Microbot Medical Inc (MBOT) 2017 Q2 法說會逐字稿

Welcome to Microbot Medical's Second Quarter 2017 Investor Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Michael Polyviou. Please go ahead, sir.

歡迎來到微博醫療 2017 年第二季度投資者電話會議。今天的會議正在錄製中。現在，我想將會議轉交給 Michael Polyviou。請繼續，先生。

Thank you, Shannon. I also want to thank everyone for joining us today on Microbot Medical's conference call and webcast to review the company's progress and provide an update on the latest developments. On today's call from Microbot Medical are Harel Gadot, Chief Executive Officer, President and Chairman; Hezi Himelfarb, General Manager and Chief Operating Officer; and David Ben Naim, Chief Financial Officer. The call is being webcast live over the Internet for all interested parties, and the webcast will be archived on the Investor page of the company's website, www.microbotmedical.com, under Presentations and Resources.

謝謝你，香農。我還要感謝大家今天加入我們參加 Microbot Medical 的電話會議和網絡廣播，回顧公司的進展並提供最新進展的更新。今天，Microbot Medical 的首席執行官、總裁兼董事長 Harel Gadot 接到電話； Hezi Himelfarb，總經理兼首席運營官；首席財務官 David Ben Naim。該電話會議正在通過互聯網為所有感興趣的各方進行網絡直播，網絡廣播將存檔在公司網站 www.microbotmedical.com 的投資者頁面上的演示文稿和資源下。

Before turning the call over to Harel, I'd like to make the following remarks concerning forward-looking statements. All statements in this conference call other than historical facts are forward-looking statements. These forward-looking statements are not guarantees of future performance, and may involve and are subject to risks and uncertainties and other factors that may affect Microbot Medical's business, financial condition and other operating results, which include but are not limited to the risk factors and other qualifications contained in the company's Form 10-K that was filed with the Securities and Exchange Commission on 21st March, and the 10-Q which was filed earlier today, as well as other documents filed with the SEC.

在將電話轉給 Harel 之前，我想就前瞻性陳述發表以下評論。本次電話會議中除歷史事實外的所有陳述均為前瞻性陳述。這些前瞻性陳述不是對未來業績的保證，可能涉及並受制於風險和不確定性以及其他可能影響微博醫療業務、財務狀況和其他經營業績的因素，其中包括但不限於風險因素和公司於 3 月 21 日向美國證券交易委員會提交的 10-K 表格和今天早些時候提交的 10-Q 表格以及向美國證券交易委員會提交的其他文件中包含的其他資格。

Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. Microbot Medical expresses or disclaims any intent or obligation to update these forward-looking statements, except as otherwise may be required by applicable law.

因此，實際結果和結果可能與這些前瞻性陳述所表達或暗示的內容存在重大差異。Microbot Medical 表示或否認更新這些前瞻性陳述的任何意圖或義務，除非適用法律另有要求。

Finally, after management makes the prepared remarks, we'll conduct the question-and-answer session. With that, I'll turn the call over to Harel Gadot. Harel, please go ahead.

最後，在管理層發表準備好的發言後，我們將進行問答環節。有了這個，我會把電話轉給 Harel Gadot。哈雷爾，請繼續。

Thank you, Michael. I also want to thank our shareholders, interested investors and analysts who are joining the call today. I hope everyone is enjoying the summer. I also want to welcome to this call, for the first time since we became public, Mr. Hezi Himelfarb, who is our Chief Operating Officer and General Manager, as well as David Ben Naim, our CFO. As I mentioned in earlier calls, one of the strengths of our company is the leadership team, and it is important for me as well as our leadership team that you will have the exposure to these people and they will have the exposure to you. Since becoming a public company less than 9 months ago, we already executed the following milestones and achieved the initial goals we set for the company as we became public. So 9 months of pregnancy delivered the following: We strengthened our asset position by expanding our IP portfolio, and we are talking about IP delivering from both of our TipCAT and ViRob platforms. We also initiated the preclinical study of our initial product, the Self-Cleaning Shunt. We enhanced our Board of Directors with seasoned medical device experts, Martin Madden, the previous VP R&D at Johnson & Johnson Medical, just to name one. And last, but not least, we strengthened our balance sheet to assist us in creating future value to the company, which I'll discuss in more detail a little bit later.

謝謝你，邁克爾。我還要感謝今天加入電話會議的我們的股東、感興趣的投資者和分析師。我希望每個人都喜歡這個夏天。我還想歡迎我們的首席運營官兼總經理 Hezi Himelfarb 先生以及我們的首席財務官 David Ben Naim，這是我們上市以來的第一次。正如我在之前的電話中提到的，我們公司的優勢之一是領導團隊，對我和我們的領導團隊來說，重要的是你會接觸到這些人，他們也會接觸到你。自從在不到 9 個月前成為一家上市公司以來，我們已經執行了以下里程碑，並實現了我們在上市時為公司設定的最初目標。因此，懷孕 9 個月帶來了以下結果：我們通過擴大我們的 IP 組合加強了我們的資產地位，我們正在談論從我們的 TipCAT 和 ViRob 平台交付的 IP。我們還啟動了我們最初產品自清潔分流器的臨床前研究。我們通過經驗豐富的醫療設備專家 Martin Madden 加強了我們的董事會，Martin Madden 是 Johnson & Johnson Medical 的前任研發副總裁，僅舉幾例。最後但並非最不重要的一點是，我們加強了資產負債表，以幫助我們為公司創造未來價值，稍後我將對此進行更詳細的討論。

Let's talk about the medical robotic space because it's been all over the news lately. Minimally invasive surgical procedures are expected to grow to roughly $50 billion by 2019. That's less than 2 years away. And we have a strong belief it's going to be higher, and here's why. Most, if not all, of the major medical companies have been putting major efforts to establish core capabilities when it comes to medical robotics. If it's Medtronic through the collaboration with Mazor Robotics, the J&J and Google collaboration, all the way to the recent transaction by Globus Medical, just to name a few.

讓我們來談談醫療機器人領域，因為最近它已經成為新聞的焦點。到 2019 年，微創外科手術預計將增長到約 500 億美元。那是不到 2 年的時間。我們堅信它會更高，這就是原因。大多數（如果不是全部）主要醫療公司一直在努力建立醫療機器人的核心能力。如果是美敦力通過與 Mazor Robotics 的合作，強生和谷歌的合作，一直到 Globus Medical 最近的交易，僅舉幾例。

At Microbot, we have already established such core capabilities that everyone is looking for over the past 7 years, which allows us to execute flawlessly against our milestones and objectives. On top of that, we have an extensive IP portfolio and the know-how, which we believe will allow us to have a competitive advantage and seek a leadership position. Where others will focus on integrating and looking for core capabilities, we will build upon our core capabilities and leverage them to reach our milestones and create value for our shareholders.

