Singular Genomics Systems Inc (OMIC) 2023 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to the Singular Genomics Fourth Quarter and Full Year 2023 earnings call. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host Philip Taylor. Sir, the floor is yours.

大家下午好，歡迎參加 Singular Genomics 第四季和 2023 年全年財報電話會議。目前，所有參與者都已進入僅聽模式，我們將在演示結束後開放發言，供您提出問題和評論。現在我很高興將發言權交給主持人菲利普泰勒。先生，地板是你的了。

Thank you, operator. Presenting today are Singular Genomics, Founder, Chair and Chief Executive Officer, Drew Spaventa, and the Company's Chief Financial Officer, Dalen Meeter. Earlier today, singular genomics released financial results for the three months ended December 31, 2023. A copy of the press release is available on the company's website before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views as of today Monday, March 18, 2024 only and will include forward-looking statements and opinions, statements, including predictions, estimates, plans, expectations and other information related to our financial and operating results, plans and strategies. Actual results may differ materially from those expressed or implied by these statements as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in our filings with the Securities and Exchange Commission, including our most recent Form 10 K filing in the Form eight K filed with today's press release. Our SEC filings can be found on our website or on the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. Please note that this conference call will be available for audio replay on our website at investors dot singular genomics.com in the Presentations and Events section.

謝謝你，接線生。今天出席會議的有 Singular Genomics 創辦人、董事長兼執行長 Drew Spaventa 和公司財務長 Dalen Meeter。今天早些時候，奇異基因組發布了截至 2023 年 12 月 31 日的三個月財務表現。在我們開始之前，我們可以在公司網站上獲取新聞稿的副本，我想通知您，在今天的電話會議中對您的問題的評論和答复僅反映截至今天（2024 年3 月18 日星期一）管理層的觀點，並將包括前瞻性-查看陳述和意見，陳述包括預測、估計、計劃、預期以及與我們的財務和經營業績、計劃和戰略相關的其他資訊。由於某些風險和不確定性，實際結果可能與這些陳述中明示或暗示的結果有重大差異。這些風險和不確定性在我們今天早些時候發布的新聞稿和向美國證券交易委員會提交的文件中得到了更全面的描述，包括我們最新的10 K 表格和與今天的新聞稿一起提交的8 K 表格。我們的 SEC 備案文件可以在我們的網站或 SEC 網站上找到。投資者應注意不要過度依賴前瞻性陳述。我們不承擔更新或修改這些前瞻性陳述的義務。請注意，本次電話會議將在我們的網站 Investors奇異基因組學.com 的演示和活動部分提供音訊重播。

With that, I will now turn the call over to CEO. Drew Spaventa.

現在，我將把電話轉給執行長。德魯·斯帕文塔.

Good afternoon, and welcome to the singular genomics Fourth Quarter 2023 earnings call. It was a productive quarter to finish off an important year for the Company, and I'm pleased to update you on our progress. We will focus our call on the following areas one, business highlights and key accomplishments from 2023, two new data and product announcements and three strategic focus for 2024.

下午好，歡迎參加奇異基因體學 2023 年第四季財報電話會議。這是一個富有成效的季度，為公司結束了重要的一年，我很高興向您介紹我們的最新進展。我們的電話會議將重點放在以下幾個方面：一是2023年的業務亮點和主要成就，兩項新數據和產品公告以及2024年的三個策略重點。

Let's start with our fourth quarter results. We shipped 84 instruments during the quarter and generated $1.1 million in revenue, our highest quarterly total yet of these shipments, three were to academic core labs and five were to commercial labs. Shipments comprised an equal split between traditional capital purchases and noncapital arrangements, bringing our total G4 shipments to '24 as of December 31.

讓我們從第四季的業績開始。我們在本季出貨了 84 台儀器，創造了 110 萬美元的收入，這是我們迄今為止出貨量最高的季度總額，其中 3 台交付給學術核心實驗室，5 台交付給商業實驗室。截至 12 月 31 日，傳統資本購買和非資本安排的出貨量均等，使我們的 G4 總出貨量達到 '24。

In addition to our Q4 revenue performance, we had several other key accomplishments and activities for the year. To note, we commercially launched and transitioned the majority of our customers to RF. three flow cells, allowing users to get up to 450 million reads per flow cell or 1.8 billion reads per run for some of the most widely run applications. We commercially launched Max Re flotel kits to customers for single-cell sequencing, increasing the output of the G 4 to 800 million reads per flow cell or 3.2 billion reads per run for a specific single cell and spatial sequencing applications. We improved sequencing quality on the G4 recently increasing the specifications to 85% basis greater than or equal to Q. 30.

除了第四季的營收表現外，我們今年還取得了其他幾項主要成就和活動。值得注意的是，我們已將大多數客戶商業化並過渡到 RF。三個流通池，允許用戶在每個流通池中獲得高達 4.5 億次讀取，或者對於一些最廣泛運行的應用程序，每次運行獲得 18 億次讀取。我們向客戶推出了用於單細胞測序的Max Re flotel 試劑盒，將G 4 的輸出量提高到每個流動槽8 億個讀數，或針對特定單細胞和空間測序應用每次運行32 億個讀數。我們最近提高了 G4 的定序質量，將規格提高到大於或等於 Q.30 的 85%。

Lastly, we narrowed our priorities across the R&D roadmap to focus resources on the highest impact activities and projects for new innovations while reducing our cash burn and extending runway.

