NovaBridge Biosciences

Ladies and gentlemen, thank you for standing by, and welcome to the IMAP 2020 Interim Financial Results and Business Update Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. It is now my pleasure to turn the call over to Jilin Zhu, IMAP's Chief Financial Officer and Director. Please go ahead, Mr. Zhu.

Thank you, Rachel. Welcome to the IMF 2020 interim financial results and the business update conference call. Earlier this evening, we issued a press release providing a review of our financial results for the six months ended June the 30th, 2020, as well as an overview of our recent corporate highlights and upcoming milestones. The press release can be accessed on the investor's portion of our corporate website, ir.imapbiofarmer.com. Joining me today on the call from IMAP's senior management team are Dr. Jingwu Zhen, our founder, honorary chairman, and director, Dr. Zhong Shen, our chief executive officer and director, and Mr. Yifei Zhu, our chief commercial officer. Mr. Zhu recently joined IMAP and will be driving our commercialization efforts in preparation of our first product launch in China. Dr. Zhang will provide a high-level overview of our recent achievements and upcoming milestones, and Dr. Shen will comment on the status of our key development programs in greater detail. I will then provide a brief summary of our financial results for the six months ended June 30, 2020, before we turn the call back over to the operator so we may take your questions. Please note the discussion today will contain forward-looking statements relating to the company's future performance and are intended to qualify for the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors. 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 IMAP's business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information, except as required by law. During today's call, we will also discuss certain non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial measures, please see the financial results news release issued earlier today. Now I will turn the call over to Dr. Jin Wu-Zhang, our founder, honorary chairman, and director. Dr. Zhang, please go ahead.

Dr. Jin Wu- Thank you, Jalen. Thank you all for joining us today. I'm very pleased to welcome all of you to our 2020 Intern Financial Results and Business Update Conference Call. This is an exciting time for IMA. We have made substantial progress in pipeline development as well as corporate development over the last several months. And we are on our way to becoming a leading, fully integrated global biopharma company. Firstly, on the pipeline development side, We continue to make remarkable progress across all programs in our pipeline. Lenzopalimab, or TJC4, is an exciting drug molecule discovered and developed internally. It is highly differentiated from some other clinical stage anti-CD47 molecules in development. We have recently completed the Phase I dose escalation clinical trial in the U.S. and the results have largely validated the key differentiations of lansopalimab in safety in a favorable PK profile in cancer patients. Joan will provide more details on the clinical data as well as our clinical development plan for lansopalimab in a few minutes. TGFD5, our differentiated anti-CD73 antibody, continues to advance in a phase one dose escalation clinical trial in patients with advanced solid tumor in the U.S., and parallel clinical trial with TGAZ5 in combination with a PD-1 antibody is on track in China. We look forward to safety and PK-PD results from our U.S. trial that are expected to be available in the fourth quarter of 2020. Like CD47, we believe CD73 represents another promising immunontology target that may make a significant difference in the treatment of cancer. PGM2, our anti-GM-CSF antibody, is currently being evaluated for its role in the treatment of cytokine release syndrome associated with severe COVID-19. This development program exemplifies not only our commitment to innovation to deliver new therapeutic approaches to address unmet medical needs, but also our ability to leverage our strengths in regulatory and clinical development capabilities to quickly react to a global health crisis such as COVID-19. We are now on track to advance an ongoing randomized placebo-controlled pivotal clinical study to evaluate the efficacy, safety, and the cytokine levels in 120 patients with severe COVID-19 in the U.S. Now, in addition, we recently initiated a Phase 1B study with TJM2 in patients with rheumatoid arthritis. TJ202, our CD38 antibody, in our China portfolio is being evaluated in two parallel registration of studies in China for the treatment of multiple myeloma. The trials are on track for patient recruitment in 2020. We expect to file a BLA for TJ202 around mid-2021 or in the third quarter in 2021. We also look forward to progressing The ongoing Phase II clinical trial for TGA301 are differentiated, interlocking six inhibitors toward completion in patients with arthritis or colitis. Further, we expect to obtain R&D approval for a registrational trial for TGA101, our non-acting growth hormone for pediatric growth hormone deficiency. Similarly, we plan to initiate a Phase II clinical trial for TGA107, our long-acting interleukin-7 for glioglastoma patients with lymphopenia. We're very excited about getting these two clinical assets started in Phase II and Phase III clinical trials, respectively. Secondly, on the corporate development side, while rapidly advancing our top-line developments with great execution efficiency, we have begun to build our commercialization capabilities. In this regard, I want to highlight the recent appointment of Ms. Yvonne Yifei Zhu as our Chief Commercial Officer. Ms. Zhu has more than 20 years of successful commercialization experience and held senior executive positions at global domestic pharma and biotech companies. He will focus on building and developing IMAP's commercialization infrastructure strategy and preparing the company for future product launches. Mr. Zhu is a great addition to our management team. As part of IMAP's plan to expand our global footprint, In May, we announced the opening of IMET's Hong Kong office, serving as a regional hub for the company's capital markets and investor relations activities. In addition, we plan on building a R&D center in San Diego starting late 2020 to focus on translational medicine, biomarker analysis, and innovative formulation research. which will support the rapid progression of our innovative pipeline globally. As I mentioned at the outset, iMath is well positioned to become a leading fully integrated global biopharma company focusing on immunology. With more and more clinical milestones achieved, the innovative potential of our pipeline has become more visible and validated. as exemplified by a lens of polymap or TJC4. Looking ahead, we are very excited and confident in our science and our increasing capabilities to deliver value through innovation to patients as well as for our shareholders. Thank you now for your attention. I will now turn the call over to Dr. Junson, our CEO, who will review the status of our key development programs in great detail. Dr. Sun.

