Ginkgo Bioworks Holdings Inc (DNA) 2023 Q1 法說會逐字稿

Good afternoon. I'm Anna Marie Wagner, SVP of Corporate Development at Ginkgo Bioworks. I'm joined by Jason Kelly, our Co-Founder and CEO; and Mark Dmytruk, our CFO. Thanks as always for joining us. We're looking forward to updating you on our progress.

下午好。我是 Ginkgo Bioworks 企業發展高級副總裁 Anna Marie Wagner。我們的聯合創始人兼首席執行官 Jason Kelly 也加入了我的行列；和我們的首席財務官 Mark Dmytruk。一如既往地感謝您加入我們。我們期待著向您通報我們的最新進展。

As a reminder, during the presentation today, we'll be making forward-looking statements, which involve risks and uncertainties. Please refer to our filings with the Securities and Exchange Commission to learn more about these risks and uncertainties.

提醒一下，在今天的演講中，我們將做出前瞻性陳述，其中涉及風險和不確定性。請參閱我們向美國證券交易委員會提交的文件，以了解有關這些風險和不確定性的更多信息。

So we just hosted our annual conference Ferment and all that's geared towards our customers, understanding why customers are choosing Ginkgo is important to our investors. And so we're going to spend some time today recapping some of the themes from that event. As usual, we'll end with a Q&A session, and I'll take questions from analysts, investors and the public. You can submit those questions to us in advance via Twitter #Gingkoresults or e-mail at investors@gingkobioworks.com. All right. Over to you, Jason.

因此，我們剛剛舉辦了年度會議 Ferment 以及所有面向我們客戶的會議，了解客戶選擇銀杏的原因對我們的投資者來說很重要。因此，我們今天將花一些時間來重述那次活動的一些主題。像往常一樣，我們將以問答環節結束，我將回答分析師、投資者和公眾提出的問題。您可以通過 Twitter #Gingkoresults 或發送電子郵件至 investors@gingkobioworks.com 提前向我們提交這些問題。好的。交給你了，傑森。

Thanks, Anna Marie. I'm super excited to be chatting with all of you today. We just hosted Ginkgo Ferment, our big meeting. We had about 1,000 people there in person, plus folks on the live stream as well. In my keynote, I reminded the audience that at Ginkgo, we're not spending our cash just on clinical trials or field trials or cosmetic launches. These are sort of end product activities that our customers are doing. At Ginkgo, we're spending our capital on improving our platform for our customers. So a big goal today was learning from our customers about what they want us to build. And I firmly believe that if we deliver on those requests, then we ultimately deliver for all of our investors.

謝謝，安娜瑪麗。我非常高興今天能和大家聊天。我們剛剛舉辦了大型會議 Ginkgo Ferment。我們有大約 1,000 人親自到場，還有現場直播的人。在我的主題演講中，我提醒聽眾，在 Ginkgo，我們不僅僅將現金花在臨床試驗、現場試驗或化妝品發布上。這些是我們的客戶正在進行的最終產品活動。在 Ginkgo，我們將資金用於為客戶改進我們的平台。所以今天的一個大目標是從我們的客戶那裡了解他們希望我們構建什麼。我堅信，如果我們滿足這些要求，那麼我們最終會為我們所有的投資者提供服務。

We do right by our customers, we do right by all of you. So you're going to hear a lot more from me today about why customers are choosing to sign up for Ginkgo's platform and what I heard at Ferment.

我們為我們的客戶做正確的事，我們為你們所有人做正確的事。因此，今天您將從我這裡聽到更多有關客戶選擇註冊 Ginkgo 平台的原因以及我在 Ferment 上聽到的內容。

When we launched Ginkgo, one of the big criticisms of our whole model was that a general purpose platform would not work in biotech right? It might work in the tech industry, but in biology, the lab work you do to engineer a mammalian cell is just too different from the lab work you do to engineer bacterial cells to get that working on a common robotics platform and automated, for example, or the data and machine learning models that would be relevant in the biopharma industry would never port over to work in agriculture.

當我們推出 Ginkgo 時，對我們整個模型的一大批評是通用平台不適用於生物技術，對嗎？它可能適用於科技行業，但在生物學中，你為改造哺乳動物細胞所做的實驗室工作與你為改造細菌細胞所做的實驗室工作大相徑庭，例如，讓細菌細胞在通用機器人平台上工作並實現自動化，或者與生物製藥行業相關的數據和機器學習模型永遠不會移植到農業領域。

So I'm happy to say we are proving these people wrong. This is a sampling of our customers at Ginkgo. We have some of the largest biopharma companies in the world now, Novo Nordisk, Merck. We just announced a large deal with BI, chemical majors like Sumitomo, just announced last quarter, Solvay, longtime customers like Givaudan, one of the largest flavor and fragrance companies in the world. Ag majors, Corteva, Syngenta just joined the platform this last quarter and our large long-term customer Bayer in agriculture.

所以我很高興地說我們正在證明這些人是錯的。這是我們在 Ginkgo 的客戶樣本。我們現在有一些世界上最大的生物製藥公司，諾和諾德、默克。我們剛剛宣布了與 BI 的一項大交易，像 Sumitomo 這樣的化學巨頭，上個季度剛剛宣布了 Solvay，像 Givaudan 這樣的長期客戶，它是世界上最大的香精香料公司之一。 Ag majors、Corteva、Syngenta 和我們在農業領域的長期大客戶 Bayer 剛剛在上個季度加入了該平台。

Importantly, that's the top of this chart, if you look out at the bottom, you'll see all the startups in the same range of industries, right? And these are the companies that are working to make the new disruptive innovations in these markets. This breadth of our platform and business model being able to work across such a wide range of industries and customer scales, it is a real strength for Ginkgo and I'll talk about that later.

重要的是，這是這張圖表的頂部，如果你往下看，你會看到同一行業的所有初創公司，對吧？這些公司正致力於在這些市場進行新的顛覆性創新。我們的平台和業務模型的廣度能夠在如此廣泛的行業和客戶規模中發揮作用，這對 Ginkgo 來說是一個真正的優勢，我稍後會談到這一點。

One of the best things about this year's Ferment was that the majority of the folks that went up on stage were our customers, right? And so you had amazing customers joining us on panels. We heard 12 lightning talks from customers about what they were building, by leveraging Gingko's platform. And that's really important, right? People in the audience and on the live stream that are thinking about joining Gingko's platform, they might like to hear from Ginkgo folks, but they really want to hear from people like them that are getting value out of using our platform. And so I think we did a nice job of doing that. I really encourage you to watch all those videos that are up on YouTube, and you should check that out.

今年 Ferment 最好的事情之一就是大多數上台的人都是我們的顧客，對吧？所以你有很棒的客戶加入我們的面板。通過利用 Gingko 的平台，我們從客戶那裡聽到了 12 次關於他們正在構建的內容的閃電談話。這真的很重要，對吧？觀眾和直播中正在考慮加入 Gingko 平台的人，他們可能想听聽 Ginkgo 人的意見，但他們真的想听聽像他們這樣的人如何從我們的平台中獲得價值。所以我認為我們在這方面做得很好。我真的鼓勵您觀看 YouTube 上的所有這些視頻，您應該檢查一下。

And I think the diversity of what our customers are building with the platform gets folks really excited, and it also gets people thinking about outsourcing from our platform as they hear those different applications.

而且我認為我們的客戶使用該平台構建的內容的多樣性讓人們非常興奮，並且當他們聽到這些不同的應用程序時，它也讓人們考慮從我們的平台外包。

I've shown this flywheel to you all before, but it's important to highlight that our customers help make our platform better. So we improve with scale. And it's a scale economic things like auto manufacturing plant or a chip fab or things like that, right? As we add new customers, we can invest more in our platform and our platform improves. We get larger facilities, and then which drops our cost. And we learned from the data from one project to make another project faster and less risky.

我之前已經向大家展示過這個飛輪，但重要的是要強調我們的客戶幫助我們改進了平台。因此，我們隨著規模的擴大而改進。它是規模經濟的東西，比如汽車製造廠或芯片廠或類似的東西，對嗎？隨著我們增加新客戶，我們可以在我們的平台上投入更多，我們的平台也會得到改進。我們得到更大的設施，然後降低了我們的成本。我們從一個項目的數據中學習，使另一個項目更快、風險更低。

And so even though all of you, our investors should be excited when we add a new customer to the platform, I think our customers should also be excited every time they see a new announcement of a customer joining Gingko's platform because they are getting better infrastructure out of that. And so that's why it's so exciting that in 2022, we increased our active program by 60% and the rate of new program additions by 90%. That's why I talk about these numbers. It shows that the flywheel is spinning for our customers. And we expect to keep driving improvements that pay off for decades to come for our customers.

因此，即使你們所有人，我們的投資者在我們向平台添加新客戶時應該感到興奮，我認為我們的客戶每次看到客戶加入 Gingko 平台的新公告時也應該感到興奮，因為他們正在獲得更好的基礎設施出於那個。這就是為什麼令人興奮的是，在 2022 年，我們將活躍項目增加了 60%，新項目增加率增加了 90%。這就是我談論這些數字的原因。它表明飛輪正在為我們的客戶旋轉。我們希望在未來幾十年繼續推動改進，為我們的客戶帶來回報。

Okay. I'm going to hand it over to Mark, who's going to walk you through our Q1 financials, and then we're going to dive in on some of the key themes coming out of Ferment. Over to you, Mark.

好的。我將把它交給 Mark，他將向您介紹我們第一季度的財務狀況，然後我們將深入探討 Ferment 的一些關鍵主題。交給你了，馬克。

Thanks, Jason. I'll start by discussing our Cell Engineering business. As a reminder, we now refer to Cell Engineering revenue rather than foundry revenue as it is more reflective of the business. You'll see that updated throughout our 10-Q.

謝謝，傑森。我將從討論我們的細胞工程業務開始。提醒一下，我們現在指的是電池工程收入而不是代工收入，因為它更能反映業務。您會在我們的 10-Q 中看到更新。

We added 13 new cell programs and supported a total of 97 active programs across 60 customers on the Cell Engineering platform in the first quarter of 2023. This represents substantial growth and diversification and programs relative to the 64 active programs in the first quarter of 2022, with strong growth coming from the pharma and biotech and the food and agriculture segments.

2023 年第一季度，我們在 Cell Engineering 平台上增加了 13 個新的細胞項目，並為 60 個客戶的 97 個活躍項目提供了支持。與 2022 年第一季度的 64 個活躍項目相比，這代表著實質性的增長和多樣化以及項目，強勁的增長來自製藥和生物技術以及食品和農業領域。

We added several large new customers to the platform, including Boehringer Ingelheim, Syngenta, Solvay and a new program with Sumitomo in addition to a good mix of programs with earlier-stage customers across industries.

我們在平台上增加了幾個新的大客戶，包括勃林格殷格翰、先正達、索爾維和住友的一個新項目，此外還有跨行業早期客戶的良好組合項目。

As Jason mentioned, we think both of these customer segments are important. It's an important validation of our capabilities when we add large multinational customers like BI and Syngenta, who have strong internal R&D capabilities but we're also very proud of our ability to enable the next generation of leaders.

正如 Jason 提到的，我們認為這兩個客戶群都很重要。當我們加入像 BI 和先正達這樣的大型跨國客戶時，這是對我們能力的重要驗證，他們擁有強大的內部研發能力，但我們也為我們能夠培養下一代領導者而感到自豪。

Cell Engineering revenue was $34 million in the quarter, up 59% compared to the first quarter of 2022. As you can see in the charts at the bottom of the page, this growth was driven entirely by our services revenue with third-party customers and is reflective of diversification in the customer base.

本季度 Cell Engineering 的收入為 3400 萬美元，比 2022 年第一季度增長 59%。正如您在頁面底部的圖表中看到的那樣，這一增長完全是由我們與第三方客戶的服務收入和反映了客戶群的多元化。

Now turning to Biosecurity. Our Biosecurity business generated $47 million of revenue in the first quarter of 2022, a solid result as this business transitions away from K-12 COVID testing services. Importantly, over 20% of this revenue came from what we believe will become more recurring sources, such as federal and international contracts, while that proportion was well under 10% in Q4 of last year.

