Schrodinger Inc (SDGR) 2024 Q2 法說會逐字稿

Thank you for standing by. Welcome to Schrödinger's conference call to review our second-quarter 2024 financial results. My name is Madison and I will be your operator for today's call. (Operator Instructions)

謝謝你的支持。歡迎參加薛丁格的電話會議，回顧我們 2024 年第二季的財務表現。我叫麥迪遜，我將擔任您今天通話的接線生。（操作員說明）

Please be advised that this call is being recorded at the company's request.

請注意，本次通話是應公司要求進行錄音的。

Now I would like to introduce your host for today's conference, Ms. Jaren Madden, Senior Vice President of Investor Relations and Corporate Affairs. Please go ahead.

現在我想介紹一下今天會議的主持人，投資者關係和公司事務高級副總裁 Jaren Madden 女士。請繼續。

Thank you, and good afternoon, everyone. Welcome to today's call during which we will provide an update on the company and review our second-quarter 2024 financial results. Earlier today, we issued a press release summarizing our financial results and progress across the company, which is available on our website at schrodinger.com.

謝謝大家，大家下午好。歡迎參加今天的電話會議，我們將在電話會議中提供公司的最新資訊並審查 2024 年第二季的財務業績。今天早些時候，我們發布了一份新聞稿，總結了我們的財務表現和整個公司的進展，該新聞稿可在我們的網站 schrodinger.com 上取得。

Here with me on our call today are Ramy Farid, Chief Executive Officer; Geoff Porges, Chief Financial Officer; and Karen Akinsanya, President of R&D and Therapeutics. Following our prepared remarks, we'll open the call for Q&A.

今天與我一起參加電話會議的是執行長 Ramy Farid；傑夫‧波格斯 (Geoff Porges)，財務長；以及研發和治療總裁 Karen Akinsanya。在我們準備好的發言之後，我們將開始問答環節。

During today's call, management will make statements that are forward-looking and made pursuant to the Safe Harbor provisions of the Private Security Litigation Reform Act of 1995, including without limitation, statements related to our outlook for the third-quarter and full-year 2024, our plans to accelerate the growth of our software business, and advance our collaborative and proprietary drug discovery programs, the timing of initiation of and readouts from our clinical trials, the clinical potential and properties of our compounds, the use of our cash resources and our future expenses. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made.

在今天的電話會議中，管理階層將根據 1995 年《私人安全訴訟改革法案》的安全港條款發表前瞻性聲明，包括但不限於與我們對 2024 年第三季和全年展望相關的聲明，我們計劃加速我們的軟體業務的成長，並推進我們的合作和專有藥物發現計劃，我們的臨床試驗的啟動和讀數的時間，我們化合物的臨床潛力和特性，我們現金資源的使用和我們未來的開支。這些前瞻性陳述反映了我們目前對我們的計劃、意圖、期望、策略和前景的看法，這些看法是基於我們目前掌握的資訊和我們所做的假設。

Actual results may differ materially due to a number of important factors, including the considerations described in the Risk Factors section and elsewhere in the filings we make with the SEC, including our Form 10-Q for the quarter ended June 30, 2024. These forward-looking statements represent our views only as of today, and we caution you that except as required by law, we may not update them in the future whether as a result of new information, future events, or otherwise.

由於許多重要因素的影響，實際結果可能會存在重大差異，包括風險因素部分和我們向SEC 提交的文件中其他部分所述的考慮因素，包括截至2024 年6 月30 日的季度的10-Q 表格。這些前瞻性陳述僅代表我們截至目前為止的觀點，我們提醒您，除非法律要求，否則我們將來可能不會因新資訊、未來事件或其他原因而更新它們。

Also included in today's call are certain non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and should be considered only in addition to and not a substitute for or superior to GAAP measures. Please refer to the tables at the end of our press release, which is available on our website for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

今天的電話會議還包括某些非公認會計準則財務指標。這些非 GAAP 財務指標並非依照公認會計原則制定，只能作為 GAAP 指標的補充，而非替代或優於 GAAP 指標。請參閱我們新聞稿末尾的表格，這些表格可在我們的網站上找到，以了解這些非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的對帳情況。

And with that, I'd like to turn the call over to Ramy.

說到這裡，我想把電話轉給拉米。

Thanks, Jaren, and thank you, everyone, for joining us today. We are very pleased with our progress during the quarter, delivering excellent revenue growth and continuing to advance our proprietary pipeline.

謝謝賈倫，也謝謝大家今天加入我們。我們對本季的進展感到非常滿意，實現了出色的收入成長並繼續推進我們的專有產品線。

As you will hear from Karen shortly, our first two clinical programs are progressing well in Phase 1 clinical studies. And I'm happy to report that we have initiated dosing in a Phase 1 solid tumor study for SGR-3515, our Wee1 and Myt1 inhibitor.

正如您很快就會從凱倫那裡聽到的那樣，我們的前兩個臨床項目在第一階段臨床研究中進展順利。我很高興地報告，我們已經開始對我們的 Wee1 和 Myt1 抑制劑 SGR-3515 進行 1 期實體瘤研究的給藥。

Total revenue for the second quarter was $47.3 million and software revenue was $35.4 million. We are confident about our revenue outlook for the full year and are reiterating our full-year software and drug discovery revenue guidance. We continue to engage in very productive discussions with customers at large global companies about significant scale-ups and expanded use of our software. These discussions are maturing in line with our expectations and have been facilitated by discussions at the highest levels of these companies about the impact of large-scale deployment of computation and drug discovery.

第二季總營收為 4,730 萬美元，軟體營收為 3,540 萬美元。我們對全年的收入前景充滿信心，並重申我們的全年軟體和藥物發現收入指引。我們繼續與大型跨國公司的客戶就我們軟體的大幅擴展和擴大使用進行非常有成效的討論。這些討論正在日益成熟，符合我們的預期，這些公司最高層關於大規模部署計算和藥物發現的影響的討論也促進了這些討論。

It's clear that interest in deploying advanced computational methods remains high. Collaborations are continuing to be an important element of our business and our progress across several partner programs contributed meaningfully to drug discovery revenue in the second quarter.

顯然，人們對部署先進計算方法的興趣仍然很高。合作仍然是我們業務的重要組成部分，我們在多個合作夥伴專案上的進展對第二季的藥物發現收入做出了有意義的貢獻。

Our cofounded companies are also an important part of our overall strategy and their success provides further validation for our platform and is an additional source of capital. We would like to extend our congratulations to our partner, Morphic Therapeutic, on their planned acquisition by Lilly for $3.2 billion. We are proud to have worked side-by-side with Morphic scientists on several programs, including MORF-057.

我們共同創立的公司也是我們整體策略的重要組成部分，它們的成功為我們的平台提供了進一步的驗證，也是額外的資本來源。我們對我們的合作夥伴 Morphic Therapeutic 計劃被禮來公司以 32 億美元的價格收購表示祝賀。我們很自豪能夠與 Morphic 科學家在多個專案上並肩工作，包括 MORF-057。

We would also like to congratulate our partners, Structure, on the presentation of their Phase 2 obesity data and Ajax therapeutics on their recent Series C financing and IND clearance for their JAK2 inhibitor. These achievements at our cofounded partner companies demonstrate the power of our platform to serve as a catalyst for innovation and drug discovery. We have developed and deployed powerful physics-based methods, amplified with advanced machine learning and AI. And we will continue to advance our platform to unlock the full potential of computation to drive efficiency across the R&D continuum.

我們也要祝賀我們的合作夥伴 Structure 展示了他們的 2 期肥胖數據，以及 Ajax 療法最近的 C 輪融資和 JAK2 抑制劑的 IND 批准。我們共同創辦的合作夥伴公司所取得的這些成就證明了我們平台作為創新和藥物發現催化劑的力量。我們開發並部署了強大的基於物理的方法，並透過先進的機器學習和人工智慧進行了放大。我們將繼續改進我們的平台，以釋放計算的全部潛力，從而提高整個研發過程的效率。

We recently launched an exciting new initiative to develop a computational solution designed to reduce the risk of development failure associated with binding to off-target proteins, which can be associated with serious side effects. We have already built accurate models for a handful of key off-target proteins and have begun using this technology in our partnered and proprietary programs.

我們最近啟動了一項令人興奮的新計劃，開發一種計算解決方案，旨在降低與脫靶蛋白質結合相關的開發失敗風險，這種蛋白質可能會產生嚴重的副作用。我們已經為一些關鍵的脫靶蛋白質建立了準確的模型，並開始在我們的合作和專有專案中使用這項技術。

In the coming years, we aim to build predictive models for many of the most well-known off-target proteins. We expect these predictive toxicity assays to contribute to future software growth, given the demand for solutions that can help screen and optimize drug molecules to enhance the likelihood of success in clinical trials.

在未來幾年中，我們的目標是為許多最著名的脫靶蛋白質建立預測模型。鑑於對有助於篩選和優化藥物分子以提高臨床試驗成功可能性的解決方案的需求，我們預計這些預測毒性測定將有助於未來軟體的發展。

We are delighted that this effort is being funded initially by a $10 million grant from the Bill & Melinda Gates Foundation. We have made considerable progress in the first half of the year, and we are executing on our strategic priorities for the remainder of the year, including driving software scale-up and adoption, advancing the science that underlies our platform, and progressing our partnered and proprietary programs.