在 Microbot，我們已經建立了過去 7 年來每個人都在尋找的核心能力，這使我們能夠完美地執行我們的里程碑和目標。最重要的是，我們擁有廣泛的知識產權組合和專業知識，我們相信這將使我們擁有競爭優勢並尋求領導地位。在其他人專注於整合和尋找核心能力的地方，我們將建立在我們的核心能力之上並利用它們來實現我們的里程碑並為我們的股東創造價值。

For those of you who are joining the call for the first time, I will briefly review our current assets, which currently are based on 2 technology platforms. Our first technology platform is the ViRob, which is a revolutionary, autonomous crawling micro-robot, which can be controlled remotely from either outside or within the body. Our second technology platform is the TipCAT, a sell-propelled, flexible and semi-disposable endoscope providing see-and-treat capabilities. On top of being breakthrough technologies, the uniqueness of these technologies is the ability to leverage each technology separately, or in combination, for use in multiple medical applications. I'll just give you one example why we're so excited about the opportunities that are ahead of us from this -- just from these technologies.

對於那些第一次加入電話會議的人，我將簡要回顧一下我們目前基於 2 個技術平台的資產。我們的第一個技術平台是 ViRob，它是一種革命性的自主爬行微型機器人，可以從體外或體內進行遠程控制。我們的第二個技術平台是 TipCAT，這是一種推銷式、靈活的半一次性內窺鏡，提供即見即治的功能。除了突破性技術之外，這些技術的獨特之處在於能夠單獨或組合利用每項技術，用於多種醫療應用。我只舉一個例子，為什麼我們對來自這些技術的未來機遇如此興奮。

As you may recall from our recent presentation, we are aiming to utilize both the natural and artificial lumen in the body to turn surgery into treatment. Now, it took me a while to understand what lumens are. But by lumen, we are referring to structures such as blood vessels, urinary tracts and sinuses. Those are just few of the body's natural openings. When speaking of artificial lumens, we're primarily speaking of shunts, which are usually made of silicon and divert fluids from point A to point B and can be found in almost every medical space, cardiovascular, neuro, urology, dialysis, and many, many others. We believe that every year, there are hundreds of thousands, if not millions, of shunts placed annually in the U.S. alone. One common denominator for many of these shunts is that they get blocked and need to be replaced, many through surgical intervention, which brings me to our point product under development, the Self-Cleaning Shunt. At its first application, it is intended for the hydrocephalus, where it is estimated that over 1 million people in the United States currently live with hydrocephalus; and NPH, Normal Pressure Hydrocephalus, where it is estimated that more than 700,000 Americans have NPH. Large markets by all means, but it is just 1 little piece within just this shunt. And if we're talking about failure rates, why do we need our technology, not us, but the market? The failure rate is 50% within the first 2 years. 80% of all patients will go through 3 shunt placements within the first 10 years since the implementation of their first shunt. And the most amazing thing, with all these failures, nothing changed since the 1950s in that space. And why aren't all the big companies who play in that space don't innovate, Medtronic, J&J, Integra? Back to the word core capabilities. People are looking for different core capabilities. However, as we move forward, we will leverage our Self-Cleaning Shunt platform to target other shunts for other areas of the body. So it's not just the 1 million patients that we've estimated to live in the U.S. currently with hydrocephalus. Not just the 700,000 with NPH, but potentially every shunt, every shunt, and this is just the artificial lumens in the body. Our ViRob technology platform can potentially be used for many other unmet medical needs, which is also true for our TipCAT platform, which we are currently developing to address a true unmet need in the colonoscopy space. But as we have the Self-Cleaning Shunt platform and the ViRob technology, these 2 can be used for many other applications. As we want to focus right now on the development milestones that we reached, I would like to ask Mr. Hezi Himelfarb, Our Chief Operating Officer and General Manager, to discuss the current development efforts of our Self-Cleaning Shunt and the TipCAT. Hezi?

您可能還記得我們最近的演講，我們的目標是利用體內的自然和人造管腔將手術轉化為治療。現在，我花了一段時間才明白什麼是流明。但我們所說的內腔指的是血管、泌尿道和鼻竇等結構。這些只是人體自然開口中的一小部分。當談到人造管腔時，我們主要是指分流器，它通常由矽製成，可將液體從 A 點轉移到 B 點，幾乎可以在每個醫療空間、心血管、神經、泌尿科、透析等領域找到，好多其它的。我們相信，每年僅在美國就有數十萬甚至數百萬的分流器。許多這些分流器的一個共同點是它們會被阻塞並需要更換，許多是通過外科手術進行的，這讓我想到了我們正在開發的產品，即自清潔分流器。在首次應用時，它是針對腦積水的，據估計目前美國有超過 100 萬人患有腦積水；和 NPH，正常壓力腦積水，據估計有超過 700,000 名美國人患有 NPH。無論如何都是大市場，但它只是這個分流器中的一小部分。如果我們談論故障率，為什麼我們需要我們的技術，而不是我們，而是市場？前 2 年的失敗率為 50%。80% 的患者將在實施第一次分流後的前 10 年內進行 3 次分流。最令人驚奇的是，儘管經歷了所有這些失敗，但該領域自 1950 年代以來沒有任何改變。為什麼在這個領域發揮作用的所有大公司都不創新，美敦力、強生、Integra？回到核心能力這個詞。人們正在尋找不同的核心能力。然而，隨著我們的前進，我們將利用我們的自清潔分流器平台來針對身體其他部位的其他分流器。因此，我們估計目前生活在美國的不僅僅是 100 萬患有腦積水的患者。不僅僅是 NPH 的 700,000，而且可能是每個分流器，每個分流器，這只是體內的人造流明。我們的 ViRob 技術平台可以潛在地用於許多其他未滿足的醫療需求，這也適用於我們目前正在開發的 TipCAT 平台，以解決結腸鏡檢查領域真正未滿足的需求。但由於我們擁有自清潔分流器平台和 ViRob 技術，因此這兩項可用於許多其他應用。由於我們現在想關注我們達到的發展里程碑，我想請我們的首席運營官兼總經理 Hezi Himelfarb 先生討論我們的自清潔分流器和 TipCAT 目前的開發工作。河子？

Thank you, Harel. So I'm in charge of the operations, and the company's operations are mostly in the Israeli subsidiary, where we do the R&D and the business development work. When I say R&D, R, research, refers to our 2 technologies, ViRob and TipCAT, and the D, development, refers to our products under development. I'm excited to say a few words, first, on our leading product that was mentioned by Harel, the Self-Cleaning Shunt. Two unique studies are currently running in parallel. The first one is the animal study in Washington University, St. Louis, led by Professor Pat McAllister, and the second one is the in vitro study in the Wayne State University in Detroit, led by Dr. Carolyn Harris.

