Helen? I know our plan. That's good. We showed data that said in patients with one or two prior TKIs. We achieved 55% MMR. How are the patients split-in 1 versus 2 prior TKIs, Helen?

Well, we haven't made that data public. I mean we don't have that many patients in the second one. So a majority of that is the third line. That's it.

We'll leave it at that.

Which, again, is exciting to see that high number and when it's mostly third-line.

So the question, do you expect the 80-milligram cohort to look more like the 61/20 cohort when data are mature? Any color you can provide on these patients or when these patients are responding in the 24-week time frame. So I think maybe I'll take the first part, and then Helen or Damiette, you can comment on the time to response question. I think I tried earlier to describe that we acknowledge that the 80-milligram cohort is less mature in this update, so may benefit from some patients who are -- who have not yet responded or reached 24 weeks and that it is reasonable to assume that, that will converge to something that looks more like the overall Phase Ib population when those patients mature. I will say that when comparing specifically to the 60 and 120-milligram group the 16 and 120-milligram group were a little more heavily pretreated. So I think there -- ultimately, their MMR achieve rate would be a little bit lower or at least the expected MMR achieve rate there will be a little bit lower than the 80-milligram cohort. Helen or Damiette comment on time to response. When do we see responses typically?

I mean I can say that the way the trial is designed is that transcript levels are drawn once every month until they're at 6 months and then every 3 months. As you can see from those curves is that in general, we see the responses quite quickly. We do see responses. And again, going back to that slide, you look at the overall patient population, so you'll see that you'll continue to see responses beyond that time point, but the majority of them do happen in those first 24 weeks, which is what we want, right? And I think with some of these questions, I just want to add about preparing your 60, 80,120, I want to reiterate what Rick is saying is that as we keep pointing out, the things that we know that impact response are the number of prior therapies, right, the transcript level at baseline and then whether patients have stopped a prior drug due to resistance or intolerance. And again, we made no limitations on any of those. And so I think that's why we -- we look forward to getting more patients at the 80 milligram, but I think looking at the whole set of 1B, 60, 80, 120, as Rick said, we expect that the MMR rate to fall somewhere around that 40% plus/minus.

Question here about efficacy and asciminib-resistant versus intolerant patients. I think this was covered on our slide. But Helen, do you want to reiterate kind of what we observed there?

Yes. So obviously, we've spent a lot of time looking at this because as Dr. Kim expect more and more use of asciminib early line, and we need that data as we plan for our Phase III trial, and I think we're very happy, and it's what we would expect that we don't see a difference between patients who have imatinib and not asciminib, once you take into account line of therapy and other impact. There is some impact just like there is for all the drugs if -- as I said, patients stop or resistance. So if you stop whether it's resistance [ toamatinib ], second gen, asciminib, those patients respond at a lower rate than those who stop any of those drugs for intolerance, but there's no difference between asciminib and other drugs.

Question about safety. So it appears many of the treatment emergent adverse events are just part of the disease background disease. Can you discuss what's considered treatment-related versus treatment [ emerged ]?

I mean, I think we take a conservative view of this. Adverse events, obviously, as Dr. Kim pointed out, it's the most important thing, really, I think, for these patients who are going to hopefully have a normal life expectancy. So we count everything regardless, and it's really going to be a randomized trial that will tell us what's related and what's not. And other than that, I guess if we're going to guess, I'll put it back to Dr. Kim. If you think there are some adverse events that you will see in every drug no matter what, even 001 with its selectivity.

Yes. So for example, like thrombocytopenia, I think that happen all the CMA drug. That is a kind of evidence or evidence that the drug is working. And all the CMA drug, it does also into pancreatic enzyme elevation, [indiscernible] not just one drug is maybe better than the other. I think the order drug -- even some other drug in other cancer therapy, tyrosine kinase inhibitor, it affects the pace enzyme elevation a lot. So it is not the -- just the peculiar for the ELVN-001. So I think these are the most common drug-related side effect even regardless of the type of the TKIs. So other than that, then what kind of other side effects do we see even on I will say nothing. And actually, my patient is now giving that kind of feedback. So it is not exacting. It is more subjective their experience, and they do hear nothing. In comparison to the other TKIs, while they are on other TKIs, they do experience [ large ] fatigue or sometimes they do feel lots of other types of [ musculoskeletal ] pain, et cetera, et cetera, GI toxicity or skin toxic, et cetera. Now after switching over ELVN-001 they do feel nothing. They can go back to their normal activity. So that is the reason that I really like this compound from my practice perspective. So that's why I can recommend this drug to my patients.

