Spectral AI Inc (MDAI) 2025 Q2 法說會逐字稿

Good afternoon everyone and welcome to the Spectral AI Inc. quarter-two 2025 financial results conference call. (Operator Instructions) At this time, I would like to turn the floor over to Sara Prendergast, Assistant General Counsel. Please go ahead.

大家下午好，歡迎參加 Spectral AI Inc. 2025 年第二季財務業績電話會議。（操作員指示）現在，我想把發言權交給助理總法律顧問 Sara Prendergast。請繼續。

Thank you, Jamie. Good afternoon, everyone, and thank you for joining us for Spectral AI's 2025 second quarter financial results conference call. Our speakers for today will be Dr. Michael Dimaio, the company's Chairman of the Board; and Vincent Capone, the company's Chief Financial Officer.

謝謝你，傑米。大家下午好，謝謝大家參加 Spectral AI 2025 年第二季財務業績電話會議。今天的演講者是公司董事會主席 Michael Dimaio 博士和公司財務長 Vincent 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 strategies, plans, objectives, initiatives, and financial outlook.

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美國 1995 年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。

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.

在本次電話會議中使用時，估計、預測、預期、預測、計劃、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版本旨在識別前瞻性陳述。

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.

這些前瞻性陳述並非對未來績效、條件或結果的保證，並且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 other risks and uncertainties described in the Risk Factors section of the company's filings with the SEC, including the 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內容存在重大差異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 Dr. Dimaio, Spectral AI's Chairman of the Board.

話雖如此，我現在想將電話轉給 Spectral AI 董事會主席 Dimaio 博士。

Thank you, Sara. And good afternoon, everyone. We appreciate you joining us today for our second quarter financial results conference call. As part of my mantra to the company's employees, I have discussed the three Fs: finance, focus, and finish. To these three points, we will firstly address our finance piece as well as in the first quarter of 2025 as we will discuss further in a minute.

謝謝你，薩拉。大家下午好。感謝您今天參加我們的第二季財務業績電話會議。作為我對公司員工的口頭禪的一部分，我討論了三個 F：財務、專注和完成。對於這三點，我們將首先討論財務問題以及 2025 年第一季的問題，稍後我們將進一步討論。

Secondly, we are moving forward with our focus on our burn indication and our submission to our de novo application to the FDA, which has occurred in June two months ago. Lastly, finish is what we will continue to focus on as we look to work with our BARDA partners and bring the DeepView System device to the commercial marketplace.

其次，我們將繼續關注燒傷適應症以及向 FDA 提交的 de novo 申請，該申請已於兩個月前的 6 月提交。最後，我們將繼續專注於完成度，並期待與 BARDA 合作夥伴合作，將 DeepView 系統設備推向商業市場。

We had a strong start to the year with significant accomplishments and our FDA submission being completed in the second quarter of 2025 and continued operating efficiencies. We also strengthened our financial profile in Q1 of 2025 and created a cash runway to support our growth initiatives through the foreseeable future.

我們今年開局強勁，取得了重大成就，我們的 FDA 提交於 2025 年第二季完成，並持續保持營運效率。我們還在 2025 年第一季加強了財務狀況，並建立了現金跑道，以支持我們在可預見的未來的成長計劃。

We have had some significant developments in the second quarter of 2025. First, financing. As previously announced in March of 2025, the company successfully completed a debt financing agreement with Avenue Venture Opportunities Fund II, a fund of Avenue Capital Group, of up to $15 million and funding with an initial draw of $8.5 million. In connection with this debt financing, the company also raised $2.7 million of equity financing from institutional and existing investors.

2025 年第二季我們取得了一些重大進展。第一，融資。正如先前在 2025 年 3 月宣布的那樣，該公司成功與 Avenue Capital Group 旗下基金 Avenue Venture Opportunities Fund II 達成了一項債務融資協議，該協議金額高達 1500 萬美元，初始資金為 850 萬美元。與此次債務融資相關，該公司還從機構和現有投資者籌集了 270 萬美元的股權融資。

With total cash on hand at the end of June 2025 of over $10 billion potential access to an additional $6.5 million of debt and a reduced spending rate, Spectral AI has significant financing on hand for the foreseeable future that enables us to continue to work on our product commercialization efforts, including the planned US launch of our DeepView System.

