OmniAb Inc (OABI) 2024 Q2 法說會逐字稿

Good afternoon and welcome to OmniAb Incorporated 2024 financial results and business update conference call.

下午好，歡迎參加 OmniAb Incorporated 2024 年財務表現和業務更新電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to Kurt Gustafson, Chief Financial Officer.

我現在想將電話轉給財務長 Kurt Gustafson。

You may begin.

你可以開始了。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

This is Kurt Gustafson, OmniAb's Chief Financial Officer, and thank you all for joining our second-quarter 2024 financial results conference call.

我是 OmniAb 財務長 Kurt Gustafson，感謝大家參加我們的 2024 年第二季財務業績電話會議。

There are slides to accompany today's prepared remarks, and they're available on the Investors section of our website at omniab.com. Before we begin, as summarized on slide 2, I would like to remind listeners that comments made during this call will include forward-looking statements within the meaning of the federal securities laws.

今天準備好的發言還附有幻燈片，可在我們網站omniab.com 的投資者部分取得。在我們開始之前，正如投影片 2 所總結的那樣，我想提醒聽眾，在本次電話會議中發表的評論將包括聯邦證券法含義內的前瞻性陳述。

These forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from any anticipated results.

這些前瞻性陳述涉及風險和不確定性，可能導致實際結果與任何預期結果有重大差異。

These forward-looking statements are qualified by the cautionary statements contained in today's press release and our SEC filings.

這些前瞻性陳述受到今天的新聞稿和我們向美國證券交易委員會提交的文件中包含的警示性陳述的限制。

Importantly, this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast today, August 8, 2024.

重要的是，本次電話會議包含時效性信息，僅截至今天（2024 年 8 月 8 日）直播之日準確。

Except as required by law, OmniAb undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.

除法律要求外，OmniAb 不承擔修改或更新任何前瞻性陳述以反映本次電話會議之後發生的事件或情況的義務。

Joining me on the call today is Matt Foehr, OmniAb's President and CEO.

今天加入我電話會議的是 OmniAb 總裁兼執行長 Matt Foehr。

During today's call, Matt and I will provide highlights on the company's operations, partner and technology updates and our recent financial results.

在今天的電話會議中，馬特和我將重點介紹公司的營運、合作夥伴和技術更新以及我們最近的財務表現。

At the conclusion of our prepared remarks, we'll open the call to questions.

在我們準備好的發言結束後，我們將開始提問。

And with that, let me turn the call over to Matt.

接下來，讓我把電話轉給馬特。

Thanks, Kurt.

謝謝，庫爾特。

Good afternoon, everyone, and thanks for joining us today on our Q2 conference call.

大家下午好，感謝您今天參加我們的第二季電話會議。

I'll pick up the presentation this afternoon here on slide number 4.

今天下午我將在此處查看第 4 號投影片的簡報。

During the quarter, we continued to grow our business with the addition of new partnerships.

本季度，我們透過增加新的合作夥伴關係繼續發展我們的業務。

Given the velocity of new deals and a growing book of business, this year has the potential to be our best year ever in new partners and licenses.

鑑於新交易的速度和不斷增長的業務，今年有可能成為我們在新合作夥伴和許可方面最好的一年。

In parallel, our existing partners continue to advance their programs in the clinic, thereby strengthening our pipeline this year and beyond.

同時，我們現有的合作夥伴繼續推進他們的臨床項目，從而加強我們今年及以後的產品線。

We're driving growth in the business with strong execution and we're doing that within an efficient operating structure and a highly scalable business model.

我們透過強大的執行力推動業務成長，並透過高效的營運結構和高度可擴展的業務模式來實現這一目標。

We intend to create further visibility for our platform through publications and by advancing our technologies.

我們打算透過出版物和推進我們的技術來提高我們平台的知名度。

Our scientists recently published an important peer-reviewed paper in the Journal of Immunology relating to our OmnidAb, a single-domain antibody technology, which we launched last November and is now driving a growing number of new partner programs.

我們的科學家最近在《免疫學雜誌》上發表了一篇重要的同行評審論文，涉及我們的OmnidAb，這是一種單域抗體技術，我們於去年11 月推出了該技術，目前正在推動越來越多的新合作夥伴專案。

And I also note that in the second quarter, we successfully demonstrated the efficient multi-site deployability of a next-generation exploration instrument across our labs.

我還注意到，在第二季度，我們成功地在實驗室中展示了下一代勘探儀器的高效多站點可部署性。

I mentioned the exploration platform here as it has the potential to drive additional efficiencies for our partner programs and to further expand our position as an industry leader in speed, throughput, reliability, and ease of use for antibody discovery screening activities.

我在這裡提到了探索平台，因為它有潛力提高我們合作夥伴專案的效率，並進一步擴大我們在抗體發現篩選活動的速度、吞吐量、可靠性和易用性方面作為行業領導者的地位。

We remain committed to the continuous improvement of our technology to meet the evolving and broadening needs of our partners and to retain a leading market position.

我們仍然致力於不斷改進我們的技術，以滿足合作夥伴不斷變化和擴大的需求，並保持領先的市場地位。

I'm proud of the achievements of our team and feel confident in our ability to execute our strategy in order to maximize value for all of our stakeholders.

我為我們團隊所取得的成就感到自豪，並對我們執行策略以實現所有利害關係人價值最大化的能力充滿信心。

Now, moving to slide number 5, I'll start to review some of our business metrics for the quarter.

現在，轉到第 5 張投影片，我將開始回顧本季的一些業務指標。

We finished Q2 with 83 active partners.

第二季結束時，我們有 83 個活躍合作夥伴。

This includes two new platform license agreements that we signed in the quarter.

這包括我們在本季度簽署的兩項新平台授權協議。

Those are with DAAN Bio and Topaz Therapeutics.

