Abcellera Biologics Inc (ABCL) 2020 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AbCellera 2020 Business Update Conference call. (Operator Instructions)

您好，感謝您的關注。歡迎參加 AbCellera 2020 年業務更新電話會議。 （接線生指示）

I would now like to hand the conference over to Tryn Stimart. Thank you. Please go ahead.

現在我想把會議交給特林·史蒂馬特（Tryn Stimart）。謝謝。請繼續。

Good afternoon, and welcome to AbCellera's first earnings conference call and our 2020 annual business update. We are pleased to have you with us today where we will discuss the results announced in our press release issued after the market closed today, which you can find on our Investor Relations website.

下午好，歡迎參加 AbCellera 的首次財報電話會議及 2020 年度業務更新。我們很高興今天能與您相聚，我們將討論今天收盤後發布的新聞稿中公佈的業績，您可以在我們的投資者關係網站上查閱該新聞稿。

With me on the call today are Dr. Carl Hansen, AbCellera's President and Chief Executive Officer; and Andrew Booth, AbCellera's Chief Financial Officer. The webcast portion of this call contains a slide presentation that we will refer to during the call. Those of you following along on the phone, who wish to access the slide portion of this presentation, may do so on the Investor Relations section of our website. For those of you, who have accessed the streaming portion of the webcast, please be aware that there may be a delay and that you will not be able to post questions via the web.

今天與我一起參加電話會議的還有 AbCellera 總裁兼執行長 Carl Hansen 博士和 AbCellera 財務長 Andrew Booth。本次電話會議的網路直播部分包含一個幻燈片演示，我們將在會議期間參考。如果您透過電話收聽會議，並希望存取此簡報的幻燈片部分，請造訪我們網站的「投資者關係」部分。如果您已經訪問了網路直播的串流部分，請注意，可能會出現延遲，您將無法透過網路提問。

This presentation may contain forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements are based on management's current expectations and are subject to certain risks and uncertainties. Please review our SEC filings for risk factors that could impact our future performance. Our presentation and SEC filings are available on our Investor Relations website.

本簡報可能包含根據《1995年私人證券訴訟改革法》安全港條款所做的前瞻性聲明。任何前瞻性陳述均基於管理階層目前的預期，並受某些風險和不確定性的影響。請查看我們向美國證券交易委員會 (SEC) 提交的文件，以了解可能影響我們未來業績的風險因素。我們的簡報和向美國證券交易委員會提交的文件均可在我們的投資者關係網站上查閱。

Note that all dollars referred to during our call today are U.S. dollars.

請注意，我們今天電話會議中提到的所有美元均為美元。

Now I am pleased to turn the call over to Carl Hansen.

現在我很高興將電話轉給卡爾漢森。

Thank you, Tryn, and thank you, everyone, for joining us today. 2020 was a breakout year for AbCellera on all fronts. We secured financing, expanded our technology platform and, in December, began trading on the NASDAQ. I'm excited to tell you about 2020 and where we will be going in 2021 and beyond.

謝謝 Tryn，也謝謝大家今天加入我們。 2020 年是 AbCellera 在各方面都取得突破的一年。我們獲得了融資，擴展了技術平台，並於 12 月在納斯達克上市。我很高興向大家介紹 2020 年的業績，以及我們在 2021 年及以後的發展方向。

Briefly, through our work in pandemic response, we proved the power of our technology and our business model, discovering bamlanivimab, the first therapeutic antibody against COVID-19, at world record speed. Bamlanivimab was granted emergency use authorization in November and has already been used to treat more than 400,000 patients.

簡而言之，透過我們在疫情應對中的工作，我們證明了我們技術和商業模式的強大力量，以創世界紀錄的速度研發出首個針對新冠肺炎的治療性抗體——巴姆拉尼單抗。巴姆拉尼單抗於11月獲得緊急使用授權，目前已用於治療超過40萬名患者。

At the same time, we continue to invest in our platform and build capacity, including almost doubling our head count and acquiring key technologies, including a proprietary humanized rodent platform and a bispecific engineering platform. We also secured funding for and began work on the build-out of CMC and GMP manufacturing capabilities.

同時，我們持續投資平台建設，提升產能，員工人數幾乎翻倍，併購入關鍵技術，包括專有的人源化囓齒動物平台和雙特異性工程平台。我們也獲得了資金，並開始著手建立CMC和GMP生產能力。

Finally, we ended the year with nearly $600 million in cash and over $200 million in accounts receivable. This provides a strong cash position with which we will execute our plan for future growth.

最終，我們以近6億美元的現金和超過2億美元的應收帳款結束了這一財年。這為我們實施未來成長計畫提供了強大的現金儲備。

Since this is our first earnings call, I'd like to highlight how we are executing on our vision to develop new technologies and new business models that accelerate drug discovery across the industry. AbCellera was founded on the philosophy that pushing back the frontiers of technology is the surest way to transform drug development and that the impact of these technologies is amplified by business models that are centered around partnerships.

由於這是我們的首次財報電話會議，我想重點介紹我們如何實踐願景，即開發新技術和新商業模式，以加速整個行業的藥物研發。 AbCellera 的創立理念是：不斷推進技術前沿是改變藥物研發的最可靠途徑，而以合作為中心的商業模式則能夠放大這些技術的影響力。

Working at the interface of computation, engineering and biology, AbCellera is redefining the process of how drugs are discovered. We've spent the last 9 years building an operating system that can search, decode and analyze natural immune systems to find rare antibodies that can be developed into treatment. Our unique business model brings our operating system to the industry through partnerships.

AbCellera 致力於將計算、工程和生物學結合，重新定義藥物研發流程。過去 9 年，我們致力於建立一個作業系統，用於搜尋、解碼和分析天然免疫系統，以發現可用於開發治療的稀有抗體。我們獨特的商業模式透過合作夥伴關係將我們的作業系統推向產業。

Over the past 6 years, we have partnered on over 100 therapeutic antibody discovery programs, working with companies that span the gamut from early-stage biotech to some of the world's largest and most enabled biopharmaceutical companies. By partnering with AbCellera, these groups can move more quickly, reduce costs and tackle some of the toughest problems in antibody discovery.

過去六年，我們與超過100個治療性抗體研發專案合作，合作公司涵蓋了從早期生物技術公司到全球規模最大、實力最雄厚的生物製藥公司等各個領域。透過與AbCellera合作，這些團隊可以加快研發速度、降低成本，並解決抗體研發過程中的一些最棘手的問題。

Typically, our partners come to us when they have identified the disease target. We then acquire technology to discover high-quality potent antibodies that are suitable for development, and we return these antibodies to our partners for a final preclinical development and clinical testing.

通常，我們的伴侶在確定了疾病目標後會來找我們。之後，我們會獲得技術，發現適合開發的高品質強效抗體，並將這些抗體回饋給合作夥伴進行最終的臨床前開發和臨床試驗。

While our work on COVID-19 has attracted a great deal of attention, the vast majority of our programs are in other therapeutic areas. This includes partnerships in oncology, inflammation, cardiovascular disease, pain, neurodegeneration and many more. We structure our agreements in a way that aligns our interests with the success of our partners and ultimately with the patients they serve. Our partnership agreements include technical access fees and research payments, clinical and commercial milestones and royalties on net sales of approved products.

雖然我們在 COVID-19 方面的工作備受關注，但我們的絕大多數項目都涉及其他治療領域。這包括腫瘤學、發炎、心血管疾病、疼痛、神經退化性疾病等領域的合作。我們制定的協議旨在使我們的利益與合作夥伴的成功以及最終與他們服務的患者的成功保持一致。我們的合作協議包括技術使用費和研究費用、臨床和商業里程碑以及獲批產品淨銷售額的特許權使用費。

It is worth noting that while we work in the biotech sector, we do not consider ourselves to be a biotech company. That is because we are not focused on developing our own pipeline of proprietary drugs to the clinic. We are also not a tools company. We do not sell instruments and devices. Rather, we've established a centralized business model, where we invest in teams, technology and facilities and provide access to these capabilities through partnerships. By working with others, we believe we can lift up the entire biologics industry.

值得注意的是，雖然我們從事生技領域，但我們並不認為自己是一家生技公司。這是因為我們並不專注於開發自主研發的、面向臨床的專利藥物產品線。我們也不是一家工具公司。我們不銷售儀器和設備。相反，我們建立了一個集中式的商業模式，投資於團隊、技術和設施，並透過合作夥伴關係提供這些能力。我們相信，透過與他人合作，我們可以提升整個生物製劑產業。

We believe our technology advantage comes from combining 3 things: proprietary technologies that can generate massive multidimensional antibody data sets; custom software systems to aggregate, store and maintain data; and artificial intelligence and powerful computational tools to extract actionable information from this data. Our stack weaves together proprietary technologies from microfluidics, single cell analysis, genomics, protein engineering, machine learning, robotics and automation. Together, these tools provide core functionalities to source, search, find, analyze and engineer therapeutic antibodies. This process generates millions of data points with each program. Our growing data set allows our platform to become more powerful and more accurate with each program.

