Allurion Technologies Inc (ALUR) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Valerie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Allurion second-quarter earnings call.

謝謝你的支持。我叫瓦萊麗，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Allurion 第二季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Mike Cavanaugh, Investor Relations

我現在想將電話轉給投資者關係部的 Mike Cavanaugh)

Good morning, and thank you all for joining us today. Earlier today Allurion Technologies Inc. issued a press release announcing financial results for the quarter ended June 30th, 2024, as well as a review of the company's recent business highlights. You can access a copy of the announcement on the company's website at www.investors.allurion.com.

早安，感謝大家今天加入我們。今天早些時候，Allurion Technologies Inc. 發布了一份新聞稿，宣布截至 2024 年 6 月 30 日的季度財務業績，以及對該公司近期業務亮點的回顧。您可以在公司網站 www.investors.allurion.com 上存取該公告的副本。

With me on the call today are Shanthanu Gaur, Founder and Chief Executive Officer, and Chris Geberth, our Chief Financial Officer. Shantanu will begin the call by discussing the quarter's business and operational highlights and our 2024 financial outlook. Chris will then provide a review of our financial results, and we will close the call with a question-and-answer session.

今天與我一起參加電話會議的有創辦人兼執行長 Shanthanu Gaur 和我們的財務長 Chris Geberth。Shantanu 將首先討論本季的業務和營運亮點以及我們 2024 年的財務前景。然後克里斯將回顧我們的財務業績，我們將以問答環節結束電話會議。

Before we begin, I would like to inform you that comments mentioned on today's call contain forward-looking statements within the meaning of federal securities laws, including but not limited to, financial outlook for 2024 and our expectations regarding profitability in the future market and demand for our products and elective procedures, the impact of cost reduction initiatives on cash burn and runway, the ability to compete with GLP-1 drugs or use of the Allurion program in combination with GLP-1 drugs, timing and expectations regarding our ongoing clinical trials and expectations regarding our ability to launch our products in new markets and growth in procedure volumes.

在我們開始之前，我想通知您，今天電話會議中提到的評論包含聯邦證券法含義內的前瞻性陳述，包括但不限於 2024 年的財務前景以及我們對未來市場盈利能力和需求的預期對於我們的產品和選擇性手術、成本削減措施對現金消耗和跑道的影響、與GLP-1 藥物競爭的能力或將Allurion 計劃與GLP-1 藥物結合使用、對我們正在進行的臨床試驗的時間表和期望以及對我們在新市場推出產品的能力和手術量增長的期望。

Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are described in detail in our Securities and Exchange Commission filings, including our most recent 10-K filed on March 26, 2024. Our SEC filings can be found through our Company website at investors.allurion.com or the SEC's website. Investors are cautioned not to place undue reliance on such forward-looking statements and Alerian undertakes no obligation to publicly update or release any revisions to these forward-looking statements.

由於某些風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。這些風險和不確定性在我們向美國證券交易委員會提交的文件中進行了詳細描述，包括我們於 2024 年 3 月 26 日提交的最新 10-K 文件。我們的 SEC 備案文件可透過我們的公司網站 Investors.allurion.com 或 SEC 網站找到。請投資人不要過度依賴此類前瞻性陳述，Alerian 不承擔公開更新或發布對這些前瞻性陳述的任何修訂的義務。

Please note that this conference call is being recorded and will be available for audio replay on our website at Allurion.com under the Events and Presentations section on our Investor Relations page shortly after the conclusion of this call. Today's press release and supplementary financial data tables have been posted to our website. And with that, I will turn the call over to Shantanu.

請注意，本次電話會議正在錄製中，並將在本次電話會議結束後不久在我們的網站 Allurion.com 投資者關係頁面的活動和演示部分下進行音訊重播。今天的新聞稿和補充財務數據表已發佈到我們的網站上。然後，我會將電話轉給尚塔努。

Good morning. And as always, thank you for joining us today. Second quarter revenue was $11.8 million, which is a sequential increase of $2.4 million or 25% from the first quarter of 2024. Strong sequential revenue growth, coupled with accelerating procedure volumes demonstrates that demand for the Allurion program is strong, and we are seeing reordering in many distributor markets where inventory levels have normalized following the destocking that took place in 2023 and earlier this year.

