Prophase Labs Inc (PRPH) 2023 Q2 法說會逐字稿

Good day and welcome to the ProPhase Labs' second-quarter 2023 financial results and corporate update. (Operator Instructions) Please note that this event is being recorded.

美好的一天，歡迎來到 ProPhase Labs 的 2023 年第二季度財務業績和公司更新。 （操作員說明）請注意，該事件正在被記錄。

I would now like to turn the call over to Ted Karkus, CEO and Chairman of ProPhase Labs. Please go ahead, sir.

我現在想將電話轉給 ProPhase Labs 首席執行官兼董事長 Ted Karkus。請繼續，先生。

Thank you very much, and thank you all for joining today for our second-quarter conference call. Look, I'd like to talk a lot, but I also explained an awful lot in our press release this morning. I really don't want to read the press release. I'm going to presume that you've all read it.

非常感謝，也感謝大家今天參加我們的第二季度電話會議。聽著，我想說很多，但我也在今天早上的新聞稿中解釋了很多。我真的不想讀新聞稿。我假設你們都讀過它。

Having said that, before I start, let me start by reading the forward-looking statements. I would like to remind you of the company's Safe Harbor language. During this presentation, we will make forward-looking statements, including statements regarding our strategies, plans, objectives, and initiatives and underlying assumptions. While we believe that these forward-looking statements are reasonable as and when made, forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, our ability to obtain and maintain necessary regulatory approvals, general economic conditions, consumer demand for our products and services, challenges relating to entering into and growing new business lines, the competitive environment, and the risk factors listed from time to time in our filings with the SEC filings.

話雖如此，在開始之前，讓我先閱讀前瞻性陳述。我想提醒您注意公司的安全港語言。在本次演示中，我們將做出前瞻性陳述，包括有關我們的戰略、計劃、目標和舉措以及基本假設的陳述。雖然我們相信這些前瞻性陳述在作出時是合理的，但前瞻性陳述是基於涉及風險和不確定性的預期，這些風險和不確定性可能導致實際結果產生重大差異。這些風險和不確定性包括但不限於我們獲得和維持必要監管批准的能力、總體經濟狀況、消費者對我們產品和服務的需求、與進入和發展新業務線相關的挑戰、競爭環境以及我們向SEC 提交的文件中不時列出的風險因素。

This call, we'll present non-GAAP financial measures such as adjusted EBITDA. Reconciliation of these non-GAAP measures to the most comparable GAAP measures are included in the earnings release furnished to the SEC prior to this call and available on our website.

在本次電話會議中，我們將介紹非公認會計準則財務指標，例如調整後的 EBITDA。這些非 GAAP 衡量標準與最具可比性 GAAP 衡量標準的對賬包含在本次電話會議之前向 SEC 提供的收益報告中，並可在我們的網站上獲取。

And with that, I always like to give a couple of shoutouts at the beginning of the call. First of all, Renmark does a great job on the retail investor side. We do a virtual non-deal roadshow or presentation. We're currently doing them about once a month, so any shareholders on this call that ever want an update about what's going on with the company.

因此，我總是喜歡在通話開始時大聲疾呼。首先，Renmark在散戶投資者方面做得很好。我們進行虛擬的非交易路演或演示。我們目前大約每月進行一次，因此參加本次電話會議的所有股東都希望了解公司最新動態。

I don't provide material nonpublic information. I have to be very careful about that. But I do give overviews about our company, what we're working on, to give you better perspective and to understand how I'm thinking. I am an open book. I really am here for the shareholders. I'm the largest shareholder in the company.

我不提供重大非公開信息。我必須對此非常小心。但我確實對我們公司、我們正在開展的工作進行了概述，以便讓您有更好的視角並了解我的想法。我是一本打開的書。我真的是為了股東而來。我是公司最大的股東。

But I don't just do this for myself. I do this for all the shareholders. I really want to continue to build value in the company. I and our management team have had a history of success in doing so for more than a decade.

但我這樣做不僅僅是為了自己。我這樣做是為了所有股東。我真的很想繼續為公司創造價值。我和我們的管理團隊在這方面已有十多年的成功歷史。

Really, honestly, our management team has been incredibly successful over the last decade in building value in our company. Even now with their stock pulling back a little bit today, we're still up significant multiples over the last few years while paying out a significant amount of stock dividends. So anybody that has been with us first of all over the last three or four years, the returns have still been phenomenal. Anybody who has been with us over the last 10 years, results and returns have been even more phenomenal.

說實話，過去十年來，我們的管理團隊在為公司創造價值方面取得了令人難以置信的成功。即使現在他們的股票略有回落，我們在過去幾年中仍然上漲了很多倍，同時支付了大量的股票股息。因此，任何在過去三四年里首先與我們合作的人，回報仍然是驚人的。任何在過去 10 年裡與我們一起工作的人，其成果和回報都更加驚人。

Interestingly, we're at a point in time right now, where my expectations and what I really believe for the future is going to be significantly greater than anything we've accomplished in the past. We have support from not only Renmark, but also we have a number of analysts that follow us and investment bankers that we're working very closely with. ThinkEquity did a phenomenal job in raising capital for us a couple of years ago. They also have done a great job in showing us opportunities over the last couple of years. Acquisitions, some of which we made, we probably reviewed a couple of hundred acquisitions targets, and we picked the absolute best we cherry pick, and those are the assets that we're now developing that I'm going to be talking about shortly.

有趣的是，我們現在正處於一個時間點，我對未來的期望和我真正相信的將遠遠大於我們過去所取得的成就。我們不僅得到了 Renmark 的支持，而且還有許多關注我們的分析師以及與我們密切合作的投資銀行家。幾年前，ThinkEquity 在為我們籌集資金方面做得非常出色。在過去的幾年裡，他們在向我們展示機會方面也做得非常出色。我們進行了一些收購，我們可能審查了數百個收購目標，我們挑選了絕對最好的收購目標，這些就是我們現在正在開發的資產，我很快就會談到。

H.C. Wainwright also does a great job of following us on the analyst side, and then also Joshua Levine at Third Stream Research. And also, Diamond Equity Research has done a phenomenal job recently of covering us. So if you want to follow our company, you can also follow the analysts and their updates as we move forward.

H.C.溫賴特（Wainwright）在分析師方面也非常出色地關注我們，還有 Third Stream Research 的約書亞·萊文（Joshua Levine）。此外，鑽石股票研究最近在報導我們方面也做了出色的工作。因此，如果您想關注我們公司，您還可以關注分析師及其最新動態。

So that's a little background. I really don't want to read the press release again, but I really want everybody to be on the same page, so you understand if you're going to be an investor in our company what to expect. As I mentioned in the press release, we turned around and sold the Cold-EEZE brand many years ago. From that, we then pivoted into COVID testing. We knew that when we pivoted into COVID testing, it was not going to be a long-term proposition. However, we decided to get into the business.

這就是一些背景知識。我真的不想再讀一遍新聞稿，但我真的希望每個人都能達成共識，這樣你就明白，如果你要成為我們公司的投資者，你會期待什麼。正如我在新聞稿中提到的，我們多年前就轉身出售了 Cold-EEZE 品牌。從那時起，我們就轉向了新冠病毒檢測。我們知道，當我們轉向新冠病毒檢測時，這不會是一個長期的提議。然而，我們決定進入這個行業。

In late 2020, we bought a small lab for $2.5 million. It's probably only worth $400,000. That's the running joke. And we built a $200 million business in spite of that. And we, quite frankly, in the first quarter, we were in the business. In the first quarter of 2021, we outperformed 95% of labs in the country.

2020 年底，我們斥資 250 萬美元購買了一個小型實驗室。它可能只值40萬美元。這就是流傳的笑話。儘管如此，我們還是建立了價值 2 億美元的業務。坦率地說，我們在第一季度就從事這項業務。 2021 年第一季度，我們的表現超過了全國 95% 的實驗室。

The reason I bring that up is not because of anything having to do with COVID, but it's incredibly similar to what we're working on right now with Nebula Genomics. Nebula Genomics, of course, was founded by George Church and his two PhD students five years ago. George had a vision 20 years ago. He has been world renowned in genomics for literally the last 20 years. He had a vision that one day, every single person in the country would be tested, potentially every baby when they're born would be genetically tested to know about genetic predispositions and all the research that's going into your genetic predispositions, and I'm going to get into that a little bit more.

我提出這一點的原因並不是因為與新冠病毒有關，而是因為它與我們目前在 Nebula Genomics 所做的工作非常相似。當然，星雲基因組學是由喬治·丘奇和他的兩名博士生五年前創立的。喬治20年前就有了一個願景。近 20 年來，他在基因組學領域享譽世界。他有一個願景，有一天，這個國家的每一個人都將接受測試，可能每個嬰兒出生時都會接受基因測試，以了解遺傳傾向以及所有有關遺傳傾向的研究，而我我們將進一步討論這一點。

But what's eerily similar, and the reason I bring up the COVID testing because we're no longer a COVID testing company. The reason I bring it up is because we got into the COVID testing business after not knowing anything about the lab business, but we saw an opportunity, and yet we outperformed 95% of the labs in the first quarter, the very first three months that we were in the business. And over that first year, I don't remember what we generated, but over the first two years, we generated over $200 million in revenues.

但驚人的相似之處在於，我之所以提出新冠病毒檢測，是因為我們不再是新冠病毒檢測公司。我之所以提出這個問題，是因為我們在對實驗室業務一無所知的情況下進入了新冠檢測業務，但我們看到了機會，而且我們在第一季度（即前三個月）的表現超過了95% 的實驗室。我們是在做生意的。我不記得第一年我們創造了什麼，但在頭兩年，我們創造了超過 2 億美元的收入。

So what's interesting is we're now in the exact same place with Nebula genomics. We've just built up this state-of-the-art laboratory. So of course, we have a state-of-the-art, high-complexity molecular laboratory that not only does COVID testing, it does all upper respiratory. We just built out a fantastic clinical lab. And now, we have this literally world-class lab for doing genetic testing, and we provide whole genome sequencing at a lower cost than anybody in the country.

有趣的是，我們現在與星雲基因組學處於完全相同的位置。我們剛剛建立了這個最先進的實驗室。當然，我們擁有最先進、高複雜性的分子實驗室，不僅可以進行新冠病毒檢測，還可以進行所有上呼吸道檢測。我們剛剛建造了一個很棒的臨床實驗室。現在，我們擁有這個真正的世界一流的基因檢測實驗室，並且我們以比全國任何人都低的成本提供全基因組測序。

So just imagine, we're in the same place now with Nebula genomics that we were with COVID testing 2.5 years ago. The difference is everybody thought that COVID was going to last for six months or a year, it ended up lasting for two years. Now, by the way, there is another round of COVID coming around, but people aren't taking it seriously. They're not testing like they were.

想像一下，我們現在的 Nebula 基因組學與 2.5 年前的新冠病毒檢測處於同樣的境地。不同的是，每個人都認為新冠病毒會持續六個月或一年，但最終持續了兩年。順便說一句，現在又一輪新冠疫情即將到來，但人們並沒有認真對待它。他們沒有像以前那樣進行測試。

And I'm not focusing the company on it. If we get some COVID testing, greaty, but that's not the focus of the company. But my point is, now we're getting into something. We're literally in the first inning with genetic testing, and we're the leading lab already. Now, instead of getting into a business where we have no experience, we have three years of experience in the lab business.

我不會讓公司專注於此。如果我們進行一些新冠病毒檢測，那就太好了，但這不是公司的重點。但我的觀點是，現在我們正在著手做一些事情。我們確實處於基因測試的第一局，而且我們已經是領先的實驗室。現在，我們不再進入沒有經驗的行業，而是在實驗室業務方面擁有三年的經驗。

And you got to understand, when we first started that business, I hired a bunch of people with great resumes that were not great employees. But they helped build the lab initially. And then I worked on weeding out the weaker employees and hiring better employees.

你必須明白，當我們剛開始這項業務時，我僱傭了一群簡歷出色的人，但他們並不是優秀的員工。但他們最初幫助建立了實驗室。然後我致力於淘汰能力較弱的員工並僱用更好的員工。

We have a team here that I would put up against any lab team in the country, and we just had an inspection. And I don't know that I'm really allowed to talk much about it, but it went fabulously well. And I can't tell you the compliments we got from our inspectors regarding our lab team.

我們這裡有一支團隊，我可以與該國任何實驗室團隊對抗，我們剛剛進行了檢查。我不知道我是否真的被允許談論太多，但進展非常順利。我無法告訴您檢查員對我們實驗室團隊的讚揚。

And so now, this, what I think is a world-class lab team, is focusing on building a world-class genomics lab where we're essentially a leader in the space. So we're a leader in the space of selling whole-genome sequencing direct to consumers, and maybe more importantly, and that has really been the focus, we're now also a leader in providing the sequencing to businesses.

所以現在，我認為這是一個世界一流的實驗室團隊，正在專注於建立一個世界一流的基因組學實驗室，我們本質上是該領域的領導者。因此，我們是直接向消費​​者銷售全基因組測序領域的領導者，也許更重要的是，這確實是焦點，我們現在也是向企業提供測序的領導者。

And so we just built a lab. We're literally just finishing the validations. We're literally just starting to do testing in our lab. And the types of calls and inquiries we're getting, it's really interesting. My son, Jason, who's the President of ProPhase Diagnostics, he started the lab business with me, and we decided together when we were exploring it back in 2020. And we were traveling the country and looking at opportunities.

所以我們剛剛建了一個實驗室。我們實際上剛剛完成驗證。我們實際上剛剛開始在實驗室進行測試。我們接到的電話和詢問的類型非常有趣。我的兒子 Jason 是 ProPhase Diagnostics 的總裁，他和我一起創辦了實驗室業務，我們在 2020 年探索這一領域時共同做出了決定。我們當時正在全國各地旅行並尋找機會。

And we literally were just talking in the last two days. We're like, oh, my God, this is déjà vu. The sense that we're getting from the interest levels of companies that want to do business with us is eerily similar to the sense that we got about the COVID business. The difference is, the genomics business, we're in the first thing, this business is going to be a huge growth industry for years, if not decades to come.

過去兩天我們確實只是在聊天。我們就像，哦，天啊，這真是似曾相識。我們從那些想要與我們做生意的公司的興趣水平中得到的感覺與我們從新冠疫情業務中得到的感覺出奇地相似。不同之處在於，對於基因組學業務，我們首先要做的是，該業務將在未來幾年甚至幾十年內成為一個巨大增長的行業。

All the medical research is going in this direction towards personalized precision medicine. And again, for those of you don't know and most of you probably do at this point if you've been on my other calls, personalized precision medicine, it's all about studying your genetic makeup and how that plays a role in diseases that you're predisposed to, the risks, what we call polygenic risk scores, which are the reports that we provide to you when you get tested. It tells you about your gene mutations, tells you about diseases you're at high risk of. And then if you know you're at high risk of a dangerous disease, hopefully you'll do things preventative to prevent you from getting that disease. That all starts with knowing your genetic makeup.

