Aspira Women's Health Inc (AWH) 2023 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Aspira Women's Health, Inc. third quarter 2023 earnings conference call. (Operator instructions)

女士們、先生們，下午好，歡迎參加 Aspira Women's Health, Inc. 2023 年第三季財報電話會議。 （操作員說明）

As a reminder, this call is being recorded today. Leading the call today is Nicole Sandford, President and Chief Executive Officer. Joining her is Dr Torsten Hombeck, Chief Financial Officer. After the prepared remarks, we will open the call for Q&A.

提醒一下，今天這個電話被錄音。今天主持電話會議的是總裁兼執行長 Nicole Sandford。與她一起的還有財務長 Torsten Hombeck 博士。準備好發言後，我們將開始問答環節。

Before we begin, I would like to remind everyone that forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995 will be made during this call. Including statements related to Aspira's expected future performance, future business prospects and future events or plans.

在我們開始之前，我想提醒大家，本次電話會議將做出 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。包括與 Aspira 預期未來業績、未來業務前景以及未來事件或計劃相關的聲明。

Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, actual outcomes and results are subject to risks and uncertainties and could differ materially from those anticipated due to the impact of many factors beyond Aspira Women's Health control.

儘管該公司認為此類前瞻性陳述中反映的預期是基於合理的假設，但實際結果和結果會受到風險和不確定性的影響，並且由於許多超出Aspira Women's Health 控制範圍的因素的影響，可能與預期存在重大差異。

The Company assumes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Participants are directed to the cautionary note set forth in today's press release as well as the risk factors set forth in a Aspira's most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC for a description of factors that could cause actual results to differ materially from those anticipated in the forward-looking statements.

除非法律要求，否則本公司不承擔更新或補充任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。參與者請參閱今天新聞稿中提出的警告說明以及 Aspira 向 SEC 提交的最新 10-K 表年度報告和 10-Q 表季度報告中列出的風險因素，以了解因素描述這可能導致實際結果與前瞻性陳述中的預期存在重大差異。

At this time, I'd like to turn the call over to Nicole Sandford, President and Chief Executive Officer. Please go ahead.

現在，我想將電話轉給總裁兼執行長 Nicole Sandford。請繼續。

Thank you, operator, and good afternoon, everyone. I would like to welcome you to our third quarter 2023 conference call. I'll start the call with highlights from this quarter before handing it to our CFO, Torsten Hombeck to review our financial performance in more detail.

謝謝接線員，大家下午好。歡迎您參加我們的 2023 年第三季電話會議。我將首先介紹本季度的要點，然後將其交給我們的財務長 Torsten Hombeck，以更詳細地審查我們的財務表現。

As always, I'll start with growth. We were excited to see CMS's preliminary approval of our request to crosswalk pricing from Ova1 to OvaWatch in the 2024 preliminary laboratory test fee schedule. If approved, is expected later this month, the pricing will apply to all medicare beneficiaries beginning in January 2024.

一如既往，我將從成長開始。我們很高興看到 CMS 初步批准了我們在 2024 年初步實驗室測試費用表中從 Ova1 到 OvaWatch 的人行橫道定價請求。如果預計在本月稍後獲得批准，該定價將從 2024 年 1 月開始適用於所有醫療保險受益人。

Elsewhere on the growth front, we welcome back Michel Schneider as our Senior Vice President of Commercial Strategy and Operations. To rejoin the spiral following successful leadership roles at Sonic laboratories and [Sema4].

在成長方面的其他方面，我們歡迎米歇爾·施奈德 (Michel Schneider) 重新擔任我們的商業策略和營運高級副總裁。在 Sonic 實驗室和 [Sema4] 取得成功的領導角色後重新加入螺旋。

Michel and I have been collaborating closely on the execution of the next phase of our commercial refresh. Including the development of a physician focused omnichannel strategy, the reinvigoration of our inside sales organization, and the launch of several high-impact campaigns, including our recent physician focused OvaWatch webinar that attracted over 400 participants.

米歇爾和我一直在執行下一階段的商業更新方面密切合作。包括制定以醫生為中心的全通路策略、重振我們的內部銷售組織，以及啟動幾項高影響力的活動，包括我們最近吸引了 400 多名參與者的以醫生為中心的 OvaWatch 網路研討會。

We also launched a point of care practices to help health care providers talk to their patients about in adnexal mass and how our non-invasive OvaSuite product can help assess their risk of cancer. We believe these efforts will continue to drive our OvaSuite test into the patient care pathway and increase provider adoption. We have created a new vice president of business development role and recruited a talented executive with extensive health care relationships to accelerate our commercial expansion plans.

