PureTech Health PLC (PRTC) 2024 Q2 法說會逐字稿

Greetings and welcome to the PureTech Health 2024 half year results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Allison Mead Talbot, Head of Communications. Thank you, Allison, you may begin.

您好，歡迎您參加 PureTech Health 2024 年半年度業績電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人，通訊主管艾莉森‧米德‧塔爾博特 (Allison Mead Talbot)。謝謝你，艾莉森，你可以開始了。

Thank you for joining us today for PureTech 2024 half year results webcast. Our half year report was made available this morning and was also filed with the SEC. This information is available on the investors page of our website at puretechhealth.com.

感謝您今天加入我們的 PureTech 2024 年半年業績網路廣播。我們的半年報告已於今天上午發布，並已提交給美國證券交易委員會 (SEC)。這些資訊可在我們網站 puretechhealth.com 的投資者頁面上找到。

PureTech is led by a proven and seasoned management team with significant experience in discovering and developing important new medicines, delivering them to market, and maximizing shareholder value.

PureTech 由一支久經考驗且經驗豐富的管理團隊領導，他們在發現和開發重要新藥、將其推向市場以及最大化股東價值方面擁有豐富的經驗。

Today, I'm pleased to be joined by members of the senior team including Bharatt Chowrira, Chief Executive Officer; Eric Elenko, Co-Founder and President; Robert Lyne, Chief Portfolio Officer; and Chip Sherwood, General Counsel.

今天，我很高興能與包括執行長 Bharat Chowrira 在內的高級團隊成員一起加入。 Eric Elenko，共同創辦人兼總裁；羅伯特‧萊恩，首席投資組合長；和總法律顧問 Chip Sherwood。

I would like to remind you that during today's call, we will be making certain forward-looking statements. These statements are subject to various important risks, uncertainties and assumptions that could cause our actual results to differ materially from our expectations. And we ask that you refer to our annual report and our SEC filings for a complete discussion of these factors.

我想提醒您，在今天的電話會議中，我們將做出某些前瞻性聲明。這些陳述受到各種重要風險、不確定性和假設的影響，可能導致我們的實際結果與我們的預期有重大差異。我們要求您參考我們的年度報告和美國證券交易委員會的文件，以便對這些因素進行完整的討論。

You should not put undue reliance on any forward-looking statement. These forward-looking statements reflect our expectations as of the date of this call, and we undertake no obligation to revise or update any forward-looking statements or information except as required by law.

您不應過度依賴任何前瞻性陳述。這些前瞻性陳述反映了我們截至本次電話會議之日的預期，除法律要求外，我們不承擔修改或更新任何前瞻性陳述或資訊的義務。

I also want to remind you that we will be referring to certain non-IFRS measures in this presentation. The presentation of this non-IFRS financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with IFRS. A reconciliation of IFRS to non-IFRS measures that we will be referring to today can be found in the accompanying presentation and is also available on our investor relations website at investors.puretechhealth.com and in our SEC filings.

我還想提醒您，我們將在本簡報中提及某些非 IFRS 措施。本非國際財務報告準則財務資訊的列報不應被單獨考慮或作為根據國際財務報告準則列報的財務資訊的替代。我們今天將提到的 IFRS 與非 IFRS 措施的調節可以在隨附的簡報中找到，也可以在我們的投資者關係網站 Investors.puretechhealth.com 和我們的 SEC 文件中找到。

I will now turn the call over to Bharat Chowrira, PureTech Chief Executive Officer.

我現在將把電話轉給 PureTech 執行長 Bharat Chowrira。

Thank you Allison. Welcome, everyone, and thank you for joining us today. In the first half of 2024, we made substantial progress in our mission to change the lives of patients with devastating diseases, which we believe will drive significant shareholder value in the coming months and years.

謝謝艾莉森。歡迎大家，感謝您今天加入我們。2024 年上半年，我們在改變毀滅性疾病患者生活的使命方面取得了實質進展，我們相信這將在未來幾個月和幾年內為股東帶來巨大價值。

We completed enrollment in our Phase 2b clinical trial of LYT-100, also known as deupirfenidone in idiopathic pulmonary fibrosis or IPF, which remains on track to readout by the end of the year.

我們完成了 LYT-100（也稱為 deupirfenidone）治療特發性肺纖維化或 IPF 的 2b 期臨床試驗的入組，該試驗仍有望在今年年底前讀出。

One of our founded entities, Karuna was acquired for $14 billion following the acceptance of its new drug application for KarXT. And we launched a new founded entity Seaport Therapeutics with a $100 million oversubscribed Series A financing.

Karuna 是我們創立的實體之一，在 KarXT 的新藥申請被接受後，以 140 億美元的價格收購了 Karuna。我們還推出了新成立的實體 Seaport Therapeutics，並獲得了 1 億美元的超額認購 A 輪融資。

Looking ahead, we anticipate significant near term catalysts, including top line results from the Phase 2b clinical trial of LYT-100, the FDA's decision regarding the approval of KarXT for adults with schizophrenia and data from our oncology candidate, LYT-200 in hematologic malignancies and solid tumors.

展望未來，我們預計近期將出現重大催化劑，包括LYT-100 2b 期臨床試驗的主要結果、 FDA 關於批准KarXT 用於成人精神分裂症患者的決定以及我們的腫瘤學候選藥物LYT-200 在血液系統惡性腫瘤中的數據和實體腫瘤。

Today, we will discuss the progress we have made thus far. Why we are so excited about the near term catalysts and the options we have to realize our return on investment across our portfolio. I'll start with a reminder of our innovative and efficient R&D model.

今天，我們將討論迄今為止所取得的進展。為什麼我們對短期催化劑和我們必須實現整個投資組合投資回報的選擇如此興奮。我首先要提醒大家我們創新、高效率的研發模式。

We are proud of the hub-and-spoke R&D model we have pioneered, which has many benefits, including uncapped upside and diversified risk profile for downside protection. Our hub is our core group of people, proven drug discovery engine, impressive track record of success, and capabilities at PureTech that are at the center of everything we do.

我們為我們首創的中心輻射型研發模式感到自豪，該模式有許多好處，包括無限制的上行空間和多元化的下行保護風險狀況。我們的中心是我們的核心團隊、經過驗證的藥物發現引擎、令人印象深刻的成功記錄以及 PureTech 的能力，這些能力是我們所做一切的核心。

Our SPOKES are our founded entities, which house the programs and platforms that were initially identified and discovered and then advanced by PureTech team through key validation and value inflection points.

