Personalis Inc (PSNL) 2022 Q2 法說會逐字稿

Good day, and thank you standing by. Welcome to the Q2 2022 Personalis Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2022 年第二季 Personalis 財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Caroline Corner, Investor Relations. Please go ahead, Caroline.

現在，我想將會議交給今天的發言人、投資者關係部 Caroline Corner。請繼續，卡洛琳。

Thank you, operator. Welcome to Personalis' second quarter 2022 earnings call. Joining me on today's call are John West, President and Chief Executive Officer; and Aaron Tachibana, Chief Financial Officer.

謝謝您，接線生。歡迎參加 Personalis 2022 年第二季財報電話會議。參加今天電話會議的還有總裁兼執行長約翰·韋斯特 (John West)；以及財務長 Aaron Tachibana。

All statements made on this call that do not relate to matters of historical facts should be considered forward-looking statements within the meaning of U.S. securities laws. For example, any statements regarding trends and expectations for our financial performance this year and longer term 2022 cash use, cash runway, the timing for initiating clinical revenue from our new facility, new orders, products, services, technology, clinical and regulatory milestones and our market opportunities, business outlook. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations. We encourage you to review our most recent filings with the SEC, including the risk factors described in our 10-Q for the second quarter of 2022 to be filed today. Personalis undertakes no obligation to update these statements, except as required by applicable law.

本次電話會議中與歷史事實無關的所有陳述均應被視為美國證券法定義的前瞻性陳述。例如，有關我們今年的財務業績和 2022 年長期現金使用趨勢和預期、現金跑道、從新工廠開始臨床收入的時間、新訂單、產品、服務、技術、臨床和監管里程碑以及我們的市場機會、業務前景的任何聲明。這些聲明受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。我們鼓勵您查看我們最近向美國證券交易委員會提交的文件，包括我們今天即將提交的 2022 年第二季 10-Q 報告中所述的風險因素。除非適用法律要求，否則 Personalis 不承擔更新這些聲明的義務。

Our press release for the second quarter 2022 results is available on our website, www.personalis.com, under the Investors section and includes additional details about our financial results. Our website also has our latest SEC filings, which we encourage you to review. A recording of today's call will be available on our website by 5 PM Pacific Time today.

我們的 2022 年第二季業績新聞稿可在我們的網站 www.personalis.com 的「投資者」部分查閱，其中包含有關我們財務業績的更多詳細資訊。我們的網站還提供我們最新的 SEC 文件，我們鼓勵您查看。今天的電話會議錄音將於今天太平洋時間下午 5 點在我們的網站上發布。

Now, I'd like to turn the call over to John for his comments on the second quarter business highlights.

現在，我想把電話轉給約翰，請他對第二季的業務亮點發表評論。

Thank you, Caroline, and good afternoon, everyone. I'm pleased with our progress this quarter, as we drove growth from our oncology business by 74% over the same period of the prior year. This reflects increasing demand for our highly differentiated and comprehensive cancer tests. Our pharmaceutical customers are increasingly seeing the value of our platform, and they are incorporating it in their clinical trial designs right from the start.

謝謝你，卡羅琳，大家下午好。我對本季的進展感到滿意，因為我們的腫瘤業務比去年同期成長了 74%。這反映出對我們高度差異化和全面的癌症測試的需求日益增加。我們的製藥客戶越來越多地看到了我們平台的價值，並且從一開始就將其納入他們的臨床試驗設計中。

In fact, approximately 2/3 of our backlog were orders received, for which we are awaiting samples, is for prospective trial patients. Prospective trials are conducted with current patients who are being followed over time, whereas, retrospective studies are based on patient samples collected in the past. In addition, we remain focused on preparing the company for success in the clinical diagnostic market, which I will highlight later.

事實上，我們積壓的訂單中約有三分之二是已收到的訂單，我們正在等待樣品，這些訂單是針對未來的試驗患者。前瞻性試驗是針對正在接受長期追蹤的現有患者進行的，而回顧性研究則是基於過去收集的患者樣本。此外，我們仍致力於為公司在臨床診斷市場的成功做好準備，稍後我將重點介紹這一點。

Our customer base continues to broaden. More than 70 customers have now ordered services using our NeXT Platform, including most of the top 10 global pharmaceutical companies, as measured by their annual revenues. We are also in discussions with several potential pharmaceutical customers about NeXT Personal, our MRD test and our funnel of business opportunities continues to expand. We expect biopharma orders for NeXT Personal to ramp throughout the remainder of this year, with the potential for significant revenue acceleration in 2023 and beyond.

我們的客戶群不斷擴大。目前已有超過 70 個客戶使用我們的 NeXT 平台訂購服務，其中包括按年收入衡量的全球十大製藥公司中的大多數。我們也正在與幾家潛在的製藥客戶討論 NeXT Personal、我們的 MRD 測試以及我們的業務機會管道的持續擴大。我們預計 NeXT Personal 的生物製藥訂單將在今年剩餘時間內增加，並有可能在 2023 年及以後大幅增加收入。

Our NeXT platform provides biopharmaceutical customers with the most comprehensive analysis of tumor burden and biomarker identification available today, to provide a better understanding of each cancer patient's genetic profile. We also believe that tissue and liquid biopsies together can provide a more complete view, leading to optimal therapy and treatment decisions.

我們的 NeXT 平台為生物製藥客戶提供當今最全面的腫瘤負擔和生物標記識別分析，以便更好地了解每位癌症患者的基因特徵。我們也相信，組織和液體活檢結合在一起可以提供更完整的視圖，從而實現最佳的治療和治療決策。

Our tissue and liquid biopsy-based offerings provide data on all of the approximately 20,000 human genes, a breadth and depth that notably differentiates us from competitive offerings. Tissue samples give us access to RNA, which can indicate certain tumor drivers and to the immune cells, which may have infiltrated a patient's tumor, and can indicate therapy response. By analyzing liquid biopsy samples, we can provide information about a patient's tumor across multiple time points from small blood samples.

我們基於組織和液體活檢的產品提供了大約 20,000 個人類基因的數據，其廣度和深度使我們與競爭產品有顯著的差異。組織樣本使我們能夠獲得RNA，它可以指示某些腫瘤驅動因素和可能已滲入患者腫瘤的免疫細胞，並可以指示治療反應。透過分析液體活檢樣本，我們可以從小量血液樣本中提供有關患者多個時間點的腫瘤的資訊。

NeXT Personal has been optimized for maximum sensitivity, particularly for when the amount of tumor DNA and blood plasma is very low, such as in early-stage cancer after surgical resection, or in patients with complete response to therapy. We believe that the earlier you can detect cancer recurrence, the better your odds of beating it. This simple content has driven intense efforts to improve cancer diagnostics.

NeXT Personal 已針對最大靈敏度進行了優化，特別是在腫瘤 DNA 和血漿量非常低的情況下，例如手術切除後的早期癌症，或對治療完全有反應的患者。我們相信，越早發現癌症復發，戰勝癌症的幾率就越大。這簡單的內容推動了人們為改善癌症診斷所做的巨大努力。

Next generation sequencing has proven transformative in this respect, enabling highly sensitive detection of fragmented tumor DNA in blood plasma. We have focused on what this technology can do for the detection of molecular residual disease, MRD, the detection of very few cancer cells, that have so far survived therapy and persist below the detection threshold of conventional technologies. But while these advancements are cause for excitement, caring for cancer patients who requires more than early detection of recurrence. It also necessitates data for long-term management. Our NeXT Personal design also provides that information.

下一代定序在這方面已被證明具有變革性，能夠高度靈敏地檢測血漿中碎片化的腫瘤 DNA。我們專注於該技術如何檢測分子殘留疾病（MRD），即檢測迄今為止在治療中存活下來並持續存在於傳統技術檢測閾值以下的極少數癌細胞。儘管這些進步令人興奮，但治療癌症患者需要的不僅僅是早期發現復發。它還需要長期管理的數據。我們的 NeXT Personal 設計也提供了這些資訊。

Even when a tumor is caught early and successfully eliminated, survivors are at a substantially increased risk of developing secondary cancers. This is because treatment rarely addresses the underlying cause of the malignancy. NeXT Personal has been designed to look for both recurrence of a prior cancer and the possibility of a new cancer. With more than 20 million cancer survivors in the United States alone, there's a significant population in need of ongoing detection and careful, active, long-term management.

即使早期發現腫瘤並成功切除，倖存者罹患繼發性癌症的風險也會大大增加。這是因為治療很少能解決惡性腫瘤的根本原因。 NeXT Personal 的設計目的在於尋找既往癌症的復發和新癌症的可能性。僅在美國就有超過2000萬癌症倖存者，相當一部分人群需要持續檢測以及謹慎、積極的長期管理。

In recognizing the fast pace of technological innovation, Personalis ethos has always been to build for the future. This ethos drove us to develop NeXT Personal, one of the world's most sensitive MRD assays, which can detect circulating tumor DNA, with 10 to 100-fold increased sensitivity relative to contemporary tests.

在認識到技術創新的快速步伐後，Personalis 的精神始終著眼於未來。這種精神促使我們開發了 NeXT Personal，這是世界上最靈敏的 MRD 檢測方法之一，它可以檢測循環腫瘤 DNA，與當代測試相比，靈敏度提高了 10 到 100 倍。

The NeXT Personal wasn't built just to detect cancer recurrence as early as possible, it was built to help cancer survivors actively defend their health by tracking both relapse and secondary tumors. The NeXT Personal platform is built to integrate custom content based on each patient's individual tumor, as well as fixed content that's common across tumor types. By capturing such a broad swathe of data, NeXT Personal generates critical molecular information, that may guide therapeutic decision-making.

