(BLI) 2022 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Berkeley Lights Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions)

女士們，先生們，下午好。我叫艾比，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Berkeley Lights 第四季度和 2022 年全年收益電話會議。 （操作員說明）

And I will now turn the conference over to Suzanne Hatcher, you may begin.

我現在將會議轉交給 Suzanne Hatcher，你可以開始了。

Thank you, operator. Good afternoon everyone, and welcome to Berkeley Lights fourth quarter and full year 2022 earnings call reporting financial results for the quarter and year ended December 31, 2022. My name is Suzanne Hatcher, Vice President of Communications and Investor Relations at Berkeley Lights. I'm joined today by Dr. Siddhartha Kadia, Chief Executive Officer and Mehul Joshi, Chief Financial Officer.

謝謝你，運營商。大家下午好，歡迎來到 Berkeley Lights 第四季度和 2022 年全年財報電話會議，報告截至 2022 年 12 月 31 日的季度和年度財務業績。我叫 Suzanne Hatcher，Berkeley Lights 傳播和投資者關係副總裁。今天，首席執行官 Siddhartha Kadia 博士和首席財務官 Mehul Joshi 加入了我的行列。

Before we begin, I'd like to remind you that management will be make statements during this call that are forward-looking statements within the meaning of Federal Securities Laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. For more information, please refer to the risks, uncertainties and other factors discussed in our SEC filings.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，這些聲明屬於聯邦證券法含義內的前瞻性聲明。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與預期存在重大差異。如需更多信息，請參閱我們提交給 SEC 的文件中討論的風險、不確定性和其他因素。

Except as required by law, Berkeley Lights disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast on February 23, 2023.

除法律要求外，Berkeley Lights 不承擔更新或修改任何財務預測或前瞻性陳述的任何意圖或義務，無論是因為新信息、未來事件還是其他原因。本次電話會議包含時效性信息，僅以2023年2月23日現場直播為準。

With that, I'd like to turn the call over to Siddhartha.

有了這個，我想把電話轉給悉達多。

Thank you, Susan, and thank you, everyone, for joining us. This was a transformative year for Berkeley Lights as we made significant changes across the business. In 2022, we successfully completed the important AAV contract with Thermo Fisher, upgraded the software suite for Beacon and Lightning platforms, launched the Rabbit Memory B cell workflow to accelerate antibody discovery and extended our reach with multiple new customers, onboarding the Berkeley technology. We made several great additions to our management team, outlined a new strategic operating plan and hosted our first Investor Day.

謝謝蘇珊，也謝謝大家加入我們。今年對 Berkeley Lights 來說是變革性的一年，因為我們對整個業務進行了重大變革。 2022 年，我們成功完成了與 Thermo Fisher 的重要 AAV 合同，升級了 Beacon 和 Lightning 平台的軟件套件，推出了 Rabbit Memory B 細胞工作流程以加速抗體發現，並擴大了我們與多個新客戶的聯繫，採用了 Berkeley 技術。我們對管理團隊進行了多次重要補充，制定了新的戰略運營計劃並舉辦了我們的第一個投資者日。

And most recently, we announced plans to acquire IsoPlexis. After closing, the combination of Berkeley Lights and IsoPlexis will form a premier functional cell biology company PhenomeX, providing live cell biology research tools to deliver deep insights into cellular function and new perspectives on phenomes. I'm very excited for the future as we continue our transformation into growing, profitable and sustainable life sciences companies.

最近，我們宣布了收購 IsoPlexis 的計劃。關閉後，Berkeley Lights 和 IsoPlexis 的合併將形成一家一流的功能細胞生物學公司 PhenomeX，提供活細胞生物學研究工具，以深入了解細胞功能和對現象的新觀點。我對未來感到非常興奮，因為我們將繼續轉型為不斷增長、盈利和可持續發展的生命科學公司。

I will begin the call today by providing updates on the progress we made against all the pillars of our strategic operating plan and will then turn over the call to Mehul, who will review our fourth quarter and full year 2022 financial results in more detail.

我將在今天開始電話會議，介紹我們在戰略運營計劃的所有支柱方面取得的最新進展，然後將電話轉給 Mehul，他將更詳細地審查我們第四季度和 2022 年全年的財務業績。

Starting with our first strategic pillar, of building a world-class life sciences leadership team with a proven track record and profitably scaling life sciences tools companies. Since I joined Berkeley Lights nearly a year ago, we made significant progress building out a very strong team with seasoned executives. With external hires bringing leadership with deep life sciences experience as well as internal appointments that bring critical knowledge of the innovative technology platform at Berkeley Lights. This key hires include, Chief Financial Officer, Chief Human Resources Officer, Head of Strategy and Corporate Development and Chief Legal Officer. Additionally, with the anticipated closing of the acquisition of IsoPlexis, Sean Mackay will join the combined company as Chief Product Officer.

從我們的第一個戰略支柱開始，建立一個世界級的生命科學領導團隊，擁有良好的業績記錄和盈利規模的生命科學工具公司。自從我大約一年前加入 Berkeley Lights 以來，我們在建立一支由經驗豐富的高管組成的非常強大的團隊方面取得了重大進展。通過外部聘用帶來具有深厚生命科學經驗的領導力，以及帶來 Berkeley Lights 創新技術平台關鍵知識的內部任命。此次主要招聘包括首席財務官、首席人力資源官、戰略與企業發展主管和首席法務官。此外，隨著對 IsoPlexis 收購的預期完成，Sean Mackay 將加入合併後的公司擔任首席產品官。

Looking forward, we are focused on building a strong global commercial team in 2023 with the goal of establishing teams and partnerships in key regions. I'm confident, the combination of our experienced leadership team and a strengthened commercial team will drive a culture of innovation, customer centricity and the commitment to excellence in quality. We anticipate making additional commercial appointments in the next few weeks.

展望未來，我們的重點是在 2023 年建立一支強大的全球商業團隊，目標是在關鍵地區建立團隊和合作夥伴關係。我相信，我們經驗豐富的領導團隊和強大的商業團隊的結合將推動創新文化、以客戶為中心和對卓越質量的承諾。我們預計在接下來的幾週內進行更多的商業約會。

Moving on to our second strategic pillar of prioritizing R&D return on investment through increased focus and rigor on development initiatives. We made considerable progress in 2022 as we streamlined our R&D focus areas by narrowing the scope of many projects and shifting our product portfolio from complex, multi-generational launches to a more simplified approach. We believe this approach will enable us to better fulfill our customers' needs. As we have previously shared, we believe there is a significant opportunity for our technology to add value in cell and gene therapy space. We are focused on improving the cost and therapeutically relevant yields for manufacturing AAV-based gene therapies to our platform, and we'll continue to dedicate ample resources to development of an AAV manufacturing workflow throughout 2023.

繼續我們的第二個戰略支柱，即通過更加關注和嚴格發展計劃來優先考慮研發投資回報。我們在 2022 年取得了相當大的進步，因為我們通過縮小許多項目的範圍以及將我們的產品組合從復雜的多代發布轉變為更簡化的方法來簡化研發重點領域。我們相信這種方法將使我們能夠更好地滿足客戶的需求。正如我們之前分享的那樣，我們相信我們的技術有很大的機會在細胞和基因治療領域增加價值。我們專注於提高為我們的平台製造基於 AAV 的基因療法的成本和治療相關的產量，我們將在整個 2023 年繼續投入充足的資源來開發 AAV 製造工作流程。

We are seeking commercial and technology partners to develop a strong out-licensing technology model and are currently in discussions with several potential industry partners for this advanced therapy initiatives. We are also focusing our resources on TCR discovery, where our technology has been very useful for large companies involved in specialized, personalized cancer vaccines and enables people to make personalized (inaudible) around TCR similar to our antibody discovery workflow. We believe that these 2 areas have the highest value for our customers and consequentially for the entire biotech industry.

