Lightbridge Corp (LTBR) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Lightbridge Corporation Business update and fiscal year 2023 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation.

感謝您的耐心等待，歡迎參加 Lightbridge Corporation 業務更新和 2023 財政年度電話會議。請注意，今天的通話正在錄音。現在我很高興向您介紹 Lightbridge Corporation 投資者關係總監 Matthew Abenante。

Thank you, Abigail, and thanks to all of you for joining us today. the company's earnings press release was distributed yesterday and can be viewed on the Investor Relations page of the Lightbridge website at www.ltbridge.com.

謝謝你，阿比蓋爾，也謝謝大家今天加入我們。該公司的收益新聞稿於昨天發布，可在 Lightbridge 網站 www.ltbridge.com 的投資者關係頁面上查看。

Joining us on the call today is Seth Grae, Chief Executive Officer, along with Andrey Mushakov, Executive Vice President for Nuclear Operations, Scott Holcombe, Vice President of Engineering, Larry Goldman, Chief Financial Officer, and Sherrie Holloway, Controller.

今天加入我們電話會議的有執行長 Seth Grae、核能營運執行副總裁 Andrey Mushakov、工程副總裁 Scott Holcombe、財務長 Larry Goldman 和財務長 Sherrie Holloway。

I would like to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings during today's call. Words such as expect, anticipate, believe and intend, will be used in a discussion of goals or events in the future.

我想提醒我們的聽眾，本次電話會議中任何非歷史事實的陳述都是前瞻性陳述。今天的演示包括有關公司在今天的電話會議中的競爭地位以及產品和服務的前瞻性陳述。諸如期望、預期、相信和打算等詞語將用於討論未來的目標或事件。

This presentation is based on current expectations and involve certain risks and uncertainties that may cause actual results to differ significantly from such. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise.

本簡報基於目前預期，涉及某些風險和不確定性，可能導致實際結果與實際結果有顯著差異。Lightbridge 向美國證券交易委員會提交的文件中更詳細地闡述了這些風險和其他風險。Lightbridge 不承擔更新或修改任何此類前瞻性聲明的義務，無論是由於新的發展還是其他原因。

And with that, I would like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge.

接下來，我想將電話轉給我們的第一位發言人，Lightbridge 執行長 Seth Grae。

Morning, Seth?

早安，賽斯？

Thank you, Matt, and thank you all for joining us to discuss Lightbridge's 2023 results. I am pleased with the momentum building within the nuclear sector and the pivotal role Lightbridge is poised to play in this transformative period. Our advancements in fuel technology, combined with a growing network of strategic partnerships, position us to address the challenges and opportunities presented by the emerging global mandates to greatly expand nuclear capacity in 2023 Lightbridge achieved several key milestones and made important advancements in our ongoing fuel development efforts.

謝謝 Matt，也謝謝大家加入我們討論 Lightbridge 2023 年的表現。我對核能領域不斷形成的勢頭以及 Lightbridge 在這段變革時期將發揮的關鍵作用感到高興。我們在燃料技術方面的進步，加上不斷擴大的戰略合作夥伴網絡，使我們能夠應對新出現的全球指令帶來的挑戰和機遇，在2023 年大幅擴大核電容量Lightbridge 實現了幾個關鍵里程碑，並在我們正在進行的燃料開發方面取得了重要進展努力。

Earlier in the year, we strengthened our leadership team by welcoming Sherrie Holloway and Dr. Scott Holcombe to our team. Mr. Goodman, a recognized national security expert, joined Lightbridge as an independent director, bringing invaluable insights into the intersection of energy and national security.

今年早些時候，我們歡迎 Sherrie Holloway 和 Scott Holcombe 博士加入我們的團隊，從而加強了我們的領導團隊。古德曼先生是一位公認的國家安全專家，他以獨立董事的身份加入 Lightbridge，為能源與國家安全的交叉領域帶來了寶貴的見解。

As our new Vice President of Engineering, Dr. Holcombe brings extensive expertise in nuclear fuel and materials development and management of interdisciplinary teams of engineers and subject matter experts, further bolstering our nuclear fuel technology leadership.

