Abcellera Biologics Inc (ABCL) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to AbCellera's full year 2024 business update conference call. My name is Tamia, and I will facilitate the audio portion of today's interactive broadcast. (Operator Instructions)

下午好，歡迎參加 AbCellera 2024 年全年業務更新電話會議。我叫塔米亞 (Tamia)，我將負責今天互動廣播的音訊部分。（操作員指示）

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

現在，我想將電話轉給 AbCellera 的首席法律和合規官 Tryn Stimart。您可以繼續。

Thank you. Hello everyone. Thank you for joining us for AbCellera's 2024 full year earnings call. I'm Tryn Stimart, AbCellera's Chief Legal and Compliance Officer, Dr. Carl Hansen, AbCellera's President and CEO; and Andrew Booth, AbCellera's Chief Financial Officer are joining me on today's call.

謝謝。大家好。感謝您參加 AbCellera 2024 年全年財報電話會議。我是 AbCellera 的首席法律和合規官 Tryn Stimart，AbCellera 的總裁兼執行長 Carl Hansen 博士；和 AbCellera 財務長 Andrew Booth 也參加了今天的電話會議。

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.

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 表格中列出的若干因素，我們的實際結果可能存在重大差異。

AbCellera does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Our presentation today, including our earnings press release issued earlier today and our SEC filings are available on our Investor Relations website.

AbCellera 不承擔更新任何前瞻性聲明的義務，無論由於新資訊、未來事件或其他原因。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查閱。

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。

Thanks, Tryn, and thank you everyone for joining us today. Today, I'll review the progress we made in 2024 and discuss our priorities for 2025. 2024 was a year of significant change at AbCellera. In late 2023, we decided to transition from a platform and partnership company to a clinical stage biotech. Accordingly, over the past 18 months, our focus has been on building our internal pipeline and completing investments in our platform, while at the same time, improving efficiency and maintaining a strong cash position.

謝謝，Tryn，也謝謝大家今天加入我們。今天，我將回顧我們在 2024 年的進展，並討論 2025 年的優先事項。 2024 年是 AbCellera 發生重大變化的一年。2023 年末，我們決定從平台和合作公司轉型為臨床階段生物技術公司。因此，在過去的 18 個月中，我們的重點是建立內部管道和完成平台投資，同時提高效率並保持強勁的現金狀況。

Through the year, we achieved the following milestones. We advanced two programs, ABCL635 and ADCL575, which are now positioned for CTA filings in Q2 of this year. Behind these, we are advancing a robust pipeline of internal programs in discovery. We completed our move into our new headquarters and are on track to bring our clinical manufacturing facility online in 2025. Importantly, we expect significant investments in our platform and facilities to be complete in the first half of this year.

在這一年中，我們實現了以下里程碑。我們推進了兩個項目，ABCL635 和 ADCL575，目前已準備好在今年第二季提交 CTA 申請。在這背後，我們正在推進一系列強大的內部探索項目。我們已完成遷入新總部的工作，並預計於 2025 年將臨床製造工廠投入使用。重要的是，我們預計對我們的平台和設施的大量投資將在今年上半年完成。

We are reducing the new discovery partnership activities. In the first part of 2024, we engaged in two new partnerships and expanded existing collaboration. And finally, we closed the year with over $800 million in available liquidity and are in a strong position to execute on our strategy. As we enter 2025, I believe we are in a unique position. We are nearing completion of a multiyear build of our facilities and workforce.

我們正在減少新的發現合作活動。2024 年上半年，我們建立了兩個新的合作關係，並擴大了現有的合作。最後，我們在年底擁有超過 8 億美元的可用流動資金，並且有能力執行我們的策略。當我們進入2025年時，我相信我們正處於一個獨特的地位。我們的設施和勞動力的多年建設即將完成。

We have a demonstrated competitive advantage in the creation of therapeutic antibodies, and we have arrived here with over $800 million in liquidity. Over the coming years, we will use our capital and our technology to create and develop a pipeline of wholly owned and co-owned drug development programs. From here, the most important strategic question is how do we allocate our time and our capital to build our pipeline? How do we choose which programs to work on? Where do we double down, where do we stop investing and when do we partner.

我們在治療性抗體的研發方面擁有明顯的競爭優勢，我們擁有超過 8 億美元的流動資金。在未來幾年，我們將利用我們的資本和技術來創建和開發一系列全資和共同擁有的藥物開發項目。從這裡開始，最重要的策略問題是我們如何分配時間和資金來建立我們的管道？我們如何選擇要開展的項目？我們在哪裡加倍投入，在哪裡停止投資，何時進行合作。

In choosing programs, we are explicitly indication agnostic. We're open to all opportunities where we perceive an unmet need and an outsized chance of succeeding in the clinic and in the market. We assess this by answering four central questions. First, do we have conviction in the science? Second, do we see a large unmet need and commercial opportunity.

在選擇程序時，我們明確地不考慮指示。我們對所有我們認為尚未滿足的需求以及在臨床和市場上獲得巨大成功的機會持開放態度。我們透過回答四個核心問題來評估這一點。首先，我們對科學有信心嗎？其次，我們是否看到大量未滿足的需求和商業機會。

Third, is there a case for strong differentiation so we can win in the market? And lastly, is there a clear development path. At this stage, we are particularly focused on finding those opportunities where for a limited amount of cost and time we can get proof of concept and build conviction in our programs. In the perfect world, we have built a portfolio where every program scores highly on all of these different criteria. The reality is that every program has its strength and its weaknesses, and these need to be weighed together.

第三，我們是否可以透過強大的差異化來贏得市場？最後，是否有明確的發展路徑。在這個階段，我們特別注重尋找那些可以用有限的成本和時間證明概念並建立對我們計劃的信心的機會。在完美的世界中，我們已經建立了一個投資組合，其中每個項目在所有這些不同的標準上都獲得了高分。事實上，每個專案都有其優勢和劣勢，需要綜合權衡。

With that framework in mind, I will share how we think about our first two programs, ABCL635 and ABCL575. ABCL635, which is our lead program is for an undisclosed target and indication in the area of metabolic and endocrine conditions. This is a program that we are particularly excited about because it scores well across all 4 dimensions. First, from the pathway side, this is a target that has been well validated both in preclinical work and in the clinic with small molecules. Accordingly, we believe that if we can achieve sufficient target engagement, it is likely to be both efficacious and safe.

