Vyome Holdings Inc (HIND) 2024 Q3 法說會逐字稿

Good afternoon, and thank you for joining the ReShape Lifesciences third-quarter 2024 Conference Call.

下午好，感謝您參加 ReShape Lifesciences 2024 年第三季電話會議。

I would like to turn the call over to Michael Miller from Rx Communications.

我想將電話轉給 Rx Communications 的邁克爾米勒。

Good afternoon, everyone, and thank you for joining the third-quarter 2024 ReShape Lifesciences' earnings call. I'm pleased to be joined today by Paul Hickey, President and Chief Executive Officer; and Tom Stankovich, Chief Financial Officer.

大家下午好，感謝您參加 ReShape Lifesciences 2024 年第三季財報電話會議。我很高興今天能與總裁兼首席執行官保羅·希基 (Paul Hickey) 一起參加此次會議；以及首席財務官湯姆·斯坦科維奇（Tom Stankovich）。

Management will also be joined by Krishna Gupta, a current Director of Vyome Therapeutics will be appointed Chairman of the combined company upon the completion of the previously announced merger agreement between the two companies.

管理層還將聘請 Vyome Therapeutics 現任董事 Krishna Gupta 擔任職務，在兩家公司先前宣布的合併協議完成後，他將被任命為合併後公司的董事長。

As we do each quarter, Paul will provide an overview and update on the company's activities, and Tom will review the financial results for the period, after which, Paul will introduce Krishna for his remarks.

就像我們每季一樣，保羅 (Paul) 將提供公司活動的概述和最新情況，湯姆 (Tom) 將回顧該期間的財務結果，之後，保羅 (Paul) 將介紹克里希納 (Krishna) 發表講話。

As a reminder, this conference call as well as ReShape Lifesciences' SEC filings and website, including the Investor information section of the website, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

提醒一下，本次電話會議以及 ReShape Lifesciences 的 SEC 文件和網站（包括網站的投資者資訊部分）包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

Actual results could differ materially from those discussed due to known and unknown risks, uncertainties and other factors. These and additional risks and uncertainties are described more fully in the company's filings with the Securities and Exchange Commission, including those factors identified as Risk Factors in the company's most recent Annual Report on Form 10-K.

由於已知和未知的風險、不確定性和其他因素，實際結果可能與討論的結果有重大差異。這些以及其他風險和不確定因素在公司提交給美國證券交易委員會的文件中進行了更詳細的描述，包括公司最新的 10-K 表年度報告中確定為風險因素的因素。

As an additional reminder, ReShape's stock is listed on Nasdaq trading under the ticker symbol RSLS.

另外提醒一下，ReShape 的股票在納斯達克上市，股票代號為 RSLS。

I'll now turn the call over to Paul Hickey, President and CEO of ReShape Lifesciences. Paul?

現在我將電話轉給 ReShape Lifesciences 總裁兼執行長 Paul Hickey。保羅？

Thank you, Mike, and thanks to all of you for joining us this afternoon. As Mike noted, after I provide an overview and update on ReShape's activities and Tom reviews our financial performance, Krishna Gupta will take a few moments to share some background on the exciting vision of Vyome Holdings.

謝謝你，麥克，也謝謝大家今天下午加入我們。正如 Mike 所說，在我概述和更新 ReShape 的活動並由 Tom 回顧我們的財務表現之後，Krishna Gupta 將花一點時間分享一些有關 Vyome Holdings 令人興奮的願景的背景。

Let's begin with an overview of our activities during the third quarter and subsequent period. During the quarter, our revenue continues to rebound, increasing 16.6% in the third quarter over the second quarter, the third sequential quarter of revenue growth, and 6.4% over the third quarter of last year. While we remain highly focused on maintaining our disciplined approach to continually leveraging resources in order to execute on our 2024 cost reduction plan which has led to over 40% lower operating expenses for the first nine months of the year compared to last year.

讓我們先概述一下我們在第三季和後續時期的活動。本季度，我們的營收持續反彈，第三季比第二季成長16.6%，為連續第三個季度營收成長，比去年第三季成長6.4%。我們仍然高度專注於保持嚴謹的方法，不斷利用資源來執行我們的 2024 年成本削減計劃，這使得今年前九個月的營運費用與去年相比降低了 40% 以上。

As a result, our gross profit margin increased to 62.8% for the quarter and 60.3% for the first nine months. Tom will detail these cost reductions later in this call.

結果，我們的本季毛利率上升至 62.8%，前九個月的毛利率上升至 60.3%。湯姆將在稍後的電話會議中詳細介紹這些成本削減措施。

In addition to the cost reductions, we continue to fine-tune our lead generation activities and invest in our growth drivers, including the commercial launch of our physician-led redesigned Lap-Band 2.0 Flex. We completed our early launch phase and our analyzing data and metrics that will be used to support our widespread commercial launch. Additionally, as announced this week, we received approval for the Lap-Band 2.0 Flex from Health Canada, which represents yet another important growth catalyst for the Lap-Band franchise as we look to gain regulatory approvals worldwide.

