TriSalus Life Sciences Inc (TLSI) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the TriSalus Life Sciences first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes. I will now turn the call over to Jeremy Feffer, Managing Director with Lifesci Advisors. Please go ahead.

各位下午好，歡迎參加 TriSalus Life Sciences 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次電話會議將錄音以供重播之用。現在我將把電話交給 Lifesci Advisors 董事總經理 Jeremy Feffer。請開始。

Thank you, operator, and thank you all for joining us today. With me from TriSalus Life Sciences are Mary Szela, President and Chief Executive Officer; David Patience, Chief Financial Officer; and Dr. Richard Marshall, Medical Director.

謝謝您，接線員，也感謝各位今天加入我們。與我一同出席、代表 TriSalus Life Sciences 的有：總裁兼執行長 Mary Szela；財務長 David Patience；以及醫務總監 Richard Marshall 醫師。

Mary will provide an overview of our first quarter results and our strategy for the balance of the year. David will then walk through the financial results in detail. Dr. Marshall will join Mary and David for the Q&A portion of the call. Earlier today, TriSalus released its financial results for the quarter ended March 31, 2026.

Mary 將概述我們第一季的業績以及今年剩餘期間的策略。接著 David 將詳細說明財務結果。Marshall 醫師將與 Mary 和 David 一同參與問答環節。今天稍早，TriSalus 已公布截至 2026 年 3 月 31 日止季度的財務結果。

A copy of the press release is available on the TriSalus Investor Relations website. Today, TriSalus also announced the publication of a landmark real-world evidence study evaluating the clinical and economic impact of our Pressure-Enabled Drug Delivery, or PEDD technology. Mary will discuss that study in detail.

新聞稿可於 TriSalus 投資人關係網站取得。今天，TriSalus 也宣布發表一項具里程碑意義的真實世界證據研究，評估我們的壓力啟動藥物遞送（Pressure-Enabled Drug Delivery，簡稱 PEDD）技術在臨床與經濟層面的影響。Mary 將就該研究進行詳細說明。

Before we begin, I would like to remind you that during today's call, management will make forward-looking statements within the meaning of the federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements other than statements of historical fact, including, without limitation, statements regarding our sales and operating trends, business and hiring prospects, financial and revenue expectations and future product development and approvals are forward-looking. They are based on current estimates and assumptions and involve material risks and uncertainties, including the impact of macroeconomic conditions and global events that could cause actual results to differ materially from those anticipated. You should not place undue reliance on these statements.

在開始之前，我想提醒各位，在今天的電話會議中，管理團隊將在聯邦證券法所定義的範圍內作出前瞻性陳述。這些陳述係依據《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款作出。除歷史事實陳述外的任何陳述，包括但不限於關於我們的銷售與營運趨勢、業務與招募前景、財務與營收預期，以及未來產品開發與核准等，均屬前瞻性陳述。此等陳述係基於目前的估計與假設，並涉及重大風險與不確定性，包括總體經濟狀況與全球事件的影響，可能導致實際結果與預期存在重大差異。請勿過度依賴這些陳述。

For a description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our Forms 10-Q and 10-K on file with the SEC and available on EDGAR as well as our other periodic filings. TriSalus disclaims any obligation, except as required by law, to update or revise any forward-looking statements, whether due to new information, future events or otherwise. This call contains time-sensitive information and is accurate only as of today's live broadcast, May 12, 2026. And with that, I'll turn the call over to Mary.

如需了解與我們業務相關的風險與不確定性之說明，請參閱我們向美國證券交易委員會（SEC）提交並可於 EDGAR 查閱的 10-Q 與 10-K 表格中的「風險因素」章節，以及我們其他定期申報文件。除法律要求外，TriSalus 不承擔更新或修訂任何前瞻性陳述的義務，不論係因新資訊、未來事件或其他原因。本次電話會議包含具時效性的資訊，且僅以今日直播（2026 年 5 月 12 日）之時點為準。接下來我將把電話交給 Mary。

Thank you, Jeremy, and good afternoon, everyone, and thank you for joining us. I'll cover 4 topics today: first, our first quarter results; second, the deliberate realignment and significant expansion of our commercial organization, creating a foundation to capture the multiyear growth that a cadence of new clinical and health economic evidence will unlock over the next 18 months. Third, our updated 2026 guidance and the outlook for the balance of the year. And fourth, in my view, the most important news of the quarter, the publication of landmark real-world evidence on PEDD, the largest study of its kind ever conducted, demonstrating fewer complications, fewer hospitalizations and roughly $7,700 per patient in cost avoidance. This is meaningful news for TriSalus and more importantly, for the patients we serve.

謝謝你，Jeremy。各位下午好，感謝各位加入我們。今天我將涵蓋四個主題：第一，我們第一季的業績；第二，我們商業組織的審慎重新調整與大幅擴編，為未來 18 個月內一系列新的臨床與健康經濟證據所帶來的多年期成長建立基礎。第三，我們更新後的 2026 年財測指引以及今年剩餘期間的展望。第四，也是我認為本季最重要的消息：發表關於 PEDD 的具里程碑意義之真實世界證據研究——這是同類研究中規模最大的一項——顯示併發症更少、住院次數更少，且每位病患約可避免 7,700 美元的成本。這對 TriSalus 而言是重大消息，更重要的是，對我們所服務的病患而言亦是如此。

David will then provide a detailed financial review, and we'll take your questions. As we previewed on our 2025 year-end call, our 2026 plan called for a disciplined investment in commercial infrastructure designed to deepen physician engagement, extend our footprint to cover new applications and lay the foundation for future growth. And it's why we raised capital this quarter.

接著 David 將提供詳細的財務回顧，然後我們將回答各位的問題。如同我們在 2025 年年終電話會議中所預告，我們的 2026 年計畫包含對商業基礎建設的紀律性投資，旨在深化醫師互動、擴大我們的覆蓋範圍以涵蓋新適應症，並為未來成長奠定基礎。這也是我們本季進行募資的原因。

After several years of significant growth, our territories were expanding beyond what individual representatives and our sales leaders could cover effectively, and the gap was widening as the new applications began to emerge. Continuing to operate at the prior scale was simply not a path to capturing the full opportunity ahead of us in the liver embolization market or the new applications we are entering.

