Financial Data and Key Metrics Changes - The company has completed a strategic portfolio review, resulting in the prioritization of three wholly owned preclinical programs and plans to submit three INDs in three years starting in 2025 [4][5] - The company's cash runway extends into at least Q4 of 2026, not including anticipated milestones from existing collaborators or potential additional business development [5][6] Business Line Data and Key Metrics Changes - The strategic review led to the deprioritization of additional investment in the development of Lavelta bisutro, with a focus on advancing the next generation ADC pipeline [5][6] - The company is reducing its workforce by nearly 50% by year-end to align resources with new strategic priorities [5][6] Market Data and Key Metrics Changes - The company is exploring global out-licensing opportunities for Lavelta, believing in its potential for patients with difficult-to-treat cancers [5][6] - The ADC pipeline is expected to provide differentiated treatment options, with a focus on complex biology and challenging targets [10][11] Company Strategy and Development Direction - The company aims to advance its next generation ADC pipeline, with a focus on unique design features that improve tolerability, pharmacokinetics, and efficacy [9][10] - The company is committed to externalizing its cell-free manufacturing capabilities to optimize production and reduce costs [5][6] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging macro environment and the need to pivot resources towards the early pipeline [5][6] - The company remains optimistic about the potential of its ADC candidates and the ability to deliver growth based on its platform and R&D team [13][14] Other Important Information - The company has established partnerships with world-class partners such as Astellas and Ipsen, enhancing its long-term potential [10][11] - The proprietary technology allows for precise design of ADCs, which is expected to differentiate the company's candidates in the market [8][9] Q&A Session Summary Question: What should we know about the next steps for Lavelta? - The company is looking to deprioritize and wind down additional investment in Lavelta while actively seeking a partner to realize its full potential [20][21] Question: How much data will be available this year to support the IND for STRO4? - The company plans to file an IND and initiate first-in-human trials later this year, with initial clinical data expected in 2026 and 2027 [23][24] Question: Were the layoffs mostly in the discovery area? - The majority of layoffs are tied to Lavelta work streams, with a focus on reallocating resources to align with new strategic priorities [29][30] Question: How will the deprioritization of Lavelta affect study enrollment? - The company is looking to deprioritize and wind down expenses related to Lavelta while seeking a partner to take over its clinical development [34][35] Question: What are the key reasons for discontinuing the Lavelta program? - The decision to deprioritize Lavelta is based on the capital required to take it to market, not due to any clinical findings [42][43] Question: How much should R&D and SG&A be going down this year? - The company expects a dramatic decrease in overall expenditures for the remainder of 2025 and into 2026 and beyond [48][49]