23andMe Holding Co. (ME) 2023 Q1 法說會逐字稿

Good morning, and welcome to 23andMe's Fiscal 2022 First Quarter Financial Results Conference Call. (Operator Instructions)

早上好，歡迎參加 23andMe 的 2022 財年第一季度財務業績電話會議。 （操作員說明）

I would now like to hand the call over to Wade Walke, Vice President of Investor Relations, to lead off the call. Thank you, please go ahead.

我現在想把這個電話交給投資者關係副總裁韋德·沃克來主持這個電話。謝謝，請繼續。

Thank you. Before we begin, I encourage everyone to go to investors.23me.com to find the press release we issued earlier today reporting our financial results for the quarter. A replay of today's webcast will also be available on our website for a limited time within 24 hours after the event.

謝謝你。在開始之前，我鼓勵大家訪問investors.23me.com 查找我們今天早些時候發布的報告本季度財務業績的新聞稿。今天的網絡直播也將在活動結束後的 24 小時內限時在我們的網站上播放。

Please note that certain statements made during this call regarding matters that are not historical facts, including, but not limited to, management's outlook or predictions of future periods are forward-looking statements. These statements are based solely on information that is now available to us. We encourage you to review the section entitled forward-looking statements in our press release, which applies to this call. Also please refer to our SEC filings, which can be found on our website and the SEC's website for a discussion of numerous factors that may impact our future performance.

請注意，在本次電話會議期間就非歷史事實作出的某些陳述，包括但不限於管理層的前景或對未來期間的預測，屬於前瞻性陳述。這些陳述僅基於我們現在可獲得的信息。我們鼓勵您查看我們新聞稿中標題為前瞻性陳述的部分，該部分適用於本次電話會議。另請參閱我們的 SEC 文件，該文件可在我們的網站和 SEC 的網站上找到，以討論可能影響我們未來業績的眾多因素。

We also discuss certain non-GAAP measures. Important information on our use of these measures and reconciliation to U.S. GAAP may be found in our earnings release. Joining us on our call today are Anne Wojcicki, our Chief Executive Officer and Co-Founder; and Steve Schoch, our Chief Financial Officer, Kenneth Hillan, our Chief Therapeutics Officer will join us for Q&A. And now I'd like to turn the call over to Anne.

我們還討論了某些非公認會計原則的措施。有關我們使用這些措施以及與美國公認會計原則對賬的重要信息可以在我們的收益發布中找到。今天加入我們電話會議的是我們的首席執行官兼聯合創始人 Anne Wojcicki；我們的首席財務官 Steve Schoch，我們的首席治療官 Kenneth Hillan 將加入我們的問答環節。現在我想把電話轉給安妮。

Thank you, Wade. During our first fiscal quarter, we continued to make progress developing our genomic health service for customers and advancing our pipeline in the therapeutics business. In the consumer business, we continued to grow our customer base, which is now over 13 million genotype customers. In this last quarter, we added 3 new genetic risk reports for our 23andMe+ subscribers, glaucoma, psoriasis and rosacea. This brings the number of health reports in our products to over 60. We are able to provide new insights to our customers on a regular basis, thanks to the unmatched size of our consented database for genetic research.

謝謝你，韋德。在我們的第一財季，我們繼續在為客戶開發基因組健康服務和推進治療業務管道方面取得進展。在消費者業務方面，我們繼續擴大我們的客戶群，目前有超過 1300 萬基因型客戶。在上個季度，我們為 23andMe+ 訂閱者添加了 3 份新的遺傳風險報告，分別是青光眼、牛皮癬和酒渣鼻。這使我們產品中的健康報告數量超過 60 份。我們能夠定期向客戶提供新的見解，這要歸功於我們同意的基因研究數據庫的規模無與倫比。

Developing our genomic health service for our customers remains a high priority for our consumer business. This service is designed to integrate genetic health risk information into care with the goal of preventing or better managing disease. We are happy to announce 2 important new hires in the area of Genomic Health. Recently, we hired Noura Abul-Husn and Amy Sturm to strengthen our leadership in genomic medicine. Dr. Abul-Husn is our new Vice President of Genomic Health. She is a physician scientist whose work aims to uncover the clinical impact of human genetic variation in diverse populations and drive the large-scale equitable implementation of genomic medicine. She previously served as Director of Translational Genetics at the Regeneron Genetics Center and most recently was the founding Chief of the Division of Genomic Medicine and Clinical Director of the Institute for Genomic Health at the Icahn School of Medicine at Mount Sinai.

為我們的客戶開發我們的基因組健康服務仍然是我們消費者業務的重中之重。該服務旨在將遺傳健康風險信息整合到護理中，以預防或更好地管理疾病。我們很高興地宣佈在基因組健康領域有 2 名重要的新員工。最近，我們聘請了 Noura Abul-Husn 和 Amy Sturm 來加強我們在基因組醫學領域的領導地位。 Abul-Husn 博士是我們新的基因組健康副總裁。她是一名醫學科學家，其工作旨在揭示人類遺傳變異對不同人群的臨床影響，並推動基因組醫學的大規模公平實施。她曾擔任再生元遺傳學中心的轉化遺傳學主任，最近擔任西奈山伊坎醫學院基因組醫學部的創始主任和基因組健康研究所的臨床主任。

Amy Sturm is our Director of Population Health Genomics. Amy was most recently a professor at Geisinger Genomic Medicine Institute and Director of the MyCode Genomic Screening and Counseling Program and Cardiovascular Genomic Counseling Program. Amy, who is a past President of the National Society of Genetic Counselors has over 20 years of experience in leadership, clinical care, research, program development and implementation in areas that include population genomic screening, cardiovascular genetics and genomics and digital health technologies. Dr. Abul-Husn and Amy are bringing critical leadership and experience in the delivery of genomic medicine to the broad population. We look forward to you hearing from them in the near future.

