Prophase Labs Inc (PRPH) 2024 Q2 法說會逐字稿

Hello, and good morning, everyone. Welcome to today's presentation. My name is Noelle Alexander Young, virtual event moderator here at Renmark Financial Communications. On behalf of our team, we want to thank everyone for joining us today for the ProPhase Labs second-quarter 2024 results. ProPhase is trading on the NASDAQ under the ticker symbol PRPH. Presenting today is Ted Karkus, Chief Executive Officer and Chairman.

大家好，早安。歡迎來到今天的演講。我叫諾埃爾‧亞歷山大‧楊 (Noelle Alexander Young)，是 Renmark Financial Communications 的虛擬活動主持人。我們謹代表我們的團隊感謝大家今天與我們一起了解 ProPhase Labs 2024 年第二季的結果。ProPhase 在納斯達克上市，股票代號為 PRPH。今天出席會議的是執行長兼董事長 Ted Karkus。

With that being said, I will now hand the floor over to Ted.

話雖如此，我現在將發言權交給泰德。

I really appreciate everybody joining today for the ProPhase Labs second-quarter earnings release and review for our shareholders. Of course, I always have to start with the forward-looking statement.

我非常感謝大家今天參加 ProPhase Labs 第二季度收益發布和股東審查。當然，我總是必須從前瞻性聲明開始。

Except for the historical information contained here on, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategy, plans, objectives and initiatives, including our plans to growing our subsidiaries and build a multibillion-dollar business. Our expected timeline for commercializing our BE-smart test as market potential are belief in project ZenQ-AI potential to contribute to the identification of novel actionable targets for cancer therapies.

除此處包含的歷史資訊外，本文件還包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，包括有關我們的策略、計劃、目標和舉措的陳述，包括我們發展子公司和建立一項價值數十億美元的業務由於市場潛力，我們將 BE-smart 測試商業化的預期時間表是相信 ZenQ-AI 計畫有潛力有助於識別癌症治療的新的可行標靶。

Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. 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 annual reports on Form 10-K, quarterly reports on Form 10-Q, and any other SEC filings.

管理階層認為這些前瞻性陳述在做出時是合理的。然而，此類前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，可能導致實際結果與前瞻性陳述中的預測有重大差異。這些風險和不確定性包括但不限於我們獲得和維持必要的監管批准的能力、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、競爭環境和風險因素不時在我們的 10-K 表年度報告、10-Q 表季度報告以及任何其他 SEC 備案文件中列出。

The company undertakes no obligation to update forward-looking statements, except as required by applicable securities laws. Readers are cautioned that forward-looking statements are not guarantees of future performance and are cautioned not to place undue reliance on any forward-looking statements.

除適用的證券法要求外，本公司不承擔更新前瞻性聲明的義務。請讀者註意，前瞻性陳述並不能保證未來業績，並提醒讀者不要過度依賴任何前瞻性陳述。

I'm always updating our shareholders. I like to be an open book and keep our shareholders up to date on what we're doing. So sign up with Renmark and you -- every month, I do a call like this. Let's get right into it.

我總是向股東通報最新情況。我喜歡成為一本開放的書，讓我們的股東了解我們正在做的事情的最新情況。所以，你和 Renmark 一起報名——每個月，我都會打這樣的電話。讓我們開始吧。

This actually relates very closely to Pharmaloz. Look, the numbers speak for themselves. I really don't want to focus on the numbers because you can look at the financial statements yourself. And quite frankly, the historical financials even through the second quarter of this year, to me, are irrelevant relative to where our company is right now today and where it's going this quarter and the quarters going forward.

這實際上與 Pharmaloz 密切相關。看，數字不言而喻。我真的不想關注數字，因為你可以自己看財務報表。坦白說，對我來說，即使是今年第二季的歷史財務數據，也與我們公司目前的狀況以及本季和未來幾季的發展無關。

That's the past which has no bearing on what the present and the future is. I'm going to explain that right now. So let's get right into it. So before we start talking about what's going on in greater Pharmaloz, let me explain the second quarter a little bit, why the revenue numbers were so low.

那是過去，與現在和未來無關。我現在要解釋一下。那麼就讓我們開始吧。因此，在我們開始討論 Pharmaloz 的情況之前，讓我稍微解釋一下第二季的營收數字為何如此之低。

The principal reason is Pharmaloz -- and I guess I never really explained this before, but I guess because I thought it was obvious. Pharmaloz is an incredibly seasonal business. We manufacture lozenges. Brands, they're typically cold lozenges; they're for the common cold. These lozenges companies, they don't want inventory all year long. Number one, it can get stale, it can expire, and they don't want to pay for it six months before they need it.

主要原因是 Pharmaloz——我想我以前從未真正解釋過這一點，但我想是因為我認為這是顯而易見的。Pharmaloz 是一家季節性很強的企業。我們生產錠劑。品牌，它們通常是冷錠劑；它們是治療普通感冒的。這些含片公司，他們不希望常年有庫存。第一，它可能會變得陳舊，可能會過期，而且他們不想在需要之前六個月支付費用。

So understand in the cold season, we're manufacturing full bore in the third and fourth quarters. By the first quarter, there's a little additional manufacturing. By the second quarter, nobody wants to manufacture the second bore. So even though we increased prices, we didn't have the business. And all this is really kicking in for the third quarter.

因此，在寒冷的季節，我們將在第三和第四季生產全口徑。到第一季，生產量有所增加。到第二季度，沒有人願意製造第二個孔。所以即使我們提高了價格，我們也沒有生意。所有這一切都將在第三季開始顯現。

Now going forward, what's interesting, there's such demand for our product. We're adjusting a couple of different ways as it pertains to the second quarter of next year. We are now attracting lozenges brands that are not for the common cold that are year-round brands. That will help our seasonality a lot. The other thing that's happening is we're expanding. The businesses that are seasonal do still give us some business.

現在，有趣的是，對我們的產品有這樣的需求。我們正在對明年第二季的一些不同方式進行調整。我們現在正在吸引不適合普通感冒的全年品牌含片品牌。這將對我們的季節性有很大幫助。正在發生的另一件事是我們正在擴張。季節性的業務仍然為我們帶來了一些業務。

Our overall business is expanding so much that even those brands are seasonal, we'll still have a fair amount of business to give us for the second quarter of next year. My point being, though, when we talk about our projections for the next 12 months -- and that's why actually when I put it in the press releases, starting with the third quarter of this year, it's because that's really our seasonal year, and that's what's relevant. Not last year, because, for instance, second half of last year, we didn't have the price increases. We didn't have the increased capacity. We didn't have the automation equipment.

我們的整體業務擴張如此之大，即使這些品牌是季節性的，明年第二季我們仍然會有相當多的業務可以提供。不過，我的觀點是，當我們談論對未來12 個月的預測時，這就是為什麼實際上當我從今年第三季開始將其放在新聞稿中時，這是因為那確實是我們的季節性年份，而且這才是相關的。去年沒有，因為比如說去年下半年，我們沒有漲價。我們沒有增加容量。我們沒有自動化設備。

So last year's second half really isn't relevant to what we're doing. And as I said, first half of this year, as we got into the second quarter, we weren't taking advantage of this new capacity that we had. And we weren't taking advantage of the price increase we had. And we got these two large customers, but one of them didn't even start giving us business. I believe they're now just starting to give us business in the third quarter.

所以去年下半年確實跟我們正在做的事情無關。正如我所說，今年上半年，當我們進入第二季時，我們沒有利用我們擁有的新產能。而且我們沒有利用價格上漲的機會。我們得到了這兩個大客戶，但其中一個甚至沒有開始為我們提供業務。我相信他們現在剛開始在第三季為我們提供業務。

And the other one which gave us some business, it wasn't a lot because it takes time to ramp up. Once somebody gives you an order, you have to perfect the product, you have to perfect the manufacturing it, and then it takes time until you actually ramp it up. So for all these reasons, I'm more than happy to explain this in more detail in the Q&A. So if I haven't fully explained it, don't be shy, you can ask more questions about it.

另一個為我們帶來了一些業務，但數量並不多，因為需要時間來提升。一旦有人給你下訂單，你就必須完善產品，你必須完善它的製造，然後需要時間才能真正提高產量。因此，出於所有這些原因，我非常樂意在問答中更詳細地解釋這一點。因此，如果我沒有完全解釋清楚，請不要害羞，您可以提出更多問題。

Our business at Pharmaloz is exploding right now. We are going to have a big quarter. Pharmaloz is not even a question, okay? So put any concerns or worries aside. Now we can talk about Pharmaloz, the business, as opposed to the second quarter.

我們在 Pharmaloz 的業務目前正在爆炸式增長。我們將迎來一個重要的季度。Pharmaloz 根本不是一個問題，好嗎？因此，把任何顧慮或憂慮放在一邊。現在我們可以談論 Pharmaloz 業務，而不是第二季。

Everything on this slide is accurate. By the way, this whole presentation slide is now being posted to our website. This slide -- some of the slides have been updated. Our Nebula Genomics slide has been updated for all the things going on there.

這張投影片上的所有內容都是準確的。順便說一句，整個簡報幻燈片現在已發佈到我們的網站上。這張投影片－有些投影片已經更新。我們的星雲基因組學幻燈片已更新，以了解那裡發生的所有事情。

So look, to me, the most important thing -- well, there's several important things with Pharmaloz. And by the way, Pharmaloz isn't even the business I'm most excited about. It isn't even the second most important business in our company. But I think realistically, it could be worth the entire market cap of the company right now. And I've already announced publicly, we're pursuing strategic alternatives. There was a possibility. We were negotiating with one large brand.

所以，對我來說，最重要的事情是——嗯，Pharmaloz 有幾件重要的事情。順便說一句，Pharmaloz 甚至不是我最興奮的業務。它甚至不是我們公司第二重要的業務。但我認為現實地說，它現在可能值得該公司的整個市值。我已經公開宣布，我們正在尋求策略替代方案。有一種可能性。我們正在與一個大品牌進行談判。

But understand the difference between us selling this whole business to one large brand. They only would want the capacity for themselves, so they're not going to value our business customers. So why would I sell it to one large lozenge brand if a strategic or private equity or strategic or somebody that's in the consumer products business that also wants manufacturing for several of their products, they might pay us twice as much for it.

但請了解我們將整個業務出售給一個大品牌之間的差異。他們只想要自己的容量，因此他們不會重視我們的商業客戶。那麼，如果策略或私募股權或策略或消費品行業的某人也希望為其幾種產品進行製造，那麼我為什麼要把它賣給一個大型菱形品牌，他們可能會為此支付給我們兩倍的價格。

So we hired ThinkEquity. We are pursuing all strategic alternatives. We are pursuing them aggressively. We put together decks, all the great stuff. After first days of September, after Labor Day, we're going at full force. We can't make any guarantees. But I would anticipate in the first quarter of the year of next year, which really isn't very far away, potentially a very large liquidity event, which will make everybody very happy.

所以我們聘請了 ThinkEquity。我們正在尋求所有戰略選擇。我們正在積極追擊他們。我們把所有很棒的東西放在一起。九月的第一天，勞動節之後，我們將全力以赴。我們無法做出任何保證。但我預計明年第一季（實際上距離並不遙遠）可能會發生非常大的流動性事件，這將使每個人都非常高興。

It will take all the pressure of the company, all the pressure of the numbers. We'll be a different company. And by that time, all the businesses that I am excited about will have developed to the next stage. And that's what we'll be focused on, and we'll be focused on that potentially with a very large block of cash on our balance sheet. And then we'll be talking about all those types of fun things that we used to talk about, dividends and stock buybacks and all that great stuff. So that's all to come.

