eXoZymes Inc (EXOZ) 2025 Q4 法說會逐字稿

(audio in progress) Everything in this presentation, other than statements of historical fact, will be forward-looking statements. Please read our SEC filings to better understand eXoZymes as a business, our risk factors, and as an investment opportunity.

（音訊進行中）本簡報中除歷史事實陳述外，所有內容均屬前瞻性陳述。請閱讀我們向美國證券交易委員會（SEC）提交的文件，以更好地了解 eXoZymes 的業務、我們的風險因素，以及作為投資機會的相關資訊。

Welcome to today's investor call. I look forward to updating you all on the 2025 year and up until now. We have had so much progress and there is a lot of news to share. What you're looking at here is today's agenda. We will be going over the following topics.

歡迎參加今天的投資人電話會議。我期待向各位更新 2025 年度以及截至目前的最新進展。我們取得了非常多的進展，也有許多消息要分享。各位現在看到的是今天的議程。我們將依序討論以下主題。

We have been made aware of that a few of our IPO investors are not getting our updates via our newsletter. So please make sure if you or someone you meet isn't getting the updates that you go to our webpage and sign up for our newsletters. We're obviously sending to everybody that we have the names and emails on. Thank you.

我們注意到，部分 IPO 投資人未能透過我們的電子報收到更新。因此，若您或您認識的人沒有收到更新，請務必前往我們的網頁訂閱電子報。我們當然會寄送給所有我們掌握姓名與電子郵件的對象。謝謝。

(Event Instructions) (inaudible) of focus, scaling up, and execution. 2025 was the year of focus, scaling up, and execution. We went from being a company with a large potential via the big idea platform to becoming a commercially focused entity going after the very valuable products we can make and basically capturing the extraordinary business opportunities.

（活動指示）（聽不清）聚焦、擴大規模與執行。2025 年是聚焦、擴大規模與執行的一年。我們從一家透過「大構想」平台具備巨大潛力的公司，轉型為以商業化為核心的實體，鎖定我們能製造的高價值產品，並基本上把握這些非凡的商機。

As you will remember from the Q3 call, we talked about how we started realizing that the idea of having a lot of different partners and be relatively broad with many solutions was less optimal for us and our shareholders. I want to pin out that exact point.

各位還記得在第三季電話會議中，我們談到開始意識到：擁有許多不同合作夥伴、以多種解決方案維持相對廣泛的布局，對我們及股東而言並非最佳。我想特別點出這個關鍵點。

In a lot of negotiations, we were interested and is interested in our biosolutions. But the reality is that we are in a market, in an industry where a lot of people suffer from having burned their fingers on synthetic biology. They have spent a lot of time and money and seen nothing come in return. And therefore, when we show up with a new generation of biomanufacturing, they are naturally skeptical. and the people that still wanted to work with us wanted very large discounts and very, very favorable licensing terms.

在許多談判中，對方對我們的生物解決方案有興趣，也確實有人持續感興趣。但現實是，我們所處的市場與產業中，許多人在合成生物學上「吃過虧」。他們投入了大量時間與金錢，卻沒有看到任何回報。因此，當我們帶著新一代生物製造技術出現時，他們自然會抱持懷疑。而仍願意與我們合作的人，往往要求非常大的折扣，以及非常、非常有利的授權條款。

And that's obviously not in our interest and in your interest as our shareholders. So what we decided to do was to be the icebreaker ourselves, sit down, and especially when we started realizing with, for example, NCT, how much value and potential we can build in a matter of a short time and without that much capital.

而這顯然不符合我們的利益，也不符合各位作為股東的利益。因此我們決定由自己來當「破冰者」，親自坐下來推進；尤其當我們開始意識到，例如在 NCT 專案上，我們能在短時間內、且不需要太多資本，就建立出多大的價值與潛力。

We decided to double down and take it forward ourselves. So the refocusing that happened in 2025 was really about securing shareholder value by taking projects further along than maybe originally planned for. By doing more of the work, we will end up in a position owning more of the pie and the upside, and the potentials are simply too great as we will be talking about.

我們決定加碼投入，並由我們自己把它往前推進。因此，2025 年的重新聚焦，核心在於：透過把專案推進到比原先規劃更後段的階段，來確保股東價值。透過承擔更多工作，我們最終將處於能擁有更大份額與上行空間的位置；而其潛力之大，正如我們接下來將討論的。

While talking to partners and potential investors, it became obvious for us that sell-free is a brand new concept that takes people a little time to understand. It was very clear that there was a lot of people that already many years ago understood the enormous potential of biomanufacturing and synthetic biology, but obviously were sitting back with burned fingers and disappointed outcomes.

在與合作夥伴及潛在投資人交流時，我們很明顯地發現：無細胞（cell-free）是一個全新的概念，需要一些時間讓人理解。也很清楚的是，早在多年前就有許多人理解生物製造與合成生物學的巨大潛力，但顯然他們因為「吃過虧」與結果不如預期，而選擇觀望。

Those people that understand the potential but bet on the wrong horse or bet on the wrong generation of horses are obviously people we're happy to talk to, show the difference between cell-based and cell-free biomanufacturing, all the benefits that comes with this new generation.

那些理解潛力、但押錯標的或押錯「世代」的人，當然也是我們樂於交流的對象；我們會向他們展示細胞式與無細胞生物製造之間的差異，以及這一新世代所帶來的所有優勢。

Our technology platform showed in 2025 and keeps showing all the way up till today that this is the next generation of biomanufacturing. Not only are we much, much faster from the idea inception state to getting to a piloted project, getting to a tech transfer package that is really the commercial handover point, no matter if it's to a spin-off of our own, a joint venture with someone else, or a future licensing package.

我們的技術平台在 2025 年已經證明，並且直到今天仍持續證明：這就是下一代生物製造。我們不僅能從概念萌生到完成試點專案、再到形成技術移轉套件（這是真正的商業交接節點）都快得多；無論交接對象是我們自建的分拆公司、與他人合資成立的合資企業，或是未來的授權套件。

On top of that, we are showing parameters and performance that the old generation just cannot keep up with. We have unheard of purity, we have unheard of conversion of feedstock to end product. And we have this very, very intriguing engineering-level control over building natural products of high value or natural product-inspired drug versions that are new to nature.

除此之外，我們展現的參數與效能，是舊世代根本無法匹敵的。我們達到前所未有的純度，也達到前所未有的原料到終產品的轉化率。而且我們具備非常、非常引人入勝的工程層級控制能力，能打造高價值天然產物，或打造受天然產物啟發、但屬於自然界前所未有的新型藥物版本。

And with that, let's dive right into our asset and value creation. We want to hear Damian talk about NCT. Over to you, Damian.

接下來，讓我們直接進入我們的資產與價值創造。我們想聽 Damian 談談 NCT。交給你了，Damian。

Good day. My name is Damien Perriman, Chief Commercial Officer at eXoZymes. Today, I'd like to walk you through our accelerator strategy for NCT. NCTx is a commercial vehicle created by and formed around breakthrough technology from biotechnology innovator eXoZymes. Currently owned and controlled by eXoZymes, it is the company's first product innovation to support healthy quality of life outcomes for consumers worldwide.

各位好。我是 Damien Perriman，eXoZymes 的首席商務長。今天我想帶各位了解我們針對 NCT 的加速器策略。NCTx 是一個商業載體，由生物科技創新者 eXoZymes 的突破性技術所創建並以此為核心。目前由 eXoZymes 持有並控制，這是公司第一項產品創新，旨在支持全球消費者的健康與生活品質成果。

On this slide, I lay out the core opportunity behind NCTx. Many of the most natural and powerful molecules are incredibly difficult to make with traditional chemistry, which has historically limited their use. Even when they target the most important of pathways, eXoZymes changes that.

在這張投影片中，我說明 NCTx 背後的核心機會。許多最天然且最強效的分子，使用傳統化學方法極難製造，歷史上因此限制了它們的應用。即使它們能作用於最重要的途徑，eXoZymes 也將改變這一點。

Our cell-free biomanufacturing platform lets us produce these rare, high-value molecules quickly, affordably, and at scale. This is the breakthrough that enables NCTx. We can now access and optimize compounds to activate a particular critical metabolic pathway. Ultimately, this positions us to upgrade health span by making previously inaccessible solutions commercially viable for the first time.

