Abcellera Biologics Inc (ABCL) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to AbCellera Full Year 2022 Business Update Conference Call. My name is Daniel, and I will facilitate the audio portion of today's interactive broadcast. (Operator Instructions)

下午好，歡迎來到 AbCelera 2022 年全年業務更新電話會議。我叫丹尼爾，我將主持今天互動廣播的音頻部分。 （操作員說明）

At this time, I would like to turn the call over to Tryn Stimart, AbCellera's, Chief Legal and Compliance Officer. Please proceed.

此時，我想將電話轉給 AbCelera 的首席法律與合規官 Tryn Stimart。請繼續。

Thank you. Good afternoon, and welcome to AbCellera's full year and fourth quarter 2022 business update. We are pleased to have you with us today as we discussed the results announced in our press release issued after the market close today, which you can find on our Investor Relations website.

謝謝。下午好，歡迎來到 AbCelera 的全年和 2022 年第四季度業務更新。我們很高興今天能與您一起討論今天收市後發布的新聞稿中公佈的結果，您可以在我們的投資者關係網站上找到該新聞稿。

With me on the call today 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. 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 pose questions via the web.

今天和我一起打電話的是 AbCelera 的首席執行官兼總裁 Carl Hansen 博士； Andrew Booth，AbCelera 的首席財務官。本次電話會議的網絡廣播部分包含我們將在電話會議期間參考的幻燈片演示。如果您正在通過電話跟進並希望訪問本演示文稿的幻燈片部分，您可以在我們網站的投資者關係部分進行。對於那些訪問過網絡直播流媒體部分的人，請注意可能會有延遲，並且您將無法通過網絡提出問題。

This presentation may contain forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation 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.

根據 1995 年《私人證券訴訟法》的安全港條款，本演示文稿可能包含前瞻性陳述。任何前瞻性陳述均基於管理層當前的預期，並受某些風險和不確定因素的影響。請查看我們向美國證券交易委員會提交的文件，了解可能影響我們未來業績的風險因素。我們的演示文稿和美國證券交易委員會備案文件可在我們的投資者關係網站上找到。請注意，我們今天通話中提到的所有美元都是美元。

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

現在，我很高興將電話轉給 Carl Hansen 博士。

Thanks, Tryn, and thanks everyone for joining us today. It's my pleasure to provide an update on our business and the strong progress we made in 2022. 2022 marks AbCellera's 10th anniversary. And in the year, we hit a symbolic milestone in starting our 100th partnered antibody discovery program. Much has changed since we founded the company in 2012. We have grown from 6 founders to over 500 employees. We've opened facilities in 4 countries and have developed systems and processes to support our operations that have grown in size and in complexity.

謝謝，Tryn，感謝大家今天加入我們。我很高興提供有關我們業務的最新情況以及我們在 2022 年取得的重大進展。2022 年是 AbCelera 成立 10 週年。在這一年，我們在啟動第 100 個合作抗體發現計劃方面達到了一個像徵性的里程碑。自 2012 年成立公司以來，情況發生了很大變化。我們從 6 名創始人發展到 500 多名員工。我們在 4 個國家/地區開設了設施，並開發了系統和流程來支持我們規模和復雜性不斷增長的運營。

Throughout, we have continued to develop and integrate technologies as we build an engine for antibody discovery and development that we believe now stands at the forefront of the industry. And along the way, we have expanded our business and evolved the ways in which we bring our growing capabilities to our partners.

自始至終，我們一直在繼續開發和整合技術，因為我們構建了抗體發現和開發的引擎，我們相信它現在處於行業的最前沿。在此過程中，我們擴大了業務並改進了將我們不斷增長的能力帶給合作夥伴的方式。

Two years ago, we embraced more change as we made the transition to a publicly-traded company and accelerated our growth. As we enter 2023, I believe we are now at an inflection point and are entering a new phase of transformation and growth of our capabilities, expanding our engine with translational science, manufacturing, and regulatory matters to create a unified path from idea to the clinic, and demonstrating our capabilities in solving some of the most difficult discovery problems in the industry.

兩年前，隨著我們向上市公司轉型並加速增長，我們接受了更多變革。隨著我們進入 2023 年，我相信我們現在正處於一個轉折點，正在進入一個轉型和能力增長的新階段，通過轉化科學、製造和監管事務擴展我們的引擎，以創建從創意到臨床的統一路徑，並展示我們解決行業中一些最困難的發現問題的能力。

Over the past decade, AbCellera has been a company of continual improvement and change. However, throughout all this change, our strategy and the core beliefs that underpin it have remained constant. Every business is built on a hypothesis. Ours is that sustained investments in technology can move the needle in drug development and make our industry more productive. Every business also reflects a way of seeing the world, a philosophy. Ours is that the surest path to success is through building strength and using it to create value for others. That is why our primary focus is not on developing a new drug, but rather on building a company that works with others to find many drugs.

在過去十年中，AbCelera 一直是一家不斷改進和變革的公司。然而，在所有這些變化中，我們的戰略和支撐它的核心信念一直保持不變。每個企業都建立在假設之上。我們的看法是，對技術的持續投資可以推動藥物開發，並提高我們行業的生產力。每個企業也反映了一種看待世界的方式，一種哲學。我們認為，成功的最可靠途徑是建立實力並利用它為他人創造價值。這就是為什麼我們的主要重點不是開發新藥，而是建立一家與他人合作尋找多種藥物的公司。

Our belief in technology and our philosophy are on how we create value is captured in our strategy. Our strategy is simply this. First to build an engine that is best in world at going from an idea to a drug; and second, to use our engine with partners to build a large and diversified portfolio of stakes in future antibody therapies.

我們對技術的信念和我們的理念取決於我們如何在我們的戰略中創造價值。我們的策略就是這樣。率先打造世界上最擅長從創意到藥物的引擎；其次，與合作夥伴一起使用我們的引擎，在未來的抗體療法中建立一個龐大而多元化的投資組合。

The first part of our strategy, to build an engine for antibody discovery and development, is an ambitious and long-term technology project that encapsulates nearly everything we do as a company. The problem we're working to solve is to take a partner specification for a new therapeutic antibody and turn this into a treatment that is ready for clinical testing. Our engine creates value for the industry by speeding up discovery and development, unlocking new areas for antibody drugs, and by leveling the playing field to make antibody discovery more accessible to drug developers of all sizes.

我們戰略的第一部分是構建抗體發現和開發引擎，這是一個雄心勃勃的長期技術項目，幾乎囊括了我們作為一家公司所做的一切。我們正在努力解決的問題是採用新治療抗體的合作夥伴規範，並將其轉化為可用於臨床測試的治療方法。我們的引擎通過加速發現和開發、開闢抗體藥物的新領域以及通過公平競爭使各種規模的藥物開發商更容易獲得抗體發現來為行業創造價值。

Drug discovery is not done in a single step and our engine is not built on a single instrument or technology. It is a centralized solution that integrates expertise, technology, data, know-how, and infrastructure to enable us to respond to any problem that partners may have and to do so with precision and with speed. The challenges of building such an engine are formidable. It takes time, technology, expertise, capital, and mastery of the complexity that is inherent in doing antibody discovery at scale.

藥物發現不是一步完成的，我們的引擎也不是建立在單一儀器或技術上的。它是一個集成了專業知識、技術、數據、專有技術和基礎設施的集中式解決方案，使我們能夠準確、快速地響應合作夥伴可能遇到的任何問題。建造這樣一台發動機的挑戰是艱鉅的。大規模進行抗體發現需要時間、技術、專業知識、資金和對複雜性的掌握。

The second part of our strategy is to build a large and diversified portfolio of stakes in future therapies. Over the years, our partnerships have evolved to include 3 different program types. The first 2 types are partner-initiated programs, which include discovery programs and co-development programs. The third program type known as pre-partnered programs arises from long-range R&D projects that seek to unlock high-value areas of antibody therapeutics. When successful, these efforts have the potential to generate wholly-owned assets for partnering.

我們戰略的第二部分是在未來療法中建立一個龐大而多元化的投資組合。多年來，我們的合作夥伴關係已經發展到包括 3 種不同的計劃類型。前兩種類型是合作夥伴發起的計劃，包括發現計劃和共同開發計劃。第三種計劃類型稱為預合作計劃，源於旨在開啟抗體療法高價值領域的長期研發項目。如果成功，這些努力有可能產生用於合作的全資資產。

Partner-initiated discovery programs are the largest component of our portfolio and have deal terms that include near-term, upfront, and research payments, downstream milestones, and royalties on success and the sale of products. Because near-term payments typically cover our costs of doing the work, the return on marginal investment for these programs is high. The largest fraction of the value of these programs is associated with future royalty streams from approved drugs. Royalty rates for these programs are typically in low-to-mid single-digit range and have increased as the capabilities of our engine have grown.

合作夥伴發起的發現計劃是我們產品組合中最大的組成部分，其交易條款包括近期、前期和研究付款、下游里程碑以及成功和產品銷售的特許權使用費。由於短期付款通常涵蓋我們開展工作的成本，因此這些項目的邊際投資回報率很高。這些計劃的最大部分價值與已獲批准藥物的未來特許權使用費流相關。這些程序的版稅率通常在中低個位數範圍內，並且隨著我們引擎功能的增長而增加。

Partner-initiated discovery programs represent a large number of programs in which we have a small royalty position. It is the aggregate of these positions that has the potential to create significant long-term value in a way that is predictable and does not depend on the success of any one specific program. Noteworthy partnerships for us in 2022 include agreements with premier venture capital groups Versant Ventures and Atlas Venture. These relationships are valuable for connecting our engine to early-stage innovation.