早安.一如既往，感謝您今天加入我們。第二季營收為 1,180 萬美元，比 2024 年第一季季增 240 萬美元，增幅為 25%。強勁的連續收入成長，加上加速的手術量表明，對Allurion 計劃的需求強勁，我們看到許多分銷商市場進行了重新訂購，這些市場在2023 年和今年早些時候進行的去庫存之後，庫存水平已經正常化。

The Allurion team have achieved quite a lot this quarter as we work towards both an FDA approval and achieving profitability. We are increasing our operational efficiencies while procedure volumes continue to grow procedure volume in the second quarter as estimated by new app users grew by 12% compared to the same period in 2023 and 4% sequentially from the first quarter of 2024. This is a new record for Allurion that equates to over 10,000 Allurion balloon placements for a second quarter in a row since 2016. We now estimate that over 100, 50,000 patients have been treated with the Allurion Blue.

Allurion 團隊本季取得了相當大的成就，我們致力於獲得 FDA 批准並實現盈利。我們正在提高營運效率，同時手續量持續成長，根據新應用程式用戶估計，第二季的手續量較 2023 年同期成長 12%，較 2024 年第一季環比成長 4%。這是 Allurion 的新紀錄，相當於自 2016 年以來連續第二季放置超過 10,000 個 Allurion 氣球。我們現在估計已有超過 100,50,000 名患者接受了 Allurion Blue 的治療。

Growth was driven by our direct markets, particularly in Europe. Despite the growing availability of low-priced GLP-1 drugs. Comparing revenues with our estimated procedure volumes indicates that some destocking did take place in the second quarter. However, we believe that the destocking is largely completed. We've been able to achieve a significant increase in operational efficiency in the first half of 2024, which is the tangible result of the cost reduction and efficiency improvement activities we undertook at the end of last year.

成長是由我們的直接市場推動的，特別是在歐洲。儘管低價 GLP-1 藥物的供應量不斷增加。將收入與我們估計的程序量進行比較表明，第二季度確實發生了一些庫存削減。不過，我們認為去庫存已基本完成。2024年上半年我們實現了營運效率的大幅提升，這是我們去年年底進行的降本增效活動的實際成果。

In the second quarter, operating expenses and loss from operations reduced by 21% and 30% respectively compared to the prior year period and by 29% and 44% respectively, when one-time expenses related to financings are removed. We believe that the restructuring we performed at the end of 2023 will continue to lead to increased efficiencies in the second half of 2024. We also believe there's more to accomplish here and that our efforts could take us to profitability near the end of 2025 and prior to our prospective launch in the United States.

第二季度，營運費用和營運虧損較上年同期分別減少 21% 和 30%，若剔除與融資相關的一次性費用，則分別減少 29% 和 44%。我們相信，我們在 2023 年底進行的重組將在 2024 年下半年繼續提高效率。我們也相信，這裡還有更多工作要做，我們的努力可以使我們在 2025 年底附近、在我們預期在美國推出之前實現盈利。

Regarding the audacity trial, our FDA pivotal study for the Auryon balloon. We successfully treated our last patient with their second balloon in the second quarter. This puts us on track to complete the trial by the end of the year.

關於大膽試驗，這是我們 FDA 對 Auryon 氣球的關鍵研究。我們在第二季度用第二個氣球成功治療了最後一位患者。這使我們預計在今年年底前完成試驗。

On July first, we took an important step to strengthen our financial footing, raising $22 million in gross proceeds through a public offering and concurrent private placement of securities. With this financing complete, we believe we now have sufficient cash to execute on key operational milestones and are working toward achieving profitability by the end of next year.