我們的 SPOKES 是我們成立的實體，其中包含由 PureTech 團隊最初識別和發現，然後透過關鍵驗證和價值轉折點進行推進的程序和平台。

This model is beneficial in a few ways. First, it is extremely resource efficient. Putting assets into founded entities allows us to attract external capital at the asset level, mitigating the capital burden on Fuel-Tech. This allows us to concentrate expertise where it's most appropriate for the portfolio and ensures that promising new medicines are progressed efficiently to patients.

該模型在幾個方面是有益的。首先，它的資源效率極高。將資產投入成立的實體使我們能夠在資產層面吸引外部資本，從而減輕 Fuel-Tech 的資本負擔。這使我們能夠將專業知識集中在最適合產品組合的地方，並確保有前途的新藥能夠有效地應用於患者。

Second, bringing in outside partners serves as external validation for programs we have created. It also offers greater optionality for funding the program such as through an IPO. And finally, the SPOKES also serve as a source of capital back to PureTech through the monetization of our equity stakes and product revenues.

其次，引入外部合作夥伴可以作為我們創建的專案的外部驗證。它還為該計劃提供了更多的融資選擇，例如透過首次公開募股。最後，SPOKES 也透過我們的股權和產品收入貨幣化，作為 PureTech 的資本來源。

This evergreen source of capital allows us to advance our existing programs, fuel our R&D engine to generate new medicines, and enables us to return capital to our shareholders. The success of our self-funded model is highlighted by our strong balance sheet and the fact that we have not had to raise money in the equity markets in over six years.

這種常青的資本來源使我們能夠推進現有計劃，推動我們的研發引擎產生新藥物，並使我們能夠向股東返還資本。我們強大的資產負債表以及我們六年多來無需在股票市場籌集資金的事實凸顯了我們自籌資金模式的成功。

I'm proud of the clinical and financial track record we have achieved through this model. We consistently maintain one of the most impressive clinical track records in the biopharma industry with more than 80% of our clinical trials conducted by PureTech or founded entities since 2009, having demonstrated success.

我對我們透過這個模型取得的臨床和財務記錄感到自豪。我們始終保持著生物製藥行業最令人印象深刻的臨床記錄之一，自 2009 年以來，我們 80% 以上的臨床試驗都是由 PureTech 或成立的實體進行的，並且取得了成功。

And our founded entities have continued to garner external validation and support, having raised $3.9 billion since 2018, 95% of which came from third parties. Our strong financial position is underpinned by our disciplined approach to capital allocation, and the inflows resulting from monetization of our founded entities.

我們成立的實體繼續獲得外部驗證和支持，自 2018 年以來已籌集 39 億美元，其中 95% 來自第三方。我們穩健的財務狀況得益於我們嚴格的資本配置方法以及我們所成立實體的貨幣化所帶來的資金流入。

This has allowed us to drive our drug discovery pipeline with an evergreen funding model, return $150 million to shareholders to date, maintain a strong balance sheet with PureTech level cash, cash equivalent and short term investments of $400.6 million as of June 30, 2024, with operational runway for at least three years. This track record is a testament to our efficiency and productivity, which we believe drives the potential for significant upside across the portfolio.

這使我們能夠透過常青融資模式推動我們的藥物發現管道，迄今為止向股東返還1.5 億美元，保持強大的資產負債表，截至2024 年6 月30 日，PureTech 水平的現金、現金等價物和短期投資為4.006 億美元，擁有運行跑道至少三年。這項業績記錄證明了我們的效率和生產力，我們相信這將推動整個投資組合顯著上漲的潛力。

We start with small molecule and biological drugs that can address significant patient needs. And have already demonstrated some level of human efficacy. We then advance these medicines through key de-risking milestones early in the process, leveraging our extensive scientific and industry network.

我們從可以滿足患者重大需求的小分子和生物藥物開始。並且已經展示了一定程度的人類功效。然後，我們利用我們廣泛的科學和行業網絡，在流程早期透過關鍵的去風險里程碑來推進這些藥物的發展。

If a program does not reach our prespecified threshold for advancement, we quickly de-prioritize such programs and move our resources to more promising programs. This approach allows us to move drug candidates efficiently towards value inflection points where we can then assess the best path forward to maximize patient benefit and shareholder value.

如果某個專案沒有達到我們預先設定的晉升門檻，我們會迅速取消此類專案的優先級，並將我們的資源轉移到更有前途的專案上。這種方法使我們能夠有效地將候選藥物推向價值轉折點，然後我們可以評估實現患者利益和股東價值最大化的最佳前進道路。

Our model has been incredibly productive with founded entities now returning capital back to us, which enables us to continue on our mission for patients and also evaluate potential further capital returns to shareholders.

我們的模式非常高效，成立的實體現在將資本返還給我們，這使我們能夠繼續履行為患者服務的使命，並評估股東潛在的進一步資本回報。

Karuna's $14 billion acquisition by Bristol Myers Squibb is a great case study for our model and a hallmark of how we create value both clinically and financially. Karuna's KarXT was invented and initially developed by PureTech.

百時美施貴寶以 140 億美元收購 Karuna 是我們模型的一個很好的案例研究，也是我們如何在臨床和財務上創造價值的標誌。Karuna 的 KarXT 是由 PureTech 發明和最初開發的。

We allocated a total of $18.5 million to Karuna and have generated approximately $1.1 billion today to the monetization of equity holdings, gross proceeds from BMS acquisition and a strategic royalty agreement with Royalty Pharma.

我們向 Karuna 總共分配了 1850 萬美元，目前已產生約 11 億美元用於股權貨幣化、BMS 收購總收益以及與 Royalty Pharma 的戰略特許權使用費協議。

Beyond this, we maintain the potential for future earnings from milestones and royalty payments based on KarXT's regulatory and commercial success, including the potential to receive up to $400 million for the next several years under the Royalty Pharma transaction and 2% royalties on KarXT annual net sales above $2 billion.

除此之外，我們根據KarXT 的監管和商業成功，維持未來從里程碑和特許權使用費中獲得收入的潛力，包括在未來幾年根據Royalty Pharma 交易獲得高達4 億美元的潛力以及KarXT 年淨額的2% 特許權使用費銷售額超過20億美元。

Despite significant success across our business, there remains a significant value disconnect. To unlock our intrinsic value across our portfolio, we will continue to evaluate strategies that employ a capital efficient approach that balances support for the internal and founded entity programs as well as funding of future innovations to maximize shareholder return.

