RenovoRx Inc (RNXT) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the RenovoRx Q1 2025 financial and operational highlights conference call. All participants will be in a listen-only mode. (Operator Instructions) Please also note that today's event is being recorded.

大家下午好，歡迎參加 RenovoRx 2025 年第一季財務和營運亮點電話會議。所有參與者將處於只聽模式。（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I'd like to turn the floor over to Valter Pinto, Managing Director at KCSA Strategic Communications. Sir, please go ahead.

現在，我想把發言權交給 KCSA 策略傳播公司董事總經理 Valter Pinto。先生，請繼續。

Thank you, operator. Good afternoon, and welcome, everyone, to the RenovoRx first quarter 2025 conference call. I'm joined today by RenovoRx's leadership team, including Dr. Ramtin Agah, Founder and Chief Medical Officer; Shaun Bagai, Chief Executive Officer; and Ronald Kocak, VP Controller and Principal Accounting Officer.

謝謝您，接線生。下午好，歡迎大家參加 RenovoRx 2025 年第一季電話會議。今天與我一起出席的還有 RenovoRx 的領導團隊，其中包括創始人兼首席醫療官 Ramtin Agah 博士； Shaun Bagai，首席執行官；以及副總裁兼首席會計官 Ronald Kocak。

Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995 and applicable federal securities laws. And that actual results may differ materially and adversely from what is contemplated by such forward-looking statements due to a variety of substantial risks, uncertainties, and other factors. The company's forward-looking statements are based on management's current plans and assumptions and are subject to the risks and uncertainties more fully described in the company's filings with the SEC.

在我們開始之前，我想提醒大家，今天的電話會議中所作的陳述可能被視為《1995 年私人證券訴訟改革法案》和適用的聯邦證券法的安全港所定義的前瞻性陳述。由於各種重大風險、不確定性和其他因素，實際結果可能與此類前瞻性陳述所預期的結果有重大不利差異。本公司的前瞻性陳述是基於管理層目前的計劃和假設，並受到公司向美國證券交易委員會提交的文件中更詳細描述的風險和不確定性的影響。

These statements reflect management's view of current and future market conditions, including but not limited to statements regarding the company's clinical trials and other research studies, including timing for potential additional interim data readouts and full patient enrollment for RenovoRx's ongoing Phase 3 TIGeR-PaC clinical trials studying intra-arterial gemcitabine and locally advanced pancreatic cancer, the potential of the RenovoCath device as a standalone commercial product or the transarterial microperfusion therapy platform as a mechanism of action, the anticipated timing for and levels of revenue generation from RenovoCath sales and the company's commercialization plans in general, the potential for intra-arterial gemcitabine to treat or provide clinically meaningful outcomes for certain medical conditions or diseases, and RenovoRx's efforts to explore commercialization strategies utilizing the transarterial microperfusion therapy platform.

這些聲明反映了管理層對當前和未來市場狀況的看法，包括但不限於有關公司臨床試驗和其他研究的聲明，包括 RenovoRx 正在進行的用於研究動脈內吉西他濱和局部晚期胰腺癌的 3 期 TIGeR-PaC 臨床試驗的潛在中期數據讀取和完整患者入組的時間、RenovoCath 設備作為獨立治療平台或完整患者入組的時間、RenovoCath 設備作為獨立治療平台或完整患者入組的時間、RenovoCath 設備作為獨立治療平台或完整患者入組銷售的預期時間和創收水平以及公司的整體商業化計劃、動脈內吉西他濱治療或為某些醫療狀況或疾病提供有臨床意義的結果的潛力，以及 RenovoRx 利用經動脈微灌注治療平台探索商業化策略的努力。

For a detailed discussion of some of the material risks and uncertainties facing RenovoRx, I refer you to the company's annual report on Form 10-K for the year ended December 31, 2024, as well as the company's investor presentation and other reports filed periodically with the SEC, including our Form 10-Q for the first quarter of 2025, which was just filed with the SEC.

