Phio Pharmaceuticals Corp (PHIO) 2018 Q3 法說會逐字稿

Welcome to today's webcast entitled, RXi Pharmaceuticals' Third Quarter 2018 Financial Results Earnings Call. Today's call is being recorded.

歡迎收看今天題為 RXi Pharmaceuticals 2018 年第三季度財務業績收益電話會議的網絡廣播。今天的通話正在錄音中。

At this time, it is my pleasure to turn the floor over to the Senior Director of Finance for RXi, Caitlin Kontulis. Miss, the floor is yours.

現在，我很高興將發言權交給 RXi 的高級財務總監 Caitlin Kontulis。小姐，地板是你的。

Thank you, operator. Good afternoon, ladies and gentlemen, and thank you for participating on our call today. I am also joined by our CEO, Geert Cauwenbergh; and our President and Chief Operating Officer, Dr. Gerrit Dispersyn.

謝謝你，運營商。女士們先生們，下午好，感謝你們今天參加我們的電話會議。我們的首席執行官 Geert Cauwenbergh 也加入了我的行列；以及我們的總裁兼首席運營官 Gerrit Dispersyn 博士。

I would like to remind listeners that this call will contain certain statements concerning RXi's future expectations, plans and processes, which constitute forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements and as a result of various important factors, including those discussed in our most recent Form 10-Q filed with the SEC.

我想提醒聽眾，本次電話會議將包含有關 RXi 未來預期、計劃和流程的某些陳述，這些陳述構成了 1995 年《私人證券訴訟改革法案》下安全港條款的前瞻性陳述。實際結果可能有所不同這些前瞻性陳述所指出的內容以及各種重要因素的結果，包括我們最近向美國證券交易委員會提交的 10-Q 表格中討論的因素。

In addition, any forward-looking statements represent our views only as of the date of this recording and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update such statements.

此外，任何前瞻性陳述僅代表我們截至本記錄之日的觀點，不應被視為代表我們截至任何後續日期的觀點。我們特別聲明不承擔任何更新此類聲明的義務。

Now, I'd like to turn the call over to our CEO, Dr. Cauwenbergh.

現在，我想把電話轉給我們的首席執行官 Cauwenbergh 博士。

Thank you, Caitlin, and good afternoon, everybody. The third quarter as well as the first few weeks of the fourth quarter of this year have been good for RXi Pharmaceuticals from a financial point view, with a substantial reduction of our third quarter and nine months loss as compared to the same period of 2017.

謝謝凱特琳，大家下午好。從財務角度來看，今年第三季度和第四季度的前幾週對 RXi Pharmaceuticals 有利，與 2017 年同期相比，我們第三季度和九個月的虧損大幅減少。

In addition to our reduction in our spending, we were able to complete the financing that has resulted in an extended cash runway for our company into the second half of 2020. As a side effect of this financing, our share price has dropped below the $1 mark that has triggered a letter from that NASDAQ requesting that we take action to bring the share price back above $1 mark in the next six months. Ms. Kontulis, our Senior Director of Finance will provide more color to these financial developments.

除了減少支出外，我們還能夠完成融資，這使我們公司的現金跑道延長至 2020 年下半年。作為此次融資的副作用，我們的股價已跌破 1 美元標記觸發了納斯達克的一封信，要求我們採取行動，在未來六個月內將股價拉回 1 美元以上。我們的高級財務總監 Kontulis 女士將為這些財務發展增添更多色彩。

I've mentioned in previous calls, we also have an active process underway to sell or out-license our dermatology and ophthalmology assets aiming at creating additional non-dilutive cash that would further extend our cash runway well into 2021. We started this process with the support an advisory firm and have seen good interest on the dermatology side and excellent traction in the ophthalmology space. The actual process has accelerated recently with the final clinical data becoming available.

我在之前的電話中提到過，我們還在積極地出售或授權我們的皮膚科和眼科資產，旨在創造額外的非稀釋性現金，將我們的現金跑道進一步延長到 2021 年。我們開始這個過程他們支持一家諮詢公司，並在皮膚科方面看到了濃厚的興趣，並在眼科領域獲得了極大的關注。隨著最終臨床數據的可用，實際過程最近有所加快。

The interested parties are performing their due diligence and we will keep you posted on further developments. With the financing complete, we have the ability to allow for the most optimal deal terms even if this takes a bit longer than originally planned.

感興趣的各方正在進行盡職調查，我們會及時通知您進一步的發展。隨著融資的完成，我們有能力考慮到最優化的交易條款，即使這比原計劃花費的時間要長一些。

Despite our reduced spending and thanks to collaborative arrangements with several academic and industrial partners as well as due to our own internal R&D activities, we have seen a steady progression of our work in the immuno-oncology and adoptive cell therapy space. Dr. Dispersyn will provide some highlights of those activities including our very exciting data generated internally with natural killer cells. Cells that have become rather popular in these IO and ACT community in the past few years.

儘管我們減少了支出，並且由於與幾個學術和工業合作夥伴的合作安排以及我們自己的內部研發活動，我們已經看到我們在免疫腫瘤學和過繼細胞治療領域的工作取得了穩步進展。 Dispersyn 博士將提供這些活動的一些亮點，包括我們用自然殺傷細胞在內部生成的非常令人興奮的數據。過去幾年在這些 IO 和 ACT 社區中變得相當流行的細胞。

In our press release this morning, we announced that in the coming week, the name of our company will change from RXi Pharmaceuticals to Phio Pharmaceuticals Corporation. At that same moment, our ticker symbol on NASDAQ will become P-H-I-O, PHIO. This name change is made to emphasize the fact that our company is fully committed to making our self-delivering RNAi platform the nexus can power the human immuno-oncology efforts currently undertaken by many pharma and biotech companies in this exciting new field of medicine.

在今天上午的新聞稿中，我們宣佈在接下來的一周內，我們公司的名稱將從 RXi Pharmaceuticals 更改為 Phio Pharmaceuticals Corporation。與此同時，我們在納斯達克的股票代碼將變為 P-H-I-O，PHIO。進行此名稱更改是為了強調我們公司完全致力於使我們的自我交付 RNAi 平台成為紐帶，可以為許多製藥和生物技術公司目前在這個令人興奮的新醫學領域開展的人類免疫腫瘤學工作提供動力。

In that same press release this morning, we announced as of today the appointment of Gerrit Dispersyn, as our President and Chief Operating Officer, a role in which he will manage all the day-to-day activities of the Company and he's aligned to become the next CEO of Phio Pharmaceuticals.

