Full Year 2020 I-Mab Earnings Call

Yeah.

Okay.

Good day, ladies and gentlemen, thank you for standing by and welcome to the <unk>.

Operator: Good day, ladies and gentlemen. Thank you for standing by, and welcome to the I-Mab Biopharma 2020 Financial Results and Business Update conference call. At this time, all participants are in a listen-only mode.

And I do far and Watson.

And the children on.

And business update conference call at this time, all participants are in a listen only mode.

And we will conduct the question and answer session.

Operator: Later on, we will conduct a question and answer session. For the Q&A session, if you wish to ask a question, please press star followed by the number 1 on your telephone keypad and wait for your name to be entered. It is now my pleasure to turn the conference over to Shi Wenjie, Chief Financial Officer and Director. Please go ahead.

On the Q&A session.

Wish the asked a question. Please press star followed by the number one on the telephone keypad and grateful.

And.

It is the nature.

Because of the conference.

The ceiling.

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Chief Financial Officer and direct.

Dingding Shi: All right. Thank you, operator. Everyone, welcome to the I-Mab 2020 full-year financial results and a business update conference call. Earlier today, we issued a press release providing a review of our financial results for the full year ended December 31, 2020, as well as an overview of our recent corporate highlights and upcoming milestones. The press release can be accessed from the Investors portion of our corporate website.

Please go ahead Sir.

Alright, Thank you operator.

Everyone and welcome to the I Mab Twenty-twenty of full year financial results and the business update conference call.

Earlier today, we issued a press release, providing a review of our financial results for the full year ended December 31st 2020, as well as an overview of our recent corporate highlights and and.

Upcoming milestones the <unk>.

Press release can be accessed on the investors portion of our corporate website.

Joining me today on the call from IMAX Senior management team and our Doctor jingle debt, our founder Chairman and director Dr.

Dingding Shi: Joining me today on the call from I-Mab's senior management team are Dr. Jinwu Zeng, our founder, chairman, and director; Dr. Zhong Shen, our chief executive officer and director; and Mr. Yifei Zhu, our chief commercial officer. Dr. Zhang will provide a high-level overview of our business strategy, recent achievements, and upcoming milestones. Dr. Chen will then comment on the status of our key development programs in greater detail. Mr. Yifei Zhu will offer some remarks on our commercialization strategy, and I will then provide a brief summary of our financial results for the full year ended December 31st, 2020.

Doctor Junction, our Chief Executive Officer, and director and Mr. <unk>, Zhu our Chief commercial officer.

Dan will provide a high level or the overview of our business strategy recent achievements and upcoming milestones and Dr.

The Doctor Shannon will then comment on the status of our key development programs in greater detail.

Mr <unk>, who will offer some remarks on our commercialization strategy and I will then provide a brief summary of our financial results for the full year ended December 31st 2020, before we turn the call back over to the operator to take your questions.

Dingding Shi: Before we turn the call back over to the operator to take your questions, please note the discussion today will contain forward-looking statements relating to the company's future performance and are intended to qualify for the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors.

Please note the discussion today will contain forward looking statements relating to the company's future performance and are intended to qualify for the safe Harbor from liabilities as established by the U S. Private Securities Litigation Reform Act.

Such statements are not guarantees of future performance and are subject to certain risks and uncertainties assumptions and other factors. Some of these risks of beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this call.

Dingding Shi: Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this call. A general discussion of the risk factors that could affect I-Mab's business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information, except as required by law. During today's call, we will also discuss certain non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the financial results news release issued earlier today.

The general discussion of the risk factors that could affect IMAX business and the financial results is included and certain filings of the company with the Securities and Exchange Commission.

The company does not undertake any obligation to update this forward looking information except as required by law.

During today's call. We will also discuss certain non-GAAP financial measures for comparison purposes, only for a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results. Please see the financial results news release issued earlier today.

Now without further Ado I will now turn the call over to Dr. Jim was on our founder and Chairman and director of doctors and please go ahead.

Dingding Shi: Now, without further ado, I will now turn the call over to Dr. Jin Wu Zhen, our founder, chairman, and director. Dr. Zhen, please go ahead. Thank you, Jeren.

Thank you Jarrod and thank you to everyone for joining us. It is the pressure to welcome all of you to our call today to discuss all of business updates and the financial results for 2020 and.

Dr. Jinwu Zeng: Thank you all for joining us. It is a pleasure to welcome all of you to our call today to discuss our business updates and financial results for 2020. I'm happy to set the stage for the discussions during this call.

The two set of stage for the discussions at this call.

Since our IPO a year ago.

Dr. Jinwu Zeng: Since our IPO a year ago, we have made remarkable progress and delivered outstanding results in the following three areas, rapidly advancing our globally competitive pipeline, establishing global deals, and building our commercial and manufacturing capabilities toward an integrated global biopharma company. First, I would like to tell you about our rapidly advancing pipeline, despite the challenges we faced due to the global pandemic.

A remarkable progress and deliver.

Outstanding results and the following three areas.

Happily and advancing a globally competitive top line and establishing a global deals and building, our commercial and manufacturing capabilities towards integrated global Biopharma company.

First I would like to tell you about the out rapidly advancing pipeline.

Despite the challenges we faced by the global pandemic.

We remain focused and manage the to accomplish 18 significant clinical milestones since January 2020.

Dr. Jinwu Zeng: We remained focused and managed to accomplish 18 significant clinical milestones since January 2020. As a result, our pipeline today has progressed to include three registrational trials with the first NDA on track for submission this year, as well as 16 phase 1 and phase 2 clinical trials, either ongoing or to be soon initiated in both the United States and China. It is a really remarkable achievement by the company.

And as a result of top line today has progressed to includes three registrational trials, which the first NDA on track for submission this year as well as 16 phase one and phase two clinical trials, either ongoing or to be.

And initiated in most of the United States and China.

It isn't really a remarkable achievement by the company.

Our innovative top line consists of 16 novel.

Dr. Jinwu Zeng: Our innovative pipeline now consists of 16 novel or highly differentiated assets, with 11 in clinical development stages and 5 in the preclinical stage. The two pre-MDA stage acids, CD38 antibody, fel-saltamide, TJ202, and long-acting growth hormone, TJ101, are progressing rapidly towards MDA approval in China. In addition, two highly differentiated clinical assets, CD47 antibody, Lanzopilumab, or TJC4, and CB73 antibody, Unilatelimab, TJD5, have advanced to become global frontrunners in their own drug classes. Move over.

The differentiated assets with the 11th and clinical development stages and of five in the preclinical stage stage.

And the two pre NDA stage assets CD 38 antibody.

South of the map T J two of two and long acting growth hormone T. J one of the one are progressing rapidly towards NDA and China.

In addition, two highly differentiated clinical assets C. D 47 antibody line as a part of that or T. J C. Four and <unk> 73 antibody unit led to the map T. J D. Five.

Of the advanced to become a global current runners in the own drug classes.

Uh huh.

Our bi specific antibodies and now moving into clinical trials and the U S. A serious of the clinical development milestones, having accomplished across our deep and growing the top line.

Dr. Jinwu Zeng: Our biospecific antibodies are now moving into clinical trials in the U.S. A series of critical development milestones have been accomplished across our deep and growing pipeline. On the business development front, we achieved a landmark deal for a global collaboration with AbbVie for Lansopalimab, our highly differentiated CD47 antibody, last September. As you know, our corporate strategy is to discover and develop novel or highly differentiated assets internally, and I'll license the ex-China rights of some of our globally competitive pipeline assets to big pharma companies. This has been exemplified by our global collaboration deal with Abbabe. I-Mab.

On the business day of on that front, we have achieved a landmark deal of a global collaboration with Abbvie.

And the landfill column up our highly differentiated of CD 47 antibody last September as you know.

No corporate strategy is to discover and develop novel are highly differentiated assets and internally and on our license the X.

China rights of some of our globally competitive top line of assets to Big pharma companies and this has been exactly five power.

Global collaboration deal was the applebee.

Granted after the global license values at $1.94 billion U S dollars to receive upfront.

Dr. Jinwu Zeng: Grant. Aberdeen, a global license valued at $1.94 billion U.S. dollars, to receive an upfront payment of $180 million and a first milestone payment of $20 million in 2020. I-Mab retains the right to develop and commercialize Lancer Polymer in Greater China. We believe that this global collaboration with AbbVie will greatly facilitate the clinical development, manufacturing, and commercialization of lensopolymer globally and in China. Now, going forward... We will stay focused on those three areas to continue to create value for the company and our shareholders.

The prompt payments of the.

$180 million and the first milestone payments of $20 million in 2020.

I'm at the retains the rights to develop and commercialize less of poly map and greater China.

We believe this global collaboration with Abbvie.

Greatly facilitates the clinical development manufacturing and commercialization of our clients and part of that globally and in China.

Now going forward, we will stay focused on the three areas to continue and create value for the company and our shareholders. Firstly, we will strive to accelerate our top line development to deliver on.

Dr. Jinwu Zeng: Firstly, we will strive to accelerate our pipeline development to deliver a series of critical milestones, which I will talk about in detail. Secondly, we will forge more potential global art licensing partnerships for Yuli's Atelier map and other innovative assets currently being developed in our pipeline. We will also selectively in-license late-stage assets of globally marketed products to enrich our current pipeline. Furthermore, we will facilitate the ongoing transition of the company toward integrated global biopharma by building the manufacturing and commercialization capability. Now, let me first elaborate on our pipeline development.

A serious of the critical milestones, which I would talked about and detail.

Secondly, we will forge more potential global licensing and partnerships for unit the ethylene map and other innovative assets currently being developed in our top line.

We'll also selectively in license late stage assets of globally marketed products to enrich our current pipeline.

Thirdly, we will facilitate the ongoing transition of the company towards integrated global Biopharma and building the manufacturing and of commercialization capabilities.

Now let me.

Elaborates on our top line development.

2020 was a year when many of our assets advanced into clinical development stage now.

Dr. Jinwu Zeng: 2020 was a year when many of our assets advanced into the clinical development stage. Now, 2021 will be a year of harvest in terms of clinical data readout and the initiation of more advanced and data-rich clinical trials. In terms of data readouts for Felsatomab, our CD38 monoclonal antibody, we will release final clinical data from the current multiple myeloma registration clinical study, followed by our NDA submission in the second half of this year.

And now 2021 will be a year of harvest in terms of clinical data Readouts and.

The initiation of the more advanced and data rich clinical trials.

