Phaxiam Therapeutics SA (PHXM) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to the conference call on the proposed merger between ERYTECH Pharma and Pherecydes Pharma. (Operator Instructions) As a reminder, today's program is being recorded. And now, I'd like to introduce your host for today's program, Gil Beyen, CEO of ERYTECH. Please go ahead, sir.

感謝您的耐心等待，並歡迎參加 ERYTECH Pharma 和 Pherecydes Pharma 擬議合併的電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。現在，我想介紹一下今天節目的主持人，ERYTECH 執行長 Gil Beyen。請繼續，先生。

Thank you very much. Good afternoon, good morning, bonjour à tous. Thank you for joining us for this conference call and webinar to discuss the proposed merger between ERYTECH Pharma and Pherecydes Pharma. I'm here with Thibaut du Fayet, the CEO of Pherecydes Pharma; Eric Soyer, the COO and CFO of ERYTECH Pharma; and Didier Hoch, who's the Chairman of Pherecydes Pharma. Thibaut and I will present the proposed merger; and the four of us will be available for Q&A afterwards.

非常感謝。下午好，早安，大家好。感謝您參加本次電話會議和網路研討會，討論 ERYTECH Pharma 和 Pherecydes Pharma 之間的擬議合併。我和 Pherecydes Pharma 執行長 Thibaut du Fayet 一起來到這裡。 Eric Soyer，ERYTECH Pharma 營運長兼財務長；以及 Pherecydes Pharma 董事長 Didier Hoch。蒂博和我將介紹擬議的合併；之後我們四個人將可以進行問答。

We announced the intended merger yesterday evening; and the press release, the presentation, can be found on the Investors page of both companies' websites and via the link provided in the press release.

我們昨天晚上宣布了合併計劃；新聞稿和簡報可以在兩家公司網站的投資者頁面上或透過新聞稿中提供的連結找到。

Going to slide 2, before starting, as usual, I'd like to draw your attention to the disclaimer to remind you that this call includes forward-looking statements. And as you know, they all involve risks and uncertainties that could cause actual timings and results to differ materially.

前往投影片 2，在開始之前，像往常一樣，我想提請您注意免責聲明，以提醒您本次電話會議包含前瞻性陳述。如您所知，它們都涉及風險和不確定性，可能導致實際時間和結果有重大差異。

Slide 3, a quick introduction of the presentation -- of the speakers for the people new to the ERYTECH story. So I'm Gil Beyen, CEO of ERYTECH, almost 10 years now. Before that, I was CEO of another biotech, TiGenix. And just a small point -- anecdote, I'm, by training, a bioengineer; industry, a microbiologist. So the field of what we will discuss is a strong interest to me.

投影片 3，簡報的快速介紹－為剛接觸 ERYTECH 故事的人介紹的講者。我是 Gil Beyen，擔任 ERYTECH 執行長已經近 10 年了。在此之前，我曾擔任另一家生技公司 TiGenix 的執行長。還有一點是──軼事，我是一名經過訓練的生物工程師；工業界，微生物學家。因此，我對我們將討論的領域非常感興趣。

I will let now Thibaut present himself.

現在我讓蒂博介紹一下他自己。

Thank you, Gil. I'm Thibaut du Fayet, Pherecydes' CEO. And I've been working in the pharma industry for more than 20 years, mainly at Transgene Biotech, in oncology; and then BioMerieux, an IVD company.

謝謝你，吉爾。我是 Thibaut du Fayet，Pherecydes 的執行長。我在製藥業工作了 20 多年，主要在 Transgene Biotech 從事腫瘤學工作；然後是 IVD 公司 BioMerieux。

So thank you. So I think we can go to slide 4, to the agenda, three items. Quick context and rationale for the proposed merger, then a deeper view on the strategic goals for the combined entity, and, finally, a presentation of the transaction terms and milestones.

所以謝謝。所以我想我們可以轉到第四張投影片，議程中的三個項目。擬議合併的簡要背景和理由，然後對合併後實體的策略目標進行更深入的了解，最後介紹交易條款和里程碑。

So first, the context and rationale -- and now, going to slide 6. Quick, for anyone new to the two companies and for completeness, a slide with, in short, an overview of both companies. Starting from the left, ERYTECH. ERYTECH is a company based in Lyon in France, has a US affiliate based in Boston, and is listed on Euronext Paris and Nasdaq in the US.

首先，介紹背景和基本原理——現在，轉到第 6 張投影片。對於剛接觸這兩家公司的人來說，為了完整起見，簡而言之，這張投影片概述了兩家公司。從左邊開始，ERYTECH。 ERYTECH 是一家總部位於法國里昂的公司，在波士頓設有美國子公司，並在巴黎泛歐交易所和美國納斯達克上市。

ERYTECH is focused on red blood cells. It's focused on the development of red blood cell-based cancer therapeutics, and this since its founding in, already, 2005. ERYTECH is a clinical-stage company. We've performed more than 10 clinical trials in different oncology indications. And unfortunately, you know the story. Our ambitious Phase 3 trial in second-line pancreatic did not read out positively. This was towards the end of 2021.

ERYTECH 專注於紅血球。自 2005 年成立以來，該公司專注於開發基於紅血球的癌症療法。ERYTECH 是一家臨床階段公司。我們已經針對不同的腫瘤學適應症進行了 10 多項臨床試驗。不幸的是，你知道這個故事。我們雄心勃勃的二線胰臟 3 期試驗沒有取得正面的結果。那是在 2021 年底。

We then immediately launched what we called our plan B, which consisted of launching a process to investigate strategic alternatives. This was with the support of the specialized advisor. This led, in April, to the sale of our US manufacturing facility.

然後我們立即啟動了我們所謂的 B 計劃，其中包括啟動調查策略替代方案的流程。這是在專業顧問的支持下完成的。這導致我們在四月出售了美國製造工廠。

We also performed a deep restructuring process, all in making sure that we keep the core R&D team and the core support functions that we thought could be attractive for a potential partner. Hence, content wise, we shifted the focus of our preclinical team to the development of red blood cell-derived extracellular vesicles, exosomes, a carrier technology that we thought had the most promise for the future of the early-stage development.