現在轉向生物安全。我們的生物安全業務在 2022 年第一季度產生了 4700 萬美元的收入，這是一個不錯的結果，因為該業務正在從 K-12 COVID 測試服務轉型。重要的是，超過 20% 的收入來自我們認為會成為更多經常性來源的收入，例如聯邦和國際合同，而去年第四季度這一比例遠低於 10%。

Biosecurity gross margin was 52% in the first quarter of 2023, which benefited from some onetime items. You can see on the right that we're really thinking about this business globally now and not just domestically. We believe there will be strong network effects in this business as biology does not respect borders. We have now collected samples from flights originating in 72 countries through our airport program. We believe this type of infrastructure can provide an early warning system for future biological threats.

2023年第一季度生物安全毛利率為52%，受益於部分一次性項目。你可以在右邊看到我們現在真的在全球範圍內考慮這項業務，而不僅僅是在國內。我們相信，由於生物學不分國界，這項業務將產生強大的網絡效應。我們現在已經通過我們的機場計劃從來自 72 個國家/地區的航班中收集了樣本。我們相信這種類型的基礎設施可以為未來的生物威脅提供預警系統。

And now I'll provide more commentary on the rest of the P&L. Where noted, these figures exclude stock-based compensation expense, which is shown separately. Starting with OpEx. R&D expense, excluding stock-based comp, increased from $57 million in the first quarter of 2022 to $115 million in the first quarter of 2023. G&A expense, excluding stock-based comp, increased from $42 million in the first quarter of 2022 to $84 million in the first quarter of 2023. These operating expense items increased year-over-year as expected as we invested in our platform in various functions to support our growth during the past year and layered in the 4 acquisitions we closed in the fourth quarter of last year.

現在我將對損益表的其餘部分提供更多評論。值得注意的是，這些數字不包括單獨顯示的基於股票的補償費用。從運營支出開始。研發費用（不包括股票補償）從 2022 年第一季度的 5700 萬美元增加到 2023 年第一季度的 1.15 億美元。G&A 費用（不包括股票補償）從 2022 年第一季度的 4200 萬美元增加到 84 美元百萬在 2023 年第一季度。這些運營費用項目按預期同比增長，因為我們在過去一年中投資於我們平台的各種功能以支持我們的增長，並在我們於第四季度完成的 4 項收購中分層去年。

Included in these numbers in the first quarter of 2023 is approximately $19 million of onetime M&A and integration-related expenses. Stock-based comp, you'll notice the significant step down in stock-based comp year-over-year. As a reminder, this is because of the catch-up accounting adjustment related to the modification of restricted stock units when we went public is rolling off. Over 60% of the total $75 million stock comp expense in the quarter related to RSUs issued prior to us going public.

2023 年第一季度的這些數字中包括約 1900 萬美元的一次性併購和整合相關費用。基於股票的補償，你會注意到基於股票的補償同比顯著下降。提醒一下，這是因為與我們上市時限制性股票單位修改相關的追加會計調整正在逐步結束。本季度總計 7500 萬美元的股票補償費用中，超過 60% 與我們上市前發行的 RSU 有關。

To help folks model this more precisely, we have provided a new appendix slide in this deck for your reference.

為了幫助人們更準確地對此進行建模，我們在本套牌中提供了一個新的附錄幻燈片供您參考。

Net loss. It is important to note that our net loss includes a number of noncash income and/or expenses as detailed more fully in our financial statements. Because of these noncash and other nonrecurring items, we believe adjusted EBITDA, is a more indicative measure of our profitability. We've also included a reconciliation of adjusted EBITDA to net loss in the appendix.

淨虧損。值得注意的是，我們的淨虧損包括一些非現金收入和/或支出，詳見我們的財務報表。由於這些非現金和其他非經常性項目，我們認為調整後的 EBITDA 是衡量我們盈利能力的更具指示性的指標。我們還在附錄中包含了調整後的 EBITDA 與淨虧損的對賬。

Adjusted EBITDA in the quarter was negative $100 million compared to negative $1 million in the comparable prior year period. The decline in adjusted EBITDA was attributable to both the higher run rate of expenses in Cell Engineering and the as-expected decline in Biosecurity revenue.

本季度調整後的 EBITDA 為負 1 億美元，而去年同期為負 100 萬美元。調整後 EBITDA 的下降歸因於細胞工程的較高運行率和生物安全收入的預期下降。

And finally, CapEx in the first quarter of 2023 was $19 million, reflecting foundry capacity and capability investments as well as leasehold improvements. CapEx was impacted by timing of equipment purchases and projects, and we would, therefore, expect lower levels of CapEx on average in subsequent quarters this year.

最後，2023 年第一季度的資本支出為 1900 萬美元，反映了代工能力和能力投資以及租賃改善。資本支出受到設備採購和項目時間安排的影響，因此我們預計今年隨後幾個季度的平均資本支出水平較低。

In terms of our outlook for the full year, we are reaffirming our guidance for 2023, including 100 new cell programs, at least $175 million of Cell Engineering revenue driven by services revenue with additional revenue potential from downstream value share and at least $100 million of Biosecurity revenue.

就我們全年的展望而言，我們重申我們對 2023 年的指導，包括 100 個新的細胞項目，至少 1.75 億美元的細胞工程收入由服務收入驅動，下游價值份額的額外收入潛力以及至少 1 億美元的生物安全收入。

As we shared in our last quarterly update call, we expect our new program additions and revenue to ramp during the year and believe we have a solid backlog and pipeline to support our outlook.

正如我們在上一個季度更新電話會議上分享的那樣，我們預計我們的新項目增加和收入將在年內增加，並相信我們有堅實的積壓和管道來支持我們的前景。

In conclusion, we're pleased with our overall progress in the business while navigating a challenging macroeconomic environment. We're adding new programs to the platform in a way that improves the platform and balances both near-term and long-term economics. We are focused on our cost structure with new investments in spend generally targeted to discrete areas such as our mammalian capabilities, and we continue to manage our balance sheet and cash flows to maintain a long runway while retaining flexibility to capitalize on near-term strategic opportunities with $1.2 billion of liquidity at quarter end.

總之，我們對在充滿挑戰的宏觀經濟環境中取得的整體業務進展感到滿意。我們正在以改進平台並平衡近期和長期經濟的方式向平台添加新程序。我們專注於我們的成本結構，新的支出投資通常針對離散領域，例如我們的哺乳動物能力，我們繼續管理我們的資產負債表和現金流以維持長期跑道，同時保持靈活性以利用近期戰略機會季度末流動資金為 12 億美元。

And now, Jason, back to you.

現在，傑森，回到你身邊。

Thanks, Mark. It's always exciting to me to see new customers signing up for the platform. And I want to highlight that we actually spend a lot of time talking to our current customers, including running an annual customer survey to learn how they're using the platform and importantly, how we can make the platform better. And so I want to share a little bit about what we've learned on why our customers are choosing to outsource to our platform in the first section.

謝謝，馬克。看到新客戶註冊該平台總是讓我很興奮。我想強調的是，我們實際上花了很多時間與我們現有的客戶交談，包括進行年度客戶調查以了解他們如何使用該平台，以及重要的是，我們如何讓該平台變得更好。因此，我想在第一部分分享一些關於我們的客戶為什麼選擇外包給我們平台的知識。

Now, our customers are specialized in their vertical markets, right? They're a pharma company, an industrial biotech or an ag company. We are not, right, I think as a general platform. So I want to talk about these service offerings that Ginkgo is launching so that we can better speak in the language of our customers when we're offering our general platform. And then finally, I'm also really excited about the progress our Biosecurity business is making around the world. And so I'm going to end there with a few comments.

現在，我們的客戶專注於他們的垂直市場，對嗎？他們是一家製藥公司、一家工業生物技術公司或一家農業公司。我們不是，對，我認為是一個通用平台。所以我想談談 Ginkgo 正在推出的這些服務產品，以便我們在提供通用平台時能夠更好地使用客戶的語言進行交流。最後，我也對我們的生物安全業務在全球取得的進展感到非常興奮。因此，我將以一些評論結束。

Okay. Let's dive in. All right. So I showed this slide before, but I do want to -- I want to pause on it just again for a minute to highlight how unique it is to have this range and breadth of customers on the platform, both in terms of size and range of industries. And so one of the things we wanted to ask is why are these folks getting on the platform, okay? And we did this by again, surveying and talking with folks and things like that. I think this is a really nice quote from one of our larger customers, he's Brian VanDahl at Novo Nordisk and he said, "Science is currently undergoing a revolution. Large-scale data sets, coupled with AI is opening up a greater opportunity space within biology. We no longer have to limit ourselves to the questions that can be addressed by traditional research methods." And we heard more from Brian on a panel at Ferment, I encourage you to watch.

好的。讓我們開始吧。好吧。所以我之前展示了這張幻燈片，但我確實想——我想再次在上面暫停一分鐘，以強調在平台上擁有如此廣泛的客戶在規模和範圍方面是多麼獨特行業。所以我們想問的一件事是為什麼這些人要上這個平台，好嗎？我們再次通過調查和與人們交談之類的方式做到了這一點。我認為這是來自我們的一位大客戶的一句非常好的引述，他是諾和諾德的 Brian VanDahl，他說，“科學目前正在經歷一場革命。大規模數據集與人工智能相結合，正在開闢更大的機會空間。生物學。我們不再局限於傳統研究方法可以解決的問題。”我們在 Ferment 的一個座談會上聽到了更多來自 Brian 的信息，我鼓勵你觀看。

I think this is a key idea, right? Pretty much every business right now, regardless of market is asking, is there some large data set that I can train a generative AI model on, it's going to have an impact on my business. That's true if you're a car company, finance, media, whatever it might be. And it's also true if you are running a biotech R&D department right now in biopharma or BioAg, right? And so I think this does represent and highlights one of the -- I want to show is the first example of what we're hearing as feedback from customers. So the -- that we get more data per R&D dollar at Ginkgo using our infrastructure. And this is important to generate those large data sets.

我認為這是一個關鍵的想法，對吧？現在幾乎每個企業，無論市場要求如何，是否有一些大型數據集可以訓練生成人工智能模型，這將對我的業務產生影響。如果您是一家汽車公司、金融業、媒體，無論是什麼行業，都是如此。如果您現在在生物製藥或 BioAg 經營生物技術研發部門，也是如此，對吧？因此，我認為這確實代表並突出了其中一個——我想展示的是我們從客戶那裡聽到的反饋的第一個例子。所以——我們在 Ginkgo 使用我們的基礎設施每研髮美元獲得更多數據。這對於生成那些大數據集很重要。

Secondly, we access not just that single customer's data, but because of the way Gingko's platform works and our IP works, we're actually able to give a customer access to the data and learning across all the projects that have been happening on Gingko's platform. And then they're not just left on their own to figure out how to navigate that. Many of these companies are new to doing these sort of large-scale data science efforts, they have access to Gingko's data scientists in order to navigate that data.

其次，我們不僅訪問單個客戶的數據，而且由於 Gingko 平台的工作方式和我們的 IP 工作方式，我們實際上能夠讓客戶訪問數據並學習 Gingko 平台上發生的所有項目.然後他們不只是靠自己弄清楚如何導航。這些公司中有許多是進行此類大規模數據科學工作的新手，他們可以訪問 Gingko 的數據科學家來導航這些數據。

Third, companies want to launch work quickly on the platform, all right? And this is endemic in biotech. The rate and speed the biotech works is too slow. Fourth, if you're a smaller company, there's an enormous upfront cost to building out a laboratory. We want to just cut that out in terms of the cost and spending for new companies trying to do cell engineering. They should be able to use our services rather than build their own lab. And then finally, often, you have a big R&D department that's a big fixed cost sort of using space and using equipment in a facility. We want to replace that with a variable cost service, and we'll talk about why that's particularly important in pharma.

