Eton Pharmaceuticals Inc (ETON) 2023 Q3 法說會逐字稿

Good afternoon. And welcome to the Eton Pharmaceuticals third quarter 2023 financial results conference call. (Operator Instructions) Please be advised that this call is being recorded at the company's request. At this time, I'd like to turn it over to David Krempa, Chief Business Officer at Eton Pharmaceuticals. Please proceed.

午安.歡迎參加伊頓製藥 2023 年第三季財務業績電話會議。 （操作員說明）請注意，本次通話是應公司要求進行錄音的。這次，我想把它交給 Eton Pharmaceuticals 首席商務官 David Krempa。請繼續。

Thank you, operator. Good afternoon, everyone. And welcome to Eaton's third quarter 2023 conference call. This afternoon, we issued a press release that outlines the topics we plan to discuss on today's call. The release is available on our website, etonpharma.com. Joining me on our call today, we have Sean Brynjelsen, our CEO, and James Gruber, our CFO.

謝謝你，接線生。大家下午好。歡迎參加伊頓 2023 年第三季電話會議。今天下午，我們發布了一份新聞稿，概述了我們計劃在今天的電話會議上討論的主題。新聞稿可在我們的網站 etonpharma.com 上取得。今天加入我們的電話會議的有我們的執行長 Sean Brynjelsen 和我們的財務長 James Gruber。

In addition to taking live questions on today's call, we will also be answering questions that are e-mailed to us. Investors can send their questions to investorrelations@etonpharma.com.

除了在今天的電話會議上回答即時問題外，我們還將回答透過電子郵件發送給我們的問題。投資者可以將問題發送至investorrelations@etonpharma.com。

Before we begin, I would like to remind everyone that remarks made during this call may contain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those contained in these forward-looking statements. Please see the forward-looking statements disclaimer in our earnings release and the risk factors in the company's filings with the SEC. Now I will turn the call over to our CEO, Sean Brynjelsen.

在開始之前，我想提醒大家，本次電話會議中的言論可能包含前瞻性陳述，並涉及風險和不確定性，可能導致實際結果與這些前瞻性陳述中包含的結果有重大差異。請參閱我們的收益報告中的前瞻性聲明免責聲明以及公司向 SEC 提交的文件中的風險因素。現在我將把電話轉給我們的執行長 Sean Brynjelsen。

Thank you, David. Thank you, everyone, for joining. And I'd like to first start off with a discussion of our third quarter. This was a very strong quarter for the company, in fact, our 11th straight quarter of sequential product revenue growth.

謝謝你，大衛。謝謝大家的加入。我想先討論我們的第三季。對於公司來說，這是一個非常強勁的季度，事實上，這是我們產品收入連續第 11 個季度成長。

More importantly, though we achieved a critical milestone for the company by delivering positive cash flow from operations. This was posted, this positive cash flow from operations, was solely on product sales and royalty revenue.

更重要的是，我們透過營運產生正現金流，為公司實現了一個重要的里程碑。據發布，來自營運的正現金流僅來自產品銷售和特許權使用費收入。

There were no one-time benefits from licensing revenue in the quarter. And many of you know, we had previously communicated to investors that our goal was to reach cash flow breakeven by the end of this year. So I am pleased that our strong revenue growth and disciplined cost structure allowed us to reach this critical mark a whole quarter ahead of schedule.

本季度沒有從許可收入中獲得一次性收益。你們很多人都知道，我們之前曾向投資者傳達過，我們的目標是在今年年底前實現現金流收支平衡。因此，我很高興我們強勁的收入成長和嚴格的成本結構使我們提前整個季度達到了這一關鍵目標。

We are growing rapidly and expect that to continue for the foreseeable future. But we are also committed to profitable growth. I think our recent results are proving that to investors.

我們正在快速成長，並預計在可預見的未來將持續下去。但我們也致力於獲利成長。我認為我們最近的業績向投資者證明了這一點。

While our revenue this quarter increased an impressive 118% year over year, our selling, general and administrative expenses increased by only 4% year over year. This underscores the very attractive operating leverage in our business. And we expect to be able to continue to deliver rapid revenue growth, both from existing products and new product launches while seeing only minimal increases in expenses. Having our business reach a cash flow positive state also means that our significant cash balance, which finished the quarter at more than $22 million, is largely excess cash that can be invested in additional rare disease products to expand our portfolio and increase our revenue and earnings growth even further.