In terms of data Readouts for <unk>, SaaS and that our CD 38 monoclonal antibody.

The release.

Channel clinical data on the current multiple myeloma registration of clinical study.

Our NDA submission and the second half of this year.

For Uli laterally map, our CV 73, monoclonal antibody and we plan to present phase one data on our combination trial of unilateral path with T zone.

Dr. Jinwu Zeng: For urelatinib-MAP, our CV73 monoclonal antibody, we plan to present phase 1 data from a combination trial of urelatinib-MAP with atezol at the ESCO annual meeting in June for Lancer Polymer. We will have top-line clinical results from two ongoing combination clinical studies by the fourth quarter of 2021 this year. One is with Pembroke in patients with lung cancer and ovarian cancer.

At <unk> annual meeting in June.

For lots of polymath.

And we will have a top line clinical results on two ongoing combination clinical studies.

The fourth quarter 2021 this year.

One is with <unk>.

<unk> growth in patients with lung cancer and a very.

And cancer and the other is weighted with.

Dr. Jinwu Zeng: And the other is with Rituximab in patients with non-Hodgkin's lymphoma as an international clinical trial involving clinical sites both in the U.S. and China. In addition, a combination trial of Lansopilimab with ACA in untreated AML or MDS patients is expected to achieve full patient enrollment by the end of this year. The results will potentially help bridge to a registrational clinical trial in China once approved by China and MPA. It should be noted that our prioritized goal for lanthopolymer is to rapidly advance towards registration in China through an accelerated development timeline for selected hematologic malignancies such as MDS and non-Hodgkin's lymphoma.

Rituximab in patients with non Hodgkin lymphoma and <unk>.

International kind of the co trial involving clinical sites, both in the U S and of China.

In addition, a combination trial of <unk>.

And so panamax with AZ, a in untreated AML or Mds patients is expected to achieve full patient enrollment by the end of this year.

The results were potentially help bridge to a registration of clinical trial in China once approved by China's.

And the MPA.

And should be noted the hour.

The prioritized Gulf Orlando Palomar is to rapidly advance towards the registration in China through accelerated development time line for selected hematologic malignancies, such as Mds and.

And non Hodgkin's lymphoma.

We've also presented data on the other.

Dr. Jinwu Zeng: We will also present data from our other clinical assets this year, including a Phase 2 clinical trial for Olankesept-PJ301 in active arthritis colitis in Greater China and South Korea and a Phase 2 interim data readout for Pramab-Malimab-PJM2 US trial for cytokine release syndrome associated with severe COVID-19. 2021 promises to be a more productive year in terms of pipeline development.

The clinical assets this.

And this year, including phase III clinical trial for <unk> T J three or one in active.

And apparatus colitis, and greater China, and South Korea, and the phase two interim data readouts for.

Multimap TJ and two U S trial for cytokine release syndrome associated with severe COVID-19 two.

<unk> 2021 promises to be of more productive year in terms of pipeline comment.

In addition to the anticipated clinical data Readouts and sat just summarized we will also initiate a series of a new clinical trials this year.

Dr. Jinwu Zeng: In addition to the anticipated clinical data readouts, as I just summarized, we will also initiate a series of new clinical trials this year. These new clinical trials are designed to generate critical clinical data that are needed to advance access to pivotal clinical studies. For Feld-Tazimab, we expect to initiate a Phase 1b trial in patients with SLE following approval by the NMPA in China in the second half of this year, with preclinical data generated in-house. We have plans to initiate a combination clinical trial of ferrocytomab with lensopolymab as a possible new treatment option for patients with multiple myeloma with the potential to become the first-line treatment, if proven, for Lancer Polymer.

This new clinical trials are designed to generate critical clinical data that are needed to advance the assets two pivotal clinical studies.

For the first pass of that we expect to initiate a phase <unk> trial and patients with S. L E. Following the approval by the end.

And in China, and the second half of this year with the preclinical data generated in house.

We have plans to initiate a combination of clinical trial of the first out the map with the latter part of that as a possible new treatment option for patients with multiple myeloma with the potential to become.

The first line treatment if proven.

For lots of Panama.

We will initiate a new clinical trial in combination with PD one therapy in patients with the selected solid tumors and the second half of this year in China.

Dr. Jinwu Zeng: We will initiate a new clinical trial in combination with PD-1 therapy in patients with selected solid tumors in the second half of this year in China. For TGA-107, our long-acting interleukin-7, in addition to the ongoing phase two clinical trial in patients with GBM, we will start another phase two combination trial with the PD-1 antibody in China, following approval by the NMPA in patients with selected tumor types, including triple negative breast cancer.

T J one of seven.

Our long acting <unk> seven.

Addition to the ongoing phase III clinical trials and patients with GBM.

We will start another phase II combination trial with the PD, one antibody and China. Following the approval by the end of <unk>.

And patients with selected tumor types, including triple negative breast cancer.

In addition to the progress on our pre NDA and of course clinical assets are novel Bi specific antibody panel is made of headway towards clinical development.

Dr. Jinwu Zeng: In addition to the progress on our pre-NDA and core clinical assets, our novel bispecific antibody panel has made headway towards clinical development. I would like to highlight two of them here, as we have already received R&D approvals from the U.S. FDA to start clinical trials in the U.S. The first one is TKL14B, and it is a differentiated PD-L1-based bispecific antibody that works through 4-MPB that is only active locally at the tumor sites to minimize liver toxicity commonly seen with 4-MPB monoclonal antibodies. We are working with our partner, ABL Bio, to initiate a phase one clinical trial in patients with advanced metastatic solid tumors in the U.S. The other one is P.J.

I'd like to highlight two of them and here.

As we have already received and the approvals on the U S. FDA to start of clinical trials and the U S. The first one is tpa and one for B and all of it.

It's a differentiated PD one based bispecific antibody that works through for and maybe that is the only active locally and of tumor sites to minimize liver toxicity, commonly seen with the fall.

<unk> and BB monoclonal antibody.

We are working with our partner ABL of about two and initiate a phase one clinical trial in patients with advanced metastatic solid tumors and the U S. The.

The other one is T J C.

<unk> B and it is a novel bi specific antibody that combines cloud in 18 point to a specific tumor antigen for gastric cancer and pancreatic cancer with a similar flow and BB that is the only active active locally and.

Dr. Jinwu Zeng: CD4B, and it is a novel bispecific antibody that combines clotting 18.2, a specific tumor antigen for gastric cancer and pancreatic cancer, with a similar 4-1BB that is only active locally at a tumor site. As a matter of fact, we just received U.S. FDA approval of our R&D application and expect to start a Phase I clinical trial in patients with advanced solid tumors, including gastric cancer in the U.S. On the discovery side, we recently announced our plans to generate the next generation innovative asset to expand our immuno-oncology pipeline.

The tumor site.

As a matter of fact, we just received U S FDA approval of <unk> on.

The application and expect to start the phase one clinical trial in patients with advanced solid tumors, including gastric cancer and in the U S.

On the discovery side, we recently announced our plans to generate the next generation innovative assets to expanse of <unk>.

And then on.

Apology top line.

And the initiative Leverages search and transformative platform technologies through calibration without the company's two recent examples of <unk>.

Dr. Jinwu Zeng: The initiative leverages certain transformative platform technologies through collaboration with other companies. Two recent examples of our collaborations were Complex, an EU-based biotech company for cell-penetrating antibodies for intractable intracellular drug targets, and a company called Affinity, a Shanghai-based biotech company for a series of masked antibodies for intratumoral activation of a new antibody candidate. Now, let me say a few words about our continued business development activity around global partnerships as a part of our business model.

Collaborations with complex.

<unk> based biotech company for cell penetrating antibodies.

And for intractable and.

Intracellular drug targets and a company called affinity.

On a Shanghai based biotech company for a series of a mosque antibodies for intra tumoral activation of new antibody candidates now.

Now, let me say a few words about our continued business development activity around global partnerships as a part of our business model.

We will continue to seek partnerships for other globally competitive assets such as the newly laterally map and novel Bi specific antibodies in parallel we will also in license late stage innovative assets of globally marketed products to.

Dr. Jinwu Zeng: We will continue to seek partnerships for other globally competitive assets such as ULEAD, LightningMap, and novel biospecific antibodies. In parallel, we will also in-license late-stage innovative assets or globally marketed products to strategically enrich our pipeline as we move toward commercialization. We must build our future to become a global biopharma company while staying focused on delivery of the critical clinical and corporate milestones to generate near-term value. In this regard, we will continue building a state-of-the-art GMP manufacturing facility in China with a pilot plan and a commercial-scale production line.

Digitally enrich our pipeline as we move towards commercialization.

Yes.

We must build our future to become a global Biopharma company, while staying focused on delivery on the.

The critical.

Critical clinical and corporate milestones to generate net.

The term value.

And in those regards and we will continue building our state of the odds of GMP manufacturing facility in China with a pilot plant and a commercial scale production lines and.

And to put our pilot plant in full operation by 2022 and our.

Dr. Jinwu Zeng: We aim to put our pilot plant in full operation by 2022 and commercial production in 2023 to support clinical trial material supply and drug supply for our commercial product. The facility will exclusively serve I-Mab's CMC and manufacturing needs and will enable I-Mab to control the quality and the manufacturing schedules tailored to our development and commercialization needs. Importantly, it will significantly reduce our production costs and the cost of goods as a whole.

Much of production in 2023 to support clinical trial mature of supply and a drug supply for our commercial products.

The facility where.

We're exclusively serve on that CMC and manufacturing needs and aware.

The enable on that.

GAAP to control the quality and the manufacturing schedules payloads to our departments and our commercial commercialization needs and.

Importantly, it will significantly reduce.

<unk> cost and the cost of goods as a whole.

The other area is related to our commercialization strategy and plan to summarize here, we have begun to execute our commercialization plan that focuses on building, a leading position and hematologic oncology in China.

Dr. Jinwu Zeng: The other area is related to our commercialization strategy and plan. To summarize here, we have begun to execute our commercialization plan that focuses on building a leading position in hematologic oncology in China by leveraging our core assets, including feldsaltimac and lansopartamac, and additional key products to be in Lobson. Our Chief Commercial Officer, Yifei Zhu, will elaborate further during this call.

Leveraging our core assets, including further south and Matt and the Atlanta, Panamax and addition of key products to be and licensed our.

Our chief commercial officer.

And who were <unk>.

Elaborate further in this call.

Now of preparation work is underway for cash.

