Accelerate Diagnostics Inc (AXDX) 2024 Q2 法說會逐字稿

Good day and welcome to the Accelerate Diagnostics Incorporated second quarter 2024 results conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Accelerate Diagnostics Incorporated 2024 年第二季業績電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Ms. Laura Pierson of Accelerate Diagnostics. Please go ahead.

現在我想將會議交給 Accelerate Diagnostics 的 Laura Pierson 女士。請繼續。

Before we begin, it is important to share that information presented during this call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include projection statements about our future and those that are not historical facts.

在我們開始之前，重要的是要告訴大家，本次電話會議中提供的資訊可能包含 1933 年《證券法》第 27A 條和 1934 年《證券交易法》第 21E 條含義內的前瞻性陳述。前瞻性陳述包括有關我們未來的預測陳述和非歷史事實的預測陳述。

All forward-looking statements that are made during this conference call are subject to risks, uncertainties and other factors that could cause our actual results to differ materially are discussed in greater detail in our annual report on Form 10-K for the year ended December 31, 2023, and other reports we file with the SEC.

本次電話會議期間所做的所有前瞻性陳述均受到風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果出現重大差異，我們在截至12 月31 日的年度10-K 表格年度報告中對此進行了更詳細的討論、2023 年以及我們向 SEC 提交的其他報告。

It is my pleasure to now introduce the company's President and CEO, Jack Phillips.

我很高興現在介紹公司總裁兼執行長傑克·菲利普斯。

Thank you, Laura, and good afternoon. Today I would like to provide exciting updates on our WAVE program, including the preclinical trial results commercial readiness progress and meaningful incremental funding to further deliver strategic milestones. I will then pass the call to David Patience, our CFO, to summarize our financial results for the quarter before opening up the call to take questions from our analysts.

謝謝你，勞拉，下午好。今天，我想提供有關我們的 WAVE 計劃的令人興奮的最新信息，包括臨床前試驗結果、商業準備進展和有意義的增量資金，以進一步實現戰略里程碑。然後，我將把電話轉給我們的財務長 David Patience，總結我們本季的財務業績，然後再開始電話回答分析師的問題。

As a reminder, Accelerate is uniquely positioned to disrupt the microbiology susceptibility testing market with our second generation antimicrobial susceptibility system WAVE addresses the entire AST market, including both positive blood culture and traditional isolated Colony testing.

需要提醒的是，Accelerate 具有獨特的優勢，可以透過我們的第二代抗菌藥敏系統 WAVE 來顛覆微生物藥敏測試市場，從而滿足整個 AST 市場的需求，包括陽性血液培養和傳統的分離菌落測試。

The combined global AST market is estimated at $2 billion by processing all AST testing on the same instrument with a cost structure competitive to the market leaders in traditional automated isolated Colony testing customers will have the opportunity to consolidate all testing on a single AST platform.

透過在同一台儀器上處理所有AST 測試，其成本結構與傳統自動化隔離菌落測試的市場領導者相比，全球AST 市場綜合起來預計將達到20 億美元，客戶將有機會將所有測試整合到一個AST平台上。

Further Wave's product differentiators include same shift results in 4.5 hours on average, a lab friendly workflow, which does not require sample preparation instruments, a scalable platform to meet the testing needs of all lab segments while delivering a significantly improved cost structure to return higher platform margins and incremental cash flow generation.

Wave 的產品優勢還包括平均4.5 小時內獲得相同的班次結果、實驗室友好的工作流程（無需樣品製備儀器）、可滿足所有實驗室部門測試需求的可擴展平台，同時顯著改善成本結構以返回更高的平台利潤率和增量現金流的產生。

Moving to our preclinical trial, we are pleased to announce our preclinical trial was a success measure by several meaningful endpoints. First and foremost is the clinical performance, which included a dataset of 1,570 unique bug drug combinations tested on the WAVE platform compared to the reference method brought micro dilution.

轉向我們的臨床前試驗，我們很高興地宣布我們的臨床前試驗透過幾個有意義的終點來衡量是成功的。首先也是最重要的是臨床表現，其中包括在 WAVE 平台上測試的 1,570 種獨特錯誤藥物組合的數據集，與微稀釋的參考方法進行比較。

Our overall performance as measured by a central agreement and categorical agreement, both of which were approximately 95% across 20 antibiotics. It's important to note the study included an equal number of fresh and contrived samples resulting in excellent concordance between prospective patient samples and site selected challenge stock samples.

