Alec Stranahan
BofA Securities, Research Division

For joining this session. My name is Alec Stranahan. I cover SMID Biotech at Bank of America, and I'm the analyst covering Xencor. And it's my pleasure to introduce Bassil Dahiyat, President and CEO of Xencor; and Dane Leone, Chief Strategy Officer. Guys, thanks for being here.

Bassil Dahiyat
Co-Founder, CEO, President & Director

Thanks so much for having us.

Alec Stranahan
BofA Securities, Research Division

Yes. Looking forward to the discussion. So maybe, Bassil, like just at a high level, what gets you most excited about the company? And which asset is your favorite?

Bassil Dahiyat
Co-Founder, CEO, President & Director

Well, I think the tempo of data that we have starting in the second half of this year with our XmAb819 Phase I, sort of second readout where we hope to have a recommended Phase III dose, a clear pivotal plan and robust efficacy and tolerability data in our target dose range. That is coming on really soon.

So I'm very excited about that. And that's really the beginning of a flow of data that we're going to have our second oncology solid tumor bispecific XmAb541 in gynecologic and GCT and then followed in the new year in 2027 by our first bispecific TL1A containing molecule, XmAb412. We expect to have healthy volunteer PK/PD and safety and immunogenicity data for that one.

And then shortly after that, in the second half of '27, the full Phase IIb readout of our ultra-long-acting anti-TL1A antibody, XmAb942. So the transformation that we undertook