FALSE000111314800011131482020-12-072020-12-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 7, 2020
Infinity Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware 000-31141 33-0655706
(State or other jurisdiction
of incorporation)
(Commission File Number) (IRS Employer
Identification No.)
1100 Massachusetts Avenue, Floor 4, Cambridge, MA
02138
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (617) 453-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Class Trading Symbol Name of Exchange on Which Registered
Common Stock, $0.001 par value INFI Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Item 3.01.     Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On December 7, 2020, Infinity Pharmaceuticals, Inc. (the “Company”) received a deficiency letter (the “Notice”) from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market, LLC (“Nasdaq”) notifying the Company that the Company no longer complies with Nasdaq’s Listing Rule 5605(c)(2)(A) (the “Audit Composition Rule”) following the death of Dr. Michael Venuti, a member of the Company’s Board of Directors (the “Board) and the Audit Committee of the Board (the “Audit Committee”). The Notice states that, pursuant to Listing Rule 5605(c)(4), Nasdaq will provide the Company a cure period to regain compliance until the earlier of the Company’s next shareholder meeting or December 3, 2021, or if the next annual shareholders’ meeting is to be held is to be held before June 1, 2021, the Company must evidence compliance not later than June 1, 2021.
The Notice has no effect on the listing of the Company's common stock at this time, and the Company's common stock continues to trade on The Nasdaq Capital Market under the symbol “INFI.”
Item 7.01.     Regulation FD Disclosure.
On December 9, 2020, the Company intends to present a slide presentation on a conference call reviewing data from MARIO-3, the Company’s Phase 2 clinical trial evaluating eganelisib in a triple combination in the front-line setting with Tecentriq® (atezolizumab) and Abraxane® (nab-paclitaxel) in patients with unresectable locally advanced or metastatic triple negative breast cancer. A copy of this slide presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information responsive to Item 7.01 of this Form 8-K and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 8.01.     Other Events.
On December 9, 2020, the Company issued a press release announcing data from MARIO-3. A copy of this press release is filed as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The information contained on websites referenced in the press release is not incorporated herein.

***
Forward-Looking Statements
This Current Report on Form 8-K and the exhibits attached hereto contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including those Risk Factors discussed in the Company’s annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and its other filings with the SEC, available through the Company’s website at www.infi.com. Any forward-looking statements contained in this Current Report on Form 8-K speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.




Item 9.01.    Financial Statements and Exhibits.
(d)    Exhibits
Exhibit No. Description
104     
Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INFINITY PHARMACEUTICALS, INC.
Date: December 9, 2020 By: /s/ Seth A. Tasker
Seth A. Tasker
Chief Business Officer



Eganelisib First-in-Class PI3K-���� Inhibitor Targeting Immune Suppressive Myeloid Cells in Metastatic Triple-Negative Breast Cancer December 9, 2020


 
2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward- looking statements include those regarding the company’s expectations about: the therapeutic potential of PI3K-gamma selective inhibition and eganelisib, alone and in combination with other therapies; clinical trial plans, progress and enrollment projections; plans to present data; and the company’s ability to execute on its strategic plans. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the company’s current expectations. For example, there can be no guarantee that eganelisib will successfully complete necessary preclinical and clinical development phases or that any positive developments with eganelisib will result in stock price appreciation. Management’s expectations and, therefore, any forward-looking statements in this presentation could also be affected by risks and uncertainties relating to a number of other factors, including the following: Infinity’s results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; Infinity’s ability to obtain, maintain and enforce patent and other intellectual property protection for eganelisib; the content and timing of decisions made by the U.S. FDA and other regulatory authorities; Infinity’s ability to obtain and maintain requisite regulatory approvals and to enroll patients in its clinical trials; unplanned cash requirements and expenditures; and development of agents by Infinity's competitors for diseases in which Infinity is currently developing or intends to develop eganelisib. These and other risks which may impact management’s expectations are described in greater detail under the caption “Risk Factors” included in Infinity’s annual report and quarterly reports filed with the Securities and Exchange Commission (SEC), and other filings filed by Infinity with the SEC, available on the company’s website at www.infi.com. Any forward-looking statements contained in this presentation speak only as of the date hereof, and Infinity expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Infinity regularly uses its website to post information regarding its business, product development programs and governance. Infinity encourages investors to use www.infi.com, particularly the information in the section entitled “Investors/Media,” as a source of information about Infinity. References to www.infi.com in this presentation are not intended to, nor shall they be deemed to, incorporate information on www.infi.com into this presentation by reference.


