Traws Pharma Inc (TRAW) 2025 Q4 法說會逐字稿

Gentlemen, thank you for standing by. Welcome to the Traws (technical difficulty) At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will hold a question-and-answer session. (technical difficulty)

各位先生，感謝您耐心等候。歡迎參加 Traws（技術問題）目前所有與會者皆處於僅收聽模式。在管理層預先準備的發言之後，我們將進行問答環節。（技術問題）

I would now like to turn the call over to science advisors (technical difficulty) .

我現在想把電話會議轉交給科學顧問（技術問題）。

Thank you, operator, and welcome, everyone, to Traws Pharma Inc.’s full-year 2025 financial results and business update conference call.

謝謝接線員，並歡迎各位參加 Traws Pharma Inc. 2025 全年財務結果與業務更新電話會議。

This afternoon, Charles issued a press release reporting the Company’s 2025 financial results and provided a business update. If you have not yet seen this press release, it is available in the Investor Relations section of the Company’s website. Following my introduction, we will hear from Chief Executive Officer, Dr. Iain Dukes, and Chief Financial Officer, Charles Parker.

今天下午，Charles 發布新聞稿，報告公司 2025 年財務結果並提供業務更新。若您尚未看到該新聞稿，可至公司網站的投資人關係（Investor Relations）專區查閱。在我簡短介紹之後，我們將聽取執行長 Iain Dukes 博士與財務長 Charles Parker 的發言。

Before we begin, I would like to remind everyone that statements made during this conference call will include forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties that can cause actual results to differ materially from those expressed or implied by these statements.

在開始之前，我想提醒各位，本次電話會議中的陳述將包含《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）安全港條款（Safe Harbor）所定義的前瞻性陳述；此類陳述涉及風險與不確定性，可能導致實際結果與這些陳述所明示或暗示者出現重大差異。

Forward-looking statements speak only as of the date they are made, as the underlying facts and circumstances may change. Except as required by law, Traws Pharma Inc. disclaims any obligation to update these forward-looking statements to reflect future information, events, or circumstances. For more information on forward-looking statements, please review the disclaimer in this morning’s press release and the risk factors in the Company’s filings with the US Securities and Exchange Commission.

前瞻性陳述僅反映其作成當日之情況，因為相關基礎事實與情勢可能改變。除法律要求外，Traws Pharma Inc. 不承擔更新任何前瞻性陳述以反映未來資訊、事件或情況之義務。如需更多關於前瞻性陳述的資訊，請參閱今早新聞稿中的免責聲明，以及公司向美國證券交易委員會（SEC）提交文件中的風險因素。

With that, I will now turn the call over to Traws Pharma’s Chief Executive Officer, Dr. Iain Dukes.

接下來，我將把電話會議交給 Traws Pharma 的執行長 Iain Dukes 博士。

Thanks, John, and thanks to everyone for joining us today. Over the last year, Traws Pharma Inc. has made substantial progress toward our objective of bringing our differentiated next-generation antiviral candidate for influenza to patients. This morning, Traws Pharma Inc. announced a private financing of $60 million. The PIPE financing was supported by new and existing healthcare‑focused investors. The capital from this financing positions Traws to advance the flu program through the Human Challenge Study this summer, while providing access to additional capital as we achieve further key milestones.

謝謝你，John，也感謝各位今天加入我們。過去一年，Traws Pharma Inc. 在實現我們將具差異化的下一代流感抗病毒候選藥物帶給病患的目標上，取得了實質進展。今早，Traws Pharma Inc. 宣布完成 6,000 萬美元的私募融資。本次 PIPE 融資獲得新進與既有、以醫療健康為重點的投資人支持。此融資所取得的資金，使 Traws 得以在今年夏季推進流感計畫至人體挑戰試驗（Human Challenge Study），同時在我們達成更多關鍵里程碑時，亦可取得額外資本。

Influenza is estimated to be a multi‑billion‑dollar opportunity, spanning prophylactic and therapeutic applications, including strategic government stockpiling and pandemic preparedness incentives. The Human Challenge Study trial, focused on flu prevention, is an important step towards establishing the potential for tavoxivir as a potential best‑in‑class prophylactic agent for flu prevention.

