23andMe Holding Co. (ME) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the 23andMe fiscal year 2025 2nd quarter earnings call at this time. All participants are in listen-only mode. Please be advised that this call is being recorded. I would now like to turn the conference over to your speaker for today. Katie Watson, Vice President of Communications. Please go ahead.

美好的一天，感謝您的支持。歡迎此時參加 23andMe 2025 財年第二季財報電話會議。所有參與者均處於僅監聽模式。請注意，此通話正在錄音。我現在想把今天的會議交給你的發言者。凱蒂‧沃森，通訊副總裁。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 2nd quarter of fiscal 2025. A replay of today's webcast will also be available on our website.

謝謝。在我們開始之前，我鼓勵大家前往投資者23andMe.com 查找我們今天早些時候發布的新聞稿，報告我們2025 財年第二季度的財務業績。提供。

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.

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 SECs website. For a discussion of numerous factors that may impact our future performance.

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。討論可能影響我們未來業績的眾多因素。

We also discuss certain non-GAAP measures, important information on our use of these measures and reconciliation to US GAAP may be found in our earnings release.

我們還討論了某些非公認會計準則措施，有關我們使用這些措施以及與美國公認會計準則的調整的重要資訊可能會在我們的收益發布中找到。

Joining us on our call today are Ann Wiki, our Chief Executive Officer and cofounder and Joe Selsavag, our chief financial and accounting officer. I'd now like to turn the call over to Ann.

今天參加我們電話會議的有我們的執行長兼聯合創始人 Ann Wiki 以及我們的財務和會計長 Joe Selsavag。我現在想把電話轉給安。

Thanks Katie. Hello everyone. I'd like to start today's call by addressing recent developments at the company. And then we'll get into the 2nd quarter in late October 23andMe reconstituted our board of directors with the appointment of three new independent directors. We are pleased that these accomplished and experienced executives who are committed to our mission could jump in immediately.

謝謝凱蒂。大家好。我想在今天的電話會議開始時談談公司的最新發展。然後我們將在 10 月 23 日下旬進入第二季度，我重組了董事會，任命了三名新的獨立董事。我們很高興這些致力於我們使命、成就斐然、經驗豐富的主管能夠立即加入。

We have fulfilled our obligations as a public company and regained compliance with the NASDAQ listing standards by reconstituting our board and executing a reverse stock split.

我們履行了作為上市公司的義務，透過重組董事會和執行反向股票分割，重新符合納斯達克上市標準。

In addition, yesterday, we announced that 23andMe is undertaking a business restructuring to streamline operations, reduce costs and position the company for long term success. Under this restructuring, we are discontinuing further development of all therapeutic programs and reducing our workforce by approximately 40%.

此外，昨天，我們宣布 23andMe 正在進行業務重組，以簡化營運、降低成本並為公司長期成功奠定基礎。根據此次重組，我們將停止進一步開發所有治療項目，並將員工人數減少約 40%。

Joe will discuss the financial impact of the restructuring in his prepared remarks. We continue to believe in the promise shown by our clinical stage oncology assets and our preclinical immunology pipeline, as we immediately start the wind down process for the therapeutics division. We will be actively exploring a range of strategic alternatives for our therapeutics pipeline that will enable their continued development outside of 23andMe.

喬將在他準備好的演講中討論重組的財務影響。我們仍然相信我們的臨床階段腫瘤學資產和臨床前免疫學管道所展現的前景，因為我們立即開始了治療部門的逐步結束過程。我們將積極探索我們的治療產品線的一系列策略替代方案，使其能夠在 23andMe 之外繼續發展。

We intend to continue supporting the collection of data and monitoring of patients in our clinical trials. While the strategic alternative process and wind down are completed, these are difficult but necessary actions that we believe begin putting 23andMe on a more sustainable path and positioning the company for the future.

我們打算繼續支持臨床試驗中的數據收集和患者監測。雖然策略替代流程和逐步結束已經完成，但這些都是困難但必要的行動，我們相信這些行動可以讓 23andMe 走上更永續的道路，並為公司的未來做好定位。

We appreciate the dedication and contributions of our team to our mission and are committed to supporting the impacted employees through this transition. We also remain deeply grateful to the patients, investigators and study staff for their participation in our clinical trials and will work to ensure development efforts can continue for the benefit of patients.

