MaxCyte Inc (MXCT) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the MaxCyte first quarter earnings conference call. (Operator Instructions) Please note that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 MaxCyte 第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I will now hand the conference over to your speaker host, Eric Abdel of Investor Relations. Please go ahead.

現在我將把會議交給本次主講人、投資人關係部的 Eric Abdel。請開始。

Good afternoon, everyone. Thank you for participating in today's conference call.

各位下午好。感謝各位參與今天的電話會議。

Joining me on the call from MaxCyte, we have Maher Masoud, President and Chief Executive Officer; Parmeet Ahuja, Chief Financial Officer; and Sean Menarguez, Senior Director of Business Development.

今天與我一同出席電話會議的 MaxCyte 團隊成員包括：總裁兼執行長 Maher Masoud；財務長 Parmeet Ahuja；以及商務發展資深總監 Sean Menarguez。

Earlier today, MaxCyte released financial results for the first quarter ended March 31, 2026. A copy of the press release is available on the company's website.

今天稍早，MaxCyte 公布了截至 2026 年 3 月 31 日止第一季的財務結果。新聞稿副本可於公司網站取得。

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. 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.

在開始之前，我需要宣讀以下聲明。本次電話會議中所作之陳述或評論，可能構成聯邦證券法所定義的前瞻性陳述。本次電話會議中任何與對未來事件、結果或績效之預期或預測相關的陳述，均屬前瞻性陳述。由於多項因素，實際結果可能與任何前瞻性陳述中明示或暗示者存在重大差異；相關因素已在我們向 SEC 提交的文件中詳加討論。除適用法律另有要求外，公司無義務因新資訊、未來事件或其他原因而公開更新任何前瞻性陳述。

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

接下來，我將把電話會議交給 Maher。

Thank you, Eric. Good afternoon, everyone, and thank you for joining MaxCyte's first quarter 2026 earnings call. I'd like to start by providing a brief overview of our financial performance in the first quarter. MaxCyte reported $9.7 million of total revenue, including $6.2 million of core revenue and $3.4 million of SPL program-related revenue, which consists of milestones and royalties. These revenue results met our expectations.

謝謝你，Eric。各位下午好，感謝各位參加 MaxCyte 2026 年第一季財報電話會議。我先簡要概述我們第一季的財務表現。MaxCyte 公布總營收為 970 萬美元，其中包含 620 萬美元的核心營收，以及 340 萬美元的 SPL 計畫相關營收（由里程碑金與權利金構成）。這些營收結果符合我們的預期。

As discussed on last quarter's call, the first half of 2026 is a difficult year-over-year comparison given two factors: discontinued SPL programs, which resulted in GTx clinical leases that did not renew and inventory management by our largest customer. Elevated SPL program turnover was generally a part of a broader rationalization in ex-vivo cell and gene therapy, which has largely normalized as we exited 2025, with SPL partners increasingly focused on their lead programs.

如同我們在上一季電話會議中所討論，2026 年上半年在年對年比較上較為艱難，主要有兩個因素：已終止的 SPL 計畫，導致 GTx 臨床租賃未續約；以及我們最大客戶的庫存管理。SPL 計畫周轉率偏高，整體而言是體外（ex-vivo）細胞與基因治療領域更廣泛合理化的一部分；隨著我們在 2025 年底退出，該情況已大致正常化，SPL 合作夥伴也愈發聚焦於其主力計畫。

While the cell and gene therapy ecosystem remains challenged for earlier-stage clinical programs, the environment is not worsening from what was a challenging funding backdrop in 2025. Within the ex-vivo market, the number of companies financed remains stable, and we continue to see pockets of capital directed towards high-quality later-stage programs, including Lyell, Allogene and Vittoria building on activity from Beam, Adicet, Wugen and Anocca last year.

儘管細胞與基因治療生態系對於較早期臨床計畫仍面臨挑戰，但相較於 2025 年艱困的募資環境，目前並未進一步惡化。在體外市場中，獲得資金支持的公司數量保持穩定；我們也持續看到資金流向高品質的後期計畫，包括 Lyell、Allogene 與 Vittoria，延續去年 Beam、Adicet、Wugen 與 Anocca 的動能。

Against this backdrop, we are placing instruments across all stages of the development life cycle and increasing our pipeline of future SPL partners. Given our qualified instrument funnel, easier comps and contribution from our new DTx product, we expect core revenue growth in the second half of 2026.

在此背景下，我們正於開發生命週期各階段部署儀器，並擴大未來 SPL 合作夥伴的管線。鑑於我們合格的儀器商機漏斗、更容易的比較基期，以及新 DTx 產品的貢獻，我們預期 2026 年下半年核心營收將成長。

MaxCyte reported $3.4 million from SPL milestones and royalties in the first quarter of 2026. This included $3 million of milestones driven by a clinical customer who began dosing patients in the registrational study in the first quarter. We are encouraged by the progress of this program as well as the four additional programs that are expected to enter registrational trials in the next 18 months. We also recognized $0.4 million in royalty revenue during the first quarter. Vertex reported approximately $43 million in Casgevy revenue for the first quarter of 2026.

MaxCyte 在 2026 年第一季來自 SPL 里程碑金與權利金的收入為 340 萬美元。其中包含 300 萬美元的里程碑金，主要由一位臨床客戶在第一季於註冊性研究中開始對病患給藥所帶動。我們對該計畫的進展以及另外四個預計在未來 18 個月內進入註冊性試驗的計畫感到鼓舞。我們也在第一季認列了 40 萬美元的權利金收入。Vertex 公布 2026 年第一季 Casgevy 營收約為 4,300 萬美元。

On the earnings call, Vertex noted that more than 500 patients have initiated the Casgevy treatment journey with hundreds globally having completed cell collection, highlighting strong patient flow across the US, Europe and the Middle East. Patients continue to advance from referral to cell collection and ultimately infusion, reinforcing the therapy's multibillion-dollar commercial potential.

在財報電話會議上，Vertex 指出已有超過 500 名病患啟動 Casgevy 的治療流程，且全球已有數百名病患完成細胞採集，凸顯美國、歐洲與中東地區的病患流量強勁。病患持續從轉介推進至細胞採集，最終到輸注，進一步強化該療法具備數十億美元商業潛力。

Vertex also highlighted recent regulatory progress, including the submission of a supplemental BLA for Casgevy in patients aged 5 to 11 with sickle cell disease or beta thalassemia. This filing has been granted a Commissioner's National Priority Voucher by the FDA, underscoring the significance of expanding access to younger patient populations.

Vertex 亦強調近期監管進展，包括就 Casgevy 用於 5 至 11 歲鐮狀細胞疾病或 β 地中海型貧血患者提交補充 BLA。該申請已獲 FDA 授予 Commissioner’s National Priority Voucher，凸顯擴大年幼病患族群可近性的重要性。

Overall, we remain encouraged by the continued growth in patient cell collections and infusions as Vertex scales Casgevy commercially with Vertex noting secured reimbursements, continued ATC network expansion and a growing number of patients progressing through each stage of the treatment journey. We remain confident in Casgevy's long-term trajectory and transformative potential for patients around the globe. Following these first quarter results, we are reiterating our core revenue and SPL milestone and royalty revenue guidance for the full year 2026, which Parmeet will elaborate on.

