Okay, good evening and good morning, dear investors and analysts. Thank you all for joining the Innovent Investor Call today. Earlier today, we just announced a significant global strategic collaboration with Takeda. We are hosting this call to share details and discuss strategic importance with us. Before we begin, I'm very honored to introduce a special guest from our partner, Dr. PK Morrow, the Head of the Oncology Therapeutic Area Unit of Takeda, who will join us for the discussion later on. I will brief you on today's agenda as follows. Dr. Michael Yu, the Founder, Chairman of the Board, and the CEO of Innovent, will open with an update on Innovent's globalization strategy. Following that, our CBO, Dr. Samuel Zhang, will then reveal the partnership arrangement and introduce Takeda as our partner. After that, Dr. Hui Zhou, the Chief R&D Officer for the Oncology Pipeline of Innovent, will present the details on the programs in the collaboration. We will follow the presentations with a Q&A session, during which Dr. PK Morrow will also join the discussion. With that, I will invite Dr. Yu to begin. Please. Excellent. Thank you, Wendy. Good morning and good evening to each one of you, and welcome to join our conference call tonight, today. I'm thrilled to announce our strategic partnership with Takeda, which focuses on the global development of our next generation in oncology assets. Before we dive into the details of the partnership, I just want to give you a brief introduction to Innovent's mission and goals, which is described in these first slides, which is slide three. At the beginning of our second decade, as some of you know, Innovent was founded in 2011. At 2021, the end of our first decade, at our strategic meeting, we set a clear goal for the second decade, which by the end of 2030, the company want to become a global premier biopharma. That was the goal we set for the company. The key to achieve that strategic goal is that we actually need two key pillars. Number one, we need to develop global competitive products, which will address unmet medical needs worldwide, not only in China. Number two, to build a world-class global organization. Such an organization will have expertise and capability in global development, regulatory filing, as well as commercialization. Those are the two key pillars we believe will enable us to achieve our strategic goals. Next slide. Slide four. In terms of the product, which is, we believe, the first pillar to achieve our strategic goal is to build a robust pipeline. As you may know, Innovent has been focused on four disease areas, from oncology, immunology, immunology CVD, and ophthalmology. In the last couple of years, we have been very productive from our own labs. In this slide, just giving you a few examples, you know, from different stages of development, from R&D enabling study to phase one and two to pivotal MRCT trials, we have over 10 assets which potentially could become the product that meets the criteria we described earlier. The goal to achieve our strategic goal is to, as we shared with you earlier, is at least we're going to have five assets going to be in MRCT phase three studies. That's the first pillar. The second pillar, which is described in slide five, is related to global development capabilities. Currently, we have about 100 people in the U.S. covering from wet lab, discovery research, to development, including medical operations, regulatory, as well as some of the early development talents. This team has achieved a few very significant milestones, including the approval of R&D for a pivotal trial for one of the products we're going to talk about today, which is IBI363. Our goal is to develop further growth, with the team developing the capabilities to meet the strategic goal we described earlier. Next slide, which is slide six. When I look back over the last 14 years, Innovent has been heavily dependent on the partnership or collaboration arrangement with a variety of companies globally. For example, in 2015, we entered a partnership with Lilly, and since 2015, we have expanded 6x now with Lilly from oncology to beyond the oncology disease areas. We strongly believe the partnership we enter today with Takeda will do the same to the growth of our business. The partnership not only gives us the opportunity to work with the best companies in the world, but at the same time, an opportunity for us to learn from our partners in terms of how to develop and scale up the capabilities we are targeted to have. By leveraging both parties' expertise in each collaboration, we have been able to advance the key tasks we found more efficiently, more effectively than we could through internal efforts alone. Next slide, slide seven. Today, we are very thrilled to announce a landmark strategic partnership with Takeda for the global development of our next generation IO and ADC assets. This collaboration we consider as transformative. The two parties share the same vision, and we feel that Takeda is the best fit for what we try to do in many aspects. Co-development and a co-commercialization partnership for one of the