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Good morning to everyone, and thank you for joining us this morning. Thank you all for standing by, and I'd like to take this opportunity to welcome you all to the IMAP Biopharma Full Year 2022 Financial Results and Business Update Conference Call. This is Tyler Ehlich here, IMAP Senior Director, Investor Relations. At this time, all participants are in a listen-only mode. At the end of this call, we'll conduct a Q&A session, and instructions will follow at that time. Earlier today, We should have press release providing a review of our financial results for the full year ended December 31, 2022, as well as an overview of our recent corporate highlights and upcoming milestones. The press release can be accessed on the investor relations tab on our website at ir.i-mabbiopharma.com. Joining me today on the call from IMAP senior management team are Dr. Jingwu Zhang, our founder and chairman, Dr. Andrew Zhu, our acting CEO, and Mr. Richard Ye, our interim CFO and COO. To start, Dr. Andrew Zhu will provide a high-level overview of our recent achievements and upcoming milestones, also provide an update on our R&D progress. Mr. Ye will then provide a summary of our financial results for the full year ended December 31, 2022, Before we turn the call over to the operator to take your questions, please note that today's discussion will contain forward-looking statements relating to the company's future performance and are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, as well as 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 in today's discussion. The general discussion of the risk factors that could affect IMAD's business and financial results is included in certain filings of the company of the Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information except as required by law. We also discussed specific non-GAAP financial measures during today's call, the presentation of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Please see the financial results press release issue today for a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results. And with that, I'll now turn the call over to Dr. Andrew Drew, our acting CEO. Dr. Drew, please go ahead.

