Jaguar Health Inc (JAGX) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Jaguar Health's Investor Webcast. (Operator Instructions) As a reminder, this conference is being recorded. Before I turn the call over to management, I'd like to remind you that management make forward-looking statements relating to such matters as continued growth prospects for the company, uncertainties regarding market acceptance of products, the impact of competitive products and pricing, industry trends, product initiatives, including products in the development stage, which may achieve scientific objectives or meet stringent regulatory requirements.

大家好，歡迎參加 Jaguar Health 的投資者網路直播。（操作說明）提醒各位，本次會議正在錄音。在將電話交給管理層之前，我想提醒各位，管理層會就公司持續成長前景、產品市場接受度的不確定性、競爭產品和定價的影響、行業趨勢、產品計劃（包括處於開發階段的產品）等事項發表前瞻性聲明，這些產品可能實現科學目標或滿足嚴格的監管要求。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. These statements are based on currently available information and management's current assumptions, expectations and projections about future events.

前瞻性陳述存在風險和不確定性，可能導致實際結果與此類前瞻性陳述中設想的結果有重大差異。這些聲明是基於目前可獲得的資訊以及管理層對未來事件的當前假設、預期和預測。

While management believes its assumptions, expectations and projections are reasonable in view of currently available information, you are cautioned not to place undue reliance on these forward-looking statements. The company's actual results may differ materially from those discussed during this webcast for a variety of reasons, including those described in the forward-looking statements and risk factors sections of the company's Form 10-K for year 2024, which was filed March 31, 2025, and its other filings with the SEC, which are available on the Investor Relations section of Jaguar's webcast.

雖然管理層認為，根據目前可獲得的信息，其假設、預期和預測是合理的，但請您注意，不要過度依賴這些前瞻性陳述。由於各種原因，包括公司 2024 年 10-K 表格（已於 2025 年 3 月 31 日提交）的前瞻性聲明和風險因素部分以及公司向美國證券交易委員會提交的其他文件中描述的原因，公司的實際業績可能與本次網絡直播中討論的業績存在重大差異。這些文件可在捷豹網路直播的投資者關係部分查閱。

Except as required by law, Jaguar undertakes no obligation to update or revise any forward-looking statements contained in this presentation to reflect new information, future events or otherwise. Additionally, please note that the company supplements its condensed consolidated financial statements presented on a GAAP basis by providing non-GAAP EBITDA and non-GAAP recurring EBITDA.

除法律要求外，捷豹不承擔任何義務更新或修改本簡報中包含的任何前瞻性陳述，以反映新的資訊、未來事件或其他情況。此外，請注意，該公司在其按 GAAP 編制的簡明合併財務報表中補充了非 GAAP EBITDA 和非 GAAP 經常性 EBITDA。

Jaguar believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects the basis upon the company management assesses and operates the business. These non-GAAP financial measures should not be viewed in isolation or a substitute for GAAP net sales and GAAP net loss or not substitute for or superior to, measures of financial performance and performance with GAAP.

捷豹認為，這些非GAAP指標的披露項目為投資者提供了更多信息，反映了公司管理層評估和運營業務的基礎。這些非公認會計準則財務指標不應被孤立地看待，也不應取代公認會計準則淨銷售額和公認會計準則淨虧損，更不應替代或優於公認會計準則下的財務績效和績效指標。

Today's conference is being recorded. At this time, it's my pleasure to turn the call over to Lisa Conte, Jaguar Health's Founder, President and Chief Officer. Lisa, the floor is yours.

今天的會議正在錄影。此時，我很高興將電話交給 Jaguar Health 的創辦人、總裁兼執行長 Lisa Conte。麗莎，現在輪到你發言了。

Thank you very much. Appreciate that introduction. Hello to everybody. Good morning. My name is Lisa Conte and I'm, Founder, President and CEO of Jaguar Health and our wholly owned subsidiary, Napo Pharmaceuticals, and I'm also the Chairman of our Italian subsidiary, Napo Therapeutics. As usual, I may use the word Jaguar and Napo interchangeably as I refer to our company.

非常感謝。感謝您的介紹。大家好。早安.我叫 Lisa Conte，是 Jaguar Health 及其全資子公司 Napo Pharmaceuticals 的創辦人、總裁兼首席執行官，同時也是我們義大利子公司 Napo Therapeutics 的董事長。像往常一樣，我在提到我們公司時可能會交替使用 Jaguar 和 Napo 這兩個詞。

And after I speak this morning, our CFO, Carol Lizak, will provide a recap of the financial highlights for the third quarter of 2025. And I'm going to kick off by once again stealing Carol thunder as we are pleased to report that our combined net third quarter 2025 revenue of approximately $3.1 million for prescription and nonprescription products including license revenue, increased approximately 4% versus the net Q2 2025 of approximately $3 million.