我們相信，我們的技術優勢源自於三方面的結合：能夠產生大量多維抗體資料集的專有技術；用於聚合、儲存和維護資料的客製化軟體系統；以及從這些資料中提取可操作資訊的人工智慧和強大的計算工具。我們的技術堆疊融合了微流體、單細胞分析、基因組學、蛋白質工程、機器學習、機器人技術和自動化等領域的專有技術。這些工具共同提供了獲取、搜尋、發現、分析和設計治療性抗體的核心功能。這個過程在每個程式中都會產生數百萬個數據點。我們不斷增長的數據集使我們的平台在每個程式中都變得更加強大和準確。

Data generated through our discovery partnerships provides the basis for training AI algorithms that lead to new insights into antibody responses and improve the speed, accuracy and efficiency of our technology. This creates a positive feedback loop, through which each round of data analysis improves the next round of data generation. As we scale our business, this flywheel effect will lead to continuous and accelerating technological advantage.

透過我們的發現合作夥伴關係產生的數據為訓練人工智慧演算法提供了基礎，從而能夠深入了解抗體反應，並提高我們技術的速度、準確性和效率。這形成了一個正向回饋循環，每一輪數據分析都會改善下一輪數據產生。隨著我們業務的擴展，這種飛輪效應將持續加速我們技術優勢的提升。

We believe our platform and business model solves 2 orthogonal technology problems. First, we open up important target spaces that have been outside the reach of legacy technologies. Second, our centralized model democratizes access to these technologies, which enables our partners to start programs without delay and prosecute them at maximum speed. For example, highly enabled companies come to us to help move forward programs that have been stalled for lack of technology. In these cases, we work at the cutting-edge of what is possible. This has traditionally been our beachhead market and where we continue to invest in technologies that we believe can open up large swaths of drug development.

我們相信，我們的平台和商業模式解決了兩個相互關聯的技術難題。首先，我們開拓了傳統技術無法觸及的重要標靶。其次，我們的集中式模式使這些技術的取得更加民主化，使我們的合作夥伴能夠立即啟動項目，並以最快的速度推進。例如，一些實力雄厚的公司會來找我們，幫忙推進那些因技術匱乏而停滯的計畫。在這種情況下，我們致力於探索最前沿的技術。這一直是我們的灘頭陣地，我們將繼續在這裡投資那些我們認為能夠開闢廣闊藥物開發前景的技術。

On the other side of the spectrum, we partner with smaller companies that typically do not have access to the requisite technology, expertise and bandwidth to go from idea to a therapeutic lead. For these companies, working with us removes the redundancy of attempting to set up their own discovery capabilities. This empowers them to move programs forward immediately and to focus on the innovation that is novel and unique to them, their target biology or their unique technologies.

另一方面，我們與規模較小的公司合作，這些公司通常缺乏從創意到治療線索所需的技術、專業知識和資源。對於這些公司來說，與我們合作可以免去他們自行建立發現能力的麻煩。這使他們能夠立即推進項目，並專注於對他們而言新穎獨特的創新、他們的目標生物學或他們獨特的技術。

As an example of how AbCellera can be the operating system for quickly launching new companies, we recently announced a partnership with Abdera, a precision oncology company working on a class of drugs that use antibodies armed with radioisotopes to destroy cancer cells. As another example, in 2020, we announced a partnership with Invetx, a biotech company at the forefront of developing antibody treatments for companion animals and pets. We subsequently announced an expansion of this collaboration after successfully completing the initial programs.

為了說明 AbCellera 如何成為快速啟動新公司的作業系統，我們最近宣布與 Abdera 建立合作關係。 Abdera 是一家精準腫瘤學公司，致力於研發一類利用攜帶放射性同位素的抗體來摧毀癌細胞的藥物。另一個例子是，2020 年，我們宣布與 Invetx 建立合作夥伴關係，Invetx 是一家在開發伴侶動物和寵物抗體療法方面處於領先地位的生物技術公司。在成功完成初始專案後，我們隨後宣布擴大合作。

A highlight of our work in 2020 was our response to the current pandemic that led to the discovery of bamlanivimab, the first monoclonal antibody for COVID-19. We believe that this is a time-compressed example of how our technology and business model can bring treatments to patients faster. In March of last year, we mobilized our technology to find solutions for COVID-19. At the beginning of this response, we made a decision to develop a single antibody, emphasizing speed and scalability so that we would be able to help as many patients as quickly as possible. That decision has saved lives.

2020年我們工作的一大亮點是應對當前疫情，最終研發出首個針對COVID-19的單株抗體—巴姆拉尼單抗。我們相信，這是一個時間緊迫的案例，展現了我們的技術和商業模式如何更快地為患者帶來治療。去年3月，我們運用技術手段，為COVID-19尋找解決方案。在應對之初，我們決定開發單一抗體，強調速度和可擴展性，以便能夠盡快幫助盡可能多的患者。這項決定挽救了生命。

Over the past 4 months, bamlanivimab has been used to treat approximately 400,000 high-risk COVID-19 patients in the U.S. alone, more than any other COVID-19 therapy in development. We believe this has kept thousands of people out of hospital and it saved thousands of lives. The speed of developing bamlanivimab is a testament both to our technology and to the efforts of all teams involved, including our collaborators at the Vaccine Research Center at the NIH and Eli Lilly.

在過去的4個月裡，光是在美國，bamlanivimab就已用於治療約40萬名高風險COVID-19患者，超過了任何其他正在研發的COVID-19療法。我們相信，這讓數千人免於住院，挽救了數千人的生命。 bamlanivimab的研發速度不僅證明了我們的技術實力，也證明了所有參與團隊的努力，包括我們在美國國立衛生研究院疫苗研究中心和禮來公司的合作夥伴。

When the entire world mobilized against COVID-19, we started several months after other well-enabled groups. Yet, we succeeded in bringing the first monoclonal antibody therapy to the clinic, and we're the first to be authorized by the FDA. Today, bamlanivimab has been evaluated both alone and together with other antibodies in more than 5,000 patients across multiple clinical trials and is currently authorized in more than 15 countries. Bamlanivimab alone has been shown to reduce hospitalization by 70% in high-risk patients with early COVID-19 infection and prevent COVID-19 in nursing homes by reducing the risk of contracting the virus by up to 80%.

當全世界動員起來對抗新冠肺炎 (COVID-19) 時，我們比其他實力雄厚的團隊晚了幾個月才開始。然而，我們成功地將首個單株抗體療法帶入臨床，並且是首個獲得美國食品藥物管理局 (FDA) 批准的療法。目前，bamlanivimab 已在多個臨床試驗中對超過 5,000 名患者進行了單獨使用和與其他抗體聯合使用的評估，並已在超過 15 個國家獲得批准。 Bamlanivimab 單藥治療已被證明可將早期新冠肺炎 (COVID-19) 感染高風險患者的住院率降低 70%，並將療養院中感染病毒的風險降低高達 80%，從而預防新冠肺炎 (COVID-19)。

Because of its potency, bamlanivimab also provides a therapeutic backbone for new combination therapies to expand the protection against viral variants. The first of these, bamlanivimab together with etesevimab has been authorized in the U.S. and within the European Union and is predicted to be effective against 99% of variants currently circulating in the U.S. Recent Phase III data showed that this antibody therapy reduces COVID-19-related hospitalizations and death by 87%.

由於其效力，bamlanivimab 也為新的聯合療法提供了治療基礎，以擴大對病毒變異的保護。其中，第一個聯合療法 bamlanivimab 與 etesevimab 聯合使用已在美國和歐盟獲得批准，預計可有效對抗目前在美國傳播的 99% 的變異病毒。最近的 III 期數據顯示，這種抗體療法可將 COVID-19 相關的住院和死亡人數降低 87%。

Most importantly, across all patients treated with antibody therapy in these clinical trials, there is yet to be a single-observed COVID-19-related death. I'd like to emphasize that again. Not a single COVID-19-related death has been observed in patients treated with bamlanivimab, either alone or together with etesevimab.

最重要的是，在這些臨床試驗中，所有接受抗體治療的患者中，尚未觀察到一例與COVID-19相關的死亡病例。我想再次強調這一點。在接受bamlanivimab單藥治療或與etesevimab合併治療的患者中，均未觀察到一例與COVID-19相關的死亡病例。

In January, it was also announced that bamlanivimab is being evaluated together with VIR-7831 to treat COVID-19 in low-risk patients. Just this morning, topline data released from the Phase II Grade IV trial showed that 2 monoclonal -- showed that the 2 monoclonal antibodies demonstrated a 70% relative reduction in persistently high viral load at day 7 compared to placebo.

