MaxCyte Inc (MXCT) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the MaxCyte second quarter earnings conference call. (Operator Instructions) Today's conference is being recorded.

您好，感謝您的支持。歡迎參加 MaxCyte 第二季財報電話會議。（操作員指示）今天的會議正在錄製。

I would now like to hand the conference over to your first speaker today, [Eric Abdal], Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言人，投資者關係部的 [Eric Abdal]。請繼續。

Good afternoon, everyone. Thank you for participating in today's conference call. Joining me on the call from MaxCyte, we have Maher Masoud, President and Chief Executive Officer; and Doug Swirsky, Chief Financial Officer.

大家下午好。感謝您參加今天的電話會議。與我一起參加 MaxCyte 電話會議的還有總裁兼執行長 Maher Masoud 和財務長 Doug Swirsky。

Earlier today, MaxCyte released financial results for the second quarter ended June 30, 2025. A copy of the press release is available on the company's website.

今天早些時候，MaxCyte 發布了截至 2025 年 6 月 30 日的第二季財務業績。新聞稿副本可在該公司網站上查閱。

Before we begin, I need to read the following statement. Statements or comments made during this call may be forward-looking statements within the meaning of federal securities laws. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements.

在我們開始之前，我需要閱讀以下聲明。本次電話會議中發表的聲明或評論可能是聯邦證券法所定義的前瞻性聲明。本次電話會議中包含的任何與未來事件、結果或表現的預期或預測有關的陳述均為前瞻性陳述。

Actual results may differ materially from those expressed or implied in any forward-looking statements due to a variety of factors, which are discussed in detail in our SEC filings. Except as required by applicable law, the company has no obligation to publicly update any forward-looking statements, whether because of new information, future events or otherwise.

由於各種因素，實際結果可能與任何前瞻性陳述中表達或暗示的結果有重大差異，這些因素在我們提交給美國證券交易委員會的文件中進行了詳細討論。除適用法律要求外，本公司沒有義務公開更新任何前瞻性聲明，無論是由於新資訊、未來事件或其他原因。

And with that, I will turn the call over to Maher.

說完這些，我會把電話轉給馬希爾。

Thank you, Eric. Good afternoon, everyone, and thank you for joining MaxCyte's second quarter 2025 earnings call. MaxCyte reported financial results that were in line with our expectations in the second quarter.

謝謝你，埃里克。大家下午好，感謝您參加 MaxCyte 2025 年第二季財報電話會議。MaxCyte 公佈的第二季財務業績符合我們的預期。

To cover the highlights, we sustained growth in a difficult end market. We also recently signed two new strategic platform licenses with Anocca AB and Adicet Bio, bringing the total number of new SPLs this year to three. We continue to focus on investing in the business with discipline, while positioning the company to achieve profitability with our existing capital.

為了涵蓋亮點，我們在困難的終端市場中保持了成長。我們最近還與 Anocca AB 和 Adicet Bio 簽署了兩項新的戰略平台許可，使今年新的 SPL 總數達到三個。我們將繼續專注於有紀律地投資業務，同時利用現有資本使公司獲利。

And lastly, we progressed well on the integration of SeQure Dx, which is a substantial long-term opportunity for MaxCyte. Despite what was a strong first half of the year, short-term external headwinds have begun to impact our expectations for growth in the second half. First, in recent months, we faced a decrease in spending at a large SPL partner customer related to PA inventory management and reorganization of manufacturing operations impacting leases.

最後，我們在 SeQure Dx 的整合方面取得了良好的進展，這對 MaxCyte 來說是一個巨大的長期機會。儘管上半年表現強勁，但短期外部不利因素已開始影響我們對下半年成長的預期。首先，最近幾個月，我們面臨一家大型 SPL 合作客戶在 PA 庫存管理和製造業務重組方面的支出減少，這影響了租賃。

Second, we have seen some customers rationalize programs and wind down operations internally, which has resulted in lower expectations for PA and licenses revenue. Last, we have seen continued capital equipment purchasing hesitancy from customers related to the uncertain funding and regulatory environment in cell therapy. Taking these factors into account, we are lowering our core revenue guidance range for 2025.

其次，我們看到一些客戶在內部合理化計劃並逐步減少運營，這導致對 PA 和許可收入的預期降低。最後，我們發現客戶對購買資本設備仍然猶豫不決，這與細胞療法的資金和監管環境不確定有關。考慮到這些因素，我們下調了 2025 年的核心收入預期範圍。

To walk you through our updated guidance, we now expect core business revenue, which does not include SPL program-related revenue to be flat to down 10% in 2025, representing approximately $29.5 million to $32.5 million in 2025 revenue compared to $32.5 million in 2024. This compares to our previous guidance range of 8% to 15% growth or approximately $35 million to $37 million. Both ranges include approximately $2 million in revenue from SeQure Dx, which we continue to expect.

為了向您介紹我們的最新指導，我們現在預計核心業務收入（不包括 SPL 計劃相關收入）到 2025 年將持平或下降 10%，即 2025 年收入約為 2950 萬美元至 3250 萬美元，而 2024 年為 3250 萬美元。相較之下，我們先前預期的成長範圍為 8% 至 15%，約 3,500 萬至 3,700 萬美元。這兩個範圍都包括來自 SeQure Dx 的約 200 萬美元收入，我們將繼續期待這筆收入。

The change in the guidance midpoint is $5 million relative to our previous plan. The first factor in the guidance reduction is about $1.5 million in PAs relative to our prior plan. Half of this is a result of inventory management at the previously mentioned customer and the other half is related to softness across other preclinical and clinical customers due to program consolidation.

相對於我們先前的計劃，指導中點的變化為 500 萬美元。與我們之前的計劃相比，指導減少的第一個因素是 PA 約 150 萬美元。其中一半是由於前面提到的客戶的庫存管理所致，另一半則與專案整合導致的其他臨床前和臨床客戶的疲軟有關。

Additionally, about $2 million of the guidance reduction is related to licenses relative to our prior plan. About a quarter of licenses impact was from our largest customer reorganizing manufacturing operations and about three-fourths is related to other clinical customers consolidating programs or shutting down operations. The remaining $1.5 million of the guidance cut is related to softness in instruments, as customers remain hesitant with capital equipment purchases.

此外，與我們之前的計劃相比，指導金額中約有 200 萬美元與許可證有關。約四分之一的許可證影響來自我們最大的客戶重組製造業務，約四分之三的許可證影響與其他臨床客戶合併計劃或關閉業務有關。剩餘的 150 萬美元指導削減與儀器疲軟有關，因為客戶對購買資本設備仍猶豫不決。

As we look forward, we have had detailed discussions with this customer and can confirm that this is not a movement away from our platform or changes in the outlook for their therapeutic. We are working with the customer to determine the timing of future purchases as they continue to optimize their manufacturing network.

