Codexis Inc (CDXS) 2024 Q2 法說會逐字稿

Welcome to the Codexis second-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

歡迎參加 Codexis 2024 年第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。

And now I'll turn the call over to Kerry McGinn, Director of Investor Relations. Please go ahead.

現在我將電話轉給投資者關係總監 Kerry McGinn。請繼續。

Thank you, operator. With me today are Dr. Stephen Dilly, Codexis' President and Chief Executive Officer; Kevin Norrett, Chief Operating Officer; Sri Ryali, Chief Financial Officer. Dr. Stefan Lutz, our SVP of Research, is also here and will be available for any questions during the Q&A.

謝謝你，接線生。今天與我在一起的有 Codexis 總裁兼執行長 Stephen Dilly 博士；凱文‧諾雷特，營運長；斯里‧裡亞利，財務長。我們的研究資深副總裁 Stefan Lutz 博士也在這裡，將在問答過程中解答任何問題。

During this call, management will be making a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our guidance for 2024 revenue, product revenues and gross margin on product revenues, anticipated milestones, including product launches, technical milestones and public announcements related thereto, as well as our strategies and prospects for revenue growth and successful execution of current and future programs and partnerships.

在本次電話會議中，管理階層將發表1995 年《私人證券訴訟改革法案》意義內的許多前瞻性聲明，包括我們對2024 年收入、產品收入和產品收入毛利率的指導、預期里程碑，包括產品發布、技術里程碑和相關公告，以及我們的收入成長策略和前景以及當前和未來計劃和合作夥伴關係的成功執行。

To the extent that statements contained in this call are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the beliefs and expectations of management as of the statement date, August 8, 2024. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are in some cases beyond good access control and they can truly affect actual results.

如果本次電話會議中包含的聲明不是對 Codexis 歷史事實的描述，則它們是前瞻性聲明，反映了截至聲明日期（2024 年 8 月 8 日）管理層的信念和期望。您不應過度依賴這些前瞻性陳述，因為它們涉及已知和未知的風險、不確定性和其他因素，這些因素在某些情況下超出了良好的存取控制範圍，並且可能真正影響實際結果。

Additional information about factors that could materially affect actual results can be found in Codexis filings with the Securities and Exchange Commission. Codexis expressly disclaims any intent or obligation to update these forward-looking statements such as required by law.

有關可能對實際結果產生重大影響的因素的更多信息，請參閱 Codexis 向美國證券交易委員會提交的文件。Codexis 明確表示不承擔任何更新這些前瞻性聲明的意圖或義務（例如法律要求）。

And now I'll turn the call over to Stephen.

現在我將把電話轉給史蒂芬。

Thank you, Carrie, and thanks, everyone, for joining. Just a year ago, we announced a strategic priority focusing on two key areas. Firstly, growing our revenue generating pharmaceutical manufacturing business, and secondly, enabling the manufacture of siRNA therapeutics through our ECO synthesis manufacturing platform. We're making great progress across both fronts. Sri will provide more details on our Q2 performance, but I want to highlight that we are exactly where we expected to be and are reiterating our full year 2024 guidance.

謝謝你，嘉莉，也謝謝大家的加入。就在一年前，我們宣布了一項重點關注兩個關鍵領域的策略重點。首先，發展我們創造收入的藥品製造業務，其次，透過我們的 ECO 合成製造平台實現 siRNA 治療藥物的製造。我們在這兩方面都取得了巨大進展。Sri 將提供有關我們第二季度業績的更多詳細信息，但我想強調的是，我們完全達到了預期目標，並重申了我們的 2024 年全年指導。

We have clear visibility to delivering a strong second half of the year including achieving double-digit product revenue growth for 2024. Our pharma manufacturing business has a deep pipeline of named product opportunities going into late-stage clinical trials and commercialization, which will drive our near term product revenue.

我們清楚地看到下半年將實現強勁成長，包括在 2024 年實現兩位數的產品收入成長。我們的製藥業務擁有大量進入後期臨床試驗和商業化的指定產品機會，這將推動我們的近期產品收入。

In parallel, we remain focused on adding new screening and evolution programs to the top of the funnel. We expect that this will drive sustained growth throughout the decade, a key part of reaching positive cash flow around the end of 2026. Zeroing in on these streamline priorities has enabled our team to focus on returning the pharma manufacturing business to product revenue growth this year, driving our emerging double-stranded RNA ligase business and advancing our vision of becoming a direct producer of siRNA without ECO Synthesis manufacturing platform.

同時，我們仍然專注於在漏斗頂部添加新的篩選和進化計劃。我們預計這將推動未來十年的持續成長，這是在 2026 年底左右實現正現金流的關鍵部分。專注於這些精簡優先事項使我們的團隊能夠專注於今年使製藥業務恢復產品收入增長，推動我們新興的雙鏈 RNA 連接酶業務，並推進我們成為無需 ECO Synthesis 製造平台的 siRNA 直接生產商的願景。

Our plans and revenue targets are ambitious, but we've laid out a calculated step-wise approach to how we get there. Take you through that, I'd like to pass the call over to Kevin.

我們的計劃和收入目標雄心勃勃，但我們已經制定了一個經過計算的逐步方法來實現這一目標。帶你了解一下，我想把電話轉給凱文。

Thanks, Stephen. We are seeing continued momentum across each of our key strategic priorities, and I want to spend most of my time today outlining our commercial strategy. I'll start with a recap of the recent times USA. meeting from there, I'll cover the roadmap to commercialization for our evolving siRNA manufacturing services offering, including more information on our anticipated revenue stream.

謝謝，史蒂芬。我們看到每個關鍵策略優先事項的持續勢頭，我今天想花大部分時間概述我們的商業策略。我將首先回顧美國最近的情況。在會議上，我將介紹我們不斷發展的 siRNA 製造服務產品的商業化路線圖，包括有關我們預期收入流的更多資訊。

Before I jump into those updates, however, I want to start on slide 3 by highlighting that we have further strengthened our commercial organization with the addition of a new Senior Vice President of Commercial Operations, Britton Jimenez. Britton has more than 20 years of experience in the CDMO space, and he brings valuable insights as we position Codexis for our next phase of growth.

