Rockley Photonics Holdings Ltd (RKLY) 2022 Q2 法說會逐字稿

Welcome, and thank you for joining us today for this Rockley Photonics Second Quarter 2022 Conference Call. As a reminder, all phone participants are in a listen-only mode and later you will have the opportunity to ask questions. Please remember, today's conference is being recorded. And now to get us started with opening remarks and introduction time, I'm pleased to turn the floor over to your host, Gwyn Lauber. Please go ahead.

歡迎您，感謝您今天參加 Rockley Photonics 2022 年第二季電話會議。提醒一下，所有電話參與者都處於只聽模式，稍後您將有機會提問。請記住，今天的會議正在錄音。現在，我們開始致開幕詞和介紹時間，我很高興將發言權交給主持人 Gwyn Lauber。請繼續。

Thank you, operator, and welcome, everyone. This is Gwyn Lauber, Vice President of Investor Relations at Rockley Photonics. Today, we released the results for the second quarter ended June 30, 2022. A copy of our earnings press release, along with supplemental financial tables are available on the Investor Relations section of our website at investor.rockleyphotonics.com.

謝謝接線員，歡迎大家。這是 Rockley Photonics 投資者關係副總裁 Gwyn Lauber。今天，我們發布了截至 2022 年 6 月 30 日的第二季業績。

With me on today's call are Dr. Andrew Rickman, OBE, Chairman and Chief Executive Officer; and Chad Becker, Interim Chief Financial Officer. This call is being webcast and will be archived on the Investor Relations section of Rockley's website.

今天與我一起參加電話會議的還有董事長兼執行長安德魯·里克曼博士（OBE）；以及臨時財務長查德·貝克爾（Chad Becker）。本次電話會議將透過網路直播，並將存檔於 Rockley 網站的投資者關係部分。

Before I turn the call over to Andrew, I'd like to note that today's discussion will contain forward-looking statements. These forward-looking statements include, but are not limited to, the anticipated features, benefits, scope, focus, status and goals of our platform, technology, products, studies and partnerships with third parties, our ability to bring and the timing of bringing our products to market, our product development schedules, our strategies, our research and development plans, our customers, our commercial and market opportunities and trends, our debt obligations, our cost and expenses, our cash resources, cash burn, revenue guidance, financial projections and financial performance, and outlook and factors affecting the foregoing.

在我將電話轉給安德魯之前，我想指出，今天的討論將包含前瞻性陳述。這些前瞻性陳述包括但不限於我們平台、技術、產品、研究和與第三方的合作夥伴關係的預期特點、優勢、範圍、重點、狀態和目標、我們將產品推向市場的能力和時間、我們的產品開發時間表、我們的策略、我們的研發計劃、我們的客戶、我們的商業和市場機會和趨勢、我們的債務義務、我們的成本和績效成本、我們的現金、成本和財務影響。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to vary materially from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed in our earnings press release and the Risk Factors section of our annual report on Form 10-K, as well as our other filings with the SEC. Any forward-looking statements that are made on this call are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events.

這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與這些前瞻性陳述所表達或暗示的結果有重大差異。這些風險和不確定性包括但不限於我們在收益新聞稿、10-K 表年度報告的風險因素部分以及我們向美國證券交易委員會提交的其他文件中討論的風險和不確定性。本次電話會議中所做的任何前瞻性陳述均基於今天的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

In addition to U.S. GAAP reporting, Rockley reports certain non-GAAP financial measures that do not conform to generally accepted accounting principles. We believe that these non-GAAP measures enhance the understanding of our performance. Reconciliations of these GAAP and non-GAAP measures are included in the tables found in our earnings press release.

除了美國 GAAP 報告外，Rockley 還報告某些不符合公認會計原則的非 GAAP 財務指標。我們相信這些非公認會計準則指標能夠增進對我們績效的了解。這些 GAAP 和非 GAAP 指標的對帳表包含在我們的收益新聞稿中的表格中。

Now I'll turn the call over to Andrew.

現在我將電話轉給安德魯。

Thank you, Gwyn, and thank you all for joining us for our second quarter 2022 earnings conference call. Today, I'll start by briefly discussing our results and then talk about our business. In the second quarter, we generated revenues of $1.5 million. Our GAAP net loss for the second quarter was $54.2 million, plus noncash charges related to the CRM of $67.6 million for a total of $121.8 million. This compares to a loss of $41.8 million in the first quarter of 2022, which included an interest payment for our debt and expenses for our datacom business. We ended the quarter with $46.6 million in cash, cash equivalents and investments. In a few moments, Chad will provide more detail on our financials. A full summary of our financial statements is available on the Investor Relations section of our website.

謝謝你，格溫，也謝謝大家參加我們的 2022 年第二季財報電話會議。今天，我將首先簡要討論我們的業績，然後談談我們的業務。第二季度，我們的營收為 150 萬美元。我們第二季的 GAAP 淨虧損為 5,420 萬美元，加上與 CRM 相關的非現金費用 6,760 萬美元，總計 1.218 億美元。相較之下，2022 年第一季的虧損為 4,180 萬美元，其中包括我們的債務利息支付和數據通訊業務的費用。本季結束時，我們的現金、現金等價物和投資為 4,660 萬美元。稍後，Chad 將提供有關我們財務狀況的更多詳細資訊。我們的財務報表的完整摘要可在我們網站的投資者關係部分查閱。

Turning to our business. I'm especially happy to speak with you on the first anniversary of our business combination. One year ago, I could not have imagined how far our business would have come. As I addressed you, we are at an extraordinary point for the company as we move from R&D to starting production of a solution that, I believe, will truly change the way we approach health care and will help improve the health and wellness of people worldwide. As you know, there's an ongoing convergence of med tech and consumer wearable markets as they buy predominance in the health and wellness marketplace. We believe that Rockley solution fits firmly at the center of this convergence and that our biosensing solution will help to provide competitive differentiation to our partners and customers.

談談我們的業務。我特別高興在我們業務合併一周年之際與您交談。一年前，我無法想像我們的業務能夠發展到如此地步。正如我向你們所說的那樣，我們公司正處於一個非凡的時刻，我們正在從研發轉向開始生產解決方案，我相信，這將真正改變我們對待醫療保健的方式，並將有助於改善全世界人民的健康和福祉。眾所周知，隨著醫療技術和消費穿戴設備市場在健康和保健市場佔據主導地位，它們正在不斷融合。我們相信 Rockley 解決方案牢牢佔據這一融合的核心，而我們的生物感測解決方案將有助於為我們的合作夥伴和客戶提供競爭優勢。

At our core is our commitment to helping to change the health care landscape, from a sick care system to a truly health care system. We believe that not only is technology enabling this change, but also society's realization that we can and must do better. We need to learn how to improve our baseline health. And by providing a comprehensive biomarker monitoring solution, we believe that we will offer tools to enable consumers, patients and health care providers to improve health outcomes by acting on the data received from our products.

