Prophase Labs Inc (PRPH) 2025 Q1 法說會逐字稿

Hello and good morning everyone. Welcome to today's presentation. My name is Noella 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 ProPhase Labs first-quarter 2025 results. ProPhase is trading on the NASDAQ under the ticker symbol PRPH. Presenting today is Ted Karkus, Chairman and CEO.

大家好，早安。歡迎參加今天的演講。我叫 Noella Alexander-Young，是 Renmark Financial Communications 的虛擬活動主持人。我謹代表我們的團隊感謝大家今天參加 ProPhase Labs 2025 年第一季業績發表會。ProPhase 在納斯達克上市，股票代號為 PRPH。今天出席演講的是董事長兼執行長泰德‧卡庫斯 (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'm Ted Karkus, the CEO of ProPhase Labs. I'm really pleased with where we are right now relative to where we've been in the last six to nine months. It has been an incredibly trying time, but we are at the turning point, I believe, in the company, where you're now going to see in second quarter all the moves and transformations, and transactions and changes that we made in the first quarter also going to start show up in the second quarter. We also have major liquidity events, which we think are coming very soon.

我是 ProPhase Labs 的執行長 Ted Karkus。與過去六到九個月相比，我對我們現在的狀況感到非常滿意。這是一個令人難以置信的艱難時期，但我相信，我們正處於公司的轉折點，您將在第二季度看到我們在第一季進行的所有舉措和轉型、交易和變革也將在第二季度開始顯現。我們也面臨著重大的流動性事件，我們認為這些事件很快就會到來。

So we're basically bridging the company. But before we get into all that -- I'm excited to talk to you about all that -- we really should do the forward-looking statement first. And since this is a quarterly conference call and not simply a virtual non-deal road show, I'm actually going to read it. Except for the historical information contained herein, 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 expectations to enter into new agreements for Nebula Genomics, our expectations regarding the future revenue growth potential of each of our subsidiaries, our expectations regarding future liquidity events, the expected timeline for commercializing our BE-Smart esophageal cancer test, and our ability to enter into new domestic and international long-term contracts for Nebula Genomics business and the financial impact of any such contracts, the anticipated timing for the receipt of new equipment and installation of additional lozenges lines -- that's no longer relevant, we'll have to update that -- et cetera, et cetera, and the anticipated timing -- the expected time line for the launch of Equivir capsules, 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.

所以我們基本上是為公司搭建橋樑。但在我們深入討論這一切之前——我很高興和你們談論這一切——我們真的應該先做一份前瞻性聲明。由於這是一次季度電話會議，而不僅僅是一次虛擬的非交易路演，所以我實際上會閱讀它。除本文所載歷史資訊外，本文件還包含《1995 年私人證券訴訟改革法》所界定的前瞻性陳述，包括有關我們的戰略、計劃、目標和舉措的陳述，包括我們對 Nebula Genomics 達成新協議的預期、我們對各子公司未來收入增長潛力的預期、我們對未來流動性事件的預期、BE-Som 食管檢測為我們商業化的預期。業務達成新的國內和國際長期合約的能力以及任何此類合約的財務影響、預計收到新設備和安裝額外錠劑生產線的時間——這已不再相關，我們必須對其進行更新——等等，以及預計的時間——預計推出 Equivir 膠囊的時間表，管理層認為，這些前瞻性陳述在作出時是合理的。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。

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 report on Form 10-K for the year ended December 31, 2023, our subsequent quarterly reports on Form 10-Q and any other filings with the SEC. These forward-looking statements are based on current expectations, estimates, forecasts and projections are not guarantees of future performance or development.

這些風險和不確定性包括但不限於我們取得和維持必要的監管批准的能力、一般經濟狀況、消費者對我們產品和服務的需求、進入和發展新業務線相關的挑戰、競爭環境以及我們截至 2023 年 12 月 31 日的年度報告 10-K 表、後續季度報告 10-Q 表以及向美國證券交易委員會不時列出的任何其他風險因素。這些前瞻性陳述是基於目前的預期、估計、預測和預計，並不保證未來的績效或發展。

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 reference on any forward-looking statements. So we have our company presentation, and then we have our earnings report.

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的表現，也不要過度依賴任何前瞻性陳述。我們有公司介紹，然後有收益報告。

I think the question is how many people on this call are shareholders and have been following the company for a long time, how many are new shareholders. Since the number of shares outstanding grew and the stock price is so low, my sense is we have a lot of new shareholders.

我認為問題是，這次電話會議上有多少人是股東，有多少人長期關注公司，有多少人是新股東。由於流通股數量增加，而股價卻如此低廉，我感覺我們有許多新股東。

So I want to find a balance for the new shareholders but really tell everybody where we are and what's going on. Overall, we have ProPhase Biopharma, that's our BE-Smart esophageal cancer test, we have DNA completed Nebula Genomics, we have ProPhase supplements. My thought is -- and look, I can tell you, I have a history, 40 years of success in executing.

因此，我想為新股東找到一個平衡點，但也要真正告訴大家我們在哪裡以及發生了什麼。總的來說，我們有 ProPhase Biopharma，這是我們的 BE-Smart 食道癌測試，我們有 DNA 完成的 Nebula Genomics，我們有 ProPhase 補充劑。我的想法是——看，我可以告訴你，我有 40 年的成功執行經驗。

I turned around ID Biomedical, which was ultimately sold to GlaxoSmithKline for $1.4 billion. It was a $15 million to $25 million market cap when I got involved with that company. I don't take credit for the sale, but I take credit for turning around a potentially bankrupt company. I did the same thing with our company, ProPhase Labs. I took over as an activist shareholder from a prior management that none of us that were shareholders were very happy with.

我扭轉了 ID Biomedical 的頹勢，該公司最終以 14 億美元的價格賣給了葛蘭素史克。當我加入該公司時，它的市值為 1500 萬至 2500 萬美元。我不會因銷售業績而居功，但我因扭轉一家瀕臨破產的公司而居功。我對我們的公司 ProPhase Labs 也做了同樣的事情。我以積極股東的身份接替了先前的管理階層，我們這些股東對此都不太滿意。

I launched a proxy contest, won control, had to turn around a company that was nose diving. Turned around the Cold-EEZE brand that was nose diving and sold it for $50 million. That led us to have the capital to get us into COVID testing. We had never done COVID testing, never been -- I had never been a CEO before I took over. I had to learn the consumer product industry and turned around the Cold-EEZE brand and sold it for $50 million.

我發起了一場代理權爭奪戰，贏得了控制權，並不得不扭轉這家陷入困境的公司。扭轉了 Cold-EEZE 品牌的頹勢，並以 5000 萬美元的價格將其出售。這使得我們有資金進行 COVID 測試。我們從未做過 COVID 測試，也從未——在我接任之前，我從未擔任過執行長。我必須學習消費品產業，扭轉 Cold-EEZE 品牌的頹勢，並以 5000 萬美元的價格出售它。

I learned marketing from the bottom up, I figured it all out and killed it. Then we then did the same thing with COVID testing. Now I got to give Jason Karkus a tremendous amount of credit for building the COVID testing business. We did it together. He built the business in terms of the revenues.

我從底層開始學習行銷，我弄清楚了一切並成功了。然後我們對 COVID 測試也做了同樣的事情。現在，我要對傑森·卡庫斯 (Jason Karkus) 建立 COVID 檢測業務表示高度讚揚。我們一起做到了。他根據收入來建立業務。

I built a lot of the infrastructure and provided the capital and so forth in the new lab and all those great things. But the point is, we killed it again, grew the business dramatically. The issue has been in the last year is that we did not get reimbursed for all the COVID testing that we were supposed to. In the meantime, we were branching out. We knew that COVID was going to decline.

我為新實驗室和所有那些偉大的事物建造了許多基礎設施並提供了資金等等。但重點是，我們再次成功了，業務大幅成長。去年的問題是，我們沒有得到應有的所有 COVID 檢測費用的報銷。同時，我們也在不斷拓展業務。我們知道 COVID 的疫情將會減弱。

And so we looked for the future of the company. We acquired -- I went through probably 300 potential acquisitions. We acquired Nebula Genomics, which we are now putting up for sale. We acquired the BE-Smart esophageal cancer test, and we acquired Equivir. And that's what we're developing today.

因此，我們展望了公司的未來。我們進行了收購——我經歷了大約 300 次潛在的收購。我們收購了 Nebula Genomics，現在正在出售它。我們收購了 BE-Smart 食道癌測試，也收購了 Equivir。這就是我們今天正在開發的東西。

They all have tremendous potential. They're all good acquisitions. We didn't overpay for them. The issue has been the same way we built out the COVID testing business, we built a tremendous lab. We started off buying a very small lab.

他們都具有巨大的潛力。它們都是很好的收購。我們沒有為他們支付過高的費用。問題與我們建立 COVID 檢測業務的方式相同，我們建立了一個巨大的實驗室。我們開始購買一個非常小的實驗室。

Once we saw that the business was there, we built a tremendous lab in Garden City, New York, 25,000 square feet that ultimately became 30,000 square feet. At our peak, we had hundreds and hundreds of employees. We went through 800 employees while doing more tests, COVID test than 95% of the labs in the country.

一旦我們看到業務存在，我們就在紐約花園城建造了一個巨大的實驗室，面積為 25,000 平方英尺，最終達到 30,000 平方英尺。在我們的巔峰時期，我們有數百名員工。我們動用了 800 名員工，同時進行了比全國 95% 的實驗室更多的 COVID 測試。

We went from never being in the lab business to outperforming almost every lab in the country other than the handful of the really big ones. The issue is when we went to build out Nebula Genomics, we did it with the understanding that the COVID testing cash flow was going to continue and it didn't.

我們從從未涉足實驗室業務發展到如今，除了少數幾家真正大型的實驗室外，我們的業績幾乎超越了全國所有的實驗室。問題是，當我們開始建立 Nebula Genomics 時，我們以為 COVID 測試現金流將會持續下去，但事實並非如此。

It got cut off for two reasons. One, the government ran out of money when they guaranteed testing; two, the insurance companies stopped paying the way they were paying. And a part of that, I learned after the fact is because the government was subsidizing the insurance companies. And so when the government ran out of money, it cut back the insurance companies, but the insurance companies still owe us that money. So I'm going to get into that in a moment.

它因兩個原因而被切斷。一是政府在保證檢測時資金已經用完了；二是保險公司不再按照以往的方式支付。我事後才知道，部分原因是政府對保險公司進行了補貼。因此，當政府資金耗盡時，它削減了保險公司的資金，但保險公司仍然欠我們錢。我馬上就會講到這個。

But because of that dynamic, it put us in a situation where we were building businesses where I thought I had tens of millions of dollars coming into the company. All of a sudden, they are not there, and we had overhead as if it was there. Put me in a precarious situation I've never been in 40 years, made me look like all those other managements that don't know what they're doing. Some of you out there that are long-term shareholders probably think I don't know what I'm doing. I promise you I do.

但由於這種動態，我們處於這樣一種境地：我們正在建立業務，我認為公司將獲得數千萬美元的收入。突然間，它們就消失了，而我們頭頂上的東西卻好像還在那裡。讓我陷入 40 年來從未遇到的危險境地，讓我看起來就像其他那些不知道自己在做什麼的管理階層一樣。你們中的一些長期股東可能認為我不知道自己在做什麼。我向你保證我會的。

And so now we've gone through the last six months, did everything I could to keep the company on solid footing. Yes, we got dilution. But now we have tremendous underlying assets, we've restructured, we shut down the genomics laboratory, which was costing a fortune, we sold the manufacturing facility, cleaned up the balance sheet a lot when we sold the manufacturing facility. That, by the way, increased our shareholders' equity. Our net assets roughly doubled.

