Full Year 2022 I-Mab Earnings Call

Tyler Ehler: That's a great conference call. This is Tyler Ehler, I-Mab Senior Director of Investor Relations. At this time, all participants are in a listen-only mode.

This is Tyler really here <unk> senior director Investor Relations.

At this time all participants are in a listen only mode.

Tyler Ehler: Later, we'll conduct a Q&A session, and instructions will follow at that time. Earlier today, we issued a press release providing a review of our financial results for the full year ended December 31st, 2021, as well as an overview of our recent corporate highlights and upcoming milestones. The press release can be accessed on the investors portion of our website at www.ir.i-mabbiopharma.com. Joining me today on the call from I-Mab's senior management team are Dr. Jingwu Zhang, our founder, chairman, and acting CEO of I-Mab, and Dr. Andrew Zhu, our president of I-Mab. Mr. John Long, CFO of I-Mab, and Mr. Jielun Zhu, Chief Strategy Officer of I-Mab

Later, we'll conduct a Q&A session and instructions will follow at that time.

Okay.

Earlier today, we issued a press release, providing a review of our financial results for the full year ended December 31, 2021, as well as an overview of our recent corporate highlights and upcoming milestones.

The press release can be accessed on the investors portion of our website.

Tyler Ehler: Dr. Zhang will start by providing a high-level overview of our recent achievements and upcoming milestones. He will be followed by Dr. Andrew Zhu, who will provide an update on our R&D progress, and Mr. Zhu, who will provide an update on our commercialization capabilities. Mr. Long will then provide a summary of our financial results for the full year ended December 31st, 2021. Before we turn the call to the operator, take their questions. Please note that today's discussion 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.

IR Dot I SaaS Mab Biopharma dot com.

Joining me today on the call from <unk> Senior management team are Dr. Jean Mouton, our founder Chairman and acting CEO of Imap, Dr. Andrew do our president of I Mab.

Mr. John Lowe CFO .

Mr. Jim <unk>, Chief strategy officer upon them Doctor.

Dr. Zhang will start by providing a high level overview of our recent achievements and upcoming milestones.

Followed by Dr. <unk>, who will provide an update on our R&D progress and Mr. Zhou who will provide an update on our commercialization capabilities. Mr. Law will then provide a summary of our financial results for the full year ended December 31, 2021, before we turn the call to the operator to take your questions.

Tyler Ehler: 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 discussion. A general discussion of the risk factors that could affect I-Mab's business. And financial results are included in certain filings of the company's Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information, except as required by law. We'll also discuss specific non-GAAP financial measures for comparison purposes only during today's call.

Please note that today's discussion will contain forward looking statements relating to the company's future performance and are tended 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. 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 discussion.

General discussion of the risk factors that could affect <unk> business and.

Our financial results is included in certain filings of the company with Securities and Exchange Commission.

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

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

Tyler Ehler: Please see the financial results news release issued earlier today for a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results. With that, I'd like to turn the call over to Dr. Jinwoo Jung, our Founder, Chairman, and Acting CEO. Dr. Jung, please go ahead. Thank you, Tyler.

With that I'd like to turn the call over to Dr. Jay <unk>, our founder Chairman and acting CEO . Dr. Zheng. Please go ahead.

Yes.

Thank you Tyler.

Dr. Jingwu Zhang: Thank you all for joining us. It's a pleasure to welcome all of you to our call today to discuss our business updates and financial results for the full year 2021. Now, I must say 2021 was a dynamic year for I-Mab. We made remarkable progress in a short period of time and closed the year with stronger fundamentals than we have ever had before. Firstly, on the pipeline development front, we met 20 key clinical milestones, including the successful completion of our registrational trial for thalasartamib as a third-line therapy for multiple myeloma.

Thank you to everyone for joining us.

Dr. Jingwu Zhang: We are now in the process of submitting the BLA package in China. We also achieved positive data readouts for two of our key assets, lansopalumab and urelatinumab, including the latest clinical data from our ongoing MDS trial, which will be discussed today in detail by Dr. Andrew Zhu. As a result of the progress made in 2021 and the continued progress in 2022, we expect to advance our pipeline to include three or four registrational trials, 11 Phase 2 clinical trials, and three Phase 1 clinical trials by the end of 2022. Our pipeline has progressed to a completely different stage as compared to that at our IPO two years ago.

It's a pleasure to welcome all of you to our call today to discuss our business updates and our financial results for the full year 2021.

Dr. Jingwu Zhang: It's not only globally innovative with potential best-in-class assets, such as Lancer PolyMap and Uli LatinMap, but it is also advancing towards near-term BLA and product launch within the next three years. Secondly, on the corporate development front, in 2021, we entered into seven partnership deals, including the $315 million strategic commercial partnership with Jump Cane for Iftin's summer shopping offer, our long-acting growth hormone, and These partnership deals are critical to enrich our pipeline with the next generation of novel drug candidates in preparation for our near-term commercialization. Now, I would like to emphasize that we maintain a very strong cash position with $671 million cash on hand.

No I must say 2021 was a dynamic year for on that we've made remarkable progress in that short period of time and closed the year with a stronger fundamentals.

We have ever had before.

Firstly.

On the pipeline development fronts, when that's 20 key clinical milestones, including the successful completion of our Registrational trial for <unk>.

As a first line therapy for multiple myeloma.

In the process of submitting the BLA package in China.

Achieved positive data readouts for two of our key assets Lenzo polymath, Uli laterally map, including the latest clinical data from our ongoing Mds trial, which will be discussed today in detail by Dr.

And you assume.

As a result of the progress made in 2021 and our continued progress.

In 2022, we expect to advance our pipeline to include three of four Registrational trials 11 phase two clinical trials in a three phase one clinical trials by the end of 2022.

Our pipeline has progressed.

To a completely different stage as compared to that at all IPO two years ago.

It's not only global and innovative with our potential best in cost assets such as land is in part a map and Uli Latin met but also advancing towards.

Near term BLA and product launch within the next three years.

Secondly on the corporate development fronts in 2021, we entered into seven.

Partnership deals, including the <unk>.

$350 million, a strategic commercial partnership with jumped can for <unk> somewhat choppy offer.

Our long acting growth hormone.

And our partnership.

Raj diagnostics.

No.

This partnership deals are critical to enrich our pipeline with.

As the next generation of novel drug candidates and our preparation for our near term commercialization.

Dr. Jingwu Zhang: On top of that, we will continue to receive expected milestone payments from the existing licensing deals, including the $2 billion deal with AbbVie, the Jumping deal, and others. This has generated very significant cash flow. Combining the two, our cash is sufficient to fund business operations through 2025 for about three years. Now on the capital market front, our CFO, Mr. John Long, will address regulatory concerns facing ADR companies on today's call.

Now I would like to emphasize that we maintain a very strong cash position.

With $671 million cash on hands.

On top of that we.

We will continue to receive expected milestone payments from the existing our licensing deals, including the $2 billion deal with Abbvie.

The chunk to jump King deal and the others.

<unk> has generated very significant cash flow.

Combining the two our cash is sufficient to fund business operations through 2025 for about three years.

Now on the.

Capital market, France, our CFO , Mr Jong loan where address regulatory concerns facing ADR companies on today's call.

Dr. Jingwu Zhang: I just want to first say that we have seen positive signals that regulators from China and the U.S. are working towards a resolution. But more importantly, John will tell you more updates on the active measures we have been taking to mitigate the potential risk by making necessary changes to switch to U.S.-based auditors that are recognized by the U.S. PCAOB. And there are successful examples with other ADR companies. So it can be done.

I just wanted to first say that we have.

We are seeing a positive signals that regulators on China and the U S are working towards a resolution, but more importantly, John with.

Tell you.

More updates on the active measures, we have been taking to mitigate the potential risk.

Bye.

Making necessary changes to switch to a U S based.

Auditors that are recognized by U S PCL will be.

And they are successful examples.

With other.

ADR companies so it can be done.

Dr. Jingwu Zhang: Thirdly, I'm very excited to tell you that our pipeline has advanced to a critical phase where we are approaching near-term commercialization. This is a transformative step for I-Mab. Pending the finalization of an unlicensed pre-BLA product, we expect to file four BLAs, followed by a product launch between 2022 and 2025. As of now, this near-term product portfolio is focused on hematologic oncology with philosoptimab, lansopilimab, and an in-licensed product as a core product to cover multiple myeloma, leukemia Additionally, we expect that insomniac tropine alpha, our long-acting growth hormone, will become a major player in China's growth hormone market for its product differentiation and convenience of use.

Firstly I'm very excited to tell you that our pipeline has advanced to a critical phase where we are approaching near term commercialization.

This is a transformative step for on that.

Pending the finalization of the in license to pre BLA product, we expect to file for <unk> followed.

Followed by product launch between 2022 and 2025.

Now this near term product portfolio.

Is it focused on hematologic oncology, which sought to map.

Lanzo Panama.

In licensed product as our core products to cover multiple myeloma leukemia and lymphoma.

Additionally, we expect.

Ive done in Soma chopping offer our.

Our long acting growth hormone will become a major player in China gross Homo market.

It's a product differentiation and convenience of use now.

Dr. Jingwu Zhang: Now, commercialization of this near-term product portfolio is a critical step in I-Mab's journey to transition from a global biotech to a specialty biopharma with global R&D, manufacturing, and commercialization capabilities. It is expected that our current revenue stream from our licensing milestone payments will soon converge with our product sales revenue to generate significant cash flow for the company. Therefore, a large part of our current corporate focus is really to prepare for near-term commercialization under the leadership of Mr. Yifei Zhu, our chief commercial officer.

Commercialization of this near term product portfolio is a critical step in <unk> journey.