展望未來，我們已經與該客戶進行了詳細的討論，並可以確認這不會改變我們的平台或他們的治療前景。隨著客戶不斷優化其製造網絡，我們正在與客戶合作確定未來採購的時間。

While we are disappointed in the change in expectations for this year, we remain confident in the value proposition that MaxCyte offers to the cell and gene therapy industry. And based on the current opportunities in the pipeline, we expect to return back to growth in 2026, with such growth, including continued growth in Asia Pacific, an increasing number of clinical programs utilizing our platform and the launch of a new platform later this year that we believe will add to our top line growth.

雖然我們對今年預期的變化感到失望，但我們仍然對 MaxCyte 為細胞和基因治療行業提供的價值主張充滿信心。根據目前籌備中的機會，我們預計 2026 年將恢復成長，包括亞太地區的持續成長、利用我們平台的臨床項目數量的增加以及今年稍後推出的新平台，我們相信這會增加我們的收入成長。

To cover our second quarter financial results and developments in more detail, we reported $8.5 million in total revenue, which included core revenue of $8.2 million and SPL program-related revenue of $0.3 million, which was in line with our expectations.

為了更詳細地介紹我們第二季的財務表現和發展情況，我們報告的總收入為 850 萬美元，其中包括核心收入 820 萬美元和 SPL 計畫相關收入 30 萬美元，這符合我們的預期。

Within the core business, instrument installed base grew to 814 as of June 30, with instrument revenue of $2.1 million in the second quarter, which grew 22% year-over-year. While the capital equipment spending environment has not fully recovered, we are optimistic about the improved growth in instrument sales.

在核心業務中，截至 6 月 30 日，儀器安裝基數成長至 814，第二季儀器收入為 210 萬美元，較去年同期成長 22%。儘管資本設備支出環境尚未完全恢復，但我們對儀器銷售成長的改善持樂觀態度。

License revenue was $2.6 million, which was flat year-over-year. PA or processing assembly revenue increased 5% year-over-year, stepping down slightly from recent quarters. License and PA revenue were impacted by some customers consolidating programs.

授權收入為 260 萬美元，與去年同期持平。PA 或加工組裝收入年增 5%，較最近幾季略有下降。一些客戶合併計劃影響了許可證和 PA 收入。

Turning to the SPL program-related line, revenue was $0.3 million in the quarter, representing revenue primarily from CASGEVY commercial royalties as we had not recognized any milestones during the quarter.

談到 SPL 計畫相關線路，本季營收為 30 萬美元，主要來自 CASGEVY 商業特許權使用費的收入，因為我們在本季沒有確認任何里程碑。

During Vertex's second quarter earnings call, they highlighted the positive momentum they have seen with CASGEVY worldwide with an acceleration in patient initiations, cell collections and number of patients completing their treatment journey.

在 Vertex 第二季度財報電話會議上，他們強調了 CASGEVY 在全球範圍內呈現的積極勢頭，患者入組、細胞採集和完成治療的患者數量均有所增加。

Vertex points to the progress they are making in 2025 as well as the growth CASGEVY positions them for in 2026, and they have met their goal of authorized treatment centers or ATCs with more than 75 ATCs activated globally.

Vertex 指出了他們在 2025 年取得的進展以及 CASGEVY 在 2026 年為他們定位的增長，並且他們已經實現了授權治療中心或 ATC 的目標，在全球範圍內激活了超過 75 個 ATC。

We are encouraged by their continued investment in their ATC network to be able to support the launch of this critical product. There are now 115 patients who have completed cell collection, with 29 patients now having completed their patient journey, which includes 16 in the second quarter, equating to $30 million of revenue for the second quarter for Vertex. Additionally, 250 patients have now been referred by physicians to activate treatment centers to initiate treatment.

我們很高興看到他們持續投資於 ATC 網絡，以支持這項關鍵產品的推出。目前已有 115 名患者完成細胞採集，其中 29 名患者已完成治療旅程，其中包括第二季度的 16 名患者，相當於 Vertex 第二季度的收入為 3,000 萬美元。此外，目前已有 250 名患者被醫生轉診至治療中心開始治療。

As patients initiations and cell collections continues to ramp, Vertex expects commensurate increases in infusions, but noted that because the timing of infusions is predicated on patient scheduling choices, there may be revenue variability from quarter-to-quarter. We continue to believe that CASGEVY interest and demand remains very high around the globe, and we are very excited by the truly transformative nature of the treatment.

隨著患者入院和細胞收集的不斷增加，Vertex 預計輸液量也將相應增加，但他指出，由於輸液時間取決於患者的安排選擇，因此每季的收入可能會有所不同。我們始終相信，全球對 CASGEVY 的興趣和需求仍然很高，並且我們對該療法的真正變革性質感到非常興奮。

Over the last week, we were excited to sign two new SPL agreements with Adicet Bio and Anocca AB, bringing our total number of SPL agreements to 31. Adicet Bio, who is working to develop allogeneic gamma delta T cell therapies for cancer and autoimmune diseases will utilize our ExPERT platform to expand their manufacturing capabilities to include non-viral gene editing delivery.

上週，我們很高興與 Adicet Bio 和 Anocca AB 簽署了兩項新的 SPL 協議，使我們的 SPL 協議總數達到 31 份。Adicet Bio 致力於開發用於治療癌症和自體免疫疾病的同種異體伽馬德爾塔 T 細胞療法，它將利用我們的 ExPERT 平台擴展其製造能力，包括非病毒基因編輯傳遞。

We are also excited to be supporting Anocca AB, a T cell immunotherapy company developing a deep pipeline of T cell receptor engineered therapies or TCRs. MaxCyte's platform will provide both companies with technical, scientific and regulatory support as they advance their pipelines and missions forward.

我們也很高興能夠支持 T 細胞免疫療法公司 Anocca AB，該公司正在開發一系列 T 細胞受體工程療法或 TCR。MaxCyte 的平台將為兩家公司提供技術、科學和監管支持，以幫助它們推進其管道和任務。

We view these new SPL signings and our continued ability to grow instrument placements in a difficult environment as a testament to the resilience of our platform as a critical manufacturing tool for advanced therapies.