基於這個框架，我將分享我們對前兩個項目 ABCL635 和 ABCL575 的看法。ABCL635 是我們的主導項目，針對的是代謝和內分泌疾病領域的未公開目標和適應症。我們對這個項目特別興奮，因為它在所有 4 個維度上都取得了很好的成績。首先，從途徑方面來看，這是一個在臨床前工作和小分子臨床中都得到充分驗證的目標。因此，我們相信，如果我們能夠實現足夠的目標參與，它就可能是有效且安全的。

Second, we believe that this program would address an important unmet need with a significant commercial opportunity. In our estimation, there is a total addressable market of at least $2 billion in annual sales. In terms of differentiation, ABCL635 has the potential to be a first-in-class antibody therapy. We believe there is potential for differentiation in terms of the safety profile, and we believe that a product that is a once-monthly subcutaneous injection will be preferred by patients. And lastly, this is a program where a clear development path and well-established biomarkers exist.

其次，我們相信該計劃將解決一個重要的未滿足需求，並帶來巨大的商業機會。據我們估計，該市場年銷售額總計至少為 20 億美元。從差異化角度來看，ABCL635 有潛力成為一流的抗體療法。我們相信在安全性方面存在差異化的潛力，我們相信每月一次皮下注射的產品將受到患者的青睞。最後，這是一個具有清晰發展路徑和完善生物標誌物的計畫。

At the end of our Phase I trial, we expect to have a clear view as to whether or not we are engaging the target and whether it's likely to work as a therapeutic. We plan to disclose the target and the indication for ABCL635 at our next earnings call. Our second program, ABCL575, is a nondepleting OX40 ligand antagonist. This is a program following amlitelimab, which is a molecule that's now in Phase III by Sanofi in atopic dermatitis and is also being evaluated in Phase II for several other indications. In Phase II, amlitelimab has demonstrated efficacy that was comparable to Dupixent in atopic dermatitis at a clean safety profile and a longer duration, albeit with a slower time to the onset of that effect.

在第一階段試驗結束時，我們希望能夠清楚地了解我們是否正在達到目標以及它是否有可能起到治療作用。我們計劃在下次收益電話會議上揭露 ABCL635 的目標和適應症。我們的第二個項目 ABCL575 是一種非消耗性 OX40 配體拮抗劑。這是一項追蹤 amlitelimab 的項目，amlitelimab 是賽諾菲公司用於治療異位性皮膚炎的一種分子，目前正處於 III 期臨床試驗階段，並且正在 II 期臨床試驗中評估其對其他幾種適應症的療效。在 II 期臨床試驗中，amlitelimab 已證明其在治療異位性皮膚炎方面的療效與 Dupixent 相當，且安全性更高，且持續時間更長，儘管起效時間較慢。

With this precedent, we have high conviction that ABCL575 will also prove to be efficacious and safe. There is clearly a large commercial opportunity here. Atopic dermatitis is already north of a $10 billion market with biologic penetration in the single-digit percentage range for the patient group. We also know that for Dupixent, there's approximately a 20% of patients that discontinue so that even as a second-line therapy, this represents an attractive commercial opportunity. Although there is also lebrikizumab from Lilly, lebri targets the IL-13 pathway and therefore, has nearly complete overlap with Dupixent's mechanism of action.

有了這個先例，我們堅信 ABCL575 也將被證明是有效且安全的。這裡顯然存在著巨大的商業機會。異位性皮膚炎的市場規模已超過 100 億美元，生物製劑在患者群體中的滲透率僅為個位數百分比。我們也知道，對於 Dupixent，大約有 20% 的患者停止使用，因此即使作為二線療法，這也代表著一個有吸引力的商業機會。雖然禮來公司也有 lebrikizumab，但 lebri 針對的是 IL-13 通路，因此與 Dupixent 的作用機制幾乎完全重疊。

For this reason, for patients that proceed to second line, having a distinct option like an OX40 ligand antagonist is attractive. Beyond atopic dermatitis, there's a good case to be made for the development of OX40 ligand antagonist across many autoimmune conditions. As I mentioned, amlitelimab is currently being evaluated for celiac disease, asthma, HS, alopecia and others.

因此，對於進入第二線治療的患者來說，擁有像 OX40 配體拮抗劑這樣獨特的選擇是有吸引力的。除了異位性皮膚炎之外，OX40 配體拮抗劑在許多自體免疫疾病中的開發也有很好的前景。正如我所提到的，amlitelimab 目前正在針對乳糜瀉、氣喘、HS、脫髮等進行評估。

We view success in these trials as potential upside that support the proposition that OX40 ligand will emerge as a dominant class in treating autoimmune conditions. As compared to amlitelimab, the main differentiation thesis for ABCL575 is a combination of high potency and excellent biophysical properties, making it amenable to a high concentration formulation and an Fc that is engineered with a YTE mutation to provide extended half-life that supports less frequent dosing.

我們認為這些試驗的成功具有潛在的優勢，支持了 OX40 配體將成為治療自體免疫疾病的主導類別的主張。與 amlitelimab 相比，ABCL575 的主要差異化論點在於高效力和優異的生物物理特性的結合，使其適合高濃度配方和採用 YTE 突變設計的 Fc，以提供延長的半衰期，從而支持較低頻率的給藥。

We view this as a modest case for differentiation, but one that could prove more or less important depending on what happens in ongoing trials with amlitelimab and the profile of other early-stage OX40 ligand antagonist that are currently in late preclinical or early clinical development. From a development perspective, there is a clear path, and we expect to have a CTA submitted in Q2 of 2025. We expect the first readout for safety and PK in 2026, which is at the same time as ABCL635. In summary, we view ADCL575 as a program with low scientific risk and a large potential market opportunity across multiple autoimmune indications, but a program with risks associated with being in a competitive space with modest differentiation. With ABCL635 and ABCL575 on track for entry into the clinic in 2025, we expect to complete our transition from a preclinical platform and partnership company to a clinical stage biotech.

