Sutro Biopharma Inc (STRO) 2024 Q4 法說會逐字稿

Thank you, operator. Good afternoon, and thank you all for joining us on the call today. Here with me are Dr. Hans-Peter Gerber, our Chief Scientific Officer; and Ed Albini, our Chief Financial Officer. Earlier today, we issued a press release reviewing the details of our strategic restructuring. You can find this release, as well as the presentation from today's webcast, on our website.

謝謝您，接線生。下午好，感謝大家今天參加我們的電話會議。和我一起在場的是我們的首席科學官 Hans-Peter Gerber 博士和我們的財務長 Ed Albini。今天早些時候，我們發布了一份新聞稿，回顧了我們的策略重組的細節。您可以在我們的網站上找到此新聞稿以及今天網路廣播的簡報。

Next slide. Before we begin, I want to remind you we will be making forward-looking statements in this presentation, as referenced here.

下一張投影片。在我們開始之前，我想提醒您，我們將在本次演示中做出前瞻性陳述，如此處所述。

Next slide. Today, the Sutro Board and executive management team have announced the completion of a strategic portfolio review resulting in the prioritization of three wholly-owned preclinical programs in its next-generation exatecan and dual-payload ADC pipeline with plans to submit three INDs in 3 years, starting in 2025 with STRO-004, an exatecan ADC targeting tissue factor.

下一張投影片。今天，Sutro 董事會和執行管理團隊宣布完成一項策略性投資組合審查，結果優先考慮其下一代依沙替康和雙有效載荷 ADC 管線中的三個全資臨床前項目，併計劃在 3 年內提交三個 IND，從 2025 年開始，首先提交 STRO-004，一種針對組織因子的依沙替康 ADC。

While we are very excited to see the promise of our growing next-generation ADC pipeline, the strategic portfolio review also resulted in the deprioritization of additional investment in development of luvelta by Sutro. This decision was not taken lightly. But given the challenging macro environment we find ourselves in, with our limited resources, we will not be able to bring luvelta forward to realize its full potential on our own and move full-speed ahead with our potentially best-in-class next-generation pipeline.

雖然我們很高興看到我們不斷成長的下一代 ADC 管道的前景，但策略性投資組合審查也導致 Sutro 降低了對 luvelta 開發的額外投資的優先順序。這個決定並不是輕易做出的。但考慮到我們所處的宏觀環境充滿挑戰，加上我們的資源有限，我們無法獨自發揮 luvelta 的全部潛力，也無法全速推進我們可能成為一流的下一代管道。

We are continuing to explore global out-licensing opportunities for luvelta as we still believe in its life-changing potential for patients of unmet need with many difficult-to-treat cancers.

我們將繼續探索 Luvelta 的全球授權機會，因為我們仍然相信，對於許多難以治療的癌症的未滿足需求患者來說，它具有改變生活的潛力。

Further, Sutro is reducing our workforce by nearly 50% by year-end and will fully externalize our cell-free manufacturing capabilities now that we have established external partners that can manufacture at scale.

此外，Sutro 將在年底前將員工人數減少近 50%，由於我們已經建立了可以大規模生產的外部合作夥伴，我們將完全外包我們的無細胞製造能力。

With these changes, the company's cash runway extends into at least Q4 of 2026. Now, this does not include anticipated milestones from existing collaborators or nondilutive capital we may receive from potential additional business development.

透過這些變化，該公司的現金流至少可以延長到 2026 年第四季。現在，這不包括現有合作者的預期里程碑或我們可能從潛在的額外業務發展中獲得的非稀釋性資本。

Next slide. We remain deeply grateful for the many contributions of our departing employees and, of course, to Bill for his many years of dedication and leadership. Having joined Sutro with over 20 years of commercial, operational and strategic leadership experience in both big pharma and biotech at Genentech, Onyx and AstraZeneca, and as the previous COO at Sutro, I'm enthusiastic about leading the next phase of Sutro alongside an exceptional leadership team with deep industry, oncology and ADC experience to successfully execute on our strategy and clinical plans.

