Nexgel Inc (NXGL) 2026 Q1 法說會逐字稿

Good afternoon. I will be your conference operator today. At this time, I would like to welcome everyone to NEXGEL'S Shareholder Update Conference Call.

下午好。我將擔任今天的會議接線員。此刻，我謹代表主辦方歡迎各位參加 NEXGEL 的股東最新進展電話會議。

I will now turn the call over to Valter Pinto, Managing Director of KCSA Strategic Communications, for introductions. Please go ahead.

現在我將把電話交給 KCSA Strategic Communications 董事總經理 Valter Pinto 進行介紹。請開始。

Thank you, operator. Good afternoon, and welcome, everyone, to NEXGEL's Shareholder Update Conference Call. I'm joined today by Adam Levy, Chief Executive Officer.

謝謝，接線員。下午好，歡迎各位參加 NEXGEL 的股東最新進展電話會議。今天與我一同出席的是執行長 Adam Levy。

Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties and other factors. For a detailed discussion of some of the ongoing risks and uncertainties in the company's business, I refer you to our filings with the SEC filed periodically. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, unless otherwise required by law.

在開始之前，我想提醒各位，今天電話會議中所作的陳述可能被視為《1995 年私人證券訴訟改革法案》安全港條款所界定的前瞻性陳述，而由於各種風險、不確定性及其他因素，實際結果可能與之存在重大差異。關於公司業務中部分持續風險與不確定性的詳細討論，請參閱我們不定期向美國證券交易委員會（SEC）提交的申報文件。除非法律另有要求，對於任何前瞻性陳述，公司不承擔因新資訊、未來事件或其他原因而更新或修訂之任何意圖或義務。

With that, it's my pleasure to turn the call over to Mr. Adam Levy. Adam, please go ahead.

接下來，我很高興把電話交給 Adam Levy 先生。Adam，請開始。

Thank you, Valter, and thank you, everyone, for joining us today. On today's call, I would like to provide an overview of our first quarter 2026 financial results and bring everyone up to speed on the progress we have made on the integration of the acquisition we recently closed in mid-April.

謝謝你，Valter，也謝謝各位今天加入我們。在今天的電話會議上，我想概述我們 2026 年第一季的財務結果，並向各位更新我們在 4 月中旬近期完成交割之收購案整合方面所取得的進展。

Starting with our first quarter results. Revenue for the first quarter totaled $2.65 million as compared to $2.81 million for the same period last year. The business year-over-year was relatively flat with sales from Silly George coming in lower, which were partially offset by revenue growth in both contract manufacturing and our MEDAGEL brand.

先從第一季業績談起。第一季營收合計 265 萬美元，去年同期為 281 萬美元。整體業務年對年表現相對持平，Silly George 的銷售較低，但部分被委託製造以及我們 MEDAGEL 品牌的營收成長所抵銷。

During the quarter, the increase in our SG&A was due primarily to costs incurred relating to the acquisition of our BioNX division and the Kiss Nail Products legal case, which has since been settled.

本季期間，我們銷售、一般及行政費用（SG&A）的增加，主要是因收購 BioNX 事業部相關成本，以及 Kiss Nail Products 法律案件所產生的費用；該案件目前已達成和解。

Cash and restricted cash as of March 31, 2026, was approximately $2.1 million. As of today, our cash on hand is $1.8 million. In total, we have raised $13.8 million comprised of $8.8 million received in cash and $5 million of our convertible note delivered to Celularity to fund the acquisition and to provide the business with working capital.

截至 2026 年 3 月 31 日，現金及受限制現金約為 210 萬美元。截至今天，我們手頭現金為 180 萬美元。合計而言，我們已籌集 1,380 萬美元，其中包含 880 萬美元現金收入，以及交付給 Celularity 的 500 萬美元可轉換公司債，用以為本次收購提供資金並為業務提供營運資金。

The first quarter does not include any revenue from our acquisition. In the second quarter, we have already seen sales from Silly George normalize and recover, and we will begin accounting for revenue from our acquisition for about half of the second quarter.

