Singular Genomics Systems Inc (OMIC) 2024 Q2 法說會逐字稿

Greetings. Welcome to the Singular Genomics second quarter and business update call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Singular Genomics 第二季和業務更新電話會議。（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Philip Taylor.

現在我將會議交給主持人菲利普泰勒。

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.

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；以及公司首席財務官 Dalen Meeter。

Earlier today, Singular Genomics released financial results for the three months ended June 30, 2024. A copy of the press release is available on the company's website. Before we begin, I'd like to inform you that comments and responses to your questions during today's call reflect management's views as of today, Tuesday, August 13, 2024, only and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations and other information related to our financial and operating results, plans and strategies.

今天早些時候，Singular Genomics 發布了截至 2024 年 6 月 30 日的三個月財務表現。該新聞稿的副本可在該公司網站上取得。在我們開始之前，我想通知您，今天電話會議中對您問題的評論和答复僅反映截至今天（2024 年8 月13 日星期二）管理層的觀點，並將包括前瞻性陳述和意見陳述，包括預測、與我們的財務和經營業績、計劃和策略相關的估計、計劃、期望和其他資訊。

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-Q and 10-K filings and the Form 8-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 investor.singulargenomics.com in the Presentation and Events section.

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以及我們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-Q 表格和10-K 表格以及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網站 Investor.singulargenomics.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 (Drew Spaventa)。

Good afternoon, and welcome to Singular Genomics' second quarter 2024 earnings call. Q2 was a busy and productive quarter for our team. In Q2, we progressed development of the G4X Spatial Sequencer; initiated our first spatial technology access services projects; and add to our spatial pipeline of customers interested in services, collaborations, and G4X instruments.

下午好，歡迎參加 Singular Genomics 2024 年第二季財報電話會議。對於我們的團隊來說，第二季度是忙碌而富有成效的季度。第二季度，我們推進了G4X Spatial Sequencer的開發；啟動了我們的第一個空間技術接入服務項目；並添加到我們對服務、協作和 G4X 儀器感興趣的客戶的空間管道中。

We will focus our call on the following areas: one, revisiting our strategy following the pivot to spatial sequencing earlier this year; two, a summary of the second quarter results; and three, an update on the development of the G4X Spatial Sequencer and our spatial services. We announced a strategy shift in February at AGBT when we unveiled the G4X Spatial Sequencer.

我們將重點放在以下領域：一是在今年稍早轉向空間定序之後重新審視我們的策略；二、第二季業績總結；第三，G4X 空間排序器和我們的空間服務的開發最新情況。我們在 2 月的 AGBT 大會上推出了 G4X 空間序列器時宣布了戰略轉變。

The G4X is being developed to offer readouts of targeted transcripts, targeted proteins, and a florescent H&E stain, all in the same tissue section. In addition, its novel capabilities will include Direct-Seq, which is the sequencing of RNA in situ and has the potential to open new areas of scientific discovery.

G4X 正在開發中，可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。此外，其新功能還包括 Direct-Seq，即 RNA 原位定序，有潛力開闢新的科學發現領域。

This combination of readout modalities will offer significantly higher throughput than any spatial profiling technologies currently on market. We continue to be encouraged by discussions with spatial experts and prospective customers. Spatial biology is quickly growing in many customer segments, and throughput is a significant limitation. We believe that G4X will be uniquely suited to address these pain points and has the potential to accelerate growth in the spatial market.

這種讀出模式的組合將提供比目前市場上任何空間分析技術更高的吞吐量。與太空專家和潛在客戶的討論繼續鼓舞著我們。空間生物學在許多客戶領域正在快速成長，而吞吐量是一個重大限制。我們相信 G4X 將非常適合解決這些痛點，並有潛力加速空間市場的成長。

The business setup is encouraging and that we plan to deliver cost savings to our customers while supporting a high-margin sustainable business. In addition to the exciting development work to get G4X to market, we are focused on supporting our existing G4 customers, most of which we believe will benefit from our move to spatial and are poised to become G4X customers.

