Schrodinger Inc (SDGR) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to Schrodinger's conference call to review third quarter 2025 financial results. My name is Rob, and I'll be your operator for today's call. (Operator Instructions) Please be advised that this call is being recorded at the company's request.

感謝您的耐心等待。歡迎參加薛丁格公司2025年第三季財務表現回顧電話會議。我叫羅伯，今天由我來為您接聽電話。（操作員指示）請注意，本次通話正在依照本公司要求進行錄音。

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

現在，我謹向大家介紹今天會議的主持人，首席企業事務官兼投資者關係主管賈倫·馬登女士。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 third quarter 2025 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，我們將向大家介紹公司最新情況並回顧我們2025年第三季的財務表現。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公司各方面的進展，該新聞稿可在我們的網站 schrodinger.com 上查閱。

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

今天和我一起參加電話會議的有：執行長 Ramy Farid；財務長 Richie Jain；以及總裁兼治療研發負責人、首席策略長兼合作關係負責人 Karen Akinsanya。在我們發表完準備好的演講後，我們將開放問答環節。

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 financial outlook for the full year 2025, our plans to accelerate the growth of our software business and advance our collaborative and proprietary drug discovery programs, the timing of and 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 future expenses.

在今天的電話會議上，管理層將根據 1995 年《私人證券訴訟改革法案》的安全港條款發表前瞻性聲明，包括但不限於與我們對 2025 年全年的財務展望、我們加速軟體業務增長和推進合作及專有藥物發現計劃、臨床試驗的時間安排、啟動和結果解釋、我們加速軟體業務的臨床潛力和特性、現金資源的使用以及未來支出結果的聲明。

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 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 September 30, 2025.

這些前瞻性聲明反映了我們目前對計劃、意圖、預期、策略和前景的看法，這些看法基於我們目前掌握的資訊和我們所做的假設。實際結果可能因多種重要因素而與預期有重大差異，包括風險因素部分以及我們在提交給美國證券交易委員會的文件（包括截至 2025 年 9 月 30 日的季度 10-Q 表格）中的其他部分所描述的因素。

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

這些前瞻性聲明僅代表我們截至今日的觀點，我們提醒您，除法律要求外，我們未來可能不會更新這些聲明，無論是由於新資訊、未來事件或其他原因。接下來，我想把電話交給拉米。

Thank you, Jaren, and thank you, everyone, for joining us today. We made very solid progress during the third quarter. Total revenue was $54 million, a 54% increase from the third quarter of 2024, reflecting strong execution across our business. Software revenue in the third quarter was $40.9 million, representing 28% year-over-year growth and was just above our expectations. Drug discovery revenue was $13.5 million, highlighting the progress in our collaborative programs.

謝謝Jaren，也謝謝各位今天能來參加。我們在第三季取得了非常紮實的進展。總營收為 5,400 萬美元，比 2024 年第三季成長 54%，反映出我們業務的強勁執行力。第三季軟體營收為 4,090 萬美元，年增 28%，略高於我們的預期。藥物研發收入為 1,350 萬美元，凸顯了我們在合作計畫方面的進展。

We are seeing continued strong demand for advanced computational solutions across the industry. We are also pleased to see wide recognition that simulated data is required to realize the full potential of AI and drug discovery. To effectively harness AI and machine learning for molecular discovery, vast amounts of high-quality physics-based simulation data are essential for training robust AI models.

我們看到整個產業對先進計算解決方案的需求持續強勁。我們也很欣喜地看到，人們普遍體認到，要充分發揮人工智慧和藥物發現的潛力，就需要模擬數據。為了有效利用人工智慧和機器學習進行分子發現，大量的高品質基於物理的模擬資料對於訓練強大的AI模型至關重要。

Experimental data alone is insufficient to generate the required training data. Schrodinger's differentiated and extensively validated platform generates high-quality simulated data at a scale that far exceeds what is possible with experiments alone. With this new computational physics plus AI paradigm becoming the accepted standard, we are very optimistic about the long-term potential and value of our platform.

單憑實驗數據不足以產生所需的訓練數據。Schrodinger 的差異化且經過廣泛驗證的平台能夠產生高品質的模擬數據，其規模遠遠超過僅靠實驗所能達到的規模。隨著這種新的運算物理加人工智慧範式成為公認的標準，我們對我們平台的長期潛力和價值非常樂觀。

As we execute through the remainder of 2025, we are encouraged by the continued high level of customer engagement as the macroeconomic pressures that have impacted the industry stabilize. While we remain confident about our long-term growth opportunity, we are updating our software revenue growth guidance for 2025 to 8% to 13% from 10% to 15% to reflect our current expectations regarding the timing of certain pharma scale-up opportunities. Turning briefly to our pipeline.

在 2025 年剩餘的時間裡，隨著影響產業的宏觀經濟壓力趨於穩定，我們欣喜地看到客戶參與度持續保持在高水準。儘管我們對長期成長機會仍然充滿信心，但為了反映我們目前對某些製藥規模化機會時機的預期，我們將 2025 年的軟體收入成長預期從 10% 至 15% 更新為 8% 至 13%。接下來簡單介紹一下我們的管道系統。

We continue to work toward completing the Phase I package for SGR-1505, our MALT1 inhibitor and the Phase I dose escalation study for SGR-3515, our Wee1/Myt1 co-inhibitor. Beyond these planned investments, we do not intend to advance our internal discovery programs into the clinic independently.

我們正在繼續努力完成 SGR-1505（我們的 MALT1 抑制劑）的 I 期臨床試驗方案，以及 SGR-3515（我們的 Wee1/Myt1 共抑制劑）的 I 期劑量遞增研究。除了這些計劃中的投資之外，我們不打算獨立推進我們內部的研發項目進入臨床試驗階段。

This decision and the $30 million expense reduction in May improve our operational efficiency and long-term profitability profile. We are continuing to invest in advancing our platform, including making significant improvements to the accuracy and domain of applicability as well as usability, which is driving adoption among scientists throughout the R&D organization, not just dedicated computational chemists.

這項決定以及 5 月削減的 3,000 萬美元開支，提高了我們的營運效率和長期獲利能力。我們將繼續投資推進我們的平台，包括大幅提高其準確性、適用範圍和易用性，這正在推動整個研發機構的科學家（而不僅僅是專門的計算化學家）採用該平台。

Last week, we released our 2025-4 software update, which includes enhancements for challenging modalities such as bifunctional degraders. Additionally, the beta for our predictive toxicology solution is ongoing. This version encompasses approximately 50 representative kinases in addition to multiple key anti-targets. We are continuing to expand the number of off-targets supported in our platform and are optimistic about the potential long-term contribution of this product.

上週，我們發布了 2025-4 軟體更新，其中包括對雙功能降解器等具有挑戰性的模式的增強功能。此外，我們的預測毒理學解決方案的測試版仍在進行中。該版本除了包含多個關鍵的抗標靶外，還包含約 50 個代表性激酶。我們正在不斷擴大平台支援的非標靶數量，並對該產品的潛在長期貢獻持樂觀態度。

Overall, we have made considerable progress this year and remain focused on executing against our strategic priorities, including increasing customer adoption of our software, delivering major scientific advancements to the platform and advancing our therapeutics portfolio. I will now turn the call over to Richie to discuss the financials in greater detail. Richie?