流感被估計為一個數十億美元規模的機會，涵蓋預防性與治療性應用，包括政府策略性儲備（stockpiling）以及疫情大流行準備（pandemic preparedness）相關的激勵措施。本次以流感預防為重點的人體挑戰試驗，是朝向確立 tavoxivir 有望成為流感預防領域同類最佳（best-in-class）預防性藥物的重要一步。

We intend to initiate the study this summer once we receive approved proceedings from the Medicines and Healthcare products Regulatory Agency, or MHRA, in the UK. During today's call, we'll provide an overview of the development of our lead candidate, tavoxivir, for influenza.

我們計畫在收到英國藥品與健康產品管理局（MHRA）的核准程序後，於今年夏季啟動該研究。在今天的電話會議中，我們將概述我們的主力候選藥物 tavoxivir 在流感適應症上的研發進展。

Tavoxivir is an exciting next‑generation investigational influenza antiviral that targets the highly conserved viral enzyme cap‑dependent endonuclease. We believe tavoxivir is well‑positioned to become a best‑in‑class, once‑monthly oral prophylactic agent, with additional potential for pandemic flu, including H5N1 avian flu.

Tavoxivir 是一款令人振奮的下一代研究用流感抗病毒藥物，靶向高度保守的病毒酶——帽依賴性內切核酸酶（cap-dependent endonuclease）。我們相信 tavoxivir 具備成為同類最佳、每月一次口服預防性用藥的良好條件，並且在大流行流感（包括 H5N1 禽流感）方面亦具有額外潛力。

We have prioritized development of tavoxivir as a once‑monthly prophylactic agent for influenza prevention. Influenza continues to have a severe public health impact in the US particularly in vulnerable populations. While there are approved therapies and vaccines for flu, with such a high number of infections, hospitalizations, and deaths, there is still an incredible unmet medical need for improved prophylactic agents and therapies for flu.

我們已將 tavoxivir 的研發優先聚焦於作為每月一次的流感預防性用藥。流感在美國仍持續造成嚴重的公共衛生影響，尤其是在脆弱族群中。儘管已有核准的流感治療藥物與疫苗，但在感染、住院與死亡人數仍然居高不下的情況下，對更佳的預防性藥物與治療方案仍存在極大的未被滿足醫療需求。

We envision tavoxivir’s potential use in two settings: prophylaxis, where it might be used on a monthly basis to prevent infection, especially during the flu season, and secondly, as an element of a national stockpile for pandemic preparedness. We believe tavoxivir is well‑suited to be a first‑in‑class prophylactic agent for seasonal flu. Based on its emerging profile as an oral, once‑a‑month agent with a favorable tolerability profile and broad activity generally across influenza A and B strains, the cornerstone of our thesis for tavoxivir anchors on three items.

我們設想 tavoxivir 可能在兩種情境中使用：第一是預防（prophylaxis），可能以每月一次的方式用於預防感染，特別是在流感季期間；第二是作為國家儲備的一部分，用於大流行準備。我們相信 tavoxivir 非常適合作為季節性流感的同類首創（first-in-class）預防性藥物。基於其逐步展現的特性——口服、每月一次、耐受性良好，且對流感 A 與 B 株普遍具有廣泛活性——我們對 tavoxivir 的核心投資論點建立在三個要點之上。

First, previously reported preclinical studies showed robust antiviral activity against a wide range of influenza strains, including all influenza A and B strains. Second, positive preclinical data reported last year showed that a single dose of tavoxivir provided protection against lethal avian flu challenge in three species, with significant reductions in lung viral burden and pathology in non‑human primates.

第一，先前公布的臨床前研究顯示，其對多種流感株具有強勁的抗病毒活性，包括所有流感 A 與 B 株。第二，去年公布的正向臨床前數據顯示，單次劑量的 tavoxivir 可在三種物種中對致死性禽流感攻毒提供保護，並在非人靈長類中顯著降低肺部病毒負荷與病理變化。

Third, Phase I data in healthy volunteers showed that the first‑generation powder and capsule formulation of tavoxivir maintained plasma blood levels well above the EC90 for over three weeks, with good overall safety. Coupled with this, we have developed a next‑generation compressed tablet formulation of tavoxivir with an optimized pharmacokinetic profile.

第三，在健康受試者的第一期（Phase I）數據顯示，第一代粉末與膠囊劑型的 tavoxivir 可在超過三週的時間內維持血漿濃度遠高於 EC90，且整體安全性良好。此外，我們已開發出下一代的 tavoxivir 壓縮錠劑型，並優化其藥物動力學（pharmacokinetic）特徵。

Data from preclinical studies show a 30% increase in exposure with this new formulation. These results have given us confidence that the new tablet can provide 28‑day coverage against influenza and be an effective once‑a‑month agent. We are in the process of conducting a Phase I bridging study in Australia to confirm the extended exposure we observed in preclinical studies.