這些是 DAAN Bio 和 Topaz Therapeutics 的。

Notably, Topaz is a company focused on radio conjugates, and they represent the first of what we expect to be multiple partners focused on this space.

值得注意的是，Topaz 是一家專注於無線電共軛物的公司，他們是我們期望成為專注於該領域的多個合作夥伴中的第一個。

I note also that we mentioned in our earnings release that we issued this afternoon that we expanded our existing successful discovery relationship with HanAll Biopharma, and also recently completed new deals with 92Bio and the Memorial Sloan Kettering Cancer Center.

我還注意到，我們在今天下午發布的財報中提到，我們擴大了與 HanAll Biopharma 現有的成功發現關係，最近還與 92Bio 和紀念斯隆凱特琳癌症中心完成了新交易。

As I mentioned, given the velocity of new deals and our growing book of business, this year has the potential to be our best year ever in new partner adds.

正如我所提到的，考慮到新交易的速度和我們不斷增長的業務，今年有可能成為我們新合作夥伴增加方面最好的一年。

Now, on slide number 6, you'll see that our partnership base has grown by 30% over the last two years.

現在，在第 6 張投影片上，您會看到我們的合作夥伴基礎在過去兩年中成長了 30%。

And these numbers, I note are net of attrition.

我注意到這些數字是扣除損耗的。

The expansion in our partnership base has been driven primarily by the validation of our platform and by new technology launches, as well as much more recently by our expanded business development efforts.

我們合作夥伴基礎的擴大主要是由我們平台的驗證和新技術的推出以及最近我們擴大的業務開發努力所推動的。

On the next slide, slide number 7, you can see the distribution of our partners on a geographic basis linked to the partner's headquarters location.

在下一張投影片（第 7 號投影片）上，您可以看到我們的合作夥伴按地理分佈（與合作夥伴總部位置相關）。

Although I note that many of our partners' development programs are global in scope.

儘管我注意到我們許多合作夥伴的發展計畫都是全球性的。

Our partners are predominantly based here in the US with roughly equal representation between Europe and Asia.

我們的合作夥伴主要位於美國，歐洲和亞洲的代表性大致相等。

And over the past year, we've expanded our business development presence outside the US and we expect that will result in greater diversity within our partnership base.

在過去的一年裡，我們擴大了美國以外的業務發展範圍，我們預計這將導致我們的合作夥伴基礎更加多元化。

Slide 8 shows the number of active programs at quarter end net of attrition.

投影片 8 顯示了季度末扣除損耗後的活躍計畫數量。

With a number of active programs increasing to $333 million, this represents a net add of 6 programs on a sequential basis from Q1.

隨著活躍項目數量增加至 3.33 億美元，這意味著自第一季以來連續淨增加了 6 個項目。

During Q2, one program transitioned from discovery to the preclinical stage, one moved from preclinical to Phase 1, and a third program advanced from Phase 1 to Phase 3.

在第二季度，一個計畫從發現階段過渡到臨床前階段，一個計畫從臨床前階段進入第一階段，第三個計畫從第一階段進入第三階段。

Our partners continue to align and reprioritize their therapeutic programs and pipelines in their normal course of business.

我們的合作夥伴在正常業務過程中繼續調整他們的治療計劃和管道並重新確定其優先順序。

In our small molecule ion channel programs, during Q2, GSK realigned elements of its portfolio and decided to discontinue their work on the small molecule Nav1.1 sodium channel modulator program that was for rare epilepsies.

在我們的小分子離子通道計畫中，第二季期間，GSK 重新調整了其產品組合的要素，並決定停止針對罕見癲癇的小分子 Nav1.1 鈉通道調節劑計畫的工作。

GSK continues to advance a separate preclinical stage program with us for neurological diseases.

葛蘭素史克繼續與我們一起推進針對神經系統疾病的單獨臨床前階段計畫。

And subsequent to the close of the second quarter, Roche elected to return its rights to a small molecule program targeting Kv7.2 following an additional internal portfolio review there.

第二季結束後，羅氏在進行額外的內部投資組合審查後，選擇歸還針對 Kv7.2 的小分子項目的權利。

We continue to work with Roche on two additional small molecule ion channel programs for the potential treatment of CNS disorders.

我們繼續與羅氏合作開發另外兩個小分子離子通道項目，用於潛在治療中樞神經系統疾病。

Consistent with our business model and our contractual terms in those deals, the Kv7.2 and Nav1.1 small molecule programs are assets that we can repartner with others in the CNS space.

與我們的商業模式和這些交易中的合約條款一致，Kv7.2 和 Nav1.1 小分子專案是我們可以與 CNS 領域的其他公司重新合作的資產。

Now on slide 9, you can see here the growth in our partners' preclinical and later-stage programs, which are some of the programs that we think can be important to near-term and mid-term value generation in our pipeline.

現在在投影片 9 上，您可以看到我們合作夥伴的臨床前和後期專案的成長，我們認為這些專案對我們管道中的短期和中期價值創造非常重要。

We've experienced 39% growth in the number of these programs over the last two years, and currently, have reached a total of 50 programs at these stages.

在過去兩年中，我們的此類計劃數量增加了 39%，目前處於這些階段的計劃總數已達到 50 個。

Our pipeline is robust and it's growing, and we look forward to our partners' progress as they advance programs into the later stages of clinical development towards the market.

我們的產品線很強大並且正在不斷成長，我們期待我們的合作夥伴在將專案推進到市場臨床開發的後期階段時取得進展。

As you can see here now on slide number 10, as of June 30, we had 32 active clinical programs and approved products.

