Schrodinger Inc (SDGR) 2024 Q4 法說會逐字稿

Thank you for standing by. Welcome to Schrödinger's conference call to review fourth-quarter and full-year 2024 financial results. My name is Kelvin, and I'll be your operator for today's call. (Operator Instructions) Please be advised that today's call is being recorded at the company's request.

感謝您的支持。歡迎參加薛丁格的電話會議，回顧 2024 年第四季和全年財務表現。我叫凱爾文，今天電話的接線生由我來接聽。（操作員指示）請注意，今天的通話是應公司要求錄音的。

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 fourth-quarter and full-year 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. 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 Therapeutics. Following our prepared remarks, we'll open the call for Q&A.

謝謝大家，下午好。歡迎參加今天的電話會議，我們將在會議上介紹公司的最新情況並回顧我們 2024 年第四季和全年的財務表現。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，您可以在我們的網站 schrodinger.com 上查閱。今天與我一起參加電話會議的還有執行長 Ramy Farid；傑夫·波格斯（Geoff Porges），財務長；和研發療法總裁 Karen Akinsanya。在我們準備好發言之後，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 Securities Litigation Reform Act of 1995, including, without limitation, statements related to our outlook for the full year 2025, our plan is 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 as well as our future expenses.

在今天的電話會議中，管理層將根據 1995 年私人證券訴訟改革法案的安全港條款做出前瞻性聲明，包括但不限於與我們對 2025 年全年展望相關的聲明，我們的計劃是加速軟體業務的增長，推進我們的合作和專有藥物發現計劃、臨床試驗的啟動和讀數時間、我們化合物的臨床潛力和特性、我們的未來的現金

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. Actual results may differ materially due to a number of important factors, including considerations described in the Risk Factors section and elsewhere in the filings we make with the SEC, including our Form 10-K for the year ended December 31, 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.

這些前瞻性陳述反映了我們對我們的計劃、意圖、期望、策略和前景的當前看法，這些看法是基於我們目前掌握的資訊和我們所做的假設。由於許多重要因素，實際結果可能存在重大差異，包括「風險因素」部分和我們向美國證券交易委員會提交的文件中其他部分所述的考慮因素，包括截至 2024 年 12 月 31 日的 10-K 表格。這些前瞻性陳述僅代表我們截至今天的觀點，我們提醒您，除非法律要求，否則我們將來可能不會更新這些陳述，無論是由於新資訊、未來事件或其他原因。

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.

在今天的電話會議中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編制，僅應被視為 GAAP 指標的補充，而不能替代或優於 GAAP 指標。請參閱我們新聞稿末尾的表格，該表格可在我們的網站上找到，以了解這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳情況。

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

說完這些，我想把電話轉給拉米。

Thanks, Jaren, and thank you, everyone, for joining us today. 2024 was an exciting year for Schrödinger. We exceeded our software revenue expectations, established a new drug discovery collaboration and expanded software agreement with Novartis, and we continue to advance our collaborative and proprietary pipeline. We advanced the science underlying our platform, including initiating a project to predict toxicity associated with off-target binding and launching a new enterprise informatics platform for biologics.

謝謝，Jaren，也謝謝大家今天加入我們。 2024 年對薛丁格來說是令人興奮的一年。我們超越了軟體收入預期，與諾華建立了新的藥物發現合作關係並擴大了軟體協議，並且我們將繼續推進我們的合作和專有管道。我們推進了平台背後的科學，包括啟動一個預測與脫靶結合相關的毒性的項目，並推出一個新的生物製劑企業資訊平台。

2024 was also marked by important milestones at companies we co-founded. Ajax and structure progress their clinical programs and Morphic was acquired by Lilly for $3.2 billion, resulting in approximately $48 million for Schrödinger. As we look to 2025, I'm optimistic this broad momentum will continue.

2024 年也是我們共同創立的公司取得重要里程碑的一年。Ajax 和 Structure 推進其臨床項目，Morphic 被禮來公司以 32 億美元收購，Schrödinger 因此獲得約 4,800 萬美元的收入。展望2025年，我樂觀地認為這大勢頭將會持續下去。

Total revenue for the year was $208 million. Software revenue was $180 million, representing just over 13% growth and fourth-quarter software revenue grew 16% to $80 million. The strength of our business is also reflected in our 2024 KPIs. The number of software customers with an annual contract value of greater than $5 million, increased from $4 million to $8 million and the number of customers with ACV of greater than $1 million increased from 27% to 31%.

全年總收入為 2.08 億美元。軟體營收為 1.8 億美元，成長略高於 13%，第四季軟體營收成長 16%，達到 8,000 萬美元。我們的業務實力也體現在我們的 2024 年 KPI 中。年度合約價值超過 500 萬美元的軟體客戶數量從 400 萬美元增加到 800 萬美元，年度合約價值超過 100 萬美元的客戶數量從 27% 增加到 31%。

Total ACV increased by 24% to $191 million. Our software customer retention was 100% for customers with ACV of at least $500,000. We believe this strong performance of our KPIs is a direct consequence of the impact our technology is having on our customers' programs.

總 ACV 成長 24%，達到 1.91 億美元。對於 ACV 至少為 500,000 美元的客戶，我們的軟體客戶保留率為 100%。我們相信，我們的 KPI 表現如此出色是我們的技術對客戶計畫產生影響的直接結果。

Our priority for 2025 is driving continued increases in adoption of our computational technology and enterprise informatics platform. It is clear that the computational landscape in the industry is changing rapidly and that our unique integration of physics and AI/ML methods is producing powerful solutions for drug discovery and materials design.

我們 2025 年的首要任務是推動運算技術和企業資訊平台的採用率持續成長。顯然，產業的計算格局正在迅速變化，我們獨特的物理學和 AI/ML 方法的整合正在為藥物發現和材料設計提供強大的解決方案。

This year, we plan to release several new products and solutions that reflect our continued investment in the platform, including our predictive toxicology technology, where we have already enabled more than 50 off targets. We are also planning to release enhancements to our biologics discovery technologies and additional applications of AI/ML methods that are accelerating and broadening the impact of our physics-based methods,

今年，我們計劃發布幾款新產品和解決方案，這反映​​了我們對該平台的持續投資，其中包括我們的預測毒理學技術，我們已經在該技術上實現了 50 多個脫靶目標。我們還計劃發布生物製劑發現技術的增強功能以及 AI/ML 方法的更多應用，以加速和擴大我們基於物理的方法的影響，

Our platform is having a big impact on our ability to rapidly progress a broad pipeline of collaborative and proprietary discovery programs. This year, we look forward to sharing initial Phase 1 clinical data from our three lead programs. Karen will provide a detailed update later in the call.

我們的平台對我們快速推進廣泛的合作和專有發現計劃的能力產生了很大的影響。今年，我們期待分享我們三個主要項目的初步第一階段臨床數據。Karen 將在稍後的通話中提供詳細的更新資訊。

We are well-positioned for a transformational 2025, and we look forward to providing updates over the course of the year.

我們已為轉型中的 2025 年做好了準備，並期待在今年提供最新進展。

I will now turn the call over to Geoff.

現在我將電話轉給傑夫。

Thank you, Ramy, and good afternoon, everyone. We are very pleased with Schrödinger's financial performance in 2024. Our software growth exceeded our expectations and showed the resilience of our business through changing industry cycles and the headwinds of large contract renewals in prior years. The revenue contribution from hosted contracts continues to increase, and we expect this will gradually reduce the Q4 concentration of our revenue.

謝謝你，拉米，大家下午好。我們對薛丁格 2024 年的財務表現非常滿意。我們的軟體成長超出了我們的預期，並展示了我們業務在不斷變化的行業週期和前幾年大規模合約續約的逆風中表現出的韌性。託管合約的收入貢獻持續增加，我們預計這將逐步降低我們第四季的營收集中度。

The strong software results for the year is reflected in the excellent progress we have made in our KPIs and in the financial guidance we are providing for 2025. Our drug discovery collaborations and portfolio are expanding, driven by the landmark new agreement with Novartis and new programs added to the existing Otsuka and Lilly collaborations. Finally, our proprietary clinical programs are reaching key data milestones with significant clinical disclosure from three programs coming this year.

今年強勁的軟體業績體現在我們在 KPI 方面取得的出色進展以及我們為 2025 年提供的財務指導。我們的藥物發現合作和產品組合正在不斷擴大，這得益於與諾華達成的具有里程碑意義的新協議以及在現有大塚和禮來合作中增加的新項目。最後，我們的專有臨床計畫正在達到關鍵數據里程碑，今年將有三個項目獲得重要的臨床揭露。

I'll now summarize our financial results, beginning with Q4. Total revenue in Q4 was $88.3 million, an increase of 19% compared to Q4 2023. The increase was driven by higher software and drug discovery revenue. Software revenue was $79.7 million, an increase by 16% compared to Q4 2023. The increase was mainly due to higher hosted revenue from large customers who have transitioned from on-prem to hosted licenses over the last two years.