7 月 1 日，我們採取了重要的一步來加強我們的財務基礎，透過公開發行和同步私募證券籌集了 2,200 萬美元的總收益。在此次融資完成後，我們相信我們現在有足夠的現金來執行關鍵的營運里程碑，並努力在明年底之前實現盈利。

So I want to take a minute to touch on the news we recently announced regarding the French market on August 6, 2024, we announced that the French regulatory authority and some suspended sales of delivery on balloon and that we are withdrawing supply of the balloon in France, pending implementation of a remediation plan to reduce certain risks associated with the advertising of the balloon and our patient follow-up and physician education process.

因此，我想花一點時間談談我們最近於 2024 年 8 月 6 日宣布的有關法國市場的消息，我們宣布法國監管機構和一些公司暫停交付氣球的銷售，並且我們將撤回氣球的供應法國，正在實施一項補救計劃，以減少與氣球廣​​告以及我們的患者追蹤和醫生教育過程相關的某些風險。

While we disagree with the French regulatory authorities request, we are fully cooperating with them to execute on a remediation program that when approved and executed, we'll enable those Auryon to resume commercialization of our balloon in France. This decision is not a result of any new published scientific evidence regarding delivery on balloon. And to date, there have been no other similar actions taken by any regulatory authority outside of France.

雖然我們不同意法國監管機構的要求，但我們正在全力配合他們執行一項補救計劃，一旦獲得批准並執行，我們將使這些 Auryon 能夠恢復我們氣球在法國的商業化。這項決定並不是任何新發表的有關氣球輸送的科學證據的結果。迄今為止，法國以外的任何監管機構尚未採取其他類似行動。

The complication rate for the ovarian balloon in France as well as globally remained in line with the published literature and well below the published rates for other weight loss products. It is still on the market in France, French regulatory authority has not requested any changes to the design or manufacturing would be around, but it has not mandated that existing programs be removed from patients we have had a productive dialogue with the French regulators and have already provided and discussed a remediation plan with them, which focuses on changes to our advertising, patient follow-up and physician and patient education to address Anthem's concerns as quickly as possible. In the meantime, we have been pleased to see our physician partners from around the world expressed their support for ovarian and the impact our products have had on their patients. France represents approximately 15% of our business over the past two quarters, and we continue to face macroeconomic headwinds in certain markets in Latin America and Asia Pacific, which we believe will lead to slower procedure growth and more conservative inventory stocking than originally expected in the second half of 2024 therefore, we have adjusted our full year procedure volume growth forecast to between 10% and 15% and expect our full year revenue to range between 40,000,045 million.

法國乃至全球的卵巢球囊併發症發生率與已發表的文獻一致，遠低於其他減肥產品已發表的併發症率。它仍在法國市場上，法國監管機構尚未要求對設計或製造進行任何更改，但並未強制要求從患者身上刪除現有程序，我們已與法國監管機構進行了富有成效的對話，並已提供並與他們討論了一項補救計劃，該計劃的重點是改變我們的廣告、患者隨訪以及醫生和患者教育，以盡快解決Anthem 的問題。同時，我們很高興看到來自世界各地的醫生合作夥伴表達了他們對卵巢的支持以及我們的產品對其患者的影響。過去兩個季度，法國約占我們業務的15%，我們在拉丁美洲和亞太地區的某些市場繼續面臨宏觀經濟逆風，我們認為這將導致業務成長放緩，庫存庫存比最初預期的更保守。

On the commercial front, we have been pleased with our performance in our direct markets where we have achieved record levels of revenue and procedure volume. Importantly, in many of these markets. Glp ones have been widely available for several quarters at a fraction of the price in the United States. However, we believe it is becoming clear that GLT. ones will not be the ideal therapy for all of the 1 billion people globally with obesity. And with adherence remaining a major issue that a number of other treatments such as ours will be very necessary according to a recent study from Blue Cross Blue Shield and approximately 170,000 commercial health plan members, 58% of patients discontinue GLP-1 use before reaching a clinically meaningful health benefits and 30% discontinued use within the 1st month in an analysis of pharmacy claims by Prime Therapeutics, only 15% of patients prescribed GLP-1 for weight loss, and we're still taking the medications two years later. This equates to millions of patients who will need another treatment solution. This should be a meaningful tailwind for Larry on in the future. And we are actively exploring partnerships with pharmacies and providers to offer their own to patients for whom GLP ones have not been the answer.

