23andMe Holding Co. (ME) 2024 Q3 法說會逐字稿

Hello, and welcome to 23andMe's fiscal year 2024 third quarter financial results conference call.

您好，歡迎參加 23andMe 2024 財年第三季財務業績電話會議。

As a reminder, this call is being recorded.

提醒一下，此通話正在錄音。

(Operator Instructions)

（操作員說明）

I would like to turn the call over to you Ian Cooney, Senior Director of Investor Relations at 23andMe to lead off the call.

我想將電話會議轉交給 23andMe 投資者關係高級總監 Ian Cooney 來主持。

Thank you.

謝謝。

Please go ahead.

請繼續。

Thank you, Valerie.

謝謝你，瓦萊麗。

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 third quarter for a replay of today's webcast will also be available on our website.

在我們開始之前，我鼓勵大家參觀 Investors.23andMe.com。要查找我們今天早些時候發布的新聞稿，報告我們第三季度的財務業績，以便重播今天的網絡廣播，也可以在我們的網站上找到。

Please note that certain statements made during this call regarding matters that are not historical facts, including but not limited to, management as management's outlook or predictions for future periods are forward looking statements.

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.

這些陳述僅基於我們現在掌握的資訊。

We encourage you to review the section entitled Forward-Looking Statements in our press release, which applies to this call.

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.

我們也討論了某些非公認會計原則措施。

Important information on our use of these measures and reconciliation to US GAAP may be found in our earnings release.

有關我們使用這些措施以及與美國公認會計原則（US GAAP）進行調節的重要資訊可以在我們的收益報告中找到。

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.

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。

Jennifer Low, our Head of Therapeutics Development will join us for Q&A.

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.

謝謝你，伊恩。

The third quarter was busy and productive at 23andMe, we made meaningful strategic progress across our three businesses.

23andMe 第三季忙碌且富有成效，我們在三大業務領域取得了有意義的策略進展。

We introduced our first integrated care offering with total health, signed a nonexclusive research agreement with GSK and filed our second IND in therapeutics.

我們推出了第一個全面健康綜合護理產品，與葛蘭素史克簽署了非排他性研究協議，並提交了我們的第二個治療學 IND。

I am extremely proud of the effort put forth by our team as we work toward creating a new future of health care powered by genetics.

我對我們團隊所付出的努力感到非常自豪，因為我們致力於創造由遺傳學驅動的醫療保健的新未來。

Starting with our consumer business, the third quarter saw the company execute on our strategic shift towards actively engaging with our customers on managing their health based on their unique genetics and lifestyle.

從我們的消費者業務開始，第三季公司執行了策略轉變，積極與客戶互動，根據他們獨特的基因和生活方式管理他們的健康。

In November, we introduced a new membership called Total Health, a personalized preventative care service and includes clinical-grade exome sequencing, biannual blood testing and access to clinicians from our Lemonade acquisition with unique training in genetics.

11 月，我們推出了名為Total Health 的新會員資格，這是一項個性化的預防性護理服務，包括臨床級外顯子組測序、每年兩次的血液檢測以及從我們收購的Lemonade 中獲得接受過獨特遺傳學訓練的臨床醫生的服務。

Members of total health received all the reports and features offered in our existing 23andMe plus membership, along with personalized guidance for ongoing disease prevention and early detection.

Total Health 會員收到了我們現有 23andMe plus 會員資格中提供的所有報告和功能，以及持續疾病預防和早期檢測的個人化指導。

This is an exciting step in our vision to bring accessible genetics driven preventative care to millions of our U.S. customers.

這是我們為數百萬美國客戶提供可及的遺傳學驅動的預防性護理的願景中令人興奮的一步。

In addition to the introduction of total health added more value to the 23andMe plus membership with the introduction of 23andMe health action plan and 23andMe help track these personalized action plans are part of our broader effort to help our customers take action based on their genetic insight and other data.

除了全面健康的引入之外，還透過引入23andMe 健康行動計劃為23andMe plus 會員增加了更多價值，23andMe 幫助追蹤這些個人化行動計劃是我們更廣泛努力的一部分，旨在幫助我們的客戶根據他們的基因洞察力採取行動，其他數據。

Over time, we will continue to add more dynamic recommendation contents and intuitive ways to track phenotypic inputs with the ultimate goal of helping customers improve their health span. 23andMe HealthTrust is a digital health tool that helps customers gain a more holistic picture of the risk for developing a particular condition by integrating lifestyle and genetic factors into a single model.

隨著時間的推移，我們將繼續添加更多動態推薦內容和直覺的方式來追蹤表型輸入，最終目標是幫助客戶改善健康壽命。 23andMe HealthTrust 是一種數位健康工具，透過將生活方式和遺傳因素整合到一個模型中，幫助客戶更全面地了解某種特定疾病的風險。

For the first time with the goal of motivating behavior change, health action plan helps customers take the next step to improve their health by drawing on genetics health history and blood and biomarker data to provide tailored bite-sized health recommendations.

健康行動計畫首次以激勵行為改變為目標，利用遺傳健康史、血液和生物標記數據提供量身定制的健康建議，幫助客戶採取下一步改善健康狀況。

We will continue to innovate in this area to create a dynamic, meaningful experience to help our customers optimize their health.

我們將繼續在這一領域進行創新，創造充滿活力、有意義的體驗，幫助我們的客戶優化他們的健康。

We also continue to refine and improve our genetic reports and insights.

我們也繼續完善和改進我們的基因報告和見解。

Our updated rocket test allows us to report 44 additional variance in the Rocket one and Rocket two genes known to be associated with higher risk for breast, ovarian, prostate and pancreatic cancer.

我們更新的火箭測試使我們能夠報告火箭一號和火箭二號基因中的 44 個額外變異，這些基因已知與乳腺癌、卵巢癌、前列腺癌和胰腺癌的較高風險有關。

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.

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 our August FDA clearance, we were granted the first ever FDA predetermined change control plan, allowing us to continue to update our broker report with additional validated variants without additional pre-market review as we continue to invest in our personal genomic service business.

