Celyad Oncology SA (CYAD) 2022 Q4 法說會逐字稿

Greetings. Welcome to the Celyad Oncology full-year 2022 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加 Celyad Oncology 2022 年全年收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。

At this time, I'll now turn the conference over to David Georges, Vice President, Finance and Administration. David, you may now begin.

現在，我將把會議交給財務和行政副總裁戴維·喬治 (David Georges)。大衛，你現在可以開始了。

Thank you, operator. Thank you all for joining us today. Before we begin, I would like to remind everyone that today's event may contain forward-looking statements within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995.

謝謝你，接線生。感謝大家今天加入我們。在開始之前，我想提醒大家，今天的活動可能包含適用證券法（包括 1995 年《私人證券訴訟改革法案》）含義內的前瞻性陳述。

Forward-looking statements may involve known and unknown risks and uncertainties, which might cause actual results, financial condition, performance, or achievements of the company to differ materially from those expressed or implied by such forward-looking statements.

前瞻性陳述可能涉及已知和未知的風險和不確定性，這可能導致公司的實際結果、財務狀況、業績或成就與此類前瞻性陳述明示或暗示的結果有重大差異。

A list and description of these risks, uncertainties and other risks can be found in the company's US Securities and Exchange Commission filings and reports, including its Annual Report on Form 20-F filed with the SEC on March 23, 2023, and subsequent filings and reports by the company.

這些風險、不確定性和其他風險的清單和描述可以在該公司向美國證券交易委員會提交的文件和報告中找到，包括其於2023 年3 月23 日向SEC 提交的20-F 表年度報告以及隨後的文件和報告。公司的報告。

These forward-looking statements speak only as of the date of this call and the company's actual results may differ materially from those expressed or implied by these forward-looking statements. The company expressly disclaims any obligation to update any such forward-looking statements made on this call to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based, unless required by law or regulations.

這些前瞻性陳述僅代表截至本次電話會議之日的情況，本公司的實際結果可能與這些前瞻性陳述明示或暗示的結果有重大差異。該公司明確表示不承擔更新本次電話會議中所做的任何此類前瞻性聲明的義務，以反映其預期的任何變化或任何此類聲明所依據的事件、條件或情況的任何變化，除非法律要求或規定。

Let me now turn the call over to Michel Lussier, Interim Chief Executive Officer of Celyad Oncology. Michel, the floor is yours.

現在讓我將電話轉給 Celyad Oncology 臨時執行長 Michel Lussier。米歇爾，地板是你的。

Thank you, David, and thank you, everyone, for joining us today as we report the financial results for 2022 and provide an operational update. Joining me from the management team is our VP, Finance and Admin, David Georges; and our Head of R&D, Eytan Breman.

謝謝 David，也謝謝大家今天加入我們，我們將報告 2022 年的財務表現並提供最新的營運情況。與我一起加入管理團隊的是我們的財務與行政副總裁 David Georges；以及我們的研發主管 Eytan Breman。

We will start today's call with an operational update, an overview of the financials, and then discuss the key milestones we expect to achieve over the next several months. After our prepared remarks, we will ask the operator to open the line for your questions.

我們將在今天的電話會議中介紹營運情況更新、財務狀況概述，然後討論我們預計在未來幾個月內實現的關鍵里程碑。在我們準備好發言後，我們將要求接線員接通您的問題電話。

So through the past year, Celyad Oncology has seen important changes and turning points. Early 2022, we continued to deliver a steady stream of data across multiple programs that advanced our position in the field of allogeneic CAR T-cell therapies, among others, the validation of our proprietary shRNA platform with the data from IMMUNICY-1 study evaluating CYAD-211, represented a major achievement for the company by demonstrating the safety of shRNA, which was the primary goal.

