Ginkgo Bioworks Holdings Inc (DNA) 2025 Q2 法說會逐字稿

Good evening. I'm Daniel Marshall, Senior Manager of Communications and Ownership. I'm joined by Jason Kelly, our Co-Founder and CEO; and our new CFO, Steve Coen. Thanks, as always, for joining us. We're looking forward to updating you on our progress.

晚安.我是丹尼爾‧馬歇爾 (Daniel Marshall)，通訊與所有權資深經理。與我一起參加會議的還有我們的共同創辦人兼執行長 Jason Kelly 和新任財務長 Steve Coen。一如既往，感謝您的加入我們。我們期待向您通報我們的進展。

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 SEC to learn more about these risks and uncertainties, including our most recent 10-K.

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信息，包括我們最新的 10-K 文件。

Today, in addition to updating you on the quarter results, we're going to provide updates on our path towards adjusted EBITDA breakeven and dive deeper into the new deals and launches in Ginkgo's Tools businesses, which continue to establish themselves as critical tools in AI-powered bioengineering. 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 X #Ginkgoresults or e-mail investors@ginkgobioworks.com. All right. Over to you, Jason.

今天，除了向您更新季度業績外，我們還將提供有關調整後 EBITDA 盈虧平衡的最新進展，並深入探討 Ginkgo 工具業務的新交易和新發布，這些業務將繼續成為人工智慧生物工程的關鍵工具。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 X #Ginkgoresults 或發送電子郵件至 investors@ginkgobioworks.com 提前向我們提交這些問題。好的。交給你了，傑森。

All right. Thanks, Daniel. We always start with our mission here at Ginkgo, which is to make biology easier to engineer. Our objectives are very similar to what you've heard from me over the last few earnings calls. We're trying to reach adjusted EBITDA by the end -- breakeven by the end of 2026, while maintaining a cash margin of safety, and I'm going to update on that in just a sec.

好的。謝謝，丹尼爾。在 Ginkgo，我們始終以我們的使命為出發點，那就是讓生物學更容易工程化。我們的目標與您在過去幾次財報電話會議上聽到的我所說的非常相似。我們試圖在 2026 年底實現調整後的 EBITDA 收支平衡，同時保持現金安全邊際，我將在稍後更新這一情況。

We're cutting costs while serving our current customers. And then very importantly, we're expanding from an R&D solutions business into the life science tools space. And in the strategic section, you're going to hear a lot about that from me today.

我們在服務現有客戶的同時正在削減成本。然後非常重要的是，我們正在從研發解決方案業務擴展到生命科學工具領域。在戰略部分，今天你們將會聽到我大量有關這方面的討論。

Before I get to that, I do want to touch on that maintaining a cash margin of safety and the cost cutting. So you can see our numbers here for the quarter, really happy about this. We've been aiming, and I told you this about a year ago, to get to a $250 million annual run rate cost savings by Q3 of this year of 2025. I'm happy to say we hit that target a quarter early.

在談到這一點之前，我想先談談保持現金安全邊際和削減成本的問題。所以您可以在這裡看到我們本季的數據，對此真的很高興。我們的目標是，大約一年前我就告訴過你們，到 2025 年第三季實現每年 2.5 億美元的營運成本節約。我很高興地說我們提前一個季度實現了這一目標。

This was a tremendous amount of very painful work by the team at Ginkgo. And so I want to say thank you to folks and sort of congratulate them on that progress and getting there early.

對於 Ginkgo 團隊來說，這是一項極其艱鉅的工作。因此，我想向大家表示感謝，並祝賀他們的進展和提前取得的成果。

That is very strategically important for us. So because the earlier we do it, as you can see, we have $474 million in cash and cash equivalents with no bank debt. And that's where that margin of safety comes from, having that large cash position while also getting burn under control means that we don't get pushed into needing to raise in a situation we don't want to or from someone we don't want to. We can be strategic about engaging with capital markets, which is really important.

這對我們來說具有重要的戰略意義。因此，由於我們做得越早，正如您所見，我們擁有 4.74 億美元的現金和現金等價物，而且沒有銀行債務。這就是安全邊際的來源，擁有大量現金部位的同時還能控制燒錢，這意味著我們不會被迫在我們不想要的情況下或從我們不想的人那裡籌集資金。我們可以有策略地參與資本市場，這非常重要。

And then it also means we can start to take our focus from just purely cost cutting to -- which we are still going to be cutting costs, but from purely cost cutting to also just really how we want to grow the business into 2026. And so you're going to hear a bunch from me today on that in the strategic section.

這也意味著我們可以開始將重點從單純的成本削減轉移到——我們仍然會削減成本，但從單純的成本削減轉移到我們真正希望如何在 2026 年實現業務成長。所以今天你們將在策略部分聽到我關於這個主題的許多討論。

Before that, I do want to hand it to Steve to go through the numbers, and I want to say congratulations to Steve, our new CFO. We mentioned this when we announced it, but Steve has been with the company over the last two years. He worked very closely with Mark throughout that time, particularly over the last several months to really shadow and be a part of everything that Mark was doing. And so it made that transition super smooth. And so really delighted. We're very lucky to have Steve in the CFO seat, and I'll pass it to him to go through the numbers.

在此之前，我確實想讓史蒂夫來看看這些數字，我想向我們的新任財務長史蒂夫表示祝賀。我們在宣布這一消息時提到了這一點，但史蒂夫在過去兩年裡一直在公司工作。在那段時間裡，他與馬克密切合作，特別是在過去的幾個月裡，他真正地跟踪並參與了馬克所做的一切。因此，過渡變得非常順利。我真的很開心。我們非常幸運能有史蒂夫擔任財務官，我會把這些數字交給他來處理。

Thanks, Jason. I'll start with the cell engineering business. Cell engineering revenue was $39 million in the second quarter of 2025, up 8% compared to the second quarter of 2024. In the second quarter of 2025, we supported a total of 120 revenue-generating programs. This represents a 10% increase year-over-year.

謝謝，傑森。我先從細胞工程業務開始。2025 年第二季度，電池工程營收為 3,900 萬美元，較 2024 年第二季成長 8%。2025年第二季度，我們共支持了120個創收項目。這比去年同期增長了 10%。

Turning to Biosecurity. Our Biosecurity business generated $10 million of revenue in the second quarter of 2025 at a segment gross margin of 18%. As a reminder, segment gross margin excludes stock-based compensation.

轉向生物安全。我們的生物安全業務在 2025 年第二季創造了 1,000 萬美元的收入，分部毛利率為 18%。提醒一下，分部毛利率不含股票薪酬。

Turning to the next slide. It is important to note that our net loss includes a number of noncash and other nonrecurring items as detailed more fully in our financial statements. Because of these noncash and other nonrecurring items, we believe adjusted EBITDA is more indicative of our profitability. A full reconciliation between segment operating loss, adjusted EBITDA, and GAAP loss or GAAP net loss can be found in the appendix.

翻到下一張投影片。值得注意的是，我們的淨虧損包括一些非現金和其他非經常性項目，詳情請參閱我們的財務報表。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 更能反映我們的獲利能力。附錄中可以找到分部營業虧損、調整後 EBITDA 和 GAAP 虧損或 GAAP 淨虧損之間的完整對帳。

Now that we've completed a year of restructuring, you can see the very substantial cost reductions and improvements in profitability compared to the first quarter of 2024. In the second quarter of 2025, cell engineering R&D expenses decreased 63% from $84 million in the second quarter of 2024 to $31 million in the second quarter of 2025. Cell engineering G&A expense decreased 57% from $33 million in the second quarter of 2024 to $14 million in the second quarter of 2025. These decreases were all driven by our restructuring efforts.

現在我們已經完成了一年的重組，與 2024 年第一季相比，您可以看到成本大幅降低，獲利能力大幅提高。2025年第二季度，電池工程研發費用從2024年第二季的8,400萬美元下降63%至2025年第二季的3,100萬美元。電池工程 G&A 費用從 2024 年第二季的 3,300 萬美元下降 57% 至 2025 年第二季的 1,400 萬美元。這些下降都是由我們的重組努力所造成的。

The significant improvement in Cell Engineering segment operating loss in the second quarter of 2025 compared to the same prior year period was due to the previously discussed drivers of improved revenue and reduced operating expenses. Biosecurity segment operating loss was impacted by the timing of programs in the second quarter.

2025 年第二季度，電池工程部門的營業虧損與去年同期相比顯著改善，這是由於先前討論過的收入增加和營業費用減少的驅動因素。生物安全部門的營運虧損受到第二季專案時間的影響。

Moving further down the page, you'll note that total adjusted EBITDA in the second quarter of 2025 was negative $28 million, which was improved from negative $99 million in the second quarter of 2024, a 72% improvement. We show adjusted EBITDA at the segment level to show the relative profitability of each.

繼續往下翻，您會注意到 2025 年第二季的調整後 EBITDA 總額為負 2,800 萬美元，較 2024 年第二季的負 9,900 萬美元有所改善，改善幅度為 72%。我們在細分市場層級展示調整後的 EBITDA，以顯示每個細分市場的相對獲利能力。

The principal difference between segment operating loss and total adjusted EBITDA in the second quarter relates to the carrying cost of excess lease space, which you can see was $12 million in the second quarter of this year. This cost represents the base rent and other charges relating to lease space, which we are not occupying, net of sublease income. This is a cash operating cost that is not related to driving revenue right now and can be potentially mitigated through subleasing.

第二季分部營業虧損與調整後 EBITDA 總額之間的主要差異與超額租賃空間的持有成本有關，您可以看到，今年第二季該成本為 1,200 萬美元。此成本代表基本租金和與我們未佔用的租賃空間相關的其他費用扣除轉租收入。這是一項現金營運成本，與目前的收入成長無關，可以透過轉租來緩解。

And finally, cash burn in the second quarter of 2025 was $38 million, down from $110 million in the second quarter of 2024. The significant decrease in cash burn was a direct result of the restructuring.

