Miromatrix Medical Inc (MIRO) 2023 Q2 法說會逐字稿

Good day, and welcome to the Miromatrix Medical Inc., second-quarter 2023 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Miromatrix Medical Inc. 2023 年第二季財報電話會議。 （操作員指示）請注意，本次會議正在錄製中。

I would now like to turn the conference over to Max Forgan with Gilmartin Investor Relations. Please go ahead.

現在我想把會議交給 Gilmartin 投資人關係部門的 Max Forgan。請開始。

Good afternoon and thank you for joining us. Earlier today, Miromatrix released financial results for the quarter ended June 30, 2023. The release is currently available on the company's website at www.miromatrix.com. Jeff Ross, Chief Executive Officer; and Jim Douglas, Chief Financial Officer, will host this afternoon's call.

下午好，感謝您的參與。今天早些時候，Miromatrix 發布了截至 2023 年 6 月 30 日的季度財務表現。新聞稿目前可在公司網站 www.miromatrix.com 上查閱。執行長 Jeff Ross 和財務長 Jim Douglas 將主持今天下午的電話會議。

Before we get started, I would like to remind everyone that management will be making statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical fact, including statements regarding the potential timing of pre-IND and IND filings and the initiation of related clinical trials, future expenses and revenue, capital requirements, cash runway needs for additional financing should be deemed to be forward-looking safe.

在我們開始之前，我想提醒大家，管理階層將在本次電話會議中發表聲明，其中包括聯邦證券法所定義的前瞻性聲明，這些聲明是根據 1995 年私人證券訴訟改革法的安全港條款做出的。本次電話會議中包含的任何非歷史事實陳述，包括關於 IND 前和 IND 申請的潛在時間以及相關臨床試驗的啟動、未來費用和收入、資本要求、額外融資的現金流需求的陳述，都應被視為前瞻性的安全聲明。

All forward-looking statements are based upon current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results to differ materially from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements.

所有前瞻性陳述均基於當前估計和各種假設。這些陳述涉及重大風險和不確定性，可能導致實際結果與這些前瞻性陳述所預期或暗示的結果有重大差異。因此，您不應過度依賴這些陳述。

For a list and descriptions of the material risks and uncertainties associated with our business, please see our filings with the Securities and Exchange Commission. The information provided in this conference call speaks only to the live broadcast today, August 14, 2023. Miromatrix disclaims any intention or obligation, except as required by law, to update or revise any information, financial projections, or other forward-looking statements, whether because of new information, future events, or otherwise.

有關我們業務相關的重大風險和不確定性的清單及描述，請參閱我們提交給美國證券交易委員會的文件。本次電話會議提供的資訊僅適用於2023年8月14日（今日）的現場直播。 Miromatrix 不承擔任何更新或修改任何資訊、財務預測或其他前瞻性聲明的意圖或義務，無論其是否因新資訊、未來事件或其他原因而更新或修改。

With that, I will now turn the call over to Jeff.

說完這些，我現在將電話轉給傑夫。

Thanks, Max. Good afternoon, and thank you, everyone, who has joined us for today's earnings call. We continue to make significant progress on addressing the items identified within the FDA clinical hold letter relating to our miroliverELAP IND submission. Our goal remains to submit a full response to the FDA in the second half of 2023, and we envision gaining authorization to treat patients with acute liver failure shortly thereafter.

謝謝，Max。下午好，感謝各位參加今天的財報電話會議。我們在處理 FDA 臨床暫停函中列出的與 miroliverELAP IND 申請相關的事項方面取得了重大進展。我們的目標是在 2023 年下半年向 FDA 提交完整的回复，並預計不久後將獲得用於治療急性肝衰竭患者的授權。

As a reminder, we are prioritizing miroliverELAP in the near term because we believe it provides us with the fastest path to treating organ failure patients with our bioengineered organs. And that program provides us with valuable insight to our fully implantable bioengineered organ program.

提醒一下，我們近期優先考慮miroliverELAP項目，因為我們相信它能為利用我們的生物工程器官治療器官衰竭患者提供最快的途徑。該計畫也為我們的完全可植入生物工程器官計畫提供了寶貴的見解。

As I consistently mentioned, we may decide to invest more heavily into any of our fully implantable organ programs, if a partnership arises or circumstances change. Specific to miroliverELAP, you may recall a couple of longer lead items that we are addressing as part of the clinical hold related to a preclinical animal study and biocompatibility study.