因此，在過去的一年裡，Celyad Oncology 看到了重要的變化和轉折點。 2022 年初，我們繼續在多個項目中提供穩定的數據流，這些項目提升了我們在同種異體CAR T 細胞療法領域的地位，其中包括使用評估CYAD 的IMUNICY-1 研究的數據驗證了我們專有的shRNA 平台-211，代表了公司的一項重大成就，證明了 shRNA 的安全性，這是首要目標。

However, we faced challenges stemming from insufficient clinical efficacy in our CYAD-211 program, and delays and additional costs resulting from the clinical hold in our CYAD-101 program. This stream of events led to the decision of the Board of Directors to reshape the strategy of the company to focus on its core assets, its world-class research unit, and intellectual property.

然而，我們面臨著來自 CYAD-211 計畫臨床療效不足以及 CYAD-101 計畫因臨床擱置而導致的延誤和額外費用的挑戰。這一系列事件導致董事會決定重塑公司策略，將重點放在核心資產、世界一流的研究單位和智慧財產權上。

So throughout the year, but more specifically, since October 2022, we have implemented a staged strategic shift from an organization focused on clinical development to one prioritizing R&D discovery and the monetization of its intellectual property estate through partnerships, collaborations, and license agreements.

因此，在這一年中，更具體地說，自2022 年10 月以來，我們實施了分階段的策略轉變，從專注於臨床開發的組織轉變為優先考慮研發發現並透過合作夥伴關係、協作和許可協議將其知識產權貨幣化的組織。

We stretched our cash runway by divesting our manufacturing business units and discontinued our clinical program to focus on selected critical R&D efforts to mitigate the current limitations of CAR T-cell therapy. The company also compiled a foundational and broad IP estate that controls key aspects of developing therapy in the allogeneic cell therapy space. With our attractive portfolio, we are able to strategically develop both novel cell therapy candidates and potential partnerships within the allogenic landscape and beyond.

我們透過剝離製造業務部門來擴展我們的現金跑道，並停止了我們的臨床項目，專注於選定的關鍵研發工作，以減輕 CAR T 細胞療法當前的局限性。該公司還編制了一個基礎且廣泛的智慧財產權財產，控制著同種異體細胞治療領域開發療法的關鍵面向。憑藉我們有吸引力的產品組合，我們能夠策略性地開發新型細胞療法候選藥物以及同種異體領域內外的潛在合作夥伴關係。

In summary, while our clinical results have not lived up to expectations, we are hopeful for the many patients who have been successfully treated in these programs and the solid foundation it has created to move these therapies further. We believe that our clinical accomplishments strengthened with the current and future research efforts can lead to commercially successful products.

總而言之，雖然我們的臨床結果沒有達到預期，但我們對許多在這些計畫中成功治療的患者以及它為進一步推動這些療法奠定的堅實基礎充滿希望。我們相信，透過目前和未來的研究工作來加強我們的臨床成就可以帶來商業上成功的產品。

With that, I'll turn over the call to Eytan Breman to provide more details on our research activities. Eytan?

接下來，我會將電話轉給 Eytan Breman，以提供有關我們研究活動的更多詳細資訊。艾坦？

Yes. Thank you, Michel, and thank you, everyone, again for joining us today. As Michel just discussed, our clinical program has clear potential. And even if they did not deliver sufficient clinical efficacy to initiate a registration trial, they provided a proof of concept of our technology. We have demonstrated that non-gene editing technologies can be used to engineer an allogeneic CAR T-cell therapy with a reduced risk of graft-versus-host disease or GvHD.

是的。謝謝米歇爾，再次感謝大家今天加入我們。正如米歇爾剛剛討論的那樣，我們的臨床計劃具有明顯的潛力。即使他們沒有提供足夠的臨床療效來啟動註冊試驗，他們也提供了我們技術的概念證明。我們已經證明，非基因編輯技術可用於設計同種異體 CAR T 細胞療法，降低移植物抗宿主疾病或 GvHD 的風險。

No GvHD was reported among the 19 patients treated in the CYAD-211 and IMMUNICY-1 study, nor the 25 patients treated with CYAD-101 in the alloSHRINK study. We validated our proprietary shRNA platform, not only with the data from the IMMUNICY-1 study in CYAD-211 where T cell receptor was downregulated to prevent the risk of graft-versus-host disease, but also with the data from the CYCLE-1 study in the CYAD-02, where the expression of NKG2D ligands were downregulated to increase the CAR T-cell persistence. All this provided us a solid proof of concept of the versatility and safety of our shRNA technology.

