23andMe Holding Co. (ME) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the 23andMe's Fiscal Year 2022 Second Quarter Earnings Call. (Operator Instructions)

女士們先生們，美好的一天，歡迎來到 23andMe 的 2022 財年第二季度財報電話會議。 （操作員說明）

As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Wade Walke, Vice President of Investor Relations. Sir, you may begin.

提醒一下，正在錄製此電話會議。現在我想介紹一下今天會議的主持人，投資者關係副總裁 Wade Walke。先生，您可以開始了。

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 within 24 hours after the event. 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.

謝謝。在我們開始之前，我鼓勵大家去 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。今天的網絡廣播重播也將在活動結束後 24 小時內在我們的網站上限時提供。請注意，在本次電話會議期間就非歷史事實的事項所做的某些陳述，包括但不限於管理層的展望或對未來時期的預測，屬於前瞻性陳述。

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. 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 Steven Schoch, our Chief Financial Officer; Kenneth Hillan, our Head of Therapeutics will also be joining us for Q&A. And now I'd like to turn the call over to Anne.

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，該部分適用於此次電話會議。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。我們還討論了某些非 GAAP 措施，有關我們使用這些措施的重要信息以及與美國 GAAP 的對賬可能會在我們的收益發布中找到。我們的首席執行官兼聯合創始人 Anne Wojcicki 今天加入我們的電話會議；和我們的首席財務官 Steven Schoch；我們的治療學負責人 Kenneth Hillan 也將加入我們的問答環節。現在我想把電話轉給安妮。

Thank you, Wade. I'm excited to talk to you today about the recent progress we've made on our mission to help people access, understands and benefit from the human genome. We announced recently that we completed our acquisition of Lemonaid Health. We believe this acquisition gets us closer to helping our customers more fully benefit from the genetic information we provide them.

謝謝你，韋德。我很高興今天能和你們談談我們最近在幫助人們獲取、理解人類基因組並從中受益的使命方面取得的進展。我們最近宣布完成了對 Lemonaid Health 的收購。我們相信，此次收購使我們更接近於幫助我們的客戶更充分地從我們提供給他們的遺傳信息中受益。

We have heard from our customers that they want to be able to do more with the information provided to them through our health reports, but most physicians are not trained in genetics and don't know how to integrate the information. We believe we now have the opportunity to change that and expand on our mission to help people benefit from their genetics.

我們從客戶那裡聽說，他們希望能夠利用我們的健康報告提供給他們的信息做更多的事情，但大多數醫生沒有接受過遺傳學方面的培訓，也不知道如何整合這些信息。我們相信我們現在有機會改變這種狀況並擴大我們的使命，幫助人們從他們的遺傳學中受益。

Our focus will now be on the integration and developing a plan to accomplish our goal to provide consumers with convenient access to personalized, proactive and genetically-based primary care. We believe that by combining Lemonaid Health telemedicine platform, including its online team of medical professionals and its digital pharmacy services with our consumer business, we are taking an important step in transforming the traditional primary care experience in making personalized health care a reality. I look forward to telling you more about this as our plans develop and take shape. We also launched 3 new health reports in the second quarter for our 23andMe+ numbers. 23andMe+ is our premium content subscription service that provides subscribers with new reports and features through the course of their subscription, giving them even deeper insights into their health.

我們現在的重點將放在整合和製定計劃上，以實現我們的目標，即為消費者提供方便的個性化、主動和基於基因的初級保健。我們相信，通過將 Lemonaid Health 遠程醫療平台（包括其在線醫療專業人員團隊和數字藥房服務）與我們的消費者業務相結合，我們正在朝著轉變傳統初級保健體驗、使個性化醫療保健成為現實邁出重要一步。隨著我們計劃的發展和成形，我期待著向您介紹更多相關信息。我們還在第二季度為我們的 23andMe+ 號碼發布了 3 份新的健康報告。 23andMe+ 是我們的高級內容訂閱服務，在訂閱過程中為訂閱者提供新的報告和功能，讓他們更深入地了解自己的健康狀況。

With our database of over 11 million genotype customers and billions of health-related data points, we are uniquely positioned to provide our customers with these health insights. The new reports included a gallstone report, a gestational diabetes report and an HDL cholesterol report. Each report uses machine learning to estimate a person's likelihood of developing a specific condition. With the addition of these new reports, we now have over 20 reports as part of our 23andMe+ subscription. If you are not a 23andMe+ subscriber, you can learn more about these reports on our website at blog.23andme.com. We are also pleased with the progress of our therapeutics pipeline. Our partner, GSK, expects to report clinical data from the CD96 in 2022. In addition, we expect to start a clinical trial with our wholly-owned P006 program by the end of fiscal year 2022. Finally, I'm pleased to welcome a new 23andMe Board member. As you may have seen from our press release yesterday, Dr. Sandra Hernandez has joined our Board. Sandra is the President and CEO of the California Healthcare Foundation, an independent nonprofit philanthropy dedicated to improving California's healthcare system so that all Californians, especially those with low incomes can get the care they need.

憑藉我們擁有超過 1100 萬個基因型客戶的數據庫和數十億個與健康相關的數據點，我們在為客戶提供這些健康見解方面處於得天獨厚的優勢。新報告包括膽結石報告、妊娠糖尿病報告和高密度脂蛋白膽固醇報告。每份報告都使用機器學習來估計一個人患上特定疾病的可能性。隨著這些新報告的加入，我們現在有超過 20 份報告作為我們 23andMe+ 訂閱的一部分。如果您不是 23andMe+ 訂閱者，您可以在我們的網站 blog.23andme.com 上了解有關這些報告的更多信息。我們也對我們的治療管道的進展感到高興。我們的合作夥伴 GSK 預計將在 2022 年報告 CD96 的臨床數據。此外，我們預計將在 2022 財年末開始使用我們全資擁有的 P006 項目進行臨床試驗。最後，我很高興地歡迎新的 23andMe 董事會成員。正如您昨天從我們的新聞稿中看到的那樣，Sandra Hernandez 博士已加入我們的董事會。 Sandra 是加州醫療保健基金會的總裁兼首席執行官，該基金會是一個獨立的非營利慈善機構，致力於改善加州的醫療保健系統，以便所有加州人，尤其是低收入者能夠獲得他們需要的醫療服務。

I believe Sandra's perspective and guidance will be a great asset to us as we roll out a new digital primary care experience that delivers personalized preventative care to individuals in an affordable and accessible way. And with that, I'll turn the call over to Steve to review our financial results for the quarter.

