Q4 2023 Sera Prognostics Inc Earnings Call
Operator: Good afternoon, and welcome to the Sera Prognostics conference call to review fourth quarter fiscal year 2023 results. At this time, all participants are in listen-only mode.
Welcome to the Cerro Prognostics conference call to review fourth quarter fiscal year 'twenty twenty-three result.
At this time, all participants are in listen only mode.
Peter Denardo: We will be facilitating a question and answer session toward the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Peter DeNardo of Capcom Partners for a few introductory comments. Thank you, Gary. Good afternoon, everyone.
We will be facilitating a question and answer session towards the end of today's call.
As a reminder, this call is being recorded for replay purposes.
I would now like to turn the call over to Peter Denardo of cap Com partners for a few introductory comments.
Peter Denardo: Thank you Gary Good afternoon, everyone welcome to Sara Prognostics fourth quarter fiscal year 'twenty to 'twenty three earnings conference call at the close of the market today. They are a prognostic released its financial results for the quarter ended December 31 2023.
Peter Denardo: Welcome to Sera Prognostics' fourth quarter fiscal year 2023 earnings conference call. At the close of the market today, Sera Prognostics released its financial results for the quarter ended December 31, 2023. Presenting for the company today will be Evguenia Lindgardt, President and CEO, and Austin Aerts, our CFO. During the call, we will review the financial results we released today, after which we will host a question and answer session. If you've not had a chance to review our quarterly earnings release, it can be found on our website at seraprognostics.com. This call can be heard live via webcast at seraprognostics.com, and a recording will be archived in the Investors section of our website. Please note that some of the information presented today may contain projections or other forward-looking statements about events and circumstances that have not yet occurred, including plans and projections for the business, future financial results, and market trends and opportunities.
Peter Denardo: I think where the company's name will be.
Peter Denardo: Clayton Gardner, President and CEO and Austin <unk>, our CFO during the call. We will review the financial results. We released today after which we will host a question and answer session. If you've not had a chance to review our quarterly earnings release. It can be found on our website. There were a prognostic Stockholm. This call can be heard live by web.
Peter Denardo: At Cerro prognostic Dot com and a recording will be archived in the investors section of our website. Please note that some of the information presented today may contain projections or other forward looking statements about events and circumstances that have not yet occurred including plans and projections for our business future.
Peter Denardo: Our financial results and market trends and opportunities. These statements are based on management's current expectations and the actual events or results may differ materially and adversely from these expectations for a variety of reasons. We refer you to the documents the company files from time to time for the Securities and Exchange Commission specifically the company's.
Peter Denardo: These statements are based on management's current expectations, and the actual events or results may differ materially and adversely from these expectations for a variety of reasons. We refer you to the documents the company files from time to time with the Securities and Exchange Commission, specifically the company's annual report on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K.
Peter Denardo: <unk> annual report on Form 10-K.
Peter Denardo: Its quarterly reports on Form 10-Q, and its current reports on form 8-K. These documents identify important risk factors that could cause the actual results to differ materially from those contained in our projections and other forward looking statements.
Evguenia Lindgardt: These documents identify important risk factors that could cause actual results to differ materially from those contained in our projections and other forward-looking statements. I would also like to note that, although we will not refer to it during today's earnings conference call, the company has just posted an updated slide presentation on the investor relations page of its website. As a reminder, a webcast replay of this call will be available in the investors section of our website. I will now turn the call over to Zhenya Sera Prognostics, President and CEO. Zhenya?
Peter Denardo: Also like to note that although we will not refer to it during today's earnings conference call. The company has posted an updated slide presentation to the Investor Relations page of its website.
Speaker Change: As a reminder, a webcast replay of this call will be available on the investors section of our website I will now turn the call over to Jan yet sterile prognostics, President and CEO.
Evguenia Lindgardt: Thank you so much, Peter, and good afternoon, everyone. We are pleased with our progress last year and during the fourth quarter in laying out the foundation for future growth through key advancements in our prime and Avert studies and product pipeline, all while controlling operating costs to ensure such growth is well funded. With the key drivers of revenue in our business being publications validating our technology, signing on insurance fares, and broadening consumer and physician awareness of our products, we believe 2024 will be an exciting year for Sera with a number of expected catalysts and developments to support commercial expansion and shareholder value. Just before year-end, we were delighted to announce that the Data Safety Monitoring Board overseeing Sera's Pivotal Prime Study recommended stopping enrollment due to efficacy
Jan: Thank you so much Peter and good afternoon, everyone. We're pleased with our progress last year and during the fourth quarter in laying out the foundation for future growth through key advancements in our crime and avert studies and product pipeline.
