Agenus Inc (AGEN) 2024 Q4 法說會逐字稿

Good morning, and welcome to Agenus Inc.'s fourth-quarter and year-end 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I will now turn the call over to Zack Armen, Head of Investor Relations.

早安，歡迎參加 Agenus Inc. 2024 年第四季和年終財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我將把電話轉給投資者關係主管 Zack Armen。

Thank you, Regina. Good morning, everyone, and welcome to Agenus' fourth-quarter and year-end 2024 financial results and corporate update call. Earlier today, we issued a press release detailing our financial results and key corporate developments. A copy of the press release is available on our website at www.investor.agenusbio.com.

謝謝你，里賈娜。大家早安，歡迎參加 Agenus 2024 年第四季和年終財務表現及公司最新情況電話會議。今天早些時候，我們發布了一份新聞稿，詳細介紹了我們的財務表現和公司的主要發展。新聞稿副本可在我們的網站 www.investor.agenusbio.com 上查閱。

Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements. These statements are subject to risks and uncertainties, which may cause actual results to differ materially from expectations. Please refer to our SEC filings for further detail.

在我們開始之前，我想提醒大家，今天的討論將包括前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與預期有重大差異。請參閱我們的美國證券交易委員會 (SEC) 文件以了解更多詳細資訊。

Joining me today are Garo Armen, Chairman and CEO; Steven O'Day, Chief Medical Officer; Robin Taylor, Chief Commercial Officer; Christine Klaskin, VP Finance and Principal Financial and Accounting Officer. Now I will turn the call over to Garo.

今天與我一起出席的還有董事長兼執行長 Garo Armen；首席醫療官 Steven O'Day；羅賓·泰勒 (Robin Taylor)，首席商務官； Christine Klaskin，財務副總裁兼首席財務會計官。現在我將把電話轉給 Garo。

A very good morning once again from a delightful day in Lexington, Massachusetts. Thank you very much for joining us. First, let me start by saying we are, as a company, pleased to report that we delivered on our commitment to significantly reduce Agenus' operational burn.

馬薩諸塞州列剋星敦又迎來了一個愉快的早晨。非常感謝您加入我們。首先，我要說的是，作為一家公司，我們很高興地報告，我們履行了大幅降低 Agenus 營運成本的承諾。

By the end of 2024, we had reduced our annualized burn rate to the level that we had guided everyone. And now we are executing on our next phase of strategic cost reductions, with an annualized burn to approximate $50 million by the middle of this year. And we're very much on track for that number.

到 2024 年底，我們已將年度燒錢率降低至指導所有人的水平。目前，我們正在執行下一階段的策略成本削減計劃，到今年年中，年度成本削減將達到約 5,000 萬美元。我們正朝著這個目標穩步前進。

Our objective is to direct every available resource towards what truly matters to our stakeholders and patients, particularly, to make sure that our groundbreaking potential of BOT/BAL is realized and patients have access to it as soon as possible. BOT/BAL continues to demonstrate unprecedented clinical activity.

我們的目標是將所有可用資源用於對我們的利害關係人和患者真正重要的事情，特別是確保實現 BOT/BAL 的突破性潛力並且患者能夠盡快獲得它。BOT/BAL 繼續表現出前所未有的臨床活性。

Recently, we presented at major oncology forums such as AACR Immuno-Oncology for the first year that AACR organized the immuno-oncology division of its annual conference, ASCO GI in January, SITC in the fall, ESMO and ESMO GI. And we detailed the most influential peer-reviewed journals, including Nature Medicine; JCO, Journal of Clinical Oncology; and Cancer Discovery. All of these were accomplished in the last 12 months or less.

