Q4 2023 NeuroOne Medical Technologies Corp Earnings Call
Ladies and gentlemen, thank you for standing by and welcome to the Neuro One Medical Technologies Corporation, fiscal fourth quarter and full fiscal year 2023 financial results conference.
Ladies and gentlemen, thank you for standing by and welcome to the Neuro on Medical Technology Corporation Cisco.
<unk> fourth quarter and full fiscal year 2023 financial results conference call.
Today's call will be conducted by the company's Chief Executive Officer, Dave Rosa, and Chief Financial Officer, Ron McFly.
Speaker Change: Today's call will be conducted by the company's Chief Executive Officer, Dave Brown, and Chief Financial Officer, Ron Macquarie.
Before I turn the call over to Mr. Rosa, I'd like to remind you that this conference call will include forward-looking statements within the meaning of the federal US federal securities laws with respect to future operations, financial results, events, trends, and performance, which are based on management's beliefs and assumptions as of today's call, or other specified
Speaker Change: Before I turn the call over to Mr. Roth I'd like to remind you that this conference call will include forward looking statements within the meaning of the federal U S. Federal Securities laws with respect to future operations financial results trends and performance, which are based on management's beliefs and assumptions, although today's call or otherwise.
Speaker Change: That's a bad day.
Forward-looking statements may involve known and unknown risks, uncertainties, and other factors which may cause actual results to differ materially from those expressed or implied by
Mr. Roth: Forward looking statements may involve known and unknown risks uncertainties and other factors, which may cause actual results could differ materially from those expressed or implied by such statements.
See Neuro One's corporate update, press release, and SEC filings for information regarding specific risks and uncertainties that could cause actual results to be identified.
Mr. Roth: One corporate update press release SEC filings for information regarding specific risks and uncertainties that could cause actual results to differ.
Except as required by law, we undertake no obligation to update such forward looking statements.
The steps are required by law. We undertake no obligations to update our speller location.
With that said, I'll turn the call over to Dave Roseau, CEO of Miro One.
Mr. Roth: That said I'll turn the call over to Dave Brown, the CEO of Merrill what date.
Thanks, operator. And before I start, just a heads up for everyone that I'm trying to get over a cough and I apologize in advance if if I start to cough, it becomes a nuisance. I'll just have Ron finish the call.
Dave Brown: Thanks, operator, and before I start just a heads up for everyone that I'm trying to get over our cost and I apologize in advance if I'm if I start to call. So it becomes a nuisance I'll just have a broad and finish the call.
So, first and foremost, thanks for joining us this evening during our fiscal 4th quarter and through today, the company continued to make significant strides in our objectives. Relating to commercial progress, product development and regulatory clearance.
Dave Brown: So first and foremost thanks for joining us this evening during our fiscal fourth quarter and through today. The company continued to make significant strides in our objectives relating to commercial progress product development and regulatory clearances.
I would first like to discuss what I believe is the company's most significant accomplishment in our history, and that is FDA clearance of our 1RF ablation system, which is the first FDA-cleared system that has obtained an indication for both recording electrical activity and ablation of nervous tissue utilizing the same device.
Dave Brown: I would first like to discuss what I believe is the company's most significant accomplishment in our history and that is FDA clearance of our one RF ablation system.
Dave Brown: As the first FDA cleared system that has obtained an indication for both recording electrical activity and ablation of nervous tissue utilizing the same device.
I mentioned last quarter that we had submitted a 510k application to the FDA this past June . The FDA responded to the submission with questions that we responded to last month.
Dave Brown: I mentioned last quarter that we had submitted a five 10-K application to the FDA. This past June the FDA responded to the submission with questions that we responded to last months.
We were confident in our responses to FDA, and this past Monday, we announced that the FDA provided a 510K clearance for the system for the creation of radiofrequency lesions and nervous tissue for functional neurosurgical procedures.
Dave Brown: We were confident in our responses to FDA in this past Monday, we announced that the FDA provided a five 10-K clearance for the system.
Dave Brown: Or the creation of radiofrequency lesions and nervous tissue for functional neurosurgical procedures we.