第三，公司想在平台上快速啟動工作，好嗎？這在生物技術領域很普遍。生物技術工作的速度太慢了。第四，如果你是一家小公司，建立實驗室的前期成本會很高。我們只想減少嘗試進行細胞工程的新公司的成本和支出。他們應該能夠使用我們的服務而不是建立自己的實驗室。最後，通常，你有一個很大的研發部門，這是一個很大的固定成本，在設施中使用空間和使用設備。我們想用可變成本服務取代它，我們將討論為什麼這在製藥業尤為重要。

So I love this video. This is the new technology that's coming out of -- from our acquisition from Zymergen. These racks, these are basically -- I would consider this to be the best sort of flexible automation platform out there. And the reason I highlighted this at Ferment was, if you are a customer developing a therapeutic drug or you are working on a new agricultural product, you should not have to be a world's expert in laboratory automation, right? If you wanted to use, say, cloud compute, you do not need to be a world expert in data center architecture, right? You leave it up to the cloud computing companies to do that.

所以我喜歡這個視頻。這是我們從 Zymergen 收購而來的新技術。這些機架，這些基本上是——我認為這是目前最好的靈活自動化平台。我在 Ferment 強調這一點的原因是，如果你是開發治療藥物的客戶，或者你正在研究一種新的農產品，你不應該成為實驗室自動化領域的世界專家，對吧？如果您想使用雲計算，您不需要成為數據中心架構方面的世界級專家，對吧？你把它留給雲計算公司來做。

Our argument at Ginkgo is these are the sort of technologies we are going to focus on so that our customers don't need to and that they have access to the absolute latest in technology for getting more data per R&D dollar. That's on us. And you see this when you look at quotes for example, Marcus Schindler, CSO at Novo Nordisk. He said, they work with Ginkgo because of our ability to rewrite genomes to engineering new bespoke biological system. So being able to make engineer at the scale of a whole genome. That wasn't something they could do in-house, right?

我們在 Ginkgo 的論點是，這些是我們將重點關注的技術，這樣我們的客戶就不需要了，並且他們可以獲得絕對最新的技術，以便每研發資金獲得更多數據。那是我們的責任。當你查看報價時，你會看到這一點，例如，諾和諾德 (Novo Nordisk) 的 CSO Marcus Schindler。他說，他們與 Ginkgo 合作是因為我們有能力重寫基因組以設計新的定制生物系統。因此能夠在整個基因組的規模上製造工程師。那不是他們可以在內部做的事情，對吧？

Alphonse at Biogen, I was there when we did the deal, a large number of design ideas that Ginkgo could work through and this was to help them with sort of aid the manufacturing. So again, that sort of scale of activity, data per R&D dollar being so much bigger at Ginkgo.

Alphonse 在 Biogen，當我們做交易時我在場，Ginkgo 可以通過大量的設計理念來幫助他們製造。同樣，這種活動規模，在銀杏每研髮美元的數據要大得多。

Importantly, that's the data from your project. You do want to get more data out of that. But boy, a lot of other biotech work is going on in the world. And it would be really nice if you're trying to train up a model, for example, of your particular system that you were able to draw on data from other people's work. And this is something that the tech industry is benefiting from dramatically. If you look at how these new models are being built, they're being built on huge data sets, across lots of different assets around the Internet and so on. In biology, a lot of that data today, frankly, is being stove-piped across thousands of different companies. And so one of the things Gingko's been doing is accumulating that all in one place so that you can train models on much bigger data assets. And we have many different examples of this. I'm just going to get one.

重要的是，這是您項目中的數據。您確實想從中獲取更多數據。但是，天哪，世界上還有很多其他的生物技術工作正在進行。如果你正在嘗試訓練一個模型，例如，你能夠從其他人的工作中提取數據的特定係統，那就太好了。科技行業正在從中受益匪淺。如果你看看這些新模型是如何構建的，它們是建立在龐大的數據集上的，跨越互聯網上的許多不同資產等等。在生物學領域，坦率地說，如今很多數據都在數千家不同的公司之間通過管道輸送。因此，Gingko 一直在做的其中一件事就是將所有這些積累在一個地方，這樣你就可以在更大的數據資產上訓練模型。我們有很多不同的例子。我只是要得到一個。

This is some of the proprietary genomic data we have. So sequence genomes largely from microbes and metagenomic sequencing from companies like Radiant Genomics, at Lodo, on Warp Drive Bio and work we've done at Ginkgo. And just in this chart, you can see the size comparison of our proprietary data to what's out there in some public databases, right?

這是我們擁有的一些專有基因組數據。因此，基因組測序主要來自微生物和宏基因組測序，這些公司包括 Radiant Genomics、Lodo、Warp Drive Bio 以及我們在 Ginkgo 所做的工作。就在這張圖表中，您可以看到我們專有數據與某些公共數據庫中的數據的大小比較，對嗎？

And this is -- means that our customers can go and get access to this and find a new protein or a new enzyme or a new natural product and here's a quote from Sumitomo, the great transparency and sophisticated data set was Gingko's strengths, right? So that transparency having access to this, I think, is critical and unique to Ginkgo to be able to get that range of data.

這就是——意味著我們的客戶可以去獲取它並找到一種新的蛋白質或一種新的酶或一種新的天然產品，這是住友的一句話，高透明度和復雜的數據集是 Gingko 的優勢，對吧？因此，我認為，透明度對於 Ginkgo 能夠獲得該範圍的數據至關重要且獨一無二。

Also at Merck, they talk about the professionalism and experience of Gingko's employees, right? So again, having these experts who can help you navigate all this and similarly, similar comments from Givaudan.

同樣在默克，他們談論 Gingko 員工的專業精神和經驗，對嗎？再次重申，這些專家可以幫助您解決所有這些問題，同樣，來自 Givaudan 的類似評論也是如此。

Great quote up here. So Nicholas Ohler over from Lygos, Chief Technology Officer there. He said, Gingko's entire team was quite talented, but the early results on one of our projects are stunning and supports Lygos' mission of accelerating the world's transition to high-performing sustainable products. Okay. What's interesting about this is this project, if you look at it when we announce it, it was like 6 or 9 months ago, right, like recently. And so how do you get stunning results in that short period of time in biotech? And the answer is you're not starting from scratch. So you're building on both existing hydro but infrastructure that you can turn on immediately and also large code base of what we would call it, like IP and genetic assets that you can make use have to go faster, right?

很棒的報價在這裡。 Lygos 的首席技術官 Nicholas Ohler 過來了。他說，Gingko 的整個團隊都非常有才華，但我們其中一個項目的早期成果令人驚嘆，並支持 Lygos 加速世界向高性能可持續產品過渡的使命。好的。有趣的是這個項目，如果你在我們宣布它的時候看它，它就像 6 或 9 個月前，對，就像最近一樣。那麼，在生物技術領域，您如何在這麼短的時間內取得驚人的成果呢？答案是您不是從頭開始。因此，您正在構建現有的水力發電基礎設施和可以立即啟用的基礎設施，以及我們稱之為的大型代碼庫，例如您可以使用的 IP 和遺傳資產必須運行得更快，對吧？

Trent from Microba, SVP Therapeutics, Gingko's expertise and resources have moved our drug discovery project along at a pace that just would not be possible either using internal resources or via a traditional CRO approach, okay? And so again, this is access to a scale and speed that you wouldn't otherwise get, and Bob Reiter at Bayer, Heading Crop Science talking about the open innovation approach, in other words, accessing external service providers instead of doing it in-house, plus bring higher-quality biological solutions and innovative technologies to the market faster, okay? And so I think these types -- this type of speed is one of the key advantages that our customers are seeing on the platform.

來自 Microba 的 Trent，高級副總裁 Therapeutics，Gingko 的專業知識和資源已經以使用內部資源或通過傳統 CRO 方法無法實現的速度推動了我們的藥物發現項目，好嗎？再次強調，這是您無法以其他方式獲得的規模和速度，而 Bayer 的 Bob Reiter，Heading Crop Science 談論開放式創新方法，換句話說，訪問外部服務提供商而不是在 -房子，加上更快地將更高質量的生物解決方案和創新技術推向市場，好嗎？所以我認為這些類型——這種速度是我們的客戶在平台上看到的關鍵優勢之一。

Next, I want to talk about -- one of the things that gets to be really excited for small companies. So if you have a chance, I would encourage you to go watch Jasmina's talk from Ferment. And so what's cool about Jasmina is she is the CEO of Arcaea. She gave a talk at Ferment -- last Ferment, which was about 1.5 years ago. And at her talk this time she said, 1.5 years ago, I was up here announcing that we had launched the company. I raised money, we're launching Arcaea. And then here I am 1.5 year later, and I'm showing you my first product. And so that type of speed in biotech, even in this cosmetics biotech, I don't really care. That type of speed is really unheard of. And the reason it was possible is normally, when you raise a venture around as a start-up biotech company, the first thing you do is you call Alexandria Real Estate and start being shown very expensive overpriced real estate in Kendall Square and go look for a lab and then you start to go up and buy a bunch of expensive equipment and stock that lab then you start hiring scientists. And 9 months or a year later, you're doing serious work.

接下來，我想談談——讓小公司真正興奮的事情之一。所以如果你有機會，我鼓勵你去觀看 Jasmina 在 Ferment 的演講。 Jasmina 最酷的地方在於她是 Arcaea 的首席執行官。她在 Ferment 發表了演講——上次 Ferment，大約 1.5 年前。這次她在演講中說，1.5 年前，我在這裡宣布我們成立了公司。我籌集了資金，我們推出了 Arcaea。 1.5 年後，我在這裡向您展示我的第一個產品。所以生物技術的那種速度，即使是化妝品生物技術，我也不在乎。那種速度，真是聞所未聞。這可能的原因通常是，當你作為一家初創生物技術公司籌集資金時，你做的第一件事就是打電話給亞歷山大房地產，並開始向肯德爾廣場展示非常昂貴的高價房地產，然後去尋找一個實驗室，然後你開始上去買一堆昂貴的設備和庫存那個實驗室，然後你開始僱傭科學家。 9 個月或一年後，你正在做認真的工作。

Here, within weeks, able to deploy high throughput automation at Ginkgo to work on these projects. And that is why we're able to go so much quickly. And also what save Jasmina the cost of needing to build out that lab in the first place. Hugely valuable to small startups in the biotech place. And by the way, this is something that was absolutely seen with Internet companies and cloud computing in the mid-2000s, right, the Perth of AWS and these companies that could start cloud native, unallowed them to save on building out server box. And so I think that's a real similar opportunity here in the biotech sector.

在這裡，幾週內，能夠在 Ginkgo 部署高吞吐量自動化來處理這些項目。這就是為什麼我們能夠走得這麼快。還有什麼可以讓 Jasmina 省下建造實驗室的費用。對於生物技術領域的小型創業公司來說非常有價值。順便說一下，這在 2000 年代中期的互聯網公司和雲計算中絕對是可以看到的，對，AWS 的珀斯和這些可以啟動雲原生的公司，不允許他們節省構建服務器盒的費用。因此，我認為這在生物技術領域是一個真正類似的機會。

Okay. So this is an important point. I think from a standpoint of the industry's efficiency. So if you look at an average small biotech company at the beginning, that dotted line in the middle there is sort of like their R&D teams. They hire an R&D team, they do all that work, they get the lab, they get it going and here it is, okay. Prior to having your drug going into clinical trials and animal studies and so on, like locking your candidate, you wish you had more R&D right? If you have more R&D, you'd get to a better candidate. If you add more R&D capacity, you'd go faster, right? But you're like you don't want to hire too many people and so on, so you kind of keep it at this level and you get to the best candidate you can get. And then off you go, you go into animal studies and clinical trials.