Dr. Jinwu Zeng: Now, preparation work is on the way for the commercialization of Felsatomab and TGA-101, as the two assets are advancing rapidly toward NVA. Through continued licensing efforts, our current revenue stream generated by global and regional licensing deals will grow and is expected to converge with sales revenues to be generated in the near term, projecting a very promising financial outlook for our company and our shareholders. It is important to mention that I-Mab became profitable in 2020. Jalen will elaborate on this in his part of this call.

For commercialization of the.

The south to map and a T J when no one is the two assets.

And advancing rapidly towards the NDA.

So we will continue our licensing efforts our cash.

On current revenue stream generated by global and the regional our licensing deals with growth and is expected to converge with sales revenues to be generated in the near term.

Projecting a very promising and financial outlook for our company and our shareholders.

It is important to mention that on that.

And profitable in 2020 children, where elaborates and his part of this call.

With this overview.

Dr. Jinwu Zeng: With this overview, I will now turn the call over to Dr. Jun Sun, our CEO, who will review the status of our active programs in greater detail. Dr. Sun, thank you for coming today.

I will now turn the call over to talk to the June <unk>.

<unk>, who will review the status of active programs in greater detail.

Dr <unk>.

That's the day.

Let me begin with our core of global from the owner of assets.

Dr. Zhong Shen: Let me begin with our core global frontrunner assets. First, Mr. Parlimab also knows that PGC4 has taken it to the center stage among our core assets as it enters into the late phase of development. This is an internally discovered and developed highly differentiated CD47 antibody that also represents one of our most active programs. As we have discussed in the past, the polymath is designed to minimize its binding to normal red blood cells while preserving its strong anti-tumor activity.

The first and as a part of map also known as <unk>.

Board has taken into the system.

The stage among our core assets.

The interest into the late phase of the mountain.

This is an internally discovered and developed and highly differentiated could you put some antibody also represents one of the most active program.

And we have discussed in the past. These are kind of map is designed to minimize the finding tulip has now while preserving its strong and perfume.

Okay.

This unique feature enable NIM of the economy with the per.

Andrew X. Zhu: This unique feature enables Nemtso PolyMap to be differentiated and potentially holds advantages in safety, favorable PK profile, or lack of the sink effect, given the need for a priming dosing strategy in comparison to other CD47 antibodies that bind strongly to red blood cells. Data from our Phase I U.S. Dose Escalation Studies where cancer patients were given different doses of insulin polymath from 1 to 30 mg per kilo were evaluated for drug safety, tolerability, and PKPT profile.

<unk> and the potential it holds the advantage is in safety.

Several of the PK profile or lack of the thinking that the.

The keeping the need for timing and building strategy in comparison to Odyssey court of some antibodies that bind strongly to the Pascal.

Data from our phase one dose escalation study.

And where the cancer patient where keven different doses.

And the kind of map from one to 30 milligrams per kilo range.

Added towards the safety Tolerability and PK PD profile.

The results of this dose escalation study, we're able to validate the clinical differentiation.

Andrew X. Zhu: The results of this dose escalation study were able to validate the clinical differentiation. Data presented at CITI in November of last year showed that the product was well-tolerated up to 30 mg per kg on a weekly infusion schedule as a single agent with no dose limit for toxicity, and no clinical or laboratory evidence of hemolytic anemia were observed. In addition, Renzo Primap exited a favorable PKPT profile, does not require a priming dosing strategy, and it shows preliminary clinical effectiveness of two partial responses and three stable disease in a sample of 16 evaluable patients. This ongoing U.S.-based study has been expanded into a combination treatment with Pembrolizumab in patients with NSCLC and ovarian cancer.

The data on have been presented and the city in.

In November of last year showed me the part of that was well tolerated up to 30 milligrams per kilo on the weekly infusion schedule as the single Egypt with no dose limiting toxicity.

And there's no clinical laboratory evidence of commodity and EMEA were observed.

In addition, and the Panamax exited.

Several of the PK PD profile.

That's not required of priming building strategy and its share preliminary clinical efficacy of true.

And as a response and the three stable disease in the sample of 15 Evaluable patients.

This ongoing U S based on the study has the expanded into a combination treatment with <unk> and pingo needs of map in cancer patients when.

And if the LC and ovarian cancer.

The results of the ongoing clinical study are expected in the fourth quarter of 2021.

Andrew X. Zhu: The results of the ongoing clinical study are expected in the fourth quarter of 2021. With more clinical data coming from our ongoing U.S. clinical trial, from the reports of other companies of the same class, and more importantly, from our translational medicine research, where statements of various tumor types are analyzed for the level of CD47 expression. We are in a better position to initiate a phase 2 basket clinical trial in patients with advanced solid tumors that are selected for a higher probability of success in the second half of 2021 in China, which may subsequently lead to a pivotal trial later in China.

With more clinical data coming from our ongoing U S clinical trial.

Some of the reports of our company.

And at the same cost and the more importantly Kumar of translational match. The research we have.

<unk> of Baird.

Tumor type and I took over the level of <unk> per tonne expression.

We are in the better position to initiate a phase II basket clinical trial in patients with ethane to solid tumors and has selected for a higher probability of the path.

In the second half of 'twenty one.

Right.

With me subsequent media two of pivotal trial later in China.

Concurrently we are running a combination study with the attack the map in patients with non Hodgkin's lymphoma.

Andrew X. Zhu: Concurrently, we are running a combination study with rutaximab in patients with non-Hodgkin's lymphoma and enrolling patients from the U.S. and China simultaneously through an MCT mechanism in order to potentially bridge to a registration of a clinical trial in NHL in China. The preliminary data readout of this trial is expected in the fourth quarter of this year. In China, our prioritized development goal is to accelerate the development of an endocrine map and achieve approval as fast as we can. And as the first CD47 antibody product in China. MDS and the possible NHL are being considered as a potential first indication, as they hold the highest probability of success for accelerating your promo.

And he is the only in patient flow.

And the China simultaneously.

Through IMTT mechanism in order to potentially the bridge to a registration of new trial and the challenge in China.

The preliminary data readout of the leap trial is expected in the fourth quarter of this year.

In China, our proud of highest the mountain until is to accelerate the development companies of Panamax and achieve approval as fast and we can.

And as the first CD per exam.

In China.

Mds and the possible and retail are being considered and the potential first in patients and they hold of the highest and comparability of the path for accelerated approval.

With and you're already approved we're about to start at the bank. The phase II clinical study in combination lease and academia with two of those arms.

Andrew X. Zhu: With I&T already approved, we are about to start an advanced phase 2 clinical study in combination with Zafudine in patients with AML and MDS, respectively. This study could potentially bridge to a transitional trial in patients with MDS in China. Secondly, R-minilizumab or TGD5.

And which are patients with the email and.

Respectively.

This study could potentially bridge two of the traditional trial in patients with Mds in China next year.

Secondly, arguably the map or ticket the fact.

It represents another promising immuno oncology target under clinical development company.

Andrew X. Zhu: It represents another promising immune oncology target under clinical development globally. This antibody has been shown to strongly suppress tumor growth, especially when combined with a PD-1 or PD-L1 inhibitor in preclinical studies. As Dr. Zhang mentioned earlier, we have completed a phase-one clinical trial in the U.S., and the top-end results demonstrated safety and clinical activity. These results have been submitted to the ASCO 2021 Annual Meeting for presentation in June. In China, we have merely computed the ongoing phase 1 dose escalation study as a single agent and in combination with polypropylene in patients with advanced or metastatic cancers who are refractory to or intolerant of variable therapies.

And it needs and map is shown to strongly crack tumor growth.

And when combined with the PD, one or PDL, one inhibitor and preclinical study.

And so if the day mentioned earlier, we have completed a based on clinical trial in the U S.

On the top line results demonstrated safety and the clinical activity.

These results have been submitted to Apple 'twenty, 'twenty, one and youll meaningful prison and presentation.

In China, we have nearly completed the ongoing phase one dose escalation study and the single agent.

And the in combination with current partner in patients with advanced or metastatic cancers and <unk>.

Refractory to or intolerant of bearable of therapy.

We are now two expanded the clinical study first of all your battery of clinical activity in combination with per Panamax and selected solid tumors and the basket trial design.

Andrew X. Zhu: We are now expanding the clinical study to further evaluate clinical activities in combination with TORO PolyMAP in selected solid tumors in a basket trial design by leveraging the data from the UNILATER-MAP trial in the U.S.

By leveraging the data from the only listen the half of trial in the U S.

The first patient dosing of this combination trial was achieved in February of 2021.

Andrew X. Zhu: The first patient dosing of this combination trial was achieved in February 2021. The expansion study in patients with NSAOC and other selected tumors has been initiated in over 15 sites across China. The preliminary results are expected in 2022. Next, I would like to talk about our pre-MDA assets in China. First, the Horizontal Map, or PG202.

And the expansion study in patients with non U S plc, and other selected tumors happy initiated and over 15 sites across China.

The preliminary results are expected in 2022.

Next I would like to talk about our pre in the assets in China.

First it goes on.

On the map or T J code to the.

This is the company originally developed by our partner and Workforces.

Andrew X. Zhu: This is a component originally developed by our partner BeforeSight. It is currently in development for multiple myeloma and autoimmune diseases such as systemic lupus erythema (SLE). Immediately after our listening session, we formulated a robust clinical development strategy targeting an NDA submission with NMPA in 2021. The transitional trial for treatment in combination with dexamethasone as the third line or beyond treatment in patients with relapse and refractory multiple myeloma. The enrollment in this trial has completed.

It is currently in development for of multiple myeloma, and the autoimmune diseases, such and systemic lupus is the math or Italy.

Immediately after <unk> 90, and see we formulated a robust clinical development strategy targeting and grew the eight.

With the NIM here in 2020 one.

The the divisional trial for the treatment in combination with dexamethasone and the third line or the young treatment and patient.

Relapsed and refractory multiple myeloma.

The enrollment of this trial and have completed.

We are on track to submit the NDA and the second half of this year.

Andrew X. Zhu: We are on track to submit an NDA in the second half of this year. The second treatment, in combination with nalidomide, for multiple myeloma, is also on track and is currently enrolling patients. Full patient enrollment, with a number of 291, is expected to complete in the third quarter of this year. The second compound for NDA is our essential methadine, alpha, or what we call TJ101. The first patient in our Phase III registrational trial in China was dosed in February.

The second line treatment and.