我們的核心承諾是幫助改變醫療保健格局，從病患照護系統轉變為真正的醫療保健系統。我們相信，不僅科技推動了這項改變，社會也意識到我們能夠而且必須做得更好。我們需要學習如何改善我們的基礎健康。透過提供全面的生物標記監測解決方案，我們相信我們將提供工具，使消費者、患者和醫療保健提供者能夠根據從我們的產品中獲得的數據採取行動來改善健康結果。

In the U.S., nearly 20% of the U.S. GDP is spent on sick care. We believe that our solution has the potential to reduce the cost of treatment and improve health outcomes by identifying symptoms of illness and chronic disease much earlier. By helping people understand their physiology as they work towards positive outcomes, we believe our devices will help to enable wellness proactively rather than waiting to treat illness reactively.

在美國，美國國內生產毛額的近20%用於疾病照護。我們相信，我們的解決方案有可能透過更早識別疾病和慢性病的症狀來降低治療成本並改善健康結果。透過幫助人們在努力實現積極成果的同時了解自己的生理狀況，我們相信我們的設備將有助於主動實現健康，而不是等待被動治療疾病。

Now I'd like to provide some insights into our markets. Today, we have 19 customers across the consumer wearables med tech market, representing 6 of the top 10 largest wearable companies and 2 of the 5 largest med tech companies. We continue to increase our engagement with these and other customers. It's worth noting that in med tech we have customer interest across multiple segments, including patient monitoring, clinical trials, health and wellness monitoring, lifestyle management, pharmaceuticals and fitness. We believe that this expanded customer base should provide us with multiple opportunities in the market and will allow us to not be overly reliant on any one customer.

現在我想對我們的市場提供一些見解。今天，我們在消費穿戴醫療技術市場擁有 19 位客戶，其中包括十大穿戴式裝置公司中的 6 家和五大醫療技術公司中的 2 家。我們將繼續加強與這些客戶和其他客戶的合作。值得注意的是，在醫療技術領域，我們的客戶興趣涉及多個領域，包括病患監測、臨床試驗、健康和保健監測、生活方式管理、藥物和健身。我們相信，擴大的客戶群將為我們提供多種市場機會，並使我們不會過度依賴任何一個客戶。

Turning to consumer wearables. In June, we announced that one of our Tier 1 consumer wearable customers have begun an evaluation program using Rockley's photonic-based sensing technology. Under the program, Rockley's VitalSpex Pro comprehensive noninvasive biomarker measurement solution has been evaluated for potential integration into the customers' future wearable products. The Tier 1 customer adds to Rockley's growing list of global consumer electronics manufacturers to receive shipments of our VitalSpex Pro technology, which is expected to enable the noninvasive measurement of alcohol, glucose and lactate from a wrist-worn device. This evaluation is a big milestone as it will further the development of our Pro solution.

轉向消費性穿戴裝置。今年 6 月，我們宣布我們的一級消費穿戴裝置客戶已經開始使用 Rockley 的光子感測技術進行評估計畫。根據該計劃，Rockley 的 VitalSpex Pro 綜合非侵入性生物標記測量解決方案已經過評估，有可能整合到客戶未來的可穿戴產品中。這家一級客戶加入了 Rockley 不斷成長的全球消費性電子產品製造商名單，將接收我們的 VitalSpex Pro 技術，該技術預計將透過腕戴式裝置對酒精、葡萄糖和乳酸進行非侵入性測量。這次評估是一個重要的里程碑，因為它將進一步推動我們 Pro 解決方案的發展。

In med tech, during the quarter, we signed a supply agreement and received our first purchase order for our Bioptx baseline band from a global health technology provider. This was a very exciting accomplishment for us. We plan to begin shipping units to the customer in the fourth quarter. The customer also provided their forecast for 2023 purchases, which includes a significant ramp throughout the year as we achieve ISO and other regulatory qualifications. This first order is truly exciting as it means that we could have some devices on the wrist of end users by year-end. To that end, we received production of Bioptx baseline band devices from our manufacturing partner. I'm delighted to have this near final version in my hand and look forward to showing the device to you throughout the quarter.

在醫療技術領域，本季度，我們簽署了一份供應協議，並從一家全球醫療技術供應商收到了我們的第一份 Bioptx 基線帶採購訂單。這對我們來說是一個非常令人興奮的成就。我們計劃在第四季開始向客戶出貨。客戶還提供了 2023 年採購量的預測，其中包括隨著我們獲得 ISO 和其他監管資格，全年採購量將大幅增加。這第一筆訂單確實令人興奮，因為這意味著我們可以在年底前在最終用戶的手腕上擁有一些設備。為此，我們從製造合作夥伴處獲得了 Bioptx 基線帶設備的生產。我很高興能拿到這個接近最終版本的設備，並期待在整個季度向您展示該設備。

Another important announcement for us was our agreement to partner with a top 10 clinical research organization. This new customer will work with us to develop and evaluate our Bioptx wristband, our cloud services and other elements of our biosensing platform. We believe this partnership will provide the first opportunity to integrate our health monitoring solution into a CRO's clinical research studies. By offering an expanded range of biomarkers, including core body temperature, hydration, blood pressure, alcohol, glucose and lactate, this partnership not only will expand our reach in med tech, but it also has the potential to significantly aid CROs by creating opportunities for clinicians and researchers to conduct decentralized trials and gain crucial insight into the health and well-being of patients throughout the trials regardless of their location.