作為我們8 月份FDA 許可的一部分，我們獲得了FDA 首個預先確定的變更控制計劃，使我們能夠在繼續投資個人基因組服務業務的同時，繼續使用其他經過驗證的變體更新我們的經紀人報告，而無需進行額外的上市前審查。

We also focus on creating value for our customers through the uptake of membership services.

我們也致力於透過會員服務為客戶創造價值。

We see repeated engagement by our customers, and they have shown interest in learning more about their genetics and how to apply those learnings for their lives.

我們看到客戶反覆參與，他們表現出有興趣更多地了解自己的遺傳學以及如何將這些知識應用到他們的生活中。

We are focused on moving to a membership model so that we can meet customer demand for more services as well as develop a recurring revenue stream that will allow us to continue to innovate and grow the business in a way that is most helpful to our customers and shareholders.

我們專注於轉向會員模式，以便我們能夠滿足客戶對更多服務的需求，並開發經常性收入流，使我們能夠以對客戶最有幫助的方式繼續創新和發展業務。股東。

We continue to prioritize price and efficient marketing spend.

我們繼續優先考慮價格和有效的行銷支出。

As we look to move our PTS segment toward cash flow breakeven, we recognize this effort is likely to cause some uneven results in our business in the short term, and we saw some of that effect in Q three PGS. kit volumes were impacted in the quarter as we entered the holiday promotional period with firmer pricing discipline after raising prices for the first time since 2015.

當我們希望將 PTS 部門推向現金流盈虧平衡時，我們認識到這項努力可能會在短期內為我們的業務帶來一些不均勻的結果，並且我們在第三季度 PGS 中看到了一些影響。在自 2015 年以來首次提價後，我們進入了假日促銷期，定價紀律更加嚴格，因此本季的套件銷售量受到了影響。

This plus an environment of macroeconomic and consumer uncertainty led to lower PGF. kit sales volume.

再加上宏觀經濟和消費者不確定性的環境導致 PGF 下降。套件銷售。

We remain confident in our ability to transform our PDS segment into a sustainably growing and profitable business, and we are incredibly excited to help build towards the future of personalized preventative.

我們對將 PDS 業務轉變為可持續增長和盈利業務的能力仍然充滿信心，並且我們非常高興能夠幫助建立個性化預防的未來。

Hello transitioning over to therapeutics.

您好，正在轉向治療。

We continue to advance our pipeline of clinical and preclinical programs.

我們繼續推進我們的臨床和臨床前項目管道。

In November, we presented positive safety and preliminary efficacy data from a Phase one 2a clinical trial of our wholly owned immuno-oncology program, 23andMe six 10 at the Society for Immunotherapy of Cancer Annual Meeting.

11 月，我們在癌症免疫治療學會年會上展示了我們全資免疫腫瘤計畫 23andMe 6 10 的 1 期 2a 期臨床試驗的積極安全性和初步療效數據。

The study demonstrated that 23andMe six 10 is well tolerated and shows promising preliminary efficacy and a number of patients with advanced solid malignancies.

該研究表明，23andMe 6 10 具有良好的耐受性，並在許多患有晚期實體惡性腫瘤的患者中顯示出有希望的初步療效。

In December, we announced the further expansion of the ongoing Phase one 2a study to include an additional 30 patients with advanced neuro endocrine and ovarian cancers above the original enrollment goals.

12 月，我們宣布進一步擴大正在進行的 1 期 2a 期研究，納入超出最初入組目標的另外 30 名晚期神經內分泌癌和卵巢癌患者。

We are encouraged by the progress of six 10 and anticipate reporting further data later this year.

我們對 6 10 的進展感到鼓舞，並預計在今年稍後報告進一步的數據。

The Company recently announced the U.S. Food and Drug Administration has cleared the IND application for 23 and me 1473 a natural killer cell activator intended to treat cancer 23andMe made plans to evaluate 1473 in participants with advanced solid tumors in a Phase one clinical study beginning in the first half of 2024 1473 targets.

該公司最近宣布，美國食品和藥物管理局已批准 23 and me 1473 的IND 申請，這是一種旨在治療癌症的自然殺手細胞激活劑。23andMe 計劃在 1473 的第一階段臨床研究中對患有晚期實體瘤的參與者進行評估。2024 年上半年目標1473個。

You will be P6 to restore antitumor immunity through NK and T cells.

您將成為P6，透過NK和T細胞恢復抗腫瘤免疫力。

ULBP.s are stress induced ligands found on the surface of cancer cells that bind to the receptor and KG. two G. on NK and T cells cancers escape immune cell recognition by shedding ULBP. ligands from their cell surface, which acts as immunosuppressive molecular decoys blocking the binding of soluble your VP6 to NKG2D may restore immune cell recognition and killing of cancer.

ULBP.s 是在癌細胞表面發現的壓力誘導配體，可與受體和 KG 結合。 NK 和 T 細胞上的兩個 G. 癌症透過脫落 ULBP 逃避免疫細胞辨識。細胞表面的配體作為免疫抑制分子誘餌，阻斷可溶性 VP6 與 NKG2D 的結合，可能會恢復免疫細胞對癌症的辨識與殺傷。

Further 1473 is Fc effector enhanced, which provides an additional mechanism for NK cells to induce cell death of your VP6 expressing cancer cells. 1473 also has the potential to address a major unmet need in cancer treatment patients who may who may have or may develop tumor resistance to checkpoint inhibitors.

此外，1473 是 Fc 效應子增強型，它為 NK 細胞提供了額外的機制來誘導表達 VP6 的癌細胞死亡。 1473 還具有解決癌症治療患者未滿足的主要需求的潛力，這些患者可能具有或可能發展出對檢查點抑制劑的腫瘤抗藥性。

By combining NK and T cell activation, 1473 may initiate a broader and deeper response of the immune system to treat cancer cells, Andalay tumor resistance seen in treatment with traditional checkpoint inhibitors.

透過結合 NK 和 T 細胞激活，1473 可以啟動免疫系統更廣泛、更深入的反應來治療癌細胞，在傳統檢查點抑制劑治療中觀察到 Andalay 腫瘤抗藥性。

This program validates the power of the 23 ME database for identifying novel therapeutic targets and highlights the team's ability to develop molecules and advance them into the clinic.