在今天上午的同一份新聞稿中，我們宣布從今天起任命 Gerrit Dispersyn 為我們的總裁兼首席運營官，他將在該職位上管理公司的所有日常活動，並且他將成為Phio Pharmaceuticals 的下一任首席執行官。

In the past 18 months, since April of 2017, Gary has served as Chief Development Officer of the Company and he has showed a remarkable aptitude in absorbing and digesting the complexities of clinical, preclinical and research activities in our company, and the board and management believe that under his leadership, Phio Pharma can succeeded in executing its goals which should result in our shareholders doing well and most importantly patients doing well.

在過去的 18 個月裡，自 2017 年 4 月起，Gary 擔任公司首席開發官，他在吸收和消化我們公司以及董事會和管理層複雜的臨床、臨床前和研究活動方面表現出了非凡的能力相信在他的領導下，Phio Pharma 可以成功地實現其目標，這應該會導致我們的股東表現良好，最重要的是患者表現良好。

I will remain on the Board of Directors of Phio Biopharmaceuticals and in a transitional period will remain CEO with primarily strategic responsibilities for financials, intellectual property and strategic transactions.

我將繼續擔任 Phio Biopharmaceuticals 的董事會成員，並在過渡期內繼續擔任首席執行官，主要負責財務、知識產權和戰略交易的戰略責任。

And with this, I'm happy to hand the call over to Caitlin Kontulis for a review of the financials during the past quarter.

有了這個，我很高興將電話轉給凱特琳·康圖利斯，讓她對上個季度的財務狀況進行審查。

Thank you, Geert. The Company filed its third quarter Form 10-Q with the SEC today. The filing includes detailed information on the Company's financial performance for the quarterly period ending September 30, 2018. Today's call will focus on select financial highlights from this quarterly period.

謝謝你，吉爾特。公司今天向美國證券交易委員會提交了第三季度 10-Q 表。該文件包括有關公司截至 2018 年 9 月 30 日的季度財務業績的詳細信息。今天的電話會議將重點關注本季度的精選財務亮點。

The Company had grant revenues of $57,000 for the three months ended September 30, 2018. The grant revenues relate to the work performed by the Company as a sub-awardee under the government grant awarded to by BioAxone. The grant is for the development of a novel sd-rxRNA compound that targets PTEN for the treatment of spinal cord injury. The Company had no such revenues for the three months ended September 30, 2017.

截至2018年9月30日止的三個月，本公司的贈款收入為57,000美元。贈款收入與本公司作為受助人根據 BioAxone 授予的政府贈款所開展的工作有關。該贈款用於開發一種新型 sd-rxRNA 化合物，該化合物靶向 PTEN 以治療脊髓損傷。截至 2017 年 9 月 30 日止三個月，公司沒有此類收入。

Research and development expenses for the quarter ended September 30, 2018 were $0.8 million as compared with $1.5 million for the quarter ended September 30, 2017. The decrease was primarily due to a decrease in clinical trial related expenses as subject participation is complete for all of the companies' clinical trials in dermatology and ophthalmology as well as due to a decrease increase in payroll related expenses due to a reduction in headcount as compared with the prior year period.

截至 2018 年 9 月 30 日止季度的研發費用為 80 萬美元，而截至 2017 年 9 月 30 日止季度的研發費用為 150 萬美元。減少的主要原因是臨床試驗相關費用減少，因為所有受試者的參與均已完成公司在皮膚科和眼科的臨床試驗以及由於與去年同期相比員工人數減少導致工資相關費用增加減少。

General and administrative expenses for the quarter ended September 30, 2018 were $0.7 million as compared with $1 million for the quarter ended September 30, 2017. The decrease was primarily due to a decrease in payroll-related expenses including those as a result of a reduction in headcount as compared to the prior year period.

截至 2018 年 9 月 30 日的季度，一般和行政費用為 70 萬美元，而截至 2017 年 9 月 30 日的季度為 100 萬美元。減少的主要原因是與工資相關的費用減少，包括因減少與去年同期相比的員工人數。

Net loss for the three months ended September 30, 2018 was $1.5 million compared with $2.5 million for the three months ended September 30, 2017. The decrease was driven by the decrease in operating expenses as just discussed.

截至 2018 年 9 月 30 日止三個月的淨虧損為 150 萬美元，而截至 2017 年 9 月 30 日止三個月的淨虧損為 250 萬美元。減少的原因是剛才討論的運營費用減少。

At September 30, 2018, the Company had cash of $3.2 million as compared with $3.6 million at December 31, 2017. The Company further strengthened its balance sheet with the completion of an underwritten public offering on October 3, 2018. The offering included the sale of 3.7 million units with each unit consisting of one share of common stock and one warrant and 17.7 million prefunded units with each prefunded unit consisting of one prefunded warrant and one warrant for gross proceeds of $15 million dollars.

截至 2018 年 9 月 30 日，公司擁有現金 320 萬美元，而 2017 年 12 月 31 日為 360 萬美元。公司於 2018 年 10 月 3 日完成承銷公開發售，進一步加強了資產負債表。此次發售包括出售370 萬個單位，每個單位包括一股普通股和一張認股權證，以及 1770 萬個預先註資單位，每個預先註資單位包括一個預先註資認股權證和一張認股權證，總收益為 1500 萬美元。

Assuming net of the warrants are exercised, net proceeds from the offering were approximately $13.3 million after deducting underwriting discounts and commissions and offering expenses paid by the Company. The completed offering provides the Company with an additional six to seven quarters of cash.

假設扣除認股權證後，扣除承銷折扣和佣金以及公司支付的發行費用後，發行所得款項淨額約為 1330 萬美元。完成的發行為公司提供了額外的六到七個季度的現金。

Based on our current burn rate of $2 million per quarter with the Company's cash on hand at September 30, 2018 and the net proceeds from the underwritten offering, the Company believes it has sufficient cash to fund operations into the second half of 2020. This includes initiating our first clinical trial in immuno-oncology and continuing to advance our IO programs toward clinical development. This also excludes any additional funding that may come in through licensing or collaboration agreements.

根據我們目前每季度 200 萬美元的消耗率以及公司 2018 年 9 月 30 日的手頭現金和承銷發行的淨收益，公司認為它有足夠的現金來為 2020 年下半年的運營提供資金。這包括啟動我們在免疫腫瘤學方面的第一個臨床試驗，並繼續推進我們的 IO 項目走向臨床開發。這也不包括可能通過許可或合作協議獲得的任何額外資金。

Lastly, the Company received notice from NASDAQ this past Monday regarding the Company's share price. As our share price has been trading below $1 for the past 30 consecutive business days, the Company is no longer in compliance with NASDAQ listing requirements. To regain compliance, the Company's share price must have a closing price of at least $1 for 10 consecutive business days at any time prior to May 13, 2019. In the event the Company does not regain compliance by that time, we may be eligible for additional time to reach compliance. There is no impact on our NASDAQ listing at this time.