合作夥伴發起的發現計劃代表了大量的計劃，我們在這些計劃中的版稅地位很小。這些職位的總和有可能以一種可預測的方式創造重要的長期價值，而不取決於任何一個特定項目的成功。我們在 2022 年值得注意的合作夥伴關係包括與主要風險投資集團 Versant Ventures 和 Atlas Venture 的協議。這些關係對於將我們的引擎與早期創新聯繫起來很有價值。

In 2022, we also entered into a new partnership with AbbVie, highlighting the value we can bring to large and well-enabled partners. Similarly, we announced our partnership with Regeneron last year and the advancement of our first program with them towards late-stage preclinical development.

2022 年，我們還與 AbbVie 建立了新的合作夥伴關係，凸顯了我們可以為能力強大的大型合作夥伴帶來的價值。同樣，我們去年宣布與 Regeneron 建立合作夥伴關係，並與他們一起推進我們的第一個項目，以進行後期臨床前開發。

Although partner-initiated discovery programs have a high return on investment, the bulk of the returns will not be realized until therapies reach the market, which has historically taken an average of more than 10 years. Due to the confidential nature of discovery programs, we are able to provide only limited information about this part of our portfolio, with details on any specific program only disclosed once it reaches the clinic. Because of the limited disclosure and the long timelines, we believe this large and important component of our portfolio may have been underappreciated but should be of interest to those investors who look for efficient capital allocation with a long-term view.

儘管合作夥伴發起的發現計劃具有很高的投資回報，但大部分回報要等到療法進入市場後才能實現，而這在歷史上平均需要 10 年以上的時間。由於發現計劃的機密性，我們只能提供有關我們產品組合這一部分的有限信息，任何特定計劃的詳細信息只有在到達診所後才會披露。由於披露有限且時間較長，我們認為我們投資組合中這一龐大而重要的組成部分可能被低估了，但對於那些從長遠角度尋求有效資本配置的投資者來說應該會感興趣。

Our second type of partner initiative programs are co-developments. Although there are fewer of these programs in our portfolio, anyone of them has the potential to meaningfully impact our business. Co-development programs give us the option but not the obligation to coinvest in the sequential stages of program development. We begin discovery with a 50% stake in the program and have the option to invest on a stage-by-stage basis to retain this position. This also gives us visibility on the data and the progress of each program. We announced our first co-development partnership in 2021, and to date we have started work on 6 co-development programs. We expect to select final candidates -- final clinical candidates for one or more of these programs in the next 12 to 18 months, which will allow them to advance into CMC and IND-enabling studies. In 2022, we announced a new co-development partnership with Rallybio to bring treatments to patients with rare diseases.

我們的第二種合作夥伴計劃是共同開發。儘管我們的產品組合中此類項目較少，但其中任何一個項目都有可能對我們的業務產生重大影響。共同開發計劃讓我們有選擇權，但沒有義務在計劃開發的後續階段進行共同投資。我們以該項目 50% 的股份開始發現，並可選擇分階段投資以保持這一地位。這也使我們能夠了解每個程序的數據和進度。我們在 2021 年宣布了我們的第一個共同開發合作夥伴關係，迄今為止，我們已經開始了 6 個共同開發項目。我們希望在未來 12 到 18 個月內選擇最終候選人——這些項目中的一個或多個的最終臨床候選人，這將使他們能夠進入 CMC 和 IND 支持研究。 2022 年，我們宣布與 Rallybio 建立新的共同開發合作夥伴關係，為罕見病患者提供治療。

Finally, we have been working on long-range technology development projects that seek to open up areas of therapeutic discovery where we believe there is not just one target or one opportunity but a whole family of opportunities that could be prosecuted. While the primary objective of our pre-partnered work is to expand the capabilities of our engine in high-value areas, these efforts may produce wholly-owned assets with the potential to become first-in-class antibody therapies that address large areas of unmet medical need. Our pre-partnered programs are focused on 3 areas, including T-cell engagers; GPCRs and ion channels, and pandemic response. To date, we've started 5 programs directed against well-known solid tumor targets using our T-cell engager platform. We expect the first of these programs to advance to development candidates within the next 12 to 18 months. In GPCRs and ion channels, we've initiated preparatory work on about a dozen targets, and 6 of these have now progressed to program starts. While technical risk remains, we anticipate sharing data on the first clinical candidate resulting from this work in 2023.

最後，我們一直在致力於尋求開闢治療發現領域的長期技術開發項目，我們相信，在這些領域中，不僅有一個目標或一個機會，而且還有一整套可以被起訴的機會。雖然我們預先合作工作的主要目標是擴大我們引擎在高價值領域的能力，但這些努力可能會產生全資資產，有可能成為一流的抗體療法，解決大面積未滿足的問題醫療需要。我們的預合作計劃專注於 3 個領域，包括 T 細胞參與者； GPCR 和離子通道，以及大流行反應。迄今為止，我們已經使用我們的 T 細胞接合器平台啟動了 5 個針對眾所周知的實體瘤靶標的項目。我們預計這些項目中的第一個將在未來 12 到 18 個月內進入開發候選項目。在 GPCR 和離子通道方面，我們已經啟動了大約十幾個目標的準備工作，其中 6 個現在已經進入程序啟動階段。雖然技術風險仍然存在，但我們預計將在 2023 年共享這項工作產生的第一個臨床候選藥物的數據。

Finally, our most advanced pre-partnered program is, of course, COVID-19, where antibody assets emerged from our efforts to develop a pandemic response platform. We partnered these assets with Lilly to bring our first 2 COVID-19 antibodies, bamlanivimab and bebtelovimab, that helped approximately 2 million patients in the U.S. and worldwide. As mentioned on our previous earnings call, we have a third COVID-19 antibody that we believe will be effective against all known variants of concern, including the recent BQ.1, BQ.1.1, and XBB variants. This antibody continues to progress through preclinical development with Lilly. If a clear path for clinical development and patient access can be established, we stand ready together with Lilly, to move this program forward quickly.

最後，我們最先進的預合作項目當然是 COVID-19，我們在開發大流行病應對平台的努力中產生了抗體資產。我們將這些資產與禮來公司合作，帶來了我們的首批 2 種 COVID-19抗體，bamlanivimab 和 bebtelovimab，它們幫助了美國和全球約 200 萬患者。正如我們在之前的財報電話會議上提到的，我們有第三種 COVID-19 抗體，我們相信它可以有效對抗所有已知的關注變體，包括最近的 BQ.1、BQ.1.1 和 XBB 變體。該抗體通過與禮來公司的臨床前開發繼續取得進展。如果能夠為臨床開發和患者准入建立一條清晰的路徑，我們隨時準備與禮來公司一起快速推進該項目。

Looking forward into 2023 and beyond, we will continue to allocate our resources to build the pillars of our strategy. First, building technology and infrastructure to create a centralized engine for the discovery and development of antibody therapies at scale. Here, our near- to medium-term focus is on building out our capabilities for forward integration, including translational science, manufacturing, and regulatory capabilities to enable full preclinical antibody discovery and development.

展望 2023 年及以後，我們將繼續分配資源以構建我們戰略的支柱。首先，建立技術和基礎設施，為大規模發現和開發抗體療法創建一個集中引擎。在這裡，我們的近期和中期重點是建立我們的正向整合能力，包括轉化科學、製造和監管能力，以實現完整的臨床前抗體發現和開發。

Second, continuing technology development to unlock new target classes and to enable new modalities, including our work in TCEs and GPCRs and ion channels. We are excited to see these efforts advancing and look forward to demonstrating our capability in bringing new clinical candidates forward for development.

其次，繼續進行技術開發以解鎖新的目標類別並啟用新的模式，包括我們在 TCE 和 GPCR 以及離子通道方面的工作。我們很高興看到這些努力取得進展，並期待展示我們在推動新臨床候選藥物開發方面的能力。

And third, executing on partnered programs to build a diversified portfolio of stakes in next-generation therapeutic antibodies. Our business development efforts remain focused on connecting with the highest-value programs, both with new and existing partners. And as our capabilities grow, we anticipate building deeper relationships that take our partners faster and further towards the clinic.

第三，執行合作項目以建立下一代治療性抗體的多元化投資組合。我們的業務發展工作仍然側重於與新老合作夥伴的最高價值計劃建立聯繫。隨著我們能力的增長，我們期望建立更深層次的關係，使我們的合作夥伴更快、更遠地走向診所。

As we execute on this strategy, we are defining an exciting new category of company called tech-enabled biotech or TechBio. We believe companies in this space, including our own, must ultimately be evaluated not on the promise of their technology, but on the output of their platforms. We demonstrate this by solving discovery problems that are recognized as difficult across the industry, by signing new and expanded partnerships with top-tier drug developers, and when the molecules that we discover are advancing towards and through the clinic.

當我們執行這一戰略時，我們正在定義一個令人興奮的新公司類別，稱為技術支持的生物技術或 TechBio。我們認為，這個領域的公司，包括我們自己的公司，最終必鬚根據其平台的輸出而不是其技術承諾進行評估。我們通過解決整個行業公認困難的發現問題、與頂級藥物開發商簽署新的和擴大的合作夥伴關係以及我們發現的分子何時推進並通過臨床來證明這一點。

And in the end, our success will come down to the people. I am fiercely proud of the team that we've built and what we've accomplished over the first 10 years of the business. We have momentum, we are at an inflection point, and in the next 2 years, as a team, we will show what our engine can really do.