今年1月，也宣布正在評估bamlanivimab與VIR-7831合併用於治療低風險COVID-19患者的療效。就在今天上午，II期IV級臨床試驗的頂線數據顯示，與安慰劑相比，這兩種單株抗體在第7天顯示出持續高病毒量相對降低了70%。

While the speed and manufacturing scalability was the most important criteria early in the response, we anticipated that next-generation antibodies would be needed to combat emerging variants. For that reason, over the past year, we've continued to screen patient samples, identifying thousands of human antibodies and generating massive amounts of information about how the human immune system responds to COVID-19.

雖然速度和生產可擴展性是應對初期最重要的標準，但我們預期需要下一代抗體來對抗新出現的變異病毒。因此，在過去的一年裡，我們持續篩選患者樣本，鑑定出數千種人類抗體，並產生了大量關於人體免疫系統如何應對 COVID-19 的資訊。

In January, following the emergence of the South African variant, we screened our human antibody database to find a next-generation antibody. In neutralization assays, this second antibody, called 1404, is significantly more potent than any other antibody reported to date and is predicted to neutralize all circulating variants, including the South African strain, the U.K. strain, the New York, Brazil and California strains.

今年1月，南非變異株出現後，我們篩選了人體抗體資料庫，以尋找下一代抗體。在中和試驗中，這種名為1404的第二種抗體比迄今為止報導的任何其他抗體都強效得多，預計可以中和所有正在傳播的變異毒株，包括南非毒株、英國毒株、紐約毒株、巴西毒株和加州毒株。

In late January, Lilly moved 1404 into preclinical development and manufacturing. We expect it will reach the clinic in Q2 of this year and have a goal of reaching emergency use authorization by midyear. Given the breadth and potency of 1404, we believe this antibody has potential to be a best-in-class therapeutic. We also believe antibody therapies are an important complementary approach to vaccines, both now and in the likely scenario that COVID-19 becomes an endemic problem.

禮來公司於1月底將1404轉入臨床前開發和生產階段。我們預計該抗體將於今年第二季度進入臨床階段，並計劃於年中獲得緊急使用授權。鑑於1404的廣度和效力，我們相信該抗體有潛力成為同類最佳的治療藥物。我們也認為，無論是現在還是在COVID-19成為地方性流行病的可能情況下，抗體療法都是疫苗的重要補充方法。

In summary, over the past 12 months, we've applied our technology to discover what we believe to be the 2 most potent antibodies against COVID-19 yet reported. We have proven that we are able to respond in real time with solutions that evolve along with pandemic. Pandemics will happen again. And when they do, we'll be here, and we'll be ready.

總而言之，在過去的12個月裡，我們運用我們的技術發現了迄今為止所報導的兩種最有效的COVID-19抗體。我們已經證明，我們能夠即時回應，並製定與疫情同步發展的解決方案。疫情還會再次發生。當它再次發生時，我們將在這裡，做好準備。

Despite the massive impact of this work, I'd like to emphasize that AbCellera is not a COVID-19 company. In fact, our work in COVID-19 represents only 2 programs in our portfolio. We have more than 100 programs with a variety of partners that stand nearly every indication, and we're just getting started. We see our work in COVID-19 as a proof point of how long-term investments in technology and teams can help make a difference in how new treatments get to patients, and that this is best done in a partnership model.

儘管這項工作影響巨大，但我想強調的是，AbCellera 並非一家專注於 COVID-19 的公司。事實上，我們在 COVID-19 領域的工作僅代表我們投資組合中的兩個項目。我們與各種合作夥伴合作了 100 多個項目，幾乎涵蓋了所有適應症，而我們才剛起步。我們將 COVID-19 領域的工作視為一個證明，證明對技術和團隊的長期投資能夠如何幫助改善新療法如何惠及患者，並且最好以合作模式來實現這一點。

In 2020, we drove several initiatives to further our competitive advantage, including upstream and downstream integration through our technology stack and expanding our capabilities. Our strategy is to continue investing to deepen and expand our technology platform. And in 2020, we made 2 key acquisitions. The first was OrthoMab, a clinically validated protein engineering platform that allows for any 2 human antibodies to be recombined into a single molecule that can simultaneously engage with 2 targets. These antibodies, known as bispecifics, continue to be one of the fastest growing subclasses of biologics. We believe OrthoMab, when coupled with our discovery engine, has the potential to be a best-in-class technology.

2020年，我們推動了多項舉措，以進一步提升競爭優勢，包括透過技術堆疊進行上下游整合，並拓展自身能力。我們的策略是持續投資，以深化和擴展我們的技術平台。 2020年，我們完成了兩項重要收購。第一項是OrthoMab，這是一個經過臨床驗證的蛋白質工程平台，可以將任意兩種人類抗體重組為一個分子，並同時作用於兩個標靶。這些被稱為雙特異性抗體的抗體仍然是成長最快的生物製劑子類之一。我們相信，OrthoMab與我們的藥物發現引擎相結合，有潛力成為一流的技術。

The second was the acquisition of Trianni. This is a modern version of humanized rodents, which have been, by far, the richest source of new therapeutics. The Trianni mouse, the flagship mouse, is one of a very few in the industry that contain all the human genes that have been inserted into the genome in a controlled way. This acquisition is already paying off.

第二項是收購Trianni。 Trianni是現代人源化囓齒動物的代表，迄今為止，囓齒動物一直是新療法最豐富的來源。 Trianni小鼠是其旗艦產品，也是業界極少數以可控方式插入所有人類基因的小鼠之一。此次收購已初見成效。

It was recently announced that NovaRock Therapeutics was granted approval for their Phase I study of NBL-012 at the start of this year. This molecule, which was discovered using the Trianni mouse, is the first from the Trianni platform to enter clinical trials and is the result of work performed by NovaRock through a licensing agreement in early 2018.

最近，NovaRock Therapeutics宣布其NBL-012的I期臨床試驗於今年初獲得批准。該分子是利用Trianni小鼠發現的，是Trianni平台首個進入臨床試驗的分子，也是NovaRock於2018年初透過授權協議進行工作的成果。

We plan to use the Trianni platform to do further R&D to bring next-generation mice that are suited for generating antibodies against the toughest problems in the industry. We are currently developing 4 next-gen mice and are building up capabilities for additional expansion. We've also licensed access to the flagship mouse to large, well-enabled partners and are continuing to negotiate new licensing deals.

我們計劃利用 Trianni 平台進行進一步研發，推出能夠產生針對業界最棘手問題的抗體的下一代小鼠。我們目前正在開發 4 款下一代小鼠，並正在建立進一步擴展的能力。我們也已將這款旗艦小鼠的使用權授權給規模較大、技術精湛的合作夥伴，並繼續洽談新的授權協議。

We are also excited to make long-term investments in the forward integration of our workflow, which includes the development of translational sciences, CMC and GMP manufacturing capabilities. We expect that those investments, which will play out over the next 2 to 3 years, will allow us to support smaller companies right from targets through to IND, all within a single integrated solution.

我們也非常高興能夠對工作流程的正向整合進行長期投資，包括轉化科學、CMC 和 GMP 生產能力的發展。我們預計這些投資將在未來 2 到 3 年內發揮作用，使我們能夠透過單一整合解決方案，為小型公司提供從標靶到 IND 的全流程支援。

At AbCellera, team is everything. This year, we doubled our team to scale with our business growth, ending the year with 206 employees, up from 107 in 2019. We expect this growth in our workforce to continue through 2021. The work we've done in 2020 provides numerous proof points for our founding philosophy. We believe that by expanding technology capabilities and assets, we can help accelerate the development of new therapies to patients and lift up the antibody discovery industry. Over the next few years, we will further extend our technological lead, investing in our platform technology, expanding our capacity with people and facilities and deepening our relationship across the industry.

在 AbCellera，團隊就是一切。今年，隨著業務成長，我們的團隊規模擴大了一倍，截至年底，員工人數已從 2019 年的 107 人增加到 206 人。我們預計員工隊伍的成長將持續到 2021 年。我們在 2020 年所做的工作充分印證了我們的創始理念。我們相信，透過擴展技術能力和資產，我們能夠加速為患者開發新療法，並提升抗體發現產業。未來幾年，我們將進一步鞏固我們的技術領先地位，投資平台技術，擴大人員和設施的產能，並深化與整個產業的連結。

Before I turn over to Andrew, I would like to take a moment to acknowledge our team. This year has been unlike any we have ever faced. Your unwavering dedication and courage has made a difference to patients. Thank you all for your work this year.

在把時間交給安德魯之前，我想先感謝我們的團隊。今年是我們從未經歷過的一年。你們堅定不移的奉獻和勇氣為患者帶來了改變。感謝你們一年來的努力。

And now I'll turn it over to Andrew Booth, our CFO, to provide an overview of our 2020 financials.

現在，我將把時間交給我們的財務長安德魯·布斯 (Andrew Booth)，讓他概述我們 2020 年的財務狀況。

Thanks, Carl. I'll start by looking at our KPIs. We ended 2020 with 103 programs under contract with 27 different partners. That's a 72% increase in programs under contract as compared to how we had ended at the end of 2019. In 2020, we added 9 program starts to the cumulative 43 starts we had at the end of 2019. We believe that the lion's share of the economic value in our partnerships is connected with our shared participation in the success of the therapeutics that we discover -- that are discovered by our platform. Since 2018, we have only accepted programs with downstream participation. And in 2020, we actually converted some existing programs without royalties to now include downstream participation as we have expanded our collaboration with certain partners.