Amy Sturm 是我們的人口健康基因組學主任。 Amy 最近是 Geisinger 基因組醫學研究所的教授和 MyCode 基因組篩查和諮詢計劃和心血管基因組諮詢計劃的主任。艾米是美國國家遺傳諮詢師協會的前任主席，在人群基因組篩查、心血管遺傳學和基因組學以及數字健康技術等領域的領導、臨床護理、研究、項目開發和實施方面擁有超過 20 年的經驗。 Abul-Husn 博士和 Amy 正在為廣大人群帶來基因組醫學的重要領導和經驗。我們期待您在不久的將來收到他們的來信。

In our therapeutics efforts, we continue to use our research platform to create a pipeline of more than 50 programs backed by human genetic data with 2 now in Phase I clinical trials. We also just started the fifth year of our exclusive target discovery collaboration with GSK. Our collaboration with GSK has been very productive, and we believe GSK's decision to exercise their option for a fifth year further demonstrates the value of our unique database for discovering novel targets for drug development. We believe the new therapeutics that come out of our discovery engine will eventually play a significant role in helping people benefit from the human genome.

在我們的治療工作中，我們繼續使用我們的研究平台創建由人類基因數據支持的 50 多個項目的管道，其中 2 個目前處於 I 期臨床試驗中。我們還剛剛開始了與 GSK 的獨家目標發現合作的第五年。我們與葛蘭素史克的合作非常富有成效，我們相信葛蘭素史克第五年行使他們的選擇權的決定進一步證明了我們獨特的數據庫在發現藥物開發新靶點方面的價值。我們相信，我們的發現引擎產生的新療法最終將在幫助人們從人類基因組中受益方面發揮重要作用。

And with that, I'll turn the call over to Steve to review our financial results for the quarter.

有了這個，我將把電話轉給史蒂夫來審查我們本季度的財務業績。

Thanks, Anne. We are off to a solid start to fiscal 2023, with revenue growing by 9% and overall financial performance consistent with our expectations. While our existing lines of revenue continue to progress, as Anne mentioned, the work on developing our genomic health service continues to be a top priority as is the continued investment in progressing our genetically validated therapeutic pipeline.

謝謝，安妮。我們在 2023 財年開局良好，收入增長 9%，整體財務業績符合我們的預期。正如安妮所提到的，雖然我們現有的收入線繼續取得進展，但開發我們的基因組健康服務的工作仍然是重中之重，繼續投資於推進我們的基因驗證治療管道也是如此。

On the research services side, as of late July, we entered into the fifth year of our exclusive GSK agreement, and we look forward to continuing to work with GSK to turn genetically validated targets into potential new medicines. As a reminder, in January, GSK elected to exercise its right for that fifth year option under the terms of our collaboration agreement for an additional payment of $50 million.

在研究服務方面，截至 7 月下旬，我們進入了 GSK 獨家協議的第五個年頭，我們期待繼續與 GSK 合作，將經過基因驗證的目標轉化為潛在的新藥。提醒一下，1 月份，葛蘭素史克選擇根據我們的合作協議條款行使其第五年選擇權，額外支付 5000 萬美元。

Now let us turn to our first quarter financial performance. Our revenue for the 3 months ended June 30, 2022, was $65 million, representing an increase of 9% over the same period the prior year. First quarter revenue growth was primarily due to the addition of telehealth revenue from the recent acquisition of Lemonaid Health and an increase in our subscription revenue. These increases were partially offset by lower revenue in the other areas of consumer and research services.

現在讓我們轉向第一季度的財務業績。截至 2022 年 6 月 30 日止 3 個月，我們的收入為 6500 萬美元，比去年同期增長 9%。第一季度收入增長主要是由於最近收購 Lemonaid Health 增加了遠程醫療收入以及我們的訂閱收入增加。這些增長被消費者和研究服務等其他領域的收入下降部分抵消。

Looking at the composition of our revenue. Consumer services revenue represented approximately 87% of total revenue for the 3 months ended June 30, 2022, and research services revenue, which was substantially all from the GSK collaboration, accounted for approximately 13% of total revenue. Our gross profit for the 3-months ended June 30, 2022, was $25 million, representing a 17% decrease over the same period in the prior year. The year-over-year decline was driven primarily by an increased mix percentage of telehealth revenues, which carries a lower gross margin as well as increased overall labor costs affecting cost of sales across the consumer and research services segment.

