Ginkgo Bioworks Holdings Inc (DNA) 2023 Q3 法說會逐字稿

Good evening. I'm Megan LeDuc, Manager of Investor Relations 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.

晚安.我是 Megan LeDuc，Ginkgo Bioworks 投資人關係經理。我們的共同創辦人兼執行長傑森凱利 (Jason Kelly) 也加入了我的行列。和我們的財務長馬克‧德米特魯克 (Mark Dmytruk)。一如既往地感謝您加入我們。我們期待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，在今天的演示中，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資訊。

Today, in addition to updating you on the quarter, we're going to dive deeper into a few case studies of how we're seeing our mission to make biology easier to engineer, come to life as well as provide further details on our diverse program pipeline and the growth opportunities we see in biosecurity business. As usual, we'll end with the 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 at #GinkgoResults or e-mail us at investors@ginkgobioworks.com.

今天，除了向您通報本季的最新情況外，我們還將深入探討一些案例研究，說明我們如何看待我們的使命，即讓生物學更容易設計、實現，並提供有關我們多元化的更多詳細資訊。專案管道以及我們在生物安全業務中看到的成長機會。像往常一樣，我們將以問答環節結束，我將回答分析師、投資者和公眾的問題。您可以透過 Twitter #GinkgoResults 提前向我們提交這些問題，或發送電子郵件至investors@ginkgobioworks.com。

All right. Over to you, Jason.

好的。交給你了，傑森。

I'm super excited to be chatting with you all today. I always start with a reminder that our mission at Ginkgo is to make biology easier to engineer. As we dig into the strategic section, you'll see the progress we're making on that mission, particularly with our AI efforts and our strong pipeline of active programs.

我非常高興今天能與大家聊天。我總是先提醒大家，我們 Ginkgo 的使命是讓生物學更容易設計。當我們深入研究策略部分時，您將看到我們在該任務上所取得的進展，特別是我們在人工智慧方面的努力和強大的活躍專案管道。

We pursue this mission on behalf of a diverse group of customers. This is one of my favorite slides, having a customer list that ranges from agriculture to consumer goods, to chemicals to therapeutics is common for a horizontal tech platform, but it's pretty unique in biotech. It makes sense because all these diverse programs benefit from the scaling of the same underlying technology at Ginkgo.

我們代表多元化的客戶群追求這項使命。這是我最喜歡的幻燈片之一，其客戶名單涵蓋從農業到消費品，從化學品到治療藥物，這對於水平技術平台來說很常見，但在生物技術領域相當獨特。這是有道理的，因為所有這些不同的項目都受益於 Ginkgo 相同底層技術的擴展。

We've added programs with several new customers this quarter, including smaller companies like Nosh Biofoods in the industrial biotech field and Exacta Biosciences in the ag space, as well as large companies like Pfizer in pharma in addition to new programs with many of our existing customers.

本季我們增加了與幾家新客戶的項目，包括工業生物技術領域的Nosh Biofoods 和農業領域的Exacta Biosciences 等小型公司，以及製藥領域的輝瑞(Pfizer) 等大公司，以及我們現有的許多項目的新項目。顧客。

We took a view early on at Ginkgo that scale would be needed to drive our mission. And you see that reflected in our business model as a platform service provider. We had 116 active programs on the platform this quarter, representing 36% growth over last year, and our highest active program count ever.

我們很早就在 Ginkgo 認為需要規模來推動我們的使命。您會看到這反映在我們作為平台服務提供者的商業模式中。本季我們平台上有 116 個活躍項目，比去年成長 36%，是我們有史以來最高的活躍項目數量。

As our foundry scales, our data generation capabilities scale in turn. You can see this on the slide comparing some of our internal assets to public data assets. Our ability to generate data at scale for customers, paired with our existing code base, is a big part of the reason customers choose to work with Ginkgo, particularly as leveraging generative AI becomes a bigger priority for our customers.

隨著我們的代工廠規模不斷擴大，我們的數據生成能力也隨之擴大。您可以在幻燈片上看到這一點，將我們的一些內部資產與公共數據資產進行比較。我們為客戶大規模產生資料的能力，與我們現有的程式碼庫結合，是客戶選擇與 Ginkgo 合作的一個重要原因，特別是在利用生成式人工智慧成為我們客戶更優先考慮的情況下。

For those of you that turned into our -- tuned into our Investor Day, and I encourage you to watch the YouTube recording if you didn't, you know that we're using this data to build AI foundation models and fine-tune applications for biological engineering. Our recent partnership with Google is helping fuel this in the last quarter, and I'm proud of the progress the team is making on track with our plans. In fact, we've already achieved the first milestone in our partnership with Google.

對於那些參加了我們的投資者日的人，如果沒有的話，我鼓勵您觀看 YouTube 錄製，您知道我們正在使用這些數據來建立人工智慧基礎模型並微調應用程式用於生物工程。我們最近與 Google 的合作關係在上個季度推動了這一目標，我為團隊在我們的計劃上取得的進展感到自豪。事實上，我們已經實現了與 Google 合作的第一個里程碑。

The reality is that biology is getting easier to engineer. We're really excited about that, what that opens up for our customers, better medicines, more resilient food systems, cleaner industry, but it has not lost on us that the advancement of biological engineering tools, particularly when coupled to advancements in AI, creates risk.

現實是生物學變得越來越容易設計。我們對此感到非常興奮，這為我們的客戶帶來了更好的藥物、更有彈性的食品系統、更清潔的工業，但我們並沒有忽視生物工程工具的進步，特別是與人工智慧的進步相結合時，創造風險。

We're sitting at the intersection of several exponentially improving techs, and the world is grappling with how to keep up with the pace of change and limit the risks these technologies create. Our biosecurity business works hand in hand with our cell programming business to address this challenge. Helping build early warning systems and decision support for national security and public health is going to be critical to protecting against the potential misuses of these technologies, along with anything Mother Nature throws at us.

我們正處於幾種指數級改進的技術的交叉點，世界正在努力解決如何跟上變革的步伐並限制這些技術帶來的風險。我們的生物安全業務與細胞編程業務攜手應對這項挑戰。幫助建立國家安全和公共衛生的早期預警系統和決策支援對於防止這些技術以及大自然向我們拋出的任何潛在濫用至關重要。

I can't emphasize enough the synergies between these businesses. It's clear that there's an unmet need for biosecurity, but the question is, who is best positioned to grow into this large addressable market? We think Ginkgo is well positioned to do it as the tools we're building in our cell engineering business help provide the foundation for biosecurity.

我怎麼強調這些業務之間的綜效都不為過。顯然，生物安全的需求尚未被滿足，但問題是，誰最有能力進入這個龐大的潛在市場？我們認為 Ginkgo 完全有能力做到這一點，因為我們在細胞工程業務中建立的工具有助於為生物安全奠定基礎。

Likewise, our close connection to a biosecurity platform that is highlighting emerging threats allows us to be a better partner to our vaccine and therapeutic partners, ideally enabling us to make more effective countermeasures earlier in the risk cycle. And you're going to hear from me a bit in the strategic session about how we're building all that in biosecurity.

同樣，我們與強調新興威脅的生物安全平台的密切聯繫使我們能夠成為疫苗和治療合作夥伴更好的合作夥伴，理想情況下使我們能夠在風險週期的早期制定更有效的對策。你們將在戰略會議上聽到我的一些關於我們如何在生物安全方面建立所有這些的內容。

All right. Now let me hand it over to Mark to give a little more color on our financial performance this quarter.

好的。現在讓我把它交給馬克，對我們本季的財務表現進行更多介紹。

Thanks, Jason. I'll start with the cell engineering business. We added 21 new cell programs and supported a total of 116 active programs across 76 customers on the cell engineering platform in the third quarter of 2023. This represents a 36% increase in active programs year-over-year, with significant growth in the biopharma and the food and agriculture verticals.

謝謝，傑森。我將從細胞工程業務開始。 2023 年第三季度，我們在細胞工程平台上增加了21 個新的細胞項目，並為76 個客戶的總共116 個活躍項目提供了支持。這意味著活躍項目同比增長了36%，其中生物製藥業務顯著成長以及糧食和農業垂直領域。

Notably, we added 10 new biopharma programs in the quarter, a record number of new programs for any particular market segment in 1 quarter. Cell engineering revenue was $37 million in the quarter, up 51% compared to the third quarter of 2022, driven by our significantly expanded customer base.

值得注意的是，我們在本季增加了 10 個新的生物製藥項目，創下了 1 季特定細分市場新項目數量的紀錄。在我們大幅擴大的客戶群的推動下，本季細胞工程收入為 3,700 萬美元，較 2022 年第三季成長 51%。

Now turning to biosecurity. Our biosecurity business generated $18 million of revenue in the third quarter of 2023 at a gross margin of 62%. Both revenue and gross margin benefited in the quarter as we close out our last remaining K-12 COVID testing contracts. We're continuing to gain traction on an international scale, now totaling 14 countries with either active programs, pilots or MOUs. And Concentric is also progressing its bioradar offering with multipathogen detection and new efforts in zoonotic disease monitoring while also building a suite of next-generation biological intelligence capabilities, including AI-based epidemic forecasting.

現在轉向生物安全。我們的生物安全業務在 2023 年第三季創造了 1,800 萬美元的收入，毛利率為 62%。隨著我們結束最後剩餘的 K-12 新冠病毒檢測合同，本季度的收入和毛利率都受益。我們繼續在國際範圍內獲得關注，目前共有 14 個國家/地區擁有活躍的計劃、試點或諒解備忘錄。 Concentric 也正在透過多病原體檢測和人畜共患疾病監測方面的新努力來推進其生物雷達產品，同時也建立了一套下一代生物智慧功能，包括基於人工智慧的流行病預測。

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.

現在我將對損益表的其餘部分提供更多評論，其中指出，這些數字不包括基於股票的補償費用，這是單獨顯示的。

Starting with OpEx. R&D expense, excluding stock-based comp, increased from $74 million in the third quarter of 2022 to $123 million in the third quarter of 2023, representing growth and capabilities, particularly from our acquisitions in the fourth quarter of last year.

從營運支出開始。研發費用（不包括股票補償）從 2022 年第三季的 7,400 萬美元增加到 2023 年第三季的 1.23 億美元，代表了成長和能力，特別是來自我們去年第四季的收購。

G&A expense, excluding stock-based comp, increased slightly from $59 million in the third quarter of 2022 to $62 million in the third quarter of 2023, supporting the growth of cell engineering revenue and the integration of prior year acquisitions. You will also see that we recorded a $96 million noncash impairment charge on a Zymergen lease facility, which Zymergen exited in the third quarter. While our full accounting for the Zymergen bankruptcy is not yet complete, we expect to deconsolidate the Zymergen financial statements effective October 3, 2023. And so in the fourth quarter, our accounting is expected to result in removing all Zymergen multiyear lease liabilities, along with its other financial accounts.

不包括股票補償的一般管理費用從 2022 年第三季的 5,900 萬美元小幅增長至 2023 年第三季的 6,200 萬美元，支持了細胞工程收入的成長和去年收購的整合。您還會看到，我們在 Zymergen 租賃設施上記錄了 9,600 萬美元的非現金減損費用，Zymergen 在第三季退出了該設施。雖然我們對 Zymergen 破產的全面會計處理尚未完成，但我們預計將於 2023 年 10 月 3 日起取消合併 Zymergen 財務報表。因此，在第四季度，我們的會計預計將消除所有 Zymergen 多年租賃負債以及其其他財務帳戶。

Stock-based comp. You'll notice a significant drop in stock-based comp this quarter, similar to what we saw in Q1 and Q2 of this year. As a reminder, this is because of the catch-up accounting adjustment relating to the modification of restricted stock units when we went public has mostly rolled off at this point. While the bulk of that adjustment is done, about half of the total $54 million stock comp expense in the quarter is still related to RSUs issued prior to us going public. Additional details are provided in the appendix to this presentation.