現在已經過去六個月了，我盡我所能確保公司的基礎穩固。是的，我們被稀釋了。但現在我們擁有巨大的基礎資產，我們已經進行了重組，我們關閉了耗資巨大的基因組學實驗室，我們出售了製造工廠，在出售製造工廠時清理了大量資產負債表。順便說一句，這增加了我們的股東權益。我們的淨資產大約翻了一番。

And now we have Nebula Genomics for sale. If and when we sell that, that's going to significantly increase our net assets on a per share basis and our total assets as well. So we have a lot to look forward to. I wanted to go through the past; took all of 7 minutes. I want to talk about our esophageal cancer test.

現在我們有 Nebula Genomics 出售。如果我們出售該股票，這將顯著增加我們的每股淨資產和總資產。所以我們有很多值得期待的事。我想回顧過去；花了整整 7 分鐘。我想談談我們的食道癌檢查。

So we came out with an announcement today. And if you want to, I can go a little bit through the press release first. And if you don't mind, I'm going to turn over here. I mentioned some of the highlights of it. We did sell the Pharmaloz for $23 million in January.

所以我們今天發布了一則公告。如果您願意，我可以先簡單介紹一下新聞稿。如果你不介意的話，我就翻到這裡。我提到了其中的一些亮點。我們確實在一月份以 2300 萬美元的價格出售了 Pharmaloz。

We shut down the laboratory that was costing us over $6 million a year in February. In March, we were able to -- once we shut down the lab, the following month, we were able to shut out and cut down on a number of IT services that were costing us a fortune.

我們在二月關閉了每年花費我們超過600萬美元的實驗室。三月份，我們關閉了實驗室，下個月，我們就可以停止並減少一些耗費我們大量資金的 IT 服務。

We also reduced our headcount dramatically. I don't want to read the press release to all of you, but we went from 96 employees in December to we're now currently at 25. And when we sell Nebula Genomics, if we sell it, that number will drop even further.

我們也大幅削減了員工人數。我不想向大家宣讀新聞稿，但我們的員工人數從 12 月的 96 人減少到目前的 25 人。當我們出售 Nebula Genomics 時，如果我們出售它，這個數字將進一步下降。

So when you look at our overhead going forward, it's going to be dramatically less than what we had last year. And at the same time, with the liquidity events that we're looking forward to, we should be in a situation similar to way I ran the company for 10 years, where our overhead was tight as a drum.

因此，當你看我們未來的管理費用時，它會比去年大幅減少。同時，隨著我們期待的流動性事件的發生，我們應該處於與我經營公司 10 年時的情況類似的情況，當時我們的管理費用非常緊張。

We weren't spending the money, and we had a ton of money and a ton of flexibility. And at the time, all I was thinking about was stock buybacks and stock dividends, not how am I going to raise debt capital without the company being ripped off. So I'm looking forward to much better times.

我們沒有花錢，而且我們擁有大量的資金和極大的彈性。當時，我所考慮的只是股票回購和股票分紅，而不是如何在不讓公司遭受損失的情況下籌集債務資本。所以我期待著更好的時光。

You can wait until the dust has settled and everything is clear in three or four months. But my guess is you're not going to be able to buy the stock at current prices. That's called risk and reward. That's the way the stock market works. So I can only outline for you what I believe is going to happen.

你可以等到三、四個月後，一切塵埃落定，一切都清楚了。但我猜你無法以當前價格買進該股票。這就是所謂的風險與報酬。這就是股票市場的運作方式。所以我只能向你概述我認為會發生的事情。

It's up to you whether you invest, whether you hold, what you do. I shouldn't even mention the word stock price, it only plays a role if we're issuing shares. And right now, my goal is to focus on debt financing, not issuing shares because I believe there's only a period of time of a few months before the cash is going to start flowing into the company, and we're going to start paying down debt as opposed to looking to take on new debt.

是否投資、是否持有、做什麼都取決於你。我什至不應該提及股票價格這個詞，它只有在我們發行股票時才發揮作用。現在，我的目標是專注於債務融資，而不是發行股票，因為我相信只需要幾個月的時間，現金就會開始流入公司，我們將開始償還債務，而不是尋求承擔新債務。

And the last thing I want to do, since I so believe that our management team and our directors so believe in the cash flow is going to be coming into the company and the liquidity events in the second half of this year, it makes sense to take on debt financing even if it's incredibly high interest rates because even at an extremely high interest rate, it's significantly less dilution if we have such large amounts of money coming into the company than issuing shares right now. For me -- to raise $3 million by issuing shares, somebody is going to want a deep discount, they're going to take 10%, 20%, 25% of the company for a few million dollars.

我最後要說的是，由於我堅信我們的管理團隊和董事們相信現金流將會流入公司，並且今年下半年會出現流動性事件，因此進行債務融資是有意義的，即使利率非常高，因為即使在極高的利率下，如果有如此大量的資金流入公司，其稀釋作用也會比現在發行股票要小得多。對我來說，透過發行股票籌集 300 萬美元，有人會想要很大的折扣，他們會以幾百萬美元的價格收購公司 10%、20%、25% 的股份。

Totally absurd. So I'm not interested in doing something like that. If I think we have $50 million, $60 million, $70 million of cash potentially coming into our company over the next -- I'd like to say -- the second half of the year, it doesn't mean it's all coming in in the second half of the year, but a substantial amount of that could. So that gives you a little background, a little of what I'm thinking about. I put in the press release, we actually did this.

太荒唐了。所以我對做那樣的事情沒興趣。如果我認為我們公司明年（我想說是今年下半年）可能會有 5000 萬美元、6000 萬美元或 7000 萬美元的現金流入，這並不意味著所有現金都會在下半年流入，但其中相當一部分可能會流入。這樣你就了解了一些背景以及我正在思考的一些事情。我在新聞稿中表示，我們確實這樣做了。

I've never even mentioned this before, but this was a decision we made months ago that myself, I've reduced -- I am deferring two-third of my compensation of my salary until we have a liquidity event. We have two other senior executives, Jason Karkus and Stu Hollenshead, who agreed to the same thing. They cut theirs in half, and our directors agreed to cut in half. So we're all on the same team here. We're all on the same side with the shareholders.

我以前從未提到過這一點，但這是我們幾個月前做出的決定，我自己已經減少了——我將推遲發放三分之二的薪酬，直到我們出現流動性事件。我們的另外兩位主管 Jason Karkus 和 Stu Hollenshead 也同意了同樣的事情。他們把自己的份額削減了一半，我們的董事也同意削減一半。所以我們都是同一隊。我們都與股東站在同一邊。

I, by the way, used to be the largest shareholder of the company. I had no idea with all the volume and all the craziness in the stock and the fact that it's so cheap. But understand, I bought my first million shares more than a decade ago at $6 to $8 a share. I still own that stock. I've never sold any of that stock.

順便說一下，我曾經是該公司最大的股東。我不知道該股票的交易量如此之大、價格如此瘋狂，而且價格如此便宜。但要知道，十多年前我以每股 6 至 8 美元的價格購買了我的第一個 100 萬股股票。我仍然持有那隻股票。我從來沒有賣過任何該股票。

I have a larger investment in our company than anybody by a long shot. And I bought a lot more shares, too. My point being, when people now report to me that they have 100,000 shares or 200,000 shares, that used to sound like a lot. And believe me, I appreciate everybody that has 100,000 to 200,000 shares. But if you pay $0.30 for 100,000 shares, you have a $30,000 investment.

我對我們公司的投資比任何人都大得多。而且我也買了更多股票。我的觀點是，當人們現在告訴我他們有 100,000 股或 200,000 股時，這聽起來很多。相信我，我感謝每一位擁有 10 萬至 20 萬股的人。但如果您以 0.30 美元的價格購買 100,000 股，那麼您的投資就是 30,000 美元。

I have a $10 million investment in this company, okay? Just to put that in a little bit of perspective. So believe me, everything I am doing right now is for the shareholders, everything, every move I make. And since I have a track record and a history of doing right by shareholders and running companies the right way, I know the last six months may not look like it, but I promise you what we are doing now going forward, you will see I am still fully aligned and our management team is fully aligned with the shareholders moving forward. And that's how we're executing by cleaning up all the overhead, making sure we get to those liquidity events then we get to clean up the balance sheet.

我在這家公司投資了 1000 萬美元，可以嗎？只是為了稍微說明一下這一點。所以相信我，我現在所做的一切都是為了股東，我所做的一切、所做的每一個舉動都是為了股東。由於我有著為股東做好事並以正確方式運營公司的良好記錄和歷史，我知道過去六個月的情況可能並非如此，但我向你們保證，我們現在正在做的以及今後的工作，你們會看到我仍然完全與股東保持一致，我們的管理團隊也將完全與股東保持一致。這就是我們的執行方式，清理所有的開銷，確保我們能夠獲得那些流動性事件，然後我們就可以清理資產負債表。

And then all of a sudden, we're a very strong company and very different than the penny stock the way it's trading right now. So I hope that answered some of your questions and some of your issues. So you know just yesterday, I know because a lot of people have this question on their mind, the NASDAQ listing qualifications is the fact that we've been under $1 for 5 months, what's going to happen? Are we going to get delisted? I have no intention.

然後突然之間，我們變成了一家非常強大的公司，與現在廉價股票的交易方式截然不同。我希望這能解答你們的一些疑問和問題。所以你知道就在昨天，我知道因為很多人心中都有這個問題，納斯達克上市資格是我們的股價已經連續 5 個月低於 1 美元，會發生什麼事？我們會被除名嗎？我沒有辦意。

No guarantees, I am not NASDAQ. But I spoke to NASDAQ yesterday. They went through all of their qualifications with me on the telephone. We meet or exceed every single qualification other than stock price. And what NASDAQ said to me yesterday, as long as we meet every qualification other than NASDAQ, other than stock price, we will get the 6-month extension.

沒有保證，我不是納斯達克。但我昨天與納斯達克進行了交談。他們在電話裡向我詳細解釋了他們所有的資格。除了股票價格以外，我們達到或超過了每項資格。納斯達克昨天對我說，只要我們符合納斯達克以外的所有條件，除了股價，我們就能獲得 6 個月的延期。

I said, Well, can't you give me the six-month extension now since we meet all qualifications? And she said, no, because that's not the way it works. We don't give the extension until the first 6 months expires. So I fully anticipate late next month -- I don't remember the exact date. I think it's around June 24, June 25, when the first 6 months expires, I am highly confident. In fact, I am virtually certain that we will get the next six months.

我說，好吧，既然我們已經滿足所有資格條件，你們現在不能給我六個月的延期嗎？她說，不，因為事情不是這樣的。直到前 6 個月到期時我們才會給予延期。所以我完全預計下個月末——我不記得具體的日期。我認為第一個 6 個月到期的時間大概是在 6 月 24 日或 6 月 25 日左右，我對此非常有信心。事實上，我幾乎確信我們將贏得接下來的六個月。

Maybe I shouldn't say the word virtually certain, forward-looking statements because I can't guarantee, and I don't want to be sued if something happens. But we went through all the qualifications and then one of them was the net assets or shareholders' equity. And what's interesting is she said that we qualified based on the December 2024 financials.