NeXT Personal 的建立不僅是為了儘早發現癌症復發，它還旨在透過追蹤復發和繼發性腫瘤來幫助癌症倖存者積極捍衛自己的健康。 NeXT Personal 平台旨在整合根據每位患者個別腫瘤的客製化內容以及跨腫瘤類型常見的固定內容。透過捕獲如此廣泛的數據，NeXT Personal 可以產生關鍵的分子訊息，從而指導治療決策。

Our objective is to provide oncologists with information needed for them to advise on the optimal course of action for patient treatment. NeXT Personal, therefore, provides DNA sequencing coverage of variance, which may indicate drug therapy options, response to therapy or emergent resistant to therapy. We consider this approach not just tumor informed, but comprehensively tumor informed.

我們的目標是為腫瘤學家提供所需的信息，以便他們為患者提供最佳治療方案的建議。因此，NeXT Personal 提供差異的 DNA 定序覆蓋，這可能表明藥物治療方案、對治療的反應或出現的治療抗性。我們認為這種方法不僅是了解腫瘤，而是全面了解腫瘤。

To that end, we have recently been issued an additional U.S. patent for our novel methods for detecting molecular residual disease, MRD, and recurrence by using whole genome sequencing of a patient's tumor, to identify variants with a personalized liquid biopsy assay. I am pleased that our team has been recognized for our innovation, with the granting of this new patent.

為此，我們最近獲得了一項額外的美國專利，該專利涉及我們的新方法，即透過使用患者腫瘤的全基因組定序來檢測分子殘留疾病、MRD 和復發，以透過個人化的液體活檢檢測來識別變異。我很高興我們的團隊的創新得到了認可，並獲得了這項新專利。

In addition, we announced yesterday that we have filed a lawsuit against Foresight Diagnostics for patent infringement, in the U.S. District Court for the District of Colorado, where Foresight is based. The cities based on this new patent along with 2 other U.S. patents issued to Personalis. These 3 patents span 2 separate patent families, which claim priority back to 2013 and 2016, respectively.

此外，我們昨天宣布，我們已經向 Foresight Diagnostics 所在地科羅拉多州的美國地方法院提起專利侵權訴訟。這些城市是基於這項新專利以及授予 Personalis 的另外 2 項美國專利。這 3 項專利涵蓋 2 個獨立的專利家族，分別要求優先權可追溯至 2013 年和 2016 年。

While we will not be discussing any further details regarding this litigation in today's call, I will say that, as we indicated in our press release yesterday, and our recent blog post, Personalis is a pioneer in the field of leveraging whole genome sequencing for medical applications. And we have invested hundreds of millions of dollars in research and development across a broad array of disciplines, since the company's founding over a decade ago. And I can tell you that we stand firm in our resolve to protect that investment and our leadership position in the field.

雖然我們不會在今天的電話會議上討論有關此訴訟的任何進一步細節，但我要說的是，正如我們在昨天的新聞稿和最近的博客文章中所指出的那樣，Personalis 是利用全基因組測序進行醫療應用領域的先驅。自公司成立十多年以來，我們已在多個學科的研發上投資了數億美元。我可以告訴你們，我們堅定決心保護這項投資和我們在該領域的領導地位。

I'd now like to comment on our recent progress in some of our planned milestones regarding our clinical diagnostic efforts. Although we have slowed hiring in general, we are selectively hiring staff with clinical and medical experience within a diagnostic setting, as we prepare for our clinical launch. In support of our new diagnostic business, we're also incorporating clinical protocols in our new facility, and we remain on target to begin moving in during late Q3, conducting clinical qualifications during Q4 and initiating clinical revenue from our new facility in early 2023.

現在，我想評論一下我們在臨床診斷工作中計劃的一些里程碑的最新進展。儘管我們總體上放慢了招募速度，但我們正在選擇性地招募在診斷環境中具有臨床和醫療經驗的員工，為臨床啟動做準備。為了支持我們的新診斷業務，我們還在新設施中納入了臨床協議，我們的目標是在第三季末開始遷入，在第四季度進行臨床認證，並在 2023 年初從新設施開始產生臨床收入。

We are also making progress to complete the validation study for our NeXT Dx test, which is our tissue-based diagnostic offering based on our NeXT platform. We expect to use this validation data to apply for a New York State regulatory approval, and to submit to the Palmetto MolDX technology assessment process later this year, with the aim of receiving a favorable reimbursement ruling from MolDX in early 2023.

我們也正在努力完成 NeXT Dx 測試的驗證研究，這是我們基於 NeXT 平台提供的組織診斷產品。我們預計將利用這些驗證數據申請紐約州監管部門的批准，並在今年稍後提交給 Palmetto MolDX 技術評估流程，以期在 2023 年初從 MolDX 獲得有利的報銷裁決。

Our medical affairs team continues to forge relationships with world-class medical institutions. These relationships are critical, as the Cancer Centers of Excellence set the standard of care. We're in discussions with multiple institutions and will provide further updates in the future.

我們的醫療事務團隊不斷與世界一流的醫療機構建立關係。這些關係至關重要，因為癌症卓越中心製定了護理標準。我們正在與多家機構進行討論，並將在未來提供進一步的更新。

With all of our progress on the mentioned milestones to date, we expect to be well positioned for entry into the clinical diagnostic market, using our comprehensive tissue-based NeXT Dx test and we expect to begin selling a small volume of these tests to oncologists before the end of this year.

憑藉迄今為止在上述里程碑上取得的所有進展，我們預計將能夠利用我們基於組織的綜合 NeXT Dx 測試進入臨床診斷市場，並且我們預計將在今年年底之前開始向腫瘤學家出售少量此類測試。

In addition to NeXT Dx, we're also planning a Laboratory Developed Test, or LDT version of our MRD test, NeXT Personal, and expect to complete this milestone in 2023. We expect clinicians who begin using our NeXT Dx test, may later also use our NeXT Personal test, since the 2 can provide complementary information. We expect that the path to reimbursement for our NeXT Personal LDT, will also begin via assessment by the Palmetto MolDX program.

除了 NeXT Dx，我們還計劃推出實驗室開發測試（即 MRD 測試的 LDT 版本）NeXT Dx 測試的臨床醫生以後也可能會使用我們的 NeXT Personal 測試，因為兩者可以提供互補的資訊。我們預計，我們的 NeXT Personal LD​​T 的報銷途徑也將透過 Palmetto MolDX 計劃的評估開始。

Recently, we added Lonnie Shoff to the Personalis, Board of Directors, and she brings extensive clinical diagnostic experience from her executive roles at Thermo-Fisher and Roche Diagnostics. Welcome Lonnie.

最近，我們將 Lonnie Shoff 加入 Personalis 董事會，她在賽默飛世爾和羅氏診斷公司擔任高階主管，擁有豐富的臨床診斷經驗。歡迎 Lonnie。

Finally, I want to briefly comment on the exciting wave of breakthroughs in DNA sequencing technology that have been announced this year, and what it could mean for Personalis. We have been an early access customer of Ultima Genomics, for example, which is at the forefront of realizing the $100 genome. Most Personalis products are large scale, using either deep exome or whole genome sequencing. We built our platform expecting, that the throughput and cost of sequencing will decrease over time. As that happens and because of the size of our platform, we think we can benefit more than other companies, whose products may use much less sequencing. New sequencing platforms focused on high throughput at lower cost, potentially give us opportunities to reduce the cost of our large assays.

最後，我想簡要評論一下今年宣布的 DNA 測序技術令人興奮的突破浪潮，以及它對 Personalis 意味著什麼。例如，我們是 Ultima Genomics 的早期客戶，該公司在實現 100 美元基因組方面處於領先地位。大多數 Personalis 產品都是大規模的，使用深度外顯子組或全基因組定序。我們建立我們的平台的預期是，定序的吞吐量和成本將隨著時間的推移而降低。當這種情況發生時，由於我們平台的規模，我們認為我們可以比其他公司受益更多，因為他們的產品可能使用較少的定序。新的定序平台專注於以更低成本實現高通量，這可能為我們降低大規模檢測的成本提供機會。

In summary, our team continues executing on our strategic priorities and growing our oncology business, despite some economic headwinds that Aaron will comment on. Customer adoption of our NeXT products has been excellent, and we continue to drive further adoption and increased penetration with new and existing customers. We have compelling products and pipeline efforts for both biopharma and clinical diagnostic test markets. And we have a strong balance sheet, positioning us for both near and long-term growth.

總而言之，儘管 Aaron 會就一些經濟逆風發表評論，但我們的團隊仍繼續執行我們的策略重點並發展我們的腫瘤業務。客戶對我們 NeXT 產品的接受度非常高，而且我們將繼續推動其在新舊客戶的進一步接受度和提高滲透率。我們為生物製藥和臨床診斷測試市場提供了引人注目的產品和管道。我們擁有強勁的資產負債表，為短期和長期成長奠定了基礎。

With that, I will now hand it over to Aaron for our financial results.

說完這些，我現在將我們的財務結果交給 Aaron。

Thank you, John, and good afternoon, everyone. During my prepared remarks, I will provide detail about our financial results for the second quarter of 2022 and guidance for the full year. Total company revenue for the second quarter of 2022 was $18.2 million. Biopharma and all other customers, excluding the VA MVP, accounted for revenue of $14.2 million in the second quarter, a 74% increase over the same period of the prior year.

謝謝你，約翰，大家下午好。在我的準備好的演講中，我將詳細介紹我們 2022 年第二季的財務表現和全年指引。 2022 年第二季公司總營收為 1,820 萬美元。生物製藥公司和除 VA MVP 以外的所有其他客戶第二季的收入為 1,420 萬美元，比去年同期成長 74%。

The year-over-year increase in oncology revenue was driven by the continued adoption of our NeXT platform, which accounted for more than 75% of the oncology revenue in the quarter. For the second quarter, the VA MVP revenue of $4 million was 70% lower compared with $13.5 million for the same period of the prior year, and the decline was consistent with our expectations. As of the end of the second quarter, we have fulfilled all of our VA MVP backlog.