整體而言，隨著 Vertex 推動 Casgevy 的商業化擴張（Vertex 提及已取得給付核准、ATC 網絡持續擴張，以及越來越多病患在治療流程各階段持續推進），我們仍對病患細胞採集與輸注的持續成長感到鼓舞。我們對 Casgevy 的長期發展軌跡及其為全球病患帶來的變革性潛力仍具信心。基於第一季結果，我們重申 2026 全年核心營收以及 SPL 里程碑金與權利金收入的指引，Parmeet 將進一步說明。

Turning to our SPL portfolio. We updated slide 3 in the SPL deck on the IR website, which now reflects 29 SPL partners. We have not seen any changes in the number of SPL partners or the number of clinical programs supported since our last update in March. However, we did remove Catamaran Bio and Walking Fish Therapeutics from our list of SPL partners as both companies previously ceased operations. Among these 29 SPL partners, 30 programs are both in clinical and preclinical development, supporting diversified revenue streams across the medium and long term.

接著談我們的 SPL 組合。我們已更新 IR 網站上 SPL 簡報的第 3 張投影片，目前反映共有 29 家 SPL 合作夥伴。自 3 月上次更新以來，我們未看到 SPL 合作夥伴數量或所支援臨床計畫數量有任何變化。不過，我們已將 Catamaran Bio 與 Walking Fish Therapeutics 自 SPL 合作夥伴名單中移除，因兩家公司先前已停止營運。在這 29 家 SPL 合作夥伴中，共有 30 個計畫處於臨床與臨床前開發階段，支持中長期多元化的營收來源。

Of these, there are five clinical programs with the potential for commercial launches in 2027 and 2028, including four that could begin registrational studies over the next 18 months and one that dosed patients in a registrational study in the first quarter. These five include zugo-cel from CRISPR Therapeutics for B-cell malignancies, WU-CAR-T 007 from Wugen for hematologic malignancies, azer-cel from Imugene for hematologic malignancies and two programs from undisclosed SPL partners.

其中有五個臨床計畫具備於 2027 年與 2028 年商業上市的潛力，包括四個可能在未來 18 個月內啟動註冊性研究的計畫，以及一個已於第一季在註冊性研究中對病患給藥的計畫。這五個計畫包括：CRISPR Therapeutics 的 zugo-cel（用於 B 細胞惡性腫瘤）、Wugen 的 WU-CAR-T 007（用於血液惡性腫瘤）、Imugene 的 azer-cel（用於血液惡性腫瘤），以及兩個來自未揭露 SPL 合作夥伴的計畫。

Across our 12 SPL programs currently in the clinic, the total future pre-commercial milestone opportunity is approximately $100 million. While any individual program carries clinical commercial risk, the multiple shots on goal we have across the same indications and across many different indications gives us a high probability of generating meaningful core revenue, regulatory milestones and commercial royalties over time.

在我們目前 12 個處於臨床階段的 SPL 計畫中，未來商業化前的里程碑總機會約為 1 億美元。雖然任何單一計畫都承擔臨床與商業風險，但我們在相同適應症以及多種不同適應症上擁有多個「射門機會」，使我們隨時間推進有較高機率產生具意義的核心營收、監管里程碑金與商業權利金。

Speaking of MaxCyte's leadership in the gene editing field, the first CRISPR/Cas9 approved therapy was on the MaxCyte platform, and we believe the first base editing and prime editing approved therapies would be on the MaxCyte platform as well.

談到 MaxCyte 在基因編輯領域的領導地位，首個獲核准的 CRISPR/Cas9 療法即採用 MaxCyte 平台；我們也相信，首個獲核准的鹼基編輯（base editing）與引導編輯（prime editing）療法同樣將會在 MaxCyte 平台上。

On the product side, the commercial launch of ExPERT DTx is progressing well. Early traction is very encouraging with adoption in discovery and early optimization workflows across ex-vivo and in-vivo CGT as well as protein screening for biologics development. We are seeing initial pipeline build for leading academic centers, biotech and large pharma.

在產品方面，ExPERT DTx 的商業上市進展順利。早期動能非常令人鼓舞，已在體外與體內（in-vivo）CGT 的探索與早期優化工作流程中獲得採用，同時也用於生物製劑開發的蛋白質篩選。我們看到來自頂尖學術中心、生技公司與大型藥廠的初步管線建立。

The DTx is fully compatible with the rest of our ExPERT platform. So as customers adopt the instrument in discovery, they will have a seamless path to scale up on our STx and GTx instruments with cGMP manufacturing and ultimately into an SPL agreement. We expect DTx adoption to build through the balance of 2026 with increased adoption in the second half of the year and into next year.

DTx 與我們 ExPERT 平台的其他產品完全相容。因此，當客戶在探索階段採用該儀器後，將可無縫擴大至我們的 STx 與 GTx 儀器，進行 cGMP 製造，並最終進入 SPL 協議。我們預期 DTx 的採用將在 2026 年剩餘期間持續累積，下半年採用度將提高，並延續至明年。

Moving to SeQure. We are seeing steady progress as we build out the commercial engine of the business. We added new assay service agreements during the first quarter with customer engagement across both ex-vivo and in-vivo developers, including several programs approaching IND-enabling stages where off-target characterization is most critical. We continue to believe that secure assays will become part of the industry standard for off-target risk assessment in gene editing and early 2026 customer feedback has reinforced that.

接著談 SeQure。隨著我們建構該業務的商業引擎，我們看到穩健進展。我們在第一季新增了新的檢測服務協議，客戶互動涵蓋體外與體內開發者，其中包括數個正接近 IND 支持（IND-enabling）階段的計畫；在該階段，脫靶（off-target）特徵鑑定最為關鍵。我們仍相信 SeQure 檢測將成為基因編輯脫靶風險評估的產業標準之一，而 2026 年初的客戶回饋也強化了此一看法。

In mid-April, the FDA Center for Biologics Evaluation and Research, or CBER, issued a draft guidance titled Safety Assessment of Genome Editing in Human Gene Therapy Products using next-generation sequencing. The guidance focused specifically on the use of next-generation sequencing-based methods to evaluate off-target editing risks and provides ex-vivo and in-vivo developers with recommendations on sequencing strategies, sample selection, analysis parameters and reporting, all of which are intended to support nonclinical data packages submitted with IND and BLA applications.

在 4 月中旬，FDA 生物製劑評估與研究中心（Center for Biologics Evaluation and Research，CBER）發布了一份名為《使用次世代定序對人類基因治療產品中的基因體編輯進行安全性評估》的指引草案。該指引特別聚焦於使用以次世代定序為基礎的方法來評估脫靶編輯風險，並就定序策略、樣本選擇、分析參數與報告提出建議，旨在支持隨 IND 與 BLA 申請提交的非臨床資料套件；相關建議適用於體外與體內開發者。

We view this as a structural positive for SeQure as sponsors are now expected to quantify editing outcomes with high sensitivity and utilize multiple complementary approaches. The guidance makes it clear that understanding editing outcomes is foundational to development. Overall, we believe the investments we are making across the portfolio, such as the DTx and SeQure have substantial commercial potential over time and are diversifying MaxCyte's revenue streams.

我們將此視為 SeQure 的結構性利多，因為現在預期贊助方必須以高靈敏度量化編輯結果，並採用多種互補方法。該指引清楚表明，理解編輯結果是開發工作的基礎。整體而言，我們相信我們在整個產品組合中的投資（例如 DTx 與 SeQure）隨時間推移具備可觀的商業潛力，並正在使 MaxCyte 的營收來源更加多元化。

To close, we entered 2026 with a fundamentally different spending profile than in prior years. The full benefit of the 2025 restructuring cost efficiency actions is now flowing through our P&L, and the year-over-year reduction in operating expenses is clearly visible in our results. We do not expect a meaningful growth operating expenses from here, and we see a clear path to reducing cash burn further as revenue growth returns.

