Bioharvest Sciences Inc (BHST) 2025 Q1 法說會逐字稿

Greetings, and welcome to the BioHarvest Sciences first-quarter 2025 corporate update conference call. (Operator Instructions) As a reminder, this conference is being recorded. Before we begin the formal presentation, I'd like to remind everyone that statements made on today's call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described on the call. Please refer to the company's regulatory filings for a list of associated risks, and we would also refer you to the company's website for more supporting industry information. In addition, throughout today's call, the company may refer to adjusted EBITDA, a non-IFRS financial measure, which it believes provides helpful information to investors about the performance of the business on an ongoing basis.

大家好，歡迎參加 BioHarvest Sciences 2025 年第一季公司更新電話會議。（操作員指示）提醒一下，本次會議正在錄音。在我們開始正式演講之前，我想提醒大家，今天的電話會議和網路廣播中所作的聲明，包括有關未來財務業績和行業前景的聲明，都是前瞻性的，可能會受到許多風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與電話會議中描述的結果存在重大差異。請參閱公司的監管文件以了解相關風險列表，我們也會建議您訪問公司網站以獲取更多支援行業資訊。此外，在今天的電話會議中，公司可能會參考調整後的 EBITDA（一項非國際財務報告準則的財務指標），公司認為該指標可以為投資者提供有關業務持續表現的有用資訊。

A reconciliation of adjusted EBITDA to its most directly comparable IFRS financial measure is included in today's earnings release, which is available on the BioHarvest website under the Investors tab. (Operator Instructions) On our call today, we have Chief Executive Officer, Ilan Sobel; and Chief Financial Officer, Bar Dichter. I would now like to hand the call over to CEO, Ilan Sobel. Ilan, the floor is yours.

今天的收益報告中包含了調整後的 EBITDA 與最直接可比較的 IFRS 財務指標的對賬，可在 BioHarvest 網站的「投資者」標籤下找到。（操作員指示）今天參加電話會議的有執行長 Ilan Sobel 和財務長 Bar Dichter。現在我想把電話交給執行長伊蘭‧索貝爾 (Ilan Sobel)。伊蘭，現在請你發言。

Thank you, operator, and good afternoon, everyone. I'm pleased to welcome you to today's first quarter 2025 corporate update conference call. For those of you who are new to our story or joining us for the first time, I would like to introduce our company and background very quickly. BioHarvest Sciences is a biotech innovator and the inventor of Botanical Synthesis, a proprietary platform technology process which synthesizes plant-based compounds without having to grow the plant. Rooted in plant cell biology, Botanical Synthesis provides consistent, reliable, economically viable and patentable, potent non-GMO biological compounds for the use in the pharmaceutical, nutraceutical, cosmetic and nutrition industries.

謝謝接線員，大家下午好。我很高興歡迎您參加今天的 2025 年第一季公司更新電話會議。對於那些剛了解我們的故事或第一次加入我們的人，我想很快介紹我們的公司和背景。BioHarvest Sciences 是一家生物技術創新者，也是植物合成技術的發明者，植物合成技術是一種專有平台技術流程，無需種植植物即可合成植物化合物。Botanical Synthesis 植根於植物細胞生物學，為製藥、營養保健品、化妝品和營養行業提供一致、可靠、經濟可行、可獲得專利的強效非基因改造生物化合物。

We at BioHarvest have spent over 15 years perfecting our patented Botanical Synthesis technology platform, providing an alternative for non-GMO production of plant-based biological compounds without the need to grow the entire plant, and in fact, only requiring us to use the physical plant once in the initial stages of our process to develop a valuable perpetual cell bank. Our Botanical Synthesis platform technology allows for the creation of consistent botanical compounds with much greater levels of potency than what is produced by the plant.

BioHarvest 花了 15 年多的時間來完善我們的專利植物合成技術平台，為非基因改造植物基生物化合物的生產提供了一種替代方案，無需種植整株植物，事實上，只需要我們在流程的初始階段使用一次實體植物即可開發有價值的永久細胞庫。我們的植物合成平台技術可以創造出一致的植物化合物，其效力比植物產生的化合物高得多。

This is achieved via the platform technology's ability to develop valuable cell banks which produce a mirror of the phytonutrients or phytomedicinal compounds contained in the plant but at magnified levels of potency for specific targeted molecules, and the ability to multiply these cells in industrial scale bioreactors to produce a final soluble, bioavailable and highly efficacious end product. The platform technology also gives us the ability to address significant unmet market needs across the pharmaceutical, nutraceutical, cosmetics and nutrition industries, both with our own BioHarvest branded products sold via our direct-to-consumer Health and Wellness products business and by developing molecules or compounds for industry partners via our CDMO services business unit. In the first quarter of this year we continue to scale both our products and CDMO business units.

這是透過平台技術開發有價值的細胞庫的能力來實現的，這些細胞庫可以產生植物中所含植物營養素或植物藥用化合物的鏡像，但對特定目標分子的效力水平更高，並且能夠在工業規模的生物反應器中繁殖這些細胞，以產生最終的可溶性、生物可利用性和高效的最終產品。此平台技術還使我們能夠滿足製藥、營養保健品、化妝品和營養品行業中尚未滿足的重大市場需求，我們既可以透過直接面向消費者的健康和保健產品業務銷售自己的 BioHarvest 品牌產品，也可以透過我們的 CDMO 服務業務部門為行業合作夥伴開發分子或化合物。今年第一季度，我們繼續擴大我們的產品和 CDMO 業務部門。

Revenue rose 47% year-over-year to $7.9 million, exceeding our $7.8 million guidance, driven by balanced growth in the VINIA business across both our vinia.com website and our Amazon business. Total active subscribers as of February 2025 reached a major milestone, exceeding 50,000 consumers in the USA. and recurring subscribers comprise a very healthy 90% of revenue of our vinia.com platform. In the Amazon channel, which represents a healthy 20% of our business, we saw continued improvement in key performance indicators such as customer conversion, repeat purchase rates and return on advertising spend, otherwise known as ROAS. We are continuing to operationalize our strategy to broaden the reach of VINIA into new consumer segments with our expanded portfolio of VINIA product offerings while also reinforcing our core value proposition with existing customers anchored in delivering the multiple benefits of VINIA for approximately $1 per day.

營收年增 47% 至 790 萬美元，超過我們 780 萬美元的預期，這得益於我們的 vinia.com 網站和亞馬遜業務的 VINIA 業務的均衡成長。截至 2025 年 2 月，總活躍訂閱用戶數量達到了一個重要里程碑，美國消費者數量超過 5 萬人。經常性訂閱用戶占我們 vinia.com 平台收入的 90%。在占我們業務 20% 的亞馬遜管道中，我們看到客戶轉換率、重複購買率和廣告支出回報率（也稱為 ROAS）等關鍵績效指標持續改善。我們將繼續實施我們的策略，透過擴大 VINIA 產品組合將 VINIA 的覆蓋範圍拓展到新的消費者領域，同時也向現有客戶強化我們的核心價值主張，即以每天約 1 美元的價格提供 VINIA 的多重好處。

We also improved gross margins by 227 basis points to 58.5%, up from 56.2% a year ago, driven by the benefits of scale, including finalizing the implementation of 22% larger bioreactors as well as other savings and cost efficiencies across the business. The continued scaling of our business, combined with the yield improvements we are generating from our efforts to digitize the biological metrics in our production process, positions us well for ongoing operational improvements and a structurally stronger margin profile. It's important for me to acknowledge that these significant gross profit margin gains that we have achieved over the last 2 years have been all through our efforts to drive scale and efficiencies in the business as we have continued to maintain the same retail price across all our capsule-related SKUs for the last 4 years since entering the USA on May 12, 2015. Now I'd like to turn to our direct-to-consumer Health and Wellness products division.

我們的毛利率也提高了 227 個基點，從一年前的 56.2% 上升至 58.5%，這得益於規模效益，包括最終實施擴大 22% 的生物反應器以及整個業務範圍內的其他成本節約和效率提升。我們業務的持續擴大，加上我們努力將生產過程中的生物指標數位化所帶來的產量提高，使我們能夠持續改善營運並實現結構性更強的利潤率。我必須承認，我們在過去兩年中取得的顯著毛利率成長完全得益於我們努力推動業務規模和效率，因為自 2015 年 5 月 12 日進入美國市場以來，我們在過去四年中一直保持所有膠囊相關 SKU 的零售價相同。現在我想談談我們的直接面向消費者的健康和保健產品部門。

Our direct-to-consumer Health and Wellness products division is led by VINIA. Our flagship red grape cell-derived nutraceutical sold direct to consumers accounting for the majority of our revenue. VINIA delivers a full matrix of red grape polyphenols, including piceid resveratrol at 100x the level of what is found in the red grape itself and has been clinically shown to significantly increase arterial dilation after 90 days of consuming 1 400-milligram capsule every day. This increased arterial dilation improves blood flow, enhances both physical energy and mental alertness and other critical longevity-related metrics. VINIA is quickly earning a reputation as being a premium, high-quality product and recognized by consumers and the industry as a leader in driving enhanced blood flow delivery and its derived benefits.

