BioHarvest Sciences Inc (BHST) 2026 Q1 法說會逐字稿

Good morning, and welcome to the BioHarvest Sciences first quarter 2026 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

早安，歡迎參加 BioHarvest Sciences 2026 年第一季財務業績電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

I will now hand the call over to Dory Kurowski of LifeSci Advisors. Please go ahead.

現在我將把電話交給 LifeSci Advisors 的 Dory Kurowski。請開始。

Greetings, and welcome to the BioHarvest Sciences first quarter 2026 financial results conference call. With us on the call this morning are Dr. Zaki Rakib, Chief Executive Officer; Bar Dichter, Chief Financial Officer; and Ilan Sobel, Director of the Board and Co-Founder.

各位好，歡迎參加 BioHarvest Sciences 2026 年第一季財務業績電話會議。今天早上與會的有：執行長 Zaki Rakib 博士；財務長 Bar Dichter；以及董事會董事兼共同創辦人 Ilan Sobel。

Before we begin, I'd like to remind you that management will be making projections and forward-looking statements on the call today regarding future events. Any statements that are not historical facts are forward-looking statements. These statements are made pursuant to and within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒各位，管理層今天的電話會議中將就未來事件提出預測與前瞻性陳述。任何非歷史事實的陳述均屬前瞻性陳述。這些陳述係依據並在 1995 年《私人證券訴訟改革法》(Private Securities Litigation Reform Act of 1995) 的「安全港」條款意旨範圍內作出。

We encourage you to review BioHarvest Sciences' SEC filings, including the company's most recent Form 6-K, which identify risks and uncertainties that may cause future actual results or events to differ materially. These filings can be found on the company's website as well as the SEC's website at www.sec.gov.

我們鼓勵各位查閱 BioHarvest Sciences 向美國證券交易委員會（SEC）提交的文件，包括公司最新的 Form 6-K，其中載明可能導致未來實際結果或事件出現重大差異的風險與不確定性。這些文件可在公司網站以及 SEC 網站 www.sec.gov 查閱。

Please note that the forward-looking statements made during today's call speak only to the date they are made, and BioHarvest Sciences undertakes no obligation to update them.

請注意，今天電話會議中的前瞻性陳述僅截至其作出之日有效，BioHarvest Sciences 不承擔更新該等陳述的任何義務。

And with that, I would like to turn the call over to Dr. Zaki Rakib, Chief Executive Officer of BioHarvest Sciences.

接下來，我想把電話交給 BioHarvest Sciences 執行長 Zaki Rakib 博士。

Thank you, Dory, and thank you all for joining us this morning. BioHarvest Sciences is an industrial plant cell culture biotech company and a leader in Botanical Synthesis, which is a patented non-GMO platform technology that industrializes what nature otherwise does slowly and produces high-value plant-derived compounds and botanical compositions without growing the plant itself.

謝謝你，Dory，也感謝各位今天早上加入我們。BioHarvest Sciences 是一家工業化植物細胞培養生物科技公司，也是「植物合成」(Botanical Synthesis) 的領導者；植物合成是一項已獲專利的非基改（non-GMO）平台技術，將自然界原本緩慢進行的過程工業化，在不種植植物本體的情況下，生產高價值的植物來源化合物與植物配方。

Using proprietary plant cell biology, elicitation technologies, AI-driven development and industrial scale bioreactors, BioHarvest creates highly consistent, bioavailable and patent-protected precision botanics or compounds possessing enhanced potency and purity compared to the original plant, along with the characteristics for commercial scalability.

透過專有的植物細胞生物學、誘導（elicitation）技術、AI 驅動的開發，以及工業規模生物反應器，BioHarvest 能創造高度一致、具生物可利用性且受專利保護的精準植物成分或化合物；相較於原始植物，具更高效力與純度，同時具備商業化規模擴張所需特性。

The platform has already demonstrated significant commercial validation through VINIA, BioHarvest's flagship Blood Flow health product, while also serving as the foundation of the company's rapidly expanding CDMO business across pharmaceutical, nutraceutical, nutrition, cosmetic and fragrance markets. With more than $100 million invested in its platform technology, 15 patents, multidisciplinary scientific capabilities as demonstrated in various clinical publications and proven industrial scale manufacturing, BioHarvest has two businesses representing its dual growth engines.

該平台已透過 VINIA（BioHarvest 旗艦血流健康產品）展現顯著的商業驗證，同時也作為公司在製藥、營養保健品（nutraceutical）、營養、化妝品與香氛市場中快速擴張之 CDMO 業務的基礎。在平台技術上投入逾 1 億美元、擁有 15 項專利、具跨領域科學能力（已在多篇臨床發表中展現）以及經驗證的工業規模製造能力之下，BioHarvest 擁有兩項業務，構成其雙成長引擎。

The D2C business that has already generated cumulative VINIA-based sales of close to $100 million, and the CDMO business that is well positioned as a strategic partner for next-generation plant-based innovation across the nutraceutical, pharmaceutical, cosmeceutical, and nutrition industries.

其一為 D2C 業務，VINIA 累計銷售額已接近 1 億美元；其二為 CDMO 業務，作為下一代植物基創新在營養保健品、製藥、藥妝（cosmeceutical）與營養產業中的策略合作夥伴，具備良好定位。

These two businesses have different operating models that have compelled the operating changes we have recently communicated. The two-lens framework for managing the company is designed to optimize performance, capital allocation and growth execution. As such, and as announced last quarter, we will be reporting revenues and operations with this two-lens approach.

這兩項業務具有不同的營運模式，促使我們近期已對外溝通的營運調整。以「雙視角」框架管理公司，旨在最佳化績效、資本配置與成長執行。因此，如同上季所宣布，我們將以此雙視角方式揭露營收與營運表現。

With this, Bar will provide a more detailed summary of our numbers for this quarter. Bar?

接下來，Bar 將更詳細摘要本季的財務數字。Bar？

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

謝謝你，Zaki，各位早安。我將為各位簡要回顧我們的財務結果。完整明細可在我們的 SEC 申報文件，以及今天開盤前已發布的新聞稿中查閱。請注意，除非另有說明，所有金額均以美元計。

Revenues for the first quarter of 2026 increased 8% year-over-year to $8.5 million from $7.9 million in the same year ago quarter. Cost of revenue was $3.5 million compared to $3.3 million for the same period last year. Gross profit in the first quarter of 2026 is $5 million or 59% of total revenue as compared to $4.6 million or 58% of total revenue in the same year ago quarter.

2026 年第一季營收年增 8%，由去年同期的 790 萬美元增至 850 萬美元。營收成本為 350 萬美元，去年同期為 330 萬美元。2026 年第一季毛利為 500 萬美元，占總營收 59%；去年同期毛利為 460 萬美元，占總營收 58%。

Sales and marketing expenses totaled $4.1 million for the first quarter of 2026 compared to $3.7 million for the same period last year. General and administrative expenses totaled $1.4 million for the first quarter of 2026, in line with the same period last year, but reduced on a percentage of revenue basis to 16% as compared to 18% in the same year ago quarter.

2026 年第一季銷售與行銷費用合計 410 萬美元，去年同期為 370 萬美元。2026 年第一季一般及行政費用合計 140 萬美元，與去年同期持平；但以營收占比計降至 16%，去年同期為 18%。

Total operating expenses for the first quarter were $6.9 million compared to $6.3 million for the same quarter last year. The increase in operating expenses was primarily due to increased marketing spend and higher expenses for the CDMO Services division. Net losses for the first quarter of 2026 totaled $2.6 million or $0.11 per basic and diluted share compared to a net loss of $2.3 million or $0.13 per basic and diluted share for the same period last year.

第一季總營業費用為 690 萬美元，去年同季為 630 萬美元。營業費用增加主要由於行銷支出增加，以及 CDMO 服務事業部費用較高。2026 年第一季淨損合計 260 萬美元，基本及稀釋每股淨損 0.11 美元；去年同期淨損為 230 萬美元，基本及稀釋每股淨損 0.13 美元。

Adjusted EBITDA loss, a non-IFRS measure, totaled $1.2 million, aligned with previous period last year. Under the two-lens approach, the adjusted EBITDA loss for the CDMO services division is $904,000 and $286,000 for the Products division for the first quarter of 2026 compared to $953,000 and $235,000 in the same year ago quarter, respectively.

調整後 EBITDA 虧損（非 IFRS 指標）合計 120 萬美元，與去年同期相當。在雙視角架構下，2026 年第一季 CDMO 服務事業部的調整後 EBITDA 虧損為 904,000 美元，產品事業部為 286,000 美元；相較之下，去年同期分別為 953,000 美元與 235,000 美元。

Cash and cash equivalents, together with bank deposits as of March 31, 2026, totaled $20.2 million compared to $3.4 million as of March 31, 2025. I would like now to pass the call back to Zaki.

截至 2026 年 3 月 31 日，現金及約當現金連同銀行存款合計 2,020 萬美元；相較於截至 2025 年 3 月 31 日為 340 萬美元。現在我想把電話交回給 Zaki。

Thank you, Bar. As we announced on April 29, in accordance with our new two-lens approach, a leadership transition was put in place to optimize the performance of the two businesses. This transition reflects BioHarvest's strategy of maximizing the value and efficiencies of its Botanical Synthesis platform. Prior to the transition, I was able to convert the R&D group from a one project at a time setup to a simultaneous multi-project development organization.