我們還推出了護理點實踐，幫助醫療保健提供者與患者討論附件包塊以及我們的非侵入性 OvaSuite 產品如何幫助評估他們的癌症風險。我們相信這些努力將繼續推動我們的 OvaSuite 測試進入患者護理途徑並提高醫療服務提供者的採用率。我們設立了新的業務開發副總裁職位，並聘請了一位擁有廣泛醫療保健關係的才華橫溢的高管，以加快我們的商業擴張計劃。

Also in sales, we turned around several underperforming territories, further reinforcing a performance culture in the commercial organization. We implemented a new relationship with a contract sales organization to improve flexibility, and I've seen immediate improvements in many of those territories as a result. This quarter we continue our track record of year-over-year growth for OvaSuite since I became CEO.

同樣在銷售方面，我們扭轉了幾個表現不佳的地區的局面，進一步強化了商業組織中的績效文化。我們與合約銷售組織建立了新的關係，以提高靈活性，我已經看到許多這些領域的結果立即得到改善。自我擔任執行長以來，本季我們繼續保持 OvaSuite 的年增長記錄。

Product revenues for the third quarter were $2.2 million, representing growth of 9% compared to the third quarter of 2022. The number of OvaSuite test performed this quarter was 5,783, an increase of 5% compared to the third quarter of 2022, with OvaWatch contributing nearly 20% of that volume. We performed 18,331 OvaSuite tests in the first nine months of this year, an increase of 16% versus the same period of 2022.

第三季產品營收為 220 萬美元，較 2022 年第三季成長 9%。本季進行的 OvaSuite 測試數量為 5,783 次，較 2022 年第三季成長 5%，其中 OvaWatch 做出了貢獻接近該體積的20%。今年前 9 個月，我們進行了 18,331 次 OvaSuite 測試，與 2022 年同期相比增加了 16%。

The volume growth was driven by a much leaner sales team, which demonstrates our commitment to eliminating unprofitable and underperforming territories and a renewed focus on partnerships to drive profitable growth that can sustain the company as we bring new and expanded product lines to market.

銷售成長是由精簡得多的銷售團隊推動的，這表明我們致力於消除無利可圖和表現不佳的地區，並重新關注合作夥伴關係，以推動盈利增長，從而在我們將新的和擴展的產品線推向市場時維持公司的發展。

Turning to our average unit price, I continue to be pleased with our progress. Since we began billing OvaWatch under its unique PLA code on April first, our OvaWatch AUP has shown a steady increase to $347, a 7% increase over the second quarter. OvaSuite AUP declined to $383 from $396 in the second quarter. However, as Torsten will cover in more detail shortly, the ongoing focus on cost containment helped to hold gross margin at 59%. Operating expenses dropped again in the third quarter, returning to levels the company has not achieved since 2020, while simultaneously achieving growth in both product revenues and volumes.

談到我們的平均單價，我仍然對我們的進展感到滿意。自 4 月 1 日我們開始使用 OvaWatch 獨特的 PLA 代碼計費以來，我們的 OvaWatch AUP 穩步增長至 347 美元，比第二季度增長了 7%。 OvaSuite AUP 從第二季的 396 美元下降至 383 美元。然而，正如 Torsten 稍後將詳細介紹的那樣，對成本控制的持續關注有助於將毛利率保持在 59%。第三季營運費用再次下降，回到了公司自 2020 年以來未曾達到的水平，同時實現了產品收入和銷售的成長。

Let me now turn to innovation. This quarter, we welcomed Dr Jodi Barry to our senior leadership team. Jody joined Aspira as Chief Scientific Officer in September following a distinguished academic and commercial career in biochemistry and diagnostics research and development. Most recently, Jody served as the Chief Scientific Officer of OvaSure Technologies, where he led the breakthrough discovery of the first integrated swab test for COVID-19.