儘管我們的業務取得了巨大成功，但仍存在重大的價值脫節。為了釋放我們整個投資組合的內在價值，我們將繼續評估採用資本效率方法的策略，平衡對內部和創辦實體計劃的支持以及對未來創新的資助，以最大限度地提高股東回報。

In the first half of 2024, we completed a $100 million tender offer, which together with a $50 million share buyback program that completed in February of this year constitute $150 million of capital return to the shareholders.

2024年上半年，我們完成了1億美元的要約收購，加上今年2月完成的5,000萬美元的股票回購計劃，構成了股東1.5億美元的資本回報。

For the remainder of 2024, we will continue to deploy capital with a measured approach and expect to have PureTech level cash, cash equivalents, short term investments of approximately $330 million at the end of the year. This figure is inclusive of expected payments of approximately $40 million to address our tax obligations and does not take into consideration any additional inflows of capital subsequent to the date of this report.

在 2024 年剩餘時間內，我們將繼續謹慎地部署資本，預計到年底將擁有 PureTech 水準的現金、現金等價物和短期投資約 3.3 億美元。該數字包括為履行我們的納稅義務而預計支付的約 4000 萬美元，並且不考慮本報告發布之日後任何額外的資本流入。

We may also continue to make investments in our founded entities with the goal of maintaining our ownership position or minimizing dilution or in certain circumstances to help catalyze their financing round that we believe will bring additional long term value to the company.

我們也可能繼續對我們成立的實體進行投資，目的是維持我們的所有權地位或最大限度地減少稀釋，或者在某些情況下幫助催化他們的融資輪，我們相信這將為公司帶來額外的長期價值。

We will also continue to fund existing programs in which we currently hold 100% ownership interest such as LYT-100 and LYT-200 through the key milestones. Advancing these programs internally affords us the optionality either to continue internal development for further value accretion or to pursue external funding or partnerships to maximize shareholder value.

我們也將繼續為我們目前持有 100% 所有權的現有項目（例如 LYT-100 和 LYT-200）提供關鍵里程碑資金。在內部推動這些計劃使我們可以選擇繼續內部發展以進一步增值，或尋求外部資金或合作夥伴關係以最大化股東價值。

With the maturation of many of our existing programs, we will also focus on building for the future by sourcing new innovations and anticipate selecting up to two programs per year. Historically, initial spend on new programs has been minimal with exact amount required being program specific.

隨著我們許多現有項目的成熟，我們還將專注於透過尋找新的創新來建立未來，並預計每年選擇最多兩個項目。從歷史上看，新項目的初始支出很少，具體金額取決於項目的具體情況。

Our innovation engine enables the growth of our portfolio to ensure that the next wave of candidates is progressing towards value creating milestones for shareholders.

我們的創新引擎使我們的投資組合不斷增長，以確保下一波候選人正在朝著為股東創造價值的里程碑邁進。

I would now like to invite Dr. Eric Elenko, our Co-Founder and President to provide a summary of our key programs, including LYT-100, which has a highly anticipated clinical readout by the end of this year.

我現在想邀請我們的聯合創始人兼總裁 Eric Elenko 博士總結我們的關鍵項目，其中包括 LYT-100，該項目將於今年年底獲得備受期待的臨床結果。

Thank you, Bharatt. We are very excited by the progress we're making with LYT-100, and we look forward to the top line results, the Phase 2b trial, by the end of this year. LYT-100 or deupirfenidone is in development for idiopathic pulmonary fibrosis or IPF.

謝謝你，巴拉特。我們對 LYT-100 所取得的進展感到非常興奮，我們期待在今年年底前獲得最重要的結果，即 2b 期試驗。LYT-100 或 deupirfenidone 正在開發用於治療特發性肺纖維化或 IPF。

For those of you who are unfamiliar with IPF, it's a rare, progressive and fatal disease involving scarring of the lungs, and the median survival is two to five years. There are two FDA approved branded treatments, one of which is pirfenidone, has been shown to slow the decline of lung function and extend life by an average of 2.5 years.

對於那些不熟悉 IPF 的人來說，這是一種罕見的、進行性和致命的疾病，涉及肺部疤痕，中位生存期為兩到五年。FDA 批准了兩種品牌治療藥物，其中之一是吡非尼酮，已被證明可以減緩肺功能的衰退，平均延長壽命 2.5 年。

While both approved treatments are effective, they can cause significant side effects, which means patients cannot fully benefit from the drug because they are unable to stay on treatment long enough or at the right dose.

雖然這兩種核准的治療方法都是有效的，但它們可能會引起顯著的副作用，這意味著患者無法從該藥物中完全受益，因為他們無法堅持足夠長的治療時間或以正確的劑量。

You'll note on this slide that nearly 75% of patients with IPF never receive anti-fibrotic treatment and of the 25% who are treated with either standard of care medicine, approximately 40% eventually discontinued treatment.

您會在這張投影片上註意到，近 75% 的 IPF 患者從未接受過抗纖維化治療，而在接受任一標準護理藥物治療的 25% 患者中，大約 40% 最終停止了治療。

Despite these drawbacks, both branded drugs have achieved blockbuster status and generated combined sales of more than $4 billion in 2022, representing a significant market opportunity in IPF and other fibrotic lung diseases.

儘管有這些缺點，這兩個品牌藥物仍取得了重磅炸彈的地位，並在 2022 年創造了超過 40 億美元的合併銷售額，代表了 IPF 和其他纖維化肺部疾病的巨大市場機會。

We believe that LYT-100 has the potential to supplant the current standard of care treatments and become the backbone anti-fibrotic for a range of combination therapies as well as the preferred monotherapy for IPF patients.

我們相信 LYT-100 有潛力取代目前的護理治療標準，成為一系列聯合療法的骨幹抗纖維化療法以及 IPF 患者的首選單一療法。

LYT-100 is a deuterated form of pirfenidone that is designed to retain the antifibrotic and anti-inflammatory activity that is associated with the efficacy of pirfenidone, but it has an advantageous safety and tolerability profile.

LYT-100 是吡非尼酮的氘化形式，旨在保留與吡非尼酮功效相關的抗纖維化和抗炎活性，但它具有有利的安全性和耐受性。

We have generated significant clinical data to date with LYT-100, 550 milligrams of LYT-100 given three times per day achieves the same level of drug exposure as the FDA approved dose of pirfenidone. In our Phase 1 crossover study, the same dose demonstrated a 50% reduction in the number of healthy older adults experiencing gastrointestinal related adverse events compared to pirfenidone.

