Spectral AI Inc (MDAI) 2025 Q1 法說會逐字稿

Good day, and welcome to the Spectral AI, Inc., first-quarter 2025 financial results conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Spectral AI, Inc. 2025 年第一季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Sara Prendergast. Please go ahead.

現在我想將會議交給 Sara Prendergast。請繼續。

Thank you, Nick. Good afternoon, everyone, and thank you for joining us for Spectral AI's 2025 first-quarter financial results conference call. Our speaker for today will be Vince Capone, the company's Chief Financial Officer.

謝謝你，尼克。大家下午好，謝謝大家參加 Spectral AI 2025 年第一季財務業績電話會議。我們今天的演講者是該公司的財務長文斯卡彭 (Vince Capone)。

Before we begin, I'd like to remind everyone that during this call, certain statements made are forward-looking statements within the meaning of the Safe Harbor provisions of The United States Private Securities Litigation Reform Act of 1995, including statements regarding the company's strategy, plans, objectives, initiatives, and financial outlook. When used on this call, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, should, future, propose, and variations of these words or similar expressions or the negative versions of such words or expressions are intended to identify forward-looking statements. These forward looking statements are not guarantees of future performance, conditions, or results and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside of the company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

在我們開始之前，我想提醒大家，在本次電話會議中，所作的某些陳述屬於《1995 年美國私人證券訴訟改革法案》安全港條款所定義的前瞻性陳述，包括有關公司戰略、計劃、目標、舉措和財務前景的陳述。在本次電話會議上使用時，「估計」、「預測」、「預期」、「預期」、「預測」、「計畫」、「打算」、「相信」、「尋求」、「可能」、「將」、「應該」、「未來」、「提議」等詞語以及這些詞語的變體或類似表達或此類詞語或表達的否定形式旨在識別前瞻性陳述。這些前瞻性陳述並非對未來績效、狀況或結果的保證，涉及許多已知和未知的風險、不確定性、假設和其他重要因素，其中許多因素超出了公司的控制範圍，可能導致實際結果與前瞻性陳述中討論的結果存在重大差異。

As such, listeners are cautioned not to place undue reliance on any forward-looking statements. Investors should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors section of the company's filings with the SEC, including our registration statement and the other documents filed by the company. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

因此，提醒聽眾不要過度依賴任何前瞻性陳述。投資者應仔細考慮上述因素以及公司向美國證券交易委員會提交的文件（包括我們的註冊聲明和公司提交的其他文件）中「風險因素」部分所述的其他風險和不確定性。這些文件識別並解決了可能導致實際事件和結果與前瞻性陳述中所述的大不相同的其他重要風險和不確定性。

With that said, I would now like to turn the call over to Vince Capone, Spectral AI's Chief Financial Officer.

話雖如此，我現在想將電話轉給 Spectral AI 的財務長 Vince Capone。

Thank you, Sarah, and good afternoon, everyone. We appreciate you joining us today for our first-quarter financial results conference call. We are pleased to report we had a strong start to the year with significant accomplishments in the areas of product advancement and continued operating efficiencies. We also strengthened our financial profile and created a well-defined cash runway to support our growth initiatives throughout the foreseeable future. We have continued to evolve from a research company to a commercial organization and have a well-defined business focus for 2025 and beyond.

謝謝你，莎拉，大家下午好。感謝您今天參加我們的第一季財務業績電話會議。我們很高興地報告，我們今年開局良好，在產品進步和持續營運效率方面取得了重大成就。我們也加強了財務狀況，並建立了明確的現金流，以支持我們在可預見的未來的成長計劃。我們不斷從研究公司發展成為商業組織，並對 2025 年及以後的業務重點進行了明確的定義。

We have had some significant developments as we move forward into 2025, which I'd like to address now. First and foremost, our FDA submission. Our team is continuing to work hard as we move towards our FDA de novo classification submission by the end of the second quarter of 2025. We are primarily focused as an organization on this goal, and we are on track to meet this timeline.