現在讓我來談談創新。本季度，我們歡迎喬迪·巴里博士加入我們的高級領導團隊。 Jody 在生物化學和診斷研究與開發領域取得了傑出的學術和商業生涯，並於 9 月加入 Aspira 擔任首席科學官。最近，Jody 擔任 OvaSure Technologies 的首席科學官，領導了第一個針對 COVID-19 的整合拭子測試的突破性發現。

Not only is he a prolific and award-winning researcher, but he is also passionate about women's health and interest that goes all the way back to his earliest work in pelvic inflammatory disease and HIV. We made great progress in our effort to expand our OvaSuite portfolio tests that use machine learning to provide a personalized risk of malignancy score for patients with a macro massive. OvaWatch was designed to be commercially launched in two stages.

他不僅是一位多產且屢獲殊榮的研究人員，而且還對女性健康充滿熱情，這可以追溯到他最早在骨盆腔炎和愛滋病毒方面的工作。我們在擴展 OvaSuite 產品組合測試方面取得了巨大進展，該測試使用機器學習為患有巨大腫塊的患者提供個人化的惡性腫瘤風險評分。 OvaWatch 的商業推出分兩個階段進行。

The first stage was a point in time application for initial clinical assessment, which has now been ordered by physicians 2,440 times for more than 40% of those tests coming in just this last quarter, I'm pleased to report that we have completed a critical step towards the second phase launch of Overwatch as a longitudinal monitoring application.

第一階段是初步臨床評估的時間點申請，目前已被醫生訂購 2,440 次，其中超過 40% 的測試是在上個季度進行的。我很高興地報告說，我們已經完成了一項關鍵的測試邁向《鬥陣特攻》作為縱向監控應用程式第二階段啟動的一步。

Our clinical study of the real-world use of OvaWatch as a tool for monitoring low risk patients has been completed and we have submitted the results in paper for peer review and publication. We are in the process of completing final launch activities and expect to begin offering a longitudinal monitoring test by the end of the year as planned.

我們在現實世界中使用 OvaWatch 作為監測低風險患者的工具的臨床研究已經完成，我們已將結果以論文形式提交以供同行評審和出版。我們正在完成最終的啟動活動，預計將按計劃在今年年底開始提供縱向監測測試。

Looking beyond OvaWatch, we are excited about adding other modalities to expand our overseas portfolio. As we recently announced, Dr Kevin Elias, Director of the gynaecologic oncology laboratory at Brigham and Women's Hospital and Assistant Professor of Obstetrics, Gynecology and Reproductive Biology at Harvard Medical School. Recently presented a poster related to an in-development micro-RNA based ovarian cancer test at the American Association of Cancer Research Special Conference for ovarian cancer.

除了 OvaWatch 之外，我們很高興能夠添加其他方式來擴展我們的海外產品組合。正如我們最近宣布的那樣，布萊根婦女醫院婦科腫瘤實驗室主任、哈佛醫學院婦產科和生殖生物學助理教授 Kevin Elias 博士。最近在美國癌症研究協會卵巢癌特別會議上展示了一張與正在開發的基於 micro-RNA 的卵巢癌檢測相關的海報。

Dr Elias highlighted data showing micro-RNAs potential to improve the diagnostic accuracy of non-invasive blood test for women with adnexal mass based on his extensive ovarian cancer research. The study combined serum protein and patient clinical information from Aspire as ovarian cancer clinical studies with micro-RNA identified by the Alliance Laboratory in collaboration with a consortium of world-renowned academic researchers.

Elias 博士強調，基於他廣泛的卵巢癌研究，數據顯示 micro-RNA 有可能提高女性附件腫塊非侵入性血液檢測的診斷準確性。該研究將 Aspire 作為卵巢癌臨床研究提供的血清蛋白和患者臨床資訊與聯盟實驗室與世界知名學術研究人員聯盟合作鑑定的微小 RNA 結合。

Among other findings, the presentation concluded that the combination of micro-RNA's, proteins and meta data identified 90% of early stage and 100% of late-stage ovarian cancers in the study population. This research form the basis of OvaMDx, is expected to become part of the company's OvaSuite portfolio under a previously announced licensing agreement.

除此之外，簡報得出的結論是，微小 RNA、蛋白質和元數據的結合識別出了研究人群中 90% 的早期卵巢癌和 100% 的晚期卵巢癌。這項研究構成了 OvaMDx 的基礎，根據先前宣布的許可協議，預計將成為該公司 OvaSuite 產品組合的一部分。

We are currently finalizing an advisory agreement with an experienced lab to assist our team with platform migration and test validation, which we expect will significantly accelerate the development validation and launch of a commercial product. Work under this agreement will begin shortly with the support and collaboration of Dr Elias.