products will allow us to work and learn with our partner every step of the way to grow our global capabilities and potentially become a truly global biopharma. For our collaboration assets, both IBI363 and IBI343, the two parties had a thorough discussion on the future development plan, and both parties are committed and confident that our combined efforts will maximize the value of those assets and will significantly enhance the growth of our company in the future. This is just a very brief introduction about the announcement we made today. Next, I would like to hand it over to Sam, our Chief Business Officer, to introduce to you the deal in detail and our partner. Sam, please. Thank you, Dr. Yu. It's my great pleasure to be here today. We're very excited about this global strategic partnership with Takeda. This is not only China's largest, next slide, please, largest strategic collaboration. For the first time, a China-based biotech struck a co-development, co-commercialization deal with more than $1 billion in upfront. Furthermore, the total deal value ranked number two among all biopharmaceutical global partnerships. Only the Merck-Daiichi partnership on three well-differentiated late-stage ADC assets had more deal value. This deal is going to create long-term value because of the co-development, co-commercialization structure, IBI363, our next generation IO foundation therapy. This is not just bringing financial value to the company, but also helps us to build strategic capabilities, as Dr. Yu just laid out, for our globalization effort. We were very, very careful about picking the right partner. When we were looking for the right partner, obviously, there's a basic requirement for the capability and resources. We also feel that sharing the strong conviction of our assets is particularly important. We have a strong belief in our IBI363 as a transformational next generation IO therapy because it is two magnetic actions. Both of the two magnetic actions are IO-based and therefore are very well differentiated. As you may know very well, the IO magnetic action has the potential to bring real difference to patients' lives, extend survival, and potentially really bring transformational change to patients' lives. Therefore, when we are looking for partners, we are also looking for partners who have a strong conviction and strong belief and have a really strong strategic fit of IBI363 that can really help their organization in a dramatic way. Last but certainly not the least, we're looking for a true collaboration, a team spirit. Then we find Takeda. Takeda is a truly global company. It has more than $30 billion in annual sales, and 52% of that coming from the U.S. When you combine the U.S. and Europe, in total, it has more than 75% total revenue. The company has business in over 80 different countries and has employees in 24 different countries. In total, they have 50,000 employees around the globe. It has a very strong capability. More importantly, as soon as the two companies start to work together, we find very strong chemistry, and the team has just worked together so well from the beginning to now and to the future. Furthermore, we feel that Takeda is a great model that has really turned an Asia original player into a global powerhouse, and therefore has a lot for us to learn. Therefore, we think Takeda can be a really ideal partner for us in this journey to really help us to achieve success in the globalization effort. As Dr. Yu mentioned, particularly Takeda, their commitment to this partnership really comes from the leadership level, and this really distinguishes Takeda. Next slide. Not only does Takeda have an overall very strong capability from a global R&D perspective, as you can see, it also has a very strong footprint across geographic regions. Cambridge, Massachusetts, is their U.S. headquarters and also the U.S. R&D center that we have visited many times. Certainly, Dr. Morrow can comment as well on that. Forty-five thousand across different countries, really strong development capability in North America, in Europe, and Japan. In particular, the oncology leadership. Next slide. Teresa is a very strong leader from a commercial perspective, and Dr. Morrow is a very strong clinical leader. Teresa actually led the nivolumab global launch in the U.S. As many of you know, in the beginning, nivolumab really was a very nivolumab launch was one of the most successful global launches. It was able to achieve $3.4 billion per year sales in just over two years, and all those are under the leadership of Teresa. With Teresa as the leader of Takeda's global oncology business unit as President, we feel very confident that IBI363 global commercialization is going to be really successful. Dr. Morrow is a very strong R&D leader who was a professor at MD Anderson, the top-notch cancer center in the world, and also spent many years at Amgen, where many clinical research leaders from the industry came from. Before she took the Head of R&D for Oncology at Takeda, she was also a Chief Medical Officer at CRISPR Therapeutics. With Teresa and Dr. Morrow leading Takeda oncology