所有的醫學研究都朝著個性化精準醫療的方向發展。再說一次，對於那些不知道的人來說，如果你們參加過我的其他電話，個性化精準醫療，你們中的大多數人可能現在就知道了，這都是關於研究你的基因構成以及它如何在疾病中發揮作用。您容易遭受風險，我們稱之為多基因風險評分，這是我們在您接受測試時向您提供的報告。它告訴您有關您的基因突變的信息，告訴您有關您罹患疾病的高風險的信息。然後，如果您知道自己處於患危險疾病的高風險中，希望您會採取預防措施來防止患上這種疾病。這一切都始於了解您的基因構成。

Maybe more importantly, though, if you get the disease, how do you treat it? Turns out drugs work differently on different people depending on your genetic makeup. The research is literally just starting in this field. And in order to do this research, you need data. That data comes in the form of whole genome sequencing tests, and that's what we do best.

但也許更重要的是，如果你得了這種病，你該如何治療？事實證明，藥物對不同人的作用不同，具體取決於你的基因構成。該領域的研究實際上才剛剛開始。為了進行這項研究，您需要數據。這些數據以全基因組測序測試的形式出現，而這正是我們最擅長的。

So what's interesting is not only do we see opportunities in the United States, we are also seeing opportunities in other countries. So we just have to decide how much we want to focus on the other countries versus how much we want to just focus on our business in the United States. So we have a direct-to-consumer business, but what could be really explosive -- the direct-to-consumer business has obviously grown. We have grown over 100% year over year. And honestly, we're just getting started in the direct-to-consumer business, and we're growing 100% year over year.

所以有趣的是我們不僅在美國看到了機會，我們也在其他國家看到了機會。因此，我們只需要決定我們想要在多大程度上關注其他國家，以及我們想要在多大程度上專注於我們在美國的業務。因此，我們有直接面向消費者的業務，但真正具有爆炸性的是——直接面向消費者的業務已經明顯增長。我們同比增長超過 100%。老實說，我們剛剛開始涉足直接面向消費者的業務，而且我們每年都在以 100% 的速度增長。

And as prices come down, that only helps us even more because as prices come down, we're making our money in the consumer business on selling subscriptions to our library where we provide the polygenic risk scores, and we provide updates twice a week on all of the clinical research going on around the world, some of which is related to your -- the disease that you're at risk of, your gene mutations. It's really interesting stuff, and our subscribers love it. And the profit margins are very, very high for the subscription. So that's a great business model in and of itself.

隨著價格下降，這只會對我們有更多幫助，因為隨著價格下降，我們通過向我們的圖書館出售訂閱來在消費者業務中賺錢，我們提供多基因風險評分，並且我們每週提供兩次更新世界各地正在進行的所有臨床研究，其中一些與您面臨的疾病、您的基因突變有關。這確實是有趣的東西，我們的訂閱者喜歡它。而且訂閱的利潤率非常非常高。所以這本身就是一個很棒的商業模式。

But the B2B model, the volume that we see, the potential volume that we see is enormous. And so we built out the state-of-the-art lab. But what's interesting, I am spoiled and was spoiled by when we were doing COVID testing because the amount of test you can do on one machine, and COVID testing is quite large, whereas with whole genome sequencing, it's significantly less. So for us to get the kinds of volumes to do the kinds of revenues that we want to generate means buying more equipment and building out potentially larger lab. The reason we would do that is because the potential demand that we're seeing is awfully significant.

但是 B2B 模式，我們看到的數量，我們看到的潛在數量是巨大的。因此我們建立了最先進的實驗室。但有趣的是，當我們進行新冠病毒檢測時，我被寵壞了，因為在一台機器上可以完成的測試量非常大，而全基因組測序則要少得多。因此，對於我們來說，要獲得足夠的產量來實現我們想要產生的收入，就意味著購買更多的設備並建造可能更大的實驗室。我們這樣做的原因是因為我們看到的潛在需求非常巨大。

So right now, for the lab that we have in Garden City, I see that most of that capacity is going to be used up by our current customers and our D2C business that is growing. But if we want to do a substantial B2B business, we're going to want to continue to expand, which is a good thing because we can make an enormous amount of money, and we won't have success just in the short term like COVID testing, we'll have success in the long term.

因此，目前，對於我們在花園城的實驗室，我發現大部分容量將被我們當前的客戶和不斷增長的 D2C 業務所用。但如果我們想做大量的 B2B 業務，我們就會想要繼續擴張，這是一件好事，因為我們可以賺到大量的錢，而且我們不會像新冠病毒檢測，從長遠來看，我們將會取得成功。

So I'm happy to talk more about Nebula Genomics in the Q&A if you want to ask about it. That's a little bit of background. I gave a lot more, I think, in the press release. I also just wanted to touch, people have asked me in recent quarters about our accounts receivable. So I just want to clarify that, so there's no confusion.

因此，如果您想詢問，我很樂意在問答中更多地談論星雲基因組學。這就是一點背景。我想，我在新聞稿中提供了更多內容。我也只是想接觸一下，最近幾個季度人們問我有關我們的應收賬款的情況。所以我只是想澄清這一點，以免造成混淆。

We are not the least bit concerned about our accounts receivable. So when somebody asks at year end, we had approximately $37 million of accounts receivable. As of the end of June, we had $38 million -- will have raised $38 million in accounts receivable. So everyone's like, oh, my God, what's wrong with your accounts receivable?

我們一點也不擔心我們的應收賬款。因此，當年底有人問時，我們的應收賬款約為 3700 萬美元。截至 6 月底，我們有 3800 萬美元的應收賬款——將籌集 3800 萬美元的應收賬款。於是大家就想，天哪，你們的應收賬款出了什麼問題嗎？

What you don't understand is of that $37 million in accounts receivable at year end, we already collected $19 million of that. So it's not a substantial amount that's left. So we're talking about from 2022. We're talking about $18 million. That's on a $200 million quote -- of roughly $200 million quoted business. We have $18 million left to collect.

你不明白的是，年底的 3700 萬美元應收賬款，我們已經收回了其中的 1900 萬美元。所以剩下的金額並不多。所以我們談論的是從 2022 年開始。我們談論的是 1800 萬美元。這是基於 2 億美元的報價——大約 2 億美元的報價業務。我們還剩下 1800 萬美元有待籌集。

And so you understand why don't we collect it? First of all, accounts receivable, it's with the highest quality payers. It's with insurance companies. So we're not really worried about collecting. The issue was with collecting the patient data.

所以你明白我們為什麼不收集它嗎？首先是應收賬款，它是來自最高質量的付款人。是跟保險公司的。所以我們並不真正擔心收集。問題在於收集患者數據。

So understand, we did -- and I don't know what the exact number is. If we did $2 million COVID tests over two years, that means that's 2 million times we had to collect the specimen. We had to collect patient data. And unlike a patient that goes into a doctor's office that sits for 20 minutes with the receptionist, and you get the driver's license, and you get the insurance card information, and if everything doesn't check out, you don't even get to see the doctor until everything checks out. We couldn't do that with COVID testing when we were collecting specimens.

所以請理解，我們做到了——但我不知道確切的數字是多少。如果我們在兩年內花費 200 萬美元進行新冠病毒檢測，這意味著我們必須收集 200 萬次樣本。我們必須收集患者數據。不像病人走進醫生辦公室，在接待員面前坐了 20 分鐘，然後你拿到了​​駕照，拿到了保險卡信息，如果一切都沒有檢查完畢，你甚至都沒有機會去看醫生，直到一切檢查完畢。當我們收集樣本時，我們無法通過新冠病毒檢測來做到這一點。

Our specimen collection partners were basically setting up tents on streets in New York City. That was a big part of our business. And you just had people randomly walking up. You also had from HRSA at the time -- HRSA was government funded, and anybody who didn't have insurance, HRSA would just reimburse. That all ended last year. And when that ended, you had people that still want to be tested.

我們的標本採集合作夥伴基本上都是在紐約市的街道上搭建帳篷。這是我們業務的重要組成部分。你只是讓人們隨機走上來。當時你還從 HRSA 那裡得到了——HRSA 是政府資助的，任何沒有保險的人，HRSA 都會報銷。這一切都在去年結束了。當這一切結束時，有人仍然想要接受測試。

So sometimes they wouldn't give their correct information. They wouldn't have their insurance information with them. We would still test that. And now we're collecting on all that. It just takes time. So you have to understand we have to one by one go through every single one of those claims.

所以有時他們不會提供正確的信息。他們不會隨身攜帶保險信息。我們仍然會對此進行測試。現在我們正在收集所有這些。只是需要時間。所以你必須明白，我們必須一一審查這些主張中的每一項。

So even on roughly $15 million, we're talking about tens of thousands of tests, and we have to go through each one individually. So we hired a company who were experts. I mentioned this a couple of months ago. They've made enormous progress in collections, and they had about 25 people in another country working on this, going through literally every single claim.

因此，即使花費大約 1500 萬美元，我們也需要進行數以萬計的測試，而且我們必須單獨進行每一項測試。所以我們聘請了一家專家公司。我幾個月前就提到過這一點。他們在收集方面取得了巨大進展，並且在另一個國家安排了大約 25 名人員從事這項工作，幾乎仔細檢查了每一項索賠。

So I just wanted to say that accounts receivable is not an issue. Obviously, as we're doing business, and we were doing some COVID business in the first quarter, that created new accounts receivable and replaced the accounts receivable that we collected on last year. So not an issue, we're making a lot of progress in the accounts receivable, and I'm not really worried about it at all.

所以我只想說，應收賬款不是問題。顯然，當我們開展業務時，我們在第一季度開展了一些新冠疫情業務，這創造了新的應收賬款，並取代了我們去年收集的應收賬款。所以這不是問題，我們在應收賬款方面取得了很大進展，我一點也不擔心。

We did a write-off at the end of last year, a small write-off, I think it was $5 million or $6 million inside of a $200 million business. So we're pretty set there.

我們去年年底進行了一次沖銷，一次小額沖銷，我認為在一個 2 億美元的業務中，有 500 萬美元或 600 萬美元。所以我們已經做好了準備。

Separately, before I get to questions, obviously I talked a lot without even covering a lot.

另外，在我開始提問之前，顯然我說了很多，甚至沒有涵蓋很多。

Pharmaloz. The potential of Pharmaloz for manufacturing facility is enormous. What's interesting is when I first sold the Cold-EEZE brand, I didn't care. I don't know. If they wanted to acquire our manufacturing facility, I wouldn't have put up a big fight. That is now becoming an enormously valuable business.

法爾洛茲。 Pharmaloz 對於製造設施的潛力是巨大的。有趣的是，當我第一次出售 Cold-EEZE 品牌時，我並不在乎。我不知道。如果他們想收購我們的生產設施，我不會進行激烈的鬥爭。現在這正在成為一項非常有價值的業務。

I mentioned on a previous call that one or two of the largest lozenge brands in the world want to do business with us. Capacity is tight all over the place, and the most important thing for a lozenge brand when it comes to selling, if you're selling into a Walgreens, Walmart, CVS, and obviously we have a lot of experience there, critically important that you don't have empty shelf space. When the buyer at Walgreens sits down with you and goes over the plan, they are responsible for every square inch of shelf space in their department. If a shelf is empty and that space is empty, it's not generating a profit. They look really, really bad.

我在之前的電話中提到，世界上最大的一兩個錠劑品牌希望與我們開展業務。各地的產能都很緊張，對於一個含片品牌來說，在銷售方面最重要的是，如果你要向沃爾格林、沃爾瑪、CVS 銷售，顯然我們在那裡有很多經驗，這一點至關重要沒有空的貨架空間。當沃爾格林的採購員與您坐下來仔細研究計劃時，他們要對其部門的每一平方英寸貨架空間負責。如果貨架和空間都是空的，就不會產生利潤。他們看起來真的非常糟糕。

So what happens is with lozenge brands, as with any consumer product, if you don't deliver the product on time, the retailers get really upset, and they cut back your shelf space. And so we have major brands who need the reliability. And we have the best reputation in the industry when it comes to lozenge manufacturing. And so we have large brands that want to do business with us that would be very profitable to our manufacturing facility.

因此，對於菱形品牌來說，就像任何消費品一樣，如果你沒有按時交付產品，零售商會非常生氣，他們會削減你的貨架空間。因此，我們有需要可靠性的大品牌。在錠劑製造方面，我們在業內擁有最好的聲譽。因此，我們有一些大品牌希望與我們開展業務，這對我們的製造工廠來說將是非常有利可圖的。

And so we are now working on building out that capacity. One thing we're doing is purchasing. We already ordered another lozenge line that is being manufactured. But in addition to that, there's other pieces of equipment that we can buy to increase our capacity, which we're doing now. And it's a wrapper, and it's other types of machinery. And quite frankly, we never really upgraded to new equipment and never really built it out before.

因此，我們現在正在努力建設這種能力。我們正在做的一件事就是採購。我們已經訂購了另一條正在生產的錠劑生產線。但除此之外，我們還可以購買其他設備來提高我們的產能，我們現在正在這樣做。它是包裝機，也是其他類型的機械。坦白說，我們從未真正升級過新設備，也從未真正建造過新設備。

It wasn't a big focus of the company before. But now, the potential is really enormous. We can go from a roughly breakeven type of business to a business that literally we put in our press release that could be earning $10 million. That's just on the new business plus the existing business.

此前，這並不是公司的重點。但現在，潛力確實是巨大的。我們可以從大致收支平衡的業務轉變為我們在新聞稿中所說的可以賺取 1000 萬美元的業務。這只是新業務加上現有業務。

We're in the process of raising prices and also making our facility more efficient. So the opportunity at Pharmaloz is enormous over the next 12 months. And so anybody worried about us building value in the company. First of all, Nebula to me, that's a layup.

我們正在提高價格並提高我們的設施效率。因此，Pharmaloz 未來 12 個月的機遇是巨大的。因此，有人擔心我們為公司創造價值。首先，星雲對我來說，那是上籃。

And we had this attitude with COVID, if you build it, they will come. And they came. Well, if you build it in the genomics business, I can already see they're coming. And what's interesting is a lot of the companies you have -- first of all, you have consumer product companies that are selling genetic testing.