正如您現在在第 10 號幻燈片上看到的那樣，截至 6 月 30 日，我們有 32 個活躍的臨床項目和批准的產品。

During the quarter, Teva entered the clinic with TEV-56278, which is an OmniChicken-derived PD1 with IL-2 fusion.

本季度，Teva 帶著 TEV-56278 進入臨床，這是一種源自 OmniChicken 並具有 IL-2 融合的 PD1。

Last week, Teva publicly highlighted ex vivo data for this program on their earnings call.

上週，梯瓦在財報電話會議上公開強調了該計畫的體外數據。

Those data showed encouraging antitumor T-cell activity, and they stated that they believe the program has potential to open up additional combo therapy approaches.

這些數據顯示出令人鼓舞的抗腫瘤 T 細胞活性，他們表示相信該計畫有潛力開闢更多的聯合治療方法。

Based on discussions with our partners and now with one already in the books, we continue to expect a total of four to six entries into clinical development for novel OmniAb-derived antibodies this year.

根據與我們的合作夥伴的討論以及現在已經在書中的一項討論，我們仍然預計今年將有四到六項新型 OmniAb 衍生抗體進入臨床開發。

This next slide, slide number 11, shows the wide and growing range of formats that our antibodies can support.

下一張投影片（第 11 號投影片）顯示了我們的抗體可以支援的廣泛且不斷增長的格式。

And even though this list is quite broad as it currently stands, as we innovate around the platform and grow our partnership base, we continue to see the number of new formats expand.

儘管目前的清單相當廣泛，但隨著我們圍繞平台進行創新並擴大我們的合作夥伴基礎，我們將繼續看到新格式的數量不斷增加。

And although this slide is quite technical, it does really provide a nice illustration of the broad nature and the flexibility of our platform.

儘管這張幻燈片技術性很強，但它確實很好地說明了我們平台的廣泛性和靈活性。

The most recent new format at the clinical stage is the ATTENUKINE multi-specific with Teva that I just mentioned and that entered the clinic in Q2.

臨床階段的最新新形式是我剛才提到的與 Teva 合作的 ATTENUKINE 多特異性藥物，並在第二季進入臨床。

It's shown here on the lower part of the center panel.

它顯示在中心面板的下部。

Now, on slide number 12, I'll highlight a few key recent and Q2 partner updates.

現在，在第 12 張投影片上，我將重點介紹近期和第二季合作夥伴的一些重要更新。

Genmab announced initial data from the Phase 2 trial evaluating acasunlimab as monotherapy and in combination with pembro in patients with PD-L1-positive metastatic non-small cell lung cancer.

Genmab 公佈了 2 期試驗的初步數據，該試驗評估了 acasunlimab 作為單一療法以及與 pembro 聯合療法治療 PD-L1 陽性轉移性非小細胞肺癌患者的情況。

Data from this ongoing Phase 2 study informs their planned pivotal Phase 3 trial, which is expected to launch before the end of 2024.

這項正在進行的 2 期研究的數據為他們計劃的關鍵 3 期試驗提供了信​​息，該試驗預計將在 2024 年底之前啟動。

CStone recently announced European approval of sugemalimab in combination with chemo as first-line treatment for metastatic non-small cell lung cancer, which is one of the largest cancer indications and is also among the leading causes of cancer death.

基石藥業最近宣布歐洲批准舒格利單抗聯合化療作為轉移性非小細胞肺癌的一線治療藥物，轉移性非小細胞肺癌是最大的癌症適應症之一，也是癌症死亡的主要原因之一。

Also, CStone announced that it entered into a strategic commercial collaboration with Ewopharma.

此外，基石藥業也宣布與 Ewopharma 達成策略性商業合作。

Under the terms of that agreement, Ewopharma has the commercial rights for sugemalimab in Switzerland and the 18 Central Eastern European Countries.

根據該協議條款，Ewopharma 擁有 sugemalimab 在瑞士和 18 個中東歐國家的商業權。

Cessation presented preliminary data from its Phase 1A first-in-human study of CSX-1004, which is an investigational antibody for prophylaxis against fentanyl-related overdose, demonstrating that CSX-1004 is safe and well-tolerated under the conditions tested.

Cessation 提供了CSX-1004 1A 期首次人體研究的初步數據，CSX-1004 是一種用於預防芬太尼相關過量用藥的研究抗體，表明CSX-1004 在測試條件下是安全的且耐受性良好。

In addition and importantly, the exposure data were predictive of efficacy for blocking fentanyl-induced respiratory depression as well.

此外，重要的是，暴露數據還可以預測阻斷芬太尼引起的呼吸抑制的功效。

As the next step, Cessation is planning a Phase 2 proof-of-concept study.

下一步，Cessation 正在計劃進行第二階段概念驗證研究。

I mentioned Teva's work earlier and their clinical start is also highlighted here on this slide.

我之前提到過 Teva 的工作，這張投影片上也強調了他們的臨床起步。

And lastly, Tallac disclosed FDA clearance of its IND application for ALTA-002, which is a SIRPalpha targeting toll-like receptor agonist antibody conjugate in patients with advanced solid tumors.

最後，Tallac 揭露了 FDA 批准其 ALTA-002 的 IND 申請，這是 SIRPalpha 靶向晚期實體瘤患者的 Toll 樣受體激動劑抗體綴合物。

As you can see here on slide number 13, we look forward to numerous catalysts occurring for the balance of the year and in 2025.

正如您在第 13 張幻燈片中看到的那樣，我們期待今年剩餘時間和 2025 年出現眾多催化劑。

This is a subset of publicly disclosed events, and it represents a mix of clinical readouts, clinical starts and regulatory events.

這是公開揭露事件的一個子集，它代表了臨床讀數、臨床啟動和監管事件的組合。

And we continued to be excited about the progress that's being reported by our partners.