該計劃驗證了 23 ME 資料庫識別新型治療標靶的能力，並強調了該團隊開發分子並將其推進臨床的能力。

But I also want to highlight that we launched our new therapeutics website at the end of December.

但我還想強調，我們在 12 月底推出了新的治療網站。

We think the new site does a great job explaining how our team turns genetic insights into potential new therapies with a higher probability of success in the clinic and provides a great initial diligence refer for potential partners, collaborators and investors.

我們認為新網站很好地解釋了我們的團隊如何將基因見解轉化為潛在的新療法，並在臨床上獲得更高的成功機率，並為潛在的合作夥伴、合作者和投資者提供了很好的初步盡職調查參考。

I encourage everyone to visit the new site at therapeutics.23andMe.com.

我鼓勵大家造訪新網站 Therapeutics.23andMe.com。

Moving to the research business.

轉向研究業務。

In Q3, extended our collaboration with GSK into the six year.

第三季度，我們與GSK的合作延長到了六年。

The new one year nonexclusive data license pays 23andMe $20 million upfront in exchange for GSK using the 23andMe database to conduct drug target discovery and other research.

新的一年非獨家資料授權向 23andMe 預付 2000 萬美元，以換取葛蘭素史克使用 23andMe 資料庫進行藥物標靶發現和其他研究。

Importantly, this new collaboration is a sign of the significant value in the 23andMe database and the potential for continuous new insights and discoveries as we grow in size.

重要的是，這項新的合作標誌著 23andMe 資料庫的巨大價值，以及隨著我們規模的擴大不斷獲得新見解和發現的潛力。

The new collaboration is important for 23andMe as it generates $20 million and enables us to continue to collaborate with GSK, but in a nonexclusive way.

新的合作對於 23andMe 來說非常重要，因為它產生了 2000 萬美元，並使我們能夠繼續與 GSK 合作，但以非排他性的方式。

We are actively pursuing new partnerships with other therapeutic companies.

我們正在積極尋求與其他治療公司建立新的合作關係。

The excitement around AI and data opens up a tremendous opportunity for 23andMe as companies are establishing their data strategies.

隨著各公司正在製定數據策略，圍繞人工智慧和數據的興奮為 23andMe 帶來了巨大的機會。

Genetics is fundamental to the world of AI driven drug discovery.

遺傳學是人工智慧驅動的藥物發現領域的基礎。

We look forward to updating you with as discussions progress.

隨著討論的進展，我們期待向您通報最新情況。

As I look to 2024, I'm excited about the opportunities for 23andMe.

展望 2024 年，我對 23andMe 的機會感到興奮。

There is a growing recognition about the potential for data and AI in drug discovery and we have an incredible asset that can accelerate and improve drug discovery for the industry for customers.

人們越來越認識到數據和人工智慧在藥物發現中的潛力，我們擁有令人難以置信的資產，可以為客戶加速和改善行業的藥物發現。

We are getting closer to our ultimate vision of having a complete solution for people who want to actively engage in their wellness and prevent disease.

我們正在接近我們的最終願景，即為那些想要積極參與健康和預防疾病的人提供完整的解決方案。

We look forward to an exciting year.

我們期待著激動人心的一年。

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

這樣，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.

謝謝你，安妮，大家好。

I'd like to reiterate [Anne's] excitement about the future of precision health care 23andMe and I'm proud of our ability to execute while maintaining cost discipline amid our shift towards a more sustainable operating profile.

我想重申 [Anne] 對精準醫療保健 23andMe 的未來感到興奮，我對我們在向更永續的營運模式轉變的同時保持成本紀律的執行能力感到自豪。

Revenue for the quarter was $45 million, representing a 33% decrease on another strong prior year comparable.

該季度的營收為 4500 萬美元，比去年同期的另一個強勁表現下降了 33%。

Similar to last quarter, the year-over-year decrease in revenue was primarily due to the conclusion of our exclusive discovery term under the GSK collaboration in July as well as lower consumer services revenue in our PGSK. and telehealth businesses.

與上季類似，營收年減主要是由於我們與 GSK 合作的獨家發現期限於 7 月結束，以及我們 PGSK 的消費者服務收入下降。和遠距醫療業務。

The decrease in consumer revenue was driven primarily by lower sales volumes as we entered the holiday promotional period with higher pricing than prior years.

消費者收入的下降主要是由於我們進入假期促銷期且定價高於往年而導致銷售下降。

These efforts were intended to increase product margin through improved average selling prices and advertising efficiency, which remain a core focus of the company.

這些努力的目的是透過提高平均銷售價格和廣告效率來提高產品利潤，這仍然是公司的核心關注點。

But resulted in lower than expected unit sales for the quarter as we believe the combination of higher prices and extended macro headwinds placed the temporary damper on demand for our products, these decreases were partially offset by nonrecurring payments from other research partners in the current quarter and continued growth in our subscription services.

但導致本季的單位銷售低於預期，因為我們認為價格上漲和長期宏觀不利因素的結合暫時抑制了我們產品的需求，這些下降被本季度其他研究合作夥伴的一次性付款部分抵消，我們的訂閱服務持續增長。

Looking at the composition of our revenue, consumer services revenue represented approximately 96% of total revenue for the quarter.

從我們的收入組成來看，消費者服務收入約佔本季總收入的 96%。

And research services revenue, which is primarily derived from other research partners, accounted for approximately 4% of total revenue for the same period.

研究服務收入主要來自其他研究夥伴，約佔同期總收入的4%。

As a reminder, the new GSK data license announced in Q3 is expected to have minimal impact on this year's results, with the majority landing in fiscal year 25 given the terms of the agreement.

需要提醒的是，GSK 在第三季宣布的新數據授權預計對今年的業績影響很小，鑑於協議條款，大部分將在第 25 財年落地。

Our gross profit for the third quarter was $20 million, representing a 35% decrease over the same period in the prior year.

我們第三季的毛利為2000萬美元，比上年同期下降了35%。

The decrease in Q3.

第三季減少。

Gross profit was driven primarily by the decrease in research services revenue while subscription revenue and improved telehealth margins.