到目前為止，我們已經獲得了 LYT-100 的重要臨床數據，每天 3 次給予 550 毫克 LYT-100，可達到與 FDA 批准的吡非尼酮劑量相同的藥物暴露水平。在我們的 1 期交叉研究中，與吡非尼酮相比，相同劑量的健康老年人出現胃腸道相關不良事件的數量減少了 50%。

This is important because gastrointestinal adverse events affect patient's quality of life and their ability to stay on the drug. Therefore, one of the ways we find success is by offering the same level of efficacy as pirfenidone but have improved tolerability.

這很重要，因為胃腸道不良事件會影響患者的生活品質及其繼續用藥的能力。因此，我們成功的方法之一是提供與吡非尼酮相同水平的功效，但提高了耐受性。

In our ongoing Phase 2b trial, we are also exploring a higher dose of LYT-100, which was well-tolerated in Phase 1 trials and we believe gives us a second shot on goal of achieving better efficacy. Data support a dose-dependent effect with pirfenidone for the tolerability profile of pirfenidone has limited further exploration of higher doses.

在我們正在進行的2b 期試驗中，我們也正在探索更高劑量的LYT-100，該劑量在1 期試驗中具有良好的耐受性，我們相信這為我們實現更好療效的目標提供了第二次機會。數據支持吡非尼酮的耐受性具有劑量依賴性效應，這限制了對更高劑量的進一步探索。

The primary endpoint is the rate decline in forced vital capacity, which is the gold standard endpoint in determining the efficacy of IPF therapies. The trial is powered to show a statistical difference between LYT-100 and placebo over the 26 week treatment period using a prespecified Bayesian approach, which has been used previously in Phase 2 IPF trials. Other key endpoints include tolerability measures and patient reported outcomes.

主要終點是用力肺活量的下降率，這是確定 IPF 治療療效的黃金標準終點。該試驗使用預先指定的貝葉斯方法顯示 LYT-100 和安慰劑在 26 週治療期內的統計差異，該方法先前已在 IPF 2 期試驗中使用。其他關鍵終點包括耐受性測量和患者報告的結果。

This trial is expected to readout by the end of the year, and we look forward to sharing the top line data. We think LYT-100 could potentially address the needs of multiple segments of IPF patients. What you see here are the findings from a survey of pulmonologists who actively treat IPF patients conducted by an independent third-party market research firm to assess the commercial opportunity for LYT-100 in IPF.

該試驗預計將於今年底公佈，我們期待分享主要數據。我們認為 LYT-100 有可能滿足多位 IPF 患者的需求。您在這裡看到的是一家獨立的第三方市場研究公司對積極治療 IPF 患者的肺科醫生進行的一項調查結果，該調查旨在評估 LYT-100 在 IPF 中的商業機會。

As a result, we believe LYT-200 has potential to become the standard of care drug for IPF and offer an attractive treatment option to those who are currently not on therapy. Beyond IPF, there are additional opportunities for LYT-100 in other progressive fibrosis ILDs, which could double the number of patients who could benefit. Again, we expect results from the Phase 2b trial in patients with IPF by the end of this year, and we look forward to sharing those data.

因此，我們相信 LYT-200 有潛力成為 IPF 的標準治療藥物，並為目前未接受治療的患者提供有吸引力的治療選擇。除了 IPF 之外，LYT-100 在其他進行性纖維化 ILD 中還有其他機會，這可能會使受益的患者數量增加一倍。同樣，我們預計 IPF 患者的 2b 期試驗結果將在今年年底獲得，並且我們期待分享這些數據。

Another program I'd like to highlight today is LYT-200, to which will be advanced by our founded entity, Gallop Oncology. We are advancing a differentiated approach to cancer treatment by targeting the pro-tumor mechanisms of galectin-9 for the treatment of hematological malignancies and solid tumors.

今天我想強調的另一個項目是 LYT-200，該項目將由我們成立的實體 Gallop Oncology 推進。我們正在透過針對半乳糖凝集素 9 的促腫瘤機制來推進一種差異化的癌症治療方法，用於治療血液惡性腫瘤和實體瘤。

In the first half of the year, the FDA granted LYT-200 orphan drug designation for the treatment of AML as well as fast-track designation for the treatment of head and neck cancers. Blocking galectin-9 results in direct cell death as well as relief of immunosuppression AML, as well as head and neck cancer among others.

今年上半年，FDA授予LYT-200治療AML的孤兒藥資格以及治療頭頸癌的快速通道資格。阻斷 galectin-9 會導致細胞直接死亡，並緩解免疫抑制 AML 以及頭頸癌等。

We're encouraged by the preliminary data generated to date in our two ongoing Phase 1b clinical trials, and we expect additional data in the fourth quarter of 2024 for the potential treatment of AML and MDS, as well as in combination with tislelizumab for the potential treatment of advanced solid tumors.

我們對兩項正在進行的1b 期臨床試驗迄今為止產生的初步數據感到鼓舞，我們預計2024 年第四季度將獲得有關AML 和MDS 潛在治療的更多數據，以及與替雷利珠單抗聯合治療的潛在數據。

The last program I'll highlight today is Seaport Therapeutics, which houses the CNS pipeline spun out from PureTech with an oversubscribed $100 million Series A in the first half of this year. And is led by PureTech's former CEO, Daphne Zohar.

我今天要重點介紹的最後一個項目是 Seaport Therapeutics，該項目擁有從 PureTech 分拆出來的中樞神經系統產品線，今年上半年 A 輪融資獲得了 1 億美元的超額認購。由 PureTech 前首席執行官 Daphne Zohar 領導。

The Seaport pipeline was born out of our strong R&D engine. It has many of the same elements that led to Karuna's success and utilizes the same approach we're taking with LYT-100, unlocking the full potential of drugs that have clinically validated mechanisms, but also key limitations that have hindered full patient benefit.

海港管道誕生於我們強大的研發引擎。它具有許多與 Karuna 成功相同的要素，並採用了我們對 LYT-100 採取的相同方法，釋放了具有臨床驗證機制的藥物的全部潛力，但也釋放了阻礙患者充分受益的關鍵限制。

Seaport is different from Karuna because it is centered around a proprietary platform called Glyph rather than a single asset. The Glyph platform is designed to allow drugs to be taken orally as well as circumvent liver toxicity, when those issues are caused by what is known as first pass metabolism.