我們認為這些新的 SPL 簽約以及我們在困難環境中持續增加儀器配置的能力證明了我們的平台作為先進療法關鍵製造工具的韌性。

To provide a better understanding of our SPL portfolio, we've added a new deck to our Investor Relations website, which we hope you will look through, highlighting the SPLs in our portfolio and their current clinical programs and progress.

為了讓您更了解我們的 SPL 投資組合，我們在投資者關係網站上添加了一個新的平台，希望您能瀏覽一下，重點介紹我們投資組合中的 SPL 及其當前的臨床計劃和進展。

Our business model remains strong as we're continuing to sign new SPLs that will provide value over the near, mid and long term, and our existing customer base continues to advance their respective research and clinical programs.

我們的商業模式仍然強勁，因為我們將繼續簽署新的 SPL，這些 SPL 將在短期、中期和長期內提供價值，並且我們現有的客戶群將繼續推進各自的研究和臨床項目。

As it stands today, 14 of our SPL clients have active programs in the clinic, while others are working on earlier programs. We are supporting a total of 18 active clinical programs, which is consistent with the beginning of the year. Given the dynamic environment this year, four clinical programs shut down, but four new programs entered the clinic, which is a testament to our strong business model.

目前，我們的 14 位 SPL 客戶在診所中開展了活躍的項目，而其他客戶正在進行早期的項目。我們總共支持 18 個活躍的臨床項目，這與年初的情況一致。鑑於今年的動態環境，四個臨床項目關閉，但四個新項目進入診所，證明了我們強大的商業模式。

We expect that at times, some of our SPL customers will rationalize programs, but our highly differentiated platform and unparalleled scientific support allows us to sign new SPLs, thereby continually increasing the number of clinical programs we support.

我們預計，有時我們的一些 SPL 客戶會合理化計劃，但我們高度差異化的平台和無與倫比的科學支援使我們能夠簽署新的 SPL，從而不斷增加我們支持的臨床計劃數量。

Some of the 18 programs we support have also progressed further along in the clinic so far this year. To highlight the progress, 5 of the current 18 clinical programs are set to enter pivotal studies in the next 6- to 18 months.

今年到目前為止，我們支持的 18 個項目中的一些在臨床上也取得了進一步的進展。為了突顯進展，目前 18 個臨床項目中的 5 個將在未來 6 到 18 個月內進入關鍵研究。

As I mentioned, while programs can fail or be slowed and deprioritized, that is the nature of the industry and built into our business model. We continue to sign new SPLs and have seen recent SPL signs result in new programs moving into clinical development.

正如我所提到的，雖然專案可能會失敗、進展緩慢或被降低優先級，但這是行業的本質，並且已融入我們的商業模式。我們繼續簽署新的 SPL，並且看到最近的 SPL 簽署導致新專案進入臨床開發階段。

Since the IPO, the number of MaxCyte SPL agreements and active clinical programs supported has grown substantially, and we've continued to see diversification in our clinical revenue compared to just a few years ago, with trials across a vast number of our SPLs such as for blood cancer, solid tumor, genetic diseases, neurodegenerative diseases and autoimmune diseases. Our differentiated platform, leading support, engineering know-how and FDA master file have positioned MaxCyte to continue to sign three- to five SPLs a year for the foreseeable future.

自 IPO 以來，MaxCyte SPL 協議和支持的活躍臨床項目數量大幅增長，與幾年前相比，我們的臨床收入繼續呈現多樣化，我們的試驗涉及大量 SPL，例如血癌、實體瘤、遺傳疾病、神經退化性疾病和自體免疫疾病。我們差異化的平台、領先的支援、工程技術以及 FDA 主文件使得 MaxCyte 在可預見的未來能夠繼續每年簽署三到五份 SPL。

As we look beyond CASGEVY as the second wave of potential therapies coming to market, MaxCyte supports five clinical programs that are expected to enter pivotal studies in the next 6- to 18 months and could be approved and launched in 2027 and 2028. Such approvals all provide us participation in the economics in the form of royalties, annual license fees and significant expansion of processing assembly use.

當我們將 CASGEVY 視為即將上市的第二波潛在療法時，MaxCyte 支持的五個臨床項目預計將在未來 6 到 18 個月內進入關鍵研究，並可能在 2027 年和 2028 年獲得批准和推出。所有這些批准都使我們能夠以特許權使用費、年度許可費和加工組裝用途的大幅擴展等形式參與經濟活動。

Our ability to disclose and discuss these programs is limited by confidential agreements with our customers. However, on slide 8 of the new deck, we've detailed the five programs across five SPLs, CRISPR Therapeutics, Wugen, Imugene, Caribou and one undisclosed SPL that we believe to enter pivotal studies within this time frame.

我們揭露和討論這些計劃的能力受到與客戶達成的保密協議的限制。然而，在新簡報的第 8 張投影片上，我們詳細介紹了五個 SPL 中的五個項目，即 CRISPR Therapeutics、Wugen、Imugene、Caribou 和一個未公開的 SPL，我們相信這些項目將在此時間範圍內進入關鍵研究。

We also support 13 programs currently in Phase I, which we believe have potential approvals beyond 2028 and another 19 programs currently in preclinical development with launch potential in 2032 and beyond.

我們也支持目前處於第一階段的 13 個項目，我們相信這些項目有可能在 2028 年後獲得批准，另外還有 19 個項目目前處於臨床前開發階段，有可能在 2032 年及以後推出。

As you know, not every program will make it to FDA approval. However, we capture value from both successful programs and programs that do not achieve their endpoints. As we add SPLs and our existing SPLs bring more programs to the clinic, the opportunity set will continue to grow.

如您所知，並非每個項目都能獲得 FDA 批准。然而，我們既從成功的項目，也從未實現其目標的項目中獲取價值。隨著我們增加 SPL，並且我們現有的 SPL 為診所帶來更多項目，機會集將繼續增長。

Turning to our cell and gene therapy services, formerly under a subsidiary SeQure Dx, which we have now merged into MaxCyte. We are pleased with the performance of the business so far this year, remaining on track to meet our annual revenue expectation, and we are seeing good traction in booking projects.

談到我們的細胞和基因治療服務，以前隸屬於子公司 SeQure Dx，現在我們已將其合併到 MaxCyte。我們對今年迄今為止的業務表現感到滿意，業務仍有望達到我們的年度收入預期，並且我們在預訂項目方面也看到了良好的發展勢頭。

Since the acquisition earlier this year, we have been successfully integrating these services into MaxCyte. The three assays available through SeQure Dx, screening, nomination and confirmation are available to both ex vivo and in vivo therapy developers at different stages in development, starting in the discovery stage through preclinical development and IND-enabling studies.