有關 RenovoRx 面臨的一些重大風險和不確定性的詳細討論，請參閱本公司截至 2024 年 12 月 31 日的 10-K 表年度報告，以及公司定期向美國證券交易委員會提交的投資者介紹和其他報告，包括我們剛剛向美國證券交易委員會提交的 2025 年第一季度的 10-Q 表。

RenovoRx disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

RenovoRx 不承擔更新或修改任何前瞻性陳述的意圖或義務，無論其是由於新資訊、未來事件或其他原因，除非法律要求。

With that, it's my pleasure to turn the call over to Dr. Ramtin Agah, Founder and Chief Medical Officer of RenovoRx. Ramtin, please go ahead.

我很高興將電話轉給 RenovoRx 的創始人兼首席醫療官 Ramtin Agah 博士。Ramtin，請繼續。

Thank you, Valter, and good afternoon, everyone. I appreciate everyone joining us today. At RenovoRx, we're pioneering a new era in cancer care through our transarterial microperfusion or TAMP therapy platform.

謝謝你，瓦爾特，大家下午好。我感謝今天與我們一起的各位。在 RenovoRx，我們透過經動脈微灌注或 TAMP 治療平台開創了癌症治療的新時代。

By localizing and targeting delivery of therapeutic agents, like chemotherapy, near the tumor site via the peripheral system, TAMP is designed to optimize drug concentration precisely where it's needed while potentially minimizing systemic exposure and related toxicities. This targeted approach addresses the longstanding challenge in cancer care where there is poor tumor blood supply. I believe TAMP represents a significant advancement in the way cancer treatment can be approached.

TAMP 透過將化療等治療劑透過週邊系統定位並標靶輸送到腫瘤部位附近，旨在精確優化所需藥物濃度，同時最大程度地減少全身暴露和相關毒性。這種有針對性的方法解決了癌症治療中長期存在的腫瘤血液供應不足的難題。我相信 TAMP 代表了癌症治療方法的重大進步。

Our mission is to transform patients' outcomes by providing a safer, more effective way to deliver therapy directly to heart-to-treat tumors. Our ongoing Phase 3 TIGeR-PaC clinical trial evaluating the targeted delivery of chemotherapy, gemcitabine, with TAMP via our patented FDA-cleared RenovoCath device to patients with locally advanced pancreatic cancer is advancing with encouraging results. Our initial interim data showed that the patients experienced median overall survival with standard systemic chemotherapy delivery of 10 months versus 16 months with our targeted approach.

我們的使命是透過提供更安全、更有效的方式將治療直接傳遞到心臟治療腫瘤，從而改變患者的治療結果。我們正在進行的 3 期 TIGeR-PaC 臨床試驗評估了透過我們獲得 FDA 批准的專利 RenovoCath 設備向局部晚期胰腺癌患者靶向輸送化療藥物吉西他濱和 TAMP 的效果，目前該試驗正在取得令人鼓舞的進展。我們的初步中期數據顯示，患者接受標準全身化療後的平均總存活期為 10 個月，而接受我們的標靶治療後的平均總存活期為 16 個月。

This is from the time of randomization. It is important to note that both median overall survival arms calculation for the study interim analysis data do not include approximately 5.5 months of life from diagnosis to randomization during the induction chemotherapy and radiation phase of the trial. Moreover, we observed a 65% reduction in adverse events such as nausea and fatigue, significantly improving patient quality of life.

這是從隨機化的時間開始的。值得注意的是，研究中期分析資料的兩個中位總存活期計算均不包括試驗誘導化療和放療階段從診斷到隨機分組的約 5.5 個月的生命。此外，我們觀察到噁心和疲勞等不良事件減少了 65%，顯著提高了患者的生活品質。

These results strengthen our conviction that TAMP can redefine outcomes for patients facing some of the most difficult-to-treat cancer. As we are continuing to increase exposure to TAMP and RenovoCath through our TIGeR-PaC trial and more recently to our commercial efforts for RenovoCath as a standalone device, the reception from physician community has been overwhelmingly positive. Clinical investigators have expressed strong support and enthusiasm to our approach in directly written, recognizing the potential clinical benefit and improved tolerability profile that the use of RenovoCath offers.