Seaport 與 Karuna 不同，因為它以名為 Glyph 的專有平台為中心，而不是單一資產。Glyph 平台旨在允許口服藥物並規避肝毒性，而這些問題是由所謂的首過代謝引起的。

First pass metabolism were first the way the drug is processed by the liver after being taken. Some drugs get chewed up to a very large extent by enzymes in the liver, which can cause problems. Glyph allows drugs to be absorbed like dietary lipids, enabling them to be absorbed directly into the lymphatic system and avoid first pass metabolism.

首過代謝是藥物服用後首先由肝臟處理的方式。有些藥物會在很大程度上被肝臟中的酵素消化，這可能會引起問題。Glyph 可以讓藥物像飲食脂質一樣被吸收，使它們能夠直接吸收到淋巴系統中並避免首過代謝。

The platform also allows new intellectual property to be generated for each new drug that is created. Seaport is advancing first and best-in-class medicines for people living with neuropsychiatric disorders. They have three therapeutic candidates in their pipeline and multiple discovery preclinical programs underway, leveraging the platform. We are excited for Seaport's journey to make a difference for patients in need.

該平台還允許為每種新藥物產生新的智慧財產權。Seaport 正在為神經精神疾病患者開發一流的藥物。他們正在利用該平台開發三種治療候選藥物，並正在進行多個發現臨床前計畫。我們對 Seaport 為有需要的患者帶來改變的旅程感到興奮。

Throughout the remainder of the year, we anticipate multiple clinical milestones across our internal and founded entity programs. As Bharatt discussed, we are pleased that we have the necessary capital and discipline to continue to execute on our model and make a difference for patients with devastating disease while creating shareholder value.

在今年剩下的時間裡，我們預計我們的內部和成立的實體專案將實現多個臨床里程碑。正如巴拉特所討論的那樣，我們很高興我們擁有必要的資本和紀律來繼續執行我們的模式，為患有毀滅性疾病的患者帶來改變，同時創造股東價值。

I'd like to now hand it over to Bharatt to provide a recap of our 2024 half year financial results as well as closing remarks.

現在我想將其交給 Bharat，概述我們 2024 年半年的財務業績以及結束語。

Thank you, Eric. I'm pleased to report that PureTech's cash position remains strong due to our unique business model, excellent track record of clinical success, and commitment to financial discipline. At the PureTech level, we ended June 2024 with cash, cash equivalents and short term investments of $400.6 million compared to cash, cash equivalents and short term investments of $326 million at the end of 2023.

謝謝你，埃里克。我很高興地報告，由於我們獨特的商業模式、出色的臨床成功記錄以及對財務紀律的承諾，PureTech 的現金狀況仍然強勁。在 PureTech 層面，截至 2024 年 6 月，我們的現金、現金等價物和短期投資為 4.006 億美元，而 2023 年底的現金、現金等價物和短期投資為 3.26 億美元。

On a consolidated basis, our cash and cash equivalents and short term investments were $500.4 million at the end of June 2024 as compared to cash, cash equivalents and short term investments of $327.1 million at the end of 2023.

截至 2024 年 6 月，我們的現金、現金等價物和短期投資為 5.004 億美元，而 2023 年底的現金、現金等價物和短期投資為 3.271 億美元。

Based on our existing financial assets as of June 30, 2024, we expect to have operational runway of at least three years. During the first half of 2024, we have implemented strategies to drive efficient operations and capital allocation, which has resulted in a decrease in both our R&D and G&A expenses at the PureTech level. On a consolidated basis, we reported operating expenses of $66.7 million in the first six months of 2024 as compared to $79.3 million in the same period in 2023.

根據我們截至 2024 年 6 月 30 日的現有金融資產，我們預計營運期限至少為三年。2024 年上半年，我們實施了推動高效營運和資本配置的策略，這導致 PureTech 層面的研發和一般行政費用均有所下降。在合併基礎上，我們報告 2024 年前 6 個月的營運費用為 6,670 萬美元，而 2023 年同期為 7,930 萬美元。

As we look ahead to 2024 and onwards, I'd like to note that we are more excited than ever to deliver on our mission to crystallize value for our shareholders, and we viewed the four elements of this slide as the key drivers.

展望 2024 年及以後，我想指出的是，我們比以往任何時候都更加興奮地履行為股東實現價值的使命，我們將這張投影片的四個要素視為關鍵驅動因素。

Our portfolio model protects shareholders from potential downside with a strong balance sheet and our self-funding model means we have not had to dilute shareholders through a public market raise in more than six years.

我們的投資組合模型透過強大的資產負債表保護股東免受潛在下行風險的影響，而我們的自籌資金模式意味著我們在六年多的時間裡不必透過公開市場融資來稀釋股東的股權。

We also believe our model provides us with multiple shots on goal and shareholders will benefit from our ownership stakes in our internal programs and founded entities as candidates mature. For some of our programs like KarXT, these anticipated capital inflows are already being realized, and we anticipate additional earnings from regulatory and commercial success.

我們也相信，我們的模式為我們提供了多次實現目標的機會，隨著候選人的成熟，股東將受益於我們在內部規劃和創辦實體中的所有權股份。對於我們的一些項目（例如 KarXT），這些預期的資本流入已經實現，我們預計會從監管和商業成功中獲得額外收益。

All of these value drivers are intended to enable us to return capital to shareholders, and we will continue to evaluate future opportunities for additional capital returns.

所有這些價值驅動因素都是為了使我們能夠向股東返還資本，我們將繼續評估未來獲得額外資本回報的機會。

In closing, I'd like to thank all of the patients and clinicians for participating in our clinical trials. I would also like to extend many thanks and appreciation to our dedicated team, including our Board of Directors and advisers who continue to play an essential role in driving highly innovative and impactful R&D forward.

最後，我要感謝所有參與我們臨床試驗的患者和臨床醫生。我也要向我們的敬業團隊表示衷心的感謝和讚賞，包括我們的董事會和顧問，他們在推動高度創新和有影響力的研發方面繼續發揮著重要作用。

Finally, I'd like to thank our shareholders for continuing to support our journey to bring new classes of medicine to patients in need to value our recent and continued engagement and your feedback as we remain steadfast in maximizing value, both for the patients and for our shareholders.

最後，我要感謝我們的股東繼續支持我們為有需要的患者提供新類別藥物的旅程，重視我們最近和持續的參與以及您的反饋，因為我們堅定不移地為患者和為患者實現價值最大化。

We will now take questions.

我們現在將接受提問。

(Operator Instructions) Lucy Codrington, Jefferies.

（操作員說明）Lucy Codrington，Jefferies。

Hi there. Thank you for taking my questions. Just a couple to help with modeling, please. So is it possible to provide any guidance on the cash burn, unexpected cash runway of Seaport? Just so we can better think about the consolidated cash position at the end of the year.