The combination of within that either Mike for multiple myeloma and also on track and is currently enrolling patients.

Full patient enrollment with the number of 291.

At the complete in the third quarter of this year.

Secondly on compound per M. D is our SaaS of mapping of all record TTM on a on one.

The first patients in our phase III Registrational trial in China with the.

In February.

Or regionally if come on what's the map by connecting our Korean partner with.

Andrew X. Zhu: Originally, this company was developed by Janexion, our Korean partner. We own the greater China rights and believe these treatments have significant clinical advantages, such as less frequent dosing, and a better safety profile potential for long-term use in this young population. Pediatric growth hormone deficiencies represent a substantial unmet need in China.

We own the greater kind of rate and the belief in treatment at the can.

And the clinical advantages such as less frequent dosing and better safety profile of the peso.

Long term use and its young population.

Pediatric growth hormone deficiency with the center substantial unmet needs in China.

We are working closely with the central for talking about Asia, and our NPA with the goal to accelerate our trial and does the stations.

Andrew X. Zhu: We are working closely with the Center for Drug Evaluation under AMPA with the goal to accelerate our trial and the registration given the nature of the pediatric study. The primary clinical data are expected to be available in the second half of 2023 to support our planned NDSR mission. Now another compound, F-lin, sorry, in the TK-07, is our first long-acting recombinant hormone growth of human interleukin 7.

And the nature of the pediatric study.

The primary clinical data are expected to be available in the second half of 2023 to support our plan and be a submission.

Now and another comeback.

And so right and the ticket on the seven.

The car first long acting recombinant hormone growth and accumulate interleukin seven.

The current of clinical development plan is to evaluate the therapeutic growth as a mono therapy for cancer patients with meaningful TVN and as of combination therapy with PD, one or PD lone antibodies of of cancers.

Andrew X. Zhu: The current clinical development plan is to evaluate the therapeutic role as a monotherapy for cancer patients with lymphopedia and as a combination therapy with PD-1 or PD-L1 antibodies for cancer. For cancer with lymphopedia, we initiated a Phase II randomized single-blind placebo-controlled clinical trial in December 2020 in glioblastoma patients with lymphopedia.

The cancer with Zimbra PD, and we initiated a phase two randomized single blind placebo controlled and recall in December 2023 of rental mat.

Patients with neutropenia.

The primary outcome of this study is the presentation of patients with the increase in the absolute lymphocyte com and the associated clinical response in relation to the treatment with.

Andrew X. Zhu: The primary outcome of this study is the percentage of patients with an increase in the absolute lymphocyte count and associated clinical response in relation to treatment with TGA107. For combination therapy with PD-1 or PD-L1 patients, we plan to submit an IMD in China in the second half of 2021 to initiate a Phase II clinical trial by a basket trial design, in which TK107 is combined with a PD-1 antibody for treatment of selected tumor types, including TMPC. The outcome of the study is expected to facilitate the development path of PG-107 towards a pivotal clinical trial. Finally, I will briefly discuss a few of our other clinical assets.

<unk> one of the steps.

Four of combination therapy with PD, one or PD lone patients, we plan to submit and in China in the second half of political and won signature of the phase two clinical trial by the.

Basket trial design.

You quick.

And while set of it combined with the PD one antibody for treatment of selected tumor types, including.

TEP and <unk>.

The automotive study is expected to facilitate the development path of <unk> seven court of peak pivotal clinical trial.

Yeah.

Finally, our briefly discuss a few of our other clinical assets.

And for Cromarty map or PTO and two we are currently conducting the phase two clinical trial for the chicken.

Andrew X. Zhu: First, for prone myelomab or PGM2. We are currently conducting a phase 2 clinical trial for the treatment of cytokine-releasing syndrome associated with severe and critically ill COVID-19 patients since last April in the US. The clinical trial has progressed to the second part, aiming to evaluate the efficacy, safety, and cytokine levels following a single dose of promodimab at six milligrams per kilo or placebo, which here means the best supportive care in patients with severe COVID-19. Our interim analysis is planned for the second half of this year.

And of kind of the EPC of associated with the year and of critically ill COVID-19 patients since last April and U S.

And the Canadian dollar has progressed to the second part aiming to evaluate the efficacy safety and the centerpoint level. Following a single dose outflow of money map and six milligrams per kilo or placebo. Please hear me the best supportive care and.

And patients with severe COVID-19.

I intimate and Nancy is planned in the second part of this year.

And the same time, we have only initiated a phase <unk> clinical study in patients with rheumatoid arthritis and China.

And this multi center double blind placebo controlled study about 53 patients will be involved and they receive a single or multiple doses of treatment for up to eight weeks.

Andrew X. Zhu: At the same time, we have also initiated a Phase 1B clinical study in patients with rheumatoid arthritis in China. In this multi-center, double-blind, placebo-controlled study, about 63 patients will be enrolled and will receive a single dose or multiple doses of treatment for up to eight weeks. The single-dose escalation portion of the study is expected to be completed by the second half of 2021. Now another compound, Olympic theft or PG-301.

The single dose escalation portion of the study is expected to be completed by the second half of 2020 one.

Now and then of complex <unk> or <unk> three of one.

For this compound we have concluded our phase two clinical trial and all.

I'll start the clarity in greater China, and South Korea, and and we are now in the final stages of the data and active.

The advanced the development and maximize the potential value of this novel and differentiated medical and we will continue to partner with Ferring.

As planned the about this kind of on the other inflammatory indications.

Andrew X. Zhu: At this conference, we have concluded our Phase II clinical trial in ulcerative colitis in Greater China and South Korea, and we are now in the final stages of data analysis. To advance the development and maximize the potential value of this novel and differentiated molecule, we will continue to partner with Flaring. We plan to develop this compound in other inflammatory indications in which our sick plays a role. Our newest monoclonal antibody to enter clinical trials is TG210, directed against complement factor C5A receptor 1, abbreviated as C5AR1.

Rich I'll take place of Rob.

Our newest the monoclonal antibody to enter the clinical is ticket true fountaine directed against complement factor <unk> is a factor of what.

Every week and <unk>.

The phase one clinical trial is ongoing with patient enrolment in the advantage of the safety Tolerability and PK PD profile and cancer patients.

This program is expected to further evolve into a combination trial with the PD, one antibody and selected the pain cancer type.

In addition, with Andy of pooling timing and February of 2021.

Also in the battery needs of the phase one clinical trials in the second half of Cleveland and one in China.

China every day.

Non of the studies in both U S and China will facilitate the further clinical development of this compound.

With that update I would like to introduce to be per your phase II.

Andrew X. Zhu: A Phase I clinical trial is ongoing with patients' enrollment in the U.S. We evaluated the safety, tolerability, and PKPG profile in cancer patients. This program is expected to further evolve into a combination trial with a PD-1 antibody in selected patient cancer types. In addition, with the ND approval in China in February 2021, they also expect to initiate the Phase Ib clinical trials in the second half of 2021 in China. The results of the clinical studies in both the U.S. and China will facilitate the further clinical development of this company.

The Chief commercial officer, who will discuss our commercialization progress.

You safety Yep. Thank you.

The other day.

So it is and my pleasure to join everyone today and since coming on board with I Mab in August of last last year, So nice and then.

So workers has been preparing the.

Company and four of our exciting and issue of Sirius.

Product and.

The largest states by and large states.

Today I would like the tool.

Walking you through our commercial strategy initiatives and progress to date.

Our commercialization strategy is to designer designing and to build and leading amateur logic of oncology franchise in China sort of IMF of SKU and product portfolio, which in close in close the and the team here towards the end.

Andrew X. Zhu: With that update, I would like to introduce you to Mr. Yifei Zhu, our chief commercial officer, who will discuss our commercialization progress. But first, please.

And then on multiple myeloma and the TSA for the various leukemia indications and the latest AJ.

And the asset to be in light of the tool.

Andrew X. Zhu: Yeah. Thank you. That's part of the drink.

The.

The lymphoma indications.

Andrew X. Zhu: And I really spent... So it is my pleasure to join everyone today and thank you for coming on board with I-Mab in August last year. So my sole focus has been preparing the company for our exciting initial series of products at the launch stage. Today, I would like to walk you through our commercial strategy initiatives and progress. Our commercialization strategy is to design a tool to build a leading hematological oncology franchise in China through I-Mab's unique product portfolio, which includes a TGA-2 tool for multiple myeloma and the TGA-C4 for various leukemia indications and late stage, and aspects to be enlightened to cover lymphoma indications. This combination of these three key products, All by I-Mab is unique and highly competitive in China, and in this

This combination of this study of key products.

On the buy I'm manner is unique and the highly competitive in China and the enables and.

The complete coverage of major disease indications within the hematology kemet.

Logic, and yeah that appear to areas in China.

More importantly, with this unique unique apart volume, we are well positioned to achieve and near tears therapeutic the goal so combination of our key and the products and.

The other marketed products.

In the meantime, we are.

Taking concrete steps to build and effective commercial organization the income per se.

And excess medical marketing supply chain and the sales and the sales teams.

The initial effort after the sales organization is to focus on the loves and ladies of tier two of the tool.

Andrew X. Zhu: coverage of major disease indications within the hematologic and zirconia areas in China. More importantly, with this unique portfolio, we are well-positioned to achieve a near-cure therapeutic goal through the combination of our key products and with other market products. In the meantime, we are taking concrete steps to build an effective commercial organization, income, pricing, market access, medical marketing, supply chain, and sales team. The initial effort of the sales organization is to focus on the launch and readiness of TGA2.

Our first hand.

And the logic on oncology product.

By attracting the top and academic centers and hospital net of walk us across China, where the pack of the patient population accounting for a majority of the Austin National cases is the concentrated.

Net update I will now turn the of the comp call back of others.

Callback the over towards yearend call well discuss our financial results.

Thank you Fay.

Now, let me turn return turn to the review of our financial results for the year ended December 31 2020.

As of December 31, 2020, we had cash cash equivalents, the restricted cash and short term investments totaling $4 8 billion RMB.

Andrew X. Zhu: Our first hematologic and oncologic products. By targeting the top academic centers and hospital networks across China, where the target patient population, accounting for a majority of the national cases, is concentrated. With that update, I will now turn the call back over to Jiren, who will discuss our financial design. Thank you, Yifei.

$734 1 billion U S dollars compared with $1 2 billion RMB as of December 31, 2019.

Representing a three times increase.

The current cash on hand, we have is sufficient to fund our operations through the year of 2023.