To transition from a global biotech to a specialty pharma with a global R&D manufacturing and commercialization capabilities.

It is expected that our karnes.

Revenue stream from our licensing milestone payments with some converge with.

Product sales revenue to generate significant cash flow for the company. Therefore.

A large part of our current corporate focus is really to prepare.

For the near term commercialization under leader leadership on Mr. <unk> <unk>, our chief commercial officer.

Dr. Jingwu Zhang: Now looking ahead, 2022 is shaping up to be an even more exciting year for I-Mab. We continue to consolidate our position as a leading global biotech company in the immuno-oncology space and strive to transition into a global specialty biopharma. We are set to achieve a series of high-impact and value-generating milestones and a catalyst, which I will summarize for you at the end of this call. Now, with this quick overview, I would like to ask Andrew to take a deep dive into our, I'll keep our key popular assets, and provide our expectations for 2022. Andrew, it's over to you.

Now looking ahead.

2022 is shaping up to be even more exciting year for on that.

We continued to consolidate our position as a leading global biotech company in the immuno oncology space and our strive to transition into a global specialty biopharma.

We are set to achieve a series of high impacts and value generating milestones and catalysts, which our summarized for you at the end of this call.

With this quick overview I would like to ask Andrew.

To take a deep dive into our.

Our key.

Our key our key pipeline assets and provides our expectations for 2022, Andrew over to you.

Thank you Jean <unk>.

Dr. Andrew Zhu: Thank you, Jingwu. It is really my pleasure and privilege to speak with all of you today. The focus of my discussion will be on our pipeline development in terms of recent progress and updates, as well as the near-term prospect of our exciting pipeline. With the progress made, it has become apparent that our pipeline is not only globally innovative but also advanced, with 10 clinical assets that are either novel or highly differentiated.

It is really my pleasure and privilege to speak with all of you today.

The focus of my discussion will be on our pipeline development in terms of the recent progress and updates as well as the near term prospect of our exciting pipeline.

With the progress made it has become apparent that our pipeline is not only globally innovative but also advantaged with 10 clinical assets that are either novel highly differentiated.

Dr. Andrew Zhu: Our first wave of innovation focuses on highly differentiated monoclonal antibodies of best-in-class potential, such as lentoprolimab and newly ledlimab, which will have now entered phase 2 and phase 3 chemical trials by year end. The second wave of innovation focusing on specific antibodies of both first-in-class and best-in-class potential, such as L1-4B and CD4B, are now in early-stage clinical development.

Our first wave of innovation focus is a highly differentiated monoclonal antibody best in class potential such as lessor Party Mab and unique laterally map.

Which all have now entered phase II and phase III clinical trials by year end.

The second way of innovation, focusing on a bi specific antibodies of both working class and best in class potential such as <unk> and <unk>.

In early stage clinical development.

There'll be more to come.

The pipeline has also advanced as the South African Matt that is a part of that and as tangible metrics and ARPA either in Registrational studies or have already reached the BLT stage.

They will soon become the core products of our near term commercialization.

Dr. Andrew Zhu: The pipeline is also advanced, as Feldartemab, Levinson-Cardemab, and Astenazol-Matropin-Alpha are either in registrational studies or have already reached the BLE stage. They will soon become the core products of our near-term commercialization. Today, I would like to take this opportunity to highlight seven key assets in our pipeline because they are value drivers. These assets are novel, highly differentiated, and among the frontrunners globally or in China. I will go through each of them in more detail.

Today, I would like to take this opportunity to highlight seven key assets in our pipeline because they are finding drivers.

<unk> assets are novel.

Highly differentiated and are among the front runners globally or in China.

I won't go through each of them in more detail.

Dr. Andrew Zhu: I'd like to start by reviewing our highly differentiated CD47 antibody lentoprotein map first. This has attracted so much attention in the immuno-oncology field because of its potential as a best-in-class CD47 antibody and its leading position among the first CD47 antibody drugs potentially to be approved for hematological malignancies. I would like to remind you that Lenso is differentiated by design to avoid binding to red blood cells while maintaining strong anti-tumor activity. This molecular differentiation has been validated pre-comically and has translated to clinical advantages that are being validated. I-Mab's priority for Lenzel is to achieve its first registration of Lenzel party map in this class in China and facilitate global development in close collaboration with Appleby for global registration and commercialization.

I'd like to start by reviewing our highly differentiated 60, 47 antibody landfill part of that first.

This has attracted so much attention in the immuno oncology field.

Because of its potential as a best in class $3 47 antibody and its leading position among the first $84 seven antibody drugs potentially to be approved for Hematological malignancies.

I would like to remind you that lenovo is differentiated by design to avoid binding to red blood cells, while maintaining strong anti tumor activity.

This molecular differentiation has been validated pre clinically and has translated to clinical advantages that are being validated.

Our next priority is.

<unk> achieved its first registration of lentil product map in this cloud in China and facilitate global development in close collaboration with Abbvie for global registration and commercialization.

Dr. Andrew Zhu: To achieve this goal, five clinical studies of LAMSO are ongoing in parallel, both in the U.S. and China. We are running three clinical programs with LAMBDZO in China, including NHL, AML, MDS, and solid tumor. In addition, our global partner, AFVI, is running two clinical programs globally. Based on the clinical data being generated, we hope to initiate one or two registration trials with Lambda-PARL-MAP this year for MDS and potentially NHL. Recently, Gilead's microarray map has been put on clinical hold due to ASUSA.

To achieve this goal five clinical studies of lens are ongoing in parallel both in U S and China.

We are running three clinical programs with landlord in China, including NHL, AML, Mds and solid tumors.

In addition, our global partner Abbvie is lending to clinical programs globally.

Based on the clinical data being generated we hope to initiate one or two registration trials with lessor product, Matt This year for Mds.

And potentially NHL.

Recently Gilead my early Matt has been put on clinical hold.

As I mentioned earlier <unk> East design.

Dr. Andrew Zhu: As I mentioned earlier, LAMSO is designed to avoid hematological toxicity. We recently conducted a systemic safety data review of 180 patients who were treated with Lenzo in various combinations. Of these, over 70 patients with MDS or AML have been treated in combination therapy with azithidine. Overall, the safety data from both the U.S. and China studies continue to be favorable when administered without a priming dosing regimen, which is consistent with lambdose differentiation, across different combinations and across different indications. Lymphoplasma MTD was not reached in any dose regimen.

Designed to avoid the Hematological toxicities.

We recently conducted a systemic safety data reveal of 180 patients who were treated with <unk> in various combinations.

These over 70 patients with Mds or AML has been treated in combination therapy with azacitidine.

Overall, the safety data from both the U S and China studies continued to be favorable when administered without a priming dosing regimen, which is consistent with lenders differentiation.

All of our different combinations and across different indications.

So part of mass MPD was not reached in any of those regimens.

Dr. Andrew Zhu: As of today, the majority of TRE and solid tumors in NHL were grade 102. In AML-MDS, the safety profile as monotherapy and in combination with APA was favorable as expected, and no grade 5 hematological TAEs have been reported. We remain very encouraged by the therapeutic potential and safety profile of lenthopralumene. This favorable safety profile with Lenvo continues to build our confidence in rapidly moving this program forward to its registrational study.

As of today, the majority of PRA in solid tumors and NHL were grade one or two.

In AML Mds, the safety profile as a monotherapy and in combination with <unk> was favorable as expected and.

<unk> five and <unk> have been reported.

We remain very encouraged by the therapeutic potential and safety profile of Lessor Party Matt.

This favorable safety profile with <unk> continued to build our confidence in rapidly moving this program forward towards Registrational studies.

Okay.

Dr. Andrew Zhu: In terms of advocacy of LENZO, three clinical trials are summarized here, with the MDS and the Phase II studies to be finalized. Efficacy signals have been detected at higher dose cohorts in monotherapy in patients with advanced and refractory solid tumors. In a smaller group of solid tumor patients who were previously treated with PD-1 therapy, both PR and SD were detected.

In terms of advocacy of level three clinical trials are summarized here with the Mds end of phase II studies to be finalized.

Advocacy signals have been detected at higher dose cohort in monotherapy in patients with advanced and refractory solid tumors.

And a smaller global solid tumor patients who were previously treated with PD, one therapy, both PR and SP detected.

Dr. Andrew Zhu: Our ongoing Phase II studies with LENGO are combined with PD-1 therapy in solid tumors in both the U.S. and China. We'll provide more efficacy data. In a recent clinical trial where Lemzo is combined with retoximap for NHR, we are observing encouraging clinical outcomes in seven evaluable patients. CR rate is 57%, OR 71%, and DCR is 100%.

Our ongoing phase III studies with Lenovo is combined with PD, one therapy in solid tumors in both the U S and China will provide more efficacy data.

In a recent clinical trial, where lenzo is combined with Rituximab for NHL, we are observing encouraging clinical efficacy.

Of seven Evaluable patients.

Our rate is 57% or 71% and TCR is 100%.

Dr. Andrew Zhu: We expect to report more data in the second half of 2022 and may potentially initiate a registration trial in patients with NHL in China pending approval by the NMPA. I'm now very excited to report to you the most recent preliminary clinical data on lambda-party-map combination therapy with AZA for MDS. In a preliminary analysis of 47 newly diagnosed MDS patients on treatments for various durations, preliminary data showed that the overall response and complete response rate in 22 MDS patients with a medium treatment duration of at least four months is comparable to that of Macaulay Manco.

We expect we will report more data in the second half of 2022 and May potentially Indonesia.

A registration trial in patients with NHL in China pending approval by the MTA.

I'll now very excited to report to you. The most recent preliminary clinical data on remember part of that combination therapy with HCA for MBS.

