OmniAb Inc (OABI) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to OmniAb, Inc. third quarter 2024 financial results and business update conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Kurt Gustafson, OmniAb, Inc. Chief Financial Officer. You may begin. Thank you.

下午好，歡迎參加 OmniAb, Inc. 2024 年第三季財務業績和業務更新電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我想將電話轉給 OmniAb, Inc. 財務長 Kurt Gustafson。你可以開始了。謝謝。

Thank you, operator, and good afternoon to everyone. This is Kurt Gustafson, OmniAb's CFO. Thank you all for joining our third-quarter 2024 financial results conference call. There are slides to accompany today's remarks, and they are available in the Investors section of our website at www.omniab.com.

謝謝接線員，大家下午好。我是 OmniAb 的財務長 Kurt Gustafson。感謝大家參加我們的 2024 年第三季財務業績電話會議。今天的發言附有幻燈片，可在我們網站 www.omniab.com 的「投資者」部分找到。

Before we begin, I'd like to remind listeners that comments made during this call by management will include forward-looking statements within the meaning of federal securities laws. These forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from any anticipated results. These forward-looking statements are qualified by our cautionary statements contained in today's press release and our SEC filings.

在我們開始之前，我想提醒聽眾，管理階層在本次電話會議中發表的評論將包括聯邦證券法所定義的前瞻性陳述。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預期結果有重大差異。這些前瞻性陳述受到我們今天的新聞稿和美國證券交易委員會 (SEC) 文件中包含的警告聲明的限制。

Importantly, this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast today, November 12, 2024. 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.

重要的是，本次電話會議包含時間敏感信息，這些信息僅截至今天（2024 年 11 月 12 日）現場直播之日準確。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日期之後的事件或情況的義務。

Joining me on the call today is Matt Foehr, OmniAb's President and CEO. And during today's call, Matt and I will provide highlights on the company's operations, partner and technology updates, and our recent financial results. At the conclusion of the prepared remarks, we'll open the call to questions.

今天與我一起參加電話會議的是 OmniAb 總裁兼執行長 Matt Foehr。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。在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.

說完這些，讓我把電話轉給馬特。

Thanks, Kurt. Good afternoon, everyone, and thanks for joining us today on our third quarter call. We've continued to deliver robust performance across our key metrics and are building momentum in the business. With strong execution and a leverageable business model, we're well situated to navigate a variety of industry cycles with a business that's now positioned for success.

謝謝，庫爾特。大家下午好，感謝您今天參加我們的第三季電話會議。我們在關鍵指標上持續保持強勁表現，業務發展勢頭強勁。憑藉強大的執行力和可利用的商業模式，我們有能力應對各種行業週期，業務現已定位於成功。

Our diversified base of partners and programs continues to grow and continued to grow during the third quarter despite a backdrop of a somewhat challenging macro environment presenting headwinds to some areas of the pharma discovery tools and technology space this year.

儘管今年宏觀環境對製藥發現工具和技術領域的某些領域造成了一定阻力，但我們多元化的合作夥伴和專案基礎仍在繼續成長，並且在第三季繼續成長。

As our partners' clinical stage programs advance, we're also gaining better insights into timing around key inflection points for preclinical and later-stage programs. These post-discovery programs represent just a subset of our growing portfolio and have over $550 million in potential milestones to OmniAb.

隨著我們合作夥伴的臨床階段計畫的推進，我們也對臨床前和後期計畫的關鍵轉折點的時間有了更好的了解。這些後發現項目只是我們不斷增長的產品組合的一部分，並且對於 OmniAb 來說具有超過 5.5 億美元的潛在里程碑。

We're committed to driving innovation to further differentiate our technologies and to bolster our pipeline, and we're excited both about the potential opportunities ahead and our important place within the global pharmaceutical industry.

我們致力於推動創新，進一步區分我們的技術並加強我們的產品線，我們對未來的潛在機會和我們在全球製藥業的重要地位感到興奮。

I'll now quickly review some of our business metrics, starting here on slide number-5. As shown here on the chart on the left-hand side, we ended Q3 with 86 active partners. We signed three new platform license agreements during the quarter that included new agreements with 92Bio, Memorial Sloan Kettering Cancer Center, and Queen Mary University of London. Strong partnerships like these are fundamental to our success, and we remain committed to expanding our partnership base while helping partners realize their research and discovery goals.

現在我將快速回顧我們的一些業務指標，從投影片 5 開始。如左側圖表所示，我們在第三季結束時擁有 86 個活躍合作夥伴。我們在本季簽署了三項新的平台授權協議，其中包括與 92Bio、紀念斯隆凱特琳癌症中心和倫敦瑪麗皇后大學簽署的新協議。像這樣的強有力的合作夥伴關係是我們成功的基礎，我們將繼續致力於擴大我們的合作夥伴關係，同時幫助合作夥伴實現他們的研究和發現目標。

Also, I'll mention here that we recently expanded our ion channel screening relationship with Syngenta, which began last year. And we also recently entered into a new license with Incyte Corporation. We're looking to finish the year strong in our business development and licensing efforts, and this year could potentially be our best year ever in that regard.

另外，我想在這裡提一下，我們最近擴大了與先正達的離子通道篩選關係，這項關係始於去年。我們最近也與 Incyte Corporation 簽訂了新的授權協議。我們希望在今年年底前在業務發展和授權許可方面取得好成績，今年有可能成為我們在這方面表現最好的一年。

Our growth in partner count reflects the industry's interest in our technology and our dedication to both innovation and collaboration. By fostering these relationships, we believe we're creating new opportunities for mutual success. And an added benefit is that our deep relationships with our partners help inform the intelligent expansion of our platform. Our partnerships provide a valuable vantage point on current industry trends and future opportunities and also keep OmniAb on the leading edge of in-demand technologies.