毛利主要是由於研究服務收入的下降、訂閱收入的下降以及遠距醫療利潤率的提高而推動的。

Following the August 2023 disposition of Lemonade Health Limited in the UK helped to offset to continued margin accretion within their respective categories.

2023 年 8 月處置英國 Lemonade Health Limited 後，有助於抵銷各自類別內利潤率的持續成長。

Turning to our expenses, total operating expenses for the quarter were $301 million compared to $128 million for the same period in the prior year.

說到我們的支出，本季的總營運支出為 3.01 億美元，而去年同期為 1.28 億美元。

The increase in operating expenses was primarily due to a $199 million noncash goodwill impairment charge taken over the quarter, which was partially offset by lower personnel-related expenses following work workforce reductions in prior quarters and the disposition of the UK entity.

營運費用的增加主要是由於本季提列了 1.99 億美元的非現金商譽減損費用，該費用被前幾季勞動力減少和英國實體處置後人事相關費用的減少所部分抵銷。

A noncash impairment charge for intangible assets in the prior period and lower therapeutics related R&D spend due to significant IND enabling activities also in the prior year.

上一期間無形資產的非現金減損費用以及由於上一年的重大 IND 支持活動而導致治療相關研發支出減少。

Looking at the bottom line.

看看底線。

Net loss for the quarter was $278 million compared to $92 million in the prior quarter.

本季淨虧損為 2.78 億美元，上一季淨虧損為 9,200 萬美元。

The increase in third quarter net loss was driven mainly by the lower revenues and goodwill impairment charge mentioned previously.

第三季淨虧損的增加主要是由於前面提到的收入和商譽減損費用減少所致。

Next, our adjusted EBITDA.

接下來是我們調整後的 EBITDA。

For details on how we define adjusted EBITDA as well as the corresponding reconciliations to GAAP, please see our earnings press release.

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，請參閱我們的收益新聞稿。

Total adjusted EBITDA deficit for the third quarter was $48 million compared to a $43 million deficit for the same period in the prior year.

第三季調整後 EBITDA 赤字總額為 4,800 萬美元，而去年同期赤字為 4,300 萬美元。

The increase in the adjusted EBITDA deficit was primarily due to lower revenue, partially offset by lower personnel costs and lower R&D spend described previously, we ended the quarter with $242 million in cash and cash equivalents compared to $387 million as of March 31, 2023.

調整後EBITDA 赤字的增加主要是由於收入下降，部分被前面所述的人員成本下降和研發支出下降所抵消。本季末，我們的現金和現金等價物為2.42 億美元，而截至2023 年3 月31日為3.87 億美元。

We intend to be judicious with our cash usage and believe the current level of cash supports 23andme plans for targeted investments in high ROI growth initiatives.

我們打算謹慎對待現金使用，並相信當前的現金水準支持 23andme 計劃對高投資回報率成長計劃進行有針對性的投資。

Now turning to our guidance.

現在轉向我們的指導。

As a reminder, the company's full year fiscal 2024 guidance is based on the conservative approach, recognizing challenges in recent performance, continuing uncertainties in consumer sentiment, the macro economic environment geopolitical conditions.

需要提醒的是，該公司 2024 財年的全年指引是基於保守方法，認識到近期業績面臨的挑戰、消費者信心的持續不確定性、宏觀經濟環境和地緣政治條件。

The company is adjusting its full year guidance for fiscal year 2024, which ends on March 31, 2024.

該公司正在調整截至2024年3月31日的2024財年全年指引。

For revenue, we are updating our fiscal year 2024 guidance to be in the range of $215 million to $220 million, with net loss adjusted to be in the range of $520 million net loss to $525 million net loss.

對於收入，我們將 2024 財年指引更新為 2.15 億美元至 2.2 億美元之間，淨虧損調整為 5.2 億美元至 5.25 億美元淨虧損之間。

Full year adjusted EBITDA deficit is adjusted to be in the range of $180 million deficit to $185 million deficit for fiscal year 2024.

2024 財政年度全年調整後 EBITDA 赤字調整為 1.8 億美元至 1.85 億美元赤字之間。

Our focus within the existing lines of the PGS and telehealth consumer businesses remains unchanged.

我們對現有 PGS 和遠距醫療消費者業務的關注保持不變。

We continue to prioritize margin expansion and progress towards cash flow profitability.

我們繼續優先考慮利潤率擴張和現金流獲利能力的進步。

These efforts include remaining disciplined with our pricing strategy to realize higher average selling prices ongoing value additions to our current services like the health action plan and help track features within 23andMe plus, expanding the recently introduced total health membership to a broader audience and streamlining the expense profiles of our consumer and therapeutic segments.

這些努力包括嚴格遵守我們的定價策略，以實現更高的平均售價；對我們當前的服務（如健康行動計劃）進行持續增值；幫助跟踪23andMe plus 內的功能；將最近推出的全面健康會員資格擴展到更廣泛的受眾；以及簡化費用。我們的消費者和治療領域的概況。

Within the therapeutics and research businesses, we are investing only in projects we believe are most strategically and financially valuable and continue to explore potential partnerships and collaborations.

在治療和研究業務中，我們僅投資於我們認為最具策略和財務價值的項目，並繼續探索潛在的夥伴關係和合作。

Wrapping up, we are pleased with the company's strategic progress and improved operating discipline.

總而言之，我們對公司的策略進展和營運紀律的改善感到滿意。

Given the current operating environment, we are being prudent in our planning and project prioritization while remaining incredibly optimistic about the future of the company and our ability to help people access understand and benefit from the Unum genome.

鑑於當前的營運環境，我們在規劃和專案優先順序方面保持謹慎，同時對公司的未來以及我們幫助人們了解 Unum 基因組並從中受益的能力保持極其樂觀的態度。

With that, let's open it up questions.

有了這個，讓我們提出問題。

(Operator Instructions) Steve Mah, TD Cowen.

（操作員說明）Steve Mah，TD Cowen。

Okay, great.

好的，太好了。

Yeah.

是的。

Apologies for the background noise.

對背景噪音表示歉意。

Could you comment on the recent and this questioner and I know kind of came across the wire of could you comment on your recent interview you gave on the consideration of splitting the consumer and therapeutics business, how would that look?