Thank you, Dr. Jin. Now I will be focusing on my discussion on the fast-to-prove-a-concept portfolio first. So today my focus is the three molecules, nendopartimab, TGC4, urine-lepidimab, or TGP5, and the plurimartinimab, or TGM2. So these programs are currently simultaneously developing in both U.S. and China. So the first one is our TGC4, or LenzoproteinMAP, which as Dr. Zhang mentioned earlier, is our highly differentiated CD47 antibody. It is designed to inherit binding to normal red blood cells while preserving its strong anti-tumor activity, a critical attribute in potentially differentiating it from other antibodies of the same class currently in development. There are two Phase I-II studies ongoing in both U.S. and China. In U.S., as I mentioned, we have recently completed the first part of the study, which is the dose escalation study demonstrating the probability safety and the PK profiles without any priming dosing strategies. The study has conducted a dose range of 1 to 30 milligrams per kilo. In all DLK-evaluable patients, no dose-limited toxicities or severe hematologic adverse events were observed The full clinical data will be released separately and presented at the appropriate scientific conference later this year. So please stay tuned. So the same study has been now proceeded as planned into a combination treatment with pembrolizumab in patients with severe type of solid tumors through a collaboration with Merck. And it's also proceeded with a combination treatment with rituximab in patients with non-Hodgkin's lymphoma. Simultaneously in China, we are also developing it in Phase I-II trials in patients with hematologic malignancies, such as relapsed or refractory AML and MDS. Despite the COVID-19 interference, the trial is ongoing smoothly, and the data for the trial are expected to be available in early 2021. So now the second compound I'm going to share with you is our TGA-D5, or udine laplumab. It is a differentiated CD73 antibody. As Dr. Zhang mentioned, it represents another promising immunology target under clinical development globally. We believe the key differentiation when compared to some of the other clinical stage antibodies of the same class, is related to its novel epitope, which works through a unique intradimer binding mode, resulting in a complete inhibition of enzymatic activity and avoid aberrant pharmacologic property known as the hook effect. It is currently being evaluated in U.S. in a Phase I dose escalation study in combination with ATIZO, which is under collaboration with Roche. We are assessing the safety, probability, and preliminary efficacy. The preliminary data are expected in the fourth quarter of 2020. So, in the same time, UD-Lapley map is being evaluated in another phase one study in China for its safety, probability, PKPD, and the potential efficacy. primarily in patients with solid tumors, including lung cancer, as a single agent, and the combination therapy with the PD-1 inhibitor in collaboration with Jin Shi Pharmaceutical. So now the third compound, PJM2, or promolimab. This is a neutralizing antibody targeting the GM-6F, an important cytokine that plays a very critical role in the acute and chronic inflammation. As we reported earlier, since March, we are developing it to treat severe patients with CRS associated with COVID-19. This study has been divided into two parts. The first part is a multi-center double-blind randomized placebo-controlled three-arm study to assess mostly the safety profiles. We were able to complete the study in early May. It has been demonstrated, assessed by data safety committee, which gave us green line for proceeding to the second part. So the second part is focusing on assessing the efficacy, safety, and vulnerabilities. As I mentioned, it's a much larger scale of the study, which currently is ongoing smoothly in the United States. We are also in discussion with FDA closely to finalize our clinical protocol, making it a potential registrational trial in the United States. As Dr. Zhang mentioned again, we recently initiated a multi-dose phase 1B study with clonamidab in patients with rheumatoid arthritis in China. We are also proceeding this for additional indications in the autoimmune disease areas as well as some of the rare diseases. In the same time, we will also look at the prevention and the treatment of CRS associated with CAR T treatment. Beyond these three product candidates, our early stage pipeline of novel monoclonal antibody is rapidly advancing towards clinical development in both US and China. We expect a serious vitamin D submissions to the United States FDA, including for TGA210. This is a novel monoclonal antibody directly added C5AR for cancers through a partnership with Mofosis. We also plan to initiate development of TGA210 in China. Another exciting early stage program is our TGCD 4B, a dual targeting property combining Clouding 18.2 and 4MBB that is uniquely structured to surcharge the T cells in a Clouding 18.2 dependent manner, enhancing the anti-tumor immunity while potentially minimizing toxicity. So in June 2020, IMAP and ABL-BIO, our partner, presented this preclinical data on this highly novel asset at AACR virtual annual meeting. We expect to file US IMD earlier next year. Now, I will move on to our fast-market China portfolio. TG202, or Filzotamab, is a differentiated CD38 antibody. originally developed by our partner, Mufosis. We own an exclusive license to develop and commercialize in the greater China. It is currently in development for the indication of multiple myeloma and autoimmune diseases such as SLE. We believe Felzartimab is potentially highly differentiated compared with the currently marketed CD38 antibody. First, in a similar pre-medication condition such as with dexamethasone, TG22 has demonstrated a significantly shorter infusion time and a lower infusion reaction rate. Secondly, unlike the current marketed CD38 antibody, it does not show to down-regulate CD38 expression on the surface of bone marrow myeloma cells in vitro. potentially maintaining the sensitivity of myeloma cells for repeated treatment. As Dr. Chen mentioned, we are conducting two parallel registrations trials at the third line Mongols treatment and the second line combination treatment with lenalidomide, both in patients with multiple myeloma in Taiwan and the mainland simultaneously. These two trials are all ongoing, and the recruitment progression remains on track. The company would expect to complete a BOA submission in 2021. And as we targeted, this will be our company's first BOA submission. Now, another Phase III compound, TGA101, or if that's somatopine, which is originally developed by Genexen, this is a very highly differentiated long-acting growth hormone that is being developed as a weekly injectable treatment for pediatric growth hormone deficiency as compared to currently available daily investments. We believe it has the potential to address an important clinical need and to cover a significant market gap. Our IMD application for a regurgitational trial has been accepted. in June of this year, and we expect to obtain the IMG approval in the fourth quarter of 2020. For TGA107, or if in a leptokine alpha, we expect to initiate a phase two clinical trial in lymphopedic patients with newly diagnosed GDM in the fourth quarter of 2020. Lastly, for our TGA301, or Olansky CEPT, Our IL-6 inhibitor, we are conducting phase two clinical trials in selective colitis. We expected to complete the recruitment in September, actually, for 90 patients. And then the top line results are expected to be released by early 2021. So after clinical efficacy and differentiations are validated, we plan to develop it in other inflammatory indications in which our six plays a role. With that update, I will now turn the call back to Jialun, who will discuss our financial results. Jialun.

