Cibus Inc (CBUS) 2023 Q4 法說會逐字稿

Good afternoon and welcome to the Cibus fourth quarter 2023 results conference call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded. At this time, I'd like to turn the conference call to Wade King, Chief Financial Officer. Sir, please go ahead.

下午好，歡迎參加 Cibus 2023 年第四季業績電話會議。所有參與者將處於僅聽模式。今天的演講結束後，將有機會提問。另請注意今天的活動正在錄製中。現在，我想把電話會議轉給財務長韋德‧金(Wade King)。先生，請繼續。

Thank you and good afternoon. This is Wade King, Chief Financial Officer of Cibus. I would like to thank you for taking time to join us for Cibus' fourth quarter 2023 financial results and corporate update conference call and webcast. Presenting with me today is Rory Riggs, our Co-Founder and Chief Executive Officer, and Chairman; and Peter Beetham, Co-founder, President and Chief Operating Officer. Before we begin the call, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and future operational goals and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call.

謝謝你，下午好。我是 Cibus 財務長 Wade King。我要感謝您抽出時間參加 Cibus 2023 年第四季財務業績和公司更新電話會議和網路廣播。今天與我一起出席的是 Rory Riggs，我們的共同創辦人兼執行長兼董事長；共同創辦人、總裁兼營運長 Peter Beetham。在我們開始電話會議之前，我想提醒大家，電話會議和網路廣播中的陳述，包括有關未來財務業績、未來營運目標和行業前景的陳述，都是前瞻性的，可能會面臨許多風險和風險。可能導致實際結果與電話中所述的結果有重大差異的不確定性。

Please refer to Cibus' SEC filings for a list of associated risks. This conference call is being webcast. The webcast link, along with our press release and corporate presentation, are available on the Investor Relations section of cibus.com to assist in your analysis of the business. With that, I would now like to turn the call over to Mr. Riggs. Go ahead, Rory.

請參閱 Cibus 向 SEC 提交的文件，以了解相關風險清單。本次電話會議正在網路直播。網路廣播連結以及我們的新聞稿和公司簡報可在 cibus.com 的投資者關係部分獲取，以幫助您分析業務。現在，我想將電話轉給里格斯先生。繼續吧，羅裡。

Thanks, Wade, and welcome to everyone on the call. Today, I will provide a high-level overview of our progress in 2023 and how the events of the last year differentiates us in this emerging industry. And Peter will walk you through our recent commercial progress with our products and some milestones we expect to achieve this year. Lastly, Wade will finish with a brief discussion of the financials.

謝謝韋德，歡迎大家參加電話會議。今天，我將高度概述我們 2023 年的進展，以及去年發生的事件如何讓我們在這個新興產業中脫穎而出。彼得將向您介紹我們最近在產品方面取得的商業進展以及我們預計今年將實現的一些里程碑。最後，韋德將簡要討論財務狀況。

Our goal is to help you best understand our business so you can measure and track our progress and achievements on both a corporate and a commercial basis. Above all, 2023 was the year we transformed from an R&D focused company to a commercial stage gene editing company. A company focused on the production and commercialization of the family of gene-edited trait products. Our transformation began with the first transfers of our partners edited to lead germplasm in early 2023 in both canola and rice.

我們的目標是幫助您更了解我們的業務，以便您可以在企業和商業基礎上衡量和追蹤我們的進展和成就。最重要的是，2023 年是我們從一家專注於研發的公司轉型為商業階段基因編輯公司的一年。專注於基因編輯性狀產品系列的生產和商業化的公司。我們的轉型始於 2023 年初我們的合作夥伴首次轉移油菜籽和水稻的領先種質。

These transfers mark the beginning of the time table for the commercialization of our pipeline of developed traits. In parallel, we opened the industry's first standardized, semi-automated, high throughput gene editing facility that we call the Trait Machine. This facility is a huge breakthrough in the improvement of the precision, speed, and scale of gene editing trait product for us, and frankly, for the industry. What has made this breakthrough trait development even more significant is the progress we have seen in global regulations to regulate the trade from gene editing to similar traits from conventional breeding.

這些轉讓標誌著我們開發的性狀管道商業化時間表的開始。同時，我們開設了業界第一個標準化、半自動化、高通量基因編輯設施，我們稱之為 Trait Machine。對於我們，坦白說，對於整個行業來說，該設施是基因編輯性狀產品的精度、速度和規模提高的巨大突破。使這一突破性性狀發展更加重要的是我們在全球法規中看到的進展，這些法規規範了從基因編輯到傳統育種的類似性狀的貿易。

This shows there's increasing global support for this new gene editing industry to address the major sustainability challenges in our global food supply. Before Peter provide specifics on our products and their progress, I'd like to briefly discuss how our commercial progress has occurred, in parallel with the evolution in the company and our vision from a commercial stage gene editing company in plants, which we define as an integrated commercial business model that connects the research and the development of new traits to a standardized semiautomated trait production facility. And lastly, through the commercial trade transfers into seed company customers for commercialization and sale of our traits. We stated more simply, a commercial company focused on gene-edited trait products that operates a gene editing traits supply system.

這表明全球對這一新型基因編輯行業的支持不斷增加，以應對全球食品供應中的主要永續發展挑戰。在彼得詳細介紹我們的產品及其進展之前，我想簡要討論一下我們的商業進展是如何發生的，同時公司的發展以及我們對植物商業階段基因編輯公司的願景，我們將其定義為一種集成的商業商業模式，將新性狀的研究和開發與標準化的半自動化性狀生產設施聯繫起來。最後，透過商業貿易轉移到種子公司客戶，以實現我們性狀的商業化和銷售。我們更簡單地說，是一家專注於基因編輯性狀產品的商業公司，經營基因編輯性狀供應系統。

A system that is industrial scale to process and deliver multiple traits from multiple customers across multiple crops. Above all, our first transfers of opening of the Trait Machine represents the face of our transformation to this vision of a commercial stage company. In our vision, technology-based trait companies operate as an extension of the seed company's breeding operations. In this model, Cibus augments the seed companies' breeding operation with important new complex traits, and so doing accelerate the seed and trait development of our customers.

一個工業規模的系統，用於處理和提供來自多個客戶的多種作物的多種性狀。最重要的是，我們打開 Trait Machine 的首次轉移代表了我們轉型為商業舞台公司的面貌。在我們的願景中，基於技術的性狀公司是種子公司育種業務的延伸。在此模型中，Cibus 透過重要的新複雜性狀增強了種子公司的育種業務，從而加速了客戶的種子和性狀開發。

Importantly, because our trader is doing virtual from traits derived from conventional breeding or nature, more and more countries and regions have move to adopt new regulations to occur at seed revenue. The goal of these new regulations is to courage gene-editing by treating with traits for [Mg2], is similar to traits through conventional breeding. The United States and South America we're the leaders of adapting to new regulations. An important moment in the ongoing development of this new industry happened in February 2024, where even the EU voted to regulate trades from GT technology similar to trade from conventional break free, bringing the EU in mind that the United States, South America and many others.