我們感謝我們的團隊對我們使命的奉獻和貢獻，並致力於在這段過渡期間為受影響的員工提供支持。我們也深深感謝患者、研究人員和研究人員參與我們的臨床試驗，並將努力確保開發工作能夠繼續為患者造福。

Now I'll turn to the second quarter of our fiscal year 2025. We made considerable strides in our key objective of becoming a sustainable cash flow positive company while remaining committed to our goal of helping millions of people live longer healthier lives. The team continues to leverage the full spectrum of 23andMe platform to deliver integrated preventive health services and genetic insights.

現在我將談談 2025 財年第二季。團隊繼續利用全方位的 23andMe 平台提供全面預防性健康服務和遺傳見解。

We made our Total health membership service a comprehensive longevity platform, combining advanced exome sequencing lab tests and guidance from clinicians specifically trained in genetics available to our entire customer base.

我們將全面健康會員服務打造成一個全面的長壽平台，結合了先進的外顯子組定序實驗室測試和受過遺傳學專門培訓的臨床醫生的指導，為我們的整個客戶群提供服務。

We believe the future of preventive health is understanding your complete health picture including genetics, lab testing, family health history and other data to help derive a truly personalized health plan. 23andMe made significant progress in Q2 bringing the power of our research, genetic insight and telehealth platform to serve critical consumer needs.

我們相信預防性健康的未來是了解您的完整健康狀況，包括遺傳學、實驗室測試、家族健康史和其他數據，以幫助制定真正個人化的健康計劃。 23andMe 在第二季度取得了重大進展，利用我們的研究、基因洞察和遠距醫療平台的力量來滿足消費者的關鍵需求。

As part of our focus on prevention and longevity. We launched a number of weight management initiatives in Q2, studies estimate that BMI is 40% to 70% influenced by genetics and that elevated BMI is associated with up to nine fewer years lived in good health.

作為我們關注預防和長壽的一部分。我們在第二季度推出了多項體重管理舉措，研究估計 BMI 40% 至 70% 受遺傳影響，BMI 升高與健康壽命減少最多九年有關。

A few highlights we launched and enrolled thousands of participants in a new study to understand how genetics can impact GLP one efficacy, side effects and length of treatment.

一些亮點我們啟動了一項新研究，並招募了數千名參與者，以了解遺傳學如何影響 GLP one 的療效、副作用和治療時間。

We launched a new genetic report on emotional eating utilizing 23andMe's polygenic risk score technology for 23andMe plus premium subscribers, emotional eating impacts up to 60% of people with a high BMI and knowing this can inform weight management approaches.

我們利用23andMe 的多基因風險評分技術為23andMe plus 高級訂閱者發布了一份關於情緒化飲食的新基因報告，情緒化飲食對高達60% 的高BMI 人群產生影響，了解這一點可以為體重管理方法提供參考。

We also launched a GLP one weight loss telehealth membership on the lemonade health platform that enables members to be prescribed and receive brand name or compounded semaglutide medications. These medications can be life changing and an important tool for prevention and longevity and offering our customers access to them in a convenient cost-effective manner is consistent with our mission.

我們還在檸檬水健康平台上推出了 GLP one 減肥遠距醫療會員資格，使會員能夠開處方並獲得品牌或複合索馬魯肽藥物。這些藥物可以改變生活，是預防和長壽的重要工具，為我們的客戶提供方便、經濟高效的方式獲得這些藥物符合我們的使命。

We continue to improve and add to 23andMe's market leading ancestry composition and historical matches features with new regions for Germanic, Europe, Scandinavia and Japan. And new historical matches our subscription only feature with historical figures from the medieval Swahili coast, medieval Avas and OSI the Iceman. We also launched the first AI assistant available to 23andMe plus premium customers, Dana to help find and understand ancestry and health reports.

我們不斷改進並添加 23andMe 市場領先的血統組成和歷史比賽功能，新增了日耳曼、歐洲、斯堪的納維亞和日本地區。新的歷史人物與我們僅訂閱的功能相匹配，包括中世紀斯瓦希里海岸、中世紀阿瓦斯和冰人 OSI 的歷史人物。我們還推出了第一個可供 23andMe plus 高級客戶使用的人工智慧助理 Dana，以協助尋找和理解血統和健康報告。

These developments continue to result in increased growth and improved retention rates for the 23andMe subscription services. In line with our focus on shifting to higher margin, recurring revenue streams, we were able to more than double the percentage of revenue that is recurring with more than 21% of total revenue in Q2 versus only 9% in the prior year quarter.