在經歷數年的顯著成長後，我們的銷售區域已擴大到單一業務代表與銷售主管難以有效覆蓋的程度；隨著新適應症開始浮現，這個缺口也在擴大。若持續以先前的規模運作，顯然無法讓我們在肝臟栓塞市場或我們正進入的新適應症中，充分掌握未來的整體機會。

The investment had three core dimensions: new commercial leadership, a meaningful expanded talent base across sales leadership, field management and clinical specialist roles, a realigned significantly larger field footprint that scales for future growth.

這項投資包含三個核心面向：新的商業領導團隊；在銷售領導、外勤管理與臨床專員職務上大幅擴充的人才基礎；以及重新調整、顯著擴大的外勤覆蓋版圖，以支撐未來成長的規模化需求。

Anchoring the expansion is Chris Staudt, who recently joined us as Senior Vice President of Sales and Commercial Operations. Chris brings more than 20 years of commercial leadership in diagnostics and in life sciences with senior roles at Roche, Ventana, Luminex and most recently, Accelerate Diagnostics, where he led US commercial.

此次擴編的核心是 Chris Staudt，他近期加入我們，擔任銷售與商業營運資深副總裁。Chris 在診斷與生命科學領域擁有超過 20 年的商業領導經驗，曾在 Roche、Ventana、Luminex 擔任資深職務，最近則在 Accelerate Diagnostics 領導美國商業團隊。

He has a proven track record of building and scaling high-performing field organizations and securing strategic partnerships with leading health systems, an important initiative we want to pursue. Chris is precisely the operator we need to lead our commercial organization through this next phase of growth, and we're fortunate to have him on our team. As of May, the new significantly expanded sales organization is largely in place.

他在建立並擴大高績效外勤組織，以及與領先醫療體系建立策略合作方面具備經驗證明——這也是我們希望推動的重要計畫。Chris 正是我們在下一階段成長中帶領商業組織所需要的實戰型領導者，我們很幸運他能加入團隊。截至 5 月，新的、顯著擴編的銷售組織已大致到位。

As with any expansion of this scale, Q1 revenue reflects the transition of cost of territory realignment, representative onboarding, representative time out of the field for training and the rebuilding of account relationships in roughly 60% of our territories where the rep-to-physician relationship remained intact, sales performed in line with expectations. In the remaining 40%, we deliberately modified two critical relationships at the same time, rep to physician and rep to manager.

如同任何此規模的擴編，第一季營收反映了區域重新調整的過渡成本、業務代表到職導入、業務代表因訓練而離開前線的時間，以及重建客戶關係等因素。在約 60% 的銷售區域中，業務代表與醫師之間的關係仍維持完整，銷售表現符合預期。在其餘 40% 的區域中，我們則刻意同時調整兩項關鍵關係：業務代表對醫師，以及業務代表對主管。

Both are primary drivers of execution and unit volume and modifying them simultaneously was the right strategic choice. We expect sales productivity to improve steadily throughout the balance of the year, complemented by growing contributions from new clinical data, new account capture and penetration into new applications.

這兩者都是執行力與出貨量（unit volume）的主要驅動因素，同時調整它們是正確的策略選擇。我們預期銷售生產力將在今年剩餘期間穩步改善，並將受惠於新的臨床數據、新客戶開發，以及在新適應症中的滲透所帶來的貢獻成長。

Q1 performance was not a function of softer demand or any change in the underlying fundamentals of our business. It reflects the deliberate cost of a build-out phase, investing now in the commercial engine required to scale this organization for our next phase of growth. We are revising our full year 2026 revenue guidance to a range of $54 million to $57 million.

第一季表現並非因需求轉弱或我們業務基本面出現任何變化所致，而是反映了建置階段的刻意成本：我們現在投資於商業引擎，以使組織能在下一階段成長中實現規模化。我們將 2026 全年營收指引修訂為 5,400 萬至 5,700 萬美元。

The driver of this revision includes both the lower Q1 revenues from the commercial expansion and the delayed FDA clearance timing for TriNav Advance, our next-generation device, which extends PEDD capability to small distal vessels via microcatheter. FDA review of TriNav Advance is now running approximately five months past the 30-day MDUFA review goal.

此次修訂的驅動因素包括：商業擴編導致第一季營收較低，以及 TriNav Advance（我們的下一代裝置）FDA 核准時程延後。TriNav Advance 可透過微導管（microcatheter）將 PEDD 能力延伸至更小的遠端血管。FDA 對 TriNav Advance 的審查目前約較 30 天的 MDUFA 審查目標延後五個月。

We've been in active dialogue with the FDA. And while we still expect clearance in the second half of the year, we are taking a prudent approach to forecasting the launch given the inherent unpredictability of clearance timing and the appropriate market evaluation period that follows. This timing shift removes our Advance revenue expectations from the second half of the year due to the clearance delay.

我們一直與 FDA 保持積極對話。雖然我們仍預期將在下半年取得核准，但鑑於核准時點本身具有不可預測性，以及核准後所需的適當市場評估期間，我們在上市預測上採取審慎作法。由於核准延遲，此一時程變動使我們將原本預期於下半年貢獻的 Advance 營收自預期中移除。

We remain enthusiastic about the launch. TriNav Advance creates an incremental market opportunity by enabling interventional radiologists to access the benefits of PEDD while using the microcatheter of their choice. Today, physicians who employ our super selective approach prefer to track to the site of delivery with their existing microcatheter. TriNav Advance meets them where they're already in practice. Revising guidance is an adjustment that TriSalus team nor I take lightly. We remain fully committed to our investors and to executing against the goals we set. We believe taking a measured posture on TriNav Advance is the right one.

我們對上市仍然充滿期待。TriNav Advance 透過讓介入放射科醫師在使用其偏好的微導管時也能取得 PEDD 的效益，創造了額外的市場機會。如今，採用我們超選擇性（super selective）方法的醫師，偏好使用其既有的微導管追蹤至遞送位置。TriNav Advance 正是貼合他們既有的臨床實務。調整指引是 TriSalus 團隊與我都不會輕率做出的決定。我們仍對投資人以及對達成我們所設定的目標之執行保持完全承諾。我們相信，對 TriNav Advance 採取審慎立場是正確的。

Once Advance is in our hands, we'll have a complete portfolio supporting the full range of liver embolization procedures. I want to spend a moment on the development of the quarter that matters most for TriSalus and more importantly, the patients we serve. Today, we published the largest real-world evidence study of PEDD ever conducted. It includes 603 PEDD patients matched against more than 16,210 non-PEDD patients drawn from a 300 million patient population-based claims database covering 96% of US payers with data spanning January 2020 through March of 2024.

