Hello everyone, welcome to HatchMet 2025 full year result and business update. Today we're going to go through our result in a formal presentation by our senior management and then it will be followed by Q&A. Before I start, let's turn to page two with our usual safe harbor statement. Basically, the performance and results of our operation contained within this presentation are historical in nature, and the past performance is no guarantee of future results. The information in this presentation is subject to changes, and HatchMed has no liability for any loss arising from the use of this content. My name is David Ng. I'm the head of IL of HatchMed. We are very happy that we're going to have our machine management to present the results. Let me hand off the time to our Acting Chief Executive Officer and Chief Financial Officer, Johnny Chen. Johnny?

Thank you, David, and thank you everyone for attending Hajmat's 2025 results webcast. Joining me today is our Deputy CFO, Lorenzo Jill, who will give us an overview of our financial performance. Our Head of Commercial, George Yuan, who will share with you our commercial performance and our Head of Discovery, Dr. Guangxiu Dai, who will provide an update on our R&D pipeline progress. Next slide, please. A quick highlight of our 2025 achievements. We are pleased with our ex-China Fusaka sales, which had 26% growth versus last year, resulting in $366 million in in-market sales. More importantly, Fuseca has rolled out to over 38 countries already. As for our China sales, it has rebounded in the second half of the year, achieving 21% in-market sales growth versus our first half in-chong results. In terms of our cash position, we have about $1.4 billion, which allows us to accelerate our global ATTC development and provide resources to explore potential in-licensing and NMA opportunities. On the right-hand side, we have now advanced two of our ATTC programs into the clinic, which we believe will have huge market potential. In addition, we are pursuing potential business development opportunities with multinational companies. In terms of the progress of our pipeline, I will leave it to Dr. Dai to share with you later on. I will now turn it over to Lorenzo for the financial review and outlook. Lorenzo.

Thanks, Johnny. Let me give an overview of our key financial highlights for 2025. On total oncology revenue was $286 million, this includes $71 million R&D related upfront and milestone revenues. For oncology products revenue, as Johnny already mentioned, there was a rebounded from our China oncology products, which recorded 21% growth in in-market sales in the second half, while the sector continues its global expansions. On net income, we recorded a profit of $457 million for 2025, mainly due to the HHPR divestment gain of $460 million. Excluding this one-time gain, our core operations remain profitable. Next please. Our R&D expenses for 2025 was $148 million. Expenses were lower versus 2 to 4 as many of our late-stage trials are in the completion stage with multiple NDAs now awaiting approvals. In addition, we began shifting our investments into our early-stage ATTC assets with two candidates already in the clinic. Our cash position has been further strengthened to about $1.4 billion. That positions us well to accelerate both investments and developments of our ATTC programs. Next. Looking forward to $2.26 billion, our oncology revenue guidance is in the range of $330 million to $450 million. This reflects its raw, solid growth from 2 to 5, driven by strong growth in our China commercial products with contributions from new indications as well as a full sector continuous growth expansions. In addition, there is considered the potential partnership opportunities for our new drug candidates, including ATTC. Now, I'd like to hand over to George to give an overview of the China commercial.