下一張投影片。我們仍然深深感謝離職員工的諸多貢獻，當然也感謝比爾多年的奉獻與領導。在加入 Sutro 之前，我曾在 Genentech、Onyx 和 AstraZeneca 等大型製藥和生物技術公司擁有超過 20 年的商業、營運和策略領導經驗，並且曾擔任 Sutro 的營運長。我熱衷於與一支擁有深厚產業、腫瘤學和 ADC 經驗的優秀領導團隊一起領導 Sutro 的下一階段發展，成功執行我們的策略和臨床計劃。

This team has the collective experience, execution track record and Sutro technology know-how to rapidly advance our ADC candidates in this strategic reprioritization, ultimately to benefit patients. Of note is my colleague, Dr. Hans-Peter Gerber, who is a pioneer in the ADC field and has been instrumental in securing the approvals of numerous life-changing ADCs at Seagen, Pfizer and Genentech, among others.

該團隊擁有集體經驗、執行記錄和 Sutro 技術知識，能夠在這項策略重新排序中快速推進我們的 ADC 候選藥物，最終使患者受益。值得注意的是，我的同事 Hans-Peter Gerber 博士是 ADC 領域的先驅，在 Seagen、輝瑞和基因泰克等公司獲得眾多改變生活的 ADC 的批准方面發揮了重要作用。

Next slide. Sutro's proprietary technology enables precise design of ADCs not possible with other conventional methods. The platform is highly flexible and scalable to commercial needs under good manufacturing practices. We can mix and match different payloads in different locations on the antibody and in different ratios using nonnatural amino acids in a way that is not efficiently possible with cell-down approaches or cell-based manufacturing.

下一張投影片。Sutro 的專有技術可實現其他傳統方法無法實現的 ADC 的精確設計。該平台具有高度靈活性，可根據良好的生產規範進行商業需求擴展。我們可以使用非天然氨基酸在抗體的不同位置以不同的比例混合和匹配不同的有效載荷，而這種方式是細胞向下方法或基於細胞的製造無法有效實現的。

Our ADCs have unique design features like click chemistry and site-specific conjugation that lead to key advantages of improving the tolerability profile. PK and efficacy also enables us to develop antibodies for challenging targets and overcome resistance. These qualities differentiate our ADC candidates to move beyond current standards of care and treat a broader range of patients.

我們的 ADC 具有獨特的設計特點，例如點擊化學和位點特異性結合，從而帶來改善耐受性特徵的關鍵優勢。PK 和功效也使我們能夠針對挑戰性目標開發抗體並克服抵抗力。這些品質使我們的 ADC 候選人超越了當前的護理標準並可以治療更廣泛的患者。

Next slide. Now, given our passion for transforming what science can do for patients, combined with the unique design features of our ADCs, we are excited about the next-generation pipeline of ADCs. In addition, our platform innovation has attracted world-class partners such as Astellas and Ipsen, and we remain enthusiastic about the long-term potential to continue attracting such partnerships in the future. We have reached that stage where our cell-free platform has been optimized, making this a crucial time to advance our innovative, highly differentiated ADCs.

下一張投影片。現在，鑑於我們對改變科學為患者所做的事情的熱情，結合我們 ADC 的獨特設計特點，我們對下一代 ADC 管道感到興奮。此外，我們的平台創新吸引了安斯泰來和益普生等世界級合作夥伴，我們對未來繼續吸引此類合作夥伴的長期潛力仍然充滿熱情。我們的無細胞平台已達到最佳化階段，現在是推動我們創新、高度差異化的 ADC 的關鍵時刻。

Next slide. So let's take a closer look at our 3 wholly-owned ADC programs and why we believe they are highly differentiated. The unique capabilities of our XpressCF platform allows us to harness complex biology and pursue harder-to-treat targets with a differentiated product profile, and in doing so, ensuring future commercial viability. STRO-004 has been optimally designed to drive higher drug exposure and efficacy than first-generation tissue factor ADCs while avoiding both on-target and off-target liabilities in the eye, skin and coagulation, positioning this candidate with best-in-class potential.