總體而言，我們今年取得了相當大的進展，並將繼續專注於執行我們的策略重點，包括提高客戶對我們軟體的採用率、為平台帶來重大科學進步以及推進我們的治療產品組合。現在我將把電話交給里奇，讓他更詳細地討論財務問題。里奇？

Thank you, Ramy, and good afternoon, everyone. Schrodinger had an excellent third quarter with strong growth in both software and drug discovery revenue, coupled with disciplined expense management. Total revenue for the quarter was $54.3 million, an increase of 54% compared to Q3 2024. The increase was driven by both higher software and drug discovery revenue. Software revenue was $40.9 million, an increase of 28% compared to Q3 2024 and just ahead of our expectations for the quarter.

謝謝你，拉米，大家下午好。Schrodinger 第三季表現出色，軟體和藥物研發收入均實現強勁成長，同時也維持了嚴格的費用控制。本季總營收為 5,430 萬美元，比 2024 年第三季成長 54%。成長主要得益於軟體和藥物研發收入的增加。軟體營收為 4,090 萬美元，比 2024 年第三季成長 28%，略高於我們對該季度的預期。

The increase was primarily driven by higher revenue from hosted contracts, on-premise renewals and contribution revenue from the grant related to our predictive toxicology initiative. This growth primarily reflects the expansion of existing accounts with limited contribution from new customers.

成長主要得益於託管合約收入增加、本地續約收入增加以及與我們的預測毒理學計劃相關的撥款收入增加。這一成長主要反映了現有客戶的擴張，新客戶的貢獻有限。

Drug discovery revenue was $13.5 million compared to $3.4 million in Q3 2024. The increase reflects continued successful execution across our expanded portfolio of collaborations. Software gross margin for both Q3 2025 and Q3 2024 was 73%. R&D expenses were $42.8 million in Q3 2025, a 16% decrease from $51 million in Q3 2024.

藥物研發收入為 1,350 萬美元，而 2024 年第三季為 340 萬美元。這一成長反映了我們在不斷擴大的合作項目組合中持續取得成功。2025 年第三季及 2024 年第三季的軟體毛利率均為 73%。2025 年第三季研發費用為 4,280 萬美元，比 2024 年第三季的 5,100 萬美元減少了 16%。

The decrease was primarily due to lower employee-related expenses and the continued shift of the predictive toxicology expenses into software cost of goods sold from internal R&D. Sales and marketing expense was $9.5 million, an 8% decrease compared to Q3 2024. G&A decreased 13% to $21.7 million. The decline in both expenses was primarily due to lower employee-related expenses.

下降的主要原因是員工相關費用減少，以及預測毒理學費用從內部研發持續轉移到軟體銷售成本。銷售和行銷費用為 950 萬美元，比 2024 年第三季減少了 8%。一般及行政費用下降 13% 至 2,170 萬美元。這兩項支出的下降主要是因為員工相關支出減少所致。

Overall, total operating expenses were $74 million in the quarter, a decrease of 14% compared to Q3 2024. Total other income was a gain of $13 million compared to a gain of $30 million in Q3 last year due to mark-to-market changes in our equity investments and currency fluctuations. Net loss was $33 million or $0.45 per diluted share versus a net loss of $38 million or $0.52 per diluted share in Q3 2024. The fully diluted share count for Q3 was 73.6 million compared to 72.8 million in Q3 2024. We remain well capitalized with $401 million in cash and equivalents as of September 30.

本季總營運支出為 7,400 萬美元，比 2024 年第三季減少了 14%。由於股權投資的市值調整和匯率波動，其他總收入為 1,300 萬美元，而去年第三季為 3,000 萬美元。淨虧損為 3,300 萬美元，即每股攤薄虧損 0.45 美元，而 2024 年第三季淨虧損為 3,800 萬美元，即每股攤薄虧損 0.52 美元。第三季完全稀釋後的股份數量為 7,360 萬股，而 2024 年第三季為 7,280 萬股。截至9月30日，我們擁有4.01億美元的現金及等價物，資金仍充裕。

Turning to our full year software guidance. We are updating our revenue growth and gross margin expectations for the year. We now expect software revenue growth to be in the range of 8% to 13% compared to prior expectations of 10% to 15%. This change is driven by the slowdown in pharma discussions resulting from the multitude of factors impacting the industry and our relatively long sales cycle for scale-up opportunities.

接下來是我們的全年軟體使用指南。我們正在更新今年的營收成長和毛利率預期。我們現在預計軟體收入成長將在 8% 至 13% 之間，而先前的預期為 10% 至 15%。這項改變是由多種因素導致醫藥產業討論放緩所驅動的，這些因素影響醫藥產業，而且我們擴大規模的機會銷售週期相對較長。

We are having positive conversations with customers and our scheduled renewals remain on track. While we may experience certain delays this quarter, we remain confident in the long-term potential for growth as industry pressures lessen. We are encouraged by the early signals of recovery in the biotech sector, including in the capital markets, M&A and new capital formation, creating additional opportunities.

我們與客戶的溝通十分積極，續約工作也照計畫進行。儘管本季可能會出現一些延誤，但隨著行業壓力的減輕，我們仍然對長期成長潛力充滿信心。生技產業，包括資本市場、併購和新資本形成等領域，已經出現了復甦的早期跡象，這令我們感到鼓舞，也創造了更多機會。

We are addressing the industry's increasing demand for agentic integration and R&D efficiency as well as expanding the domain of applicability across the drug discovery and pre-clinical development continuum. Collectively, these provide additional opportunities for us to demonstrate value to our customers and access additional budgets. Shifting to the remainder of our guidance.

我們正在滿足業界對代理整合和研發效率日益增長的需求，並擴大其在藥物發現和臨床前開發連續體中的適用範圍。總而言之，這些都為我們提供了更多向客戶展示價值和獲得額外預算的機會。接下來，我們將繼續講解其他部分。

We are pleased with the progress we have made across our collaborative portfolio and have increased our drug discovery revenue guidance to $49 million to $52 million, which slightly exceeds our prior expectation of $45 million to $50 million. Software gross margin is now expected to be 73% to 75% versus 74% to 75% previously, reflecting the change in software revenue expectations and our relatively fixed cost structure for software cost of goods sold.

我們對合作項目組合的進展感到滿意，並將藥物研發收入預期提高至 4,900 萬美元至 5,200 萬美元，略高於我們先前預期的 4,500 萬美元至 5,000 萬美元。軟體毛利率預計為 73% 至 75%，而此前為 74% 至 75%，這反映了軟體收入預期的變化以及我們相對固定的軟體銷售成本結構。

We are committed to managing our expenses and our expense guidance remains unchanged. We continue to expect operating expenses to be lower than 2024 and cash used in operating activities to be significantly lower than 2024. Our headcount is now appropriately sized to achieve our business objectives after the $30 million expense reduction announced in May.

我們致力於控制支出，支出指導方針保持不變。我們仍預期營運費用將低於 2024 年，經營活動所用現金將顯著低於 2024 年。在五月宣布削減 3000 萬美元開支後，我們的人員規模現在已經足夠實現我們的業務目標。

We have already realized more than half of the $30 million savings and the remainder will be realized in 2026. This action, plus the phasing out of independent clinical development activities and associated reduction in team will provide savings of approximately $70 million and improve our long-term profitability profile. Overall, we reported strong financial results for the quarter. Our business is resilient, and we are committed to taking advantage of the opportunities in front of us. With that, I'll turn the call over to Karen to discuss our therapeutics R&D and pipeline updates.