Including data Readouts on core clinical assets, such as Lemzo polymer and Julie laterally map.

Dingding Shi: Now let me turn to the review of our financial results for the year ended December 31, 2020. As of December 31st, 2020, we had cash, cash equivalents, restricted cash, and short-term investments totaling 4.8 billion RMB, or 734.1 million US dollars, compared with 1.2 billion RMB as of December 31st, 2019, representing a three times increase. The current cash on hand we have is sufficient to fund our operations through the year 2023, including data readouts on core clinical assets such as Lamso PolyMab and Uli LedleyMab and also commercialization in China of our pre-MDA assets, Feldsatomab and Affineptokin Alpha.

And also commercialization in China of our pre NDA assets fell out of mask and the epinephrine and alpha.

Now, let me turn to the pound P&L side of things total net revenues for the full year 2020, we're one five.

Four 3 billion RMB or $236 4 million U S dollars.

Compared with 30 million RMB for the full year of 2019, representing a more than 50 times increased year on year on year.

The revenue is generated for the full year of 2020 solely consisted of the revenue recognized in connection of the strategic partnership we signed with at the last year.

R&D expenses for the full year of 2020 were $984 7 million RMB or $150 9 million U S dollars.

<unk> was $840 4 million RMB for the full year of 2019.

Dingding Shi: Now let me turn to the P&L side of things. Total net revenues for the full year 2020 were 1.43 billion RMB, or $236.4 million, compared with 30 million RMB for the full year of 2019, representing a more than 50 times increase year on year. The revenues generated for the full year of 2020 solely consisted of the revenue recognized in connection with the strategic partnership we signed with FV last year. R&D expenses for the full year of 2020 were 984.7 million RMB, or $150.9 million, compared with 840.4 million RMB for the full year of 2019.

This was primarily due to the increase in employee benefit expenses, which consist of share based compensation and payroll expenses to support expansion of R&D programs.

Administrative expenses for the full year of 2020 were 400, and $402 4 million RMB or $61 7 million U S dollars.

<unk> with $654 6 million RMB for the full year of 2019.

The slight decrease was primarily due to the reduced share based compensation expenses of $305 7 million RMB or $46 9 million U S dollars.

For the full year of 2020, I'm very pleased to report that for the first time and our corporate history. We have made and we had made a net profit.

Our net income for the full year 2020 on a GAAP basis was $470 9 million RMB or $72 2 million U S dollars compared with a loss of.

Of one four of five 2 billion RMB for the full year of 2019.

Dingding Shi: This was primarily due to the increase in employee benefit expenses, which consist of share-based compensation and payroll expenses, to support the expansion of the R&D program. Administrative expenses for the full year of 2020 were 402.4 million RMB, or 61.7 million U.S. dollars, compared with 654.6 million RMB for the full year of 2019. The slight decrease was primarily due to the reduced share-based compensation expenses of 305.7 million RMB, or 46.9

Non-GAAP adjusted net income, which excludes share based compensation expenses was $997 1 million RMB or $152 $8 million for the full year of 2020.

Compared with the non-GAAP adjusted net loss of $936 7 million RMB for the full year of 2019.

Net income per ads.

For the full year of 2028.

<unk> eight O seven RMB or dollar of 24 cents.

Per ads compared with a net loss per ads of $462 seven and four RMB for the full year of 2019.

Non-GAAP adjusted net income per ads for the full year of 2020.

Dingding Shi: For the full year of 2020, I'm very pleased to report that for the first time in our corporate history, we have made a net profit. Our net income for the full year of 2020, on a gap basis, was 470.9 million RMB, or 72.2 million U.S. dollars, compared with a loss of 1.452 billion RMB for the full year of 2019. Non-GAAP-adjusted net income, which excludes share-based composition expenses, was 997.1 million RMB, or $152.8 million US dollars, for the full year of 2020, compared with a non-GAAP-adjusted net loss of 936.7 million RMB for the full year of 2019.

Was 17.09, RMB or $2 62 per <unk>.

Compared with a non it just non-GAAP adjusted net loss per ads.

$302 20.

RMB for the full year of 2019.

To support our rapid growth.

We are actively monitoring market conditions, and considering potential options for further equity listings on greater China stock exchanges, such as the star market in Shanghai and the the main board of the Hong Kong Stock Exchange and the chapter 18 eight of the Hong Kong listing growth.

Now with that we would now like to turn the call back over to the operator and begin to take your questions operator.

The Asa.

Ladies and gentlemen, we will now begin the question and answer the question as a reminder, if you wish you luck and please.

Dingding Shi: Net income per ADS, for the full year of 2020 was 8.07 RMB or $1.24 per ADS compared with a net loss per ADS of 462.74 RMB for the full year of 2019, non-gap-adjusted net income per ADS, for the full year of 2020 was 17.09 RMB or $2.62 per ADS compared with a non-gap adjusted net loss per ADS of 302.20 RMB for the full year of 2019.

Please press star one on your telephone.

Yeah.

Please press the phone, but non cash.

And.

Do you have the first question coming from the line of.

Chen from Cantor. Please go ahead.

Hi, congratulations on all of the progress this quarter and thanks for taking my questions here and if I missed this year. So first question I have for you and there's a lot of investor interest and your antibody program and.

Curious, how you plan to build a differentiated franchise here.

And then second question I had for you was one of your competitors announced the positive yes.

Operator: To support our rapid growth, we are actively monitoring market conditions and considering potential options for further equity listings on Greater China Stock Exchanges such as the Star Market in Shanghai and the Main Board of the Hong Kong Stock Exchange under Chapter 18A of the Hong Kong Listing Rules. Now, with that, we would now like to turn the call back over to the operator and begin to take your questions. Operator?

The Covid treatment I think that you still have this and your development and are looking at the interim analysis.

What do you think about this program right now do you think its too late or do you still think there's an opportunity for COVID-19 treatments and the U S and globally and then last question I had for you was very impressive list of data Readouts in 2020, one and beyond what are the say the two or three most important readouts and your mind for the company going for it. Thank you.

Operator: Ladies and gentlemen, we will now begin the question and answer session. As a reminder, if you wish to ask a question... on Star One on your television, please press the pound or cash key, line of.

Thank you Louise.

Let me first ask Jim to talk about our T J and two related to COVID-19.

Hi, Thank you for the question.

Louise Alesandra Chen: Hi, congratulations. [inaudible] Thank you for taking my questions here, and I'm sorry; I meant this year. There's a lot of investor interest in your antibody program. And curious how you plan to build a differentiated franchise here. And then the second question I had for you was, one of your competitors announced a positive GM CSF readout for COVID treatment. I see that you still have this in development and are looking at interim analysis. What do you think about this program right now? Do you think it's too late, or do you still think there's an opportunity for COVID treatment in the US and globally? And then last question.

Absolutely we've been paid attention to the.

Our competitive landscape, including managing.

And Steve Kim steadfast and continued the map they have of claims the copy of the results for the.

The similar treatment and we have channel. So currently for US we are still in combating the phase <unk> clinical trial to evaluate the patients and the.

With the similar to this that I have to admit it we had the delayed the in the.

Slows down in the recruitment because of the vaccine availability and out of treatment options. However at this time, we have more than one patient 100 patients available which is the adequate.

Adequate numbers for interim analysis as we originally planned so we will have a planned interim analysis and <unk>.

Next month's IRA and the overall second quarter of this years by then we will look at the potential for advancing the program, including the.

Louise Alesandra Chen: You have a very impressive list of data readouts for 2021 and beyond. What are, say, the two or three most important readouts in your mind for the company going forward? Thank you, Luis.

Including the potential for TD and <unk>.

Commercial partners.

And the readout and promising and we have observed <unk> compounds and so on that of head. We are also very positive of considering the proof of mechanism of action or and also are a couple of on features and comparing with the other companies on X gsk's and managing the.

Andrew X. Zhu: Let me first ask Jun to talk about our TJM2 related to COVID-19. Hi, thanks. Thank you for the question. Absolutely. We've been paying attention to these competitive landscapes, including managing, like, you know, GTM-5S on G-List-O-Map.

So altogether, we are very positive in terms of the continuing development path for the compound.

Yes.

Lewis.

I can address your third question.

We have a serious of the critical clinical milestones to deliver this year.

Andrew X. Zhu: They have claimed positive results for a similar treatment as we have done. So currently, for us, we are still conducting a Phase II clinical trial to evaluate patients with a similar disease status. I have to admit that we had, you know, delayed in the, slowed down in the recruitment because of the vaccine availability and other treatment options.

And we just discussed but allowed to mention four of them because debt really critical in our mind. The first one is.

NDA submission for our CD 38 monoclonal antibody.

And that will occur in the second half of this year and.

And this is a really important milestone to achieve because this is going to sing and advise the.

Andrew X. Zhu: However, at this time, we have more than one patient, 100 patients available, which is adequate numbers for interim analysis, as we originally planned. So we will have a planned interim analysis next month, around, so overall, the second quarter of this year. By then, we will look at the potential for advancing this program, including the potential for achieving UA or commercial partners if the readout is promising, as we have observed from the managing compound.

The company.

And it's moving into a commercial stage.

And the second one I wanted to mention is.

On a milestone.

Uli laterally map of CD 73 monoclonal antibody.

In June we were.

We'll disclose we will present on the detailed clinical data on our phase one clinical trial and.

And I must say.

The.

This phase one clinical trial.

Sean.

Really good safety of the Uli lagging the bap and the expected PK PD and above all.

We have seen a favorable clinical activity of this antibody and.

The solid tumor and we will present detailed data as I mentioned earlier.

Andrew X. Zhu: So on the other hand, we are also very positive considering the proven mechanism of action and also our compound features when compared with other companies, like GSK and the management. So altogether, we are very positive in terms of the continuing development path for this compound. Luis, I can address your third question. You know, we have a series of critical, critical milestones to deliver this year, as we just discussed. But I'd like to mention four of them because they are really critical in our minds.

At the next <unk> meeting in June.

And then the third milestone and I'd like to mention.

Is the.

For <unk>.

Our CD 47 antibody.

We are currently running and expanding a on.

Ongoing clinical trial in patients with solid tumor and the U S and.

And by the end of this year of the fourth quarter of this year.

We will be in a position to disclose.

On the clinical data.

Related to safety and efficacy of a lesser part of map in patients with solid tumor.