我們的整體表現以中心一致性和分類一致性來衡量，在 20 種抗生素中，兩者的一致性約為 95%。值得注意的是，該研究包括相同數量的新鮮樣本和人工樣本，從而導致預期患者樣本和現場選擇的挑戰庫存樣本之間具有極好的一致性。

Our strong performance was achieved with an unprecedented time to result of 4.5 hours on average, delivering true same shift susceptibility results to clinicians, which is not achieved by any emerging AST platforms today. Beyond the strong data readout and time to result performance, the trial measured assay reportability system reliability, ease of use and laboratory workflow.

我們的強勁表現是透過平均 4.5 小時的前所未有的時間獲得結果，為臨床醫生提供真正的相同班次敏感性結果，這是當今任何新興 AST 平台都無法實現的。除了強大的數據讀出和獲得結果的時間表現之外，該試驗還測量了化驗可報告性系統的可靠性、易用性和實驗室工作流程。

A remarkable 99% of WAVE runs reported a minimum inhibitory concentration result. There were no major hardware failures that required a service engineer to visit the labs and assay reliability was excellent. After a few hours of operator training, lab technicians ran all specimen testing during the preclinical trial. Operators were pleased with the simple pre-analytical workflow, the ease of use, intuitive interface and random access capabilities.

高達 99% 的 WAVE 運行報告了最低抑菌濃度結果。沒有出現需要服務工程師訪問實驗室的重大硬體故障，並且檢測可靠性非常出色。經過幾個小時的操作員訓練後，實驗室技術人員在臨床前試驗期間進行了所有樣本測試。操作員對簡單的預分析工作流程、易用性、直覺的介面和隨機存取功能感到滿意。

In conclusion, the preclinical trial was a great success, which gives us confidence we have both the right product design to take to a clinical trial and in turn commercialized, we are now ready to start the clinical trial, which includes for external sites. WAVE systems have been installed in all sites and all necessary gram-negative test kits have been manufactured started.

總而言之，臨床前試驗取得了巨大成功，這讓我們相信我們擁有正確的產品設計來進行臨床試驗並進而商業化，我們現在準備開始臨床試驗，其中包括外部站點。所有地點均已安裝 WAVE 系統，所有必要的革蘭氏陰性檢測試劑盒也已開始生產。

The clinical trial is imminent. As previously outlined in prior earnings calls, our three-step strategic road map to maximize waves, commercial impact includes initially leveraging our position in the PBC market with existing customers in the US and [Amea], followed by expanding into the isolate susceptibility testing market by offering new assays to increase customer engagement and wallet share.

臨床試驗迫在眉睫。正如先前在先前的財報電話會議中概述的那樣，我們旨在最大限度地提高波浪和商業影響的三步戰略路線圖包括首先利用我們在PBC 市場的地位以及美國和[Amea] 的現有客戶，然後擴展到隔離藥敏測試市場透過提供新的​​檢測方法來提高客戶參與度和錢包份額。

And thirdly, by applying our holographic imaging technology to other areas of diagnostic testing. First, by launching WAVE with the appropriate regulatory clearances and converting our existing customers already implementing rapid susceptibility testing provides a commercial platform for strong initial uptake while also reducing overall cash needs of the business in sets the company on a path to cash flow positivity.

第三，將我們的全像成像技術應用於診斷測試的其他領域。首先，透過在適當的監管許可下推出WAVE 並將我們已經實施快速敏感性測試的現有客戶轉變為強大的初始採用的商業平台，同時也減少了業務的總體現金需求，使公司走上了現金流動積極的道路。

We now have approximately 75% of our US customer base signed to longer term contracts ahead of the WAVE commercial launch. Secondly, by launching an incremental menu for gram-positive PBC as well as subsequent isolate assays. We provide microbiology labs with a comprehensive diagnostic solution for all susceptibility testing.

現在，我們大約 75% 的美國客戶群在 WAVE 商業發布之前簽署了長期合約。其次，啟動革蘭氏陽性 PBC 的增量選單以及隨後的分離物檢測。我們為微生物實驗室提供適用於所有藥敏試驗的全面診斷解決方案。

We estimate by expanding into the isolate testing we can grow our existing customer annuities by three to 4 times by offering comprehensive PBC and isolate assays on the same WAVE platform. This growth in revenue is coupled with a very attractive margin contribution given WAVE low cost structure compared to emerging PBC and traditional isolate competitors, we continue to concurrently develop our gram-positive PBC assay as well as have demonstrated our ability to produce susceptibility testing on isolate samples.