這些發展繼續促進 23andMe 訂閱服務的成長和保留率的提高。與我們轉向更高利潤、經常性收入流的重點一致，我們能夠將經常性收入的百分比增加一倍以上，第二季度佔總收入的 21% 以上，而去年同期僅為 9%。

On the research front, we presented a new study using 23andMe research data that builds on previous research and indicates that drug targets supported by human genetics are 2 to 3 times more likely to succeed with the scale of our data and using proprietary gene mapping algorithms. We not only find many novel insights but can also increase the relative rate of success even further.

在研究方面，我們利用23andMe 研究數據提出了一項新研究，該研究建立在先前研究的基礎上，表明人類遺傳學支持的藥物靶點成功的可能性是我們的數據規模和專有基因圖譜演算法的2 到3 倍。我們不僅發現了許多新穎的見解，而且還可以進一步提高相對成功率。

We also published one of the largest and most diverse genetic studies of sickle cell traits in collaboration with the National Institute of Health and Johns Hopkins University School of Medicine. Important research such as these and the calibre of research organizations we are working with demonstrate the value of 23andMe database to continue discovering new insights into disease that benefit the entire population.

我們也與美國國立衛生研究院和約翰霍普金斯大學醫學院合作發表了關於鐮狀細胞性狀的最大、最多樣化的遺傳研究之一。諸如此類的重要研究以及我們正在合作的研究組織的能力證明了 23andMe 資料庫的價值，即繼續發現疾病的新見解，造福整個人群。

Turning to therapeutics. In Q2, we presented data on our 23andMe, 6, 0 and 23andMe, 1,473 clinical stage immuno oncology programs at the European Society for Medical Oncology annual meeting. The data showed that 23andMe 610 monotherapy demonstrates preliminary evidence of clinical benefit in clear cell renal cell carcinoma with one confirmed partial patient response.

轉向治療。第二季度，我們在歐洲腫瘤內科學會年會上展示了 23andMe、6、0 和 23andMe、1,473 個臨床階段免疫腫瘤學計畫的數據。數據顯示，23andMe 610 單藥療法顯示出對透明細胞腎細胞癌具有臨床益處的初步證據，其中一名患者已確認部分緩解。

Further, the data show higher tumour expression of CD 200 human genetics correlated with increased clinical benefit indicating CD 200 could be a promising biomarker. We also saw 23andMe 1,473 inhibit tumour growth in a patient derived mouse model of non-small cell lung cancer.

此外，數據顯示 CD 200 人類遺傳學的較高腫瘤表達與臨床益處的增加有關，表明 CD 200 可能是一種有前途的生物標記。我們也發現 23andMe 1,473 在源自患者的非小細胞肺癌小鼠模型中抑制腫瘤生長。

While we are winding down this part of our business, we will continue to leverage 23andMe's unmatched genetic community with over 15 million customers to pursue collaborations with pharmaceutical and biotech companies as part of our mission to help people benefit from the human genome. These collaborations run across several areas including drug target discovery and validation, clinical trial recruitment efforts and disease awareness among others.

在我們逐步結束這部分業務的同時，我們將繼續利用 23andMe 擁有超過 1500 萬客戶的無與倫比的基因社區，尋求與製藥和生物技術公司的合作，作為我們幫助人們從人類基因組中受益的使命的一部分。這些合作涉及多個領域，包括藥物標靶發現和驗證、臨床試驗招募工作和疾病意識等。

23andMe therapeutics was established to improve people's health by harnessing the power of human germline genetic data at scale. Over the last nine years, we have taken a major step forward leveraging the 23andMe database to identify a large number of potential therapeutic targets and to develop unique and valuable insights.

23andMe 療法的建立是為了透過大規模利用人類種系遺傳數據的力量來改善人們的健康。在過去的九年裡，我們利用 23andMe 資料庫向前邁出了一大步，以確定大量潛在的治療標靶並形成獨特且有價值的見解。

We have engaged in a highly productive six-year collaboration with a major pharmaceutical collaborator GSK and have advanced two inhouse immuno oncology assets into the clinic with positive results. We are proud of the work we've done, and we look forward to advancing it further with collaborative efforts.

我們與主要製藥合作夥伴葛蘭素史克 (GSK) 進行了為期六年的高效合作，並將兩項內部免疫腫瘤學資產推進臨床，並取得了積極成果。我們對我們所做的工作感到自豪，並期待透過協作努力進一步推進這項工作。

And with that, I will turn it over to Joe to walk through the numbers.

