Exscientia PLC (EXAI) 2023 Q4 法說會逐字稿

Hello, everyone. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to Exscientia's business update call for the full year ended of 2023.

大家好。我叫莎拉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Exscientia 的 2023 年全年業務更新電話會議。

(Operator Instructions) At this time I would like to introduce Chin Okeke, Associate Director of Strategy, and Investor Relations.

（操作員說明）此時我想介紹一下策略和投資者關係副總監 Chin Okeke。

Thank you, Operator. And welcome, everyone, to Exscientia's full year 2023 financial results and business update conference call. A press release and 20-F were issued this morning with our full year 2023 financial results and business update. These documents can be found on our website at investors.exscientia.ai, along with the presentation for today's webcast.

謝謝你，接線生。歡迎大家參加 Exscientia 2023 年全年財務表現和業務更新電話會議。今天早上發布了新聞稿和 20-F，其中包含我們 2023 年全年財務業績和業務更新。這些文件以及今天網路廣播的簡報可以在我們的網站 Investors.exscientia.ai 上找到。

Before we begin, I'd like to remind you that we may make forward-looking statements on our call. These may include statements about our projected growth, revenue, business models, preclinical and clinical results, and business performance.

在開始之前，我想提醒您，我們可能會在電話會議中做出前瞻性陳述。這些可能包括有關我們的預期成長、收入、業務模式、臨床前和臨床結果以及業務績效的聲明。

Actual results may differ materially from those indicated by these statements. Unless required by law, Exscientia does not undertake any obligation to update these statements regarding the future or to confirm these statements in relation to actual results.

實際結果可能與這些陳述所示的結果有重大差異。除非法律要求，Exscientia 不承擔任何更新這些有關未來的聲明或根據實際結果確認這些聲明的義務。

On today's call, I'm joined by Dr. Dave Hallett, Interim Chief Executive Officer and Chief Scientific Officer, and Ben Taylor, Chief Financial Officer and Chief Strategy Officer; Dr. Mike Krams, Chief Medical Officer, will also be available for the Q&A session.

臨時執行長兼首席科學官 Dave Hallett 博士以及財務長兼首席策略長 Ben Taylor 也參加了今天的電話會議。首席醫療官 Mike Krams 博士也將出席問答環節。

And with that, I will now turn the call over to Dave.

現在，我將把電話轉給戴夫。

Thank you, Chin. In 2023, we continue to make progress in expanding and integrating our technological capabilities, focused our internal pipeline efforts on the highest value oncology target, and steadily advanced multiple new and existing programs with our major pharma partners.

謝謝你，欽。2023年，我們在擴大和整合我們的技術能力方面繼續取得進展，將我們的內部管道工作重點放在最高價值的腫瘤學目標上，並與我們的主要製藥合作夥伴穩步推進多個新的和現有的項目。

All of these elements position us for success as we work towards our goal of designing and developing better drugs faster. Internally, we are progressing multiple highly differentiated small molecules for oncology, including GTAEXS617 or 617, our CDK7 inhibitor, currently in Phase 1/2 studies, as well as our LSD1 inhibitor, EXS74539 or 539, in IND enabling studies.

所有這些因素都為我們的成功奠定了基礎，因為我們致力於更快地設計和開發更好的藥物。在內部，我們正在開發多種用於腫瘤學的高度分化小分子，包括目前處於 1/2 期研究的 CDK7 抑制劑 GTAEXS617 或 617，以及 IND 支持研究中的 LSD1 抑制劑 EXS74539 或 539。

With our partnerships, we're progressing multiple programs across an array of disease areas. We recently announced an expansion of our collaboration with Sanofi to include a new discovery stage Exscientia originated program and achieved the first milestone from this partnership.

透過我們的合作夥伴關係，我們正在一系列疾病領域推進多個計畫。我們最近宣布擴大與賽諾菲的合作，納入 Exscientia 發起的新發現階段計劃，並實現了此次合作的第一個里程碑。

More broadly, and in line with our business development strategy, we inked a new partnership with Merck KGaA, Darmstadt, in Germany. This partnership, which we signed in September, leverages our precision design capabilities to design and discover novel small molecule drug candidates for challenging oncology and immunology targets.

更廣泛地說，根據我們的業務發展策略，我們與德國達姆施塔特的 Merck KGaA 建立了新的合作夥伴關係。我們於 9 月簽署的這項合作關係，利用我們的精密設計能力來設計和發現新穎的小分子候選藥物，以應對具有挑戰性的腫瘤學和免疫學目標。

We have also significantly expanded our technological capabilities with the opening of our automation suite near Oxford and the launch of additional functional precision medicine studies. We're currently in the process of fully operationalizing our new automation facility, and once it has reached peak performance, we'll be comprehensively integrating our AI design capabilities with automated experimentation.

透過在牛津附近開設自動化套件以及啟動其他功能性精準醫學研究，我們也顯著擴展了我們的技術能力。我們目前正在全面運作我們的新自動化設施，一旦它達到峰值性能，我們將把我們的人工智慧設計能力與自動化實驗全面整合。

From this, we expect to achieve material gains in speed, efficiency, and quality across our entire drug design and discovery value chain. The launch of our functional precision medicine studies, EXCYTE-1 and EXCYTE-2, have the potential to support our pipeline with the greater use of human tumor samples in the preclinical development of new drug candidates and transition research.

由此，我們期望在整個藥物設計和發現價值鏈的速度、效率和品質方面實現實質效益。我們的功能性精準醫學研究 EXCYTE-1 和 EXCYTE-2 的啟動有可能支持我們的產品線，在新藥候選物的臨床前開發和過渡研究中更多地使用人類腫瘤樣本。

We remain well capitalized, with $463 million in cash at the end of the year, providing us with a runway well into 2026 to continue progressing our pipeline and investing in our long-term growth. Through all these updates and developments, the mission of the company remains unchanged.

我們的資本充足，截至年底擁有 4.63 億美元現金，為我們在 2026 年之前繼續推進我們的產品線和投資於我們的長期增長提供了一條跑道。透過所有這些更新和發展，公司的使命保持不變。

We are focused on improving the lives of patients by creating highly differentiated medicines that solve significant unmet needs. We have repeatedly demonstrated our ability to resolve previously unsolved design problems by efficiently translating scientific concepts into precision-designed therapeutic candidates.

我們致力於透過創造高度差異化的藥物來解決重大未滿足的需求，從而改善患者的生活。我們多次證明了我們有能力透過有效地將科學概念轉化為精確設計的治療候選藥物來解決以前未解決的設計問題。

This can be seen in our pipeline. In addition to 617 and 539 that I have already mentioned, I'll also highlight EXS4318, a PKC-theta inhibitor. 4318 was previously in-licensed by our partner, Bristol Myers Squibb and is currently in Phase 1 trials.