它將承受公司的所有壓力、數字的所有壓力。我們將成為一家不同的公司。到那時，我所興奮的所有業務都將發展到下一階段。這就是我們將關注的重點，我們將重點關注這一點，我們的資產負債表上可能有大量現金。然後我們將討論我們過去談論過的所有類型的有趣事情，股息和股票回購以及所有這些很棒的東西。這就是接下來的一切。

I'm sorry if I sound excited or optimistic. I know everybody is upset about the stock price. I don't control the stock market. I can only tell you that me and my management team, we are building significant value in our company, in the assets of the company, and I'm really excited about what we're working on.

如果我聽起來很興奮或樂觀，我很抱歉。我知道每個人都對股價感到不安。我不控制股市。我只能告訴你，我和我的管理團隊正在為我們的公司、公司的資產創造巨大的價值，我對我們正在做的事情感到非常興奮。

Just a couple of more bullet points. So line 1 is operating at capacity. We're estimating $14 million to $16 million of revenues and $5 million plus in profits over the next 12 months. That's just for line 1. That doesn't include any contribution from line 2.

還有幾個要點。因此1號線正在滿載運行。我們預計未來 12 個月的營收將達到 1,400 萬至 1,600 萬美元，利潤將達到 500 萬美元以上。這只是針對 1 號線。這不包括第 2 行的任何貢獻。

Now I don't know exactly the timing of not only when you install line 2, but then hire the people for line 2 and then get in new business for line 2, it's going to be bumpy. Any new business is bumpy. So think of line 2 as a business where in the first six months is bumpy. So I don't know exactly how that plays out, but we're going to do these numbers without line 2.

現在我不僅不知道安裝 2 號線的具體時間，而且還不清楚為 2 號線僱用人員，然後進入 2 號線的新業務，這將是坎坷的。任何新業務都是坎坷的。因此，可以將 2 號線視為一項前六個月充滿坎坷的業務。所以我不知道具體結果如何，但我們將在沒有第 2 行的情況下計算這些數字。

So any contribution from line 2 is going to increase those numbers. The other thing I can tell you is that since the time that our team put these projections together for Pharmaloz for the next 12 months, things are going better than those estimates. So no guarantees in numbers. Forward-looking statements, forward-looking statements, but I'm very confident we're going to have a great 12 months. I'm very confident we're going to have a great six months at Pharmaloz. I'm very confident we're going to have a great quarter at Pharmaloz, So that's on Pharmaloz.

因此，第 2 行的任何貢獻都會增加這些數字。我可以告訴您的另一件事是，自從我們的團隊對 Pharmaloz 未來 12 個月的這些預測進行匯總以來，事情的進展比這些估計更好。所以不能保證數量。前瞻性陳述，前瞻性陳述，但我非常有信心我們將度過美好的 12 個月。我非常有信心我們將在 Pharmaloz 度過美好的六個月。我非常有信心我們將在 Pharmaloz 度過一個美好的季度，這就是 Pharmaloz 的情況。

George Church, working out in the field of genomics, professor at Harvard. He and two of his PhD Harvard students founded Nebula. We acquired it. They built it based on a strategy using scientific minds to market to other science-like-minded people. Understand, it's a very, very small percentage of the population. Their focus was on their 30x whole genome sequencing product, which is a great product.

喬治‧丘奇 (George Church)，哈佛大學教授，研究領域為基因體學。他和他的兩位哈佛大學博士生創立了星雲。我們獲得了它。他們基於利用科學思維向其他具有科學頭腦的人行銷的策略來建構它。要知道，這只是人口中非常非常小的一部分。他們的重點是 30 倍全基因組定序產品，這是一個很棒的產品。

But we have a 1x product, which is a fantastic product. You have to think of -- the 1x product as the Mercedes Benz of sequencing products, of DNA sequencing products. Because the 1x studies your entire DNA versus an ancestry test. The study is less than 1% of your DNA. So compare our whole genome sequencing 1x test to an ancestry test, it blows it out of the water, a 1,000 to 5,000x more data points, like there's no comparison in the test.

但我們有一個 1x 產品，這是一個很棒的產品。你必須將 1x 產品視為定序產品、DNA 定序產品的梅賽德斯奔馳。因為 1x 會研究您的整個 DNA，而不是進行血統測試。這項研究只涉及您 DNA 的不到 1%。因此，將我們的全基因組定序 1x 測試與血統測試進行比較，它的數據點多了 1,000 到 5,000 倍，就像測試中沒有比較一樣。

And the 1x test is so much less expensive than the 30x. But the founders of our company didn't focus the company on the 1x product, which is actually a fantastic product. We spent the last eight months revamping our entire go-to-market strategy. The other complicated part about this is the B2B, a lot of those companies that reaches out to us, earlier in the year are very interested, but they don't have their act together. These are all new businesses; they're trying to figure this out as well.

而且 1x 測試比 30x 測試便宜得多。但我們公司的創辦人並沒有將公司的重點放在 1x 產品上，這實際上是一個很棒的產品。在過去的八個月裡，我們修改了整個市場策略。另一個複雜的部分是 B2B，許多在今年早些時候聯繫我們的公司都非常感興趣，但他們沒有一起行動。這些都是新業務；他們也在試圖解決這個問題。

And the other problem is if we don't sell the subscriptions, that's where most of our profit is. It's not in selling the sequencing, it's in selling the subscription. That's where our profit margins are enormous. With our direct to consumer, we can now do both. Especially with our 1x product, we can make a lot of money selling incredibly low price, make a lot of money, and then make an enormous amount of money on our subscription. And so the problem is the platform, and the business was never focused properly, and the marketing was never done properly.

另一個問題是，如果我們不出售訂閱服務，這就是我們大部分利潤的來源。這不是出售測序，而是出售訂閱。這就是我們利潤空間巨大的地方。透過直接面向消費者，我們現在可以做到這兩點。特別是透過我們的 1x 產品，我們可以以令人難以置信的低價銷售賺很多錢，賺很多錢，然後透過我們的訂閱賺很多錢。所以問題就出在平台上，業務從來沒有正確聚焦，行銷也從來沒有做好。

We have retained the services of one of the best social media players. He was the Chief Business Officer of Barstool Sports. He's now at 10PM Curfew. His name is Stuart Hollenshead. He's working very closely with Jason Karkus and our management team at Nebula. I'm so excited for what they are doing.

我們保留了最好的社交媒體播放器之一的服務。他曾擔任 Barstool Sports 的首席商務官。他現在是晚上 10 點宵禁。他的名字叫做史都華‧霍倫斯黑德。他與 Jason Karkus 以及我們星雲的管理團隊密切合作。我對他們所做的事情感到非常興奮。

I'm going to -- I think of myself as young, but I'm not young in terms of how social media is developed. That's really more a young person's game. They may sound a little odd. But what they are working on -- you've got to understand Barstool Sports. You understand the reach of Barstool Sports and all the influencers and that whole social media platform. Well, that effort is what we're bringing to the table with our various products.

我認為自己很年輕，但就社群媒體的發展方式而言，我並不年輕。這確實更像是年輕人的遊戲。它們聽起來可能有點奇怪。但他們正在做的事情——你必須了解 Barstool Sports。您了解 Barstool Sports 以及所有影響者和整個社群媒體平台的影響力。嗯，這種努力就是我們透過各種產品帶來的。

We have a world-class whole genome sequencing product. We have a world-class laboratory. So part of the problem. Also, besides Pharmaloz is we built out this world-class lab, but we didn't have the business to support it. That's the other reason for the losses of the company currently. But understand, we're a development stage company losing money, but I like to think that the money we're losing is an investment in building significant value of the company.

我們擁有世界一流的全基因組定序產品。我們擁有世界一流的實驗室。所以這是問題的一部分。此外，除了 Pharmaloz 之外，我們還建立了這個世界一流的實驗室，但我們沒有業務來支持它。這是公司目前虧損的另一個原因。但請理解，我們是一家處於虧損狀態的發展階段公司，但我喜歡認為我們虧損的錢是對建立公司重大價值的投資。

So in Pharmaloz, we are now taking a business that we invested in. We bought more equipment. We built it out, took on the expense of that. But now the value is going to, I believe, pays itself back to us 10 times over in a matter of months, whether that's four months or six months or seven months or whatever. And again, not a guarantee, but I'm highly optimistic that we should have a significant transaction in the first quarter next year, if not sooner.

因此，在 Pharmaloz，我們現在正在進行我們投資的業務。我們購買了更多設備。我們建造了它，並承擔了它的費用。但現在，我相信，無論是四個月、六個月、七個月或其他什麼，它的價值將在幾個月內為我們帶來十倍以上的回報。再說一次，這不是保證，但我非常樂觀地認為，我們應該在明年第一季（如果不是更早的話）達成一項重大交易。

And so by the same token, the beauty of our company is we have various assets in various stages of development. Pharmaloz is the most developed. It's already doing a lot of business. Nebula Genomics is doing a small amount of business, but we believe that's about to go. It may ramp up slowly for a couple of months. It doesn't happen overnight.

因此，基於同樣的原因，我們公司的優點在於我們擁有處於不同發展階段的各種資產。Pharmaloz 是最發達的。它已經做了很多生意。Nebula Genomics 正在進行少量業務，但我們相信這種情況即將消失。它可能會在幾個月內緩慢上升。這不會在一夜之間發生。

Look at all the great products out there. The ones that come to my mind always is like beverages, like Prime, Celsius Holdings. Celsius Holdings, their five-year stock went from $1 to $90. It's crazy. So these things take time. It's not going to happen overnight.

看看那裡所有很棒的產品。我腦海中浮現的總是像飲料一樣的東西，像是Prime、Celsius Holdings。攝氏控股公司 (Celsius Holdings) 的五年股票從 1 美元漲到 90 美元。太瘋狂了。所以這些事情需要時間。這不會在一夜之間發生。

I think we have a great product. I think we have a great social media platform that's about to launch within weeks, if not days. I will do a substantive update at some point in the future once it launches its soft launch. We're going to tweak it a little bit. And then a month from now or two from now, we're going to go hog wild, all right?

我認為我們有一個很棒的產品。我認為我們有一個很棒的社交媒體平台，將在幾週甚至幾天內推出。一旦軟啟動，我將在未來的某個時候進行實質更新。我們要稍微調整一下。然後一兩個月後，我們就會瘋狂，好嗎？

So look, you know all the assets at Nebula, you know what we have. We have a lot behind this. I can go into more detail in the Q&A. Obviously, we have what we believe is the best proprietary bioinformatics platform in the world for reporting results. And what you have to understand about our reporting, the reporting is only as good as the database. We have one of the best, most in-depth, largest sequencing databases in the world.

所以看，你知道星雲的所有資產，你知道我們擁有什麼。這背後我們有很多努力。我可以在問答中詳細介紹。顯然，我們擁有我們認為是世界上最好的專有生物資訊平台來報告結果。關於我們的報告，您必須了解的是，報告的好壞取決於資料庫的好壞。我們擁有世界上最好、最深入、最大的定序資料庫之一。

Again, it's the equivalent of 150 million ancestry tests. So just imagine the quality of the reports, the number of reports, how in-depth it is. And we now provide an accessory test just as good as the ancestry companies. And in addition to that, we now have a special program that we're going to ramp up with our social media platform, which again I'll talk more about in a few weeks or a month or two, if not sooner.