然而，在開始介紹這些更新之前，我想從幻燈片 3 開始強調，隨著新任商業營運高級副總裁 Britton Jimenez 的加入，我們進一步加強了我們的商業組織。Britton 在 CDMO 領域擁有 20 多年的經驗，他為我們為 Codexis 下一階段的發展定位提供了寶貴的見解。

Part of that next phase of growth includes our pharma manufacturing business, which, as Stephen just mentioned, we expect to be strong for the second half of the year due to already exist or are expected. Turning to the ecosystem platform from a technical standpoint, we are ahead of where we thought we would be a year ago. This has accelerated our commercial momentum, and we are now engaged with the major players in this space.

下一階段成長的一部分包括我們的藥品製造業務，正如史蒂芬剛才所提到的，由於已經存在或預計，我們預計下半年將表現強勁。從技術角度來看生態系統平台，我們領先一年前的預期。這加速了我們的商業勢頭，我們現在正在與這個領域的主要參與者接觸。

When we began working on this technology, we envisioned a platform that could be put into customers' hands so they could manufacture their own siRNA. While this is still a primary part of our plan over time, we see ourselves growing thoughtfully into a direct producer of significant quantities of GMP-grade siRNA. to capture the most value. This is not a minor undertaking. As you'll hear today, we are already underway on our plans to produce GLP-grade material, and we envision a stepwise approach to moving up the rest of the value chain.

當我們開始研究這項技術時，我們設想了一個可以交到客戶手中的平台，以便他們可以製造自己的 siRNA。雖然隨著時間的推移，這仍然是我們計劃的主要部分，但我們認為自己正在認真成長為大量 GMP 級 siRNA 的直接生產商。獲取最大價值。這不是一件小事。正如您今天所聽到的，我們已經開始實施生產 GLP 級材料的計劃，並且我們設想採取逐步的方法來提升價值鏈的其餘部分。

To walk you through our strategy, let me first set the stage by taking you back to the recent TIDES USA meeting on slide 4. There, we announced two important updates on our progress. First, we demonstrated a sequential synthesis of a full-length oligonucleotide. Second, we rolled out our double-stranded RNA ligase screening and optimization services, which builds upon our years of experience in ligase enzyme engineering.

為了向您介紹我們的策略，首先讓我帶您回顧一下投影片 4 上最近舉行的 TIDES USA 會議。在那裡，我們宣布了有關我們進展的兩項重要更新。首先，我們示範了全長寡核苷酸的順序合成。其次，我們基於多年的連接酶工程經驗，推出了雙股RNA連接酶篩選和優化服務。

Having firmly established our proof of technology and players in this space have taken note. Taking a closer look at our ties presentations on slide 5, we highlighted both the capabilities and flexibility of our ECO synthesis platform, synthesizing all of the nucleotides from starting material through the attachment of a targeting moiety. What you may have missed from our presentation is that we synthesize one of the lumasiran strands at full length.

在牢固地建立了我們的技術證明之後，這個領域的參與者已經注意到了。仔細觀察幻燈片 5 上的關係演示，我們強調了 ECO 合成平台的功能和靈活性，該平台透過連接靶向部分從起始材料合成所有核苷酸。您可能在我們的演示中錯過了我們合成了全長的 lumasiran 鏈之一。

We also synthesize an extended fragment of adjuvant restaurants trend, which can be located to make the full length therapeutic assets. We believe that these real-world examples highlight the dynamic nature of our platform. As we shared at TIDES in addition to incorporating all of the necessary nucleotide modifications, we consistently achieved coupling efficiency of greater than 98%, which is on par with phosphoramidite chemistry.

我們還綜合了輔助餐廳趨勢的擴展片段，可以將其定位以製作完整的治療資產。我們相信這些現實世界的例子凸顯了我們平台的動態本質。正如我們在 TIDES 上分享的那樣，除了納入所有必要的核苷酸修飾之外，我們始終實現了大於 98% 的偶聯效率，這與亞磷酰胺化學相當。

We also executed the enzymatic attachment of a conjugation moiety and confirmed a lack of notable impurities typically observed when using chemicals synthesis methods. We are currently in conversations with many large pharma players who are interested in this groundbreaking capability. And later in this presentation, I'll share how that interest could translate into revenue.

我們也進行了綴合部分的酶連接，並證實不存在使用化學合成方法時通常觀察到的顯著雜質。我們目前正在與許多對這種突破性功能感興趣的大型製藥公司進行對話。在本次演講的後面部分，我將分享如何將這種興趣轉化為收入。

Moving to slide 6. We continue to view our double-stranded RNA ligase program as the bridge into enzymatic solutions for customers who are currently using traditional chemistry. We know that large pharma and CDMOs already using phosphor phosphoramidite chemistry are increasingly interested in using enzymes and siRNA manufacturing due to the potential for increased efficiency and improved margins.

轉到投影片 6。我們繼續將雙股 RNA 連接酶計畫視為目前使用傳統化學的客戶通往酵素解決方案的橋樑。我們知道，由於具有提高效率和提高利潤的潛力，已經使用亞磷酰胺化學的大型製藥公司和 CDMO 對使用酵素和 siRNA 製造越來越感興趣。

This is particularly valuable in assets targeting large indications where drugs tend to be priced lower and higher margins become much more impactful as volume increase. We have continued to say ligation, combined with traditional chemistry is the next natural step. This became abundantly clear during our interactions with customers that TIDES USA, where they immediately recognize the benefits of our engineered ligase.

這對於針對大型適應症的資產尤其有價值，因為這些適應症的藥品價格往往較低，而隨著銷售量的增加，較高的利潤率變得更具影響力。我們繼續說，連接與傳統化學相結合是下一個自然步驟。在我們與 TIDES USA 客戶的互動中，這一點變得非常清楚，他們立即認識到我們工程化連接酶的優勢。

Here, you can see a comparison between our engineered variant versus the wild type or natural enzyme. There are several reasons behind why customers are interested in using engineered ligases. First, they can drive higher volumetric productivity. This translates into fewer batches to make the same amount of API offering immediate cost savings with reduced time and purification as well as potentially higher product yields.

在這裡，您可以看到我們的工程變體與野生型或天然酶之間的比較。客戶對使用工程連接酶感興趣有幾個原因。首先，它們可以提高產量。這意味著生產相同數量的 API 需要更少的批次，從而可以立即節省成本，減少時間和純化，並可能提高產品產量。

Second, engineered ligases can offer superior performance across a broad range of modified RNA oligonucleotide substrates, which offers versatility and design strategies and mitigates the need to adjust the starting substrate to fit a single enzyme. These are just two of the potential benefits that should enable broader adoption of our ligation technology across a diverse set of siRNA assets.