from the business side and clinical development side, we feel very confident that our assets are in really good hands and can maximize its benefit to patients and realize commercial value. In particular, in IBI363, in the co-development, co-commercialization model, we can also work hand in hand with Takeda to really develop our global development capability and also U.S. commercialization capability. Next slide. Just to give you a little more color about the strategic partnership, as Dr. Yu mentioned, it involves three different assets. IBI363 is the PD-1/IL-2 bispecific, which has been clinically validated across 1,200 patients and has demonstrated superior efficacy over the existing PD-1, in particular, in large unmet medical needs, non-small cell lung cancer, and also the so-called immune cold tumor, MSS-CRC. Both have a really high unmet medical need in two different ways. In non-small cell lung cancer, once a patient receives the standard care, let's say PD-1 chemo, really, there's not much, there's no immunotherapy that can work really well. IBI363, as a single agent, has offered a robust clinical activity that demonstrates so far. Dr. Hui is going to comment more on that. That also shows the great potential to move into first-line as well. In microsatellite stable CRC, so-called immune cold tumors, the current standard care PD-1 therapy just doesn't work at all. Basically, 0% response rate. As a single agent, IBI363 has double-digit response rate, clearly demonstrating clinical proof of concept. Both Takeda and Innovent have a strong commitment to really move this quickly through clinical development, not only in this particular indication, but also exploring other potential uses. For these particular assets, we have a global co-development, 40:60 cost share, and in the U.S., 40:60 profit and loss share. This, we believe, is going to enable a long-term financial return, but more importantly, strategic capability development in this, as we are going hand in hand with Takeda. Ex-U.S., ex-China, Innovent is going to receive sales royalty up to high teens. During the development stage, we also receive potential development and sales milestones as well. For IBI343, this is our licensing deal. We also feel Takeda is very well positioned to maximize the potential value of these assets as the GI targeted as the main indication of IBI343. We think Takeda is particularly well equipped to maximize its global development as well as commercialization. For these assets, Innovent is to receive potential milestones and also to receive sales royalty up to high teens. The third asset is the option of ex-China right. This is our first-in-class EGFR/B7H3 ADC. Once Takeda decides to exercise the option, Innovent is going to be receiving the option exercise fee, the milestone payment, and sales royalty. This is the high-level review of the key terms and the deal structure. Next, I'm going to ask Dr. Hui Zhou, our Chief R&D Officer for Oncology, to go into more details of these assets. Thank you, Sam. As Dr. Yu and Sam mentioned, today we are really excited to announce this strategic deal with Takeda. Actually, during almost the last one year, we had a deep discussion with Takeda's team, both excited about two assets, scientific data, and the indication opportunity. We have fully aligned on two molecules' future clinical development plan, and we are looking forward to collaborating together. Next, IBI363, I think you may be already familiar with this molecule. We believe this is what we call the next generation IO. As you know, this molecule is designed with alpha-biased, so global first-in-class. Till now, we have almost dosed over 1,200 patients. We already have the melanoma study, the first registration study in China, and also the global level, the IO-resistant squamous non-small cell lung cancer global study. We already approved from FDA and prepared for the initiation. For the third-line CRC, we plan to initiate in China first. We have more ongoing and other broader cancer population we call the POC study. We already have received multiple FTD or BTD from different agencies. Next is our summary about the data for IBI363. You can see that we have strong immune activation for across different tumor types, different indications, especially for the IO-resistant squamous or non-squamous non-small cell lung cancer, the melanoma patients, and the late-line MSS colorectal cancer. Here is a summary. The key is from our article presentation, from a different angle, to show the significance of improvement from the treatment of IBI363. Next is about in our mind that IBI363 has broader coverage. Although we began from the IO-resistant population and co-tumor population, we still believe that this molecule could also cover IO-naive populations. That means we believe that it covers even all comers and across different indications. As we shared with you in the past, the first wave we focused on monotherapy in late-line. Now we're also moving to the second wave, the first-line non-small cell lung cancer, the first-line CRC. We are planning for more proof-of-concept studies in other first-line