謝謝你，哈雷爾。所以我負責運營，公司的運營主要在以色列子公司，我們在那裡進行研發和業務開發工作。當我說 R&D 時，R、research 指的是我們的 2 項技術，ViRob 和 TipCAT，而 D、development 指的是我們正在開發的產品。我很高興首先談談 Harel 提到的我們的主導產品，即自清潔分流器。目前正在進行兩項獨特的研究。第一個是聖路易斯華盛頓大學的動物研究。Louis，由 Pat McAllister 教授領導，第二項是底特律韋恩州立大學的體外研究，由 Carolyn Harris 博士領導。

Professor McAllister is a well-known world expert in research of hydrocephalus, and he developed a unique model for creation of hydrocephalus in piglets, and moreover, increasing the brain ventricles of the animal so the shunt can be deployed in a similar way as neurosurgeon do in human. Professor McAllister's groundbreaking research in hydrocephalus will be presenting 3 -- in 3 oral presentations in the international hydrocephalus conference that will be held in late September, this September, in Kobe, Japan. And his first presentation would bring, for the first time, some data from the animal study with our shunt, our Self-Cleaning Shunt. At the same time, Dr. Carolyn Harris developed a unique lab test by building a system that simulates the human brain with all its biological ingredients. It uses human cells that grow and flow around various types of shunts. One of them is of the Microbot's Self-Cleaning Shunt. So these 2 studies are very innovative in terms of the concept and also the contribution to Microbot's ability to test and validate the safety of the Microbot's Self-Cleaning Shunt that should be submitted to FDA, and later, also the efficacy of the shunt.

麥卡利斯特教授是世界知名的腦積水研究專家，他開發了獨特的仔豬腦積水模型，並且增加了動物的腦室，可以像神經外科醫生一樣進行分流在人類。McAllister 教授在腦積水方面的開創性研究將在今年 9 月下旬在日本神戶舉行的國際腦積水會議上進行 3 次口頭報告。他的第一次演講將首次帶來一些來自動物研究的數據，這些數據來自我們的分流器，我們的自清潔分流器。與此同時，Carolyn Harris 博士通過構建一個模擬人腦及其所有生物成分的系統，開發了一項獨特的實驗室測試。它使用在各種類型的分流器周圍生長和流動的人體細胞。其中之一是微型機器人的自清潔分流器。因此，這 2 項研究在概念上非常創新，也有助於 Microbot 測試和驗證應該提交給 FDA 的 Microbot 自清潔分流器的安全性，以及後來分流器的功效。

In parallel, we continue to check the viability of our products in the marketplace. As you know, it is not enough to have the mechanics and electronics work. It's not enough to have a product that you claim you can sell. You need that someone will be willing to pay -- to buy and pay for that. That's why we continue to check the fit of our products to the dynamic marketplace in terms of usability, cost and reimbursement. We also look for complementary technologies and products that can leverage our 2 original technologies, the TipCAT and ViRob, or create synergy between several products and technologies, that you can combine them together. We also continue to respond to the growing interest in our technologies and intellectual property by companies, some of them are leading medical device companies, in order to pursue various types of collaborations. This refers to both technologies and actually, this is the right time to tell you that the TipCAT activity continues with full force in the GI space, but also in other areas that are mentioned by the companies that understand the potential in our technology and in our products.

與此同時，我們繼續檢查我們的產品在市場上的可行性。如您所知，僅有機械和電子工作是不夠的。擁有您聲稱可以銷售的產品是不夠的。你需要有人願意付錢——購買並為此付錢。這就是為什麼我們會繼續檢查我們的產品在可用性、成本和報銷方面是否適合動態市場。我們還尋找可以利用我們的 2 項原創技術 TipCAT 和 ViRob 的互補技術和產品，或者在多種產品和技術之間創造協同效應，您可以將它們組合在一起。我們還繼續響應公司對我們的技術和知識產權日益增長的興趣，其中一些是領先的醫療設備公司，以尋求各種類型的合作。這指的是兩種技術，實際上，現在是時候告訴你 TipCAT 活動在 GI 領域繼續全力以赴，但也在了解我們技術和我們的潛力的公司提到的其他領域產品。

So to summarize, we continue to execute our plans, current and future plans, that we believe in the potential and are very excited to all the company's activities. Thank you, and back to you Harel.

因此，總而言之，我們將繼續執行我們的計劃，當前和未來的計劃，我們相信這些計劃的潛力並對公司的所有活動感到非常興奮。謝謝你，然後回到哈雷爾。

Thanks, Hezi. As Hezi mentioned, so far, we lived up to all of our milestones and executing flawlessly against them. On top of our exciting developments, which Hezi just shared with you, we have been exploring multiple opportunities to add assets that are adjacent to our technology's platform and allow us to enter additional medical spaces and applications where there are significant unmet medical needs present. As such, our leadership team is committed to continue making wide and valuable accretive decisions, one of which was in June of this year, when we strengthened our cash position to accelerate our current opportunities and add value as we move forward.

謝謝，荷子。正如 Hezi 提到的，到目前為止，我們實現了所有的里程碑，並完美地執行了這些里程碑。除了 Hezi 剛剛與您分享的我們令人興奮的發展之外，我們一直在探索多種機會來添加與我們技術平台相鄰的資產，並允許我們進入存在大量未滿足醫療需求的其他醫療空間和應用程序。因此，我們的領導團隊致力於繼續做出廣泛而有價值的增值決策，其中一項是在今年 6 月，當時我們加強了現金狀況，以加速我們當前的機會並在我們前進的過程中增加價值。

I'm now going to ask David Ben Naim, our CFO, to provide some financial overview. David?

我現在要請我們的首席財務官 David Ben Naim 提供一些財務概覽。大衛？

Okay. This is David. So a quick look in the balance sheet. We can see that we have $13 million in our bank account, mainly from the last round that we had. And looking at the P&L, the research and development expenses for the 6-months period were approximately $561,000 compared to $263,000. The increase was from -- for the 6 months was from mainly payroll, materials and professional services relating to the research and development and preclinical and clinical trial.