最後總結，我們以與過往年度根本不同的支出結構進入 2026 年。2025 年重整所帶來的成本效率措施之完整效益，現在已反映在我們的損益表中，營運費用的年對年下降在我們的結果中清楚可見。我們不預期從此水準起營運費用會有顯著成長，且隨著營收成長回歸，我們看見進一步降低現金消耗的明確路徑。

Before wrapping up, today, we announced the Board's authorization of a $10 million share repurchase program. The decision to authorize the share repurchase underscores the Board and management's confidence in MaxCyte's long-term value, strategic investments and the business prospects as well as the strength of our balance sheet. I want to take a step back and highlight the reason for this repurchase program at this time.

在結束之前，今天我們宣布董事會已授權一項 1,000 萬美元的庫藏股回購計畫。授權回購的決定凸顯董事會與管理團隊對 MaxCyte 長期價值、策略性投資與業務前景的信心，以及我們資產負債表的強健。我想先退一步，說明我們此時推出回購計畫的原因。

Over the last 2 years, we have taken steps to dramatically strengthen our financial position, acquire and build new products and are now supporting multiple clinical programs that could be approved in the next 18 to 24 months. We have never been better positioned to grow with our end market. While we continue to invest in the execution of our business and expand our product portfolio, such execution will always be done with financial and commercial discipline. As such, we believe our shares represent a compelling investment opportunity, and we intend to execute the majority of our share repurchase program before the year-end.

在過去兩年，我們採取多項措施大幅強化財務狀況、收購並打造新產品，且目前正支援多個臨床計畫，這些計畫可能在未來 18 至 24 個月內獲得核准。我們從未像現在這樣具備隨終端市場成長的有利位置。雖然我們持續投資於業務執行並擴充產品組合，但這些執行將始終以財務與商業紀律為前提。因此，我們認為公司股票具備吸引人的投資機會，並計畫在年底前執行我們回購計畫的大部分。

I will now turn the call over to Parmeet, who joins us today for his first earnings call as MaxCyte's Chief Financial Officer. Parmeet?

接下來我將把電話會議交給 Parmeet，他今天與我們一同參與，這也是他以 MaxCyte 財務長身分參加的第一場財報電話會議。Parmeet？

Thank you, Maher. I'm pleased to be joining you today for my first earnings call as MaxCyte's Chief Financial Officer.

謝謝你，Maher。我很高興今天能以 MaxCyte 財務長身分參與我的第一場財報電話會議。

Total revenue in the first quarter of 2026 was $9.7 million compared to $10.4 million in the first quarter of 2025, representing a 7% decrease. The decrease in total revenue was driven by a decline in core revenue, partially offset by growth in SPL program-related revenue. We reported core revenue of $6.2 million compared to $8.2 million in the comparable prior year quarter, representing a 25% decrease. Within core revenue, instrument revenue was $1.3 million compared to $1.4 million in the first quarter of 2025. License revenue was $2.1 million compared to $2.5 million and processing assembly or PA revenue was $2.3 million compared to $3.9 million.

2026 年第一季總營收為 970 萬美元，相較於 2025 年第一季的 1,040 萬美元，下降 7%。總營收下滑主要由核心營收下降所致，但部分被 SPL 計畫相關營收成長所抵銷。我們的核心營收為 620 萬美元，相較於去年同期的 820 萬美元，下降 25%。在核心營收中，儀器營收為 130 萬美元，相較於 2025 年第一季的 140 萬美元。授權營收為 210 萬美元，相較於 250 萬美元；加工組裝（processing assembly，或 PA）營收為 230 萬美元，相較於 390 萬美元。

As we expected in our guidance, core revenue was adversely impacted by inventory management at our largest SPL customer as well as discontinued SPL programs. For the first quarter, 44% of core revenue was generated from SPL partners compared to 57% in the first quarter of 2025, which is reflective of the headwinds we experienced in the quarter related to SPL core revenue.

如同我們在財測中所預期，核心營收受到我們最大 SPL 客戶的庫存管理以及已終止的 SPL 計畫之不利影響。第一季核心營收中有 44% 來自 SPL 合作夥伴，相較於 2025 年第一季的 57%，反映出本季與 SPL 核心營收相關的逆風。

As Maher discussed, we are positive on the momentum and continued growth we are seeing in SeQure with total revenue of $0.6 million in the first quarter, which includes both license and services revenue. SPL program-related revenue in the first quarter was $3.4 million, including a regulatory milestone tied to a clinical customer that began dosing patients in a registrational study during the quarter, which Maher referenced. This compares to $2.1 million of SPL program-related revenue in the first quarter of 2025.

如 Maher 所述，我們對 SeQure 的動能與持續成長持正面看法，第一季總營收為 60 萬美元，包含授權與服務營收。第一季 SPL 計畫相關營收為 340 萬美元，其中包含一項與臨床客戶相關的法規里程碑；該客戶於本季在一項註冊性研究中開始對病患給藥，Maher 先前已提及。相較之下，2025 年第一季 SPL 計畫相關營收為 210 萬美元。

Moving down the P&L. Gross margin was 84% in the first quarter of 2026 compared to 86% in the first quarter of 2025. Excluding inventory provisions and SPL program-related revenue, non-GAAP adjusted gross margin was 78% in the first quarter of 2026 compared to non-GAAP adjusted gross margin of 83% in the first quarter of 2025. Total operating expenses for the first quarter of 2026 were $14.3 million compared to $21.2 million in the first quarter of 2025, a decrease of approximately $7 million. This reduction reflects the restructuring and cost efficiency actions we took in 2025, which are now being realized across the P&L. We're entering 2026 with a fundamentally different cost structure than in prior years, and we do not expect to meaningfully grow operating expenses from this level.

接著往下看損益表。2026 年第一季毛利率為 84%，相較於 2025 年第一季的 86%。排除存貨提列以及 SPL 計畫相關營收後，非 GAAP 調整後毛利率在 2026 年第一季為 78%，相較於 2025 年第一季的非 GAAP 調整後毛利率 83%。2026 年第一季總營運費用為 1,430 萬美元，相較於 2025 年第一季的 2,120 萬美元，約減少 700 萬美元。此降幅反映我們在 2025 年採取的重整與成本效率措施，且目前已在整體損益表中逐步實現。我們以與過往年度根本不同的成本結構進入 2026 年，且不預期在此水準上顯著增加營運費用。

We ended the first quarter with combined total cash, cash equivalents and investments of $147.7 million and no debt. Our strong balance sheet positions us well moving forward, providing flexibility to continue to invest strategically for our business, our customers and our shareholders. Today, we disclosed that MaxCyte's Board of Directors has authorized a share repurchase program of up to $10 million. Under the program, the company may repurchase shares through open market purchases, privately negotiated transactions, block trades or other means, subject to applicable securities laws.

第一季結束時，我們合計持有的現金、約當現金與投資為 1.477 億美元，且無負債。我們強健的資產負債表使我們在未來具備良好定位，並提供彈性以持續為我們的業務、客戶與股東進行策略性投資。今天我們揭露 MaxCyte 董事會已授權最高 1,000 萬美元的庫藏股回購計畫。依該計畫，公司可透過公開市場買回、私下協商交易、大宗交易或其他方式回購股份，並須遵循適用的證券法規。

Continuing to our 2026 guidance. We are reiterating our 2026 outlook and expect total revenue to be in the range of $30 million to $32 million, consisting of $25 million to $27 million of core revenue and $5 million of SPL milestones and royalties. As Maher highlighted on last quarter's call, we expect core revenue, which excludes milestones and royalties, to be weighted towards the second half of the year. For the second quarter, we expect core revenue to be approximately in line with the first quarter, reflecting the mix and timing of the business.

