Financial Data and Key Metrics Changes - The company's revenue increased by RMB 47.8 million or 153% from RMB 31.2 million in 2021 to RMB 79 million in 2022, primarily due to increased sales from Huntress and NERLYNX [24] - R&D expenses decreased by RMB 116.5 million or 27% from RMB 427.7 million in 2021 to RMB 311.2 million in 2022, mainly due to reduced upfront and milestone payments to licensing partners [25] - The loss for the reporting period decreased by RMB 593.5 million or 55% from RMB 1,077 million in 2021 to RMB 483.5 million in 2022, attributed to decreased losses from fair value changes of convertible redeemable preferred shares and R&D costs [26] Business Line Data and Key Metrics Changes - The commercial team generated sales of RMB 79 million in 2022, representing a growth of 153% over the prior year [6] - The company has a pipeline consisting of 14 drug assets targeting rare diseases, including three marketed products and five candidates in late-stage clinical trials [5] Market Data and Key Metrics Changes - The prevalence of rare diseases in China is nearly four times larger than in the United States or Europe, yet it represents less than 1% of total revenues, indicating a significant market opportunity [4] - The market opportunity for CAN-108 in biliary atresia is part of a multibillion market opportunity for rare cholestatic liver diseases [10] Company Strategy and Development Direction - The company aims to build a leading China-based global biopharmaceutical company focused on developing drugs for rare diseases [3] - The strategy includes combining global collaborations and internal research capabilities to build a portfolio of products with established clinical proof of concept [4] - The company plans to expand its commercialization team in Greater China to support future product launches [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming year, anticipating important data readouts and potential approvals that could lead to significant growth and profitability [6][29] - The company is preparing for multiple commercial launches and expects to drive significant growth with its pipeline programs [6] Other Important Information - The company opened a Next Generation Innovation and Process Development Facility in July 2022 to advance gene therapy initiatives [7] - The company has secured global development and commercial rights for several high-value gene therapies, including those for Pompe disease and Fabry disease [7] Q&A Session Summary Question: What will be the company's key growth driver in the short to midterm? - The company expects measured growth from promoting Huntress and anticipates approval of CAN-108, which would lead to another product launch [33] Question: What are the most key and important readouts and approvals you are looking forward to this year? - Key milestones include the anticipated approval of CAN-108, top-line readout from the KN-106 Phase Ib study, and interim analysis from the Phase II study of CAN-8 [37] Question: What is the market potential for CAN-8 in GBM and how do you plan to differentiate it from other treatments? - The market opportunity for CAN-8 in GBM is significant, with about 50,000 incidents in China, and it will be offered as an add-on to the current standard of care [40][42] Question: What is the advantage of CAN-106 compared to existing anti-C5 products? - CAN-106 has been designed to optimally bind to C5 and has received orphan drug designation, providing market exclusivity for rare disease indications [46] Question: Can you provide an update on your gene therapy program for SMA? - The company is advancing a second-generation gene therapy for SMA with features that enhance efficacy and safety, targeting an IND filing in Q4 of 2024 [49][56]