合作夥伴數量的增長反映了業界對我們技術的興趣以及我們對創新和協作的奉獻精神。透過培養這些關係，我們相信我們正在為共同的成功創造新的機會。另一個好處是，我們與合作夥伴的深厚關係有助於我們平台的智慧擴展。我們的合作夥伴關係為了解當前行業趨勢和未來機會提供了寶貴的有利位置，同時也使 OmniAb 始終處於熱門技術的前沿。

The number of active programs underway by our partners remains robust and year-to-date new program additions have been strong. As shown here on slide number-6, as of September 30, active programs increased to 352 net of attrition. As you'll see on this slide, we're now providing more detail on our active programs. We're displaying both attrition and additions on the right side of the slide in the call-out bar graph, shown here on the screen in the orange and the green bars.

我們的合作夥伴正在實施的活躍專案數量依然強勁，年初至今的新專案數量也十分強勁。如投影片 6 所示，截至 9 月 30 日，活躍項目扣除流失項目後已增至 352 個。正如您在這張投影片上看到的，我們現在將提供有關我們活躍計劃的更多詳細資訊。我們在投影片右側的標註長條圖中顯示了人員流失和新增情況，在螢幕上以橘色和綠色長條圖顯示。

As of the end of the third quarter, we had 12 terminations and 39 active program additions. We often say that terminations or attrition are a natural part of drug development. And as we've noted this year and as reported more broadly in the industry, certain pharma companies continue to realign and reprioritize their therapeutic programs and pipelines.

截至第三季末，我們已有 12 個專案終止，並新增了 39 個專案。我們常說終止或裁員是藥物開發的自然組成部分。正如我們今年所指出的以及業內更廣泛的報道，某些製藥公司繼續重新調整和重新確定其治療計劃和產品線的優先順序。

Having said that, our net growth in the number of active programs continues to validate our technology platform. We've generated growth net of attrition over multiple years now in a variety of macroeconomic and industry cycles, which I think demonstrates our ability to continuously evolve and enhance our technologies and expand our reach. As I mentioned on the previous slide, our deep relationships with our partners position us really well as we focus our innovation efforts.

話雖如此，我們活躍專案數量的淨增長繼續驗證了我們的技術平台。多年來，我們在各種宏觀經濟和行業週期中都實現了扣除人員流失後的成長，我認為這證明了我們不斷發展和增強技術並擴大影響力的能力。正如我在上一張投影片中提到的，我們與合作夥伴的深厚關係使我們在集中創新努力時處於非常有利的位置。

Now on slide 7. As of September 30, our partners had 33 active clinical programs and approved products. During the quarter, Genmab's GEN1057, an investigational proprietary bispecific antibody and Merck KGaA's M5542, which is a fusion protein, both advanced into Phase 1 clinical trials. Genmab's GEN1053 came out of our clinical program count shown on this slide aPnd shifted back to the preclinical stage. According to Genmab's public disclosures, they are discontinuing a Phase 1/2 clinical trial in solid tumors for GEN1053, while preclinical activities in other indications remain active and ongoing.

現在看投影片 7。截至 9 月 30 日，我們的合作夥伴擁有 33 個活躍的臨床項目和核准產品。本季度，Genmab 的 GEN1057（一種研究性專有雙特異性抗體）和默克公司的 M5542（一種融合蛋白）均進入了第 1 期臨床試驗。Genmab 的 GEN1053 已退出我們的臨床項目數（如這張投影片所示），並轉回臨床前階段。根據 Genmab 的公開披露，他們正在停止 GEN1053 針對實體瘤的 1/2 期臨床試驗，但其他適應症的臨床前活動仍在活躍和持續進行中。

As of the end of Q3, three new OmniAb-derived programs have entered human clinical trials in 2024. Based on discussions with our partners, we continue to expect that we'll see one to three additional entries into clinical development for novel OmniAb-derived antibodies by year-end.

截至第三季末，三個新的 OmniAb 衍生計畫已於 2024 年進入人體臨床試驗。根據與合作夥伴的討論，我們繼續預計，到年底，我們將看到一到三種新型 OmniAb 衍生抗體進入臨床開發階段。

Our post-discovery assets, which include preclinical and later-stage programs, have the potential to drive near-term and midterm value generation. Now on slide number-8, you see the increased count in these assets. Over the past two years, we've maintained impressive growth with a 40% increase in the number of these programs, reaching a total of 53 by the end of Q3.

我們的後發現資產（包括臨床前和後期專案）有可能推動短期和中期價值創造。現在在第 8 張投影片上，您可以看到這些資產的數量增加。在過去兩年中，我們保持了令人矚目的成長，這些項目的數量增加了 40%，到第三季末總數達到 53 個。

As I mentioned earlier, the programs depicted here have over $550 million in contracted potential milestones to OmniAb. The successful progression of our partners' programs showcase our collaborative efforts and our shared vision, along with the value that our technologies can create.

正如我之前提到的，這裡描述的項目與 OmniAb 簽訂了超過 5.5 億美元的潛在里程碑協議。我們合作夥伴專案的成功進展展示了我們的協作努力和共同願景，以及我們的技術可以創造的價值。

And here on slide number-9, I'll just briefly touch on some select partner updates. Immunovant has made significant progress on development of IMVT-1402. And late last week, they announced IND clearance for rheumatoid arthritis, where they stated that IMVT-1402 has a potential best-in-class profile for difficult-to-treat RA.

在第 9 張投影片上，我將簡要介紹一些精選的合作夥伴更新。Immunovant 在 IMVT-1402 的開發上取得了重大進展。上週晚些時候，他們宣布類風濕性關節炎的 IND 獲得批准，並表示 IMVT-1402 具有成為難治性 RA 治療藥物的最佳潛力。

They also announced that five INDs have been cleared by the FDA in a range of therapeutic applications and that they're on track to initiate potentially registrational trials of IMVT-1402 in four to five indications by the end of Q1 of next year. And they also reported positive results from the Phase 1a trial of batoclimab in Graves' disease.

他們還宣布，FDA 已批准了五項用於一系列治療應用的新藥申請 (IND)，預計在明年第一季末啟動 IMVT-1402 在四到五種適應症中的註冊試驗。他們也報告了巴托利單抗治療格雷夫茲病的 1a 期試驗的正面結果。

In addition, they announced alignment with the FDA and IND clearance and an expectation to initiate a pivotal trial of IMVT-1402 in Graves' disease by the end of this year.