也許我不應該說「幾乎確定、前瞻性陳述」這個詞，因為我無法保證，而且如果發生什麼事我也不想被起訴。但我們審查了所有資格條件，其中之一就是淨資產或股東權益。有趣的是，她說我們是根據 2024 年 12 月的財務狀況來判斷是否符合資格的。

Since that time, we sold Pharmaloz manufacturing that boosted our net stockholders' equity from about $7 million to $15 million. So we right now have about $15 million.

從那時起，我們出售了 Pharmaloz 製造業務，使我們的淨股東權益從約 700 萬美元增加到 1500 萬美元。所以我們現在大約有 1500 萬美元。

And I think you only need $5 million. So we have tripled the shareholders, the net equity or the net assets that you need in order to qualify. So we will more than qualify a month from now. And that's whether the stock price is over $1 or not. We clearly are going to get that extension.

我認為你只需要 500 萬美元。因此，我們將您符合資格所需的股東、淨股權或淨資產增加了兩倍。因此，從現在起一個月後，我們的資格就超過了。無論股價是否超過 1 美元。我們顯然會獲得這項延期。

Again, I cannot guarantee it, but we are going to get it, okay? Like -- she said we're going to get it. She said -- in fact, she said there's never been a situation like ours where you didn't get the extension. So for those of you really worried about the extension, I wouldn't worry about the extension.

再說一次，我不能保證，但我們會得到它，好嗎？就像——她說我們會得到它。她說——事實上，她說從來沒有出現過像我們這樣的沒有獲得延期的情況。因此，對於那些真正擔心延期的人來說，我不會擔心延期。

More importantly -- and this is another question that people are asking, what's going to happen to get the stock price back above $1 in the next 6 months, actually in the next seven months?

更重要的是——這是人們問的另一個問題，在接下來的 6 個月內，實際上是在接下來的 7 個月內，如何讓股價回到 1 美元以上？

I think the stock price is going to take care of itself. If we have tens of millions of dollars coming into the company and we have a market cap right now -- I don't know what the market cap is today, I haven't looked at the stock price -- but if we have a market cap of $13 million, $14 million, and we have many tens of millions of dollars of cash in the company, what do you think is going to happen to the stock price?

我認為股價將會自行上漲。如果有數千萬美元流入我們的公司，而且我們現在的市值——我不知道今天的市值是多少，我還沒有看過股價——但如果我們的市值為 1300 萬美元、1400 萬美元，而且公司有數千萬美元的現金，您認為股價會發生什麼變化？

I'm really not worried about the stock price. I will also tell you -- well, I don't really want to focus on that. I am aware of people out there that really believe in the company, and they're accumulating a lot of stock and they're telling all their friends to accumulate a lot of stock.

我確實不擔心股價。我還會告訴你——嗯，我真的不想關注這個。我知道有些人確實相信這家公司，他們正在累積大量股票，並告訴他們所有的朋友也累積大量股票。

And I assume that's what all the volume is. I'm not getting in the middle of it, I'm not doing any deals with anyone. Just people love to inform me of what they're doing. There are some people that are very bullish on our company. Let's talk about -- I have ProPhase Biopharma up here.

我認為這就是全部音量。我不會介入其中，也不會跟任何人做交易。人們只是喜歡告訴我他們在做什麼。有些人非常看好我們的公司。讓我們來談談——我這裡有 ProPhase Biopharma。

So you know what, why don't we -- let's see how much time we have. And I did a lot of talking, which was interesting because I didn't know how much time I was going to spend on all this. Our BE-Smart esophageal cancer diagnostic test literally has multibillion-dollar potential. And I'm not going to go through the whole thing. We don't have time.

所以你知道嗎，我們為什麼不——看看我們還有多少時間。我說了很多話，這很有趣，因為我不知道我要花多少時間在這上面。我們的 BE-Smart 食道癌診斷測試確實具有數十億美元的潛力。我不會把整件事情講一遍。我們沒有時間。

I'm just going to go to this slide right here. Our target market is in the bottom, approximately 7 million endoscopies per year in the United States for people at high risk of esophageal cancer. Every single person getting that endoscopy should be getting our test alongside the endoscopy. Understand there are a lot of esophageal cancer tests popping up in the market. They are all before you get the endoscopy.

我要去看這張投影片。我們的目標市場是底層，美國每年約有 700 萬人接受內視鏡檢查，這些人罹患食道癌的風險很高。每個接受內視鏡檢查的人都應該在接受內視鏡檢查的同時接受我們的檢查。了解市面上出現了很多食道癌測試。這些都是在您接受內視鏡檢查之前發生的。

If you test positive on many of these tests, the next step is to get an endoscopy. It's kind of like when you used to get COVID test, you would take the quick test. If you tested positive, the next step was to get the PCR test. So this is exactly the same thing. This is the way it works.

如果您在許多測試中都呈陽性，那麼下一步就是進行內視鏡檢查。這有點像以前進行 COVID 測試時進行的快速測試。如果檢測結果呈現陽性，下一步就是進行 PCR 檢測。所以這完全是同一件事。這就是它的工作原理。

So the idea with a lot of these tests -- and I sincerely apologize because I took this call from my home office. Hang on one quick second. I apologize for the interruption. This is probably unheard of. I am back.

因此，對於許多此類測試的想法——我真誠地道歉，因為我是在家庭辦公室接到這個電話的。請稍等片刻。我對於打擾您表示歉意。這大概是聞所未聞的。我回來了。

So now you know I'm a real human being, and I'm not a model or whatever. So the bottom line of this is if you're at high risk of esophageal cancer and you go and you're worried, you want to get the endoscopy. That's the standard. But if you get that endoscopy, our test makes the results of the endoscopy significantly more valuable.

所以現在你知道我是一個真實的人，而不是模特兒或其他什麼。所以，最重要的是，如果您罹患食道癌的風險很高，並且您感到擔心，那麼您就需要進行內視鏡檢查。這就是標準。但是如果您接受內視鏡檢查，我們的測試將使內視鏡檢查的結果更有價值。

Right now, if you get an endoscopy, there's a pathologist studying -- and an endoscopy is where they take tissue specimens out of your esophagus and studying them under a microscope -- a pathologist studying those specimens with a naked eye, there's no way that is nearly as accurate as our test.

現在，如果你接受內視鏡檢查，就會有病理學家進行研究——內視鏡檢查就是從你的食道中取出組織樣本，在顯微鏡下進行研究——病理學家用肉眼研究這些樣本，但這絕對不可能像我們的測試那樣準確。

And it's proven by the fact that if that's the standard and almost 80% of people are dying of esophageal cancer, the reason they're dying is because they're getting diagnosed too late. And the reason they're getting diagnosed too late is because the endoscopy is an inexact science.

事實證明，如果以此為標準，那麼幾乎 80% 的人死於食道癌，他們死亡的原因是診斷得太晚了。他們之所以診斷得太晚，是因為內視鏡檢查不是一門精確的科學。

We take an inexact science and make it much more exact. And not only do we tell you whether or not you have esophageal cancer or not, we tell you if you're at high risk or low risk. If you're at high risk, there's a procedure you can get called an ablation.

我們把不精確的科學變得更精確。我們不僅會告訴您是否患有食道癌，還會告訴您罹患食道癌的風險是高還是低。如果您屬於高風險族群，可以進行一種稱為消融的手術。

And GIs would love to give an ablation on everybody at risk, but the insurance companies won't reimburse unless they definitely know they have esophageal cancer. But by then, a lot of time it's too late. Our test tells you ahead of time. We may get reimbursed $1,000 to $2,000 per test on 7 million endoscopies. It's a $7 billion to $14 billion market with virtually no competition because we are testing you when you get the endoscopy, it makes the endoscopy a much more accurate test.

醫生們很樂意為所有有風險的患者進行消融手術，但保險公司不會報銷，除非他們確切知道自己患有食道癌。但到那時，很多時候就太晚了。我們的測試會提前告訴您。在 700 萬次內視鏡檢查中，我們每次檢查可能會獲得 1,000 至 2,000 美元的報銷。這是一個價值 70 億至 140 億美元的市場，幾乎沒有競爭，因為我們在您進行內視鏡檢查時對您進行測試，這使得內視鏡檢查更加準確。

There are GIs that love this test. I can't wait to commercialize it. We just announced today that the Mayo Clinic, Dr. Chris Hartley from the Mayo Clinic, has submitted a paper, and this is to the same journal that Castle Biosciences submitted to. I am not going to compare our test to their test.

有很多士兵喜歡這個測試。我迫不及待地想將其商業化。我們今天剛宣布，梅奧診所的 Chris Hartley 博士提交了一篇論文，與 Castle Biosciences 提交的期刊是同一期刊。我不會將我們的測試與他們的測試進行比較。

I don't want to be sued. But what I can tell you is our statistics are really, really good. And there are other esophageal cancer testing companies out there that are doing really, really well. There's an enormous demand for these tests. And the reason is because so many people are dying and they're looking for more accurate diagnosis, and that's what we give you.

我不想被起訴。但我可以告訴你的是，我們的統計數據確實非常好。還有其他食道癌檢測公司也做得非常非常好。這些測試的需求量非常大。原因是，有太多人死去，他們正在尋求更準確的診斷，而這正是我們能為您提供的。

We also save billions of dollars. If you're at low risk because then you don't have to get endoscopy. It gives the patient peace of mind that they don't have to worry. They also don't have to get endoscopies all time. It's also -- this is very important.

我們還節省了數十億美元。如果您的風險較低，那麼您就不必進行內視鏡檢查。它讓患者安心，無需擔心。他們也不必一直接受內視鏡檢查。這也——非常重要。

We're the most convenient. The reason we're the most convenient is you don't have to take the test at home, you don't have to make a separate visit to the doctor's office. When you're getting the endoscopy, you're already getting the endoscopy. That's a decision made that has nothing to do with us. But if you're already getting an endoscopy, we're simply making the result significantly better.

我們是最方便的。我們最方便的原因是您不必在家中進行測試，也不必單獨去醫生辦公室。當您接受內視鏡檢查時，您就已經在接受內視鏡檢查了。這是一個與我們無關的決定。但如果您已經接受內視鏡檢查，我們只是讓結果變得更好。

And there's no way a computerized piece of lab equipment with AI isn't going to give you a better diagnosis. And we have proprietary IP. We have IP on the eight key proteins that shift to hundreds, if not thousands of proteins. But there's 8 key proteins that shift almost always, express themselves when you're developing esophageal cancer. We have a brilliant scientist, Dr. Joe Abdu, is working very closely with us as a consultant and working very closely with Dr. Chris Hartley at Mayo Clinic, and he also has helped commercialize other tests.

而且，配備人工智慧的電腦化實驗室設備絕對能夠為您提供更好的診斷。我們擁有專有知識產權。我們擁有八種關鍵蛋白質的智慧財產權，這些蛋白質可以轉化為數百種甚至數千種蛋白質。但有 8 種關鍵蛋白質幾乎總是會發生變化，當你罹患食道癌時，它們就會表現出來。我們有一位傑出的科學家喬·阿卜杜博士，他作為顧問與我們密切合作，並與梅奧診所的克里斯·哈特利博士密切合作，他還幫助實現了其他測試的商業化。

And so now that we're ready to commercialize this, he's working very closely with us Publishing this paper is a key step because that brings attention to the GIs, it brings credibility. And our hope is that this gets published in roughly the next four to eight weeks. I'll certainly give you an update when it does.