indications, including the new adjuvant setting and in combination with our ADC. For example, now we have the IBI343 and IBI301, and also have a collaboration with our Takeda for the further global development. As we discussed, both parties are actually fully aligned on the overall clinical development plan, especially that for us, we believe the first-line lung and the first-line CRC is the most important indication. We would like to maximize the value of IBI363 in both indications. Next, IBI343, as we also shared with you, for this molecule, we believe that also differentiation in molecule design, especially we have Fc silent and site-specific glycan conjugation. This enables this molecule to have a better safety profile that is especially improved in terms of GI safety profile. That means for us, it also could be again combined with other potential treatments. Also, because of such kind of stable linker payload, we have a few hematology toxicities. We can combine with other chemo again. Because of high potency payloads, and also combined with the overall molecular profile, we show the differentiation in our data for the PDAC population. In total, till now, we have over 340 patients dosed in gastric, PDAC, and other tumor types. We have the ongoing MRCT study in gastric cancer. Also, this year, we announced that we initiated a phase three study in third-line PDAC in China. We also received multiple FTD and BTD from the different agencies. Next, about the key summary for the data. For the gastric cancer, we published our data in Nature Medicine. We also already have the oral presentation for the PDAC part. Especially, we believe that our molecule potentially improves the PFS and the OFS in such highly unmet medical needs diseases. We are also really excited about this data. Next, for the key focus of IBI343, I think that based on Claudin 18.2 expression level, gastric cancer and PDAC is our key indications. For us, actually, we also aligned with our partner, Takeda, that the first-line gastric cancer and the first-line PDAC is our key focus for the next. We will support our partner for further clinical development in both indications. For the third molecule, which is the option in potential, the right from our partner, IBI301, this is a global first EGFR/B7H3. Also, we shared with you that for this molecule, that shares the same linker payload platform. Because of the wide coverage of the expression level of EGFR and B7H3, we believe that this molecule could target a lot of different tumor types. For us, we actually focus on the tumor types with B7H3 expression level first. We will also consider the EGFR expression level. We identify that, for example, esophageal carcinoma, esophageal cancer, the head and neck, and PDAC as well. There is also the potential for the non-small cell lung cancer. We already saw the encouraging signal from ongoing phase one study in the U.S., in Australia, and China. We will update you about the clinical data in the future academic conference. In conclusion, we believe that this collaboration will fully unlock greater value of our pipeline by combination of two parties' strengths and efforts. This is also important for Innovent to forge our global operations by a deep co-partnership with Takeda. Two parties will benefit from this partnership, and Innovent will maximize our long-term value, including financial returns, global influence, and industry credibility. Thank you. Okay, thank you, Dr. Hui. With that, we conclude the presentation part, and we will now open up for questions on the line. I think the first questions go to Ziyi Chen from Goldman Sachs. Zhiyi, please, you're unmuting yourself. Thank you, Wendy, and thank you, Management Team, for allowing me to ask the first questions. Basically, it's two questions. We do have the curiosity to understand the views from both Innovent and Takeda about the deal. For Innovent, what do you eventually make you feel this collaboration with Takeda is the best fit to Innovent's globalization roadmap? I think this has been a milestone deal for Innovent. This is the first major one for the core assets going into global. What could potentially be the synergy? Why do you choose to do a co-development? I think this question could potentially address to Michael Yu. Also, for Dr. Morrow from Takeda, we're also trying to get a view from you that why did Takeda choose Innovent as a partner? Particularly, if we look at Takeda's portfolio in the past few years, oncology now is currently about 12% of the sales, and there are four business segments, interest revenue, contributions, largest, and oncology. How should we see the strategic position of the oncology within Takeda? How does Takeda see its oncology business in 5- 10 years? Particularly, how would IBI363 and IBI343 fit into the strategy? We feel like Takeda does have a very strong presence in gastrointestinal cancers, including colorectal cancers. What about lung cancer? Try to understand a bit more on that. Thank you very much. Great. Thank you, Ziyi, for the question. I will take the first one and ask Dr. Morrow for the second question. Why