Financial Data and Key Metrics Changes - Total revenue for Q4 2024 increased significantly to $10.8 million from $4.8 million in Q4 2023, primarily due to higher license and milestone revenue [25][26] - Full year net loss for 2024 was $62 million or $0.61 per share, compared to a net loss of $50.6 million or $0.51 per share in 2023 [30][31] - Operating expenses for the full year 2024 were lower compared to 2023, with R&D expenses flat and G&A expenses decreasing [29][30] Business Line Data and Key Metrics Changes - The number of active partners grew by 18% year-over-year, reaching 91 active partners as of December 31, 2024 [11][12] - Active programs increased by 12% year-over-year, totaling 362 active programs as of December 31, 2024 [13][14] - Over 98% of active programs have contracted future economics, positioning the company well for future value creation [14] Market Data and Key Metrics Changes - The company noted a decline in royalty revenue due to competitive dynamics in the PD-1, PD-L1 market in China, impacting product sales [28][29] - The company has seen strong interest from partners in various therapeutic areas, including oncology and CNS, with new partnerships being formed [12][74] Company Strategy and Development Direction - The company is focused on expanding its pipeline and advancing clinical programs, with expectations for 5 to 7 new clinical entrants in 2025 [15][66] - The introduction of new technologies, such as OmniDAV and OmniHub, is aimed at enhancing partnerships and driving growth [42][44] - The strategic shift from small molecules to antibodies is expected to align staffing needs and reduce operating expenses [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to perform well in various market cycles [46] - The company anticipates continued growth driven by pipeline expansion and advancements in clinical programs [24][33] - Management highlighted the importance of innovation and collaboration with partners as key competitive advantages [42][44] Other Important Information - The company exited 2024 with $59.4 million in cash, at the top end of the guidance range provided [31][32] - The 2025 revenue guidance is projected to be between $20 million and $25 million, with a significant portion of 2024 revenue being non-cash [33][34] Q&A Session Summary Question: What are the reasons behind the attrition rates? - Management clarified that attrition is primarily due to Big Pharma pipeline realignment and normal drug development processes, not technical issues [39][40] Question: Can you provide more details on new technology rollouts? - Management indicated that new technologies, including OmniDAV and OmniHub, are expected to enhance discovery and attract new partners [42][44] Question: Is there potential for additional cash deployment from partners in the current market? - Management believes the business is well-positioned to thrive in various market conditions, indicating resilience and adaptability [46] Question: Can you clarify the 2025 revenue guidance regarding cash and non-cash components? - The guidance is a GAAP number, with a significant portion of 2024 revenue being non-cash due to service revenue amortization [52][53] Question: How is the academic partner ecosystem being affected by NIH funding concerns? - Management has not seen a significant impact on academic collaborations despite concerns over NIH funding, with ongoing discussions with prospective partners [58][59] Question: Has the productive fourth quarter continued into the first quarter? - Management indicated that while trends are positive, revenue can be lumpy due to the timing of partner reports [61][62]