Gelesis Holdings Inc (GLS) 2022 Q3 法說會逐字稿

Hello, and welcome to the Gelesis Third Quarter 2022 Earnings Conference Call. My name is Elliot, and I'll be coordinating your call today. (Operator Instructions) I would now like to hand over to our host, Anna Kate Heller, Investor Relations. The floor is yours. Please go ahead.

大家好，歡迎參加Gelesis 2022年第三季財報電話會議。我是Elliot，今天將主持本次電話會議。 （操作說明）現在我將把會議交給我們的主持人，投資者關係部的Anna Kate Heller女士。請您發言。

Good morning, everyone, and thank you for participating in today's conference call to discuss Gelesis' financial results for the third quarter ended September 30, 2022. Joining us today are Yishai Zohar, Founder and CEO of Gelesis; and Elliot Maltz, CFO of Gelesis. They will be discussing the fiscal 2022 third quarter and providing business updates on the company's commercial product, Plenity.

各位早安，感謝各位參加今天的電話會議，本次會議旨在討論Gelesis截至2022年9月30日的第三季度財務業績。今天出席會議的有Gelesis創辦人兼執行長Yishai Zohar先生和財務長Elliot Maltz先生。他們將討論2022財年第三季的業績，並介紹公司商業產品Plenity的最新業務進展。

Before we begin today, I want to remind everyone this conference call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to Gelesis' estimates of its future business outlook, prospects or financial results, including projected sales and EBITDA. Forward-looking statements generally can be identified by words such as anticipates, believes, estimates, expects, intends, plans, predicts, projects, will be, will continue, will likely result and similar expressions.

在今天的會議開始之前，我想提醒各位，本次電話會議可能包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述，包括與Gelesis對其未來業務前景、發展趨勢或財務業績（包括預計銷售額和EBITDA）的估計相關的陳述。前瞻性陳述通常可以透過「預期」、「相信」、「估計」、「期望」、「打算」、「計劃」、「預測」、「預計」、「將會」、「將繼續」、「可能導致」等詞語以及類似表達來識別。

These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our amended 8-K and Form 10-K for the year ended December 31, 2021, and those discussed in other documents we file with the Securities and Exchange Commission.

這些前瞻性陳述是基於目前的預期和假設，但存在風險和不確定性，可能導致我們的實際績效與前瞻性陳述中反映的績效有重大差異。可能導致或促成此類差異的因素包括但不限於我們在截至2021年12月31日止年度的修訂版8-K表格和10-K表格中討論的因素，以及我們在向美國證券交易委員會提交的其他文件中討論的因素。

All subsequent written and oral forward-looking statements attributable to Gelesis or persons acting on Gelesis' behalf are expressly qualified in their entirety by the cautionary statements included in this conference call. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, listeners are cautioned not to place undue reliance on such forward-looking statements.

所有後續由Gelesis或代表Gelesis行事的人員作出的書面或口頭前瞻性陳述，均受本次電話會議中所包含的警示性聲明的完整約束。除法律要求外，我們不承擔任何修訂或公開披露對這些前瞻性陳述進行修訂結果的義務。鑑於這些風險和不確定性，請各位聽眾不要過度依賴此類前瞻性陳述。

Also, the following discussion may contain non-GAAP financial measures. For a discussion and reconciliation of these non-GAAP financial measures, please see our earnings release for third quarter 2022. A webcast replay of this call will be available via the Events & Presentations section of the company's Investor Relations website at ir.gelesis.com.

此外，以下討論可能包含非公認會計準則（非GAAP）財務指標。有關這些非GAAP財務指標的討論和調整，請參閱我們2022年第三季的獲利報告。本次電話會議的網路直播回放將在公司投資者關係網站ir.gelesis.com的「活動與演示」版塊提供。

Now I would like to turn the call over to the Founder and CEO of Gelesis, Yishai Zohar. Yishai?

現在我想把電話交給Gelesis的創辦人兼執行長Yishai Zohar。 Yishai？

Thank you, Anna Kate, and good morning, everyone. I will start by providing updates on our business and then turn the call over to Elliot to walk you through our third quarter 2022 financial results and full year outlook.