自今年稍早收購以來，我們已成功將這些服務整合到 MaxCyte 中。SeQure Dx 提供的三種檢測方法，即篩選、提名和確認，可供體外和體內治療開發人員在開發的不同階段使用，從發現階段開始，到臨床前開發和 IND 支持研究。

SeQure Dx provides a robust and efficient on and off-target assessment and decreases time to clinic and improves likelihood of program success. In the evolving cell and gene therapy industry, safety has become increasingly important from a regulatory perspective and SeQure's gene editing risk assessment services align with regulatory guidance from the FDA and other agencies.

SeQure Dx 提供強大且高效的標靶和脫靶評估，縮短臨床時間並提高專案成功的可能性。在不斷發展的細胞和基因治療行業中，從監管角度來看，安全性變得越來越重要，而 SeQure 的基因編輯風險評估服務符合 FDA 和其他機構的監管指導。

We've seen positive momentum in the adoption of SeQure's technology in clinical studies. For instance, ONE-seq, a technology invented by SeQure Dx and GUIDE-seq, a technology invented by Mass General Hospital and licensed exclusively to SeQure Dx were both used in the gene editing risk assessments performed by Children's Hospital of Philadelphia and Penn and the first of-its-kind personalized gene editing therapy approved by regulators and administered to the infant KJ for a rare genetic disease, which has received national coverage.

我們看到 SeQure 技術在臨床研究中的應用呈現出正面的動能。例如，SeQure Dx 發明的 ONE-seq 技術以及麻省總醫院發明並獨家授權給 SeQure Dx 的 GUIDE-seq 技術均被用於費城和賓夕法尼亞兒童醫院進行的基因編輯風險評估，以及首個經監管機構批准的個性化基因編輯療法，該療法應用於嬰兒 KJ，用於治療一種罕見遺傳病，並已獲得國家保醫。

We believe that the opportunity for SeQure Dx is very large and not just in rare disease. SeQure Dx offers both off-target and off-target analysis to support gene knockouts and gene insertions in advanced therapies. The assays support early development to IND filings for both in vivo and ex-vivo therapies, and we expect SeQure's addressable market to be the entire field of modified cell and gene therapies.

我們相信 SeQure Dx 的機會非常大，而且不僅限於罕見疾病領域。SeQure Dx 提供脫靶和脫靶分析，以支持高級療法中的基因敲除和基因插入。這些檢測支持體內和體外治療的 IND 申請的早期開發，我們預計 SeQure 的目標市場將是整個改良細胞和基因治療領域。

We are very optimistic about the commercial uptake for SeQure Dx and believe that it has significant growth potential over the coming years. The sales pipeline so far this year is more than twice as much as it was heading into 2025.

我們對 SeQure Dx 的商業化前景非常樂觀，並相信它在未來幾年具有巨大的成長潛力。今年迄今的銷售量是 2025 年預期的兩倍多。

Despite what remains a challenging backdrop in cell and gene therapy, we see vast potential for these therapies to provide life-changing treatments to patients challenged with disease, a belief that is shared across the industry landscape of regulators, academics and drug developers.

儘管細胞和基因治療領域仍面臨諸多挑戰，但我們認為這些療法具有巨大潛力，可以為飽受疾病折磨的患者提供改變生活的治療，業內監管機構、學術界和藥物開發商都認同這一信念。

We were encouraged by the cell and gene therapy roundtable hosted by the FDA in June and subsequent commentary from leaders at the Department of Health and Human Services.

我們對 FDA 六月主辦的細胞和基因治療圓桌會議以及隨後由衛生與公眾服務部領導的評論感到鼓舞。

In our view, the message was clear. It has become apparent that cell and gene therapy is a priority at the agency. They support increasing the focus on curative therapies, while moving away from managing costly chronic diseases, they have committed to cell and gene therapy research and desire for payment reform and regulatory flexibility, and they have emphasized the need to accelerate cell and gene therapy development timelines.

我們認為，訊息很明確。顯然，細胞和基因治療是該機構的首要任務。他們支持加強對治癒性療法的關注，同時擺脫對昂貴慢性病的治療，他們致力於細胞和基因治療研究，並希望進行支付改革和監管靈活性，他們強調需要加快細胞和基因療法的發展時間表。

Over the long term, we share in the belief that cell and gene therapies have the potential to cure disease and reduce associated cost and patient burden. MaxCyte remains extremely well positioned to benefit for the growth of this industry over time.

從長遠來看，我們都相信細胞和基因療法具有治癒疾病並降低相關成本和患者負擔的潛力。MaxCyte 仍處於非常有利的地位，能夠從該行業的長期成長中受益。

Given the long-term belief we have in the industry, we continue to make disciplined investments to position the company for the future. Our organic investments continue to be in new products and product enhancements, while our inorganic investment focus has been on solving critical pain points in the industry as seen with SeQure Dx.

鑑於我們對該行業的長期信心，我們將繼續進行嚴謹的投資，為公司的未來做好準備。我們的有機投資繼續用於新產品和產品增強，而我們的無機投資重點則放在解決行業中的關鍵痛點，如 SeQure Dx 所見。

We are able to invest in our business given the strength of the balance sheet as well as our focus on driving growth with efficient and lean operations. Our management team is committed to carefully managing MaxCyte's financial health and continually evaluating ways to run our business more efficiently without sacrificing growth investments. With our existing balance sheet, MaxCyte expects to achieve profitability without additional capital needs.

鑑於資產負債表的強勁以及我們專注於透過高效精益營運推動成長，我們能夠對我們的業務進行投資。我們的管理團隊致力於精心管理 MaxCyte 的財務健康狀況，並持續評估在不犧牲成長投資的情況下更有效地經營業務的方法。憑藉現有的資產負債表，MaxCyte 預計無需額外的資本需求即可實現盈利。

To wrap up, I will highlight that we officially delisted from the AIM markets on June 26, following our Annual Meeting of Stockholders and are now solely listed on NASDAQ. We believe this was in the best interest of MaxCyte and our stakeholders. We are thankful to our UK shareholders for their continued support.

最後，我要強調的是，在我們的年度股東大會之後，我們於 6 月 26 日正式從 AIM 市場退市，目前僅在納斯達克上市。我們相信這符合 MaxCyte 和我們利害關係人的最佳利益。我們感謝英國股東的持續支持。

In summary, while I'm disappointed with the operational headwinds at our customers that have resulted in a reduced financial outlook for 2025, we are working diligently to build a growing and profitable business and position MaxCyte for the future.

