Abcellera Biologics Inc (ABCL) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the AbCellera Full Year 2021 Earnings Results and Business Update. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to Tryn Stimart, Chief Legal and Compliance Officer. Please go ahead.

女士們，先生們，感謝各位的支持，歡迎參加 AbCellera 2021 年全年業績及業務更新發布會。 （操作員指示）請注意，今天的會議正在錄製中。現在，我想將會議交給首席法務及合規官 Tryn Stimart。請開始。

Thank you. Good afternoon, and welcome to AbCellera's Full Year 2021 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.

謝謝！下午好，歡迎收聽 AbCellera 2021 年全年業績更新。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 are Dr. Carl Hansen, AbCellera's Chief Executive Officer and President; 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. If you are following along on the phone and wish to access the slide portion of this presentation, you may do so on the Investor Relations section of our website.

與我一起參加電話會議的還有 AbCellera 執行長兼總裁 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份幻燈片演示，我們將在會議期間參考。如果您正在透過電話會議觀看，並希望訪問此簡報的幻燈片部分，您可以在我們網站的「投資者關係」部分進行訪問。

For those 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 pose questions via the web.

對於那些已經訪問過網路直播串流部分的用戶，請注意可能會出現延遲，並且您將無法透過網路提出問題。

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

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可在投資者關係網站上查閱。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。

Thanks, Tryn, and thank you, everyone, for joining us today. It's my pleasure to provide an update on our business and a recap of 2021. AbCellera had a banner first year as a publicly listed company. Executing on our long-term strategy by growing our portfolio, deepening our platform to unlock new modalities and expanding our deal structures to add new ways to capture value.

謝謝 Tryn，也謝謝大家今天的到來。我很高興能更新我們的業務，並回顧 2021 年。 AbCellera 作為一家上市公司，第一年就取得了輝煌的成績。我們正積極執行長期策略，不斷擴大投資組合，深化平台以解鎖新的模式，並擴展交易結構以增加新的價值獲取方式。

We ended 2021 with over $720 million in cash, cash equivalents and marketable securities and approximately $70 million in receivables net of payables. We added 53 new programs under contract with 9 new partners, bringing our cumulative total of programs under contract to 156 with a total of 36 partners. We ramped up our discovery capacity and started to work on 26 new drug discovery programs, bringing our total number of program starts to 78.

截至2021年，我們擁有超過7.2億美元的現金、現金等價物及有價證券，扣除應付款項後，應收帳款約7,000萬美元。我們新增了53個項目，與9個新合作夥伴簽訂了合同，累計簽約項目總數達到156個，合作夥伴總數達到36個。我們提升了藥物發現能力，啟動了26個新藥發現項目，累計啟動項目總數達到78個。

Finally, we saw 4 molecules we discovered enter the clinic, bringing our total number to 5 new molecules in the clinic for indications in oncology, infectious disease, animal health and immunology, dermatology and gastrointestinal disease.

最後，我們看到我們發現的 4 個分子進入臨床，使我們在臨床上用於治療腫瘤學、傳染病、動物健康和免疫學、皮膚病學和胃腸道疾病的新分子總數達到 5 個。

Building on our momentum from 2021, we are now well positioned to continue executing on our growth strategy. AbCellera is building a technology company that drives innovation in antibody therapeutics which currently represents an estimated $170 billion market opportunity. Based on historical compounded annual growth of over 10% for the last 3 decades, this market is expected to reach over $350 billion by 2030.

憑藉2021年的強勁發展勢頭，我們目前已做好準備，繼續執行成長策略。 AbCellera正在打造一家推動抗體療法創新的科技公司，目前該領域市場規模約1,700億美元。基於過去30年超過10%的年複合成長率，預計到2030年，該市場規模將超過3,500億美元。

Our strategy for growth in this market is to become the de facto technology leader in the early part of drug development. Ultimately covering all the activities that lie between target discovery and clinical testing. Our work begins once the fundamental science has been done and the drug target has been identified.

我們在這個市場的成長策略是成為藥物開發早期階段事實上的技術領導者。最終涵蓋從標靶發現到臨床試驗的所有環節。一旦基礎科學研究完成並確定藥物靶點，我們的工作就開始了。

Starting from the indication and requirements of a drug target and therapeutic candidate, we use our technology stack to deliver antibodies with optimal drug-like properties. We deliver lead drug candidates and data packages to our partners, and they then bring these antibodies forward through late-stage preclinical and clinical development.

從藥物標靶和候選治療藥物的適應症和需求出發，我們運用自身的技術棧，提供具有最佳類藥特性的抗體。我們向合作夥伴提供先導候選藥物和資料包，然後由他們將這些抗體推進到後期臨床前和臨床開發階段。

Our technology gives our partners a competitive advantage in advancing their programs. In exchange, we take a stake in these programs, allowing us to build a large and diversified portfolio in the next generation of antibody therapies. Over the long run, we believe this strategy will provide superior returns and value to our shareholders. while avoiding the large capital outlays for clinical development and the extreme binary risk that is normally associated with biotech.

我們的技術為合作夥伴推進其專案提供了競爭優勢。作為交換，我們持有這些項目的股份，使我們能夠在下一代抗體療法領域中建立龐大而多元化的產品組合。從長遠來看，我們相信這項策略將為股東帶來卓越的回報和價值，同時避免臨床開發的巨額資本支出以及生物技術通常伴隨的極端二元風險。

In 2021, we had a record year in business development, adding another 53 programs under contract with 9 new partners. This underscores a strong market fit for our business model. Our partners span the full range of drug developers from early-stage biotech to mid-cap publicly traded biotech to large vertically integrated biopharmaceutical companies. Enabled partners come to us to find antibodies with superior drug properties or to advance programs that have proven refractory to traditional workflows.

2021年，我們的業務發展創下紀錄，新增了53個項目，並與9家新合作夥伴簽訂了合約。這凸顯了我們業務模式與市場的高度契合。我們的合作夥伴涵蓋了從早期生物技術公司到中型上市生物技術公司，再到大型垂直整合生物製藥公司等各種類型的藥物開發商。獲得支持的合作夥伴來找我們，是為了尋找具有卓越藥物特性的抗體，或推進那些已被證明無法透過傳統工作流程推進的計畫。

For smaller biotech companies, our technology does more than just level the playing field. It allows them to advance their programs with a technology advantage while saving time and capital that would otherwise be needed to assemble or build internal capabilities. Collaborating with diverse partners allows us to open up new modalities and targets. For example, our deal with Moderna opens up a new modality of RNA-based antibody therapies.

對於規模較小的生技公司而言，我們的技術不僅能創造公平的競爭環境。它還能幫助他們利用技術優勢來推進項目，同時節省組建或建立內部能力所需的時間和資金。與多元化的合作夥伴合作，使我們能夠開拓新的模式和目標。例如，我們與Moderna的合作開啟了基於RNA的抗體療法的新模式。

Another strong area of growth is in bispecific antibodies, which is enabled using our OrthoMab platform. In total, we now have 156 programs under contract, of which 131 have downstream participation. Approximately half of our programs under contract have yet to begin the discovery phase.

另一個強勁成長領域是雙特異性抗體，該領域基於我們的OrthoMab平台。目前，我們共有156個項目正在簽約中，其中131個項目有下游參與。約有一半的簽約項目尚未進入發現階段。

As a result, we entered 2022 with a full book of work. Specifically, we now have over 70 programs under contract that are yet to be started. We are, therefore, in a position to be increasingly selective in our deal making and expect to be shifting our business development focus towards strategic partnerships, where we have the potential for even deeper participation in the molecules that we discover. To maintain future flexibility in our business and deal terms, we also intend to limit the number of programs under contract that are associated with new multiyear agreements.

因此，我們帶著滿滿的工作清單進入了2022年。具體來說，我們目前有超過70個已簽約但尚未啟動的專案。因此，我們在交易方面將更加謹慎，並預計將業務發展重點轉向策略合作夥伴關係，這樣我們才有可能更深入地參與我們所發現的分子。為了保持未來業務和交易條款的靈活性，我們還打算限制與新的多年協議相關的已簽約項目數量。

As indicated during our last business update, we will now be focusing on program starts rather than programs under contract as a key metric for the growth of our portfolio. In 2021, we started 26 programs, bringing the cumulative number of program starts to 78.

正如我們上次業務更新中所述，我們現在將重點關注專案啟動數量，而非合約專案數量，將其作為衡量我們投資組合成長的關鍵指標。 2021年，我們啟動了26個項目，累計啟動項目數量達到78個。

Today, we are excited to share additional details about our portfolio. We think of our portfolio as a financial asset, where diversification can be effectively used to achieve strong growth, but at the same time, mitigating risk. The wide applicability of antibodies and the breadth of our platform allow us to diversify our portfolio across antibody modalities, partnerships and therapeutic areas.