我們正在尋找商業和技術合作夥伴，以開發強大的對外許可技術模型，目前正在與幾個潛在的行業合作夥伴討論這一先進的治療計劃。我們還將我們的資源集中在 TCR 發現上，我們的技術對於從事專業、個性化癌症疫苗的大公司非常有用，並使人們能夠圍繞 TCR 進行個性化（聽不清），類似於我們的抗體發現工作流程。我們相信，這兩個領域對我們的客戶具有最高價值，因此對整個生物技術行業也具有最高價值。

Moving on to our third pillar of delivering consistent commercial execution through a new sales structure and enhanced product portfolio and pricing strategy. We are materially enhancing our approach to the market with the introduction of a more flexible configuration and pricing strategy that encompasses the total cost of ownership. In line with this approach, in early January, we introduced Beacon Select, a 2-chip single-cell optofluidic system for cell line development, enabling scientists to clone, culture, assay and select top clones in a single run on a single platform. The Select is approximately half the price of the previous Beacon model and will be available through different processing options, including capital placement, [lead] or reagent rental. With slightly reduced capability from our first platform, this will increase customer accessibility and expand the customer base as it is ideally suited for small to midsized biopharma and CROs and CDMOs.

繼續我們的第三個支柱，即通過新的銷售結構和增強的產品組合和定價策略提供一致的商業執行。通過引入包含總擁有成本的更靈活的配置和定價策略，我們正在實質性地改進我們的市場方法。根據這種方法，我們在 1 月初推出了 Beacon Select，這是一種用於細胞系開發的 2 芯片單細胞光流控系統，使科學家能夠在單一平台上的單次運行中克隆、培養、分析和選擇頂級克隆。 Select 的價格大約是之前 Beacon 型號的一半，並將通過不同的處理選項提供，包括資本配售、[鉛] 或試劑租賃。由於我們第一個平台的功能略有降低，這將增加客戶的可訪問性並擴大客戶群，因為它非常適合中小型生物製藥以及 CRO 和 CDMO。

We believe broadening our portfolio of platforms will allow us to access a wider array of potential customers in the market with the products that are more tailored to their needs and budgets. Going forward, we intend to launch application-specific models of Beacon system periodically. In line with this cadence, we expect to launch Beacon Quest, a lower-cost device in 10 days for the academic market in the second quarter for this year. We are already seeing early interest in this model. As we've said previously, in terms of our go-forward product roadmap, we believe that our technology can provide significant value in high-growth academic research segments, for example, gene editing and immuno-oncology applications. A top priority in 2023 will be to form academic collaboration pilot programs to help guide the design of this new application.

我們相信，擴大我們的平台組合將使我們能夠通過更適合他們的需求和預算的產品接觸市場上更廣泛的潛在客戶。展望未來，我們打算定期推出特定於應用程序的 Beacon 系統模型。按照這種節奏，我們預計將在今年第二季度為學術市場推出一款成本較低的設備 Beacon Quest，時間為 10 天。我們已經看到了對該模型的早期興趣。正如我們之前所說，就我們的未來產品路線圖而言，我們相信我們的技術可以在高增長的學術研究領域提供重要價值，例如基因編輯和免疫腫瘤學應用。 2023 年的首要任務是形成學術合作試點項目，以幫助指導這一新應用的設計。

Turning to our fourth strategic pillar of evaluating mergers and acquisitions opportunity that will help us accelerate profitable growth and leverage our cost structure. On December 21 last year, we announced our intention for consolidation in the single-cell biology industry with the combination of Berkeley Lights and IsoPlexis to create PhenomeX. This anticipated combination drives towards a broader, diversified cell biology company focused on understanding the phenome by providing a deeper analysis of cell function, while uniquely preserving the live cells of interest. The transaction is expected to close by the end of first quarter of 2023, and our integration planning is in full swing.

轉向我們評估併購機會的第四個戰略支柱，這將幫助我們加速盈利增長並利用我們的成本結構。去年 12 月 21 日，我們宣布了我們在單細胞生物學行業的整合意向，將 Berkeley Lights 和 IsoPlexis 合併，創建 PhenomeX。這種預期的組合推動了更廣泛、多元化的細胞生物學公司的發展，專注於通過提供更深入的細胞功能分析來理解現象，同時獨特地保存感興趣的活細胞。該交易預計將於2023年第一季度末完成，我們的整合計劃正在緊鑼密鼓地進行中。

When the merger closes, the combined company will have about 400-plus installed base in all the top 15 pharmaceutical companies by revenue and 80% of comprehensive cancer centers in the United States. Together, there will be more than 100 sales and support employees with greater reach to academic biopharma and CRO companies globally. Additionally, the combined company will have a strong 600 patent portfolio estate.

合併完成後，合併後的公司將在收入排名前 15 位的所有製藥公司和美國 80% 的綜合癌症中心擁有約 400 多個安裝基地。總共將有 100 多名銷售和支持員工，他們將更廣泛地接觸全球學術生物製藥和 CRO 公司。此外，合併後的公司將擁有強大的 600 項專利組合資產。

We will also have a balanced product portfolio with significantly diverse price points for our customers to access and substantially expanded reach to a much larger cell biology market. The combined product portfolio at PhenomeX will include our Beacon system, the Beacon Select for cell line development launched in January and the existing instrument platforms for IsoPlexis, IsoSpark and IsoLight. We expect to launch several new technology offering at PhenomeX in 2023. This includes the Beacon Select for antibody discovery workflow and Beacon Quest for the academic market in the second quarter of 2023 as well as IsoPlexis' bulk proteomics platform called CodePlex Q. We plan to unveil the PhenomeX comprehensive product roadmap in the summer of 2023 at a planned investor event.

我們還將擁有一個平衡的產品組合，其價格點非常多樣化，供我們的客戶進入並顯著擴大到更大的細胞生物學市場。 PhenomeX 的組合產品組合將包括我們的 Beacon 系統、1 月份推出的用於細胞系開發的 Beacon Select 以及用於 IsoPlexis、IsoSpark 和 IsoLight 的現有儀器平台。我們預計將在 2023 年的 PhenomeX 上推出幾項新技術產品。這包括 2023 年第二季度用於抗體發現工作流程的 Beacon Select 和用於學術市場的 Beacon Quest，以及 IsoPlexis 的名為 CodePlex Q 的大量蛋白質組學平台。我們計劃於 2023 年夏季在計劃的投資者活動中公佈 PhenomeX 綜合產品路線圖。

The combination of Berkeley Lights and IsoPlexis will represent an important milestone and lay a great foundation for a very strong life sciences tools company. Importantly, we expect this transaction to exploit our progress across every pillar of our strategic plan. We believe PhenomeX will have the power to bring to market much more ubiquitous cell biology tools, which could be used by every single scientific institution in the world. We look forward to joining forces with the IsoPlexis team as we embark on this new chapter and create value for our customers, employees and shareholders.