你好呀。感謝您回答我的問題。請幾個人幫忙建模。那麼是否有可能對海港的現金消耗、意外現金跑道提供任何指導？這樣我們就可以更好地考慮年底的合併現金狀況。

And then secondly, the tax amount is $40 million owed on Karuna seems a little less than we were anticipating, so I just wanted to confirm that this is the only tax rate this year. Thank you.

其次，卡魯納所欠的稅額為 4000 萬美元，似乎比我們預期的要少一些，所以我只是想確認一下，這是今年唯一的稅率。謝謝。

Thank you, Lucy. So regarding Seaport, even though we are consolidating the financials, we independently operating company. And so we are not at liberty to discuss their cash burn ongoing basis, so we won't be able to share that information.

謝謝你，露西。因此，對於 Seaport，儘管我們正在整合財務，但我們是獨立營運的公司。因此，我們無權討論他們持續燒錢的情況，因此我們無法分享這些資訊。

In addition, regarding the tax question that you had, so we had indicated previously that based on the proceeds from the BMS transaction for Karuna Therapeutics of $293 million, we would be potentially obligated to pay somewhere in the high 20% in taxes, which we would look to -- we'll figure out a way to offset to the extent we can with respect to any operating losses or net operating loss or other offsets that we can allow. And so based on that, we are projecting that we would this year in 2024, we would pay approximately $40 million in taxes based on some of those offsets that are available to us.

此外，關於您提出的稅務問題，我們之前曾表示，根據 Karuna Therapeutics 的 BMS 交易收益 2.93 億美元，我們可能有義務繳納高達 20% 的稅款，我們對此表示歡迎。盡可能抵銷任何營業損失或營業淨損失或其他我們可以允許的抵銷。因此，基於此，我們預計今年到 2024 年，我們將根據我們可以獲得的部分抵銷額繳納約 4000 萬美元的稅款。

Thanks very much.

非常感謝。

Thomas Smith, Leerink Partners.

托馬斯史密斯，Leerink 合夥人。

Hey, guys, good morning. Thanks for taking the questions and congrats on the progress. Yeah, just first on LYT-100. Now that you've completed enrollment in the Phase 2b study. I was wondering if you could comment on sort of the high level characteristics of the patients you've enrolled and how those compare versus your expectations?

嘿，夥計們，早安。感謝您提出問題並祝賀取得的進展。是的，首先是 LYT-100。現在您已完成 2b 期研究的註冊。我想知道您是否可以評論一下您入組的患者的一些高級特徵以及這些特徵與您的期望相比如何？

Are there any notable differences that you'd highlight versus some of the other contemporary Phase 2 or Phase 3 IPF studies? And then can we think about potential next steps for this program, obviously depends on the data that's being generated. But maybe you could just walk us through how you're thinking about a potential Phase 3 registrational design at this point.

與其他一些當代 2 期或 3 期 IPF 研究相比，您是否有任何顯著差異？然後我們是否可以考慮該計劃的潛在後續步驟，顯然取決於正在產生的數據。但也許您可以向我們介紹一下您目前如何考慮潛在的第三階段註冊設計。

Thanks, Tom. Appreciate it. And so I will ask Eric to comment on those questions.

謝謝，湯姆。欣賞它。因此，我將請艾瑞克對這些問題發表評論。

Yeah. Thank you for the questions. So we haven't released detailed characteristics in terms of the characteristics of the patients. But if you look at our study design, it's really that type of design and inclusion, exclusion criteria that you're going to find in other IPF studies.

是的。謝謝你的提問。所以就患者的特徵而言，我們還沒有公佈詳細的特徵。但如果你看看我們的研究設計，你會發現這確實是你在其他 IPF 研究中會發現的那種設計和納入、排除標準。

And if you look at our primary endpoint of FCC, again, kind of gold standard measurement. So I'd say in terms of those overall characteristics, overall approach, that part is really in line with what has historically been done.

如果您再看看我們的主要終點 FCC，這也是一種黃金標準測量。所以我想說，就這些總體特徵、整體方法而言，這部分確實符合歷史上所做的事情。

In terms of the Phase 3 design, we really need to see this data from the Phase 2b because that data will allow us to make conclusions about powering and also you'll recall in the Phase 2b, there are two different doses that we're using, one dose that's equivalent to the commercially used dose of pirfenidone as well as a higher dose.

就第 3 階段設計而言，我們確實需要查看第 2b 階段的數據，因為這些數據將使我們能夠得出有關供電的結論，而且您還記得在第 2b 階段，我們有兩種不同的劑量使用相當於吡非尼酮商業使用劑量的一個劑量以及較高的劑量。

And so the ultimate design of the Phase 3 will be data driven coming out of the Phase 2b, which is fairly typical in terms of the approach.

因此，第 3 階段的最終設計將由第 2b 階段的數據驅動，這在方法方面相當典型。

Yeah, and we plan to engage with the regulatory agencies to kind of discuss what that Phase 3 would look like. But we are quite excited about being on track to announce data by the end of the year and so look forward to that.

是的，我們計劃與監管機構合作，討論第三階段的情況。但我們對能夠在年底前公佈數據感到非常興奮，因此對此充滿期待。

Got it. That makes sense. And then if I could ask a follow-up with respect to capital allocation. You talked about balancing your research efforts across both the wholly owned pipeline and founded entity approach and then selecting up to two new programs per year.

知道了。這是有道理的。然後我是否可以詢問有關資本配置的後續情況。您談到了在全資管道和創辦實體方法之間平衡您的研究工作，然後每年選擇最多兩個新項目。

Just elaborate on how you're prioritizing some of the early research work and how you're thinking about restocking a wholly owned pipeline versus advancing these programs through new SPOKES and the founded entity approach.

只需詳細說明您如何優先考慮一些早期研究工作，以及您如何考慮補充全資管道的庫存，而不是透過新的 SPOKES 和建立的實體方法來推進這些項目。

Yeah. So in terms of the capital allocation, we have always been quite capital efficient and disciplined in terms of how we spend our cash. We usually budget for any given study for the next milestone. And so the current two programs that are 100% owned by us, LYT-100, and LYT-200, those two programs, they are funded through their current studies that are ongoing.