此外，他們宣布已獲得 FDA 和 IND 批准，並預計在今年年底前啟動 IMVT-1402 治療格雷夫茲病的關鍵試驗。

Genmab highlighted both acasunlimab and GEN-1057 on their earnings call last week as well. They described their priority in continuing to build a world-class differentiated pipeline and highlighted the Phase 1II study of acasunlimab in second-line non-small cell lung cancer and that it is on track to start this year. They also highlighted the recently initiated Phase 1/2 trial of GEN-1057 in malignant solid tumors.

Genmab 在上週的財報電話會議上也重點介紹了 acasunlimab 和 GEN-1057。他們描述了繼續打造世界一流差異化產品線的優先事項，並強調了 acasunlimab 在二線非小細胞肺癌治療中的 1II 期研究，該研究預計將於今年啟動。他們也強調了最近啟動的 GEN-1057 治療惡性實體瘤的 1/2 期試驗。

At the ESMO conference, BioCity presented interim Phase 1 clinical trial results on the safety and efficacy of their first-in-class antibody drug conjugate, BC-3195, which targets CDH3. They reported that 3195 demonstrated impressive antitumor activity in patients with advanced non-small cell lung cancer and that the drug is in concurrent dose optimization and dose expansion studies in China.

在 ESMO 會議上，BioCity 發表了其針對 CDH3 的首創抗體藥物偶聯物 BC-3195 的安全性和有效性的 1 期中期臨床試驗結果。他們報告稱，3195 在晚期非小細胞肺癌患者中表現出了令人印象深刻的抗腫瘤活性，該藥物正在中國同時進行劑量優化和劑量擴展研究。

And Teva recently disclosed Phase 1 data for TEV-53408, which is an anti-IL-15 discovered in our OmniRat technology. Teva indicated that 408 is showing a potential best-in-class profile, noting high affinity for IL-15, prolonged suppression of free IL-15 and a potential for low dosing frequency. It was well tolerated in a first-in-human study and a proof-of-concept study in celiac disease is in progress. And last week, Teva also disclosed the initiation of a clinical study in vitiligo, which is an autoimmune disease with significant unmet medical need.

Teva 最近揭露了 TEV-53408 的第一階段數據，這是一種利用我們的 OmniRat 技術發現的抗 IL-15 藥物。Teva 表示，408 顯示出潛在的同類最佳特性，對 IL-15 具有高親和力、對遊離 IL-15 具有長時間抑製作用，並且具有低給藥頻率的潛力。在首次人體研究中，它表現出良好的耐受性，針對乳糜瀉的概念驗證研究正在進行中。上週，梯瓦還披露啟動白斑症臨床研究，白斑症是一種自體免疫疾病，存在大量未滿足的醫療需求。

And on my last slide here, slide number-10, I'd like to highlight a couple of upcoming scientific conferences by our team. We continue to increase the visibility of our differentiated technology platforms at relevant scientific conferences by showcasing innovations that we think create value for our partners.

在我最後一張投影片，也就是第 10 張投影片上，我想重點介紹我們團隊即將舉辦的幾場科學會議。我們透過展示我們認為能為合作夥伴創造價值的創新，不斷提高我們差異化技術平台在相關科學會議上的知名度。

Next month, we'll be at the Antibody Engineering and Therapeutics Conference town in San Diego, where our team will present workflows for discovering developable binders with broad epitope coverage and affinities that serve as building blocks for multispecifics, which is an area of significant and growing interest in the industry.

下個月，我們將在聖地牙哥的抗體工程和治療學會議上，我們的團隊將在那裡展示發現可開發結合劑的工作流程，這些結合劑具有廣泛的抗原表位覆蓋率和親和力，可作為多特異性的構建塊，這是業界日益關注的重要領域。

In another presentation, we'll discuss the design and implementation of OmniHub, which is a new platform we're launching for bioinformatics tools that also enhances antibody discovery workflows by integrating machine learning and AI tools with our deep bioinformatics capabilities.

在另一場演講中，我們將討論 OmniHub 的設計和實施，這是我們為生物資訊工具推出的新平台，它還透過將機器學習和人工智慧工具與我們深厚的生物資訊能力相結合來增強抗體發現工作流程。

When we kicked off the year, we mentioned that we'd be rolling out some partner experience enhancements and OmniHub is one example of this. And with that, let me now turn the call back to Kurt for a discussion of our third quarter financials. Kurt?

在新年伊始，我們提到我們將推出一些合作夥伴體驗增強功能，而 OmniHub 就是其中一個例子。現在，請容許我把電話轉回給庫爾特，討論我們第三季的財務狀況。庫爾特？

Thanks, Matt. The income statement on slide 12 summarizes our financial performance in the third quarter of 2024. Total revenue for the quarter was $4.2 million, and this compares with $5.5 million in the prior year quarter. The decrease was primarily due to lower milestone revenue and lower Ion channel service revenue.

謝謝，馬特。投影片 12 上的損益表總結了我們 2024 年第三季的財務表現。本季總營收為 420 萬美元，而去年同期為 550 萬美元。下降的主要原因是里程碑收入和離子通道服務收入下降。

We had previously guided that our revenue would be weighted towards the second half of the year. That guidance was based on statements and information from our partners, and we still believe this to be true. However, it looks like most of those milestones will hit in the fourth quarter.

我們之前曾預計我們的收入將集中在下半年。該指導基於我們合作夥伴的聲明和訊息，我們仍然相信這是正確的。不過，看起來大多數里程碑將在第四季實現。

Our R&D expense for the third quarter was $13.3 million compared to $13.9 million in the prior year quarter, with the decrease primarily due to lower stock-based compensation expense. Our G&A expense was $7.1 million for the quarter compared to $8.5 million a year ago, with the decrease primarily due to lower legal costs and lower stock-based compensation.