我們很高興這項工作最初得到了比爾及梅琳達蓋茲基金會 1000 萬美元的資助。我們在上半年取得了相當大的進展，我們正在執行今年剩餘時間的戰略重點，包括推動軟體規模化和採用、推進我們平台基礎的科學發展，以及推進我們的合作夥伴和技術專有程式。

I greatly appreciate the dedication of our employees whose hard work and collaboration are critical to achieving our mission. And I will now turn the call over to Geoff.

我非常感謝我們員工的奉獻精神，他們的辛勤工作和協作對於實現我們的使命至關重要。我現在將把電話轉給傑夫。

Thank you, Ramy, and good afternoon, everyone. Schrödinger had an excellent quarter in Q2 with software revenue growing strongly, drug discovery revenue elevated by the recognition of milestones associated with the progress of several collaboration projects, significant progress achieved in our proprietary therapeutics portfolio, and validation for our technology and business strategy from the planned Morphic acquisition. Our business showed its resilience as revenue growth in our global accounts offset challenges in certain geographies and market segments. We are maintaining our previously provided revenue guidance for the full year and are increasingly confident that opportunities, such as the recently announced predictive toxicology project, position us for sustained growth in the coming years.

謝謝拉米，大家下午好。薛丁格第二季度表現出色，軟體收入強勁增長，藥物發現收入因多個合作項目進展相關里程碑的認可而增加，我們的專有治療組合取得了重大進展，以及我們的技術和業務戰略的驗證來自計劃中的Morphic 收購。我們的業務展現出了韌性，全球客戶的收入成長抵消了某些地區和細分市場的挑戰。我們維持先前提供的全年收入指引，並且越來越有信心，最近宣布的預測毒理學項目等機會將使我們在未來幾年實現持續成長。

Software revenue in Q2 was $35.4 million compared to $29.4 million in Q2 2023. The 21% increase was due to increased revenue from global accounts as well as revenue recognized from our combined software drug discovery collaboration customers. As we indicated previously, our customers are progressively converting to ratable software contracts, and this conversion is reflected in the increase in our hosted software revenue this quarter for customers making this conversion of both global pharmaceutical companies and established biotech companies.

第二季的軟體收入為 3,540 萬美元，而 2023 年第二季的軟體收入為 2,940 萬美元。21% 的成長歸因於全球客戶收入的增加以及我們合併的軟體藥物發現協作客戶確認的收入。正如我們之前指出的，我們的客戶正在逐步轉換為可評級軟體合同，這種轉換反映在我們本季度為全球製藥公司和成熟生物技術公司進行這種轉換的客戶託管軟體收入的增加。

It is noteworthy that our total software revenue grew strongly even with a significant increase in the actual and percentage of hosted revenue compared to the same period in 2023. On-premise software grew by 11.5% to $18.8 million in Q2 and hosted software grew by 82% to $8 million.

值得注意的是，儘管託管收入的實際收入和百分比較 2023 年同期大幅增加，但我們的軟體總收入仍強勁增長。第二季度，本地軟體成長 11.5%，達到 1,880 萬美元，託管軟體成長 82%，達到 800 萬美元。

Maintenance revenue was flat year over year at $5.8 million and professional services increased by 23%. As a percentage of our total software revenue, hosted revenue was 22.6% in Q2 compared to 15.4% in the same period a year ago and compared to 21.5% in Q1 this year.

維護收入較去年同期持平，為 580 萬美元，專業服務成長 23%。第二季託管收入佔軟體總收入的比例為 22.6%，去年同期為 15.4%，今年第一季為 21.5%。

I'd like to make a few comments on the dynamics we are seeing in our software business at the midpoint of the year. First, our strategy has been to focus on increasing the scale of adoption of our technology and our established customers. And this strategy is working. We are seeing more and more customers adopting our suite of software solutions as foundational to their drug discovery efforts and recognizing that increased scale of utilization results in better outcomes. The benefits of that strategy are reflected in this quarter's results and in our reiterated guidance for the year.

我想就今年年中軟體業務的動態發表一些評論。首先，我們的策略是專注於擴大我們的技術和現有客戶的採用規模。這個策略正在發揮作用。我們看到越來越多的客戶採用我們的軟體解決方案套件作為其藥物發現工作的基礎，並認識到利用規模的擴大會帶來更好的結果。該策略的好處反映在本季度的業績和我們重申的今年指導中。

Second, we continue to see volatility around renewals and scale purchasing among emerging and small biotech customers. In some cases, these customers are dealing with balance sheet and strategic concerns by reducing or halting drug discovery efforts and concentrating on one or two of the most advanced programs.

其次，我們持續看到新興和小型生技客戶的續約和規模採購有波動。在某些情況下，這些客戶透過減少或停止藥物發現工作並專注於一兩個最先進的項目來處理資產負債表和戰略問題。

However, we are also seeing green shoots in terms of new companies that are powering their drug discovery efforts with our software. And on balance, we are finding more new customers and increasing accounts than we are encountering retention.

然而，我們也看到一些新公司正在利用我們的軟體推動藥物發現工作。總的來說，我們發現的新客戶和客戶數量比我們保留的客戶數量還要多。

In the first half of the year, the bookings increase from growth accounts continues to outpace the booking decrease from existing accounts and the contribution from new software customers is exceeding discontinuing customers. We are confident that the opportunities in large growth and new accounts are considerably greater than the issues in the emerging companies segments.

上半年，成長客戶的預訂量增幅持續超過現有客戶的預訂量下降量，新軟體客戶的貢獻超過了中止客戶。我們相信，大規模成長和新客戶的機會遠大於新興公司領域的問題。

Third, geographically, we are also balancing risks and opportunities. A relatively small business in China has had challenges associated with reduced availability of capital for biopharma research there, and those challenges are exacerbated by geopolitical issues. Our other businesses in Asia are advancing and we are very encouraged by the growth opportunities we are seeing in Europe and North America.

第三，從地理來看，我們也在平衡風險和機會。中國一家規模相對較小的企業面臨生物製藥研究可用資金減少的挑戰，而地緣政治問題加劇了這些挑戰。我們在亞洲的其他業務正在不斷發展，我們對歐洲和北美的成長機會感到非常鼓舞。

Our drug Discovery revenue was $11.9 million this quarter compared to $5.8 million in the same period a year ago. The increased revenue this quarter was due to recognition of revenue for the achievement of planned milestones in ongoing drug discovery collaboration projects.

本季我們的藥物發現收入為 1,190 萬美元，去年同期為 580 萬美元。本季度收入增加是由於對正在進行的藥物發現合作項目中實現計劃里程碑的收入進行了確認。

Total revenue for the quarter was $47.3 million compared to $35.2 million in the same period a year ago and compared to $36.6 million in Q1 this year. The year-over-year increase was driven by contributions from software and drug discovery revenue.

該季度的總收入為 4,730 萬美元，去年同期為 3,520 萬美元，今年第一季為 3,660 萬美元。同比增長是由軟體和藥物發現收入的貢獻所推動的。

Turning now to gross margins. Our software gross margin was 80% in Q2 compared to 77% in the same period a year ago and compared to 76% in Q1 this year. The increase in gross margin was associated with increased scale of renewals at large customers during the period, and lower royalties and FTE efficiencies contributed to the sequential improvement. Our cost of our discovery services decreased significantly to $8.8 million compared to $14.7 million in the same period in 2023 and also decreased compared to Q1 this year.

現在轉向毛利率。第二季我們的軟體毛利率為 80%，去年同期為 77%，今年第一季為 76%。毛利率的成長與期內大客戶續訂規模的增加有關，而特許權使用費和 FTE 效率的降低促成了環比的改善。與 2023 年同期的 1,470 萬美元相比，我們的發現服務成本大幅下降至 880 萬美元，與今年第一季相比也有所下降。

The decrease was driven by the shifting allocation of our drug discovery employees from collaboration projects to proprietary research and also lower CLO and other project expenses associated with discontinued collaboration projects. In the absence of other collaborations or collaboration projects, these expenses are likely to be in the current range in future periods.

這一下降是由於我們的藥物發現員工的分配從合作項目轉向專有研究，以及與終止合作項目相關的 CLO 和其他項目費用的降低。在沒有其他合作或合作專案的情況下，這些費用在未來很可能會保持在當前範圍內。

Our overall gross margin was 66% during the quarter compared to 39% in the same period a year ago compared to 52% in Q1. The increase in overall gross margin was driven by higher revenue and lower costs. R&D expense was $51 million in Q2 this year compared to $43 million in the same period a year ago and compared to $51 million in Q1 this year.

本季我們的整體毛利率為 66%，去年同期為 39%，第一季為 52%。整體毛利率的成長是由收入增加和成本下降所推動的。今年第二季的研發費用為 5,100 萬美元，去年同期為 4,300 萬美元，今年第一季為 5,100 萬美元。

The year-over-year increase in R&D expense was approximately two-thirds drug discovery and one-third non-drug discovery. The drug discovery increase was driven by the shift in allocation of staff from collaboration projects to proprietary programs and by high headcount and increased CRO expenses for internal programs. The increase in non-drug discovery R&D expense was due to increased technology and cloud expenses and higher FTE expenses for R&D.

