Lucid Diagnostics Inc (LUCD) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Lucid Diagnostics second-quarter 2024 business update conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Lucid Diagnostics 2024 年第二季業務更新電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Matt Riley, Lucid Diagnostics' Director of Investor Relations. Please go ahead.

我現在想將會議交給 Lucid Diagnostics 投資者關係總監 Matt Riley。請繼續。

Thank you, operator. And good morning, everyone. Thank you for participating in today's business update call. Joining me today on the call are Dr. Lishan Aklog, Chairman and Chief Executive Officer of Lucid Diagnostics; along with Dennis McGrath, Chief Financial Officer of Lucid Diagnostics.

謝謝你，接線生。大家早安。感謝您參加今天的業務更新電話會議。今天與我一起參加電話會議的還有 Lucid Diagnostics 董事長兼執行長 Lishan Aklog 博士；以及 Lucid Diagnostics 財務長 Dennis McGrath。

The press release announcing our business update and financial results is available on Lucid's website. Please take a moment to read the disclaimers about forward-looking statements in the press release. The business update, press release, and the conference call all include forwarding statements, and these forwarding statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from statements made.

宣布我們業務更新和財務業績的新聞稿可在 Lucid 網站上取得。請花一點時間閱讀新聞稿中有關前瞻性陳述的免責聲明。業務更新、新聞稿和電話會議都包含轉發聲明，這些轉發聲明受到已知和未知的風險和不確定性的影響，可能導致實際結果與聲明有重大差異。

Factors that could cause actual results to differ are described in the disclaimer and in our filings to the Securities and Exchange Commission. For a further list and a description of these and other important risks and uncertainties that may affect future operations, see Part I, Item 1A, entitled Risk Factors in Lucid's most recent annual report on Form 10-K filed with the SEC and any subsequent updates filed in the quarterly report on Form 10-Q and subsequent Form 8-K.

免責聲明和我們向美國證券交易委員會提交的文件中描述了可能導致實際結果不同的因素。有關可能影響未來營運的這些及其他重要風險和不確定性的進一步清單和描述，請參閱Lucid 向SEC 提交的最新10-K 表格年度報告中標題為「風險因素」的第一部分第1A 項以及任何後續更新在季度報告中以表格 10-Q 和隨後的表格 8-K 的形式提交。

Except as required by law, Lucid disclaims any intentions or obligations to publicly update or revise any forward-looking statements to reflect change and expectations or in events, conditions, or circumstances on which those expectations may be based or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

除法律要求外，Lucid 不承擔任何公開更新或修改任何前瞻性陳述的意圖或義務，以反映變化和預期，或這些預期可能基於的事件、條件或情況，或可能影響實際發生的可能性。將與前瞻性陳述中包含的結果不同。

I would now like to turn the call over to Dr. Lishan Aklog, Chairman and CEO of Lucid Diagnostics. Take it away, Lishan.

我現在想把電話轉給 Lucid Diagnostics 董事長兼執行長 Lishan Aklog 博士。拿走吧，梨山。

Thank you, Matt. And good morning, everyone. Thank you for joining our quarterly update call today. As always, I'd like to thank our long-term shareholders for your ongoing support and commitment. Our team remains singularly focused on driving this Lucid enterprise towards a substantial commercial potential and to enhance our long-term shareholder value.

謝謝你，馬特。大家早安。感謝您今天參加我們的季度更新電話會議。一如既往，我要感謝我們的長期股東的持續支持和承諾。我們的團隊仍然專注於推動這家 Lucid 企業發揮巨大的商業潛力，並提高我們的長期股東價值。

I'm very pleased with the solid progress the team has made over multiple fronts during the past, this second quarter, and in recent weeks. We are now fully armed with a complete body of outstanding clinical data and are poised to make our final push towards broad coverage and reimbursement to drive EsoGuard revenue growth.

我對團隊在過去、第二季和最近幾週在多個方面取得的紮實進展感到非常高興。我們現在已完全掌握了完整的出色臨床數據，並準備為擴大覆蓋範圍和報銷做出最後的努力，以推動 EsoGuard 收入成長。

Let's start with some highlights. First, on commercial execution, our revenue for the second quarter of 2024 was $1 million. That was flat relative to the prior quarter and up approximately 500% on an annual basis. EsoGuard test volume, as we previously reported, was 3,147 tests, which is a 31% increase on a quarterly basis and 44% annually. And that represents record Esoguard quarterly test volumes.

讓我們從一些亮點開始。首先，在商業執行方面，我們 2024 年第二季的營收為 100 萬美元。與上一季相比持平，但年增約 500%。正如我們之前報導的，EsoGuard 測試量為 3,147 次測試，比季度增長 31%，比年增長 44%。這代表了創紀錄的 Esoguard 季度測試量。

Our CYFT events continue to thrive. We held over 50 high-volume health fair events during the quarter. That's a 60% increase prior -- relative to the prior quarter. In partnership with the Fort Worth Fire Department, we held our first large CYFT event with upfront contracted payment.

我們的 CYFT 活動持續蓬勃發展。本季我們舉辦了 50 多場大型健康博覽會活動。與上一季相比，這一數字增長了 60%。我們與沃斯堡消防局合作，舉辦了首個大型 CYFT 活動，並支付了預付款。

We've made solid progress in direct contracting and our direct-contracting initiatives targeting benefit brokers, third-party administrators, and self-insured entities to offer EsoGuard as a covered benefit. We also have made -- continue to make progress with our revenue cycle management processes, including prior authorization expansion, physician professional society advocacy. And our pricing, as Dennis will describe in more detail, is holding with median out-of-network allowed amounts remaining near the Medicare rate.

我們在直接簽約以及針對福利經紀人、第三方管理員和自保實體的直接簽約計劃方面取得了紮實的進展，以提供 EsoGuard 作為承保福利。我們也持續在收入週期管理流程方面取得進展，包括事先授權擴展、醫師專業協會宣傳。正如丹尼斯將更詳細地描述的那樣，我們的定價保持在網路外允許金額中位數接近醫療保險費率的水平。

Some key strategic accomplishments. Again, as I stated earlier, we are now fully armed with a complete body of outstanding clinical data, much of this has come in recently. We reported on the ENVET-BE clinical utility study, which showed positive data with a 2.4-fold increase in the yield of endoscopy and the BE-1 clinical validation data, which is also just recently released, showing EsoGuard's sensitivity of 88% and a negative predictive value of 99%. I will discuss both of these studies in greater detail later.

一些關鍵的策略成就。正如我之前所說，我們現在已經完全掌握了完整的出色臨床數據，其中大部分是最近才獲得的。我們報告了ENVET-BE 臨床效用研究，該研究顯示出正面的數據，內視鏡檢查的良率增加了2.4 倍，而BE-1 臨床驗證數據也剛發布，顯示EsoGuard 的敏感度為88%，且陰性預測值為99%。稍後我將更詳細地討論這兩項研究。

The previously released data from the Cleveland VA clinical validation study was published in a peer-reviewed journal, the American Journal of Gastroenterology, and showed similar EsoGuard sensitivity of 88% and negative predictive value of 99%. Last month, we held a productive meeting with CMS MoIDX program focused on EsoGuard clinical data, and we look forward to submitting our data and working with the MoIDX team to ultimately secure Medicare coverage.

先前發表的克利夫蘭 VA 臨床驗證研究數據發表在同行評審期刊《美國胃腸病學雜誌》上，顯示類似的 EsoGuard 敏感性為 88%，陰性預測值為 99%。上個月，我們與 CMS MoIDX 計畫舉行了一次富有成效的會議，重點關注 EsoGuard 臨床數據，我們期待提交我們的數據並與 MoIDX 團隊合作，最終確保醫療保險覆蓋。

The American Foregut Society, a leading professional society focused on esophageal disease, published a formal statement that strongly advocated for commercial payer coverage of EsoGuard to align with guidelines of biomarker legislation. This was a formal request, it was strongly worded, and we believe it will have an impact on seeking coverage from commercial payers.

美國前腸協會 (American Foregut Society) 是一家專注於食道疾病的領先專業協會，發表了一份正式聲明，強烈主張 EsoGuard 的商業付款人承保，以符合生物標誌物立法的指導方針。這是一個正式的請求，措辭強硬，我們相信這將對尋求商業付款人的保險產生影響。

So for those of you who are new to the Lucid story, just a few slides to provide you some background on our company. Lucid is a commercial-stage cancer prevention medical diagnostic company. We're focused on early pre-cancer detection, and the mission is to prevent esophageal cancer deaths in a well-defined at-risk population.

因此，對於那些剛接觸 Lucid 故事的人來說，只需幾張投影片即可為您提供有關我們公司的一些背景資訊。Lucid 是一家商業階段的癌症預防醫療診斷公司。我們專注於早期癌前檢測，其使命是預防明確的高風險族群中的食道癌死亡。

We have two technologies, EsoGuard Esophageal DNA Test and EsoCheck Cell Collection Device. The EsoGuard test is the first and only commercially available test that's capable of serving as a widespread screening tool to prevent esophageal cancer death through the early detection of esophageal pre-cancer.

我們擁有兩項技術，EsoGuard 食道 DNA 測試和 EsoCheck 細胞採集設備。EsoGuard 檢測是第一個也是唯一一個商業化檢測，能夠作為廣泛的篩檢工具，透過早期檢測食道癌前病變來預防食道癌死亡。

EsoGuard performance is really unprecedented for a molecular diagnostic test. Here we show -- compare the EsoGuard performance in various categories, compared to some comparable -- compared to some other early detection tests, including Cologuard, the colorectal stool test, and the Guardant Shield colorectal blood test, which was recently approved.