最近，我們在主要的腫瘤學論壇上進行了演講，例如 AACR 免疫腫瘤學（這是 AACR 首次組織其年度會議的免疫腫瘤學分會）、1 月的 ASCO GI、秋季的 SITC、ESMO 和 ESMO GI。我們詳細介紹了最具影響力的同行評審期刊，包括《自然醫學》； JCO，臨床腫瘤學雜誌；以及癌症發現。所有這些都是在過去 12 個月或更短的時間內完成的。

We are witnessing transformative clinical outcomes in colorectal cancer and other tumors that have been historically unresponsive to immunotherapy. This is based on the opinion of some of the most prestigious experts in the field. In a matter of example, BOT/BAL has demonstrated durable -- and I want to underline durable responses -- and prolonged survival in refractory microsatellite stable colorectal cancer.

我們正在見證大腸直腸癌和其他歷史上對免疫療法沒有反應的腫瘤的變革性臨床結果。這是基於該領域一些最負盛名的專家的意見。舉個例子，BOT/BAL 已證明對難治性微衛星穩定性結直腸癌具有持久的（我想強調的是持久的反應）和延長的生存期。

Now this particular kind of colorectal cancer, meaning MSS, is accounting for these days over 90% of CRCs. We've seen encouraging activity with the addition of BOT/BAL to FOLFOX, which is the standard of care, including bev, in first-line MSS CRC. These are early indications of activity. But in terms of both efficacy and tolerability, these early signals are very encouraging.

目前，這種特殊的大腸直腸癌，即 MSS，佔 CRC 的 90% 以上。我們看到了令人鼓舞的成果，將 BOT/BAL 添加到 FOLFOX 中，這是一線 MSS CRC 的標準治療方法，包括 bev。這些都是活動的早期跡象。但就療效和耐受性而言，這些早期訊號非常令人鼓舞。

We have also either seen complete or near-complete pathological responses, very importantly, in neoadjuvant MSS as well as MSI-high CRC. Even though the trade likes to break these into two categories, we believe, based on the results that we have seen, our agents are active in both categories of colorectal cancer.

我們也看到了完全或接近完全的病理反應，這一點非常重要，無論是在新輔助 MSS 還是 MSI 高 CRC 中。儘管業界喜歡將其分為兩類，但根據我們所看到的結果，我們相信，我們的藥物對這兩類大腸直腸癌均有效。

This has transformative potential to enable chemo, radiation, and possibly surgery-free options for patients. Because in some cases, like rectal cancer, surgery, along with the other standards of care, can be debilitating for patients, particularly the fact that CRC and rectal cancer are now being seen more and more frequently in younger patients.

這具有變革潛力，可以為患者提供化療、放療，甚至無需手術的選擇。因為在某些情況下，例如直腸癌，手術以及其他標準治療可能會使患者衰弱，特別是現在結直腸癌和直腸癌在年輕患者中越來越常見。

I'd say these results, based on the opinion of our experts, are beyond promising. They are potentially revolutionary. Also importantly, these outcomes aren't just our internal assessment. Leading global oncology centers and experts are independently conducting investigator-sponsored trials. And in some cases, all we need to do is just provide product for them, and we incur no cost.

根據我們專家的意見，我想說這些結果是非常令人鼓舞的。他們具有革命性的潛力。同樣重要的是，這些結果不僅僅是我們的內部評估。全球領先的腫瘤中心和專家正在獨立進行研究者發起的試驗。在某些情況下，我們需要做的只是為他們提供產品，並且不產生任何費用。

This independent validation by some of the most respected oncologists and oncology centers, who are pivotal in securing approval in our breakthrough therapies, significantly amplify our confidence in BOT/BAL and its potential for patients.

一些最受尊敬的腫瘤學家和腫瘤中心的獨立驗證對於確保我們的突破性療法獲得批准至關重要，這大大增強了我們對 BOT/BAL 及其對患者的潛力的信心。

Several of these trials, particularly in the neoadjuvant setting, are expected to rapidly enroll in potentially organ-sparing trials with BOT/BAL. These trials have gotten underway. In fact, we have a new trial that's gotten underway this week, with inquiries that have come in from patients ahead of the official opening of the trial.

