iBio Inc (IBIO) 2022 Q4 法說會逐字稿

Thank you for standing by and welcome to the iBio Fiscal Year 2022 Results Conference Call.

感謝您的支持，歡迎參加 iBio 2022 財政年度業績電話會議。

At this time, all participants are in a listen-only mode. After the speakers' presentation, a question and answer session (inaudible). To ask a question at that time, please press star-one-one on your touchtone telephone.

此時，所有參與者都處於只聽模式。 演講者演講結束後，進行問答環節（聽不清楚）。 如果當時要提問，請按按鍵電話上的星號 1-1 鍵。

As a reminder, today's conference call is being recorded.

提醒一下，今天的電話會議正在錄音。

I will now turn the conference to your host, Mr. Stephen Kilmer with Investor Relations. Please go ahead.

現在我將會議主持人、投資者關係部的 Stephen Kilmer 先生轉交給您。 請繼續。

Thank you. Good afternoon, everyone. Before we begin, I would like to remind you that during this call, the company will be making forward-looking statements regarding our current expectations and projections about future events that are subject to risks and uncertainties. Refence to these risks and uncertainties are made in today's press release, and the close and details in the company's periodic and current filings with the U.S. Securities and Exchange Commission.

謝謝。 大家下午好。 在我們開始之前，我想提醒您，在本次電話會議中，公司將就我們當前的預期以及對未來事件的預測做出前瞻性陳述，這些預期和預測可能會受到風險和不確定性的影響。 今天的新聞稿以及公司向美國證券交易委員會提交的定期和當前文件中的收盤價和詳細資訊中提到了這些風險和不確定性。

No forward-looking statements can be guaranteed, and actual results may differ from the results discussed in the forward-looking statements. The information in this conference call is provided only as of today, and we undertake no obligations to update any forward-looking statements made on this call on the account of new information, future events, or otherwise, except as required by law.

我們不能保證任何前瞻性陳述，實際結果可能與前瞻性陳述中討論的結果不同。 本次電話會議中提供的資訊僅截至今日，除非法律另有規定，否則我們不承擔根據新資訊、未來事件或其他情況更新本次電話會議中做出的任何前瞻性陳述的義務。

On the call today representing the company are Mr. Tom Isett, iBio's Chairman and Chief Executive Officer; Martin Brenner; iBio's Chief Scientific Officer; and Rob Lutz, the company's Chief Financial and Business Officer.

今天參加電話會議的代表公司有 iBio 董事長兼執行長 Tom Isett 先生；馬丁·布倫納iBio 的首席科學官；以及該公司財務與業務長 Rob Lutz。

With that said, I'll now turn the call over to Tom.

說完這些，我現在將電話轉給湯姆。

Thanks, Steve. Hello everyone, and thanks for joining us. Today, I'd like to focus on our recent acquisition of RubrYc, and the potential resulting opportunities ahead for iBio. I'll then turn the call over to Martin to provide a pipeline update and additional color on the RubrYc acquisition, followed by Rob's financial update.

謝謝，史蒂夫。 大家好，感謝大家的加入。 今天，我想重點介紹我們最近對 RubrYc 的收購，以及由此為 iBio 帶來的潛在機會。 然後，我會將電話轉給馬丁，讓他提供有關 RubrYc 收購的管道更新和更多細節，然後是 Rob 的財務更新。

We believe the RubrYc transaction we announced last week is transformative for iBio. Proudly speaking, this acquisition will enable us to accelerate our mission to bring more immunotherapies to the clinic faster.

我們相信，我們上週宣布的 RubrYc 交易將對 iBio 產生變革性影響。 自豪地說，這項收購將使我們能夠加速我們的使命，更快地將更多的免疫療法推向臨床。

Specifically, we've added a proprietary computational biology platform that has a demonstrated ability to more precisely identify molecules that have the potential to address hard to treat cancers and other diseases.

具體來說，我們增加了一個專有的計算生物學平台，該平台已被證明能夠更精確地識別有可能解決難以治療的癌症和其他疾病的分子。

The RubrYc acquisition includes several components. The first is RubrYc's drug discovery platform, which incorporates machine learning tools, or artificial intelligence at its core. This is a patented system that uses AI to identify, design, and create 3D models with unique binding sites or epitopes that may exist on cancer-immune cells. We can then use these unique models to facilitate the discovery of antibody drug candidates for epitopes that have proven challenging for standard screening and development type fix [ph].

RubrYc 的收購包括幾個部分。 第一個是 RubrYc 的藥物發現平台，它以機器學習工具或人工智慧為核心。 這是一個專利系統，使用人工智慧來識別、設計和創建可能存在於癌症免疫細胞上的具有獨特結合位點或表位的 3D 模型。 然後，我們可以使用這些獨特的模型來促進發現針對已被證明對標準篩選和開發類型修復具有挑戰性的表位的抗體藥物候選物 [ph]。

The second element of the acquisition are all rights to the two candidates we previously licensed from RubrYc. That includes IBIO-101, an IL-2 sparing anti-CD25 antibody for depletion of regulatory T cells. As one of the few companies with such a molecule in development, and the data we published to date, we're excited for the potential of IBIO-101 as both a monotherapy, as well as in combination with checkpoint inhibitors.

此次收購的第二個要素是我們先前從 RubrYc 獲得許可的兩位候選人的所有權利。 其中包括 IBIO-101，一種用於消耗調節性 T 細胞的 IL-2 抑制抗 CD25 抗體。 作為少數幾家正在開發此類分子的公司之一，根據我們迄今為止發布的數據，我們對 IBIO-101 作為單一療法以及與檢查點抑制劑聯合使用的潛力感到非常興奮。

The other previously licensed candidate from RubrYc is what we refer to as Target 6. Target 6 was discovered in model [ph] as part of our joint development agreement with RubrYc. It was identified late last year using the Discovery Engine, and has advanced quickly through the early development stages relative to traditional approaches.

我們稱 RubrYc 為 Target 6，它是在模型 [ph] 中發現的，是我們與 RubrYc 達成聯合開發協議的一部分。 它是在去年年底透過發現引擎識別出來的，並且相對於傳統方法而言，它在早期開發階段取得了快速進展。

The final element of the transaction is the acquisition of four new pipeline assets. These include three promising immunooncology candidates, plus a partnership ready PD1 agonist designed for autoimmune diseases.