第一季不包含任何來自本次收購的營收。在第二季，我們已看到 Silly George 的銷售恢復正常並回升，且我們將開始認列本次收購約半個第二季的營收。

The financing for BioNX was led by Sequence LifeScience with a $5.5 million investment that not only strengthened the financing structure of the transaction, but also aligns us with a partner that enhances our capabilities across manufacturing, product development and distribution. Importantly, this transaction replaced a financial lender who was seeking a near-term exit with a long-term strategic partner who is focused on supporting the long-term growth and execution of our business.

BioNX 的融資由 Sequence LifeScience 主導，投資 550 萬美元；此舉不僅強化了交易的融資結構，也使我們與一位合作夥伴結盟，進一步提升我們在製造、產品開發與通路分銷方面的能力。重要的是，這筆交易以一位著眼於長期、聚焦支持我們業務長期成長與執行的策略夥伴，取代了原本尋求短期退出的金融放款方。

Brian J. Kieser and Kevin Harris, CEO and COO of Sequence LifeScience, have since joined our Board of Directors. Brian and Kevin bring deep industry experience, product innovation and a strong distribution network that will help us grow and expand the potential of our new acquisition. I am very excited to have them in our corner, and I'm looking forward to working with them to grow the business.

Sequence LifeScience 的執行長與營運長 Brian J. Kieser 與 Kevin Harris 也已加入我們的董事會。Brian 與 Kevin 擁有深厚的產業經驗、產品創新能力以及強大的分銷網絡，將協助我們成長並擴大新收購資產的潛力。我非常高興他們能與我們並肩合作，也期待與他們一同推動業務成長。

The BioNX portfolio includes six established regenerative biomaterial products, positioning us squarely within one of the fastest-growing segments of health care. These are not early-stage assets. They are commercial stage products with more than a decade of clinical use, demonstrated real-world utility and already have existing reimbursement pathways. These products are approved in approximately 500 hospitals across the US and represent a large opportunity for BioNX in several surgical specialties as well as wound care.

BioNX 產品組合包含六項已建立的再生生物材料產品，使我們穩居醫療保健中成長最快的細分領域之一。這些並非早期資產。它們是商業化階段產品，已有超過十年的臨床使用經驗，具備真實世界效用的驗證，並且已建立既有的給付／報銷途徑。這些產品已在美國約 500 家醫院獲准使用，並在多個外科專科以及傷口照護領域為 BioNX 帶來龐大機會。

To lead this effort, we recently appointed Dave Hazard as Vice President of Sales for BioNX Surgical, who brings more than 13 years of sales leadership across orthopedics, spine, biologics, and joins the company at an important stage in its commercial growth phase. He has a strong track record of building scalable sales infrastructure and establishing the kind of enterprise partnerships that drive repeatable revenue. His expertise in biologics and commercial execution will be instrumental as we continue expanding operations for our newly formed BioNX division.

為了領導這項工作，我們近期任命 Dave Hazard 擔任 BioNX Surgical 銷售副總裁；他在骨科、脊椎、生物製劑等領域擁有超過 13 年的銷售領導經驗，並在公司商業成長階段的關鍵時點加入。他在建立可擴展的銷售基礎設施，以及建立能帶來可重複營收的企業級合作夥伴關係方面，擁有亮眼的實績。他在生物製劑與商業執行方面的專長，將在我們持續擴大新成立 BioNX 事業部的營運時發揮關鍵作用。

In addition to our existing products, we currently have three 510(k) devices in development within our pipeline. These programs represent approximately $4.6 million in invested paid-in capital and are targeted for commercialization in 2026, '27 and 2028.

除既有產品外，我們目前的研發管線中還有三項 510(k) 醫療器材正在開發。這些計畫代表約 460 萬美元的已投入實收資本，目標分別於 2026 年、2027 年與 2028 年實現商業化。

Beyond the products, we have also added an experienced commercial and scientific team. This is an important aspect of the transaction as it meaningfully expands our internal capabilities and strengthens our ability to develop the markets of NEXGEL's own medical devices. This transaction will be transformative not only from a strategic standpoint, but also financially. On a pro forma basis, we anticipate it to approximately triple our annual revenue to roughly $35 million and to be immediately accretive to profitability upon closing.