我們已經實現了 3000 萬美元節省目標的一半以上，剩餘部分將在 2026 年實現。這項舉措，加上逐步取消獨立臨床開發活動和相關團隊縮減，將節省約 7,000 萬美元，並改善我們的長期獲利狀況。整體而言，我們本季財務業績表現強勁。我們的業務具有很強的韌性，我們將致力於抓住眼前的機會。接下來，我將把電話交給 Karen，讓她來討論我們的治療藥物研發和產品線更新。

Thank you, Richie, and good afternoon, everyone. Our highly experienced drug discovery team are pioneers of the predict first computational approach to drug discovery. We leverage structural biology breakthroughs and physics combined with the power and speed of AI to enable broad exploration of chemical space to identify novel molecules that repeatedly meet a wide range of product profiles.

謝謝你，里奇，大家下午好。我們經驗豐富的藥物研發團隊是藥物研發中「預測優先」計算方法的先驅。我們利用結構生物學和物理學的突破，結合人工智慧的強大功能和速度，對化學空間進行廣泛探索，以識別能夠重複滿足各種產品特性的新型分子。

Examples of molecules discovered as part of collaborations include zasocitinib acquired by Takeda from Nimbus MORF-057 now advancing at Lilly following the Morphic acquisition and Structure Therapeutics, GSBR-1290, which all continue to make progress through the clinic. These Phase IIb and III assets represent the most advanced examples of medicines designed by leveraging large-scale use of our physics-based methods, along with AI and machine learning.

透過合作發現的分子實例包括：武田製藥從Nimbus公司收購的zasocitinib；禮來公司在收購Morphic公司後正在推進的MORF-057；以及Structure Therapeutics公司的GSBR-1290，這些分子都在臨床試驗中不斷取得進展。這些處於 IIb 期和 III 期的資產代表了利用我們基於物理學的方法以及人工智慧和機器學習進行大規模應用而設計的藥物的最先進範例。

Turning to updates on our clinical pipeline. Next month, we will present new translational data and a clinical update on SGR-1505, our MALT1 inhibitor during a [poster] session at the American Society of Hematology Conference. The abstract published on Monday builds on the encouraging data we presented in June, reinforcing SGR-1505 as a potential best-in-class MALT1 inhibitor for the treatment of relapsed/refractory B-cell malignancies in patients who become resistant to standard of care agents.

接下來談談我們臨床試驗計畫的最新進展。下個月，我們將在美國血液學會會議的[海報]環節中展示我們MALT1抑制劑SGR-1505的最新轉化數據和臨床進展。週一發表的摘要建立在我們 6 月公佈的令人鼓舞的數據之上，進一步證實了 SGR-1505 是一種潛在的同類最佳 MALT1 抑製劑，可用於治療對標準治療藥物產生抗藥性的複發/難治性 B 細胞惡性腫瘤患者。

The abstract includes initial data in patients with aggressive lymphomas such as ABC-DLBCL, where one patient has now achieved a complete response as well as updated safety and efficacy data in patients with Waldenstrom's macroglobulinemia or CLL. The poster will also include translational data on the mutational profiling of BTK and BCL2 inhibitor resistance mutations.

摘要包括侵襲性淋巴瘤（如 ABC-DLBCL）患者的初步數據，其中一名患者已達到完全緩解，以及華氏巨球蛋白血症或 CLL 患者的最新安全性和有效性數據。海報還將包含 BTK 和 BCL2 抑制劑抗藥性突變的突變譜轉化數據。

These data, combined with the recent orphan drug designation by the FDA in Waldenstrom's, support the therapeutic potential and commercial opportunity for SGR-1505. We are continuing to focus on securing the right strategic partnership to ensure this program receives the dedicated focus and resources required to pursue mid and late-stage development, and we are encouraged by the conversations we have had to date.

這些數據，加上 FDA 最近授予 Waldenstrom 病孤兒藥資格，支持 SGR-1505 的治療潛力和商業機會。我們將繼續致力於尋找合適的策略合作夥伴，以確保專案獲得所需的專案關注和資源，從而推進中後期發展。我們對迄今為止的對話感到鼓舞。

Moving to SGR-3515, our Wee1/Myt1 co-inhibitor. We are currently focused on completing the Phase I dose escalation study in patients with advanced solid tumors. We are encouraged by the progress to date based on our preliminary review of safety, PK and PD and now expect to share initial clinical data in the first half of 2026, which allows us more time to fully analyze and assemble the Phase I data for 3515.

接下來是 SGR-3515，我們的 Wee1/Myt1 共抑制劑。我們目前正集中精力完成針對晚期實體瘤患者的 I 期劑量遞增研究。根據我們對安全性、藥物動力學和藥效學的初步審查，我們對迄今為止的進展感到鼓舞，現在預計將在 2026 年上半年分享初步臨床數據，這將使我們有更多的時間來全面分析和整理 3515 的 I 期數據。

Last month, we presented pre-clinical data for SGR-5573, our potent selective brain penetrant inhibitor of osimertinib-resistant EGFR variants at ESMO. The data demonstrated that SGR-5573 is potent against resistant EGFR variants, has strong wild-type selectivity and robust antitumor activity in pre-clinical brain metastases models.

上個月，我們在 ESMO 上展示了 SGR-5573 的臨床前數據，SGR-5573 是一種強效的選擇性腦穿透抑制劑，可抑制奧希替尼抗藥性的 EGFR 變體。數據顯示，SGR-5573 對抗藥性 EGFR 變異體具有強大的抗腫瘤活性，對野生型具有很強的選擇性，並且在臨床前腦轉移模型中表現出強大的抗腫瘤活性。

Additionally, we recently selected a development candidate in our NLRP3 program. SGR-6016 is structurally distinct from other known NLRP3 inhibitors and has several potential best-in-class attributes, including brain penetrants and an encouraging pre-clinical potency selectivity and safety profile. Others have recently demonstrated clinical proof of concept for NLRP3 as a potential treatment for patients with cardiovascular risk factors and obesity.

此外，我們最近在 NLRP3 計畫中選出了一名發展候選人。SGR-6016 的結構與其他已知的 NLRP3 抑制劑不同，並具有幾項潛在的同類最佳特性，包括腦穿透性以及令人鼓舞的臨床前效力選擇性和安全性。最近，其他研究也證實了 NLRP3 作為一種潛在的治療方法，可用於治療有心血管危險因子和肥胖症的患者。

We have advanced more than 25 programs to the development candidate stage, either independently or through collaborations since establishing our therapeutics team. Since 2020, we have generated approximately $600 million in cash from companies we have cofounded or from our program licensing and collaboration activities. We intend to build on this track record by continuing to leverage our extensive combined expertise in structural biology, functional insights, and the full-scale use of our platform to unlock high potential target product profiles.

自從我們組建治療團隊以來，我們已經獨立或透過合作推進了 25 個以上的計畫進入候選藥物開發階段。自 2020 年以來，我們透過共同創立的公司或我們的專案授權和合作活動，獲得了約 6 億美元的現金收入。我們打算在此基礎上，繼續利用我們在結構生物學、功能見解和平台全面應用方面的廣泛綜合專業知識，挖掘高潛力目標產品。

With approximately 15 programs currently eligible for future milestones and royalties from our past activities, we believe a discovery-focused therapeutics R&D model has the potential to deliver additional long-term value and significant returns through licensing, new ventures, and discovery collaborations. As we wrap up 2025, we look forward to sharing our SGR-1505 update at ASH and to advancing our early-stage and collaborative portfolio. We appreciate all of the hard work of our discovery and development teams who have enabled our progress to date and future opportunities.