我們目前正在與經驗豐富的實驗室敲定一份諮詢協議，以協助我們的團隊進行平台遷移和測試驗證，我們預計這將顯著加快商業產品的開發驗證和推出。在埃利亞斯博士的支持和合作下，該協議下的工作將很快開始。

Moving now to EndoCheck our first-generation non-invasive protein-based blood test to aid in the detection of endometriosis. We continue our verification and validation of the test utilizing samples acquired from both our EndoCheck study sites and the University of Oxford through a material transfer agreement. Upon validation, we will follow a similar launch strategy as was utilized for OvaWatch with a small-scale rollout to clinicians who have been involved in the development of tax to be followed by a broader commercial launch upon publication of peer-reviewed data.

現在轉向 EndoCheck 我們的第一代非侵入性蛋白質血液檢測，以幫助檢測子宮內膜異位症。我們利用透過材料轉讓協議從我們的 EndoCheck 研究中心和牛津大學取得的樣本繼續對測試進行驗證和驗證。經過驗證後，我們將遵循與 OvaWatch 類似的啟動策略，先向參與稅收制定的臨床醫生進行小規模推廣，然後在發布同儕審查數據後進行更廣泛的商業啟動。

We continue to develop EndoMDx in parallel with the protein base EndoCheck pack. EndoMDx, which will combine proteins and micro-RNA for a higher performing test is being developed through our sponsored research collaboration with a consortium of academic institutions led by Dana-Farber Cancer Institute.

我們繼續與基於蛋白質的 EndoCheck 套件一起開發 EndoMDx。 EndoMDx 將蛋白質和 micro-RNA 結合起來以實現更高性能的測試，它是透過我們贊助的研究合作與丹納法伯癌症研究所領導的學術機構聯盟開發的。

We made a second milestone payment of $125,000 in July following the delivery of the signature. We are now working closely with the collaborators to finalize the platform migration and validation strategy for a commercial path.

在交付簽名後，我們於 7 月支付了第二筆里程碑付款 125,000 美元。我們現在正在與合作者密切合作，最終確定商業路徑的平台遷移和驗證策略。

Finally, we established a new clinical advisory board as an element of the company's overall mission to develop and commercialize high-impact diagnostic tools for gynecologic disease. The Clinical Advisory Board will provide clinical input and guidance throughout the development of the company's portfolio of products and will be chaired by Aspira's Director of Medical Affairs, Dr Leo Twiggs.

最後，我們成立了一個新的臨床顧問委員會，作為公司開發和商業化婦科疾病高影響力診斷工具的整體使命的一部分。臨床諮詢委員會將在公司產品組合的整個開發過程中提供臨床意見和指導，並將由 Aspira 醫療事務總監 Leo Twiggs 博士擔任主席。

Our three members include Dr Levi downs, Medical Director for gynecologic oncology with Park Nicolette health system at Methodist Hospital. Dr. Nisha Garga, gynecologic surgeon with Arizona Gynecology consultants, and Dr Tamika C, the founder and owner of advanced women's care center.

我們的三名成員包括衛理公會醫院 Park Nicolette 衛生系統婦科腫瘤科醫療主任 Levi Downs 博士。 Nisha Garga 博士是亞利桑那州婦科顧問的婦科醫生，Tamika C 博士是高級女性護理中心的創始人和所有者。

Turning now to operational excellence, we have once again decreased cash used in operations to $3.3 million in the third quarter, representing a 56% reduction when compared to the prior year, while still showing sustained growth, we strengthened our balance sheet with the recent equity raise to support our long-term strategic vision. We have a team that is determined to set a new standard of care and gynecologic health while setting an industry standard for prudent, high-impact capital deployment.

現在轉向卓越運營，第三季我們再次將營運中使用的現金減少至330 萬美元，與上一年相比減少了56%，同時仍顯示出持續成長，我們透過最近的股本強化了我們的資產負債表籌集資金以支持我們的長期策略願景。我們的團隊決心製定新的護理和婦科健康標準，同時制定審慎、高影響力資本部署的行業標準。

Now I would like to turn the call over to Torsten for a review of our financial performance. Torsten?