Andrew X. Zhu: The first one is the NDA submission for our CD38 monoclonal antibody, which will occur in the second half of this year. And this is a really important milestone to achieve because this is going to signify the company moving into a commercial state. And the second one I want to mention is a milestone for ULE-Latinumab, our CD73 monoclonal antibody. In June, we will disclose, and we will present all the detailed clinical data from our Phase I clinical trial.

And the fourth.

Clinical milestone, which I think is also critical.

And so related to landfill polymath for non Hodgkin's lymphoma, and now we're running we're in the process of the running two running.

And international clinical trial involving clinical sites, both in U S and China in patients with non.

Non Hodgkin's lymphoma.

And this is combination clinical trial.

Andrew X. Zhu: And I must say, this phase one clinical trial has shown really good safety of ulilatinibab, and I expect PK, and PD. Above all, we have seen a favorable clinical activity of this antibody in solid tumors. And we will present detailed data, as I mentioned earlier, at the next ESCO meeting in June.

And.

Income of.

And so polymath with.

On.

Talks of that.

For four of non Hodgkin's lymphoma, and we expect to have a day.

Data readouts.

The fourth quarter this year.

No.

On.

This two critical milestones.

So important because.

Andrew X. Zhu: And then the third milestone I'd like to mention is for Lansopartumab, our CD47 antibody. We are currently running, and expanding an ongoing clinical trial in patients with solid tumors in the U.S. By the end of this year, the fourth quarter of this year, we'll be in a position to disclose clinical data related to safety and efficacy of Lansopartumab in patients with solid tumors. And the fourth clinical milestone, which I think is also critical, is related to Lansdell-PolyMab for non-hortic insulin forms.

The answer of polymer combination trial.

In.

And.

And non Hodgkin's lymphoma may lead to a.

The Registrational trial in China, and this is going to help us.

And to secure our position and our ambition.

And to register the RCD 47 antibody as a first CD 47 antibody in China and this is our ambition.

Andrew X. Zhu: Now we are running, we're in the process of running two, an international clinical trial involving clinical sites both in the U.S. and China in patients with non-hortic insulin form. And this is a combination clinical trial of Lansdell-PolyMab with Rituximab for non-hortic insulin form. We expect to have data readouts by the fourth quarter of this year.

To move to to move forward very quickly.

With the lines of Panamax in multiple clinical trials.

And in Mds.

And now and the non Hodgkins lymphoma. So those are the.

I will say those are the four.

The most critical clinical milestones among others.

Andrew X. Zhu: Now, you know, these two critical milestones are so important because... the Lancer Polymer Combination Trial in non-Hodgkin's lymphoma may lead to a registrational trial in China, and this is going to help us to secure our position, our ambition to register our CD47 antibody as the first CD47 antibody in China, and this is our ambition to move forward very quickly with Lancel Polymer in multiple clinical trials in MDS, A So those are, I would say, those are the four most critical clinical milestones, among others. And then your first question: could you please repeat it?

And then your first question could.

Could you repeat.

Yes, and investors have been quite interested in your anti body program and I know you have quite a few compounds here and heading into the clinic. So just curious how you plan to differentiate your franchise from others that are and development. Thank you.

Yes, youre talking about our antibodies and clinical development.

Oh, yes, the bi specific antibodies I'm sorry.

Okay, Alright, so yes. So this year we have three.

The new antibodies.

And I have entered into clinical development and the U S.

The first one is.

Louise Alesandra Chen: Yes, investors have been quite interested in your antibody program, compounds here and heading into the clinic. So, just curious how you're talking about our antibodies in clinical development or... Oh, yes, the bi-specific antibodies. I'm sorry, I shouldn't have... Oh, oh, okay.

T J 210.

This is a novel monoclonal antibody directed at the C. Five a receptor.

Through a novel mechanism anti tumor mechanism, we're very excited about this.

<unk> antibody and.

And based on all of the preclinical data.

We were.

We're moving this molecule into a phase one clinical trial and.

Andrew X. Zhu: All right. So, yeah, so this year, we have, uh, three new antibodies that have entered into clinical development in the U.S. The first one is TA210. This is a novel monoclonal antibody directed at the C5A receptor through a novel mechanism, the anti-tumor mechanism. We're very excited about this novel antibody, and based on all the preclinical data, we're moving this molecule into a Phase I clinical trial in the U.S., and the trial just started these past two months or so. It's ongoing.

On the U S and the trial just started.

And in the past.

Past two months of so it's on.

And we also have a plan to initiate and.

Another clinical trial and new trial in China.

And the second of antibody is a bi specific antibody.

It's a highly differentiated by specific antibody.

The court T J L b.

And this is a bi specific antibody with PDL, one and four and BB and.

And works to maximize T cell activation and the tumor site through.

PDL, one and four and the Bebe.

Andrew X. Zhu: And we also have a plan to initiate another clinical trial, a new trial, in China. And The second antibody is our bispecific antibody. It's a highly differentiated bispecific antibody called TJL14B. This is a bispecific antibody with PD-L1 and 4 MBB. It works to maximize T-cell activation at the tumor site through PD-L1 and 4-MPB. As you know, both antibodies are co-stimulatory molecules to activate a T-cell within the tumor. And the other advantage of this bispecific antibody is that the 4NBB arm of the bispecific antibody is upon conditional activation, meaning the 4-MBB part of the biospecific antibody is not active in the system until it reaches the tumor site. So it works through local activation of 4-MBB

Both antibodies.

Co stimulatory molecules to activate the T cells.

Within the tumor and the other advantage of this bi specific antibody is debt to foreign and Bebe.

Some of the bio specific antibody.

As a pump conditional activation means.

<unk>.

The form of BB part of the bio specific antibody is not active in the system.

And until.

And it reaches the tumor site. So it works through the local activation of foreign and Bebe.

And therefore, it will avoid systemic exposure and the liver toxicity, commonly seen with other Cds.

The other foreign and BB antibodies used the alone.

So so we think our bi specific antibody.

As a highly differentiated because of the foreign and BB part.

Andrew X. Zhu: Therefore, it will avoid systemic exposure and liver toxicity commonly seen with other 4-MPB antibodies used alone. So we think our biospecific antibody is highly differentiated because the 4MDB part works through conditional activation. Now the third antibody that also, from that we also received, just received FDA approval to get into a clinical phase one clinical trial in the U.S. It is a novel bispecific antibody called TJCD4B with clotting 18.2 and conditional activation of 4MBB.

Is it through works through a conditional activation no debt.

<unk> antibody that also.

From that we also received the just received the.

FDA approval.

And to get into a clinical phase one clinical trial and the U S.

As of by specific of novel Bi specific antibody called <unk> T. J C D four b.

With the clouding 18.2 and.

And the conditional.

Activation of foreign and Bebe.

Yes.

And it's designed to treat.

Cancers expressing high levels of quoting 18, two such as gastric cancer pancreatic cancer.

Andrew X. Zhu: So it's designed to treat cancers expressing high levels of clotting 18.2, such as gastric cancer and pancreatic cancer. This is a very novel molecule, and we have generated very extensive preclinical data supporting its novelty and anti-tumor activity. Again, this molecule has a 4MBB arm that only works at a local site to avoid systemic exposure and liver toxicity.

This is a very novel molecule.

And we and the past few years, we have generated.

Very extensive preclinical data supporting its novelty and anti tumor activity.

Again this molecule.

And has fallen.

<unk>.

That is.

That is.

And that only works and the local site to avoid systemic exposure and liver toxicity.

And just last week, we received.

Andrew X. Zhu: And just last week, we received R&D approval from the US FDA, and we are preparing to enter phase one clinical trials in the US. So those are the three new antibodies, monoclonal antibodies, and two bispecific antibodies that have entered the clinical development stage in the US this year. Thank you very much. Thank you. Thank you. We have our next question. Go ahead. We have the next question. This is coming from the line of Joe Catanzaro from Piper Sandler.

On the approval on the on the U S. FDA, we are preparing.

To enter phase one clinical trial in the U S. So those are the three.

The new antibodies monoclonal antibody and and.

Two bi specific antibodies that have entered clinical and clinical development stage and the U S. This year.

Thank you very much.

Thank you.

Okay.

Thank you.

The question Richard.

Okay Alright.

Go ahead sorry.

We have the next question is coming from the line of Joe Catanzaro from Piper Sandler. Please go ahead.

Joseph Michael Catanzaro: Great. Thanks, guys, for taking my questions. Congratulations on all the nice progress here. Just two for me.

Great. Thanks, guys for taking my questions and congrats on all of the nice progress here just just two for me I'm wondering if you can provide a little bit more detail on the tumor type that will be included in that and the polymer China basket study and how that's informed by your early clinical data of translational data competitive data.

Joseph Michael Catanzaro: I'm wondering if you can provide a little bit more detail on the tumor types that will be included in that Lamsa Polymer China basket study and how that is informed by your early clinical data, translational data, competitor data, as well as the prevalence of tumor types within greater China. And then my second question is if you could just help set expectations for the upcoming R&D day you guys are hosting in April and whether we could see any new clinical data there, and if so, from what program. Thanks. Thank you for the question. I think I can take the first question.

And as well as the prevalence of tumor types within greater China and then my second question is.

If you could just help set expectations for the upcoming R&D day, you guys are hosting and April and whether we could see any new clinical data there and if so from what program.

Thank you and for the question.

And I can take the first question now.

Andrew X. Zhu: Now we are taking three parallel approaches to identify or select solid tumor types that may have the highest probability of success. The first approach is really to rely on our translational medicine study, looking at CD47 expression in different tumor types. And through the study, we have seen a range of CD47 expression in different tumors. For example, lung cancer, ovarian cancer, and head and neck cancer have a very high expression of CD47, while other tumor types have a relatively low expression.

Taking three parallel approaches.

The identified.

And our two select.

Solid tumor types that may have the highest.

The ability of success.

The first approach is really to rely on the translational medicine study.

Looking at CD, 47 expression and a different tumor types.

And.

Through through the study we have seen a range of the CD 47, and the expression and different tumors for.

For example.

Lung cancer ovarian cancer head and neck cancer.

Very high expression of <unk> 47, while other tumor types have a relatively low expression. So this was an important.

And to guide us.

Andrew X. Zhu: So this is important to guide us as to what tumor types we want to select to start with for a better chance of success. And the second approach is really based on our ongoing clinical trials in the U.S. in patients with solid tumors using a Lansopolymer in combination with Ketruda. We are expanding the patient population and getting more data in terms of clinical efficacy signals. And based on this increasing data, that will also give us an opportunity to see what tumor types are more susceptible to Lansopolymer in combination with Ketruda.