雖然我們本季的營收年增了 118%，令人印象深刻，但我們的銷售、一般和管理費用年增了 4%。這凸顯了我們業務中極具吸引力的營運槓桿。我們預計現有產品和新產品的推出將能夠繼續實現收入的快速成長，同時支出的成長極小。讓我們的業務達到正現金流狀態也意味著我們的大量現金餘額（本季結束時超過2200 萬美元）大部分是多餘的現金，可以投資於其他罕見疾病產品，以擴大我們的投資組合併增加我們的收入和收益進一步增長。

Now turning to specific product details, sales of ALKINDI SPRINKLE continue to be strong, delivering significant growth over the prior year period of Q2 2023. With an estimated 5,000 patients that suffer from adrenal insufficiency under the age of 10, we continue to believe we are in the early innings of the ALKINDI growth story.

現在轉向具體的產品細節，ALKINDI SPRINKLE 的銷售繼續強勁，與 2023 年第二季度相比實現了顯著增長。估計有 5,000 名 10 歲以下的腎上腺功能不全患者，我們仍然相信我們在ALKINDI 成長故事的早期階段。

The product has a long runway for growth ahead of it throughout the 2034 patent. In fact, we are in the midst of launching ALKINDI SPRINKLE sampling program, which I expect to go live in the coming weeks. These samples will be available in pediatric endocrinology offices and will also allow newly diagnosed patients or converting patients to immediately start therapy on ALKINDI SPRINKLE as they leave the doctor's office. We believe this sampling program will have a positive impact on the product's growth in the quarters to come.

在整個 2034 年專利中，該產品還有很長的成長空間。事實上，我們正​​在啟動 ALKINDI SPRINKLE 採樣計劃，我預計該計劃將在未來幾週內上線。這些樣本將在兒科內分泌辦公室提供，並且還允許新診斷的患者或轉換患者在離開醫生辦公室時立即開始 ALKINDI SPRINKLE 治療。我們相信這項抽樣計劃將對產品未來幾季的成長產生正面影響。

As many of you know, we are doubling down on our commitment to the pediatric adrenal insufficiency community with the development of our ET-400 product candidate. ET-400 is a proprietary patent pending formulation of liquid hydrocortisone. We believe the product will appeal to a significant portion of the market that is still relying on unapproved compounded hydrocortisone oral suspensions, where safety and efficacy has not been proven.

正如你們許多人所知，透過開發我們的 ET-400 候選產品，我們正在加倍履行我們對兒科腎上腺功能不全社區的承諾。 ET-400 是一種正在申請專利的液體氫化可的松專有配方。我們相信，該產品將吸引很大一部分市場，這些市場仍依賴未經批准的複合氫化可的鬆口服混懸劑，其安全性和有效性尚未得到證實。

Once approved patients will be able to choose ALKINDI SPRINKLE or ET-400 for the hydrocortisone replacement therapy. With both products, we believe we would be able to offer a compelling portfolio that addresses the full spectrum of unique preferences among the estimated 5,000 children under the age of 10 that suffer from this disease. We expect the combined peak sales of these products to exceed $50 million annually.

一旦獲得批准，患者將能夠選擇 ALKINDI SPRINKLE 或 ET-400 進行氫化可的松替代療法。我們相信，透過這兩款產品，我們將能夠提供引人注目的產品組合，滿足約 5,000 名 10 歲以下患有這種疾病的兒童的全部獨特偏好。我們預計這些產品的年度高峰銷售額總計將超過 5,000 萬美元。

Last week, we held a pre-NDA meeting with the FDA to discuss our NDA submission for ET-400. The meeting went very well. And we believe the agency is supportive of the program. However, we will be conducting one additional bioequivalence study to address some of the questions from the agency and to put ourselves in the best position for a smooth application review and approval. We intend to immediately kick off the process for this study and expect to be in a position to submit the NDA in the middle of 2024.

上週，我們與 FDA 舉行了 NDA 前會議，討論我們提交的 ET-400 NDA。會議進行得很順利。我們相信該機構支持該計劃。然而，我們將進行一項額外的生物等效性研究，以解決該機構提出的一些問題，並使我們處於順利申請審查和批准的最佳位置。我們打算立即啟動這項研究的進程，並預計能夠在 2024 年中期提交 NDA。

Moving on to Carglumic Acid, which also had a strong quarter, the product continues to outperform our original estimates. And we're continuing to reap the benefits of our expanded sales force, as well as the recent launch of Betaine Anhydrous.