In a preliminary analysis of 47 newly diagnosed mds patients on treatments for various durations.

The preliminary data show that the overall response and complete response rate in 2012, Mds patients with medium treatment duration of at least four months as.

Is comparable to that of micro roadmap.

Dr. Andrew Zhu: The complete data analysis is expected in June 2022, when the old data are mature. We're very encouraged by the data and plan to present the full story at a selected scientific conference in the second half of 2022 and start a registration trial this year pending approval by the NMPA. Next to Yulie Ledley-Mab, another global frontrunner that we're developing for solid humor. As previously reported, Uli's Ledley map is differentiated by design to avoid the hokey feature.

The complete data analysis is expected in June 2022.

When all data are mature.

We are very encouraged by the data and plan to present the full story at a selected scientific conference in the second half of 2022.

And start a registration trial this year pending approval by the an NPA.

Next to unilaterally map another global front runner that we're developing for solid tumors.

As previously reported Uli laterally minute youll need laterally map is differentiated by design to avoid the hockey fan.

Dr. Andrew Zhu: In a recent study where patients with solid tumors were treated with Uli-Leslie-Mab in combination with T-zole, among 13 available patients, ORR was 23% and DCR 46%. While the results are preliminary, they are very encouraging. We are conducting two Phase II clinical trials in both the U.S. and China and hope to share the data as soon as it is available this year. I also want to mention that, alongside planned data readouts this year, we continue to explore global partnership opportunities.

In a recent study where patients with solid tumors were treated with <unk> in combination with the teasel, among FERC evaluable patients or 23% and TCR, 46%.

While the results are preliminary.

<unk>, we are conducting two phase two clinical trials in both U S and China and hope to share the data as soon as available this year.

I also want to mention that alongside planned data readout. This year, we continue to explore the global partnership opportunities.

Dr. Andrew Zhu: Next is Feldarchemab, our most advanced asset. We have successfully completed the registration trial in China for full cell darcomab as a third line treatment for multiple myeloma. Our study confirmed the efficacy of Delzartimab with additional benefits such as shorter infusion time, lower infusion-related reaction rate, and no severe infusion reaction. This allows the use of Felt-Arc AdMab in out

Next is felt market map, our most advanced asset we have successfully completed the renovation trial in China for <unk> as a third line treatment for multiple myeloma.

Our study confirm the efficacy of self RV map with additional benefits such as shorter infusion time.

Lower infusion related reaction rate and no severe infusion reaction. This allows the use of south African mab in outpatient clinic setting.

Dr. Andrew Zhu: We plan to schedule a meeting with regulatory authorities and aim to file a BLA together with the local manufacturing. In terms of the second-line treatment of feldartemab in combination with lenalidomide for multiple myeloma, we have completed enrollment in our pivotal phase 3 study and are waiting for the data to mature to support our BLA submission in 2023. We also expect to initiate a new clinical trial of Feldarchimab with lambda polymeth as a potential first-line treatment for multiple myeloma. Next is the epitansylmetropin-alpha, or TJ101, or differentiated long-acting growth hormone as a weekly treatment versus the commonly used daily injection.

We plan to schedule, a meeting with regulatory authorities and aim to file the BLA together with a local manufacturing.

In terms of the second line treatment of <unk> in combination with Lenalidomide for multiple myeloma, we have completed enrollment in our pivotal phase III study are not waiting for the data to mature to support our BLA submission in 2023.

We also expect to initiate a new clinical trial of help ARPA Mab with Liberal Party math as a potential first line treatment for multiple myeloma.

Next is the <unk> metric and ARPA or T. J 101, RP French a long acting growth hormone is a weekly treatment versus C. Commonly used daily injections.

Dr. Andrew Zhu: Our registration phase 3 power trial is ongoing. We are on track to complete the target enrollment of 165 patients in Q2 2022, and are on track for BLA submission in late 2023. In 2021, we entered into a strategic commercial partnership with Jompan to leverage Jompan's vast commercial network as a commercial leader in the pediatric therapeutic area. Our agreement includes upfront and potential milestone payments of $315 million U.S. dollars, as well as a 50-50 profit sharing for low double-digit royalties on revenue.

A registration phase III <unk> trial is ongoing we are on track to continue the target enrollment of 165 patients in Q2 of 2022.

We're on track for BLA submission in late 2023.

In 2021, we entered into a strategic commercial partnership with <unk> to leverage John Hence vast commercial network as a commercial neither in the pediatric therapy the barrel.

Our agreement in upfront and potential milestone payment.

315 million U S dollar as well as a 50 50 profit sharing.

Our low double digit royalties on revenues.

Dr. Andrew Zhu: This partnership represents one of China's biopharma market's largest deals, which is a testament to the product's potential, as well as to I-Mab, development capability. Another novel compound in our pipeline, TJ107-OF-Nepticine-Alpha, is the world's first and only clinical-stage long-acting recombinant human interleukin-7.

This partnership represents one of China is biopharma market's largest deals which is a testament to the product potential as well as to I Mab.

Development capability.

Another novel compound in our pipeline PD one of those seven.

For <unk> <unk> is the world's first and only clinical stage long acting recombinant human interleukin seven.

Dr. Andrew Zhu: This asset is positioned as a monotherapy for the treatment of cancer patients with lymphopenia because of its unique properties of increasing tumor-attacking T cell numbers and as a combination immunotherapy with a PD-1 or PD-L1 antibody because of its potential synergism with PD-1 and PD-L1 therapy. Currently, we're conducting two phase two clinical trials each. It is important to mention that the next things clinical trials in the US have provided some encouraging efficacy signals for PBM as a mom of therapy and premonactive breast cancer as a combination therapy with Kimberly Zuman. We are also developing a novel enthusiast, a world-leading humanized B7H3 antibody as an immuno-oncology treatment agent. Inoperative tuzumab works through a unique dual mechanism and has shown the potential to treat multiple solid tumors.

This asset is positioned as a mono therapy for the treatment of cancer patients with <unk>.

Most of its unique properties of increasing tumor attacking T cell number.

And as a combination immunotherapy with a PD, one or PD lone antibody because of its potential synergism with PD, one PDL one therapy.

Currently we are conducting two phase II clinical trials in China.

It is important to mention that <unk> clinical trials in the U S have provided some encouraging efficacy signals for both GBM as a monotherapy.

And triple negative breast cancer as a combination therapy.

With converting from App.

We are also developing <unk>.

Not only to the map.

<unk>, leading humanized <unk> 783 antibody as an immuno oncology treatment agents.

In operating to the mab or through a unique dual mechanism and has exhibited the potential to treat multiple solid tumor.

Dr. Andrew Zhu: Alpartner, Microgenix, has previously shown promising preliminary data in Nansmos, in. Currently, we are conducting a phase two basket trial in combination with PD-1 in patients with selected solid tumors, including non-small cell lung cancer and urothelial carcinoma, in China. Our bispecific antibodies have made significant clinical progress as well. Of note, TJCD4B is a novel clotting 18.2 and 4-MBB bispecific antibody capable of binding to tumor cells expressing clotting 18.2 and stimulating intratumoral T-cells by the 4,1-BBR, which is designed to become active only upon tumor engagement to avoid systemic toxicity.

Our partner Macrogenics has previously shown promising preliminary data in non small cell in squamous cell carcinoma of the head and neck and non small cell lung cancer.

Currently we are conducting a phase II basket trial in combination with PD one in patients.

With selected solid tumors, including non small cell lung cancer and <unk> carcinoma in China.

Yeah.

Our bi specific antibody have made significant clinical progress as well.

Of note <unk> is a novel clouding 18 to inform the bi specific antibody.

Capable of binding to tumor cells, expressing cloud and $18, two and stimulating intra tumoral T cells by the <unk>, which is designed to become active only upon tumor engagement to avoid systemic toxicity.

Dr. Andrew Zhu: I-Mab recently received FDA orphan drug designation status for CD4b for the treatment of gastric cancer, including cancer of the gastroesophageal junction. As one of the core assets in our highly innovative bispecific antibody pipeline, CD4B is currently undergoing phase one clinical trials in both the US and China in patients with advanced solid tumors. In the ongoing dose escalation study, CD4-B was found to be safe and well-tolerated at a dose up to 3 mg weekly.

<unk> recently received FDA orphan drug designation status for <unk> for the treatment of gastric cancer, including cancer of gasoline sulfur diesel contract.

As one of the core assets in our highly innovative bi specific antibody pipeline <unk> is currently undergoing phase one clinical trials in both the U S and China in patients with advanced solid tumors.

In the ongoing dose escalation study <unk> was found to be safe and well tolerated at the dose up to us we make per kit.

Weekly.

Dr. Andrew Zhu: While we advance the clinical development of this compound, we plan to share more data as they become available. To summarize, I-Mab has a powerful discovery engine with innovation in three ways. Most of the first wave of monoclonal antibodies are in POC and registration trials. The second wave of bispecific antibodies is in Phase I and preclinical studies.

Huawei advanced the clinical development of this compound we plan to share more data as they become available.

So to summarize.

<unk> has a powerful discovery engine with innovation in three ways. Most of the first wave of monoclonal antibody in plc and registration trials.

The second wave of bi specific antibodies are in phase, one and preclinical studies.

In addition.

Dr. Andrew Zhu: In addition, our third wave of even more innovative assets enabled by transformative technologies such as MRI technology, cell-penetrating alpha-body technology, locally activated per-body technology, and AI protein design technology are in the preclinical stage and CMC stage. The third wave of transformative molecules is in the discovery and preclinical stages and will reach the IND stage in 2023. With that review, I will turn to Mr. Jielun Zhu to provide you with more insight into our commercial development. Thank you, Andrew. It's a pleasure to be here with you all today and to see you again.