We anticipate a commercial launch in the first half of 2024. Currently, we are waiting for hardware components for the RF chip narrators. Once they are available, we will release the product for commercialization.
Dave Brown: We anticipate a commercial launch in the first half of 2024.
Dave Brown: Currently we are waiting for hardware components for the RF generators. Once they are available we will release the product for commercialization.
Dave Brown: We remain in discussions with two strategic organizations regarding their interest in licensing the technology for these procedures and expect to reach a decision in the near future.
We remain in discussions with two strategic organizations regarding their interest in licensing the technology for these procedures. And expect to reach a decision in the near future.
We also remain open to commercializing the device directly if we believe it presents the best option for the company.
Dave Brown: Also remain open to commercializing the device directly.
Dave Brown: Excuse me if we believe it presents the best option for the company.
In addition, the company is exploring other applications for the system to treat pain.
Dave Brown: In addition, the company is exploring other applications for the system to treat pain.
We believe there are additional market opportunities we may be able to take advantage of with the system and will provide further updates regarding this in the future.
Dave Brown: We believe there are additional market opportunities, we may be able to take advantage of with the system and will provide further updates regarding this in the future we.
We are extremely excited with this major accomplishment and continue to demonstrate the company's ability to execute on our strategic plan. We believe that the addition of this system to our product offering positions us well to compete not only for the ablation business but also for the SEEG electrode sales opportunity.
We are extremely excited with this major accomplishment and continue to demonstrate the company's ability to execute on our strategic plan.
Dave Brown: We believe that the addition of this system to our profit on our product offering positions us well to compete not only for the ablation business, but also for the S. E G electrode sales opportunity.
I'd now like to provide an update regarding the expanded launch of our EVO SEEG electrode product line with our commercialization partner Zimmer Biomet.
Dave Brown: I'd now like to provide an update regarding the expanded launch of our Evo S. E. G electro electrode product line with our commercialization partner Zimmer Biomet.
In our fourth fiscal quarter, Zimmer continued to strategically open new centers. Feedback remains consistently positive regarding the device performance and we are seeing increasing usage in recent months. We expect to see continued ramp and device sales and revenue as the launch expands further and believe that the clearance of our one RR F-Oblation system will also have an additional potential positive impact on the EVO SEG sales.
In our fourth fiscal quarter Zimmer continued to strategically open new centers feedback.
Dave Brown: Feedback remains consistently positive regarding the device performance and we are seeing increasing usage in recent months, we expect to see continued ramp in device sales and revenue as a launch expands further and believe that the clearance of our one hour ablation system will also have an additional.
Dave Brown: Central positive impact on the Evo S E N G sales.
Moving on to our drug delivery program, you might recall that I discussed the potential for our SEG electrode technology to offer the ability to deliver genes or drugs to the brain as well as record the therapy's impact.
Dave Brown: Moving onto our drug delivery program, you might recall that I discussed the potential for our S. E. G electrode technology to offer the ability to deliver genes are drugs to the brain as well as record the therapies impact.
During the past quarter, we defined the product requirements for use in both clinical and research, develop prototypes for future studies, and were granted a patent by the United States patent and trademark office.
Dave Brown: During the past quarter, we define the product requirements for use in both clinical and research developed prototypes for future studies and were granted a patent by the United States patent and trademark office. We are currently in contract discussions with a biotech company regarding their interest in using our device.
We are currently in contract discussions with a biotech company regarding their interest in using our device and their upcoming clinical studies and have discussions scheduled with other potential partners as well.
Dave Brown: And there are upcoming clinical studies and have discussions scheduled with other potential partners as well.
We are excited with the prospects of this technology and how it may assist the biopharma, biotech industry in their drug or gene therapy, delivery development, but also it's value clinically and current neurosurgical procedures.
We are excited with the prospects of this technology and how it may assist the biopharma biotech industry and their drug or gene therapy delivery development, but also its value clinically and current neurosurgical procedures.
If we're able to reach an agreement with our existing contract negotiations, excuse me, the technology has the potential to add revenue later in calendar year 2024.
Dave Brown: We were able to reach an agreement with our existing contract negotiations.
Dave Brown: Excuse me the technology has the potential to add revenue later in calendar year 2024.