好的。這是大衛。所以快速瀏覽一下資產負債表。我們可以看到我們的銀行賬戶中有 1300 萬美元，主要來自上一輪。從損益表來看，6 個月期間的研發費用約為 561,000 美元，相比之下為 263,000 美元。增長來自——前 6 個月主要來自與研發、臨床前和臨床試驗相關的薪資、材料和專業服務。

Looking onto general items and administrative expenses for the 6 months, we have approximately $1.9 million comparing to $140,000. This increase is mainly from becoming a public company and incurred higher professional skill as a public company like audits expenses, internal audit, external audit, and et cetera. The financial expenses for the 6 months was approximately $2.3 million comparing to $37,000. This increased financial expenses for the 6 months is mainly from re-evaluation and extinguishment of convertible note and change in fair value of the repeat warranty liability. Just to emphasize, this is not -- this is an accounting transaction and it is not a cash one. So based on all that, the amount that we have in the bank account, and based on the planning we now are planning, we are covered for at least 24 or until 30 months from now.

查看 6 個月的一般項目和管理費用，我們大約有 190 萬美元，而 140,000 美元。這一增長主要來自於成為一家上市公司，以及作為上市公司需要更高的專業技能，如審計費用、內部審計、外部審計等。與 37,000 美元相比，這 6 個月的財務費用約為 230 萬美元。這 6 個月增加的財務費用主要來自可轉換票據的重新評估和銷毀以及重複保修負債的公允價值變動。只是強調一下，這不是——這是一項會計交易，而不是現金交易。因此，基於所有這些，我們在銀行賬戶中的金額，以及我們現在正在計劃的計劃，從現在起至少 24 個月或直到 30 個月內我們都會得到保障。

Thank you, David. So as David mentioned, based on our current plans, we have enough cash in the bank for the next 24 to 30 months, and we keep an eye on this as part of our plans moving forward.

謝謝你，大衛。因此，正如大衛提到的那樣，根據我們目前的計劃，我們在未來 24 到 30 個月內在銀行有足夠的現金，我們會密切關注這一點，作為我們未來計劃的一部分。

Before we open the call to Q&A, let's talk about what should you expect from Microbot in the next few months. So the expectation for the previous 9 months, we shared with you since we became public and we're very happy to show you that we execute against those expectations. And therefore, it is important for us to set up the expectation for the next few months and deliver against them.

在我們開始問答之前，讓我們談談您對未來幾個月 Microbot 的期望。因此，自從我們公開以來，我們與您分享了過去 9 個月的期望，我們很高興向您展示我們執行這些期望。因此，對我們來說，為接下來的幾個月設定預期並兌現預期很重要。

The first one is completing the company Self-Cleaning Shunt studies at Washington University, St. Louis and Wayne State University in Detroit. Hand in hand is to make sure that we present or Professor McAllister, as we mentioned, present the initial data supporting Microbot's Self-Cleaning Shunt at the International Society for Hydrocephalus, which will be held in Japan in late September. Now this is really important. Although it's being held in Japan, this is probably the leading international hydrocephalus convention. This is a great opportunity for us to grow our support group of physicians who believe in that solution, who know the problem, and see where the company is going. We're also looking to leverage the company's strong balance sheet, at least from our perspective, to pursue merger and acquisitions, collaborations and partnership opportunities to increase addressable market opportunities. And we will continue strengthening the company's leadership team with seasoned medical device experts, and it can be both for our Board of Director as well as filling important position within mostly the R&D team in order to meet the milestones and explore additional opportunities that we have.

第一個是在聖路易斯華盛頓大學完成公司的自清潔分流器研究。位於底特律的路易斯和韋恩州立大學。手牽手是為了確保我們或 McAllister 教授，正如我們提到的，在國際腦積水學會上展示支持 Microbot 自清潔分流器的初始數據，該會議將於 9 月下旬在日本舉行。現在這真的很重要。雖然它是在日本舉行的，但這可能是領先的國際腦積水大會。對於我們來說，這是一個很好的機會來發展我們的支持團隊，他們相信該解決方案，知道問題所在，並了解公司的發展方向。我們還希望利用公司強大的資產負債表，至少從我們的角度來看，尋求併購、合作和合作機會，以增加可尋址的市場機會。我們將繼續加強由經驗豐富的醫療設備專家組成的公司領導團隊，這既可以成為我們的董事會成員，也可以在主要研發團隊中擔任重要職位，以實現里程碑並探索我們擁有的更多機會。

We look forward to updating you on our progress in the coming quarters. I appreciate all of your time. And Michael?

我們期待在未來幾個季度向您通報我們的進展情況。我感謝你所有的時間。邁克爾呢？

Shannon, we are now ready to take our first question.

香農，我們現在準備好回答我們的第一個問題。

(Operator Instructions) We first move to Jeffrey Cohen with Ladenburg Thalmann.

（操作員說明）我們首先與 Ladenburg Thalmann 一起轉向 Jeffrey Cohen。

Okay. So firstly, I guess, a question for David. If you could just kind of walk through some assumptions and what we may expect as far as OpEx levels over the next couple of years, both R&D as well as G&A, please?

好的。所以我想首先要問大衛一個問題。如果您能簡單介紹一下一些假設，以及我們對未來幾年運營支出水平的預期，包括研發和 G&A，好嗎？

Yes, I think based on what I said before, our cash provided to 24 to 30 months. I think we have -- we should expect a burn rate approximately for $1 million per year. It's split between G&A and R&D, like Hezi explained before. So I don't expect any other expenses that we're not planning for.

是的，我認為根據我之前所說的，我們的現金提供了 24 到 30 個月。我認為我們已經 - 我們應該預計每年大約 100 萬美元的燃燒率。正如 Hezi 之前解釋的那樣，它分為 G&A 和 R&D。所以我預計不會有任何其他我們沒有計劃的費用。

Okay. And as far as the composition of G&A versus R&D, is it 3:1, 4:1?

好的。至於 G&A 與 R&D 的構成，是 3:1 還是 4:1？

I would expect that it will be even less, because when we become a public company, naturally, the most -- our spend [dollars] on the legal advisers and all fees to be announced (inaudible), et cetera. I don't think and I don't expect that this will be the same volume that we had in the last 6 months. So with respect to that, I think we have less amount to spend in the G&A. But relating to the R&D, it's very dependent on the progress based on the planning that we have in the TipCAT. So typically, I think, like I said before, like according to our plan, 2 years, 3 years from now, our cash will be enough splitting between the R&D and the general and administrative expense.

