ImmunoPrecise Antibodies (IPA) 7 Jul 232023 Q4 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for joining us today for IPA's earnings call covering the fourth quarter and full fiscal year of 2023. I am Regina, and I have the privilege of hosting this call.

Before we commence, I would like to draw your attention to the fact that our discussion today may include forward-looking statements. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from what we express or imply. to for filings these a uncertainties. you and the risks encourage Commission Exchange comprehensive strongly review with our Securities and We discussion of remains and legal only IPA mandated complying forward-looking as update statements requirements law. by to committed will with

trends as financial particular and today's non-GAAP business the accompanying be to performance. our comprehending allows IPA's assist comparisons investors in Adjusted as presentation During well of different in in we for over slides, meaningful periods. analysis call will in EBITDA conference measures employing business and analysts

For non-GAAP on a and please the of detailed analysis explanation and and discussion EDGAR measures refer reconciliation these management filing measures, to GAAP our SEDAR. section of to

who further to of would like overview ado, to our pass quarterly without results. IPA's I provide Jennifer will an floor Now Bath, the CEO, Dr.

Thank you, Regina.

AI you as we today's comprehensive strategically of IPA, call, During we in company. to leaders positioning the antibody understanding aim are a and how of therapeutics. And and our ourselves clear with provide field

we positioning our At ImmunoPrecise a technology, pioneers innovation. as in are as way Antibodies runner front company in the paving consistently

harness secrets to insights the solutions. apart the We realm employing biological ourselves of and AI and data is unparalleled cutting-edge deliver laboratory set mission Our by technologies data. patented groundbreaking that driven provide technologies trade to potential of into

also key but Let's not market only months. the by of unique over the significant These in the highlighting fiscal have begin made the year. milestones XX call the showcase today's achievements progress and past last developments position we our reflect

to year strong million translation. when total it currency continuing a million, X% 'XX, IPA by in to reaching we equates share adjusting a X.X% to 'XX, of record year demand to significant that of are Moreover, $XX.X with year-over-year the for of achieving a that proud which thrilled fiscal effects in revenue representing I'm build. report $X.X reached growth revenue which is fiscal milestone QX was

the June on now conditions. delivering It capabilities of positive one for QX the is this point year will in offerings, work, record our high as for IPA demand market highlight alone, staggering its momentum, and securing our stability from further exceptional strong from market's growth of which a dedication the accomplishments service, optimistic the to and year. dramatically month ability healthy have the is Building for translated high ongoing breaking our testament our Barry to fiscal our outstanding orders fee-for-service This impressive with in These a the growth. reinforces new sales demand reliably a time prevailing outlook in a services follow share $X.XX million to quarter-over-quarter our to in moving prior. confidence XX% $X.XX of previous trend million continued into shortly maintain IPA's face which revenue

discussions from a Talem, programs further key and these today's significant investments subsidiary we we of review, earlier stage industry three the that in hold consolidate enhancing the strategic redirected our elaborate active decision discontinue focus which value. Instead, are will efforts Regarding toward made to our believe each on Currently, after call. our we we programs, prospects programs assets. in

Furthermore, landscape. market changing adapt Talem ability has to its demonstrated to the

the trends toward faced our approach capture partnering in with We to aligning larger effectively valuable dynamics allows pipeline discussions the with This and focus us industry's shifted companies. opportunities. corporations, have strategically recent by challenges navigate more restructuring capitalization to

we in our milestones year, have achieved market. position that the past the Throughout demonstrate significant unique

universal collaborative license exclusive therapeutic BioStrand's of is Pharmaceuticals. agreement and license antibodies nature protein. exclusive result with Firstly, aims Talem With these HYFT develop technology. targeting entered and research therapies. further including an option the extensive partnership Astellas This the collaboration validating Astellas antibodies collaboration to CAR-T microenvironment for an a novel due-diligence of This development, into to tumor having efforts,