其次，工程連接酶可以在多種修飾的 RNA 寡核苷酸底物中提供卓越的性能，從而提供多功能性和設計策略，並減少調整起始底物以適應單一酶的需要。這些只是我們的連接技術在各種 siRNA 資產中更廣泛採用的潛在好處中的兩個。

With the potential to significantly reduce COGS. Our library of engineered ligases provides a clear financial incentive for companies to look at switching from wild type even for later-stage assets. In fact, we saw this dynamic with our first large pharma customer. They determined that the benefits of our engineered ligase were compelling enough to test in clinical scale up for a phase 2 asset moving into phase 3.

有可能大幅降低銷售成本。我們的工程連接酶庫為公司考慮從野生型轉換甚至後期資產提供了明確的經濟誘因。事實上，我們在我們的第一個大型製藥客戶身上看到了這種動態。他們確定我們的工程連接酶的優勢足以在臨床規模上進行測試，以將第 2 期資產轉移到第 3 期。

This is an encouraging signal and we are focused on generating additional orders. More importantly, we expect the double-stranded RNA ligase program to become a repeatable, sustainable business that translates into meaningful revenues and supports our path to positive cash flow around the end of 2026.

這是一個令人鼓舞的信號，我們專注於產生更多訂單。更重要的是，我們預計雙股 RNA 連接酶計畫將成為一項可重複、可持續的業務，轉化為有意義的收入，並支持我們在 2026 年底左右實現正現金流。

On slide 7, you can see a case study comparing the revenue opportunity for a single asset using our legacy versus a typical single pharma manufacturing enzyme, assuming a large indication, siRNA therapeutic with a projected peak annual sales of just $1 billion, an estimated 10% cost of goods sold is about $100 million. This COGS percent is in line with what we're hearing at the $1 million per kilogram for a commercial drug with 100,000 patients treated per year.

在幻燈片7 上，您可以看到一個案例研究，比較了使用我們的傳統技術與典型的單一製藥酶的單一資產的收入機會，假設有一個大的適應症，siRNA 治療劑的預計峰值年銷售金額僅10 億美元，估計10銷售商品成本百分比約 1 億美元。這個 COGS 百分比與我們聽到的每年治療 10 萬名患者的商業藥物每公斤 100 萬美元的價格一致。

Customer feedback indicates that ligation can impact roughly 20% of their COGS, equating to the potential annual savings of approximately $20 million for the pharma customer at peak for the single asset. You could access for to capture roughly $10 million of those savings and savings that's double what a top-performing pharma manufacturing enzyme can deliver in a single year.

客戶回饋表明，連接可能會影響其 COGS 的大約 20%，相當於製藥客戶在單一資產高峰期每年可能節省約 2000 萬美元。您可以從這些節省中獲得大約 1000 萬美元，這是性能最佳的製藥酶在一年內所能實現的成本的兩倍。

Just imagine if this case study were for a drug in a mass-market indication like cholesterol control, which targets millions of patients where an asset could reach $10 billion in sales at peak, they're using the same at the revenue opportunity to Codexis could potentially be five to 10 times higher on an annual basis. Given our current pharma manufacturing run rate of roughly $40 million. It doesn't take many ligase programs for that to become the biggest driver of our business.

想像一下，如果這個案例研究是針對膽固醇控制等大眾市場適應症的藥物，該藥物針對數百萬患者，其資產在高峰期的銷售額可能達到100 億美元，那麼他們在Codexis 的收入機會上可以使用相同的藥物每年可能會高出五到十倍。鑑於我們目前的藥品製造運作率約為 4000 萬美元。不需要很多連接酶項目就可以成為我們業務的最大驅動力。

The economics get even more compelling. If we move up the value chain, potentially providing kilograms of siRNA for use in clinical trials. On slide 8, you can see the siRNA therapeutic revenue opportunity that could access for a given asset by stage based on what our market research says customers are currently paying. What we've heard from potential customers is that today, development-stage assets entering the clinic are seeing bottlenecks due to lead time raw materials required to establish new manufacturing protocol.

經濟學變得更加引人注目。如果我們向價值鏈上游邁進，可能會提供數公斤的 siRNA 用於臨床試驗。在投影片 8 上，您可以看到 siRNA 治療收入機會，可以根據我們的市場研究顯示客戶目前支付的費用分階段獲得給定資產。我們從潛在客戶那裡聽到的是，如今，由於建立新的製造協議所需的原材料交貨時間，進入臨床的開發階段資產遇到了瓶頸。

As a result, early-stage programs carry a much higher cost per kilogram and are at risk of timeline delays. Based on this dynamic we estimate that the revenue opportunity per preclinical asset using the ECO and synthesis platform is more than $1 million. The nice thing about these early-stage assets that will require a relatively small volume of material that can likely be handled within our equally an innovation lab currently under development.

因此，早期專案每公斤的成本要高得多，並且存在時間延遲的風險。基於這一動態，我們估計使用 ECO 和合成平台的每項臨床前資產的收入機會超過 100 萬美元。這些早期資產的好處是需要相對少量的材料，這些材料很可能在我們目前正在開發的創新實驗室中處理。

As you move through clinical trials, the cost per kilogram comes down, but the quantities needed go up so dramatically that the revenue opportunity becomes incredibly significant. Following the visual here, phase 1,2 assets could generate somewhere between four to $8 million in top line revenue for Codexis, similar to what we see in our pharma manufacturing business.

隨著臨床試驗的進行，每公斤的成本會下降，但所需的數量卻急劇增加，以至於收入機會變得異常巨大。按照此處的設想，1,2 期資產可為 Codexis 帶來 400 至 800 萬美元的營收，類似於我們在製藥製造業務中看到的情況。

However, by phase 3, we estimated per asset opportunity of roughly $100 million, followed by a potential annual revenue of $150 million for commercial drug volume. At that annual revenue figure for 10 years, a single product could be become a $1.5 billion opportunity for Codexis. With the potential for 50% or greater gross margins for this business, it's easy to see why we want to climb the value chain to become a direct producer of GMP-grade siRNA.