這可以在我們的管道中看到。除了我已經提到的 617 和 539 之外，我還將重點介紹 EXS4318，一種 PKC-theta 抑制劑。 4318 先前已獲得我們的合作夥伴百時美施貴寶 (Bristol Myers Squibb) 的許可，目前正處於第一階段試驗。

PKC-theta is a high-value immunology target that has been historically challenging for others to deliver small molecules against. We, however, were able to design a highly selective compound with a low predicted human dose and retain significant economics for this program.

PKC-theta 是一種高價值的免疫學靶點，歷來對其提供小分子攻擊一直是一項挑戰。然而，我們能夠設計出一種具有低預測人體劑量的高選擇性化合物，並為該專案保留了顯著的經濟效益。

Our differentiated MALT1 program, precision designed with selectivity over UGT1A1, also continues to progress through IND enabling studies, and we look forward to providing an update for this program in the first half of this year.

我們的差異化 MALT1 專案經過精確設計，具有優於 UGT1A1 的選擇性，也在 IND 啟用研究中繼續取得進展，我們期待在今年上半年提供該專案的更新。

In addition to this, we also have multiple discovery programs ongoing. Each of these molecules was designed by leveraging our industry leading technology platform, shaped with over a decade of experience in the tech-enabled drug design space. We look forward to updating you throughout 2024 about these programs as they mature into the development phases.

除此之外，我們還有多個正在進行的發現計畫。這些分子中的每一個都是利用我們領先業界的技術平台設計的，該平台是在技術支援的藥物設計領域積累了十多年的經驗。隨著這些計劃逐漸成熟並進入開發階段，我們期待在 2024 年向您提供有關這些計劃的最新資訊。

Our platform was built with our overarching philosophy in mind, that drug discovery is a learning problem, not a screening problem. We use both proprietary as well as public data sets to drive information gain, from target ID through to the clinic. Operating at the interface between technology and human ingenuity, we have designed our platform to overcome the key problems seen in drug design.

我們的平台是根據我們的整體理念建構的，即藥物發現是一個學習問題，而不是篩選問題。我們使用專有和公共資料集來推動從目標 ID 到診所的資訊獲取。在科技與人類創造力的結合點上，我們設計了我們的平台來克服藥物設計中出現的關鍵問題。

When starting a program, it's important to confirm that the target actually has a strong association with the disease. We use multi-omics data from our patient tissue platform and other sources to find the link between target and disease.

當開始一個計畫時，重要的是要確認目標實際上與疾病有強烈的關聯。我們使用來自患者組織平台和其他來源的多組學數據來尋找目標與疾病之間的關聯。

Our technology stack then enables our target analysts to properly and efficiently interrogate each target before we proceed to the experimental validation process and drug design. Our pipeline is a physical demonstration of our ability to design well-balanced molecules. Our precision design platform means we have an advantage for targets that have either historically not been tractable or had known design flaws.

然後，我們的技術堆疊使我們的目標分析師能夠在進行實驗驗證過程和藥物設計之前正確有效地詢問每個目標。我們的管道是我們設計均衡分子能力的物理證明。我們的精密設計平台意味著我們對於歷史上難以處理或存在已知設計缺陷的目標具有優勢。

We're able to achieve this by encoding our desired target product profile at the start of a program and then leveraging multi-parameter optimisation to find the appropriate design balance. We have always integrated design with experimental data, and this grounds the models that drive our design to the truth.

我們能夠透過在專案開始時對所需的目標產品配置進行編碼，然後利用多參數優化來找到適當的設計平衡來實現這一目標。我們始終將設計與實驗數據結合，這為推動我們的設計走向真理的模型奠定了基礎。

We now have the capability to automate these experiments with our new automation facility. This will enable accelerated learning, which we will talk about more later. We can further aim for an increased probability of success by selecting the right patient for each treatment option.

我們現在有能力使用新的自動化設施來自動化這些實驗。這將能夠加速學習，我們稍後將詳細討論。我們可以透過為每種治療方案選擇合適的患者來進一步提高成功的可能性。

No two patients are the same-- and neither is their disease progression or response to drugs. We use complex, heterogeneous, primary human tissue samples to get as close as possible to the best model, the human patient.

沒有兩個患者是相同的－他們的疾病進展或對藥物的反應也不同。我們使用複雜的、異質的、原始的人體組織樣本來盡可能接近最佳模型，即人類患者。

This enables us to pick up signals that would not be possible with current preclinical models. This information is used broadly to support our drug design programs, biomarker identification, and feeds our target identification processes.

這使我們能夠獲取目前臨床前模型無法獲得的訊號。這些資訊廣泛用於支持我們的藥物設計計劃、生物標記識別，並為我們的目標識別流程提供支援。

Operating this way enables us to accelerate the rate at which our systems learn and provides a framework to enable drug design in a much more efficient manner and with a higher probability of success. This increase in speed, probability of success, and cost efficiency has the potential to do what we like to call shifting the curve.

這種操作方式使我們能夠加快系統學習的速度，並提供一個框架，使藥物設計能夠以更有效的方式進行，並具有更高的成功機率。速度、成功機率和成本效率的提高有可能實現我們所謂的「曲線轉變」。

If we are able to decrease the cost and time to bring new medicines to patients, we can significantly change the return on investment, or ROI, on each program that we start. By ensuring that these programs result in better quality drug candidates, the demand is likely to increase, further pushing the return on investment higher.

如果我們能夠減少向患者提供新藥的成本和時間，我們就可以大幅改變我們啟動的每個專案的投資報酬率（ROI）。透過確保這些項目產生更優質的候選藥物，需求可能會增加，從而進一步推高投資回報。

This clearly has great economic value, but it also means we can explore more areas from a scientific point of view. Shifting the curve also means more patients will have more choices from the potential expansion of treatment options. This is why I and my colleagues joined Exscientia.

這顯然具有巨大的經濟價值，但也意味著我們可以從科學的角度探索更多領域。曲線的轉變也意味著更多的患者將從潛在的治療方案擴展中獲得更多選擇。這就是我和我的同事加入 Exscientia 的原因。

We are on a mission to make a difference to the pharmaceutical industry at large, and we remain committed to continuing our work here. We are always looking to improve our platform. I will now highlight some of the key updates we've made throughout the year.

我們的使命是為整個製藥行業帶來改變，我們仍然致力於繼續我們的工作。我們一直在尋求改進我們的平台。現在我將重點介紹我們全年所做的一些關鍵更新。

Internally, we have already started to incorporate large language models, or LLMs for short, into our target identification. One of the applications of our LLMs is the ranking of targets based on their association with disease.