Thank you, Joan. Now let me turn to review our financial results for the six-month ended June 30, 2020. As of June 30, 2020, cash and cash equivalents Restricted cash and short-term investments totaled 1.6 billion RMB, or US$221.1 million, compared with 1.2 billion RMB as of December 31, 2019. Now let me turn to the revenue. For the six months ended June 30, 2020, net revenues were nil, compared with 15 million RMB for the six months ended June 30, 2019. Now R&D expenses. R&D expenses for the six months ended June 30, 2020 were 442.3 million RMB or 62.6 million U.S. dollars compared to 265.1 million RMB for the same period in 2019. The increase in R&D expenses was primarily due to increases in CRO service fees to advance the company's pipelines, higher share-based compensation, and higher employee salary and benefits expenses due to increased research and development headcount. Now the administrative expenses. Administrative expenses for the six months ended June 30, 2020, were 171.4 million RMB, or 24.3 million US dollars, compared to 574.6 million RMB for the same period in 2019. The decrease was primarily due to reduced share-based compensation expenses, of 268.9 million RMB or 38.1 million U.S. dollars. For the six months ended June 30, 2020, IMAP reported a net loss of 582.9 million RMB or 82.5 million U.S. dollars. compared to a net loss of 857.3 million RMB for the same period in 2019. Non-GAAP net loss, which excludes the share-based compensation expenses, was 353.1 million RMB, or approximately 50 million US dollars, compared with non-GAAP net loss of 491 million RMB for the same period in 2019. With that, we would like now to turn the call back over to the operator so we can go ahead and take your questions. Rachel?