Berkeley Lights 和 IsoPlexis 的合併將代表一個重要的里程碑，並為一家非常強大的生命科學工具公司奠定良好的基礎。重要的是，我們希望這項交易能夠利用我們在戰略計劃的每個支柱上取得的進展。我們相信 PhenomeX 將有能力將更普遍的細胞生物學工具推向市場，世界上每一個科學機構都可以使用這些工具。我們期待著與 IsoPlexis 團隊攜手合作，共同開啟這一新篇章，為我們的客戶、員工和股東創造價值。

In addition to IsoPlexis, we recently acquired all the technology assets from Evorion Biotechnologies, developers of a system capable of live tracking cellular interactions. The alternative intellectual property approach to single-cell functional analysis called CellCity will help accelerate the development of our pipeline. With this purchase, Berkeley Lights acquired the entire patent portfolio, complete with 17 patent families in all CellCity prototypes and software source code for approximately $250,000 compared to the $20 million spent on developing the technology.

除了 IsoPlexis，我們最近還收購了 Evorion Biotechnologies 的所有技術資產，Evorion Biotechnologies 是能夠實時跟踪細胞相互作用的系統的開發商。稱為 CellCity 的單細胞功能分析的替代知識產權方法將有助於加速我們管道的開發。通過此次收購，Berkeley Lights 以大約 250,000 美元的價格獲得了整個專利組合，包括所有 CellCity 原型和軟件源代碼中的 17 個專利系列，而用於開發該技術的費用為 2000 萬美元。

Finally, I'd like to give an update on our fifth strategic pillar of generating positive operating cash flow. We are focused on building a growing, profitable and sustainable business rather than pursuing growth at any cost. When we first announced our new strategic operating plan, we anticipate that achieving this goal by 2025. We are making significant progress against our goal with revenue accelerated and supported by an updated, market-driven product portfolio and pricing strategy as well as disciplined expense and cash management.

最後，我想介紹一下我們產生正經營現金流的第五個戰略支柱的最新情況。我們專注於建立一個不斷增長、盈利和可持續的業務，而不是不惜任何代價追求增長。當我們首次宣布新的戰略運營計劃時，我們預計到 2025 年實現這一目標。我們正在朝著我們的目標取得重大進展，收入加速增長，並得到更新的、以市場為導向的產品組合和定價策略以及嚴格的費用和支持。現金管理。

We have taken several actions in Q1 2023 to reduce our overall headcount spend, including transitioning existing employees, approximately 9% of their workforce, closing open positions and reducing our consulting and contractor spend. This is in addition to our business optimization initiatives in July 2022.

我們在 2023 年第一季度採取了幾項措施來減少我們的總體員工支出，包括對現有員工（約佔其員工隊伍的 9%）進行轉型、關閉空缺職位以及減少我們的諮詢和承包商支出。這是對我們 2022 年 7 月的業務優化計劃的補充。

Now I would like to turn the call over to Mehul Joshi to discuss our fourth quarter and full year 2022 results.

現在我想把電話轉給 Mehul Joshi 來討論我們第四季度和 2022 年全年的業績。

Thank you, Siddhartha. Revenue in the fourth quarter was $17.8 million, bringing full-year results slightly above the range we preannounced in early January. Revenue this quarter was impacted by the timing of certain Beacon platform placements. And as previously communicated, our ongoing initiatives to reshape our partnerships and services business away from low-margin contracts to focused initiatives on AAV and TCR discovery. We also experienced a tightening macroeconomic environment, similar to what our industry has been facing, with elongated sales cycles and constrained capital budgets.

謝謝你，悉達多。第四季度的收入為 1780 萬美元，使全年業績略高於我們在 1 月初預先宣布的範圍。本季度的收入受到某些 Beacon 平台投放時間的影響。正如之前所傳達的那樣，我們正在進行的重塑我們的合作夥伴關係和服務業務的舉措，從低利潤合同轉向專注於 AAV 和 TCR 發現的舉措。我們還經歷了緊縮的宏觀經濟環境，類似於我們行業所面臨的情況，銷售週期延長，資本預算受限。

By geography, North America accounted for 30% of total revenue in the fourth quarter 2022, followed by APAC at 36% and EMEA at 34%. Platform revenue was $10.2 million in the fourth quarter 2022, up 5% compared to $9.7 million in the fourth quarter 2021. Our installed base grew by 7 placements during the fourth quarter of 2022, including 6 Beacon placements. This brings the total installed base to 135 platforms. Q4 sales were representative across all customer segments, including biopharma, CRO, CDMO and academic customers.

按地域劃分，北美佔 2022 年第四季度總收入的 30%，其次是亞太地區，佔 36%，歐洲、中東和非洲地區佔 34%。 2022 年第四季度平台收入為 1020 萬美元，比 2021 年第四季度的 970 萬美元增長 5%。我們的安裝基數在 2022 年第四季度增加了 7 個位置，其中包括 6 個 Beacon 位置。這使總安裝基數達到 135 個平台。第四季度的銷售額代表了所有客戶群，包括生物製藥、CRO、CDMO 和學術客戶。

Recurring revenue was $6.4 million in the fourth quarter of 2022, up 6% compared to $6.1 million in prior year. We are focused on expanding the installed base to drive stable, predictable recurring revenue. Revenue from partnerships and services decreased to $1.2 million in the fourth quarter 2022 compared to $7.4 million in the prior year. This includes revenue from Vestaron and Bayer partnerships. Both of these partnership contracts are now complete, and we expect no revenue from strategic partnerships and services agreements to be recognized in the first quarter of 2023. As we shift to the new operating model for our partnerships businesses, we see high levels of interest in our AAV and TCR discovery solutions and anticipate having a number of customer contracts in the second half of 2023.

2022 年第四季度的經常性收入為 640 萬美元，比去年同期的 610 萬美元增長 6%。我們專注於擴大安裝基礎以推動穩定、可預測的經常性收入。 2022 年第四季度，來自合作夥伴關係和服務的收入下降至 120 萬美元，而去年同期為 740 萬美元。這包括來自 Vestaron 和拜耳合作夥伴關係的收入。這兩項合作合同現已完成，我們預計 2023 年第一季度不會確認來自戰略合作夥伴關係和服務協議的收入。隨著我們轉向合作夥伴業務的新運營模式，我們看到對我們的 AAV 和 TCR 發現解決方案，並預計在 2023 年下半年獲得大量客戶合同。

Gross profit for the fourth quarter of 2022 was $12 million compared to $16 million in the prior year. Gross margin for the fourth quarter of 2022 was 67.3% compared to 68.8% in the fourth quarter of 2021.

2022 年第四季度的毛利潤為 1200 萬美元，而去年同期為 1600 萬美元。 2022 年第四季度的毛利率為 67.3%，而 2021 年第四季度為 68.8%。

Operating expenses in the fourth quarter 2022 were $41.7 million, inclusive of $5.1 million of stock-based compensation, compared to OpEx of $33.8 million, inclusive of $5.1 million of stock-based compensation in the same period of the prior year. Operating expenses in Q4 2022 included large one-time fees for legal expenses related to a customer arbitration, expenses for M&A and approximately $2.5 million of noncash restructuring expense as we continue to streamline and simplify our business.

2022 年第四季度的運營支出為 4170 萬美元，包括 510 萬美元的股票薪酬，而去年同期的運營支出為 3380 萬美元，包括 510 萬美元的股票薪酬。 2022 年第四季度的運營費用包括與客戶仲裁相關的大筆一次性法律費用、併購費用以及約 250 萬美元的非現金重組費用，因為我們將繼續精簡和簡化我們的業務。

Net loss for the fourth quarter 2022 was $29.3 million compared to a loss of $17.7 million for the prior year period. All net loss numbers are inclusive of stock-based compensation and restructuring expenses. We are laser-focused on operating expenses and cash flow and expect our Q1 OpEx to be down approximately 25% from Q4 of 2022.