我們的直接面向消費者的健康和保健產品部門由 VINIA 領導。我們的旗艦產品紅葡萄細胞衍生營養保健品直接銷售給消費者，占我們收入的大部分。VINIA 提供全基質的紅葡萄多酚，包括白藜蘆醇，其含量是紅葡萄本身的 100 倍，臨床證明，每天服用 1 粒 400 毫克膠囊 90 天后，動脈擴張明顯增加。動脈擴張的增加可改善血液流動，增強體力、精神警覺性以及其他與長壽相關的關鍵指標。VINIA 迅速贏得了優質產品的聲譽，並被消費者和業界公認為推動增強血液流動輸送及其衍生益處的領導者。

As of today, we have surpassed 9,000 verified customer reviews with a 4.8 out of 5 rating, and we look forward to shortly reaching the milestone of 10,000 reviews. I'm proud to say that despite our significant pricing premium relative to competitive products, which is in some cases more than 100% premium, VINIA is always a top 10 performer in its Amazon category. And often, over the past few weeks, we have entered into the top 5 positions. We have now surpassed more than $55 million of lifetime revenue. And I feel we are still just tipping our toes into the ocean as far as the opportunity is concerned, as consumers today increasingly realize the integral relationship between blood flow, quality of life and longevity.

截至今天，我們已經收到超過 9,000 條經過驗證的客戶評論，評分為 4.8 分（滿分 5 分），我們期待很快達到 10,000 條評論的里程碑。我很自豪地說，儘管我們的定價相對於競爭產品有顯著溢價，在某些情況下甚至超過 100%，但 VINIA 在亞馬遜同類產品中始終名列前十。在過去的幾周里，我們經常進入前五名。我們的終生收入現已超過 5500 萬美元。我認為，就機會而言，我們仍處於探索階段，因為當今的消費者越來越意識到血液流動、生活品質和長壽之間的密切關係。

Q1 saw the rollout of our VINIA SuperFood Tea lineup in individual tea sachets. And we are seeing encouraging results with very positive feedback on the product quality and taste as demonstrated by our 4.9 out of 5 rating on Amazon. In the course of this quarter, we will roll out 2 new SKUs in our VINIA SuperFood Tea lineup with the rollout of an English breakfast tea and matcha green tea in K-Cup compatible pods. We will also build upon our product line of VINIA SuperFood Coffee where we have sold to date more than $2.5 million of coffee since launching in December 2023 across a regular and a decaf coffee in K-Cup compatible pods, just 2 SKUs. Our new products will be VINIA Espresso in Nespresso-compatible pods, targeting the 5 million-plus households that today have Nespresso-compatible machines.

第一季度，我們推出了獨立茶包形式的 VINIA 超級食物茶系列。我們看到了令人鼓舞的結果，產品品質和口味獲得了非常積極的回饋，正如我們在亞馬遜上的評分為 4.9 分（滿分 5 分）所證明的那樣。本季度，我們將在 VINIA SuperFood Tea 系列中推出 2 個新 SKU，包括與 K-Cup 相容的英式早餐茶和抹茶綠茶。我們也將拓展 VINIA SuperFood Coffee 產品線，自 2023 年 12 月推出以來，我們迄今已售出超過 250 萬美元的咖啡，包括相容於 K-Cup 膠囊的普通咖啡和無咖啡因咖啡，僅有 2 個 SKU。我們的新產品將是與 Nespresso 相容的膠囊中的 VINIA Espresso，目標客戶是目前擁有與 Nespresso 相容的機器的 500 多萬個家庭。

I'm excited to say that as we speak here today, we are preparing to launch our VINIA Daily 2X Formula Chews. This is a double-dosed 800-milligram format designed for highly active consumers and athletes in a great tasting, great flavored chew. Importantly, these chews are Informed Sport certified. Informed Sport is the world's leading testing and certification program for brands producing sports and nutritional supplements. It is recognized by sporting and governing bodies, anti-doping bodies and nutrition industry organizations and the armed and special forces.

我很高興地說，今天我們在這裡談話的時候，我們正準備推出我們的 VINIA Daily 2X Formula Chews。這是一種雙劑量 800 毫克的咀嚼片，專為活躍的消費者和運動員設計，口感極佳，風味極佳。重要的是，這些咀嚼物經過了 Informed Sport 認證。Informed Sport 是全球領先的生產運動和營養補充品品牌的測試和認證課程。它得到了體育和管理機構、反興奮劑機構和營養行業組織以及武裝部隊和特種部隊的認可。

The Informed Sports certification ensures the highest quality and safety for athletes and professionals as every batch of product produced is required to undergo testing for over 2,000 banned substances. This certification is a critical enabler for VINIA to penetrate into the professional and amateur sporting markets, as well as military channels where it has a significant role to play given its unique blood flow derived benefits.

Informed Sports 認證確保運動員和專業人士獲得最高的品質和安全，因為每批生產的產品都必須經過超過 2,000 種禁用物質的測試。此項認證對於 VINIA 進軍專業和業餘運動市場以及軍事管道具有重要意義，因為其獨特的血液流動益處使其在這些領域中發揮重要作用。

The second half of this year will also see the rollout of our VINIA blood flow hydration powdered beverage lineup, which we will use to disrupt the multibillion-dollar hydration and sports drink categories. Our product lineup will be uniquely differentiated as being the only sports drink or hydration beverage which delivers hydration benefits backed with the power of superior blood flow. We will educate consumers about the important relationship between blood flow and hydration, given the critical importance of having high-performance blood flow levels in our body to best transport the water and electrolytes to all of our body's cells.

今年下半年，我們還將推出 VINIA 血流補水粉狀飲料系列，我們將藉此打破價值數十億美元的補水和運動飲料類別。我們的產品系列將獨具特色，成為唯一能夠透過卓越血流的力量提供補水功效的運動飲料或補水飲料。我們將向消費者介紹血流和水合作用之間的重要關係，因為在我們的身體中擁有高性能血流水平對於將水和電解質最佳地輸送到我們身體的所有細胞至關重要。

I'm looking forward to sharing further developments of this launch over the next few months. Expansion of our VINIA insight strategy with additional VINIA product lines provides consumers with superior science, superior efficacy and superior taste while allowing BioHarvest to address a highly incremental younger consumer, and capture incremental revenue from this important market segment. As part of this effort, we are also in the process of activating incremental marketing channels such as podcast integrations, TikTok and a Health & Wellness Influencer Program. Whilst VINIA product innovation represents a significant incremental revenue and gross profit opportunity for BioHarvest, we are excited to add, in 2026, our olive verbascoside cell. In March this year we shared in-vitro results showing our olive verbascoside cell compound reduced fat accumulation in human liver cells.

我期待在接下來的幾個月分享這次發布的進一步進展。透過增加 VINIA 產品線來擴展我們的 VINIA 洞察策略，可以為消費者提供卓越的科學、卓越的功效和卓越的口感，同時使 BioHarvest 能夠滿足高度增長的年輕消費者的需求，並從這一重要的細分市場中獲取增量收入。作為這項努力的一部分，我們還正在啟動增量行銷管道，例如播客整合、TikTok 和健康與保健影響者計畫。雖然 VINIA 產品創新為 BioHarvest 帶來了顯著的增量收入和毛利機會，但我們很高興在 2026 年增加我們的橄欖毛蕊花苷細胞。今年 3 月，我們分享了體外研究結果，顯示我們的橄欖毛蕊花苷細胞化合物可以減少人類肝細胞中的脂肪堆積。

With further clinical support, we plan to launch this product in 2026 to the market and to our highly engaged subscriber base which represents an immediate significant revenue opportunity for the business. Overall, our direct-to-consumer Health and Wellness products division has proven the potential of our Botanical Synthesis technology and the significant market demand for high-performing plant-based non-GMO compounds that we provide. I'm personally excited about the innovation lineup we have for our direct-to-consumer business over the next 24 months. I would like to now turn to our CDMO services division. One year ago, we launched our CDMO, Contract Development and Manufacturing Organization, services division to give industrial partners, leaders of industry access to botanically synthesized non-GMO proprietary compounds via our Botanical Synthesis technology.

在進一步的臨床支援下，我們計劃在 2026 年將產品推向市場並推向我們高度參與的用戶群，這為企業帶來了直接的重大收入機會。總體而言，我們的直接面向消費者的健康和保健產品部門已經證明了我們的植物合成技術的潛力以及我們提供的高性能植物基非基因改造化合物的巨大市場需求。我個人對我們未來 24 個月直接面向消費者業務的創新陣容感到非常興奮。現在我想談談我們的 CDMO 服務部門。一年前，我們成立了 CDMO（合約開發和製造組織）服務部門，讓工業合作夥伴和產業領導者能夠透過我們的植物合成技術獲得植物合成的非基因改造專有化合物。

This strategic move was made to deliver on the company's North Star to discover, develop, manufacture and democratize life-changing plant compounds that improve the health and wellness for hundreds of millions of people whilst protecting the planet for future generations to come. Our CDMO unit develops patentable plant-based compounds for pharmaceutical, nutraceutical, cosmeceutical and nutrition customer partners. These complex molecules offer faster development, lower cost of development, improved safety and scalable production that others simply can't match. We've built robust infrastructure with the tools and scientific talent that we have to handle multiple projects in parallel while sourcing plants ethically. Our proprietary AI tools, which we have developed internally are producing tangible results in driving optimization across our R&D processes, including playing a critical role in discovering new high-value compounds.