看看我們的收入構成。截至 2022 年 6 月 30 日止 3 個月，消費者服務收入約佔總收入的 87%，而研究服務收入主要來自 GSK 的合作，約佔總收入的 13%。截至 2022 年 6 月 30 日止 3 個月的毛利潤為 2500 萬美元，比去年同期下降 17%。同比下降的主要原因是遠程醫療收入的混合百分比增加，其毛利率較低，以及整體勞動力成本增加影響了整個消費者和研究服務部門的銷售成本。

Operating expenses for the 3 months ended June 30, 2022, were $115 million compared to $72 million for the same period in the prior year. The increase in operating expenses was primarily attributable to labor costs and the addition of sales and marketing expenses from the previously acquired telehealth business. These increases were partially offset by lower R&D expenses due to decreasing spend on the GSK'608 program following the company's election to adopt the royalty option for the program versus the previous cost sharing arrangement with GSK on development costs. Looking at the bottom line. Net loss for the 3 months ended June 30, 2022, was $90 million compared with -- to net losses for the same period in the prior year of $42 million. The increase in net loss was primarily driven by the higher operating expenses noted earlier.

截至 2022 年 6 月 30 日止 3 個月的運營費用為 1.15 億美元，而去年同期為 7200 萬美元。運營費用的增加主要是由於勞動力成本以及先前收購的遠程醫療業務增加的銷售和營銷費用。這些增長部分被較低的研發費用所抵消，因為在公司選擇採用該計劃的特許權使用費選項後，GSK'608 計劃的支出減少，而不是之前與 GSK 就開發成本的成本分攤安排。看著底線。截至 2022 年 6 月 30 日止 3 個月的淨虧損為 9000 萬美元，而上年同期淨虧損為 4200 萬美元。淨虧損的增加主要是由於前面提到的較高的運營費用。

Now let's look at our adjusted EBITDA for details on how we define adjusted EBITDA as well as the corresponding reconciliations to GAAP, please see our earnings press release. Total adjusted EBITDA for the 3 months ended June 30, 2022, was a deficit of $50 million compared to a deficit for the same period in the prior year of $27 million. The increase in total adjusted EBITDA deficit was driven primarily by the increase in operating expenses mentioned previously. Looking specifically at the adjusted EBITDA for the 3 months ended June 30, 2022, for the Consumer and Research Services segment, we saw a deficit of $17 million compared to a deficit for the same period in the prior year of $1 million. The higher current period adjusted EBITDA deficit in this segment was driven primarily by the increase in operating expenses discussed previously, which reflects the impact from inclusion of our acquired telehealth results.

現在讓我們看看我們調整後的 EBITDA，以了解我們如何定義調整後的 EBITDA 以及與 GAAP 的相應調節的詳細信息，請參閱我們的收益新聞稿。截至 2022 年 6 月 30 日止 3 個月的調整後 EBITDA 總額為虧損 5,000 萬美元，而上年同期為虧損 2,700 萬美元。調整後 EBITDA 赤字總額的增加主要是由於前面提到的運營費用增加所致。具體來看，消費者和研究服務部門截至 2022 年 6 月 30 日止 3 個月的調整後 EBITDA 為 1700 萬美元，而去年同期為 100 萬美元。該部門本期調整後 EBITDA 赤字較高的主要原因是之前討論的運營費用增加，這反映了包含我們收購的遠程醫療結果的影響。

We ended the quarter with $479 million in cash, which gives us an ample horizon to deliver on our longer-term business goals. We continue to be disciplined in our execution as we strive for efficiencies across all activities with a focus on advancing the development of our genomic health services and on advancing our therapeutics programs; both of which represent key future growth opportunities.

我們以 4.79 億美元的現金結束了本季度，這為我們實現長期業務目標提供了充足的視野。在我們努力提高所有活動的效率時，我們將繼續遵守紀律，重點是推進我們的基因組健康服務的發展和推進我們的治療計劃；這兩者都代表著未來的關鍵增長機會。

As I mentioned earlier, our first quarter results were consistent with our expectations, and thus, we are confirming our previous full fiscal year 2023 guidance. As a reminder, this included revenue in the range of $260 million to $280 million and a net loss in the range of $350 million to $370 million. The full year adjusted EBITDA deficit is projected to be in the range of $195 million to $215 million. Of note, this guidance includes the full year impact of the consolidation of our acquired telehealth business into the company's overall consumer business as well as the current and anticipated effects of general inflation on certain of our costs.

正如我之前提到的，我們的第一季度業績與我們的預期一致，因此，我們正在確認我們之前的 2023 財年全年指導。提醒一下，這包括 2.6 億至 2.8 億美元的收入和 3.5 億至 3.7 億美元的淨虧損。全年調整後的 EBITDA 赤字預計在 1.95 億美元至 2.15 億美元之間。值得注意的是，該指南包括將我們收購的遠程醫療業務整合到公司整體消費者業務中的全年影響，以及一般通貨膨脹對我們某些成本的當前和預期影響。

And now I'll turn the call back over to Anne.

現在我會把電話轉回給安妮。

Thank you, Steve. I'm very proud of all the progress the team has made to start off our fiscal year. To reiterate a few highlights. First, our database, the largest of its kind in the world continues to grow, now with over 13 million genotype customers. Second, we are making good progress with our integration of Lemonaid's telehealth business into our consumer business. Third, we are executing on our plans to offer a new genomic health service. Fourth, we have started the fifth and final year of our exclusive target discovery collaboration with GSK. And last, we continue to make progress with our 50-plus therapeutic targets through genetic-based drug discovery.