有了這個，我將把它交給喬來瀏覽這些數字。

Thank you, Anne. During the quarter, we continue to make strides towards our goal of operating a cash flow positive consumer business, improving our GAAP net loss by 21% and adjusted EBITDA by 26% for the same period in the prior year. Revenue for the quarter was $44 million a decrease of approximately 12% over the same period in the prior year.

謝謝你，安妮。本季度，我們繼續朝著經營現金流為正的消費者業務的目標邁進，與上年同期相比，我們的 GAAP 淨虧損減少了 21%，調整後的 EBITDA 減少了 26%。該季度營收為 4,400 萬美元，比上年同期下降約 12%。

This is due to lower consumer services revenue driven mainly by lower PGF KIT sales volume and telehealth orders as well as lower research services revenue as the GFK collaboration exclusive discovery term concluded in July 2023. These decreases were partially mitigated by growth in membership services revenue driven by increased upgrades from other tiers of PGS kits and sustained growth in our customer renewal rates.

這是由於消費者服務收入下降，主要是由於PGF KIT 銷售和遠距醫療訂單下降以及GFK 合作獨家發現期限於2023 年7 月結束時研究服務收入下降所致。下降。

Revenue from consumer services which includes PGS telehealth and membership services represented approximately 99% of total revenue for fiscal year '25 Q2. Research services revenue accounted for approximately 1% of total revenue for fiscal '25 Q2. As a reminder we expect to begin recognizing revenue in the second half of the fiscal year 2025 from the GFK data license announced last October.

來自消費者服務的收入（包括 PGS 遠距醫療和會員服務）約佔 25 財年第二季總收入的 99%。研究服務收入約佔 25 財年第二季總收入的 1%。提醒一下，我們預計將在 2025 財年下半年開始確認去年 10 月宣布的 GFK 數據許可證的收入。

Our gross profit for the quarter was $22 million representing a 3% increase over the same period in the prior year. The increase was driven primarily by growth in our high margin membership services which more than offset the lower consumer and research services revenue mentioned previously operating expenses for fiscal '25 Q2 were $84 million compared to $101 million for the same period in the prior year.

本季我們的毛利為 2,200 萬美元，比上年同期成長 3%。這一成長主要是由我們的高利潤會員服務的成長所推動的，這遠遠抵消了先前提到的消費者和研究服務收入的下降，25 財年第二季的營運支出為8,400 萬美元，而上年同期為1.01 億美元。

The decrease in operating expenses for the quarter was driven by lower personnel related expenses including noncash stock-based compensation expenses following workforce reductions in the current and prior quarters and the disposition of lemonade Health Limited in the UK in August 2023.

本季營運費用減少的原因是人事相關費用減少，包括本季和上一季裁員後的非現金股票薪資費用以及 2023 年 8 月處置英國檸檬水健康有限公司。

The improvement also reflects lower therapeutics related R&D spend as we opted for royalty on several GSK partner programs resulting in a significant reduction of GSK collaboration expenses compared to the prior year quarter, while retaining upside in those programs.

這項改善也反映出與治療相關的研發支出減少，因為我們選擇對多個葛蘭素史克合作夥伴計畫收取特許權使用費，從而導致葛蘭素史克合作費用與去年同期相比大幅減少，同時保留了這些項目的上漲空間。

Looking at the bottom-line net loss for the quarter was $59 million compared to a net loss of $75 million for the same period in the prior year.

從底線來看，本季淨虧損為 5,900 萬美元，而去年同期淨虧損為 7,500 萬美元。

The improvement in second quarter net loss was driven mainly by savings and operating expenses as just discussed next, our Justin 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 second quarter was a loss of $33 million compared to a loss of $45 million for the same period in the prior year.

第二季淨虧損的改善主要是由節省和營運費用推動的，正如接下來討論的那樣，我們的賈斯汀 EBITDA 詳細介紹了我們如何定義調整後的 EBITDA 以及與 GAAP 的相應調節。請參閱我們的收益新聞稿，第二季調整後 EBITDA 赤字總額為 3,300 萬美元，而去年同期為 4,500 萬美元。

The improvement in adjusted EBITDA was primarily due to lower R&D and personnel related expenses and improvements in our consumer services gross profit, partially offset by lower research services, gross profit. We ended the quarter with cash and cash equivalents of $127 million compared to $216 million as of March 31st, 2024.