我希望它會更少，因為當我們成為一家上市公司時，自然而然地，我們花在法律顧問上的 [美元] 和所有要宣布的費用（聽不清）等等。我不認為也不期望這與過去 6 個月的銷量相同。因此，就此而言，我認為我們在 G&A 上的支出較少。但就研發而言，它非常依賴於我們在 TipCAT 中的規劃所取得的進展。所以通常情況下，我認為，就像我之前說過的，根據我們的計劃，從現在開始的 2 年、3 年，我們的現金將足以在研發與一般和行政費用之間分配。

Okay. Got it. As far as the outcome of hydrocephalus conference in Japan, you mentioned 3 studies. So can you elaborate a little further on the 3 studies? Can you talk about maybe on the study from Washington, Wayne State, what might be the third? And could you talk a little bit about the types of data that we expect to see from each of the universities or what you'd expect at this point in time?

好的。知道了。至於日本腦積水會議的結果，你提到了3項研究。那麼您能否進一步詳細說明這 3 項研究？你能談談華盛頓韋恩州立大學的研究，第三個可能是什麼？您能否談談我們希望從每所大學看到的數據類型，或者您目前的期望是什麼？

Hezi?

河子？

So we talked about 2 studies, not 3. We talked about the study of the hydrocephalus in animals and the study of the hydrocephalus in vitro study. Now with regard to the data, we spent the first 6 months in the animal study actually to adjust the nature of the model actually to our shunt. What Professor McAllister will present in Japan in September is the first results of using his models together with our shunt. I cannot elaborate right now exactly about what he is going to present. This is a university study that is actually led by Professor McAllister as the primary investigator, but we expect that for the first time, he will actually educate the audience both about the model, and also about the combination of this model with our shunt. We have also the in vitro study. Then this is something that is -- actually takes more time to do the calibration, and we actually already are running this study. The results will probably be published later after this conference. But as Harel said, we see this conference is a major event not only because we published this, we will also be presenting the technology and the product and the concept to all the researchers and physicians that are going to be presenting and listening to this conference. And we believe that it will increase the support of the neurosurgery community to our innovative design.

所以我們討論了 2 個研究，而不是 3 個。我們討論了動物腦積水的研究和腦積水的體外研究。現在關於數據，我們在動物研究中花費了前 6 個月，實際上是為了調整模型的性質以適應我們的分流。McAllister 教授將於 9 月在日本展示的是將他的模型與我們的分流器結合使用的第一批結果。我現在無法詳細說明他將要介紹的內容。這是一項大學研究，實際上由麥卡利斯特教授作為主要研究者領導，但我們預計這是第一次，他實際上會向觀眾介紹該模型，以及該模型與我們的分流器的結合。我們也有體外研究。那麼這就是 - 實際上需要更多時間來進行校準，而且我們實際上已經在進行這項研究。結果可能會在這次會議之後公佈。但正如 Harel 所說，我們認為這次會議是一件大事，不僅因為我們發表了這篇文章，我們還將向所有將出席和聆聽這次會議的研究人員和醫生展示技術、產品和概念.我們相信這將增加神經外科界對我們創新設計的支持。

Okay. And furthermore, Hezi, could you talk about -- at this point, obviously, you have a particularly large patent portfolio. Has that expanded at all over the past few months on the Self-Cleaning Shunt? And thus far, is the design work locked down as far as the design? Or is this still kind of a working model for the next 2 or 3 quarters prior to a submission to the FDA?

好的。此外，Hezi，你能否談談——在這一點上，很明顯，你擁有特別龐大的專利組合。在過去的幾個月中，自清潔分流器是否有所擴展？到目前為止，設計工作是否就鎖定了設計？或者在提交給 FDA 之前，這仍然是未來 2 或 3 個季度的工作模式嗎？

So with regard to the Self-Cleaning Shunt, although it's obvious that this is our leading product and we are focused on the development of this product, it is also known that our covering and protecting intellectual property is very, very good. And we are going to take advantage of this and try to leverage this unique technology also to be used in other applications. So this will be true both for the Self-Cleaning Shunt technology, which is now implemented for neurosurgery, but can be implemented in other areas in the body, in the lumens that Harel mentioned, but also referring to the TipCAT technology that is still generic, but can be used in many, many applications. We mentioned GI, but it can be used and will be tested also in others in the next few months.

所以關於自清潔分流器，雖然很明顯這是我們的主導產品，我們專注於這個產品的開發，但也知道我們的知識產權覆蓋和保護非常非常好。我們將利用這一點並嘗試利用這種獨特的技術也用於其他應用程序。所以這對於現在用於神經外科的自清潔分流器技術都是如此，但可以在身體的其他區域實施，在 Harel 提到的流明中，而且還指的是仍然通用的 TipCAT 技術，但可以用於許多應用程序。我們提到了 GI，但它可以使用，並將在接下來的幾個月內在其他人身上進行測試。

Great. But in the case specifically for shunts for hydrocephalus, is the design work being locked down? Or it's continuing to be worked upon?

偉大的。但在專門針對腦積水分流的案例中，設計工作是否被鎖定？還是繼續努力？

No. It's continuing to work upon.

不。它正在繼續努力。

Okay. And Harel, I think you mentioned a number of months ago that you would expect latter part of '18 or early part of '19 for an FDA submission for hydrocephalus?

好的。Harel，我想你在幾個月前提到過，你會期待 18 世紀末或 19 年初的 FDA 提交腦積水嗎？

Correct. We are still on target for the later part of 2018 for FDA submission. Correct.

正確的。我們仍按目標在 2018 年下半年提交 FDA。正確的。

Next question comes from [George Goodman] with [Jericho Partners].

下一個問題來自 [George Goodman] 和 [Jericho Partners]。

Is there any thought given to using your significant IP portfolio and perhaps bringing in bigger companies to exploit it? They may be able to do it faster and easier and they will bear the burden of the cost.

有沒有考慮過使用你重要的知識產權組合，並可能引入更大的公司來利用它？他們也許能夠更快、更輕鬆地做到這一點，並且他們將承擔成本負擔。

So it's a great question and I love that question because we are exploring such partnership, as we shared in the past and we shared today. Unfortunately, I don't think that they are at the point where I can discuss anything further. We are exploring, continue exploring. The one thing I want to comment on what you said, the fact that they have money doesn't mean that they can bring things to market quicker. And that goes back -- again, me, especially me as a graduate of Ethicon running the strategic marketing, I can tell you that money doesn't buy capabilities. And one of the things that actually -- it's not us speaking to them, it's more them speaking to us because they have the money, we have the core capabilities. So the combination of our core capabilities and their money can bring the product to market. We are exploring it. Unfortunately, at this stage I cannot discuss any further.