此次交易的最後一個要素是收購四條新的管道資產。 其中包括三種有前景的免疫腫瘤學候選藥物，以及一種專為自體免疫疾病而設計的、已準備好合作的 PD1 激動劑。

In exchange for these assets, we made an upfront payment to RubrYc of approximately $1 million in iBio common stock. Over the next five years, RubrYc will be eligible to receive from iBio up to $5 million in development milestones to be paid in common stock for cash at iBio's sole discretion.

作為這些資產的交換，我們向 RubrYc 預付了約 100 萬美元的 iBio 普通股。 在未來五年內，RubrYc 將有資格從 iBio 獲得高達 500 萬美元的開發里程碑金，該金額將由 iBio 自行決定以普通股形式支付。

I'd like to note that the RubrYc purchase agreement terminates and supersedes the previous agreements between the two companies. That change eliminates all of iBio's obligations for development milestones fees, and royalties associated with both current and future license candidate.

我想指出的是，RubrYc 購買協議終止並取代了兩家公司之間的先前協議。 這項變更消除了 iBio 對目前和未來許可候選人的所有開發里程碑費用和特許權使用費的義務。

Carrying RubrYc's AI drug discovery engine with our existing platforms creates a biotech company with its own end to end discovery capabilities, and an expanded pipeline of the immunotherapy candidates. We see this as an attractive opportunity to accelerate iBio's transformation into an immunooncology-focused discovery and development company with potential synergies with our existing FastPharming and Glycaneering platforms.

將 RubrYc 的 AI 藥物發現引擎與我們現有的平台結合起來，創建一家擁有自己的端到端發現能力的生物技術公司，並擴大免疫療法候選藥物的管道。 我們認為這是一個極具吸引力的機會，可以加速 iBio 轉型為專注於免疫腫瘤學的發現和開發公司，並與我們現有的 FastPharming 和 Glycaneering 平台產生潛在的協同效應。

Given the significant and attractive opportunities in the immunotherapy space, we have started evaluating multiple options to extend our cash runway, past our previous guidance of September 30, 2023.

鑑於免疫療法領域存在重大且誘人的機會，我們已經開始評估多種選擇，以延長我們的現金流，超過我們先前確定的 2023 年 9 月 30 日的預期。

The options we are considering include asset sales, partnerships, cost reductions, and portfolio decisions. Those may include actions such as our decision recently to discontinue IBIO-202 clinical trials planning while evaluating partnership options for the nucleocapsid antigen.

我們正在考慮的選項包括資產出售、合作夥伴關係、削減成本和投資組合決策。 這些可能包括我們最近決定停止 IBIO-202 臨床試驗計劃，同時評估核衣殼抗原的合作選擇等行動。

We're reviewing multiple non-dilutive ways to raise additional capital in addition to dilutive financing if necessary. I think it's prudent to point out that while we are confident we will be successful in extending a runway, there's no guarantee of that.

除了稀釋性融資外，我們還在審查多種非稀釋性方式來籌集額外資本（如有必要）。 我認為需要謹慎地指出的是，雖然我們有信心成功延長跑道，但這並不能保證。

Now, I'd like to turn the call over to our Chief Scientific Officer, Martin Brenner, who will provide us with more detailed information on the RubrYc transaction, as well as an update on our pipeline drug candidates and IBIO-202. Martin?

現在，我想將電話轉給我們的首席科學官馬丁·布倫納 (Martin Brenner)，他將向我們提供有關 RubrYc 交易的更多詳細信息，以及有關我們的候選藥物和 IBIO-202 的最新信息。 馬丁？

Thank you, Tom. Today, I'm excited to share specific details about RubrYc's AI-driven Discovery Engine iBio acquired last week. I will also provide an update on our lead pipeline program, IBIO-101, and our COVID-19 vaccine candidate, IBIO-202.

謝謝你，湯姆。 今天，我很高興與大家分享 RubrYc 上週收購的 AI 驅動發現引擎 iBio 的具體細節。 我還將提供有關我們的主要管道項目 IBIO-101 和 COVID-19 候選疫苗 IBIO-202 的最新資訊。

We believe the acquisition of RubrYc's AI powered Discovery Platform significantly expands iBio's ability to identify and develop monoclonal antibody drugs against drug targets that is either un-druggable or pose daunting challenge for traditional monoclonal antibody platforms. Therefore, this makes - marks a significant step toward iBio achieving its strategic intent to become a drug discovery and development focused biotechnology company.

我們相信，收購 RubrYc 的人工智慧發現平台將大大擴展 iBio 識別和開發針對藥物靶點的單株抗體藥物的能力，這些目標要么無法用藥，要么對傳統單株抗體平台構成艱鉅挑戰。 因此，這標誌著 iBio 朝著實現其成為專注於藥物發現和開發的生物技術公司的策略目標邁出了重要一步。

The AI Discovery Platform it built on a foundation of three modules that seamlessly integrate to solve the challenges of finding medicines against hard to drug targets.

人工智慧發現平台建立在三個模組的基礎上，這些模組無縫集成，解決了針對難以找到的藥物靶點的藥物挑戰。

First, the technology combines computational biology and 3D modeling to identify and optimize stable, artificial epitopes. Epitopes are small but important regions of targeted proteins. These artificial epitopes mimic the exact shape and form of natural human epitopes. By selectively targeting those human epitopes, the most specific antibodies can be identified which are usually lost or easily overlooked when the entire target protein is being used.

首先，該技術結合計算生物學和 3D 建模來識別和優化穩定的人工表位。 表位是目標蛋白質中雖小但很重要的區域。 這些人工表位模仿了天然人類表位的精確形狀和形式。 透過選擇性地針對這些人類表位，可以辨識出最特異的抗體，而這些抗體在使用整個目標蛋白時通常會流失或容易被忽略。

Then, the epitopes can be used in two ways to identify antibodies. One is by immunizing animals, which then produce antibodies against them. The other way is much faster and more efficient. It uses RubrYc's proprietary antibody library called RubrYc Shu [ph]. RubrYc Shu [ph] is a broadly diverse fully human antibody library that has employed machine learning algorithms to eliminate sequence liabilities.

