Abcellera Biologics Inc (ABCL) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for attending the AbCellera Biologics Inc. FY 2023 earnings results and business update call. My name is Matt, and I'll be your moderator for today's call. (Operator Instructions)

下午好，感謝您參加 AbCellera Biologics Inc. 2023 財年收益結果和業務更新電話會議。我叫馬特，我將擔任今天電話會議的主持人。（操作員指示）

I would now like to pass the conference over to our host, Tryn Stimart, Chief Legal and Compliance Officer with AbCellera. Please go ahead.

現在，我想將會議交給我們的主持人、AbCellera 首席法律和合規官 Tryn Stimart。請繼續。

Thank you. Good morning, good afternoon, and good evening to everyone listening around the world. Thank you for joining us for AbCellera's full-year 2023 earnings call. I'm Tryn Stimart, AbCellera's Chief Legal and Compliance Officer. Joining me on today's call are Dr. Carl Hansen, AbCellera's President and Chief Executive Officer; and Andrew Booth, AbCellera's Chief Financial Officer.

謝謝。向全世界聽眾致上最誠摯的問候：早安、下午好、晚上好。感謝您參加 AbCellera 2023 年全年財報電話會議。我是 Tryn Stimart，AbCellera 的首席法律和合規官。參加今天電話會議的還有 AbCellera 總裁兼執行長 Carl Hansen 博士和 AbCellera 財務長 Andrew Booth。

During this call, we anticipate making projections and forward-looking statements based on our current expectations and pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Our actual results could differ materially due to several factors as set forth in our latest Form 10-K and subsequent Forms 10-Q and 8-K filed with the Securities and Exchange Commission. AbCellera does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

在本次電話會議中，我們預計將根據我們目前的預期並依據 1995 年《私人證券訴訟改革法案》的安全港條款做出預測和前瞻性陳述。由於我們向美國證券交易委員會提交的最新 10-K 表格以及後續 10-Q 和 8-K 表格中列出的幾個因素，我們的實際結果可能會有重大差異。AbCellera 不承擔更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

Our presentation today, including our earnings press release issued earlier today and our SEC filings are available on our Investor Relations website. The information we provide about our pipeline is for the benefit of the investment community and is not intended to be promotional. As we transition to our prepared remarks, please note that all dollars referred to during the call are in US dollars. After our prepared remarks, we will open the lines for questions and answers.

我們今天的簡報，包括今天早些時候發布的收益新聞稿和我們向美國證券交易委員會提交的文件，都可以在我們的投資者關係網站上找到。我們提供的有關我們管道的資訊是為了投資界的利益，並非旨在用於促銷。當我們轉到準備好的發言時，請注意，通話中提到的所有美元均為美元。在我們準備好的發言之後，我們將開放問答環節。

Now, I'll turn the call over to Carl.

現在，我將把電話轉給卡爾。

Thank you, Tryn, and thanks, everyone, for joining us today. On today's call. I'll share some perspective on the state of AbCellera's business, review the progress we made last year, and lay out our priorities for 2024.

謝謝你，特林，也謝謝大家今天加入我們。在今天的電話會議中。我將分享一些關於 AbCellera 業務狀況的觀點，回顧我們去年的進展，並列出我們 2024 年的優先事項。

First, the state of the business. As we enter 2024 and after nearly 12 years of investment, we are now in the final stages of building our engine, with the remaining efforts concentrated on our manufacturing capabilities. Through this work, we have built a competitive advantage in the discovery and preclinical development of antibody therapies, and we will soon be fully integrated from target through to the clinic.

首先，業務狀況。進入 2024 年，經過近 12 年的投資，我們目前正處於引擎製造的最後階段，剩下的工作將集中在製造能力上。透過這項工作，我們在抗體療法的發現和臨床前開發方面建立了競爭優勢，並且很快就會實現從標靶到臨床的全面整合。

We have tested and proven our capabilities across more than 100 programs, and we have done this in partnerships with the top tier of biotech and pharma companies. Through these partnerships, we have built a portfolio of passive royalty positions in therapeutic programs. We believe this portfolio represents a growing and unrecognized store value that will mature into future high-margin revenue streams.

我們已經在 100 多個專案中測試並證明了我們的能力，並且我們與頂級生物技術和製藥公司合作完成了這項工作。透過這些合作關係，我們在治療課程中建立了一系列被動特許權使用費組合。我們相信，該投資組合代表著不斷增長且未被認可的商店價值，並將發展成為未來的高利潤收入來源。

Over the past three years, we have increasingly focused on only those partnerships that we see as strategic and that we believe will yield the highest value. This has included the addition of multiple co-development programs in which we have the option to maintain a 50% ownership stake.

在過去三年中，我們越來越關注那些我們認為具有戰略意義且我們相信將產生最高價值的合作關係。其中包括增加多個共同開發項目，我們可以選擇保留 50% 的所有權。

Alongside of our partnership business, we have made internal R&D investments over the last five years to unlock difficult target classes, including GPCRs and ion channels. This work is now bearing fruit. and last year, we announced our first internal program from this effort that has advanced into IND-enabling studies. We believe this is just the beginning and that it foreshadows a series of potential first-in-class therapies over the coming years.

除了合作業務之外，我們在過去五年中還進行了內部研發投資，以解鎖困難的目標類別，包括 GPCR 和離子通道。這項工作現已取得成果。去年，我們宣布了這項工作的第一個內部項目，該項目已進入 IND 支持研究階段。我們相信這只是一個開始，它預示著未來幾年將出現一系列潛在的一流療法。

In 2021, we launched a second long-range R&D effort to build a highly differentiated platform for the creation of precision T-cell engagers for indications in cancer and autoimmunity. This work has progressed quickly, and it's laid a strong foundation for both internal programs and strategic partnerships. Although we did not complete a major partnership on TC last year as we had anticipated, our conviction in this effort is undiminished.

2021年，我們啟動了第二次長期研發工作，旨在建立一個高度差異化的平台，用於開發用於治療癌症和自體免疫疾病的精準T細胞接合劑。這項工作進展迅速，為內部專案和策略合作夥伴關係奠定了堅實的基礎。儘管我們去年沒有像預期的那樣在 TC 上完成重大合作，但我們對這項努力的信心絲毫未減。

In the fourth quarter of 2023, we made a strategic decision to shift more resources to our internal pipeline, and we completed a reorganization to align with this priority. This decision was made in light of the progress in our internal programs and in response to a persistent macroeconomic headwind for biotech. While we will continue to engage in strategic partnerships that add to our portfolio of royalty positions, our number one priority is to advance and build a pipeline of first-in-class and best-in-class therapeutics. We believe this has the highest value potential over the coming years.

2023 年第四季度，我們做出了一項策略決策，將更多資源轉移到內部管道，並完成了重組以符合此優先事項。這項決定是根據我們內部專案的進展以及對生物技術持續面臨的宏觀經濟逆風做出的。雖然我們將繼續參與策略合作夥伴關係，以擴大我們的特許權使用費組合，但我們的首要任務是推進和建立一流和一流治療藥物的管道。我們相信這在未來幾年具有最高的價值潛力。

Last year, we secured $220 million in non-dilutive funding from the government of Canada and British Columbia to support this priority. With a cash balance of over $780 million, this brings our total available liquidity to over $1 billion. With this liquidity and a platform that is capable of reproducibly delivering first-in-class therapeutic candidates, we have a rare opportunity to transition from a platform company to a vertically integrated clinical-stage biotech, and to do this from a base of value and without taking on binary risk.

去年，我們從加拿大和不列顛哥倫比亞省政府獲得了 2.2 億美元的非稀釋性資金來支持這項優先事項。現金餘額超過 7.8 億美元，這使我們的可用流動資金總額超過 10 億美元。憑藉這種流動性和能夠重複提供一流治療候選藥物的平台，我們擁有難得的機會從平台公司轉型為垂直整合的臨床階段生物技術公司，並且從價值基礎出發，不承擔二元風險。

Now, turning to what we achieved in 2023. At the start of last year, we communicated that our investments will be focused on three pillars of the business. The first is expanding the capabilities of our engine with forward integration. This includes manufacturing, late-stage preclinical, and clinical capabilities.

現在，回顧一下我們在 2023 年所取得的成就。去年年初，我們表示我們的投資將集中在三大業務支柱上。首先是透過前向整合來擴展我們引擎的功能。這包括製造、後期臨床前和臨床能力。

Second, continuing our technology development efforts to unlock new target classes and modalities, including T-cell engagers, GPCRs, and ion channels. And third, advancing high-quality programs and partnerships to build our portfolio.

其次，繼續我們的技術開發努力，以解鎖新的目標類別和模式，包括 T 細胞接合劑、GPCR 和離子通道。第三，推動高品質的專案和合作夥伴關係，以建立我們的投資組合。

With respect to the first, investments in our engine were focused on our manufacturing capabilities, including construction of our facility, building our platform, and building our process development, manufacturing, and quality teams. As mentioned, manufacturing is in the final -- manufacturing is the final piece of our engine. We expect the bulk of further investment to be made this year. We anticipate process development activities and pilot runs to begin in 2024, and that our GMP facility will come online near the end of 2025.

首先，我們對引擎的投資主要集中在製造能力上，包括設施建設、平台建造以及流程開發、製造和品質團隊的建設。如上所述，製造是我們的引擎的最後一部分。我們預計今年將進行大部分進一步的投資。我們預計製程開發活動和試運行將於 2024 年開始，我們的 GMP 設施將於 2025 年底投入使用。

Turning to R&D progress in 2023. We continue to invest in technologies that we believe can open up new market segments and antibody therapeutics. For a T-cell engager platform, we presented data demonstrating the potential for solving two important problems in the field.