在內部，我們已經開始將大型語言模型（簡稱 LLM）納入我們的目標辨識中。我們法學碩士的應用之一是根據目標與疾病的關聯性對目標進行排名。

Our target ranking LLM includes more than 1 billion parameters and is built from both public and proprietary data sets. The additional benefit of using an LLM is that we can now also rank and then rerank targets based on additional context that we may be looking for.

我們的目標排名 LLM 包含超過 10 億個參數，並且是根據公共和專有資料集建構的。使用法學碩士的額外好處是，我們現在還可以根據我們可能正在尋找的其他背景對目標進行排名，然後重新排名。

The example here shows how we have applied this to antiviral targets as part of our pandemic preparedness work. We performed an initial ranking of targets associated with influenza. When performing a general search for influenza, target C is ranked first, target A is ranked third, and target B is ranked 393.

這裡的例子展示了我們如何將其應用於抗病毒目標，作為我們大流行防範工作的一部分。我們對與流感相關的目標進行了初步排名。當執行流感的一般搜尋時，目標 C 排名第一，目標 A 排名第三，目標 B 排名 393。

However, when we add the additional context of targeting cell binding infusion, these are now re-ranked with target A ranked first and target B ranked seventh. This is the usual insight as cell binding infusion are essential steps in the influenza life cycle and disrupting viral entry into the cells can prevent viral replication.

然而，當我們添加靶向細胞結合輸注的額外背景時，這些現在重新排名，目標 A 排名第一，目標 B 排名第七。這是通常的觀點，因為細胞結合輸注是流感生命週期中的重要步驟，破壞病毒進入細胞可以阻止病毒複製。

Target B has been previously identified as being part of this process and demonstrates that by using more precise prompts, the rankings can be refined towards a specific biological process. These models provide a productivity benefit as they allow us to determine the best targets to prosecute experimentally, as target A currently is.

目標 B 先前已被確定為該過程的一部分，並表明透過使用更精確的提示，可以針對特定的生物過程細化排名。這些模型提供了生產力優勢，因為它們使我們能夠確定進行實驗的最佳目標，就像目前的目標 A 一樣。

It is important to know that these models do not just have applicability to antivirals but can also be used in oncology or any other disease indication. This purpose-built model has domain expertise and has outperformed externally available LLMs in our internal benchmarking.

重要的是要知道這些模型不僅適用於抗病毒藥物，還可以用於腫瘤學或任何其他疾病適應症。這個專門建構的模型擁有領域專業知識，並且在我們的內部基準測試中優於外部可用的法學碩士。

Target ranking is a great tool for hypothesis generation. We have also begun to pair this with a large language model enhanced search that integrates a general purpose LLM with our proprietary data sources. This enhanced search allows our teams to drill down into the biological rationale for a target that has been selected.

目標排名是產生假設的一個很好的工具。我們也開始將其與大型語言模型增強搜尋配對，該搜尋將通用 LLM 與我們專有的資料來源整合。這種增強的搜尋使我們的團隊能夠深入了解所選目標的生物學原理。

We have focused on the elimination of hallucinations that have been seen with other LLMs and include sources to provide additional background for our target analysts. In this example, we have asked the model, how does CDK7 promote cancer types?

我們專注於消除其他法學碩士中出現的幻覺，並包括為我們的目標分析師提供額外背景的資源。在這個例子中，我們問模型，CDK7如何促進癌症類型？

The first thing the tool does is identify the keywords or entities in the model. This is important because these words may have synonyms such as tumor instead of cancer that we will also want to include in our search. The model then performs a search of the entities and their synonyms and tabulates the results alongside the source material.

該工具要做的第一件事是識別模型中的關鍵字或實體。這很重要，因為這些詞可能具有同義詞，例如“腫瘤”而不是“癌症”，我們也希望將其包含在搜尋中。然後，該模型對實體及其同義詞進行搜索，並將結果與來源材料一起製成表格。

This generates a first answer to the question and generates follow-up verification statements and questions. These statements and questions then go through the search again. It is important because this additional search acts as a form of self-interrogation, suppressing hallucinations with additional source material.

這會產生問題的第一個答案並產生後續驗證語句和問題。然後對這些陳述和問題再次進行搜尋。這很重要，因為這種額外的搜尋充當了一種自我審問的形式，用額外的原始材料抑制幻覺。

Once the verification questions have been answered, the model then formulates a final consistent answer. It is important to note that the enhanced search is enabled for conversation. Follow-up questions can be asked based on previous queries, and our teams have already started to use this for the early interrogation of proposed targets.

一旦驗證問題得到解答，模型就會制定出最終一致的答案。需要注意的是，增強型搜尋是針對對話啟用的。可以根據先前的查詢提出後續問題，我們的團隊已經開始使用它來對建議目標進行早期詢問。

In mid-2023, we announced that we opened our automation facility. Prior to this, we had already started to bring experimentation capabilities in-house. Generating experimental data ourselves ensures its quality, and high-quality reproducible data is what drives our machine learning models.

2023 年中期，我們宣布開設自動化設施。在此之前，我們已經開始在內部引入實驗能力。我們自己產生實驗數據可以確保其質量，而高品質的可重複數據是我們機器學習模型的驅動力。

With 4,500 square feet of studio space, this facility has capabilities in compound management, automated chemical synthesis, automated biological screening, and in time, we expect that it will enable us to produce proteins and develop CDK7 assays.

該設施擁有 4,500 平方英尺的工作室空間，具有化合物管理、自動化化學合成、自動化生物篩選的能力，我們預計它將最終使我們能夠生產蛋白質並開發 CDK7 檢測方法。

The use of automation for chemical synthesis and experimentation creates the potential to further reduce cycle times and lowers the cost to generate high-quality experimental data. With the fidelity, sensitivity, and reproducibility that comes with automation, we are finding that we are able to develop assays that were not accessible to us just using a manual approach.

使用自動化進行化學合成和實驗可以進一步縮短週期時間並降低產生高品質實驗數據的成本。憑藉自動化帶來的保真度、靈敏度和重現性，我們發現我們能夠開發出僅使用手動方法無法實現的檢測方法。

We believe that we are the first company to have built an automation facility that has the potential to close the loop between AI-led drug design and experimentation. We have integrated software modules that cover AI-generated design, active learning, and AI-synthetic root design with our hardware. We also believe that we are the first company to develop software that can orchestrate synthesis and experimentation with the computational precision design of compounds, driving the integration of the virtual world with the real world.

我們相信，我們是第一家建立自動化設施的公司，該設施有潛力關閉人工智慧主導的藥物設計和實驗之間的循環。我們將涵蓋人工智慧生成設計、主動學習和人工智慧合成根設計的軟體模組與我們的硬體整合在一起。我們也相信，我們是第一家開發軟體的公司，該軟體可以透過化合物的運算精度設計來協調合成和實驗，從而推動虛擬世界與現實世界的融合。

The experimental hardware is combined with an engineering robotics platform that can physically move samples through the suite. We have developed our own bespoke software to enable this and integrated this with our lab informatics suite.

