Quantum-Si Inc (QSI) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Quantum SI third quarter earnings conference call.

您好，感謝您的耐心等待。歡迎參加 Quantum SI 第三季財報電話會議。

(Operator Instructions).

（操作說明）

I would now like to hand the conference over to your first speaker today, Risa Lindsay. Please go ahead.

現在我謹將會議交給今天的第一位發言人，麗莎·林賽。請繼續。

Good afternoon, everyone, and thank you for joining us. Earlier today, Quantum-SI released financial results for the third quarter ended September 30, 2025. A copy of the press release is available on the company's website. Joining me today are Jeffrey Hawkins, our President and Chief Executive Officer, as well as Jeffry Keyes, our Chief Financial Officer.

各位下午好，感謝各位的參與。今天早些時候，Quantum-SI 發布了截至 2025 年 9 月 30 日的第三季財務業績。新聞稿副本可在公司網站上查閱。今天與我一同出席的有我們的總裁兼執行長傑弗裡·霍金斯，以及我們的財務長傑弗瑞·凱斯。

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. For a more complete list and description of risk factors, please see the company's filings made with the Securities and Exchange Commission.

在開始之前，我想提醒各位，管理層將根據聯邦證券法做出一些前瞻性陳述。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結果或事件有重大差異。有關這些風險和不確定性的更多信息，請參閱我們新聞稿中題為“前瞻性聲明”的部分。有關風險因素的更完整清單和說明，請參閱本公司向美國證券交易委員會提交的文件。

This conference call contains time sensitive information that is accurate only as of the live broadcast date today, November 5, 2025. Except as required by law, the company disclaims any intention or obligation to update or revise any forward-looking statements.

本次電話會議包含時效性訊息，僅在今天（2025 年 11 月 5 日）直播當日有效。除法律要求外，本公司不承擔任何更新或修改任何前瞻性聲明的意圖或義務。

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. The reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is included in the press release file earlier today. With that, let me turn the call over to Jeffrey Hawkins.

在本次電話會議中，我們也將提及一些不符合美國公認會計原則（GAAP）的財務指標。今天稍早發布的新聞稿文件中包含了這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表。接下來，我將把電話交給傑弗裡·霍金斯。

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

下午好，感謝各位的參與。在今天的電話會議上，我們將提供業務最新進展，並回顧我們 2025 年第三季的營運業績。之後，我們將開放提問環節。

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，我要提醒大家我們公司的三大優先事項：加速商業化應用、實現創新路線圖、維持財務實力。

Our first corporate priority is to accelerate commercial adoption.

我們公司的首要任務是加速商業化應用。

Our revenue for the third quarter was $552,000 as topline results continue to be impacted by the capital sales headwinds in the market.

由於市場資本銷售逆風持續影響營收，我們第三季的營收為 552,000 美元。

As a reminder, during the second quarter, we announced the launch of an expanded set of instrument acquisition options that allow customers to have our instrument in their lab and purchase and run consumables without having to find the capital dollars to acquire the instrument up front. Since launching this initiative, we have had twelve new customers implement our platform, and all have made their initial reagent purchases. Importantly, more than half of these new customers are in academic labs, a segment that has been very difficult for us to access in 2025 due to the NIH funding challenges. We are very pleased with these early results and expect to continue to offer these alternative options going forward since we view our growing install base not just as a revenue driver but as a strategic mode.

提醒一下，在第二季度，我們宣布推出一套擴展的儀器購置方案，讓客戶可以在自己的實驗室中使用我們的儀器，併購買和運行耗材，而無需預先籌集資金購買儀器。自從推出這項計畫以來，我們已經有 12 位新客戶實施了我們的平台，並且所有客戶都已完成了首次試劑購買。重要的是，這些新客戶中有一半以上來自學術實驗室，由於美國國立衛生研究院 (NIH) 的資金挑戰，我們在 2025 年很難接觸到這群人。我們對這些初步結果非常滿意，並希望繼續提供這些替代方案，因為我們不僅將不斷增長的用戶群視為收入驅動因素，而且將其視為一種策略模式。

We continue to believe that with every new lab that implements our platform, we will see increasing consumable sales, scientific validation, and customer advocacy. We also believe that many of these customers will be strong sales opportunities for our future Proteus platform.

我們始終相信，隨著每個新實驗室採用我們的平台，我們將看到耗材銷售、科學驗證和客戶擁護度的不斷提高。我們也相信，這些客戶中的許多都將是我們未來 Proteus 平台的重要銷售機會。

One example of the strategic value of the placement program is the initiative we announced in June of 2025 with the Broad Institute.

就業安置計畫的策略價值的一個例子是我們於 2025 年 6 月與博德研究所共同宣布的計畫。

The goal of this placement was to enable researchers access to our single molecule protein sequencing technology both within Broad Institute and across the greater Boston Life Science ecosystem.

此次合作的目標是讓研究人員能夠在博德研究所內部以及整個波士頓生命科學生態系統中使用我們的單分子蛋白質定序技術。

I'm pleased to report that this initiative is progressing well. We have two active projects underway now and another two in the final stages of study design. We would expect those two studies to be initiated soon. In addition, we have executed on educational seminars with local researchers to build a funnel of additional research study opportunities that can leverage this instrument placement in the coming quarters.

我很高興地報告，這項計劃進展順利。我們目前有兩個正在進行的項目，另有兩個項目處於研究設計的最後階段。我們預計這兩項研究很快就會啟動。此外，我們還與當地研究人員舉辦了教育研討會，以建立更多研究機會管道，從而在未來幾季利用此儀器部署。

Turning now to scientific affairs, during the second half of 2024, we communicated that we were increasing our investments in scientific affairs, with the core focus being to build our scientific advisory board and develop a pipeline of publications to demonstrate the value of our technology.

現在轉向科學事務，在 2024 年下半年，我們宣布將增加對科學事務的投資，重點是建立我們的科學顧問委員會，並開發一系列出版物來證明我們技術的價值。

Developing a publication pipeline takes focus and effort over an extended period of time before it yields results.