最後，公司於上週一收到納斯達克關於公司股價的通知。由於我們的股價在過去連續 30 個工作日一直低於 1 美元，公司不再符合納斯達克上市要求。為恢復合規，公司股價必須在 2019 年 5 月 13 日之前的任何時間連續 10 個工作日收盤價至少為 1 美元。如果公司屆時未恢復合規，我們可能有資格額外的時間來達到合規性。目前我們的納斯達克上市沒有受到影響。

With that, I'll turn the call over to Gerrit.

有了這個，我會把電話轉給 Gerrit。

Thank you, Caitlin, and good afternoon, everyone. I would like to start off by commenting on the announcement of my promotion to President and COO of Phio Pharmaceutical. I'm humbled that Geert and our Board of Directors have appreciated my contributions and I'm grateful for the opportunity to further support the Company's new chapter in immuno-oncology and obviously its future successes. I look forward to working with Geert and the entire Phio Pharma team on delivering on our upcoming milestones.

謝謝凱特琳，大家下午好。首先，我想對我晉升為 Phio Pharmaceutical 總裁兼首席運營官的公告發表評論。我很榮幸 Geert 和我們的董事會對我的貢獻表示讚賞，我很高興有機會進一步支持公司在免疫腫瘤學領域的新篇章以及未來的成功。我期待著與 Geert 和整個 Phio Pharma 團隊合作，實現我們即將到來的里程碑。

Considering the momentum that we have generated over the last few quarters, I believe we can expect exciting times ahead. Research and development is never fully predictable or a straight line, but with our current R&D efforts, we are generating multiple shots on goal for the success of our sd-rxRNA technology in the immuno-oncology. So please allow me to give you a brief overview of the progress we are making with our R&D programs.

考慮到我們在過去幾個季度產生的勢頭，我相信我們可以期待未來激動人心的時刻。研究和開發從來都不是完全可預測的或直線的，但通過我們目前的研發努力，我們正在為我們的 sd-rxRNA 技術在免疫腫瘤學中取得成功而努力。因此，請允許我向您簡要介紹一下我們在研發計劃方面取得的進展。

As you know, our immuno-oncology activities are mainly three focus area and for those among you that do not know these three areas, let me briefly explain them to you. Our first focus area is using our proprietary cell delivering RNAi platform to improved T-cells used in adoptive cell therapy or ACT by reducing the expression of the immune checkpoint proteins.

如您所知，我們的免疫腫瘤學活動主要集中在三個重點領域，對於那些不了解這三個領域的人，讓我向您簡要解釋一下。我們的第一個重點領域是使用我們專有的細胞遞送 RNAi 平台，通過減少免疫檢查點蛋白的表達來改進用於過繼細胞療法或 ACT 的 T 細胞。

The second R&D focus area is also in the area of ACT but here we use our sd-rxRNA components to improve other immune cells such as natural killer cells and dendritic cells. We also look at other target proteins outside of immune checkpoints to improve the function, fitness and persistent of the immune cells.

第二個研發重點領域也在 ACT 領域，但在這裡我們使用我們的 sd-rxRNA 成分來改善其他免疫細胞，例如自然殺傷細胞和樹突狀細胞。我們還研究了免疫檢查點之外的其他靶蛋白，以改善免疫細胞的功能、適應性和持久性。

Our third and last R&D focus area is the use of sd-rxRNA compound directly to impact the tumor macro environment.

我們的第三個也是最後一個研發重點領域是使用 sd-rxRNA 化合物直接影響腫瘤宏觀環境。

I'm extremely pleased with the progress that we made in our second R&D program. Indeed, we recently announced that we entered into research collaboration with the lab of Professor Rolf Kiessling of the Karolinska Institutet in Stockholm, Sweden. Some of you know that we previously collaborated with Rolf and his team showing that sd-rxRNA targeting PD-1 can enhance tumor infiltrating lymphocyte anti-tumor activity against melanoma cells.

我對我們在第二個研發項目中取得的進展感到非常高興。事實上，我們最近宣布，我們與瑞典斯德哥爾摩卡羅林斯卡醫學院的 Rolf Kiessling 教授實驗室開展了研究合作。你們中的一些人知道我們之前與 Rolf 及其團隊合作表明靶向 PD-1 的 sd-rxRNA 可以增強腫瘤浸潤淋巴細胞對黑色素瘤細胞的抗腫瘤活性。

This new collaboration however expands the R&D focus to using sd-rxRNA compound against other target to improve ACT with T-cells as well as ACT with other cell types including natural killer cells. More specifically, the protein targets that we're focused on go beyond the immune checkpoint targets we already have in development. Indeed, the other interesting target that can significantly help the immune cells function, fitness and persistence has to do with cell differentiation and/or the immune cell tumor-induced stress response.

然而，這項新的合作將研發重點擴大到使用 sd-rxRNA 化合物對抗其他靶標，以改善 T 細胞的 ACT 以及包括自然殺傷細胞在內的其他細胞類型的 ACT。更具體地說，我們關注的蛋白質靶點超出了我們已經開發的免疫檢查點靶點。事實上，另一個可以顯著幫助免疫細胞發揮功能、適應性和持久性的有趣靶標與細胞分化和/或免疫細胞腫瘤誘導的應激反應有關。

Through this collaboration, we aim at producing anti-tumor adoptive cell therapy grafts with improved functionality and persistence beyond what can be achieved with checkpoint blockade alone. Since the start of our collaboration, we have already identified, designed, screened and manufactured several new sd-rxRNA compounds in vitro work where the first few of these compounds is currently being initiated at the Karolinska Institutet.

通過這次合作，我們的目標是生產抗腫瘤過繼性細胞治療移植物，其功能和持久性優於單獨使用檢查點封鎖所能達到的效果。自我們開始合作以來，我們已經在體外鑑定、設計、篩选和製造了幾種新的 sd-rxRNA 化合物，其中前幾種化合物目前正在卡羅林斯卡研究所啟動。

Our internal work in our second R&D focus area has been very fruitful as well. We have been able to show that several of our sd-rxRNA compounds against the immune checkpoint targets are highly relevant as well as in natural killer cells. Natural killer cells are served as the crucial first line of defense against tumors and other pathogens. Because of their ability to kill tumor cells, NK cells are an attractive target for cancer immunotherapies.