您能否評論一下最近的提問者，我知道您是否可以評論一下您最近接受的關於考慮拆分消費者和治療業務的採訪，這看起來怎麼樣？

Would it be a spin out of the therapeutics business into a private company with external financing or some other structure?

它是否會從治療業務中分拆出來，轉變成一家擁有外部融資或其他結構的私人公司？

How should we think about that?

我們該如何思考這個問題？

Yeah.

是的。

So that is the power that we are definitely pursuing and exploring all the time options or being able to fund progress going forward on the therapeutic side.

因此，這就是我們一直在追求和探索的力量，或能夠為治療方面的進展提供資金。

So as you know, discovering and developing drugs is expensive.

如您所知，發現和開發藥物的成本很高。

So if you look at where we are with the Phase two program with Peter Sachse and just initiating PGR 14 into the clinic as well as a very robust pipeline behind it.

因此，如果你看看我們與 Peter Sachse 的第二階段計劃的進展情況，以及剛剛啟動 PGR 14 進入臨床的情況，以及背後非常強大的管道。

That's going to require capital.

這將需要資本。

So we have not made any definitive decisions about what we are going to do, but there's definitely opportunities and things that we are exploring with potentially having therapeutics the independents versus consumer either all just ideas that we are exploring right now.

因此，我們還沒有就我們要做什麼做出任何明確的決定，但我們正在探索潛在的機會和事物，無論是獨立人士還是消費者，都只是我們現在正在探索的想法。

There's nothing definitive alliance opportunity that we're considering about what is -- what's going to be the best way to make consumer successful in the therapy interim.

我們正在考慮什麼是讓消費者在治療期間取得成功的最佳方式，目前還沒有任何明確的聯盟機會。

Okay, thanks.

好的謝謝。

We appreciate the color come in.

我們很欣賞顏色的出現。

With regards to 1473 ratio on track to initiate the Phase one clinical trials in the first half of this year?

關於今年上半年啟動一期臨床試驗的1473比例？

Yeah.

是的。

I'm Jennifer Low as well.

我也是珍妮佛·洛。

LoyaltyOne further question.

忠誠度還有一個問題。

But yes, we are on track for that.

但是，是的，我們正在朝著這個目標邁進。

Okay.

好的。

Got it.

知道了。

Okay.

好的。

I'll get back in the queue.

我會回到隊列中。

Thanks.

謝謝。

Okay.

好的。

Thanks.

謝謝。

(Operator Instructions) David Lebowitz, Citi.

（操作員指示）David Lebowitz，花旗銀行。

Hi guys.

嗨，大家好。

John for David, thanks for taking my questions.

約翰代表大衛，感謝您回答我的問題。

I got a few on our end.

我這邊有一些。

So building off of that report in Bloomberg about the potential split between the consumer business in the therapeutics business.

因此，以彭博社有關消費者業務與治療業務之間潛在分裂的報告為基礎。

Just wanted to dive into that a little bit more for you guys don't mind when thinking about potential implications as it relates to the different segments in your business, you have a consumer business, tech business, and a biotech business basically all in one.

只是想更深入地探討這一點，因為你們在考慮潛在影響時不要介意，因為它與您業務的不同部分相關，您擁有消費者業務、科技業務和生物技術業務，基本上都是一體的。

I guess can you just talk to the implications as it relates to?

我想你能談談它所涉及的含義嗎？

Yes, maybe expanding your investor base and better teasing out the individual value of the components within your business.

是的，也許可以擴大您的投資者基礎，並更好地挖掘您業務中各個組成部分的個人價值。

Sorry, I want to repeat the core part of the question?

抱歉，我想重複問題的核心部分？

Sure.

當然。

So just as it relates to potential spin out.

正如它與潛在的分拆有關。

Can you talk about the potential implications as it relates to expanding your investor base and potentially better teasing out the value of the individual components of new business?

您能否談談這對擴大投資者基礎以及更好地梳理新業務各個組成部分的價值的潛在影響？

Yeah.

是的。

I mean, look, I think that you you again, you deal with and you interact with different investors all the time and you recognize that people have very specific mandate.

我的意思是，你看，我認為你又是你，你一直與不同的投資者打交道並互動，你認識到人們有非常具體的任務。

So there are some investors who are on everything, a biotech and some investors that are only looking at consumers and others that are focused on AI.

因此，有些投資者專注於一切，例如生物技術，有些投資者只專注於消費者，而其他投資者則專注於人工智慧。

And you are absolutely right that we are an unusual company in that we have all of that.

你說得對，我們是一家不尋常的公司，因為我們擁有這一切。

We have a very robust consumer business.

我們擁有非常強勁的消費業務。

We have a very robust research database business, and we have a very robust therapeutics business.

我們擁有非常強大的研究資料庫業務，我們也擁有非常強大的治療業務。

So that is definitely been brought to our attention that there's a number of different and then say well enough.

所以這肯定引起了我們的注意，有很多不同的地方，然後說得足夠好。

And what's the best way to make sure that we're maximizing value.

確保我們實現價值最大化的最佳方法是什麼？

Got it.

知道了。

Okay.

好的。

That makes sense.

這就說得通了。

And then one on the product launch with respect to total health, can you just walk us through some of your key learnings from the staff launch over the holidays and how you plan to use that experience to inform your rollout going forward?

然後，關於全面健康方面的產品發布，您能否向我們介紹一下您從假期期間發布的員工產品中獲得的一些重要經驗，以及您計劃如何利用這些經驗來為未來的推出提供資訊？

Yeah.

是的。

You know, total health, I mean, total health is has an incredible potential.

你知道，全面健康，我的意思是，全面健康具有令人難以置信的潛力。

And where we look at that may be taking off is in the world of self pay preventive care against a market that I think does not people want it, and it doesn't really exist right now.

我們所看到的可能正在起飛的領域是自費預防性護理領域，我認為人們並不想要這個市場，而且它現在並不真正存在。

So total health right now goes in the line that was on the website.

因此，現在的整體健康狀況與網站上的情況一致。

It goes in the lineup with other tests you have Ancestry, you have how many assets or you have health and ancillary plants and you have total health.