然後，可以透過兩種方式使用抗原決定基來識別抗體。 一種方法是給動物免疫，使其產生針對它們的抗體。 另一種方法更快、更有效。 它使用了 RubrYc 的專有抗體庫，稱為 RubrYc Shu [ph]。 RubrYc Shu [ph] 是一個廣泛多樣化的完全人類抗體庫，它採用機器學習演算法來消除序列負債。

This means that molecules from this library inherently the high grade of developed ability which should save a significant amount of time in the costly lead optimization stage.

這意味著來自該庫的分子本質上具有高級別的開發能力，這將在昂貴的先導優化階段節省大量時間。

Finally, lead molecules are rapidly optimized using Stable Shu [ph], an AI-enabled antibody optimization tool. The typical brute force approach to improve a lead molecule is to individually exchange many of the antibodies' building blocks to generate a multitude of molecules for characterization, which is expensive and time consuming. Because stable shu [ph] is designed to be able to predict which specific building blocks are the molecules should be exchanged to improve a lead candidate's potency, efficacy, and manufacturability, the lead optimization phase is streamlined, which should save both time and cost.

最後，使用支援人工智慧的抗體優化工具 Stable Shu [ph] 對先導分子進行快速優化。 改進先導分子的典型強力方法是單獨交換許多抗體的構建塊以產生大量分子進行表徵，這既昂貴又耗時。 由於穩定的 shu[ph] 旨在能夠預測應交換哪些特定的構建塊來提高先導候選藥物的效力、功效和可製造性，因此先導優化階段得到了簡化，從而節省了時間和成本。

All three modules of the AI platform have already clearly demonstrated their value with iBio's pipeline Target 6, a mutated form of a protein and expressed in a number of tumors. The Discovery Engine enabled the rapid identification of antibodies that selectively bind the mutative protein without binding the wild type version, which is more common expressed in healthy tissue.

AI 平台的所有三個模組已經透過 iBio 的管道 Target 6 清楚地證明了其價值，Target 6 是一種蛋白質的突變形式，在多種腫瘤中表達。 這項發現引擎能夠快速識別選擇性結合突變蛋白質而不結合野生型蛋白質的抗體，而野生型蛋白質在健康組織中更常見。

Due to the unique characteristics of the AI Discovery Engine, the program could expeditiously be advanced from the early discovery to the late discovery stage, and could soon be advancing into in vivo proof of concept.

由於人工智慧發現引擎的獨特特性，該計劃可以迅速從早期發現階段推進到後期發現階段，並很快進入體內概念驗證階段。

We have also acquired three promising immunooncology programs, plus a PD1 agonist program potentially for serious autoimmune diseases. All programs have been developed with the AI platform technology. And while two of immunooncology programs are in early discovery, the PD1 asset and one immunooncology program has already progressed into the late discovery stage, and iBio is preparing to conduct in vivo proof of concept studies for each program.

我們還獲得了三個有前景的免疫腫瘤學項目，以及一個可能用於治療嚴重自體免疫疾病的 PD1 激動劑項目。 所有程序均採用AI平台技術開發。 其中兩個免疫腫瘤學計畫正處於早期發現階段，而 PD1 資產和一個免疫腫瘤學計畫已經進入後期發現階段，iBio 正準備為每個計畫進行體內概念驗證研究。

I will now turn to an update on our development pipeline starting with IBIO-101, our lead immunooncology candidate.

現在我將介紹我們開發流程的最新進展，從我們的主要免疫腫瘤候選藥物 IBIO-101 開始。

Our pre-IND studies have been progressing, and we have recently submitted a pre-IND package for IBIO-101 to the FDA. As we continue to (inaudible) the best strategy for IBIO-101's development, we've updated our expected timing of an IND application filing with the FDA to occur in the first half of calendar 2024.

我們的 IND 前研究一直在進展中，最近我們向 FDA 提交了 IBIO-101 的 IND 前研究資料。 隨著我們繼續（聽不清楚）制定 IBIO-101 開發的最佳策略，我們已更新向 FDA 提交 IND 申請的預計時間，即 2024 年上半年。

Moving now to our COVID-19 vaccine development program.

現在轉到我們的 COVID-19 疫苗開發計劃。

We previously reported the preclinical studies of IBIO-202, our nucleocapsid protein directed SARS-CoV-2 vaccine candidate, demonstrated a robust antigen-specific memory T cell response. Unfortunately, data from recent IND enabling challenge studies in immunologically naive hamsters showed IBIO-202 did not provide a protective effect.

我們先前報告了我們的核衣殼蛋白定向 SARS-CoV-2 候選疫苗 IBIO-202 的臨床前研究，證明了強大的抗原特異性記憶 T 細胞反應。 不幸的是，最近對免疫原性倉鼠進行的 IND 攻擊研究的數據表明，IBIO-202 並未提供保護作用。

Given these results, we feel it's not prudent to move forward with the IND submission we had planned for this calendar year.

鑑於這些結果，我們認為繼續進行我們計劃於今年進行的 IND 提交是不明智的。

Despite this disappointing news, we continue to believe there remains a need for a last dose, not a next dose of a COVID-19 vaccine.

儘管有這個令人失望的消息，我們仍然相信，仍然需要最後一劑而不是下一劑 COVID-19 疫苗。

Interestingly, the recent preclinical study published in the peer review journal of Science Translational

有趣的是，最近發表在同行評審期刊《科學轉化醫學》的臨床前研究

Medicine similarly demonstrated that N-only vaccination provided modest protection from SARS-CoV-2. However, the study also showed that combining N with S, or N induce more robust protection against both Delta and Omicron variants than S-only vaccination.

醫學同樣證明，僅接種 N 疫苗即可對 SARS-CoV-2 提供適度保護。 然而，研究也表明，與僅接種 S 疫苗相比，將 N 與 S 或 N 結合起來對 Delta 和 Omicron 變異體產生更強的保護作用。

In light of the challenge study data and iBio's prospect to secure non-diluted funding and/or partnership opportunities for the program, we are evaluating next steps for our proprietary N antigen drug substance.