預計其中幾項試驗（特別是在新輔助治療環境中的試驗）將迅速納入使用 BOT/BAL 的潛在器官保留試驗。這些試驗已經開始。事實上，本週我們已經開始了一項新的試驗，在試驗正式開始之前就已經收到了來自患者的詢問。

Additionally, we've strategically continued monitoring and monetizing the potential of our noncore assets. Our high-value biologics manufacturing facility in Emeryville and Berkeley, our land in Vacaville, to fortify our balance sheet currently are high-priority projects.

此外，我們也從策略上持續監控非核心資產的潛力並將其貨幣化。我們位於埃默里維爾和伯克利的高價值生物製劑製造工廠以及位於瓦卡維爾的土地，目前都是用於加強我們資產負債表的高優先級項目。

We're engaged in also late-stage partnership discussions to secure funding for BOT/BAL and BOT/BAL development and registration. With an emphasis on neoadjuvant treatment of early stage -- well, I shouldn't say early stage -- but intermediate-stage colon and rectal cancer, where these are clear opportunities for BOT/BAL to provide significant benefit to patients.

我們也參與了後期合作討論，以確保為 BOT/BAL 和 BOT/BAL 開發和註冊提供資金。重點是早期（好吧，我不應該說早期）而是中期結腸癌和直腸癌的新輔助治療，這些是 BOT/BAL 為患者帶來顯著益處的明顯機會。

With that, I'll turn it over to Christine for a quick review of our financials. Christine?

說完這些，我將把它交給克里斯汀，讓她快速審查我們的財務狀況。克里斯汀？

Thank you, Garo. We ended the year 2024 with a consolidated cash balance of $40.4 million. This compares to a balance of $76.1 million at December 31, 2023. Cash used in operations for the year ended December 31, 2024, was $158 million. This is reduced from $224 million for the prior year.

謝謝你，Garo。截至 2024 年底，我們的綜合現金餘額為 4,040 萬美元。相比之下，2023 年 12 月 31 日的餘額為 7,610 萬美元。截至 2024 年 12 月 31 日止年度的經營活動所用現金為 1.58 億美元。這一數字較前一年的 2.24 億美元有所減少。

For the year ended December 31, 2024, we recognized revenue of $103.5 million and incurred a net loss of $232.3 million or $10.59 per share. For the fourth quarter ended December 31, 2024, we recognized revenue of $26.8 million and incurred a net loss of $46.8 million or $2.04 per share. Our revenue primarily consists of noncash royalty revenue.

截至 2024 年 12 月 31 日的年度，我們確認的收入為 1.035 億美元，淨虧損為 2.323 億美元，即每股 10.59 美元。截至 2024 年 12 月 31 日的第四季度，我們確認營收 2,680 萬美元，淨虧損 4,680 萬美元或每股 2.04 美元。我們的收入主要包括非現金特許權使用費收入。

I'll now turn the call back to Garo.

我現在將電話轉回給 Garo。

Thank you, Christine. In summary, while we recognize that our financial position is not reflective of the high potential on the promise of our product, and it's a bit tighter than ideal, we are taking decisive actions to continue to -- and we will continue to take very decisive actions to bolster our cash position as well as to contain costs.

謝謝你，克里斯汀。總而言之，雖然我們認識到我們的財務狀況並不能反映出我們產品承諾的巨大潛力，而且比理想情況要緊張一些，但我們正在採取果斷行動繼續——我們將繼續採取非常果斷的行動來增強我們的現金狀況並控製成本。

Now we're very heartened by the fact that we've had significant external validation through numerous selected high-quality centers that are doing trials, such as ISPs for us, and robust clinical activity that we have seen in BOT/BAL. These, of course, position us to advance our lead programs in 2025 and beyond.

現在，我們感到非常振奮的是，我們已經透過眾多選定的高品質試驗中心（例如我們的 ISP）獲得了重要的外部驗證，並且在 BOT/BAL 中看到了強大的臨床活動。當然，這些使我們能夠在 2025 年及以後推進我們的領先計劃。

We remain committed and strategically aligned to deliver groundbreaking treatments for patients. This is very important because having treated now well over 1,000 patients across nine different cancers with a heavy concentration of colon cancer and see the benefit to patients, it's very heartening that we have kept our eye on developing BOT/BAL as a high priority for us.

