Quantum-Si Inc (QSI) 2024 Q4 法說會逐字稿

Thank you for standing by and welcome to Quantum-Si's fourth quarter 2024 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Quantum-Si 2024 年第四季財報電話會議。（操作員指示）

As a reminder, today's program is being recorded. And now I'd like to introduce your host of today's program, Katherine Atkinson, Senior Vice President of Commercial Markets. Please go ahead.

提醒一下，今天的節目正在錄製中。現在我想介紹今天節目的主持人，商業市場高級副總裁凱瑟琳·阿特金森。請繼續。

Good afternoon everyone and thank you for joining us. Earlier today, Quantum-Si released financial results for the fourth quarter and full year ended December 31, 2024. A copy of the press release is available on the company's website. Joining me today are Jeff Hawkins, our President and Chief Executive Officer; as well as Jeff Keyes, our Chief Financial Officer.

大家下午好，感謝大家的參與。今天早些時候，Quantum-Si 發布了截至 2024 年 12 月 31 日的第四季度和全年財務業績。新聞稿副本可在該公司網站上查閱。今天與我一起出席的還有我們的總裁兼執行長傑夫霍金斯 (Jeff Hawkins)；以及我們的財務長 Jeff Keyes。

Before we begin, I would like to remind you that management will be making certain forward-looking statements within the meaning of the federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled forward-looking statements of our press release.

在我們開始之前，我想提醒您，管理層將根據聯邦證券法做出某些前瞻性陳述。這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異。有關這些風險和不確定性的更多資訊出現在我們新聞稿中題為前瞻性陳述的部分。

For a more complete list and description of risk factors, please see the company's filings made with the Securities and Exchange Commission. This conference call contains time-sensitive information that is accurate only as of the live broadcast date today, March 3, 2025, except as required by law, the company disclaims any intention or obligation to update or revise any forward-looking statements.

有關風險因素的更完整清單和描述，請參閱本公司向美國證券交易委員會提交的文件。本次電話會議所包含的時間敏感資訊僅在今天（2025 年 3 月 3 日）的直播日期前準確，除非法律要求，否則本公司不承擔更新或修改任何前瞻性陳述的意圖或義務。

During this call, we will also be referring to certain financial measures that are not prepared in accordance with US Generally Accepted Accounting Principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the press release filed earlier today. With that, let me turn the call over to Jeff Hawkins.

在本次電話會議中，我們也將提及某些未依照美國公認會計原則或 GAAP 編製的財務指標。今天稍早提交的新聞稿中包含了這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳。說完這些，讓我把電話轉給傑夫霍金斯。

Good afternoon and thank you for joining us. On today's call, we will provide a business update, review our operating results for the fourth quarter and full year of 2024 and provide our initial thoughts on 2025. After that, we will open the call for questions.

下午好，感謝您加入我們。在今天的電話會議上，我們將提供業務更新，回顧 2024 年第四季和全年的營運業績，並提供我們對 2025 年的初步想法。之後，我們將開始提問。

I will begin with a reminder of our three corporate priorities to accelerate commercial adoption, to deliver on our innovation roadmap, and to preserve our financial strength.

首先，我想提醒大家注意公司的三大優先事項：加速商業應用、實現我們的創新路線圖、維持我們的財務實力。

Our first corporate priority is to accelerate commercial adoption. 2024 was an important year in the commercialization of our next generation protein sequencing technology and platinum instrument. The year began with our transition into full commercial launch at the end of the first quarter, followed by consistent quarter-over-quarter revenue growth throughout the year and concluded with our first quarter in excess of $1 million in revenue.

我們的首要任務是加速商業應用。 2024年是我們下一代蛋白質定序技術和鉑金儀器商業化的重要一年。今年年初，我們在第一季末轉入全面商業發布，隨後全年營收持續環比成長，第一季營收超過 100 萬美元。

Along the way, we significantly diversified our customer base from one that entered the year made up of largely academic researchers in the United States to a customer base spanning multiple market segments and geographies. Today, our customer base has a healthy mix of academic, biotech, pharma, government, and contract research organizations. In addition, we built an international distribution channel that currently has 18 partners giving us access to an attractive growing global market opportunity for our products.

在此過程中，我們的客戶群顯著多樣化，從年初主要由美國學術研究人員組成的客戶群，發展到橫跨多個細分市場和地區的客戶群。如今，我們的客戶群涵蓋學術機構、生技機構、製藥機構、政府機構和合約研究機構。此外，我們建立了一個國際分銷管道，目前擁有 18 個合作夥伴，為我們的產品提供了極具吸引力的不斷增長的全球市場機會。

I am pleased with how we closed out 2024 with total revenues of $1.2 million in the fourth quarter and $3.1 million for the full-year 2024. These results represent a 52% increase in revenue over the third quarter of 2024 and a 183% increase in annual revenue on a year-over-year basis.

我很高興看到我們在 2024 年取得了這樣的成績：第四季總收入為 120 萬美元，2024 年全年總收入為 310 萬美元。這些結果表明，營收比 2024 年第三季成長了 52%，年營收年增了 183%。

The changes we made to our commercial strategy throughout 2024 paid dividends in the fourth quarter as we observed greatly improved commercial execution across all aspects of our strategy from lead generation to sales execution, delivering our strongest quarter ever in terms of both revenue and new instrument sales.

我們在 2024 年對商業策略所做的改變在第四季度獲得了回報，因為我們觀察到從潛在客戶生成到銷售執行的各個策略方面的商業執行情況都得到了極大改善，從而在收入和新儀器銷售方面創造了有史以來最強勁的季度業績。

We are also pleased to report that during the fourth quarter of 2024, we achieved a significant milestone, having sold our 50th platinum instrument. In addition to nearly tripling revenue in 2024 as compared to 2023, we also executed on key distribution agreements for our products globally.

我們也很高興地報告，在 2024 年第四季度，我們實現了一個重要的里程碑，售出了第 50 台白金樂器。除了 2024 年的收入較 2023 年增長近兩倍之外，我們還在全球範圍內執行了我們產品的關鍵分銷協議。

As announced in November of 2024, we entered into a distribution agreement with Avantor for the North American market. This agreement augments our current direct sales efforts and once fully implemented, significantly increases the number of sales professionals actively engaged in selling our products across all end-user markets in North America. We are currently in the sales training and implementation phase of this relationship and expect to complete this process during the first quarter of 2025.

正如 2024 年 11 月宣布的那樣，我們與 Avantor 簽訂了北美市場的分銷協議。該協議增強了我們目前的直銷力度，一旦全面實施，將大大增加在北美所有終端用戶市場積極銷售我們產品的銷售專業人員的數量。我們目前正處於這一關係的銷售培訓和實施階段，預計將在 2025 年第一季完成這項程序。

Turning now to our global channel, we exited 2024 with 18 international distribution partners. The international expansion we executed on during 2024 added coverage to our existing direct and distribution footprint in Western Europe, Eastern Europe, and Asia, and expanded our presence into new countries within the Middle East, Africa, South America, and the South Pacific regions.

現在轉向我們的全球管道，到 2024 年，我們已擁有 18 個國際分銷合作夥伴。我們在 2024 年實施的國際擴張擴大了我們在西歐、東歐和亞洲的現有直銷和分銷網絡，並將業務擴展到中東、非洲、南美和南太平洋地區的新國家。

While we are still in the early stages of our international commercialization efforts, we are very pleased with the initial end-user traction we are seeing, as well as the interest in our platform in general. One key learning from the early commercialization effort is that despite a rapidly growing interest in proteomics research in these regions, the cost of many of the legacy proteomics instruments, as well as the infrastructure and specialized staff required to run these systems makes them inaccessible to many researchers.