現在我們已經準備好將其商業化，他正在與我們密切合作。發表這篇論文是關鍵的一步，因為它引起了人們對地理標誌的關注，帶來了可信度。我們希望這篇文章能在接下來的四到八週內發布。當它發生時我一定會向你通報最新消息。

I spent a lot of time -- happy to do more on Q&A, but I'm really excited about this test and can't wait for it. All right. I'm going to skip ahead, Nebula Genomics. So again, this is now a liquidity event. Here's the bottom line.

我花了很多時間——很高興在問答上做更多的事情，但我對這次測試感到非常興奮，迫不及待地想參加。好的。我要跳過 Nebula Genomics。所以，這又是一個流動性事件。底線如下。

We explored in the first quarter strategic alternatives and strategic possibilities for Nebula and DNA Complete. We decided to sell it. One of the reasons is because of the capital structure of the company, we want to clean it up. We want to take the pressure of the stock price. We want to clean up the debt, we want to stop raising capital, we want to have excess capital.

我們在第一季探索了 Nebula 和 DNA Complete 的策略選擇和策略可能性。我們決定把它賣掉。原因之一是公司的資本結構，我們想清理它。我們要承擔股價的壓力。我們想要清理債務，我們想要停止籌集資金，我們想要擁有過剩資本。

DNA Complete and Nebula Genomics can do that for us. This literally just happened, I think, in the last 48 hours. Regeneron, monster drug research development company -- Interestingly, I worked at the brokerage firm 30 years ago that took Regeneron public. Regeneron just acquired 23andMe's for $256 million. A big part of the reason why it was the genomic database.

DNA Complete 和 Nebula Genomics 可以為我們做到這一點。我認為，這實際上是在過去 48 小時內發生的。Regeneron，一家巨型藥物研究開發公司——有趣的是，30 年前我曾在幫助 Regeneron 上市的經紀公司工作。Regeneron 剛剛以 2.56 億美元收購了 23andMe。很大一部分原因是基因組資料庫。

I don't know what else went into it, I don't want to say that's it. I don't want to compare. We're not getting acquired for anywhere near that of money in money. I'd be happy with 10% of that. But what I can tell you, we have one of the largest genomic data sets in the world.

我不知道其中還涉及什麼，我不想說就是這樣。我不想比較。我們被收購的價格遠不及金錢。我對其中的 10% 就很滿意了。但我可以告訴你，我們擁有世界上最大的基因組資料集之一。

For those of you that don't know -- and I'm just going to -- and I mentioned this, our data set at 16 petabytes. For those of you who don't know and I didn't know, it's an enormous amount of data. It's one of the largest data sets in the world. And the reason is because a 23andMe or an ancestry.com or MyHeritage ancestry test, most of their tests -- I won't say they don't do some whole genome sequencing, but mostly they used to do SNP-based test. These study less than 1% of your DNA, which is great for ancestry testing, not so good if you want to learn about deep health insights and learn about your genetic makeup, but it's great if you just want ancestry information.

對於那些不知道的人 — — 我只是想 — — 我提到過這一點，我們的資料集是 16PB。對於那些不知道的人來說，這是一個巨大的數據量。它是世界上最大的數據集之一。原因是 23andMe 或 ancestry.com 或 MyHeritage 祖先測試，他們的大多數測試——我不會說他們不做全基因組測序，但他們大多做基於 SNP 的測試。這些研究僅涉及不到 1% 的 DNA，這對於祖先測試來說非常有用，但如果您想了解深層健康見解和基因組成，則效果不佳，但如果您只是想要祖先信息，則效果很好。

And so if they're studying less than 1% of your DNA, we're studying your whole DNA. That's what it means when you say whole genome sequencing. The data that we collect is 1,000x to 5,000x as much. Furthermore, Nebula was founded by Dr. George Church, world renowned in the field of genomics.

因此，如果他們研究的是你不到 1% 的 DNA，那麼我們研究的就是你的整個 DNA。這就是你所說的全基因組定序的意思。我們收集的數據是這個數字的 1,000 倍到 5,000 倍。此外，Nebula 的創始人是基因組學領域世界知名的喬治·丘奇博士。

And by the way, he's agreed to be an adviser if we sell it. That's another great asset. Everybody wants to work with Dr. George Church up at Harvard. But the point is this is over seven years that we've been collecting the data from over 130 countries.

順便說一句，如果我們出售它，他同意擔任顧問。這是另一項巨大的財富。每個人都想與哈佛大學的喬治·丘奇博士一起工作。但重點是，我們已經花了七年多的時間收集了來自 130 多個國家的數據。

And so our database, those more than 60,000 whole genome sequencing tests are the equivalent in size to over 150 million ancestry tests. So just the database alone is incredible. And then as I said in the press release, Jason has restructured Nebula Genomics and DNA Complete. So it's a clean business now. It's no longer losing money.

因此，我們的資料庫，超過 60,000 個全基因組定序測試的規模相當於超過 1.5 億個祖先測試。因此，僅數據庫本身就令人難以置信。正如我在新聞稿中所說，傑森重組了 Nebula Genomics 和 DNA Complete。所以現在這是一門乾淨的生意。它不再虧損了。

It's operating probably at about breakeven. The only reason it's not making money is two reasons. Number one, because we haven't spent the marketing dollars because we've been very careful on how we spend cash right now. If we spend cash, this business will grow dramatically quickly. And number two, unlike some of our competing companies, we have a subscription model where you renew the second year; and a significant percentage of those who buy it the first year renew the second year.

它的營運大概處於損益平衡狀態。它不賺錢的唯一原因有兩個。首先，我們沒有花費行銷費用，因為我們現在對如何花錢非常謹慎。如果我們投入現金，這項業務將會迅速大幅成長。第二，與我們的一些競爭公司不同，我們採用訂閱模式，您可以續訂第二年；第一年購買的用戶中有相當一部分會續訂第二年。

When you renew the second year, that's cash flow into the company. We used to do lifetime and 3 years and all this stuff. Jason actually figured out just have them renew and it turns that just many of the people renewed in the second year anyway. That's free cash flow. So for like private equity that might be looking to acquire us, they love a business model where it's breakeven in the first year.

當你續約第二年時，這就是公司現金流。我們過去常常做終身、三年和所有這些事情。傑森實際上想出了讓他們續約的方法，但結果卻是許多人在第二年就續約了。這就是自由現金流。因此，對於可能想要收購我們的私募股權來說，他們喜歡第一年就能實現收支平衡的商業模式。

You spend more money, you grow more, if you can just operate at breakeven. But the second year, half of those who purchased the first year renew their subscriptions at almost no cost to the company. It becomes a big growing cash flow company over time. So I think this is very attractive, both in terms of the business as well as the data set. We'll see what happens.

如果你能達到收支平衡，那麼你花的錢越多，你的成長就越大。但第二年，購買第一年服務的用戶中有一半會續訂，而公司幾乎不承擔任何費用。隨著時間的推移，它將成為一家現金流不斷成長的大型公司。因此我認為這非常有吸引力，無論從業務還是資料集的角度來看。我們將拭目以待。

ThinkEquity, our investment bankers, and they have located a large number, dozens -- I don't want to say the number, I don't know how specific I should get -- dozens of potential acquirers. They're filling out NDAs as we speak. We already did -- I mean, we literally just went to market with this about a week ago. We already did our first due diligence call. We separately have some in the industry who are interested.

我們的投資銀行家 ThinkEquity 已經找到了大量的潛在收購者，有幾十個——我不想透露具體數字，我也不知道該說多少——幾十個。正如我們所說，他們正在填寫保密協議。我們已經這樣做了——我的意思是，我們大約一周前才將這個產品推向市場。我們已經進行了第一次盡職調查。我們行業中也有一些對此感興趣的人。

It's possible within weeks we could have our first LOIs come in. Not a guarantee, don't quote me on this. But realistically, we really could sell this in three to four months. How much we're going to sell it for? I don't know.

我們有可能在幾週內收到第一批意向書。這不是保證，請不要引用我的話。但實際上，我們真的可以在三到四個月內賣掉它。我們打算賣多少錢？我不知道。

But -- and I don't want anybody to be disappointed, but there's the possibility we sell this for approximately the market cap of the company, right? So I would like to get into -- and I don't have a lot of time before Q&A, although we can have a shorter Q&A. We obviously have to talk about -- it's written here $50 million opportunity with Crown Medical. And that's not even -- I don't know if that's even in our slide presentation. So what's going on with Crown Medical?

但是——我不想讓任何人失望，但我們有可能以大約相當於公司市值的價格出售它，對嗎？所以我想進入——在問答環節之前我沒有太多時間，儘管我們可以進行更短的問答。我們顯然必須談談——這裡寫著與 Crown Medical 合作的 5000 萬美元機會。這甚至不是——我不知道這是否在我們的幻燈片演示中。那麼 Crown Medical 的情況怎麼樣呢？

I have to be careful what I say because when you get into litigation, you can't talk about it. And so they warn me, don't say too much. Crown Medical spent several months going through our entire set of specimens that we tested. I mean, it's just an enormous amount of data. As I said, we tested more than 1 million patients.

我必須小心說話，因為當你陷入訴訟時，你不能談論它。所以他們警告我，不要說太多。Crown Medical 花了幾個月的時間檢查我們測試的整套樣本。我的意思是，這只是大量的數據。正如我所說，我們對超過 100 萬名患者進行了檢測。

I don't remember what the exact number was, but it was a ridiculous number. Maybe it approached 2 million -- I don't remember the exact number -- hundreds of millions of dollars. They went through all of it. They didn't just go through the testing where we didn't get reimbursed. They went through the testing where we did get reimbursed because they're also analyzing for those insurance companies that underpaid.

我不記得具體數字是多少，但那是一個荒謬的數字。可能接近200萬美元——我不記得具體數字了——但數億美元。他們經歷了這一切。他們不僅進行了測試，而且我們沒有得到任何補償。他們進行了測試，我們確實得到了報銷，因為他們也在分析那些少付的保險公司。

So an interesting component of this initiative is that insurance companies may have reimbursed us but paid us less than they were supposed to. A lot of insurance companies regularly did that. But as a lab, most labs just accepted whatever they got paid. We just had to calculate, okay, this is what our gross margins are on average based on this is what the insurance companies are reimbursing us for. So we just accepted it.

因此，這項措施的一個有趣部分是，保險公司可能已經向我們償還了費用，但支付的金額卻低於他們應該支付的金額。許多保險公司經常這樣做。但作為實驗室，大多數實驗室只是接受他們所得到的報酬。我們只需要計算一下，好吧，這就是我們的平均毛利率，基於保險公司向我們償還的金額。所以我們只能接受它。

We didn't know that we could fight it. We didn't know how to, nor did any of the other smaller labs. What's interesting is when Crown Medical goes after these insurance companies, for those that underpaid, the insurance company has already paid something, which means they've already committed to having been a valid test with a valid order for a medical doctor, a valid patient that has insurance and they pay, but they underpay and they have no defense for underpaying. Those -- what I'm told from the Head of Crown Medical, those are the easiest collections. Those settlements start happening very quickly.

我們不知道我們能夠戰勝它。我們不知道該怎麼做，其他小型實驗室也不知道。有趣的是，當 Crown Medical 向這些保險公司追究責任時，對於那些少付的錢，保險公司已經支付了一些，這意味著他們已經承諾對醫生、有保險的有效患者進行有效的測試和有效的醫囑，但他們付的錢少了，而且他們沒有為少付錢辯護。這些 — — 據我從皇冠醫療中心的負責人那裡得知，這些是最容易收集的。這些解決方案很快就開始實現。

We have an enormous amount of dollars of underpaid. So that could be for the company. I don't want to say it's a lot of fun -- we're in litigation or we will be in litigation, but those could be fund dollars coming in pretty easily. In addition to that, we are getting very close to filing. And again, I don't want to get into too many details, but within a short period of time, within a couple of months, maybe sooner, we will be able to -- the Crown Medical will be able to start serving all the insurance companies.