Regarding our development efforts with our spinal cord stimulation program to treat chronic back pain. Members of our physician advisory board successfully placed a 9 millimeter paddle electrode. Paddle electrodes are very similar in concept to cortical or film electrodes. But they were able to place a 9 millimeter paddle electrode utilizing a percutaneous placement approach and a cadaver model.
Dave Brown: Regarding our development efforts with our spinal cord stimulation program to treat chronic back pain members out of our physician Advisory Board successfully placed a nine millimeter paddle electrode panel electrodes are very similar in concept to cortical or film electrodes, but they were able to place a nine millimeter.
Dave Brown: Paddle electrode utilizing a percutaneous placement approach and a cadaver model.
In addition, we completed a histological analysis of a 28-day implanted paddle electrode without any notable concern.
Dave Brown: In addition, we completed a histological analysis of a 28 day implanted paddle electrode without any notable concerns.
Excuse me, spinal cord stimulation and pain management remain a priority for the company given the market opportunity and potential competitive advantages of our technology.
[noise] excuse me spinal cord stimulation and pain management remain a priority for the company given the market opportunity and potential competitive advantages of our technology.
Back to a few your time and now I'd like to turn it over to Ron for a more in-depth review of our fiscal fourth quarter and full fiscal year 2023 financial results, highlighting revenue gains, past financing and other key financial metrics. Ron. Ron.
Speaker Change: Thank you for your time and now I'd like to turn it over to Ron for a more in depth review of our fiscal fourth quarter and full fiscal year 2023 financial results, highlighting highlighting revenue gains our past financing and other key financial metrics Ron.
Ron Macquarie: Thank you David.
Ron Macquarie: Product revenue was $742000 in the fourth quarter of fiscal 'twenty, 23, and a million 952000 and for the full fiscal year compared to a product revenue of about 69000 in the fourth quarter of fiscal 'twenty, two and 171000 for the full fiscal year.
Product Prevenue was $742,000 in the fourth quarter of fiscal 2023 and a million nine hundred and fifty two thousand for the full
Compared to a product revenue of about 69,000 in the fourth quarter of fiscal 22, and 171,000 for the full fiscal year 2020.
Ron Macquarie: Your 2022.
The company had no collaboration revenue in the fourth quarter of fiscal 23 and 1.45 million for the full fiscal year 2023. Compared to collaboration revenue.
Ron Macquarie: The company had no collaboration revenue in the fourth quarter of fiscal 'twenty, three and 1.45 million for the full fiscal year 2023.
Ron Macquarie: Parents of collaboration revenue last year.
1.9 million in the fourth quarter and just slightly below a million, 9.50 for the full year of fiscal 2022. Collaboration revenue was derived from the Zimmer Development Agreement and represents the portion of the exclusivity and milestone fee payments that were eligible for revenue recognition during the respected.
Ron Macquarie: $1 9 million in the fourth quarter.
Ron Macquarie: And just slightly below a million 950 for the full year of fiscal 2022.
Ron Macquarie: Collaboration revenue was derived from the Zimmer development agreement and represents the portion of the exclusivity and milestone payments that were eligible for revenue recognition during the respective periods.
Ron Macquarie: Our total operating expenses in the fourth quarter of fiscal 'twenty, three were $3 4 million compared with $3 3 million in the same period of the prior year.
Our total operating expenses in the fourth quarter of fiscal 23 were 3.4 million compared to 3.3 million in the same period of the prior year.
R&D expenses in the fourth quarter of fiscal 2023.
Ron Macquarie: R&D expenses in the fourth quarter fiscal 2023.
We're 1.8 million compared to 1.4 million in the same period of the prior year.
Ron Macquarie: $1 8 million compared to $1 4 million in the same period of the prior year.
SG&A expenses in the fourth quarter of fiscal 23 were 1.6 million compared with 1.9 million in the prior year period.
SG&A expenses in the fourth quarter of fiscal 'twenty, three were $1 6 million compared with $1 9 million in the prior year period.
Ron Macquarie: Okay.
Totally operating expenses for the full fiscal year of 2023 were 13.9
Ron Macquarie: Total operating expenses for the full fiscal year of 2023 were $13 9 million compared with $11 9 million in the prior fiscal year.
compared with 11.9 million in the prior fiscal year.