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generated bolstered sequence for have generation data, sequence also incorporating modernized attracted a but a VHH-based in only has opening and This revenue next accessible these expansion surge potential workflow newly phage increased discovery libraries IPA. offerings request new HYFT opportunities the with programs, for We for has not

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elaborate existing core pillars, first of wet-lab the terms today. initial we streams, with technologies you combined revenue revenue in increasingly undeniably are In will with trends. services on give attractive generating To which integrated three glimpse, pillar, have we an silico

specific generated close within of have those the We past XX% over weeks. service to six issued BioStrand with $XXX,XXX codes in codes

pillar, is second payments which discovery and novo USDXX up and offer royalty payments, through partnerships, milestone de to our potential revenue development USDXXX million. antibody With in alone to from approximately The upfront milestones silico ranging million payments.

in call. today's You will enthusing endeavors updates exact on receive some these

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our us to market valuable record have conclusion, revenues. reach innovative revenue achieve allowed breaking In streams, partnerships expanded and

that of We and our unparalleled unwavering lightning and our speed paradigm created have discovery are laboratory data and integrates bio committed reduced to our success the we driving any with growth dedication HYFT to By continued power esteemed innovation. AI, biological legacy insights. with harnessing a through platforms, technology energy

future further to our the industry. this integration Our supported dilemma and ability solve software enhancements, as information development the growth advancements, leaders in have

about updates regular solve validate our rapidly a our We excited various on we look based case throughout lie to that evidence are channels media as bring continue you these exciting and enigma's to you, basis ahead and biological disseminating investors advancements. opportunities the forward to to

Barry on now I'll microphone Duplantis relations turn over to business the and development. client updates for

Jennifer. you, Thank

preclinical sales, presently and of many three with including may of assets primary IPA you partnerships. and of classified mentioned, out-licensing just has Jennifer broadly previously fee-for-service, know, revenue, As as sources non-fee-for-service as operates product

business primarily sales In for maintained endeavors. development past, IPA the separate and fee-for-service teams

we all update, each this adopted and year outreach capture I more and have of to will a these ensure provide our comprehensive In fiscal any we streams. overview revenue capabilities opportunities. of an integrated that enhance 'XX, in However, approach and

The specific in technical greatly partnering team team hubs have and collected held by efforts industry in visits highly conferences addition team. IPA build outreach strong sales the biotech made and events events to IPA's asset been participated engaged hosted relationships. to geographic summits, has on-site effective actively major regions and in in several client possible establishing who contributed of leading key two sales These members have

proprietary we the which every has disrupting global how enhanced our integration 'XX, been year through seized to value year present to showcase technologies, is have current able discovery achieved technical been we our progressed, opportunity significantly paradigm. of fiscal have the IPA Throughout ongoing have output. and proposition as the BioStrand's This

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most terms of trials. time, with multimillion with at finances failure expenses Simply in and early first our program IPA prioritized wet-lab for ensuring put, phase We clinical the development, in therapeutic that the cost mitigate discovery the an asset candidates associated providing dollar thanks and of partners accumulating each escalate promising process with by risk workflows. always significantly the our both has advanced. of function to of are been in forefront data the crucial

BioStrand's With technologies, sequences. incorporate to extend of the beyond integration IPA function workflow first its antibody can wet-lab the

approach. scalable is assessment in Our triage funnel to silico highly IP the multiparametric screening and from and integrated move away cyclical, traditional linear allowing

what silico as revolutionizing late early working stage poor services, We can we integrating are evaluation humanization, assessment early eliminating attrition was triaging stage lead candidate incorporate and in development in processes candidate selection. and once lead considered towards our costly By cycle. associated immunogenicity liability with the such

prospects silico combination creates and a we're also that value silico cutting from clients resulting our growth to abilities act Moreover, catalysts including services enthusiastic in Furthermore, our The offer expertise wet-lab attracting extremely higher services of feedback and business and drives apart they recognition services, loop. our as satisfaction. margins. the rapid compelling customer wet-lab edge of in advantages about These and and business several desirable revenue work. profit the exceptional proposition