As to what tumor types, we wanted to select to start with for a better chance of success and the second on approach.

Really two based on our ongoing clinical trials and the U S and patients with solid tumor.

And with with Atlanta polymath in combination with Keytruda.

We are expanding the patient population and getting more data.

In terms of the.

Clinical efficacy signal and based on.

The increasing data that will also give us.

Give us opportunity to see.

What tumor types are more susceptible to.

And as a part of <unk> in combination with Keytruda and.

And then the third approach and it's really too closely.

Andrew X. Zhu: And then the third approach is really to closely monitor other companies, what other companies are doing, and their reports about their trials for clinical activity in CD47. Now, in a nutshell, for expanded clinical trials, so in China, in the second half of this year, we will start a phase 2 clinical trial in patients with solid tumors with Lansopalumab in combination with a PD-1 antibody. To make a long story short, we selected lung cancer, ovarian cancer, and head and neck cancer for this clinical trial.

Monitoring.

The other companies what other companies are doing and.

And there are reports about the our trials.

The four clinical activity and.

And CD 47, and now in a nutshell.

For fall and expand it.

Clinical trial, so in China, and the second half of this year, we will start a phase two clinical trial in patients with solid tumor.

And so part of map in combination with our PD one antibody.

And.

And to make to make a long story short.

We selected.

Lung cancer.

Aaron and cancer.

And.

And the head and neck cancer.

And for this clinical trial and this trial is a buy a basket design.

Andrew X. Zhu: And this trial is by a basket design, and the outcome of the trial may potentially lead to a registration of clinical trials in China, and we're looking forward to getting the trial started in China. Now for your second question, the R&D day, perhaps I will ask June to comment. We are in the process of organizing the R&D day and structuring the material we're going to talk about. I'd like to ask June to elaborate on our plan for the R&D day.

And the outcome of the trial may potentially lead to a registrational clinical trial in China.

And we're looking forward.

To getting the trial started in China.

Yes.

Now for your for your second question on <unk>.

The R&D day.

Perhaps I will ask Jerome to comment.

And the process of organizing.

The R&D day.

And structure.

And the material kind of what's going on.

Talk about.

I would like to ask John to elaborate on our plan.

For our R&D day, Okay. Thank you for your interest in R&D day in terms of the arrangement. We have two sessions one is channel session, which will be more focusing our hematologic indications and landscape and we all you might the hour of Hillel really top tier kols to keep.

Andrew X. Zhu: Thank you for your interest in R&D Day. In terms of the arrangement, we have two sessions. One is the China sessions, which will be more focused on our hematologic indications and landscapes. And we will invite our KOLs, really top-tier KOLs, to give presentations on the overall landscape and patient needs. Our management will present much more in-depth on the progress of our clinical trials. Not necessarily new data, top-line results, but we will just provide more details of our clinical programs and our strategies as well as the timelines for releasing those data.

The presentations on the overall and scaling of patient needs and.

And our management will present in much more and in that the.

Profit progress of American was house not necessarily the the.

New data top line results and but I will just provide the details of our clinical programs and our strategies and so on after the.

And the timelines are releasing those data.

In terms of the U S, one which will be in the April 26, it's the.

Andrew X. Zhu: In terms of the U.S. one, which will be on April 26, it's virtual in combination with our live sessions. Again, that one will be more focused on the immunology landscape globally to really help us to facilitate the discussion in terms of our clinical programs as well as the overall landscape in the U.S. And also, it will be composed of KOL presentations from a prestigious academic institute as well as our management team for a detailed presentation of the plan, especially the data readout this year.

The virtually and combination with our live sessions again that alone will be more focusing on the <unk>.

Immuno oncology landscape globally to really help us to facilitate the discussion in terms of our clinical programs as well that the overall landscape in the U S. And also it will be composed of the kill all presentations from a prestigious academic teams did as well and that our <unk>.

And the team for a detailed presentation of the plan, especially particularly.

And the data readout of the fears.

Andrew X. Zhu: Okay, perfect. Thanks so much for taking my question. All right, thank you. Operator, can you take the next question? So these are the next questions coming from the line of Kelly Shi from Jefferies. Please go ahead.

Okay perfect. Thanks, so much for taking my question.

Alright, thank you.

Operator can you take the next question.

The next question.

Comes from the line of Kelly <unk> from Jefferies. Please go ahead.

And congrats on the great progress on from Oh.

Dingding Shi: Hey, congrats on the great progress on all fronts. For your ULAD-Mab, could you please provide more details about readout at ASCO regarding the patient number and also the split between monotherapy and atezocombo cohorts? That's the first one. And my second one is regarding the CD47 antibody. I'm wondering that since you have chosen non-small cell lung cancer, ovarian cancer, and had a neck cancer for the China combo trial, or should I think for the CD73 antibody, are you going to choose non-overlapping indications? This is not in your consideration. Thank you.

But could you provide them on the details about the readout of alcohol.

Regarding the patient number and also definitely to be to the monotherapy and zone.

Combo cohort.

And as far as the one and my second line regarding the.

So the 47 antibody.

And I'm wondering.

You have chosen non small cell lung cancer ovarian cancer, and the head and neck cancer for the China combo trial.

Should I think of Florida City, San and pays me antibody or you go into two non overlapping indications.

This is not of that.

This is not of y'all consideration. Thank you.

Dingding Shi: Thank you, Kelly. Let me take the first question.

Thank you Kelly.

Let me take the first question.

As we announced in February this year, we completed phase one clinical trial of the yearly laterally map in the in the U S. Now.

Andrew X. Zhu: As we announced in February this year, we completed phase one clinical trial of urelatinibab in the U.S. The top-line results from our phase one clinical trial of urelatinibab with a single agent run-in and in combination with that T-cell have shown, first of all, a safety profile and expected PK-PD profile. More importantly, we have seen favorable clinical activity of this molecule, ulelaedelimab, in patients with solid tumors. Now, for obvious reasons, you know, we are under an embargo by ESCO.

The top line results on our phase one clinical trial.

And of Uli, Aladdin and the map with single agent <unk> and the in combination with.

With a T cell.

And have Sean first of all.

Safety profile and I expect the PK PD profile.

More importantly.

We are seeing a favorable clinical activity of the of.

Of this molecule.

The only laterally map in patients with solid tumor.

And now.

And for obvious reasons.

We are on the embargo.

ESCO.

So today, we have another and are positioned to provide more detailed data, but for sure. We will present on the clinical data detailed of data and the next.

Andrew X. Zhu: So today we are not in a position to provide more detailed data, but for sure, we will present all the clinical data, detailed data, at the next, upcoming ESCO meeting in June. And, you know, by that time, we'll be happy and we'll be very excited to share the data with you and with others. Now, for your next question, what is the next step? Kelly, can you repeat the second question?

The upcoming <unk> meeting in June and.

And.

By that time, we will be happy and we will.

Very excited to share the data.

With you and with others.

Now for you or for you on.

Next question.

What is the next question.

Philippe you repeat the second.

Okay.

Absolutely so far.

Dingding Shi: Absolutely, so for the lambda polymab, you have chosen non-small cell lung cancer, ovarian cancer, and head and neck for your China combo trial. Therefore, when you consider the next step for the CD73 antibody, are you trying to, like, choose, like, non-overlapping indications, or is this not your consideration? It's more, like, effective to do as an additional measure. Thank you.

And then you have chosen non small cell lung cancer, ovarian cancer and head and neck volume.

China combo trial.

Therefore.

Net.

So the 73 antibody.

Are you trying to choose the choose and I got not overlapping indications all of this is not of the all kinds of integration and more like the efficacy of doing them.

Thank you.

Yes. Thank you. Thank you for the question and that's great question.

Andrew X. Zhu: Yeah, yeah, thank you. Thank you for the question. It's a great question. As I mentioned earlier, for Lansopalumab, we have selected lung cancer, ovarian cancer, and head and neck cancer in a basket trial. This is our plan to move forward for Lansopalumab and for Yuli Ledley-Mab. You know, there is also some overlap with the cancer types, because for urelatinib-MAP, lung cancer, non-small cell lung cancer, is also among the cancer types we selected to move forward.

As I mentioned earlier for the Anthropologie would have selected lung cancer ovarian cancer and head and neck cancer.

And the basket trial.

Our plan to move forward forlenza of part of that.

And for unilaterally map.

And no debt.

Also some overlap was.

With the cancer types.

For you land and.

Julie laterally map.

And non cancer, non small cell lung cancer and so.

And so among the cancer types, we selected.

To move forward so.

Andrew X. Zhu: So there is some overlap in terms of the indications for the two monoclonal antibodies, but largely, there are different indications for different antibodies. Thank you very much. Thank you. Thank you, Kenny.

There is some overlap.

In terms of the indication between the two monoclonal antibodies.

Largely the different indications for four different antibodies.

Thank you very much.

Thank you.

Thank you Kelly operator, I think we need to wrap up here, but we can take one.

One more question.

Operator: Alfred, I think we need to wrap up here, but we can take one more question. Zhang Fengguang. (inaudible) Hi.

Yeah.

Suddenly and sharp.

And the last question for today's evening is coming from the line of jumping Guang from Europe.

Please go ahead.

Hi.

The first congratulations on the remarkable milestones achieved both clinically and the personnel of the year 2020.

Andrew X. Zhu: First, congratulations on the remarkable milestones achieved, both clinically and operationally, in the year 2020. I have got three questions here. The first involves our TDC8 antibody.

And I will go through questions here on the first involves our duties to the eight antibody.

Antibody so could you introduce on the potential pricing strategy of the tuck them up on.

Andrew X. Zhu: So could you introduce the potential pricing strategy of Pfizer-Campbell after its approval, especially knowing that Mr. Zhu Yifei mentioned that he's trying to construct a marketing team for this drug? Also, we have noticed the pricing pressure in the national reimbursement drug list negotiations, so do we plan to experience a very significant price curve for the inclusion of TG22 in an IDL? The second question is about our financial performance. I noticed that the company recorded revenue of $236 million USD and positive net income, which is not normally seen for a biotech company.

This approval.

Specialty just knowing that Mr. <unk>.

You mentioned the ease.

And he's trying to constructing our marketing team for the stroke also will have noticed the pricing pressure and the national reimbursement drug list of negotiations. So the we plan to experience a very significant for the inclusion of <unk> and a lot of deal.

