23andMe Holding Co. (ME) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the 23andMe's Fiscal Year 2023 Second Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today, Wade Walke, Vice President, Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 23andMe 的 2023 財年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想將會議交給今天的主持人，投資者關係副總裁 Wade Walke。請繼續。

Thank you. Before we begin, I encourage everyone to go to investors.23andme.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 in 24 hours after the event.

謝謝你。在開始之前，我鼓勵大家訪問investors.23andme.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。今天網絡直播的重播也將在活動結束後 24 小時內的有限時間內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 for 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對未來期間的展望或預測，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“前瞻性聲明”的部分，該部分適用於本次電話會議。此外，請參閱我們的 SEC 文件，這些文件可以在我們的網站和 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. The important information on our use of these measures and reconciliation to U.S. GAAP may be found in our earnings release.

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。

Joining us on our call today are Anne Wojcicki, our Chief Executive Officer and Co-Founder; and Joe Selsavage, our Interim Chief Financial Officer and Accounting Officer. Kenneth Hillan, our Chief Therapeutics Officer, will join us for Q&A.

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；以及我們的臨時首席財務官兼會計官 Joe Selsavage。我們的首席治療官 Kenneth Hillan 將加入我們的問答環節。

And now I'd like to turn the call over to Anne.

現在我想把電話轉給安妮。

Thank you, Wade. In this last quarter, we continue to make progress on building a foundation to deliver personalized health care to consumers. Our genetic database is now at 13.4 million genotype customers. It is the world's largest recontactable database for genetic research, which makes us best positioned to unlock the potential of the human genome to treat and prevent disease. We received FDA clearance to provide interpretive drug information for simvastatin, a commonly prescribed cholesterol medication. With this clearance, we now have 3 FDA-cleared pharmacogenetics reports.

謝謝你，韋德。在最後一個季度，我們繼續在為消費者提供個性化醫療保健奠定基礎方面取得進展。我們的基因數據庫現在有 1340 萬基因型客戶。它是世界上最大的可重新聯繫的基因研究數據庫，這使我們能夠充分發揮人類基因組治療和預防疾病的潛力。我們獲得了 FDA 的許可，可以為常用的膽固醇藥物辛伐他汀提供解釋性藥物信息。有了這個批准，我們現在有 3 份 FDA 批准的藥物遺傳學報告。

These reports are some of our most highly actionable genetic reports. They provide information on how individuals may process certain commonly prescribed medications based on their genetics. They can help individuals working together with their health care providers to determine medications and dosing that will be most effective for them.

這些報告是我們最具可操作性的基因報告中的一部分。它們提供了有關個人如何根據其基因處理某些常用處方藥的信息。他們可以幫助個人與他們的醫療保健提供者一起確定對他們最有效的藥物和劑量。

For example, we know that in certain ethnicities, up to 38% of people have a genetic variant, which can be identified in this report that increases the risk of certain adverse events associated with simvastatin. By providing information on how people's genetics may influence their response to this commonly prescribed medication, we are furthering the potential to shift health care towards personalized health care.

例如，我們知道在某些種族中，高達 38% 的人有基因變異，本報告中可以確定這種變異會增加與辛伐他汀相關的某些不良事件的風險。通過提供有關人們的基因如何影響他們對這種常用處方藥的反應的信息，我們正在進一步推動將醫療保健轉向個性化醫療保健的潛力。

We also added 3 new genetic risk reports for our 23andMe+ subscribers on anxiety, fibromyalgia and seasonal allergies. In total, we have over 60 health reports in our personal genome service.

我們還為我們的 23andMe+ 訂閱者添加了 3 份關於焦慮、纖維肌痛和季節性過敏的新遺傳風險報告。我們的個人基因組服務總共有 60 多份健康報告。

23andMe is the only company with multiple FDA authorizations for direct-to-consumer genetic health risks. We are the only company that FDA has authorized to provide, without a physician involvement, genetic cancer risk reports and medication insights, similar to the one I just mentioned. These personalized reports help people access and understand many of their genetic health risks and predispositions. However, we know that this is just the beginning of efforts to help people benefit from this information.

23andMe 是唯一一家在直接面向消費者的遺傳健康風險方面獲得多項 FDA 授權的公司。我們是 FDA 授權的唯一一家在沒有醫生參與的情況下提供遺傳癌症風險報告和藥物見解的公司，類似於我剛才提到的那家公司。這些個性化報告可幫助人們獲取和了解他們的許多遺傳健康風險和傾向。然而，我們知道這只是幫助人們從這些信息中受益的努力的開始。

In this regard, we continue to work on building a genetically informed health service that focuses on prevention and wellness. We believe that the integration of genetic health information with telehealth and digital pharmacy services has the potential to revolutionize the diagnosis, prevention and treatment of human disease. We further believe that 23andMe is best positioned to accomplish this at scale with a direct-to-consumer service.

在這方面，我們繼續致力於建立以預防和健康為重點的基因信息健康服務。我們相信，將遺傳健康信息與遠程醫療和數字藥房服務相結合，有可能徹底改變人類疾病的診斷、預防和治療。我們進一步認為，23andMe 最有能力通過直接面向消費者的服務大規模實現這一目標。

To help us achieve this goal, we recently brought on board Dan Chu as Chief Product Officer. Dan brings over 2 decades of experience in product management, design and strategy as well as the expertise with navigating complex and highly regulated industries. Dan joins us from Waymo, where he served as Chief Product Officer and launched the world's first commercial fully autonomous ride-hailing service. Before Waymo, Dan led the Google Maps platform product team.

