Matthew Foehr: Yes. Alex, I mean we are extremely, I’ll say, mission focused, right, on really enabling rapid development of cutting-edge drugs for our partners by being focused on licensing drug discovery technologies. We expect — and that is our plan. We are highly committed to that plan. It’s something that I think our partners really value — and we are at a stage now with the growth in the number of partnerships that we’ve built up, that the deep relationships that we have with our partners really inform our conviction and focus around technology investments. So we feel great about our mission, great about the momentum we’re building up with partners and we’re going to stick with that strategy. That is the right strategy for this business.
We hear it all the time from partners, especially some of our newer partners, and I’ll point out new big pharma partners who we added last year who were attracted to our technology because of our clear-minded focus on technology development and meeting their needs not only now, but in the future. And so yes, we feel great about the business that we’re building and our ability to execute on it.
Unidentified Analyst: Sounds great. And another one, if I could. We’re really excited to hear about all the interest in the OmnidAb program and then the new scaffolding tech that goes into that. What is the feedback from the partnerships on any other stones left unturned? What type of tech might there investors could see in the future? Is there like another stage that you’re working on? Or anything that you can allude to about challenges that still need to be addressed?
Matthew Foehr: Yes. Look, it’s an area that I get very excited about, as everyone here will tell you. And we’ve got a pretty exciting investment plan in new technologies that’s built into our plan. We’re becoming more and more efficient in terms of rolling out new technologies. That’s largely because of investments that we’ve made in facilities and workflows and things over recent years. I’ll just say, generally, I’m excited about our work around the novel scaffolds area, which is that kind of lower left-hand area of our technology continuum. Also more abilities and work around big data management and things like that, that I think will benefit programs and accelerate programs and also some more scalability initiatives around screening and other things. It gets pretty technical pretty fast, but we’ll be talking more about those things at the major antibody discovery conferences through the year like PEGS and AETC. But we’re excited about our internal innovation plan.
Unidentified Analyst: Yes. That sounds great. And yes, I think we’re all excited about the 2024 and beyond. Thanks so much.
Matthew Foehr: Thank you.
Operator: Your next question comes from the line of Conor McNamara from RBC Capital Markets. Your line is now open.
Conor McNamara: Hey guys, thanks for taking the questions, appreciate it. Just for you, I appreciate that color you gave on how you probability adjust the program progression throughout the year. If you just think about 2023 and where you were a year ago, like how did this year stack up versus where you what your model would have said. Are you — was it — did financing have any impact on where you hit versus what you kind of were expecting on the profitability for this year?
Kurt Gustafson: When we look at the short term, we tend to sort of — when I talk about the probabilistic approach, that’s sort of maybe for future years, in — for the current year, as we kind of set the guidance, for example, for 2024, we tend to not look at them on a probabilitized basis. We actually sort of decide based on our conversations with partners is it in or out. And so it’s a little bit different in the short term because we have a little bit more visibility. For example, we’ll have a partner that’s out there making a public statement saying we expect to start a Phase 3 study or a Phase 2 study in Q3 of this year. So I mean, that makes us sort of say, well, we’re going to slot that in as kind of happening. So I think things were largely as expected. There were 1 or 2 programs that partners said we’re going to hit in 2023 that got pushed to say the next quarter or something like that, but for the most part, I think things were kind of on point.
Conor McNamara: Okay, thanks. And then just from a competitive standpoint, if you were to look at the number of total programs that are either entering the clinic or discovery programs, do you guys have any clarity as to how many of those programs you guys are winning? And has that market share — how has that evolved over the last several years?
Matthew Foehr: Yes, Conor, there’s not a lot of, I’ll say, fulsome data on discovery programs or discovery campaigns out there. The one clear thing is that the greenfield here in terms of antibody-based discovery, and I say that broadly because there’s all kinds of interesting and exciting things that are going on in new modalities that are antibody based, but are — sometimes people refer to them as kind of Frankenstein molecules. We’re really excited about that in terms of where our technology sits, but there’s not really a lot of good data that you can point to on exact market share around discovery campaigns. I will say the greenfield here is very large and growing. So I’ll balance it with that. And that’s largely driven by a number of factors that are pretty well documented at this point that are attracting more and more sponsors to antibody-based modalities, whether that be the better clinical success rates as compared to small molecules or things like dynamics within the IRA or other things that have driven more investment towards antibodies.