On the second question is about our financial performance.

The.

On the company has recorded revenue of 236 million U S dollar and positive net income, which is not normally seen for about Oh.

And I suppose that the revenue is boosted by the <unk> are very correct. So could you further elaborate this impressive financial performance.

Andrew X. Zhu: I suppose that the revenue is boosted by the collaboration with Every Correct, so could you further elaborate on this in terms of financial performance? And the third question was about our recent collaborations. So could you give a very brief introduction of the mask to anybody? It seems that it is very hard to identify some background information.

On the so the question was our recent collaborations on so could you give a very brief introduction of the mask. The antibody. It seems that I spoke of are hard to identify some background information.

And my question sorry.

Andrew X. Zhu: All right, thank you for the questions. Maybe I will first ask Jialun to address the second question, and then, while others are preparing, address your other questions. All right, Jialun.

Alright, thank you for the questions.

And maybe at first.

Ask Jen on to address the second question and then why.

And are those preparing to address other questions Alright channel here.

Dingding Shi: Thank you. Yeah, Zhongping, so let me address the first and second questions. And I'll leave the third one to one of our managers. So the first question you asked is about the pricing strategy for our CD38 monoclonal antibody. I would like to first start by saying that the CD38 market in China is quite stable in terms of competitive intensity. Right now, there's only one molecule or one drug that's approved by the Chinese FDA, which is daratubumab.

Yes, Tobey and so let me let me address the first and second questions.

And I'll leave the third one to one of our debt management.

So the first question you asked is about the pricing strategy of our CD 38, monoclonal antibody I would like to first start by saying that the CD 38 market in China is quite stable in terms of competitive intensity.

Now there's only one molecule of one drug that's approved.

By by the Chinese FDA, which is there are two of the map.

And and and it's roughly a year ahead of us So we think.

Dingding Shi: And it's roughly a year ahead of us. So we think the types of pricing competition you see in other areas or therapeutic areas, for example, the PD-1 or PD-L1 market in China, I don't think you will see that with CD38 in China because there aren't that many competitions. And going forward, I think it will be Daratubumab and us for the next few years. So I would like to start by saying that.

The types of pricing competition, you see in other areas of therapeutic areas. For example, the PD, one or PD, one PDL one market in China I don't think you will see that with CD 38 in China, because there aren't that many competition.

And going forward I think it will be it won't be there are two of the map and us for the next few years. So I would like to start by saying that the second thing is in terms of pricing strategy.

Dingding Shi: The second thing is in terms of pricing strategy. We are, as a local player in this market, think we have some inherent advantages in terms of pricing flexibility. The first one is that our CD38 is only going to be marketed in China. So we don't have a global pricing system to protect.

We are at the local player in this market. We think we have some inherent advantages in terms of pricing flexibility. The first one is the.

Our CD 38 is only going to be marketed in China. So we don't have the global pricing system to protect so China is our only market as our home market. So we will do everything to make sure that we have the maximum our maximum market share in China the <unk>.

Dingding Shi: So China is our only market and is our home market. So we will do everything to make sure that we have the maximum market share in China. The second thing I would like to mention is that because we were going to manufacture this product in China at our own Hangzhou facility, we will enjoy a better COGS position than our foreign competitor, therefore, allowing us to negotiate better with the NRDL when it comes to these types of negotiations.

The thing I would like to mention is debt.

Because we were going to be manufactured the product in China, and our own Hangzhou facility. So we will enjoy.

Better cost position than our four and competitor, therefore, allowing us to negotiate better with the NRT L. When it comes to the types of negotiations. So our strategy will be to get on the <unk> as quickly as possible, but also make sure that.

Dingding Shi: So our strategy will be to get on the NRDL as quickly as possible but also make sure that both in terms of COGS position and also in terms of pricing flexibility, we can be as flexible as possible when we negotiate with the NRDL. So that's my answer to your first question. The second question you asked is about our financial performance. And thank you very much for congratulating us.

And both in terms of cost position and also the pricing flexibility, we can get on and we can be as flexible as possible when we negotiate with debt and our deal. So thats. My first that's my answer to your first question. The second question you asked is about our financial performance.

And thank you very much of a congratulate congratulating us.

The biggest driver of our outperformance financially last year is the faster and the better.

Dingding Shi: I think the biggest driver for our performance financially last year was the faster and better progress in our partnership with AbbVie. So we received not only the upfront payment but also the first milestone payment. And we are on our way to work with AbbVie to realize the second milestone payment. So I think that operational reality was reflected in our revenue recognition. And therefore, you're seeing perhaps better than expected net revenue and also net profit performance from our financial.

On progress in our partnership with Abbvie.

So we have received we had received not only the upfront payment, but also the first milestone payment and we are.

We are on our way to work with Abbvie to realize the second milestone payment so I.

I think that debt operation of that business reality was reflected in our revenue recognition.

And and therefore, you're seeing a better than perhaps the perhaps better than expected net revenue and also net profit performance from our financials.

Third question.

Dingding Shi: Third question, I would... Yeah, yeah, so I also like to add that it is unusual for companies like us to be profitable at this stage. But I think what is important is that, you know, over the past few years, especially last year, with the partnership with AbbVie, we have been building a significant revenue stream from our licensing. And as I mentioned earlier, this licensing revenue stream will converge with sales revenue when we have the first product launched in China.

Yes.

And so like to add it is unusual for companies like us.

To be profitable at this stage.

I think what is important is the.

Over the past few years.

Especially last year.

Was the.

Was the partnership was at the B, we're being building a significant revenue stream.

On our license fee and as I mentioned earlier.

And there is this the licensing revenue strength.

We're converge with sales revenue.

When we have the first product.

<unk> launched and.

And China.

So we're quite excited about this perspective.

Dingding Shi: So we're quite excited about this prospect, how we're going to build our revenue stream over the next few years. Now, let me address your third question. Recently, as you have seen, we signed two deals with two separate companies.

And we can about our revenue stream over the next few years now let me let me address your third question.

Now recently.

And as you have seen.

We signed.

Two deals with two separate companies.

And this is part of.

Andrew X. Zhu: And this is part of our new initiative, new discovery initiative, to work with companies with transformative platform technology. Okay, so one company is complex. As I mentioned earlier, it's a European company with unique platform technology to generate antibodies, specific formats of antibodies, in order to get into cells. So those are cell-penetrating antibodies. And we're very excited about this opportunity because, through such platform technology, we'll be able to generate a panel of novel antibodies that can penetrate into the cell and target intracellular targets that are otherwise intractable, and that really opens up a lot of opportunities for us. And the second partnership we signed is with a Shanghai-based company called Affinity.

The new initiatives, new discoveries initiative to work with <unk>.

Companies.

With.

Transformative platform technologies, Okay. So one company is complex as I mentioned earlier.

It's a European company.

The unique platform technology.

On to generate antibodies specific formats of antibodies.

Enable to get into into cells. So those cell penetrating antibodies and we're very excited about.

On this opportunity because.

On.

Through such platform technology will be able to generate a panel of the.

Novel antibodies that can penetrate into the cell and.

And to target intracellular targets.

Otherwise intractable and debt.

That really opens a lot of about 200 cities for us.

And the second.

Partnership with signs as we say Shanghai based company called affinity.

They have this unique technology.

Andrew X. Zhu: They have this unique technology to mask... antibodies, and only the antibody would not work in the system because it's not active until the antibody reaches the tumor site where the masking peptides can be cleavaged by the enzyme, a specific enzyme that only exists inside the tumor. So this technology enables us to generate novel monoclonal antibodies that can only activate at the tumor site for better efficacy and also to avoid systemic toxicity for some selected targets.

<unk> mask.

Antibodies.

And <unk> and only.

Only only the antibody.

And in the system the end of March.

Cost of the antibody will not work.

Because debt not active until the antibody.

Reaches the tumor sites, where the masking peptides can be <unk> bye.

By the anti on specific enzymes.

The only it's only exists.

And inside the tumor.

This technology enables us.

The two generates novel monoclonal antibodies.

And that can.

Only activates and the tumor site.

A better efficacy and also.

And to avoid systemic toxicity for some selected targets.

We're very excited.

Andrew X. Zhu: So we're quite excited; we have agreements in place to generate a series of masked antibodies for different immuno-oncology targets. Okay, thank you, Dr. Tan. According to the description, it seems that the mask antibodies are some kind of ADC, right? No, this is not really an ADC, so it's a technology where you can attach a masking peptide to the active sites of antibodies. Okay, so that antibody will not be active in the circulation or in the system.

And have agreements in place to generate.

A series of.

Masked the antibodies.

And for different different and mid on.

Apology targets.

Okay. Thank you with updates on sort.

Of course to a description of it and start.

The musk antibodies.

And kind of the ADC right.

No. This is this is really on ADC. So it's it's the tech knowledge, where.

And where you can attach.

The masking peptides to the active sites of.

Antibody.

Okay, so that antibody will not be active in the and the.

The circulation and the.

And the system.

But when the antibody reaches the tumor sites the masking peptides.

Andrew X. Zhu: But when the antibody reaches the tumor sites, the masking peptide would be cleaved, or would be destroyed, so to speak, by a specific enzyme that only exists in the tumor. So the antibody then becomes active at the tumor site. That technology, as I mentioned earlier, enables us to make novel antibodies to avoid potential systemic exposure or toxicity and for the antibody to reach the tumor sites to be active and to exert anti-tumor activity only at the tumor sites.

And would be <unk> and will be destroyed sort of speak.

On a specific enzyme only only existed and in the tumor.

The antibody and then becomes active and the tumor site.

No.

Tech knowledge as I mentioned earlier enables us to make novel antibodies to avoid.

The potential <unk>.

Stomach exposure of toxicity.

And for the antibody to reach to the to the tumor site to be active and.

To exert anti tumor activity only at the tumor site.

Andrew X. Zhu: Okay, thank you. Very helpful. Thank you. Operator, we have to wrap up the call. Ladies and gentlemen, that does conclude our conference call for today. Thank you all for your participation. Alright, thank you everyone. Thanks for your time. Thank you. Thank you. Talk to you soon. Bye bye.

Okay. Thank you very helpful.

Thank you.

Operator, we have to wrap up the call.

Okay and Sir.

Ladies and gentlemen debt.

That's the computer conference call for today. Thank you all for your participation you may disconnect.

Alright. Thank you everyone. Thanks for the time. Thank you. Thank you talk to you soon.

Bye bye.

[music].