我們第三季的研發費用為 1,330 萬美元，去年同期為 1,390 萬美元，下降的主要原因是股票薪酬費用降低。本季我們的一般及行政費用為 710 萬美元，而去年同期為 850 萬美元，下降的主要原因是法律成本和股票薪酬降低。

Our operating expenses are in line with our expectation, and we continue to anticipate total operating expenses in 2024 to be slightly less than total operating expenses in 2023. The net loss for the third quarter of 2024 was $16.4 million or $0.16 per share versus a net loss of $15.7 million or $0.16 per share in the prior year period.

我們的營運費用符合我們的預期，我們繼續預計 2024 年的總營運費用將略低於 2023 年的總營運費用。2024 年第三季淨虧損為 1,640 萬美元，即每股 0.16 美元，去年同期淨虧損為 1,570 萬美元，即每股 0.16 美元。

Turning to Slide 13, you'll see our balance sheet as of September 30, 2024. We ended the third quarter with $59.4 million in cash, which includes $8.5 million of capital raised through our at-the-market security offering. We raised an additional $2.9 million under the ATM program subsequent to the end of the quarter, which will be reflected in our fourth quarter financial statements.

翻到第 13 張投影片，您將看到截至 2024 年 9 月 30 日的資產負債表。截至第三季末，我們擁有 5,940 萬美元的現金，其中包括透過市場證券發行籌集的 850 萬美元資本。本季結束後，我們透過 ATM 計畫額外籌集了 290 萬美元，這將反映在我們的第四季財務報表中。

As the year progressed, we continue to observe pressure on the biopharmaceutical industry, which has led to restructurings and pipeline reprioritizations. This can drive additional volatility in our business. And given these dynamics, we believe it was prudent to add some cushion to our balance sheet through the issuance of stock of our ATM program.

隨著時間的推移，我們繼續觀察到生物製藥行業的壓力，這導致了重組和管道重新排序。這可能會導致我們的業務更加不穩定。考慮到這些動態，我們認為透過發行 ATM 計畫股票為我們的資產負債表增加一些緩衝是明智之舉。

These new funds strengthen our cash position, enhance our financial and strategic flexibility and better prepare us for potential risks driven by macroeconomic and varying industry conditions and cycles. At this point, we believe the company is well capitalized, and we enter 2025 in a better financial position.

這些新資金增強了我們的現金狀況，提高了我們的財務和策略靈活性，並使我們更好地應對宏觀經濟和不同行業條件和週期帶來的潛在風險。目前，我們相信公司資本充足，並且我們將以更好的財務狀況進入 2025 年。

With regards to cash guidance, we expect to end 2024 with a cash balance in the range of $50 million to $60 million, which includes the proceeds from the recent ATM issuance. We anticipate that certain development milestones will be achieved in the fourth quarter. However, due to the payment terms of our agreements that typically range from 30 to 60 days, the actual cash collection for some of these milestones may not occur until the first quarter of next year, which is what drives the broad range.

關於現金指導，我們預計到 2024 年底，現金餘額將在 5,000 萬至 6,000 萬美元之間，其中包括最近發行 ATM 機的收益。我們預計第四季將實現某些發展里程碑。然而，由於我們協議的付款期限通常為 30 至 60 天，因此其中一些里程碑的實際現金收款可能要到明年第一季才能實現，這就是造成這一範圍廣泛的原因。

With regards to cash guidance for 2025, given the current expected progression of our existing partnered pipeline, we expect that cash used in 2025 will be lower than in 2024, excluding the recent ATM program proceeds. And with that, I'd like to open up the call for questions. Operator?

關於 2025 年的現金指導，鑑於我們現有合作管道的當前預期進展，我們預計 2025 年使用的現金將低於 2024 年，不包括最近的 ATM 計劃收益。現在，我想開始提問。操作員？

(Operator Instructions) Puneet Souda, Leerink Partners.

（操作員說明）Puneet Souda，Leerink Partners。

You have Michael on for Puneet today. Congrats on the quarter. I was wondering, just given the large step-up in the number of active programs this quarter, I was wondering if you could give some to how much is from maybe a macro recovery in the biopharma space versus something that you as a company are doing, maybe gaining share or expanding in certain geographies?

今天，邁克爾 (Michael) 為 Puneet 效力。恭喜本季取得佳績。我想知道，鑑於本季度活躍專案數量大幅增加，您是否可以說明一下，這其中有多少是來自生物製藥領域的宏觀復甦，還是貴公司正在做的事情，例如在某些地區獲得份額或擴張？

Yes, Michael, thanks for the question. This is Matt. Yes. I'll just -- I'll call out one detail here that probably wasn't lost on you, but we've provided a little more detail on our active program count after kind of discussion with internal team and external stakeholders thought it would be useful. Traditionally, we've just reported numbers net of attrition, but now we're providing a little more detail on additions and attrition.

是的，邁克爾，謝謝你的提問。這是馬特。是的。我只是——在這裡我要指出一個您可能沒有忽略的細節，但在與內部團隊和外部利益相關者進行討論後，我們提供了有關我們的活躍計劃數量的更多詳細信息，他們認為這會很有用。傳統上，我們只是報告扣除流失人數後的數字，但現在我們將提供更多關於新增和流失人數的細節。

And growth in program counts has been strong this year, and it continues to be strong. I think it's a testament to the new technologies that we've launched. Our OmniAb technology, which is really the first and only transgenic chicken that produces single-domain antibodies, which is a novel class of antibodies found naturally in Camelids that is an area of growing interest in the industry for a variety of scientific reasons. we're getting a lot of interest in that. That's driving a lot of new starts.

今年項目數量成長強勁，並將持續保持強勁勢頭。我認為這是我們推出的新技術的證明。我們的 OmniAb 技術實際上是第一個也是唯一一個能夠產生單域抗體的基因改造雞，單域抗體是駱駝科動物中天然存在的一類新型抗體，由於各種科學原因，該領域引起了業界越來越濃厚的興趣。我們對此很感興趣。這推動了許多新事業的起步。

And then I'll say the validation of the platform is as well. We balance that with the backdrop of the industry, some of the things we mentioned in the intro around big pharma companies realigning portfolios and pipelines and things like that. But program growth has been strong and continues to be strong.

