PetVivo Holdings Inc (PETV) 2023 Q3 法說會逐字稿

Greetings, and welcome to the PetVivo Holdings third quarter of fiscal year 2023 financial results conference call. My name is John Dolan, the Chief Business Development Officer and General Counsel at PetVivo. Today's call is being webcast and will be posted on the company's website for playback.

您好，歡迎來到 PetVivo Holdings 2023 財年第三季度財務業績電話會議。我叫 John Dolan，是 PetVivo 的首席業務發展官兼總法律顧問。今天的電話會議正在進行網絡直播，並將發佈在公司網站上以供回放。

Before we begin, I would like to remind everyone that comments made during this conference call by PetVivo's executives may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. Any statement that refers to expectations, projections or other characterizations of future events, including financial projections or future market conditions is a forward-looking statement.

在我們開始之前，我想提醒大家，PetVivo 高管在本次電話會議上發表的評論可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，並受到風險和不確定性的影響。任何涉及未來事件的預期、預測或其他特徵的陳述，包括財務預測或未來市場狀況，都是前瞻性陳述。

PetVivo's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. PetVivo assumes no obligation to update any such forward looking statements. PetVivo filed its earnings release and Form 10-Q with the SEC today, which provide a detailed discussion of our financial results. These documents can be found in the SEC website and the Investor Relations section of our website.

PetVivo 的實際未來結果可能出於任何原因與此類前瞻性陳述中表達的結果存在重大差異，包括其提交給美國證券交易委員會的文件中列出的結果。 PetVivo 不承擔更新任何此類前瞻性陳述的義務。 PetVivo 今天向美國證券交易委員會提交了收益報告和 10-Q 表格，其中詳細討論了我們的財務業績。這些文件可以在 SEC 網站和我們網站的投資者關係部分找到。

I would like to now turn the call over to John Lai, the CEO and President of PetVivo. Please go ahead, John.

我現在想把電話轉給 PetVivo 的首席執行官兼總裁 John Lai。請繼續，約翰。

Thank you, John, and welcome. Also joining me today will be Bob Folkes, our Chief Financial Officer. I would like to begin by discussing some highlights from last quarter. Then Bob will discuss our financial results in greater detail. I will conclude by sharing some additional thoughts on our business strategy, key focus areas for fiscal 2023 before we open the lineup for questions.

謝謝你，約翰，歡迎。今天加入我的還有我們的首席財務官 Bob Folkes。我想首先討論上一季度的一些亮點。然後 Bob 將更詳細地討論我們的財務結果。最後，在我們開始提問之前，我將分享一些關於我們的業務戰略的額外想法，以及 2023 財年的重點關注領域。

Our key highlights for the third quarter of fiscal 2023, where -- we reported revenues of $510,000 as compared to $51,000 in the third quarter of fiscal 2022. Revenues for the third quarter included net revenues of $457,000 from shipments of Spryng to MWI Animal Health subsidiary, AmerisourceBergen. They're our exclusive distribution partner, which we signed in June 2022.

我們 2023 財年第三季度的主要亮點，其中——我們報告的收入為 510,000 美元，而 2022 財年第三季度為 51,000 美元。第三季度的收入包括 Spryng 向 MWI Animal Health 子公司發貨的淨收入 457,000 美元, 美源伯根。他們是我們於 2022 年 6 月簽署的獨家經銷合作夥伴。

We continue to expand our national presence, highlighted by our attendance at the American Association of Equine Practitioner's annual conference in November of 2022, which Dr. Manning, our senior technical veterinarian, did a theatre presentation, actually two theater presentations where we did get very good response and we open accounts in over 47 states. We are starting to see the results of the investments we have made in expanding the awareness and efficacy and benefits of Spryng with Companion Animals.

我們繼續擴大我們在全國的影響力，突出表現在我們出席了 2022 年 11 月的美國馬術從業者協會年會，我們的高級技術獸醫曼寧博士做了一次戲劇表演，實際上是兩次戲劇表演，我們確實得到了非常反應良好，我們在超過 47 個州開設了賬戶。我們開始看到我們在擴大 Spryng with Companion Animals 的知名度、功效和益處方面所做投資的成果。

I would like to now turn the call over to Bob Folkes, our Chief Financial Officer, who will discuss our financial results.

我現在想把電話轉給我們的首席財務官 Bob Folkes，他將討論我們的財務業績。

Thank you, John, and good afternoon, everyone. for the three months ended December 31, 2022, we reported revenues of $510,000 as compared to $51,000 in the prior year. And as John noted, this increase was driven by revenues of $457,000 related to shipments of Spryng to MWI. For the nine months ended December 31, 2022, we reported revenues of $792,000 as compared to $60,000 in the prior year period. And this increase was driven by revenues of $575,000 related to shipments of Spryng to MWI. At December 31, 2022, the company had $375,000 in cash and working capital of $171,000.