我們仍然對合作夥伴報告的進展感到興奮。

And my last slide here, slide number 14, provides a current snapshot of the total milestone potential for our pipeline.

我的最後一張投影片（第 14 號投影片）提供了我們管道的總里程碑潛力的當前快照。

And also calls out those 50 preclinical and later-stage programs in our pipeline that I highlighted earlier as near-term and mid-term value drivers.

也指出了我們管道中的 50 個臨床前和後期項目，我之前強調這些項目是近期和中期價值驅動因素。

As shown here on the right side of this slide, those 50 programs at preclinical stage and later have over $550 million in potential milestones to OmniAb.

如本投影片右側所示，這 50 個處於臨床前階段和後期階段的項目為 OmniAb 帶來了超過 5.5 億美元的潛在里程碑。

And overall, our active antibody programs have over $3 billion in potential milestones and currently the remaining active small molecule ion channel programs with Roche and GSK have approximately $700 million in remaining milestones.

總體而言，我們的活性抗體計畫的潛在里程碑價值超過 30 億美元，目前與羅氏和葛蘭素史克合作的剩餘活性小分子離子通道計畫的剩餘里程碑價值約為 7 億美元。

And with that, I will turn the call back over to Kurt for a discussion of our second-quarter financial results.

接下來，我將把電話轉回給庫爾特，討論我們第二季的財務表現。

Kurt?

庫爾特？

Thanks, Matt.

謝謝，馬特。

So I'll provide a brief overview of our financial results for the second quarter and then we'll take some questions.

因此，我將簡要概述我們第二季的財務業績，然後我們將回答一些問題。

On slide 16 we have our income statement for the second quarter of 2024 versus the year ago period.

在投影片 16 上，我們列出了 2024 年第二季與去年同期的損益表。

Total revenue for the quarter was $7.6 million, compared with $6.9 million in the prior year quarter.

本季總營收為 760 萬美元，去年同期總營收為 690 萬美元。

This revenue was consistent with our expectations with the exception of higher service revenue.

除了服務收入增加外，這項收入與我們的預期一致。

Matt mentioned the discontinuation of the GSK small molecule ion channel program, and this triggered an acceleration of $1.3 million in service revenue above and beyond what would have otherwise been recognized in the quarter.

馬特提到葛蘭素史克小分子離子通道計畫的終止，這引發了服務收入增加 130 萬美元，超出了本季原本應確認的收入。

GSK had paid for the service fees upfront, which were recorded as deferred revenue and were being amortized over the life of the research term.

葛蘭素史克預先支付了服務費，這些費用被記錄為遞延收入，並在研究期間內攤提。

The discontinuation resulted in the acceleration of this amortization, which would have otherwise been recognized mostly over the next two quarters.

此次停產導致攤銷加速，否則該攤銷大部分將在接下來的兩季內確認。

As I previously stated, we continue to project milestone payments to be weighted towards the second half of the year based on the information and statements made by our partners.

正如我之前所說，我們將根據合作夥伴提供的資訊和聲明，繼續預計下半年的里程碑付款。

In terms of expenses, our R&D expense was relatively unchanged versus the prior year.

在費用方面，我們的研發費用與去年相比基本上沒有變動。

G&A expense was $8 million versus last year's $8.7 million, with the decrease primarily due to lower share-based compensation expense, as well as non-recurring costs in the prior year associated with our ERP system implementation.

G&A 費用為 800 萬美元，而去年為 870 萬美元，下降主要是由於基於股權的薪酬費用減少，以及去年與我們的 ERP 系統實施相關的非經常性成本。

The amortization of intangibles in the second quarter was higher than our recent trend.

第二季的無形資產攤銷高於我們最近的趨勢。

The increase was due to a $1.2 million impairment related to assets associated with two legacy unpartnered Ab Initio programs.

這一增長是由於兩個未合作的遺留 Ab Initio 項目相關的資產相關的 120 萬美元減值所致。

In addition, other operating income for the quarter included a $2.6 million reduction in contingent liabilities, primarily related to changes in the ion channel programs.

此外，本季的其他營業收入包括或有負債減少 260 萬美元，這主要與離子通道計畫的變化有關。

We have CVR obligations that expire in 2027 from our acquisition of Icagen, and we accrue these CVR liabilities based on our projections of achieving various milestones.

我們收購 Icagen 後的 CVR 義務將於 2027 年到期，我們根據實現各種里程碑的預測來累積這些 CVR 負債。

The recent notifications from GSK and Roche resulted in a decrease in our expected obligations for these CVRs, which was then recorded here in other operating income.

GSK 和羅氏最近的通知導致我們對這些 CVR 的預期義務減少，然後將其記錄在其他營業收入中。

Year-to-date, our operating expenses tracked relatively close to plan.

今年迄今為止，我們的營運支出相對接近計劃。

However, we now expect total operating expenses in 2024 to be slightly less than total operating expenses in 2023.

然而，我們現在預計 2024 年的總營運費用將略低於 2023 年的總營運費用。

Turning to slide 17, here you'll see our balance sheet as of June 30, 2024.

前往投影片 17，您將在此處看到我們截至 2024 年 6 月 30 日的資產負債表。

We ended the second quarter with $57.2 million in cash and as we've discussed before, we expect the first half of '24 to have a higher burn relative to the second half of the year, partly due to the milestone revenue being weighted towards the second half of the year, and partly due to the timing of cash payments from certain operating expense items that occurred in the first quarter.

我們在第二季結束時擁有 5720 萬美元的現金，正如我們之前討論的那樣，我們預計 24 年上半年的燒錢量將高於下半年，部分原因是里程碑收入被加權到下半年，部分原因是第一季發生的某些營運費用項目的現金支付時間。

Given that we are still tracking close to our original plans, our cash guidance remains unchanged.