Thanks Lorenzo, first let's look at the Fusaka, our business partner Takeda's performance. They deliver a very strong 2025 with 26% growth and if you look at the Q2, the second half, the second half the growth actually is accelerated mainly due to the market expansion. We launched some of the new market like Portugal, Belgium, and the South Korea. Also the strong Japanese performance and some of the Europe performance uptake also contribute a second half strong growth. This reflects market needs for safe and effective medicine in the later line MCIC treatment. Also, the physicians experience enhancement, and also the reimbursement progress contributed to those growths. If you look at the U.S., we do see some of the headwinds, mainly due to the medical part D redesign. Next slide. For China performance under the brand name of Elunet, in China we post a minus 13% growth mainly due to soft performance in the first half as we scale back some of the sales force after our GC second line setback and also some of the productivity improvement programs. But we successfully turn around the business with more efficient approach to focus on the top tier cities and hospitals within second half we deliver 33 percent growth and successfully renew our own idea with no price cut and include our emc second line also we submit the nda for rcc with those are all contribute to our future growth next slide if look at the opacity and surrender which is 11 percent our total 2025 e-mark sales they are relatively soft due to the fierce competition for surrender we also face multiple prrt those nuclear medicine moving to the clinical stage and fighting with us with limited patient pool but on behalf also we have some kind of headwinds we do see some progress first is for opposites we have a first line meta scaping adding to the idea also we have a such approval to drive future growth our suffering some novel will read out what we are expecting in this year for surrender we maintain our market leader position in net performance in the key care markets also we have a renewed our idea with no price cut our phase three PDAC study is on track next sites we are building on behalf of our in addition to our solar tumor we are building our hematology portfolio we get our first medicine first in class treatment for ETH2 mutator lung follicular lymphoma approved this is our first hematology products launched in China this also give us a beachhead in the hematology on the and also the past veric include our China's first commercial insurance drug list we are one of the 19th medicine include this drug list this give us a kind of future growth opportunity to explore the commercial insurance on the other side those has very provide us beachhead in a hematology to leverage this products we can engage our hematology opening leaders establish our core team with expertise in the hematology to prepare the future hematology lunch I was sort The NINIB is prepared to launch early 2027, and our ITP is already resubmitted, and while high indication, we are potentially submitting in the first half of 2026. Also we have an additional pipeline in the hematology, the IDH1 and 2 inhibits for AML, and also the BTK in the DL-BCL also start our phase 3 study. So in the long run, we were aiming to build our very strong hematology portfolio. Now let's turn over to our Dr. Dai.