建立出版流程需要長時間的專注和努力，才能取得成果。

During 2025, we have had five manuscripts submitted for publication.

2025年，我們收到了五篇投稿論文。

Two of those have been published in peer reviewed journals, and the remaining three are in the review process.

其中兩篇已在同儕審查期刊上發表，其餘三篇正在審查過程中。

Additionally, we have a strong pipeline of activity with more than five manuscripts being drafted now and another eight studies actively generating data that will fuel the pipeline of publications well into 2026.

此外，我們還有強大的研究計畫儲備，目前正在撰寫五篇以上的論文，另有八項研究正在積極產生數據，這將為 2026 年的出版物儲備提供充足的資金。

Beyond these initiatives, we continue to monitor and evaluate several partnership opportunities that may assist in accelerating certain components of our development activities spanning from new customer applications to sample preparation and enrichment and applications of artificial intelligence tools that could extract deeper insights from the protein sequencing data our system generates.

除了這些措施之外，我們還將繼續監測和評估一些合作機會，這些機會可能有助於加速我們開發活動的某些部分，包括新的客戶應用、樣品製備和富集以及人工智慧工具的應用，這些工具可以從我們系統生成的蛋白質測序數據中提取更深層的見解。

We remain very confident in the long-term market opportunity in proteomics, the initiatives we are executing on commercially to accelerate awareness and increase the size of our install base and the technology road maps we are executing against to capitalize on the market opportunity in front of us.

我們對蛋白質體學的長期市場機會、我們正在商業上實施的各項舉措（旨在提高公眾意識、擴大用戶基礎）以及我們正在執行的技術路線圖（旨在抓住眼前的市場機會）仍然充滿信心。

Our second priority is to deliver on our innovation roadmap. We continue to make solid progress across all of our development programs.

我們的第二要務是落實創新路線圖。我們所有發展項目都持續取得穩定進展。

Most importantly, today we announced that we have successfully completed sequencing runs on a prototype Proteus system.

最重要的是，我們今天宣布，我們已經成功完成了Proteus原型系統的定序運作。

We communicated this goal at the start of the year as it represented the single most important milestone for the program to achieve in 2025, and it is not just a single prototype. We have multiple prototype systems performing sequencing and are excited about the quality of the data we are seeing at this stage of the program.

我們在年初就傳達了這個目標，因為它代表了該專案在 2025 年要實現的最重要的里程碑，而且它不僅僅是一個原型。我們有多個原型系統正在進行測序，並且對目前階段所看到的數據品質感到非常興奮。

As we continue to mature the platform and work through the optimization of our sequencing chemistry on Proteus, we expect the data quality to continue to improve.

隨著我們不斷完善平台並優化 Proteus 定序化學，我們預計數據品質將持續提高。

We look forward to sharing more of the early sequencing data in addition to other Proteus program updates at our investor and analyst Day on November 19th.

我們期待在 11 月 19 日的投資者和分析師日上分享更多早期定序數據以及其他 Proteus 專案的最新進展。

Turning now to our version 4 sequencing kit, we are pleased to share that we achieved the commercial launch of this new kit in early September and completed our first shipments to customers during the third quarter.

現在來說說我們的第 4 版測序試劑盒，我們很高興地宣布，我們在 9 月初實現了這款新試劑盒的商業化發布，並在第三季度完成了向客戶的首批發貨。

As a reminder, this new kit includes increased amino acid detection capabilities and the addition of a new enzyme that is engineered specifically to provide high efficiency cutting of the amino acid directly preceding a proline. This is important because proline is abundant in many vital proteins such as membrane proteins, antibodies, and transcription factors in proline rich proteins are well known to be difficult to analyse by mass spectrometry.

提醒一下，這個新試劑盒提高了氨基酸檢測能力，並添加了一種新酶，該酶經過專門設計，可以高效切割脯氨酸前面的氨基酸。這很重要，因為脯氨酸在許多重要的蛋白質中含量豐富，例如膜蛋白、抗體和轉錄因子，而富含脯氨酸的蛋白質眾所周知很難用質譜法進行分析。

In addition, as part of the version 4 sequencing kit launch, we released an expanded set of 24 barcodes that allow customers to increase the multiplexing level of their experiments while maintaining the same level of analytical performance they have experienced to date with the original set of 8 barcodes.

此外，作為版本 4 定序試劑盒發布的一部分，我們發布了一套擴展的 24 個條碼，使客戶能夠在保持與最初 8 個條碼相同的分析性能水平的同時，提高實驗的多重性水平。

Moving now to library preparation, our version 3 library preparation kit has entered our internal validation process and remains on track for launch by the end of 2025.

現在進入文庫製備階段，我們的第 3 版文庫製備工具包已進入內部驗證流程，並預計在 2025 年底前發布。

We are pleased to share that this kit remains on track to lower the sample input quantity requirement by at least 100 fold as compared to our current library prep kit.

我們很高興地宣布，與我們目前的文庫製備試劑盒相比，該試劑盒仍有望將樣品輸入量要求降低至少 100 倍。

This lower input concentration requirement is expected to allow our customers to be able to process a broader range of biological samples and to study biologically relevant proteins that are at much lower concentration than our current library prep kit can accommodate.

較低的輸入濃度要求有望使我們的客戶能夠處理更廣泛的生物樣品，並研究濃度遠低於我們目前文庫製備試劑盒所能容納的生物相關蛋白質。

When combined with the V4 sequencing kit, we believe that customers will experience a meaningful level of improvement in overall system performance and be able to pursue some of the more complex biological sample work that to date has been difficult to do with our technology.

我們相信，當與 V4 定序試劑盒結合使用時，客戶將體驗到整體系統性能的顯著提升，並能夠開展一些迄今為止使用我們的技術難以完成的更複雜的生物樣本工作。

Finally, I would like to update you on our amino acid recognizer development program.