實驗硬體與工程機器人平台結合，可以在套件中物理移動樣品。我們開發了自己的客製化軟體來實現這一點，並將其與我們的實驗室資訊學套件整合。

The collection of data is deliberately performed in a format to better enable our machine learning models. These changes also mean behavioural changes in the way our scientists work. Our teams have always been data-led, and this approach further focuses the need for this. With less time required for optimising and executing experiments.

資料收集是有意以某種格式進行的，以便更好地支援我們的機器學習模型。這些變化也意味著我們科學家工作方式的行為改變。我們的團隊一直以數據為主導，這種方法進一步聚焦了對此的需求。優化和執行實驗所需的時間更少。

The teams can now be free to spend more of their time on strategic questions and setting the parameters of the experiments being run. The productivity gains from the virtual world are often limited by the reality of the physical world. The logistics and manual work required for the current approach to drug discovery can be a bottleneck.

現在，團隊可以將更多時間花在戰略問題上並設定正在運行的實驗的參數。虛擬世界的生產力提升往往受到實體世界現實的限制。目前藥物發現方法所需的後勤和手工工作可能是一個瓶頸。

The reason we have made this investment into an automation facility is that, while we strongly believe that the use of AI and other computational techniques have incredible value, this alone will not drive productivity through the limitations of the physical world. The maximal impact of AI is achieved when it's deployed in a continuous learning system.

我們對自動化設施進行投資的原因是，雖然我們堅信人工智慧和其他計算技術的使用具有令人難以置信的價值，但僅憑這一點並不能突破物理世界的限制來提高生產力。當人工智慧部署在持續學習系統中時，它的影響力才能發揮最大。

This will require the tight integration of AI-driven generative design with high performance make and test. The speed and quality of our loops is what will determine success. This means integrating learn within the design-make-test loop, and automation has the potential to enable this. We look forward to providing future updates on this platform.

這需要將人工智慧驅動的生成設計與高性能製造和測試緊密整合。循環的速度和品質將決定成功。這意味著將學習整合到設計-製造-測試循環中，而自動化有潛力實現這一點。我們期待在此平台上提供未來的更新。

In addition to these platform updates, we also wanted to provide some key updates from our pipeline and how these have the potential to shape the year ahead, starting with CDK7. Due to the dual targeting of cell cycle and transcriptional mechanisms, inhibiting CDK7 could be used for multiple tumor types.

除了這些平台更新之外，我們還希望提供我們管道中的一些關鍵更新，以及這些更新如何有可能影響未來的一年，從 CDK7 開始。由於細胞週期和轉錄機制的雙重靶向，抑制CDK7可用於多種腫瘤類型。

The majority of cancers are transcriptionally addicted, with scenic over expression, and the impact of cell cycle inhibitors has been demonstrated by CDK4/6 inhibition. The three major CDK4/6 inhibitors generated nearly $9 billion between them in 2022 alone.

大多數癌症都是轉錄成癮的，具有明顯的過度表達，細胞週期抑制劑的影響已透過 CDK4/6 抑制得到證實。光是 2022 年，三種主要 CDK4/6 抑制劑就創造了近 90 億美元的收入。

However, a significant portion of patients ultimately develop resistance. For 617, our CDK7 inhibitor, we are currently in the dose escalation phase of ELUCIDATE, an adaptive model-driven Phase 1/2 trial. Colorectal, head and neck, pancreatic, non-small cell lung, hormone receptor positive, HER2 negative breast carcinoma, and ovarian cancer are all included in ELUCIDATE.

然而，很大一部分患者最終會產生抗藥性。對於我們的 CDK7 抑制劑 617，我們目前正處於 ELUCIDATE 的劑量遞增階段，這是一項自適應模型驅動的 1/2 期試驗。大腸直腸癌、頭頸癌、胰臟癌、非小細胞肺癌、荷爾蒙受體陽性、HER2 陰性乳癌和卵巢癌均包含在 ELUCIDATE 中。

As you can see on this slide, there are an estimated 75,000 patients diagnosed with these tumor types in the US alone each year. Enrolment for the trial is progressing well, and we expect to move to the dose expansion phase of the trial in the second half of this year. This will be in monotherapy, and we expect to follow this up with combination dose escalation.

正如您在這張投影片上看到的，光是在美國每年就有估計有 75,000 名患者被診斷出患有這些腫瘤類型。該試驗的招募進展順利，我們預計將在今年下半年進入試驗的劑量擴展階段。這將是單一療法，我們預計後續將增加聯合劑量。

At the point of transition, we expect to be able to provide data on both the safety and pharmacokinetics of 617. We believe that many failures in the clinic can be predicted based on the suboptimal design of compounds. The table on this slide is color-coded to show how close a profiled compound is to an optimised target product profile.

在過渡階段，我們期望能夠提供 617 的安全性和藥物動力學數據。我們相信臨床上的許多失敗可以根據化合物的次優設計來預測。這張投影片上的表格採用顏色編碼，以顯示分析的化合物與最佳化的目標產品分析的接近程度。

Green represents no deviation from the product property's ideal range; orange, a minor deviation; and red, a major deviation. The first two color-coded columns are from two CDK7 inhibitors designed by other companies. On the right-hand side, we have 617. You can see that 617 was deliberately designed with a short half-life.

綠色代表沒有偏離產品性能的理想範圍；橙色，有輕微偏差；和紅色，一個重大偏差。前兩個顏色編碼柱來自其他公司設計的兩種 CDK7 抑制劑。右側是 617。可以看到617是故意設計的半衰期很短。

This, in combination with its non-covalent binding, enables better control of the duration of inhibition. This is important because extended exposure could lead to systemic toxicity. 617 was also designed with reduced efflux and transporter issues.

這與其非共價結合相結合，可以更好地控制抑制持續時間。這很重要，因為長期暴露可能會導致全身毒性。 617 的設計也減少了外排和轉運問題。

This is important because issues with transporters will likely contribute to variable absorption and gastrointestinal issues from compound accumulation in the GI tract. This is key because in this table, you can see that both of the compounds on the left appear to have transporter issues.

這很重要，因為轉運蛋白的問題可能會導致胃腸道中化合物累積的吸收變化和胃腸道問題。這是關鍵，因為在此表中，您可以看到左側的兩種化合物似乎都存在轉運蛋白問題。

In fact, the Phase 1/2 compound has reported some safety data with adverse events linked to the GI tract, such as diarrhea, nausea, and vomiting. These adverse events, in turn-- may put restrictions on dosing, meaning suboptimal dosing is used.