2022 年第四季度的淨虧損為 2930 萬美元，而去年同期為虧損 1770 萬美元。所有淨虧損數字均包括基於股票的補償和重組費用。我們非常關注運營費用和現金流，預計我們第一季度的運營支出將比 2022 年第四季度下降約 25%。

Looking at the full year, total revenue for 2022 was $78.6 million, down 8% year-over-year. Regionally, North America accounted for 49% of total revenues in the year, followed by APAC at 34% and EMEA at 17%. For 2022, revenue from direct platform sales totaled $35.8 million, driven by 24 placements in 2022. Recurring revenue was $24.8 million, an increase of 30% from 2021. Partnerships and services revenue was $18 million compared to $19.9 million in 2021 and reflects our shift in strategy away from low-margin business.

從全年來看，2022 年的總收入為 7860 萬美元，同比下降 8%。從地區來看，北美佔當年總收入的 49%，其次是亞太地區，佔 34%，歐洲、中東和非洲地區佔 17%。 2022 年，直接平台銷售收入總計 3580 萬美元，受 2022 年 24 次安置的推動。經常性收入為 2480 萬美元，比 2021 年增長 30%。合作夥伴關係和服務收入為 1800 萬美元，而 2021 年為 1990 萬美元，這反映了我們的轉變在遠離低利潤業務的戰略中。

Gross profit for full year 2022 was $53.8 million compared to $56.6 million in the prior year. Gross margin for 2022 was 68.4% compared to 66.2% in the prior year. Total operating expenses in 2022 were $151.8 million, comprising $53.2 million of R&D expenses, $95.1 million of SG&A and $3.5 million of restructuring costs. Stock-based compensation included in operating expenses was $22.2 million and increased approximately $1 million year-over-year.

2022 年全年的毛利潤為 5380 萬美元，上年為 5660 萬美元。 2022 年的毛利率為 68.4%，上年為 66.2%。 2022 年的總運營費用為 1.518 億美元，其中研發費用為 5320 萬美元，SG&A 費用為 9510 萬美元，重組費用為 350 萬美元。計入運營費用的股票薪酬為 2220 萬美元，同比增加約 100 萬美元。

Net loss for 2022 was $98.0 million compared to a loss of $71.7 million in 2021. We ended the year with a cash balance of $132.8 million, which included our cash, cash equivalents and short-term marketable securities, representing a cash burn of approximately $11 million from the end of the fourth quarter 2022.

2022 年的淨虧損為 9,800 萬美元，而 2021 年為虧損 7,170 萬美元。到年底，我們的現金餘額為 1.328 億美元，其中包括我們的現金、現金等價物和短期有價證券，現金消耗約為 11 美元百萬從 2022 年第四季度末開始。

Our ending cash balance also reflects approximately $9.2 million that was recovered due to the unauthorized issuance of shares that we previously announced in 8-Ks filed with the SEC dated December 16, 2022 and February 14, 2023. Our cash is being managed appropriately and we reached our year-end cash balance goal. Our available liquidity is $142.8 million, which includes our revolving credit facility. At this time, we will not be providing 2023 guidance given the pending acquisition of IsoPlexis which we expect to close in March. We affirm our commitment to the goal of being operating cash flow positive earlier and will provide guidance after 1 full quarter at PhenomeX.

我們的期末現金餘額還反映了大約 920 萬美元，這是由於我們之前在 2022 年 12 月 16 日和 2023 年 2 月 14 日向美國證券交易委員會提交的 8-K 文件中宣布的未經授權的股票發行而收回的。我們的現金得到了適當的管理，我們達到了我們的年終現金餘額目標。我們的可用流動資金為 1.428 億美元，其中包括我們的循環信貸額度。目前，鑑於我們預計將於 3 月完成對 IsoPlexis 的未決收購，我們將不會提供 2023 年的指導。我們申明我們對早日實現運營現金流為正的目標的承諾，並將在 PhenomeX 的 1 個完整季度後提供指導。

With that, we will now open it up to questions. Operator?

有了這個，我們現在將開放它來提問。操作員？

(Operator Instructions) And we will take our first question from Tejas Savant with Morgan Stanley.

（操作員說明）我們將與 Morgan Stanley 一起回答 Tejas Savant 的第一個問題。

Hey, guys, this is Edmond on for Tejas. Siddhartha, you mentioned integration planning. I was just wondering if you could provide more details around that. Ahead of the deal, what have you done to ensure that you'll hit the ground running upon the close of the deal?

嘿，伙計們，我是 Edmond 的 Tejas。悉達多，你提到整合計劃。我只是想知道您是否可以提供更多詳細信息。在交易之前，您做了哪些工作來確保您在交易結束後立即投入運營？

Yes. We have a very strong integration planning push ongoing ever since we announced the transaction in December. And I'm happy to report that we are making very strong progress on all matters. Perhaps to just set a context for what is this indication about? There are 3 main areas of synergies -- the word synergy not just being about the cost, but about synergistic business processes between Berkeley Lights and IsoPlexis. Number one is to make sure that we are utilizing the SG&A structure, specifical G&A structure built in case of IsoPlexis and Berkeley Lights for both of those being public companies that have significant expense structure built to support these 2 companies to come to public markets. And there is a significant amount of cost reduction that will take place between those functions.

是的。自去年 12 月宣布交易以來，我們一直在大力推進整合計劃。我很高興地報告，我們在所有問題上都取得了非常大的進展。也許只是為這個指示的內容設置一個上下文？協同作用有 3 個主要領域——協同作用這個詞不僅與成本有關，還與 Berkeley Lights 和 IsoPlexis 之間的協同業務流程有關。第一是確保我們正在利用 SG&A 結構，在 IsoPlexis 和 Berkeley Lights 的情況下建立的特定 G&A 結構，這兩家公司都是上市公司，這些公司有大量的費用結構來支持這兩家公司進入公開市場。這些功能之間將大大降低成本。

Next, if we talk about the sales and marketing function, this transaction provided opportunity for both companies to significantly expand the commercial reach. The combined company will have more than 100 people across the world, supporting sales, marketing, customer service, support and technical services functions. And in fact, for a company of this scale, that is a very nice scale for us to be able to achieve very quickly in very technical areas of commercialization that is very difficult to build. So it gives us a significant advantage in coming to the market across all the geographies with a combined sales and marketing footprint.

接下來，如果我們談論銷售和營銷功能，此次交易為兩家公司提供了顯著擴大商業範圍的機會。合併後的公司將在全球擁有 100 多名員工，支持銷售、營銷、客戶服務、支持和技術服務職能。事實上，對於這種規模的公司來說，這是一個非常好的規模，讓我們能夠在非常難以建立的非常技術性的商業化領域非常迅速地實現。因此，它為我們提供了一個顯著的優勢，可以通過合併的銷售和營銷足跡進入所有地區的市場。

The third area of integration is in the innovation. Here, both companies being small companies with a very high expectations on growth on these very small companies have invested ahead of the time on research and development initiatives. And oftentimes, what I have found throughout my career and especially through here between both companies that there is a lot of initiatives in place. And in fact, when there is way too many initiatives, it is not easy to execute against all of them. So we have taken the approach of simplification between the 2 businesses and focusing on a few initiatives and doing them really well.

第三個融合領域是創新。在這裡，兩家公司都是小公司，對這些非常小的公司的增長抱有很高的期望，已經提前投資於研發計劃。通常，在我的整個職業生涯中，尤其是在兩家公司之間，我發現有很多舉措已經到位。事實上，當有太多計劃時，要對所有計劃執行起來並不容易。因此，我們採取了簡化這兩項業務的方法，專注於一些舉措並將它們做得很好。

What is even more important to highlight here is the company has come with incredible technology overlap. Berkeley Lights platform has an ability to -- sort of really unprecedented ability to track live cells, manipulate them and still recover them for future analysis. IsoPlexis technology allows those cells to be studied in an incredible depth with a level of analysis that has not been seen before by other tools. And at the same time, from a commercial perspective, IsoPlexis technology is introduced in a box that is significantly lower cost than a Berkeley Lights platform.