謝謝你，Bar。如同我們在 4 月 29 日宣布，依據新的雙視角方法，我們已推動領導團隊交接，以最佳化兩項業務的表現。此一交接反映 BioHarvest 透過最大化其植物合成平台價值與效率的策略。在交接之前，我已將研發團隊從一次只做一個專案的模式，轉型為可同時推進多專案的開發組織。

The successes announced recently in all of our four projects that have been advancing in parallel are the fruits borne by this conversion. The consolidation of manufacturing, quality control, quality assurance and regulatory affairs under a unified leadership as part of this transition will allow for the future production of multiple compounds simultaneously in the new facility scheduled to operate in the second half of 2027.

近期宣布的四個並行推進專案之成果，正是這項轉型所結出的果實。作為此次交接的一部分，將製造、品質控制、品質保證與法規事務整合於統一領導之下，將使我們在預計於 2027 年下半年投入營運的新廠中，未來得以同時生產多種化合物。

The need for that has become even clearer with the completion of Stage 1 and now with the Stage 2 contracts that we announced for both the fragrance and Saffron projects. In my new role as CEO, I plan to utilize my decades of executive leadership experience and proven track record of growth performance to enable high shareholder value creation.

隨著第一階段完成，以及我們現已宣布香氛與藏紅花（Saffron）專案的第二階段合約，這項需求變得更加明確。在我擔任執行長的新角色中，我計畫運用數十年的高階管理領導經驗與經驗證的成長績效紀錄，以促進股東價值的高度創造。

Ilan's focus as Co-Founder and a member of the company's Board of Directors is on growing the D2C business. With his decades of experience in the fast-moving consumer goods or FMCG sector, he will guide the implementation of high-yield marketing initiatives as well as entering the retail sphere for augmenting the online sales.

Ilan 作為共同創辦人及公司董事會成員，其重點在於推動 D2C 業務成長。憑藉其在快速消費品（FMCG）領域數十年的經驗，他將指導高效益行銷計畫的落地，並進軍零售通路，以強化線上銷售。

Turning now to the CDMO business. This past quarter in March, we announced completion of what we believe to be the first ever successful stable cell culture development of a rare scent-producing plant used in the global fragrance industry as part of the multistage development program. This phase of the process is considered Stage 1, where a stable cell bank of a unique cell culture-based composition containing rare molecules was successfully produced.

現在轉到 CDMO 業務。在剛過去的3月季度中，我們宣布完成了我們相信是史上首次成功的穩定細胞培養開發：針對一種用於全球香精香料產業、可產生稀有香氣的植物，作為多階段開發計畫的一部分。此流程階段被視為第1階段（Stage 1），我們已成功製備出一個穩定的細胞庫（cell bank），其中包含以獨特細胞培養為基礎、含有稀有分子的組成物。

Notably, this particular scent is widely regarded as one of the most valuable fragrance raw materials in the world with premium grades commanding prices exceeding tens of thousands of dollars per kilogram and demand growing across the Middle East, Asia and luxury Western perfume markets. On Tuesday, we announced that our CDMO division signed a $1.2 million Stage 2 contract as part of this development program.

值得注意的是，這種特定香氣被廣泛認為是全球最具價值的香料原料之一，其高端等級的價格可達每公斤數萬美元以上，且需求在中東、亞洲以及西方奢侈香水市場持續成長。週二，我們宣布 CDMO 部門已就此開發計畫簽署了120萬美元的第2階段（Stage 2）合約。

Importantly, these milestones collectively bring BioHarvest closer to entering the growing premium fragrance segment estimated to represent a $23 billion market opportunity within the global $58.9 billion scents and fragrances industry. Stage 2 means that we have crossed the tallest technological hurdle of this development. It also means that we can be ready for production in the second half of 2027 in tandem with the manufacturing capacity increase due to the commissioning of the second factory.

重要的是，這些里程碑合計使 BioHarvest 更接近切入正在成長的高端香精香料細分市場；該市場在全球589億美元的香氛與香精產業中，估計代表230億美元的市場機會。第2階段意味著我們已跨越此開發中最高的技術門檻。這也意味著，配合第二座工廠投產帶來的製造產能提升，我們可望在2027年下半年做好量產準備。

Importantly, under the terms of the Stage 2 agreement, BioHarvest retains 20% ownership of the compositions developed, creating a long-term royalty stream. The major principal of the partner firm, which is a prominent United Arab Emirates-based investment group, has said that they will be soon initiating a commercialization program to bring the product to market in the second half of 2027.

同樣重要的是，依第2階段協議條款，BioHarvest 保留所開發組成物20%的所有權，從而創造長期的權利金收入來源。合作夥伴公司的一位主要負責人（該夥伴為一家總部位於阿拉伯聯合大公國的知名投資集團）表示，他們將很快啟動商業化計畫，於2027年下半年將產品推向市場。

We expect this contract to serve as a catalyst for engaging additional potential customers in other future fragrance programs using BioHarvest's Botanical Synthesis platform. We believe that the unique scalable capability of our technology significantly expands the addressable market opportunity for our CDMO division and further strengthens our long-term royalty-driven growth strategy.

我們預期此合約將成為催化劑，促使我們在其他未來香精香料專案中，運用 BioHarvest 的 Botanical Synthesis 平台，與更多潛在客戶展開合作。我們相信，我們技術獨特且可擴展的能力，將大幅擴大 CDMO 部門的可服務市場機會，並進一步強化我們以權利金驅動的長期成長策略。

Like our fragrance program, our collaboration with Saffron Tech is a prime example of our Botanical Synthesis platform can redefine the economics and accessibility of high-value compounds we call precision Botanics, that I explained earlier. Saffron Tech is a company pioneering advanced cultivation methods for Saffron, one of the world's most valuable and health-promoting botanic.

如同我們的香精香料專案，我們與 Saffron Tech 的合作，是我們 Botanical Synthesis 平台如何重新定義我們先前所說之高價值化合物（我們稱之為 precision Botanics，精準植物來源化合物）的經濟性與可及性的絕佳例證。Saffron Tech 是一家開創番紅花先進栽培方法的公司；番紅花是全球最具價值且具健康促進效益的植物之一。

As you may know, it's among the most researched plants with multiple health attributes to its active components such as crocin, picrocrocin, safranal. We have partnered with them to develop and commercialize Saffron-derived botanical compounds using BioHarvest patented Botanical Synthesis platform. Yesterday, we announced the completion of Stage 1 of a multistage development program with Saffron Tech. As a result of the successful completion of Stage 1, BioHarvest has subsequently moved to Stage 2 under this development agreement to generate enough material expected to support future sustainable pre-commercial testing of saffron.

如各位所知，它也是研究最深入的植物之一，其活性成分如 crocin、picrocrocin、safranal 具有多種健康屬性。我們與其合作，運用 BioHarvest 具專利的 Botanical Synthesis 平台，開發並商業化番紅花衍生的植物性化合物。昨天，我們宣布已完成與 Saffron Tech 多階段開發計畫的第1階段（Stage 1）。由於第1階段成功完成，BioHarvest 隨後依該開發協議推進至第2階段（Stage 2），以產出足夠材料，預期可支持未來番紅花的永續、商業化前測試。

The successful completion of Stage 1, the most crucial stage for advancing the program resulted, in the creation of a stable saffron cell bank using BioHarvest's proprietary Botanical Synthesis platform. This means that the cell cultures we developed demonstrated the molecular profile of the key active ingredients naturally found in saffron, that I just mentioned, including crocin, picrocrocin and safranal, compounds widely associated with saffron sensory characteristics as well as its scientifically researched health attributes.

第1階段（推進該計畫最關鍵的階段）成功完成後，我們運用 BioHarvest 專有的 Botanical Synthesis 平台建立了穩定的番紅花細胞庫。這意味著我們所開發的細胞培養物，展現出我剛提到、天然存在於番紅花中的關鍵活性成分之分子特徵，包括 crocin、picrocrocin 與 safranal；這些化合物普遍與番紅花的感官特性以及其經科學研究的健康屬性相關。

This is yet another important validation of the power and versatility of our Botanical Synthesis platform to create sustainable cell banks from scarce botanicals. There are multiple programs we're excited about as well as new prospects and additional advancement being made with other existing programs that we will be able to provide an update about in the coming months.

這再次重要驗證了我們 Botanical Synthesis 平台的強大能力與多樣性，能夠從稀缺植物建立永續的細胞庫。我們對多個專案感到振奮，同時也有新的機會，以及其他既有專案的進一步推進；我們將在未來幾個月提供最新進展。

The combination of existing projects and new ones expected to be added before the end of the year will generate a total revenue, as previously guided, between $4 million and $6 million. So despite quarterly fluctuations in CDMO revenue, total CDMO revenue is expected to remain as guided previously. Total CDMO 2026 revenue, including intercompany VINIA production is expected to be between $12 million and $14 million.

現有專案與預計在年底前新增的專案相結合，將如先前指引所述，帶來總營收介於400萬至600萬美元。因此，儘管 CDMO 營收在季度間可能波動，CDMO 總營收仍預期維持先前指引。2026年 CDMO 總營收（包含公司間 VINIA 生產）預期介於1,200萬至1,400萬美元。

Total adjusted EBITDA loss for the year, as previously guided, is expected to be between $4 million and $5 million. Now turning your attention to the D2C business. Today, we have more than 90,000 active users of the VINIA brand, supported by recognition from a myriad of medical experts on the importance of arterial health and blood flow.