為了幫助我們實現這一目標，我們最近聘請了 Dan Chu 擔任首席產品官。 Dan 在產品管理、設計和戰略方面擁有超過 2 年的經驗，以及駕馭複雜和高度監管行業的專業知識。 Dan 從 Waymo 加入我們，在那裡他擔任首席產品官，並推出了世界上第一個商業全自動乘車服務。在加入 Waymo 之前，Dan 領導了谷歌地圖平台產品團隊。

Turning to our therapeutics programs. We continue to use our research platform to advance our pipeline of more than 50 targets. Therapeutic antibodies of 2 of our genetically validated targets are currently in Phase I clinical trials. Today, we announced details on the next stage of the Phase I study for our wholly owned 23ME-00610 program targeting CD200R1 in cancer patients. The trials and progress poster being presented this week at the Society of Immunotherapy of Cancer's Annual Meeting provides details on the indications for the expansion phase of the study. These include specific tumor indications for 23andMe where 23ME-00610 will be tested for anticancer activity.

轉向我們的治療計劃。我們繼續使用我們的研究平台來推進我們的 50 多個目標的管道。我們的兩個基因驗證靶點的治療性抗體目前處於 I 期臨床試驗中。今天，我們公佈了我們全資擁有的針對癌症患者 CD200R1 的 23ME-00610 計劃的下一階段 I 期研究的詳細信息。本週在癌症免疫治療學會年會上展示的試驗和進展海報提供了有關該研究擴展階段適應症的詳細信息。其中包括 23andMe 的特定腫瘤適應症，其中將測試 23ME-00610 的抗癌活性。

The tumor indications for the expansion phase were selected based on preclinical and published data of the activity and expression of CD200R1 and its ligand, CD200 and together with immune cell and tumor characteristics that have the potential to increase the likelihood of a response to CD200R1 inhibition.

擴展階段的腫瘤適應症是根據 CD200R1 及其配體 CD200 的活性和表達的臨床前和已發表數據以及可能增加對 CD200R1 抑制反應的可能性的免疫細胞和腫瘤特徵選擇的。

The progress we are making with our therapeutics programs demonstrates the potential promise of our drug discovery rooted in human genetics using the world's largest crowd-sourced platform for genetic research.

我們在治療計劃方面取得的進展表明，我們使用世界上最大的基因研究眾包平台，根植於人類遺傳學的藥物發現的潛在前景。

I'm pleased with the progress that our consumer and therapeutic teams have made this last quarter, and I look forward to an enhanced personalized health offering we are working to deliver for our customers.

我對我們的消費者和治療團隊在上個季度取得的進展感到高興，我期待著我們正在努力為我們的客戶提供增強的個性化健康產品。

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

有了這個，我將把電話轉給喬，以審查我們本季度的財務業績。

Thanks, Anne. I'm pleased to report that we remain on track to meet our fiscal 2023 guidance, following a second quarter with positive revenue growth and results with other financial metrics that were in line with our expectations. Overall, we are well positioned to continue to advance on our goals, both in our consumer segment and in our therapeutic efforts. Our revenue for the 3 and 6 months ended September 30, 2022, was $76 million and $140 million, respectively, representing an increase of 37% and 22%, respectively, over the same periods in the prior year.

謝謝，安妮。我很高興地報告，在第二季度實現收入增長和其他財務指標符合我們預期的結果之後，我們仍有望實現我們的 2023 財年指導。總體而言，我們處於有利地位，可以繼續推進我們的目標，無論是在我們的消費者細分市場還是在我們的治療工作中。截至 2022 年 9 月 30 日的 3 個月和 6 個月，我們的收入分別為 7600 萬美元和 1.4 億美元，分別比去年同期增長 37% 和 22%。

Second quarter and 6-month revenue growth was primarily due to the addition of telehealth revenue from the acquisition of Lemonade Health last November, higher revenue in our Research Services segment and continued growth in our subscription service. The increase in the research services revenue was primarily driven from increased revenue from GSK and partially from nonrecurring payments of $4 million from other partners. These increases were partially offset by lower personal genome service revenue.

第二季度和 6 個月的收入增長主要是由於去年 11 月收購 Lemonade Health 增加了遠程醫療收入、我們的研究服務部門的收入增加以及我們的訂閱服務的持續增長。研究服務收入的增長主要來自葛蘭素史克的收入增加，部分來自其他合作夥伴的 400 萬美元的非經常性付款。這些增長被較低的個人基因組服務收入部分抵消。

Looking at the composition of our revenue. Consumer services revenue represented approximately 75% and 80%, respectively, of total revenue for the 3 and 6 months ended September 30, 2022. And research services revenue, which was primarily derived from the GSK collaboration, accounted for approximately 25% of total revenue in the 3-month period and 20% in the 6-month period. Our gross profit for the 3 and 6 months ended September 30, 2022, was $38 million and $64 million, respectively, representing a 37% and 9% increase over the same period in the prior year. The 3- and 6-month year-over-year increase was driven primarily by the previously discussed increase in revenue, offset partially by lower margin from the telehealth revenues as well as increased supply chain logistics and labor costs.

看看我們的收入構成。截至 2022 年 9 月 30 日止 3 個月和 6 個月，消費者服務收入分別佔總收入的約 75% 和 80%。主要來自 GSK 合作的研究服務收入約佔總收入的 25%在 3 個月期間和 20% 在 6 個月期間。截至 2022 年 9 月 30 日的 3 個月和 6 個月，我們的毛利潤分別為 3800 萬美元和 6400 萬美元，比去年同期增長 37% 和 9%。 3 個月和 6 個月的同比增長主要是由之前討論的收入增長推動的，部分被遠程醫療收入的利潤率下降以及供應鏈物流和勞動力成本的增加所抵消。

Operating expenses for the 3 and 6 months ended September 30, 2022, were $106 million and $221 million, respectively, compared to $74 million and $147 million for the same periods in the prior year. The increases in operating expenses for the 3- and 6-month periods were primarily attributable to increased 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 the decreased spending on the GSK'608 program targeting CD96, following the company's election to adopt the royalty option instead of continuing to share in development costs.