Certainly. Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the pound or hash key. Once again, it's star and the number one on your telephone keypad. Your first question comes from the line of Xi Fengfeng of CICC. Please ask your question.

Okay, this is from CICC. And congratulations on the excellent pipeline results. And thank you for taking my questions.

Actually... Hey, Xipeng, Xipeng, we can't hear you. Can you get closer to the phone?

Okay. How about this? Can you hear me now?

It's better.

Okay, okay. This is Xipeng Feng from CICC. And congratulations on the excellent pipeline results And thank you for taking my questions. I have two questions, actually. And firstly, it's about CD37 antibody or Lenzu party mass. Well, I noticed that no DLT or severe hematologic adverse events were observed in all DLT-available patients. And now, I think the market may keep an eye on the future R&D plans regarding the potential indications and even specific product types. And currently, we see combo therapies for CD47 antibody, and we also noticed that the company has already achieved the layout in the CD47-related bispecific products, including CD47 and PD-L1, CD47 and GM-CSF. So I just wondered, Could you please share some more colors and future R&D plans on these biospecifics? Thank you.

All right. This is Jin Wuxian. Maybe I can take your question. So you have two questions. Maybe I'll start to first address your question related to biospecific antibodies. In our pipeline, we do have two CD47-related bispecific programs, both of them at this point at CMC preclinical stage. One is the CD47-GM-CSS, which is designed as a fortified CD47 antibody. to more effectively treat solid tumor as GM-CSF works synergistically to enhance tumor killing M1 macrophage. Okay, so we're quite excited about this molecule because it's specifically designed to enhance intended clinical efficacy for solid tumor through activation of M1 macrophage. The other bispecific program is CD47-PDR1. We are also quite excited about this program because it is designed to combine two powerful immune pathways PD-L1 and CD47 to work together to achieve a better treatment efficacy. So we are at this point advancing those programs in the CNC and preclinical stage, and we expect to file R&D sometime next year in the U.S. to get clinical trials started. We're very excited about these two programs because we believe that they have an intrinsic quality to become potentially a second generation CD47 treatment. So this is the first question. Now the second question is related to our program, CD47 program. As we just mentioned on this call, We just completed the dose escalation study just a few weeks ago. Now we are in the process of analyzing and digesting all of the clinical data, PKTD data we recently generated from both our U.S. trial and China study. Now we are currently, we are finalizing our clinical development plan. So today, I don't have all the details for our clinical development plan to share with you, but I can tell you that our strategy for clinical development of TGA-C4 is twofold. First, we will focus on AML and MDS as the first indications for product registration, both in U.S. and China. Okay. And our ongoing trial in China will expand to a pivotal study aiming for registration. And we will start a parallel clinical trial in patients with AML MDS in US sometime soon, next year. So the first purpose is really for registration for AML MDS. Now, secondly, we are also working on solid tumors. And currently in the U.S. trial, we will expand to a combination study with PD-1 antibody for solid tumor and also with Rituxan for non-Hodgkin's lymphoma. and we will soon get a trial advanced to a certain point where we can collect sufficient data to make a judgment in terms of safety and some early efficacy signal. Now, the solid tumor studies will be carried out both in U.S. and China very soon.