除了降低成本之外，我們還繼續微調我們的潛在客戶生成活動並投資於我們的成長動力，包括由醫生主導重新設計的 Lap-Band 2.0 Flex 的商業發布。我們完成了早期發布階段以及用於支援廣泛商業發布的分析數據和指標。此外，正如本周宣布的那樣，我們已獲得加拿大衛生部對 Lap-Band 2.0 Flex 的批准，這對我們希望獲得全球監管部門批准的 Lap-Band 特許經營而言是另一個重要的成長催化劑。

Also announced this week, we were awarded approximately $241,000 supplementary grant from NIH with the University of Southern California's Center for Autonomic Nerve Recording and Stimulation Systems. This nondilutive supplemental grant awarded over the course of one year, will fund studies to test the safety and efficacy of the next-generation electrodes for ReShape for proprietary Diabetes Bloc-Stim Neuromodulation or DBSN device, which can potentially double the nerve contact area, reduce power consumption, and increase the effectiveness of delivering DBSN signals.

本週也宣布，我們與南加州大學自主神經記錄和刺激系統中心一起獲得了美國國立衛生研究院頒發的約 241,000 美元的補充資助。這項為期一年的非稀釋性補充撥款將用於資助研究，測試 ReShape 專有糖尿病 Bloc-Stim 神經調節或 DBSN 設備的下一代電極的安全性和有效性，該設備可以潛在地使神經接觸面積加倍、降低功耗並提高傳遞 DBSN 信號的有效性。

This fourth grant from the NIH brings our total received awards to $1.15 million, demonstrating the viability of our nondilutive funding strategy, and the NIH keen interest in our novel DBSN technology and potential in the global diabetes market.

這是美國國立衛生研究院 (NIH) 的第四筆資助，使我們獲得的總獎勵達到 115 萬美元，證明了我們的非稀釋性資助策略的可行性，以及美國國立衛生研究院對我們新穎的 DBSN 技術及其在全球糖尿病市場的潛力的濃厚興趣。

Most notably, in July, we coordinated both the merger agreement with Vyome Therapeutics and the concurrent asset purchase agreement with Biorad. And we successfully negotiated with our Series C shareholders to substantially lower the liquidation preference.

最值得注意的是，7月份，我們協調了與 Vyome Therapeutics 的合併協議以及與 Biorad 的平行資產購買協議。我們成功地與 C 輪股東進行了談判，大幅降低了清算優先權。

All things considered, we feel strongly these concurrent deals will maximize stockholder value and earnings potential. Krishna Gupta will detail the merger with Vyome, a little later in this call, which will shed some light on why we are very bullish on these transactions.

綜合考慮所有因素，我們堅信這些同時進行的交易將最大限度地提高股東價值和獲利潛力。Krishna Gupta 稍後將在電話會議上詳細介紹與 Vyome 的合併情況，這將解釋我們為何非常看好這些交易。

Before I do that, I'd like to touch on the obesity market. Obesity is a complex lifelong disease that requires individualized treatment strategies to achieve sustainable weight loss. As most of you are aware, the promotion of GLP-1 receptor agonist has lessened the stigma around obesity and has started to normalize medical intervention and treatment.

在此之前，我想先談談肥胖市場。肥胖是一種複雜的終身疾病，需要個人化的治療策略才能達到可持續的減肥。大多數人都知道，GLP-1 受體激動劑的推廣已經減少了人們對肥胖的偏見，並開始使醫療幹預和治療正常化。

GLP-1 receptor agonists have provided considerable advantages for individuals with type 2 diabetes and has also benefited individuals dealing with obesity. We continue to believe that the number of people seeking the help of medical professionals especially bariatric surgeons over time will increase.

GLP-1 受體激動劑為第 2 型糖尿病患者提供了相當大的優勢，同時也使肥胖患者受益。我們始終相信，隨著時間的推移，尋求醫療專業人士尤其是減肥外科醫生幫助的人數將會增加。

Further, with the health economic cost burden related to widespread adoption of the GLP-1s as well as our low real-world long-term tolerability we believe that the market opportunity for our minimally invasive Lap-Band increase, especially with the newly launched Lap-Band 2.0 Flex.

此外，由於廣泛採用 GLP-1 所帶來的健康經濟成本負擔以及我們在現實世界中的長期耐受性較低，我們相信微創 Lap-Band 的市場機會會增加，尤其是新推出的 Lap-Band 2.0 Flex。

In the interim, our cost reductions have allowed us to focus and optimize the commercialization of the Lap-Band 2.0 Flex, which was created to improve the patient experience. As I touched on earlier, we successfully completed the limited market release of the Lap-Band Flex, and it went exceptionally well. I'm pleased to report that initial surgeon feedback has been very positive. Added to this, our patient-centric website is receiving meaningful traffic, while our co-op marketing programs has proven effective and scalable with key Lap-Band centers nationwide.