今天，我們很高興與大家分享更多關於我們產品組合的細節。我們將產品組合視為一項金融資產，透過多元化投資可有效實現強勁成長，同時降低風險。抗體的廣泛適用性和我們平台的廣度，使我們能夠在抗體模式、合作夥伴和治療領域實現產品組合的多元化。

As illustrated, our programs are diversified in indications that now include oncology, immunology, neurology, infectious disease, ophthalmology and beyond. For the 65 human health programs where we already know the therapeutic application, oncology represents just over half of our portfolio and has been a growth area over the past year.

如上所述，我們的課程涵蓋多種適應症，目前涵蓋腫瘤學、免疫學、神經病學、傳染病、眼科等。在我們已知的65個人類健康項目中，腫瘤學占我們投資組合的一半以上，並且在過去一年中一直保持成長。

We expect this trend to continue in 2022, broadly reflecting the activity in the sector. In all of our partnerships, the large majority of the deal value is tied to the success of the molecules that we discovered. We achieved this through a variety of deal structures, the most frequent of which includes upfront and research payments, followed by clinical and commercial milestones and royalties on net sales.

我們預計這一趨勢將在2022年持續，大致反映出該行業的活躍程度。在我們所有的合作中，交易價值的絕大部分都與我們研發的分子的成功息息相關。我們透過多種交易結構實現了這一目標，其中最常見的包括預付款和研究付款，其次是臨床和商業里程碑付款以及淨銷售額的特許權使用費。

The timing and the relative value of these payments is illustrated on this slide, which presents an example of one of our programs in case that it is successful in bringing a new therapy to the market. This example hypothetically assumes a typical time line of 10 years from program start to market approval, modest total upfront fees, aggregate milestones of over $90 million, peak sales of $1.7 billion per year and a 5% royalty on net sales.

這張投影片展示了這些付款的時間安排和相對價值，並以我們的一個專案為例，假設該專案成功地將一種新療法推向市場。此範例假設從專案啟動到核准上市通常需要10年時間，前期總費用適中，里程碑付款總額超過9,000萬美元，年銷售額高峰為17億美元，並收取淨銷售額5%的特許權使用費。

What's important to note is that for a successful program, by far the largest fraction of the value for AbCellera is associated with the royalties. These typically occur 10 years after the program has started. For molecules that reach the clinic, royalties represent approximately 90% of the total value.

值得注意的是，對於一個成功的專案來說，AbCellera 迄今為止最大的價值部分與特許權使用費相關。這些收入通常在專案啟動 10 年後支付。對於進入臨床階段的分子，特許權使用費約佔總價值的 90%。

Milestones are the second most valuable portion of the deal and represent approximately 7% of the total value. Milestone payments begin when a molecule reaches the clinic, approximately 3 to 4 years after a program starts. Milestones then continue to progress at higher payments until a drug candidate reaches market approval and achieves certain sales levels.

里程碑付款是交易中第二重要的部分，約佔總價值的7%。里程碑付款始於分子進入臨床試驗階段，大約在計畫啟動後3至4年。之後，里程碑付款將持續增加，直至候選藥物獲得市場批准並達到一定的銷售水平。

Finally, upfront and research payments are the smallest portion of the deal and are recognized as the seller completes its work. Commonly, these payments are between $1 million and $3 million and represent approximately 1% or less of the total value of a successful drug development program.

最後，預付款和研究費用是交易中最小的部分，在賣方完成工作時確認。這些款項通常在100萬美元到300萬美元之間，約佔成功藥物開發項目總價值的1%或更少。

Our COVID-19 program with Eli Lilly is a real-world and time-compressed example of the value associated with our business model. Over the period between March 2020 and December 31, 2021, we received $526 million in royalties, representing over 90% of the program value to date. Structuring deals that emphasize value and royalties also aligns our success with the delivery of therapies that make a difference for patients.

我們與禮來公司合作的COVID-19項目，就是一個真實且時間緊迫的案例，充分展現了我們商業模式的價值。在2020年3月至2021年12月31日期間，我們獲得了5.26億美元的特許權使用費，佔該項目迄今價值的90%以上。建構強調價值和特許權使用費的交易，也使我們的成功與為患者提供有益療法的目標保持一致。

In this particular case, bamlanivimab, used either alone or together with other antibodies, has been used to help more than 1 million patients. We estimate that this has saved more than 1,000 -- 100,000 hospitalizations and more than 40,000 lives. This is but one example of what can happen when a program is successful. However, this example is atypical due both to the time lines associated with pandemic response and our larger royalty position, which reflects both the high value placed on speed and the fact that we had initiated our COVID-19 response independently as part of our internal technology development efforts.

在這個特殊的案例中，巴姆拉尼單抗（bamlanivimab）單獨使用或與其他抗體合併使用，已幫助超過100萬名患者。我們估計，這已挽救了超過1000至100000例住院病例和超過40000條生命。這只是一個專案成功案例的一個例子。然而，這個例子並不典型，一方面是因為疫情應對的時間緊迫，另一方面是因為我們的專利費較高，這既反映了我們對速度的高度重視，也反映了我們作為內部技術開發工作的一部分，獨立啟動了新冠疫情應對計劃。

Moreover, it is also important to realize that any particular drug development program is a high-risk, high-reward endeavor and that the large majority of programs are expected to fail to result in approved therapies. This is why it is so important to build a large and diversified portfolio as we have been doing. In addition to the number of program starts in our portfolio, main drivers of value are the probability of success, the speed of a program advancing and our economic participation in each program.

此外，同樣重要的是要認識到，任何特定的藥物開發專案都是高風險、高回報的，而且絕大多數專案預計都無法產生核准的療法。正因如此，像我們一直以來所做的那樣，建立一個龐大而多元化的投資組合至關重要。除了投資組合中啟動的專案數量外，價值的主要驅動因素還包括成功的可能性、專案推進的速度以及我們對每個專案的經濟參與。

Because of this, we make platform investments and business development decisions that seek to optimize these combined factors. We carefully evaluate each program to identify the highest value opportunities, considering the scientific hypothesis, the commercial potential and the capabilities of our partners.

因此，我們制定平台投資和業務發展決策，力求優化這些綜合因素。我們會仔細評估每個項目，綜合考慮科學假設、商業潛力和合作夥伴的能力，以找到最有價值的機會。

To build capacity, we continue to invest in the expansion of our facilities and our workforce. Importantly, we are leveraging modern automation, data science software solutions and computation that we believe will yield continuous improvements in speed, efficiency and success rates across our programs.

為了提升能力，我們持續投資擴充設施和員工團隊。更重要的是，我們正在利用現代自動化、數據科學軟體解決方案和計算技術，我們相信這些技術將持續提升我們各個專案的速度、效率和成功率。

As already mentioned, this includes investment in a multiyear project of forward integration, which includes translational science, CMC and GMP manufacturing. We believe that seamless integration of these capabilities with our upstream technologies will allow us to greatly accelerate the path from program start to the start of clinical development.

如前所述，這包括對一個為期多年的前向整合計畫的投資，該計畫涵蓋轉化科學、化學製造與控制 (CMC) 和 GMP 製造。我們相信，將這些能力與我們的上游技術無縫集成，將大大加快我們從專案啟動到臨床開發啟動的進程。

As we build our business, expand our technology and increase the value we bring to our partners, we expect that our economic participation in each program will increase. These next few slides confirm that this has been the case over the past few years. This graph shows the progression of our royalty rates from early in our business between 2015 and 2019 to more recently between 2020 and 2021. The box and whisker plot indicate the inter 2 quartiles and the fifth and 95th percentile for deals done within each period.

隨著我們業務的拓展、技術的擴展以及為合作夥伴創造價值的提升，我們預期每個專案的經濟參與度都會提升。接下來的幾張投影片證實了過去幾年的情況。這張圖表顯示了我們特許權使用費率從2015年至2019年業務初期到2020年至2021年最近的變化。箱線圖顯示了每個時期內交易的2個四分位數、5個百分位數和95個百分位數。

As shown, the mean royalty value from our earlier deals was 2.5% and has now increased to 4.3%, with a quarter of deals having a royalty rate above 5%. At the top end, royalty rates reached over 8% while very few programs now have rates below 2.5%. We note that the distribution of royalties shown here are firm numbers that are not subject to (inaudible)

如圖所示，我們先前交易的平均特許權使用費為 2.5%，目前已升至 4.3%，其中四分之一的交易的特許權使用費率超過 5%。最高特許權使用費率曾超過 8%，而目前很少有項目的費率低於 2.5%。我們注意到，此處顯示的特許權使用費分佈是固定數字，不受（聽不清楚）的影響。

In addition to strong growth in the number and size of our royalty position, as shown on this slide, we have also accumulated a large value of potential milestone payments. The aggregate value of potential milestone payments for our portfolio of programs currently under contract is $4.6 billion, of which more than half of this is associated with commercial success.