腫瘤學收入的同比增長得益於我們 NeXT 平台的持續採用，該平台佔本季度腫瘤學收入的 75% 以上。第二季度，VA MVP 營收為 400 萬美元，較去年同期的 1,350 萬美元下降 70%，降幅與我們的預期一致。截至第二季末，我們已經完成了所有 VA MVP 積壓訂單。

Gross margin was 23.5% for the second quarter compared with 37.7% for the same period of the prior year. The year-over-year decrease of 14.2 percentage points was primarily due to the expected underabsorbed overhead costs from the 70% lower revenue volume from the VA MVP and an increase in expenses to support our growing oncology revenue.

第二季毛利率為23.5%，去年同期為37.7%。年比下降 14.2 個百分點，主要由於 VA MVP 收入下降 70% 導致的預期間接費用吸收不足，以及支持我們不斷增長的腫瘤學收入的費用增加。

Within our production laboratory, we use more direct materials and sequencing equipment capacity for the VA MVP whole genome samples, while our oncology business requires a higher proportion of labor and overhead expenses, such as direct and indirect labor, lab supplies, facility footprint and other related costs, compared with the VA MVP.

在我們的生產實驗室中，我們對 VA MVP 全基因組樣本使用更多的直接材料和定序設備容量，而與 VA MVP 相比，我們的腫瘤學業務需要更高比例的勞動力和間接費用，例如直接和間接勞動力、實驗室用品、設施佔地面積和其他相關成本。

Over the next couple of years, we expect gross margin variability due to headwinds from the lower VA MVP volume, investments in new capabilities, such as dedicated production lines for liquid biopsy offerings, providing diagnostic tests, while we work to increasingly secure reimbursement, expanding in China, adding our new facility and others. However, we expect our gross margins to increase longer term, as we achieve scale by growing our oncology revenue.

在接下來的幾年裡，我們預計毛利率將出現波動，原因是 VA MVP 產量較低帶來的不利因素，對新功能的投資，例如用於液體活檢產品的專用生產線，提供診斷測試，同時我們努力確保越來越多的報銷，在中國擴張，增加我們的新工廠等。然而，隨著我們透過增加腫瘤學收入實現規模化，我們預計我們的毛利率將在長期內增加。

Operating expenses were $32.2 million in the second quarter, compared with $23.1 million for the same period of the prior year. R&D expense was $16.3 million in the second quarter, compared with $11.7 million for the same period last year, and SG&A expense was $15.9 million in the second quarter, compared with $11.4 million for the same period last year. The increase in R&D expense was for new product development, hiring employees to build our clinical and medical infrastructure and sample test expenses for clinical validation work. The increase in SG&A was due to commercial expansion, and continuing to enhance our infrastructure.

第二季營運費用為 3,220 萬美元，去年同期為 2,310 萬美元。第二季研發費用為 1,630 萬美元，去年同期為 1,170 萬美元，第二季銷售、一般及行政開支為 1,590 萬美元，去年同期為 1,140 萬美元。研發費用的增加用於新產品開發、僱用員工建立我們的臨床和醫療基礎設施以及臨床驗證工作的樣品測試費用。銷售、一般及行政費用的增加是由於商業擴張以及繼續加強我們的基礎設施。

Net loss for the second quarter was $27.5 million compared to a net loss of $15 million for the same period of the prior year. The net loss per share for the second quarter was $0.60 on and the weighted average basic and diluted share count was 45.6 million compared with the net loss per share of $0.34 and a weighted average basic and diluted share count of 44 million for the same period of the prior year.

第二季淨虧損為 2,750 萬美元，去年同期淨虧損為 1,500 萬美元。第二季每股淨虧損為 0.60 美元，加權平均基本和稀釋股數為 4,560 萬股，而去年同期每股淨虧損為 0.34 美元，加權平均基本和稀釋股數為 4,400 萬股。

Now on to the balance sheet, we finished the second quarter with a strong balance sheet, with cash and short-term investments of $233.5 million. In the second quarter, we used $33.1 million of cash due to the net loss, working capital needs and capital equipment purchases. We continue to work on extending our cash runway as far as possible, and as of the end of the second quarter, we reduced our 2022 cash usage estimate to approximately $125 million, down from $140 million at the beginning of this year. This amount includes a one-time investment of approximately $40 million for the construction and fit up of our new facility and this amount is net of $15 million for tenant improvements from the landlord. We are managing and investing our cash prudently, and have 2 years of cash on the balance sheet. We have invested in many initiatives since our IPO 3 years ago, and believe several of them are very close to generating revenue.

現在來看看資產負債表，我們以強勁的資產負債表結束了第二季度，現金和短期投資為 2.335 億美元。第二季度，由於淨虧損、營運資金需求和資本設備採購，我們使用了 3,310 萬美元現金。我們繼續致力於盡可能延長我們的現金流，截至第二季末，我們將 2022 年的現金使用量預估從今年年初的 1.4 億美元下調至約 1.25 億美元。該金額包括用於新設施建設和裝修的約 4000 萬美元的一次性投資，以及房東為租戶改善設施提供的 1500 萬美元淨額。我們正在審慎管理和投資我們的現金，資產負債表上有兩年的現金。自從三年前首次公開募股以來，我們已投資了許多項目，並相信其中一些項目已非常接近創造收入。

Now, I'd like to turn to guidance. During the first half of this year, our revenue was impacted by a slowdown of customer sample shipments to us due to COVID. We, like our peers, have also seen slower and reduced patient enrollment for clinical trials. With recession concerns, we are also seeing customer orders slow down a bit. Given that more than half of our biopharma work is now for prospective clinical trial projects, the delayed and reduced patient enrollment is having a bigger impact on their near-term revenue than before, when most of our business was for retrospective projects.

現在，我想談談指導。今年上半年，由於疫情影響，客戶樣品出貨放緩，影響了我們的收入。與我們的同行一樣，我們也看到臨床試驗的患者招募速度變慢且減少。由於對經濟衰退的擔憂，我們也看到客戶訂單有所放緩。鑑於我們目前一半以上的生物製藥工作都是針對前瞻性臨床試驗項目，患者招募的延遲和減少對他們的近期收入的影響比以前更大，因為以前我們的大部分業務都是針對回顧性項目。

It is not entirely clear when patient sample shipments to us will accelerate again. But given that our backlog is healthy, we are optimistic that our longer-term revenue -- we are optimistic about our longer-term revenue growth opportunity.

目前還不完全清楚何時向我們運送患者樣本會再次加速。但鑑於我們的積壓訂單狀況良好，我們對我們的長期收入充滿樂觀——我們對我們的長期收入成長機會充滿樂觀。

For the full year of 2022, our guidance is unchanged, and we continue to expect total company revenue to be in the range of $62 million to $67 million, and we expect oncology revenue from biopharma and other customers to be in the range of $55 million to $60 million. Net loss is expected to be in the range of $110 million to $115 million.

對於 2022 年全年，我們的指引保持不變，我們繼續預計公司總收入在 6,200 萬美元至 6,700 萬美元之間，我們預計來自生物製藥和其他客戶的腫瘤學收入在 5,500 萬美元至 6,000 萬美元之間。預計淨虧損在 1.1 億美元至 1.15 億美元之間。

Now, I will turn the call back over to the operator to begin the Q&A session. Operator?

現在，我將把電話轉回給接線生，開始問答環節。操作員？

(Operator Instructions) Our first question comes from the line of Tejas Savant with Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的 Tejas Savant。

This is Neel on for Tejas. Just to get the ball rolling, can you speak to some of the month-over-month trends you've been seeing as far as delays on the prospective trial side of things? And any high level color on how you're thinking about utilization heading into the second half?

這是 Neel 為 Tejas 所做的一切。為了盡快開始討論，您能否談談就未來試驗延遲而言您所看到的月度趨勢？您對下半年的使用率有什麼高深的見解嗎？

Yes. So, this is Aaron. In terms of what we're seeing month-over-month, we have been seeing some slowdown since the beginning of this year, and it's continuing right now, primarily because of the summer months we're heading into here. During the month of July, we have seen some slowdown. And it's our estimation that we'll continue to see this through the month of September.

是的。那麼，這是亞倫。從環比情況來看，自今年年初以來，我們已經看到一些放緩跡象，而且這種趨勢現在還在持續，主要是因為我們即將進入夏季。七月份，我們看到了一些放緩。我們估計這種情況還將持續整個九月。

Got it. And how about in the Shanghai lab, how are operations progressing there? I know you mentioned a slowdown due to COVID driven delays in the first quarter. Do you see any foreseeable risk in the second half as well?

知道了。那麼上海實驗室的運作進度如何？我知道您提到了第一季由於新冠疫情導致的延誤而導致的經濟放緩。您是否認為下半年也有任何可預見的風險？

Yes. So just to be clear, Neel, we don't have any revenue being produced from our Shanghai operation just yet. We're going through internal lab qualification. Shanghai was closed down for about 3 months due to the lockdown that they had several months ago. For the last couple of months, our employees have been back in the lab, and we're going through internal qualifications. We expect to get through these protocols through the next month, month and a half or so, but then expect to begin working with our first customer from whom we have orders from, and we expect to maybe realize or recognize a very small amount of revenue later this year in the fourth quarter, ramping in 2023, obviously.