接下來是卡格酸，產品的季度表現也很強勁，產品的表現持續超出我們最初的預期。我們將繼續從擴大的銷售隊伍以及最近推出的無水甜菜鹼中獲益。

Betaine shares the same prescriber base as Carglumic Acid. And its launch has increased our interactions with metabolic geneticists. Betaine is still early in its commercialization. But we are already seeing good adoption and have received positive feedback from patients and prescribers.

甜菜鹼與卡谷酸具有相同的處方基礎。它的推出增加了我們與代謝遺傳學家的互動。甜菜鹼的商業化仍處於早期階段。但我們已經看到了良好的採用，並收到了患者和處方者的正面回饋。

In early October, we announced the acquisition of FDA-approved Nitisinone capsules, which will further leverage our presence in metabolic genetics. We believe there are roughly 200 to 300 patients in the United States currently on Nitisinone. And the market is estimated to be more than $50 million annually.

10月初，我們宣布收購 FDA 批准的尼替西農膠囊，這將進一步利用我們在代謝遺傳學領域的優勢。我們相信目前美國約有 200 至 300 名患者正在服用尼替西農。據估計，每年的市場規模將超過 5,000 萬美元。

We expect to launch Nitisinone during the first quarter of 2024. And we'll offer all patients our Eton Cares support program, which helps increase accessibility, including prescription fulfillment, insurance benefits, investigation, educational support, and help in obtaining financial assistance for qualified patients. We believe our commercial advantages, existing relationships with prescribers, and experienced sales force will allow us to capture a meaningful percentage of the $50 million market.

我們預計在2024 年第一季推出Nitisinone。我們將為所有患者提供Eton Cares 支持計劃，該計劃有助於提高可及性，包括處方履行、保險福利、調查、教育支持以及幫助合格的患者獲得經濟援助患者。我們相信，我們的商業優勢、與處方醫生的現有關係以及經驗豐富的銷售團隊將使我們能夠在價值 5000 萬美元的市場中佔據相當大的份額。

I hope it is clear that our existing commercial products and our late-stage pipeline has us very well positioned to deliver strong organic growth for many years to come. But we are not resting. We believe there is a significant opportunity for us to leverage our resources and grow even faster through additional business development.

我希望很明顯，我們現有的商業產品和後期研發管線使我們處於有利位置，可以在未來許多年實現強勁的有機成長。但我們並沒有休息。我們相信，我們有一個重要的機會來利用我們的資源，並透過額外的業務發展來實現更快的成長。

Our strong balance sheet has put us in a very advantageous position relative to many industry peers that are overleveraged, unprofitable, or struggling to raise capital. We believe the environment for new product acquisitions is the best it's been in a while. And we remain hard at work trying to close acquisitions of rare disease products that are commercial or in late-stage development.

與許多槓桿過高、無利可圖或難以籌集資金的同行相比，我們強大的資產負債表使我們處於非常有利的地位。我們相信新產品收購的環境是一段時間以來最好的。我們仍在努力完成對商業或處於後期開發的罕見疾病產品的收購。

We are very pleased to close the acquisition of Nitisinone in October, which was acquired out of bankruptcy, but on very attractive terms. The transaction is expected to deliver a very high return on investment and was a terrific strategic fit with our metabolic genetics presence.

我們很高興在 10 月完成對尼替西農的收購，該公司是在破產後以非常有吸引力的條件收購的。該交易預計將帶來非常高的投資回報，並且與我們的代謝遺傳學業務非常契合。

However, we look forward for even larger opportunities, preferably branded patent-protected assets where we can add value with our sales infrastructure and expertise. With Nitisinone launching in Q1, we will have four commercial products on market. Adding on the potential from our numerous late stage pipeline candidates and the attractive business development environment, I remain very confident in our ability to reach our goal of having 10 commercial rare disease products on the market by the end of 2025.

然而，我們期待更大的機會，最好是受專利保護的品牌資產，我們可以透過我們的銷售基礎設施和專業知識來增加價值。隨著尼替西農在第一季推出，我們將在市場上推出四種商業產品。再加上我們眾多的後期候選藥物的潛力和有吸引力的業務發展環境，我仍然對我們有能力實現到 2025 年底將 10 種商業罕見病產品推向市場的目標充滿信心。

Before we wrap up, I just wanted to acknowledge and thank our dedicated employees. Building the business to reach cash flow positivity is an impressive milestone that is the result of years' worth of hard work from our dedicated employees. However, it's just a stop along the way to our much larger goal of becoming highly profitable and well respected leading rare disease company.

