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- **Two Lead Programs in 2026**: JAK2V617F inhibitor for MPN and KAT6A degrader for ER+ breast cancer.
- **Incyte Deal**: $60M upfront, up to $910M total, leveraging Incyte's MPN expertise.
- **Selective Degradation**: KAT6A degrader avoids dual inhibition toxicity, showing preclinical efficacy.
- **Clinical Timelines**: JAK2 Phase I H1 2026, KAT6A Phase I H2 2026.

**【CEO Opening Remarks & Strategic Focus】**
- Sharpened R&D focus on two lead programs: JAK2V617F selective inhibitor for MPN and KAT6A degrader for ER+ breast cancer, both entering clinic in 2026.
- Emphasis on high-probability programs with validated pathways and potential differentiation.
- Enhanced financial position with cash runway into 2027.

**【JAK2V617F Selective Inhibitor Program】**
- Addresses lack of selectivity in current JAK2 inhibitors, targeting mutant JAK2V617F to reduce side effects.
- IND filing planned Q1 2026, Phase I start H1 2026.
- Exclusive option agreement with Incyte: $60M upfront ($35M fee, $25M stock), potential $910M total (including $775M milestones/royalties).

**【KAT6A Selective Degrader Program】**
- First-in-class oral degrader with >1,000-fold selectivity for KAT6A over KAT6B, reducing bone marrow toxicity.
- Preclinical efficacy in ER+ breast cancer models without dose-dependent neutropenia.
- IND filing mid-2026, Phase I start H2 2026.

**【Business Development Update】**
- Incyte deal provides $60M upfront, with $910M potential total value.
- Expanded collaboration with AbCellera for degrader antibody conjugates, enabling payload licensing.

**【Q&A Highlights】**
- Clinical strategy: JAK2 Phase I in myelofibrosis, KAT6A monotherapy and combination studies.
- Differentiation: Selective degrader approach avoids dual inhibition toxicity.
- Companion diagnostics: Routine qPCR testing for JAK2V617F positivity.
- Cash runway: Sufficient for 2026 clinical milestones, updates expected in 2027.

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