我相信 Sandra 的觀點和指導對我們來說將是一筆巨大的財富，因為我們推出了一種新的數字初級保健體驗，以一種負擔得起且易於獲得的方式為個人提供個性化的預防保健。有了這個，我會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 excited about the progress we're making on pursuing our vision across both our Consumer Research Services segment and our Therapeutics segment. On the Consumer and Research Services side, we believe that our customer-centric, genetically-focused model for health services can significantly improve upon traditional health care by providing a new focus on individualized wellness, prevention and care. The recent acquisition of Lemonaid Health is just one of several steps we're taking to make this model a reality. We're also continuing our internal investment in delivering innovative product enhancements made possible by our research capabilities combined with the unmatched scale of our genetic database. One such example of this is what we're doing with our proprietary polygenic risk scores.

謝謝，安妮。我們對我們在追求我們的消費者研究服務部門和我們的治療部門的願景方面取得的進展感到興奮。在消費者和研究服務方面，我們相信我們以客戶為中心、以基因為中心的健康服務模式可以通過提供對個性化健康、預防和護理的新關注來顯著改善傳統醫療保健。最近對 Lemonaid Health 的收購只是我們為使這種模式成為現實而採取的幾個步驟之一。我們還在繼續我們的內部投資，通過我們的研究能力和我們無與倫比的基因數據庫規模，提供創新的產品改進。一個這樣的例子就是我們正在做的我們專有的多基因風險評分。

On the therapeutic side, we continue to invest in advancing our therapeutics discovery and development pipeline. We believe that the unique insights we obtained from our premier genetic database of approximately 11.9 million genotype customers and our billions of phenotypic data points will give our therapeutics programs a distinct advantage as they move from discovery through clinical development. As we continue to grow our genetic database and the associated health data, we will continue to invest in our unique and increasing understanding of human genetics and biology in order to drive the discovery and development of new therapeutics. We believe this is one of the very best opportunities we have to invest. Now let us turn to our second quarter financial performance. Our revenue for the 3 and 6 months ended September 30, 2021, was $55 million and $114 million, respectively, representing increases of 7% and 15%, respectively, over the same period in the prior years. This revenue growth was primarily due to higher sales volume in both our Personal Genome Services or PGS product and our subscription product. As we have pointed out previously, a significant portion of our overall revenue comes from our consumer business. Additionally, PGS revenue fluctuates during the year due to many seasonal promotional, competitive and economic factors, and those patterns can vary year-to-year.

在治療方面，我們繼續投資推進我們的治療發現和開發管道。我們相信，我們從擁有大約 1190 萬基因型客戶的主要遺傳數據庫和我們數十億的表型數據點中獲得的獨特見解，將使我們的治療計劃在從發現到臨床開發的過程中具有明顯的優勢。隨著我們繼續擴大我們的基因數據庫和相關的健康數據，我們將繼續投資於我們對人類遺傳學和生物學的獨特和不斷增長的理解，以推動新療法的發現和開發。我們相信這是我們必須投資的最佳機會之一。現在讓我們來看看我們第二季度的財務業績。截至 2021 年 9 月 30 日止的第 3 個月和第 6 個月的收入分別為 5500 萬美元和 1.14 億美元，分別比去年同期增長 7% 和 15%。這一收入增長主要是由於我們的個人基因組服務或 PGS 產品以及我們的訂閱產品的銷量增加。正如我們之前指出的那樣，我們總收入的很大一部分來自我們的消費者業務。此外，由於許多季節性促銷、競爭和經濟因素，PGS 收入在一年中會出現波動，而且這些模式每年都會有所不同。

Finally, we note that our second fiscal quarter has historically been one of our seasonally low revenue quarters. When we look at the composition of revenue, consumer services revenue represented approximately 81% of total revenue for the 3 and 6 months ended September 30, 2021, and research services revenue, which was substantially all from the GSK collaboration, accounted for approximately 19% of total revenue. Our gross profit for the 3 and 6 months ended September 30, 2021, was $28 million and $58 million, respectively, representing a 14% and 25% increase over the same periods in the prior year. This increase was driven primarily by the above-mentioned PGS and subscription service revenue increases as well as lower lab processing costs. Operating expenses for the 3 and 6 months ended September 30, 2021, were $74 million and $147 million, respectively, compared to $61 million and $121 million for the same periods in the prior year. The increase in operating expenses was primarily attributable to the increase in research and development expenses related to our therapeutics programs, along with increased sales and marketing expenses intended to grow the consumer business. Looking at the bottom line, net loss for the 3 and 6 months ended September 30, 2021, was $17 million and $59 million, respectively, compared to net losses of $36 million and $72 million for the same period in the prior year.

最後，我們注意到我們的第二財季歷來是我們季節性收入較低的季度之一。當我們查看收入構成時，截至 2021 年 9 月 30 日的前三個月和六個月，消費者服務收入約佔總收入的 81%，而研究服務收入（主要全部來自 GSK 合作）約佔 19%的總收入。截至 2021 年 9 月 30 日止的第 3 個月和第 6 個月的毛利潤分別為 2800 萬美元和 5800 萬美元，比去年同期增長 14% 和 25%。這一增長主要是由上述 PGS 和訂閱服務收入的增長以及實驗室處理成本的降低所推動的。截至 2021 年 9 月 30 日的第 3 個月和第 6 個月的運營費用分別為 7400 萬美元和 1.47 億美元，而去年同期為 6100 萬美元和 1.21 億美元。運營費用的增加主要是由於與我們的治療項目相關的研發費用增加，以及旨在發展消費者業務的銷售和營銷費用增加。從底線來看，截至 2021 年 9 月 30 日的第 3 個月和第 6 個月的淨虧損分別為 1700 萬美元和 5900 萬美元，而去年同期的淨虧損為 3600 萬美元和 7200 萬美元。