研發費用年增約三分之二用於藥物發現，三分之一用於非藥物發現。藥物發現的增長是由於人員分配從合作項目向專有項目的轉變，以及內部項目的高員工人數和 CRO 費用的增加所推動的。非藥物發現研發費用的增加是由於技術和雲端費用的增加以及研發 FTE 費用的增加。

Compared to Q1, the total R&D expenses flat as changes in allocation were offset by lower underlying FD. expenses for R&D. Sales and marketing expense was $9.7 million for the quarter and increased by 7.5% compared to the same period a year ago but decreased by 4.7% compared to Q1 this year. The year-over-year increase was mainly due to higher FTE expenses including commissions and increased marketing investment.

與第一季相比，總研發費用持平，因為分配的變化被較低的基礎FD所抵消。研發費用。該季度銷售和行銷費用為 970 萬美元，年增 7.5%，但與今年第一季相比下降 4.7%。年比成長主要是由於包括佣金在內的 FTE 費用增加以及行銷投資增加。

G&A expense of $23.5 million increased by 1.4% compared to the same period in 2023 and declined by 8% compared to Q1 this year. The decrease compared to Q1 was due to lower FTE expenses, reduced severance, and lower royalties compared to prior accruals.

G&A 費用為 2,350 萬美元，與 2023 年同期相比增長 1.4%，與今年第一季相比下降 8%。與第一季相比下降的原因是與之前的應計費用相比，全職員工費用減少、遣散費減少以及特許權使用費減少。

Total GAAP operating expenses were $84.1 million for Q2 compared to $75 million in Q2 last year and $86.3 million for Q1. The year-over-year increase was mainly due to R&D, while the decline compared to Q1 was due to G&A.

第二季 GAAP 營運支出總額為 8,410 萬美元，而去年第二季為 7,500 萬美元，第一季為 8,630 萬美元。年比成長主要歸因於研發，而較第一季下降則歸因於一般管理費用。

Our operating loss for the quarter was $52.7 million compared to a loss of $61.1 million in the same period a year ago, and to a loss in operations of $67.4 million in Q1.

我們本季的營運虧損為 5,270 萬美元，而去年同期的營運虧損為 6,110 萬美元，第一季的營運虧損為 6,740 萬美元。

During the quarter, the change in fair value of equity investments was an expense of $5.8 million, as the value of our investments in Structure and Morphic declined during the period. Lilly's offer to acquire Morphic occurred after the close of Q2 and is not reflected in these results.

本季度，股權投資公允價值變動為 580 萬美元費用，因為我們對 Structure 和 Morphic 的投資價值在此期間下降。禮來公司 (Lilly) 收購 Morphic 的要約發生在第二季結束後，並未反映在這些業績中。

Our other income was $4.6 million compared to $4.3 million in the same period last year, mainly associated with interest on our cash reserves and total other expenses was loss of $1.2 million.

我們的其他收入為 460 萬美元，而去年同期為 430 萬美元，主要與我們的現金儲備利息有關，其他支出總額為損失 120 萬美元。

Our loss before taxes and net loss were both $54 million as our tax expense was negligible, our loss per share was $0.74. This compares to net income of $4.3 million in Q2 last year, driven by the [NIM] distribution, an earnings per share of $0.06.

我們的稅前虧損和淨虧損均為 5,400 萬美元，因為我們的稅費可以忽略不計，每股虧損為 0.74 美元。相比之下，去年第二季的淨利潤為 430 萬美元，由 [NIM] 分配推動，每股收益為 0.06 美元。

Our average fully diluted share count in Q2 was $72.7 million compared to $75.1 million in Q2 last year. During the quarter, our operating cash use was $54 million and our cash and marketable securities balance declined by $54 million, compared to the end of Q1.

第二季完全稀釋後的平均股票數量為 7,270 萬美元，而去年第二季為 7,510 萬美元。本季度，我們的營運現金使用量為 5,400 萬美元，與第一季末相比，我們的現金和有價證券餘額減少了 5,400 萬美元。

In Q3, we expect to receive $48 million from the sale of our holding in Morphic, which is expected to largely offset the cash used in operations in the period. We remain eligible for low single-digit royalties on Morphic's leading clinical program and to variable royalties on other programs in their portfolio.

第三季度，我們預計出售 Morphic 股份將獲得 4,800 萬美元，預計將在很大程度上抵消該期間營運所用的現金。我們仍然有資格獲得 Morphic 領先臨床項目的低個位數特許權使用費，以及其投資組合中其他項目的可變特許權使用費。

We continue to own approximately 2.4% of the common shares outstanding at Structure Therapeutics. And during the quarter, we invest an additional $3 million into Ajax Therapeutics to maintain our ownership at 5.8%.

我們繼續持有 Structure Therapeutics 約 2.4% 的已發行普通股。本季度，我們向 Ajax Therapeutics 追加投資 300 萬美元，以維持我們 5.8% 的所有權。

Looking ahead, we are maintaining our previously provided software guidance for the year. We expect software revenue in Q3 to be in the range of $32 million to $34 million. We expect the recently announced funding from the Gates Foundation to contribute some software revenue in the second half of the year, aligning with our expected commitment of existing and new resources to that project.

展望未來，我們將維持先前提供的今年軟體指導。我們預計第三季的軟體收入將在 3,200 萬美元至 3,400 萬美元之間。我們預計蓋茲基金會最近宣布的資金將在下半年貢獻一些軟體收入，這與我們對該專案現有和新資源的預期承諾保持一致。

We do expect this project to have a modest negative effect on our gross margins, primarily because the profitability of the grant, which is software contribution revenue, is lower than our software revenue from contracts with customers. As a result, we now expect our full-year reported software gross margin to be slightly lower than last year and in the range of 2022.

我們確實預期該專案會對我們的毛利率產生適度的負面影響，主要是因為贈款的獲利能力（即軟體貢獻收入）低於我們與客戶簽訂的合約的軟體收入。因此，我們現在預計全年報告的軟體毛利率將略低於去年，並在 2022 年的範圍內。

The lower gross margin is likely to persist for the duration of the grant, but the profitability of our software revenue from contracts with customers is trending to the same range as last year. The expected dollar increase in our cost of goods associated with the grant is likely to be matched by a similar decrease in our expected R&D expense, which should moderate our expected overall expense growth for the year by approximately 1 percentage point.

較低的毛利率可能會在撥款期間持續存在，但我們來自客戶合約的軟體收入的獲利能力正趨於與去年相同的範圍。與贈款相關的預期商品成本增加可能與我們預期研發費用的類似下降相匹配，這應使我們預期今年的總體費用增長下降約 1 個百分點。

We now expect our full-year operating expense growth to be in the range of 8% to 10%, or at the low end of our previously provided range of 8% to 12%. At the conclusion of the grant, we expect the negative effect on our operating software gross margin to reverse. Our full-year drug discovery revenue guidance is unchanged at $30 million to $35 million, and we expect the balance of our realized revenue to be weighted towards Q4.

我們現在預計全年營運費用成長將在 8% 至 10% 之間，或處於我們之前提供的 8% 至 12% 範圍的低端。在撥款結束時，我們預計對我們營運軟體毛利率的負面影響將會扭轉。我們的全年藥物發現收入指引保持在 3000 萬至 3500 萬美元不變，我們預計已實現收入的餘額將集中在第四季度。

Finally, we continue to forecast that our cash use this year will be greater than our cash use last year.

最後，我們持續預測今年的現金使用量將高於去年的現金使用量。

With that, I'll turn the call over to Karen to discuss our therapeutics updates.

這樣，我會將電話轉給凱倫，討論我們的治療更新。

Thank you, Geoff, and good afternoon, everyone. We are continuing to advance our pipeline of collaborative and proprietary programs. We are very pleased to see the progress of compounds and clinical programs at companies we have partnered with and co-founded, including Ajax and Structure, which continues to demonstrate the power of our platform when deployed at scale.

謝謝傑夫，大家下午好。我們正在繼續推進我們的合作和專有專案的管道。我們很高興看到我們合作和共同創立的公司（包括 Ajax 和 Structure）在化合物和臨床專案方面取得的進展，這些公司在大規模部署時繼續展示了我們平台的強大功能。

As Ramy mentioned, Morphic recently announced its planned acquisition by Lilly. We worked closely with the Morphic team on the discovery of several oral integrin inhibitors, including MORF-057, which is a highly selective alpha-4-beta-7 inhibitor. Our proprietary pipeline is progressing well, and we now have three programs in the clinic.

正如 Ramy 所提到的，Morphic 最近宣布計劃被禮來公司收購。我們與 Morphic 團隊密切合作，發現了多種口服整聯蛋白抑制劑，包括 MORF-057，它是一種高度選擇性的 α-4-β-7 抑制劑。我們的專有管道進展順利，我們現在有三個項目處於臨床階段。

Beginning with SGR-1505, our MALT1 inhibitor, our Phase 1 study in patients with relapsed refractory B-cell infirmers is advancing. We are continuing to enroll patients in cohorts evaluating SGR-1505, administered once daily, and we have initiated a twice-daily dosing cohort.