同樣，這相當於 1.5 億次血統測試。想像一下報告的品質、報告的數量和深度。我們現在提供與祖先公司一樣好的配件測試。除此之外，我們現在有一個特別計劃，我們將透過我們的社交媒體平台來加強該計劃，我將在幾週或一兩個月（如果不是更早的話）內再次詳細討論該計劃。

We can take your ancestry test that you get from 23andMe or ancestry.com or one of the other companies. We can upload your data. And we can give you a phenomenal in-depth health report. Again, based on our genomic database, which is based on sequencing of customers from 130 countries. So just imagine taking the data to upload the cost is very little.

我們可以對您從 23andMe、ancestry.com 或其他公司之一獲得的血統測試進行測試。我們可以上傳您的資料。我們可以為您提供驚人的深入健康報告。同樣，基於我們的基因組資料庫，該資料庫基於對來自 130 個國家的客戶進行測序。所以試想一下，拿資料上傳的成本是很少的。

We can offer it. We can offer the reporting for less than what the ancestry companies are offering they're reporting for. We can offer you health reports for less than the other ancestry companies. We can offer you a subscription for less than the other ancestry companies and provide more in-depth reports, more accurate reports and more of them. This is a phenomenal product that's called our DNA expand product where we're expanding on your ancestry test.

我們可以提供。我們提供的報告價格可以低於祖先公司提供的報告價格。我們可以為您提供比其他血統公司更低的健康報告。我們可以為您提供比其他血統公司更少的訂閱，並提供更深入的報告、更準確的報告以及更多的報告。這是一個非凡的產品，被稱為我們的 DNA 擴展產品，我們正在擴展您的血統測試。

So we have all these really cool things going on with Nebula. I'm really excited about it. I'm sure people are a little frustrated that we didn't ramp up in the last six months, but we have a really beautiful program going forward with Nebula.

因此，星雲正在發生所有這些非常酷的事情。我對此感到非常興奮。我確信人們對我們在過去六個月內沒有取得進展感到有點沮喪，但我們與星雲一起推進了一個非常美麗的計劃。

Our BE-smart esophageal cancer test. We hired a world-class consulting firm, FHC, Dr. Sayed, Dr. Shafique, Dr. Yeager. These gentlemen have worked on some of the best world-class cancer test and other tests, diagnostic tests out there, taking them from virtually scratched and turning them into large companies.

我們的 BE-smart 食道癌檢測。我們聘請了世界一流的顧問公司FHC、Sayed博士、Shafique博士、Yeager博士。這些先生們致力於一些世界一流的癌症測試和其他測試、診斷測試，將它們從無到有轉變為大公司。

Now we have a couple of different approaches. We can take them with them BE-smart esophageal cancer test. And again, I will just give you a couple of quick highlights. There are blood tests out there that are highly inaccurate. It's not possible for a blood test to be accurate. And the reason is, by the time you get signals in your blood, they have esophageal cancer, it's too late.

現在我們有幾種不同的方法。我們可以隨身攜帶BE-smart食道癌檢測。再次強調，我將簡單介紹幾個要點。那裡的血液檢查非常不準確。血液檢查不可能準確。原因是，當你的血液中收到訊號時，他們已經患有食道癌，但已經太晚了。

At the same time, you can have other viruses, other diseases, other things going on in your body that shows up in your blood that will give you a false positive. It will look like esophageal cancer that's not. So a blood test is a great first test for esophageal cancer just because it's so easy to do it. You can do it in the doctor's office. And if it comes out positive, that will motivate the doctor to prescribe to the patient to get an endoscopy, where we come in is if you get an endoscopy.

同時，您體內可能存在其他病毒、其他疾病、其他情況，這些情況會出現在您的血液中，導致誤報。它看起來像食道癌，但事實並非如此。因此，血液檢查是食道癌的一項很好的首次檢查，因為它非常容易進行。您可以在醫生辦公室進行。如果結果呈陽性，這將促使醫生給患者開內視鏡檢查，我們的目的是如果您接受內視鏡檢查。

So all these tests that take place before the endoscopy only motivate you to then go to the standard of care, which is the endoscopy. What our test does is we make the endoscopy significantly more accurate. Because once you get the endoscopy, our test will tell you with much more accuracy than what the human eye can tell you just looking at the specimen, the biopsy that comes from the endoscopy. As I always say, two GIs looked -- they look at the same specimen on the same microscope. One will tell you have esophageal cancer; one will tell you don't.

因此，在內視鏡檢查之前進行的所有這些測試只會促使您接受標準護理，即內視鏡檢查。我們的測試所做的是使內視鏡檢查更加準確。因為一旦您進行內視鏡檢查，我們的測試將比人眼僅通過觀察標本（來自內視鏡檢查的活檢）告訴您的資訊更準確。正如我常說的，兩個美國士兵在同一台顯微鏡上觀察同一標本。有人會告訴你罹患食道癌；有人會告訴你不行。

The standard of care -- the diagnostics related to esophageal sector right now are simply really bad for a disease that's one of the deadliest cancers in the world. So just imagine a huge gap for a cancer test for esophageal cancer that actually tells you more accurately whether or not you have cancer. The potential of this is absolutely enormous. And that's why FHC, our consultants, they're very picky who they take on as a customer. And at the same time, we're very careful about what we want to -- honestly, it's a match made in heaven.

目前與食道部門相關的護理標準對於世界上最致命的癌症之一的疾病來說確實非常糟糕。因此，想像一下食道癌癌症檢測的巨大差距，實際上可以更準確地告訴您是否患有癌症。這的潛力絕對是巨大的。這就是為什麼我們的顧問 FHC 對客戶非常挑剔。同時，我們對自己想要的東西非常謹慎——老實說，這是天作之合。

So we're going to do things all the right way. And it goes so far beyond just getting CPT codes, that's kind of simplistic. Because CPT codes -- would it give you the ability to sell the test? It would. But would we get any traction? The other thing that's happening, more importantly, is that the FDA -- and honestly, I didn't believe this was going to happen -- they're actually taking over control of LDTs, laboratory developed testing, there's 1,000.

所以我們會以正確的方式做事。它遠遠超出了獲取 CPT 代碼的範圍，這有點簡化。因為 CPT 代碼——它能讓你有能力銷售測試嗎？會的。但我們會得到任何牽引力嗎？更重要的是，正在發生的另一件事是 FDA——老實說，我不相信這會發生——他們實際上接管了 LDT，實驗室開發的測試，有 1,000 個。

I don't know how they're going to do it. So eventually, we're going to have to deal with the FDA anyway and understand there are several components. There's the FDA, there's the insurance companies, the payers, and then there's the physician networks who prescribe it. So the physician networks have to subscribe it. They have to know that the insurance companies are paying for it. The FDA has to bless it. There are a lot of moving pieces here.

我不知道他們要怎麼做。所以最終，我們無論如何都必須與 FDA 打交道，並了解其中有幾個組成部分。有 FDA，有保險公司，付款人，然後還有開處方的醫生網絡。所以醫生網絡必須訂閱它。他們必須知道保險公司正在支付費用。FDA 必須祝福它。這裡有很多動人的部分。

The bottom line is FHC. They're the experts. We're working closely together; we're going to figure out the best game plan. And at the same time, we may -- I don't want to speak out of turn -- we may have a way to fast track. I don't want to get ahead of myself, but we'll be updating to fast track with the FDA as well while we're working on other revenues.

底線是FHC。他們是專家。我們正在密切合作；我們要找出最好的比賽計畫。同時，我們可能——我不想不按順序發言——我們可能有一種快速發展的方法。我不想超前，但在我們致力於其他收入的同時，我們也會與 FDA 進行快速溝通。

But understand, we're working on the other avenues at the same time, bringing in the physician networks and working with the insurance payers. And in fact, that's one of the reasons we brought on a new Board of Director, a new director who works at Optum, which is one of the biggest physician networks in the country. They have like 20 different major physician networks.

但請理解，我們正在同時致力於其他途徑，引入醫生網絡並與保險付款人合作。事實上，這就是我們任命新董事會的原因之一，一位在 Optum 工作的新董事，Optum 是全國最大的醫生網絡之一。他們有大約 20 個不同的主要醫生網絡。

In fact, we have another director on our Board who works in one of those physician networks. And he's the one that brought in our other directors. He's actually (inaudible) the parent. So I believe between our connections on our Board of Directors with FHC and the fact that we have literally a one-of-a-kind esophageal cancer test that is incredibly sorely needed -- and it's clearly a multibillion-dollar target market.

事實上，我們的董事會還有另一位董事，他在其中一個醫生網絡中工作。他是引進我們其他董事的人。他其實是（聽不清楚）家長。因此，我相信我們董事會與 FHC 的聯繫，以及我們確實擁有一種非常迫切需要的獨特的食道癌測試這一事實，而且它顯然是一個價值數十億美元的目標市場。

I've worked through the numbers before. I'll just show you really quickly. Our target market, we see even take out the 2 million at the bottom. Our target market are 7 million endoscopies a year. Understand, these are endoscopies who are already taking place. If we've only got reimbursed $1,000, we think it's going to be more. But even if it's only $1,000, it's a $7 billion market we're going after, with virtually no competition and a test that's sorely needed.

我之前已經算過這些數字了。我很快就會向你展示。我們的目標市場，我們甚至看到底部的200萬。我們的目標市場是每年 700 萬台內視鏡檢查。請理解，這些是已經在進行的內視鏡檢查。如果我們只得到 1,000 美元的報銷，我們認為還會更多。但即使它只有 1,000 美元，我們所追求的也是一個價值 70 億美元的市場，幾乎沒有競爭，而且迫切需要進行測試。

So we're going to do it the right way and understand our consultants, for example -- one of our consultants, I don't know who wants to name by name, work very closely with Guardant Health for many, many years, and was instrumental in helping turn them into -- they go a -- they have a $3 billion or $4 billion market cap right now and its peak back in 2021, things presently have $20 billion market cap. My point is early on, they had a multibillion dollar market cap. He wants to do the same things for us. So forget about multibillion dollars, $1 billion, $50 stock price, $0.5 billion. It's a $25 stock price.

因此，我們將以正確的方式做到這一點，並了解我們的顧問，例如，我們的一位顧問，我不知道誰願意透露姓名，他與 Guardant Health 密切合作了很多很多年，並且在幫助他們將他們變成——他們現在——擁有30億或40億美元的市值方面發揮了重要作用，並在2021年達到頂峰，目前的市值為200億美元。我的觀點是，他們很早就擁有數十億美元的市值。他想為我們做同樣的事情。所以忘掉數十億美元、10 億美元、50 美元的股價、5 億美元吧。這是25美元的股票價格。

If it takes two years -- two to three years, so what? All right? So this is the kind of perspective, and that's just on esophageal cancer test, and that's an addition to the fact that we have our Nebula Genomics business. Finally, I think it's going to ramp up in a big way. And that's in addition to the fact that we have Pharmaloz that's already generating a lot of revenues and earnings going forward.

如果需要兩年──兩到三年，那又怎樣？好的？這就是這種觀點，這只是關於食道癌測試的觀點，這是我們擁有星雲基因組學業務這一事實的補充。最後，我認為它將會大幅成長。除此之外，我們的 Pharmaloz 已經在未來產生大量收入和收益。

And it's highly valuable right now two days, not six months from now, it's highly valuable now. With each six months, the value of Pharmaloz goes up. So it's really just a question of how long we hold it on. We could sell it today. We can tell it six months from now or we can sell it 12 months from now.