隨著我們邁向 2025 年，我們取得了一些重大進展，我現在想談談這些進展。首先，也是最重要的，我們的 FDA 提交。我們的團隊正在繼續努力，爭取在 2025 年第二季末向 FDA 提交 de novo 分類申請。作為一個組織，我們主要專注於這一目標，並且我們正在按計劃實現這一時間表。

Second, I'd like to talk a little bit about our burn validation study results. In March 2025, we also released the results of our burn validation study, utilizing over 340 billion clinically validated data points. Our study, which began in January 2024 and concluded in March 2025, represented one of the largest burn trials ever conducted in the US across burn centers and emergency departments. The goal of the burn validation study was to further demonstrate the innovative and versatile nature of Spectral AI's DeepView technology as well as its ability to predict burn wound healing potential on the first day of injury with greater performance and speed than the methods currently used today.

其次，我想談談我們的燒傷驗證研究結果。2025 年 3 月，我們也發布了燒傷驗證研究的結果，該研究利用了超過 3,400 億個經過臨床驗證的數據點。我們的研究於 2024 年 1 月開始，並於 2025 年 3 月結束，是美國有史以來在燒傷中心和急診科進行的最大規模燒傷試驗之一。燒傷驗證研究的目標是進一步證明 Spectral AI 的 DeepView 技術的創新性和多功能性，以及它能夠以比目前使用的方法更高的性能和速度預測受傷第一天燒傷傷口癒合潛力的能力。

As our results have shown, together with a rigorous statistical analysis, the DeepView system continues to outperform the clinical judgment of burn physicians by a large margin. We are very pleased with the results from this study, which we will be utilizing as part of our FDA submission for our de novo classification.

正如我們的結果以及嚴格的統計分析所顯示的，DeepView 系統的表現仍然遠遠優於燒傷醫師的臨床判斷。我們對這項研究的結果非常滿意，我們將利用該研究的結果作為我們向 FDA 提交的從頭分類的一部分。

Next, I'd like to talk for a few minutes about financing. As we also announced in March, the company successfully completed a debt financing agreement with Avenue Capital of up to $15 million in funding with an initial drawdown of $8.5 million. In connection with this debt financing, the company also raised approximately $2.7 million of equity financing from institutional and existing investors. With total cash on hand now of over $14 million and potential access to an additional $6.5 million of debt and a reduced operating burn rate, which I will discuss later, our company has significant financing in hand for the foreseeable future to enable us to accelerate our product commercialization efforts and our operations in the foreseeable future.

接下來我想花幾分鐘談談融資問題。正如我們在 3 月宣布的那樣，該公司已成功與 Avenue Capital 達成債務融資協議，融資金額高達 1500 萬美元，初始提取金額為 850 萬美元。與此債務融資相關，該公司還從機構和現有投資者籌集了約 270 萬美元的股權融資。現在，我們公司手頭上的現金總額已超過 1,400 萬美元，並且可能獲得額外的 650 萬美元債務，並且運營成本有所降低（我將在後面討論），因此，在可預見的未來，我們公司手頭上將有大量融資，使我們能夠加快產品商業化進程，並在可預見的未來加快運營。

Next, let me talk a little bit about our MTEC development. We continue to drive the development of our DeepView system handheld device, the DeepView SnapShot M, as part of our MTEC development contract. We've successfully assembled two development prototypes, each with fully functional hardware. This marks a key milestone in our development timeline. Looking ahead, the next major activities include advancing our industrial design, conducting environmental testing to evaluate the performance of the device under rugged and military operational conditions, and continuing our AI software development and integration to enable a total body surface area measurement and AI nonhealing prediction functionality. We're on track for development of this technology, and we will continue to build momentum through the next phases of this contract.

接下來我來簡單講一下我們的MTEC發展情形。作為 MTEC 開發合約的一部分，我們繼續推動 DeepView 系統手持設備 DeepView SnapShot M 的開發。我們已經成功組裝了兩個開發原型，每個原型都配備了功能齊全的硬體。這是我們發展歷程中的重要里程碑。展望未來，接下來的主要活動包括推進我們的工業設計，進行環境測試以評估設備在惡劣和軍事操作條件下的性能，以及繼續我們的人工智慧軟體開發和集成，以實現全身表面積測量和人工智慧非癒合預測功能。我們正在按計劃開發這項技術，並且我們將在該合約的下一階段繼續積聚動力。

Lastly, I want to talk a little bit about Spectral IP. This is our healthcare intellectual property-focused subsidiary. We are fortunate to have a well known expert in intellectual property, Eric Spangenberg, as our largest shareholder. As we previously stated, we named Eric as CEO of this subsidiary, and his primary focus with respect to this entity has been to identify assets. This entity continues through its SEC registration process, and it has recently filed an amended registration statement for its initial public offering.