在此期間，成本的降低使我們能夠集中精力並優化 Lap-Band 2.0 Flex 的商業化，該產品旨在改善患者體驗。正如我之前提到的，我們成功完成了 Lap-Band Flex 的限量市場發布，而且效果非常好。我很高興地報告，外科醫生的初步回饋非常積極。除此之外，我們以患者為中心的網站正在接收有意義的流量，而我們的合作行銷計劃已被證明與全國主要的 Lap-Band 中心有效且可擴展。

Now let's talk about the future of ReShape shareholders with Vyome. As most of you know last year, we conducted a high-priority search for synergistic merger and acquisition opportunities. engaging the Maxim Group exclusively to assist in this process.

現在讓我們與 Vyome 討論 ReShape 股東的未來。正如你們大多數人去年所知，我們高度優先地尋找協同的併購機會。聘請 Maxim 集團獨家協助此流程。

After extensively evaluating multiple strategic options and engaging in discussions with other potential merger and acquisition candidates, our Board of Directors unanimously recommended the merger with Vyome, along with the concurrent asset sale to Biorad. We believe this merger presents a significant opportunity for our shareholders to capitalize on the potential of owning a meaningful portion of Vyome's go-forward business, which encompasses tangible assets and a big vision captured in a newly combined company.

在廣泛評估多種策略選擇並與其他潛在併購候選人進行討論後，我們的董事會一致建議與 Vyome 合併，同時將資產出售給 Biorad。我們相信，此次合併為我們的股東提供了一個重要的機會，使他們能夠利用擁有 Vyome 未來業務重要部分的潛力，該業務包括有形資產和新合併公司所蘊含的遠大願景。

As previously reported, Biorad has been granted an exclusive license for our Obalon Gastric Balloon System in the Indian subcontinent. We believe Biorad is the most synergistic partner to purchase our assets, including the Lap-Band system and the Obalon Gastric Balloon System for $5.16 million in cash, this asset purchase agreement will allow us to pay down the costs associated with the Vyome transaction and deliver maximum value to our shareholders.

正如之前報導的那樣，Biorad 已獲得我們的 Obalon 胃內水球系統在印度次大陸的獨家許可。我們相信 Biorad 是購買我們資產的最具協同效應的合作夥伴，包括以 516 萬美元現金購買的 Lap-Band 系統和 Obalon 胃內水球系統，這項資產購買協議將使我們能夠支付與 Vyome 交易相關的成本並為我們的股東帶來最大價值。

It is also worth noting that in October, we regained compliance with Nasdaq after effecting a 1-for-58 reverse stock split in September, which was a critical component for the merger with Vyome. I remain very excited about the shareholder value and growth potential resulting from these transactions.

另外值得注意的是，在 9 月實現 1 比 58 的反向股票分割之後，我們在 10 月重新符合納斯達克的規定，這是與 Vyome 合併的關鍵要素。我對這些交易帶來的股東價值和成長潛力仍然感到非常興奮。

And I'd now like to turn the call over to Tom Stankovich to provide a recap of our financial performance. Tom?

現在我想將電話轉給湯姆·斯坦科維奇，讓他回顧一下我們的財務表現。湯姆？

Thanks, Paul. And once again, thank you all for joining our webcast this afternoon. As Paul mentioned earlier, during the third quarter, our revenues continue to stabilize and grow and has increased for the third quarter -- third sequential quarter this year. Additionally, and in response to the short-term impact and adoption of GLP-1s, we have reorganized the company and maintained our disciplined approach to executing our cost reduction plan for 2024.

謝謝，保羅。再次感謝大家收聽我們今天下午的網路直播。正如保羅之前提到的，在第三季度，我們的收入繼續穩定成長，並且是今年連續第三季的收入成長。此外，為了因應 GLP-1 的短期影響和採用，我們重組了公司，並保持嚴謹的態度執行 2024 年的成本削減計劃。

With various cost reductions, we have achieved a 41% reduction in overall operating costs for the first nine months of 2024 compared to the same period last year. All expense items within our operating expenses are the same or lower than the comparable period in the prior year. And as a result, we also saw increases in our gross profit margin.

透過各種成本削減，我們與去年同期相比，2024 年前九個月的整體營運成本降低了 41%。我們營業費用中的所有費用項目都與去年同期相同或更低。因此，我們的毛利率也增加了。

A full discussion of our actual financials is in our press release and 10-Q. So I will just take a moment to review key financial metrics for the third quarter and nine months ended September 30, 2024. Our revenue totaled $2.3 million for the three months ended September 30, 2024, an increase of 6% or $100,000 compared to the same period in 2023. This primarily resulted from an increase in sales volume, offset by continued pressure primarily due to GLP-1 pharmaceutical weight loss alternatives. Quarterly revenue was 17% higher or $300,000 compared to the second quarter of 2024.

