AbCellera Biologics Inc.

Good afternoon and welcome to Abcelera's third quarter 2023 business update conference call. My name is Kate and I will facilitate the audio portion of today's interactive broadcast. If at any time during the call you need access to an operator, please dial star zero on your phone. At this time, I would like to turn the call over to Trent Steinmart, Abcelera's chief legal and compliance officer. You may proceed.

Thank you. Good afternoon and welcome to Abcelera's third quarter 2023 Business Update. We are pleased to have you with us today as we discuss the results announced in our press release issued after the market closed today, which you can find on our Investor Relations website. With me on the call today are Dr. Carl Hansen, Abcelera's Chief Executive Officer and President, and Andrew Booth, Abcelera's Chief Financial Officer. The webcast portion of this call contains a slide presentation that we will refer to during the call. If you are following along on the phone and wish to access the slide portion of this presentation, you may do so on the investor relations section of our website. For those of you who have accessed the streaming portion of the webcast, please be aware that there may be a delay and that you will not be able to post questions via the web. This presentation may contain forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements are based on management's current expectations and are subject to certain risks and uncertainties. Please review our SEC filings for risk factors that could impact our future performance. Our presentation and SEC filings are available on our investor relations website. Note that all dollars referred to during our call today are U.S. dollars. Now, I am pleased to turn the call over to Dr. Carl Hansen.

Thanks, Trinh. The highlight this quarter is that we are advancing assets from two Abcelra-led programs into IND-enabling studies. The first asset, ABCL575, targets ox40 ligand and is being developed as a potential best-in-class therapy for the treatment of atopic dermatitis and other indications in autoimmunity and inflammation. We discovered ABCL575 during our collaboration with EQRx as part of a co-development program that was initiated in 2021. We took ownership of this program in September after EQRx was acquired by Revolution Medicines. ABCL575 has been designed with potency, PK, and developability to enable less frequent dosing, which provides a potential for differentiation. At present, we believe ABCL575 has the potential to be one of the first assets to follow amlitalimab, which is being developed by Sanofi and which recently had a positive Phase II readout, providing evidence for the potential of this new class. Our second asset, ABCL635, is against an undisclosed target with an indication in metabolic and endocrine conditions. It has the potential to be a first-in-class therapy in a market segment estimated at more than $2 billion in annual sales. For strategic reasons, we will disclose more details of this program and indication only once it reaches the clinic. ABCL 635 is the first accelerator-led asset derived from our GPCR and Ion Channel platform and is aligned with our strategy of leveraging our expertise and technology advantage to create an internal pipeline of first-in-class assets. We anticipate additional development candidates in the next 12 to 18 months from this platform, and we will announce them only when we have committed to move them forward into IND-enabling studies. We would caution that studies leading to an IND carry significant risk, That said, if things progress as expected, we would anticipate IND submissions for both ABCL575 and ABCL635 in 2025. For both programs, we see the potential to get early efficacy data from clinical trials. We believe that these two assets and future programs will provide growing evidence that we can repeatedly generate potential first-in-class and best-in-class therapies. Given the breadth of our discovery activities, we anticipate generating more assets than we will have the bandwidth or capital to advance ourselves. Thus, we will be selective in the ones we bring forward into the clinic and expect partnering and out-licensing to remain an important part of our strategy. Turning to partnering, in September, we announced a new partnership with Insight working in the area of oncology. We also expanded our existing collaboration with Regeneron. Under the original agreement, Regeneron has exercised its rights to advance antibody candidates from two completed programs, including one against a GPCR target. Other programs are still active. In addition to the two partnerships completed in the quarter, yesterday we also announced a collaboration with Prelude Therapeutics to co-develop novel precision antibody drug conjugates, or ADCs, in oncology. We're excited to be working with the Prelude team on the development of a new class of therapeutics, with the first program focused on antibodies armed with small molecule protein degraders. In summary, I would like to highlight that developments over this quarter are aligned with key business objectives that we laid out last year. First, we said we would elect at least one candidate from our GPCR and ion channel platform and at least one candidate from a co-development platform for IND enabling studies in 2023. With the commitment to advance ABCL575 and ABCL635, we have achieved that milestone. Second, we said we would focus on high-value strategic partnerships. Our deals with groups like Regeneron, Prelude, and Insight are aligned with this strategy. We also said we would advance our T-Cell Engager platform and expect it to enter into a significant transaction in 2023. The science and the development of this platform continue to progress as expected, And tomorrow, our team will be presenting new data at CITSE in San Diego. While we haven't completed a transaction yet, we have increasing conviction in our TCE platform, both in its potential to generate internal assets and as a basis for strategic partnerships. And with that, I will hand it over to Andrew to discuss our financials. Andrew.