轉向2023年的研發進度。我們將繼續投資於我們認為可以開拓新市場領域和抗體療法的技術。對於 T 細胞接合器平台，我們提供了數據，證明了解決該領域兩個重要問題的潛力。

In the first, we showed that our platform can produce TCEs that achieve high tumor cell killing with low cytokine release, which helps to address the problem of dose-limiting toxicity associated with cytokine release syndrome.

首先，我們展示了我們的平台可以生產出在低細胞因子釋放的情況下實現高腫瘤細胞殺傷率的TCE，這有助於解決與細胞激素釋放綜合徵相關的劑量限制性毒性問題。

In the second, we showed that our platform can generate PCR mimetic antibodies that specifically recognize MHC peptide antigens. Importantly, we believe the speed and ease with which we are able to find MHC peptide specific binders has potential to greatly expand the reach of TCEs in cancer therapy.

其次，我們展示了我們的平台可以產生特異性辨識 MHC 勝肽抗原的 PCR 模擬抗體。重要的是，我們相信，我們能夠快速且輕鬆地找到 MHC 勝肽特異性結合劑，這有可能大大擴展 TCE 在癌症治療中的應用範圍。

Moving to our GPCR and ion channel efforts, I would like to remind you that we previously said we would elect at least one candidate from this platform for IND-enabling studies in 2023. We achieved this with ABCL635, which is the first program in our pipeline.

談到我們的 GPCR 和離子通道工作，我想提醒大家，我們之前說過，我們將在 2023 年從該平台選出至少一名候選人進行 IND 支持研究。我們透過 ABCL635 實現了這一目標，這是我們管道中的第一個程序。

Last year, we also said we would move one of our co-development programs into IND-enabling studies. We achieved this with ABCL575, a program that we launched as part of a co-development partnership with EQRx in 2021 and that we took control of after EQRx was acquired by Revolution Medicines. ABCL635 and ABCL575 are both on track to enter clinical trials in 2025.

去年，我們也表示將把我們的一個聯合開發項目轉移到 IND 支持研究中。我們透過 ABCL575 實現了這一目標，該專案是我們於 2021 年與 EQRx 共同開發合作的一部分而啟動的，在 EQRx 被 Revolution Medicines 收購後，我們接管了該專案。ABCL635 和 ABCL575 都有望在 2025 年進入臨床試驗。

ABCL635 is against an undisclosed target and has been developed as a potential first-in-class therapy for an indication in metabolic and endocrine conditions with an addressable market estimated at more than $2 billion in annual sales. There are a number of reasons why we are excited about 635.

ABCL635 針對的是一個未公開的目標，已被開發為治療代謝和內分泌疾病的潛在一流療法，其潛在市場年銷售額估計超過 20 億美元。我們對 635 感到興奮的原因有很多。

First, it targets a pathway that is well-validated and presents low biological risk relative to a typical program. Second, we are not aware of any competing antibody drug programs against this target, and therefore believe 635 has the potential to be a first-in-class therapy. Third, we have obtained compelling proof-of-concept data from studies in nonhuman primates. And finally, for this indication, we expect to obtain data on both safety and efficacy in early clinical development.

首先，它針對的途徑是經過充分驗證的，並且相對於典型程序而言具有較低的生物風險。其次，我們不知道有任何針對該標靶的競爭性抗體藥物項目，因此相信 635 有可能成為一流的治療方法。第三，我們從非人靈長類研究中獲得了令人信服的概念驗證數據。最後，對於該適應症，我們希望在早期臨床開發中獲得安全性和有效性的數據。

As we discussed previously, we will disclose more details on this program only once it reaches the clinic. Our second program, ABCL575 targets OX40 ligand. It is being developed as a potential best-in-class therapy for the treatment of atopic dermatitis and has potential across a broad range of autoimmune and inflammatory conditions with high unmet medical need, including asthma, alopecia, systemic sclerosis, and inflammatory bowel disease.

正如我們之前所討論的，只有當該計劃進入臨床後，我們才會披露更多細節。我們的第二個項目 ABCL575 針對 OX40 配體。它正在被開發為治療異位性皮膚炎的潛在最佳療法，並有可能治療多種自體免疫和發炎疾病，這些疾病具有很高的未滿足醫療需求，包括氣喘、脫髮、系統性硬化症和發炎性腸道疾病。

ABCL575 is differentiated from Amgen's racotumomab in that it targets OX40 ligand on antigen-presenting cells, not OX40 on T cells. Further 575 works the receptor blocking rather than killing immune cells, which we believe will provide a better safety profile.

ABCL575 與安進公司的 racotumomab 不同，它針對的是抗原呈現細胞上的 OX40 配體，而不是 T 細胞上的 OX40。此外，575 的作用是阻斷受體而不是殺死免疫細胞，我們相信這將提供更好的安全性。

575 is also distinct from biologics currently approved for the treatment of atopic dermatitis. First, it blocks signaling upstream of currently targeted Th2 signaling molecules, including out 13 impacting a broader portion of the inflammatory response. Second, blockade of OX40, OX40 ligand signaling is believed to promote T-regulatory cells, offering the potential for immune reset and a more durable response.

575 也不同於目前核准用於治療異位性皮膚炎的生物製劑。首先，它阻斷了目前針對的 Th2 訊號分子上游的訊號傳導，包括 13 種影響更廣泛發炎反應的訊號分子。其次，阻斷 OX40、OX40 配體訊號傳導被認為可以促進 T 調節細胞，從而提供免疫重置和更持久反應的潛力。

At present, we believe 575 is positioned to be the second OX40 ligand antibody into the clinic. It is following Sanofi's amlitelimab, which has shown excellent safety and efficacy in atopic dermatitis and has now been developed for multiple indications. ABCL575 has been designed with potency, PK, and developed ability to enable less frequent dosing, which we believe provides an important potential for differentiation. Our focus is now to move ABCL575 into clinical testing as quickly as possible.

目前，我們認為575定位為第二個進入臨床的OX40配體抗體。此前，賽諾菲的 amlitelimab 已在治療異位性皮膚炎方面表現出了極佳的安全性和有效性，目前已開發用於多種適應症。ABCL575 的設計具有效力、PK 和開發減少給藥頻率的能力，我們相信這為區分提供了重要的潛力。我們現在的重點是盡快將 ABCL575 投入臨床試驗。

Considering the potential development across multiple indications, we believe it is likely that maximizing the value of this asset will require engagement with a large partner for later-stage trials and commercialization. This stands in contrast to ABCL635 where pending positive clinical data, we believe it may be better for us to advance it independently.

考慮到多種適應症的潛在發展，我們認為，要最大限度地發揮該資產的價值，可能需要與大型合作夥伴合作進行後期試驗和商業化。這與 ABCL635 形成了鮮明對比，在等待積極的臨床數據時，我們認為獨立推進它可能會更好。

Turning now to partnerships. Through 2023, we continued to prioritize strategic partnerships as part of building relationships with large and highly enabled partners. We expanded our work with Regeneron and started a new collaboration with Incyte. At the same time, we continue to look for opportunities to access new technology and new biology.

現在談談合作關係。到 2023 年，我們將繼續優先考慮戰略合作夥伴關係，作為與大型且實力雄厚的合作夥伴建立關係的一部分。我們擴大了與 Regeneron 的合作，並與 Incyte 開始了新的合作。同時，我們不斷尋找獲取新技術和新生物學的機會。

In 2023, this included our collaboration with Prelude to co-develop first-in-class precision antibody drug conjugates. And at the same time, we continued to build in our collaboration with Abdera, a company that we helped create in 2021, that is advancing a pipeline of radioisotope conjugates towards the clinic.

2023 年，我們與 Prelude 合作共同開發一流的精準抗體藥物偶聯物。同時，我們繼續與 Abdera 公司加強合作，Abdera 是我們於 2021 年協助創建的公司，該公司正在推進放射性同位素結合物在臨床上的應用。

Looking forward to 2024, our priorities for the year are as follows. First, advancing our internal pipeline. This includes moving ABCL635 and 575 towards clinical testing in 2025, and bringing at least one and perhaps two additional programs into IND-enabling studies in the second half of the year.

展望2024年，我們今年的重點如下。首先，推進我們的內部管道。其中包括在 2025 年將 ABCL635 和 575 推向臨床試驗，並在下半年將至少一個、或許兩個額外的項目納入 IND 支持研究。

Second is completing the final stages of building our Amgen with the majority of investment directed to establishing our manufacturing capabilities.

第二是完成安進建設的最後階段，大部分投資用於建立我們的製造能力。

And third, on the partnering front, our focus is to expand relationships with large biopharma, including deals related to our TCE platform. In addition, we will continue to be opportunistic in co-development deals that provide access to new targets or technologies, and by engaging with strategic investors and co-creation.

第三，在合作方面，我們的重點是擴大與大型生物製藥公司的關係，包括與我們的 TCE 平台相關的交易。此外，我們將繼續抓住機會，參與共同開發交易，以獲得新的目標或技術，並與策略投資者合作並共同創造。

And with that, I will hand it over to Andrew to discuss our financials. Andrew?

說完這些，我會把話題交給安德魯來討論我們的財務狀況。安德魯？

Thanks, Carl. As Carl pointed out, AbCellera continues to be in a strong liquidity position with over $780 million in cash and equivalents and over $200 million in available government funding to execute on our strategy. Over the past several years, AbCellera has been in building mode. As we enter 2024, we are nearing the end of that build.

謝謝，卡爾。正如卡爾所指出的，AbCellera 繼續保持強勁的流動性，擁有超過 7.8 億美元的現金和等價物以及超過 2 億美元的可用政府資金來執行我們的策略。在過去幾年裡，AbCellera 一直處於建設模式。當我們進入 2024 年時，我們即將完成這項建設。

Our team is largely in place and we expect our departmental expenses in R&D and in SG&A in 2024 to be similar to what we saw in 2023. 2024 will also be our last major capital expenditure year of this multi-year build as we complete our CMC and GMP manufacturing investments. 2024 investments in CapEx are expected to be similar to what they were in 2023 and be significantly reduced thereafter, as we move from building these capabilities to using them on our own programs and programs with our strategic partners.