更重要的是要強調的是，該公司擁有令人難以置信的技術重疊。 Berkeley Lights 平台有能力——一種真正前所未有的能力來跟踪活細胞、操縱它們並仍然恢復它們以供未來分析。 IsoPlexis 技術允許以令人難以置信的深度研究這些細胞，其分析水平是其他工具以前從未見過的。同時，從商業角度來看，IsoPlexis 技術被引入一個比 Berkeley Lights 平台成本低得多的盒子中。

For example, IsoPlexis' technologies offered in the market anywhere between USD100,000 and USD250,000 of value, whereas the Berkeley Lights platform is sold between USD1 million to USD2 million of pricing point. Going forward, we are making significant progress on our innovation teams to come together to offer as many of our competencies from technology perspectives in a lower-cost device, that is a much more stronger software suite, which we were able to fortunate to be formed in IsoPlexis, the software capabilities of IsoPlexis team is fantastic, and it really has created a push button, answer in a box kind of a device approach to be used in life sciences tools industry, which we are very keen to combine for our combined portfolio.

例如，IsoPlexis 的技術在市場上的價值在 100,000 美元到 250,000 美元之間，而 Berkeley Lights 平台的售價在 100 萬美元到 200 萬美元之間。展望未來，我們的創新團隊正在取得重大進展，他們將齊心協力，從技術角度在低成本設備中提供盡可能多的能力，這是一個更強大的軟件套件，我們很幸運能夠組建它在 IsoPlexis 中，IsoPlexis 團隊的軟件功能非常棒，它真的創造了一個按鈕，在盒子裡回答一種用於生命科學工具行業的設備方法，我們非常希望將其結合起來用於我們的組合產品組合.

So hopefully, this gives you an idea. Overall, I do want to tell you that the combined company's cost structure was about $200 million. The revenue base that combined company has does not need that level of expenditure and we are committed to going after approximately $70 million of cost reductions, majority of it will come from obvious functions like public company expense reductions, but also some of that will come from synergizing our research and development initiatives for company to be effectively managing our execution plans. Hopefully, this is comprehensive and happy to answer further questions on this.

所以希望這能給你一個想法。總的來說，我確實想告訴你，合併後公司的成本結構約為 2 億美元。合併後的公司的收入基礎不需要那麼多的支出，我們致力於削減大約 7000 萬美元的成本，其中大部分將來自明顯的功能，如上市公司的費用削減，但也有一些來自協同公司的研發計劃，有效管理我們的執行計劃。希望這是全面的，並樂於回答有關此的進一步問題。

And I guess just stemming on the back of the innovation point and bringing the 2 technologies together, I mean, now that the deal has been announced for a couple of months, have you started to get any early customer feedback on the possibilities of merging these technologies together and any interesting applications?

而且我想只是基於創新點並將這兩種技術結合在一起，我的意思是，現在交易已經宣布幾個月了，你是否開始獲得任何關於合併這些可能性的早期客戶反饋？技術和任何有趣的應用？

Yes. In fact, that's a great question, Edmond. We often when individual company employees have reached out to our customers for what additional things they would like, especially in the area of cell and gene therapy, there is a tremendous demand for people to use these 2 technologies in tandem. In other words, people are often interested in preserving the cells of interest from Berkeley Lights platform and then doing the deeper analysis on the IsoPlexis' platform, and that combination has been requested by customers. So, I mean, the casual discussions for quite some time. And in fact, that is not the main reason for the technology overlap that has given us the attractiveness to bring these 2 companies together, both for us as well as for the IsoPlexis' management team.

是的。事實上，這是一個很好的問題，Edmond。我們經常在個別公司員工與我們的客戶聯繫，詢問他們想要什麼額外的東西時，尤其是在細胞和基因治療領域，人們非常需要同時使用這兩種技術。換句話說，人們通常有興趣從 Berkeley Lights 平台保存感興趣的細胞，然後在 IsoPlexis 的平台上進行更深入的分析，而客戶要求這種組合。所以，我的意思是，隨意討論了很長一段時間。事實上，這並不是技術重疊的主要原因，技術重疊讓我們有吸引力將這兩家公司聚集在一起，無論是對我們還是對 IsoPlexis 的管理團隊。

However, we would be unveiling of the full detailed comprehensive product roadmap for the combined companies to bring to market in 2024 and beyond, we will be disclosing that sometime in December once we have a full work-to-work with our colleagues on the other side for a full quarter or so in the 2023 year.

但是，我們將公佈合併後公司在 2024 年及以後推向市場的完整詳細的綜合產品路線圖，我們將在 12 月的某個時候與另一方的同事進行全面的工作對接後披露。在 2023 年的整個季度左右。

And we will take our next question from Chad Wiatrowski with Cowen.

我們將與 Cowen 一起接受 Chad Wiatrowski 的下一個問題。

Hi, Chad Wiatrowski on for Steven Mah. With regards to the AAV and TCR discovery customer contracts that you're expecting to come this year, what can we expect in terms of deal structure? Specifically, are you noticing any hesitancy from prospective partners to deploy R&D dollars upfront? And does that create an opportunity to capture any downstream economics?

嗨，Chad Wiatrowski 代替 Steven Mah。關於您預計今年將獲得的 AAV 和 TCR 發現客戶合同，我們在交易結構方面可以期待什麼？具體來說，您是否注意到潛在合作夥伴對預先部署研發資金猶豫不決？這是否創造了捕捉任何下游經濟的機會？

Chad, I think depending on the type of customer we are talking about, there is different arrangements we're going to make. So we're not going to go into specific details here on the structure of specific customers. But I can tell you that our first very successful customer experience in that was all upfront R&D dollars. We believe that the value is significant and for us to fully capture the value. We're going to want to have further contracts structured in a way that allows us to participate in the downstream revenue in addition to having a reasonable margin business for providing the services in the first phase.

乍得，我認為根據我們所談論的客戶類型，我們將做出不同的安排。因此，我們不打算在這裡詳細介紹特定客戶的結構。但我可以告訴你，我們在這方面的第一個非常成功的客戶體驗都是前期研發資金。我們相信價值是重要的，我們可以充分捕捉價值。除了在第一階段提供服務的合理保證金業務之外，我們還希望進一步簽訂合同，使我們能夠參與下游收入。

So going forward, you will see a -- our target margins are actually in that north of 60%, 70% gross margins. In addition to that, we would be expecting that customers share with us the downstream value creation because the value creation, as you talked about it, instead of doing these kind of projects, Berkeley Lights platform could be used in all sorts of research applications. And frankly, we could get boil the ocean approach here, but we've identified 2 places, where the opportunity for us is high, but more importantly, opportunities for our customers to add value for their customers is even very, very strong here and that allows us to reasonably expect participation in the downstream economics. So you should expect more of that, but there's a lot more discussions and negotiations going on, so I'm not going to comment on the specifics right now.

所以展望未來，你會看到——我們的目標利潤率實際上在 60%、70% 的毛利率以北。除此之外，我們希望客戶與我們分享下游價值創造，因為價值創造，正如你所說的，而不是做這些類型的項目，Berkeley Lights 平台可以用於各種研究應用。坦率地說，我們可以在這裡採用沸騰的方法，但我們已經確定了兩個地方，我們的機會很大，但更重要的是，我們的客戶為他們的客戶增加價值的機會在這裡甚至非常非常強大，這使我們能夠合理地期望參與下游經濟。所以你應該期待更多，但是還有更多的討論和談判正在進行，所以我現在不打算對細節發表評論。

And then just regarding the combined sales force, do you expect to cross-train both reps? And are there any opportunities like with the launch of the Beacon 1 plan for this year to maybe leverage each other's existing sales channels?