鑑於我們仍接近最初的計劃，我們的現金指導保持不變。

And with that, I'd like to open the call for questions.

接下來，我想開始提問。

Operator?

操作員？

(Operator Instructions) Puneet Souda, Leerink Partners.

（操作員說明）Puneet Souda，Leerink Partners。

You have Michael on for Puneet.

你讓邁克爾代替普尼特。

Congrats on the quarter.

恭喜本季。

I think for the first question I wanted to talk a little bit about the exploration platform.

我想對於第一個問題我想談談探索平台。

I know you mentioned a proof-of-concept study you've done.

我知道您提到了您所做的一項概念驗證研究。

I was curious if you could talk about how this distributed format you're looking into fits into your overall offering.

我很好奇您是否能談談您正在研究的這種分散式格式如何適合您的整體產品。

And if you could speak to sort of the confidence in the IP since there's been some litigation sort of the microfluidics single-cell space recently?

由於最近微流體單細胞領域出現了一些訴訟，您能否談談對智慧財產權的信心？

Yes, Michael, thanks for the question.

是的，邁克爾，謝謝你的提問。

And yes, the exploration platform is one that's obviously been woven into our technology offering for quite a while, going back to acquiring it about four or five years ago.

是的，探索平台顯然已經融入我們的科技產品相當長一段時間了，可以追溯到大約四、五年前。

And it is a high throughput B cell screening platform that also has broad applicability to other areas as well.

它是一個高通量 B 細胞篩選平台，在其他領域也具有廣泛的適用性。

But we've focused really on B cell screening workflows.

但我們真正關注的是 B 細胞篩選工作流程。

And it's one that's driven a lot of efficiencies within our business.

它極大地提高了我們業務的效率。

And it's one where we've actually had some of our larger partners inquire with us about getting access to exploration instruments.

事實上，我們的一些較大的合作夥伴向我們詢問如何獲得勘探儀器。

And as we've invested in that platform to increase throughput and speed, we've come to realize that it's actually a form -- it's something that creates a lot of leverage in the business.

當我們投資該平台以提高吞吐量和速度時，我們開始意識到它實際上是一種形式 - 它可以在業務中創造大量槓桿作用。

You mentioned the IP landscape, for us, this is a microcapillary platform.

你提到了IP格局，對我們來說，這是一個微毛細管平台。

So from the way in which the equipment is run, it is quite unique.

所以從設備的運作方式來看，它是相當獨特的。

And it actually, beyond being very efficient in screening, it can be paired with deep learning and AI and other things that we've been doing for many years to really increase throughput.

事實上，除了非常高效的篩選之外，它還可以與深度學習、人工智慧以及我們多年來一直在做的其他事情結合起來，以真正提高吞吐量。

So we're excited about the exploration platform.

所以我們對探索平台感到興奮。

It's something we've obviously have invested in over the years and continue to leverage in a variety of ways for our partners.

顯然，我們多年來一直在這方面進行投資，並繼續以各種方式為我們的合作夥伴利用。

Okay, great.

好的，太好了。

And then I was curious in conversations with new partners or existing partners, if you have any insights on, I guess, the appetite for discovery programs, given that the first half has been pretty good funding-wise.

然後，我很好奇與新合作夥伴或現有合作夥伴的對話，我想您是否對發現計劃的興趣有任何見解，因為上半年在資金方面相當不錯。

And then there's also a lot of talk about sort of the large pharma prioritization that's been happening.

此外，還有很多關於正在發生的大型製藥公司優先排序的討論。

So I wonder if you could offer some color there.

所以我想知道你是否可以在那裡提供一些顏色。

Yes, Michael, I can comment, and Kurt can add as needed.

是的，邁克爾，我可以發表評論，庫爾特可以根據需要添加。

Yes, it's obviously -- as students of the industry, it's clear that big pharma continues to go through prioritization exercises, which is natural.

是的，這顯然是——作為該行業的學生，很明顯大型製藥公司繼續進行優先排序練習，這是自然的。

That's something that happens on a secular basis within the industry.

這是業界長期發生的事情。

But Q2 was quite strong for us in terms of new program starts, and we actually have quite a variety of partners, right?

但就新專案啟動而言，第二季對我們來說相當強勁，而且我們實際上有各種各樣的合作夥伴，對吧？

It's a mix of big pharmas and startups, as well as academic partnerships as well.

它是大型製藥公司和新創公司以及學術合作夥伴的混合體。

If I look at the landscape now, as you compare it to about a year ago, you look at some of our newer partners who are quite well-funded.

如果我看看現在的情況，與大約一年前相比，你會發現我們的一些新合作夥伴資金相當充足。

These are startups that have funding, solid VC funding, interesting biology, differentiated ideas, and they're coming to us to get access to our platform.

這些新創公司擁有資金、雄厚的創投資金、有趣的生物學、差異化的想法，他們來找我們是為了進入我們的平台。

And we're definitely seeing that at a higher rate than we saw, say, a year or even two years ago.

我們肯定會看到這一速度比一年前甚至兩年前更高。

So, that's generally good to see.

所以，這通常是好事。

And I think it is juxtaposed with prioritization exercises that go on at big pharma.

我認為它與大型製藥公司進行的優先排序練習並列。

But again, I think that's a natural part of the industry.

但我再次認為這是這個行業的自然組成部分。

Chad Wiatrowski, TD Cowen.

查德·維亞特羅斯基，TD·考恩。

This is Chad on for Steve Mah.

這是史蒂夫馬 (Steve Mah) 的查德 (Chad)。

Just looking at the existing programs, there's sort of large downstream milestone potential.

只要看看現有的項目，就會發現下游具有巨大的里程碑潛力。

How much visibility do you have given the bolus of upcoming partner catalysts in the next 18 months?