雖然我們仍處於國際商業化努力的早期階段，但我們對看到的初始終端用戶的吸引力以及對我們平台的普遍興趣感到非常高興。早期商業化努力的一個重要教訓是，儘管這些地區對蛋白質組學研究的興趣迅速增長，但許多傳統蛋白質組學儀器的成本以及運行這些系統所需的基礎設施和專業人員使得許多研究人員無法使用它們。

Platinum's low capital cost, simplified workflow, and automated data analysis provides a realistic option for researchers in these regions looking to integrate an advanced proteomics platform into their research. We are optimistic that this is an early indication of the potentially compelling international opportunity for our technology, and we plan to continue to build out our international channel network to fully capture this emerging opportunity in 2025 and beyond.

Platinum 的低資本成本、簡化的工作流程和自動化的數據分析為這些地區希望將先進的蛋白質組學平台整合到他們的研究中的研究人員提供了一個現實的選擇。我們樂觀地認為，這是我們的技術可能具有的引人注目的國際機會的早期跡象，我們計劃繼續建立我們的國際通路網絡，以在 2025 年及以後充分抓住這一新興機會。

In addition to our focus on commercial execution during 2024, we established a dedicated scientific affairs team to work directly with customers and key opinion leaders to publish and present data demonstrating the value of next generation protein sequencing.

除了專注於 2024 年的商業執行之外，我們還成立了專門的科學事務團隊，直接與客戶和關鍵意見領袖合作，發布和展示展示下一代蛋白質定序價值的數據。

In addition to the focus on external data generation, our scientific affairs team works closely with our commercial and R&D teams to publish data about specific aspects of our technology like data analysis or specific applications of our technologies like protein barcoding.

除了關注外部數據生成之外，我們的科學事務團隊還與我們的商業和研發團隊密切合作，發布有關我們技術的特定方面（如數據分析）或我們技術的特定應用（如蛋白質條碼）的數據。

Over the course of December of 2024 and January of 2025, four manuscripts were submitted for peer review and in parallel published as preprints on bio archive. The first paper was from our R&D team and covered our new protein barcoding kit, including the workflow and analytical performance validation results. Importantly, the validation data determined a lower limit of detection as low as 50 femtomole and a 10-fold dynamic range, demonstrating the method's sensitivity in detecting low abundance variants.

在 2024 年 12 月至 2025 年 1 月期間，四份手稿提交同行評審，並同時作為預印本在生物檔案中發表。第一篇論文來自我們的研發團隊，介紹了我們的新蛋白質條碼試劑盒，包括工作流程和分析效能驗證結果。重要的是，驗證數據確定了低至 50 飛摩爾的檢測下限和 10 倍的動態範圍，證明了該方法在檢測低豐度變異體方面的靈敏度。

The second paper was also from our R&D team and was focused on ProteoVue, our comprehensive bioinformatics pipeline for single amino acid variants. The study described in this paper demonstrates the ability of ProteoVue to perform robust single amino acid variant detection and quantification with applications ranging from proteoform characterization to protein mixtures and quality control assays.

第二篇論文也來自我們的研發團隊，重點介紹了 ProteoVue，這是我們針對單一胺基酸變體的綜合生物資訊學流程。本文所述的研究證明了 ProteoVue 能夠執行強大的單一氨基酸變體檢測和定量，應用範圍從蛋白質形式表徵到蛋白質混合物和品質控制分析。

The third paper was from researchers at the University of Virginia. This foundational study illustrates the capacity of next generation protein sequencing to detect proteoform variation at the single amino acid level, including variants associated with disease phenotypes that are not detectable with existing technologies like mass spectrometry.

第三篇論文來自維吉尼亞大學的研究人員。這項基礎研究表明，下一代蛋白質定序能夠在單一胺基酸層面檢測蛋白質變異變異，包括與疾病表型相關的變異，而這些變異無法透過質譜等現有技術檢測到。

And finally, the fourth paper was from researchers at Northwestern University. This study highlights the synergy of complementary protein detection methods. In this case, mass spectrometry and next generation protein sequencing to more comprehensively characterized proteoforms relevant to biological interactions.

最後，第四篇論文來自西北大學的研究人員。這項研究強調了互補蛋白質檢測方法的協同作用。在這種情況下，質譜和下一代蛋白質定序可以更全面地表徵與生物相互作用相關的蛋白質形式。

We are excited to see these first four manuscripts being submitted for peer review publication and expect that trend to continue throughout 2025 as our scientific affairs team is actively engaged with researchers across a broad range of applications and market segments to publish the results of their ongoing research.

我們很高興看到這前四份手稿提交同行評審出版，並預計這一趨勢將持續到 2025 年，因為我們的科學事務團隊正在積極與廣泛應用和細分市場的研究人員合作，以發布他們正在進行的研究成果。

Finally, I am pleased to announce that we have formed a world-class scientific advisory Board, led by Dr. Gloria Sheynkman from the University of Virginia. Our scientific advisory board is made up of an outstanding group of scientists from academic research and industry that bring deep experience with protein and DNA sequencing, protein modifications in relation to disease, bioengineering, and molecular delivery systems, as well as consumable development and product development.

最後，我很高興地宣布，我們已經成立了一個世界一流的科學顧問委員會，由維吉尼亞大學的Gloria Sheynkman博士領導。我們的科學顧問委員會由來自學術研究和工業領域的一群傑出的科學家組成，他們在蛋白質和 DNA 測序、與疾病相關的蛋白質修飾、生物工程和分子遞送系統以及消耗品開發和產品開發方面擁有豐富的經驗。

I would encourage you to visit our website to learn more about our scientific advisory Board members. We look forward to collaborating with this distinguished group of scientists as we continue to expand the utility and utilization of next generation protein sequencing in the global proteomics market.

我鼓勵您訪問我們的網站，以了解有關我們的科學顧問委員會成員的更多資訊。我們期待與這群傑出的科學家合作，繼續擴大下一代蛋白質定序在全球蛋白質體學市場的實用性和利用率。

Our second priority is to deliver on our innovation roadmap. Over the course of 2024, our R&D team delivered two new sequencing kits, a new library prep kit, a barcoding kit, and two new software workflows, specifically protein inference and a single amino acid variant detection and quantification tool called ProteoVue.

我們的第二個優先事項是實現我們的創新路線圖。2024 年期間，我們的研發團隊推出了兩種新的定序試劑盒、一種新的文庫製備試劑盒、一種條碼試劑盒和兩種新的軟體工作流程，特別是蛋白質推斷和一種名為 ProteoVue 的單一氨基酸變體檢測和定量工具。

At a high level, the kit launches expanded our proteome coverage, significantly reduced the sample input amount required and improved the overall sample success rates across the broad range of proteins and applications. When combined with the software workflows, customers experienced a consistent flow of new capabilities that allowed them to pursue an ever increasing range of protein analysis applications, sample types, and proteins of interest.

從高層次來看，該試劑盒的推出擴大了我們的蛋白質組覆蓋範圍，顯著減少了所需的樣本輸入量，並提高了廣泛蛋白質和應用範圍內的總體樣本成功率。當與軟體工作流程結合時，客戶可以體驗到持續不斷的新功能，使他們能夠追求越來越多的蛋白質分析應用、樣品類型和感興趣的蛋白質。

In addition, in January, we announced the launch of Platinum Pro with shipping expected to begin during the first quarter of 2025. Platinum Pro is an evolution of platinum that offers a streamlined and more efficient processing experience for the user, the ability to process data on board or in the cloud, and includes pro mode, which enables customers to develop custom applications using the power of our single molecule kinetic detection technology.