謝謝約翰，大家下午好。截至 2022 年 12 月 31 日的三個月，我們報告的收入為 510,000 美元，而去年同期為 51,000 美元。正如 John 指出的那樣，這一增長是由與向 MWI 運送 Spryng 相關的 457,000 美元收入推動的。截至 2022 年 12 月 31 日的九個月，我們報告的收入為 792,000 美元，而去年同期為 60,000 美元。這一增長是由與 Spryng 向 MWI 發貨相關的 575,000 美元收入推動的。截至 2022 年 12 月 31 日，公司擁有 375,000 美元的現金和 171,000 美元的營運資金。

In January of 2023, we raised approximately $1.4 million after deducting transaction expenses from the sale of just over 610,000 shares of our common stock in a registered direct offering at a price of $2.32 per share. We also entered into a lease agreement for approximately 14,000 square feet of production and warehouse space. This new facility will include multiple clean rooms for large-scale production of Spryng as well as other medical device and therapeutics in our product pipeline.

2023 年 1 月，我們以每股 2.32 美元的價格在註冊直接發行中出售超過 610,000 股普通股，扣除交易費用後籌集了約 140 萬美元。我們還就大約 14,000 平方英尺的生產和倉庫空間簽訂了租賃協議。這個新設施將包括多個潔淨室，用於大規模生產 Spryng 以及我們產品線中的其他醫療設備和療法。

We plan to move all of our production to this facility beginning in August of 2023. And just to conclude here, we continue to invest our resources to expand our sales and marketing efforts, clinical studies and manufacturing capacity to gain better acceptance and support increased revenues from the sale of Spryng.

我們計劃從 2023 年 8 月開始將所有生產轉移到該工廠。最後，我們將繼續投入資源來擴大我們的銷售和營銷工作、臨床研究和製造能力，以獲得更好的接受度並支持增加收入來自 Spryng 的銷售。

So now I will turn the call back over to John.

所以現在我將把電話轉回給約翰。

Thank you, Bob. I would like to talk about our business strategy and key focus areas for fiscal 2023. The first one is to generate clinical evidence to support the equine and small animals markets. So we have a whole series of studies that we have commissioned last year or the year before that many of them were coming to conclusion and of -- for fiscal 2023, we expect quite a few of these to get -- to become public through publications as well as presentations. Were also focused on hiring at least two additional territorial sales managers, business development managers to focus our relationship with MWI and expanding that relationship.

謝謝你，鮑勃。我想談談我們 2023 財年的業務戰略和重點關注領域。第一個是生成臨床證據以支持馬和小動物市場。因此，我們在去年或前一年委託進行了一系列研究，其中許多研究即將得出結論，並且我們預計到 2023 財年，其中相當一部分將通過出版物公開以及演示文稿。我們還專注於聘請至少兩名額外的區域銷售經理和業務發展經理，以關注我們與 MWI 的關係並擴大這種關係。

Another focus was we talked about doing promotion awareness of Spryng at these major conferences. We kicked off the conference seasoned at the Veterinary Medical Expo in Orlando. What we're seeing -- because we have talked about focusing on getting more podium presentations even though we didn't officially do a podium presentation at this event, a couple of the veterinary doctors that were during presentations brought up our product and kind of talked about the success they were having.

另一個重點是我們在這些主要會議上談到了對 Spryng 的宣傳意識。我們在奧蘭多的獸醫醫療博覽會上拉開了這次會議的序幕。我們所看到的——因為我們已經談到專注於獲得更多的講台演講，即使我們沒有在這次活動中正式做講台演講，在演講期間的幾位獸醫提出了我們的產品和某種談論他們取得的成功。

So are booth got inundated with a bunch of veterinary doctors as well as vet techs, substantially big numbers. As well as at the AAEP, when Dr. Manning did as theater presentations, both days, the theater was full of capacity, which in that place is probably about 100 vets. We were standing room only in lot of those.

展位也被一群獸醫和獸醫技術人員淹沒了，人數相當多。和 AAEP 一樣，當 Manning 博士在劇院做演示時，這兩天劇院都座無虛席，在那個地方大概有 100 名獸醫。我們只在其中很多地方站著。

So we continued to invest in those presentations at the various trade shows and coming up in mid-March is our first small animal presentation by Ethos to one of the major organizations, the Veterinary Orthopedic Surgical Association. I think that one's mid-March. So we believe that will provide even more evidence and more podium presentations that will draw awareness in the marketplace.

因此，我們繼續在各種貿易展覽會上投資於這些演示，3 月中旬，Ethos 將首次向主要組織之一獸醫整形外科協會展示小型動物。我認為那是三月中旬。因此，我們相信這將提供更多的證據和更多的講台演講，從而引起市場的關注。

I would like to now turn the call over to John Dolan, who will provide an update on our clinical studies, clinical data derived from these studies about the efficacy of Spryng and will be helpful to gain more acceptance from the veterinary doctors. John, go ahead.

我現在想把電話轉給 John Dolan，他將提供我們臨床研究的最新情況，以及從這些研究中得出的關於 Spryng 功效的臨床數據，並將有助於獲得獸醫的更多認可。約翰，繼續。

Thank you, John. We have a robust upcoming year when it comes to clinical trials. PetVivo has a total of seven clinical trials in progress at this time. Five small animal clinical trials, i.e., canine and feline and to equine clinical studies. We are fortunate, [we'd] be working with a number of world-renowned research organizations such as Colorado State University, Ethos Veterinary Health and Inotiv Inc.