今天早上我發言結束後，我們的財務長卡羅爾·利扎克將概述 2025 年第三季的財務亮點。首先，我要再次搶了卡羅爾的風頭，我們很高興地宣布，2025 年第三季處方藥和非處方藥（包括許可收入）的合併淨收入約為 310 萬美元，比 2025 年第二季的淨收入約 300 萬美元增長了約 4%。

I'm also happy to report that 2025 continues to be the year of convergence of key clinical and regulatory catalysts for Jaguar. Catalysts that we feel will be transformative in terms of the value that they bring to all stakeholders in the company from patients, very importantly from patients, to shareholders also very important.

我很高興地宣布，2025 年將繼續成為捷豹關鍵臨床和監管催化劑匯聚之年。我們認為，這些催化劑將帶來變革性的價值，惠及公司的所有利害關係人，包括病患（這一點非常重要）和股東（這一點也非常重要）。

Simply put, with the recent achievement of these catalysts, our strategy continues to be to negotiate business development partnerships for licensed rights to the development and commercialization of our human and animal late-stage health products with the goal of generating non-dilutive funding for Jaguar. We have three key late-stage initiatives that are the subject of business development negotiations.

簡而言之，隨著這些催化劑的近期取得的成就，我們的策略仍然是就開發和商業化我們的人類和動物後期健康產品的許可權利進行業務發展合作夥伴關係談判，目標是為 Jaguar 產生非稀釋性資金。我們有三個重要的後期計劃正在進行業務拓展談判。

The first is our orphan indications of crofelemer for intestinal failure associated with the congenital diarrheal disease referred to as MVID, microvillus inclusion disease. I'm going to refer to it as MVID and short bowel syndrome, which I'm going to refer to as SBS. And this program refers to crofelemer, though, not our commercialized Mytesi formulation of crofelemer.

首先，我們針對克羅非勒默治療先天性腹瀉疾病（稱為微絨毛包涵體病 MVID）引起的腸衰竭的罕見適應症。我打算將其稱為 MVID 和短腸綜合徵，我打算將其稱為 SBS。但該方案指的是克羅非勒默，而不是我們商業化的Mytesi克羅非勒默製劑。

Crofelemer in a distinct novel, highly concentrated liquid formulation, which is appropriate for the patient condition -- into a liquid formulation from a lyophilized cake. So what is intestinal failure? It's a debilitating lifelong condition that requires patients to receive life-sustaining fluids, electrolytes and nutrients through intravenous administration, which consists of something referred to as TPN, total parenteral nutrition, with supplemental intravenous fluids, which together constitute parenteral support.

克羅非勒默是一種獨特的、高度濃縮的液體配方，適合患者的病情——由凍乾塊製成液體配方。那麼，什麼是腸衰竭呢？這是一種使人衰弱的終身疾病，需要患者透過靜脈輸液來維持生命所需的液體、電解質和營養物質，這包括所謂的全腸外營養（TPN）以及補充靜脈輸液，兩者共同構成​​腸外支持。

As you can imagine, already, this sounds terrible. These are patients who can't absorb their nutrients of life, their protein, carbs, et cetera. So they are living on IV nutrition. Most intestinal failure patients require parenteral support up to seven-days a week and sometimes for 20 hours or more a day, hooked up to IV nutrition. Clearly, this is a catastrophic healthcare situation, quality of life situation.

可想而知，這聽起來糟透了。這些患者無法吸收維持生命所需的營養物質，例如蛋白質、碳水化合物等。所以他們只能靠靜脈輸液維持生命。大多數腸衰竭患者每週需要接受長達七天的腸外營養支持，有時每天需要接受 20 小時或更長的靜脈營養支持。顯然，這是一場災難性的醫療保健危機，嚴重影響了人們的生活品質。

Short bowel syndrome is a rare disease of approximately 400 -- 40,000 patients globally. And for this indication, Jaguar has received orphan drug designation in the United States and in Europe. MVID, intestinal failure MVID patients, this is an ultra-rare disease of approximately 100 to 200 patients globally, and we have also received orphan drug designation in the US and Europe.