最後，2025 年第二季的現金消耗為 3,800 萬美元，低於 2024 年第二季的 1.1 億美元。現金消耗的大幅減少是重組的直接結果。

Now turning to guidance. In the terms of the outlook for the full year, we are reaffirming our total revenue guidance for 2025 totaling $167 million to $187 million with cell engineering revenue to be $117 million to $137 million and biosecurity revenue expected to be at least $40 million.

現在轉向指導。就全年前景而言，我們重申 2025 年總收入預期，總額為 1.67 億至 1.87 億美元，其中細胞工程收入為 1.17 億至 1.37 億美元，生物安全收入預計至少為 4000 萬美元。

In conclusion, we're pleased with the substantial improvements in cash burn and cost reductions when looking back over the past year, where we achieved our targeted $250 million run rate cost takeout three months earlier than planned.

總而言之，回顧過去的一年，我們對現金消耗和成本削減的大幅改善感到滿意，我們比計劃提前三個月實現了 2.5 億美元的運行成本削減目標。

In the third quarter, we will continue to execute against our core objectives while navigating continued uncertainty in the macro environment. And with that, I'll hand it back to you, Jason.

第三季度，我們將繼續執行我們的核心目標，同時應對宏觀環境持續的不確定性。說完這些，我就把它交還給你了，傑森。

Thanks, Steve. The three topics we're going to cover today in the deep dive is, one, our continued restructuring and the cost takeout. And then in sections 2 and 3, I want to go through automation and data points and our newly launched reagent product, which are really our three big motions into the life science tools space. So really excited about this today.

謝謝，史蒂夫。今天我們要深入討論的三個主題是：第一，我們的持續重組和成本削減。然後在第 2 和第 3 部分中，我想介紹自動化和數據點以及我們新推出的試劑產品，這實際上是我們進入生命科學工具領域的三大舉措。今天對此真的很興奮。

So okay. So let's dive in. So first, I mentioned this already. I'm really excited to see these numbers, that $250 million cost reduction, getting that done ahead of schedule is very strategically important for the company. So the whole reason we've been focusing on this, and the team has put in an absolutely enormous amount of work and pain around this is we wanted to be able to do this motion of moving into the life science tools space with a margin of safety.

好吧。那麼就讓我們開始吧。首先，我已經提到過這一點。看到這些數字我真的很高興，2.5億美元的成本削減，提前完成對公司來說具有重要的戰略意義。因此，我們一直關注這個問題，團隊為此投入了大量的工作和努力，是因為我們希望能夠在安全範圍內進軍生命科學工具領域。

In other words, with enough cash in the bank and no bank debt to allow us to not be forced to take money for people who don't want to or raise in circumstances where we weren't happy. And so having that large cash balance relative to our cash burn is really a critical piece of putting us in a good position when and if we engage with capital markets.

換句話說，如果銀行裡有足夠的現金，而且沒有銀行債務，我們就不會被迫為那些不願意的人拿錢，也不會在我們不滿意的情況下籌集資金。因此，相對於我們的現金消耗而言，擁有如此大的現金餘額對於我們在參與資本市場時處於有利地位確實至關重要。

And so really happy that we're there on that. You can see here our burn rate getting down to $28 million, if you go to the next slide of adjusted EBITDA for this quarter. So really, again, a testament to the team and strategically important to Ginkgo.

我很高興我們能做到這一點。如果您查看本季調整後的 EBITDA 的下一張投影片，您可以看到我們的燒錢率已降至 2,800 萬美元。所以，這再次證明了團隊的實力，對銀杏來說有著重要的戰略意義。

Okay. All right. So now I want to talk a little bit about our automation and data points offerings, and then we'll talk at the end about reagents. So to give you some macro context, and I spoke about this before, but Ginkgo's business over the last decade has really been what we call solutions. So in other words, selling to the Head of R&D of a large company or the CEO of a small or midsized company. And basically being an outsourced research team, Ginkgo scientists using Ginkgo tools to deliver them a research product, right? That was the solutions business.

好的。好的。現在我想稍微談談我們的自動化和數據點產品，然後我們最後再談談試劑。因此，為了給您一些宏觀背景，我之前也談過這一點，但 Ginkgo 在過去十年中的業務實際上就是我們所說的解決方案。換句話說，就是向大公司的研發主管或中小型公司的執行長銷售。基本上，作為一個外包研究團隊，Ginkgo 科學家使用 Ginkgo 工具為他們提供研究產品，對嗎？這就是解決方案業務。

Last year, about a year ago, alongside a restructuring in the company, we started to offer Ginkgo's tools and services that we had previously had in-house just for our scientists directly to the scientists at our customers. And that has been going really, really well. And so again, I want to give a little more context on that.

去年，大約一年前，隨著公司重組，我們開始將先前僅供我們內部科學家使用的 Ginkgo 工具和服務直接提供給客戶的科學家。一切進展得非常非常順利。因此，我想再次對此提供更多背景資訊。

So if you go to the next slide, you can see on the Y-axis here, we have what I'll say is like our customization and technical risk we're taking for the customer. So when that is high, like it is in Research Solutions, in other words, we'll have a big milestone that will only get paid if we're technically successful, the customer is willing to give us downstream value share. In other words, a share of the future value of their products, either a royalty or success-based milestones like that technical milestone that I mentioned and so on. That's really in exchange for the level of customization and risk we're taking.

因此，如果您轉到下一張投影片，您可以在 Y 軸上看到，我們所說的是我們為客戶承擔的客製化和技術風險。因此，當這個數字很高時，就像在研究解決方案中一樣，換句話說，我們將有一個重要的里程碑，只有在技術上成功的情況下才會獲得報酬，客戶願意給我們下游價值份額。換句話說，他們產品未來價值的一部分，要么是特許權使用費，要么是基於成功的里程碑，例如我提到的技術里程碑等等。這實際上是對我們所承擔的客製化程度和風險的回報。

So as we go down that Y-axis, we go to the right-hand side of this chart where we're not able to get royalties and downstream value share. So that's a downside, okay? But the upside is we're selling something much more off the RAC. In other words, a more standard scalable product to the customer.

因此，當我們沿著 Y 軸向下移動時，我們會到達圖表的右側，在那裡我們無法獲得特許權使用費和下游價值份額。所以這是一個缺點，好嗎？但好處是我們在 RAC 之外銷售更多的東西。換句話說，為客戶提供更標準的可擴展產品。

And if you go to the next slide, what we're seeing here is -- the solutions business has that big upside, it takes a while to get to it. So I think there's a really nice complement here where our tools, offerings are able to give us near-term revenue, smaller batches, wider customer set, new -- opening new markets. We're going to talk about the reagents. This first kit is a $2,000 kit, scientists can order it with a credit card. So that is really allowing us to have a faster cycle time going to market. It's a good complement for the solutions business, and it's the right time to do it.

如果你看下一張投影片，我們在這裡看到的是——解決方案業務具有巨大的優勢，但需要一段時間才能實現。所以我認為這裡有一個很好的補充，我們的工具和產品能夠為我們帶來短期收入、更小的批量、更廣泛的客戶群、開拓新的市場。我們將討論試劑。第一個套件售價 2,000 美元，科學家可以使用信用卡訂購。這確實使我們能夠縮短產品上市週期。這對於解決方案業務來說是一個很好的補充，而且現在正是實施的最佳時機。

All right. So I'm going to jump in and talk a little bit about our automations offering, and then we'll get to our data points, which is more of a traditional CRO and then finally, reagents. All right. So when I talk to customers about automation, I'd like to show this slide, which is that Ginkgo, in addition to selling automation, has been a user and builder of automation over the last decade as we've been doing these solutions partnerships. And this is where that solutions business really complements life science tools.

好的。因此，我將開始討論我們的自動化產品，然後我們將討論我們的數據點，這更像是一個傳統的 CRO，最後是試劑。好的。因此，當我與客戶談論自動化時，我想展示這張投影片，即 Ginkgo 除了銷售自動化之外，在過去十年中一直是自動化的用戶和建造者，因為我們一直在進行這些解決方案合作。這就是解決方案業務真正補充生命科學工具的地方。

We're almost unique among life science tools vendors in really being primarily doing high-end science using our tools over the last decade, which means we have an enormous amount of familiarity with what's out there in the market, what works and what doesn't. And we built a lot of our in-house tools to fill gaps in what we couldn't get from vendors on the market today, which is what makes our tools business so exciting because when we launch these things, they're immediately stepping into a gap in the market because if it hadn't been a gap, we would have been buying it already from the life science tools companies.

在生命科學工具供應商中，我們幾乎是獨一無二的，因為在過去十年中，我們主要使用我們的工具進行高端科學研究，這意味著我們非常熟悉市場上的產品、什麼有效、什麼無效。我們建立了許多內部工具來填補目前市場上無法從供應商處獲得的空白，這就是我們的工具業務如此令人興奮的原因，因為當我們推出這些東西時，它們會立即填補市場空白，因為如果沒有空白，我們早就從生命科學工具公司購買了。

And so if you go to the next slide, this is what I think is the core challenge if you look across the industry today. So when we talk to life science leaders, heads of R&D and so on. The number one thing you're hearing is there is a demand for more output from the same R&D resources. And this is a combination of factors, sort of economic pressure in the industry over the last three or four years with interest rates up.

所以如果你看下一張投影片，這就是我認為當今整個產業面臨的核心挑戰。因此，當我們與生命科學領袖、研發主管等交談時。您聽到的第一件事就是需要利用相同的研發資源來獲得更多的產出。這是多種因素共同作用的結果，過去三、四年來，隨著利率上升，該行業面臨經濟壓力。

But it's also competition from biotech companies in China, where you're seeing lower cost labor, sort of lower-cost infrastructure and so on, creating pressure on the research infrastructure here in the United States and in Europe and others.