 
3 Today’s Agenda TNBC Evolving Standard of Care and Eganelisib Early Signals of Activity in TNBC Brian Schwartz, MD, Consulting Chief Physician, Infinity Pharmaceuticals Q&A Discussion Erika Hamilton, MD; Brian Schwartz, MD; Adelene Perkins Wrap Up Adelene Perkins Eganelisib Introduction Adelene Perkins, Chair & CEO, Infinity Pharmaceuticals MARIO-3 Initial Results Erika Hamilton, MD, Medical Oncologist & MARIO-3 Lead Investigator, Tennessee Oncology Eganelisib Ongoing Development in TNBC Adelene Perkins


 
4 PI3K-���� Highly expressed in TAMs, MDSCs, endothelial cells Macrophage reprogramming Immune cell trafficking Vascular permeability PI3K-α Ubiquitous Mutated in solid tumors Insulin signaling Eganelisib: First-in-Class, Oral and Selective Inhibitor of PI3K-���� PI3K-β Ubiquitous PTEN-deleted solid tumors Platelet activation Insulin signaling PI3K-δ Highly expressed in B cells and T cells B-cell and T-cell activation and function B-cell malignancies vs PI3K-���� has a unique pattern of expression and biological function 100X Selectivity for PI3K-γ Over Other PI3K Isoforms . De Henau O et al. AACR 2016. Abstract 554.


 
5 Eganelisib: Selective and Potent Inhibition of PI3K-γ at Doses ≥15mg QD IC50 PI3Kδ IC90 PI3Kγ


 
6 Strong Scientific Foundation for Targeting PI3K-γ in Immune Oncology Megan Kaneda Judith Varner UCSD1 Olivier De Henau Taha Merghoub Jedd Wolchok MSKCC2 MSKCC, Memorial Sloan Kettering Cancer Center; PI3K phosphoinositide 3-kinase UCSD, University of California, San Diego., ; 1. Kaneda MM et al. Nature. 2016;539(7629);437-442. 2. De Henau O et al. Nature. 2016;539(7629);443-447.


 
7 Eganelisib Mechanism of Action: Reprogramming Macrophages to Turn Tumor Microenvironment From Immune Suppressed to Immune Activated Suppressed T cells Tumor cells M2 PI3K-γ inhibitor, eganelisib Activated T cells 1 Eganelisib inhibition of PI3K-γ reprograms protumor (M2) macrophages/MDSCs to antitumor (M1) function to relieve macrophage suppression and expand activated T cells M1 CPI2 Expansion of activated T cells leads to IFN- γ mediated upregulation of PD-L1 to blunt T-cell response 3 Antitumor activity of expanded T cells maintained with addition of CPI M1 M2


 
TNBC Evolving Standard of Care and Eganelisib Early Signals of Activity in TNBC


 
9 Unmet Need: Metastatic TNBC 5-Year Survival Rate of 12% Advanced TNBC and PD-L1 Negative TNBC Are Both Associated With Poor Prognosis (ie, negative for ER, PR, and HER2) 15% of breast cancer is triple negative2 PD-L1 negative cancers are associated with poor prognosis4 ≈ 60% of TNBCs are PD-L1 negative5,‡ 5-year survival rate by stage at diagnosis of TNBC3,† 91 % 65 % 0 20 40 60 80 100 Localized Regional Distant P er ce nt Metastatic 12% In 2020, it is estimated that there will be 276,480 new cases of breast cancer in women1,a aEstimated cases based on 2013-2017 cases. †5-Year relative survival percent, TNBC by SEER Summary Stage 2000. ‡PD-L1–stained tumor-infiltrating immune cells; positive PD-L1 threshold of 0.01 (≥1% of tumor area). 1. National Cancer Institute. Accessed November 24, 2020. https://seer.cancer.gov/statfacts/html/breast-subtypes.html 2. American Cancer Society. Accessed November 24, 2020. https://www.cancer.org/cancer/breast-cancer/understanding-a-breast-cancer-diagnosis/types-of-breast-cancer/triple-negative.html 3. National Cancer Institute. Accessed November 23, 2020. https://seer.cancer.gov/statfacts/html/breast-subtypes.html 4. Davis AA, Patel VG. J Immunother Cancer. 2019;7(1):278. 5. Matikas A et al. Clin Cancer Res. 2019;25(18):5717-5726.


