Morning, everyone. Welcome to day three of the J.P. Morgan Healthcare Conference. This is Julia Qin from the life science team at J.P. Morgan, and it's my great pleasure to introduce you to our next company presentation by Olink. Just as a reminder, if you have a question, you can submit it through the website. With that, let me turn it over to Jon. Thank you very much, Julia, and good morning, everyone. Firstly, I want to thank our dear friends at J.P. Morgan inviting me to present here today. I had really looked forward to meeting all of you in person and had planned for an in-person event, but very much appreciate the invitation and the opportunity to speak with everyone here today. My name is Jon Heimer. This year, I complete 30 years as a serial entrepreneur in the biotech device and drug development space. I was part of founding Olink back in 2016 and been its CEO since inception. A reminder to everyone today that I'll be making forward-looking statements during our presentation and during the Q&A session that follows. I have the privilege here today to present and represent the truly remarkable growth and success story, likely an unprecedented one in our space. Hence, I thought I would start with the underlying driver of this amazing story. Olink as a company has truly made high plex, high throughput proteomics with single plex data quality possible for the first time. We have, compared to decade-old, both untargeted and targeted/affinity-based methods, truly unlocked proteomics for the first time ever. Let's walk through those performance criteria, covering both high abundant and low concentrated proteins in the same intact sample. Specificity truly represents the hallmark of what we do, delivering precise and accurate data for every validated protein biomarker target, covering the complete dynamic range, spanning across 10 orders of magnitude across basically all sample types, serum, plasma, CSF, urine, tissue, dried blood spots, et cetera. All of this just using 1 microliter of precious sample, preserving those biobank, infant, or clinical samples. All of this is in an unparalleled throughput and cost effectiveness. Let's take a look at how this truly elegant and disruptive technology looks like and works. The technology consists of a matched pair of antibodies which are conjugated to short DNA tags. As these antibodies bind to their target protein in a sample you can see here, the DNA tags come in close proximity and hybridize. They then extend, giving rise to a DNA barcode, which has a unique sequence for its target protein in a sample. We can subsequently amplify and detect this DNA barcode using modern technologies such as, for example, NGS and qPCR. This technology has opened up the opportunity for researchers worldwide to add critical proteins that we know are so important being closest to our phenotype, dynamic between health and disease in real time, and the target of basically all drugs to their experiments. Let's take a look at our fantastic execution in 2021. As we set out in our IPO in March of last year, we have, again, delivered across all strategic drivers on our growth agenda, delivering 76% year-over-year growth with revenues of roughly $95 million, a few million above what we guided towards earlier in the year. This is in line with historical growth rates since we kicked the company off in 2016. Our most important growth driver, Explore, using NGS as a readout, now represents 60% of our rapidly growing business just 18 months after launch. Extremely impressive and a strong testament that we develop the products the market wants, solving unmet needs here today. The next important driver of our business is the transition from fee-for-service to reagent kits. Reagent kits represented 35% of our business in the fourth quarter of last year. Another important point on our agenda was to rapidly build out the organization to make the most out of the amazing opportunity we have in front of us. Last year, we basically doubled our organization with a strong focus on R&D and commercial. Our commercial team now consists of 150 talented colleagues worldwide. The next important milestone was to continue to rapidly build out our library of highly validated protein biomarker targets. With the launch of Explore 3K, we now cover all of the biological pathways in circulation, allowing for an unprecedented breadth, depth, and quality in the plasma proteome. Last, but certainly not least, we delivered all of the data to the UK Biobank Consortium in a timely manner. Olink was, through a rigorous process, exclusively selected to run the largest proteomics population study to date, consisting of 56,000 samples for a consortia of 13 of the largest biopharma companies and the UK Biobank. I also wanna take this opportunity to thank the entire Olink team for yet another remarkable year, all through a pandemic. What an outstanding performance, guys. Thank you so much. Let's dive into some of the details in our externalization and kit reagent strategy. We delivered on our targets for 25 external Explore labs, many of them running multiple NGS instruments. The very impressive average pull-through on these were roughly $700,000 each, far ahead of our expectations. Moving into 2022, this sets us up in a very favorable position. These combined labs now have a capacity to run at least 500,000 samples with average capacity, which is roughly five