有關我們實際財務狀況的全面討論請參閱我們的新聞稿和 10-Q。因此，我將花一點時間來回顧截至 2024 年 9 月 30 日的第三季和九個月的關鍵財務指標。截至 2024 年 9 月 30 日的三個月，我們的營收總計 230 萬美元，與 2023 年同期相比成長 6% 或 10 萬美元。這主要歸因於銷售量的增加，但被主要由於 GLP-1 藥物減肥替代品帶來的持續壓力所抵消。與 2024 年第二季相比，季度營收成長 17%，即 30 萬美元。

Revenue totaled $6.2 million for the nine months ended September 30, 2024, a contraction of 7% or $500,000 compared to the same period in 2023. This primarily resulted from a decrease in sales volume, primarily due to GLP-1 pharmaceutical weight loss alternatives.

截至 2024 年 9 月 30 日的九個月，總收入為 620 萬美元，與 2023 年同期相比收縮 7% 或 50 萬美元。這主要是由於銷售量下降，主要是由於 GLP-1 藥物減肥替代品。

Gross profit for the three months ended September 30, 2024, was $1.4 million, which was slightly above $1.3 million for the same period in 2023. Gross profit as a percentage of total revenue for the three months ended September 30, 2024, was 63% compared to 60% for the same period in 2023.

截至 2024 年 9 月 30 日的三個月的毛利為 140 萬美元，略高於 2023 年同期的 130 萬美元。截至 2024 年 9 月 30 日的三個月，毛利佔總收入的百分比為 63%，而 2023 年同期為 60%。

Gross profit for the nine months ended September 30, 2024, and 2023 was unchanged at $3.7 million. Gross profit as a total -- as a percentage of total revenue for the nine months ended September 30, 2024, was 60% compared to 55% for the same period in 2023. The increase in gross profit margin is due to the reduction of overhead-related costs, primarily in payroll as the company has had a reduction of employees late in 2023.

截至 2024 年 9 月 30 日及 2023 年 9 月 30 日的九個月的毛利保持不變，為 370 萬美元。總毛利－截至 2024 年 9 月 30 日的九個月佔總收入的百分比為 60%，而 2023 年同期為 55%。毛利率的增加是由於與管理費用相關的成本減少，主要是工資成本的減少，因為公司在 2023 年底減少了員工。

Sales and marketing expenses for the three months ended September 30, 2024, decreased by $1.1 million or 60% to $700,000 compared to $1.8 million for the same period in 2023. Sales and marketing expenses for the nine months ended September 30, 2024, decreased by $3.7 million or 61% to $2.4 million compared to $6.2 million for the same period in 2023. The decrease is primarily due to a decrease in advertising and marketing expenses, including consulting and professional marketing services as the company has reevaluated its marketing approach and has moved to a targeted digital marketing campaign, resulting in a reduction of costs.

截至 2024 年 9 月 30 日的三個月的銷售和行銷費用與 2023 年同期的 180 萬美元相比減少了 110 萬美元（即 60%）至 70 萬美元。截至 2024 年 9 月 30 日的九個月的銷售和行銷費用與 2023 年同期的 620 萬美元相比減少了 370 萬美元（即 61%）至 240 萬美元。下降主要是由於廣告和行銷費用的減少，包括諮詢和專業行銷服務，因為公司重新評估了其行銷方法並轉向有針對性的數位行銷活動，從而降低了成本。

Additionally, there was a decrease in payroll-related expenditures including commissions, stock-based compensation expense and travel. General administrative expenses for the three months ended September 30, 2024, increased slightly by $45,000 or 1% to approximately $2.1 million compared to the same amount $2.1 million for the same period in 2023.

此外，佣金、股票薪酬費用和差旅費等與工資相關的支出也有所減少。截至 2024 年 9 月 30 日的三個月的一般行政費用與 2023 年同期的 210 萬美元相比小幅增加 45,000 美元或 1%，至約 210 萬美元。

The nominal increase is primarily due to an increase in professional services, primarily related to the merger and asset purchase transaction that was entered into in July 2024, offset by reductions in employee-related expenses and bad debt expense.

名目成長主要是由於專業服務的增加，主要與 2024 年 7 月達成的合併和資產購買交易有關，但員工相關費用和壞帳費用的減少抵消了這一增長。

General and administrative expenses for the nine months ended September 30, 2024, and decreased approximately $2.7 million or 30% to $6.1 million compared to $8.7 million for the same period in 2023. The decrease is primarily due to a reduction in professional services such as audit and legal fees of $1.1 million, primarily due to the company incurring onetime adjustments for professional services related to our February 2023 public offering.

