23andMe Holding Co. (ME) 2024 Q2 法說會逐字稿

Hello, and welcome to 23andMe's Fiscal Year 2024 Second Quarter Financial Results Conference Call. As a reminder, this call is being recorded. (Operator Instructions)

您好，歡迎參加 23andMe 2024 財年第二季財務業績電話會議。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 Ian Cooney, Senior Director of Investor Relations at 23andMe, to lead off the call. Thank you. Please go ahead.

我現在想將電話會議轉交給 23andMe 投資者關係高級總監 Ian Cooney 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 second quarter. A replay of today's webcast will also be available on our website. 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，我鼓勵大家訪問 Investors.23andme.com 查找我們今天早些時候發布的報告第二季度財務業績的新聞稿。今天網路廣播的重播也將在我們的網站上提供。請注意，本次電話會議期間所做的有關非歷史事實的某些陳述，包括但不限於管理階層的展望或對未來期間的預測，均為前瞻性陳述。

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.

這些陳述僅基於我們現在掌握的資訊。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。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。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的重要資訊以及與美國公認會計原則的調節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 and Accounting Officer. Bill Richards, our Head of Therapeutics Discovery; and Jennifer Low, our Head of Therapeutics Development will join us for Q&A.

今天參加我們電話會議的還有我們的執行長兼共同創辦人 Anne Wojcicki；以及我們的臨時財務和會計官 Joe Selsavage。 Bill Richards，我們的治療發現主管；我們的治療開發主管 Jennifer Low 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, Ian. To kick off the call, I would like to start with an update on our strategy. 23andMe's mission has always been to help people access, understand and benefit from the human genome. The 23andMe brand is most known for how we transformed access to genetic information and enabled over 14 million people to learn about themselves, their ancestry and their health risks.

謝謝你，伊恩。在電話會議開始前，我想先介紹我們的策略更新。 23andMe 的使命始終是幫助人們獲取、理解人類基因組並從中受益。 23andMe 品牌最著名的是我們如何改變遺傳訊息的獲取方式，並使超過 1400 萬人了解自己、他們的祖先和健康風險。

Over the last 5 years, we have increasingly put more effort and resources into how customers will benefit from the human genome. Over 80% of our 14 million customers, trust and consent to using their genetic information and phenotypic insights for research, creating the world's largest set of recontactable genotypic and phenotypic data in the world. We have a world-class team of statistical geneticist, bioinformaticist, computational biologist and data scientists leveraging the data to create consumer products and discoveries for therapeutics development.

在過去的 5 年裡，我們越來越投入更多的精力和資源來研究客戶如何從人類基因組中受益。我們 1,400 萬客戶中超過 80% 的客戶信任並同意使用他們的遺傳資訊和表型見解進行研究，從而創建了世界上最大的可重新聯繫的基因型和表型資料集。我們擁有一支由統計遺傳學家、生物資訊學家、計算生物學家和數據科學家組成的世界級團隊，利用數據創造消費產品和治療開發的發現。

As a reminder, we have 3 main businesses powered by our database in creating a new future for health care powered by DNA. First, our consumer business. Where we are taking a precision health approach in generating insights to help customers improve their health and health span based on their unique genotypic and phenotypic profiles. We are moving toward a more subscription-based longitudinal model so we can have a positive impact and help our customers take action to improve their health over time.

提醒一下，我們的資料庫支援 3 項主要業務，旨在為 DNA 驅動的醫療保健創造新的未來。首先是我們的消費業務。我們採用精準的健康方法來產生見解，根據客戶獨特的基因型和表型特徵幫助客戶改善他們的健康狀況和健康壽命。我們正在轉向更基於訂閱的縱向模式，這樣我們就可以產生積極的影響，並幫助我們的客戶採取行動，隨著時間的推移改善他們的健康狀況。

The subscription business also offers a much more sustainable and attractive operating model for us to create value for our customers and investors. Second, our research business. This is where we are in discussions with collaborators in pharma, biotech and adjacent industries to sell them licenses to our database. They can then come up with their own insights to help make drug discovery in development more efficient or care delivery more effective.

訂閱業務也為我們提供了更具永續性和吸引力的營運模式，為我們的客戶和投資者創造價值。第二，我們的研究業務。我們正在與製藥、生物技術和鄰近行業的合作者討論向他們出售我們資料庫的許可證。然後，他們可以提出自己的見解，幫助提高藥物發現的開發效率或提高護理服務的效果。

And third, our therapeutics business, where for the past 7 years, we have interrogated our database to pursue targets and develop therapeutics that will, hopefully, one day help many of our customers directly. We currently have one immuno-oncology asset in the clinic in Phase I/IIa with encouraging early efficacy activity. Another IO asset with a particularly exciting profile and a pipeline of molecules targeting immunology and inflammation in the discovery phase.

第三，我們的治療業務，在過去的 7 年裡，我們查詢了我們的資料庫以追求目標並開發治療方法，希望有一天能夠直接幫助我們的許多客戶。我們目前在臨床中擁有一項處於 I/IIa 期的免疫腫瘤學資產，其早期療效活動令人鼓舞。另一項 IO 資產具有特別令人興奮的概況和處於發現階段的針對免疫學和發炎的分子管道。

We focus the business on creating value from our dynamic data assets and expect to continue to do so in the future. As we move toward building a model that helps our customers take action from their genetic and health data, we aim to meaningfully increase the percentage of subscription-based offerings so we can provide long-term value and insights to our customers.

我們的業務重點是從動態資料資產中創造價值，並預計未來將繼續這樣做。當我們致力於建立一個模型來幫助客戶根據他們的基因和健康數據採取行動時，我們的目標是有意義地增加基於訂閱的產品的百分比，以便我們能夠為客戶提供長期價值和見解。

As therapeutics assets develop, we expect to partner them out to create near-term and longer-term value inflections for our shareholders while also getting them in the best hands to develop through approval and commercialization for the eventual benefit of our customer. Moving to the second quarter and recent events. Yesterday, we launched a new subscription membership called Total Health, a continued effort to be the world's best at risk prediction.

隨著治療資產的發展，我們希望與它們合作，為我們的股東創造近期和長期的價值變化，同時讓它們交到最優秀的人手中，透過批准和商業化進行開發，從而為我們的客戶帶來最終利益。轉到第二季和最近發生的事件。昨天，我們推出了名為「Total Health」的新訂閱會員資格，並不斷努力成為世界上最好的風險預測者。

Total Health is our most advanced prevention-based health membership. It includes clinical grade exome sequencing, biannual blood testing and access to clinicians with unique training in genetics. Members of Total Health will also receive all the reports and features offered in our existing 23andMe+ membership.