調整後 EBITDA 的改善主要是由於研發和人員相關費用的減少以及消費者服務毛利的改善，但部分被研究服務毛利潤的下降所抵消。截至本季末，我們的現金和現金等價物為 1.27 億美元，而截至 2024 年 3 月 31 日為 2.16 億美元。

Our financial statements for this quarter include a going concern disclosure. The company will need additional liquidity to fund its necessary expenditures and financial commitments for the 12 months after the date our 10-Q was filed resulting in the going concern disclosure.

我們本季的財務報表包括持續經營揭露。在我們提交 10-Q 報告並揭露持續經營資訊後的 12 個月內，該公司將需要額外的流動性來為其必要的支出和財務承諾提供資金。

To improve our financial condition and liquidity position, the company is working to execute its business plan, managing ongoing operational expenses and implementing cost cutting measures as well as considering raising additional capital.

為了改善我們的財務狀況和流動性狀況，該公司正在努力執行其業務計劃，管理持續的營運費用並實施成本削減措施，並考慮籌集額外資金。

The business restructuring we announced yesterday is expected to substantially reduce our operating expenses. We expect annualized cost savings of at least $35 million per year and we expect to incur approximately $12 million in costs and expenses primarily related to onetime severance transition and termination related costs. We believe these efforts will help improve our financial condition and liquidity position to extend our cash runway.

我們昨天宣布的業務重組預計將大幅減少我們的營運費用。我們預計每年節省至少 3500 萬美元的成本，並且預計將產生約 1200 萬美元的成本和費用，主要與一次性遣散費過渡和終止相關費用有關。我們相信這些努力將有助於改善我們的財務狀況和流動性狀況，從而擴大我們的現金跑道。

Before I conclude, I also want to mention that we recently regained NASDAQ listing compliance with the minimum closing bid price and the majority independent board and various board committee requirements. Looking ahead, we are focused on getting 23andMe on a more sustainable path towards positioning the company for the future.

在結束之前，我還想提一下，我們最近重新獲得了納斯達克上市的合規性，符合最低收盤價以及多數獨立董事會和各個董事會委員會的要求。展望未來，我們致力於讓 23andMe 走上一條更永續的道路，為公司的未來定位。

We'll now turn the call to Q&A.

我們現在將通話轉為問答。

Thank you, Joe. We have a few questions from investors and shareholders that came in through our Q&A platform that we use through say technology.

謝謝你，喬。我們有一些來自投資者和股東的問題，這些問題是透過我們透過科技使用的問答平台提出的。

The first question is for Anne, what is the plan for recovery?

第一個問題是安妮，復健計畫是什麼？

Thanks, Katie. Good question. So, a number of different areas I want to chat about. So, first, what Joe referenced, regaining compliance was a top priority for us. So, we did that with the new board, the share price reverse stock split. So, regaining compliance was a high priority for us.

謝謝，凱蒂。好問題。所以，我想討論一些不同的領域。因此，首先，喬提到的，重新獲得合規性是我們的首要任務。因此，我們在新董事會上做到了這一點，股價逆轉了股票分割。因此，重新獲得合規性是我們的首要任務。

Second, on a becoming a becoming more sustainable has been a top priority and that was really achieved with now deprioritizing therapeutics and committing to we are going to either shut down or out license those assets as well as cutting expenses. So, dramatically reducing all of our costs.

其次，變得更加可持續一直是重中之重，這實際上是透過現在取消治療的優先順序並承諾我們將關閉或取消這些資產的許可以及削減開支而實現的。因此，大大降低了我們的所有成本。

Third was, as I mentioned, was you know, outlining our therapeutics programs and focusing there. And fourth is now on growing our business and the areas that we're focused on growing the business are really on subscriptions and continuing to really encourage our customers to take advantage of all the value that we are putting into the subscription products, like the additional health reports, the additional fun features like historical match is getting more and more customers, recognizing the value that are in the subscription product as well as now really focusing on the database opportunities.

