23andMe Holding Co. (ME) 2023 Q4 法說會逐字稿

Hello, and welcome to 23andMe's Fiscal Year 2023 Fourth Quarter and Full Year Financial Results Conference Call. As a reminder, this call is being recorded. (Operator Instructions)

您好，歡迎參加 23andMe 2023 財年第四季度和全年財務業績電話會議。提醒一下，此通話正在錄音。 （操作員說明）

I would now like to turn the call over to Maeve Conneighton, Investor Relations at Argot Partners to lead off the call. Thank you. Please go ahead.

我現在想將電話會議轉交給 Argot Partners 投資者關係部門的 Maeve Conneighton 主持。謝謝。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 and full year. 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。在我們開始之前，我鼓勵大家訪問 Investors.23andme.com 查找我們今天早些時候發布的新聞稿，報告我們的季度和全年財務業績。活動結束後 24 小時內，我們的網站也將限時提供今天網絡廣播的重播。

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.

請注意，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，均為前瞻性陳述。這些陳述僅基於我們現在掌握的信息。我們鼓勵您查看我們的新聞稿中適用於本次電話會議的前瞻性陳述部分。

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.

另外，請參閱我們的 SEC 文件，這些文件可以在我們的網站和 SEC 網站上找到，以了解可能影響我們未來業績的眾多因素的討論。

We also discuss certain non-GAAP measures. Important information on our use of these measures and reconciliations to U.S. GAAP may be found in our earnings release. Joining us on today's call are Anne Wojcicki, our Chief Executive Officer and Co-Founder; and Joe Selsavage, our Interim Chief Financial and Accounting Officer. Kenneth Hillan, our Chief Therapeutics Officer, will join us for Q&A.

我們還討論了某些非公認會計原則措施。有關我們使用這些措施以及與美國公認會計原則（U.S. GAAP）的調節的重要信息可以在我們的收益報告中找到。參加今天電話會議的有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和會計官 Joe Selsavage。我們的首席治療官肯尼思·希蘭 (Kenneth Hillan) 將與我們一起進行問答。

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

我現在想把電話轉給安妮。

Thank you, Maeve. 23andMe had a productive year with numerous accomplishments for both our consumer and therapeutics businesses. Since starting the company, 23andMe has been focused on helping our customers access, understand and benefit from the human genome. Today, I'm excited to review the progress we made in those areas this past quarter and fiscal year 2023.

謝謝你，梅芙。 23andMe 度過了富有成效的一年，我們的消費者和治療業務取得了眾多成就。自公司成立以來，23andMe 一直致力於幫助我們的客戶訪問、理解人類基因組並從中受益。今天，我很高興回顧上一季度和 2023 財年我們在這些領域取得的進展。

This year, we grew our overall customer base to over 14 million genotype customers, a growth of 11% year-over-year, representing significant progress towards our mission. This has enabled us to create the world's largest Crowdsource platform of genetic information paired with billions of phenotypic data points contributed by engaged customers. Our unique platform helps us discover new genetic insights, develop impactful risk prediction reports for common health conditions and accelerate the identification of novel drug targets with the goal of bringing new treatments (inaudible) to people with unmet medical needs.

今年，我們的整體客戶群增長至超過 1400 萬基因型客戶，同比增長 11%，這標誌著我們在實現使命方面取得了重大進展。這使我們能夠創建世界上最大的遺傳信息眾包平台，並結合參與客戶貢獻的數十億個表型數據點。我們獨特的平台幫助我們發現新的遺傳見解，針對常見健康狀況開發有影響力的風險預測報告，並加速新藥物靶標的識別，目標是為醫療需求未得到滿足的人們帶來新的治療方法（聽不清）。

Looking at our consumer business. Over the past year, we've seen a significant increase in revenue for our 23andMe+ subscription membership. Now with over 640,000 members, subscribers have grown 51% year-over-year. To account for the additional benefits we provide members, this month, we increased subscription prices. We also continue to increase the percentage of customers who opt in to become 23andMe+ members right at the point they purchase their base kit.

看看我們的消費者業務。在過去的一年裡，我們看到 23andMe+ 訂閱會員的收入顯著增加。目前擁有超過 640,000 名會員，訂戶數量同比增長 51%。為了考慮到我們為會員提供的額外福利，本月我們提高了訂閱價格。我們還繼續提高在購買基礎套件時選擇成為 23andMe+ 會員的客戶比例。

We continue to introduce higher value, insight-driven services to increase customer engagement and drive margin in our 23andMe+ subscription model.

我們繼續推出更高價值、洞察驅動的服務，以提高客戶參與度並提高 23andMe+ 訂閱模式的利潤率。

This past quarter, we've added 3 new health reports for 23andMe+ members, including reports identifying an individual's likelihood of being diagnosed with preeclampsia and attention-deficit/hyperactivity disorder, or ADHD, as well as the first and only direct-to-consumer genetic health risk report cleared by the FDA for hereditary prostate cancer.

上個季度，我們為 23andMe+ 會員添加了 3 份新的健康報告，包括確定個人被診斷為先兆子癇和注意力缺陷/多動症 (ADHD) 的可能性的報告，以及第一個也是唯一一個直接面向消費者的報告FDA 批准的遺傳性前列腺癌遺傳健康風險報告。

With our focus on enhancing the benefits of our subscription service, all 11 new health reports we launched over the past fiscal year were exclusive to 23andMe+ members. We now offer over 35 reports on common conditions that can have an impact on millions of customers, including mental health reports for anxiety and depression. Looking ahead, we continue to focus on delivering premium insights and features that give members even more actionable information to live healthier lives.

我們專注於增強訂閱服務的優勢，上一財年推出的所有 11 份新健康報告均專供 23andMe+ 會員使用。我們現在提供超過 35 份關於可能影響數百萬客戶的常見狀況的報告，包括焦慮和抑鬱的心理健康報告。展望未來，我們將繼續專注於提供優質的見解和功能，為會員提供更多可操作的信息，讓他們過上更健康的生活。

In our Ancestry and Health Services, we continue to see growth in ASP and margins as consumers recognize the value of understanding that over 1/3 of their health risks come from their genetics. The mix of kit sales continues to trend higher for our health and ancestry service as opposed to our ancestry-only service. We've been continuing to refine and improve how customers find, prioritize and understand their results from the 150-plus reports we offer, leading to more consumers discovering the incredible value 23andMe provides.