但這也是來自中國生技公司的競爭，中國擁有更低成本的勞動力、更低成本的基礎設施等等，這給美國、歐洲和其他國家的研究基礎設施帶來了壓力。

And so how do you solve that problem? Well, part of the issue from my standpoint is the majority -- the overwhelming majority, 95%-plus of the research work done in the sciences and in commercial biotech and agriculture is done at the lab bench. And that picture on the left is basically what every lab bench looks like if you go into any one of these companies, right?

那麼如何解決這個問題呢？嗯，從我的角度來看，問題的一部分在於大多數——絕大多數，95% 以上的科學、商業生物技術和農業研究工作都是在實驗室完成的。如果你走進其中任何一家公司，左邊的圖片基本上就是每個實驗台的樣子，對嗎？

So there's high pets at the bench. I did my PhD in bioengineering that's five years of picking up one of those pipe pads and moving liquids around working by hand at the bench, buying things from the Thermo Fisher catalog reagents. It's very variable.

所以長椅上有高大的寵物。我獲得了生物工程博士學位，花了五年時間在工作台上手工操作管道墊和移動液體，從賽默飛世爾目錄試劑中購買東西。它的變化非常大。

Like you can do almost anything you want, but you do it at low throughput. And as you do more of it, it does not get cheaper, right? It's not like making cars or making semiconductor chips, whereas you do more, the cost falls per unit, as you do more research, it's just as expensive as the last unit as you do more because it's being done by hand.

就像你幾乎可以做任何你想做的事情，但吞吐量卻很低。而且做得越多，價格並不會越便宜，對嗎？這不像製造汽車或製造半導體晶片，雖然你做得更多，但單位成本會下降，但隨著你做更多的研究，它和上一個單位一樣昂貴，因為它是手工完成的。

So sort of the obvious thing like if you're a tech person, is like, well, let's just automate it, right? Like if we automate it like semiconductors and automobiles, you'll get a much lower cost per unit operation in the lab. And this is even more acute because you're seeing demand around AI for these large data sets.

所以，如果你是技術人員，那麼顯而易見的事情就是，讓我們實現自動化，對吧？如果我們像半導體和汽車一樣自動化，實驗室的單位操作成本就會低很多。而這一點則更加突出，因為你會看到人工智慧對這些大型資料集的需求。

And I'll point out, we are not the only ones thinking this way, like, let's automate it, right? So President Trump put this out just last week, winning the race America's AI action plan. And I would really recommend you read this document. It's great. It's very focused on the actual things to do in order for the United States to make strategic choices in AI.

我要指出的是，我們不是唯一這樣想的人，例如，讓我們實現自動化，對吧？川普總統上週剛提出了這項計劃，贏得了美國人工智慧行動計劃的競賽。我真的建議您閱讀這份文件。這很棒。它非常注重美國在人工智慧領域做出戰略選擇時需要做的實際事情。

And one of the categories is invest in AI-enabled science. And you should read the dock, but I'll just call out 1 specific part where it says through NSF and DOE and so on and other federal partners, there should be an investment in automated cloud-enabled labs.

其中一個類別是投資人工智慧科學。你應該閱讀這份起訴狀，但我只想指出其中的一個具體部分，其中提到透過 NSF、DOE 等其他聯邦合作夥伴，應該對自動化雲端實驗室進行投資。

And what they're saying there with cloud-enabled is think like a data center, right? When we say cloud computing, we think of a big data center that can do lots of different stuff and it's accessible and gets cheaper with scale and improves the technology. Can we make the lab bench more like the data center cloud. That's the provocation from this sort of AI action plan.

他們所說的雲端運算就像是一個資料中心，對嗎？當我們說雲端運算時，我們想到的是一個可以做很多不同事情的大型資料中心，它易於訪問，並且隨著規模的擴大和技術的改進而變得更便宜。我們能否讓實驗台更像資料中心雲。這就是這種人工智慧行動計畫所帶來的挑釁。

And I think we can -- and if we go to the next slide, I'll show you why it's been hard historically in the industry. So on the y-axis here, and this is going to be my like automation nerd out slides so bear with me. So on the y-axis here is a term of art and automation called mix, okay? So a low mix environment is like an automobile plant -- all right? You're making the same car over and over again. It's a low mix of output.

我認為我們可以——如果我們進入下一張幻燈片，我會向你們展示為什麼這個行業在歷史上一直很困難。因此，這裡的 y 軸將是自動化方面的幻燈片，所以請耐心等待。所以這裡的 y 軸上有一個藝術和自動化術語叫做混合，好嗎？因此，低混合環境就像汽車工廠——好嗎？你一遍又一遍地製造同一輛車。這是一種低產出組合。

A high mix of output is like a fine chef at a restaurant, all right? Lots of different orders coming in from the menu, variations, people are requesting all kinds of stuff. You have a common set of tools, but you use it in very different ways to produce different high mix of outputs.

高混合度的產出就像餐廳裡的優秀廚師，好嗎？菜單上有很多不同的訂單，變化多端，人們要求各種各樣的東西。您有一套通用的工具，但您以非常不同的方式使用它來產生不同的高組合輸出。

That chef is very analogous to the scientists at the lab bench today, very analogous, right? They have a common set of tools, common set of equipment on those benches. They're using their hands, and they're doing a very high mix of work. And they are very well served by Thermo Fisher, Danaher and a long tail of equipment and reagent vendors over the last 50 years that are selling them all kinds of stuff to work at that bench, all right?

那位廚師與今天實驗台上的科學家非常相似，非常相似，對嗎？他們在那些工作台上有一套通用的工具和設備。他們用雙手做著各種各樣的工作。在過去的 50 年裡，他們得到了賽默飛世爾科技、丹納赫以及眾多設備和試劑供應商的良好服務，這些供應商向他們出售各種在實驗室工作所需的設備，對嗎？

It actually works pretty good. It just doesn't scale. It really does not get cheaper with scale, and that's what we're seeing with the increasing price per new drug discover and everything else. All right.

它確實效果很好。它只是無法擴展。事實上，規模擴大並不會降低成本，這就是我們看到的每款新藥的研發成本以及其他所有成本的上漲。好的。

On the other hand, on the low mix side, more like an auto plant and a high throughput on the x-axis, we have what we call automation work cells, and I'll show you a picture of one in a second. But these are where automation has been used in life sciences today, things like high throughput screening and compound management, places where diagnostics you're doing the same protocol over and over and over again.

另一方面，在低混合方面，更像是汽車工廠，x 軸上的吞吐量很高，我們有所謂的自動化工作單元，我馬上給你看一張圖片。但這些都是自動化在當今生命科學中被應用的地方，例如高通量篩選和化合物管理，在這些地方，診斷需要一遍又一遍地執行相同的協議。

And their automation does work great in the lab. And there's companies like Thermo Fisher and high-res biosolutions that will sell you these customized work cells. The trouble is they just do those one or two protocols. They don't have anywhere near the flexibility of the bench.

他們的自動化技術在實驗室中確實發揮了很好的作用。還有像 Thermo Fisher 和 high-res biosolutions 這樣的公司會向您出售這些客製化的工作單元。問題是他們只執行一兩個協定。他們的靈活性遠不及替補席。

And so the question is, can we get to high mix, high throughput or at least like media mix, medium throughput, something that's closer to the bench, but sees a scale economic. And that's what we're trying to achieve with Ginkgo automation, we believe is possible with our reconfigurable automation carts, our RACs and our software on top of them. And so I'm going to talk a little bit more about that.

所以問題是，我們能否實現高混合、高吞吐量，或至少像媒體混合、中等吞吐量那樣更接近基準，但又具有規模經濟性。這就是我們試圖透過 Ginkgo 自動化實現的目標，我們相信透過我們的可重構自動化推車、我們的 RAC 以及我們基於它們的軟體可以實現這一目標。因此我將進一步討論這一點。

So to give you some context, on the slide here, you can see a picture of -- if you go to the next slide, Workcell. And so this is that traditional low mix high throughput automation works on. This is actually one that we got built for Gateway, right? And those two white towers in the middle are robotic arms. They can pick up a plate and move it to all the various benchtop lab equipment that's jammed into that thing.

為了給您一些背景信息，在這張幻燈片上，您可以看到一張圖片——如果您轉到下一張幻燈片，Workcell。這就是傳統低混合高吞吐量自動化的工作原理。這實際上是我們為 Gateway 建造的，對嗎？中間的兩座白色塔是機械手臂。他們可以拿起一個盤子並將其移動到塞進那個東西的各種桌上型實驗室設備上。

You can see everything kind of stuck in there and all top of each other and everything else. If it's not obvious, that is a very custom object, okay? It's not standardized. It is built just for you, right? And it has a relatively low return on investment because the entire value of that work cell has to be justified by the one or two lab protocols that it's able to conduct, right?

你可以看到所有東西都卡在那裡，並且互相重疊。如果不明顯的話，那是一個非常自訂的對象，好嗎？它不是標準化的。它是專為您而建的，對嗎？而且它的投資報酬率相對較低，因為該工作單元的整個價值必須透過它能夠執行的一兩個實驗室協議來證明，對嗎？

And that means that, back to my comment earlier, 95% of the lab work is happening at the bench, and less than 5% is happening on work cells like this because it's only the most repeatable work that can justify that return on investment.

這意味著，回到我之前的評論，95％的實驗室工作是在工作台上進行的，只有不到5％是在像這樣的工作單元上進行的，因為只有最可重複的工作才能證明投資回報是合理的。

So if you go to the next slide, this is our solution to that. They're reconfigurable automation cart. This is technology invented at Ginkgo. We've been building this up over the last 10 years. There is a -- in this box basically is a piece of lab equipment. You can see an orange center fuse there inside the box, in the cart. There's a robotic arm, and there's a piece of Magna Motion track.