Our first wave of even more innovative assets enabled by transformative technologies, such as MRI technology cell penetrating ARPA, Bobby technology locally activated per body technology and AI parking design technology are in preclinical stage and CMC.

Stage.

The third wave of transformative molecules in the discovery and preclinical stages.

We'll reach an IV stage in 2023.

With that review I will turn to Mr. Taylor in June to provide you with more insight into our commercial development.

Thank you Andrew.

It's a pleasure to be here with you all today.

See you again.

Mr. Jielun Zhu: Following the update on our pipeline development given by Andrew, I will spend the next few minutes discussing with you our focus on the commercialization strategy, the progress, and a few next steps. On page 18, you can see that our innovative and advanced pipeline will generate two types of commercial portfolios. The first portfolio, which is a near-term product portfolio between 2023 and 2025, consists of Belzotumab, Lamzopalumab, Aptensometropine Alpha, and potentially another hematological oncology-focused pre-BLA product that is currently in late-stage negotiations to be licensed in. By leveraging our product differentiation, the cost advantages from being a locally manufactured product, and our commercial synerg These three core products.

Following the update on our pipeline development given by Andrew.

I'll spend the next few minutes.

Discussing with you are focused on the commercialization strategy.

Progress and end up your next steps.

On page 18, you can see that our innovative and advanced pipeline will generate two waves of commercial portfolios.

The first portfolio, which is a near term product portfolio between 2020 , three and 'twenty to 'twenty five cause itself that was out to Matt Lemzo polymath. After so our potential metrics alpha and potentially another hematological oncology focused pre BLA product that is currently.

In late stage negotiations to be licensed states.

By leveraging our product differentiation.

The cost advantages from being a locally manufactured products.

In our commercial synergies these three core products.

Mr. Jielun Zhu: When combined, we'll have the potential to become a market leader in the hemotological and college areas in China. [inaudible] With planned BLA filings, a large part of our corporate focus this year will be to prepare for the commercialization of our near-term product portfolio. We are building a commercial team, which is currently being assembled to prepare for the market launch of these products to allow us to move quickly towards commercialization following the NMPA approval in China.

When combined will have the potential will allow us to become a market leader in the Hematological oncology area in China.

Additionally, our.

Our long acting growth hormone aperture somatropin alpha is positioned to be a significant player in the growth hormone market in China and that market is batched and fast growing.

With planned BLA filings.

Large part of our cultural a large part of our corporate corporate focus this year will be to prepare for the commercialization of our near term product portfolio.

Yeah.

We are building a commercial team.

<unk> is being currently as we speak assembled to prepare for market launch of these products to allow us to move quickly towards a commercialization.

Commercialization following the NFPA approval in China.

Mr. Jielun Zhu: Additionally, in establishing a commercial partnership with, for example, JumpCan in China for F10-sometropine alpha, we can rapidly gain market share among patients with pediatric growth hormone deficiency while focusing our internal commercial efforts on our core hematological oncology franchise. These are some of the key steps we are taking to rapidly transition I-Mab to a specialized global biopharma and realize the commercial value of our key assets for our Now our longer-term portfolio from 2026 to 2028 is focused instead on solitude.

Additionally, in establishing a commercial partnership.

For example jumped Ken in China for a potential metric being alpha we can rapidly gain market share among patients with pediatric growth hormone deficiency market, while focusing our internal commercial efforts on our core its hematological oncology franchise.

These are some of the key steps, we are taking to rapidly transition to IMAX to a specialized global biopharma and realize the commercial value of our key assets for our shareholders.

Now our longer term portfolio from 2026 to 2028 is focused instead on solid tumors.

Mr. Jielun Zhu: We have products like Yuli Lallymab, Affinate African Alpha, Inobly Tuzumab, and Lambo Polymab in this portfolio. These are potential drug candidates to bring innovative and more efficacious medicines to address unmet medical needs in the solid tumor space.

We have products like newly laterally Matt.

At the net at Connecticut Alpha.

In our brick Tucson lab and Lemzo polymath.

In these in these portfolio. These are potential drug candidates to bring innovative and more efficacious medicines to address unmet medical needs in the solid tumor space.

Mr. Jielun Zhu: On the next page, I will take a deeper dive into our near-term product portfolio. Again, as I mentioned, this product portfolio consists of Belzotamab in third line and a second line multiple myeloma, Lamzopolimab in first line MDS, and a second line NHL. F-cancer metropine alpha long-acting growth hormone in pediatric growth hormone deficiency patients as well as a novel late-stage hematological oncology therapy that we are planning to unveil, to round out and solidify our near-term product portfolio in the hematological space.

Next page I will take a deeper dive into our near term product portfolio.

Again as I mentioned this product portfolio consists of <unk> in third line second line multiple myeloma Lambda.

Lemzo polymath in first line Mds and a second life NHL.

Apple pencil metrobank offer long acting growth hormone in pediatric growth hormone deficiency patients as well as a novel late stage Hematological oncology therapy, and we are planning to in license to round out and solidify our near term product portfolio in the Hematological space.

Mr. Jielun Zhu: We anticipate Lamso PolyMap to be the first in class in the Chinese C47 market, with internal estimates at 30 to 50% of the market share and peak sales potential of over 1.1 billion US dollars. In addition, Felzatomab's lower injection reaction rate and shorter infusion time for outpatient use, while potentially being the first locally manufactured CD38 antibody product, will position it well in the Chinese market, with potentially over $260 million in peak sales potential.

We had to anticipate Lemzo poly map to be the first in class in the in the Chinese City 47 market.

With internal estimates at 30% to 50% of the market share and peak sales potential of over $1 1 billion in U S dollars.

In addition, <unk> has lower injection reaction rates and shorter infusion time for outpatient use while potentially being the first locally manufactured CD 38 antibody products will position us well in the Chinese market.

Potentially over $260 million in peak sales potential.

Mr. Jielun Zhu: On the other hand, F-tensylmetropene alpha is the only pure protein-based long-acting growth hormone with the advantage of weekly versus daily use, which is the current mainstay in China, with no PEGs or chemical linkers and offers a stronger safety profile and compelling efficacy in a clinical setting.

Meanwhile, <unk> Alpha is the only pure protein based long acting growth hormone with advantage of replay versus data use which is the current a mainstay in China with no pge's or chemical encourage.

And offers a stronger safety profile and a compelling efficacy and the clinical setting.

Mr. Jielun Zhu: As a result, a conservative estimate gives 15 to 25 percent of the market share in China with over $800 million in peak sales potential. Lastly, we expect a potentially in-licensed first-in-class product for the Chinese market to bring a strong additional source of revenue. We expect these assets to provide a solid foundation in areas of high medical needs, with significant market potential as I-Mab commercializes and transitions to a global biofarm. On page 20 of this slide, we will bring the market potential for the near-term product portfolio together.

As a result.

Our conservative estimate 15 to 25, 15% to 25% of the market share in China with over with over $800 million in peak sales potential.

Lastly, we expect a potentially in license the first in class product for the Chinese market to brain must draw additional source of revenue.

We expect these assets to provide a solid foundation in areas of high unmet medical needs with.

With significant market potential.

Imap commercialize this and the transition to a global Biopharma.

On page 20 on this slide.

We will bring the market potential for the near term product portfolio together.

Mr. Jielun Zhu: Now, according to reputable third-party analysis and some of our own internal estimates, the near-term product portfolio, which includes PhalZotimab, LamsoPolyMab, epithelial metramine alpha, and other potentially in-licensed pre-BLA products, has the potential to generate cumulative revenue in the range of $300-400 million in the first three years, that is between 2023 and 2025, and revenue in Meanwhile, the expected licensing income we have from existing BD deals, including the deal we have with AbbVie and also the deal we signed with JumpCat last year, has the potential to bring in around $800 to $850 million between 2023 and 2028.

Now according to.

According to a reputable third party analysis and some of our own internal estimates.

Near term product portfolio that includes fellows out to that Lemzo polymath after <unk> Alpha and then potentially in licensed pre BLA product.

Has the potential to generate cumulative revenue in the range of $3 million to $400 million in the first three years that is between 2023 and 2025.

And the revenue in the range of one three to $1 $6 billion.

Between 2026 and 2028.

Meanwhile, the expected licensing income.

We have some existing BD deals, including the deal we have with Abbvie and also the deal we signed with jumped cannot ship.

<unk> has the potential there'll be to bring in around $800 million to $850 million between 2023 and 2028.

Mr. Jielun Zhu: We are very excited by the potential value of our pipeline and the potential these products can bring to patients with high medical needs, and then also the value to our shareholders. On the last slide in my section, page 21, I want to say a few words about our manufacturing facility. To support the company's rapidly growing and maturing pipeline, we have made very quick and substantial progress in the construction of our state-of-the-art GNP manufacturing facility in Hangzhou. A process development lab in our Phase I GMP manufacturing facility is already operational to handle CMC project needs.

We are very excited by the potential value of our pipeline.

And the potential of these products can bring to the to the patients with high unmet medical needs.

And then also the value of our shareholders.

The last slide in my section page 21.

I would.

Say, a few words about our manufacturing facility.

To support the company's rapidly growing and maturing pipeline, we have made very quick and rapid substantial progress in the construction of this of our state of the art GMP manufacturing facility in Hangzhou.

Our process development lab in our phase one GMP manufacturing facility is already operational to handle CMC project needs.

Mr. John Long: Three times 2,000 liters production lines will become operational in about three months' time, that is, around June 2022, to produce clinical trial materials for I-Mab's clinical studies around the world and also prepare for the local manufacturing needs for our key product, Phelps Artemis. The phase two commercial production facility is being constructed as we speak to accommodate up to eight times the 4,000 liters commercial production line and is on track to be completed by 2024, that is in two years' time. Now, without much further ado, I will turn the floor to John, our CFO, to provide you with corporate and financial highlights of the company. John?