CYAD-211和IMMUNICY-1研究中治療的19名患者以及alloSHRINK研究中接受CYAD-101治療的25名患者中均未報告GvHD。我們驗證了我們專有的 shRNA 平台，不僅使用 CYAD-211 中 IMUNICY-1 研究的數據（其中 T 細胞受體下調以預防移植物抗宿主病的風險），還使用 CYCLE-1 的數據CYAD -02 中的研究，其中NKG2D 配體的表達下調以增加CAR T 細胞的持久性。所有這些都為我們的 shRNA 技術的多功能性和安全性提供了堅實的概念證明。

With the new strategy for prioritizing R&D discovery and the monetization of our intellectual property, we are pursuing our efforts on the shRNA platform. We have successful multiplexed the shRNA technology to enable the targeting of multiple targets simultaneously using our all-in-one vector system.

憑藉優先考慮研發發現和知識產權貨幣化的新策略，我們正在 shRNA 平台上繼續努力。我們成功地多重化了 shRNA 技術，利用我們的一體化載體系統同時靶向多個標靶。

This is of great importance as, in most cases, a single target will offer only limited uses. For example, in the case of allogeneic candidates, one target is needed to combat graft-versus-host disease and additional targets are needed to combat recognition by the host immune system in order to improve cell persistence.

這非常重要，因為在大多數情況下，單一目標只能提供有限的用途。例如，在同種異體候選物的情況下，需要一個標靶來對抗移植物抗宿主疾病，並且需要額外的標靶來對抗宿主免疫系統的識別，以提高細胞持久性。

Similarly, immune checkpoint inhibitors are important targets for downregulation since multiple tumors have been shown to express the ligand through these receptors, which can be involved in the inhibition of CAR T-cell responses or other T-cell mediated responses. The large number of candidates for downregulation at once makes the perfect candidate for our shRNA technology.

同樣，免疫檢查點抑制劑是下調的重要靶點，因為多種腫瘤已被證明透過這些受體表達配體，這可能參與抑制 CAR T 細胞反應或其他 T 細胞介導的反應。大量的候選下調基因使我們的 shRNA 技術成為完美的候選者。

In short, this multiplexing platform potentially allows us to generate CAR T-cells candidates with optimized features like increased persistence, efficacy, or the ability to evade complex or immunosuppressive tumor microenvironments. This clearly allows for a very broad therapeutic functionality, which is especially important in the context of solid tumors. Currently, the shRNA multiplex platform has been validated in the [chart] to include up to four different targets in a plug and play manner.

簡而言之，這個多重平台有可能使我們能夠產生具有優化功能的 CAR T 細胞候選物，例如增強的持久性、功效或逃避複雜或免疫抑制腫瘤微環境的能力。這顯然允許非常廣泛的治療功能，這在實體瘤的背景下尤其重要。目前，shRNA 多重平台已在[圖表]中得到驗證，可以以即插即用的方式包含多達四個不同的目標。

Next to the ability to downregulate the target or targets of interest, the dynamic range that can be achieved using the shRNA multiplex platform means that the expression of each candidate protein can be modulated. This is important in instances when a reduction of protein expression is of benefit rather than complete removal of the protein expression.

除了下調感興趣的標靶的能力之外，使用 shRNA 多重平台可以實現的動態範圍意味著可以調節每個候選蛋白的表達。當減少蛋白質表現比完全去除蛋白質表現更有利時，這一點很重要。

For example, removal of the HLA class I leads to recognition of the cell by host NK cells, which in turn will lead to low cell persistence, modulating the protein expression to such an extent that it is not targeted by NK cells, can help the engineered cells evade the host immune system.