對我們來說另一個重要的公告是我們同意與排名前十的臨床研究機構合作。這位新客戶將與我們合作開發和評估我們的 Bioptx 腕帶、我們的雲端服務和我們的生物感測平台的其他元素。我們相信，此次合作將首次提供機會將我們的健康監測解決方案整合到 CRO 的臨床研究中。透過提供更廣泛的生物標記，包括核心體溫、水分、血壓、酒精、葡萄糖和乳酸，此次合作不僅將擴大我們在醫療技術領域的影響力，而且還有可能極大地幫助 CRO，為臨床醫生和研究人員創造機會進行分散試驗，並在整個試驗過程中深入了解患者無論身在何處的健康狀況。

We recently made several announcements that I believe will help to enhance our understanding of our markets and regulatory landscape as well as sharpening our overall strategic vision. First, I am delighted to welcome Richard Kuntz to our Board of Directors. Rick brings an incredibly broad background in multiple areas of health care. Most recently, he served as Chief Medical and Scientific Officer at Medtronic. He was also the Founder and Chief Scientific Officer of the Harvard Clinical Research Institute, a university-based contract research organization which coordinates National Institute of Health and industrial clinical trials with the FDA. Additionally, he directed numerous multi-center clinical trials, authored more than 250 original peer-reviewed publications and served as an Associate Professor of Medicine at the Harvard Medical School. I am very excited to have Rick on board.

我們最近發布了幾項公告，我相信這些公告將有助於增進我們對市場和監管環境的了解，並加強我們的整體策略願景。首先，我很高興歡迎理查德昆茨加入我們的董事會。里克 (Rick) 在醫療保健的多個領域擁有極其廣泛的背景。最近，他擔任美敦力公司的首席醫療和科學官。他也是哈佛臨床研究所的創始人兼首席科學官，該研究所是一家大學合約研究組織，負責與 FDA 協調國立衛生研究院和工業臨床試驗。此外，他還指導了許多多中心臨床試驗，撰寫了 250 多篇原創同行評審出版物，並擔任哈佛醫學院醫學副教授。我很高興 Rick 能加入我們。

We also announced the formation of our Scientific Advisory Board, or SAB. This group of experts brings experience in therapies for diseases associated with diabetes and cardiology, as well as human hydration and fundamental spectroscopy and is tasked with helping to further the company's ongoing efforts to revolutionize wearable biosensing technology. The newly formed SAB will support Rockley's mission to empower people to make better informed decisions about their health and well-being.

我們也宣布成立科學顧問委員會（SAB）。該專家團隊擁有糖尿病和心臟病相關疾病治療以及人體水合作用和基礎光譜的經驗，其任務是幫助公司進一步推動穿戴式生物感測技術的持續革新。新成立的 SAB 將支持 Rockley 的使命，即幫助人們就自己的健康和福祉做出更明智的決定。

Now I'll update you on our human trials. In the second quarter we expanded on our preliminary human studies into core body temperature, hydration and blood pressure with larger follow-on studies of these biomarkers ahead of the launch of Bioptx baseline band. Our focus was on a broad range of study participants and use cases, and additional validation data was collected. Our Bioptx baseline band is expected to launch in the fourth quarter. The data that we've collected continues to support the results of our previous studies and helps us fine-tune the performance of the Rockley sensing platform with the goal of providing accuracy that is closer to the gold standard than any of the commercially available devices.

現在我將向您介紹我們的人體試驗的最新進展。在第二季度，我們擴大了對核心體溫、水合物和血壓的初步人體研究，並在 Bioptx 基線帶推出之前對這些生物標記進行了更大規模的後續研究。我們的重點是廣泛的研究參與者和用例，並收集了額外的驗證數據。我們的 Bioptx 基線帶預計將於第四季度推出。我們收集的數據繼續支持我們先前研究的結果，並幫助我們微調 Rockley 感測平台的性能，目標是提供比任何市售設備更接近黃金標準的精度。

As a reminder, core body temperature, blood pressure and hydration biomarkers, along with heart rate, heart rate variability, respiration and blood oxygen levels will be measured in our baseline solution. We are also conducting early-stage studies of our Pro solution, which includes the measurement of alcohol, glucose and lactate, in addition to the biomarkers available in our baseline technology. We are very pleased with the early results. We plan to update you on the results of our human studies for each biomarker as we complete various programs throughout the year.

提醒一下，我們的基線解決方案將測量核心體溫、血壓和水合生物標記以及心率、心率變異性、呼吸和血氧水平。我們還正在對我們的 Pro 解決方案進行早期研究，除了我們基線技術中可用的生物標記外，還包括測量酒精、葡萄糖和乳酸。我們對早期結果非常滿意。我們計劃在全年完成各種專案的同時，向您更新針對每種生物標記的人體研究結果。

Now I'd like to update you on our move to production. To ready ourselves for our production ramp in 2023, we've assembled a network of suppliers to support our manufacturing. We built a dual source strategy to ensure a diversified supply chain that we hope will help mitigate potential issues with any one supplier. We've made significant progress in our wristband manufacturing capability. As we move to the next phase of production, I'm very optimistic as the team we've assembled is world-class and has the know-how to steer us through this stage.

現在我想向大家通報我們進入生產階段的最新進展。為了為 2023 年的生產提升做好準備，我們建立了一個供應商網路來支援我們的製造。我們建立了雙重來源策略以確保供應鏈多樣化，我們希望這將有助於緩解任何一個供應商的潛在問題。我們的腕帶製造能力取得了重大進展。隨著我們進入生產的下一階段，我非常樂觀，因為我們組建的團隊是世界一流的，並且擁有帶領我們度過這一階段的專業知識。

Now I'd like to update you on our datacom asset. In the second quarter, we received what we thought was a very good offer for this business. As we moved through the negotiations, it became apparent that the buyer was trying to have a step in terms of the original agreement. We realized that it was crucial to protect our IP and our business. With our focus on the production of our baseline band, it became clear that actively trying to monetize our datacom asset have become a distraction. Since stopping the transaction, we repurposed most of the datacom staff and resources. We are not proactively pursuing a similar type of transaction for the datacom business.

現在我想向您介紹我們數據通訊資產的最新情況。在第二季度，我們收到了針對該業務的一份我們認為非常好的報價。隨著談判的進行，我們發現買家顯然正試圖在原始協議方面邁出一步。我們意識到保護我們的智慧財產權和業務至關重要。由於我們專注於基準頻段的生產，很明顯，積極嘗試將我們的數據通訊資產貨幣化已經成為一種幹擾。自從停止交易以來，我們重新利用了大多數數據通訊人員和資源。我們並沒有主動尋求針對數據通訊業務的類似交易。

We have eliminated its expenses, making the transaction cash flow neutral, thereby achieving our financial objectives. We still believe there is an opportunity to monetize our datacom asset. But as we move to production, all our energies must be focused on our baseline band. I strongly believe that Rockley is pursuing the right path for our future. We continue to develop highly sophisticated solutions that will provide individuals and health care professionals with a powerful holistic view of human health through insights provided by multiple biomarkers. Our solution will allow these audiences to monitor and track trends on individual's health and wellness. I believe this will profoundly change today's system as we move from providing sick care to true health care.