基於股票的比較您會注意到本季基於股票的比較大幅下降，與我們今年第一季和第二季看到的情況類似。需要提醒的是，這是因為我們上市時與限制性股票單位修改相關的追趕會計調整此時已基本結束。雖然大部分調整已經完成，但本季 5,400 萬美元的股票補償費用總額中約有一半仍與我們上市前發行的 RSU 有關。本簡報的附錄中提供了更多詳細資訊。

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，我們的財務報表中有更詳細的說明。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 更能說明我們的獲利能力。我們也在附錄中列出了調整後 EBITDA 與淨虧損的調節表。

Adjusted EBITDA in the quarter was negative $84 million compared to negative $72 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.

本季調整後 EBITDA 為負 8,400 萬美元，而上年同期為負 7,200 萬美元。調整後 EBITDA 的下降歸因於細胞工程費用運作率較高以及生物安全收入的預期下降。

And finally, CapEx in the third quarter of 2023 was $4 million.

最後，2023 年第三季的資本支出為 400 萬美元。

Moving on to our outlook for the full year. In terms of big picture, we're expecting total revenue of $250 million to $260 million in 2023, in line with previous guidance. Now looking at the details and starting with new programs, based on third quarter results and pacing of new opportunities, we're now targeting 80 to 85 new cell programs in 2023.

接下來是我們對全年的展望。總體而言，我們預計 2023 年總收入為 2.5 億至 2.6 億美元，與先前的指引一致。現在，我們正在研究細節並從新專案開始，根據第三季的業績和新機會的節奏，我們現在的目標是在 2023 年推出 80 至 85 個新的細胞專案。

We continue to see growth in pipeline opportunities. However, the pacing of pipeline conversion has been impacted by both macroeconomic conditions as well as the fact that our cell programs are a complex enterprise sale. While we have undertaken several initiatives in the past year to address these 2 challenges, including process improvements through our contracting cycle, success-based pricing and a focus on the biopharma segment, all of which have helped drive our metrics in the right direction overall, we have not yet fully solved the pacing issue, particularly as deals get into the final stages.

我們繼續看到管道機會的成長。然而，管道轉換的節奏受到宏觀經濟條件以及我們的細胞項目是一項複雜的企業銷售這一事實的影響。雖然我們在過去一年中採取了多項舉措來應對這兩個挑戰，包括透過合約週期改進流程、基於成功的定價以及對生物製藥領域的關注，所有這些都有助於推動我們的指標總體上朝著正確的方向發展，我們尚未完全解決節奏問題，特別是在交易進入最後階段時。

I'll also note that in addition to our formal new program target, Ginkgo signed several tech licensing evaluation agreements in the third quarter, which allow customers to evaluate more advanced assets, such as the capsids we acquired from StrideBio. These customers might then execute a license agreement to continue using the asset. We did not include these deals in our program count as they do not involve foundry work. However, they do represent a new potential source of revenue for Ginkgo.

我還要指出的是，除了我們正式的新專案目標外，Ginkgo 在第三季還簽署了幾項技術授權評估協議，使客戶能夠評估更先進的資產，例如我們從 StrideBio 收購的衣殼。然後，這些客戶可能會執行許可協議以繼續使用該資產。我們沒有將這些交易納入我們的計劃計數，因為它們不涉及鑄造工作。然而，它們確實代表了 Ginkgo 的新的潛在收入來源。

Moving on to revenue. We're updating our cell engineering revenue outlook to be in the range of $145 million to $150 million. This is inclusive of $4 million in downstream value share we have recognized year-to-date through September 30. As for biosecurity, based on year-to-date results, we're increasing our revenue guidance to land in a range of up to $110 million. Fourth quarter revenue will be driven by federal and international partnerships, supporting pathogen monitoring and biosecurity infrastructure development as the K-12 COVID testing business ended in the third quarter.

轉向收入。我們將細胞工程收入展望更新為 1.45 億至 1.5 億美元。這包括我們今年迄今截至 9 月 30 日已確認的 400 萬美元下游價值份額。至於生物安全，根據今年迄今的結果，我們正在提高收入指導，以達到以下範圍： 1.1 億美元。隨著 K-12 COVID 檢測業務於第三季結束，第四季度的收入將由聯邦和國際合作夥伴關係推動，以支持病原體監測和生物安全基礎設施的開發。

In summary, we're pleased with the overall direction of progress and continue to focus on scaling the business as we finish out the year. We remain focused on driving new programs to the platform in this challenging macro environment. We're excited about the significant traction we have made in the biopharma segment. And we continue to manage our balance sheet and cash flows to maintain a long runway while maintaining flexibility to capitalize on near-term strategic opportunities, with over $1 billion of liquidity at quarter end.

總之，我們對整體進展方向感到滿意，並在今年結束時繼續專注於擴大業務。在這個充滿挑戰的宏觀環境中，我們仍然專注於將新專案推向平台。我們對我們在生物製藥領域的巨大進展感到興奮。我們繼續管理我們的資產負債表和現金流，以保持長期發展，同時保持靈活性，以利用近期戰略機遇，季度末流動性超過 10 億美元。

And now, Jason, back to you.

現在，傑森，回到你身邊。

Thanks, Mark. This is a solid quarter for Ginkgo. Our deal with Google sets us up well to lead in the application of AI to design DNA and proteins. While our deal with Pfizer is a real signal of commercial progress that I'm going to be digging in on a second.

謝謝，馬克。對於 Ginkgo 來說，這是一個穩健的季度。我們與Google的協議使我們能夠在人工智慧應用設計 DNA 和蛋白質方面處於領先地位。雖然我們與輝瑞的交易是商業進步的真正訊號，但我將稍後深入探討這一點。

So however, I want to address why we're taking down cell engineering guidance. We're building our relationship with you all as a young public company. And so while we want to have ambitious but achievable goals, we also want to update them as the year progresses and tighten ranges as we get close to year-end. So we're revising our guidance on the cell engineering services components of our revenue to $140 million to $145 million, down from $145 million to $160 million.

然而，我想談談為什麼我們要取消細胞工程指南。作為一家年輕的上市公司，我們正在與大家建立關係。因此，雖然我們希望制定雄心勃勃但可實現的目標，但我們也希望隨著時間的推移更新這些目標，並在接近年底時收緊範圍。因此，我們正在將細胞工程服務收入的指導方針從 1.45 億美元至 1.6 億美元下調至 1.4 億美元至 1.45 億美元。

Generally, this is for the reasons I provided on the last call around industrial biotech venture capital drying up, and also -- and reducing the size of programs that we're seeing in that sector as well as our new program counts being lower than hoped for in Q3, which impacts Q4 revenue. Now I do want to spend some time on the program counts being lower because this is a critical metric for us that demonstrates our flywheel spinning up at Ginkgo, we get better with scale. And it's one that I pay a lot of attention to internally here.

一般來說，這是因為我在上次電話會議上提供的有關工業生物技術風險資本枯竭的原因，以及減少我們在該領域看到的項目規模以及我們的新項目數量低於預期的原因第三季度的收入，這會影響第四季的收入。現在我確實想花一些時間來降低專案數量，因為這對我們來說是一個關鍵指標，它表明我們的飛輪在 Ginkgo 上旋轉起來，我們隨著規模的擴大而變得更好。這是我在內部非常關注的問題。

So we had 21 new programs this quarter, which was less than I hoped to get. But at the same time, our enterprise sales infrastructure is stronger than it's ever been at Ginkgo. And in particular, I want to call out our new program with Pfizer and explain why it's an important demonstration of our commercial capabilities here.

所以本季我們有 21 個新項目，這比我希望的要少。但同時，我們的企業銷售基礎設施比 Ginkgo 以往任何時候都更強大。我特別想介紹我們與輝瑞合作的新項目，並解釋為什麼它是我們商業能力的重要展現。

So this is a drug discovery deal in mRNA therapeutics. And that's important, first, because drug discovery is a harder sell than manufacturing R&D deals, which is a number of the previous deals we've done in biopharma. And the reason for that is discovery work is more closely held by our customers. Remember, we have to convince customers to outsource work to Ginkgo's platform that they would otherwise do themselves. This is the kind of work that they tend to think they should do themselves, all right?

這是 mRNA 療法的藥物發現交易。首先，這一點很重要，因為藥物發現比製造研發交易更難推銷，這是我們之前在生物製藥領域完成的許多交易。原因是發現工作更多由我們的客戶掌控。請記住，我們必須說服客戶將原本需要自己做的工作外包給 Ginkgo 平台。他們往往認為這種工作應該由他們自己來做，好嗎？

And then secondly, mRNA is a new modality. It's a new type of drug, right? And so it's emerging, it's high tech. And Ginkgo is proving that we can lead, right, because customers have to choose to work with us in an area like mRNA as a general platform. In other words, the same platform that's doing mRNA biotech is doing agricultural biotech.

其次，mRNA 是一種新的模式。這是一種新型藥物，對嗎？所以它正在興起，它是高科技的。 Ginkgo 正在證明我們可以領先，對吧，因為客戶必須選擇在像 mRNA 這樣的通用平台領域與我們合作。換句話說，從事 mRNA 生物技術的同一個平台正在從事農業生物技術。

And all this is to say that this is not an easy deal to close, especially with several hundred millions of dollars of potential downstream value attached to it, which is why it's worth pointing out that I wasn't involved heavily in closing this deal nor was Jen Wipf who heads up our commercial team. This really came out of a normal sales process from our commercial and deal teams here at Ginkgo.

所有這一切都表明，這不是一筆容易完成的交易，特別是它附帶了數億美元的潛在下游價值，這就是為什麼值得指出的是，我沒有大量參與完成這筆交易，也沒有參與其中。 Jen Wipf 是我們商業團隊的負責人。這實際上是來自 Ginkgo 商業和交易團隊的正常銷售流程。

And this is a big deal because as much as I like to think myself as good at sales, I'm not scalable, okay? Jen is not scalable. Our enterprise sales team is scalable, and the types of deals Ginkgo is doing, involving fees during technical work, plus hundreds of millions of dollars downstream milestones or royalties, are typically negotiated by the CEO and leadership team of a small biotech company if they were partnering with a large biopharma like Pfizer, like that type of deal you see popping up all the time in industry press and so on in the pharma industry.

這是一件大事，因為儘管我喜歡認為自己擅長銷售，但我沒有可擴展性，好嗎？ Jen 不可擴充。我們的企業銷售團隊是可擴展的，Ginkgo 正在進行的交易類型，包括技術工作期間的費用，加上數億美元的下游里程碑或特許權使用費，通常是由小型生物技術公司的首席執行官和領導團隊協商的，如果他們是與輝瑞這樣的大型生物製藥公司合作，就像您在製藥行業的行業媒體等領域經常看到的那種類型的交易。

Ginkgo being able to do a deal like that in a routine manner is a huge strategic advantage for the company and the result of great work and team building, led by Jen, who heads our commercial team over the last 2 years to really build an enterprise sales engine here at Ginkgo. So I'm thrilled to see that. And if we hit the high end of our updated guidance of 85 programs, that would work out to 30 new program starts in Q4, which would be a great further signal of how we're scaling this enterprise sales infrastructure, and that's something I'll be watching with the commercial team coming up.

Ginkgo 能夠以常規方式完成這樣的交易對公司來說是一個巨大的戰略優勢，也是Jen 領導下的出色工作和團隊建設的結果，Jen 在過去的兩年裡領導了我們的商業團隊，真正建立了一個企業Ginkgo 的銷售引擎。所以我很高興看到這一點。如果我們達到 85 個計劃更新指導的上限，那麼第四季度將啟動 30 個新計劃，這將進一步表明我們如何擴展這個企業銷售基礎設施，這就是我的想法。將與即將到來的商業團隊一起觀看。

Finally, with the updated guidance, we're still looking at 36% to 44% growth in new programs and 32% to 37% growth in cell engineering services revenue over the last year. Scale helps Ginkgo, and so I'm happy to see that rate of growth.