全年調整後 EBITDA 總虧損，如先前指引，預期介於400萬至500萬美元。現在把焦點轉到 D2C（直面消費者）業務。目前，VINIA 品牌擁有超過90,000名活躍用戶，並獲得眾多醫療專家對動脈健康與血流重要性的認可支持。

We believe that we have a best-in-class dilation and blood flow delivery nutraceutical, which has the capacity to positively impact the health and wellness of millions of consumers. As you know, we have recently made great strides with our VINIA Blood Flow Hydration product which has experienced rapid consumer adoption and high customer satisfaction ratings, which are the top in its category.

我們相信，我們擁有同級最佳的血管擴張與血流傳遞型營養補充品（nutraceutical），有能力對數百萬消費者的健康與福祉產生正面影響。如各位所知，我們近期在 VINIA Blood Flow Hydration 產品上取得重大進展；該產品快速被消費者採用，且客戶滿意度評分很高，為其品類中的頂尖水準。

To date, VINIA Blood Flow Hydration remains the number 2 contributor to incremental new customer sales with 20% of new customer revenue year-to-date on vinia.com and Amazon, ahead of all categories except for capsules. With more than 100 consumer reviews on vinia.com and more than 60 reviews on Amazon for our key variety pack package, VINIA Blood Flow Hydration product has achieved an average rating of 4.7 out of 5, living up to its promise to consumers of delivering superior science, superior efficacy and superior taste.

截至目前，VINIA Blood Flow Hydration 仍是新增客戶銷售的第2大貢獻來源：在 vinia.com 與 Amazon 上，今年迄今新增客戶營收中有20%來自該產品，僅次於膠囊類別，領先其他所有品類。在 vinia.com 上超過100則消費者評論、以及在 Amazon 上針對我們主要綜合口味組合包超過60則評論的支持下，VINIA Blood Flow Hydration 產品平均評分達到4.7（滿分5分），兌現了對消費者「更優科學、更優功效、更優口感」的承諾。

Importantly as well, VINIA Blood Flow Hydration is gaining positive traction in new key scaling channels with TikTok and our Health Pros channel. In Q1, we started implementing significant changes in our marketing and sales approach, aiming at improving the profitability of the D2C business. While it has created a one-time decline in revenue in Q1 2026 compared to Q4 2025, we expect for the remainder of the year a quarter-over-quarter revenue growth with improved metrics such as the ratio of the lifetime value of the consumer or LTV, over customer acquisition cost or CAC.

同樣重要的是，VINIA Blood Flow Hydration 在新的關鍵擴張通路（包括 TikTok 與我們的 Health Pros 通路）正獲得正向動能。在第一季，我們開始對行銷與銷售方法進行重大調整，目標是提升 D2C 業務的獲利能力。雖然這導致2026年第一季相較2025年第四季出現一次性的營收下滑，但我們預期在今年剩餘期間，營收將逐季成長，且 LTV（消費者終身價值）相對 CAC（客戶取得成本）等指標將改善。

Revenue guidance for 2026 for the D2C business remains ranging from $38 million to $42 million with adjusted EBITDA profit of $0.5 million to $2 million. I'd like now to turn the call over to Ilan to provide additional elaboration on Q1 outcomes related to our D2C business and the 2026 marketing programs that are influencing our outlook for healthy revenue growth in this division over the next few quarters. Ilan?

2026年 D2C 業務的營收指引維持在3,800萬至4,200萬美元，調整後 EBITDA 獲利為50萬至200萬美元。接下來我想把電話交給 Ilan，請他進一步說明與我們 D2C 業務相關的第一季成果，以及2026年行銷計畫如何影響我們對未來幾季該部門健康營收成長的展望。Ilan？

Thank you, Zaki. VINIA delivered modest year-over-year revenue growth in the first quarter. Whilst we are not satisfied with the level of growth delivered in the quarter, we believe that the quarter must be understood in the context of the deliberate steps we took to begin resetting and optimizing our direct-to-consumer growth engine.

謝謝你，Zaki。VINIA 在第一季實現了溫和的年增營收成長。儘管我們對本季的成長幅度並不滿意，但我們認為必須在我們為重置並優化直面消費者成長引擎而採取的審慎步驟背景下理解本季表現。

Q1 was a deliberate period in which we took important actions to better understand, refine and optimize our marketing engine for stronger and more efficient growth over the balance of the year. In January and February, we undertook a comprehensive review of our marketing mix with a clear objective. Reduce customer acquisition cost, improve conversion, and better understand the true incremental contribution of our core acquisition channels, including TV, Meta and YouTube.

第一季是一段我們有意為之的期間，我們採取了重要行動，以更好地理解、精煉並優化我們的行銷引擎，從而在今年剩餘期間實現更強且更有效率的成長。在1月與2月，我們以明確目標對行銷組合進行了全面檢視。降低客戶取得成本、提升轉換率，並更深入了解我們核心獲客通路（包括電視、Meta 與 YouTube）的真正增量貢獻。

To do this properly, we needed to test channel performance in a disciplined way, including reducing or pausing spend across specific channels during defined time period. As expected, this significantly reduced overall marketing investment in the first two months of the quarter, which directly impacted near-term revenue growth.

為了把這件事做好，我們需要以嚴謹的方式測試各通路表現，包括在特定期間內降低或暫停對特定通路的投放支出。如預期，這在本季前兩個月大幅降低了整體行銷投資，並直接影響了短期營收成長。

In March, we began scaling investment again behind the revised marketing mix. This included a strategic reduction in our reliance on TV and a greater shift towards digital channels, which better align with where we are taking the VINIA portfolio, particularly with the launch and scaling of VINIA Blood Flow Hydration, our electrolyte product designed to reach a broader and younger consumer base.

在3月，我們在修訂後的行銷組合支持下，再次開始擴大投資規模。這包括策略性降低我們對電視的依賴，並更大幅度轉向數位通路；這更符合我們對 VINIA 產品組合的發展方向，特別是隨著 VINIA Blood Flow Hydration（我們的電解質產品，旨在觸及更廣泛且更年輕的消費者族群）的上市與擴張。

Q2 will be an important quarter of continued testing, learning and refinement as we continue to aggressively optimize every element of the marketing mix, including channel allocation, creative performance, funnel conversion, our offer structure, media efficiency and our customer retention strategy.

第二季將是持續測試、學習與精進的重要季度，因為我們將持續積極優化行銷組合的每一個要素，包括通路配置、創意表現、漏斗轉換、我們的方案結構、媒體效率以及客戶留存策略。

Our focus is not simply to spend more, but to spend better as well as to build a more scalable, more diversified customer acquisition engine. As a result, we expect Q2 results to improve versus Q1. However, we believe the full impact of these actions, including the refined marketing mix, new product launches, channel expansion initiatives and positive impact of VINIA Blood Flow Hydration seasonality will be most meaningfully reflected in the second half of the year.

我們的重點不只是花更多錢，而是要花得更有效率，同時建立一個更可擴展、更多元化的客戶獲取引擎。因此，我們預期第二季的結果將較第一季改善。然而，我們認為這些行動的完整影響（包括精煉後的行銷組合、新產品上市、通路擴張計畫，以及 VINIA Blood Flow Hydration 季節性帶來的正面影響）將在下半年最為明顯地反映出來。

On a personal level, as I move into my new role within the company, I remain fully focused on working closely with our highly talented marketing and sales team to deliver the guidance we have provided, while also architecting the next phase of the VINIA growth blueprint, one that we believe can accelerate the brand towards $100 million in annual revenue over the next three years. So in summary, Q1 was a reset quarter for VINIA.

就個人層面而言，當我在公司擔任新職務之際，我仍將全力專注，與我們極具才華的行銷與銷售團隊密切合作，以達成我們所提供的指引，同時也規劃 VINIA 成長藍圖的下一階段；我們相信這能在未來三年加速品牌邁向年營收 1 億美元。因此總結來說，第一季是 VINIA 的重置季度。

Q2 will be an important quarter of further testing and optimization, and we expect to see improved results versus Q1. However, we believe the full benefit of the actions we described will be felt in the second half of the year. We believe the actions we are taking are the right ones and that they position VINIA for stronger, more efficient and more diversified growth going forward, while forming the foundation for our ambition to build VINIA into a $100 million revenue brand over the next three years. Now I'll turn the call back over to Zaki.

第二季將是進一步測試與優化的重要季度，我們預期結果將較第一季改善。然而，我們相信我們所描述行動的完整效益將在下半年顯現。我們相信我們正在採取的行動是正確的，並且能讓 VINIA 在未來實現更強勁、更高效率且更多元化的成長，同時也為我們在未來三年將 VINIA 打造成營收 1 億美元品牌的企圖奠定基礎。現在我把電話交回給 Zaki。

Thank you, Ila. Before turning to Q&A, I just want to add how invigorated I am after returning from the Vitafoods Europe Conference in Barcelona. This conference brought together approximately 1,800 exhibitors spanning functional foods, nutraceuticals, ingredient suppliers, finished product companies and CDMOs.

謝謝你，Ila。在進入問答之前，我想補充一下：我從巴塞隆納的 Vitafoods Europe 大會回來後感到非常振奮。本次大會匯聚了約 1,800 家參展商，涵蓋機能性食品、營養保健品、原料供應商、成品公司以及 CDMO。

Our participation was strategically important since it provided direct access to many of the world's leading nutraceutical, functional ingredients and consumer health companies actively seeking next-generation innovation products. At the conference, we conducted approximately 30 highly meaningful meetings over three days with prospective partners and customers.

我們的參與具有策略性重要性，因為這讓我們能直接接觸到許多全球領先、正積極尋找下一代創新產品的營養保健品、機能性原料與消費者健康公司。在會議期間，我們在三天內與潛在合作夥伴與客戶進行了約 30 場極具意義的會談。

The consistent message we heard and what was visibly evident across the exhibition floor was that much of the industry is currently offering highly similar products and formulations, resulting in an increasing urgency among companies to find genuine innovation and meaningful differentiation.