重要的是，由於我們的交易者正在利用源自傳統育種或自然的性狀進行虛擬交易，因此越來越多的國家和地區已開始對種子收入採取新的規定。這些新法規的目標是透過使用與傳統育種中的特徵相似的[Mg2]特徵來鼓勵基因編輯。在美國和南美洲，我們是適應新法規的領導者。這個新興產業持續發展的一個重要時刻發生在2024 年2 月，就連歐盟也投票決定對GT 技術的貿易進行監管，就像擺脫傳統貿易的束縛一樣，這讓歐盟想起了美國、南美和許多其他國家。

These adoptions, country-by-country, have shown the importance of our technology in achieving a sustainable global food supply. These new regulations are key and they represent a real point of inflection. The new regulations are globally enabling this new era of standardized type of trait development. In the seed industry, traits are critical basis of competition.

這些各國的採用顯示了我們的技術在實現永續的全球糧食供應方面的重要性。這些新法規是關鍵，它們代表了真正的轉捩點。新法規正在全球開啟標準化性狀開發的新時代。在種業中，性狀是競爭的重要基礎。

The need for faster scalable methods for breeding cannot be understated, establishing global regulatory standards are another important part of this puzzle. Because of the scale and speed enabled by our stabilized high throughput trait development technology, this moment is commonly referred to as agriculture's analog to digital moments. In other words, this era is going to materially speed up new trait development and enable new trait tio build payment timelines, in a fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage gene-editing company is the future of commercial crop development.

對更快、可擴展的育種方法的需求不容低估，建立全球監管標準是這個難題的另一個重要部分。由於我們穩定的高通量性狀開發技術所實現的規模和速度，這一刻通常被稱為農業的類比到數位時刻。換句話說，這個時代將大大加快新性狀的開發，並實現新性狀的構建支付時間表，而其時間和成本只是傳統育種或基因改造方法的一小部分。這就是為什麼我們相信我們對商業階段基因編輯公司的願景是商業作物開發的未來。

As discussed, the centerpiece of our commercial strategy is the advancement of our commercial pipelines, integrated with our standard load high throughput facility, and the initial transfer or traits to leading seed companies for commercialization. This is why 2023 is a major point of inflection for our business and for the industry. Now, Peter will buy the more specific pipeline and our patented commercialization, and to provide some background and trade products and our executions. Peter?

正如所討論的，我們商業策略的核心是我們商業管道的進步，與我們的標準負載高通量設施相集成，以及向領先種子公司進行商業化的初始轉移或性狀。這就是為什麼 2023 年是我們業務和產業的一個主要轉折點。現在，彼得將購買更具體的管道和我們的專利商業化，並提供一些背景和貿易產品以及我們的執行。彼得？

Thank you, Rory, and good afternoon, everyone. As Rory highlighted, our commercialization efforts are well underway and are focused on launching our three developed productivity traits with customers. Pod Shatter Reduction, or as we call it PSR in canola, and our herbicide tolerance traits in rice that we call HT1 and HT3. Before I launch into the product discussion, I would like to explain how we define developed traits and why there are significant advantages to working with these traits in customers' elite genetics.

謝謝你，羅裡，大家下午好。正如 Rory 所強調的那樣，我們的商業化工作正在順利進行，重點是向客戶推出我們開發的三個生產力特徵。雙低油菜籽中的莢果破碎減少，或者我們稱之為 PSR，以及水稻中的除草劑耐受性，我們稱之為 HT1 和 HT3。在開始討論產品之前，我想先解釋一下我們如何定義已開發的性狀，以及為什麼在客戶的精英遺傳學中利用這些性狀具有顯著的優勢。

Essentially, this helps to frame our vision for our developed trade products. We define developed traits as having completed multiple years of successful field testing, that the traits have met our Cibus product specifications and the traits have completed a product stewardship assessment, which includes quality assurance, regulatory, and intellectual property documentation. These developed traits are in customer's elite genetics, providing Cibus customers with a significant time advantage to move traits to market and the potential to accelerate their pre-commercial plant breeding activities. Essentially, we are an extension of their own plant breeding programs.

從本質上講，這有助於建立我們開發的貿易產品的願景。我們將開發的性狀定義為已完成多年的成功現場測試，這些性狀符合我們的 Cibus 產品規格，並且這些性狀已完成產品管理評估，其中包括品質保證、監管和智慧財產權文件。這些開發的性狀存在於客戶的精英遺傳學中，為 Cibus 客戶提供了將性狀推向市場的顯著時間優勢，並有可能加速其商業化前的植物育種活動。從本質上講，我們是他們自己的植物育種計劃的延伸。

This acceleration is also impactful to any of our follow-on products that mature from our advanced trait development. This integration of genetics and traits highlights why we see this analog-to-digital moment Rory mentioned previously. Let me continue by further describing our first developed productivity trait, PSR in canola. PSR strengthens the pod shape around canola or winter oilseed rape seeds, protecting the crop yield in many typical to extreme weather conditions at harvest. In canola, farmers are moving to what they call direct harvest, where they can harvest canola without the need to mow it down first.

這種加速也對我們透過先進性狀開發而成熟的任何後續產品產生影響。這種遺傳學和性狀的整合凸顯了為什麼我們會看到羅里之前提到的模擬到數位的時刻。讓我繼續進一步描述我們第一個開發的生產力性狀，即雙低油菜籽的 PSR。PSR 增強了雙低油菜籽或冬季油菜種子周圍的豆莢形狀，從而在收穫時的許多典型至極端天氣條件下保護作物產量。對於雙低油菜籽，農民正在轉向他們所謂的直接收穫，這樣他們就可以收穫雙低油菜籽，而無需先將其砍伐。

This saves on fuel costs and allows greater flexibility to manage the timing of harvest on their farms. Multiple years of our field trials, including the most recent 2023 results, have shown that our trait across many genetic background has similar efficacy to the leading competitor product that is currently on the market. We have already achieved significant commercial traction with our PSR traits, demonstrated by our engagements with 10 seed company customers to have Cibus' PSR trait into their elite germplasm. We believe this current customer base, which includes names such as Bayer, Nuseed, and Nutrien, represents over 20 million acres or approximately $150 million of potential annual royalties from canola and winter oilseed rape.

這樣可以節省燃料成本，並且可以更靈活地管理農場的收穫時間。我們多年的現場試驗（包括 2023 年的最新結果）表明，我們的特性在許多遺傳背景下與目前市場上的領先競爭對手產品具有相似的功效。我們已經透過我們的 PSR 性狀獲得了顯著的商業吸引力，這透過我們與 10 家種子公司客戶的合作將 Cibus 的 PSR 性狀納入他們的優良種質中得到了證明。我們相信，目前的客戶群（包括拜耳、Nuseed 和 Nutrien 等）代表超過 2,000 萬英畝的土地，或來自雙低油菜和冬季油菜的潛在年度特許權使用費約 1.5 億美元。

We achieved a major milestone in 2023 by completing transfers to multiple customers signaling that PSR is getting closer to generating revenue for our company. We enter 2024 with significant momentum, and by the end of the year, we expect seven to eight out of our 10 power customers in canola, will have their elite germplasm containing Cibus' trait, either transferred or ready to be transferred back to them. As a reminder, the transfer of elite germplasm containing the Cibus trait enables the start of the commercialization process. Moving on to our other two developed productivity traits, HT1 and HT3 in rice.