The improvement in net loss was primarily driven by noncash changes in fair value of warrant liabilities of $30 million and $29 million, respectively, for the 3 and 6 months ended September 30, 2021, offset by higher loss from operations for those periods. We anticipate that there could be a -- there could be significant changes in the fair value of warrant liabilities from quarter-to-quarter. Let's look at adjusted EBITDA. For details on how we define adjusted EBITDA, please see our earnings press release. Total adjusted EBITDA for the 3 and 6 months ended September 30, 2021, was a loss of $30 million and $57 million, respectively, compared to a loss of $20 million and $40 million for the same periods in the prior year. The increased loss in total adjusted EBITDA was driven primarily by an increase research and development expenses related to our therapeutics programs and in sales and marketing expenses aimed at growing the consumer business. Looking specifically at the adjusted EBITDA for the 3- and 6-month periods for the Consumer and Research Services segment, we saw a loss of $0.8 million and $1.3 million, respectively, compared to a gain of $1.8 million and a loss of $2.5 million for the same periods in the prior year.

淨虧損的改善主要是由於截至 2021 年 9 月 30 日的三個月和六個月，認股權證負債公允價值的非現金變化分別為 3000 萬美元和 2900 萬美元，被這些期間的運營虧損增加所抵消。我們預計認股權證負債的公允價值可能會出現一個季度之間的重大變化。讓我們看看調整後的 EBITDA。有關我們如何定義調整後 EBITDA 的詳細信息，請參閱我們的收益新聞稿。截至 2021 年 9 月 30 日的第 3 個月和第 6 個月的調整後 EBITDA 總額分別虧損 3000 萬美元和 5700 萬美元，而去年同期分別虧損 2000 萬美元和 4000 萬美元。調整後 EBITDA 總額虧損的增加主要是由於與我們的治療項目相關的研發費用增加以及旨在發展消費者業務的銷售和營銷費用增加。具體來看消費者和研究服務部門 3 個月和 6 個月期間的調整後 EBITDA，我們分別看到虧損 80 萬美元和 130 萬美元，相比之下，增長 180 萬美元，虧損 250 萬美元上年同期。

Quarterly adjusted EBITDA for the Consumer and Research Services segment will have seasonal variation just as the consumer segment top line does and will be further impacted by the timing of our media spending pattern, which has varied over time. For this reason, we focus managerially on our full year adjusted EBITDA performance. As I've mentioned previously, we continue to focus on the aim of economically efficient growth of the Consumer and Research Services segment over time. We ended the quarter with a strong balance sheet, which included $701 million in cash, which gives us substantial capital for pursuing our strategic objectives. Subsequent to the end of the second quarter, we paid approximately $102 million in cash consideration for the acquisition of Lemonaid Health, of which approximately $13 million was placed in escrow to cover potential purchase price adjustments and to secure the indemnification obligations of the former equity holders of Lemonaid Health. Turning now to the topic of guidance. Our previous full year fiscal 2022 guidance, excluding the effects of the Lemonaid acquisition is unchanged. Updated fiscal 2022 guidance, including the effects of the Lemonaid acquisition will be provided with our third quarter update. For purposes of our net loss guidance due to the unpredictable nature of market-driven changes in our warrant liability, we have assumed no net change in the fair value of warrant liability for the year within our guidance. And now I'll turn the call back over to Anne.

消費者和研究服務部門季度調整後的 EBITDA 將有季節性變化，就像消費者部門的頂線一樣，並將進一步受到我們媒體支出模式時間的影響，該模式會隨著時間的推移而變化。因此，我們將管理重點放在全年調整後的 EBITDA 業績上。正如我之前提到的，隨著時間的推移，我們將繼續關註消費者和研究服務部門經濟高效增長的目標。本季度結束時，我們的資產負債表表現強勁，其中包括 7.01 億美元現金，這為我們實現戰略目標提供了大量資金。第二季度末後，我們為收購 Lemonaid Health 支付了約 1.02 億美元的現金對價，其中約 1300 萬美元被託管以支付潛在的購買價格調整併確保前股東的賠償義務檸檬水健康。現在轉向指導的話題。我們之前的 2022 財年全年指引（不包括 Lemonaid 收購的影響）保持不變。更新的 2022 財年指南，包括 Lemonaid 收購的影響，將與我們的第三季度更新一起提供。由於我們的認股權證負債的市場驅動變化的不可預測性，就我們的淨虧損指導而言，我們假設在我們的指導下，本年度認股權證負債的公允價值沒有淨變化。現在我會把電話轉回給安妮。

Thanks, Steve. I believe the recent strategic steps we've taken and the continued progress we have made with the acquisition of new health services, new health reports and our therapeutics efforts demonstrates the significant advancements we are making toward our goal of personalized healthcare. Now with that, let's open it up for questions.

謝謝，史蒂夫。我相信我們最近採取的戰略步驟以及我們在獲得新的健康服務、新的健康報告和我們的治療努力方面取得的持續進展表明我們在實現個性化醫療保健目標方面取得了重大進展。現在，讓我們打開它來提問。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Daniel Grosslight from Citi.

你的第一個問題來自花旗銀行的 Daniel Grosslight。

Steve, you mentioned 2Q is typically seasonally light, but I would have assumed that you would start to see some revenue come in from Mother's Day, Father's Day and this year Prime Day in this quarter. Can you share some details around demand you saw during these holidays. Any discounting you may have taken during these holidays. And if the kits sold are taking longer to process and so we should start to see more of that revenue come in, in 3Q? And then maybe if you can just relate that to what you're expecting for this holiday season coming up.