我們的團隊已基本到位，我們預計 2024 年研發和銷售、一般及行政費用 (SG&A) 部門支出將與 2023 年持平。 2024 年也將是我們這項多年建設計劃的最後一個主要資本支出年，因為我們將完成 CMC 和 GMP 製造投資。預計 2024 年的資本支出將與 2023 年持平，此後將大幅減少，因為我們將從建立這些能力轉向將其用於我們自己的專案以及與策略合作夥伴的專案。

Looking at results. First, let me highlight some progress made on changes to our key business metrics as we have detailed in our 10-K submission. In Q4, we added 21 new programs under contract and ended 2023 with 203 programs under contract with 46 unique partners. All new programs include downstream participation.

看看結果。首先，讓我重點介紹一下我們在 10-K 提交文件中詳細說明的關鍵業務指標變化所取得的一些進展。在第四季度，我們增加了 21 個新簽約項目，到 2023 年底，我們已與 46 個獨特合作夥伴簽訂了 203 個簽約項目。所有新項目都包括下游參與。

Consistent with our direction over the past number of years, we are focusing on strategic partnerships and high-quality programs rather than deal volume in our partnering activities. In addition, we expect to increasingly drive value from our pipeline of internal and co-development programs. We believe that the focus of our execution is not well represented with the number of discovery partners and programs under contract metrics. As such, going forward, we will no longer be reporting on these metrics.

與我們過去幾年的方向一致，我們在合作活動中專注於策略合作夥伴關係和高品質項目，而不是交易量。此外，我們期望從我們的內部和聯合開發項目中獲得越來越多的價值。我們認為，合約指標下的發現合作夥伴和專案數量並不能很好地反映我們的執行重點。因此，今後我們將不再報告這些指標。

We will keep reporting on program starts. In 2023, we started work on 12 partner initiated programs, three of which were in the last quarter. That is a rate of starts that broadly reflects our ongoing focus on strategic partnerships and high-quality programs. This takes us to a cumulative total of 112 total partner-initiated program starts, of which a total of 87 have downstream participation.

我們將繼續報道項目啟動的情況。2023 年，我們啟動了 12 個合作夥伴發起的項目，其中三個是在上個季度啟動的。這一啟動率大致反映了我們對策略夥伴關係和高品質專案的持續關注。這使得我們累積啟動了 112 個合作夥伴發起的項目，其中共有 87 個有下游參與。

Note that as described in our 10-K, we have also narrowed the definition of program starts business metric. As our strategy is unfolding, our main focus for partner initiated programs is on adding value to our portfolio of participation in the future success of molecules that we discovered.

請注意，如我們的 10-K 所述，我們也縮小了程式啟動業務指標的定義。隨著我們策略的展開，我們對合作夥伴發起的計劃的主要關注點是為我們所參與的組合增加價值，以促進我們發現的分子的未來成功。

Consequently, we have refined this metric to only include programs with such downstream participation. We would also like to share with you a closer look at the progression of those 87 partner-initiated programs with downstream participation that we have started.

因此，我們改進了這項指標，使其僅包含具有此類下游參與的項目。我們也想與大家更詳細地介紹我們已經啟動的 87 個由合作夥伴發起並有下游企業參與的計畫的進展。

As of December 31, we were actively working on 23 of these programs. We have completed the agreed scope of work on the other 64 programs, and have transferred the resulting antibody sequences and data to our partners for evaluation and further development.

截至 12 月 31 日，我們正在積極開展其中 23 個項目。我們已經完成了其他 64 個項目商定的工作範圍，並將產生的抗體序列和數據轉移給我們的合作夥伴進行評估和進一步開發。

To the best of our knowledge, our partners are progressing 38 of those programs. Of these, we believe that 30 are in late-stage discovery, five are in preclinical development, and three have reached clinical development. Based on the best information available to us, we believe that our partners have decided not to progress a total of 26 programs.

據我們所知，我們的合作夥伴正在推進其中 38 個項目。其中，我們認為有 30 個處於後期發現階段，5 個處於臨床前開發階段，3 個已進入臨床開發階段。根據我們掌握的最佳信息，我們認為我們的合作夥伴已決定不再推進總共 26 個項目。

Overall, we view the progress of the molecules we have discovered in our partners' hands positively, and the attrition is consistent with our expectations. We look forward to more molecules from our programs reaching the clinic over time, and we will continue to report on these progressions to the clinic on a quarterly basis.

總體而言，我們對合作夥伴手中發現的分子的進展持正面態度，且損耗與我們的預期一致。我們期待隨著時間的推移，我們計畫中的更多分子能夠進入臨床，並且我們將繼續每季向臨床報告這些進展。

In Q4 2023, we saw three new molecules advanced to the clinic, for a cumulative total of 13 molecules to have reached the clinic. Two undisclosed molecules from partner-initiated discovery in animal health were advanced into clinical field studies, and ArsenalBio received an IND authorization for AB-2100.

2023 年第四季度，我們看到三種新分子進入臨床階段，累計共有 13 種分子進入臨床階段。合作夥伴在動物健康領域發起的發現中的兩種未公開分子已進入臨床現場研究階段，ArsenalBio 獲得了 AB-2100 的 IND 授權。

AB-2100 is an antibody with an indication in oncology that was derived by ArsenalBio from a [Trianni] under a license from AbCellera.

AB-2100 是一種用於腫瘤學的抗體，由 ArsenalBio 在 AbCellera 的許可下從 [Trianni] 中提取。

Beginning this quarter, we are also indicating which of our molecules in the clinic are not expected to progress further. These include bamlanivimab, bebtelovimab, and DNL919 as molecules discovered by AbCellera. Additionally, one molecule discovered under Trianni-license is not expected to progress. We continue to view our growing list of progressing molecules in the clinic as specific examples of our near and mid-term potential revenue from downstream milestone fees and royalty payments in the longer term.

從本季開始，我們還將指出臨床中的哪些分子預計不會取得進一步進展。這些包括 bamlanivimab、bebtelovimab 和 DNL919，都是由 AbCellera 發現的分子。此外，根據 Trianni 許可發現的一種分子預計不會取得進展。我們繼續將我們不斷增長的臨床進展分子清單視為我們近期和中期從下游里程碑費用和長期特許權使用費中獲得的潛在收入的具體例子。

Looking broadly across the program starts in our partner initiated portfolio as well as our AbCellera-initiated internal programs, we see significant diversification across therapeutic indications. Of our 87 partner initiated programs with downstreams, over 90 are in human health. The majority of our partnered programs are in ecology, neurology, and immunology broadly reflecting activity in the industry.

縱觀我們合作夥伴發起的投資組合中的項目以及 AbCellera 發起的內部項目，我們看到治療適應症的顯著多樣化。在我們合作夥伴發起的 87 個下游計畫中，超過 90 個與人類健康有關。我們的合作計畫大部分涉及生態學、神經病學和免疫學領域，廣泛反映了該行業的活動。

As of December 2023, we also have 19 AbCellera-initiated programs up from 12 at the beginning of the year. All of the AbCellera-initiated programs are in human health. We believe that the value we add to programs and the value of our partnered portfolio is reflected largely in the royalty rates we negotiate. We continue to prioritize more valuable programs instead of maximizing the number of programs under contract. As a result -- our result is that the range and average of negotiated royalty rates in our portfolio are shifting favorably.

截至 2023 年 12 月，我們還有 19 個由 AbCellera 發起的項目，比年初的 12 個增加。AbCellera 發起的所有計畫都與人類健康有關。我們相信，我們為專案增加的價值以及我們合作夥伴組合的價值很大程度上反映在我們協商的版稅率上。我們繼續優先考慮更有價值的項目，而不是最大化合約下的項目數量。結果是——我們的結果是，我們投資組合中協商的特許權使用費率的範圍和平均值正在發生有利的變化。

As we reported last year, between 2015 and 2019, our mean royalty rate was 2.4% across 37 partner-initiated discovery programs with downstreams. And between 2020 and 2023, the mean royalty rate has increased to 4.3% across 141 programs with downstream participation. A quarter of the programs with downstream participation that we signed in this period have the potential to achieve royalty rates above 5%. These royalty rates do not reflect the value of programs in our internal pipeline, which we fully or substantially own.

正如我們去年報告的那樣，2015 年至 2019 年間，我們在 37 個合作夥伴發起的下游發現項目中的平均特許權使用費率為 2.4%。2020 年至 2023 年間，涉及下游的 141 個項目的平均特許權使用費率已增至 4.3%。我們在此期間簽署的涉及下游參與的項目中，有四分之一有可能實現 5% 以上的特許權使用費率。這些版稅率並不反映我們全部或大部分擁有的內部管道中的程序的價值。

Turning to revenue, revenue in the year was approximately $38 million, almost entirely driven by research fees relating to work on partner initiated programs. This compares to research fee revenue of approximately $41 million 2022. This year's revenue also includes approximately $2.5 million in a combination of licensing fees and milestone payments. And unlike in 2022, we earned no royalties in 2023.

談到收入，今年的收入約為 3800 萬美元，幾乎全部來自與合作夥伴發起的計畫相關的研究費用。相較之下，2022 年的研究費收入約為 4,100 萬美元。今年的收入還包括約 250 萬美元的許可費和里程碑付款。與 2022 年不同的是，我們在 2023 年沒有獲得任何版稅。

Turning to operating expenses, our research and development expenses for the year were approximately $176 million, representing a roughly $68 million increase over the same period of the previous year. This increase reflects the growth in program execution, continuing platform development, and our increasing investment in our internal program pipeline.

談到營運費用，我們今年的研發費用約為 1.76 億美元，比去年同期增加約 6,800 萬美元。這一成長反映了專案執行的成長、持續的平台開發以及我們對內部專案管道的不斷增加的投資。

In sales and marketing expenses, for 2023, we're approximately $14 million compared to just over $11 million in 2022.