Thank you, Tyler. It's a pleasure to welcome all of you to our call today. I want to take this opportunity to discuss our key business update and major progress in core asset development for the year ended December 31st, 2022. Since the start of 2022, the company faced multiple challenges. including but not limited to geopolitical issues, such as ADR delisting risk, macroeconomics factors, including interest rate hikes, and the 2019 pandemic. In response to these challenges, the company made several strategic efforts to reposition the overall business and prioritize its pipelines. These measures resulted in a streamlined corporate structure and workforce, as well as focused development of five key assets leading to a significant reduction in the cash burn rate in 2022 and beyond. These efforts have allowed us to achieve critical milestones for our prioritized pipeline and deliver near-term value. In terms of the ADR delisting risk, on December 15th, 2022, the PCAOB issued a report that violated the previous determination and removed mainland China and Hong Kong from the list of jurisdiction where it is unable to inspect or investigate completely registered public accounting firms. For this reason, the company does not expect to be identified as a commission-identified issuer under the HFCAA. Operate files the annual report on Form 20F for the fiscal year 2022. This has removed a significant headwind the company faced in 2022. With the above-mentioned strategic efforts on the pipeline development front in 2022, we achieved 13 key clinical milestones, including positive results, including positive data readouts for three of our key assets, Lenzopartimab, Ulileptimab, and Gevastomic. Here, we highlight the five key clinical assets that we have prioritized. These assets are novel, highly differentiated, and among the front runners globally and all in China. First of all, Afkentometropin-R for our long-acting growth hormone. We completed the enrollment of 168 patients for our phase three trial in the first half of 2020. We expect to have a data readout in the second half of 2023, followed by subsequent BLA submission. In November 2021, we announced a commercial partnership with Jump Can, a top 100 Chinese pharmaceutical company specialized in the pediatric space. Second, Belzarvimab, a differentiated CD38 antibody. In addition to the completed Phase II registration study, our Phase III study for second-line multiple myeloma is on track, despite the impact of COVID-19. Continue to make progress with the local manufacturing plant in preparation for BLH decision and seek a potential commercial partnership. Next, we have three key assets that I will discuss in more detail later. Lenzoparlimab, a differentiated CD47 antibody, has reached the phase three stage. Ulileptimab, a differentiated CD73 antibody and a global front runner, has demonstrated impressive anti-tumor activity in non-small in a phase two trial. The clinical response is correlated with tumor CP73 expression. Next, GeoStomach, a clotting 18.241BB bispecific antibody with a failure safety profile and single agent efficacy signal. I would like to start by highlighting our highly differentiated CD47 antibody, Lenzoparimab, which has certainly attracted so much attention in the immuno-oncology field because of its leading position to be among the first CD47 antibody drugs potentially approved for hematological malignancies. I would like to remind you that lemzoprotein map is differentiated by design to avoid binding to red blood cells while maintaining strong anti-tumor activity. This differentiation includes the expected favorable safety profile with no priming dose required, less RBC-mediated syncytified, and compelling anti-tumor activity across several This molecular differentiation has been validated preclinically and has translated into clinical advantages that are being validated. I should also add in September 2022, AbbVie and IMAP entered into an amendment to the original license and collaboration agreement. As a result, both parties are continuing to collaborate on the global development of anti-CD47 antibody therapy. Here I want to highlight lemzoprotein map safety differentiation with clinical data. In a systemic safety data review of approximately 200 patients who were treated with lemzoprotein map, either as monotherapy or in various combinations. We have seen a compelling safety profile today. Overall, the safety data from both the US and China studies continue to be favorable when administered without a priming dose regimen. MTD was not reached in any dose regimen, mild TRE in solid tumor and NHL, And we have seen a good safety profile in combination with azacitabine in AML and MDS. And no grade five hematological TRIs have been reported. In the phase two study in MDS, we have observed a favorable safety profile shown on the right. Of note, this study enrolled more patients with worse baseline conditions than the comparable clinical trials conducted in Western countries due to the underlying disease that is heavily influenced by clinical practice in China. In this group, 74% of patients had a grade three and above anemia. and 51% of the patients had grade 3 and above thrombocytopenia at baseline. The overall safety results showed that lemzoprotein map, even