Good day everyone, and welcome to Ascentage Pharma's 2025 annual results earnings call. At this time, all participants are in a listen-only mode. After management's prepared remarks, we will open the call for questions. As a reminder, today's call is being recorded. Thank you for joining us. I will now turn the call over to Yiyi Shen, Senior Director of Investor Relations, for the safe harbor statement. Yiyi, please go ahead. Thank you, operator. Please note that today's discussion will include forward-looking statements based on our current expectations and assumptions. These statements involve risks and uncertainties, and actual results may differ materially. For a full discussion of these risks, please refer to our filings and disclosures. On today's call, I am joined by Dr. Dajun Yang, Chairman and CEO, who will provide an overview of recent developments and 2025 annual performance, as well as Dr. Veet Misra, CFO, who will go through the financial highlights. The presentation will then be followed by a Q&A session. During the Q&A session, the team will be joined by Dr. Yifan Zhai, Chief Medical Officer, Dr. Shaomeng Wang, Co-founder, Chief Science Advisor, Dr. Zhichao Si, Head of Commercial. I will now turn the call over to Dr. Yang. Thank you. Good morning. I'm Dajun Yang, Chairman, CEO of the company. Today, I'm very happy to present our 2025 full-year financial results and the corporate update. I will have the following agenda: business update, R&D highlights, financial results, and the Q&A session. First, on the business update. 2025 was a breakout year for Ascentage. First, we have achieved excellent total revenue, over 90% of growth and $82.1 million. Our year-end cash balance is about $353.2 million, cash runway through 2027. I think that 2025, we are the first dual-listed biopharmaceutical company on Nasdaq, following our Hong Kong Stock Exchange listing 2019. We successfully raised approximately $322.6 million dollars through IPO and a follow-on offering. It's the first time we have a dual commercial product. Based on that, we established a fully functional, large-scale, and fast-growing commercial team. Currently close to 300 staff. We are on the path to be a premium global commercial hematology oncology company. We also achieved many major R&D milestones. These are the following examples. First, the lisaftoclax approval as a global first single agent BCL-2 inhibitor after BTK treatment in CLL and SLL. GLORA-4 phase III registrational trial received clearance globally, including FDA, EMA and CDE. This is a truly unique opportunity as we are the global phase III registrational trial in high-risk MDS, the only one in that phase III registrational stage. POLARIS-1 for the Ph+ ALL. The phase III registration trial also received clearance globally, including FDA, EMA, and CDE. Part one data also reported at ASH, demonstrate strong 64% MRD negative CR rate in the first-line Ph+ ALL. Olverembatinib granted breakthrough designation for the first-line treatment of Ph+ ALL by CDE. We are also really proud to have FDA and CDE IND clearance for our novel BTK degrader, APG-3288. Both lisaftoclax and olverembatinib entered 2025 CSCO guidance. Multiple oral presentations at ASCO and ASH 2025. We continue to lead in the global innovation for many of our products, including multiple presentations at ASH, AACR, ASCO, EHA, and other conferences. Also we publish many peer-reviewed top journals. I think that here is our summary of world-class innovative, highly de-risked, and super late-stage pipeline. Here are the list of seven novel compounds. The first two, olverembatinib as a novel third generation BCR-ABL1 inhibitor and lisaftoclax as the novel BCL-2 selective inhibitor. Both have been marketed in China. Also entered four global registration trials cleared by FDA/EMA. Total, we actually have nine registration trials for multiple indications. We also have several novel, potentially first-in-class compound targeting, such as the FAK/ALK, ROS1 triple kinase, the MDM2/p53, the dual PI3K/Akt, and the PRC2 third generation EED inhibitor. More importantly, we have newly cleared phase I novel BTK degrader, APG-3288. All of these are running the trials in U.S. and China and in multiple countries. Many focus on hematology oncology, but also have potential and also in the clinical stage testing indications such as anemia. We have built a very large commercial scale in China with the dual product approved, especially for our Bcl-2 inhibitor, the lisaftoclax was ahead of our schedule last year. With the two commercial products, we have built over 270, by the year-end, commercial team. Covered 1,500 hospitals and more than 800 DTP pharmacies. Our dual engine strategy worked well. As you can see, our last year commercial revenue, that's a transition for Ascentage from relying on the investment in medicines and also BD income to the last year, 100% sales of the commercial stage of product. That's a really important transition for a company to be able to self-sustained with our own revenue to support our own R&D program. If you look at just our olverembatinib alone, we have a strong sell following full NRDL listing covering CML with or without mutation. If you look at the total sale, which is $62.2 million, that represent 81% year-over-year growth. They will continue to cover more hospitals, DTP pharmacies, and also a broader reach to the tier 1 hospitals. With the full NRDL coverage and also translating into very long DOT, that will support sustained growth as the patient continue to use our drug over a long time. If you look at the lisaftoclax, first, this July approval was ahead of schedule, we built a very fast and full functional commercial team dedicated to the lisaftoclax. The streamlined go-to-market strategy using the national commercial infrastructure really helped us to rapidly expand the sales force and our hospital coverage. Just the first five months, we have reached more than $10 million sales. This is among top, at least in the hematology oncology product sales in the first couple of months in China. Let's go to the R&D highlight. First, let's look at our lisaftoclax. It's actively amending its global phase III registration trials. Our approval as a single agent for CLL/SLL after BTK inhibitor is really represented the first label for the PI3K/Akt inhibitor. As you know, venetoclax was approved 2016 and continually, the only single agent was limited to the 17p deleted CLL and SLL. The other