Okay, thank you so much, Dr. Zhang. And actually, the CD37 antibody is my first question, and my second question is about the GJM2 or plamolimab. And I just wonder, would it be possible that this Phase II study for cytokine release syndrome can be or may be regarded as a registrational trial? What's the potential attitude from FDA?

Yeah, I would direct your question to June to address.

Yes, I think you've got the right point. So we have successfully advanced it from phase one to phase two by having smaller trials with focusing in safety early in May. Now we are full phase two. So exactly like you had wondered, we started the communication with FDA, and then we are in the final stage of completing or making agreement of our endpoint and the population. So most likely, we will be able to advance to the potential restritional trial from here now.

Okay, then I have no questions. Congratulations again for your excellent pipeline results. Thanks.

Thank you.

Your next question comes from the line of Louise Chen of Cantor. Please ask your question.

Hi, thanks for taking my questions and congratulations on the TJC4 data today. So I have three questions for you. First one is, how have healthcare reforms created an opportunity for China-based biotechs to become innovative organizations? Second question is, do you believe the domestic Chinese market could become a leading market globally? And if so, when would that be? Three years, five years, seven years from now? And the last question is, where would TJD5 fit into the treatment paradigm if it is approved and why? Thank you.

Thank you for the question. For the first two questions, I would like to direct them to Jialun, our CFO. Jialun, could you elaborate on the first two questions?

Sure, Dr. Zhan. I'm trying to remember your two questions. So the first one is about how health care reforms presented an opportunity for China-based biotechs to become more innovative. I think we share this view with a lot of our peers that this is the golden age for, I think, for China-based biotech companies to grow and become globally competitive. There is a confluence of a number of driving forces that have sort of converged to make this happen. The first one is obviously on the regulatory side. With China entering the global ICH system, with more reforms in the drug approval process, making it possible for scientific and clinical data to be exchanged more freely cross-border, and introducing more flexibility in the drug approval process, this is something that we haven't really seen five or ten years ago. But we're now seeing a lot of the flexibility being injected into the drug approval process. The second factor, I think, is related to funding or financing. We have seen just an exploding growth from biotech VC and PEs both outside of China and also in China, funding a lot of the promising biotech ventures from funding phase also through to the IPO. And the other important point here is also that we have seen the opening up of a lot of the regional capital markets. For example, the Chapter 18A market in Hong Kong and also the Star market in Shanghai. and these markets now allow pre-profit and pre-revenue companies to go public and raise funding. This is something that we didn't see five or ten years ago again. And I think the next point is about talent. We're just seeing increasing amount or number of returnee scientists and clinicians going back to China and they cover a number of aspects or all of the key aspects of the biotech value chain from early stage discovery to CMC to clinical and regulatory. And they play a very important role in terms of forming the next exciting biotech ventures in China. And I think the last one is about reimbursement. It used to be that a lot of the insurance dollars in China were paying for generic drugs or MeToo drugs. We're seeing an effort from the insurance administrators to recycle the insurance dollars and prioritizing payment to cover really innovative drugs. And I think this is one of the driving forces to support the next leg of growth for innovative drug companies. I think the next question you asked is about whether we believe the Chinese market will be a leading or one of the leading markets globally. And if so, would that happen in three or five or seven years? We are actually very optimistic in the gross aspect of the Chinese market. I think you can look at a lot of the statistics. The Chinese pharmaceutical market is now the second largest in terms of single nation state pharmaceutical sales. And if you look at a lot of the reputable market research firms, including Frost & Sullivan, maybe McKinsey and others, the consensus is the Chinese market will keep growing at a fairly respectable five to 10% annual growth rate over the next five to 10 years. Again, a lot of the driving forces for this growth, sustaining this growth is what I talked about earlier. You know, the demand for better standard of care the insurance program being more focused on the innovative therapies, emergence of a new generation of biotech companies like us, and even perhaps a more diversified payer structure with more commercial insurance coming into the picture to pay for these innovative drugs. We think going forward, and it's very likely that in the next In the next five to ten years, China will catch up in terms of the pharmaceutical market, catch up to the U.S., and become a leading market for innovative therapies, not only for multinational companies, but also for local biotech companies and pharmaceutical companies in China.