without the priming dose, was well tolerated in combination with acidity, and the safety profile was comparable with that of acidity monotherapy. Next, I would like to highlight the clinical efficacy results presented at ASMO 2022. Of the 53 patients enrolled as of March 31st, 2022, for patients who began treatment six months or longer prior to the analysis, the overall response rate and complete response rate were 86.7% and 40% respectively. For those who began treatment four months or longer, the ORR was 86.2% with a CRR of 31%. I'm happy to share that the updated results from the most recent data analysis of 62 patients have demonstrated consistent clinical efficacy, including ORR and CRR, with no new safety signals identified. We are planning to present the updated data at a major scientific meeting in the second half in 2023. Here, I would like to summarize the key progress on Lenzopartimab. We have observed consistent and favorable safety profiles in more than 200 patients with hematologic and solid tumors treated with Lenzopartimab. Our Phase II MDS trial demonstrated a consistent efficacy trend, including ORR and CR, with a longer follow-up time since the asthma data presentation in September 2022. Lenzoharumab, in combination with azazitidine, has obtained approval from the CDE to initiate a Phase III regulatory trial for the first-line treatment for patients with newly diagnosed higher-risk MDS. Importantly, AbbVie and IMAP entered into an amendment to the original license and collaboration agreement As a result, both parties are continuing to collaborate on the global development of anti-CD47 antibody therapy. Next, I'd like to turn to Unilever, another global frontrunner that we are developing with a focus on non-small cell lung cancer. As previously reported, Unilactamimab is differentiated by design to avoid the hook effect. So what is the hook effect? Simply put, the hook effect is characterized by an abnormal phenomenon that a drug molecule paradoxically loses the effect at higher doses. As shown in the figure on the right side, Ulelecumab achieved complete enzymatic inhibition without the hokey fat. In contrast, olecumab could only achieve partial inhibition with hokey fat with higher concentrations. Ulelecumab's differentiation comes from a unique binding epitope at the C-terminus, We believe the differentiation gives the UDLivimab the potential to be best in class with an improved therapeutic window and more flexibility when combined with other anti-tumor drugs. We have observed robust efficacy data in stage 4 non-small cell lung cancer with high CD73 expression, and we are currently conducting, focusing our efforts on a biomarker-guided people-to-trial in advanced non-small cell lung cancer in the second half of 2023. So on the left side of this slide is our PK study. It really demonstrated linear PK profiles at five milligram per kilogram weekly or higher, indicating target separation. At 30 milligram per kilogram, saturation and complete inhibition of CD73 activity were observed in human tumor biopsy samples. Studies of uv-lethemimab in combination with an anti-PD-1 or PD-L1 have shown treatment is safe and well tolerated with no dose-limiting toxicities observed. Most treatment-related adverse events were either grade one or grade two. Uv-lethemimab RP2D has been determined to be 30 milligram per kilogram every three weeks in combination with toripalimab at 240 milligram every three weeks. This slide highlights the clinical experience of our U.S. phase one study of ulipalimab in combination with the tizolizumab in patients with refractory solid tumors. Among 13 efficacy-evaluable patients, three responses were seen, including one PR, with an overall response rate at 23% and the disease control rate at 46%. More importantly, shown on the right, all three responders were identified to exhibit higher expression of tumor 73, CT73, as compared to non-responders. This provides the initial indication that high CD73 expression may correlate with the clinical activity of UD LatinMAP. Here, I want to highlight the latest clinical development update on UD LatinMAP. As of December 2022, 70 patients had been enrolled in the phase two study of urilatumab in combination with toripalimab, a PD-1 antibody, in stage four non-small cell lung cancer patients. As a high level of summary, at the time of the first data cutoff in March 2022, ORR was 26% and the DCR was 74% for the first 19 evaluable patients. Remarkably, in patients with high CD73 expression defined of at least 35% expression level in tumor cells or immune cells, a much higher ORR was observed with a 57% ORR and DCR at 100%. Similar efficacy data in relation to CD73 expression were obtained in August 2022 with 32 evaluable patients and December 2022 with 45 evaluable patients, showing a consistent trend of efficacy signal with an overall ORR greater than 30% in all patients and an ORR approximately 50% in CD73 high expression patients as compared to approximately 10 to 15% for those with CD73 low expression. The advocacy data continue to mature for ORR and PFS in 2023. Our data have demonstrated that higher clinical response of ulilactamab and PD-1 combination therapy correlated with high tumor CD73 expression in patients with advanced non-small cell lung cancer.