我們有大量工資被少付的現象。這對公司來說可能是這樣的。我不想說這很有趣——我們正在訴訟或將要訴訟，但這些資金可能會很容易進來。除此之外，我們已經非常接近提交申請了。再說一次，我不想談論太多細節，但在短時間內，幾個月內，也許更快，我們將能夠——皇冠醫療將能夠開始為所有保險公司提供服務。

But now knowing that based on what's going on in the courts, they can -- they will be in the not-too-distant future, going to the insurance companies saying, we're going to be serving you in the next four weeks to eight weeks. Would you like to settle now for less or would you like to get your attorneys involved? Because if you do, this is how much you owe us. We're not going to back down on the total amount and you're going to have to pay it. And you're going to have a lot of expenses involved or you can pay less now and settle.

但現在根據法庭的進展情況，他們可以——在不久的將來，他們會去保險公司說，我們將在未來四週到八週內為您服務。您現在願意以較低的價格達成和解還是希望讓您的律師介入？因為如果你這樣做，這就是你欠我們的。我們不會在總金額上做出讓步，你必須支付。您將會產生很多費用，或者您可以現在支付較少的費用並解決問題。

A lot of the insurance companies want to settle for less and pay now and not get into litigation. It just so happens, the Head of Crown Medical told me that he's working with a number of insurance companies right now, and there may be settlements coming in in the next, I don't know, one to two months. I don't want to guarantee it, but I think we could end up with some surprises. People have told me once they see the first $1 million come in, they know that this is real and that more is going to follow. So it's possible the first $1 million comes in in the next couple of months.

許多保險公司都希望以較低的價格達成和解並立即付款，而不是捲入訴訟。碰巧的是，皇冠醫療的負責人告訴我，他目前正在與多家保險公司合作，未來一到兩個月內可能會有和解。我不想保證，但我認為我們最終可能會有一些驚喜。人們告訴我，一旦他們看到第一個 100 萬美元進來，他們就知道這是真的，而且還會有更多的錢進來。因此，第一筆 100 萬美元有可能在未來幾個月內到達。

Not a guarantee. I don't know. I'm not managing this, all right? But then the money is going to start to flow. So that's a little bit about Crown Medical.

沒有保證。我不知道。這不是我管理的，好嗎？但隨後資金就會開始流入。這就是有關 Crown Medical 的一些資訊。

Again, I spoke a little bit about BE-Smart being for peer review in the Journal of Clinical Gastrointestinal Hepatology. That is a very important journal. We get published there, we go to next steps on commercialization. And by the way, I also mentioned in the press release, the FDA -- and I mentioned this last year, and my team was spot on. They said there's no way The FDA was talking about oversight on all LDTs.

我再次談到了 BE-Smart 在《臨床胃腸肝病學雜誌》上接受同儕審查的情況。那是一本非常重要的期刊。我們在那裡發表文章，然後進入商業化的下一步。順便說一句，我在新聞稿中也提到了 FDA——我去年提到這一點，我的團隊對此非常了解。他們說 FDA 不可能談論對所有 LDT 的監管。

My team said no way that's ever going to pass muster. They just don't have the bandwidth, the manpower. It's just not going to happen. Sure enough, they've now backed off of that. And so for a test like ours, which is a very safe test, we should be able to fly through as an LDT, that's a laboratory developed test, which means we can start commercialization later this year.

我的團隊說這絕對不會通過審核。他們只是沒有足夠的頻寬和人力。這根本不可能發生。果然，他們現在已經放棄了。因此，對於像我們這樣的非常安全的測試，我們應該能夠作為 LDT 快速完成，這是一項實驗室開發的測試，這意味著我們可以在今年稍後開始商業化。

Joe Abdo is an expert at that. And so we have to start getting the GIs involved and key opinion leaders. In order to do that, we have to get published. So this was the next step. They've been working on the submission for many, many months.

喬·阿卜杜 (Joe Abdo) 就是這方面的專家。因此，我們必須開始讓士兵和關鍵意見領袖參與其中。為了做到這一點，我們必須發表作品。這就是下一步。他們已經為這份提交工作忙碌了很多個月。

That's what I was waiting for. This is a big deal. So I'm really looking forward to next steps there. We're a little bit over time. I think I covered virtually everything that I wanted to cover.

這正是我所等待的。這是一件大事。所以我真的很期待接下來的行動。我們有點超時了。我認為我幾乎涵蓋了我想要涵蓋的所有內容。

I know that we have a lot of questions. So why don't we go to the questions? I will tell you, I ask Noelle -- and by the way, Noella, I don't even know if I said how are you today. I always love having you on these calls. It's awesome to see you.

我知道我們有很多問題。那我們為什麼不去回答問題呢？我會告訴你，我問諾艾爾——順便說一句，諾艾爾，我什至不知道我是否問過你今天好嗎。我總是很高興你能接聽這些電話。見到你真是太好了。

I did ask Noella if there are questions about what are your revenues, what are your earnings and the reports. First of all, I'm not going to give you projections because we don't give projections. And number two, if it's in the press release, the financials there, please read them for yourselves. Let's spend time on strategy questions as opposed to the numbers. And quite frankly, the numbers in the past are irrelevant anyway.

我確實問過諾埃拉，是否有關於你的收入、收益和報告的問題。首先，我不會給你預測，因為我們沒有提供預測。第二，如果新聞稿中有財務訊息，請大家自己閱讀。讓我們花時間研究策略問題而不是數字。坦白說，過去的數字無論如何都無關緊要。

As I just described, our second and third quarters are going to be dramatically different than what we saw last year. We were losing an enormous amount of money. Now you also have amortization, depreciation, stock comp, all these other things that go into it that are noncash expenses, but there are real cash expenses also last year. We've dropped those real cash expenses dramatically going forward into the second quarter and beyond. Okay.

正如我剛才所描述的，我們的第二季和第三季將與去年大不相同。我們損失了巨額的金錢。現在你還有攤提、折舊、股票補償，所有這些其他的非現金支出，但去年也有真正的現金支出。進入第二季及以後，我們大幅削減了這些實際現金支出。好的。

With that, Noella, why don't I turn it over to you for questions.

諾埃拉，既然如此，我為什麼不把問題交給你呢？

Thank you, Ted, for the presentation. As you said, we'll now take some questions. Your first question is, what's a realistic time line we should expect to see BE-Smart commercialized? Will it be this year?

謝謝泰德的演講。正如您所說，我們現在來回答一些問題。您的第一個問題是，我們應該預期 BE-Smart 商業化的具體時間表是怎樣的？今年會是嗎？

That's a good question. So it depends on how you define commercialization. This will probably be a multi-year process. But the very first patient being tested, absolutely -- on a commercial basis, I absolutely anticipate that being later this year. How many?

這是個好問題。所以這取決於你如何定義商業化。這可能是個多年的過程。但從商業角度來看，我絕對預計第一位接受檢測的患者將在今年稍後接受檢測。多少？

I don't know right now. It's premature. I don't want to give estimates. I don't want to overpromise and under-deliver. I want to do the opposite.

我現在還不知道。現在還為時過早。我不想給出估計。我不想做出過多的承諾，卻無法兌現。我想做相反的事。

And it may not feel like that for the last six months, but I under-promised and over-delivered for a decade. And I did that most of my career, and I want to get back to doing that again. So what I will tell you is we're going to be very methodical. The question wasn't asked and it isn't normally raised, but I just thought of it, very important question. We are not going to spend millions and millions of dollars.

過去六個月我可能感覺不到這一點，但十年來我一直低調行事，卻超額完成任務。我的大部分職業生涯都是這樣做的，我希望再次這樣做。所以我要告訴你們的是，我們將會非常有條理。沒有人問過這個問題，通常也不會提出這個問題，但我剛剛想到了這個問題，這是一個非常重要的問題。我們不會花費數百萬美元。

We're not going to do what 23andMe did on drug development, spending hundreds of millions of dollars. We're not going to do what other cancer testing companies I've seen where they spend an enormous amount of money and then they go bankrupt. A good friend of mine runs a company. The company is struggling because they spent on building out a big sales force. I will not do that.

我們不會像 23andMe 一樣，在藥物開發上投入數億美元。我們不會像我見過的其他癌症檢測公司那樣，花費巨額資金，然後破產。我的一個好朋友經營一家公司。該公司陷入困境是因為他們投入大量資金打造了一支龐大的銷售團隊。我不會這麼做。

What I would rather do, we think we are going to have one of the best cancer tests in the world. And so we're going to go to companies that have networks of salespeople already visiting the GI's offices or the medical -- a lot of these, by the way, you don't just have a GI in his own office. So they're going into these buildings that have dozens of medical doctors covering everything, including the GIs. And so these salespeople, we can give them our test to sell and they get a percentage on what they sell so that it's a profit center for us as opposed to being a big expense upfront. So I will not spend all of our money trying to build out a sales force.

我更願意做的是，我們認為我們將擁有世界上最好的癌症測試之一。因此，我們將前往那些已經擁有銷售人員網絡的公司，這些銷售人員已經訪問過美國大兵的辦公室或醫療部門——順便說一句，很多這樣的公司並不像美國大兵那樣只在自己的辦公室裡有一名美國大兵。所以他們進入這些有數十名醫生負責一切事務的大樓，包括美國大兵。因此，我們可以讓這些銷售人員接受我們的測試並進行銷售，然後他們可以從銷售中獲得一定比例的收入，這樣對我們來說，這就會成為利潤中心，而不是一筆巨大的前期開支。所以我不會花掉所有的錢來打造一支銷售團隊。

I don't want to ever be in a situation again like we've been in the last six or nine months. So I'm really looking forward to later this year, and you'll be -- I'm sure I will be updating you. We do these Renmark presentations, by the way, once a month. Obviously, this one is for our first quarter results, but we do them the other 2 months out of every 3 as well. Noella, next question please.

我不想再陷入過去六個月或九個月那樣的境地。所以我真的很期待今年晚些時候，你將會——我確信我會向你更新情況。順便說一下，我們每個月都會進行一次 Renmark 演示。顯然，這是我們第一季的業績，但我們每三個月中的另外兩個月也會公佈業績。諾埃拉，請問下一個問題。

What vaccines or illnesses are we working on? And is anything past clinical studies?

我們正在研究哪些疫苗或疾病？有沒有過去的臨床研究？

We're not working on any vaccines. And we're not spending a lot of money on anything related to FDA drug development prescription drugs. We're not doing anything of significance right now, okay? We're developing Equivir. We're still waiting the -- it's unfortunate, our CRO is in another country, working with our consultant here, and they're going back and forth on the final results.

我們沒有研發任何疫苗。我們並沒有在與 FDA 藥物開發處方藥相關的任何事物上花費大量資金。我們現在沒有做任何重要的事情，好嗎？我們正在開發 Equivir。我們仍在等待——不幸的是，我們的 CRO 在另一個國家，與我們這裡的顧問一起工作，他們正在反覆討論最終結果。

It's been incredibly frustrating. I expect to be able to report the final results soon. The reality is we're looking to commercialize this for the next cough/cold season anyway. So we have a few months on that. But other than that, we have BE-Smart esophageal cancer test.