我們的無細胞生物製造平台，使我們能快速、以可負擔的成本並以規模化方式生產這些稀有的高價值分子。這項突破正是促成 NCTx 的關鍵。我們現在可以取得並優化化合物，以活化特定且關鍵的代謝途徑。最終，這讓我們得以提升健康壽命（health span），並首次讓過去難以取得的解決方案具備商業可行性。

Across the world, metabolic health is spiraling into crisis. Obesity has doubled since 1990, now affecting over 1.2 billion people. Diabetes and fatty liver disease are amongst the fastest-growing chronic diseases. These conditions are deeply interconnected, yet most treatments still depend on long-term lifestyle changes that many struggle to sustain.

在全球範圍內，代謝健康正螺旋式惡化並走向危機。自 1990 年以來，肥胖人口已翻倍，如今影響超過 12 億人。糖尿病與脂肪肝疾病是成長最快的慢性疾病之一。這些狀況彼此高度關聯，但多數治療仍仰賴長期生活型態改變，而許多人難以持續。

This widespread growing burden underscores the urgent need for new approaches. Years of long workdays, little movement, and convenient meals has created one of the world's largest public health problems. It is too easy to blame willpower and lack of discipline, but the truth, in many cases, is that metabolism has become dysfunctional, and cells are struggling to convert fuel into usable energy.

這種廣泛且日益加重的負擔，凸顯了對新方法的迫切需求。多年來的長工時、缺乏活動與便利飲食，造成了全球最大的公共衛生問題之一。把問題歸咎於意志力或缺乏自律很容易，但事實是，在許多情況下，代謝已經失調，細胞難以將燃料轉換為可用能量。

The fix must start where the breakdown begins, in the mitochondria, the engines inside our cells. Lifestyle has overloaded the mitochondria, undermining fat burning and energy output. It is an energy utilization problem.

修復必須從故障開始的地方著手：粒線體，也就是我們細胞內的引擎。生活型態使粒線體超載，削弱脂肪燃燒與能量輸出。這是一個能量利用的問題。

HNF4-alpha is a master metabolic regulator. It is a switch for mitochondria and fat burning. It regulates thousands of genes and is central to liver, pancreas, and gut function. When it's activated, cells upregulate programs for mitochondrial growth and fat oxidation, exactly the levers we need to restore energy utilization.

HNF4-alpha 是主要的代謝調控因子。它是線粒體與脂肪燃燒的開關。它調控數千個基因，並且是肝臟、胰臟與腸道功能的核心。當它被活化時，細胞會上調線粒體生長與脂肪氧化的程式，這正是我們恢復能量利用所需要的關鍵槓桿。

Nature holds for us a breakthrough, NCT, a naturally occurring molecule that is the only known potent agonist for HNF4-alpha. NCT has the potential to support a number of interconnected conditions important to health span and quality of life.

大自然為我們帶來一項突破：NCT，一種天然存在的分子，也是目前唯一已知對 HNF4-alpha 具有強效致效作用的致效劑。NCT 具有潛力可支持多種彼此相互關聯、且對健康壽命與生活品質至關重要的狀況。

In diet-induced obesity mouse models, NCT changed the way energy was processed. Approximately 30% to 40% less weight gain on the same calories with mitochondrial markers up and liver fat down, pointing to restored cellular output rather than appetite suppression. Early, but compelling.

在飲食誘發性肥胖的小鼠模型中，NCT 改變了能量被處理的方式。在相同熱量下，體重增加約少了 30% 到 40%，同時線粒體指標上升、肝脂下降，這指向的是細胞輸出恢復，而非抑制食慾。仍屬早期，但相當有說服力。

NCT has always been a molecule with extraordinary potential, but it's been almost impossible to access. In nature, it exists only in trace amounts. Peppercorns, for example, contain less than 15 parts per million, far too little to be useful. And traditional chemistry can't produce NCT at a scale or at a reasonable cost. As a result, the promise of NCT has been locked away for decades, until now.

NCT 一直是一種具有非凡潛力的分子，但幾乎不可能取得。在自然界中，它只以微量存在。例如胡椒粒的含量低於每百萬分之 15，遠遠不足以實用。而傳統化學也無法以可規模化或合理成本生產 NCT。因此，NCT 的承諾被封存了數十年——直到現在。

eXoZymes has cracked the scale barrier with cell-free biomanufacturing. No living cells, high control, high purity, and strong yields, with faster cycle times than conventional routes and a clean, predictable process that unlocks reliable, economical NCT for productization.

eXoZymes 透過無細胞生物製造突破了規模化的障礙。不需要活細胞、可高度控制、純度高、產率強，週期時間比傳統路徑更快，且流程乾淨、可預測，從而解鎖可可靠且具經濟性的 NCT 以進行產品化。

High purity is what finally makes NCT scalable. With greater than 99% food and pharma-grade purity, we eliminate the variability and the impurities that complicate formulation and regulatory review. That consistency means every batch behaves the same, every time, giving us the confidence to scale production, to simplify safety profiles, and to deliver a reliable, high-performing ingredient to market.

高純度正是讓 NCT 最終得以規模化的關鍵。在超過 99% 的食品級與藥品級純度下，我們消除了會使配方設計與法規審查變得複雜的變異性與雜質。這種一致性意味著每一批次每一次都表現相同，讓我們有信心擴大生產、簡化安全性特徵，並向市場提供可靠且高效能的成分。

Here's the difference in one snapshot. Conventional methods produce a messy mix of byproducts. You can see it clearly in the HPLC trace with multiple unwanted peaks. Cell-free flips that completely. With full control over every enzyme and reaction step, we generate a single, clean product with no side reactions, dealing yield, or creating variability.

用一個畫面就能看出差異。傳統方法會產生一團混雜的副產物。你可以在 HPLC 圖譜中清楚看到多個不需要的峰。無細胞製程則完全相反。透過對每一種酵素與每一步反應的完全控制，我們生成單一、乾淨的產品，沒有副反應、沒有降低產率，也不會造成變異。

That precision is what makes scale up fast, predictable, and repeatable. Because if the process is clean at small scale, it stays clean at large scale. Cell-free gives us a cleaner, faster, and more controllable production engine.

這種精準性讓放大生產變得快速、可預測且可重複。因為如果小規模時流程是乾淨的，大規模時也會保持乾淨。無細胞技術為我們提供更乾淨、更快速、且更可控的生產引擎。

No living systems means no variability, no byproduct surprises, and dramatically shorter cycle times. The result is lower costs, higher reliability, and far better return on investment. In short, cell-free lets us scale breakthrough natural products with the predictability of chemistry and the efficiency investors have been waiting for.

沒有活體系統就意味著沒有變異、沒有副產物的意外，且週期時間大幅縮短。結果是成本更低、可靠性更高、投資報酬率更佳。簡而言之，無細胞技術讓我們能以化學的可預測性與投資人期待的效率，規模化突破性的天然產品。

NCTx is first advancing nutraceutical formulations aimed at fat oxidation and supporting healthy spam. Through our partners, we will accelerate our drive into the nutraceutical market and dive deeper into pharma-grade analogs that will investigate activation of HNF4-alpha for chronic disease conditions.

NCTx 首先推進以脂肪氧化為目標、並支持健康壽命的營養保健配方。透過合作夥伴，我們將加速進軍營養保健市場，並更深入開發藥品級類似物，以研究在慢性疾病狀況下活化 HNF4-alpha 的可能性。

NCT works in a fundamentally different way than GLP-1-based therapies. It targets a different receptor and does not act as an appetite suppressant. Instead, NCT is designed to support the body's natural metabolic processes, which connects directly to three wellness areas that consumers care most about: supporting healthy fat metabolism, helping maintain liver and gut balance, and promoting sustained energy and endurance. It's a completely different wellness-first approach.

NCT 的作用方式與以 GLP-1 為基礎的療法根本不同。它鎖定不同的受體，且不作為食慾抑制劑。相反地，NCT 的設計是用來支持身體的自然代謝過程，這直接連結到消費者最在意的三大健康領域：支持健康的脂肪代謝、協助維持肝臟與腸道平衡，以及促進持續的能量與耐力。這是一種完全不同、以健康為先的方式。

To win with NCT, we're building an ecosystem of partners that spans the full supply chain, from brand launch to white label to business-to-business ingredient sales. This multi-channel strategy lets us scale quickly, stay asset-light, and put NCT everywhere at once, driving broad market penetration from day one.