最後，我們的成功將歸功於人民。我為我們建立的團隊以及我們在業務的前 10 年所取得的成就感到無比自豪。我們有動力，我們正處於拐點，在接下來的兩年裡，作為一個團隊，我們將展示我們的引擎真正能做什麼。

And with that, I'll now hand it over to Andrew Booth, our CFO, to provide an overview of our full year 2022 financials. Andrew?

有了這個，我現在將它交給我們的首席財務官安德魯布斯，以提供我們 2022 年全年財務狀況的概述。安德魯？

Thanks, Carl. Carl provided an overview of the engines that we have built over the past decade. We estimate that we have invested over $500 million to build that engine, which spans approximately 500 team members and is on track to include over 650,000 square feet of lab and office space, including CMC and GMP capabilities by 2024.

謝謝，卡爾。 Carl 概述了我們在過去十年中製造的發動機。我們估計我們已經投資超過 5 億美元來構建該引擎，該引擎涵蓋約 500 名團隊成員，並有望在 2024 年之前包括超過 650,000 平方英尺的實驗室和辦公空間，包括 CMC 和 GMP 能力。

To fund our growth, we have raised approximately $800 million in equity since 2012. We have also accessed substantial nondilutive funding, predominantly in the form of royalties from our COVID-19 response where we have generated approximately $1 billion in revenue cumulatively. In addition, we have also secured over $150 million in government grants and contracts. We prioritize investments with scalability, broad applicability, and high expected rates of return when we allocate capital. Since 2012, we have accumulated earnings of approximately $430 million. From the combination of strong operational execution and financing, we are in a strong liquidity position with approximately $900 million in cash, cash equivalents, and marketable securities.

為了資助我們的發展，自 2012 年以來，我們已經籌集了大約 8 億美元的股權。我們還獲得了大量非稀釋性資金，主要以我們 COVID-19 應對措施的特許權使用費形式，我們累計產生了大約 10 億美元的收入。此外，我們還獲得了超過 1.5 億美元的政府撥款和合同。我們在配置資金時，優先考慮具有可擴展性、適用性廣、預期回報率高的投資。自 2012 年以來，我們累計收益約為 4.3 億美元。結合強大的運營執行力和融資能力，我們擁有約 9 億美元的現金、現金等價物和有價證券，流動性狀況良好。

Our key business metrics speak to the strong momentum in our business. In 2022, we started work on 23 new discovery programs with partners. Of these, 9 starts were in the fourth quarter, taking us to a cumulative total of 101 partnered program starts. The 23 programs we started in the year represent approximately 1/4 of all programs that we have ever started with partners and reflect an almost 30% increase in cumulative starts compared to the end of 2021. All starts in the fourth quarter included downstream participation.

我們的關鍵業務指標說明了我們業務的強勁勢頭。 2022 年，我們開始與合作夥伴開展 23 個新發現項目。其中，第四季度啟動了 9 個，使我們累計啟動了 101 個合作項目。我們今年啟動的 23 個項目約占我們與合作夥伴啟動的所有項目的 1/4，與 2021 年底相比，累計啟動數量增加了近 30%。第四季度的所有啟動項目都包括下游參與。

We ended 2022 with 174 programs under contract with 40 unique partners. In 2022, our partners also advanced 3 more molecules into the clinic, bringing our total molecules in the clinic to 8 at the end of 2022. Our portfolio is diversified across partner types and therapeutic indications. The capabilities of our engine are broadly applicable to antibody-based drug development, so we can access a broad selection of programs in the industry by partnering. Of our 148 partner-initiated programs with downstreams, 90% are in human health. The majority of our partnered programs are in oncology, neurology, and immunology, broadly reflecting the activity in the industry.

到 2022 年底，我們與 40 個獨特的合作夥伴簽訂了 174 個項目合同。 2022 年，我們的合作夥伴還將 3 個分子推進到臨床，到 2022 年底，我們在臨床的分子總數達到 8 個。我們的產品組合在合作夥伴類型和治療適應症方面多樣化。我們引擎的功能廣泛適用於基於抗體的藥物開發，因此我們可以通過合作獲得業內廣泛的項目選擇。在我們與下游合作夥伴發起的 148 個項目中，90% 與人類健康有關。我們的大部分合作項目都在腫瘤學、神經學和免疫學領域，廣泛反映了該行業的活動。

Possessing a diverse portfolio of programs ameliorates certain risks associated with individual drug development programs, and we believe diversification across partner type and indication makes our portfolio potentially more robust relative to portfolios with a more limited focus. Our portfolio is also diversified across program types. Our 3 program types provide flexibility in how we create and capture value. They allow us to enhance our platform and our economics where the value we add to the programs is particularly large. Partner initiated discovery was our first type of program. Out of a total of 131 partner-initiated programs under contract with downstream participation, we have started work on 69 programs. We continue to add programs to this portfolio and their large volume speaks to our portfolio diversification. The potential return we can earn on our incremental investment in these programs is very high.

擁有多樣化的項目組合可以改善與個別藥物開發項目相關的某些風險，我們相信合作夥伴類型和適應症的多樣化使我們的項目組合相對於重點有限的項目組合可能更加強大。我們的產品組合也跨項目類型多樣化。我們的 3 種計劃類型為我們創造和獲取價值的方式提供了靈活性。它們使我們能夠增強我們的平台和我們的經濟，我們為項目增加的價值特別大。合作夥伴發起的發現是我們的第一種計劃。在與下游參與簽訂合同的總共 131 個合作夥伴發起的項目中，我們已經開始了 69 個項目的工作。我們繼續向該組合中添加程序，它們的大量說明了我們的組合多樣化。我們對這些項目的增量投資可以獲得非常高的潛在回報。

We announced our first co-development program in 2021. Out of 17 such programs in our portfolio, we have started work on 6. These programs enhance our portfolio economics by giving us 50-50 coownership and the option, but not the obligation, to coinvest to maintain our ownership of these programs. We announced our pre-partnered program category in 2022. These efforts in technology development with the potential to -- have the potential to produce wholly-owned assets. To date, we have started 12 of these pre-partnered programs. Success in partnering these assets could drive meaningful value in deeper royalty stakes in each program. They also have the potential for large upfront payments, which could bring significant cash flows forward.

我們在 2021 年宣布了我們的第一個共同開發計劃。在我們投資組合中的 17 個此類計劃中，我們已經開始了 6 個。這些計劃通過為我們提供 50-50 的共同所有權和選擇權（但不是義務）來增強我們的投資組合經濟性共同投資以維持我們對這些項目的所有權。我們在 2022 年宣布了我們的預合作項目類別。這些在技術開發方面的努力有可能產生全資資產。迄今為止，我們已經啟動了其中的 12 個預先合作計劃。成功地與這些資產合作可以為每個項目中更深入的特許權使用費帶來有意義的價值。他們還有可能獲得大筆預付款，從而帶來可觀的現金流。

The value we add to programs is reflected largely in the royalty rates that we negotiate. We continue to prioritize more valuable programs instead of maximizing the number of programs under contract. As a result, the range in average negotiated royalty rates in our portfolio is shifting favorably. As we reported last year, our mean royalty rate was 2.4% across 37 partner-initiated discovery programs with downstream participation that were contracted between 2015 and 2019. Between 2020 and 2022, the mean royalty rate has increased to 4.1% across the 112 programs with downstream participation that we have signed during that period. 1/4 of the programs with downstream participation that we've signed between 2020 and 2022 have the potential to achieve royalty rates above 5%.

我們為節目增加的價值主要反映在我們協商的特許權使用費率中。我們繼續優先考慮更有價值的項目，而不是最大化合同下的項目數量。因此，我們投資組合中的平均協商特許權使用費率範圍正在發生有利變化。正如我們去年報告的那樣，我們在 2015 年至 2019 年間簽訂的 37 個合作夥伴發起的有下游參與的發現項目的平均特許權使用費率為 2.4%。在 2020 年至 2022 年期間，112 個項目的平均特許權使用費率已增至 4.1%我們在此期間簽署的下游參與。我們在 2020 年至 2022 年間簽署的有下游參與的項目中有 1/4 有可能實現超過 5% 的特許權使用費率。

We continue to view our growing list of molecules in the clinic as specific examples of our near- and mid-term potential revenue from downstream milestone fees and long-term royalty payments. During the year, we saw 3 additional molecules enter the clinic. We can now disclose that 1 molecule, DNL919, was discovered by us in our discovery partnership with Denali. Denali has advanced the molecule into a Phase I clinical trial with an indication in Alzheimer's disease. The other 2 molecules were discovered and developed by partners, 1 of them undisclosed, using our Trianni humanized rodent platform under license. We congratulate NovaRock on advancing NBL-020 with an indication in oncology as their third Trianni-derived molecule into the clinic, and welcome the Phase I start of NBL-015.