鑑於挑戰研究數據和 iBio 為該計劃獲得非稀釋資金和/或合作機會的前景，我們正在評估我們專有的 N 抗原藥物物質的下一步。

With the addition of the four new programs to our rapidly growing therapeutics pipeline through the RubrYc transaction, and as part of the overall evaluation Tom mentioned earlier, we will also be conducting a comprehensive portfolio review to ensure that we manage our resources appropriately and stay focused on our goal to become a clinical stage company.

透過 RubrYc 交易將四個新項目添加到我們快速增長的治療管線中，作為湯姆之前提到的整體評估的一部分，我們還將進行全面的投資組合審查，以確保我們適當地管理我們的資源並專注於成為一家臨床階段公司的目標。

With that, I will turn the call over to Rob to discuss our financial results.

說完這些，我將把電話轉給 Rob 來討論我們的財務表現。

Thanks, Martin. I will start by simply speaking to a few preliminary unaudited financial highlights that we announced earlier.

謝謝，馬丁。 首先，我將簡單談談我們先前公佈的一些初步未經審計的財務要點。

Revenues for fiscal year ended June 30, 2022 were approximately $2.4 million and essentially flat versus prior year.

截至 2022 年 6 月 30 日的財政年度的收入約為 240 萬美元，與上年基本持平。

R&D and G&A expenses for fiscal 2022 increased by approximately $7.7 million and $12.1 million respectively over the comparable period of fiscal 2021. This reflects the company's growing investments and its pipeline, platform technologies, employees, and related infrastructure.

2022 財年的研發和一般及行政費用分別比 2021 財年同期增加了約 770 萬美元和 1,210 萬美元。

IBio's consolidated net loss for the fiscal year ended June 30, 2022 was approximately $50.3 million. This increased loss of $27.1 million compared to 2021 is largely due to an increase in expenses incurred to support the company's business strategy, plus $10.2 million in Fraunhofer USA settlement income in fiscal 2021, that did not recur in fiscal 2022. This is partially offset by $1.8 million in Fraunhofer USA license revenue recognized in fiscal 2022.

IBio 截至 2022 年 6 月 30 日的財政年度的綜合淨虧損約為 5,030 萬美元。 與 2021 年相比，這一損失增加了 2,710 萬美元，主要是由於支持公司業務策略而產生的費用增加，再加上 2021 財年的 Fraunhofer USA 結算收入 1020 萬美元，而這筆收入在 2022 財年沒有再次出現。

We held cash, cash equivalents and investments in debt securities of approximately $39.5 million as of June 30, 2022.

截至 2022 年 6 月 30 日，我們持有現金、現金等價物及債務證券投資約 3,950 萬美元。

The company and its auditors have concluded their substantial doubt about the company's ability to continue as a going concern. We are currently evaluating a number of potential options to expand our cash runway, which were also mentioned in last week's press release. Regardless of whether we're able to reduce our burn rate or sell our out license [ph] certain assets or parts of this business, our business, we will need to raise additional capital in order to fully execute our longer term business plans.

該公司及其審計師已得出結論，他們對該公司繼續經營的能力有重大懷疑。 我們目前正在評估擴大現金流的多種潛在選擇，這些選擇在上週的新聞稿中也有提及。 無論我們是否能夠降低我們的燒錢率或出售我們的許可證[ph]某些資產或部分業務，我們的業務，我們都需要籌集額外資金，以全面執行我們的長期業務計劃。

We believe that it's likely we will be able to implement one or more options that will extend our cash runway for 12 months or more from today. However, there could be no assurance we will be successful in implementing any of the options that we are evaluating.

我們相信，我們很可能能夠實施一項或多項選擇，從今天起將我們的現金流延長 12 個月或更長時間。 然而，我們無法保證能夠成功實施我們正在評估的任何選項。

Before I turn back to Tom for closing remarks, I'd like to mention our board's approval for our previously announced 1 for 25 reverse stock split from the common shares becoming effective on October 7th, 2022.

在請湯姆作結語之前，我想提一下，董事會批准了我們先前宣布的 1 比 25 的普通股反向股票分割，該分割將於 2022 年 10 月 7 日生效。

On Monday, October 10th, 2022, our common stock will begin trading on a post-reverse split basis on the NYSE American under the same symbol, IBIO.

2022 年 10 月 10 日星期一，我們的普通股將在紐約證券交易所美國證券交易所以相同的代碼 IBIO 開始以反向拆分後的方式交易。

With that, I will now turn the call back over to Tom. Tom?

說完這些，我現在將電話轉回給湯姆。 湯姆？

Thanks, Rob. We are excited with what the future holds for iBio, particularly as we created a differentiated technology-enabled drug discovery capability for our business. With a clear focus on achieving our mission to bring more and better immunotherapies to the clinic faster, our evaluation of the business and extension of our cash runway remain critical to our future success.

謝謝，羅布。 我們對 iBio 的未來充滿期待，尤其是我們為我們的業務創造了差異化的技術支援的藥物發現能力。 我們明確專注於實現我們的使命，更快地將更多更好的免疫療法推向臨床，我們對業務的評估和現金流的延長對於我們未來的成功仍然至關重要。

Please note that while it's premature for us to provide any additional color on today's call about our review of cash runway extension options, we look forward to updating our stakeholders as we move forward with our continued transformation into an immunooncology focused company.

請注意，雖然我們在今天的電話會議上提供有關現金跑道延長選項審查的任何其他信息還為時過早，但我們期待在我們繼續轉型為專注於免疫腫瘤學的公司的過程中向我們的利益相關者通報最新情況。

With that, operator, please open up the call for questions.

接線員，請打開電話，回答問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

One moment for our first question.

請稍等片刻，回答我們第一個問題。

Thank you. Our first question comes from Kristen Kluska of Cantor. Your line is open.

謝謝。 我們的第一個問題來自 Cantor 的 Kristen Kluska。 您的線路已開通。

Hi everyone. Thanks for taking my questions, and hope you are all doing well.