所以如果你看下一張投影片，這就是我們的解決方案。它們是可重新配置的自動化推車。這是 Ginkgo 發明的技術。過去 10 年來我們一直在建立這個體系。這個盒子裡基本上是一件實驗室設備。您可以在購物車的盒子裡面看到一個橘色的中心保險絲。有一個機械手臂，還有一段 Magna Motion 軌道。

And what this tRAC does is allows you to deliver a plate of 96 or 384-well plate to that robotic arm, the robotic arm picks up the plate, puts it on to the piece of lab equipment, and we have, I'll show you in a minute, now 50-plus lab equipment integrated, puts it on the equipment and the software tells the equipment run your experiment. And when it's done, the arm picks up the plate and puts it onto the track.

tRAC 的作用是讓你將一塊 96 孔或 384 孔板傳送到機械臂上，機械臂拾起該板，將其放在實驗室設備上，我們馬上會向你展示，現在集成了 50 多種實驗室設備，將其放在設備上，軟體會告訴設備運行你的實驗。完成後，手臂拾起盤子並將其放到軌道上。

And what's great about this is once that custom piece of equipment is inside this box and we integrate directly with the equipment to our software, it's now basically like a standard unit, all right?

這樣做的好處是，一旦定制的設備放在這個盒子裡，我們就可以直接將設備與我們的軟體集成，它現在基本上就像一個標準單元，好嗎？

And if you go to the next slide, you can see we can stitch these together, we put unit, unit, unit. And we've now connected three pieces of lab equipment all into one setup. And we can move the plates among those equipment on that magnetic track. And with the arms, we can deliver the samples to the equipment, and it all just works if it's on that integrated setup.

如果你翻到下一張投影片，你會看到我們可以將它們拼接在一起，我們將單位、單位、單位放在一起。現在我們已將三台實驗室設備全部連接到一個裝置。我們可以透過磁軌在這些裝置之間移動板塊。透過這些機械手臂，我們可以將樣品運送到設備上，只要採用這種整合設置，一切就可以正常進行。

And we have now like I said, 50-plus pieces of equipment. They're not all shown here, integrated into these setups, and we're adding more every day. If a customer wants a new piece of bench equipment inside our setup, we do that at our cost, and then have it integrated in the future for future customers, okay?

正如我所說，我們現在有 50 多件設備。它們並非全部顯示在這裡，而是整合到這些設定中，而且我們每天都在添加更多內容。如果客戶想要在我們的設備中添加新的桌上型設備，我們會自費添加，然後在未來為未來的客戶整合該設備，好嗎？

And you can put together many of these is a picture of our lab. If you go the next slide here in Boston, and again, unique among automation vendors. We use our own automation in a BSL two labs. This is a 20-plus RAC setup. And inside it, you have all these different pieces of equipment. And you can, again, run protocols that connect any piece of equipment to any other piece of equipment in that setup.

你可以把這些照片放在一起，這就是我們實驗室的照片。如果您看一下波士頓的下一張投影片，您會發現它在自動化供應商中是獨一無二的。我們在 BSL 兩個實驗室中使用我們自己的自動化設備。這是一個 20 多個 RAC 設定。裡面有各種各樣的設備。而且，您可以再次執行將任何裝置連接到該設定中的任何其他裝置的協定。

You go to the next slide. This modularity is really exciting. Customers are loving it. This is just offset a few vendor trade shows. I really like the picture up on the top right. Recursion had an event at JPMorgan, they invited us to come and we actually set our RAC system of like a five cart system in an afternoon and had it running for the cocktail party, all right?

轉到下一張投影片。這種模組化確實令人興奮。顧客們都很喜歡它。這只是抵銷了一些供應商貿易展的影響。我真的很喜歡右上角的圖片。Recursion 在摩根大通舉辦了一場活動，他們邀請我們去，我們實際上在一個下午就設置好了我們的 RAC 系統，就像一個五車系統，並在雞尾酒會上運行它，好嗎？

So the ability to quickly build the system and then very importantly, expand the system is unique to our hardware. If you're building that kind of rude Goldberg machine with the arms in the middle and everything else, that is a custom job that takes a long time to do, and it's again built one-off for the customer. With this, we can really print these cards and allows customers to quickly scale their infrastructure.

因此，快速建構系統，然後非常重要的是擴展系統的能力是我們硬體所獨有的。如果你正在建造那種粗糙的戈德堡機器，其機械手臂位於中間，其他所有部件也都位於中間，那麼這就是一項需要花費很長時間才能完成的定制工作，而且它又是為客戶一次性建造的。有了它，我們就可以真正列印這些卡片，並允許客戶快速擴展他們的基礎設施。

And if you go to the next slide, we have a great existence proof of this, which is our setup that we've been using at Ginkgo to do research work for customers over the last several years. So you can see here highlighted in blue, a number of pieces of equipment that were originally put on our setup for next-gen sequencing crap of samples, okay? And so having all those on that setup allows a sample to get prepared and go on to our sequencers.

如果您看下一張投影片，我們有一個非常好的存在證明，這就是我們在 Ginkgo 過去幾年中一直使用的為客戶進行研究工作的設定。所以您可以看到這裡用藍色突出顯示的幾台設備，這些設備最初是放在我們的裝置上用於對樣本進行下一代測序的，好嗎？因此，將所有這些設置在一起可以使樣本做好準備並進入我們的定序儀。

That was the original investment. That was the ROI. We're going to do tons of next-gen sequencing, so that justify it. But then very importantly, our side just came along. And go to the next slide, they requested a protein quantification asset. It's a high bid assay from made by a company called Promega, and they wanted to run this at high throughput instead of at the bench.

那是最初的投資。這就是投資報酬率。我們將進行大量的下一代定序，所以這證明是合理的。但非常重要的是，我們這邊才剛趕到。轉到下一張幻燈片，他們要求提供蛋白質量化資產。這是由一家名為 Promega 的公司製作的高價檢測試劑，他們希望以高通量而不是在工作台上進行該檢測。

And so we developed a protocol that would be 7,600 samples in six hours like a very high throughput protocol. And if you look, and we want to now add this to the RACs on the next slide, we were able to reuse now the blue on here, our machines from the NGS protocol that are relevant to the hybrid vertical. So we don't need to buy those again.

因此，我們開發了一個協議，可以在六小時內採集 7,600 個樣本，就像一個非常高吞吐量的協議。如果你看一下，我們現在想將其添加到下一張投影片的 RAC 中，我們現在可以重複使用這裡的藍色，也就是與混合垂直相關的 NGS 協定中的機器。所以我們不需要再購買那些。

They're already on the setup. In fact, in order to add this Hygo protocol, we only had to add the Ferro star, that one pink highlighted piece of equipment at the top was added in order to enable a whole new protocol. So that's the ROI, right? Like we had to just add one piece of equipment and all this existing investment and these things -- these work cells and things can cost $1 million-plus when you make the one-off and you can't expand it by adding just one cart to this, we're able to have it do a whole other protocol.

他們已開始準備。事實上，為了添加這個 Hygo 協議，我們只需要添加 Ferro 星，在頂部添加了一個粉紅色突出顯示的設備以啟用全新的協議。這就是投資報酬率，對嗎？就像我們只需要添加一件設備和所有現有的投資和這些東西 - 這些工作單元和東西在一次性生產時可能要花費 100 多萬美元，而且你不能通過只添加一輛手推車來擴展它，我們可以讓它執行一整套其他協議。

And then importantly, as you add enough carts, it costs no more to do more protocols. It's just software changes because you have enough equipment in one big setup in order to make that possible. And this is -- if you go to the next slide, what I'm really excited. I think this is the direction that the US government is headed with these cloud-enabled labs.

然後重要的是，當您添加足夠的購物車時，執行更多協議的成本就不會增加。這只是軟體上的變化，因為你在一個大型設定中擁有足夠的設備來實現這一點。這是——如果你看下一張投影片，我真正興奮的是。我認為這是美國政府利用這些雲端實驗室所邁出的方向。

This is the direction that I think heads of R&D absolutely have to have on their radar if they're looking to reduce research costs, which is to have many, many, many pieces of equipment, all in one big setup that can basically do whatever protocol you want in the future.

我認為，如果研發主管想要降低研究成本，他們絕對必須注意這個方向，即在一個大型裝置中安裝許多許多台設備，基本上可以執行將來所需的任何協議。

And this is a setup we just announced a week ago that we had nearly complete for Pacific Northwest National Labs. It's an 18 piece of equipment set up. And what's really amazing about this, if you go to the next slide, it is all of our sort of like arms and tracks are inside of anaerobic chambers for the system. So this is an environment that humans can't go in. It's air free. So it's really difficult. You see those like ARM things.

這是我們一週前剛宣布的，太平洋西北國家實驗室的設置已基本完成。這是一套由 18 件設備組成的裝置。真正令人驚訝的是，如果你看下一張幻燈片，我們所有的手臂和軌道都在系統的厭氧室內。所以這是一個人類無法進入的環境。不含空氣。所以真的很難。你會看到那些類似 ARM 的東西。

Normally, people are doing experiments with their hands in glove boxes and all this crazy stuff. Instead here, those arms are really just to service the equipment that you see on this setup and all the samples that are going to move among the equipment are going to run through our automation.

通常，人們會把手放在手套箱裡做實驗等等。相反，在這裡，這些臂實際上只是為了維護您在該裝置上看到的設備，並且所有在設備之間移動的樣品都將通過我們的自動化運行。

And if you go to the next slide, we believe this is the largest automated anaerobic system in the world now. Really excited about the Department of Energy investing in this. I think it's exactly what the President is looking for in the next slide and these sort of cloud-enabled labs initiatives.

如果您看下一張投影片，我們相信這是目前世界上最大的自動化厭氧系統。真的很高興看到能源部對此進行投資。我認為這正是總統在下一張投影片和這類雲端實驗室計畫中所尋找的。

And so I think you will see more of this and really excited about this. I think Ginkgo's technology is perfect for this. And by the way, I think 18 instruments in one setup is going to be looked at as small in the future. Really, we should have 100, 200 instruments all in one big setup that allows you to ultimately submit protocols to do anything you could do at the bench.