正如我一直提到的，如果出現合作關係或情況發生變化，我們可能會決定增加對任何完全可植入器官項目的投入。具體到MiroliverELAP項目，您可能還記得，我們正在處理一些與臨床前動物研究和生物相容性研究相關的臨床暫停項目。

I'm happy to report that we commenced both studies during the second quarter and are nearing completion for the in-life portion of the animal study and the biocompatibility studies. As a reminder, the animal safety study has two arms consisting of eight animals in each, four treats and four controls.

我很高興地告訴大家，我們已於第二季啟動了這兩項研究，其中動物體內研究和生物相容性研究已接近完成。需要提醒的是，動物安全性研究分為兩組，每組8隻動物，其中4組為對照組，4組為對照組。

This safety study is smaller than our original safety study that was submitted as part of the IND package. In our original animal safety study, there was no evidence of systemic toxicity in the miroliverELAP group or the control group. However, there was substantial mortality in all groups due to the immobilization techniques and the anesthesia we acquired to provide therapy in a pig model, which makes longer therapies, and in a mobilized animal model, challenging.

這項安全性研究的規模小於我們作為IND申請的一部分提交的原始安全性研究。在我們最初的動物安全性研究中，miroliverELAP組和對照組均未發現全身性毒性的證據。然而，由於我們在豬模型中進行治療時採用了固定技術和麻醉，因此所有組別均出現了大量死亡率，這使得更長的治療時間以及在活動動物模型中進行治療都具有挑戰性。

The current safety study utilized and proved the mobilization techniques and anesthesia to reduce mortality and all animals. We are currently gathering all the data relating to this study to incorporate into our response to the FDA.

目前的安全性研究已證明，動員技術和麻醉能夠降低所有動物的死亡率。我們目前正在收集與這項研究相關的所有數據，以便將其納入我們對FDA的回應中。

Regarding the biocompatibility study, the FDA requested that we do additional testing regarding the final finished fluid path comprised of third-party component. The biocompatibility testing we submitted on our liver graft as part of the IND was not part of the FDA's questions, only the third-party components. We envision the biocompatibility study will be wrapped up by the end of the month.

關於生物相容性研究，FDA 要求我們對最終成品包含第三方組件的輸液管路進行額外測試。我們作為 IND 的一部分提交的肝移植生物相容性測試不屬於 FDA 的質詢範圍，只有第三方組件才屬於 FDA 的質詢範圍。我們預計生物相容性研究將在月底完成。

In addition to the clinical hold work, we continue to progress with our manufacturing and clinical readiness plans to ensure that once we obtain IND clearance, we can quickly initiate our Phase 1 clinical trial. This involves ensuring our manufacturing process meets GMP standards and the preclinical sites are identified. As part of the clinical trial, each site will be [consigned] back to a PrisMAX system running software developed specifically for miroliverELAP.

除了臨床暫停工作外，我們還在持續推進生產和臨床準備計劃，以確保一旦獲得IND批准，就能迅速啟動1期臨床試驗。這包括確保我們的生產流程符合GMP標準，並確定臨床前試驗地點。作為臨床試驗的一部分，每個試驗地點將重新投入運行專為miroliverELAP開發的PrisMAX系統。

In summary, we believe we are taking all the necessary steps to submit a thorough response to the FDA's clinical hold letter in the second half of this year. And we look forward to being able to treat patients with acute liver failure in a Phase 1 clinical trial as soon as the FDA authorization is obtained.

總而言之，我們相信我們正在採取一切必要措施，爭取在今年下半年對FDA的臨床暫停函提交一份詳盡的回覆。我們期待在獲得FDA授權後，能夠盡快進行1期臨床試驗，用於治療急性肝衰竭患者。

Moving beyond miroliverELAP to our fully implantable bioengineered programs, we continue to make progress and gain industry recognition for the promise of our fully implantable bioengineered programs. During the second quarter, we represented the cell and gene therapy sector to Capitol Hill policymakers at the Alliance for Regenerative Medicine's congressional client.

從miroliverELAP到我們的全植入式生物工程項目，我們不斷取得進展，並憑藉我們全植入式生物工程項目的良好前景贏得了業界的認可。第二季度，我們代表細胞和基因治療領域，與再生醫學聯盟的國會客戶代表國會山莊的政策制定者進行了交流。

We presented at the American Transplant Congress, and we were awarded Best in Congress for our mirokidney poster. The National Kidney Foundation invited us to participate in their innovation day, highlighting innovative solutions for patients with renal failure. And the Association of Organ Procurement Organizations invited us to participate in their annual meeting to discuss how bioengineered organs may someday benefit transplant patients, and how Miromatrix is aligned with AOPO.