此外，我們於 1 月宣布推出 Platinum Pro，預計將於 2025 年第一季開始出貨。Platinum Pro 是 Platinum 的升級版，它為用戶提供了簡化、更有效率的處理體驗，能夠在機上或雲端處理數據，並包含專業模式，使客戶能夠利用我們的單分子動力學檢測技術的強大功能開發客製化應用程式。

Next, I would like to provide a recap of the innovation roadmap we laid out at our Investor Day on November 20, 2024. First, we reviewed the proteomics market and the long-term growth drivers. The proteomics market is a large, important, and growing market which is still in its relative infancy.

接下來，我想回顧一下我們在2024年11月20日投資者日所製定的創新路線圖。首先，我們回顧了蛋白質體學市場和長期成長動力。蛋白質體學市場是一個龐大、重要且不斷成長的市場，但仍處於相對起步階段。

Some examples of the long-term growth drivers we shared include large scale screening studies that once completed will drive the need for follow-on studies to more deeply characterize the most clinically and therapeutically actionable proteins identified.

我們分享的一些長期成長動力的例子包括大規模篩選研究，這些研究一旦完成，將推動後續研究的需求，以更深入地表徵已鑑定的最具臨床和治療可行性的蛋白質。

Additionally, the move to greater use of artificial intelligence tools, whether in drug development, protein engineering, or multiomics analysis, will require vast amounts of data to be generated to train the models. In both cases, we believe that tools like next generation protein sequencing will be a key tool to drive these research initiatives forward.

此外，無論是在藥物開發、蛋白質工程或多組學分析中，更多地使用人工智慧工具都需要產生大量資料來訓練模型。在這兩種情況下，我們相信下一代蛋白質定序等工具將成為推動這些研究計畫向前發展的關鍵工具。

Second, we laid out a new instrument in consumable architecture that can scale to billions of reads, and when combined with other technology development initiatives creates a clear path to de novo sequencing.

其次，我們在可消耗架構中設計了一種新儀器，該儀器可擴展到數十億次讀取，並且與其他技術開發計劃相結合，為從頭測序創造了一條清晰的道路。

The Proteus platform will be the first platform to incorporate this new architecture, and we expect Proteus to launch in the second half of 2026. At a high level, Proteus will offer significantly more reads per sample, more samples per run, and greater workflow automation than our current platform.

Proteus 平台將是第一個採用這種新架構的平台，我們預計 Proteus 將於 2026 年下半年推出。從高層次來看，Proteus 將比我們目前的平台提供每個樣本更多的讀取量、每次運行更多的樣本量以及更高的工作流程自動化程度。

As an example, our current platform Platinum processes a single consumable per run, and that consumable contains 2 million wells. Proteus is being designed to process two consumables at a time, and each consumable is expected to contain up to 80 million wells for a total of 160 million wells per run. This expanded number of wells can be used to process more samples per run or can be used for extremely deep analysis of a single or small number of samples. From a development perspective, the Proteus program is de-risk compared to a typical new platform development project in two ways.

例如，我們目前的平台 Platinum 每次運行處理一個消耗品，而該消耗品包含 200 萬個孔。Proteus 的設計目的是一次處理兩個消耗品，每個消耗品預計可容納多達 8000 萬個孔，每次運行總共可容納 1.6 億個孔。增加孔的數量可用於每次運行處理更多樣本，或用於對單個或少量樣本進行極其深入的分析。從開發角度來看，與典型的新平台開發專案相比，Proteus 計畫在兩個方面降低了風險。

First, we can utilize many aspects of our current commercially available technologies such as surface chemistry, consumable fabrication methods, library prep, and sequencing chemistry. And second, we can take advantage of the advancements in the field of optics that have been developed over the past decade to meet the needs of next generation DNA sequencing platforms. Finally, we share data from our research initiatives that showed the vast capability of our core technology to be extended into other areas of proteomics beyond protein sequencing.

首先，我們可以利用目前商業可用技術的許多方面，例如表面化學、消耗品製造方法、文庫製備和定序化學。其次，我們可以利用過去十年光學領域的進步來滿足下一代 DNA 定序平台的需求。最後，我們分享了我們研究計劃的數據，這些數據表明我們的核心技術具有擴展到蛋白質測序之外的蛋白質組學其他領域的巨大潛力。

Based on the data presented, we believe our core technology is the only commercially available technology that can enable single molecule, top down, and bottoms-up proteomics methods. In summary, we believe that our Proteus platform and core technology are capable of addressing the broadest range of proteomics analysis methods of any technology in the market today.

根據所提供的數據，我們相信我們的核心技術是唯一可以實現單分子、自上而下和自下而上的蛋白質體學方法的商業化技術。總之，我們相信我們的 Proteus 平台和核心技術能夠解決當今市場上任何技術中最廣泛的蛋白質體學分析方法。

We expect to unlock that potential through a combination of both internal R&D initiatives as well as strategic partnerships to ensure that Proteus will enable every lab to be a core lab without the need to own multiple instruments or have specialized facilities and staff to perform proteomics research.

我們希望透過內部研發計劃和策略合作夥伴關係的結合來釋放這一潛力，以確保 Proteus 能夠使每個實驗室成為核心實驗室，而無需擁有多種儀器或擁有專門的設施和人員來進行蛋白質組學研究。

If you would like to learn more about any of these topics, I would encourage you to visit the investor relations section of our website where we have a comprehensive slide deck and audio recording of the full event.

如果您想了解有關這些主題的更多信息，我鼓勵您訪問我們網站的投資者關係部分，我們在那裡提供了完整的幻燈片和整個活動的錄音。

In the coming months, we will certainly provide you with updates on the Proteus development process to allow you to understand our progress relative to our anticipated launch date in the second half of 2026. The key milestone this year is successful protein sequencing on a prototype Proteus system by the end of 2025.

在接下來的幾個月裡，我們一定會為您提供有關 Proteus 開發過程的最新信息，以便您了解我們相對於預計的 2026 年下半年發布日期的進展情況。今年的關鍵里程碑是到 2025 年底在原型 Proteus 系統上成功進行蛋白質定序。

We certainly have numerous other incremental milestones that we will achieve throughout the development process, and as those items come up, we will provide you updates as appropriate. Additionally, for 2025, we announced today that we expect to launch a version 4 sequencing kit in the third quarter of the year.

當然，在整個開發過程中，我們也會實現許多其他的漸進式里程碑，隨著這些里程碑的出現，我們會適時向您提供更新。此外，對於 2025 年，我們今天宣布，預計將在今年第三季推出第 4 版定序試劑盒。

We expect that this new sequencing kit will further increase proteome coverage and protein accessibility via new recognizers and cutters. We are also continuing to advance other product development initiatives across library prep, application development, and software, and we expect to provide updates to you in the coming months on these programs.

我們預計，這種新的定序試劑盒將透過新的識別器和切割器進一步增加蛋白質體覆蓋率和蛋白質可及性。我們也將繼續推進圖書館準備、應用程式開發和軟體等領域的其他產品開發計劃，並期望在未來幾個月內向您提供這些計劃的最新進展。

Our third priority is to preserve our financial strength. We remain committed to utilizing our capital in the most efficient manner that maximizes shareholder value. We will continue to be nimble and adjust our capital deployment strategy as the business or market may require.