最後，我想向大家報告我們的氨基酸識別器開發專案進度。

As we have previously shared, our recognizer development program has designed and screened millions of candidates over the past few years.

正如我們之前分享過的，我們的識別器開發計劃在過去幾年中已經設計和篩選了數百萬名候選人。

As part of that process, we have amassed what we believe may be the richest set of data in the industry about how mutations inserted into engineered proteins affect their binding to end terminal amino acids, the kinetic properties of those binding interactions, binder specificity, stability, and many other features. We are very excited about our ability to leverage this proprietary data set in combination with advanced artificial intelligence tools to efficiently scale up the recognizer development program and significantly shorten the timeline to full proteome coverage as compared to our historical trajectory.

作為這個過程的一部分，我們累積了我們認為可能是業內最豐富的數據集，這些數據涉及插入工程蛋白質中的突變如何影響其與末端氨基酸的結合、這些結合相互作用的動力學特性、結合劑特異性、穩定性以及許多其他特徵。我們非常高興能夠利用這一專有數據集，結合先進的人工智慧工具，有效地擴大識別器開發計劃的規模，並與我們過去的做法相比，顯著縮短實現蛋白質組全面覆蓋的時間。

We look forward to sharing more about this topic at our Investor and analyst Day on November 19th.

我們期待在11月19日的投資者和分析師日上與大家分享更多關於這個主題的內容。

Our third priority is to preserve our financial strength.

我們的第三項要務是維持財務實力。

While the capital headwinds in the market are expected to continue to impact short-term commercial results, we are optimistic about the early traction we are seeing with our placement program and the opportunity to continue to grow our customer base using this approach.

儘管市場資本逆風預計將繼續影響短期商業業績，但我們對我們的安置計劃目前取得的初步成效以及利用這種方法繼續擴大客戶群的機會持樂觀態度。

We firmly believe that a large install base of active users is a strategic advantage that will position us well for the future launch of Proteus and ultimately create long-term value for our shareholders.

我們堅信，龐大的活躍用戶群是一項策略優勢，這將使我們為 Proteus 的未來發布做好充分準備，並最終為我們的股東創造長期價值。

Finally, we believe that the current capital market has and will continue to impact otherwise good companies and product lines. We believe our strong balance sheet positions us well to execute on strategic opportunities that may arise based on the current market environment. We will continue to monitor and review all potential options that could accelerate or be additive to our long-term strategic initiatives, including opportunities that could broaden our participation in the overall multi-omics marketplace.

最後，我們認為目前的資本市場已經並將繼續對原本不錯的公司和產品線產生影響。我們相信，我們強勁的資產負債表使我們能夠更好地掌握當前市場環境下可能出現的策略機會。我們將繼續監測和審查所有可能加速或補充我們長期策略舉措的潛在選項，包括可能擴大我們參與整個多組學市場的機會。

I'll now turn the call over to Jeff to review our financial results.

現在我將把電話交給傑夫，讓他來回顧我們的財務表現。

Thanks, Jeff. Now I'll review the details of our operating results for the third quarter of 2025.

謝謝你，傑夫。現在我將詳細介紹我們2025年第三季的經營業績。

Revenue in Q3 2025 was $552,000, which consisted of revenue from our platinum lineup instruments, consumable kits, and related services.

2025 年第三季營收為 552,000 美元，其中包括我們白金系列樂器、耗材套件和相關服務的收入。

Gross profit was $194,000 and gross margin was 35%.

毛利為 194,000 美元，毛利率為 35%。

As I've said in the past, 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 consumable sales.

正如我之前所說，在可預見的未來，隨著我們不斷推進商業化進程，我們的毛利率百分比將會出現一定程度的波動，並且可能會受到儀器銷售與耗材銷售的時間和組合的影響。

Our margin has also been impacted and may continue to be impacted by the acquisition costs and accounting adjustments to underlying inventory, some of which predates the commercial launch of the platinum line of instruments.

我們的利潤率也受到了影響，並且可能會繼續受到收購成本和基礎庫存會計調整的影響，其中一些調整發生在鉑金系列儀器商業推出之前。

For the nine months ended September 30, 2025, revenue was $2.0 million and gross profit was $1.0 million, and gross margin was 52%.

截至 2025 年 9 月 30 日的九個月，營收為 200 萬美元，毛利為 100 萬美元，毛利率為 52%。

Adding to what Jeff mentioned earlier, our year over year revenue was impacted in the 3rd quarter by continued capital market headwinds driven by uncertainty and NIH funding affecting the macro market.

除了 Jeff 先前提到的，由於不確定性以及 NIH 撥款影響宏觀市場，資本市場持續面臨不利因素，導致我們第三季的年收入受到影響。

We were impacted partially in the first quarter by this concept, but had felt the full effect in the second quarter and third quarters.

第一季我們受到了這個概念的部分影響，但第二季和第三季才感受到其全部影響。

By introducing the alternative capital acquisition models, including the placements Jeff referred to, we will continue to broaden our installed base.

透過引入其他資本獲取模式，包括傑夫提到的投資方式，我們將繼續擴大我們的用戶基礎。

While these placements do not generate instrument revenue associated with the delivery of the unit, the underlying consumable volume creates revenue and more importantly, awareness and customer data as volume increases.

雖然這些投放不會產生與設備交付相關的儀器收入，但潛在的耗材量會創造收入，更重要的是，隨著數量的增加，還能提高知名度並收集客戶資料。

Turning to operating expenses, GAAP total operating expenses for the third quarter of 2025 was $40 million compared to $28.5 million in the third quarter of 2024, while adjusted operating expenses were $21.4 million for the third quarter of 2025 compared to $26.0 million for the third quarter of 2024.

再來看營運費用，2025 年第三季的 GAAP 總營運費用為 4,000 萬美元，而 2024 年第三季為 2,850 萬美元；調整後的營運費用為 2025 年第三季 2,140 萬美元，而 2024 年第三季為 2,600 萬美元。

For the nine months ended September 30, 2025, GAAP total operating expenses.