除了產品之外，我們也新增了一支經驗豐富的商業與科學團隊。這是本次交易的重要面向，因為它顯著擴充了我們的內部能力，並強化我們開發 NEXGEL 自有醫療器材市場的能力。本次交易不僅在策略層面具有變革性，在財務層面亦然。以備考（pro forma）基礎計算，我們預期其將使我們年營收約增加至原來的三倍，達到約 3,500 萬美元，並在交割完成後立即對獲利具有增益（accretive）。

Taken together, the acquisition and our strategic partnership with Sequence represents a step change in NEXGEL's trajectory. We are combining a proven hydrogel platform with a portfolio of commercial regenerative products supported by a strategic manufacturing partner. This positions us to accelerate product development, broaden our commercial footprint and pursue new opportunities within the regenerative medicine landscape.

綜合而言，這項收購以及我們與 Sequence 的策略合作夥伴關係，代表 NEXGEL 發展軌跡的一次躍升。我們正把經驗證的水凝膠平台，與一套已商業化的再生產品組合結合，並由策略製造合作夥伴提供支持。這使我們能加速產品開發、擴大商業版圖，並在再生醫學領域中追求新的機會。

Lastly, I'm excited to introduce Ian Blackman as our new CFO. Ian is a veteran financial and M&A leader who has been appointed to lead the integration of our acquisition, scale the business and accelerate growth. Our Board and senior leadership team is now the strongest it has ever been in our history. We are focused on successfully integrating these assets, driving commercial growth and continuing to build a platform that can generate sustained long-term growth and profitability. I'm looking forward to reporting on our second quarter financial results in August, where we will be able to provide more details into the integration and execution of our BioNX division.

最後，我很高興介紹 Ian Blackman 擔任我們的新任財務長（CFO）。Ian 是資深的財務與併購（M&A）領導者，受任負責主導本次收購的整合、擴大業務規模並加速成長。我們的董事會與高階管理團隊如今是公司歷史上最強的一次。我們將專注於成功整合這些資產、推動商業成長，並持續打造一個能夠帶來長期且可持續成長與獲利的平台。我期待在 8 月公布第二季財務結果時，能就 BioNX 事業部的整合與執行提供更多細節。

With that, I'll turn the call over to the operator, and I'm happy to take any questions. Operator?

接下來，我把電話交回給接線員，也很樂意回答任何問題。接線員？

(Operator Instructions)

(接線員指示)

Naz Rahman, Maxim Group.

Naz Rahman，Maxim Group。

Hi, everyone. Congrats on closing the deal and the progress. I just have a few. Now that you've closed the BioNX transaction, how long has the field force, I guess, been out there promoting the product? I realize it's only going to be a limited amount of time. But how long have they been out promoting the BioNX product?

各位好。恭喜完成交易並取得進展。我有幾個問題。既然你們已完成 BioNX 交易，外勤銷售團隊（field force）大概已經在外面推廣產品多久了？我知道時間應該不會太長。但他們推廣 BioNX 產品已經有多久了？

And have you seen like, I guess, an uptick in reception or sales of the products versus their prior run rate on the previous owner?

那麼你是否看到，相較於前一位所有者先前的既有銷售水準，這些產品在市場接受度或銷售上有出現上升趨勢？

So okay, three parts. I'll try to go through them in order. So we weren't able to really do a lot pre-closing just because of the nature of we hadn't closed and it wasn't our asset. There is a little bit of a lag in terms of getting the sales force reengaged and going out there, right? We have our own contracts had to be approved by legal.

好，三個部分。我會試著依序說明。由於我們在交割前尚未完成交割、而且那也不是我們的資產，所以交割前我們其實無法做太多事情。在讓銷售團隊重新投入並外出拜訪方面，確實會有一點時間落差，對吧？我們自己的合約也必須經過法務核准。

We have to do our own training because of various rules like Sunshine Laws. So we're really now just getting the contracts back and guys are going out there.