就銷售和行銷費用而言，2023 年我們的費用約為 1,400 萬美元，而 2022 年則略高於 1,100 萬美元。

And in general and administration expenses were over $61 million, compared to roughly $56 million in 2022, reflecting good operating leverage supporting the growing business.

一般及行政開支超過 6,100 萬美元，而 2022 年約為 5,600 萬美元，反映出良好的經營槓桿支持了業務的成長。

As I mentioned previously, 2020 to 2023 were significant years of building our team. Now that team is largely in place, and we expect our departmental expenses in R&D and in SG&A in 2024 to be relatively flat compared to 2023.

正如我之前提到的，2020 年至 2023 年是我們團隊建立的重要年份。現在團隊已基本到位，我們預計 2024 年研發和銷售、一般及行政費用部門支出將與 2023 年相比相對持平。

Looking at earnings, we are reporting a net loss of roughly $146 million. This compares to earnings of approximately $159 million in 2022. The loss reflects our continued investment in our business and the absence of royalty revenues that were present in 2022.

從收益來看，我們報告的淨虧損約為 1.46 億美元。相比之下，2022 年的收益約為 1.59 億美元。這項損失反映了我們對業務的持續投資以及 2022 年特許權使用費收入的缺失。

In terms of earnings per share, this year's result works out to a loss of $0.51 per share on a basic and diluted basis.

就每股收益而言，今年的業績按基本和稀釋後每股虧損 0.51 美元。

Looking at cash flows, operating activities for 2023 used roughly $44 million. In the absence of regular royalty revenues, we would expect our operating cash flow to be irregular and often negative, as we continue to invest in the growth and capabilities of the company. Of note, cash flow, excluding the purchase of marketable securities used approximately $130 million for all of 2023.

從現金流來看，2023 年的營運活動使用了約 4,400 萬美元。由於缺乏定期的特許權使用費收入，我們預計我們的經營現金流將不規則且經常為負，因為我們將繼續投資於公司的成長和能力。值得注意的是，不包括購買有價證券的現金流在 2023 年全年約為 1.3 億美元。

As a part of our treasury strategy, we have nearly $630 million invested in short-term marketable securities. Our investment activities for the year include an approximately [$127 million] net increase in these holdings. All other investment activities amounted to approximately $111 million, including approximately $77 million invested in property and equipment, and approximately $45 million in other long-term investments.

作為我們財務策略的一部分，我們已在短期有價證券上投資了近 6.3 億美元。我們今年的投資活動包括這些持股的淨增加約[1.27億美元]。所有其他投資活動總額約為 1.11 億美元，其中包括投資於財產和設備約 7,700 萬美元，以及投資其他長期投資約 4,500 萬美元。

Investments in property and equipment are, of course, driven largely in part by our ongoing work to establish CMC and GMP manufacturing capabilities, we expect these investments to be substantially complete in early 2025. We anticipate that 2024 investments in property and equipment will be similar to those of in 2023. As a reminder, we own 50% of our large office and lab facilities and have financed from our balance sheet their construction.

當然，對財產和設備的投資很大程度上是由我們正在進行的建立 CMC 和 GMP 製造能力的工作所推動的，我們預計這些投資將在 2025 年初基本完成。我們預計 2024 年的房地產和設備投資將與 2023 年相似。提醒一下，我們擁有 50% 的大型辦公室和實驗室設施，並從我們的資產負債表中為其建設提供資金。

In addition, we own 100% of our GMP manufacturing facility, and AbCellera does not have any debt altogether, we finished the year with about $788 million of total cash, cash equivalents, and marketable securities. As a reminder, our continuing GMP facility build-out is separately co-funded by the Government of Canada's Strategic Innovation Fund.

此外，我們擁有 100% 的 GMP 製造工廠，AbCellera 沒有任何債務，今年年底我們的現金、現金等價物和有價證券總額約為 7.88 億美元。提醒一下，我們持續的 GMP 設施建設是由加拿大政府戰略創新基金單獨共同資助的。

In addition, in 2023, we secured $220 million from the governments of Canada and British Columbia. This available capital does not show up on our balance sheet. With over $780 million on the balance sheet and the unused portion of our secured government funding, we continue to have approximately $1 billion in total available liquidity to execute on our strategy. This is more than our liquidity position for one year ago when we reported our December 2022 financials.

此外，2023年，我們從加拿大和不列顛哥倫比亞省政府獲得了2.2億美元。這筆可用資本並未出現在我們的資產負債表上。憑藉資產負債表上超過 7.8 億美元的資金以及我們擔保的政府資金中尚未使用的部分，我們仍然擁有總計約 10 億美元的可用流動資金來執行我們的策略。這比我們一年前報告 2022 年 12 月財務狀況時的流動性狀況還要高。

With respect to our overall operating expenditures, our capital needs are very manageable, and we remain in a strong liquidity position that allows us to execute on our strategy with excellent visibility and runway. This includes advancing of similar lead programs towards and into the clinic and working with strategic partners. We continue to believe that we have sufficient liquidity to fund well beyond the next three years of pipeline and platform investments.

就我們的整體營運支出而言，我們的資本需求非常可控，我們仍然保持強大的流動性狀況，這使我們能夠以出色的可見性和跑道執行我們的策略。這包括推進類似的領先專案進入臨床並與策略合作夥伴合作。我們仍然相信，我們擁有足夠的流動資金來為未來三年的管道和平台投資提供資金。

And with that, we'll be happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) Robyn Karnauskas, Truist.

（操作員指示） Robyn Karnauskas，Truist。

Hi, thanks, guys. I think I'm really focus on like how you're moving toward going to IND and building out that platform. Can you think -- can you help us focus on how to monetize that revenue stream and how to think about the amount of royalties you may get doing that? And when we can learn about what drugs you make? Are you going to highlight them, are you going to stay where they are as you go through that process? I think that would help the biotech investors actually understand how to monetize that and model those. Thank you.

嗨，謝謝大家。我認為我真正關注的是你們如何走向 IND 並建立這個平台。您能想想——您能幫助我們專注於如何將收入流貨幣化以及如何考慮這樣做可能獲得的版稅數額嗎？我們什麼時候才能了解你們生產什麼藥物？你會強調它們嗎？你會在經歷這個過程時停留在它們所在的位置嗎？我認為這將有助於生物技術投資者真正了解如何將其貨幣化並進行建模。謝謝。

Hey, Robyn, Carl here. Happy to take that. So first, let me just frame this with the strategy that we've been communicating since becoming a public company and long before, which is first to invest in building capabilities that allow us to repeatedly generate molecules that have potential to be first-in-class and best-in-class therapies, and then to use that platform with partners to work on programs that build a portfolio of positions in future therapeutic programs.

嘿，羅賓，我是卡爾。很高興接受這個。首先，讓我用我們自成為上市公司以來一直在傳達的策略來概括這一點，即首先投資於建設能力，使我們能夠反復生成有可能成為一流和一流療法的分子，然後與合作夥伴一起利用該平台開展計劃，在未來的治療計劃中建立職位組合。

Now within that broader frame, we have a growing portfolio of programs that we've done through what we would call partner-initiated programs. These are now converting, as Andrew detailed, into potential passive royalty streams that are going to mature over time.

現在，在這個更廣泛的框架內，我們透過所謂的合作夥伴發起的計畫進行了越來越多的計畫組合。正如安德魯所詳述的，這些現在正在轉化為潛在的被動特許權使用費流，並將隨著時間的推移而成熟。

Over the past three years, we've started to evolve that business model to include co-development programs. We have a bigger stake. And for the last five years, we have been working consistently on technology projects that are now yielding wholly owned, potential first-in-class and best-in-class assets that we're taking forward into the clinic.

在過去三年中，我們開始改進這個商業模式，將共同開發計畫納入其中。我們擁有更大的股份。在過去的五年裡，我們一直致力於技術項目，這些項目現在產生了全資擁有的、潛在的一流和最佳資產，我們正在將這些資產帶入臨床。

So on the portfolio side, there is, let's say, single-digit royalty positions that add up in aggregate to what we believe will be long-term, predictable, and high-margin cash flow. On the programs that we are bringing ours forward ourselves, we would view that like you would do a typical integrated biotech. So each of these it has the potential to generate huge upside in value, and we have taken our time to find the opportunities that we're excited about, and we believe there's an excellent chance of getting to value inflections.

因此，在投資組合方面，假設有個位數的特許權使用費頭寸，這些頭寸加起來就形成了我們認為的長期、可預測和高利潤的現金流。對於我們自己正在推進的項目，我們會將其視為典型的綜合生物技術項目。因此，每一個都有可能產生巨大的價值上漲，我們花時間去尋找讓我們興奮的機會，我們相信這是一個獲得價值轉折點的絕佳機會。

Now for those, and we're going to look at each of them, independently decide how we're going to prosecute those moving forward into the clinic. Both, we are committed to take forward into Phase 1. As I mentioned in my prepared remarks, for 635, we are very excited about that program and we see the potential to take that beyond Phase 1 given the nature of development.

現在，對於這些問題，我們將逐一進行研究，並獨立決定如何起訴那些進入診所的患者。我們都致力於將這兩項工作推進到第一階段。正如我在準備好的發言中提到的那樣，對於 635，我們對該計劃感到非常興奮，考慮到發展的性質，我們看到了將其推進到第一階段之後的潛力。

For ABCL575, in the area of atopic dermatitis and other inflammation, autoimmune conditions, we think the buyback program would benefit from a partnership. So to your question, you know, as you bring molecules forward, you get them closer to revenue, you get them derisked at IND, and then past Phase 1. Obviously, the potential terms for out-licensing are going to grow commensurately. And we're making a decision on every program based on capital allocation and based on options to maximize the value for that.