在商業方面，我們對直接市場的表現感到滿意，我們的收入和程序量達到了創紀錄的水平。重要的是，在許多這樣的市場中。GLP 已經在幾個季度內廣泛銷售，價格僅為美國的一小部分。然而，我們相信 GLT 的情況正在變得越來越明顯。對於全球 10 億肥胖症患者來說，這些方法並不是理想的治療方法。根據Blue Cross Blue Shield 和大約170,000 名商業健康計劃會員最近的一項研究，堅持仍然是一個主要問題，因此像我們這樣的許多其他治療方法將是非常有必要的，58% 的患者在達到治療效果先前停止使用GLP-1。 ，兩年後我們仍在服用這些藥物。這相當於數百萬患者需要另一種治療解決方案。這對拉里昂的未來來說應該是一個有意義的動力。我們正在積極探索與藥局和提供者的合作關係，為那些 GLP 無法解決問題的患者提供自己的產品。

Lorianne also has a competitive advantage with its data on muscle mass. Approximately 40% of the weight that is lost during GLP-1 therapy comes from loss of muscle mass in the absence of proper follow-up with an emphasis on balanced nutrition and physical activity. This is no surprise. We are observing something very different in patients going through the ovarian program. In June, we announced the publication of a third party study in 571 patients across three obesity centers, which showed active patients actually gained an average lean mass of 5.6%, while still losing an average of 14% of their total body weight at four months.

Lorianne 的肌肉質量數據也具有競爭優勢。GLP-1 治療過程中約 40% 的體重減輕來自肌肉質量的流失，而缺乏適當的後續行動（重點是均衡的營養和身體活動）。這並不奇怪。我們在接受卵巢計劃的患者中觀察到一些非常不同的情況。6 月，我們宣布發表了一項針對三個肥胖中心的571 名患者的第三方研究，該研究表明，活躍的患者實際上平均去脂體重增加了5.6%，同時在四個月內平均仍損失了14% 的總體重。

On the other hand program in this study, body composition in physical activity, retracting real time with deal very on app connected scale and health tracker and follow up was provided through the AI powered Laurie on virtual care suite for VCF. These results indicate that it is indeed possible to lose significant amounts of weight while maintaining or even increasing main muscle.

另一方面，本研究中的身體組成、身體活動中的身體組成、透過應用程式連接的體重計和健康追蹤器進行即時回縮以及後續工作是透過AI 支援的Laurie 在VCF 虛擬護理套件上提供的。這些結果表明，確實可以在維持甚至增加主要肌肉的同時減輕大量體重。

Furthermore, we believe these results also underscore the impact of real-time monitoring of body composition and personalized recommendations through our AI-powered DC. In fact, we believe that using Allurion, on the IT platform in combination with other modalities, including GLP ones where muscle mass lost is a significant risk maybe a promising path forward to that end.

此外，我們相信這些結果也強調了透過我們的人工智慧驅動的 DC 即時監測身體組成和個人化建議的影響。事實上，我們相信，在 IT 平台上結合使用 Allurion 與其他方式（包括 GLP 方式）相結合，肌肉質量損失是一個重大風險，也許是實現這一目標的一條有希望的道路。

In the second quarter, we made significant strides in advancing our digital platform, both in the United States and abroad. On our last call, I discussed the first commercial agreements for the BCS. in the United States. As a reminder, the VCS offers remote patient monitoring, predictive analytics, telehealth and care team collaboration for patients undergoing the full gamut of surgical medical or minimally invasive weight loss procedures. The VCS also features co-chairs are 247, a high-powered weight-loss Coach in the second quarter we began onboarding our first patients onto the VCS. in the United States, working with our first partners in the United States.