所以這是一個很好的問題，我喜歡這個問題，因為我們正在探索這種夥伴關係，就像我們過去和今天分享的那樣。不幸的是，我認為他們還沒有到我可以進一步討論任何內容的地步。我們正在探索，繼續探索。我想對你所說的一件事發表評論，他們有錢的事實並不意味著他們可以更快地將產品推向市場。這可以追溯到——我，尤其是我，作為負責戰略營銷的 Ethicon 畢業生，我可以告訴你，金錢買不來能力。其中一件事實際上 - 不是我們與他們交談，更多的是他們與我們交談，因為他們有錢，我們有核心能力。因此，我們的核心能力和他們的資金相結合可以將產品推向市場。我們正在探索它。不幸的是，現階段我無法進一步討論。

And I'm sure you can't discuss this either. One of the problems, obviously, the stock faces is these periodic money raises. I know that the company can't continue without them, so congratulations on having money through 2019. Is there any way that you can tell us if these money raises are done with until 2019? Or if something good comes along, you'll still consider it?

我相信你也不能討論這個。顯然，股票面臨的問題之一是這些定期融資。我知道公司離不開他們，所以恭喜你有錢熬過了2019年。您是否可以通過任何方式告訴我們這些籌款活動是否在 2019 年之前完成？或者如果有好事出現，你還會考慮嗎？

So the reason we did the transaction back in June is because we leveraged an opportunity in the market to get the funds that we need for the next 24 months. So the planning...

所以我們在 6 月份進行交易的原因是因為我們利用市場機會獲得未來 24 個月所需的資金。所以規劃...

Yes, congratulations to you all for doing it such a great price.

是的，祝賀你們以如此優惠的價格購買了它。

Sorry. We just got off. As the leadership team, we're always going to explore opportunities that's going to be out there. That will increase the value for our shareholders. Now one thing that I do want to mention is our company got grants from the Israeli government which are nondilutive. And they're really helping push the development further, and we are exploring those opportunities since they are nondilutive to all the shareholders but are bringing cash to the company. We will explore them further. In regards to, are we going for another financing round. Right now, that's why we went through the June transaction. We raised the funds that we believe will be sufficient for the next 24 to 30 months to execute both of our current development as well as at least 1 additional either collaboration or an M&A transaction that we're exploring. But those, again, are things that we will wait and see how -- what the future brings, what the right opportunity is for the company and what will bring the most value for the shareholders.

對不起。我們剛下車。作為領導團隊，我們總是會探索即將出現的機會。這將增加我們股東的價值。現在我想提及的一件事是我們公司從以色列政府獲得了非稀釋性贈款。他們確實在幫助進一步推動發展，我們正在探索這些機會，因為它們不會稀釋所有股東，但會為公司帶來現金。我們將進一步探索它們。關於，我們是否要進行另一輪融資。現在，這就是我們進行 6 月份交易的原因。我們籌集的資金我們認為足以在未來 24 到 30 個月內執行我們當前的開發以及至少 1 個我們正在探索的額外合作或併購交易。但同樣，這些都是我們將拭目以待的事情——未來會帶來什麼，對公司來說合適的機會是什麼，以及什麼會給股東帶來最大的價值。

I'm sorry if the following question was already asked. Regarding FDA approval, do you have any best guesses how long these things take?

如果已經有人問過以下問題，我很抱歉。關於 FDA 批准，您是否有任何最佳猜測這些事情需要多長時間？

Yes, and that's fine. You can ask as many questions as you want around the FDA, and I will try to answer my best, as long as we all know that the FDA is unpredictable. I live in New England, and I think the weather there is more predictable than the FDA. But we had a meeting with the FDA. So one of the things that we believe in the company is full transparency, and one of the things we had -- we went to the FDA as soon as we had -- I don't want to say design freeze, but once we knew what our product is going to look like, that was towards the end of 2014, we went to Maryland, Bethesda, and we met with the FDA. The FDA, after meeting with us, and I think we shared that in the past, we agreed with the FDA that we are going to do preclinical studies in animals. And we're going to show the safety profile of our product, and then we're going to bring it back to the FDA under what they call the 510(k) process or as a novel 510(k). What it means if we are under the 510(k), that it's usually, once we submit it, the FDA needs to get back to us within 30 to 90 days. If it's the novel 510(k), it may take another couple of months more than this. But as long as the FDA and us, we'll see that the results are sufficient, and we do not need to execute human studies pre-marketing, potentially post-marketing, or most likely, then we shouldn't expect more than probably 6 months post our submission to either -- to propagate their approval. If there's going to be any questions or rejection, we're probably going to know before that. But again, pending FDA unpredictability. And it's 2018, they're going to view it the same way they viewed it in 2014.

是的，那很好。關於 FDA，你想問多少就問多少，我會盡力回答，只要我們都知道 FDA 是不可預測的。我住在新英格蘭，我認為那裡的天氣比 FDA 更容易預測。但是我們和 FDA 開了個會。所以我們相信公司的一件事是完全透明，我們擁有的一件事——我們一有就去了 FDA——我不想說設計凍結，但一旦我們知道我們的產品將是什麼樣子，那是在 2014 年底，我們去了馬里蘭州貝塞斯達，並與 FDA 會面。FDA 在與我們會面後，我認為我們過去曾分享過，我們同意 FDA 我們將在動物身上進行臨床前研究。我們將展示我們產品的安全概況，然後我們將根據他們所謂的 510(k) 流程或新的 510(k) 將其帶回 FDA。如果我們在 510(k) 下，這意味著什麼，通常，一旦我們提交，FDA 需要在 30 到 90 天內回复我們。如果是新穎的 510(k)，可能還需要幾個月的時間。但只要有 FDA 和我們，我們就會看到結果是足夠的，我們不需要在上市前、上市後或最有可能的情況下進行人體研究，那麼我們不應該期待更多6 個月後我們提交給其中任何一個 - 以傳播他們的批准。如果有任何問題或拒絕，我們可能會在此之前知道。但同樣，等待 FDA 的不可預測性。現在是 2018 年，他們將以與 2014 年相同的方式來看待它。

Right. What competitors out there do you face? (inaudible)

正確的。你面臨哪些競爭對手？（聽不清）

So let's define competitors because I think that's a great question again. There is direct competitors and there is nondirect. So every shunt out there is a competitor, right? A simple silicon tube that gets occluded. We had -- one of our members came back from one of the convention and he saw this 21-year-old girl who had close to 100 procedures, 100. That's 100 brain surgeries on a 21-year old. So I don't really want to define them as competitors. If we're talking about the direct competitors, something that will prevent occlusion, there is really, really nothing out there. There is one other company, which is out in Seattle -- well, this initiated from Seattle. They are now in California, but they're really not focusing on the development of a self-cleaning shunt. So we're really playing in a blue ocean right now, where we can -- if we can bring the value, then we are the leaders in that space.