業務設置令人鼓舞，我們計劃為客戶節省成本，同時支援高利潤的永續業務。除了將 G4X 推向市場的令人興奮的開發工作外，我們還專注於支援現有的 G4 客戶，我們相信其中大多數客戶將受益於我們向空間的遷移，並準備成為 G4X 客戶。

Supporting and continuing to improve their G4 sequencing experience is paramount to our offering a second product into an existing customer base. The G4 and G4X share the same platform, which will allow for a streamlined upgrade process for existing G4 customers. Our strategy with existing G4 customers is to continue to improve their experience and facilitate higher usage with the G4 sequencer as we prepare them to convert to spatial sequencing when the G4X becomes available.

支援並持續改善他們的 G4 定序體驗對於我們向現有客戶群提供第二種產品至關重要。G4 和 G4X 共享相同的平台，這將為現有 G4 客戶提供簡化的升級流程。我們與現有 G4 客戶的策略是繼續改善他們的體驗並促進 G4 定序儀的更高使用率，因為我們準備在 G4X 上市時將他們轉換為空間定序。

We are seeing improved reliability and usage across the existing installed base. System uptime has been averaging 95% during the quarter. Average annualized consumable pull-through for the installed base was approximately $60,000 in Q2, which was roughly double Q1. In addition, we recently initiated the rollout of our V2 system upgrade package, which will include system performance and feature enhancements to further improve the reliability and usage of the system as we continue to prepare for conversion to spatial sequencing on the G4X.

我們看到現有安裝基礎的可靠性和使用率都提高了。本季系統正常運作時間平均為 95%。第二季安裝基礎的平均年化消耗品拉動約為 6 萬美元，約為第一季的兩倍。此外，我們最近啟動了 V2 系統升級套件的推出，其中包括系統效能和功能增強，以進一步提高系統的可靠性和使用率，同時我們繼續準備在 G4X 上轉換為空間排序。

Now let's move into the second quarter results. We shipped two G4 instruments during the quarter and generated $0.7 million in revenue. Of these shipments, one was an academic core lab, and one was to a commercial lab. One of the most important focus areas for us is to maintain our emphasis on supporting existing customers. We continue to see improvements in system utilization and consumables pull-through. Q2 was our highest quarterly total yet for consumable orders and shipments.

現在讓我們進入第二季的業績。我們在本季出貨了兩台 G4 儀器，並創造了 70 萬美元的收入。在這些貨物中，一件是學術核心實驗室，一件是商業實驗室。我們最重要的重點領域之一是繼續強調支援現有客戶。我們繼續看到系統利用率和耗材消耗的改進。第二季是我們迄今為止消耗品訂單和出貨量最高的季度總額。

Now let's turn to an update on our development of G4X. In R&D, we are advancing work on instrument method development, expanding the compatible tissue types, and improving protocol performance for combined readout modalities. Our internal focus is centered around developing the G4X platform and optimizing the spatial sequencing methods and protocols.

現在讓我們來了解一下 G4X 的最新開發情況。在研發方面，我們正在推動儀器方法開發工作，擴大相容的組織類型，並提高組合讀出模式的方案效能。我們的內部重點是開發 G4X 平台和優化空間定序方法和協議。

Our planned initial G4X kit offering will be our V1 immuno-oncology panel with 300 genes, 12 proteins, and the ability to customize content. We are excited about the technology as we have continued to progress the development of capabilities and methods.

我們計劃的初始​​ G4X 試劑盒產品將是我們的 V1 免疫腫瘤學面板，包含 300 個基因、12 個蛋白質，並且能夠自訂內容。我們對這項技術感到興奮，因為我們不斷推進能力和方法的開發。

In services, we continue to see growing interest in the funnel of service projects as part of the G4X Spatial Sequencing Technology Access Services program that was launched in the second quarter. Our strategy in services is twofold: to learn from running initial customer samples in order to accelerate product development and generate customers that will buy the instrument and consumables when available.

在服務方面，我們繼續看到人們對作為第二季度啟動的 G4X 空間排序技術存取服務計劃一部分的服務項目管道的興趣日益濃厚。我們的服務策略是雙重的：從運行初始客戶樣品中學習，以加速產品開發並吸引在可用時購買儀器和耗材的客戶。

Our initial focus in services is our V1 immuno-oncology panel. The project submissions in our service funnel make it clear that a lower target flex, higher sample throughput offering is addressing an unmet need in the market. Several months ago, we opened a G4X Spatial Research Grant award program, which was well received by prospective customers and researchers from some of the top institutions across the world.