現在兩天就非常有價值，而不是六個月後，現在就非常有價值。每六個月，Pharmaloz 的價值就會上漲。所以這其實只是我們堅持多久的問題。我們今天可以賣掉它。我們可以在 6 個月後告訴它，或者我們可以在 12 個月後出售它。

We'll see how it plays out. We'll see what the demand is. We'll see what the pricing is, so on and so forth. The call -- I did the same to the Cold-EEZE brand, by the way. And in one year, I was off for $20 million to $25 million for it, 18 months later, I sold it for $50 million.

我們將看看結果如何。我們將看看需求是什麼。我們將看看定價是多少，等等。順便說一句，我對 Cold-EEZE 品牌也做了同樣的事情。一年內，我以 2000 萬至 2500 萬美元的價格買下它，18 個月後，我以 5000 萬美元的價格賣掉了它。

The only difference was we had to develop a little more. We fine-tuned the marketing a little bit more, built it a little more and then we got twice as much. So these are decisions I'm working on every day. But again, I'm the largest shareholder of the company, every decision I make is what's best for the shareholders. They always come first.

唯一的區別是我們必須多開發一點。我們對行銷進行了更多的微調，進行了更多的建設，然後我們得到了兩倍的收益。所以這些是我每天都在做的決定。但再說一遍，我是公司最大的股東，我所做的每一個決定都是對股東最好的。他們永遠是第一位的。

Okay. Finally, so that's enough on BE-smart. We talked about FHC. I do want to just touch on Equivir a little bit, and then we'll get to questions. Interesting I am about to wrap up and it worked out to exactly about 30 minutes. I didn't plan that. Okay. Equivir. We're in the final stages, over 300 -- our goal is 300 patients, we have two 150 patient groups. Understand, this is a study where there were two arms to it.

好的。最後，BE-smart 就到此為止了。我們談論了FHC。我確實想簡單談談 Equivir，然後我們就開始提問。有趣的是，我即將結束，結果剛好是 30 分鐘。我沒這麼打算。好的。等值。我們正處於最後階段，超過 300 名患者——我們的目標是 300 名患者，我們有兩個 150 名患者組。請理解，這是一項有兩個分支的研究。

One was a prophylactic study where you take the product once a day to avoid getting sick, the other 150 patients was on people who are sick, giving them the products seeing if it work therapeutically, got phenomenal results in both arms. I understand these are people getting cold, flus and covet. Now we will not be able to make COVID claims on our packaging but we -- I believe we will be able to publish our study results and point to them, and so potential consumers can read the studies for themselves. It's very compelling. The retailers are very interested in this product.

其中一項是預防性研究，每天服用一次該產品以避免生病，另外 150 名患者則對生病的人服用該產品，看看它是否有治療作用，雙臂都取得了顯著的效果。我知道這些人都是感冒、流感和貪婪的人。現在，我們將無法在我們的包裝上做出有關新冠病毒的聲明，但我們——我相信我們將能夠發布我們的研究結果並指出它們，這樣潛在的消費者就可以自己閱讀這些研究。這是非常引人注目的。零售商對此產品非常感興趣。

So we already have this whole infrastructure in place in selling to retail stores. I'm excited to get started. But the beauty of our initiative with Nebula Genomics and building that whole social media platform is we're going to build that for Equivir II. What's interesting is our whole Nebula team is actually just as excited about developing a range of dietary supplements on the social media platform, could be a very exciting business and it's something where we already have most of the pieces.

因此，我們已經擁有向零售商店銷售的整個基礎設施。我很高興能開始。但我們與 Nebula Genomics 合作並建立整個社群媒體平台的美妙之處在於，我們將為 Equivir II 建立這個平台。有趣的是，我們整個星雲團隊實際上對在社群媒體平台上開發一系列膳食補充劑感到興奮，這可能是一項非常令人興奮的業務，而且我們已經擁有了大部分產品。

We also, by the way, years ago, when we developed a TK supplements line of products that we develop Legendz XL and Triple Edge and SUPER PROSTAFLOW+. And Legendz XL is in stores. We never really focused on the other two. But Legendz XL plus Triple Edge, if you take them combined, it's actually a great pre-workout product. Legendz XL is a great product by itself.

順便說一句，幾年前，當我們開發 TK 補充劑系列產品時，我們開發了 Legendz XL、Triple Edge 和 SUPER PROSTAFLOW+。Legendz XL 現已上市。我們從來沒有真正關注過另外兩個。但是 Legendz XL 加上 Triple Edge，如果你把它們結合起來，它實際上是一個很棒的鍛鍊前產品。Legendz XL 本身就是一款優秀的產品。

So -- but now we already have the credibility from Legendz XL being in Walgreens, CVS and other stores. And now we're going to leverage it online. We could potentially build out a whole line of products from that. I don't want to talk more about that. Now I will in the Q&A, if you're interested.

所以，現在我們已經在 Walgreens、CVS 和其他商店中獲得了 Legendz XL 的信譽。現在我們要在線上利用它。我們有可能以此為基礎打造出一整套產品線。我不想再談論這個了。如果你有興趣的話，現在我將在問答中。

I think I fairly covered everything that I wanted to say. So my partner, Noelle, I hand it back over to you for the Q&A.

我想我已經涵蓋了我想說的所有內容。所以我的搭檔諾埃爾，我把它交還給你問答。

Thank you very much, Ted, for the presentation. So now we will begin the Q&A. Your first question is, please provide some detail about Forward Health Care and why you choose them? The website has a 2021 copyright, and it looks older than that and provides very little detail about the company actually does and who customers are.

非常感謝特德的演講。現在我們開始問答。您的第一個問題是，請提供一些有關 Forward Health Care 的詳細資訊以及您選擇他們的原因？該網站的版權為 2021 年，看起來比該版權更老，並且幾乎沒有提供有關該公司實際業務和客戶是誰的詳細資訊。

The three consultants we're working with have different skill sets, but their skill sets cover every aspect of not only commercializing our BE-smart test but developing the demand for it. And as I said, there are three components to this.

與我們合作的三位顧問擁有不同的技能，但他們的技能不僅涵蓋了 BE-smart 測試商業化的各個方面，還涵蓋了開發需求的各個方面。正如我所說，這由三個組成部分組成。

So one is an expert with FDA and CPT codes and insurance companies, and another is an expert with the physician network, and another is an expert in tying it all together. And these gentlemen are really excited to work with us, and they're working with us regularly now almost on a daily basis. And I believe, we now have the partners we need and what they're also going to do in addition to everything I just said, they're going to bring in the key opinion leaders.

因此，一個是 FDA 和 CPT 代碼以及保險公司的專家，另一個是醫生網路的專家，另一個是將這一切結合在一起的專家。這些先生們非常高興與我們合作，他們現在幾乎每天都定期與我們合作。我相信，我們現在有了我們需要的合作夥伴，除了我剛才所說的一切之外，他們還將做些什麼，他們將引入關鍵意見領袖。

So much of this is -- and I don't want to say it's political because we have a fantastic tests. At the end of the day, you have to have a fantastic tests. But once you have a fantastic fast, then the question is, how do you get the GIs, the physicians to sign on and order it? How do you get the insurance companies to reimburse it? There's another cancer test, and I don't want to say it by Adil, they have like a $30 million or $40 million market cap because they did sort of a fast-track approach to cash-based testing but they're having trouble getting the insurance companies to sign on.

其中大部分是——我不想說這是政治性的，因為我們有很棒的測試。歸根結底，您必須進行出色的測試。但一旦你經歷了一次美妙的禁食，那麼問題是，你要如何讓大兵、醫生簽字並下令禁食呢？怎樣才能讓保險公司賠付呢？還有另一種癌症測試，我不想由阿迪爾說，他們的市值約為 3000 萬或 4000 萬美元，因為他們採用了一種基於現金的快速測試方法，但他們很難獲得保險公司簽字。

They still have a $30 million to $40 million market cap. And so we all think that they did it the wrong way. Now if FHC had been working with them the whole time, they might have taken a different approach. And instead of a $30 million, $40 million mark cap, they might have a $3 billion or $4 billion more cap like Guardant Health, which is a company that FCH did work on. So we want to do this the right way.

他們的市值仍為 3000 萬至 4000 萬美元。所以我們都認為他們的做法是錯的。現在，如果 FHC 一直與他們合作，他們可能會採取不同的方法。他們的上限可能不是 3000 萬美元、4000 萬美元，而是可能有 30 億美元或 40 億美元以上的上限，就像 FCH 曾參與的一家公司 Guardant Health 一樣。所以我們希望以正確的方式做到這一點。

If I want to get this out quickly, I can do an IPO of our BE-smart esophageal cancer test in heavy -- in a year have a $30 million or $40 million market cap for it potentially. I wanted to have a $1 billion mark. That's the goal. It's going to happen, we'll see. I know that we have a great test.

如果我想快速解決這個問題，我可以對我們的 BE-smart 食道癌檢測進行首次公開發行（IPO）——一年內它的市值可能達到 3000 萬美元或 4000 萬美元。我想擁有 10 億美元大關。這就是目標。這將會發生，我們拭目以待。我知道我們有一個偉大的考驗。

All the rest, we have to figure out, and I want to do it the right way, and we have time to do it the right way.

剩下的一切，我們必須弄清楚，我想以正確的方式去做，而且我們有時間以正確的方式去做。

Listen, I'm the first in line for a immediate gratification when it comes to buying stocks and that kind of thing. But as a CEO of our company, I got to build the value of the company over time, and we have bumps along the way, and we had a bump here. Obviously, we had a bump with the stock price. We have a bump, I don't have control over the stock market, itself stock market for microcap stocks has been in a bear market for four years. It tried to show a little life earlier in this year and then we just had what I think is a selling climax.

聽著，當談到購買股票之類的事情時，我會是第一個想要立即得到滿足的人。但作為我們公司的首席執行官，我必須隨著時間的推移建立公司的價值，我們一路走來遇到了坎坷，我們在這裡也遇到了坎坷。顯然，我們的股價有所上漲。我們遇到了麻煩，我無法控制股市，微型股的股市本身已經處於熊市四年了。今年早些時候，它試圖展現出一點生機，然後我們迎來了我認為的銷售高潮。

I think, well, honestly, all the microcap biotech stocks have probably bottomed and were washed out a couple of weeks ago when the Dow was out of 1,000 points. So I'm looking forward to how do we build the value in the company going forward and BE-smart -- by itself, forget everything else I've talked about. BE-smart, I might be able to not only retire I might be able to start writing my own books on what we're going to do with BE-smart.

我認為，老實說，幾週前道瓊指數跌破 1000 點時，所有微型生物科技股可能都已經觸底並被淘汰。因此，我期待我們如何在公司未來發展中建立價值，並變得聰明——就其本身而言，忘記我談到的其他一切。聰明一點，我也許不只可以退休，我還可以開始寫自己的書，介紹我們將如何利用聰明一點。

My family has a history of esophageal cancer, when can I obtain the BE-smart test?

我的家族有食道癌病史，我什麼時候可以進行BE-smart測試？

Well, that makes me feel bad. I'm really sorry. Esophageal cancer -- and this happens. I talk about this test. I don't know why it makes me care of.