短腸症候群是一種罕見疾病，全球約有 400 至 40,000 名患者。針對此適應症，捷豹已在美國和歐洲取得孤兒藥資格認定。MVID（微血管疾病）是一種極為罕見的疾病，全球患者約有 100 至 200 人，我們已在美國和歐洲獲得孤兒藥資格認定。

Infants that are born with this genetic defect have a lethal natural history. They do not become adults. They only survive if immediately receiving TPN, total parenteral nutrition, as I mentioned, parental support which has many toxicities associated with it including liver and kidney toxicity, neurodevelopment delay, many more which often become life-threatening.

患有這種基因缺陷的嬰兒天生就會死亡。他們無法長大成人。如我所言，只有立即接受全腸外營養（TPN）才能存活，而全腸外營養又會帶來許多毒性，包括肝腎毒性、神經發育遲緩等等，這些毒性往往會危及生命。

Crofelemer has been shown to have a groundbreaking reduction of parenteral support of up to 37%. And this is important, as you can imagine, for getting -- reducing the amount of time on toxic TPN and parenteral support. This result was presented last week at the North American Society for Pediatric Gastroenterology, Hepatology and Nutrition referred to as NASPGHAN.

研究表明，Crofelemer 可使腸外營養支持減少高達 37%，具有突破性意義。正如你所想，這對於減少使用有毒的 TPN 和腸外營養支持的時間非常重要。上週，北美兒科胃腸病學、肝病學和營養學會（簡稱 NASPGHAN）公佈了這項結果。

And it's an annual meeting in Chicago, and it was -- the results were presented by the study's primary investigator in the investigator-initiated trial, Dr. Mohamad Miqdady. This is important because the reduction of parenteral nutrition and parenteral support is both potentially life-extending, life-saving and disease progression modifying and provides an opportunity for improved quality of life in this otherwise catastrophic medical and disease situation for the patient and quite frankly, the entire family of the child and his or her caregiving team.

這是在芝加哥舉行的年度會議，會議結果由該研究的主要研究者、研究者發起的試驗的負責人 Mohamad Miqdady 博士公佈。這很重要，因為減少腸外營養和腸外支持既有可能延長生命、挽救生命，又能改變疾病進展，並為患者以及坦率地說，為孩子的整個家庭及其護理團隊在這種原本災難性的醫療和疾病情況下改善生活質量提供機會。

This unprecedented result is especially compelling given that no approved treatments exist for MVID, and we're not aware of any approach even in development for MVID. Additionally, as presented at NASPGHAN were two short bowel syndrome patients surviving on parenteral support, parenteral nutrition and parenteral support, which similarly had reductions of approximately 12% in their parenteral support.

鑑於目前尚無針對 MVID 的核准治療方法，而且我們也沒有發現任何針對 MVID 的治療方法正在研發中，這一前所未有的結果尤其引人注目。此外，在 NASPGHAN 上也介紹了兩名依靠腸外營養和腸外支持生存的短腸症候群患者，他們的腸外支持量同樣減少了約 12%。

This result is equally important for the same reason for the opportunity to reduce the toxicity associated with the parenteral support. And also, while some short bowel syndrome patients do have an opportunity to be treated with a growth hormone approach to potentially grow their short bowel. And as an aside, by the way, growth hormone is not a standard of care as many side effects itself.

基於同樣的原因，這一結果同樣重要，因為它為減少腸外營養支持相關的毒性提供了機會。此外，一些短腸症候群患者有機會接受生長激素治療，以期促進其短腸的生長。順便提一下，生長激素本身有很多副作用，因此並不是標準的治療方法。

And additionally, it's not even possible in an MVID patient as MVID patients have fully intact guts. They're simply not functioning, so there's nothing to grow. But anyway, that short bowel syndrome, approximately 1/3 of the short bowel syndrome population are patients with surgical reasons for their short bowel and have adaptation issues during which they cannot receive a growth hormone and/or may have a hyper-proliferative circumstance such as cancer and therefore, are definitely not candidates for growth hormone approach.

此外，對於 MVID 患者來說，這甚至是不可能的，因為 MVID 患者的腸道完全完整。它們根本無法正常運作，所以沒有什麼可以生長的。但無論如何，短腸症候群患者中，約有 1/3 的患者因短腸需要手術治療，並且存在適應性問題，因此無法接受生長激素治療，和/或可能患有癌症等過度增生性疾病，因此絕對不適合接受生長激素治療。

Once again, crofelemer is demonstrating proof of concept in an orphan population with no treatment alternatives, nothing in development. And once again, this is a distinct product from Mytesi, the same active ingredient in crofelemer and will be commercialized globally under a business model associated and appropriate for the incentives for rare diseases.