Thank you, George. I'll provide an update on our R&D pipeline progress. The 2025 proved to be a great year for our pipeline, featured by fast regulatory movement and high-impact clinical data. We have achieved major progresses across our core areas, oncology, hematology, and our next-generation technology platforms. In oncology, salvalidinib has reached critical regulatory and clinical milestones in both China and global markets. Saatchi was approved in China in a speed record for second-line EGFR mutant met amplified non-small cell lung cancer. Synova and Safran completed phase three re-enrollment and third-line gastric cancer filed NDA in China in late December 2025. In hematology, Savlaplanik, our sick inhibitor, has solidified its position with ITP-NDA resubmission and robust post-positive phase 3 data readout in WIHA. Perhaps most excitingly, our antibody target therapy conjugate ATTC platform is now a clinical reality, with our lead assets, A251 and 580, moving into global clinical development. A251 has started patient enrollment in China and in the U.S., closely followed by our second ATTC drug candidate, A580, which was first dose in patients just yesterday. Beyond this, we are seeing broad success with fruquenib EMC included in NRDL, fruquenib RCC and fernogratnib, IHCC gaining NDA acceptance, and the superfinip moving into phase for first-line PDAC. Next, I'll dive deep into how these progresses define our growth trajectory. Next slide, please. With salvo-linib, we have dual focuses here, maintaining leadership in China and expanding the global footprint. In non-small cell lung cancer, salvo-linib has been approved in China for first and second-line met axon-14 alteration as a single agent. For second-line, the combination of sivalenib and osimernib represents a promising chemo-free oral treatment strategy to address mechanisms of resistance due to met alteration following EGFR TKI treatment in this advancing setting. In this setting, such has been approved in China, and Saffron is expected to have a readout in mid-2026. For first line, Sanova, a phase 3 study of salvolidinib and oxymorinib will readout in the second half of 2026 or early 2027. Salvolidinib is more than just a lung cancer drug. We also reached an important milestone in gastric cancer with China NDA for third-line med-amplified gastric cancer being accepted and priority review granted. Next, please. The data from Saatchi is compelling. In a 2026 Lancet publication, Saatchi study demonstrated a clinically meaningful OS benefit, 22.9 months versus 7.9 months in ITT patients who didn't receive subsequent MAD inhibitor treatment. The hazard ratio of 0.32 is a clear indicator of OAS benefit. Earlier, we have presented at ASCO that combination of savolinib and osimernib shows a clinically meaningful improvement in overall response rate and duration of response versus chemotherapy therapy as second-line treatment. In particular, SACHI demonstrated clinically and statistically meaningful PFS improvement in ITT patients as well as in patients with failed third-generation EGFR TKI treatment. Next slide, please. Turning to subloplinib, a second inhibitor, our focus is on addressing the large unmet medical needs in immune mediated hematological disorders in ITP we have resubmitted our NDA in China NDA has been accepted and granted with a breakthrough this therapy designation and priority review the clinical profile of subloplanib is highly competitive in the three-year follow-up study the median duration of exposure is over 86 weeks the cumulative durable response reaches over 66 weeks. Over 51% of patients achieved durable response. This is highly consistent with 48.4 durable response rate in a double-blind phase of ISLIM-1 study. Sovloclinib shows a superior durable response rate compared to many existing ITP therapies, including sick inhibitor phosphatidaminib and BTK inhibitor rilzabrunib, as well as Afgatigamote, an FCRN drug approved for ITP in Japan. Sovloplinib's durable response rate is comparable to or better than TPOTPORA drugs. A key differentiation for Sovloplinib is its safety, particularly regarding vascular risks. It's well known that tipo-tipo-RA drugs have been associated with thromboembolic and thrombolic complications in ITP patients. Subloplanib clearly demonstrates a highly competitive clinical profile in the safety and efficacy. Next slide, please. The ITP market potential is significant and growing. In China alone, there are over 250,000 actively treated IPP patients representing a dressable market of five to seven hundred million U.S. dollars. Next, please. Next is our innovation engine, the ATTC platform. This platform is designed to combine the precise delivery of antibodies with the potency of target inhibitors. A251 is the first in class ATTC consisting of a potent PI3K inhibitor conjugated to a HER2 antibody with a DAR of 4 through a clavable linker. Next slide. A251 targets a massive global market across several HER2-expressing solid tumors, including breast cancer, gastric, gynecologic cancer, and many other HER2-expressing cancer types. Next, please. The scientific and strategic importance of this platform targeting the PEM pathway cannot be overstated. The PEM pathway is the most frequently altered pathway in solid tumors appearing in 38 to 50% of all tumor cases, much higher than the other major drivers like RAS, HER2, EGFR, and ALK. For instance, PEM alterations are often seen in breast cancer, gastric, ovarian, and prostate cancers. This gives A251 and other assets from this platform a massive total addressable market. Next slide. While small molecule inhibitors curating PEM pathway and PIKK pathway have historically faced issues with high toxicities and poor DMPK properties, It is always challenging to balance clinical efficacy and safety. The ATTC platform is designed to reduce these on-target off-tumor toxicities by delivering the payloads directly to the tumors. The A251 payload is a potent inhibitor targeting multiple nodes in PAM pathway and PIKK pathway with high affinities in PFVK-alpha, other PFVK isoforms, and in mTOR, ATR, and ATM. Its biochemical profile significantly differentiates from the profiles of the others targeting PEM and PFKK. We believe this is an advantage of the ATTC approach. The payload demonstrates high kinase specificity in a broad kinase panel, hitting targets in a two families only. Next slide. 8251 demonstrates strong HER2 dependent inhibitory activities. Median IC50 is in a range of 0.2 nanomolar in HER2 positive cells, regardless of PAM status. In a single digit nanomolar in HER2 low compared to 36 nanomolar in HER2 non-cells. The HER2 expression level really determines how much of the payload is delivered to the tumor cells and how potent A251 can be and crucially A251 exhibits a bystander effect that allows it to overcome HER2 heterogeneity by killing neighboring her two non-cells. The preclinic data has been published at 2025 URTC conference. Next slide please. 8251 has started the global phase one study in the U.S. and in China. The dose escalation and the building dose expansion and optimization is essentially one study in China and U.S. following the same protocol. We believe this is the fastest way to define a global dose. The trial targets HER2-expressing solid tumors with PEM status being tested retro-respectively. This will inform the biomarker strategy for future development. The strategy includes utilizing A251 as a monotherapy for lay-line treatment and exploring combination therapies in frontline setting. We are accelerating discovery and development of ATTC and ADCs and this is the next generation innovation timeline, our second ATTC asset, 580, has started the phase 1 opening sites and recruiting patients in China and in the U.S. The third ATTC asset, 830, is anticipated to enter global phase 1 this year. We are committed to maintain the momentum from the innovative platform in the coming years. Next slide. Looking ahead next 15 months, The upcoming milestones include Rosalva-Linib, we expect readouts for both Saffron and Sanova. We anticipate the label expansion with China-India approval for the third-line gastric cancer indication. Rosalva-Linib, our phase 3 trial in Waiha successfully met its primary endpoint, clearing the path for the next regulatory filing, which will happen in the coming months. Our next major milestone would be the China-MD approval for ITP. For the innovation platform, three ATTCs will all be in the clinical development in 2026. Beyond these highlights today, we expect China-MD approvals for clinic RCC and the firm RADNIP in IHCC, as well as through FANNIP PDAC enrollment completion within the next 15 months. We look forward to another great year, and with that, I'll turn back to our acting CEO, Thank you, Dr. Dai.