最後，我們縮小了整個研發路線圖的優先事項，將資源集中在影響最大的活動和新創新項目上，同時減少現金消耗並延長跑道。

Turning to new data and product announcements, we recently showcased our near term product pipeline at the AGBT Conference in Orlando, Florida. At the conference, we unveiled the G. four X spatial sequencer, a high throughput in situ spatial sequencing platform the G. four X is designed to offer novel capabilities, stackable data streams and unprecedented throughput for spatial profiling of tissue. It's novel capabilities will include direct seek, which is the sequencing of RNA in situ and has the potential to open new areas of scientific discovery. In addition, the G. 4 S. will offer readouts of targeted transcripts, targeted proteins and a fluorescent H&E stain all in the same tissue section. This combination of readout modalities will be offered at an unprecedented scale with 40 square centimeters of flexible imaging area and single day runtimes the G4 system will enable labs to process 20 times more samples per week than existing technologies.

談到新數據和產品公告，我們最近在佛羅裡達州奧蘭多舉行的 AGBT 會議上展示了我們的近期產品系列。在會議上，我們推出了G.4 X 空間定序儀，這是一種高通量原位空間定序平台，G.4 X 旨在為組織空間分析提供新穎的功能、可堆疊的資料流和前所未有的通量。它的新穎功能包括直接尋找，即 RNA 原位定序，有潛力開闢新的科學發現領域。此外，G.4 S. 將在同一組織切片中提供目標轉錄物、目標蛋白質和螢光 H&E 染色的讀數。這種讀出模式的組合將以前所未有的規模提供，具有 40 平方厘米的靈活成像區域和單日運行時間，G4 系統將使實驗室每週處理的樣本數量比現有技術多 20 倍。

At the conference, our CFO and Co-Founder, Eli Glezer, presented to a standing-room-only audience showing the performance data and technical specifications of the G4 X system. In addition, we hosted a successful customer and KOL event, including lab directors and scientific leaders and the special community events provide an opportunity to develop relationships, solicit feedback on the system and discuss opportunities for collaborating and working together to bring the G. four X forward, we presented internal and external data at the conference internal data included transcripts, proteins and direct sequencing of RNA external data came from two technology access program or TAP partners, early collaborators, including Katherine Lu from the Dana-Farber Cancer Institute, who noted the high sample throughput and excellent data quality has been generated on the G. four X with our bone marrow samples that towards the very difficult tissue type have been impressive and have allowed us to envision much larger studies that have not been previously possible. The scale provided by the G. four X promises to have tremendous impact on expanding our understanding of the tumor microenvironment in acute myelogenous leukemia, AML and beyond. In addition, I have mismatches from Harvard Beth Israel Deaconess Medical Center noted as the spatial biology field matures, high throughput spatial platforms. This is the G. four X will empower more researchers to incorporate spatial tissue profiling into their work, as well as enable us to answer bigger questions and to perform increasingly larger studies. We are encouraged by the feedback from early collaborators and interest from potential users coming out of AGBT. The conference generated more than 200 qualified marketing leads. And now we have a growing pipeline of near term service projects on the G. four X and a funnel of potential sales opportunities for early adopters of the platform. We intend to initially offer kits the G4S that will support transcripts, proteins and offer for us an H&E stain. The system is designed to accommodate a large number of samples and will have the capability to read out hundreds of gene targets and dozens of proteins in the same tissue section. Content will be available in fixed panels or customizable for the customer future kits. The G4 X will also support direct seek, which is designed to directly read regions of RNA such as cancer hotspot mutations, guide RNAs and crisper screens, or B and T cell receptor sequences. The capability to perform direct sequencing of RNA within cells and tissues is expected to bring a powerful new readout modality for in-situ molecular pathology. Direct seek will be initially available as a service with plans for broader release shortly thereafter. The G4 upgrades are expected to be available to G4 customers by the end of this year. As part of a G. four X early access program. Initially available will be an immune oncology panel of approximately 300 gene transcripts, 10 to 15 proteins and the ability to customize content direct seeking additional panels are expected to be released at a later date. We also plan to provide G4S technology access services starting in the second quarter.