截至 2025 年 9 月 30 日的九個月，GAAP 總營運費用。

$96 million compared to $78.9 million in the same period in 2024, and adjusted operating expenses for $68.1 million compared to $72.3 million for the same period in 2024.

2024 年同期為 7,890 萬美元，而 2025 年同期為 9,600 萬美元；調整後的營運費用為 6,810 萬美元，而 2024 年同期為 7,230 萬美元。

Overall, adjusted operating expenses decrease year over year.

整體而言，經調整後的營運費用較去年同期下降。

This decrease continues to highlight our very tight cost controls we have for the organization while still funding innovation and significant development progress of our Proteus platform and other programs that did not exist in the same period of 2024.

這一下降繼續凸顯了我們對組織成本的嚴格控制，同時仍為創新和 Proteus 平台及其他專案（這些專案在 2024 年同期並不存在）的重大發展進展提供資金。

Of note, included in our GAAP total operating expenses for the third quarter is an expense of approximately $13.6 million that represents the accounting adjustment of a net termination payment and related asset write-off associated with the lease facility in New Haven, Connecticut that would have originally expired in 2032. In September, we settled our previously disclosed dispute with the landlord regarding unreimbursed tenant improvement funds. And as a part of this settlement terminated the lease.

值得注意的是，我們第三季的 GAAP 總營運費用中包含約 1,360 萬美元的費用，該費用代表與康乃狄克州紐黑文租賃設施相關的淨終止付款和相關資產註銷的會計調整，該租賃設施原本將於 2032 年到期。9 月，我們解決了先前披露的與房東之間關於未償還租戶裝修款項的糾紛。作為和解協議的一部分，租賃合約被終止。

The net incremental cash outlay associated with this termination was $10.2 million.

此次終止合約相關的淨增量現金支出為 1,020 萬美元。

By terminating this lease now, we saved over $24 million of future operating expense associated with the lease.

透過現在終止這項租賃，我們節省了與該租賃相關的未來超過 2,400 萬美元的營運費用。

Next, our dividend and interest income in the third quarter of 2025 was $2.6 million compared to $2.7 million in the third quarter of 2024 and $7.4 million in the nine months ended September 30, 2025 compared to $9.1 million in the same period in 2024.

其次，2025 年第三季我們的股息和利息收入為 260 萬美元，而 2024 年第三季為 270 萬美元；截至 2025 年 9 月 30 日的九個月內，我們的股息和利息收入為 740 萬美元，而 2024 年同期為 910 萬美元。

Overall, this change is reflecting lower interest rates year over year, as well as relative lower invested balances.

總體而言，這項變更反映了利率同比下降以及投資餘額相對減少。

As of September 30, 2025, we had $230.5 million in cash equivalents, and investments in marketable securities.

截至 2025 年 9 月 30 日，我們擁有 2.305 億美元的現金等價物和有價證券投資。

Regarding 2025 guidance, we expect adjusted operating expenses will be $96 million or less, and total cash use will be $103 million or less.

關於 2025 年的業績指引，我們預計調整後的營運支出將為 9,600 萬美元或更少，現金使用總額將為 1.03 億美元或更少。

Previously, we had indicated that we would utilize $95 million of cash, which was before we completed our termination and settlement agreement related to our New Haven facility.

此前，我們曾表示將動用 9,500 萬美元現金，而這還是在我們完成與紐黑文工廠相關的終止和解協議之前。

This updated number of $103 million is inclusive of the net $10.2 million payment under the lease termination agreement.

更新後的 1.03 億美元數字包含了根據租賃終止協議支付的 1,020 萬美元淨額。

Meaning outside the lease termination, we are falling below the previously communicated $95 million of cash, highlighting our continued focus on most efficient use of our cash possible.

也就是說，除了租賃終止之外，我們的現金儲備低於先前公佈的 9,500 萬美元，這凸顯了我們持續致力於以最有效的方式利用現金。

This lease termination payment is not expected to affect our long-term cash position or runway because as I mentioned, we will now avoid over $24 million of operating expenses associated with this terminated lease.

預計這筆租賃終止付款不會影響我們的長期現金狀況或資金周轉，因為正如我所提到的，我們現在將避免與該終止租賃相關的超過 2400 萬美元的營運費用。

In late September, we filed a form S-3 shelf registration statement for $300 million total capacity and also an at the market facility or ATM that utilizes $100 million of that shelf capacity.

9 月下旬，我們提交了一份 S-3 表格的貨架註冊聲明，總容量為 3 億美元，以及一個使用其中 1 億美元貨架容量的市場設施或 ATM。

These two vehicles are intended to provide capital capacity for the company to support business and strategic initiatives that are ultimately appropriate good housekeeping to have in place.

這兩款工具旨在為公司提供資金能力，以支持業務和策略舉措，最終是必要的良好內部管理措施。

Going forward, we will continue to ensure the company is appropriately capitalized to execute our strategic plans in maximizing value for our shareholders.

展望未來，我們將繼續確保公司擁有充足的資金，以執行我們的策略計劃，從而最大限度地為股東創造價值。

As a company, we are fortunate to have broad ownership of our stock, which includes at present roughly 38% retail ownership.

作為一家公司，我們很幸運擁有廣泛的股權結構，目前約有 38% 的股份由零售股東持有。

Having this broad ownership is one of our strengths, and we appreciate the interest and support in Quantum-SI.

擁有如此廣泛的股權是我們的優勢之一，我們感謝大家對 Quantum-SI 的關注和支持。

I do monitor major retail message boards to understand what new or compelling concepts might be important to our retail holders, and we'll do our best to address these questions and concepts in future calls and presentations.

我會關注各大零售論壇，了解哪些新的或引人注目的概念可能對我們的零售持有者很重要，我們將在未來的電話會議和演示中盡力解答這些問題和探討這些​​概念。

Two comments that have come up periodically surround overall company ownership of management and directors and why certain management team members have recently sold stock in relation to form 4 filings.