克羅非勒默再次證明了其在孤兒群體中的有效性，該群體目前沒有其他治療選擇，也沒有任何藥物正在研發中。再次強調，這與 Mytesi 的產品截然不同，其活性成分與 crofelemer 相同，並將根據與罕見疾病相關的激勵措施在全球範圍內進行商業化。

I'll now discuss our other core crofelemer development program, cancer therapy related diarrhea, CTD, a planned label extension of supplemental NDA for the already FDA-approved Mytesi product. This program -- and again, it's a distinct product from the (technical difficulty) highly concentrated liquid formulation is also the subject of ongoing business development negotiations.

接下來，我將討論我們的另一個核心 crofelemer 開發項目，即癌症治療相關性腹瀉 (CTD)，這是對已獲得 FDA 批准的 Mytesi 產品進行補充 NDA 標籤擴展的計劃。該計畫——再次強調，它與（技術難度較高）高濃度液體配方是不同的產品——也是目前正在進行的業務發展談判的主題。

The key clarifying and coordinating event, once again a separate Type C meeting with the FDA in May of 2025 discussing an expedited pathway for approval in metastatic breast cancer patients based on supportive data of prophylaxis of cancer therapy-related diarrhea in breast cancer patients from the completed Phase III on-target trial, which was presented at San Antonio Breast Cancer Symposium in December of 2024.

關鍵的澄清和協調事件是，2025 年 5 月與 FDA 再次舉行了一次單獨的 C 類會議，討論基於已完成的 III 期靶向試驗中乳腺癌患者癌症治療相關腹瀉預防的支持性數據，加快轉移性乳腺癌患者的批准途徑。該試驗結果已於 2024 年 12 月在聖安東尼奧乳癌研討會上發表。

We're going to combine this with anticipated data from a pivotal randomized withdrawal treatment trial in metastatic breast cancer patients to be initiated in early 2026. In our experience, a randomized withdrawal trial is the optimal design for product that works. And it's a clinical trial design where participants first receive an active treatment and then when, if, they respond, randomly assigned to either continue the active treatment or receive placebo.

我們將把這些數據與預計 2026 年初啟動的轉移性乳癌患者關鍵性隨機撤藥治療試驗的預期數據結合起來。根據我們的經驗，隨機撤藥試驗是有效產品的最佳設計。這是一項臨床試驗設計，參與者首先接受活性治療，然後，如果他們有反應，則隨機分配到繼續接受活性治療或接受安慰劑。

As a reminder, this trial is with the same formulation and dose as the approved Mytesi for HIV-related diarrhea for which, of course, chronic safety and manufacturing regulatory hurdles have already been approved. Chronic safety or any safety and manufacturing are the two most common reasons why NDAs fail. Again, those have already been achieved with Mytesi.

需要提醒的是，本試驗採用的配方和劑量與已獲批准用於治療 HIV 相關腹瀉的 Mytesi 相同，當然，該藥的慢性安全性和生產監管障礙已經解決。長期安全問題或任何安全問題以及生產製造問題是新藥申請失敗的兩個最常見原因。這些目標，Mytesi 已經實現了。

An efficacy end point potentially expands the indication of Mytesi to cancer therapy-related diarrhea under a supplemental NDA and cancer therapy-related diarrhea is a blockbuster opportunity for the patients, of course, and the market opportunity. There are approximately 160,000 metastatic breast cancer patients in the United States, many of whom are on diarrhea causing targeted therapies for the rest of their lives, which thankfully are becoming 5, 10, 15-years of survival sometimes.

療效終點有可能將 Mytesi 的適應症擴大到癌症治療相關性腹瀉（需透過補充新藥申請），而癌症治療相關性腹瀉對患者來說當然是一個重磅消息，對於市場來說也是如此。美國約有 16 萬名轉移性乳癌患者，其中許多人終生都需要接受標靶治療，而標靶治療會導致腹瀉。值得慶幸的是，這些患者的生存期有時可以達到 5 年、10 年甚至 15 年。

We have filed for orphan drug designation for metastatic breast cancer indication. Approximately 40% of patients go off their life-saving targeted therapies, specifically because of diarrhea. And now crofelemer has the opportunity to benefit not only patient quality of life, dignity and comfort as important as those supportive care impacts are, though, also impact the outcome of their -- the successful outcome of their cancer therapy.