我們消除了其費用，使交易現金流中性，從而實現了我們的財務目標。我們仍然相信有機會將我們的數據通訊資產貨幣化。但隨著我們轉向生產，我們所有的精力都必須集中在基準上。我堅信羅克利正在為我們的未來找到正確的道路。我們將繼續開發高度複雜的解決方案，透過多種生物標記提供的見解，為個人和醫療保健專業人士提供對人類健康的強大整體視角。我們的解決方案將允許這些受眾監控和追蹤個人健康和保健趨勢。我相信，隨著我們從提供疾病照護轉向真正的醫療保健，這將深刻改變當今的體系。

The insights that our products will enable have the potential to change one's daily life by providing a deeper understanding of the impact of lifestyle choices on one's health, helping physicians identify serious health conditions and possible disease states earlier, allowing for more affordable prevention measures and providing a real opportunity for remote patient monitoring. I believe our solution, which utilizes our very powerful technology, will help to profoundly change health care for the better. We've reached a very exciting time at Rockley. As I sit in our office in Pasadena, I'm amazed at how far we've come. I truly feel the excitement around the office as we move towards the production stage. We believe what we are doing is truly exceptional as we're building a technology that will truly change the current health care system and will help improve the health and wellness of people worldwide.

我們的產品能夠提供的洞察力有可能改變人們的日常生活，透過提供更深入的理解生活方式選擇對人們健康的影響，幫助醫生更早地發現嚴重的健康狀況和可能的疾病狀態，允許採取更實惠的預防措施，並為遠端患者監控提供真正的機會。我相信，我們的解決方案利用我們非常強大的技術，將有助於徹底改變醫療保健領域，使其變得更好。我們在羅克利度過了一段非常激動人心的時光。當我坐在帕薩迪納的辦公室時，我對我們所取得的進步感到驚訝。當我們進入生產階段時，我真切地感受到辦公室周圍的興奮。我們相信，我們正在做的事情確實是卓越的，因為我們正在開發一項將真正改變現有醫療保健系統並有助於改善全世界人民健康和福祉的技術。

With that, I will turn the call over to Chad for a review of our financial performance in the quarter. Thank you.

說完這些，我將把電話轉給查德，讓他審查我們本季的財務表現。謝謝。

Thank you, Andrew, and good afternoon, everyone. On today's call, I will discuss some key topics and will provide you with a deeper understanding of our business. I will end by providing an update on our outlook for the remainder of 2022. We recorded revenue of approximately $1.5 million in the second quarter. Revenue for the quarter was solely related to nonrecurring engineering services from our customers and revenue is recognized based on mutually agreed performance, obligation and acceptance.

謝謝你，安德魯，大家下午好。在今天的電話會議上，我將討論一些關鍵主題，並讓您更深入地了解我們的業務。最後，我將對 2022 年剩餘時間的前景進行更新。本季度的收入僅與來自客戶的非經常性工程服務有關，收入是根據雙方同意的履行、義務和接受確認的。

Cost of revenue was $2.3 million, resulting in a gross profit of negative $800,000. It is important to note that expenses are recorded as incurred even if revenue has not been recognized. In Q2, R&D expenditures were $26.3 million, which includes a slight increase in product design services and third-party engineering, as well as other expenses as we build our infrastructure to support our product efforts ahead of our second half 2022 production ramp. This compares to R&D expenditures of $24.8 million in Q1.

收入成本為 230 萬美元，導致毛利為負 80 萬美元。值得注意的是，即使尚未確認收入，也要記錄費用已發生。第二季度，研發支出為 2,630 萬美元，其中包括產品設計服務和第三方工程費用的小幅增加，以及我們在 2022 年下半年量產之前建造基礎設施以支援產品工作而進行的其他支出。相比之下，第一季的研發支出為 2,480 萬美元。

SG&A expenses increased from $10.9 million in Q1 to $21 million in the second quarter due to noncapitalized fees related to the recent issuance of our convertible notes. For the second quarter, our cash burn was impacted by several expenses, which resulted in higher cash outlays. These expenses included $10 million in noncapitalized deal fees and other onetime expenses, including expenses for our datacom business of roughly $1.6 million related mainly to salaries and (inaudible) partner spend. As Andrew noted, our efforts to repurpose our datacom employees and eliminate those expenses is expected to be cash flow neutral compared to our previous divestment plan.

由於最近發行可轉換票據產生的非資本化費用，銷售、一般及行政開支從第一季的 1,090 萬美元增加到第二季的 2,100 萬美元。第二季度，我們的現金消耗受到多項費用的影響，導致現金支出增加。這些費用包括 1000 萬美元的非資本化交易費用和其他一次性費用，其中包括我們數據通訊業務的費用約 160 萬美元，主要與工資和（聽不清楚）合作夥伴支出有關。正如安德魯所指出的，與我們先前的撤資計劃相比，我們重新利用數據通訊員工並消除這些開支的努力預計不會對現金流產生影響。

Excluding these expenses, cash used in operating activities during the quarter totaled approximately $29.6 million, an improvement from the first quarter as we implemented programs to preserve capital and reduce cash burn. We believe that our cash burn will be lower in the second half of 2022 as we work towards reducing expenses. We ended the quarter with $46.6 million in cash, cash equivalents and investments. We did not utilize any funds from our e-lock. And as a reminder, we believe that we will receive additional funds from a U.K. R&D tax credit.

除這些費用外，本季經營活動所用現金總計約為 2,960 萬美元，由於我們實施了保留資本和減少現金消耗的計劃，與第一季相比有所改善。我們相信，隨著我們努力減少開支，2022 年下半年的現金消耗將會降低。本季結束時，我們的現金、現金等價物和投資為 4,660 萬美元。我們沒有使用電子鎖中的任何資金。提醒一下，我們相信我們將從英國研發稅收抵免中獲得額外資金。

Looking ahead to 2022, our core product revenue guidance is $5 million to $10 million. While we believe that there may be future opportunities to monetize our datacom assets, we have not included any revenue from it in our guidance. For 2023, we plan to issue revenue guidance on our third quarter earnings call.