我們在 2023 年實現了一個重要的里程碑，完成了向多個客戶的轉賬，這表明 PSR 越來越接近為我們公司創造收入。我們以強勁的勢頭進入 2024 年，到今年年底，我們預計 10 個油菜籽電力客戶中的 7 到 8 個將擁有含有 Cibus 性狀的精英種質，或者已轉移或準備轉移回給他們。提醒一下，含有 Cibus 性狀的優良種質的轉移可以啟動商業化進程。接下來討論我們發展的另外兩個生產力性狀：水稻中的 HT1 和 HT3。

This is another multinational expansion opportunity to Cibus. These HT traits targeting weed management in rice, a fully developed and validated like our work in PSR. And our current customer base represents 3 million acres or approximately $70 million in potential annual royalties. To help frame this opportunity in the rice, take, for example, the success of GMO-based traits have had in major crops such as canola, soybean, and corn.

這是Cibus 的另一個跨國擴張機會。這些針對水稻雜草管理的 HT 性狀已被充分開發和驗證，就像我們在 PSR 中的工作一樣。我們目前的客戶群面積為 300 萬英畝，即潛在的年度特許權使用費約為 7,000 萬美元。為了幫助在水稻中抓住這一機遇，我們以基於基因改造生物的性狀在油菜、大豆和玉米等主要作物中取得的成功為例。

Over 95% of these crops currently utilize GMO based HT traits to weed management. This is amazing penetration that speaks to the value those traits provide reduces. However, the rice industry has yet to achieve similar success, having only had conventionally produced HT systems that struggle to have the success of GMO-based HT traits. This void presents a significant opportunity for Cibus' trade solutions, which have been shown to be very effective, as demonstrated in our 2023 field trial results, that indicated, both HT1 and HT3 met or exceeded performance expectations, when evaluated with proposed commercial herbicide application right.

目前，超過 95% 的作物利用基於基因改造的耐高溫性狀進行雜草管理。這是驚人的滲透力，說明這些特徵所提供的價值會降低。然而，水稻產業尚未取得類似的成功，僅採用傳統方式生產耐高溫系統，很難在基於基因改造的耐高溫性狀上取得成功。這一空白為Cibus 的貿易解決方案提供了重要機會，正如我們2023 年的現場試驗結果所證明的那樣，該解決方案已被證明非常有效，表明在使用擬議的商業除草劑應用進行評估時，HT1和HT3 均達到或超過了性能預期正確的。

These field trials are an important step in proving the effectiveness of our technology and helping to drive commercial progress. To that point, we have secured agreements with three major rice seed company customers, including Nutrien and interoc, to have Cibus' HT1 and HT3 traits incorporated into their elite germplasm. Excitingly, we have also successfully completed the first transfers of customers' elite germplasm containing our HT1 and HT3 traits. This marks the beginning of commercialization for our rice traits.

這些現場試驗是證明我們技術有效性並幫助推動商業進步的重要一步。至此，我們已與包括 Nutrien 和 interoc 在內的三大稻米種子公司客戶達成協議，將 Cibus 的 HT1 和 HT3 性狀納入其優良種質中。令人興奮的是，我們也成功完成了客戶含有我們的 HT1 和 HT3 性狀的優良種質的首次轉讓。這標誌著我們的水稻性狀商業化的開始。

Our commercial team is working hard to expand our customer base for canola and rice, with all three of our existing developed productivity traits. And we expect to secure additional customer agreements in 2024. Let's move to progress of advanced strengths. In addition to the incredible achievements within our developed traits, we continue to make progress with our two advanced traits: Sclerotinia resistance, also known as white mold resistance, and our herbicide tolerance, HT2 trait.

我們的商業團隊正在努力擴大我們的雙低油菜籽和大米客戶群，利用我們現有的所有三種生產力特性。我們預計在 2024 年獲得更多客戶協議。讓我們邁向先進優勢的進步。除了我們開發的性狀方面取得的令人難以置信的成就外，我們還繼續在兩個先進性狀方面取得進展：核盤菌抗性，也稱為白黴抗性，以及我們的除草劑耐受性HT2 性狀。

Both are multi crop traits, meaning that they have potential efficacy across multiple crop types, including canola, winter oilseed rape, and soybean. This is an important distinction, as we have the commercial opportunity to earn royalties across multiple crop types based on same trait. Let's start with the first advanced treatment, Sclerotinia resistance. Sclerotinia is the most economically significant disease in canola and one of the major diseases impacting soybean.

兩者都是多作物性狀，這意味著它們對多種作物類型具有潛在功效，包括油菜、冬季油菜和大豆。這是一個重要的區別，因為我們有商業機會根據相同的性狀在多種作物類型中賺取特許權使用費。讓我們從第一個進階治療—核盤菌抗性開始。菌核病是油菜中最具經濟意義的病害，也是影響大豆的主要病害之一。

In canola alone, we estimate that approximately 30 million acres could be impacted by Sclerotinia. Sclerotinia is a fungal pathogen that causes significant disease known as stem rot in crops. It affects 14% to 30% of canola and winter oilseed rape fields annually. And in 2016, the Canola Council of Canada reported that potentially up to 90% of the Canadian canola crop was affected.

僅就雙低油菜籽而言，我們估計大約 3000 萬英畝的土地可能受到核盤菌的影響。核盤菌是一種真菌病原體，會導致農作物嚴重的莖腐病。每年影響 14% 至 30% 的油菜田和冬油菜田。2016 年，加拿大油菜籽委員會報告稱，加拿大 90% 的油菜籽作物可能受到影響。

Sclerotinia can reduce canola yields by 7% to 15%, with yield losses per infected plant being as great as 50%. The Canola Council of Canada calls Sclerotinia stem rot the most economically significant canola disease in Canada. It's also has a significant disease in soybean, with a prevalence of the fungal pathogen detected in soybean production regions of between 33.3% in 2015 and 78.3% in 2020. To be durable, this resistance trait, like other disease traits, need to address multiple parts of the disease condition, meaning it needs multiple modes of action.

核盤菌可使雙低油菜籽產量降低 7% 至 15%，每株受感染植物的產量損失高達 50%。加拿大雙低油菜理事會稱核盤菌莖腐病是加拿大最具經濟意義的雙低油菜籽病害。它也是大豆中的重要疾病，2015 年大豆產區檢測到的真菌病原體流行率為 33.3%，2020 年為 78.3%。為了持久，這種抗性特徵與其他疾病特徵一樣，需要解決疾病的多個部分，這意味著它需要多種作用模式。

In 2023, we achieved a milestone of taking two different modes of action against Sclerotinia in canola, and we were able to successfully prove effectiveness in greenhouse gases. This year, we expect greenhouse results for third mode of action for Sclerotinia resistance in canola. We are also currently developing a plan to integrate Sclerotinia resistance into soybean once that editing platform is fully developed. When successful, this would be the first major disease trait that would be applicable to multiple crops. Across canola and soybean alone, we believe this represents over $800 million of future annual royalty payments.

