Could you provide some insights into the recent strategic shifts of Ymmunobio?

One of the pivotal moments was our strategic decision to shift our focus toward a new lead compound. This shift was prompted by the tepid response from investors to our previous immune-oncology compound, despite its superior qualities. We realized that the investment climate, coupled with the perception of immune-oncology as 'old news,' was hindering our progress. Fortunately, our efforts were not in vain. We had been concurrently exploring a second compound, which yielded remarkable results. This compound targets a novel receptor, NPTXR, predominantly expressed in solid tumors while being absent in healthy tissue. This discovery injected fresh momentum into our endeavors.

NPTXR, a membrane receptor typically active during embryonic development, resurfaced in adult patients with gastric cancer, among others. Its presence in various solid tumor types, including ovarian, pancreatic, prostate, and lung cancers, presented a compelling opportunity for targeted therapy.

Our recent focus has been on developing an antibody-drug conjugate (ADC) targeting NPTXR. Unlike current ADCs, which may affect healthy tissue due to shared receptor expression, ours specifically homes in on tumor cells, minimizing off-target effects. Immunochemistry studies have identified NPTXR expression in 13 different solid tumor types, laying a solid foundation for further research and development. The enthusiasm surrounding our new direction has been palpable. Following our presentations at events like the JP Morgan conference, investor interest has surged. We have secured our first institutional investor, marking a significant milestone in our journey. This backing will propel our efforts to establish proof of concept for our NPTXR-targeting ADC through preclinical studies, slated for July or August.

In essence, while the past year has been marked by challenges, the emergence of NPTXR as a promising therapeutic target has reignited optimism and positioned Ymmunobio for a transformative year ahead. How has the recent fervor around ADCs helped in unlocking capital?

Being the sole player working on NPTXR gives us a unique advantage. Unlike the crowded landscape of known targets in ADC development, our exclusive focus on a novel target means we have the entire field to ourselves. This significantly enhances our prospects and allows us to maintain control over the development process.

The recent fervor surrounding ADCs underscores the market's appetite for innovative approaches. While many companies are vying for a slice of the pie by targeting known receptors, our strategy of carving out a niche with a new target ensures that the entire cake belongs to us. This, coupled with the promising outlook for our approach, has garnered considerable attention from both investors and potential partners.

Overall, the landscape is evolving positively for targeted approaches like ours. What do you perceive as the key criteria investors prioritize when assessing biotech teams, especially against the backdrop of the approaching patent cliff and the imperative to revitalize pipelines?

Investors place significant emphasis on the caliber of the team driving biotech ventures forward. While there is variation in team composition across startups, ranging from research-focused to more diverse and experienced groups, investors ultimately seek teams equipped with the expertise to shepherd drug candidates through development stages effectively.

Investors recognize the importance of teams that not only possess technical know-how but also demonstrate adaptability and a forward-thinking approach. In an industry as dynamic and competitive as biotech, success often hinges on the ability to innovate, collaborate, and pivot in response to evolving market trends and scientific insights. Our recent nomination for the Prix Galien Best Biotech Startup award for 2024 is a testament to the recognition of our team's efforts and the promise of our novel compound. It underscores our commitment to excellence and innovation, qualities that resonate with investors seeking to partner with ventures poised for growth and impact. What will be the primary focus for you and your team in 2024?

Our primary focus for 2024 revolves around achieving two major milestones. Firstly, we are dedicated to establishing proof of concept with our ADC targeting NPTXR. This entails rigorous preclinical studies to demonstrate its efficacy and safety profile. Concurrently, we are exploring the potential of a radio-labeled antibody, a project in collaboration with a partner company. Our first meeting is scheduled for early May to discuss the development of the linker and payload for the ADC. Secondly, we recognize the significance of companion diagnostics in ensuring precision therapy.