在會議上，我們的財務長兼聯合創始人 Eli Glezer 向全場觀眾展示了 G4 X 系統的性能數據和技術規格。此外，我們還舉辦了一次成功的客戶和 KOL 活動，其中包括實驗室主任和科學領袖，特別的社區活動提供了發展關係、徵求系統反饋以及討論合作機會和共同努力將 G.4 X接下來，我們在會議上展示了內部和外部數據內部數據包括轉錄物、蛋白質和RNA 的直接測序外部數據來自兩個技術訪問計劃或TAP 合作夥伴、早期合作者，包括來自Dana-Farber 癌症研究所的Katherine Lu ，她指出我們的骨髓樣本在G.4 X 上產生了高樣本通量和出色的數據質量，對於非常困難的組織類型令人印象深刻，並使我們能夠設想以前不可能的更大規模的研究。G.4 X 提供的量表有望對擴大我們對急性髓性白血病、AML 等腫瘤微環境的了解產生巨大影響。此外，我還有哈佛貝斯以色列女執事醫療中心指出的隨著太空生物學領域的成熟而出現的高通量空間平台的不匹配。這就是 G.4 X 將使更多研究人員能夠將空間組織分析納入他們的工作中，並使我們能夠回答更大的問題並進行越來越大的研究。我們對早期合作者的回饋和來自 AGBT 的潛在用戶的興趣感到鼓舞。此次會議產生了 200 多個合格的行銷線索。現在，我們在 G.4 X 上擁有越來越多的近期服務項目，並為該平台的早期採用者提供了潛在的銷售機會。我們打算先提供 G4S 試劑盒，支持轉錄本、蛋白質，並為我們提供 H&E 染色劑。該系統設計用於容納大量樣本，並且能夠讀取同一組織切片中的數百個基因目標和數十種蛋白質。內容將在固定面板中提供，或為客戶未來的套件進行客製化。G4 X 也將支援直接查找，旨在直接讀取 RNA 區域（例如癌症熱點突變）、引導 RNA 和更清晰的篩選，或 B 和 T 細胞受體序列。對細胞和組織內的 RNA 進行直接定序的能力預計將為原位分子病理學帶來強大的新讀出方式。直接搜尋最初將作為一項服務提供，並計劃隨後不久進行更廣泛的發布。G4 升級預計今年底向 G4 客戶提供。作為 G.4 X 早期訪問計劃的一部分。最初提供的將是一個包含約 300 個基因轉錄本、10 至 15 個蛋白質的免疫腫瘤學面板，並且能夠自訂內容直接尋求其他面板，預計稍後發布。我們也計劃從第二季開始提供G4S技術接入服務。

Turning to our views and strategic focus in 2024. We are encouraged by the level of interest and engagement around the G. four x. We are seeing strong interest from early collaborators, especially as it relates to our technology access services offering. Based on early feedback and interest in the G. four X, we intend to focus more heavily on spatial sequencing and multi-omics moving forward. We believe this is an area where we can offer novel and differentiated solutions with compelling business economics. The setup for the G4 X has multiple compelling aspects, driving the shift and focus first strength of the value proposition. The G4, its value proposition is expected to provide unique capabilities that customers are asking for. This can be categorized into novel data output modalities and high throughput. The G4 is designed to be highly differentiated from any other current offering while directly addressing customer pain points.

談談我們2024年的觀點和策略重點。我們對 G.4 x 的興趣和參與程度感到鼓舞。我們看到早期合作者的強烈興趣，特別是因為它與我們的技術存取服務產品有關。基於早期回饋和對 G.4 X 的興趣，我們打算更關注空間定序和多組學的發展。我們相信，在這個領域，我們可以提供新穎且差異化的解決方案，並具有令人信服的商業經濟效益。G4 X 的設置具有多個引人注目的方面，推動價值主張的轉變並聚焦第一優勢。G4 的價值主張預計將提供客戶所需的獨特功能。這可以分為新穎的資料輸出方式和高吞吐量。G4 的設計與目前任何其他產品都具有高度差異化，同時直接解決客戶的痛點。

Second, the business economics are attractive ASPs on both the G4 as instrument and consumables are expected to be higher than the current G for business, the ability to offer high throughput in the form of 10 to 40 tissue samples on a single flow cell translates to expected ASPs and margins to be materially higher than current kits and significantly higher potential for consumable pull through for G. four X instruments.

其次，商業經濟性對 G4 來說是有吸引力的 ASP，因為儀器和耗材預計將高於目前的商業 G，在單一流動池上以 10 至 40 個組織樣本的形式提供高通量的能力轉化為預計平均售價和利潤率將大大高於目前套件，且G.4 X 儀器的消耗品拉動潛力顯著更高。

Third, market dynamics and growth, the spatial profiling and multi-omics spaces in the early stages and is expected to grow rapidly. The current market is largely comprised of academic labs, CROs and reference labs. These labs need higher throughput and lower cost per sample. Current tools are limited. We believe that G4S will be uniquely able to serve these customers and accelerate growth within this space. We see a strong setup for the G. four X to be a highly successful product, and we are making the necessary trade-offs and decisions to invest and bring this product to market as fast as possible. We also recognize the need to manage our cash and resources prudently and have continued to identify and implement actions to drive additional cost savings to this end we recently made the difficult decision to reduce our headcount by approximately 20%, and we reduced our spending plans to decrease cash burn and focused resource more heavily on our spatial sequencing product road map. This reduction was incremental to the cost savings taken in October of 2023 and discussed in our last earnings call. We believe these actions will extend our cash runway into late 2026, while still supporting our current G4 customers and focusing our development work to bring the G for us to market as fast as possible we will provide additional color and updates on our outlook for 2024 on our Q1 earnings call. And now I'll turn it over to Dalen to go through the details.