我們在美國移植大會上進行了演講，並憑藉mirokidney海報榮獲“大會最佳獎”。美國國家腎臟基金會邀請我們參加他們的創新日活動，重點介紹腎衰竭患者的創新解決方案。器官採購組織協會也邀請我們參加他們的年會，討論生物工程器官未來如何造福移植患者，以及Miromatrix如何與AOPO合作。

We also had a manuscript published in Frontiers in Bioengineering and Biotechnology titled sustained in vivo perfusion of a re-endothelialized tissue engineered kidney graft in a human-scale animal model, that demonstrated how a bioengineered kidney graft could maintain patency with consistent blood flow. Those results established a foundational platform for our ongoing research and to add to our growing body of evidence and the potential of using bioengineered kidneys as an alternative to human allograft kidney.

我們也在《生物工程與生物技術前沿》雜誌上發表了一篇題為《在人類動物模型中持續體內灌注再內皮化組織工程腎移植物》的論文，該論文展示了生物工程腎移植物如何保持通暢並持續血流。這些結果為我們正在進行的研究奠定了基礎平台，並豐富了我們不斷增長的證據庫，並拓展了使用生物工程腎臟替代人類同種異體移植腎臟的潛力。

Amidst all of this activity, our Medical Director, Dr. Jack Lake was presented a Lifetime Achievement Award by the American Transplant Congress, which really capped off a busy and rewarding second quarter. So I'd like to extend my congratulations to Dr. Lake for being acknowledged by the transplant community and a key thought leader in the industry.

在所有這些活動中，我們的醫學總監傑克·萊克博士榮獲美國移植大會頒發的“終身成就獎”，這為忙碌而富有成效的第二季度畫上了圓滿的句號。因此，我要向萊克博士表示祝賀，祝賀他獲得移植界的認可，並成為業界重要的思想領袖。

Looking forward to the rest of the year, we will be presenting at ARM's Tissue Engineering and Therapeutic (sic - Therapeutics) workshop and ASN's Kidney Week, and finally, AASLD's Liver Meeting. These upcoming high-profile events should sequence well with our responses to the FDA from miroliverELAP.

展望今年剩下的時間，我們將出席ARM的組織工程與治療（原文如此，指治療）研討會、ASN的腎臟週，以及AASLD的肝臟會議。這些即將舉行的高調活動，應該與我們就miroliverELAP對FDA的回應相得益彰。

Now we'll turn the call over to Jim Douglas, our Chief Financial Officer, to discuss our financial results.

現在我們將電話轉給財務長吉姆道格拉斯 (Jim Douglas)，討論我們的財務表現。

Thank you, Jeff. We finished the second quarter of 2023 with unrestricted cash and investments totaling $20.4 million, which we believe is sufficient to operate our business through the second quarter of 2024. Additionally, we received cash payments for $457,000 of the $527,000 employee retention credit receivable subsequent to the second quarter, and the remaining amount has been confirmed for upcoming receipt by the IRS.

謝謝傑夫。截至2023年第二季度，我們持有的非限制性現金和投資總額為2,040萬美元，我們相信這筆資金足以支持我們營運到2024年第二季。此外，我們在第二季之後收到了52.7萬美元員工保留抵免額中的45.7萬美元現金，剩餘款項已確認將由美國國稅局（IRS）支付。

Moving to the income statement, operating loss was $6.7 million and $14.8 million for the three- and six-month periods ended June 30, 2023, respectively, as compared to $8.2 million and $15.4 million for the three- and six-month periods ended June 30, 2022, respectively. The decrease in operating loss for comparable periods was primarily attributable to decreased research and development lab supply costs.

再來看損益表，截至2023年6月30日的三個月和六個月期間，營運虧損分別為670萬美元和1480萬美元，而截至2022年6月30日的三個月和六個月期間，營運虧損分別為820萬美元和1540萬美元。可比較期間營運虧損的減少主要歸因於研發實驗室供應成本的下降。

Net loss was $6.5 million or $0.24 per share and $14 million or $0.56 per share for the three and six months ended June 30, 2023, respectively, as compared to $8.2 million or $0.40 per share and $15.4 million or $0.75 per share for the three and six months ended June 30, 2022, respectively. The decrease in net loss for comparable periods was primarily attributable to decreased research and development lab supply costs, in addition to one-time employee retention credits totaling $527,000 that was recorded as other income in the first quarter of 2023.