Takeda? As Sam mentioned in his introduction about our partner, you probably already hear that lots of numbers and with all the credential credibility that Takeda has built in the last over 200 years. Takeda, as you know, is a great company with a long history, probably one of the longest histories in our pharma industry, over 240 years. Now becoming the leading biopharma in the world in several disease areas. We strongly believe, based on all the facts and what we learned during the interaction over a year now with our Takeda colleagues, not only do we see that Takeda has a development capability, commercial capability, and the team and all the talented individuals we have interaction with. As an example, Dr. Morrow, you're going to talk. She's going to answer your question. All the professionals, we have lots of respect and admire from us. Of course, Takeda has the resources. Those are, I think, the facts that helped Innovent and helped me to make the decision. We feel that Takeda is the best company that can help us to maximize the value of their assets in both IBI363 and IBI343. At the same time, we feel that Takeda also is the best company who can help Innovent in achieving our strategic goals. I remember that in several of our annual strategy meetings, Takeda has been a showcase for us. When we talk about globalization, Takeda always is our best example. We would like from a regional company to go global and the step they took. I believe they have learned and accumulated lots of experience, which Innovent can learn from. At the same time, as you may know, when we are asking for co-development and co-commercialization for a company like Innovent, and as most of many companies we interact with, they may have a hesitation. I am very grateful to Takeda, from the CEO to all the individual colleagues we have interaction with. They give us the opportunity to leverage what they have and help Innovent to achieve our globalization strategic goals. Those are, I believe, besides additional to the facts that we talked about, what make us feel that Takeda will be the best. It's the best company as a partner for the partnership we have selected. We strongly believe that with all the vision we share and the capability they have, the partnership will be very productive. All the key assets we have in the partnership will be able to maximize the value through the collaboration and for the years to come. Those are the two major aspects we consider when we form a partnership with Takeda. Thank you, Michael. Maybe I can add from the Takeda standpoint, we really are honored to work with Innovent. We believe that Innovent is a strong strategic, scientific, and clinical partner for Takeda. Specifically, as you asked, IBI343 and IBI363 align directly with our prioritized strategic modalities, which have been ADCs, biologics, and small molecules. They are among those two of those three. The prioritized tumor areas, which include GI and thoracic tumors, also are well aligned and truly fit hand in glove with the Takeda oncology strategy, which, as you know, has also been based upon success with therapies such as fulcitinib as well as brigatinib. We are delighted to partner with Innovent. This is truly, we believe, an accomplished team with very deep expertise in next generation immuno-oncology, as well as understanding ADC biology. When you asked about the oncology portfolio, I would note that this really helps us to further balance our pipeline across heme cancers, for which we're very well known, and now with more solid tumor indications, potentially. IBI343 and IBI363 are both important investigational medicines for our oncology pipeline and also for the broader Takeda pipeline. We're really encouraged by the ability for these therapies, having dosed so many patients and having such encouraging data to address significant unmet need near term as well as for the future. Thank you so much, Michael. Thank you so much, Dr. Morrow. Thank you. Thank you. We will take the second question. The next question goes to Dr. Yang Huang from JPMorgan. Please unmute yourself. Thank you. Yeah. Thanks, Management, for giving me the opportunity to ask questions. This is Yang from JPMorgan. I have two quick questions, one for Innovent Management and one for Dr. Morrow. First one for Dr. Morrow. From a scientific and clinical standpoint of view, what does Takeda, or you, think as a key advantage and market opportunity for IBI363 and IBI343? Thanks. Thank you so much. I would note specifically that these two therapies, and I'll start with IBI363, which is truly an IO-IO therapy, combining both IL-2 alpha-biased as well as PD-1 mechanism of action, and a novel way to potentially be very effective in both the second-line as well as in the front-line settings in lung cancer and in other tumors. We are very encouraged by the data that Innovent has shared with us, and we believe that it has potential to really help patients with thoracic cancers and in immune deserts such as microsatellite stable colorectal cancer, as well as other potential life cycle management indications. For IBI343, the novel platform, as