第三，市場動態和成長，空間分析和多組學空間處於早期階段，預計將快速成長。目前市場主要由學術實驗室、CRO 和參考實驗室組成。這些實驗室需要更高的通量和更低的每個樣品成本。目前的工具是有限的。我們相信 G4S 將能夠以獨特的方式為這些客戶提供服務並加速該領域的成長。我們認為 G.4 X 是一款非常成功的產品，我們正在做出必要的權衡和決策，以盡快投資並將產品推向市場。我們也意識到需要謹慎管理我們的現金和資源，並繼續確定和實施行動，以進一步節省成本，為此，我們最近做出了艱難的決定，將員工人數減少約20%，並將支出計劃減少到減少現金消耗，並將資源更集中在我們的空間定序產品路線圖上。此次削減是 2023 年 10 月節省的成本的增量，並在我們上次的財報電話會議中進行了討論。我們相信這些行動將把我們的現金跑道延長到2026 年末，同時仍然支持我們當前的G4 客戶並集中我們的開發工作，盡快將我們的G 推向市場，我們將在2024 年展望中提供更多信息和更新我們第一季的財報電話會議。現在我將把它交給達倫來詳細說明。

Of our fourth quarter financial results.

我們第四季的財務業績。

Thank you, Drew. I'll start with financial results for Q4 2023 and talk briefly about 2024. As previously discussed, we shipped eight G. four instruments in the fourth quarter of 2023. Revenue for the fourth quarter was $1.1 million, predominantly made up of $0.9 million from revenue recognized on for capital purchase instrument placements and consumables pull-through of $0.2 million. We expect revenue from the remaining four instrument shipments to be recognized over time as these customers.

謝謝你，德魯。我將從 2023 年第四季的財務表現開始，並簡要討論 2024 年。如前所述，我們在 2023 年第四季出貨了 8 台 G.4 儀器。第四季營收為 110 萬美元，其中 90 萬美元主要來自於資本購買工具安置和消耗品拉撥確認的收入 20 萬美元。我們預計剩餘四台儀器出貨的收入將隨著時間的推移被確認為這些客戶。

Purchase consumables gross profit was negative $0.5 million in the fourth quarter of 2023 compared to approximately flat in the fourth quarter of 2022 our gross margin was negative because of both additional discounts we provided to certain customers as well as higher costs associated with the installation, training and support of our system placements. Operating expenses in the fourth quarter of 2023 totaled $24.8 million compared to $22.5 million in the fourth quarter of 2022. These totals included non-cash stock-based compensation expense of $2.7 million in Q4 2023 and $3.1 million in Q4 2022. The year-over-year increase was primarily driven by the timing of expenses related to certain compensation and benefits and severance costs.

2023 年第四季採購耗材毛利為負50 萬美元，而2022 年第四季大致持平。較高以及對我們系統佈局的支援。2023 年第四季的營運支出總計 2,480 萬美元，而 2022 年第四季的營運支出為 2,250 萬美元。這些總額包括 2023 年第四季的非現金股票補償費用 270 萬美元和 2022 年第四季的 310 萬美元。年比增長主要是由於與某些薪資和福利以及遣散費相關的費用發生時間所致。

Net loss in the fourth quarter of 2023 was $23.2 million or $0.32 per share compared to $21.1 million or $0.29 per share in the fourth quarter of 2022. The weighted average share count for the fourth quarter of 2023 used to calculate net loss per share of approximately $73.6 million. Ending cash, cash equivalents and short-term investments, excluding restricted cash, totaled $173.9 million.

2023 年第四季的淨虧損為 2,320 萬美元，即每股 0.32 美元，而 2022 年第四季的淨虧損為 2,110 萬美元，即每股 0.29 美元。根據 2023 年第四季的加權平均股數計算，每股淨虧損約為 7,360 萬美元。期末現金、現金等價物和短期投資（不包括限制性現金）總計 1.739 億美元。

Turning to 2024, Stu discussed, we recently implemented a reduction in force of approximately 20% of our workforce. We have also taken actions to reduce our non-personnel related operating expenses in 2024 to further decrease our cash burn. These actions were incremental to the cost savings initiatives implemented in October of 2023 and discussed on our last earnings call. In total, we estimate the combined savings from these actions will reduce annualized operating expenses by approximately $20 million and extend our cash runway to late 2026. While these actions were not easy, we believe rightsizing the cost base of the organization was a necessary step to position us for success in the long term future.

談到 2024 年，Stu 表示，我們最近實施了約 20% 的裁員。我們也採取行動減少 2024 年非人事相關的營運費用，以進一步減少現金消耗。這些行動是對 2023 年 10 月實施的成本節約舉措的補充，並在我們上次的財報電話會議上進行了討論。總的來說，我們估計這些行動帶來的綜合節省將減少約 2,000 萬美元的年化營運費用，並將我們的現金跑道延長至 2026 年末。雖然這些行動並不容易，但我們相信調整組織的成本基礎是我們在未來長期成功的必要步驟。

Thank you, Dale, and I'm excited as we look ahead to 2024, this will be a pivotal phase for singular genomics. You know, I spent the last seven years developing incredible technology. We have invested approximately $300 million, and in doing so created a powerful sequencing platform with significant moats around our system. Our chemistries and methods, our IP and our products. Over the last few years, we have increasingly focused on leveraging our NGS technology and foundation to address the spatial and multi-omics markets. Our NGS foundation and continued innovation has resulted in a unique and powerful on-ramp to spatial sequencing. Our many years of investment, both NGS and spatial sequencing now positions singular to enter these high-growth markets with a highly differentiated product. The recent restructuring of our business will provide extended runway give us time to get this product to market and scale commercially, the synergies and footprint of our current NGS. business and customer base will allow us to onboard existing customers and leverage our current commercial operations.