對於分子診斷測試來說，EsoGuard 的性能確實是前所未有的。在這裡，我們展示了 - 比較 EsoGuard 在各個類別中的性能，與一些可比較的 - 與其他一些早期檢測測試相比，包括 Cologuard、結直腸糞便測試和最近批准的 Guardant Shield 結直腸血液測試。

And I say it's unprecedented, really, around its ability to detect pre-cancer and early pre-cancer. So you can see, this is pooled data from multiple recent clinical validation studies that show 100% sensitivity for cancer, which compares very favorably to these other tests.

我想說的是，它檢測癌前病變和早期癌前病變的能力確實是前所未有的。所以您可以看到，這是來自最近多項臨床驗證研究的總結數據，顯示對癌症的敏感性為 100%，與其他測試相比非常有利。

Pre-cancer sensitivity, however, is 83%, substantially greater than the other tests, and really, any other test in this category. And then most notably, early pre-cancer sensitivity remains high at 86% while other tests have no ability to detect early pre-cancer. EsoGuard even has a high sensitivity of 91% in the very shorter segments of disease. 99% negative predictive values, so very low false negative rate and a positive predictive value of approximately 30%, which is comparable to other such tests.

然而，癌前敏感性為 83%，大大高於其他測試，實際上也高於該類別中的任何其他測試。最值得注意的是，早期癌前病變的敏感性仍高達 86%，而其他測試無法檢測早期癌前病變。EsoGuard 甚至在非常短的疾病階段也具有 91% 的高靈敏度。 99% 的陰性預測值，因此假陰性率非常低，陽性預測值約為 30%，與其他此類測試相當。

The commercial opportunity here is very large. There's a very well-defined population of 30 million -- approximately 30 million people in the United States who are at risk with chronic heartburn and are already recommended for pre-cancer testing.

這裡的商業機會非常大。明確定義的人口為 3000 萬人——在美國，大約有 3000 萬人面臨慢性胃灼熱的風險，並且已被建議進行癌前檢測。

Medicare has established a rate of $1,938, and our out-of-network payments with commercial payers have held up. Pricing has held up in that range. So a very large addressable market, a lot of opportunity for us to generate revenue -- substantial revenue, even with low levels of penetration. Our gross margin for the next test in the door at our current volumes is approximately 90%, which we believe will give us an opportunity to drive our business moving forward.

醫療保險 (Medicare) 的費率已確定為 1,938 美元，我們與商業付款人的網絡外付款也保持不變。定價一直保持在這個範圍內。因此，這是一個非常大的潛在市場，為我們提供了許多創收的機會——即使滲透率較低，也能獲得大量收入。我們的下一次測試的毛利率約為 90%，我們相信這將為我們提供推動業務向前發展的機會。

We have a multi-pronged commercial strategy with multiple venues and multiple locations where patients can get access to our test. We have physical test centers now located in 23 cities. Our dominant approach right now is what we call our satellite Lucid test center model, where our team partners with -- they're typically primary care physicians and performs cell collection at the physician's office.

我們採取多管齊下的商業策略，在多個場所和多個地點供患者進行我們的測試。目前我們在23個城市設有體測中心。我們現在的主導方法是我們所說的衛星 Lucid 測試中心模型，我們的團隊與他們合作——他們通常是初級保健醫生，並在醫生的辦公室進行細胞採集。

We also have physician practices who are building programs around -- typically specialists, who are building programs around the EsoGuard test where they perform the test itself. We have a mobile test unit in Florida, which provides us with a good opportunity for visibility and marketing. As I hinted at earlier, we have these large Check Your Food Tube health-fair-type events. We've initially focused on firefighters, but we're expanding to other targets.

我們還有圍繞 EsoGuard 測試構建程序的醫師實踐，通常是專家，他們圍繞 EsoGuard 測試構建程序，並自行執行測試。我們在佛羅裡達州有一個行動測試單位，這為我們提供了很好的曝光和行銷機會。正如我之前暗示的那樣，我們舉辦了這些大型「檢查你的食物管」健康博覽會類型的活動。我們最初專注於消防員，但我們正在擴展到其他目標。

We're starting to get some increased traction with larger health systems. These are longer lead times, but really are high value once we have programs in place, and we're looking forward to expanding our efforts in that area. So as previously noted, we had record quarterly test volume this past quarter at just over 3,100 tests.

我們開始對更大的衛生系統產生更大的吸引力。這些交付時間較長，但一旦我們制定了計劃，確實具有很高的價值，我們期待擴大我們在該領域的努力。如前所述，上個季度我們的季度測試量創歷史新高，測試次數超過 3,100 次。

Revenue has been flat compared to the last quarter, and this commercial activity has been with a flat headcount for sellers over the past couple of quarters, and really a 30% decrease in the headcount compared to our peak in approximately the fourth quarter of 2022. So really, this represents an increase in the productivity of our sales force.

與上一季相比，收入持平，過去幾個季度，這項商業活動的賣家人數也持平，與 2022 年第四季左右的高峰相比，人數實際上減少了​​ 30%。事實上，這代表了我們銷售人員生產力的提升。

On the commercial execution side, let me first talk about these high-volume Check Your Food Tube pre-cancer detection events, as I mentioned earlier. We had over 50 such events during this past quarter. That represents a 60% increase relative to the first quarter of 2024. We're happy to note an important milestone where we tested our 4,000th firefighter recently, and we continue to have a very robust pipeline of events scheduled full through October.

在商業執行方面，首先讓我談談這些大批量的 Check Your Food Tube 癌前檢測事件，正如我之前提到的。上個季度我們舉辦了 50 多起這類活動。這比 2024 年第一季成長了 60%。我們很高興地註意到一個重要的里程碑，最近我們測試了第 4,000 名消防員，並且我們繼續有一個非常強大的活動計劃，一直持續到 10 月。

Direct contracting remains an important part of our near-term strategy, which we believe will meaningfully contribute to long-term revenue growth. We're deploying additional resources to this initiative, and we held, as I mentioned, our first large CYFT event where we received upfront contracted payment with the Fort Worth Fire Department. This is a really important milestone.

直接承包仍然是我們近期策略的重要組成部分，我們相信這將對長期收入成長做出有意義的貢獻。我們正在為這項計劃部署額外的資源，正如我所提到的，我們舉辦了我們的第一次大型 CYFT 活動，我們收到了與沃斯堡消防局簽訂的預付款合約。這是一個非常重要的里程碑。

We'll increasingly seek to have guaranteed revenue from these CYFT events outside of the usual insurance claims process whenever possible. We are making solid progress targeting benefit brokers, third-party administrators, and other self-insured entities in our effort to offer EsoGuard as a covered benefit to, in the near term, drive contractually guaranteed revenues.

只要有可能，我們將越來越多地尋求在常規保險索賠流程之外從這些 CYFT 活動中獲得保證的收入。我們正在針對福利經紀人、第三方管理機構和其他自保實體取得紮實進展，努力提供 EsoGuard 作為承保福利，以在短期內推動合約保證的收入。

We continue to make solid progress with our revenue cycle management processes related to out-of-network payments. This remains a critical aspect of converting our test volume growth into revenue. The median allowed payment amount remains stable, near the Medicare rate. We're making good progress on streamlining the processes for prior authorizations to eliminate denials.

我們繼續在與網外支付相關的收入週期管理流程方面取得紮實進展。這仍然是將我們的測試量成長轉化為收入的關鍵方面。允許支付金額中位數保持穩定，接近醫療保險費率。我們在簡化事先授權流程以消除拒絕方面取得了良好進展。

Our appeals process is getting more sophisticated and targeted, and we are seeing higher percentages of claims that are being turned over on appeals, and we have better processes for those appeals, particularly in those patients where the appeal is related to the designation of being medically not necessary. Dennis will discuss some of these numbers in more detail later.

我們的上訴流程變得更加複雜和有針對性，我們看到上訴中轉出的索賠比例更高，並且我們對這些上訴有更好的流程，特別是對於那些上訴與醫療指定相關的患者沒有必要。丹尼斯稍後將更詳細地討論其中一些數字。

We held a highly anticipated and productive meeting with the MolDX leadership group. It was an in-person meeting last month, and it was very productive. We really look forward to -- the focus was on our data, and we look forward to submitting our data formally and working with the MolDX team to ultimately secure Medicare coverage.

我們與 MolDX 領導小組舉行了一次備受期待且富有成效的會議。這是上個月的一次面對面會議，非常有成效。我們真的很期待 - 重點是我們的數據，我們期待正式提交我們的數據並與 MolDX 團隊合作，最終確保醫療保險覆蓋。

We also continued to pursue an active market access strategy with commercial payers that's focused on securing medical policy coverage with regional plans and trying to leverage biomarker legislation, which now exists in multiple states, and trying to secure pilots with national plans.

我們也繼續與商業付款人一起推行積極的市場准入策略，重點是透過區域計畫確保醫療政策覆蓋範圍，並嘗試利用目前多個州存在的生物標誌物立法，並嘗試透過國家計畫確保試點。

As I stated from the onset, we are really now fully armed with what is now a complete body of outstanding clinical data, and this positions ourselves really well for this final push towards broad coverage and determination. This table shows the data. Here it is. I won't go through each of these, but just to highlight a few, I'll talk briefly about the most recently released data for the EsoGuard BE-1 and the ENVET-BE studies.