一旦 Advance 產品到位，我們將擁有完整的產品組合，可支援肝臟栓塞手術的全範圍。我想花一點時間談談本季對 TriSalus、以及更重要的對我們所服務病患而言最重要的進展。今天，我們發表了迄今規模最大的 PEDD 真實世界證據研究。研究納入 603 名 PEDD 病患，並與超過 16,210 名非 PEDD 病患進行配對；資料來源為一個以 3 億名病患為基礎的理賠資料庫，涵蓋美國 96% 的付款方（payers），資料期間自 2020 年 1 月至 2024 年 3 月。

The cohort comprises 515 TARE patients and 88 TACE patients, making it the largest TARE-PEDD data set ever published and the most comprehensive PEDD data set across both embolization modalities. The analysis used a rigorous two-stage matching design. Coarsened Exact Matching paired with propensity score matching applied to both the overall cohort and to each modality subgroup.

該隊列包含 515 名 TARE 患者與 88 名 TACE 患者，使其成為迄今發表規模最大的 TARE-PEDD 資料集，亦是涵蓋兩種栓塞模式之最完整 PEDD 資料集。本分析採用嚴謹的兩階段配對設計：粗化精確配對（Coarsened Exact Matching）結合傾向分數配對（propensity score matching），並同時應用於整體隊列及各模式子群。

The headline result is compelling. Despite higher baseline disease burden, the data is demonstrating that PEDD is simply not a device, but a highly differentiated therapeutic delivery platform capable of improving liver embolization outcomes, reducing health care utilization and expanding treatment possibilities across multiple indications. PEDD-treated patients achieved statistically significant better outcomes across every measure. Four takeaways stood out.

最重要的結果相當具說服力。儘管基線疾病負擔較高，資料顯示 PEDD 並非僅是一項器械，而是一個高度差異化的治療遞送平台，能改善肝臟栓塞治療結果、降低醫療資源使用，並擴展多項適應症的治療可能性。接受 PEDD 治療的患者在每一項衡量指標上皆達到統計上顯著的更佳結果。其中有四項重點結論特別突出。

The number one, less fatigue and preserved immune function across the full cohort, significantly less post-procedure fatigue across the full cohort, 20.9% versus 26.4%. Roughly ninefold reduction in lymphopenia at high adopter centers, 0.6% versus 5.2%. Preserving lymphocyte counts is clinically critical since lymphopenia is a known barrier to downstream immunotherapy. Bottom line, PEDD patients leave the procedure with their immune systems more intact and remain eligible for follow-on immunotherapy treatment.

第一，整體隊列疲勞感更低且免疫功能得以保留：整體隊列術後疲勞顯著較少，PEDD 為 20.9%，對照為 26.4%。在高採用中心，淋巴球減少症（lymphopenia）約降低九倍，0.6% 對 5.2%。保留淋巴球計數在臨床上至關重要，因為淋巴球減少症是後續免疫治療的已知障礙。結論是，PEDD 患者完成處置後免疫系統更完整，並仍符合後續免疫治療的資格。

Number two, lower 30-day readmissions in the TACE subgroup, driven by significantly improved tumor targeting. PEDD delivered approximately 48% more doxorubicin per procedure. PEDD procedures had 30-day inpatient admissions cut by more than half, 8% with PEDD versus 20.5% without. Bottom line direct evidence of improved tumor targeting with less off-target toxicity.

第二，TACE 子群 30 天再入院率更低，主要由腫瘤靶向顯著改善所驅動。PEDD 每次處置可遞送約多 48% 的多柔比星（doxorubicin）。PEDD 處置的 30 天住院入院率降低逾半：使用 PEDD 為 8%，未使用為 20.5%。結論是，這提供了腫瘤靶向改善且離靶毒性更低的直接證據。

Number three, the more a center uses PEDD, the better the outcomes. At top 5% adoption facilities, the lymphopenia gap widens further and further and liver metastatic outcomes improved sharply across both the TARE and TACE practice patterns. In secondary liver metastases, patients at high adopter centers fatigue was cut by more than half, 19.2% versus 39.7%. And lymphopenia was nearly eliminated, 0% versus 8.2%. Bottom line, the more a center uses PEDD across either TARE or TACE, the better the outcomes get. Early adoption and institutional experience compound the benefit.

第三，中心使用 PEDD 越多，結果越好。在採用率前 5% 的機構，淋巴球減少症差距進一步擴大，且肝轉移相關結果在 TARE 與 TACE 的臨床實務模式中皆明顯改善。在次發性肝轉移中，高採用中心患者的疲勞感降低逾半：19.2% 對 39.7%；而淋巴球減少症幾乎被消除：0% 對 8.2%。結論是，無論在 TARE 或 TACE，中心使用 PEDD 越多，結果就越好；早期採用與機構經驗會使效益疊加放大。

Number four, downstream cost avoidance per patient cost avoidance of approximately $7,700 across the full 603 patient PEDD cohort, roughly 3,100 from fewer inpatient stays and 4,600 from fewer post-procedure complications. Cost avoidance holds across both TARE and TACE and is not isolated to one modality. Higher and more durable response rates may further reduce total procedures per patient, compounding the economic benefit over time. Bottom line, PEDD effectively reduce downstream costs in both TARE and TACE cases. This large landmark publication validates what we've been saying for years about the clinical rationale for PEDD, and it does so in patients representative of everyday clinical practice.

第四，每位患者的後續成本避免：在完整 603 名 PEDD 患者隊列中，每位患者約可避免 7,700 美元成本，其中約 3,100 來自較少的住院，4,600 來自較少的術後併發症。成本避免在 TARE 與 TACE 皆成立，並非僅限於單一模式。更高且更持久的反應率可能進一步降低每位患者的總處置次數，隨時間推移使經濟效益加乘。結論是，PEDD 能在 TARE 與 TACE 病例中有效降低後續成本。這篇大型里程碑式發表驗證了我們多年來對 PEDD 臨床合理性的主張，且研究對象具代表性，貼近日常臨床實務。

For our physician customers, it reinforces that the investment in PEDD competency pays compounding dividends. For our commercial team, it's a peer-reviewed evidence at scale that accelerates institutional adoption. Beyond this publication, we continue to generate new clinical evidence on the patient impact of PEDD. We now have 10 active studies underway across 24 clinical sites, generating data on more than 400 TriNav-treated patients. Two new prospective investigator-initiated trials are set to begin enrollment this quarter.