我們的第三個優先事項是維持我們的財務實力。我們始終致力於以最有效的方式利用我們的資本，以實現股東價值最大化。我們將繼續保持靈活，並根據業務或市場需求調整我們的資本配置策略。

To that end, post our Investor Day presentations and partnership announcements in November of 2024, we observed a significant increase in interest from investors as the long-term strategy was now clear and the market was able to better understand the full potential of our uniquely differentiated technology. Based on this market interest, we raised capital through our at the market facility in December, as well as raising additional capital at the start of January.

為此，在 2024 年 11 月的投資者日演示和合作夥伴關係公告發布後，我們注意到投資者的興趣顯著增加，因為長期戰略現在已經明確，市場能夠更好地了解我們獨特差異化技術的全部潛力。基於這種市場興趣，我們在 12 月透過市場工具籌集了資金，並在 1 月初籌集了額外資金。

Jeff will go into more details, but the combination of these capital raises effectively provides us another year of cash runway as we work to execute on our commercial strategy and innovation roadmap. I will now turn the call over to Jeff to review our financial results.

傑夫將會詳細介紹，但這些融資的組合有效地為我們提供了另一年的現金流，以便我們努力執行我們的商業策略和創新路線圖。現在我將把電話轉給傑夫來審查我們的財務結果。

Thanks, Jeff. Now I'll review the details of our operating results for the fourth quarter and full-year 2024. Revenue in Q4 2024 was approximately $1.2 million, which consisted of revenue from our platinum instrument, consumable kits, and related services. Gross profit was 610,000 and gross margin was 51%.

謝謝，傑夫。現在我將回顧我們2024年第四季和全年的經營績效詳情。2024 年第四季的收入約為 120 萬美元，其中包括我們的鉑金儀器、消耗品套件和相關服務的收入。毛利為61萬，毛利率為51%。

As I have been saying throughout 2024, our gross margin percentage will be somewhat variable for the foreseeable future as we work through our continued commercialization efforts and may be impacted by the timing and mix of instruments versus conceivable sales.

正如我在 2024 年一直所說的那樣，隨著我們持續進行商業化努力，我們的毛利率百分比在可預見的未來將有所變化，並且可能會受到工具的時間和組合與可想像的銷售額的影響。

Our margin has also been impacted and may continue to be impacted by the acquisition costs and any accounting adjustments to underlying inventory that predates the commercial launch of the platinum line of instruments. Our gross margin for Q4 2024 includes approximately a 2% benefit for inventory utilized during the quarter that was carried at low or no value and dates back to prior to the initial commercialization.

我們的利潤率也受到了影響，並且可能繼續受到收購成本以及在鉑金系列儀器商業推出之前對基礎庫存的任何會計調整的影響。我們 2024 年第四季的毛利率包括本季使用的庫存約 2% 的收益，這些庫存的價值很低或沒有價值，可以追溯到首次商業化之前。

We do expect to see more variances that will flow through our gross margin as we move forward, and I will highlight them if they are material. Revenue for the full-year 2024 was $3.1 million and gross profit was $1.6 million and gross margin was 52%. Similar to the comment I just made about Q4, our gross margin for the full-year 2024 includes approximately a 3% benefit for inventory utilized during the quarter that was carried at low or no value.

我們確實預計，隨著我們前進，毛利率將出現更多變化，如果這些變化很重要，我將強調它們。2024年全年營收為310萬美元，毛利為160萬美元，毛利率為52%。與我剛才對第四季的評論類似，我們 2024 年全年的毛利率包括本季使用的低價值或無價值庫存的約 3% 收益。

Turning to operating expenses, GAAP total operating expenses for the fourth quarter of 2024 were $31.3 million compared to $28.1 million in the fourth quarter of 2023, while adjusted operating expenses were $26.7 million for the fourth quarter of 2024 compared to $26.3 million for the fourth quarter of 2023. Overall, we have essentially kept our adjusted operating expenses flat while funding the ramp up of our commercial operations.

談到營運費用，2024 年第四季的 GAAP 總營運費用為 3,130 萬美元，而 2023 年第四季為 2,810 萬美元，而 2024 年第四季的調整後營運費用為 2,670 萬美元，而 2023 年第四季為 2,630 萬美元。總體而言，我們在為商業營運的成長提供資金的同時，基本上保持了調整後的營運費用持平。

For the full-year 2024, our GAAP total and operating expenses were $110.2 million compared to $111.7 million in the prior year, a decrease of about 1%. Included in total operating expenses are R&D and SG&A expenses. R&D expenses were $59.6 million in 2024 compared to $67 million in 2023, 11% decrease year over year. SG&A expenses were $50.5 million in 2024 compared to $44.6 million in 2023, an increase of 13%.

2024 年全年，我們的 GAAP 總營運費用為 1.102 億美元，而前一年為 1.117 億美元，下降約 1%。總營運費用包括研發費用及銷售、一般及行政費用。2024 年研發費用為 5,960 萬美元，而 2023 年為 6,700 萬美元，年減 11%。2024 年銷售、一般及行政費用為 5,050 萬美元，而 2023 年為 4,460 萬美元，成長 13%。

As a reminder, we executed an R&D realignment in August of 2023 that streamlined our R&D efforts on focused product delivery to the market and a portion of the year-over-year decrease is the impact of the 2023 restructuring program.

提醒一下，我們在 2023 年 8 月進行了研發調整，簡化了我們的研發工作，重點是將產品交付給市場，而同比下降的部分原因是 2023 年重組計畫的影響。

In addition, in November 2024, we initiated a corporate-wide restructuring program to streamline and focus corporate resources as well as aligning required resources to focus on our recently announced Proteus platform development.

此外，2024 年 11 月，我們啟動了一項全公司範圍的重組計劃，以精簡和集中公司資源，並調整所需資源，專注於我們最近宣布的 Proteus 平台開發。

All in all, the year-over-year change in R&D expenditures reflects the impact of the aforementioned restructuring programs, while the optimization activities in November 2024 are expected to align and optimize spend on our core R&D programs, including produce development while keeping for total R&D spend roughly equivalent to 2024.

總而言之，研發支出的年比變化反映了上述重組計畫的影響，而 2024 年 11 月的最佳化活動預計將調整和優化我們核心研發計畫的支出，包括產品開發，同時維持總研發支出大致相當於 2024 年。

Overall, SG&A expenses increased year over year as planned, with the majority of the year-over-year increase in Q4 2024 as we ramped up our commercialization efforts. Stepping back is important to note that we have kept overall operating expenses and adjusted operating expenses flat year over year while at the same time delivering multiple products to the market, initiating and funding a game changing development program with Proteus and funding our commercial operations ramp.

總體而言，銷售、一般及行政費用按計劃同比增長，其中大部分同比增長發生在 2024 年第四季度，因為我們加強了商業化。回顧一下，值得注意的是，我們保持了整體營運費用和調整後營運費用與去年同期持平，同時向市場推出了多種產品，與 Proteus 合作啟動並資助了一項改變遊戲規則的開發計劃，並為我們的商業營運提升提供了資金。

Our dividend in interest income in the fourth quarter of 2024 was $2.2 million compared to $2.3 million in the fourth quarter of 2023. For the full-year 2024, dividend in interest income was $11.4 million compared to $9.5 million for the full year of 2023. Overall, we benefited year over year from higher interest rates relative to our overall cash equivalent and marketable securities position.

我們 2024 年第四季的利息股息收入為 220 萬美元，而 2023 年第四季為 230 萬美元。2024 年全年利息收入中的股利為 1,140 萬美元，而 2023 年全年為 950 萬美元。整體而言，相對於我們的整體現金等價物和有價證券部位而言，我們逐年受益於更高的利率。

As of December 31, 2024, we had $209.6 million in cash and cash equivalents and investments in marketable securities. Included within the $209.6 million are the gross proceeds from our ATM facility raised in the fourth quarter of $36.2 million. Not included in the $209.6 million is the gross proceeds from our capital raise that closed on January 6, 2025 of $50 million.