如本投影片所示，除了特許權使用費數量和規模的強勁成長外，我們還累積了大量潛在的里程碑付款。目前，我們已簽約專案組合的潛在里程碑付款總額為46億美元，其中超過一半與商業成功相關。

I would like to emphasize that this is the maximum potential value and has not been adjusted for the probability of success. As I said previously, the large majority of programs do not succeed in becoming approved products; and therefore, we would expect to recognize only a fraction of this total value.

我想強調的是，這是最大潛在價值，並未根據成功機率進行調整。正如我之前所說，絕大多數專案最終未能成功成為核准產品；因此，我們預期僅能確認該總價值的一小部分。

In addition to milestones and royalties, which have been typical of how we achieve downstream participation in our early years, as we provide more value to partners, we are now adding deal structures to capture that value. This is particularly true when engaging with early-stage firms. These deals include equity or equity-like stakes in new companies, as well as options to co-invest in program development to obtain a progressively larger effective ownership position.

除了里程碑和特許權使用費（早期我們經常使用這兩種方式來實現下游參與）之外，隨著我們為合作夥伴提供更多價值，我們現在正在增加交易結構來獲取這些價值。在與早期公司合作時尤其如此。這些交易包括新公司的股權或類似股權的股份，以及共同投資項目開發的選擇權，以逐步獲得更大的實際所有權。

These should be viewed as a subset of potentially higher-value programs and are part of balancing our portfolio in terms of indication risk, partner type and deal structure. At this point, the large majority of our programs are preclinical, reflecting the stage of our business and the higher concentration of new programs in the past few years.

這些項目應被視為潛在高價值項目的一部分，也是我們在適應症風險、合作夥伴類型和交易結構方面平衡投資組合的一部分。目前，我們的大多數專案都處於臨床前階段，這反映了我們業務的階段性以及過去幾年新專案的高度集中。

As our portfolio matures, we expect to see an increasing pace of molecules entering the clinic and an increasing average stake in these clinical assets. As mentioned, in 2021, we saw 4 new molecules enter the clinic. Recently, one of these molecules bebtelovimab received emergency use authorization from the USFDA. Bebtelovimab is our second COVID-19 antibody to receive emergency use authorization and is the culmination of a two-pronged strategy that we executed in response to the pandemic.

隨著我們產品組合的成熟，我們預期進入臨床的分子數量將持續增加，這些臨床資產的平均持股比例也將持續提升。如前所述，2021年，我們有4個新分子進入臨床。最近，其中一個分子bebtelovimab獲得了美國FDA的緊急使用授權。 bebtelovimab是我們第二個獲得緊急使用授權的COVID-19抗體，也是我們為應對疫情而實施的雙管齊下策略的成果。

In March of 2020, at the start of the COVID-19 pandemic, we made a conscious decision to first prioritize speed in getting therapies out to patients. This resulted in the discovery of bamlanivimab, the first COVID-19 antibody to reach the clinic and the first to receive emergency use authorization by the FDA.

2020年3月，在COVID-19疫情爆發之初，我們有意識地將快速為患者提供治療藥物作為首要任務。這最終促成了巴姆拉尼單抗（bamlanivimab）的發現，這是第一個進入臨床階段的COVID-19抗體，也是第一個獲得FDA緊急使用授權的抗體。

Because we anticipated that resistant strains would emerge, we didn't stop. We continued our screening efforts and built up a collection of several thousand diverse candidate antibodies. In early 2021, responding to the emergence of new variants, we began to search this library to find a next-generation solution. This time, prioritizing maximum possible potency and breadth of neutralization.

由於我們預見到抗藥性菌株的出現，因此我們沒有止步不前。我們繼續篩選，並建立了包含數千種不同候選抗體的資料庫。 2021年初，為了因應新變異株的出現，我們開始在這個庫中搜索，以尋找下一代解決方案。這次，我們優先考慮最大程度地提高中和效力和廣度。

This effort resulted in the discovery and now the emergency use authorization of bebtelovimab. Bebtelovimab neutralizes every known variant of concern. And to our knowledge, it is by far the most potent antibody in development against the Omicron variant and the BA.2 subvariant.

這項努力促成了貝布特洛維單抗的發現，並使其獲得了緊急使用授權。貝布特洛維單抗能夠中和所有已知的、值得關注的變異株。據我們所知，它是迄今為止在研的針對Omicron變異株和BA.2亞變異株的最強效抗體。

This graph shows our laboratory measurements of the potency of various antibodies that are in development, either as monotherapies or as part of a cocktail of 2 antibodies. For each antibody, the potency against Omicron is quantified by the IC50 value, which refers to the concentration of antibody that is needed to achieve a 50% neutralization of a fixed amount of pseudotype virus.

此圖顯示了我們實驗室對正在開發的各種抗體（包括單藥或雙藥組合）效力的測量結果。每種抗體針對 Omicron 的效力均以 IC50 值量化，IC5​​0 值指的是達到 50% 中和一定量假型病毒所需的抗體濃度。

Lower numbers are good and indicate a more potent antibody. This data shows that bebtelovimab is at least 50x more potent against Omicron than other antibodies we tested and have either been authorized or are in late-stage development.

數值越低越好，表示抗體效力較強。這些數據表明，bebtelovimab 對抗 Omicron 的效力至少比我們測試過的其他已授權或處於後期開發的抗體高出 50 倍。

Moreover, the 3 most potent antibodies against Omicron -- moreover, for the most -- excuse me, moreover, for the 3 most potent antibodies against Omicron, we believe that only bebtelovimab maintains full effectiveness against the BA.2 subvariant, which is thought to be more infective and is rapidly growing in prevalence.

此外，針對 Omicron 的 3 種最有效的抗體——而且，對於大多數——對不起，而且，對於針對 Omicron 的 3 種最有效的抗體，我們認為只有 bebtelovimab 對 BA.2 亞變體保持完全有效性，該變體被認為更具傳染性並且流行率正在迅速增長。

The high potency of bebtelovimab allows for full effectiveness at a dose of only 175 milligrams, which can be delivered by IV push in less than a minute as compared to a 30-minute infusion with some other antibody therapies. Furthermore, we believe that bebtelovimab's potency and breadth give it the potential for development as a prophylactic to protect against COVID-19 infection in high-risk populations.

Bebtelovimab 的高效力使其僅需 175 毫克劑量即可充分發揮療效，只需靜脈推注不到一分鐘即可完成，而其他一些抗體療法則需要 30 分鐘的輸注。此外，我們相信，Bebtelovimab 的強效和廣泛的應用前景使其有望開發成為預防高風險族群感染 COVID-19 的藥物。

The discovery of 2 authorized therapeutic antibodies within a year of each other demonstrates the power of our platform and its potential to quickly generate best-in-class therapeutics for our partners across other indications. I would like to emphasize that we are not a COVID-19 company. In fact, infectious disease represents a small fraction, approximately 5% of AbCellera's portfolio.

在一年之內相繼發現兩種核准的治療性抗體，證明了我們平台的強大實力，以及它為合作夥伴快速開發其他適應症領域一流療法的潛力。我想強調的是，我們並非一家專注於 COVID-19 的公司。事實上，傳染病領域僅佔 AbCellera 產品組合的一小部分，約佔 5%。

In 2022, we will continue to drive innovative science that we believe will enhance the power of our platform to open up new target spaces and enable next-generation antibody therapies. We anticipate a number of exciting updates this year that are in part the result of successful integration of the acquisitions that we have made over the past couple of years.

2022年，我們將繼續推動創新科學，我們相信這將增強我們平台的實力，開拓新的標靶領域，並賦能下一代抗體療法。我們預計今年將迎來一系列令人興奮的更新，這些更新部分源自於我們過去幾年成功整合收購的成果。

For instance, we have made substantial progress in enhancing technologies for the discovery of antibodies against GPCRs and ion channels, including integration of the TetraGenetics platform, which we acquired in 2021. We look forward to updating you on those advancements in future business updates.

例如，我們在增強針對 GPCR 和離子通道的抗體發現技術方面取得了實質進展，包括整合我們在 2021 年收購的 TetraGenetics 平台。我們期待在未來的業務更新中向您通報這些進展。

In our last update, you'll recall that we discussed how the combination of our discovery, bispecific and computational platforms can be used to create next-generation T-cell engagers based on CD3. Here, we are leveraging our Trianni platform to generate fully human antibodies for T cells and tumor targets and combining them to create bispecific using our OrthoMab protein-engineering platform.

您可能還記得，在上次更新中，我們討論瞭如何結合我們的發現、雙特異性和運算平台，打造基於CD3的下一代T細胞銜接器。此次，我們利用Trianni平台生成針對T細胞和腫瘤標靶的全人源抗體，並利用OrthoMab蛋白質工程平台將它們結合起來，打造雙特異性抗體。

That's an effort that is just underway, and we are pleased to be sharing data about that program at the upcoming American Association for Cancer Research or AACR meeting in April.