所以我認為你會看到更多這樣的情況，並且對此感到非常興奮。我認為 Ginkgo 的技術非常適合這一點。順便說一句，我認為將來在一個裝置中配備 18 台儀器將會被視為小型儀器。實際上，我們應該在一個大型裝置中配備 100 到 200 台儀器，這樣您就可以最終提交協議來完成您可以在工作台上完成的任何事情。

And that ultimately -- we're not there yet. There's a lot of technology between here and there. But that's really the dream here is to be able to have that same level of flexibility or something near it but with the scale economic of automation. And that is absolutely essential if we're going to have AI-enabled science without question. It's just not going to happen at the lab bench.

最終，我們還沒有到達那一步。這裡和那裡之間有很多技術。但我們真正的夢想是能夠擁有相同或接近的靈活性，但同時又具有自動化的規模經濟性。如果我們要毫無疑問地實現人工智慧科學，這一點是絕對必要的。這種事在實驗台上是不會發生的。

All right. One more thing on this. The software side, I'm not going to be able to dig in today, but I'm excited to tell you more about it in the future. I will just say for customers that are tuning in, Ginkgo has been doing lab in the loop AI-enabled science, having reasoning models, interacting with this robotics, really, really cool stuff. We'd love to share it with you.

好的。關於這一點還有一件事。關於軟體方面，我今天無法深入探討，但我很高興將來能告訴你們更多相關資訊。我只想對正在收聽節目的客戶說，Ginkgo 一直在實驗室內進行人工智慧科學研究，擁有推理模型，與機器人互動，真的非常酷。我們很樂意與您分享。

And we have the whole both -- obviously, the hardware I spoke a lot about today. But importantly, the software stack, the modern APIs cloud-based software, everything that makes that all really feasible. MCP servers accessing all these equipment. So if you're really ahead of AI looking to bring that into your biotech company, you should give us a call, both for the hardware and the software layer.

我們擁有全部——顯然，我今天談論了很多硬體。但重要的是，軟體堆疊、現代 API、基於雲端的軟體，一切都使這一切真正可行。MCP 伺服器存取所有這些設備。因此，如果您真的在人工智慧方面領先一步，並希望將其引入您的生物技術公司，那麼您應該給我們打電話，包括硬體和軟體層面。

So that's much I want to say about automation, but I really see that as being extremely strategic for Ginkgo going into 2026. And as we've gotten our costs were under control, you're going to hear me go more in this direction, right? It's going to be more about what can we invest in for growth in the future. And one of those big areas is going to be automation in AI.

關於自動化，我想說的就這麼多，但我確實認為這對 Ginkgo 邁向 2026 年具有極其重要的戰略意義。隨著我們的成本受到控制，您會聽到我朝這個方向做出更多努力，對嗎？更重要的是我們可以投資什麼來促進未來的成長。其中一個重要領域就是人工智慧自動化。

Beyond that, I want to talk about our push into the CRO services market. We called the skin go data points. We have a number of different services now, perturbation response profiling, specialized high throughput screening, antibody developability, which I've talked about before, but we just launched our small molecule developability or ADM service. And you can do lots of different things with these services. They are available, just to be clear, there's no royalty. There's no milestone.

除此之外，我想談談我們進軍CRO服務市場的狀況。我們把皮膚稱為數據點。我們現在有許多不同的服務，擾動反應分析、專門的高通量篩選、抗體可開發性，我之前已經談過，但我們剛剛推出了小分子可開發性或 ADM 服務。您可以使用這些服務做很多不同的事情。它們是可用的，只是要明確一點，沒有版稅。沒有里程碑。

It's just like engaging with a CeralikeaWuxi or whoever fee-for-service basis, you own all the IP and data as the customer. But we're able to do this at very large scale because of our automation expertise.

這就像與 CeralikeaWuxi 或任何按服務收費的公司合作一樣，作為客戶，您擁有所有 IP 和資料。但由於我們擁有自動化專業知識，因此我們能夠大規模地做到這一點。

And so one of the things I'm really excited about, we announced this in the press release of the ADME service, is if you have a quote from another vendor in the CRO space, like, for example, a Chinese vendor and you want to onshore that back here to the United States, just use the quote. We're happy to meet it, and that goes for ADME, but generally, you should set us the quote anyway. We're happy to see it across any of our services and meet vendors. And so please do keep that in mind if you're looking at data points.

因此，我真正興奮的事情之一就是，我們在 ADME 服務的新聞稿中宣布了這一點，如果您有來自 CRO 領域其他供應商的報價，例如，一家中國供應商，並且您想將其帶回美國，只需使用該報價即可。我們很高興滿足您的要求，這對 ADME 來說也是如此，但一般來說，您還是應該給我們報價。我們很高興看到它出現在我們的任何服務和供應商中。因此，如果您正在查看數據點，請記住這一點。

This is why I'm excited about data points in the long run. I think it is exciting to go after the traditional CRO market. I think there's good business there. It's also not that high throughput. A lot of it places like Wuxi have done has basically gotten cheaper hands at the bench and then offer that as a service.

這就是為什麼我對長期數據點感到興奮。我認為進軍傳統 CRO 市場是一件令人興奮的事情。我認為那裡的生意很好。它的吞吐量也不是那麼高。很多地方，例如無錫，基本上都是以更便宜的價格僱用技工，然後將其作為一種服務來提供。

So like that buys us whatever, 40% cost reduction on the big problem of reducing R&D and getting scalability, but then it kind of runs out because it's just not getting cheaper. I think, across the board, if we want to get cheaper, the answer is automation. And so Ginkgo has been doing this work really in an automated fashion, and that allows some unique offerings to customers.

因此，無論怎樣，這都能為我們帶來好處，在減少研發和獲得可擴展性的大問題上，我們可以降低 40% 的成本，但隨後成本就會耗盡，因為成本並沒有變得更便宜。我認為，如果我們想降低成本，答案就是自動化。因此，Ginkgo 一直以自動化的方式進行這項工作，並為客戶提供一些獨特的服務。

So I'll just highlight this funnel here, where this is traditional drug discovery, you're going to identify its target. Then you're going to run some high throughput screen maybe on a robotic setup, maybe in some sort of pooled assay in the lab. Either way, you're going to screen a bunch of lab work to pick a few hits.

所以我只想強調這個漏斗，這是傳統的藥物發現，你要確定它的目標。然後，您將在機器人裝置上執行一些高通量篩選，也可能在實驗室中進行某種匯集分析。無論哪種方式，您都需要篩選大量實驗室工作來挑選出一些結果。

And then you're going to take those hits into a much more expensive series of experiments in order to validate if they're good drugs, all right? And it's those set of more expensive experiments that we've been focusing on trying to make high throughput on our automation at Ginkgo and offer as a service through data points.

然後，你要對這些藥物進行一系列更昂貴的實驗，以驗證它們是否是好藥，好嗎？我們一直專注於進行這些更昂貴的實驗，試圖在 Ginkgo 的自動化上實現高吞吐量，並透過數據點提供服務。

And what's exciting about that, for example, say, antibody developability, you find these binders, which you can do at a high throughput really cheap. But then you got developability and it's expensive. Is it soluble? Is it immunogenic. These are things that you have to do these more expensive experiments. And so you only try them on your top hits and you kind of cross your fingers.

令人興奮的是，例如，抗體的可開發性，你會發現這些結合劑，你可以在高通量下非常便宜地完成。但這樣一來，可開發性就變得昂貴了。它可溶嗎？它是否具有免疫原性？這些都是你必須進行更昂貴的實驗的事情。因此，您只需在最熱門的歌曲上嘗試它們，然後祈禱好運。

What we are able to do with our throughput is let you apply those developability assays back much earlier in your hit finding so that you look at a much wider range of potential candidates against not just whether they bind, but also are they developable.

利用我們的吞吐量，我們可以讓你在發現命中化合物時更早地應用這些可開發性分析，這樣你就可以查看更廣泛的潛在候選化合物，不僅要看它們是否結合，還要看它們是否可開發。

And if you generate enough of this data, maybe we can even have computational models and AI that can predict developability. And so that's where we're seeing a lot of excitement. That's kind of our niche to get off the ground in the CRO space. And this is the DPM TA, the design, predict, make, test, analyze cycle in pharmaceuticals. We're really focusing on scaling up that test step for these high complexity assays.

如果你產生足夠的數據，也許我們甚至可以擁有可以預測可開發性的計算模型和人工智慧。這就是我們看到的令人興奮的事情。這是我們在 CRO 領域起步的利基市場。這就是 DPM TA，也就是製藥領域的設計、預測、製造、測試、分析週期。我們真正關注的是擴大這些高複雜性分析的測試步驟。

And I think that's something we're very, very good at at Ginkgo. So you should expect us to launch more products. And this is just that ADME service, kind of start to finish, project scoping, chemical library and so on. I will highlight we're using EchoMS, Echo mass spec, to do that sort of high quality, but also high throughput. Actually, that's what allows us to get cost that can really compete with doing it with low-cost labor overseas.

我認為這是我們 Ginkgo 非常擅長的事情。所以您應該期待我們推出更多產品。這只是 ADME 服務，從開始到結束，專案範圍界定，化學庫等等。我要強調的是，我們正在使用 EchoMS、Echo 質譜來實現這種高品質和高通量。實際上，這使我們能夠獲得與海外低成本勞動力真正競爭的成本。

All right. Last but not least, I want to talk about reagents. I'm super excited about this. I'm always excited when I see Ginko move into a new market area because if we do pick up traction there, there's sort of like a lot of clear vistas in front of you to get into. So this is our first reagent product.