對於 ABCL575，在異位性皮膚炎和其他發炎、自體免疫疾病領域，我們認為回購計畫將受益於合作。所以對於你的問題，你知道，當你把分子向前推進時，你就會讓它們更接近收入，你就會讓它們在 IND 時降低風險，然後通過第一階段。顯然，對外授權的潛在條款也將相應增加。我們根據資本配置和選擇對每個項目做出決策，以最大化其價值。

So we expect that ABCL575 could be a very valuable program for out-licensing, but right now, we're focused on getting that through to Phase 1.

因此，我們預計 ABCL575 可能成為一項非常有價值的對外授權計劃，但目前，我們專注於使其進入第一階段。

All right. To follow up, attrition rate is beyond -- I think it's around 40%, if I recall. Do you expect it to become similar or higher over the period? And more color on -- you have discontinued program. Could you take that in-house? You know, you can develop that. Now you have capabilities, because you [pipeline] on that, and like, what would you do with those programs?

好的。進一步說，如果我沒記錯的話，流失率超過了——我認為大約是 40%。您預計該數字在這段時間內會變得相似或更高嗎？還有更多顏色——您已停止該程序。你能把它帶回家嗎？你知道，你可以開發它。現在您已經具備了能力，因為您已經對此進行了 [pipeline]，那麼您會用這些程式做什麼呢？

Hey, Robyn, Andrew here. To the first part of that question, yeah, we're showing in what we believe is going to be an annual disclosure now on the progress of the pipeline in the hands of our partners. We've been able to provide that because of investments over the last number of years in alliance management. So we have much better visibility, much stronger connections with those partners. And you were saying that the attrition rate of 40%, what do we expect it to be going forward, I mean, I think we're quite optimistic about the remaining ones in that pipeline. And like I said -- pardon me?

嘿，羅賓，我是安德魯。對於這個問題的第一部分，是的，我們正在展示我們認為將會是年度披露的信息，即我們合作夥伴手中管道的進展。由於過去幾年在聯盟管理方面的投資，我們能夠提供這種服務。因此，我們與這些合作夥伴的聯繫更加緊密，知名度也更高。您說流失率為 40%，我們預期未來流失率會是多少，我的意思是，我認為我們對該通路剩餘的員工數量相當樂觀。就像我說的──能不能再說一次？

No, my daughter was shouting here. She's in the background. No worries. (laughter)

不，我女兒在這裡喊叫。她在背景。不用擔心。（笑聲）

Okay. Okay, sorry. It's okay, Robyn. (laughter)

好的。好的，抱歉。沒關係，羅賓。（笑聲）

It's spring break. She's talking to you. I'm going to go. But the attrition rate, it's to go higher, correct? Like will it go lower? How are we thinking about, like --?

現在是春假。她正在和你說話。我要走了。但流失率還會更高，對嗎？它會降低嗎？我們是如何思考的，例如--？

I think -- yeah. I mean, of course, we would be delighted if the attrition rate was only 40% and the rest of those made it to the clinic. So we would expect some additional attrition on top of that. So when we said in the prepared remarks, it's within our expectations. And of course, it's still -- there's some time before those other ones are matured and invested in by the partners and make it to the clinic. So we would expect not all of the rest of them to make it to the clinic, but we'll continue to report on that on that annual basis.

我認為——是的。我的意思是，當然，如果流失率只有 40% 並且其餘患者能夠進入診所，我們會很高興。因此，我們預計在此基礎上還會有一些額外的人員流失。所以當我們在準備好的發言中說，這是在我們的預料之中的。當然，其他藥物還需要一段時間才能成熟、得到合作夥伴的投資並進入臨床階段。因此，我們預計其餘患者不會全部進入診所，但我們會繼續每年報告這種情況。

And discontinued program, like how do you think about those? Would you take them in-house?

還有停止的項目，您對此有何看法？你會把它們帶回家嗎？

Carl here, Robyn. So for most of the programs that are not being advanced, we don't have a contractual right to take those in-house. And I would also highlight that, as Andrew said, we expect there to be a considerable attrition between the initiation of discovery and clinical development. Certainly, anyone with experience in the industry would expect well below 50% of programs will actually make it into clinical development. Those programs will fail for a whole variety of reasons.

我是卡爾，羅賓。因此，對於大多數尚未推進的項目，我們沒有合約權利將其帶入公司內部。我還要強調的是，正如安德魯所說，我們預計在發現的啟動和臨床開發之間會出現相當大的損耗。當然，任何有行業經驗的人都會認為，真正進入臨床開發的專案比例將遠低於 50%。這些計劃將會因為各種各樣的原因而失敗。

There could be as scientific data that comes in based on animal models, there could be competing programs out there. For some companies, it will be a matter of pipeline prioritization and capital allocation.

隨著基於動物模型的科學數據的出現，可能會出現相互競爭的計劃。對於一些公司來說，這將是一個管道優先級和資本配置的問題。

Thus far, of the ones that we've seen that are not advancing, we have not contemplated taking them in-house. And we honestly have high conviction in the programs that we've generated internally, and that's where our focus is for our internal pipeline.

到目前為止，對於那些沒有取得進展的項目，我們還沒有考慮將它們納入公司內部。我們確實對我們內部產生的程式充滿信心，這也是我們內部管道的重點。

All right. Great. Thank you, guys. Thank you for my daughter listening in to the calls. It's great, thank you. (laughter)

好的。偉大的。謝謝你們。謝謝您讓我的女兒接聽電話。非常好，謝謝。（笑聲）

Andrea Tan, Goldman Sachs.

高盛的 Andrea Tan。

Good afternoon. Thanks for taking my question. Carl, maybe first can you speak a little bit more about what you think will be necessary to show for the TCE platforms such that it will enable a major partnership?

午安.感謝您回答我的問題。卡爾，首先，您能否再多談談您認為 TCE 平台需要展示什麼才能促成重要的合作？

Thanks, Andrea. Yeah. So that's a great question. As I said in my prepared remarks, we launched that in both 2021 and we are very pleased with the progress of the science and the data that we've been able to bring forward. So we've been attending ACR and Citi, and we're able to raise the bar at every one of those conferences.

謝謝，安德里亞。是的。這是一個很好的問題。正如我在準備好的演講中所說，我們在 2021 年啟動了該項目，我們對科學的進步和我們能夠取得的數據感到非常高興。因此，我們一直參加 ACR 和花旗會議，並且能夠在每次會議上提高標準。

And at this point, what we really have in hand is the broadest, most well-characterized panel of CD3. We've shown we can pair those with different TAAs to tune in the combination of cell killing and cytokine release. And we have shown that we can use our platform to generate highly specific PCR mimetic antibodies that bind MHC peptide targets.

此時，我們真正掌握的是範圍最廣、特徵最明確的 CD3 面板。我們已經證明，我們可以將它們與不同的 TAA 配對，以調節細胞殺傷和細胞因子釋放的組合。我們已經證明，我們可以使用我們的平台來產生與 MHC 勝肽標靶結合的高度特異性的 PCR 模擬抗體。

That work has been done in large part through internal R&D and work on a series of targets that we have been advancing. And as that work matures and gets closer to the clinic, we're seeing the appetite from industry increase. I think it's difficult to know when that will get to the point where we consummate a deal. Every indication is that we're talking to the right people and the response from scientists at really -- I'd say that some of the top, if not, the top firms in the space has been universally positive. And so we're hopeful that that will continue to move forward.

這項工作很大程度上是透過內部研發和我們一直在推進的一系列目標來完成的。隨著這項工作日趨成熟並越來越接近臨床，我們看到業界對此的興趣日益濃厚。我認為很難知道什麼時候才能達成協議。種種跡象表明，我們正在與正確的人交談，而且科學家們的反應確實——我想說，該領域的一些頂尖公司（如果不是頂尖公司的話）普遍都持積極態度。因此，我們希望這項進程能夠繼續向前邁進。

But I wouldn't speculate on what is going to be the key piece of data that makes that happen, because it's a combination of science and priorities at the partner, and of course, business terms.

但我不會推測實現這一目標的關鍵數據是什麼，因為它是科學和合作夥伴的優先事項以及商業條款的結合。

Got it. Thank you. And then, Andrew, maybe one for you. Just given the 40% capital allocation that you laid out for the build-out of your engine and manufacturing, just curious if you would ever to monetize the latter via contract manufacturing?

知道了。謝謝。然後，安德魯，也許有一個適合你。鑑於您為引擎建設和製造所分配的 40% 資本，我只是好奇您是否會透過合約製造將後者貨幣化？

Thanks, Andrea. So I think in the first two programs that we're talking about, so 635 and 575, we are actually using contract manufacturers in order to move those through to IND-enabling studies. And if you're talking about would we be using our own internal and contract it out, it is not our intention to be a service organization, or a CDMO, but we are expecting to use this facility for our own internal programs, prioritizing internal programs, co-development programs, and the programs of our partners. And I think, given the scale of the facility and the pipeline that we have there, that will be sufficient to keep the facility active.

謝謝，安德里亞。因此，我認為在我們討論的前兩個項目（635 和 575）中，我們實際上正在使用合約製造商來將它們轉移到 IND 支持研究中。如果您談論的是，我們是否會使用我們自己的內部設施並將其外包，那麼我們的目的並不是成為服務組織或 CDMO，而是我們希望將此設施用於我們自己的內部項目，優先考慮內部項目、共同開發項目以及我們合作夥伴的項目。我認為，考慮到該設施的規模和我們在那裡的管道，這足以保持該設施的活躍。

Okay. Thanks so much.

好的。非常感謝。

Allison Bratzel, Piper Sandler.

艾莉森‧布拉澤爾，派珀‧桑德勒。

Hey, good afternoon, and thank you for taking the questions. So two from me. First, on the T-cell engager platform. I'm hoping you could characterize interest in this approach for autoimmune indications relative to oncology indications, and just overall, what kind of updates or disclosures we can expect out of this platform over the next year or so?