我們繼續將我們不斷增長的臨床分子清單視為我們從下游里程碑費用和長期特許權使用費中獲得的近期和中期潛在收入的具體例子。在這一年中，我們看到另外 3 個分子進入了臨床。我們現在可以透露，我們在與 Denali 的發現合作夥伴關係中發現了 1 個分子 DNL919。 Denali 已將該分子推進到 I 期臨床試驗，該試驗適用於阿爾茨海默病。其他 2 個分子是由合作夥伴發現和開發的，其中 1 個未公開，使用我們的 Trianni 人源化囓齒動物平台獲得許可。我們祝賀 NovaRock 將具有腫瘤適應症的 NBL-020 作為其第三個 Trianni 衍生分子推進臨床，並歡迎 NBL-015 的 I 期開始。

Turning to revenue. Our revenue for the year was approximately $485 million. Our 2022 revenues were dominated by the $443 million of royalties that we earned from shipments of bamlanivimab and bebtelovimab during the year. This was up from $375 million in 2021. We realized approximately $1 million in milestone payments and approximately $1 million in licensing fee revenue in 2022. Finally, we earned approximately $48 million in research fees in connection with our partner-initiated discovery programs. This is up from $19 million in 2021. We have always viewed the royalties earned from our sales of COVID-19 antibodies as a source of non-dilutive funding. As Carl mentioned earlier in the call, if a practical regulatory path is established, we are ready to go ahead with a third COVID antibody together with our partner, Lilly. As it stands, we do not expect to receive further royalties from our COVID-19 program and expect our revenues to be correspondingly lower in 2023. With or without these royalties from the sale of COVID antibodies, we will continue to support investments in expanding the capabilities of our engine, including our forward integration into translational sciences, CMC, and GMP, which we expect to be operational in 2025.

談到收入。我們當年的收入約為 4.85 億美元。我們 2022 年的收入主要來自這一年我們從 bamlanivimab 和 bebtelovimab 的發貨中獲得的 4.43 億美元特許權使用費。這高於 2021 年的 3.75 億美元。我們在 2022 年實現了約 100 萬美元的里程碑付款和約 100 萬美元的許可費收入。最後，我們從合作夥伴發起的發現計劃中獲得了約 4800 萬美元的研究費用。這高於 2021 年的 1900 萬美元。我們一直將銷售 COVID-19 抗體所獲得的特許權使用費視為非稀釋性資金來源。正如卡爾早些時候在電話會議中提到的那樣，如果建立了切實可行的監管路徑，我們準備與我們的合作夥伴禮來公司一起繼續開發第三種 COVID 抗體。目前，我們預計不會從我們的 COVID-19 計劃中獲得更多的特許權使用費，並預計我們的收入在 2023 年會相應降低。無論有沒有這些 COVID 抗體銷售的特許權使用費，我們將繼續支持投資以擴大我們引擎的能力，包括我們與轉化科學、CMC 和 GMP 的前向整合，我們預計這些將在 2025 年投入運營。

Turning to operating expenses. Our research and development expenses for the year were nearly $108 million compared to $62 million in 2021. This 75% increase reflects our continuing investments in our business as we expand the capacity of our teams and the capabilities of our engine to deliver on a growing number of discovery programs. Notably, our buildout of the teams for CMC and GMP manufacturing is now gathering pace heading into 2023. Approximately 2/3 of our R&D efforts continue to be directed at enhancing the capabilities of our engine with the remaining 1/3 relating to execution on our partner-initiated programs. Sales and marketing expenses for the year were approximately $11 million compared to nearly $7 million in 2021. This approximately 60% increase reflects our continuing investments in business development. General and administration expenses for the year were approximately $55 million compared to almost $42 million in 2021. This approximately 30% increase was driven by the need to support the growing business overall.

轉向運營費用。我們今年的研發費用接近 1.08 億美元，而 2021 年為 6200 萬美元。這 75% 的增長反映了我們對業務的持續投資，因為我們擴大了團隊的能力和引擎的能力，以交付越來越多的客戶的發現程序。值得注意的是，我們的 CMC 和 GMP 製造團隊的建設現在正在加快步伐進入 2023 年。我們大約 2/3 的研發工作繼續用於增強我們引擎的能力，其餘 1/3 與我們的執行有關合作夥伴發起的計劃。與 2021 年的近 700 萬美元相比，今年的銷售和營銷費用約為 1100 萬美元。這一增長約 60% 反映了我們對業務發展的持續投資。與 2021 年的近 4200 萬美元相比，本年度的一般和行政費用約為 5500 萬美元。這一增長約 30% 的原因是需要支持整體不斷增長的業務。

We were profitable for the full year of 2022 and are reporting earnings of approximately $158 million for the year. This compares to earnings of approximately $153 million in 2021. This result reflects the recognition of royalties on bamlanivimab and bebtelovimab offsetting investments to expand the capabilities of our engine and running discovery efforts for our partners. As discussed earlier, we do not expect to receive further royalties from our COVID-19 program, and therefore, do not expect to be profitable in 2023. In terms of earnings per share, our results for 2022 works out to a profit of $0.56 per share on a basic and $0.50 per share on a diluted basis.

我們在 2022 年全年實現盈利，並報告全年收益約為 1.58 億美元。相比之下，2021 年的收益約為 1.53 億美元。這一結果反映了對 bamlanivimab 和 bebtelovimab 的特許權使用費的認可，抵消了投資以擴大我們引擎的能力並為我們的合作夥伴開展發現工作。如前所述，我們預計不會從我們的 COVID-19 計劃中獲得更多特許權使用費，因此預計 2023 年不會盈利。就每股收益而言，我們 2022 年的業績為每股 0.56 美元基本份額和稀釋後每股 0.50 美元。

Looking at cash flows. Our operating activities for 2022 contributed approximately $270 million to our cash flow. This includes the strong royalties earned from our COVID antibodies in the first 3 quarters of the year and the collection of accrued accounts receivable from royalties on sales of bamlanivimab in 2021. As a part of our treasury strategy, we keep around $500 million invested in short-term marketable securities, and our investment activities for the year include an approximately $250 million net increase in these holdings. Also included in our investment activities for the year is an approximately $70 million investment in property and equipment as well as payments connected with our facilities expansion, including our future GMP facility in Vancouver. Having broken ground for that facility as well as on a new headquarters building in 2022, we are set to continue these investments into 2023 and 2024. As a reminder, our GMP facility is co-funded by the Government of Canada's Strategic Innovation Fund.

看現金流。我們 2022 年的經營活動為我們的現金流貢獻了大約 2.7 億美元。這包括今年前 3 個季度從我們的 COVID 抗體中獲得的可觀特許權使用費，以及從 2021 年 bamlanivimab 銷售特許權使用費中收取的應收賬款。作為我們財務戰略的一部分，我們將約 5 億美元投資於短期-定期有價證券，我們今年的投資活動包括這些持股淨增加約 2.5 億美元。我們今年的投資活動還包括約 7000 萬美元的財產和設備投資，以及與我們設施擴建相關的付款，包括我們未來在溫哥華的 GMP 設施。該設施和新總部大樓於 2022 年破土動工，我們將在 2023 年和 2024 年繼續進行這些投資。提醒一下，我們的 GMP 設施由加拿大政府戰略創新基金共同資助。

As a result, we finished the year with over $880 million of unrestricted cash, cash equivalents, and marketable securities. We remain in a strong liquidity position that allows us to fully execute on our strategy to continue to expand the capabilities of our engine and to do so with excellent visibility and runway. We continue to believe that we have sufficient liquidity to fund well beyond the next 3 years of investment in the growth of our business. With that, we'd be happy to take your questions. Operator?

因此，我們在這一年結束時擁有超過 8.8 億美元的不受限制的現金、現金等價物和有價證券。我們仍然處於強大的流動性狀況，這使我們能夠充分執行我們的戰略，以繼續擴展我們引擎的能力，並以出色的知名度和跑道做到這一點。我們仍然相信，我們有足夠的流動性來為未來 3 年的業務增長投資提供資金。有了這個，我們很樂意回答您的問題。操作員？

(Operator Instructions) The first question comes from the line of Tiago Fauth of Credit Suisse.

（操作員說明）第一個問題來自瑞士信貸的Tiago Fauth。

Congrats on the progress. Just a couple for me. One is on the pre-partnered program. So, again, you had a lot of program starts in that category. How should we think about the ideal timing in general due to search for partners for those programs? I know that's probably going to be on a case-by-case basis, but curious what the potential monetization partnership of those programs... (technical difficulty)

祝賀進步。對我來說只是一對。一個是預合作計劃。因此，同樣，您在該類別中有很多程序啟動。由於為這些項目尋找合作夥伴，我們應該如何考慮一般的理想時機？我知道這可能要視具體情況而定，但很好奇這些項目的潛在貨幣化合作夥伴關係是什麼……（技術難度）

Tiago, Carl here. So the punchline is, I think you're right. We're going to look at every one of these opportunities as they mature, and it's likely that timing could be different. Our strategy is to advance these to the point where we have established that we have a high likelihood or have actually achieved clinical candidates and then to make that data available probably in a publication or certainly when strategic at a meeting. That effort, we anticipate, given the nature of these targets, so these are typically programs that are directed towards targets that are widely sought after and are recognized as being as high value. So we believe that disclosure is likely to kick off discussions with partners. And then, of course, we'll have to enter into those discussions and see what is the best path for each particular asset.

蒂亞戈，卡爾在這裡。所以重點是，我認為你是對的。隨著這些機會的成熟，我們將審視每一個機會，而且時間可能會有所不同。我們的策略是將這些推進到我們已經確定我們很有可能或實際上已經獲得臨床候選人的地步，然後可能在出版物中或當然在會議上戰略性地提供這些數據。我們預計，鑑於這些目標的性質，這些努力通常是針對廣受追捧並被認為具有高價值的目標的計劃。因此，我們認為披露可能會啟動與合作夥伴的討論。然後，當然，我們將不得不參與這些討論，看看每種特定資產的最佳路徑是什麼。

The next question comes from the line of Andrea Tan of Goldman Sachs.

下一個問題來自高盛的 Andrea Tan。

Maybe on the GPCR and ion channel work that you're planning on highlighting this year. Just curious if you can provide a bit more color on the nature of those data disclosures. And then maybe given that this will fall on the back of your work with T-cell engagers that you shared last year, how much readthrough do you think there is to your broader platform and your ability to discover antibodies against these types of targets?