這真是令人沮喪。我希望很快就能報告最終結果。事實是，無論如何，我們都希望在下一個咳嗽/感冒季節將其商業化。所以我們有幾個月的時間。但除此之外，我們還有 BE-Smart 食道癌檢測。

We have our other dietary supplements we're developing, and we have Nebula Genomics, which now, as I said, Nebula Genomics as an entity by itself is now operating at breakeven. We're looking to now grow it and sell it.

我們正在開發其他膳食補充劑，我們還有 Nebula Genomics，正如我所說，Nebula Genomics 作為一個實體現在已實現收支平衡。我們現在希望種植並出售它。

What steps are being taken to meet NASDAQ compliance? Will you need to file for an extension?

正在採取哪些措施來滿足納斯達克合規性？您需要申請延期嗎？

Yeah. So I went through that in great detail already. And the bottom line is I already filed for the extension. They just don't answer the extension request until the end of the six-month period at the end of next month. But of course, I already stated, I fully believe it was indicated to me that we will get the 6-month extension.

是的。所以我已經非常詳細地討論過了。底線是我已經申請延期了。他們只是在下個月月底六個月期限結束前不回覆延期請求。但當然，我已經說過，我完全相信有人告訴我我們將獲得 6 個月的延期。

There are no issues. So to be honest, there's nothing to talk about other than the fact that I'm not allowed to say we got the extension today, which is incredibly frustrating because we meet all the criteria. And she said to me yesterday, if you meet all the criteria, you automatically get the extension. So we're going to get the extension. But for some reason, I'm not allowed to say that today.

沒有任何問題。所以說實話，除了今天我不能說我們獲得了延期之外，沒有什麼可說的，這非常令人沮喪，因為我們滿足所有標準。她昨天對我說，如果你符合所有標準，你就會自動獲得延期。因此我們將獲得延期。但出於某種原因，今天我不能這麼說。

So we are going to get the extension. But for those listening to this call, don't assume me if we don't get it. But as far as I'm aware, we're getting the extension. And that's it. And as I said, the only variable, I believe, would be that they would check our shareholders' equity, which actually increased since we went over yesterday.

因此我們將獲得延期。但是對於那些聽到這個電話的人來說，如果我們沒有收到，請不要認為是我。但據我所知，我們正在獲得延期。就是這樣。正如我所說，我相信唯一的變數就是他們會檢查我們的股東權益，而自從我們昨天檢查以來，股東權益實際上有所增加。

So with the 10-Q coming out today, our shareholders' equity virtually doubled. We went from like 7-point-something million to over $15 million. What's next?

因此，隨著今天 10-Q 報表的發布，我們的股東權益幾乎翻了一番。我們的收入從 700 多萬美元增長到了 1500 多萬美元。下一步是什麼？

The next question is, has the DNA Complete division started generating revenues?

下一個問題是，DNA Complete 部門是否已經開始產生收入？

Yeah. So that was. So I know for some people, it might be a little confusing between Nebula Genomics and DNA Complete. They're part of the same company. DNA Complete has developed into a more sophisticated direct-to-consumer product.

是的。就是這樣。所以我知道對某些人來說，Nebula Genomics 和 DNA Complete 之間可能會有點混淆。他們屬於同一家公司。DNA Complete 已發展成為一種更為複雜的直接面向消費者的產品。

It's more consumer-friendly. And so the combination is doing, I don't know, about $5 million a year right now in revenues, maybe a little bit more than that. But we -- if we spent the money on marketing, we can get to $10 million very quickly. Unfortunately, we've just been tight on capital. So depending on when we sell it, I mean, if we get a liquidity event earlier rather than later, we spend some money -- obviously, we have a world-class marketing team.

它對消費者更加友善。因此，我不知道目前合併後每年的收入大約是 500 萬美元，也許略多一些。但是，如果我們把錢花在行銷上，我們很快就能賺到 1000 萬美元。不幸的是，我們的資金一直很緊張。所以這取決於我們何時出售，我的意思是，如果我們儘早獲得流動性事件，我們就會花一些錢——顯然，我們擁有一支世界一流的行銷團隊。

And we perfected the marketing, we perfected the platform, the website, et cetera, the upside is enormous. But we can certainly also spell that out to anybody that potentially is going to acquire it. And as I said, the database also is hugely valuable in a potential sale.

我們完善了行銷、完善了平台、網站等等，其優勢是巨大的。但我們當然也可以向任何可能獲得它的人明確說明這一點。正如我所說，資料庫對於潛在銷售也具有巨大的價值。

Are we still looking at June/July for COVID testing payments?

我們是否仍考慮在 6 月/7 月支付 COVID 檢測費用？

So let's see, we're in the middle of May. June is next month. So I had to go by when Crown Medical was ready to go into the court system. So I think I gave the accurate statement. It is possible we will get our first payments actually in the month of June.

那麼讓我們來看看，現在已經是五月中旬了。六月是下個月。所以當 Crown Medical 準備進入司法系統時我必須去。所以我認為我給了準確的陳述。我們有可能在六月就收到第一筆付款。

The time frame for when we went into court took longer than I expected. But on the other hand, we could get a surprise sooner than I expected. So it's possible we're still on track. I don't know. What I can tell you is I am confident a significant amount of capital is going to come into our company in the second half of this year.

我們上法庭的時間比我預期的要長。但另一方面，我們可能會比我預期的更快得到驚喜。因此我們有可能仍在正軌上。我不知道。我可以告訴你們的是，我相信今年下半年我們公司將會獲得大量資金。

When it starts exactly is hard to time. I can tell you that the Head of Crown Medical is very confident, number one, in the amount that's going to come in. And number two, that once it starts to flow, it's going to flow significantly. And it's in the not-too-distant future, by the not-too-distant future, in the next few months. And I really don't know if that's one to two months or three to four months.

很難確定它具體何時開始。我可以告訴你，皇冠醫療的負責人對於收入金額非常有信心。第二，一旦開始流動，流動就會非常劇烈。這就在不遠的將來，在不遠的將來，在接下來的幾個月裡。我真的不知道那是一到兩個月還是三到四個月。

I'm sure if you ask him, he's going to give you the more optimistic time frame. I'm just afraid to do that on this call right now. I don't think we're far away. But by far away, it could be three months. But that's life-changing, game-changing for our company once that happens.

我確信如果你問他，他會給你更樂觀的時間框架。我只是害怕現在在通話中這樣做。我認為我們距離並不遠。但到目前為止，可能要三個月。但一旦發生這種情況，我們的公司的生活、遊戲規則就會改變。

And I said, you can buy the stock now or you can buy it after the money starts to come in. I'd be shocked -- if the money starts to come in, I'd be shocked if the stock is at the same price, shocked. But we'll see. People do silly things when it comes to the stock market. What's next, please?

我說，你可以現在買股票，也可以等到有錢了再買。我會感到震驚——如果資金開始流入，如果股票價格保持不變，我會感到震驚。但我們會看到。當談到股票市場時，人們會做出愚蠢的事情。請問接下來是什麼？

You announced an agreement with a global private equity group for debt financing. Have you accessed the line of credit yet?

您宣布與全球私募股權集團達成債務融資協議。您已獲得信用額度了嗎？

Yeah. So we did take in a small amount of capital and then we moved on from that. And we did put up shares of stock as collateral. And by the way, when we pay back the debt, we're supposed to get those shares back. So it's possible we'll have a significant reduction in share count down the road.

是的。因此，我們確實吸收了少量資金，然後繼續前進。我們確實提供了股票作為抵押。順便說一句，當我們償還債務時，我們應該拿回那些股份。因此，未來我們的股票數量可能會大幅減少。

I don't want to get more into that now. But the bottom line is I'm looking at other sources of debt financing currently to continue to bridge the gap between where we are now and the liquidity events, the combination of Crown Medical Collections and selling Nebula Genomics, either one of which we could have a material amount of cash flow could come into our company from either one of those initiatives in the next -- and I just don't know if it's going to be two months, three months, four months. And that's both for the sale of Nebula and for collections to start.

我現在不想深入討論這個主題。但底線是，我正在尋找其他債務融資來源，以繼續彌補我們目前的狀況和流動性事件之間的差距，將 Crown Medical Collections 和出售 Nebula Genomics 結合起來，我們可以從其中任何一個舉措中獲得大量現金流，在接下來的時間裡，這些現金流可能會進入我們公司——我只是不知道這是否會是兩個月、三個月還是四個月。這既是為了星雲的銷售，也是為了開始收藏。

What are the milestone items shareholders should be aware of for the balance of 2025?

股東應該關注 2025 年剩餘的里程碑事件有哪些？

So those are two big ones and then following the development of our esophageal cancer test and then ultimately rolling out Equivir and building our dietary supplement business. I am not looking to diversify into more businesses, by the way. When we come into a lot of cash, I want to sit on that cash, figure out how to earn a decent interest rate. I mean it's amazing what we're paying in interest to borrow money right now. I know there are tremendous opportunities when that cash comes in to loan at a higher interest rate.

所以這是兩個大問題，然後是我們的食道癌測試的發展，最終推出 Equivir 並建立我們的膳食補充劑業務。順便說一句，我並不打算拓展更多業務。當我們有大量現金時，我想利用這些現金，想辦法賺取可觀的利率。我的意思是，我們現在藉錢所支付的利息真是令人驚訝。我知道，當這些現金以更高的利率貸款時，就會出現巨大的機會。

And if you're sophisticated in how you do it, even though you get some defaults, the overall total return is tremendous. I'm not saying we're even going to do that. It's just amazing to me what we're paying in interest rates for debt financing right now. It's so frustrating. I can't wait for the cash to come in.

如果你操作得當，即使出現一些違約情況，整體回報也是巨大的。我並不是說我們會這麼做。我們現在支付的債務融資利率真是讓我吃驚。太令人沮喪了。我迫不及待地想收到現金。

I will never take that cash for granted.

我永遠不會將這筆錢視為理所當然。

Does the company still have a high degree of confidence in collecting the $25 million of uncollected AR?

公司對於收回這 2,500 萬美元的未收回應收帳款是否仍有高度信心？

So on our books, we have about $20 million of uncollected AR. We believe that's conservative. The auditors said that technically, you're not supposed to increase when you have an accounts receivable outstanding for a while, you're not supposed to then just increase the estimates on it. We're -- it's not a guarantee. We are anticipating that the amount we actually collect could be a lot more than $20 million.

因此，在我們的帳簿上，我們有大約 2000 萬美元的應收帳款未收回。我們認為這是保守的。審計員表示，從技術上講，當你有一段時間未償還的應收帳款時，你不應該增加，你不應該只是增加對它的估計。我們——這不是保證。我們預計實際籌集的金額可能遠遠超過 2000 萬美元。

So the answer -- I've already gone through this in a lot of detail over the last 45 minutes. So the answer is yes. We're confident we're going to collect what's on the books, and we are hopeful that it's going to be significantly more than that. But to be honest with you, if we just collected what was on the books plus we sold Nebula, we're home free. We're going to be a great company.

所以答案是——在過去的 45 分鐘裡我已經詳細地討論過這個問題了。所以答案是肯定的。我們有信心收集到帳面金額，並且我們希望收集到的金額能夠遠遠超過這個數字。但老實說，如果我們只收取帳面金額再加上出售 Nebula，我們就可以安全回家了。我們將會成為一家偉大的公司。

Our esophageal cancer test by itself, we had nothing else. The industry for esophageal cancer test, if you look into it, it's a hot market. And again, the reason is because the endoscopy by itself is an inexact science. And the industry, patients need a better test. So all these new tests coming out, the doctors are just buying, they're just selling.