times the number of samples we ran at Olink on Explore in 2021. What a difference from a year ago. Explore represented 65% of our business in the fourth quarter, and 40% of the Explore business was generated from Explore Kits. As promised, we also launched the Signature, a next-generation cost-effective benchtop qPCR instrument to drive Target and Focus sales, which also got off to an amazing start. As compared to the 40 labs that set up Target during our first two years on the market, we placed 28 Signature instruments in just the last few weeks of the year. We launched the Explore Kit offering in March of last year and only had a few weeks with Signature. We have basically just got started and for sure feel extremely excited and confident looking ahead. As I mentioned in the beginning, opening up the opportunity to look at proteins in unparalleled quantity and quality provides real value and actionable science, accelerating drug and clinical development. This has resulted in an explosion of publications in a very short period of time. As you know, it takes 12-18 months to pass through the rigorous scrutiny in high impact peer-reviewed scientific journals. This is an unparalleled number of publications in our space in such short period of time, and a true testament to the value of the scientific insights our customers do using our platform. In turn, this has led to an amazing customer growth we haven't seen from any other company in our space. We added more than 120 new customers to our platform last year and continue to rapidly add new customers to our platform. Our existing customer base continued to expand their investment in Olink based on the value to the science from our products. We are very proud to cater to all of the top 20 biopharma companies and have a very robust and diversified customer base. All of this in just a handful of years, which we don't see from anyone else in our space. Let's dive into how these scientists use our products. Let's start at 12 o'clock. In the past, we've used mouse to human models to identify new drug targets. Modern science combines human proteomics and genomics data, proteogenomics, to identify novel and causal drug targets. This is the major use case in the UK Biobank project. A better understanding of biology, pathophysiology, or how drugs interact with that biology is super important. Perhaps the biggest use case is the prediction of disease outcome, and drug response. Using this information to stratify patients into clinical trials, where you include a higher rate of responders, which increases the power in the study, reducing risk, time, and cost to market. This is how modern drugs are developed. You want to fail early in any development, identifying surrogate markers of response for both safety and efficacy to help educate such decisions. Last but not least, developing early diagnostics or follow the progression from health to disease to be much more proactive in disease management than we are today. A great example is adding protein data to increase the area under the curve in liquid biopsies for cancer. What is truly differentiated with our technology and platform is the scalability, where you seamlessly can move up and down in multiplexing. This slide represents another dimension of how new tests are developed. Often, you start by casting that broad net of a combination of known and novel protein biomarker targets. You take your significant findings and hits into verification in secondary cohorts. Then you move into prospective clinical validation before taking it into clinical decision-making. We are very proud that our most advanced customer has already gone through this complete process with us and taking a 20-plex protein signature into clinical decision-making in the multiple sclerosis space in the U.S. Considering this market, we have very carefully designed our product portfolio to meet all unmet needs and use case. Starting on the left with high plex. What customer wants here are more proteins, higher multiplexing with the highest data quality, trusting every data point, higher throughput at lower costs. Here's how we brilliantly married the best of two worlds, the affinity and quality using mother nature's own binders, antibodies. Using PEA and the DNA barcode we create, tapping into the great advantage of the extreme throughput and cost evolution and installed base that NGS has driven in this space, creating Explore. Unparalleled breadth and quality, high throughput in a very cost-effective manner, and the highest plex space here represent our largest growth opportunity. Mid-plex with Target, a next-gen technology solving all unmet needs, higher multiplexing, higher specificity, higher sensitivity, smaller sample consumption. We launched Signature last year to aggressively go after this market with a modern solution solving all unmet needs with a library several-fold larger than competition, providing us with a clear right to win. A significant growth opportunity as well. The last focus, which is totally unique. No other company or platform offer exactly what customers want. Using the same underlying technology through every stage of development. We custom develop products for each customer and use case, forming the basis of our products for clinical decision-making. A very broad and deep market opportunity, of course. Let's dive a bit into the science as well, which, as I've