我們認為這是一個適度區分的案例，但它的重要性可能或多或少取決於 amlitelimab 正在進行的試驗中發生的情況以及目前處於後期臨床前或早期臨床開發的其他早期 OX40 配體拮抗劑的情況。從發展角度來看，我們有一條清晰的路徑，我們預計將在 2025 年第二季提交 CTA。我們預計安全性和 PK 的首次讀數將於 2026 年公佈，與 ABCL635 同時公佈。總之，我們認為 ADCL575 是一個科學風險較低且在多種自體免疫適應症中具有巨大潛在市場機會的項目，但該項目在競爭激烈且差異化程度適中的領域中也存在風險。隨著 ABCL635 和 ABCL575 預計將在 2025 年進入臨床，我們預計將完成從臨床前平台和合作公司轉型為臨床階段的生物技術公司。

Behind these programs, we have a robust portfolio of more than 20 preclinical programs that we view as having the potential to become highly differentiated assets. As we focus our activities on our pipeline, we are reducing our new partnering activities. In the first half of 2024, we added two additional partnerships with Biogen and with Aramark and Viking and expanded our collaboration with Lilly. Subsequent to the close of Q4, we entered into our first significant partnership based on our TCE platform with AbbVie, who we first began working with at the end of 2022. We see our TCE platform as a source for internal programs and as a basis for future partnership activities.

在這些項目背後，我們擁有超過 20 個臨床前項目的強大組合，我們認為這些項目有潛力成為高度差異化的資產。由於我們將活動重點放在管道上，因此我們正在減少新的合作活動。2024 年上半年，我們與 Biogen、Aramark 和 Viking 建立了另外兩個合作夥伴關係，並擴大了與 Lilly 的合作。第四季結束後，我們與 AbbVie 建立了基於 TCE 平台的首個重要合作夥伴關係，我們於 2022 年底開始與 AbbVie 合作。我們將 TCE 平台視為內部專案的來源和未來合作活動的基礎。

And accordingly, we will continue to seek collaborations in this area. Looking to 2025, we are focused on entering the clinic and bringing our manufacturing capabilities online. Our priorities for the year are: first, to initiate Phase I clinical trials for ABCL635 and ABCL575; second, to nominate additional development candidates for CT-enabling studies; third, to complete platform investments by the end of the second quarter; and fourth, to start activities in our new clinical manufacturing facility. In terms of key milestones, we expect to see the following to occur over the next 18 to 24 months. CPAs and clinical starts in 2025, our first to clinical readouts in 2026 and the election of, on average, two additional development candidates per year.

因此，我們將繼續尋求該領域的合作。展望2025年，我們專注於進入臨床並將我們的製造能力上線。我們今年的重點是：第一，啟動ABCL635和ABCL575的I期臨床試驗；第二，提名更多發展候選人參與 CT 支持研究；三是二季度末完成平台投資；第四，開始我們新的臨床製造工廠的活動。就關鍵里程碑而言，我們預計未來 18 至 24 個月內將發生以下事件。CPA 和臨床將於 2025 年開始，我們的首次臨床讀數將於 2026 年開始，並且平均每年選出兩名額外的開發候選人。

And with that, I'll hand over to Andrew to discuss our financials. Andrew?

說完這些，我會把時間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 approximately $650 million in cash and equivalents and with roughly $190 million in available committed government funding to execute on our strategy. In 2024, we continue to execute on our plans, shifting our efforts towards internal programs and to completing our CMC and GMP investments. Looking at our key business metrics. In the fourth quarter, we started work on partner-initiated program, which takes us to a cumulative total of 96 programs with downstream participation.

謝謝卡爾。正如卡爾所指出的，AbCellera 繼續保持強勁的流動性狀況，擁有約 6.5 億美元的現金和等價物，以及約 1.9 億美元的可用政府承諾資金來執行我們的策略。2024年，我們將繼續執行我們的計劃，將精力轉向內部專案並完成我們的CMC和GMP投資。查看我們的關鍵業務指標。第四季度，我們開始開展合作夥伴發起的項目，這使我們累計擁有 96 個下游參與的項目。

In 2024, we saw our partner Abdera advance its lead molecule, ABD147, into Phase I clinical trials. And in addition, two new molecules developed under a preriani license, GigaGen's GigA-564 and an undisclosed molecule were brought into the clinic. That brings us to a cumulative total of 16 molecules to have reached the clinic. As we have stated previously, we view our growing list of progressing molecules in the clinic as specific examples of our near and midterm potential revenue from downstream milestone fees and royalty payments in the longer term. As we do annually, we'll take a closer look at the progression of those 96 partner-initiated programs with downstream participation.

2024 年，我們看到合作夥伴 Abdera 將其主要分子 ABD147 推進到 I 期臨床試驗。此外，根據 Preriani 許可開發的兩種新分子，GigaGen 的 GigA-564 和一種未公開的分子被帶入臨床。這樣，我們累計共有 16 種分子進入臨床。正如我們之前所說，我們將臨床中不斷增長的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。正如我們每年所做的那樣，我們將仔細研究這 96 個合作夥伴發起的計劃以及下游參與的進展。

As of December 31, we were still actively leading or co-leading the work on 14 of these programs. For 76 programs, we have successfully completed the agreed scope of work and have transferred the resulting antibody sequences and data to our partners for evaluation and further development under their leadership. To the best of our knowledge, our partners are actively progressing 37 of those 76 programs. Of the 51 programs that are actively progressing, we believe that 42 are in late-stage discovery, 5 in preclinical development and 4 have reached clinical development. Overall, we view the progress of the molecules we have discovered in our partners' hands positively, and the attrition is consistent with our expectations.

截至12月31日，我們仍在積極領導或共同領導其中14個項目的工作。對於76個項目，我們已成功完成商定的工作範圍，並將產生的抗體序列和數據轉移給我們的合作夥伴，以便在他們的領導下進行評估和進一步開發。據我們所知，我們的合作夥伴正在積極推進這 76 個項目中的 37 個。在 51 個正在積極進展的項目中，我們認為 42 個處於後期發現階段，5 個處於臨床前開發階段，4 個已進入臨床開發階段。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。

Over half of all programs with downstream participation that we have started are currently still progressing. 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. Looking more broadly across the program starts in both our partner-initiated portfolio as well as our AbCeller-initiated internal programs, we see significant diversification across therapeutic indications.