這些結果加強了我們的信念：TAMP 可以重新定義一些最難治療的癌症患者的治療結果。隨著我們透過 TIGeR-PaC 試驗不斷增加對 TAMP 和 RenovoCath 的曝光，以及最近我們將 RenovoCath 作為獨立設備進行商業化的努力，醫生群體的反應非常積極。臨床研究人員以直接書面形式表達了對我們方法的強烈支持和熱情，並認識到使用 RenovoCath 帶來的潛在臨床益處和改善的耐受性。

Their feedback reinforces our belief that RenovoRx is well-positioned to establish a new standard of care for LAPC and potentially other indications. As we advance our clinical and commercialization efforts, I'm energized by the transformative potential of our platform and deeply appreciate your continued support as we work to change the future of cancer treatment.

他們的回饋強化了我們的信念，即 RenovoRx 有能力為 LAPC 和其他潛在適應症建立新的護理標準。隨著我們臨床和商業化努力的推進，我們平台的變革潛力讓我充滿活力，並非常感謝您在我們努力改變癌症治療的未來時給予的持續支持。

Thank you for attending and for your support of RenovoRx. With that, I turn it over to our CEO, Shaun Bagai.

感謝您的參加以及對 RenovoRx 的支持。接下來，我將把權力交給我們的執行長 Shaun Bagai。

Thank you, Ramtin. Q1 of 2025 represented our first quarter of generating revenue from commercial sales. This is the result of the important strategic decision we made in 2024 to focus on implementing a commercial strategy for RenovoCath in tandem with our ongoing Phase 3 trial.

謝謝你，Ramtin。2025 年第一季是我們透過商業銷售創造收入的第一個季度。這是我們在 2024 年做出的重要策略決策的結果，該決策旨在專注於與我們正在進行的 3 期試驗同步實施 RenovoCath 的商業策略。

We plan to launch our commercial efforts for RenovoCath during Q1 of this year in response to anticipated strong demand for our technology. However, we received purchase orders ahead of schedule generating $43,000 of revenue in December. I'm proud of our team for quickly implementing a go-to-market strategy to meet the demand from the oncology community and therefore made the decision to increase our US-based RenovoCath production last year.

為了滿足我們技術預期的強勁需求，我們計劃在今年第一季啟動 RenovoCath 的商業化運作。然而，我們提前收到了採購訂單，12 月產生了 43,000 美元的收入。我為我們的團隊感到自豪，他們迅速實施了市場進入策略，滿足了腫瘤學界的需求，因此去年決定增加我們在美國 RenovoCath 的產量。

Last month, I stated that we expected Q1 revenue to be in a low six-figure range, followed by sequential quarter-over-quarter increases for the remainder of the year. I'm pleased to report that revenue from RenovoCath exceeded our internal expectations to approximately $200,000 in the first quarter, and we anticipate this trend to continue going forward with sequential quarterly growth for the foreseeable future.

上個月，我曾表示，我們預計第一季的營收將在六位數的低位範圍內，隨後在今年剩餘時間內將逐季成長。我很高興地報告，RenovoCath 的營收在第一季超出了我們的內部預期，達到約 20 萬美元，我們預計這一趨勢將在可預見的未來繼續保持，並實現季度連續增長。

We are encouraged by the strong organic demand for RenovoCath with more than 10 medical institutions that are not current TIGeR-PaC sites having initiated the process for RenovoCath purchase orders. These include several esteemed high-volume academic and community and National Cancer Institute designated centers.

我們對 RenovoCath 的強勁有機需求感到鼓舞，目前已有 10 多家非 TIGeR-PaC 站點的醫療機構啟動了 RenovoCath 採購訂單流程。其中包括幾家受人尊敬的高容量學術和社區中心以及國家癌症研究所指定的中心。

Further, we believe the approximately 20 centers that have used RenovoCath as part of our TIGeR-PaC trial could also be potential customers for RenovoCath after completion of TIGeR-PaC enrollment anticipated for later this year. Additionally, early utilization of RenovoCath devices by initial customers has led to repeat purchase orders.

此外，我們相信，在我們的 TIGeR-PaC 試驗中使用 RenovoCath 的大約 20 個中心，在預計今年稍後完成的 TIGeR-PaC 招募後，也可能成為 RenovoCath 的潛在客戶。此外，初始客戶對 RenovoCath 設備的早期使用已導致重複購買訂單。

Based on our internal analysis of clinical interest and FDA-cleared applications of the device, we believe that our initial total addressable market for RenovoCath represents an estimated $400 million peak US annual sales opportunity.