是的。所以要明確說明的是，尼爾，我們目前還沒有從上海業務產生任何收入。我們正在進行內部實驗室資格認證。由於幾個月前實施的封鎖，上海關閉了大約三個月。在過去的幾個月裡，我們的員工已經回到實驗室，我們正在進行內部資格審查。我們預計將在接下來的一個月或一個半月左右完成這些協議，然後預計將開始與我們的第一位訂單客戶合作，我們預計可能會在今年第四季實現或確認極少量的收入，顯然會在 2023 年加速成長。

Okay. And then, any comments on how the partnership with Natera is progressing, and how we should think about that heading into 2023?

好的。然後，對於與 Natera 的合作進展如何，以及我們應該如何看待 2023 年的合作，您有何評論？

This is John. I think the partnership with Natera has been going quite well. I think the things that we do are quite complementary. Personalis has had a lot of experience in sequencing difficult FFPE samples from all different kinds of cancer, and Natera has years of experience doing cell-free DNA sequencing through their non-invasive prenatal testing and so forth. So, having a combination where we do some of the upfront tissue sequencing from FFPE and then they do their Signatera test on the back end makes a lot of sense and gets at the strengths of each of the 2 companies. So that's revenue that's been growing for us, and I think a good relationship.

這是約翰。我認為與 Natera 的合作進展順利。我認為我們所做的事情非常具有互補性。 Personalis 在對各種癌症的複雜 FFPE 樣本進行測序方面擁有豐富的經驗，而 Natera 則透過其非侵入性產前檢測等方式在無細胞 DNA 測序方面擁有多年的經驗。因此，我們先對 FFPE 進行一些前期組織定序，然後他們在後端進行 Signatera 測試，這種結合非常有意義，可以發揮兩家公司各自的優勢。所以，我們的收入一直在成長，而且我認為這是一種良好的關係。

Great. And one last from me. So, just given some of the disruption seen with genetic testing peers, how are you thinking about these events in relation to the clinical launch ramp and the potential for winning any mind or market share?

偉大的。這是我的最後一句話。那麼，考慮到基因檢測同行所看到的一些混亂，您如何看待這些事件與臨床啟動之間的關係以及贏得思想或市場份額的可能性？

Yes. I think -- this is John. I'd say that there's always an issue of being able to access customers. So, when the pandemic started, after that we were pretty concerned about not being able to meet with customers. But actually, we found that we've been operating the business for now, well over 2 years on kind of working from home mode and in a mode where we cannot physically meet with customers hardly ever.

是的。我想——這是約翰。我想說，始終存在著如何接觸客戶的問題。因此，當疫情開始時，我們就非常擔心無法與客戶見面。但實際上，我們發現，我們現在已經以在家工作的模式經營業務兩年多了，而且我們幾乎很少能與客戶面對面見面。

On the other hand, I think what we've found is we've gotten good at that. And that in some cases, it's actually easier. I'd say, in the past, particularly if you needed to have a group meeting with people, might be hard to find a time that there wasn't always somebody out of the office. On the other hand, with travel being so significantly reduced, particularly business travel, we found that often it's easier. So, we ended up catching people -- maybe we catch them on Zoom, but we can actually get a group together.

另一方面，我認為我們發現我們在這方面已經做得很好了。在某些情況下，這實際上更容易。我想說，在過去，特別是如果你需要與人們舉行小組會議時，可能很難找到一個沒有人不在辦公室的時間。另一方面，隨著旅行次數大幅減少，尤其是商務旅行，我們發現這通常變得更加容易。因此，我們最終找到了人們——也許我們是在 Zoom 上找到他們的，但我們實際上可以聚集在一起。

So, I think we're pretty optimistic about the ability to move forward. We found that we've been able to be very effective with engaging pharmaceutical customers and the people that we've been hiring for our clinical sales team are deeply experienced and have a lot of connections in the field. So, I think that they'll have good access to those potential customers.

因此，我認為我們對前進的能力非常樂觀。我們發現，我們能夠非常有效地吸引製藥客戶，我們為臨床銷售團隊聘用的人員都經驗豐富，並且在該領域擁有許多人脈。因此，我認為他們將能夠很好地接觸到這些潛在客戶。

We will prepare our next question. Our next question comes from Max Masucci with Cowen.

我們將準備下一個問題。下一個問題來自 Cowen 的 Max Masucci。

This is Stephanie Yan on for Max. Aaron, appreciate the color you provided earlier on gross margin. In addition to the lower VA and BP revenues along with the growing oncology-related investments, were there any abnormal or non-recurring factors that impacted gross margin performance in Q2, and how should we think about the variability in gross margins for the coming quarters?

我是 Stephanie Yan，代表 Max 報道。 Aaron，感謝您之前提供的有關毛利率的詳細資訊。除了 VA 和 BP 收入下降以及腫瘤相關投資不斷增長之外，還有什麼異常或非經常性因素影響了第二季度的毛利率表現，我們應該如何看待未來幾季毛利率的變化？

Yes, Stephanie. So in terms of what we saw in Q2, most of that impact, taking the margins down to 23.5%, were really tied to under-absorbed labor and overhead. And most of that came from the expectation with the lower VA MVP volume. In addition, we do use a fair amount of capacity and capability in our lab to do work for research and development work, meaning some new product testing, testing and validation work for samples for some of our studies. And so we did see some of that volume being a little bit less in the second quarter as well, which contributes to the underutilization, okay, because some of those costs would be charged directly to R&D. So those were the nuances.

是的，史蒂芬妮。因此，就我們在第二季度看到的情況而言，大部分影響（導致利潤率降至 23.5%）實際上與勞動力和管理費用吸收不足有關。其中大部分是由於 VA MVP 數量較低的預期。此外，我們確實使用了實驗室中相當大的容量和能力來進行研究和開發工作，這意味著一些新產品的測試、一些研究的樣品的測試和驗證工作。因此，我們確實看到第二季的部分產量略有減少，這導致了利用率不足，因為部分成本將直接計入研發費用。這就是細微差別。

In addition, again, at a high level, in the VA MVP, most of the costs there are variable with direct material. The only fixed costs used there are the sequencers, the equipment, and the small amount of the footprint. But with biopharma, it's very, very labor-intensive and a lot of overhead. And so with biopharma continuing to ramp or starting to ramp, the gross margin profile will improve [over time]. But right now, we do have a fair amount of underutilization.

此外，再次強調，從高層次來看，在 VA MVP 中，大多數的成本都是隨直接材料而變化。那裡唯一固定的成本就是定序儀、設備和少量的佔地面積。但生物製藥業非常耗費勞力，而且成本高。因此，隨著生物製藥業繼續成長或開始成長，毛利率狀況將會隨著時間的推移而改善。但目前，我們確實有相當程度的利用不足。

Got it. Additionally, I know you've mentioned previously that you won't disclose specifics around forecast for material revenue. But given the large contribution from Natera this quarter, is there any additional color or general guidance you can provide on how to think about Natera contribution going forward? Would you still suggest looking at the average of recent quarters to forecast future contributions?

知道了。此外，我知道您之前提到過，您不會透露有關材料收入預測的具體資訊。但考慮到本季 Natera 的巨大貢獻，您能否就如何看待未來 Natera 的貢獻提供額外的說明或一般指導？您是否仍建議查看最近幾季的平均值來預測未來的貢獻？

Yes, this is John. I think we see the -- this MRD area, is the one that has a lot of growth to it. And I can't speak directly to Natera's products, they have to speak for their own products and I think they're speaking tomorrow afternoon. But in general, this is an area with enormous growth potential, and they're one of the earlier companies in this space. And so I think it would be likely to expect that their business will continue to grow and we'd be happy to support them in that regard. I think more than that, really, they have to be the ones speaking to the volume on their product.

是的，這是約翰。我認為我們看到——這個 MRD 區域是具有很大成長潛力的區域。我不能直接談論 Natera 的產品，他們必須談論他們自己的產品，我想他們會在明天下午談論這件事。但總的來說，這是一個具有巨大成長潛力的領域，而且他們是該領域較早的公司之一。因此我認為他們的業務很可能會繼續成長，我們很樂意在這方面為他們提供支援。我認為，實際上，他們必須親自談論自己的產品。

Got it. Understood. And if I could squeeze in one more. It's good to hear that you are an early access customer in Ultima's Platform. Would be curious to know how your experience with Ultima's sequencers is (inaudible), as you explore the performance of the platform that you are offering?

知道了。明白了。如果我可以再擠一點的話。很高興聽到您是 Ultima 平台的早期訪問客戶。當您探索所提供的平台的效能時，我很好奇地想知道您對 Ultima 定序儀的體驗如何（聽不清楚）？

Yes. So this is John. I guess brings me back to old memories of Solexa when we had our first systems out before it became part of Illumina. These are early technologies. The one comment I'd make, is I think it's terrific that they're really pursuing the $100 genome, and they are pricing at that kind of level now. So that's not just a concept for the future, that's what they have. We have the instrument in-house now since January.

是的。這就是約翰。我想這讓我回想起我們在 Solexa 成為 Illumina 的一部分之前推出的第一個系統時的舊記憶。這些都是早期技術。我要說的是，我認為他們真正追求 100 美元的基因組，而且現在的定價就是這個水平，這太棒了。所以這不僅僅是一個未來的概念，這就是他們所擁有的。從一月開始，我們就在室內有了這種儀器。

We've been trying it on various different applications. We don't have anything to announce specifically on that. But I'd say it is, I'd say, a very encouraging platform. It is not a drop in a substitute for the Illumina platforms. It does -- there are certain things that it does, frankly, better. There are other things that it doesn't do as well. And so I think we have to pick the right applications, where that it's particularly suited to.