對我們的醫師客戶而言，這強化了投資於 PEDD 熟練度將帶來複利式回報。對我們的商業團隊而言，這是具規模的同儕審查證據，可加速機構採用。除本次發表外，我們仍持續產出關於 PEDD 對患者影響的新臨床證據。目前我們在 24 個臨床據點有 10 項進行中的研究，正在產出超過 400 名 TriNav 治療患者的資料。本季將有兩項新的前瞻性、研究者發起試驗開始收案。

Study called PRESSURE at Stanford. It's a randomized study of TriNav in TARE for liver metastases comparing tumor absorbed dose response rate and disease control to the current standard delivery. PREDICTT at MD Anderson, a prospective study evaluating PEDD impact in hypovascular tumors. Both are designed to generate exactly the kind of prospective head-to-head data that drives clinical adoption at top academic centers. We're also preparing to publish results from two completed investigator-initiated trials, the PETER study at Massachusetts General Hospital and TRIFY90 at MD Anderson, both have completed data analyses and are targeting publication submission this quarter.

史丹佛大學的研究名為 PRESSURE。這是一項在肝轉移的 TARE 中評估 TriNav 的隨機研究，比較腫瘤吸收劑量（tumor absorbed dose）的反應率與疾病控制，並與目前標準遞送方式對照。MD Anderson 的 PREDICTT 為一項前瞻性研究，評估 PEDD 在低血管性腫瘤（hypovascular tumors）中的影響。兩者皆旨在產出能推動頂尖學術中心臨床採用的前瞻性、正面對照資料。我們也正準備發表兩項已完成的研究者發起試驗結果：麻省總醫院的 PETER 研究與 MD Anderson 的 TRIFY90；兩者皆已完成資料分析，並計畫於本季投稿。

We believe these readouts will be a meaningful catalyst for second half commercial momentum. Lastly, we initiated two large retrospective studies during the quarter, examining TriNav-delivered TARE in HCCs. This will provide cost-efficient evidence on outcomes and target populations and will provide the basis of the clinical trial design of our larger prospective clinical trials we plan to initiate in the second half of 2026.

我們相信這些讀出將成為下半年商業動能的重要催化劑。最後，我們於本季啟動兩項大型回溯性研究，檢視 TriNav 遞送之 TARE 在 HCC（肝細胞癌）中的表現。這將以具成本效率的方式提供關於療效與目標族群的證據，並作為我們計畫於 2026 年下半年啟動之更大型前瞻性臨床試驗的設計基礎。

Beyond liver, we continue to build meaningful momentum across our new applications, uterine artery embolization, thyroid artery embolization and genicular artery embolization, each a significant and independent growth factor. At SIR in 2026, Dr. Francis Kang of Rutgers Robert Wood Johnson Medical School presented a retrospective analysis of PEDD in uterine artery embolization.

除肝臟之外，我們在新應用領域持續建立具意義的動能：子宮動脈栓塞、甲狀腺動脈栓塞與膝關節動脈栓塞（genicular artery embolization），各自都是重要且獨立的成長驅動因素。在 2026 年 SIR 會議上，羅格斯大學 Robert Wood Johnson 醫學院的 Francis Kang 醫師發表了 PEDD 用於子宮動脈栓塞的回溯性分析。

The headline is the kind of number you rarely see in interventional medicine, median dominant fibroid volume reduction of 97.5% versus a historical literature comparator of approximately 50%. This is a step change in clinical effect achieved with less embolic material and shorter procedure time, exactly what you would expect from a more targeted delivery mechanism. The study also reported 100% technical success with no device-related complications and sustained reductions in pain and heavy menstrual bleeding at both 1- and 6-month follow-up. In Q1, we approved expanding this study to 50 patients, and we're actively designing a prospective trial to further evaluate TriNav's potential to streamline workflow, reduce procedure and fluoroscopy time and improve outcomes in uterine artery embolization. Our PROTECT registry continues to roll across multiple centers, evaluating PEDD for patients with thyroid nodules or goiters who are not candidates for conventional therapy.

重點結果是介入醫學中罕見的數字：主要肌瘤（dominant fibroid）體積中位數縮小 97.5%，相較於文獻歷史對照約 50%。這是在使用更少栓塞材料與更短處置時間下達成的臨床效果躍升，正符合更精準遞送機制的預期。研究亦報告 100% 技術成功，且無器械相關併發症；並在 1 個月與 6 個月追蹤時，疼痛與經血過多皆持續下降。第一季我們核准將此研究擴大至 50 名患者，並正積極設計一項前瞻性試驗，以進一步評估 TriNav 在子宮動脈栓塞中簡化工作流程、縮短處置與透視時間並改善結果的潛力。我們的 PROTECT 登錄研究持續在多中心推進，評估 PEDD 用於不適合傳統治療之甲狀腺結節或甲狀腺腫患者。

Preliminary results published in the Journal of Endocrine Society demonstrated 100% technical and clinical success, a 73% reduction in thyroid size and normalization of thyroid function in 71% of participants with no neurovascular complications.

發表於《Journal of Endocrine Society》的初步結果顯示：技術與臨床成功率皆為 100%，甲狀腺體積縮小 73%，且 71% 受試者的甲狀腺功能恢復正常，並無神經血管併發症。

These are remarkable results for a minimally invasive outpatient procedure. In February, Dr. Juan Camacho and his colleagues published a review of thyroid artery embolization in Seminars in Interventional Radiology, highlighting PEDD's unique ability to enhance distal distribution and reduce the need for carotid circulation catheterization. We now have enrolled more than 50% at our 11 sites who are actively recruiting patients.

對於一項微創門診處置而言，這些結果相當卓越。2 月，Juan Camacho 醫師及其同事於《Seminars in Interventional Radiology》發表甲狀腺動脈栓塞的綜述，強調 PEDD 在增強遠端分佈並降低頸動脈循環導管置入需求方面的獨特能力。目前在我們 11 個據點中，已完成超過 50% 的收案進度，且各據點正積極招募患者。

PROTECT is on track to deliver the first multicenter US data on thyroid artery embolization and to position PEDD-TAE as the leading approach for this procedure. We just concluded a pilot registry and now are preparing to launch a formal clinical trial evaluating genicular artery embolization for knee osteoarthritis, a condition affecting more than 30 million adults in the United States.