現在我想將電話轉給托斯頓，以審查我們的財務表現。托斯頓？

Thank you, Nicole, and good afternoon, everyone. It is my pleasure to be here today to provide you with an update on our financial performance. Product revenue for the three months ended September 30, 2023 was $2.2 million, an increase of 9% compared to $2 million for the same period in 2022. The increase in revenue was driven by an increase in OvaSuite tests performed during the quarter, which increased 5% to 5,783 compared to 5,524 for the same periods in 2022.

謝謝妮可，大家下午好。我很高興今天能夠向您介紹我們財務表現的最新情況。截至 2023 年 9 月 30 日的三個月產品收入為 220 萬美元，比 2022 年同期的 200 萬美元增長 9%。收入增長是由於本季度進行的 OvaSuite 測試增加所推動的，該測試增加了與2022 年同期的5,524 人相比，減少5% 至5,783 人。

Revenue per OvaSuite tests performed for the three months ended September 30, 2023 increased 4% to $383 compared to $369 for the same period in 2022. Total gross profit margin for the three months ended September 30, 2023, was 59% compared to 55.8% for the same period last year.

截至2023 年9 月30 日的三個月中，每次OvaSuite 測試的收入增長了4%，達到383 美元，而2022 年同期為369 美元。截至2023 年9 月30 日的三個月的總毛利率為59%，而2022 年同期為55.8%去年同期。

Research and development expenses for the three months ended September 30, 2023 were $1 million compared to $2.2 million for the same period in 2022. The decrease of 54% was primarily due to decreases in collaboration and consulting costs. Sales and marketing expenses for the three months ended September 30, 2023 were $1.7 million compared to $4 million, a decrease of 57% versus the same period last year. The decrease was primarily due to decreased personnel costs due to our focus of eliminating unprofitable territories and improving bottom line results.

截至 2023 年 9 月 30 日止三個月的研發費用為 100 萬美元，而 2022 年同期為 220 萬美元。下降 54% 主要是由於協作和諮詢成本減少。截至 2023 年 9 月 30 日的三個月銷售和行銷費用為 170 萬美元，而去年同期為 400 萬美元，年減 57%。減少的主要原因是我們專注於消除無利可圖的區域和改善底線結果，從而降低了人員成本。

General administrative expenses for the three months ended September 30, 2023, were $2.7 million compared to $3.6 million, a decrease of 25% versus with the same period last year. This decrease was primarily due to a decrease in personnel expenses and outside legal costs. Total cash, cash equivalents and restricted cash as of September 30, 2023, was approximately $5.4 million cash used in operations for the three months ended September 30, 2023 was $3.3 million compared to $7.5 million in the same period of last year and $3.4 million in the second quarter of this year.

截至2023年9月30日止三個月的一般管理費用為270萬美元，較去年同期的360萬美元減少25%。這一減少主要是由於人員費用和外部法律費用的減少。截至2023 年9 月30 日，現金、現金等價物及限制性現金總額約為540 萬美元，截至2023 年9 月30 日止三個月，營運中使用的現金為330 萬美元，去年同期為750 萬美元，去年同期為340 萬美元。今年第二季。

Our cash balance this quarter benefited from the registered direct offering we completed in July, where we raised $4.2 million in net proceeds. The company reiterates its operating cash utilization guidance for the second half of 2023 to between $6 million and $8 million.

本季我們的現金餘額受益於我們 7 月完成的註冊直接發行，我們籌集了 420 萬美元的淨收益。該公司重申 2023 年下半年的營運現金利用率指引為 600 萬至 800 萬美元。

I will now turn it back over to Nicole. Nicole?

我現在將其轉回給妮可。妮可？

Thank you, Torsten. My goal has been to be very clear with our investors about our plan and then focus on execution to meet those goals. We've taken many important steps this quarter. While we experienced some moderate seasonal impacts in the third quarter, we grew both volume and revenue with a leaner and more efficient sales team.

謝謝你，托斯頓。我的目標是向投資者明確我們的計劃，然後專注於執行以實現這些目標。本季我們採取了許多重要步驟。雖然我們在第三季經歷了一些溫和的季節性影響，但我們憑藉著更精簡、更有效率的銷售團隊實現了銷售和收入的成長。

The Submission of the OvaWatch longitudinal monitoring paper is a significant achievement, which will expand the addressable market for our OvaSuite test portfolio. Exciting progress we've made in the development of our other near-term products, including OvaMDx, EndoCheck and EndoMDx. In addition, we remain committed to our operational excellence goals and are spending less to achieve more as a result. We are excited to move into 2024 from a position of strength.