然而，到了第三階段，我們估計每個資產機會約為 1 億美元，隨後商業藥品量的潛在年收入為 1.5 億美元。以 10 年的年收入數字計算，單一產品可能會為 Codexis 帶來 15 億美元的機會。由於這項業務的毛利率有可能達到 50% 或更高，因此很容易理解為什麼我們希望攀登價值鏈，成為 GMP 級 siRNA 的直接生產商。

On slide 9, let me walk you through how we get there. First, as I mentioned earlier, we are already generating orders from our double-stranded RNA ligase program. Second, we are also in conversation with several large pharma and CDMOs to deliver specific constructs using ligation and or sequential synthesis, which they can compare to their chemically derived ones and important proof of concept.

在投影片 9 上，讓我向您介紹我們如何實現這一目標。首先，正如我之前提到的，我們已經從雙股 RNA 連接酶程序中產生訂單。其次，我們也與幾家大型製藥公司和 CDMO 進行對話，以使用連接和/或順序合成來提供特定的構建體，他們可以將其與化學衍生的構建體進行比較，並進行重要的概念驗證。

Third, the consolidation of our siRNA. manufacturing capabilities in the ecosystem as Innovation Lab remains on track for completion around the end of the year. Centralizing our efforts in one dedicated space will drive efficiency for us and our customers. Fourth, we expect to use a flexible combination of ligation and sequential census to produce GLP-grade siRNA. in 2025, representing our first step toward becoming a CDMO.

第三，鞏固我們的siRNA。生態系統中的製造能力作為創新實驗室仍有望在今年底前完成。將我們的工作集中在一個專用空間將為我們和我們的客戶提高效率。第四，我們期望使用連接和順序普查的靈活組合來生產 GLP 級 siRNA。 2025 年，我們邁出了成為 CDMO 的第一步。

Through our ECO Innovation Lab. We expect to supply customers with tens to hundreds of grams of material, which will allow them to get through tox toxicology studies in preparation for an IND. Finally, the next natural step and becoming an siRNA. provider is to build our own GMP facility that can deliver approximately a few hundred kilograms of material annually to supply customers clinical trials.

透過我們的生態創新實驗室。我們期望為客戶提供數十至數百克的材料，這將使他們能夠完成毒理學研究，為 IND 做準備。最後，下一個自然步驟是成為 siRNA。供應商將建立我們自己的 GMP 設施，每年可以提供約數百公斤的材料來供應客戶的臨床試驗。

While we have already started scoping this facility, which would likely take up to three years to complete. We are also engaged in partnering conversations to provide customers with a nearer term path to GMP manufacturing using our technology. We also know that we need to address the raw material supply chain for both partnering and our own GMP facility.

雖然我們已經開始確定設施的範圍，但這可能需要三年時間才能完成。我們也參與合作對話，為客戶提供使用我們的技術實現 GMP 生產的近期途徑。我們也知道，我們需要解決合作夥伴和我們自己的 GMP 設施的原材料供應鏈問題。

While we see building our GMP footprint as important to climbing the value chain. I want to be clear that we are not relying on revenue from that facility to get to positive cash flow expected around the end of 2026. That path is based upon growth from our existing pharma manufacturing pipeline, plus a couple of double-stranded RNA ligase orders. And we will be very thoughtful on what we believe is the best way to fund this GMP investment without compromising that trajectory.

雖然我們認為建立 GMP 足跡對於攀登價值鏈非常重要。我想澄清的是，我們並不依賴該設施的收入來實現預計在 2026 年底左右實現的正現金流。這條道路是基於我們現有的製藥生產線的增長以及一些雙股 RNA 連接酶訂單。我們將非常深思熟慮地考慮我們認為在不影響這一軌蹟的情況下為 GMP 投資提供資金的最佳方式。

On slide 10, I want to briefly summarize the various revenue streams that flow from the commercialization plan that I just laid out. First, we expect to drive near term revenue through our customized double-stranded RNA ligase screening and optimization services. For assets that require customized engineering. This will likely be R&D revenue with the potential to translate into product revenue as customers scale their clinical trials.

在投影片 10 上，我想簡要地總結我剛剛制定的商業化計畫帶來的各種收入來源。首先，我們期望透過客製化的雙股 RNA 連接酶篩選和優化服務來推動近期收入。適用於需要客製化工程的資產。這可能是研發收入，隨著客戶擴大臨床試驗規模，有可能轉化為產品收入。

Alternatively, we could see near term product revenue if we identify suitable engineered ligase variants from our extensive library and they can scale quickly. Second and critical to our longer term value creation we can also take on development projects through our ECO innovation lab, where we can do ligation and sequential senses to create customers' desired siRNA constructs.

或者，如果我們從我們廣泛的庫中識別出合適的工程連接酶變體，並且它們可以快速擴展，我們可以看到近期的產品收入。其次，對於我們的長期價值創造至關重要，我們還可以透過我們的 ECO 創新實驗室承擔開發項目，在那裡我們可以進行連接和序列檢測，以創建客戶所需的 siRNA 構建體。

Third, as I mentioned, the small quantities of GLP-grade siRONA we expect to produce in the ECO Innovation Lab could provide modest service and product related revenue over the next few years. Finally, beyond 2026, we expect to generate revenue by providing customers with GMP-grade SR&A initially through CDMO partnerships and then with our own GMP footprint.

第三，正如我所提到的，我們預計 ECO 創新實驗室生產的少量 GLP 級 siRONA 可以在未來幾年內提​​供適度的服務和產品相關收入。最後，在 2026 年之後，我們預計將首先透過 CDMO 合作夥伴關係，然後透過我們自己的 GMP 足跡，為客戶提供 GMP 級 SR&A，從而產生收入。

Moving to our milestones on slide 11 as you have seen TIDES Europe meeting has become an important venue for us to showcase typical updates and into advanced commercial discussions at the upcoming TIDES Europe meeting in November, we expect to show continued validation of our ECO synthesis platform with customers and partners publicly expressing their excitement about our technology.

轉到幻燈片11 上的里程碑，正如您所看到的，TIDES 歐洲會議已成為我們展示典型更新並在即將於11 月舉行的TIDES 歐洲會議上進行高級商業討論的重要場所，我們希望展示我們的ECO 合成平台的持續驗證客戶和合作夥伴公開表達了他們對我們技術的興奮。

With that, let me turn the call over to Sri to discuss our financial results and outlook for the rest of the year.