Total Health 是我們最先進的基於預防的健康會員資格。它包括臨床級外顯子組測序、每年兩次的血液檢測以及接受過獨特遺傳學培訓的臨床醫生的幫助。 Total Health 會員也將收到我們現有 23andMe+ 會員資格中提供的所有報告和功能。

Through the combination of comprehensive genetic data, blood biomarkers, personal and family health history and genetics-trained clinicians, Total Health will provide members with personalized guidance for ongoing disease prevention and early detection. This membership is for the consumer looking for access to advanced genetic risk testing so they can focus on ongoing health management through direct access to mitigate or prevent disease.

透過結合全面的遺傳數據、血液生物標記、個人和家庭健康史以及經過遺傳學培訓的臨床醫生，Total Health 將為會員提供持續疾病預防和早期檢測的個人化指導。此會員資格面向尋求先進遺傳風險檢測的消費者，以便他們可以透過直接緩解或預防疾病來專注於持續的健康管理。

This is precision health with the support of a clinician who specializes in genetics. In addition to the launch of Total Health, we continue to add more value to our 23andMe+ membership. Last month, we introduced 23andMe Health Action Plan, a new digital feature that draws on your personalized genetic reports, health history survey data as well as blood and biomarker data to provide tailored, bite-sized health recommendations for subscribers to take action.

這是在遺傳學專業臨床醫生支持下的精準健康。除了推出 Total Health 之外，我們還繼續為 23andMe+ 會員資格增加更多價值。上個月，我們推出了23andMe 健康行動計劃，這是一項新的數位功能，它利用您的個人化基因報告、健康史調查數據以及血液和生物標記數據，為訂閱者提供量身定制的、簡短的健康建議，以便他們採取行動。

In addition to suggestions on altering activities like sleep, diet and exercise, eligible members may also receive recommendations for further clinical actions, like getting a blood test, which now can be ordered directly through 23andMe. We also recently launched 23andMe Health Tracks, a digital health tool aimed at driving behavior change by integrating lifestyle and genetics into a single model for the first time.

除了改變睡眠、飲食和運動等活動的建議外，符合資格的會員還可能收到有關進一步臨床行動的建議，例如進行血液檢查，現在可以直接透過 23andMe 訂購。我們最近也推出了 23andMe Health Tracks，這是一種數位健康工具，旨在透過首次將生活方式和遺傳學整合到單一模型中來推動行為改變。

In July, we launched a new FDA-cleared pharmacogenetics report for 23andMe+ members on a commonly-prescribed statin called simvastatin. In 2020, about 8 million people in the U.S. were prescribed simvastatin, making it among the most prescribed medications in the U.S. This new report allows people to understand how their genetics may impact how they respond to the statin and whether or not they may experience side effects.

7 月，我們為 23andMe+ 會員發布了一份新的經 FDA 批准的藥物遺傳學報告，內容涉及一種名為辛伐他汀的常用處方他汀類藥物。 2020 年，美國約有800 萬人服用辛伐他汀，使其成為美國處方最多的藥物之一。這份新報告讓人們了解他們的基因如何影響他們對他汀類藥物的反應，以及他們是否可能會出現副作用影響。

We have another milestone FDA clearance in August to report additional BRCA variants for all 23andMe Health + Ancestry customers. This allows us to report 41 additional variants in the BRCA1 and BRCA2 genes known to be associated with higher risk for breast, ovarian, prostate and pancreatic cancer. Many of these additional variants occur more often in populations that have traditionally been underserved by genetic testing, including the African-American and Hispanic-Latino communities.

我們在 8 月獲得了另一個里程碑式的 FDA 批准，為所有 23andMe Health + Ancestry 客戶報告更多 BRCA 變異。這使我們能夠報告 BRCA1 和 BRCA2 基因中的 41 個其他變異，這些變異已知與乳腺癌、卵巢癌、前列腺癌和胰腺癌的較高風險有關。許多其他變異更常見於傳統上基因檢測服務不足的人群，包括非裔美國人和西班牙裔拉丁裔社區。

As part of the FDA clearance, we were also granted the first-ever FDA predetermined change control plan, allowing us to update our BRCA report with additional validated variants without additional premarket review. You can begin to see the significant investment we've been making in our product and report innovation within our consumer business over the last few months.

作為 FDA 許可的一部分，我們還獲得了 FDA 首個預先確定的變更控制計劃，使我們能夠使用其他經過驗證的變體更新我們的 BRCA 報告，而無需進行額外的上市前審查。您可以開始看到我們在過去幾個月對我們的產品進行的重大投資，並報告我們消費者業務的創新。

This includes continuing to provide value in the form of membership services, while expanding margins. We've seen better-than-expected results after increasing our kit and subscription pricing, with higher margins, partially offsetting reduced kit sale volume. Transitioning to therapeutics. We completed the restructuring of the organization with a clear focus on the areas where we believe our data insights provide us with the greatest strategic advantage.

這包括繼續以會員服務的形式提供價值，同時擴大利潤。在提高套件和訂閱價格後，我們看到了好於預期的結果，利潤率更高，部分抵消了套件銷售的減少。過渡到治療。我們完成了組織重組，明確地專注於我們認為資料洞察力為我們提供最大策略優勢的領域。

This includes continuing to advance our immuno-oncology assets, certain programs stemming from the GSK collaboration as well as focusing on the immunology and inflammation therapeutic areas. This allows us to pursue the most impactful programs in the most efficient manner in terms of capital and resources.

這包括繼續推進我們的免疫腫瘤學資產、來自葛蘭素史克合作的某些計畫以及專注於免疫學和發炎治療領域。這使我們能夠在資本和資源方面以最有效的方式實施最具影響力的計劃。

In Q1, we discussed pursuing nonexclusive collaborations with pharmaceutical companies for target discovery. We continue to pursue these collaborations across an array of structures and are excited about the opportunity to attract multiple and various partners in this business. Last week, we announced progress in this area with a new, 1-year, nonexclusive data license with GSK, which extends our collaboration.

在第一季度，我們討論了與製藥公司尋求非排他性合作以發現目標。我們繼續在一系列結構中尋求這些合作，並對有機會吸引該行業的多個不同合作夥伴感到興奮。上週，我們宣布了在這一領域取得的進展，與葛蘭素史克 (GSK) 簽訂了為期一年的新非獨家數據許可，這擴大了我們的合作範圍。

Under the agreement, we will receive a $20 million upfront payment, which enables GSK to conduct drug target discovery and other research using the 23andMe database. The license also includes access to certain research services such as further analyses of the 23andMe data set not provided in the core data release.