我們聽到的一致訊息，以及在展場上清楚可見的是：目前產業中許多公司提供的產品與配方高度相似，因而使企業更迫切地尋求真正的創新與有意義的差異化。

In that context, BioHarvest's Proprietary Botanical Synthesis platform and CDMO business model were repeatedly viewed as a highly differentiated and compelling proposition capable of introducing entirely new plant-based compositions, improved efficacy profile, sustainability advantages and defensible innovation into the marketplace.

在此背景下，BioHarvest 的專有植物合成（Proprietary Botanical Synthesis）平台與 CDMO 商業模式，一再被視為高度差異化且具吸引力的方案，能將全新的植物性組成、更佳的功效特性、永續優勢以及具防禦性的創新帶入市場。

Overall, the conference significantly reinforced our confidence in the growth potential and strategic positioning of BioHarvest' CDMO business. At Vitafoods, I had the pleasure of having with me our new Head of Business Development, Mrs. Nedira Salzman-Frenkel, who started with us in March.

整體而言，這次大會大幅強化了我們對 BioHarvest CDMO 業務成長潛力與策略定位的信心。在 Vitafoods，我很高興能與我們新任商務開發主管 Nedira Salzman-Frenkel 女士同行，她於 3 月加入我們。

We're very excited to have her with us and want to stress that her appointment underscores our efforts to support BioHarvest as a true strategic partner in collaborative development versus simply a service provider. We plan to participate in similar subsequent events, like the upcoming Bio US convention being held in San Diego in June.

我們非常高興她加入，也想強調她的任命凸顯了我們的努力：將 BioHarvest 打造成協同開發中的真正策略夥伴，而不僅僅是服務供應商。我們計畫參與後續類似活動，例如 6 月在聖地牙哥舉行的 Bio US 大會。

In summary, I'm excited about the growth opportunities that lie ahead with BioHarvest, striving for optimum execution in both businesses for the creation of significant shareholder value. With that, I'd like to open the floor to questions. Operator?

總結來說，我對 BioHarvest 未來的成長機會感到振奮，並致力於在兩項業務中追求最佳執行，以創造顯著的股東價值。接下來，我想開放提問。接線員？

(Operator Instructions)

（接線員指示）

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Zaki, congratulations on your new role, and I'm sure Ilan will be around. My first question is about the size of the market that the saffron opportunity affords you. It seems like it is a multibillion-dollar market. And I just wanted to see what kind of entry you are going to get? What is the actual addressable market that you can supply? Just metrics on the market would be good?

Zaki，恭喜你擔任新職務，我相信 Ilan 也會在旁協助。我的第一個問題是關於番紅花機會所帶來的市場規模。看起來這是一個數十億美元的市場。我想了解你們將以何種切入方式進入？你們實際能供應的可服務市場（addressable market）有多大？如果能提供一些市場指標會很有幫助。

Thanks, Sameer -- Josh, actually, right? Maybe I'll take the opportunity to share something with everyone on the call, and I'll address your question directly. A couple of days ago, I had the opportunity to smell success and see success. I smelled the fragrance that we are developing and for which we've made the announcement. And I also saw the saffron with a beautiful color of that substance.

謝謝你，Sameer——其實是 Josh，對吧？我想藉此機會和所有在線上的各位分享一些內容，並直接回答你的問題。幾天前，我有機會聞到成功、也看到成功。我聞到了我們正在開發、且已對外公告的那款香氛。我也看到了番紅花那種物質美麗的色澤。

And really, I was very encouraged. And I just want to talk about it today and then your question is really enabling me to discuss the saffron in particular because, like you said, it's a multibillion dollar market. The initial focus would be on the dietary supplement segment, basically addressing health-related indications from a nutraceutical perspective, which is, as you know, is a faster to market.

坦白說，這讓我非常受到鼓舞。我今天想談談這件事，而你的問題也正好讓我能特別討論番紅花，因為如你所說，這是一個數十億美元的市場。初期的重點將放在膳食補充劑領域，從營養保健品（nutraceutical）的角度切入，主要針對健康相關適應症；如你所知，這類產品上市速度更快。

The arrangement we have with Saffron Tech would allow for us to be actually becoming an integral part of bringing it to market. So in a way, we would have more control over the speed at which we bring it, or the regulatory approach to it as well as targeting which indication we should go after initially because one of the things about saffron, as you know, is really addresses a lot of areas, cognition, ADHD, PTSD, among other things.

我們與 Saffron Tech 的合作安排，將使我們實際上成為推動其上市過程中的關鍵一環。因此在某種程度上，我們能更掌控上市速度、法規路徑，以及初期應優先鎖定的適應症；因為如你所知，番紅花可涵蓋許多領域，例如認知、ADHD、PTSD 等等。

So what we're doing now is -- as we analyze the results, we're looking for the possibility of having multiple compositions, meaning because, as you know, there are -- and I mentioned that in my speech earlier about the three major ingredients. Interesting enough, the ratio between these ingredients may target depends on which ratio you could target one indication better than the other. So we're going to put everything into our AI models to try to come up with which combination we think fits better to which market.

因此我們目前正在做的是——在分析結果的同時，尋找開發多種組成（compositions）的可能性；也就是說，如你所知，番紅花含有——我在先前發言中也提到——三種主要成分。有趣的是，這些成分之間的比例可能會影響目標；取決於比例，你可能能更有效地針對某一適應症而非另一個。因此我們會把所有資料放入 AI 模型中，嘗試找出我們認為最適合對應各市場的組合。

In terms of time to market and efforts, we expect to soon be done with the Stage 2 so that we can have enough samples, so we start doing some possible trials. My goal is to start manufacturing the product in the second half of next year in tandem with the factory that we're building, as you probably know.

就上市時間與投入而言，我們預期很快就能完成第二階段（Stage 2），以便取得足夠的樣品，開始進行一些可能的試驗。我的目標是在明年下半年開始製造產品，並與我們正在興建的工廠同步推進，如各位可能知道的。

And as such, we think towards the end of next year, we should be starting marketing and selling the product as a dietary supplement, most likely to be in the form of a capsule. You may have heard Ilan and he may echo that as well that we're looking at possibly also the combination of saffron and VINIA because VINIA is kind of an adjuvant basically to every dietary supplement you can think of because of its ability to conduct better the substance into your bloodstream.

因此，我們認為在明年年底左右，我們應該會開始以膳食補充劑的形式行銷與銷售該產品，最可能的劑型是膠囊。你可能也聽過 Ilan 提到——他也可能會再次強調——我們也在評估番紅花與 VINIA 的組合可能性；因為 VINIA 基本上可作為你能想到的各種膳食補充劑的佐劑（adjuvant），其能力在於能更有效地將物質導入血液循環。

So that's kind of the approach we have and the time frame that we have in mind. And I will probably need another quarter before I can tell you which indication we're likely to be focusing on.

這就是我們的整體方法與時間規劃。而我可能還需要再一個季度，才能告訴你我們最可能會聚焦於哪一個適應症。

No, this was helpful. And the saffron target is really a well-chosen target. Congrats on that. On the CDMO pipeline, so to speak, I know you gave outlook of around $12 million to $14 million, and there will be some of it, a meaningful portion from intercompany VINIA. The rest of that outlook, does it include two- or three- or four additional sort of relationships that you would be announcing between now and the end of the year?

不，這很有幫助。而且藏紅花的目標確實選得很好。恭喜。關於 CDMO 的案源（pipeline），可以這麼說，我知道你們給出的展望大約是 1,200 萬到 1,400 萬美元，其中會有一部分、相當有意義的一部分來自公司內部的 VINIA。那麼這個展望其餘的部分，是否包含你們在現在到年底之間，將會宣布的另外兩到三個或四個新增合作關係？

The answer is yes. So we on purpose segregate between the third-party, call it, or revenue, which is service for 2026, it's all service or development, right? And then the production, which is internally right now and hopefully, in 2027 we're going to produce not just Kenya, but other substances. So in 2026 we've guided for $4 million to $6 million, stemming from some of the projects as we advance them and then we can recognize more revenue related to the products that we have.

答案是肯定的。所以我們刻意把第三方（可這麼稱呼）或收入區分開來；針對 2026 年，這些都是服務收入或開發收入，對吧？然後是生產端，目前是內部進行，而希望在 2027 年我們不只會生產 Kenya（肯亞），也會生產其他物質。因此在 2026 年，我們指引為 400 萬到 600 萬美元，來自於我們推進部分專案後，便能就我們已有的產品認列更多相關收入。

And you know that we're doing four molecules right now simultaneously and at least three- to four additional projects, allow me to call them projects, and these will be across the next three quarters, including this quarter.

而且你也知道，我們目前同時在做四個分子，並且至少還有三到四個額外的專案——容我稱之為專案——這些會分布在接下來三個季度（包含本季度）。

And of course, we'll announce them as soon as we sign the appropriate agreement. But our pipeline now calls for a minimum of three- to four new projects that will go in. Interesting enough, some of them might be from an existing substance. We, part of the assets of the CDMO, and I think I probably need to do better work to clarify it, there are molecules that we are owned by the CDMO part of the business that are in a more advanced stage. So basically, more of a derisking.