截至 2024 年 9 月 30 日的九個月的一般及行政費用與 2023 年同期的 870 萬美元相比減少約 270 萬美元或 30% 至 610 萬美元。下降主要由於審計和法律費用等專業服務費用減少110萬美元，這主要是由於公司對與2023年2月公開發行相關的專業服務產生了一次性調整。

A reduction in payroll-related expenses, including stock-based compensation expense due to a decline in staffing levels, a reduction in rent expense as the company moved its headquarters at the end of the second quarter of 2023 to a smaller facility to reduce costs and a reduction in bad debt expense.

工資相關費用的減少，包括由於人員水平下降而產生的股票薪酬費用、由於公司在 2023 年第二季度末將總部遷至較小的工廠以降低成本而導致的租金費用的減少以及壞賬費用的減少。

Research and development expenses for the three months ended September 30, 2024, decreased by $100,000 or 26% to $400,000 compared to $500,000 for the same period in the prior year. Research and development expenses for the nine months ended September 30, 2024, decreased by $300,000 or 19% to $1.3 million to approximately $1.6 million for the same period in the prior year. The primary reason for the reduction -- a decrease in the reduction is payroll, consulting and clinical trials.

截至 2024 年 9 月 30 日的三個月的研發費用與去年同期的 50 萬美元相比減少了 10 萬美元，即 26%，至 40 萬美元。截至 2024 年 9 月 30 日的九個月的研究和開發費用比去年同期減少了 30 萬美元或 19%，至 130 萬美元至約 160 萬美元。減少的主要原因是工資、諮詢和臨床試驗費用的減少。

Non-GAAP adjusted EBITDA was $1.6 million for the three months ended September 30, 2024, compared to a loss of $2.9 million in the same period last year, an improvement of $1.2 million. For the nine months ended September 30, 2024, the adjusted EBITDA loss was $5.6 million as compared to $12 million for the same period last year, an improvement of $6.4 million.

截至 2024 年 9 月 30 日的三個月，非 GAAP 調整後 EBITDA 為 160 萬美元，而去年同期的虧損為 290 萬美元，改善了 120 萬美元。截至 2024 年 9 月 30 日的九個月，調整後的 EBITDA 虧損為 560 萬美元，而去年同期為 1,200 萬美元，改善了 640 萬美元。

Both reductions are primarily due to our continued efforts to reduce overall operating costs. We ended the quarter with net working capital of $1.3 million, including cash and cash equivalents and restricted cash of $800,000. And now with that, I'll turn the call back over to Paul.

這兩項成本的減少主要歸功於我們持續努力降低整體營運成本。截至本季末，我們的淨營運資本為 130 萬美元，其中包括現金、現金等價物和 80 萬美元的受限現金。現在，我將把電話轉回給保羅。

Thanks, Tom. While I'm happy to be joined once again by Krishna Gupta, who will be the Chairman of the combined company post merger to further outline Vyome strategy and vision for the future.

謝謝，湯姆。我很高興再次與 Krishna Gupta 合作，他將擔任合併後公司的董事長，進一步概述 Vyome 的未來策略和願景。

Now over the last year, I've had the pleasure of working with Krishna, and I am truthfully very excited about the opportunity for our ReShape shareholders and new shareholders alike to become part of Vyome that stands apart from any other investment opportunity. Krishna?

在過去的一年裡，我很高興能與克里希納合作，我真的很興奮我們的 ReShape 股東和新股東都有機會成為 Vyome 的一部分，這與任何其他投資機會都不同。克里希納？

Thanks, Paul and Tom. I'd like to take this opportunity to kick off a more meaningful dialogue with ReShape's shareholders. I'm looking forward to having you along on the Vyome journey, which also revolves around innovation in healthcare, much as ReShape has done. We'll be putting out a deck on the Vyome vision shortly, but in the interim, I encourage you all to read through the S-4, which is publicly filed and available.

謝謝，保羅和湯姆。我想藉此機會與 ReShape 的股東展開更有意義的對話。我期待著您能加入 Vyome 的旅程，就像 ReShape 所做的那樣，它也圍繞著醫療保健領域的創新而展開。我們很快就會發布有關 Vyome 願景的演示文稿，但在此期間，我鼓勵大家閱讀已公開提交並可供查閱的 S-4。

We note in the S-4 that both sides have valued the go-forward entity at about $130 million for the purposes of allocating the ownership of the combined company between ReShape and Vyome current shareholders, underpinned by our existing assets. We view this transaction as a massively positive one for ReShape shareholders and believe there is significant upside beyond this valuation as well if the Vyome team executes well in 2025.