謝謝，卡爾。我先來看看我們的KPI。截至2020年底，我們與27家不同的合作夥伴簽訂了103個專案合約。與2019年底相比，合約項目數量增加了72%。 2020年，我們在2019年底累計啟動43個專案的基礎上，又新增了9個專案。我們相信，我們合作關係中最大的經濟價值在於我們共同參與研發的療法—這些療法是透過我們的平台發現的。自2018年以來，我們只接受有下游參與的計畫。 2020年，隨著我們擴大與某些合作夥伴的合作，我們實際上將一些沒有專利費的現有項目轉換為包含下游參與的項目。

Looking at revenue. Revenue in 2020 grew twentyfold over 2019 to $233 million. We have significant royalties and several milestone payments from bamlanivimab in our 2020 results that were not present in 2019. At the same time, our results also reflect the healthy growth of our underlying partnership business. While our business model emphasizes participation in downstream economics, we earned research fees of approximately $20 million, which were attributable to the range of discovery programs we worked on for our partners. This represents 71% growth over 2019. The research fees reflect work on new programs with new and existing partners as well as activities from ongoing projects.

回顧收入。 2020 年的營收較 2019 年成長了 20 倍，達到 2.33 億美元。 2020 年的業績中，我們獲得了來自 Bamlanivimab 的巨額特許權使用費和幾筆里程碑付款，而這些在 2019 年是沒有的。同時，我們的業績也反映了我們基礎合作業務的健康成長。雖然我們的商業模式強調參與下游經濟，但我們獲得了約 2000 萬美元的研究費用，這歸功於我們為合作夥伴開展的一系列發現項目。這比 2019 年增長了 71%。研究費用反映了與新舊合作夥伴的新專案合作，以及正在進行的專案的活動。

We achieved royalty revenue of $198 million and milestone payments of $15 million attributable to bamlanivimab, achieving milestones all the way from Phase I through to first commercial sale by Lilly in the United States. In terms of bamlanivimab, we are eligible to receive royalties on all sales, whether it is used alone or together with another antibody. We are also eligible to receive royalties on all sales of 1404, whether used alone or together with another antibody following the same economics.

我們實現了1.98億美元的特許權使用費收入和1500萬美元的里程碑付款，這些收入均來自bamlanivimab，從I期臨床試驗到禮來在美國首次商業化銷售，我們一路實現了里程碑式的進展。就bamlanivimab而言，無論其單獨使用或與其他抗體聯合使用，我們均有資格獲得所有銷售額的特許權使用費。我們也有資格獲得1404的所有銷售額的特許權使用費，無論其單獨使用還是與其他抗體聯合使用，且經濟效益相同。

Directly attributable to the $198 million in royalty revenue we earned from Lilly's sales of bamlanivimab were $27 million in royalty fees payable to the NIH. The net impact of royalties on income from operations in 2020 was therefore $171 million. This net amount is in line and as expected with our disclosed terms under the agreement with Lilly of royalties in the mid-teens to mid-20s for sales of our COVID antibodies above $125 million. We view these royalties as a nondilutive source of funding for the company.

我們從禮來公司銷售巴姆拉尼單抗（bamlanivimab）中獲得的1.98億美元特許權使用費收入，直接歸因於我們向美國國立衛生研究院（NIH）支付的2700萬美元特許權使用費。因此，特許權使用費對2020年營業收入的淨影響為1.71億美元。該淨額與我們與禮來公司達成的協議中披露的條款一致，該協議規定，對於銷售額超過1.25億美元的新冠抗體，特許權使用費應在15%到25%之間。我們將這些特許權使用費視為公司的非稀釋性資金來源。

While we will not be giving forward guidance in the future, given that we're only 2 days away from the end of the quarter, we can give you some insight into what we are expecting for revenues. Based on the publicly available shipment data of bamlanivimab and calculating our associated royalty, we expect that our first quarter 2021 total revenues will be between $190 million and $210 million.

雖然我們不會提供前瞻性指引，但考慮到距離本季結束僅剩兩天，我們可以為您提供一些我們對收入的預期。根據巴姆拉尼單抗的公開出貨數據，並計算相關特許權使用費，我們預計2021年第一季的總收入將在1.9億美元至2.1億美元之間。

Looking at operating expenses. Our operating expenses further reflect the continued investment in our platform and infrastructure to grow our business. Our research and development spend in 2020 was $29 million. We are continuing to expand our R&D team's capabilities and capacity. This allows us to deliver on our partner programs as well as to enhance our technology stack organically. I'd like to call out 2 expense items in R&D that are not expected to repeat in the future.

再來看看營運費用。我們的營運費用進一步反映了我們為發展業務而對平台和基礎設施的持續投入。 2020 年，我們的研發支出為 2,900 萬美元。我們正在持續提升研發團隊的能力和產能。這使我們能夠履行合作夥伴計劃，並有機地增強我們的技術堆疊。我想指出研發領域預計未來不會重複出現的兩項費用。

The first is the expense of $4 million from in-process R&D from the acquisition of the OrthoMab platform for bispecific antibodies. This was an important inorganic move to add to our technology stack capabilities. The second is an expense for liability classified options, or LCO, related to changing our functional currency to U.S. dollars from Canadian dollars in 2020, where the strike price from auctions was still in Canadian dollars. This is a noncash expense that will be settled in equity when employees exercise the associated options. All option holders have since converted strike price to U.S. dollars in the first quarter of 2021, so we won't expect to see this expense in the future.

第一筆費用是收購OrthoMab雙特異性抗體平台所產生的400萬美元正在研發費用。這是一項重要的非內部支出，旨在增強我們的技術能力。第二筆費用是負債分類選擇權（LCO），與2020年將我們的功能貨幣從加幣轉換為美元有關，當時拍賣的執行價格仍為加幣。這是一項非現金支出，將在員工行使相關選擇權時以權益形式結算。所有選擇權持有人已於2021年第一季將執行價格轉換為美元，因此我們預計未來不會再出現這筆費用。

We are also extending the reach and capacity of our business development team as reflected in sales and marketing expenses of nearly $4 million in 2020. This $2.6 million or 3x increase was primarily driven by the expansion of the team. It also supported additional marketing and public relations activities. We will continue to invest and grow this function to address the demand that we see from business development.

我們也正在擴大業務拓展團隊的覆蓋範圍和能力，這體現在2020年近400萬美元的銷售和行銷費用。這260萬美元（成長3倍）主要源自於團隊規模的擴大。這筆費用也支持了額外的行銷和公關活動。我們將繼續投資並發展此職能，以滿足業務拓展方面的需求。

In general and administration expenses for 2020, there were $12 million. The increase from 2019 was driven by strengthening of the team and other activities to support the overall growth of the company and to prepare for being a listed entity. This amount also includes nearly $2 million in costs incurred in connection with our preferred share financing and IPO in 2020.

2020年的一般及行政開支為1,200萬美元。較2019年有所成長，主要由於團隊建設的加強以及其他旨在支持公司整體成長和為上市做準備的活動。該金額還包括2020年與優先股融資和IPO相關的近200萬美元成本。

There are 3 other items on the income statement that I would like to mention. Depreciation and amortization increased by $3.2 million to $4.8 million. That increase is as expected, reflecting the strong investment in the business, including amortization of intangibles related to the Trianni acquisition. Much of the interest and other expense of $6.5 million was incurred in relation to the OrbiMed credit agreement and an earlier credit facility, both of which we've retired during the year.

損益表還有三項我想提。折舊和攤提增加了320萬美元，達到480萬美元。這一成長符合預期，反映了對業務的強勁投資，包括與Trianni收購相關的無形資產攤銷。 650萬美元的利息和其他費用大部分與OrbiMed信貸協議和先前的信貸安排有關，這兩項我們都已於年內終止。

We ended the year with no commercial debt. Going forward, we expect interest expense to be nominal given our strong liquidity position, and the debt that you see on our balance sheet is from a Canadian government repayable funding program that carries 0 interest.

截至本財政年度末，我們沒有任何商業債務。展望未來，鑑於我們強大的流動性狀況，我們預期利息支出將維持在較低水準。您在我們資產負債表上看到的債務來自加拿大政府一項無息可償還融資計劃。

Finally, grants and incentives in 2020 saw a $6.5 million increase from 2019 to $8.3 million. This is mostly related to cost recovery from the government of Canada funding our strategic innovation or SIF fund or SIF project. In 2020, we secured total SIF funding of $126 million over 5 years, which is dedicated to future infrastructure investments, including CMC and small-scale GMP manufacturing capabilities. Any additional cash from the SIF project that we receive for eligible capital expenditure activities will result in the recognition of a deferred credit on the balance sheet for future periods.