從我們的 MALT1 抑制劑 SGR-1505 開始，我們針對復發難治性 B 細胞衰弱者的 1 期研究正在取得進展。我們正在繼續將患者納入評估 SGR-1505 的隊列，每天給藥一次，我們已經啟動了每天兩次的給藥隊列。

We now expect to present initial clinical data from this study in the first half of 2025. We plan to present safety pharmacokinetic and pharmacodynamic data, as well as preliminary efficacy data in a peer-reviewed setting.

我們現在預計在 2025 年上半年提供這項研究的初步臨床數據。我們計劃在同行評審的環境中提供安全藥物動力學和藥效學數據以及初步療效數據。

Turning to our CDC7 inhibitor, SGR-2921, enrollment is ongoing in our Phase 1 study in patients with acute myeloid leukemia or myelodysplastic syndrome. As a reminder, the primary objectives of the study are to evaluate the safety, tolerability, and to determine the recommended Phase 2 dose. The study is progressing well, with multiple dose escalation steps completed.

至於我們的 CDC7 抑制劑 SGR-2921，我們正在對急性骨髓性白血病或骨髓增生異常綜合症患者進行第 1 期研究。提醒一下，研究的主要目標是評估安全性、耐受性，並確定建議的 2 期劑量。研究進展順利，已完成多個劑量遞增步驟。

Based on the pace of dose escalation and the timing of abstract deadlines for medical meetings, we now expect to present initial clinical data from this study in the second half of 2025. SGR-2921 was recently granded FDA Fast Track designation in relapsed refractory AML, which underscores the unmet need and strength of our preclinical data.

根據劑量遞增的速度和醫學會議摘要截止時間的安排，我們現在預計將在 2025 年下半年提供這項研究的初步臨床數據。SGR-2921 最近被 FDA 授予治療復發難治性 AML 的快速通道稱號，這強調了我們臨床前數據的未滿足需求和強度。

Today, we also announced the initiation of dosing in our Phase 1 clinical study of SGR-3515, our Wee1/Myt1 co-inhibitor. The Phase 1 study is designed to evaluate the safety PK/PD preliminary anti-tumor activity and recommended Phase 2 dose. The study population will include patients with advanced solid tumors predicted to be sensitive to Wee1/Myt1 inhibition, including breast, ovarian, and uterine cancer, in addition to other solid tumors with elevated replication stress.

今天，我們也宣布啟動我們的 Wee1/Myt1 聯合抑制劑 SGR-3515 的 1 期臨床研究的給藥。1期研究旨在評估安全性PK/PD初步抗腫瘤活性和建議的2期劑量。研究族群將包括預期對 Wee1/Myt1 抑制敏感的晚期實體瘤患者，包括乳癌、卵巢癌和子宮癌，以及複製壓力升高的其他實體腫瘤。

SGR-3515 inhibits both Wee1 and Myt1, and concurrent loss of function of these two proteins confers amplified vulnerability in cancer cells, termed synthetic lethality. This profile allows us to implement an intermittent dosing schedule with the goal of maintaining efficacy while allowing recovery from any potential hematological mechanism-based side effects.

SGR-3515 可抑制 Wee1 和 Myt1，這兩種蛋白的功能同時喪失會導致癌細胞更加脆弱，稱為合成致死性。這種情況使我們能夠實施間歇性給藥方案，其目標是保持療效，同時允許從任何潛在的基於血液學機制的副作用中恢復。

Turning to our SOS1 program, we are very pleased with the preclinical package for this IND-ready program. Given SOS1 inhibition is expected to be used in combination with KRAS and other MAPK-pathway inhibitors, we will seek to advance this program through a partnership.

談到我們的 SOS1 項目，我們對這個 IND 準備項目的臨床前包非常滿意。鑑於 SOS1 抑制預計將與 KRAS 和其他 MAPK 通路抑制劑聯合使用，我們將尋求透過合作夥伴關係來推進該計劃。

Within our BMS collaboration, we successfully advanced a neurology program into the later stages of discovery. We also mutually aligned with BMS on discontinuing the immunology program on the basis of the project viability and competitive positioning of the initial target product profile.

在我們的 BMS 合作中，我們成功地將神經學計畫推進到發現的後期階段。基於專案可行性和初始目標產品概況的競爭定位，我們也與 BMS 就終止免疫學計畫達成共識。

Collaborations remain an important part of our strategy and we continue to engage with existing and new partners about future collaboration opportunities. We are excited about the expansion of our predict-first approach with the launch of structure-based models for binding to off-target proteins.

合作仍然是我們策略的重要組成部分，我們將繼續與現有和新的合作夥伴就未來的合作機會進行接觸。我們對預測優先方法的擴展感到興奮，並推出了基於結構的模型來結合脫靶蛋白。

The ongoing structural biology revolution is expanding access to accurate three-dimensional structures of increasing numbers of proteins. We are leveraging this expansion to pursue broad, computational off-target binding models, and have already begun to see the impact on our internal discovery projects. Fully realizing the power of computational toxicology solutions is expected to further transform drug discovery.

正在進行的結構生物學革命正在擴大對越來越多蛋白質的精確三維結構的獲取。我們正在利用這種擴展來追求廣泛的計算脫靶結合模型，並且已經開始看到對我們內部發現項目的影響。充分發揮計算毒理學解決方案的力量有望進一步改變藥物發現。

In summary, we are very pleased with the progress we are making across our collaborative and proprietary pipeline. We are looking forward to Phase 1 data readouts from all three clinical programs next year, beginning in the first half of 2025.

總之，我們對我們在合作和專有管道方面取得的進展感到非常滿意。我們期待明年從 2025 年上半年開始讀取所有三個臨床項目的一期數據。

Behind these programs, we have discovery programs that represent both first-in-class and best-in-class opportunities that can generate value through partnerships or by advancing them independently.

在這些項目的背後，我們的發現項目代表了一流和一流的機會，這些機會可以透過合作夥伴關係或獨立推進來創造價值。

I will now turn the call back to Ramy.

我現在將把電話轉回拉米。

Thank you, Karen. We have made a great deal of progress in the first half of the year. We witnessed continued scale-up and adoption of our software, launched an exciting new computational initiative to develop a predictive toxicology solution, and advanced our pipeline. We look forward to updating you on the opportunities that lie ahead in the second half of the year.

謝謝你，凱倫。上半年我們取得了很大進展。我們見證了我們軟體的不斷擴大和採用，啟動了一項令人興奮的新計算計劃來開發預測毒理學解決方案，並推進了我們的管道。我們期待向您通報今年下半年面臨的機會的最新情況。

At this time, we'd be happy to take your questions.

目前，我們很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Michael Yee, Jefferies.

麥可葉，杰弗里斯。

Hey guys, thanks for the question and congrats on a good quarter. We had two questions. One was thinking about the outlook for the rest of the year, tell us about your thoughts around any dynamic changes in your end user customers. Obviously, you're essentially maintaining the guidance, and we always know it comes down to the fourth quarter. So maybe just tell us a little bit about the dialogue and conversations you're having as it relates to confidence towards the end of the year.

嘿夥計們，感謝您的提問，並祝賀您度過了一個美好的季度。我們有兩個問題。其中之一是考慮今年剩餘時間的前景，請告訴我們您對最終用戶客戶的任何動態變化的想法。顯然，您基本上維持了指導方針，而且我們一直知道它將下降到第四季度。所以也許請告訴我們一些關於你們正在進行的對話和對話，因為這與年底的信心有關。

And our second question is more an important financial question. I'm sure Geoff would have a good lot around this. This relates to your year-end cash. We have our own estimate of about $366 million or so. But the burn is a couple hundred million for next year, leaving you perhaps less than a year of cash if you didn't have additional capital.

我們的第二個問題是更重要的財務問題。我確信傑夫對此會有很多了解。這關係到你的年終現金。我們自己估計約為 3.66 億美元左右。但明年要燒掉幾億美元，如果你沒有額外的資本，你可能只剩下不到一年的現金了。

Can you tell us about your thoughts around where there would be options for capital over the course of the next year or so, a partnership, other options? Tell us about that. Thank you.

您能否告訴我們您對未來一年左右的資本選擇、合作夥伴關係或其他選擇的想法？告訴我們這一點。謝謝。

Thanks, Mike. I'll take the first question and hand it over to Geoff to either add to the response to the first question and obviously answer your second question. So with regard to the nature of our discussions with our customers, few things. One is we're really pleased with the level of engagement, the clear level of interest in scaling up their usage of the software and they're excited about the kinds of advancements that we're talking about, including this predictive talk project. Obviously, that won't have an impact this year, but still excitement around the science and advancement of platform is very helpful in these engagements.

謝謝，麥克。我將把第一個問題交給傑夫，以補充第一個問題的回答，並顯然回答你的第二個問題。因此，就我們與客戶討論的性質而言，幾乎沒有什麼。一是我們對參與程度非常滿意，對擴大軟體使用的明確興趣程度，並且他們對我們正在談論的各種進步感到興奮，包括這個預測性談話項目。顯然，這不會對今年產生影響，但對平台的科學和進步的興奮仍然對這些活動非常有幫助。

We also -- I'll remind you that we have, we continue to expect as we have in the previous years to continue to have the very high, near 100% customer retention rate. So we have a lot of visibility into these discussions. We know customers will be renewing and it's really just a matter of what the scale up might be in the, as you pointed out, mostly in Q4.