我們在 S-4 中指出，雙方對未來實體的估值約為 1.3 億美元，目的是在現有資產的支持下，在 ReShape 和 Vyome 現有股東之間分配合併後公司的所有權。我們認為這筆交易對 ReShape 股東來說是一個非常積極的交易，並且相信如果 Vyome 團隊在 2025 年表現良好，那麼除了這個估值之外還有很大的上漲空間。

So what does Vyome do? As a reminder, Cambridge, Massachusetts-based Vyome is an innovation-driven healthcare platform centered around the US-India corridor and the increasingly special relationship between the two countries.

那麼 Vyome 能做什麼？需要提醒的是，總部位於麻薩諸塞州劍橋的 Vyome 是一個以美印走廊和兩國日益特殊的關係為中心的創新驅動型醫療保健平台。

In particular, we are building a healthcare platform that we anticipate having three core pillars underpinning the bridge between US and India. Number one, biopharma, where we already have developed valuable assets; number two, medical devices; and number three, AI. The latter two, we are in the process of building the foundations for.

具體來說，我們正在建立一個醫療保健平台，我們預計該平台將擁有三大核心支柱，支撐美國和印度之間的橋樑。第一，生物製藥領域，我們已開發出寶貴的資產；第二，醫療器材；第三，人工智慧。對於後兩者，我們正在奠定基礎。

We intend to be very active deal makers as a core competency in order to potentially further our platform and shareholder value. As an example of this, we have struck multiple deals with Sun Pharma, the fourth largest global specialty generic pharma company to commercialize some of Vyome technology in India.

我們打算以非常積極的交易促成者作為核心競爭力，進一步提升我們的平台和股東價值。例如，我們與全球第四大專業仿製藥公司 Sun Pharma 達成多項協議，在印度將部分 Vyome 技術商業化。

We'll be sharing more information and upcoming milestones about our core assets and how we think about value in our investor presentation shortly. These core assets have been developed over nearly a decade with millions of dollars invested significant IP filed around the world and a large value creation opportunity centered on the large immuno-inflammation space, which has seen several lucrative deals.

我們將在很快的投資者演示中分享更多有關我們的核心資產以及我們如何看待價值的資訊和即將到來的里程碑。這些核心資產經過近十年的開發，已投入數百萬美元，在世界各地申請了大量智慧財產權，並圍繞著大型免疫發炎領域創造了巨大的價值，並達成了幾筆利潤豐厚的交易。

We've been very tactical about designing assets for rare unmet needs, accelerating development and hopefully one day monetization. I encourage you to understand our assets in some detail. I also want to shed some light on our Board and my colleagues who are one of the world's best group of individuals to be stewarding this vision. Every person on our Board is educated at the world's top institutions is equally comfortable in the US and in India and has developed or invested in innovation on both sides of this bridge.

我們非常注重針對罕見的未滿足需求設計資產，加速開發，並希望有一天能貨幣化。我鼓勵您詳細了解我們的資產。我也想介紹我們的董事會和我的同事，他們是世界上最適合實現這個願景的團隊之一。我們董事會的每一位成員都受過世界頂尖學府的教育，在美國和印度都同樣適應，並且在兩國都開發​​或投資了創新。

Whether it is Co-Founder, Shiladitya Sengupta, who was Gold Medalist of India's top Medical University and now is a researcher at MIT and Harvard or Ambassador Frank Wisner, who was US Ambassador to India, New York to New Delhi is a route we know extremely well. By putting our stake in the ground and capitalizing on the number one public market in the world for innovation-driven companies, the Nasdaq, we are excited about taking this journey with all of you.

無論是共同創辦人、曾獲印度頂尖醫科大學金牌、現為麻省理工學院和哈佛大學研究員的 Shiladitya Sengupta，或是曾任美國駐印度大使的 Frank Wisner，從紐約到新德里的路線都是我們非常熟悉的。透過紮根基面並利用全球第一大創新驅動型公司公開市場納斯達克，我們很高興能與大家一起踏上這趟旅程。

We believe the election results to be a strong tailwind for Vyome vision, which is synergistic with our M&A strategy. We expect both the capital markets, including the Indian American hedge fund managers on Wall Street and retail shareholders alike to recognize a significant opportunity that exists by engaging with India as its influence on healthcare is beginning to resemble the trajectory shown in technology.

我們相信，選舉結果將為 Vyome 願景帶來強勁推動力，這與我們的併購策略具有協同作用。我們預計，包括華爾街的印度裔美國對沖基金經理人和散戶股東在內的資本市場都將認識到與印度合作存在的重大機遇，因為印度在醫療保健領域的影響開始類似於技術領域的發展軌跡。

In closing, we are confident in our ability to potentially build significant value with our pipeline of novel local agent drugs for significant unmet needs, supported by a robust patent portfolio effective drug development strategies, a balance sheet with no debt and prudent capital deployment toward a really big vision that is propelled by macro tailwinds and near-term catalysts.