事實上，1/2 期化合物已經報告了一些與胃腸道相關的不良事件的安全性數據，例如腹瀉、噁心和嘔吐。這些不良事件反過來可能會限制劑量，這意味著使用了次優劑量。

With suboptimal dosing, the drug's full efficacy potential may not be achieved. This stresses the importance of both pharmacokinetic and safety data from our early CDK7 clinical trials. Many of you may remember from our last earnings call the mechanistic rationale for inhibiting LSD1 to treat both AML and small cell lung cancer.

如果劑量不理想，藥物可能無法發揮全部功效。這強調了我們早期 CDK7 臨床試驗的藥物動力學和安全性數據的重要性。你們中的許多人可能還記得我們上次財報電話會議中抑制 LSD1 治療 AML 和小細胞肺癌的機制原理。

At a high level, LSD1 promotes cell differentiation for these cancer types,-- and in turn, either slows the expansion of tumor cells or sensitizes them to cytotoxic agents. We have generated in vivo animal and ex vivo human data that demonstrates efficacy for 539, our highly differentiated LSD1 inhibitor.

在高水平上，LSD1 促進這些癌症類型的細胞分化，反過來，要么減緩腫瘤細胞的擴張，要么使它們對細胞毒性藥物敏感。我們已經產生了體內動物和離體人體數據，證明了我們高度差異化的 LSD1 抑制劑 539 的功效。

We now plan on entering into human studies in the second half of 2024 and are undertaking work to identify the optimal patient group to start with. Both small cell lung cancer and AML remain our focus indications for 539, and we are currently performing analysis to find the optimal study sequence.

我們現在計劃在 2024 年下半年進入人體研究，並正在努力確定最佳的患者群體。小細胞肺癌和 AML 仍然是我們 539 的重點適應症，我們目前正在進行分析以找到最佳的研究序列。

As with all our clinical programs to date, we continue to look to leverage model-informed drug development by incorporating this trial data into our ongoing simulations. This will allow us to assess the benefits and risks of the program to earlier informed decision making. We remain excited about our lead pipeline programs, 617 and 539.

與迄今為止我們所有的臨床項目一樣，我們繼續尋求透過將這些試驗數據納入我們正在進行的模擬中來利用模型知情的藥物開發。這將使我們能夠評估該計劃的好處和風險，以便儘早做出明智的決策。我們對我們的主要管道項目 617 和 539 仍然感到興奮。

We look forward to providing updates not just on these, but also 565, our MALT1 inhibitor, as well as the other discovery programs in our pipeline.

我們期待不僅提供這些產品的更新，還提供我們的 MALT1 抑制劑 565 以及我們管道中的其他發現項目的更新。

I'll now hand over to Ben Taylor, our CFO and Chief Strategy Officer, to walk us through our partnerships and financials.

現在我將請我們的財務長兼首席策略長 Ben Taylor 向我們介紹我們的合作夥伴關係和財務狀況。

Thank you, Dave. In 2023, we signed deals with Merck KGaA, and Sanofi that continue to move our partner pipeline forward. In addition to these new deals, we achieved our first discovery milestone with Sanofi, and BMY initiated a phase one clinical trial for our lead program in their partnership, a PKC-theta inhibitor called 4318.

謝謝你，戴夫。2023 年，我們與 Merck KGaA 和賽諾菲簽署了協議，繼續推動我們的合作夥伴管道向前發展。除了這些新交易之外，我們還與賽諾菲達成了第一個發現里程碑，BMY 在其合作夥伴關係中啟動了我們的主導計畫的一期臨床試驗，即一種名為4318 的PKC-theta抑制劑。

In total, we have received roughly $230 million from our three major partners, which has been used to expand both our pipeline value and platform capabilities. This number will continue to grow as we hit anticipated milestones over the coming months and years ahead.

我們總共從三大合作夥伴收到了約 2.3 億美元，用於擴大我們的管道價值和平台能力。隨著我們在未來幾個月和幾年內達到預期的里程碑，這個數字將繼續增長。

We intend to be active in business development during 2024. Exscientia's fundamental value proposition is efficiently creating drugs that have a greater probability of success than would be possible using traditional methods.

我們打算在 2024 年積極開展業務發展。Exscientia 的基本價值主張是有效地創造比使用傳統方法更有可能成功的藥物。

That gives us broad flexibility in the types of business development that we can pursue. Our recently announced deal with Sanofi moved one of our internal discovery programs into the Sanofi collaboration with enhanced economics. Even prior to starting clinical development, we have potential payments on that program of $45 million, followed by over $300 million in milestones, and high single to mid-double digit royalties.

這為我們可以追求的業務發展類型提供了廣泛的靈活性。我們最近宣布與賽諾菲達成的協議將我們的一項內部發現計劃轉移到賽諾菲合作中，從而增強了經濟效益。甚至在開始臨床開發之前，我們就已經為該計畫支付了 4500 萬美元的潛在付款，隨後是超過 3 億美元的里程碑費用，以及高個位數到中兩位數的特許權使用費。

We were able to drive this level of economics despite the program's early stage because we were able to show how our technology platform may have solved a major limitation for an existing class of drugs. This is a good example of how an investment into proof of principle can translate into a major economic gain.

儘管該項目處於早期階段，但我們仍能夠推動這種經濟水平，因為我們能夠展示我們的技術平台如何解決現有類別藥物的主要限制。這是一個很好的例子，說明對原則證明的投資如何轉化為重大的經濟利益。

In the end, our business development is not formulaic. Rather, it is focused on driving the return on investment from the areas where our platform can have the most impact.

最後，我們的業務發展並不是公式化的。相反，它的重點是從我們的平台可以產生最大影響的領域提高投資回報。

Now I'll take a minute to close with highlights from our financial results. Full results are detailed in our press release in Form 20-F. I'll review the results in USD using the December 29, 2023, constant currency exchange rate of $1.27.

現在，我將花一點時間介紹我們的財務表現亮點。完整結果詳見我們的新聞稿表格 20-F。我將使用 2023 年 12 月 29 日 1.27 美元的恆定貨幣匯率查看美元結果。

We ended the year with $463 million in cash, equivalents, and fixed-term deposits. Over the course of 2023, we saved over $60 million versus our original budget by substantial gains in operational efficiency and prioritizing the programs with the greatest potential opportunity.

截至年底，我們的現金、等價物和定期存款為 4.63 億美元。2023 年，我們透過大幅提高營運效率並優先考慮具有最大潛在機會的項目，比原來的預算節省了超過 6000 萬美元。

This has put us in a strong financial position with a cash runway including anticipated milestones well into 2026. This allows us to further advance our differentiated clinical programs, deliver on our partnerships, and expand and integrate our technological capabilities.

這使我們擁有強大的財務狀況和現金跑道，包括 2026 年的預期里程碑。這使我們能夠進一步推進我們的差異化臨床項目，實現我們的合作夥伴關係，並擴展和整合我們的技術能力。

Our full-year net operating cash burn was $150 million. While we are not providing specific guidance, we expect operating cash burn to be less in 2024 than it was in 2023.