我們估計，透過擴展到分離測試，透過在同一 WAVE 平台上提供全面的 PBC 和分離檢測，我們可以將現有客戶年金增加三到四倍。與新興PBC 和傳統分離株競爭對手相比，鑑於WAVE 的成本結構較低，這種收入成長與非常有吸引力的利潤貢獻相結合，我們繼續同時開發革蘭氏陽性PBC 檢測方法，並證明了我們對分離株進行藥敏測試的能力樣本。

Finally, we also see WAVE capable of completing other microbiology assays such as East and analogs, along with antibiotic development opportunities with Pharma, which could expand WAVE's addressable market even further, we continue to focus on delivering WAVE's strategic road map to ensure we maximize the benefits of WAVE's holographic imaging technology to improve patient outcomes, grow market share while expanding customer wallet share and finally, further expand our addressable market.

最後，我們也看到WAVE 能夠完成其他微生物學檢測，例如East 和類似物，以及與Pharma 合作的抗生素開發機會，這可以進一步擴大WAVE 的潛在市場，我們將繼續專注於提供WAVE 的策略路線圖，以確保我們最大限度地提高WAVE 全像成像技術的優勢在於改善患者治療效果，增加市場份額，同時擴大客戶錢包份額，最後進一步擴大我們的目標市場。

To this end. And now with our strong preclinical trial results, we have decided to focus on achieving further critical WAVE operational and development milestones. We believe this focus will drive more value for all accelerate stakeholders ahead of signing a strategic partner.

為此。現在，憑藉我們強大的臨床前試驗結果，我們決定專注於實現進一步關鍵的 WAVE 營運和開發里程碑。我們相信，在簽署策略夥伴之前，這項重點將為所有加速利害關係人帶來更多價值。

We are excited to announce we worked with our existing lenders to bring in additional capital to fund the company through 2025. The financing also allows us to focus on delivering an FDA cleared WAVE system and gram-negative PBC menu, along with developing incremental assays to further demonstrate WAVE's capabilities.

我們很高興地宣布，我們與現有貸方合作，為公司注入額外資金，直至 2025 年。此次融資還使我們能夠專注於提供 FDA 批准的 WAVE 系統和革蘭氏陰性 PBC 菜單，以及開發增量檢測以進一步證明 WAVE 的功能。

We feel this strategy will now ensure we have the cash runway to deliver these important value inflecting program milestones and in turn, further demonstrate an increased value for our WAVE system with strategic partners.

我們認為，這項策略現在將確保我們擁有現金跑道來實現這些影響專案里程碑的重要價值，進而進一步向策略夥伴展示我們的 WAVE 系統的價值增加。

I will now turn the call over to David to discuss the Q2 2024 financial results. David?

我現在將電話轉給 David，討論 2024 年第二季的財務表現。大衛？

Thank you, Jack, and good afternoon. Everyone. net sales were approximately $3 million for the quarter, which compares to approximately $2.9 million from the same period in the prior year. This increase was driven by a low double digit growth in reoccurring consumable net sales.

謝謝你，傑克，下午好。每個人。該季度的淨銷售額約為 300 萬美元，而去年同期淨銷售額約為 290 萬美元。這一成長是由重複消耗品淨銷售額的兩位數低成長所推動的。

Gross margin was approximately 23% for the quarter, which compares to approximately 27% for the same period in the prior year. The overall decline in gross margin was driven by product mix. Selling, general and administrative expenses were approximately $5.4 million for the quarter, which compares to $7.6 million in the same period in the prior year.

本季毛利率約為 23%，而去年同期毛利率約為 27%。毛利率的整體下降是由產品結構所驅動的。本季的銷售、一般和管理費用約為 540 萬美元，而去年同期為 760 萬美元。

SG&A expenses for the quarter include approximately $800,000 in noncash stock-based compensation. The overall decline in SG&A expenses is a result of lower employee related expenses.

本季的 SG&A 費用包括約 80 萬美元的非現金股票薪酬。SG&A 費用整體下降是由於員工相關費用減少。

Research and development expenses were $3.9 million for the quarter, which compares to $5.8 million for the same period in the prior year. R&D expenses for the quarter include approximately $200,000 in non-cash stock-based compensation. The overall decline in R&D expenses is a result of lower third party development expenses for our WAVE program.