最後，根據更新後的指引，我們仍預期新項目將比去年成長 36% 至 44%，細胞工程服務收入將成長 32% 至 37%。規模化對銀杏有幫助，所以我很高興看到這樣的成長率。

Okay. So let's dive in on our 3 strategic topics. So first, I want to share some recent customer case studies, where we apply our AI technology, so you get a little more sense of what we're doing there. Second, we often get asked, actually, get asked a lot about what programs we're most excited about and what programs are most advanced, sort of our program pipeline. I'm not going to pick favorites. But I'm going to share a lot more data around that pipeline, so you get a better understanding of where all those active programs are and just how much diversity there is in those programs.

好的。那麼讓我們深入探討 3 個戰略主題。首先，我想分享一些最近的客戶案例研究，其中我們應用了人工智慧技術，以便您對我們正在做的事情有更多的了解。其次，我們經常被問到，實際上，我們經常被問到哪些程式是我們最興奮的，哪些程式是最先進的，例如我們的程式管道。我不會挑選最喜歡的。但我將圍繞該管道分享更多數據，以便您更好地了解所有這些活動程序的位置以及這些程序的多樣性。

And then finally, I want to share a little more about how we're thinking about the future of our biosecurity business as a defense technology business, as part of national security infrastructure, and how importantly it relates back to cell engineering.

最後，我想更多地分享我們如何思考生物安全業務作為國防技術業務、國家安全基礎設施的一部分的未來，以及它與細胞工程的關係有多重要。

Okay. Let's jump in. Okay. So first, I want to talk about how AI fits into the other assets of Ginkgo and show some case studies of its application. So we talked a lot previously about our foundry and code base at Ginkgo. A reminder, our foundry is our automated laboratories here in Boston that generate data at lower costs as they grow in scale, okay? Think like a factory for testing genetic designs.

好的。讓我們開始吧。好吧。首先，我想談談人工智慧如何融入Ginkgo的其他資產，並展示一些其應用的案例研究。因此，我們之前討論了很多關於 Ginkgo 的鑄造廠和程式碼庫的內容。提醒一下，我們的鑄造廠是波士頓的自動化實驗室，隨著規模的擴大，它們會以更低的成本產生數據，好嗎？像測試基因設計的工廠一樣思考。

This data is organized into what we call our code base, which is reused across many different customer programs. In other words, we can use data from one project to help speed the development of a second project from a different customer. And this is, again, another important asset that gets better at scale. So what's exciting is that these data assets can also be used to train large AI models that then inform the sort of experiments we should do to better train those very models, okay? That's a very exciting feedback loop, and it's making our models better every day. It's something we've been making good use of at Ginkgo.

這些資料被組織成我們所謂的程式碼庫，可以在許多不同的客戶程式中重複使用。換句話說，我們可以使用一個專案的數據來幫助加快另一客戶的第二個專案的開發速度。這又是另一個隨著規模的擴大而變得更好的重要資產。令人興奮的是，這些數據資產還可以用於訓練大型人工智慧模型，然後為我們應該做的實驗提供信息，以更好地訓練這些模型，好嗎？這是一個非常令人興奮的回饋循環，它使我們的模型每天都變得更好。這是我們 Ginkgo 一直在充分利用的東西。

We did just announce this quarter, our partnership with Google Cloud. That is going to enhance our development efforts here at Ginkgo. And as a reminder, this partnership with Google gives Ginkgo scalable compute capacity and attractive prices to train large foundation models, but it also represents a commitment by Google to fund our model development efforts upon completion of certain milestones. We're already well on our way to building out those models as we have already achieved our first cash milestone in this deal and expected to earn the second in relatively short order.

我們剛剛在本季宣布了與 Google Cloud 的合作關係。這將加強我們 Ginkgo 的開發工作。提醒一下，與Google 的合作為Ginkgo 提供了可擴展的運算能力和有吸引力的價格來訓練大型基礎模型，但這也代表了Google 在完成某些里程碑後為我們的模型開發工作提供資金的承諾。我們已經在建立這些模型方面取得了進展，因為我們已經在這筆交易中實現了第一個現金里程碑，並預計在相對較短的時間內獲得第二個現金里程碑。

One way to measure making biology easier to engineer at Ginkgo is by reducing the cost to get to a successful result for our customers. And that cost is a function of 3 things. First, the cost per unit operation, right? So this is like the various operations happening in our foundry, and we drive that down through investments in increased scale automation, miniaturization of liquid handling, so we can use less reagents and so on.

Ginkgo 衡量如何更輕鬆地進行生物學設計的一種方法是降低成本，為我們的客戶獲得成功的結果。該成本是三件事的函數。首先，每單位操作的成本，對吧？這就像我們鑄造廠中發​​生的各種操作一樣，我們透過投資提高規模自動化、液體處理小型化來降低成本，這樣我們就可以使用更少的試劑等等。

Second, the number of unit operations that we need per design cycle. In other words, each round of engineering we do, how many -- how much work do we need to do in the factory. And this one is tricky because it requires judgment. Sometimes you want to run a giant campaign or we try tens of thousand designs. And that's the right thing to do, and it's something that Ginkgo can do uniquely because of our scale. And those early large campaigns can really increase how fast you learn. But to the extent that AI models increase the quality of those designs, we could reduce the size of those libraries, which would save a lot of money, and also mean we get more scale out of that automation, right? If you can use less per program, you can do more programs on the same infrastructure. So it's very exciting.

其次，每個設計週期所需的單元操作數量。換句話說，我們做的每一輪工程，我們需要在工廠裡做多少事——多少工作。而這個問題很棘手，因為它需要判斷力。有時您想要進行大型活動，或者我們嘗試數萬種設計。這是正確的做法，而且由於我們的規模，Ginkgo 可以做到這一點。那些早期的大型活動確實可以提高你的學習速度。但就人工智慧模型提高這些設計的品質而言，我們可以減少這些庫的大小，這將節省大量資金，也意味著我們可以從自動化中獲得更大的規模，對吧？如果每個程式可以使用更少的資源，那麼您就可以在相同的基礎架構上執行更多的程序。所以這非常令人興奮。

Finally, and I think this may be the most important, is the number of cycles that we need to do for a project. Again, the ability to do reinforcement learning from prior results, in other words, take what we learned from something and feed it back into the model is a key part of why customers are working with us. But in certain areas, we've developed so much depth. In other words, we've done enough projects like that, that we can exceed a customer spec in just the first design cycle. And this is really critical to the customer because the number of cycles, reducing that significantly speeds up programs and often customers, especially in biopharma, care much more about speed than they do about budget.

最後，我認為這可能是最重要的，是我們需要為專案執行的周期數。同樣，能夠根據先前的結果進行強化學習，換句話說，將我們從某件事中學到的東西反饋到模型中，這是客戶與我們合作的關鍵部分。但在某些領域，我們已經發展得很深入。換句話說，我們已經完成了足夠的此類項目，我們可以在第一個設計週期內超越客戶規格。這對客戶來說確實至關重要，因為週期數的減少可以顯著加快專案速度，而且客戶，尤其是生物製藥行業的客戶，通常更關心速度而不是預算。

All right. So I want to share a couple of case studies that highlight how we're seeing those variables move, right? So the first case study, that's really cool. This is an enzyme engineering program that we started earlier this year. A customer came to us with an enzyme that had been produced for them by another service provider and wasn't sufficient to meet their need in the market. On the left, you can see the various enzyme designs we tested. So that black dot in the middle is the starting sequence. It represents a starting sequence our customer gave us. Dots closer to that are protein sequences that are closer, that are more similar. And the further way you get, the less similar the sequences to the original.

好的。所以我想分享幾個案例研究來強調我們如何看待這些變數的變化，對吧？所以第一個案例研究，真的很酷。這是我們今年早些時候啟動的一個酶工程項目。一位客戶帶著另一家服務提供者為他們生產的酵素來找我們，但不足以滿足他們的市場需求。在左側，您可以看到我們測試的各種酵素設計。所以中間的黑點就是起始序列。它代表了客戶給我們的啟動順序。距離較近的點是更接近、更相似的蛋白質序列。而且你走得越遠，序列與原始序列的相似度就越低。

And so this is where the combination of AI and our foundry become really powerful. First, we can afford because of the foundry to test much more broadly than is typical. We see over and over again that minor tweaks to an enzyme is not sufficient to get the kind of big step change improvements customers want. So adding -- but adding all that diversity, all that change in the protein is risky, right? Many of -- if you change sequences a lot, they tend to have less success. And so because we can screen enzymes so much more efficiently, we can search that much wider space and find that kind of needle in a hay stack.

因此，這就是人工智慧和我們的鑄造廠結合變得真正強大的地方。首先，我們有能力進行比通常更廣泛的測試，因為代工廠。我們一次又一次地看到，對酵素進行微小的調整並不足以獲得客戶想要的重大改進。所以添加——但是添加所有的多樣性，蛋白質的所有變化都是有風險的，對吧？許多——如果你經常改變序列，它們往往會取得較小的成功。因為我們可以更有效地篩選酶，所以我們可以搜尋更廣闊的空間並大海撈針。

Second, our AI/ML models are getting extremely predictive. So ultimately, here, we tested a 500-member library comprising both known enzymes in our code base as well as custom-engineered novel enzymes. Each member is represented by a dot on the left. And in the first cycle, we discovered an enzyme that was 21x better than the original from the customer.

其次，我們的人工智慧/機器學習模型的預測能力越來越強。因此，最終，我們在這裡測試了一個包含 500 名成員的庫，其中包括我們代碼庫中的已知酶以及定制設計的新型酶。每個成員都由左側的一個點表示。在第一個週期中，我們發現一種酵素比客戶提供的原始酵素好 21 倍。

And the big win here is speed. Yes, we were also able to use a highly efficient workflow with a relatively small library, those 500 members versus, again, sometimes we do tens of thousands in a cycle. But what really unlocked it was improved accuracy of our AI/ML models predicting sequences that would work, far exceeding our customers' expectations in just the first cycle of design. So that's really exciting.

這裡最大的勝利是速度。是的，我們也能夠在相對較小的圖書館（即 500 名成員）中使用高效的工作流程，而有時我們在一個週期內會處理數萬名成員。但真正解鎖它的是我們的 AI/ML 模型預測有效序列的準確性得到了提高，在第一個設計週期中就遠遠超出了客戶的預期。所以這真的很令人興奮。

The second customer case study is around production rather than optimizing that enzyme. These are a customer that wanted to figure out how to produce a small molecule compound at higher titers, basically, like how much of it you get out of the fermentation putting in this big tank. And they had a goal here to do this over the next 3 to 5 years, which will be important in a second.

第二個客戶案例研究是圍繞生產而不是優化酶。這些客戶想要弄清楚如何以更高的滴度生產小分子化合物，基本上，就像你從放入這個大罐的發酵中得到多少。他們的目標是在未來 3 到 5 年內實現這一目標，這一目標很快就會變得非常重要。

And so here, we were able to deliver a better outcome than what the customer asked for. Originally, they just wanted us to try a couple of different host strains, and we did it faster and cheaper than they wanted. So on our first experiment, we were able to improve the titer by 12.5-fold. This is what the customer wanted us to get done by the end of the first year, and we did that in the first experiment, and it was building on knowledge that we already had in our code base. So this is less about the AI and more of that we had genetic elements and we knew which ones worked well in this organism, and we could just take them off the shelf.

因此，我們能夠提供比客戶要求的更好的結果。最初，他們只是想讓我們嘗試幾種不同的宿主菌株，而我們做得比他們想要的更快、更便宜。因此，在我們的第一個實驗中，我們能夠將滴度提高 12.5 倍。這就是客戶希望我們在第一年年底之前完成的工作，我們在第一個實驗中做到了這一點，並且它是建立在我們程式碼庫中已有的知識的基礎上的。因此，這與人工智慧無關，更多的是我們擁有遺傳元素，我們知道哪些元素在這個有機體中發揮作用，我們可以將它們從貨架上拿下來。

Okay. That's very powerful, again, strength of scale. Because we have that big code base, we could take something off the shelf that another company that didn't have that wouldn't have on the shelf. And then by the end of the program, which only took us 10 months instead of 3 to 5 years, we were able to deliver 50-fold titer improvements, which is almost double what the customer was originally working towards.