我們也進行了深度重組流程，以確保保留我們認為對潛在合作夥伴有吸引力的核心研發團隊和核心支援職能。因此，就內容而言，我們將臨床前團隊的重點轉移到紅血球來源的細胞外囊泡、外泌體的開發上，我們認為這種載體技術最有希望實現早期開發的未來。

We have, since that announcement, evaluated a large number of potential partner options. It's been a long process, and we are now very pleased that we can announce this proposed merger with Pherecydes. We believe there is a great complementarity and fit between the two companies. And so I will explain more. Before I do that, I'll let Thibaut briefly introduce Pherecydes.

自從該公告發布以來，我們評估了大量潛在的合作夥伴選擇。這是一個漫長的過程，我們現在非常高興能夠宣布與 Pherecydes 的合併提案。我們相信兩家公司之間存在著很大的互補性和契合度。所以我會解釋更多。在此之前，我將讓 Thibaut 簡單介紹 Pherecydes。

Thank you, Gil. A few words regarding Pherecydes. Pherecydes is a company headquartered in Nantes in France and also located in Paris, Romainville. We are listed in Euronext Growth in Paris. Our company is a leading European player in phage therapy against resistant bacterial infections, considered a major public health issue.

謝謝你，吉爾。關於Pherecydes的幾句話。 Pherecydes 是一家總部位於法國南特的公司，同時也位於巴黎的羅曼維爾。我們在巴黎泛歐交易所上市。我們公司是針對抗藥性細菌感染的噬菌體療法的歐洲領導者，抗藥性細菌感染被認為是一個重大的公共衛生問題。

We are currently developing three major phage families, Staph aureus, Pseudomonas aeruginosa, and E. coli, which are considered as [two sets] of the occurring bacterial resistance infection. And with these three families, we have a robust and large IP portfolio.

我們目前正在開發三個主要的噬菌體家族，金黃色葡萄球菌、銅綠假單胞菌和大腸桿菌，它們被認為是正在發生的細菌抗藥性感染的[兩套]。憑藉這三個系列，我們擁有強大而龐大的 IP 產品組合。

We are at a clinical stage with an ambitious development strategy around these three programs. I would like to highlight the most advanced clinical trial, which is in Phase 2, targeting prosthesis joint infection patients, which is called PhagoDAIR, with enrollment that's been initiated mid-previous year, which is on track and for which we expect clinical results in Q1 '24.

我們正處於臨床階段，圍繞這三個項目制定了雄心勃勃的發展策略。我想強調最先進的臨床試驗，該試驗處於第二階段，針對假體關節感染患者，稱為PhagoDAIR，已於去年年中開始入組，目前正在按計劃進行，我們預計臨床結果將在2019 年獲得。24 年 第一季。

Our treatments, it's something that we had already been used in real life in the setting of compassionate treatment for more than 65 patients with a very strong support from regulatory agencies, and already demonstrating, first, the tolerance of the phage; and also a promising first clinical benefits, considering that around 75 of the patients have controlled infection at three months. For this clinical positioning around PJI, we have also received, from ANSM, which is the French regulatory agency, in June '22, this AAC status, which stands for autorisations d'accès compassionnel, enabling us to get first level of indemnities for the treatment.

我們的治療方法，在監管機構的大力支持下，已經在現實生活中為超過 65 名患者進行了富有同情心的治療，並且已經證明了，首先，噬菌體的耐受性；考慮到大約 75 名患者在三個月內控制了感染，這也是一個有希望的首次臨床效益。對於圍繞 PJI 的臨床定位，我們還在 22 年 6 月從法國監管機構 ANSM 收到了 AAC 狀態，它代表 autorisations d'accès同情心，使我們能夠獲得一級賠償治療。

So that presents the two companies. Now, going to slide 7, where, in fact, you would see the heart of the rationale for this transaction. As I mentioned before, ERYTECH has been looking to strategically partner from some time. Because after the halt of our lead program, we were a late-stage company without a late-stage asset, still having cash, still having a core R&D team, still being listed on Euronext and NASDAQ. And we were indeed missing this late-stage clinical program.

這就是這兩家公司的情況。現在，轉到幻燈片 7，事實上，您會在其中看到此交易的核心原則。正如我之前提到的，ERYTECH 一段時間以來一直在尋求策略夥伴。因為在我們的主導計畫停止後，我們是一家後期公司，沒有後期資產，仍然有現金，仍然有核心研發團隊，仍然在泛歐交易所和納斯達克上市。我們確實錯過了這個後期臨床計畫。

And our strategic partnering was really to find a company that could be complementary to us, bring us again clinical-stage asset synergies in a promising area of medicine. And this is what we found in Pherecydes. Pherecydes is, as Thibaut mentioned, active in antibiotics resistance. It's an area of critical medical need.

我們的策略合作實際上是為了找到一家可以與我們互補的公司，為我們在一個有前景的醫學領域再次帶來臨床階段的資產協同效應。這就是我們在菲勒西德身上發現的。正如 Thibaut 所提到的，Pherecydes 在抗生素抗藥性方面很活躍。這是一個急需醫療需求的領域。

They are in Phase 2, and we see a very strong fit and compatibility and complementarity also between the two companies on several aspects. Thibault will go over them in more detail. But at the top level, in the middle -- the four points in the middle of the slide, the four major areas where we think the proposed merger really can contribute to value creation is, one, the fact that this merger will allow to accelerate the already ambitious clinical plan of Pherecydes in the AMR fields.

他們正處於第二階段，我們看到兩家公司在多個方面都具有非常強的契合度、相容性和互補性。蒂博將更詳細地討論它們。但在頂層，在中間 - 幻燈片中間的四個點，我們認為擬議的合併真正可以促進價值創造的四個主要領域是，第一，事實上，這次合併將加速Pherecydes 在AMR 領域已經雄心勃勃的臨床計劃。

The proposed merger is also intended to bring complementary technology platforms together and teams together to really reinforce the efforts for further developments in the phage technology and, potentially, also in AMR and, potentially, beyond. The third one is complementarity and synergies on the management, the team, and the infrastructure level. I will let -- we'll come to that in more detail.

擬議的合併還旨在將互補的技術平台和團隊聚集在一起，以真正加強噬菌體技術以及潛在的 AMR 和其他領域進一步發展的努力。三是管理、團隊、基礎建設層面的互補與協同。我會讓——我們會更詳細地討論這個問題。

And then last, but not least, obviously, the fact that the proposed merger is expected to enhance the financing capabilities, a more visible company listed both in Europe and in the US.