So in summary, we are very excited about our outlook for 2026 and beyond. We have multiple potential NDA filings upcoming, including from Saffron and Xenobl readouts later this year. In addition, our new hematology products are expected to drive future sales growth in China. On the innovation side, our strategic efforts will be focused on accelerating global development of our ATTC programs, and at the same time, exploring business development opportunities to further validate and add value to this platform. Finally, our oncology revenue guidance of $330 million to $450 million factors in our full-sector ex-China commercial growth and the positive impact of adding new indications for Alenate. With that, I will turn it over to David to start our Q&A session.

Thank you, Johnny. Thank you, everyone, for the presentation. We will now do the Q&A session. First, a little bit of the instructions. If you look at the bottom of your screen, you can see the raise hand button. If you have a question, please press the raise hand button, and I will call your name and unmute your line. Another way that you can ask questions is in the chat box. Also, at the bottom of your screen, you can press that chat button, and then you can type in your questions, and then I can read out the questions. The first question comes from CLSA Matthew Yan. Matthew, your line is now unmuted. You can ask your question.

Thank you for taking my questions and the elaboration of the results. And congratulations on the result. I've got a few questions. First is regarding the oncology guidance in in 26 because uh in 25 you see multiple like for example sales team restructuring or what kind of stuff the growth is uh yeah it's actually a degree so but the 26 guidance it seems to imply something 15 to 16 year over year on college growth so can you elaborate a little bit more about how i should be modeling the kind of the key drugs cells from this yes this is my first question oh i agree go ask my question in one in one batch and second thing is about the separate uh kind of readout uh do you have any color why the the broadband readout been delayed from first half to second half and so question is uh the last question is about can you elaborate more on the indication of the ATTC platform the first two candidates into the clinics for example the A251 is this. Am I understanding right is more like on the post and her to the refractory breast cancer setting or what kind of setting we are looking at in the future. Thanks.

Thank you Matthew. So for the first question I would refer to Lorenzo and the second and third questions to Dr. Dai. Lorenzo?

Yep, about the guidance as, hi Matthew, thanks for your questions. About the guidance, as you point out, for 2025, there was a decline in the product sales. But as you can see, in the second half, we saw a seed, a strong momentum of recovery. And we expect that this will continue in this in the 2026. And together, we'd like to highlight that we're expecting more growth coming from the new indications. As you can see, we have the LNA RCC, which is currently under-rebuilded. And we believe that with that approval, that will bring in more revenue and the growth. And also, about the Frusecla, there's a strong growth in 2 to 6 expected due to the continued expansions by Takita. and also we can see that there are more and more countries are now in the market and then with that full year penetrations in 2006, that will continue the growth. Johnny, do you have anything to add?

Okay, so second and third question, Guangxiu, Dr. Dai.

