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