好的。這又是非常強大的規模力量。因為我們擁有龐大的程式碼庫，所以我們可以從貨架上拿走一些其他公司沒有的東西。然後，到專案結束時，我們只花了 10 個月而不是 3 到 5 年的時間，就實現了 50 倍的效價改進，這幾乎是客戶最初目標的兩倍。

The second round of improvement was driven by machine learning and driven enzyme improvement similar to the last case study. And again, this is something that makes Ginkgo unique. We draw on a wide range of tools. So in this case, genetic elements off the shelf, as well as protein design enabled by AI, putting those together, gave that outsized outcome for the customer.

第二輪改進是由機器學習驅動的，並驅動酶改進，類似於上一個案例研究。這也是 Ginkgo 的獨特之處。我們利用各種各樣的工具。因此，在這種情況下，現成的遺傳元素，以及人工智慧支援的蛋白質設計，將它們組合在一起，為客戶提供了巨大的結果。

So these are a couple of examples of how we're integrating our AI tools into customer programs. I cannot emphasize we're just getting started with this. I'm super excited about AI's ability, like I said, in that equation, to improve efficiency of all those different steps, hopefully reducing cost and speeding time lines for customers.

這些是我們如何將人工智慧工具整合到客戶程式中的幾個範例。我不能強調我們才剛開始。我對人工智慧的能力感到非常興奮，就像我在這個等式中所說的那樣，提高所有這些不同步驟的效率，希望為客戶降低成本並加快時間。

Okay. Second topic. So let's take a look at the rest of the pipeline of customer programs. So again, as a reminder, I want to be very clear about this. Ginkgo does not have its own product pipeline. Like I do not have my own drug development pipeline here at Ginkgo. So when I'm saying pipeline, this is a pipeline of customer programs. In other words, we had to negotiate and sign up a customer and get them to outsource this work for us -- to us to get on this program list.

好的。第二個話題。那麼讓我們來看看客戶計劃的其餘部分。再次提醒一下，我想非常清楚地說明這一點。 Ginkgo沒有自己的產品線。就像我在 Ginkgo 沒有自己的藥物開發管道一樣。所以當我說管道時，這是客戶程式的管道。換句話說，我們必須與客戶談判並簽約，讓他們為我們外包這項工作——讓我們進入這個計畫清單。

In Q3, we had our highest number of active programs on our platform of all time, with pharma making up the largest percentage of those programs. But an additional piece of color I want to give you today is where those programs stand in terms of their maturity. In other words, how are they progressing through the technical work?

第三季度，我們平台上的活躍項目數量創歷史新高，其中製藥項目佔比最大。但今天我想給大家的另一點是這些項目的成熟度。換句話說，他們的技術工作進展如何？

All right. And again, I'm happy about that pharmaship. I don't want to undersell it. I do think that's really important, especially as industrial biotech has gotten tighter. It's really great to see that. That is, again, a real strength of being a platform, right? If a certain area gets thinner, we can move to areas that have more demand. As long as biotech in general is moving, we've got something to do.

好的。再說一次，我對那家藥局感到高興。我不想低價出售它。我確實認為這非常重要，尤其是在工業生物技術變得更加嚴格的情況下。很高興看到這一點。這又是平台的真正優勢，對吧？如果某個區域變薄，我們就可以轉移到需求更多的區域。只要生物技術大體上在發展，我們就有事情要做。

Okay. So this is a fun chart to me. As a traditional product-based biotech company would often show a pipeline like this for maybe 5 or 10 drug assets that are sort of moving through preclinical and clinical trials. Here, we have so many of these programs that we can't fit them on 1 slide. This page is just a programs that are over 50% complete. And we'll show the rest on the next slide.

好的。所以這對我來說是一個有趣的圖表。作為一家傳統的基於產品的生物技術公司，通常會展示這樣的管道，大約有 5 或 10 種藥物資產正在進行臨床前和臨床試驗。在這裡，我們有太多這樣的程序，以至於我們無法將它們放在一張投影片上。此頁面只是一個已完成 50% 以上的程序。我們將在下一張投影片上展示其餘部分。

This is the point I was making earlier of why I'm still excited to see 21 programs being added in the quarter, even if it was less than we were hoping. It's just a really great amount of scale on a relative basis in the biotech industry. And to give you an overview of the chart, each horizontal bar here represents a program, and the dark portion of the bar, like on the right-hand side, represents the progress made on that program year-to-date as a portion of the total program. And I cannot tell you the number of times we get asked for this. So I'm very happy to be sharing it with all of you. We will try to do this again, if people ask for things, we try to clean it up and get it out there is a good example.

這就是我之前所說的，為什麼我仍然很高興看到本季增加 21 個項目，即使數量比我們希望的要少。相對於生技產業而言，這確實是一個非常大的規模。為了讓您對圖表有一個概覽，這裡的每個水平條代表一個計劃，條形的黑色部分（如右側）代表該計劃今年迄今取得的進展，作為總計劃。我無法告訴你有多少次我們被要求這樣做。所以我很高興與大家分享。我們會再次嘗試這樣做，如果人們需要東西，我們會嘗試清理它並把它拿出來，這就是一個很好的例子。

So as you can see at the top, there are a number of programs that are at 100%, okay? So that means that Ginkgo's program were concluded on that program in Q3. So we do this again for Q4, it would be gone, right? And on the next slide, you can start to see some of the shift in program mix. So if you -- again, the colors are tricky. But if you look at the colors here, given more of our recent efforts into biopharma, you'll see that a lot, just under half of our newer programs that are early in development are in biopharma. So again, I'm happy to see that.

正如您在頂部看到的，有很多程式都處於 100%，好嗎？這意味著 Ginkgo 的計劃已在第三季結束。所以我們在第四季再次這樣做，它就會消失，對嗎？在下一張投影片上，您可以開始看到計劃組合中的一些轉變。所以，如果你——再說一次，顏色是很棘手的。但如果你看這裡的顏色，考慮到我們最近在生物製藥領域所做的更多努力，你會發現很多，我們早期開發的新項目中有不到一半是在生物製藥領域。再說一遍，我很高興看到這一點。

All right. After those programs hit 100%, if they do, and some fail before they do, but if they hit 100%, then the customer -- and the customer chooses to move forward with them, they enter commercialization. And so you can see we have on the bottom 15 programs that are being actively commercialized now, meaning the customer is moving forward with taking them through regulatory like Synlogic in Phase II trials or they're going into scale up, like Centrient.

好的。在這些專案達到 100% 後，如果它們確實實現了，有些專案在實現之前就失敗了，但如果它們達到 100%，那麼客戶——並且客戶選擇與它們一起前進，它們就會進入商業化。因此，您可以看到我們目前正在積極商業化的最後 15 個項目，這意味著客戶正在推動它們通過監管，例如 Synlogic 的 II 期試驗，或者它們正在擴大規模，例如 Centrient。

Many customers don't announce this. Again, this is like product development. So it can be held close to the vest, but we've shared a couple where they have. And eventually, that commercialization process finishes. And we have 6 programs that are kind of fully commercial. In other words, they're giving us royalties, or it's equity on a program that the customer has put into the market.

許多客戶不會宣布這一點。同樣，這就像產品開發。所以它可以靠近背心，但我們分享了一些他們擁有的地方。最終，商業化過程完成。我們有 6 個完全商業化的專案。換句話說，他們向我們提供特許權使用費，或是客戶投入市場的程序的權益。

So we're very excited to see the pipeline you saw on the last couple of slides, hopefully move into these buckets as the programs get to 100% complete, and we're extra excited to add many more programs to the pipeline in the coming quarters. So we need many more slides. And the scale of all this is what makes Ginkgo special as a platform rather than a product company in biotech. I'm really, really proud of this scale. It's pretty awesome to see it all in one place.

因此，我們非常高興看到您在最後幾張幻燈片中看到的管道，希望隨著程序 100% 完成而進入這些存儲桶，並且我們非常高興能夠在未來向管道中添加更多程序宿舍。所以我們需要更多的幻燈片。所有這一切的規模使得 Ginkgo 作為一個平台而不是生物技術產品公司顯得特別。我對這個規模感到非常非常自豪。在一個地方看到這一切真是太棒了。

Okay. I'd like to cover our last strategic topic for the day, which is about the national security priority that's emerging around biosecurity and Ginkgo's position in this emerging space. So just the past few weeks, have seen a ton of discussion around the convergence of AI and biology. I've linked a bunch here, articles here, which are good reading for those interested in the space.

好的。我想談談今天的最後一個戰略主題，即圍繞生物安全而出現的國家安全優先事項以及 Ginkgo 在這一新興領域的地位。就在過去的幾周里，圍繞著人工智慧和生物學的融合進行了大量的討論。我在這裡連​​結了很多文章，對於對該領域感興趣的人來說，這些文章是很好的閱讀材料。

Last week, Anna Marie, our new Head of AI, which is why you got to see Megan at the start of this presentation instead of Anna Marie, and Matt McKnight, the General Manager of our biosecurity business, were in London during the AI Safety Summit to discuss this. And we've been spending quite a bit of time down in Capitol Hill discussing both how to accelerate U.S. leadership in AI in biotech, but also how to advance these technologies responsibly.

上週，我們新任人工智慧主管安娜瑪麗（這就是為什麼您在本次演示開始時看到梅根而不是安娜瑪麗）和我們生物安全業務總經理馬特麥克奈特在人工智慧安全會議期間在倫敦峰會對此進行討論。我們在國會山莊花了相當多的時間討論如何加速美國在生物技術人工智慧領域的領導地位，以及如何負責任地推進這些技術。

So while biosecurity needs to exist, irrespective of its potential for misuse by humans. And the reason for this is, whether we do it or not, Mother Nature is throwing off epidemics and pandemics on our own. And so we do need biosecurity regardless for public health. We're seeing that biology is becoming a more clear national security priority with the advancement of AI tools, which is driving more global government focus on what needs to be done to ensure the technology is deployed responsibly.

因此，儘管生物安全需要存在，但無論其被人類濫用的可能性如何。原因是，無論我們是否這樣做，大自然正在自行消除流行病和流行病。因此，無論公共衛生如何，我們確實需要生物安全。我們看到，隨著人工智慧工具的進步，生物學正在成為更明確的國家安全優先事項，這促使全球政府更加關注需要採取哪些措施來確保負責任地部署該技術。

We've seen real momentum in defense technologies recently, I'd say, as a category. And with particular leadership from our Board Chair, Shyam Sankar at Palantir, you can read a really nice blog post of Shyam's link there. There is not yet a defense tech business for biology, but it is increasingly clear that the defense community believes we have a critical gap when it comes to biology. Ginkgo has been building biodefense tools for years now to protect our platform, to respond to COVID in a big way and, more recently, mapping out what a more scalable biodefense ecosystem might look like, which I'll talk about here.

我想說，最近我們看到了國防技術作為一個類別的真正發展勢頭。在 Palantir 董事會主席 Shyam Sankar 的特別領導下，您可以在那裡閱讀 Shyam 連結的一篇非常好的部落格文章。目前還沒有針對生物學的國防技術業務，但越來越明顯的是，國防界認為我們在生物學方面有關鍵差距。 Ginkgo 多年來一直在建立生物防禦工具，以保護我們的平台，大規模應對新冠肺炎疫情，最近，還規劃了一個更具可擴展性的生物防禦生態系統，我將在這裡討論這一點。

Okay. So Ginkgo plays across the tech stack for biodefense, but we see a significant investment and product gap in the area of monitoring and analytics as most of the investment to date has been on this third box at the bottom, response, so things like vaccines and therapeutics. And that's in part because kind of our approach to infectious disease has been, "Wait until it gets out of control and then do something about it."