我們啟動的所有有下游參與的計畫當中，有一半以上仍在進展中。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。更廣泛地看待我們合作夥伴發起的投資組合以及 AbCeller 發起的內部計劃，我們看到治療適應症的顯著多樣化。

Of our 96 partner-initiated programs with downstreams, the majority are in oncology, neurology, immunology, broadly reflecting the activity in the industry. As of December 2024, we also have 27 AbCeller-initiated programs, up from the 19 at the beginning of the year, and all of the AbCeller-initiated programs are in human health.

在我們與下游合作夥伴發起的 96 個計畫中，大多數涉及腫瘤學、神經病學和免疫學領域，大致反映了該行業的活動。截至 2024 年 12 月，我們還擁有 27 個 AbCeller 發起的項目，高於年初的 19 個，並且所有 AbCeller 發起的項目都與人類健康有關。

It is from this set of programs that we aim to advance on average, two programs per year into CTA-enabling studies. Turning to revenue and expenses. Revenue for the year was almost $29 million, mostly driven by research fees relating to work on partnered programs. This compares to revenue of approximately $38 million in 2023. We expect research fee revenue to trend lower as we are increasingly focused on internal and co-development programs.

正是透過這一系列項目，我們的目標是平均每年推進兩個項目進入 CTA 支持研究。談到收入和支出。全年收入接近 2900 萬美元，主要來自與合作項目相關的研究費用。相比之下，2023 年的收入約為 3,800 萬美元。我們預期研究費用收入將呈下降趨勢，因為我們越來越關注內部和共同開發項目。

Our research and development expenses for the year were approximately $167 million, $8 million less than the previous year. This expense is driven by ongoing program execution, continuing platform development and our increasing investment in our internal programs. The overall decrease from the prior year reflects a specific onetime payment of approximately $32 million related to investment in our internal programs that we made in 2023.

我們今年的研發費用約為 1.67 億美元，比前一年減少了 800 萬美元。這筆費用是由正在進行的專案執行、持續的平台開發以及我們對內部專案的不斷增加的投資所驅動的。與前一年相比，整體下降反映了我們在 2023 年對內部專案投資的約 3,200 萬美元的一次性特定付款。

In sales and marketing, our expenses for 2024 were approximately $13 million, a small reduction relative to the previous year. And in general and administration, expenses were approximately $73 million compared to roughly $61 million in 2023, with the increase largely driven by expenses related to the defense of our intellectual property.

在銷售和行銷方面，我們 2024 年的支出約為 1,300 萬美元，與前一年相比略有減少。在一般和管理方面，支出約為 7,300 萬美元，而 2023 年約為 6,100 萬美元，增長主要是由於與保護我們的智慧財產權相關的支出所致。

Looking at earnings, we are reporting a net loss of roughly $163 million for the year compared to a loss of about $146 million in the previous year. This year's loss includes noncash impairment charges for in-process R&D of approximately $47 million, net of their deferred tax impact. In terms of earnings per share, this year's result works out to a loss of $0.55 per share on a basic and diluted basis. Turning to cash flows. Operating activities for 2024 used approximately $110 million of cash and equivalents.

從收益來看，我們報告今年淨虧損約 1.63 億美元，而前一年的虧損約為 1.46 億美元。今年的虧損包括在研研發的非現金減損費用約為 4,700 萬美元，扣除遞延稅務影響。就每股收益而言，今年的業績按基本和稀釋後每股虧損 0.55 美元。轉向現金流。2024 年的經營活動使用了約 1.1 億美元的現金和等價物。

Excluding investments in marketable securities, investment activities amounted to net $51 million, including just over $78 million invested in property, plant and equipment, driven by our ongoing work to establish CMT and GMP manufacturing capabilities. The investments in PP&E were partially offset by government contributions and the cash proceeds from the sale of our stake in Invitex during the year. We expect our PP&E investments to continue in the first half of 2025 and be substantially complete by midyear. As a part of our treasury strategy, we have nearly $470 million invested in short-term marketable securities. Our investment activities for the year included approximately $170 million net decrease in these holdings.

不包括對有價證券的投資，投資活動淨額為 5,100 萬美元，其中包括對財產、廠房和設備的 7,800 多萬美元投資，這得益於我們為建立 CMT 和 GMP 製造能力而持續開展的工作。對 PP&E 的投資部分被政府捐款和本年度出售我們在 Invitex 的股份所得的現金收益所抵銷。我們預計我們的 PP&E 投資將在 2025 年上半年繼續進行，並在年中基本完成。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 4.7 億美元。我們今年的投資活動包括這些持股淨減少約 1.7 億美元。

Altogether, we finished the year with over $650 million of cash, cash equivalents and marketable securities. And as a reminder, we have received commitments for funding for our GMP facility and for the advancement of our internal pipeline from the Government of Canada's Strategic Innovation Fund and the government of British Columbia. This available capital does not show up on our balance sheet. And with over $650 million in cash and equivalents and the unused portion of our secured government funding, we have approximately $840 million in total available liquidity to execute on our strategy.

總體而言，我們在年底擁有超過 6.5 億美元的現金、現金等價物和有價證券。提醒一下，我們已從加拿大政府戰略創新基金和不列顛哥倫比亞省政府獲得資金承諾，用於我們的 GMP 設施和內部管道的推進。這筆可用資本並未出現在我們的資產負債表上。憑藉超過 6.5 億美元的現金和等價物以及我們擔保的政府資金中未使用的部分，我們總共擁有約 8.4 億美元的可用流動資金來執行我們的策略。

For 2025, we expect cash usage for operating activities to be similar to 2024, and we would expect investments in PP&E to be approximately half of what we spent in 2024 and weighted towards the first half of the year as we complete our investments in CMC and GMP capabilities.

對於 2025 年，我們預計經營活動的現金使用量將與 2024 年相似，並且我們預計對 PP&E 的投資將約為 2024 年支出的一半，並且隨著我們完成對 CMC 和 GMP 能力的投資，投資將集中在上半年。

The cash used in 2025 will prioritize advancing our 2 lead programs to the clinic, building the preclinical pipeline and completing our investments in an integrated CMC GMP capabilities. As previously communicated, the new manufacturing facility is scheduled to come online at the end of 2025. With respect to our overall operating expenditures, our capital needs are very manageable, and we continue to believe that we have sufficient liquidity to fund well beyond the next 3 years of increasing pipeline investments.