 
10 Available Therapies for Advanced Front Line TNBC Offer Limited Efficacy, Particularly in PD-L1(-) Patients TNBC Stage I-III Stage IV^ +/- neoadjuvant chemo Surgery (lumpectomy or mastectomy) +/- adjuvant chemo/ radiation PD-L1 (+) 40-50%* BRCA (+) 20-30%* PD-L1 (-), BRCA (-) ~50% atezo + nab- pac or chemo PARP inhibitors or chemo chemo Alternative choice from above therapies or clinical trials Trodelvy, clinical trials 1L 2L 3L+ Disease sub-type/stage Pharmacological therapy Surgery Current eganelisib focus ^Stage IV treatment paradigm also applies to unresectablelocally-advanced TNBC *Estimate of individual prevalence, not reflecting overlap FDA.gov


 
11 IMpassion130: First-Line Atezolizumab + Nab-Paclitaxel Improves mPFS and mOS in PD-L1(+) mTNBC* Over Nab-Paclitaxel Atezolizumab (Tecentriq) + nab-paclitaxel (Abraxane) was the first immunotherapy to receive accelerated approval for PD-L1(+) mTNBC; no PFS or OS benefit for PD-L1 (-) patients PD-L1 (+) 1 Atezo + Nab-Pac (n=185) Placebo + Nab-Pac (n=183) Hazard Ratio (95% CI) mPFS (mo) 7.5 5.0 0.62 (0.49-0.78) mOS (mo) 25.0 15.5 0.62 (0.45-0.86) ORR (%) 58.9 42.6 - PD-L1 (-) 2 Atezo + Nab-Pac (n=NR) Placebo + Nab-Pac (n=NR) Hazard Ratio (95% CI) mPFS (mo) 5.6 5.6 0.95 (0.79-1.15) mOS (mo) 18.9 18.4 1.02 (0.79-1.31) ORR (%) NR NR - ITT1 Atezo + Nab-Pac (n=450) Placebo + Nab-Pac (n=449) Hazard Ratio (95% CI) mPFS (mo) 7.2 5.5 0.80 (0.69-0.92) mOS (mo) 21.3 17.6 0.84 (0.69-1.02) ORR (%) 56.0 45.9 - *PD-L1–stained IC <1% of tumor area vs ≥1% of tumor area, as determined by the VENTANA PD-L1 (SP142) Assay. 1. Schmid P et al. N Engl J Med. 2018;379(22):2108-2121. 2. Emens LA et al. SABCS 2018. Abstract GS1-04


 
12 KEYNOTE-355: Benefit With First-Line Pembrolizumab + CT in mTNBC Was Limited to PD-L1 CPS ≥10 Tumors Patients with PD-L1 CPS ≥10a Pembro + CTb (n=220) Placebo + CTb (n=103) Hazard ratio (95% CI) P value mPFS (mo) 9.7 5.6 0.65(0.49-0.86) 0.0012 Patients with PD-L1 CPS ≥1a Pembro + CT (n=425) Placebo + CT (n=211) Hazard ratio (95% CI) P value mPFS (mo) 7.6 5.6 0.74(0.61-0.90) NS c ITT population Pembro + CT (n=566) Placebo + CT (n=281) Hazard ratio (95% CI) P value mPFS (mo) 7.5 5.6 0.82(0.69-0.97) Not evaluated Approval of pembrolizumab (Keytruda) + CT expands treatment options for patients with previously untreated locally recurrent unresectable or metastatic PD-L1(+) TNBC aPD-L1 expression assessed by The 22C3 Dako PharmDx IHC assay, which factors in expression in both tumor cells and tumor-infiltrating immune cells. A CPS score is calculated and a score of ≥10 is considered positive. bInvestigator’s choice of chemotherapy was permitted: nab-paclitaxel, paclitaxel, gemcitabine + carboplatin. cThe prespecified boundary of 0.00111 for statistical significance was not met. Cortes J et al. J Clin Oncol. 2020;38(15 suppl):1000-1000.


 
13 Monotherapy Translational Data Support Mechanism of Action Decrease in MDSCs and Increase in T-Cell Reinvigoration and IFN-���� Signaling Following Treatment With Eganelisib IFN-γ- responsive genes Fold increase at C2D1 P value PD-L1 2.4 3.5 × 10-5 FCGR1B 1.8 1.5 × 10-3 GBP2 1.5 5.6 × 10-4 GBP5 2.3 1.3 × 10-4 GBP1 2.0 1.9 × 10-4 GBP4 1.7 9.4 × 10-4 Decreased Immune Suppression Following Treatment Increased Immune Activation Following Treatment Decrease in blood myeloid- derived suppressor cells (N=15) Increase in T-cell reinvigoration (N=17) Increased INF-���� Responsive Genes Including PD-L1 140 120 100 80 60 40 20 0 -20 -40 -60 -80 -100 M D S C C D 14 + C D 11 b+ C D 33 +H LA D R - (% o f C 1D 1) C1D1 C2D1 140 120 100 80 60 40 20 0 -20 -40 -60 -80 -100 K i6 7+ o f P D -1 +m C D 8+ (% o f C 1D 1) C1D1 C2D1 2197% 332% 319% C, cycle (28 days); CD, cluster of differentiation; D, day; FCGR1B, Fc gamma receptor 1B; GBP, guanylate-binding protein; HLADR, human leukocyte antigen – DR isotype; IFN interferon MDSC, myeloid-derived suppressor cell; PD-1, programmed cell death protein 1; PD-L1, programmed death-ligand 1. Sullivan R et al. ASCO 2018. Abstract 3013. , ;