最後，2020 年的撥款和獎勵比 2019 年增加了 650 萬美元，達到 830 萬美元。這主要與加拿大政府資助我們的策略創新基金（SIF）或 SIF 專案的成本回收有關。 2020 年，我們獲得了為期五年、總額達 1.26 億美元的 SIF 資金，用於未來基礎設施投資，包括化學製造、製造和品質管理規範 (CMC) 和小規模 GMP 生產能力建設。我們因符合資格的資本支出活動而從 SIF 項目獲得的額外現金，將在資產負債表上確認未來期間的遞延貸項。

2020 was also the first year in which we incurred an income tax expense. In total, our provision for income taxes was $39 million.

2020年也是我們首次產生所得稅費用的年份。我們總計提列的所得稅準備金為3,900萬美元。

Looking at net earnings. Our net earnings in 2020 jumped to $119 million from a $2 million loss in 2019. This is, of course, in large part, due to the success of bamlanivimab. In terms of earnings per share, this works out to a basic earnings of $0.53 per share and diluted earnings of $0.45 per share. Excluding the 3 nonrecurring items I mentioned above, the liability classified auctions, the Dualogics IP R&D expense and financing costs, our basic EPS would have been about $0.60 per share and $0.49 on a diluted basis.

看看淨利。 2020年，我們的淨利從2019年的200萬美元虧損躍升至1.19億美元。這當然在很大程度上歸功於bamlanivimab的成功。就每股盈餘而言，基本每股盈餘為0.53美元，稀釋每股盈餘為0.45美元。扣除我上面提到的三個非經常性項目，分別是負債分類拍賣、Dualogics智慧財產權研發費用和融資成本，我們的基本每股盈餘約為0.60美元，稀釋每股收益約為0.49美元。

Looking at cash. Operating activities contributed another $23 million, consistent with the capital efficiency that we have demonstrated in the past. In 2020, we were successful in multiple rounds of financing, raising the net total of $684 million. This includes the $523 million net proceeds from our December IPO as well as $75 million raised from our Series A2 and $90 million from our convertible note issuance earlier in the year that supported the acquisition of Trianni.

現金方面，營運活動貢獻了2,300萬美元，與我們過去展現的資本效率一致。 2020年，我們成功完成了多輪融資，淨融資總額達6.84億美元。這其中包括12月IPO的5.23億美元淨收益，A2輪融資的7,500萬美元，以及今年稍早發行可轉換債券（用於支持收購Trianni）的9,000萬美元。

These cash inflows allowed us to make important investments. We successfully acquired Trianni and also made significant investments in facilities and equipment to strengthen our teams and technology platform. We finished 2020 with $594 million of cash and equivalents. Of note, after the year ended, we have received $198 million of accrued accounts receivable balance into cash. Overall, we are now in a strong liquidity position, which will allow us to continue to build capacity, expand platform capabilities and pursue business development initiatives.

這些現金流入使我們能夠進行重要的投資。我們成功收購了Trianni，並在設施和設備上進行了重大投資，以增強我們的團隊和技術平台。 2020年結束時，我們擁有5.94億美元的現金及等價物。值得注意的是，年末我們已收到1.98億美元的應收帳款餘額，這些餘額已轉為現金。整體而言，我們目前擁有強勁的流動性，這將使我們能夠繼續提升產能、擴展平台功能並推進業務發展計畫。

With that, we'll now take your questions. Operator?

現在我們來回答您的問題。接線生？

(Operator Instructions) Your first question is from Tiago Fauth with Crédit Suisse.

（操作員指示）您的第一個問題來自瑞士信貸的 Tiago Fauth。

Congrats on the progress. So can you just contextualize historically your presence and efforts in the business development front and now with greater access to capital, how will that move forward? What's your current capacity in terms of new program starts per year? How quickly can that scale up?

恭喜您的進展。您能否從歷史上回顧一下您在業務拓展的成就和努力？現在有了更多的資金支持，您將如何前進？您目前每年啟動新專案的規模是多少？規模能擴大到多快？

And perhaps the follow-up to that would be the communication plan with the investor community. I know a lot of that is out of your hand, it's in the hands of partners, but how can investors expect to hear updates on the advancement of the preclinical portfolio? And perhaps based on historical rates, what should we expect in the next 12 months or 2, 3 years of programs entering clinic?

或許後續工作是與投資人群體的溝通計畫。我知道很多事情不由你掌控，而由合作夥伴決定，但投資人如何了解臨床前產品組合的進展？或許根據歷史數據，我們應該預期未來12個月或2、3年內進入臨床的項目數量會是多少？

Tiago, Carl Hansen here. Thank you for the questions. Maybe I'll answer -- there are a few questions wrapped up together there. Maybe I'll answer the last one that you asked and then give some background on the business development team and then hand off to Andrew in terms of future expectations for business development.

我是蒂亞戈和卡爾漢森。謝謝你們的提問。也許我可以回答一下——這裡有幾個問題放在一起。也許我可以回答你問的最後一個問題，然後介紹一下業務發展團隊的背景，然後交給安德魯談談對業務發展的未來期望。

So starting with the last part of your question. Our business model is predicated on forging partnerships to connect our success with that of our partners. We typically do that by bringing their programs in-house, applying our technology and then handing back either hits or development ready leads. Once we do that, it is within the responsibility of our partners to prosecute those in preclinical development and through the clinic. And then we collect milestone and royalty payments as those molecules move through development. We typically do not have good insight into the stage of those programs as they reach the clinic. Of course, when they do reach the clinic and we receive milestone payments, we know the progress, and we will be reporting on those.

那麼，從你問題的最後一部分開始。我們的商業模式建立在建立合作關係的基礎上，將我們的成功與合作夥伴的成功緊密聯繫起來。我們通常的做法是，將他們的專案引入公司內部，應用我們的技術，然後回饋他們已開發或即將投入使用的線索。一旦我們完成這些工作，我們的合作夥伴就有責任負責那些處於臨床前開發階段和臨床試驗階段的計畫。然後，我們會在這些分子的開發過程中收取里程碑付款和特許權使用費。我們通常無法很好地了解這些項目進入臨床試驗階段的情況。當然，當它們進入臨床試驗階段並收到里程碑付款時，我們就能了解進展情況，並會報告相關情況。

Coming to the first part of the question, which was about business development activities. In the early years of AbCellera, business development was, I'd say, modestly resourced. That was largely because the company was growing quickly inorganically. Recently, we have changed posture and begun to build out that business development team. That's included several new hires, and we will be establishing a presence in the U.S. and perhaps also in Europe in the near term.

回到問題的第一部分，關於業務拓展活動。在 AbCellera 成立初期，我認為業務拓展的資源並不充足。這主要是因為公司當時正快速發展。最近，我們改變了策略，開始組建業務拓展團隊。其中包括幾位新員工，我們將在美國建立業務，近期或許進軍歐洲。

With that, I'll hand over to Andrew to give some color on the rest of your question.

有了這些，我將把時間交給安德魯來解答你剩下的問題。

Yes. Just a quick correction. Carl said in the earlier that we were growing inorganically. Actually, I think you meant we were growing organically within the -- by driving our own business development.

是的。簡單糾正一下。卡爾之前說過，我們的成長是無機成長。實際上，我認為你的意思是，我們是透過推動自身業務發展來實現有機成長的。

So we have expanded the size of the team, and really, that has been to accommodate the demand that we're seeing. So our business development pipeline, I think, has never been stronger than in the 8-year history of the company. And so we anticipate, as we have talked about on previous calls, of really making sure we're staffing and resourcing that team appropriately.

因此，我們擴大了團隊規模，這實際上是為了滿足我們目前的需求。我認為，我們的業務發展管道在公司成立八年以來從未如此強大。正如我們在先前的電話會議上所討論的那樣，我們期望確保為該團隊配備適當的人員和資源。

You talked about capacity there. I just wanted to point out that when you look at the programs we have under contract and then the ones we've started on, it would be a mistake to think that that's a backlog that we're dealing with. It is actually more that we have signed more multiyear, multi-target deals, where it's completely normal to have our customers calling those programs over time and agreeing on a statement of work, arranging reagents and then for the programs to start. We really view that more as a -- almost sales that we have secured in advance, and we have, as of yet, not been in a position where we did not have capacity in order to start any of the programs that were called, and we'll continue to make sure we're making the investments. So that's the case.

您剛才提到了產能。我只是想指出，看看我們已簽約的項目以及已啟動的項目，如果認為這只是積壓訂單，那就錯了。實際上，我們簽署的更多是多年期、多目標的合同，客戶會隨著時間的推移聯繫這些項目，商定工作說明書、安排試劑，然後啟動項目，這完全正常。我們實際上更傾向於將其視為——幾乎是我們預先確定的銷售，到目前為止，我們還沒有遇到沒有產能來啟動任何已簽約項目的狀況，我們將繼續確保進行投資。情況就是這樣。

Your next question is from Stephen Willey with Stifel.