我們也必須依照各種規範（例如 Sunshine Laws）進行我們自己的訓練。所以我們現在才剛把合約陸續拿回來，業務同仁也開始外出跑市場。

So that's why I kind of framed it as half a quarter because now as of May 15, we're just really getting out there and starting to ramp the sales and sending out -- getting back the contracts, changing all the vendors, calling all the hospitals that don't change the account name from Celularity to BioNX. All of these things are small things that happen in a matter of a few weeks, but they do need to get done before you can really ramp. So we're kind of excited for what the second half of May and what June are going to look like, but we're really just getting started.

所以我才會把它描述成「半個季度」的原因是：截至 5 月 15 日，我們才真正開始外出、開始拉升銷售動能，並把合約收回來、替換所有供應商，聯絡所有醫院，把帳戶名稱從 Celularity 改成 BioNX。這些事情看起來都是幾週內的小事，但在你真正能夠加速成長之前，確實都必須先完成。因此我們對 5 月下半月以及 6 月會呈現的樣貌感到興奮，但我們其實才剛起步。

Understood. That's fair. On the tripling of your revenue that you communicated and previously communicated, does that assume at this point that like the non-BioNX business or businesses stay flat? Or are you assuming any growth? It seems like that non-BioNX business is basically flat at this point.

了解。這很合理。關於你們所提到、以及先前也提到的營收三倍成長，在目前的假設下，是不是意味著非 BioNX 的業務（或多項業務）維持持平？還是你們也假設會有成長？看起來非 BioNX 的業務目前基本上是持平的。

Yes, it is. We don't expect it to stay flat. Silly George had an uncharacteristically bad fourth quarter and kind of a meh first quarter year-over-year, down a little bit. So we see already a recovery in April on that product line. So we think there'll be some growth, but we were kind of modest in that.

是的，確實如此。我們不預期它會一直持平。Silly George 在第四季出現了不太尋常的疲弱表現，第一季年對年也有點普通，略為下滑。不過我們已經在 4 月看到該產品線的復甦。所以我們認為會有一些成長，但我們在這方面的假設相對保守。

We have very little growth built in for this particular segment.

就這個特定區隔而言，我們納入的成長幅度非常有限。

Got it. And one last question, if I may. I guess, normalized with all the additional sales reps and the R&D team, how much do you expect operating expenses to be, I guess, on a quarterly basis? Or how much do you expect it to increase annually on a normalized basis?

了解。如果可以的話，最後一個問題。我想在新增所有銷售代表與研發團隊後，常態化來看，你們預期營業費用每季大概會是多少？或者在常態化基礎下，你們預期年度會增加多少？

So we probably have added and our CFO, Ian, is on the call as well. So correct me if I'm mistaken in this, Ian. But I think that we've added -- in fact, why don't I just ask you what we think the operating overhead is? Yes. So it will be an approximate monthly run rate of $500,000 all-in for salaries, marketing and commissions and so on.

我們大概已經增加了——而且我們的財務長 Ian 也在線上。Ian，如果我說錯請糾正我。不過我想我們已經增加了——其實不如我直接請你說明我們認為營運管理費用大概是多少？好的。所以包含薪資、行銷、佣金等等在內，每月的概略全包式支出（run rate）約為 50 萬美元。

Got it. That was helpful. Thanks for taking my questions.

了解。這很有幫助。謝謝回答我的問題。

(Operator Instructions)

（接線員指示）

[Ves Mahallov], Private Investor.

[Ves Mahallov]，私人投資人。

Thank you for taking my questions, Adam. Good morning.

謝謝你回答我的問題，Adam。早安。

Hi, Ves. Good to talk to you.

嗨，Ves。很高興和你聊。

I wanted to ask you about the offering. Is it still open? You just filed an 8-K or another $1 million. Are you still conducting this offering? Is it still open for additional investors?

我想問你關於這次發行（offering）。它還開放嗎？你們剛提交了一份 8-K，內容是另外 100 萬美元。你們還在進行這次發行嗎？是否仍對其他投資人開放？

And do you intend to file an 8-K and a press release stating when it's completely closed?