 
14 400 350 300 250 200 150 100 50 0 Leveraging Eganelisib MARIO-1 Clinical Activity to Inform ARC-2 and MARIO-3 Trials in TNBC MARIO-1 Data Support Evaluation of Eganelisib in TNBC • Patient with 5 prior regimens in metastatic setting at entry to study • Rapid tumor reduction on combination with nivolumab with treatment ongoing >30 months • Translational data demonstrate decreased immune suppression and increased immune activation • Development moved to earlier lines of therapy T Cell Reinvigoration K i6 7+ of P D 1+ m em or y C D 8+ (% ) T Cell Reinvigoration and Upregulation of Interferon-γ Responsive Factors in Peripheral Blood Interferon-γ Responsive Factors CXCL9 CXCL10 C X C L9 (p g/ m L) C X C L1 0 (p g/ m L) 1600 1400 1200 1000 800 600 400 200 0 C1D1 C1D8 C2D1 C3D1 C7D1 C1D1 C1D8 C2D1 C3D1 C7D1 C1D1 C2D1 C3D1 C7D1 30 25 20 15 10 5 0 Courtesy of Conor Steuer, MD, The Emory Clinic


 
15 TNBC Etrumadenant + Doxil + Eganelisib RDE (n=15-40) TNBC Etrumadenant + Doxil RDE (n=15-40) TNBC and ovarian cancer 75 or 150 mg etrumadenant po qd + Doxil IV q4w (n=3-6) TNBC and ovarian cancer Etrumadenant + Doxil + Eganelisib (30 or 40 mg po qd) (n=3-6) Arcus Collaboration: ARC-2 Phase 1/1b Study Design Dose Escalation Triplet arm Dose Expansion Doublet arm Triplet arm Doublet arm IV, intravenous; RDE, recommended dose for expansion; TNBC, triple-negative breast cancer.


 
16 −75 −25 0 25 75 −75 −25 0 25 75 S um o f Ta rg et L es io n B es t P e rc en t C ha ng e F ro m B as el in e S um o f Ta rg et L es io n B es t P e rc en t C ha ng e F ro m B as el in e Ovarian Cancer: Etruma +PLD Ovarian Cancer: Etruma + PLD + Eganelisib −75 −25 0 25 75 −75 −25 0 25 75 S um o f Ta rg et L es io n B es t P e rc en t C ha ng e F ro m B as el in e S um o f Ta rg et L es io n B es t P e rc en t C ha ng e F ro m B as el in e TNBC: Etruma + PLD TNBC: Etruma + PLD + Eganelisib BOR *022 PR *003 PR *016 CR *004 SD *015 PR *007 † *017 SD *005 SD *010 SD *008 SD 031 SD *013 SD 039 PR 026 PR 034 PR 020 PD *024 PD 023 PD 038 PD 032 PD *011 PD 027 SD 033 SD *021 PD 018 SD 037 PD 042 SD 030 SD 025 SDBOR BOR BOR *001 PD Etrumadenant and Doxil +/- Eganelisib Clinical Activity in Ovarian Cancer and TNBC Etruma + Doxil + Eganelisib ORR = 42% 12 evaluable patients: 1 CR (Ovarian), 4 PRs (2 TNBC, 2 Ovarian) Etruma + Doxil ORR = 11% 18 evaluable patients: 2 PRs (1 TNBC, 1 Ovarian) ORR: 75% ORR: 14% ORR: 9% ORR: 25% * Dose Escalation † Patient withdrew prior to first disease assessment. BOR, best overall response; CR, complete response; Etruma, etrumadenant; OvCa, ovarian cancer; PD, progressive disease; PLD, pegylated liposomal doxorubicin; PR, partial response; SD, stable disease; TNBC, triple-negative breast cancer. Gardner O et al. SABCS 2020. Abstract PS12-12.