謝謝安娜凱特，大家早安。我先回報一下公司的最新情況，然後把電話交給艾利歐特，請他為大家介紹我們2022年第三季的財務表現和全年展望。

As a reminder, Plenity is a novel, orally administered, FDA-cleared weight management therapy that helps people to feel satisfied with smaller portions so they can eat less and lose weight while still enjoying the foods they love. Plenity is the only approved weight management treatment for people with a BMI as low as 25 and all the way up to a BMI of 40. And as a result, we believe we have the largest addressable market of any prescription weight management approach on the market today.

再次提醒，Plenity 是一種新型的口服體重管理療法，已獲得 FDA 批准。它能幫助人們透過減少食物份量來獲得飽足感，進而減少進食量，減輕體重，同時還能享受自己喜愛的食物。 Plenity 是目前唯一核准的體重管理療法，適用於 BMI 值低至 25 至高達 40 的人。因此，我們相信，在所有處方體重管理療法中，Plenity 擁有最大的潛在市場。

We are seeing strong uptake in Plenity across the BMI spectrum with roughly 35% of members with a BMI between 25 to 30, demonstrating that we are successful in reaching consumers that are not currently served by other prescribed solutions. Since the launch of the first wave of our national broad awareness media campaign in February, demand for Plenity has reached record high with 114% top line growth in this quarter compared to the prior year period as well as 36% of additional gross margin.

我們看到Plenity在BMI指數範圍內獲得了強勁的市場認可，約35%的會員BMI指數在25到30之間，這表明我們成功觸及了目前其他處方解決方案尚未涵蓋的消費者群體。自2月啟動第一輪全國性媒體宣傳活動以來，Plenity的需求量已達到歷史新高，本季營收年增114%，毛利率也成長了36%。

Despite a significant reduction in marketing spend, we acquired over 23,500 new members and sold over 92,000 units during the third quarter of 2022, more than twice as many units as we sold in the prior year quarter. We clearly were successful with launching a new product and creating initial consumer awareness and demand, but doing so is capital-intensive.

儘管行銷支出大幅削減，我們在2022年第三季仍新增了超過23,500名會員，並售出了超過92,000台設備，是去年同期銷量的兩倍多。顯然，我們在新產品上市和初步消費者認知度及需求方面取得了成功，但這需要大量的資金投入。

Due to challenging market conditions, the level of capital we raised was not enough to continue to invest in the same way so marketing investment during the third quarter was reduced to preserve our cash resources. As expected and in line with our previous guidance, the reduced level of investment in marketing had an impact on revenues this quarter.

由於市場環境充滿挑戰，我們籌集的資金不足以維持原有的投資規模，因此第三季我們減少了行銷的投入，以保留現金儲備。如預期，也與我們先前的預期一致，行銷投入的減少對本季的收入產生了一定影響。

We are moved and excited by the feedback we are getting from our members, some directly to us and many others in extremely active private communities online. Plenity is changing people's lives as it is an important scientifically proven product for managing overweight and obesity.

我們對會員們的回饋感到無比感動和興奮，其中一些回饋直接來自我們，還有許多來自活躍的線上私人社群。 Plenity 是經過科學驗證的重要產品，能夠有效控制超重和肥胖，正在改變人們的生活。

An important part of our mission continues to be empowering the patients to take greater control of their health and wellness. We believe the best place for Plenity is to be widely available and easily accessible. And for that reason, I'm excited to announce that we are pursuing an application with the FDA to change the classification of Plenity to over-the-counter, which would make it available without the need for prescription.

我們使命的重要部分始終是幫助患者更好地掌控自身健康。我們相信，Plenity 的最佳銷售管道是廣泛普及且方便購買。因此，我很高興地宣布，我們正在向美國食品藥物管理局 (FDA) 提交申請，希望將 Plenity 的藥品分類更改為非處方藥，以便患者無需處方即可購買。

Plenity has proven itself as an effective, affordable and trusted personal weight management product. Plenity's best-in-class safety data, demonstrated in over 185,000 patients, and its over 4 out of 5 star rating in Trustpilot gives us confidence that this is the right time to pursue an OTC pathway with the FDA.