最後但並非最不重要的一點是，擬議的合併預計將增強在歐洲和美國上市的更引人注目的公司的融資能力。

So to summarize, the whole idea is to create a true leadership position in an area of critical medical need by building on highly complementary capabilities and by exploiting potential synergies. We'll now zoom in on the different areas, starting with Thibaut, who will explain the clinical plan and how this can be accelerated. That is on slide 8.

總而言之，整個想法是透過建立高度互補的能力並利用潛在的協同效應，在關鍵醫療需求領域建立真正的領導地位。我們現在將重點放在不同的領域，從蒂博開始，他將解釋臨床計劃以及如何加速這項計劃。這是幻燈片 8 上的內容。

Yes. If I move to slide 8 to illustrate this complementarity regarding our clinical strategy -- Pherecydes is developing phage therapies to fight against resistant bacterial infection, as already said. Consider that this is major public health issue and mainly owing to generalized misuse of antibiotics. We are now, for a few years, facing this wall of the antibiotic resistance, which is an issue for two main reasons.

是的。如果我轉到幻燈片 8 來說明我們的臨床策略的這種互補性——正如已經說過的，Pherecydes 正在開發噬菌體療法來對抗抗藥性細菌感染。考慮到這是一個重大的公共衛生問題，主要原因是抗生素的普遍濫用。幾年來，我們一直面臨抗生素抗藥性的問題，造成這問題的主要原因有兩個。

The first one is that very few innovative antibiotic have been developed over the last past years, as you see on the left part of the slide, to be able to cope with the surging anti-microbial resistance. On the other hand, the mortality rate is anticipated to boom over the upcoming years.

第一個是，正如您在幻燈片左側看到的那樣，過去幾年幾乎沒有開發出能夠應對不斷飆升的抗微生物抗藥性的創新抗生素。另一方面，預計未來幾年死亡率將大幅上升。

A recent report, a 2016 Jim O'Neil report, is forecasting global death to increase to up to 10 million deaths a year in 2050. As a benchmark, for instance, the COVID crisis induced around 7 million deaths. It means this amount of 10 million deaths per year is very significant. It's the reason why there is this urgent need for effective treatment and response. And we consider that phage are among them.

最近的一份報告（2016 年吉姆·奧尼爾報告）預測，到 2050 年，全球死亡人數將增加到每年 1000 萬人。例如，作為基準，新冠危機導致約 700 萬人死亡。這意味著每年1000萬人的死亡人數是非常可觀的。這就是為什麼迫切需要有效的治療和應對。我們認為噬菌體就是其中之一。

If I move to slide number 9, that's the illustration of why we consider that this transaction will accelerate our ambitious clinical plan. The first major value driver consists in extending the sites and the countries beyond France for PhagoDAIR trial, which is our ongoing Phase 2, the one targeting PJI patients. We intend, thanks to this transaction, to extend the enrollment in other countries, like Germany, Netherlands, and, potentially, other countries, in order to be clearly positioned as a bacteriophage major European player conducting clinical trials in the most important countries in Europe.

如果我轉到第 9 張投影片，這就是為什麼我們認為這筆交易將加速我們雄心勃勃的臨床計畫的原因。第一個主要價值驅動因素包括將 PhagoDAIR 試驗的地點和國家擴展到法國以外的地區，這是我們正在進行的第二階段，針對 PJI 患者的階段。透過這項交易，我們打算擴大在德國、荷蘭等其他國家的註冊範圍，並可能在其他國家進行註冊，以便明確定位為歐洲噬菌體主要參與者，在歐洲最重要的國家進行臨床試驗。

The second important value driver is to be in a position to initiate new trials and two additional company-sponsored Phase 2 trials -- one in a patient with endocarditis infection due to Staph aureus expected to be initiated around mid-'23 and the second one in a patient with complex urinary tract infection due to E. coli expected to be initiated in Q1 '24.

第二個重要的價值驅動因素是能夠啟動新的試驗和另外兩項由公司贊助的2 期試驗——其中一項是針對金黃色葡萄球菌引起的心內膜炎感染患者，預計將於23 年中期啟動，第二項試驗預計將在2023 年中期啟動。預計將於 24 年第一季開始對一名患有大腸桿菌引起的複雜尿路感染的患者進行治療。

The company expects to open centers in Europe as a whole and, potentially, if possible, also in the US. You would understand that our strategy is clearly to have, in the short term, more and multiple clinical proof-of-concept option, potentially impacting the value of the company.

該公司預計將在整個歐洲開設中心，如果可能的話，也可能在美國開設中心。您會明白，我們的策略顯然是在短期內擁有更多、更多種臨床概念驗證選項，這可能會影響公司的價值。

So thank you, Thibaut. Going to slide 10. And so now, from the clinical, Thibaut explained to how can we further build on the platforms. The title says complementary platforms and capabilities. If you look at first sight, it's quite different -- red cells on one hand and phages on the other hand. But if you zoom in more there is -- indeed, we found quickly that there are synergies and complementarities to be exploited in this transaction.

謝謝你，蒂博。轉到幻燈片 10。現在，Thibaut 從臨床角度解釋了我們如何在平台上進一步建立。標題表示互補的平台和功能。如果你第一眼看到，它是完全不同的──一方面是紅血球，另一方面是噬菌體。但如果你進一步放大，我們很快就會發現，在這次交易中可以利用協同效應和互補性。

I'll zoom in briefly on the bottom-right corner, ERYTECH's platform. ERYTECH has two platforms, in fact. One is the ERYCAPS. It's loading drugs, typically proteins -- can be antigens -- into red cells. And then the second more recent is what we call ERYCEV. It is making vesicles from loaded red cells, exosome-like technology, where we've mainly worked with antigens and also a potential with working on RNA and other more gene type of delivery.

我將簡單放大右下角的 ERYTECH 平台。事實上，ERYTECH 有兩個平台。其中之一是 ERYCAPS。它將藥物（通常是蛋白質）（可以是抗原）裝載到紅血球中。第二個更新的是我們所說的 ERYCEV。它利用裝載的紅血球、類似外泌體的技術來製造囊泡，我們主要研究抗原，也有可能研究 RNA 和其他更多基因類型的傳遞。

So our capabilities, our drug-delivery, clinical-assay developments -- obviously, what we've mostly done is in oncology. And then in protein engineering, obviously, we've built a -- our lead program was a protein encapsulated in the red cells. So that's ERYTECH. I'll let Thibaut explain the Pherecydes and how we think there are synergies between these two platforms.