我們對新冠病毒抱有這樣的態度，如果你建造它，他們就會來。他們來了。好吧，如果你在基因組學業務中構建它，我已經可以預見它們即將到來。有趣的是你擁有很多公司——首先，你擁有銷售基因檢測的消費品公司。

I'm not only talking about whole genome sequencing, I'm also talking about the type of testing that ancestry companies provide. And they're only studying a very, very small percentage of your genome compared to all genome sequencing. But even those companies potentially could do testing at our lab. None of them want to be in the lab testing business.

我不僅談論全基因組測序，還談論祖先公司提供的測試類型。與所有基因組測序相比，他們只研究基因組中非常非常小的一部分。但即使是這些公司也有可能在我們的實驗室進行測試。他們都不想從事實驗室測試業務。

And what's interesting, particularly with academic institutions doing research, some of them have small labs. They don't want to invest in an expensive lab and have expensive equipment to do whole-genome sequencing. They would rather outsource it because they're only doing testing on whatever research they're doing. They're not doing -- nobody is doing enough testing individually to support building out the type of lab that we're building.

有趣的是，特別是對於從事研究的學術機構來說，其中一些機構擁有小型實驗室。他們不想投資昂貴的實驗室並擁有昂貴的設備來進行全基因組測序。他們寧願外包，因為他們只是對他們正在做的任何研究進行測試。他們沒有做——沒有人單獨做足夠的測試來支持建立我們正在建立的實驗室類型。

And so that's why the opportunity is there for a company like ours. We now have a phenomenal reputation in the industry and the lab business. As I said, the inspections in New York, New York is one of the most stringent, difficult from a regulatory perspective, base in the entire country. And we are literally one of the top labs in the state of New York from a regulatory point of view, and I'll leave it at that.

這就是為什麼像我們這樣的公司有機會。我們現在在行業和實驗室業務中享有盛譽。正如我所說，紐約的檢查，從監管角度來看，紐約是全國最嚴格、最困難的基地之一。從監管的角度來看，我們確實是紐約州最好的實驗室之一，我就到此為止。

I will talk more about the inspection, but it went incredibly well, and I'm really pleased with our lab. And so now, we have this great reputation. We now have the best equipment. We're working with literally the leading global leaders in the equipment that is used. They manufacture the equipment, and they manufacture the consumables that are needed in order for us to process the whole genome sequencing test.

我將更多地談論檢查，但檢查進行得非常順利，我對我們的實驗室非常滿意。現在，我們享有盛譽。我們現在擁有最好的設備。我們正在與所使用的設備領域的全球領先者合作。他們製造設備，製造我們進行全基因組測序測試所需的耗材。

And we have relationships with literally every major company in the world. George Church was a part of it. He made a lot of those introductions. A lot of it we inherited when we acquired Nebula genomics. When we acquired Nebula. I don't know, 2 -- probably 2, 2.5 years ago, they were already doing business with some of the largest, and we've now developed those relationships.

我們與世界上幾乎所有大公司都有關係。喬治教堂是其中的一部分。他做了很多這樣的介紹。當我們獲得星雲基因組學時，我們繼承了很多知識。當我們收購星雲時。我不知道，2 - 可能是 2、2.5 年前，他們已經與一些最大的公司開展業務，現在我們已經發展了這些關係。

So I'm really excited about these two subsidiaries (technical difficulty) revenues now, and the revenue growth, I believe, is going to be dramatic over the next six, 12, 18 months. And the earnings associated with it next year are going to be significant. And so we're using this year to invest, to build out the equipment, to build out the labs, to purchase more lozenge manufacturing equipment, purchase more genetic testing equipment, hiring lab techs. I mean, we're hiring very sophisticated lab techs to build this business.

因此，我現在對這兩家子公司（技術難度）的收入感到非常興奮，我相信，未來 6、12、18 個月的收入增長將會非常驚人。明年與之相關的收入將是可觀的。因此，我們將利用今年進行投資，建造設備，建造實驗室，購買更多的錠劑製造設備，購買更多的基因檢測設備，僱用實驗室技術人員。我的意思是，我們正在聘請非常先進的實驗室技術人員來建立這項業務。

And so you've got to understand, yes, of course, we're going to lose money for a couple of quarters. We're hiring. We built out the state-of-the-art lab. We have some of the best lab techs in the world now working at our company. And we weren't doing any genetic testing in our lab because it wasn't validated yet, so obviously there's going to be loss in the short term. That's what it means to be a development-stage company.

所以你必須明白，是的，當然，我們將虧損幾個季度。我們正在招聘。我們建立了最先進的實驗室。我們公司擁有一些世界上最好的實驗室技術人員。我們沒有在實驗室進行任何基因測試，因為它尚未得到驗證，所以顯然短期內會出現損失。這就是成為一家發展階段公司的含義。

But what's nice about us is the amount of money we're losing pales in comparison to the value of our company, our networking company, the value of the assets we have, and the potential for growth. So those are two businesses that I mentioned.

但我們的優點是，與我們公司、我們的網絡公司的價值、我們擁有的資產的價值以及增長潛力相比，我們損失的錢就顯得相形見絀了。這就是我提到的兩項業務。

Esophageal cancer. I could spend the whole call just talking about esophageal cancer. I'm not going to. I'm happy to in the Q&A. Everything is going really well there. We're working with an independent professional statistics company called STATKING that did a full analysis of all the testing we've done so far.

食道癌。我可以用整個電話來談論食道癌。我不打算。我很高興參與問答。那裡一切都很順利。我們正在與一家名為 STATKING 的獨立專業統計公司合作，該公司對我們迄今為止所做的所有測試進行了全面分析。

And the idea is not to do more -- not to run the clinical study any further than we have to, and how you determine the number of specimens we need in the clinical study is based on the statistical analysis. So we have an independent company right now calculating how many specimens we need to process in order to apply for CPT codes and in order for physicians and the various cancer organizations around the country, around the world to accept us for commercialization.

我們的想法是不要做更多的事——不要進行超出我們必須做的範圍的臨床研究，並且如何確定我們在臨床研究中需要的樣本數量是基於統計分析的。因此，我們現在有一家獨立公司正在計算我們需要處理多少樣本才能申請 CPT 代碼，並讓全國各地和世界各地的醫生和各種癌症組織接受我們的商業化。

And so we believe that with the number of specimens that have been coming in recently and that we're studying now, we should be in really good shape later this year. And so I'm just looking forward to completing the current studies which are being done exactly the same as the studies that were done on the first specimens. And so we are highly optimistic that we're going to get the same results, and then we're going to be able to run with it.

因此，我們相信，隨著最近收到的標本數量以及我們現在正在研究的標本數量，我們今年晚些時候應該會處於非常好的狀態。因此，我只是期待完成當前的研究，這些研究與對第一個樣本進行的研究完全相同。因此，我們非常樂觀地認為我們將得到相同的結果，然後我們將能夠繼續下去。

And again, I think esophageal cancer test by itself has multibillion dollar potential. Happy to go into the numbers if anybody wants to. I don't want to do it in my presentation, but in the Q&A, I'm happy to cover what anybody wants to cover.

再說一遍，我認為食道癌檢測本身就具有數十億美元的潛力。如果有人願意的話，我很樂意研究這些數字。我不想在演講中這樣做，但在問答中，我很樂意涵蓋任何人想要涵蓋的內容。

So that gives me background. I want to stop. It's 11:29. I spoke for a little over 20 minutes just to give you a little bit of background and update on our company.

這給了我背景。我想停下來。現在是 11 點 29 分。我講了 20 多分鐘，只是為了向您介紹一些我們公司的背景和最新情況。

I'm happy to move this over to the Q&A, and I'll hand it back over to our (inaudible) company to start the Q&A.

我很高興將其移至問答環節，並將其交回給我們（聽不清）公司以開始問答。

And my -- actually in my -- there we go. My computer just first. Okay. Vaishnavi, if you want to start the Q&A, I'd appreciate it.

我的——實際上是在我的——我們開始了。首先是我的電腦。好的。 Vaishnavi，如果您想開始問答，我將不勝感激。

Sure, sure. Thank you. (Operator Instructions) Adam Waldo with Lismore Partners. Please go ahead.

一定一定。謝謝。 （操作員說明）Adam Waldo 與 Lismore Partners。請繼續。

You have a lot of very attractive shots on goal here on which you're working, as we look out over the next year or two, and pretty decent probability that several of them are going to score. But in the next several quarters, there isn't a lot of visibility, I think, for investors into the cash trajectory with the trajectory of the company, right? You're sort of at a cash burn run rate of around $14 million, $15 million annualized based on the first-half results. You have cash and marketable securities on the balance sheet of about $9 million.

當我們展望未來一兩年時，你正在努力完成許多非常有吸引力的射門，並且其中有幾個進球的可能性相當大。但我認為，在接下來的幾個季度中，投資者對公司現金軌蹟的了解不會太多，對吧？根據上半年的業績，你的現金消耗約為 1400 萬美元，年化為 1500 萬美元。資產負債表上有大約 900 萬美元的現金和有價證券。

You could factor your accounts receivable. There are other things you could do in terms of if you will bridge financing if you need it. Can you lay out for people how you're thinking about bridge financing opportunities if needed? But more importantly, can you lay out what you see the cash progression, liquidity progression, looking like over the next three to four quarters?

您可以考慮應收賬款。如果您需要過渡融資，您還可以做其他事情。如果需要的話，您能否向人們展示您如何考慮過橋融資機會？但更重要的是，您能否列出您對未來三到四個季度的現金進展、流動性進展的看法？

So that's a great question. I don't know -- I don't have the first quarter numbers in front of me, but when I look at our cash burn, I like to focus more on our adjusted EBITDA than anything else. Our adjusted EBITDA was negative, I think, $2.2 million in the second quarter. And it was much better than in the first quarter. So I'm not sure where you get your numbers from. If we burn cash, it's to buy equipment. If we buy equipment, we certainly have the ability to finance that equipment.

這是一個很好的問題。我不知道——我面前沒有第一季度的數據，但當我看到我們的現金消耗時，我更喜歡關注調整後的 EBITDA。我認為第二季度調整後的 EBITDA 為負 220 萬美元。而且比第一季度好很多。所以我不確定你從哪裡得到你的數字。如果我們燒錢，就是為了購買設備。如果我們購買設備，我們當然有能力為該設備提供資金。

So cash doesn't become a major obstacle for us. If you're asking me, am I thinking about doing a raise for ProPhase Labs? The answer is, no. These prices -- I don't know what's appropriate to say or not say, but I think Nebula Genomics is -- it could be worth right now more than the entire market cap of our company by itself. And especially if you include our net working capital, then -- just those two things.

所以現金不會成為我們的主要障礙。如果你問我，我是否正在考慮為 ProPhase Labs 加薪？答案是不。這些價格——我不知道該說什麼合適，什麼不該說什麼，但我認為 Nebula Genomics 的價值——現在可能比我們公司本身的整個市值還要高。特別是如果你包括我們的淨營運資本，那麼——就這兩件事。

If we had nothing but Nebula and our net working capital, I tell you that our stock's probably undervalued. When you include our Pharmaloz Manufacturing facility -- look at the type of numbers. I really think we could generate $10 million in pretax profits just from the new business we're -- so even if we say to breakeven.

如果我們除了星雲和我們的淨營運資本什麼都沒有，我告訴你我們的股票可能被低估了。當您包括我們的 Pharmaloz 製造工廠時，請查看數字類型。我真的認為我們可以從我們的新業務中產生 1000 萬美元的稅前利潤 - 所以即使我們說達到收支平衡。

But the truth of the matter is, we're increasing our gross margins, we're increasing our pricing. We're getting more efficient. We're -- I don't want to go too much into it, but there are some short-term things. We brought in an efficiency expert. There's some short-term things that we can do to increase the profitability, right now, in our current business.

但事實是，我們正在提高毛利率，我們正在提高定價。我們的效率越來越高。我們——我不想談論太多，但有一些短期的事情。我們聘請了一位效率專家。我們可以採取一些短期措施來提高當前業務的盈利能力。

But with the business that we're adding and with the negotiations that have taken place, I've been told that a manufacturing facility -- that private equity loves manufacturing facilities and will pay 10 or 15 times EBITDA. So we potentially, and I'm not saying that Pharmaloz is going to be worth $100 million or $150 million in a year -- but it could be worth $75 million in a year. And then meanwhile, more importantly, Nebula Genomics, that business is exploding in all the things they're doing.

但隨著我們增加的業務以及已經進行的談判，我被告知製造工廠——私募股權公司喜歡製造工廠，並將支付 10 或 15 倍的 EBITDA。因此，我並不是說 Pharmaloz 一年內的價值將達到 1 億美元或 1.5 億美元，但它可能會在一年內價值 7500 萬美元。與此同時，更重要的是，Nebula Genomics 的業務在他們所做的所有事情中呈爆炸式增長。

So if we wanted to do something creative, it wouldn't be raising capital for ProPhase Labs. As I mentioned on the call already, the accounts receivable isn't an issue. Cash flow is flowing in from that. Also, since our COVID testing slowed, it actually improves our cash flow and our accounts receivable going forward because as accounts receivable flows -- you see the issue, as I explained earlier in the call, we had significant accounts receivable at year end, and it looked like our accounts receivable actually grew a little bit. Six months later, it looked like wouldn't make any progress. We made a lot of progress.

因此，如果我們想做一些有創意的事情，就不會為 ProPhase Labs 籌集資金。正如我在電話中提到的，應收賬款不是問題。現金流由此流入。此外，由於我們的新冠病毒測試速度放緩，它實際上改善了我們的現金流和未來的應收賬款，因為隨著應收賬款的流動，你會看到這個問題，正如我在電話會議早些時候所解釋的那樣，我們在年底有大量的應收賬款，並且看來我們的應收賬款實際上增長了一點。六個月後，看起來沒有任何進展。我們取得了很大的進步。

We collected on more than 50% of our accounts receivable, but we have new accounts receivable that was generated particularly in the first quarter from the new COVID testing business that we're doing. So now, we're in a situation -- and understand we're paying a lot of expenses upfront when we do the COVID testing, and then we're getting paid on the backend when the insurance companies reimburse us. And of course, for the specimens that are associated with a sloppy patient data, it takes a lot longer to collect. So all those expenses go out upfront, we get paid later.