關於管理層和董事的整體公司所有權以及某些管理團隊成員最近在提交 4 號表格時出售股票的原因，經常有人提出兩個評論。

First, as of the most recent look, our management and board collectively held approximately 18% of the total outstanding stock of Quantum-SI, showing our continued deep investment in the success of the company.

首先，根據最新數據，我們的管理階層和董事會合計持有 Quantum-SI 已發行股票總數的約 18%，這表明我們對公司的成功持續投入了大量資金。

Regarding share sales, as part of the management team's total compensation is provided via equity grants, including restricted stock, to continue to align management incentive with shareholder value and return.

關於股票出售，管理團隊的總薪酬的一部分是透過股權授予（包括限制性股票）提供的，以繼續使管理層的激勵與股東價值和回報保持一致。

As these restricted shares experience scheduled vesting events, a certain number of vested shares are mandatorily sold as part of our stock plan designed to cover estimated withholding taxes.

當這些受限股份發生預定歸屬事件時，一定數量的已歸屬股份將被強制出售，作為我們旨在支付預計預扣稅款的股票計劃的一部分。

Which is the reporting that can be seen via form 4s. Looking back for 2023, 2024, and 2025 year-to-date, no ongoing reporting management team member has sold company stock outside these mandatory redemptions to cover taxes for vested restricted shares.

可以透過表格 4s 查看的報告。回顧 2023 年、2024 年和 2025 年至今，沒有一位持續負責報告的管理團隊成員出售公司股票，除非是為支付已歸屬限制性股票的稅款而進行的強制性贖回。

Again, we appreciate the broad ownership and interest in the company, and I am always available to have discussions regarding the company's strategy, development programs, or anything else to more educate our shareholders.

再次感謝各位股東對公司的廣泛關注與興趣，我隨時樂意與大家討論公司的策略、發展計畫或其他任何有助於增進股東了解的資訊。

Now I'll turn the call over to the operator to open the line for questions.

現在我將把電話轉交給接線員，以便接聽提問。

Thank you. At this time, we will conduct the question-and-answer session.

謝謝。屆時我們將進行問答環節。

(Operator Instructions)

（操作說明）

First question comes from Kyle Mikson with Canaccord Genuity. Please go ahead.

第一個問題來自 Canaccord Genuity 的 Kyle Mikson。請繼續。

Hi this is Alex Schmitz. I am going to online for Kyle Mikson. Thanks for taking our questions today.

大家好，我是Alex Schmitz。我要上網找凱爾米克森。感謝您今天回答我們的問題。

So to start, could you elaborate on what you will discuss the investor data in November? And importantly, we provide some key updates on the development of the Proteus sequencer. And when might we see some data generated from this instrument. Moreover, do you think that the enhanced performance and throughput of this instrument on the applications would increase the utility of protein sequencing across multiple end markets?

首先，您能否詳細說明您將在11月份討論哪些投資人數據？更重要的是，我們將提供有關 Proteus 定序儀開發的一些重要更新。我們何時才能看到該儀器產生的一些數據？此外，您認為該儀器在應用方面性能和通量的提升是否會提高蛋白質定序在多個終端市場的實用性？

Yeah, thanks Alex for the question. So, you know at the IR day coming up here on November 19th in our prepared remarks we said, we provide more of an update on Proteus including some of that early sequencing data. So, to your point, that will be your first look at the data we are generating that we mentioned today. We will provide an update on our recognizer development program and very specifically where. Are we at with that program? Where do we think we'll be in terms of our proteome coverage, at the launch of Proteus and, when do we think we'll get to all 20 amino acids?, you know a few big sort of data points out there that we expect to provide more clarity on how we're thinking about getting to those key milestones, and I think to your last point, part of our investor day we would expect to provide. Sort of a view of the milestones that we would achieve and be able to talk about throughout 2026, so some of those could be. R&D oriented in terms of progress with Proteus, and others of those will be more commercially oriented, things like early access sites list pricing of the machine, those types of milestones, so we'll give sort of a good calendar of milestones for 2026, sort of on that road to launch of Proteus, at the, investor day as a way to give you sort of a way to measure where we're at and how we're progressing against that launch.

是的，謝謝Alex的提問。所以，你們知道，在即將於 11 月 19 日舉行的 IR 日上，我們在準備好的發言稿中表示，我們將提供更多關於 Proteus 的最新信息，包括一些早期測序數據。所以，正如您所說，這將是您第一次看到我們今天提到的正在產生的數據。我們將提供關於識別器開發計劃的最新進展，並具體說明將在何處進行。這個專案進度如何？在 Proteus 發佈時，我們認為我們的蛋白質體覆蓋率會達到什麼水平？我們認為何時才能涵蓋全部 20 種胺基酸？您知道，我們有一些重要的數據點，希望這些數據點能更清楚地說明我們如何考慮實現這些關鍵里程碑。關於您最後一點，我認為我們會在投資者日上提供相關資訊。這可以看作是我們能在 2026 年實現並進行討論的一些里程碑，其中一些可能是。就 Proteus 的研發進展而言，我們將重點放在其他方面，例如早期造訪站點的機器定價等商業化進程，以及其他里程碑。因此，我們將在投資者日上提供一個 2026 年 Proteus 發布之路的里程碑日曆，以便讓大家了解我們目前的進展情況以及我們距離發布目標還有多遠。

Great, thank you. Switching gears a bit, the DARPA has initiated the press program to demonstrate molecular leaders can actively read a broad range of amino acids and PTMs in sequence for unknown protein samples. Just curious if you're able to comment on any level of involvement plus interest you have in this program.