下一張投影片。因此，讓我們仔細看看我們的 3 個全資 ADC 項目，以及為什麼我們認為它們具有高度差異化。我們的 XpressCF 平台的獨特功能使我們能夠利用複雜的生物學原理，透過差異化的產品配置來追求更難治療的目標，從而確保未來的商業可行性。STRO-004 經過最佳化設計，可比第一代組織因子 ADC 實現更高的藥物暴露量和療效，同時避免在眼部、皮膚和凝血方面的標靶和脫靶責任，使該候選藥物具有同類最佳的潛力。

Next is STRO-006. Revealed here for the first time is our integrin beta-6 ADC designed for improved safety and efficacy. Historically, this has been a difficult target to reach, and we have successfully identified a selective antibody that has the potential to treat multiple tumor types with high unmet need.

接下來是STRO-006。我們首次揭露的整合素 β-6 ADC 旨在提高安全性和有效性。從歷史上看，這是一個很難達到的目標，我們已經成功地確定了一種選擇性抗體，它有可能治療多種具有高度未滿足需求的腫瘤類型。

Lastly is our dual payload program. We are particularly excited about this program because of its potential to be game-changing for the field of ADCs. Dual-payload ADCs enable delivery of not just targeted chemotherapy but targeted chemo combination therapy, allowing us to go after any identified targets, both old and new. By combining payloads, we have the opportunity to overcome resistance to single-payload ADCs, drive deeper and more durable responses and provide greater control over drug delivery.

最後是我們的雙有效載荷程序。我們對這個計畫特別興奮，因為它有可能改變 ADC 領域的格局。雙有效載荷 ADC 不僅可以進行標靶化療，還可以進行標靶化療聯合治療，使我們能夠追蹤任何已確定的新舊目標。透過結合有效載荷，我們有機會克服對單有效載荷 ADC 的抵抗，推動更深層、更持久的反應，並對藥物輸送提供更好的控制。

In partnership with Astellas, our dual payload program is already advancing towards the clinic as an immunostimulatory ADC, or iADC, combining a cytotoxin and immune stimulator, potentially providing new treatment options for cold tumors and patients who are unresponsive to existing immunotherapies. And already, Astellas has selected 2 iADC programs to advance. This is just the beginning, and there's a lot of momentum on the clinical side with a significant number of programs on the horizon, giving us the potential to be highly selective in the programs we pursue and the optionality for business development. We are confident in our ability to deliver this growth based on our cell-free platform and strong R&D team.

與安斯泰來合作，我們的雙重有效載荷計劃已作為免疫刺激 ADC 或 iADC 向臨床推進，結合細胞毒素和免疫刺激劑，可能為冷腫瘤和對現有免疫療法無反應的患者提供新的治療選擇。目前，安斯泰來已選定 2 個 iADC 計畫進行推進。這只是個開始，臨床方面發展勢頭強勁，大量項目即將推出，這使我們能夠在所追求的項目和業務發展的選擇性方面具有很高的潛力。我們相信，憑藉我們的無細胞平台和強大的研發團隊，我們有能力實現這一成長。

Next slide. Now, we have a lot of work ahead of us, but we're very excited about this opportunity to advance what we believe will be very important and very differentiated additions to the ADC treatment landscape. As I mentioned earlier, STRO-004 will be our first clinical program for which we will file an IND and initiate a first-in-human study in the second half of this year with initial clinical data in '26 and '27. INDs for STRO-006 and dual-payload ADCs will follow in '26 and '27 as well.