最後，我想談談 Spectral IP。這是我們專注於醫療保健智慧財產權的子公司。我們很榮幸能擁有著名的智慧財產權專家 Eric Spangenberg 作為我們的最大股東。正如我們之前所說，我們任命 Eric 為該子公司的首席執行官，他對該實體的主要關注點是識別資產。該實體正在繼續進行美國證券交易委員會 (SEC) 的註冊程序，並且最近已提交了首次公開發行的修訂註冊聲明。

It is important to note once again that the activities of this IP-focused subsidiary requires limited management resources and no additional capital from the company. Additionally, no core operating assets or intellectual property of the company will be involved in the subsidiary.

需要再次指出的是，這家專注於智慧財產權的子公司的活動需要有限的管理資源，並且不需要公司提供額外的資本。此外，該子公司不會涉及公司的任何核心營運資產或智慧財產權。

With that, let me turn my comments over to our quarterly earnings. We have issued our earnings release this afternoon, which contains additional details of our operating results, and we will be filing our Form 10-Q with the SEC later this week. With that in mind, I will focus my remarks on select highlights and key items.

有了這些，讓我來談談我們的季度收益。我們今天下午發布了收益報告，其中包含我們經營業績的更多詳細信息，我們將在本週晚些時候向美國證券交易委員會提交 10-Q 表。考慮到這一點，我將集中討論一些亮點和關鍵事項。

First off, we are pleased to report that research and development revenue for the first quarter rose 6% to $6.7 million from $6.3 million in the first quarter of last year. This growth reflects an increased level activity under the BARDA Project BioShield contract, which was awarded to the company in September 2023 as we work towards our FDA de novo submission. Gross margin rose to 47.2% from 46.6% in the first quarter of last year due to the higher concentration of direct labor as a component of our revenue under the BARDA Project BioShield contract. General and administrative expenses for the first quarter of 2025 were significantly reduced from $5.1 million in the first quarter of 2024 to $4.1 million in this quarter. The reduction in general and administrative expenses primarily relates to our focus on the BARDA Project BioShield contract as we move to complete our de novo submission by the end of the second quarter of 2025, with less work being done on other potential indications and continued cost cutting and efficiency measures of the company.

首先，我們很高興地報告，第一季的研發收入從去年第一季的 630 萬美元成長 6% 至 670 萬美元。這一增長反映了 BARDA 專案 BioShield 合約下活動水準的提高，該合約於 2023 年 9 月授予公司，我們正在努力獲得 FDA 的全新提交。由於 BARDA 專案 BioShield 合約下直接勞動力作為我們收入組成部分的集中度更高，毛利率從去年第一季的 46.6% 上升至 47.2%。2025年第一季的一般及行政開支從2024年第一季的510萬美元大幅減少至本季的410萬美元。一般及行政開支的減少主要與我們對 BARDA 專案 BioShield 合約的關注有關，因為我們將在 2025 年第二季末完成我們的 de novo 提交，而對其他潛在適應症的工作減少，並且公司繼續削減成本和提高效率的措施。

The reduction in general and administrative expenses resulted in an operating loss for the first quarter of 2025 of only $896,000 as compared to a net loss of $2.1 million in the first quarter of 2024. We continue to drive operational efficiencies throughout the organization. Other income for the first quarter of 2025 was up $4.9 million from other expenses which accounted for an expense of $1 million in the first quarter of 2024 as the company recorded a decrease in the fair value of its publicly traded warrant liability of $4.4 million. This resulted in the company reporting net income of $2.9 million as compared to a net loss of $3.2 million in the first quarter of last year. At March 31, 2025, we had 25,588,121 shares outstanding.

一般及行政開支的減少導致 2025 年第一季的營業虧損僅為 896,000 美元，而 2024 年第一季的淨虧損為 210 萬美元。我們將繼續推動整個組織的營運效率。2025 年第一季的其他收入較其他支出增加了 490 萬美元，而其他支出在 2024 年第一季產生了 100 萬美元的支出，因為該公司記錄的公開交易認股權證負債的公允價值減少了 440 萬美元。這導致該公司報告淨收入為 290 萬美元，而去年第一季淨虧損為 320 萬美元。截至 2025 年 3 月 31 日，我們已發行 25,588,121 股股票。

Now moving over to the balance sheet. As of March 31, 2025, cash and cash equivalents totaled $14.1 million, up from $5.2 million on December 31, 2024. This is primarily due to the company completing its financing as noted above. As stated earlier, this financing also includes a second tranche which would provide the company with an additional $6.5 million of debt and an intended equity raise of another $7 million upon FDA approval of our de novo submission. With our reduced spending levels, we believe this level of funding is sufficient to provide the company with the necessary capital throughout the foreseeable future.