也許在你今年計劃強調的 GPCR 和離子通道工作上。只是好奇您是否可以就這些數據披露的性質提供更多顏色。然後也許考慮到這將取決於您去年分享的與 T 細胞接合器的工作，您認為您對更廣泛的平台以及發現針對這些類型目標的抗體的能力有多少閱讀？

Andrea, so I'll start by talking about the GPCR and ion channel work. As mentioned in the prepared remarks, these programs have been launched not as standalone programs, but in connection with long-range R&D activities that seek to unlock the entire class. So within the class of ion channels and GPCRs, there's a large number of targets that are validated. Perhaps there are small molecules that have worked. But there are problems with toxicity or specificity that would make antibodies an ideal solution.

Andrea，所以我將從談論 GPCR 和離子通道工作開始。正如準備好的評論中所提到的，這些項目並不是作為獨立項目啟動的，而是與旨在解鎖整個課程的長期研發活動相結合。因此，在離子通道和 GPCR 類別中，有大量目標得到驗證。也許有一些小分子起作用了。但是存在使抗體成為理想解決方案的毒性或特異性問題。

For these targets that are generally out in the open, the problem has been in identifying antibodies with the right properties to make them into drugs. So we've been working on several of these programs. As I mentioned, there is still risk, and I would certainly say that we're not at the point where any of these targets can be addressed successfully, but we do expect that we'll get there. That work is now gathering speed, and there's enough success that we expect this year we'll be able to bring forward at least the first example of a clinical candidate.

對於這些通常公開的目標，問題在於識別具有正確特性的抗體以將其製成藥物。所以我們一直在研究其中的幾個項目。正如我所提到的，仍然存在風險，我肯定會說我們還沒有達到可以成功實現這些目標中的任何一個的地步，但我們確實希望我們能到達那裡。這項工作現在正在加快速度，我們預計今年我們將能夠至少提出第一個臨床候選人的例子。

So the data that we would share on a molecule like that would, of course, include all the characterization that shows that it hits the target, that it has the desired functional properties, and that it has the right biophysical properties to make it developable as a drug. So we're expecting or certainly aiming to have the first of those show up this year. And as you mentioned, that success in itself will be seen as valuable because these have the potential to be developed as first-in-class or best-in-class assets, but even more important for us is that it demonstrates that the strategy of investing in solving these problems is paying off. And once you solve one, there's a higher likelihood you'll be able to get the next one. And so we believe there's a lot of readthrough into the platform by showing examples of solving problems that have remained outstanding in the industry for a decade.

因此，我們將在這樣的分子上共享的數據當然包括所有表明它擊中目標、具有所需功能特性以及具有使其可開發的正確生物物理特性的特徵。一種藥物。所以我們期待或肯定會在今年讓其中的第一個出現。正如你所提到的，成功本身將被視為有價值的，因為這些有可能被開發為一流或一流的資產，但對我們來說更重要的是它表明戰略投資於解決這些問題是有回報的。一旦你解決了一個問題，你就更有可能獲得下一個問題。因此，我們相信通過展示解決行業中十年來仍未解決的問題的示例，可以對該平台進行大量閱讀。

The same is true, of course, in the T cell engager space. That effort is not as advanced, but we do expect to get to the point of development candidates for the first program this year. And in our view, layering on successes over the last few years in CD3, in COVID-19, in moving forward programs for partners, layering on top success in GPCRs and ion channels and ultimately in T-cell engagers, all of that reinforces our thesis that sustained investments in technologies can move the needle and make it more accessible and practical to get antibodies forward for these problems.

當然，在 T 細胞接合器領域也是如此。這項工作沒有那麼先進，但我們確實希望在今年達到第一個項目的開發候選人的地步。在我們看來，過去幾年在 CD3、COVID-19 中取得的成功，為合作夥伴推進的計劃，在 GPCR 和離子通道以及最終在 T 細胞接合器方面取得的最大成功，所有這些都加強了我們論文認為，對技術的持續投資可以推動發展，使針對這些問題的抗體更容易獲得和實用。

And then maybe just one last question. Can you just remind us what in your mind is the right mix of partner-initiated co-development and pre-partnered programs?

然後也許只是最後一個問題。您能否提醒我們您認為合作夥伴發起的共同開發和預合作計劃的正確組合是什麼？

Yes. So I wouldn't say that we're thinking about it as the right mix. Our main line of business is to generate a large and diversified stake in programs that are being advanced by partners. And so partner-initiated programs are 1 element of that. And of course, there's the discovery partnerships and co-development partnerships. Pre-partnered programs, as I mentioned, come out of our technology development work. We have been investing to build capacity to make sure that we are able to respond to all the high-quality partner-initiated programs that we can find. And so we're continuing to grow that business. Of course, if we see opportunities that are connected with our technology development, we will invest in those as well. And we see that as anticipating the needs and finding another way to bring high-quality assets into the hands of partners for clinical development.

是的。所以我不會說我們正在考慮將其視為正確的組合。我們的主要業務是在合作夥伴推進的項目中產生大量和多樣化的股份。因此，合作夥伴發起的計劃是其中的一個要素。當然，還有發現夥伴關係和共同開發夥伴關係。正如我所提到的，預先合作計劃來自我們的技術開發工作。我們一直在投資建設能力，以確保我們能夠響應我們能找到的所有高質量合作夥伴發起的計劃。因此，我們將繼續發展該業務。當然，如果我們看到與我們的技術發展相關的機會，我們也會投資於這些機會。我們認為這是預測需求並尋找另一種方法將高質量資產交到合作夥伴手中以進行臨床開發。

Next question comes from the line of Gary Nachman of BMO.

下一個問題來自 BMO 的 Gary Nachman。

Really just following on that last question, Carl. So on the different strategies of creating value with both partnered and pre-partnered programs, are those moving completely in parallel, or do you expect to focus a lot more on the pre-partnered programs going forward? So another way of asking it is, do you think it'll be harder to accelerate the level of your partnered programs? Is there a point where it just gets a little bit more mature, that part of the business?

卡爾，真的只是在回答最後一個問題。那麼，關於通過合作夥伴和預合作計劃創造價值的不同策略，這些策略是完全並行的，還是您希望更多地關注未來的預合作計劃？所以另一種問法是，你認為提高合作項目的水平會更難嗎？業務的那一部分是否會變得更加成熟？

And then how do things change for you when you have CMC and GMP capabilities in 2025? How will that change how you think about both the partnered and the pre-partnered programs and maybe how you're going to structure economics around those programs with those capabilities?

那麼，當您在 2025 年擁有 CMC 和 GMP 能力時，情況會發生怎樣的變化？這將如何改變您對合作項目和預合作項目的看法，以及您將如何圍繞具有這些能力的項目構建經濟結構？

Gary, so first, the partner-initiated programs that we do are the bread and butter of the business, and so we are continuing to move that forward. Now as we've said on previous calls, our business development strategy is not to optimize volume in terms of the number of programs, but rather to make decisions that we believe will optimize the value that they represent in the portfolio. So that will be a combination of finding partners that we believe have great ideas and are well enabled to bring them forward. It'll be being able to negotiate terms that give us a deeper economic stake in those. And connected with that is our ability to demonstrate and to perform activities that add more value to those programs.

加里，首先，我們所做的合作夥伴發起的計劃是業務的基礎，因此我們將繼續推動它向前發展。正如我們在之前的電話會議上所說，我們的業務發展戰略不是根據程序數量優化數量，而是做出我們認為將優化它們在投資組合中所代表的價值的決策。因此，這將是尋找我們認為有偉大想法並有能力將這些想法付諸實踐的合作夥伴的組合。它將能夠協商條款，使我們在這些條款中獲得更深的經濟利益。與此相關的是我們展示和執行為這些程序增加更多價值的活動的能力。

So certainly, as we begin to move towards forward integration with translational science, with manufacturing, even building out regulatory capabilities to help the smaller and less enabled partners, we're adding more value, and we would expect to participate more in the success of those programs. So that's how we see partner-initiated programs. Volume, I do believe, it will increase, but much more I think the way in which we select opportunities, the likelihood of them moving forward, the speed at which they move forward, and our economic participation are some of the big levers that we think about in terms of maximizing value.

因此，當然，隨著我們開始與轉化科學、製造業向前整合，甚至建立監管能力來幫助規模較小、能力較弱的合作夥伴，我們正在增加更多價值，我們希望更多地參與到成功中那些程序。這就是我們如何看待合作夥伴發起的計劃。數量，我相信，它會增加，但我認為更多的是我們選擇機會的方式，他們向前發展的可能性，他們前進的速度，以及我們的經濟參與是我們的一些重要槓桿從價值最大化的角度考慮。

From that perspective, the work on pre-partnered programs, which is about taking the initiative to demonstrate capabilities that unlock new areas, we see as completely synergistic with that. It drives business towards us because we develop and demonstrate capabilities. And in many instances, particularly with the larger companies, we will have move-forward programs where there is an interest, and that has also generated value by saving time and derisking those programs. And so we really see those 2 parts of the business as 1 really or at least walking arm in arm.