我們收回了超過 50% 的應收賬款，但我們有新的應收賬款，特別是在第一季度，我們正在進行的新的新冠病毒檢測業務產生了新的應收賬款。所以現在，我們處於這樣的情況——並且明白，當我們進行新冠病毒檢測時，我們要預先支付大量費用，然後當保險公司向我們報銷時，我們會在後端獲得報酬。當然，對於與馬虎的患者數據相關的標本，收集需要更長的時間。因此，所有這些費用都是預先支付的，我們稍後會得到報酬。

So now, we're in a situation where we're doing significantly less COVID testing. We have accounts receivable coming in where we're starting to collect that now for the second half of the year, while at the same time, we don't have the expenses going out on new COVID testing because we've downsized that business significantly. So our cash flow is actually pretty good. And we have plenty of opportunities.

所以現在，我們的新冠病毒檢測量明顯減少。我們有應收賬款，我們現在開始在今年下半年收取應收賬款，同時，我們沒有用於新的新冠病毒檢測的費用，因為我們已經大幅縮減了該業務規模。所以我們的現金流其實還不錯。我們有很多機會。

First of all, hypothetically, I want to -- if I want to finance Pharmaloz, we have this amazing building, amazing business to operate. But besides the business operation, just the building itself, and it's on 12 acres across from Walmart, we could take out a mortgage on that very, very quickly. We can finance our current accounts receivable. So the last thing I'm going to do or that I want to do is to do a dilutive round of financing with ProPhase Labs.

首先，假設，如果我想為 Pharmaloz 提供資金，我們擁有這座令人驚嘆的建築、令人驚嘆的業務可供運營。但除了業務運營之外，就建築物本身而言，它位於沃爾瑪對面，佔地 12 英畝，我們可以非常非常快地申請抵押貸款。我們可以為我們的活期應收賬款提供融資。因此，我要做的最後一件事就是與 ProPhase Labs 進行一輪稀釋性融資。

At the same time, we have subsidiaries that I can't really talk about this, but we just might have a subsidiary that, as I mentioned, by itself, might be worth the market cap of the company. So just think of -- and you've got to get my background is on Wall Street. So with background on Wall Street and with these great investment bankers that we're working with, there are all sorts of creative ways we can finance this company without doing a dilutive round of financing with a secondary for ProPhase Labs.

與此同時，我們有子公司，我不能真正談論這一點，但我們可能有一家子公司，正如我提到的，其本身可能值得公司的市值。所以想想——你必須知道我的背景是在華爾街。因此，憑藉華爾街的背景以及與我們合作的這些偉大的投資銀行家，我們可以通過各種創造性的方式為這家公司提供資金，而無需為 ProPhase Labs 進行第二輪稀釋性融資。

And I don't want to go into it more, and I don't know, we'll see where this goes. And I really shouldn't talk about it more. But I can just tell you. I had plenty of opportunities if I want to bring out the underlying value in our company. And at some point, at the right time, in the right market conditions, it's quite possible that I would do that, and we'll just have to wait and see.

我不想再深入討論它，我不知道，我們會看看事情會怎樣。我真的不應該再談論它。但我只能告訴你。如果我想發揮我們公司的潛在價值，我有很多機會。在某個時候，在正確的時間，在正確的市場條件下，我很可能會這樣做，我們只需要拭目以待。

I don't want to say more than that. I'm not interested in getting in trouble with the SEC, but I just wanted you to know that I have plenty of options that don't include anything to do with dilutive rounds of financing. It's not the way I manage the company. The way I manage the company -- again, I'm the largest shareholder in the company. Personal friends of mine are also large shareholders, and I believe in watching their backs even more than watching my own.

我不想說更多了。我不想惹上美國證券交易委員會的麻煩，但我只是想讓你知道我有很多選擇，但不包括任何與稀釋性融資有關的選擇。這不是我管理公司的方式。我管理公司的方式——再說一遍，我是公司最大的股東。我的私人朋友也是大股東，我相信關注他們的背後比關注我自己更重要。

And the one thing I understand is raise capital when the stock market's hot, and there's lots of capital around, and stock prices are high. When stock prices are low, you buy back stock, and you pay dividends. And so I have a history of doing exactly what I just described. There's no reason why I want to do anything to, oh, I'll start to change my style from what it has been for the last dozen years, which have been very, very successful.

我理解的一件事是，當股市火熱時籌集資金，周圍有大量資金，股價也很高。當股價較低時，您回購股票並支付股息。因此，我一直以來都按照我剛才描述的方式做事。我沒有理由想做任何事，哦，我會開始改變我過去十幾年的風格，這已經非常非常成功了。

So it's really a Warren Buffett style to some point. I really think long term is -- in terms of just building long-term value for the company. I hope that answers your question. I went a bunch of tangents, but I think I brought it all together.

所以在某種程度上這確實是沃倫·巴菲特的風格。我真的認為長期是——就為公司建立長期價值而言。我希望這能回答你的問題。我走了不少彎路，但我想我把它們整合到了一起。

No, I think that's helpful. And you'd asked early in your answer the source of the cash flow commentary. That's just your first-half free cash flow from your press release today annualized. So you had (inaudible) in free cash flow about $7 million first half of the year. Back of the envelope, simple math, you analyze it's $14 million-ish, so just trying to get a sense of bridge for the next three or four quarters.

不，我認為這很有幫助。您在回答的早期就詢問了現金流量評論的來源。這只是今天新聞稿中的上半年自由現金流的年化值。因此，今年上半年您的自由現金流約為 700 萬美元（聽不清）。從信封後面，簡單地算一下，你分析它大約是 1400 萬美元，所以只是想了解一下接下來三四個季度的過渡情況。

I think what I've heard you say, and again, clarify if you think it's appropriate, as you think appropriate, but I think what I've heard you say is, look, we have $39 million of ARR that we could securitize or factor. We have the ability to mortgage the -- put a mortgage on the lozenge, factoring business Pharmaloz. We have the ability to do various and sundry things in the capital markets that might unlock value in our five main -- one more of our five main five main business lines. And we see obviously the Pharmaloz business ramping quite significantly next year plus the genetic testing business. And so the business should be solely free cash flow positive in 2024. Is that a fair summary?

我想我聽到你說的是，再次澄清你是否認為合適，就像你認為合適一樣，但我認為我聽到你說的是，看，我們有3900 萬美元的ARR，我們可以將其證券化或因素。我們有能力抵押——對菱形保理業務 Pharmaloz 進行抵押。我們有能力在資本市場上做各種各樣的事情，這些事情可能會釋放我們五個主要業務線的價值——我們五個主要業務線中的又一個。我們顯然看到 Pharmaloz 業務以及基因檢測業務明年將大幅增長。因此，到 2024 年，該業務的自由現金流應該僅為正值。這樣的總結公平嗎？

Yes. I'm really impressed, Adam. I don't know what you do for a living, but you might want to come work for us if you're looking for a job because that was really well done. Yes, that should actually be the summary. Thank you.

是的。我真的很感動，亞當。我不知道你以什麼為生，但如果你正在找工作，你可能會想來我們這里工作，因為那確實做得很好。是的，這實際上應該是摘要。謝謝。

Okay, thank you.

好的謝謝。

All right. Do you have any other questions, or should we move on? Vaishnavi, let's go to our next question, please.

好的。您還有其他問題嗎？或者我們應該繼續嗎？ Vaishnavi，請讓我們進入下一個問題。

Fred McDonald, a private investor.

弗雷德·麥克唐納，私人投資者。

Ted, you say the value of Nebula is greater than our market cap, but the market isn't recognizing that. Would you consider doing an IPO on Nebula? Or is there some other way that you could get the true value of Nebula be recognized?

特德，你說星雲的價值大於我們的市值，但市場並沒有意識到這一點。您會考慮在星雲上進行 IPO 嗎？還是有其他方法可以讓星雲的真正價值得到認可？

Yeah. So what's interesting is, it's a great question. I alluded to it the from the last caller's questions. I'm not allowed to talk about things like IPOs. But what I can tell you -- and again, I said this before, it's so eerily similar, it's almost scary, what happened, 2.5 years ago, where we raised a block of money with ThinkEquity, led by Think Equity. We built out this tremendous lab. We built tremendous capacity, and then we did an enormous business.

是的。有趣的是，這是一個很好的問題。我在上次來電者的問題中提到了這一點。我不被允許談論諸如首次公開募股之類的事情。但我可以告訴你的是——我之前說過，2.5 年前發生的事情非常相似，幾乎令人恐懼，當時我們在 Think Equity 的領導下，與 ThinkEquity 籌集了一大筆資金。我們建造了這個巨大的實驗室。我們建立了巨大的產能，然後我們做了巨大的業務。

And so it really is a déjà vu where we're in the exact same situation now almost exactly three years later, but it's with the business, Nebula genomics, where the upside is dramatically greater than COVID. And it's an upside that's going to last potentially only for years, but for decades. I mean, this is the future personalized precision medicine. So as I said, my background is on Wall Street, so I am really -- tell me I'm terrible at everything I do, but one thing I can tell you is I understand Wall Street, and I understand the value of Nebula, and I understand the best ways to bring out that value as needed.

因此，這確實是一種似曾相識的感覺，幾乎三年後，我們現在處於完全相同的情況，但這是星雲基因組學業務，其上行空間比新冠病毒大得多。這種優勢可能只會持續數年，但可能持續數十年。我的意思是，這就是未來的個性化精準醫療。正如我所說，我的背景是華爾街，所以我真的——告訴我，我所做的一切都很糟糕，但我可以告訴你的一件事是，我了解華爾街，我了解星雲的價值，我了解根據需要發揮該價值的最佳方法。

So to me, the real issue is I want to build -- we already have a state-of-the-art whole genome sequencing facility, but now I want to build capacity. I want to be the leading laboratory in the country, if not in the world, for whole genome sequencing and for all genetic testing. And not only from the point of view of having the best equipment, which we have. We have the best equipment in the world right now.

所以對我來說，真正的問題是我想建立——我們已經擁有最先進的全基因組測序設施，但現在我想建立能力。我希望成為國內乃至世界領先的全基因組測序和所有基因檢測實驗室。不僅僅是從我們擁有最好的設備的角度來看。我們現在擁有世界上最好的設備。

We have equipment in this country that nobody else in the country has. We're the first one to get the latest leading state-of-the-art, whole genome sequencing equipment. But now, I want to build the capacity so that the bigger deals, we're the lab of choice for the bigger deals. And I believe there's an opportunity right now to do it right now.

我們在這個國家擁有其他國家沒有的設備。我們是第一家擁有最新領先、最先進的全基因組測序設備的公司。但現在，我想建立能力，以便更大的交易，我們成為更大交易的首選實驗室。我相信現在就有機會這樣做。

That opportunity may not be there in three years, but it's there right now because we're first in, because George Church had the vision five years ago to found this company with his two PhD students who, by the way, work for us. And they're great guys, by the way, Kamal and Dennis. You can see there in our company profiles.

這個機會可能三年內不會出現，但現在就存在，因為我們是第一個，因為喬治·丘奇五年前就有遠見，與他的兩名博士生一起創立了這家公司，順便說一句，他們為我們工作。順便說一下，卡邁勒和丹尼斯他們都是很棒的人。您可以在我們的公司簡介中看到。

Great guys. Really happy they came and joined us, and we're building this great company. And to be honest, we have a whole team that's doing a phenomenal job of building Nebula. So I'm sorry I can't directly answer your question, and I'm not saying we're going to do something. We're not going to do something.

很棒的傢伙。很高興他們加入我們，我們正在建設這家偉大的公司。老實說，我們整個團隊在星雲建設方面做得非常出色。所以很抱歉我無法直接回答你的問題，我也不是說我們要做什麼。我們不會做某事。

But also, the previous caller asked about cash flow. Well, I mean, certainly. If I wanted to, I could raise capital for up the value of Nebula. And there's multiple different ways that I could do that if we want to do that. We'll just have to see. We'll explore things over time.

而且，前一個來電者還詢問了現金流情況。嗯，我的意思是，當然。如果我願意，我可以籌集資金來提升星雲的價值。如果我們想這樣做，我可以通過多種不同的方式來做到這一點。我們只需要看看。隨著時間的推移，我們將探索一些事情。

So my point is I have lots of options without having to do a dilutive round of financing for ProPhase. And if I did some sort of financing, as I said, I can finance Pharmaloz with the mortgage, or I could do something with Nebula. And I don't want to go into more detail now, but the answer is, yes, we have lots of options to explore. See, the beauty is when you build a company that has significant underlying value, and we do with multiple subsidiaries, it gives you options for how to finance going forward.

所以我的觀點是，我有很多選擇，而不必為 ProPhase 進行稀釋性融資。如果我進行某種融資，正如我所說，我可以通過抵押貸款為 Pharmaloz 提供資金，或者我可以與 Nebula 做一些事情。我現在不想透露更多細節，但答案是，是的，我們有很多選擇可以探索。看，美妙之處在於，當您建立一家具有重大潛在價值的公司時，我們與多家子公司一起這樣做，它為您提供瞭如何融資的選擇。

So to me, the real question is, do I want to do a financing in order to scale up Nebula because the opportunities are so large and that we just have to balance. What I don't want to do is a dilutive round of financing at ProPhase Labs, right? And we'll just have to see. But the same way we built out a COVID testing lab and outperformed 95% of labs in the country, I expect to do the same thing with whole genome sequencing except I expect to -- my goal is to outperform 100% of the labs in the country. And that's our goal.

所以對我來說，真正的問題是，我是否想要進行融資以擴大星雲規模，因為機會如此之大，我們只需要平衡。我不想做的是 ProPhase Labs 的一輪攤薄融資，對嗎？我們只需要看看。但是，就像我們建立了一個新冠病毒檢測實驗室並超越了全國95% 的實驗室一樣，我希望在全基因組測序方面也能做到同樣的事情，除非我希望——我的目標是超越全國100% 的實驗室。國家。這就是我們的目標。

And I think I've also mentioned that we have significant opportunities not only in the United States, but abroad. So what's interesting over the last couple of weeks, and I've been talking about our opportunities abroad for our lab. What's interesting over the last couple of weeks is the interest level is so high for Nebula Genomics for our lab for B2B business. And we're literally just starting. We're not even -- we're barely even in the business.

我想我還提到過，我們不僅在美國而且在國外都有重要的機會。過去幾周有趣的是，我一直在談論我們實驗室在國外的機會。過去幾周有趣的是 Nebula Genomics 對我們 B2B 業務實驗室的興趣非常高。我們實際上才剛剛開始。我們還沒有——我們在這個行業裡幾乎沒有。

And the interest level is high from some of the largest testing companies in the world. And so it's really interesting. We'll see where this goes. But I can tell you, if we build it, they will come. I really believe that that's applicable to Nebula Genomics. And I believe that's here right now. That opportunity is here right now, and I'm really looking forward to taking advantage of that opportunity. I hope that answers your question.