正如我所提到的，第三個是概述我們的治療計劃並專注於該計劃。第四是現在發展我們的業務，我們專注於發展業務的領域實際上是訂閱，並繼續真正鼓勵我們的客戶利用我們投入訂閱產品的所有價值，例如額外的健康報告，諸如歷史匹配之類的附加有趣功能正在吸引越來越多的客戶，他們認識到訂閱產品的價值，並且現在真正關注資料庫機會。

And we see an increasing interest from the therapeutics world on using genetics in discovery and in clinical trials. And we are focused on making sure that we are front and center there and are the leading opportunity for of the pharmaceutical industry and clinical trials that they are leveraging $23 million in those opportunities.

我們看到治療界對在發現和臨床試驗中使用遺傳學越來越感興趣。我們致力於確保我們處於該領域的前沿和中心，並成為製藥業和臨床試驗的領先機會，他們在這些機會中利用了 2,300 萬美元。

Great. Thanks Ann. The second question is for you, Joe, why was the 120-reverse stock splits necessary?

偉大的。謝謝安。第二個問題是問你的，喬，為什麼需要 120 股反向股票分割？

Thank you, Katie. We completed the reverse stock splits transaction in October of this year to regain compliance with the NASDAQ listing requirement that 23andMe have a bid price of at least $1 per share.

謝謝你，凱蒂。我們在今年 10 月完成了反向股票分割交易，以重新符合納斯達克上市要求，即 23andMe 的收購價格至少為每股 1 美元。

The reverse stock split was approved by the stockholders at our most recent annual meeting of stockholders. And the good news is we subsequently received notification from NASDAQ after the reverse stock split that we are now in compliance with this listing requirement.

反向股票分割在我們最近的年度股東大會上得到了股東的批准。好消息是，在反向股票分割後，我們隨後收到了納斯達克的通知，表明我們現在遵守了這項上市要求。

Great. Thank you, Joe. The third question due to the nature of the industry and your current business model, what steps are being taken to make it profitable? I'll hand that to you Joe.

偉大的。謝謝你，喬。第三個問題，由於行業的性質和您目前的商業模式，正在採取哪些措施來實現盈利？我會把它交給你，喬。

Thank you again, Katie. We are continuing to prioritize our subscription products with recurring revenue to reflect the ongoing value that we provide our customers and growing our research partnerships and collaborations.

再次感謝你，凱蒂。我們將繼續優先考慮具有經常性收入的訂閱產品，以反映我們為客戶提供的持續價值並發展我們的研究夥伴關係和合作。

We are also continuing to look at reducing our cost base. And as we announced the restructuring yesterday of head count and pausing on our therapeutic assets that we have in clinical trials, all of which will result in significant annual cost savings.

我們也持續考慮降低我們的成本基礎。正如我們昨天宣布的人員重組以及暫停臨床試驗中的治療資產一樣，所有這些都將導致每年顯著的成本節省。

Great. And the last question, I'll direct to Anne, what goals are you looking to complete in 2025?

偉大的。最後一個問題，我將問 Anne，您希望在 2025 年完成哪些目標？

Well, after getting through today and some of the restructuring plans that we have announced with therapeutics, as well as with cutting costs. The three areas that we're really focused on is as I mentioned, growing subscriptions and really continuing to provide value for our customers in the subscription product and more and more in enabling customers to recognize the value that's there and encouraging them to be part of the subscription.

好吧，在經歷了今天的事情以及我們宣布的一些治療和削減成本的重組計劃之後。正如我所提到的，我們真正關注的三個領域是增加訂閱量並真正繼續在訂閱產品中為我們的客戶提供價值，以及越來越多地使客戶認識到其中的價值並鼓勵他們參與其中訂閱。

Second is the database business and as I said, there's increasing evidence showing that genetic utilization in the clinical trial and the drug discovery process is going to increase outcomes or increase the likelihood of success. So, focusing on developing those products so that we can serve the industry. And last is out licensing our therapeutic program so that they can continue to be developed and eventually really be a great product that could benefit customers.

其次是資料庫業務，正如我所說，越來越多的證據表明，臨床試驗和藥物發現過程中的基因利用將增加結果或增加成功的可能性。因此，專注於開發這些產品，以便我們能夠為該行業服務。最後是授予我們的治療計劃許可，以便它們可以繼續開發，並最終真正成為一個可以使客戶受益的偉大產品。

Great. Thank you that completes the top questions. We'll be answering. I'm going to hand it back to the operator now.

偉大的。謝謝您完成了最重要的問題。我們將予以答覆。我現在要把它還給接線員。

Thank you all for joining today's conference. You may all disconnect.

感謝大家參加今天的會議。你們都可以斷開連線。