正如我從一開始就指出的那樣，我們現在確實已經完全掌握了完整的出色臨床數據，這為我們最終推動廣泛的覆蓋範圍和決心奠定了良好的基礎。該表顯示了數據。這裡是。我不會逐一介紹，但只是為了強調其中一些，我將簡要討論 EsoGuard BE-1 和 ENVET-BE 研究的最新發布數據。

As you can see, those are working their way through peer review. We've had some recent publications and now have multiple published studies, basically four clinical validity studies. Those are the top four, and four clinical utility studies that demonstrate the clinical utility of EsoGuard.

正如您所看到的，這些正在透過同行評審進行工作。我們最近發表了一些出版物，現在有多項已發表的研究，基本上是四項臨床有效性研究。這些是排名前四的四項臨床實用研究，證明了 EsoGuard 的臨床實用性。

So the EsoGuard BE-1 study, which was the data that was recently released on preprint and is awaiting peer review publication, was a study that included 93 patients in a screening population. So these were not pre-selected patients who had known disease. Pre-cancer sensitivity was 88%. There were no --not unexpectedly, there were no cancers detected in this population, and very similar results with negative predictive values in the 99% range and a positive predictive value of 30%. This is a multi-center study led by Dr. Nick Shaheen of UNC.

EsoGuard BE-1 研究是最近在預印本上發布的數據，正在等待同行評審發表，該研究納入了篩檢人群中的 93 名患者。因此，這些患者並不是預先選定的已知疾病的患者。癌前敏感性為88%。沒有——不出意料的是，在這個人群中沒有檢測到癌症，結果非常相似，陰性預測值在 99% 範圍內，陽性預測值在 30% 範圍內。這是一項由北卡羅來納大學尼克·沙欣博士領導的多中心研究。

The ENVET-BE study, which was recently released on preprint, and we announced that last week in a press release, is awaiting peer review. This study provided real-world data to confirm the utility of EsoGuard as a non-invasive triage tool to significantly increase the positive yield of invasive upper endoscopy.

ENVET-BE 研究最近以預印本形式發布，我們上週在新聞稿中宣布，該研究正在等待同行評審。這項研究提供了真實世界的數據，證實了 EsoGuard 作為非侵入性分流工具的效用，可顯著提高侵入性上消化道內視鏡檢查的陽性率。

It was noted -- in BioWorld, it demonstrates that our EsoGuard test more than doubles pre-cancer detections. It reported on 199 patients where EsoGuard was used as a triage tool to invasive endoscopy, so positive patients got endoscopy, negative patients did not. And the yield of endoscopy was increased by 2.4 fold relative to what it would have been if endoscopy was performed without triage using EsoGuard. So really excellent clinical utility data to supplement our overall clinical evidence.

BioWorld 指出，它表明我們的 EsoGuard 測試使癌前檢測增加了一倍以上。它報告了 199 名患者，其中 EsoGuard 被用作侵入性內視鏡檢查的分流工具，因此陽性患者接受了內視鏡檢查，而陰性患者則沒有。與不使用 EsoGuard 進行分類的內視鏡檢查相比，內視鏡檢查的產量提高了 2.4 倍。因此，非常出色的臨床實用數據可以補充我們的整體臨床證據。

Let me pass the baton now to Dennis, who will cover our financials.

現在讓我把接力棒交給丹尼斯，他將負責我們的財務事宜。

Thanks, Lishan. And good morning, everyone. The summary financial results for the second quarter were reported in our press release and was published earlier today. On the next three slides, I'll emphasize a few key financial highlights from the quarter, but I encourage you to consider those remarks in the context of the full disclosures covered in our quarterly report on Form 10-Q.

謝謝，李山。大家早安。我們的新聞稿中報告了第二季度的財務業績摘要，並於今天早些時候發布。在接下來的三張幻燈片中，我將強調本季度的一些關鍵財務亮點，但我鼓勵您在 10-Q 表格季度報告中涵蓋的完整披露的背景下考慮這些評論。

With regard to the balance sheet, cash at quarter end, June 30, was $24.9 million. During the quarter, we closed the Series B-1 Convertible Preferred financing in the amount of $11.6 million. The average quarterly burn rate for the trailing four quarters is $10.6 million. The burn in the second quarter included $7.4 million from ongoing operations, which is in line with the previous quarter, $2.5 from the quarterly MSA or Management Services Agreement and $1.6 million reduction to the intercompany debt to PAVmed.

就資產負債表而言，截至 6 月 30 日季度末的現金為 2,490 萬美元。本季度，我們完成了金額為 1,160 萬美元的 B-1 系列可轉換優先股融資。過去四個季度的平均季度燒錢率為 1,060 萬美元。第二季的燒錢包括來自持續營運的 740 萬美元（與上一季持平）、來自季度 MSA 或管理服務協議的 2.5 美元以及 PAVmed 的公司間債務減少 160 萬美元。

We disclosed in the 10-Q that our ability to fund operations beyond one year from today is largely dependent upon how revenues ramp over the next four quarters, which is dependent upon how the reimbursement landscape for both government and private health insurers continues to improve. Additionally, our direct contracting efforts with self-insured employers and/or corporate finance activities, including refinancing any outstanding debt at the time, can also work to exceed that threshold.

我們在10-Q 季度中披露，我們為從今天起一年後的運營提供資金的能力在很大程度上取決於未來四個季度的收入增長情況，這取決於政府和私人健康保險公司的報銷情況如何持續改善。此外，我們與自保雇主和/或企業融資活動的直接簽約努力，包括為當時的任何未償債務進行再融資，也可以努力超過該門檻。

The increases in other assets of approximately $2 million reflects the GAAP accounting for the three-year lease renewal of our California lab. That also is reflected in the long-term liabilities with the corresponding $2 million increase. Included in other current liabilities is the $11.2 million fair value of the senior convertible debt, which reflects a sequential quarterly decrease of $1.9 million. During the quarter, the company issued approximately 2.1 million shares in satisfaction of conversion notices from the debt holder.

其他資產約 200 萬美元的增加反映了我們加州實驗室三年租約續約的 GAAP 會計核算。這也反映在長期負債上，相應增加了 200 萬美元。其他流動負債包括 1,120 萬美元的優先可轉換債務公允價值，比上一季減少 190 萬美元。本季度，該公司發行了約 210 萬股股票，以滿足債務持有人的轉換通知。

Shares outstanding, including unvested restricted stock awards as of last week, are approximately 54 million shares, which includes approximately 750,000 shares issued subsequent to quarter end in connection with conversion notices from the convertible debt holder. The GAAP outstanding shares as of June 30 of $49.3 million are reflected on the slide as well as on the face of the balance sheet in the 10-Q. GAAP shares do not reflect unvested restricted stock award amounts.

已發行股票（包括截至上週未歸屬的限制性股票獎勵）約為 5,400 萬股，其中包括季度末後因可轉換債務持有人發出的轉換通知而發行的約 750,000 股。截至 6 月 30 日，GAAP 流通股為 4,930 萬美元，反映在幻燈片以及 10 季資產負債表的表面上。公認會計準則股票不反映未歸屬的限制性股票獎勵金額。

At present, PAVmed continues to be the single largest shareholder of Lucid Diagnostics, with ownership of just under 60% of the common shares outstanding. Furthermore, PAVmed maintains the controlling financial and controlling voting interest in the company at greater than 50%.

目前，PAVmed 仍然是 Lucid Diagnostics 的單一最大股東，擁有近 60% 的已發行普通股。此外，PAVmed 保持該公司超過 50% 的控股財務和控股投票權。

As you're aware, Lucid's recent financings included the issuance of a series of voting convertible preferred securities, whereby the preferred shareholders are significantly incentivized to delay conversion of the preferred shares into common shares until 2026, namely the second anniversary from closing. If all of the preferred shares outstanding were converted to common shares as of today, there would be an additional 51.6 million shares outstanding.

如您所知，Lucid 最近的融資包括發行一系列有投票權的可轉換優先證券，從而極大地激勵優先股股東將優先股轉換為普通股的時間推遲到 2026 年，即交割兩週年。如果截至今天所有已發行優先股均轉換為普通股，則將有額外 5,160 萬股已發行股票。

With regard to the P&L, this slide compares this year's second quarter to last year's second quarter on certain key items. I trust you will review the information in my comments in light of the cautionary disclosure at the bottom of the slide about supplemental information, particularly non-GAAP information.

關於損益表，這張投影片將今年第二季與去年第二季的某些關鍵項目進行了比較。我相信您會根據幻燈片底部有關補充資訊（特別是非公認會計準則資訊）的警告性披露來審查我的評論中的資訊。

Revenue of approximately $1 million for the second quarter is about even with the previous two quarters and reflects more than a six-fold increase over the prior year's second quarter. The amount reflects actual cash collections for the quarter plus a small amount of invoiced EsoGuard tests delivered to the VA. Test volume of 3,174 tests for the quarter represents almost $8 million in submitted claims at our $2,499 ASP.

第二季的營收約為 100 萬美元，與前兩季基本持平，比去年第二季成長了六倍多。該金額反映了本季度的實際現金收款以及交付給 VA 的少量已開立發票的 EsoGuard 測試。本季的測試量為 3,174 次，以我們 2,499 美元的平均售價計算，已提交的索賠金額接近 800 萬美元。

It's worth repeating what we've communicated in past quarters about revenue recognition. A key determinant in how revenue is recognized at this point in our reimbursement journey is the probability of collection. Therefore, due to the fact that we are in the early stages of the reimbursement process, means revenue recognition for claims submitted to traditional government or private health insurers will be recognized when the claim is actually collected versus when the patient report is delivered, invoiced, and submitted for reimbursement.