Plenity 已被證明是一款有效、價格合理且值得信賴的個人體重管理產品。 Plenity 在超過 185,000 名患者中展現出一流的安全性數據，並在 Trustpilot 上獲得了超過 4 顆星（滿分為 5 顆星）的評分，這些都讓我們確信，現在是向 FDA 申請非處方藥資格的最佳時機。

Making Plenity available OTC will be a game-changer for individuals struggling with overweight or obesity. And Plenity would become only 1 of 2 FDA-regulated oral treatments for weight management that's available OTC. Importantly, for Gelesis, the change to OTC could significantly simplify the consumer buying process, thereby vastly lowering our cost of acquiring new members. This reduces our reliance on capital markets to reach profitability.

Plenity 成為非處方藥將徹底改變超重或肥胖者的治療現狀。屆時，Plenity 將成為僅有的兩種獲得 FDA 監管的非處方口服減肥藥之一。對 Gelesis 而言，更重要的是，轉換為非處方藥可以顯著簡化消費者的購買流程，從而大幅降低我們獲得新會員的成本。這將減少我們對資本市場融資的依賴，進而實現獲利。

For example, we already see strong interest from people seeking out Plenity prescription, but there are significant drop-offs during the online physician visit. We believe that simplifying the buying process will give us a much larger portion of these already interested customers.

例如，我們已經看到很多人對Plenity處方表現出濃厚的興趣，但在網路問診過程中，流失率卻很高。我們相信，簡化購買流程將有助於我們吸引更多現有潛在客戶。

In addition, people who were hesitant to consider prescription alternatives or who are at the earlier part of the weight loss journey now could become part of our target addressable market. This shift also enables us to work with many more distribution partners and channels that simply aren't possible for a prescription product.

此外，那些之前對處方藥替代品猶豫不決，或者正處於減肥初期的人群，現在可能成為我們的目標客戶群。這種轉變也使我們能夠與更多處方藥無法企及的經銷合作夥伴和通路合作。

We believe we will be able to grow sales more efficiently as we potentially open up new sales channels and build towards the long-term potential of Plenity to become a foundational therapy for weight management. We intend to submit our application to the FDA in the first quarter of the next year and could receive market clearance by the middle of next year.

我們相信，隨著我們潛在地開闢新的銷售管道，並朝著Plenity成為體重管理基礎療法的長期潛力邁進，我們將能夠更有效地提升銷售額。我們計劃於明年第一季向FDA提交申請，並預計在明年年中獲得上市許可。

Additionally, the LIGHT-UP study we presented in several scientific meetings during this quarter evaluated the safety and efficacy of our pipeline asset, GS200, our new oral hydrogel, which has very similar properties of Plenity. The LIGHT-UP study met its primary endpoints and has shown an impressive efficacy and safety profile in a population that typically has a harder time to lose weight.

此外，我們在本季於多個科學會議上展示了LIGHT-UP研究，該研究評估了我們正在研發的新型口服水凝膠GS200的安全性和有效性，其特性與Plenity非常相似。 LIGHT-UP研究達到了其主要終點，並在通常難以減肥的人群中展現出令人矚目的療效和安全性。

[Paradoxically], the study demonstrated even greater effect in people that have prediabetes or type 2 diabetes. We are now evaluating the best regulatory and commercial strategy for GS200. As the obesity market shifts preliminary to treatment of obesity before downstream consequences, the long-term potential of Plenity and Gelesis is stronger than ever. And we are working hard to bring this important solution to many millions of people struggling with the beginning or advanced stages of obesity and deliver value for our shareholders.

【矛盾的是】，研究表明，對於糖尿病前期或2型糖尿病患者，該藥物的效果甚至更顯著。我們目前正在評估GS200的最佳監管和商業策略。隨著肥胖症市場逐漸轉向在後續併發症發生之前進行肥胖症治療，Plenity和Gelesis的長期潛力比以往任何時候都更加強勁。我們正努力將這個重要的解決方案帶給數百萬正在與肥胖症初期或晚期作鬥爭的人們，並為我們的股東創造價值。

Now I would like to turn the call over to our CFO, Elliot Maltz, to walk through our financial discussion.

