EQRx, Inc. (NASDAQ:EQRX) Q1 2023 Earnings Conference Call May 8, 2023 4:30 PM ET

Company Participants

Michelle Greenblatt - Head of Investor Relations

Melanie Nallicheri - President & Chief Executive Officer

Eric Hedrick - Chief Physician Executive

Conference Call Participants

Chris Shibutani - Goldman Sachs

Stephen Scala - TD Cowen

Operator

Good afternoon and welcome to the EQRx First Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please be advised that this conference call is being recorded.

I would now like to turn the call over to Michelle Greenblatt, Head of Investor Relations.

Michelle Greenblatt

Thank you, operator and good afternoon, everyone. Earlier this afternoon, we issued a press release providing an overview of our first quarter 2023 financial results and our recent corporate progress. A copy of this release and the presentation to accompany this call are available on the Investor Relations section of our website at investors.eqrx.com. Joining me on the call today are Melanie Nallicheri, President, Chief Executive Officer and Principal Financial Officer; and Dr. Eric Hedrick, Chief Physician Executive.

Before we get started, I would like to remind everyone that some of the statements that we make on this call and information presented in the slide deck include forward-looking statements as outlined on Slide 2. Actual events and results could differ materially from those expressed or implied by any forward-looking statements as a result of various risks, uncertainties and other factors, including those set forth in our most recent filings with the SEC and any other future filings that we may make with the SEC. You are cautioned not to place any undue reliance on these forward-looking statements and EQRx disclaims any obligation to update such statements.

I will now turn the call over to Melanie.

Melanie Nallicheri

Thank you, Michelle. Good afternoon, everyone and thank you for joining us for our first quarter conference call. For those of you following along on the slides, I will begin on Slide 3. Today, we announced a reset for EQRx. Going forward, we will focus on developing clinically differentiated high-value medicines. To do this, we will leverage our team of experienced drug hunters, strong execution skills and significant capital position of $1.3 billion, although is to make a meaningful impact to patients and build long-term value for shareholders.

Our CDK4/6 inhibitor, lerociclib, with its compelling early clinical data and potential for strong financial return is an exciting starting point from which to build our pipeline, along with some of our early-stage oncology programs. Lerociclib has an opportunity to expand CDK4/6 inhibition into new indications and additional combinations that could be first for this class of medicine. As you'll hear from Eric shortly, we continue to make excellent progress on the development of lerociclib, including initiating our Phase III trial in first-line advanced metastatic or recurrent low-grade endometrial cancer which we believe is the first Phase III study with a CDK4/6 inhibitor in this indication. Additionally, we are nearing the completion of patient enrollment in our Phase II open-label trial in first- and second-line hormone receptor positive HER2-negative advanced breast cancer. With this reset, we plan to remove any programs from our existing portfolio that are inconsistent with our new strategy.