謝謝你，約翰。在臨床試驗方面，我們即將迎來強勁的一年。 PetVivo 目前共有七項臨床試驗正在進行中。五項小型動物臨床試驗，即犬科動物和貓科動物以及馬科動物臨床研究。我們很幸運，[我們] 與許多世界知名的研究機構合作，例如科羅拉多州立大學、Ethos Veterinary Health 和 Inotiv Inc。

We anticipate public disclosure of these clinical study results to begin in March 2023 and continue intermittently throughout the remainder of our next fiscal year. The company plans to organize and conduct more clinical studies in addition to the ones in progress in order to support our relationship with MWI and gain that acceptance of Spryng.

我們預計這些臨床研究結果的公開披露將於 2023 年 3 月開始，並在我們下一財年的剩餘時間間歇性地繼續進行。除了正在進行的研究外，公司計劃組織和開展更多的臨床研究，以支持我們與 MWI 的關係並獲得 Spryng 的認可。

I'd like to turn it back now to John Lai.

我想現在把它轉回給 John Lai。

Thank you, John, I would like to now open it up to a Q&A session. Operator, will you please some explain to the callers or people that are online, what they need to do to ask a question.

謝謝你，約翰，我現在想打開問答環節。接線員，請你向來電者或在線的人解釋一下，他們需要做什麼才能提出問題。

(Operator Instructions) There you go.

（操作員說明）給你。

Hello, am I on?

你好，我在嗎？

Yes, you are.

是的，你是。

Hey, John. [Joe Salvani]. John, I think it was a great start in the relationship with MWI. So congratulations for the takeoff. I was fortunate enough to visit you over the World Equestrain Village and got a chance to talk to some of the MWI guys, and they tell me it's doing great. So congratulations.

嘿，約翰。 [喬薩爾瓦尼]。約翰，我認為這是與 MWI 關係的良好開端。恭喜你起飛了。我很幸運能夠在 World Equestrain Village 拜訪您，並有機會與 MWI 的一些人交談，他們告訴我它做得很好。恭喜你。

Thank you.

謝謝。

Hopefully, you'll see a very big ramp up as they go out -- go throughout the distribution. The -- could you basically just talk about the size of the markets in terms of number of animals in each of the markets that you're -- I guess, between the two small animals and also the horses, and the differentiation between the size at a show horse market versus the pet market. So that way people will get a better idea of number of animals that MWI is going to be helping to get access to it, and how many vets service [of] these people.

希望你會看到他們出去的時候有一個非常大的增長——貫穿整個發行版。 - 你能不能基本上談談市場的規模，根據每個市場的動物數量 - 我猜，在兩種小動物和馬之間，以及大小之間的差異在馬術市場與寵物市場。這樣一來，人們就會更好地了解 MWI 將幫助接觸的動物數量，以及這些人有多少獸醫服務。

So the MWI relationship is working out extremely well for both parties. And we're both very happy because what happens before every one of these shows, MWI does business with like 90% of the veterinary doctors in the United States where they have accounts. So they would do a promotional e-mail for us to the [vets] that they know or the vet techs that are coming to the show to kind of give them a little highlight about Spryng and they should drop by our booth. So that's a very good our introductory approach for us.

因此，MWI 關係對雙方來說都非常順利。我們都很高興，因為在每一場演出之前，MWI 都與美國 90% 的獸醫有業務往來，他們在這些地方有賬戶。因此，他們會為我們向他們認識的 [獸醫] 或即將參加展會的獸醫技術人員發送一封促銷電子郵件，以向他們介紹 Spryng 的一些亮點，他們應該來我們的展位。所以這對我們來說是一個非常好的介紹性方法。

So the size of the market -- in terms of dogs in the United States, there's about 64 million, about 53 million cats and the numbers for horses range anywhere from 8 million to 14 million. It's just depending on the source because there are quite a bit of a wild horse is out there too. Currently, I would say that the product mix or the revenues or majority of it are coming from the equine space just because of the vets, they tend to see the horses a lot more often than if the small animal vet does the injection.

所以市場的規模——就美國的狗而言，大約有 6400 萬隻，大約有 5300 萬隻貓，而馬的數量在 800 萬到 1400 萬之間。這僅取決於來源，因為那裡也有相當多的野馬。目前，我會說產品組合或收入或大部分來自馬匹領域，只是因為獸醫，他們往往比小動物獸醫進行注射更頻繁地看到馬匹。

They don't see them for a while and also the small animal side will pick up probably second half of 2023 on a calendar basis because once those studies start coming out, the MWI reps now will have data to be able to get to the smaller animals vets. The market is quite large in terms of OA lameness and potential rehab markets. I mean it is north of $4.8 billion a year in the United States. So I hope that answers the question.