在我們的祖先和健康服務中，隨著消費者認識到了解超過 1/3 的健康風險來自遺傳的價值，我們繼續看到平均售價和利潤增長。我們的健康和血統服務的套件銷售組合繼續呈上升趨勢，而不是我們的純血統服務。我們一直在不斷完善和改進客戶如何從我們提供的 150 多份報告中查找結果、確定優先級並理解他們的結果，從而讓更多消費者發現 23andMe 提供的令人難以置信的價值。

We remain focused on the continued integration of Lemonaid's telehealth and pharmacy services with our genetic services. We're excited about the ongoing successful integration as we continue our journey of transforming the traditional primary care experience and making personalized health care a reality. Consumer demand continues for telehealth services addressing a variety of needs including men's and women's health as well as mental health services, a particular area of high unmet medical needs.

我們仍然專注於 Lemonaid 的遠程醫療和藥房服務與我們的遺傳服務的持續整合。我們對持續成功的整合感到興奮，因為我們將繼續轉變傳統初級保健體驗並使個性化醫療保健成為現實。消費者對遠程醫療服務的需求持續增長，以滿足各種需求，包括男性和女性健康以及心理健康服務，這是醫療需求未得到滿足的一個特定領域。

Looking ahead at the growth trajectory for our consumer business, I'm excited and proud of the hard work and continued excellence in execution of my consumer leadership team as they continue to drive consumer engagement through delivering high-value, insight-driven reports and products, which ultimately increases subscriptions, top line revenue and margin.

展望我們消費者業務的增長軌跡，我對消費者領導團隊的辛勤工作和持續卓越的執行力感到興奮和自豪，因為他們通過提供高價值、洞察力驅動的報告和產品，繼續推動消費者參與，最終增加訂閱量、營收和利潤。

Under the leadership of our dedicated consumer team, including Daniel Chu, our Chief Product Officer; David Baker, our Vice President of Engineering and Chief Security Officer; John Ward, our Chief Marketing Officer; and Noura Abul-Husn, Vice President of Genomic Health, we aim to focus the evolution of our business on providing maximum value to consumers while improving margins and generating revenue growth with the ultimate goal of leading this business to become cash flow positive.

在我們專門的消費者團隊的領導下，包括我們的首席產品官 Daniel Chu； David Baker，我們的工程副總裁兼首席安全官；約翰·沃德，我們的首席營銷官；和 Genomic Health 副總裁 Noura Abul-Husn 表示，我們的目標是將業務發展的重點放在為消費者提供最大價值，同時提高利潤率和收入增長，最終目標是引導該業務實現正現金流。

Turning to our therapeutics business. We were excited to present at the American Association for Cancer Research, or AACR, Annual Meeting in April, where we reported our first set of clinical data from the first-in-human Phase I/IIa study of 23ME-00610, our wholly owned antibody, targeting CD200R1. The Phase I data demonstrated 23ME-00610 had an acceptable safety and tolerability profile with favorable pharmacokinetics and peripheral CD200R1 saturation in patients with advanced solid malignancies.

轉向我們的治療業務。我們很高興在 4 月份的美國癌症研究協會 (AACR) 年會上發表演講，會上我們報告了我們全資擁有的 23ME-00610 首次人體 I/IIa 期研究的第一組臨床數據抗體，針對 CD200R1。 I 期數據表明，23ME-00610 在晚期實體惡性腫瘤患者中具有可接受的安全性和耐受性，具有良好的藥代動力學和外周 CD200R1 飽和度。

Based on the Phase I data, a dose of 23ME-00610 given at 1,400 milligrams intravenously every 3 weeks was selected for evaluation of antitumor activity in the ongoing Phase IIa portion of the Phase I/IIa 23ME-00610 study.

根據 I 期數據，選擇每 3 周靜脈注射 1,400 毫克的 23ME-00610 劑量，用於評估正在進行的 I/IIa 23ME-00610 期研究的 IIa 期部分的抗腫瘤活性。

The Phase IIa portion is designed to evaluate the antitumor activity of the 23ME-00610 monotherapy in a number of expansion cohorts and further characterized the safety tolerability, PK and PD profile of 23ME-00610. The expansion cohorts include clear cell renal cell carcinoma, epithelial ovarian, fallopian tube or primary peritoneal carcinoma, neuroendocrine cancers, small cell lung cancer and microsatellite instability high or tumor mutational burden high cancers. A cohort of adolescents with locally advanced and resectable or metastatic solid malignancies will also be enrolled.

IIa 期部分旨在評估 23ME-00610 單藥療法在多個擴展隊列中的抗腫瘤活性，並進一步表徵 23ME-00610 的安全耐受性、PK 和 PD 概況。擴展隊列包括透明細胞腎細胞癌、上皮性卵巢癌、輸卵管癌或原發性腹膜癌、神經內分泌癌、小細胞肺癌和微衛星不穩定性高或腫瘤突變負荷高的癌症。一群患有局部晚期、可切除或轉移性實體惡性腫瘤的青少年也將被納入其中。

Having access to both genetic and phenotypic data through our recontactable large-scale research platform provides novel insights into diseases and how they can be treated. Studies have shown that therapeutic programs with a human genetic foundation are more than twice as likely to succeed. In addition to 23ME-00610, we have a promising portfolio of 23andMe-owned and collaborative programs with GSK and we'll decide which of these programs to continue investing in or to partner. These programs span a range of therapeutic areas, including immuno-oncology, cardiovascular and urology. We are excited to report future updates as we progress the therapeutic side of the business.

通過我們的可重新聯繫的大規模研究平台獲取遺傳和表型數據，可以為疾病及其治療方法提供新的見解。研究表明，具有人類遺傳基礎的治療計劃成功的可能性是其兩倍以上。除了 23ME-00610 之外，我們還有一系列前景廣闊的 23andMe 擁有的項目以及與 GSK 的合作項目，我們將決定繼續投資或合作其中的哪些項目。這些項目涵蓋一系列治療領域，包括免疫腫瘤學、心血管和泌尿學。隨著我們在業務治療方面的進展，我們很高興報告未來的更新。

In addition to our current programs, 23andMe is actively seeking to advance our pipeline of genetically validated discovery and clinical programs through new pharmaceutical collaborations. We are also uniquely positioned to partner with industry collaborators to improve R&D productivity through genetically-driven target identification and portfolio prioritization. In addition, we see patient recruitment and disease awareness campaigns as impactful partnership opportunities. This has been demonstrated through the collaboration with Novartis, which we announced in March 2023 to help raise awareness for Lipoprotein(a), a little known genetic risk factor for cardiovascular disease.