Yes, so the suffering readout is expected to happen in mid-2026. And the third question, 8251 now, is enrolling HER2-expressing solid tumor patients not restricted to post-HER2 patients.

Okay, thank you.

All right, David. Okay, thank you, Matthew. The next question comes from Matthew Guggenbiller. Matthew, your line is now unmuted. You can ask your question now. Go ahead, Matthew.

Can you hear me okay? Great. This is Matthew on for Alex Strahan from Bank of America. I guess two questions from us. On the Saffron readout, you said expected May 2026, can you maybe clarify expected location of that medical meeting versus company event? And then for ATTC readouts, can you just maybe clarify expected patient number sort of follow-up we can expect from those? Thanks.

Dr. Dai?

Okay. So, the suffering readout will be, like I said, in the mid-2026. We'll share the data as soon as, you know, AZ informs us of the results. What's your second question? So, can you repeat your question?

Yeah, in terms of initial clinical data for the ATTC assets, sort of size and scope of those in terms of patient number follow-up?

The trial is still at early stage. We don't have a definitive timeline for the data readout.

That's right. And then maybe one on commercial dynamics as well. You know, I think first half had some headwinds from off-label sales, increased generic competition and sort of sales force turnover. I guess, can you speak to, you know, how those trends are looking in the second half and whether you expect those to stabilize throughout 26?

Thanks. Okay, Matthew, we'll invite our head of commercial, George, to answer this question.

Yeah, because we cannot, for the GC, last year we faced some GC setback. The indication is not a data proof. That's why if you look at the sales force, the original setting is we prepare for the GC. So the field force is a little bit over capacity when we lost the GC indication. That's why we rationalized the team. And also we try to focus more on the top hospitals. and that's why we have some kind of reorg in the team which lead to some kind of performance issue in the Q1 and the first half but everything is moving into the right direction the turnover rate is significantly reduced also the vacancy is already filled that's why we have a very strong key now and those kind of momentum will carry over to the 2026 thank you no follow-up Thank you.

Next question from Cavendish Adam. Adam, your line is now unmuted. You can ask your question.

Thanks very much. Thanks for the presentation. So, a couple of questions. So, yeah, just in today's announcement, I noticed that you mentioned that AstraZeneca continues its efforts to increase MET testing as a standard of care in late-stage non-small cell lung cancer. Could you comment on how the pace of MET testing adoption might influence the potential uptake of savalitinib in the Sachi setting in China and then globally if saffron is successful?

Yeah, so, Dr. Dai, then, yep.

We do not have additional information on this question.

Okay, no problem. Thanks very much. On the ATTC platform, could you elaborate on your partnering strategy you are pursuing with the multinational pharmaceutical companies, and more specifically, are you considering outlicensing certain assets earlier in development to accelerate validation of the platform while potentially regaining greater control over other assets to maximise longer-term value? well i think i will answer these questions in terms of our strategy for the partnering with the attc program first of all i think as you can see we have a strong pipeline already building

up for this attc platform so we now have a positive responses from potential partners and many of which are multinational companies. We have ongoing discussion with all those potential partners. So with our large portfolio that we anticipate that we will build on, I think we want to advance and accelerate this development. So hence we have considered to potentially license out some of these programs. So also in addition, I think we also have this AI capability which we can further develop some more candidates into our platform. As a result, I think this is why we also consider potential partnering opportunities. Furthermore, I think as this platform is really one of our next wave, we would also like to validate this through this partnering strategy.

That's great. Thank you. And I guess just if I could try my hand at a final question, it's just sort of maybe a broader one.

As we think about the HutchMed story going forward, how should investors balance the contribution of the existing commercial portfolio against the emerging opportunity from the attc platform and in particular do you see the next phase of value creation increasingly driven by the pipeline and the platform asset rather than the marketed product well uh we see as we have our second wave of as we mentioned uh hematology asset that uh will be going into the commercial side that would adding to our existing commercial already commercialized portfolio so that would increasing our balance of our investment in R&D so we will continue to ramp up our R&D expenditure last year in 2025 in terms of our investment in R&D was probably the lowest in recent years, mainly due to a lot of programs waiting for approval, pending for approval, and we are also at the early stage of development of this ATTC program. But going forward, we do take this to accelerate our global development strategy for ATTC, And at the same time, with the expanded commercial assets, we will be able to generate more income so we can balance out our ATTC investment.