值得重複一下我們在過去幾季就收入確認所傳達的內容。在我們的報銷過程中，此時如何確認收入的關鍵決定因素是收款的機率。因此，由於我們處於報銷流程的早期階段，這意味著向傳統政府或私人健康保險公司提交的索賠的收入確認將在實際收取索賠時確認，而不是在交付患者報告、開具發票時確認，並提交報銷。

For billable amounts contracted directly with employers and that are fixed and determinable will be recognized as revenue when our contracted service is delivered. Generally, that means when the report is delivered to the referring physician.

對於直接與雇主簽訂合約且固定且可確定的計費金額，將在我們提供合約服務時確認為收入。一般來說，這意味著報告何時交付給轉診醫生。

Our non-GAAP loss for the second quarter of $9.7 million is in line with each of the trailing six quarters with an average of $9.6 million. The non-GAAP net loss per share has been relatively flat for each of the last six quarters, plus or minus $0.01 between each of the six quarters with an average of $0.22 per share. On a GAAP EPS basis, non-cash charge is accounted for approximately $0.19 per share.

我們第二季的非 GAAP 虧損為 970 萬美元，與過去六個季度的平均虧損 960 萬美元一致。過去六個季度每季的非 GAAP 每股淨虧損相對持平，每季之間上下浮動 0.01 美元，平均每股虧損 0.22 美元。根據 GAAP 每股盈餘計算，非現金費用約為每股 0.19 美元。

With regard to our operating expenses, this slide is a graphic illustration of our operating expenses after eliminating non-cash expenses for the periods reflected. Total non-GAAP OpEx is $10.6 million for the second quarter and is in line with the trailing six quarters with an average of $10.3 million. Cost of revenue primarily consists of EsoCheck devices, lab supplies, and fixed lab facility costs and is in line with the last several quarters.

關於我們的營運費用，這張投影片是扣除所反映期間的非現金費用後我們的營運費用的圖解說明。第二季非 GAAP 營運支出總額為 1,060 萬美元，與過去六個季度的平均 1,030 萬美元一致。收入成本主要包括 EsoCheck 設備、實驗室用品和固定實驗室設施成本，與過去幾季的情況一致。

Non-GAAP G&A expense is sequentially up slightly by about $400,000, which is mostly reflective of some hiring in our market access reimbursement department and some patent expenses. Let me close with a few reimbursement highlights for the first half of this year. In the second quarter, we built, as I mentioned, 3,174 tests, reflecting just under $8 million in pro forma revenue.

非 GAAP G&A 費用連續小幅增加約 40 萬美元，這主要反映了我們市場准入報銷部門的一些招聘和一些專利費用。讓我以今年上半年的一些報銷亮點作為結束語。正如我所提到的，我們在第二季進行了 3,174 項測試，預估收入略低於 800 萬美元。

During the second quarter, we collected $976,000. Of that amount, we collected -- about 35% of the $976,000 claims paid were from those submitted in the current quarter, about 45% from claims submitted in the first quarter and the balance from claims submitted last year with the longest dated item nearly 12 months ago.

第二季度，我們籌集了 976,000 美元。其中，我們收集到的 976,000 美元索賠中，約 35% 來自本季度提交的索賠，約 45% 來自第一季度提交的索賠，餘額來自去年提交的索賠，其中日期最長的項目接近 12幾個月前。

Our revenue cycle manager is reporting that the turnaround times have been increasing for the largest payers, and we've seen an increase in claims being designated medically not necessary. The RCM has a mitigation plan for both issues, including increasing the speed to follow up with late payers and proactively soliciting medical records to use in appeals at an earlier stage in the process.

我們的收入週期經理報告說，最大付款人的周轉時間一直在增加，我們發現被指定為不必要的醫療索賠的數量有所增加。RCM 針對這兩個問題制定了緩解計劃，包括加快跟進逾期付款人的速度，並在流程的早期階段主動徵求醫療記錄以用於上訴。

We submitted reimbursement claims for nearly 5,600 claims during the first half of the year, representing just under $14 million in pro forma revenue. About 77% have been adjudicated, 23% are pending.

今年上半年，我們提交了近 5,600 項報銷申請，預計收入略低於 1,400 萬美元。大約 77% 已經裁決，23% 正在等待裁決。

Out of the 77% that have been adjudicated, about 25% resulted in an allowable amount by the insurance company, with a weighted average during that period of time of about $1,540 per test, $1,540 per test. Of those denied, about 43% are deemed not medically necessary or require prior authorization. Additionally, about 26% were deemed being uncovered.

在已裁定的 77% 中，約 25% 的結果是保險公司允許的金額，該期間的加權平均金額約為每次測試 1,540 美元，每次測試 1,540 美元。在被拒絕的人中，約 43% 被認為沒有醫療必要性或需要事先授權。此外，大約 26% 的人被認為未被覆蓋。

With that, operator, let's open it up for questions.

那麼，操作員，讓我們開始提問吧。

(Operator Instructions) Mike Matson, Needham.

（操作員說明）Mike Matson，Needham。

Good morning, Mike.

早上好，麥克。

Hi, Dennis. Hi, Lishan. This is Joseph on for Mike today.

嗨，丹尼斯。嗨，李山。今天我是約瑟夫為麥克發言。

Hi, Joe.

嗨，喬。

Hey, how are you doing?

嘿，你好嗎？

Great.

偉大的。

Just in terms of, I guess, the MolDX meeting, did you have the recent data, especially the clinical utility data to be presented in that pre-submission meeting? And then, I guess, when would be the next one where you would have, I guess, another batch of data to show them? And is there a timeline in terms of final dossier submission in 2024, or do you think that may be pushed out to 2025?

我想，就 MolDX 會議而言，您是否有最近的數據，特別是在提交前會議上要展示的臨床實用數據？然後，我想，下一次您將在什麼時候向他們展示另一批數據？是否有 2024 年提交最終文件的時間表，或者您認為可能會推遲到 2025 年？

Okay, a couple of questions there. So we -- the data that we reviewed during the pre-submission meeting included the three clinical validity studies and the three clinical utility studies. We did not review the -- spend much time on the original paper from the STM. One of those was not, was in pre-print and has not yet been published in terms of the CV data.

好的，有幾個問題。因此，我們在提交前會議期間審查的數據包括三項臨床有效性研究和三項臨床效用研究。我們沒有花太多時間審查 STM 的原始論文。其中一份不是，正在預印本，尚未發布履歷資料。

We did not have the data, the fourth CU data of the ENVET-BE study prepared at the time, but we did discuss that we were -- what we expect -- the additional data we expected in the pipeline. We do not expect to have another formal pre-submission meeting. This meeting was really our first formal reintroduction since the early days when we first submitted well prior to the LCD.

我們當時沒有準備 ENVET-BE 研究的第四個 CU 數據，但我們確實討論了我們所期望的額外數據。我們預計不會再舉行正式的提交前會議。這次會議實際上是我們自早期首次在 LCD 之前提交以來的第一次正式重新引入。

And our next step is to collect the data, put it together in a dossier as you mentioned, and submit it for consideration. One of the gating items for that is the publication of the EsoGuard BE-1 data, which is pre-print now and has been submitted to a journal and is currently under peer review. So that will be the gating item for us to put a final package together and to submit it.

我們的下一步是收集數據，將其匯總到您提到的檔案中，然後提交供考慮。其中的門控項目之一是 EsoGuard BE-1 數據的發布，該數據現已預印並已提交給期刊，目前正在接受同行評審。因此，這將是我們將最終包放在一起並提交的門控項目。

So really, in terms of a timeline as to when that will happen and when -- what the subsequent steps are, it's a little bit hard to say right now. But I certainly would expect that the B1 data will get published soon enough for us to be able to do so this year.

因此，實際上，就何時發生以及後續步驟是什麼的時間表而言，現在還很難說。但我當然希望 B1 數據能夠盡快發布，以便我們今年能夠這樣做。

Okay, yes. All that color is very helpful. Thank you. And then I guess just looking at payment rate for -- in the quarter, obviously, EsoGuard volume was up a fair amount sequentially. I think it was 30%, which is great. But payment rate was down. Obviously, I understand some of the details that Dennis gave in terms of the increases and what was being medically not necessary.

好吧，是的。所有這些顏色都非常有幫助。謝謝。然後我想只要看看本季的付款率，顯然 EsoGuard 的數量比上一季增加了相當多。我認為是 30%，這已經很棒了。但付款率卻下降了。顯然，我理解丹尼斯提供的一些關於增加費用以及醫學上不必要的細節。

But just comparing that or framing that up with the large CYFT event where you guys did have a contracted payment, I'm just kind of wondering how those two forces came in contact with each other. Well, maybe what was that contracted payment rate, if you could talk about that? But the way I assume it is that you had 100% payment rate for everybody in that event. Also, was that recognized in this quarter then? (Multiple speakers)

但只是將其與大型 CYFT 活動進行比較，在該活動中你們確實簽訂了合約付款，我只是想知道這兩股力量是如何相互接觸的。好吧，也許合約付款率是多少，您能談談嗎？但我認為在那次活動中每個人的付款率都是 100%。另外，這一點在本季得到承認嗎？（多位發言者）

Yes, so the contracted amount was paid in advance, and we deferred that revenue. And we needed to defer that revenue because the event actually occurred in the third quarter and therefore will be recognized in the third quarter.