根據協議，我們將收到 2000 萬美元的預付款，這使葛蘭素史克能夠利用 23andMe 資料庫進行藥物標靶發現和其他研究。該許可證還包括存取某些研究服務，例如對核心數據發布中未提供的 23andMe 數據集的進一步分析。

The collaboration with GSK has been hugely successful, and this collaboration extension validates the power of the 23andMe database to consistently produce novel insights for therapeutic development rooted in human genetics. As part of this agreement, we have made the strategic decision to take the royalty option in lieu of the opt-in on 3 programs we previously initiated together, which will help us reduce our cash burn and allow us to focus on our wholly-owned program.

與 GSK 的合作取得了巨大成功，此次合作擴展驗證了 23andMe 資料庫的能力，能夠持續為植根於人類遺傳學的治療開發提供新穎的見解。 As part of this agreement, we have made the strategic decision to take the royalty option in lieu of the opt-in on 3 programs we previously initiated together, which will help us reduce our cash burn and allow us to focus on our wholly-owned程式.

We also continue to advance our pipeline of clinical and preclinical program. Last week, we presented positive safety and preliminary efficacy data from the Phase I/IIa clinical trial of our wholly-owned, immuno-oncology program, 23ME-00610, an antibody targeting CD200R1. In 2 presentations at the Society for Immunotherapy of Cancer, an annual meeting, we showed the therapy is well tolerated at our highest dose level.

我們也繼續推進我們的臨床和臨床前項目管道。上週，我們公佈了我們全資擁有的免疫腫瘤計畫 23ME-00610（一種針對 CD200R1 的抗體）的 I/IIa 期臨床試驗的積極安全性和初步療效數據。在癌症免疫治療學會年會上的兩次演講中，我們表明該療法在最高劑量下具有良好的耐受性。

We also reported stable disease in 52% of response evaluable participants in our Phase I dose escalation portion of the study. This includes preliminary clinical activities of 23ME-00610 and a patient with neuroendocrine cancer, showing a maximum reduction of 19% in target lesions, with a single lesion achieving a sustained 58% reduction in the longest dimension. The participant continues on study drug past 40 weeks with stable disease at the time of data cutoff.

我們也在研究的 I 期劑量遞增部分中報告了 52% 的反應可評估參與者的病情穩定。這包括23ME-00610和一名神經內分泌癌患者的初步臨床活動，顯示目標病灶最大減少19%，單一病灶最長尺寸持續減少58%。參與者繼續服用研究藥物超過 40 週，在數據截止時病情穩定。

Overall, we've demonstrated that 23ME-00610 is well tolerated and shows promising preliminary efficacy in patients with advanced solid malignancies. We are continuing to enroll the Phase IIa portion of the trial and anticipate reporting further data next calendar year. We are also continuing to advance a preclinical program, P014, an investigational antibody that has dual mechanism, targeting ULBP6, 5 and 2 to restore antitumor immunity through NK and T cell, and inducing Fc receptor mediated killing of ULBP2, 5, 6 expressing cancer cells.

總體而言，我們已經證明 23ME-00610 具有良好的耐受性，並且在晚期實體惡性腫瘤患者中顯示出有希望的初步療效。我們將繼續招募 IIa 期試驗部分，並預計明年報告更多數據。我們也持續推進臨床前計畫P014，這是一種具有雙重機制的研究性抗體，針對ULBP6、5 和2，透過NK 和T 細胞恢復抗腫瘤免疫力，並誘導Fc 受體介導的殺傷表達ULBP2、5、6 的癌細胞。

With these programs advancing, the extension of our GSK collaboration and our streamlined focus on immunology and inflammation, we're excited about the progress and direction of our therapeutics group. In closing, I'd like to provide a brief update on the ongoing cybersecurity investigation that we initiated early last month. Detailed information can be found in an 8-K we filed with the SEC and on our blog.

隨著這些計畫的進展、我們與葛蘭素史克合作的擴展以及我們對免疫學和發炎的簡化關注，我們對我們的治療團隊的進展和方向感到興奮。最後，我想簡要介紹一下我們上月初啟動的正在進行的網路安全調查的最新情況。詳細資訊可以在我們向 SEC 提交的 8-K 和我們的部落格中找到。

At this time, we do not have any indication that there has been a data security incident within our own system. Data privacy and security remain a top priority. We have recently required all customers utilize two-factor authentication, and we will continue to invest in protecting our systems and data.

目前，我們沒有任何跡象顯示我們自己的系統內發生了資料安全事件。資料隱私和安全仍然是重中之重。我們最近要求所有客戶使用雙重認證，我們將繼續投資保護我們的系統和資料。

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

接下來，我將把電話轉給喬，讓他審查我們本季的財務表現。

Thank you, Anne, and hello, everyone. We remain well positioned to continue advancing our consumer and therapeutics goals. Our margin expansion momentum continued this quarter had the impact of PGS kit and subscription price increases to date have been better than expected, as Anne mentioned earlier.

謝謝你，安妮，大家好。我們仍然處於有利地位，可以繼續推進我們的消費者和治療目標。正如 Anne 之前提到的，受到 PGS 套件的影響，我們的利潤率擴張勢頭在本季度持續增長，並且迄今為止訂閱價格的上漲已經好於預期。

Revenue for the quarter was $50 million, representing a decrease of 34% on a strong prior year comparable. The year-over-year decrease in revenue was primarily due to the conclusion of our exclusive discovery term under our GSK collaboration in July, providing 1 month of collaboration revenue in the quarter compared to a full 3 months in the prior year, as well as nonrecurring payments from other research partners in the prior year.

該季度營收為 5,000 萬美元，比上年同期下降 34%。營收年減的主要原因是我們與葛蘭素史克合作的獨家發現期於 7 月結束，本季度提供了 1 個月的合作收入，而去年同期為整整 3 個月，以及去年其他研究合作夥伴的一次性付款。

It also reflects our continued focus on driving improved product margins through higher average selling prices and marketing efficiency, resulting in lower overall volume of PGS kit and telehealth orders. These decreases were partially offset by continued growth in our subscription services.

這也反映出我們持續致力於透過提高平均銷售價格和行銷效率來提高產品利潤，從而減少 PGS 試劑盒和遠距醫療訂單的總量。這些下降被我們訂閱服務的持續成長部分抵消。

Looking at the composition of our revenue, Consumer service revenue represented approximately 97% of total revenue for the 3 months ended September 30, 2023, and research services revenue, which was primarily derived from the GSK collaboration, accounted for approximately 3% of total revenue for the same period.

從我們的收入組成來看，截至2023年9月30日止3個月，消費者服務收入約佔總收入的97%，研究服務收入主要來自與葛蘭素史克的合作，約佔總收入的3%同一時期。

Our gross profit for the second quarter was $22 million, representing a 43% decrease over the same period in the prior year. The decrease in second quarter gross profit was driven primarily by the decrease in research services revenue, while subscription revenue and improved PGS kit selling prices helped to offset through continued margin accretion within their respective categories.