OvaWatch 縱向監測論文的提交是一項重大成就，它將擴大我們 OvaSuite 測試產品組合的潛在市場。我們在其他近期產品的開發中取得了令人興奮的進展，包括 OvaMDx、EndoCheck 和 EndoMDx。此外，我們仍然致力於實現卓越營運目標，並透過減少支出來實現更多目標。我們很高興能夠以強勢的姿態進入 2024 年。

With that, I would like to now open the call for questions. Operator?

現在我想開始提問。操作員？

Thank you. (Operator instructions)

謝謝。 （操作員說明）

Ben Haynor, Alliance Global Partners.

Ben Haynor，聯盟全球合作夥伴。

Good afternoon, guys. Thanks for taking the questions. Just first off for me the -- on the clinical laboratory fee schedule, Medicare reimbursement, congrats on that development. Just wondering how quickly do you anticipate that'll sort of diffuse out to other payers?

下午好，夥計們。感謝您提出問題。首先對我來說——關於臨床實驗室費用表、醫療保險報銷，祝賀這項發展。只是想知道您預計這種情況會多快擴散到其他付款人？

Hey Ben, thanks for the question. Really challenging to answer that to be honest with you, it does take some time. We are in the process of a full-scale blitz and pulled out that we have on both with OVA1 and with OvaWatch with an updated set of materials, including when approved, it will also include the CMS pricing decision and the crosswalk. And you know that processes is a little difficult to predict.

嘿本，謝謝你的提問。老實說，回答這個問題確實很有挑戰性，確實需要一些時間。我們正在進行全面閃電戰，並拿出了 OVA1 和 OvaWatch 的更新資料，包括在獲得批准後，還將包括 CMS 定價決策和人行橫道。而且您知道流程有點難以預測。

Okay, I know it's a difficult question, but the -- if there are any [grand] insights.

好吧，我知道這是一個很難的問題，但是——如果有任何[偉大的]見解。

I wish I could give you a more satisfying answer, but I'm sure you're not surprised that it's just a little challenging to get there with the environment awaited.

我希望我能給你一個更滿意的答案，但我相信你不會感到驚訝，在等待的環境下到達那裡只是有點挑戰。

Yeah, completely understandable. And then on -- folks are using OVA1 plus kind of off-label, if you will. What -- you think that the kind of cannibalization that's happened with OvaWatch has kind of run its course now or folks still the previous way.

是的，完全可以理解。然後——如果你願意的話，人們正在使用 OVA1 plus 某種標籤外藥物。什麼——你認為 OvaWatch 所發生的那種蠶食行為現在已經結束了，或者人們仍然按照以前的方式進行。

Well, I think that we're going to continue to see people to the test that's best for each situation. For us, we consider that we don't really think about it in terms of cannibalization because you're not -- as you would imagine, (Multiple speaker) use of OVA1. So it's really -- it's revenue regardless, right. It's revenue we wouldn't have recognized that they were using OVA1 off label, even with contracted payers. We wouldn't get paid. So every test that we run for OvaWatch is an improvement over the off-label use of OVA1.

嗯，我認為我們將繼續讓人們接受最適合每種情況的測試。對於我們來說，我們認為我們並沒有真正考慮蠶食的問題，因為您並沒有像您想像的那樣（多揚聲器）使用 OVA1。所以這確實是——無論如何，這都是收入，對吧。這是我們不會認識到他們在標籤外使用 OVA1 的收入，即使與簽約付款人也是如此。我們不會得到報酬。因此，我們為 OvaWatch 進行的每一次測試都是 OVA1 標籤外使用的改進。

However, we are seeing both tests are growing independently of one another. So I do think that we've seen probably the experimentation is behind us.

然而，我們看到這兩項測試都在相互獨立地發展。所以我確實認為我們已經看到實驗可能已經過去了。

Okay. Fair enough. Makes sense. And then on, I think you gave a number on the Q2 call kind of a test volume per field representative. Do you have that handy by any chance?

好的。很公平。說得通。然後，我認為您在第二季度電話會議上給出了一個數字，類似於每個現場代表的測試量。你有這個方便嗎？

I'll get you, I'm going to pull it from the earnings release, because I believe it was in there.

我會告訴你，我將從收益發布中刪除它，因為我相信它就在那裡。

I'm sorry, I must have missed that.

抱歉，我一定是錯過了。

I don't have it handy, I should have it handy, I apologize for that, but let me see what I can do to find it for you.