截至 2022 年 9 月 30 日的 3 個月和 6 個月的運營費用分別為 1.06 億美元和 2.21 億美元，而去年同期為 7400 萬美元和 1.47 億美元。 3 個月和 6 個月期間運營費用的增加主要是由於勞動力成本增加以及先前收購的遠程醫療業務增加了銷售和營銷費用。由於 GSK'608 計劃針對 CD96 的支出減少，在公司選擇採用特許權使用費選項而不是繼續分攤開發成本之後，這些增長被較低的研發費用部分抵消。

Looking at the bottom line. Net loss for the 3 and 6 months ended September 30, 2022, was $66 million and $156 million, respectively, compared to net losses for the same period in the prior year of $17 million and $59 million. The increases in net loss for the 3- and 6-month periods were primarily driven by a benefit from changes in the fair value of warrant liabilities of $30 million for the 3 months ended September 30, 2021, and by the previously noted higher operating expenses in the current period. These were partially offset by higher revenue.

看著底線。截至 2022 年 9 月 30 日的 3 個月和 6 個月的淨虧損分別為 6600 萬美元和 1.56 億美元，而上年同期的淨虧損為 1700 萬美元和 5900 萬美元。 3 個月和 6 個月期間淨虧損增加的主要原因是截至 2021 年 9 月 30 日止 3 個月的認股權證負債公允價值變化 3000 萬美元，以及之前提到的較高運營費用在當前期間。這些被較高的收入部分抵消。

Next, let's look at our adjusted EBITDA. For details about how we define adjusted EBITDA as well as the corresponding reconciliations to GAAP, please see our earnings press release.

接下來，讓我們看看我們調整後的 EBITDA。有關我們如何定義調整後 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。

Total adjusted EBITDA for the 3 and 6 months ended September 30, 2022, was a deficit of $30 million and $79 million compared to a deficit for the same periods in the prior year of $30 million and $57 million, respectively. The increase in adjusted EBITDA deficit for the 6-month period was driven primarily by the increase in operating expenses mentioned earlier and offset by increased revenue. We ended the quarter with $411 million in cash and cash equivalents compared to $553 million as of March 31, 2022. Of note, we received a $50 million payment from GSK after the close of the second quarter. So this payment will not be reflected on our balance sheet or statement of cash flows until the third quarter of our fiscal year.

截至 2022 年 9 月 30 日的 3 個月和 6 個月的調整後 EBITDA 總額為赤字 3000 萬美元和 7900 萬美元，而上年同期的赤字分別為 3000 萬美元和 5700 萬美元。 6 個月期間調整後 EBITDA 赤字增加的主要原因是前面提到的運營費用增加並被收入增加所抵消。截至本季度末，我們的現金和現金等價物為 4.11 億美元，而截至 2022 年 3 月 31 日為 5.53 億美元。值得注意的是，我們在第二季度結束後收到了 GSK 的 5000 萬美元付款。因此，直到我們財政年度的第三季度，這筆款項才會反映在我們的資產負債表或現金流量表中。

Our second quarter results continued to be in line with our expectations, and thus, we are reconfirming our previous full year 2023 guidance. As a reminder, our full year guidance include revenue in the range of $260 million to $280 million, a net loss in the range of $350 million to $370 million and adjusted EBITDA deficit of $195 million to $215 million.

我們的第二季度業績繼續符合我們的預期，因此，我們正在重新確認我們之前的 2023 年全年指引。提醒一下，我們的全年指導包括收入在 2.6 億美元至 2.8 億美元之間，淨虧損在 3.5 億美元至 3.7 億美元之間，調整後的 EBITDA 赤字為 1.95 億美元至 2.15 億美元。

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, Joe. We continue to make significant strides in our mission to help people access, understand and benefit from the human genome. We've now added another FDA approval for our report that can provide critical information on how a person's genetics can affect the processing of simvastatin, one of the most commonly prescribed medications for controlling cholesterol.

謝謝你，喬。我們繼續在幫助人們獲取、理解和受益於人類基因組的使命中取得重大進展。我們現在為我們的報告添加了另一個 FDA 批准，它可以提供關於一個人的遺傳學如何影響辛伐他汀加工的關鍵信息，辛伐他汀是控制膽固醇的最常用處方藥之一。

We also continue to advance our therapeutic efforts as demonstrated by the announcement this week regarding our plans for the expansion phase of the 23ME-00610 Phase I study. We are excited that, that program has advanced to this stage and eagerly await the results of the study in cancer patients.

我們還將繼續推進我們的治療工作，正如本周宣布的關於我們對 23ME-00610 I 期研究的擴展階段的計劃所表明的那樣。我們很高興，該計劃已經推進到這個階段，並熱切地等待癌症患者的研究結果。

I look forward to telling you more this summer about the progress we are making in our efforts with genetic-based health care and therapeutics. Now let's open up for questions.

我期待在今年夏天告訴你更多關於我們在基於基因的醫療保健和治療方面所取得的進展。現在讓我們打開問題。

Before that, actually, I'm told that there was some distortion with the audio when I was speaking about our therapeutics programs earlier in the call. So I just want to repeat what I said for those of you who may not have heard it clearly.

實際上，在那之前，有人告訴我，當我在電話會議早些時候談到我們的治療計劃時，音頻有些失真。因此，我只想為那些可能沒有聽清楚的人重複我所說的話。

I was speaking about our trials and progress poster being presented this week at the Society for Immunotherapy of Cancer annual meeting that provides detail on the indications for the expansion phase of the study. These indications include specific tumor indications where 23ME-00610 will be tested for anticancer activity. These indications were selected based on preclinical and published data of the activity and expression of the target, CD200R1 and its ligand, CD200, together with immune cell and tumor characteristics that have the potential to increase the likelihood of a response to CD200R1 inhibition.

我談到了我們本週在癌症免疫治療學會年會上展示的試驗和進展海報，該海報提供了研究擴展階段適應症的詳細信息。這些適應症包括特定的腫瘤適應症，其中將測試 23ME-00610 的抗癌活性。這些適應症的選擇是基於靶點 CD200R1 及其配體 CD200 的活性和表達的臨床前和已發表數據，以及可能增加對 CD200R1 抑制反應的可能性的免疫細胞和腫瘤特徵。

So with that, now I can really open it up for questions.