本季研發費用為 390 萬美元，去年同期為 580 萬美元。本季的研發費用包括約 20 萬美元的非現金股票薪資。研發費用的整體下降是由於我們的 WAVE 專案的第三方開發費用降低。

Our net loss for the quarter was approximately $11.6 million, resulting in a net loss per share of $0.5. Cash used for the quarter was approximately $8.7 million. Net of financing. Our cash used for the quarter includes notable one-time and nonrecurring payments of approximately $1.5 million for both the repayment of our outstanding 2.5% convertible notes as well as a payment to a key way of development partner.

我們本季的淨虧損約為 1,160 萬美元，導致每股淨虧損 0.5 美元。該季度使用的現金約為 870 萬美元。融資淨額。我們本季使用的現金包括約 150 萬美元的一次性和非經常性付款，用於償還我們未償還的 2.5% 可轉換票據以及向開發合作夥伴的主要方式付款。

As discussed on previous calls, we are focused on driving significant reductions in operating expenses and cash burn in the coming quarters. In summary, by continuing to drive the significant reductions in cash burn, coupled with the new funds raise, provides us the runway to continue delivering these critical WAVE program milestones through the end of 2025.

正如之前電話會議中所討論的，我們的重點是在未來幾季大幅減少營運費用和現金消耗。總而言之，透過繼續推動大幅減少現金消耗，再加上新的融資，為我們提供了在 2025 年底之前繼續實現這些關鍵 WAVE 計畫里程碑的跑道。

At this time, we are happy to open the call and take questions from our covering analysts.

此時，我們很高興召開電話會議並回答我們的分析師的提問。

(Operator Instructions) Andrew Brackmann, William Blair.

（操作員說明）安德魯·布拉克曼、威廉·布萊爾。

Good afternoon. Thanks for taking the questions. Maybe just on the preclinical trial results, certainly look exciting. But Jack, as you sort of think about pioneering and advancing the rapid AST field, what levels of central agreement and categorical agreement do you think are likely needed to drive the inflection and sort of uptake?

午安.感謝您提出問題。也許僅僅從臨床前試驗結果來看，肯定看起來令人興奮。但是 Jack，當您考慮開拓和推進快速 AST 領域時，您認為可能需要什麼程度的核心一致性和絕對一致性來推動變化和某種程度的採用？

I guess in other words, as we move to the full clinical trial here, what results should we be looking for as you define success? Thanks.

我想換句話說，當我們進入全面的臨床試驗時，在您定義成功時我們應該尋找什麼結果？謝謝。

Hi, Andrew. Again, thanks for the question. So yes. As I mentioned in my prepared comments, first of all, the preclinical trial was a really big success for the company. It was a big milestone and it's paving the way for us to start an effective clinical trial here in the next coming weeks.

嗨，安德魯。再次感謝您的提問。所以是的。正如我在準備好的評論中提到的，首先，臨床前試驗對公司來說是一個巨大的成功。這是一個重要的里程碑，它為我們在接下來的幾週內開始有效的臨床試驗鋪平了道路。

So specific to your question around clinical performance, I mean that in really most any diagnostic platform that's really table stakes. And so um, in microbiology and rapid AST testing, there's there's really two key parameters that you mentioned, EA and CA and are the two key factors that there will be a lot of data that's submitted to the FDA.

針對您關於臨床表現的問題，我的意思是，在大多數診斷平台中，這確實是賭注。因此，嗯，在微生物學和快速 AST 檢測中，確實有您提到的兩個關鍵參數，EA 和 CA，這兩個關鍵因素將向 FDA 提交大量數據。

The FDA requires a performance above 89.9% up for approval. And so where we're at right now. As we stated in our we just released a press release on the preclinical trial and we we shared some of the data of the 1,570 while drug combinations that we that we produced on fresh samples and contrived samples.

FDA 要求性能高於 89.9% 才能獲得批准。所以我們現在所處的位置。正如我們在我們的文章中所述，我們剛剛發布了一份關於臨床前試驗的新聞稿，我們分享了我們在新鮮樣品和人工樣品上生產的 1,570 種藥物組合的一些數據。

And the performance is up very solid in the mid 90's and that is up that's really where we need to be. And again, this has given us great confidence to complete a successful clinical trial as a result of that.