第二季度，我們在美國和海外推進數位平台方面取得了重大進展。在我們上次通話中，我討論了 BCS 的第一個商業協議。在美國。提醒一下，VCS 為接受全套外科醫療或微創減重手術的患者提供遠端患者監測、預測分析、遠距醫療和護理團隊協作。VCS 的共同主席是 247，一位高能量減肥教練，我們在第二季開始讓第一批病患加入 VCS。在美國，與我們在美國的第一個合作夥伴合作。

I have seen firsthand how difficult it is for providers to offer best-in-class care for patients living with obesity. It demands close follow-up and lifestyle modification coaching at scale for sustained results. We believe that the VCS and specifically Coach Iris can help ease the burden and lead to better long-term outcomes. We are excited to work with our US clinical partners to help their patients achieve better, more sustainable weight loss with GLP-1 constantly in the news cycle. Weight-loss clinics in the United States are experiencing explosive growth due to high patient demand.

我親眼目睹了醫療服務提供者為肥胖患者提供一流的照護是多麼困難。它需要大規模的密切跟進和生活方式改變指導，以獲得持續的結果。我們相信 VCS，特別是 Iris 教練可以幫助減輕負擔並帶來更好的長期成果。我們很高興與我們的美國臨床合作夥伴合作，幫助他們的患者利用 GLP-1 實現更好、更永續的減肥效果，新聞報導不斷出現。由於患者需求旺盛，美國的減重診所正經歷爆炸性成長。

And we believe there is a significant opportunity for our digital products and high-powered technology to help clinics and providers meet the demand, maintain positive patient outcomes and continue to grow. We have been approached by partners to potentially distribute the VCAST providers for exactly this purpose and are assessing the optimal path to accelerate VCS utilization by providers in the United States and abroad.

我們相信，我們的數位產品和高性能技術有很大的機會幫助診所和提供者滿足需求、維持積極的患者治療效果並持續成長。合作夥伴已與我們接洽，希望可能為此目的分發 VCAST 提供者，並且正在評估加速美國和國外提供者利用 VCS 的最佳路徑。

In the second quarter, we advanced our vision to create a verticalized conversational AI agent for weight loss, including for patients on GLP-1 therapy. In May, we announced the expansion of Coach hires to support patients, prescribe GLP-1 and other anti-obesity medications. We train Coach hires on evidence-based guidelines for the proper coaching and follow-up that patients on GLP ones need in order to increase adherence and achieve longer lasting outcomes.

在第二季度，我們推進了創建垂直對話式 AI 減肥代理的願景，包括針對接受 GLP-1 治療的患者。5 月份，我們宣布擴大 Coach 的招募規模，以支持患者、開立 GLP-1 和其他抗肥胖藥物。我們根據循證指南對教練員工進行培訓，為接受 GLP 的患者提供所需的適當指導和隨訪，以提高依從性並實現更持久的結果。

This update goes several levels deeper than your average chat bot that pulls disjointed and at times inaccurate information from various sources to provide answers to patient questions. If our previous experience with Cotara similarly on balloon patients where providers have reported increased patient accountability, improved practice efficiencies and enhance patient engagement is any indication of the success we will have with GLT. one patients. We believe the high-risk could be a game changer for fast-growing US obesity practices.

此更新比普通的聊天機器人深入了幾個層次，它從各種來源提取脫節且有時不準確的資訊來為患者的問題提供答案。如果我們之前在 Cotara 上對球囊患者的經驗類似，醫療服務提供者報告說患者責任感增強，實踐效率提高，患者參與度提高，這就是我們在 GLT 方面取得成功的任何跡象。一名患者。我們相信，高風險可能會改變美國快速成長的肥胖行為的遊戲規則。

We plan on continuing to pursue additional clinical data, which supports the safety and efficacy of the malaria program, particularly regarding long-term outcomes. In May, we announced three oral scientific presentations at the 12th Congress of the International Federation for the surgery of obesity and metabolic disorders. European chapter otherwise known as if So EC. held in Vienna, Austria. The presentations included data from a survey of 133 patients across seven international obesity centers, demonstrating that patients on the Alerian program lost just over 15% of total body weight at four months and maintained over 80% of their total body weight loss.