嘿，下午好，感謝您回答問題。我有兩個。首先，在T細胞接合器平台上。我希望您能夠描述一下相對於腫瘤學適應症而言，人們對這種方法在自身免疫適應症方面的興趣，以及總體而言，在未來一年左右我們可以從這個平台期待什麼樣的更新或披露？

And then second, just kind of a follow-up on a prior question about the new business metrics you'll be providing. Could you clarify just the metrics you'll provide going forward on a quarterly and annual basis? And also, just how we should think about research even in milestone revenues both near and longer term? Thank you.

其次，我只是對之前關於您將提供的新業務指標的問題進行跟進。您能否澄清一下您將在未來每季和每年提供的指標？而且，我們該如何看待近期和長期里程碑收入的研究？謝謝。

Thanks, Allison. Maybe I'll start and then hand it over to Andrew for the metrics and the financials. So I think the first question was about interest in T-cell engagers for autoimmune. That has been, I'd say, over the last year, a hot topic of discussion with a variety of partners.

謝謝，艾莉森。也許我會開始，然後把它交給安德魯來處理指標和財務。所以我認為第一個問題是關於對自身免疫的 T 細胞接合劑的興趣。我想說，在過去的一年裡，這是與各種合作夥伴討論的熱門話題。

As you're probably aware, there's been some exciting data in the CAR T space, particularly on CD19 for autoimmune conditions and lupus. And many people have recognized that if CAR T can work in this indication, then there's a real opportunity to bring bispecifics as a substitute that would have all the advantages of being much more like a drug, and easier to get to patients, and easier to make a business out of. So we think that's a very exciting opportunity, one that we are well-positioned to move on. Beyond that, I don't have much to add on autoimmune conditions.

您可能已經知道，CAR T 領域出現了一些令人興奮的數據，特別是針對自體免疫疾病和狼瘡的 CD19。許多人已經認識到，如果 CAR-T 能夠發揮作用，那麼就有一個真正的機會來將雙特異性抗體作為替代品，它將具有更像藥物的所有優點，更容易被患者接受，也更容易實現商業化。因此，我們認為這是一個非常令人興奮的機會，我們已準備好迎接這一機會。除此之外，我對自體免疫疾病沒有什麼好補充的。

Second, you asked about updates on the TCE platform. As I said, we are continuing to advance that platform and get proof points on internal programs that are being done with the TCE platform. We currently have four abstracts that have been submitted to ACR. We're hopeful that those will all be accepted, and that we'll be able to share data shortly in public there.

第二，您詢問了TCE平台的更新。正如我所說，我們正在繼續推進該平台，並在使用 TCE 平台進行的內部程序上獲得證明點。我們目前有四篇摘要已提交給 ACR。我們希望這些都能被接受，並且我們很快就能在那裡公開分享數據。

And I think that was the scientific part. Maybe, I'll hand over to Andrew for the last pieces.

我認為這就是科學的部分。也許，我會把最後的部分交給安德魯。

Yeah. Hey, Allison. So thanks for the question on the business metrics. So going forward, on a quarterly basis, we'll continue to report out on our program starts and our molecules in the clinic. And on an annual basis, we will be continuing to report out on the royalty rates, sort of our average royalty rates, and aggregate milestones that we've accumulated, which are reported also in our 10-K, as well as it would be our intention to report on this attrition graph and what the progression of molecules are that we've handed back to our partners.

是的。嘿，艾莉森。感謝您提出有關業務指標的問題。因此，展望未來，我們將繼續按季度報告我們的計畫啟動情況和臨床中的分子情況。每年，我們將繼續報告特許費率、平均特許費率以及我們累積的里程碑，這些也在我們的 10-K 報告中，同時我們打算報告這個損耗圖以及我們交還給合作夥伴的分子進展。

Excellent. Thank you.

出色的。謝謝。

Stephen Wiley, Stifel.

史蒂芬威利 (Stephen Wiley)，Stifel。

Yeah. Good afternoon. Thanks for taking the question, maybe a couple. So I guess now that you just have a line of sight into completing this forward integration process via the completion of manufacturing, I think you're talking about having pilot runs going before the end of this year.

是的。午安.感謝您提出這個問題，也許有幾個。所以我想，既然您現在已經開始專注於透過完成製造來完成這項前向整合過程，我想您說的是在今年年底之前進行試運行。

Can you start engaging potential partners or even co-development partners on the BD front with kind of a proposed workflow that now contemplates the manufacturing of the end product? Or do you have to wait to those pilot runs are done before you can start engaging on those kinds of deals?

您能否開始與 BD 方面的潛在合作夥伴甚至共同開發合作夥伴接觸，並提出一種現在正在考慮最終產品製造的工作流程？或者您必須等待試運行完成後才能開始參與此類交易？

Hey, Steve. Carl here. No, I think you're exactly right. So once the development candidate has been picked, the first step is to move that into the generation of cell lines and then start to develop a process ahead of the manufacturing. So we have been building our PD teams ahead of that, and we are certainly in a position this year to begin working on process development leading to manufacturing, and have every confidence that the pilot runs and the facility will be online to support that.

嘿，史蒂夫。卡爾在這裡。不，我認為你完全正確。因此，一旦選定了開發候選藥物，第一步就是將其轉移到細胞系的生成中，然後開始開發製造前的流程。因此，我們一直在提前組建我們的 PD 團隊，今年我們肯定能夠開始致力於生產製造的製程開發，並且完全有信心試點運行並且設施將上線以支持這一點。

So those are conversations that we can begin having right now. I'll also add that, as I mentioned in my prepared remarks, we are targeting to bring at least one additional development candidate forward ourselves this year, and there's our expectation that we'll be able to do the manufacturing on that one from start to finish.

所以這些是我們現在就可以開始進行的對話。我還要補充一點，正如我在準備好的發言中提到的那樣，我們的目標是今年至少推出一款額外的開發候選產品，並且我們期望能夠從頭到尾完成該產品的製造。

Okay. And maybe just on the TCE partnership, just to follow up I guess. Have any of the BD conversations as you've had to date either, I guess, shaped the kind of deal you want to do and/or the type of deal that you think can do just kind of given the data that you've shared to date and the progress that you've made with this panel of CD3 variants? Is it your preference to do something exclusive versus or non-exclusive? I'm just kind of curious as to how you're thinking about this.

好的。也許只是關於 TCE 合作夥伴關係，我猜只是為了跟進。我想，您迄今為止進行的任何 BD 對話是否影響了您想要達成的交易類型和/或您認為可以達成的交易類型，僅僅考慮到您迄今為止分享的數據以及您在 CD3 變體面板上取得的進展？您喜歡做一些獨家的事情還是非獨家的事情？我只是有點好奇你是怎麼看待這個問題的。

Yeah. I mean, it's always dangerous to speculate on deals and what exactly the structure is going to be. You're exactly right that if you're talking to the companies that have a strong interest in this, then that will certainly help you get smarter about the types of deals that you should do and how you should think about maximizing value on the platform, and those conversations have been helpful.

是的。我的意思是，猜測交易以及具體結構總是很危險的。您說得完全正確，如果您與對此有濃厚興趣的公司進行交談，那麼這肯定會幫助您更明智地了解您應該做的交易類型以及如何考慮在平台上實現價值最大化，這些對話非常有幫助。

The real question, I think -- and Andrew asked something similar like what is the key data, it's really a combination of moving the data forward enough and finding the right partner with a good alignment, and then making sure that you're doing a deal that really captures the value of the platform. If we wanted to execute TCE deals we could have done several TCE deals last year. And we passed, because we think that that's not in the best interest of the long-term value of that platform.

我認為真正的問題是——安德魯問了類似的問題，例如關鍵數據是什麼，它實際上是將數據充分向前推進，找到合適的合作夥伴並進行良好的協調，然後確保你所做的交易真正抓住了平台的價值。如果我們想要執行 TCE 交易，去年就可以完成幾筆 TCE 交易。我們拒絕了，因為我們認為這不符合該平台的長期價值的最佳利益。

And so that's an issue that we're continually evaluating and that we'll navigate going forward. And while we do want to get that deal out and have the validation, it's much more important for the long-term state of the business that we do the right deal and make sure we're not selling this cheap.

因此，我們正在不斷評估這個問題，並將繼續努力解決它。雖然我們確實希望達成交易並獲得認可，但對於業務的長期發展而言，更重要的是我們達成正確的交易並確保不會以如此低廉的價格出售。

Okay. And then maybe just one quick follow-up. I guess, the one or maybe two additional candidates that you might be moving forward past discovery this year in addition to 575, and I think it's, 635. Do those also fall into the either TCE, GPCR ion channel bucket in terms of being, I guess, quote unquote, higher value?

好的。然後也許只需進行一次快速跟進。我想，除了 575 個候選藥物之外，今年可能還會有另外 1 個或 2 個候選藥物被陸續發現，我想應該是 635 個。我猜，從價值較高的角度來看，它們是否也屬於 TCE 或 GPCR 離子通道類別？

Sure. So I don't think I mentioned it, but probably the most likely source of those candidates is going to be from our work in GPCRs and ion channels. 635, we are wildly excited about. We love that program. I'm probably every bit as excited about the prospect of that effort that's been going for a long time to start to generate some very exciting molecule.

當然。所以我認為我沒有提到它，但這些候選藥物最有可能的來源是我們在 GPCR 和離子通道方面的工作。 635，我們對此感到非常興奮。我們喜歡這個節目。我可能對這項長期努力的前景感到十分興奮，這項努力將開始產生一些非常令人興奮的分子。

So we're hoping that we'll be able to deliver on at least one, perhaps two, out of that platform. There is, I think, a slight chance that it could also come from a TCE program. And that's really on our side about prioritization and deciding where we like the data and the opportunity the best.