好的。因此，Ginkgo 在生物防禦的技術堆疊中發揮著重要作用，但我們在監測和分析領域看到了巨大的投資和產品差距，因為迄今為止大部分投資都集中在底部的第三個方框上，即響應，因此疫苗和疫苗等領域療法。這在一定程度上是因為我們對待傳染病的方法是「等到它失控，然後採取措施」。

And with -- work hard if we can to put a damper on it, but hey, things are going to happen, and we got to be able to respond after the fact. That's been the overwhelming investment as opposed to prevention and early detection. I think the impact of COVID has changed that calculus. You have countries looking and saying, hey, the national security effects of this mean we can't just let it happen and clean it up afterwards. We need to be able to detect and respond.

如果我們可以的話，請努力工作來抑制它，但是嘿，事情總是會發生，我們必須能夠在事後做出反應。與預防和早期發現相比，這是一項巨大的投資。我認為新冠疫情的影響改變了這種情況。有些國家會說，嘿，這對國家安全造成的影響意味著我們不能讓它發生然後再清理。我們需要能夠檢測並做出回應。

And you can think about this a bit like cybersecurity, right? Your computer is constantly monitoring for something dangerous, characterizing it, addressing the threat right as it comes about. In biosecurity, we want to do the exact same thing. We want to build that infrastructure to be constantly monitoring leverage AI to reduce the time to threat detection and then mitigation. And it could be even a different kind of mitigation than vaccines. If you detect it early enough, you just snuff it out, okay?

您可以將其視為網路安全，對嗎？您的電腦會不斷監控危險事物，描述其特徵，並在威脅出現時立即解決。在生物安全方面，我們想做同樣的事情。我們希望建立能夠持續監控的基礎設施，利用人工智慧來減少威脅偵測和緩解的時間。它甚至可能是一種與疫苗不同的緩解措施。如果你及早發現它，你就會把它消滅掉，好嗎？

So our bioradar product, where we collect samples from wastewater on planes and anonymously from voluntary swabs from passengers on airlines, is exactly the type of infrastructure we're building to do this type of monitoring. This bioradar product enables continuous data collection. So not just on COVID, but we just announced we're expanding to over 30 pathogen targets. We announced an expansion of our partnership with the CDC just this week.

因此，我們的生物雷達產品，我們從飛機上的廢水中收集樣本，並從航空公司乘客的自願拭子中匿名收集樣本，這正是我們正在建造的用於進行此類監控的基礎設施類型。此生物雷達產品可實現連續資料收集。因此，不僅僅是針對新冠病毒，我們剛剛宣布我們將擴展到 30 多個病原體目標。就在本週，我們宣布擴大與疾病預防控制中心的合作關係。

Some of these pathogens have actually little to no genetic data publicly available in recent years. So we're really tackling some big blind spots with this expansion into more disease. We're up and running in 9 international airports so far, and that means we're already getting visibility into flights originating from over 100 countries.

近年來，其中一些病原體實際上幾乎沒有公開的遺傳數據。因此，我們確實正在透過擴展到更多疾病來解決一些大盲點。到目前為止，我們已在 9 個國際機場投入運行，這意味著我們已經可以了解來自 100 多個國家的航班。

In addition to airports, we're working in complex zones. And this quarter, we've made a lot of progress with new efforts to monitor agricultural and animal samples from zoonotic spillover, including partnering on 2 new USDA-funded projects. And we're now progressing to deepen our analytical insights by integrating AI-based tools with our bioradar data. And we're examining historical epidemic data and routinely use common AI methods for bioinformatics, genetic engineering detection, I've talked about before, our work with IARPA there, and modeling. And these will continue to get better as our AI platform gets better.

除了機場之外，我們還在複雜區域開展工作。本季度，我們在監測人畜共患病溢出的農業和動物樣本方面取得了很大進展，其中包括與美國農業部資助的 2 個新項目進行合作。我們現在正在透過將基於人工智慧的工具與我們的生物雷達數據整合來加深我們的分析見解。我們正在檢查歷史流行病數據，並定期使用常見的人工智慧方法進行生物資訊學、基因工程檢測，我之前談到過，我們與 IARPA 的合作以及建模。隨著我們的人工智慧平台變得更好，這些將繼續變得更好。

But right now, we're really excited to build new prediction capabilities, and we're working with a consortium of partners funded by the CDC Center for Forecasting and Analytics to find new ways to tell when is the disease about to spike? And what measures should you be take -- should be taken against it.

但現在，我們真的很高興能夠建立新的預測能力，我們正在與疾病預防控制中心預測和分析中心資助的合作夥伴聯盟合作，尋找新的方法來判斷疾病何時會激增？你應該採取什麼措施——應該採取什麼措施來應對它。

And again, I would highlight we already do this sort of thing for weather, right? Like when is that hurricane looking like it's going to come in, right? Like where is it going to land and all that sort of stuff? This is exactly the kind of infrastructure we should have for infectious disease.

再次強調，我們已經針對天氣做了這類事情，對嗎？就像颶風什麼時候會來一樣，對嗎？例如它會在哪裡著陸之類的？這正是我們應對傳染病所應擁有的基礎建設。

So all of these data and analytic capabilities are at the foundation of our novel BIOINT so things like biointelligence product for national security as biological risk accelerates and intersects with global conflict and geopolitics, BIOINT will represent a critical component of intelligence capabilities. So this is now things like satellites, okay, yes, they're looking for hurricanes, but they're also looking for missile launches.

因此，所有這些數據和分析能力都是我們新穎的BIOINT 的基礎，因此隨著生物風險加速並與全球衝突和地緣政治交叉，用於國家安全的生物情報產品之類的東西，BIOINT 將代表情報能力的關鍵組成部分。現在是衛星之類的東西，好吧，是的，他們正在尋找颶風，但他們也在尋找導彈發射。

All right. So we also want to see if someone doing something, some type of misuse, we want to be monitoring to detect that. We're working to build out a BIOINT platform that can support attribution, scenario-based response planning and medical countermeasures. And through this work, BIOINT will be able to address critical questions for security decision makers such as what threats and outbreaks are on the horizon? How dangerous is a new threat? Where does it emerge and how? What can I do about it?

好的。因此，我們也想看看是否有人做了某事，某種類型的濫用行為，我們希望進行監控以檢測到這種情況。我們正在努力建立一個 BIOINT 平台，該平台可以支援歸因、基於場景的回應計劃和醫療對策。透過這項工作，BIOINT 將能夠為安全決策者解決關鍵問題，例如即將出現哪些威脅和爆發？新威脅有多危險？它在哪裡出現以及如何出現？我能做什麼呢？

And the key here is that last part of what can you do about it, we'll need BIOINT if we want to effectively neutralize biothreats before they cause a lot of damage. It's a lot easier to put out that fire when it's small than when it's too late.

這裡的關鍵是你能做些什麼的最後一部分，如果我們想在生物威脅造成大量損害之前有效地消除它們，我們就需要 BIOINT。當火勢較小時，撲滅火勢比為時已晚時要容易得多。

All right. Finally, I want to touch on why I think it's so valuable to have Ginkgo's Biosecurity business alongside our Cell Engineering business. These things make sense together. With our bioradar product and BIOINT, we can provide metagenomic data to feed our cell engineering platform. This is more data for training. And the tools we build for understanding biology in our cell engineering platform can be reused to make analytics better on the biosecurity side. Hey, I want to understand what this protein does is a useful thing for cell engineering. It's also useful for an emerging pathogen.

好的。最後，我想談談為什麼我認為 Ginkgo 的生物安全業務與我們的細胞工程業務如此有價值。這些事情放在一起就有意義了。借助我們的生物雷達產品和 BIOINT，我們可以提供宏基因組數據來支援我們的細胞工程平台。這是用於訓練的更多數據。我們在細胞工程平台中為理解生物學而建構的工具可以重複使用，以便在生物安全方面更好地進行分析。嘿，我想了解這種蛋白質的作用對於細胞工程是有用的。它對於新出現的病原體也很有用。

Finally, our biosecurity platform could also provide early warning information to help develop new countermeasures, vaccines and therapeutics that our cell engineering platform could help build, right? Our customers develop vaccines and therapeutics, right? So both our biosecurity and cell engineering offerings enable one another, and we believe they'll continue to grow, especially through the use of AI.

最後，我們的生物安全平台還可以提供早期預警訊息，以幫助開發我們的細胞工程平台可以幫助建構的新對策、疫苗和療法，對吧？我們的客戶開發疫苗和療法，對吧？因此，我們的生物安全和細胞工程產品相互支持，我們相信它們將繼續成長，特別是透過人工智慧的使用。

Okay. In summary, I'm really excited about the great work we've done this quarter, especially the demonstration of our commercial sales engine with the Pfizer program I mentioned and our strategic relationship with Google and AI. And I'm looking forward to continuing our growth in this space.

好的。總而言之，我對我們本季所做的出色工作感到非常興奮，特別是透過我提到的輝瑞計畫展示了我們的商業銷售引擎，以及我們與Google和人工智慧的策略關係。我期待著我們在這個領域的繼續發展。

All right. Now I'll hand it back to Megan for Q&A.

好的。現在我將把它交還給梅根進行問答。

Great. Thanks, Jason. As usual, I'll with a question from the public. (Operator Instructions) Thanks all.

偉大的。謝謝，傑森。像往常一樣，我將回答公眾的問題。 （操作員說明）謝謝大家。

Okay. Welcome back, everyone. Our first question comes from @cliffordmlong on Twitter, formerly known as X. What milestones will be tracked to measure Ginkgo's success in building DNA's AI? What metrics can you share that will track the accuracy improvements when building AI over time?

好的。歡迎回來，大家。我們的第一個問題來自 Twitter 上的 @cliffordmlong（以前稱為 X）。將追蹤哪些里程碑來衡量 Ginkgo 在構建 DNA 人工智慧方面的成功？您可以分享哪些指標來追蹤隨著時間的推移建立人工智慧時的準確性改進？

Sure, I can take that one. Yes. So I think one of the things that's very interesting about Ginkgo is we have a lot of ongoing programs today. And so I think the first place we'll see the application of AI is in driving efficiency of all of that ongoing work. So you saw some examples of that in the slides I showed. But a big part of what we're trying to do next year is add lots of new programs while keeping a lid on our operational expenses. You will see that, in part, driven by the efficiencies we're going to gain in AI.

當然，我可以接受那個。是的。所以我認為 Ginkgo 非常有趣的事情之一是我們今天有很多正在進行的專案。因此，我認為我們將看到人工智慧應用的第一個地方是提高所有正在進行的工作的效率。你在我展示的幻燈片中看到了一些例子。但我們明年要做的一大部分工作是增加大量新項目，同時限制我們的營運支出。你會發現，這在某種程度上是由我們在人工智慧中獲得的效率所驅動的。

And then secondly, I think in the longer term, AI represents an interesting interface to our platform. So I think we'll ultimately be able to open it up more directly to customers through AI tools. And so that's something we're excited about and part of the model building we're doing with Google.

其次，我認為從長遠來看，人工智慧代表了我們平台的一個有趣的介面。所以我認為我們最終將能夠透過人工智慧工具更直接地向客戶開放。因此，這是我們感到興奮的事情，也是我們與 Google 一起進行的模型建立的一部分。

Great. Thanks, Jason. We'll start opening it up to analysts now. Tejas from Morgan Stanley.

偉大的。謝謝，傑森。我們現在將開始向分析師開放。來自摩根士丹利的Tejas。

Good evening. Can you hear me okay? Perfect. So Jason, one quick question for you. Just in terms of the later program adds here and the implied sort of cell engineering guide for the fourth quarter, how should we be thinking about 2024? Consensus has you doing about $300 million in cell engineering revenue, but you guys are sort of in that $40 million to $50 million quarterly run rate at the moment. So are there any sort of like missing pieces there that we should be thinking about as we think about the year-over-year progression?