大家好。 感謝您回答我的問題，希望你們一切都好。

First question I have is just from the timing perspective, what led you to this decision now to close on substantially all assets from RubrYc versus the original agreement that you had in place with them? So, specifically I guess what I'm trying to ask here is was there any new information that came over this past year since that initial partnership or further diligence on the platform that led to this expansion?

我的第一個問題是，從時間角度來看，是什麼促使您現在做出這個決定，關閉 RubrYc 的幾乎所有資產，而不是遵守您與他們達成的原始協議？ 所以，具體來說，我想我在這裡想問的是，自最初的合作以來，在過去的一年裡是否有任何新的資訊或對平台的進一步調查導致了這次擴展？

Yes, Kristen. Thanks for the question. And indeed, the relationship as we've been running it for a year, we did get hands-on experience with the platform as part of the joint discovery agreement. So as part of what we originally established was not only the license to IBIO-101, but five deep [ph] licenses if you will, so five additional RubrYc discovery engine opportunities to license over the coming five years.

是的，克里斯汀。 謝謝你的提問。 事實上，由於我們已經建立了一年的合作關係，作為聯合發現協議的一部分，我們確實獲得了該平台的實踐經驗。 因此，我們最初建立的一部分不僅是 IBIO-101 許可，而且還有五個深度 [ph] 許可，因此未來五年將有五個額外的 RubrYc 發現引擎許可機會。

So, as we reference that target, the six that we've been talking about was the first one that we jointly worked on together and got those very favorable results. So we've got to see the strength of the platform in our own hands. And I'll let Martin comment on this a little bit further. So that certainly informs our diligence. It was just real world experience with the platform. And then certainly we saw some of the progress that they were making with their own other molecules, as well as with other partners in the space.

因此，當我們提到該目標時，我們一直在談論的六個目標是我們共同努力實現的第一個目標，並且取得了非常有利的結果。 所以我們必須親眼見證這個平台的實力。 我將讓馬丁對此進一步評論。 這無疑證明了我們的勤奮。 這只是平台在現實世界中的體驗。 然後我們當然看到了他們在自己的其他分子以及該領域的其他合作夥伴方面取得的一些進展。

But Martin, any additional color there?

但是馬丁，還有其他顏色嗎？

Yes, Kristen, hi. I think what Tom mentioned is spot on. We have been working obviously with RubrYc for the last year, and our Target 6 has been progressing really nicely. So we have proof of concept of the technology platform validating it to at least the preclinical stage. And that gave us more confidence as well to move on.

是的，克里斯汀，你好。 我認為湯姆提到的非常正確。 我們去年一直與 RubrYc 合作，我們的目標 6 進展非常順利。 因此，我們有該技術平台的概念驗證，至少可以驗證到臨床前階段。 這也給了我們繼續前進的更多信心。

And then Kristen, needless to say, what we've seen in some of the work that we published on IBIO-101 here, especially over the summer, gave us some great confidence with the platform, the development capabilities. And the teams have been working well together here over the course of the past year as part of the collaboration. So, the opportunity to have for RubrYc's computational biology's joined us and advance the work was an attractive opportunity. So that was able to come together pretty nicely over the course of the past several months. So, that's why the timing sort of that's the way it did.

然後克里斯汀，不用說，我們在 IBIO-101 上發表的一些工作，特別是在夏天所看到的，讓我們對該平台和開發能力充滿了信心。 作為合作的一部分，過去一年來，各個團隊一直在這裡進行著良好的合作。 因此，讓 RubrYc 的計算生物學家加入我們並推進這項工作是一個很有吸引力的機會。 所以在過去的幾個月裡，一切都很順利。 所以，這就是為什麼時間安排是那樣的。

Okay, thanks for that. And then once the first asset IBIO-101 enters the clinic, how are you thinking about the cadence of the other programs? So I understand of course that you haven't disclosed to us some of these other IO targets. But I guess, how much work around this first candidate is going to be able to synergize with the other programs?

好的，謝謝。 那麼，一旦第一個資產 IBIO-101 進入臨床，您如何考慮其他項目的節奏？ 所以我當然明白您還沒有向我們透露其他一些 IO 目標。 但我猜測，圍繞這個第一位候選人開展多少工作能夠與其他專案產生協同作用？

Right. Well, that's part of the portfolio review that Martin alluded to. So, because of IBIO 1 and the significant opportunities that we see for that, there are a number of options that we're evaluating there to prospectively increase the funding for that program as our lead asset. But we're doing a review of the others because there are attractive candidates that are in there. So we haven't yet made the decision fully stack ranking of each one of the candidates and how much - what we want to allocate in terms of resources.

正確的。 嗯，這是馬丁提到的投資組合審查的一部分。 因此，由於 IBIO 1 以及我們看到的重大機遇，我們正在評估多種選擇，以便前瞻性地增加對該計劃的資助作為我們的主導資產。 但我們正在對其他候選人進行審查，因為其中有一些很有吸引力的候選人。 因此，我們尚未對每個​​候選人進行全面排名，以及我們想分配多少資源。

But the attractiveness of IBIO-101 remains foremost in the thinking here, and we're completing the assessment and prioritization. But part of this obviously goes to cash management that we talked about a couple of times here on the call, and want to make sure that we're moving aggressively to get 101 in the clinic at the same time that we're creating the opportunities that we see out there for the other assets that we just added to the portfolio.

但 IBIO-101 的吸引力仍然是我們最優先考慮的，我們正在完成評估和優先排序。 但其中一部分顯然與現金管理有關，我們在電話會議上談過幾次，我們希望確保我們積極採取行動，將 101 投入診所，同時為剛剛添加到投資組合中的其他資產創造機會。

Got it. Thanks Tom, and Martin.

知道了。 謝謝湯姆和馬丁。

Thank you.

謝謝。

Thanks, Kristen.

謝謝，克里斯汀。

Our next question comes from Roy Buchanan of JMP Securities. Your line is open.

我們的下一個問題來自 JMP Securities 的 Roy Buchanan。 您的線路已開通。

I guess, the first one kind of follow up on the last one, just what - can you detail what remains to be done ahead of submitting the IND for IBIO-101? And are you going as fast as you can with that? Or are you capital constrained ahead of making these decisions?