現在我想把電話交給我們的財務長埃利奧特·馬爾茨，讓他來為我們講解一下財務狀況。

Thank you, Yishai. I will take you through our financial results for the third quarter of 2022. For the 3 months ended September 30, 2022, we acquired 23,500 new members, a 50% increase to the 15,700 new members acquired in the same quarter in the prior year.

謝謝，易沙伊。我將帶您了解我們2022年第三季的財務表現。截至2022年9月30日的三個月內，我們新增會員23500人，比上年同期新增會員15700人增加了50%。

Product revenue during the third quarter of 2022 was $6.4 million driven by over 92,000 units sold, which is more than double the units sold in the same quarter in the prior year. The strong growth this quarter was driven primarily by the mix of new, returning members as well as the mix of monthly and quarterly treatments being ordered by members. We also achieved this growth despite significantly reduced levels of investment in sales and marketing during the third quarter of 2022 to preserve liquidity.

2022年第三季產品營收達640萬美元，銷售量超過9.2萬件，是去年同期銷售量的兩倍多。本季強勁成長主要得益於新舊會員的共同參與，以及會員訂購的月度和季度療程的增加。儘管為了保持流動性，我們在2022年第三季大幅削減了銷售和行銷方面的投入，但仍實現了這一成長。

We incurred expense of $7.3 million specific to sales and marketing during the third quarter of 2022 compared to $21.2 million and $22.2 million during the first and second quarter of 2022, respectively. We have realized significant improvement in the cost of manufacturing the product since we commissioned our commercial manufacturing facility at the end of last year and streamlined our packaging supply chain.

2022年第三季度，我們的銷售和行銷專項支出為730萬美元，而2022年第一季和第二季分別為2,120萬美元和2,220萬美元。自從去年底商業生產設施投產並優化包裝供應鏈以來，我們的產品製造成本已顯著降低。

Our gross margin increased to 44% during the third quarter of 2022 compared to 8% during the same quarter in the prior year. With the increase in sales volume, this resulted in gross profit of $2.8 million for the 3 months ended September 30, 2022, and $9.6 million year-to-date compared to $251,000 in the third quarter of 2021 and $709,000 for the 9 months then ended. We're very encouraged by the -- our success in controlling costs while drastically scaling up production levels to meet growing demand.

2022年第三季度，我們的毛利率成長至44%，而去年同期僅為8%。隨著銷售量的成長，截至2022年9月30日的三個月內，我們的毛利達到280萬美元，年初至今的毛利達到960萬美元，而2021年第三季的毛利為25.1萬美元，截至2021年9月30日的九個月的毛利為70.9萬美元。我們非常欣慰地看到，在大幅提升產能以滿足不斷增長的需求的同時，我們成功地控制了成本。

Net loss for the 3 months ended September 30, 2022, was $14.1 million compared to a net loss of $30.7 million in the same quarter in the prior year. Adjusted EBITDA for the third quarter of 2022 was a loss of $12.3 million compared to a loss of $26.2 million in the third quarter in the prior year.

截至2022年9月30日的三個月，淨虧損為1,410萬美元，而去年同期淨虧損為3,070萬美元。 2022年第三季調整後EBITDA虧損1,230萬美元，而上年同期虧損2,620萬美元。

The improvement in adjusted EBITDA between the comparative periods is due to several factors. While we reduced investments in selling and marketing during the third quarter of 2022 to preserve liquidity, we saw continued demand for Plenity created by the broad consumer awareness marketing activities during the first half of this year.

調整後 EBITDA 較上年同期有所改善，主要歸因於以下幾個因素。雖然我們在 2022 年第三季減少了銷售和行銷方面的投入以保持流動性，但今年上半年廣泛的消費者認知度行銷活動持續推動了市場對 Plenity 的需求。

We incurred expense of $7.3 million specific to sales and marketing during the third quarter of 2022 compared to $21.6 million during the same quarter of the prior year. Additionally, our improving cost in manufacturing Plenity resulted in further efficiency in our P&L relative to the third quarter of 2021.