臨床前研究數據顯示，採用此新劑型後的暴露量（exposure）提高了 30%。這些結果使我們有信心，新錠劑可提供 28 天的流感防護，並成為有效的每月一次用藥。我們目前正在澳洲進行第一期銜接研究（Phase I bridging study），以確認我們在臨床前研究中觀察到的延長暴露。

Positive bridging data will be shared with the MHRA in addition to the initial filings that we have already made with this agency, and hopefully this will advance us to the next step in our prophylaxis program, the Phase II Seasonal Flu Prophylaxis Human Challenge Trial.

除我們已向該機構提交的初始申報資料外，正向的橋接數據也將與 MHRA 分享，並希望這將推動我們進入預防計畫的下一步——第二期季節性流感預防人體挑戰試驗。

The challenge trial will be conducted at hVIVO in the UK. Starting in June, positive results demonstrating protection from viral infection would represent a landmark proof of concept for the program, supporting tavoxivir’s unique value proposition as a safe and effective prophylactic agent. In the meantime, we continue our conversations around tavoxivir with respect to its potential inclusion in the national stockpile for pandemic preparedness.

該挑戰試驗將在英國的 hVIVO 進行。自六月起，若能取得顯示可防止病毒感染的正面結果，將成為本計畫具里程碑意義的概念驗證，支持 tavoxivir 作為安全且有效的預防性藥物之獨特價值主張。同時，我們也持續就 tavoxivir 可能納入國家儲備、以因應大流行防備之議題進行討論。

As part of our intention to secure formal consideration by the Biomedical Advanced Research and Development Authority, or BARDA, for inclusion in the US. Strategic National Stockpile, we submitted our Investigational New Drug application, or IND, in January. The US Food and Drug Administration recently informed us that our IND filing would be placed on clinical hold due to concerns with the toxicology data package.

作為我們爭取生物醫學先進研究與發展局（BARDA）正式考量、以納入美國戰略國家儲備（Strategic National Stockpile）的一部分，我們已於一月提交研究性新藥申請（IND）。美國食品藥物管理局（FDA）近日通知我們，因對毒理學數據套件有所疑慮，我們的 IND 申報將被置於臨床暫停（clinical hold）狀態。

We are actively engaging with the FDA to address its concerns and to resolve the clinical hold as expeditiously as possible, with the goal of advancing the program in the US in late 2026. We are optimistic about the ongoing bridging study and challenge study and look forward to reporting back on our progress in due course.

我們正積極與 FDA 溝通以回應其疑慮，並以盡可能迅速的方式解除臨床暫停，目標是在 2026 年底於美國推進該計畫。我們對正在進行的橋接研究與挑戰研究保持樂觀，並期待在適當時機回報我們的進展。

At this point, I am going to hand this over to Charles.

接下來，我將把時間交給 Charles。

Thanks, Iain, for a summary of the financial results. Thank you, Iain. This morning, Charles announced the completion of a private financing that provides up to $60 million in potential gross proceeds.

謝謝你，Iain，對財務結果的摘要。謝謝你，Iain。今天早上，Charles 宣布完成一項私募融資，最高可帶來 6,000 萬美元的潛在總募集款。

We also issued a press release this afternoon covering our results for the year ended December 31, 2025. I will refer you to our recent Form 10‑K filing for a review of the full financial statements. You can also access the press release and the Form 10‑K on our website.

我們也在今天下午發布新聞稿，說明截至 2025 年 12 月 31 日止年度的業績。如需查閱完整財務報表，請參考我們近期提交的 Form 10‑K。您也可在我們網站上取得該新聞稿與 Form 10‑K。

First, the recently completed financing. The private placement transaction includes funding of $10 million upfront and three warrants. These consist of a Series A milestone‑based warrant with an aggregate exercise price of $10 million, which becomes exercisable upon receipt of approval from the MHRA to conduct the challenge trial.

首先，談談近期完成的融資。該私募交易包含 1,000 萬美元的前期資金以及三項認股權證。其中包括一項 A 系列里程碑式認股權證，合計行使價為 1,000 萬美元，於取得 MHRA 核准進行挑戰試驗後即可行使。

The transaction also includes a Series B milestone‑based warrant with an aggregate exercise price of $10 million, which becomes exercisable following both shareholder approval and the announcement of data from the challenge trial.