2025 年使用的現金將優先用於推進我們的 2 個主要臨床項目、建立臨床前管道以及完成對綜合 CMC GMP 能力的投資。如前所述，新製造工廠計劃於 2025 年底投入使用。就我們的整體營運支出而言，我們的資本需求非常可控，我們仍然相信，我們有足夠的流動資金來為未來 3 年增加的管道投資提供資金。

And with that, we will be happy to take any questions. Operator?

我們將非常樂意回答您的任何問題。操作員？

(Operator Instructions)

（操作員指示）

Stephen Willey, Stifel.

史蒂芬威利（Stephen Willey），Stifel。

I appreciate the additional clarity around some of the metrics in the slide deck today. Maybe just a question for Carl. You talked about being indication agnostic. And I guess I appreciate the concept there. But how do you think about the longer-term competencies that you're going to need to bring into the organization to effectively design and execute clinical trials across multiple different disease areas?

我很欣賞今天幻燈片中對一些指標的進一步澄清。也許這只是對卡爾的一個問題。您談到了指示不可知論。我想我很欣賞這個概念。但是，您如何看待需要為組織帶來哪些長期能力，以便有效地設計和執行跨多個不同疾病領域的臨床試驗？

Thanks, Steve. Great question. Yes. So we are explicitly indication agnostic. Obviously, the reason for that is that it is a nontrivial thing to find an attractive opportunity for drug development, and we want to keep our aperture broad, and we have a platform that can respond quite broadly across antibodies, both in terms of targets and modalities.

謝謝，史蒂夫。好問題。是的。所以我們明確地對指示不可知論。顯然，原因在於找到一個有吸引力的藥物開發機會並非易事，我們希望保持廣泛的視野，並且我們有一個可以對抗體做出廣泛反應的平台，無論是在目標還是在方式方面。

So for that reason, we're looking for a winner, and we're looking broadly to find programs where we have really high conviction. At this point, we have our first 2 programs that are moving into clinical development. As part of that, over the past year, we have made significant investments in building up translational science and the clinical development teams that are now in place to support those. And so we're building that in a manner that is on time for the programs and driven by the programs. And I do expect that, that's going to be the case as we move forward.

因此，我們正在尋找一個贏家，並且我們正在廣泛尋找我們真正有信心的項目。目前，我們的前兩個項目正在進入臨床開發階段。作為其中的一部分，在過去的一年裡，我們在建立轉化科學和臨床開發團隊方面進行了大量投資，以支持這些研究。因此，我們正在按照計劃及時實施並由計劃驅動的方式來建立它。我確實希望，隨著我們不斷前進，情況會是這樣。

So what you will see in terms of hiring and recruitment from AbCellera will be heavy on the back end of the company, looking at development and clinical development and the areas in which we need to build are going to be motivated by where we see the best opportunities as the programs progress. And so it's clear you need the expertise, and we're confident we'll be able to bring it in on time, but there's work to be done there, both in terms of figuring out which are the best programs and then getting those teams in place.

因此，您會看到，AbCellera 在招聘方面將主要關注公司後端，並專注於開發和臨床開發，而我們需要建立的領域將受到我們在專案進展過程中看到的最佳機會的激勵。因此，很明顯您需要專業知識，我們有信心能夠按時完成，但仍有許多工作要做，包括確定哪些是最好的項目，以及讓這些團隊到位。

Understood. And then congrats on getting the AbbVie collaboration done on the TCE side. Is there a finite number of candidates, that's contemplated under that collaboration? And maybe second to that, I think you talked about seeking new partnerships on the TCE side. I know there's been a lot of chatter about business development that's happening in China right now and the headwinds that, that might be posing to the sector itself.

明白了。然後恭喜您在 TCE 方面完成了與 AbbVie 的合作。此次合作中考慮的候選人數量是否有限制？其次，我想您談到了在 TCE 方面尋求新的合作夥伴關係。我知道現在有很多關於中國商業發展以及可能給該行業本身帶來的阻力的討論。

Are you seeing any kind of those headwinds as you're engaging with partners and discussions?

在與合作夥伴接觸和討論時，您是否遇到了任何不利因素？

Great question. First, at the highest level, we are confident in the capabilities of the TC platform that's been maturing. So we feel we're very well positioned. And we are increasingly enthusiastic based not just on internal results, but also on what's happening in the market broadly in the space of TCEs. So I think I've said it before, but the activity is clearly heating up, and that's being driven by some pretty impressive clinical results that show that you can translate some of the success from blood cancers into solid tumors.

好問題。首先，從最高層次來說，我們對日益成熟的 TC 平台的功能充滿信心。因此，我們覺得自己處於非常有利的位置。我們越來越熱情，這不僅是基於內部結果，也是基於傳統文化表現領域的廣泛市場發展。我想我之前說過，但活動顯然正在升溫，這是由一些非常令人印象深刻的臨床結果推動的，這些結果表明你可以將血癌治療的一些成功經驗轉化為實體瘤的治療。

So we feel we're well positioned for that. And the collaboration with AbbVie for us is a terrific first collaboration where we've got a meaningful TCE deal, and we're working together on multiple but a small number of targets. And with them, we are excited to explore what we think is some very promising scientific directions for TCEs that we think are going to be important. To the second part of your question about the increasing competitive dynamic coming from China. So we're certainly seeing that.

因此，我們覺得我們已經做好了充分的準備。對我們來說，與 AbbVie 的合作是一次非常棒的首次合作，我們達成了一項有意義的 TCE 交易，並且我們正在就多個但數量較少的目標進行合作。和他們一起，我們很高興探索一些我們認為非常有前景且非常重要的 TCE 科學方向。關於您問題的第二部分，關於來自中國的競爭態勢日益增強。所以我們確實看到了這一點。

Obviously, that's been a big deal in the CD19, CD3 space as there's been several transactions there. For most of our for the most part, our portfolio, speaking broadly, not just restricted to TCE, is emphasizing highly differentiated first-in-class assets. And so compared to some other peers, I believe that our portfolio is likely quite robust for that dynamic. You don't know what you don't know, but I'd be surprised if for many of these programs, we saw a lot of competition. There's always going to be some, but a lot of competition coming from China or elsewhere.