所以我們的能力、我們的藥物傳遞、臨床分析的發展——顯然，我們主要做的是腫瘤學。然後，在蛋白質工程領域，顯然，我們已經建立了一個——我們的主要項目是封裝在紅血球中的蛋白質。這就是 ERYTECH。我將讓 Thibaut 解釋 Pherecydes 以及我們如何認為這兩個平台之間存在協同作用。

If you move to the left part of this slide, there is a short description of the phage technology. I mean, phage are natural viruses that we fish in hospital wastewaters. In terms of mechanism of action, they have a natural tropism for bacteria that they naturally target. They have this unique mode of action and then use bacterial lysis by self replication after they have introduced a genome in the bacterium.

如果您移至這張投影片的左側部分，則會看到噬菌體技術的簡短描述。我的意思是，噬菌體是我們在醫院廢水中捕獲的天然病毒。就作用機製而言，它們對它們天然針對的細菌具有天然趨向性。它們具有這種獨特的作用模式，然後在將基因組引入細菌後，透過自我複製來裂解細菌。

Once the bacterium has been lysed, they systematically search for all the bacteria. Linked to phage, we have endolysin. And endolysin is a protein which is encoded in a gene of the phage genome. It's why they are related to phage. It's why we speak in a way of endolysin of phage.

一旦細菌被裂解，他們就會有系統地尋找所有細菌。與噬菌體相關的是內溶素。內溶素是噬菌體基因組的基因中所編碼的蛋白質。這就是為什麼它們與噬菌體有關。這就是為什麼我們用噬菌體內溶素的方式來說話。

When the phage is replicating into the bacteria, it produce locally an endolysin, which is lysing the wall of the bacterium, the way it works. But now, if we move to the slide 11, I will explain with a few words the complementarity of phage technology and ERYTECH capabilities.

當噬菌體複製到細菌中時，它會在局部產生一種內溶素，它會按照其工作原理裂解細菌壁。但現在，如果我們轉到投影片 11，我將用幾句話解釋噬菌體技術和 ERYTECH 能力的互補性。

Complementary to phage mechanism of action, it's potentially, for us, really relevant to use endolysin technology not as a phage protein expression, as I've just explained, but as a recombinant protein in itself. This protein induce as well the lyses of bacteria wall, like the phage, but with a different mechanism of action to phage as not being replicative.

作為噬菌體作用機制的補充，對我們來說，使用細胞內溶素技術確實相關，而不是像我剛才解釋的那樣作為噬菌體蛋白表達，而是作為重組蛋白本身。這種蛋白質也像噬菌體一樣誘導細菌壁的裂解，但與噬菌體有不同的作用機制，因為不具複製性。

And one of the major advantage of endolysin as a recombinant protein is also that they are not generating any resistance, which is a potential limitation of the phage. And with this endolysin recombinant protein, we can target also, complementary to phage, the anti-effective field. And it may be also of our interest in AMR field, but also beyond, like a domain like cosmetics -- so all the domain for which the replication of phage may be, regulatory wise, an issue.

細胞內溶素作為重組蛋白的主要優點之一是它們不會產生任何抗性，這是噬菌體的潛在限制。利用這種內溶素重組蛋白，我們還可以靶向與噬菌體互補的抗有效領域。這也可能是我們對 AMR 領域的興趣，但也超越了像化妝品這樣的領域——因此，從監管角度來看，噬菌體複製的所有領域都可能是一個問題。

In Pherecydes' strategy, this technology is really important to develop complementary to phage. And it's why we see here a major complementarity, as ERYTECH has a strong expertise in protein engineering in terms of characterization and also manufacturing. That's why we could rely on ERYTECH expertise here to help us to generate endolysin candidate, complementary to our phage candidate.

在Pherecydes的策略中，這項技術對於開發噬菌體的互補性非常重要。這就是為什麼我們在這裡看到了主要的互補性，因為 ERYTECH 在蛋白質工程的特性和製造方面擁有強大的專業知識。這就是為什麼我們可以依靠 ERYTECH 的專業知識來幫助我們產生候選內溶素，以補充我們的噬菌體候選物。

On the top of this endolysin technology complementarity, we consider that ERYTECH will also bring to Pherecydes a very much high value in research, first, due to additional resources, enabling us, as you see on the top of the slide, new targets, new phage. And we are currently working in research, but we could also accelerate the research to identify and to generate these new pathogen to the one that we are currently developing.

除了內溶素技術的互補性之外，我們認為ERYTECH 也將為Pherecydes 帶來非常高的研究價值，首先，由於額外的資源，使我們能夠如幻燈片頂部所見，獲得新的目標、新的成果。噬菌體。我們目前正在進行研究，但我們也可以加快研究速度，以識別並將這些新病原體生成到我們目前正在開發的病原體中。

Beyond these additional resources, ERYTECH will also bring high-value expertise in skills like immunology, enabling us to better understand mechanism of action of phage endolysin. And they have acquired these expertise as coming from oncology.

除了這些額外資源之外，ERYTECH 還將帶來免疫學等高價值的專業知識，使我們能夠更了解噬菌體內溶素的作用機制。他們從腫瘤學中獲得了這些專業知識。

ERYTECH, as the last point, has also developed this platform that Gil just introduced, ERYCAPS and ERYCEV. And it's an outstanding know-how and expertise in innovative drug delivery solution and formulation. And we could also leverage, for phage and endolysin, this platform for optimized delivery. And it's an option also to use this platform as a wall to develop the carrier technology, including this platform, but also potentially considering phage as vectors, as carriers. And this aspect is also highly synergistic and of high value for our development.

最後一點，ERYTECH也發展了Gil剛才介紹的這個平台，ERYCAPS和ERYCEV。它是創新藥物傳輸解決方案和配方方面的傑出專業知識和專業知識。對於噬菌體和內溶素，我們還可以利用這個平台來優化遞送。也可以選擇使用這個平台作為開發載體技術的牆，包括這個平台，但也可能考慮將噬菌體作為載體，作為載體。而這方面對於我們的發展也是高度協同的，具有很高的價值。

I hand over to you, Gil.

我把任務交給你了，吉爾。

So complementarities on the platforms and the technologies, if you now move to the slide 12, we also see strong complementarity and synergies on the management, the team level, and even the infrastructure level. Maybe starting with infrastructure on the right-hand side of this slide.