我想，第一個問題是最後一個問題的後續，您能詳細說明一下在提交 IBIO-101 的 IND 之前還有哪些工作要做嗎？ 你能盡可能快地完成這個任務嗎？ 或者在做出這些決定之前，您的資金是否受到限制？

And I guess for Target 6, the PD1 agonist and the other oncology asset that Martin mentioned could be in in vivo proof of concept soon? I guess, can you put maybe a range on how soon is soon? I kind of want to benchmark that against these financing options. Thanks.

我猜對於目標 6，Martin 提到的 PD1 激動劑和其他腫瘤學資產很快就能得到體內概念驗證？ 我想，您能大概給一個「很快」的範圍嗎？ 我想根據這些融資選擇來進行基準測試。 謝謝。

Right. Thanks for the question, Roy. I think that all goes to the resource allocation for the portfolio altogether. So we're evaluating a couple of options. Of course, we only just completed the RubrYc transaction a couple of weeks ago. So, resource allocations to the discovery platform itself necessarily.

正確的。 謝謝你的提問，羅伊。 我認為這一切都與投資組合的資源分配有關。 因此我們正在評估幾個選擇。 當然，我們幾週前才剛完成 RubrYc 交易。 因此，資源分配給發現平臺本身是必然的。

Then, as far as the assets are concerned, there's a couple of opportunities with IBIO-101. So, we are evaluating the clinical strategies. So, you're a good question; are we going as fast as we can? Yes. But then at the same time, we're seeing opportunities here, and as you know there's a leading major global biopharmaceutical company driving forward and is sort of first into the clinic with their own version of an IL-2 sparing anti-CD25 molecule, and we're learning a lot from what they're seeing in the clinic, as well as what we're intending to do.

那麼，就資產而言，IBIO-101 有幾個機會。 所以，我們正在評估臨床策略。 所以，你問的這個問題很好；我們是不是已經盡可能地快前進了？ 是的。 但同時，我們也看到了機遇，正如你所知，一家全球領先的大型生物製藥公司正在推動這一進程，並率先將他們自己的 IL-2 抑制抗 CD25 分子帶入臨床，我們從他們在臨床上看到的情況以及我們打算做的事情中學到了很多東西。

So it's important for us to be looking at the opportunities that we have here for IBIO-101 as a monotherapy. But then also taking a look at other options that we have, and do we - or do we not double-down in looking at perhaps opportunities in combination of our checkpoint inhibitors. So, we're taking the moment here to evaluate that as we recently picked up the asset, and now wholly own it.

因此，對我們來說，重要的是關注 IBIO-101 作為單一療法的機會。 但然後我們也要看看我們擁有的其他選擇，我們是否 - 或者我們是否加倍努力尋找與我們的檢查點抑制劑結合的機會。 因此，我們花點時間對此進行評估，因為我們最近獲得了該資產，並且現在完全擁有它。

And then for PD1, we do think there's an opportunities for that. Now, that one you see us make reference to is partner-ready. And we do see the immunotherapy in the autoimmune space as being attractive. Prospectively, there may be partners for that. It's well enough in advance, although albeit these are all fairly early stage. With what we have at this particular moment, we do think that there could be some interest. And so, we'll be looking to see about prospective partners in the autoimmune space for PD1, as well as doing the portfolio review and seeing a fit would make more sense for us to invest ourselves in trying to drive that one forward.

對於 PD1，我們確實認為有這樣的機會。 現在，您看到我們所提到的已經準備好與合作夥伴合作了。 我們確實認為自體免疫領域的免疫療法很有吸引力。 從未來來看，可能會有合作夥伴。 儘管這些都還處於相當早期的階段，但已經夠先進了。 就我們目前所掌握的情況而言，我們確實認為可能會引起一些興趣。 因此，我們將尋找 PD1 在自體免疫領域的潛在合作夥伴，並進行投資組合審查，尋找合適的合作夥伴，這對於我們投資推動這一進程更有意義。

Does that make sense?

這樣有道理嗎？

Yes, it makes sense. So, I think maybe reading between the line, and maybe - I assume everything is on the table. But maybe ex-U.S. partnerships for 101, or something you're exploring?

是的，很有道理。 因此，我認為也許讀懂了字裡行間的意思，也許 - 我認為一切都擺在桌面上。 但也許是美國以外的國家。 101 的合作夥伴關係，或是您正在探索的東西？

Yes, I think for us - I mean, 101, we're at the moment focused moving it forward to the clinic ourselves. But to your good point and what we said during the call, we're looking for both non-dilutive - well, primarily non-dilutive partnerships for certain for the assets to move them forward and accelerate past the clinic. But at the moment, IBIO-101, we're planning on moving that forward as a monotherapy ourselves. And with certain other molecules, we're exploring the opportunity for partnerships. Like you say, they could be regional, or global, or disease-specific as we go. But indeed, all those options are being considered.

是的，我認為對我們來說 - 我的意思是，101，我們目前專注於將其推進到臨床。 但正如您所說以及我們在電話會議中所說的那樣，我們正在尋求非稀釋性 - 主要是非稀釋性的合作夥伴關係，以使資產向前發展並加速超越診所。 但目前，我們計劃將 IBIO-101 作為單一療法進行推廣。 我們正在與某些其他分子探索合作的機會。 正如您所說，它們可能是區域性的，也可能是全球性的，或針對特定疾病的。 但事實上，所有這些選擇都在考慮之中。

Okay, got it. Thank you.

好的，明白了。 謝謝。

Thank you.

謝謝。

Our next question comes from Philip Barnett [ph]. Your line is open.

我們的下一個問題來自 Philip Barnett [ph]。 您的線路已開通。

Thank you for taking my call. Well, I speak for myself. I think also speak for a lot of shareholders who are very excited for you to come in and bring new life to iBio, but who have since been really discouraged with the lack of transparency provided under your leadership. You came in with messages of transparency, and instead we seem to have only received obfuscation, omission, and perpetual dragging of goal lines.