我們全年淨營運現金消耗為 1.5 億美元。雖然我們沒有提供具體指導，但我們預計 2024 年的營運現金消耗將少於 2023 年。

With that, I will turn the call back to Dave.

這樣，我會將電話轉回給戴夫。

Thank you, Ben. Let me summarize 2023 as a year of steady progress, more rigorous pipeline focus, and critically expanded technology capabilities. We expect that our focused internal pipeline may eventually lead to drug candidates of high value and differentiation with a high probability of success that make a great difference to patients, our investors, partners, and also to our employees.

謝謝你，本。讓我將 2023 年總結為穩步進步、更嚴格的產品線重點以及大幅擴展技術能力的一年。我們預計，我們重點關注的內部管道最終可能會帶來高價值和差異化的候選藥物，並且成功的可能性很高，這對患者、我們的投資者、合作夥伴以及我們的員工產生巨大的影響。

Aside from the opening of our new automation facility, enabling the even faster and more efficient internal synthesizing and testing of new AI design molecules, in 2023, we also steadily progressed new and existing programs with our large pharma partners.

2023 年，除了啟用新的自動化設施，實現新的 AI 設計分子更快、更有效率的內部合成和測試外，我們還與大型製藥合作夥伴一起穩步推進新專案和現有專案。

In 2024, we will continue to advance our internal programs through clinical development. In addition, we look forward to progressing our partner programs to meet agreed deliverables while striking new partnerships and expanding our technological capabilities to cement our leadership in AI-powered drug design, discovery, and development.

2024 年，我們將繼續透過臨床開發來推進我們的內部專案。此外，我們期待推進我們的合作夥伴計劃，以實現商定的交付成果，同時建立新的合作夥伴關係並擴大我們的技術能力，以鞏固我們在人工智慧驅動的藥物設計、發現和開發方面的領導地位。

With that, we'll open up the call for questions and answers.

至此，我們將開始提問與解答。

Thank you. (Operator Instructions) We'll go to our first question from Alex Stranahan at Bank of America.

謝謝。（操作員說明）我們將回答美國銀行 Alex Stranahan 提出的第一個問題。

Hey, guys. Thanks for taking our questions. Just a couple from us, actually just on the automation capabilities that have come online. I'm trying to put-- maybe a better earmark around the dollar value that we could see this realized in the near term or medium term.

大家好。感謝您回答我們的問題。只有我們幾個人，實際上只是關於已經上線的自動化功能。我正在嘗試對美元價值進行更好的指定，我們可以看到這一點在短期或中期實現。

You know, I guess, how do you see the facility playing out from a business perspective? Does it have a benefit to COGS or G&A in the immediate impact, or is that maybe longer term? And how about time from discovery to bringing new assets to the pipeline and clinic?

我想，從商業角度來看，您如何看待設施的運作？它對銷貨成本或一般管理費用是否有直接影響，或可能是長期影響？從發現到將新資產引入管道和診所的時間怎麼樣？

And then maybe as a follow-up, how do your current partners view these capabilities? And could this be a good selling point for you to leverage in future partnership conversations?

然後也許作為後續行動，您目前的合作夥伴如何看待這些功能？這是否可以成為您在未來合作夥伴對話中利用的一個很好的賣點？

Thanks.

謝謝。

That's a fantastic set of questions. You can probably tell we're collectively really excited about-- this automation platform and bringing it online. So, we opened the facility back in the summer of '23 and started running biological assays during the second half of last year. We're already demonstrating the operational impact.

這是一組很棒的問題。您可能可以看出我們對這個自動化平台並將其上線感到非常興奮。因此，我們在 23 年夏天開設了該設施，並在去年下半年開始進行生物測定。我們已經展示了營運影響。

So we expect to see kind of savings in--many aspects. So, the onshoring of work that we would kind of typically for the last few years been taking up to contract research organisations. We are bringing chemistry online literally as we speak. And again, we'd expect to see an impact there in terms of-- because that's one aspect that we've always outsourced.

因此，我們期望在許多方面看到節省。因此，過去幾年我們通常將工作外包給合約研究組織。正如我們所說，我們正在將化學帶到網路上。再說一次，我們預計會在這方面看到影響力——因為這是我們一直外包的一方面。

Biological experimentation has been something we've been kind of growing kind of steadily over the last four years, but chemistry has always been something we've singularly outsourced. We've already started multiple programs on the platform, both internal and with partners. So, our partners are already starting to see the benefits of our investment into automation.

過去四年來，我們一直在穩步發展生物實驗，但化學實驗一直是我們單獨外包的領域。我們已經在該平台上啟動了多個項目，包括內部項目和合作夥伴項目。因此，我們的合作夥伴已經開始看到我們投資自動化的好處。

I think it's important to remember that it's not just cost that is clearly important, but it's about data quality and data quality for machine learning. And as I think we tried to point out in the slides, it's because we're an organization that fundamentally thinks that drug discovery is a learning problem, is that the speed of learning is really important to us.

我認為重要的是要記住，顯然重要的不僅僅是成本，還涉及資料品質和機器學習的資料品質。正如我認為我們試圖在幻燈片中指出的那樣，這是因為我們是一個根本上認為藥物發現是一個學習問題的組織，學習的速度對我們來說非常重要。

And so is that we expect to see a kind of an acceleration, both in the rate at which we learn that in turn should have a knock-on effect in terms of maintaining quality in design, actually accelerating the speed with which we can bring high quality candidates forward.

因此，我們期望看到一種加速，無論是在我們了解到的速度上，反過來應該在保持設計品質方面產生連鎖反應，實際上加快了我們可以帶來高水平的速度。優質候選人前進。

(inaudible) Ben wants to add any additional color to that.

（聽不清楚）本想為此添加任何額外的色彩。

Yeah, sure. And we're not providing specific guidance on how much of a financial impact that it could have, but I'll say it could be pretty substantial. And we expect the payback period just from a cost perspective alone just to be in a handful of years, not this isn't something that needs to run for a decade to pay itself back.

好，當然。我們沒有就其可能產生的財務影響有多大提供具體指導，但我想說這可能是相當大的。僅從成本角度來看，我們預計投資回收期只需幾年，而不是需要運行十年才能收回成本。

So that can give you a sense of some of the cost savings. I'd say the other part to it is on the time savings. This will be in some ways as dramatic of a step as we took with the early AI design work and being able to cut out a massive part of the time requirements for it. So, I think what we look at is saying, what can we take down from months to being weeks or short periods of time.