太好了，謝謝。稍微轉換主題，DARPA 已經啟動了新聞發布計劃，以證明分子先導化合物可以主動讀取未知蛋白質樣本中各種氨基酸和 PTM 的序列。我只是好奇您是否能夠談談您對這個項目的參與程度和興趣。

Yeah, so we're aware of the program, Alex, we've participated in some of the industry and academia, sort of, interactions, advisory boards, sort of round tables, whatever you might want to call them. On the topic, DARPA has a, if you've read the press program, it has a pretty heavy tilt towards trying to build a microsystem which is essentially some very sort of portable, sort of approach, that's not really what we're building, so we're certainly engaged with, DARPA and I've engaged in that process, but I'm not sure that our approach, which is really seeking to, have the sort of. Throughput and capabilities that you need in research and translational labs, you know that does not really perfectly match that sort of microsystem strategy. I think the other important thing to remember we have talked on previous calls; we have instruments in the major department of defence labs right now the those are in military labs that do proteomics research. Those folks have been leveraging our technology. To work on, their initiatives. I suspect some of those, are they underlie what, perhaps DARPA is trying to achieve with press and we are aware that, those customers are looking to over time.

是的，Alex，我們了解這個項目，我們也參與了一些行業和學術界的互動、諮詢委員會、圓桌會議之類的活動，不管你怎麼稱呼它們。關於這個主題，如果你讀過DARPA的新聞發布會，你會發現它非常傾向於建立一個微型系統，這本質上是一種非常便攜的方法，但這並不是我們正在建立的。當然，我們和DARPA都參與了這個過程，但我不太確定我們的方法（我們真正想要的）是否具有那種特性。你知道，研究和轉換實驗室所需的吞吐量和能力與那種微系統策略並不完全匹配。我認為還有一件重要的事情要記住，我們在之前的電話會議中也談到過；目前國防部的主要實驗室裡有一些儀器，這些儀器位於從事蛋白質體學研究的軍事實驗室中。這些人一直在利用我們的技術。繼續推動他們的各項措施。我懷疑其中一些可能是DARPA試圖透過媒體達到的目的，我們也知道，隨著時間的推移，這些客戶正在尋求這些目的。

Release some of the data and findings that they're getting with our technology so we might not be a perfect fit for the press project as described, but very importantly and where we're really focused is supporting those existing department of defence installed machines and really supporting those customers who are doing the work of really looking at how to apply these technologies, in their areas of sort of strategic importance.

公佈一些他們利用我們的技術獲得的數據和發現，因此我們可能不完全適合所描述的新聞項目，但非常重要的是，我們真正關注的是支持國防部已安裝的現有機器，並真正支持那些正在研究如何在具有戰略重要性的領域應用這些技術的客戶。

And one last one for me, on placements this quarter, can you break down just other quantitatively or qualitatively for the bulk of them went biopharma academia, and then just in terms of and markets and customer types, are you seeing some bright spots and where are you continuing to experience, I guess continued pressure? Thanks.

最後一個問題，關於本季的實習安排，您能否從數量或定性的角度分析一下，大部分實習生都去了生物製藥學術界？就市場和客戶類型而言，您是否看到了一些亮點，又有哪些方面持續面臨壓力？謝謝。

Yeah, so I think you know as we mentioned in our prepared remarks, the one advantage of opening up sort of the different ways to acquire our platform is it really did give us access to some of those key academic centres, both here in the US and. In, key areas in Western Europe that we had more challenges getting into recently, certainly the ones here in the US with the NIH funding. So, more than half of those placements went into academic.

是的，正如我們在準備好的演講稿中提到的，開放獲取我們平台的不同途徑的一個優勢是，它確實讓我們能夠接觸到一些重要的學術中心，無論是在美國還是在其他國家。在一些西歐的關鍵領域，我們最近遇到了更多挑戰，當然也包括在美國獲得 NIH 資助的領域。因此，超過一半的實習職位都流向了學術界。

Labs, the other half were sort of split across a mix of pharma and biotech and even into egg or agricultural sort of testing so you know a good mix but a you know a little more than half of those in the in the academic setting. I would say what we are seeing in the market.

實驗室方面，另一半則分散在製藥、生物技術，甚至雞蛋或農業測試等領域，所以你知道，這是一個不錯的組合，但你知道，其中超過一半是在學術環境中。我想說的是，我們目前在市場上看到的現象。

It, has not changed dramatically, biotech and pharma is still moving forward and making capital purchases, albeit on a longer sale cycle. We see a sales cycle in that segment that's, around nine to twelve months. It's a pretty long cycle, but once in you know they are a good sort of routine user of the technology I'd say academia is then sort of the slowest area with you know with the challenges around the capital side again placement sort of opening up that opportunity but amongst our install base and this placement base people do have consumable budgets so as I mentioned in the remarks, all of our placements.

雖然銷售週期延長，但生技和製藥業並沒有發生巨大變化，仍在向前發展並進行資本收購。我們看到該細分市場的銷售週期約為九到十二個月。這是一個相當長的周期，但一旦他們成為這項技術的良好常規用戶，我認為學術界是進展最慢的領域，因為資金方面存在挑戰，安置工作在某種程度上打開了機會，但在我們的安裝基礎和安置基礎中，人們確實有耗材預算，所以正如我在備註中提到的，我們所有的安置工作。

Those customers have purchased their initial kit, so we are seeing consumable budgets there. It's really more the capital side, and we are going to keep using the placements to, drive, more penetration into all the segments, but obviously a pretty heavy focus on getting. Deeper and deeper into the academic setting, the big advantage in that setting if we think about sort of the bigger goal, right, to really show the validation of the tech and build the momentum in the Proteus is academic labs, are prolific publishers and some of your pharma and biotech customers, don't tend to publish as much of their findings so that placement program really is.

這些客戶已經購買了他們的初始套件，因此我們看到了他們的耗材預算。這其實更多的是資金方面的問題，我們將繼續利用這些管道來推動對所有細分市場的更大滲透，但顯然，我們會非常重視獲取資金。越深入學術環境，如果我們考慮更大的目標，也就是真正展示技術的有效性並為 Proteus 建立勢頭，那麼該環境的最大優勢在於學術實驗室是多產的出版商，而你的一些製藥和生物技術客戶往往不會發表那麼多研究成果，因此該安置計劃確實非常重要。

Key to getting to those customers not only for them to get comfortable with the tech but to really have that flow of data into the market through publications.