CLL/SLL is all combination with the CD20 antibodies. Our GLORA-2 and GLORA-3 also received FDA, EMA, and the CDE clearance. More importantly, I think that the GLORA-4 is the first-line high-risk MDS in combination with AZA or without azacitidine control arm. Both received the FDA, EMA, and the CDE clearance. We are continue pushing forward all these important global phase III registration trial. I want to share a few important clinical data with you. With the single-agent approval, based on the CC 201 registration study, those patients actually have much poor baseline characteristics. The CDE actually gave us very high bar about four or five years ago, required all these CLL/SLL patients have to fail both BTK and CD20 antibody-based therapy. Many of them have a high risk of complex karyotype, and also many have multiple mutations. We achieved a very good efficacy as a single agent and demonstrate a favorable safety profile. If you look at another key data in the AML and the MDS, actually this is primarily U.S. and Australia data with the leading PI from the U.S., and this actually has presented both at the ASCO and the ASH. If you look at our ORR as a combination with the AZA, in the naïve, the newly diagnosed AML patient, we achieved the ORR 83%. More importantly, in some cases, about 22 patients who have failed venetoclax, we also achieved 32% ORR. In the MDS, we have in the newly diagnosed, 80%, and in the second-line R MDS, we have 50% ORR. I think based on those excellent data and many other clinical data, FDA gives us clearance to conduct global phase III registration trial as a first-line for the high-risk MDS, and this has been cleared by FDA, EMA, and the CDE, actually, among close to 20 countries' regulatory agencies. We are actively enroll patients in U.S., Europe, China, and throughout the world. If successfully carry out, lisaftoclax can become the first BCL-2 inhibitor for the treatment of first-line high-risk MDS. This is really a global unmet medical need, as there's no targeted therapy approved in the last 20 years, and current therapy have much poor efficacy, and five-year survival rate for high-risk patients is only about 16%-24%. We are also very proud these global efforts are leading by Dr. Guillermo Garcia-Manero from MD Anderson and Dr. Xiaojun Huang from Peking University People's Hospital, and many excellent expert and PIs for MDS around the world. Based on the public information, we want to highlight few key difference of our drug versus venetoclax or sonrotoclax. If you look at based on the same similar registration trial study, again, this is not a head-to-head comparison, but a really similar patient population, including those in China. If you look at the SAE instances, it's much higher for venetoclax or sonrotoclax, and the infection rate also significantly higher. That's consistent with the clinical observation that lisaftoclax have a better safety profile, better tolerance, and more importantly, we have a better drug compatibility. CLL/SLL patient often are elderly and immunocompromised with frequent infections. Commonly used antifungal drugs are strong CYP3A4 inhibitors. Does not affect our lisaftoclax PK. If you look at the PK variability in combination with some strong CYP3A4 inhibitors, I think the impact for lisaftoclax is minimal. For other two drugs, either need to about eight times or 11 times need to be adjusted dose if they are combining those. That will strongly affect clinical combination studies. If you look at the P-gp or BCRP substrates or inhibitors, lisaftoclax is probably the one have a minimal risk in those combination studies. No need to adjust dose with many BTK inhibitors. I think those are really unique advantages for lisaftoclax as the BCL-2 selective inhibitor. I also want to highlight a few important progress made and summary here for olverembatinib. Olverembatinib is approved with full coverage by NRDL. We see excellent commercial coverage and revenue growth last year. Globally, we are conducting POLARIS-2 for the CML. This single-agent study, RCT with the bosutinib as a control arm, also received the FDA, EMA, CD, and the PMDA clearance. We are actively pursuing advancing the global enrollment. POLARIS-1 is very important. This is the first time we got a clearance last year for the first-line Ph+ ALL. This also cleared by FDA, EMA, and the CD in China with a breakthrough designation. Part 1 of this trial, the same trial design data was presented at ASH. You can see the data from next couple slide. In the part A of the phase III registration trial, in combination with low-intensity chemo as a first-line, we have achieved 64% MRD negative CR rate. This is almost double the same patient population for the ponatinib, which only have 34.4% MRD negative CR rate. This actually is among all the BCR-ABL inhibitors, the best one. We actually almost double the currently the best BCR-ABL inhibitor for the same patient population. Also demonstrate really well safety profile. Another data is looking the potential second-line treatment for the CML CP patients. This is also, again, presented at the ASH last year. We can achieve more than 50%, I mean, 70% CCyR rate, more than 40% MMR rate. Also have a really durable sustained response. Another important is in the blast crisis of the CML. I think we demonstrate in more than 64 patients with blast phase and also some serious cytogenetic abnormalities and complex karyotypes. Those patients did very well. Also into the sustained remission with improved survival and a much reduced non-relapse mortalities. Another potential treatment is really for the combination with our olverembatinib. In this case, it is actually in the pediatric patient population that is a first-line regimen in the Ph+ ALL. Demonstrate very excellent efficacy and the safety profile. I think this would be really important for some of the patients to receive the chemo-free and the two orally active agent with a long-term benefit. Olverembatinib as a multiple kinase inhibitor also demonstrate clinical benefit for some rare hematological malignancies, such as this very hard to treat myeloid or lymphoid neoplasm with FGFR rearrangement. This actually take a while to recruit those patients, but most of them achieve the excellent response clinically. We continue to push our pipeline. In the interest of time, we only show you one example as our novel BTK degrader, APG-3288. This actually we receive almost the same time clearance by