Three times 2000 leaders production lines will become operational in about three months time that is around June 2022 to produce clinical trial materials for IMAX clinical studies around the world and also prepare for the local manufacturing.

Needs for our key product sells out to that.

The phase III commercial production facility is being constructed as we speak to accommodate up to eight times 4000 leaders commercial production lines.

It is on track to be completed by 2024 that is in two years' time.

Now with without much further Ado I will turn the floor to John our CFO to provide you with corporate and financial highlights of the company.

No.

Mr. John Long: Thank you, everyone, and thank you, everyone, for attending our call today. Next, I will provide you with an update on our 2021 Key Financial Highlights. First, let me review our financial results for the full year ended December 31st, 2021. As of December 31, 2021, our cash and cash dependence, and the short-term investments amounted to a total of 4.3 billion RMB or $670 million US dollars compared with 4.8 billion RMB as of December 31, 2021. For the full year 2021, our net revenues were 88 million RMB, or 13.8 million U.S. dollars, compared with 1,543,000,000 RMB for 2020.

Thank you Kevin.

Thank you everyone for attending our call today.

Next I will provide you with an update on our 2021 key financial highlights.

Mr. John Long: While both areas included licensing and milestone payments from our strategic collaboration, the 2021 fiscal year also included revenues from supplying our partners with clinical trial materials. Now let me turn to R&D expenses. Our R&D expenses for 2021 were 1,213,000,000 RMB, or $190 million U.S., compared with 985 million RMB for 2020. The increase in R&D expenses was primarily due to the rapid advancement of our pipeline, with more Phase II and Phase III clinical trials ongoing, especially for NAMS-HoneyMap, UniladyMap, CellZapMap, and Iftansoma Tropin Alpha. The administrative expenses for the full year 2021 were 899 million RMB, or 141 million U.S. dollars, compared with 402 million RMB for 2020.

First let me review our financial results for the full year ended December 31 2021.

As of December 31st 2021, our cash and cash equivalents and short term investments amounted to total $4 three senior RMB six.

671 million U S dollar.

Compared with 18 year RMB as of December 31, 2020.

Mr. John Long: The increase was primarily due to higher non-cash, share-based commercialization expenses and increased payroll expenses as we built out in preparation for product launch and commercialization. We had several non-core and non-cash expenses booked in 2021. The share-based compensation expenses for R&D were 202 million, or 31.7 million U.S. dollars.

For the full year 2021, our net revenues were eight media RMB for $13 8 million U S dollar.

Compared with <unk> 543 media RMB 4000 <unk>.

While both periods included licensing and milestone payments from our strategic collaborations.

'twenty one fiscal year also included revenues from supplying our partners with clinical trial materials.

Now, let me turn to R&D expenses.

Our R&D expenses for 2021 1.213 billion RMB or one.

190 million U S dollar.

Compared with 985 million R&D for 2020.

The increase in R&D expenses was primarily due to the rapid advancement of all.

Our pipeline with more phase II and phase III clinical trials ongoing, especially for numbers of honey, Marc when you add them up so I was asking about and that you've done.

So im talking about.

But administrative expenses for the full year 2021.

890, <unk> on B.

141 million U S dollar.

Compared with 402 media on before 2020.

The increase was primarily due to higher noncash share based compensation expenses and increased payroll expenses as we've built out in preparation for product launch and commercialization.

Mr. John Long: The share-based conversation expenses in 30-30 expenses were $400.7 million or $63.8 million US dollars. In 2021, we also booked $354 million RMB or $55.6 million U.S. dollar equity loss from I-Mab Hangzhou, which is our affiliate company providing manufacturing services to I-Mab. Non-GAAP-adjusted net loss for our core business was 1,285,000,000 RMB or 202 million US dollars.

We had a several noncore and the noncash expenses booked in 2021.

The share based compensation expenses in R&D was 200 under $2 million or 31 7 million U S. Dollar.

The share based compensation expenses.

The administrative expenses was 407 million or 63 8 million U S dollar.

In 2021, we also booked $354 million.

RMB $455 6 million U S dollar equity loss from IMF, Hangzhou, which is our affiliate company, providing manufacturing and services to I Mab.

non-GAAP adjusted net loss for our core business was $1 billion 285 media on B.

Or 200 under 2 million U S dollar.

Mr. John Long: I also want to highlight that our 2021 actual operating cash burn was about 1 billion RMB, or 165 million US dollars. Quite importantly, in light of recent U.S.-China regulatory concerns. We would like to reiterate that I-Mab has taken multiple proactive measures to address these concerns and risks. First of all, the company has implemented additional business processes and control changes to meet the requirements outlined in the US HFCA. These measures include, subject to compliance with applicable rules and regulations, engaging an accounting firm that is subject to inspection by the PCAOB to prepare its audit reports starting from the 2022 fiscal year.

I also want to highlight that our 2021 actual operating cash burn was about 1 billion RMB 465 million U S dollar.

Next <unk>.

Importantly in light of the recent U S China regulatory concerns.

I would like to reiterate that.

<unk> has taken proactive measures to address these concerns and risks.

First of all the company has implemented additional business processes and control changes to meet the requirements outlined in the U S. S. HFC.

These measures include subject to compliance with applicable rules and regulations engagement and accounting firm that is subject to inspection by the <unk> <unk> is 40 reports.

<unk> from <unk> hundred two fiscal year.

Mr. John Long: Such compliance measures are expected to take effect in our 2022 annual report. In addition, as previously discussed, the company is also pursuing a dual primary listing on the main board of Hong Kong Stock Exchange. We believe that the dual listing will offer our existing ADS holders the enhanced trading flexibility in addition to livestock and complement our current investor base. Recently, we have seen positive signals that U.S. and China regulators are working together on a solution to resolve the U.S. HFCA issue and ADR audit inspection requirements.

Such components mayors are expected to take effect in our 2022 annual report.

In addition, as previously disclosed the company is also pursuing due primarily and his team on the main board of Hong Kong stock exchange.

We believe that the.

<unk> will offer our existing existing Adas holders.

Housed trading flexibility.

Turning to our stock.

To complement our current Investor base.

Okay.

Recently, we have seen positive signals that U S and China regulators are working together on a solution to resolve the U S Hfcs issue and ADR audit inspection requirements.

Mr. John Long: We are happy to note that the China Financial Stability and Development Committee came out in early March in support of Chinese companies listed overseas, with Vice-Premier Liu He stating that, quote, policies that are favorable to the market would be introduced.

We are happy to note that China financial stability and development Committee came out in early March in support of Chinese companies listed overseas.

With the vice Premier New her stating that quote policies, such a favorable to the market would be introduced.

Mr. John Long: So we are reasonably optimistic that a solution will be reached between the two countries, and the regulatory risk will be mitigated or reduced as the discussions and actions move forward. It is also important to reiterate that the company maintains a strong cash balance with US$671 million at the end of 2021. Our current cash position, combined with expected milestone payments from existing deals and collaborations, is going to further strengthen our cash balance and be sufficient to support our key business activities to 2025. This cash runway actually does not factor in additional cash upsides from potential new business payouts and new financing arrangements.

So we are reasonably optimistic that a solution will be reached between the two countries.

Under the regulatory risks will be mitigated or reduced as the discussions and actions move forward.

It is also important to reiterate that the company maintains a strong cash balance with 671 million U S. Dollar.

<unk> 2021.

Our current cash position combined with expected <unk> milestone payments from existing licensing deals and collaborations.

Going to further strengthen our cash balances.

And sufficient to support our key business activities.

2025.

This cash runway actually does not factoring additional casually upsides from potential new business payouts and the new financing arrangements.

Mr. John Long: We firmly believe that our cash position provides us with ample insurance and flexibility to support our R&D activities, expand our commercialization capabilities, and ultimately transition us to a global specialty biopharmaceutical company over the next three years. I will now turn the call back to Dr. Zhang to summarize our upcoming milestones and categories. Thank you, John. Thank you, John. Now we're approaching the end of this call.

We firmly believe that our cash position provides us with ample insurance and flexibility to support our R&D activities.

<unk> our commercialization capabilities.

Ultimately transition us to a global specialty biopharmaceutical company over the next three years.

I will now turn the call back to <unk> to summarize our upcoming milestones and catalysts.

Well thank you John .

Dr. Jingwu Zhang: Let me just give you a brief forward look for 2022. I must say 2022 is already shaping up to be another exciting year. We're determined to focus on our corporate priorities in the three value-driving areas to continue building even stronger fundamentals. The first area is to deliver on the key pipeline milestones and catalysts. We aim to achieve 20 key clinical milestones, including the initiation of one or two registrational trials for Lansopalema, and I look forward to a set of five exciting clinical data readout events. These milestones are highly significant and impactful and are expected to drive the value of our pipeline.

Thank you John .

No we are approaching the end of this call let.

Let me just give you a brief forward looking for 2022.

I must say 2022 is already shaping up to be another exciting year.

We are determined to focus on our corporate priorities.

Value driving areas to continue building even stronger fundamentals.

Dr. Jingwu Zhang: To further advance pipeline development, we expect to initiate eight clinical trials in 2022 and five R&D submissions or approvals in both the U.S. and China. By the end of 2022, our pipeline will have advanced to include three or four registrational trials, 11 Phase II clinical trials, three Phase I clinical trials, and a step closer to near-term commercialization. Now, the second area I'd like to mention is to deliver on the key corporate milestones, including our licensing BDDOs for urolateral I-Mab and possibly our bispecific antibodies.