我們已為轉移性乳癌的適應症申請孤兒藥資格認定。約有 40% 的患者因腹瀉而停止接受挽救生命的標靶治療。現在，克羅非勒默不僅有機會改善患者的生活品質、尊嚴和舒適度（這些支持性護理的影響固然重要），而且還有機會影響他們的癌症治療結果——即癌症治療的成功結果。

Moving along now to animal health side of our business. Our primary activity for Canalevia, our prescription drug candidate of crofelemer, Canalevia is an animal formulation indication that is FDA conditionally approved under the name Canalevia CA-1 for the treatment of chemotherapy-induced diarrhea in dogs. And our primary activity is negotiating with potential partners with which to collaborate to achieve three parallel goals for the drug, expand the US indication for chemotherapy-induced diarrhea in dogs, to the treatment of general diarrhea in dogs.

接下來我們來談談動物健康方面的業務。我們的主要活動是 Canalevia，我們的處方藥候選藥物 crofelemer，Canalevia 是一種動物製劑適應症，已獲得 FDA 有條件批准，名稱為 Canalevia CA-1，用於治療犬化療引起的腹瀉。我們的主要活動是與潛在的合作夥伴進行談判，以期實現該藥物的三個平行目標，將美國適應症從治療犬類化療引起的腹瀉擴大到治療犬類一般腹瀉。

Obtain approval in the European Union for Canalevia for general diarrhea in dogs and based on an existing Jaguar study that already exists. And maintain continuity of availability in the United States of Canalevia for the treatment of chemotherapy-induced diarrhea in dogs for which it is already approved again. Remarkably, a cancer patient in the United States experiencing diarrhea can have crofelemer promoted and prescribed if that patient is a dog, a human, not yet.

Canalevia 在歐盟獲得批准，用於治療犬類一般腹瀉，並基於現有的 Jaguar 研究。並保持 Canalevia 在美國的持續供應，用於治療犬類化療引起的腹瀉，該藥物已再次獲得批准。值得注意的是，在美國，如果一名癌症患者出現腹瀉症狀，無論該患者是狗還是人，都可以獲得克羅非勒默的推廣和處方。目前還不能確定。

I'm pleased to report that Jaguar is currently in discussions with multiple potential animal health company partners to collaborate to bring Canalevia to regulatory approval and commercialization for general diarrhea globally. This is our third ongoing business development negotiation with the goal of bringing nondilutive dollars to recognize the contribution to late-stage drug development and risk reduction Jaguar has achieved with crofelemer for various indications.

我很高興地宣布，捷豹公司目前正在與多家潛在的動物保健公司合作夥伴進行洽談，以期合作推動 Canalevia 獲得監管部門批准並在全球範圍內實現商業化，用於治療一般腹瀉。這是我們第三次進行業務發展談判，目標是獲得非稀釋性資金，以表彰 Jaguar 在後期藥物開發和降低風險方面所做出的貢獻，尤其是在 crofelemer 用於各種適應症方面。

Timeline associated with these activities for intestinal failure based on a Type C meeting, a distinct meeting from the cancer meeting that we had with the FDA on October 2. We laid out a pathway for potential expedited review based on continued results like we're seeing in the MVID patient for having data that's fileable by potentially the end of 2026, literally based on a single-digit number of patients because of the ultra-rare nature of the disease and the lethal natural history of the disease, also looking next year for breakthrough designation in the United States and PRIME in Europe, programs that help get products approved in an expedited way for ultra-rare disease situation.

根據 C 類會議制定的與腸衰竭相關的活動時間表，該會議與我們 10 月 2 日與 FDA 舉行的癌症會議不同。我們制定了一條潛在的快速審查途徑，依據是像MVID患者一樣持續取得的成果，以便在2026年底前獲得可提交的數據。由於該疾病極為罕見且自然病程致命，我們僅基於個位數的患者數量就制定了這一途徑。此外，我們也正在尋求明年在美國獲得突破性療法認定，並在歐洲獲得PRIME認定。這些項目旨在幫助在極其罕見的疾病情況下加快產品審批。

For cancer therapy-related diarrhea, we would look to complete the trial for the randomized withdrawal by the end of 2026 as well in support of a supplemental NDA filing. So that would be two potential NDA filings from data at the end of 2026 on the human side. On the Animal Health side, we're looking to close an animal health partnership in the very near future.