FDA and the CDE. Based on the preclinical data, I think we also did a comparison with BeiGene or Nurix Therapeutics BTK degrader demonstrate good selectivity and potency. We'll push forward this compound in U.S. and China for multiple indications. I think that in summary, lisaftoclax as a very safe and potent BCL-2 selective inhibitor. Some refer BCL-2 inhibitor as a small molecule of PD-1. That really means it has multiple indications and also opportunity for multiple combinations. I think more importantly, we are probably the, globally, the only company has not just the BCL-2 selective inhibitor, but also olverembatinib, representing the best third generation BCR-ABL inhibitor and the MDM2-p53 inhibitor, and also the novel new BTK protein degrader. As you can see, each one of these is a single agent or in combination, have potential to treat multiple B-cell malignancies, among many hematological malignancies. Lastly, I think I will turn the financial result to our CFO, Veet. Veet- Thank you, Dr. Yang. Let's go to the slide number 28. The revenue. Thank you, Dr. Yang. Thank you so much. Yeah. 2025 was a successful year for us as we established our commercial strength with now two approved novel oncology products. In 2025, our total revenue was US $82.1 million, excluding payments from Takeda as a comparison to last year, which represents a year-over-year increase of 90% on a constant exchange rate basis. This high revenue growth rate was driven by our aforementioned dual engine commercialization strategy as articulated by Dr. Yang, and centered on olverembatinib and lisaftoclax. Turning to olverembatinib and lisaftoclax individually, olverembatinib sales of US $62.2 million represents a year-over-year growth of 81%. Sales of this product reflected first full year of NRDL inclusion, hospital and DTP market penetration, which drove increased volume uptake. Turning to lisaftoclax, which was approved in July 2025. First five months sales of $10.1 million was attributed to our established commercial infrastructure that was built to scale ahead of approval and is anticipated to drive strong market penetration going forward. At the same time, we continue to adhere to a disciplined approach to efficiently manage and prioritize our operating expenses to support accelerated commercial activity as well as our ongoing clinical studies, including global registrational trials. As you can see, our year-over-year increase in R&D expense from US $130 million to $163 million year-over-year, which is tied to advancing ongoing global pivotal studies, represents a 20.1% growth rate to support trials ongoing that are expanding and moving forward. In addition, the increase in S&D expenses, sales and distribution in 2025 from US $27 million to $51 million, was primarily driven for sales force expansion ahead of commercial launch of lisaftoclax, which is an efficient use of capital. As you can see, the increase in these two major line expense items compared to our revenue growth demonstrates our disciplined approach. Finally, in terms of our cash balance, our 2025 year-end cash balance of US $353.2 million, compared to US $172.8 million reported year-end 2024, is a result of product sales and two completed successful financings in 2025. Our January 2025 Nasdaq IPO, as well as our follow-on offering in July 2025 on the heels of lisaftoclax approval, raising combined proceeds of US $322.6 million. As a result, this allows us to maintain our estimate of cash runway through 2027, as we've stated before, which importantly funds us through multiple key registrational studies that are being conducted globally and execution of our overall commercialization strategy. Thank you. I'll now turn it back to you, Dr. Yang. Thank you, Veet. I also want to present our clinical catalysts and the milestone for 2026. On the clinical development side, our major focus will be advanced enrollment for the GLORA and the GLORA-4 registrational trial, and also advanced enrollment for olverembatinib in terms of POLARIS-2 trial and also POLARIS-1 trial. As we mentioned earlier with our team, the key word for 2026 is really the enrollment, and enrollment. We'll do our best to achieve and complete enrollment and then be able to file NDA in 2027. We'll continue to push the degrader APG-3288 global phase I study in terms of safety, tolerability, PK, and potential efficacy data. Also advance our EED inhibitor APG-5918 in both oncology and anemia. Of course, we'll continue to push other active compounds in clinical study in the U.S. and China as well. I think that the major in terms of milestone for the clinical development are those highlighted here. On the commercial front, we will continue drive the sales growth for olverembatinib and also the lisaftoclax to the tier 1 hospitals and more pharmacies. For lisaftoclax, we'll do our best for the benefit of patients, especially CLL/SLL, to gather to the NRDL coverage in China in 2026. The key driver for Ascentage to be a global player in hematology oncology is really driven by the two novel and potentially best-in-class compound, olverembatinib and lisaftoclax. We also have a dedicated hematology oncology sales force, not just based on the really rapid scale in China, but more importantly, our global strategy positioning and branding. With our world-class clinical execution and a proven track record of translating the clinical development into the novel commercial product and advance our best-in-class potential therapeutics in global registration studies. With the dedication and the effort from all our team and also our collaborators and the PIs around the world, we're really moving our pipeline to addressing the global unmet medical need, making Ascentage to become the global leader in these therapeutic areas. Lastly, with the patient-centric innovation and global breakthrough therapies, and with currently seven, we call the seven magnificent, seven active compounds, small molecule drugs in active clinical trials addressing multiple hematology malignancies from the CML, ALL to CLL, AML, MDS, multiple myeloma, and potentially some of the lymphomas and anemias. Hopefully, with all your support, we can make 2026 another successful year for Ascentage. Thank you all for your attention. Now we'll be happy to answer any questions you may have. Thank you. Thank you. We will now begin the question and answer session. To ask a question, please press star then 11 on your telephone keypad. We will take our