well as the widened therapeutic index with very encouraging and durable efficacy, tolerability, as well as the ability to be dosed and combined to become part of potential other front-line therapies for gastric cancer and pancreatic cancer, are very encouraging to us also. I would not note the market, but I would say that we're very encouraged by the ability to reach as many patients with clinical unmet need as possible. Thank you. Thanks. Yeah. My second question is for the Innovent team. Can I know a little bit more about your global development plan? You already started one global phase trial, right, in second-line squamous non-small cell lung cancer. Can you give us some more color on what additional global phase three or late-stage trial you might consider to start or initiate in the next few months or years? What could be potential development costs for 363? Thanks. OK. Hui, you may address this. OK. Thank you for your question. Yes, as you know, we already announced that the first global MRCT, IO-filled squamous non-small cell lung cancer, approved and plan to initiate. Also, as we shared with you, now we have a really good discussion and aligned on the overall clinical development plan with Takeda. For the further global clinical development plan, we have a lot of discussions. Also, as Dr. Morrow said, we will focus on the lung cancer and CRC. For the timeline or the details about such kind of plan, we will work with Takeda and then share with you more about the future update. Thank you. Cost? Yeah. Can you quickly comment on potential development costs? How much Innovent might have to spend to develop globally for 363 in the next few years? Yeah. Thank you, Dr. Huang. Maybe I can give an overall color on the overall development budget. You may be very interested to ask. First of all, the two parties have conducted in-depth and detailed discussions and reached alignment on the overall clinical development plan for both IBI363 and IBI343. The target indications and the related budgets for both programs have been clearly defined. We will use the POC plus MRCT model to balance the risk and reward of the investment. The MRCT will be initiated with the supportive data from POC. If we think about the financial position of Innovent, we actually have more than $2 billion in cash on hand. This strong financial position will primarily support the company's pipeline development and global expansion. Innovent China business continues to demonstrate strong growth potential and improved profitability, providing the group with a very stable and sustainable positive operating cash flow. Based on the development plan timelines of IBI363 and IBI343, Innovent financial strength is expected to be sufficient to support joint global development efforts. Thank you, Dr. Huang. Thanks. Okay. We're open. The next question goes to Chen Chen from UBS. Chen Chen, please unmute yourself. Thank you. Thank you for taking my questions. First of all, congratulations on your landmark deal with Takeda. It's really exciting to see that 363 finds a best fit. Following this question, can Management and Dr. Morrow please help us understand how can the two parties leverage the respective strengths to fully unlock the value of these assets? For instance, how will Innovent's R&D experience and expertise in IO and also ADC support this collaboration? Dr. Yu just now has highlighted Takeda's global experience, network, and capabilities. Can Management please also elaborate a bit more on, in what way will Takeda's experience and capabilities contribute to the R&D and commercialization of these two assets? Thank you. Great. Thank you. Maybe we'll go with Dr. Morrow first, and then Hui. Dr. Morrow, yeah. Thank you, Michael. We at Takeda are very energized by the progress that Innovent has made to date. We really look forward to the ability to collaborate in lockstep in order to, as you alluded to, truly unlock the potential of these programs for which we find extremely encouraging data and great promise. Drawing from our shared deep experience in oncology, Innovent's IO technology, as well as expertise, and the fact that the modalities that are leveraged by IBI363 and IBI343 are areas of our shared expertise, we feel that the two of us as partners are uniquely positioned to accelerate and expand the potential of both of these agents in a range of solid tumors. Specifically, when I deep dive into those two elements, for IBI363 as a next-gen IO-IO therapy, it has the potential to be highly effective in second-line and earlier lines of therapy, as well as in immune cold and IO-resistant tumors, giving it the ability to demonstrate significant monotherapy, as well as in combination in a multitude of solid tumors. For IBI343, this next generation ADC gives us great confidence in the ability for it to meet critical unmet need. We believe that our partnership in leveraging not only the operational efficiencies across the two companies, but also our broad opinion leader network and engagements, will help to continue to accelerate both enrollment as well as completion of these trials and moving them hopefully