另外，你們是否打算在完全結束時，再提交一份 8-K 並發布新聞稿說明已全部完成？

Yes, we do. And it's pretty much closed. There's a couple of smaller investors, particularly Board members that are kind of coming in at the end. And by the way, now if you look at the $1 million we filed, they're also a Board -- he's also a Board member at this point. So this was really mostly an investor and kind of -- there's a couple of smaller investors that have been long-term friends of the company.

是的，我們會。而且基本上已經接近結束。還有幾位較小的投資人，特別是董事會成員，算是在最後階段進來。順帶一提，如果你看我們申報的那 100 萬美元，那位投資人現在也是董事會成員。所以這次主要是投資人，另外還有幾位較小的投資人，是公司長期的朋友。

But we'll be wrapping that up in the next day or two, and then we'll make an announcement in an 8-K early part of next week.

不過我們會在接下來一兩天內收尾，然後在下週初的前半段透過 8-K 做出公告。

Okay. So I just want to alert you that there's like 350,000 shares sold short. So I think that this is like a wet blanket on the stock. So the sooner it closes, provided you've got all the money necessary, the better, just my personal opinion.

好的。我只是想提醒你，目前大約有 35 萬股的放空部位。所以我覺得這有點像是壓在股價上的濕毯子。因此只要你們已經拿到所有必要資金，越快結束越好——這只是我個人的看法。

And the next question is I want to go back to the legacy business. I mean, -- could you comment a little bit more on how did all this growth in all these product lines just disappear combined? We had STADA, we had what was it, iRhythm. You announced in an 8-K, obviously, Silly George. We were growing 100% year-over-year for quite a few quarters, and now you're saying basically it's flat.

下一個問題我想回到既有業務（legacy business）。我的意思是——你能否多評論一下：這些產品線合在一起的成長，怎麼會就這樣消失？我們有 STADA，我們有——是 iRhythm 嗎？你們在 8-K 裡也公告了，顯然還有 Silly George。我們曾經連續好幾個季度年對年成長 100%，但現在你卻說基本上是持平。

Could you expand on this a little bit more? Why is this happening?

你能否再多展開說明一下？為什麼會發生這種情況？

Sure. Well, again, let me be clear, it's flat. And in my projected total of what I'm talking about, I'm being very conservative in building a modest maybe 10% growth in there. We hope to do a lot better.

當然可以。不過我再澄清一次，是持平。而在我所談的總體預估中，我非常保守，只是放入了溫和、可能約 10% 的成長。我們希望能做得更好。

And one of the reasons -- one of the things that -- first, let me talk about what happened. So Silly George had an exceptionally bad fourth quarter. The new products, like the lip gloss, did not do what we expected, and it was very slow as well as just a general downturn given all the competition that was out there at that time, especially in the pop-ons.

其中一個原因——有幾件事——首先我先談發生了什麼。Silly George 的第四季表現非常差。像唇蜜這類新產品的表現不如我們預期，進展也很慢；再加上當時競爭者眾多、整體市場走弱，尤其是在 pop-ons 這個品類。

Now we've repositioned some things. We've added a couple of new. We have a new tweezers doing extremely well. So we're seeing the growth kind of return in April. We're seeing more of a normalized revenue stream.

現在我們已經重新定位了一些策略。我們也新增了幾個新品。我們有一款新的鑷子表現非常好。所以我們看到 4 月成長開始回來。我們看到更常態化的營收流。

The STADA products are growing nicely. We released the second one in January, actually didn't really get to market until mid-February due to some Amazon had some stickering issues. But we are seeing growth there.