Utrecht, future expected months are occurring perfectly order they commitments not cycle, orders protein began impact the to the in fiscal time in Europe of useful are of revenue of top may sales though this second our sales do efforts forecasting metric standalone the correlate the and 'XX they our protection Once antibody on future sales half even sales of during materialize again, discovery our and IPA revenue. year the Based from frame. signed with not a three while based work encompass

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we've phage six year solidifying the all to of sales $X.X industry's for million six In services in the the 'XX. In transgenic last fiscal programs away programs initiated four months, movement in secured past XX we've animals. months, from orders based than greater compared humanization as

$X.X the million company milestones. recorded mentioned, the marking highest IPA to-date. Jennifer quarterly revenue, of an In impressive as Regarding notable total has revenue revenue QX, achieved

solid in increase revenue consistent Additionally, to million results compared revenue. fiscal of success the year strong and generating highlight fiscal sales year revenue 'XX. our reached $XX.X and reflecting ongoing momentum X.X% annual growth order 'XX a The

from Moving fee-for-service on the offerings.

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in in the companies favorably our conversations highlight data. in we eagerly and assets have approximately positioning These outcomes awaiting more XX interest success out-licensing Additionally, generating landscape. us significant our driving

our earlier. Finally, to driven by featured have sales the partnerships approach I been recent where integrative non-fee-for-service on like touch successes I'd mentioned

intercompany year phase two joint appropriate BriaCell evaluated we executed now has identified silico completed wet-lab. the the upon in 'XX, the being in and fiscal During program is silico opportunities starting in the with and Biostrand Biostrand.

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I that, it hand CSO. with to And will over our

and Barry, morning you, all. Thank good

I discuss strategic and current a our maximizing initiatives value. moment aimed at operations like to streamlining would to take shareholder

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Talem biotech create and actions our We our for believe in of to navigating position that steadfast the for to sustainable remain the in the sectors. the and value foster years landscape We shareholders growth evolving and pharma strategic come. success will commitment

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the to turn the I over for to would Jennifer operational like call now update.

Thank Ilse. you,

to dedicated strong building has for a foundation leading IPA years innovation.

and driving and technologies that and focused Historically, knowing always clients a bringing denominator serve the cutting-edge products would data emphasis core to placed to business. quality collection a analysis together commitment high-quality we on has on throughput our force. Our delivering been strong Metadata the as output in

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our LENSai our The patented HYFT cornerstone that of revolved plan technology BioStrand's around business software. powers

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the I'll that, go our McConn, to microphone Brad Officer. turn Financial With Mr. over Chief and ahead

morning, Thank you, Jennifer, good everyone. and

provide I'll for financial of results overview an our the year.

our the of position touching the of Before on financial period. end as

reminder, a otherwise Canadian are all dollars, I unless in numbers As reference noted.

IPA recorded fiscal rises increase total during $X.X quarter fourth effects the quarterly XXXX. When of XXXX. compared of revenue currency a million revenue XXXX, fiscal X.X% includes year-over-year. the of $XX.X fiscal translation, revenues the during of adjusting growth million year record X% to This for to

our results year year XX.X% XX.X% Both $XX.X profit platforms in was the impressive respectively. increase compared with million, profit Utrecht $X.X to and gross while Gross for year-over-year, our XXXX. Victoria growing production compared XX% realized during XX.X% totaled and the margin year protein B-cell to million an select and prior fiscal of sites the

expenses the fiscal spend of Operating $XX.X and to compared fiscal $X.X XXXX, as during first Research XXXX. XXXX, totaled PolyTope expenses ended April an during compared $XX.X million and on combination year. million year development this second XX, million $XX.X to totaled increase million primarily during is this increase XXXX, the quarters to related for of antibody therapy