Do we think the competitive Phase IIIs are designed in the way that can produce definitive answers, whether in ELVN-001 and TERN-701 or superior in the respective categories. I'll take a stab at that and Helen can weigh in. No. These are we aren't going to conduct a randomized study versus TERN-701. And I think that obviously there will be inherent bias and the patients enrolled, for example, I think it's highly likely that our Phase III study will include a lot of patients who've failed asciminib due to efficacy, and we won't see that as many of those patients enroll in a TERN-701 study. So I think it will be very difficult to do that across trial comparison. Ultimately, as we do bigger studies, we'll learn more. As Merck presents more data, we'll learn more. But I would say, ultimately, the acid test will be in newly diagnosed patients. That's the most homogeneous patient population and that will give -- a cross trial comparison, there will probably be the most valid. Helen's nodding your head. So I won't ask or further question there. Another question about TERN-701. Can I get your thoughts on a poster that was released this morning for [ HS-10382 ], which is [ Hansa's ] name for TERN-701? What are your learnings and working conclusions? That was a small patient data set out of a single center in China, 21 patients in newly diagnosed where the efficacy looked similar to CC and the safety looked directionally were obviously small data set, cross-trial comparison, caveat supply, et cetera. I think our thesis on TERN-701 has been that it is a very similar molecule to asciminib, and it appears to be an experiment about high dosing and allosteric to see if you get better outcomes. I think what we've seen so far, very early data is promising. But I think Novartis has done quite a bit of experimentation with dose with asciminib and high dose asciminib looked moderately more effective than standard asciminib and also had higher toxicity liability. And I think maybe the small data set seems to support that, but very early days, and it's 21 patients of data from a single center. I don't think we should overreact that. We look forward to seeing more data from Merck to understand what they're seeing with that asset. Dr. Kim. Is there a potential to combine ATP competitive with allosteric inhibitors in the future to increase the number of responders as well as more patients in MMR?

Why not? My answer is why not. But now right now, we don't have that kind of clinical trial data. But I think that I'm also working on in future, I think that, to me, the best combination, maybe as of quantity, if your trial is going to be successful, then you don't need a combination. But I think that still there is a room that we might be able to utilize that kind of combination of [indiscernible] inhibitor with ATP binding site inhibitor as a combination because their mutation profile, and there is somewhat different. I think that there will be some way to supplement that kind of mutation profile. Why not. But I think that if your trial is successful, for example, like your second-line trial or your front-line trial, then maybe the combination strategy is going to that, yes, but I'm working on, I have to say, I want to see whether my hypothesis working or it is not working. We just need to generate that kind of data. We're running short on time.

I'll take one more question here. And of course, we can follow up off-line after the call today. For Scemblix patients, the 60% MMR rate in 6 patients looks broadly consistent with the 55% MMRA across all 27 patients treated at the 80-milligram dose. Can you discuss how median follow-up in the proportion of patients with prior intolerance compare between these subgroups and versus the later line subgroups? So I know that the 60% is in patients who received 1 or 2 prior lines of therapy and prior exposure to asciminib, all of those patients that were evaluable for MMR achievement failed asciminib to talk of efficacy in that group. So that's obviously a higher proportion than in the overall population. As we'd expect, that has no bearing on efficacy for ELVN-001 given its different binding mechanism. So I think we can say that safely. Any sense of how the mix between intolerance and lack of efficacy spans across the subgroups in later lines, Helen I mean it's a majority of the overall population. So what we said 65% of the prior asciminib patients fail due to efficacy, not tolerability majority. Did that vary by line? Or was it pretty consistent?

Yes. I mean -- and of course, many of our sites also had competitive Phase I trials, and there was a reason we probably don't...

Well, I appreciate all the questions, and I see we have a few more to get to, but fortunately, we're at time. So I think we're going to have to conclude the Q&A portion of today's call. So maybe I'll just wrap up by saying we're really excited about the data and the regulatory updates we shared today. And we're really excited about starting the Phase III trial and able to later this year. Thanks to all of the [ Enliveneers ] who drive our progress every day to enable investigators and their patients to Dr. Kim for joining us today. and to everyone to participate and listen today. If you have remaining questions or questions in the chat that we didn't get a chance to answer, please feel free to reach out, and we'd be happy to follow up. Thanks very much.

This concludes today's call. You may now disconnect.