您對未來 18 個月即將推出的合作夥伴催化劑的可見度有多少？

Yes.

是的。

I think it's kind of a combination of public and private information that we get in terms of our forecasts.

我認為這是我們在預測中獲得的公共和私人資訊的結合。

A lot of our partners have made public statements about when they expect to start a Phase 2 or a Phase 3 program.

我們的許多合作夥伴已公開聲明他們預計何時啟動第二階段或第三階段計劃。

So obviously, you can observe that.

顯然，你可以觀察到這一點。

And then in some cases the partners have provided us more detailed information of their plans.

然後在某些情況下，合作夥伴向我們提供了有關他們計劃的更詳細資訊。

So I would say that we have maybe a little bit more visibility than the outside world is based on some information that we get, although the information is not perfect, and we find out sometimes things change, right?

所以我想說，根據我們獲得的一些信息，我們可能比外界有更多的知名度，儘管這些信息並不完美，而且我們發現有時事情會發生變化，對嗎？

Partners say that they're going to start something in the next quarter and that moves.

合作夥伴表示，他們將在下個季度開始一些事情，而這項行動正在發生。

But we do get some additional information other than what's in publicly.

但除了公開的資訊外，我們確實獲得了一些額外的資訊。

And I'll add just a little bit to that, Chad, as well, that generally speaking, as things enter the clinic, is when they start to become a lot more public and visible to investors.

查德，我還要補充一點，一般來說，當事情進入診所時，就是它們開始變得更加公開和對投資者可見的時候。

And I think this quarter the TEV-56278 is an example.

我認為本季的 TEV-56278 就是一個例子。

That's a program for which there was not really public visibility until the program started and it was great to see last week to have a highlighting it on their earnings call.

這個項目在項目開始之前並沒有真正的公眾知名度，很高興看到上週在他們的財報電話會議上強調了這一點。

But again, that's a program that was probably under the radar from a public perspective.

但同樣，從公眾的角度來看，這個計劃可能受到關注。

But generally, as things progress out of preclinical and into Phase I is when there starts to be a lot more visibility for the outside world on specific programs.

但總的來說，隨著事情從臨床前階段進展到第一階段，外界對特定項目的關注度開始提高。

Great.

偉大的。

And yes, this is obviously a benefit of your business model today is like an R&D sharing platform.

是的，這顯然是你今天的商業模式的一個好處，就像一個研發共享平台。

But regarding the exploration, would you ever sell instruments directly to partners, just given the majority of the R&D investment has already taken place?

但就探勘而言，鑑於大部分研發投資已經完成，您是否會直接向合作夥伴出售儀器？

Yes.

是的。

Look, Chad, it's a great question.

聽著，查德，這是一個很好的問題。

I think it's a topic that we would discuss -- kind of discuss those plans transparently as they would form.

我認為這是我們要討論的主題——在這些計劃即將形成時透明地討論它們。

We have been approached by people who would like exploration instruments.

一些想要勘探儀器的人聯繫了我們。

We know it's deployable.

我們知道它是可部署的。

We know it has broad application.

我們知道它有廣泛的應用。

We know it drives efficiencies.

我們知道它可以提高效率。

So those are all things that I think create optionality in the business and things we can think about in the future.

因此，我認為這些都是可以為業務創造選擇性的事情，也是我們未來可以考慮的事情。

Stephen Willey, Stifel.

史蒂芬威利，斯蒂菲爾。

I was just kind of wondering where the potential repartnering of these CNS assets you're getting back from GSK and Roche fit within your current list of priorities.

我只是想知道您從葛蘭素史克和羅氏獲得的這些中樞神經系統資產的潛在重新合作符合您當前的優先事項清單。

And were these development candidates that were in IND-enabling studies?

這些候選藥物是否參與了 IND 相關研究？

Is that the right way to think about where they were from a development stage?

這是思考他們處於開發階段的正確方式嗎？

And I know you mentioned that you maintain co-ownership of the IP associated with the Glaxo small molecule, but is that also the case for the Roche asset as well?

我知道您提到您保留與葛蘭素小分子相關的智慧財產權的共同所有權，但羅氏資產也是如此嗎？

Yes, Steve, thanks for the question.

是的，史蒂夫，謝謝你的提問。

I characterize these from a stage perspective as kind of discovery plus preclinical, right?

我從階段的角度將這些描述為發現加臨床前，對吧？

I mean, especially in that small molecule space, they're being tested in animal models and that sort of thing.

我的意思是，特別是在小分子領域，它們正在動物模型等方面進行測試。

So, that's kind of how I would describe the stage.

所以，這就是我對舞台的描述。

We now have the ability to repartner them.

我們現在有能力與他們重新合作。

Again, these are both in the CNS space.

同樣，這些都屬於中樞神經系統領域。

And that's certainly something we have done in the past.

這當然是我們過去所做的事情。

If you look at our history, obviously, our core focus is technology innovation and development and licensing our technologies.

如果你看看我們的歷史，顯然，我們的核心重點是技術創新和開發以及技術授權。

But often programs do come out of our technology development, and we've successfully licensed individual assets in the past.

但通常情況下，程式確實來自我們的技術開發，我們過去已經成功地授權了個人資產。

We have some assets now that are available for license for which we pursue that.

我們現在擁有一些可供我們尋求許可的資產。

And so that's kind of a byproduct.

所以這是一種副產品。

We don't plan on developing assets ourselves.

我們不打算自行開發資產。

But we do see these as prime candidates for potential repartnering.

但我們確實認為這些是潛在重新合作的主要候選人。

There's growing interest in some of these ion channel spaces.

人們對其中一些離子通道空間越來越感興趣。

Obviously, we're more focused on the antibody side now, but there are folks who are focused on small molecules as well.