said, is the true driver of our business. Here, I picked out eight significant publications from last year across many different disease areas and therapeutic areas with breakthrough findings driving science remarkably forward. The first study found 19 proteins that together accurately identify patients with Alzheimer's disease. The result offered the basis for high performance blood-based tests to diagnose Alzheimer's disease. On top of that, provide multiple new potential drug targets for future therapies. Immunotherapy is our latest promising strategy to treat cancer, but many patients develop resistance to these therapies, and the biology behind this is poorly understood. The second study showed that a protein called LIF is able to strongly predict whether or not an individual will respond to immunotherapy, which might have a dramatic effect on the choice of life-saving therapy. We see a strong trend from biopharma using our platform to repurpose an approved drug for a new indication. Very cost-effective and smart strategy. This requires a deep understanding of the exact mode of action and how the drug would work to help for each new indication, and which type of patients might benefit the most. A great example is how we supported Boehringer Ingelheim into the mechanism of action for the latest diabetes drug in heart failure. Another example in cardiovascular disease is how to predict the likelihood of mortality. In the fourth paper, Olink data was analyzed with advanced biostatistical methods to identify a simple protein-based risk score that could predict mortality significantly better than the current complex clinical models, improving the predictability score from 0.67 to 0.94. These type of studies could be extremely important for preventive medicine. Diagnosing cancer as early as possible is the holy grail to prevent serious illness and death. The fifth study here followed more than 1,000 healthy subjects over a number of years, some of who went on to develop cancer. By analyzing blood samples that were taken before any disease was evident, Olink data revealed that levels of a protein called CEACAM5 can predict future cancer in individual patients more than two years before clinical diagnosis of the tumor. Understanding whether changes in the amounts of a protein are the cause or effect of a specific disease is essential for the identification of new drug targets. Examining samples from over 30,000 individuals, this group were able to show causal links between eleven proteins and a range of human diseases, which has not been previously known. This was possible due to a unique, powerful combination of Olink protein data and genetics. This strategy is also the one I talked about earlier for the UK Biobank. We were proud to support the research efforts against COVID-19 from the very start. The seventh paper documents vital insights into the biology behind severe COVID-19 and the factors involved in survival or death. This was the largest proteomics investigation into the pandemic, where all the data was shared in open access format via the MGH and the Broad Institute. The last study uncovered a number of proteins that changed significantly several years before the diagnosis of ulcerative colitis, one of the two main forms of IBD. These proteins are all involved in inflammatory processes and could greatly aid our understanding of biology of this disease. Moreover, this data opens up the possibility for novel therapeutic targets and early interventions that could delay or even stop progression to full clinical disease. Invaluable breakthrough findings like these is why our customers adopt and expand our platform as a strategy in their research. It is great to see how our vision, enabling the understanding of real-time human biology is coming to life. To summarize, we have a superior disruptive proprietary technology that truly has unlocked proteomics. We have an exceptional go-to-market strategy with a very strong commercial execution. We are a very transparent company with a robust and stable business model that you can partner with, and it's extremely easy to work with. We delivered 76% year-over-year growth, led by a rapid expansion in the high plex space with Explore. We now have more than 750 customers with a global footprint. Market validation of our reagent strategy, both Explore, Target, and Focus. We basically doubled the number of colleagues in 2021 with a fantastically strong global commercial team. We already today have the product portfolio we need to tap into the $35 billion TAM. We will establish, and our goal and aim is for sure to be the market leader in this very emerging field of proteomics. We will establish the Olink NPX as the gold standard in proteomics, as data from the UK Biobank project will become publicly available to researchers worldwide this year. We are agnostic to both NGS and qPCR, and can benefit from emerging companies in this space, driving the best possible solutions for our customers and science. We are dead on track on the aggressive build out of our library, and plan to unlock the mid plex market with a Signature and Target, and also the new Flex product, which we will plan to launch towards the end of 2022. This is a truly novel, flexible product in absolute quantification, which will provide researchers with a new tool never seen before in protein research. We will continue to drive PEA