除了我們當前的項目外，23andMe 還積極尋求通過新的製藥合作來推進我們的基因驗證發現和臨床項目管道。我們還具有獨特的優勢，可以與行業合作者合作，通過基因驅動的目標識別和投資組合優先順序來提高研發生產力。此外，我們將患者招募和疾病意識活動視為有影響力的合作機會。我們於 2023 年 3 月宣布與諾華合作，以幫助提高人們對脂蛋白 (a)（一種鮮為人知的心血管疾病遺傳風險因素）的認識，這一點已得到證明。

Our new Chief Corporate Development Officer, Reza Afkhami, will be leading our efforts in securing new partnerships with potential collaborators following the expiration in the summer of the exclusive target discovery terms of our GSK collaboration. Reza was most recently Senior Vice President of Corporate Development and Strategy at Global Blood Therapeutics, a clinical stage biopharmaceutical company focused on innovative therapies for the treatment of sickle cell disease. He led business development, licensing and strategy for the company. He also played a key role in Pfizer's acquisition of Global Blood Therapeutics in late 2022. He brings over 20 years of corporate strategy and business development experience across the therapeutics industry. We look forward to updating you when material partnership deals are signed.

我們新任首席企業發展官 Reza Afkhami 將領導我們在 GSK 合作的獨家目標發現條款於夏季到期後與潛在合作者建立新的合作夥伴關係。 Reza 最近擔任 Global Blood Therapeutics 的企業發展和戰略高級副總裁，這是一家臨床階段的生物製藥公司，專注於治療鐮狀細胞病的創新療法。他領導公司的業務開發、許可和戰略。他還在 2022 年底輝瑞收購 Global Blood Therapeutics 的過程中發揮了關鍵作用。他在治療行業擁有 20 多年的企業戰略和業務開發經驗。我們期待在簽署重大合作夥伴協議後向您通報最新情況。

And with that, let me turn the call over to Joe, who will review our financial results for the quarter.

接下來，讓我將電話轉給喬，他將審查我們本季度的財務業績。

Thanks, Anne. Our 2023 fiscal year was marked by a 10% year-over-year revenue growth in our consumer business, in line with our guidance. We have also made headway on improving our adjusted EBITDA deficit for our Consumer and Research Services segment through margin and operating expense discipline, which we expect to continue into fiscal year 2024.

謝謝，安妮。根據我們的指引，我們的 2023 財年消費者業務收入同比增長 10%。我們還通過利潤率和運營費用紀律，在改善消費者和研究服務部門的調整後 EBITDA 赤字方面取得了進展，我們預計這種情況將持續到 2024 財年。

Our revenue for the 3 and 12 months ended March 31, 2023, was $92 million and $299 million respectively, representing a decrease of 8% and an increase of 10% respectively, over the same periods in the prior year. The 3-month year-over-year decrease in revenue was primarily due to lower research services revenue related to GSK as we took a cumulative revenue adjustment in the fourth quarter of fiscal year 2022 based on the change in estimate of the contract completion to date and a decrease in PGS kits as we reduced our promotional activities in the period to drive higher average selling prices, resulting in lower overall sales but improved margins.

截至2023年3月31日的3個月和12個月的收入分別為9200萬美元和2.99億美元，較上年同期分別下降8%和增長10%。三個月同比收入下降主要是由於與葛蘭素史克相關的研究服務收入下降，因為我們根據迄今為止合同完成情況估計的變化，對 2022 財年第四季度的累計收入進行了調整由於我們減少了在此期間的促銷活動以推高平均售價，導致 PGS 試劑盒數量減少，導致整體銷售額下降，但利潤率提高。

These decreases were partially offset by continued growth in our subscription services and GSK's election to extend its exclusive discovery term for a fifth year, which provides greater revenue than prior years.

這些下降被我們訂閱服務的持續增長以及葛蘭素史克選擇將其獨家發現期限延長第五年所部分抵消，這提供了比前幾年更多的收入。

12-month revenue growth was primarily due to the full year inclusion of telehealth services revenue compared to only 5 months in the prior year. The 12-month period also benefited from higher average selling prices on PGS kits, more than doubling of our subscription services revenue and increased research services revenue.

12 個月的收入增長主要是由於全年納入了遠程醫療服務收入，而去年僅 5 個月。這 12 個月期間還受益於 PGS 試劑盒平均售價的上漲、我們的訂閱服務收入增加了一倍多以及研究服務收入的增加。

Looking at the composition of our revenue. Consumer services revenue represented approximately 88% and 83% of total revenue for the 3 and 12 months ended March 31, 2023, respectively, and research service revenue, which was primarily derived from the GSK collaboration, accounted for approximately 12% and 17% of total revenue, respectively, for those same periods.

看看我們的收入構成。截至 2023 年 3 月 31 日止的 3 個月和 12 個月，消費者服務收入分別佔總收入約 88% 和 83%，研究服務收入主要來自與 GSK 的合作，約佔總收入的 12% 和 17%。同期的總收入。

Our gross profit for the 3- and 12-month period ended March 31, 2023, was $40 million and $135 million respectively, representing a 15% decrease and a 1% increase respectively, over the same periods in the prior year. The decrease in fourth quarter gross profit was driven primarily by the lower revenues mentioned previously. The improvements in the 12-month gross profit was primarily due to the increase in full year revenues and higher PGS kit selling prices mentioned previously, which more than offset higher supply chain costs in the PGS business.

截至2023年3月31日的3個月和12個月期間，我們的毛利潤分別為4000萬美元和1.35億美元，較上年同期分別下降15%和增長1%。第四季度毛利潤的下降主要是由於前面提到的收入下降所致。 12 個月毛利潤的改善主要是由於全年收入的增加和前面提到的 PGS 試劑盒銷售價格的上漲，這足以抵消 PGS 業務供應鏈成本的上升。

Operating expenses for the 3- and 12-month periods ended March 31, 2023, were $109 million and $459 million respectively, compared to $117 million and $387 million for the same period in the prior year. The decrease in the fourth quarter operating expenses was primarily driven by a onetime net litigation settlement payment in fiscal year 2022 and timing differences in seasonal marketing campaigns and fewer promotional windows between the comparative periods.

截至2023年3月31日的3個月和12個月期間的運營費用分別為1.09億美元和4.59億美元，而上年同期為1.17億美元和3.87億美元。第四季度運營費用的下降主要是由於 2022 財年的一次性淨訴訟和解付款以及季節性營銷活動的時間差異以及比較期間之間促銷窗口的減少。

The increase in the 12-month operating expenses was primarily due to increased personnel-related expenses from increased stock-based compensation, salaries and related taxes as a result of inflation and headcount growth as well as a noncash impairment charge for an intangible asset related to the previously acquired telehealth business.