史蒂夫，你提到第二季度通常是季節性的，但我假設你會開始看到本季度的母親節、父親節和今年的 Prime Day 帶來一些收入。你能分享一些關於你在這些假期看到的需求的細節嗎？您在這些假期期間可能獲得的任何折扣。如果售出的套件需要更長的時間來處理，那麼我們應該會在第三季度開始看到更多的收入？然後也許如果你能把它與你對即將到來的假期的期望聯繫起來。

Yes. So I think I'd start with the guidance that we've said is unchanged. So as we look at the full year, it's running within our expectations that, that guidance represents. And in our estimation, the seasonality of this quarter, in particular, was kind of exactly where we thought it would be. And -- which is why we haven't changed that guidance. We -- our pattern of spending, and we've talked about this a little bit before, our pattern of spending of marketing money changes over time and year-to-year. And I would say that probably in thinking about this quarter or the next quarter, we were pretty quiet in the summer. We had some spending start to pick up in September, which really didn't affect this quarter other than its cost. And as usual, we'll spend quite a bit of our money in the full year's media budget in the current quarter that we're in. So I think all the parameters of the business ASPs were healthy. All the parameters of the business are in line with what we would have expected to see. So they really -- from our point of view, there really weren't any surprises.

是的。所以我想我會從我們所說的不變的指導開始。因此，當我們回顧全年時，它符合我們的預期，即該指導所代表的。根據我們的估計，本季度的季節性尤其符合我們的預期。而且 - 這就是為什麼我們沒有改變該指南的原因。我們——我們的支出模式，我們之前已經談過一點，我們的營銷資金支出模式隨著時間和年復一年的變化而變化。我想說的是，考慮到這個季度或下個季度，我們在夏天非常安靜。我們的一些支出在 9 月份開始回升，這除了成本之外並沒有影響這個季度。和往常一樣，我們將在當前季度的全年媒體預算中花費相當多的錢。所以我認為業務 ASP 的所有參數都是健康的。業務的所有參數都符合我們的預期。所以他們真的 - 從我們的角度來看，真的沒有任何驚喜。

Got it. Okay. And I understand you don't guide quarterly, but maybe if you can directionally give us some guideposts around how we should think about revenue? Should that be up sequentially? Or just some details around how we should think about revenue next -- in this current quarter?

知道了。好的。而且我知道你不會每季度提供指導，但也許你可以定向地給我們一些關於我們應該如何考慮收入的指南？應該按順序上升嗎？或者只是關於我們接下來應該如何考慮收入的一些細節——在本季度？

Yes. I mean we stay out of the business of quarters just because of the number of moving parts in the way that revenue gets recognized. But again, I would point to 2 things. One, I would point to the seasonality factors that we've provided for the last 3 years, last 3, 4 fiscal years. Those are helpful. They even have some variability in them because we spent marketing money in different patterns in those years. And it's why we kind of try to point to the annual number because we actually run the business that way, we don't really get too hung up on quarterly numbers in their exactness because we constantly shift how we're doing our promotions, including the way we price and how we're doing -- how we're spending our media money and the timing of that.

是的。我的意思是，我們只是因為收入確認方式中的移動部件數量而遠離季度業務。但同樣，我會指出兩件事。第一，我要指出我們在過去 3 年，過去 3、4 個財政年度提供的季節性因素。那些很有幫助。它們甚至有一些可變性，因為那些年我們以不同的方式花費了營銷資金。這就是為什麼我們有點試圖指出年度數字，因為我們實際上是這樣經營業務的，我們並沒有真正太在意季度數字的準確性，因為我們不斷改變我們進行促銷的方式，包括我們定價的方式和我們的表現——我們如何花費媒體資金以及時間。

So we'll probably just stay out of the business of talking about the individual quarters because it's literally not the way we run the business.

因此，我們可能只是遠離談論各個季度的業務，因為這實際上不是我們經營業務的方式。

Yes. Fair enough. On Lemonaid, can you provide some details around how much of that business or those visits are done asynchronously? And if you anticipate as you move more into primary care and informing that visit with genetic data, do you think you'll move more towards a video and telephonic visit type model?

是的。很公平。在 Lemonaid 上，您能否提供一些有關異步完成的業務或訪問量的詳細信息？而且，如果您預計隨著您更多地進入初級保健並通過遺傳數據通知訪問，您認為您會更多地轉向視頻和電話訪問類型模型嗎？

Yes. I can start with kind of how to think about information flow and then let Anne talk about the vision. So we'll have a lot more to say about overall performance of that business within the context of our total company next quarter for sure, we'll give guidance as we talked about with kind of that business coming in.

是的。我可以從如何思考信息流開始，然後讓安妮談談願景。因此，我們肯定會在下個季度的整個公司範圍內就該業務的整體業績發表更多言論，我們將在談到該業務的種類時提供指導。

So much like our own business, we will not get into a lot of detailed KPIs certainly on a quarterly basis and largely not a lot of them on an annual basis. But I'll let Anne talk a little bit about kind of the vision for the product and the product environment.

與我們自己的業務非常相似，我們當然不會按季度製定很多詳細的 KPI，而且基本上不會按年度製定很多。但我會讓安妮談談產品和產品環境的願景。

Yes. I don't have a specific breakdown on asynchronous versus nonasynchronous, but happy to -- again, I think when we do have a more in-depth call for next quarter, and we want to talk more about sort of the integration plans, I think then we can answer some more questions there. I think as we are envisioning a future that is focused on primary care and focused on genetics, I think that there is a great opportunity to have a lot of that continue to be asynchronous. And I think we both Paul, the whole Lemonaid team and I are very aligned in how do you actually really deliver health care that can scale. And I think that's one of the important aspect of 23andMe has really been able to pioneer is that we've been able to show that we can deliver information to customers without having to have a healthcare professional.

是的。我沒有關於異步與非異步的具體細目分類，但很高興——再一次，我認為當我們確實對下個季度進行更深入的呼籲時，我們想更多地討論某種集成計劃，我想想我們可以在那裡回答更多問題。我認為，當我們設想一個專注於初級保健和遺傳學的未來時，我認為有很多機會繼續異步進行。我認為我們保羅、整個 Lemonaid 團隊和我在如何真正提供可擴展的醫療保健方面非常一致。我認為 23andMe 真正能夠開創的重要方面之一是，我們已經能夠證明我們可以向客戶提供信息，而無需醫療保健專業人員。

And so I think you can imagine, we are thinking more and more how is that we can deliver high-quality care at scale for a number of individuals and really have the teleconference or the video conference or chat, others as needed and at the appropriate times. So it's definitely going to be a balance.