他們有一段時間沒有看到它們，而且小動物方面可能會在 2023 年下半年按日曆計算，因為一旦這些研究開始出來，MWI 代表現在將有數據能夠接觸到更小的動物動物獸醫。就 OA 跛行和潛在的康復市場而言，市場相當大。我的意思是它在美國每年超過 48 億美元。所以我希望這能回答這個問題。

Yeah. It does and I think that, is there any other organic and -- basically organically derived products that are out in the marketplace where are basically veterinarian medical devices right now or is this just pretty much an open market for you guys?

是的。確實如此，我認為，市場上是否還有其他有機和 - 基本上是有機衍生產品，現在基本上是獸醫醫療設備，或者這對你們來說幾乎是一個開放市場？

So I feel our product is quite disruptive and unique in the sense that it deviates from what everyone else has been focused on. Our product is targeted at the root cause of osteoarthritis and other lameness issues, while competitive products are focused at more treating the symptoms while we're focused at the actual disruption of friction between bone-on-bone contact.

所以我覺得我們的產品非常具有顛覆性和獨特性，因為它偏離了其他人一直關注的重點。我們的產品針對骨關節炎和其他跛行問題的根本原因，而競爭產品更側重於治療症狀，而我們則側重於實際破壞骨與骨接觸之間的摩擦。

So I feel we're unique in that sense. And that's what becomes part of the educational process because when a veterinary doctor leaves vet school, they learn and that it's a lifetime management of osteoarthritis. It's a multimodal approach, you're using NSAIDs, then you move on [nonorganic] asset, then you go on to steroids and then eventually stem cells and then joint replacement.

所以我覺得我們在這個意義上是獨一無二的。這就是教育過程的一部分，因為當獸醫離開獸醫學校時，他們會學習並且這是骨關節炎的終生管理。這是一種多模式方法，你使用非甾體抗炎藥，然後你繼續使用[非有機]資產，然後你繼續使用類固醇，最後是乾細胞，然後是關節置換。

We're actually disrupting and changing that equation because we feel once the Spryng particles are injected into the joint, you're going to lead to a tremendous reduction in the of NSAIDs or any of the other materials or complete elimination of it, which helps reduce the side effects onto the horse because every -- all these other items have long-term negative effects and side effects, while, ours is purely neutral and that's how we got the veterinary device designation.

我們實際上正在破壞和改變這個方程式，因為我們覺得一旦將 Spryng 粒子注入關節，您將導致 NSAIDs 或任何其他材料的顯著減少或完全消除它，這有助於減少對馬的副作用，因為所有這些其他項目都有長期的負面影響和副作用，而我們的項目是純粹中性的，這就是我們獲得獸醫設備名稱的原因。

Years ago, there was a company that got involved with very early and it turned out to be a major [home run for me, called] Biomatrix where they injected the hyaluronic acid into the actual cartilage that was already leaking. And the problem with that is obviously, it's like putting air into a leaking balloon, see air seeps out. I mean, it could be fair to say that this is like a cartilage type material and actually acting differently than the hyaluronic, which is actually well-known use for equine as well as humans [invension]. But, the point is, isn't that a fair way of looking at it that you're not facing the leakage that you would normally get with the hyaluronic acid coming out of the cartilage?

多年前，有一家公司很早就參與其中，結果證明這是一個重要的 [對我來說，叫做] Biomatrix，他們將透明質酸注入已經滲漏的實際軟骨中。問題很明顯，這就像將空氣放入漏氣的氣球中，看到空氣滲出。我的意思是，可以公平地說，這就像一種軟骨類型的材料，實際上與透明質酸的作用不同，透明質酸實際上是馬和人類 [發明] 眾所周知的用途。但是，關鍵是，這不是一種公平的看待它的方式嗎？您沒有面臨通常從軟骨中流出的透明質酸會導致的滲漏？

Well, yeah but also their duration -- (multiple speakers) duration is the key here. So once our particles goes in, that our matrix particles start forming a scaffolding, which actually, in essence, over probably the next month or two, the joint actually improves while if you're using other products that are focused on symptoms. They tend to diminish after the initial injection. And each time we were using an HA product, you're probably diminishing the efficacy as well as the soft tissue. Okay? And in the end -- (multiple speakers).

好吧，是的，還有他們的持續時間——（多位發言人）持續時間是這裡的關鍵。因此，一旦我們的顆粒進入，我們的基質顆粒就會開始形成腳手架，實際上，從本質上講，可能在接下來的一兩個月內，如果您使用其他針對症狀的產品，關節實際上會得到改善。它們在初次注射後往往會減少。每次我們使用 HA 產品時，您可能會降低功效和軟組織。好的？最後——（多位發言人）。

I think you'll have the same type of luck that Biometrix had. I think we could easily is suppress that.

我認為您將擁有與 Biometrix 相同的運氣。我認為我們可以很容易地抑制它。

Thank you.

謝謝。

John, would you like me to add a little bit to the --?

約翰，你想讓我補充一點嗎？

Sure. Go ahead.

當然。前進。

Actually you're exactly right. When you were talking about medical devices, there are a few products in the market that have been classified as medical device, polyglycan, for example, is one and the HA products, high risk and those type of products out there that you've already mentioned are also considered that. John has hit it on the head, though.