該交易亦包含一項 B 系列里程碑式認股權證，合計行使價為 1,000 萬美元，於同時取得股東核准並公布挑戰試驗數據後即可行使。

In addition, there is a Series C common warrant with a three‑year term to purchase shares of our common stock, providing potential additional gross proceeds of $30 million, if fully exercised following shareholder approval. Based on our current plans, the Company believes that its current cash balance, including net proceeds from the offering and the milestone‑based warrants, if fully exercised, is sufficient to support planned expenses into Q1 2027.

此外，另有一項 C 系列普通認股權證，期限三年，用於購買本公司普通股；在取得股東核准後若全數行使，將可帶來額外 3,000 萬美元的潛在總募集款。依據我們目前的規劃，公司認為其現金餘額（包含本次發行的淨募集款，以及里程碑式認股權證若全數行使所帶來的款項）足以支應計畫支出至 2027 年第一季。

Turning to our financials, as of December 31, 2025, Traws Pharma Inc. had cash, cash equivalents, and short‑term investments of approximately $3.8 million, compared to $21.3 million as of December 31, 2024. Revenue for the year ended December 31, 2025, was $2.8 million, compared to $226,000 for the same period in 2024. The increase is attributable to $2.7 million in deferred revenue recognized as revenue in the second quarter, related to the mutual termination of a licensing agreement associated with our legacy oncology program in April of 2025.

接著看財務數據，截至 2025 年 12 月 31 日，Traws Pharma Inc. 的現金、約當現金及短期投資約為 380 萬美元，而截至 2024 年 12 月 31 日為 2,130 萬美元。截至 2025 年 12 月 31 日止年度營收為 280 萬美元，相較於 2024 年同期為 22.6 萬美元。該增加主要歸因於第二季認列 270 萬美元的遞延收入為營收，與我們於 2025 年 4 月就既有腫瘤學計畫相關之授權協議雙方同意終止有關。

Acquired in‑process research and development expense for the year ended December 31, 2025, was zero, compared to $117.5 million for the comparable period in 2024, recognized in connection with virology programs acquired through a merger. Research and development expense for the year ended December 31, 2025, totaled $12.1 million, compared to $12.8 million for the comparable period in 2024. The decrease of $0.7 million primarily relates to a reduction in expenses associated with the oncology program, partially offset by increased expenses related to the virology programs.

截至 2025 年 12 月 31 日止年度，取得之進行中研究與開發（acquired in‑process R&D）費用為零，而 2024 年同期為 1.175 億美元，該費用係與透過合併取得之病毒學計畫相關而認列。截至 2025 年 12 月 31 日止年度，研發費用合計為 1,210 萬美元，相較於 2024 年同期為 1,280 萬美元。減少的 70 萬美元主要與腫瘤學計畫相關費用下降有關，部分被病毒學計畫相關費用增加所抵銷。

General and administrative expense for the year ended December 31, 2025, totaled $8.5 million, compared to $12.3 million for the comparable period in 2024. This decrease of $3.8 million was primarily attributable to lower professional and consulting fees. Net income for the year ended December 31, 2025, was $9.2 million, or $0.83 per basic common share and $0.82 per diluted common share.

截至 2025 年 12 月 31 日止年度，一般及行政費用合計為 850 萬美元，相較於 2024 年同期為 1,230 萬美元。該 380 萬美元的下降主要歸因於專業服務費與顧問費較低。截至 2025 年 12 月 31 日止年度，淨利為 920 萬美元，或每股基本普通股 0.83 美元、每股稀釋普通股 0.82 美元。

This compares with a net loss of $166.5 million, or $35.21 per basic and diluted common share, for the year ended December 31, 2024.

相較之下，截至 2024 年 12 月 31 日止年度淨損為 1.665 億美元，或每股基本及稀釋普通股 35.21 美元。

With that, I will now turn the call back to Iain.

接下來，我將把電話會議交回給 Iain。

Thanks, Charles. Before we open the line for questions, I’ll briefly summarize the topics we’ve covered on the call. Over the last year, Traws Pharma Inc. has made substantial progress toward our goal of advancing our differentiated, next‑generation potential best‑in‑class antiviral candidate for influenza. The recent $60 million financing provides us with the resources to drive forward the planned seasonal influenza prophylaxis study for tavoxivir and supports Traws Pharma’s future growth.