STADA 的產品成長得不錯。我們在 1 月推出第二個產品，但因為 Amazon 有一些貼標（stickering）問題，實際上直到 2 月中旬才真正上市。不過我們確實看到那邊的成長。

The tropoelastin products are on their way to us. They've shipped from Germany. We should be receiving those and putting those up on Amazon in the next 60 days. So there's lots of areas for growth. But as a matter of being sort of conservative, we're not going to -- because these consumer products, we're not going to really go out on a limb again because sometimes they don't work out the way you think they are.

tropoelastin 產品正在運送途中。它們已從德國出貨。我們應該會在接下來 60 天內收到，並把它們上架到 Amazon。因此有很多成長空間。但基於較為保守的考量，我們不會——因為這些是消費性產品，我們不會再輕易冒進，因為有時候結果不會如你所預期。

So it's just a conservative estimate more than anything else.

所以這只是一個偏保守的估計，僅此而已。

How is the iRadimed relationship going? Is that ramping up? It was supposed to be $300,000 or $400,000 a year business, I think.

iRadimed 的合作關係進展如何？有在加速成長嗎？我記得它原本應該是一年 30 萬到 40 萬美元的業務。

Do you mean iRhythm?

你是指 iRhythm 嗎？

Yes, iRhythm. Sorry.

對，iRhythm。抱歉。

Who are you talking about? I didn't catch what you are talking about. I'm sorry.

你在說哪一家？我沒聽清楚你在說什麼。不好意思。

Yes, iRhythm. Correct. iRhythm.

對，iRhythm。沒錯，iRhythm。

iRhythm. Yes. So they've ordered a few times, but it has not been as big as originally we thought it might be. Now some of that could have been the initial orders were kind of eating it up. And I don't have a daily update on the expansion of their business.

iRhythm。是的。他們下過幾次訂單，但規模沒有我們一開始想的那麼大。其中一部分可能是因為初期訂單有點把需求先消化掉了。而且我沒有他們業務擴張的每日更新。

We are the gel pad that they use. And I expect that their sales will also kind of increase over the course of the year. But so far, we haven't seen them be a huge customer yet, but they are a steady customer.

我們是他們使用的凝膠墊（gel pad）。我預期他們的銷售額在一年當中也會逐步增加。但到目前為止，我們還沒看到他們成為非常大的客戶，不過他們是一個穩定的客戶。

On previous conference calls, you had mentioned that you thought there were an additional $300,000 to $400,000 deals in the funnel in the pipeline, so to speak, similar to this one, to the iRhythm. Has any one of --

在之前的電話會議上，你提到你認為在漏斗／管線中，還有額外 30 萬到 40 萬美元的案子，類似這一筆、類似 iRhythm 的案子。是否有任何一個--

Yes, right now, it's more like $200,000.

是的，目前比較像是 20 萬美元。

Okay. So are they still in the funnel? Have some of them come through? Is the funnel growing?

好的。所以它們還在漏斗裡嗎？有些已經成交了嗎？漏斗有在變大嗎？

Oh, you mean other accounts away from iRhythm?

喔，你是指 iRhythm 以外的其他客戶嗎？

Correct, yes.

對，沒錯。

Yes. No, there's still a funnel there. But -- and I've talked about this before, the development and the release of these products is 510(k) clearance associated. So it's hard to pinpoint the exact quarter that these things are going to start to ramp and grow, but we are expecting growth. We are expecting more products.

是的。不，漏斗還在。但是——我之前也談過，這些產品的開發與上市都與 510(k) 核准（clearance）相關。所以很難精準指出這些產品會在哪一個季度開始放量成長，但我們預期會有成長。我們預期會有更多產品。

And in fact, the -- as I said, partially offset the disappointing Silly George was that we did see some growth in contract manufacturing, and we did see some growth in the MEDAGEL products, which includes the STADA products. So that growth is still there, and we expect it to continue in 2026.

事實上——如我所說，部分抵消 Silly George 令人失望表現的是，我們確實看到委託製造（contract manufacturing）有一些成長，也看到 MEDAGEL 產品（包含 STADA 產品）有一些成長。所以成長仍然存在，我們預期在 2026 年會持續。

Okay. And what happened with the laser hair removal product? You never announced anything publicly on that one as far as I know.