其實你完全正確。當你談到醫療器械時，市場上有一些產品被歸類為醫療器械，例如聚醣就是其中一種，而 HA 產品、高風險產品以及你已經擁有的那些類型的產品提到的也算是那個。不過，約翰已經擊中了它的頭。

Many of the products that are on the market or trying to address certain symptoms that end up taking place when you end up losing or having damaged cartilage. For example, lubrication of the joint. If you put HA into a joint, you're looking to lubricate that joints. The issue is you're exactly right also, within probably 48 hours, that HA is out of the joints, you may get some beneficial results for maybe a couple of months, but then you end up losing the effectiveness of that particular medical device.

市場上的許多產品或試圖解決當您最終失去或損壞軟骨時最終發生的某些症狀。例如，關節的潤滑。如果您將 HA 放入關節中，您就是在尋找潤滑關節的方法。問題是你也完全正確，在大約 48 小時內，HA 脫離關節，你可能會在幾個月內獲得一些有益的結果，但最終你會失去該特定醫療設備的有效性。

Now John has hit it on the head, with our product, what we're doing is we're injecting a solid into the joint, a particulate that's sponge like, that fills in all the gaps in the cartilage. So when I say it's a particle, the nice thing about that is that it is large enough where it can't get by the synovial membrane. So it stays inside that joint, thereby filling in all the gaps. So in other words, as John has mentioned before, you're treating the affliction or you're addressing the affliction by recreating that cushion between the bones.

現在約翰用我們的產品擊中了它的頭，我們正在做的是將固體注入關節，一種海綿狀的顆粒，填充軟骨中的所有間隙。所以當我說它是一個顆粒時，它的好處是它足夠大，無法通過滑膜。所以它留在那個關節內，從而填補了所有的空白。所以換句話說，正如約翰之前提到的，你正在治療痛苦，或者你正在通過重建骨頭之間的墊子來解決痛苦。

We have another question.

我們還有一個問題。

Thank you.

謝謝。

Go ahead

前進

For the number ending in 3600 (Operator Instructions).

對於以 3600 結尾的數字（操作員說明）。

I, [Dave Deming]. Congratulations, gentlemen, on an excellent quarter. Just had a question along the lines of -- from past investor presentations, you have a robust manufacturing facility with about 0.5-million-unit capacity, $100 million in revenue estimated from that current production facility. Has anything changed as far as that capacity capability or what has prompted the expansion into another facility at this point in time?

我，[戴夫戴明]。恭喜，先生們，一個出色的季度。只是有一個問題——從過去的投資者介紹中，你有一個強大的製造工廠，產能約為 50 萬件，估計當前生產設施的收入為 1 億美元。就容量能力而言，是否有任何變化，或者是什麼促使此時擴展到另一個設施？

Well, thanks for the question, David. So the expansion, actually, if you look at, it has multiple clean room and potential for what we call current manufacturing practice -- current good manufacturing practice certifications, it has the ability to scale at much higher volumes with the addition of automated equipment.

好吧，大衛，謝謝你的提問。因此，實際上，如果你看一下，它的擴展有多個潔淨室和我們稱之為當前製造實踐的潛力——當前的良好製造實踐認證，它有能力通過增加自動化設備來擴大更大的產量。

Also, that it clearly identified future potential product pipelines to run through there because if you're just using our current facility, you would have to shut down the manufacturing of spring for the next product pipeline and then rotate back and forth. So there's tremendous efficiencies and scalability in this new facility. And you would see that it's probably 3.5 times the size of what we currently have from a production stand point. So that's one way to answer it. So we're just really positioning for future growth, potential future rapid growth.

此外，它清楚地確定了未來潛在的產品管道將通過那裡運行，因為如果您只是使用我們當前的設施，您將不得不關閉下一個產品管道的彈簧製造，然後來迴旋轉。因此，這個新設施具有巨大的效率和可擴展性。從生產的角度來看，您會發現它的規模可能是我們目前擁有的規模的 3.5 倍。所以這是回答它的一種方式。因此，我們只是在為未來的增長、潛在的未來快速增長做準備。

Excellent. So what particular products would you have in mind then to be simultaneously scaling in a facility that can serve both of those end results?

出色的。那麼，您會想到哪些特定產品可以在可以同時滿足這兩種最終結果的設施中同時擴展？

So we're not moving into the other facility until probably August. And as you see on our studies, everything is in equine, canine and feline. So we'll have those products out, the next year, we could have a couple of other products that we're ready to --. THEY'RE ready to roll out any time, we just have to have studies to support it. So we need to prep for that and have that place ready.

所以我們可能要到八月才會搬進另一個設施。正如您在我們的研究中看到的那樣，一切都在馬科動物、犬科動物和貓科動物中。所以我們將推出這些產品，明年，我們可能會推出其他一些我們準備好的產品。他們隨時準備推出，我們只需要有研究來支持它。所以我們需要為此做好準備並準備好那個地方。

Terrific. So you it gives you some dual path leveragability in your facility as kind of the net-net of that?

了不起。因此，它為您的設施提供了一些雙路徑可利用性，就像那種網絡一樣？

Yeah, absolutely. And also in our disaster recovery type potential situation. So we won't get disrupted in the Spryng aspect, no matter what?