PROTECT 有望提供美國首批多中心甲狀腺動脈栓塞資料，並使 PEDD-TAE 成為此處置的領先方法。我們剛完成一項試點登錄研究，現正準備啟動一項正式臨床試驗，評估膝關節動脈栓塞用於膝骨關節炎；此疾病影響美國超過 3,000 萬名成人。

TAE represents a novel, minimally invasive approach to pain management and mobility preservation with the potential to delay or avoid knee arthroplasty in appropriate patients. This is an emerging field, and we believe our PEDD platform is uniquely positioned to drive the clinical rigor needed to establish it as standard of care. Collectively, these indications represent a US addressable market of approximately $2.5 billion, and we're methodically building both the clinical evidence base and the commercial infrastructure to address all of them. A brief update on our nelitolimod program.

TAE 代表一種新穎、微創的疼痛管理與行動力保留方法，對於合適患者具有延後或避免膝關節置換術（knee arthroplasty）的潛力。這是一個新興領域，我們相信 PEDD 平台具備獨特優勢，可推動建立其成為照護標準所需的臨床嚴謹性。綜合而言，這些適應症在美國的可服務市場規模約為 25 億美元；我們正有系統地建立臨床證據基礎與商業基礎設施，以全面因應。接著簡要更新我們的 nelitolimod 計畫。

We remain on track to deliver our consolidated PERIO Phase 1 readout in the early second half of 2026. As a reminder, that readout will combine data from three completed dose escalation studies, along with emerging data from an ongoing investigator-initiated study and deliver them as a single complete data set rather than a series of sequential partial releases. This approach reflects our commitment to a rigorous internally validated package, one we believe will most clearly demonstrate the program's potential. The timing is not driven by any safety signal or by any efficacy concern or by any change in our strategic priorities.

我們仍按計畫於 2026 年下半年初提供整合後的 PERIO 第 1 期讀出。提醒一下，該讀出將整合三項已完成的劑量遞增研究資料，並結合一項進行中的研究者發起研究之新出現資料，以單一完整資料集的形式呈現，而非一系列依序釋出的部分結果。此作法反映我們對嚴謹、內部驗證資料包的承諾；我們相信這將最清楚展現該計畫的潛力。此時程並非由任何安全性訊號、療效疑慮或策略優先順序改變所驅動。

In parallel, we continue to advance our broader pancreatic strategy. Pancreatic cancer remains one of the most significant unmet needs in oncology, and we believe our novel pancreatic PEDD device is uniquely suited to overcome the delivery barriers that have long limited therapies in this disease.

同時，我們持續推進更廣泛的胰臟策略。胰臟癌仍是腫瘤領域最重大的未被滿足需求之一，我們相信我們創新的胰臟 PEDD 裝置具備獨特優勢，能克服長期以來限制此疾病治療的給藥障礙。

As we prepare to share the nelitolimod data, we're also building the case for PEDD as an adjunct to current and next-generation pancreatic regimens. We expect to have more to share as the year progresses. Our commitment to both nelitolimod and our broader pancreatic program is unchanged.

在我們準備分享 nelitolimod 數據的同時，我們也在建立將 PEDD 作為現行及下一代胰臟治療方案輔助工具的論證。隨著今年進展，我們預期將有更多內容可分享。我們對 nelitolimod 以及更廣泛胰臟計畫的承諾不變。

Consistent with the strategy we previously communicated, we intend to advance these programs through a partnership structure, one designed to preserve their long-term value while maintaining the capital discipline required to fund our near-term commercial and clinical priorities.

與我們先前溝通的策略一致，我們擬透過合作夥伴架構推進這些計畫；該架構旨在在維持資本紀律、以資助我們近期商業化與臨床優先事項的同時，保留其長期價值。

Before I turn the call over to David, let me summarize where we stand and what we're building towards. Entering the remainder of 2026, we have a substantially expanded commercial organization in place, poised to accelerate multiyear growth, the most significant real-world evidence data set in our history, published in a peer-reviewed journal, confirming the statistical significant clinical and economic value of PEDD at scale and a pipeline of new applications and clinical readouts that build throughout the year.

在我把電話交給 David 之前，先總結我們目前的狀況以及我們正朝向的目標。進入 2026 年剩餘期間，我們已建立起大幅擴充的商業組織，蓄勢待發以加速多年期成長；我們也擁有公司史上最重要的真實世界證據資料集，並已發表於同儕審查期刊，確認 PEDD 在大規模應用下具備具統計顯著性的臨床與經濟價值；同時，我們也有一系列新的應用與臨床讀出，將在全年持續累積。

Our near-term milestones include generating differentiated clinical data across UAE, TAE and GAE, releasing a nelitolimod data update in the second half, delivering our full year 2026 revenue of $54 million to $57 million; and lastly, subject to FDA clearance, launching TriNav Advance in the second half.

我們近期的里程碑包括：在 UAE、TAE 與 GAE 方面產出具差異化的臨床數據；於下半年發布 nelitolimod 數據更新；達成 2026 全年營收 5,400 萬至 5,700 萬美元；最後，在取得 FDA 核准（clearance）的前提下，於下半年推出 TriNav Advance。

We're executing against all of these priorities from a position of financial strength with the growth capital we raised in Q1, fully supporting our strategic road map. I remain deeply confident in our team, our platform and the long-term value we're creating for both patients and shareholders. With that, I'll turn the call over to David.

我們在第一季籌得的成長資金支持下，以財務實力為後盾推動上述所有優先事項，並全面支援我們的策略路線圖。我對我們的團隊、平台，以及我們為病患與股東所創造的長期價值仍深具信心。接下來我把電話交給 David。

Thank you, Mary, and good afternoon, everyone. Let me walk through the results for the first quarter ended March 31, 2026. Revenue for the first quarter was $8.9 million compared to $9.2 million in the prior year period. The lower revenues were due to the transition related to the expanded commercial organization. Gross margin for the quarter was 86% compared with 84% in the prior year period.

謝謝你，Mary，各位下午好。讓我說明截至 2026 年 3 月 31 日止第一季的業績。第一季營收為 890 萬美元，較去年同期的 920 萬美元略低。營收較低主要是因擴編商業組織所帶來的轉換期影響。本季毛利率為 86%，去年同期為 84%。

The improvement was driven by lower average unit cost on TriNav and our continuous manufacturing improvement. Research and development expenses were approximately $3.2 million compared to $3 million in the prior year period. The increase was driven by noncash stock-based compensation expense. The current period includes approximately $500,000 of noncash stock-based compensation expense. Sales and marketing expenses were approximately $7.4 million compared to $6.7 million in the prior year period.