為了讓 NCT 成功，我們正在建立一個涵蓋完整供應鏈的合作夥伴生態系，從品牌上市到白牌代工，再到 B2B 成分銷售。這種多通路策略讓我們能快速擴張、維持輕資產，並在同一時間把 NCT 推向各處，從第一天起就推動廣泛的市場滲透。

By pairing this ecosystem approach with a capital-light contract manufacturing model and a high gross margin product, NCTx can stay focused on what drives value, product execution, and revenue growth. The result is lower fixed investment, faster market entry, and a cleaner path to strong return on investment and future exit opportunities.

將此生態系策略與輕資本的委外製造模式，以及高毛利產品相結合，NCTx 能專注於驅動價值的關鍵：產品落地與營收成長。結果是固定投資更低、進入市場更快，並且更清晰地通往強勁投資報酬率與未來退出機會。

Market adoption is driven by a deliberate multi-channel strategy. While direct-to-consumer builds the NCT story and brand connection, business-to-business partnerships drive volume to scale. Together, this approach supports a trajectory of 6 million bottles within five years, with a long-range growth curve targeting 8 million consumers served by year 10.

市場採用由一套審慎的多通路策略所驅動。直面消費者（DTC）建立 NCT 的故事與品牌連結，而 B2B 合作夥伴關係則以規模帶動出貨量。兩者結合，支持在五年內達到 600 萬瓶的軌跡，並在更長期的成長曲線中，目標於第 10 年服務 800 萬名消費者。

Moving ahead, we're derisking commercialization, completing process optimization, compositions, human use studies to elevate marketing impact, and completing the GRAS regulatory dossier, and moving into contract manufacturing operations at the end of the year to be 2027 product launch ready.

接下來，我們將降低商業化風險，完成製程最佳化、配方/組成、人類使用研究以提升行銷影響力，並完成 GRAS 法規申報資料，同時在年底進入委外製造營運，以確保 2027 年產品上市就緒。

In parallel with the nutraceutical launch, we'll begin early screening to identify optimized NCT analogs that pass initial cell-based safety and activity assays. At the same time, the nutraceutical program builds real-world awareness and validation around HNF4L for activation. Together, this creates a strong foundation, derisking the pathway while setting up future clinical development opportunities.

在營養保健品上市的同時，我們將開始早期篩選，以找出通過初步細胞安全性與活性測試的最佳化 NCT 類似物。同時，營養保健計畫也會在真實世界中建立對 HNF4L 活化的認知與驗證。兩者結合，將建立堅實基礎，在降低路徑風險的同時，為未來臨床開發機會做好布局。

Pharma is paying real premiums for mitochondrial innovation. Recent multi-billion dollar acquisitions show that clinical stage assets with compelling proof of concept are being rewarded with strong valuations especially for mechanisms that complement GLP-1s. This round is focused on launch readiness and scalability. The majority of capital goes into processor scale-up and tech transfer, ensuring reliable production through our contract manufacturing organizations.

製藥產業正為線粒體創新支付實質溢價。近期數十億美元的併購案顯示，具備有力概念驗證的臨床階段資產正獲得強勁估值，特別是那些可與 GLP-1 機制互補的機制。本輪募資聚焦於上市準備與可擴展性。大部分資金將投入製程放大與技術移轉，確保透過我們的委外製造組織能可靠生產。

We're also funding human use studies and regulatory work to support a strong market launch, while a portion is allocated to early pharma screening to preserve upside. In short, this capital de-risks commercialization, accelerates first the revenue, and maintains future farmer opportunity. Thank you.

我們也將資助人類使用研究與法規工作，以支持強勢的市場上市；同時也會配置一部分資金用於早期藥物篩選，以保留上行空間。簡而言之，這筆資金可降低商業化風險、加速首先的營收，並維持未來藥物開發機會。謝謝。

What a fantastic presentation, Damien. Thank you very much. NCT gets me excited. This is really where we're starting to see all the hard work and efforts of eXoZymes turning into tangible assets and value.

Damien，這真是一場精彩的簡報。非常感謝。NCT 讓我感到非常振奮。這正是我們開始看到 eXoZymes 的所有辛勤工作與努力，轉化為具體資產與價值的時刻。

NCT is not a new molecule. It's been studied for decades. So why haven't it become a success already? Well, it's simply because nobody could make it at scale. There could be made small batches, microgram scale, where people could toy around with it, use it for research projects, prove the principle and the potential, but couldn't manufacture it.

NCT 並不是一種新的分子。它已被研究了數十年。那麼為什麼它至今還沒有成功呢？原因很簡單：沒有人能把它做成規模。過去只能做出小批量、微克等級的產物，讓人們可以拿來試驗、用於研究專案、驗證原理與潛力，但卻無法進行製造。

That is where we logged in last year. 2025, we decided let's really take this as the example of the platform of the kind of value we unlock when we build these buyer solutions. And we sat down and we, in record time, built the first version and started building on top of that version all the way up to the pilot scale that we were reporting on by the press releases earlier.

那就是我們去年登入的地方。2025 年，我們決定真正把這當作一個平台範例，展示當我們打造這些買方解決方案時所能解鎖的價值。我們坐下來，並在創紀錄的時間內建構了第一版，然後在此版本之上持續迭代，一路建到我們先前透過新聞稿所報告的試點規模。

Mid last year, we basically set the goal for end of the year in regards to where we wanted to be with NCT. It was a very ambitious plan. We wanted to scale from where we were to where we wanted to be 100 times. We wanted to make sure that we maintained what we have been saying for years now, that we have a platform that when we scale, we don't go down in performance.

去年年中，我們基本上就針對 NCT 設定了年底要達到的位置目標。那是一個非常雄心勃勃的計畫。我們希望把規模從當時的水準放大到目標水準的 100 倍。我們也希望確保維持我們多年來一直在說的：我們的平台在擴大規模時，效能不會下降。

And that's why we're so happy about the Cayman Chemical partnership, where not only did we show for the first time that we can take our cell-free eXoZymes biomanufacturing technology and hand it over to someone else that doesn't know how the technology is built and how it works, but they can produce with it.

這也是為什麼我們對與 Cayman Chemical 的合作夥伴關係感到非常高興：我們不僅首次證明可以把我們的無細胞 eXoZymes 生物製造技術交付給一個不了解該技術如何建構、如何運作的第三方，而且他們仍然能用它進行生產。

And not only did it work, it actually lived up to the expectations. We delivered exactly what we had said we would do and more. We had extraordinary performance when it came to purity. We had really amazing performance when it came to basically going from feedstock to end product. So that conversion is unheard of what we did in this project when you compare it to others in bio.

而且不僅可行，實際上也達到了預期。我們交付的成果完全符合我們所承諾的，甚至更多。在純度方面，我們表現極為出色。在基本上從原料到終端產品的轉換方面，我們也有非常驚人的表現。因此，當你把這個專案與生物領域的其他專案相比，我們在此專案中做到的轉換率可說是前所未聞。

If you haven't seen the video with Cayman Chemical talking about our technology and this project, then feel free to go to our webpage and study it. It is nice to hear that someone else than ourselves sees the potential.

如果你還沒看過 Cayman Chemical 談論我們技術與此專案的影片，歡迎到我們的網頁上觀看並研究。能聽到除了我們自己之外的其他人也看見這個潛力，令人欣慰。

With the Cayman's project, we showed that we are now at kilo scale, not microgram scale. We yielded more than half a kilo of ultra-pure NCT. This means we're now going from the R&D phase of making the system work and perform, to now optimizing towards how can we make it better, faster, cheaper? How can we make the unique economics of producing NCT the best possible so that we can have the highest possible profit margin?

透過 Cayman 的專案，我們證明我們現在已達到公斤級規模，而不是微克級規模。我們產出了超過半公斤的超高純度 NCT。這表示我們正從研發階段（讓系統能運作並展現效能）邁向下一步：針對如何做得更好、更快、更便宜進行最佳化。我們要如何把生產 NCT 的獨特經濟性做到最好，讓我們能擁有盡可能高的利潤率？

With this pilot production behind us, we are now in a great position interacting with potential partners, everything from researchers that are interested in testing the material in this purity level, to potential marketing partners, to potential biotech and pharma partners that are intrigued about NCT analogs.

在完成這次試點生產之後，我們現在在與潛在合作夥伴互動方面處於非常有利的位置，對象涵蓋從有興趣以此純度等級測試材料的研究人員，到潛在的行銷合作夥伴，再到對 NCT 類似物感到好奇的潛在生技與藥廠合作夥伴。

NCT is also really becoming the proof point on cell-free biomanufacturing. You cannot get this kind of purity. You won't be able to get to these price points if you are cell-based either via isolating from nature or by genetic engineering by a cell-based biomanufacturing. So the proof points of the next generation is really being delivered by NCT.