好的。所以這是很重要的一點。我認為是從行業效率的角度來看。所以如果你在一開始看一家普通的小型生物技術公司，中間的虛線有點像他們的研發團隊。他們聘請了一個研發團隊，他們做了所有的工作，他們得到了實驗室，他們開始運轉，就在這裡，好吧。在讓你的藥物進入臨床試驗和動物研究等之前，比如鎖定你的候選人，你希望你有更多的研發對嗎？如果你有更多的研發，你就會找到更好的候選人。如果你增加更多的研發能力，你會走得更快，對吧？但是你就像你不想僱用太多人等等，所以你把它保持在這個水平，你會找到你能找到的最好的候選人。然後你離開，你進入動物研究和臨床試驗。

Well, now suddenly, you wish you had less R&D spending because you're trying to conserve cash, get that clinical trial result and show that your new application in pharma works. And once you get a good result, well, now you want more R&D again because you want to build out a really robust bigger pipeline in that area. Okay? So that's the sort of sign way there, not efficient to how we're doing it now or either overshooting or undershooting and then importantly, in a tight capital market, that middle dip turns into R&D team layoffs, which is what we're seeing across the industry today for small biopharma companies.

好吧，現在突然之間，您希望減少研發支出，因為您正試圖節省現金、獲得臨床試驗結果並證明您在製藥領域的新應用有效。一旦你取得了好的結果，那麼，現在你又想要更多的研發，因為你想在那個領域建立一個真正強大的更大的管道。好的？所以這就是那裡的一種跡象，對我們現在的做法來說效率不高，或者超調或欠調，然後重要的是，在緊張的資本市場中，中間下降會變成研發團隊裁員，這就是我們所看到的當今整個行業的小型生物製藥公司。

So our suggestion would be, wouldn't it be better to be having your scientists accessing that type of capability, a smaller team, accessing that capability as a service. So that when you need a lot at the beginning, you got it. When you need less in the middle, you turn it off and then you turn it back on later. And we have some groups that are doing that. You can see Kristen of Prokarium, Dave of Synlogic, talking about how Prokarium is now dedicated to driving our lead program into clinical trials this year, while leveraging our partnership here with Ginkgo to accelerate our discovery work, right? So I really like that. I think that's a good way to make the whole industry more efficient.

所以我們的建議是，讓你的科學家訪問那種類型的能力，一個更小的團隊，將這種能力作為一種服務來訪問不是更好嗎？這樣當你一開始需要很多的時候，你就得到了。當你在中間需要更少的時候，你把它關掉，然後再打開它。我們有一些團體正在這樣做。你可以看到 Prokarium 的 Kristen 和 Synlogic 的 Dave，談論 Prokarium 現在如何致力於推動我們今年的領先項目進入臨床試驗，同時利用我們與 Ginkgo 的合作夥伴關係來加速我們的發現工作，對吧？所以我真的很喜歡。我認為這是提高整個行業效率的好方法。

All right. So I want to say this and I think that's a message that I gave at Ferment, and I think it was like well received by folks in terms of why you might want to use the platform, right? So let's say you want to -- you hear all that, you're like, "I really want to use Ginkgo platform." Okay. So what do you do about it? Well, the first thing you could do is just go to our website and click on a link that says Work with Us and you'll get an e-mail from our scientists and folks on the commercial team, and they will ask you how you use -- what are you trying to accomplish and how could Gingko's platform be relevant.

好的。所以我想說這個，我認為這是我在 Ferment 上傳達的信息，我認為就您可能想要使用該平台的原因而言，這就像人們所接受的那樣，對吧？所以假設你想要 - 你聽到了所有這些，你就像，“我真的很想使用 Ginkgo 平台。”好的。那你怎麼辦呢？那麼，您可以做的第一件事就是訪問我們的網站，然後單擊“與我們合作”的鏈接，您會收到一封來自我們的科學家和商業團隊人員的電子郵件，他們會詢問您如何使用——您想要完成什麼以及 Gingko 的平台如何相關。

But some people look at that and say, I don't have time for that conversation. I really want to know is Gingko's technology relevant to my application. I want to know that ahead of time. And so in order to solve that problem, we launched Services. And the first service we offered was Ginkgo Enzyme Services. And I'm going to talk more about that in just a minute. But that was to basically say, if you're doing enzyme work, this is the full suite of things we have at Ginkgo that can help you out and come hear from our scientists and we've got webinars and things to show you how it all works. That was really well received over the last half year or so and is driving a lot of like funnel for us in terms of new customers getting on the platform.

但有些人看著它說，我沒有時間進行那個談話。我真的很想知道 Gingko 的技術是否與我的申請相關。我想提前知道。因此，為了解決這個問題，我們推出了服務。我們提供的第一項服務是銀杏酵素服務。我將在一分鐘內詳細討論這一點。但這基本上就是說，如果你正在做酶的工作，這就是我們在 Ginkgo 擁有的全套東西，可以幫助你並聽取我們科學家的意見，我們有網絡研討會和其他東西來向你展示它是如何工作的所有作品。在過去半年左右的時間裡，這真的很受歡迎，並且在新客戶進入平台方面為我們帶來了很多類似的漏斗。

So at Ferment, happy to announce 4 new services. Ginkgo Microbe Services, Ginkgo Cell Therapy Services, Ginkgo AAV Services and Ginkgo RNA Therapeutic Services. And you can see here, I highlighted a few recent acquisitions, the Ag Biologicals R&D group from Bayer that we acquired in, StrideBio acquisition, which I'll spend a minute on a second and Circularis and circRNA. Those assets are also available to our customers as part of these services.

所以在 Ferment，很高興宣布 4 項新服務。銀杏微生物服務、銀杏細胞治療服務、銀杏 AAV 服務和銀杏 RNA 治療服務。你可以在這裡看到，我強調了最近的一些收購，我們收購了拜耳的 Ag Biologicals 研發集團，StrideBio 收購，我將花一分鐘時間討論一下 Circularis 和 circRNA。這些資產也作為這些服務的一部分提供給我們的客戶。

And so there are virtual events, things coming up, that I encourage you to take a look at if you're interested in these things. I do want to dive in just for a minute on the StrideBio. This is super exciting to me. A, the technology is very cool, and I won't belabor it, but these are folks who are really just leaders in doing the protein structure around these AAV capsids and identifying key regions of the structure that would be worth modulating to work on some of the key challenges in gene therapy.

所以有虛擬事件，即將發生的事情，如果你對這些事情感興趣，我鼓勵你看看。我確實想深入了解一下 StrideBio。這讓我非常興奮。 A，這項技術非常酷，我不會贅述，但這些人真的只是在圍繞這些 AAV 衣殼構建蛋白質結構並確定結構的關鍵區域方面的領導者，這些區域值得調整以用於一些基因治療的主要挑戰。

And in fact, a lot of people knew this about Stride, right? So when we announced the acquisition, we had just an enormous amount of inbound interest from folks who are saying, hey, can I get access to these capsids? Can I incorporate this into my gene therapy products? And so we have 30 active conversations going on right now that other folks that called us or folks that we reached out to that we knew would be interested in this sort of thing.

事實上，很多人都知道 Stride，對吧？因此，當我們宣布收購時，人們對我們產生了巨大的興趣，他們說，嘿，我可以訪問這些衣殼嗎？我可以將其整合到我的基因治療產品中嗎？因此，我們現在正在進行 30 次活躍的對話，其他打電話給我們的人或我們接觸過的人，我們知道他們會對這類事情感興趣。

And so I do think this idea of -- behind this, it's not just Stride's assets, it's all Ginkgo's automation. You can see that on the left there, and all being able to build many large designs. It is the combination of unique assets plus Ginkgo's platform, plus our ability to go out and sell and do commercial work and be good alliance managed partners. And we just have experience now, more than 100 R&D projects on the platform where we're working with all these different customers in our history. That's a real skill set. It allows us to harvest value from these platform assets where other people wouldn't find it.

所以我確實認為這個想法——在這背後，不僅僅是 Stride 的資產，而是 Ginkgo 的自動化。你可以在左邊看到，所有這些都能夠構建許多大型設計。它結合了獨特的資產加上 Ginkgo 的平台，加上我們出去銷售和做商業工作的能力，以及成為良好的聯盟管理合作夥伴的能力。我們現在剛剛有了經驗，在我們與歷史上所有這些不同客戶合作的平台上進行了 100 多個研發項目。這是一個真正的技能組合。它使我們能夠從這些平台資產中獲取其他人無法發現的價值。

And then importantly, we also structured these deals in order to best take advantage of that for Ginkgo. So you'll see us aligning most of the cost of the deal being put into things like downstream value share milestones and things like that for the partner. We would love to do more and more of those types of acquisitions. It's something we're actively looking to do. I think the StrideBio is a real case study of what works well for both sides. This asset just does. It's a lot more valuable once it's up on Ginkgo's platform and the folks -- the previous owners of Stride will really benefit from that.

然後重要的是，我們還構建了這些交易，以便最好地利用 Ginkgo 的優勢。因此，您會看到我們將交易的大部分成本調整到下游價值共享里程碑以及合作夥伴之類的事情中。我們很樂意進行越來越多的這類收購。這是我們正在積極尋求做的事情。我認為 StrideBio 是一個真實的案例研究，說明什麼對雙方都有效。這個資產就是這樣。一旦它出現在 Ginkgo 的平台上，它就會變得更有價值——Stride 的前任所有者將真正從中受益。

Okay. So I want to talk about a really exciting updates on how we're doing some of our services. So the #1 request we get from customers is to improve to better technically derisk cell engineering. So like the 3 thing customers care about, they want it to be less risky, they want it to cost less and they want to be faster. But the one they really want the most is to be less risky, all right? And you see this -- some folks like Nick at Lygos, hey, as a CTO of a growing company, what can I possibly do better than work with Ginkgo to derisk my plans, right? And Keith of Optimvia, the likelihood of success for our project specifically was seen to be improved with the technical capabilities at Ginkgo.

好的。所以我想談談關於我們如何提供某些服務的真正令人興奮的更新。因此，我們從客戶那裡收到的第一大要求是改進技術，以更好地降低電池工程的風險。因此，就像客戶關心的三件事一樣，他們希望風險更低、成本更低、速度更快。但他們真正最想要的是降低風險，好嗎？你看到了這一點——有些人像 Lygos 的 Nick，嘿，作為一家成長型公司的 CTO，我能做些什麼比與 Ginkgo 合作來降低我的計劃風險，對吧？ Optimvia 的 Keith，特別是我們的項目成功的可能性被認為可以通過 Ginkgo 的技術能力得到提高。

So we love that we can -- some people get that we can make things more technically successful. But a lot of people don't, right? Like we'll go to folks and say, listen, in our experience, doing a project like this, we have like a 90% success rate here, it's really going to work, and they'll be like, I don't believe you. And it's not a problem about Ginkgo, it's a problem about biological engineering, right? Like this is considered to be R&D. Like it's just -- it might work and it might not, right?

所以我們喜歡我們可以做到——有些人認為我們可以讓事情在技術上更成功。但是很多人不知道，對吧？就像我們會去對人們說，聽著，根據我們的經驗，做這樣的項目，我們在這裡有 90% 的成功率，它真的會起作用，他們會說，我不相信你。而且這不是銀杏的問題，是生物工程的問題吧？像這樣被認為是R&D。就像它只是——它可能有效，也可能無效，對吧？

So one of the things that I'm going to -- I'm doing to combat that is for our most mature services, so this is in our Enzyme Services -- Ginkgo Enzyme Discovery Service, Enzyme Optimization Service, Protein Expression Service, we are moving to a success-only payment. In other words, again, these are for shorter duration, high probability projects, and we bet them. If we succeed, you pay us, if we don't, you don't, right? And this is to move away from the model today or if you work with a CRO or someone else in the research space, it's sort of like if you ask someone to build a house for you and on the day that you're going to move in, the house fell down and they said, well, yes, write me the check anyway, like at least I tried, right?