Thank you for your question. Now I can address your third question regarding TGA-C5, CD73 monoclonal antibody. CD73 is a very promising immunology target. It's globally competitive. Currently about five companies are at clinical stage, including TGA-C5. RCD73 TKD5 RCD73 monoclonal antibody. Now, TKD5 is a differentiated CD73 antibody. As Jun already mentioned, it works through a intradermalization mechanism to avoid the hope effect. It has defines clinical advantage over some of the other CD73 antibodies. Now, TJD5 or CD73 antibody works synergistically with PD-1, PD-L1 therapies as it creates a favorable tumor microenvironment for PD-1, PD-L1 to work more effectively. So, you can imagine that this monoclonal antibody is positioned clinically to combine with PD-1, PD-L1 therapies to potentially increase patients' clinical response rate and hopefully efficacy of the PD-1, PD-L1 therapies. And this is how This is the consensus in the fields, how CD73 would work synergistically with PD-L1 therapies. Now, we are conducting clinical trials in both U.S. and China. The U.S. study, as mentioned earlier, is in combination with a PD-L1 antibody in solid tumor. And the China study is in combination with a PD-1 antibody in solid tumor. And our phase one data, the dose escalation, safety, PKPD, for our U.S. study will become available by the end of 2020. I hope that we addressed your question.

Yes, thank you very much.

Thank you.

Your next question comes from the line of Zhongping Yuan of Huatai Securities. Please ask your question.

Hi, thank you for taking my questions. Congratulations on our breakthrough in TGC4. And I have two questions here. The first question involves the competition in the CD47 market. And I noticed that InnoVent has just initiated a phase 1B and a phase 3 clinical study of its CD47 antibody IBI-188 for the treatment of MDS. And as just explained by our interim report, our company will conduct a phase 2A trial in China. So I'm very curious that is it possible that IBI-188 will lead the competition of CD47 antibody in China's market? Also, I'm also interested in one of our peers, the TTI621 of Trillium. This drug has demonstrated some certain platelet toxicity in its clinical study. And this toxicity is rarely observed for other candidates. So what is the cause of this toxicity, and what did our company do to avoid it? Yeah, this is my first question. Thank you.

All right, thank you for the question. I can address your questions. First of all, I'd like to say our CD47 antibody is globally competitive. And I will address this in two ways. One is quality. The other, quality or differentiation. The other is speed. In terms of differentiation, our TGA-C4 stands out as a highly differentiated CD47 antibody because found minimally to red blood cells by design and has shown its critical advantages as it does not induce severe anemia and other hematologic side effects in both preclinical studies and now clinical studies, and we're very excited about this differentiation. So that's one aspect related to the quality of the molecule and the differentiation of the molecule. Now, the other aspect is speed. With the clinical advantages of our TJSC4, We are rapidly advancing our clinical development plan in both U.S. and China. As you can imagine, our antibody is well tolerated in the clinical studies. It behaves as one of the regular antibodies with safety and also a more favorable PK profile. Our program is very competitive at this point, but we're not in a position to comment on other companies' programs. But we know that we're already advancing very fast, both in U.S. and China, and we have a very clear clinical development plan how to move forward now with demonstrated clinical advantages or differentiation. And then your second question related to Trillian's molecule. Now Trillian's molecule, this TTI621 is associated with dose-limiting thrombocytopenia. It's quite clear that thrombocytopenia induced by this molecule, TTI621, is mediated through IgG function of the molecule because CD47 is also expressed on the platelets. With an effective function of IgG1, you expect to have thrombocytopenia because of the elimination of the platelets. And this is really the underlying mechanism for thrombocytopenia induced by TTI621.

Okay, Dr. Zhang. Thank you for your answer. And I have got one more question about our plan for commercialization. and we noticed that uh that mr mr if a jew is uh joined the company and he will uh in charge of our uh commercialization plan and uh could you tell us uh what's the current and the target headcounts of our sales team and uh what will be at the major the major uh candidates in the in the near future for example in the late 2020. thank you

Thank you for your question. I will direct your question to Mr. Xu, our newly joined chief commercial officer. Okay. Thank you for your questions.