是的，所以合約金額是提前支付的，我們遞延了該收入。我們需要推遲該收入，因為該事件實際上發生在第三季度，因此將在第三季度確認。

Okay. That's very helpful then. And then I'll just maybe just ask one more. With the current cash burn that you guys are laying out, as well as the recent financing, what does maybe your cash runway look like right now?

好的。那麼這非常有幫助。然後我也許會再問一個問題。鑑於你們目前正在消耗的現金以及最近的融資，你們的現金跑道現在是什麼樣的？

Yes, $25 million in cash burn, just around $10 million, you've got a little more than six-months' worth of cash.

是的，2500 萬美元的現金消耗，僅 1000 萬美元左右，你就有了 6 個月多一點的現金。

Okay, beautiful. Well, thank you, guys, very much and congrats on the record quarterly EsoGuard volume.

好吧，漂亮。好吧，非常感謝大家，並祝賀 EsoGuard 季度銷售創紀錄。

Thanks, Joe.

謝謝，喬。

Thanks, Joseph.

謝謝，約瑟夫。

Kyle Mixon, Cannacord.

凱爾米克森，坎納科德。

Kyle, good morning.

凱爾，早安。

Hey, guys. Thanks for the questions. Congrats on the progress. Just given all of the clinical evidence you are building now, it's very encouraging. And it seems like it's going to be very useful for reimbursement and stuff.

嘿，夥計們。感謝您的提問。祝賀取得的進展。考慮到您現在正在建立的所有臨床證據，這是非常令人鼓舞的。看起來它對於報銷之類的東西非常有用。

I mean, how are you thinking about partnering with a large distribution partner, whether it could be like a larger healthcare company, diagnosis company with a large network or health system or some sort of conglomerates, like vendor I guess as well. I mean just at this point, I feel like it's like a pretty legitimate story, and just, how are you thinking about that sort of a partnership model?

我的意思是，您如何考慮與大型分銷合作夥伴合作，無論是大型醫療保健公司、擁有大型網路或醫療系統的診斷公司還是某種企業集團，我想也是供應商。我的意思是，就在這一點上，我覺得這就像一個非常合理的故事，只是，你如何看待這種合作模式？

Yes, that's -- I think we've talked about this on and off over the previous quarters. I don't think we're quite there yet, Kyle. I think we'll need to get to a higher percentage of realized reimbursement.

是的，那就是——我想我們在前幾個季度已經斷斷續續地討論過這個問題。我認為我們還沒有完全做到這一點，凱爾。我認為我們需要獲得更高比例的已實現報銷。

But certainly, with the data we have, the progress we've made, that's certainly a consideration. But I don't expect that that's going to be a true near-term event. Because obviously, those kinds of contractual arrangements require that you have sufficient payment to justify the expense on both sides. Dennis, did you want to add anything to that?

但當然，根據我們擁有的數據和我們取得的進展，這肯定是一個考慮因素。但我預計這不會成為真正的近期事件。因為顯然，此類合約安排要求您有足夠的付款來證明雙方的費用是合理的。丹尼斯，你想補充什麼嗎？

All right, great. And then -- yes, look, Lishan, what's been the reaction in the medical community or among the payers to all the most recent studies I guess, and just to building portfolio of data? Does that actually result in an increase in adoption, or is volume going to be kind of stable until coverage from Medicare accelerates here?

好吧，太好了。然後——是的，Lishan，醫學界或付款人對我猜的所有最新研究以及建立數據組合有何反應？這是否真的會導致採用率的增加，或者在醫療保險覆蓋範圍加速之前，數量會保持穩定？

Yes, I think -- thanks, Kyle. I think the way I would characterize it is that we have -- our adoption is already quite good. Our volumes are really driven by the number of folks we have in the field. As I mentioned, we actually have fewer reps in the field with greater productivity. But look, the data is being well-received, especially the clinical validation data, which is something that the physicians focus on. The clinical utility is generally more -- something that the payers focus on more.

是的，我想——謝謝，凱爾。我認為我的描述方式是我們的採用已經相當不錯了。我們的銷量實際上是由該領域的人員數量決定的。正如我所提到的，我們實際上在該領域的代表性更少，但生產力更高。但你看，這些數據很受歡迎，尤其是臨床驗證數據，這就是醫生關注的重點。臨床效用通常更重要——付款人更關注這一點。

But the clinical validity data with these kinds of sensitivities, really high negative predictive values, solid PPVs, we do numerous peer-to-peer events. There was one associate -- a large one associated with the Fort Worth Fire Department event that I was able to attend. And as you said, it helps -- it's really critical to have data.

但具有這些敏感度的臨床效度數據、真正高的陰性預測值、可靠的 PPV，我們進行了大量的同儕活動。有一位同事──一位與沃斯堡消防局活動有關的大型同事，我能夠參加。正如你所說，這很有幫助——擁有數據真的很重要。

So even though people generally have been quite enthusiastic about the prospect of having a non-endoscopic biomarker test as an alternative to endoscopy with good early data, as we've locked down the clinical quality data in particular, that's just strengthened the enthusiasm within the physician community.

因此，儘管人們普遍對非內視鏡生物標記測試作為具有良好早期數據的內視鏡替代方案的前景非常熱衷，但由於我們特別鎖定了臨床品質數據，但這只是增強了人們的熱情醫師社區。

All right, that was great. Thanks for that. And then Dennis, you mentioned that 43% of the -- I think it was like over 5,000 claims submitted in the first half of the year were on -- deemed not medically necessary. Maybe [we forgot to ask], could you just dive more into that and what that means? Why is that a reaction, or why are you seeing that reaction among these groups as interesting? (Multiple speakers)

好吧，那太好了。謝謝你。然後丹尼斯，您提到 43% 的索賠（我認為今年上半年提交的索賠超過 5,000 份）被認為沒有醫療必要性。也許[我們忘了問]，你能更深入地了解這件事以及這意味著什麼嗎？為什麼會有這樣的反應，或者為什麼您認為這些群體的反應很有趣？（多位發言者）

Yes, medically -- so the 43% included the combination of two things. Medically not necessary was about 25%, and 18% were prior -- not required a prior authorization. The medical not necessary designation tends to be the jargon when it may not be covered, may need additional information. And obviously, that's puzzling because all of these patients meet the guidelines, the criteria that have been well established for a long period of time.

是的，從醫學角度來說——所以 43% 的人包括兩件事的組合。大約 25% 是出於醫療原因不需要，18% 是事先不需要的——不需要事先授權。當醫療不必要的指定可能未涵蓋時，可能需要額外的信息，這往往是行話。顯然，這是令人費解的，因為所有這些患者都符合指南，即長期以來已經確立的標準。

And that gives us the ability to appeal that claim, demonstrating that it was medically necessary based upon the patient's criteria. So each of those denials on that basis becomes a tool for us on the appeals process, and we're making progress on the appeal side. We're seeing an increase of those overturned in the appeal process.

這使我們能夠對這一主張提出上訴，證明根據患者的標準，這在醫學上是必要的。因此，在此基礎上的每一次拒絕都成為我們上訴程序的一個工具，而我們在上訴方面正在取得進展。我們看到上訴過程中被推翻的案件增加。

One other comment that might be important in the overall scheme of things is that the total backlog of tests and submitted claims that we are still working through all of this process is about $12.5 million. So this becomes an opportunity for us. It becomes an opportunity for our market access team to engage with the payers, to submit additional information to demonstrate it was medically necessary and may be overturned in the appeals.

在整個計劃中可能很重要的另一個評論是，我們仍在完成所有此過程的測試和提交的聲明的積壓總額約為 1250 萬美元。所以這對我們來說是一個機會。這成為我們的市場准入團隊與付款人接觸、提交額外資訊以證明其具有醫療必要性並可能在上訴中被推翻的機會。

Maybe I could just add one, emphasize one thing Dennis said, Kyle, which is that this is actually -- these are obviously out-of-network claims, so you expect to get denials on some reasonable number of them. When we see medically unnecessary, we actually embrace that because that gives us an opportunity to make the case, not just for that individual claim but more generally with the higher-up medical director, other person that's reviewing that.

也許我可以補充一點，強調丹尼斯說的一件事，凱爾，這實際上是——這些顯然是網絡外的聲明，所以你預計會得到其中一些合理數量的否認。當我們認為在醫學上沒有必要時，我們實際上會接受這一點，因為這讓我們有機會提出理由，不僅是針對個人索賠，而且更廣泛地向更高級別的醫療主管，即其他正在審查該索賠的人提出索賠。

And one of the things that Dennis mentioned but I just want to emphasize is that we have -- we're armed with substantially more firepower entering into those, and we've had increases in our appeals. So now we have not just the data, not just the guidelines, but as we mentioned, we now have the physician advocacy letters within the local communities, as well as the society letter.

丹尼斯提到的但我想強調的一件事是，我們擁有更多的火力進入這些領域，我們的吸引力也有所增加。因此，現在我們不僅擁有數據，不僅擁有指南，而且正如我們所提到的，我們現在擁有當地社區內的醫生倡導信以及社會信函。

So the AFS letter, which is worth reading if you haven't, is quite powerful. It basically calls the insurance companies out and says, you need to pay for this test. It's important for our clinical management of these patients.

因此，AFS 的信件非常有影響力，如果您還沒有讀過的話，值得一讀。它基本上打電話給保險公司並說，你需要支付這次測試的費用。這對於我們對這些患者的臨床管理很重要。

And on the prior auth portion, as we've hinted at without going into too much detail, because it can get a little bit wonky, we're really beefing up our prior authorization processes so that for payers and in locations where that's common, we can actually get prior authorization submitted prior to the test actually being performed to facilitate that. So those are both areas that we actually have something actionable that we can -- that we believe is already leading to an increase in the success of our appeals and will hopefully continue to do so.