截至 2025 年 6 月底，Spectral AI 手頭上的現金總額超過 100 億美元，可能獲得額外的 650 萬美元債務，並且支出率也會降低，因此在可預見的未來，Spectral AI 手頭上有大量融資，使我們能夠繼續致力於產品商業化工作，包括計劃在美國推出我們的 DeepView 系統。

Second, our FDA submission. Our FDA submission in the second quarter of 2025 was a huge milestone in our company's development. I am very proud of our team for their hard work and dedication in meeting this very important timeline. The submission is a key driver in the evolution of our business, and I would like to provide further information about this.

第二，我們的 FDA 提交。我們在 2025 年第二季向 FDA 提交的申請是我們公司發展的一個重要里程碑。我為我們的團隊為滿足這一非常重要的時間表而付出的辛勤工作和奉獻精神感到非常自豪。此次提交是我們業務發展的關鍵驅動力，我想提供更多有關此的資訊。

We had a number of pre-submission meetings with the FDA, which also included our BARDA partners funding a majority of this burn indication. Our team delivered the materials that we discussed back and forth with the FDA in the pre-submission meetings, and we expect to fully meet the expectation and requirements of the submission. We look forward to further interaction with the FDA on our de novo application in the months ahead.

我們與 FDA 舉行了多次提交前會議，其中我們的 BARDA 合作夥伴也為該燒傷適應症的大部分資金提供了資金。我們的團隊提交了在提交前會議上與 FDA 反覆討論的資料，我們希望完全滿足提交的期望和要求。我們期待在未來幾個月內就我們的 de novo 申請與 FDA 進行進一步的互動。

Next, Spectral IP. My last update is about our healthcare intellectual property focused subsidiary, Spectral IP Inc. We are fortunate to have Erich Spangenberg as our largest shareholder who is an expert in this space. He's a well-known expert in intellectual property and as CEO of the subsidiary, his primary focus with respect to this entity has been to identify assets for this entity. This entity continues through the SEC registration process for its initial public offering.

接下來是 Spectral IP。我最新的更新是關於我們專注於醫療保健智慧財產權的子公司 Spectral IP Inc. 我們很幸運有 Erich Spangenberg 作為我們最大的股東，他是這個領域的專家。他是智慧財產權領域的知名專家，作為該子公司的首席執行官，他對該實體的主要關注點是確定該實體的資產。該實體繼續透過美國證券交易委員會 (SEC) 註冊程序進行首次公開發行。

It is important to note once again that the activities of this IP-focused subsidiary require limited management resources and no additional capital from the company. Additionally, no core operating assets 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，該公司的任何核心經營資產均不會涉及該子公司。

I thank you again for your attention to our company. And with that, I will turn things over to our Chief Financial Officer, Vincent Capone. Vince?

再次感謝您對我公司的關注。說完這些，我將把事情交給我們的財務長文森特卡彭 (Vincent Capone)。文斯？

Thank you, Dr. Dimaio. And again, thank you all for joining us this afternoon. We issued our earnings release earlier this afternoon which contains additional details of our operating results, and we will be filing our Form 10-Q with the SEC this evening. With that in mind, I will focus my remarks on select highlights and key financial items.

謝謝您，迪馬約醫師。再次感謝大家今天下午的參加。我們今天下午早些時候發布了收益報告，其中包含我們經營業績的更多詳細信息，我們將於今晚向美國證券交易委員會提交 10-Q 表。考慮到這一點，我將重點介紹一些亮點和關鍵財務項目。

Our research and development revenue in the second quarter of 2025 was reduced to $5.1 million from $7.5 million in the second quarter of last year. This reduction reflects our anticipated reduced reimbursements under the BARDA Project BioShield contract, which was awarded to the company in September 2023. In the second quarter of 2025, we also incurred less clinical trial and other reimbursed costs from the prior year's quarter.