接著談 2026 年財測。我們重申 2026 年展望，預期總營收介於 3,000 萬至 3,200 萬美元，其中包含 2,500 萬至 2,700 萬美元的核心營收，以及 500 萬美元的 SPL 里程碑與權利金。如 Maher 在上一季電話會議中強調，我們預期核心營收（不含里程碑與權利金）將偏重於下半年。第二季方面，我們預期核心營收大致與第一季相當，反映業務組合與時點安排。

In our guidance related to SPL milestones and royalties, we indicated that we expect $3 million of revenue from milestones and $2 million of royalty revenues. Given $3 million milestone revenue in Q1, we are not forecasting any additional milestones in 2026, and the balance of the guidance is from commercial royalties. Lastly, we continue to anticipate to end 2026 with at least $136 million in cash, cash equivalents and investments, excluding capital deployed towards our repurchase program.

在與 SPL 里程碑與權利金相關的財測中，我們表示預期里程碑營收為 300 萬美元、權利金營收為 200 萬美元。鑑於第一季已確認 300 萬美元里程碑營收，我們不再預測 2026 年會有額外里程碑，其餘財測金額來自商業化權利金。最後，我們仍預期在 2026 年底持有至少 1.36 億美元的現金、約當現金與投資（不含用於回購計畫的資金）。

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

現在我把電話會議交回給 Maher。

Thank you, Parmeet. I'd like to thank everyone at MaxCyte for their dedication to our mission and execution in the first quarter. And I look forward to updating you all on our next quarter call.

謝謝你，Parmeet。我想感謝 MaxCyte 的每一位同仁在第一季對我們使命的投入與執行。我也期待在下一季的電話會議中向各位更新進展。

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

接下來，我將把電話會議交回給接線員進行問答。接線員？

(Operator Instructions)

（接線員指示）

Julie Simmonds, Panmure Liberum.

Julie Simmonds，Panmure Liberum。

Congratulations on a much stronger quarter than expected. A couple of questions. I suppose firstly, on the SPL revenue guidance. Clearly, you're not looking for any more milestones or you're not guiding to any more milestones for the remainder of the year. Given the number of active programs that are ongoing, plus where your sort of later-stage programs are, it feels unlikely that you're going to get no milestones at all in Q2 to 4. Are you just being particularly cautious with this time frame and maybe changing your risking of how milestones come in?

恭喜本季表現遠優於預期。我有幾個問題。首先關於 SPL 營收指引。很明顯，你們在今年剩餘期間不再期待任何里程碑，或至少不再指引任何里程碑。考量目前進行中的活躍計畫數量，以及你們較後期計畫所處的位置，感覺在第二到第四季完全沒有任何里程碑似乎不太可能。你們是否只是對這個時間範圍特別保守，並且可能調整了對里程碑入帳的風險評估方式？

Yes. Good question, Julie. So good to hear from you as always. On that question, let me take this one and then if Parmeet wants to add anything or Sean as well he's here with us as Head of Business Development. That's more an indication of the way the agreements are structured, the way milestones are contractually structured is that's based on dosing timing in pivotal trials, not necessarily on the initiation of pivotal trial.

是的。好問題，Julie。也一如既往很高興聽到你的聲音。關於這個問題，我先回答，之後如果 Parmeet 或 Sean（他也在現場，擔任商務開發主管）想補充也可以。這更多反映協議的結構方式，也就是里程碑在合約上的設計：它是以關鍵性試驗中的給藥時點為基礎，而不一定是以關鍵性試驗的啟動為基礎。

So while it's possible we could get another milestone here, the way these agreements are structured, there's a good chance it's more in the first part of next year. It all depends on the dosing regimen for the trial itself, not necessarily initiation of a pivotal or registrational trial.

因此，雖然我們有可能再取得另一項里程碑，但依照這些協議的結構，有相當機會會落在明年上半年。這完全取決於試驗本身的給藥方案，而不一定取決於關鍵性或註冊性試驗的啟動。

Does that make sense, Julie?

這樣有道理嗎，Julie？

That does indeed. Thank you. Yes. And then just on the license, the sort of cadence of that during the year. Because again, I think, obviously, down on where it was last year and -- but probably I'm trying to get a feel for whether you're expecting sort of license fees to remain fairly similar through the year or because of where your SPLs are and the potential of signing new SPLs, whether a fairly flat sort of look for the year is again being quite conservative here with your expectations because you're implying your pipeline is still quite strong for SPLs. So what we should be thinking about in terms of cadence of license fees?

確實有。謝謝。是的。然後再談一下授權（license），也就是一年當中的節奏。因為同樣地，我想，很明顯地，相較去年是下降的，而且——但我大概想掌握的是，你們是否預期授權費在全年會維持相對類似的水準，或者基於你們目前的 SPL 狀況以及可能簽下新的 SPL，你們對於全年呈現相對平坦的走勢是否是在預期上相當保守，因為你們暗示 SPL 的管線仍然相當強勁。所以我們在授權費的節奏上應該怎麼思考？

Yes, absolutely. So this is in terms of cadence of new licensees, right, new partners, Julie, just to -- so obviously, as I mentioned last time, we feel comfortable guiding 3 to 5. Some years, we'll have maybe more than 5. Some years, it could be less than 5. I want to take a step back.

是的，完全同意。所以這是就新授權方的節奏而言，對吧，也就是新的合作夥伴，Julie，我只是——所以很明顯地，如同我上次提到的，我們對於指引 3 到 5 家感到有把握。有些年度我們可能會超過 5 家；有些年度也可能少於 5 家。我想先退一步說明。

In the past few years, we've signed 15 SPL partners. We still feel very good we'll sign at least 3 this year as well. Obviously, they haven't happened just yet, but that's just the nature of the negotiations and the work with these customers who then become partners, right? Oftentimes working with them 18 months, sometimes 24 months before they actually sign an agreement.

在過去幾年，我們簽下了 15 家 SPL 合作夥伴。我們仍然非常有信心今年也至少會簽下 3 家。當然，目前還沒發生，但這就是談判的本質，以及與這些客戶合作、最終成為合作夥伴的工作方式，對吧？我們經常會與他們合作 18 個月，有時甚至 24 個月，才會真正簽署協議。

So we currently are working with those in the funnel and the pipeline, as you would call it. And we feel good that we're going to sign at least 3 this year. It's just the cadence of when the negotiations, when the work is happening, when the process work is happening with them, they still are not there yet where they haven't signed in the first half so far. But I feel good about at least 3 this year, Julie.

所以我們目前正在與漏斗中的那些對象合作，也就是你所說的 funnel 和 pipeline。我們對於今年至少會簽下 3 家感到有信心。只是節奏取決於談判何時推進、工作何時進行、以及與他們的流程性工作何時完成；到目前為止，他們還沒走到能夠簽署的階段，因此上半年尚未簽下。但我對於今年至少 3 家很有信心，Julie。

Brendan Smith, TD Cowen.

Brendan Smith，TD Cowen。

I wanted to actually follow up a little bit more on any incremental color on SeQure DX as it stands. I guess, based on any initial feedback to date, how much contribution to that revenue growth over the next, say, kind of 12 to 24 months, are you expecting to come from that?

我想再追問一下，關於目前 SeQure DX 的一些額外資訊。我想，根據迄今為止的初步回饋，在接下來大約 12 到 24 個月，你們預期它對營收成長的貢獻會有多少？

And then just sorry, as a follow-up, sorry if I missed it, but I know you mentioned that for the buybacks, most of it will kind of come through in calendar '26. But I guess anything to call out in the cadence between Q2 to Q4, fairly steady between those three quarters or just any considerations there for our model?