在事先授權部分，正如我們在沒有透露太多細節的情況下暗示的那樣，因為它可能會有點不穩定，我們確實正在加強我們的事先授權流程，以便對於付款人和常見的地方來說，實際上，我們可以在實際執行測試之前獲得預先授權，以促進這一點。因此，在這兩個領域，我們實際上都有一些可採取行動的措施——我們相信這已經導致我們的呼籲成功率增加，並希望繼續這樣做。

And then one more [prior to above] of the -- 37% of the claims that were, I guess, settled in the second quarter -- I guess were in fact in the current quarter. Is that 35% a pretty normal rate, or do you want to see that increase going forward? In other words, do you want to see more -- like the book-to-bill ratio, I guess, kind of like be more even over time? And just help us think about how that metric could change as you get coverage and so forth.

然後，[在上述之前]，我猜有 37% 的索賠在第二季度得到了解決，我猜實際上是在本季度解決的。35% 是相當正常的比率，還是您希望看到未來繼續增加？換句話說，你想看到更多——比如訂單出貨比，我想，隨著時間的推移，會變得更加均勻嗎？只是幫助我們思考當你獲得覆蓋等時該指標會如何變化。

Yes, the expectation would be, as we move to medical policy and more of the engagement with the insurers, that should be a 30- to 45-day turnaround time from submission of claim to payment. So obviously, it's stretched out while we're in this early part of the reimbursement journey, particularly since we're dealing with out-of-network and may require additional submitted data to get them paid.

是的，隨著我們轉向醫療政策以及與保險公司更多的接觸，預計從提交索賠到付款的周轉時間應該是 30 到 45 天。很明顯，當我們處於報銷旅程的早期階段時，它已經被拉長了，特別是因為我們正在處理網絡外的問題，並且可能需要額外提交的數據才能向他們付款。

So it is being stretched out at this point in time, and it is also being reported by the revenue cycle manager that during this out-of-network, the payments are getting stretched. With medical policy, it becomes much more streamlined. It's not without headaches, but the expectation is that we should collect more of what's billed in a quarter and ultimately recognize revenue once the report is delivered, and that would then be in the current quarter.

因此，目前它正在延長，收入週期經理也報告說，在網路外期間，付款正在延長。有了醫療政策，它就變得更加精簡。這並非沒有麻煩，但期望我們應該收集更多的季度計費內容，並最終在報告交付後確認收入，然後在當前季度確認收入。

Yes okay. Thanks guys.

是的，好吧。謝謝你們。

Thanks, Kyle.

謝謝，凱爾。

Ross Osborn, Cantor Fitzgerald.

羅斯·奧斯本，康托·菲茨杰拉德。

Hey, guys. Thanks for taking our questions. Starting off, I was just hoping if you guys could provide some more color on your direct contracting engagement, just in terms of what's planned for the balance of this year.

嘿，夥計們。感謝您回答我們的問題。首先，我只是希望你們能就今年剩餘時間的計劃，就你們的直接簽約活動提供更多的資訊。

Yes, so I can tell you a bit about the activity and with some of the expectations with regard to how that will translate. So we now have three full-time employees who are working on this. They are working on it on a couple of fronts. One is just directly engaging with employers, literally calling employers and looking to have our test offered as a covered benefit within their plan.

是的，所以我可以告訴您一些有關該活動的信息，以及對其如何轉化的一些期望。所以我們現在有三名全職員工正在從事這項工作。他們正在幾個方面開展工作。一種是直接與雇主接觸，直接打電話給雇主，希望將我們的測試作為他們計劃中的承保福利提供。

We've also had a lot of great success with engaging with brokers. They are a really key part of this infrastructure. They work with third-party administrators and with companies. And we're starting to get some traction with brokers who are now out there on our behalf pitching EsoGuard as a covered benefit within packages and actually the mechanics of doing so. So doing so by just adding riders to benefit plans to add EsoGuard as a provider.

我們在與經紀人合作方面也取得了許多巨大的成功。它們是該基礎設施的真正關鍵部分。他們與第三方管理員和公司合作。我們開始受到經紀人的關注，他們現在代表我們將 EsoGuard 作為套餐中涵蓋的福利以及這樣做的機制進行宣傳。因此，只需將乘客添加到福利計劃中，將 EsoGuard 添加為提供者即可。

And so we're still in the early stages of this, but there's a lot of activity, a lot of -- we have -- again, we have three full-time employees who are working diligently on this, and we are starting to see some traction. I think what you should expect over the coming quarters is some of our traditional CYFT events, such as the firefighter events, to result in pre-negotiated contracted payments.

因此，我們仍處於早期階段，但是有很多活動，我們有很多活動，我們有三名全職員工正在為此努力工作，我們正在開始看到一些牽引力。我認為在接下來的幾個季度中，您應該期待的是我們的一些傳統 CYFT 活動（例如消防員活動）將產生預先協商的合約付款。

Both should happen more quickly. Getting on these plans and sort of altering their benefit programs has a longer lead time, but we think we have enough folks on it right now, a lot of activity that should start generating some activity there. And again, when we do so, those will translate into contractually guaranteed revenue.

兩者都應該發生得更快。實施這些計劃並在某種程度上改變他們的福利計劃需要更長的準備時間，但我們認為我們現在有足夠的人員參與其中，許多活動應該開始在那裡產生一些活動。同樣，當我們這樣做時，這些將轉化為合約保證的收入。

Okay, great. And then I realize you mentioned that your sales force is demonstrating productivity gains. But as we're entering into 2025, do you plan on selectively adding to the sales force or do you still think you're at sufficient headcount?

好的，太好了。然後我意識到您提到您的銷售人員正在展示生產力的提高。但隨著我們進入 2025 年，您是否計劃有選擇地增加銷售隊伍，或者您仍然認為自己的人員數量充足嗎？

We're playing it really quarter by quarter at this point. We have a really good sales training process. We know how to train folks and add them, but we're paying a lot of attention to maintaining our OpEx flat. We're obviously encouraged by the increased productivity. That could very well continue, particularly since the CYFT events tend to be more efficient. They don't require as much sort of foot time of reps going from office to office.

目前我們正在一個季度一個季度地進行。我們有一個非常好的銷售訓練流程。我們知道如何培訓人員並增加人員，但我們非常注重維持營運支出的穩定。生產力的提升顯然讓我們深受鼓舞。這種情況很可能會持續下去，特別是因為 CYFT 活動往往效率更高。他們不需要代表從一個辦公室到另一個辦公室那麼多的步行時間。

But our threshold -- there is a threshold, but it's a threshold for us starting to steadily increase our sales team, very similar to what Kyle was asking. The threshold for considering entering into partnerships would be sort of a meaningful increase in the percentage of our test that we're generating revenue on. So for the foreseeable future, we'll assume it's flat. But obviously, we look forward to there being an inflection point in the realization of revenue, which would allow us to justify increase in the sales team.

但我們的門檻——有一個門檻，但這是我們開始穩定增加銷售團隊的門檻，與凱爾的要求非常相似。考慮建立合作關係的門檻將是我們的測試創收百分比的有意義的增加。因此，在可預見的未來，我們將假設它是持平的。但顯然，我們期待收入實現出現拐點，這將使我們有理由增加銷售團隊。

Got it. Thanks for taking our questions.

知道了。感謝您回答我們的問題。

Thanks, Ross.

謝謝，羅斯。

Anthony Vendetti, Maxim Group.

安東尼文代蒂，馬克西姆集團。

Good morning, Anthony.

早安，安東尼。

Thanks. Good morning, Dennis. Good morning, Lishan. Just following up on the -- hi. Just following up on the medically -- tests that are deemed not medically necessary. I know you've talked about it, but I think it's really important to try to understand exactly the trajectory. So when it's out-of-network claims -- and I know you look at it as an opportunity because you can have these discussions, and you have three employees focused on this. And I know this is complicated with third-party administrators, brokers, and so forth.

謝謝。早安，丹尼斯。早安，梨山。只是跟進——嗨。只是跟進醫學上被認為不必要的測試。我知道你已經談論過這個問題，但我認為嘗試準確地理解其軌跡非常重要。因此，當出現網路外索賠時，我知道您將其視為一個機會，因為您可以進行這些討論，並且您有三名員工專注於此。我知道這對第三方管理員、經紀人等來說很複雜。

Generally, these plans come up for renewal once a year. But in the meantime, it sounds like you are making progress with getting amendments to the plans, which is great. With all the data you have, and you put out a lot of data, which is also awesome in terms of supporting the fact that these tests are necessary. It prevents Barrett's esophagus and esophageal cancer down the road.

一般來說，這些計劃每年更新一次。但與此同時，聽起來您在計劃修改方面正在取得進展，這很棒。有了你擁有的所有數據，你提供了大量數據，這在支持這些測試是必要的事實方面也很棒。它可以預防巴雷特食道和食道癌。

Do you believe -- because I know it's a long process, but do you believe this 25%, 26% that are still being deemed medically necessary, is that sort of where it's going to stay for a little while? Or are you expecting it to improve quarterly or sequentially just a little bit and then maybe over the next year see significant improvement in that? I'm just curious. As you see it unfold, what's the trajectory?