我們始終致力於並策略一致地為患者提供突破性的治療。這非常重要，因為我們已經治療了超過 1,000 名患有九種不同癌症（其中大部分是結腸癌）的患者，並且看到了患者受益，因此我們非常高興地將開發 BOT/BAL 作為我們的首要任務。

With that, I will end my call, and I think we welcome questions that you may have.

我的通話就此結束，我想我們歡迎大家提出問題。

(Operator Instructions) Emily Bodnar, H.C. Wainwright.

（操作員指示）Emily Bodnar，H.C.溫賴特。

Hi. Good morning. Thanks for taking the question. Maybe for the first one, if you can kind of help frame the cost reductions for us, particularly which programs are being impacted the most, particularly on the R&D side and especially into mid-2025, as you're guiding to additional cost cuts, which programs might be impacted there?

你好。早安.感謝您回答這個問題。也許對於第一個問題，您能否幫助我們制定成本削減計劃，特別是哪些項目受到的影響最大，特別是在研發方面，尤其是到 2025 年中期，當您指導進一步削減成本時，哪些項目可能會受到影響？

And then secondly, if you can kind of walk us through expected catalysts for 2025, and any new data updates or regulatory updates that we should be looking out for? Thank you.

其次，您能否向我們介紹 2025 年預期的催化劑，以及我們應該關注的任何新資料更新或監管更新？謝謝。

Okay. So the cost reductions really center around headcount reductions that are non-essential, meaning that given our priority being BOT/BAL development and registration, we have defined exactly which experts we need internally and externally. And we have significantly cut down on external advisors.

好的。因此，成本削減實際上集中在非必要的員工人數削減上，這意味著鑑於我們的首要任務是 BOT/BAL 開發和註冊，我們已經明確定義了我們需要哪些內部和外部專家。我們也大幅減少了外部顧問的數量。

We have limited external advisors to those that will benefit us the most in terms of advancing BOT/BAL to a line of registration. And most of the registration work that we were undertaking under accelerated approval is already completed. So should there be a window for us, and we believe there will be, we will utilize a lot of the work that has been completed to seek potentially registration, globally.

我們只聘請那些在推動 BOT/BAL 進入註冊程序方面能為我們帶來最大利益的外部顧問。我們之前加速審批的註冊工作大部分已經完成。因此，如果有給我們一個機會，而且我們相信會有，我們將利用大量已完成的工作在全球範圍內尋求潛在的註冊。

So in terms of our pipeline products, we have not killed them. We have simply shelved them for the time being. And we've done it in a way that we can reignite them. Because, as you know, we got a significant number of products back from our partners after they had spent in excess of $800 million collectively on those products, not because of any product performance issues but strictly because of the fact that IO for the time being is out of fashion, not because we believe our products are implicated in it being out of fashion, but in the pharmaceutical industry, things go hot and cold.

因此，就我們的管道產品而言，我們並沒有扼殺牠們。我們只是暫時將它們擱置。我們已經採取了能夠重新點燃這些熱情的方式。因為，正如你所知，我們的合作夥伴收回了大量產品，而他們總共在這些產品上花費了超過 8 億美元，這並不是因為產品性能問題，而是因為 IO 暫時已經過時了，並不是因為我們認為我們的產品與它的過時有關，而是在製藥行業，事情時好時壞。

And right now, IO is cold. And that doesn't mean that it will remain cold three, six months from now. So we have put them on hold with an intent to reignite them quickly. In terms of catalysts for 2025 on the regulatory updates, stay tuned.

而現在，IO 很冷淡。但這並不代表三至六個月後天氣還會持續寒冷。因此，我們暫時擱置這些活動，以便盡快重新開始。關於 2025 年監管更新的催化劑，請繼續關注。

Okay, great. Thank you.