然後抱歉，作為追問，如果我漏聽了請見諒。我知道你提到回購大部分會在 2026 年曆年反映出來。但我想問的是，Q2 到 Q4 之間的節奏有什麼需要特別注意的嗎？這三個季度會相對穩定嗎？或是對我們模型有任何需要考量的地方？

On the cadence of the buyback. Parmeet, did you want to take that one?

關於回購的節奏。Parmeet，你要回答這題嗎？

Yes, why don't I take that? Good to hear from you, Brendan, and really pleased with the authorization from the Board. We certainly believe and are aligned with the Board, there's a disconnect on value and believe buying our shares provides a very compelling investment opportunity.

好的，我來回答吧。很高興聽到你的提問，Brendan，也非常高興董事會核准了這項授權。我們當然相信，並且與董事會一致認為，目前在價值上存在落差，而回購我們的股票提供了一個非常具吸引力的投資機會。

So as we said in the prepared remarks, we are looking to move fairly quickly on this, looking to execute a majority of the share repo program by year-end and working with an external adviser to put us in the best position to succeed here. It's going to include a mix of open market purchases and systematic. So pleased to get this authorization from the Board.

所以如同我們在事先準備的講稿中所說，我們希望相對快速地推進，目標是在年底前執行完成大部分的股票回購計畫，並與外部顧問合作，讓我們處於最佳位置以順利推動。這將包含公開市場買回與系統性買回的組合。因此很高興獲得董事會的這項授權。

Yes. And then on the first question, I think you're talking about contributions to SeQure, if I remember your question correctly, Brendan?

好的。然後關於第一個問題，我想你是在問 SeQure 的貢獻，如果我沒記錯你的問題的話，Brendan？

Yes.

是的。

Let me give you a little clarity there. Yes, absolutely. So obviously, Parmeet alluded to it earlier, revenues for SeQure were $0.6 million in the first quarter, and we're very pleased with that. I mean you look at where we expect it to grow, it's substantial year-over-year growth compared to 2025. The $0.6 million sequentially was up about 11% from Q4 of '25. It's 3 times what it was in Q1 of last year as well.

我來給你更清楚的說明。是的，完全沒錯。所以很明顯地，Parmeet 先前也提到，SeQure 第一季營收為 60 萬美元，我們對此非常滿意。你看我們預期它的成長幅度，相較 2025 年將是相當可觀的年增。這 60 萬美元在序列上較 2025 年第四季成長約 11%。也同時是去年第一季的 3 倍。

We spent the first -- really the late part of last year and throughout the year and the first part of this year, building up the commercial pipeline, working with customers to grow the pipeline as well. And we're starting to see that now in the first quarter. We're hopeful that progresses throughout the year as well and just continues throughout the year.

我們在——其實是去年下半年後段、以及整個去年到今年初——投入在建立商業管線，並與客戶合作以擴大管線。我們現在在第一季開始看到成果。我們希望這個趨勢在全年持續推進，並在整年持續延續。

The draft FDA guidance that came out very recently that I alluded to earlier is exactly why we acquired SeQure and why we believe it is -- it's that gold star for cell and gene therapy developers, whether you're doing ex-vivo or in-vivo development, you really need to characterize your off-target assays, your off-target gene editing with these assays. Even you have to characterize the on-target effects of your gene editing as well.

我先前提到、最近剛發布的 FDA 指引草案，正是我們收購 SeQure 的原因，也是我們相信它——它是細胞與基因治療開發者的「金星標章」，無論你是在做 ex-vivo 或 in-vivo 的開發，你都確實需要用這些檢測來表徵你的 off-target assays、你的 off-target 基因編輯。甚至你也必須表徵你的基因編輯的 on-target 影響。

So we feel good where it is. It took us some time to integrate them throughout last year, and we're seeing some of the traction now in this first quarter, and we're hopeful it continues throughout the year.

所以我們對目前的進展感到樂觀。去年我們花了一些時間把它們整合進來，而我們在今年第一季開始看到一些動能，我們也希望它能在全年持續。

Dan Arias, Stifel.

Dan Arias，Stifel。

Maher, can you just maybe talk about the backdrop at the industry level, but then also pair that with your own sales funnel. I think your comment was that you don't expect things to get worse this year, that's good. But do you think new business and new activity can accelerate for you guys just given what you're seeing out there?

Maher，你能否談談產業層面的背景，並把它和你們自己的銷售漏斗一起說明？我想你的評論是你不預期今年情況會更糟，這很好。但就你們所看到的，你覺得新業務與新活動有機會加速嗎？

Sure. Absolutely, Dan. Good to hear from you. I'll take that. So obviously, we saw elevated SPL program turn over last year from rationalization.

當然。沒問題，Dan。很高興聽到你的提問。我來回答。很明顯地，我們去年因為合理化（rationalization）而看到 SPL 計畫的流失率偏高。

It hurt us hard last year, especially in the first half. That turnover in 2025 we think has largely normalized. In fact, many SPL partners are increasingly prioritizing and concentrating on those lead clinical programs, and we're seeing that as well. While financing for earlier stage cell therapy is still challenging, that's seen across the industry, especially ex-vivo as well.

去年對我們打擊很大，尤其是上半年。我們認為 2025 年的那波流失目前大致已經正常化。事實上，許多 SPL 合作夥伴正越來越優先、並更集中資源在那些主要的臨床計畫上，我們也看到了這點。雖然早期細胞治療的融資仍然具有挑戰性，這在整個產業都看得到，尤其是 ex-vivo 也是如此。

What we're seeing more, I would say, non-deterioration or stability in what we consider that late stage or later-stage clinical programs that we're seeing. And in fact, you look at right now, we have, I think, 11 SPL partners with 12 clinical programs. These are all the lead assets. And you see where it is from a finance perspective, you're seeing companies like Lyell, like Allogene and Vittoria and others, still garnering investor interest and investor demand and raising the funds they need for those later-stage assets.

我們看到的更多是——我會說——我們所認為的晚期或較晚期臨床計畫並沒有惡化，反而呈現穩定。事實上，你看目前我們有，我想是 11 家 SPL 合作夥伴、對應 12 個臨床計畫。這些都是主要資產。從融資角度來看，你會看到像 Lyell、Allogene、Vittoria 等公司以及其他公司，仍然獲得投資人興趣與需求，並籌到他們在那些較晚期資產所需的資金。

So long story short, early-stage companies, I think it's still a tough backdrop there. But for later-stage clinical programs, the financing is there, and we're working with many more of those companies. In fact, we're working with more late-stage companies now than ever before. So it's a challenging backdrop, but at the same time, pockets of green shoots for later-stage programs.

所以簡而言之，早期公司我認為背景仍然艱難。但對於較晚期的臨床計畫，融資是存在的，而我們也正在與更多這類公司合作。事實上，我們現在合作的晚期公司比以往任何時候都多。所以整體背景具挑戰性，但同時在較晚期計畫上也有一些回溫的跡象。

Okay. Helpful. And then, Parmeet, I know you're still getting settled there, but it would be good to get your first blush perspective just on what you think exists as having the most room for increased forecasting clarity and then whatever you see as the priorities going forward when it comes to just sort of quarterly cadence and visibility on the business.

好的，很有幫助。然後，Parmeet，我知道你還在適應中，但如果能聽到你初步的看法會很好：你認為哪些地方最有空間提升預測清晰度？以及未來在季度節奏與業務能見度方面，你看到的優先事項是什麼？

Yes, Dan, great to hear from you and been here just about 6 weeks, and I have to say the team has been super supportive as I've transitioned into the role. Clearly, MaxCyte is a market-leading product with great service leadership and field application scientists. So certainly, last few weeks, I've been reviewing the company's forecasting methodology, spending quite a bit of time with our commercial team, the leaders looking at the funnel and believe the company provided a prudent outlook for 2026.