這樣您就可以感受到一些成本的節省。我想說的另一部分是節省時間。從某些方面來說，這將是我們在早期人工智慧設計工作中所採取的戲劇性的一步，並且能夠削減它的大部分時間要求。因此，我認為我們所關注的是，我們可以將哪些時間從幾個月縮短為幾週或較短的時間。

And how quickly can we learn to Dave's point. Because if we can get faster learning cycles, we can actually ask more questions and learn more quickly. So, you actually do get to a better result, not just that efficiency.

我們能多快了解戴夫的觀點。因為如果我們能夠獲得更快的學習週期，我們實際上可以提出更多問題並更快地學習。所以，你實際上確實得到了更好的結果，而不僅僅是效率。

Great. Thanks guys. Congrats on the progress.

偉大的。多謝你們。祝賀取得的進展。

We'll move next to Chris Shibutani at Goldman Sachs.

我們將接任高盛的克里斯涉谷 (Chris Shibutani)。

Hi, good morning. Thank you so much for taking our question. This is Karishma on for Chris. So, we were wondering in regard to the Sanofi collaboration, if you had any color or guidance on the cadence of milestones expected in the year ahead. Thank you.

早安.非常感謝您提出我們的問題。這是克里斯瑪的卡里什瑪。因此，我們想知道關於與賽諾菲的合作，您對未來一年預期里程碑的節奏是否有任何意見或指導。謝謝。

So thank you and thanks for that question and hi. So, we're very excited about the kind of progress we've been able to make within the Sanofi collaboration. We achieved the first milestone kind of late in 2023 and then added a program that was Exscientia originated into that collaboration with enhanced economics around that particular project. So I think that speaks to the kind of progress and the depth we have there.

謝謝你提出這個問題，你好。因此，我們對與賽諾菲的合作所取得的進展感到非常興奮。我們在 2023 年末實現了第一個里程碑，然後添加了一個由 Exscientia 發起的項目，該項目是圍繞該特定項目與增強的經濟效益進行的合作。所以我認為這說明了我們所取得的進展和深度。

Well, I won't give specific guidance in terms of kind of actual numbers is that we're expecting that the milestones to kind of ramp up over the next kind of 18 to 36 months at a higher kind of cadence than obviously and that's been so far given that the first two years really are about actually preparing the ground, identifying targets and progressing them on into early development.

好吧，我不會就實際數字給出具體指導，因為我們預計里程碑會在接下來的 18 到 36 個月內以比明顯更高的節奏增加，這已經是到目前為止，頭兩年實際上是為奠定基礎、確定目標並將其推進到早期開發階段。

Thank you so much.

太感謝了。

We'll move next to Peter Lawson at Barclays.

我們將搬到巴克萊銀行的彼得勞森旁邊。

Great, thanks so much. Thanks for the update. Just a couple of questions around data disclosures for your CDK7 kind of when should we expect to see clinical data and for the dose escalation side of things where we, what should we be focused on? And then I've got a question around 539.

太好了，非常感謝。感謝更新。關於 CDK7 數據揭露的幾個問題，我們什麼時候應該看到臨床數據，以及劑量遞增方面，我們應該關注什麼？然後我有一個關於539的問題。

Yeah, it's Mike speaking. So, the CDK7 program is currently in its monotherapy dose escalation phase. It's a continuous reassessment method and will initially establish a maximum tolerated dose at which point we will move into a monotherapy dose expansion.

是的，是麥克說話。因此，CDK7 計畫目前處於單一療法劑量遞增階段。這是一種持續的重新評估方法，最初將建立最大耐受劑量，此時我們將進入單一療法劑量擴展。

It is at that time point that we will particularly look at efficacy data. That will be an evolving picture and within this year we will look but not expect conclusive readouts on efficacy for CDK7. (multiple speakers)

正是在這個時間點，我們將特別關注功效數據。這將是一個不斷發展的局面，今年我們將專注於 CDK7 的功效，但不會得出結論性的結果。（多個發言者）

Will we get to see the efficacy data in the second half?

下半年能看到療效數據嗎？

So I believe that we will-- have the accumulating data being assessed, but that there will be not sufficient data to make a concrete statement about efficacy in '24.

因此，我相信我們將會對累積的數據進行評估，但沒有足夠的數據來對 24 年的功效做出具體的陳述。

Yeah. And hey Peter, this is--

是的。嘿彼得，這是——

Is there a plan to kind of present data?

是否有計劃呈現數據？

Yeah, Peter. Hey, I'll just jump in on there really quick. So, you definitely will get PK/PD safety data as you would expect from a Phase 1 trial. And there may be efficacy signals that we could talk about. But if you think about the time period it wouldn't have been at an effective dose long enough to have durable responses that we'd really want to be able to talk about for efficacy anyways.

是的，彼得。嘿，我很快就會跳進去。因此，您肯定會獲得 PK/PD 安全數據，正如您從第一階段試驗中所期望的那樣。也許有一些我們可以討論的功效訊號。但如果你考慮時間段，有效劑量的時間還不夠長，不足以產生持久的反應，而我們確實希望能夠談論療效。

So I wouldn't expect durable efficacy data in the second half of this year, especially because of how dose escalation works. But I do want to emphasize as well, remember that the goal on CDK7 is really a design goal here.

因此，我預計今年下半年不會出現持久的療效數據，特別是考慮到劑量遞增的運作方式。但我也想強調，請記住 CDK7 的目標實際上是這裡的設計目標。

This is a mechanism where we've seen CDK4/6 work really well. CDK7 could potentially build off of that, but it's managing that therapeutic window. And so that was where a lot of our design work and our platform differentiation come from. So, you will actually get to see that out of the Phase 1 data because you'd be able to see that in the PK/PD safety data.

我們已經看到 CDK4/6 在這種機制中運作得非常好。CDK7 可能會以此為基礎，但它正在管理這個治療窗口。這就是我們的許多設計工作和平台差異化的來源。因此，您實際上可以從第一階段資料中看到這一點，因為您可以在 PK/PD 安全資料中看到這一點。

Perfect, thank you so much. Really helpful. And then on 539, your LSD1 inhibitor, where are you for the IND/ CTA?

完美，非常感謝。真的很有幫助。然後關於 539，你的 LSD1 抑制劑，你的 IND/CTA 在哪裡？

So we're currently preparing an IND for a first inpatient study. We're interested in AML, but also small cell lung cancer and finalizing the cadence of exploration of these indications in conjunction with key opinion leaders but also in discussions with health authorities.

因此，我們目前正在為第一項住院研究準備 IND。我們對 AML 和小細胞肺癌感興趣，並與關鍵意見領袖一起最終確定探索這些適應症的節奏，同時也與衛生當局進行討論。

Got it. When do you think IND or CTA would be filed?

知道了。您認為 IND 或 CTA 何時會提交？

We are aiming for early third quarter 2024 and are also aiming to have first patient dosed before the end of this year.

我們的目標是在 2024 年第三季初完成，並計劃在今年年底前對第一位患者進行給藥。

Thank you so much. Really appreciate it.