所以我要做的一件事——我正在做的事情是為了我們最成熟的服務，所以這是在我們的酶服務中——銀杏酶發現服務、酶優化服務、蛋白質表達服務，我們正在轉向成功付款。換句話說，這些都是持續時間較短、概率較高的項目，我們打賭它們。如果我們成功了，你付錢給我們，如果我們不成功，你也不付錢，對吧？這是為了擺脫今天的模型，或者如果您與 CRO 或研究領域的其他人一起工作，這有點像如果您要求某人為您蓋房子並且在您要搬家的那一天在，房子倒塌了，他們說，好吧，是的，不管怎樣，給我寫支票，至少我試過了，對吧？

And that's what research work looks like. And so we think with our platform, we can start to, again, by treating biology like an engineering discipline and driving scale, move this to more an engineering discipline and then price like an engineering discipline like we get paid when it works. And so we think this is really exciting. I think it's about a week and a half since we announced this. A lot of excitement about this. It is a new way to -- it's a new type of offering on the market really. And we think it's one that Ginkgo could really do well at and our customers are going to love.

這就是研究工作的樣子。因此，我們認為通過我們的平台，我們可以再次開始，通過將生物學視為一門工程學科和推動規模，將其轉移到更多的工程學科，然後像工程學科一樣定價，就像我們在工作時獲得報酬一樣。所以我們認為這真的很令人興奮。我認為距我們宣布此消息已經過去了大約一個半星期。對此非常興奮。這是一種新的方式——它確實是市場上的一種新型產品。我們認為這是 Ginkgo 真正可以做得很好並且我們的客戶會喜歡的一個。

Okay. Last thing I want to talk about is our progress in Biosecurity. I think we are -- you see this with AI. You see it with just sort of COVID and Bio in general. I think like there's a lot of disruption happening in the world right now. It is important for the folks building these types of technologies to approach them with care, right? And I think if you look at the history in computer science, alongside increasingly powerable computers and network computers and so on, you add the birth of the field of cybersecurity, whose job was basically to ensure that we could do all that type of computing activity with a level of safety, both economic and national security.

好的。我想談的最後一件事是我們在生物安全方面的進展。我認為我們是——你可以通過 AI 看到這一點。一般來說，你只用某種 COVID 和 Bio 就可以看到它。我認為現在世界上正在發生很多破壞。對於構建這些類型的技術的人來說，謹慎對待它們很重要，對吧？我認為，如果你回顧一下計算機科學的歷史，除了功能越來越強大的計算機和網絡計算機等，你還會看到網絡安全領域的誕生，其工作基本上是確保我們能夠進行所有此類計算活動具有一定的安全水平，既有經濟安全又有國家安全。

As the tools for engineering biology, get more sophisticated, more widely distributed. Alongside that, we should be building up the tools of biosecurity. It's very analogous. And we have an interesting thing where fortunately, those tools today are still like mostly centralized and relatively weak. It's not like everybody is able to be engineering cells in their basement or whatever in their garage but that -- I do see that day coming in the future. So we want to be building out biosecurity tools in advance of that.

作為工程生物學的工具，越來越精密，分佈越來越廣。除此之外，我們應該建立生物安全工具。這是非常相似的。我們有一件有趣的事情，幸運的是，今天的這些工具仍然大多是中心化的，而且相對較弱。並不是每個人都能在他們的地下室或車庫中的任何地方成為工程單元，但我確實看到那一天會到來。因此，我們希望在此之前構建生物安全工具。

Separately, nature, as we saw with COVID-19 throws off malicious biological code already, right? It is doing a lot more of this than we are as humans. And so these tools are also amazing tools of public health in the interim period, while the tools of bioengineering are falling in costs and becoming more widely distributed.

另外，正如我們在 COVID-19 中看到的那樣，大自然已經拋出了惡意的生物代碼，對吧？它在這方面所做的比我們作為人類所做的要多得多。因此，這些工具在過渡時期也是令人驚嘆的公共衛生工具，而生物工程工具的成本正在下降，分佈也越來越廣泛。

So we can kind of work on a public health problem while also getting ready for sort of the DNA age, just like we had to get ready for the computer age. I'm really excited by the range of expansion of our biosecurity platform. This really originated -- many of you are familiar with the work we're doing in sort of school testing and prisons and things like that. A lot of that work, obviously, is drawing down at the end of the COVID emergency order here in the U.S. But alongside that, we were fortunate to be working with the CDC, for example, in airports in the U.S., doing things like collecting wastewater, anonymous sampling from passengers and sequencing to look for new variants.

因此，我們可以在某種程度上解決公共衛生問題，同時也為某種 DNA 時代做好準備，就像我們必須為計算機時代做好準備一樣。我對我們生物安全平台的擴展範圍感到非常興奮。這真的起源——你們中的許多人都熟悉我們在學校測試和監獄等方面所做的工作。顯然，在美國這裡的 COVID 緊急命令結束時，很多工作都被取消了。但除此之外，我們很幸運能與疾病預防控制中心合作，例如，在美國的機場，做一些事情，比如收集廢水、乘客的匿名採樣和測序以尋找新的變體。

And many of you remember this, but first sequence BA2 and BA3 coming out of this program to detect in airports. We think of it like a radar system, right? We've been working to expand that internationally as the some of the folks that were either already deployed in or have MOUs with or expanding into with some of the flags up there. This is not the only place that you would like to have persistent monitoring, right? You'd also like to be doing this in places where we're congregating a lot of animals, right?

你們中的許多人都記得這一點，但首先要從該程序中提取序列 BA2 和 BA3，以便在機場進行檢測。我們認為它就像一個雷達系統，對吧？我們一直在努力將其擴展到國際上，因為有些人已經部署在其中，或者與那裡的一些旗幟簽訂了諒解備忘錄，或者正在擴展。這不是您希望進行持續監控的唯一地方，對吧？你也想在我們聚集了很多動物的地方這樣做，對吧？

So animal agriculture, honestly, you'd also like to look after it for plants. Agricultural pests as well in the future as well as doing things like hospitals and nursing homes and in crisis settings, like we're doing work in Ukraine, for example.

所以畜牧業，老實說，你也想照顧它的植物。農業害蟲以及未來以及在醫院和療養院和危機環境中做的事情，例如我們在烏克蘭開展的工作。

I do see a shift that we're trying to pull off. You can see it on the right-hand side of the slide, where we are increasing the amount of sort of federal and international work we're doing with folks like the CDC and other countries. That's really the thing to watch in the second half of this year is we're going to be working to make that shift from our programs domestically to these international programs where we see good interest.

我確實看到了我們正在努力實現的轉變。您可以在幻燈片的右側看到它，我們正在增加我們與疾病預防控制中心和其他國家/地區等人進行的聯邦和國際工作的數量。今年下半年真正值得關注的是，我們將努力從我們的國內項目轉向我們認為有興趣的國際項目。

And we see a real opportunity for like a network effect where one country is going to be very interested in the data happening at other airports. And interestingly, what the magic of international airports is flights are coming in from all over the world. So these international airport programs, we see -- we now tested samples and done the sequencing and so on from, I think, more than 60 countries coming into these -- to these airports. So having these nodes out there, having that data globally, it's sort of interest to every country, not just the country that we're testing in. And so we're really excited to see that develop, but it is an early and a new market.

我們看到了網絡效應的真正機會，一個國家將對其他機場發生的數據非常感興趣。有趣的是，國際機場的魔力在於來自世界各地的航班。因此，我們看到這些國際機場計劃——我們現在對來自 60 多個進入這些機場的國家的樣本進行了測試並進行了測序等。因此，擁有這些節點，在全球範圍內擁有這些數據，每個國家都對此感興趣，而不僅僅是我們正在測試的國家。因此，我們真的很高興看到這種發展，但這是一個早期的和一個新市場。

All right. So I'd like to end on this slide. I am super excited -- Ferment always going be fired up. But this year was just amazing like to see all of our customers talking about the platform, to hear direct feedback about what it is we can do to make it better. That feedback loop is really working at Ginkgo and it gets me excited. And I think as we're doing all that and making it better by implementing biosecurity globally, we get to do all that with care. So thanks for the time today.

好的。所以我想在這張幻燈片上結束。我非常興奮——發酵總是會被點燃。但今年真是太棒了，就像看到我們所有的客戶都在談論這個平台，聽到關於我們可以做些什麼來讓它變得更好的直接反饋。這種反饋循環在 Ginkgo 確實有效，這讓我很興奮。我認為，當我們正在做這一切，並通過在全球範圍內實施生物安全來使其變得更好時，我們必須小心翼翼地做這一切。所以感謝今天的時間。

And I'll pass it to Anna Marie for Q&A. Thanks.

我會將其傳遞給 Anna Marie 進行問答。謝謝。

Great. Thanks, Jason. We'll switch to Q&A in a few moments. Before we do, I wanted to get through a couple of housekeeping items. In my role, I respond to a lot of investor e-mails, and I'd like to make it easier for all our investors to benefit from the questions that are being asked. And there's been a couple of recurring themes. So I've added 2 new slides into the appendix materials that I'm hoping will be helpful.

偉大的。謝謝，傑森。稍後我們將切換到問答環節。在我們這樣做之前，我想了解一些家政用品。在我的角色中，我回復了很多投資者的電子郵件，我想讓我們所有的投資者更容易從被問到的問題中受益。並且有幾個反復出現的主題。所以我在附錄材料中添加了 2 張新幻燈片，希望對您有所幫助。

The first, which Mark alluded to, provides more clarity around stock-based comp. And in summary, the vast majority of the stock-based comp we've recorded since going public is related to shares granted prior to going public. That's been a common source of confusion. So hopefully, that will help clarify that as well as provide some modeling tools around what's left.

Mark 提到的第一個讓基於股票的補償更加清晰。總而言之，自上市以來我們記錄的絕大多數基於股票的公司都與上市前授予的股票有關。這是一個常見的混淆來源。因此，希望這將有助於澄清這一點，並圍繞剩下的內容提供一些建模工具。

The second slide provides some additional details on stock sales by our founders. This data is all publicly available, but some of the market data providers don't accurately pull our share counts because they sometimes exclude different classes of shares. As you'll see on the appendix slide, our founders still own over 400 million shares. That represents over 20% of the company. They did have some mandatory sell-to-cover transactions when their RSUs were settled and have put in place small 10b5-1 plans. But both of those are dwarfed by their core holdings, most of which sit in illiquid Class B shares.

第二張幻燈片提供了我們創始人出售股票的一些額外細節。這些數據都是公開的，但一些市場數據提供商並沒有準確地提取我們的股票數量，因為他們有時會排除不同類別的股票。正如您將在附錄幻燈片中看到的那樣，我們的創始人仍然擁有超過 4 億股股票。這占公司的 20% 以上。當他們的 RSU 結算並製定小型 10b5-1 計劃時，他們確實進行了一些強制性的售後交易。但這兩者與他們的核心持股相比相形見絀，其中大部分是非流動性 B 類股票。

So I'm hopeful that those slides are helpful.

所以我希望這些幻燈片能有所幫助。

Now we'll move on to Q&A. As usual, I'll start with a question from the public and remind analysts on the line that if they'd like to ask a question to please raise their hands on Zoom, and I'll call on you and open up your line. Thanks all.

現在我們將繼續進行問答。像往常一樣，我將從公眾的問題開始，並提醒在線分析師，如果他們想提問請在 Zoom 上舉手，我會打電話給你並打開你的電話。謝謝大家。

All right. It looks like everyone has managed to reconnect. So we'll go ahead and get started. The first question, as I mentioned, always comes from retail. This comes from [Mark De] on Twitter. Since the number of projects is the best leading indicator for future platform revenues, how do you feel about your original forecast of adding 100 projects for 2023? When looking at the pipeline of projects, are you on track?

好的。看起來每個人都設法重新連接了。因此，我們將繼續並開始。正如我提到的，第一個問題總是來自零售業。這來自推特上的[Mark De]。由於項目數量是未來平台收入的最佳領先指標，您如何看待您最初預測的 2023 年增加 100 個項目？在查看項目管道時，您是否走上正軌？

Yes. I can take that. I can also talk about the scene change since I am now in Qatar just getting back from a dinner. So I mentioned this at the end of the recorded talk there. We've been expanding our biosecurity business pretty dramatically on the international side. And one of our best sites is actually Hamad International Airport here in Doha, which is just a great regional airport for the area. We have this program with the CDC, where we're collecting wastewater and testing for new variants. I'll just say that the flights into Doha are not overlapping. They're very much of the flights into Atlanta. So it really is a really nice way to get a wider set of data for our biosecurity programs. We're lucky to have the partners here.