是的，Dan，很高興聽到你的提問。我到任大約 6 週，我必須說團隊在我轉換到這個角色的過程中給了非常多支持。很明顯地，MaxCyte 是市場領先的產品，具備卓越的服務領導力以及現場應用科學家（field application scientists）。所以在過去幾週，我一直在檢視公司的預測方法論，並花了相當多時間與我們的商務團隊、領導層一起看漏斗，我也相信公司對 2026 年提供了審慎的展望。

To your point, of course, we will continue to evolve the financial analytics, forecasting of our business. For me, particularly for the team, the finance team, providing support for our commercial and product development initiatives is going to be a priority, while certainly maintaining the disciplined cost structure that I have to give credit to Maher and team that I have established with the tough changes that were made last year.

就你提到的重點而言，當然，我們會持續精進財務分析與對我們業務的預測。對我來說，尤其是對團隊、對財務團隊而言，為我們的商務與產品開發計畫提供支援將會是優先事項，同時也會維持嚴謹的成本結構；這點我必須肯定 Maher 與其團隊，因為這是我們在去年做出艱難變革後所建立起來的。

Matt Hewitt, Craig-Hallum Capital Group.

Matt Hewitt，Craig-Hallum Capital Group。

Maybe just to go back to the SeQure ramp. Obviously, Maher, you noted some nice growth, both sequentially and year-over-year. Should we anticipate that kind of growth continuing for the remainder of this year? Or do you anticipate maybe a little bit of a pause as you kind of digest the customers that you're working with already and then another step up maybe in the second half of this year into next year?

也許回到 SeQure 的放量進程。顯然，Maher，你提到無論是環比還是同比都有不錯的成長。我們是否應該預期這種成長在今年剩餘時間會持續？還是你預期可能會稍微停頓一下，因為你們需要消化目前正在合作的客戶，然後在今年下半年到明年再出現另一波上台階的成長？

Yes. Good question, Matt. I mean I would say the growth that we're expecting is year-over-year, significant growth year-over-year. In terms of the cadence of that versus Q2 versus second half, I'd say I want to be a bit patient here and see how that transpires throughout the year. But overall, in terms of -- it's a services business, it's not a CapEx business. When we deliver these services is a bit different timing-wise than it is for the MaxCyte electroporation business.

是的。好問題，Matt。我會說我們預期的是同比的顯著成長。至於這個成長的節奏——例如 Q2 相較於下半年——我想我們需要稍微有耐心，看看它在全年如何演進。不過整體而言，這是一個服務型業務，而不是資本支出（CapEx）型業務。當我們交付這些服務時，在時間點上會與 MaxCyte 電穿孔業務有所不同。

But I'd say as a whole, overall, we feel very good about significant growth year-over-year. The cadence of it, I think we want to see how it transpires throughout the year before we get ahead of ourselves, Matt.

但我會說整體來看，我們對同比顯著成長感到非常有信心。至於節奏，我認為我們想先觀察它在全年如何發展，再避免過早下結論，Matt。

Understood. And then as far as the gross margins are concerned, a little bit of a step back. Obviously, you've had some inventory adjustments happening. Do you expect that to kind of recover as the year progresses as well, especially given your anticipated ramp in revenues?

了解。那就毛利率而言，稍微回到前面一點。顯然，你們有一些庫存調整正在發生。你是否預期隨著年度推進、特別是在你們預期營收放量的情況下，毛利率也會逐步回升？

Yes. I mean I think one of the challenges certainly with gross margin this quarter was the challenges with our SPL customer that we had talked about certainly played a part here, had an impact. As we look through the year, Matt, we expect gross margins to kind of trend in the mid-70s from here on. Certainly, the first quarter was certainly benefited from that milestone payment, which flows right to the bottom line. But looking ahead, mid-70s is the way to think about it.

是的。我認為本季毛利率的一個挑戰，確實是我們先前談到的 SPL 客戶相關挑戰在此扮演了角色並造成影響。展望今年，Matt，我們預期毛利率從現在起大致會走在 70% 中段的水準。當然，第一季受惠於那筆里程碑款項，幾乎直接流到淨利端。往前看，70% 中段是比較合適的思考方式。

Matt Larew, William Blair.

Matt Larew，William Blair。

I wanted to follow up, Maher, on your comments on DTx. When you announced that launch last quarter, you had some good early traction. I think some sales in the first quarter. You have nice comments on it today here as well. Just curious sort of what reasonable expectations are over the next 12 to 18 months?

Maher，我想追問你對 DTx 的評論。你們在上季宣布推出時，早期有一些不錯的進展，我記得第一季也有一些銷售。今天你也給了很正面的評論。想請教未來 12 到 18 個月，合理的期待大概是什麼？

And what the mix of the funnel looks like, if it's getting you into new customers or there's a lot of existing customers. I think last call, you referenced interest sort of globally, both in the US and in APAC. So just a little bit more color on how that launch is going would be great.

以及漏斗（funnel）的組成大概是什麼樣子：它是幫你們打入新客戶，還是多數來自既有客戶？我記得上次電話會議你提到全球都有興趣，包括美國與亞太地區（APAC）。所以如果能多分享一些這次上市推進的情況會很有幫助。

Yes. Great question, Matt. Let me take that one. So let me give you a bit on the color of where maybe the interest that we're getting and what we're seeing.

是的。好問題，Matt。我來回答這題。我先補充一些我們目前收到的興趣來源以及我們觀察到的情況。

So obviously, it's meeting our expectations to what we thought we could do, right? In the cell therapy space, we can get in there. We can work with customers of ex-vivo and in-vivo while they're doing their screening for cell therapy development. And we're seeing that, right?

很明顯，它符合我們原先的預期，也就是我們認為能做到的事情，對吧？在細胞治療領域，我們可以切入其中。我們可以在客戶進行細胞治療開發的篩選（screening）時，同時支援 ex-vivo 與 in-vivo 的工作。我們確實正在看到這些情況。

So the funnel itself is building very well. We still anticipate that the sales will begin to increase in the second half of the year. That's the norm for any launch. You have to build up the campaign behind it. You have to get into the customers and you begin to see the traction there. But the pipeline is becoming very healthy.

因此，漏斗本身建立得非常好。我們仍預期銷售會在今年下半年開始增加。這是任何新產品上市的常態：你必須建立背後的行銷推廣活動，必須進入客戶端，然後才會開始看到動能。不過目前管線正變得非常健康。

What we're also seeing is traction in areas, for example, in the academic accounts that we never really had before that we can get into with the DTx system. We're also seeing it in protein screening for biologics, and we're seeing that from big pharma as well. We're having a few of the funnel in the pipeline. We're seeing that we're gaining traction with big pharma that we never had before.

我們也看到在一些領域出現動能，例如在學術客戶（academic accounts）方面，過去我們其實很少能切入，但透過 DTx 系統我們現在可以進去。我們也在用於生物製劑（biologics）的蛋白質篩選（protein screening）上看到進展，而且也來自大型藥廠。我們在管線的漏斗中已有一些案子。我們看到自己正在獲得過去未曾有過的大型藥廠動能。

So that's not necessarily a surprise for us. We realize that we're building it, we can allow it to really get into the protein screening market as well for biologics. But the pleasant surprise has been the early traction from having a customer interest from big pharma as well, which I think bodes well for the future of DTx. But again, tempered, let's see how the rest of the year plays out in terms of DTx sales and revenues from it, but we expect significant growth going into the second half and into '27 and beyond.