我們第二季的毛利為 2,200 萬美元，比上年同期下降 43%。第二季毛利的下降主要是由於研究服務收入的下降，而訂閱收入和 PGS 套件銷售價格的提高有助於透過各自類別內的持續利潤成長來抵銷。

Turning to expenses. Total operating expenses for the quarter were $101 million compared to $106 million in the same period in the prior year. The improvement in operating expenses was primarily driven by reductions in marketing advertising spend aimed to boost efficiency as noted previously. This improvement also reflects lower personnel-related expenses following the reductions enforced in June and August earlier this year as well as the disposition of Lemonaid Health Limited in the U.K., also in August.

轉向開支。本季的總營運費用為 1.01 億美元，而上年同期為 1.06 億美元。如前所述，營運費用的改善主要是由於旨在提高效率的行銷廣告支出的減少所致。這一改善也反映了今年稍早 6 月和 8 月實施的削減以及英國 Lemonaid Health Limited 於 8 月的處置後，人員相關費用的減少。

This decrease was partially offset by continued investment in therapeutics, portfolio advancement, and also includes onetime severance and related charges related to the workforce reductions and transaction-related expenses for the U.K. disposition. Looking at the bottom line. Net loss for the quarter was $75 million compared to net loss for the same period in the prior year of $66 million.

這項減少被對治療、投資組合升級的持續投資所部分抵消，還包括一次性遣散費和與英國裁員相關的一次性遣散費以及與英國處置相關的交易相關費用。看看底線。本季淨虧損為 7,500 萬美元，而上年同期淨虧損為 6,600 萬美元。

The increase in second quarter net loss was driven mainly by the lower research services revenue mentioned previously, partially offset by our improved operating expense profile and an increase in interest income from cash held in money market times.

第二季淨虧損的增加主要是由於前面提到的研究服務收入的下降，部分被我們改善的營運費用狀況和貨幣市場時期持有的現金利息收入的增加所抵銷。

Next, our adjusted EBITDA. For details on how we define adjusted EBITDA as well as the corresponding reconciliations to GAAP, please see our earnings release. Total adjusted EBITDA deficit for the 3 months ended September 30, 2023, was $45 million compared to $30 million deficit for the same period in the prior year. We ended the quarter with $256 million in cash and cash equivalents compared to $387 million as of March 31, 2023.

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 調整的詳細信息，請參閱我們的收益發布。截至 2023 年 9 月 30 日的三個月調整後 EBITDA 赤字總額為 4,500 萬美元，而去年同期赤字為 3,000 萬美元。截至本季末，我們的現金和現金等價物為 2.56 億美元，而截至 2023 年 3 月 31 日為 3.87 億美元。

As always, we are actively evaluating the use of our capital for both the consumer and therapeutic businesses, including responsibly opting in or out of therapeutics programs based on opportunity potential and timing of returns as appropriate given market conditions.

一如既往，我們正在積極評估我們的資本對消費者和治療業務的使用情況，包括根據機會潛力和適當的市場條件回報時間負責任地選擇加入或退出治療計劃。

Now turning to our guidance. As a reminder, the company's full year 2024 guidance is based on a conservative approach, recognizing current uncertainties in consumer sentiment, the macroeconomic environment and geopolitical conditions. Our focus within the existing lines of the PGS and telehealth consumer businesses remains unchanged. We continue to prioritize margin expansion and progressing towards cash flow profitability.

現在轉向我們的指導。需要提醒的是，該公司的 2024 年全年指引是基於保守方法，承認當前消費者信心、宏觀經濟環境和地緣政治條件的不確定性。我們對現有 PGS 和遠距醫療消費者業務的關注保持不變。我們繼續優先考慮利潤擴張和現金流獲利能力。

These efforts include ongoing value additions to our current services like the recently announced Health Tracks and Health Action Plan features within 23andMe+. The newly launched Total Health membership, our most advanced and comprehensive precision health service, and the reorganization of our consumer segment to streamline our expense profile. Within the therapeutics business, we continue to invest in programs we believe are most strategically and financially valuable.

這些努力包括對我們目前服務的持續增值，例如 23andMe+ 中最近宣布的健康追蹤和健康行動計劃功能。新推出的 Total Health 會員資格、我們最先進、最全面的精準醫療服務，以及重組我們的消費者細分市場以簡化我們的費用狀況。在治療業務中，我們繼續投資於我們認為最具策略和財務價值的項目。

With the end of the exclusive discovery term under the GSK collaboration in July, we decided to narrow our discovery and development efforts to areas that best align with our core strength. This resulted in a workforce reduction in August as we realigned our resources to the revamped structure and the more recent decision to take the royalty option on several programs initiated together with GSK, which will allow us to reduce cash burn and focus on our wholly-owned programs.

隨著 7 月與 GSK 合作的獨家發現期限結束，我們決定將我們的發現和開發工作範圍縮小到最符合我們核心優勢的領域。這導致我們在8 月減少了員工隊伍，因為我們根據重組後的結構重新調整了我們的資源，並且最近決定對與葛蘭素史克共同發起的幾個項目採取特許權使用權，這將使我們能夠減少現金消耗並專注於我們的全資子公司程序。

We expect these decisions to yield meaningful economic benefit in future periods. While we're pleased with this year's progress and excited for the launch of Total Health, we remain prudent with our outlook given current uncertainties in the macro environment. Similarly, although the new GSK data license announced last week serves as further validation of our databases' value, we expect the deal's $20 million revenue to have minimal impact on this year's results, with the majority of landing in fiscal year '25 given the terms of the agreement. The company is partially adjusting its full year guidance for fiscal year '24, which ends on March 31, 2024.

我們預計這些決定將在未來產生有意義的經濟效益。雖然我們對今年的進展感到滿意，並對 Total Health 的推出感到興奮，但鑑於當前宏觀環境的不確定性，我們對前景仍持謹慎態度。同樣，儘管上周宣布的新 GSK 數據許可證進一步驗證了我們數據庫的價值，但我們預計該交易的 2000 萬美元收入對今年業績的影響微乎其微，鑑於條款規定，大部分收入將在 25 財年實現協議的內容。該公司正在部分調整截至 2024 年 3 月 31 日的「24 財年」全年指引。

In terms of revenue, we are updating our fiscal year 2024 guidance to be in the range of $240 million to $250 million, with net loss reaffirmed to be in the range of $325 million to $345 million loss. Full year adjusted EBITDA deficit is reaffirmed to be in the range of $160 million deficit to $180 million deficit for fiscal year 2024.

在營收方面，我們將 2024 財年指引更新為 2.4 億至 2.5 億美元，淨虧損重申為 3.25 億至 3.45 億美元。 2024 財政年度全年調整後 EBITDA 赤字被重申在 1.6 億美元至 1.8 億美元之間。

This updated outlook is a result of our commitment to delivering critical insights and values to our customers through impactful new services, while improving our cash flow through better unit economics and cost discipline. Also, a reminder that adjusted EBITDA is our best proxy for cash burn.