總而言之，雖然我對客戶的營運阻力導致 2025 年財務前景下降感到失望，但我們正在努力建立一個不斷增長且盈利的業務，並為 MaxCyte 的未來做好準備。

My focus of growing MaxCyte with multiple product offerings, while improving operational efficiencies to reduce our annual burn to put us on track towards profitability remains solidly on track. We remain very optimistic and confident about MaxCyte's position in cell and gene therapy. And over time, we believe MaxCyte's platforms and SPL business model will benefit from the growth of the industry.

我的重點是透過多種產品來發展 MaxCyte，同時提高營運效率以減少我們的年度消耗，使我們走上獲利的軌道。我們對 MaxCyte 在細胞和基因治療領域的地位仍然非常樂觀和有信心。隨著時間的推移，我們相信 MaxCyte 的平台和 SPL 商業模式將受益於產業的成長。

With that, I will now turn the call over to Doug to discuss our financial results. Doug?

說完這些，我現在將電話轉給 Doug 來討論我們的財務表現。道格？

Thank you, Maher. Total revenue in the second quarter of 2025 was $8.5 million compared to $10.4 million in the second quarter of 2024, representing an 18% decline. Our milestone revenue remains lumpy from quarter-to-quarter, which can impact year-over-year comparisons in total reported revenue.

謝謝你，馬希爾。2025 年第二季總營收為 850 萬美元，而 2024 年第二季為 1,040 萬美元，下降了 18%。我們的里程碑收入每季之間仍然不穩定，這可能會影響報告總收入的年比比較。

We reported core revenue of $8.2 million compared to $7.6 million in the comparable prior year quarter, which represents growth of 8% year-over-year. Within core revenue, instrument revenue was $2.1 million compared to $1.8 million in the second quarter of 2024; license revenue was $2.6 million compared to $2.6 million in the second quarter of 2024; and processing assembly or PA revenue was $3.1 million compared to $3 million in the second quarter of 2024. PA revenue in the second quarter benefited from ordering patterns impacted by the uncertain tariff environment

我們報告的核心收入為 820 萬美元，而去年同期為 760 萬美元，年增 8%。在核心收入中，儀器收入為 210 萬美元，而 2024 年第二季為 180 萬美元；授權收入為 260 萬美元，而 2024 年第二季為 260 萬美元；加工組裝或 PA 收入為 310 萬美元，而 2024 年第二季為 300 萬美元。第二季的 PA 收入受益於不確定的關稅環境影響的訂購模式

Assay service revenue, which includes SeQure Dx, was $0.1 million in the second quarter. Other revenue was $0.3 million compared to $0.2 million in the second quarter of 2024. Total SeQure Dx revenue was roughly $300,000 as a portion of the revenue was in the licenses line during the quarter.

包括 SeQure Dx 在內的檢測服務收入在第二季為 10 萬美元。其他收入為 30 萬美元，而 2024 年第二季為 20 萬美元。SeQure Dx 的總收入約為 300,000 美元，因為本季的部分收入來自許可證業務。

As discussed earlier, both license revenue and PA revenue were negatively impacted in the second quarter of 2025 by customers consolidating programs. We were encouraged by the trend in instrument revenue, which returned to growth year-over-year.

如前所述，2025 年第二季度，授權收入和 PA 收入均受到客戶合併計畫的負面影響。我們對儀器收入的趨勢感到鼓舞，其收入年增。

42% of our core revenue was derived from SPL customers in the second quarter of 2025, which compares to 51% in the comparable prior year quarter. We recognized $0.3 million of SPL program-related revenue in the second quarter of 2025 compared to $2.9 million in the second quarter of 2024. As Maher mentioned, SPL program-related revenue was almost entirely from CASGEVY commercial royalties as we did not recognize any milestones during the quarter.

2025 年第二季度，我們 42% 的核心營收來自 SPL 客戶，而去年同期為 51%。我們在 2025 年第二季確認了 30 萬美元的 SPL 計畫相關收入，而 2024 年第二季為 290 萬美元。正如 Maher 所提到的，SPL 計畫相關收入幾乎全部來自 CASGEVY 商業特許權使用費，因為我們在本季沒有實現任何里程碑。

Moving down the P&L. Gross margin was 82% in the second quarter of 2025 compared to 86% in the second quarter of the prior year. Including inventory provisions and SPL program-related revenue, non-GAAP adjusted gross margin was 83% in the second quarter of 2025 compared to non-GAAP adjusted gross margin of 82% in the second quarter of 2024.

降低損益。2025 年第二季毛利率為 82%，去年同期為 86%。包括庫存準備金和 SPL 計畫相關收入，2025 年第二季非 GAAP 調整後毛利率為 83%，而 2024 年第二季非 GAAP 調整後毛利率為 82%。

Total operating expenses for the second quarter of 2025 were $21.2 million compared to $20.9 million in the second quarter of 2024. Operating efficiency continues to be a focus for us, and I want to highlight that operating expenses decreased for the first 6 months of 2025 compared to the first half of last year.

2025 年第二季的總營運費用為 2,120 萬美元，而 2024 年第二季為 2,090 萬美元。營運效率仍然是我們關注的重點，我想強調的是，2025 年前 6 個月的營運費用與去年上半年相比有所下降。

Although this decrease was modest, we were able to achieve this despite absorbing the cost structure of SeQure Dx, as well as expenses related to the acquisition of the business. Expenses also included investments in new product initiatives that we believe will begin paying dividends later this year and help drive revenue growth in 2026.

儘管這一降幅不大，但我們在吸收了 SeQure Dx 的成本結構以及與收購該業務相關的費用的情況下仍然能夠實現這一目標。費用還包括對新產品計劃的投資，我們相信這些計劃將在今年稍後開始產生紅利，並有助於推動 2026 年的收入成長。

We finished the second quarter with combined total cash, equivalents and investments of $165.2 million and no debt. The decrease from the beginning of the year includes approximately $7 million of purchase transaction and one-time costs associated with the acquisition of SeQure Dx.

截至第二季末，我們的現金、等價物和投資總額為 1.652 億美元，且沒有債務。與年初相比的減少包括約 700 萬美元的購買交易和與收購 SeQure Dx 相關的一次性成本。

Continuing to our 2025 guidance. As Maher discussed in detail, we are updating our outlook and now expect core revenue of flat to a 10% decline compared to 2024, inclusive of revenue from SeQure Dx. We continue to expect at least $2 million in full year revenue from SeQure Dx. We anticipate SeQure Dx revenue will be weighted towards the second half of 2025, and we are comfortable with the revenue outlook for this business, which is supported by executed customer contracts.