目前約有 15 個項目符合未來里程碑付款和過去活動產生的特許權使用費的條件，我們相信以發現為中心的治療研發模式有可能透過許可、新業務和發現合作帶來額外的長期價值和顯著回報。2025 年即將結束，我們期待在 ASH 大會上分享 SGR-1505 的最新進展，並推進我們的早期和合作項目組合。我們感謝所有研發團隊的辛勤付出，正是他們的努力才使我們取得了今天的成就，並為未來的發展創造了機會。

I will now turn the call back to Ramy.

現在我將把電話轉回給拉米。

Thank you, Karen. We have made significant progress across the business this quarter, and we are optimistic about our outlook through the end of the year. Looking ahead, we are operating at the intersection of two powerful currents shaping the future of molecular discovery, the integration of computational drug discovery and the industry's dramatically increased focus on AI.

謝謝你，凱倫。本季我們在各個業務領域都取得了顯著進展，我們對年底前的前景持樂觀態度。展望未來，我們正處於塑造分子發現未來的兩股強大潮流的交匯點：計算藥物發現的整合以及該行業對人工智慧的日益重視。

We are at the forefront of this paradigm shift. We believe our technological advantages, combined with the strategic actions we have taken to improve our operational efficiency and long-term profitability profile, will position us to deliver growth in the years to come. At this time, we'd be happy to take your questions.

我們正處於這場範式轉移的前沿。我們相信，憑藉我們的技術優勢，加上我們為提高營運效率和長期獲利能力所採取的策略行動，我們將在未來幾年實現成長。此時，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Mani Foroohar, Leerink Partners.

Mani Foroohar，Leerink Partners。

Hey guys, thanks for keeping me in here. A question about the implications of the guidance regarding the reduced spend year-over-year and trimming of OpEx. How should we think about that in line with your commentary around reduced focus on novel clinical development, et cetera? What does that imply in a longer-term time horizon about how we should think about your OpEx trajectory?

嘿，夥計們，謝謝你們讓我留在這裡。關於年度支出減少和營運支出削減的指導意見的影響的問題。結合您關於減少對新型臨床開發等方面的論述，我們該如何看待這個問題？從長遠來看，這意味著我們應該如何看待您的營運支出軌跡？

Yes, Mani, thanks for the question. I think we've -- just to summarize the actions we've taken. We announced a $30 million expense reduction in May. We've achieved more than half of that goal. We'll achieve the full amount by next year.

是的，馬尼，謝謝你的提問。我想我們已經——簡單總結一下我們採取的行動。我們在5月宣布削減3000萬美元的開支。我們已經實現了目標的一半以上。我們明年就能達到全部目標金額。

The announcements that we've made today regarding our clinical intentions, that has the effect of another roughly $40 million. That is putting us on a track towards improving our profitability profile. We're not guiding to any specifics there, but these are actions that we've taken to improve the overall profitability profile that we're on.

我們今天宣布的有關臨床計劃的公告，將帶來約 4000 萬美元的額外收益。這將使我們走上提高獲利能力的正軌。我們不會透露任何具體細節，但這些是我們為改善我們目前的整體獲利狀況所採取的措施。

Okay. And as a quick follow-up, sorry I know I only got the one. Do you guys think of formal profitability either in GAAP or cash terms as a meaningful milestone to pursue? Or is that not a metric that you guys think is really meaningful on its own?

好的。另外，抱歉，我知道我只收到一個。你們認為以GAAP準則或現金方式實現正式獲利是值得追求的重要里程碑嗎？或者你們認為這本身並不是一個真正有意義的指標？

Yes. It's a meaningful milestone for sure, and we're taking actions towards that goal. I think, again, another way that we're thinking about this is the -- we went public in 2020. We've not raised external capital since then. There was a follow-on in 2020, but nothing since then.

是的。這無疑是一個意義重大的里程碑，我們正在朝著這個目標採取行動。我認為，我們思考這個問題的另一種方式是——我們在 2020 年上市了。此後我們沒有再籌集外部資金。2020 年有過一次後續報道，但此後就再也沒有了。

We've been incredibly productive in growing the business between software revenue and drug discovery revenue. And we've had an incredibly productive business development effort in our discovery programs, that's generated $600 million of cash over the last five years. So we are focused on longer-term profitability and improving the profile. And these are the actions that we're taking towards that goal.

我們在軟體收入和藥物研發收入方面取得了巨大的業務成長。我們在研發專案中取得了非常豐碩的業務拓展成果，在過去五年中創造了 6 億美元的現金收入。因此，我們專注於長期獲利能力和提升公司形象。這就是我們為實現該目標所採取的行動。

Great. That's very helpful. Thanks, guys.

偉大的。那很有幫助。謝謝各位。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc Capital Markets。

Hey team, thanks for taking my question and a nice quarter. Question on the software guidance here. You've been reporting pretty nice software growth. Third quarter was really strong, 28% growth. And there was comments about sort of seeing a slowdown in the end markets with your discussions with your customers.

嘿，團隊，謝謝你們回答我的問題，祝你們有個愉快的季度。關於軟體指南的問題。你們的軟體成長情況相當不錯。第三季表現非常強勁，成長了28%。在與客戶的討論中，有人提到終端市場似乎出現了放緩的跡象。

Maybe talk about what's changed over the last -- or maybe when this started -- the slowdown started to happen? And maybe by cohort where you're starting to see the slowdown happen on the software side?

或許可以談談過去一段時間以來發生了什麼變化——或者說，經濟放緩是從什麼時候開始的？或許可以依照使用者群體來分析，看看軟體方面的成長放緩是從哪個群體開始出現的？

Yes. Thanks, Scott. So yes, as you mentioned, we're pleased with the quarter, the quarterly results, and the year-to-date results with software growth of roughly 30%. As you know, there's been a multitude of factors impacting the whole pharmaceutical industry this year. Despite that backdrop, we've been encouraged with the continued high level of customer engagement and the initial signals that suggest that the industry is stabilizing and poised for a recovery.

是的。謝謝你，斯科特。是的，正如您所提到的，我們對本季、季度業績以及年初至今的業績感到滿意，軟體業務增長了約 30%。如你所知，今年有很多因素影響整個製藥業。儘管面臨這樣的背景，但我們仍然受到鼓舞，因為客戶參與度持續很高，而且初步跡象表明，該行業正在趨於穩定，並準備復甦。

But I think we have to be honest that sustained improvement in the sector may take time, and we are cautiously optimistic. With that in mind, we did lower the software guidance by 2% at both ends of the range to reflect the uncertainty regarding the timing of certain pharma scale-up opportunities.

但我認為我們必須坦誠，該行業的持續改善可能需要時間，我們對此持謹慎樂觀態度。考慮到這一點，我們將軟體業務預期在範圍的兩端均下調了 2%，以反映某些製藥規模化機會的時間不確定性。

It's worth noting that our scheduled renewals continue to be on track. What's changed since our last call in August is the conversations that we've been having with our customers regarding scale-up opportunities have been delayed longer than anticipated. As these conversations matured or have matured, we have greater visibility into the size of the opportunity, but less visibility into the timing of close.

值得注意的是，我們原定的續約工作仍在按計劃進行。自 8 月我們上次通話以來，發生變化的是，我們與客戶就規模擴大機會進行的對話比預期的要晚得多。隨著這些對話的深入或已經成熟，我們對機會的規模有了更清晰的認識，但對成交時間的認識卻越來越少。

We also did not anticipate the continued challenges in the biotech sector. We did not factor that into our revenue guidance growth for the year, but some of the challenges have been greater than we expected and have persisted over the previous few months. The underlying fundamentals with those customers have been weaker.