我還要提醒您，我們繼續期望像前幾年一樣繼續保持非常高、接近 100% 的客戶保留率。因此，我們對這些討論有很多了解。我們知道客戶會續訂，正如您所指出的，這實際上只是擴大規模的問題，主要是在第四季度。

Geoff, do you want to add anything to that and then answer the cash question?

傑夫，你想補充一下然後回答現金問題嗎？

Yeah. Thanks, Ramy. Yes, just to add to that. Q4, of course, Mike, is our largest quarter always, and that's when our big customers renew. And I think the guidance range does reflect, we don't know exactly how much those customers are going to scale up their use and the exact nature of the contract, how much service there is or maintenance we're providing, how much of the mix of the revenue is going to be rateable versus on prem.

是的。謝謝，拉米。是的，只是補充一下。當然，麥克，第四季一直是我們最大的季度，也是我們的大客戶續約的時候。我認為指導範圍確實反映了，我們不確切地知道這些客戶將擴大其使用規模以及合約的確切性質，我們提供了多少服務或維護，有多少與本地收入相比，收入的組合將是可評估的。

And that's what contributes to the uncertainty and the guidance. But we have a very high degree of confidence that our customers are going to renew. And all of the experience that we've had, including the experience we've had in the first half of this year, is that they are likely to renew at increased scale.

這就是造成不確定性和指導的原因。但我們對客戶續約充滿信心。我們所有的經驗，包括今年上半年的經驗，都是它們可能會以更大的規模更新。

With respect to the cash position, you saw us, we clearly have the opportunity and we'll receive the additional cash from Morphic, presuming that that closes in the immediate future. And then I highlighted the continued position that we have in structure, and of course the opportunity to realize that over time as well. And then lastly, as our programs move into the clinic, we have been pretty clear that our intention is not to continue to take all of our programs ahead independently.

至於現金狀況，你看到了我們，我們顯然有機會，我們將從 Morphic 獲得額外的現金，假設該項目將在不久的將來關閉。然後我強調了我們在結構中的持續地位，當然還有隨著時間的推移實現這一點的機會。最後，隨著我們的計畫進入臨床，我們非常清楚，我們的意圖不是繼續獨立推進我們的所有計畫。

We may, under the right circumstances, advance one or maybe more programs. But obviously, given the number of programs that Karen's team is developing, we are expecting to transact on some of them. So we believe we have a number of opportunities for partnering.

在適當的情況下，我們可能會推進一項或多項計劃。但顯然，考慮到凱倫團隊正在開發的項目數量，我們預計會對其中一些項目進行交易。因此，我們相信我們有很多合作機會。

And we also, as Karen alluded to, continue to be actively engaged in discussions about collaboration. So both of those are additional sources of capital to sort of more or less match what we expect to be the cash burn going forward.

正如凱倫所提到的，我們也繼續積極參與合作的討論。因此，這兩者都是額外的資本來源，或多或少符合我們預期的未來現金消耗量。

Okay. Thank you, guys.

好的。感謝你們。

Mani Foroohar, Leerink.

瑪尼·福魯哈爾，李林克。

Hey guys, thanks for taking the call. Congrats on my quarter. I want to drill down a little bit on growth in the software-based business. You've given some clarity around continuing investments and engagement with your large customers around the deepening and expanding use. And that's one driver of growth. Can you give us a little bit of clarity on what you're seeing in end market use amongst smaller biotech companies, newly founded companies, venture funded companies, et cetera, and to what extent we're seeing the state of biotech capital markets reflected in your new customer adds.

嘿夥計們，感謝您接聽電話。恭喜我的季度。我想深入了解基於軟體的業務的成長。您已經對圍繞深化和擴大使用的持續投資和與大客戶的互動進行了一些澄清。這是成長的動力之一。您能否向我們介紹一下您在小型生物技術公司、新成立的公司、創投公司等終端市場使用中看到的情況，以及我們在多大程度上看到了生物技術資本市場的狀況反映在您的新客戶中新增。

Yeah, Geoff, you want to?

是的，傑夫，你願意嗎？

Sure. Thanks for the question, Mani. I tried to sort of allude to that in my prepared remarks. There's no doubt it's a turbulent environment for emerging biotech companies, but there are still new companies being formed. And the new companies formed tend to be looking at the most cost effective way to come up with novel molecules against their favorite targets.

當然。謝謝你的提問，瑪尼。我試圖在我準備好的發言中暗示這一點。毫無疑問，對於新興生技公司來說，這是一個動盪的環境，但仍有新公司正在成立。成立的新公司往往會尋找最具成本效益的方法來針對他們最喜歡的目標開發新分子。

And so very frequently, they're reaching out to us about becoming a software customer. And so when I look at the sort of customers that are scaling back or stopping use of our software because they've said, we don't do drug discovery anymore, we're just advancing our Phase 1 or Phase 3 program, when I look at that number of customers and that revenue effect compared to the opportunities that we're seeing, we're still seeing more new accounts than accounts that are not software customers, and we're seeing significantly more growth accounts than we are seeing reducing accounts.

他們經常聯繫我們，希望成為軟體客戶。因此，當我看到那些縮減或停止使用我們軟體的客戶時，他們說，我們不再進行藥物發現，我們只是在推進我們的第一階段或第三階段計劃，當我與我們看到的機會相比，看看客戶數量和收入影響，我們仍然看到比非軟體客戶更多的新客戶，而且我們看到的成長客戶明顯多於減少的客戶帳戶。

So I would say it's definitely an effect. It's a fairly modest effect. Now, business is really being driven by the large customers, but it's an effect that I don't think that it's increasing. I think that we're weathering it. And you're sort of seeing us absorb it in the results and the guidance that we're providing.

所以我想說這絕對是一個效果。這是一個相當溫和的影響。現在，業務確實是由大客戶推動的，但我認為這種影響並沒有增加。我認為我們正在經受住考驗。您將看到我們將其吸收到我們提供的結果和指導中。

And I think that there's some signs of optimism in the green shoots that I'm alluding to and the company's reaching out to us and saying we'd like to become customers, but it's a little hard to say that that's going to sort of result in a real recovery in the growth contribution of that customer segment, which really has not been there in a large way since sort of '21 or early '22.

我認為我提到的萌芽中有一些樂觀的跡象，公司正在聯繫我們並表示我們希望成為客戶，但很難說這會產生什麼結果該客戶群的增長貢獻真正恢復，自21 世紀或22 年初以來，這種成長貢獻實際上並沒有大幅恢復。

Great, that's helpful. Thank you.

太好了，很有幫助。謝謝。

Scott Schoenhoutz, KeyBanc.

謝恩豪茨 (Scott Schoenhoutz)，KeyBanc。

Thanks guys. Geoff, I guess this is a question for you. You following up on the new initiative to expand the application of computational tools for predictive toxicology. When exactly will this launch? When can you start taking orders? When should we start seeing the incremental revenues flow through? I believe you said in your opening comments next year. And then I have a second follow up on this one as well.

多謝你們。傑夫，我想這個問題應該要問你。您正在跟進擴大預測毒理學計算工具應用的新措施。這個具體什麼時候推出？什麼時候可以開始接受訂單？我們什麼時候應該開始看到增量收入流過？我相信你在明年的開場白中說過。然後我也對此進行了第二次跟進。

Yeah, let me take that first. Scott, thank you. Yeah, we're obviously extremely excited about this project. We've already gotten quite a bit of feedback from pharma companies that we've discussed it with, and it's been universally positive. And we've also, as we've indicated, started to use this technology internally in our collaborative programs and our proprietary programs and getting some very nice results with it.

是的，讓我先說一下。斯科特，謝謝你。是的，我們顯然對這個項目非常興奮。我們已經從與我們討論過的製藥公司那裡得到了相當多的回饋，而且普遍都是正面的。正如我們所指出的，我們也開始在我們的協作專案和專有專案中內部使用這項技術，並取得了一些非常好的結果。

Now, with regard to when it will be available to customers, that's something that we're building out now. We obviously are very excited to have it funded by the Gates Foundation with that $10 million grant. We expect to sign up additional partners to help work with us on the project. That's what we've done in the past with sort of new and novel technology.

現在，關於何時向客戶提供它，這是我們現在正在建立的東西。顯然，我們非常高興蓋茲基金會提供 1000 萬美元的資助。我們希望簽約更多合作夥伴來幫助我們完成這個專案。這就是我們過去使用新技術所做的事情。

And we can't necessarily get into details about exactly when it's going to be released. We've never done that. That's not a smart thing for any software company to do, but I think you can tell from how we're talking about it that this is something that will be released in the near future, let's put it that way.

我們不一定能詳細了解它的發佈時間。我們從來沒有這樣做過。對於任何軟體公司來說，這不是一件明智的事情，但我想你可以從我們談論它的方式中看出，這是將在不久的將來發布的東西，讓我們這樣說吧。

And we certainly expect it to contribute -- continue to contribute to software revenue growth over the coming years as we add more and more off targets to the handful that we've already done.