當然，我們一旦簽署適當的協議，就會立即對外宣布。但我們目前的案源至少規劃會新增三到四個新專案進來。有趣的是，其中一些可能來自既有的物質。我們作為 CDMO 的資產之一——我想我可能需要把這點說得更清楚——在 CDMO 這塊業務中，我們擁有一些處於更進階階段的分子。所以基本上，這會帶來更多的去風險化（derisking）。

As you know, Stage 1 in our development with the Botanical Synthesis process is a stage with a little riskier. So by bringing to the market or bringing to the customer something that has already been derisked, we can command higher prices to start with. And of course, time to market would be shorter. I mean, hopefully, in 2028, I should be able to produce at least four different substances in our new factory.

如你所知，在我們以 Botanical Synthesis（植物合成）流程進行開發時，第一階段是風險相對較高的階段。因此，若能把已經去風險化的東西推向市場或提供給客戶，我們一開始就能取得更高的定價。當然，上市時間也會更短。我的意思是，希望到 2028 年，我應該能在我們的新工廠至少生產四種不同的物質。

Sounds really good. Thanks for that color, Zaki. Just one more question on D2C actually. So Ilan, maybe you can remind us what is in the pipeline of new product development? And should we expect anything over the next 12- to 18 months to hit the market?

聽起來非常好。謝謝你提供這些補充說明，Zaki。其實我還有一個關於 D2C 的問題。Ilan，也許你可以提醒我們，新產品開發的案源有哪些？未來 12 到 18 個月內，我們是否應該期待有產品上市？

Thank you, Sameer. When it comes to the D2C business and from a new product perspective, I first want to just talk about our VINIA Blood Flow Hydration product, which is still a new product. And we've seen really significant success. We're getting on to delivering $1 million in sales of the product since we launched the product in late November. And I think that's quite a significant achievement.

謝謝你，Sameer。談到 D2C 業務以及新產品面向，我首先想談談我們的 VINIA Blood Flow Hydration 產品，它仍然算是新產品。而我們已經看到非常顯著的成功。自從我們在 11 月底推出以來，該產品的銷售額即將達到 100 萬美元。我認為這是相當重要的里程碑。

We should get to that by the end of May. It's always good to have your first $1 million of a product, and that's pretty quick and the ramp-up is going really well. The consumer feedback is really overwhelming. The reviews are 4.7 out of 5 from now close to 160-, 170 verified reviews. Feedback on a consumer level regarding the efficacy and regarding the taste is super strong.

我們應該會在 5 月底前達成。一個產品能快速達到第一個 100 萬美元總是好事，而這次非常快，爬坡也進行得很順利。消費者回饋非常熱烈。目前接近 160 到 170 則已驗證評論，評分為 5 分滿分中的 4.7 分。在功效與口感方面，消費者層級的回饋都非常強。

And we're very, very bullish about Blood Flow Hydration, and we continue to put more spend behind it and broadening the channels of distribution. We've opened up TikTok. Again, great feedback from TikTok, and we're ramping up quickly in TikTok. Our Amazon business is also ramping up. It's a significant. We're talking multibillion-dollar category just on Amazon.

我們對 Blood Flow Hydration 非常、非常看多，並持續加大投入，同時拓展分銷通路。我們已經開通 TikTok。同樣地，TikTok 的回饋很棒，我們在 TikTok 的成長也在快速加速。我們的 Amazon 業務也在加速成長。這是一個非常可觀的市場。光是在 Amazon 上，這就是一個數十億美元規模的品類。

Our rankings are improving day by day on Amazon. And what's amazing about this product which we don't have in the rest of our business is there's a seasonality curve. And as we're now moving into May, June, July, August, September, this is when it starts to obviously get extremely hot in the US, and we literally see significant benefits that we will be able to enjoy as we have the growth of the brand plus the seasonality impact which is going to significantly drive the second half of the year for us.

我們在 Amazon 上的排名每天都在提升。而這個產品很驚人的一點——我們其他業務沒有——是它有季節性曲線。當我們進入 5、6、7、8、9 月時，美國天氣顯然會變得非常炎熱，我們確實看到我們將能享受到顯著的利多：品牌成長再加上季節性影響，將會大幅推動我們下半年的表現。

So very, very encouraging on Blood Flow Hydration. And I think it's all anchored in the fact that we have the best nutrient delivery system as a result of our VINIA blood flow dilation and delivery system.

所以 Blood Flow Hydration 的表現非常、非常令人鼓舞。我認為這一切都奠基於：由於我們的 VINIA 血流擴張與傳遞系統，我們擁有最佳的營養傳遞系統。

And I say that very, very purposefully, we're now coining literally the machine that VINIA puts inside your body, the VINIA blood flow dilation and delivery system, ultimately by dilating your arteries, more blood flow where in the case of our electrolyte product, we're delivering the electrolytes and fluids faster and deeper to all of your cells. And that's why we're getting the feedback from consumers to say, wow, efficacy, this is amazing.

我非常刻意地這麼說：我們現在正在為 VINIA 在你體內所建立的「機器」命名——VINIA 血流擴張與傳遞系統；最終透過擴張你的動脈，讓血流增加；以我們的電解質產品為例，我們能更快、更深入地把電解質與水分傳遞到你所有的細胞。這就是為什麼我們會收到消費者回饋說：哇，功效，太驚人了。

And obviously, we always are very focused on delivering superior taste, which is anchored in all the consumer research we do before bringing products to market. As we look at new products coming into the marketplace, we will, again, double down focus on Blood Flow Hydration. Secondly, we will be bringing an additional chew product to the marketplace. We have our 2X double chew in the market, targeting elite athletes, which is going very, very well.

而且很明顯地，我們一向非常專注於提供更佳的口感，這奠基於我們在產品上市前所做的所有消費者研究。當我們看向即將進入市場的新產品時，我們會再次加倍聚焦在 Blood Flow Hydration。第二，我們將會把另一款咀嚼產品帶入市場。我們目前市場上有 2X double chew，鎖定菁英運動員，表現非常、非常好。

And now we're bringing a single chew into the marketplace. I'm sure you've seen the chew category is growing like is growing significantly as its fair share representation increases of the total supplements pie, and that we will bring into the marketplace in the third quarter.

而現在我們要把 single chew 推向市場。我相信你也看到咀嚼品類正在成長——隨著其在整體補充品市場（supplements pie）中的占比提升，成長相當顯著——我們會在第三季把它帶入市場。

And as I said in the last earnings call, we are targeting a number of multibillion-dollar categories that we will leverage in our VINIA blood flow dilation and delivery system on to be able to really deliver superior efficacy and superior taste in these categories. I talked about some of those categories on the last earnings call. We're now doing a lot of product development.

正如我在上一通財報電話會議所說，我們鎖定了多個數十億美元規模的品類，並將運用我們的 VINIA 血流擴張與傳遞系統，讓我們能在這些品類中真正提供更優異的功效與更優異的口感。我在上一通財報電話會議談到其中一些品類。我們現在正在進行大量的產品開發。

And towards the back end of the year or early next year, we will be bringing one of these breakthrough products to the marketplace.

而在今年下半年末或明年初，我們將把其中一款突破性產品推向市場。

Understood. Thanks for that color, Ilan. And as Zaki also highlighted, so the VINIA is a adjuvant and can be combined with even saffron when that product comes online. So looking forward to that. May I squeeze one more on the financials.

了解。謝謝你提供這些補充說明，Ilan。而且如 Zaki 也強調的，VINIA 是一種佐劑（adjuvant），甚至在藏紅花產品上線後也可以與藏紅花結合。所以很期待。我可以再擠一個關於財務的問題嗎？

I think you have hired a new business development person for CDMO. Should we expect the SG&A or marketing expenses to slightly increase as the next three quarters unfold?

我想你們已為 CDMO 聘請了一位新的業務開發人員。隨著接下來三個季度的推進，我們是否應該預期 SG&A 或行銷費用會小幅增加？

The answer is no. No. That's a very modest increase as a result of hiring. And in fact, I did have last year -- it's actually a replacement of someone that I had last year. So it's actually not even a new additional person in overall in the budget. No. And for purpose of what we're trying to do this year, there would be no increase in the marketing costs for the CDMO.

答案是否定的。不會。因為聘用所帶來的增加非常有限。事實上，我去年就有——這其實是替換我去年有的一位人員。所以在整體預算上，這甚至不是新增的人力編制。不會。而就我們今年要做的事情而言，CDMO 的行銷成本不會增加。

Congrats on all the progress.

恭喜你們取得的所有進展。

Nicholas Sherwood, Maxim Group.

Nicholas Sherwood，Maxim Group。

Kind of looking at the CDMO business, how are you evaluating your pipeline of opportunities on do you want to add -- I know right now, it's like you have an agreement with a food ingredients company with Tate & Lyle, there's a pharmaceutical company, there's a saffron and then there's the fragrance company.

想請教一下 CDMO 業務，你們如何評估機會管線？你們是否想再增加——我知道目前你們和 Tate & Lyle 這家食品原料公司有一項協議，還有一家製藥公司、一個番紅花項目，以及一家香精香料公司。

Are you looking for -- trying to keep things broad and make sure that you're not putting everything into one basket, looking at these pipeline of opportunities, what -- how should we think about your thought process?

你們是在尋找——試著讓布局保持廣泛，確保不把所有資源押在同一個籃子裡；在看這些機會管線時，我們應該如何理解你們的思考流程？

It's a great question, and thank you for asking because I mean one of the advantages of BioHarvest technology, fundamentally the Botanical Synthesis, it's agnostic to which industry really. We can serve pharma, nutraceutical, cosmeceutical, fragrances as well as nutrition. Each one has its own characteristics.