 
MARIO-3 Initial Results


 
18 Exploring the Potential of Eganelisib to Improve on Standard of Care FDA Approval Only in PD-L1(+) mTNBC Front-Line Regimen MARIO-3 TNBC exploring the potential of eganelisib to improve on IMpassion130 results1,2 Total enrollment (N≈60) TNBC PD-L1(+) (n=up to 30) TNBC PD-L1(-) (n=up to 30) Eganelisib + atezolizumab + nab-paclitaxel Addition of eganelisib to SOC, atezolizumab and nab-paclitaxel, in front-line TNBC • Inclusion/exclusion criteria per the IMpassion130 study • Two prespecified cohorts: PD-L1(+) and PD-L1(-) • Primary objective: CR rate CR benchmark ≈7% ITT; 10% PD-L1(+) • Secondary objectives: PK, PD, ORR, DCR, and PFS; ORR for PD-L1(-) cohort • ORR benchmark: • 56% ITT • 58.9% PD-L1 (+) Fast Track Designation With Encouraging Clinical Activity CR, complete response; DCR, disease control rate; ITT, intent-to-treat; ORR, overall response rate; PD, pharmacodynamics; PD-L1, programmed death-ligand 1; PFS, progression-free survival; PK, pharmacokinetics; SOC, standard of care; mTNBC, metastatic triple-negative breast cancer; TNBC, triple-negative breast cancer. 1. Schmid P et al. N Engl J Med. 2018;379(22):2108-2121. 2. Rini BI et al. Lancet. 2019;393(10189):2404-2415.


 
19 Strong Scientific Rationale for Adding Eganelisib to Atezolizumab and Nab-Paclitaxel in Front-Line mTNBC Nab-Pac kills tumor cells Protumor M2 macrophages recruited to support tumor growth Eganelisib blocks protumor M2 macrophages, relieving macrophage suppression and expanding activated T cells Atezo augments the antitumor response from activated T cells M2 mTNBC, metastatic triple-negative breast cancer. Hamilton E et al. SABCS 2020. Abstract PS11-32.


 
20 Demographics & Baseline Characteristics for Evaluable Patients Demographics N = 13 Age, mean ± SD 55 ± 16 Female, n (%) 13 (100) ECOG performance status, n (%) 0 1 7 (53.8) 6 (46.2) Cancer History N (%) Stage at study start II III IV Unknown 1 (7.7) 0 11 (84.6) 1 (7.7) Metastatic sites Liver Lung Bone 3 (23.1) 4 (30.8) 5 (38.5) Prior Therapies N (%) Radiotherapy 5 (38.5) Surgery 10 (76.9) Systemic therapy* Alkylating agent Anthracycline Taxane 8 (61.5) 7 (53.8) 7 (53.8) 7 (53.8) Hamilton E et al. SABCS 2020. Abstract PS11-32


 
21 Safety Profile Consistent with Expectations for Component Drugs No New or Additive Safety Signals Observed MARIO-3: Most Common TEAEs (all grade) in >25% of All Treated Patients (N=14) Receiving Combination of Eganelisib, Atezolizumab, and Nab-Paclitaxel1,a Preferred Team TEAE Immune-relatedTEAE (AII) TEAE (≥ Gr. 3) Immune- related TEAE (≥ Gr. 3) Nausea 9 (64.3) 0 0 0 Alopecia 8 (57.1) 0 0 0 Rash maculopapular 6 (42.9) 1 (7.1) 2 (14.3) 0 Diarrhea 5 (35.7) 0 2 (14.3) 0 Neutrophil count decreased 5 (35.7) 0 3 (21.4) 0 Alanine aminotransferase increased 5 (35.7) 1 (7.1)b 1 (7.1)b 1 (7.1)b Aspartate aminotransferase increased 4 (28.6) 1 (7.1)b 1 (7.1)b 1 (7.1)b aOther TEAEs between 25% and 30%: decreased appetite, dizziness, peripheral sensory neuropathy, dyspnea, and pruritus. Dose holds of atezo/nab-pac (n=4) and eganelisib (n=6) were reported. Four patients discontinued the triplet regimen: 2 for PD and 2 for AE. bAll same patient [Grade 3] PK/PD, pharmacokinetic/pharmacodynamic; TEAE, treatment emergent adverse event. 1. 2. Sullivan R et al. ASCO 2018. Abstract 3013. Hamilton E et al. SABCS 2020. Abstract PS11-32.


 
22 -100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 30 * ** F I D J C K B M H L G A E B es t P er ce nt C ha ng e in T ar ge t L es io n fr om B as el in e Patient PR SD PD CR PD-L1 positive PD-L1 negative + - + + + + + - - - - - - - - 69.2% (9/13) exhibited a complete or partial response 100% of Evaluable Patients Exhibited Tumor Reduction Regardless of PD-L1 Status * >40% decrease in target lesion, but PD due to new lesions ** 100% decrease in target lesions, but PR due to presence of non-target lesions Hamilton E et al. SABCS 2020. Abstract PS11-32.


 
23 92% (12/13) of Patients Derived Clinical Benefit * - - + - + - + + - + - - - A B C D E F G H I J K L M Patient PD-L1 Status (+/-) 0 5 10 15 20 25 30 Duration on Treatment (Weeks) * PR SD PD CR On Study Off Treatment Due to AE* Hamilton E et al. SABCS 2020. Abstract PS11-32.