我們最初的服務重點是我們的 V1 免疫腫瘤學小組。我們服務漏斗中提交的項目清楚地表明，較低的目標靈活性、較高的樣品吞吐量產品正在解決市場上未滿足的需求。幾個月前，我們啟動了 G4X 空間研究資助計劃，受到了來自全球一些頂級機構的潛在客戶和研究人員的好評。

We received over 50 applications from institutions interested in using the G4X in various applications, including cancer research, the study of autoimmune diseases, chronic disease research, cardiovascular and liver diseases, vaccine development and neuroscience. We look forward to sharing more information about the award recipients and our collaborations with these institutions to bring forward these exciting demonstrations of G4X applications later this year.

我們收到了來自有興趣在各種應用中使用 G4X 的機構的 50 多份申請，包括癌症研究、自體免疫疾病研究、慢性病研究、心血管和肝臟疾病、疫苗開發和神經科學。我們期待分享有關獲獎者以及我們與這些機構合作的更多信息，以便在今年晚些時候推出這些激動人心的 G4X 應用演示。

Lastly, we are planning for our G4X early access program, which we intend to deliver late this year. This will include a select number of customers with early access to the G4X, the purpose of early access to both learn and incorporate feedback for broader commercial launch as well as to generate demand.

最後，我們正在規劃 G4X 搶先體驗計劃，並計劃於今年年底推出。這將包括一些能夠搶先體驗 G4X 的客戶，搶先體驗的目的是學習和整合回饋以進行更廣泛的商業發布並產生需求。

Now I'll turn it over to Dalen to go through the details of our second quarter financial results.

現在我將把它交給達倫來詳細介紹我們第二季的財務表現。

Thank you, Drew. Revenue for the second quarter of 2024 was approximately $0.7 million, predominantly made up of $0.4 million from revenue recognized on consumable sales and $0.3 million from revenue recognized on one capital purchase instrument placement during the quarter.

謝謝你，德魯。2024 年第二季的營收約為 70 萬美元，主要包括本季消耗品銷售確認的收入 40 萬美元和一次資本購買工具配售確認的收入 30 萬美元。

Gross profit was negative $0.2 million in the second quarter of 2024 compared to negative $0.1 million in the second quarter of 2023. Our gross margin was negative due to discounts on G4 instrument sales, our use of the reagent rental, and other noncapital purchase models, and higher costs associated with the support of system placements, partially offset by higher margins on increased consumable sales.

2024 年第二季的毛利為負 20 萬美元，而 2023 年第二季的毛利為負 10 萬美元。由於 G4 儀器銷售折扣、試劑租賃和其他非資本購買模式的使用以及與系統放置支援相關的成本上升，我們的毛利率為負，但部分被消耗品銷售增加的更高利潤所抵消。

Operating expenses for the second quarter of 2024 totaled $22.6 million compared to $27.5 million in the second quarter of 2023. These totals included noncash stock-based compensation expense of $2.2 million in Q2 2024 and $2.8 million in Q2 2023. The year-over-year decrease was primarily driven by a non-cash expense in Q2 2023 related to a onetime adjustment in the carrying value of property, plant and equipment, and decreases in employee compensation costs due to reduced headcount.

2024 年第二季的營運支出總計 2,260 萬美元，而 2023 年第二季的營運支出為 2,750 萬美元。這些總額包括 2024 年第二季的非現金股票補償費用 220 萬美元和 2023 年第二季的 280 萬美元。年比下降的主要原因是 2023 年第二季與財產、廠房和設備帳面價值的一次性調整相關的非現金費用，以及由於員工人數減少而導致的員工薪酬成本下降。

Net loss in the second quarter of 2024 was $21.3 million or $8.57 compared to $25.6 million or $10.58 per share in the second quarter of 2023. The weighted average share count for the second quarter of 2024 used to calculate net loss per share was approximately 2.5 million. Ending cash, cash equivalents and short-term investments excluding restricted cash totaled $133.2 million, cash burn for the second quarter was approximately $17.5 million, which was sequentially lower than the previous quarter driven by the timing of cost savings measures implemented.