毛利率改善主要來自 TriNav 平均單位成本下降，以及我們持續的製造流程改善。研發費用約為 320 萬美元，去年同期為 300 萬美元；增加主要由非現金的以股份為基礎之薪酬費用所致。本期包含約 50 萬美元的非現金以股份為基礎之薪酬費用。銷售與行銷費用約為 740 萬美元，去年同期為 670 萬美元。

The increase reflects our deliberate investment in expanding our commercial footprint, including head count, onboarding, expanded training and territory development costs associated with the sales force expansion. The current period includes approximately $500,000 noncash stock-based compensation expense. General and administrative expenses were approximately $5.4 million compared with $5.2 million in the prior year period. The increase was driven by higher noncash stock-based compensation expense. The current period includes approximately $1.3 million of such expense.

增加反映我們有意投入資源擴大商業版圖，包括人力編制、到職訓練（onboarding）、擴增訓練，以及與銷售團隊擴編相關的區域開發成本。本期包含約 50 萬美元的非現金以股份為基礎之薪酬費用。一般與行政費用約為 540 萬美元，去年同期為 520 萬美元；增加主要由較高的非現金以股份為基礎之薪酬費用所致。本期包含約 130 萬美元的此類費用。

Consistent with prior years, we expect first quarter G&A expenses to be higher than subsequent quarters as many annual public company expenses materialize in the first quarter. Net operating loss for the quarter was $8.4 million compared to $7.3 million in the prior year period. The increase reflects two factors: lower revenue from the commercial expansion and a deliberate increase in sales and marketing investment associated with our commercial expansion.

與往年一致，我們預期第一季的 G&A 費用將高於後續季度，因許多年度上市公司費用會在第一季入帳。本季營運淨損為 840 萬美元，去年同期為 730 萬美元。增加反映兩項因素：商業組織擴編導致營收較低，以及我們為配合商業擴編而有意提高銷售與行銷投資。

Adjusted EBITDA loss for the quarter was approximately $5.8 million compared to $5.5 million in the first quarter of 2025. As of March 31, 2026, cash and cash equivalents totaled $56.6 million.

本季調整後 EBITDA 虧損約為 580 萬美元，2025 年第一季為 550 萬美元。截至 2026 年 3 月 31 日，現金及約當現金合計為 5,660 萬美元。

In closing, the fundamentals of the business are strong. Gross margins remain durable in the mid-80s, and our cash position fully funds our strategic growth plan. The investment we made in Q1 in our commercial organization and as we continue to make in PEDD clinical evidence are foundational and will compound.

最後，公司的基本面依然強勁。毛利率仍穩健維持在 80% 中段，而我們的現金部位足以完全支應我們的策略性成長計畫。我們在第一季對商業組織的投資，以及我們持續投入於 PEDD 臨床證據的建置，都是基礎性投入，並將帶來複利效應。

They allow TriSalus to scale successfully and fully execute for the next phase of growth. We look forward to demonstrating that progress as the year unfolds. Thank you all for your continued support. And with that, operator, we will open the line for questions.

這些投入使 TriSalus 能夠成功擴大規模，並為下一階段成長全面落實執行。我們期待在今年進展過程中展示這些成果。感謝各位持續的支持。接下來，接線員，我們將開放提問。

(Operator Instructions) Frank Takkinen, Lake Street Capital Markets.

（接線員指示）Frank Takkinen，Lake Street Capital Markets。

I was hoping to start with one on the quarter and then kind of forward-looking from there. On the quarter, maybe specific to the 40% you called out that were disrupted in the sales force, can you help quantify just maybe how much disruption that caused?

我想先從本季的問題開始，接著再談一些前瞻性的部分。就本季而言，針對你們提到銷售團隊中有 40% 受到干擾的部分，你們能否協助量化一下，這造成了多大程度的干擾？

And then maybe more importantly, as you're looking at the business now and as you're exiting the quarter and into second quarter now, what can you tell us to give us a little bit of confidence really in the recovering trajectory of the business to achieve the guidance range for the year?

然後更重要的是，當你們現在回頭看業務狀況、以及你們在本季結束並進入第二季之際，你們能告訴我們什麼，讓我們對業務復甦的軌跡更有信心，並能達成全年指引區間？

So let me talk first about the 60% -- so 60% of our sales territories were not disrupted, and we saw them perform as expected. So think of that as a control group. So we are very comfortable that there's been really no fundamental change in demand, no fundamental change in terms of the adoption and continued growth in the business. Now in the remaining 40%, we changed two dynamics. We changed rep to manager and rep to physician.

我先談 60% 的部分——我們有 60% 的銷售區域沒有受到干擾，我們看到它們的表現符合預期。你可以把這視為一個對照組。因此，我們非常確信需求面並沒有根本性的改變，在採用度以及業務持續成長方面也沒有根本性的改變。而在其餘 40% 的區域，我們改變了兩個互動關係：業務代表對經理，以及業務代表對醫師。

And it was largely a result of just our growth. It got to the point where the territories had grown so substantially that it was inadequate for those reps to cover them. So that caused some disruption in sales because we disrupted those territories. We also had some new reps coming in, which was time out of the field. So that was the driver of Q1 performance.

這在很大程度上是我們成長所致。區域成長到相當程度後，原本的業務代表已不足以覆蓋那些區域。因此，因為我們調整了這些區域，銷售上出現了一些干擾。我們也有一些新業務代表加入，這需要時間離開第一線跑市場。這就是第一季表現的主因。

We are largely in place today, and we're really happy with what we're seeing. I've been through many different sales expansions in the past. You always have a short-term hit when you make these transitions. But if you do it in the right way, which I think we have the right talent and the right territory footprint now, we'll start to see that ramp continuously throughout the rest of the year.

目前我們大致已就定位，我們對所看到的情況非常滿意。我過去經歷過許多不同的銷售擴編。當你進行這些轉換時，短期內一定會受到一些影響。但如果做法正確——而我認為我們現在有合適的人才與合適的區域版圖——我們將在今年剩餘期間看到持續的爬坡成長。

Okay. That's helpful. And then maybe as my follow-up, I think last call, you were talking about effectively doubling the sales organization. Maybe an update related to that. Have you achieved that level of hiring?

好的，這很有幫助。接著作為追問，我記得上次電話會議你們提到銷售組織基本上要倍增。想請你們更新一下相關進度：你們是否已達到那個招募水準？

Is there still a portion that needs to hire to hit that doubling? And if that's the case, maybe when will that -- is that expected to be complete?

是否仍有一部分需要招募才能達到倍增？如果是的話，大概什麼時候——預期何時完成？

Yes. Thank you for asking that question. One of the things that occurred during Q1, and this was largely due to the capital we raised, just the level of talent of who we were attracting to the company was really unprecedented for us.