我手邊沒有，我應該在手邊，對此我深表歉意，但讓我看看我能做些什麼來幫你找到它。

Okay. I got it. And then lastly for me, you mentioned in the press release, the revenue per test is expected to be volatile during 2023 -- upside, downside, magnitude, what's the right way to kind of think of the volatile terminology there.

好的。我得到了它。最後對我來說，您在新聞稿中提到，預計 2023 年每次測試的收入將出現波動——上行、下行、幅度，思考波動術語的正確方法是什麼。

And so it's another challenging question to answer because some of it depends a little bit on timing of collection because we're kind of working on a rolling quarters, towards anything in addition to that, I mean, by definition, volatile and challenging to predict right now, but we can see at various actions, our team has been doing a great job all year, so every dollar of revenue that's available to us there, they're capturing.

因此，這是另一個需要回答的具有挑戰性的問題，因為其中一些有點取決於收集的時間，因為我們正在滾動季度，除此之外的任何事情，我的意思是，根據定義，不穩定且難以預測現在，但我們可以從各種行動中看到，我們的團隊一整年都做得很好，所以我們可以獲得的每一美元收入，他們都在捕獲。

Got it. I think that's all I have today. Thanks a lot, guys.

知道了。我想這就是我今天所擁有的一切。非常感謝，夥計們。

Thanks, Ben.

謝謝，本。

(Operator instructions)

（操作員說明）

Andrew Brackmann with William Blair.

安德魯·布拉克曼與威廉·布萊爾。

Hey, everyone, this is Dustin on the line for Andrew. Thanks for taking our questions. First on Endochek, good to hear. Yeah, hi, how are you?

大家好，我是達斯汀，正在接聽安德魯的電話。感謝您回答我們的問題。首先是 Endochek，很高興聽到。是的，嗨，你好嗎？

Good.

好的。

On Endocheck, the dear progress going on there, just wondering what the updated time line is for the launch. I think you said previously the fourth quarter and then when that's launched, just what metrics are you guys going to use to see that this launch has been successful and what kind of goals are you laying out for yourselves there.

在 Endocheck 上，那裡正在取得重大進展，只是想知道更新後的發佈時間軸是什麼。我想你之前說過，第四季以及發佈時，你們將使用哪些指標來衡量這次發布是否成功，以及你們為自己設定了什麼樣的目標。

So we're not changing any of the timeline today. Our goal has been and continues to be the launch of Ova1 test for commercial use by the end of the year. We're still focused on that, provided we're able to fully validate the test and have a rollout. Similar to what we did for OvaWatch, where we had a period of time where OvaWatch was primarily being offered to physicians who were familiar with the development of the technology and we're planning on doing the same thing. That's really been the playbook we planned on following with a much broader commercial launch of the first-generation test in the first quarter of next year.

所以我們今天不會改變任何時間表。我們的目標一直是並將繼續是在今年年底之前推出用於商業用途的 Ova1 測試。只要我們能夠充分驗證測試並進行推廣，我們仍然會關注這一點。與我們為 OvaWatch 所做的類似，我們有一段時間主要向熟悉該技術開發的醫生提供 OvaWatch，我們計劃做同樣的事情。這確實是我們計劃在明年第一季對第一代測試進行更廣泛的商業發布的劇本。

Understood. And then on OvaChek, great to see you guys got the proposed rule there with CMS, how confident are you guys in that being finalized? And then how would that actually influence the longitudinal monitoring product if at all, in terms of pricing that are class?

明白了。然後在 OvaChek 上，很高興看到你們通過 CMS 獲得了提議的規則，你們對最終確定有多大信心？那麼，就同類定價而言，這實際上會如何影響縱向監測產品（如果有的話）？

So we don't expect there to be any impact on launch table monitoring of we believe that the tests will be reimbursed at the same level. The likelihood that the tests are that the crosswalk that was preliminarily approved and becomes final, I would rate it at a high. However, you know, CMS ultimately has the holds the pen. The comment period is behind us.

因此，我們預計測試不會對啟動表監控產生任何影響，因為我們相信測試將得到相同程度的補償。測試是初步批准的人行橫道並成為最終的可能性，我會給它很高的評價。然而，你知道，CMS最終掌握了主動權。評論期已經過去了。

We submitted a comment and we were very, very confident in the case that we put forward for the crosswalk. I mean, there's almost every factor that they look at for a crosswalk request was in our favor, in terms of the process, the platform, the analyze -- You name it so that the case was as strong as it could possibly be. We did submit a comment letter and that the final is expected in several weeks.