接下來，讓我將電話轉給 Sri，討論我們今年剩餘時間的財務表現和前景。

Thank you, Kevin and good afternoon, everyone. Starting on slide 12, Q2 revenues were exactly in line with our expectations and the guidance we provided during our last call. Looking ahead, we continue to see a strong second half of this year. And we have a clear line of sight to delivering on our full year guidance of at least 10% year over year product revenue growth.

謝謝凱文，大家下午好。從投影片 12 開始，第二季的收入完全符合我們的預期以及我們在上次電話會議中提供的指導。展望未來，我們持續看到今年下半年的強勁表現。我們有一個明確的目標，即實現產品收入同比增長至少 10% 的全年指導。

I'll walk through key elements driving our second half revenue expectations shortly but let me first review. Q2 total revenues were $8 million for the second quarter of 2024 including product revenues of $6.3 million in R&D revenues of $1.7 million. As expected, this is down compared to Q2 of 2023. We were always projecting that Q2 2024 would be our lowest product revenue quarter of the year, which is the opposite of last year for Q2 was our highest quarter.

我很快就會介紹推動下半年營收預期的關鍵要素，但讓我先回顧一下。2024 年第二季的總營收為 800 萬美元，其中產品收入為 630 萬美元，研發收入為 170 萬美元。正如預期的那樣，與 2023 年第二季度相比有所下降。我們一直預測 2024 年第二季將是我們今年產品收入最低的季度，這與去年相反，因為第二季度是我們最高的季度。

The decrease in R&D revenue primarily reflects having biotherapeutics revenue last year as well as a noncash $5 million license fee we recognized in Q2 2023. Product gross margin was 45% this quarter. This was down compared to Q2 2023, largely driven by product mix. Turning to expenses, R&D expenses for the second quarter of 2024 were $11.4 million compared to $17.3 million last year. You can see the continued benefit of the expense actions we took last year reflected in the 34% year-over-year reduction in R&D expenses.

研發收入的下降主要反映了去年的生物治療收入以及我們在 2023 年第二季確認的 500 萬美元非現金許可費。本季產品毛利率為45%。與 2023 年第二季相比有所下降，這主要是由產品組合推動的。說到支出，2024 年第二季的研發支出為 1,140 萬美元，而去年為 1,730 萬美元。您可以看到我們去年採取的費用行動帶來的持續效益，這體現在研發費用比去年同期減少了 34%。

I also want to note that Q2 R&D expenses were up a little compared to Q1 of this year, and we expect to see a slight ramp up in the second half of the year for ECO synthesis Innovation Lab investment. SG&A expenses were $15.7 million compared to $13.4 million in the second quarter of 2023, which was primarily driven by a onetime non-cash stock-based compensation modification expense of $2 million. Excluding this one-time charge, SG&A expenses were $13.7 million in the quarter and flat to last year.

我還想指出的是，第二季的研發費用比今年第一季略有增加，我們預計下半年 ECO 合成創新實驗室的投資將略有增加。SG&A 費用為 1570 萬美元，而 2023 年第二季為 1340 萬美元，這主要是由 200 萬美元的一次性非現金股票薪酬修改費用推動的。不包括這項一次性費用，本季的銷售、管理及行政費用為 1,370 萬美元，與去年持平。

I want to take a closer look at our 2024 revenue dynamics. The graph on slide 13 shows a historical distribution of our product revenue, excluding packs loaded across the first and second halves of the year for 2020 through 2024. As you can see and as we have discussed before, we typically see an uneven distribution of revenue throughout the year, primarily driven by timing of customer orders.

我想仔細看看我們 2024 年的收入動態。投影片 13 上的圖表顯示了我們產品收入的歷史分佈，不包括 2020 年至 2024 年上半年和下半年加載的包。正如您所看到的以及我們之前討論的那樣，我們通常會看到全年收入分配不均勻，這主要是由客戶訂單時間決定的。

As we have previously communicated, roughly 40% of our product revenue is weighted in the first half of this year, making 2024 will look more like what we saw between 2020 and 2022. The takeaway here is that our product revenue tends to be lumpy. And instead of focusing on any single quarter, the overall annual trends are much better indicators of our progress.

正如我們之前所傳達的，我們大約 40% 的產品收入是在今年上半年加權的，這使得 2024 年看起來更像我們在 2020 年至 2022 年期間看到的情況。這裡的要點是我們的產品收入往往不穩定。整體年度趨勢不是關注任何一個季度，而是更好地反映我們的進展。

Taking a closer look at our product revenue trends. The graph on slide 14 shows a year-to-date comparison for the last three years. As you can see, we have reduced revenue concentration and the big three commercial pharma manufacturing products as our pipeline programs continue to advance over time, we expect this diversification to smooth out some of the quarter-to-quarter lumpiness.

仔細研究我們的產品收入趨勢。幻燈片 14 上的圖表顯示了過去三年的年初至今的比較。正如您所看到的，隨著我們的管道計劃隨著時間的推移繼續推進，我們已經降低了收入集中度和三大商業製藥產品，我們預計這種多元化將消除一些季度與季度之間的波動。

Turning to guidance, we are confident in reiterating our 2024 product revenue and gross margin ranges, and here's how we get there. Our actual first half product revenues of $15.8 million are expected to make up roughly 40% of the year with roughly 60% weighted to the second half. Importantly, most of the second half revenue comes from existing and expected orders. This includes orders where we already have binding commitments for very strong indication of likelihood.

談到指導，我們有信心重申 2024 年的產品收入和毛利率範圍，以下是我們實現這一目標的方法。我們上半年的實際產品收入為 1,580 萬美元，預計佔全年的 40% 左右，其中下半年約佔 60%。重要的是，下半年大部分收入來自現有和預期訂單。這包括我們已經做出具有約束力的承諾的訂單，以表明非常強烈的可能性。

As an example, we are contracted to deliver the $2.5 million double-stranded RNA. Why days order from a large pharma customer in Q4. We also expect the product mix in the second half of the year to include higher margin products as compared to the first half of the year. To help with modeling we expect Q3 product revenue to be in line with Q1 of this year, followed by a strong Q4 and an overall return to at least 10% product revenue growth versus 2023.