因此我們希望能夠透過該平台實現至少一項，或許兩項。我認為，它也有可能來自 TCE 計劃。這確實有利於我們確定優先順序並決定我們最喜歡哪裡的數據和機會。

All right. Thanks for taking questions.

好的。感謝您的提問。

[Steve Detrick, KeyCorp.]

[史蒂夫·德特里克，KeyCorp.]

Hey, guys. Is there any additional color you can provide on the three new partner-initiated programs, or it started in the fourth quarter?

嘿，大家好。您能否提供有關這三個新的合作夥伴發起的計劃的更多信息，或者它於第四季度開始實施？

The only -- I would say, most often, you could see we had some BD activity in the second half of the year most often starts following recent deal activity, but we don't normally go into any detail there, Steve, on what quarter to quarter are the specific deals and starts that we have.

唯一的——我想說，大多數情況下，你可以看到我們在下半年有一些 BD 活動，通常是在最近的交易活動之後開始的，但史蒂夫，我們通常不會詳細說明每個季度的具體交易和開始情況。

Okay. Thank you.

好的。謝謝。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

I have Michael on for Puneet. I was just wondering, so with this pick up in the pucks later in this year, I was wondering if that's like a typical seasonality in BD activity or if you're seeing a pickup now that there's been a decent amount of biopharma M&A? And if that influences your outlook for how much co-development or asset sale you might have in a near term?

我讓麥可代替普尼特。我只是想知道，隨著今年晚些時候冰球活動的回升，我想知道這是否是 BD 活動的典型季節性，或者您是否看到了現在出現了大量生物製藥併購活動的回升？這是否會影響您對近期可能進行的共同開發或資產出售的展望？

Hey, Michael, thanks for joining for Puneet there. No, I think it's just -- there's no predictable seasonality with the BD deal flow it's just -- it can be irregular and it has been in the past, also irregular. So we don't -- I wouldn't read into anything regarding that quite robust quarter. And as I mentioned, we're going to -- we don't consider the programs under contract to be really the meaningful business metric where people turning people's attention to going forward and we're going to stop reporting on that on a quarterly basis.

嘿，邁克爾，感謝你加入 Puneet。不，我認為這只是——BD 交易流沒有可預測的季節性，它只是——它可能是不規則的，而且在過去也是如此。所以我們不會——我不會對這個相當強勁的季度做出任何解讀。正如我所提到的，我們不認為合約下的項目是真正有意義的商業指標，人們將注意力轉向未來，我們將停止按季度報告這方面的情況。

Got it. And then I was wondering if you had any visibility on whether those five preclinical assets, if they might be getting into the clinic sometime in 2024 or 2025?

知道了。然後我想知道您是否知道這五種臨床前資產是否會在 2024 年或 2025 年的某個時候進入臨床？

Hi. Thanks for the follow up on. I mean, we would hope so, but they're in the hands of our partners and they're moving them at their own pace. I would say, like the progression, as we have seen in the past, can take any number of years.

你好。感謝您的跟進。我的意思是，我們希望如此，但它們掌握在我們的合作夥伴手中，他們按照自己的步調前進。我想說，就像我們過去看到的那樣，這項進展可能需要很多年的時間。

The ones that we are particularly excited about, because they have -- or we could expect in 2024, let's say, because they have already disclosed this themselves is Abdera, the company we worked with on the radioisotope conjugates. They have indicated that, I think, at least one would come into the clinic in 2024. So we're definitely keeping our eye out for that. For other ones, we don't have any particular insight on what their schedules are.

我們特別興奮的是，因為他們已經——或者我們可以預期在 2024 年，因為他們自己已經披露了這一點，那就是 Abdera，我們與之合作研究放射性同位素結合物的公司。他們表示，我認為至少有一例將於 2024 年進入臨床。所以我們一定會密切關注這一點。對於其他人，我們對他們的日程安排沒有任何特別的了解。

Got it. Thank you very much.

知道了。非常感謝。

Steven Mah, Cowen.

史蒂文馬，考恩。

Great. Thanks for taking the questions. Andrew, how should we think about the R&D expense going forward in 2024, especially in light of your advancing two internal programs into IND-enabling studies?

偉大的。感謝您回答這些問題。安德魯，我們應該如何看待 2024 年的研發費用，尤其是考慮到您將兩個內部專案推進到 IND 支援研究中？

And then second part of the question, given the cadence of INDs in 2024, a one or two, could you give us some color on what's driving that cadence? And could you do more if you had multiple compelling candidates? It seems like you have the cash and the manufacturing capacity to accelerate if you wanted it. Is that a fair statement?

然後是問題的第二部分，考慮到 2024 年 IND 的節奏，一兩個，您能否給我們講講推動這一節奏的因素？如果有多個令人信服的候選人，您能做得更多嗎？看起來如果你願意的話，你就有現金和製造能力來加速。這是一個公平的說法嗎？

Hey, Steve. So I'll take each of those, and I think Carl will chime in on the second one as well at the end. So on the R&D expense in 2024, as I mentioned in the prepared remarks, we've considered it to be -- we would expect it to be relatively flat versus last year's expense. Last year we did have some expenses related to clinical development of a certain number of programs, certainly bringing 575 and 635 to where it is in IND-enabling studies. And we would expect it actually to be similar in 2024, so relatively flat overall.

嘿，史蒂夫。所以我會接受每一個問題，而且我認為卡爾最後也會對第二個問題發表意見。因此，關於 2024 年的研發費用，正如我在準備好的評論中提到的那樣，我們已經考慮到了 - 我們預計它與去年的費用相比會相對持平。去年，我們確實有一些與一定數量項目的臨床開發相關的費用，其中 575 和 635 肯定與 IND 支持研究有關。我們預計 2024 年的情況實際上會類似，因此總體而言相對平穩。

Regarding the second question, what Carl mentioned is that we would expect two additional programs getting into development candidate and towards IND-enabling studies in 2024. And actually that 635 and 575 would reach IND in 2025. And then that's when their Phase 1s would be expected to start.

關於第二個問題，卡爾提到的是，我們預計在 2024 年將有兩個額外的專案進入開發候選階段並進行 IND 支援研究。實際上，635 和 575 將於 2025 年達到 IND。然後他們的第一階段預計就會開始。

We're on a pace of roughly that. Then those two development candidates from this year would have INDs or go into IND-enabling studies with expected INDs in 2026. That appears to be the pace and cadence that that we're getting into.

我們的步伐大致如此。那麼，今年的這兩項開發候選藥物將獲得 IND 或進入 IND 支持研究，預計在 2026 年獲得 IND。這似乎就是我們正在進入的步伐和節奏。

I'll let Carl talk about whether what the capacity is and what may be the limiting of features on that.

我會讓卡爾談論它的容量是多少以及它的功能限制是什麼。

Sure. Happy to do that. Maybe just first emphasizing, as I did in my prepared remarks, that we believe advancing internal portfolio is going to be the biggest value driver in the long run for AbCellera.

當然。很高興這樣做。也許只是首先強調，正如我在準備好的演講中所做的那樣，我們相信推進內部投資組合將成為 AbCellera 長期最大的價值驅動力。

Now, our focus is on making sure that we're building that portfolio and moving it forward effectively. This is not about numbers. It's not about putting a certain number of INDs on the board. It is completely about being able to look at the data, look at the opportunity, look at the commercial case, and get excited that you have a much better than average chance of bringing forward a molecule that's going to be a drug that helps patients.

現在，我們的重點是確保我們正在建立該投資組合併有效地推動其發展。這與數字無關。這並不是將一定數量的 IND 放在董事會上。這完全取決於能否查看數據、查看機會、查看商業案例，並為自己有比平均水平高得多的機會開發出一種可以幫助患者的藥物分子而感到興奮。

So the fundamental bottleneck here is in finding the opportunities and getting the science to the point where you really have conviction, and believe that this is a program that deserves to be added to the portfolio. That's by far the bottleneck.

因此，這裡的根本瓶頸在於尋找機會，並使科學達到你真正有信心的程度，並相信這是一個值得添加到投資組合中的項目。這是迄今為止的瓶頸。

Now, the other pieces -- in the event that you're working on many programs as we are and a lot of them happened to hit in the same year, I could imagine that there is a number at which we would run into a bottleneck operationally in being able to manage the manufacturing, get the R&D packages together, do the preclinical work.

現在，其他部分——如果您像我們一樣正在進行許多項目，並且其中許多項目恰好在同一年啟動，我可以想像，在管理製造、整合研發包、開展臨床前工作方面，我們會遇到營運瓶頸。

Frankly, that would be a problem that we would welcome. And given the nature of what we're working on, we could pace those out. Most of these programs are against targets that the industry has known about for many years. And we're not seeing antibodies move forward, because people have not been able to solve those problems. So we would love to have a backup of exciting first-in-class molecules to move forward.

坦白說，這是我們樂見的問題。考慮到我們所做工作的性質，我們可以逐步完成這些工作。大多數此類計劃都違背了業界多年來已知的目標。我們沒有看到抗體取得進展，因為人們還無法解決這些問題。因此，我們希望能夠擁有一群令人興奮的一流分子來推動我們前進。

That's not currently the place, but we are putting our neck out a little bit, and saying, hey, this year, we're hoping to get at least one breakthrough, and perhaps to add two more programs and in development candidate.

目前還不是這樣，但我們正在努力嘗試，並說，嘿，今年，我們希望至少取得一項突破，也許還會增加兩個項目和正在開發的候選項目。

Okay, great. That's a really helpful color. And then last one is a follow-up question on manufacturing. Given the recent discussions by the US government on the bio economy and in securing domestic and allied supply chains, are you guys applying for any US government funding for biomanufacturing or bio production? Thank you.