我現在將總結我們的財務業績，從第四季開始。第四季總營收為 8,830 萬美元，與 2023 年第四季相比成長 19%。成長的動力來自於軟體和藥物研發收入的增加。軟體營收為 7,970 萬美元，與 2023 年第四季相比成長 16%。成長的主要原因是過去兩年內從本地授權過渡到託管授權的大客戶帶來了更高的託管收入。

On-prem software revenue increased by 3% to $55.4 million as new multiyear deals that closed in Q4 2024, including Novartis, matched the contribution of multiyear deals closed in Q4 2023. Hosted revenue increased by 86% to $11 million. Maintenance revenue was $5.9 million and increased by 3.5%. Maintenance revenue was driven by support for on-prem contracts from prior periods and offset reductions in maintenance from customers switching to hosted licenses.

由於包括諾華在內的 2024 年第四季完成的新的多年期交易與 2023 年第四季完成的多年期交易的貢獻相匹配，本地軟體收入增長 3% 至 5540 萬美元。託管收入成長 86%，達到 1,100 萬美元。維護收入為590萬美元，成長3.5%。維護收入主要來自對前期內部部署合約的支持，以及客戶轉用託管許可證所導致的維護費用減少。

Services declined by 23% as the existing services projects were completed or expired. Contribution revenue was $4.9 million, reflecting the new predictive tox project funded by the Bill & Melinda Gates Foundation.

由於現有服務項目完成或到期，服務業下降了23%。捐款收入為 490 萬美元，反映了比爾和梅琳達蓋茲基金會資助的新的預測毒性計畫。

Overall, hosted revenue contributed 14% of total software revenue in the quarter, compared to 9% in Q4 2023. We are very encouraged by the software result with strong growth in the top 30 global pharma accounts, offsetting continued churn in our small and mid-cap customer segments.

整體而言，託管收入佔本季軟體總收入的 14%，而 2023 年第四季為 9%。我們對軟體業績感到非常鼓舞，全球前 30 名製藥客戶的強勁成長抵消了我們中小型客戶群的持續流失。

Small biotech companies continue to embrace our software, but equally, each year, we are seeing a number of our biotech software customers being acquired. These outcomes are positive for the industry and add to the validation of our platform, but also contribute to the churn in our SMID-cap biotech segment.

小型生物技術公司繼續採用我們的軟體，但同樣，每年我們都看到許多生物技術軟體客戶被收購。這些結果對產業來說是積極的，增加了我們平台的驗證，但也導致了我們中小型生物技術部門的流失。

Drug discovery revenue was $8.7 million in Q4, compared to $5.5 million in Q4 2023. The increase was due to milestones received in the quarter and amortization of upfront payments from existing collaborations, very little revenue was recognized for the new Novartis collaboration in the quarter.

第四季藥物發現收入為 870 萬美元，而 2023 年第四季為 550 萬美元。成長的原因是本季收到的里程碑和現有合作預付款的攤銷，本季新諾華合作確認的收入很少。

Turning to margins. The software cost of revenue was $13.3 million in the quarter, compared to $8.7 million in the same period in 2023. The increase was mainly due to the costs associated with the predicted tox project, along with higher royalties. The software gross margin was 83% in Q4, compared to 87.4% in Q4 2023.

轉向利潤。本季軟體成本為 1,330 萬美元，而 2023 年同期為 870 萬美元。成長的主要原因是與預測的毒物項目相關的成本以及更高的特許權使用費。第四季軟體毛利率為 83%，而 2023 年第四季為 87.4%。

The decrease in gross margin was due to the lower profitability of the predictive tox project. Drug discovery cost of goods was $10.9 million, compared to $7.9 million in Q4 2023. The increase was due to higher royalties as well as some increases in FTE and technology expenses.

毛利率下降是由於預測毒物項目獲利能力較低所致。藥物發現成本為 1,090 萬美元，而 2023 年第四季為 790 萬美元。成長的原因是特許權使用費增加以及 FTE 和技術費用增加。

Overall, our cost of revenue increased by 46% compared to Q4 2023, and the overall gross margin declined from 77.6% in Q4 2023 to 72.6% in Q4 2024. The decline was due to higher drug discovery expenses and the higher cost of software. Looking ahead, we expect this trend to continue for the balance of this year as more of our R&D expenses associated with internal projects moves into cost of goods for drug discovery and as the predictive tox project continues in 2025.

總體而言，我們的營收成本與 2023 年第四季相比增加了 46%，整體毛利率從 2023 年第四季的 77.6% 下降到 2024 年第四季的 72.6%。下降的原因是藥物研發費用和軟體成本增加。展望未來，我們預計這一趨勢將在今年剩餘時間持續下去，因為與內部專案相關的研發費用將更多地轉入藥物研發的商品成本，並且預測毒性專案將在 2025 年繼續進行。

Our largest operating expense remains R&D. R&D declined from $51.5 million in Q4 2023 to $49.4 million in Q4 2024. The decline was due to lower CRO spending and lower FTE allocation for projects that were discontinued during the year.

我們最大的營運支出仍然是研發。研發費用從 2023 年第四季的 5,150 萬美元下降到 2024 年第四季的 4,940 萬美元。下降的原因是 CRO 支出減少以及年內停止的項目的 FTE 分配減少。

Sales and marketing expenses in Q4 decreased by 2.5% to $9.7 million based on relatively stable headcount and associated expenses and G&A was essentially flat at $25.8 million, mainly associated with higher professional services being offset by decreases in royalties.

由於員工人數和相關費用相對穩定，第四季度的銷售和行銷費用下降了 2.5%，至 970 萬美元，而一般及行政費用基本持平於 2580 萬美元，這主要與更高的專業服務費用被特許權使用費的減少所抵消有關。

Total operating expenses were $84.8 million, compared to $87.2 million in Q4 last year, and the loss from operations was $21 million compared to $29.6 million in Q4 last year. The change in fair value was a loss of $22 million based on the mark-to-market of our equity and structured therapeutics and the small changes in private company valuations. This compares to a loss in value of $8 million in Q4 of 2023.

總營運費用為 8,480 萬美元，而去年第四季為 8,720 萬美元；營運虧損為 2,100 萬美元，而去年第四季為 2,960 萬美元。根據我們股權和結構化療法的市價以及私人公司估值的微小變化，公允價值變動損失了 2,200 萬美元。相比之下，2023 年第四季的價值損失為 800 萬美元。

Other income was $3.5 million in Q4 compared to $6.6 million in Q4 2023. The lower income was due to a lower cash balance and the unfavorable effect of currency fluctuations in foreign currency balances.

第四季其他收入為 350 萬美元，而 2023 年第四季其他收入為 660 萬美元。收入減少是由於現金餘額減少以及外幣餘額受到貨幣波動的不利影響。

Total other expense was a loss of $18.5 million compared to a loss of $1.9 million in Q4 last year, resulting in net loss before taxes for the quarter of $39.3 million, a net loss after taxes of $40.2 million or $0.55 per diluted share. This compares to a net loss of $31 million or $0.43 per diluted share in Q4 last year.

其他費用總額虧損 1,850 萬美元，而去年第四季虧損 190 萬美元，導致本季稅前淨虧損 3,930 萬美元，稅後淨虧損 4,020 萬美元，即每股攤薄虧損 0.55 美元。相比之下，去年第四季淨虧損 3,100 萬美元，即每股虧損 0.43 美元。

The fully diluted share count for Q4 was $72.9 million and for the year was $72.7 million. The share count increased by 1% compared to the same period in the prior year.

第四季的完全稀釋股份總數為 7,290 萬美元，全年的完全稀釋股份總數為 7,270 萬美元。與去年同期相比，股票數量增加了1%。

I'll now summarize the full-year 2024 financial results. Full-year revenue was $208 million compared to $217 million in 2023. Software revenue grew by 13.3% from $159 million to $180 million with two-thirds of the growth coming from hosted software and one-third from contribution revenue.

我現在來總結一下2024年全年財務表現。全年營收為 2.08 億美元，而 2023 年為 2.17 億美元。軟體營收成長 13.3%，從 1.59 億美元增至 1.8 億美元，其中三分之二的成長來自託管軟體，三分之一來自貢獻收入。

Hosted revenue grew from $20 million to $35 million due to an increasing number of large accounts transitioning to hosted licenses. Hosted contracts contributed 20% of software revenue for 2024 compared to 13% in 2023. On-prem contract revenue was flat at $104 million as new large multiyear on-prem contracts signed this year more or less offset those signed last year. Contribution revenue increased due to the impact of the predictive tox project funded by the Gates Foundation.

由於越來越多的大型帳戶轉向託管許可證，託管收入從 2,000 萬美元成長到 3,500 萬美元。託管合約將為 2024 年的軟體收入貢獻 20%，而 2023 年這一比例為 13%。由於今年簽署的新的大型多年期內部部署合約基本上抵消了去年簽署的合同，因此內部部署合約收入持平於 1.04 億美元。捐款收入因蓋茲基金會資助的預測毒性計畫的影響而增加。

Drug discovery revenue was $27 million for the year compared to $58 million in 2023. The reduction was due to the impact of non-recurring milestones received from partners in 2023. Software gross margin for the year was 79.5% compared to 81.5% in 2023. The change in gross margin was due to the higher costs associated with the contribution revenue in 2024 compared to 2023. Overall, gross margin was relatively stable at 64% compared to 65% in 2023.

今年的藥物研發收入為 2,700 萬美元，而 2023 年則為 5,800 萬美元。減少是由於 2023 年從合作夥伴收到的非經常性里程碑的影響。本年度軟體毛利率為 79.5%，而 2023 年為 81.5%。毛利率的變化是由於 2024 年貢獻收入相關成本與 2023 年相比增加。整體而言，毛利率相對穩定，為 64%，而 2023 年為 65%。

Operating expenses increased by 7.3% compared to 2023 with R&D increasing by 11% to $202 million, sales and marketing increasing by 7% to $40 million, and G&A increasing by 1% to $100 million. Our operating loss for the year was $209 million compared to $177 million in 2023.