感謝您接聽我的電話。 嗯，我代表我自己說話。 我想這也代表了許多股東的心聲，他們非常高興您能加入並為 iBio 帶來新的活力，但他們卻因您領導下缺乏透明度而感到非常沮喪。 您帶著透明的資訊來到這裡，但我們似乎只收到了混淆、遺漏和不斷拖延的目標線。

I really appreciate Mr. Brenner's brief detail on our pipeline. I really feel like the first we heard him in years. Also, very interesting to know that we're requiring - acquiring RubrYc's portfolio rather than focusing on our own incredible pipeline, which had fibrosis, swine fever, the rituximab bio better than you said wasn't worth pursuing.

我非常感謝布倫納先生對我們管道的簡要介紹。 我真的覺得這是我們多年來第一次聽到他的聲音。 此外，非常有趣的是，我們要求收購 RubrYc 的產品組合，而不是專注於我們自己令人難以置信的管道，該管道具有纖維化、豬瘟、利妥昔單抗生物比你說的更好，不值得追求。

We've had so many collaborations and partnerships that have been announced over the years, and none of them have gone anywhere. We haven't even received updates that they've failed, or that they're continuing. And then there's this wildly suspicious backdoor deal with Jim Tassano that I think you owe the shareholders an explanation of. I mean, that was incredible news. Incredible. I've never seen anything like it.

多年來，我們宣布了無數的合作與夥伴關係，但都沒有任何進展。 我們甚至沒有收到他們失敗或繼續進行的更新訊息。 還有與吉姆·塔薩諾 (Jim Tassano) 達成的極其可疑的後門交易，我認為你應該向股東們做出解釋。 我的意思是，那真是令人難以置信的消息。 極好的。 我從來沒有見過這樣的事情。

But what I really want to ask here is iBio does not appear to be in financially good times. And I want - I want to be respectful, but I also want to hold you to the fire here - you've got a very nice salary and you recently received an option to get 2 million shares with a public company that's been - that's just reported a consolidated net loss of $50.3 million. Like, I believe that leadership should benefit when times are good. But times aren't good right now.

但我真正想問的是，iBio 的財務狀況似乎不太好。 我想——我想尊重你，但我也想對你施加壓力——你的薪水很高，而且你最近獲得了一家上市公司 200 萬股股票的期權，而這家公司剛剛公佈的綜合淨虧損為 5030 萬美元。 例如，我相信當情況好的時候，領導階層應該要受益。 但目前的情況不太好。

So, if you could speak to that, I'd really appreciate that. Thank you.

因此，如果您能談一談這個問題，我將非常感激。 謝謝。

Sure, Mr. Barnett [ph]. And I'll say first. I mean, in terms of transparency, the premise there, I would dare say, I think we've been quite transparent. A lot of our peer groups in fact don't even have conference calls. We've put out frequent updates. And I think versus many of our peers, we certainly attempt to be quite transparent.

當然，巴內特先生。 我首先要說的是。 我的意思是，就透明度而言，我敢說，那裡的前提是，我認為我們已經相當透明了。 事實上，我們的許多同行甚至沒有電話會議。 我們經常發布更新內容。 我認為，與我們的許多同行相比，我們確實試圖保持相當透明。

So, that being said, with regards to stock options and compensation and some of the rest - and we'll also mention with regards to transparency, when I came in with the company, we initiated our first conference call. So, iBio did not have those in the past. So, we certainly made the effort to be transparent where it's right, and when there's bad and/or disappointing news to report like we have today. There's no doubt, we're extremely disappointed by how things played out with IBIO-202, and I'd like to talk about that a little bit more in a moment, and invite Martin to comment too.

所以，話雖如此，關於股票期權和薪酬以及其他一些問題 - 我們還會提到關於透明度的問題，當我加入公司時，我們發起了第一次電話會議。 所以，iBio 過去沒有這些。 所以，我們當然會盡力做到透明，無論何時都是正確的，當有壞消息和/或令人失望的消息需要報道時，就像我們今天所報道的那樣。 毫無疑問，我們對 IBIO-202 的進展感到非常失望，我想稍後再談談這個問題，並邀請馬丁也發表評論。

But as you've undoubtedly heard on previous calls, Martin's given update each and every time on the portfolio, and we publish around those in all of our documents.

但正如您在之前的電話會議中毫無疑問聽到的那樣，馬丁每次都會對投資組合進行更新，我們會在所有文件中發布這些內容。

So, that said, with regards to stock options, of course, that's incentive compensation for any executive in any company. And we want to benefit from those. And if we're not adding value and driving things forward for our shareholders, then obviously stock price is affected.

所以，就股票選擇權而言，這當然是對任何公司任何高階主管的激勵性薪酬。 我們希望從中受益。 如果我們沒有為股東增加價值並推動事情向前發展，那麼股價顯然會受到影響。

So, everybody in iBio has been working very hard to transform the company. You're probably aware of its status back in 2019 and our efforts to move it forward, and create a vibrant, growing business and bring real value to shareholders, patients, and the rest is our focus.

因此，iBio 中的每個人都在努力改變公司。 您可能已經了解它在 2019 年的狀況，以及我們為推動它向前發展所做的努力，並創建充滿活力、不斷發展的業務，為股東、患者帶來真正的價值，其餘的都是我們的重點。

So, we took an organization that was a - had a CMO business that did not generate much in a way of revenues, and made this attempt to go ahead and transform it and move it forward. And with that, we started a couple of programs. We didn't have anything advance in the clinic, so we decided to use some of the organizations' capacity and capability to begin producing our own pipeline of products. And so - or therapeutic candidates, I guess, I should say.

所以，我們接手了一個 CMO 業務沒有產生太多收入的組織，並嘗試轉型並推動其發展。 就這樣，我們啟動了幾個專案。 我們在臨床上沒有任何進展，所以我們決定利用一些組織的能力和能力開始生產自己的產品。 所以 — — 或者我應該說是治療候選人。

So, as those opportunities came forward, we invested behind them. In the case of - I'll just come back to the 202 to round out the response to your assigned [ph] question. We'll note that we had put ourselves in position to get in front of the FDA, file the pre-IND. We did somewhat unexpectedly got feedback that required the challenge study back in January.