嗯，這讓我感覺很糟。我真的很抱歉。食道癌－這種情況就會發生。我講一下這個測試。我不知道為什麼它讓我在意。

I talk about this test and sometimes I'll talk to an institutional investor. I can't tell you. It surprises me every time but like one out of every several people has had to deal with esophageal cancer. When I talk about it, I say, x-percentage, once you're diagnosed, 80% to 90% of people diagnosed, died. I say that. And then somebody says to me, the family member has esophageal cancer.

我談論這個測試，有時我會和機構投資者談論。我不能告訴你。每次都讓我感到驚訝，但就像每幾個人中就有一個不得不應對食道癌一樣。當我談論這個問題時，我會說，x-percentage，一旦確診，80% 到 90% 的人就會死亡。我這麼說。然後有人跟我說，家裡人得了食道癌。

And I'm like, and I almost feel sorry that I said that statistic, it's really a terrible statistic. So -- but it's more common than you realized. So as far as our test is concerned, it's a great question. And it's complicated because the FDA is making it more complicated, it's possible we could provide this as a cash-based test. But apparently, I also don't want to set a precedent where doing it as a cash-based test and then having issues with the insurance companies.

我想，我幾乎為我說這個統計數據感到遺憾，這確實是一個可怕的統計數據。所以——但這比你想像的更常見。就我們的測試而言，這是一個很好的問題。它很複雜，因為 FDA 正在使其變得更加複雜，我們有可能將其作為基於現金的測試提供。但顯然，我也不想開創先例，將其作為基於現金的測試，然後與保險公司發生問題。

And I don't know all of the politics involved. So -- but honestly, if somebody actually wanted to get a test and reach out to our company, we can certainly do the test but that's different from commercialization. So I'm working with the FHC consultants right now. I don't have all the answers today. I don't want to be rushed and put into a box as to exactly how we're going to roll this out.

我不知道所有涉及的政治。所以——但老實說，如果有人真的想要進行測試並聯繫我們公司，我們當然可以進行測試，但這與商業化不同。所以我現在正在與 FHC 顧問合作。今天我還沒有得到所有答案。我不想匆忙地思考我們將如何推出這個項目。

And again, there's a difference between CPT codes, which might give us the rights to get reimbursed by insurance and very different from actually getting reimbursed by insurance. And as I said, there's another cancer testing company that's public, it's got a $30 million, $40 million more cap. I don't know if they're going anywhere. I also -- again, their test is pre-endoscopy. So again, it would only help our cause.

再說一次，CPT 代碼之間存在差異，它可能賦予我們獲得保險報銷的權利，但與實際獲得保險報銷的情況有很大不同。正如我所說，還有另一家上市的癌症檢測公司，它的上限為 3000 萬美元，甚至還有 4000 萬美元。我不知道他們是否要去任何地方。我也再次強調，他們的測試是內視鏡檢查前的測試。再說一遍，這只會對我們的事業有所幫助。

If they become more successful. I don't know if they will. I hope that answered your question. I'm sorry I don't have a better answer today. But certainly, if somebody really wanted to be tested today by us, we certainly could. We're capable of doing the test.

如果他們變得更加成功。我不知道他們是否會。我希望這回答了你的問題。很抱歉今天我沒有更好的答案。但當然，如果有人今天真的想接受我們的測試，我們當然可以。我們有能力進行測試。

Thank you for elaborating, Ted. The next question is, please elaborate on your recent SEC filing about the CrowdStrike incident preventing ProPhase from filing its Q2 results on time. Is this an ongoing issue for the company?

謝謝你的詳細闡述，泰德。下一個問題是，請詳細說明您最近向 SEC 提交的有關 CrowdStrike 事件導致 ProPhase 無法按時提交第二季業績的文件。這對公司來說是一個持續存在的問題嗎？

I don't even understand why somebody would ask a question. We just reported results because we reported them four days later, which we're allowed to do. Honestly, that question is just a waste of time. No, there's no ongoing issue. We just reported results.

我什至不明白為什麼有人會問這個問題。我們剛剛報告了結果，因為我們在四天後報告了結果，這是我們被允許這樣做的。老實說，這個問題只是浪費時間。不，沒有持續存在的問題。我們剛剛報告了結果。

So you're asking about an issue that isn't an issue since we just reported results. So I don't even understand the question. I don't care about the CrowdStrike. That affected a lot of companies but we reported our results today, so which we're allowed to do. So what's the next question, Noella.

所以你問的問題不是問題，因為我們剛剛報告了結果。所以我甚至不明白這個問題。我不關心 CrowdStrike。這影響了很多公司，但我們今天報告了我們的結果，所以我們可以這樣做。那麼下一個問題是什麼，諾埃拉。

The next question is a two-part. The first part is does ProPhase continue to have an investment in Lantern Pharma? And if so, what is the thinking about it? Long-term goal or a potential source of cash in the short term. And if Pharmaloz is generating cash and growing, why look to sell this one profitable asset?

下一個問題分為兩部分。第一部分是ProPhase是否會繼續投資Lantern Pharma？如果是這樣，對此有何想法？長期目標或短期的潛在現金來源。如果 Pharmaloz 正在產生現金並不斷成長，為什麼要出售這一有利可圖的資產呢？

That's right. I don't want to hear any more about Lantern. That's a question I don't really want to touch on. It sounds like a Lantern shareholder or a Lantern executive asking the question. So thank you for trying to leverage our shareholder conference call to talk about Lantern.

這是正確的。我不想再聽到任何關於燈籠的事情了。這是一個我不想觸及的問題。聽起來像是 Lantern 股東或 Lantern 高層在問這個問題。感謝您嘗試利用我們的股東電話會議來討論 Lantern。

I'm not going to comment further on it on this call, but thank you.

我不會在這次電話會議上進一步評論，但謝謝。

The next question is what is happening at the diagnostics lab if there's no more COVID testing?

下一個問題是，如果不再進行新冠病毒檢測，診斷實驗室會發生什麼事？

We're not doing COVID testing. We built out. We converted our COVID lab into a world-class genomics lab, and now we're looking to ramp up our Nebula Genomics business, which we rebranded DNA complete, and we look to fill up our lab with business from DNA complete. DNA complete by itself, or Nebula Genomic DNA complete without the lab is a fantastic business. I'm really excited about it.

我們不進行新冠病毒檢測。我們建造了。我們將新冠病毒實驗室改造成世界一流的基因組學實驗室，現在我們正在尋求擴大 Nebula Genomics 業務，我們將其重新命名為 DNA Complete，我們希望用 DNA Complete 的業務來充實我們的實驗室。單獨完成的 DNA 或無需實驗室完成的星雲基因組 DNA 是一項很棒的業務。我對此感到非常興奮。

The lab is expensive to operate. So we're going to build up the business, and we'll see where it goes. So -- but I think the value of the company. I mean there is a value to lap because we built it out with expressive equipment. It's a high-quality lab.

該實驗室的運作成本很高。因此，我們將建立業務，然後看看它的發展方向。所以——但我認為公司的價值。我的意思是，它具有值得一圈的價值，因為我們用富有表現力的設備建造了它。這是一個高品質的實驗室。

We could probably sell it, maybe we will sell, I don't want to get into strategy in the future, employees and all those kinds of things. But our new business model, which we're going to start ramping up right away, is going to leverage that lab. So -- but as far as COVID testings, we don't do COVID testing anymore. We moved away from that long time ago.

我們可能會賣掉它，也許我們會賣掉它，我不想討論未來的策略、員工和所有這些事情。但我們將立即開始加強的新商業模式將利用該實驗室。所以，但就新冠病毒檢測而言，我們不再進行新冠病毒檢測。我們很久以前就離開了。

And so to be clear, our company has a history of transitioning. As times change, we don't -- we aren't stagnant, there are plenty of COVID company, COVID lab companies who just went out of business when COVID ended, all right? We had the Cold-EEZE brand, we sold it, kept the manufacturing facility. We're now potentially going to sell the manufacturing facility just as much as we sold the Cold-EEZE brand for. We got into COVID testing.

要先明確的是，我們公司有轉型的歷史。隨著時代的變化，我們並沒有停滯不前，有許多新冠病毒公司、新冠病毒實驗室公司在新冠病毒結束時就倒閉了，好嗎？我們擁有 Cold-EEZE 品牌，我們將其出售，並保留了生產設施。我們現在可能會像出售 Cold-EEZE 品牌一樣出售製造設施。我們進行了新冠病毒檢測。

We made a ton of money in COVID. We then use that money to buy these other business and these other science and technology assets. That's what we're developing now. One was Equivir, which I think is a fantastic product, Equivir by itself could make company hugely valuable. Equivir, which I'm not even focused on.

我們在新冠疫情中賺了很多錢。然後我們用這筆錢購買這些其他業務和其他科技資產。這就是我們現在正在開發的。其中一個是 Equivir，我認為這是一個很棒的產品，Equivir 本身就可以使公司變得非常有價值。Equivir，我什至不關注它。

Let alone, we acquired Nebula Genomics, which we're building out, BE-smart esophageal cancer test, which we acquired, and we're building out. So we use the Cold-EEZE sale to, one, focus on building Pharmaloz; and two, it gave us the ability to get into the COVID testing business. We then think equity does a phenomenal job of raising capital for us back when we got into the COVID testing. We built that out. We then -- with that build out with the money that we make, we then found new assets to develop and those are the new assets that are going to develop meme very valuable over time.

更不用說，我們收購了 Nebula Genomics，我們正在開發它，BE-smart 食道癌測試，我們收購了它，我們正在開發它。因此，我們利用 Cold-EEZE 銷售，一是專注於打造 Pharmaloz；第二，它讓我們有能力進入新冠病毒檢測業務。然後我們認為，當我們進入新冠病毒測試時，股權在為我們籌集資金方面發揮了非凡的作用。我們把它建立起來了。然後，我們用賺來的錢進行建設，然後我們找到了需要開發的新資產，這些新資產將隨著時間的推移開發出非常有價值的迷因。

So that's what we do. I'm an entrepreneur. We go with the time, not everything is successful but my track record of success in developing new companies has been incredibly high for an incredibly long period of time.

這就是我們所做的。我是一名企業家。我們與時俱進，並不是一切都成功，但我在開發新公司方面的成功記錄在相當長的時間內一直保持著令人難以置信的高水平。

The next question is, it looks like there are now only two options for Nebula, deep and ultra deep. Did you discontinue the standard option? And what was the rationale? Are you no longer offering lifetime memberships?

接下來的問題是，星雲現在看起來只有兩個選擇，深海和超深海。您是否停止使用標準選項？理由是什麼？你們不再提供終身會員資格嗎？

No. So we've done a complete overhaul. We're rolling that out, excuse me, very shortly. That will all be clarified in about a week, wait until you see the new websites, the new rebranding, all that. We're having the quarterly call today.

不。所以我們進行了徹底的檢修。抱歉，我們很快就會推出該功能。這一切都將在大約一周內得到澄清，等到你看到新網站、新品牌重塑等等。我們今天要召開季度電話會議。

It would have been nice if we had a quarterly call after the rebranding launched, the timing didn't work out perfectly but I'll provide updates in the coming weeks when this all launch, and I'll answer those questions.