是的，絕對。還有我們的災難恢復類型的潛在情況。所以無論如何我們都不會在 Spryng 方面受到干擾？

Well, I shouldn't say -- you could have a major disaster where a lot of stuff get taken out. But otherwise, it's -- we're doing the right thing to make sure we don't interrupt Spryng with the momentum we have going right now because we're seeing a lot of veterinary doctors now actually putting up videos of success stories of dogs and horses and some veterinary doctors are actually started to inject some cats and seen really good results. I mean, those videos are very powerful when they're coming from the vets themselves to let the public and other veterinary doctors know how well the product is working.

好吧，我不應該說——你可能會遇到一場大災難，很多東西都被拿走了。但除此之外，它是——我們正在做正確的事情，以確保我們不會以我們現在的勢頭打斷 Spryng，因為我們看到很多獸醫現在實際上發布了狗的成功故事視頻馬和一些獸醫實際上開始給一些貓注射，並看到了非常好的效果。我的意思是，當這些視頻來自獸醫時，它們非常強大，可以讓公眾和其他獸醫了解產品的效果。

Terrific. Thanks for the overview.

了不起。感謝您的概述。

Thank you.

謝謝。

We are now allowing the number ending in 9170.

我們現在允許以 9170 結尾的號碼。

Go ahead.

前進。

(Operator Instructions)

（操作員說明）

Hi, my name is [Elizabeth Cantordale], just wanted to call in real quick. Less have a question, first off, congratulations on the great quarter.

嗨，我的名字是 [Elizabeth Cantordale]，只是想盡快打電話過來。少有一個問題，首先，祝賀偉大的季度。

Thank you.

謝謝。

So, I started using those product back in October on a family friend's race horse, this horse in the past -- very expensive horse, so, it's a very, very well, but ended up with a bad ankle. His ankle became the size of a softball, it couldn't really run anymore. So one injection and he performs incredibly just a week later and then develop winning quite a few races within the last past four months five months.

所以，我從 10 月份開始在一個家庭朋友的賽馬上使用這些產品，這匹馬過去非常昂貴，所以，它非常非常好，但最終腳踝受傷了。他的腳踝變成了壘球那麼大，真的跑不動了。所以一次注射，他在一周後的表現令人難以置信，然後在過去四個月五個月內贏得了不少比賽。

Okay.

好的。

So we are -- five months out from injection now and we were thinking that it'd be time for another one, start wearing off. The results are just getting better. We feel that may that protein matrix has started to rebuild the joints. Very surprised, I really thought we'd be ready for another injection. So but, my father, as some of you know, is a very high level veterinian in the racing world and he's just -- he is so impressed. He said, he's never seen anything like this before.

所以我們 - 現在距離注射還有五個月，我們認為是時候再注射一次了，開始消退。結果越來越好。我們覺得可能蛋白質基質已經開始重建關節。非常驚訝，我真的以為我們已經準備好進行另一次注射了。所以但是，正如你們中的一些人所知，我的父親是賽車界的一位非常高水平的獸醫，他只是 - 他印象深刻。他說，他以前從未見過這樣的事情。

So I -- yes, I remember the early onset, he didn't believe this stuff would work (laugh).

所以我——是的，我記得剛開始的時候，他不相信這些東西會起作用（笑）。

No, we [didn't].

不，我們[沒有]。

It's such an incredible step up from what we were using before. The cortisone overtime, as most of you know, integrates the joints which from what we understand about this is just not going to be the case, which is huge for longevity. You buy a $300,000 horse; do you want it to last.

與我們之前使用的相比，這是一個令人難以置信的進步。正如你們大多數人所知，可的松加班會整合關節，據我們了解，情況並非如此，這對長壽來說意義重大。你買了一匹 300,000 美元的馬；你想讓它持久嗎？

Correct. So, you know, we say generally is last year, it all varies. We have seen it last well beyond a year. And we're comfortable saying a year because when we did the human studies on the human side, we tracked the humans for a year and we're able to identify the particles still in the body. So we have seen situations where in birth defect puppies where they came of age where everything is pretty grown in, we have done injections of defective hips, where the particles have so far lasted eight years, which was really surprising.

正確的。所以，你知道，我們一般說的是去年，這一切都不同。我們已經看到它持續了一年多。我們很樂意說一年，因為當我們在人體方面進行人體研究時，我們對人類進行了一年的跟踪，我們能夠識別仍在體內的顆粒。所以我們已經看到了這樣的情況，在出生缺陷的小狗身上，他們長大了，一切都很好，我們已經註射了有缺陷的臀部，這些顆粒到目前為止已經持續了八年，這真的很令人驚訝。

So -- and I talked about the improvement after the matrix is going into the joint. Once that scaffolding starts to formulate, it tends to keep the joint input functioning even better. So when you first did the injection and the horse, I kind of said you wanted to wait 10 days, but I guess the trainer and your dad said it was okay, to let the horse run after a few days, which kind of surprised me, but the horse that extremely well (laugh).