它與您擁有的祖先、您擁有多少資產或您擁有健康和輔助植物以及您擁有總健康狀況等其他測試一起進行。

Well, we're really offering here is care.

嗯，我們在這裡真正提供的是關懷。

It is an opportunity to engage with a clinical product that are clinicians, health care providers that are looking all industrial genome and really thinking thoughtfully about how can you leverage your genetic information, your blood information, your wearables, your lifestyle, your family history or your medical records to think about a true preventive care plan.

這是一個接觸臨床產品的機會，臨床醫生、醫療保健提供者正在尋找所有工業基因組，並認真思考如何利用您的遺傳資訊、血液資訊、穿戴式裝置、生活方式、家族史或您的醫療記錄來考慮真正的預防性護理計劃。

So in the deal we've soft launched, it really was, you know, knowing that there's going to be an early market of people who just want an XL.

因此，在我們軟啟動的交易中，您知道，確實會存在一個只想要 XL 的人的早期市場。

But but the product is a very different type of experience.

但產品卻是一種非常不同的體驗類型。

And I think that more and more what you can imagine us doing well, well, telehealth is being able to help people not to get access to this information and to leverage it and integrate into their life.

我認為，你可以想像我們做得越來越好，遠距醫療能夠幫助人們獲得這些訊息，並利用它並融入他們的生活。

Okay.

好的。

No, that's helpful.

不，這很有幫助。

Thank you.

謝謝。

And then one more one last one on just on your new drug candidate, 1473 targeting ULB P6, can you just talk a little bit more about the target, like how it was determined if there are any other therapies going after your ULB P6 and if there's any clinical data that you're aware of that has helped to validate or de-risk the target?

最後一個是關於您的新候選藥物，1473 靶向 ULB P6，您能否多談談該靶點，例如如何確定是否有任何其他療法在您的 ULB P6 之後進行，以及如果您知道有任何臨床數據有助於驗證目標或降低目標風險嗎？

Yes.

是的。

Let me point you over to Jennifer Low

讓我向您介紹珍妮佛洛 (Jennifer Low)

Hi.

你好。

ULBP6 target was one of those that have been identified through our genetic database and the premise of how we've been discovering potential targets at 23andMe immunotherapeutics.

ULBP6 標靶是透過我們的基因資料庫確定的標靶之一，也是我們如何發現 23andMe 免疫療法潛在標靶的前提。

And this was right along on that line.

這正是沿著這條線。

And we're really interested in this because it highlights a jump of ways of approaching immune cells to attack cancer.

我們對此非常感興趣，因為它突顯了接近免疫細胞攻擊癌症的方法的飛躍。

And there are a lot of different other modalities out there right now that are on activating NK cells or trying to Covanta NK cells.

現在還有很多不同的其他方法可以活化 NK 細胞或嘗試 Covanta NK 細胞。

We believe that our new drug that we're bringing into the clinic addressable monitor shortcoming of other on a bunch of programs and so this is a dual mechanism and the antibody that has on monoclonal antibody like half-life, it should be fun tolerated.

我們相信，我們正在臨床上引入的新藥可在一系列程序中監測其他藥物的缺點，因此這是一種雙重機制，並且抗體具有單株抗體的半衰期，應該是有趣的耐受性。

It should really provide a novel way of activating NK cells and interest and unmet need.

它確實應該提供一種激活 NK 細胞的新方法以及興趣和未滿足的需求。

Got it.

知道了。

And then just lastly, I'm sorry if I missed that.

最後，如果我錯過了，我很抱歉。

Did you say on if there's any clinical data that you're aware of that has helped to not a derisking.

您是否說過您知道是否有任何臨床數據有助於降低風險。

There are other programs that are also looking at the NK. pathway.

還有其他項目也在關注北韓。途徑。

So we have a lot of reasons to believe that this is a better way of addressing the issues that have plagued us on certain other programs programs.

因此，我們有很多理由相信，這是解決某些其他計劃中困擾我們的問題的更好方法。

We are recharged CareAware competition but on.

我們正在為 CareAware 比賽充電，但仍在繼續。

But we really feel that this is a novel and better way of addressing and say five dimensions.

但我們確實覺得這是一種新穎且更好的解決方式，比如說五個維度。

Okay, great.

好的，太好了。

Thanks for the questions.

感謝您的提問。

(Operator Instructions) Steven Mah.

（操作員說明）Steven Mah。

Yeah, hi.

是的，嗨。

Great, guys.Thanks for taking the additional questions and apologies again for the noise back here.

太好了，夥計們。感謝您提出其他問題，並再次為這裡的噪音表示歉意。

Maybe just digging in a little bit more on the total health launch.

也許只是對全面健康的推出進行更多的挖掘。

Maybe give us give us some color on how that's going, how you guys are measuring internally the success of that launch.

也許請給我們一些關於進展的信息，以及你們如何在內部衡量該發布的成功程度。

And then yes, if there's any learnings that can be instructive to the margin to the existing customers, which I believe is slated for the spring?

然後，是的，是否有任何經驗教訓可以對現有客戶的利潤有指導意義，我相信這將在春季進行？

Yeah, we're not giving much on on total health.

是的，我們在整體健康方面並沒有付出太多。

I think that more and more just it's the first meal integration with Lemonade and being able to have on one system access to care, being able to order blood being able to order medications at some point being above all in all in one and all of the 23andMe new brands.

我認為越來越多的是，這是與檸檬水的第一頓飯集成，並且能夠在一個系統上獲得護理，能夠訂購血液，能夠在某個時候訂購藥物，最重要的是在一個和所有的23andMe新品牌。

So I think that is one of the big milestone front.

所以我認為這是重要的里程碑之一。

I think what you can also anticipate in the future as more and more, how do we bring what we're learning from total now also to all of our existing customers.

我想你也可以預見到，隨著越來越多的未來，我們如何將現在從 Total 學到的東西也帶給我們所有現有的客戶。

So the 14 plus million customers that we have, how they can get a version of this type of care platform.

那麼我們擁有 14 多百萬客戶，他們如何獲得此類護理平台的版本。

So I think there's a lot that we've learned every time we have launched something new customers.