現在轉到資產負債表。截至 2025 年 3 月 31 日，現金及現金等價物總額為 1,410 萬美元，高於 2024 年 12 月 31 日的 520 萬美元。這主要是因為該公司完成了上述融資。如前所述，此次融資還包括第二筆款項，將在 FDA 批准我們的 de novo 申請後為公司提供額外的 650 萬美元債務和另外 700 萬美元的股權融資。隨著我們支出水準的降低，我們相信這種水準的資金足以在可預見的未來為公司提供必要的資金。

For 2025, we are reiterating our revenue guidance of approximately $21.5 million. This guidance does not include contributions from the sales of the DeepView system for the burn indication in the UK or in Australia, which, if any, are not expected to be material for this year.

對於 2025 年，我們重申約 2,150 萬美元的收入預期。本指引不包括英國或澳洲的燒傷指徵 DeepView 系統的銷售貢獻，如果有的話，預計今年也不會產生重大影響。

I want to thank you for your time and attention today, and with that, Nick, let's open up the call for questions from our analysts.

我想感謝您今天的時間和關注，尼克，讓我們開始我們的分析師提問環節。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

On the guidance, I guess I'll start there, you're calling, I think, for $21.5 million just from BARDA revenue. You're tracking ahead of that, so any pull forward there in terms of what you saw in the first quarter? Because if I hold everything steady, arguably, you'll do maybe a little bit better than than what your guidance is calling for.

關於指導，我想我會從那裡開始，我認為您所說的僅從 BARDA 收入中獲得 2150 萬美元。您正在進行跟踪，那麼就第一季的情況而言，有什麼進展嗎？因為如果我保持一切穩定，可以說，你做得可能會比你的指導要求的要好一點。

Yeah, Brian, I appreciate the question. I think for us, we had a strong start to the year and it's reflective of our efforts to to focus on an FDA submission by the end of the second quarter. I think the second half of the year is looking probably less revenue with respect to the BARDA contract, as we continue to work on further developments of the DeepView system. But as of now, I think when we -- we're not that far through the first through 2025. I think we're confident in the revenue guidance, and if we continue to outperform, we may restate guidance, but for now we think the revenue guidance of 21.5, seems like a reasonable mark.

是的，布萊恩，我很感謝你提出這個問題。我認為對我們來說，今年有一個良好的開端，這反映了我們努力在第二季末之前集中精力向 FDA 提交申請。我認為，由於我們將繼續致力於 DeepView 系統的進一步開發，因此下半年 BARDA 合約的收入可能會減少。但截至目前，我認為我們距離 2025 年的目標還不遠。我認為我們對收入指引充滿信心，如果我們繼續表現出色，我們可能會重申指引，但目前我們認為 21.5 的收入指引似乎是一個合理的標準。

Yeah, no, that -- I can appreciate that early in the year. That's fair. And then, dovetailing in the next question, just you're going to submit end of the second quarter. So any color in terms of how you're preparing for that submission, what you're doing to de-risk the submission? Any kind of flavor for your interactions with FDA at this point, I think, would be appreciated by investors.

是的，不，那——我可以在年初就意識到這一點。這很公平。然後，與下一個問題相吻合，您將在第二季末提交。那麼，您為提交作品做了哪些準備，採取了哪些措施來降低提交作品的風險？我認為，您與 FDA 的任何互動都會受到投資者的讚賞。

Sure, no, Ryan, I think that's a great question. We have the benefit of a 12-year relationship with BARDA. BARDA has been very helpful with us. They've been a fantastic partner for us as we work through this process. We're working with them as part of our submission.

當然，不，瑞安，我認為這是一個很好的問題。我們與 BARDA 有著 12 年的合作關係。BARDA 對我們幫助很大。在我們完成這過程的過程中，他們一直是我們出色的合作夥伴。我們正在與他們合作，作為我們提交工作的一部分。

The FDA, we've had, over 10 pre-sub meetings with the FDA. We're working as an organization, frankly, very hard to get the submission in a form. We think the burn validation study results were also supportive, and we've identified the three metrics that we are confident that the FDA is going to look at in our submission.