因此，平台和技術上的互補性，如果您現在轉到投影片 12，我們也看到管理、團隊層級甚至基礎設施層級上的強大互補性和協同作用。也許可以從這張投影片右側的基礎設施開始。

So the whole idea is that the combined company will be headquartered in Lyon. So teams from Romainville and from Nantes to move to Lyon, where the synergies can really materialize and where -- indeed, Lyon is a major infectious diseases hub in Europe -- so where we can capitalize on the presence of these institutes that you see here, like BIOASTER or HCL.

所以整個想法是合併後的公司總部會設在里昂。因此，來自羅曼維爾和南特的團隊將搬到里昂，在那裡協同效應可以真正實現，而且里昂實際上是歐洲主要的傳染病中心，因此我們可以利用您在這裡看到的這些機構的存在，如BIOASTER 或HCL。

There is also an opportunity we have to our -- we sold our GMP facility in Princeton, US, but we still kept our somewhat smaller facility in Lyon. Still investigating, but there is a potential here that, indeed, this can serve in the upscaling of the manufacturing of the phage technology.

我們還有一個機會——我們出售了位於美國普林斯頓的 GMP 工廠，但仍然保留了位於里昂的規模較小的工廠。仍在研究中，但確實有潛力，可用於擴大噬菌體技術的生產規模。

Like always in biotech, US is important. So the fact that we have this established US presence adds to the combined company. So we will build from that footprint to really get access to these different stakeholders, both regulatory, clinical, and investors.

就像在生物技術領域一樣，美國很重要。因此，我們在美國建立業務的事實增加了合併後的公司的實力。因此，我們將以此為基礎，真正接觸到這些不同的利害關係人，包括監管、臨床和投資者。

In terms of team, first of all, the Board's on the left-hand side. So we are composing a Board with four people from each side. And indeed, you already see no final selection has been made, but we see a lot of synergies. And the Board -- so it's mentioned here -- will be chaired by Didier Hoch, and I will have the honor to co-share with Didier. So we already see this working well together.

從團隊角度來說，首先，董事會是在左邊。因此，我們正在組成一個董事會，雙方各有四人。事實上，您已經看到尚未做出最終選擇，但我們看到了很多協同效應。這裡提到的董事會將由 Didier Hoch 擔任主席，我將有幸與 Didier 共同擔任主席。所以我們已經看到這可以很好地協同工作。

And even more striking, on the management team -- so you see here a very balanced mix of people from the Pherecydes team and from the ERYTECH team. Thibaut will be the CEO of the combined company. Eric remains COO/CFO. And [TJ] is delegated General Manager of the -- delegated director of the company.

更引人注目的是管理團隊——所以你在這裡看到 Pherecydes 團隊和 ERYTECH 團隊的人員組成非常平衡。蒂博將擔任合併後公司的執行長。埃里克仍然擔任首席營運官/首席財務官。 [TJ] 被任命為公司董事的總經理。

And so mixed from -- in fact, we didn't have to force anything. It was quite fluid. The combination of teams are very, very much a synergy on the different fronts. So that, in terms of the ladder -- the management and the infrastructure.

事實上，我們不需要強迫任何事。它非常流暢。團隊的結合在不同方面發揮了非常非常大的協同作用。因此，就階梯而言——管理和基礎設施。

Then on the financing capabilities, quickly. So the combined company will have a cash position of approximately EUR41 million. In fact, had a cash position, because this was at the end of December, unaudited figures, approximative. And obviously, we'll be careful with the money. So that with this cash, there is a runway into the third quarter of '24, enabling to develop the programs as were described.

然後是融資能力，很快。因此，合併後的公司將擁有約 4,100 萬歐元的現金部位。事實上，有現金頭寸，因為這是 12 月底的未經審計的數字，近似值。顯然，我們會謹慎對待這筆錢。因此，有了這筆現金，就可以進入 24 年第三季度，從而能夠開發所描述的項目。

And then, obviously, the dual listing effect -- this is the ERYTECH listings, both in France, on Euronext; and Nasdaq -- provides this access to a broad investor, both in Europe and in US, which obviously will be important as we have an ambitious further growth plan. So that's about the main rationale for the deal.

然後，很明顯，雙重上市效應——這就是 ERYTECH 在法國和泛歐交易所上市；和納斯達克——為歐洲和美國的廣泛投資者提供了這種管道，這顯然很重要，因為我們有雄心勃勃的進一步增長計劃。這就是這筆交易的主要理由。

Now, to the goal. What is the goal of the whole transaction? I will go to slide number 14 and let Didier explain the ambitious corporate strategy.

現在，朝著目標邁進。整個交易的目標是什麼？我將轉到第 14 號投影片，讓 Didier 解釋雄心勃勃的公司策略。

Yes. I'm on the slide 15.

是的。我在投影片 15 上。

That's 15, sorry.

那是15，抱歉。

Yes. This transaction, as you see, is to position the combined company as a leading global player in phage therapy with an ambitious corporate strategy. And I would like here to highlight just five points to [sensitize]. The first one, the expansion of the clinical portfolio in AMR, as we have just said, around the PhagoDAIR acceleration and potential preparation of a Phase 3 initiation of two new anticipated Phase 2 this year and early next year to deliver high clinical value to our company.

是的。正如您所看到的，這項交易旨在將合併後的公司定位為噬菌體治療領域的全球領導企業，並制定雄心勃勃的企業策略。我想在這裡強調五點[提高敏感度]。第一個是 AMR 臨床組合的擴展，正如我們剛才所說，圍繞 PhagoDAIR 加速和今年和明年初兩個新的預期 2 期啟動的 3 期啟動的潛在準備，為我們提供高臨床價值公司。

The second point, clearly positioning the company as a main player through an intensified international development by opening new sites in Europe, potentially in the US, and also leveraging on ERYTECH's presence in the US, which is a major asset for our company, in the upcoming months. The third point, as already explained, is really to boost R&D competencies and capabilities by leveraging on ERYTECH's platform, resource, and capabilities on the top of the one that we have.