下一張投影片。現在，我們還有很多工作要做，但我們對這個機會感到非常興奮，我們認為這將對 ADC 治療領域產生非常重要且非常顯著的影響。正如我之前提到的，STRO-004 將是我們的第一個臨床項目，我們將在今年下半年提交 IND 並啟動首次人體研究，初步臨床數據將於 26 年和 27 年公佈。STRO-006 和雙有效載荷 ADC 的 IND 也將在 '26 年和 '27 年進行。

Throughout this transition, we remain deeply committed, as we always have, to improving patient outcomes and believe these decisions will ultimately lead to transformative treatments that deliver the greatest benefit to patients.

在整個轉變過程中，我們一如既往地致力於改善患者的治療效果，並相信這些決定最終將帶來為患者帶來最大益處的變革性治療方法。

Thank you for your time and attention. And with that, we have time to take a few questions, so I'll turn it back over to the operator. Operator?

感謝您的時間和關注。現在，我們還有時間回答幾個問題，所以我將把問題交還給接線員。操作員？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Roger Song, Jefferies.

傑富瑞 (Jefferies) 的羅傑宋 (Roger Song)。

So maybe the question relates to the luvelta. What should we know when you think of the next step for luvelta, how much value can be realized through the partnership?

所以也許這個問題與 luvelta 有關。當您考慮 Luvelta 的下一步時，我們應該知道什麼，透過合作可以實現多少價值？

So Roger, can you repeat the question? I think you're coming in very low volume.

那麼羅傑，你能重複這個問題嗎？我認為你的音量非常低。

Can you hear me now?

現在你能聽到我說話嗎？

Yes, we can hear you now.

是的，我們現在可以聽到你的聲音。

Excellent. So my question is related to the luvelta. So how should we see the value that will be realized through the partnership? And what will be the ideal situation for the luvelta next steps?

出色的。所以我的問題與 luvelta 有關。那我們該如何看待透過合作能夠實現的價值呢？那麼，luvelta 下一步的理想情況是怎麼樣的呢？

Yes. So we are -- for us at Sutro, I mean, we're looking to deprioritize and wind down our additional investment in luvelta. But at the same time, we're in active discussions with potential partners. We want to find the right partner that could realize the full potential of luvelta. We have actually some exciting data that will be shared over the weekend at SGO, and I encourage everybody to go check it out.

是的。所以，對於 Sutro 的我們來說，我的意思是，我們正在考慮降低對 luvelta 的額外投資優先事項並逐步減少投資。但同時，我們正在與潛在合作夥伴進行積極討論。我們希望找到合適的合作夥伴，充分發揮 luvelta 的潛力。我們實際上有一些令人興奮的數據將在周末在 SGO 上分享，我鼓勵每個人都去查看一下。

And our decision here in deprioritizing luvelta is not because we don't believe in luvelta and the potential of it benefiting patients. And that's what makes it further challenging to make this decision, but we want to make sure that a partner can actually fully realize the potential.

我們決定降低 Luvelta 的優先級，並不是因為我們不相信 Luvelta 及其造福患者的潛力。這使得做出這個決定更具挑戰性，但我們希望確保合作夥伴能夠充分發揮其潛力。

Excellent. Just a quick follow-up on the -- a follow-up question on the tissue factor 004. So as you move into the IND and then clinical, how much data we will see this year to support R&D? And then also, when should we see the data -- the initial data next year?

出色的。只是想快速跟進一下——關於組織因子 004 的後續問題。那麼，當進入 IND 和臨床階段時，今年我們將看到多少數據來支持研發？那麼，我們什麼時候可以看到數據——明年的初始數據？

Yes. So tissue factor is our next-generation DAR8 exatecan ADC. We selected the STRO-004 as our lead candidate because we're highly encouraged by the preclinical data, which points to its best-in-class potential. And based on its optimal design, we believe the treatment with STRO-004 may result in improved clinical benefits. We will be filing an IND and going to first-in-human trials later this year and hope to share sort of initial clinical data by 2026 and then '27.