晚安.你聽得到我說話嗎？完美的。傑森，問你一個簡單的問題。僅就此處添加的後期計劃以及第四季度細胞工程指南的隱含排序而言，我們應該如何思考 2024 年？人們普遍認為，你們的細胞工程收入約為 3 億美元，但目前你們的季度營運收入約為 4,000 萬至 5,000 萬美元。那麼，在考慮逐年進展時，是否存在我們應該考慮的類似缺失部分？

Yes. So we, obviously, are not sharing guidance yet on 2024. I'd say mainly the -- we have an aggressive push around expanding the scale of our enterprise sales efforts and our ability to add new programs to the platform. I'm really happy to see like if you look at the number of active programs going up on the platform, there's our ability to handle more work has gone up a lot. And so I think that's part of what gets us excited for next year. But we will be sharing, obviously, guidance at the next call.

是的。因此，顯然我們還沒有分享 2024 年的指導。我想說的主要是——我們正在積極推動擴大企業銷售工作的規模以及向平台添加新項目的能力。我真的很高興看到，如果你看看平台上活躍程式的數量，我們處理更多工作的能力已經提高了很多。所以我認為這是讓我們對明年感到興奮的部分原因。但顯然，我們將在下次電話會議上分享指導。

Fair enough. And then one on just the tech licensing evaluation deals that you mentioned. Obviously, early days still, and you're not including them in the program count, but can you just give us some context around how meaningful a contribution this could be? And over what time frame do you expect sort of some early wins based upon your conversation so far?

很公平。然後是您提到的技術許可評估交易。顯然，還處於早期階段，您還沒有將它們包括在計劃計數中，但是您能否給我們一些背景信息，說明這可能是多麼有意義的貢獻？根據迄今為止的談話，您預計在什麼時間範圍內取得一些早期勝利？

Yes. Mark, do you want to talk a little bit about how we think about those tech licensing?

是的。馬克，你想談談我們對這些技術許可的看法嗎？

Yes. So I would think sort of single-digit millions in terms of potential licenses or kind of lower double-digit millions and potentially some wins, certainly, within the next 12 months.

是的。因此，我認為在未來 12 個月內，潛在的許可證可能會達到數百萬個位數，也可能達到數百萬個位數，並且可能會取得一些勝利。

Got it. Fair enough. I appreciate it.

知道了。很公平。我很感激。

And maybe the only thing I would add to that, I think it will be an interesting thing for us to think about in the long term. Obviously, we have certain definitions for what makes for a major program at Ginkgo that gets added to our program count. I kind of hope over time, we have more assets in our code base that can more easily be directly licensed into customers. That's obviously great. It's revenue back to us without a bunch of work. So I think those are nice things to see. But as we get more of them, I think we'll want to figure out how to communicate that to you all better.

也許我唯一要補充的是，我認為從長遠來看，這對我們來說將是一件有趣的事情。顯然，我們對 Ginkgo 的主要專案有一定的定義，並將其添加到我們的專案計數中。我希望隨著時間的推移，我們的程式碼庫中有更多的資產，可以更輕鬆地直接授權給客戶。這顯然很棒。無需大量工作即可將收入返還給我們。所以我認為這些都是值得一看的好東西。但隨著我們獲得更多這樣的訊息，我想我們會想辦法更好地向大家傳達這一點。

Next up, we have Steve Mah from Cowen.

接下來是來自 Cowen 的 Steve Mah。

Great. Can you hear me? Great. With regards to the new program adds, can you give us a sense if there's any particular partner class, which is harder to get over the deal signing goal line? And what specifically are you guys going to be doing to improve the deal closing time line? If I heard correctly, it looks like you said your enterprise sales team is rightsized. So if it's rightsized, what exactly are you doing to kind of improve the deal closing timing?

偉大的。你聽得到我嗎？偉大的。關於新計劃的補充，您能否告訴我們是否有任何特定的合作夥伴類別，哪個類別更難超越交易簽署目標線？你們具體將採取哪些措施來縮短交易完成時間？如果我沒聽錯的話，您好像說您的企業銷售團隊規模已調整。那麼，如果調整規模，您究竟會採取哪些措施來改善交易完成時間？

Yes. So I'll speak to it generally. Mark, if you want to add anything, go for it. I know the timing is something you think a lot about. So first thing I would say is I don't know that we're like -- I don't think we're rightsized on the total size of the enterprise sales team. I think what is exciting to me is if you look at the new programs, 10 out of 21, were in biopharma this quarter.

是的。所以我會籠統地講一下。馬克，如果你想加什麼，就加吧。我知道時機是您經常考慮的問題。所以我首先要說的是，我不知道我們的情況——我認為我們沒有根據企業銷售團隊的總規模進行調整。我認為令我興奮的是，如果你看看本季的新項目，21 個項目中有 10 個是在生物製藥領域。

And so -- and Steve, we talked about this previously, but like if you look across different industries for biotechnology, the largest R&D budget spend is in biopharma. So in terms of our ability to expand into a market is the one I'm the most excited about. Now we started in industrial biotech even before we got into ag, and that's in part because that industry had less in-house infrastructure, right?

因此，史蒂夫，我們之前討論過這一點，但就像你看看不同行業的生物技術一樣，最大的研發預算支出是在生物製藥領域。因此，就我們拓展市場的能力而言，我最興奮的是。現在，我們甚至在進入農業之前就開始涉足工業生物技術，部分原因是該行業的內部基礎設施較少，對吧？

At the end of the day, Ginkgo is convincing a customer to outsource to our platform, something they might otherwise do in-house. And that was an easier argument to a start-up industrial biotech company versus Pfizer, okay, say, 5 years ago. Now what's happened in the interim is the venture capital ecosystem around industrial biotech has gotten really tight so that has been headwinds for us in terms of adding new programs there.

最終，Ginkgo 正在說服客戶外包到我們的平台，否則他們可能會在內部做這些事情。對於一家新創工業生技公司來說，與輝瑞公司相比，這是一個更容易的爭論，好吧，比如說，五年前。現在，在此期間發生的情況是，圍繞工業生物技術的風險投資生態系統已經變得非常緊張，因此這對我們在其中添加新項目是不利的。

But we've built out more of our enterprise sales team, like I mentioned on closing that Pfizer deal in biopharma. Expect us to make that team bigger. We see a lot more opportunity there. I think we're fundamentally limited by the number of people we have out talking to customers right now. And so I think that's one of the ways we're going to grow program counts next year is growing that sales team.

但我們已經建立了更多的企業銷售團隊，就像我在完成輝瑞生物製藥交易時提到的那樣。期待我們讓這個團隊變得更大。我們在那裡看到了更多的機會。我認為我們現在從根本上受到與客戶交談的人數的限制。因此，我認為明年增加專案數量的方法之一就是擴大銷售團隊。

But now I'm confident, like we have the right thing to grow, right? If you were around the clock 2 years and I just threw on a ton of folks to try to sell into biopharma, we didn't have the reps that we do now in terms of knowing what it takes to get deals, what are the right kind of people to hire and all that sort of stuff. I feel much more confident about that now. So it's the right time to scale that team.

但現在我很有信心，就像我們有正確的發展方向，對嗎？如果你晝夜不停地工作了兩年，而我只是派了很多人嘗試向生物製藥公司銷售產品，那麼我們沒有像現在這樣的代表來了解如何才能獲得交易，什麼是正確的需要雇用什麼樣的人以及諸如此類的事情。我現在對此更有信心了。因此，現在是擴大團隊規模的最佳時機。

Okay. Got it. And then with regards to any particular partner class being harder or easier to get over the goal line? Can you give any color on that?

好的。知道了。那麼對於任何特定的夥伴類別來說，越過目標線更難或更容易呢？你能給它任何顏色嗎？

I think start of industrial biotech. It was one, I think that used to be like a real strength for us just because we had good reputation, a lot of good examples of stuff there. It's just a market that is like kind of in shellshock right now because a lot of the venture funding is right up there. So that's one, I think, that has been tough. Now I like it in the long term. It's one of the more interesting markets. Remember, our mission here is just to make it easier to engineer biology.

我認為工業生物技術的開始。我認為這對我們來說曾經是一種真正的優勢，因為我們擁有良好的聲譽，那裡有很多很好的例子。這只是一個現在有點震驚的市場，因為大量的風險投資就在那裡。所以我認為這是一件很難的事情。從長遠來看，現在我喜歡它。這是更有趣的市場之一。請記住，我們的使命只是讓生物學工程變得更容易。

And so what's exciting about industrial biotech is unlike a therapeutic that ends up in a human, a microbe or yeast or whatever that you're going to do for industrial biotech ends up in a steel tank. So the path to predictability in industrial biotech is more obvious.

因此，工業生物技術的令人興奮的地方不同於最終在人類、微生物或酵母中進行的治療，或者您要為工業生物技術所做的任何事情最終都在鋼罐中。因此，工業生物技術的可預測性之路更加明顯。

In therapeutics, I think we'll get better at designing drugs. But at the end of the day, there's still a fundamental unpredictability, putting something inside a human. That's going to be hard to muscle through. Industrial biotech is going to get to engineering a lot faster. So that's exciting to me, but it's still like -- we still have to deal with the ebbs and flows of capital market interest.

在治療學方面，我認為我們會更好地設計藥物。但歸根究底，將某些東西放入人類體內仍然存在根本的不可預測性。這將很難通過。工業生物技術將更快進入工程領域。這對我來說很令人興奮，但我們仍然必須應對資本市場興趣的起起落落。

Okay. Cool. And then maybe a quick one on biosecurity. Mark, on the gross margins, we've noticed that they ticked up as you're exiting and the mix shift goes away from the K-12 testing. But how should we think about the go-forward run rate ex K-12 testing?

好的。涼爽的。然後也許是關於生物安全的快速介紹。馬克，就毛利率而言，我們注意到，當你退出並且混合轉變遠離 K-12 測試時，毛利率就會上升。但是我們應該如何考慮 K-12 測試前的前進運行率呢？

The go-forward run rate on margin or on revenue?

未來的利潤率或收入率？

Gross margin?

毛利率？

Yes. So I would more or less ignore what happened in Q3 as you think about go forward. So we benefited on both revenue and gross margin from the closeout of some legacy K-12 contracts. And so there was some, what I would just call, like onetime revenue, and some of that came through a good gross margin that hit in the first half of the quarter.

是的。因此，當你考慮未來時，我或多或少會忽略第三季發生的事情。因此，我們從一些遺留 K-12 合約的結束中獲得了收入和毛利率。因此，有一些，我稱之為一次性收入，其中一些來自本季上半季的良好毛利率。

And so that's why you saw the pop in Q3. It's not because the newer business, the new federal and international business is sort of a higher portion of the mix and is somehow higher gross margin. It isn't. So just to kind of reiterate what I've said in the past, we don't know how the gross margin will evolve, but we're certainly targeting something around that 40% range once we get to kind of an appropriate scale.

這就是為什麼你在第三季看到了流行。這並不是因為新業務、新的聯邦和國際業務在混合業務中所佔的比例較高，毛利率也較高。事實並非如此。因此，重申我過去所說的，我們不知道毛利率將如何演變，但一旦我們達到適當的規模，我們的目標肯定是在 40% 左右。

But as you saw, when we were building the business to begin with, the gross margin did fluctuate quite a bit until we got to the right sort of scale. But we certainly think about our target margin in that 40% kind of plus or minus range. We'll see sort of how it evolves over time.

但正如你所看到的，當我們開始建立業務時，毛利率確實波動很大，直到我們達到合適的規模。但我們當然會考慮 40% 左右的目標利潤率。我們將看到它如何隨著時間的推移而演變。

Thanks, Steve. Next up, we have Derik De Bruin from Bank of America.

謝謝，史蒂夫。接下來是美國銀行的 Derik De Bruin。

So, Jason, you've added a number of new programs considerably. I guess how should we think about, 2 points, like, one, what's your related party revenues exiting this year? And I'm sure it's down quite a bit, I'm sure. Just a little bit clarity on that. And any preliminary color on sort of like cash burn, particularly as you sort of like get rid of the legacy Zymergen? Just how should we sort of thinking about cash burn metrics from here?