最後，我們有信心，憑藉我們針對尚未滿足的巨大需求的新型局部藥物管線，在強大的專利組合、有效的藥物開發策略、沒有債務的資產負債表和審慎的資本配置的支持下，我們有能力朝著由宏觀順風和短期催化劑推動的真正遠大願景，創造巨大的價值。

Our Board and in Vyome are 100% focused on creating shareholder value for you and Vyome investors. If you're excited about healthcare innovation about the exchange of talent, ideas and capital between the US and India, and about the value creation opportunity that this transaction may offer you, please join us.

我們的董事會和 Vyome 100% 致力於為您和 Vyome 投資者創造股東價值。如果您對醫療保健創新、美國和印度之間的人才、思想和資本交流感到興奮，並且對這筆交易可能為您提供的價值創造機會感到興奮，請加入我們。

With that, I'd like to turn the call back to Paul.

說到這裡，我想把電話轉回給保羅。

Thanks, Krishna. You just shared a very compelling and believable opportunity that shareholders can be a part of with their approval of the proposed merger and asset purchase agreement. To remind shareholders, the details shared by Krishna are outlined in the S-4 registration statement which includes the proxy statement.

謝謝，克里希納。您剛剛分享了一個非常引人注目且可信的機會，股東只要批准擬議的合併和資產購買協議就可以參與其中。提醒股東，Krishna 分享的詳細資訊已在包含代理聲明的 S-4 註冊聲明中概述。

When the SEC declares the S-4 effective, we will plan and hold a shareholder meeting to approve the transactions. Krishna's message should excite you, and it is part of the reason our Board unanimously recommended the merger with Vyome and the concurrent set sale to Biorad.

當美國證券交易委員會宣布 S-4 生效時，我們將計劃並召開股東大會以批准交易。Krishna 的消息應該會讓您興奮，這也是我們董事會一致建議與 Vyome 合併並同時將其出售給 Biorad 的原因之一。

Thank you again, Krishna. I'm grateful for you joining today's call to discuss what future shareholders can anticipate with Vyome Therapeutics. They'll be in great hands.

再次感謝你，克里希納。非常感謝您參加今天的電話會議，討論未來股東對 Vyome Therapeutics 的期望。他們將會得到很好的照顧。

Additionally, I want to express my sincere appreciation to our employees, Board members, customers, consultant advisers, suppliers and existing and new shareholders for your unwavering support of ReShape and support for our future as Vyome Therapeutics. Thank you all.

此外，我要向我們的員工、董事會成員、客戶、顧問、供應商以及現有和新股東表示誠摯的感謝，感謝你們對 ReShape 的堅定支持以及對我們作為 Vyome Therapeutics 的未來的支持。謝謝大家。

Jason McCarthy, Maxim Group.

傑森·麥卡錫（Jason McCarthy），馬克西姆集團（Maxim Group）。

Can you guys -- as we start to think about Vyome, a bit more from a pharmaceutical biotech company, can you just talk at a high level about the 1953 gel kind of what it does and your plans to target malignant fungating wounds? Something I think a lot of people don't really know too much about and it would be a good opportunity maybe to inform some of the investors here.

大家好，當我們開始考慮 Vyome 時，它更像是一家製藥生物技術公司，您能否詳細介紹 1953 凝膠的功效以及您針對惡性真菌傷口的計劃？我認為很多人對此並不太了解，這也許是一個向部分投資者告知的好機會。

That is definitely Krishna's (inaudible), Krishna?

那肯定是克里希納的（聽不清楚），克里希納？

Yes. The malignant fungating wounds is an example of a rare unmet disease. I'm going to defer on talking about the science until we put out our investor deck. But what I can point you to is that, it's an example of an immuno inflammation therapy. So if you look at the world today, it's beset by many problems that are frankly niche untreated and often caused by an underlying immuno inflammation response.

是的。惡性蕈狀傷口是一種罕見的未治療疾病的例子。我將推遲談論科學問題，直到我們拿出投資者簡報為止。但我可以指出的是，這是一個免疫發炎療法的例子。因此，如果你看看當今世界，你會發現它被許多問題所困擾，這些問題坦率地說是未得到治療，而且通常是由潛在的免疫發炎反應引起的。

It's a category that's hot. And Vyome's scientific journey has always been focused on identifying the root cause and treating them from the lens of how do we interact with the immune system of the body.

這是一個很熱門的類別。Vyome 的科學之旅始終專注於找出根本原因，並從我們如何與身體免疫系統相互作用的角度進行治療。

So malignant fungating wounds is one of these examples where patients that suffer from this, have quite acute symptoms that are multisensory. Obviously, it's painful, but then there's a very strong smell and it is a very, very disturbing sight to look at as well.