因此，讓我們定義競爭對手，因為我認為這又是一個很好的問題。有直接競爭對手，也有非直接競爭對手。所以每一個分流都有一個競爭對手，對吧？一個簡單的矽管被堵塞了。我們有——我們的一名成員從一個會議回來，他看到了這個 21 歲的女孩，她接受了將近 100 次手術，100 次。對一個 21 歲的人來說，這是 100 次腦部手術。所以我真的不想把他們定義為競爭對手。如果我們談論的是直接競爭對手，可以防止遮擋的東西，那真的是什麼都沒有。還有另一家公司，它在西雅圖——好吧，這是從西雅圖發起的。他們現在在加利福尼亞，但他們並沒有專注於開發自清潔分流器。所以我們現在真的在一片藍海中玩耍，我們可以在哪裡——如果我們能帶來價值，那麼我們就是那個領域的領導者。

Okay. So that's great. The reason why I actually asked that is because I was hoping that there'd be nobody out there with deeper pockets, that you wouldn't have to (inaudible) bank again.

好的。那太好了。我問這個問題的原因是因為我希望沒有人有更多的口袋，你不必（聽不清）再次存錢。

So [George], the big companies actually not only they don't have deeper pockets, but recently Codman was bought by Integra. So one of the competitors is out of the market, integrated into Integra. Codman was neurosurgery division. Now there are a couple of IPs that are in academic settings, but nothing is happening with them. So we probably have a 5-year head start on any other competitor.

所以[喬治]，大公司實際上不僅沒有更多的財力，而且最近 Codman 被 Integra 收購了。因此，其中一個競爭對手退出了市場，並融入了 Integra。科德曼是神經外科。現在有幾個 IP 在學術環境中，但它們沒有發生任何事情。因此，我們可能比任何其他競爭對手都領先 5 年。

Okay. I recently became a shareholder. And I expect to become a bigger shareholder.

好的。我最近成為股東。我希望成為更大的股東。

We hope to bring value to you.

我們希望為您帶來價值。

(Operator Instructions) We next move to [Brad Williams] with the Freedom Investors Corporation.

（操作員說明）接下來我們將與 Freedom Investors Corporation 一起轉向 [Brad Williams]。

A lot of my questions have already been answered here, but I want to drill down on a couple areas here. First of all, as we all know, as you mentioned, you raised about $10 million about a couple of months ago, Harel. Congratulations on that.

這裡已經回答了我的很多問題，但我想在這裡深入探討幾個方面。首先，眾所周知，正如你提到的，你在幾個月前籌集了大約 1000 萬美元，Harel。對此表示祝賀。

Thank you.

謝謝。

You ended up with about $9.2 million. You mentioned you've got about $13 million in the bank, which will last 24 to 36 months. Now to make the funds last, your burn rate (inaudible) over the last 6 months, so it's a little over $4 million, is going to have to be reduced. Or you're going to have to get additional revenue in the door to be able to handle that burn. Now is your burn actually going to go down? Or are you expecting to be able to partner in some way, shape or form that will bring revenue in?

你最終得到了大約 920 萬美元。你提到你在銀行有大約 1300 萬美元，將持續 24 到 36 個月。現在，為了讓資金持續使用，您在過去 6 個月的燒錢率（聽不清），所以它略高於 400 萬美元，將不得不減少。或者你將不得不在門口獲得額外的收入才能處理這種燒傷。現在你的燒傷真的會減少嗎？或者您是否希望能夠以某種方式、形式或形式進行合作，從而帶來收入？

Yes. So I will let David answer some of these, but I will start with a couple of clarification, if I may. One is, we believe that the cash that we have on hand, which is actually a little bit over $13 million and we have another $400,000 in escrow from our transaction that we did back in December, I believe, when we sold the asset to Stem, that should last us between 24 to 30 months, not 36 months. Additional thing that I'm going to let David address it as well, out of the $4 million you mentioned, about $700,000, for example, were fees that paid for the investment bank taking care of our transaction -- our second transaction. There was additional money paid for the banks that took care of our January transaction. So we had a lot of probably onetime transactions that I don't expect to see them incurring again, including the fees [of the ramp up]. But I'm going to let David take it from here.

是的。所以我會讓 David 回答其中的一些問題，但如果可以的話，我會先做一些澄清。一是，我們相信我們手頭的現金，實際上略高於 1300 萬美元，而且我們還有 400,000 美元的託管資金來自我們去年 12 月所做的交易，我相信，當時我們將資產出售給 Stem ，這應該會持續 24 到 30 個月，而不是 36 個月。我還要讓 David 解決的另一件事是，在你提到的 400 萬美元中，例如，大約 700,000 美元是為處理我們的交易——我們的第二筆交易——的投資銀行支付的費用。為處理我們一月份交易的銀行支付了額外的錢。所以我們有很多可能是一次性的交易，我不希望看到它們再次發生，包括 [of the ramp up] 的費用。但我會讓大衛從這裡拿走它。

Like you said, Harel, but just to emphasize, the $4.0 million that you see in the P&L, it's not necessarily cash flow. Like I said and explained before, $2.3 million from that amount is financial expenses and accounting transaction, and not a cash one, that was from convertible notes and change in the fair value derivative warrant. So actually the burn rate that you can see, or if you have in front of you the financial statement once we file today, you can see that our burn rate is approximately $4 million per year, [$2.2 million] for the 6 months. Now on top of that, we're expecting to be even more -- even less than that in the next month because we have already the learning curve. So I don't expect that those amounts and those expenses, especially in the G&A, will be increased.

就像你說的那樣，哈雷爾，但要強調的是，你在損益表中看到的 400 萬美元，不一定是現金流。正如我之前所說和解釋的那樣，該金額中的 230 萬美元是財務費用和會計交易，而不是現金，它來自可轉換票據和衍生權證公允價值的變化。所以實際上你可以看到的燒錢率，或者如果你面前有我們今天提交的財務報表，你可以看到我們的燒錢率大約是每年 400 萬美元，6 個月 [220 萬美元]。現在最重要的是，我們預計下個月會更多 - 甚至更少，因為我們已經有了學習曲線。因此，我預計這些金額和費用不會增加，尤其是在 G&A 中。

Do the convertible notes have a floor on them? And are there any left?