謝謝你，史蒂夫。我為團隊在本財年開始時取得的所有進展感到非常自豪。重申幾個亮點。首先，我們的數據庫是世界上同類數據庫中最大的，它繼續增長，現在擁有超過 1300 萬基因型客戶。其次，我們正在將 Lemonaid 的遠程醫療業務整合到我們的消費者業務中取得良好進展。第三，我們正在執行我們提供新的基因組健康服務的計劃。第四，我們已經開始了與 GSK 的獨家目標發現合作的第五年，也是最後一年。最後，我們通過基於基因的藥物發現繼續在我們的 50 多個治療目標方面取得進展。

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

有了這個，現在讓我們打開它來回答更多問題。

Our first question comes from Tiago Fauth with Credit Suisse.

我們的第一個問題來自瑞士信貸的 Tiago Fauth。

So just 2 for me. I would love to hear more about the new Genomic Health Services. I know you started beta testing a couple of months ago. I don't know if it's too early to talk about any specific learnings or how that may impact the future of the telehealth business, any impact on unit economics or things like that that you can provide at this moment? And just briefly on the therapeutic side, I'm just curious if you can provide any qualitative comment on 610 enrollment and how that's progressing and when we might see some initial data for that asset?

所以對我來說只有2個。我很想听到更多關於新的基因組健康服務的信息。我知道你幾個月前就開始了 Beta 測試。我不知道現在談論任何具體的學習或這可能如何影響遠程醫療業務的未來、對單位經濟的任何影響或您目前可以提供的類似內容是否為時過早？就治療方面來說，我只是想知道您是否可以就 610 的註冊提供任何定性評論，以及進展如何，以及我們何時可以看到該資產的一些初始數據？

Thanks, Tiago. Good questions. So the Genomic Health Service is obviously -- it's a top priority for the consumer team. And I think one of the things that we've really identified is that there's lots of players in telehealth and primary care, but we're the only ones really owning a complete genomic health experience and making sure that we get it right in terms of how we're going to price it, what it's going to look like, making sure that the health care providers we have are trained appropriately putting together the protocols is really sort of like the thick of it of how we are currently focused on what we're building and how we're going to roll it out.

謝謝，蒂亞戈。好問題。因此，基因組健康服務顯然是——它是消費者團隊的首要任務。而且我認為我們真正確定的一件事是遠程醫療和初級保健領域有很多參與者，但我們是唯一真正擁有完整基因組健康經驗並確保我們在以下方面做到正確的人我們將如何定價，它會是什麼樣子，確保我們擁有的醫療保健提供者接受過適當培訓，將協議放在一起，這真的有點像我們目前關注的重點'正在建設以及我們將如何推出它。

So I don't have specifics for you in terms of timelines of exactly when we're promising that you're going to see something, but it is -- hiring Amy and Noura was a key part of making sure we have the team that we'll be able to execute on a genomic health service and thinking very specifically about what is -- what are those first -- what is it going to initially look like and how do we make sure we have the appropriate kind of rollout.

因此，我沒有具體的時間表來說明我們承諾你會看到什麼的確切時間，但確實是——僱傭 Amy 和 Noura 是確保我們擁有的團隊的關鍵部分我們將能夠執行基因組健康服務，並非常具體地思考什麼是——首先是什麼——它最初會是什麼樣子，以及我們如何確保我們有適當的推廣方式。

I can just say like one of the things that we did say when we acquired Lemonaid that continues to be really important to me is the fact that Lemonaid has a pharmacy. And when you think about something that -- everyone takes medications at some point, pharmacogenomics has huge potential for every single person. So how is it that we can appropriately leverage all of our resources, leverage the 13 million customers and make sure that we can empower people to get access to the right medication for them. So we will definitely -- Amy and Noura are 2 individuals I'd love for you to meet at some point, and we will definitely keep following up with the timeline on the Genomic Health Service as well as on being able to spend more time with them.

我可以說，當我們收購 Lemonaid 時，我們確實說過的一件事對我來說仍然非常重要，那就是 Lemonaid 有一家藥店。當你想到一些事情時——每個人都在某個時候服用藥物，藥物基因組學對每個人都有巨大的潛力。那麼，我們如何才能適當地利用我們所有的資源，利用 1300 萬客戶，並確保我們能夠使人們能夠獲得適合他們的藥物。所以我們一定會——艾米和努拉是我希望你在某個時候見到的兩個人，我們一定會繼續跟進基因組健康服務的時間表，以及能夠花更多時間與他們。

So for question number two, let me point to Kenneth.

所以對於第二個問題，讓我指點肯尼斯。

Yes, thanks, Anne, thanks, Tiago. Thanks for your interest in 23andMe 610, obviously something we continue to follow very closely, it's a high priority. As you know that program just initiated clinical trials for Phase I in January earlier this year. So it's really still too early to forecast when we would expect to have Phase I data. What I can say is we continue to make good progress, continue to open up additional sites for enrollment. And so Jennifer Low and her team, Jennifer leads the development organization at 23andMe are continuing to make, as I said, good progress, but it's too early to be specific about when we'd anticipate being able to share Phase I data.

是的，謝謝，安妮，謝謝，蒂亞戈。感謝您對 23andMe 610 的關注，顯然我們將繼續密切關注，這是一個高度優先事項。如您所知，該計劃剛剛在今年 1 月初啟動了 I 期臨床試驗。因此，現在預測我們預計何時可以獲得第一階段的數據還為時過早。我能說的是我們繼續取得良好的進展，繼續開放更多的招生網站。因此，正如我所說，Jennifer Low 和她的團隊（Jennifer Low）領導 23andMe 的開發組織正在繼續取得良好的進展，但現在要具體說明我們預計何時能夠共享第一階段數據還為時過早。

Our next question comes from Daniel Grosslight with Citi.