顯然，這在 CD19、CD3 領域是一件大事，因為那裡已經發生了多筆交易。從廣義上講，我們的投資組合不僅限於 TCE，大部分都強調高度差異化的一流資產。因此，與其他同行相比，我相信我們的投資組合在這種動態下可能相當穩健。你不知道你不知道什麼，但如果我們看到這些項目中存在很多競爭，我會感到驚訝。總是會有一些競爭，但很多競爭來自中國或其他地方。

So we're watching that carefully. But in the end, the best you can do is find the good science and make sure you've got molecules that toe-to-toe stand up against whatever shows up from other players.

因此我們正在密切關注此事。但最終，你能做的最好的事情就是找到好的科學，並確保你擁有的分子能夠與其他參與者出現的任何分子進行正面對抗。

Andrea Newkirk, Goldman Sachs.

高盛的安德里亞紐柯克 (Andrea Newkirk)。

This is Tan on for Andrew. Two from us, please. First, can you share any more color on the attrition rate for the partner-initiated program? And how should we expect that to trend on the forward? And then similarly, what drove the decision to reduce the number of partnerships you're pursuing?

我是譚，代表安德魯。請給我們兩份。首先，您能否分享更多關於合作夥伴發起計畫的流失率的詳細資訊？那麼我們該如何預期其未來的趨勢呢？那麼，同樣地，是什麼促使您決定減少伴侶的數量？

And how should we think about the longer-term impact on new programs start?

我們應該如何看待新計畫啟動的長期影響？

It's Andrew here. I'll answer your first question. On the attrition rate for the partnered programs, those are so as I explained in my prepared remarks there, those are what we've seen once we've handed back the scope of work to our partners. And there's going to be more details in the 10-K, very similar to the same disclosure that we had at this time last year of the partner of those programs that we know are still being actively worked on by our partners. We don't disclose which of the ones are the identity of the partner or the identity of the target until they would hit the clinic.

我是安德魯。我來回答你的第一個問題。關於合作專案的流失率，正如我在準備好的演講中所解釋的那樣，這些都是我們將工作範圍交還給合作夥伴後所看到的。10-K 中將會有更多細節，與我們去年此時對這些項目的合作夥伴的披露非常相似，我們知道我們的合作夥伴仍在積極開展這些項目。在他們到達診所之前，我們不會透露哪些是伴侶的身份或目標的身份。

And then you would expect to see more details on any one of those partnerships once they arrive at the clinic.

一旦他們到達診所，您就會看到有關任何一個合作夥伴的更多詳細資訊。

And Carl here, I'll take the second part of the question. So in September of 2023, we made a clear decision to transition from a partnership and platform model to being a clinical stage biotech. That is something that we have done successfully and that we will see come to fruition in Q2 and Q3 of this year as we get our first 2 CPAs submitted and ultimately get into clinical development. The rationale for simultaneously ramping down the large majority of the partnership business defined as we were running it, let's say, back in 2020, is that you need to make decisions in priority as to where you put your time and attention and your money. And we don't believe that you can walk both those roads simultaneously.

卡爾，我來回答問題的第二部分。因此，在 2023 年 9 月，我們明確決定從合作夥伴和平台模式轉型為臨床階段的生技公司。我們已經成功完成了這項工作，隨著我們提交前兩份 CPA 並最終進入臨床開發階段，我們將在今年第二季和第三季看到成果。假設我們在 2020 年經營合作業務時同時減少大部分業務的理由是，你需要優先決定將時間、注意力和金錢投入到哪裡。我們不相信你可以同時走這兩條路。

So making the decision to be a clinical stage biotech means putting your focus on that objective. Now the one area where we still remain active in partnering and where I think there's some real potential to push forward the science to get interesting programs and possibly to generate significant cash that would help the business is on the TCE front. The deal with AbbVie is in line with that, and we will continue to look for such opportunities going forward.

因此，決定成為臨床階段的生技公司意味著要把重點放在該目標上。現在，我們仍然在積極合作的一個領域是 TCE 領域，我認為這個領域有真正的潛力推動科學發展，獲得有趣的項目，並可能產生對業務有幫助的大量現金。與 AbbVie 的交易符合這一點，我們將繼續尋找這樣的機會。

I'll also just add that while we are backing away from discovery cell partnership businesses, we do remain active in partnering or collaborating with companies where we see an opportunity to bring technologies together, and we think that, that can help put some interesting assets into our pipeline. So a recent collaboration would be the one we did with Prelude, where we're working with them to bring forward a new modality that combines their small molecule chemistry with our antibody expertise.

我還要補充一點，雖然我們正在放棄發現細胞合作業務，但我們仍然積極與那些我們看到有機會將技術結合在一起的公司建立合作夥伴關係或協作，我們認為，這可以幫助將一些有趣的資產納入我們的產品線。我們最近的一次合作是與 Prelude 的合作，我們與他們合作提出一種將他們的小分子化學與我們的抗體專業知識相結合的新模式。

In those cases, we will evaluate those based on the criteria that I laid out. Do we like the science? Do we think there's an unmet need and market opportunity? Can we be differentiated? And do we like the development path?

在這些情況下，我們將根據我列出的標準進行評估。我們喜歡科學嗎？我們是否認為有未滿足的需求和市場機會？我們能有所差別嗎？我們喜歡這樣的發展道路嗎？

And if that looks good and we find good synergy with a partner, then you'll see us doing those, but that will be on an opportunistic basis.

如果情況看起來不錯，並且我們發現與合作夥伴有良好的協同作用，那麼您會看到我們這樣做，但這將是基於機會主義的。

Steve Dechert, KeyBanc.

KeyBanc 的 Steve Dechert。

I was hoping to get some more background on how the partnership with AbbVie came together. I know you guys were prudent with selecting who you want to partner with on your T cell engager platform.

我希望了解更多有關與 AbbVie 合作的背景資訊。我知道你們在選擇 T 細胞接合平台合作夥伴時非常謹慎。

I can take that one. So the backdrop of this is that now for 2 or 3 years, we have been investing significantly to build our TCE platform, which is comprised of a large and diverse and well-optimized set of CD3 molecules, our bispecific platform, a set of high-throughput assays for evaluating those and increasingly an understanding of the biology to help direct where you want to bring those molecules going forward.