截至2023年6月30日的三個月和六個月，淨虧損分別為650萬美元（合每股0.24美元）和1400萬美元（合每股0.56美元），而截至2022年6月30日的三個月和六個月，淨損分別為820萬美元（合每股0.40萬美元）和1550.7540.750萬美元）。可比期間淨虧損的減少主要歸因於研發實驗室供應成本的減少，以及2023年第一季計入其他收入的總計52.7萬美元的一次性員工留任抵免。

With that, I will turn the call back over to the operator to open the line for questions.

說完這些，我將把電話轉回給接線生，以便解答疑問。

(Operator Instructions) Alex Nowak, Craig-Hallum.

（操作員指示）Alex Nowak，Craig-Hallum。

Okay, great. Good afternoon, everyone. Sounds like the biocomp study is wrapping up here at the end of the month. The animal study potentially maybe ends in September. Those are my own words. So maybe, if you -- could you resubmit to the FDA by the end of September, early October? What are your thoughts there?

好的，太好了。各位下午好。聽起來生物複合材料研究將在月底結束。動物研究可能在九月結束。以上是我之前的說法。所以，如果您能在九月底或十月初之前重新向FDA提交申請，您覺得怎麼樣？

Yeah, Alex, thanks for the question. As we highlighted in the call, really happy with the progress that we made on the two lead long poles of the tent that we've been working on. And as you highlighted, really excited that the biocomp will wrap up by the end of this month.

是的，亞歷克斯，謝謝你的提問。正如我們在電話會議中所強調的那樣，我們對帳篷兩根鉛桿的製作進展感到非常高興。正如你所強調的那樣，生物複合材料的製作將在本月底完成，我們對此感到非常興奮。

Happy to report that everything that we've tested so far has passed. There weren't many surprises there, but it's good to get the passing grades on those as well. So we're just remaining on two additional tasks that are scheduled to come in at the end of the month.

很高興地報告，到目前為止我們測試的所有科目都通過了。雖然沒有太多驚喜，但這些科目也都及格了，這很好。所以我們只剩下兩個計劃在月底交付的額外任務了。

On the preclinical safety side, as we highlighted, there's eight animals that make up that total cohort. Excited to report that seven of those are completed. We have one test animal to complete, and then that's ready to go out to the pathologist and get the final report to be able to submit that.

在臨床前安全性方面，如我們所強調的，研究組共有8隻動物。我們很高興地報告，其中7隻動物的實驗已經完成。我們還有一隻動物實驗要完成，之後就可以交給病理學家，取得最終報告並提交。

So if you look at the timing associated with that, certainly aren't going to provide additional guidance on that. I think our guidance is still the second half of this year. But I think the reassuring thing is that those tests are going well, and looking forward to that data coming in. So we can submit a very strong response at the FDA.

所以，如果考慮到時間安排，我們肯定不會提供額外的指導。我認為我們的指導時間仍然是今年下半年。但我認為令人放心的是，這些測試進展順利，我期待數據的到來。這樣我們就可以向FDA提交一份非常有力的回應。

That is very helpful, Jeff. Appreciate it. With regards to the preclinical animal study, the problem in the past was the pig model that you had to rely upon. And I think you had to engineer a unique pig model for the new preclinical study. Can you maybe speak to how that new animal model ultimately -- how did it fare with the seven out of the eight pigs so far? Were you pretty happy with those results?

傑夫，這很有幫助，非常感謝。關於臨床前動物研究，過去的問題在於你必須依賴豬模型。我認為你必須為新的臨床前研究設計一個獨特的豬模型。你能不能談談這個新的動物模型最終效果如何？到目前為止，它在八頭豬中的七頭上表現如何？你對這些結果還滿意嗎？

Yeah. As you highlighted and we've highlighted in the past, I mean, our biggest complication was really coming up with a model where you could deliver this life-saving new type of technology. But to be able to do that, you got to mobilize the pig for a duration of time. And that was really the challenge in our initial study where we saw high levels of mortality associated with it. So even inside the control, which is just being anesthetized, we saw fallout in the study of that.

是的。正如你所強調的，以及我們過去也強調的，我們最大的難題在於如何設計一個模型來應用這種拯救生命的新技術。但要做到這一點，你必須讓豬活動一段時間。這在我們最初的研究中確實是一個挑戰，我們發現與之相關的死亡率很高。所以，即使在對照組中，也就是僅僅麻醉的實驗中，我們也看到了研究結果的負面影響。

Happy to report that preclinical team here has done a phenomenal job of really redesigning that study and working with veterinarians, working with thought leaders to be able to come up with the solution. And we really tested that in various pilot studies and proved that out. So we are able to roll that out.