例如，去除 HLA I 類會導致宿主 NK 細胞辨識該細胞，進而導致細胞持久性較低，將蛋白質表現調節到不被 NK 細胞標靶的程度，可以幫助工程細胞逃避宿主免疫系統。

In addition to our multiplexing platform, we are also working on CAR T-cells with dual or multi-targeting capabilities. The reasons behind the possible failure of a single targeting CAR T-cell are multi-factorial and include the tumor microenvironment, antigen escape or loss, among others.

除了我們的多重平台外，我們還致力於開發具有雙或多靶向功能的 CAR T 細胞。單靶向 CAR T 細胞可能失敗的原因是多因素的，包括腫瘤微環境、抗原逃脫或缺失等。

With a multi or dual-targeting CAR, several antigens can be targeted together by the same CAR product. We therefore developed a dual CAR platform, focusing on the NKG2D receptor. The NKG2D receptor specifically targets NKG2D ligands that are induced by different stress responses. This offers a very different strategy from dual CAR T-cells that target similar antigens such as lineage antigens like CD19 or CD20.

對於多靶向或雙靶向 CAR，相同 CAR 產品可以同時靶向多種抗原。因此，我們開發了一個雙CAR平台，重點關注NKG2D受體。 NKG2D 受體專門針對由不同壓力反應誘導的 NKG2D 配體。這提供了與雙 CAR T 細胞截然不同的策略，雙 CAR T 細胞靶向相似的抗原，例如 CD19 或 CD20 等譜系抗原。

By targeting NKG2D ligands, a broader range of antigens can be targeted simultaneously that are not limited to only one specific tumor indication. Thus, the implication and the applicability of the NKG2D-based dual CAR T-cells is suitable not only in situations where the antigen can escape and/or loss may occur, but in situations where multiple organs are impacted, such as is the case of metastatic and advanced solid tumors. These malignancies are very difficult to target with conventional means and use of an NKG2D-based dual CAR system may offer much needed alternative.

透過靶向 NKG2D 配體，可以同時靶向更廣泛的抗原，而不僅限於一種特定的腫瘤適應症。因此，基於 NKG2D 的雙 CAR T 細胞的意義和適用性不僅適用於抗原可能逃脫和/或缺失的情況，也適用於多個器官受到影響的情況，例如轉移性和晚期實體瘤。這些惡性腫瘤很難用傳統手段來治療，而基於 NKG2D 的雙 CAR 系統的使用可能提供急需的替代方案。

In parallel, we are also making efforts in -- to identifying new targets expressed by a broad range of indications. For this, we are currently developing immunotherapies targeting B7-H6, which is a ligand expressed in a broad range of cancers that was shown to be associated with tumor progression, poor prognosis, and lymph node metastasis.

同時，我們也努力確定一系列廣泛跡象所表達的新目標。為此，我們目前正在開發針對 B7-H6 的免疫療法，B7-H6 是一種在多種癌症中表現的配體，已被證明與腫瘤進展、不良預後和淋巴結轉移相關。

With these platforms, we aim to provide solutions to some of the main limitations of current CAR T-cell therapies, including the lack of validated targets beyond B-cell malignancies and the issues concerning T-cell persistence, efficacy, and fitness. We are very excited about our latest advancements in the work and look forward to providing more details on our shRNA multiplexing capabilities and new candidates in the near future.

透過這些平台，我們的目標是為目前CAR T 細胞療法的一些主要限制提供解決方案，包括缺乏B 細胞惡性腫瘤以外的經過驗證的靶點，以及有關T 細胞持久性、功效和適應性的問題。我們對工作中的最新進展感到非常興奮，並期待在不久的將來提供有關我們的 shRNA 多重功能和新候選藥物的更多詳細資訊。

With that, I will now turn the call over to David for an update on our financial statements of 2022.