這項策略性舉措是為了實現公司的北極星目標，即發現、開發、製造和普及改變生活的植物化合物，改善數億人的健康和福祉，同時為子孫後代保護地球。我們的 CDMO 部門為製藥、營養保健品、藥妝品和營養品客戶合作夥伴開發可獲得專利的植物化合物。這些複雜的分子提供了更快的開發速度、更低的開發成本、更高的安全性和可擴展的生產，這是其他分子無法比擬的。我們建立了強大的基礎設施，擁有必要的工具和科學人才，可以同時處理多個項目，同時以合乎道德的方式購買植物。我們內部開發的專有人工智慧工具在推動整個研發流程的最佳化方面產生了切實的成果，包括在發現新的高價值化合物方面發揮關鍵作用。

We can deliver trial-ready biomass in 9 to 15 months and scale to full production within 20 to 24 months, generating high-margin revenue through nonrecurring engineering fees from our CDMO customers. Successful programs then move to royalty-based manufacturing, providing long-term recurring revenue and potential equity upside. To date, we've already signed multiple CDMO customers, including a marquee partnership with Tate & Lyle to develop next-generation, plant-based, zero-calorie sweeteners. Our selective strategic R&D focus targets high-impact projects with strong commercial potential. And to that end, I'm very pleased to share that we've successfully completed Stage 1 of development for a major CDMO program with a NASDAQ-listed pharmaceutical partner.

我們可以在 9 到 15 個月內交付可供試驗的生物質，並在 20 到 24 個月內實現全面生產，並透過來自 CDMO 客戶的非經常性工程費用產生高利潤收入。成功的專案隨後轉向基於特許權使用費的製造，提供長期經常性收入和潛在的股權上漲。到目前為止，我們已經與多家 CDMO 客戶簽約，包括與泰萊公司建立合作關係，共同開發下一代植物性零卡路里甜味劑。我們有選擇地將策略研發重點放在具有強大商業潛力、影響深遠的專案上。為此，我很高興地告訴大家，我們已與納斯達克上市的製藥合作夥伴成功完成了主要 CDMO 專案的第一階段開發。

This is a major win for our company and a sign for what is coming. I want to remind our investors that Stage 1 carries the highest development risk. And this achievement underscores the adaptability of our Botanical Synthesis platform technology to diverse molecule and compound types. With a high likelihood of continued progress over the next 12 to 18 months, we're on track for volume manufacturing and broader CDMO growth as the platform proves itself over time. The R&D experience gained in Stage 1 has sharpened our analytical capabilities, further strengthened by our proprietary AI tools and will enhance the efficiency of future CDMO projects across a wide range of compounds.

這是我們公司的重大勝利，也是未來發展的標誌。我想提醒我們的投資者，第一階段的開發風險最高。這項成就凸顯了我們的植物合成平台技術對多種分子和化合物類型的適應性。隨著該平台在未來 12 到 18 個月內繼續取得進展的可能性很高，隨著該平台隨著時間的推移證明自己，我們將有望實現批量生產和更廣泛的 CDMO 成長。第一階段所獲得的研發經驗提高了我們的分析能力，並透過我們專有的 AI 工具進一步加強，並將提高未來各種化合物的 CDMO 專案的效率。

Before passing the call off to our CFO, Bart Dichter, I'd like to remind the market of our 2025 growth strategy. Our growth model is guided by the principle of balancing growth with profitability while achieving scale. We have elected to reach adjusted EBITDA breakeven at $11 million to $12 million in quarterly revenue which we expect to achieve in the second half of 2025. This approach enables continued investment in 3 critical strategic areas: one, expanding our direct-to-consumer portfolio by scaling our VINIA compound with new products, enabling us to penetrate new channels, improve final conversion and reducing customer acquisition costs, while launching new clinically backed compounds like our olive cell product focused on liver health. Two, investing in R&D to drive critical process improvements, utilizing new technologies, many being applied from other relevant industries and applied to our processes, which we call Botanical Synthesis 2.0, aimed at further improving gross margin in our manufacturing organization and the speed of compound development in our CDMO.

在將電話轉交給我們的財務長 Bart Dichter 之前，我想提醒市場注意我們的 2025 年成長策略。我們的成長模式遵循在實現規模的同時平衡成長與獲利的原則。我們選擇將季度營收調整後的 EBITDA 損益平衡點設定為 1,100 萬美元至 1,200 萬美元，預計這一目標將在 2025 年下半年實現。這種方法使我們能夠在三個關鍵策略領域持續投資：第一，透過擴大我們的 VINIA 化合物的新產品規模來擴大我們的直接面向消費者的產品組合，使我們能夠滲透新管道，提高最終轉化率並降低客戶獲取成本，同時推出新的臨床支援化合物，例如專注於肝臟健康的橄欖細胞產品。二是投資研發以推動關鍵流程改進，利用新技術，其中許多技術來自其他相關產業並應用於我們的流程，我們稱之為植物合成 2.0，旨在進一步提高我們製造組織的毛利率和 CDMO 中化合物開發的速度。

And three, building AI-powered CDMO tools to speed up go-to-market time lines for compounds we develop, as well as to improve efficiency levels translating to lower R&D costs required for the development of each compound. Long term, we target a 20% adjusted EBITDA margin for our direct-to-consumer Health and Wellness products division with even higher margins expected in the CDMO. These initiatives support our mission to deliver high-impact, life-changing compounds across multiple delivery formats and high-value wellness categories, driving strong lifetime value and accretive margins. With that, I'd now like to turn the call over to our CFO, Bar Dichter, to review our financial results for the quarter ended March 31, 2025. Bar, over to you.

第三，建構人工智慧驅動的 CDMO 工具，以加快我們開發的化合物的上市時間，並提高效率水平，從而降低開發每種化合物所需的研發成本。從長遠來看，我們的目標是使直接面向消費者的健康和保健產品部門的調整後 EBITDA 利潤率達到 20%，並且預計 CDMO 的利潤率會更高。這些措施支持我們的使命，即透過多種交付形式和高價值健康類別提供具有高影響力、改變生活的化合物，從而推動強大的終身價值和增值利潤。現在，我想將電話轉給我們的財務長 Bar Dichter，來審查我們截至 2025 年 3 月 31 日的季度的財務業績。酒吧，交給你了。

Thank you, Ilan, and good afternoon, everyone. I will provide you with a succinct review of our financial results. A full breakdown is available in our SEC filings and in the press release that crossed the wire after market close today. Please note that all figures are in US dollars unless stated otherwise.

謝謝你，伊蘭，大家下午好。我將向您簡要回顧我們的財務表現。完整的詳細資訊請參閱我們提交給美國證券交易委員會 (SEC) 的文件以及今天收盤後發布的新聞稿。請注意，除非另有說明，所有數字均以美元為單位。

Revenue for the first quarter of 2025 increased 47% to $7.9 million, which exceed our prior revenue guidance as compared to $5.3 million in the first quarter of 2024. The increase was as a result of the continued success of our VINIA family product. Gross profit increased 53% to $4.6 million or 58.5% of total revenue in the first quarter of 2025, as compared to $3 million or 56.2% of total revenue in the same year-ago quarter. The increase in gross margin was primarily driven by benefits of increased manufacturing scale and improved manufacturing yield. Total operating expenses for the first quarter totaled $6.3 million as compared to $4.4 million in the same year-ago quarter.

2025 年第一季的營收成長 47%，達到 790 萬美元，與 2024 年第一季的 530 萬美元相比，超過了我們先前的營收預期。這一增長是由於我們的 VINIA 系列產品持續取得成功。2025 年第一季毛利成長 53% 至 460 萬美元，佔總營收的 58.5%，去年同期為 300 萬美元，佔總營收的 56.2%。毛利率的成長主要得益於製造規模的擴大和製造產量的提高。第一季總營運費用為 630 萬美元，而去年同期為 440 萬美元。

The increase in operating expenses was primarily due to increase in marketing spend, which was reduced on a percentage of revenue to 46.8% as compared to 48% in the same year-ago quarter and the higher expenses from the CDMO service division. General and administration expenses increased 67% in the first quarter of 2025, but declined by 6% versus Q4 of 2024, reflecting an increase in operating leverage as the company continued to scale. Net losses for the first quarter of 2025 totaled $2.3 million or $0.13 per basic and diluted share as compared to a net loss of $6.6 million or $0.48 per basic and diluted share in the same year-ago quarter. Adjusted EBITDA loss, a non-IFRS measure totaled at $1.4 million in the first quarter of 2025 as compared to an adjusted EBITDA loss of $1.1 million in the same year-ago quarter. Cash and cash equivalents as of March 31, 2025, totaled $3.4 million as compared to $2.4 million as of December 31, 2024.

營業費用的增加主要是由於行銷支出的增加，其佔收入的比例從去年同期的48%下降至46.8%，以及CDMO服務部門的費用增加。2025 年第一季度，一般及行政開支增長了 67%，但與 2024 年第四季相比下降了 6%，這反映出隨著公司規模不斷擴大，經營槓桿增加。2025 年第一季淨虧損總計 230 萬美元，即每股基本虧損和稀釋虧損均為 0.13 美元，而去年同期淨虧損為 660 萬美元，即每股基本虧損和稀釋虧損均為 0.48 美元。2025 年第一季度，非國際財務報告準則 (IFRS) 調整後 EBITDA 虧損總計 140 萬美元，而去年同期調整後 EBITDA 虧損為 110 萬美元。截至 2025 年 3 月 31 日的現金及現金等價物總額為 340 萬美元，而截至 2024 年 12 月 31 日為 240 萬美元。

During the quarter, we raised $3.9 million in debt financing primarily from existing investors. I would like now to pass the call back to Ilan to offer some closing remarks, after which we will begin our Q&A session.

本季度，我們主要從現有投資者籌集了 390 萬美元的債務融資。現在我想將電話轉回給伊蘭，讓他發表一些結束語，然後我們將開始問答環節。

Thank you, Bar, and thank you for all your time today and your continued support of BioHarvest. I want to end off today by saying that I'm incredibly proud of the platform, the team and the momentum that we've built. I count myself lucky to be part of this organization. And I've never been more confident in our ability to execute and deliver on our North Star to democratize life-changing compounds. The synergy between our direct-to-consumer Health and Wellness products division and CDMO division is proving itself as we sign strategic CDMO deals and open the gates for sizable customers.