很高興地告訴大家，我們的臨床前團隊在重新設計這項研究方面做得非常出色，並與獸醫和思想領袖合作，最終找到了解決方案。我們在各種試點研究中進行了測試，並證明了這一點。因此，我們能夠推廣這項技術。

And as part of our ongoing, we have not lost any animals prior to the termination of the study itself, when everything is up and running. We've still had some minor complications associated with things that you normally see in a preclinical study. like a catheter coming loose or something like that. That is really excluded. It's part of your cohorts. But when the therapy is actually being delivered in the new model, it's been incredibly stable, which gives us a lot of confidence to be able to round out this last test subject and move forward with the dataset.

作為我們持續研究的一部分，在研究結束前，也就是一切正常運作之前，我們並沒有失去任何動物。我們仍然遇到了一些與臨床前研究中常見的情況相關的輕微併發症，例如導管鬆動之類的。這些情況實際上被排除在外了。這是隊列研究的一部分。但當治療在新模型中實際實施時，它表現得非常穩定，這給了我們很大的信心，讓我們能夠完成最後一個測試對象，並繼續推進數據集的構建。

Okay, excellent. Good to hear. Maybe speak to the activities that you're doing underway on the clinical trial sites and getting transplant centers interested and ready to perform the first-in-human study. Have you picked the first site yet?

好的，太好了。很高興聽到這個消息。或許可以談談你們在臨床試驗點正在進行的活動，以及你們如何吸引移植中心對首次人體試驗感興趣並做好準備。你們已經選定第一個試驗點了嗎？

We have. As we talked about on our last earnings call the list of activity associated with that. We see high level of interest within the clinical community to be part of our clinical study. So we've now whittled that list down to eight. We've prequalified at least five clinical sites that would be ready to go once we receive our IND clearance. And prioritizing those out of the gates, we have eight that are additional, to me, that are lined up ready to go as well. But what we're really trying to evaluate is what are the clinical sites where we can be activated as soon as possible because we know there's going to be a lot of excitement and demand for this therapy once our IND is cleared.

我們已經啟動了。正如我們在上次財報電話會議上討論的，我們列出了一系列相關活動。我們看到臨床界對參與我們臨床研究表現出濃厚的興趣。因此，我們現在已經將名單縮減到八個。我們已經對至少五個臨床研究中心進行了資格預審，一旦獲得IND批准，它們就可以投入使用。除了那些已經啟動的研究中心外，我們還有八個額外的研究中心，對我來說，它們也準備就緒。但我們真正想評估的是，哪些臨床研究中心可以盡快啟動，因為我們知道，一旦我們的IND獲得批准，人們將會對這種療法產生濃厚的興趣和需求。

Excellent. Maybe just last question goes to The Lancet. Last month, had a full write-up on the cardiac renal transplantation that happened about a year ago or so. As you've reviewed the case study there, how does that influence your view around Miromatrix approach to organ development versus the renal transplant approach? What are you hearing in the industry now?

太好了。最後一個問題可以問《刺胳針》。上個月，《柳葉刀》對大約一年前發生的心臟腎臟移植手術進行了全面報導。您之前回顧了該病例，這對您對 Miromatrix 器官發育方法和腎臟移植方法的看法有何影響？現在在業界聽到了什麼？

I think it still highlights the importance of the process that we're undertaking and going forward with. And I think it highlights two things with the bioengineered organ approach that we've highlighted before. And one is because we've already commercialized the matrix itself. And as part of our deceleration process, we had viral clearance. So the side and the safety side from the from the porcine virus standpoint, we feel we've already addressed that.

我認為這仍然凸顯了我們正在進行和推進的流程的重要性。我認為這也凸顯了我們之前強調過的生物工程器官方法的兩點。一是因為我們已經將基質本身商業化了。而且，作為我們病毒減慢過程的一部分，我們已經進行了病毒清除。因此，從豬病毒的角度來看，我們認為我們已經解決了安全性問題。

And the other big unknown and Lancet article looks at that as well as immunosuppression. As we look at our therapy and the bioengineered approach, we're a recellularizing with allogeneic human cells. So we believe that our immunosuppression protocol will be similar to the gold standard that's used today as part of cadaveric and organ donation today.