謝謝你，Charles。在開放提問之前，我將簡要總結本次電話會議所涵蓋的主題。在過去一年中，Traws Pharma Inc. 朝著推進我們具差異化、下一代、具潛力成為同類最佳（best‑in‑class）的流感抗病毒候選藥物之目標，已取得重大進展。近期 6,000 萬美元的融資為我們提供資源，以推動 tavoxivir 計畫中的季節性流感預防研究，並支持 Traws Pharma 未來成長。

For influenza, we are poised to advance the evaluation of tavoxivir as a prophylactic agent, supported by completion of a bridging study for the compressed tablet formulation and initiation of a Human Challenge Trial in the UK this summer. As we begin the Q&A session, I want to thank everyone for joining us today. Now we’ll open up the call for questions. Operator, please go ahead.

就流感而言，我們已準備推進對 tavoxivir 作為預防性藥物的評估；此進展由壓縮錠劑型的橋接研究完成，以及今年夏季在英國啟動的人體挑戰試驗所支持。在開始問答環節之際，我要感謝各位今天的參與。現在我們將開放電話會議供提問。接線員，請開始。

From the line of Cantor Fitzgerald. Please proceed.

來自 Cantor Fitzgerald 的提問。請繼續。

Yes, hi, hopefully you can hear me. Thanks so much for taking the questions. Great. I wanted to just work through a few points of clarification here, if I could just first on the FDA's questions, do you have a sense of what, if any, new experiments you might need to conduct to satisfy their questions on the toxicology data package?

是的，您好，希望您聽得到我。非常感謝讓我提問。太好了。我想先釐清幾點，首先關於 FDA 的問題，您是否大致了解，為了回應他們對毒理學資料套件的疑問，您可能需要進行哪些（若有的話）新的實驗？

And also, based on sort of what we know from Zofluza, is there any plausible concern or risk around mutagenicity in the prophylaxis setting for tavoxivir, just given it's structurally similar, or are you pretty confident that this can be fully resolved?

另外，根據我們從 Xofluza 所知道的情況，在 tavoxivir 的預防性用藥情境下，考量其結構相似性，是否存在任何合理的疑慮或風險與致突變性相關？還是您相當有信心這可以完全解決？

Thanks for your question. So the structural similarity of tavoxivir to Zofluza is an important point that you bring up, because baloxavir has a clean mutagenicity label. It was negative in Ames testing and has shown no mutagenic potential since it has been approved for several years. So we think this is very strong evidence that the data that was generated in our initial package of information submitted to the FDA could have some flaws associated with it.

謝謝你的問題。你提到 tavoxivir 與 Xofluza 的結構相似性，這點很重要，因為 baloxavir 的致突變性標示是乾淨的。它在 Ames 測試中呈陰性，且自核准上市數年以來未顯示任何致突變潛力。因此，我們認為這是非常有力的證據，顯示我們最初提交給 FDA 的資訊套件中所產生的數據，可能存在一些相關缺陷。

Our plan is actually to repeat some of these assays and submit new assays as well, and to use Zofluza as an additional control in the assays that we submit to the FDA.

我們的計畫其實是重做其中一些檢測，並另外提交新的檢測，同時在我們提交給 FDA 的檢測中，將 Xofluza 作為額外的對照。

So there is no reason a priori why we should be any different from Zofluza, and that gives us quite a lot of confidence that the in vitro data suggesting mutagenic risk are probably explainable through other mechanisms of action of the drug.

因此，先驗上並沒有理由認為我們會與 Xofluza 有所不同，這也讓我們相當有信心：體外數據所暗示的致突變風險，很可能可透過藥物其他作用機制來解釋。

Okay, nice. Thanks. And then just on the UK side, so the. I was hoping you could just characterize if there's any potential risk or what the various scenarios might be with the MHRA regarding starting that study on time in the summer with the prevailing toxicology data package or if there could be any sort of delays or need for submission of additional data in the UK?

好的，很好。謝謝。接著談英國方面，所以……我想請您說明一下：就目前的毒理學資料套件而言，與 MHRA 相關、在夏季按時啟動該研究是否存在任何潛在風險？可能有哪些情境？或者在英國是否可能出現任何延遲或需要提交額外資料？

Yes, thanks for that. Actually, we can’t really answer that question today. Our package has been submitted to the MHRA, which is now under a 30‑day clock to review the submission we have provided.