展望2022年，我們的核心產品收入預期為500萬至1000萬美元。雖然我們相信未來可能有機會將我們的數據通訊資產貨幣化，但我們並未將來自其中的任何收入納入我們的指引中。對於 2023 年，我們計劃在第三季財報電話會議上發布營收指引。

In wrapping up my prepared remarks, I'll just add that we believe the opportunity in front of us is large and that with discipline, we will execute on our road map ahead. I will now turn the call back to the operator to open up the call for questions.

在結束我的準備好的發言之前，我只想補充一點，我們相信我們面前的機會很大，只要有紀律，我們就會按照我們未來的路線圖執行。我現在將把電話轉回給接線員，以便開始提問。

(Operator Instructions) We'll hear first from Quinn Bolton at Needham.

(操作員指示)我們先聽取尼德姆的奎因·博爾頓的發言。

Congratulations on the first volume purchase order for the Bioptx platform. I guess I was hoping you might be able to provide a little bit more detail on that initial contract, and Andrew, you mentioned the possibility or a forecast for a pretty significant ramp in 2023. Can you just quantify how much this initial purchase order might generate in revenue and then give us a sense as you look into 2023, could this customer generate tens of millions of dollars, single-digit millions of dollars, just any kind of ballpark we could think about as we're trying to model 2023?

恭喜您獲得Bioptx平台第一批採購訂單。我希望您能提供有關初始合約的更多細節，安德魯，您提到了 2023 年產量大幅增長的可能性或預測。

Yes. This is a very, very, very big opportunity. This alone could make the company extremely substantial. So this customer has provided us with initial purchase order, but has given us also the forecast for the year ahead, and we have a good grasp of the overall market opportunity associated with this particular channel over the next couple of years. And so it's a very, very large opportunity.

是的。這是一個非常非常大的機會。僅憑這一點就能使該公司變得非常強大。因此，該客戶不僅為我們提供了初始採購訂單，還為我們提供了未來一年的預測，並且我們對未來幾年與該特定管道相關的整體市場機會有很好的把握。所以這是一個非常非常大的機會。

Just maybe -- would that be hundreds of thousands potentially of wristbands? Or I mean, is it substantial? And it sounds like it's pretty large order or potential.

只是有可能──那可能會有數十萬條腕帶嗎？或者我的意思是，它有實質嗎？聽起來這是一個相當大的訂單或潛力。

Yes. The addressable market through this channel is in the millions of units in due course.

是的。透過這個管道，可觸及的市場規模在適當的時候將達到數百萬台。

Second question for me, just I was wondering if you might be able to update us on your efforts in the consumer electronics segment. I believe you were going to be providing samples to a Tier 1 customer in the fourth quarter with a potential launch of a customer device sometime in 2023. Is that still the right time frame to be thinking about for the consumer electronics opportunity?

我的第二個問題是，我只是想知道您是否可以向我們介紹您在消費性電子產品領域的努力。我相信您將在第四季度向一級客戶提供樣品，並可能在 2023 年某個時候推出客戶設備。

We are working very closely with all of the consumer customers that we've got on their design and processes. At this point in time, we can't say anything about the specific launch plans. But those design-in activities are going very, very well. It is worth noting that since we took the company public a year ago, there really has been a shift around in terms of the timing that our own respond and the Bioptx respond that you now see has really accelerated ahead of everything else and is our focus in terms of revenue for next year.

我們正在與所有消費者客戶就他們的設計和流程進行密切合作。目前，我們還不能透露具體的發布計劃。但這些設計活動進展非常非常順利。值得注意的是，自從我們一年前將公司上市以來，我們自己的反應時間確實發生了變化，您現在看到的 Bioptx 反應確實已經領先於其他一切，並且是我們明年收入的重點。

The design-in activities associated with the consumer device companies are very exciting. They represent tens of thousands of units just in their own sort of qualification and ramp-up phase and then building inventory. But what we can see at this time is with great firmness is around our own wristband, which gives us a lot of confidence as we look forward for the business in 2023.

與消費性設備公司相關的設計活動非常令人興奮。他們代表著數以萬計的單位正處於自己的資格認證和提升階段，然後建立庫存。但目前我們可以看到，我們自己的腕帶非常堅固，這給了我們對 2023 年業務的展望充滿信心。

And then just maybe one for Chad. How should we think about OpEx? I know you've said that on the one hand you've taken actions to reduce OpEx in the second half, but it sounds like much of the staff that was deployed on datacom has been redeployed to focus on the health care and the medical device opportunity. And so I'm just trying to sort of think about those 2 comments and what it implies for OpEx on a quarterly basis into the second half of this year?

然後也許只給乍得一個。我們該如何看待營運支出（OpEx）？我知道您說過，一方面您已經採取行動來降低下半年的營運支出，但聽起來大部分部署在數據通訊領域的員工已被重新部署，以專注於醫療保健和醫療設備領域。所以我只是試著思考這兩則評論以及它對今年下半年季度營運支出有何影響？

Yes. I would just like to say that the entire company is committed to the efficiency of cash and I'm just pleased how the entire organization is committed to that cause. So whether it's hiring employees or investing in the CapEx, we just continue to be very diligent with the cash usage. And as we've mentioned in the past, our target for the cash burn, we are focusing on doing our best to be on the lower range of that band.

是的。我只想說，整個公司都致力於提高現金的效率，我很高興看到整個公司都致力於這項事業。因此，無論是僱用員工還是投資資本支出，我們都將非常謹慎地使用現金。正如我們過去提到的那樣，對於現金消耗的目標，我們正致力於盡最大努力將其保持在較低水平。

Next, we'll move to Paul Silverstein at Cowen.

接下來我們來談談 Cowen 公司的保羅‧西爾弗斯坦 (Paul Silverstein)。

Andrew, before I ask my real question, I want to make sure I understood you correctly on this call and from your press release. I think what you're telling us is that the consumer wearable opportunity, which, correct me if I'm wrong, you previously projected $300 million to $320 million of revenue for '23, you've now removed that guidance. So I heard you just say the initial opportunities tens of thousands of units, but I think you're telling us that you no longer expect any of the consumer wearable companies to go forward in a meaningful way in '23. I just want to make sure that I understand that correctly before I ask you some other questions.