例如，我們簽訂了交付 250 萬美元雙股 RNA 的合約。為什麼第四季從一家大型製藥客戶那裡訂購。我們也預計下半年的產品組合將包括比上半年利潤率更高的產品。為了幫助建模，我們預計第三季的產品收入將與今年第一季保持一致，隨後第四季將表現強勁，並且與 2023 年相比，整體產品收入成長至少恢復到 10%。

Shifting to slide 15. As we previewed in May, our Q2 R&D revenue was roughly in line and actually better than this year's Q1 R&D base business and when we talked about our base business, we are excluding revenue from nonrecurring items and discontinued programs like biotherapeutics. Looking at our full year R&D guidance range of $18 million to $22 million. Let me take you through how we get there.

轉到投影片 15。正如我們在5 月預測的那樣，我們第二季度的研發收入與今年第一季的研發基礎業務大致相符，而且實際上更好，當我們談論我們的基礎業務時，我們不包括來自非經常性項目和生物治療等已停產項目的收入。我們的全年研發指導範圍為 1800 萬美元至 2200 萬美元。讓我帶您了解我們如何到達那裡。

Our R&D based business run rate is approximately $6 million to $7 million. In Q1. We also recorded $6 million related to the double-stranded DNA ligase agreement with Roche. Looking ahead, the rest of our 2024 R&D revenue will come from new projects and other one-off license fees anticipated in the back half of this year to drive that we have continued to make significant progress against several new screening programs off the ground across mid-sized pharma and large biotechs, and we expect these programs to translate into R&D revenues later this year.

我們基於研發的業務運作費約為 600 萬至 700 萬美元。在第一季。我們也記錄了與羅氏簽訂的雙股 DNA 連接酶協議相關的 600 萬美元。展望未來，我們 2024 年研發收入的其餘部分將來自預計在今年下半年推出的新項目和其他一次性許可費用，以推動我們在 2024 年中期啟動的幾個新篩選項目上繼續取得重大進展。的製藥公司和大型生物技術公司，我們預計這些計劃將在今年稍後轉化為研發收入。

In terms of modeling, Q3, R&D revenue is expected to be roughly in line with Q1 and Q2, followed by a strong Q4 based on the factors I just outlined. Moving to slide 16. We ended the quarter in a strong cash position with $73.2 million in cash, cash equivalents, and investments, which we continue to expect will fund our planned operations through positive cash flow anticipated around the end of 2026. That path to positive cash flow means a roughly doubling of product revenue by 2026.

在建模方面，根據我剛才概述的因素，第三季的研發收入預計將大致與第一季和第二季一致，隨後第四季將表現強勁。轉到投影片 16。本季結束時，我們的現金狀況強勁，擁有 7,320 萬美元的現金、現金等價物和投資，我們仍然預計這些資金將透過預計在 2026 年底左右實現的正現金流為我們的計畫營運提供資金。這條通往正現金流的道路意味著到 2026 年產品收入將大約翻倍。

As you heard today, we have a clear path to get there, primarily based on growth that's already baked in the our existing pharma manufacturing pipeline plus a couple of double-stranded RNA ligase orders from where we see an even higher trajectory for Codexis as we climb the value chain and become a full fledged siRNA. service provider.

正如您今天所聽到的，我們有一條明確的道路可以實現這一目標，主要基於我們現有的製藥生產管道中已經實現的增長，以及一些雙鏈RNA 連接酶訂單，從這些訂單中我們看到Codexis 的發展軌跡甚至更高，因為我們攀登價值鏈並成為成熟的 siRNA。服務提供者。

And now I will turn the call back to Stephen.

現在我將把電話轉回給史蒂芬。

Thank you, Sri. As you can hear from today's commentary, we have a strong conviction in our path to becoming a major player in siRNA synthesis. In addition, we're focused on maintaining our path to positive cash flow around the end of 2026. There are just a few things that you have to believe for us to get there. First, a strong second half of this year and product revenues driven by existing and expected orders including our first double-stranded RNA ligase order from a large pharma customer.

謝謝你，斯里。正如您從今天的評論中所聽到的，我們堅信我們將成為 siRNA 合成領域的主要參與者。此外，我們致力於在 2026 年底左右保持正現金流。您必須相信幾件事才能讓我們實現這一目標。首先，今年下半年強勁的產品收入和由現有訂單和預期訂單推動的產品收入，包括我們來自大型製藥客戶的第一個雙股 RNA 連接酶訂單。

After that, we expect that today's pharma manufacturing pipeline plus only a few additional ligase orders will drive product revenue growth in '25 and '26. Finally, we remain focused on adding a new screening and evolution programs to drive near term R&D revenue and pharma manufacturing and product revenue growth beyond 2026. On top of that, our ECO innovation lab and the potential Codexis GMP-grade facility can provide significant upside to Codexis' future.

此後，我們預計今天的製藥生產線加上少量額外的連接酶訂單將推動 25 年和 26 年的產品收入成長。最後，我們仍然專注於增加新的篩選和進化計劃，以推動 2026 年以後的近期研發收入以及製藥和產品收入的成長。最重要的是，我們的 ECO 創新實驗室和潛在的 Codexis GMP 級設施可以為 Codexis 的未來提供巨大的優勢。

Now we'd be happy to take your questions. Operator?

現在我們很樂意回答您的問題。操作員？

(Operator Instructions) Kristen Kluska, Cantor Fitzgerald.

（操作員說明）Kristen Kluska、Cantor Fitzgerald。

Hi, this is [Iona Mind] for Kristen. Thanks for taking our questions. One question we get a lot is on how the ECO Synthesis platform could be leveraged for drugs that are currently in clinical testing. What work would a company need to do to potentially consider switching the process?

嗨，這是克里斯汀的[Iona Mind]。感謝您回答我們的問題。我們經常遇到的一個問題是如何將 ECO Synthesis 平台用於目前正在進行臨床測試的藥物。公司需要做哪些工作才能考慮改變流程？

And if you could just elaborate more on whether you've been approached by companies or are currently in discussion with them? Thank you.

您能否詳細說明一下公司是否已與您接洽或目前正在與他們進行討論？謝謝。

Thanks very much for the question. The way that I'd I think rephrase it is to talk about how applicable is our platform to drugs already in development or even on the market. And Kevin is in the midst of these conversations. So I'm going to throw it over to him in a second. But yes, we are being approached by the companies that are already on the market and in clinical trials, looking at how our platform can synthesize their drugs. So Kevin?