第二點，透過在歐洲（可能在美國）開設新工廠，以及利用 ERYTECH 在美國的業務（這是我們公司的主要資產），透過加強國際化發展，明確將公司定位為主要參與者。未來幾個月。第三點，如同已經解釋過的，是在我們現有的平台、資源和能力的基礎上，利用ERYTECH的平台、資源和能力，真正提升研發能力和能力。

The fourth point, we have not that much spoken about this. But it's implementation of a consistent global manufacturing strategy, consistent with our international development, but considering first, potentially, to leverage on ERYTECH's Lyon facility but also consolidating our strategic industrial partnership that we have with specific CMOs. And the last point, which is not the least, is the intensification of the business development activities -- and I will come back just afterwards on this point -- through new research collaboration beyond AMR and also the acceleration of our market access strategy consisting just beyond the development of the asset strategies that I've presented.

第四點，這個我們還沒講太多。但這是實施一致的全球製造策略，與我們的國際發展一致，但首先考慮可能利用 ERYTECH 的里昂工廠，同時也鞏固我們與特定 CMO 的戰略工業合作夥伴關係。最後一點，也是最重要的一點，是透過 AMR 以外的新研究合作以及加速我們的市場准入策略，加強業務開發活動——我稍後會回來討論這一點。超出了我提出的資產策略的發展範圍。

We have the status. We are interested in considering other options, enabling early access market launch. Because this AAC status, which is the first regulatory registration, is also, for us, paving the way for early access pathway. And it's really something that we want to push.

我們有地位。我們有興趣考慮其他選擇，以實現早期進入市場的啟動。因為這個 AAC 地位是首次監管註冊，對我們來說也為早期訪問鋪平了道路。這確實是我們想要推動的事情。

If we move to the slide number 16 -- yes. I just would like to comment a bit on our business strategy. Our business strategy is really to create value in the clinically AMR core business. Because our core business remain to conduct clinical trials in AMR and leveraging, in this first [origin], our now extensive phage portfolio to look for robust and comprehensive clinical proof-of-concept demonstration.

如果我們轉到第 16 張投影片——是的。我只想對我們的業務策略發表一些評論。我們的業務策略實際上是在臨床 AMR 核心業務中創造價值。因為我們的核心業務仍然是進行 AMR 臨床試驗，並在第一個 [起源] 中利用我們現在廣泛的噬菌體產品組合來尋找強大而全面的臨床概念驗證演示。

Beyond AMR, we also have a strategic objective to complement this core business strategy, leveraging on [for lighter] technology value proposition, as already explained, made of phage, endolysin, and carriers, that we can now -- that we will, thanks to ERYTECH, propose in the context of a strategic combination between ERYTECH and Pherecydes.

除了AMR之外，我們還有一個策略目標來補充這個核心業務策略，利用[更輕的]技術價值主張，正如已經解釋的那樣，由噬菌體、細胞內溶素和載體組成，我們現在可以— —我們將會，謝謝向 ERYTECH 提出 ERYTECH 與 Pherecydes 策略合併的背景。

As you'll see on this slide, in human health, we could consider, potentially, microbiota. But in the non-human field, cosmetic, agro, veterinary -- a different domain in which specific regulatory constraint of customer needs may push endolysin versus phage or in which specific carriers might be developed for phage or endolysin. And in this respect, red blood cells or vesicles developed by ERYTECH, or even phage, are very interesting carriers platforms to investigate.

正如您將在這張投影片中看到的那樣，在人類健康方面，我們可能會考慮微生物群。但在非人類領域，化妝品、農業、獸醫——這是一個不同的領域，其中客戶需求的特定監管約束可能會推動內溶素與噬菌體的對抗，或者可能為噬菌體或內溶素開發特定的載體。在這方面，ERYTECH 開發的紅血球或囊泡，甚至噬菌體，都是非常值得研究的有趣載體平台。

In this area, the objective is to establish, in the upcoming years, '23, '24, strategic research collaboration with the industrial leader; valuing this technological asset portfolio made of phage, endolysin, and carriers; and valuing, in a way as well, all our developed capabilities.

在這一領域，目標是在未來幾年「23」、「24」中與產業領導者建立策略研究合作；評估由噬菌體、細胞內溶素和載體組成的技術資產組合；並在某種程度上重視我們所有已開發的能力。

Just another slide, I would like to comment. I'm not going too much in detail. With such a strategic combination, our objective as a company is really to create multiple value creation points in '23, '24. Number one, it's, of course, in clinic with FPI in two new Phase 1/2 in the year '23, '24; and the completion, of course, of PhagoDAIR, which is our most strategic trial, again, expected for Q1 24.

只是另一張投影片，我想發表評論。我不會講太多細節。透過這樣的策略組合，我們作為一家公司的目標確實是在'23、'24年創造多個價值創造點。第一，當然，它在 23 年和 24 年的兩個新的 1/2 期臨床試驗中與 FPI 一起進行；當然，PhagoDAIR 的完成也是我們最具戰略意義的試驗，預計將於 24 年第一季完成。

Number two is research to be in a position to deliver, end of year '23, a newly characterized target, new program, to be moved to preclinical developments in addition to the one that we are currently developing. Number three, in terms of business development, is establish strategic research collaboration beyond human health, as already explained, leveraging on our technology value proposition thanks to the newly acquired and developed capabilities. That's the main catalyst that we could anticipate.

第二是研究能夠在 23 年底交付一個新確定的目標、新計劃，除了我們目前正在開發的目標之外，還將轉向臨床前開發。第三，在業務發展方面，正如已經解釋的那樣，利用我們新獲得和開發的能力所帶來的技術價值主張，建立人類健康以外的策略研究合作。這是我們可以預期的主要催化劑。

I'll hand you over (inaudible) Gil.

我會把（聽不清楚）吉爾交給你。

Okay. Then going to the third and the last section of the presentation, a view on the transaction details on slide 19 -- key terms. So it is a merger of equals. Although technically, it's an acquisition. It's a merger by absorption, fusion-absorption, to which ERYTECH will hold 50.5% of the shares of the combined company; Pherecydes, 49.5%. ERYTECH shareholders and Pherecydes shareholders, 50.5% versus 49.5%, on a fully diluted basis.