截至 2024 年 12 月 31 日，我們擁有 2.096 億美元的現金和現金等價物以及有價證券投資。這 2.096 億美元中包括我們第四季度從 ATM 設施籌集到的 3,620 萬美元的總收益。這 2.096 億美元中不包括我們於 2025 年 1 月 6 日完成的 5,000 萬美元融資總收益。

Taking into consideration the $209.6 million of cash and cash equivalents of marketable securities in December 31, 2024, and the gross proceeds of $50 million from our capital raise on January 6, 2025, as well as our continued financial discipline and focused efforts on capital allocation, we expect to have cash runway into the second half of 2027.

考慮到 2024 年 12 月 31 日的 2.096 億美元現金和有價證券的現金等價物，以及 2025 年 1 月 6 日我們籌集的 5000 萬美元的總收益，以及我們持續的財務紀律和對資本配置的重點努力，我們預計到 2027 年下半年將有現金流。

For 2025, there are two key activities that are evolving that currently limit our full view into 2025 revenue that we are tracking against. These two items are our Avantor distribution relationship in North America and the current uncertainty surrounding the NIH funding environment for 2025.

對於 2025 年，有兩項關鍵活動正在發展，目前限制了我們對所追蹤的 2025 年收入的全面了解。這兩項是我們在北美的 Avantor 分銷關係以及目前圍繞 NIH 2025 年資助環境的不確定性。

As Jeff mentioned earlier, we are working through the process of training and onboarding the Avantor organization, which we expect to be complete by the end of the first quarter. Once these onboarding activities are completed and initial traction on sales are observed, we will have more clarity on the full impact of Avantor's contribution to our 2025 revenue.

正如 Jeff 之前提到的，我們正在對 Avantor 組織進行培訓和入職培訓，預計將在第一季末完成。一旦這些入職活動完成並觀察到銷售的初步牽引力，我們將更清楚地了解 Avantor 對 2025 年收入的貢獻的全面影響。

Now turning to the NIH funding environment, as many of you have already heard from other companies in the life science tool space, there is uncertainty regarding NIH funding that has the potential to impact the academic research market in the United States. The degree of this impact is hard to predict until the NIH budget and spending priorities are finalized by the new administration.

現在談談 NIH 的資助環境，正如你們許多人已經從生命科學工具領域的其他公司那裡聽到的那樣，NIH 資助存在不確定性，這可能會影響美國的學術研究市場。在新政府最終確定 NIH 預算和支出重點之前，這種影響的程度很難預測。

On a positive note, our international opportunity and our US opportunity and other market segments such as pharma and biotech are all not expected to be impacted by the NIH funding and certainty. Having said that, for the first quarter of 2025, we anticipate revenue to be at least $900,000. This level of revenue represents approximately 100% growth year over year in the first quarter and takes into account the typical drop off and life science tool companies seen in terms of quarter-over-quarter revenue when moving from Q4 into Q1, minimal contribution from Avantor and the uncertainty around NIH funding and the potential to delay some academic customers in the US market from finalizing their capital spending plans for 2025.

從積極的一面來看，我們的國際機會、美國機會以及製藥和生物技術等其他細分市場預計都不會受到 NIH 資金和確定性的影響。話雖如此，我們預計 2025 年第一季的營收至少為 90 萬美元。這一收入水準代表第一季同比增長約 100%，並考慮到從第四季度進入第一季時生命科學工具公司收入環比下降的典型現象、Avantor 的微小貢獻、NIH 資金的不確定性以及美國市場一些學術客戶推遲完成 2025 年資本支出計劃的可能性。

Turning to adjusted operating expenses and anticipated cash usage for 2025, we're able to provide more clarity based on our past run rates, continued corporate efficiency initiatives, and our development roadmap. Our preliminary guidance for adjusted operating expenses for 2025 is $103 million or less, and total estimated cash use for 2025 will be $95 million or less. Now, I'll turn the call over to the operator to open the line for questions.

談到調整後的營運費用和 2025 年的預期現金使用情況，我們能夠根據過去的運行率、持續的企業效率措施和發展路線圖提供更清晰的說明。我們對 2025 年調整後營運費用的初步預期為 1.03 億美元或更少，2025 年預計現金使用總額為 9,500 萬美元或更少。現在，我將把電話轉給接線員，以便解答疑問。

(Operator Instructions)

（操作員指示）

(technical difficulty) [Kyle Mixon, Canaccord Genuity].

（技術難題）[Kyle Mixon，Canaccord Genuity]。

Hey guys, thanks for the questions. So you launched the Pro system in January. Did you sell any since the announcement and how was that -- impacted sales of the Legacy Platinum boxes and consumable sense?

嘿夥計們，謝謝你們的提問。所以您在一月推出了 Pro 系統。發布以來你們賣了多少？這對 Legacy Platinum 盒子和消耗品的銷售有何影響？

Yeah, Kyle, so we, as you said, we announced the launch of Platinum Pro in earlier this quarter. We expect to start shipping the machine before the end of the quarter we're not sort of giving out a specific number of machines at this point. We haven't seen any impact right now on the Platinum sales. There's obviously two different price points of those devices, so some people may still acquire the Platinum while it's available and others may move directly to Pro, and given the consumables are the same across the machines. We also haven't seen any impact on consumable ordering patterns of Platinum users, even those who may be considering sort of an upgrade in the future to a Platinum Pro.

是的，凱爾，正如你所說，我們在本季早些時候宣布推出 Platinum Pro。我們預計將在本季末之前開始運送機器，目前我們還沒有公佈具體數量的機器。目前我們還沒有看到白金銷售受到任何影響。這些設備顯然有兩個不同的價格點，因此有些人可能仍會在 Platinum 有貨時購買，而其他人可能會直接購買 Pro，並且考慮到所有機器的耗材都是相同的。我們也沒有看到白金用戶的消耗品訂購模式受到任何影響，即使是那些可能考慮在未來升級到白金專業版的用戶。

Got it, thanks, Jeff. And I just want to confirm, actually I guess taking a step back. I know that you guys provided expectations for, essentially quarterly revenue going forward, but with any of this $1.2 million in the fourth quarter, was that pushed from [3Q] or maybe pulled forward from the first quarter of '25?

明白了，謝謝，傑夫。我只是想確認一下，實際上我想退一步。我知道你們對未來的季度收入做出了預期，但第四季度的這 120 萬美元，是從 [第三季度] 推遲的，還是從 25 年第一季提前的？

Yeah, nothing was pushed from Q3, I think, we certainly saw some end of year buying decisions occur in the fourth quarter. I wouldn't say it was sort of a significant level of those. I wouldn't go as far as calling it a budget flush, but there were certainly some folks who, knowing that Platinum would likely see a price increase and that we had announced that Platinum Pro was coming in the first half of the year back at our Investor Day in November of 2024. We did see a few areas where we believe customers may have pulled those purchase decisions forward, but again, not a significant trend in either direction.

是的，我認為第三季沒有任何進展，我們確實看到第四季度出現了一些年底購買決定。我不會說這是一個相當重要的水平。我不會將其稱為預算沖洗，但肯定有一些人知道 Platinum 可能會漲價，我們已經在 2024 年 11 月的投資者日上宣布 Platinum Pro 將於今年上半年推出。我們確實看到了一些我們認為客戶可能提前做出購買決定的領域，但同樣，這兩個方向的趨勢並不明顯。

All right, that makes sense. And again, I think this was sort of talked about a little bit in the guidance expectations, but would you mind clarifying the expectations for the Avantor report partnership this year like is that pivotal for some of the essential targets that you have?