I want to summarize the key development of ulilactamab on this slide.

Ule-LatinMab is a differentiated CD73 antibody with best-in-class potential. It can achieve complete CD73 inhibition without the hook effect. Ule-LatinMab has a favorable safety profile, and the combination of Ule-TorotalinMab demonstrated robust anti-tumor activity in non-small cell lung cancer, with the clinical responses correlating with CD73 expression. With regard to our further development plan for Iodilatumab, a data readout for the 70 patients in our Phase II study is expected for ORR in the first half of 2023 and for PFS in the second half of 2023. The company plans to present the data at a major scientific venue in 2023. A further clinical development plan is being finalized to include a biomarker-guided people-to-trial of Ulelecumab in combination with PD-1 therapy in stage 4 non-small cell lung cancer in second half of 2023 in China. and a global study of uv elective map in combination with a pd1 therapy and chemo regimen in advanced non-small cell lung cancer in parallel a companion diagnostic kit is being developed with wusi diagnostic and is on track for the plant studies with the new data the company has been actively engaging in a potential global partnership in sync with the planned global study. The last asset I'd like to touch on today is GivoStomach, our novel clotting 18.241BB bispecific antibody that has also made significant clinical progress. GivoStomach is a novel bispecific antibody with one arm targeting clouding 18.2 and the other targeting 4.1BB through conditional or local activation. The key differentiation of GivoStomach is twofold. Firstly, it binds to tumor with a wide range of clouding 18.2 expression levels, including lower expression, as demonstrated on the right in preclinical models. Secondly, the 4-1BB arm of GivoStomach is designed to function upon local tumor engagement as a mechanism of conditional activation. This feature makes GinoStomach a unique T-cell activator only localized at the tumor site without systemic toxicity. For example, liver toxicity and systemic cytokine release that are typically associated with 4,1-BB. Here, I'd like to take a moment to highlight GivoStomach's unique differentiation compared to other clotting 18.2 target agents. The differentiated molecular design makes GivoStomach unique among clotting 18.2 target agents, including ADC and Zobitoximab, a clotting 18.2 monoclonal antibody. GivoStomach has the potential to target a broader population, including those with lower clotting 18.2 expression. In contrast, The anti-tumor activity with ZOBE and ADC is rather limited to patients with higher clouding 18.2 expression in the tumor. Secondly, the 4,1-BB arm of Givastomate is designed to function upon local tumor engagement at the mechanism of conditional activation. This feature makes GWO's domain a unique T-cell activator with no systemic toxicities, including hepatic toxicity and cytokine release syndrome. In addition, GWO's domain exhibits less gastrointestinal toxicity than that is commonly observed for other clotting 18.2 targeted therapeutics. Together, GivoStomach is clinically positioned to target gastric and pancreatic cancers that have lower clotting 18.2 expression and are considered not eligible for treatment by ZOVI or clotting ADC, respectively. And those with high 18.2 expression by offering a more favorable safety profile over other clotting 18.2 therapeutic modalities. DOBI has the potential to be combined with first-line standard chemo PD-1 therapy in gastric cancer and also in several other tumor types. The preliminary clinical data are consistent with the differentiation of givostomate. Here, I want to summarize the ongoing phase one dose escalation trial of givostomate. in patients with advanced or metastatic solid tumors. By the end of 2022, eight-dose cohorts have been completed up to 15 mg per kick without encountering dose-limiting toxicity. Most treatment-related adverse events are grade one or grade two. There is a dose-dependent increase of drug exposure and soluble 4,1-BB in serum. suggestive of a favorable PK PD profile and potentially a longer dosing interval with durable T cell activation. By five milligram per kilogram or above, CTROF reaches its target concentration in over 90% of the patients observed.

Meanwhile, PD data indicate

that TCL activation occurs only at tumor size. As mentioned, we had disclosed a PR at 5 mcg per kilo last July, and we have seen additional single-agent efficacy signal, including PR and stable disease in different cohorts as well. we expect to share the phase one data in the second half of 2023 and we continue to engage in discussions for a potential global partnership finally i would like to highlight the expected faculties in the near future the first area is really to deliver our pre-bla assets We expect a phase three data readout on F-tensyl metropine in the second half of 2023, followed by subsequent BLA submission. We are particularly excited about this asset and the market opportunity that exists in China. We're also on track with phase three for feldsar format and a potential commercial partnership. The second area is on the clinical development of LEMZO party map. We will initiate the phase three clinical trial for LEMZO party map as a first-line MDS treatment. We expect our phase three study in China will support a planned BLE submission with the goal of being first to market and first in class in China. Next is ulileptimab, our exciting CD73 antibody. This year, we expect an additional data readout for ulileptimab phase 2 non-small cell lung cancer trial, while planning to initiate a biomarker-guided people-to-study in stage 4 non-small cell lung cancer in the second half of 2023. We continue to engage in discussions for a potential global partnership. Finally, we continue to be excited by the development we see in GWO Stomach. We're currently completing our phase one clinical trial and continue to engage in discussion for a potential partnership.

Lastly, we expect to initiate new INDs this year.