安德魯，在我提出真正的問題之前，我想確保我正確理解了您在這次通話中以及新聞稿中所說的內容。我認為您告訴我們的是消費者穿戴裝置的機會，如果我錯了請糾正我，您之前預測'23年的收入為3億至3.2億美元，現在您已經刪除了該預期。所以我聽到您只是說最初的機會是數萬台，但我想您的意思是您不再期望任何一家消費穿戴裝置公司能夠在23年以有意義的方式向前發展。在問您其他問題之前，我只是想確保我理解得正確。

No, it's not quite what we've said, but we said that the -- our own respond going into the medical applications and it's designed specifically for that area is dominating us for 2023 in terms of our expectations for the year. From the consumer device customer point of view, there's still a huge amount of activity and design-in activity going on in that area. But it is predicated on those customers launching their products for us to be able to forecast those customers beyond the tens of thousands of units that are relevant to the buildup, if you like, of their own qualification of their own devices. So as we look forward, we're seeing a greater level of certainty in terms of our revenues for 2023, driven by our own device, which is exceeding our previous expectations in terms of its potential.

不，這並不完全是我們所說的，但我們說過——我們自己對醫療應用的回應是專門為該領域設計的，就我們對 2023 年的年度期望而言，它將主導我們的發展。從消費性設備客戶的角度來看，該領域仍有大量的活動和設計活動正在進行。但是，這取決於這些客戶是否能夠推出他們的產品，我們才能夠預測出除了數萬台設備之外的其他客戶，這些設備與他們自己設備的資格建設有關。因此，展望未來，我們對 2023 年的收入有了更大的確定性，這得益於我們自己的設備，其潛力超出了我們先前的預期。

But Andrew, I'm not trying to be argumentative, but I'm confused. You had a $300 million to $320 million guidance out there based on consumer wearables. You now have your med tech that stepped up. The way you're presenting it, it sounds like it's a choice, which it shouldn't be. I would think that the med tech opportunity, which has manifested itself faster than you all had previously conveyed that, that should increase your confidence as to $300 million to $320 million and frankly, even more than increase the confidence, should augment, it should be something north of that.

但是安德魯，我並不是想爭論，只是我很困惑。根據消費性穿戴設備，你們給了 3 億至 3.2 億美元的指導價。現在您的醫療技術已經升級。從您呈現的方式來看，這聽起來像是一個選擇，但事實不應該如此。我認為，醫療技術機會的出現速度比你們之前所傳達的要快，這應該會增加你們對 3 億至 3.2 億美元的信心，坦白說，不僅會增加信心，還應該增加，應該比這個數字高一些。

But by virtue of taking away that guidance, again, I'm not trying to be argumentative here. I'm just trying to understand, by taking away, it sounds like you don't have the confidence on the wearable side anymore. Otherwise, you want to remove the guidance you've been telling us, now with the strength of med tech having materialized, you're looking at something even greater than $300 million to $320 million. What am I not understanding?

但是，透過取消該指導，我再次強調，我在這裡並不是想爭論。我只是想知道，透過拿走它，聽起來你對穿戴式裝置方面不再有信心了。否則，您想刪除一直告訴我們的指導，現在隨著醫療技術的實力已經實現，您所看到的甚至比 3 億到 3.2 億美元還要多。我不明白什麼？

I think it's a good point, Paul. There's definitely -- as we look at our projections going out into future years and when you think about it earlier in this year, then the certainty associated with any of the revenues had a particular risk associated with it. Now we find ourselves in a situation where we are much, much more certain about the prospects of our own wristband and where that is much more in our control. So there's always going to be risks associated with our customers in terms of -- particularly in the consumer device area in terms of their launch and their particular ramp. So our confidence in the mix has definitely moved towards the med tech area.

保羅，我認為這個觀點很正確。肯定存在——當我們回顧未來幾年的預測並思考今年早些時候的情況時，我們會發現與任何收入相關的確定性都存在一定的風險。現在，我們發現，我們對自己的腕帶的前景更加確定，而且對其控制力更強。因此，我們的客戶總是會面臨風險—特別是在消費性設備領域的發布和特定成長方面。因此，我們對該組合的信心肯定已轉向醫療技術領域。

And you are right to point out that in the consumer device area, there is an element of less certainty in terms of the ramp-up. But the fundamental point is that our overall business prospects in our view are actually stronger than they have been before because when you look at the wearable device ourselves, you look at the average selling price, you look at the margin associated with it, you look at the diversity of customers that we've got in that particular area, this is a very exciting prospect for the business. And it leads the way now in a way where initially we thought the consumer device customers were going to lead the way. Now we're in a position where that order book, if you like, and visibility is firming up earlier on the med tech side, which is a more profitable and in the sense exciting business.

您說得對，在消費性設備領域，成長方面存在一些不太確定的因素。但根本問題是，我們認為我們的整體業務前景實際上比以前更加強勁，因為當你自己看可穿戴設備時，你看平均銷售價格，看與之相關的利潤率，看我們在該特定領域擁有的客戶的多樣性，這對業務來說是一個非常令人興奮的前景。現在它正以一種我們最初認為將由消費設備客戶引領的方式引領潮流。現在我們處於這樣的位置：如果你願意的話，訂單簿和醫療技術的可見性正在早期鞏固，這是一項更有利可圖且令人興奮的業務。

And then when you look at the overall size of the individual markets, if you look at those 2 markets in terms of their dollar representation for us, they're about equal in terms of size. They're both still strongly there, but the med tech, you're right to observe, the med tech has definitely accelerated ahead.

然後，當您查看各個市場的整體規模時，如果您從美元代表的角度來看這兩個市場，它們的規模大致相等。他們都還保持著強大的實力，但是醫療技術，你的觀察是正確的，醫療技術肯定已經加速發展。

But Andrew, if they're equal in size, why are you all backing away from the original guidance? And the real question is on the consumer wearables side, given that time has marched on and one would think objectively that at this point in time you would have greater visibility, and I'm trying to understand what's happened. It's not just one customer, it's not just Apple. It sounds like as a general proposition, the consumer wearable companies are taking more time. Not that it won't materialize.

但是安德魯，如果它們的規模相同，為什麼你們都放棄了最初的指導方針？而真正的問題在於消費性穿戴裝置方面，隨著時間的推移，人們會客觀地認為，在這個時候你會有更大的可見性，而我正在試圖了解發生了什麼。這不只是一個客戶，也不只是一個蘋果。這聽起來像是一個普遍的主張，即消費性穿戴裝置公司正在花費更多的時間。這並不是說它不會實現。

The real question is, what -- if we dialed back the clock in time, you all had stated that there were no meaningful hurdles from a technology standpoint that remaining to be overcome for adoption and deployment. And I'm trying to understand what's changed. It sounds like something has changed with consumer wearable companies where they're not moving forward consistent with what your original expectations were. And again, the question is, what's changed? Is it a technology hurdle issue? Is it a commercial issue? What's changed?