這是個很好的問題，也謝謝你提出，因為 BioHarvest 技術——本質上就是植物合成（Botanical Synthesis）——基本上不受限於特定產業。我們可以服務製藥、營養保健品（nutraceutical）、藥妝（cosmeceutical）、香精香料以及營養（nutrition）。每個領域都有其自身特性。

So for example, nutrition would be the one with the largest volume, lower margins. We don't expect to be active too much in the nutrition space just because capacity constraints until the next factory coming to be commissioned.

例如，營養（nutrition）會是量最大、毛利較低的領域。在下一座工廠投產之前，受限於產能，我們預期不會在營養領域投入太多。

We are happy with what we do now with Tate & Lyle in terms of the molecule we're developing in terms of where it is right now in the development stage and when we can bring it to market and build volume. I'd say our sweetest spots are in the nutraceutical and the area of fragrances.

就 Tate & Lyle 而言，我們對目前正在開發的分子、其所處的研發階段、以及何時能推向市場並建立量產規模，都感到滿意。我會說我們最甜蜜的切入點是在營養保健品以及香精香料領域。

Really the breakthrough in fragrance is going to create and increase the pipeline in that area. And those are interesting because on the nutraceutical, it's kind of mid-volume, really good margins and speed to market, meaning those don't require long cycles of regulatory approvals to bring to market. So that shrinks.

香精香料方面真正的突破，將會創造並擴大該領域的機會管線。這些領域之所以有趣，是因為在營養保健品方面，它屬於中等量級、毛利很好、且上市速度快——也就是說，不需要很長的法規核准週期就能推向市場。因此週期會縮短。

Once we are crossing Stage 2, trials can be conducted. So the cycle is shorter. And then the fragrances is even shorter from a regulatory and they bring in great margins. So we have -- those are the spots where I believe the pipeline is converging faster. And also we are a little more selective.

一旦我們跨過第二階段（Stage 2），就可以進行試驗。所以週期更短。而香精香料在法規面所需時間更短，且能帶來很好的毛利。因此我認為——這些是機會管線更快匯聚的領域。同時我們也會更有選擇性。

We're trying to gravitate our attention to those two markets. And then on pharma, there is a lot of interest. We are trying to be very selective just because, again, where we are in terms of capacity and development as well as where we think the pharma opportunities in terms of manufacturing. We're not saying no to pharma, but we're a little bit more selective in timing of bringing them in. So what you will see more likely in the next few quarters would be more nutraceutical and call it, cosmetics in general.

我們正試著把注意力聚焦在這兩個市場。至於製藥領域，確實有很多興趣。但我們會非常謹慎地篩選，因為同樣地，考量我們目前的產能與開發進度，以及我們對製藥機會（尤其是製造端）的判斷。我們不是對製藥說不，而是在導入時點上會更挑選。因此你們在接下來幾個季度更可能看到的是更多營養保健品，以及可稱為一般化妝品（cosmetics）的項目。

And then progress that we would be making in the area of nutrition would take a while. You'll be hearing more about it in the next couple of quarters.

至於我們在營養（nutrition）領域會取得的進展，還需要一些時間。你們會在接下來幾個季度聽到更多相關消息。

Okay. And kind of a follow-up question on the cosmetics scent agreement. Do you think you'd be doing more of these through your current partner and then they would potentially be along with you selling the product on to whether it be in-house? Or do you think it will be -- you'll be kind of going directly to some of these larger brands that are creating, whether it be like a perfume or a scent (inaudible), like how should we kind of think about --

了解。接著追問一下關於化妝品香氛協議。你認為未來會更多透過你們目前的合作夥伴來做，然後由他們可能再與你們一起把產品銷售出去（不論是內部消化或其他方式）嗎？還是你認為你們會——更直接去接觸一些正在打造香水或香氛（聽不清）的較大型品牌？我們應該如何理解——

So the current fragrance that we're talking about has multiple applications. It's a very big market. I think we've sized it in one of those news releases in billions of dollars. Some of it is serving as an incense, and that's billions of dollars in that market as well as ingredients for the fragrance market. So it's really not just of what people buy in the store in terms of spray or perfume.

我們目前談的這款香氛有多種應用。這是一個非常大的市場。我想我們在某篇新聞稿中估算過，規模是數十億美元。其中一部分用作薰香（incense），那個市場本身也是數十億美元；同時也可作為香精香料市場的原料。所以它不只是人們在商店裡買到的噴霧或香水而已。

So it's more than perfume. And so the partner that we have has an approach of more likely B2B and then to lined up companies that would be buying what we produce. And as you know, we're at 80-20, so 80% is owned by the partner, 20% is owned by BioHarvest, which would increase our stream of revenue. I believe that this fragrance can start getting into the market in the second half of next year.

所以它不僅僅是香水。我們的合作夥伴更可能採取 B2B 的方式，並對接會購買我們所生產產品的公司。如你所知，我們是 80/20 的結構：80% 由合作夥伴持有、20% 由 BioHarvest 持有，這將增加我們的收入來源。我相信這款香氛可以在明年下半年開始進入市場。

I don't think we're going to have a lot of capacity initially requirement to support that effort because in the sampling in the market, et cetera, but you'll see a mix of businesses that will be taking the raw material that we provide and then integrate it, either selling it directly for incense purpose or as an ingredient into the fragrance stream, like creating an oil out of what we produce to serve the fragrance industry, top brands that are looking into this particular fragrance ingredient and they are, name it and they're all looking into that particular source.

我不認為一開始會需要大量產能來支援，因為前期主要是市場送樣等工作；但你會看到多種商業模式：有些客戶會採購我們提供的原料並加以整合，可能直接用於薰香用途銷售，或作為香精香料供應鏈中的配方原料——例如把我們的產出製成精油，用於香精香料產業；一些正在研究這種特定香氛原料的頂級品牌——你說得出名字的那些——基本上都在關注這個來源。

Unfortunately, we're not at liberty yet to disclose the name of that ingredient, but it's a well-sold ingredient, and it's part of the luxury fragrance and hitting the Western market recently with many designers, major designers basically adding it to the line of fragrance products.

很遺憾，我們目前還不便披露該原料的名稱，但它是一種銷量很好的原料，屬於奢華香氛的一部分，且近來在西方市場走紅，許多設計師、主要設計師品牌基本上都把它加入其香氛產品線。

Understood. And my last question is, I know that it was presented as a very long-term opportunity a couple of years out. But what sort of interest have you seen in the plant-based exosome extraction breakthrough that you announced last year? And just kind of give us as many details as you can on how that's developed?

了解。我最後一個問題是：我知道幾年前它被描述為一個非常長期、可能要好幾年後才會顯現的機會。但你們在去年宣布的「植物來源外泌體萃取」突破上，看到了什麼樣的市場興趣？也請盡可能提供更多細節，說明目前的發展情況？

Great question. It's actually not so much of long term. This is part of the CDMO assets. And so we have -- we are in the midst of testing now quantitatively the exosomes that we have. So we do produce exosome.

好問題。其實它不算那麼長期。這是 CDMO 資產的一部分。因此我們目前正在進行外泌體的定量測試。所以我們確實會產出外泌體。

Not only do we produce exosome, but we produce it at commercial quantities in our bioreactors. And now we're in the process of characterization of the content of those exosomes to decide which markets they best serve. Exosomes are not -- as we study better what they can do. And by the way, I mean, for plant-based exosomes, we need to call them something different. It's called extracellular vesicles.

我們不僅能產出外泌體，而且能在生物反應器中以商業規模的數量產出。目前我們正在對這些外泌體的內容物進行特性鑑定（characterization），以決定它們最適合服務哪些市場。外泌體——隨著我們更深入研究它們能做什麼——另外，順帶一提，植物來源的外泌體我們需要用不同的名稱來稱呼。它叫做細胞外囊泡（extracellular vesicles）。

So those extracellular vesicles and the content that they will have may target even dietary supplements. So then we can decide from the case of VINIA, do we want to double down and have additional dietary supplements that are based on grade but with various ingredients.

因此，這些細胞外囊泡及其所含內容物，甚至可能瞄準膳食補充劑市場。接著我們就能決定：以 VINIA 的案例來看，我們是否要加碼，推出更多以葡萄為基底、搭配不同成分的膳食補充劑。

I think we did spoke about (inaudible) as one of the ingredients that is very interesting and/or to go after the topical market with those exosomes, that exosome have the advantage of better penetration of the skin just because of their size that are 100 of the cell size. So we're weighing our opportunity based on the results. And hopefully, in next quarter, by this time that we do our earnings release, I'll be able to expand on the exosomes from a quantitative market.

我想我們也提過（聽不清）作為其中一種非常有趣的成分；或者也可以切入外用（topical）市場，因為這些外泌體的優勢在於，由於其尺寸只有細胞大小的百分之一，因此皮膚穿透性更好。所以我們會根據結果來權衡機會。希望到下個季度、我們發布財報時，我能從定量與市場角度更進一步說明外泌體的情況。

We're also looking at -- we're now already looking at the -- there is a downstream process. As you know, our exosomes are kind of a benefit. We're getting them as gravy out of the mica, right? As we when we dry our material, we have a lot of mica left that normally we throw. Now we can use it further downstream.

我們也在看——我們現在也已經在研究——後段（downstream）製程。如你所知，我們的外泌體有點像是額外的好處。我們是把它當作「順便得到的好處」（gravy out of the mica），對吧？當我們把材料乾燥後，會剩下很多 mica，通常我們會把它丟掉。現在我們可以在後段進一步利用它。

So for an industrial process, we need to do some additional downstream work that we're assessing now. But we certainly would be able to speak about it next quarter, more from a quantitative standpoint of what does it mean, what would a 1 milligram of that material contain in terms of (inaudible) and then talk more about when can we bring this to market and then what would be the best vehicle to do that.