As a reminder, I have not even touched on the multiple preclinical state assets we have in development. The company continues to focus on fundamentals with innovative strategies. With that, I'm happy to turn over to Richard, who will discuss our financials. Richard.

Thank you, Andrew. Let me turn to review our financial results for the full year end of December 31st, 2022. As of December 31st, 2022, our cash and cash equivalents and the short-term investments were RMB 3.5 billion or 514 million US dollars. Compared with 4.3 billion RMB or 671 US dollars as of December 31st, 2021. IMAP's strong cash balance is expected to provide the company with adequate funding to support key business operations over the next three years. Total revenue for the full year of 2022 were RMB minus $221.6 million, or $32.1 million, compared with RMB 88 million for the full year of 2021. The decrease in 2022 net revenue was primarily due to an one-off accounting treatment of US dollar 48 million recorded in the second half 2022 following the amendment to the original license and collaboration agreement with AbbVie in August 2022. Further details can be found in our annual financial results. The decrease was partially offset by the revenue of 92.6 million RMB or 13.4 US dollars from license and collaboration arrangements and the supply of pipeline products. Now let me turn to the RMB expenses. Research and development expenses for the full year of 2022 were RMB 904.9 million or 131 million US dollars compared with for RMB 1.2 billion for the full year of 2021. The decrease was primarily due to the reduced demand for pipeline products as the company prepared to procure the sufficient stock for the pipeline products in 2021 and a lower share-based compensation expenses. And then administrative expenses for the full year of 2022 were RMB 720 million RMB or 104.4 million US dollars compared with 899 million RMB for the full year of 2021. The decrease was primarily due to lower share based compensation expenses in relation to the management personnel and an optimized control of operation and administrative expenses. Net other expenses for the full year of 2022 were RMB 126.6 million or 18.4 million US dollars compared with net other income of 83.2 million RMB for the full year of 2021. The change was primarily caused by unrealized exchange losses due to fluctuation in the exchange rate of RMB against the US dollars in 2022. I would like to reiterate that we maintain a strong cash position of $514 million that was held at the end of 2022. Our current cash position combined with potential upcoming milestone payments from the previous licensing deals and the collaborations is expected to further strengthen our cash reserves. This has been largely achieved by our move to focus on five key clinical assets in our pipeline through our reprioritization effort in mid-2022. We also streamlined our corporate structure. This has also been included in streamline our workforce through a headcount optimization that was in line with the reprioritization of our pipeline, reduction in our overall operating expenses and the corporate structure. With this, we have implemented cost initiatives that we intend to maintain committed to as we were determined to maintain operational efficiency and a very lean operational budget. Overall, this represents about a 20% reduction in cost in 2022. We're expected to further reduce in 2023 as we continue to focus on where we can deliver the most important value to our shareholders. In closing, our current strong cash position will provide us with ample flexibility to support our R&D activities in the next three years. With that, I would now like to turn the call back to Tyler and begin our Q&A sessions. Tyler?

Thank you, Richard. And thank you, Dr. Zhu, for your time and for your insights today. Next, we will begin our Q&A section. If you do have any questions, please use Zoom's Raise Your Hand feature, and we'll unmute you for your questions. First question we see is from Kelisha. Kelly, please go ahead.

Thank you, Tyler, and thank you for taking my questions. My first question is, has IMAP been able to resolve its delisting risks fully? And I also have follow-up questions.

Yeah, hey Kelly, thank you for your question. I think most of the delisting risk has been mitigated by our work with our current auditor through the PCAOB new rules. So our delisting risk has been largely mitigated throughout last year.

Thanks, and also regarding the phase two trial, of CD73 antibody in stage 4 non-small cell lung cancer. You updated 70 patients has been enrolled by the end of last year. I'm curious, could you share more information regarding the patient baseline characteristics regarding PD-L1 expression level and also prior PD-L1 treatment? Are they like refractory or relapsed from any PD-L1, other PD-L1 agents? Thank you.