這是一項剛開始的工作，我們很高興在四月即將召開的美國癌症研究協會 (AACR) 會議上分享有關該計劃的數據。

Summing up, we've made tremendous progress in 2021. We are now moving into 2022 with a full head of steam. Despite the challenges of operating in the pandemic, we posted a record year in growing our business and have expanded our operations now to include over 400 people working in locations across the globe.

總而言之，我們在2021年取得了巨大的進步。如今，我們正以飽滿的熱情邁向2022年。儘管疫情期間營運面臨挑戰，但我們的業務成長創下了歷史新高，目前業務已擴展至全球各地，員工人數已超過400人。

Since our last earnings call, we've also strengthened our leadership team with the appointment of Neil Aubuchon as Chief Commercial Officer; and Dr. Andrew Lo as Independent Director. And with that, I'll hand over to Andrew Booth, our CFO, to provide an overview of our 2021 financials. Andrew?

自上次財報電話會議以來，我們也加強了領導團隊，任命 Neil Aubuchon 為首席商務官，並任命 Andrew Lo 博士為獨立董事。接下來，我將把時間交給財務長 Andrew Booth，由他來概述我們 2021 年的財務狀況。 Andrew？

Thanks, Carl. I'm pleased to highlight the progress we've made on our key business metrics, beginning with our program starts. We started 26 new programs in 2021, of which 9 were in the fourth quarter to take us to a cumulative number of 78 program starts.

謝謝，卡爾。我很高興地強調我們在關鍵業務指標方面取得的進展，首先是專案啟動情況。我們在2021年啟動了26個新項目，其中9個是在第四季度啟動的，累計啟動項目數量達到78個。

While starts will continue to be somewhat irregular, we expect a generally increasing trend year-over-year as we have seen throughout this past year. We ended 2021 with 156 programs under contract with 36 unique partners. That is a 51% increase in programs under contract as compared to 2020. As we noted previously, programs under contract has been a leading indicator of the long-term trajectory expected for program starts.

雖然專案啟動情況仍將略有波動，但我們預計專案啟動數量將呈現整體同比成長趨勢，正如過去一年所見。截至2021年，我們已與36家獨立合作夥伴簽訂了156個專案合約。與2020年相比，合約項目數量增加了51%。正如我們先前所指出的，合約專案數量一直是專案啟動預期長期走勢的領先指標。

Also in 2021, our partners advanced 4 more molecules into the clinic, bringing our total molecules in the clinic to 5 at year-end. We view the growing list of molecules in the clinic as specific examples of our near and midterm potential revenue from downstream milestone fees and royalty payments in the longer term.

此外，在2021年，我們的合作夥伴將4個分子推進至臨床階段，使我們在年底臨床階段的分子總數達到5個。我們將不斷增長的臨床階段分子數量視為我們近期和中期潛在收入的具體體現，這些收入來自下游里程碑費用和長期特許權使用費。

The recent EUA of bebtelovimab and the concurrent U.S. government purchase order do, of course, imply meaningful near-term royalty potential. The momentum we achieved with the number of partners, programs under contract, program starts and molecules in the clinic this year has far outperformed our expectations from 1 year ago.

當然，近期貝布替洛維單抗的緊急使用授權 (EUA) 以及美國政府同時發出的採購訂單，確實意味著近期的特許權使用費潛力巨大。今年，我們在合作夥伴數量、簽約專案數量、專案啟動數量以及臨床研發分子數量方面所取得的進展，遠遠超出了我們一年前的預期。

These will be key drivers of growth in the business and of shareholder value in the years ahead.

這些將成為未來幾年業務成長和股東價值的關鍵驅動力。

Turning to revenue. Revenue in the year was $375 million. Revenues for 2021 were dominated by the $327 million of royalties we earned from shipments of bamlanivimab during the year.

談到收入。全年收入為3.75億美元。 2021年的收入主要來自我們當年從巴姆拉尼單抗出貨中獲得的3.27億美元特許權使用費。

We realized $8 million in milestone fees in 2021, $7 million of which relate to the commercial milestones from the sale of bamlanivimab. We recognized $21 million of licensing fees in revenue in 2021, mostly attributable to one large Trianni licensing agreement in the first quarter.

2021年，我們實現了800萬美元的里程碑費用，其中700萬美元與bamlanivimab銷售帶來的商業里程碑有關。 2021年，我們確認了2,100萬美元的授權費用收入，主要歸因於第一季與Trianni達成的一項大型授權協議。

Finally, research fees connected to our work on a great many programs with a wide range of partners in 2021 were $19 million. That is similar to the $20 million we recognized in 2020, a year that includes significant fees for our work with our partner DARPA.

最後，2021年，我們與眾多合作夥伴所進行的眾多計畫相關的研究費用為1,900萬美元。這與2020年的2000萬美元相當，2020年的收入包含了我們與合作夥伴DARPA合作產生的大量費用。

Looking ahead, we expect the majority of 2022 revenue still to be derived from royalties on COVID antibodies. Lilly continued to ship bamlanivimab into early 2022 and entered into a purchase agreement with the U.S. government to supply up to 600,000 doses of bebtelovimab for at least $720 million no later than March 31, 2022, with an option of an additional $500

展望未來，我們預計2022年的大部分收入仍將來自新冠抗體的特許權使用費。禮來公司繼續向美國政府供應巴姆拉尼單抗直至2022年初，並與美國政府達成了一項採購協議，將在2022年3月31日前供應最多60萬劑貝布替洛維單抗，總價至少為7.2億美元，並可選擇額外支付5億美元。

(technical difficulty)

（技術難度）

Ladies and gentlemen, please standby. Your conference will resume when the speakers reconnect. 1 moment, please.

女士們，先生們，請稍候。揚聲器重新連接後，您的會議將恢復。請稍等片刻。

Hello. This is Andrew Booth speaking. It looks like we had some technical difficulties and dropped the line. I understand where we left off, and I'll just continue on the business update.

您好。我是安德魯·布斯。看來我們遇到了一些技術問題，導致電話斷線了。我知道剛才的通話中斷了，我將繼續更新業務狀況。

So looking ahead, we expect the majority of 2022 revenue to still be derived from royalties on COVID antibodies. Lilly continued to ship bamlanivimab into early 2022 and entered into a purchase agreement with the U.S. government to supply up to 600,000 doses of bebtelovimab for at least $720 million no later than March 31. With an option of an additional 500,000 doses for delivery no later than July 31.

因此，展望未來，我們預計2022年的大部分收入仍將來自新冠抗體的特許權使用費。禮來公司在2022年初繼續供應巴姆拉尼單抗，並與美國政府達成了一項採購協議，將在3月31日前供應最多60萬劑貝布替洛維單抗，總價至少為7.2億美元。此外，禮來公司還可選擇在7月31日前額外供應50萬劑。

As a reminder, under our agreement with Lilly for any COVID-19 products developed, we are eligible to receive royalties in the low to mid-teens for aggregate sales below $125 million and mid-teens to mid-20s on aggregate sales above $125 million. We continue to view COVID royalties as a nondilutive source of funding to support our investments in capacity and platform capabilities, including investments into forward integration.

提醒一下，根據我們與禮來公司就任何新冠疫情產品開發的協議，對於總銷售額低於1.25億美元的情況，我們有資格獲得15%到20%左右的特許權使用費；對於總銷售額超過1.25億美元的情況，我們有資格獲得15%到20%左右的特許權使用費。我們繼續將新冠疫情特許權使用費視為非稀釋性資金來源，以支持我們在產能和平台能力方面的投資，包括對前向整合的投資。

Turning to operating expenses. Our research and development expenses for the year were approximately $62 million, a $33 million increase over the previous year, $10 million of which relate to noncash stock-based compensation. The overall increase reflects our ongoing investments into R&D, which we will continue to grow as we expand our R&D team's capabilities and capacity.

談到營運費用。我們今年的研發費用約為6,200萬美元，較上年增加3,300萬美元，其中1,000萬美元與非現金股票薪酬有關。整體成長反映了我們對研發的持續投入，隨著我們研發團隊能力和產能的提升，我們將持續增加研發投入。

This allows us to deliver our partner programs as well as enhance our technology stack organically. In sales and marketing, expenses for the year were approximately $7 million, nearly doubling from 2020. This reflects the ongoing growth of our business development team's capabilities and reach.

這使我們能夠交付合作夥伴計劃，並有機地增強我們的技術堆疊。在銷售和行銷方面，本年度的支出約為700萬美元，幾乎比2020年翻了一番。這反映了我們業務開發團隊能力和影響力的持續成長。

General and administration expenses for the year were approximately $42 million compared to approximately $12 million in 2020. Almost $12 million of this increase were related to higher noncash stock-based compensation expenses, bringing us in line with publicly listed companies.

本年度的一般及行政開支約為 4,200 萬美元，而 2020 年約為 1,200 萬美元。其中近 1,200 萬美元的成長與更高的非現金股票薪酬開支有關，使我們的開支與上市公司的開支持平。

The increase is otherwise driven by the need to support a much larger business and the associated legal and corporate requirements of being a publicly listed company as well as ongoing investments to protect our intellectual property. We are reporting earnings of over $153 million for 2021 compared to approximately $119 million in 2020. In terms of earnings per share, this works out to an earnings of $0.56 per share on a basic and $0.48 on a diluted basis for the year.