這項更新的前景是我們致力於透過有影響力的新服務向客戶提供關鍵見解和價值的結果，同時透過更好的單位經濟效益和成本控制來改善我們的現金流。另外，請注意，調整後的 EBITDA 是我們現金消耗的最佳指標。

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

現在我將把電話轉回給安妮。

Thanks, Joe. I'm optimistic as we head into fiscal year Q3. We've made incredible progress through the innovation happening within the consumer business, both by increasing the value of our 23andMe+ membership with new features and reports as well as launching Total Health, a new comprehensive subscription offering that positions us to be the world's best at risk prediction.

謝謝，喬。當我們進入財年第三季時，我感到樂觀。透過消費者業務中的創新，我們取得了令人難以置信的進步，既透過新功能和報告增加了23andMe+ 會員的價值，又推出了Total Health，這是一種新的綜合訂閱服務，使我們成為全球最優秀的服務提供者。風險預測。

Our therapeutics team continues to demonstrate progress advancing our pipeline of clinical and preclinical programs. And our new GSK nonexclusive collaboration extension demonstrates the value of our database as we continue to pursue new opportunities with pharmaceutical and biotech companies.

我們的治療團隊繼續展示推進我們的臨床和臨床前項目管道的進展。隨著我們繼續尋求與製藥和生物技術公司的新機會，我們新的 GSK 非獨家合作擴展展示了我們資料庫的價值。

With that, let's open it up to questions.

說到這裡，讓我們提出問題。

(Operator Instructions) Our first question comes from Chad Wiatrowski with TD Cowen.

（操作員說明）我們的第一個問題來自 TD Cowen 的 Chad Wiatrowski。

This is Chad on for Steven Mah. Just wanted to see what type of impact you expect from the cyberattack on revenue and costs. And did that attribute to the lowered guidance? And if so, what steps have you taken to resolve it?

這是史蒂文·馬 (Steven Mah) 的查德 (Chad)。只是想看看您期望網路攻擊對收入和成本產生什麼類型的影響。這是否歸因於指導方針的降低？如果是這樣，您採取了哪些措施來解決這個問題？

I can take that question. we haven't really seen any impact from the cybersecurity incident on revenues to date. We're continuing to -- on the cybersecurity incident investigation, and we don't have any specific guidance on cost estimates of that yet or the insurance recoveries, but we'll be updating in future quarters.

我可以回答這個問題。到目前為止，我們還沒有真正看到網路安全事件對收入產生任何影響。我們正在繼續進行網路安全事件調查，我們還沒有關於成本估算或保險賠償的任何具體指導，但我們將在未來幾個季度進行更新。

I think, just one thing to add on that was just -- one thing I wanted to add was just, we've had a very intentional push on revenue -- sorry, on margin expansion. So again, I just want to be able to push that to you as well is that our -- not on the cybersecurity side, but it has been very intentional for us as a company to be disciplined with our marketing disciplined with our costs and like really focusing on the margin expansion, which is why we took down that top line because we are not focusing as much on that top line acceleration, but really on margin.

我想，要補充的一件事是——我想補充的一件事是，我們非常有意地推動收入——抱歉，是在利潤率擴張方面。再說一次，我只是希望能夠向你們推銷這一點，我們的——不是在網路安全方面，但作為一家公司，我們非常有意地遵守我們的行銷紀律，遵守我們的成本等。真正關注的是利潤率擴張，這就是我們取消營收的原因，因為我們不太關注營收加速，而是真正關注利潤率。

Got it. And yes, on that point, on the higher price point of Total Health, can you speak to some of the market research you guys spent time on? How did you come to the price point? And what gives you confidence that customers are going to be willing to pay that premium versus a much cheaper 23andMe+ that's obviously having some expanded product offerings attached to it.

知道了。是的，在這一點上，在全面健康的更高價格點上，您能談談您花時間進行的一些市場研究嗎？您是如何得出這個價格點的？是什麼讓您相信客戶願意支付如此高的溢價，而不是便宜得多的 23andMe+，後者顯然附帶了一些擴展的產品系列。

So I think obviously, I can take that advance. There's a whole world, I think, that is out there where people are looking for access and ease of use for ways that they can make themselves healthier. And I think you see an explosion of whether it's a watch or it's a wearable of some store or an MRI service where people want to get -- be focused on being proactive.

所以我認為顯然我可以取得這一進展。我認為，在整個世界裡，人們都在尋找訪問和易用性來使自己更健康。我認為你會看到人們想要獲得的手錶、穿戴式裝置或核磁共振服務的爆炸性增長——專注於積極主動。

So Total Health is all about empowering our customers to really have a comprehensive assessment of themselves with their genetics, with blood, with medical guidance, and those costs are obviously higher, like that is very different than the 23andMe Health + Ancestry product that we have, but this is an ongoing. We absolutely anticipate with these customers that we are going to have an ongoing relationship with them, where we can really get involved.

因此，Total Health 是讓我們的客戶能夠真正透過基因、血液、醫療指導對自己進行全面評估，而這些成本顯然更高，這與我們擁有的 23andMe Health + Ancestry 產品有很大不同，但這是一個持續的過程。我們絕對期望與這些客戶保持持續的關係，我們可以真正參與其中。

We can coach. They can have interactions with health care providers. We're going to keep following them up with blood, making sure that they're getting a level of care about themselves that's going to be optimal for prevention. So we did do a fair amount of market research on this. We did do a fair amount of assessment of the -- of what our pricing flexibility could be. There are obviously more costs associated with this product, but I believe there is a significant market at this price level.

我們可以輔導。他們可以與醫療保健提供者互動。我們將繼續對他們進行血液追踪，確保他們得到一定程度的自我護理，這對於預防來說是最佳的。因此，我們確實對此進行了大量的市場研究。我們確實對我們的定價彈性進行了大量評估。顯然，該產品的成本更高，但我相信在這個價格水平上有很大的市場。

Next question come from the line of David Lebowitz with Citi.

下一個問題來自花旗銀行的 David Lebowitz。

With respect to the increased kit pricing, could you comment if it's had any impact to this point on your marketing strategy, or how it might change what you plan to do into the holiday season?

關於增加的套件價格，您能否評論一下它是否對您的行銷策略產生任何影響，或者它可能如何改變您計劃在假期期間做的事情？

This is Anne. So I assume you mean the base pricing on the Health + Ancestry and not Total Health?

這是安妮。所以我假設您指的是“健康+血統”而不是“全面健康”的基本定價？

Yes.