NCT 也正逐漸成為無細胞生物製造的關鍵驗證點。你無法取得這種等級的純度。如果你採用細胞式方法——不論是從自然界分離，或是透過基因工程的細胞式生物製造——你也無法達到這些價格水準。因此，下一代的驗證點，正是由 NCT 真正交付出來的。

NCT going as a nutraceutical and as a pharmaceutical is also a business model we will be applying to a number of other types of molecules. Our capabilities in engineering small molecules with the enzymes and exozymes that we use is unheard of.

將 NCT 以保健食品（nutraceutical）與藥品（pharmaceutical）的方式推進，也是一種我們會套用到多種其他分子類型的商業模式。我們運用所使用的酵素與 exozymes 來工程化小分子的能力，可說是前所未聞。

When I talk to a number of people from pharma, medicinal chemists, they literally disbelieve the kind of chemistry abilities we have until they see that we can do them. What then happens is that they turn around and they go like, but if you can do that over here in the cannabinoid, why wouldn't you be able to do it over here on my drug, on my drug class, in all of these ideas I have? And that's where the aha moment for people really starts, that this is a new generation of medicinal chemistry that is coming from this new generation of biomanufacturing.

當我與一些藥廠人士、藥物化學家交流時，在他們親眼看到我們能做到之前，他們幾乎不相信我們具備這種化學能力。接著他們就會反過來說：如果你能在大麻素這邊做到，那為什麼不能在我的藥物、我的藥物類別、以及我所有這些想法上做到？而這就是人們真正開始出現「啊哈」時刻的地方：這是一個由新一代生物製造所帶來的新一代藥物化學。

And by the way, dear shareholders, potential investors, do yourself a favor and go in and use your favorite AI tool to do due diligence on NCT. The market potential and all of that will be nicely explained to you, and then you don't have to take my word for it.

順帶一提，親愛的股東與潛在投資人，幫自己一個忙：去使用你最喜歡的 AI 工具，對 NCT 做盡職調查。市場潛力以及相關內容都會為你解釋得很清楚，這樣你也不必只聽我一面之詞。

My name is Tyler Korman, CSO of eXoZymes. You've heard some exciting developments about NCT and the work that we've been doing at eXoZymes to advance that program.

我叫 Tyler Korman，是 eXoZymes 的 CSO（首席科學長）。你已經聽到一些關於 NCT 的令人振奮的進展，以及我們在 eXoZymes 為推進該計畫所做的工作。

But NCT is not all that we do here at eXoZymes. We have a number of other programs that I'd like to tell you about. Specifically, I'd like to give you a window into where we are at scientifically. Those areas that are generating momentum, delivering results, and allowing us to build the platform to move into 2026.

但 NCT 並不是我們在 eXoZymes 所做的全部。我們還有許多其他計畫，我想向各位介紹。具體來說，我想讓你們一窺我們在科學面目前所處的位置。哪些領域正在累積動能、交付成果，並讓我們得以建立平台，邁向 2026 年。

First, let's talk about cannabinoids and the progress we've made on our cannabinoid program. Cannabinoids have always been a compelling fit for our eXoZymes platform. The biochemistry of cannabinoid biosynthesis is well characterized, the target molecules are high value, and the regulatory environment, which as many of you know, has been shifting meaningfully at the federal level, is creating new opportunities for both research and commercial development that simply didn't exist a few years ago.

首先，我們來談談大麻素（cannabinoids）以及我們在大麻素計畫上取得的進展。大麻素一直都非常適合我們的 eXoZymes 平台。大麻素生合成的生物化學已被充分表徵，目標分子價值高，而監管環境——如各位所知，在聯邦層級正出現顯著變化——正在為研究與商業開發創造新的機會，而這些機會在幾年前根本不存在。

What I can tell you is that internally, the scientific case for cannabinoid production using our platform has only gotten stronger. Our cell-free eXoZymes approach offers real advantages here. We're not just growing cells. We're navigating the compliance complexity of working with scheduled substances inside a living organism.

我可以告訴你的是，在內部，我們使用平台生產大麻素的科學論證只變得更強。我們的無細胞 eXoZymes 方法在這裡提供了真正的優勢。我們不只是培養細胞。我們也不必在活體生物中處理與列管物質（scheduled substances）相關的合規複雜性。

We make the pathway, we run the reactor, and produce the target cannabinoid in our chosen form. That's a cleaner, faster, and more defensible route to these molecules than most current approaches in the market. Additionally, we are encouraged by our ability to leverage our platform to produce not just rare cannabinoids, but also new-to-nature cannabinoid analogs, for which we recently submitted a provisional patent application.

我們建立路徑、運行反應器，並以我們選定的形式生產目標大麻素。相較於目前市場上多數方法，這是一條更乾淨、更快速、也更具可防禦性的取得這些分子的路徑。此外，我們也對於能運用平台不僅生產稀有大麻素，還能生產自然界不存在的新型大麻素類似物感到振奮；我們近期已就此提交臨時專利申請（provisional patent application）。

We're watching this space carefully, and I'm optimistic by what we're seeing, both in terms of scientific fit and commercial timing. And I'll note, our ability to identify novel cannabinoid analogs as targets and to design the enzymes to produce them is increasingly informed by AI-assisted enzyme engineering tools. This is a core part of how we work across all of our programs.

我們正密切關注這個領域，而我對我們所看到的情況感到樂觀，無論是在科學適配性或商業時機方面。我也要指出，我們將新穎的大麻素類似物辨識為目標、並設計可生產它們的酵素之能力，正越來越多地受益於 AI 輔助的酵素工程工具。這是我們在所有計畫中運作方式的核心部分。

Next, let's talk about santalene and the progress we've made hitting grant milestones. Our santalene program is progressing exactly as planned as part of a multi-year grant, hitting its technical milestones on schedule. For those less familiar, santalene is a sesquiterpene precursor to the sandalwood fragrance compounds, a high-value target in the specialty fragrance and personal care market, where natural sandalwood supply is constrained and sustainability pressures on traditional sourcing are intensifying.

接下來，我們來談談 santalene 以及我們在達成補助里程碑方面取得的進展。作為一項多年期補助的一部分，我們的 santalene 計畫正完全依照規劃推進，並按期達成其技術里程碑。對於較不熟悉的人而言，santalene 是一種倍半萜（sesquiterpene），是檀香香氛化合物的前驅物；在天然檀香供應受限、且傳統來源面臨日益加劇的永續壓力之下，它是特殊香氛與個人護理市場中的高價值目標。

The fact that we are delivering on milestones here is significant, not just for this asset, but as a proof point for the platform itself. We set expectations and deliverables, we're meeting them, and the underlying science is confirming what we believe about our enzymatic pathway design. That's the kind of disciplined execution that builds credibility with partners and validates the broader platform story.

我們在此達成各項里程碑這件事意義重大，不僅對這項資產而言如此，也可作為平台本身的有力佐證。我們設定了預期與交付項目，並且正在如期達成，而底層科學也正在驗證我們對酵素途徑設計的判斷。這種嚴謹且有紀律的執行，能夠建立與合作夥伴之間的可信度，並驗證更廣泛的平台敘事。

I'd also like to tell you about our pipeline innovation system. We've built a structured idea management system, one that integrates AI-assisted screening to actively generate and filter new program candidates. What that means in practice is that we're using AI tools to evaluate platform fit, market signal, and technical feasibility at a speed and scale that simply wasn't possible before.

我也想向各位介紹我們的管線創新系統。我們建立了一套結構化的創意管理系統，整合了 AI 輔助篩選，以主動產生並過濾新的專案候選項目。實務上這代表我們運用 AI 工具，以過去根本無法達到的速度與規模，評估平台適配性、市場訊號與技術可行性。

Our scientific team isn't just executing on defined assets like NCT and cannabinoids. They're continuously scouting, evaluating, and qualifying new directions based on platform fit, market signal, and technical feasibility.

我們的科學團隊不只是執行像 NCT 與大麻素這類已定義的資產。他們也會持續依據平台適配性、市場訊號與技術可行性，探索、評估並確認新的方向。

The pipeline you see today is not the ceiling. We have a process designed to surface the next generation of assets in a disciplined way that leverages platform capability and can also allow us to make new classes of molecules, whether that's nucleosides, flavonoids, or other complex natural products, in a way that's grounded in what our platform actually does well. That kind of structural innovation capacity is, frankly, a differentiator. And it gives me confidence that we'll continue to have compelling directions to bring forward.