謝謝你，Dale，當我們展望 2024 年時，我很興奮，這將是單一基因組學的關鍵階段。你知道，我花了過去七年的時間開發令人難以置信的技術。我們投資了大約 3 億美元，創建了一個強大的定序平台，在我們的系統周圍擁有重要的護城河。我們的化學物質和方法、我們的智慧財產權和我們的產品。在過去的幾年中，我們越來越注重利用我們的 NGS 技術和基礎來解決空間和多組學市場的問題。我們的 NGS 基礎和持續創新為空間定序帶來了獨特而強大的入口。我們在 NGS 和空間定序方面進行了多年的投資，現在憑藉著高度差異化的產品進入這些高成長市場。我們最近的業務重組將為我們提供更長的跑道，讓我們有時間將產品推向市場並進行商業規模化，以及我們目前 NGS 的協同效應和足跡。業務和客戶群將使我們能夠吸引現有客戶並利用我們目前的商業營運。

Now let's open up to questions. Operator?

現在讓我們開放提問。操作員？

certainly everyone at this time would be conducting a question and answer session. If you have any questions or comments, please press star one on your phone at this time. We do ask that while posing a question, please pick up your handset if listening on speaker phone to provide optimum sound quality. Once again, if you have any questions or comments, please press star one on your phone. Please hold while we poll for questions. Your first question is coming from Dan Brennan from TD. Cowan. Your line is live.

當然，此時每個人都會進行問答環節。如果您有任何疑問或意見，請此時按手機上的星號一。我們確實要求，在提出問題時，如果使用揚聲器收聽，請拿起聽筒，以提供最佳音質。再次強調，如果您有任何疑問或意見，請按手機上的星號一。我們投票提問時請稍候。你的第一個問題來自 TD 的 Dan Brennan。考恩.您的線路已上線。

Great.

偉大的。

Thank you.

謝謝。

Thanks for the questions, guys. Congrats on the quarter and on the ForEx.

謝謝你們的提問，夥伴們。恭喜本季和外匯市場。

Yes, so on sounds like when you get more color at 1Q, but could you unpack a little bit the strategic shift from the sequencing side to the G. four X and can you just give us some sense of what that entails like? Are you still selling? Are you still going to be charging ahead on the in fact, I done. It's shifting kind of what it means?

是的，聽起來就像你在 1Q 獲得更多顏色一樣，但是你能稍微解釋一下從測序方面到 G.4 X 的戰略轉變嗎？你還賣嗎？你還會繼續前進嗎？它的意義正在改變？

Again, thanks for the questions. This is Drew. We lost you at the end there, but I think I understood the most of the most of the question in terms of strategic ship, it's really a confluence of factors that's driving the shift. It's really best understood kind of looking at three different aspects of the setup we talked about on the call. The first is the value proposition of the G. four X and I think there's two ways to think about it, the value proposition of the system relative to other options out there in the customers' eyes and the value proposition relative to the current G. four and what we see with the axes, you know, it's really resonate with customers, the novel ability to use sequencing in situ and do things like direct seek. And it's also the high throughput lower cost that our large imaging area will deliver. And that combination is really resonating and it's just a very strong value proposition.

再次感謝您的提問。這是德魯。我們最後失去了你，但我想我理解了戰略艦方面的大部分問題，這確實是推動轉變的因素的匯合。從我們在電話中討論的設置的三個不同方面來看，確實是最好理解的。第一個是 G.4 X 的價值主張，我認為有兩種方式來考慮它，即係統相對於客戶眼中其他選項的價值主張以及相對於當前 G 的價值主張。到的，你知道，它確實引起了客戶的共鳴，使用原位測序和執行直接搜尋等操作的新穎能力。我們的大成像區域還將提供高吞吐量和低成本。這種結合確實能引起共鳴，而且是非常強大的價值主張。

The second is the business economics on X. We expect to see higher ASPs for the instruments. And we also expect to see a very different pull through profile on sequencing. Our kits ranged from around $600 to about $1,200 on spatial, the cost per sample and the ability to get you anywhere from 5 to 40 samples on a single kit gives us the ability to potentially have ASPs that are many, many times higher on the same kit on the same system with much higher margin dollars. So the amount of time someone has to press go to have a healthy pull through system with significant margin dollar contribution to the bottom line is just it's about 5 to 10 times less. So it's just a very different setup on those two and then I think the last thing is that the market is growing very fast. And when you have high growth, you have areas that you can kind of find a foot Hill hold and differentiate yourself, and it's just much easier to launch and grow a business when when growth is abundant, whereas sequencing in a lot of ways in the academic and in the segments we're currently selling in. It's not really growing as fast that wallet share starting to shift towards spatial and single-cell and protein and all the things that the G ForEx directly addresses on the clinical side. There's still absolutely going to be growth in sequencing, but that's reimbursement driven. It's decentralization of sequencing and it's going to require much longer time frames we're still very interested in pursuing that market and ideally advancing that through partnership over time. But the G. four X, we think has set up to be a much different profile of business in the short term when we're measuring over the next quarters and years.