是的。因此，就資本配置而言，我們的資本效率一直很高，而且在如何使用現金方面也很嚴格。我們通常會為下一個里程碑的任何特定研究制定預算。因此，目前我們 100% 擁有的兩個項目 LYT-100 和 LYT-200，這兩個項目是透過目前正在進行的研究來資助的。

With respect to -- and then we continuously have in Eric shop here in the R&D engine, though we continuously evaluate new product concepts and we are focusing on small molecules and biologics, and we are directing a lot of our attention towards respiratory inflammation as well as some of the CNS indications.

關於 - 然後我們不斷在研發引擎中進行研發，儘管我們不斷評估新產品概念，我們專注於小分子和生物製劑，我們也將大量注意力集中在呼吸道發炎上作為一些中樞神經系統適應症。

But those are some of the areas that we are focused on and typically based on our scale we can green light up to two programs, but doesn't mean that we have to do two programs. We are very selective in terms of how we initiate a given program. In some years, we may not have been lead any programs.

但這些是我們關注的一些領域，通常根據我們的規模，我們可以批准最​​多兩個項目，但這並不意味著我們必須做兩個項目。我們在啟動特定計劃的方式上非常有選擇性。在某些年份，我們可能沒有領導任何專案。

Yeah, so we're quite selective and so those initial investments in these programs are fairly modest. And then based on the data, when we do this killer experiments and those that survive those initial derisking experiments, those then depending on the indication could have additional investments going forward. So that's sort of how we think about our internal R&D engine and internal programs.

是的，所以我們非常有選擇性，因此這些項目的初始投資相當有限。然後根據數據，當我們進行這項殺手級實驗以及那些在最初的去風險實驗中倖存下來的實驗時，那些根據指示進行的實驗可能會在未來進行額外的投資。這就是我們對內部研發引擎和內部專案的看法。

With respect to our founded entities, we usually focused on being a financial partner to the extent that they need financial support from PureTech. There's a lot of times we know these programs for example, when we did the Seaport Therapeutics recent launch, that they had a $100 million oversubscribed Series A. And we put in $36 million -- $32 million sorry into that Series A round, but the rest of the money came from external parties.

對於我們創辦的實體，我們通常專注於成為需要 PureTech 財務支援的財務夥伴。很多時候我們都知道這些項目，例如，當我們最近推出 Seaport Therapeutics 時，他們的 A 輪融資超額認購了 1 億美元，但是其餘資金來自外部各方。

And so similarly, with our other founded entities, to the extent that -- and we still own 61.5% in Seaport. So a lot of times in our external investors don't necessarily want us to have such a high stake in these companies as we bring in external investors. And so over time, our ownership will get -- will decrease and also depends on how much money we decide to put them in the future rounds.

同樣，與我們成立的其他實體一樣，我們仍然擁有 Seaport 61.5% 的股份。所以很多時候我們引進外部投資者的時候，外部投資者不一定希望我們在這些公司擁有這麼高的股份。因此，隨著時間的推移，我們的所有權將會減少，並且還取決於我們決定在未來幾輪中投入多少錢。

In addition to equity, we also negotiated with some of these founded entities such as Seaport and the ones that we had with Karuna for example. We also are eligible for milestones and product royalties, which would be additional source of cash back to PureTech going forward.

除了股權之外，我們還與其中一些成立的實體進行了談判，例如 Seaport 以及我們與 Karuna 的實體。我們也有資格獲得里程碑和產品特許權使用費，這將成為 PureTech 未來現金回饋的額外來源。

Got it. That makes sense. Thanks for taking the questions. And looking forward to the Phase 2b data later this year.

知道了。這是有道理的。感謝您提出問題。並期待今年稍後的 2b 階段數據。

Thanks, Tom.

謝謝，湯姆。

Miles Dixon, Peel Hunt.

邁爾斯·迪克森，皮爾·亨特。

Great. Thank you. Bharatt, if I could just return maybe ask Lucy's question a slightly different way. And so I'm thinking about the reducing OpEx burn from the syndication, how much of the forward-looking run rate for the second half in PureTech takes into account further R&D in the wholly owned entities that might be moderated on any further syndication. And then maybe ask another follow-up or two, if I can.

偉大的。謝謝。巴拉特，如果我能回來的話，也許可以用稍微不同的方式問露西的問題。因此，我正在考慮減少聯合組織的營運支出消耗，PureTech 下半年的前瞻性運行率有多少考慮到全資實體的進一步研發，這些研發可能會因任何進一步的聯合組織而受到調節。如果可以的話，然後也許再問一兩個後續行動。

Yeah. So hi, Miles. So in terms of the way we publicly talked about the capital allocation, we are currently going to spend-- there's a bucket of capital that we have set aside to support the existing two programs that are currently in clinical trials, and we'll finish those ongoing studies.

是的。嗨，邁爾斯。因此，就我們公開談論資本分配的方式而言，我們目前將要支出——我們已經預留了一桶資本來支持目前正在進行臨床試驗的現有兩個項目，我們將完成那些正在進行的研究。

So there's a pool of capital allocated towards that. There's another pool of capital allocated to support our founded entities to the extent they need our support going forward. Then there is another pool of capital that we have set aside for potential tax obligations.

因此，有大量資金為此分配。還有另一個資金池被分配用於支持我們成立的實體，以滿足他們未來需要我們支持的程度。然後，我們也為潛在的納稅義務預留了另一筆資金。

And we indicated that this year in 2024, we have an obligation of about $40 million. And so the $330 million approximately at the end of the year takes into account that obligation already. And then up to two new programs rest of the year. We have a fairly modest investment in those new programs.

我們表示，今年，也就是 2024 年，我們的債務約為 4,000 萬美元。因此，年底的大約 3.3 億美元已經考慮到了這項義務。然後在今年剩下的時間裡最多推出兩個新項目。我們對這些新項目的投資相當有限。

And then the other aspect this $330 million approximately the end of the year does not take into account any inflows of capital, that we may receive for the rest of this year, including, for example, a small milestone from Royalty Pharma upon approval of KarXT, which PDUFA date is slated for September 26.

另一方面，大約今年年底的 3.3 億美元並未考慮我們今年剩餘時間可能收到的任何資本流入，包括，例如，在 KarXT 獲得批准後，Royalty Pharma 的一個小里程碑，PDUFA 日期定於9 月26日。

And so assuming that gets approval, we are eligible for milestone from Royalty Pharma and a small milestone from Bristol Myers Squibb from that license agreement. And so that's sort of how you should kind of think about the capital allocation.