是的。因此組織因子是我們下一代 DAR8 依沙替康 ADC。我們選擇 STRO-004 作為我們的主要候選藥物，因為我們對臨床前數據感到非常鼓舞，這表明它具有一流的潛力。並且基於其最佳設計，我們相信使用 STRO-004 治療可能會帶來更好的臨床益處。我們將在今年稍後提交 IND 申請並進行首次人體試驗，並希望在 2026 年和 2027 年分享初步臨床數據。

And also maybe, H.P., would you like to further expand on the tissue factor program?

另外，H.P.，您是否想進一步擴展組織因子計劃？

Yes, happy to do that, Jane. This is Hans-Peter Gerber, the CSO. And as Jane explained, we are filing an IND later this year. And we have reported the preclinical data on this program previously at various meetings, and we'll be doing that throughout the remainder of the year. We are particularly encouraged by the improvements we could do in the safety area for this ADC compared to benchmark ADCs that are already approved with this target tissue factor, but also in the efficacy sector of that IND.

是的，我很樂意這麼做，簡。我是首席策略長 Hans-Peter Gerber。正如簡所解釋的，我們將在今年稍後提交 IND。我們之前已在各種會議上報告了該計劃的臨床前數據，並且我們將在今年剩餘時間內繼續這樣做。與已核准的具有該目標組織因子的基準 ADC 相比，我們對該 ADC 在安全性方面所做的改進感到特別鼓舞，而且在該 IND 的功效方面也取得了進步。

So we are highly encouraged, because of that superior TI, to move as quickly as we can with this program towards an IND filing.

因此，由於這項卓越的 TI，我們受到強烈的鼓舞，將盡快透過該計劃提交 IND 申請。

With that, back to the operator.

說完這些，回到操作員那裡。

Edward Tenthoff, Piper Sandler.

愛德華·坦托夫、派珀·桑德勒。

When it comes to some of the layoffs, were these mostly in the discovery area? And how much of a clinical effort is still in place as you guys take these exciting ADCs into the clinic?

說到裁員，主要是在發現領域嗎？當你們將這些令人興奮的 ADC 帶入臨床時，還需要進行多少臨床努力？

And then my second question is, with Sutro's track record of successful partnerships, would you look at partnering either these 3 now lead ADCs or doing other discovery type deals? Is that still an effort? Or is the primary focus on partnering luvelta?

我的第二個問題是，鑑於 Sutro 成功的合作記錄，您是否會考慮與這 3 家目前領先的 ADC 合作或進行其他發現類型的交易？這還算是一種努力嗎？或主要重點是與 luvelta 合作？

Okay. I think, Ed, your question first was on the impact on the restructuring for us. Yes, primarily, the majority of the folks and individuals that will be impacted in this restructuring will be tied to luvelta work streams. And this is really wanting to make sure that we pivot and reallocate resources to align our resources to the new strategic priorities around the early pipeline. In addition, we will be externalizing our manufacturing and decommissioning our operations of San Carlos later this year as well once we have made production of our early pipeline.

好的。艾德，我認為你的第一個問題是關於重組對我們的影響。是的，主要是，在這次重組中受影響的大多數人和個人都將與 luvelta 工作流程相關。這實際上是為了確保我們調整和重新分配資源，使我們的資源與早期管道的新策略重點保持一致。此外，一旦我們的早期管道投入生產，我們將在今年稍後將我們的製造業務外包，並停止聖卡洛斯的業務。

In terms of the second question on partnership, we are in active discussions, partnering discussions, now with luvelta, and we want to continue those. And when we have an update, we will share that.

關於第二個關於合作關係的問題，我們正在與 luvelta 進行積極的合作討論，我們希望繼續這些討論。當我們有更新時，我們會分享。

And then with respect to the pipeline and platform, we have always been successful in partnering our product candidates, and we'll continue to do that as a way to secure nondilutive capital.