您的下一個問題來自 Stifel 的 Stephen Willey。

I was wondering if you could maybe just provide a little bit more color around 1404. I know that you -- again, I'm not sure to what extent you're constrained in what you might be able to say, but you did highlight the significant increase in potency that you see. Just wondering if you can maybe speak to some of the other biochemical properties of the antibody? I guess I'm specifically interested in whether or not this has been kind of prospectively developed with the attention to make sure that you have a subcu administrable product?

我想知道您能否就1404提供更多細節。我知道您——我不確定您能說的有多有限，但您確實強調了您看到的效力顯著提升。您能否談談該抗體的其他一些生化特性？我特別感興趣的是，這款產品是否經過了前瞻性研發，並專注於確保其能夠進行皮下注射？

Thanks, Steve. Carl Hansen here. I'll take that question. So 1404, as I mentioned in my prepared remarks, was the result of going back deliberately into a large library of antibodies that we have assembled since the beginning of the pandemic, searching for one that has that rare combination of ultra potency and breadth against all the variants that have emerged. We're at a position now that the pandemic has been going on for a year. And we've got a pretty good idea of what are the most mutated regions of the virus and ones that have occurred and created an issue with existing therapeutics.

謝謝，史蒂夫。我是卡爾漢森。我來回答這個問題。正如我在準備好的發言中提到的，1404抗體是我們特意回顧了自疫情爆發以來我們收集的大型抗體庫的結果，旨在尋找一種能夠同時具有超強效力和廣度的抗體，對抗所有已出現的變異株。疫情已經持續了一年，我們現在處於這樣的階段。我們已經非常清楚病毒中哪些區域突變最多，哪些區域已經發生突變並對現有療法造成了影響。

1404 fits that bill perfectly. So in our internal neutralization assays, we have benchmarked this against bamlanivimab, which in our hands is the most potent antibody of any that's out there in neutralization assays, and it performs superior to that antibody and considerably better than others that are out there. And it also, as I mentioned, has very broad reactivity across all the strains that are currently of concern.

1404 完全符合這項要求。因此，在我們的內部中和試驗中，我們將其與 Bamlanivimab 進行了對比，Bamlanivimab 是我們目前在中和試驗中效果最強的抗體，其表現優於 Bamlanivimab，並且遠優於其他抗體。而且，正如我所提到的，它對目前所有值得關注的菌株具有非常廣泛的反應性。

Given the potency of this antibody, we believe -- and its behavior thus far in preclinical studies, which, of course, are not finished yet, we believe this antibody has high potential for one that could be administered subcu. And I'll also note the importance of the potency of that antibody on manufacturing because, of course, given a fixed amount of manufacturing, the more potent an antibody and the lower the dose that's possible, the more people that can be helped.

鑑於這種抗體的效力，以及迄今為止臨床前研究（當然，這些研究尚未完成）中的表現，我們相信這種抗體很有可能成為皮下注射的藥物。我還要指出的是，抗體的效力對生產過程至關重要，因為在產量一定的情況下，抗體效力越強，劑量越低，就能幫助更多的人。

So we're very excited about this molecule. I want to just temper that with a statement that this molecule is still in preclinical development. And so until it is in the clinic and has been tested in patients, we don't yet know its potency, and that's why we need to make sure that those clinical trials proceed as quickly as possible.

所以我們對這個分子感到非常興奮。我想稍微強調一下，這個分子仍處於臨床前開發階段。因此，在它進入臨床並在患者身上進行測試之前，我們還不知道它的效力，因此我們需要確保這些臨床試驗盡快進行。

Understood. That's helpful color. And then was just maybe wondering if you could provide a little bit of color with respect to where you are on the litigation with Berkeley? Just whether or not we should be anticipating any kind of material updates there throughout the year?

明白了。這很有幫助。然後，您能否稍微介紹一下您與柏克萊的訴訟進展？我們是否應該期待全年有任何實質的進展？

Sure. The litigation with Berkeley Lights is proceeding. It's proceeding as expected. We don't have any material updates. But of course, if there are updates, we will be disclosing those to the public.

當然。與 Berkeley Lights 的訴訟正在進行中，一切按預期進行。我們目前沒有任何重大更新。當然，如果有任何更新，我們會向公眾披露。

Your next question is from Gal Munda with Berenberg.

您的下一個問題來自 Berenberg 的 Gal Munda。

I just have a couple. Maybe if I can just start a little bit about the success you've had over 2020 when you added more than 40 new programs under contract and then in terms of the program starts as well, seeing good progression. Do you have any indication of what we could reasonably expect for 2021 in those fronts? Is that a good way to kind of continue to track progress within the year?

我有幾個問題。能否先簡單介紹一下你們在2020年取得的成功？當時你們新增了40多個簽約項目，而且專案啟動方面也取得了良好的進展。請問您能預測一下2021年在這些方面可以有哪些合理的進展嗎？這是一種持續追蹤年內進展的好方法嗎？

I'd say that is the right KPI to be looking at. We -- again, we have been stressing programs under contract as the leading indicator of the long-term success of the business model. We will be giving those updates as we progress through the year. So once we finalize contracts and agree on a press release with our partner in the ordinary course, we will be issuing press releases accordingly. So that would absolutely be the thing to watch out for, Gal. So -- and thanks for the question.

我認為這是值得關注的正確關鍵績效指標 (KPI)。我們——再次強調，我們一直強調合約項目是商業模式長期成功的主要指標。我們將在今年內陸續更新這些進展。因此，一旦我們最終敲定合約並與合作夥伴就新聞稿達成一致，我們就會發布相應的新聞稿。所以，這絕對是需要關注的事情，加爾。所以——謝謝你的提問。

Then, of course, we will continue to, on a quarterly basis, report out with the programs under contract that have been secured for the period that we'll be reporting on. So in future earnings releases, we will make sure we highlight those as we go through the year.

當然，我們將繼續按季度報告本報告期間已簽訂合約的項目。因此，在未來的財報發布中，我們將確保在全年業績中專注於這些項目。

Carl Hansen here, just to add one more bit of color on that. I think it is fair to say that the business development pipeline has never been stronger. I believe that that's a combination of the success of the IPO, the profile that we've built with the program on COVID-19, which has underscored the power of the platform, and also with the continual expansion of our capabilities, both through internal R&D and inorganically and the recognition of that from the industry. So we are very bullish on continuing to grow the business.

卡爾漢森，我想補充一點。我認為可以說，我們的業務發展管道從未如此強大。我相信，這得益於IPO的成功，得益於我們透過新冠疫情專案建立的品牌形象（這凸顯了平台的強大），也得益於我們透過內部研發和外部融資不斷拓展的能力，以及業界對此的認可。因此，我們非常看好業務的持續成長。

That's really helpful. And then just as a follow-up, what I noted, effectively, if you look at the number of programs and number of partners that you've added, that number of programs per partner has increased by about 1 on average, right from almost 3 to almost 4. Is that a trend that you continue to see to expand going forward, considering the fact that you kind of -- is it a good proof of concept that the partners are adding more programs with you and that's something that we could continue to expect in the future as well?

這真的很有幫助。然後，作為後續問題，我剛才提到，如果你看一下你們新增的項目數量和合作夥伴數量，你會發現每個合作夥伴的項目數量平均增加了大約1個，從近3個增加到近4個。考慮到你們的情況，這種趨勢是否會繼續擴大？合作夥伴正在與你們一起增加更多項目，這是否是一個很好的證明？這也是我們未來可以繼續期待的事？

Absolutely. So we're, of course, always interested in connecting with new firms, high-quality firms across the entire spectrum of the industry. But through our existing partnerships, when we are successful, we are able to expand those partnerships as we've done recently, as I mentioned, with Invetx. And we have some other ones that are in discussion along that -- along those lines as well.

當然。我們當然一直對與整個行業範圍內的新公司、優質公司建立聯繫感興趣。但透過我們現有的合作關係，如果我們取得成功，我們就能擴大這些合作關係，就像我提到的，我們最近與 Invetx 合作一樣。此外，我們還有其他一些合作夥伴正在就此進行洽談——也圍繞著這些方面。

So in terms of the numbers, it may not always be the case that the number of programs per partner increases on a quarter-to-quarter basis because, of course, some firms have only a small number of programs to do. But we absolutely are excited to deepen our interaction with high-quality firms that have the need to build a large pipeline off into the future.

因此，就數字而言，每個合夥人的項目數量並不總是逐季增加，因為當然，有些公司只有少量項目要做。但我們非常高興能夠深化與那些需要建立未來龐大資源庫的優質公司的互動。

Your next question is from Puneet Souda with SVB Leerink.

您的下一個問題來自 SVB Leerink 的 Puneet Souda。

First of all, congrats on the progress and impact you've made here through bamlanivimab. My first one is on, just wanted to clarify on project adds or program adds that were in the fourth quarter. Can you just remind us again, what was the exact addition? And also, given Carl's comments about the pipeline hasn't been -- has been really strong, maybe can you provide us any sort of metrics?