好吧，這很有道理。再次，我認為這在指導預期中已經討論過一點，但您能否澄清一下今年對 Avantor 報告合作夥伴關係的預期，這對您的一些重要目標是否至關重要？

Yes, so on Avantor again, we signed the distribution agreement in November of 2024 as a standard in these types of distribution agreements, we have a phase where we're implementing our products into their operating systems so that they can be ordered and fulfilled through the system. And then we have the training of the actual sales professionals, so they have sort of meetings that were set up throughout the first quarter of the year, as is typical with commercial organizations, so we've been slotting into those meetings and providing training for the teams and now the teams, as they get trained are out beginning to interface with our direct reps and really strategize and coordinate at a territory level.

是的，因此，我們再次在 2024 年 11 月簽署了 Avantor 分銷協議，作為此類分銷協議的標準，我們有一個階段將我們的產品實施到他們的作業系統中，以便可以透過該系統訂購和履行。然後，我們對實際的銷售專業人員進行培訓，因此他們會在整個第一季度舉行各種會議，這在商業組織中很常見，因此我們一直在參加這些會議並為團隊提供培訓，現在，這些團隊在接受培訓後開始與我們的直接代表進行交流，並在區域層面製定策略並進行協調。

So, as we said, when we announced the distribution agreement, we expected Q1 to really be that training and implementation phase. We expect to see some contribution from the relationship in the second quarter of the year and really see more of the acceleration from that relationship in the back half of the year after their reps have been trained and been out in the territories for a period of time to build their funnels and ultimately be able to deliver more of a ramp in the second half of the year.

因此，正如我們所說，當我們宣布分銷協議時，我們預計第一季將真正進入培訓和實施階段。我們預計，在第二季度，雙方將透過合作關係做出一些貢獻，而在今年下半年，當他們的銷售代表接受培訓並在相關地區工作一段時間以建立銷售管道並最終能夠在下半年實現更大增長後，雙方將真正看到這種合作關係的加速發展。

Got it. Okay. And then in light of the recent, the US [Hupo] and the AGBT conferences, can you just talk about the recent feedback from the both the proteomics and the genomics communities and how they're sort of interacting so far with the technology and the value proposition?

知道了。好的。然後，鑑於最近美國 [Hupo] 和 AGBT 會議，您能否談談蛋白質組學和基因組學界最近的反饋，以及他們迄今為止如何與技術和價值主張互動？

Sure, I think that AGBT, which is obviously a more focused show in genomics next generation DNA sequencing, some of the spatial technologies, there were obviously a lot of new product announcements or or new entrants into the space, so lots of competitive noise in the space, certainly within the genomics field.

當然，我認為 AGBT 顯然是一個更專注於基因組學下一代 DNA 測序和一些空間技術的展會，顯然有很多新產品發布或新進入者進入該領域，因此該領域有很多競爭噪音，當然是在基因組學領域。

NIH funding was certainly a hot topic amongst the academic researchers, so not normally a core event for us, so we never expected to be a huge source of sort of what we would call more lead generation or marketing activities, but we did have people there in attendance presenting scientific data and posters on the technology, and we had very good traffic at those poster sessions, lots of great questions from people really in that community thinking about that multiomic workflow. How do they go from RNA sequencing and incorporate proteomics technologies to sort of close that that loop, very similar to what the University of Virginia talked about in their paper that was pre-print on bio archives. So that's maybe a good analog of sort of how the genomics community at that meeting was interfacing with us with a protein sequencing technology.

NIH 資助無疑是學術研究人員中的熱門話題，因此通常不是我們的核心活動，因此我們從未期望成為所謂的更多潛在客戶開發或營銷活動的巨大來源，但我們確實有人出席並展示有關該技術的科學數據和海報，並且在那些海報展示會上人流量很大，來自該社區的人們真正思考多組學工作流程提出了很多很好的問題。他們如何從 RNA 定序並結合蛋白質體學技術來完成這個循環，這與維吉尼亞大學在生物檔案預印本論文中討論的內容非常相似。所以這也許可以很好地類比那次會議上基因體學界如何利用蛋白質定序技術與我們溝通。

Hupo, obviously a very targeted event, nowhere near the size of AGBT but very focused on the proteomics market, the proteomics customers, we had tremendous booth traffic there. We had interest at posters that were a mix of some data. We presented also data that customers presented, other workshops and activities. So, very positive feedback we're getting each time we bring out new capabilities that gets people talking about new applications and ultimately in these events as we've talked about on these calls before, a mix of customers presenting data and some of that peer-to-peer exchange of information is a very valuable sort of tool in driving the awareness and ultimately the adoption.

Hupo 顯然是一個非常有針對性的活動，雖然規模遠不及 AGBT，但非常專注於蛋白質組學市場和蛋白質組學客戶，我們在那裡的展位流量非常大。我們對混合了一些數據的海報很感興趣。我們也展示了客戶提供的數據、其他研討會和活動。因此，每次我們推出新功能時，我們都會收到非常積極的反饋，讓人們談論新的應用程序，最終在這些活動中，正如我們之前在這些電話會議上討論的那樣，客戶展示數據和一些點對點信息交換是一種非常有價值的工具，可以提高人們的認識並最終推動人們的採用。

All right, maybe on that note, would you mind like maybe at relatively high level, could you talk about why the amino acid binder, like well-based approach, why you're confident that's going to be successful here relative to like a nanopore-based approach that we've seen just coming off the [roche] kind of comments, I guess, little AGBT things like that, just, why is like your approach better position but potentially verse something that we've seen in like more of like the R&D like this?

好的，關於這一點，您介意從相對較高的層面談談為什麼氨基酸結合劑，例如基於孔的方法，為什麼您有信心這種方法會成功，相對於我們剛剛從 [roche] 的評論中看到的基於奈米孔的方法，我想，像 AGBT 這樣的小東西，為什麼您的方法更合適，但可能與我們在研發中看到的方法相反？

Yeah, well, I think Kyle, it's a little hard to know exactly how to compare to nanopore-based approaches for protein sequencing given there aren't any commercially available products that utilize that technology and there are certainly some very early stage research papers that have been published on trying to apply nanopore technologies, but most of those papers, as is often the case with early technology development are focused on very simple samples, perhaps, amino acids with spacers in them to improve the reading accuracy or the ability to detect the changes in amino acids. So, a common technology feasibility approach, but not necessarily something that we know that what the specs would look like in a commercial environment and how to think about positioning our technology against that.

是的，嗯，我認為 Kyle，由於目前還沒有任何利用該技術的商業化產品，而且確實有一些嘗試應用奈米孔技術的早期研究論文發表，因此很難確切地知道如何將其與基於奈米孔的蛋白質測序方法進行比較，但大多數這些論文，就像早期技術開發的情況一樣，都集中在非常簡單的樣本上，也許是間隔測量物的氨基酸變化。因此，這是一種常見的技術可行性方法，但我們不一定知道在商業環境中的規格是什麼樣的，以及如何考慮定位我們的技術。

I think what we're focused on with our approach is unlike DNA where nanopores have been applied, you have four DNA bases to deal with everything is negatively charged. In amino acids, we're talking 20, we're talking about a wide range of properties of those amino acids and the sequence context of those amino acids is a very challenging endeavor. So we, while perhaps nanopores will get there, we think it's a significantly harder challenge then perhaps DNA in nanopores.