現在，我將把電話轉給 David，詢問我們 2022 年財務報表的最新情況。

Thank you, Eytan. Turning to our financials. I'd just like to remind you all that our full financial details are available on the Celyad Oncology website in both French and English languages.

謝謝你，艾坦。轉向我們的財務狀況。我想提醒大家，我們的完整財務詳細資訊可在 Celyad Oncology 網站上以法語和英語獲得。

Research and development expenses were EUR18.9 million in 2022 as compared to EUR20.8 million in 2021, a year-over-year decrease of EUR1.8 million. The decrease in the company's R&D expenses is primarily driven by the company's decision to discontinue some of the preclinical and in-process development costs after the company's decision to adopt and implement a new business strategy over the last few months of 2022.

2022 年研發費用為 1,890 萬歐元，而 2021 年為 2,080 萬歐元，年減 180 萬歐元。公司研發費用的減少主要是由於公司決定在2022年最後幾個月採用和實施新的業務策略後決定停止部分臨床前和過程中的開發成本。

General and administration expenses were EUR10.5 million in 2022 as compared to EUR9.9 million in 2021, an increase of EUR600,000. This increase is primarily related to higher insurance costs and consulting fees, partially compensated by the decrease of the expenses associated with the share-based payment, non-cash expenses related to the warrant plan offered to our employees and directors.

2022 年一般及管理費用為 1,050 萬歐元，較 2021 年的 990 萬歐元增加了 60 萬歐元。這一增長主要與保險成本和諮詢費的增加有關，部分由與股份支付相關的費用以及與向我們的員工和董事提供的認股權證計劃相關的非現金費用的減少所補償。

The fair value adjustment of EUR14.7 million relating to the contingent consideration and other financial liabilities as of December 31, 2022, is mainly driven by the full reversal of the liabilities. This liability is a result of business combination accounting, IFRS3, which requires the liability to be recorded unless the possibility of any outflow is removed.

截至 2022 年 12 月 31 日，與或有對價及其他金融負債相關的公允價值調整為 1,470 萬歐元，主要是由於負債全部轉回所致。此負債是企業合併會計（IFRS3）的結果，會計要求記錄負債，除非消除任何流出的可能性。

This impairment comes as a result of the company's strategic shift in focus away from clinical development and the early-stage nature of the implementation of the Celyad 2.0 strategy, which involves shifting from an organization focused on clinical development to one prioritizing R&D discovery and the monetization of its intellectual property portfolio through partnerships, collaboration, and license agreements.

這種損害是由於公司策略重點從臨床開發轉移以及 Celyad 2.0 策略實施的早期階段造成的，該策略涉及從專注於臨床開發的組織轉變為優先考慮研發發現和貨幣化的組織透過夥伴關係、協作和授權協議來擴大其智慧財產權組合。

To date, no effective sublicense contract nor collaboration contract has been entered into. And as a result, there is an uncertainty that -- as to the timing and amount of associated short-, medium-, and long-term revenues.

迄今為止，尚未簽訂有效的從屬許可合約或合作合約。因此，相關短期、中期和長期收入的時間和金額存在不確定性。

Given this uncertainty, and as per accounting standards, the company recognizes a full impairment loss on the remaining value of goodwill, in-process research and development, and Horizon Discovery's shRNA platform, resulting in a noncash impairment of EUR35.1 million on a consolidated basis for the financial year ended December 31, 2022.

鑑於這種不確定性，根據會計準則，該公司對商譽、正在進行的研發以及Horizo​​​​n Discovery 的shRNA 平台的剩餘價值確認全額減損損失，導致合併報表上的非現金減損達到3510 萬歐元。以截至 2022 年 12 月 31 日止的財政年度為基礎。

This accounting conclusion does not affect management's commitment to continue in its efforts to pursue the potential monetization of the company's IP. If and when such a firm sublicense or collaboration contract occur, and hence, increases the profit -- the probability of revenue, the management will estimate the reversal of the impairment which will be limited so that the carrying amount of the asset does not exceed its recoverable amount along with the remeasurement of the related contingent liability.