我們 2025 年第二季的研發收入從去年第二季的 750 萬美元降至 510 萬美元。這一減少反映了我們根據 BARDA 項目 BioShield 合約預期減少的報銷金額，該合約於 2023 年 9 月授予該公司。2025 年第二季度，我們的臨床試驗和其他報銷費用也比去年同期減少。

Gross margin decreased slightly to 45.2% from 46.6% in the second quarter of last year due to a lower percentage of reimbursed expenses under the project BioShield BARDA contract as well. General and administrative expenses for the second quarter of 2025 were significantly reduced from $5.8 million in the second quarter of 2024 to $4.4 million. The reduction in general and administrative expenses primarily relates to our continued focus on operating efficiencies and our overall corporate focus on the completion of our de novo submission to the FDA.

由於 BioShield BARDA 合約項目下的報銷費用百分比較低，毛利率從去年第二季的 46.6% 小幅下降至 45.2%。2025 年第二季的一般及行政開支從 2024 年第二季的 580 萬美元大幅減少至 440 萬美元。一般及行政開支的減少主要與我們持續關注營運效率以及我們整體公司專注於完成向 FDA 提交的重新提交有關。

The company reported a net loss in the second quarter of 2025 of $7.9 million as compared to a net loss of $2.9 million in the second quarter of 2024 as the company recorded an increase in the fair value of its publicly traded warrant liability of $5.4 million.

該公司報告 2025 年第二季淨虧損 790 萬美元，而 2024 年第二季淨虧損 290 萬美元，原因是該公司記錄的公開交易認股權證負債的公允價值增加了 540 萬美元。

Even with the larger warrant liability for the six month period ended June 30, 2025, the company reported a net loss of $5.1 million as compared to a net loss of $6.1 million for the first six months of last year, a reduction of over $1 million from the prior period. At June 30, 2025, we had 25,737,820 shares outstanding.

即使截至 2025 年 6 月 30 日的六個月期間認股權證負債較大，該公司仍報告淨虧損 510 萬美元，而去年上半年淨虧損 610 萬美元，比上一期間減少了 100 多萬美元。截至 2025 年 6 月 30 日，我們已發行 25,737,820 股股票。

Moving to the balance sheet, as of June 30, 2025, cash and cash equivalents totalled $10.5 million, up from $5.2 million on December 31, 2024. This is primarily due to the company completing its financing as earlier discussed.

轉到資產負債表，截至 2025 年 6 月 30 日，現金及現金等價物總額為 1,050 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前面討論的融資。

Please note that that financing also includes a second tranche, which would provide the company with an additional $6.5 million of debt and an attendant equity raise of $7 million upon FDA approval of our de novo application. With our reduced spending levels, we believe this funding is sufficient to provide the company with the necessary capital to get us through the foreseeable future.

請注意，該融資還包括第二筆款項，一旦 FDA 批准我們的 de novo 申請，這將為公司提供額外的 650 萬美元債務和 700 萬美元的股權融資。隨著我們支出水準的降低，我們相信這筆資金足以為公司提供必要的資金，以度過可預見的未來。

For 2025, we are reiterating revenue guidance of approximately $21.5 million. Our revenue guidance does not include any contributions from sales of the DeepView System for the burn indication in either the United Kingdom or Australia which, if any, are not expected to be material for 2025.

對於 2025 年，我們重申收入預期約為 2,150 萬美元。我們的收入預期不包括英國或澳洲的燒傷治療 DeepView 系統的銷售貢獻，如果有的話，預計在 2025 年也不會產生重大影響。

Thank you for your time and attention today. And with that, operator, let's open the call for questions from any participants.

感謝您今天的時間和關注。接線員，現在讓我們開始向所有參與者提問。

(Operator Instructions)

（操作員指示）

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Good afternoon. Thanks for taking our questions and appreciate the efficient remarks this afternoon. Maybe we could talk about the submission for DeepView, just how you're thinking about preparing for clearance here in the US? What you're doing to potentially start to think about a commercial organization? And any other thoughts you have on timing? I think we had previously expected about maybe first-half '26 for clearance. I just want to make sure that's still within the ballpark of what you guys are thinking. Thanks for taking the question.

午安.感謝您回答我們的問題，並感謝您今天下午的高效發言。也許我們可以談談 DeepView 的提交，您是如何考慮準備在美國獲得批准的？您正在做什麼來開始考慮成立一個商業組織？您對時間安排還有其他想法嗎？我認為我們之前預計大概在 26 年上半年就能獲得批准。我只是想確保這仍然在你們所想的範圍內。感謝您回答這個問題。

Hey, Ryan. Thank you. This is Dimaio. I appreciate the question. And to refocus, we are, as you said, very proud that we have got this FDA submission in a timely manner. And so to that end, we expect the appropriate time coming back and forth to the FDA. And yes, in the first half of next year, we expect a clearance of that, there's no guarantee, but we have all indications moving forward.