What I say here is to deliver on the key pipeline milestones and catalysts. We aim to achieve 20 key clinical milestones, including the initiation of one or two registrational trials for NAND. So.

Panama and I look forward to a set of five exciting clinical data readouts events.

This milestone is a highly significant and impactful.

Spector to drive the value of our pipeline.

To further advance the topline developments, we expect to initiate a clinical trials in 2022 and five.

On the submissions are approvals in both the U S and China, but at the end of 'twenty.

<unk> to our pipeline we have advanced to include three or four Registrational trials 11 phase III clinical trials three phase one clinical trials and a step closer towards near term commercialization.

Now the second area I would like to mention is to deliver on our key corporate milestones, including our licensing BD deals.

Uli laterally map and possibly our bi specific antibodies and.

As I mentioned earlier, we're also working on.

Finalizing the deal for a pre BLA product to reach out to them.

Product portfolio.

Last but not least we're moving fast to build our capabilities and prepare the company for the near term commercialization.

Dr. Jingwu Zhang: As I mentioned earlier, we're also working on finalizing the deal for a pre-BLA product to enrich our near-term product portfolio. Last but not least, we are moving fast to build our capabilities and prepare the company for near-term commercialization. So, going forward, revenue generation will be a corporate focus of the company by combining the cash flow from the existing cumulative milestone payments with the near-term sales revenue expected in the next few years to bring the company to a stronger financial position. With that, I would like to end this call, and I thank you all for your participation and your continued support. Tyler, it's over to you.

So going forwards.

Revenue generation.

Corporate focus of the company.

Combining our cash flow from the existing cumulative.

Milestone payments with the near term sales revenue expected in the next few years to bring the company to <unk>.

Stronger financial position.

So with that.

I would like to end this call and I. Thank you all for your participation and your continued support.

Over to you.

Tyler Ehler: Thank you, Dr. Zhu, and thank you to Dr. Zhu, to Jialun, and to John for all their updates on their insights today. Next, we'll begin our Q&A session. If there are any questions, please use Zoom's Raise Your Hand feature, and we'll unmute you for your questions. Our first question comes from Kelly Sue at Jefferies. Kelly, could you please unmute yourself? Can you hear me?

Thank you to Dr. Jerry Thank you to Dr drew to Joe or John roller updates on your insights today.

We'll begin our Q&A session. If there any questions. Please use <unk> raise your hand future <unk> you for your questions.

Our first question comes from Kelly.

Jeffrey Kelly could you please <unk> yourself.

Okay.

Okay.

Can you hear me.

Yes.

Tyler Ehler: Yes. Yep. Okay, great. Thank you for taking my questions and congratulations on the progress. I believe this is the first time we have heard a mention of data from Lambda PolyMab in combination with other citadins. We mentioned that the response rate is comparable to Margo EMDS. I'm wondering, are you referring to the data sets that are 90% ORR and 40% complete response rate of Margo and other combos in front line MDS?

Okay great.

Thank you for taking my question and congrats on the progress.

I believe this is the first time, we have heard of Nash App data.

Poly map in combination with <unk> as I said at Inc.

We mentioned that response rate is comparable to <unk>.

MBS I'm wondering are you referring to the datasets that are 90% <unk> and 40% complete response rate.

For Microsoft and Azure Commvault in frontline Mds and also could you. Please provide a mall commentary regarding the safety.

Tyler Ehler: And also, could you please provide more commentary regarding the safety differentiation you have observed to date? And lastly, would you be able to provide more specific timetables for the key data readouts for the Lambda program? Thank you. Thank you, Kayleigh. Yeah, for your questions, I like to ask Andrew to elaborate. Andrew.

French Asia, you have observed to date and then last <unk>.

We will be able to provide a more specific timetables for the key data readouts for Lambda program. Thank you.

Thank you Kelly.

Yes for your questions.

I'd like to ask <unk>.

To elaborate Andrew.

Dr. Andrew Zhu: Oh, thank you. Thank you, Kelly, for your very, very insightful questions. You're right.

Thank you Joe Thank you Kelly.

Very very insightful questions.

Dr. Andrew Zhu: You know, Gilead definitely reported Migratory map efficacy data in the 2020 ASCO mean, where they actually describe the state efficacy of neckline mapping combined with azidity for Firstline MDS treatment in their report of 33 patients who were treated for about four months duration. OR was around 90%, and CR rate was about 40%.

Youre right.

Gilead definitely we park AC My quarterly Mab efficacy data in 2020 as cool maintain.

Where they actually describe the efficacy of macaroni mapping in combination with Azacitidine for first line Mds treatment.

Their report of 33 patients who are treated for about four months duration.

Or with around 90% CR rate.

It was about 40%.

Dr. Andrew Zhu: So, we look at our preliminary data with first-line MDS, you know, we have actually found that the combination of lens of polymer and ACA in this cohort of 22 patients who are treated for at least four months duration. The ORR and CR rates in our cohort was actually comparable to that of, I'm a gory man. And also, we do actually have a better safety profile.

So we look at our preliminary data with frontline Mds.

<unk> actually found.

That's a combination of logical party map and in.

In this cohort of 22 patients were treated for at least four months duration.

PR and CRM, raising our cohort was equity comparable to that theme.

Lori map data.

And also we do actually have.

Better safety profile I think what I mean by that is really we did not see any unexpected safety signal and also we did not see green five hematological.

Dr. Andrew Zhu: I think what I mean by that is, really, we did not see any unexpected safety signals. And also, we did not see grade 5 hematological TEAE. And so, you know, we're very encouraged by the preliminary data, and obviously, we're eager to disclose the data when the data is more mature, and hopefully, we'll present this one at a selected scientific conference. I want to just reiterate that our molecule is truly differentiated by design. This is actually through very vigorous antibody screening for a very highly selective binding site to a unique epitope.

And so.

We are very encouraged by the preliminary data.

And obviously, we're eager to disclose the data when the data.

It's more mature and hopefully will present this line in a selected scientific Congress.

I want to just reiterate that our molecule.

Truly differentiated by design this is actually true.

Dr. Andrew Zhu: And this epitope is really the centerpiece of our IP, because it is actually hidden in red blood cells but exposed on tumor cells. Thus, this will allow us to separate tumor cells from red blood cells. Preclinical and clinical data have actually supported the differentiation that it has a very strong anti-tumor activity while minimizing the effect on red blood cells.

Very good growth antibody screening for a very highly selective binding site to a unique epitope.

This <unk> is really the center piece of our IP because.

This is actually Hayden on the red blood cells, but expose on tumor cells. Thus this will allow us to separate tumor cells from red blood cells.

The preclinical and clinical data have actually supported the differentiation that it has a very strong anti tumor activity.

While minimizing the effect on our red blood cells.

Dr. Andrew Zhu: Uh, you know, we do hope that this one actually has the potential to become the best-in-class CT47. As I said, based on the phase 2 data, we are planning to initiate a phase 3 retrofitting trial using LAMBDO in combination with advocating for first-line MDS in China this year. We do believe, you know, by combining a good safety profile and also, you know, encouraging efficacy signals without the need for priming and also with the fact that, you know, microlimab is being held, and hopefully, we can accelerate our clinical trial development program. So hopefully, we can position Lenzo as perhaps the first approved CD47 product. This will be very exciting.

We do hope that this this one actually has the potential to become the best in class 60 47 antibody.

As I said.

Based on the phase II data, we are planning to initiate a phase III registration trial using lenzo in combination with Azacitidine in first line Mds in China. This year.

We do believe.

By combined a good safety profile and also.

Currently efficacy signal.

Without the need for priming and also with the fact that my early.

<unk> is being on hold.

Hopefully, we can accelerate accelerate our clinical trial development program.

So hopefully we can position lenzo as perhaps the first approach CD 47 products this will be very exciting.

Dr. Andrew Zhu: With regard to the upcoming milestones, you know, definitely, we plan to push our trial as fast as we can. And also, we are planning to release the top line data of LAMBDO in combination with AZA and AML-MDS soon. And hopefully, the full data will be presented at the Scientific Congress, either ASML or ASH. We're also planning to present the data for LAMBDO in combination with rituximab in NHL, likely at ASH. And also, lastly, the lenso in combination with Pemberley's map of polytumors at another conference, likely in CT. Thank you. Thank you, Kelly. And our next question comes from Louise Chen at Cantor. Louise, please go ahead.

With regard to the upcoming milestones.

Definitely we plan to push our trial as fast as we can and also we are planning to release the topline data of <unk> in combination with <unk> in AML Mds soon and hopefully other full data will be presented at.

At a scientific Congress.

Neither as small ash.

We're also planning to present the data for <unk> in combination with Rituximab in NHL likely at Ash and also lastly, Leslie in combination with temporary demand in solid tumors at another conference likely CTO.

Okay.

Thank you Kelly and our next question comes from Louise Chen of Cantor.

Please go ahead.

Tyler Ehler: Thank you for taking my question, and congratulations on all the progress in the second half of the year. So, just curious how you plan to deal with the regulatory risks associated with the HFCAA? And also, could you please follow up on your current dual listing progress? Thank you. Thank you, Luis.

Hey, Thank you for taking my question and congratulations on all the progress in the second half of the year.

So just curious how you plan to deal with the regulatory risks associated with the HFC AA and also could you. Please follow up on your current dual listing progress. Thank you.

Thank you Luis.

Dr. Jingwu Zhang: Yeah, I just want to say a few things, and then I will ask John or CFO to elaborate on the details. So our position is that we are quite optimistic that this potential risk can be mediated by the actions that we are taking at this time. We're working hard on the two main actions. One is to switch our current auditors to an auditor that is recognized by PCAOB and meets all the necessary requirements by the ACC.