在結束之前，我只想感謝我們敬業的員工。建立業務以實現正現金流是一個令人印象深刻的里程碑，這是我們敬業的員工多年辛勤工作的成果。然而，這只是我們實現成為高利潤且受人尊敬的領先罕見疾病公司這一更大目標的一個起點。

We are just getting started. I couldn't be more excited as I look forward towards Eaton's prospects for 2024 and beyond. With that, I'll turn it over to James, our Chief Financial Officer, to discuss the financials. James.

我們才剛開始。當我展望伊頓 2024 年及以後的前景時，我感到非常興奮。接下來，我會將其交給我們的財務長詹姆斯來討論財務狀況。詹姆士。

Thank you, Sean. Our third quarter revenue was $7.0 million compared to $3.2 million in the third quarter of 2022 or a 118% increase, driven by increased sales volume for ALKINDI SPRINKLE and Carglumic Acid. Revenue was comprised entirely of product sales and royalties in both periods.

謝謝你，肖恩。我們第三季的營收為 700 萬美元，而 2022 年第三季的營收為 320 萬美元，成長了 118%，這主要得益於 ALKINDI SPRINKLE 和 Carglumic Acid 銷量的增加。這兩個時期的收入完全由產品銷售和特許權使用費組成。

Product sales and royalty revenue grew $0.5 million or 8% compared to the second quarter of 2023. We expect continued product sales growth moving forward. And ALKINDI SPRINKLE revenue will likely trigger a one-time sales related milestone payment of $1.0 million under the terms of the ALKINDI SPRINKLE licensing agreement from 2020. While this payment in the fourth quarter will negatively impact gross margin, it serves as an important milestone for the product as we continue to provide meaningful treatment to new patients.

與 2023 年第二季相比，產品銷售和特許權使用費收入成長了 50 萬美元，即 8%。我們預計未來產品銷售將持續成長。根據ALKINDI SPRINKLE 授權協議的條款，從2020 年起，ALKINDI SPRINKLE 收入可能會觸發一次性​​銷售相關的100 萬美元里程碑付款。雖然第四季度的這筆付款將對毛利率產生負面影響，但它是一個重要的里程碑我們將繼續為新患者提供有意義的治療。

R&D expenses for the quarter were $0.6 million compared to $0.7 million in the prior year period. The decrease was primarily due to decreased expenses associated with hospital products sold to Dr. Reddy's in 2022. We expect a slight increase in R&D spend in future quarters due to development activities related to ET-400 and ET-600.

本季的研發費用為 60 萬美元，去年同期為 70 萬美元。減少的主要原因是 2022 年銷售給 Dr. Reddy's 的醫院產品相關費用減少。由於 ET-400 和 ET-600 相關的開發活動，我們預計未來幾季的研發支出將略有增加。

General and administrative expenses for the quarter were $4.3 million compared to $4.2 million in the prior year period. The slight increase in G&A expense was mainly due to increased employee-related expenses related to sales force expansion, partially offset by decreased sales and marketing expenses associated with third party sales commissions. We expect G&A expense to remain consistent throughout the rest of the year and still anticipate our full year G&A expense to be approximately $20 million.

本季的一般及管理費用為 430 萬美元，去年同期為 420 萬美元。一般及行政費用略有增加，主要是由於與銷售隊伍擴張相關的員工相關費用增加，部分被與第三方銷售佣金相關的銷售和行銷費用減少所抵銷。我們預計 G&A 費用在今年剩餘時間內保持一致，並且仍預計全年 G&A 費用約為 2000 萬美元。

Total company net loss for the third quarter of 2023 was $0.6 million, or $0.02 per basic and diluted share, compared to a net loss of $3.0 million, or $0.12 per basic and diluted share in the prior year period.

2023 年第三季公司淨虧損總額為 60 萬美元，即每股基本股和稀釋股 0.02 美元，而上年同期淨虧損為 300 萬美元，即每股基本股和稀釋股 0.12 美元。

Eton finished the third quarter with $22.1 million of cash on hand and generated $0.9 million of operating cash during the quarter solely from product sales and royalty revenue, which as Sean mentioned, was ahead of schedule. We remain confident that our cash position is sufficient to allow us to execute our plan and continue pursuing bolt-on transactions and new product developments. This concludes our remarks on third quarter results. And with that, we'll turn it back over to the operator for Q&A.