2022年第三季度，我們的銷售和行銷專款支出為730萬美元，而去年同期為2,160萬美元。此外，Plenity產品製造成本的降低也使我們的損益表效率較2021年第三季進一步提升。

Moving on to the balance sheet. At September 30, we had $24.8 million in cash and $5.6 million in receivables with $18.4 million of inventory in our supply chain and just $8 million in accounts payable.

接下來來看資產負債表。截至9月30日，我們擁有現金2,480萬美元，應收帳款560萬美元，供應鏈中的庫存價值1,840萬美元，而應付帳款僅800萬美元。

Regarding our outlook for the full year 2022, we expect product revenue, gross profit and adjusted EBITDA to be in the range of previously provided guidance. During the third quarter and subsequently, we have further reduced expenditures in selling, general and administrative, manufacturing and research and development to extend the company's operational runway into at least the second quarter of next year.

關於2022年全年展望，我們預期產品收入、毛利和調整後EBITDA將與先前提供的預期相符。在第三季及之後，我們進一步削減了銷售、一般及行政、生產製造以及研發方面的支出，以延長公司營運至至少明年第二季的期限。

Now I'll hand it back to Yishai to provide closing remarks. Yishai?

現在我把麥克風交還給易沙伊，讓他做總結發言。易沙伊？

Thank you, Elliot. There has been incredible momentum in the obesity care industry, and we are well positioned with our uniquely differentiated product to play an important role in this growing category as a foundational therapy. As we are focused on the path to OTC classification for Plenity, we will no longer have the barrier of prescription if we achieve OTC approval, opening the door for new customers we otherwise would not have reached and which other FDA-approved breakthrough therapies cannot access.

謝謝你，艾利奧特。肥胖症治療產業發展勢頭迅猛，憑藉我們獨具特色的產品，我們已做好充分準備，在這個不斷增長的領域中扮演重要角色，成為一種基礎療法。我們正全力推動 Plenity 的非處方藥上市計畫。一旦獲得批准，我們將不再受處方限制，從而開拓我們原本無法觸及的新客戶群，而其他獲得 FDA 批准的突破性療法也無法惠及其他客戶。

We are uniquely positioned to continue to penetrate this category of new users, which should provide a long runway of growth for us over the next several years. We are particularly excited about our plans to have a self-sustaining, profitable and capital-efficient business over time, one that will not rely on the capital markets for its growth.

我們擁有得天獨厚的優勢，能夠持續拓展這群新用戶群，這將為我們未來幾年的成長提供廣闊的空間。我們尤其對未來的發展計畫感到興奮，我們將致力於打造一個能夠自我維持、獲利且資本效率高的業務模式，擺脫對資本市場的依賴。

As we complete this transformation, we believe that the exciting story will become clearer to the market. In the meantime, we are focused on the fundamentals of our business and on the patients we serve.

隨著轉型完成，我們相信市場將會更清楚地了解我們令人興奮的發展歷程。同時，我們將專注於業務的基本面以及我們服務的患者。

An important part of our mission continues to be empowering the patient to take greater control of their health and wellness while lowering the [barrier] access. And we are thrilled about the doors that OTC approval could open for Gelesis and for patients.

我們使命的重要部分仍然是賦能患者，讓他們更好地掌控自己的健康，同時降低就醫門檻。我們對Gelesis獲得非處方藥批准可能為患者和Gelesis帶來的益處感到無比興奮。

(Operator Instructions) Our first question comes from Daniel Grosslight from Citi.

（操作員說明）我們的第一個問題來自花旗銀行的丹尼爾‧格羅斯萊特。

I'd like to start really with kind of the -- a shift in strategy to OTC. Given you just launched Plenity really kind of in a widespread way in 1Q of this year, curious if something shifted in the market that led you to see OTC as the most efficient? Because it is quite a substantial shift in how you're going to sell this if you're approved. So just curious what changed in your mindset in the market for you to make this shift.