各位今天看到的管線並不是上限。我們有一套流程，能以嚴謹的方式發掘下一代資產，善用平台能力，並讓我們能夠製造新的分子類別——無論是核苷、黃酮類，或其他複雜的天然產物——而且是建立在我們平台真正擅長之處的基礎上。坦白說，這種結構性的創新能力是一項差異化優勢。也讓我有信心，我們將持續提出具吸引力的新方向。

While remaining product-focused, we continue to invest in our core eXoZymes platform. A key area of progress in 2025 and into 2026 has been expanding our data generation capabilities. Enabled in part by our cell-free protein synthesis screening platform, this allows us to produce and characterize enzymes rapidly and cost-effectively.

在維持產品導向的同時，我們也持續投資於核心 eXoZymes 平台。2025 年以及延伸至 2026 年的一項關鍵進展，是擴大我們的數據產生能力。這部分在一定程度上得益於我們的無細胞蛋白質合成篩選平台，使我們能以快速且具成本效益的方式生產並表徵酵素。

This data directly feeds our AI-assisted enzyme design tools, improving the speed and quality of our science across all programs. We believe these investments in platform infrastructure position us well to accelerate our existing programs and to pursue new opportunities as they emerge.

這些數據會直接回饋到我們的 AI 輔助酵素設計工具，提升所有專案在科學研發上的速度與品質。我們相信，對平台基礎設施的這些投資，能讓我們在加速既有專案的同時，也能在新機會出現時把握並推進。

Across cannabinoids, our santalene program, and our pipeline of innovation, what I hope you take away is this: the science is working. The platform is proving itself. We are able to now generate those next ideas that will allow us to push biomanufacturing into the next generation. I'm excited about where we are, and I look forward to providing additional updates in the future. Thank you.

綜觀大麻素、我們的檀烯（santalene）專案，以及我們的創新管線，我希望各位帶走的重點是：科學正在奏效。平台正在證明自身價值。我們現在能夠產生下一批想法，推動生物製造邁向下一世代。我對我們目前的進展感到振奮，也期待未來提供更多更新。謝謝。

Thank you, Tyler. And now it's time to look at the financials. That means let's get over to Fouad.

謝謝你，Tyler。接下來我們來看財務數據。也就是把時間交給 Fouad。

Good afternoon, everyone. Our financial results for the year of 2025 are detailed in our press release that was just issued. I encourage you to read the report and I'll take a moment to review and summarize the results.

各位下午好。我們 2025 年度的財務結果已詳列於剛發布的新聞稿中。我建議各位閱讀該報告，我也會花點時間回顧並摘要重點。

As a pre-revenue company, our primary focus remains on building asset value and getting to revenue under prudent financial management. We continue to make targeted investments to drive commercialization goals and achieve long-term growth.

作為一家尚未產生營收的公司，我們的主要重點仍是建立資產價值，並在審慎的財務管理下推進至營收階段。我們持續進行有針對性的投資，以推動商業化目標並實現長期成長。

As of the end of December of 2025, our cash and cash equivalents stood at $3.04 million, providing us with sufficient liquidity to support ongoing operations and key initiatives into the middle of Q2 of 2026. Our total operating expenses for the year were $9.72 million, which represents an increase of $3.78 million compared to the prior year of 2024.

截至 2025 年 12 月底，我們的現金及約當現金為 304 萬美元，提供充足流動性以支應持續營運與關鍵計畫，直至 2026 年第二季中期。本年度總營運費用為 972 萬美元，較 2024 年增加 378 萬美元。

The increase in 2025 was primarily driven by R&D investments, personnel expansion of the leadership and the R&D team, with a focus on further developing our internal infrastructure and developing our flagship products. The net loss for the year was $9.16 million.

2025 年的增加主要來自研發投資，以及領導團隊與研發團隊的人員擴編，重點在於進一步強化內部基礎設施並推進我們的旗艦產品。本年度淨損為 916 萬美元。

We have been disciplined in our spending approach and continue to ensure that our capital is allocated effectively to maximize shareholder value. Additionally, we continue to explore non-diluted funding opportunities such as new grants, strategic partnerships, and potential government programs to further strengthen our financial position.

我們在支出策略上一直保持紀律，並持續確保資本能有效配置，以最大化股東價值。此外，我們也持續探索非稀釋性資金來源，例如新的補助金、策略合作夥伴關係，以及潛在的政府計畫，以進一步強化我們的財務狀況。

That concludes my presentation of the financials. And with that, I'll pass the call back. Thank you.

以上是我對財務部分的報告。接下來我把電話會議交回去。謝謝。

Thank you, Fouad. Nice insight. And I would like to add on top of that a more fundraising-focused element.

謝謝你，Fouad。很有洞見。我也想在此基礎上補充一個更聚焦於募資的部分。

So it's no news to anyone that we raised the IPO money to build us up to where we are today, have these value inflection points of having proven the technology is showcasing the business potential to then do another round of fundraising.

大家都知道，我們當初募集 IPO 資金，是為了把公司建設到今天這個階段；並在證明技術、展現商業潛力等價值拐點之後，再進行下一輪募資。

I want to start by saying that us fundraising doesn't mean we will start turning up the burn and become a different kind of company. We are lean. We're really good at being capital efficient and making a lot of progress with the resources available. There is a lot of innovation that comes out of that. pressure field of having a little bit too little resources, so we really have to be smart and thoughtful about what we're working on. We'll continue that also in the coming years.

我想先說明，我們募資並不代表會開始大幅提高燒錢速度、變成另一種公司。我們的組織精實。我們非常擅長資本效率，能用現有資源取得大量進展。在資源略顯不足的壓力場之下，反而會催生許多創新，因此我們必須對正在投入的工作保持聰明且審慎的取捨。未來幾年我們也會持續如此。

As mentioned on the Q3 call last time, we would use this period to start preparing for and warming up to a financing round. And so we did. So January 16, we filed NS3, that is the foundation for us to have conversations with investors that have shown interest in investing into our company.

如同上次第三季電話會議所提到的，我們會利用這段期間開始為一輪融資做準備並逐步升溫。我們也確實這麼做了。因此在 1 月 16 日，我們提交了 NS3，這是我們與對投資本公司有興趣的投資人展開對話的基礎。

And with today's presentation and us opening up for a number of roadshow style deep dives into what we do, everybody gets the chance to be fully up to speed with the business and investment opportunity by the time that we relatively soon will open up around with concrete terms and start taking in people's investment indications.

透過今天的簡報，以及我們開放一系列類路演形式的深度交流，大家都有機會在我們相對不久後以具體條款正式開啟一輪募資、並開始收集投資意向之前，充分掌握我們的業務與投資機會。

If you're sitting on this call and you're thinking, I want to hear more, I want to be a part of some of those meetings, you can either just be signed up to our newsletter and we will ongoingly tell you what the opportunities are. Or if you want to be proactive, send us an email on Investor Relations that is basically ir@exozymes.com and indicate your interest. We'll make sure you become part of the roadshow or the online group presentations.

如果你正在參與這通電話會議，心裡想著「我想了解更多、也想參與其中一些會議」，你可以選擇訂閱我們的電子報，我們會持續告知相關機會。或者如果你想更主動一些，請寄信到投資人關係信箱 ir@exozymes.com 表達你的興趣。我們會確保你能加入路演或線上團體簡報。

I'm excited about all the value and assets we managed to build in 2025 and the first weeks of 2026. We have done exactly what we set out to do in a capital-light fashion, build something that allows us to have unique capabilities to produce biosolutions, tech transfer packages, products that has competitive advantages the world had not seen before, either because the small molecule natural product was not possible to manufacture at scale at all, or it's a natural product that we can then customize for a pharmaceutical use case.

我對我們在 2025 年以及 2026 年最初幾週所建立的所有價值與資產感到振奮。我們以輕資本的方式，完全達成了原先設定的目標：打造出讓我們具備獨特能力的成果，能夠提供生物解決方案、技術移轉套件與具競爭優勢的產品——這些優勢是世界過去未曾見過的；原因可能是某些小分子天然產物過去根本無法進行規模化製造，或是我們能將天然產物加以客製化，以符合製藥用途的情境。

The value creation, the asset build, and with time, the revenue growth is what makes me super excited about how we are ripening up as a company. With NCT, with the cannabinoid program, and the tail of other development projects we'll be doing over the coming years, I am absolutely certain that you will see a number of value inflection points happen also already this year.