好的，太好了。謝謝。

(Operator Instructions) Mayank Mamtani, B. Riley Securities.

（操作員指示） Mayank Mamtani，B. Riley Securities。

Good morning, team. Thanks for taking our questions, and I appreciate the detailed update here. Maybe just a similar question as asked before, on the process of monetization of noncore assets. Garo, if you could comment how further along you are, and what sort of economics you could derive from that? And then I have a follow-up.

早安，各位團隊。感謝您回答我們的問題，我很欣賞這裡的詳細更新。也許只是與先前提出的類似的問題，關於非核心資產貨幣化的過程。Garo，您能否評論一下您目前的研究進展如何，以及您能從中獲得什麼樣的經濟學資訊？然後我有一個後續問題。

Sure, Mayank. Thank you for that. And if you recall, and I'm sure that you recall, but in general, the first stage of monetization of our West Coast assets, namely Vacaville, our Berkeley facility, came in the form of a mortgage that we obtained back in November.

當然，Mayank。謝謝你。如果您還記得的話，我相信您也記得，但總的來說，我們西海岸資產貨幣化的第一階段，即瓦卡維爾，我們的伯克利工廠，是以我們在 11 月份獲得的抵押貸款的形式實現的。

And if you remember, prior to that, prior to the elections, it was almost impossible for us to obtain a mortgage, impossible. But we got a $20 million mortgage at a record time in approximately two weeks. And so that was the first stage of monetization.

如果你還記得的話，在此之前，在選舉之前，我們幾乎不可能獲得抵押貸款，根本不可能。但我們在大約兩週的時間內創下了 2000 萬美元抵押貸款的記錄。這就是貨幣化的第一階段。

Now in addition to that, for those of you who have been to our Emeryville facility, know that Emeryville is a highly desired state-of-the-art manufacturing facility that is soup to nuts. It starts with cell lines, and it finishes with packaging, filling, finishing, and packaging of product.

除此之外，對於那些曾經參觀過我們埃默里維爾工廠的人來說，要知道埃默里維爾是一個備受追捧的最先進的製造工廠，從頭到尾都是一流的。它從細胞系開始，到產品的包裝、填充、精加工和包裝結束。

Now given the fact that there has been significant shift in US manufacturing interest, we have seen a similar level of interest. And we are in discussions, including contract discussions, with parties for the potential consummation of monetization of our West Coast manufacturing and real estate assets.

現在，鑑於美國製造業興趣發生了重大轉變，我們看到了類似程度的興趣。我們正在與各方進行討論，包括合約討論，以實現我們西海岸製造業和房地產資產的貨幣化。

Okay. No, that's helpful. And then are you able to share your latest and greatest thoughts on what registrational program could look like?

好的。不，這很有幫助。然後，您能否分享一下您對註冊程序的最新和最棒的想法？

Obviously, ASCO GI data recently showed a number of different directions you could go in, late line, frontline, obviously, neoadjuvant. Any thoughts in each of those buckets that could be helpful for folks to understand the path to market here, Garo?

顯然，ASCO GI 數據最近顯示了可以選擇的多個不同方向，包括後線治療、前線治療、顯然還有新輔助治療。加羅，對於上述每個方面，您有什麼想法可以幫助大家了解這裡的市場路徑嗎？

Sure. So first off, we have amassed an enormous amount of data in the late-stage setting. There's no ambiguity about our ability to rescue patients with MSS CRC, who had exhausted no other option. And these patients are now living longer, even though we haven't done a randomized trial in late stage yet.

當然。首先，我們在後期累積了大量數據。我們絕對有能力拯救那些已經用盡其他辦法的 MSS CRC 患者。儘管我們還沒有進行後期隨機試驗，但這些患者現在的壽命更長了。

There is no ambiguity about the fact that these patients are living much longer, orders of magnitude longer, than patients who have had standard of care. So we have more than doubled the response rates in these patients. And we have an extension of their lifespan that is based on our current data, essentially double what you would see with standard of care.