所以有了這個，現在我真的可以打開它來提問了。

(Operator Instructions) And our first question comes from the line of Tiago Fauth with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Tiago Fauth。

Just 2 quick ones for me. So the first one is on 610. And again, knowing that the expansion cohorts are likely going to be in indications where there's a higher likelihood of seeing activity, I'm curious how you're framing how investors should think about the dose escalation portion versus the expansion portion in terms of monitored activity or any other indicative biomarkers that you'll be measuring across those 2 stages. And again, if you could provide any progress on where you are on the study, I know that, that's a little trickier. And the second one is just any new updates on 23andMe+. I know there was a relatively smaller portion of the business, but I'm curious how the membership is growing if there are any metrics that might be worth following more closely over time and how that's expected to grow.

對我來說只有 2 個快速的。所以第一個是在 610 上。再說一次，知道擴張隊列可能會出現更有可能看到活動的跡象，我很好奇你是如何構建投資者應該如何考慮劑量增加部分的與監測活動或您將在這兩個階段測量的任何其他指示性生物標誌物方面的擴展部分相比。再說一次，如果你能提供你在研究中的任何進展，我知道，這有點棘手。第二個是 23andMe+ 上的任何新更新。我知道該業務的一部分相對較小，但我很好奇會員如何增長，如果有任何指標隨著時間的推移可能值得更密切關注，以及預計如何增長。

So for the first question, let me hand it over to Kenneth.

所以對於第一個問題，讓我把它交給肯尼斯。

Yes. Thanks, Anne. Hoping everybody can hear me okay. Kenneth here. Yes, thanks for the question. Yes, we continue to make good progress on the dose escalation phase of the study and are pleased to make the announcement this week with the press release and then with the poster presentation at SITC on the Phase Ib part of that study. We will be obviously selecting a dose when we get to the end of the dose escalation, moving that dose forward as a monotherapy to assess activity 610 in 5 tumor cohorts. So specifically clear cell renal cell carcinoma, epithelial ovarian cancers, neuroendocrine cancers, which will include small cell lung cancer tumors that have either microsatellite, instability high or high tumor burden mutations, TMBH, and then a cohort of adolescence with locally unresectable or metastatic malignancies. So as I said, we will move forward with the dose escalation. We'll select the dose go forward as a monotherapy, and we'll continue to update as we make progress there.

是的。謝謝，安妮。希望每個人都能聽到我的聲音。肯尼斯在這裡。是的，謝謝你的提問。是的，我們在研究的劑量遞增階段繼續取得良好進展，並很高興在本週發布新聞稿，然後在 SITC 上發布該研究的 Ib 期部分的海報。當我們到達劑量遞增結束時，我們顯然會選擇一個劑量，將該劑量作為單一療法向前推進，以評估 5 個腫瘤隊列中的活動 610。所以特別是透明細胞腎細胞癌、上皮性卵巢癌、神經內分泌癌，其中包括具有微衛星、不穩定性高或高腫瘤負荷突變的小細胞肺癌腫瘤、TMBH，然後是一組具有局部不可切除或轉移性惡性腫瘤的青春期.正如我所說，我們將繼續增加劑量。我們將選擇劑量作為單一療法，隨著我們在那裡取得進展，我們將繼續更新。

And, Tiago. For your second question on 23andMe+, we do not update the subscription numbers, except for annually. So we will be updating that, obviously, in a couple of quarters then. So in terms of the genetic checkup and other areas that we have been talking about, we are -- again, we hired Dan Chu, our Chief Product Officer. Excited about the areas that everyone is moving forward with, but planning to update more in depth the Street sometime in the summer.

還有，蒂亞戈。對於您關於 23andMe+ 的第二個問題，我們不會更新訂閱號，但每年除外。因此，很明顯，我們將在幾個季度內對其進行更新。因此，就我們一直在談論的基因檢查和其他領域而言，我們再次聘請了我們的首席產品官 Dan Chu。對每個人都在推進的領域感到興奮，但計劃在夏天的某個時候更深入地更新街道。

And our next question comes from the line of Steven Mah with Cowen.

我們的下一個問題來自 Steven Mah 和 Cowen 的對話。

And congrats on the quarter. So a follow-up question on ME-00610. So Kenneth, yes, you mentioned the 5 tumor-specific expansion cohorts. Is the 15 patients per cohort, is that powered enough to get some sense of efficacy? Or is this more of an exploratory effort to guide the Phase II study? And then a follow-up question. Is that Phase II study, is that also going to be in multiple cancer cohorts or in a single cancer?

並祝賀本季度。所以是關於 ME-00610 的後續問題。所以肯尼斯，是的，你提到了 5 個腫瘤特異性擴增隊列。每個隊列的 15 名患者是否足夠強大以產生某種療效？還是這更像是指導 II 期研究的探索性努力？然後是一個後續問題。是那個 II 期研究，它也將在多個癌症隊列或單個癌症中進行嗎？

Yes. So yes, thanks for the question. I can obviously take that, Steve. So thanks. In terms of the powering, we have pre-specified criteria for what we would be looking for from each of these cohorts for us to make a decision about continuing to move forward into either a Phase II study or potentially depending on what we observed into a registrational study. So we haven't shared that information, but we certainly have internally specified criteria for decision-making purposes. Exactly what would we do in Phase II, that will really be dependent on what we observed in the Phase Ib and also the Phase I study that's currently ongoing. We also have a biomarker program. We have some specific hypothesis that we're testing in each of these different groups. And so I think that could also help to inform future decision-making.

