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| Statement |
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| As I mentioned in my prepared remarks for 635, we are very excited about that program and we see the potential to take that beyond Phase 1 given the nature of development |
| Every indication is that we're talking to the right people and the response from scientists at really I'd say that some of the top if not the top firms in the space has been universally positive and so we're hopeful that that will continue to move forward |
| And general and administration expenses were over $61 million compared to roughly $56 million in 2022, reflecting good operating leverage supporting the growing business |
| So we think that's a very exciting opportunity, one that we are well positioned to move on |
| With respect to our overall operating expenditures, our capital needs are very manageable, and we remain in a strong liquidity position that allows us execute on our strategy with excellent visibility and runway |
| So each of these has the potential to generate huge upside and value and we have taken our time to find the opportunities that we're excited about and we believe there's an excellent chance of getting to value inflections |
| It's in the area of metabolic and endocrine disorders and we have compelling data in non-human primates that we believe has high likelihood of translating to humans |
| This work has progressed quickly and has laid a strong foundation for both internal programs and strategic partnerships |
| Overall, we view the progress of the molecules we have discovered in our partners' hands positively, and the attrition is consistent with our expectations |
| We believe this has the highest value potential over the coming years |
| For ABCL575 in the area of atopic dermatitis and other inflammation autoimmune conditions, we think the VIAVAT program would benefit from a partnership |
| So we have much better visibility, much stronger connections with those partners |
| It is completely about being able to look at the data, look at the opportunity, look at the commercial case and get excited that you have a much better than average chance of bringing forward a molecule that's going to be a drug that helps patients |
| I'm probably every bit as excited about the prospect of that effort that's been going for a long time to start to generate some very exciting molecules |
| And we are very pleased with the progress of the science and the data that we've been able to bring forward |
| Importantly, we believe the speed and ease with which we are able to find MHC peptide specific binders has potential to greatly expand the reach of TCEs in cancer therapy |
| Through this work, we have built a competitive advantage in the discovery and preclinical development of antibody therapies and we will soon be fully integrated from target through to the clinic |
| Further, 575 works through receptor blocking rather than killing immune cells, which we believe will provide a better safety profile |
| As Carl pointed out, AbCellera continues to be in a strong liquidity position with over $780 million in cash and equivalents and over $200 million in available government funding to execute on our strategy |
| It is following Sanofi's amlitelimab, which has shown excellent safety and efficacy in atopic dermatitis and is now being developed for multiple indications |
| 635, we are wildly excited about |
| And you were saying that the attrition rate of about 40%, what do we expect it to be going forward? I mean, I think we're quite optimistic about the remaining ones in that pipeline |
| We believe this portfolio represents a growing and unrecognized store of value that will mature into future high margin revenue streams |
| So, we expect that ABCL575 could be a very valuable program for out licensing |
| As a result our result is that the range and average of negotiated royalty rates in our portfolio are shifting favorably |
| You're exactly right that if you're talking to the companies that have a strong interest in this, then that will certainly help you get smarter about the types of deals that you should do and how you should think about maximizing value on the platform |
| And we believe that in the long run, if you have the ability to continue to generate first-in-class assets, it is highly strategic to be able to control the supply chain through PD and manufacturing |
| Over the past 3 years, we have increasingly focused on only those partnerships that we see as strategic and that we believe will yield the highest value |
| So, on the portfolio side, there is, let's say, single-digit royalty positions that add up in aggregate to what we believe will be long term predictable and high margin cash flow |
| So we are 100% aligned in maximizing shareholder value, bringing great drugs to patients and building programs that really make a difference and move the needle for the industry |
| Statement |
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| In terms of earnings per share, this year's result works out to a loss of $0.51 per share on a basic and diluted basis |
| Frankly, that would be a problem that we would welcome |
| Although we did not complete a major partnership on TC last year as we had anticipated, our conviction in this effort is undiminished |
| The loss reflects our continued investment in our business and the absence of royalty revenues that were present in 2022 |
| In the absence of regular royalty revenues, we would expect our operating cash flow to be irregular and often negative as we continue to invest in the growth and capabilities of the company |
| Now the other piece is, if in the event that you're working on many programs as we are and a lot of them happened to hit in the same year, I could imagine that there is a number at which we would run into a bottleneck operationally in being able to manage the manufacturing, get the IND packages together due to preclinical work |
| Those programs will fail for a whole variety of reasons |
| This decision was made in light of the progress in our internal programs and in response to a persistent macroeconomic headwind for Biotech |
| Most of these programs are against targets that the industry has known about for many years and where we're not seeing antibodies move forward, because people have not been able to solve those problems |
| It's just it can be irregular, and it has been in the past also irregular |
| Looking at earnings, we are reporting a net loss of roughly $146 million this compares to earnings of approximately $159 million in 2022 |
| What has been interesting is, I'm sure you've seen is that there is there are some geopolitical factors that are making it more and more important to have manufacturing in-house and have them in North America |
| And I would also highlight that as Andrew said, we expect there to be considerable attrition between the initiation of discovery and clinical development |
| Additionally, one molecule discovered under a Trianni license is not expected to progress |
| So we would expect some additional attrition on top of that |
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