Jan: All while controlling operating costs to ensure such growth is well funded.
Jan: The key drivers of revenue in our business being publications validating our technology, signing on insurance theirs, and broadening consumer and physician awareness of our products. We believe 'twenty 'twenty four will be an exciting year for Sarah with a number of expected catalysts and developments to support commercial expansion and shareholder value.
Jan: Just before year end, we were delighted to announce that the data safety monitoring board overseeing cerus pivotal Prime study recommended stopping enrollment due to efficacy. This was due to either of the co primary endpoints, having met the stopping criteria for statistical significance at the Preplanned interim analysis something like this.
Evguenia Lindgardt: This was due to either of the co-primary endpoints having met the stopping criteria for statistical significance at the pre-planned interim analysis. Something like this usually doesn't happen, so we're highly encouraged that following successful outcomes with our Prevent PTB and AVERT studies, the interim prime readout may similarly show that our test-and-treat approach enables better management and better health outcomes. It has been three months since we announced enrollment stoppage due to efficacy. Given the potentially breakthrough results we hope to report, we were urged to temper our desire to share more on prime and to take our time in publishing results in order to preserve the integrity of the publication.
Jan: Usually doesn't happen. So we're highly encouraged that following successful outcomes with our prevent P. T. B antibody studies the interim Prime readout May show Similarly, our test and treat approach enables better management and better health outcomes.
Jan: It has been three months since we announced enrollment stoppage due to efficacy.
Jan: Given the potentially breakthrough results. We hope to report we were urged to temper our desire to share more on prime and to take our time and publishing results in order to preserve the integrity of the publication, we saw the wisdom in this advice and while diligently working towards a strong publication, we are engaged with both the guideline setting bodies and with.
Evguenia Lindgardt: We saw the wisdom in this advice, and while diligently working towards a strong publication, we've engaged with both the guideline-setting bodies and with our target journals, which confirmed their interest in receiving manuscript submissions. In the next few months, we hope to have a powerful suite of accepted manuscripts, PreventBTB, AVERT, and PRIME, that demonstrate consistent, clinically beneficial results. These results are anticipated to show that using the preterm test and acting on the information it provides can lead to reductions in severe neonatal morbidity and mortality, NICU length of stay, and the number of babies born prematurely. In the meantime, to catch up with some of our newer investors and to give helpful context for the PRIME study, detailed results of AVERT have been submitted for publication.
Jan: Our target journals, which confirmed their interest in receiving a manuscript submission in the next two months, we hope to have a powerful suite of accepted manuscripts prevent BTB avert prime that demonstrate consistent clinically beneficial result.
Jan: These results are anticipated to show that using the preterm test and acting on the information. It provides can lead to reductions in severe neonatal morbidity and mortality NICU length of stay and the number of babies born prematurely.
Jan: In the meantime to catch up some of our newer investors and to give helpful context for the Prime study detailed results of the vertical business for publication. This study was designed to determine neonatal outcomes after risk assessment, using our pre Trump test and guided intervention, but those with elevated risk.
Evguenia Lindgardt: The study was designed to determine neonatal outcomes after risk assessment using our preterm test and guided intervention for those with elevated risk. As we've noted before, top-level primary analyses found that neonates in the prospective arm were discharged from the hospital earlier and had lower neonatal morbidity index scores. The impact of our preterm tests showed a two and a half week improvement in gestational age of infants most at risk for early delivery, and a 21% reduction in neonatal hospital stay.
Jan: As we've noted before top level primary analysis found that muni and the prospective arm were discharged from the hospital earlier and had lower neonatal morbidity index scores.
Jan: The impact of our pre Trump test showed a two and a half week improvement in gestational age of interests most at risk for early delivery.
Once you, 1% reduction in neonatal hospital stay.
Evguenia Lindgardt: 18% reduction in severe neonatal morbidity and mortality, and a remarkable 28-day reduction in neonatal intensive care unit length of stay for infants born before 32 weeks. These results are quite compelling and encouraging, and they have led to continuing conversations with prospective health insurance providers and the medical guideline community on the high-level findings. We are excited and eagerly awaiting the AVERT publication to become available to further validate our proteomic blood test for preterm birth risk. Our preterm commercial strategy remains focused on generating publications showing evidence of the value of our desk, increasing contracts with insurance payers, and creating greater overall awareness. This is the traditional commercialization approach of prognostic and diagnostic players, and it takes time. We're targeting prime publication in the second half of the year, and only with that publication in hand, as a prerequisite, can we expect payers to initiate policy coverage reviews. These reviews are expected to be a multi-month or longer process.