這項會計結論並不影響管理階層繼續努力追求公司知識產權潛在貨幣化的承諾。如果發生此類公司再許可或合作合同，從而增加利潤（收入的可能性），管理層將估計減值的轉回，該轉回將受到限制，以便資產的賬面金額不超過其資產的賬面價值。可收回金額以及相關或有負債的重新計量。

We posted net other income of EUR9 million for 2022, compared to a net other income of EUR3.4 million for 2021. The company's other income is principally coming from the gain on sales of the CTMU activities for EUR5.2 million, which is resulting from the sales of the asset purchase agreement between Celyad Oncology and Cellistic, under which Cellistic agreed to acquire Celyad Oncology manufacturing business units. The remaining net other income is mainly associated with grants received from the Walloon Region for a total amount of EUR1.6 million, mainly in the form of recoverable cash advances.

我們公佈的 2022 年其他淨收入為 900 萬歐元，而 2021 年其他淨收入為 340 萬歐元。公司的其他收入主要來自 CTMU 活動銷售收益 520 萬歐元，這是由於來自Celyad Oncology 與Cellistic 之間資產購買協議的出售，根據該協議，Cellistic 同意收購Celyad Oncology 製造業務部門。剩餘的其他淨收入主要與從瓦隆地區收到的總額為 160 萬歐元的贈款有關，主要以可收回現金預付款的形式。

Net loss for the year ended December 31, 2022, was EUR40.9 million or EUR1.81 per share, compared to a net loss of EUR26.5 million or EUR1.70 per share for the same period in 2021. As noted above, the increase in net loss between periods was primarily due to the noncash impairment adjustments on the oncology intangible assets.

截至 2022 年 12 月 31 日止年度的淨虧損為 4,090 萬歐元，即每股 1.81 歐元，而 2021 年同期的淨虧損為 2,650 萬歐元，即每股 1.70 歐元。如上所述，期間淨虧損的增加增加主要是由於腫瘤學無形資產的非現金減損調整。

Net cash used in operations for the year ended December 31, 2022, which exclude non-cash effects, amounted to EUR28 million, which is in line with the net cash used in operations of EUR26.6 million for the year ended December 31, 2021.

截至2022年12月31日止年度的經營所用現金淨額（不包括非現金影響）為2800萬歐元，與截至2021年12月31日止年度的經營所用現金淨額2660萬歐元一致。

As of December 31, 2022, our Treasury position was EUR12.4 million or $13.3 million. Based on our current scope of activities, we estimate that our cash and cash equivalents should be sufficient to fund operating expenses and capital expenditure requirements into the fourth quarter of 2022.

截至 2022 年 12 月 31 日，我們的財務部位為 1,240 萬歐元或 1,330 萬美元。根據我們目前的活動範圍，我們估計我們的現金和現金等價物應足以滿足 2022 年第四季的營運費用和資本支出需求。

The net assets of the company as of December 31, 2022, on a Belgian-GAAP non-consolidated basis, have fallen below half of the company's capital. As a result, in accordance with the Article 7:228 of the Belgian Code for Companies and Associations, the Board of Directors plans to submit for a vote, at its May 5, 2023 shareholders' meeting, its business plan including a proposal to continue the company's activities. The Board of Directors will publish a detailed report regarding this proposal on or around April 3, 2023, together with the convocation with proposed resolutions for the shareholders meeting.

截至 2022 年 12 月 31 日，根據比利時公認會計準則非合併基礎，該公司的淨資產已降至公司資本的一半以下。因此，根據比利時公司和協會法典第 7:228 條，董事會計劃在 2023 年 5 月 5 日召開的股東大會上提交其業務計劃，包括繼續開展業務的提案，以供表決。公司的活動。董事會將於2023年4月3日左右發布有關該提案的詳細報告，以及召開股東大會並提出決議。

With that, I will now turn over the call to Michel for closing statements.