伊頓公司第三季末手頭現金為 2,210 萬美元，並在該季度僅透過產品銷售和特許權使用費收入產生了 90 萬美元的營運現金，正如 Sean 所提到的，這超出了計劃。我們仍然相信，我們的現金狀況足以讓我們執行我們的計劃並繼續進行補充交易和新產品開發。我們對第三季業績的評論到此結束。這樣，我們會將其轉回給操作員進行問答。

(Operator Instructions) Regeneron Selvaraju, H.C. Wainwright & Company.

（操作說明）Regeneron Selvaraju, H.C.溫賴特公司。

Hi, thanks very much for taking my question. So I was just wondering if you could elaborate a little bit on what you expect your broader commercial strategy to be in the cortisone product space and within endocrinology as a whole, and if you can give us a sense of what conditional product opportunities or types of markets you might be looking at alongside, for example, CAH.

您好，非常感謝您提出我的問題。所以我只是想知道您是否可以詳細說明您對可的松產品領域和整個內分泌學領域更廣泛的商業策略的期望，以及您是否能讓我們了解哪些有條件的產品機會或類型您可能會同時關注的市場，例如CAH。

Hey, Ram. Our commercial strategy in pediatric endocrinology in around CAH, we feel like we cover our targets very well today as we launch additional products, including ET-400 and ET-600, which is in the same call point. We would potentially look to expand our sales force if warranted at that point.

嘿，拉姆。我們圍繞著 CAH 的兒科內分泌學商業策略，我們感覺今天我們很好地實現了我們的目標，因為我們推出了其他產品，包括處於同一呼叫點的 ET-400 和 ET-600。如果當時有必要的話，我們可能會尋求擴大我們的銷售團隊。

We are looking to expand with additional pediatric endocrinology products. But we would also move into other specialties in other ultra-rare conditions. So as long as it's a product that can justify some incremental spend -- typically these ultra-rare products have very small prescriber bases, so we can commercialize with a very small, targeted sales force. So we are open to other therapeutic areas, as well as our current PDN and metabolic genetics specialties.

我們正在尋求擴展更多的兒科內分泌產品。但我們也會在其他極為罕見的情況下進入其他專業。因此，只要它是一種可以證明一些增量支出的產品——通常這些極其稀有的產品的處方者基礎非常小，所以我們可以用一個非常小的、有針對性的銷售隊伍將其商業化。因此，我們對其他治療領域以及我們目前的 PDN 和代謝遺傳學專業持開放態度。

Thanks. And can you give us an update on the situation with Dr. Reddy's and Cysteine Hydrochloride, and if there has been no substantive update so far recently, when we might expect the next developments in the case?

謝謝。您能否向我們介紹一下有關雷迪博士和半胱氨酸鹽酸鹽的最新情況？如果最近到目前為止還沒有實質性的更新，我們何時可以預期案件的下一步進展？

Yeah, Ron, we are not expecting to see any additional milestones from that Cysteine product. It does not appear that there's going to be any kind of imminent launch that would trigger that outstanding milestone payment to us. So we've been focused on our commercialized products. We don't expect anything from the Cysteine or any by Orphan revenue related to that transaction. Could come, but we are focused mostly on our products that we are (multiple speakers) ourselves.

是的，羅恩，我們不希望看到該半胱氨酸產品取得任何其他里程碑。看來不會有任何即將推出的產品會觸發我們支付未償還的里程碑付款。所以我們一直專注於我們的商業化產品。我們預計不會從半胱氨酸或任何與該交易相關的孤兒收入中獲得任何收入。可能會來，但我們主要關注我們自己的產品（多個發言者）。

Ram, this is Sean. How are you?

拉姆，這是肖恩。你好嗎？

Pretty good, pretty good.

相當不錯，相當不錯。

Yeah, so on the Cysteine, from what we've been able to gather from the public domain is that Dr. Reddy's had some sort of a settlement. We don't know the exact details of it. But it appears that there's a 2029 launch possibility. But that's outside the window of what we would expect in terms of getting any kind of milestone payment from them. So we've really taken it off of our radar. So I would say it's a non-event on a go-forward basis.

是的，所以關於半胱氨酸，從我們從公共領域收集到的信息來看，雷迪博士達成了某種解決方案。我們不知道它的具體細節。但似乎有可能在 2029 年推出。但這超出了我們期望從他們那裡獲得任何里程碑付款的範圍。所以我們真的把它從我們的雷達中刪除了。所以我想說，從長遠來看，這不是一件大事。

Okay, thank you. That's helpful. And then lastly, I was wondering if you could just recap for us the long-term time line for ZENEO?