 
24 Overall Response Rates Show Improvement Over Standard of Care Benchmarks in ITT and PD-L1(+) MARIO-3 Investigator assessment per RECIST v1.1 ITT1 n=13 PD-L1(+)1 n=5 PD-L1(-)1 n=8 Best overall response (BOR)a Complete response (CR), n (%) Partial response (PR), n (%) Stable disease (SD), n (%) Progressive disease (PD), n (%) 1 (7.7) 8 (61.5) 3 (23.1) 1 (7.7) 1 (20.0) 4 (80.0) 0 0 0 4 (50.0) 3 (27.5) 1 (12.5) Overall response rate (ORR) (CR+PR), n (%) 9 (69.2) 5 (100.0) 4 (50.0) IMpassion130 Atezo + Nab-Pac Benchmark ITT 2 56% PD-L1 (+) 2 58.9% PD-L1 (-) 2 Not Reported a Unconfirmed BOR presented, but 2 PRs of PD-L1(+) and 2 PRs of PD-L1(-) are confirmed. PD-L1, programmed death-ligand 1; RECIST, Response Evaluation Criteria in Solid Tumors. 1. Hamilton E et al. SABCS 2020. Abstract PS11-32. 2. N Engl J Med 2018;379:2108-21.


 
25 Immune Activation: Decreased Immune Suppressive MDSCs and Increased T Cell Reinvigoration in Peripheral Blood K i6 7+ of P D 1+ m em or y C D 8+ (% ) H LA D R - of L in - C D 14 + (% ) MDSCs (N=12) T Cell Reinvigoration (N=13) C1D1 C2D1 Mean = 22.6 Mean = 18.5 C1D1 C2D1 Mean = 10.4 Mean = 33.7 Hamilton E et al. SABCS 2020. Abstract PS11-32


 
26 90 80 70 60 50 40 30 20 10 0 PD-L1(-) Patient: Significant Tumor Reduction Associated With Decrease in Immunosuppressive M2 Macrophages and Increased T Cell Reinvigoration 25 20 15 10 5 0 MDSC C1D1 C3D1C1D15 C2D1 H LA D R - o f L in - C D 14 + (% ) Blood T-cell reinvigoration K i6 7+ o f P D -1 + m em or y C D 8 + (% ) C1D1 C3D1C1D15 C2D1 Increased CD8+ T cells Tumor Biopsy Decreased immunosuppressive (HLADR-) macrophages C1D1 C3D1 CD8+ C1D1 C3D1 CD68+HLADR – CD68+HLADR+ HLADR+ 700 600 500 400 300 200 100 0 1600 1200 800 400 0 C el ls /m m 2 C el ls /m m 2 Initial patient diagnosis in 2001; at study entry, stage IV TNBC with liver and bone metastases. C, cycle; CD, cluster of differentiation; D, day; HLADR, human leukocyte antigen – DR isotype; MDSC, myeloid-derived suppressor cell; PD-1, programmed cell death protein 1; PD-L1, programmed death-ligand 1; PR, partial response. Hamilton E et al. SABCS 2020. Abstract PS11-32.


 
27 Conclusions • 100% of evaluable patients experienced tumor reduction and 69.2% of evaluable patients experienced objective responses – a compelling indication of antitumor activity, irrespective of PD-L1 status • Translational data show decreased immunosuppressive macrophages/MDSCs and increased immune activation, consistent with the mechanism of action of eganelisib in the triplet regimen • Acceptable safety profile in line with expectations of component drugs, no additive or new safety signals • This triplet regimen warrants further investigation MDSC, myeloid-derived suppressor cell; PD-L1, programmed death-ligand 1. Hamilton E et al. SABCS 2020. Abstract PS11-32.


 
Eganelisib Ongoing Development in TNBC


 
29 Eganelisib Ongoing Development in TNBC • Enrollment is ongoing – As of the November 6th cut-off for the SABCS Poster • 20 of 60 patients were enrolled • The 7 most recently enrolled patients remained on treatment but had not yet had their first assessment – Enrollment completion is expected mid 2021 – Durability assessments maturing – Signals in both PD-L1 positive and negative populations being evaluated • Plan to present updated data Q2 2021 • Additionally, ARC-2 continues to enroll in both the doublet and triplet arms


 
30 Initial data suggest addition of eganelisib and resulting upregulation of PD-L1 may increase effectiveness of checkpoint inhibitors in front line advanced, metastatic TNBC patients Summary: Significant Potential for Eganelisib in TNBC Clinical and translational data provide clear rationale for adding eganelisib to checkpoint inhibitor and chemotherapy combinations in other settings and adding eganelisib to other I/O therapies Building foundation of activity in TNBC: • MARIO-1 shows early signals of activity in later lines of therapy • ARC-2 data show activity in a novel checkpoint inhibitor free regimen in the second line and beyond • MARIO-3 initial data suggest eganelisib has the potential to improve patient benefit when combined with the standard of care regimen in front line TNBC