2023 年，我們實現了一個里程碑，即對雙低油菜籽中的核盤菌採取兩種不同的作用模式，並成功證明了對溫室氣體排放的有效性。今年，我們預期雙低油菜籽第三種抗核盤菌作用模式的溫室效果。我們目前也正在製定一項計劃，一旦編輯平台完全開發完畢，即可將核盤菌抗性整合到大豆中。如果成功的話，這將是第一個適用於多種作物的主要疾病性狀。僅就油菜籽和大豆而言，我們認為這相當於未來每年超過 8 億美元的特許權使用費。

Let's move to our next advanced trait, HT2. Many weeds have become resistant to herbicides, as a result of their extensive use over the last 20 years. Thus, for crops like canola and soybean, there is huge demand for broad-spectrum herbicide and associated herbicide traits that target broadleaf weeds. This is where our HT2 trait can make a real difference in improving productivity in farming.

讓我們轉向下一個高階特性 HT2。由於過去 20 年的廣泛使用，許多雜草已經對除草劑產生了抗藥性。因此，對於油菜和大豆等作物，對廣譜除草劑和針對闊葉雜草的相關除草劑性狀有著巨大的需求。這就是我們的 HT2 特性可以在提高農業生產力方面發揮真正作用的地方。

We completed the successful edits of HT2 in canola in 2023, demonstrating continued progress in its development. Because of demand in canola and soybean, we believe HT2 has the potential to be the first gene-edited trait to achieve 100 million acres of yearly use. For perspective, the industry estimates that GMO based herbicide-tolerant traits are utilized currently on over 300 million planted acres, so there is a clear precedent demonstrating adoption of value enhancing traits, which represents an immense opportunity for us. We are excited to see the important greenhouse results for this trait this summer.

我們在 2023 年成功完成了油菜籽中 HT2 的編輯，證明了其開發的持續進展。由於油菜和大豆的需求，我們相信 HT2 有潛力成為第一個實現每年 1 億英畝使用的基因編輯性狀。從長遠來看，業界估計基於基因改造生物的耐除草劑性狀目前已在超過 3 億英畝的種植面積中使用，因此有一個明顯的先例表明採用增值性狀，這對我們來說是一個巨大的機會。我們很高興看到今年夏天這項特性在溫室中取得的重要成果。

Combined, our three developed and two advance productivity traits represent a potential target market of over 250 million accessible acres, which translates to well over $1 billion in potential annual royalties. I would emphasize that we are just scratching the surface of what we have the potential to achieve with this business. Let's move on to other platforms and sustainable ingredients. Now, I'll touch on the development progress of our other core platforms and our sustainable ingredients business, utilizing a set of quality traits that we are working on.

我們三個已開發的生產力特徵和兩個先進的生產力特徵相結合，代表了超過 2.5 億英畝的潛在目標市場，這意味著每年的潛在特許權使用費遠遠超過 10 億美元。我想強調的是，我們只是觸及了這項業務潛力的表面。讓我們轉向其他平台和永續成分。現在，我將利用我們正在研究的一系列品質特徵，談談我們其他核心平台和永續原料業務的發展進展。

We announced in January that we made a major industry breakthrough in completing what we believe to be the world's first successful regeneration of wheat plants from single cells of a lead weed germplasm. This amazing accomplishment demonstrates our company's continued success in developing scalable, high throughput breeding platform that can operate as extensions of seed company breeding programs. We believe this new platform opens the potential for developing various productivity and sustainable traits that work to address the most significant challenges faced by wheat farmers globally. I'm extremely proud of our entire R&D and technical teams for making this breakthrough.

我們在一月份宣布，我們取得了重大產業突破，完成了世界上首次成功地利用主導雜草種質的單細胞再生小麥植株。這一驚人的成就表明我們公司在開發可擴展的高通量育種平台方面不斷取得成功，該平台可以作為種子公司育種計劃的延伸。我們相信，這個新平台開啟了開發各種生產力和永續特性的潛力，有助於解決全球小麥農民面臨的最重大挑戰。我為我們整個研發和技術團隊所取得的這項突破感到非常自豪。

Our success was completed well ahead of schedule, and we expect to demonstrate initial edits toward developing productivity traits for wheat this year. Turning to our soybean single cell regeneration platform, this is clearly one of the toughest cell biology challenges many institutions have faced. However, we continue to make progress on this challenge by refining many steps in this process to be successful for our standardized high throughput trait machine. We expect the platform to be operational and have initial editing completed in 2024.

我們的成功提前完成，我們預計今年將展示針對開發小麥生產力性狀的初步編輯。談到我們的大豆單細胞再生平台，這顯然是許多機構面臨的最嚴峻的細胞生物學挑戰之一。然而，我們透過改進此過程中的許多步驟，繼續在這項挑戰上取得進展，以便我們的標準化高通量性狀機器取得成功。我們預計平台將於 2024 年投入營運並完成初步編輯。

Continued development of our soybean platform is a key strategic initiative and is the foundation of our emerging sustainable ingredients business, which is focused on the development of plant-based alternative oils for downstream customer applications. We anticipate completing discovery efforts for alternative oils this year, an initial step toward developing solutions, utilizing our quality traits that increase our customers' ability to meet their sustainability targets. What's particularly exciting for us is that we already have existing engagements with many of the world's large sea companies across other crops and projects. As we continue to build trust and demonstrate value with these customers, we are also sowing the seeds for our future soybean platform as well, which we think really demonstrates the thoughtful approach that we've brought to our business model.

大豆平台的持續發展是一項關鍵策略舉措，也是我們新興永續原料業務的基礎，該業務專注於為下游客戶應用開發植物性替代油。我們預計今年將完成替代油的發現工作，這是開發解決方案的第一步，利用我們的品質特性來提高客戶實現永續發展目標的能力。對我們來說特別令人興奮的是，我們已經與世界上許多大型海運公司就其他作物和項目建立了合作關係。在我們繼續與這些客戶建立信任並展示價值的同時，我們也在為未來的大豆平台播下種子，我們認為這真正體現了我們為業務模式帶來的深思熟慮的方法。

The commercialization of our three developed traits and the progression of our two advanced traits remained a central focus of our corporate strategy. As such, we intend to track the progression of each trait, as it is deployed into our customers' elite germplasm. The progress of which will be central to our quarterly updates going forward, as each trait by crop combination starts generating royalty revenue. I'll now pass the call to Wade to briefly review our financials. Wade?

我們三個已開發性狀的商業化和兩個高階性狀的進展仍然是我們公司策略的核心焦點。因此，我們打算追蹤每個性狀的進展，因為它被部署到我們客戶的精英種質中。其進展將成為我們未來季度更新的核心，因為作物組合的每個性狀開始產生特許權使用費收入。我現在將把電話轉給韋德，簡要回顧一下我們的財務狀況。韋德？

Thank you, Peter. Looking at our financials for the fourth quarter, cash and cash equivalents were $32.7 million as of December 31, 2023. From a cash flow perspective, for the three month period ended December, we used $17.1 million of cash for operations, which are tied to a monthly burn rate of approximately $5.7 million. Meanwhile, we've been working hard on optimizing our resources and have implemented cost-saving measures that have reduced our operating cash flow burn rate down to $5 million per month. We believe this represents the appropriate level of cash burn needed to fund planned operating expenses and capital expenditure requirements going forward.