我可以拿那個。因此，現在的背景是，在過去的 2 到 3 年裡，我們一直在大力投資構建我們的 TCE 平台，該平台由一組龐大、多樣且經過優化的 CD3 分子、我們的雙特異性平台、一組用於評估這些分子的高通量檢測以及對生物學的不斷了解組成，以幫助指導您希望將這些分子帶向何方。

So we feel really we're in a terrific spot and in my view, we have certainly one of the best, if not the best, toolkits for designing TCEs provided that you've got a good thesis for where you're going to go in terms of indication and what you want that profile to look like. So the partnering objective was to make a significant transaction with a large enabled partner that has a commitment to really put some time and money into that space. We have a previous collaboration with AbbVie.

因此，我們真的覺得我們處於一個非常棒的位置，而且在我看來，我們肯定擁有最好的工具包之一（如果不是最好的話），用於設計 TCE 的工具包，只要你對要去的地方以及你希望該配置文件是什麼樣子有一個好的論點。因此，合作目標是與一家大型合作夥伴達成重大交易，該合作夥伴承諾真正在該領域投入一些時間和金錢。我們之前曾與 AbbVie 合作過。

So we've got an excellent working relationship and have been productively working on the initial programs. That, of course, was the basis to initiate a collaboration around TCE. And with that, we've come to a deal that we're very happy with, one that essentially meets the objective that we set some time ago to have a first transaction in TCE and sets the stage for what we think could be a much bigger and deeper collaboration either with AbbVie or with other partners.

因此，我們建立了良好的工作關係，並在初始專案上取得了富有成效的進展。當然，這是圍繞 TCE 開展合作的基礎。至此，我們達成了一項令我們非常滿意的協議，該協議基本上實現了我們先前設定的在 TCE 進行首次交易的目標，並為我們認為與 AbbVie 或其他合作夥伴進行更大、更深入的合作奠定了基礎。

Jacqueline Kea, TD Securities.

道明證券的 Jacqueline Kea。

This is Jackie. Maybe shifting back towards the geopolitical side. Are you seeing any exposure to tariffs from the Canadian side? And how much, if any, impact do you expect this to have on customer conversations, especially if these tariffs continue to be a play from this administration?

這是傑基。也許會轉向地緣政治方面。您是否認為加拿大方面會面臨關稅風險？您認為這會對客戶對話產生多大影響（如果有的話），特別是如果這些關稅繼續成為本屆政府的玩意兒的話？

This is Andrew. I'm happy to take that. In terms of the retaliatory tariffs, I think the contemplated retaliatory tariffs of products coming from the United States back into Canada. Actually, in the guidance that's set out by the Canadian government for those retaliatory tariffs, there are a number of exemptions and actually products for bio manufacturing are included in those exemptions. So we wouldn't expect any sort of material impact in our financials or in the operations from any of the products that we buy that are originating in the United States.

這是安德魯。我很高興接受這個。關於報復性關稅，我認為美國將對出口到加拿大的產品徵收報復性關稅。實際上，加拿大政府針對這些報復性關稅制定的指導中，有許多豁免條款，實際上生物製造產品也包含在這些豁免條款中。因此，我們預計我們購買的任何原產於美國的產品不會對我們的財務或營運產生任何重大影響。

So it looks as though that won't be of an impact in our operations at this point in time. And so I do believe that we'll even if those tariffs are to come in place, it won't impact the way we're operating our business.

因此看起來這目前不會對我們的營運產生影響。因此我相信，即使這些關稅實施，也不會影響我們的業務運作方式。

Great. And maybe just one more, pivoting to your internal pipeline. What are your plans with regards to carrying your assets toward commercialization? Are you interested in looking for opportunities to partner or sell off the assets? And if so, kind of what stage do you think you'd carry the asset to?

偉大的。也許還有一點，轉向你的內在管道。對於將您的資產商業化，您有何計劃？您是否有興趣尋找合作或出售資產的機會？如果是這樣，您認為您會將資產帶到哪個階段？

Sure. Carl here. Happy to take that, Jackie. So the answer really is that we are constantly evaluating each program and looking to optimize return on investment and the success of that program ultimately getting to the clinic and to patients. So in some cases, we certainly would be on board with taking a program into late-stage clinical development and down the road, perhaps even to commercial, although, of course, that's quite a few years away from where we are today.

當然。卡爾在這裡。很高興接受這個，傑基。所以答案實際上是，我們不斷評估每個項目，並尋求優化投資回報率以及該項目最終在診所和患者身上的成功。因此，在某些情況下，我們肯定會支持將某個專案推進到後期臨床開發階段，甚至可能進入商業化階段，儘管這當然距離我們現在的水平還有相當長一段時間。

In other programs, there may be a good case for getting it into the hands of another partner. As a case in point, for ABCL575, our enthusiasm and excitement for that program is about what we perceive to be an immense potential for the OX40 ligand class.

在其他專案中，將其交到另一個合作夥伴手中可能是個好主意。舉個例子，對於 ABCL575，我們對該計畫的熱情和興奮源於我們認為 OX40 配體類具有巨大的潛力。

One scenario is that, that program ends up being transferred to a large committed partner that can simultaneously develop that program across multiple indications and maximize value. And probably that's the most likely scenario from where we sit today. But another scenario could be that we identify one or more indications where we could develop it ourselves and create more value at least into Phase II or perhaps even Phase III.

一種情況是，該計劃最終被轉移給一個大型的忠誠合作夥伴，該合作夥伴可以同時在多個適應症上開發該計劃並實現價值最大化。從我們目前的情況來看，這很可能是最有可能的情況。但另一種情況可能是，我們發現了一個或多個跡象，我們可以自行開發它，並在第二階段甚至第三階段創造更多價值。

And we don't know what the answer to that is. It's going to depend on what happens with the program and what happens on competitive programs, and we're going to make the best decision. But the short answer is that for some programs, we would decide to partner very early, if that's what makes sense. For others, we're prepared to take it all the way, recognizing that since we're just about to start clinical development, that's way off on the horizon and not taking a lot of our attention and time right now.