R&D expenses for the full fiscal year of 2023 was $6.9 million compared with $4.9 million in fiscal 2022.
Ron Macquarie: R&D expenses for the full fiscal year of 2023.
Ron Macquarie: Was $6 9 million compared with $4 9 million in fiscal 2022.
SG&A expenses for the full fiscal year of 2023.
Ron Macquarie: SG&A expenses for the full fiscal year of 2023.
were 6.9 million compared with 7 million in the prior fiscal year.
Ron Macquarie: Were $6 9 million compared with $7 million in the prior fiscal year.
Ron Macquarie: Our net loss.
Ron Macquarie: It was $3 1 million for the fourth quarter of fiscal 2023 compared to a net loss of $1 4 million in the prior year period.
3.1 million for the fourth quarter of fiscal 2023 compared to a net loss of 1.4 million in the prior
For the full year, net loss was $11.9 million for fiscal 23 compared to a net loss of $10 million in fiscal 2022.
Ron Macquarie: For the full year net loss was $11 9 million for fiscal 'twenty, three compared to a net loss of $10 million in fiscal 2022.
Ron Macquarie: On July 27th of this year up 2023 the company consummated an underwritten public offering of its common stock for $6 million in gross proceeds from which the company received $5 2 million in net proceeds.
On July 27th of this year of 2023, the company consummated an underwritten public offering of its comments tax for $6 million in gross proceeds from which the company received five points.
Ron Macquarie: In addition, the company sold common stock under the ATM program at an average price of 177 per share from which the company received net proceeds of $2 5 million.
In addition, the company sold common stock under the ATM program at an average price of 177 per share from which the company received net proceeds of 2.5 million.
As of September 30th, 2023, the end of our fiscal year, the company had cash, cash equivalents, and short-term investments of 5.3 million compared to 11.1 million as of September 30th, 2022.
Ron Macquarie: As of September 32023 at the end of our fiscal year. The company had cash cash equivalents and short term investments of $5 3 million compared to $11 1 million as of September 30th 2022.
We had working capital of 5.5 million at September 30th, 2023, compared to working capital of 9.1 million as of September 30th, 2023.
Ron Macquarie: We had working capital of $5 5 million at September 30th 2023, compared to working capital of $9 1 million as of September 30th 2022.
Ron Macquarie: Company had no outstanding debt as of September 30th 'twenty, 'twenty, three or 2022.
Company had no outstanding debt as of September 30th, 2023 or 2022.
Speaker Change: With that I will turn it back to date.
Dave Brown: Thanks, Ron operator at this time I think we can open up the call for questions.
Thanks, Ron operator at this time. I think we can open up the call for questions.
Speaker Change: Thank you well now be conducting a question and answer session.
If you would like to ask a question, please press star button on your telephone keypad. A confirmation tone will indicate your line of them in question queue. You may press...
Speaker Change: We would like to ask a question. Please press star one on your telephone keypad a.
Speaker Change: A confirmation tone will indicate your line is no more question Kipp.
Speaker Change: Press Star two if you'd like to remove your question from Mikael for participants using speaker equipment it may be necessary.
For participants using speaker equipment, it may be necessary to pick up your handset before crossing the star keys. One moment please.
Speaker Change: Up your handset before pressing historically or normally please while we poll for questions.
Speaker Change: Thank you. Our first question is from Ben <unk>.
Thank you. Our first question is from Ben Haenor with Alliance Global Partners.
Ben: <unk> with Alliance Global partners.
Ben: With your question.
Ben: Good afternoon, gentlemen, thanks for taking my questions and congrats on the FDA clearance.
Good afternoon gentlemen, thanks for taking the questions and congrats on the FDA clearance. First off for me just regarding the the commercialization you know whether it's you guys or through a partner I was just curious on how you have kind of scoped out what sort of sales force and activities that might be needed if you do choose to go out alone.
Ben: First off for me just regarding the the.
Ben: Commercialization.
Ben: You guys are through a partner it I was just curious sort of how you have a kind of scoped out what sort of salesforce and activities that might be needed. If you do choose to go it alone.