首先，恭喜你們透過 Bamlanivimab 所取得的進展和影響。我的第一個問題是，我想澄清一下第四季度新增的項目或項目。您能否再次提醒我們，具體新增的是什麼？另外，鑑於 Carl 先前提到研發管線一直非常強勁，您能否提供一些指標？

I know in the guide, you're providing the guide -- your revenue guide, but maybe can you provide us any of the -- in terms of, at least for the first quarter, sort of what -- what sort of a number that we should expect here for -- in total program adds? And how should we think about that number sort of going forward as a metric? Is that a metric that you can provide in terms of the guide?

我知道在指南中，您提供了收入指南，但您能否提供一些資訊？至少就第一季而言，我們應該預期專案總增值額是多少？我們該如何看待這個數字作為未來的衡量指標？您能否在指南中提供這個指標？

Thanks, Puneet. Carl here. I'll take a first pass at that one. I don't have in front of me the accurate numbers for how many additional programs were added in the fourth quarter of last year. So that's one that I'll have to get back to you on. Andrew may know.

謝謝，Puneet。我是Carl。我先來了解一下這個問題。我手頭上還沒有去年第四季新增項目的準確數字。所以這個問題我得等到以後再回覆你。 Andrew可能知道。

In terms of what has happened in Q1 of this year, as I mentioned, we've had strong business development. We're working on several negotiations. The way that our business development cycle normally works is we first engage in a scientific discussion. We ultimately come to terms and then there is some time involved in contracting. That is unpredictable. But we have several contracts right now that are underway, and we will be reporting on those as they are finalized, hopefully coming up in Q2 here.

就今年第一季的情況而言，正如我之前提到的，我們的業務發展勢頭強勁。我們正在進行幾項談判。我們的業務發展週期通常是這樣的：首先進行科學討論，最終達成協議，然後需要一段時間才能簽訂合約。這很難預測。但我們目前有幾份合約正在進行中，最終敲定後我們會報告，希望在第二季公佈。

Okay. And then in terms of bamlanivimab, I appreciate your providing the guidance here for the first quarter. Maybe could you elaborate, maybe Andrew can elaborate on in terms of what's the split in the bamlanivimab royalty versus research programs in the first quarter?

好的。關於 Bamlanivimab，感謝您提供第一季的指導。能否詳細說明一下？ Andrew 能否詳細說明第一季 Bamlanivimab 的特許權使用費與研究計畫的分成比例是多少？

And then just a quick follow-up on bamlanivimab. Just given what we have seen in terms of the vaccination rates overall improving and also COVID therapeutics, combos and cocktails that are being approved here. Some of the variants that obviously -- where bamlanivimab is not effective and some of the impact that we have seen from ASPR stopping the monotherapy. The key question in the near term is what are the best expectations for bamlanivimab royalty as we go through the rest of the year? And with 1404 also adding to that, maybe just walk us through that.

然後簡單跟進一下巴姆拉尼單抗（Bamlanivimab）。鑑於我們看到疫苗接種率總體上有所提高，以及新冠療法、聯合療法和雞尾酒療法正在獲得批准，巴姆拉尼單抗對某些變異病毒株顯然無效，以及ASPR停止單藥治療帶來的一些影響。短期內的關鍵問題是，在今年剩餘時間內，對巴姆拉尼單抗（Bamlanivimab）的市場佔有率的最佳預期是多少？考慮到1404的病例也增加了，能否請您跟我們講一下。

And I know that's not an easy question to answer. But what can you provide us that gives us comfort that the full year, at least The Street numbers are some numbers -- are numbers that we are comfortable with?

我知道這個問題很難回答。但您能提供什麼信息，讓我們確信全年業績，至少是華爾街給出的數據，是讓我們感到滿意的嗎？

Yes. Thanks, Puneet, for the question. It's Andrew here. I'll start out on that. So with regards to the Q1 number we gave, seeing as we're only a few days from the end of the quarter, as I mentioned, we've taken the publicly available information from Lilly on the shipments of bamlanivimab. And in terms of the splits, I think you could expect to see it very similar to what we saw in the fourth quarter. So if you look at just the Q4 numbers, I think overall, our Q1 numbers will look very similar.

是的。謝謝Puneet的提問。我是Andrew。我先從這個開始。關於我們公佈的第一季數據，正如我之前提到的，鑑於距離本季度結束只有幾天時間，我們參考了禮來公司公開的巴姆拉尼單抗出貨量資訊。就資料分拆而言，我認為預計會與第四季非常相似。所以，如果只看第四季的數據，我認為總體而言，我們的第一季數據會非常相似。

With regards to the bamlanivimab and its effectiveness against the variants, et cetera, and the remainder of your question, I'll hand over to Carl.

關於 bamlanivimab 及其對變異株的有效性等，以及您問題的其餘部分，我將交給 Carl。

Sure. So the question was about the prospects for bamlanivimab in terms of how it will continue to be relevant or important as a therapeutic this year and out into the future. With that, the first thing I'll say is you did mention the variants that have come up, and it was announced that bamlanivimab as a monotherapy will no longer be sold in the U.S. That is largely because we are shifting over to the combination of bamlanivimab and etesevimab. Shipments of that have already gone out. And of course, the emergency use authorization was granted. That combination currently addresses 99% of the variants that exist in the U.S. Bamlanivimab remains a therapy that is being shipped to other countries, where they do not have variants that are resistant to bamlanivimab at a significant prevalence. And the long-term plan is to also shift those over to combination therapy.

當然。所以問題是關於Bamlanivimab的前景，以及它在今年以及未來作為一種治療方法將如何繼續發揮其相關性或重要性。關於這一點，我首先要說的是，您確實提到了已經出現的變異株，並且已經宣布Bamlanivimab的單藥療法將不再在美國銷售。這主要是因為我們正在轉向Bamlanivimab和etesevimab的聯合療法。這些藥物已經發貨。當然，緊急使用授權也已獲得批准。目前，這種聯合療法可以治療美國99%的變異株。 Bamlanivimab仍然是一種療法，正在運往其他國家，這些國家沒有出現對Bamlanivimab抗藥性較高的變異株。我們的長期計劃是將這些國家也轉向聯合療法。

Pardon me, 1404, when it comes online, is a very potent and broadly reactive antibody and one that we expect would be a great candidate to bring into that combination. The ultimate decision of which antibodies to put together, both in clinical trials and ultimately commercially, is one that is being made by Eli Lilly, of course, in close collaboration with us. And it will depend upon how variants continue to emerge out in the market. So I wouldn't -- out in the world, pardon me. So I wouldn't speculate too much on that.

抱歉，1404上市後，它是一種非常有效且反應性廣泛的抗體，我們預計它會成為該組合療法的絕佳候選。最終決定將哪些抗體組合用於臨床試驗以及最終的商業化，當然是由禮來公司與我們密切合作做出的。這將取決於病毒變異株在市場上的持續出現。所以，我不會──在世界範圍內，請原諒我。所以我不會對此進行過多的猜測。

In terms of the long-term prospects for bamlanivimab, for 1404 and for antibody therapies in general, we believe that there is a likely scenario that COVID-19 certainly peaks this year, but that it does not go to 0 and that COVID-19 becomes an endemic problem for many years. Given the current options that exist for the treatment of COVID-19, a very strong case would be made that if you get sick, you should receive antibody therapy as early as possible. So we believe that there will be an important use case, perhaps both in prophylaxis and in treatment of mild to moderate for years to come. And we are doing everything we can to bring forward the very best solutions for patients, of which bamlanivimab has already had an impact and 1404 is our next-generation molecule.

就bamlanivimab、1404以及抗體療法的長期前景而言，我們認為COVID-19疫情在今年達到高峰的可能性很大，但不會降至零，並且會在未來多年成為地方性流行病。鑑於目前COVID-19的治療方案，強烈建議患者一旦感染，應儘早接受抗體治療。因此，我們相信，在未來幾年內，抗體療法在預防和輕度至中度感染治療方面都將發揮重要作用。我們正在竭盡全力為患者提供最佳解決方案，其中bamlanivimab已取得一定成效，而1404是我們的下一代分子藥物。

Your final question is from Do Kim with BMO.

您的最後一個問題來自 BMO 的 Do Kim。

Congrats on all the progress you had last year. I wanted to ask about your 52 cumulative program starts. Could you provide us how many of those programs do you participate in the downstream economics? It looks like, from your graph, that some of those programs without downstream completed last year. I just wanted to get a sense of the number of the ones that do participate in the downstream economics.

恭喜您去年的進展。我想問一下您累計啟動的52個專案。您能否告訴我們，其中有多少項目參與了下游經濟？從您的圖表來看，去年一些沒有下游經濟的項目似乎已經完成了。我只是想了解一下參與下游經濟的計畫數量。

And I appreciate that you have limited visibility when your partner takes over the development of a program. But could you tell us how many programs are currently in your partner's hands and past the discovery stage? And the contracts that haven't started, what's the gating factor for a partner to move forward and start the program?