如果我們在品牌重塑推出後每季召開一次電話會議，那就太好了，時間安排得不太好，但我將在未來幾週內推出這一切時提供更新，並回答這些問題。

We have a variety of great products. We have 100x, we have a 30x, we have a 1x and we have a DNA expand. The DNA expand is taking the ancestry test and giving you more information on the ancestry tests that you've already taken elsewhere. And then the 1x, which we think is a phenomenal product is incredibly low priced. And it's still 1,000 times more data than you get from an ancestry test, and yet it's priced similar to an ancestry test.

我們有各種各樣的優質產品。我們有 100 倍、30 倍、1 倍以及 DNA 擴展。DNA 擴展正在進行血統測試，並為您提供有關您在其他地方已經進行的血統測試的更多資訊。然後，我們認為 1x 是一款非凡的產品，但價格卻低得令人難以置信。它獲得的數據仍然比血統測試多 1,000 倍，但其價格與血統測試相似。

We think we're -- it's going to be a huge product but we'll see when we roll it out. So we'll see once we roll out with our new social media platform and all the people we're working with, and we're going to be bringing in influencers. There's a lot of places we can go. This can be very exciting. So you'll see.

我們認為這將是一個巨大的產品，但我們會在推出它時看到結果。因此，一旦我們推出新的社交媒體平台以及所有與我們合作的人，我們就會看到，我們將引入有影響力的人。我們可以去的地方有很多。這可能非常令人興奮。所以你會看到。

But the answer to your question is this will all be made clear very soon.

但你的問題的答案是，這一切很快就會清楚。

Next, when will the second line at the factory become operational and as potential production spoken for?

接下來，工廠的第二條生產線什麼時候投入運作並達到潛在的生產潛力？

Yes. So we have -- excellent question. We have several customers, some very large that are very interested. And we're just in negotiations now. The margins are different between one very large lozenge brand and a dozen smaller brands.

是的。所以我們有一個很好的問題。我們有幾個客戶，其中一些非常大，對此非常感興趣。我們現在正處於談判階段。一個非常大的錠劑品牌和十幾個較小品牌之間的利潤率是不同的。

So we have -- on our line 1, we have ridiculously high margins for manufacturing companies. That, by the way, is very attractive to a potential acquirer. We have really high margins. It's really cool business for line 1. And that's what we've spoken for.

因此，在我們的第一條生產線上，我們為製造公司提供了高得離譜的利潤。順便說一句，這對潛在收購者來說非常有吸引力。我們的利潤率非常高。對於 1 號線來說，這真是很酷的生意。這就是我們所說的。

And we're running that capacity. And in fact, we're looking to hire people right now as quickly as possible. For line 2, we're in negotiations right now. So we'll see where they go. We just -- the timing was perfect.

我們正在運行這種能力。事實上，我們現在希望盡快招募人員。對於2號線，我們現在正在談判中。所以我們會看看他們去了哪裡。我們只是──時機非常完美。

One of the largest lozenge brands in the world, we just reconnected with and they indicated an interest in taking our entire capacity for line 2 but then understand it becomes a negotiation. Do we want to sell the entire capacity line 2? And by the way, I might get enough product down payment if we do it that way. But the margins on that business are going to be significantly less than if we sell to a dozen small customers. The problem with a dozen small customers that they come and go, they -- some are successful, some aren't.

我們剛剛與世界上最大的錠劑品牌之一重新建立聯繫，他們表示有興趣佔用我們 2 號線的全部產能，但後來明白這變成了一場談判。我們想要出售整個 2 號產能嗎？順便說一句，如果我們這樣做的話，我可能會得到足夠的產品首付。但該業務的利潤率將大大低於我們向十幾個小客戶銷售產品的利潤率。問題在於，有十幾個小客戶來來往往，有些人成功了，有些人則不然。

And more importantly, with the smaller customers, you run a line for a couple of days and then you're done with their production and then you have to clean the whole line, start all over again a couple of days later with the new lozenges brand and then the same thing over and over again. It's a lot more work. It's a lot more tedious but we charge them a lot more. So there are trade-offs, and we just have to see how it comes. So the second line, we're looking to install it this year.

更重要的是，對於較小的客戶，您運行一條生產線幾天，然後完成生產，然後您必須清潔整條生產線，幾天后用新的錠劑重新開始品牌，然後一遍又一遍地做同樣的事情。還有很多工作要做。這很乏味，但我們向他們收取更多費用。所以需要權衡，我們只需要看看它是如何實現的。所以第二條線，我們希望今年安裝它。

I don't know the exact month. So we'll see. We're playing this out. But again, our estimates for the numbers I have provided for Pharmaloz for the next 12 months do not include any contribution at all from line 2. So that would just be out of it.

我不知道確切的月份。所以我們拭目以待。我們正在玩這個。但同樣，我們對我為 Pharmaloz 提供的未來 12 個月的數字的估計根本不包括來自第 2 行的任何貢獻。所以那就沒有了。

And so the point also is beyond line 2, we can -- we potentially -- we have room in our current plant for a third line. And so understand a potential acquirer, they're not only interested in your current business, you're interested in whether or not you can expand on whether the demand is there. We definitely have room to explain. We already have -- we have world-class consultants who figured out the whole plan that -- however long that took six or nine months. So we built out the whole plan.

因此，這一點也超出了第 2 條生產線，我們可以——我們有可能——在我們目前的工廠中有空間建造第三條生產線。因此，了解潛在的收購者，他們不僅對您目前的業務感興趣，您還對您是否可以擴展需求是否有興趣。我們絕對有解釋的空間。我們已經有了——我們有世界級的顧問，他們制定了整個計劃——無論花了六到九個月的時間。所以我們制定了整個計劃。

And we already have line 2, which was ordered 1.5 years ago that's coming very soon. And we have the plans for line 3. And we have demand all over the place because a critically important component of this is the fact it's several things we have going forward. One, it's our reliability. We are one of the most reliable.

我們已經有了 2 號線，這是 1.5 年前訂購的，很快就會完成。我們已經有了 3 號線的計畫。我們到處都有需求，因為其中一個至關重要的組成部分是我們正在推進的幾件事。第一，這是我們的可靠性。我們是最可靠的之一。

We have the best reputation for manufacturing lozenges. Number two, we are FDA approved. There are very few lozenges manufacturers in the world that are FDA approved and have capacity and are reliable. But we don't know any, all right? And three, we're based in the United States.

我們在製造含片方面享有盛譽。第二，我們已獲得 FDA 批准。世界上獲得 FDA 批准、有能力且可靠的含片製造商很少。但我們什麼都不知道，好嗎？第三，我們的總部位於美國。

So anyone selling lozenges into the United States would strongly prefer to work with a manufacturer in the United States, especially since there is a threat of tariffs coming. Now I don't know who's going to win the election but if Trump wins the election, I think the probably the tariffs are very high. I don't know if he doesn't what happens, but if Trump wins everybody is going to be in a panic to want to give us a business like not even a question. So -- but regardless, the demand is there. We're going to a conference in a couple of months.

因此，任何向美國銷售含片的人都強烈願意與美國的製造商合作，特別是因為存在關稅威脅。現在我不知道誰會贏得選舉，但如果川普贏得選舉，我認為關稅可能會非常高。我不知道他是否不知道會發生什麼，但如果川普獲勝，每個人都會驚慌失措，想給我們一個生意，甚至連一個問題都沒有。所以——但無論如何，需求是存在的。幾個月後我們要去參加一個會議。

And we already know there's a dozen new brands there that want to give us their business. So this is just a booming business. It's a hidden asset of the company at the moment but it won't be for more than a quarter or two.

我們已經知道那裡有十幾個新品牌想要提供給我們業務。所以這只是一個蓬勃發展的生意。目前它是公司的隱藏資產，但這種情況不會超過一兩個季度。

Can you please discuss the marketing approach for BE-smart if approved? Would you anticipate further partnerships to assist?

如果獲得批准，您能否討論一下BE-smart的營銷方式？您是否期待進一步的合作夥伴關係來提供協助？

Yes. So we can go in a couple of different directions. We have -- this is going to be a high-class problem to have, and I don't want to misspeak but we've been waiting. I've been waiting for these final statistical results to bring them to one of the largest cancer diagnostics companies in the world. I'm pretty sure we could partner with them.

是的。所以我們可以朝幾個不同的方向發展。我們——這將是一個高級問題，我不想說錯話，但我們一直在等待。我一直在等待這些最終統計結果，以便將它們帶給世界上最大的癌症診斷公司之一。我很確定我們可以與他們合作。

But again, look out three years from today and look backwards. Would you rather I do a deal where we get some money upfront and a royalty? Or what if three years from now, our BE-smart esophageal cancer test really is worth a big amount of money. We're not going to be in the bear market in microcaps forever. And our BE-smart cancer test.

但再次，展望三年後的今天並回顧過去。你願意我做一筆交易，我們先拿到一些錢，然後再獲得特許權使用費嗎？或者如果三年後，我們的 BE-smart 食道癌檢測真的值一大筆錢呢？我們不會永遠處於微型股的熊市。還有我們的 BE-smart 癌症測試。

I don't know how many times I can say, it's a multibillion dollar target market with, as far as I'm concerned, no real competition. So I feel like it's inevitable. I really feel like it's inevitable. It's not a guarantee, again, forward-looking statements. I can't guarantee this.

我不知道我能說多少次，這是一個價值數十億美元的目標市場，就我而言，沒有真正的競爭。所以我覺得這是不可避免的。我真的感覺這是不可避免的。再次強調，這不是前瞻性陳述的保證。我不能保證這一點。

It may not happen. But I don't -- I just -- in my heart, I believe that's going to be really, really big test and a really big deal. And so what shareholders should really be thinking about is, let's sell Pharmaloz, gives us all the cash in the world, build these other businesses, sit back and see where we are in two or three years, it could be an, oh my God situation. While we're growing these other business are going to be very valuable. Look, Nebula, I think that's going to be worth a lot of money in a year.

這可能不會發生。但我不——我只是——在我心裡，我相信這會是一個非常非常大的考驗，也是一個非常重要的事情。因此，股東真正應該考慮的是，讓我們出售 Pharmaloz，為我們提供世界上所有的現金，建立這些其他業務，坐下來看看我們在兩三年內的情況，這可能是，天哪情況。在我們發展的同時，這些其他業務也將非常有價值。你看，星雲，我想一年之內它會值很多錢。

I really do. so there's a lot of different ways I can slice and dice it, and we'll just have to see. But the answer is, yes, there is one possibility that we could partner with a very large current cancer testing company that has the entire sales force and distribution in place. But on the other hand, with FHC behind us, if we get all these various networks, that we need between the physician networks and the insurance companies on board, and we can roll this out. Look, just our Director at Optum, if they sign up for our test, we get the insurance companies.

我真的這麼做。所以我可以用很多不同的方法來分割它，我們只需要看看。但答案是，是的，我們有可能與一家現有的大型癌症檢測公司合作，該公司擁有完整的銷售團隊和分銷管道。但另一方面，有了 FHC 的支持，如果我們在醫生網絡和保險公司之間建立了所有這些不同的網絡，我們就可以推出這個網絡。看，就我們 Optum 的總監而言，如果他們報名參加我們的測試，我們就會聯絡保險公司。

they sign up for a test, it's a home run. We don't want to do a deal with a big company for. They'll just take it. So we'll see there's various ways we can go with this. We -- it's still relatively early on in the game.