Yeah, let me take that question. So Kelly, as I indicated in my presentation, the data that I presented, the one with 70 patient cohort, that's specifically targeting the treatment naive stage four non-small cell lung cancer. So they are definitely naive to all the treatments, including PD-1.

And so our data, yeah.

Sorry, go ahead.

Do you have a follow-up question?

Oh, no, sorry, go ahead. I'm okay.

Yeah, so basically, I think in our study, exclusively look at that particular population, you know, for our activity and also tolerability in our phase two trial.

Okay, thank you.

Thank you, Kelly. And I'm showing Joe Catanzaro. Joe, please go ahead.

Hey, guys. Hopefully you can hear me okay. Maybe just one quick one from me on givostomig. I know you touched on this a bit in the prepared remarks, but the Clawton 18.2 space has obviously become highly competitive. So maybe two questions around this. First, how do you think about the data that we've seen for zolotuximab and the implications around Clawton 18.2 as a target? And then second, Given the competitiveness with a lot of different modalities, how do you think Givostomig is positioned here? Thanks.

Yeah, so Joe, great question. I think, you know, with the data from Spotlight and GLOBE, you know, two phase three trials in the first line metastatic gastric cancer phase, With the addition of ZOBI to the standard chemo backbone, both studies, you know, convincingly demonstrated the improved benefit. And I think, you know, clearly we have validated clotting being a relevant therapeutic target in gastric cancer. So I think that part, you know, I personally feel that, you know, there's actually no argument. I think anti-clotting 18.2 antibody has a role. You know, this will, you know, definitely benefit patients with metastatic gastric cancer. But also, as you know, both trials select patients based on clotting 18.2 expression, and the criteria they use is actually 2 plus, plus 3 plus of at least 75%. So you can imagine, you know, I think if you look at this population very carefully, this probably will be applicable for about 30% of the patient with high clotting expression, clotting 18.2 expression. So my feeling is that, you know, I think Dolby will have the role in certain patients. And also for those, you know, who have low PD-L1 expression, this may become the major target therapy in combination with chemo. But having said that, you know, we also feel strongly that GWAS Stomach has a very, very unique position in a very crowded, you know, crowded 18.2 therapeutic target space in gastric and potentially maybe in other tumor types. Because, you know, the unique molecular design really allow this molecule to cover a wider population with different levels of clotting 18.2 expression. In particular, the lower 18.2 expression And we demonstrated that in preclinical models, you know, clearly it behaves favorably with more robust anti-tumor activity in comparison with other clotting 18.2 target antibody. Our ongoing phase one trial also gave us the initial confidence that, you know, we definitely have seen anti-tumor activity in clotting 18.2 low-expression patients when it did. our pile is still actually just ongoing, it's a phase one study. But nevertheless, we are encouraged by the early advocacy signal. On the other side of the spectrum is really the safety profile with our unique molecular design. As I indicated in my presentation, our molecule will only become active when the molecule is engaged with the tumor-associated antigen, in this case, clogging 18.2 positive tumor cells. In this case, the 4-1BV will get activated, So, in this way, it actually spares the systemic toxicity, including hepatic and also cytokine release syndrome. And this is actually commonly seen, you know, with other PCL-invader modalities, including 4-1BP-based. So we think, you know, our molecule also has the added advantage, even for those with high clouding 18.2 population, because it may potentially have the potential to be combined with the standard first lines, you know, for example, full fast 3D1 based combo. And also for other tumor types, we definitely have the potential to explore the combination of our drug with other combination chemotherapy in other tumor types. And lastly, as you know, there is actually the so-called class-specific side effects associated with clouding 18.2 target agents because the GI toxicity is actually very remarkable. You know, nausea, vomiting is commonly observed. Some of them could be actually incredibly challenging to manage. And in our trial, we only observed very mild gastric intestinal toxicity, in particular nausea, vomiting, which we think, you know, offers the advantage to be better tolerated, you know, in gastric cancer patients. So we definitely would like to further explore, you know, Givo's stomach development, either as a single agent, as we're doing right now, but also in combination down the road. Thank you, Joe.