作為我們新任工程副總裁，霍爾科姆博士帶來了核燃料和材料開發以及跨學科工程師和主題專家團隊管理方面的豐富專業知識，進一步鞏固了我們核燃料技術的領先地位。

In December, we announced an agreement with Centrus Energy to conduct a front-end engineering and design study for a Lightbridge pilot fuel fabrication facility in Piketon, Ohio.

12 月，我們宣布與 Centrus Energy 達成協議，為俄亥俄州皮克頓的 Lightbridge 試點燃料製造工廠進行前端工程和設計研究。

Centra's currently hosts a US based production facility for high assay, low enriched uranium or Halo partnering with a US Department of Energy DOE on the site. The key objective of the FEED study is to determine the scope of work cost and schedule estimates and identify key risk factors for establishing a Lightbridge pilot fuel fab facility.

Centra 目前在美國擁有一座高含量低濃縮鈾或 Halo 生產設施，並與美國能源部在該地點合作。FEED 研究的主要目標是確定工作成本範圍和進度估算，並確定建立 Lightbridge 試點燃料工廠設施的關鍵風險因素。

The results of this study will form the basis for a decision on the way for establishing the Lightbridge Pilot Fuel Fab facility for manufacture of full-length fuel rods for demonstrating and licensing Lightbridge Fuel in commercial reactors. We also entered into an agreement with the Pitesti Nuclear Research Institute, known as RATEN ICN, based in Romania, to assess the compatibility of Lightbridge Fuel for use in CANDU reactors.

這項研究的結果將成為決定如何建立 Lightbridge 試點燃料工廠設施的基礎，該設施用於製造全長燃料棒，以便在商業反應器中演示和許可 Lightbridge 燃料。我們還與位於羅馬尼亞的皮特什蒂核子研究所（RATEN ICN）簽訂了一項協議，以評估 Lightbridge 燃料在 CANDU 反應器中使用的兼容性。

This study will identify any critical parameters for further evaluation and design findings will guide future economic evaluations and support navigating potential regulatory licensing related issues. The feasibility of using Lightbridge Fuel and CANDU reactors is confirmed we believe this type of reactor may offer an opportunity for faster time to market due to the unique design and operating conditions of CANDU reactors.

這項研究將確定進一步評估的任何關鍵參數，設計結果將指導未來的經濟評估並支持解決潛在的監管許可相關問題。使用 Lightbridge Fuel 和 CANDU 反應器的可行性已得到證實，我們相信，由於 CANDU 反應器獨特的設計和操作條件，這種類型的反應器可能會提供更快上市的機會。

Last summer, we announced a research study led by Texas A&M University and including Lightbridge NuScale power and structural integrity associates as part of the DOE Nuclear Energy University Program R&D awards. This project focuses on thermal hydraulic modeling and testing, which aims to increase the understanding of the overall performance of Lightbridge fuel under simulated normal and off normal conditions in new scales SMR. This follows a similarly structured study with MIT. announced in 2022 that focuses on Nutronics modeling and safety evaluation of Lightbridge Fuel and a new scale SMR.

去年夏天，我們宣布了一項由德州 A&M 大學領導的研究，其中包括 Lightbridge NuScale 電力和結構完整性同事，作為能源部核能大學計劃研發獎的一部分。該專案專注於熱工水力建模和測試，旨在加深對新規模SMR中模擬正常和非正常條件下Lightbridge燃料整體性能的了解。這是繼麻省理工學院進行的一項類似結構的研究之後的結果。於 2022 年宣布，重點關注 Lightbridge Fuel 和新規模 SMR 的 Nutronics 建模和安全評估。

In an effort to better communicate our fuel development progress to industry, investors and other key stakeholders, Lightbridge is adopting the technology readiness level or TRL system. We are using the TRL framework to plan our development in a logical and efficient way.

為了更好地向行業、投資者和其他主要利益相關者傳達我們的燃料開發進展，Lightbridge 正在採用技術就緒等級或 TRL 系統。我們正在使用 TRL 框架以合乎邏輯且高效的方式規劃我們的發展。

The TRL system was originally developed by NASA and is widely recognized across technical industries. The organization for economic cooperation and development, the OECD includes a nuclear energy agency, which provides a standardized TRL framework for assessing and communicating the maturity of nuclear fuel technology.