因此，假設獲得批准，我們就有資格從該許可協議中獲得royalty Pharma 的里程碑和百時美施貴寶的一個小里程碑。這就是你應該如何思考資本配置的方式。

Got it. Thank you. I'll spare you from asking you what that milestone might be. But if I could just quickly move on to Gallop. I mean, this was obviously spun out at the same time as Seaport. But yet -- there's yet to be any syndication on it. Is this because there's a potential alternatives being considered such as partnering. or is it exclusively about waiting for the data to be better advice?

知道了。謝謝。我不會問你那個里程碑可能是什麼。但如果我能很快轉到蓋洛普就好了。我的意思是，這顯然是與海港同時推出的。但目前還沒有任何联合組織。這是因為正在考慮潛在的替代方案，例如合作。或只是等待數據提供更好的建議？

It's the latter, right? So we want to kind of let the data mature some more, before so that we can get a appropriate valuation. And also it helps us decide whether we really do want to go out and syndicate and bring in external capital or continue to fund this to some extent in additional studies going forward.

是後者吧？因此，我們希望在此之前讓數據更加成熟，以便我們能夠獲得適當的估值。它還幫助我們決定是否真的想要出去聯合並引入外部資本，或者在未來的額外研究中繼續在某種程度上為其提供資金。

So we can make that determination later this year based on some additional data that we expect on both the hematological malignancy indication as well as solid tumors. So we're just waiting for some additional data.

因此，我們可以在今年稍後根據我們預期的血液惡性腫瘤適應症和實體瘤的一些額外數據做出這項決定。所以我們只是在等待一些額外的數據。

Thank you. And then probably one final similar question on the LYT-100. I mean, obviously there's lots very good looking data there so far. And if we were to assume that the final wrapping of data, if you like, are very good. is the default internally for you to progress that and fund that yourself or is the default to then look to partner. Thank you.

謝謝。然後可能還有關於 LYT-100 的最後一個類似問題。我的意思是，顯然到目前為止有很多非常漂亮的數據。如果我們假設數據的最終包裝（如果您願意的話）非常好。是內部預設的情況，您可以自行推進並提供資金，或者在預設情況下尋找合作夥伴。謝謝。

Yeah. So assuming the data is positive, which we'll know by the end of the year, so it gives us optionality, right? So we have a lot of options to really think about what is the best path forward to generate the maximum of value from that program for us and for our shareholders.

是的。因此，假設數據是正面的，我們將在今年年底知道，所以它給了我們選擇，對吧？因此，我們有很多選擇來真正思考什麼是從該計劃中為我們和我們的股東創造最大價值的最佳途徑。

And so those options include we could decide to do a synthetic royalty type arrangement where we can get funding for a Phase 3 from external parties who would then lend us the money to run the Phase 3 study in return for some back end economics in the future. So that's one avenue available to us so that we can retain 100% ownership in the program but yet derisk it from a funding perspective, having someone else funded for us.

因此，這些選擇包括我們可以決定進行綜合特許權使用費類型安排，我們可以從外部各方獲得第三階段的資金，然後外部各方會借錢給我們進行第三階段研究，以換取未來的一些後端經濟學。因此，這是我們可用的一種途徑，這樣我們就可以保留該計劃 100% 的所有權，但從資金角度來看，可以避免風險，讓其他人為我們提供資金。

The second option is that we could partner LYT-100 outside for the rights for outside the US and use that money to then fund the Phase 3 studies. Could also include optionality to raise money. For example, we have indicated in the past that there may be an opportunity for us doing -- address some of our liquidity challenges on LSE.

第二個選擇是我們可以與 LYT-100 外部合作以獲得美國境外的權利，然後用這筆錢資助第三階段研究。也可以包括籌集資金的選擇權。例如，我們過去曾表示，我們可能有機會解決倫敦證券交易所的一些流動性挑戰。

Since we are dual listed on Nasdaq, raise additional capital on Nasdaq, that could potentially be used to fund a Phase 3 study, not because we need the money, it's mostly to try and diversify shareholder base and bring in some specialist investors on the -- and increased liquidity from the Nasdaq markets.

由於我們在納斯達克雙重上市，因此在納斯達克籌集額外資金，這可能會用於資助第三階段研究，而不是因為我們需要資金，這主要是為了嘗試使股東基礎多元化，並引入一些專業投資者 - - 納斯達克市場的流動性增加。

And of course, there's always the optionality to sell the whole program to a partner or to spin it out and bring in outside investors. So we have multiple optionalities -- options that we could evaluate and it will all depend on the strength of the data and what we want to do and what makes the most strategic sense in generating the maximum shareholder value.

當然，總是可以選擇將整個計劃出售給合作夥伴或將其分拆並引入外部投資者。因此，我們有多種選擇——我們可以評估的選擇，這一切都取決於數據的強度、我們想要做什麼，以及什麼在產生最大股東價值方面最具戰略意義。

Got it. Thank you. Sounds like you're going to be pretty busy with data in the second half. If I could just very quickly ask on the Seaport versus Karuna economics. When we think about the shape and profile of those that you're now agreeing with Seaport. Do they look similar to the Karuna ones? Thank you.

知道了。謝謝。聽起來下半年你會非常忙於處理數據。我能否快速詢問一下海港與卡魯納的經濟狀況。當我們考慮那些的形狀和輪廓時，您現在同意海港的觀點。它們看起來和卡魯納的很相似嗎？謝謝。

Yeah. So remember, Karuna was a single asset in a company for the most part. And so we had some milestones associated with that license as well as some royalties, which we then monetize with Royalty Pharma. So the structure with the Seaport is in kind of similar in terms of -- but it actually involves multiple products as opposed to a single product with Karuna, Seaport has multiple products coming out of the Glyph platform and each one of those products in a word as they progressed we would be eligible for certain milestones and royalties on product sales and the quantum of the royalties are in similar range a Karuna.

是的。所以請記住，卡魯納在很大程度上是公司的資產。因此，我們取得了與該許可相關的一些里程碑以及一些特許權使用費，然後我們透過Royalty Pharma 將其貨幣化。因此，Seaport 的結構在某種程度上是相似的，但它實際上涉及多種產品，而不是 Karuna 的單一產品，Seaport 擁有來自 Glyph 平台的多種產品，總而言之，每一種產品隨著他們的進展，我們將有資格獲得產品銷售的某些里程碑和特許權使用費，並且特許權使用費的數額與卡魯納的範圍相似。

Thank you, Bharatt.

謝謝你，巴拉特。

Thank you very much. That's all the time we have for today. Therefore, that concludes today's conference call. Thank you all for joining. You may now disconnect your lines.

非常感謝。這就是我們今天的全部時間了。因此，今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路。