毫無疑問，這些患者的壽命比接受標準治療的患者長得多，長幾個數量級。因此，我們將這些患者的反應率提高​​了一倍以上。根據我們目前的數據，我們的壽命得到了延長，基本上是標準護理壽命的兩倍。

And that magnitude, of course, is of great interest to the experts in the field and patients. In fact, we have patients who are going on disease-free now, pushing three years, which is almost unprecedented. Now that's one area where, with more mature data, we will make an effort to get the interest of regulators around the world.

當然，這一規模引起了該領域專家和患者的極大興趣。事實上，我們有一些患者現在已經無病生存了三年，這幾乎是前所未有的。現在，有了更成熟的數據，我們將努力引起世界各地監管機構的注意。

Secondly, the data from the neoadjuvant setting is unambiguous because -- when I say unambiguous, it's really black and white. These patients are treated only with BOT/BAL. So no chemo, no radiation. And what we're seeing is complete pathological responses in more than half the patients so far. And this has been -- by the way, there was some concern that the data was from a single center, Cornell.

其次，新輔助治療的數據是明確的，因為——當我說明確時，它實際上是黑白分明的。這些患者僅接受 BOT/BAL 治療。因此無需化療，無需放療。到目前為止，我們看到超過一半的患者出現了完全的病理反應。順便說一句，有人擔心這些數據僅來自康奈爾一個中心。

But now the data corroborates the Cornell data in 11 centers from Europe and in four times the patients. So that's very encouraging. Because of the black and white nature of the outcomes in MSS CRC and MSI-high, we believe that there is a clear path for potential approval, particularly in a setting that will be organ-sparing.

但現在，來自歐洲 11 個中心、涉及四倍患者的數據證實了康乃爾大學的數據。這非常令人鼓舞。由於 MSS CRC 和 MSI-high 結果的黑白性質，我們相信存在一條獲得潛在批准的明確途徑，特別是在器官保留的環境中。

For example, if a patient has MSS rectal cancer, their options are chemo, radiation, and surgery. And for these patients, rectal surgery is debilitating. And we believe that if we can show that our products are organ-sparing, that will be a significant benefit to patients.

例如，如果患者患有 MSS 直腸癌，他們的選擇是化療、放療和手術。對這些患者來說，直腸手術是痛苦的。我們相信，如果我們能夠證明我們的產品能夠保留器官，那麼這將為患者帶來巨大的益處。

Dr. O'Day, do you want to add to any of that?

O'Day 博士，您還有什麼要補充的嗎？

Mayank, thank you for the question. I would just elaborate on what Garo said. In the refractory setting now, between our Phase I and our Phase II trial, we have approximately 350 patients whose data is maturing. Those trials have closed, and the data is maturing. And we look forward to really watching this durability of response and treatment-free interval mature and then obviously interact further with regulatory bodies around this data.

Mayank，謝謝你的提問。我只是想詳細說明一下 Garo 所說的話。目前，在難治性治療中，在我們的 I 期和 II 期試驗之間，我們有大約 350 名患者的數據正在成熟。這些試驗已經結束，數據也日趨成熟。我們期待真正看到這種反應的持久性和無治療間隔的成熟，然後顯然圍繞著這些數據與監管機構進行進一步的互動。

And then I think what Garo said in the neoadjuvant setting is really remarkable in terms of its ability to change paradigms in both the MS stable and obviously, the MS-high colorectal setting. And rectal cancer is within our sights as a primary first neoadjuvant sort of regulatory approach.

然後我認為 Garo 在新輔助治療中所說的確實非常了不起，因為它能夠改變 MS 穩定和 MS 高結腸直腸環境中的範式。我們將直腸癌作為首要的新輔助治療監管方法。

Very helpful. Thank you, team. Looking for some of these updates in the coming months.

非常有幫助。謝謝你們，團隊。在接下來的幾個月裡尋找一些這樣的更新。

And by the way, we have Robin Taylor here as well, who is one of the foremost commercial and beyond commercial experts in CRC. Would you like to add your --?