TRL 系統最初由 NASA 開發，並在技術行業中廣泛認可。經濟合作暨發展組織 OECD 設有一個核能機構，該機構提供標準化 TRL 框架來評估和交流核燃料技術的成熟度。

As with NASA's TRLs, this framework encompasses a scale from [1 to 9] with TRL 1 representing the initial concept or theoretical stage and TRL 9 denoting a technology that has been proven in its operational environment. Utilizing the TRL system allows Lightbridge to map the development of our nuclear fuel technology against a clear standardized metric, enabling stakeholders to gauge progress in a structured and transparent manner.

與 NASA 的 TRL 一樣，該框架涵蓋從 [1 到 9] 的範圍，其中 TRL 1 代表初始概念或理論階段，TRL 9 表示已在其操作環境中得到驗證的技術。利用 TRL 系統，Lightbridge 可以根據明確的標準化指標來繪製核燃料技術的發展情況，使利害關係人能夠以結構化和透明的方式衡量進展。

Currently, we believe Lightbridge Fuel is positioned at TRL 4 to 5, indicating a significant phase in our development process. At this stage, Lightbridge fuel has moved beyond TRL 1 to 3 theoretical research and entered into the realm of validation in a laboratory environment or TRL 4 and preparations for validation in representative operating conditions or TRL 5. This signifies that the core principles underlying Lightbridge Fuel have been successfully demonstrated through a number of computer modeling analyses and initial proof-of-concept experiments.

目前，我們認為 Lightbridge Fuel 的定位為 TRL 4 至 5，這表明我們的開發過程已進入重要階段。現階段，Lightbridge燃料已超越TRL 1至3理論研究，進入實驗室環境或TRL 4驗證領域，並為代表性操作條件或TRL 5驗證準備。這意味著 Lightbridge Fuel 的核心原理已透過大量電腦建模分析和初步概念驗證實驗成功證明。

We expect our ongoing project at INL will generate in-reactor data to further validate thermophysical properties of our uranium zirconium alloy in coupon samples, which supports late stages of TRL 4. As the next step, we plan to conduct a radiation testing of rodlets with our uranium zirconium alloy to verify the technology's performance under conditions that will closely simulate operational scenarios. This work will support TRL 5.

我們預計 INL 正在進行的專案將產生反應器內數據，以進一步驗證優惠券樣品中鈾鋯合金的熱物理性質，這支持 TRL 4 的後期階段。下一步，我們計劃使用我們的鈾鋯合金對小棒進行輻射測試，以驗證該技術在密切模擬操作場景的條件下的性能。這項工作將支持 TRL 5。

This will signal this will signify a pivotal transition from conceptual designs in laboratory tests to in reactor testing in representative and actual conditions. The fuel experience in commercial reactors this phase is critical for demonstrating our fuels design materials performance and identifying potential challenges, allowing for adjustments and enhancements before advancing to system prototype demonstration in operational environments, which make up TRL 6 and 7. Achieving material 4 to 5 is an important milestone that validates Lightbridge Fuel and our achievements thus far and sets the stage for subsequent development steps.

這將標誌著從實驗室測試中的概念設計到代表性和實際條件下的反應器測試的關鍵轉變。此階段商業反應器的燃料經驗對於展示我們的燃料設計材料性能和識別潛在挑戰至關重要，以便在進入操作環境中的系統原型演示（構成 TRL 6 和 7）之前進行調整和增強。實現材料 4 到 5 是一個重要的里程碑，它驗證了 Lightbridge Fuel 和我們迄今為止的成就，並為後續開發步驟奠定了基礎。

Moving us closer to commercialization and widespread adoption of our advanced nuclear fuel, which will be TRL 8 and 9.

讓我們更接近先進核燃料（TRL 8 和 9）的商業化和廣泛採用。

I'll turn the call over to Andrey Mushakov, Executive VP for nuclear operations to review our ongoing fuel development effort activities. Andre?

我將把電話轉給核能營運執行副總裁安德烈·穆沙科夫（Andrey Mushakov），以審查我們正在進行的燃料開發工作活動。安德烈？

Thank you, Seth. I'll now discuss our ongoing project, the Idaho National Laboratory.