根據我們對該設備臨床興趣和 FDA 批准應用的內部分析，我們認為 RenovoCath 的初始總目標市場代表著預計 4 億美元的美國年銷售高峰機會。

We are assuming an average of eight annual procedures per patient and 7,000 initial target patients at peak market penetration in patient populations where we already have clinical usage. While we haven't publicly disclosed our catheter pricing, technologies utilizing the same reimbursement coding are charging between $6,500 and $8,500 per device.

我們假設每位患者每年平均接受 8 次手術，在我們已經進行臨床使用的患者群體中，市場滲透率達到峰值時初始目標患者人數為 7,000 人。雖然我們尚未公開披露導管定價，但採用相同報銷編碼的技術每台設備的收費在 6,500 美元至 8,500 美元之間。

Looking ahead, we see expansion opportunities across other cancer indications that could create the potential for a several-billion-dollar US TAM for RenovoCath over time. The prospect of generating even a small portion of this market combined with the potential to help so many patients is driving our excitement about this opportunity.

展望未來，我們看到了其他癌症適應症的擴張機會，隨著時間的推移，這可能會為 RenovoCath 創造數十億美元的美國 TAM 潛力。即使只佔據這個市場的一小部分，加上幫助這麼多患者的潛力，也讓我們對這個機會感到興奮。

We believe we can manage meaningful market penetration with a small yet focused commercial team targeting the top 200 high-volume treatment centers. Importantly, we believe this strategy can be executed without a material increase in our expenses, whether through direct commercialization or by partnering with a larger organization with an established sales force, which is a strategy we are actively exploring.

我們相信，我們可以透過一支規模雖小但專注的商業團隊，瞄準前 200 名的高容量治療中心，實現有意義的市場滲透。重要的是，我們相信這項策略可以在不大幅增加我們開支的情況下實施，無論是透過直接商業化還是與擁有成熟銷售團隊的大型組織合作，這是我們正在積極探索的策略。

We expect that the growing revenues from RenovoCath will reduce our burn rate and that our cash on hand of $14.6 million at the end of the first quarter will fully fund both our RenovoCath scale-up and the continued progress of our Phase 3 TIGeR-PaC clinical trial. On the topic of our TIGeR-PaC clinical trial, during the first quarter of 2025, we announced that Johns Hopkins Medicine has now initiated enrollment in our ongoing Phase 3 TIGeR-PaC trial.

我們預計，RenovoCath 不斷增長的收入將降低我們的資金消耗率，並且我們第一季末的 1460 萬美元現金將完全資助我們的 RenovoCath 擴大規模以及我們第 3 階段 TIGeR-PaC 臨床試驗的持續進展。關於我們的 TIGeR-PaC 臨床試驗，在 2025 年第一季度，我們宣布約翰霍普金斯醫學院現已開始招募我們正在進行的 3 期 TIGeR-PaC 試驗。

This is a valuable addition to the distinguished network of clinical cancer sites across the US participating in this important trial as we work towards full enrollment. We are continuing to target additional sites and expect that TIGeR-PaC will achieve full enrollment during 2025.

在我們努力實現全面招募的過程中，這對於參與這項重要試驗的美國各地傑出臨床癌症站點網絡來說是一個寶貴的補充。我們將繼續尋找更多站點，並預計 TIGeR-PaC 將在 2025 年實現全面招生。

As a reminder, the current protocol and statistical analysis plan for the TIGeR-PaC trial requires 114 randomized patients with 86 events or deaths necessary to complete the final analysis. As of May 2, 2025, 91 patients have been randomized and 56 events have occurred, triggering the second interim analysis. We expect the Studies Data Monitoring Committee to review the data in Q3 and eagerly await their recommendations and feedback.

提醒一下，TIGeR-PaC 試驗的目前方案和統計分析計畫需要 114 名隨機患者，其中需要發生 86 起事件或死亡才能完成最終分析。截至 2025 年 5 月 2 日，已有 91 名患者隨機分組，發生 56 起事件，觸發第二次中期分析。我們預計研究數據監測委員會將在第三季審查數據，並熱切期待他們的建議和回饋。

Last week, we announced the issuance of a new US patent for our TAMP therapy platform, further enhancing our IP production. RenovoRx's strong and growing intellectual property portfolio provides key support to the company's continuing commercialization of RenovoCath. The issuance of this new patent highlights the innovation behind our TAMP therapy platform and strengthens our competitive position.