是的。所以是的，謝謝你的問題。我顯然可以接受，史蒂夫。那謝謝啦。在動力方面，我們預先指定了我們將從這些隊列中尋找什麼的標準，以便我們決定繼續推進到 II 期研究或可能取決於我們觀察到的註冊研究。所以我們沒有分享這些信息，但我們肯定有內部指定的決策標準。我們將在第二階段做什麼，這實際上取決於我們在第一階段觀察到的情況以及目前正在進行的第一階段研究。我們還有一個生物標誌物計劃。我們有一些特定的假設，我們正在這些不同的組中進行測試。所以我認為這也有助於為未來的決策提供信息。

So in terms of the Phase II study, we haven't made any predictions or comments on what that might be. Clearly, with the signal seeking we're doing in Phase Ib, we think these are tumors, as you mentioned, with a potential for more likely to respond to therapy that targets a specific pathway. In addition, we also will be considering in the future, not just monotherapy but potentially combination therapy as well. So we're excited where we are. It's still early stages on the program, but we continue to make a very good progress and have high investigator engagement. So for the moment, that's really all I can say.

因此，就 II 期研究而言，我們尚未對可能發生的情況做出任何預測或評論。顯然，隨著我們在 Ib 期進行的信號搜索，我們認為這些是腫瘤，正如你所提到的，更有可能對針對特定途徑的治療作出反應。此外，我們還將在未來考慮，不僅是單一療法，還可能是聯合療法。所以我們很興奮我們在哪裡。該計劃仍處於早期階段，但我們繼續取得非常好的進展，並且調查人員的參與度很高。所以就目前而言，這就是我能說的全部。

Okay, great. And then a follow-up question on the 23andMe+, and I appreciate you're only giving annual numbers here. But could you give us any sense, is the growth slowing from or staying the same or versus end of fiscal year 2021 versus end of fiscal year 2022, should -- could you give us any color on the growth? Is this more of the early adopters of your existing customers switching over to 23andMe+? Or is this new customers that are ordering the kit and the subscription?

好，太棒了。然後是關於 23andMe+ 的後續問題，感謝您在這裡僅提供年度數據。但是你能給我們任何意義嗎，增長是從 2021 財年末到 2022 財年末放緩還是保持不變，應該 - 你能給我們任何關於增長的顏色嗎？這更多是現有客戶的早期採用者切換到 23andMe+ 嗎？或者是訂購套件和訂閱的新客戶？

Yes. I'm actually going to hand you to Joe to answer some of this.

是的。我實際上要把你交給喬來回答其中的一些問題。

Thank you, Anne. We are continuing to see adoption of our 23andMe+ program and is generating additional revenue, recurring revenue for us. So we're so excited about the program, and we'll be providing more detail at -- in our fourth quarter results.

謝謝你，安妮。我們繼續看到我們的 23andMe+ 計劃得到採用，並為我們創造了額外的收入和經常性收入。因此，我們對該計劃感到非常興奮，我們將在第四季度的業績中提供更多細節。

Okay. I appreciate that. And then maybe one last question for you, Joe. On the increased research services revenue, I know there was -- you said there was a contribution from GSK and then also some nonrecurring payments. But how should we think about the GSK revenue going forward as we get closer to their exclusivity expiration mid next year? Is that expected to increase like we saw this quarter? Or is it going to wind down? Or any sort of color you can give us would be great.

好的。我很感激。也許最後一個問題要問你，喬。關於增加的研究服務收入，我知道有 - 你說葛蘭素史克有貢獻，然後還有一些非經常性付款。但是，隨著我們接近明年年中的排他性到期，我們應該如何看待 GSK 未來的收入呢？預計會像我們本季度看到的那樣增加嗎？還是會風平浪靜？或者你能給我們的任何顏色都會很棒。

Sure. The GSK exclusivity ends in July of next year. And we're just evaluating all of our options right now of additional -- of what partnerships that we'll be engaging in, and we're providing more information on those partnerships in upcoming calls.

當然。 GSK 的獨家經營權將於明年 7 月結束。我們現在只是在評估我們所有的其他選擇——我們將參與哪些合作夥伴關係，我們將在即將召開的電話會議中提供有關這些合作夥伴關係的更多信息。

Steve, I can just emphasize there, that's -- I mean, we -- it's an active area for us to be pursuing like we have this opportunity now to look beyond GSK partnerships. And there's a lot of other shortage of interesting opportunities with the database that we're exploring. So nothing specific to really guide you on, but that -- those payments will go away. And we are definitely looking at ways to sort of maximize value long term for the company.

史蒂夫，我可以在這裡強調，那是 - 我的意思是，我們 - 這是我們追求的一個活躍領域，就像我們現在有機會超越 GSK 合作夥伴關係一樣。我們正在探索的數據庫還有很多其他有趣的機會不足。因此，沒有什麼具體可以真正指導您，但是--這些付款將消失。我們肯定在尋找為公司實現長期價值最大化的方法。

Thank you. And I'm showing no further questions on the phone lines at this time.

謝謝你。目前我沒有在電話線上提出更多問題。

Thank you. We have a few questions from investors through our Q&A platform that we use through Say Technologies. And so I'm going to ask those top questions that we got on that platform for the management team to answer.

謝謝你。我們通過 Say Technologies 使用的問答平台向投資者提出了一些問題。所以我要問我們在那個平台上得到的那些最重要的問題，讓管理團隊回答。

The first question is what is the future of 23andMe?

第一個問題是 23andMe 的未來是什麼？

The future of 23andMe. Well, that's a very broad question and always enthused to talk broadly about the future. Two aspects. One, absolutely enthused about the continued evolution of direct access health care and genomic driven from primary preventative world. So this ability for somebody to get care that is affordable, but it's easily accessible and integrates genetic information and delivers true personalized care. And I look at that from the whole angle of prevention as well as the angle of treatment and management going forward.