第二個是 X 上的商業經濟學。我們也期望在定序方面看到非常不同的拉動概況。我們的試劑盒的空間價格從大約600 美元到大約1,200 美元不等，每個樣品的成本以及在單個試劑盒上為您提供5 到40 個樣品的能力使我們有能力擁有比同一試劑盒高許多倍的ASP。因此，為了建立一個健康的拉動系統，並對利潤做出顯著的利潤貢獻，人們必須按下「開始」按鈕的時間大約要少 5 到 10 倍。所以這兩者的設定非常不同，我認為最後一件事是市場成長非常快。當你有高成長時，你可以在某些領域找到立足點並讓自己脫穎而出，當成長充足時，啟動和發展業務會更容易，而在很多方面進行排序學術領域以及我們目前銷售的領域。錢包份額開始轉向空間、單細胞和蛋白質以及 G ForEx 在臨床方面直接解決的所有問題，成長速度並沒有那麼快。測序絕對還會成長，但這是報銷驅動的。這是定序的分散化，需要更長的時間框架，我們仍然對開拓這個市場非常感興趣，並且最好透過長期合作來推進這個市場。但我們認為，當我們衡量未來幾季和幾年的情況時，G.4 X 在短期內將成為一個截然不同的業務概況。

Got it. And then in terms of just so you will still be pushing ahead then I guess in terms of the clinical market, maybe not research, just wondering from a from like an operational commercial basis as we go through 24, is it I think The Street probably has somewhere in the midst of, I don't know, 30 or so placements of the G. four.

知道了。然後，就這樣而言，你仍然會繼續前進，然後我想就臨床市場而言，也許不是研究，只是想知道，當我們經歷24 小時時，從運營商業基礎來看，我認為華爾街可能是這樣嗎？ 我不知道，在 G.4 的 30 個左右的位置中間。

Sounds like any color how we think about like direct to the business in '24 as you shift this business model?

聽起來像我們認為的任何顏色都可以直接應用於 24 年的業務，因為你轉變了這種業務模式？

Yes, we're still working through a lot of that. I mean, I want to be clear, we are shifting our focus and we are putting all of our resources towards getting X, developed and out, and that does require a difficult and challenging trade-offs. We will have more color in the next quarter's call, but right now we are not pounding the pavement on putting additional dollars and to go drive EOG for right now, we are focusing the resources on G. four S. 100% committed to supporting our existing customers. And we are also interested in advancing the G4 through partnership. And we do have efforts that are ongoing and outreach. But our focus again, we're trying to really hone in on what's the highest value best return on the resources we have. And that to us is very clear at this point, it's X and that's where the majority of our attention is going.

是的，我們仍在努力解決很多問題。我的意思是，我想明確的是，我們正在轉移我們的重點，我們正在將所有資源投入到 X 的開發和淘汰上，這確實需要困難且具有挑戰性的權衡。我們將在下個季度的電話會議中提供更多內容，但現在我們不會投入更多資金並立即推動 EOG，我們將把資源集中在 G.4 S 上。 。我們也有興趣透過夥伴關係推動 G4 的發展。我們確實正在進行持續的努力和外展活動。但我們的重點再次是，我們正在努力真正磨練我們所擁有的資源的最高價值和最佳回報。對我們來說，這一點現在非常清楚，那就是 X，這就是我們大部分注意力所在的地方。

And maybe last one, just on the ForEx and what's the key milestones issue that we could be watching for in terms of some of the early access customers, like when will we see publications? Just kind of give us a sense of what are the what are the guideposts we can watch throughout 24 that will give us confidence you guys are on the right trajectory there?

也許是最後一個，就外匯而言，我們可以關註一些早期訪問客戶的關鍵里程碑問題是什麼，例如我們什麼時候會看到出版物？只是讓我們了解我們在 24 小時內可以看到哪些路標，這將使我們相信你們正走在正確的軌道上？

Thank you.

謝謝。

Thanks, Dan. Yes. So so we're expanding our Technology Access Program. Now early on. A lot of these are collaborations where you're doing work to submit grants or you're doing evaluations to demonstrate the technology to potentially early adopters will move into kind of a paid for services arrangement kind of in Q2 really probably taking more effect in Q3 because, as always, onboarding, there's work to get people onboarded, but that'll be something to look out for services and kind of uptake in Q three. And then we're targeting early access placements with just a few select customers. Again, the idea here, these are very high-volume customers and places where you're going to have a tremendous amount of demand. So the plan selected early access customers end of the year and then moving into a full commercial launch first half of next year.