FDA，我們已經與 FDA 舉行了 10 多次預先提交會議。坦白說，作為一個組織，我們非常努力地以某種形式提交內容。我們認為燒傷驗證研究結果也具有支持作用，我們已經確定了三個指標，我們相信 FDA 會在我們的提交文件中考慮這些指標。

And so to give some color there, I think we've done the things we can do to de-risk our submission as best we can, and I think we feel confident on the outcome, but obviously, we don't control that. But BARDA has been helpful. The FDA has been very helpful in our pre-sub meetings, and we're just really working aggressively as an entire organization to get that submission completed and in.

因此，為了給這裡添加一些色彩，我認為我們已經盡了最大努力來降低提交的風險，並且我認為我們對結果充滿信心，但顯然，我們無法控制這一點。但 BARDA 提供了幫助。FDA 在我們的提交前會議上提供了很大的幫助，我們整個組織都在積極努力地完成並提交申請。

Carl Byrnes, Northland Capital Markets.

卡爾‧伯恩斯 (Carl Byrnes)，北國資本市場 (Northland Capital Markets)。

Just to kind of follow-up a little bit. With respect to the 10 pre-sub meetings that you've had with FDA, have you incurred or been hit with any additional requests or deliverables that are in process? And if so, can you elaborate on that?

只是稍微跟進一下。就您與 FDA 舉行的 10 次提交前會議而言，您是否遇到或遇到任何正在處理的額外要求或交付成果？如果是的話，您能詳細說明一下嗎？

No, I mean, we've been walking through this process with the FDA over -- as we've walked through the submission process. I don't really want to get into specifics on the deliverables as part of our FDA submission. But suffice to say, when released the press release in March, identifying how we've performed with our rigorous analysis and how the burn validation study performed with respect to Dice Score, sensitivity, specificity. We're confident that those are benchmarks that the FDA is going to look at as we work through these pre-subs with them.

不，我的意思是，我們已經與 FDA 一起完成了這個過程——就像我們已經完成了提交過程一樣。我不太想詳細談論我們向 FDA 提交的交付成果。但可以說，在三月發布新聞稿時，我們確定了我們的嚴格分析表現如何，以及燒傷驗證研究在骰子分數、敏感性和特異性方面的表現如何。我們相信，這些都是 FDA 在與他們進行這些預簽約時將要參考的基準。

So I think that we've tried to derisk our submission as best we can. We feel frankly excited as an organization to get the submission in.

所以我認為我們已經盡力降低提交的風險了。作為一個組織，我們對於提交這份提案感到非常興奮。

And then just a follow-up, unrelated. But in general administrative, it seemed to be a little bit lower than expected in the first quarter. How do you see that for the balance of the year?

然後只是後續，無關。但從整體行政管理來看，第一季似乎比預期略低。您如何看待今年的剩餘情況？

No, great, I appreciate you picking that up. Obviously that has driven our results for the quarter, the idea that we are, and no pun intended, burning less than $1 million per quarter, we've focused somewhat on operational efficiencies, we see that is helping us with a long runway of the cash we have on hand.

不，太好了，我很感謝你注意到這一點。顯然，這推動了我們本季的業績，我們的想法是，（這不是雙關語）每季的支出不到 100 萬美元，我們在一定程度上註重營運效率，我們認為這有助於我們充分利用手頭上的現金。

I think this is going to provide us with what we need as we move forward. I would anticipate general and administrative expenses to stay consistent with our first-quarter results, but that's what keeps me up at night and we'll continue to drive towards those numbers.

我認為這將為我們提供前進所需的一切。我預計一般和行政費用將與我們第一季的業績保持一致，但這正是讓我夜不能寐的原因，我們將繼續努力實現這些數字。

John Vandermosten, Zacks.

約翰·范德莫斯滕，Zacks。

I thought I'd start out with just another question on SnapShot, and I heard you say you had a couple prototypes made already. And I think we were expecting it to be available for military use in 2027. Is that -- it sounds like maybe you might be able to beat that. What do you think about the timing at this point for Snapshot M?