Sure, I'll take that. Thanks for the question, Ben. Good to hear from you. What we see now is that when you look at the number of centers that are really doing the bulk of these procedures, it's about 50 centers on the upper end. And when you look at what's reasonable in terms of a sales rep or distributor in terms of how many accounts they could handle, probably five and if you're pushing it six.
Speaker Change: Sure I'll take that thanks for the question Ben good to hear from you.
Speaker Change: What we see now is that when you look at the number of centers that are.
Speaker Change: Really doing the bulk of these procedures.
It's about 50 centers.
Speaker Change: On the upper end and when you look at what's reasonable in terms of a sales rep or distributor and in terms of how many accounts they could handle probably five and you know if you're pushing that six.
So this isn't a situation like many technologies where you have thousands of hospitals that are licensed to do the procedure. In the US, it's only about 100, roughly about 190, and it's kind of the old 80-20 rule. 80% of the procedures are being done at 20% of the centers. So we think with a combination of distributors, and we've already had distributors express interest.
Speaker Change: So this isn't a situation like many technologies where.
Thousands of hospitals that are licensed to do the procedure in the U S. Its only about 100, it's roughly about 190, and it's kind of the old 80, 20 rule you know 80% of the procedures are being done at you know 20% of the <unk>.
Speaker Change: Centers so.
Speaker Change: We think with the combination of distributors and we've already had distributors expressed interest.
in working with us to distribute this product, and a handful of direct people that we could effectively call on those top 50.
Speaker Change: And working with us to distribute this product.
Speaker Change: And a handful of direct people that we could effectively call on those top 50 centers and what we're going to do.
And what we're going to do, then as well, is we would obviously focus on the centers that are already using the product that have already converted to the product and start there because those are kind of the low-hanging fruit. They're already believers and adding the ablation procedure would really be a no-brainer.
Band as well as we would obviously focus on the centers that are already using the product that have already converted to the product and start there because those are kind of the low hanging fruit you know they are already believers and.
Speaker Change: Adding the ablation procedure would really be a no brainer.
Speaker Change: Okay.
Okay, so that makes sense and I imagine it will be a huge number of people but half a dozen sounds fairly reasonable. And then just curious on any feedback that you've received from folks, clinicians and such following the FDA clearance.
Speaker Change: It makes sense to them, but I imagine it will be.
Speaker Change: Huge number of people, but a half.
Speaker Change: It doesn't sound so fairly reasonable and then.
Speaker Change: Just curious on any feedback that you've received from you know folks are clinicians and such.
Speaker Change: Oh no.
Speaker Change: Following the FDA clearance.
Speaker Change: Yeah. The feedback is when can we get our system.
Yeah, the feedback is when can we get a system, which is a nice problem to have. So there's been really for the last, since we submitted to FDA, a building enthusiasm from the field. And what's been happening is, and in the cases that we've been supporting with our Zemmer partners.
Speaker Change: Which is a which is a nice problem to have so there's been really for the last since since we submitted to FDA a building enthusiasm from the field.
Speaker Change: And what's been happening is and in the cases that we've been supporting.
Speaker Change: With our Zimmer partners.
physicians will bring up the fact that they're very interested in using the device for ablations and when will the device be available and what's the rollout plan and things like that. So, and now that it's gotten cleared, I mean literally on Monday, the day we put out the announcement.
Speaker Change: Physicians will bring up the fact that they are.
Speaker Change: Interested in using the device for oblations and when will the device be available and you know, what's the rollout plan and things like that so.
Speaker Change: Now that it's gotten cleared I mean literally the on Monday the day, we put out the announcement I had emails from physicians from our Advisory Board Neurosurgeons, who you know who were already wondering when they were going to be able to get the system. So so it's it's exciting for me because this is obviously has been in the works.
I had emails from physicians from our advisory board, neurosurgeons who were, you know, who were already wondering when they were going to be able to get the system. So,
So it's exciting for me because this obviously has been in the works for a while. And to kind of see the interest and the momentum build, I'm pretty excited to get this product out into the field. I think it's going to do very well.
Speaker Change: You know for a while and kind of see the interest and the momentum build.