12個月營業費用的增加主要是由於通貨膨脹和員工人數增長導致股票薪酬、工資和相關稅費增加，以及與無形資產相關的非現金減值費用增加，導致人員相關費用增加。之前收購的遠程醫療業務。

Looking at the bottom line. Net loss for the 3 and 12 months ended March 31, 2023, was $64 million and $312 million respectively, compared to the net losses for the same periods in the prior year of $70 million and $217 million. The improvement in fourth quarter net loss was driven mainly by the lower operating expenses mentioned previously as well as an increase in interest income from cash held in money market funds.

看看底線。截至2023年3月31日的3個月和12個月的淨虧損分別為6400萬美元和3.12億美元，而上年同期的淨虧損為7000萬美元和2.17億美元。第四季度淨虧損的改善主要是由於前面提到的運營費用下降以及貨幣市場基金持有現金的利息收入增加。

The 12-month increase in net loss was primarily due to the higher operating expenses discussed previously, and the favorable change in fair value of warrant liabilities of $33 million in fiscal year 2022.

12 個月淨虧損增加主要是由於之前討論的運營費用增加以及 2022 財年認股權證負債公允價值 3300 萬美元的有利變化。

Next, 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 deficit for the 3 months ended March 31, 2023, was $39 million compared to a deficit for the same period in the prior year of $30 million. Total adjusted EBITDA deficit for the 12-month period was $161 million compared to a deficit for the same period in the prior year of $151 million.

接下來是我們調整後的 EBITDA。有關我們如何定義調整後 EBITDA 以及相應的 GAAP 調節的詳細信息，請參閱我們的收益新聞稿。截至 2023 年 3 月 31 日的三個月調整後 EBITDA 赤字總額為 3,900 萬美元，而上年同期的赤字為 3,000 萬美元。 12 個月期間調整後 EBITDA 赤字總額為 1.61 億美元，而上年同期赤字為 1.51 億美元。

We ended the quarter with $387 million in cash and cash equivalents compared to $553 million as of March 31, 2022. As always, we are actively evaluating the use of our capital for both our consumer and therapeutics businesses, including responsibly opting in and out of therapeutic programs based on opportunity potential and timing of returns as appropriate given market conditions.

截至本季度末，我們的現金和現金等價物為 3.87 億美元，而截至 2022 年 3 月 31 日為 5.53 億美元。一如既往，我們正在積極評估我們的資本在消費者和治療業務中的使用情況，包括負責任地選擇加入和退出根據給定市場條件的機會潛力和回報時間來製定治療計劃。

Now turning to our guidance. The company's full year fiscal 2024 guidance is based on a conservative approach, recognizing the current uncertainties in the general economy and financial markets. Within the existing consumer businesses of PGS and telehealth, the company is prioritizing the minimization of cash burn and margin expansion over initiatives intended to create incremental top line growth. For those areas of the business expected to drive future growth, which includes the company's new genomic health services and therapeutics, the company plans to focus on the most strategically and financial valuable allocation of capital and invest appropriately.

現在轉向我們的指導。該公司的 2024 財年全年指引基於保守方法，認識到當前整體經濟和金融市場的不確定性。在 PGS 和遠程醫療的現有消費業務中，該公司優先考慮的是最大限度地減少現金消耗和利潤擴張，而不是旨在創造增量收入增長的舉措。對於那些預計將推動未來增長的業務領域，包括公司的新基因組健康服務和療法，公司計劃重點關注最具戰略和財務價值的資本配置並進行適當投資。

Given the company's shift in focus to higher margins rather than volume growth as well as the end of the target discovery term of the GSK collaboration, the company does not foresee meaningful revenue contribution from these areas of consumer in fiscal 2024.

鑑於該公司將重點轉向更高的利潤率而不是銷量增長，以及葛蘭素史克合作的目標發現期結束，該公司預計 2024 財年這些消費領域不會產生有意義的收入貢獻。

Revenue guidance for fiscal year 2024, which will end on March 31, 2024, is projected to be in the range of $255 million to $280 million, with a net loss in the range of $340 million to $365 million. Full year adjusted EBITDA deficit is projected to be in the range of $170 million deficit to $195 million deficit for fiscal year 2024.

將於 2024 年 3 月 31 日結束的 2024 財年收入指引預計在 2.55 億至 2.8 億美元之間，淨虧損在 3.4 億至 3.65 億美元之間。 2024 財年全年調整後 EBITDA 赤字預計將在 1.7 億美元至 1.95 億美元之間。

The adjusted EBIT guidance assumes the following: we will continue to advance our therapeutics assets; second, no additional revenue from strategic partnerships; and third, no savings incurred from cost reduction initiatives, such as those related to the evaluation of opting in or out of our GSK programs, out-licensing or partnering on our therapeutics programs or other internal operating cost reductions. Adjusted EBITDA is our best proxy for cash burn, and we do not assume any use of our ATM program.

調整後的息稅前利潤指導假設如下：我們將繼續推進我們的治療資產；其次，沒有來自戰略合作夥伴的額外收入；第三，成本削減舉措沒有帶來任何節省，例如與選擇加入或退出我們的葛蘭素史克計劃的評估、我們的治療計劃的對外許可或合作或其他內部運營成本削減相關的舉措。調整後的 EBITDA 是我們現金消耗的最佳指標，並且我們不假設我們的 ATM 程序有任何使用。

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

現在我將把電話轉回給安妮。

Thank you, Joe. We continue to build toward a future where genetic information is the foundation of personalized health. We've already provided millions of people with access to critical genetic health information and doctors are ready for it as well.

謝謝你，喬。我們將繼續建設一個以遺傳信息為個性化健康基礎的未來。我們已經為數百萬人提供了重要的遺傳健康信息，醫生也已做好準備。

A survey we conducted with Medscape found that over 90% of doctors say genetics are an important part of a patient's complete health picture. I believe 23andMe has an incredible opportunity to leverage genetics to transform how we predict, prevent and treat many diseases.

我們與 Medscape 進行的一項調查發現，超過 90% 的醫生表示遺傳學是患者完整健康狀況的重要組成部分。我相信 23andMe 有一個難以置信的機會，可以利用遺傳學來改變我們預測、預防和治療許多疾病的方式。

We will continue to utilize the world's largest genetic database for research to accelerate therapeutic development at scale. Developing new medicines to treat unmet needs is the ultimate fulfillment of the company's mission to help people access, understand and benefit from the human genome. We anticipate another milestone year ahead and look forward to keeping you updated on our progress.