上週，我們宣佈為我們的 TAMP 治療平台頒發新的美國專利，進一步增強了我們的智慧財產權生產。RenovoRx 強大且不斷成長的智慧財產權組合為公司繼續商業化 RenovoCath 提供了關鍵支援。這項新專利的頒發凸顯了我們TAMP治療平台背後的創新，並增強了我們的競爭地位。

Before closing, I want to highlight one final point. During the first quarter, we announced that in our most recent open trading window, members of the management team and board purchased an aggregate of approximately 143,000 shares of RenovoRx stock and multiple open market purchases.

在結束之前，我想強調最後一點。在第一季度，我們宣佈在最近的開放交易窗口中，管理團隊和董事會成員總計購買了約 143,000 股 RenovoRx 股票和多次公開市場購買。

This signals our confidence in our company and its future and underscores our enthusiasm for our company's long-term value proposition. In conclusion, I want to reaffirm our belief that the approximately 20 cancer centers that have used RenovoCath as part of our TIGeR-PaC trial could also be potential customers after the planned completion of enrollment later this year.

這表明我們對公司及其未來充滿信心，並強調了我們對公司長期價值主張的熱情。最後，我想重申我們的信念：在我們的 TIGeR-PaC 試驗中使用 RenovoCath 的大約 20 家癌症中心在今年稍後計劃完成招募後也可能成為潛在客戶。

Building upon our recent success, we expect revenue from RenovoCath to increase from the low six-figure range with sequential quarter-over-quarter increases for the remainder of the year as we move along the path to becoming a cash flow positive in the future.

基於我們最近的成功，我們預計 RenovoCath 的收入將從六位數的低點開始增長，並在今年剩餘時間內實現逐季增長，因為我們正朝著未來現金流為正的方向邁進。

With that, I'll turn it over to Ron, who will take us through some of the numbers.

說完這些，我將把麥克風交給羅恩，他將向我們介紹一些數字。

Thank you, Shaun. For the first quarter of 2025, Renovo reported revenue of approximately $200,000 from commercial sales of its FDA-cleared RenovoCath device, exceeding our initial expectations in our first quarter of revenue. Research and development expenses were $1.7 million for the quarter, up from $1.3 million in the first quarter of 2024.

謝謝你，肖恩。2025 年第一季度，Renovo 報告其經 FDA 批准的 RenovoCath 設備商業銷售收入約為 20 萬美元，超過了我們對第一季度收入的初步預期。本季研發費用為 170 萬美元，高於 2024 年第一季的 130 萬美元。

This $0.4 million increase was primarily driven by the following; higher employee compensation due to cost-of-living adjustments, increased manufacturing and nonrecurring engineering costs to support commercial scale-up, greater participation in conferences and trade shows, and other ongoing R&D activities.

這一 40 萬美元的成長主要由以下因素推動：由於生活成本調整導致員工薪酬增加、為支持商業擴大規模而增加的製造和非經常性工程成本、更多地參與會議和貿易展覽以及其他正在進行的研發活動。

Selling, general, and administrative expenses were approximately $1.6 million for the quarter, an increase from $1.2 million in the prior year period. This $0.4 million rise was attributed to increase in personnel-related costs, professional and consulting fees to support commercializations, and other selling, general, and administrative activities. As of March 31, 2025, the company had $14.6 million in cash and cash equivalent. As of May 9, 2025, shares of our common stock outstanding totaled 36,572,232.

本季銷售、一般及行政開支約 160 萬美元，較去年同期的 120 萬美元增加。這一 40 萬美元的增長歸因於人員相關成本、支援商業化的專業和諮詢費用以及其他銷售、一般和行政活動的增加。截至 2025 年 3 月 31 日，該公司擁有 1,460 萬美元的現金和現金等價物。截至 2025 年 5 月 9 日，我們流通在外的普通股總數為 36,572,232 股。

And now, I'll turn the call back to the operator for Q&A.

現在，我將把電話轉回給接線員進行問答。

Ladies and gentlemen, at this time, we'll begin the question and answer session. (Operator Instructions) And in showing no questions, I would like to turn the floor back over to Shaun Bagai for closing comments.