是的。

I think that has definitely been a priority for us. Our customers see incredible amounts of value from the subscription product. They see a tremendous amount of value from the Health + Ancestry service. So it was absolutely -- and if you think back on how long we had that at a $99 or $199 price point, it had been a long time since we have raised those prices.

我認為這絕對是我們的首要任務。我們的客戶從訂閱產品中看到了難以置信的價值。他們從健康+祖先服務中看到了巨大的價值。所以這絕對是——如果你回想一下我們在 99 美元或 199 美元的價格點上維持了多久，我們已經很久沒有提高這些價格了。

So we're quite happy to see the response from customers, the continued uptake on our subscription part of the product, that obviously, as we have increased margins from all of our products that absolutely allows us the opportunities to do more with our marketing spend, and particularly top of the funnel marketing spend, where we can have more brand awareness. So you should definitely be looking for us to do more with TV and more marketing in -- especially for holiday season and going forward.

因此，我們很高興看到客戶的反應，以及我們產品訂閱部分的持續採用，顯然，隨著我們所有產品的利潤增加，這絕對讓我們有機會利用我們的行銷支出做更多的事情，特別是漏斗行銷支出的頂部，我們可以在其中獲得更多的品牌知名度。因此，您絕對應該希望我們在電視和行銷方面做更多的事情——尤其是在假期和未來。

Got it. Given the nature of the Total Health product, is it primarily going to be a direct to consumer? Or is there consideration for looking into alternate approaches, maybe coming from the health care providers themselves, to try to grow the overall product?

知道了。鑑於全面健康產品的性質，它主要是直接面向消費者嗎？或者是否考慮尋找替代方法（可能來自醫療保健提供者本身）來嘗試發展整體產品？

Yes, that's a great question. I think we're in the earliest days of launching this. It is really a soft launch so far. We see demand. We see that there are absolutely clinicians who are out there who would like to offer a comprehensive exome to their patients, but don't necessarily have that interpretation experience. They don't necessarily have the genetics training, and that's where we could potentially partner in the future.

是的，這是一個很好的問題。我認為我們正處於推出此專案的早期階段。到目前為止，這確實是一次軟啟動。我們看到了需求。我們看到絕對有臨床醫生願意為患者提供全面的外顯子組，但不一定有這種解釋經驗。他們不一定接受過遺傳學培訓，而這正是我們未來可能合作的領域。

So I would look for us to focus on direct-to-consumer in the short term, but absolutely, we are exploring what are those additional opportunities as the product continues to go. And I just want to cite, and I don't have the specific numbers in front of me, but we did talk about, in the past, these Medscape surveys that we did, where there is 90-plus percentage of physicians that are interested in integrating genetics into their practice.

因此，我希望我們在短期內專注於直接面向消費者，但絕對的是，隨著產品的不斷發展，我們正在探索這些額外的機會。我只想引用，我面前沒有具體的數字，但我們過去確實討論過我們所做的這些 Medscape 調查，其中 90% 以上的醫生對此感興趣將遺傳學融入他們的實踐中。

And so we see ourselves as that global leader in the delivery of genetics-based preventative care. So how is it that we can enable all of those clinicians who are eager to do more to actually be able to do that. So I think this is a product that will absolutely have a direct-to-consumer appeal as well as a health care provider appeal.

因此，我們將自己視為提供基於遺傳學的預防性護理的全球領導者。那麼，我們該如何讓所有渴望做更多事情的臨床醫生真正能夠做到這一點呢？因此，我認為這是一種絕對具有直接面向消費者的吸引力以及醫療保健提供者的吸引力的產品。

And on the $20 million payment, are we to assume that it's basically going to be amortized over the year, so kind of $5 million per quarter type thing?

對於 2000 萬美元的付款，我們是否假設它基本上會在一年內攤銷，例如每季 500 萬美元？

From a cash perspective, we expect to receive the $5 million in this -- in Q3 and the remainder in Q4 of fiscal year '24. From a revenue perspective, there's only a small amount in fiscal year '24 because this will be amortized over the period of the agreement. So the majority will land from a revenue GAAP perspective in fiscal year '25.

從現金角度來看，我們預計將在 24 財年第三季收到 500 萬美元，其餘則在第四季收到。從收入角度來看，24 財年只有少量收入，因為這將在協議期間攤提。因此，大多數將從 25 財年的收入 GAAP 角度來看。

Got it. And just jumping over to the other side of the world. We recently reported data at SITC. Could you, I guess, characterize the 52% greatest stable disease give us a sense of how that might translate ultimately into clinical response when you -- in your Phase IIa?

知道了。然後就跳到世界的另一邊。我們最近在 SITC 報告了數據。我想，您能否描述一下 52% 最穩定疾病的特徵，讓我們了解當您處於 IIa 期時，這可能會如何最終轉化為臨床反應？

I think the way to interpret that data, this is a Phase I, all solid tumor cancer patients. The primary goal was to look at safety. We were very pleased to have some patients who did have a longer time on study, and so we wanted to communicate that. But we are really happy that this is monotherapy, this is our patients who generally do not have a lot of options, who have had multiple prior lines of therapy in this group that was once in mind.

我認為解釋該數據的方式是，這是第一階段，所有實體瘤癌症患者。主要目標是考慮安全性。我們很高興有一些患者確實接受了更長的研究時間，因此我們想傳達這一點。但我們真的很高興這是單一療法，我們的患者通常沒有太多選擇，他們曾經在這個群體中接受過多種治療方案。

This was also during the dose escalation, and so many patients who are receiving subtherapeutic doses. I think this really sets us up well for the upcoming Phase IIa data that we're hoping to present that we've been enrolling this year. And I think it's really also a sort of proof that 23andMe Therapeutics, so we've created a really solid molecule that has with PK and is consistent with the mechanism of this drug.

這也是在劑量遞增期間，以及許多正在接受亞治療劑量的患者。我認為這確實為我們即將推出的 IIa 期數據奠定了良好的基礎，我們希望展示我們今年已經招募的數據。我認為這實際上也是 23andMe Therapeutics 的一種證明，因此我們創造了一種非常堅固的分子，它具有 PK 並且與該藥物的機制一致。

One last follow-up here. With respect to the candidate, is there any mechanistic rationale you can provide for what cancers you might ultimately choose to target?

這裡是最後一個後續行動。對於候選人，您是否可以為您最終選擇針對哪些癌症提供任何機制原理？

So the nice thing about the target that we've chosen, CD200R1 and its ligand CD200, it is expressed in a wide variety of tumor types. And these tumor -- that expression will probably play a role in which patients we chose to move forward with. But for the Phase IIa the disease areas that we chose to do our expansion cohorts then was primarily driven by CD200 and 200R1 expression and the likely populations we would have in the late-stage Phase I/II population. In other words, patients who have had multiple [therapy].