真正的問題是，如果我們回顧過去，你們都會說，從技術角度來看，在採用和部署方面已經不存在任何重大障礙需要克服。我正試著了解到底發生了什麼變化。這聽起來像是消費性穿戴裝置公司發生了一些變化，他們的發展並沒有按照你最初的預期一致。問題再次是，到底發生了什麼變化？這是技術障礙問題嗎？這是商業問題嗎？有什麼改變？

I don't think anything has changed. But from our point of view, in terms of our emphasis and our effort in terms of getting product out there, clearly, we're seeing a stronger pull with more profitability from the med tech area. So if you look at the utilization of our own cash and capital in terms of our own efforts to meet the numbers for 2023, it's just so much clearer for us in the med tech area than it is in the consumer device area.

我覺得什麼都沒改變。但從我們的角度來看，就我們的重點和我們在將產品推向市場方面的努力而言，顯然，我們看到醫療技術領域的吸引力更強，盈利能力更強。因此，如果從我們為實現 2023 年目標所付出的努力來看我們自己的現金和資本的利用情況，那麼我們在醫療技術領域的表現比在消費設備領域要清晰得多。

And in the consumer device area, we continue the design-in processes, but our hands are in a sense in -- our position is in the hands of those consumer device companies in terms of their launch program. So I think we're making the message pretty clear that the emphasis has moved towards the medical device companies. The opportunity, as you rightly point out in the consumer device area, is still there, but we are in the hands of those companies in terms of their own launch programs.

在消費性設備領域，我們繼續進行設計流程，但從某種意義上說，就發布計劃而言，我們的位置掌握在那些消費設備公司的手中。因此，我認為，我們傳達的訊息非常明確，即重點已經轉向醫療器材公司。正如您正確指出的那樣，消費設備領域的機會仍然存在，但就他們自己的發布計劃而言，我們的主動權掌握在這些公司的手中。

My last question, again, I just want to make sure I understand this. If Xiaomi or another consumer wearable technology company placed a significant order with you for inclusion in their devices shipping in '23, you're not telling us that you don't have the production capability to satisfy both your med tech customers and your consumer wearable customers, and this is all about a choice you're making to focus on med tech as opposed to consumer wearables. That -- I would think that would be crazy, but I'll let you respond.

我的最後一個問題，我只是想確保我理解這一點。如果小米或其他消費穿戴科技公司向您下了大筆訂單，要求將其納入23年出貨的裝置中，那麼您並不是說您沒有生產能力同時滿足醫療科技客戶和消費穿戴客戶的需求，這完全取決於您選擇專注於醫療科技而不是消費穿戴裝置。那——我認為這很瘋狂，但我會讓你回應。

Yes. I'm not sure I fully understood the question. But the -- in terms of the production capacity, obviously, the utilization of production capacity to sell products that sell for -- how will I put it, 10 times as much as the components that go in a consumer wearable is within -- very much within the interest of the company to be able to do that. So there is a clear prioritization that we're communicating here that we have a much, much higher selling price for our own medical-orientated wearable and we have a much higher margin potential in that area.

是的。我不確定我是否完全理解了這個問題。但就生產能力而言，顯然，利用生產能力來銷售售價為——怎麼說呢，是消費穿戴式裝置零件價格的 10 倍的產品——這非常符合公司的利益。因此，我們在這裡傳達的優先順序很明確，那就是我們自己的醫療級可穿戴設備的售價要高得多，而且我們在該領域的利潤潛力要高得多。

And our next question is going to come from the line of Tim Savageaux with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Tim Savageaux。

I just want to follow up on the size of the potential volume opportunities. I think last call, and I don't know whether this is in reference to a combination of consumer and med tech or what have you. But I think you thought you could ship something under 1 million units in calendar '22, in the hundreds of thousands and multimillion in '23. And again, that could be a range of ASPs there. But even then I think we were talking more about the wristband than anything else. I mean, can you provide some sort of update on those expectations? It sounds like maybe '22 might be a little lighter, but '23 might be pretty similar in terms of those metrics that you set out last quarter? And I'll follow up from there.

我只是想跟進潛在數量機會的規模。我認為這是最後一次了，我不知道這是否是指消費者和醫療技術的結合，或是其他什麼。但我認為你認為你可以在22年出貨不到100萬台，在23年出貨數十萬台甚至數百萬台。再次強調，那裡可能有一系列的 ASP。但即便如此，我認為我們談論的還是腕帶而不是其他任何事情。我的意思是，您能否提供有關這些期望的一些最新消息？聽起來 22 年可能會輕鬆一些，但 23 年從您上個季度設定的指標來看可能非常相似？我會繼續跟進。

Tim, I think at this point, from my perspective, we have not -- and we won't be providing guidance for the number of units that we expect to sell next year. But what I -- we do believe that the majority of the sales next year will come from our med tech customers. And these are the units that have the higher ASP and higher gross margin potential.

提姆，我認為目前從我的角度來看，我們還沒有——而且我們也不會提供明年預計銷售的單位數量的指導。但我們確實相信，明年的大部分銷售額將來自我們的醫療技術客戶。這些單位具有更高的 ASP 和更高的毛利率潛力。

And I think you may have done that. Maybe you didn't -- the company may have at least talked in broad strokes about those numbers. So I don't think I made this up, but I suppose it's possible. From a customer count standpoint, it looks like you mentioned being at 19 currently. I think that's up 2 from the last count. Anything notable to discuss in terms of new customer additions, either on consumer or med tech?

我想你可能已經這樣做了。也許你沒有——該公司可能至少大致談論過這些數字。所以我不認為這是我編造的，但我認為這是可能的。從客戶數量的角度來看，您提到的目前似乎是 19 個。我認為這比上次統計的數字增加了 2。在增加新客戶方面，無論是在消費者領域或醫療技術領域，有什麼值得討論的嗎？

With the -- I mean, we've gotten in the sense more than enough customers. Yes, we did added a further 2 in the med tech area. And I mean, the engagement with these customers, we've made some announcements associated with shipment of our components to these companies. The engagement is very deep and at a corporate level with many of them, and we're very excited with the progress. In a sense, we don't need any more customers. We've got the pipeline full.