23andMe 的未來。嗯，這是一個非常廣泛的問題，並且總是熱衷於廣泛談論未來。兩個方面。一，對初級預防世界驅動的直接獲取醫療保健和基因組的持續發展充滿熱情。因此，這種能力可以讓某人獲得負擔得起的護理，但它很容易獲得併整合了遺傳信息並提供真正的個性化護理。我從整個預防的角度以及未來的治療和管理的角度來看待這一點。

Second, there is (inaudible) spectacular opportunity with really pioneering and innovating on how we are developing therapeutics. And having a genetic-driven approach is something we've talked extensively about, about the likelihood of success increases when you have a genetic foundation. And we -- as the database continues to grow and as our therapeutics team continues to execute, we look forward to bringing more and more of those programs forward and completing the loop ultimately for our customers that they're able to access, understand and then truly benefit from the human genome.

其次，在我們如何開發治療方法方面真正具有開創性和創新性，有（聽不清）巨大的機會。擁有基因驅動的方法是我們廣泛討論過的，當你有基因基礎時，成功的可能性會增加。而且我們——隨著數據庫的不斷增長和我們的治療團隊繼續執行，我們期待著將越來越多的這些程序推進並最終為我們的客戶完成循環，讓他們能夠訪問、理解然後真正受益於人類基因組。

Thanks, Anne. The second question is you recently added capabilities with the acquisition of Lemonade. What are your plans to translate this into shareholder value?

謝謝，安妮。第二個問題是您最近通過收購 Lemonade 添加了功能。您有什麼計劃將其轉化為股東價值？

Absolutely. Well, the platform with Lemonade brings the ability for us to have care, meaning access to clinicians, to nurse practitioners, into health care providers, as well as the ability for us to have access to pharmacy. So one thing that was really clear is our customers are learning about their genetic information and then they have questions and they want follow-up. And the platform that we get from Lemonade allows us to have a complete loop where our customers now can answer the questions, and they can get access to the care that they're seeking.

絕對地。嗯，Lemonade 平台為我們帶來了護理的能力，這意味著可以接觸到臨床醫生、護士、醫療保健提供者，以及我們接觸藥房的能力。因此，非常清楚的一件事是我們的客戶正在了解他們的遺傳信息，然後他們有問題，他們想要跟進。我們從 Lemonade 獲得的平台使我們擁有一個完整的循環，我們的客戶現在可以在其中回答問題，並且他們可以獲得他們正在尋求的護理。

And I'd point to pharmacogenomics as one of those key examples, where a lot of our customers now, we have 3 FDA authorizations related to pharmacogenomics. And we have this ability to help our customers get precision medicine, but it is not commonly integrated in the existing pharmacy system or with most practitioners. So now we're going to have this ability to really help our customers benefit from that information and integrate that into our pharmacy. So we absolutely see lots of opportunities for returning shareholder value with the acquisition of Lemonade.

我會指出藥物基因組學是其中一個關鍵例子，現在我們的很多客戶都擁有 3 項與藥物基因組學相關的 FDA 授權。我們有這種能力來幫助我們的客戶獲得精準醫療，但它通常不集成到現有的藥房系統或大多數從業者中。所以現在我們將有能力真正幫助我們的客戶從這些信息中受益，並將其整合到我們的藥房中。因此，我們絕對看到了通過收購 Lemonade 來回報股東價值的許多機會。

All right. The next question is with the forecasted economic challenges ahead and the possibility of a recession, what steps are you taking to ensure the company's resiliency? And how do you balance this with growth and profits?

好的。下一個問題是預測的未來經濟挑戰和衰退的可能性，您正在採取哪些措施來確保公司的彈性？您如何在增長和利潤之間取得平衡？

I'll hand that to Joe.

我會把它交給喬。

Thank you, Anne. We're in a strong position with over $411 million in cash on the balance sheet as of September 30, plus the additional $50 million that we received in October for the 5th year GSK partnership. This will just really allow us to have the flexibility to navigate the macroeconomic and geopolitical challenges that we are expecting to face in the near term. We'll continue to be really vigilant about how we really monitor our expenses and really look at how we're allocating capital. So we can find the smartest ways that we can have to invest our capital and build the best product for consumers and shareholders in the long term.

謝謝你，安妮。截至 9 月 30 日，我們的資產負債表上有超過 4.11 億美元的現金，加上我們在 10 月獲得的第 5 年 GSK 合作夥伴關係的額外 5000 萬美元，我們處於有利地位。這將真正使我們能夠靈活地應對我們預計在短期內將面臨的宏觀經濟和地緣政治挑戰。我們將繼續對我們如何真正監控我們的支出保持警惕，並真正關注我們如何分配資金。因此，我們可以找到最明智的方式來投資我們的資本，並為消費者和股東長期打造最好的產品。

Thanks, Joe. The next question is, from what I've seen, 23andMe holds direct-to-consumer as its highest sector to make profit. Do you ever see 23andMe's drug research sector surpassing direct-to-consumer as the largest profit making sector?

謝謝，喬。下一個問題是，據我所知，23andMe 將直接面向消費者作為其最高盈利部門。你有沒有看到 23andMe 的藥物研究部門超越直接面向消費者成為最大的盈利部門？

I'll take that one. I see there's a huge opportunity with both the consumer side of the business as well as the research and the therapeutic side of the business. And I think realistically, there's -- with therapeutics, it's going to take many years for us to continue to work on these therapies and bring them to profitability. The consumer business has shorter-term opportunities to think about how we are going to drive that to make that a near-term profitable business, and the size and opportunity for me are significant in both areas. So I don't see -- I think there might be times where one is bigger than the other, but I see both consumer and therapeutics as being big opportunities for our shareholders and for the company.

我會拿那個。我看到企業的消費者方面以及業務的研究和治療方面都有巨大的機會。而且我認為實際上，對於治療方法，我們需要很多年才能繼續研究這些療法並使它們盈利。消費者業務有短期機會來思考我們將如何推動它以使其成為近期盈利的業務，而對我來說，這兩個領域的規模和機會都很重要。所以我不認為——我認為有時一個比另一個更大，但我認為消費者和治療對我們的股東和公司來說都是巨大的機會。

Thanks, Anne. The next question is, does 23andMe sell or otherwise disclose data to governments?