我們也未曾預料到生技領域會持續面臨挑戰。我們沒有將這些因素納入今年的營收成長預期，但其中一些挑戰比我們預期的要大，並且在過去幾個月裡一直持續存在。這些客戶的基本面一直比較薄弱。

You've probably seen all the news that we have been seeing with layoffs and companies altogether shutting down discovery or not achieving anticipated financing rounds. Even recently, there's been some very high-profile companies that have shut down their operations altogether as an indication of continued challenges.

你可能已經看到了所有關於裁員、公司徹底關閉研發部門或未能實現預期融資輪次的新聞。即使在最近，一些備受矚目的公司也完全停止運營，這表明它們仍面臨持續的挑戰。

So we are seeing some early signs of recovery with biotech as well, some new customer formation that are creating opportunities for us. But across pharma and biotech, those are the tops of the waves that we're seeing since our last call in August.

因此，我們也看到了生物技術領域的一些早期復甦跡象，一些新客戶的出現為我們創造了機會。但就製藥和生物技術行業而言，這些是自我們8月份上次通話以來我們所看到的浪潮的頂峰。

That's super helpful. And then I guess a follow-up question would be on the predictive toxicology. I know it's still in beta. How is the customer response to it? When do you think you can start monetizing?

這太有幫助了。那麼，我想接下來的問題應該是關於預測毒理學的。我知道它還在測試階段。客戶對此有何反應？你覺得什麼時候可以開始獲利？

And I know, Ramy, you said it's more of a longer-term opportunity, but maybe if we could just like provide more color there on the timing of the monetization of this product?

我知道，拉米，你說過這更像是一個長期的機會，但也許我們可以更詳細地說明該產品何時獲利？

Sure. Yes. So first of all, we and actually the Gates Foundation are who funded the work, are quite pleased with the progress we've made. It's been really going extremely well. There's also really significant interest in the project and the initiative and in the ultimate product, the ability to actually predict toxicity associated with binding to off targets.

當然。是的。首先，我們以及資助這項工作的蓋茲基金會，對我們所取得的進展感到非常滿意。一切進展得都非常順利。人們對該項目、這項計劃以及最終產品（即預測與脫靶結合相關的毒性的能力）也表現出了極大的興趣。

And we're engaged in quite a number of discussions with customers. And as you noted, we are actually, yes, still in the beta. There are customers using it, but it's a little early to discuss feedback yet. So we're not quite there yet, but we're really, really pleased with the interest and the progress we're making both in the product itself, but also with the beta.

我們正在與客戶進行相當多的討論。正如您所指出的，是的，我們目前仍處於測試階段。已經有一些用戶在使用，但現在討論回饋還為時過早。所以我們還沒有完全達到目標，但我們對大家的興趣以及我們在產品本身和測試版方面取得的進展感到非常非常滿意。

Thank you.

謝謝。

Matt Hewitt, Craig-Hallum Capital Group.

馬特·休伊特，克雷格-哈勒姆資本集團。

Good afternoon. Thanks for taking the questions. Maybe just to dig in a little bit about your expectations of no longer advancing discovery into the clinic. Does this mean that you'll still be seeking and finding new molecules, but rather than advancing the clinic and then looking for partnerships, now you'll be looking for those partnerships pre-clinic? And what does that mean from an economic standpoint?

午安.謝謝您回答問題。或許可以稍微深入探討一下您對不再將研究成果應用於臨床的期望。這是否意味著你仍然會尋找和發現新的分子，但不再是推進臨床研究後再尋找合作夥伴，而是在臨床研究之前就尋找這些合作夥伴？從經濟角度來看，這意味著什麼？

Yes. Thanks for the question. I think that we can just affirm that we are indeed continuing to work on discovery stage programs, new ideas, new programs as we have been doing actually since the inception of the therapeutics team here at Schrodinger. In terms of our expectations about when one would start to consider partnership, I want to reference the work that we've been doing over the last five years to essentially socialize programs from their very inception.

是的。謝謝你的提問。我認為我們可以肯定地說，我們確實在繼續進行探索階段的項目、新的想法和新項目，正如我們自 Schrodinger 治療團隊成立以來一直在做的那樣。至於我們對何時開始考慮合作的預期，我想提及我們過去五年所做的工作，即從一開始就對專案進行社會化。

Last year, you will recall that we partnered a program that was at the very early stages of drug discovery with Novartis for very significant economics. That was a $150 million upfront deal. It obviously allowed us to partner with a company that ultimately will take those programs into the clinic, but to do the discovery and sync with them so that not only are we very aligned on the target product profile and the features of the molecule, but they're at the same time learning about our platform as they go to adopt that system-wide.

去年，您可能還記得，我們​​與諾華公司合作進行了一個處於藥物研發早期階段的項目，並獲得了非常可觀的經濟效益。那是一筆價值1.5億美元的預付款交易。這顯然使我們能夠與一家最終會將這些項目推進到臨床階段的公司合作，但同時也能與他們進行探索和同步，這樣我們不僅在目標產品概況和分子特性方面非常一致，而且他們同時也在了解我們的平台，以便在整個系統中採用它。

So this has worked very well. You heard Richie say that we generated $600 million over the last five years from this model. And so we're very confident that we can continue to generate value while working on a very diverse and broad range of targets in the discovery space.

所以這種方法效果非常好。你聽里奇說過，在過去五年裡，我們透過這個模式創造了 6 億美元的收入。因此，我們非常有信心，在藥物發現領域，我們能夠繼續創造價值，同時研究各種廣泛的目標。

Very helpful. And maybe my follow-up. It sounds like the renewals are on track, you're having success there, but you did note that you're still -- that you're struggling a little bit on the new logo or the new customer front. What do you think -- you also mentioned that you're seeing some improvement in the macro. What do you think it's going to take to kind of flip over where you are starting to sign new contracts with new customers to drive some incremental growth?

很有幫助。或許我還需要後續跟進。聽起來續約工作進展順利，你們在這方面取得了成功，但你也提到，在新標誌或新客戶方面，你們仍然遇到了一些困難。你覺得怎麼樣？你也提到宏觀層面有一些改善。你認為需要做些什麼才能扭轉局面，開始與新客戶簽訂新合同，從而推動業務逐步成長？

You want to take that?

你想拿走它嗎？

Yes. Thanks for the second question, Matt. Yes, we -- I think the growth that we've delivered this quarter and mostly year-to-date has been growing within our existing customers and closing adoption gaps and scaling up relationships. As we think about new customers, new logos, the biotech market we're seeing, I'd say, are encouraging early signs. Every biotech has its own features.

是的。謝謝你的第二個問題，馬特。是的，我認為我們本季以及今年迄今的成長主要來自於現有客戶的成長、縮小採用差距以及擴大客戶關係。當我們考慮新客戶、新標誌時，我認為，我們所看到的生物技術市場正在出現令人鼓舞的早期跡象。每項生物技術都有其自身的特點。

I think we're still trying to figure out how this one is going to come together and what opportunities that will open for us. There -- While there's encouraging signs, there's also discouraging signs with customers going out of business. So, there are some new capital formation opportunities that we think are exciting, that we are having nice conversations around. We are -- we need to advance those to close, and that can give us some greater visibility into those opportunities.

我認為我們仍在努力弄清楚這個計畫將如何運作，以及它將為我們帶來哪些機會。雖然有一些令人鼓舞的跡象，但也有一些令人沮喪的跡象，例如一些客戶倒閉。所以，我們認為有一些新的資本形成機會令人興奮，我們正在就此進行很好的討論。我們需要推進這些交易，以便完成它們，這樣可以讓我們更清楚地了解這些機會。

Got it. Alright. Thank you.