我們將繼續利用世界上最大的基因數據庫進行研究，以加速大規模的治療開發。開發新藥來治療未滿足的需求是公司幫助人們獲取、理解人類基因組並從中受益的使命的最終實現。我們預計未來一年將迎來另一個里程碑，並期待向您通報我們的最新進展。

Thank you. And now let's open up the call for questions.

謝謝。現在讓我們開始提問。

(Operator Instructions) And our first question will come from the line of Daniel Grosslight from Citi.

（操作員說明）我們的第一個問題將來自花旗銀行的 Daniel Grosslight。

A quick one on partnerships. I know there's not much you can disclose until GSK ends in July. But I'm wondering if you can give us a little bit of flavor around the structure of those deals or what the possibility is for the structure of those deals. Is it possible that you might be recognizing research revenue after the GSK partnership ends and that would be upside to your guidance? Or should we just assume that there's going to be de minimis research revenue after your first fiscal quarter?

關於夥伴關係的快速介紹。我知道在葛蘭素史克 7 月份結束之前你無法透露太多。但我想知道您是否能為我們介紹一下這些交易的結構，或者這些交易的結構的可能性是什麼。您是否有可能在葛蘭素史克合作夥伴關係結束後確認研究收入，這對您的指導會有好處？或者我們應該假設在第一個財政季度之後會有微量的研究收入？

Thanks, Daniel. It's Kenneth. I can take that, and then maybe I'll hand over to Joe for the second part of your question. What I can say is you're right, the discovery term of the GSK collaboration will end towards the end of July of 2023. Although, of course, the ongoing programs will continue as part of the collaboration. What I can say is that new partnerships are a top priority for us to make sure that we keep advancing those opportunities, and we intend to provide you with more information on those as we move forward.

謝謝，丹尼爾。這是肯尼思。我可以接受這個，然後也許我會把你問題的第二部分交給喬。我能說的是，你是對的，葛蘭素史克合作的發現期將於 2023 年 7 月底結束。當然，正在進行的項目將作為合作的一部分繼續進行。我能說的是，新的合作夥伴關係是我們的首要任務，以確保我們不斷推進這些機會，並且我們打算在我們前進的過程中為您提供更多有關這些機會的信息。

We've certainly been pleased with the amount of interest that we have from potential collaboration. As Anne announced, we're very excited about Reza Afkhami joining us as our Chief Corporate Development Officer. I think it's really good timing for him to now be here given all of his experience in setting up partnerships. So all I can really say is that we look forward to updating you when there are material partnership deals signed. And Joe, maybe I can ask on to you about that revenue question.

我們當然對潛在合作的興趣感到高興。正如 Anne 所宣布的那樣，我們對 Reza Afkhami 加入我們擔任首席企業發展官感到非常興奮。我認為鑑於他在建立合作夥伴關係方面的所有經驗，現在對他來說確實是個好時機。因此，我真正能說的是，我們期待在簽署重大合作協議時向您通報最新情況。喬，也許我可以問你關於收入的問題。

Thank you, Kenneth. Daniel, on revenue -- on our adjusted EBITDA guidance, we included the final quarter -- or final revenue between April 1 and the end of the GSK collaboration in July. As Kenneth mentioned, we're continuing to engage in basically pursuing additional partnerships and collaborations. And once we actually sign a deal, we will then announce what -- and adjust our revenue guidance based on that.

謝謝你，肯尼思。 Daniel，關於收入——在我們調整後的 EBITDA 指導中，我們包括了最後一個季度——或 4 月 1 日到 7 月 GSK 合作結束之間的最終收入。正如肯尼斯提到的，我們將繼續致力於尋求更多的伙伴關係和合作。一旦我們真正簽署了協議，我們將宣布具體內容，並據此調整我們的收入指導。

Yes, that makes sense. And maybe if we can stick with the '24 guide, but really looking at EBITDA and the segmentation there. Is $23 million about the right burn rate for the therapeutic spend on a quarterly basis? And then on the consumer side, when do you expect you'll be adjusted EBITDA positive on an LTM basis? And then last one there, if I could just throw it in. I see in your press release, you're expecting around $150 million in stock-based comp for fiscal '24. That's a step-up from '23. I think the street has just been more focused on that more recently. So just curious if you could also lay out your philosophy around stock-based comp and how you use that and the potential dilution there?

是的，這是有道理的。也許我們可以堅持 24 年指南，但真正關注 EBITDA 和細分。 2300 萬美元對於每季度的治療支出來說是否合適？然後在消費者方面，您預計什麼時候您的 EBITDA 會在 LTM 基礎上調整為正值？最後一個，如果我可以把它放進去的話。我在你們的新聞稿中看到，你們預計 24 財年的股票補償約為 1.5 億美元。與 23 年相比，這是一個進步。我認為街道最近更加關注這一點。所以只是好奇你是否也可以圍繞基於股票的比較闡述你的理念，以及你如何使用它以及那裡潛在的稀釋？

Okay. So on therapeutics adjusted EBITDA, we noted in our K that basically -- essentially, that is approximately the -- its adjusted EBITDA deficit per quarter, right? And as we continue to invest in therapeutics assets, that potentially could increase as you know, as we do development.

好的。因此，在治療調整後的 EBITDA 方面，我們在 K 中註意到，基本上，基本上，大約是每季度調整後的 EBITDA 赤字，對嗎？正如您所知，隨著我們繼續投資治療資產，隨著我們進行開發，這種資產可能會增加。

From a stock-based compensation perspective, there was a couple of changes this year, which drove the increase in stock-based compensation. First was essentially, as we grow as a public company, we actually gave refresh grants and new hires grants in stock-based comp. And second, we instituted a bonus program which also is being paid out in RSUs as we want to make sure that employees are vested in the company. And so that also increased our stock-based comp.

從股票薪酬的角度來看，今年發生了一些變化，推動了股票薪酬的增長。首先，隨著我們作為一家上市公司的成長，我們實際上在基於股票的公司中提供了更新補助金和新員工補助金。其次，我們制定了一項獎金計劃，該計劃也以 RSU 形式支付，因為我們希望確保員工歸屬於公司。因此，這也增加了我們的股票比較。

Okay. And then on the consumer side, when do you expect to be EBITDA positive on an LTM basis there?