好的。最後但同樣重要的是，我想談談試劑。我對此感到非常興奮。當我看到 Ginko 進入一個新的市場領域時，我總是很興奮，因為如果我們在那裡獲得發展動力，那麼眼前就會有很多清晰的前景。這是我們的第一個試劑產品。

And just to understand kind of the theory here. Again, over the last decade, Ginkgo has been a big, big consumer of life science tools. We have bought barrier services. We have bought a ton of equipment like those custom work cells I mentioned, and we bought a lot of reagents. And where we can get something great on the market, we'll use it.

只是為了了解這裡的理論。再說一次，在過去的十年裡，銀杏一直是生命科學工具的巨大消費者。我們已經購買了護欄服務。我們購買了大量的設備，例如我提到的那些客製化工作單元，也購買了大量的試劑。只要我們在市場上能找到好東西，我們就會利用它。

But what we found is there are certain gaps in areas that were important, maybe very important to us for our cell engineering that weren't widely available or the products weren't really up to our level that we needed on the market.

但我們發現，在一些對我們很重要、甚至非常重要的領域存在著某些差距，這些領域對於我們的細胞工程來說還沒有廣泛應用，或者產品還沒有達到我們在市場上所需的水平。

And so in those areas, over the last decade, we developed our own stuff. We just never sold it to anyone because it was part of our solutions offering, and we kind of wanted to keep it proprietary. So what's really fun here in age is we're getting to launch a bunch of these, what had previously been in-house assets at Ginkgo. And in fact, we had Ginkgo employees who left, went to other companies and were like, will you just like give me that reagent or thing we used to have at Ginkgo because I want it? And so we heard that enough time that we decided we would manage we'll try to sell it.

因此，在過去十年中，我們在這些領域開發了自己的產品。我們從未將其出售給任何人，因為它是我們解決方案的一部分，我們希望保持其專有性。因此，真正有趣的是，我們將推出一系列以前屬於 Ginkgo 內部資產的產品。事實上，我們有 Ginkgo 員工離開，去了其他公司，他們說，如果我想要 Ginkgo 曾經擁有的試劑或東西，你們能給我嗎？所以我們聽說了足夠的時間，我們決定設法將其出售。

And so this is our first product that cell-free protein synthesis. So cell-free protein synthesis is basically -- instead of if you want to produce a lot of protein, taking your gene of interest and moving it into a live cell like an e-coli or east and then growing that live cell, producing the protein and extracting it.

這是我們的第一款無細胞蛋白質合成產品。因此，無細胞蛋白質合成基本上是——如果你想生產大量蛋白質，就將你感興趣的基因轉移到活細胞（如大腸桿菌或東方）中，然後培養該活細胞，生產蛋白質並提取它。

Instead, you start with the live cells like the e-coli, you grow a bunch up, you pop them open, you like them, you take the contents out, you make that into your reagent. Then you add the DNA straight to that reagent mix and it's got all the components of the cell. It's just not alive.

相反，你從大腸桿菌這樣的活細胞開始，培育一堆，打開它們，喜歡它們，取出裡面的東西，然後把它們製成試劑。然後將 DNA 直接加入試劑混合物中，它就含有細胞的所有成分。它只是沒有生命而已。

And so it will make protein. Now there's some downside that the cell keeps everything in a little small container, so it had like a high density, which is helpful for production. But you don't have this extra step of growing the cells and everything else. So for a number of applications, cell-free really does stand out, and we had a lot of those applications, I can't go.

這樣它就會產生蛋白質。現在有一個缺點，那就是電池將所有東西保存在一個小容器中，因此它具有高密度，這有助於生產。但是你不需要進行細胞培養和其他一切的額外步驟。因此，對於許多應用來說，無細胞確實很突出，而且我們有很多這樣的應用，我不能不提。

So we have -- our product here has twice the yields for half the cost compared to market leaders for certain protein constructs, and you can get $2,000, you can get a $10 million kit, which is a great offer on the market today. And in fact, we launched this just last week. We've already got some early sales, which makes me very excited. But importantly, we also had like a free sample. So we have over 100 people have requested samples.

因此，與某些蛋白質結構的市場領導者相比，我們的產品產量是後者的兩倍，成本卻只有後者的一半，您只需花費 2,000 美元，就可以獲得價值 1,000 萬美元的套件，這在當今市場上是一個很棒的報價。事實上，我們上週才剛推出這個功能。我們已經取得了一些早期銷售，這讓我非常興奮。但重要的是，我們還有免費樣品。因此，我們有超過 100 人要求提供樣品。

And what I think is just -- I wanted to highlight was a large fraction of that was actually in the academic research market. This is a market that Ginko has basically never sold anything to until selling a kit recently because we haven't had anything to offer. They're obviously not going to outsource research to us. That's really like all they do for a living. So our solutions business never made sense.

我認為——我想強調的是，其中很大一部分實際上是在學術研究市場。這是 Ginko 基本上從未向其銷售過任何東西的市場，直到最近才銷售了一套套件，因為我們沒有任何東西可以提供。他們顯然不會將研究外包給我們。這確實就像他們謀生的全部工作。因此我們的解決方案業務毫無意義。

And then we had a certain scale of CRO services with data points that were really pointed at the commercial market. So I'm pretty excited to see this. I think the academic research market has been a huge market for life science tools companies like the sequencing companies and companies like Thermo Fisher. So us being able to get into that market here with reagents is very exciting.

然後，我們有了一定規模的 CRO 服務，其數據點真正針對商業市場。所以我很高興看到這一點。我認為學術研究市場對於生命科學工具公司（如定序公司和賽默飛世爾科技等公司）來說是一個巨大的市場。因此，我們能夠帶著試劑進入這個市場是非常令人興奮的。

Okay. So that was kind of what I want to walk through, again, big takeaways. We're coming in a quarter early on that cost takeout target. That's very strategically important. We've done that with a good amount of cash and margin of safety still in the bank, that $474 million in cash equivalents and no bank debt.

好的。這就是我想要再次闡述的重點。我們提前一個季度實現了成本削減目標。這具有非常重要的戰略意義。我們做到了這一點，因為銀行裡仍有大量現金和安全邊際，即 4.74 億美元的現金等價物，而且沒有銀行債務。

That sets us up very well to look to the future. and we are doing that. So you'll see and hear more from us on the life science tool space, I shared some of that today, but expect inco to really be focused on growing into 2026 from here on out. So super excited to hear your questions, and thanks very much for your time.

這為我們展望未來做好了充分準備。我們正在這樣做。因此，您將在生命科學工具領域看到和聽到更多我們的消息，我今天分享了其中的一些內容，但預計從現在開始，inco 將真正專注於 2026 年的成長。非常高興聽到您的問題，非常感謝您抽出時間。

(Conference Instructions) Thanks, everyone. All right. Getting started. We'll start with a question from x.com, I confess I'm not sure how to pronounce it, so I'll read the whole user name out for you. Why EPINY471. And so this question is about automation.

（會議指示）謝謝大家。好的。入門。我們將從 x.com 的一個問題開始，我承認我不確定如何發音，所以我會為您讀出整個用戶名。為什麼是 EPINY471。所以這個問題是關於自動化的。

Could you please share whether Ginkgo Automation is expected to become a primary driver of the company's revenue. And I ask if Ginkgo is considering acquiring additional companies in the near future? Could you elaborate on the strategic significance of Ginkgo RNA solutions for the company?

您能否分享一下銀杏自動化是否有望成為公司收入的主要驅動力。我問銀杏是否考慮在不久的將來收購其他公司？能詳細說明一下銀杏RNA解決方案對公司的策略意義嗎？

Sure. I can take that one. So yes, it's going to a question about automation. The -- obviously, we spent a lot of time about this on the earnings call. I do think automation is going to be a huge part of our future business.

當然。我可以接受那個。是的，這是一個關於自動化的問題。顯然，我們在財報電話會議上花了很多時間討論這個問題。我確實認為自動化將成為我們未來業務的重要組成部分。

And I tried to convey this idea that what we're really trying to solve for with our technology is general purpose automation. -- right? And the market for general purpose automation, we think ultimately is something like the market for the lab bench, right? The lab bench has been the general purpose kind of like platform for doing laboratory work. And there's obviously lots of ways to sell things into the lab benches reagents, consumables, benchtop equipment, services and so on.

我試著傳達這樣的想法：我們真正試圖用我們的技術解決的是通用自動化問題。 ——對嗎？我們認為通用自動化市場最終類似於實驗台市場，對嗎？實驗台是進行實驗室工作的通用平台。顯然，有很多方法可以將試劑、消耗品、桌上型設備、服務等銷售到實驗室工作台上。

And so the real question is, are we able technologically to make automation as general as a lab bench or even somewhere along that arc? If so, then yeah, it will be the majority of our business in the future if we can pull that off because the lab bench has been such a huge market and the life science tools space. So that's what we're going to see. I'm certainly optimistic that we could pull that off.

所以真正的問題是，我們是否能夠在技術上使自動化變得像實驗台一樣通用，甚至達到類似的程度？如果是這樣，那麼是的，如果我們能夠實現這一點，這將成為我們未來的主要業務，因為實驗台是一個巨大的市場和生命科學工具空間。這就是我們將要看到的。我當然樂觀地認為我們能夠實現這一目標。

But yes, absolutely, like automation, writ large, when it is that generic absolutely would be, I think, ultimately, that the majority of the revenue of the company would flow through something like that automated bench.

但是的，絕對的，就像自動化一樣，廣義上講，當它變得通用時，我認為，最終，公司的大部分收入將流經類似自動化工作台的東西。

You asked about acquisitions. Also, we don't have anything immediately planned. It's a tough market for life science right now, life science tools in particular as well. So there are things kind of popping up on the market all the time. If something was a really great fit and a good opportunity you might see us do it, but nothing immediately planned. And then, well, the last thing was RNA solutions. Is that right?