我們不知道答案是什麼。這將取決於該計劃的情況以及競爭計劃的情況，我們將做出最佳決定。但簡而言之，對於某些項目，如果有意義的話，我們會很早就決定要合作。對於其他項目，我們準備全力以赴，因為我們意識到，由於我們才剛開始臨床開發，所以這還很遙遠，現在不會佔用我們太多的注意力和時間。

(Operator Instructions)

（操作員指示）

Malcolm Hoffman, BMO.

馬爾科姆·霍夫曼，BMO。

The next question comes from Malcolm Hoffman with... 575 and 635 coming up on the CTA filing next quarter. I just want to ask what, if any, initial preparations are you making for these programs to enter the clinic? And are there any nuances that you think are worth noting that may change how you file the CTA in the US, IND? for any commentary there.

下一個問題來自馬爾科姆霍夫曼......下個季度的 CTA 文件中將涉及 575 和 635。我只是想問一下，如果有的話，您正在為這些計畫進入臨床做哪些初步準備？您認為有哪些細微差別值得注意，可能會改變您在美國、印度提交 CTA 的方式？任何評論。

Sure. So obviously, we began IND-enabling studies for 5 for 635 and 575 more than 18 months ago. And so there's been an immense amount of work getting prepared to bring those through CTA-enabling studies and prepare the clinical teams and the clinical plans to execute on that. All that is in place. Both programs have proceeded very smoothly.

當然。顯然，我們在 18 個月前就開始對 5 for 635 和 575 進行 IND 支持研究。因此，我們做了大量的準備工作，以便將這些研究透過 CTA 支援研究進行，並準備好臨床團隊和臨床計劃來執行這些研究。一切已準備就緒。兩個專案都進展得很順利。

And so there's, at this point, nothing particularly noteworthy in terms of special considerations. We're confident with the plan, and we're confident we have the team in place to execute on those.

因此，就目前而言，沒有什麼特別值得注意的特殊考慮。我們對該計劃充滿信心，我們相信我們擁有一支能夠執行該計劃的團隊。

This is Micheal on for Puneet. My question has to do with your internally initiated program. Just looking relative to last year, it seems like most of the new programs you started were from the ion channels and GPCRs. I'm just curious what is driving your decisions on initiating the program and if you think that the activity in 2024 is going to be similar to what you're expecting for 2025 in terms of program initiation?

這是 Micheal 為 Puneet 上場。我的問題與您的內部啟動的程序有關。僅相對於去年而言，似乎您啟動的大多數新專案都來自離子通道和 GPCR。我只是好奇是什麼促使您決定啟動該計劃，以及您是否認為 2024 年的活動將與您對 2025 年計劃啟動的預期相似？

Sure, Carl here. So I think the question was what are the considerations for initiating new programs. So the first thing I'll say is that in addition to 635 and 575, we have a preclinical pipeline at various stages of discovery that represents roughly 20 programs or so. When we go to elect a program, we are thinking about the framework that I mentioned in my prepared remarks.

當然，我是卡爾。所以我認為問題是啟動新專案的考慮因素是什麼。因此，我要說的第一件事是，除了 635 和 575 之外，我們還有處於不同發現階段的臨床前管線，代表大約 20 個項目。當我們去選舉一個方案時，我們正在考慮我在準備好的發言中提到的框架。

So we are looking for opportunities where we have high conviction in the science, where we see a large unmet need, where there's a clear path to differentiation and where we believe that the development, and I mean the clinical development would allow us to get an answer and build conviction either in the positive or the negative for the program for a relatively small amount of money and a relatively small amount of time.

因此，我們正在尋找那些我們對科學有很高信心的機會，那些我們看到大量未滿足需求的地方，那些有明確的差異化途徑的地方，並且我們相信發展，我的意思是臨床開發將使我們能夠以相對較少的金錢和時間得到答案，並建立對該項目正面或負面的信心。

In terms of the distribution of target class in that portfolio, there is a large representation of multipass transamin proteins, ion channels and GPCRs. And the reason for that is that, first, those are classes where there are a lot of well-known targets where many of those targets have been validated by small molecules.

就該投資組合中目標類別的分佈而言，多通道轉氨蛋白、離子通道和 GPCR 佔有很大比例。原因在於，首先，這些類別中存在許多眾所周知的目標，其中許多目標已經透過小分子得到驗證。

And there's a strong case for why an antibody would be differentiated either in safety or convenience or perhaps even efficacy. It's also a place where we believe we can have a strong differentiation because we have built a competitive advantage in the antibody discovery side. It's our view that we are second to none in being able to prosecute what have been traditionally very difficult targets.

並且有充分的理由說明為什麼抗體在安全性、便利性甚至功效方面會有所不同。我們相信，我們能夠在抗體發現方面實現強大的差異化，因為我們已經在抗體發現方面建立了競爭優勢。我們認為，在起訴那些傳統上非常困難的目標方面，我們是首屈一指的。

And we're certainly looking in that space for good opportunities to move forward. So that I think today, maybe 50% or so of programs sit in the ion channel and GPCR class. And moving forward, first order approximation would be that, that would remain roughly constant for the next few years. But by no means are we only looking at that target class in the pipeline.

我們確實在尋找該領域向前發展的良好機會。所以我認為今天大概有 50% 左右的程序屬於離子通道和 GPCR 類。展望未來，一階近似值是，未來幾年該數字將保持大致恆定。但我們絕不是只關注管道中的目標類別。

Great, thank you very much.

太好了，非常感謝。

Thank you. There are currently no other questions, (Operator Instructions)

謝謝。目前沒有其他問題，（操作員指示）

No more questions of you. I'll turn it back over to the team for closing remarks.

不再問你問題了。我將把發言權交還給團隊，請大家做最後的總結發言。

Thank you everyone for joining us today. It's an exciting time for the company as we finish our transition from a platform and partnership business into a clinical stage biotech. We thank you all for joining and look forward to speaking to you on the next call.

感謝大家今天的參與。對於公司來說，這是一個令人興奮的時刻，因為我們完成了從平台和合作夥伴業務轉型為臨床階段的生物技術。我們感謝大家的加入，並期待在下次通話中與您交談。

This concludes today's conference call. Thank you for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。