另一篇重要的未知領域文章，《刺胳針》也探討了免疫抑制以及免疫療法。我們研究的療法和生物工程方法，是利用同種異體人類細胞進行再細胞化。因此，我們相信，我們的免疫抑制方案將與目前屍體和器官捐贈中使用的黃金標準相似。

So I think it was helpful to see -- highlight how that case had gone forward, but some of the challenges associated with that, that I see more on the technology side that needs to be solved on the [xeno] side. And I think our bioengineered organ approach has really addressed those risks well, as we move forward.

所以我認為，了解該案的進展很有幫助，但我認為與之相關的一些挑戰更多是在技術層面，需要在異種移植方面得到解決。我認為，隨著我們不斷推進，我們的生物工程器官方法確實很好地解決了這些風險。

So again, that's why the focus that we talked about before, the importance of ELAP as our first product and then the re-through to the fully transplantable organ platform is that's really our first opportunity to start to demonstrate that with a bioengineered organ, which we believe then opens up the opportunity for our fully transplantable programs to continue forward.

所以，這就是我們之前談到的重點，ELAP 作為我們的第一個產品的重要性，然後重新進入完全可移植器官平台，這實際上是我們第一次有機會開始用生物工程器官來展示這一點，我們相信這將為我們的完全可移植項目繼續向前發展開闢機會。

Absolutely. All right. Well, appreciate the update. Thank you.

當然。好的。好的，感謝您的更新。謝謝。

Absolutely. Thanks, Alex.

當然。謝謝，亞歷克斯。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Please go ahead.

請繼續。

Hey, this is Phil on for Matt. Thanks for taking my questions. Just one or two for us. The first one being, Jeff, new role -- I guess, old role just doubled up here. Can you give us your put-and-takes on stepping back into this role and how you're going to double up the CEO's -- Head of Research there, R&D? Thank you.

嘿，我是菲爾，接替馬特。謝謝你回答我的問題。我只想問一兩個問題。第一個問題是，傑夫，你的新職位——我想，是舊職位——在這裡又兼任了。你能談談你重新擔任這個職位的感受嗎？你打算如何兼任執行長、研發主管和研發部門的職務？謝謝。

Yeah, appreciate the question, Phil. `That was partially a natural transition. As you have highlighted before, my background is strong at the technical side and [came] from the R&D side. So as we really started focusing on where we needed to go forward as we focused on ELAP, that really was a natural transition to be able to bring that role back in and really be able to focus at -- that allows us a lot of focus as a company. With that said, things continue to go very well from that standpoint.

是的，感謝你的提問，菲爾。 「這在某種程度上是一個自然的過渡。正如你之前強調的，我的技術背景很強，而且來自研發部門。所以，當我們真正開始關注ELAP的未來發展方向時，能夠重新擔任這個職位，並真正集中精力，這真的是一個自然而然的過渡——這讓我們作為一家公司能夠更加專注。話雖如此，從這個角度來看，事情進展得非常順利。」

Makes sense. And my final one just being, you presented three posters at ATC, Association of Organ Procurement Organizations, et cetera, et cetera. Just how is interest building over time and what are doc saying?

很有道理。我最後一個問題是，你在器官獲取組織協會（ATC）等等會議上展示了三張海報。隨著時間的推移，大家對你的關注度是如何成長的？醫生怎麼說的？

Yeah, I mean it's exciting to go to those conferences and see the excitement around the technology and start to open up the opportunity to think about what the future could look like with these types of organs going forward. I think as we look at ATC, I think the community was certainly, say, surprised or impressed with the level and the quality of data that was put forth on the renal side, not only showing the revascularization sustained ability to fuse the organ, but also some of the stuff that we're starting to show on the protein retention and the filtration effect of the recellularized kidney that we've started to release that data out. So I think from that standpoint, that community continues to be impressed and surprised with the progress that we continue to make.

是的，參加這些會議，看到人們對這項技術的熱情，並開始有機會思考這類器官的未來發展方向，真是令人興奮。我認為，就ATC而言，業界肯定對腎臟方面數據的水平和品質感到驚訝或印象深刻，這些數據不僅展示了血管重建技術持續融合器官的能力，還展示了我們開始發布的關於再細胞化腎臟的蛋白質滯留和過濾效果的一些數據。所以，我認為從這個角度來看，業界對我們不斷取得的進展持續感到驚嘆和印象深刻。

Glad to hear it. And congrats again on all the progress made in the quarter.

很高興聽到這個消息。再次恭喜你本季取得的所有進展。

Thanks a lot.

多謝。

This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。現在您可以斷開連線了。