是的。我可以接受。我還可以談談場景變化，因為我現在在卡塔爾剛吃完晚飯回來。所以我在錄製的談話結束時提到了這一點。我們一直在國際方面相當大地擴展我們的生物安全業務。我們最好的地點之一實際上是多哈的哈馬德國際機場，它是該地區一個很棒的區域性機場。我們與 CDC 有這個項目，我們在那裡收集廢水並測試新變種。我只是說飛往多哈的航班不會重疊。他們是飛往亞特蘭大的大部分航班。因此，這確實是為我們的生物安全計劃獲取更廣泛數據集的一種非常好的方式。我們很幸運有合作夥伴在這裡。

So to get to the answer to your question, on the programs, yes. So I think one of the key things -- I mean, a, our (inaudible) was 13% in this quarter, that's down from last quarter. So that's something we're keeping an eye on. I would say we have one disadvantage, we're doing large enterprise sales, which can be a little bit lumpy and unpredictable, like there's just an enterprise sales element to it. The advantage of enterprise sales is you have decent pipeline visibility. So we have a good sense, deals don't close in a week, they close over months. And so we have a good sense of what's in the pipeline. So that's the one reason we have a lot of confidence in that program count for the year.

因此，要在節目中找到您問題的答案，是的。所以我認為一個關鍵的事情 - 我的意思是，我們的（聽不清）在本季度為 13%，比上一季度有所下降。所以這是我們一直關注的事情。我想說我們有一個缺點，我們正在做大型企業銷售，這可能有點不穩定和不可預測，就像它只有企業銷售元素一樣。企業銷售的優勢在於您擁有良好的渠道可見性。所以我們有一個很好的感覺，交易不會在一周內完成，而是在幾個月內完成。因此，我們對管道中的內容有很好的了解。所以這就是我們對今年的計劃數量充滿信心的一個原因。

I will say, if I like look across the last year and try to find like actual trends and what's either making it easier or harder to close programs, probably the one thing that's making it harder, I would say, is for start-up companies in kind of non-biopharma biotech, so things like industrial biotechnology. Those companies are having a harder time accessing capital in the sort of tighter capital market. It's one of the areas that venture capitals are putting less money into. And that is making it tougher. It's at least extending deal close time and things like that with programs in that area.

我會說，如果我喜歡回顧過去一年並嘗試找到類似的實際趨勢，以及是什麼讓關閉項目變得更容易或更難，我想說的可能是初創公司。在非生物製藥生物技術領域，比如工業生物技術。在這種趨緊的資本市場中，這些公司更難獲得資本。這是風險資本投入較少資金的領域之一。這讓事情變得更加艱難。它至少延長了交易完成時間以及該領域的程序。

On the other hand, again, we think it operates as a general platform, like I mentioned in my remarks there, that allows us to be able to move into other areas that are doing better, like biopharma, for example. So biopharma, you are still seeing a ton of activity, both with start-ups and large companies. We mentioned how much energy we've been getting out of the StrideBio acquisition, but we also have a healthy pipeline in cell therapy applications, mRNA therapeutics applications, things like that. So I think you'll see us shift a little more towards biopharma, but we do have a robust sales pipeline coming up, so I feel good about it.

另一方面，我們認為它作為一個通用平台運行，就像我在那裡的評論中提到的那樣，這使我們能夠進入其他做得更好的領域，例如生物製藥。所以生物製藥，你仍然看到大量的活動，無論是初創企業還是大公司。我們提到了我們從 StrideBio 的收購中獲得了多少能量，但我們在細胞治療應用、mRNA 治療應用等方面也有健康的管道。所以我認為你會看到我們更多地轉向生物製藥，但我們確實有一個強大的銷售渠道，所以我對此感覺很好。

Thanks, Jason. All right. We'll take a question from analysts now. The first question I'll take comes from Rahul Sarugaser at Raymond James. So let me try to open your line here, although we're actually having a bit of trouble. I may need to ask for a little IT support to give me permission to open the lines. And while we're doing that, I'll go ahead and ask another question.

謝謝，傑森。好的。我們現在將接受分析師的提問。我要回答的第一個問題來自 Raymond James 的 Rahul Sarugaser。所以讓我試著在這裡打開你的電話，儘管我們實際上遇到了一些麻煩。我可能需要尋求一點 IT 支持才能允許我打開線路。在我們這樣做的同時，我會繼續問另一個問題。

This one actually coming from an employee. So for folks that don't know, any time we do an earnings call, the first sort of investor call that we take after our earnings call is with all of our employees. Our employees as a group are our largest shareholder. And we thought we might share some of their questions with you all as well.

這實際上來自一名員工。因此，對於不知道的人來說，無論何時我們進行財報電話會議，我們在財報電話會議後進行的第一種投資者電話會議都是與我們所有的員工一起進行的。我們的員工作為一個整體是我們最大的股東。我們認為我們也可以與大家分享他們的一些問題。

So this one came from an employee that chose to remain anonymous. We're increasingly talking about AI at Ginkgo. And so can you provide an overview of our AI and code-based strategy and how we're staffing those efforts?

所以這個來自一位選擇保持匿名的員工。在 Ginkgo，我們越來越多地談論 AI。那麼，您能否概述一下我們的人工智能和基於代碼的戰略，以及我們如何為這些工作配備人員？

Yes. So I think this is actually a big deal. So I touched on this a little bit at Ferment, but one of the things that's happening is because of the impact of sort of ChatGPT in the sense that like large data, less generative AI models, equals change in industries, you now have pretty much like every large corporation looking at what the impact of this is going to be on them. And that's auto companies, that's chip companies, media companies, and it's also biotech, biopharma companies, ag companies and so on.

是的。所以我認為這實際上是一件大事。所以我在 Ferment 稍微談到了這一點，但正在發生的事情之一是因為某種意義上的 ChatGPT 的影響，就像大數據、較少生成的 AI 模型，等於行業變化，你現在有很多就像每個大公司一樣，看看這將對他們產生什麼影響。那是汽車公司、芯片公司、媒體公司，還有生物技術、生物製藥公司、農業公司等等。

And in order for a customer to use Ginkgo's platform, they have to choose to make a change, right? So today, they have an internal R&D department doing work and they're making products and everything else. And I'm saying change some of that, spend some of those R&D dollars on our platform. As sort of like a sales motion, they need to have a reason to want to change. And sometimes, it's -- they're greedy to try to add a new product, sometimes things aren't going well and they want to try something new. And sometimes, something new comes along in the kind of in the atmosphere that makes them think they need to take a look. And that is what's going on with generative AI.

為了讓客戶使用 Ginkgo 的平台，他們必須選擇做出改變，對嗎？所以今天，他們有一個內部研發部門在工作，他們正在製造產品和其他一切。我是說改變其中的一些，在我們的平台上花費一些研發資金。有點像銷售動議，他們需要有理由想要改變。有時，他們貪婪地嘗試添加新產品，有時事情進展不順利，他們想嘗試新事物。有時，氣氛中會出現一些新事物，讓他們認為他們需要看一看。這就是生成式人工智能正在發生的事情。

So you have people saying, hey, I think I should be looking at what happens if there's big data and models in my space. And the beauty of Ginkgo is we are a great place to generate huge data assets. And so I think AI is a core strategy. It is a very positive wind in our sales here at Ginkgo. In terms of how we're making use of it? Well, we have this advantage that we have been over the last 10 years as we've done all these deals and so on, accumulating a huge data asset. We've talked about this publicly many times, our code-base. That is beautiful, beautiful data to train these types of models. So we're super excited about that. We're already seeing good results. You can see some of this in our webinars about how we do our protein engineering, but expect that to expand to a wider set of activities at the company. And I expect customers to come to us to get access to it.

所以你有人說，嘿，我想我應該看看如果我的空間中有大數據和模型會發生什麼。 Ginkgo 的美妙之處在於我們是一個生成巨大數據資產的好地方。所以我認為人工智能是一個核心戰略。這是我們在 Ginkgo 的銷售中非常積極的風向。就我們如何利用它而言？好吧，我們擁有過去 10 年的優勢，因為我們完成了所有這些交易等等，積累了巨大的數據資產。我們已經多次公開談論這個，我們的代碼庫。這是訓練這些類型模型的漂亮、漂亮的數據。所以我們對此感到非常興奮。我們已經看到了良好的結果。您可以在我們關於我們如何進行蛋白質工程的網絡研討會中看到其中的一些內容，但預計這會擴展到公司更廣泛的活動中。我希望客戶來找我們獲取它。

Thanks, Jason. All right. Rahul, I think we're all set. So I've just opened your line. Please go ahead.

謝謝，傑森。好的。拉胡爾，我想我們都準備好了。所以我剛剛打開了你的電話。請繼續。

Excellent. This is Michael Freeman on for Rahul today. Congratulations on such a successful Ferment event. That was a really spectacular display with some growing reviews from your customers. So thanks for doing that, you guys. Pleasure to be there.

出色的。今天我是拉胡爾的邁克爾·弗里曼。祝賀 Ferment 活動如此成功。那是一個非常壯觀的展示，客戶的評論越來越多。所以謝謝你們這樣做。很高興在那裡。

Okay. First question is on the overall IP strategy. I'm wondering what can you tell us about how this year versus perhaps last year, Ginkgo has been leveraging its existing code base for new cell programs versus doing de novo engineering and how much -- perhaps, how much more it's drawing upon that code base now? And the attitude among customers, like I trust in early days, there are some serious pushback among customers saying when -- with Ginkgo's attitude toward holding on to the IP that you develop. So I wonder if you could shed some light on all that.

好的。第一個問題是關於整體知識產權戰略。我想知道你能告訴我們今年與去年相比，Ginkgo 如何利用其現有的代碼庫進行新的細胞程序而不是進行從頭工程，以及它在多大程度上——也許，還有多少利用了這些代碼現在基地？以及客戶的態度，就像我在早期相信的那樣，客戶中有一些嚴重的反對意見，說什麼時候——銀杏對堅持你開發的 IP 的態度。所以我想知道你是否可以闡明所有這些。

Yes. Yes, I can touch on this one. Yes, one of the biggest challenges we had with customers over the years was sort of, hey, it seems Ginkgo like you're doing a project in an area for the first time with me. I'm going to fund a chunk of it, and you're going to keep the rights to reuse it and go off and build a business on the back of my investment, right? And short answer was yes, we were doing that in a number of cases.

是的。是的，我可以談談這個。是的，多年來我們與客戶面臨的最大挑戰之一是，嘿，看起來 Ginkgo 就像你第一次和我一起在一個地區做一個項目。我將出資其中的一部分，而你將保留重用它的權利，並在我的投資支持下開展業務，對吧？簡短的回答是肯定的，我們在很多情況下都是這樣做的。

But what's happened over time is we're accumulating assets in all these areas, is we now -- and you can see this what those 4 services I announced at Ferment, each one of those services has specific code base in that area. So when we go and talk to a customer, it isn't saying hey, I don't have anything in AAVs, but I think my robotics could be useful for you. Hey, that would have been true, and I did do sales like that 1.5 years, 2 years ago, they're brutal sales.

但隨著時間的推移，我們正在積累所有這些領域的資產，我們現在——你可以看到我在 Ferment 上宣布的那 4 項服務，每一項服務在該領域都有特定的代碼庫。因此，當我們去與客戶交談時，並不是說嘿，我在 AAV 中沒有任何東西，但我認為我的機器人技術可能對你有用。嘿，那是真的，我在 1.5 年、2 年前確實做過那樣的銷售，那是殘酷的銷售。

Now I get to say all my infrastructure and high throughput automation is useful for AAVs. By the way, here's the data to show you. By the way, here's a bunch of great capsids from StrideBio that you can get access to. And by the way, here's some other data capsid work we've done to discover some new stuff and so on, that really, really helps on the sales side.

