在全球，大概每10个育龄女性中就有1个饱受子宫内膜异位症的折磨——这是一种影响约1.9亿女性的高 发疾病，90%的患者经历着间断性的盆腔疼痛，26%甚至面临不孕的阴影。 然而，当Organon近日宣布其"明星候选药物"OG-6219在二期临床试验中宣告失败时，这个本应充满希 望的领域再次被蒙上阴霾。 OG-6219曾被寄予厚望，被Organon视为"重塑痛经治疗标准"的突破，但它的失败不仅让Organon的女性 健康创新管线陷入危机，更揭示了子宫内膜异位症药物研发的深层困境： 一个影响数亿人的市场，为何新药寥寥无几？痛经药物的春天究竟何时才能到来？ 01 需求巨大，供给稀缺 痛经，尤其严重的痛经，很可能是一种病——子宫内膜异位症。子宫内膜异位症远不止痛经那么简单， 不仅可以侵袭周围组织和其他器官，导致复杂的症状，还容易在治疗后反复发作，直到绝经后才能缓 解，给患者带来无尽的痛苦折磨。 理论上，子宫内膜异位症拥有巨大的治疗需求与商业空间，但现实却是新药稀缺，研发缓慢。 更早前，拜耳也曾布局这一领域，其靶向孕激素/催乳素（ER/PR）药物Visanne于2010年首次在欧洲获 批，用于治疗子宫内膜异位症引发的疼痛 ...

Financial Data and Key Metrics Changes - For Q3 2025, ImmunoPrecise Antibodies generated CAD 6.2 million in revenue, consistent with the same quarter last year, indicating stable performance across wet lab operations [44] - BioStrand reported CAD 0.6 million in revenue for Q3, contributing to a year-to-date revenue exceeding CAD 1 million with a gross profit margin of 97% [44][11] - The net loss for Q3 was CAD 21.5 million or CAD 0.66 per share, while the net loss pre-impairment was CAD 2.9 million or CAD 0.09 per share, compared to CAD 2.6 million or CAD 0.10 per share in Q3 of the previous year [47] Business Line Data and Key Metrics Changes - The percentage of antibody discovery projects aimed at therapeutic applications increased from 19% to 48% year-over-year at the main wet lab discovery site in Canada, highlighting a shift towards higher revenue potential services [10] - BioStrand achieved a remarkable 131.8% year-over-year revenue increase, significantly impacting the company's financial trajectory [11] Market Data and Key Metrics Changes - The demand for therapeutic applications is rapidly growing, with a notable increase in projects aimed at therapeutic ends [10] - The biotech industry has faced significant capital constraints, with 41 biotech companies filing for bankruptcy in 2023, more than double the number in 2022 [16] Company Strategy and Development Direction - The company has secured a strategic partnership valued between USD 8 million and USD 10 million, leveraging proprietary B-cell select technology and AI capabilities [8][26] - A strategic partnership with RIBOPRO was established to integrate messenger RNA and LNP technologies, focusing on AI-designed GLP-1 therapeutics for diabetes [9] - The company is actively pursuing a potential divestiture of its EU lab to enhance operational efficiency and focus on core competencies [10][38] Management's Comments on Operating Environment and Future Outlook - Management emphasized a proactive strategy to avoid financial pitfalls faced by many biotech companies, maintaining a contingency funding model and making necessary operational adjustments [19] - The company anticipates enhanced profitability and competitive edge as AI-driven platforms continue to scale, positioning for sustainable long-term growth [11][103] Other Important Information - The company successfully raised CAD 8.8 million through an equity raise and the full conversion of the Yorkville debenture, resulting in a debt-free status [9][16] - The relocation of the corporate headquarters to Austin, Texas, aims to expand the company's footprint in a thriving AI and biotech ecosystem [8] Q&A Session Summary Question: Details on the recent USD 8 million to USD 10 million deal - The initial purchase order was USD 8 million, with potential expansion to USD 10 million for additional project needs, expected to be spent over 18 months [55][56] Question: Expectations for additional partnerships - The company is incentivizing its team to focus on multi-site, multi-target programs, creating a repeatable model for scaling commercial efforts [64] Question: Impact of collaboration with Vultr on margins - The collaboration specifically benefits AI programs requiring significant GPU usage, improving margins primarily in those projects [67][70] Question: Cost implications post-European divestiture - Overall operating costs will be significantly lower post-divestiture, as North American operations are less expensive and more strategically aligned with the company's focus [76][78]