Thank you, Dr. Gu, and thank you, Joe, for that question. Next, we'll have Louise Chen. Louise?

Hi, thank you. Hi, thanks for taking my question. So, do you have any concerns regarding the toxicity of 4-1BB agonists? These features have prevented high-target engagement in past programs, so can we expect more results from this dose escalation study? Thank you.

Yeah, I think, Louise, I'll take your question. Again, it's a very, very important question when it comes to the tolerability, the safety of any bispecific antibody, particularly when it comes to the T cell engager modality. I think, you know, as I was trying to answer to Joel's question earlier, I did mention that Our biospecific design is unique in a sense that we can only induce 4-1-BB activation upon causing 18.2 engagement at the tumor site. So for this reason, we actually spare the systemic toxicity commonly associated with O1BB and also other agonist treatment. So in that sense, you know, the toxicity concern associated with other O1BB antibody or actually other T cell engager, including CD3 base, Definitely, we actually have a very favorable safety profile as shown in our phase one, ongoing phase one trial. And because, you know, we're not actually seeing the systemic toxicity, including hepatic toxicity, cytokine release syndrome. And also, the added bonus for our bi-specific is that, you know, our GI toxicity also is on the mild side.

Thank you, Dr. Drew. Thank you, Louise, for that question. We'll take one last question since we're a bit over time. Andres Maldonado. Andres, please go ahead.

Hi, guys. Thanks for taking my question. A quick one from me. Could you provide additional color on how we should be thinking about your expected cash burn rate in 2023? And a quick follow-up to that is obviously you've been focusing on the four highlighted programs from your prepared remarks. So just curious from a timing-wise and a financial perspective, where do you expect to feel comfortable in bringing in additional assets to the clinic in the future?

Thank you. Yeah, let me, thank you for the question, Joe.

And let me start with the financial, you know, the burn rate question and Andrew can answer the pipeline question. So with this regard, as we have mentioned, that in 2022, we actually spent a lot of time actually optimizing our cost structure. So first of all, we actually focused on the five key assets and second, really optimizing the organizational structure. So this year, we're further going to reduce the overall cost, as we just mentioned in the call, that are expected of the current net burn rate for 2023 is expected to be in the range of $130 to $140 million. This will further optimize our our operational structure so that our cash position can retain us at least for additional three years or more years of cash operation. So given that we have other pipeline products that Andrew will discuss to develop, and we really focus our key assets.

Yeah, so I think this is a very, very important question for the R&D operation. I think a few things that I would like to share with you. As you know, that IMAP actually has a very, very innovative discovery engine. We actually produce quite a lot of innovative assets internally. But also for reasons that we discussed today, we've been actually really trying to focus on the key assets that we can actually generate more value you know, move the program to the next level faster, but also realize the value of these assets hopefully earlier so that, you know, the company will benefit, the shareholders will benefit, but more importantly, patients will benefit from this strategy. But having said that, we never stop looking at innovative assets from outside. It's just right now, with the current situation, our bar is higher. We definitely want to take a more critical look when it comes to the licensing efforts from outside. But this, you know, this is a dynamic process. You know, clearly we are aiming to also generate additional cash flow with our DDVU. So I think clearly, you know, we will reassess, you know, the strategy as we, you know, proceed with the new year in 2023. But right now, you know, we definitely want to make sure we focus on the internal assets, but definitely we will actually look at the key assets that, potentially have value and also have potential market more critically. You know, this is our current position.

Thank you, Dr. Juul, and thank you, Richard. With that, we will conclude today's call. I'd like to thank you all for dialing in to today's financial results and business update conference call. Yeah, thanks, everyone, for joining in. Give me a note of this connect.