好的謝謝。這很有幫助。最後，我想知道您能否為我們回顧一下 ZENEO 的長期時間表？

I'm sorry, could you repeat your question?

抱歉，您能重複您的問題嗎？

If you could just recap the time line with respect to market entry and potential ramps for ZENEO.

您能否回顧一下 ZENEO 進入市場和潛在成長的時間線。

Oh, ZENEO, yeah, the auto-injector. So we're looking at that product as -- development work is largely completed. There had to be a site transfer for reasons I won't go into. They're in the middle of that site transfer. They expect to make the registration batches early next year. And then what that would mean is a filing about 12 months later. So that filing would be in 2025, followed by a launch. We're hoping in 2026.

哦，ZENEO，是的，自動注射器。因此，我們將該產品視為開發工作已基本完成。由於我不會詳細說明的原因，必須進行網站轉移。他們正在進行站點轉移。他們預計明年初進行批量註冊。這意味著大約 12 個月後要提交申請。因此，該文件將於 2025 年提交，然後發布。我們希望在 2026 年。

The product still is of really high demand. We know that it's something that's needed. And as far as we can tell, there's nothing else really imminent on the horizon. So that's where that project is at.

該產品的需求仍然很高。我們知道這是需要的。據我們所知，目前還沒有其他真正迫在眉睫的事情。這就是該項目所在的位置。

We may consider doing another version of it as a prefilled syringe. Because the formula is stable. And so it might be quicker to initially launch the prefilled syringe as well. So we're in discussions with cross check on that possibility. We'll see what happens.

我們可能會考慮製作它的另一個版本作為預充式註射器。因為公式是穩定的。因此，最初啟動預充式註射器可能會更快。因此，我們正在討論並交叉檢查這種可能性。我們會看看會發生什麼。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

Rami Matarieh, Pi.

拉米·馬塔里赫，Pi.

If you're asking, I can't hear. You might be on mute.

如果你問，我聽不到。你可能處於靜音狀態。

Okay, so he's not coming through.

好吧，所以他不會通過。

Okay, great. I'm not showing any further questions at this time. So let's turn it back to David Krempa.

好的，太好了。我目前不會提出任何進一步的問題。那麼，讓我們把話題轉回到大衛‧克雷帕 (David Krempa) 身上。

Thank you, operator. So we have two emailed questions that we can answer. First one, do you expect positive cash flow to be repeated in Q4 and beyond?

謝謝你，接線生。因此，我們可以回答兩個透過電子郵件發送的問題。第一，您預計第四季及以後會出現正現金流嗎？

James, why don't you take that.

詹姆斯，你為什麼不接受這個？

Sure, yes. Since Q3 was a big turning point for us, positive operating cash flow, we do expect that to continue, barring normal first quarter seasonality. We mentioned in the remarks that we do -- with the significant growth of ALKINDI SPRINKLE, we will have a milestone payment in Q1 and with normal seasonality issues in the beginning of the year. But we do expect positive operating cash flow outside of that going forward, certainly for full year 2024.

當然，是的。由於第三季對我們來說是一個重大轉折點，正營運現金流，我們預計這種情況將持續下去，除非第一季出現正常的季節性因素。我們在評論中提到，隨著 ALKINDI SPRINKLE 的顯著增長，我們將在第一季獲得里程碑式的付款，並在年初解決正常的季節性問題。但我們確實預計，除此之外，尤其是 2024 年全年，營運現金流將呈正數。

Second question, what's your expectation for 2024 revenue and earnings?

第二個問題，您對2024年的營收和獲利有何預期？

We'd still expect revenue to be up, product revenue be up significantly over 2023. We won't be giving any detailed guidance on 2024 at this time. But when we report Q4 earnings, we'll provide more guidance on full year 2024.

我們仍預期 2023 年收入和產品收入將大幅成長。目前我們不會對 2024 年給予任何詳細指引。但當我們報告第四季度收益時，我們將為 2024 年全年提供更多指導。

That's the end of the e-mailed questions. Thank you, everyone, for joining us for our third quarter earnings.

透過電子郵件發送的問題到此結束。感謝大家關注我們的第三季財報。

Thanks, everyone, for the participation in today's conference. It does conclude the program. You may now disconnect. Have a good evening.

感謝大家參加今天的會議。它確實結束了該程式。您現在可以斷開連線。祝你晚上愉快。