好的。那麼在消費者方面，您預計什麼時候在 LTM 基礎上實現 EBITDA 為正值？

We don't have a specific date on when we will be cash flow positive. As we've mentioned in -- basically in our comments we are actually driving towards that goal. And you can see in our 10-K that we've made meaningful progress on that in fiscal year 2023, and we'll be continuing towards that goal in fiscal year 2024.

我們沒有確定何時現金流為正的具體日期。正如我們在評論中提到的，基本上我們正在努力實現這一目標。您可以在我們的 10-K 中看到，我們在 2023 財年在這方面取得了有意義的進展，並且我們將在 2024 財年繼續實現這一目標。

(Operator Instructions) And our next question will come from the line of Steven Mah from Cowen.

（操作員說明）我們的下一個問題將來自 Cowen 的 Steven Mah。

Great. Question on the Novartis collaboration on Lipoprotein(a). I appreciate that it's a blood analyte test, not a genomic test. Is that going to be something you guys run in your CLIA lab or are you going to outsource to a third party? And then if you can give a bit more color on how exactly you and Novartis are going to be monetizing this offering?

偉大的。關於諾華公司在脂蛋白(a)方面的合作的問題。我知道這是血液分析測試，而不是基因組測試。這是你們在 CLIA 實驗室中運行的東西，還是外包給第三方？然後，您能否詳細說明一下您和諾華將如何通過這項產品貨幣化？

I can take the first part of it. So yes, we -- it is absolutely correct, we do not have that as part of our existing -- it's not part of genetics. So we are actively looking for how we're going to enable our customers to be able to get access to blood. So that is something that came as part of the Lemonaid acquisition and something that we are definitely going to make sure as feasible as part of this.

我可以接受第一部分。所以，是的，我們——這是絕對正確的，我們沒有將其作為我們現有的一部分——它不是遺傳學的一部分。因此，我們正在積極尋找如何使我們的客戶能夠獲得血液。因此，這是 Lemonaid 收購的一部分，我們肯定會確保其可行性。

So what I do look at, like strategically, when I think about a program like this Novartis collaboration, 23andMe is incredibly good at engaging customers. We have 13 million plus customers. We have an incredible way of contacting individuals, sending them information and we have educated millions of people about the power of genetic information. So we have the ability now to do that with other indications. And Lipoprotein(a) is a good example of where I think we can really educate, bring people in and drive awareness around the testing.

因此，我所關注的，就像戰略上的那樣，當我考慮像諾華這樣的合作項目時，23andMe 在吸引客戶方面非常擅長。我們擁有超過 1300 萬客戶。我們有一種令人難以置信的方式來聯繫個人，向他們發送信息，並且我們已經讓數百萬人了解了遺傳信息的力量。所以我們現在有能力利用其他適應症來做到這一點。脂蛋白（a）是一個很好的例子，我認為我們可以真正教育、吸引人們參與並提高人們對測試的認識。

So it's early with that type of collaboration, but I think that there's a lot of interest overall in the entire sector about Lipoprotein(a), and I think there's a lot -- there's a real role for 23andMe to drive a lot of that awareness.

因此，這種類型的合作還處於早期階段，但我認為整個行業總體上對脂蛋白 (a) 很感興趣，而且我認為 23andMe 可以發揮真正的作用來提高人們的這種意識。

And maybe, Anne, maybe I can just add, if that's okay. Just -- I think one of the really interesting things about Lipoprotein(a) is, it is not just an important risk factor (inaudible). So actually, with more than 14 million genotype customers, we have the potential ability to predict those people who may be at greatest risk of having elevated levels. And then as Anne said, we then through our limited Health telehealth platform would have the potential to then go on to get blood levels of Lipoprotein(a). So I think it's really putting the genetics and the telemedicine platform together that really adds a lot of power there.

安妮，也許我可以補充一下，如果可以的話。只是 - 我認為脂蛋白（a）真正有趣的事情之一是，它不僅僅是一個重要的風險因素（聽不清）。因此，實際上，我們有超過 1400 萬基因型客戶，我們有潛力預測哪些人的水平升高風險可能最大。然後，正如安妮所說，我們通過有限的健康遠程醫療平台將有可能繼續獲取脂蛋白（a）的血液水平。所以我認為，將遺傳學和遠程醫療平台真正結合在一起，確實增加了很多力量。

Okay. Yes. Yes, that makes a lot of sense. Do you envision like this being a model for the integrated genetic services and the Lemonaid PCP offering? And along the same lines, have you guys finalized the rollout strategy for the genomic health services business?

好的。是的。是的，這很有意義。您是否認為這會成為綜合遺傳服務和 Lemonaid PCP 產品的典範？同樣，你們確定了基因組健康服務業務的推出策略了嗎？

We definitely see this -- this is a good example of where I think we can leverage all the assets of 23andMe and Lemonaid and actually bring that also to a partner like Novartis. So I think that this is absolutely something that we've actually done historically in the past where we have recruited individuals who have a specific genotype or specific phenotype and we've done that for either academic partnerships or therapeutic pharmaceutical partnerships but we have that ability to do a lot more now with the Lemonaid acquisition being able to have people being able to order tests, add additional kind of follow-up, different kinds of testing. So we do look at actually doing -- I think there's a real opportunity to do more and more of this. So what was your second question again?

我們確實看到了這一點——這是一個很好的例子，我認為我們可以利用 23andMe 和 Lemonaid 的所有資產，並將其真正帶給像諾華這樣的合作夥伴。所以我認為這絕對是我們過去實際上做過的事情，我們招募了具有特定基因型或特定表型的個體，我們已經為學術夥伴關係或治療藥物夥伴關係做到了這一點，但我們有這種能力現在，隨著 Lemonaid 的收購，人們能夠訂購測試，添加額外類型的後續、不同類型的測試。因此，我們確實著眼於實際行動——我認為確實有機會做越來越多的事情。那麼你的第二個問題又是什麼？

On the Genomic Health Services, the form strategy. Just wondering what we expect to get some details.

關於基因組健康服務，形成戰略。只是想知道我們期望得到什麼細節。

Well, you're going to -- you'll start to see things that are starting to come together now, for instance, like more and more being able to have. We've already announced before that we have certain reports where you can get a physician consult. Mental health is a big area of prioritization for us because that's something that is a real need. Genetics plays a real role in making sure you get the right kind of medication. We have clinicians who are well trained and we also have a pharmacy so we can make sure you get the right medication based on your genomics. So that is a high priority area for us to be focusing on, and you'll see more rollouts towards the second half of the year.