我們只進行了食道癌檢測，沒有進行其他檢查。如果你深入研究一下，你會發現食道癌檢測產業是一個熱門市場。再次強調，原因在於內視鏡檢查本身就是一門不精確的科學。對於業界來說，患者需要更好的測試。因此，所有這些新測試問世了，醫生們只是在購買，只是在銷售。

Some of these tests, as I said, by the way, if you test positive, the next step is you're directed to go get an endoscopy. Our test is for those getting an endoscopy. And again, we test 8 specific proteins, but it's the proteins that are almost always expressed when you're developing esophageal cancer. There's another test out there that tests 400 proteins, but it's not testing the 8 which we think are the most important. And then there are other tests.

順便說一下，正如我所說，如果檢測結果呈陽性，下一步就是去做內視鏡檢查。我們的測試是針對那些接受內視鏡檢查的人。再次，我們測試了 8 種特定蛋白質，但這些蛋白質幾乎總是在罹患食道癌時表現。還有另一種測試可以檢測 400 種蛋白質，但它並沒有檢測我們認為最重要的 8 種蛋白質。然後還有其他測試。

I don't want to get into the science. I'm not a scientist. It's complicated. Personally, based on spending a couple of years with this and talking to multiple scientists about this, I truly believe in my heart, this is the best esophageal cancer test on the market by far and that there will be enormous demand from the GIs as soon as they hear about it, word is going to spread very quickly.

我不想涉足科學。我不是科學家。情況很複雜。就我個人而言，基於我花了幾年時間研究這個問題並與多位科學家討論過這個問題，我真心相信，這是目前市場上最好的食道癌測試，而且一旦胃腸道醫生聽說這個測試，他們就會有巨大的需求，消息會很快傳播開來。

This thing is going to go -- so if we get to a position later this year where we're sitting in a large block of cash, and we only have to spend a small amount of money to develop this and the market understands that we don't have to do dilutive financings to finance the commercialization of our BE-Smart esophageal cancer test, the market value of that alone could be enormous.

這件事將會順利進行——所以如果我們在今年晚些時候能夠擁有大量現金，並且我們只需要花費少量資金來開發它，並且市場明白我們不必進行稀釋性融資來資助我們的 BE-Smart 食道癌測試的商業化，那麼僅此一項的市場價值就可能是巨大的。

It could easily be 10x the current market cap, our entire market cap right now. And that's without all the cash coming in, which I anticipate is going to be significantly more than the whole market cap of our company. So there are interesting dynamics at play here, but obviously, I'm very excited and bullish on the future.

它很容易就達到當前市值的 10 倍，也就是我們現在整個市值的 10 倍。這還不包括所有現金流入，我預計流入的現金將遠遠超過我們公司的整體市值。所以這裡存在著有趣的動態，但顯然，我對未來感到非常興奮和樂觀。

If and when we receive payment for past due COVID testing, think smaller dividend and more cash in the bank. I hold position of nearly 200,000 shares.

如果我們收到了逾期 COVID 檢測的付款，那麼股息就會減少，銀行裡的現金也會增加。我持有近20萬股。

Right. So I have no idea when you bought your 200,000 shares. Thank you for being a shareholder. If you bought those shares at $0.30 a share, what is that, a $60,000 investment. Those same 200,000 shares that I probably paid $8 for, I paid $1.6 million.

正確的。所以我不知道你什麼時候買的20萬股。感謝您成為股東。如果您以每股 0.30 美元的價格購買這些股票，那麼這就是一筆 60,000 美元的投資。我可能以 8 美元的價格購買了這 20 萬股，但我卻花了 160 萬美元。

You paid $60,000. And I'm not saying it to belittle the investment. I'm more just sitting here in amazement of what's happened. And I'm obviously -- well, I don't seem upset right now. I'm not upset because I'm really looking forward to the future, but it's kind of frustrating.

您支付了 60,000 美元。我這樣說並不是為了貶低這項投資。我只是坐在這裡，對所發生的事感到驚訝。而且我顯然——嗯，我現在看起來並不難過。我並不難過，因為我真的很期待未來，但這確實有點令人沮喪。

But the answer is I totally agree with you. There's no way I will ever allow our company to get into the position it's been in over the last six, nine months. Now -- and to be clear, I still have to get through the next three months, and I still have to do debt financings. So we're not out of the woods yet, but we're getting very, very close. Once we're completely out of the woods and the coast is clear, I doubt the stock to be trading where it's trading right now.

但答案是我完全同意你的看法。我絕不會讓公司陷入過去六、九個月以來的這種境地。現在——要先明確的是，我還得撐過接下來的三個月，我還得進行債務融資。因此，我們尚未脫離險境，但我們已經非常接近了。一旦我們完全脫離困境，一切恢復平靜，我懷疑該股的交易價格是否還會維持在目前的水平。

Again, but that's not for me to decide, that's for the market to decide. That's one of the reasons the market is here because obviously, we're tight on cash. That's not hard to figure out. By the same token, I anticipate some new debt financing deals very shortly, and then we'll be home free because I'm really just looking for a bridge to when the liquidity events start. Also, by the way, in the not-too-distant future, there's also the possibility, but not a guarantee, that we'll be able to do debtor-in-possession financing where they get the money back.

再說一遍，這不是我能決定的，而是由市場決定的。這就是市場存在的原因之一，因為顯然我們的現金緊張。這並不難理解。同樣，我預計很快就會有一些新的債務融資交易，然後我們就可以高枕無憂了，因為我實際上只是在尋找流動性事件開始時的橋樑。另外，順便說一句，在不久的將來，我們也有可能（但不能保證）能夠進行債務人持有資產融資，從而收回資金。

We don't have to ever pay that back. They get that back directly from the court system when the insurance companies start to pay. It goes into a lockbox and they get paid first. So I may -- I don't -- we don't have access to that, but I think we could have access to that in the not-too-distant future, which would then take the pressure off of me having to do other types of debt financing. However, to be honest, it's a little premature, but I just want you to know there are potential other options.

我們永遠不需要償還。當保險公司開始賠償時，他們可以直接從法院系統收回這筆錢。錢被放進保險箱，然後他們先得到付款。所以我可能——我不知道——我們無法獲得這種機會，但我認為在不久的將來我們可以獲得這種機會，這將減輕我進行其他類型債務融資的壓力。然而，說實話，現在有點為時過早，但我只是想讓你知道還有其他潛在的選擇。

I don't know. I haven't gone into detail. That's one of the things I'm going to be working on over the next two or three weeks as we progress with the Crown Medical initiative in the court system.

我不知道。我還沒有詳細說明。這是我在接下來的兩三週內要做的事情之一，因為我們將在法院系統中推進皇家醫療計劃。

How do you plan to bring up the stock price?

您打算怎麼提高股價？

Great question. I don't think I'm going to have to do anything. I think it's going to take care of itself. Now depending on how much cash flow comes in and when it comes in -- I don't think I'm allowed to discuss in advance what I might do. But if you look at my past in the last 10 years, when we sold the Cold-EEZE brand for $50 million, I did two Dutch auctions.

好問題。我想我不需要做任何事。我認為一切都會好起來的。現在取決於有多少現金流入以及何時流入——我認為我不能提前討論我可能會做什麼。但如果你回顧我過去 10 年的經歷，當我們以 5000 萬美元的價格出售 Cold-EEZE 品牌時，我進行了兩次荷蘭式拍賣。

I had one shareholder that was adversarial to the company, he owned 14.9% of the shares outstanding. I did a Dutch auction, took him out of virtually all of his stock. The Dutch auction was oversubscribed. So we did a second Dutch auction, specifically because I wanted that kind guy, all right? But by doing the two Dutch auctions, took out everybody that ever wanted to sell.

我有一個與公司敵對的股東，他擁有 14.9% 的流通股。我進行了一次荷蘭式拍賣，幾乎賣掉了他所有的庫存。荷蘭式拍賣的認購量超額。所以我們進行了第二次荷蘭式拍賣，具體是因為我想要那種人，好嗎？但透過兩次荷蘭式拍賣，所有想要出售的人都被淘汰了。

And the stock proceeded -- in a few years after the stock went up 10x after because it was one of the tightest held stocks in all of NASDAQ. And so I'd love to have the opportunity to do something like that again. I can't talk about that I'm going to do that now. We'll see. We'll see where the stock price is.

隨後，該股價格在幾年後上漲了 10 倍，因為它是納斯達克最緊張的股票之一。所以我很想有機會再做這樣的事情。我現在不能談論這個，我要去做這個。我們將拭目以待。我們將看看股價是多少。

But as I said, I expect that we're going to get the six-month extension. By the way, this is really important. We are not -- in our upcoming Annual General Meeting in the proxy, we have to file that, I'm not sure, probably within the next month. We are not intending to even put a reverse split. We're not looking for authorization for a reverse split even in our proxy.

但正如我所說，我預計我們將獲得六個月的延期。順便說一句，這確實很重要。我們不是 - 在即將召開的年度股東大會上，我們必須提交代理文件，我不確定，可能在下個月內。我們甚至不打算進行反向拆分。即使在我們的代理商中，我們也不會尋求反向分割的授權。

Now there is a requirement if in the second six months the stock is not above $1, that we'll agree to reverse stock split -- reverse split the stock. Of course, we would have to or we would get delisted, I don't want to get delisted. But if we even get a portion of the liquidity events I think we're going to, I don't think that's going to be an issue at all. And that's without me considering stock buybacks. But that's not something I'm considering today.

現在有一個要求，如果在第二個六個月內股票價格沒有超過 1 美元，我們將同意進行反向股票分割——反向分割股票。當然，我們必須這樣做，否則我們就會被摘牌，我不想被摘牌。但如果我們甚至獲得了我認為我們將要獲得的部分流動性事件，我認為這根本不會成為問題。這還沒考慮股票回購。但這不是我今天要考慮的事情。

We don't have any cash -- we're clearly not doing stock buybacks and dividends. The last thing I'm thinking about is dividends right now, right? And even when the cash comes in, the last thing I'm thinking about is dividends, all right? But if you can look at my history, I'm shareholder-friendly. I think like a shareholder, I was an investor for 40 years.

我們沒有任何現金——我們顯然不會進行股票回購和分紅。我現在最不想考慮的就是股息，對吧？即使現金到賬，我最不想考慮的就是股息，好嗎？但如果你看看我的歷史，你會發現我對股東很友善。我認為就像一個股東一樣，我已經投資了 40 年。

I was an investor for 30 years before I became CEO of this company. And so you better believe I'm not spending that money. I want the shareholders to -- the shareholders that have stuck with me, I want them to benefit. So that's the way I'm thinking. We'll see what happens.

在成為這家公司的執行長之前，我已經做了 30 年的投資者。所以你最好相信我不會花那筆錢。我希望股東──那些一直支持我的股東能夠受益。這就是我的想法。我們將拭目以待。

Again, we're jumping the gun now because we have to wait for one of the major liquidity events. But you can bet -- if the past is any indication of the future, you can bet I will be shareholder-friendly again in the future.

再說一次，我們現在操之過急，因為我們必須等待一次重大的流動性事件。但你可以打賭——如果過去可以預示未來，那麼你可以打賭我將來會再次對股東友好。

Can you tell us what you're going to do with the funds you get in from Crown Medical or possibly selling Nebula?

您能告訴我們您打算如何處理從 Crown Medical 獲得的資金嗎？或可能出售 Nebula？

I think I just answered those questions in the last question. No need to repeat myself. Look, we'll see what happens. Obviously, I care about stock price. I care about NASDAQ listing and all those good things, and we'll just play it by ear.