2024 年第二季的淨虧損為 2,130 萬美元，即 8.57 美元，而 2023 年第二季的淨虧損為 2,560 萬美元，即每股 10.58 美元。用於計算每股淨虧損的 2024 年第二季加權平均股數約為 250 萬股。不包括限制性現金的期末現金、現金等價物和短期投資總額為 1.332 億美元，第二季度的現金消耗約為 1,750 萬美元，由於實施成本節約措施的時機，該數字環比上一季有所下降。

Lastly, I wanted to take a moment to comment on the lease amendment that was announced last week. I'm pleased to note that we successfully amended a long-term lease obligation rightsizing our facilities footprint to better align with our operational needs. This move not only optimizes our space utilization, but it also reduces our long-term lease obligations by approximately $50 million.

最後，我想花點時間對上周宣布的租約修正案發表評論。我很高興地註意到，我們成功修改了長期租賃義務，調整了我們的設施佔地面積，以更好地滿足我們的營運需求。此舉不僅優化了我們的空間利用率，還減少了我們約 5,000 萬美元的長期租賃義務。

This amendment will enhance our longer-term financial flexibility, allowing us to focus more resources on development and commercialization of the G4X. The amendment included a onetime upfront lease modification payment of $4.5 million, which was paid upon execution of the agreement.

這項修正案將增強我們的長期財務靈活性，使我們能夠將更多資源集中在 G4X 的開發和商業化上。該修正案包括一次性預付租賃修改款項 450 萬美元，該款項在協議簽署時支付。

As such, we expect our Q3 2024 cash burn to be higher than the second quarter. We do not expect the lease modification payment to have a material impact on our previous comments around cash runway extending to late 2026.

因此，我們預計 2024 年第三季的現金消耗將高於第二季。我們預計租賃修改付款不會對我們先前關於延長至 2026 年末的現金跑道的評論產生重大影響。

Back to you, Drew.

回到你身邊，德魯。

Thank you, Dalen. I want to thank all our employees for their hard work and dedication over the last quarter. We are excited by the level of interest from early collaborators and prospective customers as evidenced by the growth of inbound inquiries around our technology access services and research collaborations and growth in the sales funnel.

謝謝你，達倫。我要感謝所有員工在上個季度的辛勤工作和奉獻精神。我們對早期合作者和潛在客戶的興趣程度感到興奮，圍繞我們的技術訪問服務和研究合作的入站詢問的增長以及銷售渠道的增長就證明了這一點。

The G4X's designed ability to read transcripts, proteins, and a fluorescent H&E stain at scale will provide a unique solution in an exciting high-growth market. Where other spatial solutions in the market are pushing up on target flex, we see an unmet need for lower target flex and higher sample throughput. We look forward to updating you on our progress through the rest of the year.

G4X 設計的大規模讀取轉錄物、蛋白質和螢光 H&E 染色劑的能力將為令人興奮的高成長市場提供獨特的解決方案。儘管市場上的其他空間解決方案正在提高目標柔性，但我們發現對較低目標柔性和較高樣本吞吐量的需求尚未滿足。我們期待向您通報我們今年剩餘時間的最新進展。

Now let's open it up for questions. Operator?

現在讓我們打開它來提問。操作員？

(Operator Instructions) Dan Brennan, TD Cowen.

（操作員說明）Dan Brennan，TD Cowen。

Great. Thanks, guys. Congrats on the quarter here and continued progress. Maybe could you start off with just timelines? I think you reiterated them just now, but just walk through a little bit about early access and then about commercial launch. I think last quarter, you guys were discussing in and around Q2. Just can you guys confirm are we still thinking of the same timelines right now?

偉大的。謝謝，夥計們。恭喜本季取得的進展並取得持續進展。也許你可以從時間表開始？我想您剛才重申了它們，但只是簡單介紹一下早期訪問，然後介紹商業發布。我認為上個季度，你們在第二季度及其前後進行了討論。你們能確認我們現在還在考慮同樣的時間表嗎？

Hey, Dan. Thanks for the questions. Yes, I'll start off with timelines.

嘿，丹。感謝您的提問。是的，我將從時間表開始。

We're just starting services now and in the midst of a few very exciting projects. We're on track to do our first early access later this year, probably end of Q4. And then we'll sequentially roll other early access sites through the first part of Q1. And at this point, we are on track, we are planning to have a commercial launch towards the end of Q2 next year.