謝謝你，Bar，也謝謝你今天抽出的時間以及對 BioHarvest 的持續支持。今天結束時，我想說，我為我們所建立的平台、團隊和勢頭感到無比自豪。我很幸運能夠成為這個組織的一部分。我從未像現在這樣對我們執行和實現北極星目標、使改變生活的化合物民主化的能力充滿信心。隨著我們簽署策略性 CDMO 協議並為大客戶打開大門，我們的直接面向消費者的健康和保健產品部門與 CDMO 部門之間的協同作用正在得到證明。

We are starting to really lay the groundwork for Botanical Synthesis to become one of the biggest contributors in the quest for new science-based therapeutics solutions and nutritive compounds over the next 10 years. As we continue building our momentum and scaling our business, we remain focused on executing and delivering every day incremental human utility value and creating sustainable value for our shareholders. With that, I'd now like to hand the call back to the operator to begin our Q&A session. Over to you, Mr. Operator.

我們開始真正為植物合成奠定基礎，以期成為未來 10 年尋求新的基於科學的治療解決方案和營養化合物的最大貢獻者之一。隨著我們繼續增強發展勢頭並擴大業務規模，我們仍然專注於執行和提供日常增量人類效用價值並為股東創造可持續價值。現在，我想將電話交還給接線員，開始我們的問答環節。交給您了，操作員先生。

(Operator Instructions) Matt Hewitt, Craig-Hallum Capital Group.

（操作員指示）Craig-Hallum Capital Group 的 Matt Hewitt。

Congratulations on your progress. Maybe to start things off, you issued the press release and spoke earlier regarding the pharma CDMO contract moving into Phase II. Could you provide a little bit of color on what is entailed in the Phase II portion of the contract and the time line for that to be completed before moving on?

祝賀你取得進步。也許首先，您發布了新聞稿並早些時候談到了製藥 CDMO 合約進入第二階段的情況。您能否稍微介紹一下合約第二階段的內容以及在繼續進行之前需要完成的時間表？

Thank you, Matt, and good afternoon to you and everybody else. Yes. So this obviously is a major milestone for us to move the CDMO contract with our NASDAQ-listed pharmaceutical partner to Phase II. And I'm sure you understand that Phase I is the phase that carries the most significant risk. So we've been successful of demonstrating the ability to produce the appropriate biological material.

謝謝你，馬特，祝你和大家下午好。是的。因此，這顯然是我們將與納斯達克上市製藥合作夥伴的 CDMO 合約推進到第二階段的一個重要里程碑。我相信您明白第一階段是風險最大的階段。因此，我們成功地展示了生產適當生物材料的能力。

That biological material has been produced in what we call solid media state, which is basically in a petri dish with solid media. Phase II has us moving from solid media to what we call liquid media, which is basically the start of the process to get our cells, our cell bank conditioned, normalized, to be able to survive effectively and grow the critical phytomedicinal compound in liquid media. And so in Phase II, we start with Erlenmeyers and then we move to small and medium bioreactors, as we get ourselves more used to the challenges of growing in liquid media with the different elements of that environment.

這種生物材料是在我們所謂的固體培養基狀態下產生的，基本上是在裝有固體培養基的培養皿中。第二階段讓我們從固體培養基轉向所謂的液體培養基，這基本上是使我們的細胞、細胞庫得到調節和標準化的過程的開始，以便能夠有效存活並在液體培養基中生長關鍵的植物藥化合物。因此，在第二階段，我們首先從錐形瓶開始，然後轉向小型和中型生物反應器，因為我們越來越習慣於在液體培養基中以及在該環境中的不同元素下生長的挑戰。

And then from a timing perspective, we believe this is a normally 6- to 9-months period that we're able to drive the required conditioning of the cells and optimization of the overall growth process of the biological material that we're seeking to grow here. And again, I want to emphasize, for us, it's a major achievement because the Phase I is clearly -- I should say, Stage 1 is clearly the most challenging as it relates to us needing to do significant experimentation where we're leveraging multiple different types of food that we feed the cells, other conditions such as temperature conditions, lighting conditions and a number of other variables we don't get into because they're in our IP box.

然後從時間角度來看，我們認為這通常需要 6 到 9 個月的時間，在此期間我們能夠推動細胞所需的調節和優化我們在此尋求生長的生物材料的整體生長過程。我想再次強調，對我們來說，這是一個重大成就，因為第一階段顯然是——我應該說，第一階段顯然是最具挑戰性的，因為它涉及到我們需要做大量的實驗，我們要利用多種不同類型的食物來餵養細胞，其他條件，如溫度條件、光照條件和許多其他變量，我們沒有涉及到，因為它們在我們的 IP 盒中。

And we've now found the secret formula of all the critical variables that are required to elicit the critical growth of a specific biological compound. And now it's a matter of just conditioning the cells and getting them used to a liquid media environment. So almost like we're training them and preparing them for the much larger industrial scale bioreactors, which happens in Stage 3.

現在我們已經找到了引發特定生物化合物臨界生長所需的所有臨界變數的秘密公式。現在的問題是調節細胞並讓它們適應液體培養基環境。所以幾乎就像我們正在訓練它們並為它們準備更大規模的工業規模的生物反應器，這發生在第三階段。

That's very helpful. And then shifting gears to your relationship with Tate & Lyle. I'm just curious, at what point or how long do you think it will take to kind of narrow down the targets to 1 or 2 that you would then start scaling up production of?

這非常有幫助。然後轉變您與泰特萊爾的關係。我只是好奇，您認為什麼時候或需要多長時間才能將目標縮小到 1 或 2 個，然後開始擴大生產？

So the Tate & Lyle strategic, what we call anchor partnership because it's just so important given the opportunity that we're going after to develop, ultimately, the next generation of zero-calorie or nonnutritive natural sweetener in a market that really is craving, I should say, for this kind of innovation. And obviously, from a consumer perspective, from a commercial perspective in the context of food companies and beverage companies, I think we all understand the magnitude of impact if we're able to move more millions and millions of additional American consumers or global consumers from sugar into a non-GMO, zero-calorie natural sweetener.

因此，泰特萊爾的策略，我們稱之為錨定合作夥伴關係，因為它非常重要，因為我們要抓住機會，最終在一個真正渴望這種創新的市場中開發下一代零卡路里或非營養性天然甜味劑。顯然，從消費者的角度來看，從食品公司和飲料公司的商業角度來看，如果我們能夠讓數以百萬計的美國消費者或全球消費者從糖轉向非基因改造、零卡路里的天然甜味劑，我想我們都明白其影響有多大。

So this for us, when we talk about life-changing compounds, it doesn't have to just be specific biological material used in pharmaceuticals, but it can also be, in this case, the opportunity of natural zero-calorie sugar replacement opportunities. So for us, we've commenced doing significant work. We've been very successful on the sourcing side of the plants.

因此，對我們來說，當我們談論改變生活的化合物時，它不一定只是藥物中使用的特定生物材料，而且在這種情況下，它也可以是天然零卡路里糖替代的機會。因此對我們來說，我們已經開始做重要的工作。我們在植物採購方面非常成功。

And the R&D team is working feverishly on the work that gets done in Stage 1. And we expect, before the end of the year, to be able to give a more comprehensive update on how we're tracking on Stage 1 outcomes.

研發團隊正在緊張地完成第一階段的工作。我們期望在今年年底之前能夠更全面地更新我們如何追蹤第一階段的成果。

Again, I guess given the current administration's focus, you seem to be in a really good position there. Maybe one last one, and then I'll hop back in the queue. Obviously, a very strong quarter from a gross margin perspective. I'm just curious, and I think you touched on this briefly in your prepared remarks, but should we anticipate that as you continue to grow that top line that your gross margins will continue to expand as well?

再說一次，我想考慮到當前政府的重點，你似乎處於一個非常有利的位置。也許是最後一個，然後我會跳回隊列。顯然，從毛利率的角度來看，這是一個非常強勁的季度。我只是好奇，我想您在準備好的發言中簡要地提到了這一點，但我們是否應該預期，隨著您的營業收入繼續增長，您的毛利率也會繼續擴大？

I think one thing that my father always used to say to me as a young man growing up, not that I'm an old man today, Matt, at the tender age of 51, he always said to me that past performance predicts future performance. So in that context, as you've seen, every quarter, consecutive quarter, we've driven significant revenue growth, and that revenue growth has been paired with improved gross margin performance.

我想，在我成長的過程中，父親總是對我說的一件事是，雖然我今天已經 51 歲了，但我並不認為我已經是個老人了，他總是對我說，過去的表現可以預測未來的表現。因此，在這種背景下，正如您所看到的，每個季度，連續幾個季度，我們都實現了顯著的收入增長，並且收入增長與毛利率表現的提高相伴而生。

And it's very much our intention, myself and my management team all the way through to the operators, who are working in our biological facility, who are acutely aware of the KPIs of the business as we really drive the operationalization of KPIs down to the biological floor, as we say, in our industry. And therefore, obviously, driving continued gross profit margin improvement is a major focus. So I would expect that we will continue to see similar kind of improvements over the course of this year as we look to land the company at an EBITDA -- adjusted EBITDA profitability positive standing.

這正是我們的意圖，我和我的管理團隊一直到在我們的生物設施中工作的操作員，他們都敏銳地意識到業務的 KPI，因為我們真正將 KPI 的運營推向了生物底層，正如我們所說的那樣，在我們的行業中。因此，顯然推動毛利率持續提高是主要關注點。因此，我預計，隨著我們努力使公司的 EBITDA（調整後的 EBITDA 獲利能力）達到正值，今年我們將繼續看到類似的改善。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾、H.C. 溫賴特。

Congrats, Ilan, on all the progress. It looks like there's so many things happening. It's hard to keep a track of everything. So good to see that. Just along those lines, can you clarify how many products contributed towards revenue in the first quarter? And how many products do you expect could contribute to revenues by the end of the year?