into clinical decision-making and scale up our organization to accelerate growth. To date, we've grown both organically and inorganically and are for sure open for M&A opportunities as well to accelerate the fantastic work that we already are doing. With that, I would like to thank everyone for listening in and look forward to answering any questions. Thank you very much. Okay. Thank you, Jon, for the great overview. Congrats on all the progress you've made. A lot to discuss here, but maybe let's start with the technology. I know your recent analyst day had a few customers highlight Olink's advantage in sensitivity, specificity, and absolute quantification. Just curious, besides these performance factors, like how is the PEA technology positioned in terms of other aspects such as, you know, cost, speed to develop, versatility, et cetera, compared to alternative capture methods? Yeah. Great, Julia. Thank you. Good question. Yeah, no, for sure. I think just like little bit mentioned in my presentation here, I think we've combined the best of two worlds. We know that antibodies has the highest affinity, and on top of that, we're using two. We also need a third element to create that DNA barcode that is created, where we then subsequently can amplify and detect that signal using you know agnostic technologies such as NGS and qPCR. With the tremendous evolution that happened in particular in the genomics space over the past decade, this has also created you know unparalleled both throughput and cost efficiency. Taking all that into together, I believe that what we have created and delivered to the scientific community is basically single plex high quality proteomics, but in now an unparalleled massive parallel scale covering all major biological pathways in the circulation. I think all of this combined is why the research community is so excited and so readily jump onto our platform. Got it. I know the low sample requirement was also highlighted as an advantage of Olink. Are there clinical applications where, you know, that gives you a particularly strong differentiation, and can you maintain the same low sample requirement as you expand the menu? Yeah, great question. Yes, we actually can. This is amazing with this technology. To your point, this actually opens up opportunities for research that you simply cannot do with other methods. People, you know, it's easy to forget when you collect samples, for example, in a biobank, that you would actually deplete the whole biobank by using other methods in doing proteomics. That's just one example of preserving precious biobank samples. Other ones are, for example, neonatal care. You will just get tiny volumes of sample size. Just another example which we saw quite a lot of work actually in last year is a lot of drugs is now developed for eye disease. Here you want to take some intraocular eye liquid and look at how these drugs involved with the proteins in the eye. Here, yet again, you know, our technology using that just 1 microliter, you can do unprecedented work that just wasn't simply feasible in the past. Great. In terms of the R&D roadmap, how quickly and easily can you develop new antibodies for new proteins? I know your competitors said they're at about 500 aptamers per quarter. What about Olink? What is the theoretical maximum plexing your technology can enable? Yes, we doubled the number of assays that we provided the market with over the last year, and we continue to expand very rapidly. We are, as we speak, developing well north of 100 new validated assays per month. We are extremely aggressively investing and expanding into that. I don't actually see any rate-limiting factor in the technology in terms of the multiplexing that we can do. Perfect. In terms of, you know, end markets, I know the vast majority of your revenue now is from the Explore high-plex panel. Maybe talk about, you know, what you think Olink's competitive advantage is in the mid- to low-plex market. What's the most important factor to, you know, make customers stick with Olink as they move from, you know, discovery to translational research? Is it like concordance? Is it proteins that, you know, nobody else can measure or other factors? Yeah. No, great question as well. In the midplex space, what we see the unmet needs has been, despite wanting to look at a bit fewer proteins than in the ultra highplex, researchers want to look at more proteins. Here we definitely can multiplex in a much larger scale than anyone else. Obviously doing so with an unparalleled both the specificity I talked about and the sensitivity. All of that combined, I think, is really what that market is looking for, and that's also why we launched the Signature product to really have a very cost-efficient modern benchtop instrument to support both Target and Focus into clinical decision-making. Great. We'll talk more about the instrument kit side of the business in a little while. Maybe, you know, moving on to the service side, I know you recently completed the pilot project to deCODE in the second quarter. What's been the customer feedback, and how should we think about the follow on projects with deCODE? Yes. Thanks for bringing that up. I mean, we're super excited to work with the scientists at deCODE, obviously, doing revolutionary science and they started being intrigued by our technology and comparing to others and saw some, you know, very