所以這對我們來說不一定是意外。我們知道我們正在建立這個能力，也能讓它真正切入生物製劑的蛋白質篩選市場。不過令人驚喜的是，早期就看到大型藥廠客戶的興趣，我認為這對 DTx 的未來是個好兆頭。但同樣地，我們會保持審慎，看看今年剩餘時間 DTx 的銷售與營收表現如何；不過我們預期在下半年、以及 2027 年及之後會有顯著成長。

Okay. And then I guess just a bit of a higher level one. The the SPL portfolio has evolved quite a bit back that time as a public company in terms of cross disease categories. Solid tumors is now a big part of the preclinical pipeline. You referenced in the -- in your SPL deck, a few partners leading the ex-vivo space, but also referenced confidence in hitting three more this year. So there's sort of natural ebb and flow here.

好的。接著我想問一個更高層次的問題。作為上市公司以來，SPL 產品組合在跨疾病類別方面已經演變了很多。實體腫瘤（solid tumors）現在已是臨床前管線的重要部分。你在——在 SPL 簡報中提到幾個在 ex-vivo 領域領先的合作夥伴，同時也提到有信心今年再達成三個。所以這裡自然會有一些起伏。

I guess we would just be curious for sort of your state of the union, both from what you're seeing from an SPL interest perspective, but also what your team is observing in terms of clinical development and sort of how that translates to continued confidence in the platform and in future growth for SPL partners.

我們想請你談談你對整體現況的看法：一方面是你看到的 SPL 興趣狀況，另一方面是你們團隊在臨床開發方面觀察到的趨勢，以及這如何轉化為你們對平台持續的信心、以及 SPL 合作夥伴未來成長的信心。

Yes. No, great question. I mean -- so part of the reason why we have confidence in the current partners and the programs they have and then also the future SPL's that we're signing in. While we had rationalization last year that hurt us, what we're seeing now is these later-stage clinical programs progressing through the clinic, and we're seeing that.

是的。這確實是個好問題。我想——我們之所以對目前的合作夥伴及其計畫、以及未來我們正在簽入的 SPL 仍有信心，部分原因在於：雖然我們去年做了合理化調整而對我們造成衝擊，但我們現在看到的是這些較後期的臨床計畫正在推進，我們確實看到了這點。

The one milestone we received this year from one of our partners was for a clinical program that has good results. It's confidential, we can't disclose it. But so far, we're seeing what they published were good results of their current clinical program. And we're seeing that with some of the other ones here.

我們今年從其中一位合作夥伴收到的一個里程碑款項，是來自一個臨床計畫且結果良好。這是機密，我們無法揭露。但到目前為止，我們看到他們已公開發表的內容顯示其現行臨床計畫結果不錯。我們也在其他一些計畫上看到類似情況。

I mean if you look at our deck, you have Wugen with the WU-CAR-T 007 progressing very nicely. You have CRISPR, you have Imugene. And you're seeing this. These are companies that are going to pivotal and registrational studies. And it speaks to what I was speaking to earlier, which is interest in later-stage programs is still there from a financing perspective because the science is there, and you're seeing the progress there.

如果你看我們的簡報，你會看到 Wugen 的 WU-CAR-T 007 推進得非常順利；你也有 CRISPR、也有 Imugene。你正在看到這些進展。這些公司正走向關鍵性（pivotal）與註冊性（registrational）研究。這也呼應我先前提到的：從融資角度來看，市場對較後期計畫的興趣仍在，因為科學基礎在那裡，而你也看得到進展。

And these are -- some of which are autologous and allogeneic programs. We're also seeing interest still in allogeneic programs because it reduces the -- I'd say, the patient journey in terms of patient administration, and we're still seeing that.

而這些——其中一些是自體（autologous）與同種異體（allogeneic）計畫。我們也仍看到市場對同種異體計畫的興趣，因為它能降低——我會說，能簡化病患旅程（patient journey），就病患給藥與治療流程而言更便利，我們仍持續看到這點。

So even across our SPL funnel and the pipeline that we're building for future SPLs, we're still seeing that research there for those lead assets still going about, still being funded. Obviously, is it what it was in 2021, '22? No, I'd say it's even healthier in the sense where even though you might have less of a pipeline build of these SPLs, but the ones that are going and becoming SPLs, they're looking -- they're working on the lead assets. And that's what we want to work with, and that's what we're seeing now.

因此，即使在我們的 SPL 漏斗以及我們為未來 SPL 所建立的管線中，我們仍看到那些領先資產（lead assets）的研究在持續推進、也仍在獲得資金支持。當然，這是否回到 2021、2022 年那種狀態？不，我會說它在某種意義上更健康：即便 SPL 的管線建置數量可能較少，但那些正在推進並成為 SPL 的案子，它們看起來——它們正在聚焦於領先資產。而這正是我們想合作的方向，也是我們現在看到的情況。

So that's why we still feel confident we can sign at least through this year. For the foreseeable future as well, we can keep signing 3 to 5. Nothing has really changed other than the fact we're seeing the science itself mature, so to speak. I hope that kind of answers your question though.

所以這就是為什麼我們仍有信心至少在今年能簽下（合作）。在可預見的未來，我們也能持續每年簽下 3 到 5 個。除了我們看到科學本身逐漸成熟之外，並沒有真正改變什麼。我希望這樣能回答你的問題。

Mark Massaro, BTIG.

Mark Massaro，BTIG。

The first one is for Parmeet. It looks like the G&A expense came in $4 million down sequentially and over $2 million below our forecast, which looks like some pretty good cost discipline and management. Is that $6 million or so a reasonable run rate for G&A going forward? And can you just speak to any changes in headcount? Obviously, there's some impacts, cost containment matters that were done last year. But how are you thinking about spending this year and flowing throughout the rest of the year?

第一個問題是給 Parmeet。看起來 G&A 費用較前一季下降了 400 萬美元，且比我們的預估低了 200 多萬美元，這看起來是相當不錯的成本紀律與管理。往後 G&A 大約 600 萬美元左右是否是合理的常態水準（run rate）？另外也請談談人員編制（headcount）是否有任何變化？顯然去年做了一些影響與成本控管措施。但你們今年對支出以及今年剩餘期間的支出節奏是怎麼思考的？

Yes. Good to hear from you, Mark. And certainly, I'd speak to sort of broadly OpEx, the reduction in OpEx, G&A being part of that is starting to materialize, right? You're seeing that in our P&L. The tough decisions that were made last year are now being reflected fully in our P&L.

是的。很高興聽到你的聲音，Mark。當然，我會從更廣義的營運費用（OpEx）來談，OpEx 的下降、其中包含 G&A 的部分，現在開始逐步顯現了，對吧？你們在我們的損益表上已經看到了。去年做出的艱難決策，現在已完整反映在我們的損益表上。

Looking at where we ended up with OpEx in Q1, I think it's a fair run rate outside of, I would say, low single-digit sequential growth in the coming quarters that we expect for investments in things like commercial expansion in APAC that we're looking at, some additional DTx launch activities. So kind of that's how I would look at it. Keeping this in mind, I would say, for the year, we expect OpEx to be around $60 million.

就我們第一季的 OpEx 水準來看，我認為這是合理的常態水準；除了我會說，接下來幾季我們預期會有低個位數的季增，主要是因為我們會投資在一些事項上，例如我們正在評估的亞太（APAC）商業擴張，以及一些額外的 DTx 上市活動。因此我會這樣看待。基於這點，我會說今年我們預期 OpEx 約為 6,000 萬美元。

And back to your point, just for context, this is still a significant reduction over where we were last year. Last year, OpEx was around $79 million, $80 million. So it speaks to the body of work, the tough work that the team has done.