我們當然希望它能夠在未來幾年繼續為軟體收入成長做出貢獻，因為我們在已經完成的少數工作中添加了越來越多的偏離目標的內容。

That's really helpful color, Rami. Thank you so much. I guess just to put a pin on the back half software revenue guidance, since it's been picked and poked at or earlier with the earlier questions, I guess, is there any change to the cadence of the back half from last quarter even say based on all that color that Geoff provided on the customer, the green shoots and you're seeing more increasing scale of established customers. Has anything changed over 90 days in terms of the cadence of the back half or the contribution of the back half in terms of software revenue guidance? Thanks.

這真是有用的顏色，拉米。太感謝了。我想只是為了確定後半部分軟體收入指導，因為它是在之前的問題中被挑选和刺探的，我想，從上個季度開始，後半部分的節奏是否有任何變化，甚至可以說是基於傑夫為客戶提供的所有這些顏色、萌芽，你會看到老客戶的規模不斷擴大。90 天內，後半部的節奏或後半部對軟體收入指導的貢獻有什麼變化嗎？謝謝。

Ramy, do you want to jump in? I don't think so. All I would say is I think the middle part of the year is proceeding a little better than we anticipated. We are seeing some encouraging signs in terms of, as I mentioned, both global accounts and established biotech customers scaling up their renewals. And that's kind of helping us in the middle part of the year.

拉米，你想跳進去嗎？我不這麼認為。我想說的是，我認為今年中期的進展比我們預期的要好一些。正如我所提到的，我們在全球客戶和成熟的生物技術客戶擴大續約方面看到了一些令人鼓舞的跡象。這在今年中期對我們有所幫助。

But the full-year results still is heavily dependent upon the fourth quarter. I've sort of mentioned that we have a very high degree of confidence about the renewal and the fact that they will renew. But of course, the range of the guidance, which you can see, is really influenced by the scale of the contract and the scale up in the contract.

但全年業績仍嚴重依賴第四季。我已經提到過，我們對續約以及他們將續約的事實充滿信心。但當然，您可以看到，指導範圍實際上受到合約規模和合約規模的影響。

The length of the contract, some customers will come to us and say, yeah, we want to have a multi-year contract or we don't. And then of course, the nature of the contract, as I mentioned. So there are all those different elements that contribute to that variance in the guidance, but we're very confident that those renewals will happen.

合約期限，有些客戶會來找我們說，是的，我們想要一份多年合同，或者我們不想。當然，正如我所提到的，合約的性質。因此，所有這些不同的因素都會導致指南中的差異，但我們非常有信心這些更新將會發生。

Thanks so much, guys.

非常感謝，夥計們。

Evan Seigerman, BMO Capital Markets.

Evan Seigerman，BMO 資本市場。

Hi there, this is Conor McKay on for Evan. Thanks for taking our question and congrats again on the quarter. Just one for me on the updated clinical timelines that we got today. Can you maybe just comment on how trial enrollment has been progressing for your key assets that are currently in clinic? And maybe just discuss a little bit what drove the change from the previous late '24, 2025 guidance to the newer sort of more specific first half and second half '25 guide. Is this just a tightening of your prior range? Thanks.

大家好，我是埃文的康納麥凱。感謝您提出我們的問題，並再次祝賀本季。這只是我今天得到的最新臨床時間表的一個。您能否評論一下目前臨床中的關鍵資產的試驗註冊進度？也許只是討論一下是什麼推動了從之前的 2025 年 24 月底指南到更新的更具體的 25 年上半年和下半年指南的變化。這只是您先前範圍的收緊嗎？謝謝。

Yeah, thanks very much for the question. Yes, indeed, it is tightening of the range. Enrollment is going well in both our most advanced programs. And as you heard, we just started dosing in our third program. We are very happy with the way things are going. And really, this is around our intention and our plan to share information at Medical Congress.

是的，非常感謝你的提問。是的，確實是範圍收緊。我們兩個最先進的課程的招生進展順利。正如您所聽到的，我們剛開始在第三個項目中給藥。我們對事情的進展感到非常滿意。事實上，這是我們在醫學大會上分享資訊的意圖和計劃。

And understanding the timing of abstract submission dates, we've been able to narrow that focus into first half of the MALT1 and second half of CDC7. But overall things are going really well and pleased with the studies and the enrollment that we're seeing. Thanks.

透過了解摘要提交日期的時間安排，我們已經能夠將重點縮小到 MALT1 的前半部分和 CDC7 的後半部分。但總體而言，一切進展順利，對我們所看到的研究和入學情況感到滿意。謝謝。

Michael Riskin, Bank of America.

邁克爾·里斯金，美國銀行。

Please go ahead, Michael, your line is open.

請繼續，邁克爾，您的線路已接通。

And once more, Michael Riskin, your line is open. And we will take our next question. We'll come back to them.

邁克爾·里斯金，您的線路已接通。我們將回答下一個問題。我們會回到他們身邊。

David Lebowitz, Citi.

大衛‧勒博維茨，花旗銀行。

Well, thank you very much for taking my question. At the beginning of the call, you referenced your talks with the large-scale global companies about significant scale-ups and expanded use of the software. Is that something that's actually incorporated into the data that's something we would see in the typical fourth quarter uptick? Or is that a more broad statement that talks about potential acceleration in the coming years?

嗯，非常感謝您回答我的問題。在電話會議開始時，您提到了與大型跨國公司就軟體的重大擴展和擴大使用進行的會談。這是否實際上已納入我們在第四季度典型上升中看到的數據中？或者這是一個更廣泛的聲明，談論未來幾年潛在的加速發展？

Yeah, Geoff?

是啊，傑夫？

Yeah, that's actually a really good question. Dave, I think it's both. I think that we recognize, as you know, that we had a lot of contribution from a large customer renewing a multi-year contract in the fourth quarter of last year. And so we're very focused on growing through that in the fourth quarter of this year and see a number of opportunities for doing that, which is what's in the guidance.

是的，這實際上是一個非常好的問題。戴夫，我認為兩者都是。我認為，正如您所知，我們認識到去年第四季度續簽多年合約的大客戶為我們做出了巨大貢獻。因此，我們非常注重在今年第四季實現成長，並看到了許多實現這一目標的機會，這就是指南中的內容。

Also, I think from our comments around predictive talks and from our general comments, I think we think this is relatively early days in the cycle of the industry's adoption of this technology. And we have had an opportunity in the quarter to talk to many of the larger customers about where they are in the journey of adopting our technology at scale.

另外，我認為從我們對預測性談話的評論以及我們的一般評論來看，我認為我們認為這還處於行業採用這項技術週期的相對早期階段。本季我們有機會與許多大客戶討論他們在大規模採用我們技術的過程中所處的階段。

And I think they're starting to realize that it's still relatively early days and they have a long way to go in terms of capturing the full benefit. Ramy, do you want to talk a little bit more about the long term and the discussions we've had?

我認為他們開始意識到現在還處於相對早期的階段，要獲得全部利益，他們還有很長的路要走。Ramy，您想多談談我們的長期計劃和討論嗎？

The long term, that's right. The question was specifically about this year in the fourth quarter, correct? Or did I mishear?

從長遠來看，確實如此。這個問題具體是關於今年第四季的，對嗎？還是我聽錯了？

I basically meant to the extent that are we talking about substantial upticks in the use of the software. That's something that's already incorporated into the numbers? Or are we talking on a broader scale of them actually increasing their overall adoption going forward and how that might affect future years?

我的意思基本上是說我們正在談論軟體使用量的大幅上升。這已經納入數字了嗎？或者我們是否在更廣泛的範圍內談論它們實際上增加了未來的整體採用率以及這可能如何影響未來幾年？

Yes. Okay. So yes, I think Geoff covered it very well, but you're raising something very interesting, which is that as customers scale up the usage of the software, they see an acceleration in the impact that it has and that fuels more growth.

是的。好的。所以，是的，我認為傑夫很好地涵蓋了這一點，但你提出了一些非常有趣的事情，那就是，隨著客戶擴大軟體的使用範圍，他們看到它所產生的影響正在加速，並推動了更多的成長。

We've often talked about this sort of chicken and egg problem that you have to have -- you have to be using the software at some sort of critical level of usage to really see the impact. So that's what we're finding is that as customers scale up, they finally get to the point where they see the sort of profound impact on their projects, the kind of thing that we're seeing internally and that our partners are seeing and you can see the success of our partners and the impact that's having.

我們經常討論這種先有雞還是先有蛋的問題——您必須在某種關鍵的使用層面上使用該軟體才能真正看到影響。因此，我們發現，隨著客戶規模的擴大，他們最終會看到對其專案產生的深遠影響，這是我們內部看到的、我們的合作夥伴所看到的，而您也看到了這一點。看到我們合作夥伴的成功及其所產生的影響。

And like I said, that continues to fuel further growth. And also, as Geoff said, we should be very clear and we've said this many times, we're excited about where customers are going. And we, at the moment, have customers that are really using the software at a nice scale.

正如我所說，這將繼續推動進一步的成長。而且，正如傑夫所說，我們應該非常清楚，我們已經說過很多次了，我們對客戶的去向感到興奮。目前，我們擁有真正大規模使用該軟體的客戶。

But they still have a long way to go to really use the technology to its full -- to realize the full benefit of it. And as we've said many, many times, to use it at the scale that we're using it in our collaborative and proprietary programs. I think that's what you're getting at, and it's a great question.