可轉換票據有底線嗎？還有剩下的嗎？

The convertible notes? No. There is no convertible note in the balance sheet. It's all converted.

可轉換票據？不。資產負債表中無可轉換票據。都是轉換過來的。

It's all converted now. Okay. Okay. Your Self-Cleaning Shunt, is it fully developed and complete development-wise?

現在都轉換了。好的。好的。您的自清潔分流器是否已完全開發並完全開發？

No. As Hezi -- Hezi, go ahead.

不。作為河子——河子，加油。

Okay. So nothing is fully developed until you complete all the testing. So like every product that is under development, we finished the initial design and the testing in our labs. Now we do the studies. And we believe that our design is close to be final, if not final. But we will know it after we have initial and temporary results, and of course, the final results. We believe that we are very close to have a product. We may have to do some changes if we find it actually need it after getting the results.

好的。因此，在您完成所有測試之前，沒有什麼是完全開發的。因此，就像每個正在開發的產品一樣，我們在實驗室完成了初始設計和測試。現在我們做研究。我們相信我們的設計即使不是最終的，也接近最終的。但是在我們有了初步的和暫時的結果，當然還有最終的結果之後，我們就會知道。我們相信我們非常接近擁有一個產品。如果我們在得到結果後發現它確實需要它，我們可能不得不做一些改變。

I just want to add one more thing to that comment from Hezi. We do not work in a vacuum. So when Hezi mentioned we did it in our lab, it's not like R&D people. We actually had few physician involved in this process, including a physician that implemented those -- implanted those shunts in animals to ensure that from the way the physician works, it feels comfortable, they feel like it's a regular shunt. So as Hezi said, what's left for us now is really to take them into the study and see if there is any design review we need to do after that.

我只想在 Hezi 的評論中再補充一件事。我們不是在真空中工作。所以當和子提到我們在實驗室做的時候，它不像研發人員。事實上，我們幾乎沒有醫生參與這個過程，包括實施這些的醫生——將這些分流器植入動物體內，以確保從醫生的工作方式來看，感覺很舒服，他們覺得這是一個常規的分流器。所以正如和子所說，我們現在真正要做的就是把他們納入研究，看看之後是否需要我們做任何設計審查。

Great, guys. That's the answer I wanted to hear. Unfortunately, one last question here. You had mentioned grants from the Israeli government. Have you received any grants so far for the Self-Cleaning Shunt? And are you able to get more for that? Or do you -- does it have to be a completely new product?

太好了，伙計們。這就是我想听到的答案。不幸的是，最後一個問題在這裡。你提到了以色列政府的贈款。到目前為止，您是否收到過任何用於自清潔分流器的資助？你能為此得到更多嗎？或者你 - 它必須是一個全新的產品嗎？

We have received grants for the Self-Cleaning Shunt. I believe we received 3 years of grants in the past. I believe we just filed for the fourth year, so we can continue asking or looking -- aiming for grants from the government. The beautiful thing about grants from the Israeli government is that you get it per project, not per company. So as we develop additional projects, if we find it's the right thing for the company to do and for our shareholders, of course, as we develop additional project, we may seek additional grants for our additional projects.

我們已經收到了自清潔分流器的資助。我相信我們過去收到了 3 年的贈款。我相信我們剛剛申請了第四年，所以我們可以繼續詢問或尋找 - 旨在獲得政府的資助。以色列政府贈款的美妙之處在於，您可以按項目而不是按公司獲得贈款。因此，當我們開發額外的項目時，如果我們發現這對公司和我們的股東來說都是正確的事情，當然，當我們開發額外的項目時，我們可能會為我們的額外項目尋求額外的撥款。

Well, I see there are no other questions. I really appreciate everybody's time. I want to mention that we are going to hold our Annual Shareholder Meeting on September 12 at 11:00 a.m. I personally insisted that we are going to hold the shareholder meeting in New York City, and the reason is, it's because I want to try and have the opportunity to have as many shareholders who want to attend in person to be there. So on September 12, 11:00 a.m. Eastern Time, we will hold our Annual Shareholder Meeting in New York. Anybody who wants to meet and -- meet me in person, meet some of the leadership team in person, meet most of our Board of Directors that will be here in person, is welcome to. We will definitely welcome the opportunity to share with you where we are, to see the team. And we are excited on how we can bring value to you in the next couple of years. Michael?

嗯，我看沒有其他問題了。我真的很感謝大家的時間。我想提一下，我們將於 9 月 12 日上午 11:00 召開年度股東大會。我個人堅持我們要在紐約市舉行股東大會，原因是，因為我想嘗試並有機會讓盡可能多的股東想親自出席。所以在 9 月 12 日上午 11:00東部時間，我們將在紐約舉行年度股東大會。歡迎任何想親自與我會面、與一些領導團隊會面、與將親自到場的董事會成員會面的任何人。我們一定會很高興有機會與您分享我們所處的位置，看看團隊。我們很高興能在未來幾年為您帶來價值。邁克爾？

Right. And just a couple of other items. If you're not able to attend the annual meeting in person, we will be webcasting part of the meeting, and both Harel and Hezi will both be in New York City in September. Hezi will be presenting at the Rodman and Renshaw Healthcare Conference being held in New York on September 11 and 12, and Harel will also be presenting at the Ladenburg Healthcare conference, also in New York, on September 26. We hope to see you there. We hope to see you at the annual meeting. If not, we hope you listen via webcast. Shannon, that's the conclusion of today's call.

正確的。還有一些其他項目。如果您不能親自參加年會，我們將對會議的部分內容進行網絡直播，Harel 和 Hezi 都將於 9 月在紐約市。Hezi 將於 9 月 11 日至 12 日在紐約舉行的 Rodman 和 Renshaw 醫療保健會議上發表演講，而 Harel 也將在 9 月 26 日同樣在紐約舉行的 Ladenburg 醫療保健會議上發表演講。我們希望看到你在那裡。我們希望在年會上見到您。如果沒有，我們希望您通過網絡廣播收聽。香農，這就是今天電話會議的結論。

Thank you. Ladies and gentlemen, that concludes today's conference. You may now disconnect.

謝謝。女士們，先生們，今天的會議到此結束。您現在可以斷開連接。