惡性蕈狀傷口就是其中一個例子，患有這種疾病的患者會出現相當嚴重的多感覺症狀。顯然，這很痛苦，但是還會伴隨很強烈的氣味，而且看起來也非常令人不安。

And that can cause significant damage to people's quality of life. And we believe we are working on, the only sort of solution and sort of product that can treat this in a systemic way. And we believe that can create a lot of value for shareholders to come.

這會對人們的生活品質造成嚴重損害。我們相信，我們正在努力尋找唯一能夠有系統地治療此問題的解決方案和產品。我們相信這將為股東創造巨大的價值。

And that's just one example of where we can use this sort of development philosophy of, hey, how can we use existing molecules, target them towards rare unmet needs and do so in spaces where the underlying causes are immuno inflammatory. I'd love to share more, but I want to wait until we put out our investor presentation.

這只是我們可以運用這種開發理念的一個例子，我們如何利用現有的分子，針對罕見的未滿足的需求，並在根本原因是免疫發炎的空間中這樣做。我很樂意分享更多信息，但我想等到我們發布投資者演示文稿後再分享。

Okay. Well, that presentation have, I guess, a high-level outline of the strategy in terms of what programs to take forward, whether it's the 1953, or the 1908 and the uveitis indication, which a lot of the ophthalmology space has been very, very busy over the last 12 to 24 months. Is that a fair assessment of what we could expect?

好的。嗯，我想，那個簡報對於要推進的專案策略有一個高層的概述，無論是 1953 年的，還是 1908 年的，以及葡萄膜炎指徵，在過去的 12 到 24 個月裡，很多眼科領域都非常非常忙碌。這是對我們所能期待的結果的合理評估嗎？

Yes. Yes, you will have -- we will sort of share a bit about the three different molecules that we have, the catalysts that we are intending to pursue in the near term and the value unlocks would follow.

是的。是的，我們將分享一些關於我們擁有的三種不同分子、我們打算在短期內追求的催化劑以及隨之而來的價值釋放。

Okay. And just a quick one back to the ReShape Group. You had mentioned that the GLP-1 agonist and dual agonists that are out there pressured your platform. Do you think that there's going to be more gravitation just in general, over time towards Lap-Band, things like that as opposed to GLP-1s as people kind of break that stigma of obesity, as you mentioned? Do you think there's an opportunity after that market will expand or rebound, I guess, maybe be the right way to phrase it?

好的。讓我們快速回到 ReShape 集團。您曾提到，現有的 GLP-1 激動劑和雙重激動劑給您的平台帶來了壓力。您是否認為，隨著時間的推移，隨著人們逐漸擺脫對肥胖的偏見，Lap-Band 等藥物會比 GLP-1 更受青睞，正如您所說？您認為市場擴張或反彈之後是否還有機會，我想，這也許是正確的表達方式？

Yes. I do. It's a great question. I was just at ASMBS weekend conference in Atlanta last weekend. and sort of talked about the market overall and adoption of GLP-1s and what the impact has been on bariatric surgeries done in the US and clearly, there's been an impact. And so again, our gains this quarter and through the year have sort of been -- and to me signaling their sort of market gains, based on the fact that we've got more people that are getting into these obesity discussions kind of petering out or tapering on the weight loss they get with GLP-1s or other means and looking for the least invasive option.

是的。我願意。這是一個很好的問題。上週末我剛參加了在亞特蘭大舉行的 ASMBS 週末會議。並討論了整體市場和 GLP-1 的採用情況以及其對美國減肥手術的影響，顯然，是有影響的。因此，我們本季度以及全年的收益對我來說標誌著他們的市場收益，基於這樣一個事實，即越來越多的人開始參與到肥胖問題的討論中，他們逐漸停止或減少使用 GLP-1 或其他方式減肥，轉而尋找侵入性最小的選項。

Now it's interesting that the obesity market overall is clearly untapped. Even with GLP-1s, I think they showed data, whether it's accurate or not to be -- not more than roughly about 10% adoption of that 100% of the pie that is obese -- clinically obese and needs to get medical attention. So it's still primarily an underserved market, and that's where it's going to take time for sort of societal influence as well as big pharma to help give people off the sidelines and then to physicians to start talking about improving their quality of life.

現在有趣的是，肥胖市場整體上顯然尚未開發。即使使用 GLP-1，我認為他們所顯示的數據，無論其準確與否，在 100% 的肥胖人群中，臨床肥胖需要就醫的佔比不超過 10%。所以，這仍然是一個服務不足的市場，而且這需要一定的時間才能得到社會影響力以及大型製藥公司的幫助，讓人們走出困境，然後讓醫生開始談論如何改善他們的生活品質。

Thank you. Ladies and gentlemen, this does conclude the conference. The conference has now concluded. Thank you for attending today's call. You may now disconnect.

謝謝。女士們、先生們，會議到此結束。會議現已結束。感謝您參加今天的電話會議。您現在可以斷開連線。