我們現在剛開始提供服務，並且正在進行一些非常令人興奮的項目。我們預計在今年稍後（可能是第四季末）進行首次搶先體驗。然後我們將在第一季的第一部分按順序滾動其他搶先體驗網站。目前，我們已步入正軌，並計劃在明年第二季末進行商業發布。

Great. And then could you just speak to both, I guess, the pathway to the commercial specs which you guys reiterated. And then as you had more customers evaluating the product right now, just walk through some of the experiences. I know you spoke about some of the Dana-Farber and Harvard I think on the last call. But just how is the interest level? Just a little more granularity on that front.

偉大的。然後你能談談你們所重申的商業規範的途徑嗎？然後，當您現在有更多的客戶評估產品時，只需回顧一些體驗即可。我知道你在上次電話會議上談到了丹娜法伯癌症研究所和哈佛大學的一些情況。但利息水平到底如何呢？只是在這方面有更多的粒度。

And then the funnel, I think the last time you talked about maybe dozens of customers. I know it's not a firm backlog, if you will, but just speak to the interest level if you can as well.

然後是漏斗，我想你上次談到的可能有幾十個客戶。我知道這不是一個確定的積壓，如果你願意的話，但如果可以的話，也可以談談興趣程度。

Absolutely. So we feel like we've really hit on something here based on the response that we've gotten both from services and from people interested in buying a system or partnering to set up services of their own. I think that will be something unique for spatial in the G4X that was different from G4 in that a lot of the customers we're talking with whether they're a large core lab or a CRO or a major oncology medical center. They are very direct and one of the biggest issues they have is throughput for spatial and cost per sample, and that's exactly what we're addressing. The feedback that we get is -- relates to very positive directional information on the scope of the product.

絕對地。因此，根據我們從服務部門以及有興趣購買系統或合作建立自己的服務的人那裡得到的回應，我們覺得我們真的找到了一些東西。我認為這對 G4X 的空間來說是獨一無二的，它與 G4 不同，因為我們正在與之交談的許多客戶，無論他們是大型核心實驗室、CRO 還是主要的腫瘤醫療中心。它們非常直接，它們面臨的最大問題之一是空間吞吐量和每個樣本的成本，而這正是我們正在解決的問題。我們得到的回饋是－與產品範圍的非常正面的方向性訊息相關。

And what I mean by that is we're targeting 300 genes, which is less transcripts than most of the other spatial platforms leased at this point and about a dozen proteins. And what most people have said is that's more than enough on the transcripts and the proteins, 300 genes. And a lot of times, it's less than 10 proteins people want to look at. But if you can do that in combination in the same section and you can do that at a lower sample cost point and more samples per run, that's exactly what they need.

我的意思是，我們的目標是 300 個基因，這比目前租用的大多數其他空間平台和大約十幾個蛋白質的轉錄本要少。大多數人都說，轉錄物和蛋白質、300 個基因已經足夠了。很多時候，人們想要觀察的蛋白質不到 10 種。但是，如果您可以在同一部分中組合執行此操作，並且可以以較低的樣本成本點和每次運行更多的樣本來執行此操作，那麼這正是他們所需要的。

So we're really seeing that across the board in a number of different settings and applications. I think one other thing that is worth mentioning, if we segment the customer type into three buckets in sequencing, we have about 30 instruments out right now. The majority of those are in academic settings. There are two other segments that the G4X applies to that was a little bit different when we started talking with prospective customers. And one is CROs or contract research organizations that are providing services, in a large part, to pharma.

因此，我們確實在許多不同的設定和應用程式中全面看到了這一點。我認為還有一件事值得一提，如果我們在定序中將客戶類型分成三個部分，那麼我們現在大約有 30 種儀器。其中大多數是在學術環境中。當我們開始與潛在客戶交談時，G4X 適用的另外兩個細分市場略有不同。其中之一是 CRO 或合約研究組織，它們在很大程度上為製藥公司提供服務。

And the other is going to be major medical centers, places where there's high throughput core labs that right now are doing pathology or looking at proteins and doing tumor microarrays. And that's another area where the cost and the throughput is prohibitive right now from scaling. And a lot of these places say things like we have 40,000 or 50,000 samples a year we want to run, and we run less than 10,000. And that's really a symptom of cost and throughput. So it's really encouraging.