世界上一些最大的測試公司對此表現出很高的興趣。這真的很有趣。我們會看看這會發生什麼。但我可以告訴你，如果我們建造它，他們就會來。我真的相信這也適用於星雲基因組學。我相信現在就在這裡。這個機會現在就在這裡，我真的很期待利用這個機會。我希望這能回答你的問題。

Thank you, Ted.

謝謝你，特德。

All right, great. Vaishnavi, on to the next question, please.

好吧，太好了。 Vaishnavi，請回答下一個問題。

Dennis K. Waldman, Barrett Productions.

丹尼斯·K·沃爾德曼，巴雷特製作公司。

I have about three or four questions, if you don't mind. I'm trying to wrap my head around Q1 versus Q2. In Q1, you did about $19 million, and here you did about $13 million. I would assume that the consumer products of Nebula and the Pharmaloz increased from Q1 to Q2. And I see that diagnostic testing in Q1 was 120,000 with an average price of about $121. In Q2, it went up 126,000, about 5% increase.

如果你不介意的話，我有大約三四個問題。我正在嘗試了解第一季度和第二季度的情況。第一季度，您的收入約為 1900 萬美元，而這裡您的收入約為 1300 萬美元。我認為 Nebula 和 Pharmaloz 的消費品從第一季度到第二季度有所增加。我看到第一季度的診斷測試數量為 120,000 次，平均價格約為 121 美元。第二季度增加12.6萬，增幅約5%。

So I'm trying to understand how we have a 30% drop in revenue where we had increases across at least unit volume in diagnostic testing unless the price went down per test.

因此，我試圖了解，除非每次測試的價格下降，否則我們的收入為何會下降 30%，而診斷測試的單位數量至少有所增加。

You know what, I apologize. I would have to get back to you on an answer to that question. Our testing was definitely down in Q2 versus Q1. It will be down in Q3 versus Q2. It's not the future of the company. It's not my focus.

你知道嗎，我道歉。我必須回复你這個問題的答案。與第一季度相比，我們的測試在第二季度明顯下降。第三季度將比第二季度有所下降。這不是公司的未來。這不是我的重點。

And your numbers -- we are also doing a lot of antigen testing, which is different from laboratory PCR testing. Antigen testing is done at the point of service when you go up to the tent. The numbers -- I'd have to go back and look at the numbers. Our COVID revenues are definitely going down every quarter.

還有你的數字——我們也在做大量的抗原檢測，這與實驗室 PC​​R 檢測不同。抗原測試是在您前往帳篷的服務點進行的。數字——我必須回去看看這些數字。我們的新冠疫情收入每個季度肯定都會下降。

Now having said that, the fourth quarter, they may pick up substantially. I hear that there's more COVID around. The question is, are the positivity rates going up? I believe, and we believe that's because people who actually have COVID are getting tested, but nobody else is, whereas before everybody was getting one. A few people -- you heard about somebody getting tested, or having COVID, you immediately went out and get tested to.

話雖如此，第四季度它們可能會大幅回升。我聽說周圍有更多的新冠病毒。問題是，陽性率會上升嗎？我相信，我們相信這是因為真正感染新冠病毒的人正在接受檢測，但沒有其他人接受檢測，而之前每個人都接受檢測。有一些人——你聽說有人接受了檢測，或者感染了新冠病毒，你立即出去接受檢測。

So for every person who actually had COVID, you probably had 15 other people who went and got tested. Now, people are getting COVID again, but the people around them aren't, so the testing is a lot less, the opportunity is a lot less. It's really not the focus of the company.

因此，對於每一個真正感染了新冠病毒的人來說，可能還有另外 15 個人接受了檢測。現在，人們再次感染新冠病毒，但他們周圍的人卻沒有感染，所以檢測次數少了很多，機會也少了很多。這確實不是公司的重點。

I apologize. I'll get back to you offline to get more into the numbers, but there's no question our COVID revenues are going down. But the market never gave any value to our COVID revenues anyway. As I said, it actually improves our accounts receivable if we're doing less COVID business. And our Nebula Genomics business and our Pharmaloz business are growing certainly year over year. They're growing second quarter seasonally.

我道歉。我會在線下回复您以了解更多數據，但毫無疑問我們的新冠收入正在下降。但無論如何，市場從未對我們的新冠疫情收入給予任何價值。正如我所說，如果我們減少新冠疫情業務，實際上會改善我們的應收賬款。我們的 Nebula Genomics 業務和 Pharmaloz 業務逐年增長。他們第二季度的季節性增長。

By the way, second quarter is typically the seasonally slowest quarter of the year for all of our businesses. And they're going to be growing. But I'm less concerned with the quarter to quarter because there are various things we're doing in the various businesses that affect the quarter to quarter. But the year-over-year growth is tremendous in both, and that's going to continue.

順便說一句，第二季度通常是我們所有業務中季節性最慢的季度。他們將會成長。但我不太關心每個季度的情況，因為我們在各個業務中所做的各種事情都會影響每個季度。但兩者的同比增長都是巨大的，而且這種情況還將持續下去。

I hope that answers your question. If you need to offline, I can get back to you on the --

我希望這能回答你的問題。如果您需要離線，我可以通過以下方式回复您——

Yeah, I appreciate you getting back to me on that, and I was going to bring up the fact that the positivity rates have tripled in the last month and a half. I'm hearing that because everybody's traveling overseas now. And even though it hasn't hit the mainstream media, a lot of the other articles I've been reading are saying that there's tremendous concern that we're going to have another virus, another upswing. This is the worst positivity rates we've seen in over 18 months. So I was wondering if you're seeing any uptick at all.

是的，我很感謝你回复我這個問題，我本來打算提出這樣一個事實：在過去的一個半月裡，陽性率增加了兩倍。我聽說這個是因為現在每個人都在海外旅行。儘管它還沒有出現在主流媒體上，但我讀過的許多其他文章都說，人們非常擔心我們會出現另一種病毒，另一種流行病。這是我們 18 個月以來看到的最差的陽性率。所以我想知道你是否看到任何上升。

Yeah, yeah. So you just, though indirectly, pointed to the fact that the mainstream media isn't even picking up on it. They're not picking up on it because people don't care. And the positivity rates without an explanation doesn't mean anything. And as I explained, the positivity rates are high because only people that actually have COVID are being tested. So therefore, the positivity rates don't mean anything. What would matter is the total number of people testing positive now versus previously.

是啊是啊。所以你只是間接地指出了主流媒體甚至沒有註意到這一事實。他們沒有註意到這一點，因為人們不在乎。沒有解釋的陽性率沒有任何意義。正如我所解釋的，陽性率很高，因為只有真正感染了新冠病毒的人才會接受檢測。因此，陽性率沒有任何意義。重要的是現在與以前檢測結果呈陽性的總人數。

So is it upticking? Yes, it's upticking. Yes. Is it coming from abroad? Yes. Was there a new big COVID spread in China over the last few months? Yes, there was. So there's definitely going to be some positive uptick here.

那麼是在上漲嗎？是的，它正在上升。是的。是從國外來的嗎？是的。過去幾個月中國是否出現了新的大規模新冠肺炎疫情傳播？是的，有。因此，這里肯定會出現一些積極的上升。

It will lead to some business, but I'm not focused on the COVID business. I don't even want to focus anymore on this call on the COVID business. It's a waste of time. It's not where we're focused on. It's not what we're doing. Do you have another question?

這會帶來一些業務，但我並不關注新冠業務。我什至不想再關注這次有關新冠疫情的電話會議。這是浪費時間。這不是我們關注的地方。這不是我們正在做的事情。你還有其他問題要問嗎？

Yeah. Let me jump -- last week, you made a great announcement of Linebacker in relation with Certis. In there, I just want to read it says with this extensive data set now in hand, ProPhase will proceed to the next level. So I'm just curious what level was Linebacker at and what level is it going to?

是的。讓我跳一下——上週，您宣布了與 Certis 有關的後衛線的重大消息。在那裡，我只想讀到它說，有了現在手頭的大量數據集，ProPhase 將進入下一個水平。所以我只是好奇線衛現在處於什麼水平以及將會達到什麼水平？

Yeah. So the best way -- look, I'm not a scientist, but the best way I can explain it is that it's always a case of balancing between how much money you want to spend, how many clinical studies you want to do, how much time you want to take before you go into humans. You go into humans quickly, or you can go into humans to 10 years from now. And my point is with a compound like Linebacker, it has several different opportunities for commercialization to make a meaningful difference in the world of cancer and treating cancer.

是的。所以最好的方法——聽著，我不是科學家，但我能解釋的最好方法是，這總是一個在你想花多少錢、你想做多少臨床研究、如何做之間進行平衡的情況。在進入人類之前你需要花很多時間。你可以很快地進入人類，或者你可以在 10 年後進入人類。我的觀點是，對於像 Linebacker 這樣的化合物，它有多種不同的商業化機會，可以在癌症和癌症治療領域產生有意義的變化。

And so the question is how many cell lines do we want to test? How many different types of tests that we want to do? We originally thought of this test just as a co-therapy because it's worked so well with multibillion-dollar drugs like doxorubicin and others. And we found that it works significantly better -- doxorubicin works significantly better with Linebacker than without, and we know like, wow, this would be a great co-therapy.

所以問題是我們要測試多少細胞系？我們想要進行多少種不同類型的測試？我們最初認為這項測試只是一種聯合療法，因為它與阿黴素等價值數十億美元的藥物配合使用效果非常好。我們發現它的效果明顯更好——多柔比星與後衛一起使用比不與後衛一起使用效果明顯更好，我們知道，哇，這將是一個很好的聯合療法。

But then we found in certain cell lines -- and there's so many different types of cancer. So what do you want to do? Do you want to test in preclinical studies? Do you want to test Linebacker with every single type of cancer? So you have to narrow it down to which cancers do you want to focus, both in terms of commercial opportunity, but also in terms of which one is going to be most effective. And that's why you do clinical studies to begin, preclinical studies I should say.

但後來我們在某些細胞系中發現了許多不同類型的癌症。那麼你想做什麼？您想在臨床前研究中進行測試嗎？您想測試線衛是否患有每種類型的癌症嗎？因此，您必須將範圍縮小到您想要關注的癌症，無論是在商業機會方面，還是在哪種癌症最有效方面。這就是為什麼你要開始臨床研究，我應該說是臨床前研究。

So we're doing preclinical studies. We're now working with an AI leader to help perfect the path to commercialization to figure out exactly which cell lines we want to focus on in humans and which directions we want to go. And so that's the stage now. So our goal is to be in humans next year.

所以我們正在進行臨床前研究。我們現在正在與一位人工智能領導者合作，幫助完善商業化之路，以準確找出我們想要關注的人類細胞係以及我們想要發展的方向。這就是現在的階段。所以我們的目標是明年進入人類。

And once we go into humans next year, you start with Phase 1 human clinical study. And once you complete that, I am optimistic that Linebacker, we could end up doing a licensing deal that would be extremely valuable for it. So as I've mentioned on previous calls, when you acquire assets and you first started development, you can do all the due diligence in the world.

一旦我們明年進入人體，我們就開始第一階段的人體臨床研究。一旦你完成了這一點，我對後衛感到樂觀，我們最終可能會達成一項對其來說非常有價值的許可協議。正如我在之前的電話會議中提到的，當您收購資產並首次開始開發時，您可以進行世界上所有的盡職調查。

It's very difficult or it's not the same when you actually acquire the asset. You hire the CROs, the clinical research organizations, you do the research yourself, and you see the actual results yourself. And I can just tell you, we have been pleasantly surprised every step of the way a Linebacker so far.

這是非常困難的，或者說和你真正獲得資產的時候不一樣。您聘請 CRO、臨床研究組織，您自己進行研究，然後您自己看到實際結果。我可以告訴你，到目前為止，我們對後衛的每一步都感到驚喜。

I don't like to focus on it on this call because it's the future. The stock market isn't going to give us any value for Linebacker or anything we're doing long-term with cancer. And so all I can tell you is we have a very promising compound. If it's successful, it will dwarf the value of our company down the road.

我不喜歡在這次電話會議上關注它，因為它是未來。股票市場不會給我們線衛或我們長期針對癌症所做的任何事情帶來任何價值。所以我只能告訴你我們有一種非常有前途的化合物。如果成功的話，我們公司的價值將會相形見絀。

We could potentially do a licensing deal for the value of our company 12 months from now. That would be a nice surprise. I'm not guaranteeing. I'm not betting on it, but we're not spending a lot of money either. We're using AI to perfect the path to commercialization.

從現在起 12 個月後，我們可能會以我們公司的價值達成一項許可協議。那將是一個很好的驚喜。我不保證。我不打賭，但我們也沒有花很多錢。我們正在利用人工智能完善商業化之路。

And again, as I mentioned, we're talking about spending $3 million over the next 12 months to get us to a point where, I believe, we could be in licensing negotiations after spending another $3 million. Hope that answered that question.

正如我所提到的，我們正在討論在未來 12 個月內花費 300 萬美元，以使我們達到這樣的程度：我相信，在再花費 300 萬美元後，我們可以進行許可談判。希望能回答這個問題。

We do have a bunch of more calls. If you have a quick one --

我們確實還有很多電話。如果你有一個快速的——

I have a quick one. Equivir, kind of excited to see that on the market. What is your worst case scenario where we'll see it under the store shelves?

我有一個快速的。 Equivir，很高興看到它出現在市場上。最壞的情況是什麼，我們會在商店貨架下看到它？

I'm sorry, Equivir?

對不起，艾奎維爾？

Equivir, yeah.

埃克維爾，是的。

Yeah, no. Yes, it's pronounced Equivir.

是的，不。是的，它的發音是 Equivir。

Equivir, I'm sorry.

艾奎維爾，對不起。

And there's a difference between store sales and commercializing it online. We're doing studies, the first set of studies, the preliminary results will be good enough for us to finalize plans that we've put on packaging to sell to consumers online. And then we have a second round where it's really the same clinical studies, but additional -- as we get through the complete clinical study.

商店銷售和在線商業化之間存在差異。我們正在進行研究，第一組研究，初步結果足以讓我們最終確定我們放在包裝上以在線銷售給消費者的計劃。然後我們進行第二輪臨床研究，實際上是相同的臨床研究，但當我們完成完整的臨床研究時，還有額外的研究。

We're actually doing a prophylactic study and a therapeutic study on it, and I'm really looking forward to the results. That will be done over the winter, and then with those results, we'll be able to put very powerful claims on the packaging. As far as putting it into the stores, we're up to the mercy of the stores. We're not ready to introduce it to the stores yet because I wanted to finalize claims in the packaging.