好的。那雷射除毛產品怎麼了？就我所知，你們從未對外公開宣布任何消息。

Yes, we didn't because everything kind of got like overshadowed by what we're doing right now, but I'm happy to tell you that, that study was published. The results were outstanding. We have not done a press release on it yet, but it showed a 96% reduction in the plume. It showed secondary endpoints of reduced pain and also, I think it was 7% efficacy. But if you want, Bess, reach out to me on email, and I'll send you the link.

是的，我們沒有，因為所有事情某種程度上都被我們目前正在做的事蓋過去了，但我很樂意告訴你，那項研究已經發表了。結果非常出色。我們還沒有就此發布新聞稿，但研究顯示煙霧羽流（plume）降低了 96%。次要終點也顯示疼痛降低，另外我想是 7% 的療效。不過如果你願意，Bess，請用電子郵件聯絡我，我會把連結寄給你。

It is a published study. So we certainly can talk about it.

這是一項已發表的研究。所以我們當然可以談論它。

No, I mean what does it mean for NEXGEL in terms of future sales? Is it -- are you guys doing sales? Or what needs to happen for any revenues to come from that one?

不，我的意思是，這對 NEXGEL 未來銷售代表什麼？是——你們在做銷售嗎？或者要發生什麼事，才會讓那個產品帶來任何營收？

So Innovative Optics sponsored and paid for that study. They are the company that deals and has business relationships with all the large laser manufacturers. So they are using that study now, which actually was published only about 3 weeks ago. They're using that study to market. So I don't really know exactly where they are with it because they're going to market and they buy the goods from us and they take a transfer price.

所以那項研究是由 Innovative Optics 贊助並支付費用。他們是一家與所有大型雷射製造商都有往來與商業關係的公司。因此他們正在使用那項研究來做行銷，而該研究其實大約 3 週前才剛發表。他們正在用那項研究來推廣。所以我不太清楚他們目前進展到哪裡，因為他們負責行銷，並且向我們採購產品，採用移轉價格（transfer price）。

So they really just got the study in their hands and they're just getting started. So how successful they'll be in marketing, they seem very excited, is yet to be determined.

所以他們其實才剛拿到研究結果，正要開始推動。因此他們行銷會有多成功——他們看起來非常興奮——仍有待觀察。

Thanks, Adam, for all the great answers. And just one final comment. Now that the company has been transformed in terms of size and hopefully profitability starting in Q3 and later, most investors would expect that the company would be more communicative going forward, hopefully, with the product launches, market developments, revenue updates in the beginning of the quarter. So April -- sorry, August 15 is in the dark days of summer. Probably, it would be great to get some sort of an update on the integration and revenues, some sort of a pre-announcement at the end of Q2 or beginning of Q3 before the dark days of summer, like I said. But thank you very much again for all the great work you've done and the whole team at NEXGEL.

謝謝你，Adam，提供這麼多很棒的回答。最後再補充一點。現在公司在規模上已經完成轉型，並希望從第三季及之後開始獲利，多數投資人會期待公司未來能更積極溝通，尤其是在產品上市、市場進展、以及在季度初提供營收更新方面。所以 4 月——抱歉，8 月 15 日正好是在夏季的資訊空窗期。如果能在第二季末或第三季初、在我所說的夏季空窗期之前，針對整合進度與營收提供某種更新、某種形式的預先公告，可能會很棒。但再次非常感謝你以及 NEXGEL 全體團隊所做的出色工作。

Thank you, Beth.

謝謝你，Beth。

(Operator Instructions) And I'm showing no further questions at this time. I will now turn the meeting back to our presenters for any additional or closing remarks.

(接線員指示) 目前顯示沒有其他問題。我現在把會議交回給我們的簡報人員，請他們做任何補充或結語。

No, I think we're fine. Thank you, operator.

不，我想我們就到這裡。謝謝你，接線員。

Thank you. This will bring us to the end of today's Q&A session as well as NEXGEL's Shareholder Update Conference Call. We appreciate your time and participation. You may now disconnect.

謝謝。這也將結束今天的問答環節，以及 NEXGEL 的股東更新電話會議。感謝各位撥冗參與。各位現在可以掛線。