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1、2 0 1 5 A N N U A L R E P O R TThe emergence of immuno-oncology is transforming the treatment of cancer.We have already seen antibodies targeting the PD-1/PD-L1 and CTLA4 pathways show unprecedented activity as single-agent therapies with acceptable safety profiles.While these developments are excit
2、ing,we believe we are still at the cusp of this transformation and much remains to be discovered to unlock the overall potential of immuno-oncology with the possibility of turning cancer into a curable or chronically treated disease.Recognizing the emergence and importance of immuno-oncology,in 2013
3、,we deliberately shifted to focus our internal research efforts on the discovery and development of immuno-oncology protein therapeutics.We are uniquely positioned to elucidate the immune systems interface and interactions with cancer cells and discover new targets,mechanisms,therapeutics and combin
4、ations to reprogram the tumor microenvironment to eradicate cancer cells by unleashing the patients own immune system.We possess powerful and proprietary capabilities and expertise to make these discoveries andwith over$500 million on hand as of December 31,2015the financial wherewithal to undertake
5、 this significant effort.While most companies focused on immuno-oncology are pursuing known drug targets and pathways,we have developed a differentiated discovery platform and capabilities that uniquely position us to identify new ways to manipulate fundamental aspects of the immune system in specif
6、ic and deliberate ways to treat cancer.Our discovery platform has as its foundation a library of nearly 6,000 extracellular proteins,which we believe encompasses substantially all of the bodys medically important targets for protein therapeutics.We have identified approximately 700 of these proteins