知道了。好吧。謝謝。

Evan Seigerman, BMO Capital Markets.

Evan Seigerman，BMO資本市場。

Hey there, this is Conor on for Evan. I just maybe had a follow-up to the delay that was announced for 3515 today. I was just wondering if maybe you could expand a little bit on what occurred there and kind of maybe when we should be expecting to see data in the first half of '26?

大家好，我是Conor，替Evan為您報道。我可能要跟進一下今天宣布的 3515 號航班的延期事宜。我只是想問一下，您能否詳細說明一下那裡發生了什麼，以及我們大概什麼時候才能在 2026 年上半年看到相關數據？

Yes. So, similar to what we did when we were preparing to share data on our first program, SGL-1505, our MALT1 inhibitor, we've elected to complete the collection and analysis of data related to PK safety, PD and preliminary activity before providing an update on the ongoing trial.

是的。因此，就像我們準備分享我們第一個項目 SGL-1505（我們的 MALT1 抑制劑）的數據時所做的那樣，我們選擇在提供正在進行的試驗的最新資訊之前，完成與 PK 安全性、PD 和初步活性相關的數據的收集和分析。

And just because of where we are in that cycle of data collection and analysis, we decided to move that over into the first half of 2026. We have not yet confirmed the venue or the exact timing of that, but we do expect that to be in the first half, potentially at a medical meeting.

正是由於我們目前處於資料收集和分析週期的某個階段，我們決定將這項工作推遲到 2026 年上半年。我們尚未確定活動地點或具體時間，但我們預計活動將在上半年舉行，可能是在一次醫學會議上。

Appreciate the additional color there. Thank you.

很喜歡那裡增添的色彩。謝謝。

Sean Laaman, Morgan Stanley.

肖恩拉曼，摩根士丹利。

Hi everyone, this is Morgan on for Sean. Wondering if you could share any more details about the SGR-6016 NLRP3 inhibitor and any plans there in terms of what you're doing to progress that?

大家好，我是摩根，代肖恩為您報道。想請問您能否分享更多關於SGR-6016 NLRP3抑制劑的細節，以及您在推進該抑制劑研發方面有哪些計劃？

Yes. We're very excited about this compound. We haven't talked a lot about NLRP3 program. I think we covered it [at] Pipeline Day 1 year or so ago. We have selected a development candidate that has really impressive properties.

是的。我們對這種化合物感到非常興奮。我們還沒有過多討論 NLRP3 項目。我想我們大約在一年前的管道日活動上討論過這個問題。我們選定了一個具有非常出色特性的開發候選對象。

We predict this to be a very low-dose drug, which we think set it out to be an excellent candidate for combinations. And it is a brain-penetrant NLRP3 molecule with pretty impressive properties there. We used our Esol capability to really optimize that brain penetration. So, a really nice-looking molecule, preliminary talks are underway.

我們預測這是一種低劑量藥物，我們認為這使其成為聯合用藥的絕佳候選藥物。而且它是一種能穿透大腦的 NLRP3 分子，具有相當出色的腦部特性。我們利用 Esol 技術真正優化了這種腦部滲透效果。所以，這是一個非常好的分子，初步洽談正在進行中。

And in terms of the plans for this molecule, it's kind of interesting and timely given the recent updates in the NLRP3 space. We have been socializing this program with potential partners, and we'll update you as those discussions progress. As you heard Ramy point out on his -- in his remarks, we won't be taking this forward alone or ourselves. We'll be doing that in the context of a partnership. And so again, we'll update you once we have more information about that.

就該分子的計劃而言，考慮到 NLRP3 領域的最新進展，這相當有趣且及時。我們一直在與潛在合作夥伴探討這個項目，隨著討論的進展，我們會及時向您報告。正如你聽到的拉米在他的演講中指出的那樣，我們不會獨自或靠我們自己來推進這件事。我們將以合作的方式進行這項工作。所以，一旦我們掌握更多相關信息，我們會立即通知您。

Dennis Ding, Jefferies.

丹尼斯丁，傑富瑞集團。

Hi, thanks for taking my question. The decision to not do more clinical work on your own, I guess, why now? And is there any read-through to the Wee1 data you guys are seeing so far?

您好，感謝您回答我的問題。我想，你決定不再獨自進行更多臨床工作，為什麼現在呢？那麼，你們目前看到的 Wee1 資料有什麼可解讀之處嗎？

I'm sorry --

對不起--

Can you repeat the second part of the question? Was it about Wee1 or -- what was the second part?

你能重複問題的第二部分嗎？是關於Wee1的嗎？還是——第二部分是什麼？

Yes. I mean, given the Wee1 and Phase I dose escalation, I'm just curious, this decision to not move things further into the clinic on your own, just the timing and just why now and why not wait a little bit more before making that decision seeing the full set of that data?

是的。我的意思是，考慮到 Wee1 和 I 期劑量遞增，我很好奇，你們決定不自行將研究進一步推進到臨床階段，只是時間安排上有什麼問題，為什麼是現在，為什麼不等一段時間，看到全部數據後再做決定呢？

I think there are multiple answers to this question. So I'll invite Ramy and Richie to comment as well. I think you heard us explain on the call here to others that we have been extremely productive and successful at partnering programs that are still in discovery and generating -- are still in discovery or completed discovery where we're collaborating already with others.

我認為這個問題有多個答案。所以我也邀請拉米和里奇來發表評論。我想你們已經聽到我們在這裡向其他人解釋過，我們在與仍在探索和產生中的項目合作方面取得了巨大的成功——這些項目仍在探索中，或者已經完成了探索，我們已經在與其他人合作。

And so we think that is a very high potential model for us to continue without exposing ourselves to having to generate clinical data ourselves. So this is really not related, let me be clear, to our assessment of SGR-1505, our MALT1 inhibitor, which we're very excited about. And we've already announced that we plan to progress that in partnership with others, or with respect to 3515, as I just explained to you the prior -- on the prior question, we're still gathering that data.

因此，我們認為這是一個非常有潛力的模式，我們可以繼續沿用下去，而無需自己產生臨床數據。所以，我要明確指出，這與我們對 SGR-1505（我們的 MALT1 抑制劑）的評估真的無關，我們對此感到非常興奮。我們已經宣布，我們計劃與他人合作推進這項工作，或者就 3515 而言，正如我剛才向你們解釋的那樣——關於之前的問題，我們仍在收集數據。

We expect to have a more complete analysis in the coming months. And you heard, we also talked about NLRP3. We're excited about all of these programs. We just think that Schrodinger's profile right now, It's much better to advance those molecules in the clinic with others and expand on what we've done in discovery to create value.

我們預計將在未來幾個月內進行更全面的分析。你們也聽到了，我們也討論了 NLRP3。我們對所有這些項目都感到非常興奮。我們認為，就薛丁格目前的狀況而言，最好是與其他研究人員一起推進這些分子在臨床上的研發，並擴展我們在發現方面所做的工作，以創造價值。

And I'll just add, as we've been saying since the IPO that we're very excited about the synergies between drug discovery business and the software business. And we see the height of those synergies in the discovery efforts. And that's why we're really focused on the discovery efforts. You heard earlier in -- both in our remarks how successful that is. I think Karen has said this, it's very obvious that this is something that we should be investing more in.

我還要補充一點，正如我們自 IPO 以來一直強調的那樣，我們對藥物研發業務和軟體業務之間的協同效應感到非常興奮。我們在探索發現工作中看到了這些協同效應的巔峰。這就是為什麼我們如此重視探索性研究的原因。你們之前也聽到了——在我們各自的發言中，我們都提到了這一點，那就是它有多成功。我認為凱倫已經說過，很明顯，我們應該在這方面投入更多資源。

Perfect. And then as a follow-up, can you just please give an update on the Novartis partnership and the progress that has been made there since I mean, we've almost anniversaried the announcement of that partnership?