所以我想你可以想像，我們越來越多地思考我們如何能夠為許多人提供大規模的高質量護理，並真正進行電話會議或視頻會議或聊天，其他人根據需要在適當的時候進行次。所以這肯定會是一個平衡。

Very helpful. Looking forward to that call next quarter. And then last 1 for me. I know everyone is very excited to hear more details about P006. You mentioned you're going to kind of give more color on that program. But I was curious if when you initiate the trial. Just curious if you're willing to share any additional information about P006, how that's been progressing and when we might actually hear more about kind of the target that that's going after.

很有幫助。期待下個季度的電話會議。然後最後 1 對我來說。我知道每個人都非常高興聽到有關 P006 的更多細節。您提到您將在該程序上添加更多顏色。但我很好奇你是什麼時候開始試驗的。只是想知道您是否願意分享有關 P006 的任何其他信息、進展情況以及我們何時可以真正聽到更多關於目標類型的信息。

Yes. It's Kenneth, I can take that. Happy to respond. Yes, we continue to make really nice progress with P006. As we've communicated, we anticipate having petition in before the end of March of next year. And we would also be planning in between now and then to -- I'd be ready to talk more about the target and the antibody and the biology and why we're so excited about this. So it's -- we're looking forward to sharing that. And as I said, we have continued to make very nice progress with the program.

是的。是肯尼斯，我能接受。樂於回應。是的，我們繼續在 P006 方面取得非常好的進展。正如我們所傳達的那樣，我們預計會在明年 3 月底之前收到請願書。我們也會計劃從現在到那時——我準備好更多地談論目標、抗體和生物學，以及為什麼我們對此如此興奮。所以它 - 我們期待著分享它。正如我所說，我們繼續在該計劃中取得非常好的進展。

Your next question comes from the line of Dan Kim from Credit Suisse.

你的下一個問題來自瑞士信貸的 Dan Kim。

This is Dan on for Tiago. Looking ahead to the end of the fiscal year, do you plan to disclose the number of new programs and validated targets in the pipeline? And can you help set expectations for what you would like to see and sort of frame the bar of success in this area?

這是蒂亞戈的丹。展望本財年末，您是否計劃披露正在籌備中的新項目和已驗證目標的數量？您能否幫助設定您希望看到的內容的期望值，並為該領域的成功設立標準？

Steve, do you want to take...

史蒂夫，你想帶...

You can start and I can follow up?

你可以開始，我可以跟進嗎？

Yes. I think when we disclosed information last year and the -- or earlier this year in the SPAC process, I think we talked about doing an update once a year on kind of macro progress there. And so I think that's kind of the basic plan at this point is to just note progress as we go along annually.

是的。我認為當我們去年和 - 或今年早些時候在 SPAC 流程中披露信息時，我認為我們談到每年更新一次那裡的宏觀進展。因此，我認為目前的基本計劃是記錄我們每年的進展情況。

Speakers, there are no further questions at this time from the phone lines. Mr. Walke, I turn the call over back to you.

發言人，目前電話線路上沒有進一步的問題。沃克先生，我把電話轉給你。

Thank you, very much. We have some questions that were submitted through our online portal from shareholders. And we'd like to address some of the top questions at this point. I'll read the questions, and then a member of the management team will take a -- take a shot at answering them. The first question we have is, how do you plan on integrating Lemonaid Health with 23andMe genetics products?

非常感謝。我們有一些股東通過我們的在線門戶網站提交的問題。我們現在想解決一些最重要的問題。我會閱讀問題，然後管理團隊的一名成員將嘗試回答這些問題。我們的第一個問題是，您打算如何將 Lemonaid Health 與 23andMe 遺傳學產品整合？

Excellent question. Lemonaid plays a very strategic role for us, and it plays a strategic role in helping our customers really do more. So we've learned from our customers that they get genetic information, they understand it, but they would like to integrate it more with their health and like to actually make it actionable with their health care. So by having Lemonaid, we have the ability to really start to think about how do you really have genetics-based primary care that is going to have a heavy emphasis on prevention. And one of the first areas we will really be able to think about is pharmacogenetics and really integrating genetic information in with pharmacy.

很好的問題。 Lemonaid 對我們起著非常重要的戰略作用，它在幫助我們的客戶真正做到更多方面發揮著戰略作用。所以我們從我們的客戶那裡了解到，他們獲得了遺傳信息，他們了解它，但他們希望將其更多地與他們的健康結合起來，並希望在他們的醫療保健中真正付諸實施。因此，通過 Lemonaid，我們有能力真正開始思考如何真正擁有以遺傳學為基礎的初級保健，並將重點放在預防上。我們真正能夠考慮的第一個領域是藥物遺傳學，以及真正將遺傳信息與藥學相結合。

The next question we have is other than charging for kits, what business models is 23andMe considered? And are there any being tested or near launch?

我們的下一個問題是除了套件收費之外，23andMe 考慮了哪些商業模式？是否有正在測試或即將推出的產品？

Yes. We actually have been testing a subscription service, also going along with the theme that our customers have been very clear that they want more from 23andMe. And so 23andMe+ is the subscription service we launched last fall that is specifically about providing additional content to our customers on a regular basis. So we think about all kinds of opportunities of how we'll be able to expand that in the future. And I think that is a key area to stay -- that we'll continue to update you on as we learn and as we evolve.

是的。事實上，我們一直在測試訂閱服務，同時也符合我們的客戶非常清楚他們想要從 23andMe 獲得更多的主題。所以 23andMe+ 是我們去年秋天推出的訂閱服務，專門為我們的客戶定期提供額外的內容。因此，我們考慮了未來如何擴展它的各種機會。我認為這是一個關鍵的領域——我們將在學習和發展的過程中繼續為您更新。

The next question is, what is the most exciting thing on the horizon for 2022?