我們已在各種不同的應用程式上進行嘗試。關於此點，我們還沒有具體消息可以宣布。但我想說，這是一個非常令人鼓舞的平台。它並不是 Illumina 平台的替代品。確實如此——坦白說，在某些事情上它做得更好。它還有一些其他方面做得不夠好。因此我認為我們必須選擇特別適合的正確應用程式。

And I think that was true when we brought out the Solexa sequencers back in 2006-2007 time frame. We were -- people said, you're going to replace capillary sequencing. Actually, capillary sequencing continued to happen, but there were a lot of new applications that were made possible by us introducing next-gen sequencing back at that time. So I think we'll see some of the same kinds of things here, where the Ultima sequencer will enable some new applications that people have not done before, and certainly Personalis should be open to that.

我認為當我們在 2006-2007 年推出 Solexa 定序儀時確實如此。我們──人們說，你要取代毛細管定序。實際上，毛細管定序仍在繼續，但由於我們當時引入了下一代定序，許多新的應用成為可能。所以我認為我們會在這裡看到一些相同的東西，其中 Ultima 定序儀將實現一些人們以前從未做過的新應用，而 Personalis 當然應該對此持開放態度。

But we see Ultima as one of the interesting platforms. Illumina certainly has talked about also being on the road to the $100 genome. They've talked about their new Chemistry X coming next year, not clear to us whether that will come with a new instrument, but we remain very interested in advances in the Illumina platform also. And when they have things to say, we'll certainly be looking at that and being interested in being an early access site and so forth.

但我們認為 Ultima 是一個有趣的平台。 Illumina 當然也談到了通往 100 美元基因組的道路。他們談到了明年即將推出的新型 Chemistry X，我們不清楚它是否會配備新儀器，但我們仍然對 Illumina 平台的進步非常感興趣。當他們有話要說時，我們肯定會關注，並且有興趣成為早期訪問網站等等。

Mike Matson with Needham & Company.

Needham & Company 的 Mike Matson。

This is Joseph on for Mike. Maybe just one more on the backlog. I appreciate you guys given all the color that you did. But I guess as we're looking towards the rest of '22, if you could maybe dissect some of the customers in the backlog, maybe the proportion of larger, more profitable pharmaceutical companies versus maybe some of the smaller ones who are burning cash right now? And how -- and if you're worried or the risk of maybe the smaller and profitable companies canceling orders in the future?

這是約瑟夫，代替麥克。也許積壓的事項只剩下一個了。我非常感謝你們為我所做的一切。但我想，當我們展望22年的剩餘時間時，你是否可以分析一下積壓的一些客戶，也許是規模較大、利潤更高的製藥公司的比例，或者是一些目前正在燒錢的小型製藥公司的比例？以及您是否擔心規模較小但獲利能力強的公司未來可能會取消訂單的風險？

Sure. Joseph, this is Aaron. So I'll take a shot at that. and maybe just at a high level, so I won't give any specific backlog numbers, but just in general, we're doing business now with our -- with more than 70 customers on the NeXT platform. And so that's far different than 3 years ago, when we had just a handful. And so, our customer base is far more diversified today than it was before. Having said that, large pharma is a bigger portion of our revenue. And so, therefore, more the backlog is going to be weighted towards larger pharma, okay?

當然。約瑟，這是亞倫。所以我會嘗試一下。也許只是處於高層次，所以我不會給出任何具體的積壓數字，但總的來說，我們現在正在與 NeXT 平台上的 70 多個客戶開展業務。這與三年前的情況大不相同，當時我們只有少數幾個。因此，我們的客戶群現在比以前更加多樣化。話雖如此，大型製藥公司仍占我們收入的較大份額。因此，積壓訂單將更集中在大型製藥公司身上，好嗎？

In terms of the smaller biotechs and biopharma customers, we do have a fair amount of business with them, and they are included in our backlog. In terms of some of those customers, the -- with the equity markets where they're at today, they've had some challenges in terms of burning capital and some might be even going out of business. So we have seen some of our backlog deteriorate from that. But I'd say, where we're at today, the backlog is in a very healthy position compared to where we were a year ago or even 2 years ago. And that gives John and I confidence that, we can grow this business 50% per year as we go forward from an oncology revenue standpoint.

對於規模較小的生物技術和生物製藥客戶，我們確實與他們有相當多的業務往來，並且這些客戶都包含在我們的積壓訂單中。對於其中一些客戶而言，由於目前股票市場的狀況，他們在資本消耗方面面臨一些挑戰，有些甚至可能會破產。因此，我們發現部分積壓訂單情況惡化。但我想說，與一年前甚至兩年前相比，我們今天的積壓情況非常好。這使約翰和我相信，從腫瘤學收入的角度來看，我們的業務每年可以成長 50％。

Okay, great. That's very encouraging. And then obviously, you guys did give some more information on the patent infringement case. I know, you guys can't really comment on the case itself, but could you maybe just give a little bit more detail on the strength of the patents that you have? I believe they go back to somewhere around 2013, or could you maybe give any color about any previous cases that have been filed or litigated and maybe the result of those?

好的，太好了。這非常令人鼓舞。顯然，你們確實提供了更多有關專利侵權案的資訊。我知道你們無法對案件本身發表評論，但你們能否更詳細地介紹一下你們所擁有的專利的優勢？我相信它們可以追溯到 2013 年左右，或者您能否介紹一下之前已提起或訴訟的案件及其結果？

This is John speaking. Yes, you have it right. We have a number of different patents. The earliest ones go back to January of 2013. These are the things we filed when -- my prior experience with Solexa and other sequencing companies before that, we've been working on a human genome for -- actually, I have been involved in it for almost 40 years now. And when we sequenced the first human genome, it seemed like this huge thing. And then with the Solexa technology, we could sequence the first one on our next-gen platform, just on one instrument, that was amazing.

我是約翰。是的，你說得對。我們擁有多項不同的專利。最早的可以追溯到 2013 年 1 月。當我們對第一個人類基因組進行定序時，它看起來就像一個巨大的東西。然後利用 Solexa 技術，我們可以在下一代平台上對第一個進行測序，只需使用一台儀器，這太神奇了。

So when we started the company, it was based on having had some of the first genomes in the whole world done. We had My Family sequence actually, and we had realized that we could phase the genomes, which was something other people hadn't done up to that point. So we had a lot of experience with the whole genome sequencing right at the beginning of the company, and that led us to look at how do we go beyond that? Because at that point, getting somebody's whole genome sequence, that seemed like the complete answer, you had all of -- the entire genome, what else could there be?

因此，當我們創辦這家公司時，是以世界上第一批完成基因組定序為基礎的。實際上，我們有我的家庭序列，我們意識到我們可以對基因組進行分階段，這是其他人迄今為止還沒有做到的事情。因此，在公司成立之初，我們就已經在整個基因組定序方面擁有豐富的經驗，這促使我們思考如何超越這個領域？因為在那個時候，獲得某人的整個基因組序列似乎就是完整的答案，你已經擁有了整個基因組，還能有什麼呢？

And starting Personalis, we thought there could be a lot of opportunity to build on this. And so we spent a lot of time really understanding in detail both, with the performance of full genome sequencing, but thinking about how do you combine genome -- if you have multiple genomes, how do you combine those for phasing, how do you combine that with exome sequencing, for example? How do you combine things where you maybe have a whole genome from tissue sample with other things based on a liquid biopsy sample?

在創辦 Personalis 時，我們認為有很多機會可以在此基礎上進一步發展。因此，我們花了很多時間真正詳細地了解全基因組定序的性能，但思考如何組合基因組——如果你有多個基因組，你如何將它們組合起來進行分階段，如何將其與外顯子組測序相結合，例如？如何將來自組織樣本的整個基因組與基於液體活檢樣本的其他物質結合？

The genome actually changes some over time, and that's reflected particularly in cancer, and so you can see that in the plasma sample. So we realized there was a lot of opportunity to build on the whole genome. And we also ended up with a lot of business in sequencing whole genomes, which made us that much more expert. As time went by and the sequencing platforms got to be better, we became one of the largest laboratories in the world, sequencing whole human genomes. We've now sequenced over 150,000 genomes. So this is an area we've been just deeply immersed in for a long time.

基因組實際上會隨著時間的推移而發生一些變化，這在癌症中尤其明顯，因此你可以在血漿樣本中看到這一點。因此我們意識到在整個基因組的基礎上還有很多機會。我們最終在全基因組定序方面開展了大量業務，這使我們變得更加專業。隨著時間的推移和測序平台的不斷完善，我們成為了世界上最大的實驗室之一，對整個人類基因組進行測序。我們現在已經對超過 150,000 個基因組進行了定序。這是我們長期深入研究的領域。

If you look across our management team, we have people who have been involved in all kinds of advanced sequencing at the genome level, literally, for decades. And so, I think it's that, that's what led us to be in a position to file some of the early [IP] because to us it wasn't all that early. We've been working for quite a while. And we had a -- we were able to leverage the expertise we were to say we need to build the next level here and that led to the early patent filings that we have. We haven't had any litigation at Personalis other than this. It's been our only case like that. But it's not unusual in this field and there has been litigation in other companies that I've worked at before. And so, I think we feel like this is just normal and we have to stand up for the IP that we have because it's so central, particularly to the position we have with NeXT Personal, a lot of its differentiation is based on things that we patented very early on, and we just want to get an appropriate credit for that. And I think as other companies with their IP.