嘿，瑞安。謝謝。這是 Dimaio。我很感謝你提出這個問題。再次強調，正如您所說，我們非常自豪能夠及時收到 FDA 的提交。因此，為此，我們預期 FDA 能給出適當的答案。是的，我們預計明年上半年將會批准這項要求，雖然不能保證，但所有跡像都表明這項要求正在向前推進。

And what we've begun is developing a very thorough commercialization plan. As I keep emphasizing, there's three Fs. The third F is finished. We have spent a lot of energy to get to this point. So now, we are turning our attention carefully to the commercialization plan. That involves BARDA as well. The contract does involve some participation of BARDA helping us roll out. In some fashion, they will help us quote, purchase, unquote the initial devices that will be rolled out upon the clearance by the FDA.

我們已經開始製定非常周密的商業化計劃。正如我一直強調的那樣，有三個 F。第三個F完成了。我們花費了大量的精力才達到這一點。因此現在，我們正認真關注商業化計劃。這也涉及到 BARDA。該合約確實涉及 BARDA 的參與，幫助我們推廣。他們會以某種方式幫助我們報價、購買和取消報價那些在 FDA 批准後將推出的初始設備。

And in addition to that, we are discussing actively the second indication in addition to burns that we will be able to have a more widespread use applicability in the medical community. There's also some additional monies in the bar to contract to help us begin our commercialization plan.

除此之外，我們正在積極討論燒傷以外的第二種適應症，以便能夠在醫學界獲得更廣泛的應用。酒吧裡還有一些額外的資金可以用於合同，以幫助我們開始商業化計劃。

Got it. And I know you can't mark it to any expanded usage right now, I'm just curious, and I appreciate if you don't want to talk too much about this given that you're still exploring it, but where are you seeing utility outside of burns? Is it wound care? Are there other assessments, maybe aesthetic? I am just trying to think about some of the potential opportunities that may exist out there.

知道了。我知道你現在無法將其標記為任何擴展用途，我只是好奇，如果你不想談論太多，我很感激，因為你仍在探索它，但除了燒傷之外，你還在哪裡看到它的實用性？是傷口護理嗎？還有其他評估嗎，也許是美感？我只是在思考可能存在的一些潛在機會。

Thank you, Ryan. Yes, I will be careful what I say because I do not want to restrict ourselves. But if you focus and you do understand that we are a wound imaging device, check that; and then, of course, what we are able to differentiate is non-healing tissue.

謝謝你，瑞安。是的，我會謹慎說話，因為我不想限制自己。但是如果你集中註意力並且確實了解我們是一種傷口成像設備，請檢查一下；然後，當然，我們能夠區分的是未癒合的組織。

And in this case with the burns, when you have a non-healing area, that tells the burn doctor to remove that and do skin grafting, so that area will then have a new skin covering over that. If you can use your thoughts and imagination, there are other wounds that having a device that can differentiate what is not healing versus what is healing or what is not viable from what is viable you can have a very broad understanding or application that can be pursued.

在燒傷的情況下，如果有一個無法癒合的區域，燒傷醫生就會將其切除並進行皮膚移植，這樣該區域就會有新的皮膚覆蓋。如果您可以運用自己的想法和想像力，那麼對於其他傷口，擁有一種可以區分哪些是無法治癒的，哪些是正在治癒的，哪些是不可行，哪些是可行的，您就可以獲得非常廣泛的理解或應用。

And then lastly, as you have asked, Ryan, if you have something, a part of the body, a part of a wound, be they traumatic, be they elective, be they ischemic, be they infected or whatever, then you can also roll these out to companies that might find that useful in their products, be they skin substitutes, be they drugs, et cetera.

最後，正如您所問的，Ryan，如果您有某種東西，身體的某個部分，傷口的某個部分，無論是外傷、選擇性損傷、缺血性損傷、感染性損傷還是其他什麼，那麼您也可以將它們推廣給可能發現其產品有用的公司，無論是皮膚替代品、藥物等等。

Yeah. Thank you, Dr. Dimaio. I appreciate the color.