你相信嗎——因為我知道這是一個漫長的過程，但你相信這 25%、26% 仍然被認為是醫學上必要的，它會在這種情況下停留一段時間嗎？或者您是否預計它會每季或連續改善一點，然後也許在明年會看到顯著改善？我只是好奇。當你看到它展開時，軌跡是什麼？

Yes, great. Thanks Anthony. Let me touch on that and see if we can provide some additional color, and I'm sure Dennis will have some additional thoughts. So I just want to make sure that we're clear that the out-of-network process where we're submitting claims and seeking to get paid on claims is different than the direct contracting initiative.

是的，太好了。謝謝安東尼。讓我談談這一點，看看我們是否可以提供一些額外的顏色，我相信丹尼斯會有一些額外的想法。因此，我只是想確保我們清楚，我們提交索賠並尋求獲得索賠付款的網絡外流程與直接簽約計劃不同。

I think you were suggesting that, but I didn't want -- acknowledging that, but I didn't want folks to get confused. So when we are working on the direct contracting side where we're getting EsoGuard added as a covered benefit, that does not need to go through the traditional claims process that we're talking about here. So those are two separate initiatives.

我認為你是在暗示這一點，但我不想承認這一點，但我不想讓人們感到困惑。因此，當我們在直接簽約方工作時，我們將 EsoGuard 新增為承保福利，則不需要經過我們在此討論的傳統索賠流程。所以這是兩個不同的舉措。

But to your direct question about the medically unnecessary, until we have more -- until we have medical policy coverage, it's reasonable to expect that the percentage that get denied immediately -- out-of-network claims that get denied initially, sorry to say, initially based on medically unnecessary, may go down but not necessarily dramatically.

但是，對於您關於醫療上不必要的直接問題，直到我們有更多的醫療保險覆蓋範圍之前，可以合理地預期立即被拒絕的網絡外索賠的百分比，抱歉地說最初基於醫療上不必要的情況，可能會下降，但不一定會大幅下降。

We do think we'll have some ability to drive that down as another -- there are a variety of initiatives. We can't cover them all here, but another RCM initiative we have is really having -- making sure that claims are submitted with full medical histories and literally with the medical notes. And we have -- the team's done a great job of coming up with streamlined processes to do so, so that the claim gets submitted with the actual medical history, with the risk factors that demonstrate that are consistent with the guidelines.

我們確實認為我們有能力降低這種情況——有各種各樣的舉措。我們無法在這裡涵蓋所有內容，但我們的另一項 RCM 舉措確實是這樣的——確保在提交索賠時附有完整的病史和醫療記錄。我們的團隊在製定簡化流程方面做得非常出色，以便在提交索賠時提供實際病史以及證明與指南一致的風險因素。

That doesn't mean that all of those will get whittled down, but that should whittle it down somewhat. But still, if medical policy is not available, then there is generally sort of an administrative knee-jerk thing to say, well, this is medically unnecessary because we don't have a policy, and then we have the opportunity to engage on appeal and to leverage the physician advocacy letters as well as the society advocacy letters to get those appeals turned around.

這並不意味著所有這些都會被削弱，但這應該會有所削弱。但是，如果沒有醫療政策，那麼通常會下意識地說，這在醫學上是不必要的，因為我們沒有政策，然後我們有機會上訴並利用醫生的倡導信和社會的倡導信來扭轉這些呼籲。

That might be different on the prior authorization side so that our efforts to get more patients to have prior authorization should drive that portion of that 43%, whatever that number was. Dennis, did you have anything you'd like to add to that?

事先授權方面可能會有所不同，因此我們為讓更多患者獲得事先授權所做的努力應該會推動這 43% 的部分，無論這個數字是多少。丹尼斯，您還有什麼要補充的嗎？

No, I think you hit it on the head. It's reasonable to assume that medically not necessary will go down as policy changes, improvements in policy change. Prior to that, even though now we are addressing that by giving more of the clinical data upfront with a submitted claim, you could even in the non-out-of-network environment see more of the just non-covered go up. What will change is medical policy changes will change all of those categories, and that's what we're driving with clinical data to move that needle.

不，我認為你擊中了頭部。可以合理地假設，隨著政策的變化、政策變化的改進，醫療上不必要的情況將會減少。在此之前，即使現在我們透過在提交的索賠中預先提供更多臨床數據來解決這個問題，您甚至可以在非網路外環境中看到更多未承保的情況。將會改變的是醫療政策的變化將改變所有這些類別，這就是我們利用臨床數據推動這一目標的原因。

Okay. No, that's helpful. And in terms of -- and I know it's probably hard to make sure this happens most of the time or definitely probably impossible to make it happen all the time, but how do you make sure that when the claims are submitted, is that part of the revenue cycle management? It's under their purview to make sure that the claims get submitted with all the medical history and so forth to prove that, hey, this person meets that criteria or is it -- yes, okay.

好的。不，這很有幫助。就我而言，我知道可能很難確保這種情況在大多數情況下都會發生，或者絕對不可能讓它一直發生，但是您如何確保在提交索賠時，這是收入週期管理？他們的職責是確保提交的索賠與所有病史等一起提交，以證明，嘿，這個人符合該標準，或者是 - 是的，好的。

That's -- I'm going to jump in. I think that's a joint effort by both teams. By our team, that includes everybody on our team, the field team. That includes the sales team communicating with the physician practice, the clinical team that's there at the time of the cell collection, the laboratory team who's processing the samples as they come in, and Quadax, our revenue cycle management.

那就是──我要跳進去。我認為這是兩個團隊的共同努力。對於我們的團隊來說，這包括我們團隊中的每個人，即現場團隊。其中包括與醫師診所溝通的銷售團隊、細胞採集時在場的臨床團隊、處理樣本的實驗室團隊，以及我們的收入週期管理 Quadax。

So there are a bunch of procedures, standard operating procedures that we continue to hone and improve on to make sure -- to understand what -- with their expertise, with Quadax's expertise, what we think will improve, for example, the specific effort to drive the prior authorization processes and advance the efforts to get the physician notes in with that. So it's a joint effort on strategy, but the execution requires execution with multiple folks within our team in coordination with Quadax, the RCM manager.

因此，我們不斷磨練和改進一系列程序、標準作業程序，以確保——了解什麼——憑藉他們的專業知識、Quadax 的專業知識，我們認為會改進什麼，例如，具體努力推動事先授權流程，並努力讓醫生注意到這一點。因此，這是策略上的共同努力，但執行需要我們團隊中的多個人員與 RCM 經理 Quadax 協調執行。

Okay. No, that's helpful. I know it's a process, but the good news is obviously, the tests are going up. (Multiple speakers)

好的。不，這很有幫助。我知道這是一個過程，但好消息顯然是，測試正在增加。（多位發言者）

Maybe it's the way you said it, Anthony. It's not like we outsource it to them and say, call us if it works. I mean, it's a back and forth, and we keep honing our operations in the field and the lab to feed the data to maximize their ability to be successful on their site.

也許這就是你所說的方式，安東尼。這不像我們將其外包給他們並說，如果有效就打電話給我們。我的意思是，這是一個來回的過程，我們不斷磨練我們在現場和實驗室的操作，以提供數據，最大限度地提高他們在網站上取得成功的能力。

Excellent. Okay. Thanks so much. I'll hop back in the queue. I appreciate it.

出色的。好的。非常感謝。我會跳回到隊列中。我很感激。

Great. Thanks Anthony.

偉大的。謝謝安東尼。

Mark Massaro, BTIG.

馬克·馬薩羅，BTIG。

Hey, guys. Thanks for taking the questions. So congrats on the strong volume quarter, record, and up sequentially by 31%. You did host over 50 events in Q2. That is up from, I think, 32 in Q1. So I'm just curious what you think your event number might look like in Q3, because I'm just trying to determine if it's reasonable, if you think volumes can grow sequentially. Or are you going up against a tough comp?

嘿，夥計們。感謝您提出問題。因此，恭喜本季銷量強勁，創紀錄，並且比上一季增長了 31%。你們在第二季舉辦了 50 多場活動。我認為這比第一季的 32 有所上升。所以我只是好奇你認為第三季的事件數量會是什麼樣子，因為我只是想確定它是否合理，如果你認為數量可以連續增長。或者你要面對一個艱難的比賽嗎？

Yes, I think it's hard to say, Mark. I mean, we're not -- we're certainly not pushing a story that we're sort of -- we're going to see some dramatic quarter-on-quarter growth every quarter moving forward. I think our stance from the other -- from a couple of quarters ago, I guess it was last quarter, to say that our expectations are generally -- given the sales, given the lean sales team, even with higher productivities to see modest quarter-on-quarter growth, we're obviously happy that that increased.

是的，我認為這很難說，馬克。我的意思是，我們不會——我們當然不會推動我們的故事——我們將在未來的每個季度看到一些戲劇性的季度環比增長。我認為我們的立場是從幾個季度前開始的，我想是上個季度，我們的預期是總體上考慮到銷售情況，考慮到精幹的銷售團隊，即使生產率較高，季度業績也會適度增長-環比增長，我們顯然很高興這一增長。

That, as you sort of hinted, could be -- could change depending on how our CYFT volume goes. And so there is certainly the possibility of having another quarter up similar to what it was this quarter. But we really would prefer to kind of assume that that may be noisy and choppy with some overall growth and given that both, the CYFT event and the more traditional volume, is still driven by a relatively lean sales team.

正如您所暗示的那樣，這可能會發生變化，具體取決於我們的 CYFT 交易量的走勢。因此，肯定有可能再出現一個與本季類似的季度成長。但我們確實更願意假設，由於 CYFT 活動和更傳統的交易量仍然是由相對精簡的銷售團隊推動的，因此整體成長可能會出現噪音和波動。

Yes, that makes sense. So it's nice to see you test over 4,000 firefighters. You've made strong inroads in that group of folks. I think you talked about expanding to other targets, other types of end markets? I guess, are you willing to share some of those? And I would assume these folks are higher risk.