advertising million of increase year. prior an XXXX, year, and fiscal to Compensation the respectively. second $X.X the first Sales of XXXX, the costs while payments, $CAD expenses fourth development X.X and expenses $X.X in compared the million prior from research year. including totaled $X.X million and and $X.X $X.X each the expense, During marketing quarter as quarters during million $X.X million, share-based and to travel totaled increased of compared million million

site, also while with to of found on impairment to associated company is $X.X arises payments million will asset $X the primarily fees in the to BioStrand. unit. transaction of staff details during $X.X BioStrand charge compared in of benefits This cost in noncash to XXXX, an The million million. which the addition million, our increase the due compared be the decreased primarily a and share-based the an BioStrand Salaries due increased increase a $X.X million year driven to reduction the million, general managers $XX.X $X.X Professional an totaled expenses of Management goodwill year legal XX-F. the More decreased million April by administrative year. due at contracted prior and capital cash-generating fees ended of increased costs. at and General recorded charge a with XX, $X.X ago. as associated

a recorded subsidy included an increased million for fiscal of Finally, IPA research of in of compared million The IPA income the from to million million as amortization other of recorded ended the $X.X the unrealized intangibles grant VLAIO, the income first income million All fiscal during a net in grant prior other $X.X year. during recorded of compared of exchange to BioStrand. during $XX.X a told, in XXXX. million XXXX of in funding through $X.X $X.X with regional decrease Belgium. gains. year government Along biggest of XX, loss acquisition $XX.X the recorded fund increase changes the intangibles the Flemish of loss April IPA million during XXXX, round $X.X

compared balance sheet. to XXXX, Moving XXXX. April to of million $XX as XX, cash the IPA of as held $X.X XX, million of April

the expenditures During during cash million our $X.X million $X fourth QX the finally, quarter. year, QX, $XX.X during million QX, quarterly during totaled and $X during million

million, in included to included $X.X share by $XX.X while due million in $X.X in used used in financing and operating cash million for Cash lease for acquisition million equipment payment year, totaled cash option partially activities issuance payments, activities proceeds exercises. in activities in offset million from investing $X.X deferred the BioStrand. used $X.X purchases During

that, it Q&A. back Regina to for turn With I'll

Brad. Thanks,

questions Before and question McHale open floor Please Jennifer, Our analysts investors. from closing any of like line Ingalls & would will first Instructions] [Operator ahead. remarks, from the Snyder. with adds go Will come to the we to any

and Good morning, Jennifer team.

you was me, I Talem ones partner differ able Just from to how is from and Astellas be prior BriaCell a that the collaborations? recent couple about of might speak deals quick hoping

Will the for you questions. Thank

program, to anything I'll this this fit. sees can feel add one here he as certainly associated of. free he so also So with Barry's start closely

Therapeutics have our together. collaborations together, Talem historically, bringing So collaborative we're working technologies two the, been in around two primarily efforts are where groups

Genmab So for announced look with or when regard the at Twist. instance, we've collaboration we to

resources against These the the that, the tool, is been a that's groups can parties an their identified be mutual agreed by specific together are pulling both where target build of for typically case shared group ownership situations out-licensed a upon. particular those of each then interest specific together to a In bringing benefits. antibody are final for capability product

done wet in work other being that where the collaborations done amount we that, addition in by of we that's there, exist In have the with types early lab. of a of work the stage have to IPA set designated

be the an milestone there And then with and they instance, example product have then payments. so of would would for where from on and royalty out-licensed that that and Fabre, this, Pierre opportunity to forward then move

then after initial difference first silico selected work setting BioStrand. interest, in the by is the which at done is here, in partner, the that target of the major is of the So, all,

that - a is lab. differentiator all in entirely being and in it's first accelerated a timelines more silico, a on silico rapid work done wet the of to highly timeline, is So because key foremost, much done are being that compared here,