所以——我談到了矩陣進入關節後的改進。一旦腳手架開始形成，它往往會使聯合輸入功能更好地發揮作用。所以當你第一次打針和馬的時候，我說你要等10天，但我猜馴獸師和你爸爸說沒關係，幾天后讓馬跑，這讓我有點驚訝，但是馬那極好（笑）。

He did, he ran incredible. My dad wanted to wait but this trainer, they -- their -- that's their livelihood. So he wanted the horse right back on the track and what was it, gosh, a month or two ago he went as fast as he ever had in the last two years and five degree weather and just won the race for fun. I mean, I think there's 20 lengths between him and the rest of the pack. And it is absolutely incredible.

他做到了，他跑得令人難以置信。我爸爸想等，但這個教練，他們——他們的——那是他們的生計。所以他想讓這匹馬馬上回到賽道上，天哪，一兩個月前，他跑得和過去兩年和五度天氣一樣快，只是為了好玩而贏得了比賽。我的意思是，我認為他和其他人之間有 20 個長度。這絕對令人難以置信。

Well, that's great to hear. Thank you.

嗯，很高興聽到這個消息。謝謝。

Yeah.

是的。

Are there any more questions? If not,

還有問題嗎？如果不，

Well see here's one more in there.

好吧，看看這裡還有一個。

I see, I think he already spoke,

我明白了，我想他已經說過了，

Oh, okay.

哦好的。

Let me just -- I will allow him to talk if he -- I see another one just came up.

讓我——我會允許他發言，如果他——我看到另一個發言。

[John Solek].

[約翰·索萊克]。

Yeah. Thanks for the call. My question relates to -- if you could just go over your again, your burn rate and then also your milestones, what are the milestones that are sort of in progress or that you see developing over the next 12 months?

是的。感謝您的來電。我的問題是——如果你能再回顧一下你的燃燒率，然後再回顧一下你的里程碑，在未來 12 個月內正在進行或你看到發展的里程碑是什麼？

So, we stated probably back in August of 2021 when we went on NASDAQ, if you look at the PowerPoint from back then, the milestones would get these studies out because the studies allow our regional sales reps to work with the MWI sales reps to point to specific data to the vets. And those mouse -- we believe there will be very good adoption for the for the canine side once that gets published.

因此，我們可能會在 2021 年 8 月登陸納斯達克時表示，如果您從那時開始查看 PowerPoint，里程碑將完成這些研究，因為這些研究允許我們的區域銷售代表與 MWI 銷售代表合作指出向獸醫提供特定數據。還有那些鼠標——我們相信一旦發布，犬類方面將會有很好的採用。

So John Dolan talked to seven of them that are in process. So we feel there's multiple milestones from that standpoint. So these papers will get published. So that will also help in the adoption. The burn rate, I think it's probably around $2 million per quarter. Bob, you can comment on that if I'm not too far off, but I kind of recall looking at it, that was the type of number.

因此，約翰·多蘭 (John Dolan) 與其中七位正在處理中的人進行了交談。所以我們覺得從這個角度來看有多個里程碑。所以這些論文將會發表。因此，這也將有助於採用。燒錢率，我認為可能是每季度 200 萬美元左右。鮑勃，如果我離得不太遠的話，你可以對此發表評論，但我有點記得看著它，那是數字的類型。

Yeah, you're in the ballpark.

是的，你在球場上。

Yeah.

是的。

Okay. And then it amount -- so timing on those clinical trials and studies, can you give any kind of timeframe timetable, (multiple speakers) how it will be released?

好的。然後它的數量 - 那麼這些臨床試驗和研究的時間安排，你能給出任何類型的時間表，（多位發言人）它將如何發布？

No, we completed the Ethos one, which was on [torn] cruise ships in dogs because we're focusing each study on a different joint. So, that one was completed at the end of October -- the first cohort. And the clinician had requested to [be able] to present at the Veterinary Orthopedic Surgical Annual Conference, which is mid-March. So that's coming right up.

不，我們完成了 Ethos 一個，它是在狗的 [撕裂] 遊輪上，因為我們將每項研究都集中在不同的關節上。所以，那個是在 10 月底完成的——第一批。臨床醫生要求 [能夠] 出席 3 月中旬舉行的獸醫整形外科年會。所以這馬上就要來了。

And I think it bodes well because we don't get to see the results of the study that they're actually getting to present there because that's all-board-certified surgeons who're --. So it's a pretty procedures organization. And once that gets presented, we'll have an abstract for the salespeople to use. And on top of that, ethos is a very well-respected private research organization. They do work for Merck Animal Health, [Wateson] and so on. Their own by NVA, National Veterinary Association. The parent actually owns 2000 small animal vet clinics. So I feel [whilst give] also emphasis for the MWI sales reps to go into those clinics and start converting.

而且我認為這是個好兆頭，因為我們看不到他們實際上要在那裡展示的研究結果，因為那是所有獲得董事會認證的外科醫生——。所以這是一個漂亮的程序組織。一旦呈現出來，我們就會有一個摘要供銷售人員使用。最重要的是，ethos 是一個非常受尊敬的私人研究組織。他們為 Merck Animal Health、[Wateson] 等公司工作。他們自己的 NVA，國家獸醫協會。母公司實際擁有 2000 家小型動物獸醫診所。所以我覺得[同時給予] MWI 銷售代表進入這些診所並開始轉換的重點。

So we're seeing MWI really make good inroads in getting to the veterinary doctors because recent rounds of ordering have been very small unit volumes. You usually see a vet order one to three syringes on their first turn/ Then 45 days later a little longer, they get reports back from the owners of the dog and the horses as much quicker. Then the next turn, we see a larger order and then eventually it gets up into 40, 50 units a month.

所以我們看到 MWI 確實在接觸獸醫方面取得了很好的進展，因為最近幾輪的訂購量非常小。你通常會看到獸醫在他們的第一輪就訂購一到三個注射器/然後 45 天后，他們會更快地從狗和馬的主人那裡得到報告。然後下一輪，我們看到一個更大的訂單，然後最終達到每月 40、50 個單位。

So we're seeing that kind of progression. We're also seeing very good adoption rate. And what I mean by adoption rate is once the vet tries it, they're hooked on the product because they're seeing the benefits. Did I -- does that answer your question?

所以我們看到了這種進步。我們也看到了非常好的採用率。我所說的採用率是指一旦獸醫嘗試，他們就會迷上該產品，因為他們看到了好處。我 - 這是否回答了您的問題？

Yeah. That's great. Thank you.

是的。那太棒了。謝謝。

Thank you.

謝謝。

And we have a question from 9170.

我們有一個來自 9170 的問題。

Go ahead. Hello?

前進。你好？

Oh, I already spoke, I am not sure why it put me back in the queue.

哦，我已經發言了，我不確定為什麼它讓我回到隊列中。

Okay, thank you.

好的謝謝。

Sorry about that. Thank you. 9081, would you like to say anything else?

對於那個很抱歉。謝謝。 9081，你還有什麼要說的嗎？

[Fitzgerald].

[菲茨杰拉德]。

Go ahead. Hello,

前進。你好，

Fitzgerald, you are unmuted if you like to ask your question.

菲茨杰拉德，如果你想問你的問題，你就不會被靜音。

Is there another question? Maybe we'll move on and he can log back in.

還有其他問題嗎？也許我們會繼續，他可以重新登錄。

Yeah I think -- no, that is the last one, I believe, from Axiom Capital.

是的，我認為——不，我相信這是 Axiom Capital 的最後一個。

Okay. I think this logged out, he's going to walk back in a second.

好的。我想這已經註銷了，他馬上就會走回來。

Okay, we'll give you a minute.

好的，我們給你一分鐘。

Well, while we're waiting for them, I'll just expand a little bit more on the milestones. Right now, we're at a point it's just basically providing clinical evidence for the salespeople to convert more and more of the veterinary doctors into the channel purchasing our product. And in small animal side, it's all data-driven. So we feel pretty good with the seven studies we have that we have invested in from 2021 and 2022 that these will come to fruition here by the end of 2023 calendar. Do we have Axiom Capital back?

好吧，在我們等待它們的同時，我將對里程碑進行更多擴展。現在，我們基本上只是為銷售人員提供臨床證據，以將越來越多的獸醫轉變為購買我們產品的渠道。而在小動物方面，這一切都是數據驅動的。因此，我們對從 2021 年到 2022 年投資的七項研究感到非常滿意，這些研究將在 2023 年年底之前在這裡取得成果。 Axiom Capital 回來了嗎？

Yes we do. One moment.

是的，我們有。一瞬間。

Okay.

好的。

Go ahead.

前進。

It must be the Internet connection in New York.

它必須是紐約的 Internet 連接。

Fitzgerald, you are unmuted on our side. You would like to ask the questions?

菲茨杰拉德，你在我們這邊沒有靜音。你想問問題嗎？

Well, if there are no more questions, we probably should -- hold it I got one coming being typed in. Hang on. No, we can't hear you. So I got the text message asking if they could hear me. I go: no

好吧，如果沒有其他問題了，我們可能應該-- 等一下，有人正在打字。稍等。不，我們聽不到你的聲音。所以我收到短信詢問他們是否能聽到我的聲音。我去：不

I see some here in the chat box, if you like to address them, I see what was the dollar amount of the sell-through in Q3 at MWI?

我在聊天框中看到了一些，如果您想解決這些問題，我知道 MWI 第三季度的銷售金額是多少？

I already answered though.

我已經回答了。

Okay. Are you saying that the Q3 MWI sold Spyrng and then yeah, that's the other one.

好的。你是說 Q3 MWI 賣掉了 Spyrng 然後是的，那是另一個。

Yeah. So we're good. They're having problems. So they're going to call me directly and ask whatever questions they have.

是的。所以我們很好。他們有問題。所以他們會直接打電話給我，問他們有什麼問題。

Perfect. Okay, Thank you.

完美的。好的謝謝。

So, if there are no more questions, we can end this call.

所以，如果沒有其他問題，我們可以結束本次通話。

Well, everyone thank you for attending. And operator, please, officially end the call.

嗯，謝謝大家的出席。接線員，請正式結束通話。