我們實際上正在對此進行預防性研究和治療性研究，我真的很期待結果。這將在冬天完成，然後根據這些結果，我們將能夠在包裝上提出非常有力的主張。至於把它放進商店，我們就听從商店的擺佈。我們還沒有準備好將其引入商店，因為我想最終確定包裝上的聲明。

A package sitting on a store shelf will not sell if it doesn't have good claims on it. I know that from the Cold-EEZE days, all right. I'm an expert in that, and just take my word for it because I turned around the Cold-EEZE brand myself. I was very involved in that.

如果沒有良好的聲明，放在商店貨架上的包裝就不會出售。我從 Cold-EEZE 時代就知道了，好吧。我是這方面的專家，相信我的話，因為我自己扭轉了 Cold-EEZE 品牌。我非常投入其中。

And so with Equivir, we got to get the claims right. So we're doing that now in the coming months, then we'll sell it. We're talking about fourth quarter introducing it online. And as far as the stores, we're really talking about next year. And I can't tell you the timing. A part of that is going to be based on how strong the claims are, how excited the retailers get, and the timing and when they're doing their planograms.

因此，對於 Equivir，我們必須確保其主張正確。因此，我們將在未來幾個月內這樣做，然後我們將出售它。我們正在談論第四季度在網上推出它。就商店而言，我們真正談論的是明年。而且我無法告訴你具體時間。其中一部分將取決於主張的強度、零售商的興奮程度以及他們製作貨架圖的時間和時間。

There's a number of variables out of our control, but the potential for this is huge. And I just want you to know, there's long-term potential with Equivir because immune defense products, really good immune defense products, that's a great business in the dietary supplement category. If you come out with a great immune defense product like Equivir, I think it could be very valuable.

有許多變量是我們無法控制的，但潛力是巨大的。我只是想讓你知道，Equivir 具有長期潛力，因為免疫防禦產品，非常好的免疫防禦產品，這是膳食補充劑類別中的一項偉大業務。如果你能推出像 Equivir 這樣出色的免疫防禦產品，我認為它可能非常有價值。

And historically, that was our business. And so we have a whole infrastructure for making that a very successful product. But again, first step is finish preliminary results, so we can get some claims on the packaging and start selling that to consumers online. And then the bigger push will be in stores. Interestingly, we actually have some other countries that are potentially interested in distributing that as well. But I don't want to get too much into that on this call.

從歷史上看，那是我們的事。因此，我們擁有完整的基礎設施，可以使其成為非常成功的產品。但同樣，第一步是完成初步結果，這樣我們就可以在包裝上獲得一些聲明，並開始在網上向消費者銷售。然後更大的推動力將來自商店。有趣的是，實際上還有一些其他國家也可能有興趣分發它。但我不想在這次電話會議上過多討論這個問題。

Vaishnavi, next.

接下來是瓦什納維。

Yi Chen, H.C. Wainwright.

陳毅, H.C.溫賴特。

My first question is, within the second quarter revenue, is there any significant revenue actually coming from Nebula Genomics?

我的第一個問題是，在第二季度的收入中，星雲基因是否有任何重要的收入？

Well, when you significant, I don't --

好吧，當你很重要時，我不會——

Let's say, over $1 million coming from Nebula Genomics?

比方說，Nebula Genomics 提供的資金超過 100 萬美元？

Oh, yeah, of course. We're in a -- see, now, the problem is, and I probably said this in the last quarter too, it gets complicated, and we sorted this out. We have two sources of revenue when we sell a whole genome sequencing test. There's selling the test itself for which we do the sequencing. But then also, there's the sale of a subscription to our library.

哦，是的，當然。我們正處於一個——看，現在的問題是，我可能也在上個季度說過這一點，它變得複雜，我們解決了這個問題。當我們銷售全基因組測序測試時，我們有兩個收入來源。我們出售測試本身，我們為其進行測序。但此外，還有我們圖書館的訂閱銷售。

And so of course, when we sell a test, we get that money upfront, and we recognize that as revenue immediately. When we sell a subscription to a library, the SEC is really tough where even though we're getting the cash upfront, and accountants are very tough on this, they want us to recognize that revenue over the course of the subscriptions, so over the three-year subscription, over the lifetime subscription. They want us to recognize that revenue over three years even if we get it upfront.

當然，當我們出售測試時，我們會預先獲得這筆錢，並立即將其確認為收入。當我們向圖書館出售訂閱時，美國證券交易委員會確實很嚴厲，即使我們預先獲得了現金，而且會計師對此也非常嚴厲，他們希望我們在訂閱過程中確認收入，所以在三年訂閱，終身訂閱。他們希望我們在三年內確認收入，即使我們預先得到了收入。

So if we sell a subscription today, and we collect $200, they want us to recognize that $200 even though we collected that $200 today. So what we've done is we've been -- we spent months now with our attorneys working out the language in terms of what we offer to the consumer so that it's recognized as a set-up fee as opposed to an ongoing subscription. We think we have perfected that language.

因此，如果我們今天出售訂閱，並收取 200 美元，他們希望我們承認這 200 美元，即使我們今天收取了 200 美元。所以我們所做的就是——我們花了幾個月的時間與我們的律師一起制定我們向消費者提供的服務的語言，以便將其視為設置費，而不是持續的訂閱費。我們認為我們已經完善了這種語言。

As we perfect that language, we will be able to recognize the revenues in the quarter in which they're generated as opposed to having to spread it out. So there's some timing issues there right now, but our revenues are significant. Gosh, I don't want to be quoted with numbers, but off the top of my head, ballpark, I guess -- we're on a shareholder conference call. My -- off the top of my head, we're like $15 million-plus run rate at Nebula right now, but that's probably a non-GAAP number.

當我們完善這種語言時，我們將能夠在產生收入的季度中確認收入，而不是必須將其分散。所以現在存在一些時間問題，但我們的收入是可觀的。天哪，我不想被引用數字，但我想，大概吧——我們正在召開股東電話會議。我的直覺是，我們現在星雲的運行費用大約是 1500 萬美元以上，但這可能是一個非 GAAP 數字。

But that number is growing, and it all depends on how quickly we ramp up our Garden City lab. But as soon as we ramp up the Garden City lab, our profitability for selling these tests goes up significantly. We will also be able to drop our pricing even further for the whole genome sequencing which will drive even more volume. And the higher volumes, the bigger the volume, the more subscriptions we sell, and the subscriptions are where the margins are.

但這個數字正在增長，這完全取決於我們擴建花園城實驗室的速度。但一旦我們擴大花園城實驗室的規模，我們銷售這些測試的盈利能力就會顯著上升。我們還將能夠進一步降低全基因組測序的價格，這將推動更多的銷量。銷量越高，銷量越大，我們銷售的訂閱就越多，而訂閱就是利潤所在。

So it's actually good for us if we drop price because it drives volume, which in turn drives more subscriptions, more revenue, more profits. And we're literally in the infancy of growing this business right now. And again, for the others out there that are listening, there are genomics companies out there with no revenues with $50 million and $100 million valuations that are years behind us in development. And so we're already a revenue-generating company, but the run rate of those revenues, I believe, besides growing dramatically year over year, they're growing every day.

因此，如果我們降低價格，這實際上對我們有好處，因為它可以提高銷量，進而推動更多的訂閱、更多的收入和更多的利潤。我們現在正處於發展這項業務的起步階段。再說一次，對於其他正在傾聽的人來說，有些基因組公司沒有任何收入，估值為 5000 萬美元和 1 億美元，它們的發展落後於我們多年。因此，我們已經是一家創收公司，但我相信，這些收入的運轉率除了逐年大幅增長之外，而且每天都在增長。

I mean, the numbers we got just in the last couple of weeks from some new ads that we ran, the volumes were significant. Some of the largest volumes we've ever -- in fact, I think the largest volumes we ever received on a daily basis. So there's no question this business is growing by leaps and bounds, and we haven't even started in a significant way with the B2B business. And that's all coming.

我的意思是，我們在過去幾週內從我們投放的一些新廣告中獲得的數據，數量非常可觀。我們有史以來收到的最大數量的一些——事實上，我認為是我們每天收到的最大數量。因此，毫無疑問，這項業務正在突飛猛進地增長，而我們甚至還沒有開始大力開展 B2B 業務。這一切即將到來。

Hope that answer your --

希望能回答您的——

Actually, that's related to my second question. So as you ramp up the volume of sequencing services going forward, will your main target customer be consumers or businesses or both?

其實這和我的第二個問題有關。因此，當您未來增加測序服務量時，您的主要目標客戶是消費者還是企業，還是兩者兼而有之？

So there's an internal debate going. It's a great question because if you ask George Church, he'll tell you, and we're working very closely with George Church at Harvard and Russ Altman at Stanford. And George's vision has always been for every single person in the country and on the planet to be tested. And that's what -- in the UAE in Abu Dhabi, that's what they're doing with the Emirati Genome Program. They're testing 1 million residents.

因此，內部正在進行一場爭論。這是一個很好的問題，因為如果你問喬治·丘奇，他會告訴你，而且我們正在與哈佛大學的喬治·丘奇和斯坦福大學的拉斯·奧爾特曼密切合作。喬治的願景始終是讓這個國家和地球上的每一個人都接受測試。這就是在阿聯酋阿布扎比，他們正在通過阿聯酋基因組計劃所做的事情。他們正在對 100 萬居民進行測試。

That's 1 million residents out of 9 million residents in the UAE. So think about if we did the same percentages here, we're talking about 30 million, 35 million people testing. We're a multibillion-dollar company if we committed to the same type of program here. But the point is, we're literally just testing the surface, and then the question is, how much of that is direct to consumer where --

這是阿聯酋 900 萬居民中的 100 萬居民。因此，想一想，如果我們在這裡採用相同的百分比，我們談論的是 3000 萬、3500 萬人進行測試。如果我們在這裡致力於同樣類型的計劃，我們就是一家價值數十億美元的公司。但關鍵是，我們實際上只是測試表面，然後問題是，其中有多少是直接面向消費者的——

I still think only 1% of consumers even know what personalized precision medicine, whole genome sequencing are. I didn't know what whole genome sequencing was three years ago before we acquired Nebula. And I think most of us frankly doesn't even know what it is. So the question is how quickly they learn, consumer in the United States and around the world, learn about whole genome sequencing and learn how important it is and learn how important the difference is between whole genome sequencing and what the ancestry companies do, where they test less than 1% of your genome, which is great for ancestry information but pales in comparison, if you want a health-related information.

我仍然認為只有 1% 的消費者知道什麼是個性化精準醫療、什麼是全基因組測序。三年前，在我們收購 Nebula 之前，我還不知道全基因組測序是什麼。坦率地說，我認為我們大多數人甚至不知道它是什麼。所以問題是，美國和世界各地的消費者，他們學習全基因組測序的速度有多快，了解它的重要性，了解全基因組測序與祖先公司所做的事情、他們在哪裡做的事情之間的區別有多麼重要。測試不到 1% 的基因組，這對於血統信息來說非常有用，但如果您想要與健康相關的信息，那麼相比之下就顯得蒼白無力了。

And so it's only a matter of time. I think the consumer business is literally it's in its infancy. It's where the Internet was 20 years ago. But then on the business side, and with academic institutions and other types of businesses, they can bring enormous business to us right now.

所以這只是時間問題。我認為消費者業務實際上還處於起步階段。這就是 20 年前互聯網的樣子。但在商業方面，通過學術機構和其他類型的企業，他們現在可以給我們帶來巨大的業務。

And so this really is what I was talking about earlier on this conference call is now that we built this lab, we're starting to get inquiries that are scary large. And I have the utmost confidence, if we build a larger capacity lab, we will fill it with an enormous amount of business.

所以這確實是我早些時候在這次電話會議上所說的，現在我們建立了這個實驗室，我們開始收到數量驚人的詢問。我非常有信心，如果我們建立一個更大容量的實驗室，我們將充滿大量的業務。

So you can focus on whatever business we're doing now. I think I put in the press release what our capacity is in our current lab of the Nebula. It's around $40 million. I want to build a lab that potentially has the capacity to do five or 10 times that. And I believe if we do, I believe we'll fill it.

這樣您就可以專注於我們現在正在做的任何業務。我想我在新聞稿中介紹了我們當前星雲實驗室的能力。大約是 4000 萬美元。我想建立一個實驗室，其能力可能是其五倍或十倍。我相信如果我們這樣做，我相信我們會填補它。

So we're talking about an opportunity with Nebula to be a multibillion-dollar company, and we're in the right place, right time. We're already in the business. We're already growing quickly. We already have all of the relationship.

因此，我們正在談論與星雲一起成為一家價值數十億美元的公司的機會，而我們正處於正確的地點、正確的時間。我們已經開始做生意了。我們已經在快速成長。我們已經擁有了所有的關係。

We have everything. We have the entire infrastructure, the entire relationships, to build an incredibly successful genomics business. And so you can focus on our current revenues. But again, I mentioned there may be ways that we can bring out value in Nebula, and I think it would be substantial, and that would just be the starting point.

我們擁有一切。我們擁有完整的基礎設施、完整的關係來建立極其成功的基因組學業務。因此您可以關注我們當前的收入。但我再次提到，我們可能有一些方法可以在星雲中發揮價值，我認為這將是實質性的，而這只是一個起點。

Yeah. My next question is, could you comment -- could you provide a rough timeline with respect to the BE-SMART Esophageal Cancer Test in terms of when it could be commercialized?

是的。我的下一個問題是，您能否評論一下——您能否提供有關 BE-SMART 食管癌檢測的粗略時間表，即何時可以商業化？

Sure. Okay. So there's a difference between commercializing without CPT codes as commercializing with the CPT codes. There's a major conference in the first quarter of next year. We have a expert consultant who is confident that we will get the CPT codes at that conference. So first quarter next year, we're looking for CPT codes.

當然。好的。因此，不使用 CPT 代碼進行商業化與使用 CPT 代碼進行商業化是有區別的。明年第一季度有一個重要會議。我們有一位專家顧問，他相信我們會在那次會議上獲得 CPT 代碼。因此，明年第一季度，我們將尋找 CPT 代碼。

We can commercialize without it. And so basically, our lab here -- and again, we have a world-class lab team working here and headed by Alice Lioi. And Alice said, as soon as we do, these next 300 specimens, 200 of which we're doing right now, 100 supposed to come in next couple of weeks.