然後就管道和平台而言，我們一直成功地與我們的產品候選人合作，我們將繼續這樣做，以確保非稀釋性資本。

Good luck.

祝你好運。

Jay Olson, Oppenheimer.

傑伊·奧爾森，奧本海默。

Thanks for providing this update. Can you describe how the deprioritization of luvelta will work in terms of study enrollment? Are you pausing anything? And how much do you need to continue spending on luvelta as it's paused? And then when it's partnered, will you be seeking a partnership where the partner will take over the clinical development, including the expenses, or how will that look?

感謝您提供此更新。您能否描述一下，luvelta 的優先順序降低對於研究入學有何影響？您正在暫停什麼嗎？在 luvelta 暫停服務後，您需要花多少錢才能繼續使用它？那麼，當建立合作夥伴關係時，您是否會尋求合作夥伴來接管臨床開發（包括費用）的合作關係，或者這將是什麼樣的？

And then I have a follow-up, if I could, please.

如果可以的話，我還有一個後續問題。

Thanks, Jay, for the question. Yes. So in terms of the deprioritization, we are looking to deprioritize and wind down our expenses as it relates to the development of luvelta. At the same time, as you mentioned, we are actively in partner discussions, and we are seeking a partner that can actually take over and lead the development of luvelta in the future.

謝謝傑伊提出的問題。是的。因此，就降低優先順序而言，我們希望降低與 luvelta 開發相關的優先順序並減少開支。同時，正如您所提到的，我們正在積極進行合作夥伴討論，我們正在尋求一個能夠真正接手並領導未來luvelta發展的合作夥伴。

Okay. That's helpful. And then with regards to 006, it seems like Pfizer is moving a competing program that they acquired from Seagen into Phase III. Can you just talk about any points of differentiation or areas of development that you want to focus on with 006? That would be great.

好的。這很有幫助。然後關於 006，輝瑞似乎正在將其從 Seagen 收購的競爭項目轉移到第三階段。您能否談談 006 想要重點關注的差異點或發展領域？那太好了。

Yes. We are aware of the program for Pfizer Seagen's program for 006, integrin beta-6 ADC. And we are -- we recognize that the data for this target has been shown validated in lung cancer. But why don't I pass it over to H.P. to elaborate more on the opportunity there?

是的。我們了解輝瑞 Seagen 的 006 項目，即整合素 β-6 ADC。我們認識到，該目標的數據已在肺癌中得到驗證。但是為什麼我不把它交給惠普來進一步闡述那裡的機會呢？

Yes. Thank you, Jane. Jay, yes, we have been looking at this program developed by Pfizer very carefully, and we recognize that this is a target integrin beta-6 that has a very complex target biology. So the differentiation of Sutro is here that we were able to raise antibodies that bind to integrin beta-6 and the specific confirmation of that integrin that is present on the tumor cells and which can be used -- that antibody can be used to effectively shuttle the payload into the tumor cells, but not to interfere with target biology. And we benchmarked our antibody against competitor antibodies, and we ended up with a compound, an ADC, that we think has all the attributes needed to be competitive in this space, in particular, as you know, because we switched from a tubulin inhibitor payload to an exatecan.

是的。謝謝你，簡。傑伊，是的，我們一直在非常仔細地研究輝瑞開發的這個項目，我們認識到這是一個具有非常複雜的靶生物學的靶整合素β-6。因此，Sutro 的差異化之處在於，我們能夠培養與整合素 β-6 結合的抗體，並具體確認腫瘤細胞上存在該整合素，並且可以使用該抗體——該抗體可用於有效地將有效載荷運送到腫瘤細胞中，但不會幹擾目標生物學。我們將我們的抗體與競爭對手的抗體進行了對比，最終得到了一種化合物，即 ADC，我們認為它具備在這個領域具有競爭力所需的所有屬性，特別是，正如你所知，因為我們從微管蛋白抑製劑有效載荷轉換為依沙替康。

In fact, it is that difficult to get these antibodies right that we currently don't see any competitor on this target with an antibody with a DAR8 exatecan or any kind of exatecan, of any kind of DAR. So we were encouraged to actually move very quickly because of our ability to develop these antibodies that don't interfere with target biology so efficiently and rapidly.