然後就合併後的銷售人員而言，您是否希望對兩個銷售代表進行交叉培訓？是否有機會像今年推出 Beacon 1 計劃那樣利用彼此現有的銷售渠道？

It's a fantastic question, Chad. And yes, the Beacon 1 has been renamed to Beacon Quest, implying the Quest as in discovery and science in the research academic market. And you are absolutely correct. One good thing about these 2 companies coming together is not just a random marriage of 2 life sciences tools companies with very different product lines. These are both cell biology-based companies, both serving in customer segments that are overlapping and speaking the common language. So we will be able to cross-train the personnel and that is a very large focus for our integration planning. Of course, the transaction is not closed here. We are expecting it to close in the next few weeks here. And as soon as the transaction is closed, we intend to start the cross-training between the 2 teams.

這是一個很好的問題，乍得。是的，Beacon 1 已更名為 Beacon Quest，這意味著 Quest 就像研究學術市場中的發現和科學一樣。你是絕對正確的。這兩家公司合併的一個好處不僅僅是兩家產品線截然不同的生命科學工具公司的隨機結合。這兩家公司都是以細胞生物學為基礎的公司，服務於重疊的客戶群並使用共同語言。因此，我們將能夠對人員進行交叉培訓，這是我們整合規劃的一個非常大的重點。當然，交易並沒有在這裡結束。我們預計它會在接下來的幾週內在這里關閉。一旦交易完成，我們打算開始兩支球隊之間的交叉訓練。

And just to add one more thing to that, Chad, just one more thing on that, Chad. Berkeley Lights capabilities on a commercial side has been significantly invested in the biopharmaceutical customer segment. We have some academic markets transactions, but not because we specifically targeted salespeople to that segment until recently. However, the IsoPlexis' team is very strong in academic market segment and has a significant academic presence. In fact, many of the units are actually placed in the largest cancer research centers in North America and a very strong presence in terms of the combined installed base.

查德，再補充一件事，乍得，再補充一件事。 Berkeley Lights 在商業方面的能力已在生物製藥客戶領域進行了大量投資。我們有一些學術市場交易，但不是因為我們直到最近才專門針對該細分市場的銷售人員。然而，IsoPlexis 的團隊在學術細分市場非常強大，具有重要的學術影響力。事實上，許多單位實際上位於北美最大的癌症研究中心，並且在綜合安裝基礎方面非常強大。

As we mentioned in the prepared remarks, approximately a total of 400 installed base, really giving us a much significant increase, not only from our customer access from a sales point of view, but also having a lot more customers who can speak for us. Every week, there is a publication with site, a product that was used from either company's products now.

正如我們在準備好的評論中提到的那樣，總共約有 400 個安裝基數，這確實給我們帶來了顯著的增長，不僅從銷售的角度來看我們的客戶訪問，而且還有更多的客戶可以為我們說話。每週都會有一個帶有站點的出版物，該產品現在使用的是兩家公司的產品。

And we will take our next question from Mark Massaro with BTIG.

我們將接受來自 BTIG 的 Mark Massaro 的下一個問題。

Hey, guys. This is Vidyun on for Mark. So I believe IsoPlexis didn't yet report their final Q4 results. Is it your view that they're also be impacted by instrument placement timing and longer sales cycles? And on that note, how many placements during the quarter for Berkeley Lights, where tech access subscription? If you could give us any flavor there?

大家好。這是馬克的 Vidyun。所以我相信 IsoPlexis 還沒有報告他們第四季度的最終結果。您是否認為它們也受到儀器放置時間和更長銷售週期的影響？關於這一點，Berkeley Lights 在本季度有多少展示位置，其中技術訪問訂閱？如果你能給我們一些味道？

So we're still an independent company. So we're not going to comment on IsoPlexis fourth quarter results. You'll have to wait until they publish their results. On the number of placements, we had 7 placements in the fourth quarter, 6 were Beacon placements and one was a lightning placement. So those were capital sales. We did not earn any revenue from tech access -- a new tech access placement. However, we have booked the tech access placement that will get installed and start earning revenue shortly.

所以我們仍然是一家獨立的公司。因此，我們不會對 IsoPlexis 第四季度的業績發表評論。你必須等到他們公佈他們的結果。在投放數量上，第四季度我們有7個投放，6個是Beacon投放，1個是Lightning投放。所以這些都是資本銷售。我們沒有從技術訪問中獲得任何收入——一種新的技術訪問安置。但是，我們已經預訂了將很快安裝並開始賺取收入的技術訪問位置。

Just a quick follow-up. You briefly mentioned, I think, the acquisition of the patent portfolio. So what's your updated thinking around M&A? Or is the focus in the coming months primarily going to be on IsoPlexis integration?

只是快速跟進。我認為你簡要提到了專利組合的收購。那麼您對併購的最新想法是什麼？還是未來幾個月的重點主要放在 IsoPlexis 集成上？

Yes. Vidyun, for the next quarter, we are super focused on executing the integration planning and the subsequent actions that need to take place and an entire management team is right now fully focused on that on both sides. As we discussed earlier on the call, there's also a lot of heavy lift to be done on a commercial integration and training, cross-training across the business as well as a significant amount of work to do on making sure that we have a robust product portfolio roadmap for the next 3 years, and we'll be unveiling all of that later in the summer at the Investor Day.

是的。 Vidyun，對於下個季度，我們將非常專注於執行整合計劃和需要採取的後續行動，整個管理團隊現在完全專注於雙方。正如我們之前在電話會議上討論的那樣，在商業整合和培訓、跨業務的交叉培訓以及確保我們擁有強大產品方面還有大量工作要做未來 3 年的投資組合路線圖，我們將在夏季晚些時候的投資者日公佈所有這些路線圖。

However, I think to go back to the transaction you mentioned, it was a transaction that was pursued in parallel with IsoPlexis and it is quite interesting people who -- the asset actually was in Germany with some very capable engineers and scientists trying to do this work around cell-cell interactions. As we engage with them, we saw that there is something very important here that we could leverage into our combined platforms, especially as we were already discussing the combination with IsoPlexis. We saw a huge opportunity for us to acquire total assets at a -- significant discount at a 1% of the total investment value for which it was created, approximately $250,000 for an asset that was (inaudible) after $20 million of investments. We believe this kind of opportunistic transactions are something we'll still keep an eye on.

然而，我想回到你提到的交易，這是與 IsoPlexis 並行進行的交易，非常有趣的人 - 資產實際上在德國，一些非常有能力的工程師和科學家試圖做到這一點解決細胞間相互作用。當我們與他們接觸時，我們看到這裡有一些非常重要的東西我們可以利用到我們的組合平台中，尤其是當我們已經在討論與 IsoPlexis 的組合時。我們看到了一個巨大的機會，可以以創建總投資價值的 1% 的顯著折扣收購總資產，大約 250,000 美元的資產在 2000 萬美元的投資後（聽不清）。我們相信這種機會主義交易是我們仍然會關注的事情。

This is a kind of a matter of perspective on the industry, life sciences tools industry got tremendous investment in what was the end stage of the bull markets in the world, approximately $4 billion to $5 billion of venture capital funding and related funding had gone into creating all sorts of life sciences to this company and then candidly, unfortunately, not many of these technologies will become companies and not that many of the companies that have formed will become going concerns. And therein lies the opportunity for a company like us, having a robust leadership team and a very clear pathway for becoming a broad functional cell biology company to be very selective about it, but then also be very strategic about continuing to look for assets like this. So we will not be making any large transaction announcements in Q2, I can assure you of that, but we'll continue to look for opportunistic transactions like the one we just described today.