從這個角度來看，關於預先合作計劃的工作，即主動展示解鎖新領域的能力，我們認為與此完全協同。它推動業務走向我們，因為我們開發和展示能力。在許多情況下，特別是對於較大的公司，我們將在有興趣的地方開展前瞻性計劃，並且通過節省時間和降低這些計劃的風險也產生了價值。因此，我們真的將業務的這兩個部分視為一個真正或至少手挽手的部分。

Okay. That's helpful. And then maybe you could just run through a little bit on the last couple of partnered programs, AbbVie and Rallybio. It seems they're a little bit on opposite ends of the spectrum in terms of the size of the company and how they're structured, in terms of AbbVie being responsible for the targets and Rallybio that's really shared and a co-development arrangements. I'm just curious if you see, in terms of the opportunities out there, is it -- are there a lot for both of those types of partnerships. And how long did it take for those 2 really to consummate, just so we get a sense of maybe what goes a little bit behind the scenes just with 2 recent examples?

好的。這很有幫助。然後也許你可以稍微了解一下最後幾個合作項目，AbbVie 和 Rallybio。就公司規模和結構而言，就艾伯維（AbbVie）負責目標和真正共享的 Rallybio 以及共同開發安排而言，它們似乎有點相反。我只是很好奇你是否看到，就那裡的機會而言，這兩種類型的合作夥伴關係是否有很多。這 2 個真正完善需要多長時間，這樣我們就可以通過最近的 2 個例子了解幕後可能發生了什麼？

Sure. So obviously, those are 2 deals with companies that have a very different profile. I would say that the new partnership with AbbVie, which we're very excited about, is representative of much of our work with the larger, very enabled partners that have a real track record and capabilities in antibody therapeutics. So those engagements tend to be driven by their teams finding problems where they need an extra lever or an extra advantage in technology to get those programs over the hump and start to move them towards the clinic, and there are no shortage of programs like that. So there's a lot of potential market opportunity amongst the big and most enabled players like the AbbVies, like the Regenerons where they are actively interested in moving antibody therapeutics into areas where it has been either difficult or impossible. So that deal I think finding alignment early on in the capabilities is very straightforward. Of course, it does take time to contract, but that's part of doing business in this space.

當然。很明顯，這是與具有截然不同概況的公司的 2 筆交易。我想說的是，與艾伯維的新合作夥伴關係讓我們感到非常興奮，它代表了我們與更大、更有能力的合作夥伴的大部分合作，這些合作夥伴在抗體治療方面擁有真實的記錄和能力。因此，這些參與往往是由他們的團隊發現問題所驅動的，他們需要額外的槓桿或額外的技術優勢來使這些項目渡過難關並開始將它們推向診所，而且這樣的項目並不缺乏。因此，像 AbbVies 和 Regenerons 這樣的大型和最有能力的參與者有很多潛在的市場機會，他們對將抗體療法轉移到困難或不可能的領域非常感興趣。因此，我認為在功能早期找到一致性非常簡單。當然，簽訂合同確實需要時間，但這是在這個領域開展業務的一部分。

On the Rallybio side, that's another great example of how our platform can deliver value to partners. So here we have a company that is based on insight into the targets that is experienced, that has developed drugs before, but that has not yet built internal capabilities for antibody discovery. And there we can save them the need to reassemble those capabilities or build them from scratch and allow them to focus on where they're really strong, while we take on the discovery and preclinical development of those assets. And that we see as a way to really strip out redundancy in the industry.

在 Rallybio 方面，這是我們的平台如何為合作夥伴創造價值的另一個很好的例子。所以我們這裡有一家公司，它基於對有經驗的目標的洞察力，以前開發過藥物，但尚未建立抗體發現的內部能力。在那裡，我們可以節省他們重新組裝這些能力或從頭開始構建它們的需要，讓他們專注於他們真正強大的地方，同時我們承擔這些資產的發現和臨床前開發。我們認為這是一種真正消除行業冗餘的方法。

I mentioned also in the prepared remarks a couple engagements that we have made with premier venture capital groups, and I think that's another example where you've got innovation, you've got capital, you've got executives, a business idea. And from our perspective, there's no need for these companies to need to reinvent all the substructure of innovation. They should be focused on where they can really deliver value and, of course, that's what a centralized engine is supposed to do and that's part of our mission.

我在準備好的發言稿中還提到了我們與主要風險投資集團的一些約定，我認為這是另一個例子，你有創新，有資本，有高管，有商業理念。從我們的角度來看，這些公司沒有必要重新發明創新的所有子結構。他們應該專注於他們可以真正提供價值的地方，當然，這是集中式引擎應該做的，也是我們使命的一部分。

The next question comes from Robyn Karnauskas from Truist.

下一個問題來自 Truist 的 Robyn Karnauskas。

And my second question is on deal terms. So the contracts you signed in the last 2 years probably have a lower royalty structure. And as you're building out your capabilities and given how long sometimes it can take pharma to move to the clinic, is there a way for you or the partner to amend the terms of the partnership to get more involved, or to receive higher royalty rate. Is that something that you think might happen at all?

我的第二個問題是關於交易條款。因此，您在過去 2 年簽署的合同可能具有較低的版稅結構。當您正在建立自己的能力並考慮到有時需要多長時間才能將製藥公司轉移到診所時，您或合作夥伴是否有辦法修改合作夥伴關係的條款以更多地參與或獲得更高的特許權使用費速度。那是你認為可能發生的事情嗎？

And then my last question is what how is how has it changed since the IRA and the big focus on biologics, your interactions with your partners as far as the need to develop new molecules fast that are best-in-class. I'm just curious if you've seen a shift since the IRA was announced.

然後我的最後一個問題是，自 IRA 以來它發生了怎樣的變化，以及對生物製劑的高度關注，你與合作夥伴的互動，以及快速開發一流新分子的需要。我只是想知道自 IRA 宣布以來你是否看到了變化。

Robyn, Andrew here. Yes, I'll take each of those in turn. So the new NovaRock molecule, yes, it does indeed have downstream participation and a royalty associated with it. That's why we do include it on that chart.

羅賓，安德魯在這裡。是的，我會依次接受這些。所以新的 NovaRock 分子，是的，它確實有下游參與和與之相關的特許權使用費。這就是我們將其包含在該圖表中的原因。

With regards to the deal terms that we have with our partners, we have -- in each of these arrangements, we have kind of an understood scope of work that we're doing and the agreed economics and terms associated with that scope of work. It's not contemplated that we would change that materially throughout the execution of the program, and certainly, not with an intent to come to a renegotiation at some point later in the partnership. So I think those terms or those contracts stand on their own with the set scope of work with the intent for us to do our activity and then deliver back to the partner what is promised for them to continue on the development.

關於我們與合作夥伴的交易條款，我們有 - 在每一項安排中，我們都有某種理解的工作範圍以及與該工作範圍相關的商定經濟學和條款。沒有考慮到我們會在整個計劃的執行過程中對這一點進行實質性的改變，當然，也不打算在合作夥伴關係後期的某個時候重新談判。因此，我認為這些條款或合同獨立存在，具有既定的工作範圍，目的是讓我們開展活動，然後將承諾的內容交還給合作夥伴，讓他們繼續開發。

You mentioned a comment as well, but I just want to clarify. It sounded as though you indicated that the royalty rates had decreased in the recent past, but that's not the case. The royalty rates have been increasing...

你也提到了一條評論，但我只是想澄清一下。聽起來好像您表示特許權使用費率最近有所下降，但事實並非如此。特許權使用費一直在增加...

No, the old ones. Yes, the old ones. I was talking about the old contracts because I would assume the old programs were at lower royalty rates, but like do you have -- would you negotiate higher royalty rates as these companies see that you're more capable -- you have greater capabilities...

不，舊的。是的，舊的。我在談論舊合同，因為我假設舊程序的使用費率較低，但就像你一樣 - 你會協商更高的使用費率，因為這些公司認為你更有能力 - 你有更大的能力。 ..

No.

不。

And that they may need that because pharma [has started] moving faster.

而且他們可能需要它，因為製藥 [已經開始] 移動得更快。

Actually it's a great question. And this is -- between 2021 and 2022, we made a definite change in the nature of the contracts we were negotiating. In 2021, you'll see we negotiated several multiyear, multitarget deals for even 8 or 10 targets at a time. We've since indicated on calls that we've moved away from locking ourselves into the economics on multiple targets even when we are adding capabilities. So what we're tending to do more and more, and you see it in our results, is negotiate smaller contracts for programs under contract with certain economics because there really isn't the opportunity to go back to the partner and renegotiate the economics once they're agreed to at the signing of the contract.

實際上這是一個很好的問題。這是——在 2021 年到 2022 年之間，我們對正在談判的合同的性質進行了明確的改變。到 2021 年，你會看到我們為甚至 8 或 10 個目標談判了幾項多年期、多目標的交易。從那以後，我們在電話中表示，即使我們正在增加功能，我們也不再將自己鎖定在多個目標的經濟上。所以我們越來越傾向於做，你在我們的結果中看到了，是根據與某些經濟學的合同為項目談判較小的合同，因為真的沒有機會回到合作夥伴並重新談判經濟學一次他們在簽訂合同時就同意了。

The opportunity we have is to have a renewal or repeat engagement with an existing partner once they've seen our capabilities, and then we have the opportunity on the subsequent programs to negotiate again the royalty rates given the increased capabilities and whatever the increased value is that we would be doing -- we would be bringing to that partner. That's more our posturing today than it had been some years ago. And so we don't see the opportunity to reopen those older negotiations from 2019 and previously to change the economics in those contracts. Hopefully that answers the question more completely.