謝謝你，賽斯。我現在將討論我們正在進行的項目，愛達荷國家實驗室。

In 2023, we completed several key project milestones at Idaho National Laboratory. First, we issued a quality implementation plan for our collaborative project to ensure work conducted at Idaho National Laboratory and results on test date on our project would meet nuclear industry quality assurance requirements.

2023 年，我們在愛達荷國家實驗室完成了多個關鍵專案里程碑。首先，我們發布了合作專案的品質實施計劃，以確保在愛達荷國家實驗室進行的工作以及專案測試日期的結果滿足核工業品質保證要求。

Two, we issued a fuel specification for the coupon samples that we are currently working on to prepare for irrigation testing on the advanced test reactor. Three, we formed the initial casting and characterization of several of ingots using Idaho National Laboratory's existing equipment with depleted uranium and zirconium alloy materials. And four, we performed additional casting of larger sized ingots using depleted uranium and zirconium materials.

第二，我們發布了優惠券樣品的燃料規格，我們目前正在研究這些樣品，為先進試驗反應器的灌溉測試做準備。第三，我們使用愛達荷國家實驗室現有的貧鈾和鋯合金材料設備對幾個錠進行了初步鑄造和表徵。第四，我們使用貧鈾和鋯材料額外鑄造了更大尺寸的錠。

This year, in 2024, we plan to, number one, continue to validate the casting process on scaled up ingots with depleted uranium, two, perform initial extrusion demonstration with depleted uranium using larger sized ingots, three, advance our procurement efforts for custom Lightbridge Extrusion tooling for Idaho National Laboratory facility and five, update neutronic and thermal analysis for the experimental data package.

今年，即 2024 年，我們計劃第一，繼續驗證按比例放大的貧鈾錠的​​鑄造工藝，第二，使用更大尺寸的錠進行貧鈾的初步擠壓演示，第三，推進定制 Lightbridge 的採購工作愛達荷國家實驗室設施的擠壓工具和五個更新實驗資料包的中子和熱分析。

Once the demonstration work with depleted uranium produced acceptable results, Idaho National Laboratory will now manufacture coupon samples using enriched uranium for insertion on the advanced test reactor for radiation testing under on the conditions that will simulate the performance of our fuel.

一旦貧鈾示範工作產生了可接受的結果，愛達荷州國家實驗室現在將使用濃縮鈾製造試樣，插入先進的測試反應器中，在模擬我們燃料性能的條件下進行輻射測試。

This work supports the late stages of TRL 4. Experimental data obtained during subsequent postradiation examination work to be released as future project test statement under our existing agreement with Idaho National Laboratory will be vital for our model development and validation efforts.

這項工作支持 TRL 4 的後期階段。根據我們與愛達荷國家實驗室的現有協議，在後續輻射檢查工作中獲得的實驗數據將作為未來項目測試聲明發布，這對於我們的模型開發和驗證工作至關重要。

Now I'll ask Scott Holcombe, our Vice President of Engineering, to give us an update on several other ongoing projects and initiatives. Scott?

現在，我將請我們的工程副總裁 Scott Holcombe 向我們介紹其他幾個正在進行的項目和計劃的最新情況。史考特？

Thank you, Andre. First, we are expanding our fuel development team. This expansion aims to build our in-house computer modeling capabilities in critical areas such as neutronics, thermal hydraulics, fuel performance and transient analysis.

謝謝你，安德烈。首先，我們正在擴大燃料開發團隊。此次擴展旨在建立我們在中子學、熱工水力學、燃料性能和瞬態分析等關鍵領域的內部電腦建模能力。

We believe this will support advancement through TRL levels 4 to 9 as it underpins our ability to model and simulate our fuel's behavior under various operating conditions, an essential aspect of our development process.

我們相信這將支持 TRL 4 級至 9 級的進步，因為它鞏固了我們在各種操作條件下建模和模擬燃料行為的能力，這是我們開發過程的一個重要方面。

Additionally, we're progressing with our engineering study for the use of Lightbridge Fuel in CANDU reactors in collaboration with RATEN ICN. This study is evaluating the compatibility and suitability of Lightbridge Fuel for use in CANDU pressurized heavy water reactors, which spans activities pre TRL level 4, confirming the feasibility of our fuel in another reactor type.