謝謝，丹。是的。因此，我們正在擴大我們的技術獲取計劃。現在還早。其中許多都是合作，您正在努力提交贈款，或者正在進行評估，以向潛在的早期採用者展示該技術將在第二季度進入某種付費服務安排，實際上很可能在第三季度產生更大的效果因為與往常一樣，在入職方面，需要做一些工作來讓人們入職，但這將是第三季度需要關注的服務和吸收情況。然後，我們將目標定位為只有少數精選客戶的早期訪問位置。再說一遍，這裡的想法是，這些是非常大容量的客戶，也是您將有大量需求的地方。因此，該計劃選擇在今年年底為早期訪問客戶提供服務，然後在明年上半年進行全面的商業發布。

Great. Thanks.

偉大的。謝謝。

Great. Thank you.

偉大的。謝謝。

Thank you. Your next question is coming from John Sourbeer from UBS. Your line is live.

謝謝。您的下一個問題來自瑞銀集團 (UBS) 的約翰·索爾比爾 (John Sourbeer)。您的線路已上線。

Hi, guys. This is Lucas on for John. Salar beer at UBS. Is there any commentary you could provide on the sales funnel mix between the G4 and the G. four X right now? Thank you.

嗨，大家好。這是盧卡斯替約翰發言。瑞銀的撒拉爾啤酒。現在您可以對 G4 和 G.4 X 之間的銷售管道組合提供任何評論嗎？謝謝。

Yes, yes, thanks. It's still early to look at the sales funnels for both income and apples to apples. What we're seeing on ex-US, we have a growing list of dozen plus potential service collaborators that are in the funnel, and that's growing very quickly coming out of AGBT. We had 100 plus interactions. And you know, it does take time to follow-up with all those interested parties. And we're doing it in a very formal way where we're trying to identify specific projects where they could utilize the G. four X and a lot of that's working through to understand the details of the project to make sure it's fit for the current capabilities of where we are. We still have a ways to go to develop kind of the full set of capabilities in the platform. But that funnel on the services side is really starting to take shape nicely, and we're executing on those.

是的，是的，謝謝。現在研究收入和同類的銷售管道還為時過早。我們在美國以外地區看到的情況是，漏斗中的潛在服務合作者名單正在不斷增長，而且來自 AGBT 的合作夥伴數量正在快速增長。我們進行了 100 多次互動。你知道，與所有有興趣的各方進行跟進確實需要時間。我們正在以一種非常正式的方式進行，我們正在嘗試確定可以利用 G.4 X 的特定項目，並且正在努力了解項目的細節，以確保它適合我們目前的能力。我們還有很長的路要走，以開發平台的全套功能。但服務方面的漏斗確實開始很好地形成，我們正在執行這些漏斗。

Now on the funnel for instrument placements, side of things that's going to take some time. Like I said, we're only talking about early access placements later this year with commercial launch in the beginning of next year. And people are going to want to see publications and services. And we still have a lot of work to do to kind of launch this product the right way, which we are affording ourselves the time to do on the sequencing side, there remains demand, but not not ready to comment specifically on the final numbers that we've talked about before. But again, our focus at this point is really identifying where are their G. four X customers. And if those customers are interested in taking a G4 now as part of a package to step into X, those would be opportunities we would move through the funnel. But right now, we are not actively at seeking G for only opportunities. We are focusing our attention on G. four X opportunities or combination opportunities.

現在在儀器放置的渠道上，這需要一些時間。就像我說的，我們只討論今年稍後的早期訪問位置，並在明年初進行商業發布。人們會希望看到出版物和服務。我們還有很多工作要做，才能以正確的方式推出產品，我們為自己提供了測序方面的時間，需求仍然存在，但尚未準備好具體評論最終數字我們之前已經討論過。但同樣，我們此時的重點實際上是確定他們的 G.4 X 客戶在哪裡。如果這些客戶現在有興趣將 G4 作為進入 X 的套餐的一部分，那麼這些將是我們透過該管道進行的機會。但現在，我們並不是只為了機會而積極尋求G。我們將注意力集中在G.四個X機會或組合機會上。

Thanks. That's all of really good color. And then is there any commentary you could provide on, you know, revenue and, you know, just kind of the general cadence of how things could track throughout the year?

謝謝。這都是非常好的顏色。那麼，您是否可以對收入以及全年的整體發展節奏發表評論？

It's still very early for us. We're working through this now a lot of this reorganization and shift. It has been of the work that we've done over the last couple of months. I think we'll have more information as we work through this kind of at the next quarter call.

對我們來說還為時過早。我們現在正在進行大量的重組和轉變。這是我們過去幾個月所做的工作。我認為在下個季度的電話會議中我們將獲得更多資訊。

Okay, not a problem. And then lastly, I'm a PR. Should we consider that product as still being in development or given the rollout of the G4, as you know, is that kind of a replacement for the PEA?

好吧，沒問題。最後，我是公關。我們是否應該將該產品視為仍在開發中，或考慮到 G4 的推出（如您所知），該產品是否可以取代 PEA？

It's a good question. I would consider that the G. four axes, our spatial sequencing platform, we're bringing to market and it's all hands on deck to focus on getting that platform out the TX platforms, we have six beta platforms and that we may revisit at some point. But right now they're on hold. Again, our mindset right now is very much focused focus focus on getting the G4 accounts.