我們的下一個問題來自花旗的 Daniel Grosslight。

This is David Lebowitz on for Dan. I guess my first question would be, if you could comment about the strength of your recent Prime Day in July and how that would be recognized in the second quarter?

這是大衛·萊博維茨為丹代言的。我想我的第一個問題是，如果您可以評論您最近在 7 月的 Prime 會員日的實力，以及如何在第二季度得到認可？

Steve, do you want to take that?

史蒂夫，你想拿那個嗎？

Yes, I can take that. So I guess I'd start with the general messaging we've given is that how we see the year playing out is kind of represented in reaffirming our guidance, and that includes the revenue guidance. So safe to say that overall, where things are progressing as we expected them to when we first set out that guidance. And so we don't really break out results. And of course, timing-wise, the way that Prime Day sort of fell this year versus fell last year, you would not have -- last year, you might have snuck a little revenue into the first quarter because Prime Day occurred in June and sort of early mid-June, but not much this year it fell in July. So all of that would be forward recognition. And we would expect it to follow a pattern which has become reasonably consistent over time about how those get returned. But it will be -- it's reflected in our expectations for revenue.

是的，我可以接受。所以我想我會從我們給出的一般信息開始，即我們如何看待這一年的發展，這在某種程度上體現了我們的指導，其中包括收入指導。可以肯定地說，總體而言，事情正在按照我們首次製定該指導時的預期進展。所以我們並沒有真正打破結果。當然，從時間上看，今年 Prime 會員日與去年相比有所下降，你不會 - 去年，你可能會在第一季度偷偷一點收入，因為 Prime 會員日發生在 6 月，而且有點像 6 月中旬，但今年 7 月下降的不多。因此，所有這些都將是前瞻性的認可。我們希望它遵循一種模式，隨著時間的推移，關於如何返回這些模式已經變得相當一致。但它會 - 它反映在我們對收入的預期中。

Okay. And with respect to Lemonaid, could you first comment on the nature of what these consultations actually include? Obviously, examination of their genetic risk profile and potential for next steps. Could you elaborate on to this point with the beta testing, what types of cases you've had that, I guess, could illustrate for us what those next steps patients are actually taking? And then also as far as the cadence for how that beta program might actually ramp up over time.

好的。關於 Lemonaid，您能否首先評論一下這些磋商實際包括的內容的性質？顯然，檢查他們的遺傳風險狀況和下一步的潛力。您能否通過 beta 測試詳細說明這一點，我猜您有哪些類型的病例可以為我們說明患者實際採取的後續步驟？然後就該測試計劃如何隨著時間的推移實際增加的節奏而言。

I think I caught all your questions here. So one of the main things that we have a history of, we have a very substantial customer care team, and we have a history of lots of questions that people have asked. And I can point to all kinds. People can get a BRCA variant and not necessarily know who to go to. People can get an APOE4 variant with Alzheimer's, not know are there preventive things they can do, are there behavior changes they can do?

我想我在這裡抓住了你所有的問題。因此，我們擁有的主要歷史之一是，我們擁有一支非常強大的客戶服務團隊，並且我們擁有很多人們提出的問題的歷史。我可以指出所有類型。人們可以獲得 BRCA 變體，但不一定知道該去找誰。患有阿爾茨海默氏症的人可以得到 APOE4 變體，不知道他們可以做些什麼預防性的事情，他們可以做一些行為改變嗎？

Something like chronic kidney disease, are there APOL1 variant, are there things that you can do? And so what I'd say the team is really looking at doing is identifying what is a specific kind of area that we can hone in on and really have a meaningful clinical product for our customers. And you can imagine something like Type 2 diabetes, people find out they're higher risk, what are the next things that they're going to want to do? And a lot of people, for instance, don't know that they're the blood test going in testing your hemoglobin A1c and seeing what should you do? Are you high? Do you essentially need to be more proactive about how you're managing it.

像慢性腎病，有沒有 APOL1 變異，有什麼可以做的嗎？所以我想說的是，團隊真正想做的是確定什麼是我們可以磨練的特定領域，並真正為我們的客戶提供有意義的臨床產品。你可以想像像 2 型糖尿病這樣的事情，人們發現他們的風險更高，他們接下來想做的事情是什麼？很多人，例如，不知道他們是在測試你的血紅蛋白 A1c 的血液測試，看看你應該怎麼做？你高嗎？您是否需要更加積極主動地管理它。

So there's some of that kind of basic advice that I think that we can start to be able to deliver to people like understanding what the information means, what are some of the follow-up steps. And some things are going to be very specific to the genetic knowledge like really knowing that for examples in chronic kidney disease, what are the things that you can really do to mitigate any of those risks? And what I find is that the -- having genomic health experts really allows us to have that edge to be able to work them in tandem either with specialists or with primary care providers about what is the latest that is out there about how you actually manage a patient in (inaudible) with a higher risk. So I don't have specifics. I mean, I think that we can definitely say we're -- we have plans about where we want to be by end of the year, and we would be enthused for more customers, for us to be able to update you certainly on next earnings.