下一個問題是，2022 年最令人興奮的事情是什麼？

So many things coming in 2022. I think it's definitely going to be -- it will be an exciting time at least from my perspective, we have a lot coming on therapeutics. I'm very excited about CD96. I'm obviously very excited about P006, so continuing to watch the progress of both of those. Also, we have -- we're in the thick of it now with integration with Lemonaid. So my enthusiasm for our 11 million-plus customers is really about what are the various services we are going to be able to roll out to our customers and really be able to impact their lives.

2022 年會發生很多事情。我認為這肯定會——至少從我的角度來看，這將是一個激動人心的時刻，我們在治療方面有很多進展。我對 CD96 感到非常興奮。我顯然對 P006 非常興奮，所以繼續關注這兩者的進展。此外，我們 - 我們現在正處於與 Lemonaid 整合的最重要階段。因此，我對我們超過 1100 萬客戶的熱情實際上是關於我們將能夠向客戶推出並真正能夠影響他們生活的各種服務。

Our next question is what genetic research is being prioritized?

我們的下一個問題是優先考慮哪些基因研究？

Great. Kenneth, do you want to take that?

偉大的。肯尼斯，你要拿那個嗎？

Yes, happy to do that. I'm sorry, I was just on mute. My apologies. Yes. So we've -- within our therapeutics research, we have programs across multiple therapeutic areas, including oncology, immune islemoratory-based diseases and then also on cardiometabolic diseases. What we've done is within those therapeutic areas, we've specifically prioritized indications or clinical diseases where we have power in our database to identify novel genetic signals that others are not able to identify, where we believe there is considerable unmet medical need and where we can advance potential new therapeutic candidates to clinical proof of concept with speed to parenting speed. So -- and those are the focused therapeutic areas, and the database continues to yield new data and new insights.

是的，很高興這樣做。對不起，我只是靜音。我很抱歉。是的。所以我們——在我們的治療學研究中，我們有跨越多個治療領域的項目，包括腫瘤學、免疫免疫疾病以及心臟代謝疾病。我們所做的是在這些治療領域內，我們特別優先考慮適應症或臨床疾病，我們在我們的數據庫中有能力識別其他人無法識別的新遺傳信號，我們認為這些領域有相當大的未滿足的醫療需求和在那裡我們可以將潛在的新治療候選者推進到臨床概念驗證，同時加快育兒速度。所以 - 這些是重點治療領域，數據庫繼續產生新數據和新見解。

Okay. Our next question is a 2-part question. First one is, are you currently or do you have plans to sell or license the data that you have to other biopharmaceutical research companies?

好的。我們的下一個問題是一個由兩部分組成的問題。第一個是，您目前是否或有計劃向其他生物製藥研究公司出售或許可您擁有的數據？

Yes, I can take that. So our drug target discovery, development and commercialization collaboration with GSK is exclusive for the full year term. And you'll recall that GSK is the right to extend that exclusivity for a fifth year. Certainly, after that expiration of exclusivity, we may well pursue collaborations as we have done in the past with the pharma companies, universities and research institutions. And we may also consider partnering some of our programs that we have at the end of the GSK collaboration. The one other thing I would point out, though, in terms of our databases, we have data beyond information for the purposes of target discovery.

是的，我可以接受。因此，我們與葛蘭素史克 (GSK) 的藥物靶點發現、開發和商業化合作是全年獨家合作。您會記得 GSK 有權將該獨占權延長第五年。當然，在獨占期到期後，我們很可能會像過去那樣與製藥公司、大學和研究機構進行合作。我們還可以考慮與我們在 GSK 合作結束時擁有的一些項目進行合作。不過，我要指出的另一件事是，就我們的數據庫而言，我們擁有用於目標發現目的的信息以外的數據。

So we can continue as we use today to collaborate with other pharma partners or with academic partners outside of the area of the target discovery even during the period of the GSK collaboration.

因此，即使在 GSK 合作期間，我們也可以像今天一樣繼續與目標發現領域以外的其他製藥合作夥伴或學術合作夥伴合作。

Great. And the second part of the question is about what you're excited about? Are there new exciting things in the research pipeline that you're excited about?

偉大的。問題的第二部分是你對什麼感到興奮？研究管道中是否有令您興奮的新事物？

Yes. I already answered a question about P006, it's a wholly-owned program from 23andMe. We identified the target for this program based on our immuno-oncology signature, which we believe predicts important genetic risk or genetic factors that drive the immune response against tumors. We have an antibody targeting this P006 and we'll be entering, we hope clinical studies reasonably soon, certainly before the end of March of next year. And we're really excited to come out and talk more about the target to talk about the antibody to talk about the biology. So really something that I'm excited about and look forward to being able to share in the not-too-distant future.

是的。我已經回答了一個關於P006的問題，它是23andMe的全資項目。我們根據我們的免疫腫瘤學特徵確定了該計劃的目標，我們認為它可以預測重要的遺傳風險或驅動針對腫瘤的免疫反應的遺傳因素。我們有針對這個 P006 的抗體，我們將進入，我們希望臨床研究能盡快進行，當然是在明年 3 月底之前。我們真的很高興能出來談論更多關於靶標、抗體、生物學的話題。所以我真的很興奮，並期待能夠在不久的將來分享。

Thank you. The next question is does 23andMe plan on acquiring genetic companies moving forward?

謝謝。下一個問題是 23andMe 是否計劃未來收購基因公司？

We are definitely in the thick of it with integration with Lemonaid. But at the same time, we have a big vision, and we absolutely continue to evaluate in a number of different areas where we want to build ourselves or where we potentially want to buy. So we're enthused to see the quality of various companies that are out there, and we are definitely mindful of opportunities that are out there.

通過與 Lemonaid 的整合，我們絕對處於其中。但與此同時，我們有一個遠大的願景，我們絕對會繼續在我們想要建立自己或我們可能想要購買的許多不同領域進行評估。因此，我們很高興看到各種公司的質量，我們絕對會留意那裡的機會。

The next question, how important is subscription revenue to your growth plans and what metrics around the current size and trajectory of this revenue stream can you share?