完美的。那麼，作為後續問題，您能否介紹一下與諾華的合作關係以及自宣佈建立合作關係以來的進展？我的意思是，我們差不多已經慶祝了該合作關係一週年了。

Yes, you're right. It's about 1 year since we announced. Excellent progress across the efforts there. Teams are working extremely well together, both on the advancement of the programs, but also on the incorporation of the (inaudible) Schrodinger's platform into the work that Novartis are doing.

是的，你說得對。距離我們宣布這一消息已經過去大約一年了。各項工作都取得了顯著進展。各團隊合作非常出色，不僅在推進專案方面，而且在將（聽不清楚）薛丁格的平台融入諾華公司正在進行的工作方面也合作得非常出色。

You can tell from the revenue update that a portion of that is related to the Novartis progress. And so, happy to report all is going well, and we're looking forward to another productive year with Novartis.

從營收更新可以看出，其中一部分與諾華的進展有關。因此，很高興地報告一切進展順利，我們期待與諾華公司再創佳績。

Great. Thank you so much.

偉大的。太感謝了。

(Operator Instructions)

（操作說明）

Andrea Newkirk, Goldman Sachs.

安德里亞·紐柯克，高盛集團。

Hi everyone, this is Tolani on for Andrea. Just a quick one from us. Would you mind elaborating some more on the nature of the ASH disclosures for SGR-1505? Will those new data feature the same patients mostly from the prior analysis with some additional follow-up time? And what will be the most key takeaways from those data in your view?

大家好，我是Tolani，替Andrea為您報道。我們簡單介紹一下。您能否進一步詳細說明 ASH 對 SGR-1505 的揭露性質？這些新數據是否主要包含先前分析中的同一組患者，並增加一些追蹤時間？那麼，您認為從這些數據中最重要的結論是什麼？

Yes, absolutely. So if I could just take you back a moment to ASH -- sorry, to EHA. So at EHA, we provided our first update on SGR-1505. At that time, we had really only focused on a lot of the analysis around the indolent patients with CLL, WM. That was based on the FDA recommendation to delay dosing aggressive patients.

是的，絕對的。所以，如果我能帶你回到 ASH——抱歉，是 EHA——的時代。因此，在 EHA，我們提供了關於 SGR-1505 的第一個更新。當時，我們主要關注的是慢性淋巴球白血病 (CLL) 和華氏巨球蛋白血症 (WM) 惰性患者的分析。這是根據 FDA 的建議，推遲對病情嚴重的患者進行給藥。

So there's a couple of key updates, I would say, from the abstract that came out yesterday, that we'll be presenting at ASH. The first is an update on the aggressive patients. If I can remind you, our patients with DLBCL are in that category. If you have had a chance to look at the abstract, you will see there, and I can update you now, but we now have patients with a complete response in the aggressive space.

所以，我想說，與昨天發布的摘要相比，有一些重要的更新，我們將在 ASH 會議上進行展示。首先是對病情較為嚴重的患者進行最新報告。如果我沒記錯的話，我們患有瀰漫性大B細胞淋巴瘤的患者就屬於這一類。如果您有機會看過摘要，您就會明白，我現在可以向您匯報，但我們現在在積極治療領域已經有一些患者獲得了完全緩解。

This is -- let me remind you, monotherapy MALT1 inhibition producing a complete response in an aggressive lymphoma patient. We think that's an exciting update, and so we'll be providing a fresh cut of the data across both indolent and aggressive patients at the ASH meeting. The other focus of that abstract which we think is very important is the concept that patients who are double exposed, who've seen a BCL-2 inhibitor or a BTK inhibitor or both.

讓我提醒一下，這是 MALT1 抑制劑單藥治療在侵襲性淋巴瘤患者中產生完全緩解。我們認為這是一個令人興奮的更新，因此我們將在 ASH 會議上提供關於惰性患者和侵襲性患者的最新數據。摘要的另一個重點，我們認為非常重要，是雙重暴露患者的概念，即接受 BCL-2 抑制劑或 BTK 抑制劑或兩者都接受過治療的患者。

The question was what is happening with respect to the resistance profile. So we've now done genomic profiling of several of the patients that have that particular profile. And what we're seeing there is that they do indeed have the sentinel mutations in both BTK. I'm going to pause there because I think I was about to [say] something that's in the actual (inaudible) and I won't do that yet.

問題是，阻力曲線方面發生了什麼變化。所以我們現在已經對幾位具有這種特定特徵的患者進行了基因組分析。我們看到的是，它們確實在 BTK 中都存在哨兵突變。我得先停一下，因為我覺得我本來想說一些實際（聽不清楚）的內容，但我現在不會說了。

But they do have the sentinel mutations that you expect to see in patients who have more aggressive disease and more difficult to treat disease. We think that is a endorsement of our idea that MALT1 is going to be an important medicine for patients with unmet need in lymphoma. And so that's the update that we'll be providing at ASH.

但他們確實具有哨兵突變，這種突變通常出現在病情更具侵襲性、更難治療的患者身上。我們認為這印證了我們的觀點，即 MALT1 將成為治療淋巴瘤患者未滿足需求的重要藥物。這就是我們將在 ASH 會議上提供的最新資訊。

Great. Thank you.

偉大的。謝謝。

Brendan Smith, TD Cowen.

布倫丹史密斯，TD Cowen。

Great. Thanks for taking the questions, everyone. I wanted to ask maybe just another one on the predictive tox software, and really how we should be thinking about the broader commercial rollout for this kind of relative to your existing customer base? Fully appreciate it's early, but I guess, are you expecting this to be maybe by and large, additive to people already using your other software?

偉大的。謝謝大家回答問題。我想再問一個關於預測毒理學軟體的問題，以及我們應該如何考慮針對現有客戶群的更廣泛的商業推廣？我知道現在討論這個問題還為時過早，但我猜，您是否希望這款軟體能為已經在使用您其他軟體的用戶帶來更多益處？

Or maybe just given where some of those users sit on different development teams, would you expect kind of separate customer population, even maybe within the same company is ultimately the prime target? And do you think that would maybe require a separate sales strategy or push? Just kind of trying to understand assumptions about who's likely to use this really out of the gate?

或者，考慮到部分使用者隸屬於不同的開發團隊，您是否會預期，即使在同一家公司內部，最終的主要目標客戶群也會有所不同？你認為這是否需要單獨的銷售策略或推廣方案？我只是想了解大家對哪些人最有可能在第一時間使用這個產品的假設是什麼？

Yes, that's a great question. We see sources of growth in both those areas. Certainly, our existing customer base are interested in this, and it would be an add-on. This would require them actually spending more money. This is not something that would just get thrown in the package.

是的，這是一個很好的問題。我們看到這兩個領域都存在成長點。當然，我們現有的客戶群對此很感興趣，而且這將是一項附加功能。這將需要他們實際花費更多資金。這東西不會隨便塞進包裹裡的。

But you bring up a really good point that we also believe this will allow us to tap into new budgets to the extent that this is obviously a technology that's of interest to toxicology groups, and that's not who we're traditionally selling our software to. We're traditionally selling our software to earlier discovery teams, computational chemistry teams. So we think we'll see growth in both those areas.