因此，我認為我們可以開始向人們提供一些基本建議，例如了解信息的含義，以及一些後續步驟。有些事情對於遺傳知識來說是非常具體的，比如真正知道對於慢性腎病的例子，你真正可以做些什麼來減輕這些風險？我發現——擁有基因組健康專家確實讓我們擁有優勢，能夠與專家或初級保健提供者一起工作，了解關於你實際管理的最新信息（聽不清）風險較高的患者。所以我沒有具體的。我的意思是，我認為我們可以肯定地說我們 - 我們計劃在今年年底之前達到我們想要的目標，我們會為更多的客戶感到興奮，因為我們能夠在下一次更新您收益。

What was your second question again?

你的第二個問題又是什麼？

On cadence of the beta program and ramping up.

關於 Beta 計劃的節奏和加速。

Well, on the cadence of it, I mean, I'd say there's a lot of internal structure when you think about like what are we doing right now, integrations, especially technical integrations on the backend are complicated. So there's a lot of that infrastructure work coming together. And I think you can imagine us, like I said, by end of the year, having some better insights into what we are planning for the genetic health checkup.

好吧，就節奏而言，我想說的是，當您考慮我們現在正在做什麼時，有很多內部結構，集成，尤其是後端的技術集成很複雜。所以有很多基礎設施工作一起進行。我想你可以想像我們，就像我說的那樣，到今年年底，對我們計劃進行的基因健康檢查有一些更好的了解。

And one last question on 610. What type of data could we actually see in the first update?

最後一個關於 610 的問題。在第一次更新中我們實際上可以看到什麼類型的數據？

Anne, do you want me to take that?

安妮，你要我拿那個嗎？

Yes. Yes. Sorry, Kenneth, you take it.

是的。是的。對不起，肯尼斯，你接受它。

Yes, sure. I think the primary purpose of the Phase I study is about safety and PK. So clearly, you should expect updates on that. Of course, given that the indications are in oncology, there's always the potential to see some evidence of activity, and that can be something that may help you in terms of pointing clues about where you would go next.

是的，當然。我認為 I 期研究的主要目的是關於安全性和 PK。很明顯，你應該期待更新。當然，鑑於適應症是在腫瘤學中，總是有可能看到一些活動的證據，這可能會幫助你指出下一步要去哪裡的線索。

We've shared previously that at the end of the dose escalation Phase I, when we've selected our dose, or go-forward dose, we plan to dose 5 additional cohorts of patients with tumor types that we may -- we think from a scientific perspective, from a genetic perspective, there would be basis to think that CD200R1 therapy may help those patients. So I think the first stage is all about safety and PK, getting that dose selected to move forward into those 5 cohorts. And then I think from there, that would be when I think we would have a data update that we could provide.

我們之前曾分享過，在劑量遞增階段 I 結束時，當我們選擇了我們的劑量或繼續劑量時，我們計劃對另外 5 組我們可能的腫瘤類型的患者進行給藥——我們認為來自從科學的角度來看，從遺傳的角度來看，認為 CD200R1 療法可能對那些患者有幫助是有根據的。所以我認為第一階段是關於安全性和 PK 的，選擇該劑量以進入這 5 個隊列。然後我想從那裡開始，我認為我們會提供可以提供的數據更新。

I have some questions here from our retail investors that have come in on the Say Technology platform. And so I'm going to ask those questions at this point in time. The first question that we have is, when is the first joint product with the major pharma expected to launch?

我有一些來自 Say Technology 平台的散戶投資者的問題。所以我現在要問這些問題。我們的第一個問題是，與主要製藥公司的第一個聯合產品預計何時推出？

And I can take that if you want.

如果你願意，我可以接受。

Yes, definitely.

當然是。

So thank you, from the retail side. The most advanced program that's come from the GSK collaboration is GSK'608 that we spoke about on the call. This is a program that is currently under study in Phase I. This timing of development, it's really too early to speculate of timing of any potential future launch date. And of course, only if the program is successful. The other thing is I would say, GSK, as we've publicly announced is now solely responsible for the continued development of this program. And so they'll be responsible for communicating their plans. And so I would just refer you to GSK for future updates on GSK'608.

所以謝謝你，從零售方面。來自 GSK 合作的最先進的程序是我們在電話會議上談到的 GSK'608。這是一個目前正在第一階段研究的項目。這個開發時間，現在推測任何潛在的未來發布日期的時間還為時過早。當然，只有在程序成功的情況下。另一件事是，正如我們公開宣布的那樣，葛蘭素史克現在全權負責該計劃的持續開發。所以他們將負責傳達他們的計劃。因此，我只想將您轉介給 GSK，以了解有關 GSK'608 的未來更新。

Thanks, Ken. The next question we have is, to what other areas are you expanding your business? And where do you expect to generate growth?

謝謝，肯。我們的下一個問題是，您將業務擴展到哪些其他領域？您期望在哪裡產生增長？

I'll take that one. We -- I kind of look at it in 2 areas. One, the genomic health service gives us opportunities to expand in a number of areas. So one, we see real interest in the transition from genetics being associated with ancestry to genetics being associated with health. And with that, that also then allows us to expand into the telehealth services and providing follow-up in care and guidance, pharmacy services as well as in labs. And so I think all of that I see as opportunity. I think the health care opportunity we've always seen is the bigger opportunity than ancestry as well as the additional services is a real area for us to continue to grow.