我們計劃繼續尋求更多臨床數據，以支持瘧疾計畫的安全性和有效性，特別是在長期結果方面。5 月，我們宣佈在國際肥胖和代謝紊亂外科聯合會第 12 屆大會上發表三項口頭科學報告。歐洲分會也稱為 if So EC。在奧地利維也納舉行。這些演示包括對七個國際肥胖中心的 133 名患者進行的調查數據，表明接受 Alerian 計劃的患者在四個月內總體體重減輕了 15% 以上，並保持了總體體重減輕的 80% 以上。

Three years after completing the program. In addition, 72% of patients reported that three years after the program, their eating habits had remained healthy. This data offers a longer-term view on weight maintenance and is highly differentiated in the industry. In June, we announced three scientific presentations at the American Society for Metabolic and Bariatric surgeries. Annual Meeting ASMBS. held in San Diego, California data from a study of 121 patients across 11 RBC centers treated with two consecutive four-month Alerian balloons show patients achieved 22.1% we bought on average at one year.

完成該計劃三年後。此外，72% 的患者表示，該計劃實施三年後，他們的飲食習慣仍然保持健康。該數據提供了關於體重維持的長期觀點，並且在行業中具有高度差異化。六月，我們宣佈在美國代謝和減肥手術學會發表三場科學演講。ASMBS 年會。在加州聖地牙哥舉行的一項研究中，對 11 個 RBC 中心的 121 名患者進行了連續兩次為期四個月的 Alerian 球囊治療，數據顯示，患者在一年內平均達到了 22.1%。

In comparison study showed that patients treated with 12 month endoscopic intragastric balloons achieved between 15.4% and 16.2% total body weight loss on average. We believe this study showed that the ovarian program can achieve superior results to other intragastric balloons and perhaps approach the weight loss results achieved by surgery this is all very encouraging and exciting, and I look forward to sharing more data in the future.

對比研究表明，接受內視鏡胃氣球治療 12 個月的患者總體體重平均減輕了 15.4% 至 16.2%。我們相信這項研究表明，卵巢計劃可以取得優於其他胃內氣球的效果，並且可能接近手術達到的減肥效果，這一切都非常令人鼓舞和令人興奮，我期待著將來分享更多數據。

Finally, we have taken steps to strengthen the management team welcoming Ojas Buch as our new Chief Operating Officer. Ojas brings extensive experience in the healthcare industry having previously held leadership positions at GE Healthcare, St. Jude Medical, CareFusion, Philips and Pentax medical industry experience and leadership skills will be instrumental in driving innovation and scaling our business globally. And I look forward to Ojas being a key member of our team for years to come.

最後，我們已採取措施加強管理團隊，歡迎 Ojas Buch 擔任我們的新營運長。Ojas 在醫療保健行業擁有豐富的經驗，此前曾在 GE Healthcare、St. Jude Medical、CareFusion、Philips 和 Pentax 醫療行業擔任領導職務，經驗和領導技能將有助於推動創新和擴大我們的全球業務。我期待奧哈斯在未來幾年成為我們團隊的關鍵成員。

With that, I'll hand the call over to Chris to review our financials.

這樣，我會將電話轉交給克里斯來審查我們的財務狀況。

Chris?

克里斯？

Shantanu, our revenue for the second quarter of 2024 was $11.8 million, marking a sequential increase of $2.3 million or 25% from the first quarter of 2024 and a decrease of $1.2 million from the second quarter of 2023. The year-over-year decrease in revenue of $1.2 million reflected macroeconomic headwinds in certain markets, and we reduced or paused sales to certain accounts to manage credit risk. While revenue decreased year over year. Procedure volume as estimated by new app users grew by 12%, indicative of ongoing destocking of inventory. Gross profit in the quarter was 76%, turn to 77% for the same period a year ago. Sales and marketing expenses of $6.7 million decreased by $3.6 million or 35% for the quarter, driven largely by increased operating efficiency and our cost reduction initiatives implemented in the fourth quarter of 2023.