然後我會說平台的驗證也是如此。我們將這種情況與行業背景進行平衡，我們在介紹中提到的一些事情涉及大型製藥公司重新調整投資組合和管道等。但該項目的成長一直很強勁，並將繼續保持強勁。

Okay. Great. And then I had a quick question about the OmniHub. I was curious if that's another add-on as part of a standard license or if that's going to be an additional revenue stream software-wise?

好的。偉大的。然後我問了一個關於 OmniHub 的簡單問題。我很好奇這是否是標準授權的另一個附加元件，或者這會成為軟體方面的額外收入來源？

Yes, thanks. It's another tool that we use in collaborating with our partners, right? So we're going to do a full launch of that at the ATC conference in December down in San Diego. And it's really meant as a way to facilitate and streamline and accelerate discovery interactions with our partners.

是的，謝謝。這是我們與合作夥伴合作使用的另一種工具，對嗎？因此，我們將於 12 月在聖地牙哥舉行的 ATC 會議上全面推出該產品。這實際上是一種促進、簡化和加速與合作夥伴的發現互動的方式。

As we've expanded our platform, we have the benefit of a core technology of our transgenic animals that produce really strong antibody responses that creates opportunities for us to leverage machine learning and AI and big data analysis in ways that others, frankly, can't. And OmniHub is a way in which we can interact with our partners to kind of facilitate their efforts downstream.

隨著我們平台的擴展，我們受益於基因改造動物的核心技術，這種技術可以產生非常強的抗體反應，這為我們創造了利用機器學習、人工智慧和大數據分析的機會，而坦白說，其他人無法做到。OmniHub 是我們與合作夥伴互動的一種方式，可以促進他們下游的努力。

So it's part of our standard offering. We don't see it necessarily being a single business line item, but it's one of the ways that we continue to innovate and continue to remain on the cutting edge to meet our partners' needs not only now but in the future.

所以這是我們標準產品的一部分。我們認為它不一定是單一的業務項目，但它是我們繼續創新並保持領先地位以滿足我們合作夥伴現在和未來需求的方式之一。

Matt Hewitt, Craig-Hallum.

馬特休伊特、克雷格哈勒姆。

This is (technical difficulty) on the call for Matt Hewitt. We've heard some rumblings that while biotech is up this year compared to last, the amount raised has declined from earlier in the year until last quarter. And as a result, some companies are being a little more cautious with their investments. Are you hearing or seeing anything like that?

這是 Matt Hewitt 通話時遇到的（技術難題）。我們聽到一些傳言說，雖然今年的生物技術比去年有所成長，但籌集的資金從今年年初到上個季度有所下降。因此，一些公司在投資方面變得更加謹慎。您聽到或看到類似的事情了嗎？

Yes. I think we sort of mentioned that some of these macro and industry forces that we're observing. I think it's -- we're seeing the same things that you're talking about and seeing. And there certainly is pressure that's been created on the industry, and that we talked a little bit about that has created some of the volatility in our business. And so we maybe have a little bit more cautious outlook as we look ahead.

是的。我想我們提到了我們正在觀察的一些宏觀和行業力量。我認為——我們看到的和您談論和看到的是相同的事情。行業確實面臨著壓力，我們剛才談到了這給我們的業務帶來了一些波動。因此，展望未來，我們可能會更加謹慎一些。

All that being said, I think if you take a look at the key metrics that we have focused on in terms of signing up new deals, partners continuing to see the value of our technology and starting new programs, moving things progressing through the clinic, we're seeing progress on all of our key metrics. So I don't discount the fact that there are some challenging industry things going on, but our business continues to perform well. Matt, anything to add on that?

話雖如此，我認為如果你看看我們在簽署新協議、合作夥伴繼續看到我們技術的價值和啟動新項目、推動診所進展等方面關注的關鍵指標，我們就會看到所有關鍵指標都在取得進展。因此，我並不否認行業中存在一些具有挑戰性的事情，但我們的業務仍然表現良好。馬特，還有什麼要補充的嗎？

Not really. I'd say the only thing I'd add is we talked about how some of the larger pharmas have gone through what they call portfolio shaping initiatives, those kinds of things. But that's balanced with -- we have a lot of discussions with those in the industry. And one of the things we also hear is that at times that they are focusing their work, they also look to the best platforms and the most validated technologies to help them meet their discovery needs, and that also can attract them to us. So yes, a lot going on in the industry, but we feel good about our position.

並不真地。我想說我唯一要補充的是，我們討論了一些大型製藥公司如何經歷所謂的投資組合塑造計劃等事情。但這與我們與業內人士進行了大量討論相平衡。我們也聽說，當他們專注於工作時，他們也會尋找最好的平台和最有效的技術來幫助他們滿足發現需求，這也能吸引他們到我們這裡。是的，行業中發生了很多事情，但我們對自己的地位感到滿意。

Awesome. And I do realize that it's early, but how should we be thinking about the range of new clinical entries by your partners next year?

驚人的。我確實意識到現在還為時過早，但我們應該如何考慮明年您的合作夥伴將推出哪些新的臨床產品？

Yes. Thanks. Great question. As we look into next year, and as we said, we expect one to three additional clinical entries before the end of this year, right? So just in the next six weeks or so based on our discussions with partners. And as you look at our post-discovery assets, right now, we have 20 assets in preclinical. We have a pretty high bar for what we consider to be preclinical assets. So those programs are candidates to move into the clinic in 2025. I expect as we get into next year, we'll talk about that in more detail.

是的。謝謝。好問題。展望明年，正如我們所說，我們預計今年年底前將有 1 到 3 個額外的臨床條目，對嗎？因此，根據我們與合作夥伴的討論，僅在接下來的六週左右的時間。當您查看我們的後發現資產時，目前，我們有 20 項資產處於臨床前階段。我們對臨床前資產的標準相當高。因此這些項目預計在 2025 年進入臨床階段。我希望進入明年，我們能夠更詳細地討論這個問題。

What we often find is that the JPMorgan conference at the beginning of January is often a time when many of our partners start talking more publicly about new programs, about new trials, about new indications and their intentions for the year. And so that's often a good time around that time or post that time for us to start talking in a little more specifics about some of the programs and the count that we expect. But we feel good about the growth in the portfolio and the matriculation of the programs through the various phases.