如果你看看我們的管理團隊，你會發現我們的一些人已經參與了基因組層面的各種高階定序工作，確切的說，已經有幾十年了。所以，我認為就是這個原因，這使得我們能夠提交一些早期的 [IP]，因為對我們來說，時間並不算太早。我們已經工作很長一段時間了。而且我們能夠利用我們的專業知識來建立下一個級別，這導致了我們早期的專利申請。除此之外，我們在 Personalis 沒有遇到任何訴訟。這是我們唯一遇到的類似情況。但這種事情在這個領域並不罕見，我之前工作過的其他公司也發生過訴訟。所以，我認為我們覺得這很正常，我們必須捍衛我們擁有的智慧財產權，因為它非常重要，特別是對於我們在 NeXT Personal 中的地位而言，它的許多差異化都是基於我們很早就獲得專利的東西，我們只是想為此獲得適當的讚譽。我認為其他公司也擁有自己的智慧財產權。

Yes. Okay. Absolutely. That makes sense. And then if I could just fire one quick one -- in relation to the head count in China. I believe you said last quarter that around 10 people have been hired. I guess, just wondering if that number has changed? And should we expect a large uptick in staff, I guess, in 2023 when volumes are expected to start ramping?

是的。好的。絕對地。這很有道理。然後我可以快速問一個問題──關於中國員工人數的問題。我記得您上個季度說過我們已僱用了大約 10 人。我猜，只是想知道這個數字是否已經改變？我想，當 2023 年預計產量將開始增加時，我們是否應該預期員工人數會大幅增加？

Yes. So Joe, this is Aaron. So the head count in Shanghai is still in that ballpark plus or minus a few. We have not hired a significantly higher number than that. And it's our anticipation to get through the next few months, get through early customer qualification here with what we have, prove things out. And then in 2023, we'll hire to support whatever that revenue need is, right? So as we receive more orders, and we have more volume if we need to add more variable capacity or capability in the form of labor, we'll do so other than that, we're trying to preserve capital to make sure that we can extend our runway. So we're going to be cautious in all areas.

是的。喬，這是亞倫。因此，上海的人數仍在這個範圍內，略有增加或減少。我們僱用的人數從未顯著高於這個數字。我們期望在接下來的幾個月裡，利用我們所擁有的資源完成早期客戶資格認證，證明一切。然後在 2023 年，我們會僱用員工來支持任何收入需求，對嗎？因此，當我們收到更多的訂單時，如果我們需要以勞動力的形式增加更多的可變產能或能力，我們就會有更多的產量，我們就會這樣做，除此之外，我們還試圖保留資本，以確保我們能夠延長我們的跑道。因此我們將在所有領域保持謹慎。

Okay. Great. And congrats on the quarter.

好的。偉大的。並恭喜本季取得佳績。

Our next question comes from Jason Reiver with Citibank.

下一個問題來自花旗銀行的 Jason Reiver。

This is Lizzie on for Patrick and Jason. I was just wondering if you could talk about -- on the NeXT Personal side, you talked about progress there. Just broadly what milestones should we look out for as we go into the second half of the year?

這是 Lizzie 為 Patrick 和 Jason 主持的。我只是想知道您是否可以談談——在 NeXT Personal 方面，您談到了那裡的進展。整體而言，在進入下半年時我們應該關注哪些里程碑？

Yes. I think in terms of NeXT Personal, this is John. I think we're seeing a lot of adoption there. Individual pharmaceutical companies that by end of that, some of the opportunities we're looking at are fairly large. But generally, pharmaceutical companies are not looking for us to talk about the individual cases. So we may be able to comment on as the orders ramp more or less ideas of the scale of that and the uptake of the platform. I'd say that if I look back to where we were 3 months ago, I think we've made a lot of progress on the interest side. People are beginning to realize the power of this, the scale of it. I think you'll see more as we go forward with -- we're working with a number of very high-end academic collaborators. And some of those, we expect that we will be able to announce. And I think there will be some really good opportunities there.

是的。我認為就 NeXT Personal 而言，這是約翰。我認為我們在那裡看到了很多採用。到最後，個別藥廠所面臨的機會是相當大的。但一般來說，藥廠並不會找我們談個案。因此，隨著訂單的增加，我們也許能夠對該平台的規模和採用做出評論。我想說，如果回顧三個月前的情況，我們在利益方面已經取得了很大進展。人們開始認識到它的威力和規模。我想，隨著我們的前進，你會看到更多——我們正在與許多非常高端的學術合作者合作。我們預計將能夠宣布其中的一些。我認為那裡會有一些非常好的機會。

I expect that we'll have access to quite a few samples through that. That will lead to some pretty impressive data probably as fairly quickly because, in some cases, the samples are already banked samples. So I think as we have more and more data there, I think that will be something people will look to and see the potential of the platform, and that will lead to the more and more uptake on the pharma side.

我希望我們能透過這種方式獲得相當多的樣本。這可能很快就會產生一些非常令人印象深刻的數據，因為在某些情況下，樣本已經是庫存樣本。因此，我認為，隨著我們擁有越來越多的數據，人們將會關注並看到該平台的潛力，這將導致製藥業越來越多地採用該平台。

I think the funnel of potential customers is large. Almost every large pharmaceutical company we've spoken to is intensely interested in this area. In particular because there's this opportunity to move cancer drugs from only late-stage patients, now more and more into adjuvant treatment of patients. So this almost doubles the cancer patient population, which is an enormous change and opportunity in the pharmaceutical world. And so tests like ours they could be involved in that kind of work. I think an enormous opportunity with pharma and then, obviously, ultimately, on the diagnostics side.

我認為潛在客戶的管道很大。幾乎每家我們採訪過的大型製藥公司都對這領域非常感興趣。特別是因為有機會將抗癌藥物從僅適用於晚期患者轉移到越來越多患者的輔助治療。這使得癌症患者數量幾乎翻了一番，這對製藥界來說是一個巨大的變化和機會。因此，像我們這樣的測試可能涉及這類工作。我認為製藥業和診斷業都存在著巨大的機會。

Great. And then just -- I think you talk about it a little bit earlier. Can you -- I guess, how did that pan out versus your expectations? And for the rest of the year, what's your thoughts around that? And that's it for me.

偉大的。然後只是——我想你早些時候談論過它。你能—我想，這與你的預期相比有什麼不同嗎？那麼對於今年剩餘的時間，您有什麼想法呢？對我來說這就是全部了。

Yes. I think it's been panning out very well relative to expectations. I think we always knew that -- I mean, what we've done is, so much more sensitive than what other people have had before us that sometimes it takes people a little while to realize that it's actually real. I remember we had some of this when we introduced the idea of next-gen sequencing as well. That it was so astonishingly further ahead that it took a little while for people to appreciate that what you were talking about was real, and then it was that big of a difference in how to think about, how it can transform what they're doing.

是的。我認為，相對於預期，結果非常好。我想我們一直都知道這一點——我的意思是，我們所做的比其他人之前所做的要敏感得多，有時人們需要一段時間才能意識到它是真實的。我記得當我們引入下一代定序的想法時我們也有一些這樣的想法。它是如此令人驚奇的領先，以至於人們花了一段時間才意識到你所說的是真實的，然後在思考方式上以及它如何改變他們所做的事情上產生了巨大的差異。

So I think we do see people where maybe they ask about it to start with, they don't -- they're interested, they don't quite get it. And then at some point you see the light bulb goes off and they say, really. And sometimes we've done pilot studies. And after the pilot, people have been just astonished at the results, and that's led to some pretty serious interest and certainly multi-multi-million dollar potential contracts to work on things with pharmaceutical companies. So I think you'll see that going -- being, as Aaron said, I think in his remarks, we expect to see that the orders ramping this year and the revenue, particularly ramping next year with NeXT Personal.

所以我認為我們確實看到人們一開始可能會問這個問題，但他們不感興趣，他們不太明白。然後在某個時候你看到燈泡熄滅了，他們說，真的。有時我們會進行試驗研究。試點結束後，人們對結果感到驚訝，這引起了一些相當濃厚的興趣，並且有可能與製藥公司簽訂價值數百萬美元的合約。所以我認為你會看到這種情況 — — 正如 Aaron 在他的演講中所說的那樣，我們預計今年的訂單量會增加，收入也會增加，特別是明年 NeXT Personal 的收入會增加。

Yes. Just to add to what John just said. So if you look back 3 years ago, again, we had just a handful of customers on the NeXT platform. Sitting here today, we have more than 70 customers on the NeXT platform. More than 75% of our revenue in the second quarter was from the adoption of NeXT. Our MRD offering, we believe, is very, very sensitive, more sensitive than other comparables in the marketplace today.

是的。只是想補充約翰剛才說的話。如果回顧三年前，那時我們的 NeXT 平台上只有少數客戶。今天，我們在 NeXT 平台上擁有超過 70 個客戶。我們第二季超過 75% 的營收來自於 NeXT 的採用。我們相信，我們的 MRD 產品非常非常敏感，比當今市場上其他同類產品更為敏感。

And like John said, the interest from pharma is center of our revenue in the second quarter was from the adoption of NeXT. Our MRD offering, we believe, is very, very sensitive, more sensitive than other comparables in the marketplace today. And like John said, the interest from pharma is enormous. And so, the funnel has grown significantly over the last 3 to 5 months. And we're anticipating a lot of orders coming in later this year and into 2023.

正如約翰所說，製藥業的興趣是我們第二季收入的中心，源自於 NeXT 的採用。我們相信，我們的 MRD 產品非常非常敏感，比當今市場上其他同類產品更為敏感。正如約翰所說，製藥業對此的興趣非常濃厚。因此，在過去 3 到 5 個月內，漏斗已經顯著成長。我們預計今年稍後和 2023 年將會有大量訂單到來。

So we're really excited about what this ramp can be in terms of revenue in 2023. And today, most of our revenue is from our tissue-based offering from NeXT. As we go into 2023 and beyond, we're going to complement the tissue offering with liquid biopsy, the MRD offering. And that's going to add multiple time points. So our market -- our total available market is going to expand significantly, and we're really excited about the revenue opportunity.