That's excellent. Thank you very much. And thanks for taking my questions.

Thank you, Adam. The next question is coming from UBS Chen Chen. Chen Bo, your line is now unmuted. You can ask your question.

Thank you for taking my question. Well, my first question is on surifatinib. We say that it has started phase 3 patient enrollment. So I'm interested in, is like partner strategy? So are you considering like a BD, like after data result? Or you are now in talks with any potential partners right now? Because the phase 3 will involve like a few hundred people, so it would be very expensive. Thank you.

Ok, I will answer from my strategic side and then I will invite Dr. Dai to comment further. We have at the moment no intention to partner this program out. But Dr. Dai, in terms of the status of our development, perhaps you can comment a little bit.

Sure, Johnny. So the phase three first patient in was achieved in December 2025. And we hope to finish the phase three enrollment in the next 15 months. And we hope that SuFANIT can provide another therapeutic option for the first-line PDSA patients. And agree with Johnny that currently we don't have our licensing plan.

I see, that's very clear. Well, so my second question is on your like R&D guidance in this year. So we noticed that you have started like a few phase three trials such as like as we discussed just now, and also like BTK, DLBCL, and also a few like early stage trials such as ATTC candidates. so I'm just wondering like what's your guidance for your R&D expense this year okay just to clarify we do not give out any public guidance on R&D expenditure but as we mentioned that 2025 was the lowest level we do intend to ramp up as you also mentioned a number of programs that we are actually advancing as well

as our strategy on accelerating our ATTC program so going forward in the next few years we do want to ramp up to a very reasonable kind of a higher level of investment on R&D in the range of 250 to 300 million I think that would be the ideal level of R&D investment of course we will be We stick to our commitment to the investors that we will be profitable in a sustainable situation. Therefore, we will be investing as we will be able to generate sufficient commercial income to cover our R&D investment.

Okay, great. Maybe the last question for me. So I saw that you have a very strong cash position by the end of 2025. And you also mentioned that you are planning to do some in-license and also some M&A. So can you please elaborate a bit more on that side? Thank you.

Yes. So you have 1.4 billion of cash on hand. So our priority is, of course, as we mentioned, accelerating our global development for ATTC program. We are open because with this cash resources, we are open if the opportunity arise for in-licensing, late-stage commercial assets or potentially some assets that is complementary to our portfolio. But I think M&A and this in-licensing opportunity, we are open-minded because we are in a good financial position. But we have no fixed target at this stage.

Okay, that's very clear. Thank you so much.

Thank you, Chen Bo. The next question comes from Premier Julie Simmons. Julie, your line is now unmuted. You can ask your question.

Thank you very much.

I was just wondering on the move into hematology products, whether this changes what you're investing in sales and marketing and what changes to the sales infrastructure it requires. thank you thank you Julia so George would you like to comment on this thank you because hematology is a very extra specialized team that's why we already start up a new business union with dedicated sales marketing and medical capability to address this kind of market opportunity and with future pipeline adding to the to the business we will expand the team lovely thank you

And then, secondly, just on the impact in the U.S. of the Medicare Part D changes, just wondering how much impact you expect that to have on sales in 2026, whether you can make any comment.

Sorry, I didn't hear your question. Could you repeat that again? Yes, just questioning about the changes to Medicare Part D that went on in the States that were obviously impacting your sales there. and if you've got any thoughts on what impact that might have into 2026 we have received no new changes so far the impact factors into 2025 has been reflected despite that impact for us i mean we still achieve a 26 growth for for our sector through our partners so we do anticipate that in In 2026, we will be expanding, rolling out of all the ex-U.S. countries. So far already 38 countries have been commercialized in terms of this FUSACA and we continue to see that the NRDL in those countries will be expanded. So, the total impact for ex-China sales, we see that the US will continue to grow, but also outside of the US, that is the key driver also.