他們報名參加測試，這是一場全壘打。我們不想與一家大公司做交易。他們只會接受它。所以我們會看到有許多方法可以解決這個問題。我們——現在還處於遊戲相對早期的階段。

But we're not that far away from this having an intrinsic value that the market would appreciate and then that gives us options down the road. I'm not allowed to talk about IPOs and precondition to the market and things like that. But the thing is IPOs and spinouts and dividend to shareholders, things like that, we'll have those -- I believe we'll have those opportunities next year in addition to the alternative, which is selling to a big company. But -- so we really want to sell to a big company for tens of millions of dollars in a royalty. I don't know what the numbers would be versus if this really is a $1 billion opportunity.

但我們離擁有市場會升值的內在價值並為我們提供未來選擇的目標並不遙遠。我不被允許談論首次公開募股和市場先決條件之類的事情。但問題是首次公開募股、分拆和向股東分紅，諸如此類的事情，我們將有這些——我相信除了向大公司出售產品的替代方案之外，我們明年還會有這些機會。但是——所以我們真的想以數千萬美元的特許權使用費賣給一家大公司。我不知道如果這真的是一個價值 10 億美元的機會的話，數字會是多少。

Thank you, Noella.

謝謝你，諾埃拉。

The next question is please address the adequacy of your liquidity until revenues ramp up.

下一個問題是，在收入增加之前，請先解決您的流動性是否足夠的問題。

That's a great question. We have money flowing in. If you notice our net working capital, I don't remember as of the top of my head, we reported on the front page. We have a significant net working capital. We have a significant accounts receivable, dollars flow in on a regular basis.

這是一個很好的問題。我們有資金流入。如果你注意到我們的淨營運資本，我不記得了，我們在頭版上報道。我們擁有大量的淨營運資本。我們有大量的應收帳款，美元定期流入。

We're also about to -- also Pharmaloz is about to now start contributing in the third quarter. And then in the second quarter, we're very disappointed in the second quarter. In the third quarter, they're going to contribute in a significant way. So just Pharmaloz alone that switch brings our burn -- our monthly burn down. We also then have some initiatives, a couple of them very, very big initiatives on our accounts receivable.

我們也即將 - Pharmaloz 現在也即將在第三季開始做出貢獻。然後在第二季度，我們對第二季度非常失望。在第三季度，他們將做出重大貢獻。因此，僅 Pharmaloz 的這一轉變就給我們帶來了燒傷——我們每個月的燒傷。我們還有一些舉措，其中有一些是針對我們的應收帳款的非常非常大的舉措。

That could surprise me at any time. I just don't have a definitive answer because you're dealing with the government, and government moves slowly, we're highly optimistic but the government's move slowly. So at some point, we're going to get a surprise to get a very large block of money. And then from there, of course, with the strategic alternatives that we're pursuing with Pharmaloz, understand, besides the sale, even if we were to sell it, that's not to say that somebody in private equity couldn't come along soon and say, buy a piece of it for a discount to what we're going to sell for and taking a large block money. So there are lots of different ways we can slice and dice this, and we'll just have to see.

這隨時都會讓我感到驚訝。我只是沒有明確的答案，因為你正在與政府打交道，而政府行動緩慢，我們非常樂觀，但政府行動緩慢。所以在某個時候，我們會意外地獲得一大筆錢。當然，從那裡開始，隨著我們與 Pharmaloz 一起追求的戰略選擇，除了出售之外，即使我們要出售它，這並不是說私募股權領域的某人不能很快出現，比如說，以比我們要出售的價格便宜的價格購買一塊，並拿走一大筆錢。因此，我們有很多不同的方法可以對此進行切片和切塊，我們只需要看看。

So right now, we're, quote, a development stage company. The market doesn't like development stage companies. I think the market is going to behave very differently at some point in the near future. Finally, I think we're going to get some interest rate cuts. We got a taste of the microcap starting to bounce earlier in the year and then they cracked again. At some point after four of bear market in the microcap, microcaps are going to start up again.

所以現在，我們是一家處於發展階段的公司。市場不喜歡發展階段的公司。我認為在不久的將來的某個時候，市場的表現將會非常不同。最後，我認為我們將會降低一些利率。今年早些時候，我們嚐到了微型股開始反彈的滋味，然後它們再次破裂。在微型股經歷了四個熊市之後的某個時刻，微型股將再次啟動。

So things could feel very, very differently in a few months, and we just have to get through the next six months, but we have so much underlying value in the company. We'll just have to play -- it's a dynamic situation. I don't have one definitive answer for this. I hope that answers your question but that's the best answer I can give you. We just -- we're -- on a daily basis, money is flowing in, and we're moving accordingly.

因此，幾個月後事情可能會感覺非常非常不同，我們只需要度過接下來的六個月，但我們在公司擁有如此多的潛在價值。我們只需要比賽——這是一個動態的情況。對此我沒有一個明確的答案。我希望這能回答您的問題，但這是我能給您的最佳答案。我們只是──我們──每天都有資金流入，我們也相應地採取行動。

I know that we have another block of money coming in tomorrow as a matter of fact. So we have ample cash right now, and we'll just play it by ear over time. Obviously, once we sell Pharmaloz, game over, we're completely different company at that point. But also at that point, these other businesses I'm talking about, Nebula will be ramping up more. Hopefully, Equivir will have rolled out by then.

我知道事實上明天我們還會收到另一筆資金。因此，我們現在擁有充足的現金，隨著時間的推移，我們將見機行事。顯然，一旦我們出售 Pharmaloz，遊戲就結束了，那時我們就完全是不同的公司了。但到那時，我所說的星雲其他業務也將得到更多發展。希望 Equivir 屆時能夠推出。

And we'll be talking very differently than we're talking today anyway. But having said all that, again, Pharmaloz is kicking in right now this quarter, you can count on it. The numbers are real. The business is real. We're at capacity, we're overcapacity.

無論如何，我們的談話將與今天的談話截然不同。但話雖如此，Pharmaloz 將於本季開始投入使用，您可以信賴它。數字是真的。生意是真實的。我們已經滿載了，我們已經產能過剩了。

We're looking to hire people today to work at Pharmaloz on the business that we have and it's a high-margin business. It's a very profitable business, and it's now for the first time contributing. I understand last year, we did about $9.3 million in Pharmaloz, and lost money. It was a drag. So just imagine, for the first time now in the current quarter, all of a sudden, we're operating.

今天，我們希望招募人員來 Pharmaloz 從事我們現有的業務，這是一項高利潤業務。這是一項非常有利可圖的業務，而且現在是第一次做出貢獻。據我了解，去年我們在 Pharmaloz 投資了約 930 萬美元，但虧損了。這是一個拖累。所以想像一下，在本季度，我們第一次突然開始營運。

Oh, this is another point I want to tell you, those estimates that I gave. I understand because of the seasonality of the business, of that $14 million to $16 million of revenues, $5 million plus in earnings, if that's over the next 12 months, more of that is going to be in the first half of the year than the second half of the year, which means over the next two quarters, more than half of that should come in, in revenues and earnings.

噢,這就是我要告訴你的另一點,我給的那些估計。我理解，由於業務的季節性，1,400 萬至 1,600 萬美元的收入，500 萬美元以上的收益，如果是在未來 12 個月內，那麼上半年的收入將多於上半年的收入。 ，這意味著在接下來的兩個季度，一半以上的收入和收益應該會出現。

So that starts to add to the bottom line. That takes a little to pay the way. And the Nebula Genomics business, we're going to with this complete rebranding, we're not going to ramp that up. That's going to now start to either away at the overhead of our laboratory. So the numbers are going to start improving.

因此，這開始增加利潤。這需要一點路費。對於星雲基因組業務，我們將進行徹底的品牌重塑，但我們不會加強。現在，這將開始在我們實驗室的頭頂上消失。因此，數字將開始改善。

How far are we from having the family doctor requests a DNA genomic test along with regular blood test on a patient to determine if there is a risk of disease?

我們距離家庭醫生要求對患者進行 DNA 基因組測試以及定期血液測試以確定是否存在疾病風險還有多遠？

It's a great question. That's where the world is going. That's the future of medicine. That's what we call personalized precision medicine. Again, it is a no-brainer that this is where medicine is going.

這是一個很好的問題。這就是世界的發展方向。這就是醫學的未來。這就是我們所說的個人化精準醫療。毫無疑問，這就是醫學的發展方向。

I mean just think about it, learning about your genetic makeup, to tell you about diseases that you're high risk of, you need to know that, so then you can prevent yourself from getting those diseases. You can't do that without the genetic test. And so George Church, he was years ahead of this time, decades ahead of this time. He knows this is where we're going. He believes the one day, everybody is going to be tested.

我的意思是想一想，了解你的基因組成，告訴你你患有高風險疾病的訊息，你需要知道這一點，這樣你就可以預防自己患上這些疾病。如果沒有基因測試，你就無法做到這一點。所以喬治·丘奇（George Church），他領先這個時代幾年，領先這個時代幾十年。他知道這就是我們要去的地方。他相信有一天，每個人都會受到考驗。

He thinks babies are going to test it. In fact, another initiative we're looking at is not only babies being tested but couples before they get married and have babies getting tested. And both -- if both -- and a couple of things, both have the same genetic mutation that is going to cause a baby to come out with, God forbid, maybe they don't get married, maybe they don't have babies, maybe they adopt or whatever. So not only every person getting tested but even couples getting tested before they consider having babies, getting tested. And interestingly, actually, that's another initiative but anything you mentioned that we're looking into.

他認為嬰兒們會對此進行測試。事實上，我們正​​在考慮的另一項舉措不僅是對嬰兒進行檢測，而且還對夫婦在結婚和生孩子之前進行檢測。兩者——如果兩者——還有一些事情，兩者都有相同的基因突變，這將導致嬰兒出生，上帝保佑，也許他們不結婚，也許他們沒有孩子，也許他們會收養或其他什麼。因此，不僅每個人都要接受檢查，甚至夫妻在考慮生孩子之前也要接受檢查。有趣的是，實際上，這是另一項舉措，但我們正在研究您提到的任何內容。

And this is -- there are services, dating services, and some of them are very expensive. The cheap ones and everybody hears about whatever for kids. But then there's the real ones where people are serious about wanting to get married and those are very expensive. And they could throw a whole genome sequencing test in there to all the individuals to match them up, so that people that shouldn't be matched up aren't matched up. It's an interesting additional feature.

這是——有服務，約會服務，其中一些非常昂貴。便宜的，每個人都聽說過適合孩子的東西。但還有一些真正的人們認真想要結婚的東西，而且這些東西非常昂貴。他們可以對所有個體進行全基因組定序測試來匹配他們，這樣不應該匹配的人就不會被配對。這是一個有趣的附加功能。

And we're talking about paying thousands, not tens of thousands of dollars for these matchmaking services. These are the high end ones. So they throw in a few hundred dollar test is a no-brainer. So there's a lot of ways that this can go. I hope that answers your question.

我們談論的是為這些婚介服務支付數千美元，而不是數萬美元。這些都是高端的。所以他們投入幾百美元的測試是理所當然的。所以有很多方法可以實現這一點。我希望這能回答你的問題。

I wanted to have -- there's so much going on in our company, I like going on some of these answers.

我想要—我們公司發生了很多事情，我喜歡回答其中的一些問題。

Looks like the second half of 2024 could bring several major milestone events, will you be able to stay on top of all initiatives?

看來 2024 年下半年可能會發生幾項重大里程碑事件，您能掌控所有舉措嗎？

Yes. So the beauty of our company. Look, I answer e-mails 24/7. I work 24/7, I live and breathe this. I don't do this for paycheck.