非常感謝您的提問。我認為重新表達的方式是談論我們的平台對已經在開發甚至在市場上的藥物的適用性。凱文正在這些談話中。所以我馬上就把它交給他。但是，是的，已經上市並正在進行臨床試驗的公司正在與我們接洽，研究我們的平台如何合成他們的藥物。那麼凱文？

Sure. Absolutely. They're super interested in based upon the margin improvement that you can see. We outlined in the slides today. First and foremost, with a double-stranded RNA ligase, they see an immediate impact because they can synthesize short moves through PAC, phosphoramidite chemistry derive short memories and elongate them together. That offers an immediate cost savings.

當然。絕對地。他們對你所看到的利潤率改善非常感興趣。我們今天在幻燈片中概述了這一點。首先也是最重要的是，使用雙股 RNA 連接酶，他們看到了即時的效果，因為他們可以透過 PAC 合成短動作，亞磷酰胺化學衍生出短記憶並將它們延長在一起。這可以立即節省成本。

And is really applicable for products that are in clinical trials today and looking at that large scale commercial growth in the later years. Also, with the full ECO Synthesis platform, the same technology can be applied with doing sequential synthesis of shortmers and ligating them together, and that's where we've had some really exciting conversations with customers today.

這確實適用於目前正在進行臨床試驗並在未來幾年內實現大規模商業成長的產品。此外，借助完整的 ECO Synthesis 平台，可以應用相同的技術對短鏈進行順序合成並將它們連接在一起，這就是我們今天與客戶進行了一些非常令人興奮的對話的地方。

Tycho Peterson, Jefferies.

第谷·彼得森，杰弗里斯。

Thanks. This is Matt on for Tycho. Thanks for taking the questions. Maybe first one, you outlined in the press release that the technological process is a bit faster than expected. Can you remind us what's left in terms of technical milestones between here and pilot and commercial launch.

謝謝。這是第谷的馬特。感謝您提出問題。也許第一個，您在新聞稿中概述了技術進程比預期要快一些。您能否提醒我們從這裡到試點和商業發布之間還剩下哪些技術里程碑？

And then around your comments on the first technical collaboration for ECO by year end, can you talk about your level of visibility into that. And then what exactly that looks like in terms of a collaboration? Is there some type of upfront payment? Is it a partnership type collaboration? Just any more color on that would be appreciated. Thank you.

然後，圍繞您對年底前首次 ECO 技術合作的評論，您能談談您對此的了解程度嗎？那麼就合作而言到底是什麼樣的呢？是否有某種類型的預付款？這是夥伴關係類型的合作嗎？如果有更多顏色，我們將不勝感激。謝謝。

Thanks, Matt. And I'm going to ask Stefan to pitch in and talk about what we're working on next in terms of the platform. But we're super pleased both in terms of the progress and also the flexibility of the platform to get to different constructs with the different methods that Kevin described, both the short-term and litigation but also sequential synthesis. And then Kevin, you should talk about where we are in terms of the thought process and the conversations around the technical partner to Stefan.

謝謝，馬特。我將請 Stefan 參與並討論我們下一步在平台方面的工作。但我們對平台的進展和靈活性感到非常滿意，該平台可以透過凱文描述的不同方法（短期和訴訟以及順序綜合）獲得不同的結構。然後 Kevin，你應該向 Stefan 談談我們在思考過程和圍繞技術合作夥伴的對話方面的進展。

Thanks, Stephen. Yeah, so to the 2024 for us is still very much a enzyme engineering and process development here. The two of the key priorities we are focusing on that will get us to commercial relevance is this the cycle time for each iterative addition. The other aspect is the supply of critical reagents for which we are developing an enzymatic route that we see highly advantageous both from an economic and from a technical perspective.

謝謝，史蒂芬。是的，所以到 2024 年對我們來說仍然是酵素工程和製程開發。我們關注的兩個關鍵優先事項將使我們獲得商業相關性，那就是每次迭代添加的週期時間。另一方面是關鍵試劑的供應，我們正在為此開發一條酶路線，我們認為從經濟和技術角度來看，該路線都非常有利。

And Kevin, I can add from a technical collaboration standpoint, what customers are asking us to do is do proof of concept with delivering their constructs so they can compare them to their phosphoramidite chemistry counterparts. So that has been accelerated by the technical progress you just heard Stefan outlined and I'd like to point out that what you guys have seen from our TIDES USA presentation.

凱文，我可以從技術合作的角度補充一下，客戶要求我們做的是透過提供他們的結構進行概念驗證，以便他們可以將它們與亞磷酰胺化學對應物進行比較。因此，您剛剛聽到 Stefan 概述的技術進步加速了這一進程，我想指出您們從我們的 TIDES USA 演示中看到的內容。

We're probably six months ahead of that in terms of where we've gotten to versus what you saw that I would say from a outline of that collaboration still on the technical front, I think as Stefan outlined, we have to solidify a path to having a raw materials done via an enzymatic synthesis method as well as a few other process development specifications before we can put it in the hands of customers.

就我們已經達到的目標與您所看到的情況而言，我們可能領先六個月，我想說的是，從仍然在技術方面的合作大綱來看，我認為正如斯特凡概述的那樣，我們必須鞏固一條道路透過酵素合成方法完成原料以及一些其他製程開發規範，然後我們才能將其交付給客戶。

And that's where I'm super excited because the ECO Innovation Lab will allow us to do that on going into '25. And we're already doing that for a few customers.

這就是我非常興奮的地方，因為 ECO 創新實驗室將允許我們在進入 25 年後做到這一點。我們已經為一些客戶這樣做了。

And then maybe one on the optimization service you launched coming at a time. We look to work to optimize LigaSure for customers. I think your offer two options, both order kit and send it. And then you guys doing it in house, which I think was a bit faster, just given kind of the deep libraries you guys have. But just talk a bit about demand funnel. Now it's been a few months out of tides and any mix between more for the kits or sending it to you guys to work on as far as the optimization service. Thanks.

然後也許是您一次推出的優化服務。我們希望努力為客戶優化 LigaSure。我認為你提供了兩種選擇，既訂購套件又發送。然後你們在內部做這件事，我認為這更快一點，只是考慮到你們擁有的深度圖書館。但只談需求漏斗。現在已經有幾個月沒有潮汐了，可以混合更多的套件或將其發送給你們以進行優化服務。謝謝。

So we are super excited about launching that service because up until then, we really were sent just sending out samples to customers and what we don't want to happen. There is not having them testing them on parameters and other elements. We might be able to counsel them on by then incenting them. There's substrates to us to the -- through our like a screening and optimization services really done as part of our ECO Innovation Lab.