我們提交了評論，我們對我們提出的人行橫道的案例非常非常有信心。我的意思是，他們在提出人行橫道請求時考慮的幾乎所有因素都對我們有利，無論是流程、平台還是分析——只要你能想到的，案例就盡可能有力。我們確實提交了一封評論信，預計決賽將在幾週內進行。

Understood. Thank you. And then maybe looking out to '24, just any high-level thoughts on volumes and ASP growth I know you're going to have a couple of new test launching, different price points, but anything you can give us there and how that compares to the third quarter results?

明白了。謝謝。然後也許會展望 24 年，關於銷量和 ASP 增長的任何高層想法，我知道您將有幾個新的測試啟動，不同的價格點，但是您可以向我們提供的任何內容以及比較結果到第三季度業績？

Yes, we're not really in a position to give any 2024 guidance at this point of Dustin. But thanks for trying.

是的，達斯汀目前還無法提供任何 2024 年指導。但感謝您的嘗試。

Yep, thought I will give it a shot. And yes, just one more on spending and burn, any color on how you guys are thinking about runway? Obviously, a lot's been done across the organization to help extend that, but just how are you thinking about that?

是的，我想我會嘗試一下。是的，還有一個關於支出和燒錢的問題，你們對時裝秀有什麼看法嗎？顯然，整個組織已經做了很多工作來幫助擴展這一點，但您對此有何看法？

Yeah, this is Torsten. So in terms of runway, we have reiterated our cash guidance -- cash burn guidance to use cash in operations in the second half of this year to be between USD6 million and USD8 million. We have cash in the bank as of September 30, a total of $5.4 million that includes cash and restricted cash.

是的，這是托斯頓。因此，就跑道而言，我們重申了我們的現金指引——今年下半年營運中使用現金的現金消耗指引為 600 萬美元至 800 萬美元。截至 9 月 30 日，我們銀行的現金總額為 540 萬美元，其中包括現金和限制性現金。

And our cash burn for the third quarter was $3.3 million after $3.4 million in the second quarter and USD5.7 million in the first quarter. So what you can see is that we continue to be very focused on controlling our cash burn, bringing that further down and going forward on a quarter-to-quarter basis.

我們第三季的現金消耗為 330 萬美元，第二季為 340 萬美元，第一季為 570 萬美元。所以你可以看到，我們繼續非常注重控制我們的現金消耗，進一步降低並逐季度向前推進。

And as any other biotech company, definitely public biotech companies, we are constantly looking into dilutive and nondilutive ways of funding mechanisms of to fund the company going forward. We do have, as a reminder, to two ATM or equity line of credit. One is with Cantor. And the other one is with Lincoln Park that are available to us.

與其他生技公司（尤其是上市生技公司）一樣，我們不斷研究稀釋性和非稀釋性的融資機制方式，為公司未來的發展提供資金。提醒一下，我們確實有兩個 ATM 或股權信用額度。其中之一是康托爾。另一個是我們可以使用的林肯公園。

And that while these are not true of funding instruments, they definitely help the company on high trading volume days to draw certain dollars from that very line. So it's a safety net that we have and we continue to look into there is ways to continue to fund the company going forward.

雖然融資工具並非如此，但它們肯定可以幫助公司在高交易量的日子裡從這條線上提取一定的美元。因此，這是我們擁有的安全網，我們將繼續研究如何繼續為公司的未來提供資金。

Okay. Great. Appreciate. That's it from us. Thank you.

好的。偉大的。欣賞。這就是我們的。謝謝。

Thank you.

謝謝。

There are no further questions in the queue. I'd like to hand the call back, Nicole Sanford for closing remarks.

隊列中沒有其他問題。我想回電，妮可桑福德（Nicole Sanford）致閉幕詞。

Thank you, Doug, and thank you to all of our participants for joining today and wish all of you a wonderful Thanksgiving holiday and look forward to connecting again in the new year.

謝謝你，道格，感謝我們所有的參與者今天加入，祝大家感恩節假期愉快，並期待在新的一年裡再次聯繫。

Thank you.

謝謝。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation and you may disconnect your lines at this time and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，此時您可以斷開線路並祝您度過美好的一天。