我們在第二個研發重點領域的內部工作也卓有成效。我們已經能夠證明，我們針對免疫檢查點目標的幾種 sd-rxRNA 化合物與自然殺傷細胞高度相關。自然殺傷細胞是抵禦腫瘤和其他病原體的重要第一道防線。由於它們具有殺死腫瘤細胞的能力，NK 細胞是癌症免疫療法的一個有吸引力的靶點。

Through our internal R&D efforts, we have been able to show that our sd-rxRNA compounds are rapidly and efficiently taken up by natural killer cells without the use of transfection reagents. Using sd-rxRNA compound against checkpoint inhibitors such as Cbl-b and TIGIT, we can suppress the expression levels of these targets up to 95% in NK cell.

通過我們的內部研發努力，我們已經能夠證明我們的 sd-rxRNA 化合物無需使用轉染試劑即可快速有效地被自然殺傷細胞吸收。使用 sd-rxRNA 化合物對抗 Cbl-b 和 TIGIT 等檢查點抑製劑，我們可以將這些靶標在 NK 細胞中的表達水平抑制高達 95%。

We could also show that this potent and long-lasting reduction of these protein targets resulting in phenotypic changes indicating that these cells become weaponized. That means that their tumor killing activity is increased by our compounds. Therefore by treating NK cells with sd-rxRNA targeting immune checkpoint such as TIGIT or other inhibitory receptors, the anti-tumor response of these cells may be enhanced resulting in more effective therapy for certain types of cancer.

我們還可以證明，這些蛋白質靶標的這種有效且持久的減少導致表型變化，表明這些細胞被武器化了。這意味著我們的化合物提高了它們的腫瘤殺傷活性。因此，通過用 sd-rxRNA 靶向免疫檢查點（例如 TIGIT 或其他抑制性受體）處理 NK 細胞，可以增強這些細胞的抗腫瘤反應，從而更有效地治療某些類型的癌症。

The results of this exciting work has been presented at two recent conferences namely, the 16th Annual Discovery on Target conference that was held in Boston and the 33rd Annual Meeting of the Society of Immunotherapy of Cancer or SITC that was held last week in Washington D.C.

這項激動人心的工作的結果已在最近的兩次會議上公佈，即在波士頓舉行的第 16 屆年度目標發現會議和上週在華盛頓特區舉行的癌症免疫治療學會或 SITC 第 33 屆年會。

These results were well received and based upon that, we are anticipating that we will be able to expand our extramural collaboration in this field. We believe that such collaborations will help us to accelerate our product development in this R&D focus area. Indeed, similar collaborations in our two other focus areas have resulted in a nice progress as well of which I will now give you the key highlights.

這些結果受到好評，基於此，我們預計我們將能夠擴大我們在該領域的校外合作。我們相信，此類合作將幫助我們加速這一研發重點領域的產品開發。事實上，我們在其他兩個重點領域的類似合作也取得了不錯的進展，現在我將重點介紹其中的重點。

In our first R&D focus area, our collaborations with CCIT, Iovance and Medigene have resulted in an important new findings. For example, CCIT has shown that our lead compound, RXI-762, that can get marked reduction of PD-1 surface protein expression in tumor infiltrating lymphocytes. Moreover, RXI-762's efficacy is not affected by varying culture conditions such as serum concentrations. That is the level of reduction of PD-1 via compound is similar whether high or low serum concentrations are used. This shows the flexibility of our platform and the consistency by which the desired results can be obtained.

在我們的第一個研發重點領域，我們與 CCIT、Iovance 和 Medigene 的合作產生了一項重要的新發現。例如，CCIT 已經表明，我們的先導化合物 RXI-762 可以顯著降低腫瘤浸潤淋巴細胞中 PD-1 表面蛋白的表達。此外，RXI-762 的功效不受血清濃度等不同培養條件的影響。也就是說，無論使用高血清濃度還是低血清濃度，通過化合物減少 PD-1 的水平都是相似的。這顯示了我們平台的靈活性以及可以獲得所需結果的一致性。

Such data and consistency is also coming from Medigene. They show that with RXI-762, they can get similar reduction of PD-1 surface levels regardless of the type of T-cells they are using. As you may know, Medigene are developing genetically engineered T-cells with specific T-cell receptors or TCRs, and in their hands, RXI-762 works equally well in non-engineered T-cells as well as in their engineered T-cells.

這樣的數據和一致性也來自 Medigene。他們表明，使用 RXI-762，無論他們使用的 T 細胞類型如何，他們都可以獲得類似的 PD-1 表面水平降低。您可能知道，Medigene 正在開發具有特定 T 細胞受體或 TCR 的基因工程 T 細胞，在他們手中，RXI-762 在非工程 T 細胞和他們的工程 T 細胞中同樣有效。

Further progress in our third R&D focus area came from our collaboration with the leading European cancer center, Gustave Roussy, who are helping us with the data generation on the direct use of sd-rxRNA compounds by intratumoral injection. In a mouse model of melanoma, we were able to get a very high reduction of a target gene expression in the order of magnitude of 80% to 85% after intratumoral injection.

我們在第三個研發重點領域的進一步進展來自於我們與歐洲領先的癌症中心 Gustave Roussy 的合作，他們正在幫助我們生成有關通過瘤內註射直接使用 sd-rxRNA 化合物的數據。在黑色素瘤小鼠模型中，我們能夠在腫瘤內註射後將目標基因表達大幅降低 80% 至 85% 的數量級。

The data is even more impressive when you know that the undisclosed target is an isoform that is a protein that is structurally similar to other proteins. We can show that we can very selectively knock down only the target isoform without impacting the expression of the other related proteins. This shows us with our technology we can target protein isoforms that are otherwise referred to as undruggable, indeed protein isoforms have proven to be impossible or at least very difficult to target with other technologies such as small molecules or antibodies.

當您知道未公開的目標是一種同工型，即一種結構類似於其他蛋白質的蛋白質時，數據會更加令人印象深刻。我們可以證明我們可以非常有選擇性地僅敲除目標亞型而不影響其他相關蛋白的表達。這向我們展示了我們的技術，我們可以靶向蛋白質同種型，這些蛋白質同種型在其他方面被稱為不可藥物化，事實上，蛋白質同種型已被證明是不可能的，或者至少很難用其他技術（如小分子或抗體）作為目標。

Last but not least even with all these exciting work ongoing other areas, we are continuing to work on the critical pathway to clinic with our lead compound, RXI-762. We are happy to announce that we have achieved a major interim milestone namely the successful completion of the manufacturing of a clinical grade batch of RXI-762. We are working to prepare for the up-scaling of the TIL manufacturing that includes the use of RXI-762 in these batches, which is our next key milestone in this program.

最後但並非最不重要的一點是，即使在其他領域正在進行所有這些激動人心的工作，我們仍在繼續研究我們的先導化合物 RXI-762 進入臨床的關鍵途徑。我們很高興地宣布，我們已經實現了一個重要的中期里程碑，即成功完成了 RXI-762 臨床級批次的生產。我們正在努力準備擴大 TIL 生產規模，包括在這些批次中使用 RXI-762，這是我們在該計劃中的下一個關鍵里程碑。

And with that, I would like to turn the call over back to Caitlin and look forward to your comments and questions.