下一個問題，訂閱收入對您的增長計劃有多重要？您可以分享有關此收入流當前規模和軌蹟的哪些指標？

You want me take that, Anne?

你想讓我拿那個嗎，安妮？

Yes. Sorry, Steve, that's all you.

是的。對不起，史蒂夫，這就是你。

Okay. Great. So you'll notice that we referred in our prepared remarks a couple of times to subscription as a factor in the numbers for the quarter, in particular, because it's a 100% margin business, it actually does really help our margins to continue to expand our gross margins and continue to expand. That said, is an absolute size matter relative to the company's current revenue base, it's not material enough to talk about individually and that will become even more pronounced as we get into the era of consolidation of Lemonaid's activities into the full company. The top line will be bigger. And so we wouldn't anticipate spending a lot of time anytime soon, talking about the specifics of that, but it's important beyond what I just talked about on the margin front, it's important as a platform for enabling what comes in the future in the way of recurring revenue relationships we now have that platform built.

好的。偉大的。所以你會注意到我們在準備好的評論中多次提到訂閱是本季度數字的一個因素，特別是因為它是 100% 的保證金業務，它實際上確實幫助我們的利潤率繼續擴大我們的毛利率並繼續擴大。也就是說，這是相對於公司當前收入基礎的絕對規模問題，單獨討論還不夠重要，而且隨著我們進入將 Lemonaid 的活動整合到整個公司的時代，這將變得更加明顯。頂線會更大。因此，我們預計不會很快花很多時間來討論具體細節，但它的重要性超出了我剛才談到的利潤率方面，它作為一個平台來實現未來的發展也很重要經常性收入關係的方式，我們現在已經建立了該平台。

The next question, what do you think makes you stand out from other companies? And do you think would be the most successful part of your business by 2025?

下一個問題，你認為是什麼讓你從其他公司中脫穎而出？您認為到 2025 年您的業務中最成功的部分是什麼？

Well, I think what is -- what's so different about 23 is the direct-to-consumer component of the company that we empower individuals to get direct access to their genetic information. And we also give them that choice and transparency about participating in research. And I think what is really exciting. I mean the reason why we started the company was really about unlocking the potential of the human genome. And what can that mean for the individual as well as what does that mean for research overall. And I think we -- whether it's in 3 years or 5 years or 10 years, there's absolutely a better data-driven healthcare world out there that is both about how you're going to manage a health condition but also really about helping you be healthy. And I think genetics will play a key component of that. So I think we're very different than other companies out there in that one, we have this direct recontactable access with our customers, and it's always customer first; and second, we have a very different type of data set because it is -- again, it's based on your genetics. It is a size and scale that is unlike anything else. And it is -- has this opportunity to really go back directly to our customers and translate either into the world of therapeutics or translate into the world of helping our customers have better insights in themselves.

好吧，我認為 23 的不同之處在於公司的直接面向消費者的部分，我們授權個人直接訪問他們的遺傳信息。我們還為他們提供參與研究的選擇權和透明度。我認為真正令人興奮的是什麼。我的意思是我們創辦這家公司的真正原因是為了釋放人類基因組的潛力。這對個人意味著什麼，對整個研究意味著什麼。我認為我們——無論是 3 年、5 年還是 10 年，絕對會有一個更好的數據驅動的醫療保健世界，它既關乎你將如何管理健康狀況，也關乎真正幫助你成為健康。我認為遺傳學將在其中發揮關鍵作用。所以我認為我們在這方面與其他公司有很大不同，我們可以直接與客戶重新聯繫，而且始終以客戶為先；其次，我們有一個非常不同類型的數據集，因為它——同樣，它是基於你的基因。它的大小和規模與其他任何事物都不一樣。它是 - 有機會真正直接回到我們的客戶並轉化為治療學世界或轉化為幫助我們的客戶更好地了解自己的世界。

Our next question, can you add testing for all cancer markers?

我們的下一個問題，你能增加對所有癌症標誌物的檢測嗎？

We have -- we do not test for all cancer markers right now, but we are very proud of the 2 FDA authorizations that we have, 1 for the BRCA, [2BRCA] mutations and for breast cancer and 1 for hereditary colon cancer. We absolutely think about more ways that we can help our customers get access to meaningful cancer-related information. And I would say just personally, one thing I'm very proud of is because we are affordable and it's direct access, we have thousands of customers who found out that they are BRCA positive and never would have otherwise qualified for traditional screening paid for by their insurance.

我們有——我們現在不測試所有癌症標誌物，但我們為我們擁有的 2 項 FDA 授權感到非常自豪，1 項針對 BRCA、[2BRCA] 突變和乳腺癌，1 項針對遺傳性結腸癌。我們絕對會考慮更多的方式來幫助我們的客戶獲得有意義的癌症相關信息。我個人要說的是，我非常自豪的一件事是因為我們負擔得起並且可以直接訪問，我們有成千上萬的客戶發現他們是 BRCA 陽性並且永遠不會有資格接受由他們的保險。

So again, part of the mission for 23andMe is really enabling broad access for people. So while we don't test for everything, we find that we are finding lots of individuals who otherwise never would have gotten any kind of screening.

因此，23andMe 的部分使命是真正為人們提供廣泛的訪問權限。因此，雖然我們沒有對所有事情進行測試，但我們發現我們發現了很多人，否則他們永遠不會接受任何類型的篩查。

Great. The next question relates to the partnership with GSK. And the question is, what's the latest status on the drug you guys have been working on? And what are your plans to bring transformational medicines to assess patients?

偉大的。下一個問題與與葛蘭素史克的合作有關。問題是，你們一直在研究的藥物的最新狀態是什麼？您打算如何使用轉化藥物來評估患者？

Yes, Kenneth, I can take that. Thanks again for the question. So the partnership with GSK, I think it really speaks for itself. It's been very productive. In less than 4 years, we have 1 collaboration program in the clinic. That's the anti-CD96 antibody, and another that as well as our P006 program that doesn't come from the GSK collaboration that we anticipate being in the clinic before the end of March.