我想先談談你們的策略轉變，也就是轉向場外交易（OTC）。鑑於你們今年第一季才大規模推出 Plenity，我想知道市場是否發生了什麼變化，讓你們認為 OTC 是最有效的銷售方式？因為如果獲得批准，這將對你們的銷售方式產生相當大的影響。所以我想了解一下，是什麼市場因素促使你們做出這樣的轉變。

Thank you. Thank you, Dan, for the question. In fact, because of the unique profile of Plenity, both efficacy and safety, but mainly, of course, the wide label that we have that really allows it to be a product for anyone with BMI above 25 even without comorbidities, we always thought that make this product widely available and easily accessible like an OTC product, even if we are usually -- even if we are using heavily e-commerce channels would be the right way.

謝謝。謝謝丹的提問。事實上，由於Plenity獨特的功效和安全性，當然最重要的是，它適用範圍很廣，即使沒有合併症，BMI超過25的人群都可以使用，所以我們一直認為，讓這款產品像非處方藥一樣廣泛普及、方便購買，即使我們目前主要依賴電商渠道，也是正確的做法。

We know that the target market and the people that are interested in products that are without prescription is a very big market. And we know that the -- going through the process of prescription actually create a friction, and we lose many potential patients through this process.

我們知道，目標市場以及對非處方產品感興趣的人群是一個非常龐大的市場。我們也知道，處方流程實際上會造成阻礙，導致我們流失許多潛在患者。

Of course, there is the additional cost, which is another issue. There is no way you can start as a medical device to be an OTC product. You have to start as a prescription, and that's a very typical way to do things.

當然，還有額外的成本問題，這是另一個需要考慮的因素。醫療器材不可能一開始就成為非處方藥。你必須先從處方藥開始，這是非常常見的做法。

But in order to do so, you need to have the experience in the market because the number of people exposed to the treatment in clinical studies are hundreds. So in our case, even close to 1,000 in all the studies.

但要做到這一點，你需要有市場經驗，因為臨床研究中接受治療的人數有數百人。就我們而言，所有研究加起來接近1000人。

However, we acquired through the last year experience with more than 185,000 people with a very consistent safety and tolerability data. So that's why we think now there are new windows open for us, which will make our marketing much more efficient together with much larger targeted market.

然而，過去一年，我們累積了超過18.5萬名受試者的經驗，並獲得了非常一致的安全性和耐受性數據。因此，我們認為現在新的機會正在向我們敞開，這將使我們的行銷更加高效，並覆蓋更大的目標市場。

Got it. That makes a lot of sense. So I assume if you get OTC approval, this is going to be the channel through which Plenity is sold. You're not going to utilize Ro anymore. You're not going to have a sales force that's out there pitching to doctors anymore. It's going to be 100% OTC for Plenity?

明白了。這很有道理。所以我假設，如果你們獲得非處方藥批准，Plenity 就會透過這個管道銷售。你們不會再使用 RO 了。你們也不會再有銷售團隊去向醫師推銷了。 Plenity 將完全以非處方藥的形式銷售嗎？

I think that we will use a lot of the same channels we use now. We will -- I don't think we are ready to exactly give the strategy as far as all the channels. But you can imagine, based on other OTC products, of course, it will open for us many additional channels in addition to Ro. We still, of course, think that Ro is going to be an important partner, but that is going to open for us a lot of other opportunities.

我認為我們會繼續使用目前大部分的管道。至於具體通路策略，我覺得我們現在還不方便透露。但您可以想像，基於我們其他非處方藥產品的經驗，除了Ro之外，這無疑會為我們開闢許多其他管道。我們仍然認為Ro會是重要的合作夥伴，但這也會為我們帶來許多其他機會。

Got it. Okay. So would it be a prescription formulation sold through Ro and perhaps other providers? Or would it just be OTC through Ro and through other distribution channels?

明白了。好的。那麼，這種藥是處方藥，透過Ro公司以及其他供應商銷售嗎？還是只是非處方藥，透過Ro公司和其他分銷管道銷售？

So I can just refer to what's going to happen until we are becoming OTC, if we are going to be approved. And that's continued as it is right now through prescription mainly through Ro. And after that, there are going to be a lot of other options. And of course, physicians will be able to recommend it and prescribe it like they do with other OTC products.