我認為我們的方法所關注的重點與應用奈米孔的 DNA 不同，您需要四個 DNA 鹼基來處理帶負電荷的所有物質。就氨基酸而言，我們討論的是 20 種氨基酸，我們討論的是這些氨基酸的廣泛特性，而這些氨基酸的序列背景是一項非常具有挑戰性的工作。因此，儘管奈米孔也許能夠實現這一目標，但我們認為這比奈米孔中的 DNA 更具挑戰性。

In terms of how we focus on our approach, what we like about our approach is a couple of things. One is our amino acid recognizers are capable. They typically detect two or three amino acids and the relevant sort of post-translational modifications or changes. That approach will prevent us from needing to have 20 different recognizers, which we think trying to scale up to these really large numbers of potential recognizers would be a very difficult biochemistry problem. So sort of our kinetic detection and that ability to have these multi-affinity sort of recognizes for different amino acids we think is definitely an advantage from a development perspective.

就我們如何關注我們的方法而言，我們喜歡我們的方法的幾個方面。一是我們的胺基酸辨識器能力很強。它們通常檢測兩種或三種氨基酸以及相關的翻譯後修飾或變化。這種方法將使我們不需要 20 種不同的識別器，我們認為嘗試擴展到如此大量的潛在識別器將是一個非常困難的生物化學問題。因此，我們認為，從開發角度來看，我們的動力學檢測和對不同氨基酸進行多親和力識別的能力絕對是一種優勢。

And when we talk about sort of the engineering architecture, what we like about the direction we're going with with Proteus is we really put ourselves on a consumable architecture that can be scaled to billions of reeds sort of the type of capacity you're bound to need to get the de novo sequencing, and then you're really leveraging a lot of the optical detection technology capability that's been evolved over the last decade or so. So we really like that sort of trying to leverage a lot of that capability that's out there, getting onto that architecture that will scale and underpinned by sort of our unique kinetic detection with those amino acid recognizers.

當我們談論工程架構時，我們對 Proteus 的發展方向感到滿意，因為我們真正將自己置於一個可擴展到數十億個簧片的可消耗架構上，這種容量是進行從頭測序所必需的，然後您就可以真正利用過去十年左右發展起來的大量光學檢測技術能力。因此，我們真的很喜歡嘗試利用現有的大量功能，進入可擴展的架構，並透過我們獨特的氨基酸識別器動力學檢測來鞏固該架構。

Perfect. And then maybe just on that last note, and this would be a final question for me, could you maybe confirm if the Proteus architecture and the initial assay is locked down like how that, how is that progressing? I know you have the, I guess, second half of next year launch, but, in terms of like some of the technical milestones, how are those going?

完美的。然後也許只是關於最後一點，這對我來說是最後一個問題，您能否確認 Proteus 架構和初始分析是否已鎖定，進展如何？我知道你們計劃在明年下半年推出產品，但是就一些技術里程碑而言，進展如何？

Yeah, so a good question, Kyle. So maybe I'll start with what we said in the call, which is our key milestone we want to achieve this year is that we demonstrate our next generation protein sequencing chemistry on that Proteus platform and the consumable on sort of a prototype of that platform and consumable. So that we expect to do by the end of the year.

是的，凱爾，這是一個很好的問題。因此，也許我將從我們在電話中所說的內容開始，這是我們今年想要實現的關鍵里程碑，即我們在 Proteus 平台上展示我們的下一代蛋白質測序化學，並在該平台和消耗品的原型上展示消耗品。我們希望在今年年底前完成。

I'd say a couple of things about sort of how we're progressing, right? So at our Investor Day, we showed some of the early technology feasibility data around the consumable fabrication method, the change from lifetime detection to color ratio. So you know that was some of that early data we talked about the partnerships. We did to help de-risk and accelerate, so Skywater around the consumable planet innovation around the instrument, NVIDIA around AI and compute, and then more recently you probably saw that we partnered with IDEX Health and Sciences, really the leader in high-performing optical systems in the life science space.

我想說幾句關於我們進展如何的事情，對吧？因此，在我們的投資者日，我們展示了一些圍繞耗材製造方法、從壽命檢測到顏色比例的變化的早期技術可行性數據。所以你知道這是我們討論的一些關於合作關係的早期數據。我們確實幫助降低了風險並加速了發展，Skywater 圍繞著儀器的消耗品星球創新，NVIDIA 圍繞著人工智能和計算，最近你可能看到我們與 IDEX Health and Sciences 合作，後者確實是生命科學領域高性能光學系統的領導者。

So we feel really good about the partners we have around us, sort of how the technology has progressed from what we showed in November and are very confident we can get to that goal of having sequencing on a prototype platform by the end of the year. If we achieve that goal, Kyle, then we're right where we'd want to be in terms of getting to that second half of 206 launch.

因此，我們對周圍的合作夥伴感到非常滿意，技術已經從我們 11 月展示的技術中取得了進步，並且我們非常有信心我們可以實現在年底前在原型平台上進行測序的目標。凱爾，如果我們實現了這個目標，那麼我們就達到了我們想要的 206 發射後半段的目標。

So, as we go this year, we'll certainly provide other updates, but, really right now progressing the way we like set up well for that end of year milestone and assuming we hit that, really gets us then to that second half '26 launch.

因此，隨著今年的進展，我們肯定會提供其他更新，但是，現在我們正在按照我們喜歡的方式為年底的里程碑做好準備，並假設我們實現了這一目標，那麼我們真的可以在 26 年下半年推出該產品。

Got it. Okay. Thanks for the help, Jeff.

知道了。好的。謝謝你的幫助，傑夫。

Thank you.

謝謝。

Douglas MacPherson, HC Wainwright.

道格拉斯·麥克弗森、HC·溫賴特。

Hi there, nice to speak with you and congrats on the good quarter.

您好，很高興與您交談，並祝賀您本季取得良好業績。

Thanks, Doug.

謝謝，道格。

So similar to what was touched on by the last caller, I recall last quarter there was some variability in the sales cycle sometimes taking a bit a little bit longer than expected, as you're gaining more experience with more customers, are you starting to see an experience, sort of a more predictable cadence to those sales cycles?

與上一位來電者提到的情況類似，我記得上個季度的銷售週期存在一些變化，有時比預期的要長一點，隨著您與更多客戶打交道的經驗越來越豐富，您是否開始看到一種體驗，看到這些銷售週期更加可預測的節奏？

Yeah, good question, Doug. So I think the sales cycle we're seeing is certainly longer than it has been historically in our market for an instrument of a similar price. I think we're comfortable with now what that sales cycle looks like and that we're seeing it consistently, but it is still elongated from what it's historically been in our space or a device of this sort of price point.

是的，問得好，道格。因此，我認為，我們所看到的銷售週期肯定比我們市場上同類價格儀器的銷售週期還要長。我認為我們現在對銷售週期的情況感到滿意，並且我們一直在觀察這種銷售週期，但它仍然比我們這個領域或這種價位的設備的歷史銷售週期要長。

Sure, thank you for that, and then As far as target markets, you said mostly it's been academic researchers, but you're sort of, branching out and getting some traction with CMOs, biotechs, large pharma government. What do you see is the largest market, and are there any markets that you find it a little difficult to crack and that you feel like it's an untapped market and maybe would like to undertake some initiatives in order to penetrate into those markets?