祝賀伊蘭取得的所有進步。看起來有很多事情發生。很難追蹤所有事情。很高興看到這一點。沿著這個思路，您能否澄清一下第一季有多少產品為收入做出了貢獻？您預計到今年底有多少產品可以貢獻收入？

Thank you, Amit. So if you look at the first quarter from a direct-to-consumer Health and Wellness product division, obviously, the lion's share of our business is still our capsule business. However, our coffee business is growing significantly, has demonstrated significant growth and is becoming a more scaled business right now, which is very encouraging. We did launch tea in the end of the fourth quarter in December. And obviously, now we've started to expand tea across multiple channels.

謝謝你，阿米特。因此，如果你從直接面向消費者的健康和保健產品部門來看第一季的情況，顯然，我們業務的最大份額仍然是膠囊業務。然而，我們的咖啡業務正在大幅成長，已經顯示出顯著的成長，並且正在成為一項更具規模的業務，這是非常令人鼓舞的。我們確實在去年 12 月第四季末推出了茶產品。顯然，現在我們已經開始透過多種管道擴展茶業務。

But the majority proportion is definitely still anchored in the capsule business. So to your question, it was 3 product lines anchoring in the capsule business, which is driving the revenue in the first quarter. As you look at moving into the second quarter, that will be increased to a fourth line, which is the Chew product, which is our VINIA Daily 2X Formula Chews, which we're very excited. This is Informed Sport verified, focused on super active consumers and the athlete out there. Obviously, Informed Sport verified because the need to have a product that has gone through all the required antidoping testing and validation is critical for the market that we're serving.

但大部分肯定還是停留在膠囊業務。所以對於您的問題，膠囊業務中有 3 條產品線支撐，推動了第一季的營收。進入第二季度，我們將看到第四條產品線，即咀嚼產品，也就是我們的 VINIA Daily 2X Formula Chews，我們對此感到非常興奮。這是經過 Informed Sport 驗證的，主要針對超級活躍的消費者和運動員。顯然，Informed Sport 進行了驗證，因為對於我們所服務的市場而言，擁有經過所有必需的反興奮劑測試和驗證的產品至關重要。

And that will be a fourth major line that will come into the play in the second quarter. And then in the end of the third quarter or early fourth quarter, we will move our efforts towards the hydration category. So you will then have a fifth, let's call it, vertical that we'll be playing in.

這將是第二季度發揮作用的第四條主要路線。然後在第三季末或第四季初，我們將把精力轉向補水類別。因此，您將擁有第五個，我們稱之為垂直的，我們將在其中進行遊戲。

That was very helpful. On your marketing costs, Ilan, could those potentially drop for you going forward given there may be more ad inventory supply in the market because of these tariff-related issues and challenges that some of these DTC businesses are facing right now?

這非常有幫助。關於您的行銷成本，Ilan，考慮到由於這些與關稅相關的問題和一些 DTC 企業目前面臨的挑戰，市場上可能會有更多的廣告庫存供應，這些成本未來是否有可能下降？

So for us, from a sales and marketing perspective as a percentage of revenue, there's like a maniacal focus in our company of doing, really, it's 4 things: grow top line revenue, improve gross profit margins, reduce sales and marketing as a percentage of overall revenue, reduce all of our OpEx to ultimately get to that breakeven on an adjusted EBITDA perspective.

因此，對我們來說，從銷售和行銷佔收入的百分比來看，我們公司瘋狂地專注於做四件事：增加營業收入，提高毛利率，降低銷售和行銷佔總收入的百分比，降低所有的營運支出，最終在調整後的 EBITDA 角度實現收支平衡。

So we have very, very focused efforts quarter-on-quarter to, I would say, appropriately reduce the percentage of sales and marketing as a percentage of revenue. We are also now very focused on opening up additional channels. You saw that in one of the charts, where we're looking at -- we've just opened up, for example, international shipping. And it's amazing to see.

因此，我們每季都非常集中精力，適當降低銷售和行銷佔收入的比例。我們現在也非常注重開闢更多管道。您可以在其中一個圖表中看到這一點，例如，我們剛剛開放了國際航運。這真是令人驚奇。

You'd be surprised how many people all over the world are accessing VINIA from our US website. And now we give them the flexibility. They obviously are paying for the shipment costs. We do free shipping to the US and to Canada, but anything outside is paid for by the actual consumer. So that's an additional channel that brings in revenue with a much lower cost of acquisition.

您會驚訝地發現，全世界有多少人透過我們的美國網站造訪 VINIA。現在我們給予他們彈性。他們顯然正在支付運費。我們免費運送至美國和加拿大，但境外的任何費用均由實際消費者支付。因此，這是一個可以帶來收入且獲取成本更低的額外管道。

And we continue to drive other key channels now that we're opening up, doing a lot more work with YouTube, where we've actually -- again, we're seeing great cost of acquisition levels. And importantly, now with the portfolio that we have, -- we're able to target a younger consumer base as we broaden the footprint of the brand. And TikTok is going to be a very important channel that we're now starting to experiment in.

現在我們正在開放其他主要管道，並繼續推動這些管道的發展，與 YouTube 合作進行更多工作，實際上，我們再次看到了巨大的收購成本。重要的是，現在憑藉我們現有的產品組合，我們能夠在擴大品牌影響力的同時瞄準更年輕的消費者群體。TikTok 將成為我們現在開始嘗試的一個非常重要的管道。

And again, these are channels that today, based on our category, have very favorable cost of acquisitions. And then lastly, we're working and we're about to roll out in the next 3 to 4 weeks, a Health Pro influencer program where we're working with -- in a very structured way with doctors and health professionals who understand the magnitude and importance of blood flow in driving their patients or their specific -- if it's a coach or a gym instructor, call it their customers' overall quality of life.

再說一次，根據我們的類別，這些管道目前具有非常優惠的收購成本。最後，我們正在努力並將在未來 3 到 4 週內推出 Health Pro 影響者計劃，我們將以非常結構化的方式與醫生和健康專業人士合作，他們了解血液流動在推動患者或特定人群（如果是教練或健身教練，則稱之為其客戶的整體生活質量）方面的重要性和規模。

And these channels allow us to basically bring more oxygen into the overall business as it relates to helping to improve marketing efficiencies. And so this is more of the DNA of our company and our sales and marketing team that specifically now that we've got a broader portfolio of products, disruptive products in these major verticals that we're now able to be able to build the brand with a broader footprint, and we're able to play effectively in a number of different channels. So for example, the health pros, having the 2X Formula Chews, which is Informed Sports certified is critical.

這些管道使我們能夠為整體業務注入更多活力，有助於提高行銷效率。因此，這更像是我們公司以及我們的銷售和行銷團隊的 DNA，具體來說，現在我們擁有更廣泛的產品組合，這些主要垂直領域的顛覆性產品，我們現在能夠以更廣泛的影響力打造品牌，並且能夠在許多不同的管道中有效發揮作用。例如，對於健康專家來說，擁有經過 Informed Sports 認證的 2X Formula Chews 至關重要。

Similarly, when we launch our blood flow hydration product into the market, it will also be Informed Sports certified. So again, we bring all the critical credentials for these new channels, which ultimately has a better overall cost of acquisition, which ultimately will -- as the business continues to scale, will allow us to quarter-on-quarter, as we move the needle to reduce our overall sales and marketing as a percentage of revenue.

同樣，當我們將血流補水產品推向市場時，它也將獲得 Informed Sports 認證。因此，我們再次強調，我們為這些新管道帶來了所有關鍵資質，最終將帶來更好的整體收購成本，隨著業務規模的不斷擴大，這將使我們能夠逐季度降低整體銷售和行銷佔收入的百分比。

That was very helpful. Just last one. Does your second quarter guidance include any contribution from the CDMO business?

這非常有幫助。只剩最後一個了。您第二季的業績指引是否包含 CDMO 業務的貢獻？

Right now, yes, it does include contribution of our CDMO business. I think it's important to understand that there's a few facets of that contribution. One facet is revenue recognition of existing projects. So specifically the 2 major deals that we speak about most often. So as we continue to hit key milestones in the projects, we're obviously able to recognize the appropriate revenue.

目前，是的，它確實包括我們的 CDMO 業務的貢獻。我認為了解這項貢獻的幾個方面很重要。一方面是現有項目的收入確認。具體來說，我們最常談論的是兩筆重大交易。因此，隨著我們繼續在專案中實現關鍵里程碑，我們顯然能夠實現相應的收入。

So it includes this factor. And then obviously, I've spoken about this. We have a very interesting pipeline of companies that we're working with as we think about the catalysts that are coming through the funnel as it relates to CDMO customers. Zaki and myself and the team are juggling a number of different opportunities that we're working very cautiously and in a very methodological way through the funnel. And we believe that we will have the opportunity of sharing with the market some significant news in the near future.

所以它包括這個因素。顯然，我已經談過這個問題了。我們有一個非常有趣的公司管道，我們正在與這些公司合作，思考與 CDMO 客戶相關的管道中出現的催化劑。札基、我和團隊正在處理許多不同的機會，我們正在非常謹慎地、有條不紊地透過漏斗進行工作。而我們相信在不久的將來我們將有機會與市場分享一些重要的消息。

And I believe that we expect that near future to be a second quarter opportunity that we believe we will be able to land as it relates to additional CDMO catalysts. And as I've said in the past, we believe this year, in addition to the catalyst -- in addition to the CDMO deals that we have today, we will land an additional 3 to 4 CDMO catalysts and actually land those as major deals in 2025.