除此之外，此次成長也源自於支持更大規模業務的需要、作為上市公司所需的相關法律和公司要求，以及為保護智慧財產權而進行的持續投資。我們報告的2021年收益超過1.53億美元，而2020年約為1.19億美元。就每股收益而言，本年度基本每股收益為0.56美元，稀釋每股收益為0.48美元。

This result reflects the receipt of royalties on bamlanivimab and our ongoing investments to expand and enhance our discovery platform and to grow our diversified portfolio of long-term stakes in the next generation of antibody drugs while running discovery efforts for our partners.

這一結果反映了我們收到的 bamlanivimab 特許權使用費以及我們持續的投資，以擴大和增強我們的發現平台，並在為我們的合作夥伴開展發現工作的同時，增加我們在下一代抗體藥物中的多元化長期投資組合。

Looking at cash flows. Operating activities for 2021 contributed $245 million to cash flow, which includes the collection of accrued accounts receivable balance from December 2020 and the strong royalties earned from bamlanivimab in the first half of the year.

現金流方面，2021 年經營活動貢獻了 2.45 億美元的現金流，其中包括 2020 年 12 月以來應計應收帳款餘額的收回，以及上半年從 Bamlanivimab 獲得的豐厚特許權使用費。

On the investing activity side, the year shows a $58 million investment in plant, property and equipment, including the land purchase of our future GMP facility in Vancouver. The remainder was predominantly related to our TetraGenetics acquisition and financing of the construction of our facilities, partially offset by funding received from the Government of Canada's Strategic Innovation Fund. As a part of our treasury strategy, we also invested almost $250 million in short-term marketable securities during the year.

在投資活動方面，本年度在廠房、物業和設備上的投資為5,800萬美元，其中包括購置溫哥華未來GMP工廠的土地。其餘投資主要用於收購TetraGenetics公司以及為工廠建設融資，部分資金被加拿大政府戰略創新基金的資金所抵銷。作為我們財務策略的一部分，我們還在本年度投資了近2.5億美元的短期有價證券。

The $25 million of restricted cash at year-end relate to entering into a participation agreement with a segregated accounts company for our D&O insurance. As a result, we finished the year with over $720 million of unrestricted cash, equivalents and marketable securities, an approximately 22% increase from December of 2020.

年末2500萬美元的限制性現金用於與一家獨立帳戶公司就我們的董事及高階主管責任險簽訂參與協議。因此，我們截至年底的非限制性現金、等價物和有價證券超過7.2億美元，較2020年12月成長約22%。

Given the recently announced purchase agreement for COVID antibodies from Lilly and the associated royalties due to AbCellera, we see the potential to further build our cash balance in the near term.

鑑於最近宣布的禮來公司 COVID 抗體購買協議以及應付給 AbCellera 的相關特許權使用費，我們看到短期內進一步增加現金餘額的潛力。

In summary, we continue to be in a very strong liquidity position that allows us to execute our strategy, continue to build capacity and expand the platform. We believe that we have sufficient liquidity for well beyond the next 2 years. And with that, we'll be happy to take your questions. Operator?

總而言之，我們的流動性狀況仍然非常強勁，這使我們能夠執行策略，繼續提升產能並擴展平台。我們相信，我們擁有充足的流動性，足以支撐未來兩年以上的營運。因此，我們很樂意回答您的問題。接線生？

(Operator Instructions) We have your first question from Stephen Willey with Stifel.

（操作員指示）我們收到了 Stifel 的 Stephen Willey 提出的第一個問題。

Congrats on a really good year. Was just wondering if -- so I know that you guys are really emphasizing new program starts this year and working through, I guess, not the backlog, but the large amount of programs or the contract that you currently have. How should we think about the pace of those new program starts throughout the course of 2022? And is that pace rate limited at all on the capacity front? Or is it really just a bandwidth issue at this point?

恭喜你們度過了一個非常美好的一年。我想知道——我知道你們今年非常重視新項目的啟動，我想，不是在處理積壓訂單，而是在處理你們目前擁有的大量項目或合約。我們該如何看待這些新計畫在2022年全年的啟動速度？這種速度在容量方面是否受到限制？或者目前這真的只是頻寬問題？

Thanks, Steve. Carl here, and I'll take a first crack at that and then maybe hand over to Andrew if there's anything he wants to add. So first of all, the shift in focus from programs under contract or program starts is something that we did mention on the last call, and we're reinforcing that. The situation basically is that we came into the start of 2021 looking to build our book of work and make sure we had a good fit and good demand for our technology and offering.

謝謝，史蒂夫。我是卡爾，我會先討論這個問題，如果安德魯還有什麼想補充的話，我可能會把時間交給他。首先，我們在上次電話會議上提到了重點從合約專案或已啟動專案轉移，我們正在強調這一點。目前的情況是，我們在2021年初開始著手建立我們的工作清單，確保我們的技術和產品能夠很好地契合市場需求。

And the business development through 2021, I would say, vastly exceeded what was our expectation. As a result, as mentioned, we've got 70 or more programs that are currently under contract. That's not all for this year. That includes multi-target agreements that go 2 or 3 years out that have yet to be started.

我想說，2021年的業務發展大大超出了我們的預期。如同先前所提到的，我們目前有70多個項目正在簽約中。這還不是今年的全部，其中包括一些期限為2到3年、尚未啟動的多目標協議。

And with that in mind, we are fully confident that we have put to rest any question we will be able to find high-value work to apply our platform and our technology, too. So for that reason, we're now focusing on higher-value, perhaps more strategic, more selective business development activities. And thus, are sort of pointing people away from programs under contract as the metric to program starts. Now program starts. We exited the year doing 9 program starts in the last quarter. That was a big uptick from the start. That reflects increases in efficiency in the process as well as the investments in equipment and people and technology to build our capacity.

考慮到這一點，我們完全有信心，我們能夠找到高價值的工作來應用我們的平台和技術，這一點毋庸置疑。因此，我們現在專注於更高價值、更具策略性、更有選擇性的業務拓展活動。因此，隨著專案啟動，我們在某種程度上正在引導人們遠離合約專案。現在，專案已經開始啟動。截至今年年底，我們在上個季度啟動了9個專案。這是一個比年初大幅成長的跡象。這反映了流程效率的提高，以及在設備、人員和技術方面的投資，這些投資旨在提升我們的產能。

We anticipate coming into 2022 at that pace, and I do expect that we're going to have strong growth in program starts over the course of 2022. But I want to also emphasize that capacity is not just the number of programs that you start. It also reflects how much work you're doing per program. And one of our big drives this year and in the next couple of years is a move towards forward integration, where we're starting to take programs much further, ultimately, once we're fully enabled all the way to IND filing.

我們預計2022年將以這樣的速度發展，而且我確實預計2022年我們的專案啟動數量將強勁增長。但我還想強調，產能不僅僅是啟動專案的數量，它還反映了每個專案的工作量。今年以及未來幾年，我們的主要動力之一是邁向前向整合，一旦我們完全具備能力，最終能夠提交IND申請，我們就會開始進一步推進專案。

So there'll be a much larger growth in capacity in terms of work and of course, our participation in those programs then will be reflected in program starts, but we do believe that's going to go up.

因此，工作能力將會有更大的成長，當然，我們對這些項目的參與將反映在專案啟動上，但我們確實相信這一數字會上升。

Okay. That's helpful. And then, I guess, just with the current liquidity position. Obviously, a good time to be liquid given the fact that valuations kind of across the board seem to be down. And just curious if because of that, you think about maybe prioritizing additional technology acquisitions given the state of the current market? Or is it just going to be kind of continued opportunism on that front?

好的。這很有幫助。然後，我想，就目前的流動性狀況而言。顯然，鑑於估值普遍下降，現在是流動性的好時機。我很好奇，鑑於目前的市場狀況，您是否會因此考慮優先進行額外的技術收購？或者，這只是一種持續的機會主義？

Steve, great question. And yes, we're -- obviously, we're in a great liquidity position with our cash balance of full book of receivables and then looking into the first quarter, additional expected sales of bebtelovimab into the future, the first couple of quarters.

史蒂夫，這個問題問得好。是的，我們的流動性狀況非常好，現金餘額充足，應收帳款充足。展望第一季度，我們預計未來前幾季度，貝布洛維瑪的銷售額將繼續成長。

And of course, we aren't calling any sort of revenue number because if there's one thing we've learned in the last couple of years, it's that COVID-19 can be quite volatile. But we would point out that there is a possibility that bebtelovimab could be part of a long-term solution towards COVID. But of course, that's in Lilly's hands.