價值創造、資產建置，以及隨著時間推進的營收成長，正是讓我對我們作為一家公司正在日益成熟感到無比興奮的原因。有了 NCT、有了大麻素計畫，以及未來幾年我們將推進的其他開發專案尾端，我絕對確信你們也會看到多個價值拐點，甚至在今年就會發生。

Based on our leadership principles, all the great work by the team, the tools and systems we are building for talent management and making sure we are coordinated and focused, all of that is starting to pay off. And that is how I am sure that the future is bright, not just because we are building biomanufacturing solutions, but also because we are becoming a really high-performance company.

基於我們的領導原則、團隊所做的一切出色工作，以及我們正在打造的人才管理工具與系統，確保我們協同一致並保持專注，這些都開始產生回報。也正因如此，我確信未來一片光明，不僅因為我們正在打造生物製造解決方案，也因為我們正在成為一家真正高績效的公司。

I look forward to the rest of the year, and all of these things are obviously the things that makes me fall asleep with a smile on a daily basis.

我期待今年剩下的時間，而這些事情顯然也是讓我每天都能帶著微笑入睡的原因。

And before we go to the Q&A session, I just want to end on that the next generation of biomanufacturing is here. It's still free, and it's going to make the future bright.

在我們進入問答環節之前，我只想以一句話作結：下一代生物製造已經到來。它仍然是自由的，而且將讓未來更加光明。

Thank you all for the questions. We have gotten more than we can answer in this session, but we'll take a handful and then we'll get back to the rest of you either in writing or setting up a call.

感謝大家的提問。我們收到的問題多到這一場無法全部回答，但我們會先挑幾個，其他問題我們會以書面回覆或安排通話與各位聯繫。

Damien, why don't you pick a question for me and then we get started.

Damien，你先幫我挑一個問題，我們就開始吧。

Sounds good. I grabbed this one because I think it's a good place to start. That's a question we can direct to you, Michael.

沒問題。我選了這個，因為我覺得很適合作為開場。這個問題我們可以請你回答，Michael。

Do you have enough operating cash on the balance sheet to get to operating break even. When will that occur?

你們資產負債表上的營運現金是否足以支撐到營運損益兩平？何時會達成？

Yes. As you have just seen from the presentation, we are fund raising and it's going to start taking in and locking down indications in April. That is how we finance the company as you are aware of.

是的。正如你們剛才在簡報中看到的，我們正在募資，並且會在四月開始吸收並鎖定意向。如各位所知，這就是我們為公司提供資金的方式。

This question also allows me to kind of unpack how we create value and how it translates into shareholder value. So let's just I a bit into that.

這個問題也讓我可以稍微拆解一下我們如何創造價值，以及它如何轉化為股東價值。所以我們就稍微深入談一點。

So first of all, we built biomanufacturing assets. Basically, with the next-generation biomanufacturing tech transfer packages that we built, we enable our upcoming spin-outs and joint ventures and our partners to basically have competitive advantages in their specific markets. For example, when people can produce a product that is otherwise impossible to produce at scale, that is a real competitive advantage to be able to offer that.

首先，我們建立生物製造資產。基本上，透過我們打造的下一代生物製造技術移轉套件，我們讓即將成立的分拆公司（spin-outs）、合資企業以及合作夥伴，在各自市場中具備競爭優勢。例如，當人們能夠以規模化方式生產原本不可能量產的產品時，能提供這樣的產品就是一項真正的競爭優勢。

That value creation that we trigger there, we basically do in a super capital-efficient way compared to synthetic biology in general. [Sunbuyer] have been known to cost hundreds of millions of dollars and take many, many years to bring something to market. And frankly, most people didn't even bring anything to market in the end. From that perspective, we are proud that we can translate this effort into shareholder value.

我們在那裡所觸發的價值創造，基本上是以相較於整體合成生物學領域更具資本效率的方式完成。[Sunbuyer] 一向以需要數億美元、並耗費多年才能把產品推向市場而聞名。坦白說，多數人最後甚至沒有把任何產品推向市場。從這個角度來看，我們很自豪能把這些努力轉化為股東價值。

And let me just pin that out exactly how that works. So when we build the spin-outs and we build the joint venture positions, that opens up exit opportunities. That's how we create assets and how we turn that into capital that comes back to us and US shareholders. It's also when we do licensing deals with partners in the future, there will be payments associated with that. And that's basically how we build the cash flows.

我再把它具體說明一下其運作方式。當我們建立分拆公司並建立合資持股部位時，就會打開退出（exit）機會。這就是我們如何創造資產，並將其轉化為回流到我們以及美國股東的資本。此外，未來當我們與合作夥伴進行授權交易時，也會伴隨相關款項。而這基本上就是我們建立現金流的方式。

From a short-term perspective, what I want you to keep an eye on is when we hit our value inflection points, that's basically how we make sure that people start to understand exactly what it is we're building, why it's so valuable, and I think today's presentation has, with NCT and our cannabinoids, given a lot of meat on that bone.

從短期角度來看，我希望各位關注的是：當我們達到價值拐點時，這基本上能確保市場開始清楚理解我們正在打造什麼、為何如此有價值；我認為今天的簡報透過 NCT 與我們的大麻素，已經提供了相當扎實的內容。

I think there's a nice question that we got, too, that layers on top of that, and I'll address another one to you, Michael.

我想我們也收到一個很好的問題，可以在此基礎上再往上延伸；我再請你回答另一題，Michael。

Exozymes has consistently indicated it's working towards specific milestones before signing partnership agreements. But shareholders have not been given visibility into what those milestones can be. Can you provide a clearer milestone roadmap? Will you look to provide more guidance going forward to keep shareholders better informed?

Exozymes 一直表示在簽署合作協議前，會先朝特定里程碑推進。但股東並未能清楚看到這些里程碑是什麼。你能否提供更清晰的里程碑路線圖？未來你們是否會提供更多指引，以便讓股東獲得更充分的資訊？

Yes, we will certainly try, but it is not because of bad will. It is a true challenge to find this right balance between following a roadmap with milestones versus doing what is actually best for us, the company, and you as shareholders.

是的，我們當然會努力，但這並不是出於不願意。真正的挑戰在於：在遵循包含里程碑的路線圖，與實際做出對我們、公司以及你們股東最有利的決策之間，如何取得正確的平衡。

And I think 2025 was a good example of that. We did our refocusing strategically by basically going from let's make a lot of partnerships deals into realizing that the better way of capturing value was to basically investing our time and efforts into these amazing business opportunities we have in front of us with the cannabinoids and with NCT.

我認為 2025 年就是一個很好的例子。我們在策略上重新聚焦，基本上是從「做很多合作交易」轉變為意識到：更好的價值捕捉方式，是把時間與精力投入到我們眼前這些極佳的商業機會——大麻素與 NCT。

Let's say if I had sold 50% or even 100% of NCT for a couple of tens of millions of dollars, then I think everybody should and would hate me, even at this point, but especially in the future when people start realizing the very large potential that this has. So us going from a big idea platform company to become product and market focused and delivering on that was a shift and therefore also from a communication point of view, a little bit of a challenge to fit into a roadmap because we frankly didn't know in the beginning of the year what we knew in the end of the year.

假設我以幾千萬美元就賣掉 NCT 的 50% 甚至 100%，那我想大家現在就會、也應該會討厭我；更不用說未來當人們開始意識到它巨大的潛力時。因此，我們從一個宏大構想的平台型公司，轉變為以產品與市場為導向並交付成果，這是一個轉型；也因此從溝通角度來看，要把它放進一個路線圖裡確實有點挑戰，因為坦白說，我們在年初並不知道年末才知道的那些事情。

But will we do our very best to be better at it? Absolutely. And I would say with NCT, it gives us some good opportunities to kind of start having conversations about what those value inflection points and milestones are. I'm thinking human use studies for NCT is something I as a shareholder would keep an eye on that is very valuable basically generating our own data and proof for the capabilities of our ultra-pure version of NCT.

但我們會盡最大努力把這件事做得更好嗎？絕對會。我會說，NCT 讓我們有一些很好的機會，開始討論那些價值拐點與里程碑是什麼。我認為 NCT 的人體使用研究是我作為股東會關注的一點，因為這非常有價值——基本上能產出我們自己的數據與證據，證明我們超高純度版本 NCT 的能力。

I would also say that when we get to finish up the tech transfer package of NCT and basically be ready for the commercial production, that is also a last value increase that will be triggered there.