我想先問一個關於 SnapShot 的問題，然後我聽到您說您已經製作了幾個原型。我認為我們預計它將在 2027 年用於軍事用途。是嗎——聽起來也許你能夠戰勝它。您認為 Snapshot M 目前的時機如何？

No, look, I don't necessarily know if we're going to be able to beat the timeline. I think the message that should be taken away from here is that, as we are focused on the FDA submission for the DeepView system, we also continue to work very hard on the MTEC contract. We see DeepView SnapShot M as a very good second indication of our technology. And we're working hard through those contracts to get into the position that we want to be with the device and our ability to assist the US military, really in the battlefield. It is an absolute fantastic use of our technology and one that we are quite pleased to support the US government and our military brothers and sisters.

不，你看，我不一定知道我們是否能夠準時完成。我認為從這裡應該得到的資訊是，當我們專注於 DeepView 系統的 FDA 提交時，我們也將繼續努力完成 MTEC 合約。我們認為 DeepView SnapShot M 是我們技術的第二個非常好的體現。我們正在努力透過這些合約實現我們想要的目標，並具備在戰場上協助美國軍方的能力。這絕對是對我們技術的絕妙運用，我們非常高興能夠為美國政府和我們的軍事兄弟姐妹提供支援。

Okay. And when you -- assuming you got approval, you have a market that's there ready for you and which really limits the amount of effort you're going to have to put in on that. But will you have any some kind of awareness campaign or something to perhaps sell a few extra devices outside of maybe the core area where BARDA is focusing? Are you or are you just gonna focus mainly on just what BARDA will sell for you initially?

好的。當你——假設你獲得了批准，你就擁有了一個為你準備好的市場，這確實限制了你需要投入的努力。但是，你們是否會進行某種宣傳活動，或者在 BARDA 關注的核心領域之外銷售一些額外的設備？您是否會主要關注 BARDA 最初會為您銷售什麼產品？

Look, it's a great question. As I said earlier, BARDA has been a fantastic partner for us, not just with the nondilutive financing that we've taken in to date, but they've been a great sounding board, they've been a great partner. Obviously, we need to focus on that relationship and the parameters around that contract, but our commercialization team is working hard towards expanding our commercialization efforts once we get FDA approval of the advice and moving into the commercial phase phase, even outside of the BARDA environment.

瞧，這是一個很好的問題。正如我之前所說，BARDA 一直是我們出色的合作夥伴，不僅因為他們迄今為止獲得的非稀釋性融資，還因為他們是我們出色的顧問和合作夥伴。顯然，我們需要關注這種關係以及合約的參數，但是一旦我們獲得 FDA 批准的建議並進入商業階段，我們的商業化團隊就會努力擴大我們的商業化努力，甚至在 BARDA 環境之外。

But I do want to say, BARDA is a strong partner, and our primary focus.

但我想說的是，BARDA 是一個強大的合作夥伴，也是我們的主要關注點。

Got it. And finally, after you submit, I assume that'll be in probably late June, you'll have the second half to kind of reorder your focus. What will that focus be on? I mean, Snapshot M is one of the big things. What else will you be spending your time doing with Spectral AI?

知道了。最後，在您提交之後，我估計那大概是在六月底，您將有下半年的時間來重新調整您的注意力。重點將放在什麼地方？我的意思是，Snapshot M 是一件大事。您還會利用 Spectral AI 做什麼？

Well, John, when we have continuing advancements of the DeepView system as part of not just the first phase of the PBS contract but also as part of the second phase. We're going to be working hard on advancing it through the different stages of the BARDA contract so that once we get FDA clearance, if not before, we'll be able to access that second tranche of the BARDA contract, not just with respect to the delivering of devices, but the further advancement of of the device. That is first and foremost.

好吧，約翰，我們將繼續改進 DeepView 系統，​​這不僅是 PBS 合約第一階段的一部分，也是第二階段的一部分。我們將努力推進 BARDA 合約的各個階段，以便一旦我們獲得 FDA 批准（如果不是更早的話），我們將能夠獲得 BARDA 合約的第二部分，不僅涉及設備的交付，還涉及設備的進一步改進。這是首要的。

And then you know what I've already talked about. We'll continue to develop the MTEC handheld device for the military. There may be other indications there, and our team is continuing to drill down on potential other indications as we focus in -- as we move through 2025 into 2026. But I would tell you that I would expect a large portion of the work we do in the second half of this year will be to continue to refine and develop and expand the DeepView system as part of that PBS BARDA contract.