接觸這些客戶的關鍵不僅在於讓他們熟悉技術，還在於透過出版物真正將數據流入市場。

Great Hawkins, thanks.

霍金斯，謝謝。

Thank you.

謝謝。

Our next question comes from Scott Henry with Alliance Global Partners. Please go ahead.

下一個問題來自 Alliance Global Partners 的 Scott Henry。請繼續。

Thank you and good afternoon. A couple of questions if I could. First, historically, fourth quarter has been an up quarter over third quarter, but a lot of different variables this year. I don't know if the shutdown impacts some of your customers that I don't know, but I just want to get your sense of how we should think about that typical seasonal trend from third quarter to fourth quarter.

謝謝，下午好。如果可以的話，我想問幾個問題。首先，從歷史數據來看，第四季通常比第三季有所成長，但今年有許多不同的變數。我不知道停工是否會影響我不認識的某些客戶，但我只是想了解一下，對於從第三季到第四季的典型季節性趨勢，我們應該如何看待。

I would say if you think industry sort of historical, I think your sort of analysis is correct. You tend to see some improvement in the fourth quarter. I think in what we might call normal years where we have not had some of the geopolitical challenges, the NIH funding uncertainties, sometimes Q4 can really be a healthy step up for businesses. I think this year. Based on everything we are hearing from, our colleagues and in other companies, what we are hearing from customers, I think, it's, we are not going to see that huge upswing. I think we might see a modest improvement in Q4 as maybe a few people who have budgets are able to use them but I don't expect it to be as sort of a significant of a step up as maybe we've even seen historically, Q3 to Q4.

我認為，如果你從歷史的角度來看產業，那麼你的分析是正確的。第四季通常會有所改善。我認為，在我們可以稱之為正常的年份裡，如果沒有地緣政治挑戰和美國國立衛生研究院 (NIH) 資金的不確定性，第四季度有時對企業來說確實是一個健康的增長期。我認為今年。根據我們從同事、其他公司以及客戶那裡聽到的所有信息，我認為，我們不會看到大幅成長。我認為第四季可能會出現小幅改善，因為一些有預算的人或許能夠使用這些預算，但我預計不會像歷史上第三季到第四季那樣顯著的成長。

Okay, great. And on the political front, I know we were waiting to get an NIH budget. Do we have any updates there and you know how does the shutdown impact that funding?

好的，太好了。在政治方面，我知道我們一直在等待美國國立衛生研究院的預算。請問這方面有什麼最新進展嗎？您知道政府停擺會對這筆資金造成什麼影響嗎？

Well, I mean, and the where it last left off that we saw was, the proposals that were routing on the congressional side, certainly looked to retain NIH funding. At, sort of a flat to, more marginally down from the prior year, certainly a much better potential outlook than what was proposed by the administration, but obviously with the shutdown, there hasn't really been any progress moving those resolutions forward through Congress but obviously the focus. Is clearly on, some sort of way to reopen the government, through a continuing resolution. So, not really any more to say other than, at least what was moving through the congressional committees was more positive. I think the other item, Scott, that we have talked about before and I know others have talked about the other thing that's out there that no one really has a good beat on yet is what will, once that budget's in place. You know how will the administration and sort of payments of those grants go? Will we see a more steady, consistent, sort of set of behaviours there or will we continue to see some of the rescissions that we, have observed earlier this year in 2025, some of those rescissions. Sort of create a chilling effect on academic customers so I think that's still something to be seen, but first we need to get through this shutdown process so those bills that were moving through the process that that looked to retain, a better level of funding than originally thought, get actually enacted into law and can move forward.

嗯，我的意思是，我們看到的最後情況是，國會方面正在推進的提案，顯然是為了保留美國國立衛生研究院的資金。總體而言，與前一年相比持平或略有下降，這當然比政府提出的前景要好得多，但顯然由於政府停擺，這些決議在國會推進方面並沒有取得任何進展，但顯然重點仍然是…顯然，政府正在通過某種方式，例如通過一項持續決議，重新開放。所以，除了國會各委員會正在推動的議題更加積極之外，其實也沒什麼好說的了。史考特，我認為還有另一件事，我們之前也討論過，我知道其他人也討論過，那就是一旦預算到位，還有一件事目前還沒有人真正掌握，那就是會發生什麼。你知道這些撥款的發放和支付方式會是怎麼樣的嗎？我們會看到更穩定、更一致的一系列行為，還是會繼續看到今年早些時候觀察到的一些倒退現象？ 2025 年，我們會看到一些倒退現象。這可能會對學術客戶產生寒蟬效應，所以我認為這還有待觀察，但首先我們需要度過這次政府停擺期，這樣那些旨在保留比最初設想的更高水平資金的法案才能真正成為法律並繼續推進。

Okay, thank you for that. Just the final question, certainly great milestone, as far as running sequencing runs on the Proteus.

好的，謝謝。最後一個問題，這無疑是一個重要的里程碑，因為在 Proteus 上執行定序程序已經取得了成功。

Question is what are the hurdles left, the key hurdles between where we are now and getting to market launch?

問題是，從我們現在所處的位置到產品上市，還有哪些障礙，哪些是關鍵障礙？

Yeah, I, I'll give you a little flavour here. We'll get into it in more depth at our analyst day and we'll have some of our key R&D leaders there, Scott, and you're more than welcome obviously to ask questions and they can, and they can answer that from their perspective, I would say the first thing to say is, we announced this program in November of 2024. And we said we would launch it by the end of 2026, so it's slightly more than two-year program which in our industry, should, it should not go on set that is sort of an extraordinarily aggressive timeline for such a big sort of platform evolution. I think it's a testament to the quality of R&D teams, leaders, sort of processes that we have here that we have achieved this. A milestone on time and we laid this milestone out, almost a year ago now and it hit this milestone so we are very excited about the milestone. I think as you look forward, we have to now scale from prototypes into, fully integrated systems. You have to harden those systems off and move those through into the manufacturing. Sort of processes and bring up so you can do this at scale you have the integration with the chemistries, and optimization for that platform so you know a lot of what I would call, integration, manufacturing bring up optimization, and really then intersecting the hardware and consumable with.