沒有它我們也可以商業化。基本上，我們的實驗室在這裡——再說一次，我們有一個世界一流的實驗室團隊在這里工作，由 Alice Lioi 領導。愛麗絲說，一旦我們這樣做了，接下來的 300 個樣本，其中 200 個我們現在正在做，100 個應該在接下來的幾週內完成。

So within the next month or two when we complete those 500 specimens, that should be enough data to then do a validation for what's called research use only. And this would not be reimbursed by insurance company. This would be a cash-based test, and I'm not really focused on it as a cash-based test right now. But once we get the CPT codes, the key is to get the key opinion leaders and the cancer institutions behind you.

因此，在接下來的一兩個月內，當我們完成這 500 個樣本時，這些數據應該足以對所謂的研究用途進行驗證。而且保險公司是不會報銷這個費用的。這將是一個基於現金的測試，我現在並沒有真正關注它作為基於現金的測試。但一旦我們獲得了 CPT 代碼，關鍵是要獲得關鍵意見領袖和癌症機構的支持。

And then that brings in the physicians wanting to order the test. So there's a whole ramp-up we can do where this could build up into an incredibly valuable test very quickly. But this is really a 2024 project. But it's a 2024 project that can be very big. And I'll also tell you there's the possibility that there are very large companies out there who might love to have our esophageal cancer test become a part of their portfolio as opposed to us building up the infrastructure ourselves.

然後醫生就會要求進行測試。因此，我們可以做一個整體的提升，這可以很快形成一個非常有價值的測試。但這確實是一個 2024 年的項目。但這是一個 2024 年的項目，可能會非常龐大​​。我還要告訴你，有可能有一些非常大的公司可能喜歡讓我們的食道癌測試成為他們產品組合的一部分，而不是我們自己建立基礎設施。

So the opportunity here are enormous next year once we get the CPT codes. Actually, it's not even so much the CPT codes, once we complete the current studies. And STATKING does their independent analysis to show that we have studied enough specimens that it's all based on confidence levels that at the 95% confidence level or sensitivity and specificity are following numbers.

因此，一旦我們獲得 CPT 代碼，明年這裡的機會是巨大的。事實上，一旦我們完成了當前的研究，它就不再是 CPT 代碼了。 STATKING 進行的獨立分析表明，我們已經研究了足夠多的樣本，這一切都基於置信水平，即 95% 置信水平或靈敏度和特異性如下數字。

And the bottom line is so far, our numbers have been fantastic, much better than most of the other cancer tests on the market. And so I'm very confident that we're going to get commercialized and ultimately get some CPT codes. And once we do, I've outlined this previously, there's a potential multibillion-dollar market out there. And then Phase 2 is to develop this test where it doesn't have to be performed on people that got endoscopies.

最重要的是，到目前為止，我們的數據非常好，比市場上大多數其他癌症測試要好得多。因此，我非常有信心我們將實現商業化並最終獲得一些 CPT 代碼。一旦我們做到了，我之前已經概述過，就會有一個潛在的數十億美元的市場。第二階段是開發這種測試，不必對接受內窺鏡檢查的人進行測試。

Then it becomes an even larger, exponentially larger business because ultimately you could go into a doctor's office with a brush technology, take a brush down your throat. It picks up cells, it picks up the proteins that we need to test in order to tell you whether you're at high risk or low risk of esophageal cancer, whether you have esophageal cancer, right now. And so that test -- then it becomes -- everybody go into a GI.

然後它會變成一個更大、呈指數級增長的業務，因為最終你可以帶著刷子技術走進醫生的辦公室，用刷子刷喉嚨。它會拾取細胞，它會拾取我們需要測試的蛋白質，以便告訴您您是否處於食道癌的高風險或低風險，以及您現在是否患有食道癌。所以那個測試——然後就變成了——每個人都進入了美國兵。

Before you even get an endoscopy, just everybody go into GI that has GERD and, say, hey, what's going on? And the physician will say, hey, let's do this quick test to see if you have esophageal cancer right now or if you're high risk or low risk. And based on that, we can determine the next steps whether you need an endoscopy and so forth. And our test is more -- yeah, okay, I'm sorry. You're next question?

在進行內窺鏡檢查之前，每個患有胃食管反流病的人都會進入胃腸道檢查，然後說，嘿，這是怎麼回事？醫生會說，嘿，讓我們做一下這個快速測試，看看您現在是否患有食道癌，或者您的風險是高風險還是低風險。在此基礎上，我們可以確定您是否需要內窺鏡檢查等後續步驟。我們的測試更多的是——是的，好吧，我很抱歉。下一個問題是你嗎？

Yeah, my last question is, I wonder if you can comment on what would be the baseline level of diagnostic revenue if COVID testing is completely gone. Oh, so we are not yet doing clinical lab testing. And so just very, very quickly, we've developed -- and this again was led by Jason, who's the President of our diagnostics business, and he built a multi-hundred million dollar COVID business.

是的，我的最後一個問題是，我想知道您是否可以評論一下，如果新冠病毒檢測完全消失，診斷收入的基線水平是多少。哦，所以我們還沒有進行臨床實驗室測試。因此，我們的發展非常非常快，這又是由我們診斷業務總裁 Jason 領導的，他建立了價值數億美元的新冠業務。

He has and we have significant relationships in the industry. We are dying to exploit those relationships to build out our clinical lab. The gating issue or factor is getting in network with insurance. With COVID testing, you didn't have to be in network especially during the public health emergency. So now it's a completely different business.

他和我們在業內有著重要的關係。我們渴望利用這些關係來建設我們的臨床實驗室。控制問題或因素是進入保險網絡。通過新冠病毒檢測，您無需聯網，尤其是在突發公共衛生事件期間。所以現在這是一個完全不同的業務。

It turns out it's somewhat of a -- the insurance -- I'm sorry, the lab business is somewhat of a monopoly. It's really incredible. I've never seen such anti-competitive practices. It's really disappointing, and I don't want to pick fights with anyone, but if you're not in network with some of the major insurance providers, then the physicians don't want to send you their specimen because if they send you the specimen, then the patient is going to have to pay out of pocket, and then the patient complains to the physician.

事實證明，這有點——保險——抱歉，實驗室業務在某種程度上是壟斷的。實在是太不可思議了。我從未見過這種反競爭行為。這真的很令人失望，我不想與任何人打架，但如果你沒有與一些主要的保險公司建立聯繫，那麼醫生就不想向你發送他們的樣本，因為如果他們向你發送了樣本，那麼病人就得自掏腰包，然後病人向醫生投訴。

So it's all linked between the physicians want to see that the lab is a network. And meanwhile, the insurance companies are like, if you're already not -- if you aren't a big customer of ours, we don't want to let you network. And so you have insurance companies that for the exact same test, two labs will perform this -- three labs will perform the exact same test from the exact same pace.

因此，醫生希望看到實驗室之間是一個網絡，這一切都是相互聯繫的。與此同時，保險公司會說，如果你已經不是我們的大客戶，我們就不想讓你建立聯繫。因此，對於完全相同的測試，保險公司將由兩個實驗室執行此操作 - 三個實驗室將以完全相同的速度執行完全相同的測試。

One lab will get $300 for that test, the second lab will get $100 for the test, and the third lab won't get reimbursed at all for doing the exact same work. So it's really important to be a network. So we have some opportunities right now to get a network by acquiring it. And I'm looking for the right small lab, but we have some opportunities right now.

一個實驗室將獲得 300 美元的測試費用，第二個實驗室將獲得 100 美元的測試費用，而第三個實驗室將不會因為做完全相同的工作而獲得任何補償。所以成為一個網絡真的很重要。因此，我們現在有一些機會通過收購來獲得網絡。我正在尋找合適的小型實驗室，但我們現在有一些機會。

I don't want to get too much into it, but I am optimistic that we will get in the network with full acquisition in the not-too-distant future that, as soon as we do, we will build out our clinical lab business in a significant way. But for now, I would say the main focus of our revenues is going to be our Nebula Genomics business and Pharmaloz.

我不想過多參與其中，但我樂觀地認為，我們將在不久的將來通過全面收購進入網絡，一旦我們這樣做，我們將建立我們的臨床實驗室業務以一種重要的方式。但就目前而言，我想說我們收入的主要焦點將是我們的 Nebula Genomics 業務和 Pharmaloz。

Got it.

知道了。

Yeah, sure. And why don't I just throw out there, you didn't really ask the question. Nebula Genomics, again, if the capacity of our lab is $40 million, I'm telling you that we're thinking about building out a significantly larger lab. It gives you the kind of idea of what the revenue run rate should be for Nebula Genomics for next year just from our lab. And I think that our demand is going to be significantly greater than what's in our lab.

好，當然。為什麼我不直接扔掉那裡，你並沒有真正問這個問題。 Nebula Genomics，如果我們實驗室的容量是 4000 萬美元，我告訴你，我們正在考慮建造一個更大的實驗室。它可以讓您了解我們實驗室明年 Nebula Genomics 的收入運行率應該是多少。我認為我們的需求將遠遠大於我們實驗室的需求。

We also have the ability to outsource specimens, which is what we've been doing now. So we built up a lab anyway. So without even building another lab or building more capacity, we have the potential to be at a run rate of more than $40 million in revenues for Nebula next year. And then, of course, once we build out more capacity, those numbers could only go up from there. So that's on the Nebula side.

我們也有能力外包標本，這就是我們現在一直在做的事情。所以無論如何我們還是建立了一個實驗室。因此，即使無需建造另一個實驗室或增加產能，我們明年的 Nebula 收入也有可能超過 4000 萬美元。當然，一旦我們建立了更多的產能，這些數字只會從此上升。那是在星雲一側。

On the Pharmaloz side, I think I've mentioned previously that we want to build our capacity to $25 million or $35 million. And I think that we would have no problem filling most of that capacity when we do so. So there's equipment that we're bringing in right now short term to increase the capacity. And then a whole new lozenge line.

在 Pharmaloz 方面，我想我之前已經提到過，我們希望將產能提高到 2500 萬美元或 3500 萬美元。我認為，當我們這樣做時，填補大部分產能是沒有問題的。因此，我們現在短期內引進一些設備來增加產能。然後是全新的菱形系列。

Eventually, we might want to bring in two more lozenge lines. There's room for it. And so building our capacity $25 million, $35 million next year seems like it should be straightforward. And quite frankly, it might be more than that next year. And again, our pretax profits on the new business that we're talking about bringing in could generate $10 million of profit by itself next year.

最終，我們可能想再引入兩條菱形線。有空間。因此，明年建設 2500 萬美元、3500 萬美元的產能似乎應該很簡單。坦率地說，明年的數字可能會更多。再說一遍，我們正在談論的新業務的稅前利潤明年可能會產生 1000 萬美元的利潤。

So I'm really looking for Nebula and Pharmaloz, the revenues to be really quite substantial next year and the earnings associated with both to be quite substantial next year. And I'm sorry, it's really just the next six months figuring out the ramp up. And it really has more to do with ramping up the capacity, ramping up the businesses coming into Nebula, and how quickly we ramp up Pharmaloz in terms of the capacity and increasing price and so forth.

因此，我確實在尋找 Nebula 和 Pharmaloz，明年的收入將非常可觀，並且明年與兩者相關的收益也將非常可觀。很抱歉，實際上只是在接下來的六個月內弄清楚增長情況。這確實與提高產能、增加進入星雲的業務以及我們在產能和價格上漲等方面提高 Pharmaloz 的速度有更多關係。

All right, and let's try and get to the last questions as quickly as possible. I thought this is going to be a shorter call.

好吧，讓我們盡快回答最後一個問題。我認為這將是一次較短的通話。

Lee Laper (sic - Alper) with Hammock.

Lee Laper（原文如此 - Alper）與吊床。

The last couple calls, you were excited about what was happening over the UAE. You did not mention anything today. Can you give us some color, and we'll (technical difficulty)

在過去的幾個電話中，您對阿聯酋發生的事情感到興奮。你今天什麼都沒提。你能給我們一些顏色嗎，我們會（技術難度）

So here's what's interesting about UAE. So a couple of things. I have to weigh -- it's actually a great question. Yeah, there's a lot potentially going on in UAE. I'm trying to be careful to not talk about things until they're set in stone.

這就是阿聯酋的有趣之處。有幾件事。我必須權衡——這實際上是一個很好的問題。是的，阿聯酋有很多潛在的事情發生。我會盡量小心，在事情確定下來之前不要談論這些事情。

So we have some major companies that are very interested in Nebula Genomics and potentially interested in joint venture opportunities for us actually building Nebula Genomics laboratory in their country. Most countries don't want to send their specimens outside the country. It's one of the reasons why we built a lab in New York even though we had access to relatively inexpensive whole genome sequencing abroad.

因此，我們有一些大公司對 Nebula Genomics 非常感興趣，並且可能對我們在他們國家建立 Nebula Genomics 實驗室的合資機會感興趣。大多數國家不想將標本送往國外。這是我們在紐約建立實驗室的原因之一，儘管我們可以在國外獲得相對便宜的全基因組測序。

Now, of course, we have. We can offer even lower pricing doing it in our lab because we're getting, I believe, some of the best prices in the world for the consumables. So we have opportunities. And then it's a question of how thin do we want to spread ourselves? The opportunity in our own lab is so huge, I really want to focus on that more than abroad.

現在，當然，我們有了。我們可以在我們的實驗室提供更低的價格，因為我相信我們正在獲得世界上一些最優惠的消耗品價格。所以我們有機會。接下來的問題是我們要將自己分散到多薄？我們自己實驗室的機會如此巨大，我真的比國外更想關注這一點。

The other aspect of this is joint venturing our esophageal cancer test. And we already have a clinical research organization that's excited and ready to go. There's the Mayo Clinic and the Cleveland Clinic actually in the UAE that wants to work with us. We have specimens lined up, but I'll only do that if there's a joint venture partner upfront.

另一方面是聯合開展食道癌檢測。我們已經擁有一個充滿活力並準備就緒的臨床研究組織。實際上，阿聯酋的梅奧診所和克利夫蘭診所希望與我們合作。我們已經準備好樣品，但只有在預先有合資夥伴的情況下我才會這樣做。

Otherwise, I could do a study over there. And then all these companies over there will jump on and want to commercialize it, but I think we'll make a lot more money if we commercialize in United States first and then have them come scrambling for us. But on the Nebula side, yes, there is lots of opportunities over there. I just don't want to get too far ahead of myself.