這是一個行業角度的問題，生命科學工具行業在世界牛市末期得到了巨大的投資，大約有 40 億到 50 億美元的風險投資資金和相關資金進入為這家公司創造各種生命科學，然後坦率地說，不幸的是，這些技術中沒有多少會成為公司，而且已經形成的許多公司也不會成為持續經營的公司。對於像我們這樣擁有強大的領導團隊和成為一家廣泛的功能性細胞生物學公司的非常明確的途徑的公司來說，這其中存在著機會，可以對其進行非常有選擇性的選擇，但同時也非常有戰略意義地繼續尋找這樣的資產.因此，我們不會在第二季度發布任何大型交易公告，我可以向你保證，但我們將繼續尋找像我們今天剛剛描述的那樣的機會主義交易。

We will take our next question from Matt Larew with William Blair.

我們將接受馬特·拉魯和威廉·布萊爾的下一個問題。

Apologies if you covered this because some connecting issues early on. But just on Beacon Select, obviously, that launched in the quarter and that was something you expected. I just wanted to follow up to understand maybe early interest that you are seeing, obviously, is that different price point and opens up the market a bit more for you? So how maybe some of the preorder or customer conversation activity from the end of last year has converted into further interest or sales early on this year?

如果您因為早期的一些連接問題而覆蓋了這一點，我們深表歉意。但顯然，僅在 Beacon Select 上，它在本季度推出，這是你所期望的。我只是想跟進了解您可能看到的早期興趣，顯然，不同的價格點是否為您打開了更多市場？那麼去年年底的一些預訂或客戶對話活動如何在今年年初轉化為進一步的興趣或銷售？

Yes. So that's a great question. Let me just make sure that we explain sort of what we originally intended to launch Beacon Select later in the year, but we were able to accelerate launch of the Beacon Select in Q1 and specifically for cell line development workflow, which is where we initially thought there is going to be a significant demand for accessing our portfolio of products at a lower cost upfront in exchange for a higher consumable cost in the longer term.

是的。所以這是一個很好的問題。讓我確保我們解釋了我們最初打算在今年晚些時候推出 Beacon Select 的一些內容，但我們能夠在第一季度加快 Beacon Select 的推出，特別是細胞系開發工作流程，這是我們最初想到的將有大量需求以較低的前期成本獲取我們的產品組合，以換取長期較高的消耗品成本。

And we have -- as you know, the sales cycles for capital instrument is actually a 2- to 3-quarter long cycle. So we are building the funnel right now. Our salespeople are trained on the new tool now and they are building the funnel as we speak. So we don't have a specific funnel report to give out to you, but we have some early success in the transactions. We will disclose that when the Q1 is finished, but we will continue to inform you on that.

我們有——如您所知，資本工具的銷售週期實際上是一個 2 到 3 個季度的長周期。所以我們現在正在構建漏斗。我們的銷售人員現在接受了新工具的培訓，他們正在構建漏斗。所以我們沒有具體的漏斗報告可以提供給你，但我們在交易中取得了一些早期的成功。我們會在第一季度結束時披露，但我們會繼續通知您。

The second thing I would say is that given the Beacon Select success that we are seeing in the early discussions with the customers, we've also decided to launch a Beacon Select platform for antibody discovery workflow, which is a different application and we will be launching that sometime in Q2. Again, as our commercial team is getting more successful, explaining the total cost of ownership equation to our potential customers, this is something that we thought was valuable to do to lower that barrier -- upfront barriers for most of our customers. Hopefully, that answers your question, Matt.

我要說的第二件事是，鑑於我們在與客戶的早期討論中看到的 Beacon Select 成功，我們還決定推出用於抗體發現工作流程的 Beacon Select 平台，這是一個不同的應用程序，我們將在第二季度的某個時候推出。同樣，隨著我們的商業團隊越來越成功，向我們的潛在客戶解釋總擁有成本等式，我們認為這是降低障礙的有價值的事情——對我們大多數客戶來說是前期障礙。希望這能回答你的問題，馬特。

Yes. And Mehul, understanding that you're not providing guidance. It might be helpful if you could at least review for us any comp issues from the previous year, any previously communicated margin dynamics or seasonality issues, regional macro issues that you want us to be aware of as we're putting our models together ahead of a more formal update after the transaction closes?

是的。還有 Mehul，我知道你沒有提供指導。如果您至少可以為我們回顧一下前一年的任何補償問題、任何之前傳達的利潤動態或季節性問題、您希望我們在我們將模型放在一起之前了解的區域宏觀問題，這可能會有所幫助交易結束後更正式的更新？

Yes, I think Matt, let me take that and I'll hand over to Mehul for specifics on the discussions here. But just to be a step back for a second and make sure we explain the reason for not providing guidance. As you know, I've taken the job now for 3-plus full quarters coming on to my fourth quarter finish year as a CEO of this company. We came in and we have decided to look at everything with fresh set of eyes with a very specific orientation towards life sciences tools market and being very fast-based and fast-focused.

是的，我想 Matt，讓我接受這個，我將把這裡討論的細節交給 Mehul。但只是退後一步，確保我們解釋不提供指導的原因。如您所知，我已經擔任了 3 個多季度的工作，到第四季度結束時擔任這家公司的首席執行官。我們進來了，我們決定以全新的眼光看待一切，對生命科學工具市場有非常具體的定位，並且非常快速地建立基礎和快速聚焦。

We've made some significant progress on laying out the principles by which (inaudible) run the company. We believe that we made significant progress towards each one of the pillars that we laid out. And we were fortunate to be able to both identify and conclude a transaction that really lays out the proof of the strategy going forward. I think it will be imprudent for us not having managed that company under our wings until at least a quarter or so to start providing guidance for something we don't yet own. And I think it's important for us to just make sure that we make that after appropriate amount of deliberation and owning the business for a little bit.

我們在製定（聽不清）運營公司的原則方面取得了一些重大進展。我們相信，我們在製定的每一項支柱方面都取得了重大進展。我們很幸運能夠確定並完成一項真正為未來戰略提供證據的交易。我認為，如果我們至少在四分之一左右之前才開始管理那家公司，然後開始為我們尚未擁有的東西提供指導，那將是不明智的。而且我認為對我們來說重要的是確保我們在經過適當的審議並擁有一點業務之後做到這一點。

More importantly, as we plan through integration planning, we are making active trade-off decisions between cost and revenues and also synergies in all aspects of the company, including the operations function where gross margin is going to be designed between the 2 companies' product lines. There are significant opportunities for operational synergies, but it all requires a lot of heavy lift and work. So we need to own the business for a little bit before we start providing with specific guidance. We do, however, reaffirm our earlier statement that the combination will allow us to become cash flow positive earlier than when we stated in the previous discussions.

更重要的是，當我們通過整合規劃進行規劃時，我們正在成本和收入之間做出積極的權衡決策，也在公司的各個方面發揮協同作用，包括將在兩家公司的產品之間設計毛利率的運營職能線。運營協同效應的機會很大，但這都需要大量的繁重工作。因此，在我們開始提供具體指導之前，我們需要擁有一點業務。但是，我們確實重申我們早先的聲明，即合併將使我們能夠比我們在之前的討論中所說的更早地實現正現金流。

So with that, maybe let me hand over to Mehul to see if there's any specific that he can provide the color on.