當然，我們不會公佈任何收入數字，因為過去幾年的經驗告訴我們，COVID-19 的波動性非常大。但我們需要指出的是，貝布替洛維單抗有可能成為 COVID 長期解決方案的一部分。當然，這取決於禮來公司。

We're quite comfortable with that cash balance to continue the investment we have in forward integration and the expansion of the team. And with -- if it comes to, as we have done in the past, any opportunities on M&A that fit within the technology stack or fit within the strategy of the company, we will have the cash balance to execute on those. So that puts us in a good position to be -- keep our eye on.

我們對這筆現金餘額非常放心，可以繼續投資於前向整合和團隊擴張。而且，如果像我們過去一樣，有任何符合技術堆疊或公司策略的併購機會，我們都有足夠的現金餘額來執行。因此，我們處於有利地位，值得我們密切關注。

Yes. And I might just layer on to that, that as mentioned, the big push on the platform is likely going to be organic. It's the move towards forward integration. I echo everything Andrew said about looking for opportunities. But of course, M&A strategy and in particular, as it pertains to technology, it needs to be opportunistic, so it's really about finding the right fit.

是的。我可能還會補充一點，正如我之前提到的，平台的大力推進很可能是有機的。這是邁向前整合的舉措。我完全同意安德魯關於尋找機會的說法。當然，併購策略，尤其是與技術相關的併購策略，需要抓住機會，所以關鍵在於找到合適的契合點。

We have your next question from Tiago Fauth with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Tiago Fauth。

So one that we get pretty often is related to programs going into clinic. And I understand you guys have limited visibility on that. But given the cumulative number of program starts and several of those a few years back, I was wondering if you have a sense of additional programs perhaps going into clinic throughout 2022? And perhaps my follow-up is a little bigger picture than that. And again, you alluded to that in the prepared remarks. You have executed ahead of expectation (inaudible) most of the operating metrics. That seems to be overlooked by TheStreet.

我們經常聽到的一個問題是有關進入臨床的項目。我知道你們對此了解有限。但考慮到累積啟動的項目數量以及幾年前啟動的幾個項目，我想知道您是否知道在2022年可能會有更多項目進入臨床？也許我的後續問題會比這更宏觀。您之前在準備好的發言中也提到了這一點。你們的大多數營運指標都超出了預期（聽不清楚）。這一點似乎被TheStreet忽略了。

And I think a part of that is the nature of the contracts where you have the back-end economics. So -- and I know that's not the best question to answer, but what could perhaps change the perception [of a lot of the] investors? Is it more about just getting more -- a bigger portfolio, a more diversified portfolio and more programs [and success] in terms of operational progress, in terms of the stuff that you can actually control, what do you think can actually, at some point, be received more positively by TheStreet? And how do you see that dynamic in light of your current capital position, a few years to execute on that?

我認為部分原因在於合約的性質，合約中包含了後端經濟因素。所以——我知道這個問題不太好回答，但什麼可能改變（很多）投資人的看法呢？是不是只是為了獲得更多——更大的投資組合、更多元化的投資組合、更多的項目（以及在營運進展方面取得的成功），就你實際上可以掌控的事情而言？你認為在某個時候，TheStreet 會更積極地接受什麼？考慮到你目前的資本狀況，以及未來幾年的執行情況，你如何看待這種動態？

Thanks, Tiago. Carl here. I think there was maybe a couple of questions woven together there. If I don't cover both or more, please let me know, and I'll address anything I miss.

謝謝，蒂亞戈。我是卡爾。我覺得這裡面可能有幾個問題交織在一起了。如果我沒有涵蓋這兩個或更多問題，請告訴我，我會解答任何遺漏的問題。

So the first question was about our expectation or visibility on program starts. As you know, we do not have complete information about the status of all the programs that are in the portfolio. It's a large portfolio, and it is in our partner's hands.

所以第一個問題是我們對專案啟動的預期或可見性。如你所知，我們並不掌握所有專案組合的完整狀態資訊。這是一個龐大的專案組合，而且掌握在我們的合作夥伴手中。

And of course, when we do know that things are moving forward, we typically are not at liberty to communicate on that. So that is a challenge. We have been investing in building up quite a strong alliance management capability within the company that allows us to build relationships and have a better insight and better communication to know where those programs are.

當然，即使我們知道事情正在進展，我們通常也無法隨意溝通。所以這是一個挑戰。我們一直在投資，在公司內部打造強大的聯盟管理能力，這使我們能夠建立關係，獲得更深入的洞察和更好的溝通，從而了解這些專案的進展。

So we expect to have more predictability as things move forward. And also, we are investing in the forward integration. And a big part of that is that we will then be intimately involved in fact, controlling and driving the advancement of programs further along the pipeline, ultimately, all the way to IND.

因此，我們希望隨著事態發展，能夠擁有更高的可預測性。此外，我們正在投資前向整合。其中很大一部分是，我們將密切參與、控制和推動計畫沿著研發管線的進一步推進，最終直至IND（臨床試驗申請）。

And that, of course, is being done because we believe the integration of our front end with the back end can make a dramatic change to the speed at which we can get there. It also has the advantage that we are in control and have good visibility to where those all are.

當然，我們之所以這麼做，是因為我們相信前端和後端的整合可以顯著加快我們實現目標的速度。這樣做的另一個好處是，我們可以掌控一切，並且清楚地了解所有前端和後端的運作情況。

We expect that when we do that we will be doing that full suite of work for programs where we have a deeper participation. And so those are things that are going to be most meaningful for AbCellera. But of course, that's out in the future.

我們期望，當我們這樣做的時候，我們將為我們更深入參與的專案開展全套工作。因此，這些對 AbCellera 來說將是最有意義的事情。當然，這得等到將來再說。

I'll maybe just add one more thing that as mentioned in my prepared remarks, given that we have added increasingly more programs year-over-year and given that the terms are getting better and better, the general trend that we expect is that we're going to see an increasing frequency or rate of programs entering the clinic and that those programs will become more and more meaningful for AbCellera as that matures.

我可能只想補充一點，正如我在準備好的發言中提到的那樣，鑑於我們逐年增加了越來越多的項目，並且條件越來越好，我們預計的總體趨勢是，我們將看到進入診所的項目的頻率或速度不斷增加，並且隨著 AbCellera 的成熟，這些項目對 AbCellera 來說將變得越來越有意義。

I think that is the thing ultimately that is going to be best perceived. The other proxies, of course, are the repeat business, the validation in the market and I think also importantly, our ability to start to bring some of our own science forward for you to see so that people get an understanding not only of the performance of this technology in COVID, which has attracted a lot of attention, but how it's also opening up all these other areas. And so -- that's going to be a bit of a conversation over the next little while, but it's one that we're excited to have.

我認為這最終將最受認可。當然，其他指標包括回頭客、市場認可，以及我認為同樣重要的是，我們有能力開始將我們自己的一些科學成果展示給大家看，這樣人們不僅能了解這項技術在新冠疫情中的表現（這已經引起了廣泛關注），還能了解它如何開拓其他領域。所以——在接下來的一段時間裡，這將是一個值得討論的話題，但我們對此非常期待。

Well, you have your next question from Gary Nachman with BMO Capital Markets.

好的，下一個問題來自 BMO 資本市場的 Gary Nachman。

Carl, what does the pipeline look like for these higher-value partnerships that you're looking at? And do those take longer to materialize in general? I'm curious like what the cadence for these might be if you're being more selective with partnerships now going forward to generate more value? And then also, how much more work needs to be done on this forward integration? You said it's somewhere down the road in the future, but I'm curious, I mean, is this like 1 to 2 years away, 3 to 5 years away. And how much do you need to invest behind that? Just talk about some of the things that you're thinking about doing or in the process of doing in order to get there?

卡爾，您正在考慮的這些高價值合作關係的管道是什麼樣的？這些合作關係通常需要更長的時間才能實現嗎？我很好奇，如果您現在更加謹慎地選擇合作夥伴以創造更多價值，那麼這些合作的節奏會是怎樣的？此外，在這種前向整合方面還需要做多少工作？您說這是未來的某個階段，但我很好奇，我的意思是，這需要1到2年，還是3到5年？您需要為此投入多少資金？請您談談為了實現這些目標，您正在考慮或正在進行的一些事情。

Thanks, Gary. So first, maybe a comment on the business development pipeline. At any given time, we have conversations ongoing with tens of companies. And as you know, this includes some very large vertically integrated biopharma, sort of the top 10 names that you would recognize and also to more innovative companies.

謝謝，Gary。首先，我想談談業務發展管道。我們隨時都在與數十家公司進行洽談。如你所知，這其中包括一些非常大型的垂直整合生物製藥公司，例如你熟悉的十大公司，以及一些更具創新性的公司。

So that is -- that's always the state of things. We are -- we have been selective in partnerships. We had multiple examples last year where we decided to back away from opportunities. We've also had examples, particularly in the last part of 2021, where there was demand for multiyear contracts with larger numbers of program slots than we ultimately were willing to commit to.