與 2023 年相比，營運費用成長了 7.3%，其中研發費用成長了 11%，達到 2.02 億美元，銷售和行銷費用成長了 7%，達到 4,000 萬美元，一般及行政費用增加了 1%，達到 1 億美元。我們今年的營業虧損為 2.09 億美元，而 2023 年的營業虧損為 1.77 億美元。

Other income was $23.6 million this year compared to $220 million in 2023 and a net loss in 2024 was $187 million or $2.57 per diluted share compared to net income of $41 million or $0.54 per diluted share in 2023. The profit in 2023 was driven by the gains associated with the distribution from Nimbus and the gains in the value of our stake in more Morphic during 2023.

今年其他收入為 2,360 萬美元，而 2023 年為 2.2 億美元；2024 年淨虧損為 1.87 億美元，即每股攤薄虧損 2.57 美元，而 2023 年淨收入為 4,100 萬美元，即每股攤薄虧損 0.54 美元。2023 年的利潤來自於 Nimbus 分銷相關的收益以及 2023 年我們在 Morphic 的股份價值的增加。

Our net cash used in operating activities was $31 million in Q4 compared to $37 million in Q4 2023. Our net cash used in operating activities for the year was $157 million in 2024 compared to $137 million in 2023. Our cash and marketable securities balance was $367 million at the end of Q4 2024 compared to $469 million at the end of Q4 2023. Our cash position at the end of Q4 2024 did not reflect the effect of the receivable from Novartis, which added $150 million to our cash balance in January.

我們第四季經營活動所用的淨現金為 3,100 萬美元，而 2023 年第四季為 3,700 萬美元。2024 年，我們的經營活動所用淨現金為 1.57 億美元，而 2023 年為 1.37 億美元。截至 2024 年第四季末，我們的現金和有價證券餘額為 3.67 億美元，而 2023 年第四季末為 4.69 億美元。我們 2024 年第四季末的現金狀況並未反映諾華應收帳款的影響，該帳款在 1 月為我們的現金餘額增加了 1.5 億美元。

I'll now provide our initial financial guidance for 2025. We expect our software revenue growth to be in the range of 10% to 15% and currently expect drug discovery revenue to be in the range of $45 million to $50 million. We expect a further increase in the proportion of our revenue from hosted contracts, which should slightly reduce our fourth-quarter weighting software revenue and bolsters our revenue in earlier periods.

我現在將提供我們 2025 年的初步財務指導。我們預計軟體收入成長率將在 10% 至 15% 之間，目前預計藥物研發收入將在 4,500 萬美元至 5,000 萬美元之間。我們預計託管合約的收入比例將進一步增加，這將略微降低我們第四季度的軟體收入權重，並增加我們前期的收入。

Our current expectation is that software revenue will be in the range of $44 million to $48 million in Q1, and the drug discovery revenue will be weighted towards the later quarters of the year. Our software gross margin is likely to be in the range of 74% to 75% compared to 79.5% in 2024. The reduction is driven by the increase in the contribution revenue from the predictive tox initiative.

我們目前預計第一季的軟體營收將在 4,400 萬美元至 4,800 萬美元之間，而藥物研發收入將集中在今年後幾季。我們的軟體毛利率可能在 74% 至 75% 之間，而 2024 年為 79.5%。減少的原因是預測毒性計劃的貢獻收入增加。

Our operating expenses are likely to grow by less than 5% in 2024, a certain expenses shift from R&D to cost of goods in associated with the predictive tax initiative and newly announced collaborations. We now expect net cash used in operating activities in 2025 to be lower than 2024.

我們的營運費用在 2024 年可能會成長不到 5%，與預測稅務計畫和新宣布的合作相關的某些費用將從研發轉移到商品成本。我們現在預計 2025 年經營活動所用淨現金將低於 2024 年。

In 2025, we expect the growth of our software business to continue to be driven by increasing adoption of our technology by large customers. Many of these companies have not scaled up their investment in our technology and are increasingly interested in improving the productivity of their drug discovery efforts.

到 2025 年，我們預計軟體業務的成長將繼續受到大客戶越來越多地採用我們的技術的推動。許多公司尚未擴大對我們技術的投資，而且對提高藥物研發效率的興趣日益濃厚。

We are already having encouraging discussions with many of the companies who have not yet adopted our technology at scale and anticipate that the enhancements to our platform, including capabilities for biologics and expanded integration of AI and machine learning with our physics-based methods should contribute meaningfully to our growth this year.

我們已經與許多尚未大規模採用我們技術的公司進行了令人鼓舞的討論，並預計我們平台的增強，包括生物製劑的能力以及人工智能和機器學習與我們基於物理的方法的擴展集成，將對我們今年的增長做出有意義的貢獻。

While we are fielding inquiries from new and emerging biotech companies, we don't expect small companies to contribute meaningfully to our growth this year. Our exposure to China is less than 5% of revenue, and we don't expect significant growth from that market this year either.

雖然我們正在處理新興生技公司的詢問，但我們並不期望小公司今年能為我們的成長做出有意義的貢獻。我們在中國的業務佔總營收的不到 5%，我們也不認為今年該市場會有顯著的成長。

To conclude, Schrödinger had an excellent year in 2024, with strong results that leave us well-positioned operationally, financially, and strategically entering 2025. We have many opportunities to drive continued growth in our software business and our collaborations are poised to contribute significant value in 2025 and beyond. Our balance sheet is strong, and our operating metrics, including KPIs and operating expenses are trending in the right direction.

總而言之，薛丁格在 2024 年取得了出色的成績，這讓我們在進入 2025 年時在營運、財務和策略上都佔據了有利地位。我們有很多機會推動軟體業務的持續成長，我們的合作將在 2025 年及以後貢獻重大價值。我們的資產負債表強勁，我們的營運指標（包括關鍵績效指標和營運費用）正朝著正確的方向發展。

I'll now turn the call over to Karen to comment on our therapeutics R&D.

現在我將把電話轉給凱倫，請她對我們的治療學研發進行評論。

Thank you, Geoff, and good afternoon, everyone. 2024 was a productive year as we advanced our collaborative and proprietary pipeline. In November, we signed a significant new drug discovery agreement with Novartis, and we recently expanded our collaborations with Otsuka and Lilly. Dose escalation studies for SGR-1505 and SGR-2921 progressed, and we initiated our Phase 1 study for SGR-3515. These achievements laid the groundwork for important milestones this year with the expected presentation of initial Phase 1 data from all three clinical stage programs.

謝謝你，傑夫，大家下午好。 2024 年是富有成果的一年，因為我們推進了協作和專有管道。11 月，我們與諾華公司簽署了一項重要的新藥研發協議，最近我們又擴大了與大塚公司和禮來的合作。SGR-1505 和 SGR-2921 的劑量遞增研究取得了進展，並且我們啟動了 SGR-3515 的 1 期研究。這些成就為今年的重要里程碑奠定了基礎，預計將展示所有三個臨床階段項目的初步第一階段數據。

Beginning with our collaboration portfolio, we are pleased with the addition of another target to our discovery collaboration with Lilly. Today's announcement of an exciting new program in a high-value therapeutic area builds on the agreement initially signed in 2022 and the advances made by the team on a challenging initial target.

從我們的合作組合開始，我們很高興在與禮來的發現合作中增加了另一個目標。今天宣布的一項高價值治療領域令人興奮的新計劃以 2022 年最初簽署的協議以及團隊在具有挑戰性的初始目標上取得的進展為基礎。

Last month, we announced the expansion of our collaboration with Otsuka, adding another program to the existing agreement. The expansion of these two partnerships, as well as our collaboration with Novartis, reflects the excellent track record we have established for delivering differentiated molecules and robust preclinical packages for high-value targets.

上個月，我們宣布擴大與大塚的合作，在現有協議中增加另一個項目。這兩個合作夥伴關係的擴展以及我們與諾華的合作反映了我們在為高價值目標提供差異化分子和強大的臨床前方案方面所建立的卓越業績記錄。

Turning to our clinical programs. Our most advanced Phase 1 program is our MALT1 inhibitor, SGR-1505. MALT1 is a clinically validated target for leukemias and lymphomas. It is downstream of the BTK pathway and regulates NF-kB signaling, which is elevated in B-cell malignancies and in patients with BTK inhibitor resistance.

轉向我們的臨床項目。我們最先進的 1 期項目是 MALT1 抑制劑 SGR-1505。MALT1 是經過臨床驗證的白血病和淋巴瘤標靶。它位於 BTK 路徑的下游，調節 NF-kB 訊號傳導，該訊號在 B 細胞惡性腫瘤和 BTK 抑制劑抗藥性患者中升高。

Our ongoing Phase 1 dose escalation study is evaluating SGR-1505 in patients with relaxed refractory B-cell malignancies. We expect to report safety, pharmacokinetic, and pharmacodynamic data as well as preliminary PK/PD relationships and efficacy data at a medical meeting in the second quarter. Our goal is to provide an initial understanding of the profile of SGR-1505 to inform further development.