另一個將是主要的醫療中心，那裡有高通量核心實驗室，目前正在進行病理學或研究蛋白質和腫瘤微陣列。這是目前成本和吞吐量難以擴展的另一個領域。很多這樣的地方都說我們每年要運行 40,000 或 50,000 個樣本，但我們運行的樣本還不到 10,000 個。這實際上是成本和吞吐量的症狀。所以這確實令人鼓舞。

On the funnel side of things, both on the instrument side and the services, we have over 50 at this point. And it's pointless to really count more than 50. What we're doing right now is trying to prioritize what are the projects that don't require customization or what are the projects that we can do as a pilot now that have larger batches of work to come behind them. And we're just trying to prioritize based on those factors on the services side.

在漏斗方面，無論是工具方面還是服務方面，我們目前都有 50 多個。而且真正數超過 50 是沒有意義的。我們現在正在做的事情是嘗試優先考慮哪些項目不需要定制，或者哪些項目是我們現在可以作為試點進行的，並且需要大量的工作來完成。我們只是嘗試根據服務方面的這些因素來確定優先順序。

And then on the commercial side, I think we still have some time to think about that. We're still, again, not launching this until Q2. So very much, it's just put our head down and get the product developed in the place where it's robust and usable for external parties and in the meantime, try to advance services projects that we think have a long tail of work or could create a customer that buys an instrument down the road.

然後在商業方面，我認為我們還有一些時間可以考慮。我們仍然要等到第二季才會推出此功能。因此，我們只需埋頭苦幹，在功能強大且可供外部各方使用的地方開發產品，同時嘗試推進我們認為具有長尾工作或可以創造客戶的服務項目以後會買一個樂器。

Maybe I'll sneak one final one in. Just in terms of from here to the TAP and then the full commercial launch, what are the biggest technical or product development or manufacturing issues? I mean I'm sure there's a lot on your plate, but just wondering the level of confidence in hitting these timelines and what needs to happen between now and then.

也許我會偷偷塞進最後一張。就從現在到 TAP 再到全面商業發布而言，最大的技術或產品開發或製造問題是什麼？我的意思是，我確信您有很多事情要做，但只是想知道完成這些時間表的信心程度以及從現在到那時需要發生什麼。

Thanks, Dan. Yes, a lot of it is optimizing the protocols to be as high quality as possible across all different tissue types. We're initially launching with six different tissue types. And tissue can be variable depending on how it was stored or how it was treated, and we're still understanding a lot about how our immuno-oncology panels of genes and proteins work across different tissue types that were stored in different conditions. So that's one part of it.

謝謝，丹。是的，其中很大一部分是優化協議，以在所有不同的組織類型中盡可能提高品質。我們最初推出六種不同的組織類型。組織可能會根據其儲存方式或處理方式而發生變化，而且我們仍然對我們的基因和蛋白質免疫腫瘤學面板如何在不同條件下儲存的不同組織類型中發揮作用有很多了解。這就是其中的一部分。

The other part of it is really optimizing the workflow to try and simplify it where we can and make it as user friendly as possible. The workflow right now is similar to what's done with other spatial instruments and that there's a couple of days of pipetting, some overnight incubations. Things like that before is run on the sequencer.

它的另一部分是真正優化工作流程，盡可能簡化它，並使其盡可能用戶友好。現在的工作流程與其他太空儀器的工作流程類似，需要幾天的移液和一些過夜的培養。之前類似的事情是在定序器上運行的。

And we're trying to just understand each and every part of that to make sure that the requirements and the user instructions are clear, and the protocol is robust so that we have consistency in results. And outside of that, there's all the activities related to transferring the product into manufacturing, thinking about scaling it up, the informatics. I mean there's a lot to it, but it's all -- right now, the work's being done with the experience of going through the G4. So I'd say we've all been through this once a year ago, and I think we're eyes wide open. And we do plan to stay on schedule. So hopefully, that answers your question.

我們試圖了解其中的每個部分，以確保要求和用戶說明清晰，並且協議穩健，以便我們的結果保持一致。除此之外，還有與將產品轉移到製造、考慮擴大規模、資訊學相關的所有活動。我的意思是，有很多內容，但僅此而已 - 現在，工作是根據 G4 的經驗完成的。所以我想說我們一年前都經歷過一次這樣的事情，我想我們都睜大了眼睛。我們確實計劃按計劃進行。希望這能回答你的問題。

Great. Thanks, guys.

偉大的。謝謝，夥計們。

(Operator Instructions) Matt Sykes, Goldman Sachs.