事實上，要正確取得這些抗體非常困難，我們目前還沒有看到任何競爭對手在該標靶上擁有 DAR8 依沙替康或任何類型的依沙替康、任何類型的 DAR 抗體。因此，我們受到鼓舞，實際上採取了非常迅速的行動，因為我們有能力如此有效且快速地開發出不會幹擾目標生物學的抗體。

Reni Benjamin, Citizens Bank.

雷尼‧班傑明 (Reni Benjamin)，公民銀行。

Congratulations, Jane, on this new role as Sutro kind of restarts its efforts, if you will. Some big shoes to fill, but you'll do great. Maybe just to hone in a little bit more on the learnings regarding the luvelta program, can you maybe talk about, I guess, the key reasons for discontinuing the luvelta program? And which of those kind of key criteria would you definitely want checked as you kind of move 004 through clinical development? Then I have a follow-up.

簡，恭喜你擔任這項新職務，Sutro 可以重新開始努力，如果你願意的話。有些任務很難完成，但你會做得很好。也許只是為了更深入了解 luvelta 計劃的經驗，您能否談談停止 luvelta 計劃的主要原因？當您將 004 推進到臨床開發階段時，您肯定希望檢查哪些關鍵標準？然後我有一個後續問題。

So Reni, thank you for the question and for the congrats. As I mentioned, we recently completed a strategic portfolio review, made the decision to redirect resources to our next-generation pipeline. Our decision here to deprioritize luvelta is based on the capital required to take luvelta to market, not as a result of any clinical findings. So I think, in terms of learnings, there's making sure that we have the capital funds in place to advance the programs. In fact, as I said earlier, our data is actually, for luvelta, going to be shared at SGO, and it is quite encouraging.

所以，雷尼，謝謝你的提問和祝賀。正如我所提到的，我們最近完成了策略性投資組合審查，並決定將資源重新分配到我們的下一代管道。我們決定降低 luvelta 的優先順序是基於將 luvelta 推向市場所需的資金，而不是基於任何臨床發現。因此我認為，就學習而言，確保我們有足夠的資金來推進這些計畫。事實上，正如我之前所說，對於 luvelta 來說，我們的數據實際上將在 SGO 上共享，這是非常令人鼓舞的。

So I think, for 004, key criteria for moving 004, we want to make sure that it is -- the product profile is clearly differentiated. We recognize that the ovarian space is getting more crowded and that because -- and we're being very strategic here in how we're picking our ADCs on a single payload to be those that have a bit more complex biology, not easily made by other companies. And so we're going to be very strategic in how we select those, tissue factor being the first, and then integrin beta-6, and that ensures that commercial viability by the time we can actually advance into the clinic and get to meaningful data. I hope that helps.

因此我認為，對於 004 來說，行動 004 的關鍵標準是，我們要確保產品配置有明顯的差異。我們認識到卵巢空間變得越來越擁擠，這是因為——我們在選擇單一有效載荷上的 ADC 時非常具有戰略性，這些 ADC 具有更複雜的生物學特性，其他公司不容易製造。因此，我們將非常有策略地選擇這些藥物，首先是組織因子，然後是整合素 β-6，這確保了當我們真正進入臨床並獲得有意義的數據時具有商業可行性。我希望這能有所幫助。

Yes, that does. And just a follow-up, we've been kind of dancing around this. I'm just going to ask it directly. How much should R&D and SG&A be going down this year? Because I mean, kind of based on your, hey, up until the fourth quarter of 2026 is how long our cash should last, at least, it seems like you're going to be burning around $150 million or so for the next few years, which still seems kind of steep to me.