因此，我們對 2023 年的營收成長感到非常興奮。隨著我們進入 2023 年及以後，我們將透過液體活檢（MRD）產品補充組織產品。這將添加多個時間點。因此，我們的市場—我們的總可用市場將會大幅擴張，我們對這個創收機會感到非常興奮。

Our next question comes from the line of Mark Massaro with BTIG.

我們的下一個問題來自 BTIG 的 Mark Massaro。

And I've been hopping around calls tonight. So if you've covered this, I apologize. But can you maybe just provide an update on NeXT Dx? Obviously, that's your entree into the clinic. Are you on track to submit to MolDX? I think it's pretty soon. And are you still hoping to obtain Medicare reimbursement by year-end?

今晚我一直在打電話。因此，如果您已經報導過此事，我深表歉意。但您能提供有關 NeXT Dx 的最新消息嗎？顯然，這是您進入診所的入口。您是否正在按計劃向 MolDX 提交申請？我認為很快。您還希望年底前獲得健保報銷嗎？

Yes. This is John. Thanks for being on the call. So NeXT Dx, we are pretty much on track. We do expect to be in the site. We actually have our first salespeople on board now. And we'll be beginning to bring in customers there. MolDX, we expect to actually submit to MolDX by the end of this year. We expect the -- if things go well, we'd have a reimbursement -- positive reimbursement decision early in 2023.

是的。這是約翰。感謝您接聽電話。所以 NeXT Dx，我們基本上已經步入正軌。我們確實希望到達該現場。事實上，我們現在已經有了第一批銷售人員。我們將開始在那裡吸引顧客。 MolDX，我們預計在今年年底前將真正向 MolDX 提交。我們預計，如果一切進展順利，我們將在 2023 年初做出積極的報銷決定。

Okay. Perfect. And then, I understand that the NeXT Personal is certainly gaining interest from biopharma. But maybe I wanted to just double check to see where you're at in terms of the clinical launch. I think in the past, you've talked about first half of 2023. And maybe can you just give us some expanded color on your path to reimbursement? In the last month or so, there were pretty, I think, 3 significant MRD tests that received MolDX reimbursement. I think all of those develop the evidence to support that. I guess, maybe just an update on where you are in terms of evidence development to secure reimbursement?

好的。完美的。然後，我了解到 NeXT Personal 肯定引起了生物製藥公司的興趣。但也許我只是想再檢查一下你們的臨床啟動情況。我想過去您曾談到 2023 年上半年。在過去一個月左右的時間裡，我認為有 3 項相當重要的 MRD 測試獲得了 MolDX 報銷。我認為所有這些都提供了支持這一點的證據。我想，也許您只是想更新一下您在確保報銷方面的證據開發？

Yes. So this is John. I think the -- our expectation, as you say, the first customers we have for NeXT Personal already are pharmaceutical customers. We expect that that will be the biggest revenue ramp for us next year. I don't think we've said exactly when in 2023. We'd expect that to be available as a lab-developed test, but that is certainly on our radar for 2023. We do see that as being something we'd want to take to MolDX. We've been laying out the right validation plan for that.

是的。這就是約翰。我認為—正如您所說，我們的預期是，NeXT Personal 的第一批客戶已經是製藥客戶。我們預計這將是我們明年最大的收入成長。我認為我們還沒有說 2023 年的具體時間。我們已經為此制定了正確的驗證計劃。

I think in terms of the evidence development, it's likely to be clinical validity that's needed as opposed to the clinical utility of early detection. In this case, has already been pretty well established. So at least in the clinical indications for which other people already have reimbursement, we expect that we'd be in a position to show that we are I think non-inferior is the official word. We expect to be, frankly, a hell of a lot better. But the -- we'll be showing that. I think we'll have a pretty good validation to talk with MolDX about. Our expectation is that, positive MolDX decision on that could be in 2024, but I don't think we've been any more specific about that. Yet, we do see it as a big opportunity. But frankly, I see pharma is a pretty big opportunity in the near-term as well. There's a lot of movement to this area in pharma.

我認為，就證據發展而言，可能需要的是臨床有效性，而不是早期檢測的臨床效用。在這種情況下，已經相當確定了。因此，至少在其他人已經獲得報銷的臨床適應症中，我們希望能夠證明我們並不劣於其他藥物，這是官方的說法。坦白說，我們期望情況會好得多。但是——我們將會展示這一點。我認為我們將與 MolDX 進行非常好的驗證討論。我們的預期是，MolDX 可能會在 2024 年對此做出積極的決定，但我認為我們還沒有對此做出更具體的說明。然而，我們確實認為這是一個巨大的機會。但坦白說，我認為製藥業在短期內也有一個相當大的機會。製藥業向該領域邁出了一大步。

Okay. And then one final question on MRD. The market leader, I think, looks at 16 variants and aspiring entrants are looking somewhere between 40 and 80 or so. I think you're looking to track about 1,800. I guess, can you just comment on what early feedback you're getting from the pharma customers about the size of monitoring 1,800 different variants? And maybe just what you're hearing? And are there any concerns about how to interpret this? And what you're doing to kind of instill confidence that tracking more is superior?

好的。最後一個問題是關於 MRD 的。我認為，市場領導者正在考慮 16 種變體，而有抱負的進入者正在考慮 40 到 80 種左右的變體。我認為您要追蹤的數量約為 1,800。我想，您能否評論一下您從製藥客戶那裡得到的關於監測 1,800 種不同變體的規模的早期反饋？也許這正是您所聽到的？對於如何解讀這一點，是否有什麼疑慮？您正在採取什麼措施來讓人們相信，追蹤更多內容更為有益？

Yes. So this is John. So, we don't ask the customers to look at every one of the 1,800 variants. We take care of that part for them. So, our end up -- we end up with a very simple result, which is just, did we detect the tumor or not? And if we detect it, at what level it was, so that's pretty easy to understand. I think, the key thing is, we can see that we're at a much lower level than other tests do. And the sensitivity difference can translate into -- if you're thinking about the development of a tumor, different cancer types have different growth rates, but the tumor volume doubling time can be anywhere between a few months and even as long as a year. So if you're 10 to 100x more sensitive, you can be looking at detecting recurrence potentially even in some cases, years earlier. And so, I think as we have the clinical data that we expect to have from collaborators that shows that more, I think people get -- but already -- people understand this field enough to see the difference in terms of sensitivity.

是的。這就是約翰。因此，我們不會要求客戶查看 1,800 個變體中的每一個。我們為他們處理這一部分。所以，我們最終會得到一個非常簡單的結果，那就是，我們是否檢測到了腫瘤？如果我們檢測到它，它的水平是什麼，那就很容易理解了。我認為，關鍵是，我們可以看到我們的水平比其他測試低得多。敏感性的差異可以轉化為——如果你考慮腫瘤的發展，不同類型的癌症有不同的生長速度，但腫瘤體積倍增時間可能是幾個月，甚至長達一年。因此，如果您的敏感度提高 10 到 100 倍，那麼在某些情況下，您甚至可能提前數年就檢測到復發。因此，我認為，由於我們期望從合作者那裡獲得更多的臨床數據，我認為人們可以獲得——但已經——人們對這個領域的了解足以看到敏感性方面的差異。

The other piece, though, I'd say is that, in addition to the 1,800 variants that we look at for the recurrence detection or the quantification, we actually look at almost that same number as well, that's part of what we call the fixed content of the assay. So it's not tumor-informed, that's the same for every patient. And that gives us a broader view so that if you've detected recurrence, you want to know, what can I do about it? What drug should I give the patient? Or if I'm giving them a particular drug is the tumor beginning to escape the source or the ongoing actual management of the patient once you've determined that there is a recurrence happening, we actually have content on the platform for that as well.

不過，我想說的另一點是，除了我們為複發檢測或量化而研究的 1,800 種變體之外，我們實際上也會研究幾乎相同數量的變體，這就是我們所說的檢測固定內容的一部分。所以它不是腫瘤相關的，對每個病人來說都是一樣的。這為我們提供了更廣闊的視野，如果您發現復發，您想知道，我該怎麼辦？我該給病人甚麼藥？或者如果我給他們一種特定的藥物，當腫瘤開始逃離源頭時，或者一旦確定復發，就對患者進行持續的實際管理，我們實際上在平台上也有相關內容。

And so I think part of -- when we looked at the -- at this field, and that's been some years ago that we were working on this as a commercial product, we said the amount of sequencing people are doing is almost ridiculously low. I mean, it's understandable maybe to get started with, but there's a lot that you could tell, and it's not that expensive. I guess, we've been a very high-end NovaSeq user for quite a few years and over 5 years ago, we began working with the people at Ultima Genomics. So we can see that the $100 genome was real, and it was coming.

因此我認為，當我們研究這個領域時，那是幾年前，當時我們正在將其作為商業產品進行研究，我們說人們進行的定序量幾乎低得可笑。我的意思是，一開始這樣做也許可以理解，但你會發現有很多東西可以講，而且價格也不是那麼昂貴。我想，我們已經是 NovaSeq 的高階用戶好幾年了，五年前，我們開始與 Ultima Genomics 的員工合作。所以我們可以看到，100美元的基因組是真實存在的，而且它即將到來。

So we've been planning for that. And I think our sense is not actually all that expensive to be able to look at as much content as we have, and it's so much more informative for the clinicians and for the pharmaceutical companies. So I think we've just tried to move straight to that what we think will be the future of this field. And generally, the things we're looking at will be clinicians are used to looking at therapy selection tests that have a lot of content to them, and we'll be able to do the same kinds of things, but with combined all in a single integrated assay along with the MRD test.