我相信，我們預計在不久的將來，這將是第二季度的機會，我們相信我們將能夠抓住這個機會，因為它與額外的 CDMO 催化劑有關。正如我過去所說的那樣，我們相信，除了催化劑之外——除了我們今天擁有的 CDMO 交易之外，今年我們還將獲得另外 3 到 4 個 CDMO 催化劑，並實際上將它們作為 2025 年的主要交易。

How many CDMO programs can you run at one time?

您一次可以執行多少個 CDMO 程式？

So right now it's actually very interesting. We're getting smarter and smarter at what we need to do in -- specifically as you look at Stage 1 and Stage 2 processes, which are a little bit more labor-intensive. We're now utilizing significant AI in this area. And we have a really strong team of computational biologists that are working together with Zaki, obviously, you know Zaki's mathematical background, and are really driving, I would say, cutting-edge AI work in the botanical world to be able to drive a much more efficient process, as it relates to a lot of the experimentation work that we are required to do in that Stage 1 process. In addition, it's important to say that we're investing in additional technology, which is allowing us to be more efficient.

所以現在這實際上非常有趣。我們在需要做的事情上變得越來越聰明——特別是當你看到第一階段和第二階段的流程時，它們需要更多的勞動力。我們現在正在這一領域運用重要的人工智慧。我們擁有一支非常強大的計算生物學家團隊，他們與扎基一起工作，顯然，你知道扎基的數學背景，並且真正推動植物界的尖端人工智慧工作，以便能夠推動更有效率的過程，因為它與我們在第一階段過程中需要做的大量實驗工作有關。此外，值得一提的是，我們正在投資額外的技術，這讓我們更有效率。

Late last year, we bought our first robot to help us with media preparation. This really reduced the people power, we call it today, significantly in the organization. It allows us to really scale up the amount of experiments significantly. Right now, as a team, we have the capacity to concurrently, if you want to call it in the Stage 1, to be able to do anywhere between 5 and 7 projects at one time.

去年年底，我們購買了第一台機器人來幫助我們進行媒體準備。這確實大大削弱了我們今天所說的組織中的人力。它使我們能夠真正大幅擴大實驗的數量。現在，作為一個團隊，我們有能力同時（如果你想稱之為第一階段）完成 5 到 7 個專案。

Susan Anderson, Canaccord Genuity.

蘇珊安德森（Susan Anderson），Canaccord Genuity。

Nice job. I was wondering if maybe you could talk -- you talked a little bit about some new products rolling out soon, such as hydration. I guess how are you thinking about the longer-term opportunity in terms of just continued revenue pools? I guess, I think you're rolling out or you're working on maybe a beauty product, a skin product. I guess, how is the timing of that going? And then are there any other categories that we should expect in the next couple of years?

幹得好。我想知道您是否可以談談——您談到了一些即將推出的新產品，例如保濕產品。我想您對於持續的收入池方面的長期機會有何看法？我想，你可能正在推出或正在研發一種美容產品或護膚產品。我猜，時間安排怎麼樣？那麼，未來幾年我們還該期待其他類別嗎？

Susan, thank you for that question. So look, we've been very surgical and specific on the multibillion-dollar categories that we've decided to go after. And categories that we could have played in as well that we've decided not to go after. As you know, strategy is what you choose not to do. And in each of the categories we've decided to go after, let's call it, adjacent categories to your typical delivery systems for the nutraceutical market.

蘇珊，謝謝你的提問。所以，看，我們對我們決定追求的數十億美元的類別非常精確和具體。有些類別我們本來也可以參與，但我們決定不參與。如你所知，策略就是你選擇不去做的事。在我們決定追求的每一個類別中，我們稱之為與營養保健品市場典型的輸送系統相鄰的類別。

These are all categories which are billion-dollar categories where there are categories that play into the direct-to-consumer route-to-market. These are categories that allow us to make the same margins or higher margins than the existing swim lane within the, let's call it the capsule kind of nutraceutical swim lane. And categories where consumers are yearning for better-for-you health and wellness solutions and are willing to pay more. And we call this basically our VINIA inside strategy, where we're really delivering to the consumer superior science, superior efficacy given the functional benefits that VINIA delivers and obviously, anchored in our clinical trial. And then obviously, superior taste because these are categories where there is a sensorial component.

這些都是價值數十億美元的類別，其中有些類別屬於直接面向消費者的市場途徑。這些類別使我們能夠獲得與現有泳道相同或更高的利潤，我們稱之為膠囊類營養保健品泳道。消費者渴望獲得更有益於健康的保健解決方案，並願意支付更多費用。我們基本上稱這為我們的 VINIA 內部策略，我們真正為消費者提供卓越的科學、卓越的功效，因為 VINIA 提供的功能優勢顯然以我們的臨床試驗為基礎。顯然，這些類別的口味更佳，因為其中含有感官成分。

And as many of our investors understand, nothing leaves the house of BioHarvest without being quantitatively tested from a taste perspective and making sure we're parity or better versus competition. So right now, we've been very clear, we're playing in multibillion-dollar categories with significant margin opportunity and importantly, the ability to come in and differentiate. And differentiation allows us to drive premiumization. We've seen it in the coffee category, as I said, where we've sold already more than $2.5 million direct-to-consumer, which is a significant amount of money when you think about it, what you're actually selling into people's homes and is being consumed. $2.5 million on the direct-to-consumer side is like $25 million at retail, when you understand just the amount of households that you're getting into and not having to worry about pipeline fills.

正如我們的許多投資者所理解的，BioHarvest 生產的任何東西都必須經過口味方面的定量測試，以確保與競爭對手持平或更勝一籌。所以現在，我們已經非常清楚，我們正在涉足價值數十億美元的領域，擁有巨大的利潤機會，而且重要的是，我們有能力進入並實現差異化。差異化使我們能夠推動高端化。正如我所說，我們在咖啡類別中已經看到了這一點，我們直接面向消費者的銷售額已經超過 250 萬美元，如果你仔細想想，這是一筆相當大的金額，因為你的產品實際上是賣到了人們的家中並被消費掉了。當你了解你進入的家庭數量並且不必擔心管道填充時，直接面向消費者的 250 萬美元相當於零售的 2500 萬美元。

So what I shared with Amit earlier is the play for this year. We are doing extensive work, as I speak, in the area of what we call our BioHarvest Health and Beauty business, where we see a significant opportunity in leveraging the power of a systemic delivery system, i.e., capsules plus a topical delivery system and i.e., specific super moisturizing creams. And we've got a very focused team that's working on our BioHarvest health and beauty deliverables.

所以我之前和阿米特分享的是今年的劇情。正如我所說，我們正在所謂的 BioHarvest 健康與美容業務領域進行大量工作，我們發現利用系統輸送系統（即膠囊加局部輸送系統以及特定的超級保濕霜）的力量存在重大機會。我們擁有一支非常專注的團隊，致力於 BioHarvest 健康和美容產品的研發。

And we expect in the first quarter of next year, we will be launching a very disruptive proposition into this market, anchored again in clinical trials with ultimately being a very unique robust molecule that's able to play a significant role from a skin health perspective with structure function claims on the actual capsule from a systemic perspective, and then cosmetic claims as it relates to the actual topical solution. So this is basically the playbook as it stands today, as far as us executing in the marketplace across key multibillion-dollar categories with high-margin realization, which are all synergistic, which all play to our competitive advantage we've built from a route-to-market in the context of our e-commerce machine that we've built, and ultimately will give the business significant scale, scaling potential given the route-to-market that we have, the ability to trade up consumers.

我們預計在明年第一季度，我們將向這個市場推出一項極具顛覆性的提案，並再次在臨床試驗中得到驗證，最終成為一種非常獨特且強大的分子，能夠從皮膚健康的角度發揮重要作用，從系統角度對實際膠囊進行結構功能聲明，然後就實際的外用解決方案進行美容聲明。所以，就我們目前的策略而言，我們在市場上執行價值數十億美元的關鍵類別，實現高利潤，這些都是協同的，都發揮了我們在電子商務機器背景下從市場路線中建立的競爭優勢，並最終將為業務帶來顯著的規模，鑑於我們擁有的市場路線，潛力擴展，以及提升消費者的能力。

We're already seeing it today. It's amazing. I was watching last night, orders coming through, and we're offering a tea sampler pack for people on checkout. And it's crazy to see how many people are buying, for example, a 3-month subscription or a 6-month subscription of capsules and then they'll buy a 10-pack tea sampler. And ultimately, we hope that, that will also drive incremental tea sales for us. So it's just the power of that portfolio. We're enjoying those benefits. We were pretty much a single business with just capsules. We've now layered on the coffee. We're layering on the tea.

我們今天已經看到了這一點。太神奇了。我昨晚一直在觀察，訂單不斷湧來，我們為結帳的人們提供了茶樣品包。令人驚訝的是，有這麼多人購買 3 個月或 6 個月的膠囊訂閱，然後又購買 10 包茶樣品。最終，我們希望這也能推動我們的茶葉銷售成長。所以這只是投資組合的力量。我們正在享受這些好處。我們基本上是一家只生產膠囊產品的企業。現在我們已經將咖啡分層了。我們正在分層地喝茶。

We think the Chews are going to be very disruptive as well. And then when you layer on top of this, our ability to bring to the market our olive verbascoside cell proposition, which is relevant for every single one of our customers today. Their ability to have complementary benefits from the olive verbascoside cell product that we're going to bring to the market, focusing on liver health, cholesterol health and joint health, ultimately really gives us another major scaling point in the business. And as I've said before, it's not going to be a build like we have with VINIA, where it's taken us, let's call it, 4 years to get to 50,000 active subscribers. I will tell you, we do have a significant nonsubscriber base as well, specifically when you look at Amazon.