因此，當這些機會出現時，我們就對其進行了投資。 在這種情況下 - 我將回到 202 來完善對您分配的 [ph] 問題的回答。 我們注意到，我們已經做好準備，向 FDA 提交 pre-IND 申請。 我們確實在一月意外地收到了需要進行挑戰研究的回饋。

And so if you recall at that time, I suppose one could say, well, should the company invest its time, money, and resources in a COVID vaccine when you had a couple of players out there already in the form of Moderna and Pfizer, who were doing just fine, thank you.

所以如果你回想一下當時的情況，我想有人可能會說，好吧，既然已經有 Moderna 和 Pfizer 等幾家公司表現很好，那麼該公司是否應該將時間、金錢和資源投入到 COVID 疫苗上，謝謝。

So, I think in this case, it could have been made to say, well, why did we spend that money? It was a pretty daunting challenge. And the FDA was now requiring an extra step, and we had to try to move things forward with an animal model that may not be ideal for what we wanted to do.

所以，我認為在這種情況下，我們可以問，為什麼我們要花這些錢？ 這是一個相當艱鉅的挑戰。 現在 FDA 要求採取額外措施，我們不得不嘗試用動物模型來推動事情的發展，但這種模型可能並不理想。

But if you recall - and that's a fair criticism - but if you recall, at that time, Omicron was raging. And it didn't look like, and we still don't believe - well, I'll speak for myself, I still don't believe that it's the case that a spike, a frequently mutating spike vaccine is the greatest solution here. But nevertheless, our team was able to do, I think really excellent work in a supply constrained environment for contract research, laboratories, and some of the rest, where we're able to quite quickly pull together a study that would allow us to test out our nucleocapsid antigen. And we thought that on its own, it could provide some of the protective effects.

但如果你還記得的話 — — 這是一個公正的批評 — — 但如果你還記得的話，當時，奧密克戎正處於狂暴狀態。 但事實似乎並非如此，我們仍然不相信——好吧，就我個人而言，我仍然不相信，頻繁變異的尖峰疫苗是最好的解決方案。 但儘管如此，我們的團隊仍然能夠在供應受限的合約研究、實驗室和其他一些環境中做出非常出色的工作，我們能夠相當快速地完成一項研究，讓我們能夠測試我們的核衣殼抗原。 我們認為它本身可以提供一些保護作用。

And quite honestly, in kind of a primate or a human, it's possible that an N-only vaccine could work. However, our data came back and indeed, animal model in which we tested, we did not get the protective effect that we were looking for.

坦白說，對於靈長類動物或人類來說，僅 N 疫苗是有可能起作用的。 然而，我們的數據確實表明，在我們測試的動物模型中，我們並沒有得到我們所尋求的保護效果。

So, as we signaled back in August, even if it had been excellent, if one takes a look at the requirements to go into the clinic, how the market is shaping up, where the pandemic is, and the rest, combined with the technical data that we've got back, we needed to make a business decision after [ph] our shareholders in the company. And we're certainly very disappointed because we did see a nice opportunity prospectively with government funding. There was a call in fact for plant-based vaccine manufacturers, too.

因此，正如我們在 8 月所表示的那樣，即使情況一直很好，但如果考慮到進入診所的要求、市場發展情況、疫情情況等，結合我們得到的技術數據，我們需要在公司股東的同意下做出商業決策。 我們確實非常失望，因為我們確實看到了政府資助帶來的良好機會。 事實上，也有人呼籲植物疫苗製造商。

So, I don't want to go on too long in response to your question. There was a lot in there. But just wanted to make the point that we're making both business and technical decisions on behalf of our shareholders. And unfortunately, sometimes, the biology doesn't work out, and we have to make a tough call, which is what we did with 202.

所以，我不想花太長時間回答你的問題。 裡面有很多東西。 但我只是想指出，我們代表股東做出商業和技術決策。 不幸的是，有時生物學原理不起作用，我們必須做出艱難的決定，而這就是我們對 202 所做的。

So, I hope that addresses some of the points in your question. And thanks for it.

因此，我希望這可以解決您問題中的一些問題。 對此我表示感謝。

Thank you. Our next question comes from Juan Angel [ph] of Billy Land Group [ph]. Your line is open.

謝謝。 我們的下一個問題來自 Billy Land Group 的 Juan Angel。 您的線路已開通。

Following Mr. Barnett's [ph] sentiment, what are you going to do to some - what do you suggest to somebody that's down 80%?

根據巴內特先生的觀點，您會對那些損失 80% 的人做些什麼——您會對那些損失 80% 的人提出什麼建議？

Well, I think in terms of the market that's in a macroeconomic environment that we're seeing, there are many biotech stocks and others that are down that percentage. The macroeconomic situation for biotechs generally for the better part of the year, as I'm sure you've read and we've all seen, has been somewhat challenging. So, I think as always, investors should do their due diligence and take market conditions into effect.

嗯，我認為就我們所看到的宏觀經濟環境的市場而言，許多生物科技股和其他股票的百分比都在下降。 我相信您已經讀到並且我們都看到了，今年大部分時間生物技術公司的宏觀經濟狀況總體上都有些挑戰。 因此，我認為，一如既往，投資者應該盡職調查，並考慮市場狀況。

I think in the case of iBio as an individual investment decision, we remain excited about what we're doing in the field of immunooncology in particular with the IBIO-101 lead candidate. And we think that the space pharma tech for AI-driven drug discovery remains an attractive one. And we intend to build value for our shareholders with a end to end discovery capability that includes that technology and capability.

我認為，就 iBio 作為個人投資決策而言，我們仍然對我們在免疫腫瘤學領域的工作感到興奮，特別是 IBIO-101 這一領先候選藥物。 我們認為，由人工智慧驅動的藥物發現的太空製藥技術仍然具有吸引力。 我們打算利用包括該技術和能力在內的端到端發現能力為我們的股東創造價值。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

One moment, please.

請稍等。

One moment for our next question. One moment.

請稍候，回答下一個問題。 請稍等。

I'm showing no further questions at this time. Ladies and gentlemen, that does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

我目前沒有其他問題。 女士們、先生們，今天的會議到此結束。 感謝大家的參與。 您現在可以斷開連線。 祝你有美好的一天。