Nishant Gandhi: Great. And then the last one. So from what I see from what I have heard, a lot of this molecule that you have in clinic, some of these molecules target like same target like LAG-3 you have a couple of them, you have like HLA-G x CD3 which are both developed using OmniRat. So what are the differentiation of this molecule? Like I mean, I believe they developed from same technology like what are the differentiations in this molecule, if you can provide some thoughts on that?
Matthew Foehr: Yes. And I’ll just speak generally about the business and the way we structure our licenses, and then Bill can add color there. Without talking about specific partners’ antibodies to specific targets, I’ll say we do have a number of partners who are pursuing the same targets, maybe for the same indications or maybe for different indications, both with OmniAb-derived antibodies, but those will be different OmniAb-derived antibodies for reasons that Bill can describe. And the way generally we structure our license agreements is that they are open to any target. Partners can pursue any target they want to pursue. The one exception to that can be in the ion channel and transporter space where the economics are far greater, as Kurt described on a per program basis.
And that’s because we’re also, I’ll say, committing to a target space linked to our assays and other things for those programs. But Bill, maybe you can offer some color on kind of how that plays out with different antibodies?
Bill Harriman: Yes. I mean one of the things that we were able to offer our partners in our animal systems is large diverse repertoires to any given target. And those repertoires are particular for that target for that partner, meaning that when you immunize an OmniChicken, you get a certain repertoire. You immunize six different OmniChickens, you get six different repertoires, right? And we’re very good in our screening to go through those and invite the best of those. But even if another partner comes along with that same target, we’ll set up, I mean, not that same cohort of chicken, it’s a different cohort of OmniChickens, and we’ll get six new repertoires and we’ll mine those. And we found, especially as we incorporate more and more of these bio-informatic tools that allows us to look at a lot of sequences, that really, we don’t get overlaps.
So we’re quite confident that the molecules that come out of a campaign, even if it’s the same target, will not be the same sequences for two different partners. And we continue to look at this and monitor it because obviously, as we do more and more programs, the chances go up, but we still are not really worried about that. I don’t know, Bob, maybe you want to add on that?
Bob Chen: Yes. I think actually, we can say that we can — we ensure with our bio-informatic that we do not give different sequences to two drug partners. So all the IP is always going to be separate. And it’s just — I think it’s maybe the appreciation of the repertoire space. It’s like 10 to the — like it’s tremendously large. So I think just imagining that it’s just statistically unlikely, if not possible, for them to be overlapped. And I think also the differentiation is really driven by our partners, right? They sometimes give different target product profiles to us that we kind of mash in-tune. So it’s going to be different as our partners provide their needs.
Nishant Gandhi: Very good. Thanks for the color and thanks for the call. It was very informative.
Matthew Foehr: Okay. Thank you, Nishant. Yes, thanks. So Kurt tells me, we have no further questions — of Kurt’s many talents, I’ve learned that he also can be a conference call operator. So great job, Kurt. But anyway, I want to thank all of you for joining. Thanks for the engagement and questions. Really appreciate investor support and input. Kurt and I will be out on the road. We’ll be back in New York City next week at the Stifel Conference as well as the Craig-Hallum Capital Conference. So we’ll be out on the road. And I just want to finish the program by thanking my colleagues for their presentations today and their input, thanking our team back in the office and also thanking our hosts here at the NASDAQ Entrepreneurial Center in San Francisco for furnishing this great space for the event. So thank you all again, and have a great day.