first question. The first question comes from the line of Brian Cheng from J.P. Morgan. Please go ahead. Your line is open. Hey, guys. Thanks for taking our questions this morning. Brian Cheng and Veet Misra, good to chat with you. First, Dr. Yang, you talk about how this year is really about enrollments. Can you give us a bit more color on where you are in terms of enrollment for your registrational studies, especially the GLORA-4 study in MDS with lisaftoclax, and also the POLARIS-1 study in Ph+ ALL, and related to dose indication, how should we think about the next data milestones at the upcoming medical conferences later this year? Thanks. Thank you, Brian. Really excellent question. Let me address in these two parts. First, for the GLORA-4 MDS, high-risk MDS. We are very happy to see this phase III registration trial protocol receive clearance by not just FDA, EMA, CDE, and also among close to 20 countries regulatory agency. This is the first-line treatment for the treatment-naive, newly diagnosed high-risk MDS. More importantly, this is now really the only phase III registration trial in the high-risk MDS globally. We are very happy to receive the support from the PIs around the world. They are very enthusiastic for this clinical trial to help patients globally with the MDS. With the POLARIS-1, this is the first-line Ph+ ALL. As you know, we also presented a part one of the same protocol data at ASH. The three months MRD negative rate CR is 64%, almost double the ponatinib on the same patient population, about only 34%. Those two registration trials, both for the first-line treatment, which will actually much easier enroll than some of the late-line protocols. Of course, also have a huge potential market return. With those two first-line treatments, you can see MDS, we are the only front runner in the phase III registration trial globally. There is almost no competition there. The POLARIS-1 is first-line for the Ph+ ALL, also with excellent data, potentially the best in class for the Ph+ ALL patient population. The enrollment is doing well, even though both only initiated late last year. We see so far the very excellent enrollment and very strong support from the healthcare providers around the world. The POLARIS-1 only requires three months MRD negative CR rate as a primary endpoint. Also, we have strong support from FDA and all the regulatory agencies to support the protocol of the GLORA-4. Overall, we will do our best to achieve complete enrollment. With the current timeline and the primary endpoint, we anticipate doing the best we can, to be able to release the top-line data or complete enrollment, and to be able to file NDA in 2027. Got it. Maybe just one more. Just how do you think about the commercial growth opportunities for both olverembatinib and lisaftoclax franchise this year in China? Are there any specific drivers that you see today that your sales team is fully leaning on? Then perhaps we actually have a follow-up after this. Thank you. Yeah, maybe for the commercial part, we can have our Head of Commercial, Zhichao Si, to address the part of your question first. Yeah. Okay. Thank you for your question. If you look at the actual driver of growth in 2025 in China, I believe there are several key drivers. First of all, if you look at our olverembatinib, which really benefit from the broader reimbursement support affordability after NRDL inclusion, which Dr. Yang also mentioned, also very strong patient affordability improvement. Second, if we look at our annual reports, we continue to expand hospital and DTP pharmacy access, with more than 800 hospitals and DTP pharmacy, which significantly improved the accessibility by the year-end, which also included more than 355 hospitals with formulary access. Hospital listing is very important in China market. Third, I believe if you look at the lisaftoclax, which was approved in China since July, we got sales for five months. Lisaftoclax really give us a second growth engine after launch, generating more than RMB 17 million in the first five months on market. Fourth, I think we scaled our commercial organization. Dr. Yang and Dr. Veet both mentioned we scaled up our commercial organization meaningfully. Our team actually almost tripled compared to 2025 compared to 2024. This commercialization team growing to more than 270 people and converting more than 1,500 hospitals nationwide. I believe that's the key drivers for last year's commercial growth. Thank you. Great. Maybe just lastly, just want to touch on your BTK degrader here. Dr. Yang, can you first give us a better sense of how you see differentiation compared to other BTK degrader that's out there? As you think about your phase I study, what would be good to see from this initial phase I? Brian, very good question. For the first maybe clinical part, I will have our Chief Medical Officer, Dr. Zhai, to address. Yifan, can you hear? If not, maybe let me try to answer your question. First, we have conduct very thorough, of course, is currently preclinical data, to compare our BTK degrader with V1 or Nurix. Based on this comparison, we selected our candidate compound moving into the phase I. Based on the preclinical data, at least we show better selectivity and also more potency. That's number one. Number two, I think that as the BTK is validated target, the BTK degrader can take care many of the BTK inhibitors, covalent, non-covalent, mutation or not, basically have a broad efficacy in the oncology space. I think the most unique for Ascentage, once we go through the phase I typical safety tolerability PK and some signal of efficacy, with the potential RP2D, we probably move very quickly into the potential single agent indications for the fast to market approach. The second part, I think unique to Ascentage that we have a very excellent BCL-2 selective inhibitor. The combination of a BTK inhibitor or degrader and a BCL-2 inhibitor could really offer some the hard to treat patients benefit. In the case of the CLL/SLL, at least with the fixed duration, is really a potential, even some case, clinical cure. That means there's no progression after 5 years treatment-- I mean stop treatment. I think that will also offer additional benefit, especially for the young patient with the CLL/SLL. In combination with the BCL-2, maybe also can treat some hard to treat like DLBCL. Thirdly, I think also this part of our moving forward strategy potential, the maximum return, is that there are also many non-oncology indications for the BTK degrader, like autoimmune diseases. With those three reasons, we are really looking forward to full speed to push this novel BTK degrader into the clinic development and many other potential combinations and indications. Great. Well, thanks for the color, thanks for taking our questions. Thank you. Thank you. We will take our next question. Your next question comes from the line of Biren Amin from Piper Sandler. Please go ahead. Your line is open. Yeah, hi. Thanks for taking my question. Maybe to start, for olverembatinib, what is your market share in China versus asciminib and ponatinib? In which CML patients are you seeing the most adoption? Then I guess, for second half 2025, sales grew by about 7% versus first half 2025. What can we expect for the growth rate for olverembatinib in 2026? Thank you. Very good question. 