好的，太好了。這確實是一種很有用的顏色。最後一個是關於製造業的後續問題。鑑於美國政府最近就生物經濟以及確保國內和盟國供應鏈的討論，你們是否正在申請美國政府對生物製造或生物生產的資助？謝謝。

That's good question. And as you probably know, we have had some close interactions with DARPA and the US government in the past, and we certainly would welcome that again. We're not currently engaged in those types of conversations.

這是個好問題。您可能知道，我們過去曾與 DARPA 和美國政府進行過密切的互動，我們當然歡迎再次進行這樣的互動。我們目前沒有參與此類對話。

What has been interesting, as I'm sure you have seen, is that there are some geopolitical factors that are making it more and more important to have manufacturing in-house and have them in North America. So we think that's really playing well into the strategy. And we believe that in the long run, if you have the ability to continue to generate first-in-class assets, it is highly strategic to be able to control supply chain through [PD] and manufacturing. And so we view the GMP manufacturing not so much as a revenue center as a key strategic asset to execute on the vision of building a vertically integrated clinical-stage biotech.

有趣的是，我相信你已經看到了，一些地緣政治因素使得內部製造和在北美製造變得越來越重要。因此我們認為這確實對戰略起到了很好的作用。我們相信，從長遠來看，如果你有能力繼續創造一流的資產，那麼透過[PD]和製造來控制供應鏈就具有重要的策略意義。因此，我們認為 GMP 製造不僅僅是一個收入中心，更是實現建構垂直整合臨床階段生物技術願景的關鍵策略資產。

Great. Great. Thank you.

偉大的。偉大的。謝謝。

Evan Seigerman, BMO.

埃文·西格曼，BMO。

Hi, guys. Thank you so much for taking my question. A bigger picture one that I wanted to ask, one on 635. So bigger picture, as you think about your transition to this more of a drug development-type company, how do you decide what assets you're going to put through a Phase 1, maybe to Phase 2, versus partnering out? Is it really just the sheer size of resources, the economics walking through kind of that thinking?

嗨，大家好。非常感謝您回答我的問題。我想問一個更大的問題，關於 635 的問題。因此，從更大的角度來看，當您考慮轉型為藥物開發型公司時，您如何決定將哪些資產投入第一階段，甚至第二階段，還是合作？這真的只是資源的絕對規模，還是經濟學所遵循的思維？

And then maybe on 635, can you walk us through kind of the genesis of this. I know you're not going to disclose the target or what you're going after here, but metabolic is obviously very hot. What do you see as differentiated about 635? And maybe how does that fit into a rapidly evolving metabolic space? Thank you very much.

然後也許在 635 上，您能否向我們介紹這個的起源。我知道你不會透露目標或你追求的目標，但代謝顯然非常熱門。您認為 635 有何不同？那麼，這如何適應快速發展的代謝空間呢？非常感謝。

Sure. Happy to take those questions in turn. So the first question was about how do you decide which programs you're working on, how far you take them, and when you look to partner out. So first of all, deciding at every point in development, do we further invest in a program, we're looking at four key dimensions. We're looking at science, we're looking at the commercial opportunity, we're looking at the potential for differentiation, and we're looking at a practical path for development. And so every asset, every opportunity needs to be looked at through those four dimensions at each step.

當然。很高興依序回答這些問題。所以第一個問題是，您如何決定要進行哪些專案、開展到什麼程度以及何時尋求合作夥伴。因此，首先，在開發的每個階段決定是否進一步投資某個專案時，我們會考慮四個關鍵維度。我們正在研究科學，我們正在研究商業機會，我們正在研究差異化的潛力，我們正在研究實際的發展道路。因此，每一步都需要透過這四個維度來檢視每一項資產、每一個機會。

Now, as you start to get further into clinical development, I think one of the big questions as to whether it's better to keep it in-house or better to look for partnerships, depends on the scale of resources you need to commit. So we are definitely not in the game of betting everything on a single asset. We have been diversifying our portfolio from the beginning, and we're going to continue to do that, but it's also the clinical development capability.

現在，當您開始進一步進入臨床開發時，我認為一個大問題是，是將其保留在內部還是尋求合作夥伴關係更好，這取決於您需要投入的資源規模。所以我們絕對不會把所有賭注都押在單一資產上。我們從一開始就致力於實現產品組合的多樣化，並且我們將繼續這樣做，但這也是臨床開發能力的多樣化。

And for some indications, particularly indications that are competitive in terms of patient enrollment, these are much better done by a large and established company. I think atopic dermatitis is probably a pretty good example of that. There's some combination of resource allocation and just what is practical, and do you believe that you can do it effectively and that you're going to create the most value for patients and for the company by keeping it in your own hands or by finding the right partner.

對於某些適應症，特別是在病患招募方面具有競爭力的適應症，由大型且成熟的公司來做會更好。我認為異位性皮膚炎可能就是一個很好的例子。資源配置和實際操作之間存在某種結合，您是否相信您可以有效地做到這一點，並且透過將其掌握在自己手中或找到合適的合作夥伴，您將為患者和公司創造最大的價值。

And then when you find the right partner, then the question is, what exactly is the nature of that partnership. And those are the things that need to be evaluated, not as a on-the-bus strategy, but rather on a case-by-case basis based on the best information you have at the time.

當你找到合適的合作夥伴時，問題就是，這種合作關係的本質到底是什麼。這些事情需要進行評估，不是作為一種即時策略，而是基於當時掌握的最佳資訊逐案評估。

All right. That's helpful. And then I guess more on to 635 or where else you want to share?

好的。這很有幫助。然後我想您還想分享更多關於 635 或其他地方的內容嗎？

Yes, I don't have too much more to share on 635. I mean, the highlights are -- we think this is a potentially first-in-class antibody therapy against the GPCR or ion channel target. It's in the area of metabolic and endocrine disorders and we have compelling data in non-human primates that we believe has high likelihood of translating to humans. And the nature of the indication is that we believe we can get both safety and efficacy data early in clinical development.

是的，關於 635 我沒有太多內容可以分享。我的意思是，亮點是——我們認為這是一種針對 GPCR 或離子通道靶點的潛在首創抗體療法。它屬於代謝和內分泌失調領域，我們在非人靈長類動物中擁有令人信服的數據，我們相信這些數據很有可能轉化為人類。並且，我們相信我們可以在臨床開發早期獲得安全性和有效性數據。

That's the focus right now. Once we get to that point, we'll have to reevaluate what's the next best step.

這就是目前的重點。一旦我們到達這一點，我們就必須重新評估下一步的最佳行動是什麼。

Okay. No, that's very helpful. And then, Carl, just one more on to add. So as you think about rightsizing or reconciling your business priorities, what's driven by -- I don't want to say pressure from the government, but priority from the Canadian government versus investors and pushing forward assets that you think could be most profitable. How do you balance that? Because it's clearly an important strategic priority for the Canadian government, which is great, but we also have to make sure you're balancing that resource allocation with high-potential assets.

好的。不，這非常有幫助。然後，卡爾，還有一點要補充。因此，當您考慮調整規模或協調您的業務優先事項時，驅動因素是什麼——我不想說來自政府的壓力，而是來自加拿大政府與投資者的優先考慮，以及推動您認為最有利可圖的資產。您如何平衡這一點？因為這顯然是加拿大政府的重要戰略重點，這很好，但我們也必須確保平衡資源配置和高潛力資產。

Hey. Thanks for the question, Evan. I think important that -- of course, the government of Canada, the government of British Colombia, have been excellent funding partners here. Importantly, we still have full operational control of the company and we're making the decisions which are the best for the company to advance our assets and establish ourselves as an anchor company here in Canada. And that is exactly what the Canadian government and the government of British Columbia are looking for.

嘿。謝謝你的提問，埃文。我認為重要的是——當然，加拿大政府、英屬哥倫比亞政府一直是這裡優秀的資助夥伴。重要的是，我們仍然擁有對公司的全面營運控制權，我們正在做出對公司最有利的決策，以提升我們的資產並將我們自己確立為加拿大的支柱公司。這正是加拿大政府和不列顛哥倫比亞省政府所期待的。

So I think our interests are very well aligned there. And of course, we have certain commitments to the Canadian government, which are highlighted in some of the documents that we've provided previously on the nature of that funding. But I think those are all also right in line with what the strategic objectives are of the company.

所以我認為我們的利益非常一致。當然，我們對加拿大政府做出了某些承諾，這些承諾在我們之前提供的一些有關資金性質的文件中有所強調。但我認為這些也都符合公司的策略目標。

So I think we find ourselves not at odds with the any competing on, let's say, motivation between what we're doing that's right for the company and for shareholders and what the government of Canada funding is allowing us to do.

因此，我認為我們之間不存在任何競爭，比如說，我們所做的事情對公司和股東有利，而加拿大政府的資金允許我們做的事情則有利。

I would go even further and say the government of Canada and British Columbia, I think, the top priority, is to make sure that here we are building an anchor company that is building an ecosystem in clinical trials and clinical development and that AbCellera is successful. So we are 100% aligned in maximizing shareholder value, bringing great drugs to patients, and building programs that really make a difference and move the needle for the industry. So there is no misalignment, this is it is all one thing.

我甚至想進一步說，我認為加拿大和不列顛哥倫比亞省政府的首要任務是確保我們在這裡建立一家在臨床試驗和臨床開發領域建立生態系統的龍頭公司，並確保 AbCellera 取得成功。因此，我們完全一致地致力於最大化股東價值，為患者提供優質藥物，並建立真正發揮作用並推動行業發展的計劃。所以不存在錯位，這都是一回事。

Cool, thank you so much.

太棒了，非常感謝。

Thank you for your question. There are no additional questions waiting at this time. So I'll pass the call back to the management team for any closing remarks.

感謝您的提問。目前沒有其他問題。因此，我會將電話轉回給管理團隊，以便他們發表最後的評論。

Thank you, everyone, for joining the call. We are very pleased to share progress and look forward to speaking with you again.

感謝大家參加此次電話會議。我們很高興分享進展並期待再次與您交談。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路了。