Karen Akinsanya: So I can start. So I think it’s too early to commit to specific data that we’re going to be sharing. As you know, this is a dose escalation trial with respect to safety, PK, and PD. Our goal is to determine the recommended Phase 2 dose, and clinical activity is a secondary endpoint. However, we are gathering more PK safety and the PD data in the trials that we’re running. And so, that’s ongoing. It’s going well. And so over the course of the period that we’ve shared, 24 through 25, we will be in a position to share an update. But it’s too early to give you any color on what that might look like at this time.
Ramy Farid: Vikram, let me jump in and give you an answer on the second question about the full year guide and the circumstances that would lead us to either of the bookends. First of all, to just remind you, the guidance philosophy is to guide to the range of most likely outcomes. We don’t try and guide to either extremes, the very low probability outcome either on the high side or the low side, but we do want to share with you what we think is most likely. And the range we provide it is that range right now. We do think we’ll get more information as we progress through the year and, of course, ultimately we’d hope to narrow that range, but we don’t know once we get that information we’ll have to incorporate it. In terms of the circumstances that would drive us to either of those extremes, it does depend to a substantial degree on the nature of the renewals.
For example, if we have customers who are on-prem customers who come to us and ask to renew on a multi-year basis, that would drive revenue towards the high end of the guidance range. If they come forward and say we want to renew as we already have on an annual contract basis, then it would be more to the low end of the range. The other factor that we’re considering in the guidance that we provide is some of the conditions that we discuss in terms of the biotech financing environment. If we see some of those conversations about providing our software to relatively early-stage companies, come to fruition and if those companies successfully finance and that might trigger a revenue purchase that would also contribute to driving us towards the upper end of the range.
So those are the two variables that we’re mainly contemplating. I hope that’s helpful.
Vikram Purohit: Great. Thank you.
Operator: And we’ll take our next question from Evan Seigerman with BMO. Your line is open.
Conor McKay: Hi there, this is Conor McKay on for Evan. Thanks for taking our question and congrats on the IND approval for a 3515. With a number of assets either in clinic or soon to be in clinic, can you just talk a bit about how you’re thinking about PNL management as it relates to your broader business and then also how are you thinking about the potential for collaborations and partnerships with your internal assets? Of course, balancing data maturity and preserving economics. Thank you.
Ramy Farid: Maybe collaborations for — yes. That’s probably a good way to…
Karen Akinsanya: Yes, so I can just start by saying each of the mechanisms that we have disclosed, we believe either serve a population that has existing jobs where additive mechanisms is going to lead to deeper responses. As you’re well aware, we don’t have those mechanisms. For example, BCL2, BTK, inhibitors. And we view collaborations as an important way to basically combine our assets with other companies’ products or development assets to recognize the opportunity for these programs in various different indications. So we’re very open to collaboration. We continue to be in those discussions. But obviously, we’re gathering importance data on all of these programs at the moment.
Ramy Farid: I think, hey Conor, let me just dive to that on collaborations. It is a very dynamic deal environment for companies in the computational drug discovery space generally. And that dynamic environment, I think, is to our advantage. And we do see a lot of opportunities for a wide variety of different types of deals as we contemplate the business partner environment. Now, as I said previously, we aren’t guiding to that. We can’t just really forecast the timing value, probability of those discussions. That dynamic environment is to our benefit. In terms of your first question about P&L management, assuming that you’re asking us about the trajectory of expenses, and while we haven’t guided to expenses for next year, I hope that we’ve been communicating consistently that we are seeing a slowing in growth rate of a number of our different expense drivers.
We think that we have opportunities to see slight improvements in our growth markets. And, for example, that you’re seeing some operating leverage now on our G&A line. You’re seeing some operating leverage on sales and marketing as well. And we think that our R&D, while it’s been increasing, and it’s likely to continue to increase, is going to increase significantly more slowly than it has in the past, because there will be additional capital required for the advancing clinical programs. But relative to the totality of our R&D, which is still substantial for the platform, it’s a relatively small contribution. So we don’t think it’s going to drive a large increase in our R&D requirements going forward. I hope that’s clear.
Conor McKay: Great. Thank you.
Operator: We’ll move next to Steven Mah with TD Cowen. Your line is open.
Steven Mah: Great. Thanks for the questions. I’ve got one on live design for Biologics. Could you give us some color on the adoption and any traction with customers you’ve gotten since the launch in March, and then specifically, what types of companies are making inquiries? Are they big pharma or emerging biotechs?
Ramy Farid: Yes, so we just launched it, but as with many of our launches, including live design itself, we worked very closely with a number of companies to understand the requirements and what they would want in the product. So the feedback so far in all of the presentations that we’ve given before the launch, actually, and since the launch, has been incredibly positive. There is clearly pent-up demand for something like this. There is not a good solution right now. So significant interest. But this is a very new release, so we can’t comment on anything about the number of customers or the revenue from it. But we’re really excited about the launch, and it’s going well so far.
Steven Mah: Okay, great. That’s fair enough. And then I’ve got one last question on the SOS1 inhibitor that reverted back to you guys from BMS. I appreciate the color and why they didn’t take the option that they acquired a company with a similar asset, but do you know how similar that asset that BMS acquired is to the inhibitor that you guys developed? How similar is it? Is it the same mechanism? Thank you.