順便說一下，我們這裡還有羅賓泰勒 (Robin Taylor)，他是 CRC 領域最重要的商業和商業以外的專家之一。你想添加你的--？

Certainly. Quite happy to. Mayank, it's good to hear from you again. I think the context has been explained certainly in terms of rectal cancer. But I would also point out that both rectal and colon cancer have a significant opportunity because we're looking at not only in rectal cancer potential for chemo-sparing, sparing radiation, and also sparing debilitating surgery.

當然。非常高興。Mayank，很高興再次收到你的來信。我認為從直腸癌的角度來說，上下文已經得到了很好的解釋。但我還要指出的是，直腸癌和結腸癌都有很大的機會，因為我們不僅在尋找直腸癌的化療保留、放療保留和手術保留的潛力。

Because if we improve the clinical complete response rate, those patients basically will not go on to surgery. They'll wait. And the evidence that we've seen so far with early use of immunotherapy, particularly CTLA-4, translates into a prolonged recurrence-free survival. And that's a clear benefit. So across all those measures, we expect we're going to be able to improve rectal cancer.

因為如果我們提高臨床完全緩解率，那些病人基本上就不需要做手術了。他們會等待。到目前為止，我們看到的證據表明，早期使用免疫療法，特別是 CTLA-4，可以延長無復發生存期。這是一個明顯的好處。因此，透過所有這些措施，我們期望能夠改善直腸癌的治療。

Similarly in colon cancer, there is that opportunity to be able to improve the event-free survival -- overall survival in the long run. And the real question about being able to reduce the amount of chemotherapy that patients are receiving, particularly oxaliplatin, which has the potential for permanent neuropathy in the long run in these patients who have adjuvants, chemotherapy may end up with permanent neuropathy that could be avoided.

同樣，對於結腸癌來說，有機會提高無事件存活率——從長遠來看提高整體存活率。真正的問題在於能否減少患者接受的化療劑量，特別是奧沙利鉑，從長遠來看，這種藥物有可能造成永久性神經病變，對於接受輔助治療的患者，化療最終可能會導致永久性神經病變，而這種現像是可以避免的。

And that, coupled with the ability to improve on event-free survival and overall survival, really makes colon cancer a real significant opportunity as well. And finally, just to note that we have just -- there's an IST that was just initiated Memorial Sloan Kettering with Andrea Cercek, Phase II, in rectal cancer that they are very excited about patients, very excited about, which should be kicking off very shortly.

再加上能夠提高無事件存活率和整體存活率，結腸癌確實也成為一個真正重要的機會。最後，需要指出的是，我們剛剛與 Andrea Cercek 合作啟動了一項 IST，該 IST 為紀念斯隆凱特琳癌症中心發起的 II 期直腸癌 IST，他們對患者感到非常興奮，這項 IST 應該很快就會啟動。

Thank you.

謝謝。

Any other questions --?

還有其他問題嗎？--？

And that will conclude our question-and-answer session. I'll hand the call back over to Garo Armen for any closing remarks.

我們的問答環節到此結束。我將把電話轉回給 Garo Armen 來做最後發言。

Once again, thank you very much for joining us. It's always a pleasure to have you and your questions. We're very excited about the prospects of our lead programs. There is more reason to be excited now with the longevity of data than even six months ago.

再次感謝您的參與。我很高興能收到您的來信並回答您的問題。我們對我們的領先項目的前景感到非常興奮。與六個月前相比，現在我們有更多的理由對數據的長壽命感到興奮。

And so we're grateful to our investigators and patients for participating in these trials to demonstrate the kind of results that we've come up with so far. And we look forward to data maturing and our trials expanding. So thank you very much.

因此，我們感謝我們的研究人員和患者參與這些試驗，以證明我們迄今為止所取得的成果。我們期待數據日趨成熟，試驗範圍不斷擴大。非常感謝。

And that will conclude today's conference call. Thank you, all, for joining. You may now disconnect.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連線。