此外，我們正在與 RATEN ICN 合作，推動在 CANDU 反應器中使用 Lightbridge 燃料的工程研究。這項研究正在評估 Lightbridge 燃料在 CANDU 加壓重水反應器中使用的兼容性和適用性，該反應器涵蓋 TRL 4 級之前的活動，確認我們的燃料在另一種反應器類型中的可行性。

Finally, our announced FEED study for our Lightbridge pilot fuel fabrication facility in Piketon, Ohio with Centrus Energy could support activities across TRL levels 5 to 8, moving us closer to realizing our vision for commercial scale fuel rod manufacturing.

最後，我們宣布與 Centrus Energy 合作對俄亥俄州皮克頓的 Lightbridge 試點燃料製造工廠進行 FEED 研究，該研究可以支持 TRL 5 至 8 級的活動，使我們更接近實現商業規模燃料棒製造的願景。

With that, I'll turn the call back over to Seth.

這樣，我會將電話轉回給 Seth。

Well, thank you, Scott, for the first time at a UN COP conference of the parties of global climate change events at COP 28 in December, in Dubai, nuclear energy was recognized alongside other clean energy sectors in the negotiations final statement.

嗯，謝謝你，史考特，12 月在杜拜舉行的第 28 屆聯合國氣候變遷大會上，核能與其他清潔能源部門一起在談判最終聲明中得到了認可。

In addition, the United States and over 20 other countries pledged to triple nuclear energy capacity globally by 2050. This ambitious goal requires maintaining the operation of approximately 400 large nuclear reactors currently in operation worldwide, including 93 in the United States and constructing around 800 more large reactors.

此外，美國和其他 20 多個國家承諾在 2050 年將全球核能容量增加兩倍。這個雄心勃勃的目標需要維持全球目前正在運行的約 400 座大型核反應爐的運行，其中包括美國的 93 座，並再建造約 800 座大型反應爐。

This would represent an unprecedented expansion of nuclear power infrastructure. Today, nearly three months after COP28, there are 62 large reactors under construction with over 100 more plants to be built and public proposals for another 300 reactors. Almost all of these are for large reactors. Moreover, should the industry shift its focus toward small modular reactors.

這將代表核電基礎設施的空前擴張。如今，在 COP28 召開近三個月後，有 62 座大型反應爐在建，還有 100 多座反應爐待建，並公開提議建造另外 300 座反應爐。幾乎所有這些都是用於大型反應器。此外，該行業是否應該將重點轉向小型模組化反應器。

The required number could escalate dramatically potentially to thousands of units depending on their individual capacities. We are seeing signs of the shift towards greater demand for nuclear power across the supply chain, not just in license extension for existing plants and reactor newbuilds, but also restarts of previously shut down reactors. Uranium prices are approaching record highs across both commodity and ETFs, outpacing even the NASDAQ 100 Index since the pandemic.

根據各自的容量，所需數量可能會急劇增加到數千個單位。我們看到整個供應鏈對核電的需求正在轉向更大的跡象，不僅是現有核電廠和新建反應器的許可證延期，而且還包括先前關閉的反應器的重啟。自大流行以來，大宗商品和 ETF 的鈾價都接近歷史新高，甚至超過了納斯達克 100 指數。

This approaching nuclear expansion could increase the potential size of addressable market for Lightbridge Fuel, we anticipate a potential increase in demand for more efficient, safer and economically viable nuclear fuel. This makes Lightbridge Fuel an attractive option for both the existing reactors and the future plants being built today and in the future.

這種即將到來的核子擴建可能會增加 Lightbridge Fuel 潛在市場的潛在規模，我們預計對更有效率、更安全和經濟上可行的核燃料的需求可能會增加。這使得 Lightbridge Fuel 對於現有反應器以及現在和未來建造的未來工廠來說都是一個有吸引力的選擇。

Going forward, our focus remains on advancing our fuel development, strengthening our collaborations with both industry and academic partners and hitting our key milestones. Our ongoing research and development efforts and strong intellectual property portfolio position us favorably in an industry set to expand dramatically throughout the world, ensuring that Lightbridge remains at the forefront of the nuclear renaissance that's underway.