我們認為 Chews 也會造成很大的破壞。然後，在此基礎上，我們有能力將橄欖毛蕊花苷細胞主張推向市場，這與我們今天的每位客戶息息相關。它們能夠從我們即將推向市場的橄欖毛蕊花苷細胞產品中獲得互補效益，重點關注肝臟健康、膽固醇健康和關節健康，最終為我們的業務帶來另一個重要的擴展點。正如我之前所說，它不會像 VINIA 那樣快速發展，我們花了 4 年才獲得 50,000 名活躍用戶。我會告訴你，我們確實也擁有大量非訂閱用戶群，特別是當你看到亞馬遜時。

But when you start to think about bringing our olive verbascoside product to market, that 50,000 will be reached much, much quicker just given the fact that we have the customers and the complementary benefits are critical for our customers given the uniqueness of the functionality of the olive verbascoside cells. So I hope I've comprehensively covered your question, Susan.

但是，當您開始考慮將我們的橄欖毛蕊花糖苷產品推向市場時，鑑於我們擁有客戶，並且由於橄欖毛蕊花糖苷細胞功能的獨特性，互補優勢對我們的客戶至關重要，因此將更快地達到 50,000 這一目標。所以我希望我已經全面回答了你的問題，蘇珊。

Nicholas Sherwood, Maxim Group.

尼古拉斯‧舍伍德 (Nicholas Sherwood)，馬克西姆集團 (Maxim Group)。

My first question is, how are you helping some of the pharmaceutical companies you're working with, on the CDMO side, navigate any regulatory issues that might come from kind of generating compounds for them from what is a very unique and innovative method that's kind of generally not seen?

我的第一個問題是，在 CDMO 方面，您如何幫助與您合作的一些製藥公司解決可能因使用一種非常獨特和創新且通常不常見的方法為他們生成化合物而產生的任何監管問題？

Nicholas, thank you for the question. It's interesting because I think Amit or Matt talked about tailwinds. The business has significant tailwinds right now. And from my experience, I'm used to dealing with a lot of headwinds. So it's very nice to have so much tailwinds behind us.

尼古拉斯，謝謝你的提問。這很有趣，因為我認為阿米特 (Amit) 或馬特 (Matt) 談到了順風。目前，該業務面臨顯著的順風。從我的經驗來看，我已經習慣了應對很多阻力。所以我們很高興能有如此順風。

And we're starting to see, and actually, I was super excited to hear the announcement from President Trump a couple of days ago. It wasn't actually the tariff announcement, but it was more the announcement related to capping the revenues of pharmaceutical companies in the United States of America, where you have today 5% of the population, but north of 70% of pharmaceutical companies' revenues. And ultimately, what this means, and we started to see this with our engagement with pharmaceutical companies. What this means is that pharmaceutical companies are going to be looking for other vehicles to be able to develop compounds or molecules. Because it's just getting way too expensive, just given the fact that to find today with chemical synthesis, a new compound that's able to deliver on its target is super challenging.

我們開始看到，事實上，幾天前聽到川普總統的聲明時我非常興奮。這其實並不是關稅公告，而是有關限制美國製藥公司收入的公告，目前美國人口占美國總人口的 5%，但製藥公司的收入卻占美國總收入的 70% 以上。最終，這意味著什麼，我們從與製藥公司的合作中開始看到這一點。這意味著製藥公司將尋找其他途徑來開發化合物或分子。因為它太昂貴了，考慮到目前透過化學合成找到一種能夠達到目標的新化合物是非常具有挑戰性的。

You've got to spend more money today than you had to 20 years ago. And you're not able to get that return on investment, specifically with some of the caps that are being put on from a regulatory perspective in critical markets like the US. And then obviously, the whole biologics opportunities are very expensive, very challenging from a safety and immunogenicity perspective.

你今天要花的錢比 20 年前還要多。而且你無法獲得投資回報，特別是考慮到美國等關鍵市場從監管角度所設定的一些上限。顯然，從安全性和免疫原性的角度來看，整個生物製劑的機會非常昂貴，而且非常具有挑戰性。

So we're starting to see pharmaceutical companies, in a way, go back to the future because we know that they started there and looking to technologies like ours to be able to bring consistent compounds to the marketplace, which are able to bring them new significant revenue pool opportunities going after new indications, which in the past, they would have been more likely to, I would say, go back to their normal habits of looking at chemically synthesized compounds or more recently biologics. So the good news is we have really good tailwinds in this respect.

因此，我們開始看到製藥公司在某種程度上回到未來，因為我們知道他們從那裡開始，並期待像我們這樣的技術能夠將一致的化合物推向市場，這能夠為他們帶來新的重大收入池機會，以追求新的適應症，而在過去，我想說，他們更有可能回到他們正常的習慣，即研究化學合成化合物或最近的生物製劑。因此，好消息是，我們在這方面確實擁有良好的順風條件。

And also, at the same time, there are a lot of compounds today that are super valuable that you just simply cannot chemically synthesize. And therefore, either you have to get those compounds directly from plants using traditional methods. Or you utilize our technology where we have the unique consistency, we have much greater economic viability given our magnification and you're obviously also much more able to derive patents. So the bottom line is more focus and energy and interest from pharma than before. And we believe that this will just continue to compound as for all the reasons that I've outlined.

同時，如今有許多非常有價值的化合物根本無法透過化學合成。因此，您必須使用傳統方法直接從植物中獲取這些化合物。或者您利用我們的技術，我們具有獨特的一致性，考慮到我們的放大作用，我們具有更大的經濟可行性，而且您顯然也更有能力獲得專利。因此，最重要的是製藥公司比以前更專注、投入更多精力和興趣。我們相信，由於我所概述的所有原因，這種情況將繼續加劇。

Now from a regulatory perspective, we're actually, we believe, in a very good space. As it relates to, basically the fact that in many cases, we are working on materials that may require a further step downstream in purification. So ultimately, from a regulatory perspective, it's a much more simpler regulatory path with the FDA to be able to demonstrate that the BioHarvest biological compound when purified, that final end, let's call it, end molecule is exactly the same as what was coming from the plant. So it's a much simpler process and the FDA is used to dealing with these situations where you're changing sources of supply. And there's a protocol for it.

現在從監管角度來看，我們實際上認為處於一個非常好的空間。基本上，在許多情況下，我們正在研究的材料可能需要進一步的下游淨化步驟。因此，最終從監管角度來看，FDA 的監管途徑要簡單得多，可以證明 BioHarvest 生物化合物在純化後，最終的最終分子（我們稱之為最終分子）與來自植物的分子完全相同。因此，這是一個更簡單的過程，而 FDA 習慣於處理更換供應源的情況。並且有一個協議。

But it's definitely something that is within the realms of doing for all of these companies and something that is not new to the industry. At the same time, we also believe that our materials give us the flexibility to also to be able to go down the path of the -- to be considered as biological material, which also opens up a lot more flexibility in the regulatory path that we can pursue. And then lastly, we are working with a number of different key regulatory consultants that have a lot of experience in this sphere and provide these, when required, this level of support to some of our customers.

但這絕對是所有這些公司都能夠做到的事情，而且對這個行業來說並不是什麼新鮮事。同時，我們也相信，我們的材料為我們提供了靈活性，使我們能夠沿著被視為生物材料的道路前進，這也為我們可以追求的監管路徑開闢了更多的靈活性。最後，我們正在與許多在該領域擁有豐富經驗的關鍵監管顧問合作，並在需要時為我們的一些客戶提供這種程度的支援。

Hunter Diamond, Diamond Equity Research.

戴蒙德（Hunter Diamond），戴蒙德股票研究公司。

Congratulations on the results. A lot of my questions were answered. But I do have one related to the olive cell, which was briefly mentioned. Maybe just touch on how quickly you would anticipate a ramp of that, your general excitement for that versus your other SKUs? And how you see that product developing, I guess, near term and then longer term a little bit?

恭喜你取得這樣的成績。我的許多疑問都得到了答案。但我確實有一個與橄欖細胞相關的，曾經簡單提到過。也許只是談談您預計其成長速度有多快，與其他 SKU 相比，您對此的整體興奮程度如何？您如何看待該產品的近期發展，以及長期發展？

Thank you, Hunter. So with the olive verbascoside cell, OVC as we affectionately call it, we see a significant opportunity. I think everybody understands that you have 100 million adults in America that are dealing with the challenges of nonalcoholic fatty liver disease. And I don't believe that's going to change in any shape or form in the next 5 to 10 years. So it really represents a significant opportunity.

謝謝你，亨特。因此，透過橄欖毛蕊花苷細胞（我們親切地稱之為 OVC），我們看到了一個重大機會。我想每個人都明白，美國有 1 億成年人正在應對非酒精性脂肪肝疾病的挑戰。我相信在未來的5到10年內這種情況不會有任何改變。所以這確實代表著一個重大機會。

Also importantly, just like there is very strong awareness of the French Paradox, I think people today have a really good understanding of the power of the Mediterranean diet, also the power of the Blue Zones as the world becomes more global, people understand the longevity benefits of different behaviors that people have from an eating perspective, and an overall recreation perspective in Blue Zones. And obviously, the congruency of the Mediterranean diet in this area is very, very critical.