顯然，我們現在更關注抗體方面，但也有人關注小分子。

So, yes, hopefully, that gives you a little more color.

所以，是的，希望這能給你更多的色彩。

Okay.

好的。

And then maybe just kind of going back to the macro for a second, just kind of curious.

然後也許就回到宏觀層面，只是有點好奇。

I mean, obviously, you talked about how some of these prioritization efforts within big pharma tend to be cyclical.

我的意思是，顯然，您談到了大型製藥公司內部的一些優先級工作往往是週期性的。

There was obviously a large CRO out yesterday with some pretty cautious commentary around big pharma spending just on the discovery and outsourcing front.

昨天顯然有一家大型 CRO 對大型製藥公司在發現和外包方面的支出發表了一些相當謹慎的評論。

Do those happenings influence kind of where you spend your time from a BD perspective?

從 BD 的角度來看，這些事件是否會影響您花時間的地方？

Interesting.

有趣的。

It's an interesting question, Steve, and obviously, as I said, we see these cycles.

這是一個有趣的問題，史蒂夫，顯然，正如我所說，我們看到了這些週期。

A lot of our BD efforts, right, are -- I'll kind of maybe answer it in two ways.

我們的很多 BD 工作，對吧，是——我可能會用兩種方式來回答這個問題。

A lot of our BD efforts are now -- we're doing more and more outreach, but there's still a lot of inbound interest on our platform, which I think it says a lot about as we continue to expand the platform, as it becomes more validated, as we publish more papers and peer-reviewed journals, that tends to attract inbound interest.

我們現在的 BD 工作很多都是——我們正在做越來越多的外展，但我們的平台上仍然有很多入境興趣，我認為隨著我們繼續擴展平台，隨著它變得隨著我們發表更多的論文和同行評審的期刊，它會變得更加有效，這往往會吸引人們的興趣。

We have a nice mix in our portfolio now with our 83 partners of big pharmas, of startup companies, of academics.

現在，我們的投資組合中有 83 個來自大型製藥公司、新創公司和學術機構的合作夥伴。

So we kind of have an interesting vantage point on kind of where people are going.

因此，我們對人們的去向有一個有趣的有利位置。

And so the way I would answer it is, it not only informs -- our relationships, not only inform the BD that we do, but the innovation that we do as well.

因此，我的回答是，它不僅告知我們的關係，不僅告知 BD 我們所做的事情，還告知我們所做的創新。

And I think that drives interest.

我認為這會激發興趣。

One of the reasons I think we've been able to grow the business, both from partners and programs net of attrition is because there's an understanding that we are continuing to innovate and that, I think, attracts partners as well.

我認為我們能夠透過合作夥伴和專案實現業務成長的原因之一是因為我們認為我們正在持續創新，而且我認為這也吸引了合作夥伴。

So our dialogue obviously is -- there's a lot of forward-looking discussions with our partners, especially the larger ones.

因此，我們的對話顯然是——與我們的合作夥伴，尤其是較大的合作夥伴進行了許多前瞻性的討論。

And they're kind of thinking downstream in a much more long-term discovery mindset, despite a firm that might be looking differently at its existing portfolio or reprioritizing it.

儘管一家公司可能會以不同的方式看待其現有的投資組合或重新調整其優先順序，但他們還是以更長期的發現思維方式思考下游問題。

And then maybe just on the startup side, when you're engaging with these earlier stage companies, and perhaps these companies are even being formed around assets that are being discovered off your platform.

然後也許只是在新創公司方面，當您與這些早期階段的公司合作時，也許這些公司甚至是圍繞在您的平台上發現的資產而成立的。

How do you think about the economic return as it comes down to taking like a founder's stake in equity versus trying to maximize downstream economics?

當涉及到獲取創辦人的股權與試圖最大化下游經濟時，您如何看待經濟回報？

Or do you feel like you can accomplish both of those things within a specific deal structure?

或者您認為您可以在特定的交易結構中完成這兩件事嗎？

Yes, we do feel like we can accomplish both of those things.

是的，我們確實覺得我們可以完成這兩件事。

I will say, and as we commonly say, we have NPVs in mind for how we structure deals, but no two deals are alike, right?

我想說，正如我們常說的，我們在構建交易時會考慮淨現值，但沒有兩筆交易是相同的，對嗎？

And so, we pride ourselves on finding flexible structures that work for us and our stakeholders but also work for the partners as well.

因此，我們為找到既適合我們和利害關係人、也適合合作夥伴的靈活結構而感到自豪。

We are certainly open to things like taking equity stakes and those kinds of things.

我們當然對股權之類的事情持開放態度。

Certainly, I've had a history of that and our past management team has.

當然，我有過這樣的經歷，我們過去的管理團隊也有這樣的經驗。

So we are open to those sorts of things.

所以我們對這類事情持開放態度。

But yes, we're excited about our mix of partners.

但是，是的，我們對我們的合作夥伴組合感到興奮。

I mean, we've added some pretty exciting startup companies in recent months here who really have interesting ideas, novel biology, proven management teams.

我的意思是，近幾個月來我們在這裡增加了一些非常令人興奮的新創公司，他們確實擁有有趣的想法、新穎的生物學和經過驗證的管理團隊。

And so, all of those things kind of inform how we're thinking as we're finalizing a deal with a partner, but we are open to multiple kinds of structures.

因此，所有這些事情都告訴我們在與合作夥伴敲定交易時的想法，但我們對多種結構持開放態度。

I think there's a lot of different ways that we can create value in a model like ours.

我認為我們可以透過很多不同的方式在像我們這樣的模型中創造價值。

Conor McNamara, RBC Capital Markets.