我們正在進行的 1 期劑量遞增研究正在評估 SGR-1505 對難治性 B 細胞惡性腫瘤患者的作用。我們預計將在第二季的醫學會議上報告安全性、藥物動力學和藥效學數據以及初步的 PK/PD 關係和療效數據。我們的目標是對 SGR-1505 的概況進行初步了解，以便為進一步開發提供資訊。

Enrollment is also ongoing in our Phase 1 study of SGR-2921, our CDC7 inhibitor, in patients with acute myeloid leukemia or myelodysplastic syndrome. As a reminder, the objectives of this Phase 1 study are to evaluate the safety and tolerability of SGR-2921 and to determine the recommended Phase 2 dose and schedule. The study is progressing well with multiple dose escalations completed, and we continue to anticipate reporting initial clinical data in the second half of this year.

我們的 CDC7 抑制劑 SGR-2921 對急性骨髓性白血病或骨髓增生異常綜合症患者的 1 期研究也正在進行中。提醒一下，本第 1 階段研究的目標是評估 SGR-2921 的安全性和耐受性，並確定建議的第 2 階段劑量和時間表。研究進展順利，已完成多次劑量遞增，我們預計將在今年下半年報告初步臨床數據。

Third, our Phase 1 study of SGR-3515, our Wee1/Myt1 co-inhibitor, is also advancing our ongoing dose escalation study will evaluate the safety, PK/PD, preliminary antitumor activity, and dosing schedule in patients with advanced solid tumors predicted to be sensitive to Wee1/Myt1 inhibition. This includes ovarian uterine and breast cancer in addition to other solid tumors with elevated replication stress. SGR-3515 inhibits both Wee1 and Myt1, and concurrent loss of these two proteins converts amplified vulnerability in cancer cells, term synthetic lethality.

第三，我們對 Wee1/Myt1 聯合抑制劑 SGR-3515 的 1 期研究也在推進，我們正在進行的劑量遞增研究將評估預測對 Wee1/Myt1 抑制敏感的晚期實體瘤患者的安全性、PK/PD、初步抗腫瘤活性和給藥方案。這包括卵巢子宮癌和乳腺癌以及其他具有較高複製壓力的實體腫瘤。SGR-3515 同時抑制 Wee1 和 Myt1，這兩種蛋白質的同時喪失會增強癌細胞的脆弱性，即所謂的合成致死。

Our intermittent dosing schedule is intended to maintain efficacy while allowing recovery from any potential mechanism-based hematological toxicity. We are pleased with our progress in this study and anticipate reporting initial data in the second half of this year.

我們的間歇給藥計劃旨在保持療效，同時允許從任何潛在的基於機制的血液學毒性中恢復。我們對這項研究的進展感到滿意，並預計在今年下半年報告初步數據。

Beyond our clinical programs, we are also progressing early discovery programs for targets involved in inflammation and neurodegenerative diseases. Recently, we selected a development candidate, or our EGFR C797S program for osimertinib resistant non-small cell lung cancer, including brain metastases.

除了臨床計畫之外，我們還在推進與發炎和神經退化性疾病相關的目標的早期發現計畫。最近，我們選擇了一個開發候選藥物，即我們的 EGFR C797S 項目，用於治療奧希替尼抗藥性的非小細胞肺癌，包括腦轉移。

Over the past three years, we have advanced several programs into the clinic and partnered some of our early-stage programs. We continue to see additional opportunities for value creation emerging from our portfolio throughout licensing, new ventures, or collaborations. We are very much looking forward to sharing clinical results from all three clinical programs throughout the year.

在過去三年中，我們已經將幾個計畫推進到臨床階段，並與一些早期計畫建立了合作關係。我們不斷看到透過授權、新企業或合作從我們的投資組合中湧現出更多創造價值的機會。我們非常期待全年分享所有三個臨床項目的臨床結果。

I'll now turn the call back to Ramy.

我現在將電話轉回給拉米。

Thank you, Karen. As you heard, we had a very successful 2024, and I would like to take this opportunity to thank our dedicated employees for their hard work and accomplishments. I'm very excited about our outlook for 2025, and we look forward to providing further updates across the business throughout the year.

謝謝你，凱倫。正如您所聽到的，我們在 2024 年取得了非常成功的成績，我想藉此機會感謝我們敬業的員工的辛勤工作和取得的成就。我對我們對 2025 年的展望感到非常興奮，我們期待全年為整個業務提供進一步的更新。

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

現在，我們很樂意回答您的問題。

(Operator Instructions) Michael Yee, Jefferies.

（操作員指示） Michael Yee，Jefferies。

Hey, guys. This is Kyle Yang for Michael Yee. Thanks for taking our question. Congrats on the quarter. First question -- a few quick ones for us. The first question is, what is your assumption behind your 2025 drug discovery revenue guidance? Could you please share what proportion of the guidance comes from revenue from the Novartis partnership?

嘿，大家好。我是 Michael Yee 的 Kyle Yang。感謝您回答我們的問題。恭喜本季取得佳績。第一個問題──我們只想問幾個簡單的問題。第一個問題是，您對 2025 年藥物研發收入指引的假設是什麼？您能否分享一下該指導意見中有多少比例的收入來自與諾華的合作？

And second is, could you please tell us a little bit about your updated thoughts on your MALT1 program. We understand that you previously used J&J’s first-generation molecule data as a bar, so how should we think about the bar now knowing that J&J has initiated a second-generation molecule and also AbbVie has a MALT1 as well? Thank you so much.

第二，您能否向我們介紹您對 MALT1 計劃的最新想法。我們了解到您之前使用過強生公司第一代分子的數據作為標準，那麼現在我們知道強生公司已經啟動了第二代分子，而艾伯維也有 MALT1，我們應該如何考慮這個標準呢？太感謝了。

Do you want to cover the first?

您想覆蓋第一個嗎？

Let me start off with your question about the 2025 revenue guidance for drug discovery. The increase in the drug discovery revenue that we're forecasting is pretty broad-based. It comes from quite a few different collaborations as you would imagine, part of it is the amortization of the upfront payment from the Novartis collaboration, which we've indicated it's going to be over multiple years.

首先我想回答一下您關於 2025 年藥物研發收入指引的問題。我們預測藥物研發收入的成長是相當廣泛的。正如您所想像的，它來自相當多不同的合作，其中一部分是諾華合作的預付款的攤銷，我們已經表示這將持續多年。

I wouldn't want you to think that it's most of that revenue, because we're just scaling up all of those activities on those projects. I imagine we're going to be some at peak recognition of that upfront payment probably 18 to 24 months, but it's a significant portion.

我不希望你認為這就是大部分收入，因為我們只是在擴大這些項目的所有活動。我想我們大概會在 18 到 24 個月內達到預付款的峰值認可度，但這是相當重要的一部分。

But there are a number of other programs. As we announced today, we have a new collaboration with Lilly agreement. We announced a new program in the Lilly agreement, new program in the Otsuka agreement at the beginning of the year. Both of those contribute, and the progress that we're making in some of our other collaborations, such as BMS also contribute. So it's really pretty broad-based. And that's similar for the guidance that we provided on software, frankly, as well.

但還有許多其他項目。正如我們今天宣布的那樣，我們與禮來公司達成了新的合作協議。我們在年初宣布了禮來協議中的新計劃，大塚協議中的新計劃。這兩者都有所貢獻，而且我們在其他一些合作中取得的進展（例如 BMS）也有所貢獻。所以它確實具有相當廣泛的基礎。坦白說，這與我們在軟體方面提供的指導也類似。

Great. Karen, can you address the second question?

偉大的。凱倫，你能回答第二個問題嗎？

Yeah. So as you pointed out, there is a lot of excitement, I think, about MALT1 as a mechanism. That's reflected, I think, in the number of companies and are seeing this target. We are very pleased with the progress we're making in our Phase1 trial. Just to remind you, this is a dose-escalation study where we are studying the PK/PD safety, which we think is super important for this mechanism, for combinations, as well as initial signs of clinical activity.

是的。正如您所指出的，我認為人們對 MALT1 機制非常感興趣。我認為，這反映在實現這一目標的公司數量上。我們對第一階段試驗的進展感到非常滿意。只是提醒您，這是一項劑量遞增研究，我們正在研究 PK/PD 安全性，我們認為這對於這種機制、組合以及臨床活動的初始跡象非常重要。

Now, in terms of the bar, I would say that we're really focused on understanding the performance of our molecule in this trial. As you point out, there are other companies entering this space. But our focus this year, laser focused on describing the profile of our molecule. And as you have, we will be sharing some of that data in the second half of the year at a medical conference with an update on the profile so far from this dose-escalation study -- second quarter, sorry.

現在，就標準而言，我想說我們真正關注的是了解我們的分子在這次試驗中的表現。正如您所指出的，還有其他公司正在進入這個領域。但我們今年的重點是描述分子的概況。正如您所說，我們將在今年下半年的醫學會議上分享部分數據，並更新迄今為止這項劑量遞增研究的概況——抱歉，是第二季度。

Okay, thanks.

好的，謝謝。

Mani Foorohar, Leerink Partners.

Mani Foorohar，Leerink Partners。

Hi. This is CJ Yeh on for Mani. Congrats on the quarter, and thanks for taking our question. Our question is, you previously noted that seasonality becomes more 4Q weighted over time. Is this something that's happening at a pace that we would start to show this year or is this something we would see more longer term over the next half decade?