因此，我想將電話轉回給凱特琳，並期待您的意見和問題。

Thank you, Gerrit. This concludes the formal presentation for today. Operator, we would like to open the call to questions, please.

謝謝你，格瑞特。今天的正式介紹到此結束。接線員，我們想打開問題電話。

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在可以提問了。 （操作員說明）

And your first question comes from [Steven Seltzer], a private investor. Your line is open. Steven, please check your mute button.

你的第一個問題來自私人投資者 [Steven Seltzer]。你的線路是開放的。史蒂文，請檢查你的靜音按鈕。

And we'll go on to our next question from Anita Dushyanth with Zacks Small Capital Research. Your line is open.

我們將繼續回答來自 Zacks Small Capital Research 的 Anita Dushyanth 的下一個問題。你的線路是開放的。

Thank you for taking my questions and I'm here for [John]. Just quickly wanted to ask you about the cash position, I know you said that with the recent capital raise, you should be good to mid-2020. How do we expect the expenses to -- what level of expense would you -- should you anticipate for the fourth quarter and the next year as you go into the clinic?

感謝您回答我的問題，我是來找 [John] 的。只是很快想問你現金狀況，我知道你說過最近的融資，到 2020 年年中你應該很好。當您進入診所時，我們應該如何預計第四季度和明年的費用 - 您的費用水平是多少？

Hi, Anita. Thank you the question. This is Caitlin. What we expect over the beginning of next year to continue with our burn rate of around $2 million per quarter and our expenses should be in line with that. And then we expect that to start to ramp up as we get ready to enter into the clinic and then certainly as we start the clinical trial and as expenses related to that which will come towards the end of 2019 and flow into 2020 as well.

嗨，安妮塔。謝謝你的問題。這是凱特琳。我們預計明年年初將繼續保持每季度約 200 萬美元的消耗率，我們的支出應該與此保持一致。然後我們預計隨著我們準備好進入診所，然後肯定會隨著我們開始臨床試驗以及與 2019 年底和 2020 年相關的相關費用而開始增加。

So as I understand, so the cash burn goes up maybe from sometime in the -- after Q1 2019?

所以據我所知，現金消耗可能會從 2019 年第一季度之後的某個時候開始上升？

Yes, I think that would likely to be closer towards the end of the year that we see that start to increase higher than the $2 million per quarter burn rate.

是的，我認為這可能會在接近年底時開始增加，高於每季度 200 萬美元的燃燒率。

Okay, all right. And congrats, Gerrit, on your new role as a COO. Just wanted to know what kind of new efforts will you be pursuing?

好的，好的。祝賀 Gerrit，擔任首席運營官的新角色。只是想知道你會追求什麼樣的新努力？

Well, thank you, Anita, appreciate that. So, I think that what we are really pursuing is, is the success that we've done in the different area. So if you remember, if you dial back the clock of about year and year and half, we were still making a transition from other therapeutic areas into immuno-oncology. And at that moment, our immuno-oncology focus was really in one area, it was T-cell and checkpoint inhibition. Most of these efforts were also done internally.

好吧，謝謝你，安妮塔，很感激。所以，我認為我們真正追求的是我們在不同領域取得的成功。所以如果你還記得的話，如果你撥回大約一年半的時間，我們仍在從其他治療領域過渡到免疫腫瘤學。在那一刻，我們的免疫腫瘤學重點實際上集中在一個領域，那就是 T 細胞和檢查點抑制。大多數這些努力也是在內部完成的。

Since then we've been able to establish further direction for our R&D program into the two other areas that I just explained and quite frankly that's also in reference to the multiple short-term goal.

從那時起，我們已經能夠為我們的研發計劃確定進一步的方向，進入我剛才解釋的另外兩個領域，坦率地說，這也涉及到多個短期目標。

What we were able to do in a very short amount of time is not only increase our internal R&D efforts in these different areas showing the power and the flexibility of our platform technology in immuno-oncology, but also we've been seeing -- we've been essentially reaping the benefits of the increased visibility and decreased interest of extramural collaborators. So since then, we've been getting into six different collaborations with academic partners and industry partners. And that's the direction that we will continue to follow.

我們在很短的時間內能夠做的不僅是增加我們在這些不同領域的內部研發工作，展示了我們平台技術在免疫腫瘤學方面的力量和靈活性，而且我們已經看到——我們基本上已經從提高知名度和減少校外合作者的興趣中獲益。所以從那時起，我們與學術合作夥伴和行業合作夥伴進行了六次不同的合作。這就是我們將繼續遵循的方向。

I think to -- the immuno-oncology space is very exciting, it's also very difficult. And I think in collaboration with the experts in terms of cell therapy, we can show the complementary benefit of our of our technology, and hand-in-hand, we can accelerate the development in different areas where if we would be doing it by ourselves, it would be going much slower, it would be much more difficult. So expect to see an increase in the number of formally announced pipeline products and expect to see an increased number of collaborations in each of those areas.

我認為——免疫腫瘤學領域非常令人興奮，但也非常困難。而且我認為通過與細胞治療方面的專家合作，我們可以展示我們技術的互補優勢，並且我們可以攜手合作，加速不同領域的發展，如果我們自己做的話，它會慢得多，會困難得多。因此，預計正式宣布的管道產品數量會增加，並預計在每個領域的合作數量都會增加。

Okay, great, thank you for your very comprehensive response. And I also know you just spoke about the collaboration with the Karolinska Institute in Sweden that the new compounds are in the in vitro testing. When can we sort of expect some news regarding that in the next year?

好的，太好了，感謝您非常全面的回复。我也知道你剛剛談到了與瑞典卡羅林斯卡研究所的合作，新化合物正在進行體外測試。明年我們什麼時候可以期待一些關於這方面的消息？

Yes, it's a good question, right. So, the different phases of collaborations like that are somewhat the way that I explained it, initially the scientific interest in terms of what protein targets would be more relevant for T-cells and also NK-cells. We specifically focus on targets outside of checkpoints because we believe that these will be complementary to the checkpoint targets we already have.

是的，這是個好問題，對吧。因此，像這樣的合作的不同階段在某種程度上是我解釋的方式，最初是關於哪些蛋白質靶標與 T 細胞和 NK 細胞更相關的科學興趣。我們特別關注檢查點之外的目標，因為我們相信這些目標將與我們已有的檢查點目標相輔相成。

So, the initial data flow will go towards the validation of those scientific concepts that by going after some of these other protein targets, some of which have to do with cell differentiation, some of which have to do with the metabolic fitness of those cells, whether indeed we can prove that in in vitro and then later on expect to see that indeed these new targets are -- can be utilized in combination with some of the other targets that we already have such as our anti-PD-1 and anti-TIGIT checkpoint inhibiting sd-rxRNA compound.