但你提出了一個很好的觀點，我們也相信這將使我們能夠獲得新的預算，因為這項技術顯然引起了毒理學研究小組的興趣，而這並非我們傳統上向其銷售軟體的對象。我們傳統上將軟體銷售給早期藥物發現團隊和計算化學團隊。所以我們認為這兩個領域都會有所成長。

Understood, thank you.

明白了，謝謝。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Right, thanks for taking the question, guys. Apologies if I missed this, I've kind of been bouncing around a couple of calls. But I want to go back to the sort of the phasing out of the independent clinical development activities. I got some of the notes from your earlier answers on that topic, but I just want to dig into it a little bit deeper.

好的，謝謝各位回答這個問題。如果我錯過了這則訊息，請見諒，我一直在忙著接聽幾通電話。但我希望回到逐步取消獨立臨床開發活動的那種思路。我從你之前關於這個主題的回答中得到了一些啟發，但我還想更深入地研究一下。

One question is I'm curious of, is this something that you came to, based on your experience with either MALT1 or Wee1, where you're trying to monetize those assets and you just kind of didn't have the interactions with potential sponsors and partners that you thought you would and you decided it's not worth the risk?

我很好奇，這是不是因為你之前在 MALT1 或 Wee1 上的經驗，你試圖將這些資產貨幣化，但你沒有像預期的那樣與潛在的讚助商和合作夥伴進行互動，所以你決定不值得冒這個險？

Is this something based on sort of how much leverage you can have, how many individual programs you could push forward if you are just doing partnering out at discovery? Maybe talk about the bandwidth and the opportunity to sort of just think about number of programs you can bring forward using this new strategy shift. And I've got a follow-up.

這是基於你能擁有多大的影響力，以及如果你只是在探索階段合作，你能推進多少個獨立專案嗎？或許可以談談頻寬和機會，思考一下利用這種新的策略轉變，你可以推進多少個專案。我還有一個後續問題。

So, I can start and just reiterate that the decision we've made today or that we've announced today is really nothing to do with the experience that we had developing our first three programs. The development went well, actually moved very quickly. So from idea to end of Phase I was a five-year window for discovering the molecule and also doing the development for 1505. So, I will say the environment for development, particularly of oncology programs, has become quite challenging.

所以，我可以先重申，我們今天所做的決定或宣布的決定，實際上與我們開發前三個專案的經驗沒有任何關係。開發進展順利，實際上速度非常快。因此，從構思到第一階段結束，發現分子並進行 1505 的開發，總共花了五年時間。所以，我認為，發展環境，特別是腫瘤學計畫的發展環境，已經變得相當具有挑戰性。

And I think some of Richie's remarks about the biotech space and the risk profile of taking programs into the clinic, this is not unique to us. And so, I think the team has been very productive. You just heard we've got to EGFR and also our NLRP3. It's really a sustainability question, right?

我認為 Richie 對生物技術領域以及將專案推進臨床試驗的風險狀況的一些評論，並非我們獨有。因此，我認為團隊的效率非常高。你剛才聽到的是我們找到了 EGFR 和 NLRP3。這其實是一個永續發展的問題，對吧？

How many things can we put in the clinic one after the other and also reach the goals that you heard Richie talking about with respect to operational efficiency and our profitability. So the other piece that you asked about is we have been very productive at partnering programs during the discovery phase.

我們能在診所接連開展多少項目，同時還能實現你聽里奇談到的關於營運效率和獲利能力的目標？你問到的另一個問題是，我們在探索階段與合作夥伴合作專案方面取得了非常豐碩的成果。

And in fact, if we can partner programs during early discovery, the bandwidth question you asked is we can work on a lot of programs, obviously, in the early phases of discovery. That funnel narrows a little bit as you go a little later. But there's only so many things we can put in the clinic. And so when we looked at the overall mix of value creation in the last five years, we convinced ourselves that actually discovery partnerships has been very value creating, and we can continue to do that and scale that up.

事實上，如果我們能在早期發現階段開展合作項目，那麼你提出的頻寬問題是，我們顯然可以在早期發現階段開展許多項目。稍後，這個漏斗會稍微變窄。但是我們能放進診所的東西畢竟有限。因此，當我們回顧過去五年價值創造的整體組成時，我們確信，實際上探索性合作關係創造了非常大的價值，我們可以繼續這樣做並擴大規模。

Yes. So this is more about the success of the discovery program. To the extent that we can't do everything, we have to prioritize. It's very clear what we should be prioritizing. So I hope that's clear.

是的。所以這更關乎探索計劃的成功。既然我們無法面面俱到，就必須分清輕重緩急。我們應該優先考慮的事情非常明確。希望這一點很清楚。

Okay. Okay. Yes. That's helpful. And if I can -- maybe if I can --

好的。好的。是的。那很有幫助。如果可以的話——也許如果我可以--

Maybe just one other remark.

或許還有一點要補充。

Yes, go ahead.

好的，請繼續。

The value we're generating in these programs, ultimately, we have milestones in the clinic when our discovery work is done. We have royalties on sales for those drugs that actually make it, and there's 15 of those right now. So the value creation continues even if we're not the ones doing the clinical development. There's the opportunity at least (inaudible).

最終，我們在這些項目中創造的價值，體現在我們完成探索性工作後，在臨床上所取得的里程碑式成果上。我們從那些真正上市的藥物的銷售中獲得版稅，目前有 15 種這樣的藥物。即使我們不從事臨床開發，價值創造依然會持續。至少還有機會。（聽不清楚）

Yes. Yes, of course, that was -- Karen, that was actually going to be my follow-up question, was exactly on that. When we think about these programs now -- okay, so shift to exclusively discovery stage partnerships, things like that. When I think about these programs going forward, realizing that each one is going to be custom, it's going to be very unique.

是的。是的，當然，那是──凱倫，那其實正是我要問的後續問題，正是關於這一點的事。現在我們來思考這些項目——好吧，那就完全轉向探索階段的合作關係，諸如此類。當我展望這些項目的未來時，意識到每個項目都將是客製化的，將會非常獨特。

In terms of the royalties, the milestones, the economics, are they going to be similar to the ones you're doing already with Novartis and Bristol? Or are they -- is there any change to the economic structure there? Or is that pretty consistent?

就版稅、里程碑付款、經濟效益而言，它們是否會與你們目前與諾華和百時美施貴寶合作的模式類似？或者說，那裡的經濟結構發生了任何變化嗎？或者說，這種情況相當一致？

Yes. What I'd say about that is -- we talked about this before. We -- as you know, we've done quite a number of these collaborations. And I think we've said this a number of times before that the economics that we've been able to demand as our track record continues to improve and the efficacy of the platform improves and the expertise of the team, the economics continue to get better.

是的。關於這一點，我想說的是──我們之前討論過這個問題。如您所知，我們已經進行過很多這樣的合作。我認為我們之前已經多次說過，隨著我們的業績記錄不斷改善、平台效率不斷提高、團隊專業知識不斷增強，我們所能夠要求的經濟效益也在不斷提高。

That's been the case with every program. Now are we saying for sure guarantee the next collaboration will have better economics? Of course, we're not saying that. But I think it's noteworthy that the terms continue to improve. And that certainly would be an expectation.

每個項目都是如此。現在我們是不是可以肯定地說，下一次合作的經濟效益一定會更好？當然，我們並不是那個意思。但我認為值得注意的是，這些條款仍在不斷改善。這當然是人們的預期。

Okay, that's great. Thanks so much, really appreciate it.

好的，太好了。非常感謝，真的非常感激。

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

我目前沒有其他問題要問。今天的電話會議到此結束。您現在可以斷開連線了。