展望未來，我們的重點仍然是推動燃料開發，加強與產業和學術合作夥伴的合作，並實現我們的關鍵里程碑。我們持續不斷的研發工作和強大的智慧財產權組合使我們在一個將在全球範圍內大幅擴張的行業中佔據有利地位，確保 Lightbridge 始終處於正在進行的核復興的最前沿。

I will now turn the call over to Larry Goldman, Chief Financial Officer, to summarize the Company's financial results. Larry?

我現在將把電話轉給財務長拉里·戈德曼（Larry Goldman），總結公司的財務表現。拉里？

Thank you, Seth, and good morning, everyone. For further information regarding our year-end 2023 financial results and disclosures, please refer to our earnings release that we filed yesterday as well as our annual report on. Form 10-K that will be filed with the Securities and Exchange Commission within the next few days. The Company's working capital position was $28.3 million at December 31st, 2023 versus $28.7 million at December 31st, 2022.

謝謝你，賽斯，大家早安。有關我們 2023 年年底財務業績和披露的更多信息，請參閱我們昨天提交的收益報告以及我們的年度報告。10-K 表將在未來幾天內提交給美國證券交易委員會。截至2023年12月31日，公司的營運資本狀況為2,830萬美元，而2022年12月31日為2,870萬美元。

Total assets were $29.4 million and total liabilities were $0.5 million at December 31st, 2023. Today, we have ample working capital and financial flexibility to support our near term fuel development expenditures. This is very important to Lightbridge and our stockholders as well as our external stakeholders such as the federal government to ensure that we have sufficient working capital as well as the ability to access capital in the future.

截至 2023 年 12 月 31 日，總資產為 2,940 萬美元，總負債為 50 萬美元。如今，我們擁有充足的營運資金和財務靈活性來支持我們的近期燃料開發支出。這對 Lightbridge 和我們的股東以及聯邦政府等外部利害關係人來說非常重要，以確保我們擁有足夠的營運資金以及未來獲得資本的能力。

In order to conduct our R&D activities, total cash and cash equivalents were $28.6 million as compared to $28.9 million at December 31st, 2022, a decrease of $0.3 million for the year ended December 31st, 2023. Total cash used in operating activities for the year ended December 31st, 2023 was $6.5 million, a decrease of $0.2 million compared to the $6.7 million of cash used in operating activities for the year ended December 31st, 2022.

為了進行研發活動，現金和現金等價物總額為 2,860 萬美元，而截至 2022 年 12 月 31 日為 2,890 萬美元，截至 2023 年 12 月 31 日止年度減少了 30 萬美元。截至2023年12月31日止年度經營活動所用現金總額為650萬美元，較截至2022年12月31日止年度經營活動所用現金670萬美元減少20萬美元。

Total cash provided by financing activities for the year ended December 31st, 2023 was $6.2 million, a decrease of $4.7 million compared to the $10.9 million for the year ended December 31st, 2022. This decrease was due to a decrease in the net proceeds from the issuance of common stock by our at-the-market or ATM facility in support of our long-term business and future financing requirements.

截至2023年12月31日止年度，融資活動提供的現金總額為620萬美元，較截至2022年12月31日止年度的1,090萬美元減少470萬美元。這一減少是由於我們的市場或 ATM 設施為支持我們的長期業務和未來融資需求而發行普通股的淨收益減少。

With respect to our fuel development. We expect to continue to see government funding in the future, along with new strategic alliances. It may contain cost-sharing contributions and additional funding from others. In order to help fund our future R&D milestones leading to the commercialization of Lightbridge fuel.

關於我們的燃料開發。我們預計未來將繼續看到政府資助以及新的戰略聯盟。它可能包含費用分攤捐款和其他人的額外資金。為了幫助資助我們未來的研發里程碑，從而實現 Lightbridge 燃料的商業化。

I will now turn the call over to Sherri Holloway, our Controller, who will go over our P&L financial information for the year 2023. Sherrie?

我現在將電話轉給我們的財務總監 Sherri Holloway，她將審查我們 2023 年的損益財務資訊。雪莉？

Thank you, Larry. Net loss was $7.9 million for the year ended December 31st, 2023, compared to $7.5 million for the year ended December 31st, 2022. Total R&D expenses amounted to $1.9 million for the year ended December 31st, 2023, compared to $0.7 million for the year ended December 31st, 2022, an increase of $1.2 million. This increase was primarily due to the increase in R&D activities related to the development of our fuel.