Thank you.

Thank you, Julie. Next question coming from Daiwa Wilfred Yuan. Wilfred, your line is now unmuted. You can ask your question.

Thanks for taking my question. I want to follow up on the revenue guidance that range from 330 to 450 million, which is a wide range first last year anyway. Maybe can you give us more color as to the breakdown between the oncology product sales and the R&D milestones payment? Are you expecting some additional milestone, you know, maybe to hit the high end of the guidance 450? Thanks.

Lorenzo, would you like to tackle this question?

I'll add that to it yeah further to what I explained earlier I think you can look in this way because we did not give any guidance of particular items within this revenue guidance but for your information I think it would work to note that in two to five our revenue has included some of the upfront and milestones which in extrude those the base would be lower and then for the 226 the guidance reflect a kind of a solid growth from 225 in addition I

think some of the factors that I've mentioned the growth from our China China products with the new labor expansions and also the new indications would drive further growth so i hope that could address the questions johnny do want some more comments on this so wilfred i think i think uh basically the you should take the guidance as a the middle of this range right uh so the low end potentially if uh some of the you know at this we i think the low end of the guidance is where we are very confident and we are also very confident that to achieve higher of this guidance so 330 has factored in as lorenzo said many of the organic growth in addition we also factor in for a base kind of baseline growth for our ex-china sales which of course is run by our partner so conservative speaking we are very conservative to give this low end guidance but you can expect the mid-range of that is almost like a 36% growth between 330 to 450 is about 390 that is more like 36% growth versus this year's So, I think this is guidance that basically can reflect the business growth as well as potential. If we have a licensing, of course, we won't take all the upfront income. We will potentially apportion part of the upfront income and factoring into the upside.

Got it. Thanks for the color.

Thank you, Wilfred. Next question coming from Goldman Sachs, Paul Choi. Paul, your line is now unmuted. You can ask your question.

Hello, and thank you for taking our question. My question is on saverlitinib, and assuming, you know, clinical success coming up here with saffron, can you maybe comment on how you think a ticarisosevolitinib combination would be sequenced in the treatment paradigm given the recent launch of J&J's ribavirant bispecific, and just, you know, how you think about guidelines involving directing oral options versus bispecific options. Thank you very much for taking our question.

Yeah, thank you.

So, Josh, you have any color to share on this? yeah this is i think this first thing is this provides an oral true oral products for those egf resistant metamplification patients so this is we provide very efficacy and as well as convenience but we do know the jng by specific might motor antibody to provide another another options but all depends on the doctor's perception regarding how the treatment paradigm shift is still a precision medicine win the game or not the testing the second three testing win the game or not so it depends on how AstraZeneca

shaping the the treatment thank you thank you Paul I see a couple of questions in the chat box. Some of that actually has been kind of answered already. There's a question, Johnny, the question is what is the thought about the need to decide appointment of a permanent CEO or are we happy with the current situation?

Okay, I think we have, the company have made an announcement in August. I think no status changed as yet regarding the announcement so Dr. Xu is focusing on his health right now and yep so we have this interim arrangement and as you can see we have a lot of talents within our management team today we have Dr. Dai and also we have Lorenzo Zhou joining this webcast so the company have been running for 20 odd years and we have a very loyal and also capable talents within our talent pool so and everything has been running very very smoothly and also progressing in terms of our pipeline as well as our commercial strategy everything I think it is now working as per plan.

Thank you, Johnny. I don't see any outstanding questions right now. Just as a reminder, if anyone has any questions, please press the raise hand button or type your question in the Q&A box. There's another question talking about saffron readout delay from first half to second half, but as Dr. Dye has mentioned, the most likely scenario will be around mid-26. If no further questions, Johnny, would you like to do a concluding remark?

Thank you again, everyone, for spending the time to attend this webcast. And if you have further questions, please, by all means, to feed through our IR colleagues.

Thank you, everyone. And this concludes our results presentation. Thank you very much.