我也會說，當我們完成 NCT 的技術移轉套件，並基本上準備好進行商業化生產時，那也會觸發最後一次價值提升。

Yeah, on the last point, if I were to kind of mention a couple of the things, milestones to keep an eye on, I would say cannabinoids, us basically getting to the next level in that business case. And I think there's so much potential there. And with the rescheduling you talked about and other things, we will definitely get some opportunities that only we can address and therefore, frankly, dominate and make a lot of value from.

是的，關於最後一點，如果要我提幾個值得關注的事項與里程碑，我會說大麻素——也就是我們在這個商業案例上推進到下一個層級。我認為那裡有非常大的潛力。再加上你提到的重新分級（rescheduling）以及其他因素，我們肯定會獲得一些只有我們能夠把握的機會，因此坦白說，我們能在其中取得主導地位並創造大量價值。

Okay, my turn to pick a question here. I'm going to give you one, Tyler.

好，輪到我在這裡挑一個問題了。我給你一個，Tyler。

Your website references cannabinoid-like and cannabinoid-inspired molecules. But in the past, you have indicated that eXoZymes would also produce rare, naturally occurring cannabinoids, maybe for the consumer market. Are you still pursuing a dual-track strategy for cannabinoids similar to NCT?

你們的網站提到類大麻素（cannabinoid-like）以及受大麻素啟發（cannabinoid-inspired）的分子。但過去你們曾表示 eXoZymes 也會生產罕見、天然存在的大麻素，可能面向消費者市場。你們是否仍在推進一個類似 NCT 的大麻素雙軌策略？

Yeah. That's a great question. So we have made both rare cannabinoids. We can and have made both rare cannabinoids and new-to-nature cannabinoid analogs. Like I said earlier, we just recently filed a provisional patent that covers a number of new-to-nature cannabinoid analogs.

是的。這是個很好的問題。所以我們已經做出過罕見大麻素。我們能做、也確實做過罕見大麻素以及自然界不存在（new-to-nature）的大麻素類似物。就像我先前提到的，我們最近剛提交了一份臨時專利申請，涵蓋多種自然界不存在的大麻素類似物。

Needless to say, there's a massive underserved potential of targeting the endocannabinoid system. And so while that is true, and while the regulatory environment is shifting in what looks to be meaningful ways at the federal level, under the current regulations, we are still focused on the pharma opportunities for those cannabinoid assets.

不用說，針對內源性大麻素系統（endocannabinoid system）有著龐大且長期未被滿足的潛力。因此，雖然如此，而且聯邦層級的監管環境也正以看起來具有實質意義的方式轉變，但在現行法規之下，我們仍聚焦於這些大麻素資產在製藥端的機會。

That being said, we will still keep an eye on the changing regulatory landscape to make sure that we keep our options open depending on what those regulatory changes are.

話雖如此，我們仍會持續關注不斷變化的監管態勢，確保能依據那些監管變動，保留我們的選項彈性。

Good. Damien, time for you to get a question here. Let me see. Let me pick something here. I'm actually going to do a combo question here. James and Rodney are kind of asking the same thing here, so let me see if I can show it together.

很好。Damien，輪到你來回答一個問題了。我看看。我挑一個。我其實要把兩個問題合併來問。James 和 Rodney 問的內容有點像，所以我看看能不能一起呈現。

Cayman Chemical was recently seen making public encouraging statements about exozymes. What is the nature of the relationship going forward? Is Cayman positioned as a long-term CMO partner, or is it primarily a partner for external validation in the smaller scale range?

最近看到 Cayman Chemical 公開發表了對 exozymes 令人鼓舞的正面評論。未來雙方關係的性質是什麼？Cayman 是定位為長期的 CMO 合作夥伴，還是主要作為小規模範圍的外部驗證夥伴？

And sewing in the question of how do you get from 100 liters to 10,000 leaders, and what is the necessary commercial scale of the volume that is going to be needed for NCT? And how do we know if there will be or will not be scaling issues down the road?

另外把問題串起來：你們如何從 100 公升走到 10,000 公升？NCT 所需的必要商業化產量規模是多少？我們又如何判斷未來是否會、或不會，在放大製程上遇到問題？

I thought this might be one of the questions you pick on, so I sketched a few milestone points here, because I think one of the things we're hearing over and over from our investors is understanding our milestones is understanding our value. So I sketched a few things in the milestones. I want to make sure I get those right.

我想這可能是你會挑到的問題之一，所以我先草擬了幾個里程碑重點，因為我認為我們從投資人那裡一再聽到的一件事是：理解我們的里程碑，就等於理解我們的價值。所以我在里程碑上畫了幾點。我想確保我把這些講對。

Let me start by just saying Cayman Chemical's been incredible. right? Absolutely. They demonstrated both that transferability of a process technology and they demonstrated the scalability, and they demonstrated the performance repetition, right, from us to them.

我先說，Cayman Chemical 一直都非常出色，對吧？完全同意。他們證明了製程技術的可轉移性，也證明了可擴展性，並且證明了表現的可重複性，對吧，從我們到他們。

But just what a professional outfit to work with, right? And, you know, being able to take our methods and deploy them, encounter a few hiccups that they did, but, you know, being able to keep things within spec and keep things within boundaries. Like they were a solid operator from that perspective.

但他們真的是一個非常專業、合作起來很舒服的團隊，對吧？而且，你知道的，他們能把我們的方法拿去部署，過程中確實遇到一些小卡關，但你知道的，仍能把各項指標維持在規格內、維持在界限內。從這個角度看，他們是很穩健的操作者。

I think the teams have built a solid working rapport. You probably agree with that, leading that team. And I think what that means with Cayman is there's more we can do with a group like that. They've become an asset in that relationship.

我認為雙方團隊已建立起扎實的合作默契。你帶領那個團隊，應該也同意。而我認為這對 Cayman 的意義是：我們還能和這樣的團隊做更多事。在這段關係中，他們已成為一項資產。

And so I think as we march forward in '26 and beyond, as we look at various applications of NCT and as we look at other molecules, there's definitely more work we can do with Cayman, but we need to have a conversation with Cayman to go and set that up. But lead us to say for our investors, it's been a great, great relationship.

因此我認為，當我們在 2026 年及之後持續推進、在評估 NCT 的各種應用以及其他分子時，確實還有更多工作可以和 Cayman 一起做；但我們需要和 Cayman 再談一次，把這些安排好。不過可以先跟投資人說，這一直是一段非常、非常好的合作關係。

Cayman's not everything for us though, right? As we commercialize NCT and we go to a larger scale. We'll need a network of contract manufacturing organizations to provide scale, yes, but also continuity. We want to make sure we build a supply chain that is robust, right, that can survive a shock to the system somewhere. And we're not so dedicated to one and only one way of making the material that we make.

但 Cayman 對我們而言也不是全部，對吧？當我們把 NCT 商業化並走向更大規模時，我們需要一個委託製造組織（CMO）的網絡來提供規模，沒錯，但也要提供連續性。我們希望建立一條具韌性的供應鏈，對吧，能夠承受系統某處的衝擊。而且我們不希望只依賴單一、唯一的材料製造方式。

In terms of the milestones ahead, where do we go next? Well, we've got to take the learnings we came in and we need to optimize our process methods. So get that feedback, make sure we've optimized our methods with that feedback.

就接下來的里程碑而言，我們下一步要去哪裡？嗯，我們必須把這次得到的學習帶回來，並且需要優化我們的製程方法。也就是把回饋納入，確保我們用這些回饋把方法優化到位。

We need to then go into robustness testing, ensure we know enough about our process that it can encounter shocks, it can encounter deviations, and we know how to remedy that. So that's about us becoming the master of our technology, which is really, really important.

接著我們需要進入穩健性測試（robustness testing），確保我們對製程了解得夠深入，使其能面對衝擊、能面對偏差，並且我們知道如何補救。這關乎我們成為這項技術的真正掌握者，而這非常、非常重要。

We're already underway with supply chain validation and contract manufacturing organization validation. We've got an RFP process out where we're interviewing and we're validating.

我們已經在進行供應鏈驗證以及 CMO 驗證。我們已啟動一個 RFP 流程，正在面談並進行驗證。

What is RFP?