我會拿那個。我們——我從兩個方面來看待它。一，基因組健康服務讓我們有機會在多個領域進行擴張。因此，我們看到了從與血統相關的遺傳學到與健康相關的遺傳學的轉變的真正興趣。有了這個，這也使我們能夠擴展到遠程醫療服務，並在護理和指導、藥房服務以及實驗室提供後續服務。所以我認為我認為所有這些都是機會。我認為我們一直看到的醫療保健機會是比祖先更大的機會，而且附加服務是我們繼續發展的真正領域。

On -- we talked about the fifth year of GSK, and that does open the door for us to expand research services again. So something that we are spending a fair amount of time thinking about is a post-GSK world and what that is going to look like with research services.

關於——我們談到了葛蘭素史克的第五個年頭，這確實為我們再次擴大研究服務打開了大門。因此，我們花費大量時間思考的是後葛蘭素史克世界以及研究服務將是什麼樣子。

Thanks, Anne. The next question, any plans to get into therapeutics as you're sitting on the largest DNA data ever collected?

謝謝，安妮。下一個問題，當你掌握著有史以來收集到的最大的 DNA 數據時，有沒有計劃進入治療領域？

I can take that, Anne, if you like.

我可以接受，安妮，如果你願意的話。

Yes. Great.

是的。偉大的。

Yes. So I really couldn't agree with the person who asked the question more. And I hope as you heard from Anne today, we've actually made significant progress already in the therapeutics business segment at 23andMe. It's true we have the world's largest (inaudible) platform for genetic research. And as you saw in our latest updates, the database continues to grow.

是的。所以我真的不能同意問這個問題的人。我希望正如您今天從 Anne 那裡聽到的那樣，我們實際上已經在 23andMe 的治療業務領域取得了重大進展。確實，我們擁有世界上最大（聽不清）的基因研究平台。正如您在我們的最新更新中看到的那樣，該數據庫繼續增長。

This database really has been the foundation for the collaboration with GSK, and this has resulted in 2 product candidates, GSK'608 and also 23andMe 610 now both being in Phase I stages of clinical development in immuno-oncology indications. And then as you've heard behind those programs, we have over 50 programs that have come from the collaboration with GSK. So it's an exciting time. It takes -- it does take time from going from the database to moving a molecule forms into Phase I and beyond, but we continue to be enthusiastic about what the database can provide and the opportunities for patients.

該數據庫確實是與 GSK 合作的基礎，這導致 2 個候選產品 GSK'608 和 23andMe 610 現在都處於免疫腫瘤適應症臨床開發的 I 期階段。然後正如您在這些計劃背後所聽到的那樣，我們有超過 50 個計劃來自與 GSK 的合作。所以這是一個激動人心的時刻。這需要 - 從數據庫到將分子形式轉移到第一階段及以後確實需要時間，但我們仍然對數據庫可以提供什麼以及為患者提供的機會充滿熱情。

Thanks, Kenneth. I think it's an exciting opportunity. The next question, how can you ensure that 23andMe will keep all of the samples of DNA safe from hackers?

謝謝，肯尼斯。我認為這是一個令人興奮的機會。下一個問題，您如何確保 23andMe 能夠保護所有 DNA 樣本免受黑客攻擊？

Great question and something that since the inception of the company has been a top priority for us. Everything that we do from how we think about how we collect the sample, to how the database is structured, has really been with doing everything we can to empower the individual with choice as well as to make sure that we are protecting those choices once they've made them. So how we structure the database, for instance, keeping your genetic information separate from your personal identifying information and making sure that all of the various privacy controls in terms of whether you're sharing or whether you're opting in are all within the power of the consumer. So it's always a top priority for us, something that we remain incredibly vigilant about. We have a Chief Security Officer who spends day and night making sure that we are doing all we can to protect our customers and their choices.

很好的問題，自公司成立以來一直是我們的首要任務。我們所做的一切，從我們對如何收集樣本的思考，到如何構建數據庫，實際上都是在盡我們所能賦予個人選擇權，並確保一旦他們做出選擇，我們就會保護這些選擇。 '做了他們。因此，我們如何構建數據庫，例如，將您的遺傳信息與您的個人識別信息分開，並確保您是否共享或是否選擇加入的所有各種隱私控制都在權力範圍內的消費者。因此，這始終是我們的首要任務，我們始終保持高度警惕。我們有一位首席安全官，他夜以繼日地確保我們正在盡我們所能保護我們的客戶及其選擇。

Thanks, Anne. The next question we have is, do you have any plans to expand your health service to other countries in the following months?

謝謝，安妮。我們的下一個問題是，您是否有計劃在接下來的幾個月內將您的醫療服務擴展到其他國家？

Also another great question. We get that quite a bit asking about additional countries, and we actually are already selling right now in 66 countries, that does not include health in all of those countries, but in a good number. We're always evaluating options. Each country comes with its own set of regulatory restrictions. So it's something that we're always evaluating and considering. But right now, we're really focused on maximizing those 66 countries.

還有另一個很好的問題。我們問了很多關於其他國家的問題，實際上我們現在已經在 66 個國家銷售，這不包括所有這些國家的健康，但數量很多。我們一直在評估選項。每個國家/地區都有自己的一套監管限制。所以這是我們一直在評估和考慮的事情。但現在，我們真正專注於最大化這 66 個國家/地區。

Thanks, Anne. The next one is, do you have any plans to start offering a full genome analysis?