現在，我將把電話轉給米歇爾進行結案陳詞。

Thank you, David. So in closing, Celyad Oncology is more focused than ever on our mission. And although we have faced several challenges during the last year, we believe that we are now very well positioned to unleash the power of our IP estate and to help making the cell therapy approach a success.

謝謝你，大衛。因此，最後，Celyad Oncology 比以往任何時候都更加專注於我們的使命。儘管我們在去年面臨一些挑戰，但我們相信，我們現在處於非常有利的位置，可以釋放我們智慧財產權的力量，並幫助細胞治療方法取得成功。

As such, we look forward to announcing exciting upcoming milestones in the remainder of 2023, including updates from our shRNA multiplexing platform, and our dual CAR platform and business developments in the second quarter of the year, and appointment of our new Chief Executive Officer following an extensive and very fruitful search process in the coming weeks. So in that regard, we are very pleased to announce that Georges Rawadi has been appointed as our new Chief Executive Officer and succeeding to me.

因此，我們期待在2023 年剩餘時間內宣布即將到來的令人興奮的里程碑，包括我們的shRNA 復用平台的更新，以及今年第二季度的雙CAR 平台和業務發展，以及隨後任命我們的新首席執行官在接下來的幾週內將進行廣泛且富有成果的搜尋過程。因此，在這方面，我們非常高興地宣布，喬治·拉瓦迪 (Georges Rawadi) 已被任命為我們的新任執行長並接替我。

Georges is not only a seasoned executive with over 20 years of experience in pharma biotech, but he also spent four years at Celyad Oncology from 2014 to 2018 as Vice President, Business Development and Intellectual Property. So we are convinced that Georges' solid business development track record and immuno-oncology in-depth knowledge will make Georges a great leader for Celyad Oncology.

Georges 不僅是一位在製藥生物技術領域擁有 20 多年經驗的經驗豐富的高管，而且還在 2014 年至 2018 年在 Celyad Oncology 工作了四年，擔任業務開發和知識產權副總裁。因此，我們相信 Georges 紮實的業務發展記錄和深入的免疫腫瘤學知識將使 Georges 成為 Celyad Oncology 的偉大領導者。

Finally, I wanted to mention that all the work done up to now has created new foundation building on our current research platform, helping to generate next-generation candidates in the future. So I'm deeply grateful to all our team members who tirelessly deliver each and every day with dedication in pursuit of our mission to develop innovative cell therapies against cancer.

最後，我想提一下，迄今為止所做的所有工作都為我們目前的研究平台奠定了新的基礎，有助於未來產生下一代候選人。因此，我深深感謝我們所有的團隊成員，他們每天都孜孜不倦地奉獻，以追求我們開發創新的癌細胞療法的使命。

With that, I'll turn over the call to the operator in order to take your questions. Operator?

這樣，我會將電話轉給接線員，以便回答您的​​問題。操作員？

Thank you. (Operator Instructions) I'm showing no questions at this time. I'll hand the floor back to Michel Lussier for any further comments.

謝謝。 （操作員說明）我目前沒有提出任何問題。我將把發言權交還給米歇爾·盧西爾（Michel Lussier）以徵求進一步的意見。

Thank you, operator. So I'd like to thank everyone for joining us today and your interest in Celyad Oncology. We remain steadfast in our mission to bring novel and innovative CAR-T cell therapy to cancer patients with unmet medical needs. We look forward to speaking you again soon. Thank you.

謝謝你，接線生。因此，我要感謝大家今天加入我們以及您對 Celyad Oncology 的興趣。我們始終堅定不移地履行我們的使命，為醫療需求未滿足的癌症患者提供新穎和創新的 CAR-T 細胞療法。我們期待很快再次與您交談。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。