是的，這是有道理的。很高興看到您對 4,000 多名消防員進行測試。你已經在這群人中取得了巨大的進展。我想您談到了擴展到其他目標、其他類型的終端市場？我想，你願意分享其中一些嗎？我認為這些人的風險更高。

Yes. Sorry to interrupt, Mark. I thought you were done. Yes, sure. It's interesting because what ends up -- the way we see this progressing is sort of the lines are going to start getting a bit blurred between what we're talking about, what we've been experiencing over the last year and a half with these firefighter-focused Check Your Food Tube events and expanding into other similar groups, for example, police departments or other municipal groups, teachers, and so forth.

是的。抱歉打擾了，馬克。我以為你已經完成了。是的，當然。這很有趣，因為最終的結果——我們看到這一進展的方式是，我們正在談論的內容和我們在過去一年半中經歷的這些事情之間的界限將開始變得有點模糊以消防員為中心的「檢查你的食物管」活動，並擴展到其他類似的群體，例如警察部門或其他市政團體、教師等。

But that starts to blend into unions, and that starts blending into employers, and that actually starts blending into our direct contracting initiatives as well. So there is close collaboration actually between our sales team, our field sales team, which is driving most of the current Check Your Food Tube event volume with firefighters and our employer markets and our contracting team who are looking to call on more employers, and then the unions fall sort of in between.

但這開始融入工會，開始融入雇主，實際上也開始融入我們的直接簽約計畫。因此，我們的銷售團隊、我們的現場銷售團隊實際上與消防員和我們的雇主市場以及希望招募更多雇主的合約團隊推動了當前「檢查您的食品管」活動的大部分內容，工會介於兩者之間。

But yes, it starts -- the expansion starts with other groups that are similar to firefighters. I mentioned police and other municipal groups. But then we'll start to blur into just unions in general, but also employers.

但是，是的，它開始了——擴張從與消防員類似的其他團體開始。我提到了警察和其他市政團體。但隨後我們將開始模糊地只涉及一般工會，也包括雇主。

Okay, great. So I believe there's been at least 15 states that have moved to pass Biomarker Bill legislation. You guys did talk about it. But I'd be curious to know if you are having any conversations with commercial payers, specifically about the biomarker bills, and if you could maybe just share any type of intelligence with respect to when -- I think a lot of other labs talked about 2025 when we can start to see this start to move.

好的，太好了。因此，我相信至少有 15 個州已採取行動通過生物標記法案立法。你們確實談論過這件事。但我很想知道您是否正在與商業付款人進行任何對話，特別是關於生物標記物賬單的對話，以及您是否可以分享有關何時的任何類型的情報——我想很多其他實驗室都談到過到 2025 年，我們就能開始看到這種情況的發生。

But just curious if you've had conversations with any regional plans, like perhaps Blue's plans about whether or not your test is eligible to qualify under the Biomarker Bill language or how we should think about this as we exit the year.

但只是好奇您是否與任何區域計劃進行過對話，例如 Blue 的計劃，關於您的測試是否符合生物標記法案語言的資格，或者我們在今年結束時應該如何考慮這個問題。

So yes -- the answer is yes. We do have -- we have conversations with multiple plans in multiple states, and our market access team is very cognizant of this legislation. And as you sort of hinted, the regional Blues are actually a key target in that area. We are having those conversations, and there's a bureaucratic element to it that requires more work than it probably should because we definitely qualify under it, because most of these biomarker tests are on states that mandate coverage.

所以是的——答案是肯定的。我們確實與多個州的多個計劃進行了對話，我們的市場准入團隊非常了解這項立法。正如您所暗示的那樣，地區藍調實際上是該地區的關鍵目標。我們正在進行這些對話，其中存在官僚因素，需要比應有的更多工作，因為我們絕對有資格進行這些對話，因為大多數生物標誌物測試都是在強制覆蓋的州進行的。

I mean, they obviously have their -- every one of them has their own language, but just as a general theme, that mandate coverage based on FDA approval or recommendation and guidelines, right? So we really feel absolutely that we qualify under the latter. But there is a bureaucratic process, as you might assume, that the payers are not necessarily sprinting to this process. But we think it's inevitable.

我的意思是，他們顯然有自己的——每個人都有自己的語言，但作為一個一般主題，強制覆蓋範圍基於 FDA 的批准或建議和指南，對吧？所以我們確實覺得自己完全符合後者的條件。但正如您可能會假設的那樣，存在一個官僚程序，付款人不一定會急於完成此過程。但我們認為這是不可避免的。

So I think -- we've had conversations, we've had some progress in a couple of states. We're working -- our team is working diligently there. And I think the general sense you are getting that the traction will start picking up and we'll start seeing coverage pathways that take advantage of this legislation later towards the end of this year or early next year is probably a reasonable assessment.

所以我認為——我們已經進行了對話，我們在幾個州取得了一些進展。我們正在工作——我們的團隊正在那裡努力工作。我認為您普遍認為，牽引力將開始增強，我們將在今年年底或明年初開始看到利用這項立法的覆蓋途徑，這可能是一個合理的評估。

Okay, great. That's it for me. Thank you.

好的，太好了。對我來說就是這樣。謝謝。

Great. Thanks, Mark.

偉大的。謝謝，馬克。

Thanks, Mark.

謝謝，馬克。

Ed Woo, Ascendiant Capital.

艾德·吳，Ascendian Capital。

Yes, congratulations on the progress and on the quarter. As you guys possibly move to having more of these Check Your Food Tube events with upfront contracted payments, has there been any pressure to negotiate down the testing prices?

是的，恭喜您取得的進展和本季的進展。由於你們可能會透過預先約定的付款方式舉辦更多的「檢查你的食物管」活動，是否有任何壓力來談判降低測試價格？

You know, the way these events are structured, it's sort of a potpourri of what works for both sides. And so there are a variety of pricing models that we explore with these folks that some of them are risk sharing in some regard, so they vary a lot.

你知道，這些活動的組織方式是對雙方都有利的大雜燴。因此，我們與這些人一起探索了多種定價模型，其中一些模型在某些方面是風險分擔的，因此它們差異很大。

I wouldn't say there's pressure on pricing so much as there is what you might expect there to be in terms of sort of working out the details of a contractual arrangement, how many, over what time, is it a maximum number, just a variety, is it a per day, per diem structure? There's sort of a menu that we present and look at a contractual arrangement accordingly. Dennis, did you want to add anything to that?

我不會說定價壓力如此之大，因為您可能會期望在製定合約安排的細節方面存在什麼，有多少，在什麼時間，它是最大數量，只是一個種類繁多，是每日、每日津貼的結構嗎？我們會提供某種菜單，並相應地查看合約安排。丹尼斯，你想補充什麼嗎？

Yes. No, it does depend upon the event. So we could engage in a fixed amount for that particular day and have all comers up to a certain level. And it's unpredictable, based upon firefighter schedules, whether or not that's going to be 50 or 200.

是的。不，這確實取決於事件。因此，我們可以在特定的一天參與固定的金額，並讓所有參與者達到一定的水平。根據消防員的日程安排，無論是 50 人還是 200 人，這是不可預測的。

And we look at it, for that particular event, what's profitable for us, for our team being there in that particular day, and it always calculates out to be a very profitable day for us. There's not much more to add, other than what Lishan indicated. We have a lot of flexibility in that regard to fit the particular need and circumstances of that department at that particular time of the event.

我們會考慮，對於那個特定的事件，什麼對我們有利，對我們的團隊在那個特定的日子裡在那裡有利可圖，結果總是對我們來說是非常有利可圖的一天。除了李山所指出的之外，沒有什麼好補充的了。我們在這方面有很大的靈活性，可以滿足該部門在活動的特定時間的特定需求和情況。

Great. Well, thanks for the explanation. I wish you guys good luck. Thank you.

偉大的。嗯，謝謝你的解釋。祝你們好運。謝謝。

Thanks, Ed.

謝謝，艾德。

Very good, Ed. Thank you.

非常好，艾德。謝謝。

Thank you. There are no further questions at this time. I'd now like to turn the call back over to Mr. Lishan Aklog for final closing comments.

謝謝。目前沒有其他問題。現在我想將電話轉回給 Lishan Aklog 先生以徵求最後的總結意見。

Well, that's great. Thank you all for your time and for your questions. I really appreciate that. I do want to mention that we have a fireside chat tomorrow at the 44th Annual Canaccord Genuity Growth Conference, so we're looking forward to that.

嗯，那太好了。感謝大家抽出寶貴的時間並提出問題。我真的很感激。我確實想提一下，明天我們將在第 44 屆 Canaccord Genuity Growth 年度大會上進行爐邊談話，所以我們對此充滿期待。

And as always, we look forward to keeping you abreast of our progress via news releases and periodic calls such as this one. And the best way to do so and to keep up with our news updates and events is to sign up for our email alerts on the Lucid Investor Relations website and to follow us on Twitter, LinkedIn, and on our website. So thank you, everybody. I really appreciate it and have a great day.

與往常一樣，我們期待透過新聞稿和定期電話會議（例如本次會議）讓您了解我們的進展。這樣做並了解我們的新聞更新和活動的最佳方法是在 Lucid 投資者關係網站上註冊我們的電子郵件提醒，並在 Twitter、LinkedIn 和我們的網站上關注我們。所以謝謝大家。我真的很感激，祝你有美好的一天。

Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝你有美好的一天。