同樣重要的是，就像人們對法國悖論有很強的認識一樣，我認為今天的人們對地中海飲食的力量以及藍色區域的力量有了很好的理解，隨著世界變得更加全球化，人們從飲食的角度和藍色區域的整體娛樂角度了解人們的不同行為對長壽的好處。顯然，地中海飲食在這個地區的一致性非常非常關鍵。

So the opportunity is really, really significant. And specifically, when you look at the areas that we're looking to really communicate structure function claims is anchored in the liver health space, but also as we know, the overall Mediterranean diet also has an ability to maintain cholesterol within normal levels. So this is another area that we're looking at and then also the whole opportunities around joint health.

所以這個機會真的非常重要。具體來說，當您查看我們真正想要傳達的結構功能聲明的領域時，其根基在於肝臟健康領域，而且我們知道，整體地中海飲食也能夠將膽固醇維持在正常水平。這是我們正在關注的另一個領域，同時也關注與關節健康相關的所有機會。

So you've got 3 major multibillion-dollar revenue buckets that we can access. Similarly, with VINIA, we have multiple buckets that we can access. And actually, when we speak on the next quarterly update, we'll be sharing some additional areas that we'll be taking the brand into as it relates to the power of blood flow and certain systems within our body. So ultimately, both of these products have roughly $20 billion of value that you can go after. When you look at the category, it's a $60 billion category.

因此，我們可以獲得 3 個主要的數十億美元的收入來源。類似地，使用 VINIA，我們可以存取多個儲存桶。實際上，當我們談到下一個季度更新時，我們將分享一些我們將品牌帶入的其他領域，因為它與血液流動的力量和我們體內的某些系統有關。因此，最終，這兩種產品的價值都約為 200 億美元，值得您追求。如果你看一下這個類別，你會發現它是一個價值 600 億美元的類別。

And when you kind of step back and you look at the revenue pools, both VINIA and our olive verbascoside cell products, we will be accessing revenue pools of $15 billion to $20 billion. But what will be different, Hunter, is the ramp up, as I've shared earlier, will be literally, I think the ramp up will be much faster. If not at more than double the pace because of the complementary nature and also our ability to bundle. There are multiple different ways that we can bundle the 2 unique cell-based compounds together. We could even put the 2 together in one kind of Moonshot kind of capsule to help consumers or to put it in a Chew.

當你退一步看看收入池時，無論是 VINIA 還是我們的橄欖毛蕊花苷細胞產品，我們的收入池都將達到 150 億美元至 200 億美元。但亨特，不同的是，正如我之前分享的那樣，我認為成長速度會更快。由於互補性以及我們的捆綁能力，速度可能不會增加一倍以上。我們可以透過多種不同的方式將這兩種獨特的基於細胞的化合物捆綁在一起。我們甚至可以將兩者放在一起，製成一種 Moonshot 膠囊來幫助消費者，或將其放入 Chew 中。

So there are many, many different ways, and the team are starting to think about this as we kind of get closer to our 2026 planning cycle. Our intention is to bring it to the market in 2026. But obviously, that is contingent on us moving through the clinical trial process in a successful way. There's a lot of work that has to go into that process. But we are very, very confident following our very positive in-vitro results where we showed a significant ability to reduce the fat levels in human liver cells, that will be successful as we go directly to human clinical trials.

因此，有許多不同的方法，隨著我們越來越接近 2026 年規劃週期，團隊開始考慮這個問題。我們的目標是在 2026 年將其推向市場。但顯然，這取決於我們能否成功完成臨床試驗過程。這個過程還有很多工作要做。但是，根據我們在體外獲得的非常積極的實驗結果，我們顯示出顯著降低人體肝細胞脂肪水平的能力，我們非常有信心，這將在我們直接進行人體臨床試驗時取得成功。

We will probably skip animal trials with VINIA. We went in-vitro, then we went to animal, then we went to clinical with obviously humans. We'll probably go directly to the human trials. And so basically, the key headline is similar size of the price, but the ability to capture that will be much faster. And I also think given the power of having 2 really strong arms as we hit the -- whether it's going direct to doctor or whether it's what we do online, it's going to allow the synergistic effect will be significant between the two.

我們可能不會對 VINIA 進行動物測試。我們進行了體外實驗，然後進行了動物實驗，最後進行了人體臨床實驗。我們可能會直接進行人體試驗。因此，基本上，關鍵標題是價格的相似大小，但捕捉價格的能力會更快。而且我還認為，鑑於我們擁有兩個非常強大的部門的力量——無論是直接去看醫生還是在網上做，這都將使兩者之間產生顯著的協同效應。

And will allow, actually us to, I would say, also accelerate our VINIA growth levels with the power of the 2 working together.

實際上，我想說，透過兩者的共同努力，我們也能加速 VINIA 的成長水準。

This concludes our question-and-answer session. I would like to turn the conference back over to Ilan Sobel for any closing remarks.

我們的問答環節到此結束。我想將會議交還給伊蘭·索貝爾 (Ilan Sobel) 做最後發言。

Yes. Thank you very much, Mr. Operator, and everybody that's joined our call today. I think in closing, I wanted to just share a couple of key messages to all of you as we sum up a little bit of what we've heard here today, over the last 45 minutes. I think what you see as a company today that meeting or exceeding our guidance is in our DNA.

是的。非常感謝接線員先生以及今天參加我們電話會議的所有人。最後，我想與大家分享幾個關鍵訊息，總結一下我們今天在過去 45 分鐘裡聽到的內容。我認為，今天您看到的這家公司達到或超越了我們的指導方針，這已經融入我們的 DNA 中。

It's embedded in every part of the management team and cascades down to the company. Before the end of the year, we believe we will be able to achieve our growth and expansion goals, while also making sure we land the profitability targets that we've set. The fundamentals of the business today remain very strong and continually are validated throughout all of the company's activities across the 2 divisions of the business.

它滲透到管理團隊的每個部分，並延伸至整個公司。我們相信，在年底之前，我們將能夠實現我們的成長和擴張目標，同時確保實現我們設定的獲利目標。目前，公司業務的基本面依然非常強勁，並在公司兩個業務部門的所有活動中不斷得到驗證。

I see more and more every day with the amount of incoming calls and the levels of interest and engagement from industry leaders that Botanical Synthesis, no doubt, will become one of the biggest contributors in the quest for new therapeutic and nutritive molecules over the next 10 years. And ultimately, we're preparing ourselves and putting in place the critical capability building blocks with the AI tools that we're developing internally.

我每天都會看到越來越多的來電以及行業領袖的興趣和參與程度，植物合成無疑將成為未來 10 年尋找新型治療和營養分子的最大貢獻者之一。最終，我們正在做好準備，並利用我們內部開發的人工智慧工具來建立關鍵的能力模組。

And we're already seeing tangible results from all the work we're doing, and this will really continue to support the accelerated growth of the business in the future. And I hope that our shareholder partners are seeing us delivering on the critical milestones that we've set as it relates to, not just the financial milestones, but also the critical milestones to really establish and demonstrate the magnitude of opportunity in the CDMO business with the quality of the deals that we're bringing to the table, as well as the ability to move deals from Stage 1 to Stage 2.

我們已經看到了我們所做的所有工作所取得的實際成果，這將真正繼續支持未來業務的加速成長。我希望我們的股東夥伴看到我們實現我們設定的關鍵里程碑，這不僅僅是財務里程碑，也是真正建立和展示 CDMO 業務機會規模的關鍵里程碑，以及我們帶來的交易質量，以及將交易從第 1 階段轉移到第 2 階段的能力。

And lastly, as CEO, I'm really enjoying the benefits of the synergy that we're seeing between the products division and the CDMO division. It's proving itself every single day as we move to sign more CDMO catalysts and opening the gates for sizable customers. And we couldn't do this if we didn't have the significant credibility when we were able to sit and talk about VINIA being, as I said in my earlier comments, being a top 5 on Amazon.

最後，身為首席執行官，我非常享受產品部門和 CDMO 部門之間協同效應帶來的好處。隨著我們簽署更多 CDMO 催化劑並向大量客戶敞開大門，這一點每天都在證明自己。如果我們沒有足夠的可信度來坐下來談論 VINIA，那麼我們就無法做到這一點，正如我在之前的評論中所說的那樣，VINIA 是亞馬遜上排名前五的商品。

This really gives us significant credibility sitting at the table with major customers when they see the scale of our manufacturing facility. Some of you out there have had a camera eye into our biological facility and when they actually see the magnitude and the scale of our production, and the ability to importantly be able to scale this globally, with capital requirements that are not significant and enable a significant return on capital and quick return on capital, it really opens the gates for sizable opportunities for us to bring down the funnel in the CDMO business. So I'm very pleased with the performance of the business in Q1. We're now in the middle of Q2. We're focused on executing to make sure that we deliver on the numbers.

當主要客戶看到我們製造工廠的規模時，這確實讓我們在與主要客戶洽談時獲得了極大的信譽。你們中的一些人已經透過鏡頭觀察了我們的生物設施，當他們真正看到我們生產的規模和規模，以及重要的是能夠在全球範圍內擴大規模的能力時，資本要求並不高，卻能實現可觀的資本回報和快速的資本回報，這確實為我們打開了大門，讓我們有機會縮小 CDMO 業務的漏斗。所以我對第一季的業務表現非常滿意。我們現在正處於第二季度中期。我們專注於執行，以確保實現目標。

And I'm looking forward to having further discussions with all of you in the near future. And I'd like to thank all of you for joining us here today. And I'm now going to pass this over to the operator. Thank you.

我期待在不久的將來與大家進行進一步的討論。我還要感謝大家今天的到來。我現在要把這個交給操作員。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. 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，享受美好的一天。