因此，我們對推出這項服務感到非常興奮，因為在那之前，我們實際上只是向客戶發送樣品，而我們不希望發生這種情況。他們沒有讓他們測試參數和其他元素。我們也許可以透過激勵他們來為他們提供建議。我們的基礎是——透過我們的篩選和優化服務，這些服務實際上是我們生態創新實驗室的一部分。

We think the speed is critical to identifying the variant and the conditions they want to be able to use it in. And there's been more receptivity from customers doing that in the last couple of months since they've seen us roll out that service. So we offer both past, and we're obviously excited about having customers sent us their substrates to be able to do it more rapidly and scale up.

我們認為速度對於識別變體以及他們希望能夠使用它的條件至關重要。自從我們推出這項服務以來，過去幾個月客戶對我們這樣做的接受度更高了。因此，我們過去都提供這兩種服務，而且我們顯然很高興客戶將他們的基材發送給我們，以便能夠更快地完成並擴大規模。

And as a result, we've also developed a bigger pipeline of other potential candidates, which gives us the confidence in not only getting a couple of more legacy orders from our existing customers, but also bringing new ones on board, which could it may be even outpace that growth in the next couple of years.

因此，我們還開發了更多其他潛在候選人的管道，這使我們有信心不僅從現有客戶那裡獲得更多傳統訂單，而且還可以引入新訂單，這可能會在未來幾年甚至會超過這一增長速度。

Yes, thanks. And maybe just one more if I could squeeze it in here. Can you just talk about the rationale to bring Britton onboard to head up Commercial Operations and then some of the key areas of focus in the coming months now they're on Board? Thank you.

是的，謝謝。如果我能把它擠在這裡的話，也許還可以再多一個。您能否談談聘請布里頓領導商業運營的理由，以及他們加入後未來幾個月的一些重點關注領域？謝謝。

Sure. So bringing Britain onboard is an important part of the next stage of evolution for Codexis as a whole, where we, as a team have been looking around the table to see where we have relevant skills needs and other gaps in the organization. Britton brings 20 years of experience in the CDMO space, which is something that could access it doesn't necessarily have in droves. So we thought it prudent to bring on somebody with that type of experience as we go to the next phase of have Codexis's build-out and growth for the future.

當然。因此，讓英國加入是 Codexis 整體發展的下一階段的重要組成部分，我們作為一個團隊一直在環顧四周，看看我們在哪些方面有相關的技能需求以及組織中的其他差距。Britton 在 CDMO 領域擁有 20 年的經驗，而這些經驗並不是很多人都能獲得的。因此，當我們進入 Codexis 未來的建設和發展的下一階段時，我們認為聘請具有此類經驗的人是明智的做法。

Super. Thank you.

極好的。謝謝。

Matt Hewitt, Craig-Hallum.

馬特·休伊特，克雷格·哈勒姆。

Thank you, guys. This is Jack, on for Matt. Just considering the macro environment, we've heard from others in the pharma and biotech industry that the funding environment is improving throughout Q2. Could you just provide some insight on what you guys are hearing or seeing from your customers?

謝謝你們，夥計們。這是傑克，替馬特發言。僅考慮宏觀環境，我們就從製藥和生物技術行業的其他人那裡得知，整個第二季的融資環境正在改善。您能否提供一些關於您們從客戶那裡聽到或看到的資訊？

Kevin, you're saying that?

凱文，你是說這個嗎？

We've heard relatively positive feedback, especially as it relates to innovation budgets. We haven't experienced a lot in terms of pushback on budgetary considerations or what not. So I think really, it's been set up as a result of pharma companies are looking for ways to leapfrog technology and progress here in a period of time where people might not be as focused or I think, really, just - the simple answer is we just haven't seen any pushback on that at all, like really exciting progress and willingness to fund projects in this space.

我們聽到了相對正面的回饋，特別是與創新預算相關的回饋。我們在預算考慮或其他方面沒有遇到太多阻力。所以我認為，它的成立是因為製藥公司正在尋找超越技術和進步的方法，在一段時間內人們可能不那麼專注，或者我認為，真的，只是 - 簡單的答案是我們只是根本沒有看到任何阻力，例如真正令人興奮的進展以及為該領域的項目提供資金的意願。

And one thing I'd add, Kevin, I think you'd agree with is -- with more money for innovation and particularly early-phase stuff that really raises the game for us in terms of not just having to think about making the product making the siRNA, it's also providing the regulatory backing, the analytical framework, all that good stuff. So we truly are a full service provider of the solution to take the siRNA forward. So in the long-term, it's all good news, but there's a lot of work to do.

我要補充的一件事是，凱文，我想你會同意的是——為創新提供更多的資金，特別是早期階段的東西，這真正提高了我們的遊戲水平，而不僅僅是考慮製造產品在製造 siRNA 的同時，它還提供監管支援、分析框架等所有好東西。因此，我們確實是推動 siRNA 發展的解決方案的全方位服務提供者。因此，從長遠來看，這都是好消息，但還有很多工作要做。

Yeah. That's great to hear, and that's it for me. Thanks.

是的。很高興聽到這個消息，對我來說就是這樣。謝謝。

Thank you. I'm showing there are no further questions. I'll turn the call back over to Stephen Dilly for closing remarks.

謝謝。我表明沒有其他問題了。我會將電話轉回給史蒂芬·迪利 (Stephen Dilly) 作結束語。

Well, thanks again for joining us today. And as you hear, we're underway on a very busy second half of the year. So please stay tuned as we share the updates on our progress over the next few months. Obviously, the events around TIDES Europe will be a highlight for us, and we'll also see many of you through our slate of fall investor conferences and look forward to connecting them. Thanks again.

好的，再次感謝您今天加入我們。正如您所聽到的，我們正處於非常繁忙的下半年。因此，請繼續關注我們在未來幾個月分享的最新進展。顯然，圍繞 TIDES Europe 的活動將成為我們的一大亮點，我們還將在一系列秋季投資者會議上見到你們中的許多人，並期待與他們建立聯繫。再次感謝。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time and enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路並享受剩下的一天。