（操作員指令）Matt Sykes，高盛。

Hey, good afternoon, Drew and Dalen. Thanks for taking my questions. Maybe just first, the step down in reagent rental placements from the last quarter. I think you did five last quarter. It was one this quarter. Should we think about that more as a function of the shift in resources to G4X and less so about the demand environment?

嘿，下午好，德魯和達倫。感謝您回答我的問題。也許首先是試劑租賃安置量較上季下降。我想你上個季度做了五次。這是本季的一次。我們是否應該更多地將其視為資源轉移到 G4X 的函數，而不是需求環境？

Yes. Our strategy right now is to maintain the existing network of customers and prepare them for a conversion. We're not actively trying to push and expand new systems for sequencing only. We're really focused on developing the G4X platform, maintaining and frankly, selling instruments at a higher ASP than the sequencer itself. So it is part of the strategy, really is maintain existing.

是的。我們目前的策略是維護現有的客戶網路並為他們的轉換做好準備。我們並不是積極嘗試推動和擴展僅用於定序的新系統。我們真正專注於開發 G4X 平台，維護並坦率地說，以比音序器本身更高的 ASP 銷售儀器。所以它是戰略的一部分，實際上是維持現有的。

And we aren't saying we won't put any sequencers out, but that's not our priority right now. Our priority is maintaining and getting spatial customers in the queue to buy the more expensive combined system next year.

我們並不是說我們不會推出任何定序儀，但這不是我們現在的首要任務。我們的首要任務是維護並讓空間客戶排隊購買明年更昂貴的組合系統。

Got it. And then of the G4s that you have installed now with those customers, do a majority of them have interest in spatial as well? Like do you feel like that's a pretty good conversion rate you could get out of the existing installed base? Or are there some that weren't going to be doing spatial?

知道了。那麼，您現在為這些客戶安裝的 G4 中，大多數人是否也對空間感興趣？您是否覺得可以從現有的​​安裝基礎中獲得相當不錯的轉換率？或者是否有一些人不打算做空間方面的工作？

Yes. So about two-thirds of them have said directly there's interest, and we assume fewer than two-third will initially convert just to be conservative. But we have line of sight to a good number of initial customers converting probably very early in the product being launched. So the answer -- the short answer is yes. We think the majority of the existing customers will convert into a spatial customer.

是的。因此，大約三分之二的人直接表示有興趣，我們假設只有不到三分之二的人最初會出於保守而轉變。但我們看到大量初始客戶可能在產品推出的早期就進行了轉換。所以答案——簡短的答案是肯定的。我們認為大多數現有客戶將轉變為空間客戶。

Got it. And just one more. The Spatial Sequencing Technology Access Services, that program, could you maybe talk about just the costs you're incurring on that? And is it -- I'm assuming it's within, Dalen, the forecast of cash runway and everything like that.

知道了。還有一個。空間排序技術存取服務，該計劃，您能談談您為此產生的成本嗎？是嗎——達倫，我假設它在現金跑道和類似事情的預測之內。

Hey, Matt. Excuse me, this is Dalen. Yes, that's right. The cost that we're incurring related to the spatial services lab are baked into the directional commentary around cash runway. Just to give you a sense, we've got an internal lab that we've earmarked several G4X systems specifically for services, and we have a small number of lab personnel that do double-duty internal work but then also work on the services projects that come in as well. But all of that internal cost is baked into what we've talked about previously in terms of cash burn.

嘿，馬特。對不起，這是達倫。是的，沒錯。我們與空間服務實驗室相關的成本已納入圍繞現金跑道的定向評論中。只是為了讓您了解一下，我們有一個內部實驗室，我們指定了幾個專門用於服務的 G4X 系統，並且我們有少數實驗室人員從事雙重內部工作，但也從事服務項目也進來了。但所有這些內部成本都被納入了我們之前討論過的現金消耗方面。

Got it. Thanks very much.

知道了。非常感謝。

Thanks, Matt.

謝謝，馬特。

Okay, we have no further questions in queue. I'd like to turn the call back to management for any closing remarks.

好的，我們沒有其他問題了。我想將電話轉回給管理階層，讓他們發表結束語。

No further closing remarks from here. Thank you, everyone, for listening. Look forward to updating you on future calls. Thank you.

這裡沒有更多的結束語。謝謝大家的聆聽。期待在未來的通話中向您通報最新情況。謝謝。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。