towards a potential future multiple approvals. Thank you, Dr. Morrow. About Innovent parts, especially our expertise in IO and ADC. As you know, for IO, we have the backbone cemiplimab and p ost-cemiplimab, we also have several other bispecific or different IO assets. For us, we learn a lot from cemiplimab and other IO assets, especially through the clinical development and molecular design. Those help us to build up the foundation to what we already see from IBI363. This is really helpful for us for the overall development of IBI363. For ADC, in the last five years, we already built up three different platforms. Two are single payload platforms, and the third is a dual payload platform and over almost 20 assets. From ADC parts, we already built up our clinical development capability. For Innovent, our unique opportunity is that for China part, especially for the efficiency, the clinical data generation. We can continue to leverage such kind of advantage to generate the POC quickly, high quality, and to support further global clinical development and leverage the expertise of Takeda in the global level experience to work together to maximize the value of both assets. Thank you. Oh, thank you, Dr. Morrow and Dr. Zhou, for your detailed answers. That's very helpful. Thank you. Thank you. As we have almost, the call has run almost for an hour, I think maybe we can just have one last question before we end. I think the last question goes to Wang Bin from Citi, please unmute yourself. Thank you for taking my question and congratulations on the remarkable collaboration. I have two quick questions. The first to Dr. Hui Zhou on the following catalyst for the IBI363. Given we are doing the phase two POC studies for the first-line non-small cell lung cancer and CC, and also a global phase two U.S. trial, when can we have some more data for these trials? Also, a quick question for Dr. Morrow. To follow the 363 + ADC, currently, the IO + ADC is a new trend, and the 363 should be a new cornerstone product in the IO space. How do we maximize the potential of this product and our future combination strategies? We know that we have the option for the EGFR/B7H3 ADC, right? Could you give us more color on this? Thank you. Thank you. First question. As we shared with you in the past, we believe IO-resistant population and IO-naive population are different populations. That means although we generate a lot of data already in IO-resistant population as a monotherapy, we believe that we cannot just copy the dose level from the late-line population. That means for move to the first-line, we still need to generate the CBC drawing and also the dose optimization study and further potential proof-of-concept data. That's why we still have such kind of ongoing study in first-line CRC and first-line non-small cell lung cancer. Now we collaborate with our partner, Takeda. For the overall publication plan and the future, the timing of which conference we will disclose, we will work together with our Takeda team and then have an overall publication plan. We will share with you in the future invest call or through IR. Thank you. I think then, Dr. Morrow, for the second question. Thank you. In answer to your question, we agree. Both companies have strong scientific and clinical conviction around not just the data, but also the scientific mechanism of action of IBI363. We've discussed in great depth, and we're fully aligned on the development plan, which reflects truly the shared conviction in both the biology as well as the ability for it to meet unmet need. If I could divide it into three areas in which we have the greatest focus, one, of course, is ensuring that we are effective and are developing indications in which patients have progressed or developed resistance to front-line or earlier lines of IO. Second, the ability to be used in combination, potentially even in a novel mechanism or others in the earlier lines of therapy or as monotherapy. Thirdly, to be effective in potential immune deserts or in cold tumors in which IO therapies have not been effective. We've discussed this in great depth with Innovent Biologics, and we believe that we are fully aligned on hoping and working to maximize the potential of IBI363. Thank you. Very happy. Thank you. Now we're approaching the end of our scheduled time. Let's wrap up today's call. Again, thank you all for your valuable time and the questions during today's invest call. We hope today's discussion has helped you again get a clear understanding of the strategic value of our global collaboration with Takeda, as well as the potential of our joint IO and ADC programs to global cancer treatment. Also, a special thank you to Dr. PK Morrow from Takeda for joining us and sharing your valuable perspectives. This partnership truly embodies the power of global collaboration in the biopharmaceutical industry, I believe. For any follow-up questions, please feel free to reach out to our investor relations teams. Once again, thank you for your ongoing support of Innovent Biologics. With that, we will conclude today's call. Thank you. Thank you. Thank you.