2025 was the first year for the NRDL coverage, especially with or without mutation. The patient population compare our first approved indication with T315 mutation only, the patient population more than tripled. That's number one. The NRDL coverage for this chronic patient is really significant as they can, average nationwide, can reduce at least 70% the payment. In certain better economies, the countries, I mean, for province, the reduction payment can be reduced by 90%. That's really significant as these patients are taking the drug a long time, right? Really good long DOT. The NRDL coverage in China for the CML patient, we see a really important benefit. The patient population in China as other lay line treatment, like you mentioned, asciminib or ponatinib, both were only approved last year. Okay? They don't have any establishment or the data from China. We also have, last three, four years, market use, even though for small dedicated mutation patient population. Overall, the physicians and the patients are really well-educated, positioned, once you get into the full NRDL coverage. For both asciminib and ponatinib, they were not under NRDL coverage. Okay? That also limits the use of those two drugs, only got approved a year ago. They're not really much sales affordability for those not NRDL covered, the asciminib or ponatinib in China. Moving forward for 2026, we see the benefit of NRDL will continue as the price is good for two years. Even with just looking a little bit next year ahead of NRDL renewal, we're also very confident as the new policy from the NRDL is to maximize the support for the novel agent and also those unmet medical need. I think olverembatinib is one of the examples of falling into the category with strong support by the NRDL. We currently, another important indication, also very high prevalence disease, is the Ph+ ALL. In the real world, we do have many Ph+ ALL patients benefit by the olverembatinib. At the same time, because they're not officially into the NRDL coverage, currently in this patient population, we still want to finish our registration trial, be able to guide into the NRDL. Moving forward, I think there's a continued expansion and growth of the revenue for olverembatinib in China, both the CML and the Ph+ ALL. Thank you for that, Dr. Yang. Maybe just a follow-up. Clearly, there's a lot of focus on the CML treatment landscape, especially yesterday, Merck announced acquisition of Terns for RMB 6.7 billion. How do you think olverembatinib would fit into the emerging treatment landscape in the U.S. for CML? Second question, which of your global pivotal files across both olverembatinib and lisaftoclax can we expect to see data in 2027? Thank you. Great. Really excellent question. Actually, we're all very excited to see the acquisition of the Terns by Merck, with obviously a really good price, RMB 6.7 billion in all cash. I think the positive side is really that means the CML market globally is actually quite big, right? To be honest, a couple of years ago when we were developing olverembatinib, there are some concerns from the investors that maybe this indication is small compared to lung cancer, breast cancer. If you look at the history, the first generation, the imatinib or Gleevec, actually just in the CML alone, the peak sale before patent expiration is almost RMB 5 billion peak sale annually, right? I think overall, the current CML market globally, the peak sale is about, I think the total annual sale is about RMB 7 billion. asciminib last year already reached more than RMB 1 billion sales. I think that there's an estimate the potential, just CML global market, that ponatinib can reach over RMB 14 billion. I think that this is also supported by the Merck acquisition of Terns, primarily for the CML drug TERN-701. That's very great news, great stimulation for the market, for the investors confidence in this indication and novel drugs. To answer your question, I think we are very also happy we entered the option agreement with Takeda about two years ago, the June 2024. I think globally, Takeda will be our partner. I think as you know, in the CML and the ALL space globally, Takeda is really one of the leading company aside from Novartis. I think Takeda will be our strong, the best commercial partner for olverembatinib moving forward. The third part of your question is about the registration trial of the two drugs, right? Yes, that's correct. Which of your trials could we expect to see data in 2027 that are global pivotal? Yeah, I think we currently pushing forward very full speed for the best effort for the GLORA-4, the higher-risk MDS registration trial, and also both POLARIS-2 and POLARIS-1 for the olverembatinib. I think that the POLARIS-2 or POLARIS-1, POLARIS-2 is 6 months MMR rate after the last patient, for the potential accelerated approval, and POLARIS-1 is three months MRD negative CR rate. I think that once we complete enrollment, those two probably, most likely would have an opportunity to file the NDA in 2027. The GLORA-4 actually also have a good chance because we enroll patient very fast, as in this indication with the BCL-2 inhibitor. We are the only registration trial globally for higher-risk MDS because many drugs fail, including VERONA trial was negative. We do see a very strong interest and a really good enrollment in that space. With the current protocol achieved, I think this is, in my 20 years of drug development record, is really the first time for the registration trial of the same protocol approved, cleared by multiple regulatory agency in the same indication. As you