因此，最初的數據流將用於驗證這些科學概念，即通過追踪一些其他蛋白質靶標，其中一些與細胞分化有關，其中一些與這些細胞的代謝適應性有關，我們是否確實可以在體外證明，然後期望看到這些新目標確實是——可以與我們已經擁有的一些其他目標結合使用，例如我們的抗 PD-1 和抗TIGIT 檢查點抑制 sd-rxRNA 化合物。

Remember that we previously showed data very convincing data that unlike small molecules or antibodies, we can very easily combine multiple sd-rxRNA compounds at once and one let's say treatments run off of T-cells let's say or NK cells and get much more active cells. And that's -- based upon that platform, based upon that knowledge, we're building it.

請記住，我們之前展示了非常有說服力的數據，與小分子或抗體不同，我們可以非常輕鬆地同時組合多種 sd-rxRNA 化合物，並且假設治療耗盡 T 細胞或 NK 細胞並獲得更多活性細胞.那就是——基於那個平台，基於那些知識，我們正在構建它。

So, for the identification and validation of the initial compounds, we expect that to get done in the first quarter of 2019 and then full of data of showing essentially the complementary effects of that that will follow later in the data -- later in the year I should say, so potentially towards the mid of 2019

因此，對於初始化合物的識別和驗證，我們預計將在 2019 年第一季度完成，然後將提供大量數據，從根本上顯示其互補效應，這些數據將在今年晚些時候出現在數據中我應該說，所以可能會在 2019 年年中

Okay, all right. And just one last question here. I know the NK cells they're sort of the first line defense against -- from the body. And how -- could you just explain a little bit how the sd-rxRNA enhances or how does [those get] activity?

好的，好的。這裡只是最後一個問題。我知道 NK 細胞是來自身體的第一道防線。以及如何 - 你能解釋一下 sd-rxRNA 如何增強或 [those get] 活動嗎？

Yes, another good question. So NK cells have been increasingly gathered interest with a lot of academic institutions and a lot of companies as a very [elegant] platform for adoptive cell therapy for the simple reason that they're not really limited to a certain recognition of abnormal cells like this, essentially epitopes that are T-cells required for their function. But what has become clear since the first groups we're focusing on NK cells is that NK cells are also the victim of certain suppressive mechanism that tumor cells can have or that suppressive tumor environment can have.

是的，另一個好問題。因此，NK 細胞越來越受到許多學術機構和公司的關注，作為一個非常[優雅]的過繼細胞治療平台，原因很簡單，它們並不局限於對異常細胞的某種識別，就像這樣，本質上是其功能所需的 T 細胞表位。但是，自從我們關注 NK 細胞的第一組以來，已經清楚的是，NK 細胞也是腫瘤細胞可能具有或抑制性腫瘤環境可能具有的某些抑制機制的受害者。

So similar to T-cells, NK cells can suffer from checkpoint inhibition signaling, and NK cells can also suffer from other protection mechanisms that are built-in, right. So, human body wants to make sure that like NK cells and other immune effector cells don't go gangbusters against your normal tissues. And some of those escape pathways are being hijacked, if you want, by tumor cells. So whereas other companies have been looking into making those NK cells less susceptible to those suppressive mechanisms, with small molecules, it's very difficult to do.

與 T 細胞非常相似，NK 細胞會受到檢查點抑制信號的影響，NK 細胞也會受到其他內置保護機制的影響，對吧。因此，人體需要確保像 NK 細胞和其他免疫效應細胞一樣不會對您的正常組織造成破壞。如果你願意的話，其中一些逃逸途徑正在被腫瘤細胞劫持。因此，儘管其他公司一直在研究使用小分子使這些 NK 細胞不易受這些抑制機制的影響，但這很難做到。

Also with regards to genetic engineering, it is difficult to do because it is very much different from one patient to the other patient and even in same patient to allow the treatment that it can -- the suppressive pathways can change. So, that's where our technology is fairly elegant because we don't need to genetically modify NK cells. We can do that easily by adding our sd-rxRNA compounds during the manufacturing process of those cells. And we can essentially combine them in such a way that for certain tumor or for certain patients, it becomes very much tailored to what is need in that situation. And that is obviously impossible to do you can't just do a quote-unquote bedside tailoring with genetic modification. And so, that's why NK cells are very attractive to us and complementary to the efforts that we're already doing with other types of immune [suppressor] T-cells.

同樣關於基因工程，它很難做到，因為它在一個病人和另一個病人之間有很大的不同，即使在同一個病人身上也有很大的不同，以允許它可以進行的治療——抑制途徑可以改變。所以，這就是我們的技術相當優雅的地方，因為我們不需要對 NK 細胞進行基因改造。我們可以通過在這些細胞的製造過程中添加我們的 sd-rxRNA 化合物來輕鬆做到這一點。我們基本上可以將它們結合起來，對於某些腫瘤或某些患者，它會非常適合那種情況下的需要。這顯然是不可能做到的，你不能只做基因改造的引用 - 不引用床邊剪裁。因此，這就是為什麼 NK 細胞對我們非常有吸引力，並且可以補充我們已經在其他類型的免疫 [抑制] T 細胞方面所做的努力。

Okay. So basically then they change this kind of use for adoptive cell therapy?

好的。那麼基本上他們會改變這種用於過繼細胞療法的用途嗎？

Correct. And interesting to know as well, the companies that are working -- using NK cells for adoptive cell therapy, what they want to do is essentially get a frozen product, right. So a product that's really ready for distribution and bedside use without the logistical nightmares that quite frankly hold somewhat of the CAR-T cell companies. So NK cells could be supplied and frozen and then provided to the patients without needing to use fresh cells.

正確的。有趣的是，那些正在工作的公司——使用 NK 細胞進行過繼細胞治療，他們想要做的基本上是獲得冷凍產品，對吧。因此，一個真正準備好分發和床邊使用的產品，沒有坦率地說一些 CAR-T 細胞公司的後勤噩夢。因此，NK 細胞可以在供應和冷凍後提供給患者，而無需使用新鮮細胞。

And for that reason one of the aspects that we also showed in the poster, I didn't go into detail during this call is that we can also show that our technology is perfectly comparable with free cell cycles meaning that we can add our compounds during the expansion of the -- during the manufacturing, if you want of the NK cells and the NK cells get frozen, and after the cells getting thawed and given to the patient. The efficacy of our compounds is same as if we would be using it in fresh cells, so that's very exciting as well.