Speaker Change:
Speaker Change: Hi.
Speaker Change: I'm pretty excited to get this this product out into the field I think its going to do very well.
Speaker Change: Okay, that's helpful and.
So what have you been telling them on when they can get that system?
So what have you been telling them on when they can get that system any.
better color than first half, you know, March, April , May.
Speaker Change: Better color than first half.
Speaker Change: As at March April May.
That's where... Yeah, the problem is whenever you make a, whenever you throw a date out to physicians, well, really to anybody, then that becomes the expectation. And when that doesn't happen, there's a lot of people disappointed.
Speaker Change: February yeah that the the problem is whenever you make a whenever you throw a date out to physicians.
Speaker Change: Well really to anybody.
Speaker Change: That becomes the expectation and.
Speaker Change: When that doesn't happen you know theres a lot of people disappointed.
So, you know, what we've told physicians is that we're waiting for parts to come in for the generators.
Speaker Change: So you know what we've told physicians is that we're waiting for parts to come in.
Speaker Change: For the generators those parts from a schedule perspective or do an end in March but these are parts that.
those parts from a schedule perspective are due in and marked.
But these are parts that had about a 10 to 12 months lead time. So we ordered these quite a while ago.
Speaker Change: <unk> had about a 10 to 12 months lead time, so we ordered these quite a while ago.
And we're completely dependent on the vendor to get those parts in and as we all know
Speaker Change: And we're completely dependent on the vendor to get those parts in and as we all know.
You know, the reliability of some vendors is not just they're in COVID, but after, you know, has been challenging. Now the good news.
Speaker Change: No the reliability of some vendors not just during COVID-19, but after you know has been challenging now the good news is this company has been pretty consistent on when they feel they can deliver but until <unk>.
companies been pretty consistent on when they feel they can deliver. But until our vendor that's making the boxes for us has those parts in hand.
Speaker Change: Until our vendor that's making the boxes for us has those parts in hand.
We're going to continue to say in the first half of the year, we're confident doing...
Speaker Change: <unk> continued to say in the first half of the year, we're confident confident doing that but if we can expedite those timelines by three months four months when those units first become available the.
But if we can expedite those timelines, you know by three months four months when those units first become available Uh, the product will be available for commercialization We will not delay
Speaker Change: The product will be available for commercialization, we are will not delay.
So I'm hopeful we get them in when they say, but we've certainly all been burned before on commitments from vendors when parts are coming in. And that is 100%. So the devices that we're actually manufacturing ourselves, the assemblies, the electrodes, we have full confidence in, that we could launch this product in January , February , but it's just the generator parts, a few of them that we're waiting for.
Speaker Change: So I'm hopeful we get them in when they say, but you know we've we certainly all been burned before on commitments from vendors when parts are coming in and that is 100%. So the devices that we're actually manufacturing ourselves the assemblies. The electrodes, we have full confidence and that we can launch this product in.
Speaker Change: You know in January February, but it's just the generator parts a few of them that were waiting on.
Speaker Change: Okay, that's understandable and fair enough.
Okay, so that's understandable and fair enough. And then lastly, for me, just on drug delivery.
One for me just on drug delivery.
Speaker Change: Hum.
What sort of, you know, the clinical trials that the firm that you're in contact with now, I would presume their earlier stage trials. I mean, is that accurate? And then with the folks that you're scheduled to talk to or, you know, talking to at some point, what's kind of the right way to think about, you know, what sort of stage these trials might be at?
Speaker Change: What's the.
Speaker Change: The clinical trials that are the firm that you are in contact with now I would presume there earlier stage trials I mean is that accurate and then.
Speaker Change: With the folks that you're scheduled to talk to or.
Speaker Change: I'm talking to at some point.
Speaker Change:
Speaker Change: What's kind of the right way to think about.
Speaker Change: What sort of a stay.
Speaker Change: Stage these trials might be up.
Yeah, so it would be very difficult for a company that has done phase one, phase two, without our device to then kind of incorporate that in. That would be in my mind a significant change to their protocol.
Speaker Change: Yes, so it's.
Speaker Change: It would be very difficult for a company.
Speaker Change: That has done a phase one phase two.