是的，謝謝你問這個問題。第一季發生的一件事——這在很大程度上是因為我們籌得的資金——是我們吸引到的人才水準對我們而言前所未見。

And that drove us to make the decision to slightly expand even further than what we originally envisioned. So we are a little bit above that doubling of the organization, but we think that was the right decision to make at this point. We have just enormous growth potential, a $2.5 billion market across liver and all the new applications.

這促使我們做出決定，將擴編幅度略微再提高一些。因此，我們目前的規模略高於原先所設想的倍增，但我們認為在此時點做出這個決定是正確的。我們擁有非常巨大的成長潛力，涵蓋肝臟以及所有新應用的市場規模達 25 億美元。

So we now have the right footprint of organization, the right combination of management, clinical specialists and reps that really allow us to scale this company far beyond where we are today.

因此，我們現在具備正確的組織版圖，以及管理層、臨床專員與業務代表的正確組合，能讓我們把公司規模擴展到遠超過今日的水準。

William Plovanic, Canaccord Genuity.

William Plovanic，Canaccord Genuity。

Just let me start out first. I was wondering if you could level set us with what was the composition and size of the commercial organization prior to the expansion and kind of numbers? Where does that sit now as we look at managers like VP, regional managers, territory managers that are quota-carrying and then obviously, the clinical -- kind of what were those kind of numbers generally pre and post this transition?

我先從一個問題開始。我想請你們幫我們校準一下：在擴編之前，商業組織的組成與規模大概是什麼樣子、有哪些人數？而現在呢——例如 VP、區域經理、負責業績配額的區域經理（territory managers），以及當然還有臨床團隊——大致上在這次轉換前後，各自的人數概況是什麼？

We're not giving specific numbers, but let me give it to you on a qualitative standpoint. Over the last 3 years, we've been adding kind of very marginally a couple of reps at a time. We had really started to stretch the manager-to-rep relationship where it got above double digits, which was too much. So in this new reorganization, we expanded the number of territories more than double. We also really changed the rep-to-manager level.

我們不提供具體數字，但我可以從質性的角度跟你說明。過去 3 年，我們每次只非常小幅度地增加幾位業務代表。我們確實開始拉長經理對業務代表的管理關係，當這個比例超過兩位數時就太多了。因此在這次新的重組中，我們把負責的區域數量擴增到原來的兩倍以上。我們也確實調整了業務代表對經理的層級配置。

And then we added another executive level of management, which we think is really important because in light of the data that we're producing, we now have the opportunity for them to reach out to hospital systems and payers. We think this is going to be an important catalyst for us as we move forward because the data is so strong. So we now have an organization that's sized for the full 400 accounts that we want to pursue both in the liver and the new applications.

接著我們又新增了一個高階管理層級，我們認為這非常重要，因為鑑於我們正在產出的數據，我們現在有機會讓他們去接觸醫院體系與付款方。我們認為這將會是我們往前推進的重要催化劑，因為數據非常強勁。因此，我們現在的組織規模已能支撐我們要追求的完整 400 個帳戶，涵蓋肝臟領域以及新的應用。

And it sounds like this started in early March and you feel like you've completed this by May. What is the typical ramp time for a rep? And then how should we think about revenue cadence for the year? Is Q2 up year-over-year?

聽起來這是在 3 月初開始，而你覺得在 5 月已經完成。業務代表的典型上手（ramp）時間通常是多久？另外，我們應該如何看待今年的營收節奏？第二季（Q2）是否年增？

Kind of in my numbers, it's probably going to be down closer to about $10.5 million. And then the ramp through the rest of the year because I think you mentioned the cadence would be pretty linear and consistent, at least -- I mean those are my words, not yours, but that was my takeaway.

以我自己的數字來看，可能會下滑到接近約 1,050 萬美元。然後今年剩餘時間的爬坡，因為我想你提到節奏會相當線性且一致，至少——我是說那是我的用詞，不是你的，但那是我聽下來的理解。

Yes. Bill, you're exactly right. We typically see with our reps, now the talent of these reps are just outstanding. We see a six- to nine-month ramp. All the reps are largely in place.

是的，Bill，你說得完全正確。以我們的業務代表來看——而且現在這些業務代表的素質真的非常出色——我們通常看到 6 到 9 個月的上手期。所有業務代表大致上都已到位。

So we're -- we anticipate for the remainder of the year just to see month-over-month continual growth. And I think we were -- we've been really reasonable in our assumptions.

因此，我們——我們預期今年剩餘時間會看到逐月（month-over-month）的持續成長。我也認為我們——在假設上一直都相當合理。

However, what we're seeing is some of these reps come out of the gate pretty strongly. But I'll hand it over to David to talk about the ramp, but we feel confident about the rest of the year. The caliber and the quality of these reps that we were attracting, and just to give you a little bit of color on that, we never were really able to get people away from the big companies who have been there 15, 18 years.

不過，我們也看到其中一些業務代表一開始就表現得相當強勁。我會把話交給 David 來談上手期，但我們對今年剩餘時間很有信心。我們吸引到的業務代表的水準與品質——再補充一點背景，我們過去其實很難把在大型公司待了 15、18 年的人挖過來。

That's the type of reps that we were getting here that were coming to us, just deep relationships with the interventional radiologists, a lot of interventional radiology knowledge, really excited about the company and where we were going. So we think that's going to bode well in terms of performance throughout the year.

而我們這次招到的就是這類型的業務代表，他們願意來到我們這裡，與介入放射科醫師有很深的關係，具備大量介入放射的專業知識，對公司以及我們的發展方向非常興奮。因此我們認為，這將有利於今年整體的業績表現。

Yes, Bill, this is David. And to provide some context on the second half of the year, we're thinking about exactly the expansion and the effect of the double size is largely in place, and that includes both reps that carry quotas and specialists that are also in the territory supporting those quotas as well.

是的，Bill，我是 David。為了提供一些關於下半年（second half of the year）的背景，我們的思考是：這次擴編與規模加倍的效果基本上已經到位，其中包括負責配額（quota）的業務代表，以及在各區域支援這些配額的專科人員。

And so as that productivity is ramping, we also are bringing online additional capacity. And that's what's going to drive the step-up from prior periods in the second half of the year.

因此，當生產力正在爬坡的同時，我們也在把額外的產能納入運作。這將推動下半年相較於先前期間的明顯提升。

We're very excited about the capacity that we've built. So we feel that the second half ramp is structurally built, and we're very excited to see those reps start contributing in a meaningful way.