好的。然後進入簡報的第三部分，也是最後一部分，投影片 19 上的交易詳細資訊檢視——關鍵術語。所以這是一個平等的合併。儘管從技術上來說，這是一項收購。本交易為吸收合併、融合吸收合併，ERYTECH將持有合併後本公司50.5%的股份；菲塞德斯，49.5%。 ERYTECH 股東和 Pherecydes 股東在完全稀釋的基礎上分別持有 50.5% 和 49.5%。

This ratio needs to be further validated by the merger appraiser that will be appointed soon and is also subject to the approval by the general assembly and, obviously, also subject to the works council consultation. We need the opinion of the works council. This is at the ERYTECH side. We expect that all can be done by the June timeframe, so there is work to be done in between.

這個比例需要由即將任命的合併評估師進一步驗證，並且還需要得到大會的批准，顯然還需要經過勞資委員會的協商。我們需要勞資委員會的意見。這是 ERYTECH 這邊。我們預計所有工作都可以在六月的時間範圍內完成，因此在此期間還有工作要做。

Actions to be performed before the general assembly is, first of all, there will be a capital increase on the Pherecydes side. The Pherecydes investors will bring EUR1.5 million in capital increase, major historic shareholders. There will also be a capital increase at the ERYTECH side. 10% of our shares -- we will increase by 10% of our shares through a contribution in kind from Pherecydes' historic shareholders, which will then lead to approximately 10% -- a holding of 10% of Pherecydes.

大會之前要做的動作是，首先，Pherecydes方面將會進行增資。 Pherecydes 投資者將帶來 150 萬歐元的增資，主要歷史股東。 ERYTECH方面也將進行增資。 10% 的股份——我們將透過 Pherecydes 歷史股東的實物捐助增加 10% 的股份，這將導致約 10%——持有 Pherecydes 10% 的股份。

We will also start really preparing the future and doing as much as we can to really already start working on the synergies of the two companies and to hold that in good shape. And to manage that, we formed a joint strategic committee. The composition is the four of us Didier, [future share], myself, and then Thibaut and Eric. The four of us will meet on a regular basis to really follow the whole process between now and the approval at the general assembly. So we'll make sure that we do this operational integration of both companies.

我們也將開始真正為未來做好準備，並盡我們所能，真正開始致力於兩家公司的協同效應，並保持良好的狀態。為了解決這個問題，我們成立了一個聯合策略委員會。組成是我們四個人，Didier、[未來分享]、我自己，然後是 Thibaut 和 Eric。我們四人會定期開會，真正追蹤從現在到大會通過的整個過程。因此，我們將確保對兩家公司進行營運整合。

It's a merger, and we will also have a new future with a new name. So there's also the work to be done on finding the new name for the combined company. So that's on the key terms.

這是一次合併，我們也將以新的名字擁有新的未來。因此，也需要為合併後的公司尋找新名稱。這就是關鍵條款。

This will have impact on the shareholder structure. And there, we also see synergies in a way. ERYTECH, after the set back at the Phase 3, had become a very diluted shareholdership. No large shareholders after our large shareholder, BVF, sold their remaining shares. So 95% free float, that's the positive side of it.

這將對股東結構產生影響。在那裡，我們也在某種程度上看到了協同效應。 ERYTECH 在第三階段受挫後，股權已被稀釋。我們的大股東BVF出售剩餘股份後，就沒有大股東了。 95% 的自由流通量，這是它積極的一面。

Pherecydes is almost opposite, so strong shareholdership of 20%-like blocks from different shareholders and only 20% free float. Now, the combined company will have close to 60% free float and good shareholder base, the core investors base that you see here on the third pie chart. So that's, I think, another advantage of this merger.

Pherecydes 幾乎相反，來自不同股東的 20% 左右的股權非常強大，而自由流通量只有 20%。現在，合併後的公司將擁有接近 60% 的自由流通量和良好的股東基礎，即您在第三個餅圖上看到的核心投資者基礎。我認為這是這次合併的另一個優點。

And to summarize -- and we think, as we said in the press release, that this is a transaction to benefit for all shareholders. And I can also say both stakeholders and for the employees. But for the shareholders, starting in the middle of the higher financial visibility, two companies with a new story, larger market cap, with increased share volume and liquidity, with value creation through the milestones that Thibaut mentioned, clinical R&D partnering. We think that also can lead that -- we'll do it in an ambitious way as we have with the Nasdaq listing, trying to get a growing interest from new investors from M&A. And then most obviously, this is all by accelerating value creation through the different plans that we mentioned.

總而言之，正如我們在新聞稿中所說，我們認為這是一項有利於所有股東的交易。我也可以說，無論是利害關係人還是員工。但對股東來說，從財務透明度較高的中間開始，兩家公司擁有新的故事、更大的市值、股票數量和流動性增加、透過蒂博提到的里程碑、臨床研發合作創造價值。我們認為這也可以導致這一點——我們將以雄心勃勃的方式做到這一點，就像我們在納斯達克上市一樣，試圖透過併購吸引新投資者日益增長的興趣。最明顯的是，這一切都是透過我們提到的不同計劃加速價值創造。

So with this, we think it's a unique opportunity for the shareholders and stakeholders of both companies. And with this, I think we've come to the end of the presentation. I'd like to open up for Q&A.

因此，我們認為這對兩家公司的股東和利害關係人來說都是一個獨特的機會。至此，我想我們的演示就結束了。我想開放問答。

Certainly. (Operator Instructions) Jacob Mekhael, Kempen.

當然。 （操作員說明）Jacob Mekhael，Kempen。

Hi there, and thanks for taking my question. First of all, congrats on the deal. I just had a few questions on the phage technology.

您好，感謝您提出我的問題。首先，祝賀這筆交易。我只是對噬菌體技術有一些疑問。

If I understood correctly, is this a therapy that will be personalized for each patient strain? And if so, how scalable is the process? And how long does it take -- and how long does the end-to-end process take?

如果我理解正確的話，這是一種針對每個患者菌株進行個人化治療的療法嗎？如果是這樣，這個過程的可擴展性如何？需要多長時間——以及端到端的過程需要多長時間？

My second question was also, do you plan to commercialize the treatment internally? Or is there a plan to find a partner as the trials progress to later stages?

我的第二個問題也是，你們是否打算在內部將這種療法商業化？或是隨著試驗進展到後期階段，是否有計畫尋找合作夥伴？

And I had one more question on the ongoing Phase 2 trial in joint infections. Is there a plan to expand this trial to the US as well? Or would you then plan to do that if you [ensure] the Phase 3?

我對正在進行的關節感染二期試驗還有一個問題。是否有計劃將該試驗擴展到美國？或者，如果您[確保]第三階段，您會計劃這樣做嗎？

Okay. Thank you, Jacob. Yes, that's for Thibaut.