因此，我認為每次我們向新客戶推出新產品時，我們都會學到很多東西。

I think there's a fair amount that we can learn about what is it they want, how are they adopting was the right way to explain it to them.

我認為我們可以了解很多關於他們想要什麼，以及他們如何採取向他們解釋的正確方式。

As I mentioned before.

正如我之前提到的。

I think that this is a and it's a big shift for us, too, from just being a test where people are getting information and learning about themselves to where they are now getting that information, but we are helping them apply it.

我認為這對我們來說也是一個巨大的轉變，從人們獲取資訊並了解自己的測試，到現在獲取資訊的地方，我們正在幫助他們應用它。

I also would just point to things like Health Tracks as a way that it held action plans as ways that we are looking more and more to be able to give you that genetic information, your wearables self report data all into a score that helps you understand really where you are at on a risk curve for specific disease conditions.

我還想指出像健康軌跡這樣的東西，它是一種保存行動計劃的方式，我們越來越多地尋找能夠為您提供遺傳信息、您的可穿戴設備自我報告數據的方式，所有這些都可以幫助您理解您確實處於特定疾病的風險曲線上的位置。

So I think more and more you can see us integrating lots of different datasets to give you something that is truly personalized towards deals.

因此，我認為您越來越多地可以看到我們整合了許多不同的資料集，為您提供真正個人化的交易。

And I think you can see us emphasizing more and more subscriptions, which we call membership membership product that help people get affordable for Ventiv's care.

我想你可以看到我們越來越強調訂閱，我們稱之為會員會員產品，幫助人們獲得負擔得起的 Ventiv 護理服務。

Okay.

好的。

That's helpful.

這很有幫助。

And then one more question on the effort and the BD effort.

然後還有一個關於工作量和 BD 工作量的問題。

In terms of partnering.

在合作方面。

We lost you there.

我們在那裡失去了你。

I would now like to turn the call back over to Ian for further questions.

我現在想將電話轉回伊恩詢問更多問題。

Thank you.

謝謝。

Must even jump back on.

甚至必須跳回來。

I will now read the top shareholder questions from our state technology Q&A platform.

我現在將閱讀我們國家技術問答平台上的主要股東問題。

I'll probably go through five or six here.

我可能會在這裡講五、六個。

The first one, which is top of mind for shareholders versus the plan to stay compliant with Nasdaq listing requirements.

第一個是股東最關心的問題，而不是遵守納斯達克上市要求的計畫。

Yeah, it does something that Bob has been covered by breadth as well.

是的，它做了鮑伯已經廣泛報導的事情。

We are actively monitoring market and staying on top of it in that fashion, considering things like a reverse stock split, but also the importance of continuing to execute on that show and confirming shareholder value.

我們正在積極監控市場並以這種方式保持領先地位，考慮反向股票分割等事情，但也考慮繼續執行該節目並確認股東價值的重要性。

Great answers on that theme.

關於這個主題的很好的答案。

So the value of the kind of a second part of your question was, what are you doing to increase the value of the company we've talked about for the last call, but maybe you can go back and reiterate.

因此，你問題的第二部分的價值在於，你正在做什麼來增加我們在上次電話會議中討論過的公司的價值，但也許你可以回去重申。

Yes.

是的。

So three areas that I think are really looking for people just to remember that we focus on value.

因此，我認為這三個領域確實需要人才，只是為了記住我們專注於價值。

So as I mentioned on the consumer side, we are really focused on expanding the offerings we can provide to customers and very much and people buy our product and a one-time sale.

正如我在消費者方面提到的，我們真正專注於擴大我們可以為客戶提供的產品，人們購買我們的產品和一次性銷售。

And we think about lots of opportunities where we can engage people to come back and provide true value for them in the role that preventive care.

我們考慮了很多機會，可以讓人們回來並在預防性護理中為他們提供真正的價值。

And we can also establish and shouldn't be viable membership business where our customers are returning value with a solid and stable recurring business model for the company.

我們也可以建立（但不應該是）可行的會員業務，讓我們的客戶透過為公司提供堅實而穩定的經常性業務模式來回報價值。

And that is number one in consumer and that is very much focused this year.

這是消費者中排名第一的，也是今年非常受關注的。

On the search, the search is a fascinating area right now, particularly because of our incredible interest in the world of AI and how many are looking at how to even change their approach to drug discovery in started in many different ways, but the foundation builds in genetics, understanding human genetic understanding how that translates to biology and how you can leverage genetic information to identify drug targets and be more efficient in a tighter process.

在搜尋方面，搜尋目前是一個令人著迷的領域，特別是因為我們對人工智慧世界有著極大的興趣，以及有多少人正在研究如何以多種不同的方式開始改變他們的藥物發現方法，但基礎已經建立在遺傳學領域，了解人類遺傳學，了解如何將其轉化為生物學，以及如何利用遺傳資訊來識別藥物靶標，並在更嚴格的過程中提高效率。

So we are very excited about our collaboration that we signed the term aggressive defendants to obtain the opportunity to do more and for us to meet our June July trends in February and L.A. and Therapeutics is a long journey and it's a very exciting journey.

因此，我們對我們的合作感到非常興奮，我們簽署了積極被告條款，以獲得做更多事情的機會，並為我們滿足二月和洛杉磯的六月七月趨勢，治療是一個漫長的旅程，這是一個非常令人興奮的旅程。

And I'm translating all the way into novel therapeutics.

我正在將其轉化為新穎的療法。

And I'm very excited about 1473 and the potential and the opportunity.

我對 1473 及其潛力和機會感到非常興奮。

And so we look forward to updating you on 1473 as aggressive, but I am very inspired and excited about what we have been able to do that translation of data information.

因此，我們期待在 1473 上為您提供積極的更新，但我對我們能夠進行數據資訊翻譯感到非常鼓舞和興奮。

Okay, thank you.

好的謝謝。

Problem.

問題。

Is the cost of the data breach and what is the plan to increase security and restore trust, and that will.

資料外洩的成本是什麼，提高安全性和恢復信任的計畫是什麼？

We've incurred $2.7 million in expenses related to the data breach and data subscribers.