回到你的重點，補充一些背景，這相較於去年仍是顯著的下降。去年 OpEx 約為 7,900 萬到 8,000 萬美元。這也反映了團隊所完成的大量工作，以及那些艱難的工作。

That's really helpful. Back to the DTx, Maher, you did make some positive comments about the beta launch. As we think about this rolling into like the second half of the year, should we expect to see some revenue pull-through in the form of capital purchases or leases of the system? Or what I'm really trying to get at is, are some of these just sort of placed just to see how things are going and then there may or may not be revenue in the back? I'm just trying to figure out how much we should expect in the back half of this year.

這非常有幫助。回到 DTx，Maher，你確實對 beta 上線發表了一些正面的評論。當我們思考這在今年下半年推進時，我們是否應該預期會看到一些營收帶動，例如系統的資本性購置或租賃？或者我真正想問的是，有些是否只是先放置（placed）來觀察進展，之後可能有、也可能沒有後端營收？我只是想釐清今年下半年我們應該期待多少。

Yes. I mean it's a tough question there in the sense of -- so we're not guiding as to where it's going to be in the second half of the year for this one here. And just to be made clear, Mark, we don't license these. This is a pure sales, pure CapEx sale here. This really is -- we're seeing the help of the build-out in the funnel so far.

是的。我的意思是，這是一個很難回答的問題，因為——我們目前不會就今年下半年這項產品的走向提供指引。另外要說清楚，Mark，我們不做授權（license）。這完全是銷售模式，純粹的資本支出（CapEx）銷售。就目前而言，我們確實看到漏斗（funnel）的建置正在帶來幫助。

We see meaningful contribution in the second half, even more meaningful going to 2027. And as we keep learning from the launch itself, it will give us even more of an initiative, what Parmeet alluded to us be able to even spend more -- a little bit more on the marketing of the DTx and on the commercial launch of DTx.

我們預期下半年會有有意義的貢獻，而到 2027 年會更為顯著。隨著我們持續從這次上市本身學習，這也會給我們更多動能——正如 Parmeet 提到的——讓我們能夠在 DTx 的行銷以及 DTx 的商業化上市上再多投入一些資源。

But where I stand right now, I feel very good what happened in Q1 in terms of initial sales there, what's happening here in Q2, I think can help us continue to see the future SPLs as well because we can get in earlier with customers. And then it can also get us into that bioprocessing protein screening market, that can really start to contribute to revenue in the '27, '28 and so forth time period. And it gives us a chance to also learn that market more and see what other products we can also launch into that other market in the bioprocessing market as well.

但就我目前的立場而言，我對第一季初期銷售的表現感到非常滿意；第二季正在發生的事情，我認為也能幫助我們持續看到未來的 SPL（系統放置/安裝）機會，因為我們可以更早與客戶接觸。接著，這也能讓我們切入生物製程的蛋白質篩選市場，該市場在 2027、2028 年等期間有望真正開始貢獻營收。同時也讓我們有機會更深入了解該市場，看看我們還能在生物製程市場推出哪些其他產品。

So that's kind of how I'm looking at DTx. I feel very good where it is, but there's still a lot of learnings and there's still a lot of commercial execution we have to focus on to make that second half have meaningful contribution.

所以我對 DTx 的看法大致如此。我對目前的進展感到非常好，但仍有很多需要學習的地方，也還有許多商業執行需要我們專注，才能讓下半年帶來有意義的貢獻。

Hannah Raiford, Stephens Inc.

Hannah Raiford，Stephens Inc.。

Just following up one more on DTx. You mentioned that there's still kind of a learning curve here. How much visibility do you have into the 2H pickup? And is that included in guidance? Or anything there, would that be kind of upside?

再追問一個關於 DTx 的問題。你提到這裡仍有一些學習曲線。你們對下半年回升（pickup）的能見度有多高？這是否已包含在財測指引中？或是那部分會是上行空間（upside）？

Yes. Let me take that, and I can hand it over to Parmeet as well. That's included in the guidance, right? So this was what I said earlier on our previous call, this is part of our guidance where we see that second half pickup helping us in terms of where we guided for the year in terms of the core revenue. Again, it's -- I'm taking a careful look at this because when I say learning, we launched just knowing exactly what we're going to launch into, but now it's commercial execution.

是的。我來回答，之後也可以交給 Parmeet 補充。這已包含在指引中，對吧？正如我在上一通電話會議中提到的，這是我們指引的一部分：我們預期下半年的回升會在核心營收方面，幫助我們達成今年的指引。再次強調——我會非常謹慎地看待這件事，因為當我說「學習」，我們在推出時就清楚知道要切入什麼，但現在重點在於商業執行。

So ahead of ourselves. Let's just make sure that we can execute exactly what we launched where we knew we're going to get into the cell therapy space earlier in the research process, earlier in discovery and really begin to have those learnings even in the bioprocess space as well.

所以不要操之過急。我們先確保能把已推出的內容確實執行到位：我們知道我們將更早在研究流程、更早在探索（discovery）階段切入細胞治療領域，並且也真正開始在生物製程領域累積這些學習。

So it's part of the guidance that we gave for the year. And as we get further traction, we'll obviously update on future calls as well. But until that time, we're taking a wait-and-see approach.

因此，這是我們今年所給出的指引的一部分。隨著我們取得更多進展，我們也會在後續電話會議中更新。但在那之前，我們會採取觀望（wait-and-see）的方式。

Okay. That's helpful. And then after the recent portfolio pruning that you've seen, now that that's kind of played out, can you just talk about what the landscape looks like now? Do you think the customers you're serving are kind of more geared to certain modalities or cell types or indications? Is there just anything you'd call out there?

好的，這很有幫助。接著，在你們看到近期的產品組合精簡（portfolio pruning）之後，現在這件事大致告一段落了，你能否談談目前的市場樣貌？你認為你們服務的客戶是否更偏向某些治療模式（modalities）或細胞類型或適應症？有沒有什麼你會特別指出的？

Yes. I'm going to turn this on to Sean, the SPL. Sean, have we seen any trends that you believe in terms of where we're going in terms of the clinical programs from the SPL funnel that we're looking at?

是的。我把這題交給 Sean，也就是 SPL 的負責人。Sean，就我們正在觀察的 SPL 漏斗而言，你是否看到任何你認為值得注意的趨勢，特別是臨床計畫的走向？

No, thanks, Hannah. It's good to hear from you. From an autologous allogeneic standpoint, still remains around a 50-50 split across different variety of cell types. Obviously, the market is predominantly T-cells, which is reflected in the portfolio. We are seeing the advancement of allogeneic CAR-T.

沒有，謝謝你，Hannah。很高興聽到你的聲音。從自體（autologous）與同種異體（allogeneic）的角度來看，仍大約是 50/50 的分布，涵蓋多種不同的細胞類型。顯然市場仍以 T 細胞為主，這也反映在產品組合中。我們也看到同種異體 CAR-T 正在推進。

Wugen now is in a potential registrational trial and could be the first allogeneic CAR-T approved. We're also seeing different novel gene editing platforms continue to advance with the FDA support. So that's the overall kind of state of the union for the SPL portfolio.

Wugen 現在可能正進入註冊性試驗（registrational trial），並可能成為第一個獲批的同種異體 CAR-T。我們也看到不同的新型基因編輯平台在 FDA 的支持下持續推進。這就是 SPL 產品組合的整體概況。

And I will now turn the call back over to Mr. Maher Masoud for any closing comments.

接下來我將把電話會議交回給 Maher Masoud 先生，請他做結語。

Yes. Thank you, everyone, for joining us today. I want to thank all of our employees as well, our shareholders. Look forward to speaking everyone again on our next earnings call in a few months.

是的。謝謝各位今天加入我們。我也要感謝我們所有員工，以及我們的股東。期待在幾個月後的下一次財報電話會議再次與各位交流。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。