So weeks' to that to laboratory products up time in we time us take time, the potential start with the months. a with regard is around in BioStrand, that we eight from end would silico setting many, that many typically

partners have assets in the have these payment that to interested From particular of forward, those taking they're those collaborations to in assets IPA. if come in opportunity they from they to that upfront an the interest the point on, cases, pay with BioStrand. BioStrand need out-license And

Talem. there here factors ones and the are in distinguishing these between several programs So,

particular regard First of able we trigger what all, really one call are take not does, of programs, It's payment. assets if bind in an to have fact, a in or particular is we assets take characteristic. automatic and these it with to the them that not there to an to these show option

that than And is event. optional so, where in quite collaboration it's different an a out-licensing

earlier these the occur on that, in BioStrand to much addition deals. In milestones

to not of assets partner back these take of reverts in BioStrand, decides of structures. the in all models on for the common that start some of most IND work those If seeing like these is an which stages applications, trigger to there's at earlier automatic payments and not we is deal but differentiator actual sorts asset BioStrand. assets, within payment, the not milestone Where further the towards preclinical ownership

it's consider we BioStrand. also a products, so, And are that because to inadvertently be valuable building pipeline which owned an incredible of by now benefit,

few they have one that's of perspective upfront And thing there's, couple the these different between royalties, that financial at milestones these. different. if look things significantly major and a while that's So payment from differences a significantly a it of are we

we that times faster it's not a the wet recognition is of in the IPA substantial initial different that lot would to setting in partnership. do contribute lab to and that work BioStrand, that, of lab what in a traditional fairly profit Is wet but component expenditures addition payment where component revenue margins require a for extremely because to full would that are Talem

In the conduct equivalent majority us this to particular not case, much full-time just the it's it's of in employees but faster, silico the on the cost of being with only the expensive work working less much program. for

Got that's all helpful. thanks really it,

more is, of these you you partners types one me from partnership deals, over additional anticipate of quickly 'XX? could fiscal on Just sort pipeline for do comment the adding

that's, Yes, a sure, wondering. are people question lot I'm a of

we do with we're we of portion silico mentioned, the So, anticipate that, as finished BriaCell. in already

with codes. in $XXX,XXX things that engaged so for a And have several worth already mentioned, is interesting already BioStrand as quite us along to do there's that. code groups have queued actually moving Astellas regard I about quickly. of few We

this those of the IPA data custody run in under up that of nature to beta actually de With very are a with related silico important novo in which it's the codes. bringing prefer the These XX% into pricing about it fee-for-service $XXX,XXX, because in where But it's they value make still regard is total case. particular is to client, were model about being some retain this to kind that three fee-for-service like situation where codes, in a work, programs actually study. of

conversation. codes do active in an have So, we those out particular

are direction. seem in in interested streams. that are companies groups larger with they that seem three like we aspects It trending at we're that, Beyond have revenue to a similar each meeting very all that several with pharmaceutical of does different working these different the be when we BioStrand pharmaceutical of firms large all the

- do hear you so, there's of - but believe for one still a can be the these, that a data private decent addition And of we - we study probability me? we out around management to onboarding we'll conversation program actually, in first

Yes.

around had Okay. had I first pharmaceutical in company XX successful. has we they've I that they adopter The And further one collaborations my go on a why we are pricing this this or companies to have beta with enabled we headset. But is apologize of a nature. years that for we approached target large not committed to those to is under codes problem they been of particular four pricing out particular reason the codes, doing never cases, three beta working pricing. been one active early knew where there those conversation these

that that So, the they were of one original qualified arrangement back. ones under many was, months

we and demand we have. quickly are So, do moving see quite that the we - through ones do

So pricing more of fees. pricing to beta yes, the adopter changing structure won't or bring we be we early will plan and indeed, but those offering pricing do be these in,

Got a there. it, I thanks will back jump lot.