First of all, I just got on board with IMAP, and I'm very excited about the company's pipeline. And it's a huge commercial potential as the unit products are clearly differentiated. So as our initial product series are related to the hematological mechanisms such as TGA202 and TGA354, and we will initially focus on building our commercial scalability in the hematology market. So with regard to the TGA202, it will be the first of our stock to market in China. So we are very excited about this product launch. and are strategically preparing for it with the formation of our own commercial team. The general plan is to form our own core immuno-oncology sales team of 150 to 200 people. So focusing on the most important 280 and also the specialized oncology hospital in China. So we made those days in phases to match and the TGA and TGA tool tools and commercialization process. So we'll start the team cutting process soon. Thank you.

Okay, thank you.

Your next question comes from the line of Jill Wu of CMBI. Please ask your question. Thank you for taking my question.

I have two questions. One question is in relation to TJC4. We understand that the company may have been in discussion with potential partners for collaboration of this product. Could you please give us some updates on that front? And my second question is about TJCD4B. This is a quite innovative bispecific antibody. Could you please give some color on the potential indication of this molecule? Thank you.

All right. Thank you for the questions. I can address your question. Now, your first question, as discussed earlier on this call, Our TGA-C4 stands out as a highly differentiated CD47 antibody. It has really attracted a lot of interest from big pharma groups around the world. They have been seeking a differentiated CD47 antibody. Now we have been approached by potential partners for collaboration and the discussion is ongoing and today I can say we will update the market as soon as it's finalized. Your second question is related to Clotting 18.2 for NBB. Now, this biospecific antibody has first-in-class potential. It's very unique. It's a combination of clotting 18.2, a new tumor-associated antigen related to gastric cancer, pancreatic cancer, and this is combined with our foreign BB antibody. And this foreign BB antibody is a conditionally activated foreign BB. Let me explain. So the foreign BB has to rely on clotting 18.2 in this case. to engage its target tumor cells in order to get activated. So results 18.2 engaging the tumor cells for MBB is not activated. So that design is very smart. It can potentially reduce the systemic exposure of 4-MPB because 4-MPB is known to induce liver toxicity. So this antibody is designed to avoid systemic toxicity, especially the liver toxicity. So this antibody at this point is at preclinical development. We expect to find the in the first quarter next year to get clinical trials started in the U.S. And this particular bispecific antibody is positioned clinically to treat cancers, gastric cancers, and pancreatic cancers.

That's very clear.

Thank you. Hi, operator. Just to let you know, we can only take one more speaker, I mean, one more participant's question due to time.

Your last question comes from the line of Claire Wang of China Renaissance. Please ask your question.

Thank you for taking my question. Congratulations on very good progress in clinical trials. I'm just wondering for the TGM2 indicated for severe COVID-19 patients, wondering if it could be used as a substitute for steroids or other hormones as a treatment. Thank you.

Thank you for your question. I'd like to direct your question to Juno.

Yes. Hi. Thank you again. I think this is a very good question some people have wondered. But there are a lot of science which is backing up that corticosteroids treatment has its biggest concern in terms of its poor immune system suppression, which could lead to more severe systemic infection and harm to lungs or other important organs. So if you look at the data, so almost all the cases, especially severe cases, the lab results shown that all the immune cells, especially T cells, have been compromised significantly. So under these circumstances, corticosteroids could very likely to, you know, compromise even further, putting patients in more dangerous situations for more infections. So GM-SSF is very different. It works in upper streams of cytokine release. It just works as a switch. So the switch off and on of those cytokine release, very focused targeting on the cytokine release, as you have been in the literature reported, it is very specifically related to cytokine release associated with COVID-19. So we believe GM-6F has this uniqueness for targeting the cytokine release associated with COVID-19 without compromising the general immunosystems. So if that works out, And we definitely believe it has much better advantages over steroid treatment.

So I hope that has answered your question. Very clear. Thank you.

Thank you.

I would now like to turn the call back to the management for closing remarks. Please go ahead.

I guess thanks everyone for participating in the call. Dylan, go ahead.

Yeah, on behalf of the management, we would like to thank everyone who joins this call this morning or tonight, depending on where you are. Unfortunately, given the time constraint, we may not be able to take everyone's questions. But rest assured, we will find other opportunities to keep the dialogue open with investors and analysts. Thank you again for your time today. Have a nice day or night. Thank you. Bye-bye.