當然，謝謝你，然後就目標市場而言，你說主要是學術研究人員，但你正在擴展業務並與 CMO、生物技術公司、大型製藥公司政府取得一些聯繫。您認為最大的市場是什麼？是否存在一些您覺得難以打入的市場，或者您覺得這些市場尚未開發，也許您願意採取一些舉措來打入這些市場？

Yeah, so two questions there, Doug. Let me take the first one. So as we exited 2023, our customer base, as I said on the on the prepared remarks was largely academic right as we exited 2024, it's about a 50/50 split now between academic customers and those academics are both in the US and in Western Europe and then those other segments pharma, biotech government. So really good diversification of that base of customers, we'd expect that diversification to continue as we go forward in terms of more and more of those biotech pharmas, et cetera sort of coming online.

是的，有兩個問題，道格。讓我選第一個。因此，當我們退出 2023 年時，正如我在準備好的演講中所說，我們的客戶群主要是學術界，而當我們退出 2024 年時，現在學術客戶的比例大約是 50/50，這些學術客戶既在美國，又在西歐，然後是其他領域，包括製藥、生物技術和政府。因此，客戶群的多樣化確實很好，我們預計，隨著越來越多的生物技術製藥公司等上線，這種多樣化將會持續下去。

The second part of your question, Doug, was more about the untapped opportunities. So I think that the key one right now that we see line of sight to given the diversification we're already seeing with our tech in terms of end users really is that international opportunity.

道格，你問題的第二部分更多的是關於尚未開發的機會。因此，我認為，鑑於我們在最終用戶方面已經看到的技術多樣化，我們現在看到的關鍵是國際機會。

We had a couple partners earlier in the year and then added to that international distribution channel over the course of 2024 and I think as I said in the prepared remarks, really seeing an interesting opportunity in these other regions of the world where perhaps they don't have the capital to buy a $50 million or a million dollar piece of equipment. They don't have the infrastructure scientifically or bioinformatically to analyze the data and do the laboratory workflow. So really feel like there could be a nice opportunity across multiple segments within that sort of OU US or outside the United States sort of opportunities through those channel partners.

我們在今年稍早與幾個合作夥伴建立了合作關係，然後在 2024 年期間增加了國際分銷管道，我認為，正如我在準備好的發言中所說的那樣，我們在世界其他地區確實看到了一個有趣的機會，這些地區可能沒有資金購買價值 5000 萬美元或 100 萬美元的設備。他們沒有科學或生物資訊學的基礎設施來分析數據和執行實驗室工作流程。因此，真的覺得透過這些管道合作夥伴，在美國 OU 內部或美國境外的多個領域可能會有很好的機會。

That's why we built into that network over the course of '24 and we'll continue to do that in '25. I really feel like that's more of the untapped opportunity right now because I think the diversification of the base in general is going well in all regions and we will continue to sort of push on that and invest in that sort of that distribution or decentralization of the customer base.

這就是我們在 2024 年建立該網絡的原因，我們將在 2025 年繼續這樣做。我真的覺得這更像是目前尚未開發的機會，因為我認為總體而言，所有地區的客戶群多樣化都進展順利，我們將繼續推動這一進程，並投資於客戶群的分佈或分散。

Cool. All right, thanks for the color on that. And then last one for me beyond the the Avantor agreement, I recall you had intended to do some internal expansion of your own commercial team. Have you brought on a lot of new people and then sort of what phase are they in? Are they still under that, whatever it was, three to six months of training, or are you starting to see them out in the field and even sort of delivering a return on that investment from your internal commercial teams?

涼爽的。好的，謝謝你的介紹。最後，除了 Avantor 協議之外，我記得您曾打算對自己的商業團隊進行一些內部擴展。您是否招募了很多新人？他們目前處於什麼階段？他們是否仍在接受三到六個月的培訓，或者您已經開始看到他們在實地工作，甚至從您的內部商業團隊中獲得投資回報？

Sure, yeah, good question. So we did do some additions to close out the year and right into the start of this year, as we sit here right now on this call, we have our sort of our commercial team, our direct team sort of staffed the way we expected it to be staffed for this point in 2025.

當然，是的，好問題。因此，我們確實在年底和年初做了一些補充，正如我們現在坐在這裡進行電話會議時所說，我們的商業團隊和直接團隊的人員配備與我們預計 2025 年此時的人員配備情況一致。

Now, obviously we expect there to be some modest hiring throughout the year as we continue to scale up. Some of that could be in the sales types of roles but also in the application support and sort of that more scientific and based support and service as that install base keeps growing.

現在，隨著我們規模的不斷擴大，我們顯然預計全年都會有一些適度的招募。其中一些可能是銷售類型的角色，但也可能是在應用程式支援和更科學、更有基礎的支援和服務，因為安裝基礎不斷增長。

In terms of where are they at in the process, the majority of those sales professionals are in territory and have been out there now for at least that three-month period, but there are some that came on later in the year or came on first thing this year that are still in that training and ramp up phase. So, over the course of the next quarter or so, all those folks will sort of be at an operating scale, and then, anybody who would come on new obviously would go through the same type of training and funnel build and progression.

就他們所處的流程而言，大多數銷售專業人員都已到達該區域並且已經在那裡工作了至少三個月，但也有一些人在今年晚些時候或今年早些時候加入，他們仍處於培訓和提升階段。因此，在接下來的一個季度左右的時間裡，所有這些人都會達到一定的營運規模，然後，任何新來的人顯然都會接受相同類型的培訓、通路建設和進步。

Okay. So we might sort of see that impact in the in the back half of '25 similar to the Avantor agreement?

好的。所以我們可能會在 25 年下半年看到類似 Avantor 協議的影響？

Yeah, I agree with that. I think that I would say two things about it. One is our reps are getting, are in that phase of being in the territory working their funnels and working their space. They're now interfacing with those Avantor reps who just got trained, so we should start to see some of the synergies of those groups working together to sort of share leads and build the pipelines as we get into the back half of the year.

是的，我同意。我想就此說兩點。一是我們的銷售代表正處於在該地區開展工作、利用管道和空間的階段。他們現在正在與剛接受培訓的 Avantor 代表進行交流，因此，隨著我們進入下半年，我們應該開始看到這些團隊之間的一些協同作用，共同分享線索並建立管道。

Similar with our international channel partners, many of those came on in the second half of the year. We just held a big channel partner training meeting last week, so those folks now are getting more and more engaged with the tech, getting trained, getting their applications, support people up to speed. And we should see those folks out now able to start to build their funnels and then execute on winning new customers as we move into the second quarter and second half of the year.

與我們的國際通路合作夥伴類似，許多合作夥伴都是在下半年加入的。我們上週剛舉行了一次大型通路合作夥伴培訓會議，因此這些人現在越來越多地參與到技術中，接受培訓，獲得他們的應用程序，支持人們快速上手。我們應該看到這些人現在能夠開始建立他們的管道，然後在進入第二季和下半年時努力贏得新客戶。

Thank you, ladies and gentlemen. This does include the question-and-answer session of today's program. I'd like to hand the program back to Jeff Hawkins for any further remarks.

謝謝各位，女士們、先生們。這確實包括今天節目的問答環節。我想將節目交還給傑夫霍金斯，以便他可以做出進一步的評論。

All right, thank you. We are excited about the progress during 2024 and are looking forward to delivering on our commercial scale up and technology roadmaps during 2025. We look forward to providing you more updates on our next call. Thank you for attending.

好的，謝謝。我們對 2024 年的進展感到興奮，並期待在 2025 年實現我們的商業規模和技術路線圖。我們期待在下次通話中為您提供更多更新資訊。謝謝您的出席。

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

女士們、先生們，感謝各位參加今天的會議。這確實包括該程式。您現在可以斷開連線。再會。