因此，對於工業化製程而言，我們需要再做一些額外的下游工作，目前正在評估中。不過我們當然可以在下個季度，從更量化的角度來談這件事：這代表什麼、1 毫克該材料在（聽不清）方面包含什麼，然後再進一步討論我們何時能把它推向市場，以及採用什麼樣的最佳載體來實現。

I would just add that it's a very important asset that the CDMO has because now when we engage with the customers in this area who are starting a project with us, they have ability to be able to develop a unique molecule at a cellular level. And with that, they also have the potential of developing one of these extracellular vesicles in addition.

我想補充的是，這是 CDMO 擁有的一項非常重要的資產，因為現在當我們與這個領域、正與我們啟動專案的客戶接洽時，他們具備在細胞層級開發獨特分子的能力。同時，他們也有機會額外開發其中一種細胞外囊泡。

So it's like a one plus one, which makes our CDMO proposition to customers extremely compelling when you think about the initial Stage 1 costs and the ability to really drive significant value for our customers.

所以這就像一加一，使得我們的 CDMO 對客戶的價值主張在你考量初期第 1 階段成本，以及真正為客戶創造顯著價值的能力時，變得極具吸引力。

Matt Hewitt, Craig-Hallum Capital Group.

Matt Hewitt，Craig-Hallum Capital Group。

Thanks for the update. Regarding the Barcelona conference, it sounds like you had some really active dialogue. How quickly would it be before you start to see some contracts come out of that type of an event? I'm just trying to think -- obviously, you've got three- to four more potential CDMO contracts before the end of the year. Is that Barcelona conference, does that create maybe a second tier for early next year? I'm just not sure how quickly those types of conversations turn into actual business?

感謝更新。關於巴塞隆納會議，聽起來你們有一些非常積極的對話。從這類活動到開始看到合約落地，大概需要多久？我在想——顯然你們在年底前還有三到四個潛在的 CDMO 合約。那巴塞隆納會議是否可能為明年初帶來第二梯隊的機會？我不太確定這類對話轉化為實際業務的速度通常有多快？

Actually, in terms of -- so there are two elements to take into consideration here. My capacity of development, although I have increased it dramatically, but still not -- I can't run 20 projects, done three yet. But -- so I now have the ability to select which projects are better to bring in this quarter, next quarter and the one after, right?

其實，就——這裡有兩個要素需要納入考量。我的開發產能雖然已大幅提升，但仍然——我不可能同時跑 20 個專案，目前也才做了三個。不過——所以我現在有能力去選擇哪些專案更適合在本季、下季以及再下一季導入，對吧？

So if we look at three- to four, which I have in the pocket, let's say, for the remainder of the year, I may reorder them in a way where one of the three- to four would be the one for Barcelona. Actually, I would be surprised that there is a faster conversion of the -- through the Barcelona meeting because just the urgency of people want to differentiate themselves.

所以如果我們看那三到四個——就當作我口袋裡、今年剩餘期間的三到四個——我可能會重新排序，其中一個三到四個就會是來自巴塞隆納的那個。其實我會驚訝的是，透過巴塞隆納會議的轉化速度可能更快，因為大家都急著要讓自己差異化。

And I would say probably one of those Barcelona opportunities would be with one of the already pre-developed molecules that we have. As you know, we have a series of molecules that we've already had developed, and that would be a faster process, and that's why I can sign those deals a little faster because I have derisked especially the first stage, which is the cell bank.

而我會說，巴塞隆納的機會中，可能有一個會是使用我們已經預先開發好的分子之一。如你所知，我們已經開發了一系列分子，這會讓流程更快；也因此我能更快簽下這些案子，因為我已經降低了風險，特別是第一階段，也就是細胞庫。

So I would say Barcelona contributes one out of the -- out of those four and the rest are part of the pipeline that exists. The others from Barcelona can be put in into the pipeline that can start creating more projects into 2027 and beyond.

所以我會說，巴塞隆納在那四個之中貢獻一個，其餘則是既有管線的一部分。其他來自巴塞隆納的案子可以放入管線，並在 2027 年及之後開始創造更多專案。

Got it. And then maybe a question regarding the new marketing strategy. Given that January, February, you're kind of making some of the -- tweaking some of the go-to-market strategy there, March, you kind of initiated the new strategy. What are some of the initial feedback or metrics that you were tracking in March? And how does that shape up for the rest of the year?

了解。接著可能想問一下新的行銷策略。鑑於 1 月、2 月你們算是在調整一些上市策略，3 月你們啟動了新策略。你們在 3 月追蹤的一些初步回饋或指標是什麼？這對今年剩餘時間的規劃會帶來什麼影響？

Yes, sure. Thanks, Matt. So when we look -- when we step back and we looked at what the mission was for the team, we were very, very focused on driving the metric of cost of acquisition as a ratio to lifetime value. This is really a critical metric that is so important in the business. If you look at the recent acquisition of Gruns by Unilever for $1.2 billion, happened in the last four weeks, you have a ratio of lifetime value to cost of acquisition of 3:1.

好的，當然。謝謝你，Matt。所以當我們回頭看——當我們退一步檢視團隊的使命時，我們非常、非常聚焦在推動一個指標：獲客成本相對於終身價值（LTV）的比率。這真的是一個在業務中極其重要的關鍵指標。如果你看聯合利華在過去四週以 12 億美元收購 Gruns 的案例，其終身價值對獲客成本的比率是 3:1。

This is like the sweet spot. And we're doing pretty good as it relates to this, but we've got a little bit to go to be able to get into the zone where we want to be best-in-class. And so the work that we're really trying to do now is all anchored in this mission of getting that ratio right and ultimately moving our business to a best-in-class business as a way to move from 90,000 customers to 0.5 million customers and from, let's say, $35 million of revenue with the ambition to get north of $100 million. But Matt, not to do it -- actually, two days ago, so today's Thursday, so Tuesday was our five-year anniversary of entering into the US business.

這就像是甜蜜點。而我們在這方面做得相當不錯，但要進入我們希望達到的、同業最佳（best-in-class）區間，還有一點路要走。因此，我們現在真正要做的工作，都以這個使命為核心：把這個比率調整到位，並最終把我們的業務推向同業最佳，藉此把客戶數從 90,000 提升到 50 萬，並把營收從例如 3,500 萬美元，朝著超過 1 億美元的目標邁進。不過 Matt，另外一點——其實兩天前，今天是週四，所以週二是我們進入美國市場滿五週年的日子。

And in the five years, we built a significant business under one, resveratrol polyphenol brand in the US. But we don't want to take for the next milestone, which is at $100 million, we don't want it to take another five years, no ways. And that's part of me stepping into this role to build the architecture and the blueprint to be able to go from $35 million to $100 million fast, really, really fast.

在這五年裡，我們在美國以一個白藜蘆醇多酚品牌建立了相當可觀的業務。但我們不希望下一個里程碑——也就是 1 億美元——還要再花五年，絕對不行。這也是我接下這個職務的一部分原因：建立架構與藍圖，讓我們能夠從 3,500 萬美元快速、非常非常快速地成長到 1 億美元。

So that really is the kind of the ultimate key metric. In doing that, obviously, we're working on improving our cost of acquisition, which is based on a number of critical areas from really focusing on specific personas, which we believe are the hero personas that are most relevant to our brand.

所以那確實是最終的關鍵指標。為了做到這點，顯然我們正在努力改善獲客成本，而這取決於多個關鍵面向，例如真正聚焦在特定人物誌（persona）上；我們相信這些是與我們品牌最相關的核心人物誌。

It's also we're working on improving our product messaging, which translates into better creative. You're going to see us coming out with a much stronger offer in the marketplace to improve conversion and then improving the critical flows of e-mail sign-ups, post-purchase flows and really optimizing our broader ability to retain customers. We have a very high retention levels, but we want to do better. And so we're unleashing now. We did some great test and learn in January, February.

同時，我們也在改善產品訊息傳達，這會轉化為更好的創意素材。你們會看到我們在市場上推出更強的方案（offer）以提升轉換率，並改善電子郵件註冊、購後流程等關鍵流程，真正優化我們更廣泛的客戶留存能力。我們的留存率已經很高，但我們希望做得更好。因此我們現在正在全面推進。我們在 1 月、2 月做了一些很棒的測試與學習。

We saw encouraging results as we moved into March and April. And now we're getting ready for Phase 2, which will be implemented in the 1st of June, where there will be even more fundamental changes that we're making, not just in the marketing mix, but actually what hits the consumer, which I'm really excited about, and we believe will have significant impact on our overall conversion.

當我們進入 3 月與 4 月時，看到了令人鼓舞的結果。現在我們正準備進入第二階段，將在 6 月 1 日實施；我們會做出更根本性的改變，不僅是行銷組合，還包括實際呈現給消費者的內容。我對此非常期待，也相信這將對我們整體轉換率帶來顯著影響。

Sean McGowan, ROTH Capital Partners.

Sean McGowan，ROTH Capital Partners。

A couple of financial questions. Can you talk a little bit about the -- or remind us of the financial impact of the shift from Stage 1 to Stage 2 for not just saffron, but for any of those businesses? So what happened financially?