你好。我是 CJ Yeh，代表 Mani 報道。恭喜本季取得佳績，感謝您回答我們的問題。我們的問題是，您之前曾指出，隨著時間的推移，季節性會變得更加受第四季度的影響。這種現像是否會在今年開始顯現，還是會在未來五年內更長期地出現？

All right. So you suggested that our seasonality becomes more weighted, but perhaps you mean that it becomes less weighted over time. We actually do think that it will gradually become less -- revenue distribution will become less Q4 weighted. It's hard, because we keep coming up with great opportunities in the fourth quarter as we've seen in the last couple of years.

好的。所以您說我們的季節性變得更加重要，但也許您的意思是隨著時間的推移它的權重會變得越來越小。我們確實認為它會逐漸減少——第四季的收入分配權重會減少。這很難，因為正如過去幾年所見，我們在第四季度不斷湧現出巨大的機會。

But we think that this year, we will see more distribution. That's why we emphasize the hosted revenue because, of course, the hosted revenue is a foundation that continues through all four quarters of the year. So I do think that the Q4 weighting will come down. But similarly, as I do want to point out in Q2 and Q3 are still going to be cyclically lower quarters than the other quarters of the year this year.

但我們認為今年我們將看到更多的分銷。這就是我們強調託管收入的原因，因為託管收入當然是貫穿全年四個季度的基礎。所以我確實認為第四季的權重會下降。但同樣，正如我想指出的那樣，今年第二季和第三季仍將是周期性低於其他季度的季度。

I'll add to that, the Q1 guidance that we provided also reflects the impact of some deals that we signed in Q4 and revenue being recognized for quite a number of things that we closed in Q4, particularly as you imagine, hosted deals. So some of that is a tail coming out of Q4 into Q1.

我要補充一點，我們提供的第一季指引也反映了我們在第四季度簽署的一些交易的影響，以及我們在第四季度完成的相當多項目的收入確認，特別是如您所想像的託管交易。因此，其中一部分是從第四季度到第一季的尾部影響。

Great. Thank you.

偉大的。謝謝。

Scott Schoenhaus, KeyBanc Capital Markets.

KeyBanc 資本市場 (KeyBanc Capital Markets) 的 Scott Schoenhaus。

Hey, guys. This is Steve on for Scott. Thanks for taking our questions. What do customers take into consideration when potentially moving from on-prem to hosted? And how do you see the percentage of your book transitioning to hosted progressing over the next couple of years?

嘿，大家好。這是史蒂夫代替斯科特。感謝您回答我們的問題。當客戶可能從本地遷移到託管時，他們會考慮什麼？您認為未來幾年您的書籍轉向託管出版的比例會如何？

And then as a follow-up, what is the level of demand been like for combination drug discovery and software arrangements from existing and new customers? Thanks.

然後作為後續問題，現有和新客戶對組合藥物研發和軟體安排的需求水準如何？謝謝。

So maybe I'll give you a sense of the cadence of the transition from on-prem to hosted. And then Ramy, maybe you can talk a little bit about the basis for making that decision? And then Karen, you talk about the drug discovery question.

因此，也許我可以讓您了解從內部部署到託管的轉變節奏。那麼拉米，也許您可以談談做出該決定的依據？然後凱倫，你談論藥物發現問題。

So in terms of the cadence, I pointed out in my prepared remarks, I think that the -- there was about a 5- to 7-percentage-point difference in the amount of our software revenue. It came from hosted contracts in 2024, compared to 2023 and also about the same in Q4 compared to Q4.

因此，就節奏而言，我在準備好的發言中指出，我認為——我們的軟體收入金額存在大約 5 到 7 個百分點的差異。它來自 2024 年的託管合同，與 2023 年相比，第四季度與第四季度也大致相同。

I think that that's a reasonable goal in terms of the continuation of the trend. We previously indicated that we don't envisage cost sudden or even rapidly accelerated switch, but that sort of cadence of transition, we think is reasonable as a base assumption going forward.

我認為，就延續這一趨勢而言，這是一個合理的目標。我們之前曾表示，我們不會設想成本突然或甚至快速加速的轉變，但我們認為這種轉變節奏作為未來的基本假設是合理的。

Yeah. And let me just remind you what we mean by hosted in the large majority of cases. What this means is that we're hosting a license server, not the underlying software. When we do host for license server it allow us to deliver the licenses a little bit more seamlessly to the customer. But as far as the customer is concerned and actually as far as we're concerned as far as the burden on us or the impact it has on us, it's extremely small. Remember, it's just hosting license server, not software to sell.

是的。讓我提醒您，在大多數情況下，我們所說的託管是什麼意思。這意味著我們託管的是許可證伺服器，而不是底層軟體。當我們為許可證伺服器提供主機時，它允許我們更無縫地向客戶提供許可證。但就客戶而言，實際上就我們而言，就我們面臨的負擔或影響而言，這非常小。請記住，它只是託管許可證伺服器，而不是要出售的軟體。

Why do they need to transition?

他們為什麼需要轉型？

I mean, I just -- I think that's what I was just saying. It is a little bit more seamless to deliver the software, deliver the license, right.

我的意思是，我只是──我想這就是我剛才所說的。交付軟體、交付許可證會更加無縫一些，對吧。

Yeah.

是的。

Yeah. And I think the last question was about combination deals.

是的。我認為最後一個問題是關於組合交易的。

Yeah, the demand for -- what do we see combination demand for combination --

是的，我們看到的組合需求是什麼？--

No. I mean, I think as you're well aware, both the drug discovery team and the software team spend a lot of time with potential partners and software customers, really showcasing programs and how we execute drug discovery. And I think as you're aware, that's led to a number of these combined deals over the last few years.

不。我的意思是，我想正如您所知，藥物研發團隊和軟體團隊都花費大量時間與潛在合作夥伴和軟體客戶一起展示程式以及我們如何執行藥物研發。我想您也知道，這在過去幾年中促成了許多此類合併交易。

We expect that to continue. I think it's hard to give you a sense of the extent to which that will be true, but I think we're excited about these opportunities. It gives us a chance, as we talked about with the Novartis deal, not just to see them scale up the platform, but actually to have those front row seat and watch us use the platform so that they get the most out of it.

我們預計這種情況將會持續下去。我認為很難讓你了解這在多大程度上是真實的，但我認為我們對這些機會感到興奮。正如我們在與諾華的交易中談到的那樣，它為我們提供了一個機會，不僅讓我們看到他們擴大平台規模，而且實際上讓我們坐在前排觀看我們如何使用平台，以便他們從中獲得最大收益。

Brendan Smith, TD Cowen.

布倫丹·史密斯（Brendan Smith），TD Cowen。

Great. Thanks for taking the questions. I wanted to actually maybe just piggyback off of that prior question just a little bit and ask a bit more about kind of customer retention feedback and how you're thinking about new product offerings. Can you maybe just give us a sense of what are some of the stickiest aspects that your software users are responding to that they're kind of telling you about that's really driving some of this retention and driving up ACV over time?

偉大的。感謝您回答這些問題。實際上，我可能只是想稍微順便問一下之前的問題，多問一些關於客戶保留反饋以及您對新產品的看法。您能否向我們介紹一下，您的軟體用戶最關注的方面有哪些，他們告訴您哪些方面真正推動了用戶的保留率並隨著時間的推移提高了 ACV？

And then really just curious how some of that feedback is impacting your capital allocation strategy on where to focus new product offerings and R&D investment moving forward? Thanks.

然後真的很好奇這些回饋如何影響您的資本配置策略，即未來將重點放在新產品供應和研發投資？謝謝。

Yeah. The customer retention is coming from something that we said in our remarks, and it's pretty exciting, which is the technology is having an impact on projects. We're getting constant reports from our customers that they're making fewer molecules to get to a development candidate. Quality of molecules are improving, probability of success is improving. They're getting to development candidates more rapidly. It's very simple. It's impact.

是的。客戶保留來自於我們在評論中提到的內容，這非常令人興奮，即技術正在對專案產生影響。我們不斷收到客戶的報告，他們製造的用於開發候選藥物的分子越來越少。分子的品質正在提高，成功的機率也在提高。他們正在更快地找到開發候選人。這很簡單。這是有影響的。

And what that means is they become very, very dependent on it. And the option to not continue to use it, of course, isn't there when you have that kind of impact.

這意味著他們變得非常非常依賴它。當然，當你受到這種影響時，就沒有辦法不再繼續使用它了。

The other aspect of it is, of course, whether there are alternatives. And obviously, this kind of retention rate certainly suggests that there are not viable alternatives to the technology that we're developing. We are, as you -- as we indicated in our remarks and you're asking your question, continue to advance the platform in a number of very important areas.

當然，另一方面是是否有替代方案。顯然，這種保留率肯定表明我們正在開發的技術沒有可行的替代品。正如我們在發言中所指出的以及您所問的問題一樣，我們將繼續在許多非常重要的領域中推進平台的發展。

And then, of course, also helps with retention. When customers see that we continue to improve the platform and they continue -- then it becomes more of a partnership, right? They're investing in us, and they know that by continuing to work with us, giving us feedback, they're going to see continued improvements in the software and new technologies. And we talked about, for example, enhancements to our biologics offering, in particular, in the enterprise informatics space. That's been really well received.