嗯，你將會——你會開始看到現在開始聚集在一起的事情，例如，越來越多的人能夠擁有。我們之前已經宣布過，我們有某些報告，您可以在其中向醫生諮詢。心理健康是我們優先考慮的一個重要領域，因為這是我們真正的需求。遺傳學在確保您獲得正確的藥物方面發揮著真正的作用。我們擁有訓練有素的臨床醫生，我們還擁有藥房，因此我們可以確保您根據您的基因組學獲得正確的藥物。因此，這是我們要重點關注的一個高度優先領域，您將在今年下半年看到更多的推出。

Okay. Great. And if I could sneak a quick one in. Given your comments, it looks like the consumer seems to be appreciating the value add from the 23andMe offerings. Given that, do you expect that you can continue to reduce sales and marketing expenses?

好的。偉大的。如果我能快速介紹一下的話。鑑於您的評論，看起來消費者似乎很欣賞 23andMe 產品的附加值。鑑於此，您是否期望能夠繼續減少銷售和營銷費用？

I think that we're focusing on making sure that sales and marketing is more efficient. So we have definitely -- you can see we pulled away from some of our top-level brand spending, but really focusing on the sales and marketing and then it's going to be really efficient and being very aware of what the customer acquisition costs are. Joe, anything to add on that?

我認為我們的重點是確保銷售和營銷更加高效。所以我們肯定——你可以看到我們放棄了一些頂級品牌支出，而是真正專注於銷售和營銷，然後它就會非常高效，並且非常了解客戶獲取成本。喬，還有什麼要補充的嗎？

And essentially, I think the other thing to add as Anne said, we are looking at being efficient in our marketing spend growing margins. And for us, we'll continue to invest in new sales and marketing if we can drive additional margin.

從本質上講，我認為正如安妮所說，要補充的另一件事是，我們正在考慮提高營銷支出的效率，以提高利潤率。對於我們來說，如果我們能夠提高額外的利潤，我們將繼續投資於新的銷售和營銷。

Yes. And just to emphasize there, I see a huge opportunity with the combination of genomics and Lemonaid, the telemedicine, the pharmacy. And I think there's opportunities for us to recruit new individual, new customers, and there's also a huge amount of opportunity to focus all of that within the 14 million customers that we do have. So there's a lot of opportunities, I think, on both those segments, internal and external. And obviously, there's different acquisition costs between those different groups.

是的。在此強調一下，我看到了基因組學和 Lemonaid、遠程醫療、藥房的結合帶來的巨大機遇。我認為我們有機會招募新的個人、新客戶，而且也有大量的機會將所有這些都集中在我們現有的 1400 萬客戶中。因此，我認為，內部和外部這兩個領域都有很多機會。顯然，不同群體之間的收購成本不同。

Thank you. Now I'll turn it over to Maeve for any further questions.

謝謝。現在我將把它轉給梅芙以解答任何進一步的問題。

Thank you. We have a few questions from investors that came in through our Q&A platform that we use through Stay Technologies. I'm now going to ask those top questions that we got on the platform for the management team to answer. The first question is any excitements news pertaining to post GSK exclusivity? Can you provide any details or at least the date on which something will be announced.

謝謝。我們收到了投資者通過 Stay Technologies 使用的問答平台提出的一些問題。我現在要問我們在平台上提出的最重要的問題，請管理團隊回答。第一個問題是關於葛蘭素史克（GSK）後獨家經營權的任何令人興奮的消息嗎？您能否提供任何詳細信息，或者至少提供宣布某些內容的日期。

Yes. It's Kenneth, I'm happy to take that. And just to reiterate, I don't have any exciting news for today, but what I can say is we're very pleased with the progress we're making in terms of ongoing potential partnership discussions. This really is a very important priority for us to find those right strategic partnerships when that GSK target discovery, exclusivity period ends towards the end of July of 2023.

是的。我是肯尼斯，我很高興接受。重申一下，我今天沒有任何令人興奮的消息，但我可以說的是，我們對正在進行的潛在合作夥伴關係討論所取得的進展感到非常滿意。當 GSK 的目標發現、獨家經營期於 2023 年 7 月底結束時，這確實是我們尋找正確戰略合作夥伴的一個非常重要的優先事項。

I think we've got really great timing with Reza Afkhami joining us at 23andMe as our Chief Corporate Development Officer. He is now leading those efforts, securing the most productive collaboration as possible. And we look forward to updating you when there are material partnership deals signed.

我認為 Reza Afkhami 加入 23andMe 擔任我們的首席企業發展官，時機非常好。他現在正在領導這些工作，確保盡可能最富有成效的合作。我們期待在簽署重大合作協議時向您通報最新情況。

Great. Next question. Is there a plan to start integrating Lemonaid services into the 23andMe app, creating new services for those with an annual plan?

偉大的。下一個問題。是否計劃開始將 Lemonaid 服務集成到 23andMe 應用程序中，為那些有年度計劃的人創建新服務？

And I can take that one.

我可以接受那個。

Yes. Go ahead.

是的。前進。

Joe -- I'll take that one, Joe, and then I'll hand it to you. Yes, there's definitely a plan to start integrating the Lemonaid services into the 23andMe app and having a holistic experience for people can learn about their genome, think about or -- get access to care if they need it and also think about pharmacy. And one of the big sweet spots for 23andMe is really being able to engage people holistically in a very proactive preventative care. So that -- personalized preventative care. So that, I think, is a real exciting market opportunity for us to be able to combine all those services in (technical difficulty)

喬——我拿走那個，喬，然後我會把它交給你。是的，肯定有計劃開始將 Lemonaid 服務集成到 23andMe 應用程序中，讓人們獲得全面的體驗，可以了解自己的基因組、思考或在需要時獲得護理，還可以考慮藥房。 23andMe 的最大優勢之一是真正能夠讓人們全面參與非常積極主動的預防性護理。這樣——個性化的預防護理。因此，我認為，這對我們來說是一個真正令人興奮的市場機會，能夠將所有這些服務結合起來（技術難度）

Joe, do you want to jump in?

喬，你想跳進去嗎？

Sure. And as Anne said, we are going to continue building out these features in integrating Lemonaid. And based on -- with our leadership of our dedicated product team, we intend to focus on the evolution of our business to improve one, our products, but basically generating, as we said, trying to improve margins and generating revenue growth, but really just trying to add value for our customers.