因此，也許讓我交給 Mehul，看看他是否可以提供任何具體的顏色。

Yes. No, I don't think I'll provide any specifics. The only thing I'd add to what Siddhartha said, which I think was pretty comprehensive is as we combine our commercial teams and the footprint that we'll have and the cross-training that will occur, we believe having that coverage across multiple industry segments will enable us to drive revenue with our enhanced product portfolio, as we've talked about with the Beacon Select, Beacon Quest as well as the IsoPlexis products. And so we have high aspirations. But until we uncover all the details and create the integration strategy around commercial, we don't really want to lay out any specific guidance.

是的。不，我不認為我會提供任何細節。我唯一要補充的是 Siddhartha 所說的，我認為它非常全面，因為我們將我們的商業團隊和我們將擁有的足跡以及將發生的交叉培訓結合起來，我們相信覆蓋多個行業正如我們在 Beacon Select、Beacon Quest 以及 IsoPlexis 產品中談到的那樣，細分市場將使我們能夠通過增強的產品組合來推動收入。所以我們有遠大的抱負。但在我們發現所有細節並圍繞商業製定整合戰略之前，我們真的不想制定任何具體指導。

And we will take our last question from Gaurav Goparaju with Berenberg.

我們將與 Berenberg 一起回答 Gaurav Goparaju 的最後一個問題。

With the introduction of Beacon Select and incoming release of Beacon Quest, are you planning on offloading the TechAccess subscription as an option given seemingly muted demand there? And as a follow-up, why do you think customers are more receptive of the selecting Quest than they seemingly have been for TechAccess?

隨著 Beacon Select 的推出和 Beacon Quest 的即將發布，您是否計劃將 TechAccess 訂閱作為一個選項卸載，因為那裡的需求似乎很低？作為後續行動，為什麼您認為客戶更願意選擇 Quest，而不是 TechAccess？

Yes. Good question. We don't anticipate changing what has been offered to our customers. There are people who might only have an operational expenses budget. And for them, TechAccess is a better fit for them. Some people might have budget earmarked for capital purchases. And of course, that's a very different type of processes for organizations to run for spending their budgets, so we will offer both. The specifics on why it is more attractive. For economic market segment, anything north of $1 million is a very, very long shot unless it is absolutely something that is core to the person does for the work. Most academic grants don't justify that level of capital spend. So we have to introduce something that is more sensible for academic market segment, and that's what the Beacon Quest will do.

是的。好問題。我們預計不會改變向客戶提供的服務。有些人可能只有運營費用預算。而對於他們來說，TechAccess 更適合他們。有些人可能有專門用於資本購買的預算。當然，對於組織來說，這是一種非常不同的用於支出預算的流程，因此我們將同時提供這兩種流程。為什麼它更具吸引力的細節。對於經濟細分市場，任何超過 100 萬美元的東西都是一個非常非常遠的機會，除非它絕對是該人為工作所做的核心工作。大多數學術資助並不能證明這種水平的資本支出是合理的。所以我們必須引入一些對學術細分市場更敏感的東西，這就是 Beacon Quest 要做的。

With Beacon Select, we decided to go after a market segment that is not fully addressed here yet, which is the smaller to midsized biopharma companies as well as CROs. And some of the early-stage companies that interest in our technology, but do not have the capital upfront budget for $2 million. And again, it's valuable for us to be able to offer them a capital placement opportunity so that they can actually own the equipment, get their personal train and feel more confident rather than just getting a [TechAccess] which is a kind of a partial commitment on their part here. So hopefully, that explains to you.

通過 Beacon Select，我們決定追尋此處尚未完全解決的細分市場，即中小型生物製藥公司以及 CRO。還有一些對我們的技術感興趣但沒有 200 萬美元的前期資本預算的早期公司。再一次，能夠為他們提供資本配售機會對我們來說很有價值，這樣他們就可以真正擁有設備，獲得他們的私人培訓並感到更加自信，而不是僅僅獲得 [TechAccess]，這是一種部分承諾就他們而言。所以希望這能向你解釋。

You want to be flexible with the introduction of this amazing technology in a way that customers (inaudible) not sort of we dictate how the customers should access it.

您希望以一種客戶（聽不清）的方式靈活地引入這種驚人的技術，而不是我們決定客戶應該如何訪問它。

And then one quick follow-up from me, kind of on a similar angle. I know you mentioned, right, 1 lightning placements out of the 7. Overall, are you seeing any pickup or maybe just equilibrium in demand for Lightning and Culture Station?

然後是我的一個快速跟進，有點類似的角度。我知道你提到了 7 個中的 1 個閃電位置。總的來說，你是否看到對閃電和文化站的需求有任何回升或可能只是平衡？

It's a great question. As we said, there's few things about Lightning launch. I've evaluated sort of all the things that have happened in the company's commercial history for the last 4 years. And one of the things I think was a [miss thing] in our opportunity that Lighting was offered in a significantly lower feature set compared to what the customers can do. In fact, the export of cells is manual, which is one of those things that actually customers may or may not like because it requires a person to sit next to the machine for a long time to export the cells. And as a result, the technology is not offering in its full glory, if you will. So Beacon Quest has been kind of an answer for that.

這是一個很好的問題。正如我們所說，關於 Lightning 發布的內容很少。我評估了過去 4 年公司商業歷史上發生的所有事情。我認為其中一件事是我們機會中的一個 [miss thing]，即與客戶可以做的相比，Lighting 提供的功能集要低得多。事實上，細胞的導出是手動的，這是實際客戶可能喜歡或不喜歡的事情之一，因為它需要一個人長時間坐在機器旁邊才能導出細胞。因此，如果您願意，該技術並沒有提供其全部的榮耀。所以 Beacon Quest 是一種解決方案。

We are offering a large part of our capability to academic researchers in that Beacon Quest design that we are pursuing right now. And we believe that's actually a better solution for people who want to use our technology, not to say that some people are still not interested in Lightning depending on the application and the kind of labor resources they have to deploy against this technology. Some people still might want Lightning and we'll continue to support them with that. But our -- second thing I would say that our commercial footprint in front of economic market just never has been that strong to support Lightning at a wide level. There are thousands of academic research labs that we couldn't have reached with a limited number of commercial employees that we add. So having this combination of commercial footprint between IsoPlexis and Berkeley Lights and will be able to take both of our technologies, Beacon Quest as well as Lighting to the academic customer base with a lot more access available to the customers.

我們正在為學術研究人員提供我們目前正在追求的 Beacon Quest 設計的很大一部分能力。我們相信對於想要使用我們技術的人來說，這實際上是一個更好的解決方案，並不是說有些人仍然對閃電網絡不感興趣，這取決於應用程序和他們必須針對這項技術部署的勞動力資源類型。有些人可能仍然想要 Lightning，我們將繼續支持他們。但是我們——我要說的第二件事是，我們在經濟市場面前的商業足跡從未如此強大，無法在廣泛的層面上支持閃電網絡。有數以千計的學術研究實驗室，我們無法用我們添加的有限數量的商業員工來達到。因此，在 IsoPlexis 和 Berkeley Lights 之間擁有這種商業足蹟的組合，將能夠將我們的技術、Beacon Quest 以及 Lighting 帶到學術客戶群，為客戶提供更多的訪問權限。

And ladies and gentlemen, this concludes Berkeley Lights fourth quarter and full-year 2022 earnings conference call. We thank you for your participation and you may now disconnect.

女士們，先生們，伯克利之光第四季度和 2022 年全年收益電話會議到此結束。我們感謝您的參與，您現在可以斷開連接。