我們擁有的機會是，一旦現有合作夥伴看到我們的能力，我們就有機會與他們續約或重複合作，然後我們有機會在後續計劃中再次協商特許權使用費率，無論增加的能力和增加的價值是什麼我們會做的——我們會帶給那個合作夥伴。與幾年前相比，我們今天的姿態更是如此。因此，我們認為沒有機會從 2019 年及之前重新開始那些較早的談判來改變這些合同的經濟學。希望這能更完整地回答這個問題。

Yes, exactly. And then just the question on the IRA. I'm just curious if you're seeing -- we're definitely hearing a shift in big pharma world and biotech world about what they're prioritizing. So I'm just curious if you're seeing a shift in what types of programs people are leveraging your technology for.

對，就是這樣。然後就是關於 IRA 的問題。我只是好奇你是否看到了——我們肯定聽到了大型製藥界和生物技術界關於他們優先考慮的事情的轉變。所以我很好奇你是否看到人們利用你的技術進行哪些類型的項目的轉變。

I'd say just generally the IRA and certainly how biologics are more favorably treated in that document or in that regulation, it definitely is a tailwind for us in the business with more people shifting towards potential antibody treatments. I think that bodes well for us over the longer term. In the very recent past, I'm not sure we've quite seen the giant uptick, but I think it would only be a tailwind for us in our business going forward.

我想說的是一般 IRA，當然還有生物製品在該文件或該法規中如何得到更優惠的待遇，這對我們這個行業來說絕對是一個順風，因為越來越多的人轉向潛在的抗體治療。從長遠來看，我認為這對我們來說是個好兆頭。在最近的過去，我不確定我們是否已經看到了巨大的增長，但我認為這只會成為我們未來業務的順風。

The next question comes from Puneet Souda of SVB Securities.

下一個問題來自 SVB Securities 的 Puneet Souda。

It's Michael on for Puneet. Congrats on 4Q and a strong 2022. So now that COVID royalty is starting to normalize, I was wondering if you could provide these guardrails for perhaps program starts or potential new adds under contract for the year. So it seems in 2022 and 2023, you had roughly similar program start. Is that a cadence that we should expect going forward, or do you see it lifting from this year into 2023?

Puneet 的邁克爾。祝賀 4Q 和強勁的 2022 年。所以現在 COVID 版稅開始正常化，我想知道你是否可以為項目啟動或今年合同下的潛在新增項目提供這些護欄。所以看起來在 2022 年和 2023 年，你有大致相似的程序啟動。這是我們應該期待的節奏，還是您認為它會從今年提升到 2023 年？

Michael, so first of all, on the COVID revenues, yes, we do -- as we mentioned in the prepared remarks, we are not forecasting any future revenue from COVID molecules. Of course, we stand at the ready with our partner Lilly if a regulatory path opens up with a molecule that we've discovered with them, and we see that really as upside to 2023 and beyond.

邁克爾，首先，關於 COVID 的收入，是的，我們這樣做了——正如我們在準備好的評論中提到的，我們不會預測 COVID 分子的任何未來收入。當然，如果我們與他們一起發現的分子打開監管路徑，我們將與我們的合作夥伴禮來公司做好準備，我們認為這確實是 2023 年及以後的有利因素。

In terms of program starts, as I think you know, we haven't provided guidance in the past on program starts. We have been saying it's -- we've had a very strong quarter in Q4 with 9 program starts. And I think that generally reflects just the momentum we have and our focus on the execution in the business of working on these with our partners. And in addition, of course, we have the program starts related to the pre-partnered programs. Our key metric is really for only partner-initiated program starts. And we continue to see great momentum there as well as -- and we do see that continuing into 2023. But we still do not plan to give any specific guidance with regards to program starts for 2023.

在計劃啟動方面，我想你知道，我們過去沒有提供有關計劃啟動的指導。我們一直在說——我們在第四季度有一個非常強勁的季度，有 9 個項目啟動。我認為這通常反映了我們的勢頭，以及我們對與合作夥伴合作開展業務的執行力的關注。此外，當然，我們還有與預合作項目相關的項目啟動。我們的關鍵指標實際上僅適用於合作夥伴發起的計劃啟動。我們繼續看到那裡的巨大勢頭——我們確實看到這種勢頭會持續到 2023 年。但我們仍然不打算就 2023 年的計劃啟動提供任何具體指導。

I would point to, and I'm sure you noticed the performance on research fees year-over-year, this again points to the fact that we're doing more per program, and that is directly reflected in the research fee revenue that we are earning on the execution of each of those programs. That's where we're really focused, rather than on specifically the number of program starts, it's how are we adding more and more value to each program that we're working on, advancing those discovery efforts through to molecules that eventually can get to patients in the clinic.

我要指出的是，我相信你注意到了研究費用的同比表現，這再次表明我們在每個項目上做的更多，這直接反映在我們的研究費用收入中正在通過執行這些程序中的每一個來賺錢。這是我們真正關注的地方，而不是具體的項目啟動數量，而是我們如何為我們正在進行的每個項目增加越來越多的價值，將這些發現工作推進到最終可以到達患者的分子在診所裡。

Okay. Great. That's really helpful. And then one thing we're also wondering, so we've heard a little bit about increased, I guess, scrutiny on capital deployment. And we were wondering if this has reflected favorably for the business given your, I guess, more capital-efficient offering, or if that's having any bearings on, I guess, your trajectory for program starts.

好的。偉大的。這真的很有幫助。然後我們也想知道一件事，所以我們聽說了一些關於增加的，我猜，對資本部署的審查。我們想知道這是否對您的業務產生了有利影響，我猜，您提供更具資本效率的產品，或者我想這是否對您的計劃啟動軌蹟有任何影響。

Yes, I'll do my best to answer that question. As you know, we're in a very strong liquidity position, and we have big investments, which I think we've been communicating consistently, this forward integration into translational sciences, CMC, GMP. It does require absolutely some allocation of capital to build out those capabilities. We, of course, are doing that very capital-efficient way with the co-funding from the government of Canada. And we have, in general, taken advantage of government programs that are out there in the past and we'll continue to do that for any available government programs in the future to really make sure we're investing in a very efficient way the capital that we have.

是的，我會盡力回答這個問題。如你所知，我們處於非常強大的流動性狀況，我們有大量投資，我認為我們一直在溝通，這種向前整合到轉化科學、CMC、GMP 中。它確實需要一些資本分配來建立這些能力。當然，在加拿大政府的共同資助下，我們正在採用這種非常節省資本的方式。總的來說，我們已經利用了過去的政府計劃，我們將繼續為未來的任何可用政府計劃這樣做，以真正確保我們以非常有效的方式投資資本我們有。

I don't think we've seen any -- I think the words you used were increased scrutiny on the deployment of that capital. I think we've been quite transparent in what our plans are...

我認為我們沒有看到任何 - 我認為你使用的詞語是對該資本部署的更嚴格審查。我認為我們的計劃非常透明......

No, just to clarify, this is for customers. So we've been hearing some biopharma has been focusing on making their cash runway extend. So this is not about AbCellera's capital deployment but rather AbCellera's customers if their decisions about how to proceed with capital. That's sort of the question. Yes.

不，只是為了澄清，這是給客戶的。所以我們一直聽說一些生物製藥公司一直專注於擴大他們的現金跑道。因此，這與 AbCelera 的資本部署無關，而與 AbCelera 的客戶有關如何處理資本的決定有關。這就是問題所在。是的。

Okay. This is a macro question about many of our customers and their ability to deploy capital. I think that the fact that the market is down at the moment really plays to our strengths where companies can come to us, and we can, in a very capital efficient way, where we are deferring the lion's share of the economics to the downstream participation through milestones and royalties, they can quickly get up and running and have us put best-of-world capabilities on discovering antibody for them in the shortest amount of time. That's a great value proposition overall and especially in a tight macro market. So I think that that plays to our strengths, and can help us get them to a value inflection point maybe more quickly than their alternative. So I think that is a tailwind for us at the moment.

好的。這是一個關於我們許多客戶及其部署資本能力的宏觀問題。我認為目前市場低迷的事實確實發揮了我們的優勢，公司可以來找我們，我們可以以一種非常資本有效的方式，將經濟的最大份額推遲到下游參與通過里程碑和特許權使用費，他們可以快速啟動和運行，讓我們在最短的時間內為他們發現抗體的世界最佳能力。總體而言，這是一個很好的價值主張，尤其是在緊張的宏觀市場中。所以我認為這發揮了我們的優勢，並且可以幫助我們讓他們比他們的替代品更快地達到價值拐點。所以我認為目前這對我們來說是一個順風。

The next question comes from (inaudible) of Stifel.

下一個問題來自 Stifel（聽不清）。

This is (inaudible) on for Steve at Stifel. I just have a quick question regarding pre-partnered T-cell engager program. So I'm wondering like how differentiated your selected T-cell engagers should be in order to guarantee potential partnering. But on the flipside, if you can't find a partnering, how far in the clinic -- I guess like would you be able to like advance these selected T cell engagers in the clinic by yourself, like how far can you advance it in the clinic?

這是史蒂夫在 Stifel 的（聽不清）。我只是有一個關於預合作 T 細胞接合器程序的快速問題。所以我想知道您選擇的 T 細胞參與者應該有多大差異才能保證潛在的合作夥伴關係。但另一方面，如果你找不到合作夥伴，那麼在診所裡能走多遠——我想你能不能自己在診所裡推進這些選定的 T 細胞參與者，比如你能在多遠診所？

This is Carl taking the question. So just as a backdrop, this is -- the T-cell work is an effort we started a little bit over a year ago, first, working to build out what we believe is now the broadest and highest quality panel of anti-CD3 antibodies, which we can then combine with our bispecific platform, OrthoMab, and using automation and high-throughput functional characterization, select antibodies that have -- the bispecific antibodies that have potent tumor killing, even against targets with low surface density, and that simultaneously have desirable profiles in terms of cytokine release, which has been one of the main issues limiting these therapies.