謝謝你，彼得。從我們第四季的財務數據來看，截至 2023 年 12 月 31 日，現金和現金等價物為 3,270 萬美元。從現金流的角度來看，截至 12 月的三個月期間，我們使用了 1,710 萬美元的現金用於運營，這與每月約 570 萬美元的燒錢率有關。同時，我們一直在努力優化我們的資源，並實施了成本節約措施，將我們的營運現金流消耗率降低至每月 500 萬美元。我們認為，這代表了為未來的計劃營運支出和資本支出需求提供資金所需的適當現金消耗水準。

This should extend our current cash runway into the early third quarter of 2024. In terms of financing activities, we raised $20.3 million of gross proceeds via a registered direct offering in the fourth quarter and have also been successful in raising additional proceeds via regular equity sales in the first quarter.

這應該會將我們目前的現金跑道延長至 2024 年第三季初。在融資活動方面，我們在第四季度透過註冊直接發行籌集了 2,030 萬美元的總收益，並在第一季透過定期股權銷售成功籌集了額外收益。

Moving to our income statement, which I'd like to remind everyone isn't directly comparable to that of the prior year, given the merger with Calyxt that closed in May of 2023. Please keep this in mind as I make reference to the prior year results. R&D expense was $14.2 million for the fourth quarter of 2023, compared to $2.3 million in the year-ago period. The increase was primarily related to increased lab supply and facility expenses and increase in employee headcount, and an increase in stock-based compensation expense for restricted stock awards.

轉到我們的損益表，我想提醒大家，鑑於與 Calyxt 的合併已於 2023 年 5 月完成，該損益表與上一年的損益表無法直接比較。當我參考上一年的結果時，請記住這一點。2023 年第四季的研發費用為 1,420 萬美元，去年同期為 230 萬美元。這一增長主要與實驗室供應和設施費用的增加以及員工人數的增加以及限制性股票獎勵的股票補償費用的增加有關。

Cash G&A expense was $6.8 million for the fourth quarter 2023 compared to $1 million in the year ago period. The increase was primarily related to an increase in headcount, increased consulting and legal fees, and an increase in stock-based compensation expense for restricted stock grants. Royalty liability interest expense was $8.1 million for the fourth quarter of 2023, compared to no expense last year. This was related to the liability assumed in the May 31, 2023 merger with Cibus global LLC.

2023 年第四季的現金管理及行政費用為 680 萬美元，去年同期為 100 萬美元。這一增長主要與員工人數增加、諮詢和法律費用增加以及限制性股票授予的股票補償費用增加有關。2023 年第四季的特許權使用費負債利息支出為 810 萬美元，而去年沒有支出。這與 2023 年 5 月 31 日與 Cibus Global LLC 合併時所承擔的責任有關。

Not operating income was $0.1 million for the fourth quarter of 2023, compared to nonoperating income of $0.5 million in the year-ago period. The decrease was due to $0.8 million received in the fourth quarter of 2022 from a legal settlement. This was partially offset by a $0.3 million change in the fair value of the liability classified Class A common stock warrants. Net loss was $277.2 million for the fourth quarter of 2023, compared to net loss of $2.8 million in the year ago period.

2023 年第四季的非營業收入為 10 萬美元，而去年同期的非營業收入為 50 萬美元。減少的原因是 2022 年第四季透過法律和解收到 80 萬美元。這被 A 類普通股認股權證負債公允價值 30 萬美元的變動部分抵銷。2023 年第四季的淨虧損為 2.772 億美元，而去年同期的淨虧損為 280 萬美元。

The increase in backlog was primarily the result of a $249.4 million, noncash, goodwill and intangible assets impairment charge that we recorded in the fourth quarter that was associated with our May 2023 merger with Calyxt. For additional details about our financials for the fourth quarter of 2023, please refer to our press release and filings with the SEC. That concludes our financial discussion. Rory, now back to you for your closing remarks.

積壓訂單的增加主要是因為我們在第四季度記錄了與 2023 年 5 月與 Calyxt 合併相關的 2.494 億美元非現金、商譽和無形資產減損費用。有關我們 2023 年第四季度財務狀況的更多詳細信息，請參閱我們的新聞稿和向 SEC 提交的文件。我們的財務討論到此結束。羅裡，現在請您作結束語。

Thanks, Wade, and many thanks to everyone for listening in. I hope we actively trade our excitement about our progress. The incredible commercial momentum we have achieved so far is a really strong endorsement of our industry-leading gene editing technology, which uniquely positions us to partner with the breeding operations of some of the largest seed companies in the world. Furthermore, as Peter mentioned, our expected milestones for 2024 will further show our commercial progress with our customers for our developed products and the key milestones for our advanced traits and new platform.

謝謝韋德，也非常感謝大家的收聽。我希望我們積極地交換對我們的進步的興奮。迄今為止，我們所取得的令人難以置信的商業勢頭是對我們行業領先的基因編輯技術的真正有力認可，這使我們能夠與世界上一些最大的種子公司的育種業務合作。此外，正如 Peter 所提到的，我們 2024 年的預期里程碑將進一步展示我們與客戶一起開發的產品的商業進展以及我們先進特性和新平台的關鍵里程碑。

Together, they show our business vision of building a large, high-margin, agricultural trait royalty business, based on a family of our high-value trade products and our proprietary technology platform that will enable us to develop and deliver on an ongoing basis, multiple complex trades for multiple seed companies across multiple crops. I hope this is evident that Cibus is leading the charge into the new gene editing era. We truly believe that we are at the forefront of agricultural analog to digital moments. We are excited about our continued commercial success in the months and quarters to come.

它們共同展示了我們的商業願景，即基於我們的一系列高價值貿易產品和我們的專有技術平台，建立一個大型、高利潤的農業特性特許權業務，這將使我們能夠持續開發和交付，多家種子公司針對多種作物進行多項複雜交易。我希望 Cibus 正在引領新基因編輯時代的發展。我們堅信，我們處於農業模擬到數位時代的最前線。我們對未來幾個月和幾個季度持續取得的商業成功感到興奮。

We look forward to updating you. Operator, that concludes our prepared remarks. Thank you.

我們期待您的更新。接線員，我們準備好的發言到此結束。謝謝。

(Operator Instructions) Bobby Burleson, Canaccord Genuity.

（操作員說明）Bobby Burleson，Canaccord Genuity。

Hi, thanks for taking my questions. So yeah, just (technical difficulty) curious if you think about the cash runway and the milestones that you guys have set out for 2024, which ones do you think are first half milestones? What can you execute on prior to needing that infusion of cash to happen? It's great -- hi, Bobby. Hi, Roy.

您好，感謝您回答我的問題。所以，是的，只是（技術難度）好奇，如果您考慮一下您為 2024 年設定的現金跑道和里程碑，您認為哪些是上半年的里程碑？在需要注入現金之前您可以執行什麼操作？太棒了——嗨，鮑比。嗨，羅伊。

The big milestone that we expect to do and it's just taken so long is trying to get soybean complete. We keep making progress. This is one of the toughest projects in biology and I think we're really close to getting it. And if we can accomplish this, it not only opens up toward 50 million acres, but it really opens up the sustainable ingredients business.