謝謝，安妮。下一個是，您有計劃開始提供全基因組分析嗎？

That is also a great question that we get quite a bit. People are -- when we talk to customers and when you look at what you get from a whole genome versus what you get from 23andMe, for the majority of the population, 98% of individuals are not going to learn anything additional from a whole genome, but it's substantially more expensive. So we can definitely -- and we do recommend that for individuals who are not -- who have a family health history or have a specific risk and they're looking for it that we are not the ideal provider for them and that there's other services.

這也是一個很好的問題，我們得到了很多。人們——當我們與客戶交談時，當您查看您從全基因組獲得的信息與從 23andMe 獲得的信息時，對於大多數人來說，98% 的人不會從全基因組中學到任何額外的東西，但它的價格要貴得多。所以我們絕對可以——我們確實建議那些沒有家族健康史或有特定風險的人——他們正在尋找我們不是他們的理想提供者，並且還有其他服務.

But as a screen, we are -- we believe that the genotyping array that we have is phenomenal. So we do definitely think about in the future, are there opportunities for us to offer panels or whole genome for individuals where it makes sense? Definitely something that we're always considering and staying on our radar.

但作為一個篩選器，我們是——我們相信我們擁有的基因分型陣列是驚人的。所以我們肯定會考慮在未來，我們是否有機會在有意義的情況下為個人提供面板或全基因組？絕對是我們一直在考慮和關注的事情。

Thanks, Anne. The next question is a financial one. Do you have enough cash on hand to become profitable?

謝謝，安妮。下一個問題是財務問題。你手頭有足夠的現金來盈利嗎？

Yes, Steve, I'll turn that to you.

是的，史蒂夫，我會把它交給你。

Yes. Thank you. Always a good question. So yes, mostly I would point you to 2 things that we disclosed. So we disclosed at the end of the first quarter that we have $479 million in cash. And we also then reaffirmed our guidance on our adjusted EBITDA, which is our proxy for operating cash flow. And so when you look at that, those 2 figures, the range on adjusted EBITDA is $195 million to $215 million. If you kind of take the average of that and look at that cash balance, you can get a sense of kind of what the runway is and it's a reasonably good period of time, it will give us the ability to execute a lot of things that Anne has talked about on the consumer side and that Kenneth is working on with our portfolio of therapeutics.

是的。謝謝你。總是一個好問題。所以，是的，我主要會向您指出我們披露的兩件事。因此，我們在第一季度末披露了我們有 4.79 億美元的現金。然後，我們還重申了我們對調整後 EBITDA 的指導，這是我們對經營現金流的代表。因此，當您查看這兩個數字時，調整後的 EBITDA 範圍為 1.95 億美元至 2.15 億美元。如果你取平均值並查看現金餘額，你可以了解跑道是什麼，這是一段相當不錯的時間，它將讓我們有能力執行很多事情Anne 談到了消費者方面的問題，而 Kenneth 正在研究我們的治療組合。

Thanks, Steve. The next question is, will the U.S. recession cause any financial troubles for 23andMe in the coming year?

謝謝，史蒂夫。下一個問題是，美國經濟衰退是否會在未來一年給 23andMe 帶來任何財務問題？

Steve, you again.

史蒂夫，又是你。

Yes. I mean the main thing is that the personal genetic service, in particular, among all of our businesses, it is a consumer discretionary. So you could imagine that in a severe recession, maybe some consumers at the increment choosing not to buy. When we look at our other businesses, they're kind of -- they're a little bit more independent of kind of a general recession. So we don't really have an experience at this kind of volume in the past few years when we've been at greater than a million units a year. We just don't have any experience with a deep recession, so we can't say for sure. But I would say that's probably how to think about it.

是的。我的意思是主要是個人基因服務，特別是在我們所有的業務中，它是消費者可自由支配的。所以你可以想像，在嚴重的經濟衰退中，也許一些消費者選擇不購買。當我們審視我們的其他業務時，它們有點——它們更獨立於一種普遍的衰退。所以在過去的幾年裡，當我們每年的銷量超過一百萬台時，我們並沒有真正擁有過這種銷量的經驗。我們只是沒有任何深度衰退的經驗，所以我們不能肯定地說。但我會說這可能是如何考慮的。

Thanks, Steve. And our last question is, are there any significant leadership changes planned in the coming quarters?

謝謝，史蒂夫。最後一個問題是，未來幾個季度是否計劃進行重大的領導層變動？

Well, I think some -- the 2 people that we announced today are some of the most important changes that I've been recruiting for and anticipating and having that kind of leadership is pivotal for us for the next phase of this company. So there's nothing -- we have not announced any other sort of strategic changes, but it's something that we are always evaluating talent that we need, and I am thrilled to have Noura and Amy be joining us.

好吧，我認為有些——我們今天宣布的 2 人是我一直在招募和期待的一些最重要的變化，擁有這種領導力對我們公司下一階段的發展至關重要。所以沒有什麼——我們沒有宣布任何其他類型的戰略變化，但這是我們一直在評估我們需要的人才的事情，我很高興 Noura 和 Amy 加入我們。

Thanks, Anne, and thanks, everyone, for joining us today. I think that wraps up our Q&A portion of the call.

謝謝安妮，謝謝大家今天加入我們。我認為這結束了我們電話的問答部分。

This concludes the program. You may now disconnect. Everyone, have a great day.

程序到此結束。您現在可以斷開連接。大家，有一個美好的一天。