這是一個好問題。我認為G.四軸，我們的空間定序平台，我們正在將其推向市場，並且所有人都在全力以赴，專注於將該平台推出TX 平台，我們有六個測試版平台，我們可能會在某些時候重新造訪觀點。但現在他們被擱置了。再說一遍，我們現在的心態非常集中在獲得 G4 帳戶。

Okay. Thank you. That's all I had.

好的。謝謝。這就是我所擁有的一切。

Thank you.

謝謝。

Your next question is coming from Matthew Sykes from Goldman Sachs. Your line is live.

你們的下一個問題來自高盛的馬修賽克斯。您的線路已上線。

Hi, this is Jack Allen on for Matt. Thank you for taking my question. First, for the anticipated G4 X launch, do you expect a similar go-to-market strategy offering both reagent rental and outright instrument purchases?

大家好，我是馬特的傑克艾倫。感謝您回答我的問題。首先，對於預期的 G4 X 發布，您是否期望採取類似的上市策略，提供試劑租賃和直接購買儀器？

I think we envision a somewhat different strategy. I think we're going to lean into services a lot more, and I expect that we'll be more discerning on alternative methods versus capital sales. Again, the demand profile at this point seems different, and we learned a lot from the G4 launch. And so it's still early to say a year from now when we're selling units and where commercial, what we expect that mix to look like. But I think one thing that we have learned the service can be a really nice on-ramp, there's a lot of demand there. So I think the other thing that we were planning is a few early access placements that really partnering with those early access customers and making sure there are places where there's very high high pull through, and that's something that uniquely the system is suited to address.

我認為我們設想了一種有所不同的策略。我認為我們將更加傾向於服務，我預計我們將在替代方法與資本銷售方面更加挑剔。同樣，此時的需求概況似乎有所不同，我們從 G4 的發布中學到了很多。因此，現在說一年後我們何時出售單位以及商業化時我們期望這種組合是什麼樣子還為時過早。但我認為我們了解到的一件事是，這項服務可以是一個非常好的入口，那裡有很多需求。因此，我認為我們計劃的另一件事是一些搶先體驗的位置，真正與那些搶先體驗的客戶合作，並確保有些地方有非常高的吸引力，而這是該系統唯一適合解決的問題。

Got it. Thanks.

知道了。謝謝。

That's really helpful. And then lastly, so as you continue to cut headcount to reduce cost, can you just talk about what you were thinking about in terms of level of investment into the business to support the GX. launch?

這真的很有幫助。最後，當您繼續裁員以降低成本時，您能否談談您在支持 GX 的業務投資水平方面的想法。發射？

Yes, the reductions are very difficult and we've been a lean operating company to the extent possible from onset and the thought process behind reducing and focusing was really just trying to eliminate anything activities and priorities that weren't critical to kind of the revised focus. And that focus is supporting existing customers and the existing sequencing business and then putting all R&D and product resources on G. four times on a lot goes into developing these systems. It's multidisciplinary teams. These are complex systems and reagents, so you can get to a point where you have really nice proof of concept of really nice data of productizing that and getting it out it robustly. That's something that we know it does take resources to do that. So we've gone as lean as we can with the more narrow focus on G ForEx and supporting existing customers. And we're trying to advance as quickly as we can in that nature.

是的，削減是非常困難的，我們從一開始就盡可能地成為一家精益運營公司，削減和集中背後的思維過程實際上只是試圖消除任何對修訂後的內容不重要的活動和優先事項。 。重點是支援現有客戶和現有定序業務，然後將所有研發和產品資源投入 G. 四倍於開發這些系統的投入。這是一個多學科團隊。這些都是複雜的系統和試劑，因此您可以獲得非常好的概念證明，獲得非常好的數據，並將其產品化並穩健地輸出。我們知道這確實需要資源才能做到這一點。因此，我們已盡可能精簡，更專注於 G ForEx 和支援現有客戶。我們正在努力在這種性質上盡快取得進展。

Hey Jack, this is Dalen. And I'll maybe just add one thing in the savings estimates that we talked about in the prepared remarks and the statement about extending our runway out to the end of 2026. We are contemplating internally some just kind of modest investment for some of the infrastructure that we think will need to stand up to support the go-to-market strategy such as services, right? So we are contemplating some reinvestment to get this product to market.

嘿傑克，這是達倫。我可能會在我們在準備好的評論和關於將跑道延長至 2026 年底的聲明中談到的節省估算中添加一件事。我們正在內部考慮對一些基礎設施進行適度的投資，我們認為這些基礎設施需要支持服務等進入市場的策略，對嗎？因此，我們正在考慮進行一些再投資，以將該產品推向市場。

Got it.

知道了。

Thank you.

謝謝。

That's that's it for me.

對我來說就是這樣。

Thank you.

謝謝。

That concludes our Q&A session. I will now hand the conference back to our host for closing remarks.

我們的問答環節到此結束。現在我將把會議交還給我們的東道主致閉幕詞。

Please go ahead.

請繼續。

Thank you, everyone, for joining the call today. I look forward to update you on our progress as we progress this year.

謝謝大家今天加入電話會議。我期待著向您通報我們今年的進展。

Thank you, everyone.

謝謝大家。

This concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

今天的活動到此結束。此時您可能會斷開連接，並度過美好的一天。感謝您的參與。