Yes.

Just wanted to say a few things and then I'll ask John <unk> to elaborate on the details.

Our position is.

Quiet optimistic there is a potential risk can be mediated by the actions we.

We are taking at this time.

We're working hard on the two main actions.

Is to switch our parents.

<unk>.

Our auditors that is recognized by <unk>.

<unk> meets all the necessary requirements at ACC.

Dr. Jingwu Zhang: And as I mentioned earlier, there are successful examples by other companies, our peer companies, so it can be done. And the other action we're taking is to accelerate a due listing process for the Hong Kong Exchange. So maybe, John, you can elaborate more on the details. Sure.

As I mentioned earlier.

Successful examples of other companies our peer companies.

Yes.

It can be done.

And the other actions, we're taking is too.

Accelerates to listing process.

Four.

For Hong Kong Exchange, So maybe John you can elaborate more on the details.

Sure.

Mr. John Long: Thank you for the question, Louise. Like most of you, we are closely monitoring the negotiations between U.S. and Chinese regulators and are also following the practice from our peer companies in the Chinese EDR sector. In addition to that, the company has taken proactive actions to mitigate the potential risk. We have actually started the process to evaluate the feasibility in terms of changing principal auditors in the US based on our own situation and assess the necessary requirements according to SEC and PCAOB guidelines.

Thank you for the question Louis.

Like most of you we are closely monitoring the negotiations between U S under China regulators.

And also following the practice from our peer companies in China <unk> sector.

In addition to that the company has taken proactive actions to mitigate the potential risk.

<unk> actually started the process to evaluate the feasibility in terms of changing principal auditor and the U S based on our own situation.

Says necessary requirements according to SEC under the <unk>.

Mr. John Long: Specifically, we have already engaged professional firms to support our assessment in this regard, including review and analysis from regulatory, legal, operation, and internal control perspectives in order to meet the regulatory requirements from both China and the U.S. on all information provision and disclosure. In terms of timetable, we are working closely with our councils, aiming to complete the process by the end of 2022. Of course, it's subject to compliance with all applicable regulations and laws in both countries.

Specifically, we have already engaged professional firms.

To support our assessment in this regard, including review and analysis from regulatory legal accretion and internal control perspectives in order to meet the regulatory requirements from both China and the U S.

All the information provision.

Disclosure.

In terms of timetable.

We are working closely with our counsels aiming to complete the process by the end of 2022.

Of course, it's subject to compliance with applicable regulations and the loss from both countries.

Yes.

Mr. John Long: At the same time, as Dr. Jiang just mentioned, we are accelerating our dual primary listing project. We are hopeful that the capital market conditions will improve in the second half of this year, and we will complete the listing process and offer our ADS holders the risk mitigation alternative. Thank you. Thank you, John.

But at the same time as John just mentioned.

Accelerating our due primarily new steam project.

Hopeful that the capital market conditions would improve in second half of this year and we would complete the listing process.

All of our ABS holders the risk mitigation alternatives.

Thanks.

Tyler Ehler: Thank you, Dr. Gonigan. Thank you, Louise, for your question. Our next question comes from Joe Cananzaro at Piper. Joe, please go ahead.

Thank you John Thank you.

Thank you Luis for your question.

Our next question comes from Joe Catanzaro with Piper.

Please go ahead.

Tyler Ehler: Hey, guys. Thanks for taking my question, and congrats on all the progress here. Maybe one from me on the pipeline for the Phase 2 newly-led data expected at ASCO. Maybe can you speak to some of the high-level details on this data set, such as how many patients, what tumor types will be the focus, and whether you've been able to look at the CD73 PD-L1 dual biomarker in this trial? And then, maybe as a follow-up, what are your current expectations around the potential to execute on a global licensing collaboration for this program? Thanks. Thank you, Zhu. Well, maybe, Andrew, could you elaborate on that question? Yeah, sure, Jingwu. Thank you, Joe, for that question. You're right.

Hey, guys. Thanks for taking my question and congrats on all the progress here, maybe one for me on the on the pipeline for the phase two.

Uli, let the map data expected at <unk>, maybe can you speak to some of the high level details on this data set such as how many patients what tumor types will be the focus and whether you've been able to look at the CD 73, PD Lone dual biomarker in this trial and then maybe as a follow up what are your current expectations.

Around the potential to execute on our global licensing collaborations for this program.

Thank you Joe.

Well maybe Andrew.

Could you elaborate on that question.

Dr. Andrew Zhu: We did actually submit an abstract for this year's ASCO. This is a phase 2 trial with our UD Ledley map in combination with ToroPelli map and an approved PD-1 antibody in China in patients with advanced solid tumors. For this data set, we have a very comprehensive safety analysis for over 90 patients, and we will also report efficacy data in over 40 evaluable patients. In addition, as you suggested, we definitely plan to analyze the potential biomarker correlation with clinical efficacy, including CD73. PD-L1 expression and also some other biomarkers.

Yes sure. Thank you Joe for that question Youre right, we did actually submitted an abstract for this year's <unk>.

This is a phase II trial.

Our UV laterally map in combination with Turner accounting math and approved PD, one antibody in China in patient with advanced solid tumors.

So this data set.

We have a very comprehensive safety analysis for over 90 patients and also we will report the efficacy data in over 40 Evaluable patients.

In addition, as you suggest it we definitely plan to.

Analyzing the potential biomarker correlation with clinical efficacy, including <unk> 73.

PD lone expression and also some other biomarkers.

Dr. Andrew Zhu: And with regard to the patient population, this is mainly dealing with non-spalted lung cancer with different treatment modalities. Your second question has to do with, you know, generating more clinical data. So hopefully, you know, we can secure a global business deal. So on that front, we're continuing our clinical development program so that, you know, we can generate more robust data for UD-Ladley-Map. This includes our ongoing efforts in the States, where we have a phase two clinical trial program of ululazumab in combination with T-zole in patients with ovarian cancer and also other solid tumors.

And with regard to the patient population. This is mainly dealing with non small cell lung cancer with different treatment modalities.

Yeah.

Second question has to do with generate.

Generating more clinical data so hopefully.

We can secure a global business deal so on this brand.

We're continuing our clinical development program. So that we can generate more robust data for uli laterally math.

This includes our ongoing efforts in the states, where we have a phase II clinical trial program of either lastly, unilaterally mab in combination with the teasel in.

Patient with ovarian cancer and also other solid tumors.

Dr. Andrew Zhu: And as you know, AstraZeneca released, you know, their randomized phase 2 COASST trial testing CD73 with their PD-L1 antibody at ASIMO last year, showing, you know, quite impressive efficacy signals in non-small cell lung cancer, in this case, mainly stage three following combined chemoradiation.

And as you know that Astrazeneca.

<unk> they are randomized phase III <unk> trial testing <unk> 73, with our PD lone antibody at ESMO last year showing.

But impressive efficacy signal in non small cell lung cancer in this case, mainly stage III following combined chemo radiation.

Dr. Andrew Zhu: So they have actually, you know, entered the phase 3 trial, you know, with 1,000 patients. We are very encouraged by the published data, and also, we hope, you know, our ongoing efforts. You know, we'll generate additional data with UD LatLib as well. And also, last year at school, we already published some compelling clinical data with our 73 antibodies showing, you know, our products highly differentiated advantage, including, you know, the property avoiding the so-called hopi fat that's shared by many CD73 antibodies. We have demonstrated ULEAD has a very favorable PK-PD relationship and also some preliminary efficacy signals.

So they have actually.

Entered the phase III trial with 1000 patients.

We are very encouraged by the published data and also we hope.

Our ongoing efforts.

We'll generate additional data with either laterally as well.

And also last year at school.

<unk> already published some compelling clinical data with our 73 antibody and.

And showing our product highly differentiated advantage, including.

The property avoiding the so-called hockey fab, that's shared by many 73 antibodies.

We have demonstrated our unit revenue has a very favorable PK PD relationship and also some preliminary efficacy signal.

Dr. Andrew Zhu: So we do hope, you know, as the field continues and also as our data is more mature, we can, you know, continue the clinical development as well as support, you know, our potential BD transaction. Thank you. Joe, I'd also like to add that, um... CD73 as a drug class is still relatively early, and, you know, it's not as mature as CD47, so it's quite, it's quite natural for companies, you know, they want to see more data. So, UD Latinimab is, you know, it's a very attractive CD73 antibody because it's differentiated. It's also globally competitive.

So we do hope.

As the field continues.

So as our beta is more mature we can continue the clinical development as well as <unk>.

To support our potential Bt's transaction. Thank you Joe.

Joe I also like to add stats.

CD 73, as a drug class is still relatively early.

It's not as mature as <unk>.

The CD 47, so it's Scott.

It's quite natural.

For companies.

They wanted to see more data so uli laterally map is.

Dr. Jingwu Zhang: So, we hope that, you know, the new data being generated will facilitate our ongoing discussions with the big pharma groups for a global partnership deal. And we are actually in discussions with two or three big pharma groups. You know, like I said, the more data faced will help to facilitate.

It's a very attractive.

73 antibody because it's differentiated.

It's also a globally competitive so we hope that.

The new data being generated will facilitate our ongoing discussion with the big pharma groups for a global partnership deal and we are actually in discussion.

With.

Was.

Two or three big pharma groups.

<unk>.

Like I said.

<unk>.

The more data phase II data will help to facilitate.

Dr. Jingwu Zhang: Thank you, Dr. Zheng. Thank you, Dr. Zhu, for that comprehensive response. And thank you, Joe, for the question. Our next question comes from Andres Maldonado at HPW. Andres, could you please go ahead?

Thank you Dr. Cassandra. Thank you Dr. <unk> comprehensive responses. Thank you Joe for the question.

