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YH011 is a potentially first-in-class bifunctional molecules. We have out-licensed our PD-L1 antibody to GeneQuantum to co-develop PD-L1 x cytokine bifunctional molecules, which is currently at discovery stage and is expected to qualify for IND application in the next 15-18 months. We are entitled to collect licensing fee from GeneQuantum for our PD-L1 antibody and co-own the intellectual property rights.

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