Ramakanth Swayampakula with the Your question Wainwright. from of comes line next ahead. H.C. Please go

thinking you trying I in Thank offerings collaborations from from silico deals especially one BioStrand Brad, future have how - just I'm you future question. structuring to so you're about have work. and thanks Jennifer understand and when or simple different

would top collaboration? data or of you're it, work also if of in will data management And is on always Is management of layering that then kind this sort a with there a have transaction. conjunction in - you separate data a management whenever - silico

a you No, that's actually - that's question, for RK. Thank great that.

recent data now over can right with IPA has doing would those here finding actually type to do years like stand-alone own. been conversations of in four management is tool much that the work majority What so. we're on that just collecting to So, the actually data. And regard the three more anticipate and that its I storing of

doing XX, companies for finding been these years. have that large pharma XX that We're XX,

have on amounts are on that sitting data, incurring they're cost store they're And just so, even just a cloud-based on very the hard in silos, cloud, they're doing massive floppy some disparate, oftentimes, format. that of drives, data it just to if cetera. in that costs, et And many disks, and some

data to with management. of regard in we're space seeing that primary And that what driver so

in can in. of that, It's way us a in going be do to how one analyzed it's it right? get a side of it How we're it do we've with take going to we the of that to sources If XX universally external data information, brought can place off equipment, have is they're way every analyze that we're all it to then actually remove we - utilized spoken it actually store is all group those years of silos? we data that other on be organized together. this, we that utilizing and have of And data for off to so

they've even collecting. notes publications been and people's it's Sometimes,

them. all be also them, store that and into and of so of organized for only added layer that but security we way by taking terms can very together can in where kind expensive just turn it a of organizing where the analytical And component we that and some now good for not mentioned actually with an being asset I can it them that that's help instead it in cost, this

it, of it insights to it, enable research right? from And any matter sort with doesn't can it data them dealing We is. different any is what from it domain, what that that something different can to we're that modality, the We is. of what unique data their really no programs. matter support into So data turn can get now of use from sort kind to it where differentiator, learn that's actually they analyze now to

of us with differentiator to we're providing the part what management. that And that's the just and gives the regard confidence a organization real actual

independent in So by it to data all those turn use programs to generating some I them enables that can't this and format a of people our we take LENSai them. and lost that's large, is insights what kind and that for utilize cost or would of into we cost where say, they just way help revenue it foresee

of also people that seeing for of capable are about we like I things doing. hand other mentioned, work of are coming the in other On that we're asking type are that, the

in collaborations, are programs they They in related. can all for be happen still LENSai about novo necessarily silico that de asking using work still about are and so, insights. but separate analytical asking And those wouldn't

my Thank for question. taking you. Thanks

Absolutely.

Freeman Michael Instructions] Please [Operator go the will next James. Your Raymond from line question with come ahead. of

for team, awards and my Hi, year, productizing - BioStrand feat. are and congratulations thanks a Jennifer and on so patent much small big questions no taking these

big that all on congratulations work. So

you, Michael. Thank

welcome. very You're

might of simplifying You've And various capabilities looks IPA of could how sort you customer how highest your into like that helpful? of like be how that and some would a through sort of customer many And really that your described today product start wonder, I - exercise, as so - describe customer might like? be converted maybe what platforms. value-add IPA, for maybe ideal an offerings

I BioStrand that all IPA. Michael, a as contribute profitable at look that's interesting because think, of question, own an kind revenue unique each distinct have of highly way, for Oh way opportunities those their and pillars in in I and really benefits all,

client. But little ideal in, choose example. So an maybe as quite a a adoption is good we're one seeing, difficult rapid I what it's to think,

because fact that think and into bit lab I the lab is the fruit combination silico wet lower-hanging using adoption that our wet faster little adoption in already of probably rapid clients a capabilities. that they're for Because

our IPA. sales meeting with they're scientific team. They're having come with conversation at So, in, this team if the they

be insight, them that a antibody give directly they're more information wet added bring the As capabilities them that diverse candidates, we analyzing. we're the to brought that and into more for now they've integrated address actual efficacy in about give But conversation of and problem program exploring silico very a how to potential antibodies all them solve us the of forward, it's safety very give the natural have more the in seamlessly. can lab