所以我們一直在為此做計劃。我認為，我們能夠查看如此多的內容，其實成本並不算高，而且可以為臨床醫生和製藥公司提供更多資訊。所以我認為我們只是試圖直接討論我們認為的這個領域的未來。一般來說，我們所關注的是臨床醫生習慣於查看包含大量內容的治療選擇測試，我們將能夠做同樣的事情，但將所有內容與 MRD 測試結合在一個綜合檢測中。

Our next question comes from the line of Derik De Bruin, Bank of America.

我們的下一個問題來自美國銀行的德里克·德布魯因 (Derik De Bruin)。

I've also been bouncing around and Mark just took all the ones I wanted to ask. So I'll do this one. Can we talk -- can we just talk preliminarily on what's your sort of initial thoughts are in 2023? I mean, I know it's early, but there's a lot of moving parts. You're trying to manage OpEx. Any incremental color you can sort of give at this time. You know where the consensus estimates are. And just some general thoughts on capital raise and stuff like that. Just some general thoughts given the such a touchy topic these days?

我也一直在猶豫，但馬克只是回答了我想問的所有問題。所以我會做這個。我們可以談談—我們可以初步談談您對 2023 年的初步想法嗎？我的意思是，我知道現在還為時過早，但還有很多活動的部分。您正在嘗試管理 OpEx。此時您可以給出任何增量顏色。您知道一致的估計在哪裡。這只是一些關於籌集資金和類似事情的一般想法。鑑於目前如此敏感的話題，您有什麼一般性的想法嗎？

Yes. So this is Aaron. Derik, in terms of 2023, so it is early for us to give any type of guidance. But in terms of maybe directional insight, we'll try and provide that. In terms of looking at the top line, our goal is to grow our oncology revenue at least 50% year-over-year. And so 2023, based upon what we can see today, we don't see a reason why that's not possible. We're going to be entering into the clinical diagnostic market with a favorable reimbursement ruling early in 2023, so we should have some NeXT Dx clinical revenue in 2023. We can't really say exactly how much that's going to be just yet. We'll have to wait and see. More to come in that regard.

是的。這就是亞倫。德里克，就 2023 年而言，我們現在給出任何類型的指導還為時過早。但就方向性洞察而言，我們會盡力提供。從營收角度來看，我們的目標是使腫瘤學收入年增至少 50%。因此，根據我們今天所看到的情況，到 2023 年，我們認為沒有理由實現這一目標。我們將在 2023 年初以有利的報銷規定進入臨床診斷市場，因此我們應該在 2023 年獲得一些 NeXT Dx 臨床收入。我們將不得不拭目以待。在此方面還將有更多內容。

Biopharma has been strong for us in the past. And again, it's been predominantly our tissue-based offering. So as we get take up here with our MRD NeXT Personal from biopharma in 2023, we believe we have a great opportunity in terms of ramp up there.

過去，生物製藥對我們來說一直很強大。再次強調，我們主要提供的是紙巾產品。因此，隨著我們在 2023 年從生物製藥領域推出 MRD NeXT Personal，我們相信我們在那裡擁有巨大的發展機會。

China is going to start to come online in 2023, right? It's probably going to be moderate revenue in terms of where we'll be. We have one customer that's placed orders with us. And we've got several others that are evaluating our platform and capability in China. And so, it's hard to know exactly where those will come in, but we're expecting a little bit of revenue from China as well.

中國將在2023年開始上網，對嗎？就我們所處的位置而言，這可能算是中等收入。我們有一位客戶向我們下了訂單。還有其他幾個人正在評估我們在中國的平台和能力。因此，很難確切知道這些收入來自哪裡，但我們預計也會從中國獲得一些收入。

In terms of the OpEx and cash spend, we're being prudent right now. We've slowed down hiring quite a bit. We've hired quite a few employees over the last couple of years that's given us a lot of capability to get into the clinical market. We still have a commercial team to continue to expand in the clinical area, and we have the reimbursement capability and the billing teams that we have to continuously expand and those will be commensurate with volume, right, as we start to see the favorable reimbursement ruling and things are going to really take off, we'll add to that, but we're going to be prudent with cash spend, so to speak. And our goal is to continuously extend the runway as we get out in time, right? And in terms of -- you asked about capital raise, that's something that I can't really chat about right now. We don't really see that in the cards based upon where our equity value is at today. So we're going to, again, continuously stretch out our cash runway as far out as we can.

就營運支出和現金支出而言，我們現在非常謹慎。我們的招募速度已經放慢不少。過去幾年我們僱用了不少員工，這給了我們進入臨床市場的巨大能力。我們仍然有一個商業團隊繼續在臨床領域擴張，我們擁有報銷能力和計費團隊，我們必須不斷擴大，這些將與數量相稱，對的，當我們開始看到有利的報銷裁決並且事情將真正起飛時，我們會將其添加到其中，但我們會謹慎使用現金支出，可以這麼說。我們的目標是隨著時間的流逝不斷延長跑道，對嗎？至於你問到的關於籌集資金的問題，我現在無法談論這個主題。根據我們目前的股權價值，我們確實沒有看到這種情況。因此，我們將再次盡可能延長我們的現金跑道。

You better may want to comment on what you said on the call about the cash level, too, by the end of the year, because that -- the efforts to bring cost down also helped on that.

您最好也對您在電話會議上所說的年底的現金水平進行評論，因為降低成本的努力也對此有所幫助。

Yes. So our cash usage in 2022 is expected to be about $125 million at this point in time. We've reduced it from $140 million just 6 months ago. If we can continue to reduce it, we will. And again, there's some one-time amounts in that $125 million, $40 million of it is for this new building, which won't repeat. So when we get into 2023, our operating cash burn is somewhere in the $80 million to $85 million range. And obviously, if we can grow top line even faster, that will help us from a gross profit standpoint and pay for some of the investments we need to make.

是的。因此，我們預計 2022 年的現金使用量目前約為 1.25 億美元。六個月前，我們就已將其從 1.4 億美元削減。如果我們可以繼續減少它，我們就會這麼做。再說一次，這 1.25 億美元中有一些一次性金額，其中 4,000 萬美元用於這座新建築，不會重複。因此，當進入 2023 年時，我們的營運現金消耗將在 8,000 萬美元至 8,500 萬美元之間。顯然，如果我們的營收能夠更快成長，這將從毛利的角度對我們有所幫助，並且還能支付我們需要進行的一些投資。

One more item I'd add is that, when we look at other companies, sometimes they'll talk about liquid biopsies as being a substitute for tissue biopsies. But actually, in our case, with the kind of products that we've developed, we have our whole NeXT Platform that's been built on tissue-based samples. And now we've been adding liquid biopsy is, those are almost entirely additive. People are using those in addition to the tissue offerings, not instead of them. And so, with all of the new things like NeXT Personal, that's all has the potential to be purely additive as opposed to like being a new version of a product where we swap out the old one.

我想補充的另一點是，當我們觀察其他公司時，有時他們會談到液體活檢可以替代組織活檢。但實際上，就我們的情況而言，憑藉我們開發的產品，我們擁有基於組織樣本構建的整個 NeXT 平台。現在我們已經添加了液體活檢，這些幾乎完全是添加劑。人們將它們作為紙巾祭品的補充，而不是替代。因此，對於 NeXT Personal 等所有新產品而言，它們都有可能只是純粹的附加功能，而不是像我們用新版本的產品來取代舊版本。

(Operator Instructions) We have one more question. Our next question comes from the line of Arthur He from H.C. Wainwright and Company.

（操作員指示）我們還有一個問題。我們的下一個問題來自 H.C. 的 Arthur He。溫賴特公司。

Most of my questions have been answered. I just wonder, regarding the clinical diagnostics business, could you just give us more color on your interaction with the KOL physicians at the major cancer centers? Is there any pilot projects in place already for this business, or are we expect to launch in next year 2023?

我的大部分問題都已得到解答。我只是想知道，關於臨床診斷業務，您能否向我們詳細介紹您與主要癌症中心的 KOL 醫生的互動情況？該業務是否已有試點項目，還是預計明年 2023 年啟動？

Yes. So this is John. So in terms of the diagnostic business and working with some of the KOLs, we actually do have some projects underway with a number of groups. We've talked about our work with UCSD in the past, for example, that's progressing. We have work that's been going on at the Mayo Clinic with a group there. We have other collaborators that we haven't named yet, where we're beginning to get receipt. We actually have received samples, and we're now beginning to process them. So I don't have anything new in terms of names to announce today, but we're definitely making progress on sequencing samples, doing the analysis and having people get results. So I think in time, this is the kind of -- I think it was mentioned earlier, the evidence development that will put us in a position of credibility both for customer adoption and for reimbursement.

是的。這就是約翰。因此，在診斷業務和與一些 KOL 的合作方面，我們實際上確實與一些團體進行了一些專案。例如，我們過去曾討論過與加州大學聖地牙哥分校的合作，目前進展順利。我們與梅奧診所的一個小組一起在那裡工作。我們還有其他尚未透露姓名的合作者，但我們已開始獲得他們的支持。我們實際上已經收到了樣品，現在我們正在開始處理它們。所以今天我沒有什麼新的名字要宣布，但我們在樣本測序、分析和讓人們獲得結果方面肯定取得了進展。所以我認為隨著時間的推移，這就是——我想前面提到過，證據的發展將使我們在客戶採用和報銷方面處於可信的地位。

And congratulations on the quarter.

並恭喜本季取得佳績。

Great. At this point, there are no more questions. So we want to thank you for your participation in today's conference. This concludes the program. You may now disconnect.

偉大的。至此，沒有其他問題了。因此，我們要感謝您參加今天的會議。本節目到此結束。您現在可以斷開連線。