所以，傑森，您已經大大增加了許多新程式。我想我們應該如何考慮，兩點，例如，第一，您今年退出的關聯方收入是多少？我確信它已經下降了很多，我確信。只是稍微澄清一下。任何關於燒錢的初步看法，特別是當你有點想擺脫 Zymergen 的遺留問題時？我們應該如何從這裡考慮現金消耗指標？

Yes. I might kick that to -- those to Mark and then pick it up at the end and give a little extra color on it because I think, Mark, will have the numbers.

是的。我可能會把它踢給馬克，然後在最後拿起它並給它一點額外的顏色，因為我認為馬克會有數字。

So the exit rate on related party revenues is going to be like a substantial decrease from anything you've seen in prior years. It fluctuates a bit. If you were to look at it this year, quarter-to-quarter, and we disclosed those figures, so you've got them. You'll see it moves around a little bit. But in the aggregate, it's certainly much less than it was last year. And I would expect -- yes, I mean, that mix shift has largely at this place or at this time taken place.

因此，關聯方收入的退出率將比前幾年大幅下降。它有點波動。如果你今年按季度查看，我們披露了這些數據，那麼你就明白了。你會看到它稍微移動了一點。但總體而言，肯定比去年少得多。我預計——是的，我的意思是，這種混合轉變很大程度上是在這個地方或此時發生的。

Do we have the percent this quarter? It was on....

我們有本季的百分比嗎？原來是在…

Yes.

是的。

We'll pull it up for you, Derik, but sorry. But keep going, Mark, and we'll get it back.

我們會幫你解決的，德瑞克，但抱歉。但繼續前進，馬克，我們會把它拿回來的。

In the appendix to the earnings deck.

在收益表的附錄。

Okay.

好的。

The related party mix, I mean it was still sort of in the -- yes, it was about 25% of revenues in the third quarter. So you can see compared to the past, 70% or something, it's gone down quite a bit. I would expect it to even be less than that. So yes. So -- and then -- sorry, the second question on cash burn, if you could maybe just restate the question.

關聯方組合，我的意思是，它仍然佔第三季收入的 25% 左右。所以你可以看到，與過去相比，70%左右，下降了很多。我預計它甚至會比這個更少。所以是的。所以——然後——抱歉，第二個問題是關於現金消耗的，如果你可以重述一下這個問題的話。

No. Just sort of wondering, you've added a lot of programs. Just wondering what the -- how are you sort of thinking about cash burn? I mean, you've got your cash balance and just sort of thinking about R&D expenses and things evolving next year? Yes.

不。只是有點想知道，您添加了很多程式。只是想知道──你對燒錢有什麼看法？我的意思是，您已經有了現金餘額，只是在考慮研發費用和明年的發展？是的。

So if you think about how we think we'll finish this year, we don't guide to cash burn. But I think if you take the Q3 year-to-date cash flow statement and just extrapolate it and then there is going to be some stuff that happens with the deconsolidation of Zymergen cash.

因此，如果你考慮我們今年將如何結束，我們不會指導燒錢。但我認為，如果你根據今年第三季迄今的現金流量表進行推斷，那麼隨著 Zymergen 現金的拆分，將會發生一些事情。

So you're going to get -- the extrapolation add a little bit more burn on top of that. That will get you to a number in the range of $400 million this year if you just do that extrapolation plus. And we would expect to improve on that next year.

所以你會得到－－外推法會在此基礎上增加一點燃燒。如果你再外推的話，今年的營收將達到 4 億美元。我們預計明年會有所改善。

Got it. And then one final one, if I can. Significant expectations for more downstream value in 2024?

知道了。如果可以的話，然後是最後一篇。對 2024 年更多下游價值的重大預期？

Sorry, I missed the beginning of the question. Would you mind....

抱歉，我錯過了問題的開頭。你會介意的....

Yes. You had about $4 million that you're including in terms of like downstream value this year. Does that number go up next year? There are more milestones. And sort of going back to Tejas' question on trying to get a revenue number, which I know you're not going to answer, but I got to try.

是的。今年您將約 400 萬美元計入下游價值。明年這個數字還會增加嗎？還有更多里程碑。回到Tejas關於試圖獲得收入數字的問題，我知道你不會回答這個問題，但我必須嘗試。

Yes. So we're not guiding on downstream value share even in year you see us. We did say where we're at right now, but we're not even guiding for the rest of this year. And that's in part because it's really not a thing that's under our control in a very direct way. It basically depends on those commercializing programs when they hit certain points for customers that can trigger downstream value share for us or, in the longer term, things like royalties.

是的。因此，即使在您看到我們的那一年，我們也不會指導下游價值份額。我們確實說過我們現在所處的位置，但我們甚至沒有為今年剩餘時間提供指導。這部分是因為它確實不是我們能夠以非常直接的方式控制的事情。這基本上取決於那些商業化計劃，當它們達到客戶的某些點時，可以為我們觸發下游價值份額，或者從長遠來看，諸如特許權使用費之類的東西。

So I think we're going to stick with that model. I know it's not ideal, but we're sharing more things like the program pipeline we shared today. And I think over time, as we get bigger numbers on stuff, hopefully, we can give you a little more to work with there, Derik. But yes, I understand that, that's something people want to see.

所以我認為我們將堅持該模型。我知道這並不理想，但我們正在分享更多的東西，例如我們今天分享的程式管道。我認為隨著時間的推移，隨著我們在東西上的數量越來越多，希望我們能給你更多的幫助，德里克。但是，是的，我明白，這是人們希望看到的。

Maybe the only thing I would add is a couple of things. On the -- in part of the related party, if you look back in time, a lot of that was like, again, new companies getting started on the platform, things like that. And so I would highlight as venture capital has gotten tighter in other words, higher interest rates, that whole line of customers, like new company starts, we had entrepreneurs and residents at Ginkgo that were launching companies.

也許我唯一要補充的是幾件事。在相關方的一部分中，如果你回顧過去，很多事情就像是，新公司在這個平台上開始，類似的事情。因此，我要強調的是，隨著創投變得更加緊張，換句話說，利率上升，整個客戶群，例如新公司的成立，我們銀杏的企業家和居民正在創辦公司。

That just isn't there right now in the market we're in today, which is why I'm -- even though I know we're up on our program counts, the ability for Ginkgo to have pivoted into selling from EIRs that are launching a company on the platform being a lot of our demand 3 years ago to Pfizer and Merck and Novo Nordisk and Boehringer as our customers -- like that's a pretty different sale. And I think it also reflects the flexibility of having a platform business model.

現在我們所處的市場上還沒有這種情況，這就是我的原因——儘管我知道我們的計劃很重要，但 Ginkgo 已經轉向從 EIR 進行銷售的能力在這個平台上成立一家公司是我們三年前對輝瑞、默克、諾和諾德和勃林格殷格翰作為我們客戶的大量需求——就像這是一次完全不同的銷售。我認為這也反映了平台商業模式的彈性。

This is one of the reasons I like us our ability to survive in changing markets, especially in this earlier stage of the company, where we're still spinning up scale. I like -- strategically I like that flexibility. I think that was borne out this year. So I do want to just highlight that.

這是我喜歡我們在不斷變化的市場中生存的能力的原因之一，特別是在公司的早期階段，我們仍在擴大規模。我喜歡——從策略上講，我喜歡這種靈活性。我認為這一點今年得到了證實。所以我想強調這一點。

And then on the cash point, obviously, were -- at the end of quarter was $1 billion plus. The -- we're very sensitive to cash. And we appreciate that Ginkgo gets better with scale, and we also have all this downstream value share that we want to get to. But to get there, we have to not run out of money. And so that is internally really one of the big things that we do all our planning around. So that's not something we won't pay attention to, I assure you.

然後，在現金方面，很明顯，季度末現金價值超過 10 億美元。我們對現金非常敏感。我們很高興 Ginkgo 隨著規模的擴大而變得更好，而且我們也擁有我們想要獲得的所有下游價值份額。但為了實現這一目標，我們不能耗盡資金。因此，這確實是我們內部進行所有規劃的重要事情之一。所以我向你保證，這不是我們不會關注的事情。

Thanks, Derik. Next up, we have Michael Freeman at Raymond James.

謝謝，德里克。接下來是雷蒙德詹姆斯的邁克爾弗里曼。

I really appreciate also the -- you guys putting in that swimmers plot on project maturity. I think that casts -- sheds a lot of light on what's going on inside the Ginkgo platform. Now one blind spot in the data visualization and I trust for Ginkgo is what happens between 100% completion and commercial. So I wonder how -- what sort of work Ginkgo can do to help its partners undertake whatever work needs to be done between 100% and commercialization?

我也非常感謝你們在計畫成熟度上加入了游泳者情節。我認為這為 Ginkgo 平台內部正在發生的事情提供了許多線索。現在，我相信 Ginkgo 的資料視覺化中的一個盲點是 100% 完成和商業化之間發生的情況。所以我想知道，Ginkgo 可以做什麼樣的工作來幫助其合作夥伴承擔 100% 和商業化之間需要完成的任何工作？

Good question. I mean the sort of flipping answer is have enough programs that it like kind of comes out in the wash. In other words, like we can't be responsible for animal-free meat go-to-market to cannabinoid to new pharmaceuticals to agricultural traits, like the range of products just makes it tough for us to really be a major player in ensuring that those steps downstream of the cell engineering are successful for our customers.

好問題。我的意思是，這種翻轉的答案是有足夠的程序，就像是在清洗中出現的那樣。換句話說，就像我們不能對無動物肉類上市、大麻素、新藥物、農業特性負責一樣，產品的範圍讓我們很難真正成為確保以下方面的主要參與者：細胞工程下游的這些步驟對我們的客戶來說是成功的。

So now that said, I mean, as Ginkgo gets bigger and more of the world is running on our platform, investments that generally help biotech products make it through that will pay off in big ways for us. But I would say today, I'm more focused on just getting more people on the platform and just kind of -- it's up to them to do that part. I think realistically in terms of where Ginkgo needs to put our resources, it's making the platform more efficient so that I can do better on fees versus our spending and make it through the downstream value share. So right now today, we're not spending a lot on that, Michael.

話雖如此，我的意思是，隨著Ginkgo 變得越來越大，世界上越來越多的地方在我們的平台上運行，通常幫助生物技術產品渡過難關的投資將為我們帶來巨大的回報。但今天我想說，我更專注於讓更多的人加入這個平台，這取決於他們來完成這部分工作。我實際上認為，就 Ginkgo 需要將我們的資源投入到哪裡而言，它使平台更加高效，這樣我就可以在費用和支出方面做得更好，並透過下游價值份額實現這一目標。所以現在，我們並沒有在這方面投入太多，麥可。

Got you. Got you. Now another key feature of a biotech or a biopharma swimmers plot is how many patients die or how many programs die. You mentioned, of course, some programs don't get to 100%. Curious how can we get a sense of how programs fail and what proportions -- what proportion of programs might fail? I guess like what does it take for you and a partner to agree that a program is done?

明白你了。明白你了。現在，生物技術或生物製藥游泳者圖的另一個關鍵特徵是有多少患者死亡或有多少程序死亡。當然，您提到有些程式無法達到 100%。好奇我們如何了解程式如何失敗以及失敗的比例——程式可能失敗的比例是多少？我想你和合作夥伴需要什麼才能同意專案完成？

Yes. So I would actually kind of like to share that over time. Right now, we just -- I want to get like a little more out the pipeline so that I have like a better -- like kind of a better set of data there, I would say, is like the major thing holding me back on that. But I think that is something ultimately we'll be able to share with you. And what -- in terms of what hits it, I mean, we set technical milestones negotiated with each customer because they're going to pay us on hitting those typically. And so that is what sets is it a 100%, right? Ultimately, the -- it's some agreed upon technical target with the customer.