謝謝你，拉里。截至2023年12月31日止年度的淨虧損為790萬美元，而截至2022年12月31日止年度的淨虧損為750萬美元。截至2023年12月31日止年度的研發費用總額為190萬美元，較截至2022年12月31日止年度的70萬美元增加120萬美元。這一增長主要是由於與我們的燃料開發相關的研發活動的增加。

This increase primarily consisted of an increase in INL project labor costs at $0.8 million, an increase in allocated employee compensation and employee benefits of $0.4 million, an increase in consulting expenses of $0.1 million, an increase in travel expenses of $0.1 million and an increase in stock-based compensation expenses of $0.1 million.

這一增長主要包括 INL 項目人工成本增加 80 萬美元、分配的員工薪酬和員工福利增加 40 萬美元、諮詢費用增加 10 萬美元、差旅費用增加 10 萬美元以及股票補償費用為 10 萬美元。

This increase was offset by a decrease of $0.3 million, primarily related to the gateway for accelerated innovation in nuclear in gain voucher work recorded as research and development expenses in 2022 that was completed in the first quarter of 2023.

這一增加被 30 萬美元的減少所抵消，主要與 2022 年記錄為研發費用的核能加速創新網關相關，該工作於 2023 年第一季完成。

Total G&A expenses were $7.1 million for the year ended December 31st, 2023, compared to $7.5 million for the year ended December 31st, 2022, the decrease of $0.4 million was primarily due two, a decrease in employee compensation and employee benefits of $0.4 million due to the increase in the time allocation percentage of in-house employee labor costs to research and development expenses,

截至2023 年12 月31 日止年度的一般及行政費用總額為710 萬美元，而截至2022 年12 月31 日止年度為750 萬美元，減少40 萬美元主要是由於二，由於員工薪酬和員工福利減少了40 萬美元內部員工人工成本佔研發費用的時間分配比例增加，

A decrease in insurance expense of $0.1 million, decrease in dues and subscriptions of $0.1 million and a decrease in promotion expenses of $0.1 million offset by increase in stock-based compensation of $0.4 million, which was due to the partial vesting for restricted stock awards granted in 2022.

保險費用減少 10 萬美元，會費和認購費用減少 10 萬美元，促銷費用減少 10 萬美元，但被股票薪酬增加 40 萬美元所抵消，這是由於授予的限制性股票獎勵的部分歸屬所致2022年。

Total stock-based compensation included in G&A expenses was $1.1 million for the years ended December 31, 2023 and 2022. Total other operating income was 0 for the year ended December 31, 2023, compared to $0.4 million for the year ended December 31, 2022; this $0.4 million decrease was due to the GAIN Voucher project that was completed in the first quarter of 2023.

截至 2023 年 12 月 31 日及 2022 年 12 月 31 日止年度，計入一般管理費用的股票薪酬總額為 110 萬美元。截至2023年12月31日止年度的其他營業收入總額為0，而截至2022年12月31日止年度為40萬美元；減少 40 萬美元是由於 2023 年第一季完成的 GAIN Voucher 專案所致。

Total other income was $1.1 million for the year ended December 31, 2023, compared with other income of $0.3 million for the year ended December 31, 2022, an increase of $0.8 million. The increase in other income was due to an increase in interest income earned from the purchase of treasury bills and from our bank savings account. Back to you, Seth.

截至2023年12月31日止年度的其他收入總額為110萬美元，而截至2022年12月31日止年度的其他收入為30萬美元，增加了80萬美元。其他收入的增加是由於購買國庫券和銀行儲蓄帳戶賺取的利息收入增加。回到你身邊，賽斯。

Thank you, Sherrie, and thank you, everybody, for participating on today's call. I understand there aren't questions. We look forward to providing additional updates. In the meantime, you can reach us at ir@ltbridge.com. Stay safe and well. Goodbye.

謝謝雪莉，也謝謝大家參加今天的電話會議。我知道沒有問題。我們期待提供更多更新。同時，您可以透過 ir@ltbridge.com 與我們聯繫。保持安全和健康。再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。