好的。謝謝你，雅各。是的，那是給蒂博的。

Okay. Many questions. I will start with the first one. Is phage approach personalized? I mean, we are developing a different approach at Pherecydes.

好的。許多問題。我將從第一個開始。噬菌體方法是否個人化？我的意思是，我們正在 Pherecydes 開發一種不同的方法。

The first point -- and it's what we call this approach -- not personalized, but precision phage therapy. First, in research, we select a few phages per family so that we can ensure maximized coverage of the patient incident. We did that for Staph aureus family. We have potentially three Staph aureus phage.

第一點——我們稱之為這種方法——不是個人化的，而是精準的噬菌體療法。首先，在研究中，我們為每個家族選擇一些噬菌體，這樣我們就可以確保最大限度地覆蓋患者事件。我們為金黃色葡萄球菌家族做到了這一點。我們可能有三種金黃色葡萄球菌噬菌體。

It comes to the second point. It enables us to have off-the-shelf product that are GMP manufactured. Because here, there is a main difference with other [philosophy] considering a personalized approach. We are making the Phago therapy enter the pharma industry with GMP manufacturing. And it's why we have this off-the-shelf lots.

這就說到了第二點。它使我們能夠擁有按照 GMP 生產的現成產品。因為在這裡，考慮到個性化方法，與其他[哲學]有一個主要區別。我們正在透過GMP生產使Phago療法進入製藥業。這就是為什麼我們有這麼多現成的產品。

And the last point, the third point, is that we have developed an IVD solution, which is called Phagogram, for which we are confirming, in vitro, the efficacy of the phage that we have developed in that we are just administrating to the patient. The phage, that turned to be positive in vitro, in that with the kind of pre-confirmed efficacy of our phage.

最後一點，第三點，我們開發了一種 IVD 解決方案，稱為 Phagogram，我們正在體外確認我們開發的噬菌體的功效，因為我們只是將其施用給患者。噬菌體在體外呈陽性，因為我們的噬菌體具有預先確認的功效。

It's why in terms of lead time, it's quite short. Because currently, we have a central lab in which we are operating this testing. It lasts not more than 48 hours. And then after that, we can administrate the relevant phage of the relevant combination of phage to the patient. That was the first question.

這就是為什麼就交貨時間而言，它相當短。因為目前我們有一個中心實驗室正在進行這項測試。持續時間不超過48小時。然後，我們可以將相關噬菌體組合的相關噬菌體給予患者。這是第一個問題。

If we want to commercialize our product, this option, it's not yet decided. It's open for discussion. And it comes to your sub-question, will you find a partner?

如果我們想將我們的產品商業化，這個選項，目前還沒有決定。這是開放討論的。說到你的子問題，你會找到合作夥伴嗎？

Currently, we are biotech. I would say that the two strategies open: to find a potential pharma partner once we have demonstrated the proof of concept or vertical integration down to commercialization. As an example, our main competitor in the US, Adaptive Phage Therapeutics, they want to be vertical integrated. And they intend to commercialize their product.

目前，我們是生物技術公司。我想說，這兩種策略是開放的：一旦我們展示了概念驗證或垂直整合到商業化，就尋找潛在的製藥合作夥伴。舉個例子，我們在美國的主要競爭對手 Adaptive Phage Therapeutics，他們希望進行垂直整合。他們打算將他們的產品商業化。

I think it's still a decision to be made. What we can tell you is that our early access pathway that we can leverage, it's also, for us, a very key point to consider. Because it could enable us to commercialize our product in not such a long time frame. That's why it's work to be done.

我認為這仍然是一個需要做出的決定。我們可以告訴您的是，我們可以利用的早期訪問途徑，對我們來說也是一個需要考慮的非常關鍵的一點。因為它可以使我們在不那麼長的時間內將我們的產品商業化。這就是為什麼這是需要完成的工作。

And then your fourth question related to PhagoDAIR Phase 2 trial, currently, the Phase 2 trial is in Europe, mainly in the countries I've just spoken about. Our intent currently is to initiate a Phase 3, pivotal Phase 3, in Europe and in the US. That's the current plan.

然後你的第四個問題與 PhagoDAIR 2 期試驗有關，目前 2 期試驗是在歐洲，主要是在我剛才談到的國家。我們目前的目的是在歐洲和美國啟動第三階段，也就是關鍵的第三階段。這就是目前的計劃。

But for other trial, there is an objective also to consider the US for new sites. Is it answering your question?

但對於其他試驗，還有一個目標是考慮在美國建立新站點。它回答了你的問題嗎？

Yes, it does. Yeah. I appreciate that. Thank you.

是的，它確實。是的。我很感激。謝謝。

And also, I just have one more question about the phages. So where do you obtain those phages from? Is there a library that you use? And is there some competitive advantage that you can gain from that versus other competitors?

另外，我還有一個關於噬菌體的問題。那麼你要從哪裡獲得這些噬菌體呢？有你使用的圖書館嗎？與其他競爭對手相比，您是否可以從中獲得一些競爭優勢？

Yes, we have, internally, a library of phage. We are regularly fishing for phages. As I've said, we find them in the wastewater of hospital. And then, we have this library of phage that we are selecting and characterizing so that we select the most relevant one. But again, this library is large and regularly updated.

是的，我們內部有一個噬菌體庫。我們定期捕撈噬菌體。正如我所說，我們在醫院的廢水中發現了它們。然後，我們有了這個噬菌體庫，我們正在選擇和表徵它，以便我們選擇最相關的一個。但同樣，這個庫很大並且定期更新。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Thank you. (Operator Instructions) And I'm not showing any further questions from the phone lines at this time.

謝謝。 （操作員說明）目前我不會透過電話線路顯示任何進一步的問題。

Okay. Then I thank everyone for your participation and attention today. You can imagine that we will be busy in the coming weeks and months. And obviously, we will keep you posted on our progress. In the meantime, we wish you all a good rest of the day, and speak soon.

好的。那我感謝大家今天的參與與關注。你可以想像我們在接下來的幾週和幾個月裡會很忙。顯然，我們會隨時向您通報我們的進展。同時，我們祝福大家今天休息愉快，並儘快發言。

Thank you very much for your time.

非常感謝您的寶貴時間。

Thank you. Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

謝謝。女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。