Precision BioSciences Inc at Truist Securities Life Sciences Summit (April Series) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Joon Lee - Truist Securities - Analyst : Got it. And do you have a timeline for that search? When we could expect to hear a new person?

Question: Joon Lee - Truist Securities - Analyst : Got it. All right. So let's start with the ARCUS platform, and we'll move on to the ex vivo program and finish up with the in vivo. And maybe some high-level questions at the very end. But include -- everyone, including my mom knows about the CRISPR-Cas system, but ARCUS is not as familiar to people. So tell us maybe in five minutes or so, the history of the ARCUS platform and then we'll get off there.

Question: Joon Lee - Truist Securities - Analyst : Appreciate that description. Obviously, you know, coming up with the number of tools, it's not the rate limiting step. It's clinical trials and getting it through to the approval process, that's the bottleneck. So you can't -- as long as you have one drug that really works well, that's all you need. But it's really interesting that you've gotten from algae. I mean, do other species also have I-CreI that you could have also used. I mean, it's so weird to have, you know, come from algae. And that's something else, I mean. Just quickly, like, if you could talk about the evolutionary aspect of it and why algae? Do other species have it and does it benefit algae in any way? What it --

Question: Joon Lee - Truist Securities - Analyst : Yeah.

Question: Joon Lee - Truist Securities - Analyst : Got it. Got it.

Question: Joon Lee - Truist Securities - Analyst : Yeah. Yeah.

Question: Joon Lee - Truist Securities - Analyst : I think that's a very important distinction because I think some of the CRISPR-Cas companies are trying to come up with a CAST that could be turned off after they do their work. I think one of the companies that we're talking to (inaudible) they might have something along that line. But great. Great start. Let's start with the ex vivo program so you have several CAR T programs in the clinic now with data updates expected throughout the year. Tell us about these programs and what you have been able to show thus far and put them in the context of recent data updates from some of your competitors in the CAR T space.

Question: Joon Lee - Truist Securities - Analyst : Got it. Thanks for that. Description, you're employing a variety of strategies you have and this is actually an investor question I just got on e-mail, but what do you think will be the biggest contributor for stealth? Will it be the BMV 2 [map up] or the HLA-E? And so what do you think will be the biggest wiper outer of CAR T, the endogenous T cells or the NK cells?

Question: Joon Lee - Truist Securities - Analyst : Got it. And along that stealth program, you're reducing your debt B2M by about 10% -- to about 10% of the normal level by employing your shRNA strategy. Others are completely knocking it out. And what's the evidence that having 10% is better than knocking it out entirely? And how are you able to modulate the level of B2M to such level? What are you doing to get that level? Is that like a serendipitous thing or have you actually aimed to get 10%? And how did you do it?

Question: Joon Lee - Truist Securities - Analyst : It's a lot of empirical stuff. And I think that's what matters at the end of the day, how it plays out empirically, not just purely theoretical. So just to wrap up this part of the conversation, when can we expect data here in the ex vivo space?

Question: Joon Lee - Truist Securities - Analyst : Yeah.

Question: Joon Lee - Truist Securities - Analyst : Will that be around a medical conference or irrespective of any medical conference timing?

Question: Joon Lee - Truist Securities - Analyst : Got it. All right. Let's quickly move into the in vivo space. I think in vivo is definitely the higher bar when it comes to clinical hurdles, but, at the same time, represents a huge unmet need and somewhat of a holy grail in genome editing. I think ARCUS is pretty well suited for this program, given the small size of your tool and also the target specificity that you alluded to. So you have recently announced the [three plus three] collaboration with Lilly worth up to $2.7 billion. Let's start like DMD, which is partnered with Lilly. Tell us, at a high level, your approach to treating DMD. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 13, 2021 / 3:00PM, DTIL.OQ - Precision BioSciences Inc at Truist Securities Life Sciences Summit (April Series)

Question: Joon Lee - Truist Securities - Analyst : I think you've delivered two ARCUS in the same vector.

Question: Joon Lee - Truist Securities - Analyst : Yeah, okay.

Question: Joon Lee - Truist Securities - Analyst : Right, right.

Question: Joon Lee - Truist Securities - Analyst : Is that [arci] or --

Question: Joon Lee - Truist Securities - Analyst : Got it. You know, when you cut more than once, especially in vivo, people are -- research -- reports are coming out just today about catastrophic rearrangements or chromothripsis, these are -- when it comes to in vivo, more than one cut is definitely something that I think people were worried about. You know, I think you have an advantage in specificity, but what can we expect this to be in the clinic? What kind of work are you doing pre-IM? And timing-wise, when can we hear about this program in the clinic, which would be a reassurance that you have enough safety data for this very important indication?

Question: Joon Lee - Truist Securities - Analyst : And your AAV aims to target the stealthily cells which are considered [step mite] cells in the muscles, which AAV are you going to use? Is this something you developed in house or you partner from someone else? Or is this from Lilly? Really curious to know what that vector is.

Question: Joon Lee - Truist Securities - Analyst : Got it. So we have about 10 minutes left. I want to run through quickly at least the ATTR, PCSK9 and your PH1 program, which is your in-house important program. So first, with the ATTR, you know, one of your peer companies -- a living company is expected to report top-line data sometime this year. What is your angle to sort of compete with that company?

Question: Joon Lee - Truist Securities - Analyst : Got it. When can we expect to hear updates on this program or is this actually an in-house or do you plan to partner this program?

Question: Joon Lee - Truist Securities - Analyst : Okay.

Question: Joon Lee - Truist Securities - Analyst : Right. And I understand PCSK9 is another one that could possibly be partnered or fill into your pipeline. PCSK9 -- interesting, there's another company -- base editing company this time, looking to also approach this. Again -- but this is a much larger indication of hypercholesterolemia. When can we expect to hear the clinical updates or preclinical updates on this program?

Question: Joon Lee - Truist Securities - Analyst : So that -- case one actually is a big one because it's been validated. HAO has been validated as a therapeutic target by Alnylam. So when -- what's the hurdle there for you to succeed as a therapeutic? And again, timing of uptake for PH1?

Question: Joon Lee - Truist Securities - Analyst : Got it. I hear a lot about sickle cells and beta thalassemia, so much on PH1 from a genome editing company. Is there anyone else in the genome editing field working on PH1 currently?

Question: Joon Lee - Truist Securities - Analyst : It makes sense from a PD standpoint. So last question, and that's a good segue to the last question, which is this is cutting edge. At the same time, there are so many genome editing companies and so many modalities zinc-finger, TALEN, CRISPR-Cas, base editing, prime editing, CAST editing, you know. And of course, ARCUS platform. So how do you see the space shaking out in the five to 10 years from now? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 13, 2021 / 3:00PM, DTIL.OQ - Precision BioSciences Inc at Truist Securities Life Sciences Summit (April Series)

Question: Joon Lee - Truist Securities - Analyst : Great. Well, both of you, thank you so much for spending time with us. I know we're out of time. So unfortunately, no questions. But we'll definitely looking forward to hearing about the clinical updates mid year and beyond. And thank you, everyone, for joining us for this call. Good luck with you, guys.