謝謝，安妮。下一個問題是，23andMe 是否向政府出售或以其他方式披露數據？

Absolutely, we do not sell our data to government. On the premise of 23andMe is about consumers -- powering our customers with control and transparency about how we are using the data. So as we mentioned, 85% of our customers opt in for research. They are allowed to download their data on their own. We empower them. It's their data. They have the right to download it, but 23andMe is not working with disclosing data to any government and we have not -- 23andMe is focused on consumer empowerment and on our research mission.

當然，我們不會將我們的數據出售給政府。 23andMe 的前提是關於消費者——通過我們如何使用數據的控制和透明度為我們的客戶提供支持。正如我們所提到的，我們 85% 的客戶選擇進行研究。他們可以自行下載數據。我們賦予他們權力。是他們的數據。他們有權下載它，但 23andMe 不會向任何政府披露數據，而我們也沒有 - 23andMe 專注於消費者賦權和我們的研究使命。

Thanks, Anne. The next one is what additional features and products are you exploring or considering adding to + subscribers, that's 23andMe+ subscribers, to stay (inaudible).

謝謝，安妮。下一個是您正在探索或考慮向 + 訂閱者（即 23andMe+ 訂閱者）添加哪些附加功能和產品（聽不清）。

Well, there's -- I mean 23andMe -- foundational to 23andMe is our research. And one of the things that we can do with our research is make discovery from our own database that are proprietary to 23andMe. And you already see, we have a number of 23andMe+ reports that came out of our database. So I think what's going to be incredibly unique that 23andMe will do in the future is that integration of our own proprietary data, the combination of Lemonade services and the ability for us to engage directly with the consumer in an affordable, accessible way. So we absolutely look at all kinds of features that can come specifically from our ability to manage and analyze large data sets. Also there's a whole new world coming of additional data sets from Apple Watch and medical records, et cetera. So we have this opportunity to develop really interesting data for our customers, and the integration then with Lemonade and care and pharmacy allows us to create an incredibly unique service.

嗯，有——我的意思是 23andMe——23andMe 的基礎是我們的研究。我們可以用我們的研究做的一件事是從我們自己的數據庫中發現，該數據庫是 23andMe 專有的。您已經看到，我們的數據庫中有許多 23andMe+ 報告。因此，我認為 23andMe 未來將做的非常獨特的事情是整合我們自己的專有數據，結合 Lemonade 服務以及我們以負擔得起的、可訪問的方式直接與消費者互動的能力。因此，我們絕對會著眼於我們管理和分析大型數據集的能力所帶來的各種特性。此外，還有來自 Apple Watch 和醫療記錄等的額外數據集的全新世界。因此，我們有機會為我們的客戶開發真正有趣的數據，然後與 Lemonade、護理和藥房的整合使我們能夠創造出令人難以置信的獨特服務。

Thanks, Anne. The next question is will 23andMe need to raise capital in the next 3 years?

謝謝，安妮。下一個問題是 23andMe 需要在未來 3 年內籌集資金嗎？

I'll give that to Joe.

我會把它交給喬。

Thank you, Anne. I would point to 2 things that we disclosed. First, we disclosed that at the end of the second quarter, we had over $411 million in cash, plus we received the $50 million for the third -- fifth year GSK payment in October. Second, we then reaffirmed our guidance on our adjusted EBITDA of a deficit of $195 million to $215 million, which is our proxy for operating cash flow. This will give you a sense of what our cash runway is. And it's a reasonably good period of time that will give us the ability to execute a lot on the goals on the consumer side and with our portfolio of therapeutics.

謝謝你，安妮。我會指出我們披露的兩件事。首先，我們披露，在第二季度末，我們擁有超過 4.11 億美元的現金，此外，我們在 10 月份收到了 GSK 第三年 - 第五年支付的 5000 萬美元。其次，我們隨後重申了我們對調整後 EBITDA 的指導，即虧損 1.95 億美元至 2.15 億美元，這是我們對經營現金流的代表。這將使您了解我們的現金跑道是什麼。這是一段相當不錯的時期，這將使我們有能力在消費者方面和我們的治療組合上執行很多目標。

With that said, we'll continue to look at the markets and be opportunistic and look at and evaluate our options going forward.

話雖如此，我們將繼續關注市場，投機取巧，審視和評估我們未來的選擇。

Thanks, Joe. The next question is, what part of the business do you think is being ignored, I think it's being ignored by Wall Street that has more upside potential than Wall Street is giving it?

謝謝，喬。下一個問題是，您認為業務的哪一部分被忽略了，我認為華爾街忽略了它具有比華爾街提供的更大的上行潛力？

That's an interesting question and this kind of macro environment that we have going on right now, because I think a lot of things get missed when you have this kind of global economy concerns. So I would say people still don't understand many aspects of 23andMe. And I think that the direct-to-consumer side and our ability to really engage with consumers and bring them back, keep them engaged with genetic information. The research that comes from that is not well understood distinction. I think a lot of people are still surprised to hear that we have a therapeutics group and that we actually do the therapeutics ourselves, but it's not just that it's a research and we hand it over to GSK that I have over 100 incredibly talented people in the therapeutics world, working in real labs with like real PI tests and making progress and doing the real work of translating from a basic discovery into something that is now very proudly in human trials.

這是一個有趣的問題，也是我們目前正在經歷的這種宏觀環境，因為我認為當你有這種全球經濟問題時，很多事情都會被忽略。所以我想說人們仍然不了解 23andMe 的許多方面。我認為，直接面向消費者的一面以及我們真正與消費者互動並將他們帶回來的能力，讓他們與基因信息保持聯繫。來自那個的研究並沒有很好地理解區別。我想很多人聽到我們有一個治療小組並且實際上我們自己進行治療時仍然感到驚訝，但這不僅僅是一項研究，我們將它交給 GSK，我有超過 100 名非常有才華的人治療學界，在真實的實驗室中進行真實的 PI 測試，並取得進展並做真正的工作，將基本發現轉化為現在在人體試驗中非常自豪的東西。

So I would say many aspects of 23andMe are misunderstood, but I would say one on the consumer side, that ability for us to engage, recontact, that a direct ability to communicate with an individual and the value of that. And I think, second, the fact that we have an outstanding therapeutics team that is doing that translation and developing work ourselves is often totally unknown to many investors.