是的。謝謝您，迪馬約醫師。我很欣賞這個顏色。

Thank you, Ryan. I appreciate your question.

謝謝你，瑞安。我很感謝你的提問。

John Vandermosten, from Zacks.

來自 Zacks 的 John Vandermosten。

Great. Thank you. Good afternoon, Dr. Dimaio and Vince. When we look at, you mentioned the UK and Australia and how we're not going to really see anything from them or very much from them this year, what activities are you taking for deployment in the UK and Australia coming up in coming years?

偉大的。謝謝。下午好，Dimaio 博士和 Vince。當我們看時，您提到了英國和澳大利亞，以及我們今年不會真正看到他們做出任何舉動或看到他們做出太多舉動，那麼未來幾年您將在英國和澳大利亞採取哪些部署活動？

That's a good question. Thanks, John. So working backwards, as you probably know, the UK market is we're already approved there with certain release of it. And you may also know, maybe you don't know, that the UK burn doctors have found it to be extremely useful, friendly for the care of the burn patients. I want to emphasize that the UK market is actually a great opening salvo, if you will, to care for burn patients, and we want to use that and leverage that in the US market. And the same is for Australia.

這是個好問題。謝謝，約翰。因此，反過來想，正如您可能知道的，我們已經在英國市場獲得了批准，並已發布了某些產品。您可能還知道，也許您不知道，英國燒傷醫生發現它對於燒傷患者的護理非常有用且友好。我想強調的是，英國市場實際上是治療燒傷患者的一個很好的開端，我們希望利用這一點，並在美國市場上發揮它的作用。澳洲的情況也一樣。

So I would say that it's not the sales that we are looking forward to as much, but rather the usage of it and the learning lessons that we can gather from that.

所以我想說，我們期待的不是它的銷量，而是它的使用情況以及我們可以從中獲得的經驗教訓。

In terms of sales, we are thinking about that because it is a different market. It's a single payer market for all intents and purposes. And the ability to get what's called the NICE approval, N-I-C-E, is something that's often useful and desired for the UK market to have more widespread applicability.

在銷售方面，我們正在考慮這一點，因為這是一個不同的市場。從各方面來看，它都是一個單一付款人市場。獲得所謂的 NICE 批准 (N-I-C-E) 通常很有用，並且英國市場希望獲得更廣泛的適用性。

So we're currently, again to my third F as Finish, we're studying how much effort and purpose there is. And the UK market, as I repeated earlier, to be able to have that market, the information gleaned from that market to be used in the US, and then to determine how much time and energy will be useful to be dedicated to the UK for more widespread sales.

因此，我們現在又回到了我的第三個 F，即完成，我們正在研究需要付出多少努力和達​​到多少目的。正如我之前重複的那樣，對於英國市場，為了能夠擁有這個市場，將從該市場收集到的信息用於美國，然後確定需要投入多少時間和精力到英國以實現更廣泛的銷售。

Okay. And looking at the SnapShot and assuming you get approval for the DPU burn, what does the regulatory pathway look like for that? Because I think you have a little bit easier time of it since you've already got a predicate device.

好的。查看 SnapShot 並假設您獲得 DPU 銷毀的批准，那麼監管途徑是什麼樣的？因為我認為你已經有了謂詞設備，所以事情會變得更容易。

Yes, sir. And John, making sure, you're calling SnapShot, the handheld? Is that what you're referring to, John?

是的，先生。約翰，確定你所說的 SnapShot 是手持裝置嗎？這就是你所說的嗎，約翰？

Yeah. The SnapShot, the handheld, yeah, the portable one, yeah.

是的。SnapShot，手持式的，是的，便攜式的，是的。

Yeah. Again, a great question, John. So the answer is we are designing the, I am going to call it, handheld for simplicity. There's two things happening in that space. Number one, it is being designed with the essential components similar or identical to the, what I call the, cart-based, John, permit me to call it cart-based and handheld. And so that will have a pathway for a 510(k) regulatory pathway based upon the cart-based clearance. Does that make sense?