我想我剛剛在最後一個問題中回答了這些問題。無需重複。瞧，我們看看會發生什麼事。顯然，我關心股票價格。我關心納斯達克上市和所有那些好事，我們只是隨機應變。

I can just tell you my background is on Wall Street. So I want to make the right decisions that are best for shareholders certainly going forward. We were in a stressful time in the last six or nine months of things that we did that I wish in a million years I never had to do. And I absolutely, this cash comes in, I can virtually guarantee you I will never do again. But the things that I do like doing are all shareholder-friendly, and we'll just see when the time comes.

我只能告訴你我的背景是在華爾街。因此，我希望做出正確的決定，這對股東的未來發展無疑是最有利的。在過去的六到九個月裡，我們處於一個壓力很大的時期，我們所做的事情我真希望一百萬年內都不要做。而且我絕對保證，收到這筆錢後，我絕對不會再這樣做。但我喜歡做的事情都是對股東有利的，到時候我們再看。

But I'm really excited, among other things, commercializing our BE-Smart esophageal cancer test and not spending a lot of money doing it. Also, I didn't even mention this. There's a very real possibility that as we gather a little more momentum later this year, somebody is going to want to acquire our esophageal cancer test for a lot of money or partnering it. Partnering it would be great because then you just make a lot of money. You have somebody else that already has a huge distribution network.

但我真的很高興，除其他事項外，將我們的 BE-Smart 食道癌測試商業化，並且不需要花費很多錢。另外，我什至沒有提到這一點。很有可能，隨著我們在今年稍後獲得更多動力，有人會願意花大錢收購我們的食道癌測試或與之合作。與之合作將會很棒，因為這樣你就可以賺很多錢。其他人已經擁有龐大的分銷網絡。

It becomes an overnight success, you get a significant -- you get milestones and a significant royalty. Not a bad business to be in to have monster cash coming into the company every year. I mean, I would love a business -- I think I could retire on that. All right. What's the next question?

它一夜之間就取得了成功，你獲得了重大的里程碑和可觀的版稅。每年都有巨額現金流入公司，這並不是壞事。我的意思是，我喜歡做生意──我想我可以靠做生意退休。好的。下一個問題是什麼？

What happened to Equivir?

Equivir 發生了什麼事？

So Equivir, the only reason I'm not talking a lot about it is I'm frustrated like everybody else. I'm just waiting for our consultants and the CROs to get on the same page and finalize the results. We have some time because this is a product for the cough/cold season, and we're initially going to introduce this online anyway. So we have a little bit of time, but it's a little bit -- it is a little frustrating. And I'm waiting like everybody else.

所以，對於 Equivir，我很少談論它的唯一原因是我和其他人一樣感到沮喪。我只是在等待我們的顧問和 CRO 達成共識並最終確定結果。我們還有一些時間，因為這是針對咳嗽/感冒季節的產品，而且無論如何我們最初都會在網路上推出它。因此我們還有一點時間，但這有點——有點令人沮喪。我和其他人一樣正在等待。

So we have phenomenal preliminary results, and I'm just waiting for the actual final results that we can both publish and also use to make claims on the packaging. Although as an over-the-counter dietary supplement, you can't make any of the claims that you can make with the drug anyway.

因此，我們獲得了非凡的初步成果，我只是在等待實際的最終結果，我們可以發布該結果，也可以將其用於在包裝上提出索賠。儘管作為非處方膳食補充劑，您無論如何都不能做出與藥物相同的任何聲明。

So I'm not sure how much is going to even affect the claims you can make on the package other than basic claims, but it would be nice where we have -- if and where we have statistical significance, it would be nice to be able to say that. So I'm frustrated like everybody else, to be honest with you. But again, we have much bigger fish to fry and much bigger things to look forward to at the moment, although Equivir could be a very big product.

因此，我不確定除了基本聲明之外，這還會對你對包裝提出的聲明產生多大影響，但如果我們有統計意義，那麼能夠這麼說就太好了。所以說實話，我和其他人一樣感到沮喪。但是，儘管 Equivir 可能是一個非常大的產品，但我們現在還有更重要的事情要做，還有更重要的事情要期待。

We have some things that are front and center right now that could be very big. And it's one thing to generate $25 million of revenues and make a few million dollars. It's another thing to generate $25 million of cash with no overhead. And again, when we talk about the $50 million coming in from Crown Medical, that's net. We're not paying them anything.

我們現在有一些非常重要的事情。創造 2500 萬美元的收入和賺取數百萬美元是一回事。無需任何管理費用就能產生 2500 萬美元的現金又是另一回事。再說一次，當我們談到 Crown Medical 的 5000 萬美元收入時，這是淨收入。我們不會向他們支付任何費用。

By the way, they have dozens of attorneys working on this. We're not paying them a single penny. They would not be doing that if they were not highly confident that they were going to collect a lot of money. It's all contingency fees, all based on collecting the money. They take out their percentage, we get the rest.

順便說一句，他們有數十名律師在處理此事。我們不會付他們一分錢。如果他們沒有十足的信心能夠籌到一大筆錢，他們就不會這麼做。這些都是以風險收費，都是以收錢為目的的。他們拿出他們的份額，我們得到剩餘的部分。

They believe that we're going to net after their contingency fees up to $50 million. And they said -- and it's possible it's more, but it could be some kind of big number like that. So even if it's $25 million, that's game changing for the company. And that's not revenue -- it is revenues, but it's revenues without costs associated with it. We expensed the cost of this when we did the COVID testing two and three years ago.

他們相信，扣除他們的應急費用後，我們的淨收入將達到 5,000 萬美元。他們說——有可能更多，但可能是像這樣的一個大數字。因此，即使金額只有 2500 萬美元，對於公司來說，這也是一個改變格局的時刻。這不是收入——它是收入，但它是沒有相關成本的收入。兩三年前我們做 COVID 測試時就把這筆費用計入了費用。

Noella, do we have more? We have time for one or two more.

諾埃拉，我們還有更多嗎？我們還有時間再做一兩件事。

What is the forward-looking prospectus from here?

這裡的前瞻性招股說明書是什麼？

Boy, so that sort of like sets me up to just give my summary. So why don't we just move this to summary since that's the last question, and we're out of time. I want to thank everybody for joining us. I think I covered virtually everything that everybody would want to know on this call. Obviously, if you can't tell, I'm very bullish on the future of the company.

孩子，這樣我就可以直接給我的總結了。那麼，我們為什麼不直接將其移至摘要呢，因為這是最後一個問題，而且我們已經沒有時間了。我要感謝大家的參與。我認為我在這次通話中幾乎涵蓋了每個人想知道的所有內容。顯然，如果你不知道的話，我對公司的未來非常看好。

We have a few months of debt financing that we have to get through. I am optimistic, actually, based on some recent conversations I'm having that we're going to have some solid debt financing very, very shortly. And then following that, I may have an opportunity to do the debtor-in-possession financing. If I can do that, we're home free because now we don't have to pay -- we never have to pay that back, that comes out of the collections. So we'll see.

我們有幾個月的債務融資需要完成。事實上，根據我最近的一些談話，我感到樂觀，我們很快就會獲得一些穩健的債務融資。接下來，我可能有機會進行債務人持有資產融資。如果我能做到這一點，我們就安全了，因為現在我們不必支付——我們永遠不必償還，這些錢將從收款中扣除。我們拭目以待。

And then at that point, then the liquidity events start. And again, Crown Medical, we could have a -- the first liquidity event for Crown Medical could surprise us. I hate saying that in case it doesn't. But the first liquidity event for Crown Medical could be upon us within the next two months. And to be honest with you, it could be sooner than that.

然後，從那時開始，流動性事件就開始了。再說一次，Crown Medical 的第一次流動事件可能會讓我們感到驚訝。萬一不是這樣，我就不想這麼說了。但 Crown Medical 的首次流動性事件可能在未來兩個月內發生。老實說，這個時間可能比這還要早。

I don't want to commit to it because I don't want anybody to say that I misled them or it didn't happen. But I think there's a good chance we're going to be pleased within the next couple of months on the Crown Medical. And on the Nebula front, given that Regeneron just paid $256 million for 23andMe -- and again, I don't want to compare the two. We're not getting $50 million or $100 million for Nebula, okay? And I don't want to tell you what kind of numbers we think we're going to get because we specifically made the decision, let's see what the market is interested in.

我不想承諾這件事，因為我不想讓任何人說我誤導了他們或這件事根本就沒有發生。但我認為，我們很有可能在接下來的幾個月內對皇冠醫療感到滿意。就 Nebula 而言，鑑於 Regeneron 剛剛以 2.56 億美元收購了 23andMe——再次強調，我不想將兩者進行比較。我們不會為 Nebula 籌得 5,000 萬美元或 1 億美元，懂嗎？我不想告訴你們我們認為我們會得到什麼樣的數字，因為我們具體做出了決定，讓我們看看市場對什麼感興趣。

So what I can tell you is the number is kind of all over the place. But what's interesting is the fact that we're a breakeven business. It's actually a good thing with a huge data set and a business that, number one, we can grow very quickly; number two, we can grow it efficiently; and number three, it creates positive cash flow and earnings the following year with the subscription renewals.

所以我可以告訴你的是，這個數字到處都是。但有趣的是，我們是一家損益兩平的企業。擁有龐大的數據集和業務實際上是一件好事，第一，我們可以快速成長；第二，我們可以有效率地成長；第三，透過訂閱續訂，它可以在第二年創造正現金流和收益。

It makes us a very interesting business as an investment to be acquired by private equity. And then, of course, potentially, you have your drug development companies that want to acquire the business because you get the data set that goes along with it.

這使我們成為一家非常有趣的投資企業，可以被私募股權收購。然後，當然，有可能你的藥物開發公司想要收購這項業務，因為你獲得了與之相關的資料集。

And again, there are all sorts of issues with privacy, with sharing data. We don't share our data with anyone. But if you buy the whole company, obviously, the data set comes with it. So there are some interesting dynamics. We'll see how it plays out.

再次強調，隱私和資料共享存在各種各樣的問題。我們不會與任何人分享我們的數據。但如果你收購了整個公司，顯然數據集也會跟著來。因此存在一些有趣的動態。我們將拭目以待。

As I said, NDAs are going out, LOIs may be coming back short term. We'll see how it plays out. I do these Renmark calls once a month. Stay tuned. I hope to have some nice positive updates by the time that we do our next Renmark virtual non-deal roadshow.

正如我所說，保密協議正在消失，意向書可能很快就會回歸。我們將拭目以待。我每個月都會打電話給 Renmark 一次。敬請關注。我希望在我們進行下一次 Renmark 虛擬非交易路演時能夠獲得一些正面的更新。

Many thanks, Noella. Have a great day. I think that concludes -- you're supposed to say, I think that concludes the call. Go forward.

非常感謝，諾埃拉。祝你有美好的一天。我認為這就結束了——你應該說，我認為通話就此結束了。前進。

Thank you, Ted. And that concludes our Q&A. Thank you to everyone for joining us today for ProPhase Labs first-quarter 2025 results. ProPhase is trading on the NASDAQ under the ticker symbol PRPH. Please stay tuned for other presentations in your area and see you next time.

謝謝你，泰德。我們的問答到此結束。感謝大家今天參加 ProPhase Labs 2025 年第一季業績發表會。ProPhase 在納斯達克上市，股票代號為 PRPH。請繼續關注您所在地區的其他演示，下次再見。