是的，確實如此。順便說一下，我們一直在圍繞這一點進行討論。我要直接問。今年研發費用和銷售、一般及行政費用應該要下降多少？因為我的意思是，根據你的預測，到 2026 年第四季我們的現金至少應該能維持多久，看起來你在接下來的幾年裡要燒掉大約 1.5 億美元，這對我來說仍然有點高。

And so can you maybe just help us understand or maybe guide us a little bit as to how much -- how long it will take -- how quickly you can wind down operations so that you can implement these savings this year, and maybe how much longer this current cash position could last?

那麼，您能否幫助我們理解或指導我們一下，需要多長時間，您多快才能結束運營，以便在今年實現這些節省，以及目前的現金狀況還能維持多久？

Yes. Thanks for the question, Ren. Actually, Ed has been waiting for somebody to ask that question, so I will turn that over to Ed.

是的。謝謝 Ren 的提問。實際上，艾德一直在等待有人問這個問題，所以我會把這個問題交給艾德。

Ren, thanks for the question. As Jane mentioned, so you probably saw our financial results for 2024, where, in rough sense, our expenditures were around $300 million. And the only quantification -- further clarity on the quantification is the majority of that, the clear majority of that, was for luvelta and luvelta-related. So I can't help you more specifically on your math.

任先生，謝謝你的提問。正如簡所提到的，您可能看到了我們 2024 年的財務業績，粗略地說，我們的支出約為 3 億美元。唯一的量化——進一步明確量化的是，其中大部分，絕大多數，是針對 luvelta 和與 luvelta 相關的。所以我無法更具體地幫你解決數學問題。

I will have you think about the fact that we spent on luvelta in Q1, largely all of Q1 since we're almost through Q1. And then also, you'll see the disclosure there where there's an estimated $40 million to $45 million of restructuring-related charges. So you should factor that into 2025. We do expect -- again, without quantifying it for you, we do expect a dramatic decrease in overall expenditures for the remainder of 2025 and into 2026 and beyond.

我會讓你考慮一下我們在第一季在 luvelta 上花費的錢，基本上是整個第一季度，因為我們幾乎已經度過了第一季。而且，您還會看到披露的信息，其中估計有 4000 萬至 4500 萬美元的重組相關費用。所以你應該把這個因素考慮到 2025 年。我們確實預計——再次強調，我們不會為您量化，但我們確實預計 2025 年剩餘時間以及 2026 年及以後的總體支出將大幅下降。

Good luck.

祝你好運。

Thank you. At this time, I would now like to turn the conference back over to Jane Chung for closing remarks.

謝謝。現在，我想將會議交還給 Jane Chung 做結束語。

Okay. Well, thanks, everyone. Again, I sincerely appreciate your time today. This was a very difficult decision to deprioritize additional investments in luvelta development as we continue to seek a partner. We're making this strategic pivot not because we don't believe in luvelta.

好的。好的，謝謝大家。再次真誠地感謝您今天抽出時間。在我們繼續尋找合作夥伴的同時，降低對 Luvelta 開發的額外投資的優先順序是一個非常艱難的決定。我們做出這項策略轉變並不是因為我們不相信 Luvelta。

Rather, this is being made in favor of prioritizing our early-stage pipeline, which represents the potential for realizing the advances we have made in our ADC platform. We're excited about the future of Sutro and the promise of our next-generation ADCs, and we look forward to continuing the dialogue and seeing many of you at upcoming conferences. Thank you.

相反，這是為了優先考慮我們的早期管道，這代表了實現我們在 ADC 平台上取得的進步的潛力。我們對 Sutro 的未來和下一代 ADC 的前景感到興奮，我們期待繼續對話並在即將舉行的會議上見到你們。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。