繼續我們的 2025 年指導。正如 Maher 詳細討論的那樣，我們正在更新我們的展望，現在預計核心收入將與 2024 年相比持平至下降 10%，其中包括來自 SeQure Dx 的收入。我們繼續預計 SeQure Dx 全年收入至少為 200 萬美元。我們預計 SeQure Dx 的收入將集中在 2025 年下半年，並且我們對該業務的收入前景感到滿意，這得益於已執行的客戶合約。

Additionally, we are reiterating SPL program-related revenue guidance, which is expected to be approximately $5 million in 2025 and which includes both expected revenue from pre-commercial and commercial milestones and sales-based royalties.

此外，我們重申 SPL 計劃相關的收入指引，預計 2025 年收入約為 500 萬美元，其中包括商業化前和商業化里程碑的預期收入以及基於銷售的特許權使用費。

We would like to note that our SPL program-related revenue outlook is a risk-adjusted forecast that is achievable under a variety of potential outcomes across our SPLs and the planned clinical progress and commercial success of our customers.

我們想指出的是，我們的 SPL 計劃相關收入前景是一種風險調整後的預測，可在我們的 SPL 的各種潛在結果以及我們客戶計劃的臨床進展和商業成功下實現。

Lastly, we now expect to end 2025 with approximately $155 million in cash equivalents and investments on our balance sheet. This updated guidance is a result of our lower revenue expectations. MaxCyte continues to be in a healthy financial position, and we remain committed to being disciplined in our spend and investments to drive long-term growth for MaxCyte and its shareholders.

最後，我們預計到 2025 年底，我們的資產負債表上的現金等價物和投資將達到約 1.55 億美元。這項更新的指導是我們降低收入預期的結果。MaxCyte 的財務狀況持續健康，我們將繼續致力於嚴格控制支出和投資，以推動 MaxCyte 及其股東的長期成長。

Now I'll turn the call back over to Maher.

現在我將把電話轉回給馬希爾。

Thank you, Doug. We firmly believe in MaxCyte's value proposition within the cell and gene therapy industry and look forward to continuing to support our customers as their programs progress.

謝謝你，道格。我們堅信 MaxCyte 在細胞和基因治療行業的價值主張，並期待在客戶的專案進展過程中繼續為他們提供支持。

With that, I will turn the call back over to the operator for the Q&A. Operator?

說完這些，我將把電話轉回給接線生進行問答。操作員？

(Operator Instructions)

（操作員指示）

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

Maybe starting with the reorg of manufacturing operations for your largest customer. It sounds like that took you a little bit off guard. I think it would be helpful to know just exactly what your conversations with that customer have involved, how long, I guess, you expect this transition to occur? And how much certainty versus kind of opacity there is in terms of what the future is there?

也許可以從重組最大客戶的製造業務開始。聽起來這讓你有點措手不及。我認為了解您與該客戶的談話內容究竟是什麼會很有幫助，我猜您預計這種轉變會持續多久？對於未來，有多少確定性與多少不透明性？

Matt, thanks for the question. Let me take that. And Doug, feel free to add on. So without giving too much details to that customer, it is our largest customer. We do have certainty as to where they are looking forward from here. This was just a short-term consolidation of manufacturing. It will have no impact to our future licensing revenue from that customer.

馬特，謝謝你的提問。讓我來接手吧。道格，請隨意補充。因此，無需向該客戶透露太多細節，它是我們最大的客戶。我們確實知道他們對此有何期待。這只是製造業的短期整合。這不會對我們未來從該客戶獲得的授權收入產生任何影響。

This is a short-term pocket that we saw with them that we -- and we have visibility and we're always in constant dialogue with this customer. So we know what to expect going into the second half as well as into next year from this customer.

這是我們與他們一起看到的短期合作——我們具有可見性，並且我們始終與該客戶保持持續對話。因此，我們知道該客戶下半年以及明年會有什麼樣的表現。

We don't see and we have no reason to believe that there will be any more major changes to the manufacturing operations at this point. Yes. Let me add -- we feel very confident there won't be any more major changes for manufacturing from this customer.

我們沒有看到，也沒有理由相信目前製造業務還會有任何重大變化。是的。讓我補充一下——我們非常有信心這位客戶的製造不會再有任何重大改變。

Okay. This just of being perhaps less instruments needed to less license revenue and less PA ordering because they're going to work through inventory?

好的。這可能只是因為他們要透過庫存來工作，所以需要更少的儀器來減少授權收入和減少 PA 訂單？

Precisely, on the short term. That's exactly right, Matt.

確切地說，就短期而言。完全正確，馬特。

Okay. Great. And then just kind of ending with Doug's comments around OpEx down modestly quarter-over-quarter and flattish year-over-year. If you just kind of think back the last several years here, core revenue is roughly flattish over the last several years, but obviously, there's been a big pickup in spend.

好的。偉大的。最後，以 Doug 的評論作為結束，他表示營運支出環比略有下降，與去年同期持平。如果你回顧過去幾年，核心收入在過去幾年大致持平，但顯然支出大幅增加。

And just wondering relative to where the cash balance is today, and also again, thinking about investing for the future, just given the challenges you're facing, there might be an opportunity to find additional efficiencies within the organization.

只是想知道相對於今天的現金餘額，並且再次考慮未來的投資，考慮到您所面臨的挑戰，可能有機會在組織內部找到額外的效率。

Yes. Great question, Matt. I mean, as I mentioned, obviously, within our current capital stock, we're going to be -- our goal is to be profitable within the foreseeable future. And I still feel confident we're on track towards that. There's always efficiencies we're going to look towards across the organization and really how we go about with our growth projections.

是的。問得好，馬特。我的意思是，正如我所提到的，顯然，在我們目前的資本存量內，我們的目標是在可預見的未來獲利。我仍然相信我們正朝著這個目標前進。我們始終關注整個組織的效率，並真正關注如何實現成長預測。

If you look at what Doug said, we're kind of proud of this. We actually absorbed the expenses of SeQure Dx, and we're still slightly modestly less in terms of the OpEx than we were last year before we acquired SeQure Dx. So you can tell that the eye of diligence that we have towards how we're operating the company, we will continue to have the same eye of diligence and ensuring that we're always looking at ways to get us to that path to profitability and at the same time, have growth over the years.

如果你看看道格說的話，你會發現我們對此感到很自豪。我們實際上吸收了 SeQure Dx 的費用，而且就營運支出而言，與去年收購 SeQure Dx 之前相比，我們的營運支出仍然略低。所以你可以看出，我們對公司營運有著勤勉的眼光，我們將繼續保持同樣的勤勉眼光，並確保我們始終在尋找方法讓我們走上盈利之路，同時在未來幾年實現增長。

Doug, do you want to add anything to that?