know, in our CRO, we actually did three different registration trial, because the different landscape and the different regulatory requirement. I think we're very happy to see the GLORA-4 registration trial enrollment is actually really promising and with potentially also looking forward to have the NDA filing in 2027. Perfect. Thank you. Thank you. We will take our next question. Your next question comes from the line of Gregory Renza from Truist Securities. Please go ahead. Your line is open. Hi, Dr. Yang and Ascentage team. Congrats on the progress. This is support on for Greg. Continuing on the theme of the last question, was wondering if you could characterize olverembatinib's profile relative to TERN-701, particularly around the 24-week or six-month MMR rate with your existing data. As a follow-up, I know you have a POLARIS-2 study going, but curious about potentially expanding into second line, earlier lines in CML. What's the progress on that one? Thank you. Thank you. Very good question. Obviously, we're very happy to see Terns' acquisition and also Eleven data presented at the ASH last year. I think olverembatinib will really have a unique advantage based on the clinical data, right? We probably the same ATP binding inhibitor as Eleven, and Terns is more like asciminib as allosteric inhibitor. Do remember, both drugs are in phase I or phase I/II, but they have much less patient number compared to olverembatinib. This is based on current data, they are less than 100. Also the dose, in terms of for the RP2D or registration trial, has not established for both drugs. This is based on the current published data, it's not clear they're working on any, the gatekeeper mutation T315I or those with compound mutations, is not reported or based on the assessment data, it require five times dose for those with T315I mutation. Clearly there's no long-term safety data or efficacy data and there's no also report on any efficacy in the Ph+ ALL. Specifically, if you look at the, you mentioned like MMR rate, I think one is much less patient number. More importantly, if you look at the line of prior treatment, we published the data on JAMA Oncology a year ago and also have the presentation at ASCO and ASH, that the patient population we treated in U.S. primarily with the PI, MDS and others, were heavily pretreated. They are representing the CML patient of fourth or fifth line, and one third of them has a T315I mutation. I think that you know all the BCR-ABL inhibitor, either kinase inhibitor or allosteric inhibitor, the response is really dependent on the patient baseline characteristics and how many prior lines treatment and mutation profile. I think that of course, this is not head-to-head comparison, just with current data, I think that we really demonstrate very broad, very potent activities and also long-term safety profile and efficacy as well. Another thing I think for both drugs, especially under the Project Optimus, FDA would require Terns' compound or the others have to do the RCT, right? They have to do the RCT trial to get approval. In that case, they also must have a control arm. It's hard to see what would be the control arm, but these are definitely required based on the Project Optimus. The Optimus dose in terms of safety, efficacy and the RCT design and the control arm. I think overall we are really confident, especially with our partner, Takeda, we're going to position well for the early-line CML, for those with mutation and also very active action the data in the Ph+ ALL. We already conducted, published the ASH data for the second-line CML patients. I think actually in China, the approval label is what we call the near second-line approval because it says 2 TKI resistant and or intolerant. I think we are very confident we will benefit the patient, for those early-line as well. Of course, we'll conduct more studies, especially after we complete the registration trial for olverembatinib. Got it. If I may squeeze in one more. Lisa has really strong start following 5 months of launch. We know that ViiV has their BCL-2 inhibitor just approved recently as well. Just curious how that would play into dynamics for Lisa's uptake in 2026. Thank you so much. I think that in China, we were the first domestic BCL-2 inhibitor commercialized last year. We were at least 6 months ahead of ViiV's sonrotoclax approval in China. That's number 1. Number 2, I think based on the current data, safety, and also another thing is the sonrotoclax dosering-up, is similar to another class, weekly dosering-up. The starting dose for sonrotoclax is actually 1 milligram. The approval dose is 320 milligram. From 1 milligram to 320 milligram, and with the 5 different dose strengths and taken 9 steps, okay, to do the dosering-up. I think that's very not convenient for patients with CLL and SLL. If you look at the overall safety profile of the SAE, even some of the deaths in that registration trial and the infection rate and so on, this other class is probably the best among the currently three market BCL-2 inhibitor. Actually, based on the published drug label, certain class actually have even worse DDI risk among the three drugs. I think that we are confident that we will continue to do well and expand commercial sales coverage and also especially the registration trial among the globally for the MDS. Also, our GLORA-2 and the GLORA-3 are also approved by CDE and other countries. The GLORA-2 will offer the patients with CLL the first-line treatment in combination with a color in a fixed duration. The 18-month fixed duration with the CIT as a control arm. I think that actually It's doing well in terms of enrollment. The GLORA-3 is the AML, and we are also the first, the only, the AML registration trial approved by the CDE more than a year ago, and currently actively enrolling. This is the same validated indication, validated protocol. We expect we will do well for both GLORA-2 and GLORA-3 in China and a few other countries. Of course, they both are not yet for the U.S. or Europe because of the control arm or because of the trial design. I think to answer your question, I think we will do well, not just because we are 6 months ahead approval for sonrotoclax, but based on the very excellent drug properties and the clinical data as well as the multiple indications, we are more in advanced position than sonrotoclax in China or globally. Thank you. We will take our next question. Your next question comes from the line of Justin Zelin from BTIG. Please go ahead. Your line is open. Great. Thanks for taking our question. 