 
Q & A Discussion


 
Thank You


 
Exhibit 99.2
HEADERA031.JPG

Infinity Pharmaceuticals Presents Front-Line Triple Negative Breast Cancer Data from
Ongoing Phase 2 MARIO-3 Trial at the 2020 San Antonio Breast Cancer Symposium

-100% of Evaluable Patients Achieved Tumor Reduction Irrespective of PD-L1 Status-

-69.2% of Evaluable Patients Achieved Best Responses of Complete Response or Partial Response-

- Safety Consistent With Expectations Of Component Drugs -

-Conference Call Scheduled for 10:00am ET-

CAMBRIDGE, Mass., December 9, 2020 /Business Wire/ -- Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) today announced that data from the front-line triple negative breast cancer (TNBC) cohort from the ongoing MARIO-3 clinical trial was presented during the 2020 San Antonio Breast Cancer Symposium (SABCS). MARIO-3 is the Company’s ongoing Phase 2 study evaluating eganelisib in a novel triple combination in the front-line setting with atezolizumab (Tecentriq®) and nab-paclitaxel (Abraxane®) in patients with unresectable locally advanced or metastatic TNBC.

“These promising initial data suggest that the addition of eganelisib to atezolizumab and nab-paclitaxel has the potential to provide improved patient outcomes in front-line triple negative breast cancer,” said Erika Hamilton, M.D., Program Director, Breast Cancer and Gynecologic Cancer Research, Sarah Cannon Research Institute at Tennessee Oncology, and MARIO-3 Lead Study Investigator. “The tumor reduction seen, irrespective of PD-L1 status, combined with eganelisib’s safety and tolerability profile, which demonstrated no new or additive safety signals, suggest that eganelisib has potential as a new treatment option for advanced TNBC patients.”

Brian Schwartz, M.D., consulting Chief Physician of Infinity Pharmaceuticals, said, “We are particularly excited to report that the addition of eganelisib to treatment with atezolizumab and nab-paclitaxel has led to very encouraging overall response rates of 100% in PD-L1 positive patients and 50% in PD-L1 negative patients. This is important because, while the accelerated approval of combination therapy of atezolizumab and nab-paclitaxel as a front-line treatment for PD-L1 positive patients is an important step in addressing the severe unmet need in TNBC, this type of breast cancer remains an aggressive and difficult-to-treat disease, and more treatment options are needed particularly in PD-L1 negative setting. We also continue to be pleased by the safety and tolerability profile of the 30mg dose of eganelisib in multiple combinations including in MARIO-3. These data suggest that this novel triplet regimen may be broadly beneficial across patient populations in TNBC, including PD-L1 negative patients with limited treatment options and poor outcomes. In addition, the translational data from the study are highly consistent with prior results from MARIO-1, which together are supportive of the unique immune modulating activity of eganelisib across multiple indications. These strong, early data leave us increasingly confident in the potential of eganelisib in TNBC, and we look forward to continued progress and execution in the ongoing MARIO-3 study.”

Key presentation highlights:
Poster presentation titled, “MARIO-3 phase II study initial data evaluating a novel triplet combination of eganelisib (IPI-549), atezolizumab (atezo), and nab-paclitaxel (nab-pac) as first-line (1L) therapy for locally advanced or metastatic triple-negative breast cancer (TNBC)” presented by Erika Hamilton, M.D.

100% of evaluable patients (n=13) demonstrated tumor reduction
69.2% (9/13) overall response rate (ORR) with best responses of complete response (CR) or partial response (PR)
100% (5/5) ORR (CR + PR) with 1 CR and 4 PRs observed in PD-L1 positive patients
50% (4/8) ORR (CR + PR) with 4 PRs observed in PD-L1 negative patients
Translational data are supportive of eganelisib’s immune modulation mechanism with treatment associated with decreased M2 macrophages and myeloid derived suppressor cells (MDSCs) and increased T cell reinvigoration as measured in peripheral blood.



The novel triple combination treatment with eganelisib, atezolizumab (atezo) and nab-paclitaxel (nab-pac) demonstrated safety in line with expectations of the component drugs with no additive or new safety signals. The most common ≥ Grade 3 treatment-emergent adverse events were decreased neutrophil count (21.4 percent), diarrhea (14.3 percent), and rash (14.3 percent). Only one patient (7.1 percent) experienced ≥ Grade 3 ALT/AST increase, and this patient had a Grade 3 elevation.

Enrollment is ongoing. As of the November 6th cut-off for the SABCS presentation 20 of 60 patients enrolled, and the 7 most recently enrolled patients remained on treatment but had not yet had their first assessment. Infinity expects to complete enrollment in MARIO-3 in mid-2021.