有了——我的意思是，從某種意義上來說，我們已經擁有足夠的客戶了。是的，我們確實在醫療科技領域又增加了 2 個。我的意思是，在與這些客戶的接觸中，我們已經發布了一些與向這些公司運送零件有關的公告。我們與許多公司的合作非常深入，我們對這項進展感到非常興奮。從某種意義上來說，我們不再需要更多的顧客。我們的管道已滿。

And then finally for me on ASPs. Andrew, I think you made an interesting comment about -- and I don't know whether this is an end product ASP or kind of a wholesale, but you mentioned 10 times the components. We variably talked about optical engines at $10 or $20 and modules at $20 or $30. If I were to go halfway in between there and say, $20 is your kind of component ASP, if you will, is that a reasonable expectation for either Rockley's or kind of an end retail ASP? Or can you kind of talk us through that a little bit?

最後對我來說是關於 ASP。安德魯，我認為你對此發表了一個有趣的評論——我不知道這是最終產品 ASP 還是批發，但你提到了 10 倍的組件。我們經常談論售價 10 美元或 20 美元的光學引擎以及售價 20 美元或 30 美元的模組。如果我取中間值，並說 20 美元是您的組件 ASP，那麼這對 Rockley 或最終零售 ASP 來說是一個合理的預期嗎？或者您能稍微向我們講講這個嗎？

Yes, that you've got the right kind of idea in terms of the ASP there. And we haven't been explicit about that, but we were explicit about the chipsets and modules into the consumer market. So you're absolutely on the money there, but basically the work that the team has done in order to produce our own Bioptx wearable, which by the way, is an extremely good reference for the consumer market. But it's specifically designed for a whole range of different sectors in the medical field and in the health and wellness field, and in kind of the professional deployment.

是的，您對 ASP 的想法是正確的。我們還沒有明確說明這一點，但我們明確說明晶片組和模組是否進入消費市場。所以你說的完全正確，但基本上，團隊為了生產我們自己的 Bioptx 穿戴式裝置所做的工作，順便說一句，對於消費市場來說是一個非常好的參考。但它是專門為醫療領域、健康和保健領域以及專業部署中的一系列不同領域而設計的。

And as a complete device, you've got various different price points. You've got the price point of what we would call an unregulated device. You then got a price point that goes up that relates to when that device receives FDA approval for the biomarkers. And then we're talking here about the baseline band. And then, of course, what follows that is the Pro band, which again, is a more powerful device and would have a higher selling price and again go up in terms of selling price in terms of regulated. So we're trying to get the message across here that through incredible efforts to build the Bioptx band ourselves and the customer reception associated with the device, we've been able to elevate the average selling price very, very dramatically with a road map that just continues to take it up with further enhancements in performance through going from unregulated to regulated and creating an extremely exciting opportunity for us in that product line -- that product area alone.

作為一個完整的設備，它有多種不同的價格點。您得到的就是我們所說的不受管制的設備的價格點。然後你就會得到一個價格點，該價格點會隨著該設備何時獲得 FDA 的生物標誌物批准而上升。然後我們在這裡討論基線帶。當然，接下來的是 Pro 手環，它是一款功能更強大的設備，售價也會更高，而且在受監管的條件下，售價也會上漲。因此，我們試圖在這裡傳達這樣的訊息：透過我們自己付出的巨大努力來構建 Bioptx 頻段，以及與設備相關的客戶接受度，我們已經能夠非常、非常顯著地提高平均銷售價格，並且通過從不受管製到受管制的路線圖繼續進一步提高性能，為我們在該產品線 - 僅在該產品領域 - 創造了一個非常令人興奮的機會。

The other element of it, which we don't have a full handle on in terms of our own kind of internal view at this point in time, is on the recurring revenues associated with the use of the platform with what we call connect software, discover software and the inferred applications that sit on the platform. Now those areas could turn out to be extremely profitable as well. And if you look at the metrics in terms of what people in wearable devices charge for functions on a monthly basis, those numbers are typically in the kind of $10 to $30 range, they are significant upside for the model.

它的另一個要素是，就我們自己的內部觀點而言，我們目前還無法完全掌握，即使用該平台以及我們所謂的連接軟體、發現軟體和平台上推斷的應用程式所帶來的經常性收入。現在這些領域也可能變成極為有利可圖的。如果你看一下人們每月使用穿戴式裝置所支付的功能費用，你會發現這些數字一般在 10 到 30 美元之間，這對該模型來說具有顯著的上升空間。

And the way that we've architected things here is that we've created a platform that's very open, and that platform means that, for example, when you look at the use of this technology in clinical research trials, for example, it's very, very data intensive. There's a particular software kind of architecture that one's got to sit into. We've already done with one partner, the integration into that software architecture.

我們在這裡設計事物的方式是創建一個非常開放的平台，這個平台意味著，例如，當你在臨床研究試驗中使用這項技術時，它非常非常需要數據。有特定的軟體架構需要人們參與。我們已經與一個合作夥伴完成了該軟體架構的整合。

So we've created a platform that can adapt to whether it's in-hospital patient monitoring, remote patient monitoring, clinical trials monitoring, we've created a platform that can easily adapt into each one of these environments plug-in, very efficiently and where as the data flows through our connect and cloud elements through into our customers' environments, that is a continued ongoing repeatable revenue opportunity for us, which we see as upside in terms of where we've been looking so far.

因此，我們創建了一個可以適應住院病人監測、遠端病人監測和臨床試驗監測的平台，我們創建了一個可以輕鬆適應這些環境插件的平台，非常高效，並且當數據通過我們的連接和雲元素流入我們客戶的環境時，這對我們來說是一個持續的可重複的收入機會，就我們迄今為止所尋找的位置而言，我們認為這是一個上行空間。

And thank you to everyone that posed a question during today's conference. At this time, we have no further signals from our queue. So I'd like to turn it back to you, Mr. Rickman for any additional or closing remarks you may have.

感謝今天的會議上提出問題的每個人。目前，我們的隊列中沒有其他訊號。因此，我想把話題轉回給您，里克曼先生，如果您還有什麼補充或結束語的話。

Thank you for participating in our call today. We are very excited about the opportunities ahead of us and are looking forward to providing you with updates as we move through 2022 and beyond. Thank you, everybody.

感謝您參加我們今天的電話會議。我們對未來的機會感到非常興奮，並期待在 2022 年及以後為您提供最新資訊。謝謝大家。

Ladies and gentlemen, this does conclude today's teleconference and we do thank you all for your participation. You may now disconnect your lines, and we hope that you enjoy the rest of your day.

女士們、先生們，今天的電話會議到此結束，我們感謝大家的參與。您現在可以斷開您的線路了，我們希望您能享受剩餘的一天。