2 questions from us. In terms of the China opportunity and your ongoing launch there, is there a target number of hospitals that you aim to have under formulary for both products that are there? Just trying to get some visibility into the long-term opportunity and peak sales potential for both drugs. The second question, coming back to your BTK degrader, certainly focus on the oncology side of things, but do you have any plans or intentions to go into non-oncology opportunities such as autoimmune or CNS diseases? Thank you. For your first question, I think the hematology-oncology commercialization in China is really unique, because in China, those disease and treatment are highly concentrated to some of the top hospitals or cancer centers. To cover, our aim is to cover at least 80% of the sales potential. That represents probably around 2,000 hospitals. We already covered about 1,500 hospitals. The commercial team for the hematology-oncology is really different than like a solid tumor, lung cancer, breast cancer, as those indications probably you need easily probably 2,000 to 3,000 sales force to cover the 80% potential sales. That's the benefit to develop the hematology-oncology product in terms of commercialization in China. I think we currently have 300 staff in the commercial team. We'll continue to expand that to about probably 400 to 500. With a much deeper coverage, probably close to about 2,000 hospitals. The second question I think is very interesting. As I mentioned, one of the reasons we felt that BTK degrader, even though we are not the first one, but it's not really too late. First is there's a lot of— I mean, this is validated target and also the BTK degrader to take care of many of the inhibitors, but it doesn't matter if it's a covalent or non-covalent mutation or not. That's one. Second is, as your question pointed out, the BTK degrader, like some of the other BTK inhibitors that actually have more probably potential in non-oncology, some of the autoimmune diseases, and also with just probably a little bit CNS penetration, which we have based on the preclinical data, those may actually to treat some of the CNS indications as well. We do have a strong confidence and see much huge potential for the BTK degrader in oncology and non-oncology, and also with our BCL-2 inhibitor in terms of combination. Thank you. Your next question comes from the line of Matthew Biegler from Oppenheimer. Please go ahead. Your line is open. Hey, great. Thanks, Dr. Yang for the question. Just wanted to piggyback on some earlier comments on the BTK degrader, particularly the ability to combine with Lisa in earlier line settings. I guess, like the 30,000-foot view question here is, do you think the CLL market is heading in the direction of an all-oral time-limited therapy, à la CLL17 trial that we saw at Ash? Do you think that that set up or how do you think that set up plays to Ascentage's favor here with BTK degrader and with? Thanks very much. Excellent question. I think obviously the BTK inhibitor is well established for the CLL/SLL globally. The current inhibitor already generate annual sales more than $14 billion. That's a huge benefit. At the same time, as you pointed out, the CLL, especially some young patients with the CLL, they don't like to take either BTK or BCL-2 inhibitor for the lifetime, right? The fixed duration, especially the combination of the BTK, currently mostly inhibitors with the BCL-2 inhibitor, really offer the patients another option. They don't have to take the drug a lifetime, right? The current data pointed out actually, at least the combination of BTK inhibitors, primarily with the inhibitor, offer a good benefit in terms of really durable PFS over five years, right? The BCL-2, our drug, the lisaftoclax, has a very unique benefit in terms of other inhibitors, is that we don't have a DDI issue. We don't have a DDI issue with the BTK inhibitor, and much less DDI risk with other potential antifungal drugs. That's very important. On top of that, with the degrader, it's not too late because they take care of any of the inhibitors' issues, mutation or not. I think our plan, and hopefully we can demonstrate that with the clinical data, is that the BTK degrader combined with lisaftoclax first, is to offer the fixed duration and be able to have long-term benefit in terms of PFS, and then In certain cases, because you offer the best treatment regimen early on, you may actually offer the clinical cure for some of the CLL patients. That's in the CLL/SLL space. Number two, from the BTK degrader, I think another potential, especially in combination with the BTK inhibitor, may offer some hard-to-treat disease like DLBCL or in the case of BTK single agent failed patients, right? One of our strategies globally is our GLORA trial add-on strategy. The single agent alone of BTK inhibitor or degrader probably at least half of them cannot achieve the optimal response in terms of CLL. In that case, you combine with the BCL-2 inhibitor then offer the patients better response, deeper response, and potentially, in terms of fixed duration, to stop the treatment with the long PFS. I think that Ascentage is really in a unique position to have both the BTK degrader and the BCL-2 inhibitor for those multiple indications. Appreciate it. Thank you. Thank you. We will take our next question. Your next question comes from the line of Christopher Liu from Lucid Capital Markets. Please go ahead. Your line is open. Thanks for the question and congrats on the quarter. Just wondering if you have any insight into what the go, no-go decision would be from Takeda in order to opt in from their agreement. First, our current partner agreement is for the option agreement, right? They have a competitive product, ponatinib, that is based on some antitrust rules. There are cases before that in the antitrust issue that they may have to return the drug if there is that competition, the antitrust issue. The current agreement but still is exclusive global partnership. Basically, both Takeda and Ascentage are bound to have that partnership to work together. That is number one. Of course, they have to get either clear antitrust or to weigh the patent expiration of ponatinib, which I believe is later this year or early next year. With that patent expiration, there is no issue in terms of antitrust issue. Thirdly, for your