是的，肯尼斯，我可以接受。再次感謝您的提問。所以與葛蘭素史克的合作，我認為它真的不言自明。這是非常有成效的。在不到 4 年的時間裡，我們在診所有 1 個合作項目。那是抗 CD96 抗體，另一個是我們的 P006 項目，它不是來自我們預計在 3 月底之前進入臨床的 GSK 合作項目。

We've had more than 40 programs come from the database and that we've been working on. Sometimes it's GSK working and those are unilateral targets on their own. Sometimes they're part of the collaboration, but ultimately advancing those to the clinic. We also spoke in our pack deck about the fact that we've had 18 targets come from the database, which have been validated. That means they've gone through the biological antigenetic validation that was as of the end of December 31, 2020. So it's been very productive.

我們已經從數據庫中獲得了 40 多個程序，並且我們一直在努力。有時是葛蘭素史克在起作用，而這些本身就是單方面的目標。有時他們是合作的一部分，但最終將這些推進到診所。我們還在我們的包甲板上談到了一個事實，即我們有 18 個目標來自數據庫，這些目標已經過驗證。這意味著他們已經通過了截至 2020 年 12 月 31 日的生物抗原驗證。因此它非常富有成效。

The other thing I would point out, you may have seen nonclinicaltrials.gov and GSK has spoken about (inaudible) and antibody, GSK 1070806, which targets IL-18. It's an antibody they've had in the clinic, I think, for 2 or 3 years now but had been tested in a number of indications, but it wasn't clear what the right indication might be for that program. And one of the really exciting things about our database is they were able to identify unique genetic signal. So unique to 23andMe in atopic dermatitis, also known as Eczema. And they've recently posted on clinicaltrials.gov, initiation of a Phase I trial of that antibody in patients with atopic dermatitis, its a [4-arm] study, proof of concept.

我要指出的另一件事是，您可能已經看到 nonclinicaltrials.gov 和 GSK 談到了（聽不清）和針對 IL-18 的抗體 GSK 1070806。我認為，這是他們在臨床上使用的一種抗體，現在已經使用了 2 或 3 年，但已經針對多種適應症進行了測試，但尚不清楚該項目的正確適應症是什麼。關於我們的數據庫，真正令人興奮的事情之一是它們能夠識別獨特的遺傳信號。特應性皮炎（也稱為濕疹）中 23andMe 的獨特之處。他們最近在 clinicaltrials.gov 上發布了該抗體在特應性皮炎患者中的 I 期試驗的啟動，這是一項 [4 臂] 研究，概念證明。

And so I think it's not just about the targets that we discover on Advanced Therapeutics, it's that ability and that potential to repurpose existing therapeutics to the right indications based on human genetics.

因此，我認為這不僅僅是關於我們在 Advanced Therapeutics 上發現的目標，而是關於根據人類遺傳學將現有療法重新用於正確適應症的能力和潛力。

Thank you. Our last question that we have time for today is about well, here's the question. Will 23andMe be doing extensive research about African genetics since African-Americans are the main group of people who do not know where they come from?

謝謝。我們今天有時間的最後一個問題是關於好，這是問題。 23andMe 是否會對非洲遺傳學進行廣泛研究，因為非洲裔美國人是不知道自己來自哪裡的主要人群？

And I'll take that last one. We -- 23andMe has always been a priority for us to make sure that genetic information is applicable to all, to everybody. And in our earliest days, I think it was around 2010, we launched a program called Roots Into The Future, where we gave away 10,000 kits to African-Americans, specifically with the plans of how can we actually do replication in studies and find associations and whether or not they replicate in the African-American population.

我會接受最後一個。我們 - 23andMe 一直是我們的首要任務，以確保遺傳信息適用於所有人，每個人。在我們最早的日子裡，我想是在 2010 年左右，我們啟動了一個名為“紮根未來”的計劃，我們向非裔美國人贈送了 10,000 個試劑盒，特別是關於我們如何在研究中實際進行複制並找到關聯的計劃以及它們是否在非裔美國人中復制。

That was really the beginning of some of the research that we've done, and we've done a number of initiatives since that have gone into our ancestry composition features, meaning people can better understand which parts of Africa, they came from to additional research studies that are helping improve the 23andMe report experience as well as replicating studies as well as just research. So most recently, we actually -- we did have a grant years ago from NIH looking at doing sequencing in African-American population that has now led to a new reference base that we can get into a partnership that will enable a better analysis in African-Americans for genetic research. So it's definitely a priority for us. I would say for all communities and everybody out there to make sure that genetic research is applicable to them and that 23andMe is a product that serves everybody.

那確實是我們所做的一些研究的開始，自從這些研究進入我們的祖先組成特徵以來，我們已經做了很多舉措，這意味著人們可以更好地了解非洲的哪些地區，他們來自其他地區有助於改善 23andMe 報告體驗的研究以及復制研究和研究。所以最近，我們實際上 - 我們確實在幾年前從 NIH 獲得了一項資助，研究對非裔美國人進行測序，現在已經建立了一個新的參考基礎，我們可以建立夥伴關係，從而更好地分析非洲人-美國人進行基因研究。所以這絕對是我們的首要任務。我想對所有社區和那裡的每個人說，確保基因研究適用於他們，並且 23andMe 是一個服務於每個人的產品。

Thanks. And with that, we're done with our Q&A session. And I'll turn it over to you to wrap it up.

謝謝。這樣，我們就完成了問答環節。我會把它交給你把它包起來。

Great. As always, it is a pleasure to hear from our customers. It's a pleasure to hear from our investors, and we enjoy updating you about how we're doing, and we look forward to future for future calls.

偉大的。一如既往，很高興收到客戶的來信。很高興收到我們投資者的來信，我們很高興向您介紹我們的近況，我們期待未來的電話。

Thank you. This concludes today's conference call. Thank you for participating, and have a wonderful day. You may all disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，祝您有美好的一天。你們都可以斷開連接。