the drugs they into And about get them negative of information once even possible give patients. those effects

capabilities. for able by those of of And so, really size them increasing showing introducing the all we're we're we power to into We're things in of are not them silico only the what adding wet these the lab, programs the do. those into but clients,

the side, going what we've them easier access with the got not give we're doing. kind on our the of of people right we're right of So it on but is them to capable side, kinds phone to taste where a people those only on their

probably already entry that communication the company. our in because a for happening, quite right? natural got And clients, already I that's think is that a point We've so, decision-maker of number key

And looking now them perfect codes conversation the the around for are right which meet this there were that client the makers. de now same and invited now a is how then in of this to novo BioStrand We key happened to right launch exactly silico in That's then - from example. that in three. $XXX,XXX has with programs, they from with decision

us in of - that put And the recently now collected manage also, was their XX in at that data they years company. to is contact hired with disparately have person silos sitting

conversation. kind would cross-sell that's how perfect this of of naturally a quite upsell example through So the initial and

super me. that's thanks last from I needs you next the during comment helpful, question if much. could so cash okay wonder Brilliant, XX on And months? to your XX

can. Absolutely, we

to made to activities all mentioned generating be we're burn for now, to that projecting that So I sure Right on months the revenue reduce million. our, the we've make some forward-looking somewhere you $XX around within earlier, we're concerted efforts at XX spend sitting focused to next really company.

software need particular, at development in We needs to well. here to probably order the have general to raise strategic for a continue support in endeavors, will and some our BioStrand as money

we the technology less overall find But have in our because and And it you mentioned algorithms technology and on insights. we we complex supports our coding focus competitors. need is of think to because the give just that much our patents that more the - retreat than part, more really it's is use amount immediately thing encouraging information that it to that's deduces why information not annual these us burn in you takes I and more case. of enables large that algorithms to only that the any so the significant part to

believe with we more And run that much manner able with regard in the reduced number so, we personnel. we're And have fewer of streamlined to to much needs a cost.

of like mentioned, antibody competitors. XX% about I now. overall to we're of the is annually burn majority as So it's reduced AI right our It looks

need minimal. pretty raise be to would the we so, that amount would And

reputation, smaller some really point area maybe it's us of sort know the that is at raises IPA. of really caveat perspective contribution our million with understanding around looking - to able being We're long-term coming the they're company, on and investment the important with who at what regard would their $X intention what for just make to their be in interested in, to to of

these very are that making cost minimized, getting in those sure we're the focused shareholder are we But best - costs that dilution is reputable and yes, minimized, amounts and possible on deal bringing long-term investors. then

to forward on upcoming year Fantastic also helpful next luck call. and good quarter the look

Thank you very much, Michael.

thank thoughtful closing to move submitting you I'll on questions remarks. We Jennifer? now us today. your for

very appreciation you express like participation call. closing, our our fiscal your Thank Regina. sincere much, would to for In in we earnings year

We investors of energized the exciting operational to all to over our dedicated and several are next disseminating the updates months.

discovery. discovery are drug case AI demonstrating and to We technology, bringing optimized differentiating tools, with combined studies validating truly the and committed of new revolutionize our how cycle biotherapeutics

to shape as biotherapeutics. we continue of ahead opportunities the future about enthusiastic are the We

Your showcasing and needs we eagerly continued integrated as support and strive progress addressing medical the engagement months We anticipate approach. impact of invaluable to patient accomplishments our improving in are unmet power a and the coming our positive make in sharing outcomes.

you and path exciting for journey the way the the for we drug of a pave forward revolutionizing drive this can your field in discovery unprecedented to we as discovery. we on biotherapeutics. where future innovation look landscape embark presence, LENSai ahead biotherapeutics we of pioneering tools Together, thank optimized and of our again, Once the technology

you That for will conclude Thank today's joining. all meeting.

now disconnect. may You