是的。所以我們公司的美麗。看，我 24/7 回覆電子郵件。我 24/7 工作，我以此為生。我這樣做不是為了薪水。

I don't even do it for the shares of my company. This is just a part of my life. To be clear, I walk 13,000 to 13,500 steps every single day. The way I do it, I had business calls, if I don't have to be on a video. If I wasn't doing this on video right now, I would have headphones on and I would be walking while I'm talking.

我甚至不是為了我公司的股票才這麼做的。這只是我生活的一部分。需要明確的是，我每天步行 13,000 到 13,500 步。我這樣做的方式是，如果我不需要參加視頻，我就會接商務電話。如果我現在沒有在影片中這樣做，我就會戴著耳機，邊走邊說話。

In fact, I recommend to everybody listening to this call, the most important thing you can do for your health, you don't have to run. And you can't tell me you don't have time because I'm as busy as anybody on this call. I put on -- anytime I'm doing a business call, I put it on headphones, I walk while I talk. I don't even notice that I'm walking that time I get my work out. I also count calories.

事實上，我向每個聽到這個呼籲的人建議，為了你的健康，你可以做的最重要的事情就是，你不必跑步。你不能告訴我你沒有時間，因為我和參加這次電話會議的任何人一樣忙。每當我打商務電話時，我都會戴上耳機，一邊走路一邊說話。當我完成工作時，我甚至沒有註意到自己正在走路。我也計算卡路里。

Why am I telling you this? I tell you this because I'm a highly motivated individual that's doing this for the success of doing it. That's why I'm doing this, okay? So to keep up on the -- what's nice about our subsidiaries, they're all in various stages of development. They also don't all require my individual personal time, okay?

我為什麼要告訴你這個？我告訴你這些是因為我是一個積極的人，我這樣做是為了成功。這就是我這樣做的原因，好嗎？因此，為了跟上我們子公司的優點，它們都處於不同的發展階段。它們也不都需要我個人的時間，好嗎？

I have great people running Nebula Genomics now. I'm really excited about what they're doing. As I said, social media is a young person's game and the people we have in charge of Nebula and the consultants we're working with, I don't know he wants me to say his name, I always say names, Stu Hollenshead and Jason Karkus together, I mean, I'm telling you they're going to kill, all right? And that's in Nebula Genomics. For BE-smart, I have the people in our company Jed Latkin, our COO, I understand the reason I met Jet was, because he represented the former company that owned the BE-smart esophageal cancer test.

我現在有很棒的人在經營星雲基因組學。我對他們所做的事情感到非常興奮。正如我所說，社交媒體是年輕人的遊戲，我們負責星雲的人以及與我們合作的顧問，我不知道他想讓我說出他的名字，我總是說名字，Stu Hollenshead 和傑森·卡庫斯在一起，我的意思是，我告訴你他們會殺人，好嗎？這就是星雲基因體學。對於BE-smart，我有我們公司的營運長傑德·拉特金(Jed Latkin)，我知道我見到傑特的原因是，因為他代表了擁有BE-smart食道癌檢測的前公司。

So he knows it. And I also have Igor Ban, our Ph.D. The two of them as a team with our FHC consultants. I just oversee and make sure everything is moving along. It's important -- listen, I got to be honest, it's -- I feel it's important not from an egotistical perspective that I'd be involved because at the end of the day, you need a relatively smart guy making sure that all these are crossed, all the eyes are dotted, and that we're going in the right direction with the right strategy, and that's my job.

所以他知道。我還有我們的博士伊戈爾·班 (Igor Ban)。他們兩人與我們的 FHC 顧問組成一個團隊。我只是監督並確保一切順利進行。這很重要——聽著，我必須說實話，這是——我覺得這很重要，不是從自私的角度來看我參與其中，因為歸根結底，你需要一個相對聰明的人來確保所有這些都是交叉，所有的目光都集中，我們正在以正確的策略朝著正確的方向前進，這就是我的工作。

And my job is to make sure the right people are in place, and be honestly, the right people were not in place. First of all, the people have founded. Nebula, we're scientifically minded type, built a great company, built a great platform way ahead of their time. They did a great job of that but they're not people whose expertise would be knowing how to sell it to the masses. And then unfortunately, the team I had in place for the COVID testing, wasn't the best team for building out our Nebula Genomics business.

我的工作是確保合適的人就位，老實說，合適的人還沒有就位。首先，人民是立國之本。星雲，我們是有科學頭腦的人，建立了一家偉大的公司，建立了一個遠遠領先於他們時代的偉大平台。他們在這方面做得很好，但他們的專業知識並不知道如何將其推銷給大眾。不幸的是，我為新冠病毒測試組成的團隊並不是建立星雲基因組業務的最佳團隊。

And so now I think we have a great team in place with Nebula. We have a great team in place with BE-smart. For Equivir, we have a great infrastructure. But because we did the Cold-EEZE brand, we still had the manufacturer. And of course, the manufacturing, I don't just spend a lot of time there.

所以現在我認為我們與星雲一起組建了一支優秀的團隊。我們擁有一支出色的 BE-smart 團隊。對於 Equivir 來說，我們擁有良好的基礎設施。但因為我們做了 Cold-EEZE 品牌，所以我們仍然擁有製造商。當然，在製造方面，我不僅花很多時間在那裡。

In fact, Jed Latkin a lot of time there. So our team is great. Look, and I got an IT team, world-class. We have better IT here led by Sergio Miralles, who worked in the government. He has like me saying that but he's worked at the highest level.

事實上，傑德·拉特金很多時間都在那裡。所以我們的團隊很棒。看，我擁有一支世界一流的 IT 團隊。我們這裡有更好的 IT，由在政府工作的 Sergio Miralles 領導。他和我一樣這麼說，但他的工作水準很高。

We have one of the best IT teams in the world. Normally, you see a team like this in a company worth $100 billion, not a company of our size. But what's nice about having such a strong IT team is there's so much that goes into Nebula Genomics in -- behind the scenes, not only with the websites and all that kind of stuff but also with all the products we are developing with the -- our new ancestry test, that's as good as the ancestry companies tests, that we're going to take the ancestry test, and we're going to expand the reporting and get more reports and better reports than what the -- this requires an intense amount of IT.

我們擁有世界上最好的 IT 團隊之一。通常情況下，你會在價值 1000 億美元的公司中看到這樣的團隊，而不是像我們這樣規模的公司。但是，擁有如此強大的 IT 團隊的好處是，Nebula Genomics 的幕後工作非常多，不僅包括網站和所有類似的東西，還包括我們正在開發的所有產品——我們新的血統測試，與血統公司的測試一樣好，我們將進行血統測試，我們將擴大報告範圍，獲得更多的報告和更好的報告——這需要大量的IT 量。

So I got a great team. I know I went on a lot here. But what I'm saying, it's not long to be. I just put a lot of the pieces together and then we got great people working on these businesses. So -- and we have a really good team.

所以我有一個很棒的團隊。我知道我在這裡經歷了很多。但我要說的是，時間不長了。我只是把很多東西放在一起，然後我們就找到了從事這些業務的優秀人才。所以——我們有一支非常優秀的團隊。

And finally, I mentioned that finally, it's of years. I think we finally have a strong finance team. It's amazing. You have no idea behind the scenes, running a public company, you have no idea what it takes to run a public company with the finance team and the auditors, and we have the right team in place. I don't know if I need to shout out more in names or not, but we have a very strong finance team led by Lance Bisesar.

最後，我提到最後，已經過去很多年了。我認為我們終於擁有了一支強大的財務團隊。太棒了。您不知道幕後經營一家上市公司的情況，您也不知道如何經營一家上市公司的財務團隊和審計師，而我們擁有合適的團隊。我不知道我是否需要大聲喊出更多的名字，但我們有一支由蘭斯·比塞薩爾（Lance Bisesar）領導的非常強大的財務團隊。

I think that's how you pronounce his name. We argue about how to pronounce his last name. Anyway, I am going on some changes now, it just gave you at the end of this call for those of you who stayed on a little more flavor. It's not all me. We have a really strong team in every department, in every business.

我想這就是你發音他名字的方式。我們爭論如何發音他的姓氏。不管怎樣，我現在正在進行一些改變，它只是在這次電話會議結束時為那些留下來的人提供了更多的風味。這不全是我。我們在每個部門、每個業務中都擁有一支非常強大的團隊。

We have very strong consultants that we're working with. And in fact, by the way, I'll tell you, FHC was actually introduced to me by a multibillionaire who has had great success in investing in the companies that FHC works on. So -- and what he wanted to see was that FHC was going to get behind us with BE-smart, and that's given him a lot of confidence that BE-Smart is now going to be a very successful cancer diagnostic test. So if that gives anybody any additional flavor on how I think and how I work.

我們有非常強大的顧問與之合作。事實上，順便說一句，我告訴你，FHC 實際上是由一位億萬富翁介紹給我的，他在投資 FHC 所從事的公司方面取得了巨大成功。因此，他希望看到的是 FHC 將透過 BE-smart 來支持我們，這給了他很大的信心，相信 BE-Smart 現在將成為一種非常成功的癌症診斷測試​​。所以如果這能讓任何人對我的想法和工作方式有任何額外的了解的話。

Thank you very much, Ted, for your responses. That concludes the Q&A session. But before we go, I will turn back the floor to Ted for final remarks.

非常感謝您，泰德，您的回覆。問答環節到此結束。但在我們離開之前，我將請特德進行最後發言。

Thank you for those of you that are shareholders, for being loyal shareholders. I know it's frustrating, stock prices are frustrating. Believe me, it frustrates me more than anybody.

感謝你們這些股東，感謝你們忠誠的股東。我知道這令人沮喪，股價令人沮喪。相信我，這比任何人都讓我更沮喪。

I'm the largest shareholder in the company. I am super enthusiastic about what we're building. So I put stock prices aside for a moment. I do the virtual non-deal roadshows, at least once a month with Renmark to sign up with them if you want our next update.

我是公司最大的股東。我對我們正在建造的東西非常熱情。所以我暫時把股價放在一邊。我會進行虛擬的非交易路演，至少每月一次與 Renmark 合作，如果您想要我們的下一次更新，請與他們簽約。

Again, we have this phenomenal relationship with ThinkEquity. Thank you. I'm looking forward to some really positive updates as we move forward throughout the year. And I think we're going to be a very different company in the not-too-distant future, and I'm looking forward to it. Have a great day, everyone. Thank you, again.

我們再次與 ThinkEquity 建立了非凡的關係。謝謝。我期待著我們在這一年中取得的一些真正積極的更新。我認為在不久的將來我們將成為一家非常不同的公司，我對此充滿期待。祝大家有美好的一天。再次謝謝你。

Thank you very much, Ted, for your presentation, and thank you, everyone, for joining us today for the ProPhase Labs Second Quarter 2024 Results. ProPhase is trading on the NASDAQ under the ticker symbol PRPH. The playback will be available on our website 24 to 48 hours after this presentation under the VNDR Library tab. Please stay tuned for the next quarterly call and see you next time.

非常感謝 Ted 的演講，也感謝大家今天加入我們，了解 ProPhase Labs 2024 年第二季的結果。ProPhase 在納斯達克上市，股票代號為 PRPH。演示結束後 24 至 48 小時，我們的網站上的 VNDR 庫選項卡下將提供回放。請繼續關注下一個季度電話會議，我們下次再見。