是的，謝謝。其實我們今天無法真正回答這個問題。我們的資料套件已提交給 MHRA，目前 MHRA 進入 30 天的審查時程，以審閱我們所提供的申請。

It is frequently the case that regulatory agencies come to different conclusions based on identical toxicology packages. For example, in Australia, the regulatory agency reviewed exactly the same data that was seen by the FDA, and we were allowed to proceed with the healthy volunteer studies—initially when the studies were first approved and moved forward, and again subsequently.

監管機構基於相同的毒理學資料套件得出不同結論，這種情況很常見。例如在澳洲，監管機構審查了與 FDA 看到完全相同的數據，而我們獲准推進健康受試者研究——最初在研究首次獲准並推進時，以及之後再次獲准時皆是如此。

TGA had access to exactly the same toxicology information that the FDA has today. In addition, when we were recently approved to run the bridging study in Australia, no concerns were flagged at that time either. So, we remain hopeful and optimistic that the MHRA will approve the study as submitted.

TGA 取得的毒理學資訊與 FDA 今天所擁有的完全相同。此外，我們最近獲准在澳洲進行橋接研究時，當時也沒有被標示出任何疑慮。因此，我們仍然抱持希望並保持樂觀，認為 MHRA 會按我們提交的內容核准該研究。

Okay, terrific and just forecasting this out, thinking about sort of the value proposition for tavoxivir and flu prevention, it sounds like, given the pharmacokinetic profile, like once monthly is possible here.

好的，太棒了。再往前推估一下，從 tavoxivir 在流感預防上的價值主張來看，聽起來基於其藥物動力學特性，這裡可能可以做到每月一次。

But once you do the challenge study and you have the data in hand, if it turns out that twice monthly or even once weekly optimizes efficacy, do you think that’s just as viable commercially and something you would contemplate testing in a subsequent study?

但當你們完成挑戰試驗並取得數據後，如果結果顯示每月兩次甚至每週一次能最佳化療效，您認為這在商業上同樣可行嗎？而且是你們會考慮在後續研究中測試的方案嗎？

Or are you sort of committed to a once‑monthly prophylaxis regimen here, just from a commercial adoption and competitive standpoint?

或者，從商業採用與競爭的角度來看，你們是否某種程度上已經鎖定每月一次的預防性給藥方案？

No, not at all we've done some initial market research on this point. To your point, once weekly could still be a very attractive formulation for an oral compared to an injectable. So we will obviously very carefully evaluate the results from a challenge study, and we will be. Assessing the degree of protection at one week, two weeks, three weeks, as well as four weeks in the study, and we'll make a decision based on what we see in terms of how we want to proceed forward into a Phase 2b3 in terms of the optimal dosing frequency that we would adopt.

不，完全不是。我們已就此做過一些初步的市場調查。如你所說，每週一次相較於注射劑，作為口服方案仍可能非常有吸引力。因此，我們當然會非常仔細地評估挑戰試驗的結果，並且我們將會……在研究中評估在一週、兩週、三週以及四週時的保護程度，並根據我們所看到的結果，決定在進入第 2b/3 期時要如何推進，以及我們將採用的最佳給藥頻率。

Okay, thank you. Last question from you, just quick clarification on the final $30 million tranche of the financing announced today. Is there any event that triggers that or is that sort of like at your request for shareholder approval, you can access that capital within that three-year window? Thanks so much.

好的，謝謝。最後一個問題，快速釐清一下今天宣布的融資中最後 3,000 萬美元那一筆。是否有任何事件會觸發那筆資金？還是說在三年期限內，只要你們提出要求並取得股東核准，就可以動用那筆資本？非常感謝。

Yes.

是的。

Thanks for the question. The final Series C warrant, which represents $30 million, includes an acceleration feature. Specifically, if our stock trades at two times the deal price, which was $1.67, for 30 consecutive trading days, there will then be a 10‑day window during which we can force exercise of that warrant. That is the acceleration feature embedded in the warrant. Otherwise, it has a three‑year term.

謝謝你的問題。最後一份 C 輪系列認股權證（Series C warrant）代表 3,000 萬美元，包含加速條款。具體而言，若我們的股價以成交價的兩倍（成交價為 1.67 美元）連續 30 個交易日交易，之後將有一個 10 天的窗口期，在此期間我們可以強制行使該認股權證。這就是嵌入在該認股權證中的加速條款。否則，它的期限為三年。

I'm showing no further questions in the queue. Ladies and gentlemen, thank you for your participation on today's conference call. This concludes today's event. You may now disconnect.

我這邊顯示隊列中沒有其他問題。各位女士先生，感謝您參與今天的電話會議。今天的活動到此結束。您現在可以掛線。