90 年代中期的表現非常穩定，這正是我們需要達到的水平。這再次給了我們很大的信心來完成成功的臨床試驗。

Perfect. And then if I could just switch gears here. The comments on sort of now focusing on achieving the milestones before working with the strategic partner. I guess can you maybe just give a little bit more color around what led to that decision? And I guess as you sort of think about his preclinical trial results, how might have further any conversations with these partners moving forward?

完美的。如果我能在這裡換個方向就好了。現在的評論有點集中在與策略合作夥伴合作之前實現里程碑。我想您能否就導致該決定的原因提供更多資訊？我想當你思考他的臨床前試驗結果時，如何與這些夥伴進行進一步的對話？

Yes, so on. We've obviously have a lot of interest from strategic partners for what we're doing with WAVE because it's unique in a class all by itself, we've been able to demonstrate a workflow system reliability time to resolve is on really unmatched at 4.5 hours on average and done.

是的，等等。顯然，我們的策略夥伴對我們使用 WAVE 所做的事情非常感興趣，因為它本身在同類產品中是獨一無二的，我們已經能夠證明工作流程系統的可靠性，解決問題的時間確實無與倫比，達到 4.5平均完成時間。

And now with the building up to this now we just completed the preclinical study, which delivered the results that I spoke about. And so as we're going through our strategic planning on, it became very clear to us that, you know, time is on our side, if we're able to secure funding on which we are able to do that funding, David may speak to it, but it will get us through '25.

現在，隨著我們的建設，我們剛剛完成了臨床前研究，並得出了我所說的結果。因此，當我們進行策略規劃時，我們變得非常清楚，你知道，時間在我們這邊，如果我們能夠獲得我們所能提供的資金，大衛可能會跟它說話，但它會讓我們度過25年。

It will set us up to comfortably conduct the clinical trial to submit to the FDA and then ultimately get FDA clearance for WAVE and of PBC gram-negative panel. And so as we went through the process and thinking about our options. Some of this, we believe is absolutely the best path forward for us right now because of the confidence that we have in the platform, the solution and the data that we're seeing off the preclinical.

它將使我們能夠輕鬆地進行臨床試驗並提交給 FDA，然後最終獲得 FDA 對 WAVE 和 PBC 革蘭氏陰性試劑盒的許可。當我們經歷這個過程並思考我們的選擇。我們相信，其中一些絕對是我們目前的最佳前進道路，因為我們對平台、解決方案和臨床前數據充滿信心。

And in the end, ultimately, we believe it's absolutely the best way to maximize value for all stakeholders and so moving forward, we will continue to work with strategic partners to meet with strategic partners. I had meetings at a BMD last week on. We have meetings coming up to those partners that are interested in following the story.

最終，我們相信這絕對是為所有利害關係人實現價值最大化的最佳方式，因此展望未來，我們將繼續與策略合作夥伴合作，與策略合作夥伴會面。上週我在 BMD 開會。我們即將與有興趣關注這個故事的合作夥伴舉行會議。

We also have some, you know, we continue to to share the data that we generate and on and we'll be doing that with the strategic partners as well.

我們還有一些，你知道，我們繼續分享我們產生的數據，我們也將與策略夥伴這樣做。

Perfect. And then, David, maybe one for you, just on the cash balance in lieu of this rate, my pro forma Mascot is somewhere on that low to mid $20 million range for your cash balance. Can you maybe just sort of help bridge us and get comfortable up to your target of funding through 2025?

完美的。然後，大衛，也許一個適合你的，只是用現金餘額代替這個利率，我的預計吉祥物在你的現金餘額中低到中的 2000 萬美元範圍內。您能否幫助我們建立橋樑，並輕鬆實現 2025 年之前的融資目標？

Perfect. Yet, and I thank you for the question, Andrew. So yes, it's on a net proceeds basis, and it's in the mid $25 million on a pro forma on. But we're really excited to prove out in our recent quarters that we've driven significant cost cutting initiatives while also delivering key strategic milestones of the way program and continuing to preserve our customer base starting with the second quarter.

完美的。不過，我感謝你提出這個問題，安德魯。所以，是的，它是在淨收益的基礎上計算的，預計收益約為 2500 萬美元。但我們真的很高興在最近幾季證明，我們已經推動了重大的成本削減計劃，同時也實現了該計劃的關鍵戰略里程碑，並從第二季開始繼續保留我們的客戶群。

If you look at our cash burn after adjusting net of financing and excluding the repayment of our 2.5% notes and a nonrecurring payment with the WAVE development partner, we burned off about $7 million and then quarter over quarter.