現在我可以說我所有的基礎設施和高吞吐量自動化對 AAV 都很有用。順便說一句，這是要向您展示的數據。順便說一下，這裡有一堆來自 StrideBio 的很棒的衣殼，您可以訪問它們。順便說一句，這是我們為發現一些新東西所做的其他一些數據衣殼工作，這對銷售方面確實非常有幫助。

So I would say probably the biggest impact is in selling because a lot of customers, particularly in the biopharma side, want to see data that you've done something like what they're interested in. And then the second order is, like I mentioned, that Lygos project, where we're able to just totally draw on some work we did before to speed a project up. I don't know, in some cases, by years. So I think there's a real -- there's going to be more and more examples of that. But probably the first place we're seeing it is just having a more complete product to offer on these services.

所以我想說最大的影響可能是銷售，因為很多客戶，尤其是生物製藥方面的客戶，希望看到數據表明你做了他們感興趣的事情。然後第二個訂單是，就像我提到了 Lygos 項目，我們可以完全利用我們之前所做的一些工作來加快項目速度。我不知道，在某些情況下，是幾年。所以我認為有一個真實的 - 將會有越來越多的例子。但我們首先看到的可能只是為這些服務提供更完整的產品。

All right. I think as a follow-up, this one will probably be for Mark. Around at the end of last year, we were waiting out some lumpy milestones. We're curious about the timing on that. I'm looking at the Cell Engineering revenue where $1 million of the total $34 million was downstream revenue. Also looking at the appendix of the presentation today where $13 million is noncash consideration of the total $34 million. I wonder if you could just help us sort through those as the definitions and shed light on these things and then perhaps talk about those lumpy milestones.

好的。我認為作為後續行動，這可能是給馬克的。大約在去年年底，我們正在等待一些坎坷的里程碑。我們很好奇這件事的時機。我正在查看 Cell Engineering 的收入，其中 3400 萬美元的總收入中有 100 萬美元是下游收入。還要查看今天演示文稿的附錄，其中 1300 萬美元是 3400 萬美元總額中的非現金對價。我想知道你是否可以幫助我們將這些作為定義進行分類並闡明這些事情，然後也許可以談談那些不規則的里程碑。

Okay. So I'll take the 2 points in turn. First on the lumpy milestone. So really, it's the same comment, I think, that we made on our last earnings call, which is, yes, there were the 2 milestones that -- at one point, we had been expecting to hit in Q4, which spilled into 2023. And yes, we are still going after those 2 milestones. We believe the technical work on that is substantially complete. But I think as we had mentioned on the last call, and this is still true, there are aspects of validating the completion of that work that is out of our control. It's dependent on both customer and some third-party manufacturing. And so those are still in play, but timing is just uncertain on that.

好的。所以我會依次拿2分。首先是崎嶇不平的里程碑。所以真的，我認為，這與我們在上次財報電話會議上發表的評論是一樣的，是的，有兩個里程碑 - 在某一時刻，我們曾預計會在第四季度實現，該季度會延續到 2023 年. 是的，我們仍在追求這兩個里程碑。我們相信這方面的技術工作已經基本完成。但我認為，正如我們在上次電話會議中提到的那樣，現在仍然如此，驗證工作完成的某些方面是我們無法控制的。它取決於客戶和一些第三方製造商。因此，這些仍在發揮作用，但時機尚不確定。

With respect to the second point that you made on noncash considerations, so yes, first of all, the conclusion that substantially all of the revenue in the first quarter related to services revenue, that's correct. The supplement in the appendix shows you, like you said, the component of services revenue or total revenue that is noncash. So we do in some cases, as you know, and we started doing this last year, we do sometimes take equity from a customer as part of the upfront consideration on a project. So not just for downstream value share, but also for the upfront or the service fee consideration. And so that's why we're giving you that additional sort of date point. Does that answer the question?

關於你在非現金考慮方面提出的第二點，所以是的，首先，第一季度幾乎所有收入都與服務收入相關的結論是正確的。正如您所說，附錄中的補充說明了服務收入或總收入中非現金部分。所以我們在某些情況下會這樣做，正如你所知，我們去年開始這樣做，我們有時會從客戶那裡獲得股權作為項目前期考慮的一部分。因此，不僅是為了下游價值份額，也是為了前期或服務費的考慮。因此，這就是我們為您提供額外類型日期點的原因。這能回答問題嗎？

It sure does. And I appreciate that. I'll jump back in the queue.

它確實如此。我很感激。我會跳回到隊列中。

All right. [Edmond Cha] from Morgan Stanley. I've just got ahead and opened your line.

好的。 [Edmond Cha] 來自摩根士丹利。我剛剛搶先打開了你的電話。

Just to circle back on that point, Jason. How do you strike the right balance between leveraging the collective learning sort of code base for the benefit of an individual client versus making sure clients don't feel threatened that their secret sauce is being farmed out for the benefit of other customers. What safeguards do you have in place to make customers feel comfortable?

回到這一點，傑森。您如何在利用集體學習類型的代碼庫為單個客戶的利益與確保客戶不會因為他們的秘訣被用於其他客戶的利益而感到威脅之間取得適當的平衡。您有哪些保障措施可以讓客戶感到舒適？

Yes. This is a key question and something we talk a lot about with customers. I'm happy to share about it. So the number one thing is new IP developed in a project for a customer for their application is exclusively licensed to them for that application. So if you're developing gene therapy and against the disease target, whatever it is, you're going to get the rights to the IP developed with the work done for you, for your drug and no one else can use it for that. So they're not going to get to take what you did and compete with you directly.

是的。這是一個關鍵問題，也是我們與客戶經常討論的問題。我很樂意分享它。因此，第一件事是在項目中為客戶開發的新 IP 為他們的應用程序獨家授權給他們。因此，如果您正在開發基因療法並針對疾病目標，無論它是什麼，您都將獲得為您完成的工作開發的 IP 的權利，為您的藥物，沒有其他人可以將其用於此。所以他們不會接受你所做的並直接與你競爭。

Now where we differ a little bit is we would say, well, if that capsid had used, for example, in some other disease area, some totally different thing than what you're really working on or just in pharmaceuticals, generally, we'd like to be able to reuse that asset. And that's where we end up arguing with customers and kind of -- and figuring out what's right.

現在我們有點不同的是，我們會說，好吧，如果那個衣殼用於，例如，在其他一些疾病領域，一些與你真正正在研究的東西完全不同的東西，或者只是在藥物中，一般來說，我們'我希望能夠重用該資產。這就是我們最終與客戶爭論的地方 - 並弄清楚什麼是正確的。

I would say the general rule is we're most interested in things that have kind of broad reusability across larger projects, right? So capsids are a good example, certain internal sequences on cars are a good example. There's certain things that we think are -- don't make up a whole drug, but boy, if they worked better, they would make it a lot easier to get a lot of drugs to market, right? And so that tends to be the kind of thing that we fight hard to make sure we do have broad rights to it. If it's something ultra-specific to the customer, then that's kind of less relevant. But that's how we do it.

我會說一般規則是我們最感興趣的是在大型項目中具有廣泛可重用性的東西，對吧？所以衣殼就是一個很好的例子，汽車上的某些內部序列就是一個很好的例子。我們認為有些事情是——不要組成一種完整的藥物，但是男孩，如果它們效果更好，它們會讓很多藥物更容易推向市場，對吧？因此，這往往是我們努力爭取確保我們確實擁有廣泛權利的事情。如果它對客戶來說是非常特定的東西，那麼它就不那麼相關了。但我們就是這樣做的。

And I think over time, as we accumulate more and more assets, this conversation becomes easier, right, because you're sort of coming in and I'm saying, listen, I've got 90% of what's necessary for this project. But you're going to have to agree with this for the other 10% that you're going to add to it or else we just can't work together and you're going to want the 90%. Does that make sense?

而且我認為隨著時間的推移，隨著我們積累越來越多的資產，這種對話會變得更容易，對吧，因為你有點進來，我說，聽著，我已經掌握了這個項目所需的 90%。但是對於要添加的其他 10%，您必須同意這一點，否則我們無法一起工作，而您將需要 90%。那有意義嗎？

Yes. Got it. That's very helpful. And then Jason, on a separate note, it sounds like you still feel like that the funding pressures are actually driving a push towards greater outsourcing. I mean, clearly, we've seen the weakness get worse even with some of the CROs now acknowledging weaker spend at mid-cap biotechs. So I just wanted to understand what insulates you more versus the traditional CROs.

是的。知道了。這很有幫助。然後 Jason，在另一張紙條上，聽起來你仍然覺得資金壓力實際上正在推動更大的外包。我的意思是，很明顯，即使一些 CRO 現在承認中型生物技術公司的支出減少，我們也看到了弱點變得更糟。所以我只是想了解與傳統 CRO 相比，是什麼讓你更加孤立。

Yes. And just to be clear, like I said, for industrial biotech, my experience is, I think it is like causing push back on us, right? So I don't think we're seeing more outsourcing necessarily in industrial biotech, we're just seeing less spending in industrial biotech. So there, I think we see more sensitivity. When it comes to like these other areas, I mean, the honest truth is we're not that penetrated into these areas, right? So if I was off already serving every biopharma company and they cut their R&D spending 30%, I'd be back 30%. But the reality is I've been an integer number of biopharma companies out of 1,000, right? And so we just have so much room to run through adding new customers.

是的。需要明確的是，就像我說的，對於工業生物技術，我的經驗是，我認為這就像對我們造成反擊，對吧？因此，我認為我們不一定會在工業生物技術領域看到更多的外包，我們只是看到在工業生物技術領域的支出減少了。所以在那裡，我認為我們看到了更多的敏感性。當談到喜歡這些其他領域時，我的意思是，誠實的事實是我們並沒有深入到這些領域，對吧？因此，如果我已經離開為每家生物製藥公司服務，而他們將研發支出削減 30%，我會回來 30%。但現實情況是，我是 1,000 家生物製藥公司中的整數，對吧？因此，我們只有很大的空間來增加新客戶。

And so don't -- we're just not -- I think we're just not as sensitive to it yet. It doesn't matter if that sector just stops spending on R&D, which is a little bit of what we're seeing in some of the industrial biotech spaces. But in biopharma, that's not the case. So there's plenty of opportunity for us.

所以不要——我們只是不——我認為我們還沒有那麼敏感。該行業是否只是停止研發支出並不重要，這只是我們在某些工業生物技術領域看到的一點點。但在生物製藥領域，情況並非如此。所以我們有很多機會。

All right. Gaurav, I've just opened your line. Feel free to go ahead.

好的。 Gaurav，我剛剛開通了你的線路。隨意繼續。

I know it's about midnight over there, Jason, so I'll keep it quick. On the new 13 programs, right, this quarter, are you guys able to break out that end market split or even the downstream potential? Or is that something that we should expect only on an annual basis?

我知道那邊快午夜了，Jason，所以我會盡快通知的。在新的 13 個項目上，對吧，本季度，你們是否能夠突破終端市場分裂甚至下游潛力？還是我們每年都應該期待這樣的事情？

Mark, do you want to take that?

馬克，你要拿那個嗎？

Yes. Generally speaking, we would only be updating the downstream value share sort of metrics that we had talked about on the last call, we think once sort of annually. Now we did announce just recently a large program with BI. And so you've got up around $400 million of downstream milestone potential from that particular contract. And I would just say the 13 programs are spread like pretty broadly across the types of downstream value share that we got. I mean there's a good chunk of royalty-bearing programs in there. There's a few that are milestone based, a few that are equity based. So it's -- I think it's just representative for the normal sort of mix.

是的。一般來說，我們只會更新我們在上次電話會議上討論過的下游價值份額指標，我們認為每年一次。現在我們確實最近宣布了一個帶有 BI 的大型項目。因此，您從該特定合同中獲得了大約 4 億美元的下游里程碑潛力。我只想說這 13 個項目在我們獲得的下游價值份額類型中分佈得相當廣泛。我的意思是那裡有很多收費的程序。有一些是基於里程碑的，一些是基於股權的。所以它 - 我認為它只是正常混合的代表。

Yes. That makes sense. And then just one quick follow-up for me. On the new 4 service offerings, so just to make sure I understand it correctly, right? So are these 4 new service offering capabilities, Ginkgo previously couldn't address on the platform? Or are they just a more structured and focused program version of what they were prior?