所以，我只能簡單介紹一下，在我們獲得批准成為非處方藥之前，將會經歷哪些階段。目前，我們主要還是透過處方藥（例如Ro）銷售。之後，將會有更多其他選擇。當然，醫生可以像推薦其他非處方藥一樣推薦和開立處方。

Yes, makes sense. Okay. And then just turning to your cash burn. You burned about $25 million in free cash flow this quarter. You have about $25 million of cash on the balance sheet. No change in your guidance for fiscal '22, which implies a slight degradation in EBITDA for 4Q. I'm curious how you intend to fund yourself in the near term, given these cash needs and no change in your profitability guidance for fiscal '22?

是的，有道理。好的。接下來談談您的現金消耗。本季您消耗了約 2500 萬美元的自由現金流。您的資產負債表上大約有 2500 萬美元的現金。您對 2022 財年的業績預期沒有變化，這意味著第四季度的 EBITDA 將略有下降。鑑於目前的現金需求以及您對 2022 財年盈利預期不變，我很想知道您打算如何解決近期的資金問題？

Thank you, Dan, for the question. I will ask Elliot, our CFO, to answer.

謝謝丹的提問。我會請我們的財務長埃利奧特來回答。

Yes. So we're continuing to speak with investors, both our existing investors who have a lot of interest and continue to support the company as well as new investors who would be interested in the potential shift in strategy as well as our overall business model. So we're continuing to pursue those avenues.

是的。所以我們正在繼續與投資者溝通，包括對公司表現出濃厚興趣並持續支持的現有投資者，以及對公司策略轉型和整體商業模式感興趣的新投資者。因此，我們將繼續探索這些途徑。

In the meantime, we've already implemented changes to reduce our cost in our monthly burn. And that should enable us to have sufficient liquidity with the cash we have on hand today to extend operations into the second quarter of next year without considering any additional funding that may come from various opportunities that we're trying to pursue. Whether that's debt, equity or some kind of partnership arrangement that brings additional liquidity, we're working on these areas, and we hope to have more information to share soon.

同時，我們已採取措施降低每月的資金消耗。這將使我們能夠利用現有現金儲備來維持充足的流動性，在不考慮任何額外融資的情況下，將營運延續到明年第二季。我們正在積極尋求各種融資機會，無論是債務融資、股權融資或其他能夠帶來額外流動性的合作安排，我們都在努力推進，並希望盡快與大家分享更多資訊。

Okay. That's great. And I know you have that equity line of credit outstanding. It doesn't look like you drew down on that at all this quarter. Could you give some broad strokes of how you think about using kind of that equity line of credit just given where your stock price is and how that factors into your funding need?

好的，太好了。我知道你們還有一筆未償還的股權信貸額度。看起來你們本季完全沒有動用過。鑑於目前的股價以及股價如何影響你們的融資需求，能否大致談談你們打算如何使用這筆股權信貸額度？

Yes. So the equity line of credit has not been used to a material degree. We had some very small issuances during the third quarter, but none of them were significant or material.

是的。因此，股權信貸額度並未被大量使用。第三季我們發行了一些非常小額的債券，但這些債券都不重要。

Going forward, with our share price where it is today, we don't anticipate using that line of credit in the near term until the share prices that -- recovers, and it is a much more stable and higher baseline, that's only when we'll begin utilizing that but really, will only be done opportunistically and with the best interest of our shareholders and the market value at heart. So we would expect that it would be very modest in the near term.

展望未來，鑑於我們目前的股價水平，我們預期短期內不會動用這筆信貸額度，直到股價回升，形成更穩定且更高的基準線。屆時我們才會開始使用這筆信貸額度，但實際上，我們只會擇機而為，並且始終以股東利益和市場價值為首要考量。因此，我們預期短期內使用這筆信貸額度的規模將非常有限。

(Operator Instructions) This concludes our Q&A. I'll now hand over to Yishai Zohar, CEO, for final remarks.

（操作說明）問答環節到此結束。現在我將把發言權交給執行長伊沙伊·佐哈爾，請他作最後總結發言。

Thank you, everyone, for participating in our earnings call today. We hope you are going to join us for our Q4 earnings call next year. Thank you, and goodbye.

感謝各位今天參加我們的財報電話會議。我們希望明年您也能參加我們的第四季財報電話會議。謝謝，再見。

Today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。