我們期望實現的一個重要里程碑是努力完成大豆的生產，但花了這麼長時間。我們不斷進步。這是生物學中最困難的項目之一，我認為我們已經非常接近實現它了。如果我們能夠實現這一目標，它不僅可以開闢 5000 萬英畝的土地，而且可以真正開闢永續原料業務。

The ability to take soybeans and Procter & Gamble's work with us, we have others working with us, to be able to start that whole industry. So those are the ones from the big milestone that we focus on. The others is, we are shipping as much as we can or are working to get our traits out of the marketplace. And and to me those the de-risking moments for us is to be able to get into people's hands, their germplasm. and our traits soon.

有能力利用大豆和寶潔公司與我們合作，我們還有其他人與我們合作，以便能夠啟動整個產業。這些就是我們關注的重大里程碑中的那些。其他的是，我們正在盡可能地發貨，或者正在努力將我們的特性從市場中剔除。對我來說，我們的去風險時刻就是能夠進入人們的手中，他們的種質。以及我們的特點很快。

Okay, great. Yeah, and then, I guess, just trying to understand the importance to your partners of the programs you're working on, especially as you have successes and prove out the viability of the platform. Are there any maybe qualitative things you can highlight in terms of how that's helping your business development efforts? You see access to your your prospective partners, existing partners or things, are you seeing building momentum there based on some tracking your successes and the overall derisking of the viability of the platform?

好的，太好了。是的，然後，我想，只是想了解您正在開發的專案對合作夥伴的重要性，特別是當您取得成功並證明平台的可行性時。就如何幫助您的業務發展工作而言，您是否可以強調任何定性的事情？您看到了與您的潛在合作夥伴、現有合作夥伴或其他事物的聯繫，您是否看到基於對您的成功的一些跟踪以及平台可行性的總體去風險，在那裡建立了動力？

It's a great question, it's easy. We have two big things: One is, because of our platform, we're able to make these products. And so, we actually have three developed products and they've been through their field trials. So before anybody says their seeds, they've already gone to the fields. They've seen the products work, and that's the trait development business, right?

這是一個很好的問題，很簡單。我們有兩件大事：一是因為我們的平台，我們能夠製造這些產品。因此，我們實際上已經開發了三種產品，並且它們已經通過了現場試驗。因此，在有人說出他們的種子之前，他們已經下到了田裡。他們已經看到了產品的效果，這就是特質開發業務，對吧？

The big part of our business where you see this amazing progress is the industrialization of the trait business. So once we have the trait, you don't hand it to them. We have this trait machine, which allows them to bring germplasm to us and then give it back to them. And what we see is real momentum for the big seed companies to work with us, so that each ongoing season, they can look at us as a cost effective way of updating their traits and getting them into the field.

我們業務的一個重要部分是特質業務的工業化，你可以看到這驚人的進步。所以一旦我們有了這個特質，你就不會把它交給他們。我們有這個性狀機器，可以讓他們把種質帶給我們，然後還給他們。我們看到的是大型種子公司與我們合作的真正動力，以便每個正在進行的季節，他們都可以將我們視為更新其性狀並將其帶入田間的經濟有效的方式。

We weren't quite expecting this type of momentum this quickly. And you saw by having Nutrien or Bayer come out and say that they were working with us, and what that meant was they were working with us more than just a traits we gave them. They were working with us as a seed partner and they're getting their crops ready. That's how we'd look at it.

我們並沒有預料到這種勢頭會這麼快出現。你可以看到 Nutrien 或拜耳出來說他們正在與我們合作，這意味著他們與我們合作的不僅僅是我們賦予他們的特質。他們作為種子合作夥伴與我們合作，他們正在準備農作物。我們就是這樣看待它的。

And the fact that the industry itself was accepting this model that we can take their lead elite germplasm and traits and then give it back to a timely and cost-effective basis. I think when we first met you, Bob, I don't think we could have told you it would have happened as fast. It's clear that the industry is, as you start to second and third launches, are really putting induced model of us. We're able to cost effectively make these and get better products. Did that make sense?

事實上，產業本身正在接受這種模式，我們可以利用他們領先的精英種質和性狀，然後將其返回到及時且具有成本效益的基礎上。我想當我們第一次見到你時，鮑勃，我想我們不可能告訴你事情會發生得那麼快。很明顯，當你開始第二次和第三次發佈時，該行業確實正在引入我們的誘導模型。我們能夠以成本有效的方式生產這些產品並獲得更好的產品。這樣有道理嗎？

Yeah, makes a lot of sense. And maybe I can just squeeze one more in on the royalty opportunity, you talked about some pretty big hundreds of millions of perspective royalties and just scratching the surface there. But maybe can you revisit the split that you're assuming in terms of farmer germplasm owner and the value enhancer and be your role in terms of how you arrive at that market? What's the rough math you guys are thinking in terms of how that value creation is split amongst shareholders?

是的，很有道理。也許我可以再擠一擠版稅機會，你談到了一些相當大的數億透視費，但只是觸及了表面。但也許您可以重新審視您在農民種質所有者和價值增強者方面所假設的劃分，並在如何到達該市場方面發揮您的作用？你們對於如何在股東之間分配價值創造的粗略計算是怎樣的？

Thanks, I'm going to try this. This is one of the harder questions for us to answer in general about this business because the trait businesses have been around for a long time. So between the seed companies, there's two $4 billion traits. Everybody's developed things in the interim license, strategic pillar and pay royalties or the knowledge base that royalties are quantifiable.

謝謝，我要嘗試這個。對我們來說，這是關於這項業務的總體上更難回答的問題之一，因為特質業務已經存在很長時間了。因此，種子公司之間有兩個價值 40 億美元的特徵。每個人都在臨時許可、戰略支柱和支付特許權使用費或特許權使用費可量化的知識庫中開發了東西。

So as for productivity traits, when you notice that if you put it trade in and you can quantify the cost benefit and you share it with the seed company, and with us, and the farmer, and with us that for each of our traits, but there really hasn't been much of a dispute as to what type of royalty you would have and have a lump sum. And so we've been for fairly encouraged by how well they've adopted it. We won't know until we launch some. But the fact is, for each of the traits that we have, we are getting them into their hands and they have a real model for which they are pricing these things.

至於生產力特徵，當你注意到，如果你將其進行交易，你可以量化成本效益，並與種子公司、我們、農民以及我們分享我們的每一個特徵，但對於您將獲得何種類型的特許權使用費以及一次性付款，確實沒有太多爭議。因此，我們對他們的採用程度感到相當鼓舞。在我們推出一些之前我們不會知道。但事實是，對於我們擁有的每一個特徵，我們都將它們交到他們手中，他們有一個真實的模型來為這些東西定價。

And number incurr says it's not going to be tried farmer by farmers, but we are encouraged that each of their crops, these are traits that they need like a BT trait, because you need that at every acre, right? That we're encouraged that these traits are going to be into this first, especially of our first three traits of our customers, germplasm or so. Things like Sclerotinia, we don't think these will be more than a third of the acres or 50% of the acres, but we're pretty conservative how we look at them. Peter, do you want to add into that? Do you want anything to provide for both peers talking every day to the seed companies and pricing and launching. Peter?