superior results, and in particular with the specificity and correlation to genomics data. We know that they are very excited with the data that they've seen and the work that they do, and I'm sure that we will be able to communicate some really cool happenings there in the short term. That's great. Maybe talk about the pipeline a bit more. Besides UK Biobank, what other biobank projects are in the pipeline? Yeah. Great question as well. This is obviously a strong trend we see, and it goes back to the science as well, right? I mean, we've had a tremendous focus on, in particular, DNA and RNA over the past decade. As we believe, and in particular, you know, you really need to add proteins to that mix. Obviously, our platform has created this unparalleled opportunity in high multiplexing with singleplex quality. The strong trend we see that many of those population cohort studies now really wants to add proteins. The process, how that usually works is that they run a pilot, potentially looking at various technologies. They make the decisions. It's obviously a big project, so they need to fund projects and so forth. It usually is a stepwise process. We ran several of those pilot studies last year. I think you should also expect that we will be able to communicate more of those coming out in this and the following years to come. Great. Looking forward to staying tuned. Just curious, do you have access to data from UK Biobank, and is there a broader, you know, data platform strategy? What other data sources do you have besides those biobank projects? Yeah. Also a great and very important question. We're doing some extremely cool work in the background here because to your point, people are not only interested in reagents or data, but actually insights. We're doing a lot of work together with our customers and the community on the insight perspective. We will be able to reveal much more interesting news later on there as well. To answer your question on the UK Biobank, very excitingly, that in the latter half of this 2022, the first data year that was produced last year will be put into the public domain. Obviously, creating an unparalleled source and scale of high-quality proteomics data that simply hasn't been put out there before. A very exciting year for science for sure. Got it. Now let's move on to the instrument and kit side of things. What does the latest order book look like for Signature? And I know you noted very strong early traction in your presentation just now. How should we think about the uptake potential for Signature in, you know, the next couple of years? Yeah, no, we're super excited by the market's interest and demand for the Signature platform. To our earlier point, we talked about to add higher multiplexing into, in particular, perhaps clinical development, with the Signature product. On February 14, we have our earnings call, and we'll also talk a little bit more in depth about 2022 and onwards. We'll share more details with you at that point in time. Okay. I guess a more interesting question is, you know, what's your latest thinking on a similar, you know, instrument kit approach for NGS readout, right? You know, especially in light of the SomaLogic and Illumina kit development deal announced last week, what are the options available for Olink, and how should we think about Olink's competitive positioning in the instrument kit channel? Yeah. A very important question as well. First of all, I mean, I think this is very positive. You know, the tide is rising and all boats with that in our space, so that's really a good thing for proteomics. We have been and are compared to different technologies very often and very seriously. As you probably noted from my presentation, we grow at very differentiated rates with a very broad and diverse customer base. Obviously scientists on the market clearly know where they want to invest their money. We think this is all good and really look forward to these rising tides and our boat lifting with that as well, and just see this as an additional opportunity for us. Great. Now let's maybe move on to the clinical side of your business. Maybe talk about, you know, your overall strategy for the clinical market. Will you slowly enable customers to develop their own LDTs, or will you actually take some in-house development, you know, either all the way through commercialization or maybe licensing them out? And what kind of, you know, capability footprint do you want to have in the clinical segment? Yeah, very important question. Our business model has already been proven right, taking a customer through the whole process from discovery through verification, validation, and into clinical decision-making, and now formally in the U.S., through an LDT. We see this as a great opportunity to enable that. We're certainly looking at various opportunities as a company as well. Right now our strategy is pretty clear, that first of all, it's an extremely deep and broad market runway in the research tool space, and obviously, a fantastic opportunity in the clinical space as well, where we already cater to and we'd like to find other and new interesting ways of supporting as well. Got it. I know you have a rich pipeline of Focus panels in development, you know, spanning from, you know, monitoring to early detection to therapy selection, you know, surrogate marker, disease prevention, risk stratification, et