是的。所以我實際上很想隨著時間的推移分享這一點。現在，我們只是 - 我想從管道中獲得更多信息，以便我擁有更好的 - 更好的數據集，我想說，這就像阻礙我前進的主要因素那。但我認為這最終是我們能夠與你們分享的。我的意思是，就達到目標而言，我們與每位客戶協商設定了技術里程碑，因為他們將在達到這些標準後向我們付費。這就是 100% 的設定，對嗎？最終，這是與客戶商定的一些技術目標。

Now the other obvious challenge is like it changes, right? Like in other words, like program to program, they're different. So it is also a little bit like certain programs are going to be harder than others, right? Like we're not making widgets here. So I think that's another thing that we're probably just stuck with in terms of making it tougher to model.

現在另一個明顯的挑戰是它發生了變化，對吧？換句話說，就像程式與程式一樣，它們是不同的。所以這也有點像是某些程式會比其他程式更難，對吧？就像我們不在這裡製作小部件一樣。所以我認為這是我們可能一直堅持的另一件事，讓建模變得更加困難。

My long-term goal here is like be a utility, right? Like we really want as much of the world running on our platform as possible and it will be fine, right? But I appreciate that in this era. People are trying to handicap programs. And -- but hopefully, as the numbers go up, it gets a little easier.

我的長期目標是成為公用事業公司，對嗎？就像我們真的希望世界上盡可能多的人在我們的平台上運作一樣，那就沒問題，對吧？但在這個時代我很欣賞這一點。人們正試圖阻礙計劃。而且——但希望隨著數字的增加，事情會變得更容易一些。

Thanks, Michael. Next up, we have E.V. From Goldman Sachs.

謝謝，麥可。接下來，我們有 E.V.來自高盛。

Just filling in for Matt tonight. Following up on new programs, could you maybe just give an update on what you're seeing in the sales funnel from customers. I think in the past, you said there's a lot of potential of new programs in the funnel. Are you seeing some of these conversations being pushed out due to capital conservations as we've seen many headlines from pharma, R&D cuts? Is there anything else you're hearing from customers on program cancellation?

今晚只是代替馬特。跟進新計劃，您能否提供您在客戶銷售漏斗中看到的最新情況。我想在過去，你說過漏斗中的新項目有很大的潛力。您是否看到其中一些對話由於資本節約而被推遲，就像我們看到許多製藥、研發削減的頭條新聞一樣？您還從客戶那裡聽到有關計劃取消的其他消息嗎？

There maybe 2 different questions there. There's sort of -- you asked program cancellation at the end, but I'll defer that for a minute that's like a slightly different topic. But in terms of like sales pipeline. No, again, it's very strong. And Mark touched on this a little bit in his comments that like one of the challenges we have is like the timing of the close. So we do -- we end up starting certain programs like in advance of closing -- signing with the customers so that we get started a little faster and things like that.

那裡可能有兩個不同的問題。有點——你最後要求取消計劃，但我會推遲一分鐘，這就像一個稍微不同的話題。但就銷售管道而言。不，再說一次，它非常強大。馬克在他的評論中談到了這一點，我們面臨的挑戰之一就是結束的時間。所以我們這樣做——我們最終啟動了某些計劃，例如在關閉之前——與客戶簽約，這樣我們就可以更快地開始諸如此類的事情。

We do that as we get very close to being across the line with the customer from a deal standpoint. We have lots of those right now. So like I like where we're at going into the upcoming quarters. I like our sales infrastructure, I like our pipeline. Like those things are good. I think we will see quarter-to-quarter variability on what gets across the line. Sometimes that will break in our favor, and sometimes it won't. I think that's kind of Mark's -- not to put words in your mouth, Mark, general point about the timing challenges of complex enterprise sales. But I overall like it.

我們這樣做是因為從交易的角度來看，我們已經非常接近與客戶的界線了。我們現在有很多這樣的。所以我喜歡我們接下來幾季的發展。我喜歡我們的銷售基礎設施，我喜歡我們的管道。就像那些東西都是好的。我認為我們會看到跨季度的變化。有時這會對我們有利，有時則不會。我認為這就是馬克的觀點——不是把話放在嘴裡，馬克，關於複雜企業銷售的時機挑戰的一般觀點。但整體來說我很喜歡。

And then on -- does that answer your question? I just want to make sure.

然後——這能回答你的問題嗎？我只是想確定一下。

Yes, that's helpful. And then on program cancellations. I mean more on like the biotech programs or projects not like your programs, does that make sense, kind of the difference there?

是的，這很有幫助。然後是節目取消。我的意思是更多的是像生物技術項目或與您的項目不同的項目，這有意義嗎？有什麼區別嗎？

In other words, like once I hand something off to a customer and then they fail in a trial and shut down the commercialization, is that what you mean?

換句話說，就像一旦我把東西交給客戶，然後他們在試驗中失敗並關閉商業化，是你的意思嗎？

Yes. Or if we're seeing less discovery work being done, so more prioritization of like later-stage projects.

是的。或者，如果我們發現正在完成的發現工作較少，那麼類似後期專案的優先順序就會更高。

I think that's true across the industry, yes. The good thing about biopharma is Ginkgo's penetration into that industry today is like rapidly small. So like even though that is true, we're still talking to like companies that have never even talked to us before. So like it's not as if, oh well, we've got this level of penetration and they're backing off. And it's also not like industrial biotech, where it's kind of gone to, right, like it's really tightened up a lot.

我認為整個行業都是如此，是的。生物製藥的好處是 Ginkgo 目前對該行業的滲透率非常小。因此，即使這是事實，我們仍在與以前從未與我們交談過的公司進行交談。所以，這並不是說，哦，好吧，我們已經達到了這種滲透水平，而他們卻在退縮。它也不像工業生物技術，它有點像它確實收緊了很多。

There's still a good amount of funding, certainly at the large biopharmas, but even at the small ones, people are still pursuing research and most of them have not given Ginkgo a serious look yet. So that all bodes well for our enterprise sales team to go around and talk to people and show what we got.

仍然有大量的資金，尤其是在大型生物製藥公司，但即使在小型生物製藥公司，人們仍在進行研究，而且大多數人還沒有認真對待 Ginkgo。因此，這對我們的企業銷售團隊來說是個好兆頭，他們可以到處與人們交談並展示我們所得到的東西。

Okay. Great. That's super helpful. And then one more. You gave a lot of detail on biosecurity at the Investor Day. Nice to see the guidance raise there. Could you talk through the competitive environment in that market? Obviously, it's very new and emerging. But has anything come up when talking to customers with other players you're seeing in that space?

好的。偉大的。這非常有幫助。然後還有一張。您在投資者日提供了許多有關生物安全的細節。很高興看到那裡提出了指導。您能談談該市場的競爭環境嗎？顯然，它是非常新的、新興的。但是，當您與客戶以及您在該領域看到的其他參與者交談時，有什麼問題發生嗎？

No, I've shown those 3 boxes of like kind of like monitor, decision-making and then response. Obviously, in response, there's time, right, like response is just the whole biopharma industry vaccine developer. And so -- but Ginkgo's focus has been on the monitor and decision-making. And in that area, there is some -- you might have seen there's like people doing like Verily is doing like a wastewater in the U.S., like municipal wastewater.

不，我已經展示了這三個類似監控、決策和回應的盒子。顯然，作為回應，有時間，對，就像整個生物製藥行業疫苗開發商的回應一樣。所以——但 Ginkgo 的重點是監控和決策。在那個領域，有一些——你可能已經看到有人像 Verily 那樣做，就像美國的廢水一樣，就像城市廢水一樣。

So that's something that's happening and that was with another smaller company Biobot. So those are folks that are kind of like at least doing some monitoring. On the airport side, right now, there's not really a lot of that going on. We're more fighting like convincing people that this is a good thing to have out in the world, and I think we're making good progress on that. But it's a little more fighting like getting the infrastructure built in the first place and getting it funded versus like it being a blood red competition. So I'd say, overall, that's the bigger thing, it's just increasing the profile of biosecurity as a category. It's not as competitive at the moment.

這就是另一家規模較小的公司 Biobot 正在發生的事情。這些人至少會進行一些監控。在機場方面，目前還沒有發生太多事情。我們更像是在努力讓人們相信這是世界上的一件好事，我認為我們在這方面取得了良好的進展。但這更像是一場戰鬥，例如首先建造基礎設施並獲得資金，而不是一場血腥的競爭。所以我想說，總的來說，這是更重要的事情，它只是提高了生物安全作為一個類別的形象。目前還沒有那麼有競爭力。

And I think we have time for one more question from the public. This one comes from the investor inbox. Please provide more details on the recent Pfizer deal, specifically, what does Ginkgo need to do to earn the $330 million mentioned in the recent press release?

我想我們還有時間回答公眾的另一個問題。此訊息來自投資者收件匣。請提供有關最近輝瑞交易的更多細節，具體來說，Ginkgo 需要做什麼才能賺取最近新聞稿中提到的 3.3 億美元？

Yes. So I can give extra color on this. So I mean what we had in the press release is basically what we can actually say about the deal, but it does highlight that we get research payments as well as milestones, which are like once we've handed off the asset to the customer, and they're going to move it through things like clinical trials and so on. And then there's also potential for royalties. I will say, in general, I think you'll see this a lot -- across a lot of biopharma deals.

是的。所以我可以對此給予額外的色彩。所以我的意思是，我們在新聞稿中的內容基本上是我們實際上可以對這筆交易說的內容，但它確實強調我們獲得了研究付款以及里程碑，就像我們將資產移交給客戶一樣，他們將透過臨床試驗等方式推動它。此外還有可能獲得版稅。我想說的是，總的來說，我認為你會在許多生物製藥交易中經常看到這種情況。

We will typically have some type of milestone payments as a -- if we're doing drug development, R&D, it's different if we're doing, say, manufacturing R&D, which we've done with partners like Biogen and Novo Nordisk. But for drug development, you will see things like, okay, if it gets through Phase I, Phase II, Phase III clinical trial, those will be types of things that would typically provide milestones if you're doing this type of research, that sort of stuff. And then obviously, if there is a royalty that's on once it's gone commercial.

我們通常會有某種類型的里程碑付款，如果我們正在進行藥物開發、研發，那麼如果我們正在進行製造研發，那就不同了，我們已經與百健（Biogen）和諾和諾德（Novo Nordisk）等合作夥伴進行了合作。但對於藥物開發，你會看到這樣的事情，好吧，如果它通過了第一階段、第二階段、第三階段臨床試驗，這些將是通常會提供里程碑的事情，如果你正在進行此類研究，之類的東西。顯然，一旦它商業化，就會產生版稅。

Great. Thanks, Jason. That about closes it out. Do you have any closing thoughts for us today?

偉大的。謝謝，傑森。就這樣結束了。您今天有什麼結束語嗎？

No, other than to say, like I mentioned, I'm really quite proud of the infrastructure that's been -- being built up on the enterprise sales side. I think that is unappreciated that how difficult that is because it is -- we're selling a different thing, right? Like there are CROs out in the world that are selling, what I'd call, like straightforward research services, like give me something that you pretty much know you could do or anybody else could do, and I can do it cheaper or whatever. Ginkgo selling like high-end drug discovery. It's a much more complicated sale. So to be able to do that at scale, I think, it's going to really be valuable for us in the long run. So I'm happy to see that.

不，除了說，就像我提到的那樣，我真的對企業銷售方面建立的基礎設施感到非常自豪。我認為人們沒有意識到這有多困難，因為我們正在銷售不同的東西，對嗎？就像世界上有一些 CRO 正在銷售，我稱之為簡單的研究服務，例如給我一些你幾乎知道你可以做或其他任何人可以做的事情，我可以做得更便宜或其他什麼。銀杏的銷售就像高端藥物的發現一樣。這是一個更複雜的銷售。因此，我認為，從長遠來看，能夠大規模地做到這一點對我們來說確實很有價值。所以我很高興看到這一點。

All right. Thanks so much. That concludes this quarter's earnings call. Talk to you all next quarter.

好的。非常感謝。本季的財報電話會議到此結束。下個季度再和大家聊聊。

Thanks, everybody.

謝謝大家。

Thank you.

謝謝。