但要真正充分利用這項技術——實現它的全部好處，他們還有很長的路要走。正如我們多次說過的，要以我們在協作和專有程序中使用它的規模使用它。我想這就是你的意思，這是一個很好的問題。

Vikram Purohit, Morgan Stanley.

維克拉姆‧普羅希特，摩根士丹利。

This is [Morgan Greg] on for Vikram. I have two questions related to the MALT1 program. First, for the initial MALT1 data expected in the first half of 2025, could you provide some more color on what this data set could look like in terms of number of patients level, follow-up, and parameters of data you anticipate reporting?

這是維克拉姆的[摩根·格雷格]。我有兩個與 MALT1 計劃相關的問題。首先，對於預計在 2025 年上半年發布的初始 MALT1 數據，您能否提供更多關於該數據集在患者數量水平、隨訪情況以及您預計報告的數據參數方面的信息？

And then following this data readout in 1H '25, are there any potential plans to establish a partnership? Or do you envision maintaining proprietary ownership of the molecule until additional data readouts? Thank you.

那麼，在 25 年 1 月公佈這項數據之後，是否有任何建立合作關係的潛在計劃？或者您是否打算在額外的數據讀出之前維持該分子的專有所有權？謝謝。

Yes. So as we've described, well, this Phase 1 dose escalation in patients, we are very focused on understanding the safety, the pharmacokinetics, and pharmacodynamics. I think we said in our prepared remarks, we're currently comparing once daily and twice daily and collecting pharmacodynamic data. And so this first half of 2025 will really be giving insight into what we're seeing in that Phase 1 dose escalation study.

是的。正如我們所描述的，對於患者的第一階段劑量遞增，我們非常注重了解安全性、藥物動力學和藥效學。我想我們在準備好的演講中說過，我們目前正在比較每天一次和每天兩次並收集藥效學數據。因此，2025 年上半年將真正讓我們深入了解我們在第 1 期劑量遞增研究中所看到的情況。

We are obviously also, in an exploratory way, looking at clinical activity and we also hope to be able to present that. And so looking forward to the opportunity to bring together and accumulate all of that data to share in a peer-reviewed setting.

顯然，我們也以探索性的方式關注臨床活動，我們也希望能夠展示這一點。因此，我們期待有機會匯集和累積所有這些數據，以便在同儕審查的環境中共享。

In terms of what our plans are for MALT1, I think we've been really clear in the past that we think MALT1 is a mechanism that will combine well with some pretty well-established drugs, BTK inhibitors, BCL2 inhibitors in a range of lymphomas.

就我們對 MALT1 的計劃而言，我認為我們過去已經非常明確，我們認為 MALT1 是一種可以與一些相當成熟的藥物、BTK 抑制劑、BCL2 抑制劑在一系列淋巴瘤中良好結合的機制。

And as a result of that, we think that actually the broadest potential development of MALT1 inhibitors will be in partnership with companies that own those assets or products actually on the market. And so while we will continue to study our molecule internally, we are always talking to partners about our projects. And we think that there will be an opportunity with a more complete data set to socialize that with pharma and potentially partner the program as we conclude the Phase 1 study.

因此，我們認為，實際上 MALT1 抑制劑最廣泛的潛在開發將是與實際在市場上擁有這些資產或產品的公司合作。因此，雖然我們將繼續在內部研究我們的分子，但我們始終與合作夥伴談論我們的專案。我們認為，當我們結束第一階段研究時，將有機會獲得更完整的數據集，以便與製藥公司進行交流，並可能成為該計畫的合作夥伴。

Matt Hewitt, Craig-Hallum Capital Group.

馬特·休伊特，克雷格-哈勒姆資本集團。

Good afternoon. Congratulations on the quarter and thanks for the question. Maybe first up regarding the new predictive toxicology tools. Was this something where customers had come to you looking for help? Or was this you seeing an opportunity in the market given your strength in basically putting this together? I guess is the first part of the question.

午安.恭喜本季度，感謝您提出問題。也許首先是關於新的預測毒理學工具。這是否是客戶向您尋求協助的原因？或者，鑑於您基本上將這些整合在一起的實力，您是否在市場上看到了機會？我想這是問題的第一部分。

The second part is as this gets adopted, as you launch this, this gets adopted, do you see that changing the methods for the traditional tox studies? Will there be a cost benefit to utilizing your software versus the traditional methods? Or is this in addition to those traditional tox studies? Thank you.

第二部分是，當它被採用時，當你啟動它時，它會被採用，你認為傳統毒理學研究的方法會改變嗎？與傳統方法相比，使用您的軟體會帶來成本效益嗎？還是這是對那些傳統毒物研究的補充？謝謝。

Thanks, Matt. Those are great questions. So first of all, with regard to your first question, absolutely both. This is widely known in the industry as a very serious problem. And customers and everybody that's doing drug discovery, they're complaining about this forever.

謝謝，馬特。這些都是很好的問題。首先，關於你的第一個問題，絕對是兩者兼具。這在業界被廣泛認為是一個非常嚴重的問題。客戶和所有從事藥物發現的人都永遠抱怨這一點。

And it's a problem that everybody encounters in their drug discovery projects. So what happened is that our technology, at a number of different pieces of the technology actually got to a certain level of performance that we recognize this seemingly impossible problems. It seemed like an impossible problem a few years ago, all of a sudden seem possible.

這是每個人在藥物發現計畫中都會遇到的問題。因此，我們的技術在許多不同的技術領域中實際上達到了一定的性能水平，我們認識到了這個看似不可能的問題。幾年前這似乎是一個不可能的問題，突然間似乎變得可能了。

It's a very ambitious project. But we think, given what we've already done with a number of targets that it's now the right time. And we're excited to not only -- where the science has gotten to and not only the funding that we talked about before, about our partnership with NVIDIA, which is also really making this possible.

這是一個非常雄心勃勃的項目。但我們認為，鑑於我們已經完成了許多目標，現在是時候了。我們不僅對科學進展感到興奮，也不僅對我們之前討論過的資金投入感到興奮，還對我們與 NVIDIA 的合作夥伴關係感到興奮，這也確實使這一切成為可能。

The performance of computers, even just a few years ago was not where it is now and where it is now is what's making this even possible. So it's bringing together obviously the interest and the demand for something like this with advances in the science and advances in computer hardware.

即使在幾年前，電腦的效能也達不到現在的水平，而現在的水平使這一切成為可能。因此，它顯然將對此類事物的興趣和需求與科學的進步和電腦硬體的進步結合在一起。

Now with regard to the traditional methods. There are basically two methods that are used now. One is obviously experimental. And that's what most people are doing. And of course, you can imagine that's pretty slow, not very high throughput, and obviously costly even to actually make the molecule and run it through panels of our targets one at a time to determine the sort of profile of the molecule with regard to off-target toxicity.

現在談談傳統方法。現在使用的方法基本上有兩種。其中之一顯然是實驗性的。這就是大多數人正在做的事情。當然，你可以想像這非常慢，吞吐量不是很高，而且即使實際製造分子並一次運行一個目標面板以確定分子相對於關閉的類型，成本也顯然很高。

The other approach has been one that involves using purely machine learning. So this is basically collecting as much experimental data as possible and then just building ML models. The problem with that is that has a severe limitation, which is that you can only get reasonably reliable predictions for molecules that look a lot like the molecules that have already been synthesized. What that means is that these predictive computational methods only start to work very late in projects after you accumulated a ton of experimental data.

另一種方法涉及使用純粹的機器學習。所以這基本上是收集盡可能多的實驗數據，然後建立機器學習模型。問題是它有一個嚴重的限制，那就是你只能對看起來很像已經合成的分子的分子做相當可靠的預測。這意味著這些預測計算方法只有在累積了大量實驗數據後才在專案中很晚才開始發揮作用。

And that obviously is missing a huge opportunity to catch these problems early in projects. With the physics-based approaches that we developed and published, that allows for any novel of any molecule that can be completely novel, there doesn't need to be any experimental data existing yet to be able to accurately predict whether it binds to a panel of off targets. So that's what the sort of breakthrough is.

這顯然錯過了在專案早期發現這些問題的巨大機會。透過我們開發和發布的基於物理的方法，任何分子的任何新穎性都可以是完全新穎的，不需要任何現有的實驗數據就能夠準確預測它是否與面板結合偏離目標。這就是突破。

There is never going to be a complete replacement for experimental methods. Eventually, you have to do the experiment. But the idea behind this technology is that it will significantly reduce the need to do those and it allow for prediction of this toxicology profile very early in projects. And actually be able to fix it instead of just throwing your hands up and saying, oh, well, this is yet another series that's dead. Hope that makes sense.

實驗方法永遠不會被完全取代。最終，你必須做實驗。但這項技術背後的想法是，它將顯著減少這樣做的需要，並且可以在專案的早期預測這種毒理學特徵。實際上能夠修復它，而不是只是舉手說，哦，好吧，這又是一個已經死了的系列。希望這是有道理的。

Absolutely. That's very helpful.

絕對地。這非常有幫助。

Chris Shibutani, Goldman Sachs.