當然，這也有助於保留。當客戶看到我們不斷改進平台並且他們繼續改進時——那麼我們就更像是一種合作關係，對嗎？他們正在投資我們，並且他們知道透過繼續與我們合作並向我們提供回饋，他們將看到軟體和新技術的持續改進。例如，我們討論了生物製劑產品的增強，特別是在企業資訊學領域。這確實受到了熱烈歡迎。

The predictive toxicology, this off-target panel that we're developing is -- there's a lot of excitement around that. It's a real -- there's a real need to improve that aspect of drug discovery. And that taps into new budgets, which is also a part of stickiness, right, as you start to -- as the technology starts to have a broader impact across the whole enterprise, not just in one specific area.

我們正在開發的預測毒理學、脫靶面板——引起了許多人的注意。這是一個真正的問題——我們確實需要改進藥物研發的這個面向。這需要新的預算，這也是黏性的一部分，對吧，當你開始——當科技開始對整個企業產生更廣泛的影響時，而不僅僅是在某個特定領域。

The other area that's in that category is formulations, in particular, crystal structure prediction. That's an exciting new technology that we released last year, receiving a lot of great feedback from customers. They're seeing that we're advancing the science. We're making -- we're doing good science and it's having an impact on their projects.

屬於該類別的另一個領域是配方，特別是晶體結構預測。這是我們去年發布的一項令人興奮的新技術，收到了來自客戶的大量回饋。他們看到我們正在推動科學進步。我們正在做出傑出的科學貢獻，並且這對他們的專案產生了影響。

Great. Thanks very much.

偉大的。非常感謝。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great, thanks. Thanks for taking the question, guys. I want to ask about some of your -- the KPIs you release in terms of 2024 performance. Just taking a look at number of customers with ACV over 5 million ACV of top 10 customers, it seems like really jump in those top 5, top 10 accounts from a software perspective. Maybe just a follow-on to the prior question, but just sort of what are you seeing there? Why that feels like a little bit of a step function sort of how sustainable is that? And is this a little bit of a one-time jump, or are you seeing something that's making you reassess that?

太好了，謝謝。謝謝大家回答這個問題。我想問您發布的一些關於 2024 年績效的 KPI。僅看一下前 10 名客戶中 ACV 超過 500 萬的客戶數量，從軟體角度來看，這似乎確實躍居前 5 名、前 10 名帳戶之列。也許只是對上一個問題的延續，但您在那裡看到了什麼？為什麼這感覺有點像是階躍函數，它的可持續性如何？這是一次性的飛躍嗎？還是您看到了一些讓您重新評估的事情？

Yeah. No, we can address that. It's a great question. We've talked a lot about this that to see impact from this technology has to be used at scale. You have to explore huge numbers of molecules to solve this incredibly complicated drug discovery and material design problem that we all face this multi-parameter optimization problem. It requires exploring huge amounts of chemical space. And that can only be done by using the technology at scale.

是的。不，我們可以解決這個問題。這是一個很好的問題。我們已經討論了很多次，要看到這項技術的影響，就必須大規模使用。您必須探索大量分子才能解決這個極其複雜的藥物發現和材料設計問題，我們都面臨這個多參數優化問題。它需要探索大量的化學空間。而這只有透過大規模使用該技術才能實現。

And it's become very clear that in some sense, there's an inflection in the value that gets created when you reach that $5 million plus spend, that gives you access to enough technology to support enough programs to really see an impact. But as we said over and over again, that's not -- we don't think that's the TAM.

而且很明顯，從某種意義上來說，當你的支出達到 500 萬美元以上時，所創造的價值就會發生轉變，這使你能夠獲得足夠的技術來支持足夠多的項目，從而真正看到影響。但正如我們反覆說過的那樣，那不是——我們不認為那是 TAM。

We don't think that's the limit. We know internally in our 25 to 30 programs or so that we're working on internally, we're using the technology at a much larger scale in that. So yeah, these companies can see impact at the $5 million to $10 million range or so. But it turns out there's still room for -- to experience significantly more impact by actually spending quite a bit more than that.

我們認為這不是極限。我們內部知道，在我們內部正在進行的 25 到 30 個左右的專案中，我們正在更大規模地使用該技術。是的，這些公司可以看到大約 500 萬到 1000 萬美元的影響。但事實證明，透過實際花費更多，我們仍然可以獲得更大的影響力。

And again, we have evidence of that through our own partnerships and our partner's experience that they get access to that level of technology, companies like Lilly and now Novartis and so on. And I think they're going to start to see what's required to achieve the kind of outcomes that we've achieved and that Karen mentioned is that reflects -- that's reflected in our track record.

並且，我們透過自己的合作夥伴關係和合作夥伴的經驗證明了這一點，他們可以獲得該級別的技術，例如禮來公司和現在的諾華公司等。我認為他們將會開始看到我們需要做些什麼才能取得我們已經取得的成果，而卡倫提到的這一點也反映在我們的業績記錄中。

Got it. Thanks so much. Appreciate it. Cool.

知道了。非常感謝。非常感謝。涼爽的。

Vikram Purohit, Morgan Stanley.

摩根士丹利的維克拉姆·普羅希特（Vikram Purohit）。

Hi. Good afternoon. Thanks for taking our question. So we had two. First on the revenue guidance, I was wondering if you could just talk us through what drives the bookings there? Just wanted to understand some of the sensitivities that flow into each end of the range?

你好。午安.感謝您回答我們的問題。所以我們有兩個。首先關於收入預測，我想知道您是否可以向我們介紹一下推動預訂量的因素？只是想了解流入範圍兩端的一些敏感度？

And then secondly, on MALT1, also you mentioned that the data update here is going to be a medical meeting in 2Q. I was just wondering, do you think you'll be in a position to evaluate partnerships for that program post that data cut, or do you think you'd want to see more follow-up or more data points before evaluating potential BD for MALT1? Thanks.

其次，關於 MALT1，您也提到這裡的數據更新將在第二季的醫學會議上進行。我只是想知道，您是否認為在數據截止後您將能夠評估該計劃的合作夥伴關係，或者您是否認為在評估 MALT1 的潛在 BD 之前您希望看到更多的後續行動或更多的數據點？謝謝。

Geoff will cover the first.

傑夫將負責第一部分。

So on the revenue guidance, we provided revenue guidance for Q1 and then for the full year. As you can imagine, Vikram, the confidence or uncertainty that we have about the outlook for Q1 is much higher than for the full year because we're kind of two-thirds of the way through the first quarter as well.

因此，在收入預測方面，我們提供了第一季和全年的收入預測。維克拉姆，你可以想像，我們對第一季前景的信心或不確定性遠高於全年前景，因為第一季也已經過了三分之二。

And as I mentioned on an earlier question, we have some deals that closed late in Q4 that are delivering revenue in Q1. So there's a pretty broad foundation behind that Q1 number. For the full year, we're still going to have a pretty big chunk of revenue that we'll have to deliver in the fourth quarter. And the confidence we have in that is based on several things.

正如我在先前的問題中提到的，我們在第四季末完成的一些交易將在第一季產生收入。因此，第一季的數據背後有著相當廣泛的基礎。就全年而言，我們仍將有相當大的部分收入需要在第四季實現。我們對此的信心是基於幾件事。

First, you heard Ramy talk about the on the penetration in much of the industry. Yeah, we have eight customers over $5 million, but that still leads an awful lot of the industry that is well below that. In fact, it's substantially below that, where we think we have an opportunity to advance discussions.

首先，您聽到了拉米 (Ramy) 談論該行業大部分領域的滲透情況。是的，我們有 8 個客戶的交易額超過 500 萬美元，但這個數字仍然遠低於業內許多客戶的交易額。事實上，遠低於這個水平，我們認為我們有機會推進討論。

The second is that, of course, we are deploying all the new capabilities into the technology, which results in both new customers coming in and say, hey, that would be really useful, will step up. And then existing customers that have already stepped up taking their utilization to a higher level.

第二，當然，我們正在將所有新功能部署到技術中，這會導致新客戶進來並說，嘿，這真的很有用，會加強。然後，現有客戶已經將其利用率提升到更高的水平。

The third thing I'll say is that we -- because of the hosted contracts that we've put in place, a hosted contract in a strange way puts future revenue in the bank rather than an on-prem contract where you take all the revenue upfront.

我要說的第三件事是，由於我們已經實施了託管合同，託管合同以一種奇怪的方式將未來的收入存入銀行，而不是像內部部署合同那樣將所有收入預先存入銀行。

So compared to prior years, the situation we're in, in terms of the base of revenue that we have a high degree of certainty about for 2025 is actually higher than it's been in prior years because of that hosted revenue contract. So all of those elements give us a very hard way of confidence about the revenue guide for the year.

因此，與前幾年相比，就我們所處的狀況而言，由於託管收入合同，我們對 2025 年的收入基礎有很高的確定性，實際上比前幾年要高。因此，所有這些因素都讓我們對今年的收入指南缺乏信心。

Now, top and bottom end. It just depends on what the magnitude, the step-up in those large customers is particularly towards the end of the year. And as those discussions mature, we'll think about where we actually think the year is going to end up. But we've got a very high degree of confidence at this stage.