我理解，當您的合作夥伴接手一個專案的開發時，您的可見性有限。但您能否告訴我們，目前有多少項目在您的合作夥伴手中，並且已經過了探索階段？還有那些尚未啟動的合同，合作夥伴推進並啟動專案的門檻因素是什麼？

Yes. Thanks, Do. Andrew here. I'll take the start of that question. So in terms of the program starts in 2020, how many of them have downstream milestones and royalties or downstream economics, I believe that all of them do in 2020. As I mentioned on the call, in 2018, we stopped executing on contracts that didn't have downstream milestones and royalties. That's not to say that there are cases like for Bill & Melinda Gates Foundation, et cetera, that -- where we would do additional programs with them, but we haven't had any of those in 2020.

是的。謝謝，我是安德魯。我來回答這個問題。就2020年啟動的計畫而言，有多少計畫包含下游里程碑和特許權使用費，或者說下游經濟效益？我相信所有項目在2020年都會有。正如我在電話會議上提到的，我們在2018年停止了那些沒有下游里程碑和特許權使用費的合約的執行。這並不是說我們會和比爾及梅琳達·蓋茲基金會等機構合作開展其他項目，但我們在2020年還沒有開展過這樣的項目。

You'll even see that we converted some of the programs, which we had previously worked on, in a renewal or an increase in the contract or an expansion of the contract that previously did not have downstream milestones and royalties. We even converted them into ones that do have it. Overall, under the 103 programs under contract, 80 of those programs have got downstream milestones and royalties. And really, going forward, the program starts will really all be of those -- that variety.

您甚至會看到，我們透過續約、增加合約金額或擴展合約的方式，將一些先前沒有下游里程碑和特許權使用費的項目進行了轉換。我們甚至將它們轉換為有下游里程碑和特許權使用費的項目。總體而言，在103個已簽訂合約的專案中，有80個專案獲得了下游里程碑和特許權使用費。實際上，未來啟動的專案都將是這些類型的。

You asked what is the constraint in terms of doing more programs. Normally in these multiyear, multi-target deals, say, an 8-target deal over 3 or 4 years, it would be the plan that the customer would be calling 2 targets a year for us to work on. So that's where I say really that 103 programs under contract, that's secured future work for us to do. It's not a backlog. It is -- that's how we would be anticipating to take the platform to market. And we will be waiting for the customer to call a target, agree on a statement of work with our R&D team, arrange reagents, and then we would actually start the discovery work on that program.

你問到在進行更多專案方面有哪些限制。通常，在這些多年期、多標靶的交易中，例如一個為期3到4年的8個標靶的交易，客戶每年會指定2個標靶供我們進行。所以，我說的103個項目實際上已經簽訂了合同，這確保了我們未來的工作量。這不是積壓訂單。而是——我們預期將平台推向市場的方式。我們會等待客戶指定靶點，與我們的研發團隊就工作說明書達成一致，安排試劑，然後我們才會真正開始該專案的發現工作。

To date, we haven't been capacity constrained, so we haven't been in a situation where a customer has asked us to start, and we didn't have the capacity to do so. So -- and we -- by our -- with our investments, we hope to say that's always going to be the case with building out the capacity and the teams, et cetera, and the facilities.

到目前為止，我們的產能還沒有受到限制，所以我們還沒有遇到客戶要求我們開工，但我們沒有產能的情況。所以，我們希望透過我們的投資，在產能、團隊建立、設施建設等方面，始終保持這種勢頭。

Now the last question that you asked, which was about how do we get information on -- once we have handed programs off to our customer, how do we get information about their progress through preclinical, I'll maybe pass that over to Carl to give you a bit of color.

現在，您問的最後一個問題是，我們如何獲取信息 - 一旦我們將項目交給客戶，我們如何通過臨床前研究獲取有關其進展的信息，我可能會將這個問題交給卡爾來給您提供一些信息。

Yes. I think that question is close to a question that was asked earlier. It depends on the nature of the relationship. If it's an ongoing collaboration with multiple targets, then it's very likely that we have an ongoing dialogue about the status of molecules as they're moving through preclinical development. That is more and more the case. It wasn't always the case in the early years. So when we have insights, then we keep a close eye on that. And of course, again, once molecules reach defined either technical or clinical milestones, then contractually, we get an update on that. And to the extent that we can, we will be reporting that back publicly.

是的。我認為這個問題與之前提出的問題類似。這取決於合作關係的性質。如果是與多個目標的持續合作，那麼我們很可能會就分子在臨床前開發過程中的狀態進行持續的對話。這種情況越來越普遍。早些年並非總是如此。所以，當我們有了新的見解時，我們會密切注意。當然，再次強調，一旦分子達到了既定的技術或臨床里程碑，我們就會根據合約獲得最新進展。我們會在力所能及的範圍內公開報告。

I just wanted to clarify one of your answers. On the 52 program starts that you have accumulated to the end of 2020, how many of those have downstream participation? Is it 30 out of those 52? Just want to get a number on that.

我只是想澄清一下你的一個答案。截至2020年底，你們累計啟動了52個項目，其中有多少個項目有下游參與？是說這52個專案中有30個嗎？我想問一下具體數字。

Yes. From the graph, I think, it looks to be about 30, and that sounds about right. I'm looking at the graph as well as you are. So that 30, 32, it might be like 20 programs that don't, and then the remainder that do, as best as I can tell. So that's about the ballpark.

是的。從圖表來看，我認為大約是30個，聽起來差不多。我跟你一樣也在看圖表。所以，30、32個，也就是可能20個項目沒有達到預期，剩下的項目達到預期，這是我目前能判斷的。所以，大概就是這樣。

Okay. And a follow-up on the economics that you have with these partners. Is there a level of variability of the agreements in terms of the size of the milestone payments and the size of the deal? And what determines the differences in economics? Is it the indication that these partners are going for or the partners' requirement of using the full stack of technologies or just part of it?

好的。接下來，請問您與這些合作夥伴之間的經濟效益。在里程碑付款和交易規模方面，協議是否存在一定程度的差異？是什麼決定了經濟效益的差異？是顯示這些合作夥伴希望使用全套技術，還是僅使用部分技術？

There's several factors. Carl Hansen here. I'll take that one. The first is that it is not the case that every deal is the same. So we rightsized the terms according to the value that we're bringing to the partner. And a few things to sort of add color on to that. Over the course of the last few years, we've seen a trend upwards in terms of the terms and, in particular, in the royalties, which we view as the most important part and the most important term in terms of value to us in any agreement.

有幾個因素。我是卡爾漢森，我來談談這件事。首先，並非所有交易都一樣。所以我們根據我們為合作夥伴帶來的價值調整了條款。還有一些因素可以進一步說明這一點。過去幾年，我們看到條款，尤其是特許權使用費呈上升趨勢，我們認為這是任何協議中最重要的部分，也是對我們價值而言最重要的條款。

We've also seen differences in terms depending on the class of target or the difficulty of the discovery program. We've worked on, as I mentioned, some of the toughest programs in the industry successfully. That includes targets such as GPCRs and ion channels. Naturally, for those very difficult targets, you would expect that success would be connected to a larger stake in the ultimate development and sales of those products.

我們也發現，根據標靶類別或發現項目難度的不同，情況也有所不同。正如我所提到的，我們成功地完成了一些業內最棘手的項目。其中包括GPCR和離子通道等標靶。當然，對於那些非常困難的靶點，成功與否與這些產品最終開發和銷售的更大利益息息相關。

The other element which you alluded to is as we continue to add technologies, such as the addition of humanized rodents through Trianni, programs that include bispecifics through the OrthoMab platform, and increase both the amount of data and the forward integration of our development, then naturally, we expect that the terms of those deals will reflect that and will move upwards.

您提到的另一個因素是，隨著我們繼續添加技術，例如透過 Trianni 添加人源化囓齒動物，透過 OrthoMab 平台添加包括雙特異性在內的程序，並增加資料量和開發的前向整合，那麼自然地，我們預計這些交易的條款將反映這一點並將向上移動。

And so for all those reasons, we are seeing a growth in the size of business terms and our participation in success. And that is one that we keep a close eye on. And as I mentioned, for us, the most important of those is, of course, the royalty.

正因如此，我們的業務規模和參與度都在不斷成長。這也是我們密切關注的一點。正如我之前提到的，對我們來說，最重要的當然是版稅。

There are no further questions at this time. I'll turn the call back over to Carl Hansen for closing remarks.

目前沒有其他問題了。我將把電話轉回給卡爾漢森，請他做最後發言。

Thank you all for joining us today. This is an exciting time for AbCellera, and we are looking forward to keeping you updated on our progress on future calls. Thanks, everyone.

感謝大家今天的參與。對於 AbCellera 來說，這是一個令人興奮的時刻，我們期待在未來的電話會議中向大家通報我們的進展。謝謝大家。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。現在您可以掛斷電話了。