我們因資料外洩和資料訂閱者而產生了 270 萬美元的費用。

Turning to Finland, we to date have also booked$ 1 million and our financials in the 10-Q, which has been actually dropped $1.7 billion in anticipated insurance recoveries.

談到芬蘭，我們迄今為止還預訂了 100 萬美元，我們在 10 季的財務狀況，預期保險賠償實際上減少了​​ 17 億美元。

And so we continue to invest in data security.

因此，我們繼續投資於資料安全。

We now require two factor authentication from all of our customers and our business, for example, the trust of our customers, right?

我們現在需要所有客戶和我們的業務進行兩因素認證，例如客戶的信任，對嗎？

It's probably the highest regard dependents doing this a long time and continue to drive innovation and using genetic comfortable managed helpers to improve their uptime.

這可能是最受尊敬的家屬長期這樣做，並繼續推動創新並使用基因舒適的管理助理來提高他們的正常運行時間。

And for us, we will continue to look at how we can continue to increase data security as a payment.

對我們來說，我們將繼續研究如何繼續提高資料安全性作為一種支付方式。

And I would say the company has been a top priority inside the company, but given security and privacy and transparency are core values for the Company.

我想說，公司一直是公司內部的首要任務，但考慮到安全、隱私和透明度是公司的核心價值。

So we have, as Jim mentioned, we have instituted feedback to that occasion.

因此，正如吉姆所提到的那樣，我們已經針對該場合建立了反饋。

And it is, of course, a critical priority for us to gain new insight again on steel will continue to see the private gives you the confidence that the venture into a new era of how people are thinking about all that data.

當然，我們的首要任務是再次獲得對鋼鐵的新見解，我們將繼續看到私人企業讓您有信心進入人們如何思考所有數據的新時代。

Okay, thank you.

好的謝謝。

Next question comes from Macquarie Group and then a little further and causing a new photographic quality data, you have the best product out there.

下一個問題來自麥格理集團，然後再進一步提出新的攝影品質數據，您擁有最好的產品。

Are you engaged with Verizon specifically for a U.S. based business that use the value of that opinion for the bumping that Jaime events came by maintaining tight today and anything data trends are often better industry, and it did not come in place.

您是否專門為一家美國企業與 Verizon 合作，該企業利用這一觀點的價值來應對 Jaime 事件通過保持緊張而帶來的衝擊，並且任何數據趨勢通常都是更好的行業，但它並沒有到位。

Interiors for the entire healthcare space is particularly exciting for the broader drug discovery because discovery is so challenging and so expenses.

整個醫療保健領域的室內設計對於更廣泛的藥物發現尤其令人興奮，因為發現是如此具有挑戰性，而且費用也很高。

So anything you can do that is going to make it more efficient for us to have a higher likelihood of success in some of the chip about that have queued up a huge, huge benefit for them available.

因此，你能做的任何事情都將使我們更有效率，在某些晶片上取得成功的可能性更高，這已經為他們帶來了巨大的好處。

So we see a lot of opportunities for our data on behalf of our clients just because ethanol can effectively and base pricing out there to do design investments.

因此，我們代表客戶看到了許多數據機會，因為乙醇可以有效地進行設計投資並建立基礎定價。

We started the companies vying for research.

我們開始讓公司爭奪研究。

So we have been engaging in Swedish project product selection as a company, we have a tremendous amount of experience with translating that data lake and or our therapeutics.

因此，我們作為一家公司一直致力於瑞典專案產品選擇，我們在翻譯資料湖和/或我們的療法方面擁有豐富的經驗。

So we are working on partnerships that mark to mine the data and beverages.

因此，我們正在努力建立合作夥伴關係，以挖掘數據和飲料。

There's all kinds of areas that everybody in the industry and people who I'm very familiar with AI models and that this could fit in with some of the work that they're already doing.

行業中的每個人和我都非常熟悉人工智慧模型的人都知道，這可以適應他們已經在做的一些工作。

And then you get other groups that have different types of approaches of how we leverage genetics for drug discovery for the very exciting time.

然後你會得到其他小組，他們有不同類型的方法，我們如何利用遺傳學來發現藥物，度過一個非常令人興奮的時刻。

There's no doubt that having lots of data is that going to be a foundation for therapeutic discovery in the future.

毫無疑問，擁有大量數據將成為未來治療發現的基礎。

And we are also leveraging all the data for Actuate Remy internal research and meaning that we are translating that for customers, what are ways that we can leverage all of these insights and be world leaders in risk prediction.

我們也利用 Actuate Remy 內部研究的所有數據，這意味著我們正在為客戶轉化這些數據，我們可以透過哪些方式利用所有這些見解並成為風險預測領域的世界領導者。

And we're also doing a fair amount of work, understanding how you can do G&A language models and how we can be best at predicting financial target, targeted innovation for therapeutics.

我們也做了相當多的工作，了解如何建立 G&A 語言模型，以及我們如何才能最好地預測財務目標、有針對性的治療創新。

And so there's a lot of great opportunities out there, and we continue to stay on top of this industry.

因此，那裡有很多很好的機會，我們將繼續保持在這個行業的領先地位。

Excellent.

出色的。

So last one here for Joe. Can you address how to the extent you can any way how you plan to move the business toward profitability.

最後一張是給喬的。您能否說明您計劃如何在多大程度上使業務實現盈利？

We were pleased with the progress we've made to date over the past year and moving the business to profitability is really a two-pronged effort the most important thing, driving our growth in both membership and research businesses to have ongoing recurring revenue.

我們對過去一年迄今所取得的進展感到滿意，將業務轉向盈利確實是一項雙管齊下的努力，最重要的是，推動我們會員業務和研究業務的增長，以獲得持續的經常性收入。

And we can also continue to look at how we can optimize our cost structure and really have a high bar for how we invest in the business in the near term.

我們也可以繼續研究如何優化我們的成本結構，並在短期內對業務投資真正設定一個高標準。

Right.

正確的。

That's it for us.

我們就這樣了。

Thanks for joining us.

感謝您加入我們。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a great evening.

祝大家有個愉快的夜晚。