我們經常發現，一月初的摩根大通會議往往是我們許多合夥人開始更公開地談論新計劃、新試驗、新適應症以及他們今年的意圖的時候。因此，在那個時間左右或之後，我們通常可以開始更具體地討論一些計劃和我們預期的數量。但我們對投資組合的成長以及各階段的專案進展感到滿意。

Stephen Willey, Stifel.

史蒂芬威利（Stephen Willey），Stifel。

So I guess you're talking about how growth in program counts remain strong. You mentioned that multispecifics are an area of considerable growth for the industry. Do you know what proportion of new program starts you're seeing that are multi-specific in nature? Do you have that level of insight? And then do you also have any insight into the types of targets that partners are pursuing via these new program starts? I guess I'm just wondering if you have the ability to assess where each annual cohort of new program starts kind of falls on the risk spectrum?

所以我猜您談論的是程式數量的成長如何保持強勁。您提到多規格產品是該行業一個具有顯著成長的領域。您是否知道您所看到的新程式中有多少比例是多針對性的？你有這樣的洞察力嗎？那麼，您是否也了解合作夥伴透過這些新計畫啟動所追求的目標類型？我只是想知道您是否有能力評估每年新推出的項目在風險範圍內處於什麼位置？

Yes. Thanks, Steve. Great question. And the answer there is it's a range, right? But as our platform has become more widely used and more validated, the number of new modalities and approaches that partners are looking to employ downstream, leveraging our technology for discovering antibodies continues to grow.

是的。謝謝，史蒂夫。好問題。答案是，這是一個範圍，對嗎？但隨著我們的平台得到更廣泛的應用和驗證，合作夥伴希望利用我們的技術發現抗體的新模式和方法的數量也在不斷增長。

And if you look even at our visible clinical programs, a growing number of those are bispecifics, right? Multi-specifics are absolutely the next wave, and we've seen an increase in multispecifics this year and interest there. And I think our OmniAb technology is also driving that as well.

如果你看我們可見的臨床項目，你會發現其中越來越多的是雙特異性的，對嗎？多特異性絕對是下一波浪潮，今年我們看到多特異性增加，人們對其的興趣增加。我認為我們的 OmniAb 技術也正在推動這一點。

We're also seeing more diversification in therapy areas and areas of interest. OmniAb opens up a lot more possibilities in neuroscience as well as in oncology, where we already have a pretty broad presence. So I'll just answer it generally and say it's absolutely increasing the interest in multispecifics. And we're pleased that partners come to us because they realize we've got technologies that are designed to meet the needs there. That's something we've been talking with them about for a long time. So they know that we're there and our technologies are designed to help meet that need.

我們也看到治療領域和興趣領域變得更加多樣化。OmniAb 在神經科學和腫瘤學領域開啟了更多的可能性，我們在這些領域已經擁有相當廣泛的影響力。因此，我只是籠統地回答這個問題，並說這絕對增加了人們對多重特異性的興趣。我們很高興合作夥伴選擇我們，因為他們意識到我們擁有能夠滿足當地需求的技術。這是我們長期以來一直在與他們討論的事情。所以他們知道我們在那裡，而且我們的技術旨在幫助滿足這一需求。

Okay. That's helpful. And then I think you may have given this information at some point last year, but do you have any update as to what the blended royalty rate of the post-discovery program portfolio looks like at this point? And then is there anything that you can say about how the Immunovant 1402 asset, I guess, compares to that blended royalty rate? I know that that's an asset that is getting a lot of investor attention right now.

好的。這很有幫助。然後我想您可能在去年某個時候提供過這些信息，但是您是否有任何關於目前後發現計劃組合的混合特許權使用費率的最新消息？那麼，您能否說說 Immunovant 1402 資產與混合特許權使用費率相比如何？我知道這是目前受到許多投資人關注的資產。

Yes. Steve, I don't have an update for you on that blended royalty rate. We gave that number, what, back in September, November or so of last year. But what I'll say is that rate that we provided was based on the number of active programs that we had at the time, which was about 300. We obviously have grown the number of active programs, but it's kind of hard to move the needle on that number a whole lot. So while I don't have an update to that number, I would imagine it's not that much different than the number that we provided back in November.

是的。史蒂夫，我沒有關於混合版稅率的最新消息。我們在去年九月、十一月左右給了這個數字。但我要說的是，我們提供的費率是基於當時我們擁有的活躍項目數量，大約是 300 個。我們顯然已經增加了活躍項目的數量，但要大幅提高這一數字卻有點困難。因此，雖然我沒有更新該數字，但我認為它與我們 11 月提供的數字沒有太大差別。

In terms of Immunovant program, so just as a reminder, the way that, that contract works is Henal was the original party that we had a contract with. So the way it works is Immunovant will pay Henal, and we get a portion of whatever Henal gets. And so it's a little bit of a different structure than kind of a straight license for us. But in terms of the royalty rate, our standard sort of saying is that the royalty rate that we get is in the low to mid-single digits.

就 Immunovant 計劃而言，需要提醒的是，該合約的運作方式是 Henal 是我們簽訂合約的原始方。因此，其運作方式是 Immunovant 將向 Henal 支付費用，然後我們將獲得 Henal 所得的一部分。因此，對我們來說，它的結構與直接許可證有一點不同。但就版稅率而言，我們的標準說法是，我們獲得的版稅率處於低至中等個位數。

And as it turns out, the percentage that we will be getting from Henal that they're getting from Immunovant is pretty consistent with that. So that's probably as far as I can go in terms of disclosure of that rate. But hopefully, that's a little helpful anyway.

事實證明，我們從 Henal 獲得的百分比與他們從 Immunovant 獲得的百分比是相當一致的。就該利率的披露而言，這可能就是我能透露的全部了。但無論如何，希望這能有所幫助。

Kripa Devarakonda, Truist Securities.