是的。這就說得通了。然後對我來說只是一個快速的跟進。關於新的 4 項服務產品，只是為了確保我理解正確，對嗎？那麼這4個新的服務提供能力是不是Ginkgo以前在平台上無法解決的呢？還是它們只是之前版本的結構化和重點突出的程序版本？

Yes, that's an awesome question. Okay. So the -- here is -- like how Ginkgo runs basically is to have a large general platform. It's a mix of software and automation and a variety of genetic and IP and data assets that are all available to a scientist who works at Ginkgo on a customer project to order things from. Like that's what's happening internally. All right.

是的，這是一個很棒的問題。好的。所以——這裡是——就像 Ginkgo 的運行方式基本上是擁有一個大型的通用平台。它是軟件和自動化以及各種遺傳和 IP 和數據資產的混合體，所有這些都可供在 Ginkgo 從事客戶項目的科學家訂購。就像這就是內部發生的事情。好的。

Now I can walk up to a customer and say, like, look at this 300,000 square foot facility and all these robotics, could it be useful to you, right? And they don't know how to translate that, like they're used to seeing scientists and lab ventures working by hand like we do R&D in a very different way. And so the point of the services is to speak in the language of the customer. Okay. So it is a sales object, right? It is a way for us to say, let me just be very clear. This is what we can do in this category. Let me name it for you. Ginkgo does AAV, right, like for example, us acquiring StrideBio. In part, great assets, people are calling us about the assets. It's also just people like, hey, Jason, why I know you guys are working on AAVs for 2 years, right? We have an announced deal with Selecta, right? And we did the deal with Biogen, right?

現在我可以走到一位客戶面前說，看看這個 300,000 平方英尺的設施和所有這些機器人技術，它對你有用嗎？他們不知道如何翻譯，就像他們習慣於看到科學家和實驗室企業手工工作，就像我們以一種非常不同的方式進行研發一樣。因此，服務的重點是使用客戶的語言。好的。所以它是一個銷售對象，對吧？這是我們表達的一種方式，讓我非常清楚。這就是我們在這個類別中可以做的。讓我為你命名。 Ginkgo 做 AAV，對，比如我們收購 StrideBio。在某種程度上，偉大的資產，人們打電話給我們關於資產。也有人喜歡，嘿，傑森，為什麼我知道你們在 AAV 上工作了 2 年，對吧？我們與 Selecta 達成了一項已宣布的交易，對嗎？我們與 Biogen 達成了協議，對吧？

Still -- but the acquisition of Stride, it was also in part just a marketing activity in the biopharma space so that people knew, right? And that's kind of the goal of the services. Like as a general platform, it's great because our TAM is huge. The downside is people don't understand what we can do for them. And so they expect more services, right? I'll do as many of these as make any sense to customers, frankly. And so it's not going to see us experiment there and see where we're landing and having something that help customers better understand how to leverage the Ginkgo platform.

仍然 - 但收購 Stride，它在某種程度上也只是生物製藥領域的營銷活動，以便人們知道，對吧？這就是服務的目標。就像一個通用平台一樣，它很棒，因為我們的 TAM 很大。缺點是人們不明白我們能為他們做些什麼。所以他們期待更多的服務，對吧？坦率地說，只要對客戶有意義，我就會盡可能多地做這些事情。因此，我們不會在那裡進行實驗，也不會看到我們的著陸點，也不會看到可以幫助客戶更好地了解如何利用 Ginkgo 平台的東西。

All right. Next question will come from Matt Sykes at Goldman Sachs. And then just a reminder to the other analysts on the call that if you'd like to ask a question, please do raise your hand so that I know to call on you. Thanks so much. All right. Matt, your line should be open.

好的。下一個問題將來自高盛的馬特賽克斯。然後提醒電話中的其他分析師，如果你想問問題，請舉手，這樣我就知道要打電話給你了。非常感謝。好的。馬特，你的線路應該是開放的。

This is [Ivy Kozlowski] on for Matt. (inaudible) early on, but could you provide any color on how the success-only payments has impacted your win rate at this point with customers?

這是 [Ivy Kozlowski] 替 Matt 做的。 （聽不清）早期，但您能否提供任何顏色說明僅成功付款在此時如何影響您與客戶的贏率？

Yes. So this is a cool idea, I think. I mean -- so again, just to restate what we're trying to accomplish here, like the larger mission of Ginkgo, just to be clear, is to make it easier to engineer biology, right? And by engineer means something, right? Like when you engineer something, there is a predictable set of equations that let you know how to build a bridge or a microchip or whatever, right? When you do research on a cell like engineering, engineering cell, people don't think of it really like engineering, you're doing science, right? And you're exploring the space and you don't know if it's going to work and all these things. And so we're trying to generally move into engineering.

是的。所以我認為這是一個很酷的想法。我的意思是 - 再一次重申我們在這裡試圖完成的事情，比如 Ginkgo 的更大使命，只是為了更容易地設計生物學，對吧？工程師意味著什麼，對吧？就像當你設計某樣東西時，有一組可預測的方程式讓你知道如何建造橋樑或微芯片或其他東西，對吧？當你研究像工程、工程細胞這樣的細胞時，人們並不認為它真的像工程，你在做科學，對吧？而你正在探索這個空間，你不知道它是否會起作用以及所有這些事情。因此，我們正試圖普遍進入工程領域。

And one of the things we noticed was for certain types of projects, doing these certain protein discovery projects and enzymes and optimization projects, certain protein production, it was starting to feel like engineering, right? Like we were just seeing extremely high success rates. We knew which projects were going to be hard, our priority and which ones were going to be easy. And we would tell customers, we didn't show data and they'd still be like, I'm not going to spend that much on a research project. And so what we're saying now is fine, it's not a research project anymore, it's an engineering project, and you'll pay on delivery. And that absolutely is working.

我們注意到的一件事是對於某些類型的項目，做這些特定的蛋白質發現項目和酶和優化項目，某些蛋白質的生產，它開始感覺像工程，對吧？就像我們剛剛看到極高的成功率一樣。我們知道哪些項目會很困難，我們的優先事項以及哪些項目會很容易。我們會告訴客戶，我們沒有展示數據，他們仍然會說，我不會在研究項目上花那麼多錢。所以我們現在說的很好，它不再是一個研究項目，它是一個工程項目，你會貨到付款。這絕對有效。

We restart -- there's probably 7 or 8 projects in the sales pipe right now that were previous in those since we announced it. So -- and that's just stuff we had been talking to people about before. So I think it's a really exciting idea. And we'll see how it plays out over the next couple of quarters, but early looks good. It is good.

我們重新開始——現在可能有 7 或 8 個項目在銷售管道中，這些項目在我們宣布之後就已經存在了。所以 - 這就是我們之前一直在與人們談論的事情。所以我認為這是一個非常令人興奮的想法。我們將看到它在接下來的幾個季度中如何發揮作用，但早期看起來不錯。這很好。

I mean, like if we're wrong, we're taking risk, right, like customers are getting real value out of this. It's not like we're not offering them something here. But I like our odds, and I like our technical success rate in these categories.

我的意思是，如果我們錯了，我們就是在冒險，對，就像客戶從中獲得真正的價值一樣。這並不是說我們不在這裡向他們提供一些東西。但我喜歡我們的賠率，我喜歡我們在這些類別中的技術成功率。

One last point, sorry. We also are aiming for the shorter projects, right? So not -- expect these projects be more like 6- to 12-month projects, not like 2- or 3-year projects where we would be -- it's a longer project, we break it up in a smaller success-based pieces. So I don't want to go too far out on a limb on a project where we're waiting to see if we're technically successful to get paid if that makes sense.

最後一點，抱歉。我們的目標也是更短的項目，對嗎？所以不是——期望這些項目更像是 6 到 12 個月的項目，而不是像我們那樣的 2 年或 3 年的項目——這是一個更長的項目，我們將它分解成更小的基於成功的部分。所以我不想在一個項目上走得太遠，我們正在等待看我們是否在技術上成功以獲得報酬，如果這有意義的話。

Right. Yes, that definitely makes sense. And then on Biosecurity revenue, came in much higher than our expectations. I know you talked a little bit about it, but can you talk to your updated strategy as it relates to Biosecurity, potentially becoming a more durable part of revenue than we might have previously expected. I think you said 20% is recurring, but how should we think about the work down of the nonrecurring part and then also a long-term growth rate of the recurring part.

正確的。是的，這絕對有道理。然後在生物安全收入方面，遠遠高於我們的預期。我知道你談過一點，但你能談談你更新的戰略，因為它與生物安全有關，它可能成為比我們之前預期的更持久的收入部分。我想你說 20% 是經常性的，但我們應該如何考慮非經常性部分的工作以及經常性部分的長期增長率。

So why don't I start with the -- just to get the numbers kind of straight here. So first of all, so in the quarter, 20%, roughly speaking, of the Biosecurity revenue came from those what we believe will be more recurring sources. And so that would not be the state kind of K-12 school COVID testing programs, for example. The -- you'll also note that we didn't change the guidance on Biosecurity. And so what you are going to see is really one more sort of partial quarter where we do still have some K-12 school testing revenues coming into the numbers. And then that is expected to drop off pretty dramatically after the second quarter. And so we have sort of little -- very little to nothing in the guide for the second half of the year relating to that legacy K-12 business.

那麼，為什麼我不從這裡開始——只是為了直接了解數字。因此，首先，在本季度，粗略地說，生物安全收入的 20% 來自我們認為會更頻繁出現的來源。因此，例如，這不會是 K-12 學校 COVID 測試計劃的州類型。你還會注意到我們沒有改變生物安全指南。因此，您將看到的實際上是另一種部分季度，我們仍然有一些 K-12 學校測試收入進入數字。然後預計在第二季度之後會急劇下降。因此，我們在今年下半年的指南中與遺留的 K-12 業務相關的內容很少 - 幾乎沒有。

So the first quarter was solid, like you mentioned, but that is because we were still getting a good chunk of K-12 revenue. We'll get a little bit more in the second quarter and then it's going to fall off. And sort of thereafter, the bulk of the Biosecurity business is the sort of the new sources of revenue. And so you can kind of work -- what that sort of will tell you, I guess, is that a good portion of the $100 million will be realized in the first half of the year. And then thereafter, it's almost like a reset on a lower revenue base that we expect to increase over time. That will be largely the new sources of revenue.

所以第一季度很穩定，就像你提到的那樣，但那是因為我們仍然從 K-12 收入中獲得很大一部分。第二季度我們會多一點，然後就會下降。此後，生物安全業務的大部分成為新的收入來源。所以你可以做一些工作——我想這會告訴你，1 億美元中的很大一部分將在今年上半年實現。然後，這幾乎就像是在我們預計隨著時間的推移會增加的較低收入基礎上進行重置。這將主要是新的收入來源。

And just a comment on what those will be, that's around things like these airport programs. These what we consider to be like persistent monitoring and I think there's a few different places that could happen, but we're probably most excited about what we're seeing in the airports.

只是對這些將是什麼發表評論，這與這些機場計劃有關。這些我們認為就像持續監控一樣，我認為可能會在幾個不同的地方發生，但我們可能對我們在機場看到的情況感到最興奮。

All right. Thanks so much. So a final call, if there are any other questions to raise your hand, but we are just about at time. And so for once, Ginkgo has hosted a call that didn't run over, so new KPI for me. And we'll let Jason go catch this next flight. Appreciate everyone joining us this quarter, and we'll see you next time.

好的。非常感謝。所以最後一次電話會議，如果還有任何其他問題可以舉手，但我們正好趕上時間。因此，Ginkgo 主持了一次沒有結束的電話會議，這對我來說是新的 KPI。我們會讓傑森去趕下一趟航班。感謝本季度加入我們的每一個人，我們下次再見。

Thanks, everyone.

感謝大家。