女士們、先生們，現在我們開始問答環節。（操作員指示）如果沒有問題，我想將發言權交還給 Shaun Bagai 進行最後評論。

Thank you all again for participating in today's presentation. We were very excited about the key strategic steps we've taken over the last year to build long-term value in our company. And we are beginning to see the tangible results from these efforts. We look forward to the rest of the year unfolding and to providing you with important updates on our progress. Have a great evening.

再次感謝大家參加今天的演講。我們對過去一年來為公司創造長期價值所採取的關鍵策略步驟感到非常興奮。我們開始看到這些努力所取得的實質成果。我們期待今年剩餘時間的進展，並向您提供有關我們進展的重要更新。祝您有個愉快的夜晚。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. Actually, one moment, we do have someone that has joined the question queue. Let me join in Rafay Khalid from Ascendiant Capital Markets. Please go ahead with your question.

女士們、先生們，今天的電話會議和演講就到此結束。我們非常感謝您的加入。實際上，剛才確實有人加入了提問隊列。讓我和 Ascendiant Capital Markets 的 Rafay Khalid 一起加入。請繼續提問。

Hi. Thank you. This is Rafay for Edward Woo, Ascendiant Capital Markets. Can you talk about your plans for the RenovoCath for international markets?

你好。謝謝。我是 Ascendiant Capital Markets 的 Edward Woo 代表 Rafay。您能談談 RenovoCath 在國際市場的計畫嗎？

At this point, we don't have a current CE mark. We're looking into that for the future. We haven't disclosed publicly on timing of international markets, but obviously, there's high demand for this type of technology given the unmet need in these types of tumors in both the European countries as well as a very large market in China, Korea, and Japan as well.

目前，我們還沒有目前的 CE 標誌。我們正在為未來做打算。我們尚未公開披露國際市場的時間表，但顯然，鑑於歐洲國家以及中國、韓國和日本的龐大市場對此類腫瘤的未滿足需求，對此類技術的需求很高。

So there's interest there. We've talked to positions, but we plan on really driving hard on the US commercial market given the reimbursement landscape and then approaching outside the US markets exploring that later this year, potentially next year.

所以那裡很有趣。我們已經談過職位，但考慮到報銷情況，我們計劃真正努力開拓美國商業市場，然後在今年晚些時候，甚至明年，探索美國以外的市場。

Great. And one more question. Do you have plans to increase -- you talked about partnering with potentially the top 200 cancer centers? Would you use their sales force or would you use distributors to target those partners?

偉大的。還有一個問題。您是否有擴大計劃——您談到與潛在的前 200 個癌症中心合作？您會利用他們的銷售團隊還是會利用經銷商來瞄準這些合作夥伴？

I have stated publicly that we are talking to a handful of strategic partners. These are large companies that have sales forces that cater to the interventional oncologists who do the procedures or the interventional radiologists.

我已公開表示，我們正在與一些策略夥伴進行談判。這些大公司擁有專門為實施手術的介入性腫瘤學家或介入放射科醫生服務的銷售團隊。

So we're looking at, from a business perspective, if it makes more sense to hire a small sales force with a handful of reps to get to drive meaningful revenue for the company and or partner with a strategic partner that has an existing distribution channel. So we're exploring both currently and both are actually well on their way in terms of proving out which plan makes the most financial sense to the company.

因此，從商業角度來看，我們正在考慮是否更有意義，即僱用一支擁有少數銷售代表的小型銷售團隊來為公司帶來可觀的收入，或與擁有現有分銷管道的策略合作夥伴合作。因此，我們目前正在探索這兩種方案，實際上這兩種方案都進展順利，可以證明哪種方案對公司來說最有經濟意義。

(Operator Instructions) And ladies and gentlemen, at this time, I will turn it back to Mr. Bagai for any additional closing comments.

（操作員指示）女士們、先生們，現在，我將把時間交還給 Bagai 先生，請他補充最後評論。

Thank you again for your time and participating, and have a great evening. Thank you, everyone.

再次感謝您抽出時間和參與，並祝您有個愉快的夜晚。謝謝大家。

And that will conclude today's conference call presentation. Thank you for joining. You may now disconnect your lines.

今天的電話會議演示到此結束。感謝您的加入。現在您可以斷開線路了。