Kripa Devarakonda，Truist 證券公司。

This is Alex on for Kripa (technical difficulty) Question from us. We see some of your potential partners rethinking their portfolio, perhaps driven by economic pressures. And are you seeing more or less partners electing to develop molecules in-house and advance to the IND stage? And maybe what are your thoughts on that? And is there any impact or can we see the seed of change that might affect your current business model going forward?

這是 Alex 就 Kripa（技術難題）提出的問題。我們看到你們的一些潛在合作夥伴正在重新考慮他們的投資組合，這可能是受到經濟壓力的驅動。您是否看到越來越多的合作夥伴選擇內部開發分子並進入 IND 階段？您對此有何看法？這會產生什麼影響嗎？或者我們可以看到可能影響您當前業務模式的變化的種子？

Yes. Thanks, Alex. I'll say a quick answer to your second question. No, we feel great about our business model, about the leverageability in our business and our ability to demonstrate that going forward and our place in the industry more generally.

是的。謝謝，亞歷克斯。我將快速回答你的第二個問題。不，我們對我們的商業模式、我們業務的槓桿作用以及我們在未來展示這種槓桿作用的能力以及我們在行業中的地位感到非常滿意。

The partners come to us really for discovery technologies. We are not -- we don't intend to take programs into IND, that sort of thing. They come to us to get access to our technologies that allow them to get access to broad repertoires of novel antibodies and then to very quickly select winning antibodies that can then be taken forward.

合作夥伴來找我們其實是為了發現科技。我們不會——我們不打算將項目帶入印度，諸如此類。他們來找我們是為了獲得我們的技術，這些技術使他們能夠獲得廣泛的新型抗體，然後非常快速地選擇可以進一步發展的獲勝抗體。

So I think we do have a unique vantage point on the industry, just given that we have intimate relationships with our partners, we understand the sorts of targets they're going after, the ways in which they want to engage targets. And that informs how we kind of innovate around our early-stage discovery platform.

因此我認為我們確實對這個行業有獨特的優勢，因為我們與合作夥伴有著密切的關係，我們了解他們追求的目標類型，以及他們希望與目標互動的方式。這告訴我們如何圍繞早期發現平台進行創新。

So yes, I don't see a change in our business model. We feel great about the work that we're doing and our position in the industry. And I think we have a business that's well positioned for a number of industry cycles. It's designed that way purposely. And I don't see us really strain from that.

所以是的，我沒有看到我們的商業模式改變。我們對自己所做的工作以及在行業中的地位感到非常滿意。我認為我們的業務在多個行業週期中都處於有利地位。它是故意這樣設計的。我不認為我們真的會因此而承受壓力。

Brendan Smith, TD Cowen.

布倫丹·史密斯（Brendan Smith），TD Cowen。

This is Jackie on for Brandon. Just to start off, have you done any beta testing for the OmniHub offering prelaunch? And if so, have you seen any feedback from your customers?

這是 Jackie 代替 Brandon 上場。首先，您是否對 OmniHub 產品的預發布進行過任何 Beta 測試？如果是的話，您是否看過客戶的回饋？

Yes. Look, Jackie, we obviously interact digitally with our partners all the time. So I guess the short answer to that is yes. And we -- as we've expanded our bioinformatics capabilities over the years and then rolled out our OmniDeep platform over the last couple of years, which is a suite of in silico tools. This really became a real natural extension of the work that we're doing. So short answer is yes, we interact with partners in this way digitally, and we'll be rolling out kind of the brand and more broadly at the ATC conference in December.

是的。你看，傑基，我們顯然一直與我們的合作夥伴進行數位互動。所以我想這個問題的簡短答案是肯定的。多年來，我們不斷擴展生物資訊能力，並在過去幾年推出了 OmniDeep 平台，這是一套電腦模擬工具。這確實成為了我們所做工作的自然延伸。所以簡短的回答是肯定的，我們透過這種方式以數位方式與合作夥伴互動，我們將在 12 月的 ATC 會議上更廣泛地推出這種品牌。

Awesome. That's great. And just to follow up on that. Are you thinking of partnering with any cloud providers? Or are you going to kind of run things on-prem or on your own side of things?

驚人的。那太棒了。只是為了跟進這一點。您是否考慮與任何雲端提供者合作？或者您打算在本地或自己這邊運行這些事情？

Yes. At this point, much more homegrown. Obviously, there's a lot of other IT infrastructure behind the scenes, but it's much more homegrown at this point.

是的。從這一點來看，本土化程度更高了。顯然，幕後還有很多其他 IT 基礎設施，但目前這些基礎設施更多的是自主開發的。

Awesome. And then if I could just squeeze one more in. On the three new licenses, could you give us any color on the therapeutic interest or program size expected from these companies and then the mix regarding the platforms they're going to use?

驚人的。然後如果我能再擠一點進去的話。對於這三個新許可證，您能否向我們介紹一下這些公司預期的治療興趣或項目規模，以及他們將要使用的平台組合？

Yes. So we announced three new deals in the quarter, one with 92Bio, which is a company focused on best-in-class multi-specific antibodies focused solely on cancer. And so they're going to be focused on cancer targets. And then the other 2 deals were with Memorial Sloan Kettering Cancer Center. Obviously, they have a really deep and long-standing dedication to cancer, a lot of funding into translational research capabilities and a large innovation hub there. They're obviously primarily focused on novel cancer targets.

是的。因此，我們在本季度宣布了三項新交易，其中一項是與 92Bio 達成的，這是一家專注於一流多特異性抗體（僅針對癌症）的公司。因此他們將重點放在癌症目標上。另外兩筆交易是與紀念斯隆凱特琳癌症中心達成的。顯然，他們對癌症研究有著長期而深入的投入，為轉化研究能力投入了大量資金，並在那裡建立了大型創新中心。他們顯然主要關注新的癌症目標。

And then the Queen Mary University of London, which, of course, is a top research institute in the U.K. They're really focused on cancer prevention as well as diagnostics and theranostics. And those are areas where some of our newer technologies really can be applied well. So across the board, there's a range of our technologies that these parties will be interested in, much like many of our other partners. And so we're excited to add them on.