道格，你還有什麼要補充的嗎？

I think that's good.

我覺得那很好。

(Operator Instructions)

（操作員指示）

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

This is Rohan on for Dan. Considering the updated guidance and your statements made today on the current business environment, customer sentiment, how should we contemplate quarterly cadence from 3Q to 4Q, as we head into the back half of 2025? Anything additional that you could call out?

這是羅漢為丹上場。考慮到更新後的指南以及您今天就當前商業環境、客戶情緒所發表的聲明，在進入 2025 年下半年之際，我們應該如何考慮從第三季度到第四季度的季度節奏？您還有什麼要補充的嗎？

Sure. In terms of the variability between Q3 and Q4, we do expect to be slightly weighted towards Q4, but not materially. So a slight weight to Q4 in terms of the midpoint of the revised range. I think when we start looking at sort of up cases or down cases from that midpoint, I think it's going to be Q4 dependent.

當然。就第三季和第四季之間的差異而言，我們確實預期第四季會略微佔優勢，但不會是實質的。因此，就修訂範圍的中點而言，第四季的權重略有增加。我認為，當我們從中點開始觀察上升情況或下降情況時，我認為這將取決於第四季度。

And one more follow-up. On instruments, that seems to be a bright spot in the business, up 22% year-over-year. Can you shed some light on like what you guys are hearing from your cell and gene therapy customers and how those conversations are going? And also, what you're expecting performance-wise for the rest of the year from instrumentation sales?

還有一個後續行動。就儀器而言，這似乎是業務的亮點，年增 22%。您能否解釋一下您從細胞和基因治療客戶那裡聽到了什麼以及這些對話的進展如何？另外，您對今年剩餘時間儀器銷售的表現有何預期？

Sure. Let me take that, and then Doug, feel free to add as well. As we mentioned in previous calls, obviously, we've seen some CapEx constraints from customers. However, we are seeing the market more. We're seeing more of our lower-priced systems that we're able to sell into our customer base.

當然。讓我來回答這個問題，然後道格，也可以隨意加入。正如我們在之前的電話會議中提到的那樣，顯然，我們已經看到了來自客戶的一些資本支出限制。然而，我們對市場的觀察越來越多。我們看到越來越多的低價系統可以銷售給我們的客戶群。

And as we speak with customers as well, we're starting to see those short-term headwinds dissipate. Obviously, we had early in the year some concerns from customers on the NIH funding or I should say, fee funding, but we're starting to see that kind of baseline from here.

當我們與客戶交談時，我們開始看到這些短期阻力正在消散。顯然，今年年初我們遇到了一些客戶對 NIH 資金（或應該說是費用資金）的擔憂，但從現在開始我們開始看到這種基線。

And what we saw on the instrument side for the first half, obviously, is a testament to our execution as well in this tough environment. But it's part of our strategy of ensuring that we can get in earlier with customers that allow us to sell a few more of our lower-priced systems than our high-end systems.

而我們在上半年儀器方面看到的情況顯然也證明了我們在這種艱難環境下的執行力。但這是我們策略的一部分，確保我們能夠更早與客戶取得聯繫，讓我們銷售更多的低價系統而不是高端系統。

I mean, Doug, anything else to add?

我的意思是，道格，還有什麼要補充的嗎？

Yes, we're really focused on making sure we've got a global platform here and revenue outside ex-US has been an increasing part of things as there's definitely some variability in terms of where folks are in the cycle, if you will. And so, I think ex-US, particularly Asia Pacific has been strong for us.

是的，我們確實專注於確保我們在這裡擁有一個全球平台，並且美國以外的收入一直在不斷增長，因為人們在周期中所處的位置肯定會存在一些變化，如果你願意的話。因此，我認為美國以外的地區，特別是亞太地區對我們來說一直很強大。

(Operator Instructions)

（操作員指示）

Brendan Smith, TD Cowen.

布倫丹·史密斯（Brendan Smith），TD Cowen。

Maybe kind of just a follow-up to a couple of things that have been discussed already here. But I guess just within your SPLs and the partnerships there, I guess, and maybe more specifically the assets that are still advancing through the clinic, can you maybe give us a little bit of a sense like -- are some of those programs skewed towards some more traditional use cases for cell therapies like maybe CAR-T?

也許只是對這裡已經討論過的幾件事的後續討論。但我想，僅在您的 SPL 和那裡的合作夥伴關係中，也許更具體地說是仍在通過臨床推進的資產，您能否讓我們稍微了解一下 - 其中一些項目是否偏向於一些更傳統的細胞療法用例，例如 CAR-T？

Or I guess, I'm really just wondering like where you're seeing some of your partners kind of drawing the line within their own pipelines as they're thinking about prioritizing their respective programs?

或者我想，我只是想知道，當一些合作夥伴考慮優先考慮各自的專案時，他們如何在自己的管道內劃定界限？

Yes. Great question. Actually, if you look at the ones on the corporate deck that we updated there, Brendan, and I hope everyone looks at this. If you look at, we're seeing a lot more customers now go allogeneic as well. So off the shelf is what we're seeing.

是的。好問題。實際上，如果你看一下我們在那裡更新的公司平台上的內容，布倫丹，我希望每個人都看看這個。如果你看一下，我們會發現現在有越來越多的顧客選擇同種異體。我們看到的就是現成的。

If you look at the ones that we can't publicly disclose, that's CRISPR/CTX112 that we hope to get data on later on in the second half of the year. You have Wugen with CART7; Imugene with azer-cel, Caribou, CD10. These are all allogeneic B-cell, human hematologic malignancies. We have one undisclosed program that we can't speak to whether it's autologous or allogeneic, but we are seeing more towards that shift of allogeneic therapies, which bodes very well, Brendan, for our system.

如果您查看我們不能公開披露的內容，那就是 CRISPR/CTX112，我們希望在今年下半年稍後獲得有關它的數據。您有帶有 CART7 的 Wugen；帶有 azer-cel、Caribou 和 CD10 的 Imugene。這些都是同種異體B細胞人類血液系統惡性腫瘤。我們有一個未公開的項目，我們無法說出它是自體的還是異體的，但我們看到越來越多地轉向異體療法，布倫丹，這對我們的系統來說是個好兆頭。

If you look at the scale we provide, we are highly differentiated from any system out there, that's really the beauty of our model. You can work with us early in research. And as you can scale up into those larger platforms, where we're using a system that can transfect up to 20 billion cells, you're using a MaxCyte system with the support that we provide as well.