有幾個財務問題。你能否談談——或提醒我們——從第 1 階段轉到第 2 階段的財務影響，不只是番紅花，而是任何一個相關業務？所以財務上發生了什麼變化？

So Phase 1 normally is in the vicinity of contract size of $0.5 million. Entering Phase 2 is normally a contract between $1 million and $1.5 million depending on the molecule. And then there's another $1 million to $1.5 million in Stage 3. Overall, I mean we're doing our best to try to shrink development within 24 months from 0 to finalized Stage 3. When you finish Stage 3, you're basically ready to go into production.

所以第 1 階段通常合約規模大約在 50 萬美元左右。進入第 2 階段通常是 100 萬到 150 萬美元的合約，視分子而定。然後在第 3 階段還會有另外 100 萬到 150 萬美元。整體而言，我們會盡最大努力把開發期壓縮在 24 個月內，從 0 到完成第 3 階段的定案。當你完成第 3 階段時，基本上就準備好進入量產。

So that's how the way you should be looking at it. Stage 2, $1 million to $1.5 million, Stage 3, $1 million to $1.5 million.

所以你應該用這樣的方式來看待它。第 2 階段，100 萬到 150 萬美元；第 3 階段，100 萬到 150 萬美元。

And what happens to expenses during that transition?

那麼在那段轉換期間，費用會發生什麼變化？

So when we -- completing Phase 2 mean I have biomass that not only validates the proposition, but enough to be able to let the customer do whatever trials, perception trials, clinical trials, whatever pre-commercial trials, that would be yet one more big step towards derisking the proposition. I mean normally Stage 1 is the riskiest -- we haven't seen anything in the past that shows that Stage 2 -- if you have Stage 1, if you cross Stage 1 that you're on, you can do Stage 2.

所以當我們——完成第二階段時，代表我已經有生物質，不僅能驗證這個主張，而且量也足夠讓客戶進行任何試驗、感知試驗、臨床試驗，或任何商業化前的試驗；這將是朝著降低該主張風險邁出的又一大步。我的意思是，一般來說第一階段風險最高——我們過去沒有看到任何情況顯示第二階段——如果你有第一階段、如果你跨過第一階段，就表示你已經在軌道上，可以做第二階段。

But then you have the final -- end of Stage 2, you know what the final product is. You know exactly what the COA is going to be, what the cost structure is and you know the efficacy because you can start sampling, testing, et cetera. We're looking at the difference between having milligrams or grams and having a few kilograms at the end of Stage 2.

但到了最後——第二階段結束時，你就知道最終產品是什麼。你會非常清楚 COA 會是什麼、成本結構是什麼，而且你也會知道效力，因為你可以開始取樣、測試等等。我們在看的差異，是第二階段結束時從只有毫克或克的量，變成有幾公斤的量。

And then really once the customer at Stage 2 and normally, people start having -- making their mind about the move from -- so for example, you see that between completion of Stage 1 and signing an agreement of Stage 2 sometimes it's a matter of a few weeks. I expect between Stage 2 and Stage 3 maybe a little longer, maybe one month or two or maybe even three months lag between the two.

然後其實一旦客戶到了第二階段，通常大家就會開始——開始下定決心要從——例如你會看到，從完成第一階段到簽署第二階段協議，有時候只需要幾週。我預期第二階段到第三階段可能會久一點，兩者之間可能會有一個月、兩個月，甚至三個月的時間差。

What the good news is we're able -- before the end of the stage, we're able to provide some materials so people can start doing some tests and not necessarily waiting until the end because what we -- optimally is we want to make sure that people can move as fast as possible between one stage and another.

好消息是，在階段結束之前，我們就能——提供一些材料，讓大家可以開始做一些測試，而不一定要等到最後，因為我們——理想狀態是希望確保大家能在不同階段之間以最快速度推進。

And then shifting gears for a second. Can you give us an update on the status of the development of the new plant, both from an operational standpoint as well as a financial standpoint?

接著我們先換個話題。你能否就新廠的開發進度，從營運面以及財務面，給我們一個最新狀況？

The new manufacturing facility you're talking about the -- Sean?

你說的是新的製造設施——Sean？

Yes.

是的。

So we are looking at starting to produce in the second half of next year, which means that I still will run in parallel the two facilities. Ultimately, the goal is down the road because the second -- the new facility is a more efficient facility. Hopefully, you're going to see that in terms of gross margin, et cetera.

所以我們預計在明年下半年開始生產，這表示我仍會讓兩個設施並行運作。最終的目標是在更長遠的未來，因為第二座——新設施是一個效率更高的設施。希望你們會在毛利率等方面看到這一點。

So sometime in 2028, we're looking at reducing capacity in the second -- in the first facility in favor of increasing capacity in the second facility. But we're starting to add capacity in the second half above what we have in the first one in the second half of next year.

所以大約在 2028 年的某個時候，我們會考慮降低第二——也就是第一座設施的產能，轉而提高第二座設施的產能。但在明年下半年，我們會開始在第二座設施增加產能，且會高於第一座目前的水準。

Okay. And in terms of cash flow and investment, I thought there'd be more investments reflected in the --

好的。那在現金流與投資方面，我原本以為會在——

We're looking at what we have in our coffers, and we believe we have sufficient funds. We're doing some prioritization and trying to live within what we currently have. So we're optimizing a few areas. And so that what we have can suffice to complete the first -- at least the first step required to start producing.

我們在看我們目前的資金儲備，我們相信資金是足夠的。我們正在做一些優先順序的調整，並嘗試在現有資源範圍內運作。所以我們在幾個領域做最佳化。讓我們現有的資金足以完成第一——至少是啟動生產所需的第一步。

Now we may want to do additional things down the road that may require more capital, and then we'll see where we are in terms of earnings that we produce and the speed at which we need more capacity. My feeling is that the CDMO may actually be the contributor to try to get additional capital towards the second half of next year because of the required -- the faster requirement for capacity.

當然，未來我們可能還想做一些額外的事情，可能需要更多資本；到時我們會看我們的獲利狀況，以及我們需要更大產能的速度。我的感覺是，CDMO 可能會在明年下半年成為推動取得額外資本的貢獻者，因為產能需求——需要更快擴充產能。

And that would -- to me, would be good news, and that would be something that we would be able to finance in different ways. But remember, CDMO manufacturing would be done under contracts. It's not a D2C situation, but it will be done under contract. Ilan, do you want to add?

對我而言，那會——是好消息，而且那會是我們可以用不同方式來融資的事情。但請記得，CDMO 製造會是在合約之下進行。這不是 D2C 的情況，而是會在合約下完成。Ilan，你要補充嗎？

Yes. Sean, I just wanted to add that the focus of the team now, and this is something that Zaki is spending a lot of time getting into, is we're now finalizing the detailed engineering design drawings. I mean you can imagine it's a very serious undertaking that we are working through here to build this facility. This is the next generation of our technology. We're looking to really bring in a lot of AI and new layers of technology.

是的。Sean，我只是想補充，團隊目前的重點——這也是 Zaki 花很多時間深入參與的部分——是我們正在完成詳細的工程設計圖。你可以想像，建造這座設施是一項非常嚴肅且龐大的工程，我們正在逐步推進。這是我們技術的下一代。我們希望真正導入大量 AI 與新的技術層。

So the engineering work and the technical design -- detailed technical design work is paramount. We need to get it right. And that's why you're not seeing yet any of the long lead items from a CapEx perspective because we're now working through making some of those tough decisions as it relates to final technologies, final suppliers for specific technologies.

因此工程工作與技術設計——詳細技術設計工作至關重要。我們必須把它做對。這也是為什麼你們從資本支出（CapEx）的角度，還沒看到任何長交期項目，因為我們正在就一些艱難決策進行推進，這些決策涉及最終技術方案、以及特定技術的最終供應商選定。

There's a lot of testing that's going on across the world with different types of technology that we're looking at bringing into the facility from a harvesting perspective as well as drying, et cetera. But you should start to see that CapEx build in the second quarter and third quarter of this year.

目前全球各地正在進行大量測試，針對我們考慮導入到設施中的不同類型技術，包含採收端以及乾燥等。但你們應該會在今年第二季與第三季開始看到資本支出增加。

That's very helpful. And my final quick question maybe for Bar is when will the SEC filing hit? Because I don't see it yet in the SEC?

這非常有幫助。我最後一個簡短問題可能是問 Bar：SEC 的申報什麼時候會出來？因為我在 SEC 那邊還沒看到。

It should be out very soon.

應該很快就會發布。

There are no further questions at this time. I will now turn the call back to Dr. Zaki Rakib for closing remarks.

目前沒有其他問題。我現在把電話交回給 Zaki Rakib 博士作結語。

So I'm going to say what I said earlier in the call, I smell success. I saw success and I was able -- I hope I was able to speak about success. I'm really feeling strong confidence -- high confidence in the prospects of the business on both segments.

所以我會重申我在電話會議前面說過的話：我聞到了成功的味道。我看到了成功，而且我也——希望我能談清楚成功。我對業務在兩個板塊的前景都感到非常有信心——高度有信心。

The latest success in the CDMO have not only technological meanings, but financial meanings. Hopefully, we'll roll those soon with models that will be able to explain to you guys and to the market what they mean and when manufacturing starts kicking in, et cetera.

CDMO 的最新成功不僅具有技術意義，也具有財務意義。希望我們很快會用一些模型把這些成果推出，讓各位以及市場能理解它們代表什麼、以及製造何時開始發力等等。

So once again, I want to thank everyone here and looking forward for our next earnings in August, I guess.

所以再次感謝在場各位，也期待我們下一次的財報電話會議在八月，我想是這樣。

Yes, August.

是的，八月。

Yes. Thanks, everyone. Enjoy the rest of the day.

是的。謝謝大家。祝各位今天剩下的時間愉快。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。