是的。約翰，這又是一個好問題。所以答案是我們正在設計，為了簡單起見，我稱之為手持設備。那個空間裡發生了兩件事。首先，它的設計基本部件與我所說的基於推車的（約翰，請允許我稱之為基於推車和手持的）類似或相同。因此，這將為基於購物車清關的 510(k) 監管途徑提供一條途徑。這有意義嗎？

Yeah.

是的。

Yeah. And so the second part I want to tell you is that, so far, the funding for that has been via a military pathway, DOD, DHA, and now it's called MTEC or the military pathway. And what we're going to do as well is create a parallel or similar pathway for a commercial handheld device.

是的。所以我想告訴你的第二部分是，到目前為止，該計畫的資金都是透過軍事途徑、國防部、內政部提供的，現在被稱為 MTEC 或軍事途徑。我們還要做的是為商用手持設備創建一條平行或類似的路徑。

So in summary, we will use the cart-based device as a predicate for the handheld device, and secondly, we're going to use the funding for the military handheld device to be able to craft a handheld commercial device.

總而言之，我們將使用基於推車的設備作為手持設備的前提，其次，我們將使用軍用手持設備的資金來製造手持商用設備。

Okay. Got it. All right. Thanks. I'll hop back in the queue.

好的。知道了。好的。謝謝。我會重新回到隊列中。

Thanks, John.

謝謝，約翰。

Carl Byrnes, Northland Capital Markets.

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

Thanks for the question and congratulations on your progress. I'm wondering if you can comment on any dialogue you might be having with BARDA with respect to how system roll-out might transpire once approved, call it, year one, year two. And anything that you might be able to state there would be very helpful. Thanks.

感謝您的提問，並祝賀您的進步。我想知道您是否可以就您與 BARDA 之間就係統一旦獲得批准（也就是第一年、第二年）將如何推出進行的任何對話發表評論。您在此所說的任何內容都將非常有幫助。謝謝。

Thanks, Carl, for your question. Well, you've asked the most telling question because as you well know, if you read the newspapers, there's a lot of events happening in the DC governmental space and I would be -- BARDA would not look upon me favorably if I try to explain, share, guess what's going to happen.

謝謝卡爾的提問。嗯，你問了一個最有說服力的問題，因為正如你所知，如果你讀報紙，你會發現華盛頓特區政府領域發生了很多事件，如果我試圖解釋、分享、猜測將會發生什麼，BARDA 不會對我有好感。

I will simply say that there is language in the contract that points towards some methodology of them helping us roll out devices and technology to the community.

我只想說，合約中有一些語言指出了他們幫助我們向社區推出設備和技術的一些方法。

But Carl, I would be very careful and remiss if I started trying to guess or predict. To what Sara said at the beginning of this call, forward-looking statements on how BARDA is going to act. I don't mean to be facetious, Carl, but that would be a very treacherous spot for me to be in.

但是卡爾，如果我開始嘗試猜測或預測，我會非常小心並且疏忽。對於 Sara 在本次電話會議開始時所說的內容，有關 BARDA 將如何行動的前瞻性陳述。卡爾，我並不是想開玩笑，但那對我來說是一個非常危險的處境。

I hear you. Thanks so much and congrats again.

我聽見了。非常感謝，再次恭喜。

Thanks, Carl.

謝謝，卡爾。

And ladies and gentlemen, with that, we'll wrap up today's question-and-answer session. I would like to turn the conference call back over to Dr. Dimaio for any closing remarks.

女士們、先生們，今天的問答環節就到此結束。我想將電話會議交還給 Dimaio 博士，請他做最後發言。

Again, to everyone, thank you 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 our prospects for the future. We have continued to focus on the three principles I mentioned earlier: finance, focus, and finish. We have done very well with the first two Fs. And now, it's our time to focus on commercialization, and indeed, we will. Please look forward to further announcements on our progress of these goals in the near term. Thanks to everyone and have a good evening.

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展感到非常高興。我們對未來的前景仍然充滿樂觀。我們繼續關注我之前提到的三個原則：財務、專注和完成。我們在前兩個 F 方面做得很好。現在，我們該關注商業化了，事實上，我們會這麼做。請期待我們近期公佈這些目標的進展。感謝大家，祝大家晚上愉快。

Ladies and gentlemen, that does conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講到此結束。感謝您的加入。現在您可以斷開線路了。