康納·麥克納馬拉，加拿大皇家銀行資本市場。

And just a question about 2025.

只是一個關於 2025 年的問題。

In the press release, you talked about cash use going down significantly.

在新聞稿中，您談到現金使用量大幅下降。

How should we think about where the revenue step-up comes from?

我們該如何思考收入成長從何而來？

Do royalties start becoming more meaningful in 2025?

2025 年版稅會變得更有意義嗎？

Or is it going to be a similar mix, which is more of the milestones coming through?

或者它會是一個類似的組合，其中更多的是要經歷的里程碑？

Is there any comment you can make on how we should think about that in 2025?

您對 2025 年我們該如何思考這個問題有何評論？

Yes, so there's two parts to that, Conor.

是的，所以這有兩個部分，康納。

The first is, as I've talked about, the leverage that's built into this business.

正如我所討論的，第一個是該業務中內建的槓桿作用。

So we've kind of built the business to where it needs to be.

因此，我們已經將業務發展到了需要的程度。

We're staffed where we need to be.

我們在需要的地方配備了人員。

And so, you won't see really any sort of increase in operating expense, barring inflation.

因此，除非通貨膨脹，否則你不會看到營運費用有任何形式的增加。

In fact, this year, based on our latest projections, operating expense will actually be down here in 2024 relative to 2023.

事實上，根據我們的最新預測，今年 2024 年的營運費用實際上將比 2023 年有所下降。

But in terms of what drives a substantial drop in the cash burn, it's a function of revenue and more specifically milestone revenue.

但就推動現金消耗大幅下降的原因而言，這是收入的函數，更具體地說是里程碑收入的函數。

So royalties, right now, we're generating royalties from a couple of products over in China.

因此，目前，我們正在從中國的幾種產品中獲得特許權使用費。

We do note that one of the programs or one of those compounds just got approval in Europe.

我們確實注意到其中一項計劃或其中一種化合物剛剛在歐洲獲得批准。

And so, there could be something that comes there.

所以，那裡可能會有一些東西。

But our projection for kind of the change is really a function of increased milestones.

但我們對這種變化的預測其實是里程碑增加的函數。

As you think about those 50 things or so that Matt talked about that are currently in preclinical or clinical stages, as those move to the next stage, they'll trigger milestones.

當你想到 Matt 談到的目前處於臨床前或臨床階段的 50 件左右的事情時，隨著這些事情進入下一階段，它們將觸發里程碑。

And that's what we think will be the primary driver of that.

我們認為這將是其主要驅動力。

Great.

偉大的。

And by the way, in the disclosure on the absolute dollar amount, I think this is the first time you've broken it out by stage, right?

順便說一句，在絕對金額的​​披露中，我認為這是您第一次分階段進行披露，對嗎？

The $3 billion is broken out, so I think that's helpful.

30 億美元已經突破，所以我認為這很有幫助。

Or have you shown that data before?

或者你以前展示過這些數據嗎？

No, this was the first time we put that out there.

不，這是我們第一次把它放在那裡。

So thanks for noticing.

所以感謝您的關注。

That's really helpful.

這真的很有幫助。

And then just quickly, you mentioned the European approval.

然後你很快就提到了歐洲的批准。

Does that have any royalty revenue that flows through in 2024?

2024 年是否有特許權使用費收入流入？

Or is that a smaller opportunity for you guys?

或者這對你們來說是一個較小的機會嗎？

Is there any way to quantify that?

有什麼方法可以量化嗎？

It's hard to know right now.

現在很難知道。

I mean, sugemalimab, it carries a 3% royalty on worldwide sales.

我的意思是，sugemalimab，它在全球銷售中收取 3% 的特許權使用費。

Right now, CStone says they're looking for a partner for, what I would sort of say, EU.

目前，基石藥業表示，他們正在尋找合作夥伴，我想說的是，歐盟。

They do have a partner for Switzerland and Central Eastern Europe in EwoPharma.

他們在瑞士和中東歐確實有 EwoPharma 合作夥伴。

They announced that.

他們宣布了這一點。

But they don't actually -- they're not going to launch this themselves.

但他們實際上不會——他們不會自己推出這個。

They're looking for a partner and they said that, they would have updates soon.

他們正在尋找合作夥伴，他們表示很快就會有更新。

So I don't know, Conor, in terms of -- we'll have to wait and see based on what partner they can line up.

所以我不知道，康納，我們必須等待，看看他們可以安排什麼夥伴。

But I would say that, that could drive incremental royalty income, but that's not part of sort of what we're forecasting at this moment.

但我想說，這可能會增加特許權使用費收入，但這不是我們目前預測的一部分。

Congrats on a solid quarter.

恭喜季度業績穩健。

Thanks, Conor.

謝謝，康納。

Great.

偉大的。

Thanks, Conor.

謝謝，康納。

So it looks like that's our last question, so I'd like to thank everyone for participating on today's call and for your questions and engagement.

看起來這是我們的最後一個問題，所以我要感謝大家參加今天的電話會議以及提出的問題和參與。

We look forward to keeping you updated on our progress and speaking to you again in a few months.

我們期待向您通報我們的最新進展，並在幾個月後再次與您交談。

We will be at some upcoming conferences, including the H.C. Wainwright Conference in New York City next month, and look forward to seeing some of you then.

我們將參加一些即將舉行的會議，包括 H.C.溫賴特會議將於下個月在紐約舉行，期待屆時見到你們中的一些人。

So thanks again for your interest in OmniAb, and have a great day.

再次感謝您對 OmniAb 的興趣，祝您有美好的一天。

Ladies and gentlemen, this concludes your conference call for today.

女士們、先生們，今天的電話會議到此結束。

We thank you for participating, and ask that you please disconnect your lines.

我們感謝您的參與，並請您斷開線路。