現在，頂部和底部。這只是取決於這些大客戶的成長幅度，特別是在年底。隨著這些討論的深入，我們將思考今年究竟會如何結束。但我們現階段信心非常高。

So on MALT1, I think important to just restate that this is an ongoing dose-escalation trial. As you know, we spend a lot of time with potential partners, aligning on what kind of profile people are looking for what would be impactful in the hemo space for MALT1. But I will emphasize, again, that what we will be sharing in 2Q is the data cut-off when we submit the abstract. So it will be ongoing. And I think as we approach a more complete study, we'll have a second round, obviously, discussions, further rounds of discussions with companies as the year progresses. So yeah, we get an interim update, I think, at the medical meeting.

因此，關於 MALT1，我認為有必要重申這是一項正在進行的劑量遞增試驗。如您所知，我們花了大量時間與潛在合作夥伴一起，了解人們正在尋找什麼樣的資料，以及哪些資料會對 MALT1 血液領域產生影響。但我要再次強調，我們將在第二季分享的是提交摘要時的數據截止時間。所以它將會持續下去。我認為，隨著我們進行更全面的研究，我們顯然會進行第二輪討論，隨著時間的推移，我們會與公司進行進一步的討論。是的，我認為我們在醫學會議上得到了臨時更新。

Got it. Thank you.

知道了。謝謝。

Evan Seigerman, BMO Capital Markets.

艾文‧塞格曼 (Evan Seigerman)，蒙特婁銀行資本市場。

Hi. This is Malcolm Hoffman on for Evan. Thank you for taking our question. Wanted to ask, if you guys can think of any impact that you could foresee from recent proposed US tariffs, in order to exposure to China is only roughly 5% of revenue. Did any of this be meaningfully impacted by those ongoing disputes. Just trying to get your context there. I appreciate it. Thanks.

你好。馬爾科姆·霍夫曼代替艾文發言。感謝您回答我們的問題。想問一下，你們是否能想到最近美國提出的關稅可能帶來的任何影響，因為對中國的曝險僅佔收入的約 5%。這些持續不斷的爭議是否對這些產生了重大影響？只是想了解你的背景。我很感激。謝謝。

Yeah. I appreciate your question. I think it's a sensible one given the context. I think total revenue to China is actually substantially less than 5%. It's in the low-single digits. We are expecting that to sort of recover in the immediate future, but equally, we don't see ourselves as having a lot of risk associated with that.

是的。我很感謝你的提問。我認為，從具體情況來看，這是合理的。我認為中國的總收入實際上遠低於5%。它處於低個位數。我們預計這種情況將在不久的將來得到恢復，但同樣，我們也不認為自己會面臨太多與此相關的風險。

I will sort of dovetail your question with another answer, which is our exposure to NIH is less than 1%. Our total exposure to US academic institutions across all different parts of our business, is about high-single digits, mid- -- really mid-single digits, and total US government exposure, including NIH is still considerably less than 1%. So there's a little turmoil out there and it should be -- looks like being a tough environment for economic local research, but we don't expect that to have a lot of impact on our cases.

我將用另一個答案來回答你的問題，那就是我們對 NIH 的接觸不到 1%。我們業務各部分對美國學術機構的整體曝光率約為高個位數、中等個位數，而包括 NIH 在內的美國政府整體曝光率仍遠低於 1%。因此，那裡存在一些動盪，這應該是——對於經濟本地研究來說，這看起來是一個艱難的環境，但我們預計這不會對我們的案件產生太大影響。

Appreciate it. Thanks, guys.

非常感謝。謝謝大家。

Matt Hewitt, Craig-Hallum Capital Group.

馬特·休伊特，克雷格-哈勒姆資本集團。

Good afternoon, and thanks for the update. I actually have three different lines of questions, so I'm going to ask them and then I'll let you answer, and then I'll come back with the follow-ups. But first, as far as the drug discovery revenues are concerned, should we be thinking -- how should we be thinking about the cadence for those? Obviously, you don't know when milestones are necessarily going to hit. But with the Lilly contract signing in January, is there anything attached to that? I'm just trying to think how we should be dispersing those revenues over the course of the year?

下午好，感謝您的更新。我實際上有三個不同的問題，所以我會問這些問題，然後讓你回答，然後我再回來進行後續提問。但首先，就藥物研發收入而言，我們是否應該思考──我們該如何思考這些收入的節奏？顯然，你不知道里程碑何時會實現。但是，隨著一月禮來公司合約的簽署，這有什麼附帶條件嗎？我只是想知道我們應該如何在一年內分配這些收入？

Okay. I indicated in my prepared remarks that they're likely to again be somewhat back-end weighted as you can imagine, I mean to the Novartis contract is going to contribute, and that will, of course, scale up during the year as we spin up all of those project teams.

好的。我在準備好的發言中指出，正如你所想像的，它們可能再次受到某種後端加權，我的意思是諾華的合約將會做出貢獻，當然，隨著我們啟動所有這些專案團隊，這一比例將在年內擴大。

And similarly, frankly, with even, for example, the new program, the Lilly and the super collaborations, while we're ready to go, it takes a period of time to scale up those project teams as well and then you recognize that revenue as those teams scale up.

同樣，坦白說，即使是新項目，例如禮來公司和超級合作，雖然我們已經準備好了，但擴大這些專案團隊的規模也需要一段時間，然後隨著這些團隊規模的擴大，你才能確認收入。

So I think that I would -- I don't think it's -- we're not going to subset very heavily back-end weighted, but it will gradually increase throughout the year.

所以我認為——我不認為——我們不會對後端加權進行非常大的子集化，但它會在全年逐漸增加。

Got it. And then secondly, the predictive toxicology, can you provide any feedback that you're getting from some of the initial beta customers? And when do you think that could be ready for prime time?

知道了。其次，對於預測毒理學，您能否提供一些初始測試客戶給予的回饋？您認為什麼時候可以準備好播出黃金時段？

Yeah. As I indicated, the feedback has been really excellent. It's clear there's a wide recognition that this solves a real challenge that essentially every single project faces at some point. As far as the quality of the science and the accuracy of the methods, it's impressive, and that's also being recognized widely.

是的。正如我所指出的，反饋非常好。顯然，人們普遍認識到，這解決了基本上每個專案在某個時候都會面臨的實際挑戰。就科學的品質和方法的準確性而言，它令人印象深刻，並且也得到了廣泛認可。

As far as when it will be released, we're not in the habit of announcing ahead of time dates for actual releases, but we are committed to releasing it this year. I look forward to sharing with you announcements around that release and more information as we have more and more customers using it.

至於何時發布，我們沒有提前宣布實際發布日期的習慣，但我們承諾今年發布。隨著越來越多的客戶使用它，我期待與您分享有關該版本的公告和更多資訊。

I will say, this is kind of important. Maybe you can handing over to Karen, we are using it already. So, our collaborators have access to it, and it's had a big impact on a number of our projects.

我想說，這很重要。也許你可以交給凱倫，我們已經在使用它了。因此，我們的合作者可以訪問它，並且它對我們的許多項目產生了很大的影響。

Yeah, that's correct. As you know, the internal drug discovery team gets early access to the technology. It is actually something we've been using in ongoing programs, both our own and collaborators, as Ramy said, and being able to dial in and dial out the profiles we want and those we don't want is really a very powerful tool.

是的，沒錯。如您所知，內部藥物研發團隊可以提前獲得該技術。正如拉米所說，這實際上是我們在正在進行的專案（包括我們自己的專案和合作者的專案）中一直在使用的東西，能夠撥入和撥出我們想要的和不想要的配置文件確實是一個非常強大的工具。

That's great. And then maybe the last one, and maybe this is a little bit bigger picture here, but you noted that small pharma is still lagging from an adoption standpoint. It didn't sound like that you were expecting much change this year. What do you think is going to be the trigger to get small pharma, small biotech to really get on board with using software in the drug discovery standpoint. Is it simply a money thing? Is it -- they need to feel more comfortable with their balance sheets? Is there some other hurdle you think that needs to be kind of overcome or what's it going to take there? Thank you.

那太棒了。然後也許是最後一個，也許這是一個更大的圖景，但您注意到從採用的角度來看小型製藥公司仍然落後。聽起來你似乎不期待今年會發生太多變化。從藥物研發的角度來看，您認為什麼因素會真正促使小型製藥公司、小型生技公司開始使用軟體？這僅僅是錢的問題嗎？是不是──他們需要對自己的資產負債表更加放心？您認為是否還有其他需要克服的障礙或需要做些什麼？謝謝。

I'll hand it over to Geoff to give some thoughts. But let me just first make clear, and this is something we've talked about before that we have a number of small companies that are using the software potentially, if you think about the number of programs they have at a higher scale than the large majority of our pharma customers. So the good news there is that there are plenty of relatively small companies that are recognizing the value and using it. That's a good sign.

我會把它交給傑夫來表達一些想法。但首先讓我澄清一下，這是我們之前討論過的事情，我們有許多小公司可能正在使用該軟體，如果你想想他們擁有的程式數量比我們絕大多數製藥客戶的程式數量要大。因此，好消息是，有許多相對較小的公司認識到了它的價值並加以利用。這是個好兆頭。

But the broader question, maybe Geoff, you can.

但更廣泛的問題是，也許傑夫，你可以。

Yeah. So I may have conveyed the wrong impression. It's not that small pharma or biotech companies are reluctant to use the software or actually even lagging. In that segment as a whole has churn in it, frankly, because some of them are so successful, they just keep being acquired. And that is a lot of validation for our platform and then the acquirer finds out how they discover their molecules, so that's causing some churn.