所以，情況總是如此。我們一直以來都對合作夥伴非常挑剔。去年，我們曾多次放棄一些機會。我們也遇到過一些情況，尤其是在2021年下半年，對多年期合約的需求量很大，而且專案名額也比我們最終願意承諾的多。

So that dynamic has already happened. This year, we're excited about the business development pipeline. We've made really big strides in recruiting that function, bringing in originally Neil Berkley as the Chief Business Officer and then now having expanded that to a bigger team.

所以這種動態已經發生了。今年，我們對業務發展管道感到興奮。我們在招募該職位方面取得了很大進展，最初聘請了尼爾·伯克利擔任首席商務官，現在又將其擴展到更大的團隊。

So you have to give that time to mature. And of course, closing the deal is not something that is very predictable. It depends very much upon the negotiation and exactly what is the complexity of that particular transaction.

所以你必須給這段時間去成熟。當然，交易的達成並不是一件很容易預測的事情。這很大程度上取決於談判本身以及特定交易的複雜程度。

Your other question was on the forward integration. On that front, I would think of it not as something that is either done or not done, but rather a continuous evolution towards having the full capabilities to take something right from an e-mail that tells us what is the target and what is the specification of the drug right through to the IND filing.

您的另一個問題是關於前向整合的。在這方面，我認為這不是一個非做即不做的事情，而是一個持續的演進過程，最終能夠完全掌握從一封告知我們目標是什麼、藥物規格是什麼的電子郵件到IND申報的所有信息。

This year, what is coming online is the translational science part. This goes from the final lead and starts to generate the data, the biological data that supports the IND package. We're working on 2 or 3 programs already right now on that front.

今年即將上線的是轉化科學部分。這部分從最終的先導階段開始，產生支持IND申請的生物學資料。目前，我們在這方面已經進行了2到3個專案。

The longer-term objective includes the CMC capability and the GMP manufacturing. Andrew mentioned that we recently purchased land for the GMP facilities. So this is a greenfield project that needs to be built. We are still anticipating that we'll have that up and running by 2024. Of course, we'll be looking to start to line up the projects that will go into that ahead of time. And so it's not too early to start thinking about that function as part of business development.

長期目標包括CMC能力和GMP生產能力。 Andrew提到我們最近購買了GMP設施的土地。所以這是一個需要建造的綠地計畫。我們仍然預計到2024年該項目將投入營運。當然，我們會事先安排相關項目。所以現在考慮將這項功能納入業務發展還為時過早。

And Gary, just to add to that, you also asked -- I just wanted to remind you that we do have a participation from the government of Canada in order to fund those endeavors. You asked about the expense of it. And the Government of Canada is contributing about $125 million towards our efforts of building out the building, the equipment, facilities and the team's processes and getting those up and running in that time frame that Carl mentioned.

加里，補充一下，你還問過——我想提醒你一下，我們確實得到了加拿大政府的參與，以資助這些計畫。你問到費用問題。加拿大政府將出資約1.25億美元，用於建造大樓、設備、設施和團隊流程，並使其在卡爾提到的時間內投入運作。

Yes. And I guess also, just with all the cash that you're generating from both bmab antibodies, are you able to accelerate this process, Carl, that you were just talking about? Are there, I don't know, third parties maybe that you could bring in-house that have more of these capabilities? Just maybe we can have more of an appreciation of deploying that capital that you're generating from the COVID antibodies to then push this whole business model to the next level.

是的。卡爾，我想，憑藉你們從兩種抗體藥物組合中獲得的大量現金，你們能否加速你剛才提到的這個進程？你們能否引進一些擁有更多這方面能力的第三方？或許我們可以更好地利用你們從新冠抗體藥物組合中獲得的資金，將整個商業模式提升到一個新的水平。

Great question, Gary. We are looking at several options for how we could put that capital to work. Always keeping an eye on the long term and the need to make sure we stay in a strong liquidity position, particularly given where the markets are today.

好問題，Gary。我們正在研究幾種方案，看看如何將這些資金投入使用。我們始終著眼於長遠發展，並確保我們保持強勁的流動性，尤其是在當前市場環境下。

But if things continue the way that they look. And if bebtelovimab has an impact as big as we think that it might, it opens up new options. I probably shouldn't say much more beyond that. In terms of accelerating the forward integration project, there are definitely things that we can do.

但如果情況繼續這樣發展下去，如果貝布托洛維瑪的效果真如我們想像的那麼大，它就會開闢新的選擇。除此之外，我可能不需要多說。在加速前向整合專案方面，我們絕對可以做些什麼。

And I think one of the biggest things is starting to accelerate the hiring, particularly in the translational science and the CMC side. There is a time line associated with construction and certification of facilities that I don't see a big opportunity to really move by deployment of capital.

我認為最重要的事情之一是開始加速招聘，尤其是在轉化科學和化學、製造和控制（CMC）領域。設施的建設和認證有一個時間表，我認為透過資本部署來推動這一進程的機會不大。

One of the things I will highlight here is that when we thought about this, the option was always on the table to go and buy a group that was already doing manufacturing. We elected not to do that because we do believe that it is absolutely mission-critical that this be right next to the facility and that there's seamless integration between the front-end discovery, the translational science right through to the manufacturing. It's through that integration that we believe we can get some major speed advances. And in drug development, if you can get a leg up in speed, that is very valuable and it's something that touches every program.

我想強調的一點是，當我們考慮這個問題時，我們一直考慮收購一個已經在進行生產製造的團隊。但我們最終沒有這麼做，因為我們堅信，收購地點必須緊鄰現有設施，並且要實現從前端發現、轉化科學到生產製造的無縫集成，這絕對至關重要。我們相信，正是透過這種集成，我們才能在速度上取得重大進展。在藥物開發領域，如果能夠加快速度，那將非常有價值，而且這會影響每個專案。

So it's an ambitious goal, but it's one -- and you have to build it from scratch, you have to build it right. And we decided that in the interest of long-term value, it's something that we need to do organically. So that's currently how we see it, Gary.

所以這是一個雄心勃勃的目標，但你必須從零開始建造它，必須正確地建造它。我們決定，為了長期價值，我們需要有機地推進這件事。所以，Gary，我們目前就是這麼認為的。

We have your next question from Puneet Souda with SVB Leerink.

我們收到了 SVB Leerink 的 Puneet Souda 的下一個問題。

Carl, Andrew, so maybe just a clarification. I know you're emphasizing program starts here. But on the contract adds, I just want to make sure there was only one contract added in the quarter. if that's correct. And in the past, you have had sort of a mid-teens type of a number of contract adds. And so just thinking about that for 2022, I know you're emphasizing program starts, but how should we think about contract adds in 2022. Should we have anything in that sort of line? And just asking that because ultimately, it is about probabilities of success, so getting the programs into the funnel is important. So I just want to get sort of a high level of context on that. And I have a follow-up.

卡爾，安德魯，也許只是澄清一下。我知道你們強調的是專案啟動。但關於合約新增，我想確保本季只新增了一份合約。如果是這樣的話。過去，你們新增的合約數量大概在十幾歲左右。所以，考慮到2022年的情況，我知道你們強調的是專案啟動，但我們應該如何考慮2022年的合約新增數量？我們應該有這方面的計畫嗎？我之所以問這個問題，是因為最終這關乎成功的機率，所以讓專案進入漏斗很重要。所以我想大致了解一下這方面的狀況。我還有一個後續問題。

Sure. So first, I can confirm that in Q4, we closed a single deal that included a single target. That is with a mid-cap biotech company, and we're not at liberty to say much more beyond that, except that it's a program that we view as being potentially of high value.

當然。首先，我可以確認，我們在第四季完成了一筆交易，涉及一個目標公司。這是一家中型生物科技公司，除此之外，我們暫時不能透露更多，但我們認為這個計畫具有很高的潛在價值。

Of course, there's risk associated with all these things. In terms of the addition of programs under contract, maybe what I would turn to is what are we actually trying to do at the company? There's 2 things we're doing. One is we're investing in platform capabilities, to make sure that we extend and double down on our competitive position there.

當然，所有這些事情都存在風險。關於增加合約項目，我想問的是，我們公司究竟想做什麼？我們正在做兩件事。一是投資平台能力，以確保我們能夠擴展並加倍鞏固在該領域的競爭地位。

And the place where we play is between the identification of the target right through ultimately to the filing of an IND, a big effort right now on moving forward there. The second thing that we're doing is we're using that capability to build a portfolio of stakes in programs and we are not dogmatic about the way in which we're looking to build that portfolio.

我們所做的工作是從確定目標到最終提交IND，目前我們正為此付出巨大努力。我們正在做的第二件事是利用這種能力來建立專案組合，我們對建立該組合的方式並不教條。

So we have done the traditional deals that I talked about today, we've done different types of deals. What is most important is that we maximize probability of success, our stake in that program and make sure that we're also keeping an eye on it being diversified appropriately.