我是 Carl，正在回答這個問題。因此，作為背景，這是 - T 細胞工作是我們一年多前開始的一項工作，首先，致力於構建我們認為現在最廣泛和最高質量的抗 CD3 抗體組，然後我們可以將其與我們的雙特異性平台 OrthoMab 結合，並使用自動化和高通量功能表徵，選擇具有強效腫瘤殺傷力的雙特異性抗體，甚至針對低表面密度的靶點，同時具有細胞因子釋放方面的理想概況，這一直是限制這些療法的主要問題之一。

So we have now initiated 5 programs as part of that effort to demonstrate that capability. We still will need to do the preclinical work to show that these work in animal models, and ultimately, this needs to be tested in the clinic. But it's worth highlighting that in the field, a large majority of the T-cell engagers that have been brought forward have been brought forward on either the same or a very close variant of the same CD3 molecule that people have been using for over a decade. So we've got a scenario where just based on the scarcity of available molecules, the same experiment has been run again and again and again, although with some changes in format and, of course, indication. So our hypothesis is that that's not the way to solve the problem. Solving the problem requires new innovation, and we are confident that we'll be able to demonstrate that.

因此，我們現在已經啟動了 5 個項目，作為證明這種能力的努力的一部分。我們仍然需要做臨床前工作來證明這些在動物模型中的作用，最終，這需要在臨床上進行測試。但值得強調的是，在該領域，已經提出的絕大多數 T 細胞接合劑都是基於人們已經使用了十多年的同一 CD3 分子的相同或非常接近的變體提出的.所以我們有一個場景，僅僅基於可用分子的稀缺性，同樣的實驗一次又一次地進行，儘管在形式和適應症上有一些變化。所以我們的假設是這不是解決問題的方法。解決這個問題需要新的創新，我們有信心能夠證明這一點。

In terms of the partnering, we have been engaged with a number of conversations with some of the very large players in the space that are aware now that this is going to be an important class for oncology. Those conversations are going very well. And we are optimistic that we'll be able to find a partner for one or more of those relatively soon. But, of course, that work is still ongoing. What we're not going to do is take our foot off the brake. So we are equipped in order to bring these forward, and we will continue to move them forward so that we're not losing time on those. And in the background, we do anticipate we may start some other programs to demonstrate this in the near term.

在合作方面，我們已經與該領域的一些非常大的參與者進行了多次對話，他們現在意識到這將成為腫瘤學的重要課程。這些談話進行得非常順利。我們樂觀地認為，我們將能夠相對較快地為其中的一個或多個找到合作夥伴。但是，當然，這項工作仍在進行中。我們不會做的是鬆開剎車。所以我們有能力推進這些，我們將繼續推進它們，這樣我們就不會在這些上浪費時間。在後台，我們確實預計我們可能會在短期內啟動一些其他計劃來證明這一點。

The next question comes from Antonia Borovina of Bloom Burton.

下一個問題來自 Bloom Burton 的 Antonia Borovina。

Great. Congrats on a solid quarter. My first question is just with regards to the pre-partnered programs. I'm just wondering what could that look like? Would it likely just be a single antibody candidate that you would partner, or would a deal likely involve some backup candidates with slightly different properties?

偉大的。祝賀一個穩定的季度。我的第一個問題是關於預合作項目。我只是想知道那會是什麼樣子？它可能只是一個單一的抗體候選者，你會合作，還是可能涉及一些具有略微不同特性的備用候選者？

And then my second question is with regards to the macroenvironment. And I'm just wondering if the broader sector downturn has impacted the types of deals partners want to pursue. Like I'm thinking specifically with regards to the smaller players and whether they're more interested in pursuing co-development deals with you to offload some of the development costs.

然後我的第二個問題是關於宏觀環境的。我只是想知道更廣泛的行業低迷是否影響了合作夥伴想要追求的交易類型。就像我在特別考慮較小的參與者，以及他們是否更有興趣與您達成共同開發協議以減輕一些開發成本。

Sure. So this is Carl, again. So in terms of pre-partnered programs, we are advancing these programs primarily in connection with technology development, and we believe that bringing forward ready clinical candidates is the strongest proof that the platform is working and that we're actually solving the problems. We would expect that when we do that, we would have a lead clinical candidate that would be the focal point of any discussion. But, of course, on a case-by-case basis, if there are backups and if that's appropriate, that could easily be part of a deal. So I don't think I'd speculate on that unless we had a particular case that we were discussing.

當然。這又是卡爾。因此，就預合作項目而言，我們主要在技術開發方面推進這些項目，我們相信，提出現成的臨床候選人是該平台正在運行以及我們正在實際解決問題的最有力證據。我們希望當我們這樣做時，我們會有一個主要的臨床候選人，他將成為任何討論的焦點。但是，當然，根據具體情況，如果有備份並且合適的話，那很容易成為交易的一部分。所以我不認為我會對此進行推測，除非我們正在討論一個特定案例。

In terms of the market condition and what we are perceiving from partners. As Andrew briefly touched on, it is a difficult market, but in many ways, our business is quite robust to this. So from our view, there's an under -- there's a foundation of a lot of terrific science and innovation still in the industry. There's a lot of capital in the private sector and new companies being formed. And our business model allows those companies to move forward more quickly and with lower investment. And so we believe that smaller company or early innovations sector of the market is one where we are becoming more attractive, at least on a relative basis, in the current conditions.

就市場狀況和我們對合作夥伴的看法而言。正如安德魯簡要提到的那樣，這是一個艱難的市場，但在很多方面，我們的業務對此非常穩健。因此，從我們的角度來看，這個行業仍然存在著許多出色的科學和創新的基礎。私營部門有大量資本，新公司正在成立。我們的商業模式讓這些公司能夠以更少的投資更快地向前發展。因此，我們認為，在當前條件下，較小的公司或市場的早期創新領域是我們變得更具吸引力的領域，至少在相對基礎上是這樣。

I don't think that we've seen an increased activity or interest in co-development. And co-development opportunities more often happen when we happen to meet a group where there's a really great synergy and capability and where we become convinced that there is an interesting opportunity to go forward and then that conversation proceeds. But to date, we haven't seen that. But, of course, it's still early.

我認為我們沒有看到對共同開發的活動或興趣有所增加。當我們碰巧遇到一個具有真正強大的協同作用和能力的團隊，並且我們確信有一個有趣的機會繼續前進，然後對話繼續進行時，共同發展的機會就更常見了。但到目前為止，我們還沒有看到。但是，當然，現在還早。

And the last question comes from Do Kim of Piper Sandler.

最後一個問題來自 Piper Sandler 的 Do Kim。

This is [Skyler] on for Do. For your partner-initiated programs, what is the variation of how well defined the partner's discovery plan is when the collaboration begins? And does that vary significantly among your big pharma customers? And how much does the initial discovery plan impact your decision both to choose partners and the deal terms?

這是 [Skyler] 的 Do。對於您的合作夥伴發起的計劃，合作夥伴發現計劃在合作開始時的定義程度有何不同？您的大型製藥客戶之間的差異很大嗎？最初的發現計劃對您選擇合作夥伴和交易條款的決定有多大影響？

[Skyler], great question. I think there is definitely variability in how well defined the program is or the statement of work or -- and that is something that normally our R&D team will work with the R&D team of our partner to further define even before a contract gets finalized. So I think it's -- when that statement of work gets completed for the target of interest, we have to have a very clear understanding of what is getting delivered. And this is somewhere where actually AbCellera can bring a lot of value and even defining what exactly is the output that the partner is looking for, really focused on the years of experience and 100 programs that we've worked on to work towards that clinical candidate that can actually move forward into translational sciences, CMC and GMP manufacturing, and then ultimately to patients. There is some variability, and I think we're becoming more and more experts in really understanding how to define that program from the start.

[斯凱勒]，好問題。我認為程序的定義或工作說明的明確程度肯定存在差異，或者 - 通常我們的研發團隊將與我們合作夥伴的研發團隊合作，甚至在合同最終確定之前進一步定義。所以我認為 - 當針對感興趣的目標完成工作說明時，我們必須非常清楚地了解交付的內容。這實際上是 AbCellera 可以帶來很多價值的地方，甚至可以定義合作夥伴正在尋找的輸出到底是什麼，真正專注於多年的經驗和我們為臨床候選人而努力的 100 個項目這實際上可以推進到轉化科學、CMC 和 GMP 製造，然後最終進入患者。存在一些可變性，我認為我們在真正理解如何從一開始就定義該程序方面正變得越來越專家。

Congrats on the quarter.

祝賀這個季度。

Thank you. And with that, we will conclude our question-and-answer portion of today's call. I would now like to pass the call back over to Carl for closing remarks.

謝謝。至此，我們將結束今天電話會議的問答部分。我現在想將電話轉回給 Carl 以作結束語。

Great. Thank you all for joining us today. This remains an exciting time for AbCellera, and we're looking forward to keeping you updated on our progress on future calls. Thanks so much.

偉大的。感謝大家今天加入我們。對於 AbCelera 來說，這仍然是一個激動人心的時刻，我們期待著讓您了解我們在未來電話會議上的最新進展。非常感謝。

And with that, we will conclude today's conference call. Thank you for participating. You may now disconnect your lines.

至此，我們將結束今天的電話會議。感謝您的參與。您現在可以斷開線路。