我們對已建立的產能感到非常振奮。因此我們認為，下半年的爬坡在結構上已經建好，我們也非常期待看到這些業務代表開始以有意義的方式做出貢獻。

But David, how should we think about Q2? I mean I think with the reset, we just want to make sure that we're thinking the same way you are. And any comments on the $10.5 million-ish estimate or number I'm thinking of?

但 David，我們應該如何看待第二季（Q2）？我的意思是，我想在這次重置之後，我們只是想確保我們的想法跟你一致。你對我估的約 1,050 萬美元左右的預估或數字有什麼評論嗎？

Yes, Bill, for the second quarter, we are thinking that would be marginal sequential gain quarter-over-quarter as these reps are coming out of training. So I think where you are is a fair point, and then we would see that meaningful progress as they reach productivity in Q3 and Q4.

是的，Bill，就第二季而言，我們的看法是：隨著這些業務代表完成訓練走出來，季度對季度（sequential）會有小幅成長。因此我認為你目前的估計是合理的，接著當他們在第三季與第四季達到生產力時，我們會看到更有意義的進展。

(Operator Instructions) Justin Walsh, JonesTrading.

（接線員指示）Justin Walsh，JonesTrading。

I would love to hear your thoughts on where you see the new PEDD data having the most direct impact. I'm curious about the balance of clinical versus economic benefit and how that will resonate with physicians and institutions to help drive additional adoption.

我很想聽聽你們對新 PEDD 數據最直接影響會落在哪裡的看法。我也很好奇臨床效益與經濟效益之間的平衡，以及這將如何引起醫師與機構的共鳴，以推動更多採用。

Really good question. I think we're really proud of this data. In fact, we -- right before this call, we just got off a call with one of the physicians who I would characterize as really the father of interventional radiology. And I think what we're starting to see in this specialty is really begin to value the real-world data. How is this technology work not only in the expert academic centers, but how does it work across all the community centers. And the way he characterized this data, it was just incredibly enthusiastic, and I'll have Dr. Marshall talk about it as well.

非常好的問題。我想我們對這份數據真的很自豪。事實上——就在這通電話之前，我們才剛跟一位醫師通完電話，我會形容他幾乎是介入放射領域的「奠基者」。我認為我們在這個專科開始看到的是：他們真的開始重視真實世界數據（real-world data）。也就是這項技術不只在頂尖的學術中心表現如何，而是在所有社區醫療中心的表現如何。他對這份數據的描述非常熱情，我也會請 Marshall 醫師一起談談。

It just validates a lot of our prospective clinical data. So together, this data set with all the other studies that we've conducted, it just strengthens that this delivery platform is really significant, and it has both clinical side effect and cost-effective data. And we believe by building this database that is so interrelated in this way that we can begin to create a data set that really creates a standard of care and the inclusion in the NCCN guidelines. Dr. Marshall, do you want to comment on it because I think as a practicing interventional radiologist, I think you'll have some thoughts on this data as well.

這份數據也驗證了我們許多前瞻性臨床數據。因此，這個資料集加上我們進行過的所有其他研究，進一步強化了這個輸送平台確實非常重要，並且同時具備臨床面向的副作用（side effect）與成本效益（cost-effective）數據。我們相信，透過建立這樣彼此高度關聯的資料庫，我們可以開始打造一個真正形成照護標準（standard of care）的資料集，並納入 NCCN 指引。Marshall 醫師，你要不要評論一下？因為我想以一位執業中的介入放射科醫師，你對這份數據也會有一些想法。

I do. I think the most interesting part about this data is that it's real-world data. And this is from physicians who have been practicing. This is not a prospective study that's designed with tight parameters to ensure good data. This is actually what's happening in the US

我有。我認為這份數據最有趣的部分在於它是真實世界數據。這些來自正在執業的醫師。這不是一個為了確保數據漂亮而用嚴格參數設計的前瞻性研究。這其實就是在美國正在發生的情況。

And so it does validate a lot of the things that we've been saying, the things that we know about TriNav.

因此，它確實驗證了我們一直在說的很多事情，也就是我們對 TriNav 的認知。

And it's a different way of thinking about looking at data in interventional radiology. And this is something that we see large drug companies do is use HEOR data to help understand the economic value of their products. So we're shining a light on some of the things about interventional radiology that have been ignored, helping physicians understand the value that their procedures bring to patient care.

而且這是在介入放射領域看待數據的一種不同思維方式。我們看到大型藥廠會做的一件事，就是使用 HEOR 數據來幫助理解其產品的經濟價值。因此我們正在把光打在一些過去被忽略的介入放射面向上，幫助醫師理解他們的處置對病患照護所帶來的價值。

And I thought I'd comment on one aspect that I thought was really profound and that we've heard from some of the other interventional radiologists who have looked at the data. One of the things in terms of having no effect on lymphopenia, that to oncologists has been -- resonates really strongly.

我也想就一個我覺得非常深刻、而且我們也從其他看過這份數據的介入放射科醫師那裡聽到的面向做個評論。其中之一是：對淋巴球減少症（lymphopenia）沒有影響，這一點對腫瘤科醫師而言——引起了非常強烈的共鳴。

And one of the things that's critical in these treatments there's always been a question about whether embolization can be used in combination with some of the other immunotherapy regimens. If you have elevation in liver enzymes, if you have lymphopenia, often that could disrupt the patient's treatment. And when they saw this data, this is just giving them validation that this type of approach can be really impactful for patients and they don't have to disrupt the treatment.

而在這些治療中，有一件很關鍵的事一直存在疑問：栓塞（embolization）是否能與其他免疫治療方案合併使用。如果肝酵素上升，或出現淋巴球減少症，往往會干擾病患的治療。當他們看到這份數據時，這等於是在驗證這種方法對病患可以非常有影響力，而且不必中斷治療。

And this is the first time we've had this type of data before. So we think this could not only impact the interventional radiology community, we think it could have real impact in the oncology community as well.

而這是我們第一次擁有這類型的數據。因此我們認為，這不僅可能影響介入放射社群，我們也認為它可能對腫瘤科社群帶來實質影響。

I would now like to turn the call back over to Mary for any closing remarks.

我現在想把電話交回給 Mary，請她做任何結語。

Well, thank you for your time today. I really appreciate it, and thank you again for the support of the company.

好的，感謝各位今天撥冗參與。我非常感激，也再次感謝大家對公司的支持。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位的參與。您現在可以掛線。