克里斯·澀谷，高盛。

Thank you very much. Two questions, if I may. In terms of how you think the gross margin is being improved and strengthened by some of the shifting of the allocation of employees that you described, can you give us a sense of where you are in terms of the rightsizing or the right distribution or shaping of the distribution, so to speak, so that we can think about where on the forward, this may continue to provide some gross margin benefit?

非常感謝。如果可以的話，有兩個問題。關於您認為毛利率如何透過您所描述的員工分配的一些轉變而得到改善和加強，您能否讓我們了解一下您在調整規模或正確分配或塑造方面的情況？思考在未來的哪些方面，這可能會繼續提供一些毛利率效益？

And then secondly, I'm curious to know, particularly as Karen and her team continues to advance proprietary pipeline into the clinic, you guys, in essence, represent the sort of the leading end of the natural class or the ability to apply artificial intelligence-type informed modalities. And we often observe and wonder whether or not in the clinical development stage, there is a smarter, better, leaner, quicker way of approaching it. And if so, what is it that you guys are doing?

其次，我很想知道，特別是當凱倫和她的團隊繼續將專有管道推進到診所時，你們本質上代表了自然類別的領先者或應用人工智慧的能力-類型知情方式。我們經常觀察並想知道在臨床開發階段是否有更聰明、更好、更精簡、更快的方法來實現這一目標。如果是的話，你們在做什麼？

And is it something that you're even contemplating, expanding your own portfolio with? Just trying to understand if you could be the best-in-class example of utilizing (inaudible), of taking drug from discovery all the way through the clinic, what happens in the clinical development phase, which you might (inaudible) now?

您是否正在考慮用它來擴展自己的投資組合？只是想了解您是否可以成為利用（聽不清楚）、從發現一直到臨床使用藥物的一流例子，在臨床開發階段會發生什麼，您現在可能（聽不清楚）？

Thanks, Chris. Geoff, would you like to take the gross margin question first?

謝謝，克里斯。傑夫，您想先回答毛利率問題嗎？

Sure. Chris, thanks for your question. The gross margin, as you kind of gathered from my prepared remarks, on the drug discovery side, there has been a reduction in the cost of services associated with the drug discovery revenue as some of the project teams that were working on collaborations have shifted over to work on proprietary programs. And so the expense associated with those employees, but also any CRO services or other services associated with their work has shifted from cost of services over to R&D. I don't think that there is a lot more to shift there.

當然。克里斯，謝謝你的問題。毛利率，正如您從我準備好的發言中得出的那樣，在藥物發現方面，由於一些正在進行合作的項目團隊已經轉移，與藥物發現收入相關的服務成本有所下降。因此，與這些員工相關的費用，以及與他們工作相關的任何 CRO 服務或其他服務的費用，都已從服務成本轉移到研發成本。我認為那裡沒有太多需要改變的地方。

And as I mentioned in my prepared remarks, the outlook very much depends upon what we do with respect to collaboration. So in future periods, if there is another collaboration that engages a number of those employees, then that shift might move back the other way.

正如我在準備好的演講中提到的，前景很大程度上取決於我們在合作方面所做的事情。因此，在未來一段時間內，如果有另一項合作吸引了許多這樣的員工，那麼這種轉變可能會以相反的方式倒退。

I don't think it's going to be a seismic shift back the other way. But as it has been over the past few quarters, could it trend back the other way? Yes, somewhat. The larger question, of course, related to R&D spend. You saw R&D was flat Q2 over Q1. And I think we generally feel that we're in a really good place in terms of the investment we're making in the platform and the investment we're making in proprietary medicines.

我不認為這會是一個巨大的轉變。但正如過去幾個季度的情況一樣，它是否會出現相反的趨勢？是的，有一點。當然，更大的問題與研發支出有關。您可以看到第二季的研發與第一季持平。我認為我們普遍認為，就我們在平台上的投資和我們在專有藥品上的投資而言，我們處於一個非常好的位置。

Depending upon what happens with the clinical programs and their progress and what we decide to advance, et cetera, there could be a step-up associated with the clinical side. But I don't see that as being an imminent step-up because we've given you a time line for seeing the clinical data. And so we're continuing with those current trials to turn over those cards. So I don't think that there's a big change in either the R&D line or in the cost of services.

根據臨床計劃的情況及其進展以及我們決定推進的內容等，臨床方面可能會有所進展。但我不認為這是一個迫在眉睫的升級，因為我們已經給了您查看臨床數據的時間表。因此，我們正在繼續目前的試驗，以交出這些牌。所以我認為無論是研發線還是服務成本都沒有太大的變化。

And then lastly, I think I alluded to the puts and takes on the gross margin line on software, where hopefully I managed to explain, that there will be a temporary reduction associated with the funding for the predictive tox initiative and that that will reverse itself at the conclusion of that funding. That's just an anomaly of the different profitability between a software research project and a software contract with the customers.

最後，我想我提到了軟體毛利率的看跌期權和看跌期權，希望我能解釋一下，與預測毒物計劃的資金相關的暫時減少，並且這種情況會自行逆轉在該資金結束時。這只是軟體研究專案和與客戶簽訂的軟體合約之間不同的獲利能力的異常現象。

So hopefully, that's clear. And Karen, do you want to talk about AI?

希望一切都清楚了。凱倫，你想談談人工智慧嗎？

Certainly, yes. So you are quite right that obviously, as we move our programs into the clinic, our mindset is predict first and be as efficient as possible. We, ourselves, are not building those types of capabilities. As you know, our platform is very much chemistry focused.

當然，是的。所以你說得很對，顯然，當我們將專案轉移到診所時，我們的心態是先預測並盡可能有效率。我們自己並沒有建立這些類型的能力。如您所知，我們的平台非常注重化學。

However, we are engaging with companies who have built those kinds of platforms and evaluating whether they are additive to the sort of regulated way of doing things, can these help accelerate or improve efficiency in how we run trials, including things like patient selection and site selection. However, at this point, that's not something that we will be focused on building internally. I just want to be clear with that.

然而，我們正在與建立此類平台的公司合作，並評估它們是否對這種受監管的做事方式有幫助，這些是否有助於加速或提高我們進行試驗的效率，包括患者選擇和地點等選擇。然而，目前，這不是我們在內部建構的重點。我只是想澄清這一點。

(Operator Instructions)

（操作員說明）

Steven Mah, TD Cowen.

史蒂文·馬，TD·考恩。

Congrats on the quarter. Thanks for taking the questions. Just two quick follow-up questions on the predictive toxicology initiative. One, does the Gates Foundation have any downstream right for anything you or your partners discover? And two, is this software applicable to both small molecules and biologics?

恭喜本季。感謝您提出問題。關於預測毒理學計劃的兩個快速後續問題。第一，蓋茲基金會對您或您的合作夥伴發現的任何東西有任何下游權利嗎？第二，這個軟體是否適用於小分子和生物製劑？

The short answer to the first question is no. With regard to the second question, the technology at its current stage being developed for prediction of binding to off targets by small molecules. So that's where the focus is.

第一個問題的簡短答案是否定的。關於第二個問題，目前正在開發的技術是用來預測小分子與脫靶的結合。所以這就是重點所在。

Toxicity of antibodies is associated with -- not with this sort of mechanism of off-target binding. The toxicity is often associated, for example, with immunogenetic responses. So it's a different kind of problem, yes. That's why the focus is also (inaudible).

抗體的毒性與此脫靶結合機制無關。例如，毒性通常與免疫遺傳學反應有關。所以這是一個不同類型的問題，是的。這也是為什麼重點是（聽不清楚）。

Okay. Yes, thanks for the clarification. And then maybe staying on biologics. Could you give us some color on the live design for biologics? What has the traction been since the launch in March?

好的。是的，謝謝您的澄清。然後也許會繼續使用生物製劑。能為我們介紹一下生物製劑的即時設計嗎？自三月推出以來，吸引力如何？

Sorry, what was the -- yes, what was the question?

抱歉，問題是什麼？

No, the live design for biologics you guys launched that in March, the enterprise software.

不，你們在三月推出了生物製品的即時設計，企業軟體。

Yes. The reception has been fantastic. This is clearly a product that was -- sort of had a lot of pent-up demand for it. And all of the demos that we've been doing in discussions with customers, again, the reception has been really, really great.

是的。招待會非常棒。這顯然是一種有很多被壓抑的需求的產品。我們在與客戶討論時所做的所有演示，再次得到了非常非常好的反響。

As with enterprise software, the fact that it is so sticky once it's in, also results in the time to adoption being a little slower. This is -- it's not expected that the customers just sort of hear about it and the next day, they're using the software. The sort of sales cycle is a little bit longer with enterprise software.

與企業軟體一樣，一旦引入就具有黏性，這也導致採用時間稍慢。這是——客戶不會只是聽說它，第二天他們就會使用該軟體。企業軟體的銷售週期要長一些。

Again, the result of that is extreme stickiness once it's developed. So what we can tell you is we have had customers using it. And again, the feedback is quite positive.

同樣，其結果是一旦開發出來就具有極高的黏性。所以我們可以告訴您的是我們已經有客戶使用它。再說一遍，回饋非常積極。

Thank you. I am showing no further questions at this time. That concludes today's call. You may now disconnect.

謝謝。我目前沒有提出任何進一步的問題。今天的電話會議到此結束。您現在可以斷開連線。