不然我可以去那裡學習。然後那邊所有這些公司都會跳上來，想要將其商業化，但我認為，如果我們先在美國商業化，然後讓他們來爭奪我們，我們會賺更多的錢。但在星雲方面，是的，那裡有很多機會。我只是不想太過超前。

There's so much opportunity with what we're doing right in the United States, and I can touch and taste and feel it, and that's what we're building. But in parallel, we are working with investment bankers in the UAE, in both the UAE and Saudi Arabia. There's ongoing discussions. And I would just like to leave it at that for now.

我們在美國所做的事情有很多機會，我可以觸摸、品嚐和感受它，這就是我們正在建設的。但與此同時，我們正在與阿聯酋和沙特阿拉伯的投資銀行家合作。目前正在進行討論。我想暫時就這樣。

I always want to underpromise and overdeliver, and so there's definitely opportunities. We're definitely following up on them. But the other thing I've just noticed, and this is true of all small-cap companies, they all move slowly. And so in the UAE, the biggest companies, they move even slower.

我總是想少承諾多兌現，所以機會肯定是存在的。我們肯定會跟進他們。但我剛剛注意到的另一件事，所有小盤股公司都是如此，它們的行動都很緩慢。因此，在阿聯酋，最大的公司，他們的行動甚至更慢。

So they're all interested. They all want to do deals, but I don't have time. There's an enormous opportunity right now with Nebula Genomics today. And that's why literally we had one of the world-class genomics manufacturers in our laboratory just literally a few business days ago. And we were discussing, hey, we got to build out something 10 times our size. There's just too much demand out there.

所以他們都很感興趣。他們都想做交易，但我沒有時間。如今，星雲基因組學 (Nebula Genomics) 面臨著巨大的機遇。這就是為什麼就在幾個工作日前，我們的實驗室裡才真正擁有世界一流的基因組製造商之一。我們正在討論，嘿，我們必須建造一些 10 倍於我們大小的東西。那裡的需求太多了。

There's just too many large players out there that want to bring us business. So why do we have to go build a lab in another -- even a joint venture. Even if I have a $1 billion company abroad that says, hey, we'll pay for the lab. You build it, we'll pay for it. We'll joint venture and the profits. I'm interested in doing that, but Nebula Genomics could be a $1 billion company pretty quickly right here in the United States.

有太多的大型企業想要為我們帶來業務。那麼為什麼我們必須去另一個地方——甚至是合資企業——建立一個實驗室。即使我在國外有一家價值 10 億美元的公司說，嘿，我們會支付實驗室費用。你建造它，我們支付費用。我們將合資並獲得利潤。我對此很感興趣，但 Nebula Genomics 可能很快就會在美國成為一家價值 10 億美元的公司。

So I just have to weigh opportunities and how attractive they are today versus down the road. I know that was a long-winded answer to your question. Yes, I'm still excited about the UAE. But I have other opportunities at same time that I can touch, taste, and feel today.

所以我只需要權衡機會以及它們現在與未來的吸引力有多大。我知道這是對你問題的冗長回答。是的，我仍然對阿聯酋感到興奮。但今天我同時還有其他機會可以觸摸、品嚐和感受。

Okay.

好的。

And I think we have one more question.

我想我們還有一個問題。

Yes, we have a follow up from Adam Waldo with Lismore Partners.

是的，我們有 Adam Waldo 和 Lismore Partners 的後續報導。

For the follow-up, [I should have asked it] on the front end. But during the quarter, you made a an unsolicited all-cash offer for a business unit of NAVB, Navidea biopharma. Can you say publicly about where that stands? Is that a dead letter at this point? Or could that still come back around?

至於後續，[我應該問]在前端。但在本季度，您主動向 NAVB 的一個業務部門 Navidea 生物製藥提出了全現金收購要約。您能公開說明這一情況嗎？現在這已經是一紙空文了嗎？或者這還能回來嗎？

And in a general sense, are you still looking at other opportunities with your resource base, or are you really focused on the five you have and bridging the liquidity you have to really get to strong revenue and cash flow generation from those in 2024?

從一般意義上講，您是否仍在利用您的資源基礎尋找其他機會，或者您是否真正專注於您擁有的五個機會，並彌合您必須真正獲得 2024 年強勁收入和現金流的流動性？

I really like -- your question was, A or B, I really like B. I really like the latter. That's really what I'm doing. I want to focus on our assets. And to some extent, that dovetails into the last caller who just asked about the UAE.

我真的很喜歡——你的問題是，A還是B，我真的很喜歡B。我真的很喜歡後者。這就是我正在做的事情。我想專注於我們的資產。在某種程度上，這與上一個剛剛詢問阿聯酋的來電者相符。

We have lots of opportunities in the UAE. I don't want to spread myself too thin. I don't want to spread our company too thin. So I want really great opportunities. I don't want to focus on them because I have great opportunities, just what we -- if we do nothing but just focus, you can forget about Linebacker, okay? Forget about Equivir, right? If we just focus on Nebula Genomics, Pharmaloz, and esophageal cancer, we should be a blockbuster company over the next one, two years, we could be unicorn in a couple of years, right? And so that's my focus.

我們在阿聯酋有很多機會。我不想讓自己太分散。我不想讓我們的公司過於分散。所以我想要非常好的機會。我不想專注於他們，因為我有很好的機會，只是我們——如果我們什麼都不做，只是專注，你就可以忘記後衛，好嗎？忘記 Equivir 吧？如果我們只專注於Nebula Genomics、Pharmaloz和食道癌，我們應該在未來的一兩年內成為一家重磅公司，幾年後我們可能會成為獨角獸，對嗎？這就是我的重點。

Having said that, there are opportunities. So with the company you talked about, I really don't want to talk about that company except that they haven't have an asset that is underutilized that we could commercialize. We happen to have these phenomenal relationships in the UAE. We can commercialize it today, and it happens to be an asset that fits in perfectly with the MENA region. So it just happens to be a perfect fit.

話雖如此，機會還是有的。因此，對於你談到的公司，我真的不想談論該公司，除非他們沒有我們可以商業化的未充分利用的資產。我們碰巧在阿聯酋擁有這些非凡的關係。我們今天可以將其商業化，而且它恰好是一種非常適合中東和北非地區的資產。所以它恰好是一個完美的契合。

It's still a perfect fit. I don't want to say more about it. But the one thing I will say in general, small-cap companies in general, most of the management perform -- and I'm not saying anything about this company. But in general, I looked at hundreds of acquisitions over the last couple of years. I settled on two or three that were based on how great the assets were and the opportunity was, but it was also partially based on whether or not we could work with the management teams.

它仍然是一個完美的配合。我不想多說。但我要說的一件事是，一般來說，小盤股公司的大多數管理層都表現良好，而且我不會對這家公司說任何話。但總的來說，我在過去幾年裡研究了數百起收購。我根據資產的大小和機會的多少決定了兩到三個，但也部分取決於我們是否可以與管理團隊合作。

So the question is can we work with this management team? And I can't -- I don't know why a management team wouldn't want to exploit the assets that they have unless there's ulterior motives that the shareholders don't know about. So that's all I can say about that. But the bottom line is they have assets that I think that we could exploit to be worth an awful lot of money very quickly.

那麼問題是我們可以與這個管理團隊合作嗎？我不能——我不知道為什麼管理團隊不想利用他們擁有的資產，除非有股東不知道的別有用心。這就是我能說的。但最重要的是，他們擁有我認為我們可以利用的資產，很快就能價值一大筆錢。

But if we don't acquire the assets, we don't acquire them. So am I open to it? Yes. What I particularly liked about is it fit in really well. My scientific team at ProPhase could be able to handle this. I wouldn't have to hire other people, and the relationships we have our already developed that I think we could roll out very quickly. And that's why I looked at that opportunity.

但如果我們不收購資產，我們就不會收購它們。那麼我對此持開放態度嗎？是的。我特別喜歡的是它非常適合。我在 ProPhase 的科學團隊可以解決這個問題。我不必僱用其他人，而且我們已經建立了關係，我認為我們可以很快推出。這就是我關注這個機會的原因。

In general, I'm not looking for acquisition unless it builds upon and accelerates the growth of the subsidiaries we already have. So for example, if I can find a small lab in network for insurance, so that we can accelerate the development of our clinical lab, I'll do that because we have a fantastic clinical lab that's ready to go. So that's a perfect example.

總的來說，我不會尋求收購，除非它建立在我們已有子公司的基礎上並加速其發展。例如，如果我可以在保險網絡中找到一個小型實驗室，以便我們可以加速臨床實驗室的發展，我就會這樣做，因為我們有一個出色的臨床實驗室已經準備就緒。這是一個完美的例子。

Right. No, that makes sense. So again, for all intents and purposes, should we assume NAVB as a dead letter? Or I mean, given that the company continues to have a significant cash burn, their financing options look to be increasingly limited. Could that potentially morph into a more advantageous deal down the road, or we'll just have to wait and see?

正確的。不，這是有道理的。那麼，無論出於何種意圖和目的，我們是否應該將 NAVB 視為一紙空文？或者我的意思是，鑑於該公司繼續大量燒錢，他們的融資選擇似乎越來越有限。這是否有可能在未來變成一項更有利的交易，或者我們只能拭目以待？

You said it perfectly. I couldn't have said it better myself. What does that look? I don't -- I certainly don't control the company. I don't know what they are thinking, and we'll just have to play it by ear.

你說得很完美。我自己說得再好不過了。那看起來怎麼樣？我不——我當然不控制這家公司。我不知道他們在想什麼，我們只能見機行事。

I don't know if you have an investment there or if you have an interest there. I don't know if you're doing that. You don't have to comment on that. The bottom line is there's an opportunity, and that's the only reason why ProPhase labs got involved and made the offer letter in the first place. And so (multiple speakers)

我不知道你是否在那裡有投資或者是否有興趣。我不知道你是否正在這樣做。你不必對此發表評論。最重要的是，機會是存在的，這也是 ProPhase 實驗室參與其中並首先發出錄取通知書的唯一原因。等等（多位發言者）

No, that's fair. We're not -- yeah, we're not involved in the stock, but it just obviously came across your press releases, and I looked at the financials. This company's cash runway is not very long, so I don't know what we're doing, right?

不，這很公平。我們不是——是的，我們沒有參與股票，但它顯然是在你們的新聞稿中看到的，我看了財務狀況。這家公司的現金跑道不是很長，所以我不知道我們在做什麼，對吧？

Yeah. Well, look, we acquired the esophageal cancer test under similar circumstances. The company that owned it couldn't finance it. We were in a bear market, and they couldn't finance their company. And they were in under a lot of pressure, but they were a great management team to work with.

是的。嗯，你看，我們在類似的情況下進行了食道癌檢測。擁有它的公司無法為其提供資金。我們正處於熊市，他們無法為他們的公司提供資金。他們承受著很大的壓力，但他們是一個很棒的管理團隊。

In fact, the gentleman who was the acting CEO at the time that we acquired the esophageal cancer test, Doug Leighton, is working for us as a senior consultant, and he's very involved with our company as a developer right now. That deal worked out great. But a part of it was because the management was amenable to working with us, and the asset is fantastic.

事實上，我們獲得食道癌檢測時擔任代理首席執行官的 Doug Leighton 先生正在為我們工作，擔任高級顧問，他現在作為開發人員積極參與我們公司的工作。這筆交易效果很好。但部分原因是管理層願意與我們合作，而且資產非常棒。

I mean, since we acquired esophageal cancer, I'm so excited about the developments in that. It's a lifetime opportunity quite frankly. Of course, there's nothing in our market cap for, but it's a lifetime opportunity, and it's all systems go. So I'm just excited about that for the future.

我的意思是，自從我們患上了食道癌，我對這方面的進展感到非常興奮。坦率地說，這是一生的機會。當然，我們的市值沒有任何意義，但這是一生的機會，而且所有系統都在運行。所以我對未來感到興奮。

And again, some people don't like it when I make this reference because it's night and day, but Exact Sciences, I've been talking about them since they were $10 billion or $11 billion company. I don't know, they're a $15 billion company. Their primary business is Cologuard. It's a colon. It's a test for colon cancer.

再說一次，當我提到這一點時，有些人不喜歡它，因為這是日日夜夜的，但是Exact Sciences，自從他們是價值100 億美元或110 億美元的公司以來，我一直在談論他們。我不知道，他們是一家價值 150 億美元的公司。他們的主要業務是 Cologuard。這是一個冒號。這是一項針對結腸癌的測試。

We have a test for esophageal cancer, right? Theirs requires you to make a bowel movement. Ours right now are on people that are already getting endoscopies anyway, so they don't have to do anything extra. And ultimately maybe a test where you just put a brush down your throat. And we believe that our sensitivity and specificity may be greater than Cologuard.

我們有食道癌檢查，對吧？他們需要你排便。我們現在的對像是那些已經接受內窺鏡檢查的人，所以他們不需要做任何額外的事情。最終也許是一個測試，你只需將刷子放入喉嚨即可。而且我們相信我們的靈敏度和特異性可能比 Cologuard 更高。

And so I'm not looking for our company to be -- esophageal cancer to be a 15 billion company, even a $1 billion company. What if it's $100 million in revenues? That would still triple the value of our company. So I think the opportunity here is enormous.

因此，我並不希望我們的公司成為一家價值 150 億美元的公司，甚至是一家價值 10 億美元的公司。如果收入是 1 億美元怎麼辦？這仍然會使我們公司的價值增加兩倍。所以我認為這裡的機會是巨大的。

Anyway, I think I pretty much answered your question. I'm pretty sure we're out of time.

不管怎樣，我想我基本上回答了你的問題。我很確定我們沒時間了。

No, you did. I think the Exact Sciences' analogue, Cologuard analogue, is pretty interesting one. Thanks for the answer to my question NAVB though.

不，你做到了。我認為 Exact Sciences 的類似物 Cologuard 類似物是非常有趣的。感謝您對我的問題 NAVB 的回答。

You're quite welcome. Have a great day. I really appreciate everybody joining the call today. Vaishnavi, I hand it back over to you. Obviously, I'm really excited about the future of the company, and I thank you all for joining today. I'm looking forward to a lot of progress in the next three, six, nine and 12 months.

你太客氣了。祝你有美好的一天。我非常感謝大家今天加入電話會議。 Vaishnavi，我把它還給你。顯然，我對公司的未來感到非常興奮，感謝大家今天的加入。我期待在接下來的三、六、九和十二個月內取得很大進展。

Vaishnavi, I think that ends our call.

Vaishnavi，我想我們的通話到此結束。

All right, thank you. This concludes our Q&A session and the call as well. You may all now disconnect. Thank you for participating today.

好吧。謝謝。我們的問答環節和電話會議到此結束。你們現在可以斷開連接了。感謝您今天的參與。