您詢問了有關收購的情況。此外，我們目前還沒有任何計劃。目前，生命科學市場競爭激烈，生命科學工具市場尤其如此。所以市場上總是會出現各種各樣的東西。如果某件事確實很合適並且是一個很好的機會，你可能會看到我們去做，但不會立即制定計劃。然後，最後一件事是 RNA 解決方案。是嗎？

Yes. So we announced -- I didn't talk about this on the earnings call. We announced a product called RNA solutions. Best way to think about this is taking some of our expertise in the solution space. So like a solutions project, again, is a customer outsources a whole usually like a six-month, a three-year R&D partnership.

是的。所以我們宣布——我沒有在財報電話會議上談論這個。我們發布了一款名為 RNA 解決方案的產品。思考這個問題的最佳方法是利用我們在解決方案領域的一些專業知識。因此，就像解決方案專案一樣，客戶通常會將整個專案外包，例如為期六個月或三年的研發合作。

Our scientists are doing the work using all the tools available at Ginkgo to deliver ultimately a scientific result to the customer, maybe it's a better drug candidate or a new agricultural product, whatever. As part of that, we have a whole bunch of kind of capabilities in there. And some of them, like I was mentioning, we can turn into a reagent. Some of them are turning into hardware products and some of them we can turn into services.

我們的科學家正在利用銀杏的所有可用工具來開展工作，最終為客戶提供科學成果，也許是更好的候選藥物或新的農產品，等等。作為其中的一部分，我們擁有大量的功能。正如我所提到的，我們可以將其中一些轉化為試劑。其中一些正在轉化為硬體產品，而另一些則可以轉化為服務。

And so with data points, we're doing that in a few specific areas. But RNA solutions is an example of us offering a service like that, radiating out of our work, doing RNA discovery. You might remember I had partnerships with places like Pfizer and others doing that. So that's just us turning that into a kind of off-the-shelf service. So I'm excited to see that. I think there's more things like that in the solutions business at Ginkgo. So expect to see more things like that.

因此，利用數據點，我們可以在幾個特定領域做到這一點。但 RNA 解決方案就是我們提供此類服務的一個例子，它以我們的工作為中心，進行 RNA 發現。您可能還記得，我曾與輝瑞等公司合作。所以這只是我們將其轉變為現成的服務。所以我很高興看到這一點。我認為 Ginkgo 的解決方案業務中還有更多類似的事情。所以期待看到更多類似的事情。

I have a another email question which I can get to in the meantime while we're waiting. So this is from Brendan with TD Cowen. There's two questions.

我還有另一個電子郵件問題，在等待期間我可以處理它。這是來自 TD Cowen 的 Brendan 的報導。有兩個問題。

I know folks, there's like a whole bunch of earnings calls today. So we had some folks tell us that they were going to be able to make it. So we apologize for scheduling it on top of everyone else, we'll try to do better next quarter. But yes, go ahead, be great here.

我知道各位，今天有很多財報電話會議。因此，有些人告訴我們，他們能夠做到這一點。因此，我們很抱歉將它安排在其他所有人之前，我們將努力在下個季度做得更好。但是是的，繼續吧，在這裡做得很好。

Sure, sure, yes. Okay. So the first question is, could you provide some more color into your ADME data generation software. And are you planning to develop any of your own models on the generated ADME data as a separate build-out for customers? And how does the meter beat pricing work in terms of licensing over the course of a contract's lifetime? And are you pushing the service to any partners that have their own RAC systems.

當然，當然，是的。好的。所以第一個問題是，您能否為您的 ADME 資料產生軟體提供更多詳細資訊。您是否計劃在生成的 ADME 資料上開發自己的模型，作為客戶的單獨擴展？那麼在合約有效期限內，授權方面的計量定價是如何運作的呢？您是否向擁有自己的 RAC 系統的任何合作夥伴推廣該服務？

Okay. So maybe I'll go in reverse order and then maybe you'll give me that first one again, help me out. So on the RAC systems -- yes, I mean, one of the things I'm excited about is having us demonstrating capabilities through our service offerings on the RAC hardware at Ginkgo in Boston. And then if a customer wanted to have that infrastructure in-house, and there can be a lot of reasons for that. Maybe they want to apply the technology against a cell line that's very proprietary that they don't like to have lead the building or whatever. There's lots of reasons you could imagine it.

好的。所以也許我會以相反的順序進行，然後也許你會再次給我第一個，幫助我。因此在 RAC 系統上——是的，我的意思是，令我興奮的事情之一是我們透過位於波士頓的 Ginkgo 的 RAC 硬體上的服務產品來展示其功能。然後，如果客戶希望在內部擁有該基礎設施，那麼可能有很多原因。也許他們想將這項技術應用於一種非常專有的細胞系，而他們不喜歡主導這種細胞系的建設或其他什麼。您可以想像有很多原因。

We would have kind of proven that technology out on the RAC modular automation hardware. And the great thing about that hardware is, I can just install those systems at your site and the protocols should run the same as they run for me. right? And this is the advantage of Ginko having a bio lab, where we run our own automation and we do these high-throughput services, it does mean that we can actually kind of lift and shift those services right onto your premises if you want them.

我們會在 RAC 模組化自動化硬體上證明該技術。該硬體的優點在於，我只需在您的網站上安裝這些系統，並且協議的運作方式就應該與我的相同，對嗎？這就是 Ginko 擁有生物實驗室的優勢，我們在其中運行自己的自動化系統並提供這些高通量服務，這確實意味著如果您需要，我們實際上可以將這些服務直接轉移到您的場所。

So I think there's an opportunity for us to do work as a service, show people it's valuable, install RAC that do that work so that we have that business in the future with a customer. As far as we're concerned, whatever makes the most sense, for our biopharma BioAg industrial biotech customers, if they want to do it in-house or through services is fine with us. So I think you will see that crossover between automation and data points in the future.

因此，我認為我們有機會將工作作為一種服務來開展，向人們展示它的價值，安裝可以完成這項工作的 RAC，以便我們將來可以與客戶開展這項業務。就我們而言，對於我們的生物製藥 BioAg 工業生物技術客戶來說，無論什麼方式最有意義，如果他們想在內部或透過服務來完成，我們都可以接受。所以我認為你將來會看到自動化和數據點之間的交叉。

The meter beat. Yeah, so I think the key -- I mean, the idea is very simple. Like there's a lot of vibes, I would say, around, hey, we need to have these CRO services in China because they're so cheap. And if you take them away, we won't have these cheap services. And we just want to try to take that off the table and offer CRO services. That costs the same thing.

節拍器跳動。是的，所以我認為關鍵——我的意思是，這個想法非常簡單。我想說，周圍有很多人認為，嘿，我們需要在中國提供這些 CRO 服務，因為它們非常便宜。如果你把它們拿走，我們就不會提供這些廉價的服務。我們只是想嘗試解決這個問題並提供 CRO 服務。花費是一樣的。

So now there's not really an excuse to not have it onshore in the United States. And so that's the whole point with the meter beat. It's really to send that signal to the industry that there will be providers here in the United States that can match prices with Wuxi and other CROs overseas. And the first question -- sorry, ADME.

所以現在沒有理由不在美國境內實施這項措施。這就是節拍的全部意義。這實際上向業界發出了這樣的信號：美國將會有能夠與無錫和其他海外 CRO 匹配價格的供應商。第一個問題——抱歉，ADME。

First question was whether we were planning to develop any of our own models on the generated ADME data.

第一個問題是我們是否計劃在產生的 ADME 資料上開發自己的模型。

Yes. So you are seeing folks working on this problem. It's a few start-ups right now. They're like a liver tox on and some others. The basic idea is if you're going to generate all this data, like the ADME data, a lot of it is around like kind of the developability of a small molecule.

是的。所以你看到人們正在努力解決這個問題。目前有幾家新創公司。它們就像是肝毒等等。基本概念是，如果您要產生所有這些數據，例如 ADME 數據，其中許多數據都與小分子的可開發性有關。

Could you then turn that data set into an AI model that is then just available as a model to customers that they can include that in their design of drugs in the first place.

那麼，您是否可以將該資料集轉換為 AI 模型，然後將其作為模型提供給客戶，以便客戶可以先將其納入藥物設計中。

I mean I think it's a great idea. I think it's a tough like the business model for that has not really been worked out well in the biopharma space, that sort of history of software. There's been places here and there -- I'm sorry, I'm just basing on the name, but there's a well-known sort of like drug modeling company that has made an okay business out of this.

我的意思是我認為這是個好主意。我認為這是一個艱難的商業模式，在生物製藥領域，這種軟體的歷史還沒有真正得到很好的發展。到處都有——對不起，我只是根據名字判斷，但有一家著名的藥物建模公司，透過這種方式賺了一筆不錯的生意。

But it's generally been tough to be like a pure-play software type service. So I think it is like an add-on we could add. But the primary activity, the thing we think customers do have a willingness to pay for is generating data.

但總體來說，成為純粹的軟體類型的服務是很困難的。所以我認為它就像我們可以添加的附加元件。但我們認為客戶願意付費的主要活動是產生數據。

And so if it's data for their proprietary molecules, for their libraries, and whatnot, like that's that data they need. And if we can generate that data for them more efficiently or at a scale, they can't do it in-house, that it's data they'll pay for.

因此，如果這是他們專有分子的數據、他們的圖書館的數據等等，那就是他們需要的數據。如果我們能夠更有效率或更大規模地為他們產生這些數據，他們就無法在內部完成這些數據，他們願意為這些數據付費。

So we like that just as a business model. But I do think there's an opportunity as those big data sets kind of get produced, whether we do them with partners, whether we do them in-house that you could develop models.

所以我們喜歡這種商業模式。但我確實認為，隨著這些大數據集的產生，無論我們是與合作夥伴一起生產，還是我們內部生產，都有機會開發模型。

Data sets. We do these data drops where we'll post -- actually put them up on Hugging Face now as you can go to Hugging Face and Google for Dino's data sets. We have antibody developability, we have functional genomics, terabyte size data sets.