出於這個原因，我們也在海報中展示的一個方面，我在這次電話會議中沒有詳細說明，我們還可以證明我們的技術與自由細胞週期完全可比，這意味著我們可以在過程中添加我們的化合物的擴張——在製造過程中，如果你想要 NK 細胞，NK 細胞會被冷凍，然後細胞被解凍並提供給患者。我們的化合物的功效與我們在新鮮細胞中使用它時的功效相同，所以這也非常令人興奮。

Thank you. Your next question comes from [Justin Foster], a private investor. Your line is open.

謝謝。你的下一個問題來自私人投資者 [Justin Foster]。你的線路是開放的。

Your chasing of NASDAQ compliance over the last few years, finds your share price at about a 100, the same $0.30 it was before your penultimate 1 for 10 split a couple years ago that your shareholders beg you not to do, not to mention the most recent one. Could you maybe announce today to NASDAQ that you have no intention of trying to retain compliance and that you will delist with pleasure and thus save all of your shareholders a loss of another tenth or a hundredth of your price?

你在過去幾年追逐納斯達克合規，發現你的股價約為 100，與幾年前你的股東懇求你不要這樣做的倒數第二次 10 分拆之前的 0.30 美元相同，更不用說大多數最近的一個。你今天能不能向納斯達克宣布，你無意試圖保持合規，你會愉快地退市，從而讓你所有的股東再損失你的價格的十分之一或百分之一？

Well, first of all, we certainly wouldn't do that with pleasure as you're stating. But we're going through the motions, there is at this point in time no reason to announce anything because we have a number of arrows in our [quiver] that we hope will be able to bring us over that $1 mark and for 10 consecutive days.

嗯，首先，我們當然不會像你所說的那樣愉快地這樣做。但我們正在走過場，目前沒有理由宣布任何事情，因為我們的 [箭袋] 中有許多箭頭，我們希望能夠使我們超過 1 美元大關並連續 10 次天。

So, we don't do these reverse splits for fun of it and I hope that you understand that. We feel that the technology platform we have is remarkably different from what is currently available in the -- among the technologies that exist today in the IO and ACT space. And at some point, it is going to provide sufficient feasibility on the radar screens of various players that could help us to generate value and interest.

所以，我們做這些反向拆分並不是為了好玩，我希望你能理解這一點。我們認為，我們擁有的技術平台與目前在 IO 和 ACT 領域存在的技術中現有的技術平台截然不同。在某個時候，它將在各種參與者的雷達屏幕上提供足夠的可行性，可以幫助我們產生價值和興趣。

Certainly, I would say exploring strategic transactions is not out of the question. But at the same time, making premature statements about what we're going to do a year from now or six months from now or whatever it is, that would be inappropriate and that would be not be very prudent and it would not serve the shareholders at all.

當然，我想說探索戰略交易並非不可能。但與此同時，過早地說明我們一年後或六個月後要做什麼，這是不合適的，不是很謹慎，也不利於股東根本。

I appreciate that. One comment and then a couple more questions, if you would be so kind. Just in relation to that, the one purpose it could serve is that with the prospect of reverse splits out there, you scare away a lot of investors who know how the shorts have played with your stock and how particularly they relish the opportunity to start at $3 and $4 again and to drive it down to another $0.30. Early announcement that you will not be playing that game might entice investors to either stay with you or come in where otherwise they would have that fear that the same thing is going to happen again which would keep some savvy investors, I would say smart money away. So, you don't need to respond to that but that would be my explanation for why it would be a good idea to announce it quote prematurely.

我很感激。一個評論，然後再問幾個問題，如果你願意的話。與此相關的是，它可以起到的一個作用是，隨著反向拆分的前景，你會嚇跑很多知道空頭如何與你的股票打交道的投資者，以及他們特別喜歡從又是 3 美元和 4 美元，然後再跌到 0.30 美元。提前宣布你不會玩那個遊戲可能會吸引投資者留在你身邊或者進入他們會擔心同樣的事情會再次發生的地方，這會讓一些精明的投資者離開，我會說聰明的錢.所以，你不需要對此做出回應，但這就是我對為什麼過早宣布它的報價是個好主意的解釋。

Be that as it may and thank you for taking that under advisement. Can you give a range, a ballpark for the kind of value for the dermatological and ophthalmological of process that you're trying to sell? You've been in negotiations on and off I presume with some interested parties. And I'm not asking for any specific value, but could you give your shareholders a range that you think would be reasonable that you're dealing with?

儘管如此，感謝您接受建議。你能給出一個範圍，一個大概的範圍，說明你試圖銷售的皮膚病學和眼科過程的價值嗎？我想您一直在與一些感興趣的各方進行斷斷續續的談判。我並沒有要求任何具體的價值，但是你能給你的股東一個你認為合理的範圍嗎？

That's difficult to give the range. First of all, look at dermatology; we have very nice dermatology assets that by the way in addition to the clinical assets what we have in terms of IP for this dose specific therapeutic areas -- and therapeutic areas is also on the table. So people can pull off many more products that are depending on what the level of interest in certain protein target is.

很難給出範圍。首先，看皮膚科；我們擁有非常好的皮膚病學資產，順便說一下，除了臨床資產之外，我們在 IP 方面還擁有針對該劑量特定治療領域的資產——而且治療領域也在討論中。因此，人們可以根據對某些蛋白質靶標的興趣程度來開發更多產品。

The dermatology has undergone a substantial change in general with [Nestle] -- for instance, the last company who had a global dermatology franchise [pirated] by Galderma putting the old dermatology piece on the biding block hoping for private equity investor to pick it up.

[雀巢] 皮膚病學總體上發生了重大變化——例如，最後一家擁有全球皮膚病學特許經營權的公司被 Galderma [盜版] 將舊的皮膚病學產品放在投標欄上，希望私募股權投資者能夠接手.

So, the dermatology approach is going to be somewhat different and values that we can get will be somewhat different than in ophthalmology. We have players that basically have signed a CDA and are doing due diligence. We have regularly calls with those players also in ophthalmology when they have additional questions.

因此，皮膚科的方法會有所不同，我們可以獲得的值會與眼科有所不同。我們的玩家基本上已經簽署了 CDA 並正在進行盡職調查。當他們有其他問題時，我們會定期與那些也在眼科領域的參與者通電話。

Ophthalmology gets a lot more attention also from large players because ophthalmology still has a number of large players on a global basis, but to provide you with more than this color would be absolutely premature.