是的，我來給你簡單介紹一下。我們將在分析師日上更深入地探討這個問題，屆時我們的一些主要研發負責人也會出席，斯科特，當然歡迎您提問，他們也可以從他們的角度回答。我想說的第一點是，我們在 2024 年 11 月宣布了這項計畫。我們說過會在 2026 年底推出，所以這是一個略多於兩年的項目，在我們這個行業，對於這樣一個大型平台的演變來說，這絕對是一個極其激進的時間表。我認為，我們能夠取得這樣的成就，充分證明了我們研發團隊、領導者以及相關流程的優秀特質。我們按時實現了這一里程碑，我們在差不多一年前就已經制定好了，現在它已經實現了，所以我們對這一里程碑感到非常興奮。我認為展望未來，我們現在必須從原型擴展到完全整合的系統。你必須加固這些系統，並將它們投入生產製造。各種流程和啟動，以便您可以大規模地執行此操作，它與化學集成，並針對該平台進行優化，因此您知道很多我稱之為集成、製造啟動優化，以及真正將硬體和耗材交叉在一起。

All the work we're doing, in library prep and with sequencing so we'll talk about some of these different, sort of parallel streams that we will look to have, all intersect at the launch of Proteus, but, I think the, this milestone is important because it says, we have an architecture that works, we have the ability to use our current chemistry on that so I think that takes a big risk. Off the table, as compared to brand new platforms that haven't yet demonstrated dysfunctional level of performance.

我們在文庫製備和定序方面所做的所有工作，我們將討論一些不同的、平行的流程，所有這些流程都將在 Proteus 的發佈時匯合。但我認為，這個里程碑很重要，因為它表明我們擁有一個有效的架構，我們有能力將我們目前的化學技術應用於此，所以我認為這承擔了巨大的風險。與尚未表現出功能失調性能的全新平台相比，這些平台不在其考慮範圍之內。

Okay.

好的。

Great.

偉大的。

Thank you for taking the questions.

感謝您回答這些問題。

Thanks Scott.

謝謝你，斯科特。

Next question comes from Charles Wallace with H.C. Wainwright & Co. Please go ahead.

下一個問題來自 H.C. Wainwright & Co. 公司的 Charles Wallace，請問問題。

Hi, this is Charles for RK.

您好，我是RK的Charles。

Sorry if I missed it on the call.

如果我錯過了通話內容，請見諒。

But could you share how many academic centres have, entered the Placement program? And is there an internal target that you guys are trying to reach, in this program?

能否透露一下有多少學術中心加入了實習計畫？你們這個專案是否有想要達成的內部目標？

So as the data we gave was of the 12 placements we made in the quarter, a little more than half of those were academic, in terms of a target, we don't really have a target, Charles for you know how many accounts, we want to try to access. I think our view has been. Be in the market with our sales folks, when there's opportunities to sell capital we do it, but where we think it's a very important centre, an opportunity to generate, great data and get it published, we can leverage this place. Program we expect to continue to do that in the fourth quarter and I think in terms of, if you flash forward what are we going to do in 2026 you know I think we're still sort of pulling our plans together there for exactly, how far would we continue to push this placement program during 2026. I suspect we will continue to do it in some fashion.

因此，我們提供的數據是本季我們安排的 12 個職位中，略多於一半是學術職位。至於目標，我們並沒有真正的目標，查爾斯，你知道我們想嘗試獲得多少個帳戶。我認為我們的觀點一直是…我們會和銷售人員一起開拓市場，當有機會出售資本時，我們會抓住機會；但如果我們認為某個地方是一個非常重要的中心，有機會產生大量數據並將其發布，我們就可以利用這個地方。我們預計在第四季度將繼續推進該項目，至於展望 2026 年，我們仍在製定計劃，以確定在 2026 年我們將把這項安置計劃推進到什麼程度。我懷疑我們會繼續以某種方式這樣做。

But we have not really set a sort of a ceiling or a target number. Really what we are focused on are those, high value, important, sort of academic centres or even into other segments in biotech. You know that pipeline of publications and really trying to look for the folks that with experience with our tech would be good targets for Proteus, we want this to also really help us build a pipeline as we go into the Proteus launch later this year. So continuing with the program as is and you know as we get into early 2026, we'll be able to provide a little more colour on, if there's any sort of caps we're going to put on that or how we're thinking about it, throughout 2026.

但我們並沒有真正設定上限或目標數字。我們真正關注的是那些高價值、重要的學術中心，甚至是生物技術領域的其他領域。你知道，我們正在努力尋找那些有我們技術經驗的人，這些人很適合加入 Proteus，我們也希望這能真正幫助我們建立一個人才庫，以便在今年稍後推出 Proteus。因此，我們將繼續按原計劃進行，到了 2026 年初，我們將能夠提供更多細節，說明我們是否會對此設定任何上限，或者我們在整個 2026 年期間是如何考慮的。

Fantastic. Thanks.

極好的。謝謝。

Thank you. I am showing no further questions at this time. I would now like to turn it back to Jeff Hawkins for closing remarks.

謝謝。我目前沒有其他問題要問。現在我謹將發言權交還給傑夫霍金斯，請他作總結發言。

Thank you for joining us today. We look forward to sharing more updates on our Proteus program, the Recognize the development program and other R&D pipeline initiatives at our Investor and Analyst Day on November 19th in New York City.

感謝您今天蒞臨。我們期待在 11 月 19 日於紐約市舉行的投資者和分析師日上，與大家分享更多關於 Proteus 專案、Recognize 發展計畫和其他研發管線計畫的最新進展。

Thank you.

謝謝。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。