因此，我們選擇的標靶 CD200R1 及其配體 CD200 的優點在於，它在多種腫瘤類型中表達。這些腫瘤—這種表達可能會在我們選擇繼續治療的患者中發揮作用。但對於 IIa 期，我們選擇進行擴展隊列的疾病領域主要是由 CD200 和 200R1 表達以及我們在後期 I/II 期人群中可能擁有的人群驅動的。換句話說，接受過多種[治療]的患者。

And now I will turn it over to Ian for any further questions.

現在我將把它轉交給伊恩，以解答任何進一步的問題。

Thank you, Carmen. I will now read the top shareholder questions from our Say Technologies platform. This one is for Anne. What are you doing to increase the value of the company?

謝謝你，卡門。我現在將閱讀我們 Say Technologies 平台上的主要股東問題。這是給安妮的。你正在做什麼來增加公司的價值？

That is a great question. This is obviously a top priority for all of us within 23andMe. I just want to remind you all, we are all shareholders. I am a large shareholder. It is a top priority for us to be able to demonstrate and get the value that we think that we all should be getting from this company.

這是一個很好的問題。這顯然是 23andMe 所有人的首要任務。我只是想提醒大家，我們都是股東。我是大股東。我們的首要任務是能夠展示並獲得我們認為我們所有人都應該從這家公司獲得的價值。

So first and foremost, the consumer business is full of incredible opportunities. And that is why we -- obviously, we have the Health + Ancestry product. We have been pivoting into a subscription product more and more for all of our customers. Total Health, I think, is the future of where we are thinking about everything. There is absolutely an opportunity to be able to have more and more people getting access to -- an exome access to their blood, access to clinical care that is focused on prevention.

因此，首先也是最重要的是，消費者業務充滿了難以置信的機會。這就是為什麼我們——顯然，我們擁有健康+祖先產品。我們一直在轉向越來越多地為所有客戶提供訂閱產品。我認為，全面健康是我們思考一切的未來。絕對有機會讓越來越多的人獲得血液外顯子組，獲得以預防為重點的臨床照護。

So I absolutely believe there's an incredible opportunity for all of us on the consumer side. On partnerships, you can see that we already did our GSK partnership, which we announced. There is a real opportunity for 23andMe to be helping the entire therapeutics and research business world, about how they can recruit better, how they can potentially promote, how they can leverage genetics to their drug discovery and be more efficient and more likely to be successful because of the utilization of genetics.

因此，我絕對相信消費者方面對我們所有人來說都有一個難以置信的機會。在合作關係方面，您可以看到我們已經宣布與葛蘭素史克建立合作關係。 23andMe 有一個真正的機會來幫助整個治療和研究商業世界，了解他們如何更好地招募人員、如何進行潛在的晉升、如何利用遺傳學來進行藥物發現並提高效率和更有可能取得成功因為利用了遺傳學。

So by being at the end of the GSK collaboration, we really have a significant opportunity now for doing those types of collaborations. So last, I am thrilled about our therapeutics team and our opportunities that we have here, the IO program that Jennifer just stated. I think our pool offer a full potential, the SITC data, I think, shows that. We have our P014 asset which is slated to file an IND as we said shortly, as well as we have the opportunities for all of our discovery that will be wholly-owned now by 23andMe.

因此，在葛蘭素史克合作結束後，我們現在確實有一個進行此類合作的重要機會。最後，我對我們的治療團隊和我們在這裡擁有的機會（珍妮佛剛才提到的 IO 計劃）感到非常興奮。我認為我們的資金池提供了全部潛力，我認為 SITC 數據表明了這一點。正如我們剛才所說，我們擁有 P014 資產，計劃提交 IND，並且我們有機會實現我們所有的發現，現在將由 23andMe 全資擁有。

So we have previously stated that we'll be focused on inflammation and immunology. We have a team that has been working for years with GSK on moving from data to the end process of actually having programs in the clinics with humans filing the INDs ourselves, actually going from, again, the very beginning all the way actually into humans.

所以我們之前說過我們將重點放在發炎和免疫學。我們有一個團隊多年來一直與葛蘭素史克合作，從數據轉向最終流程，即在診所中實際進行項目，由人類自己提交 IND，實際上從一開始就一直到實際進入人類。

And I think that there's a huge opportunity for us there. And then, lastly, I just want to conclude with the fact that genetics, I think is a critical part that needs to be part of everyone's life, their health care, how they are actually making decisions in their health, as well as part of the therapeutic process.

我認為我們那裡有一個巨大的機會。最後，我只想得出這樣一個事實：我認為遺傳學是一個關鍵部分，需要成為每個人生活、醫療保健、他們如何實際做出健康決策的一部分，以及治療過程。

And we just want to reiterate the fact that if you start with human genetic information, you are more than twice as likely to be successful with your discovery. So again, genetics should become an integral part of our life, whether it's in our personal life, in our health or in our therapeutics life, and how we are taking medications and developing medication.

我們只是想重申一個事實，如果你從人類遺傳資訊開始，你的發現成功的可能性會增加兩倍以上。因此，遺傳學應該成為我們生活中不可或缺的一部分，無論是在我們的個人生活、我們的健康或我們的治療生活中，以及我們如何服用藥物和開發藥物。

Thank you, Anne. Next question is for Joe. What is the company's plan to address liquidity and decrease cash burn?

謝謝你，安妮。下一個問題是問喬的。公司解決流動性和減少現金消耗的計畫是什麼？

Thank you, Ian. I mean, first and foremost, the company is trying to increase its revenue. And basically, as Anne mentioned, really focus on the growth of margin. For us, that means less promotions, and we increased prices of our kits and subscriptions, which has been well received by consumers. And really, we've seen better-than-expected results there.

謝謝你，伊恩。我的意思是，首先也是最重要的是，該公司正在努力增加收入。基本上，正如安妮所提到的，真正關注利潤的成長。對我們來說，這意味著促銷活動減少，並且我們提高了套件和訂閱的價格，這受到了消費者的好評。事實上，我們在那裡看到了好於預期的結果。

We've also launched new products. Basically, we talked a little bit of health, now saying Total Health, which we launched yesterday. And then we actually announced the GSK deal, which also provided $20 million in additional cash for the company. And our corporate development team is continually working on additional potential deals as well.

我們也推出了新產品。基本上，我們談論了一些健康問題，現在說的是我們昨天推出的全面健康。然後我們實際上宣布了與葛蘭素史克的交易，該交易還為該公司提供了 2000 萬美元的額外現金。我們的企業開發團隊也不斷致力於其他潛在交易。

And then on the cost structure, we've taken significant efforts in this fiscal year to reduce our cost structure. First, we announced previously, we've done reductions in force to rebalance our employee headcount. Next is we are also working with our therapeutics team in making sure, utilizing our capital on the assets that really will drive the most shareholder value there.