然後是倫敦瑪麗女王大學，當然，它是英國頂尖的研究機構。他們真正專注於癌症預防以及診斷和治療診斷。這些領域正是我們的一些新技術能夠得到很好應用的領域。因此，總體而言，這些各方都會對我們的一系列技術感興趣，就像我們的許多其他合作夥伴一樣。因此我們很高興將它們添加進來。

Conor McNamara, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的康納‧麥克納馬拉 (Conor McNamara)。

I got one for each of you. So Matt, just on a product development standpoint, what are you seeing on the development on single-domain antibodies? And what are you seeing on the adoption of OmniChicken with customers?

我給你們每人買了一個。那麼馬特，僅從產品開發的角度來看，您對單域抗體的發展有何看法？您認為顧客對 OmniChicken 的接受度如何？

Yes. Well, primarily on the single domain side, obviously, we launched our OmnidAb technology about a year ago. And it has been a really significant portion of one of the things that's attracting new partners. And it opens up new possibilities across a range of therapeutic areas. I mentioned growth in the CNS space. That's a big one as well as radiotherapy. There's a big interest there, and that's attracting a lot of new partners.

是的。嗯，主要是在單域方面，顯然，我們大約一年前推出了 OmnidAb 技術。這也是吸引新夥伴的重要因素。它為一系列治療領域開闢了新的可能性。我提到了中樞神經系統領域的成長。這與放射療法一樣，都是一項重大的治療。那裡有很大的吸引力，並吸引了許多新的合作夥伴。

There's also interest in infectious diseases as well. And that's something that we've had some partnerships in the past, but that has definitely accelerated as well. A lot of different things are driving this one, the range of routes of administration that single-domain antibodies open the opportunity for, whether that's injectable, inhalable or oral, the ability to penetrate the blood-brain barrier and have fast or tunable clearance. That's another element that is attracting new partners.

人們也對傳染病感興趣。這是我們過去曾有過的一些合作關係，但這也確實加速了。許多不同的因素都在推動這一進程，單域抗體提供了多種給藥途徑，無論是注射、吸入還是口服，都能夠穿透血腦屏障並實現快速或可調節的清除。這是吸引新合作夥伴的另一個因素。

And then an area I'm excited about is just this opening up of new areas. As I said, the diagnostics, the theranostics, radiotherapy. So yes, it's created more diversity in our pipeline of programs, which we're excited about.

令我興奮的一個領域就是新領域的開拓。正如我所說，診斷、治療診斷、放射治療。所以是的，它為我們的程序流程創造了更多的多樣性，我們對此感到興奮。

Okay. Great. And then, Kurt, just on the ATM, the amount of money you raised, you raised a little over $11 million. And if I just think about that coinciding with kind of a, call it, a pushout and what you're expecting from license and milestone revenue. Should we be thinking that, that kind of $11 million is kind of stuff that might have come before the end of '25 that now maybe you're saying maybe it's going to be pushed out a little bit just because of program timing? Or, is there any way to kind of separate how much of that is just SafetyNet versus what you see as potential push out in the later than planned revenue from those sources?

好的。偉大的。然後，庫爾特，光是在 ATM 機上，您籌集的資金就超過了 1,100 萬美元。如果我只是考慮一下這與某種延遲相吻合，以及您對許可和里程碑收入的期望。我們是否應該認為，這 1,100 萬美元可能是在 25 年底之前到位的，而現在您可能會說，也許只是因為專案時間安排，這筆錢才會稍微推遲一點？或者，有什麼方法可以區分其中有多少只是 SafetyNet，有多少是您所認為的來自這些來源的計劃外的潛在收入？

Yes. No, I mean, Conor, I don't think this had to do with sort of filling a specific shortfall that we thought was going to happen in the current quarter or anything like that or even next quarter. We sort of -- this was more about as we -- the year progressed, we just -- we were seeing big pharma as well as smaller companies given sort of changes in the industry and funding cycles and things like that.

是的。不，我的意思是，康納，我不認為這與填補我們認為將在本季度或類似情況下甚至下個季度發生的特定缺口有關。我們有點 - 這更多的是關於我們 - 隨著時間的推移，我們只是 - 我們看到大型製藥公司以及小型公司在行業和融資週期等方面發生了變化。

We got a little bit more cautious just with our outlook and said it probably makes some sense to put a little cushion on the balance sheet. So this was -- the entire amount, I would say, is more in terms of just as we look forward, let's put a little cushion on the balance sheet so that we can make sure we have enough capital to go through various cycles that might occur. So it wasn't, hey, we're going to be short $3 million this quarter, let's go hit the ATM. It was more of a longer-term view.

我們對前景更加謹慎，並認為在資產負債表上留出一些緩衝空間可能是有意義的。所以，我想說，這整個金額更多的是，正如我們展望未來一樣，讓我們在資產負債表上留出一點緩衝，以便確保我們有足夠的資本來度過可能發生的各種週期。所以，我們不會想，嘿，這個季度我們將短缺 300 萬美元，我們去用 ATM 機取錢吧。這更像是一種長期觀點。

Congrats guys on the progression of the business.

祝賀你們業務取得進展。

There are no further questions. Please continue.

沒有其他問題了。請繼續。

Great. Thanks. I'd like to thank everyone for joining today's call, and thanks for the questions. We look forward to keeping you updated on our progress and just to updating you next quarter. Kurt and I will be at a couple of investor conferences next week. Kurt will be in New York for the Stifel Healthcare Conference, and I'll be in London for the Jefferies Conference. And in the meantime, we appreciate your interest in OmniAb, and thanks again for joining us today.

偉大的。謝謝。我要感謝大家參加今天的電話會議，也感謝大家提出的問題。我們期待隨時向您通報我們的進度，並於下個季度向您通報最新情況。庫爾特和我下週將參加幾個投資者會議。庫爾特將前往紐約參加 Stifel 醫療保健會議，而我將前往倫敦參加 Jefferies 會議。同時，我們感謝您對 OmniAb 的關注，並再次感謝您今天加入我們。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。