所以我想說 23andMe 的很多方面都被誤解了，但我想說的是消費者方面的一個方面，即我們參與、重新聯繫的能力，與個人溝通的直接能力以及這種能力的價值。我認為，第二，我們擁有一支優秀的治療團隊，自己進行翻譯和開發工作，這對許多投資者來說往往是完全未知的。

Thanks, Anne. The next question is, how will 23andMe profit from novel drug research and development?

謝謝，安妮。下一個問題是，23andMe 將如何從新藥研發中獲利？

Kenneth, that sounds like you.

肯尼斯，這聽起來像你。

Thanks, Anne. Happy to take that. Thanks, Wade. Look, our goal, as we've spoken about, is to advance our portfolio of therapeutics programs based on targets that have a human genetic validation, something that we think is incredibly important for increasing the overall probability of technical success. So it's really grounded, first of all, in human genetics.

謝謝，安妮。很高興能接受。謝謝，韋德。看，正如我們所說，我們的目標是推進我們的治療項目組合，這些項目基於具有人類基因驗證的目標，我們認為這對於提高技術成功的總體可能性非常重要。因此，它首先基於人類遺傳學。

The ways that you can generate profits from that, we have the opportunity with royalty revenues from our GSK partnership. And as you know, we've spoken publicly about the fact that we've initiated more than 50 programs from the database with GSK. So hopefully, over time, as some of those programs are successful, we'll have the opportunity to have royalty revenues coming back to the business.

您可以從中獲得利潤的方式，我們有機會從我們的 GSK 合作夥伴關係中獲得特許權使用費收入。如你所知，我們已經公開談論過我們已經從 GSK 的數據庫中啟動了 50 多個程序。因此，希望隨著時間的推移，隨著其中一些計劃的成功，我們將有機會讓版稅收入重新回到業務中。

The second thing with programs like 23ME-00610 and future products, we have the potential to bring those forward and commercialize either at 23andMe or, of course, in partnership with others. And so there would be the opportunity for product revenues.

第二件事是像 23ME-00610 和未來的產品這樣的項目，我們有潛力在 23andMe 或當然，與其他人合作，將這些項目推進並商業化。所以會有產品收入的機會。

And then thirdly, in terms of future partnerships, I think with GSK and with the productivity of targets coming from the database, we've really shown that 23andMe is a partner of choice for the pharmaceutical industry. And so we think that these partnerships could also bring in significant revenue. So those could be target discovery revenues, could be assets that we license out to pharma partners in the future or could be, for example, if somebody wanted to partner with us in the future with a program like 23ME-00610. So there's absolutely a number of ways that the therapeutics business can generate significant revenues and long-term value for the business at 23andMe.

第三，就未來的合作夥伴關係而言，我認為與葛蘭素史克以及來自數據庫的目標生產力，我們確實證明了 23andMe 是製藥行業的首選合作夥伴。因此，我們認為這些合作夥伴關係也可以帶來可觀的收入。因此，這些可能是目標發現收入，可能是我們未來許可給製藥合作夥伴的資產，或者可能是，例如，如果有人想在未來與我們合作，開展像 23ME-00610 這樣的項目。因此，治療業務絕對可以通過多種方式為 23andMe 的業務創造可觀的收入和長期價值。

Thank you, Kenneth. And the last question that we'll take today from investors is, would you consider more mutually beneficial deals with other health care companies?

謝謝你，肯尼斯。我們今天要從投資者那裡得到的最後一個問題是，您會考慮與其他醫療保健公司進行更多互惠互利的交易嗎？

Absolutely. We are actively discussing, engaging and talking to groups out there. I mean, we feel like we have -- we're all about, we want to maximize our customers' intentions of making their genetic information useful and beneficial to the world. And in order to do that, we have to do partnership. We need to do -- help understand how we can integrate genetic information more and more into the medical world, how we can make sure that we're maximizing the value of research that our customers have entrusted us to do and that we are really doing all we can to really benefit from the human genome and the database that we are -- that we're managing.

絕對地。我們正在積極討論、參與和與那裡的團體交談。我的意思是，我們覺得我們擁有——我們全力以赴，我們希望最大限度地發揮客戶的意圖，使他們的遺傳信息對世界有用和有益。為了做到這一點，我們必須建立夥伴關係。我們需要做的——幫助了解我們如何將遺傳信息越來越多地整合到醫學界，我們如何確保最大限度地發揮客戶委託我們做的研究的價值，以及我們真正在做的事情我們所能做的就是真正從人類基因組和我們所管理的數據庫中受益。

So absolutely think about additional deals. And with the end of GSK coming up in July, it is top priority for us to make sure that we are going to keep thinking about strategic partnerships so that we can, again, maximize that value.

所以絕對要考慮額外的交易。隨著 7 月 GSK 的結束，我們的首要任務是確保我們將繼續考慮戰略合作夥伴關係，以便我們能夠再次最大化這種價值。

Thanks, Anne. And with that, that's our last question. I'll leave it to you, Anne, to wrap up the call.

謝謝，安妮。有了這個，這是我們的最後一個問題。安妮，我會把它留給你來結束通話。

Thank you. We look forward to hearing you all, from you all again next quarter and probably many of you in between. Thank you. Enjoy the day.

謝謝你。我們期待著在下個季度再次聽到你們所有人的聲音，可能還有你們中間的許多人。謝謝你。享受這一天。

This concludes today's conference. Thank you for participating. You may now disconnect. Goodbye.

今天的會議到此結束。感謝您的參與。您現在可以斷開連接。再見。