然後在成本結構方面，我們在本財政年度做出了巨大努力來降低成本結構。首先，我們先前宣布，我們已經進行了裁員，以重新平衡我們的員工人數。接下來，我們也與我們的治療團隊合作，確保將我們的資本用於真正能夠帶來最大股東價值的資產。

And help us also reduce our cash and cash burn. I mean, all of these efforts will help us decrease our cash burn and extend our current cash runway. So we're pleased with the efforts to date.

並幫助我們減少現金和現金消耗。我的意思是，所有這些努力將幫助我們減少現金消耗並擴大我們目前的現金跑道。因此，我們對迄今為止所做的努力感到滿意。

Thanks, Joe. This one's for Jennifer. Can you explain the historical lack of transparency around your drug development efforts? And do you plan to be more transparent moving forward?

謝謝，喬。這是給詹妮弗的。您能解釋一下您的藥物開發工作歷來缺乏透明度嗎？您計劃今後變得更透明嗎？

Thank you. We have been and continue to be somewhat constrained in what we can talk about with our GSK collaboration programs, and largely, those we do not talk about. However, we are, as you can see, we've been publishing quite a bit on 610. We will, like many other companies, continue to announce scientifically-relevant data at scientific conferences, and we do have a lot of information that we're planning on disclosing just like we did at SITC last week.

謝謝。我們在葛蘭素史克合作計畫中可以談論的內容一直受到並將繼續受到一定程度的限制，而且在很大程度上，我們不談論那些內容。然而，正如您所看到的，我們已經在610 上發布了相當多的內容。我們將像許多其他公司一樣，繼續在科學會議上公佈與科學相關的數據，並且我們確實有很多資訊可供我們參考。我們計劃像上週在 SITC 所做的那樣進行披露。

We're also excited to be talking more about our new program, the P014 program. It's an NK cell activator, and you're going to hear more from us about that mechanism and our plans moving forward. And finally, we're updating our therapeutics website to be launched within the next few months, and that will also provide more information than we have in the past.

我們也很高興能夠更多地談論我們的新計劃，即 P014 計劃。它是一種 NK 細胞活化劑，您將從我們這裡聽到更多有關該機制和我們未來計劃的資訊。最後，我們正在更新我們的治療網站，該網站將在未來幾個月內推出，這也將提供比過去更多的資訊。

Thank you, Jennifer. This one has already been asked in a way, but it was a top question online, so I'll ask it again. Maybe for Anne. Will the recent security incidents of customer accounts affect future business opportunities in any way?

謝謝你，詹妮弗。這個問題已經以某種方式被問過，但這是網路上的熱門問題，所以我會再問一次。也許是為了安妮。最近發生的客戶帳戶安全事件是否會對未來的商業機會產生影響？

A couple of things here. I want to just point out how we did just sign a new partnership accessing the 23andMe data set, being able to leverage that for drug discovery, with a partner, GSK, who's been, obviously, a long-standing partner for us. So I think that it is something that obviously we have notified individuals about.

這裡有幾件事。我只想指出，我們是如何與合作夥伴葛蘭素史克（GSK）簽署訪問23andMe 數據集的新合作夥伴關係的，能夠利用該數據集進行藥物發現，顯然，葛蘭素史克一直是我們的長期合作夥伴。所以我認為這顯然是我們已經通知個人的事情。

We have commented on. I think it's very important about how we react. As you can see, we also have implemented two-factor authentication. So I think that we are learning. We are taking the necessary steps forward to adapt to an environment where things like credential stuffing is happening more and more. We are being very proactive about how we are thinking about data and security.

我們已發表評論。我認為我們的反應方式非常重要。正如您所看到的，我們還實現了雙重認證。所以我認為我們正在學習。我們正在採取必要的步驟來適應撞庫之類的事情越來越多地發生的環境。我們非常積極地思考如何考慮數據和安全。

And I think you can see based on collaborations that we are entering now that there is still enthusiasm. And I think based on our BD calendar and the meetings that we're doing, there is absolute enthusiasm for the projects we're doing. The incident has not diminished the opportunities for genetics to still really revolutionize health care for consumers or for the industry.

我想你可以從我們現在正在進行的合作中看到，人們仍然充滿熱情。我認為根據我們的 BD 日曆和我們正在進行的會議，人們對我們正在進行的專案充滿了絕對的熱情。這一事件並沒有減少遺傳學仍然為消費者或產業帶來真正革命性醫療保健的機會。

Great. Last one, still for Anne. You've recently announced another subscription business in the consumer business. Do you expect to continue to move in that subscription model direction? Or how should we think about the future of the consumer business?

偉大的。最後一張，還是給安妮的。您最近宣布了消費者業務中的另一項訂閱業務。您預計會繼續朝著訂閱模式的方向發展嗎？或者說我們該如何思考消費性業務的未來？

The future of the consumer business is absolutely about subscription. And the reason for that is that we see from our customers and the behavior we've had over the last 17 years is that our customers are eager to get more, they're eager to engage, and they're eager to keep learning about themselves. So for us to be able to financially support that kind of innovation and additional data that our customers are looking for, we need to evolve from a onetime payment to a subscription model.

消費者業務的未來絕對是訂閱。原因是我們從客戶那裡看到，我們過去 17 年的行為是，我們的客戶渴望更多，他們渴望參與，他們渴望繼續了解自己。因此，為了能夠在財務上支援客戶正在尋找的此類創新和額外數據，我們需要從一次性付款發展為訂閱模式。

And I think that bodes with the needs of the company is actually having a sustainable consumer business or rather a thriving consumer business as well as hits our customer goals of being able to get affordable direct access to meaningful information, but continuously seeing it innovate, and evolve, and continuously enabling themselves to learn more through their genome as well as the additional data that we provide back.

我認為，這預示著公司的需求實際上是擁有可持續的消費者業務，或者更確切地說是蓬勃發展的消費者業務，並且實現了我們的客戶目標，即能夠以負擔得起的價格直接訪問有意義的信息，但不斷看到它創新，並且不斷進化，並不斷使自己能夠透過基因組以及我們提供的附加數據了解更多資訊。

So yes, the future is subscription, and we're very enthused about 23andMe+ as well as Total Health offerings. And I think you can look to us to continue to put more products in the subscription, and add more features there.

所以，是的，未來是訂閱，我們對 23andMe+ 以及 Total Health 產品非常感興趣。我認為您可以期待我們繼續在訂閱中添加更多產品，並在那裡添加更多功能。

And thank you all for participating and joining us. This concludes today's conference call, and you may now disconnect. Everyone, have a great day.

感謝大家的參與與加入我們。今天的電話會議到此結束，您現在可以掛斷電話了。大家，祝你有美好的一天。