RFP 是什麼？

RFP is a request for proposal. So it's two phases. We send out information on our process under non-disclosure agreement to a handful of CMO organizations. We're asking them to put a proposal to us on how they would operate our process at scale and at what cost. Key features for our business case on NCT.

RFP 是「提案徵求」（request for proposal）。所以它分兩個階段。我們會在保密協議（NDA）之下，把我們製程的資訊發給少數幾家 CMO。我們請他們提出提案，說明他們會如何在放大規模下運行我們的製程，以及成本會是多少。這些都是我們 NCT 商業案例中的關鍵要素。

Once we've selected, we need to do cross-validation of our methods into their hands to make sure everything works as the way it's intended. We'll then put our tech transfer package together, which then allows a CMO to operate with that technology at larger scale, which is a key step to being launch ready for NCT.

一旦我們選定之後，就需要把我們的方法交到他們手上做交叉驗證，確保一切都能如預期運作。接著我們會整理技術移轉（tech transfer）套件，讓 CMO 能用這套技術在更大規模下運行；這是讓 NCT 具備上市準備（launch ready）的關鍵一步。

So those are the milestones we're working towards in 2026. So in 2027, the engine could get turned on for commercial production of NCT.

所以這些就是我們在 2026 年要努力達成的里程碑。因此到了 2027 年，就可以啟動 NCT 的商業化生產引擎。

But how do we make sure as we go from where we are now to where we need to be at the end of the year that we don't encounter unexpected problems, right? How do we know that there won't be issues in that scale up?

但我們如何確保，當我們從現在的位置走到年底需要達到的位置時，不會遇到意料之外的問題，對吧？我們如何知道在放大規模的過程中不會出現問題？

And the honest truth is a game of preparedness, which means we need to make sure we're working with good partners. We need to make sure we understand well our methods. We need to work with good consultants. We have a team of manufacturing and supply chain consultants working with us right now. So all that needs to come together to ensure that we're ready for the scale-up.

而坦白說，這是一場「準備度」的競賽；也就是我們必須確保與優秀的合作夥伴合作。我們必須確保自己對方法有充分理解。我們需要與優秀的顧問合作。我們目前有一個製造與供應鏈顧問團隊正在與我們合作。因此，這些都必須整合到位，才能確保我們已準備好進行規模放大。

I want to reference people back to slide 11 in the NCT presentation I gave. There, there's a really compelling visual of how cell-free allows for very, very clean product compositions. That's the underlying magic for why we've been able to scale so efficiently and so easily. And I guess that's where I would leave that question is understand what that difference is in cell-free.

我想請大家回到我在 NCT 簡報中第 11 張投影片。那裡有一個非常有說服力的視覺化呈現，展示無細胞（cell-free）如何能帶來非常、非常乾淨的產品組成。這就是為什麼我們能夠如此高效、如此容易地擴產的底層魔法。我想我對這個問題的結論就是：理解無細胞在這方面的差異到底是什麼。

Yeah, well put, Damien. There's a lot of good work going on. We have time for one last question, I think? Yeah, so Michael, this is for you. I mean, we've talked a lot about nutraceuticals, pharmaceuticals. Do you see eXoZymes evolving into a pharmaceutical platform company or remaining more focused on specific assets in the near to medium term?

是的，Damien，說得很好。目前有很多很棒的工作正在進行。我想我們還有時間問最後一個問題？好，所以 Michael，這題是給你的。我們談了很多保健營養品、藥品。你認為 eXoZymes 在短到中期會演進成一家製藥平台公司，還是會更聚焦在特定資產上？

Okay, thank you for the question, David, that asked the question here. Basically, it allows us to obviously, as you've seen from the presentation today, we are going to double down on NCT and cannabinoids. It is where we are creating the most value per day per dollar.

好的，謝謝你的問題，David，也謝謝在這裡提問。基本上，正如你今天從簡報中看到的，我們會明確加碼 NCT 與大麻素（cannabinoids）。因為在這些領域，我們每一天、每一美元所創造的價值最高。

Right now, it is really clear to us that this is an important focus, and it also will basically do the proof to the world that this is a new generation of biomanufacturing that allows for a new kind and new kinds of products. So from that perspective, we will have focused on our flagship efforts there.

目前我們非常清楚，這是一個重要的聚焦方向；同時，這也將向世界證明，這是一代全新的生物製造方式，能夠帶來一種新的、以及多種新的產品類型。因此，從這個角度來看，我們會把旗艦工作重點放在那裡。

With that said, I can pull the conversation back to the pharma perspective because we have a lot of conversations with biotech and pharma companies. And I would say a year, year and a half ago when I was talking with people, I would say the general almost feeling in the room would be dismissive. Nobody can do that. That's too ambitious, like there's no way you can kind of do new additional chemistry, where now it's changed.

話雖如此，我也可以把對話拉回到製藥的角度，因為我們與許多生技與藥廠都有大量交流。我會說，一年到一年半前，當我和大家談這件事時，整體氛圍幾乎是帶著否定的。沒有人能做到。這太有野心了，不可能做到新的、額外的化學反應；但現在情況已經改變了。

People are really starting to understand that this is real. And especially the people that are studying our work on the cannabinoid side, they're starting to be very interested and asking about how they get access to the core technology. Because if you can do this on the cannabinoids, why can't you do it over on my drug? And we can.

大家真的開始理解這是真實可行的。尤其是那些在研究我們大麻素端成果的人，他們開始非常感興趣，並詢問如何取得核心技術的使用權。因為如果你能在大麻素上做到這件事，為什麼不能用在我的藥物上？而我們可以。

So you can argue, as it sometimes is in life, when we were looking for partners the most, it was difficult finding the exact right ones. And now when we are focused and we know exactly what we're going for now that the partners coming to us. That is overall what will lead us in the direction of absolutely utilizing our platform.

所以你可以說，就像人生中常見的情況一樣：當我們最需要合作夥伴的時候，反而很難找到完全合適的對象。而現在，當我們聚焦且非常清楚自己要達成什麼時，合作夥伴反而開始主動找上門。整體而言，這將引導我們朝著確實運用我們平台的方向前進。

You will see more assets being built on it, and we will go from being just spin-out and joint venture-focused also over to licensing-focused with time. But what the gearing is there and getting it on a milestone timeline, that's unfortunately not something I can offer because the world is moving so fast right now.

你會看到有更多資產建立在這個平台之上；而且隨著時間推進，我們也會從以分拆（spin-out）與合資（joint venture）為主，逐步轉向也以授權（licensing）為主。但至於具體如何配置、以及如何放到里程碑時程上，很遺憾我無法提供，因為現在世界變化太快了。

But I can offer the commitment to doing our amazing job. I don't think most people will ever be able to realize how deep our technology stack is, how pioneering it is, what we're doing from a biotech perspective. And it is because of all the ladies and gentlemen on the team that is really pulling the weight on a daily basis, putting efforts and achievements into exercise. That is just something that makes me proud and happy. So thank you very much for that. Thank you for investing your super talent into this mission.

但我可以承諾，我們會把工作做到最好。我想大多數人可能永遠無法真正理解我們的技術堆疊有多深、多具開創性，以及我們在生技角度所做的事情有多前沿。而這一切都要歸功於團隊裡每一位女士與先生每天扛起重任，把努力與成果落實到行動中。這讓我感到非常自豪與開心。所以非常感謝大家。謝謝你們把你們卓越的才能投入到這個使命之中。

And then, shareholders, a big thank you to you as well. Thank you for trusting us with your trust and your capital and all of the support you are giving us. We are grateful and really, really benefit from all of you that are reaching out with ways of helping us by basically making introductions, coming with ideas and new market opportunities to us, and all the other ways you support us.

另外，也要對股東們致上衷心的感謝。謝謝你們把信任與資本交付給我們，以及你們給予我們的所有支持。我們非常感激，也確實從各位的協助中獲益良多——你們主動聯繫我們、協助引薦、提供想法與新的市場機會，以及以各種方式支持我們。

And not only are we just thankful for that, we also want to encourage you to keep going on doing that, introduce us to as many new people as possible. We are obviously still a company that not everybody in the world have heard about yet, and therefore help us break into those new opportunities from a shareholder perspective.

我們不僅對此心懷感謝，也想鼓勵大家持續這麼做，盡可能把我們介紹給更多新朋友。顯然，我們仍是一家全球並非人人都聽過的公司，因此也請各位從股東的角度協助我們切入這些新的機會。

With that, I want to say thank you for your time and attention.

最後，我想感謝各位的時間與關注。