如果你看看我們在調整融資淨額後的現金消耗情況，不包括償還我們的 2.5% 票據和與 WAVE 開發合作夥伴的一次性付款，我們會燒掉約 700 萬美元，然後逐季燒掉。

Looking at our second quarter, R&D cash expenses were down 20% while delivering a very key program milestone with preclinical. We also are ready to go with the clinical trial, as Jack discussed on pre-purchased, all of our clinical trial materials, which is included in the second quarter number.

看看我們的第二季度，研發現金支出下降了 20%，同時在臨床前階段實現了非常關鍵的專案里程碑。我們也準備進行臨床試驗，正如傑克在預購時所討論的那樣，我們所有的臨床試驗資料都包含在第二季的數據中。

So really excited that we are delivering milestones within the R&D team with WAVE, but also able to bring down the costs 20% quarter over quarter within SG&A we were able to bring that down quarter over quarter by about 5% on a cash basis. But we also implemented further significant cost cutting measures during the second quarter, which is going to further reduce our SG&A expenses moving forward.

非常高興的是，我們透過 WAVE 在研發團隊中實現了里程碑，而且能夠將 SG&A 的成本逐季度降低 20%，我們能夠以現金為基礎將成本逐季度降低約 5%。但我們也在第二季實施了進一步的重大成本削減措施，這將進一步減少我們未來的銷售、管理和行政費用。

Our overall goal is to get to a target of operating cash burn of about $5 million, and we're on our way to get there. We're really excited about that as we've looked at strategic cost initiatives with a focus priority on WAVE milestones. Additionally, to bridge into the 2025 timeframe, and through 2025, we do have contractual obligations from other folks for cash inflows with our on-market product portfolio partnership.

我們的總體目標是實現營運現金消耗約 500 萬美元的目標，我們正在實現這一目標的路上。我們對此感到非常興奮，因為我們已經研究了戰略成本計劃，並專注於 WAVE 里程碑。此外，為了過渡到 2025 年的時間框架，到 2025 年，我們確實對其他人與我們的市場產品組合合作夥伴的現金流入負有合約義務。

Perfect. Thank you.

完美的。謝謝。

Thank you, Andrew.

謝謝你，安德魯。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Jack Phillips for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我想將會議轉回傑克·菲利普斯先生發表閉幕詞。請繼續，先生。

Thank you and thanks for everybody joining into the call today. As I close out, just a reminder, I mean, we're on a very, very exciting journey here to accelerate with the WAVE platform and the next-generation solution for rapid susceptibility to get patients on optimal antibiotic therapy quickly. Sepsis continues to impact 49 people, 49 million people globally each year.

謝謝大家，也謝謝今天加入電話會議的所有人。在我結束演講時，我想提醒一下，我們正在踏上一段非常非常令人興奮的旅程，透過 WAVE 平台和下一代快速敏感性解決方案加速，讓患者快速接受最佳抗生素治療。膿毒症每年持續影響 49 人，全球有 4900 萬人。

Our estimated deaths are about 11 million on 1.3 million are attributed to bacterial antimicrobial resistance. So this is a real-world health care issue that still has not been addressed. And with WAVE with rapid susceptibility testing, we have an opportunity to do that.

我們估計死亡人數約 1100 萬人，其中 130 萬人死於細菌抗藥性。所以這是一個現實世界的醫療保健問題尚未解決。借助 WAVE 進行快速敏感性測試，我們有機會做到這一點。

Just that I want to thank our employees. We've been working day and night to continue to hit our milestones and advance our way forward. We were very appreciative and thankful that we're able to move forward with new funding that will fund us through '25 of the preclinical trial.

我只是想感謝我們的員工。我們日以繼夜地工作，以繼續實現我們的里程碑並推進我們的前進之路。我們非常感激並感謝我們能夠利用新的資金繼續前進，這些資金將為我們提供 25 年的臨床前試驗資金。

Success arm was a tremendous milestone for the company that gives us great confidence to start the clinical trial. And then finally, with all of this, we're excited to identify a future strategic partner for WAVE and ultimately maximize value for AXDX stakeholders across the board.

手臂的成功對公司來說是一個巨大的里程碑，讓我們對開始臨床試驗充滿信心。最後，基於所有這些，我們很高興為 WAVE 找到未來的策略合作夥伴，並最終為 AXDX 利害關係人全面實現價值最大化。

With that, thank you very much and have a wonderful day.

在此，非常感謝您，祝您有個愉快的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。