太感謝了。真的很感激。

Our next question comes from Vikram Purohit at Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Vikram Purohit。

Hi, good morning. Thanks for taking our question. So, we have two. One following up on 539. Your release mentions that the EXCYTE-2 study that you initiated earlier this year could be used to help progress that program. I was wondering if you could just speak a bit more about specifically how EXCYTE-2 could be woven into the development for that molecule.

早安.感謝您提出我們的問題。所以，我們有兩個。539 的後續行動之一。你們的新聞稿提到，你們今年稍早啟動的 EXCYTE-2 研究可用於幫助推進該計畫。我想知道您是否可以具體談談如何將 EXCYTE-2 融入該分子的開發中。

And then secondly, on your appetite for partnerships broadly, what do you think a partnership could look like either for biopharma or for the tech space in the coming years? What do you think would be interesting for Exscientia to form a partnership around in either or both of those spaces?

其次，就您對廣泛合作關係的興趣而言，您認為未來幾年生物製藥或科技領域的合作關係會是什麼樣子？您認為 Exs​​cientia 在這兩個領域中的一個或兩個領域建立合作夥伴關係對哪些方面感興趣？

Thank you.

謝謝。

So I will start working on the question regarding the EXCYTE-2 studies. Whereas EXCYTE-1 initially just looked at hematological tumors and we have now EXCYTE-1 also looking into solid tumors and EXCYTE-2 looking at hematological tumors.

因此，我將開始研究有關 EXCYTE-2 研究的問題。EXCYTE-1 最初只研究血液腫瘤，現在 EXCYTE-1 也研究實體腫瘤，EXCYTE-2 則研究血液腫瘤。

And we are building out our ability to look at data from the tumor samples to see to what degree in these observational studies they can predict outcome and we'll use this in later stages of the program to further establish which combination therapies to explore. Regarding the partnership question.

我們正在建立查看腫瘤樣本數據的能力，以了解在這些觀察性研究中它們可以在多大程度上預測結果，我們將在該計劃的後期階段使用它來進一步確定要探索的聯合療法。關於合作夥伴問題。

Yeah, I can take that one. So, we absolutely have appetite for more partnerships. And I think you'll see us continue to be very active on the BD. I think one of the things that's been really helpful for us is as our pipeline has advanced and we've started to see some of our own internal programs come up, it actually gives us more flexibility on what we do.

是的，我可以接受那個。因此，我們絕對有興趣建立更多的合作關係。我想您會看到我們在 BD 上繼續非常活躍。我認為對我們真正有幫助的事情之一是，隨著我們的管道不斷進步，並且我們開始看到我們自己的一些內部計劃出現，它實際上為我們的工作提供了更大的靈活性。

With some of those programs like what you saw with Sanofi towards the end of last year. Where we took it to a point where we could validate that we were doing differentiated work, and we could get enhanced value for that. And so, we went in for a partnership of that.

其中一些項目就像您去年年底在賽諾菲看到的那樣。我們將其發展到可以驗證我們正在做差異化工作的地步，並且我們可以為此獲得更高的價值。因此，我們建立了合作夥伴關係。

It wasn't the same type of partnership that we had done historically where it was literally starting with a target and then progressing on. It was us taking it forward a little further and the economics on that are terrific as a result of it. So, I think there's part of it where we're looking at our pipeline, we're looking at our capabilities and saying, where can we enhance even beyond the value that we've had historically and build off of that.

這與我們歷史上進行的合作類型不同，後者實際上是從一個目標開始，然後不斷前進。我們把它向前推進了一點，因此帶來的經濟效益非常好。因此，我認為其中一部分是我們正在審視我們的管道，我們正在審視我們的能力，並說，我們可以在哪裡增強甚至超越我們歷史上擁有的價值，並以此為基礎。

So I think that's a core focus for us. And you brought up the tech side, It's actually interesting. We've got great dialogue with a lot of the big tech names. We're doing sort of the high end of what they'd like to see the entire industry doing. And so, there's a lot of great collaboration around that.

所以我認為這是我們的核心焦點。你提到了技術方面，這實際上很有趣。我們與許多科技巨頭進行了良好的對話。我們正在做他們希望看到整個行業所做的高端事情。因此，圍繞這一點有很多很棒的合作。

But it's also interesting because we're not a big data screening company, right? And there's absolutely nothing wrong with a big data screening company. It's just something very different from what we do. We ask very precise questions, and we generate proprietary data that is informed to solve those very precise questions.

但這也很有趣，因為我們不是一家大數據篩選公司，對吧？而大數據篩選公司絕對沒有問題。這與我們所做的非常不同。我們提出非常精確的問題，並產生專有數據來解決這些非常精確的問題。

And so our actual compute needs, while they are high end, they are not as big as a big data company would need. And so, it's a different type of partnership than a lot of people are looking for. We are not in search of a question.

因此，我們的實際運算需求雖然是高端的，但並不像大數據公司所需的那麼大。因此，這是一種與許多人所尋求的不同類型的合作夥伴關係。我們不是在尋找問題。

We actually know what the questions are that we go into a project with, and we are on a learning curve to how to solve that. And so, we use a lot of different types of AI. We use a lot of different types of technology. And oftentimes they are sort of the cutting edge of where things are going. So there's a lot of ties to the tech community, but it's not --maybe the same sort of thing that you've seen out there with other companies.

我們實際上知道我們進入專案時會遇到什麼問題，並且我們正處於如何解決這些問題的學習曲線上。因此，我們使用了很多不同類型的人工智慧。我們使用許多不同類型的技術。通常，他們是事物發展的最前線。因此，與技術社群有很多聯繫，但這可能不是您在其他公司看到的那種聯繫。

I understood, thank you.

我明白了，謝謝。

And there are no further questions at this time. I would like to turn the conference over today for closing remarks.

目前沒有其他問題。我想今天結束會議並發表閉幕詞。

Thank you, operator. And thank you to everyone on the call today for your continued support of Excientia. We remain committed to our mission to fundamentally change how the world designs and develop drugs. The design platform we have been using and evolving for over a decade now, the investments we have been making into automation and the fantastic group of people we have brought together positions as well to achieve this.

謝謝你，接線生。感謝今天參加電話會議的所有人對 Excientia 的持續支持。我們仍然致力於從根本上改變世界設計和開發藥物的方式的使命。我們十多年來一直在使用和發展的設計平台，我們對自動化的投資以及我們為實現這一目標而聚集的優秀人才團隊。

We are all really excited about 2024 and the milestones ahead of us.

我們對 2024 年和眼前的里程碑感到非常興奮。

Operator, you may now disconnect.

接線員，您現在可以斷開連接了。

Thank you. And this concludes today's call. Thank you.

謝謝。今天的電話會議到此結束。謝謝。