Number incurr 表示，農民不會嘗試這種技術，但我們感到鼓舞的是，他們的每種作物都需要這些特性，例如 BT 特性，因為每一英畝都需要這些特性，對嗎？我們很高興這些性狀將首先納入其中，特別是我們客戶的前三個性狀，種質等。像核盤菌這樣的東西，我們認為它們不會超過三分之一英畝或 50% 的英畝，但我們對它們的看法相當保守。彼得，你想補充嗎？您想要為雙方每天與種子公司交談、定價和啟動的同行提供任何幫助嗎？彼得？

Yeah, thanks, Rory, and thanks, Bobby. I think great question around how we developed with our customers, our pricing strategy that that makes sense in the marketplace. As Rory said, this is a market that has really understood the value of our productivity traits. Farmers are finding every day to manage the input costs.

是的，謝謝羅裡，謝謝鮑比。我認為關於我們如何與客戶一起發展以及我們的定價策略在市場上有意義的問題是一個很大的問題。正如羅裡所說，這是一個真正了解我們生產力特徵價值的市場。農民每天都在尋找管理投入成本的方法。

And so, being able to bring productivity traits to market with our customers, allows us to really understand that value proposition very clearly. So I think, when you hear that with very large annual royalty payments, it's for us, that is the addressable market and the opportunity. And we continue to get customers wanting more and more of their generics through our system. The only other thing I'll add is the excitement around the fact that we're integrating into their plant breeding programs at a level which they haven't had before gets people very excited of being able to penetrate the market very quickly.

因此，能夠將生產力特徵與我們的客戶一起推向市場，使我們能夠非常清楚地真正理解這一價值主張。所以我認為，當你聽到每年要支付大量特許權使用費時，這對我們來說就是潛在的市場和機會。我們繼續透過我們的系統讓客戶想要越來越多的仿製藥。我要補充的唯一一件事是，我們正在以前所未有的水平融入他們的植物育種計劃，這讓人們對能夠快速滲透市場感到非常興奮。

So being able to put edits, and therefore traits, into a broad genetic base means that you can get the trait into more product lines more quickly. And so that's something we're looking forward to see how that pans out over the next few years. (multiple speakers)

因此，能夠將編輯和性狀放入廣泛的遺傳基礎中意味著您可以更快地將性狀引入更多產品線。因此，我們期待看到未來幾年的結果。（多個發言者）

Thank you, Peter, thank you, Rory.

謝謝你，彼得，謝謝你，羅裡。

Too robustly, Bobby, is that okay?

太堅強了，鮑比，可以嗎？

Yeah, that was perfect. Thank you both.

是的，那太完美了。謝謝你們倆。

Thanks.

謝謝。

Thank you.

謝謝。

Sameer Joshi, H.C. Wainwright.

薩米爾‧喬希 (Sameer Joshi)，H.C.溫賴特。

Hey, guys, thanks for taking my questions. On the European front, is the timeline for the European Council and the European Commission coming together still in that July time frame or do you have some additional color on that?

嘿，夥計們，謝謝你回答我的問題。在歐洲方面，歐洲理事會和歐盟委員會的時間表是否仍然在 7 月的時間範圍內，或者您對此有什麼其他看法嗎？

Thanks, Bobby, and thanks for your support. It's really our big story, right? Once they come through this, doesn't mean the rest of the world will start to follow them, so it's exciting. As you probably know, there's a final council vote that hasn't happened yet.

謝謝，鮑比，也謝謝你的支持。這確實是我們的大故事，對吧？一旦他們度過了難關，並不意味著世界其他地方會開始效仿他們，所以這是令人興奮的。您可能知道，最終的理事會投票尚未進行。

And so, the debate we have is, once that happens, it could be any day now, which combines the groups. And from that, we can put timetables together. The question for all appear to have courage more is, it seems quite clear that there will be a bill pass that says, for our type technology that is going to be treated in a certain basis, but there's a bunch of fine tuning to that regulation that we're hoping to have completed by year end. And that's the debate we're waiting for. Peter, do you want to add to that? Is that clear enough.

因此，我們的辯論是，一旦發生這種情況，可能是現在的任何一天，這將各個群體結合起來。由此，我們可以製定時間表。對於所有看起來更有勇氣的人來說，問題是，似乎很清楚將會有一項法案通過，表明我們的類型技術將在一定的基礎上得到處理，但對該法規有很多微調我們希望在年底前完成。這就是我們正在等待的辯論。彼得，你想補充嗎？說得夠清楚了嗎？

Yeah, I think that's clear enough, Rory. Just to add a little bit to that because -- I think that Roy stated that the process has started and no, there is no, as I went through the process, there was a lot of amendments that have to be finalized and the council vote is they're discussing that as we speak. The bottom line is though, I would like to make sure that people understand this process. We will go to completion and that will be an avenue for gene edited crops into Europe or into the EU here in the foreseeable future.

是的，我想這已經很清楚了，羅裡。只是補充一點，因為——我認為羅伊表示該過程已經開始，不，沒有，當我經歷這個過程時，有很多修正案需要最終確定並由理事會投票就在我們說話的時候他們正在討論這個問題。但最重要的是，我想確保人們理解這個過程。我們將完成這項工作，這將成為在可預見的將來基因編輯作物進入歐洲或進入歐盟的途徑。

So that is the exciting part. You have the UK already out with all their laws implemented. And we're hearing already that companies are putting field trial applications into the EU, and that is exciting also. So it is a process and it is going in the right direction.

這就是令人興奮的部分。英國已經實施了所有法律。我們已經聽說公司正在向歐盟提出現場試驗申請，這也令人興奮。所以這是一個過程，而且正在朝著正確的方向發展。

And you're actually turning we'll do the field trials so far have met with. I think we were probably hoping we just commit to Europe being done, but we're working with it. It is pretty pretty exciting where it is.

你實際上正在轉向我們將進行迄今為止所遇到的現場試驗。我想我們可能希望我們只是致力於歐洲的完成，但我們正在努力解決這個問題。這是非常令人興奮的地方。

Great. If this gets through, then you can use your existing American technologies out there, it won't be any new process that begins from scratch?

偉大的。如果這個通過了，那麼你就可以使用美國現有的技術，那不就是從頭開始的新流程嗎？

No, the encouraging thing is that, we told the story about the bridge right in the paper there. They totally get oligo nucleotide directly mutagenesis. And as you know, in their safety study wasn't just gene editing, it was safe, it's an oligonucleotides. It is it safe and so we're pretty comfortable that our technology by itself is a spotlight of these new regulations, and we're encouraged that the traits we have.

不，令人鼓舞的是，我們就在報紙上講述了這座橋的故事。他們完全是透過寡核苷酸直接誘變的。如你所知，他們的安全研究不僅僅是基因編輯，它是安全的，它是一種寡核苷酸。它是安全的，因此我們對我們的技術本身成為這些新法規的焦點感到非常滿意，並且我們對我們所擁有的特性感到鼓舞。

It's new crop. We know oilseed rape is different, so we're starting to do field trials in England, which have been really helpful because that's the trade itself that we're really encouraged by. And wheat is big in Europe, that's a big product for us also. We don't see a risk in the trade itself. I think we've actually had really positive encouragement on that.