question, of course, first of all, we are already a partner. We are strongly bound exclusive. At the same time, in terms of when to exercise the option, which I honestly cannot speak for my partner. With the Merck acquisition of Terns for over $6 billion, I think that there is no reason that we do not work together, and maybe work together early, in terms of exercising the option as your question. So I do think that it is a benefit to both parties that we move forward, pushing forward full speed on the olverembatinib commercialization for the global market. For lisaftoclax, would you be looking to partner that asset as well, or are you pretty adamant about going alone with that asset? I think we are really open and flexible. As I mentioned at the J.P. Morgan conference, we are open, flexible, we are ready to enter any partnership that will benefit, bring the synergy with our product and also the complementary resources to commercialization on the large scale on a more global market. Of course, at the same time, we are within the timeframe of be ready commercialization in two years. Many of the experts in the commercialization is that you need to be minimally ready two years ahead of your anticipated commercialization. I think that we are in a position and actively looking for the chief commercial officer. That is more, I would say, our dual strategy that combines business development, partnership, and also to build, at least in U.S., our commercialization capabilities. They are not exclusive. They really work hand in hand in parallel. I think that either case will benefit strongly our lisaftoclax commercialization, at least in the U.S., and also through the potential partners, either U.S. or global. I think that we are in a really good position in terms of clinical development, be ready for commercialization, and also looking for the partners that can bring the best value to this product and also patients globally. Got it. Thank you very much. Thank you. Thank you. We will take our next question. Your next question comes from the line of Michael King from Rodman & Renshaw. Please go ahead. Your line is open. Thanks for taking the question. I had a question about the allosteric inhibitors. That was answered earlier in the call. What's the question? I was just looking for your commentary on the market dynamics of the introduction of some of the asciminib and the allosteric inhibitors in the CML space. Okay. I think that the current data, first, asciminib as allosteric, is doing well, right? Last year it sells more than RMB 1 billion. In certain countries, like U.S., also received the conditional approval, I mean, accelerated approval for the first line CML. The Terns compound Eleven do not have data, at least clinical data, to show the activity in terms of T315I mutation, the gatekeeper mutation, and those with T315I mutation plus other mutations, the compound mutations. I think that they, I mean, ponatinib level, of course, there's a pattern and safety issues. Currently our strong competitor, to be honest, that we consider is asciminib. They're not active in about 40% of the lay line CML, which require five times dose or five times the cost. All the drugs, based on current data, does not show activity or strong activity as olverembatinib in Ph+ ALL. I think that those two are based on the current clinical data, which olverembatinib has advantage over those asciminib. TERN-701 still early, require RCT trial approval by the FDA. More importantly, I think that the early lines, we are definitely the best and the most potent one, and the broad activity against all mutations. The early line, I think we are doing the second line trial. We do have data, early data to support that. I think that they focus. If you look at the current market this year, two of the second line actually is taking the most of the market shares. Among the $7 billion annual sales, two of the second line has been consistently taken each about $2 billion annual sales. Okay. Moving forward, I think that currently there's, including the asciminib, there are five drugs with the first line label. For Terns or any other compound, trying to move into the first line is going to be heavy uphill battle. They also take a long time, and they're very costly. I think our focus is really moving forward and also based on the data, is probably olverembatinib would be the first choice of the TKI for the second-line patient. So in that regard, we don't worry about the competition of the first line. Actually, more first-line treatment, the patient will funnel through to olverembatinib in terms of the best second-line treatment. Thanks for taking the question. Thank you. Thank you. There are no further questions at this time. I would like to turn the call back to management for any closing remarks. First, thank you all for attending and also really excellent, insightful questions. This is a great timing in terms of our annual report for 2025, representing the first year we have a dual engine for commercialization, build a full-scale functional sales force, and also the first time as a dual, primary listed company on Nasdaq. Moving forward, we also see really strong confidence and broad potential in CML, ALL, and also really the probably cornerstone product for hematology oncology with our selective BCL-2 inhibitor. We are probably in a really fast position in the global novel product development that not just being the first approval commercialized in China in those products and indications, but globally, we are potentially best in class with the clinical data in terms of safety, efficacy, and also in the registration trial. I think that's a really unique position. At the same time, of course, there's a huge potential in terms of commercialization readiness in U.S., and also looking forward to the partners for the global market and expansion. We are really excited with our strong achievement, the milestones, transformation year for 2025. Looking forward, we are more excited to see all the registration trial advance well, looking forward to be ready to have the commercialized in U.S., being the global leader in those therapeutic areas with best-in-class potential drugs for multiple hematology malignancies. Looking forward to working with you all and all the investigators and the investors around the world to bring the best drug to benefit patients globally. Thank you all. Have a good day. Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect.