PetVivo Holdings Inc (PETV) 2024 Q1 法說會逐字稿

All right. Welcome, everyone, to the PetVivo Holdings, Inc., 2024 fiscal year first-quarter earnings report. We will now hand over to John Dolan and take it from there. Thank you.

好的。歡迎大家閱讀 PetVivo Holdings, Inc. 2024 財年第一季度收益報告。我們現在將移交給約翰·多蘭並從那裡接手。謝謝。

Thank you, operator. Greetings, and welcome to the PetVivo Holdings first quarter of fiscal year 2024 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.

謝謝你，接線員。您好，歡迎參加 PetVivo Holdings 2024 財年第一季度財務業績電話會議。我叫 John Dolan，PetVivo 的首席業務開發官兼總法律顧問。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進行回放。

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.

在開始之前，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，並存在風險和不確定性。

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. 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.

任何涉及未來事件的預期、預測或其他特徵（包括財務預測或未來市場狀況）的聲明均屬於前瞻性聲明。 PetVivo 的實際未來結果可能因任何原因與此類前瞻性聲明中表達的結果存在重大差異，包括其向 SEC 文件中列出的結果。

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 不承擔更新任何此類前瞻性陳述的義務。 PetVivo 今天向 SEC 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 now like to 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 首席執行官兼總裁 John Lai。請繼續，約翰。

Thank you, John, and welcome. Also joining me today is Bob Folkes, our Chief Financial Officer. I would like Bob to begin with by discussing some highlights and financial results for the first quarter of fiscal year 2024. John Dolan will provide an update on our clinical studies. And I will conclude by sharing some additional thoughts on our business strategy and key focus areas for fiscal 2024 before we open the line up 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鮑勃·福克斯 (Bob Folkes)。我希望鮑勃首先討論 2024 財年第一季度的一些亮點和財務業績。約翰·多蘭將提供我們臨床研究的最新情況。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和 2024 財年關鍵重點領域的額外想法。

I will now turn over the call to Bob.

我現在將把電話轉給鮑勃。

Thank you, John, and good afternoon, everyone. Our key highlights for the first quarter of fiscal year 2024, where we reported revenues of $117,000 as compared to $58,000 in the first quarter of fiscal year 2023.

謝謝約翰，大家下午好。我們 2024 財年第一季度的主要亮點是，我們報告的收入為 117,000 美元，而 2023 財年第一季度的收入為 58,000 美元。

Revenues for the first quarter included net revenue of $34,000 from shipments of Spryng to MWI Animal Health, a subsidiary of AmerisourceBergen, who is a leading distributor of animal health products, pursuant to our distribution and sales agreement with MWI dated June 17, 2022. We also reported revenues of $83,000 on direct sales to veterinary clinics as compared to $58,000 in the first quarter of fiscal year 2023.

根據我們與MWI 於2022 年6 月17 日簽訂的分銷和銷售協議，第一季度的收入包括從Spryng 向MWI Animal Health 發貨的淨收入34,000 美元。 MWI Animal Health 是AmerisourceBergen 的子公司，AmerisourceBergen 是動物保健產品的領先分銷商。還報告稱，直接銷售給獸醫診所的收入為 83,000 美元，而 2023 財年第一季度的收入為 58,000 美元。

We added Spencer Breithaupt, a veteran in the animal health industry and former member of the leadership team at MWI Animal Health, to the company's Board of Directors. We also raised $2.1 million from the sale of the company's common stock in a registered direct offering in April 2023. And also subsequent to June 30, 2023, the company raised an aggregate of $2,325,000 in net proceeds from two offerings.

我們將動物保健行業資深人士、MWI Animal Health 前領導團隊成員 Spencer Breithaupt 加入公司董事會。我們還在 2023 年 4 月通過註冊直接發行出售公司普通股籌集了 210 萬美元。同樣在 2023 年 6 月 30 日之後，該公司通過兩次發行總共籌集了 2,325,000 美元的淨收益。

On July 27, 2023, the company raised net proceeds of $550,000 in a private offering of convertible notes. And then on August 9, 2023, the company raised net proceeds of $1,775,000 from a registered direct offering of its common stock, conducted concurrently with a private offering of warrants.

2023 年 7 月 27 日，該公司通過私募可轉換票據籌集了 55 萬美元的淨收益。隨後，該公司於 2023 年 8 月 9 日通過註冊直接發行普通股（與私募認股權證同時進行）籌集了 1,775,000 美元的淨收益。

So we continue to invest our resources to expand our sales and marketing efforts and clinical data to gain vet acceptance and increase revenues from the sale of Spryng. And now I would like to turn the call over to John Dolan to provide an update on our clinical studies.

因此，我們繼續投入資源來擴大我們的銷售和營銷工作以及臨床數據，以獲得獸醫的認可並增加 Spryng 的銷售收入。現在我想將電話轉給約翰·多蘭，以提供我們臨床研究的最新情況。

Thank you, Bob. We provided a detailed overview of PetVivo's clinical studies in our last earnings call on June 30, 2023. To summarize, PetVivo has a total of eight clinical studies in progress or that have been completed; six small animal clinical studies, i.e., canine and feline; and two equine clinical studies.

謝謝你，鮑勃。我們在 2023 年 6 月 30 日的上次財報電話會議上詳細概述了 PetVivo 的臨床研究。總而言之，PetVivo 共有八項正在進行或已完成的臨床研究；六項小動物臨床研究，即犬科動物和貓科動物；和兩項馬臨床研究。

We are fortunate to be working with a number of world-renowned research organizations, such as Colorado State University, Ethos Veterinary Health, and Inotiv, Inc. We anticipate that three of our small animal clinical studies will publish within the next three to four months. Furthermore, we are looking forward to the presentation of the final results of our clinical study conducted by Ethos Veterinary Health at the American College of Veterinary Surgeons Conference in October of 2023.

我們很幸運能夠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。我們預計我們的三項小動物臨床研究將在未來三到四個月內發表。此外，我們期待在 2023 年 10 月舉行的美國獸醫學院會議上介紹 Ethos Veterinary Health 進行的臨床研究的最終結果。

The study is related to evaluating the benefit and tolerability of intraarticular injection of Spryng into the stifle joints of dogs with suspected partial or complete cranial cruciate ligament rupture. An abstract was presented at the Veterinary Orthopedic Society Conference in March 2023, demonstrating that Spryng is a minimally invasive management option for dogs suffering from cranial cruciate disease.

該研究旨在評估疑似部分或完全顱十字韌帶斷裂的狗的膝關節內註射 Spryng 的益處和耐受性。 2023 年 3 月舉行的獸醫骨科協會會議上提交了一份摘要，證明 Spryng 是治療患有顱十字形疾病的犬的一種微創治療選擇。

The acquisition of clinical data proving the safety and efficacy of Spryng in a multitude of indications is incredibly important to PetVivo. The company plans to organize and conduct more clinical studies in addition to the ones in progress in order to expand our library of data that demonstrates the safety and efficacy of Spryng in a variety of indications. Such a library will assist our sales team to gain veterinarian acceptance in Spryng.

獲得證明 Spryng 在多種適應症中安全性和有效性的臨床數據對於 PetVivo 來說非常重要。除了正在進行的臨床研究之外，該公司還計劃組織和開展更多臨床研究，以擴大我們的數據庫，證明 Spryng 在各種適應症中的安全性和有效性。這樣的圖書館將幫助我們的銷售團隊獲得斯普林獸醫的認可。

I would like to turn it back over to John Lai.

我想把它轉回給John Lai。

Thank you, John. I would like to talk more about our business strategy and key focus areas for fiscal 2024: clinical studies from Ethos and Inotiv and podium presentations to support the upcoming national trade shows, and support the MWI small animal sales team.

謝謝你，約翰。我想更多地談談我們的業務戰略和 2024 財年的重點關注領域：Ethos 和 Inotiv 的臨床研究以及支持即將舉行的全國貿易展的講台演示，並支持 MWI 小動物銷售團隊。

As to date, still, the majority of our sales around 90% are in the equine space. And we have not really pushed the MWI sales reps as well as our sales reps to go after the small animal clinics. With this data that we expect to be receiving over the next three to four months, it will open up the avenue and give the ammunition that's needed.

迄今為止，我們的大部分銷售額（約 90%）仍然來自馬匹領域。我們並沒有真正推動 MWI 銷售代表以及我們的銷售代表去追尋小動物診所。根據我們預計在未來三到四個月內收到的數據，它將開闢道路並提供所需的彈藥。

Now the podium presentations and clinical or clinician presentations will be occurring, the first one, at the ACVS in October of 2023. That is a dog study. And then, also, in November of 2023, the AAEP, we actually have multiple presentations by veterinary doctors at that conference. And that is the biggest conference in the United States for equine vets.

現在，講台演講和臨床或臨床醫生演講將在 2023 年 10 月在 ACVS 上進行，這是第一次。這是一項狗研究。然後，在 2023 年 11 月的 AAEP 會議上，我們實際上有獸醫醫生在該會議上進行了多次演講。這是美國最大的馬獸醫會議。

And the first of the year, I think it's the second week in January of 2024, is the VMX. We will have presentations there. And this conference, last year, when we had two of the speakers talk about Spryng, we ended up getting 2,700 badges scanned. So we feel we will get very good traction now that we have very important data as well as literature and supporting data for the small animal vets.

今年的第一周，我想是 2024 年 1 月的第二週，是 VMX。我們將在那裡進行演講。去年的這次會議上，當我們有兩位演講者談論 Spryng 時，我們最終掃描了 2,700 個徽章。因此，我們認為，既然我們擁有非常重要的數據以及針對小動物獸醫的文獻和支持數據，我們就會獲得非常好的牽引力。

And then in February, we have the biggest show on the West Coast. It's the Western Veterinary Conference in Las Vegas. And we also have presentations there. So we feel these are really large potential events that will create an adoption of many of the veterinary doctors.

然後在二月份，我們將舉辦西海岸最大的演出。這是在拉斯維加斯舉行的西方獸醫會議。我們在那裡也有演講。因此，我們認為這些都是非常大的潛在事件，將導致許多獸醫被採用。

So we had a nice little surprise about five weeks ago. There was a peer review article that showed up in Today's Veterinary Practice journal. And there was the July-August issue. And it was written by Dr. Tammy Grubb.

所以大約五週前我們有一個小小的驚喜。 《今日獸醫實踐》雜誌上發表了一篇同行評審文章。還有七月至八月的問題。它是由 Tammy Grubb 博士撰寫的。

She is recognized nationally and internationally as an expert in canine pain management. She's the President-elect of the International Veterinary Academy of Pain Management. She will be taking charge as the President. She's also an adjunct professor at Washington State University.

她是國內外公認的犬類疼痛治療專家。她是國際獸醫疼痛管理學院當選主席。她將擔任總統。她還是華盛頓州立大學的兼職教授。

And she's been using our product, I believe, for about two years. But in the article, she made some very important comments that will help us from the standpoint of educating veterinary doctors. One of the biggest key takeaways was she stated that Spryng with OsteoCushion technology is a frontline-use product.

我相信她已經使用我們的產品大約兩年了。但在文章中，她提出了一些非常重要的評論，這些評論將從教育獸醫的角度對我們有所幫助。最重要的收穫之一是她表示採用 OsteoCushion 技術的 Spryng 是一款一線使用產品。

And the second takeaway was that dogs that have an adverse reaction to NSAIDs, which there's 83 million dogs in the United States and approximately 5% of those dogs cannot take NSAIDs, that Spryng would make a very good alternative. And if we look at it from an economic standpoint, Spryng is one of the lowest cost options if your dog can't take NSAIDs and the one with the potential for the least amount of adverse events or side effects.

第二個要點是，對 NSAID 產生不良反應的狗（美國有 8300 萬隻狗，其中大約 5% 的狗不能服用 NSAID），Spryng 將是一個非常好的替代品。如果我們從經濟角度來看，如果您的狗不能服用非甾體抗炎藥，Spryng 是成本最低的選擇之一，並且是潛在不良事件或副作用最少的選擇之一。

But I want to address the front-use product. In past calls, I talked about how, when a small animal doctor or a dog canine veterinary doctor orders our product, they have a tendency to use it as a last-resort product. They've tried everything else. The dogs -- it's not functioning, or they're not getting any types of results that would be beneficial. And they're pretty much ready to put the dog down.

但我想談談前端使用的產品。在過去的電話中，我談到了當小動物醫生或犬科獸醫訂購我們的產品時，他們傾向於將其用作最後的產品。他們已經嘗試了其他一切。狗——它不起作用，或者它們沒有得到任何類型的有益結果。他們已經準備好把狗放下了。

And then they order our product, they try it, and then they see that it's doing extremely well. The dogs gain tremendous mobility and so on. And in the mindset of the veterinary doctors, this is a last-use product that's creating amazing results.

然後他們訂購我們的產品，嘗試一下，然後發現效果非常好。狗獲得了巨大的機動性等等。在獸醫的觀念中，這是一種最後使用的產品，可以創造驚人的效果。

But it takes a while for them to learn. And we're in the position to really, with all this data, all this outside peer-review articles and so on, it will make it where they're comfortable in using it as first use.

但他們需要一段時間來學習。我們確實能夠利用所有這些數據、所有外部同行評審文章等等，讓他們在首次使用時感到舒適。

So the general pattern is six months, they use it as a last-resort item. Then they start feeling comfortable for the next 90 days, injecting a couple of other joints. Then after a year, they start going, I'm very comfortable with this.

所以一般的模式是六個月，他們把它作為最後的手段。然後他們在接下來的 90 天內開始感覺舒適，注射了其他幾個關節。一年後，他們開始行動，我對此感到非常滿意。

And then at 1.25 to 1.5 years, they actually start writing in the checkup exits, saying, hey, this dog is likely to get hip dysplasia at age seven. It's something you should keep an eye on. And at the first signs, let's talk about the use of Spryng. So it becomes a much-earlier-use product.

然後在 1.25 到 1.5 歲的時候，他們實際上開始在檢查出口處寫下，說，嘿，這隻狗很可能在七歲時患上髖關節發育不良。這是你應該留意的事情。首先，我們來談談 Spryng 的使用。因此它成為一種更早使用的產品。

And by Dr. Tammy Grubb making the statement that we should look at this as a frontline first-use product is very meaningful. And I'm not saying it's going to replace NSAIDs. But it is a possibility of using it in conjunction as well as, also, we have seen in the real-world application, once Spryng is introduced, the need for NSAIDs is greatly reduced or eliminated.

Tammy Grubb 博士表示我們應該將其視為一線首次使用產品，這一點非常有意義。我並不是說它將取代非甾體抗炎藥。但聯合使用它是有可能的，而且我們在實際應用中也看到，一旦引入 Spryng，對 NSAID 的需求就會大大減少或消除。

So just to give you a clue how big the NSAID market is, in the United States, it's 385 million in the last reported year. I just saw the numbers come out -- I believe it was Grand View Research -- for 2021.

因此，為了讓您了解 NSAID 市場有多大，在美國，上一報告年度的市場規模為 3.85 億。我剛剛看到 2021 年的數據出來了——我相信是 Grand View Research。

So moving on from there, we're anticipating we're going to get other types of articles that will come out or journal articles. And then going forward with MWI, having all this data will help us work with MWI to increase veterinary acceptance in the small animal side. And on the last call, we talked about the turnover at MWI, and that's looking like we're smoothing that out, and things are back in line.

因此，從這裡開始，我們預計我們將收到其他類型的文章或期刊文章。然後，隨著 MWI 的發展，擁有所有這些數據將有助於我們與 MWI 合作，提高小動物方面的獸醫接受度。在上次電話會議上，我們談到了 MWI 的營業額，看起來我們正在解決這個問題，事情又回到了正軌。

So we're also going to be using a lot of increased social media focus. And what I mean by that is we're going to be putting up a lot of actual real-world cases using Pinterest, Instagram, and so on. Because we find the amount of veterinary texts as well as the consumers -- they're reaching out to their vets.

因此，我們還將使用更多的社交媒體來提高關注度。我的意思是，我們將使用 Pinterest、Instagram 等發布大量真實案例。因為我們發現大量的獸醫短信以及消費者——他們正在聯繫他們的獸醫。

And we've been really focusing on that because now -- we did a news release. We're in 47 states, and we're starting to pick up good-size clinics in major cities. So we're very comfortable now, having the consumer reach out to their vets. And then their vets are looking around their current area, and they're finding other vets using the product.

我們一直非常關注這一點，因為現在我們發布了新聞稿。我們的業務遍及 47 個州，並開始在主要城市設立大型診所。所以我們現在很放心讓消費者聯繫他們的獸醫。然後他們的獸醫正在查看他們當前的區域，他們發現其他獸醫正在使用該產品。

So that will really help us. And actually, we have been getting very good results recently with our social media. So I would now like to open the line up for questions. Operator?

這對我們確實有幫助。事實上，我們最近在社交媒體上取得了非常好的成果。現在我想開始提問。操作員？

(Operator Instructions) Ms. Ribble.

（操作員指示）Ribble 女士。

I don't know if anyone can hear me.

我不知道是否有人能聽到我的聲音。

I can hear you, but there's a feedback.

我能聽到你的聲音，但有反饋。

Is that better?

那個更好嗎？

Yes, much better.

是的，好多了。

Oh, perfect. I'm just curious like -- I know in the beginning of everything, and I'm new to this world. So thank you for putting up with my greenness. Just -- we keep talking about a timeframe when they're starting injecting smaller animals and blah, blah, blah. Just when is that exact timeframe is my -- I'm just not clear on.

哦，完美。我只是好奇——我從一開始就知道一切，而且我對這個世界還是個新人。所以謝謝你容忍我的青澀。只是 - 我們一直在談論他們開始給較小的動物注射的時間範圍，等等等等。我的確切時間表是什麼時候——我只是不清楚。

Well, right now, veterinary doctors can buy the product, okay, for dogs and cats. We haven't pushed on that side because we talked about all these clinical datas and presentations on the small animals in September, October coming out. So we feel that's a big catalyst.

好吧，現在獸醫可以購買用於狗和貓的產品。我們沒有在這方面推動，因為我們討論了九月、十月即將發布的所有這些小動物的臨床數據和演示。所以我們認為這是一個很大的催化劑。

But in the meantime, we're seeing a lot of great results occurring in the dogs and the cat side. And in many of the larger cities, we have multiple clinics using our product. Does that help answer the question?

但與此同時，我們看到狗和貓方面取得了許多出色的成果。在許多大城市，我們有多家診所使用我們的產品。這有助於回答問題嗎？

It does. And then I know you keep saying -- referring to smaller animals. But isn't the long-term intention to be on bigger animals as well or --?

確實如此。然後我知道你一直在說——指的是較小的動物。但長期的意圖難道不是也針對更大的動物嗎？或者——？

No, we started off on the equine because that's an easy market for us. Because the veterinary doctors see the results right away.

不，我們從馬開始，因為這對我們來說是一個容易的市場。因為獸醫可以立即看到結果。

While when you're dealing with small animals, they like to have the clinical data to support whatever statements we can make. Plus, when they inject a dog, they may not see that dog for a year -- or six months to a year for the next checkup before they realize how well the dog is doing.

當你與小動物打交道時，他們喜歡有臨床數據來支持我們可以做出的任何陳述。另外，當他們給狗注射注射劑時，他們可能會在一年內看不到那隻狗，或者在下次檢查時六個月到一年內看不到那隻狗，然後才意識到狗的情況有多好。

So it's a much longer time adoption for small animals, but the market is significantly larger. So there's about 10 million horses in the United States, 83 million dogs in the United States, and about 60 million cats in the United States.

因此，小動物的領養時間要長得多，但市場卻要大得多。美國大約有 1000 萬匹馬，8300 萬隻狗，大約 6000 萬隻貓。

Okay. Awesome. Thank you.

好的。驚人的。謝謝。

Okay.

好的。

(Operator Instructions) I have a raised hand from a phone number ending in 4735. Please go ahead.

（操作員說明）尾號為 4735 的電話號碼向我舉手。請繼續。

Hello.

你好。

Hello, can you hear me okay?

你好，你能聽到我說話嗎？

Yup.

是的。

Oh, hi, John. This is [John Lunderman at Dino].

哦，嗨，約翰。這是[Dino 的約翰·倫德曼]。

Hi.

你好。

I've got a question. You had referred to something that I'm not familiar with because I'm relatively new to this field. It was called NSAIDs or NSAIDs. What was --

我有一個問題。你提到了一些我不熟悉的東西，因為我對這個領域比較陌生。它被稱為非甾體抗炎藥或非甾體抗炎藥。什麼是 -

NSAIDs, yeah. So that's the standard treatment that veterinary doctor gives. It's a basically an anti-inflammatory.

非甾體抗炎藥，是的。這就是獸醫給出的標準治療方法。它基本上是一種抗炎藥。

Okay.

好的。

So with humans, it's like --

所以對於人類來說，就像——

Advil.

止痛藥。

Naproxen or something.

萘普生什麼的。

Advil.

止痛藥。

Advil, yeah. Thank you. Yeah.

雅維，是的。謝謝。是的。

Okay, got it. How do you spell that?

好，知道了。怎麼拼寫？

The NSAIDs?

非甾體抗炎藥？

Yeah. How do you spell it? (multiple speakers)

是的。你怎麼拼？ （多個發言者）

Oh, N-S-A-I-D.

哦，N-S-A-I-D。

Okay. Great. Yeah, thanks. I appreciate that. You referred to it more than once, so I thought, what is that?

好的。偉大的。是的，謝謝。我很感激。你不止一次提到過它，所以我想，那是什麼？

Okay, no problem.

好的沒問題。

And do you have an update on human trials?

您有人體試驗的最新情況嗎？

No. We stated that on the human side, we'd done the necessary reviews of what the outside experts are telling us from a timetable. And then we would eventually, hopefully soon, announce our advisory team that's experts in this area, to give recommendations the path to go.

不。我們表示，在人性方面，我們已經對外部專家根據時間表告訴我們的內容進行了必要的審查。然後我們最終（希望很快）會宣布我們的諮詢團隊是該領域的專家，以提供建議。

Because the human trials -- so if you look at the OA market for humans on a global basis, about 240 billion a year as an addressable market. So to go through the human side, it's significantly more expensive, obviously.

因為人體試驗——所以如果你看看全球範圍內的人類 OA 市場，每年大約有 2400 億美元的潛在市場。因此，從人性角度來看，顯然要昂貴得多。

But we would not raise money within PetVivo Holdings. We would always raise it within the subsidiary, so it won't impact PetVivo's share structure or expenses. And actually, when we do raise money on that side, the overall operating expenses from PetVivo Holdings, the parent itself, would actually reduce a little.

但我們不會在 PetVivo Holdings 內部籌集資金。我們總是會在子公司內部籌集資金，因此不會影響 PetVivo 的股權結構或費用。事實上，當我們確實在這方面籌集資金時，母公司 PetVivo Holdings 本身的整體運營費用實際上會減少一點。

Okay. That sounds great. Thank you.

好的。聽起來不錯。謝謝。

Yup.

是的。

(Operator Instructions) All right. No further questions. Thank you.

（操作員指示）好的。沒有進一步的問題。謝謝。

This concludes our conference for today. Thank you for your participation, and (technical difficulty) find any information on the company site.

我們今天的會議到此結束。感謝您的參與，並（技術難度）在公司網站上查找任何信息。