是的。所以我可能傳達了錯誤的印象。這並不是說小型製藥公司或生技公司不願意使用該軟體，或實際上落後了。坦白說，該領域整體上已經出現了客戶流失，因為其中一些公司非常成功，所以它們不斷被收購。這對我們的平台來說需要大量的驗證，然後收購者會發現他們是如何發現他們的分子的，所以這會導致一些客戶流失。

But the other thing is that we're all seeing the headlines about companies that are restructuring and focusing on advancing just their clinical program or concentrating down just to one core therapeutic area or something. And naturally, that has an effect on their appetite for investing in discovery.

但另一件事是，我們都看到有關公司重組的頭條新聞，這些公司正在專注於推進其臨床項目或只集中於一個核心治療領域等。這自然會影響他們對投資探索的興趣。

So what I would do -- my direct answer to your question would be for that segment to again be a growth driver for us, what we want to see is kind of a renewed commitment to providing capital for drug discovery in emerging biotech companies, which is sort of, I would say, still pretty tepid, the environment for that.

因此，我要做的——我對您問題的直接回答是，讓該領域再次成為我們的成長動力，我們希望看到的是，重新致力於為新興生物技術公司的藥物研發提供資金，我想說，目前的環境仍然相當不溫不火。

That's super helpful, thank you.

這非常有幫助，謝謝。

Chris Shibutani, Goldman Sachs.

高盛的 Chris Shibutani。

Great. Thank you very much. Two questions, if I may. With the predictive toxicology business, you made several announcements in 2024 about the partnership and the revenue -- the contribution that's being made by the Gates Foundation. With that, you mentioned that the majority of revenues will be recognized in 2025. Geoff, can you just clarify for us from a modeling perspective, how we should think about that revenue recognition, where it appears in the model and anything to do with sequencing?

偉大的。非常感謝。請問我有兩個問題。關於預測毒理學業務，您在 2024 年發布了幾項有關合作夥伴關係和收入的公告——蓋茲基金會將做出的貢獻。您提到，大部分收入將在 2025 年確認。傑夫，您能否從建模的角度為我們澄清一下，我們應該如何看待收入確認，它在模型中出現的位置以及與排序有什麼關係？

And then a second question for Karen perhaps, but still tied to Geoff as well. You have three clinical assets. You've talked about a little over a year ago at your R&D Day about having multiple potential candidates that you could advance into the clinic. What is currently the gating factor for you to decide to choose another one to enter into the clinic? And currently, is there a favorite child? Thank you.

然後也許第二個問題要問凱倫，但仍然與傑夫有關。您有三項臨床資產。一年多前，您在研發日上談到有多個可以推進臨床研究的潛在候選藥物。目前，您決定選擇另一位患者進入診所的限制因素是什麼？目前有喜歡的孩子嗎？謝謝。

Great. Thanks, Chris. In terms of the predictive tox revenue, you are 100% correct. We indicated that most of the revenue would be recognized in 2025. We recognized $6 million in revenue for that initiative in 2024 between Q3 and Q4. And then the total grant, I believe we've disclosed is around $19.5 million. So most of the balance of that will be recognized in 2025. There is a bit of a tail that will continue into 2026, but that's kind of the cadence of that recognition.

偉大的。謝謝，克里斯。就預測毒性收入而言，您 100% 正確。我們表示大部分收入將在 2025 年確認。我們在 2024 年第三季至第四季確認了該計劃 600 萬美元的收入。那麼，我相信我們披露的總撥款金額約為 1950 萬美元。因此，大部分餘額將在 2025 年確認。有一些尾聲會持續到 2026 年，但這就是這種認知的節奏。

Yeah. I'd say on the programs, I think the focus in 2025 is really on the three programs that we have in the clinic. As we've said, we're excited about the progress, and we intend to share data on those programs this year.

是的。我想說的是，關於這些項目，我認為 2025 年的重點實際上是我們在診所開展的三個項目。正如我們所說，我們對進展感到非常興奮，我們打算今年分享這些項目的數據。

With respect to the pipeline behind those programs, we have, as you know, last year, partnered some of our early programs with Novartis, and we want to stay flexible in terms of the decision when to partner, when to advance programs to the clinic. We've got our hands pretty full right now in the clinical space with our three advanced assets. But we do have other opportunities that will emerge from the pipeline over the coming years.

關於這些項目背後的管道，如您所知，去年我們與諾華公司合作開展了一些早期項目，我們希望在何時合作、何時將項目推進到臨床方面保持靈活性。目前，我們利用三項先進資產在臨床領域忙得不可開交。但未來幾年我們確實會有其他機會出現。

And I think the merits of each of those assets, not just within the sort of target product profile that we've been focused on, but also within the landscape. There are a lot of companies pursuing similar exciting targets, and we'll have to decide when the time is right, whether that's one that we will take into the clinic ourselves or whether we will partner.

我認為每種資產的優點不僅體現在我們一直關注的目標產品概況中，也體現在整個產業格局中。有很多公司都在追求類似的令人興奮的目標，我們必須決定何時是合適的時機，是我們自己將其帶入臨床還是與合作。

Thank you.

謝謝。

David Lebowitz, Citi.

花旗銀行的 David Lebowitz。

Hi. This is Ike Lee on for David Lebowitz. Thanks for taking our question. We have one on the Wee1/Myt1 inhibitor, the 3515. For the Phase 1 study results coming out later this year, are there any safety signals that you are going to be very focused on given -- particularly given past discontinuations in this class? And to what degree do you think you have an advantage there based on the work that you've done with the dual mechanism approach?

你好。這是 Ike Lee 為 David Lebowitz 主持的節目。感謝您回答我們的問題。我們有一個 Wee1/Myt1 抑制劑，3515。對於今年稍後公佈的第一階段研究結果，是否存在任何安全信號需要您特別關注——特別是考慮到過去該類別的停產？基於您採用雙機制方法所做的工作，您認為自己在多大程度上具有優勢？

And then two, I guess, on a related note as well, when you say you're canvassing different solid tumors, is there one of particular interest that stands out to you before we see the data? Thanks.

然後，我想，還有一點相關的是，當您說您正在研究不同的實體腫瘤時，在我們看到數據之前，是否有特別引起您興趣的腫瘤？謝謝。

Yeah. So I mean, I think, first of all, with respect to safety, what we have shared with you in the past is what we've observed preclinically that the ability to dose intermittently with a dual inhibitor that essentially allows you to take the break off Wee1, that's the Myt1 contribution. But in our preclinical studies, we observed that this allowed for more efficacy, while you were in a dosing holiday.

是的。所以我的意思是，我認為首先，關於安全性，我們過去與您分享的是我們在臨床前觀察到的情況，即使用雙重抑制劑間歇性給藥的能力基本上可以讓您停止使用 Wee1，這就是 Myt1 的貢獻。但在我們的臨床前研究中，我們觀察到，當您停藥期間，這種方法可以提高療效。

As you know, we're currently exploring that in our Phase 1 trial. We are not going to be providing an update necessarily on this call about the profile. That's something that we're reserving for later on this year. But you're right to say that it's very clear. Wee1 has efficacy. The focuses are how do we maintain efficacy while ensuring that people can tolerate the drug. And so that's going to be a focus during the course of this trial is to fully understand the safety profile as well as the efficacy profile or at least initial clinical activity coming out of the dose escalation trial.

如您所知，我們目前正在第一階段試驗中探索這一點。我們不一定會在此通話中提供有關該個人資料的更新資訊。這是我們為今年晚些時候保留的事情。但您說得對，這非常清楚。Wee1 有功效。重點在於如何在確保人們能夠耐受藥物的同時保持療效。因此，本試驗的重點是充分了解安全性和有效性，或至少了解劑量遞增試驗的初步臨床活動。

I also want to just answer this question on tumors, tumor types. I think what we've seen time and time again with Wee1 is that there's activity there in some pretty important tumor types platinum-resistant ovarian cancer, uterine serous carcinoma.

我也想回答有關腫瘤、腫瘤類型的問題。我認為我們在 Wee1 中一次又一次看到的是，它在一些非常重要的腫瘤類型中表現出活性，如鉑耐藥性卵巢癌和子宮漿液性癌。

We're seeing repeatedly with different molecules that there's activity there, and that's something that we will be looking to replicate with our proof of mechanism aspect of our trial. But as you know from previous comments, we're also excited about other tumor types that have the potential to respond to Wee1.

我們反覆觀察到不同分子的活性，我們希望透過試驗的機制證明來複製這種活性。但正如您從先前的評論中了解到的那樣，我們也對其他可能對 Wee1 產生反應的腫瘤類型感到興奮。

I think we also know CCNE incur some additional sensitivity. We are interested, of course, in exploring that in other tumor types, but we haven't been sharing a lot about the beyond ovarian and uterine strategy at this time that will emerge later on.

我想我們也知道 CCNE 會產生一些額外的敏感度。當然，我們有興趣在其他腫瘤類型中探索這一點，但目前我們還沒有分享太多關於以後會出現的卵巢和子宮以外的策略的資訊。

(Operator Instructions) There are no further questions at this time. With that, ladies and gentlemen, that concludes your conference call. We thank you for participating and ask that you please disconnect your lines.

（操作員指示）目前沒有其他問題。女士們、先生們，你們的電話會議到此結束。感謝您的參與，並請您斷開線路。