所以我們完成了我今天談到的傳統交易，也完成了不同類型的交易。最重要的是，我們要最大限度地提高成功的可能性，最大限度地增加我們在該專案中的份額，並確保我們也專注於專案的多元化。

So at this point, given the work that we have lined up, it's not really material in my mind, whether we add additional programs under contract in the next quarter or not, though we do believe the business still in the pipeline is strong, and we expect to do that. What's most important is when you actually start to work because that is when they start to contribute to the portfolio.

因此，就目前而言，考慮到我們目前已安排的工作，我並不真正關心下個季度是否會新增合約項目，儘管我們確實相信仍在籌備中的業務很強勁，我們也期待這樣做。最重要的是何時真正開始工作，因為那時他們才會開始為投資組合做出貢獻。

At this point, we've got no concerns whatsoever that we have the opportunities to continue to have a pace of program starts, and to deploy those programs starts on the most important programs is our #1 priority now.

目前，我們毫不擔心，我們有機會繼續保持專案啟動的速度，而將這些專案部署到最重要的專案上是我們現在的首要任務。

Got it. And then on the selective process that you talked about with high-value programs. I just want to understand a bit, I mean, given your experience with the COVID antibodies and also a number of other projects, at this point in time, I mean, how do you overall parse out these sort of these opportunities? Do you look at the royalty percentage as a big factor in deciding that? Or is it the indication -- or is it where the scientific team's strength is or any other set of sort of metrics that you parse through in order to decide whether this is a high-value program fit for AbCellera versus not?

明白了。然後關於您提到的高價值項目的篩選過程。我想稍微了解一下，鑑於您在新冠抗體以及其他一些項目方面的經驗，目前您是如何整體分析這些機會的？您是否將特許權使用費百分比視為一個重要因素？或者它是一個指標——或者是科學研究團隊的實力所在，或者其他任何指標，您會透過這些指標來判斷這個高價值項目是否適合 AbCellera？

Yes. So as mentioned in my prepared remarks, I think that one should not look at adding value to the portfolio along a single dimension. It very much depends, of course, on volume, you want to add more programs. You also want those programs to be with the highest-quality partners on opportunities in terms of the target and the commercial opportunity that we judge to be most attractive.

是的。正如我在準備好的演講中所提到的，我認為不應該只從單一角度來考慮如何提升投資組合的價值。當然，這很大程度上取決於數量，你想增加更多項目。你也希望這些計畫能夠與最優質的合作夥伴合作，在目標和商業機會方面，我們認為最具吸引力。

And then, of course, it matters what is our economic participation in those programs. And that is a combination of what value do we bring to the partner and what are their alternatives and what are the -- what's the nature of the negotiation. So the business development team looks at every opportunity, and we assess those in terms of what we believe is the total value added to the portfolio.

當然，我們在這些項目中的經濟參與度也很重要。這涉及到我們能為合作夥伴帶來什麼價值、他們的替代方案是什麼以及談判的性質是什麼。因此，業務開發團隊會審視每一個機會，並根據我們認為能為投資組合帶來總增值的價值來評估這些機會。

And that includes work that's done by the scientific diligence teams. It includes our scientific teams. It includes the negotiations. It includes the commercial analysis. It's very much like being an investor from that perspective.

這包括科學盡職調查團隊所做的工作，包括我們的科學團隊，包括談判，包括商業分析。從這個角度來看，這很像一個投資人。

We have your last question from Antonia Borovina with Bloom Burton.

最後一個問題來自布魯姆伯頓的安東尼亞博羅維納 (Antonia Borovina)。

So just another follow-up regarding your forward integration work. So I'm just wondering, do you expect you'll have after that work is done some room to raise your typical royalty rate? Or do you think that 5% is kind of the maximum limit that the market will bear, given the competitive environment? And then I have a follow-up as well.

關於您的前向整合工作，我還有一個後續問題。我想知道，在這項工作完成後，您是否預計會有一些空間來提高您的典型專利費率？或者，考慮到當前的競爭環境，您認為 5% 是市場能夠承受的最高限額嗎？然後我還有一個後續問題。

Yes. So first of all, 5% is absolutely not the limit. We have, in fact, done 1/4 of our deals that are north of 5% in recent times. So there's a range, and it depends on the nature of the interaction and how much work we're doing, how much value we're bringing.

是的。首先，5%絕對不是上限。事實上，我們最近完成的交易中有四分之一超過了5%。所以這是一個範圍，取決於互動的本質、我們做了多少工作、帶來了多少價值。

We are focused on bringing more and more value to therapeutic antibody discovery and development. That is why we're making the investments in forward integration. It's also why we make investments in the platform generally while adding new technologies such as the OrthoMab platform or (inaudible) and some of the other technologies that we are either building organically or that we have acquired.

我們專注於為治療性抗體的發現和開發創造更多價值。這就是我們投資前向整合的原因。這也是我們投資平台的原因，同時增加新技術，例如OrthoMab平台或（聽不清楚），以及一些我們正在自主研發或收購的其他技術。

If we connect with the right partner that has a great idea, the innovation, we can take our capabilities with theirs and we've made the pie bigger. That allows us to create value through that partnership. And then the discussion is how best to split that so that both parties come away enriched from the engagement and can better meet their goals.

如果我們與擁有絕妙創意和創新的合適合作夥伴建立聯繫，我們就能將自身能力與他們的能力結合起來，將蛋糕做大。這使我們能夠透過這種合作關係創造價值。接下來的討論是如何以最佳方式分配這些價值，使雙方都能從合作中獲益，並更好地實現各自的目標。

If we are doing the work that goes all the way from discovery right through to carrying a lot of load into an IND filing, we would, of course, expect to have a much deeper participation than if we're doing the discovery and handing off candidates or leads as some of our early work has done. So we expect that, that forward integration will be used primarily with programs where we have a much deeper participation than is our typical deals. And that is -- that is in part because we're doing more work and also, of course, because we believe with technology, we can make that much faster and give that program a competitive advantage.

如果我們要做從藥物發現到IND申報的整個過程，我們當然期望比我們早期的一些工作（例如，只負責藥物發現並交付候選藥物或線索）有更深入的參與。因此，我們預計，這種前向整合將主要用於那些我們參與度比以往更深入的項目。這部分是因為我們做了更多工作，當然，也因為我們相信，借助技術，我們可以加快進程，並賦予專案競爭優勢。

Okay. And then just given the current downturn in the public markets and then that potentially spilling over into the private market, do you think that will have a meaningful impact on your ability to track new partners, either positively or negatively?

好的。那麼，考慮到目前公開市場的低迷，以及這種低迷可能會蔓延到私人市場，您認為這會對您追蹤新合作夥伴的能力產生積極還是消極的影響？

That's a great question. I could probably make arguments that went both ways. I think our initial interactions have shown that it's perhaps more of an opportunity than a headwind. And one of the reasons I'd say that, particularly for private companies is when you are starting out and you're looking at a path where you need to build capabilities, it is much more capital efficient in terms of cash to work with AbCellera.

這個問題問得好。我或許可以提出兩種觀點。我認為我們最初的互動表明，這或許更多的是一個機遇，而不是逆風。我之所以這麼說，原因之一是，尤其是對於私人公司而言，當你剛起步，正在尋找一條需要建立能力的道路時，與 AbCellera 合作在資金方面會更有效率。

You save yourself a lot of time, a lot of runway and the investment that it would otherwise take to put that in place. And then, of course, we can help them in that way, accelerate those programs. And in doing that, have created value for them and take a deeper position in those programs that, of course, is paid out primarily on success. And because we build the portfolio, we're able to look at those transactions in a rational way, whereas a smaller company really needs to preserve cash early on in its lifetime and even more so when the markets get more difficult, which may well transfer from what's happened in the public markets and into the private markets.

你可以節省大量時間、營運時間和投資，否則這些都需要投入才能實現。當然，我們可以透過這種方式幫助他們，加速這些專案的推進。這樣做，我們為他們創造了價值，並在這些項目中佔據了更大的份額，當然，這些項目的回報主要取決於項目的成功與否。由於我們建立了投資組合，我們能夠以理性的方式看待這些交易，而規模較小的公司確實需要在其發展初期就保留現金，尤其是在市場變得更加困難的時候，這種風險很可能會從公開市場轉移到私募市場。

I'm showing no further questions at this time. I would now like to turn the conference back to Dr. Carl Hansen, Chairman, CEO and President, for any closing remarks.

我現在沒有其他問題了。現在，請董事長、執行長兼總裁卡爾漢森博士致閉幕詞。

Thanks. Just would like to thank everyone for joining us today. We had a terrific year. It's been a very exciting time for AbCellera, and we're looking forward to keeping you updated on our future progress on a future call. Thanks so much.

謝謝。非常感謝大家今天的參與。我們度過了非常棒的一年。對於 AbCellera 來說，這是一個非常令人興奮的時刻，我們期待在未來的電話會議上向大家通報我們未來的進展。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. 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。