數據集。我們將這些資料發佈到發布的地方——實際上現在就把它們發佈在 Hugging Face 上，你可以去 Hugging Face 和 Google 上查找 Dino 的資料集。我們擁有抗體可開發性、功能基因體學和 TB 級資料集。

So if you're tuning in from a customer, again on the AI side or high throughput biology, you should go download those data sets. It will let you see the kind of data that we make from the data point service in a nice clean format and you can play around with it. And if you like it, then you can just order more for your specific areas of interest.

因此，如果您從客戶的角度來收聽，再次從人工智慧或高通量生物學的角度來收聽，您應該下載這些資料集。它將讓您以清晰的格式看到我們從資料點服務中獲取的資料類型，並且您可以隨意使用它。如果您喜歡它，那麼您可以根據您感興趣的特定領域訂購更多。

So I think you'll see us do data drops and then maybe depending on the market over time, we could do models. But we're also happy to enable other people that want to do models, right? If they want to generate a huge data set and make an awesome AI model and then sell that model, like we are here for it. So I think there'll be an ecosystem in the market.

所以我認為你會看到我們做數據下降，然後也許根據一段時間內的市場狀況，我們可以做模型。但我們也很高興能夠幫助其他想要做模型的人，對嗎？如果他們想要產生一個龐大的資料集並製作一個出色的人工智慧模型，然後出售該模型，就像我們在這裡所做的那樣。所以我認為市場上會有一個生態系統。

Cool. There was one more question from TD Cowen, and that was about biosecurity. So on the lower biosecurity guide, are you seeing any areas that are particularly exposed to geopolitical pullback or tensions? Are there any end markets that are seeing particular exposure as well?

涼爽的。TD Cowen 也提出了一個問題，是關於生物安全的。那麼，在較低的生物安全指南中，您是否看到任何特別容易受到地緣政治衰退或緊張局勢影響的地區？有哪些終端市場也出現了特別的曝光？

Yes. Sorry, I mentioned to mention this in my talk -- Steve mentioned and shown in the numbers, we've gone from a $50 million-plus to a $40 million-plus on biosecurity, brought that down. This is basically because in Buster, we've always tried to guide to like what we had in the bank as much as possible. We try to be conservative about it. We're still like -- it's basically on the international side is the short answer to this question.

是的。抱歉，我在演講中提到過這一點——史蒂夫提到並用數字表明，我們在生物安全方面的投入從 5000 多萬美元降到了 4000 多萬美元，降幅很大。這主要是因為在 Buster，我們一直試圖引導人們盡可能地喜歡我們在銀行裡擁有的東西。我們試圖對此採取保守態度。我們仍然認為——對這個問題的簡短回答是，它基本上屬於國際層面。

So we're seeing certain contracts that we were hoping to have in place by now not be in place. I don't think we're -- they're not like totally off the table, but at this point, I just wanted to be more conservative because that had been kind of the attitude we've taken with the markets on biosecurity.

因此，我們看到一些我們希望現在已經到位的合約尚未到位。我認為我們並沒有完全放棄，但目前我只是想採取更保守的態度，因為這是我們在生物安全市場上採取的態度。

Whether that's like a macro trend or an anecdote, not to be clear. I think we are certainly seeing a lot more focus in the US on like defense technology. And I think biodefense, and this is like the companies like the Anduril and the Palantir of the world. I think there's like little question that there should be sort of like a biodefense prime, right?

這是否像一個宏觀趨勢或軼事，尚不清楚。我認為我們確實看到美國更加關注國防技術。我認為生物防禦就像 Anduril 和 Palantir 這樣的公司。我認為毫無疑問應該有某種類似生物防禦的措施，對吧？

Like that's the thing that should exist in the market. How that gets built and what are the first types of contracts and so on, I think are still like open questions, but I think biosecurity business is well positioned to lean into that. But we have to kind of just see the market as it develops..

就像那是市場上應該存在的東西。我認為，如何建造以及第一批合約類型是什麼等等仍然是懸而未決的問題，但我認為生物安全業務已準備好迎接這一挑戰。但我們必須觀察市場的發展。

Cool. Thanks, Jason. All right. Any questions? I have another 1 from online, if you'd like for me to go that direction.

涼爽的。謝謝，傑森。好的。還有其他問題嗎？如果你願意的話，我還有另外 1 個來自網路上的，請讓我朝那個方向走。

Yes, sure. Go. I'll do one more. And if no one else is there. It's busy earnings deck. Go ahead.

是的，當然。去吧，我再做一次。如果那裡沒有其他人。這是一個繁忙的獲利平台。前進。

So this question is from TRP9,-0501 on x.com. Regarding your target of adjusted EBITDA profitability next year, could you walk us through the key levers you're focused on to bridge the gap from today? Specifically, where do you see the most significant impact coming from? Is it increased foundry automation, AI-driven efficiencies or disciplined SG&A management?

這個問題來自 x.com 上的 TRP9,-0501。關於您明年調整後 EBITDA 獲利目標，能否介紹一下您目前將重點關注哪些關鍵槓桿來彌補差距？具體來說，您認為最顯著的影響來自於哪裡？是提高了鑄造廠的自動化程度、人工智慧驅動了效率，還是加強了銷售、一般及行政費用 (SG&A) 管理？

Steve, do you want to add on that?

史蒂夫，你想補充嗎？

Yes. I can start it, maybe you speak to maybe some trends, Jason. If you just level set what we just accomplished in four quarters, we've succeeded in taking $250 million out of our cost run rate. And we have effectively 6 quarters to go before we get to our target goal. So just looking at what we've done in the last four quarters, that's going to roll forward positively for the next six.

是的。我可以開始，也許你談談一些趨勢，傑森。如果您將我們剛剛在四個季度內取得的成就進行比較，我們已成功從成本運行率中節省了 2.5 億美元。實際上，我們還需要 6 個季度才能實現目標。因此，只要看看我們在過去四個季度所取得的成績，就會知道這將為接下來的六個季度帶來正面的影響。

In addition to that, we still have some cost levers to take out we need to be strategic about that, not as company-wide and holistic as we just accomplished, but there's absolutely more opportunities on the cost side.

除此之外，我們仍然需要採取一些成本槓桿，我們需要對此採取策略性措施，雖然不像我們剛剛完成的那樣涉及整個公司，但成本方面絕對還有更多機會。

And then we have to drive revenue. And a lot of the drivers of revenue and what we've been talking about all along. We need to see solutions, contributions from tools. And we really see a lot of what Jason talked about, is going to roll in, in some successful way in revenue.

然後我們必須增加收入。還有很多收入驅動因素以及我們一直在談論的內容。我們需要看到解決方案和工具的貢獻。我們確實看到傑森談到的很多內容將以某種成功的方式帶來收入。

That said, our biggest risk and opportunity still remains the sublease situation that we have. We have a significant amount of rent space, lease base. And so you've seen that we've taken out of the segment. Adjusted EBITDA of the unused base because we're not using it to contribute revenue right now. So -- the most important element of that is we've succeeded in doing what we said we were going to do.

話雖如此，我們最大的風險和機會仍然是我們面臨的轉租情況。我們擁有大量的租賃空間和租賃基礎。所以你已經看到我們已經退出了這一部分。調整未使用基數的 EBITDA，因為我們目前不使用它來貢獻收入。所以——其中最重要的因素是我們成功地完成了我們說過要做的事情。

We were going to shrink our footprint as far as our work level, revenue production level. We've done that successfully, and we're out marketing. The tough side and the risk side is the fact that the Boston market and the other markets around are just soft at this moment, but we're continuing to focus on that. Jason, I don't know if you have any views on revenue drivers.

我們將在工作水平和收入生產水平方面縮小我們的足跡。我們已經成功做到了這一點，並且正在進行行銷。困難和風險的一面是，波士頓市場和周圍的其他市場目前都很疲軟，但我們會繼續關注這一點。傑森，我不知道你對收入驅動因素有什麼看法。

No. I mean I think the big one is just a continued shift into tools. So I think we'll watch how fast we can get to pick up on the automation in particular in data points because of the AI work in beginning to automate labs. And I do think we have the sort of fast technology in the market for that.

不。我的意思是，我認為最大的改變就是繼續轉向工具。因此，我認為我們將觀察由於人工智慧開始自動化實驗室的工作，我們能夠多快掌握自動化，特別是在數據點方面。我確實認為我們在市場上擁有這種快速的技術。

If you're really talking about general purpose lab automation and connecting it to AI reasoning models and this lab in the loop concept and all these types of things, I really think we're well ahead on that. And so we'll see. That would be the 1 that's the most swinging where we could really get ahead on things. But it is a new area for us. And so I don't want to overstate it. But I'd say that's the place where I see the most like upside potential on revenue in 2026.

如果您真的在談論通用實驗室自動化並將其與人工智慧推理模型和循環概念中的實驗室以及所有這類事物相連接，我真的認為我們在這方面已經走在了前面。我們將拭目以待。那將是最有活力的，我們可以真正取得進步。但這對我們來說是一個新領域。所以我不想誇大其詞。但我想說，這是我認為 2026 年收入最具上升潛力的地方。

Cool. Thanks, Jason. All right. I'm not seeing any other questions right now. I know folks are on other calls as well. So just a reminder that you can always reach us at investors@gincobioworks.com, and we'll get back to you as soon as we can. I want to thank everyone for tuning in today.

涼爽的。謝謝，傑森。好的。我現在沒有看到任何其他問題。我知道大家也在接聽其他電話。因此，請提醒您，您可以隨時透過 investors@gincobioworks.com 與我們聯繫，我們將盡快回覆您。我要感謝大家今天的收看。

Yes. I appreciate it. Thanks for the questions.

是的。我很感激。謝謝你的提問。