Speaker Change: Without our device to then kind of incorporate that and that would be.
Speaker Change: In my mind is significant change to their protocol.
So it would be very, very unlikely that any of those companies would want to change their protocol because it brings added risk to the FDA. I've had this happen personally in other companies where...
Speaker Change: So it would be very very unlikely that any of those companies would want to.
Speaker Change: Changed their protocol because it brings added risk to the FDA I've had this happen personally another companies, where you know if something goes wrong then the F. D. A the question is is it your product or is it just this new technology that you introduced.
you know, if something goes wrong, then the FDA, the question is, is it your product or is it this new technology that you introduce?
So these would all be phase one studies that we're talking about, so they haven't started yet.
Speaker Change: So these would all be phase one studies that we're talking about but they haven't started yet.
Speaker Change: The protocols are being developed but the studies with.
With the company that we're talking to are expected to start.
Speaker Change: Late Q3 early Q4.
Speaker Change: In the areas that they're looking to evaluate with our technology and this has been really consistent with other companies that we're speaking to now it's been for epilepsy, which is kind of a slam dunk given that that's where our procedures are being done today. Parkinson's is another one and then one that was a little bit.
It's been for epilepsy, which is kind of a slam dunk, given that that's where our procedures are being done today. Parkinson's is another one. And then one that was a little bit surprising to me was ALS, so Lou Gehrig's disease.
Speaker Change: Surprising to me was a.
Speaker Change: So Lou Gehrig's disease so.
So that one, we still need to learn a little bit more about how they would want to use our device. And it may be the cortical or the strip electrodes versus the SEG for that type of procedure. Okay, that's helpful. That's all I had gentlemen. Thanks for taking the questions. Thanks a lot Ben.
Speaker Change: So that one we still need to learn a little bit more about.
Speaker Change: How they would want to use our device and it may be these critical or the strip electrodes versus the S. E G for that type of procedure.
Speaker Change: Okay. That's helpful. That's all I had gentlemen, thanks for taking the questions.
Speaker Change: Thanks, a lot Ben.
Speaker Change: Thank you there are no further questions at this time I'd like to hand, the floor back over to management for any closing comments.
Thank you. There are no further questions at this time. I'd like to hand the floor back over to management for any.
Speaker Change: Ah yes, thanks operator.
Yes, thanks operator. I just wanted to close with that we really believe the company's made extraordinary progress towards the goals that we actually set for fiscal 2023. And just to remind everyone of just a handful of these, we received FDA clearance actually on our SEEG electrode during fiscal 2023. We commercially launched that line in May with Zimmer Biomet, our distribution partner.
Speaker Change: I just wanted to close with that we really believe the company has made extraordinary progress towards the goals that we actually set for fiscal 2023, and just to remind everyone of just a handful of these we received FDA clearance actually on our S. E G electrodes.
Speaker Change: During fiscal 2023, we commercially launched that line in May.
Speaker Change: With Zimmer Biomet, our distribution partner, who submitted for FDA clearance on our one RF ablation system. Obviously subsequently received FDA clearance for that product as well <unk>.
We submitted for FDA clearance on our one RF ablation system. Obviously subsequently received FDA clearance for that product as well.
In addition, we did raise capital with existing, and for me, even more importantly, new institutional investors without including Warns, we launched a drug delivery program and continued to make progress regarding our implantable electrode intended to treat back pain.
Speaker Change: In addition, we did raise cash.
Speaker Change: Capital with.
Speaker Change: With existing and then for me even more importantly, new.
Speaker Change: Institutional investors without including warrants, we launched the drug delivery program and continued to make progress regarding our implantable electrode intended to treat back pain.
I also believe the company has the potential to add revenue in 2024 beyond SEG sales with contributions coming from our ablation system and potentially our drug delivery partnership or partnership.
Speaker Change: I also believe the company has the potential to add revenue in 2024 beyond E. G sales with contributions coming from our ablation system and potentially our drug delivery partnership or partnerships in closing I Hope you all continue to follow our exciting progress. Thank you and have a good evening.
I hope you all continue to follow our exciting progress. Thank you and have a good evening.
This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.
Speaker Change: This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.
Speaker Change: Yeah.