然後你就知道我已經談論過什麼了。我們將繼續為軍方開發 MTEC 手持設備。那裡可能還有其他跡象，我們的團隊正在繼續深入研究潛在的其他跡象，我們將重點放在——從 2025 年到 2026 年。但我想告訴你，我預計我們今年下半年的大部分工作將是繼續完善、開發和擴展 DeepView 系統，​​作為 PBS BARDA 合約的一部分。

Vinnie Montgomery, SP Angel.

維尼蒙哥馬利，SP 天使。

Sorry, Vince, I think they got my name wrong, but it's Vadim here. Thanks for all that. I think a lot of the questions have been answered on BARDA. But I am interested in just kind of this is a little bit further in the future, but can you give us a little bit more color on how discussions go with the DOD? Because obviously, if you could develop that into a similar relationship as you had with BARDA, the great diversification of revenues from an agency that's much larger.

抱歉，文斯，我想他們弄錯了我的名字，但我叫瓦迪姆。謝謝你們。我認為很多問題已經在 BARDA 上得到解答。但我感興趣的是，這還有很長的路要走，您能否向我們詳細介紹與國防部的討論進展？因為顯然，如果你能將其發展成與 BARDA 類似的關係，那麼從規模大得多的機構獲得的收入就會大大多樣化。

So I mean, how does that develop? The contracts to date have been getting ever bigger. Obviously, they're not the size of the BARDA contracts, but they're obviously a bit earlier stage. But how is that going? I mean, how is that -- how does that -- can you just give us a bit of an example of how those contracts develop?

那我的意思是，它是如何發展的？迄今為止，合約金額越來越大。顯然，它們的合約規模不如 BARDA 合同，但顯然處於早期階段。但情況怎麼樣？我的意思是，這是怎麼回事——這是怎麼回事——您能否給我們舉個例子來說明這些合約是如何發展的？

Vadim, I appreciate you getting on this call, especially knowing your time zone in the UK, so thank you. But I mean, we've had the luxury of a longstanding relationship with BARDA. We've had a luxury of working hard with EMTEC and DHA throughout the DOD. We're continuing to work on those relationships. You're right, it takes time to develop those relationships.

瓦迪姆，謝謝您接聽我的電話，尤其是我知道您在英國的時區，所以謝謝您。但我的意思是，我們與 BARDA 有著長期的合作關係。我們有幸在整個國防部範圍內與 EMTEC 和 DHA 進行了艱苦的合作。我們將繼續努力維繫這些關係。你說得對，發展這些關係需要時間。

We're quite pleased with the development of the snapshot and products so far, and we just need to continue to work hard through research and development to improve that device and further build on that DOD relationship. It's not something that I could point to and say, it's something that would render itself very easily, but we continue to drive that. And I think the continued development of our device will drive further development and relationships and contracts with the DOD.

我們對快照和產品迄今為止的開發感到非常滿意，我們只需要繼續努力透過研究和開發來改進該設備並進一步加強與國防部的關係。這不是我可以指出並說出來的事情，這是很容易實現的事情，但我們會繼續推動它。我認為我們設備的持續發展將推動與國防部的進一步發展、關係和合約。

Okay, and is it fair to say that it has BARDA-equivalent potential in the future? Or is that too early to tell?

好的，那麼，是否可以說它在未來具有與 BARDA 相當的潛力？還是現在說還太早？

Yeah, I don't to -- I can't make a statement like that. I can't make a statement like that. You do know I'm still the general counsel of the company as well, so.

是的，我不想——我不能發表這樣的聲明。我無法做出這樣的聲明。你知道我仍然是公司的總法律顧問，所以。

That concludes our question-and-answer session. I would like to turn the conference back over to Vince Capone for any closing remarks.

我們的問答環節到此結束。我想將會議交還給文斯卡彭 (Vince Capone) 做最後發言。

Nick, thank you. And thank you all again for your participation and continued interest in Spectral AI. We are very pleased with the progress we continue to make, and we remain optimistic about the prospects for the growth and the development of our company. We continue to work hard on our FDA submission, and we look forward to having future announcements on the progress of these goals in the near term. Again, thank you all and have a nice night.

尼克，謝謝你。再次感謝大家的參與以及對 Spectral AI 的持續關注。我們對不斷取得的進步感到非常高興，並且對公司的成長和發展前景保持樂觀。我們將繼續努力向 FDA 提交申請，並期待在近期內公佈這些目標的進展。再次感謝大家，祝大家有個愉快的夜晚。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。