眼科也得到了大型企業的更多關注，因為眼科在全球範圍內仍有許多大型企業，但為您提供比這種顏色更多的產品絕對為時過早。

Okay. Disappointed to hear that that we can't even get a rough idea to give us a little idea that if you're at last successful, we would know whether that might be one impetus to getting you closer back to a $1 a share that you are desiring, but be that as it may.

好的。失望地聽到我們甚至不能得到一個粗略的想法來給我們一點想法，如果你最終成功了，我們就會知道這是否會成為讓你更接近每股 1 美元的動力正在渴望，但無論如何。

The name change itself. This is not a -- this is a question. And again back to all the naked shorts out there and all of that, this is not a mechanism, is it, that would help bring them in tow. In other words, even if someone has millions of shorts out there nakedly or otherwise, the name change will not force them to buyback or legitimatize their holding, that's a fair statement, isn't it?

名稱自行更改。這不是——這是一個問題。再次回到那裡所有的裸體短褲和所有這些，這不是一種機制，是嗎，這將有助於將它們拖走。換句話說，即使有人赤裸裸地或以其他方式持有數百萬空頭，更名也不會迫使他們回購或使他們的持股合法化，這是一個公平的說法，不是嗎？

I think that's a fair statement. We haven't done the name change for that purpose. We've been thinking for quite a few months to the necessity for a name change.

我認為這是一個公平的說法。我們還沒有為此更改名稱。幾個月來，我們一直在考慮更改名稱的必要性。

RNAi is a general technology platform and we have really made a statement in the past while we kept our RXi and RNAi holding name that we wanted to be a product company, dermatology, ophthalmology and afterwards immuno-oncology. There are number of RNAi companies out there and I applaud and very grateful to the work done by Alnylam to get the first one through the approval system, but that's in a totally different disease pattern.

RNAi 是一個通用技術平台，我們在保留 RXi 和 RNAi 控股名稱的同時，在過去確實發表過聲明，我們希望成為一家產品公司，涉及皮膚病學、眼科和免疫腫瘤學。那裡有許多 RNAi 公司，我讚賞並非常感謝 Alnylam 所做的工作，讓第一個通過審批系統，但這是完全不同的疾病模式。

So, we felt that with our laser sharp focus on the immuno-oncology and adoptive cell therapy and with our dramatically increased interaction with other players in that field, if I compare it to what our interactions were with players in the dermatology and in the ophthalmology field, we really attract a lot of interest as Dr. Dispersyn has mentioned, that we felt that it would be beneficial if our name would represent what we are today, not a platform company anymore although we own the platform, but a product-focused Company and that basically was the rationale behind it. [Go through] -- whether through some shorter that said that they - shorters will always do what they want to do.

因此，如果我將其與我們與皮膚病學和眼科領域的參與者的互動進行比較，我們認為，隨著我們對免疫腫瘤學和過繼細胞療法的高度關注，以及我們與該領域其他參與者的互動顯著增加在這個領域，我們確實吸引了很多人的興趣，正如 Dispersyn 博士提到的那樣，我們覺得如果我們的名字能代表我們今天的樣子，那將是有益的，雖然我們擁有該平台，但不再是一家平台公司，而是一家以產品為中心的公司公司，這基本上就是它背後的基本原理。 [通過]——是否通過一些較短的人說他們——較短的人總是會做他們想做的事。

I appreciate that. And finally -- and thank you again for your time. Any progress or new mechanisms in your fight against naked shorts and manipulation, is there either FINRA or anybody else or any new mechanisms, any new ideas, any new attempts or resources on your part to try to at least have the value of your company reflected in the share price as opposed to simply at the mercy of those who love to manipulate your shares?

我很感激。最後——再次感謝您的寶貴時間。您在打擊裸賣空和操縱方面的任何進展或新機制，是否有 FINRA 或其他任何人或您的任何新機制、任何新想法、任何新嘗試或資源，以嘗試至少反映您公司的價值股價而不是簡單地受那些喜歡操縱你的股票的人的擺佈？

We've had in the past seven years almost a few interactions with the SEC and they then look into it but cannot identify specifically -- they can see that manipulation has happened, but they cannot see who did it. So, we are not spending all that much energy towards that anymore because it is what it is.

在過去的七年裡，我們幾乎與美國證券交易委員會進行了幾次互動，然後他們進行了調查，但無法具體識別——他們可以看到操縱已經發生，但他們看不到是誰幹的。因此，我們不再為此花費那麼多精力，因為它就是這樣。

One of the things we are doing and it goes back to a previous comment that you made in terms of bona fide quality investors. We have started to work with the investment bank that we used, this time H.C. Wainwright. We have started to -- with their help, reach out to deep value long term investors that actually are often bridge investors between private equity or that even are agnostic when it comes to private versus public entities.

我們正在做的一件事可以追溯到您之前就真正的優質投資者發表的評論。我們已經開始與我們使用的投資銀行合作，這次是 H.C.溫賴特。在他們的幫助下，我們已經開始接觸具有深度價值的長期投資者，這些投資者實際上通常是私募股權之間的橋樑投資者，甚至在涉及私人與公共實體時是不可知論者。

The people that like stories they take a lot more time to do due diligence, but they like to investigate the story. They usually follow for a certain period of time, three, six months the Company very closely and then would be willing at some point in time to come in at a reasonable price while also being able to support the Company in the aftermarket. And that is an effort that we are building out together with that bank so that if there is a need and in biotech, there's usually always a need to get additional money that it can be done with the type of investors that you were referring to.

喜歡故事的人會花更多時間進行盡職調查，但他們喜歡調查故事。他們通常會密切關注公司一段時間，三個月、六個月，然後願意在某個時間點以合理的價格進入，同時也能夠在售後市場為公司提供支持。這是我們正在與那家銀行共同努力的結果，因此如果有需要，在生物技術領域，通常總是需要獲得額外的資金，這可以通過你所指的投資者類型來完成。

Thank you. Your next question comes from Steven Seltzer, a private investor. Your line is open. Mr. Seltzer, please check your mute button.

謝謝。你的下一個問題來自私人投資者 Steven Seltzer。你的線路是開放的。 Seltzer 先生，請檢查您的靜音按鈕。

And there appears to be no more questions at this time.

而此時似乎沒有更多的問題了。

Thank you. I'd like to thank everybody for participating on our call today. Please continue to look to our website, public filings and press releases for future updates on the Company. Operator, please close the call.

謝謝。我要感謝大家今天參加我們的電話會議。請繼續關注我們的網站、公開文件和新聞稿，了解公司未來的最新動態。接線員，請關閉通話。

Thank you. This does conclude today's conference. We thank you for your participation. You may disconnect your lines at this time. And have a great day.

謝謝。今天的會議到此結束。我們感謝您的參與。此時您可以斷開線路。祝你有美好的一天。