當然。正如 Anne 所說，我們將繼續在集成 Lemonaid 中構建這些功能。基於——在我們專業產品團隊的領導下，我們打算專注於我們業務的發展，以改進我們的產品，但基本上，正如我們所說，試圖提高利潤率並產生收入增長，但實際上只是想為我們的客戶增加價值。

I think for us, particularly exciting is our focus on integrating Lemonaid services and resources along with 23andMe, the areas of unmet needs such as mental health. And one reason we're really excited too is with our new product growth is basically focused on subscriptions and really trying to look at long-term consumer engagement and really providing basically services that will add value to customers and add value for us as well.

我認為對我們來說，特別令人興奮的是我們專注於將 Lemonaid 服務和資源與 23andMe 一起整合，即心理健康等未滿足需求的領域。我們也感到非常興奮的原因之一是，我們的新產品增長基本上集中在訂閱上，並真正嘗試著眼於消費者的長期參與，並真正提供基本的服務，為客戶增加價值，也為我們增加價值。

Okay. Next question is what is the long-run business outlook for 23andMe? And what are your plans to become profitable?

好的。下一個問題是 23andMe 的長期業務前景如何？您的盈利計劃是什麼？

And we continue to make strides to realizing a future where genetic information becomes a foundation of personalized health. Our team is keenly focused on disrupting the health care experience and by building a personalized health and wellness experience that caters to individuals and utilizing our platform to accelerate therapeutics research and development at scale.

我們將繼續取得長足進步，以實現遺傳信息成為個性化健康基礎的未來。我們的團隊專注於顛覆醫療保健體驗，打造適合個人的個性化健康和保健體驗，並利用我們的平台加速大規模治療研究和開發。

As I mentioned earlier, we made great strides in fiscal year 2023 and moving the Consumer & Research segment to be to improvement and getting towards cash flow positive and as our intent to make additional progress in fiscal year 2024. In therapeutics, basically therapeutics will require investment as we continue to progress our assets to the development drug cycle. But we are going to continue to really take a look at being good stewards of capital and really looking at the evaluation of opting in and out of our programs, partnering and out-licensing as appropriate to make sure we're allocating capital to the best ROI for shareholders.

正如我之前提到的，我們在 2023 財年取得了巨大進步，並將消費者和研究部門轉向改善並實現正現金流，並且我們打算在 2024 財年取得進一步進展。在治療方面，基本上治療將需要隨著我們繼續將我們的資產推進開發藥物週期，進行投資。但我們將繼續真正考慮成為良好的資本管理者，並真正考慮選擇加入和退出我們的計劃、適當的合作和向外許可的評估，以確保我們將資本分配給最好的人股東的投資回報率。

Next question with AI advancing so much, how is 23andMe currently, we're planning to implement AI into its practices?

下一個問題是，隨著人工智能的發展如此之快，23andMe 目前情況如何，我們計劃將人工智能應用到其實踐中？

Yes. It's Kenneth. I'm happy to take that. As you can imagine, with the enormous database and data set that we have at 23andMe, AI is already very much an integral part of what we do and we leverage AI capabilities in a number of areas across our business.

是的。這是肯尼思。我很樂意接受。正如您可以想像的那樣，憑藉 23andMe 擁有的龐大數據庫和數據集，人工智能已經成為我們工作中不可或缺的一部分，並且我們在整個業務的許多領域都利用了人工智能功能。

I think the recent progress has been made with things like ChatGPT, natural language processing, chatbot-driven AI technologies, you can imagine -- we were just talking about the integration of medicine, primary care, genetics and then working with customers and patients that can really potentially transform that space. And we believe that 23andMe is really uniquely placed to take advantage of this.

我認為最近在 ChatGPT、自然語言處理、聊天機器人驅動的人工智能技術等方面取得了進展，你可以想像 - 我們只是在談論醫學、初級保健、遺傳學的整合，然後與客戶和患者合作確實有可能改變這個空間。我們相信 23andMe 確實具有獨特的優勢來利用這一優勢。

For example, we believe it will help us in our PRS research, automating functions within the business at scale and also helping us, I think, interestingly, in different ways with our drug discovery and development process. So we're optimistic this is going to enable us to deliver products and services at scale in the way that we think we're uniquely pleased to take advantage of this in a competitive way at the company. Very exciting.

例如，我們相信它將幫助我們進行 PRS 研究，大規模實現業務內的功能自動化，並且有趣的是，我認為它還會以不同的方式幫助我們的藥物發現和開發過程。因此，我們樂觀地認為，這將使我們能夠大規模提供產品和服務，我們認為我們非常高興能夠在公司中以有競爭力的方式利用這一點。非常令人興奮。

Okay. And final question. Considering your financial position, do you believe you will require a dilutive capital raise any time in the future?

好的。最後一個問題。考慮到您的財務狀況，您認為您將來是否需要進行稀釋性融資？

23andMe has a strong current cash position with $387 million in cash and cash equivalents as of March 31, 2023. Our full year adjusted EBITDA deficit is projected to be in the range of $170 million to $195 million for fiscal year 2024. And that number, as I mentioned earlier, basically assumes that we're going to continue to advance all of our current therapeutic assets and does not assume any additional revenue from new strategic partnerships. And nor does it include any savings from any potential cost reduction initiatives that I had mentioned earlier.

截至 2023 年 3 月 31 日，23andMe 目前現金狀況強勁，現金和現金等價物為 3.87 億美元。我們的全年調整後 EBITDA 赤字預計在 2024 財年在 1.7 億至 1.95 億美元之間。這個數字，正如我之前提到的，基本上假設我們將繼續推進我們現有的所有治療資產，並且不會從新的戰略合作夥伴關係中獲得任何額外收入。而且它也不包括我之前提到的任何潛在的成本削減舉措所帶來的任何節省。

Our adjusted EBITDA is our best proxy for cash burn. And so that just gives you a sense of what our cash position and run rate looks like. And it's a reasonably good period of time that will give us the ability to execute upon a lot of our goals on the consumer side as well as on our therapeutics portfolio. With that said, we will be opportunistic and evaluate our options as it relates to fundraising going forward.

我們調整後的 EBITDA 是我們現金消耗的最佳指標。這樣您就可以了解我們的現金狀況和運行率。這是一段相當好的時期，將使我們有能力在消費者方面以及我們的治療組合上執行許多目標。話雖如此，我們將抓住機會並評估我們的選擇，因為這與未來的籌款有關。

All right. Thank you, everyone, for joining us. We look forward to updating you on 23andMe's progress on both the consumer business and therapeutic efforts.

好的。謝謝大家加入我們。我們期待向您通報 23andMe 在消費者業務和治療工作方面的最新進展。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，祝你有美好的一天。