如果你看我們提供的規模，你會發現我們與現有的任何系統都有很大的區別，這正是我們模型的魅力所在。您可以在研究初期與我們合作。當您擴展到更大的平台時，我們使用可以轉染多達 200 億個細胞的系統，您也可以使用我們提供支援的 MaxCyte 系統。

(Operator Instructions)

（操作員指示）

Hannah Hefley, Stephens.

漢娜·赫夫利，史蒂芬斯。

It sounds like PA revenue benefited from maybe a pull forward ahead of tariffs during the quarter. Could you frame up how large this benefit was? And does that mean you're expecting PA revenue to step down further next quarter?

聽起來 PA 的收入可能受益於本季度關稅的提前實施。能估算一下這個好處有多大嗎？這是否意味著您預計下個季度 PA 收入將進一步下降？

So yes, it was a single order from a distributor, and we don't actually think that, that's had a tremendous influence. We get -- you think of it as a pull-through, but we're seeing good order flow from those customers. And I don't think that it's something that's already built into the guide, and we're not tipping our hat to any particular breakdown of the core revenue that's been guided to with respect to either to what the breakdown is between instruments and PAs. But I don't think that's going to have a material impact.

是的，這只是來自分銷商的一份訂單，我們實際上並不認為這會產生巨大的影響。我們明白——您認為這是一種拉動，但我們看到這些客戶的訂單流良好。我不認為這是指南中已經包含的內容，我們也不會對指南中關於核心收入的任何特定細分錶示讚賞，無論是在儀器和 PA 之間的細分方面。但我不認為這會產生實質的影響。

Where it did impact, if you do -- if you look at the slide of historical core business disclosures in the deck that we just posted the update of core revenue generated by SPL clients dipped and really, that's two things. One is this reasonable order that was sort of tariff motivated to get ahead of those.

如果您看我們剛剛發布的簡報中歷史核心業務披露的幻燈片，您會發現 SPL 客戶產生的核心收入的更新有所下降，實際上，這是兩件事。一是這種合理的秩序，其關稅動機是為了領先這些秩序。

And then another was just a decline in expectations from a large customer. And I think if you take those out, that 42% starts to creep back up into sort of the low 50s and consistent with where we expect to be in the business.

另一個原因是大客戶的期望值下降。我認為，如果將這些因素除去，那麼 42% 的佔比就會回升至 50% 出頭的水平，這與我們對業務的預期一致。

Great. And then -- it seems like SPL customers were a little bit more insulated from some of these macro headwinds, at least like what we talked about last quarter. And now that seems to have changed a little bit. Is this more like focused on a few customers? Or are you seeing any impact to the SPL pipeline given these headwinds?

偉大的。然後——似乎 SPL 客戶對這些宏觀不利因素的抵禦能力更強一些，至少就像我們上個季度討論的那樣。現在情況似乎有所改變。這是否更像是專注於少數客戶？或者您看到這些不利因素對 SPL 管道產生了任何影響？

Great question, Hannah. No, we're not seeing impacts to the pipeline. In fact, as you can tell, obviously, we signed three so far this year. I feel confident we can continue to sign three to five each year for the foreseeable future. If anything, some of those impacts were really short term. We saw one customer just go completely in vivo. We saw one customer shift focus from cell therapy to another modality. But overall, we have a very keen eye as to all of our SPL customers.

漢娜，問得好。不，我們沒有看到對管道的影響。事實上，正如你所看到的，今年到目前為止我們顯然已經簽了三份合約。我相信在可預見的未來我們每年可以繼續簽署三到五份協議。如果有的話，其中一些影響確實是短期的。我們看到一位顧客完全進入了體內狀態。我們看到一位客戶將注意力從細胞療法轉移到另一種療法。但總體而言，我們對所有 SPL 客戶都保持著非常敏銳的關注。

On occasion, we're going to have one or two customers here and there shift focus, but that's built into our model. That's why we signed three to five per year. It builds for us. I mean there's a reason why four programs went off, but yet we added four more. So we still have 18 clinical programs using our system in the clinic. We have five going into pivotal in the next 6- to 18 months that all bode well for us in 2027, '28 with potential approvals.

有時，我們會有一兩個客戶轉移注意力，但這是我們模型的一部分。這就是我們每年簽下三到五份合約的原因。它為我們建造。我的意思是，四個項目取消是有原因的，但我們又增加了四個。因此，我們仍有 18 個臨床項目在診所使用我們的系統。未來 6 到 18 個月內，我們將有 5 個專案進入關鍵階段，這些專案有可能獲得批准，這對我們在 2027 年和 2028 年來說都是好事。

So really, I see this as -- these are just short term, the nature and it's built into our business model. That's why we signed three to five. We're going to have some drop off. but we're going to have more come in and then drop off, and that's what we built it into it.

所以實際上，我認為這只是短期的，其性質已融入我們的商業模式。這就是我們簽下三到五份合約的原因。我們將會有一些下降。但是我們會有更多的人進來，然後又減少，這就是我們所建構的。

The revised guide contemplates some decrease in license revenue associated with a couple of decisions. But the goal here, and I think it's proved out is that we're going to have more SPL customers coming into the fold, while you will see a smaller number of customers that are rationalizing their programs or in some cases, trying to out-license those programs and some of those have come back as a result.

修訂後的指南考慮到與一些決定相關的授權收入有所減少。但這裡的目標，我認為已經證明是，我們將有更多的 SPL 客戶加入我們的行列，同時你會看到更少的客戶正在合理化他們的計劃，或者在某些情況下，試圖獲得這些計劃的授權，結果其中一些客戶又回來了。

That's right. And let me add a little bit more on this one. So we signed six SPLs last year. We signed three so far this year. Many of those will have programs going to the clinic. A lot of these customers that we signed were preclinical. We anticipate many of them going to the clinic in the near future.

這是正確的。讓我再補充一點這一點。因此我們去年簽下了六份 SPL。今年到目前為止我們簽署了三份協議。其中許多項目將會進入診所。我們簽約的許多客戶都處於臨床前階段。我們預計不久的將來會有很多人去診所。

I'm showing no further questions at this time. I'll now turn it back to Maher for closing remarks.

我目前沒有其他問題。現在我請馬希爾作最後發言。

Yes. Thank you, operator. Thank you, everyone, for joining us today, and I look forward and we all look forward to speaking to you again on our next earnings call in a few months.

是的。謝謝您，接線生。感謝大家今天加入我們，我期待著，我們都期待著幾個月後在下次財報電話會議上再次與大家交談。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。