這是新作物。我們知道油菜是不同的，所以我們開始在英國進行田間試驗，這非常有幫助，因為這正是我們真正受到鼓勵的貿易本身。小麥在歐洲產量很大，這對我們來說也是一個重要產品。我們認為交易本身不存在風險。我認為我們實際上在這方面得到了非常積極的鼓勵。

Understood. And then just following up on Bobby's question related to the royalty, so the 250 million acres for the developed and advanced traits, this is resulting in $1 billion annual priorities to you. Does this mean that the total savings are additional productivity or yield is up $2 billion to $3 billion on this 250 million acres? I'm just trying to triangulate some numbers here.

明白了。然後就鮑比提出的與特許權使用費相關的問題進行跟進，因此 2.5 億英畝的土地用於開發和先進的特性，這將為您帶來 10 億美元的年度優先事項。這是否意味著這 2.5 億英畝土地上的總節省是生產力的提高或產量增加了 20 億至 30 億美元？我只是想在這裡對一些數字進行三角測量。

Well, I know you've heard us often so I'm going to take the soft side and I'll let Peter take the hard side of it. But any revenues we have, by definition, result in direct savings to the farmer. We're dealing -- in rice, we have never had a gene-edited trait for herbicide traits, and so this is a big savings in rice. And then pod shatter, it's been an immensely powerful new trait.

好吧，我知道你經常聽到我們的聲音，所以我會採取溫和的一面，而我會讓彼得採取嚴厲的一面。但根據定義，我們擁有的任何收入都會為農民帶來直接的節省。我們正在處理的水稻中，我們從未有過除草劑特性的基因編輯特性，因此這對水稻來說是一個巨大的節省。然後豆莢破碎，這是一個非常強大的新特性。

And if we can do Sclerotinia, it is the toughest crop in Europe and in canola and soybean. Every dollar we get results in a direct increase or decrease in costs for the farm. Peter, do you want to add anything to that?

如果我們能夠種植核盤菌，那麼它就是歐洲、油菜籽和大豆中最難處理的作物。我們獲得的每一美元都會導致農場成本的直接增加或減少。彼得，你想補充什麼嗎？

Yes, hello. Thanks, Sameer, for the question because I think that, as Rory stated in his remarks, we were really fortunate with our technology to be able address modalities in multi crop, multi trait, -- stackable traits, if you like, into very different geographies. And I think that's the areas that we see the huge value drivers. So when you think about stacking traits and going across different crops, you can look at the market and even conservatively see these large numbers generated over time with royalties, just like we've seen in the market with the GMO traits.

是的你好。謝謝Sameer 提出這個問題，因為我認為，正如Rory 在他的演講中所說，我們真的很幸運，我們的技術能夠解決多作物、多性狀的模式，如果你願意的話，可以將可堆疊的性狀轉化為非常不同的模式。地理。我認為這就是我們看到巨大價值驅動因素的領域。因此，當您考慮疊加性狀並研究不同的作物時，您可以觀察市場，甚至可以保守地看到隨著時間的推移透過特許權使用費產生的大量數字，就像我們在市場上看到的轉基因生物性狀一樣。

As we've stated before, they continue to generate billions of dollars of royalties every year. So when you have compelling traits and you're able to get them into multiple crops and multiple geographies, that you create a huge amount of value.

正如我們之前所說，他們每年繼續產生數十億美元的特許權使用費。因此，當你擁有引人注目的特性並且能夠將它們應用到多種作物和多個地區時，你就創造了巨大的價值。

Yeah, it's a remarkable, the market size, as well as your progress in trying to get to it. It's really amazing. I just had one last one maybe for Wade. Is the goodwill impairments out of the range? Or should we see gain at the end of next year, some a mark-to-market or some revaluation there?

是的，這是一個了不起的市場規模，以及你在努力實現這一目標方面所取得的進展。真是太神奇了。我剛剛為韋德準備了最後一張。商譽減損是否超出範圍？或者我們應該在明年年底看到收益，有些是按市值計價，有些是重估？

Thanks for the question. I think you can expect us every fourth quarter to reevaluate the goodwill impairment. This year was unusual in that following the merger, several things happened: Number one, you may recall the stock price at the time of the merger was up above [30s]. And then we did the impairment analysis in the fourth quarter, it was actually closer to [10], so that had a dramatic impact on the goodwill impairment analysis.

謝謝你的提問。我認為您可以期望我們每第四季重新評估商譽減損。今年的不尋常之處在於，合併後發生了幾件事：第一，您可能還記得合併時的股價高於[30秒]。然後我們在第四季度做了減損分析，實際上更接近[10]，所以這對商譽減損分析產生了巨大的影響。

And then secondly, as you know, back in the fall, in October specifically, we've rightsized our spending plans based on the near term trade opportunities. Those things contributed the majority of the impact to the goodwill impairment charge. And so, every year we'll reevaluate this. I think I would expect this to be the one that's most significant by far that jumps out. And obviously was largely related to a lot of merger dynamics and us rightsizing our spending our plans going forward.

其次，如您所知，早在秋季，特別是十月，我們就根據近期貿易機會調整了我們的支出計劃。這些因素對商譽減損支出產生了大部分影響。因此，每年我們都會重新評估這一點。我想我預計這將是迄今為止最重要的一個。顯然，這在很大程度上與許多合併動態以及我們調整支出和未來計劃有關。

And so, once again, in the fourth quarter every year, going forward, we'll expect to reevaluate that, and we will take it one step at a time in that regard.

因此，在每年的第四季度，我們將再次期望重新評估這一點，並且我們將在這方面一步一步地採取行動。

I think the rightsizing of spending was what I was missing in my thought process. Thanks, Wade. Thanks for taking my question.

我認為我在思考過程中忽略了調整支出規模。謝謝，韋德。感謝您提出我的問題。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Mr. Riggs for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給里格斯先生，請他發表結束語。

Thanks so much. This has been such a big year for us. And I think the thing we're most excited about is that, we set out some really aggressive milestones that we thought were based on our technology and what we should accomplish, and we're pretty excited that we hit those, and that we set out some great milestones for next year, which will cement us being commercial.

非常感謝。這對我們來說是非常重要的一年。我認為我們最興奮的是，我們設定了一些非常積極的里程碑，我們認為這些里程碑是基於我們的技術和我們應該完成的目標，我們非常興奮我們達到了這些目標，並且我們設定了這些目標為明年制定一些重要的里程碑，這將鞏固我們的商業化。

These customers, having their traits, having a couple of new platforms, and so hopefully our treatment not just us that traits that signify where the industry is moving and the ability for the industry to actually have this extension of a conventional breeding that's being done in facilities like the trade business.

這些客戶具有他們的特徵，擁有一些新平台，因此希望我們的待遇不僅僅是我們，這些特徵表明了該行業的發展方向，以及該行業實際上有能力擴展傳統育種的能力。貿易業務等設施。

So we'd like to be known for having aggressive milestones, but hitting them. And so, thank you for your support, and we're really looking forward to this year as another year of amazing progression in the development of this industry. So thanks, team.

因此，我們希望以擁有積極的里程碑並實現它們而聞名。因此，感謝您的支持，我們非常期待今年成為該行業發展驚人進步的另一年。所以謝謝，團隊。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。