Our next question comes from Andres Multimodal Acw honors could you. Please go ahead.

Tyler Ehler: Yeah, thanks for taking my questions and reiterate my congratulations on the progress thus far. So my first question is, outside of increasing the manufacturing capabilities, how is your commercialization efforts expected to further evolve in the upcoming year? And then on the bookkeeping side of things, could you maybe provide additional details on the cash burn rate and any expected revenue milestone payments we should be on the lookout for? Thank you very much.

Yes, thanks for taking my questions and reiterate my congratulations on the progress thus far. So my first question is outside of increasing the manufacturing capabilities.

Is your commercialization efforts attracted to further evolve and the upcoming here and one of the book keeping side of things could you maybe provide additional details on the cash burn rate and any expected revenue milestone payments, we should be on the lookout for thank you very much.

Tyler Ehler: All right, thank you. Thank you, Andres. Maybe the first question I would like to ask Jialun to elaborate on. Qanon.

Alright. Thank you. Thank you and just maybe the first question I would like to ask <unk> to elaborate.

Jonathan.

Yeah.

Mr. Jielun Zhu: Sure. Thanks, Dr. Zhang. Hey, Andres.

Sure. Thanks, Bob herself, Hey, Andrew is yes.

Mr. Jielun Zhu: Yeah, just quickly on your question about commercialization. As I mentioned during the presentation, We have a near-term product portfolio, which includes Lamsa Polymath, CD40, CD47, PhthaloZotamab, CD38, Aptexometropine, which is our long-acting growth hormone, and one pre-BLA product that we're working to enlicense for the Chinese market. So we expect to file a BLA or launch these products in the 2023 to 2025 timeframe, so basically the next And that's also the critical time period for us to transition into commercial-stage biopharma, hematological oncology.

Yes, just quickly on your question about commercialization.

As I mentioned during the <unk>.

Presentation.

We have a near term product portfolio, which includes Lemzo polymath Cds 40, 47, South of <unk> 38 up tests of Metro paying which is our long acting growth hormone and one pre BLA products that we're working to a to a license for Chinese for the Chinese market. So we expect to file.

BLA or launch these products in the 2023 to 2025 timeframe. So basically the next three years.

And Thats also the critic critical time period for us to transition into a commercial commercial stage.

Biopharma.

The.

Hematological oncology.

Mr. Jielun Zhu: These products in the hematologic oncology area, you know, based on these three backbone products, will be very competitive in China to cover three major oncology indications, namely multiple myeloma, leukemia, and lymphoma. And all these three indications, broad indications combined, will cover almost the overwhelming majority of all the hematologic patients in China. In addition, epithelial metropine, our long-acting growth hormone, is expected to become a fairly sizable blockbuster drug in the Chinese market on its own, given all the, you know, technical differentiation we talked about and also the fact that our partner, our commercial partner, Jump Can, is a very experienced pediatric commercial company in China.

These products in the NSE Intelogic oncology area.

Based on this feedback both products will be very competitive in China.

To cover three major oncology indications, namely multiple myeloma leukemia, and lymphoma and all these three indications brought indications combined will take almost.

The overwhelming majority of all the chemo patients in China.

Condition in addition.

After somatropin, our long acting growth hormone is expected to become a fairly sizable blockbuster drug in the Chinese market on its own.

Even given all that technical differentiation, we talked about and also the fact that our partner our commercial partner jumped Ken is a very experienced pediatric.

Commercial company in China.

Mr. Jielun Zhu: We are actually rapidly building our commercial team under the leadership of our chief commercial officer, Mr. Yifei Zhu. We aim to cover around 200 to 250 major hospitals in China, which represents 70 to 80% of all hematological oncology patients in China.

We are actually rapidly building, our commercial team under the leadership of ours.

Our commercial Chief commercial officer, Mr. <unk> Zhu.

We aim to cover around 200 to 250 major hospitals in China and that represents 70% to 80% 80% of all of the Hematological oncology patients in China.

Mr. Jielun Zhu: And we're also working on adding these products to the reimbursement list in China as soon as possible. Lastly, I think, you know, in terms of estimates, we estimate that for the first three years, and for the next three years, between 2023 and 2025, we would be in a position to generate product sales revenue in the range of three to four hundred million dollars. These sales revenues are expected to increase significantly between 2026 and 2028, basically the following three years, when our near-term product portfolio converges with our expected solid tumor portfolio. So we expect to see exponentially growing sales revenue in the following three years.

And we also working on adding these products to that reimbursement less.

China as soon as possible.

Lastly, I think.

In terms of estimates.

We estimate that for the first three years for the next three years between 2023 and 2025.

We would be in a position to generate.

Product sales revenue in the range of $3 million to $400 million.

These sales revenues are expected to increase significantly between 2026 and 2028 basically the following three years when our near term product portfolio convergence with our expected solid tumor portfolio.

So we expect to see.

Potentially growing sales revenue in the following three years. So I hope this answer your question.

Mr. John Long: So I hope these answers your question. John, could you elaborate on Andrew's second question? Sure. Thank you, Andrew, for the question. As we reported in the slides before, the company had $671 million cash and cash equivalents at the end of 2021. On top of that, we now expect to receive over $250 million in cash between 2022 and 2025 from multiple author licensing deals, including existing AbbVie and JumpCan deals that we have successfully completed over the past few years. With regard to current cash burn, our actual operating cash burn for 2021 was 165 million U.S. dollars, and we expect to manage operating cash burn between $180 million and $220 million for 2022 and 2023.

John could you elaborate on Andrew the second question.

Sure.

Thank you Andrew for the question.

As we reported in our slides before the company had.

671 million cash and cash equivalent at the end of country one.

On top of that we now expect to receive over 250 media cash between 2022, and <unk> 75 from multiple licensing deals, including existing Abbvie and jumped 10 deals that we have successfully completed over the past few years.

With regards to current cash burn.

Our actual operating cash burn for 2021 was 165 million U S dollar.

And we expect to manage operating cash burn between 180 million to 200, <unk> for 2022 and 123.

Mr. John Long: Again, with the cash balance in the bank and the expected incoming milestone payments from the existing deals, we are confident that our cash position is sufficient to support our business operations for at least three years. Thank you. Thank you, John. And thank you, Jalun. And thank you, Andres, for your question. We'll take one last question before we wrap up. The next question comes from Yingqi Peng at UBS. Yingqi, could you please go ahead?

Again.

The cash balance in bank under the expected incoming milestone payments from the existing deals.

We are confident that our cash position is sufficient to support our business operations.

Three years.

Thank you.

Thank you John Thank you Joe and.

Thank you Andrew for your question, we'll take one last question before we wrap up.

Next question comes from EOG polo at UBS in she could you. Please go ahead.

Mr. John Long: Yes, many thanks for taking my question. I have a question regarding TJ202. So what is the latest update on TJ202's BLA submission in China? Could you please explain the difference in declaring it as an imported product compared to a domestic product for BLA submission? And when do you expect the BLA filing to be completed? I mean, thanks.

Yes. Many thanks for taking my question I have a question regarding two T. J <unk>. So what is the latest update on TJ <unk> BLA submission in China could you. Please explain the difference in declaring it as an imported credits compared to a domestic credits for beer.

That mission.

And when do you expect the BLA filing to be completed.

<unk>.

Alright, thank you.

<unk>.

Tyler Ehler: All right, thank you. So I'm happy to take this question. Now, in 2021, we successfully completed this registrational trial for failed SACMAP for third-line multiple myeloma. The results are good. MATS boasted primary and secondary endpoints and also demonstrated its advantage with a shorter infusion time and lower injection reaction rate, allowing failed SACMAP to be used in an outpatient setting.

So.

Happy to.

Take this question.

<unk>.

In 2021 week.

That's fully competed as registrational trial for <unk>.

Sorry to map for third line.

Myeloma results how goods.

Thats boasted primary and secondary endpoints and also demonstrated.

And advantage was a shorter infusion time and lower injection reaction rate, allowing <unk> to be used in.

Outpatient study. So this is all good.

Dr. Jingwu Zhang: So this is all good. Now, there's a slight delay in submitting the BLA package. The reasons are twofold.

There's a there's a slight delay in submitting the BLA package. The reasons are two folds.

Dr. Jingwu Zhang: On the one hand, we are in discussion with the Chinese CDE in light of a new CDE policy for conditional approval. So we are communicating with the Chinese CDE on that. On the other hand, we wanted to submit a different BLA package with a localized manufacturing plant embedded to significantly reduce the cost of goods, making Phelps Atomab the only locally made CD38 product to be commercially more competitive. So we are putting all this information together. And this is also supported by the Hanzhou local governments for local manufacturing. So through active communication with the CDE, we hope to submit a new PLA package very soon this year or in 2022.

On the one hand, we're in discussion with the China CD in light of a new CD policy.

For conditional approval, so we're communicating with the CD on that.

On the other hand, we wanted to submit a different BLA package.

Localized manufacturing plant embedded.

To significantly reduce the cost of goods.

Making <unk> the only locally made CD 38 product to be to be a commercially.

More competitive.

So.

We are putting all of this.

Information together and this is also supported by the Hangzhou local government.

For the for the for the local manufacturing so.

Through active communication with the CD.

We will hope to submit a new <unk> package very soon this year in 2022.

Okay.

Tyler Ehler: Thank you, Dr. Zung, and thank you, everyone, for dialing in today. If there are any more questions, please contact your local IR representative. And thank you again for everyone's time.

Thank you Dr Zile and thank you everyone for dialing in today. If there are any more questions. Please contact your local IR representative and thank you again for everyone's time.

Thank you. Thank you. Thank you.

Thank you.

Yeah.