Shantanu，我們 2024 年第二季的營收為 1,180 萬美元，比 2024 年第一季季增 230 萬美元，成長 25%，比 2023 年第二季減少 120 萬美元。營收年減 120 萬美元反映了某些市場的宏觀經濟逆風，我們減少或暫停了對某些帳戶的銷售以管理信用風險。而收入卻逐年下降。新應用程式用戶估計的程式量增加了 12%，顯示庫存持續去化。該季度毛利為76%，去年同期為77%。本季銷售和行銷費用為 670 萬美元，減少了 360 萬美元，即 35%，這主要是由於營運效率提高以及我們在 2023 年第四季度實施的成本削減計劃。

Research and development expenses decreased by $2.3 million to $4.3 million in the quarter, driven by reduced costs related to our FDA obesity trial. General and administrative expenses of $7.3 million increased by $0.9 million, driven by $1.9 million of financing costs incurred during the second quarter related to refinancing our debt, our public offering and concurrent private placement and partially offset by cash receivable reserves recorded in the prior period. Excluding those financing costs, general and administrative expenses would have been $0.9 million less than the prior year due to our cost reduction initiatives.

由於 FDA 肥胖試驗相關成本的降低，本季的研發費用減少了 230 萬美元，至 430 萬美元。一般及管理費用為730 萬美元，增加了90 萬美元，這是由於第二季與債務再融資、公開發行和同時私募相關的190 萬美元融資成本所致，部分被上期記錄的應收現金儲備所抵消。排除這些融資成本，由於我們的成本削減舉措，一般和管理費用將比前一年減少 90 萬美元。

Loss from operations for the second quarter decreased by $3.9 million or 30% to $9.3 million compared to $13.3 million in the same period in 2023. The decrease in loss from operations was driven by our efforts to reduce operating costs that was partially offset by $1.9 million in financing costs. Operating loss, excluding those financing costs, were 44% less than the prior year. As of June 30, 2024, we had cash and cash equivalents of $19.3 million and our cash burn during the quarter of approximately $10.4 million. In July, we raised gross proceeds of $22 million and incurred $4 million of financing costs, bringing our cash position to approximately $37 million and the beginning of July.

第二季營運虧損為 930 萬美元，較 2023 年同期的 1,330 萬美元減少 390 萬美元，成長 30%。營運損失的減少是由於我們努力降低營運成本，但這一損失被 190 萬美元的融資成本部分抵消。扣除融資成本後，營業虧損比前一年減少了 44%。截至 2024 年 6 月 30 日，我們擁有現金及現金等價物 1,930 萬美元，本季現金消耗約 1,040 萬美元。7 月份，我們籌集了 2,200 萬美元的總收益，並產生了 400 萬美元的融資成本，使我們的現金狀況在 7 月初達到約 3,700 萬美元。

I will now turn the call back over to Shantanu.

我現在將把電話轉回給尚塔努。

Thanks, Chris. We are seeing steady recovery in our markets and our differentiated offerings continue to support our progress globally. The work we did at the end of last year in restructuring and refocusing the organization is allowing us to grow more sustainably while we progress towards profitability, even while taking into account the current situation in France and some of the headwinds we are facing, we are working towards a plan to achieve profitability by the end of next year.

謝謝，克里斯。我們看到市場穩步復甦，我們的差異化產品繼續支持我們在全球的進步。我們在去年年底在組織重組和重新調整重點方面所做的工作使我們能夠在實現盈利的同時實現更可持續的增長，即使考慮到法國目前的形勢和我們面臨的一些不利因素，我們仍然努力製定明年年底前實現盈利的計劃。

With that, I will now turn the call over to the questions and answer portion of the call.

現在，我將把通話轉入通話的問答部分。

Operator, please open the call up for questions.

接線員，請撥打電話詢問問題。