對於癌症治療相關的腹瀉，我們希望在 2026 年底前完成隨機撤藥試驗，以支持補充新藥申請。因此，到 2026 年底，人類資料方面可能會出現兩份潛在的 NDA 申請。在動物保健方面，我們正尋求在不久的將來達成一項動物保健合作夥伴關係。

I'll now hand the discussion over to Carol, our CFO, for a recap of the financial highlights for the third quarter of 2026. Take it away, Carol.

現在我將把討論交給我們的財務長卡羅爾，讓她回顧一下 2026 年第三季的財務亮點。卡羅爾，請開始吧。

Good morning, Lisa, and thank you to all of you who have joined our webcast today. I'll begin my review of our financials for the third quarter of 2025. The combined net third quarter 2025 revenue of approximately $3.1 million for prescription and nonprescription products, including license revenue, increased approximately 4% versus net second quarter 2025 revenue of approximately $3 million and equaled net third quarter of 2024 revenue of approximately $3.1 million.

麗莎，早安，感謝今天所有參加我們網路直播的朋友。我將開始審查我們2025年第三季的財務狀況。2025 年第三季處方藥和非處方藥的合併淨收入（包括許可收入）約為 310 萬美元，比 2025 年第二季淨收入約 300 萬美元增長約 4%，與 2024 年第三季淨收入約 310 萬美元持平。

Mytesi prescription volume increased by approximately 0.9% in the third quarter of 2025 over the second quarter of this year and Mytesi prescription volume in the third quarter of 2025 decreased by 3.6% compared to the volume in the third quarter last year. Prescription volume differs from invoiced sales volume, which reflects among other factors, varying buying patterns among specialty pharmacies in the closed network as they manage their inventory levels.

2025 年第三季 Mytesi 的處方量比今年第二季增加了約 0.9%，但與去年第三季相比下降了 3.6%。處方量與發票銷售量不同，這反映了封閉網路中專科藥房在管理庫存水準時採購模式的差異等因素。

Loss from operations decreased by $24,000 from $7.2 million in the third quarter of September 30, 2024, to $7.3 million during the same period this year. Non-GAAP recurring EBITDA for the third quarters of 2025 and 2024 were a net loss of $8.9 million and $9.2 million respectively. Net loss attributable to common shareholders decreased by $352,000 from $9.9 million in the quarter ended September 30, 2024, to $9.5 million in the same period in 2025.

截至 2024 年 9 月 30 日的第三季度，營業虧損為 720 萬美元，而今年同期營業虧損為 730 萬美元，減少了 24,000 美元。2025 年和 2024 年第三季的非 GAAP 經常性 EBITDA 分別為淨虧損 890 萬美元和 920 萬美元。歸屬於普通股股東的淨虧損從截至 2024 年 9 月 30 日的季度的 990 萬美元減少 35.2 萬美元，到 2025 年同期的 950 萬美元。

And that concludes my recap of high-level financials for the third quarter of 2025. I will now hand the discussion back to Lisa.

以上就是我對2025年第三季高階財務數據的總結。現在我將把討論交還給麗莎。

Thanks, Carol. Okay. To all members of the Jaguar, Napo, Napo Therapeutics family, we remain fully energized and excited about the multiple expected near-term catalysts for crofelemer in the company, all of which we view as significant value-enhancing and potentially transformative for patients and as I mentioned, all stakeholders, including our shareholders. Pharmaceutical development is a long-term outcome.

謝謝你，卡羅爾。好的。致 Jaguar、Napo、Napo Therapeutics 大家庭的所有成員：我們對公司近期 crofelemer 的多個預期催化劑充滿熱情和興奮，我們認為所有這些催化劑都將顯著提升價值，並有可能為患者以及我提到的所有利益相關者（包括我們的股東）帶來變革。藥物研發是一個長期過程。

And these catalysts represent the convergence of key potential inflection points in our major programs that we've worked on for years. And we expect these catalysts to lead to significant collaborations, business development and licensing deals, and the opportunity to bring in nondilutive dollars to support bringing these late-stage products and programs to regulatory approval and reimbursed patient access.

這些催化劑代表了我們多年來一直在進行的主要項目中的關鍵潛在轉折點的匯合。我們預計這些催化劑將促成重要的合作、業務發展和許可交易，並有機會引入非稀釋性資金，以支持這些後期產品和專案獲得監管部門批准，並最終獲得報銷的患者用藥。

This concludes our webcast for today. Thank you all for joining. Have a wonderful Thanksgiving and holiday with your families. And we'll get together again next quarter. Thank you.

今天的網路直播到此結束。感謝各位的參與。祝您與家人度過一個美好的感恩節和假期。我們下個季度再聚。謝謝。