Earlier this year the U.S. Food and Drug Administration (FDA) granted Fast Track designation for eganelisib in combination with a checkpoint inhibitor and chemotherapy for the treatment of patients with inoperable locally advanced or metastatic triple-negative breast cancer (TNBC), in the first-line setting. Fast Track designation is designed to facilitate the development and expedite the review of drugs to treat serious conditions while fulfilling an unmet medical need, enabling drugs to reach patients more rapidly. A drug or treatment regimen that receives Fast Track designation may be eligible for more frequent interactions and communications with the FDA on matters pertaining to the drug’s clinical development plan as well as eligibility for accelerated approval and priority review.

Eganelisib SABCS 2020 Poster Links:
Infinity MARIO-3 SABCS 2020 Poster: MARIO-3 phase II study initial data evaluating a novel triplet combination of eganelisib (IPI-549), atezolizumab (atezo), and nab-paclitaxel (nab-pac) as first-line (1L) therapy for locally advanced or metastatic triple-negative breast cancer (TNBC)

Arcus ARC-2 SABCS 2020 Poster: ARC-2: Efficacy and Safety of Etrumadenant (AB928) + Pegylated Liposomal Doxorubicin (PLD) ± Eganelisib (IPI-549) in Participants with Metastatic Ovarian and Triple Negative Breast Cancer

Conference Call Information
A live webcast of the conference call with synchronized slides can be accessed in the “Investors/Media” section of Infinity's website at www.infi.com. To participate in the conference call, please dial (877) 316-5293 (domestic) and (631) 291-4526 (international) five minutes prior to start time. The conference ID number is 2088322. An archived version of the webcast will be available on Infinity's website for 30 days.

About Infinity and Eganelisib
Infinity is an innovative biopharmaceutical company dedicated to advancing novel medicines for people with cancer. Infinity is advancing eganelisib, a first-in-class, oral immuno-oncology development candidate that selectively inhibits PI3K-gamma, in multiple clinical studies. MARIO-275 is a global, randomized, controlled combination study of eganelisib combined with Opdivo® in I/O naïve urothelial cancer. MARIO-3 is the first eganelisib combination study in front-line advanced cancer patients and is evaluating eganelisib in combination with Tecentriq and Abraxane in front-line TNBC and in combination with Tecentriq and Avastin® in front-line RCC. In collaboration with Arcus Biosciences, Infinity is evaluating a checkpoint inhibitor-free, novel combination regimen of eganelisib plus etrumadenant (AB928, a dual adenosine receptor antagonist) plus Doxil® in advanced TNBC patients. In 2019, Infinity completed enrollment in MARIO-1, a Phase 1/1b study evaluating eganelisib as a monotherapy and in combination with Opdivo (nivolumab) in patients with advanced solid tumors including patients refractory to checkpoint inhibitor therapy. With these studies Infinity is evaluating eganelisib in the anti-PD-1 refractory, I/O-naïve, and front-line settings. For more information on Infinity, please refer to Infinity's website at www.infi.com.




Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding: the therapeutic potential of eganelisib; plans to present data; clinical trial enrollment projections; and the Company's ability to execute on its strategic plans. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the Company's current expectations. For example, there can be no guarantee that eganelisib will successfully complete necessary preclinical and clinical development phases. Further, there can be no guarantee that any positive developments in Infinity's product portfolio will result in stock price appreciation. Management's expectations and, therefore, any forward-looking statements in this press release could also be affected by risks and uncertainties relating to a number of other factors, including the following: the cost, timing and results of clinical trials and other development activities that may be delayed or disrupted by the COVID-19 pandemic or otherwise; the outcome of the Company’s risk/benefit review of its MARIO-275 clinical trial; the content and timing of decisions made by the U.S. FDA and other regulatory authorities; Infinity's ability to obtain and maintain requisite regulatory approvals; unplanned cash requirements and expenditures; development of agents by Infinity's competitors for diseases in which Infinity is currently developing or intends to develop eganelisib; and Infinity's ability to obtain, maintain and enforce patent and other intellectual property protection for eganelisib. These and other risks which may impact management's expectations are described in greater detail under the caption "Risk Factors" included in Infinity's annual report and quarterly reports filed with the Securities and Exchange Commission (SEC), and in other filings that Infinity makes with the SEC, available through the Company’s website at www.infi.com. Any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity does not undertake and expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Tecentriq® is a registered trademarks of Genentech, Inc
Avastin® is a registered trademark of Genentech, Inc.
Abraxane® is a registered trademark of Abraxis BioScience, LLC.
Opdivo
® is a registered trademark of Bristol Myers Squibb.
Doxil® is a registered trademark of Baxter Healthcare Corporation.

Contact
Ashley Robinson
LifeSci Advisors, LLC
617-775-5956