cetera. Besides the multiple sclerosis monitoring LDT launching in the near term, how should we think about the development and commercialization timelines for the remaining tests, and which ones you're prioritizing? Yeah. Important question as well. A lot of very exciting science is going on in the background. It's nothing that we have been able to externally communicate publicly yet, so we'll have to revert back on that. There are, as you just pointed out, multiple, you know, initiatives going on in very important space. We have presented some very interesting and cool data in the immunotherapy space in terms of identifying sort of responders at very early time points, which we think is, you know, significant. Yeah, more details to come, Julia. Great. Here we have a question from the audience submitted through the website. How does Olink envision a partnership with liquid biopsy, if you know, Olink is readout on the backs of NGS sequencing and liquid biopsy is not? Yeah. Thanks for that good question and a great opportunity, and we see an extremely strong trend in that space. What these liquid companies really want to do is increase the area of the curve of the sensitivity and the specificity of their test, right? It's obviously extremely intuitive to add proteins to that mix, which basically all of them are doing as we speak. Then you can think about very similar constructs as the one we have with Octave. I think that is going to be super important for mankind and health, so something that we are very motivated to work with. We have a more specific question on neurology. You recently formed the CORAL Consortium for neurodegenerative disease. What are the key success factors for a protein marker detection technology for this indication? How are you positioned versus competitors that maybe have a head start in, you know, sensitivity and FDA designation, like Quanterix? Yes, good question as well. Here I think, and I actually alluded to one of the papers in exactly Alzheimer's disease in my presentation, right? It's obviously a super challenging disease area in neurology. Honestly, we are still in very early days to be able to add these very broad and deep, high quality protein data, as I just talked about, revealing several proteins that could be super important for progression of disease or therapeutic targets. In my opinion, we are still very early days and a lot of experiments is happening and will be happening to learn much more insights in that area. I think we will be able to find much smarter ways in characterizing patients and treating those for better results in the future. There, I truly think our platform is gonna be crucial. Downstream of that, depending on the number of proteins that are needed, we could be one solution. Quanterix has a great technology. I think the biology will sort of answer the multiplexing question, what is needed in the end, and which platform could potentially be most significant downstream. Great. In the remaining minutes, maybe let's talk about the big picture, you know, commercial outlook. With the launch of Signature and the ongoing, you know, Explore rollout, how should we think about your, you know, highplex versus low to midplex mix changing in the near term? I alluded to as well, we have spent the past decade looking tremendously at DNA and RNA. We see a very strong desire now is to add high quality proteomics to that mix. If you think about all the samples that we've run genomics on, that we now want to add protein data to, and on top of that, you know, proteins are dynamic over time, so it's a longitudinal question. This all together combined is, you know, the proof point that the proteomics market will likely be much larger than the genomics one. In our humble opinion, we have just started this and we have, you know, decades of super exciting research for mankind ahead of us. Mm-hmm. Got it. How about customer mix? I know your current mix of biopharma versus academic is 50/50. Where do you see that mix going in the next, say, three to five years? Yeah. When we look out into the future, we see that these are terribly important questions for how we need to be more successful in finding and developing and executing on drug development program. What we see looking into the future is that quite likely the biopharma, so biotech and pharma industry, will lead and drive this market and the science through this multi-omics perspective on next generation sequencing platforms. We think that will be the driver, but obviously academia comes very close behind. If anything, perhaps the biotech and pharma companies will lead the charge here. Right. Lastly, in terms of geography, you know, most of your revenue is currently from EMEA. Do you have plans to expand to Americas and APAC more aggressively? Yeah. Maybe we need to correct you there. Actually, North America represents our largest market, tightly followed by EMEA. We obviously have Asia as an emerging market. We will likely see most percentage-wise growth from APAC, but obviously starting from smaller levels. North America is our largest and most important market today, tightly followed by EMEA. All right. Awesome. We're out of time, so I guess we'll leave it at that. Thank you very much for a great discussion and, good luck with the rest of the conference. Thank you, everyone. Thank you very much, Julia, for great questions and leading this session.