Jan: 18% reduction in severe neonatal morbidity and mortality and a remarkable 28 day reduction in new needle intensive care unit length of stay for infants born before 32 weeks.
Jan: These results are quite compelling and encouraging and they have led to continuing conversations with prospective health insurance providers and the medical guideline community on the high level findings were excited and eagerly awaiting a bird publication to become available for to further validate our proteomics blood test for preterm birth risk.
Jan: Our pre term commercial strategy remains focused on generating publications showing evidence of the value of our test increase.
Jan: Increasing contract with insurance payers and creating greater overall awareness.
Jan: This is the traditional commercialization approach of prognostic and diagnostic players and it takes time.
Jan: We're targeting prime publication in the second half of the year and only with that publication in hand, as a prerequisite can we expect payers to initiate policy coverage reviews. These reviews I expect it to be a multi month or longer processes.
Evguenia Lindgardt: We view 2024 as a year to put foundational prerequisites in place for a potential major revenue inflection in 2025, diving deeper into our publication strategy. While the priority is getting the interim prime data published, we're working with our principal investigators to prepare another publication focused on our intervention portfolio tested in the prime study, as well as publishing the cost-effectiveness of the results. Once the study completes and all of the nearly 5,000 recruited participants have delivered their babies, we will prepare the final publication, the final economic results, as well as potentially one or two intervention-specific publications. What is important to understand in our commercial strategy is the holistic approach to leave no stakeholder behind between payers, physicians, and consumers.
Jan: So do you 'twenty 'twenty four is a year to put foundational prerequisite is in place for a potential major revenue inflection in 2025.
Jan: Diving deeper into our publication strategy, while at the priority is getting the interim Prime data published we're working with our principal investigators to prepare another publication focused on our intervention portfolio tested in Prime study as well as publishing the cost effectiveness of the result.
Once the study complete and all of the nearly 5000 recruited participants have delivered their babies, we will prepare the final publication final economic results as well as potentially one or two intervention specific publications.
Jan: What is important to understand in our commercial strategy is the holistic approach to leave no stakeholder behind between payers physicians and consumers the awareness of the value of this test brings to society and the healthcare ecosystem.
Evguenia Lindgardt: The awareness of the value of this test brings to society and the healthcare ecosystem. Even in advance of the prime publication, we're communicating the full value of the preterm test and treatment strategy to payers. The economic cost of preterm births is staggering for all, public and private payers and the economy. Adopting preterm birth delivery delivers multiple sources of value for payers. First, our economic model shows that utilizing the test and treat strategy not only saves payers over $800 per member after the projected test cost, as estimated by Elevance, modeling it across 40,000 of its members. Second, payers should realize the lower cost of care as the benefits of healthier children are realized.
Jan: Even in advance of the prime publication for communicating the full value of the preterm different treat strategy bears.
Jan: Economic costs of preterm birth is staggering for all public and private payers and the economy.
Jan: Dumped in preterm deliberate multiple sources of value for the pairs first our economic model showed that utilizing the test and treat strategy not only saves payers over $800 per member after the projected cost is estimated by elegance modeling it across 40000 of its members.
Jan: Second the payers should realize the lower cost of care as the benefits of healthier children are born.
Evguenia Lindgardt: Third, payers have an opportunity to differentiate their competitive position through improving quality of care and health equity for maternal and neonatal health in their provider networks by utilizing the test. Additionally, payers have an important role to play in driving adoption to get full value from preterm by providing appropriate resources and benefits to their physician networks to leverage the test and treat model. We will work closely with payers to help drive outcomes they can expect from our test and treat strategy. We're also engaging with employers, particularly self-insured employers who are recognizing the tremendous value of including preterm tests in their benefit portfolio, not only because of cost savings and health outcomes for mothers and babies but also because additional value in the ability to attract and retain parents as healthier babies increase presenteeism and the effectiveness of their parent work.
Jan: Third there has had an opportunity to differentiate their competitive position through improving quality of care and health equity for maternal and neonatal health in their provider networks by utilizing the test.
Jan: They must have an important role to play in driving adoption to get full value from preterm by providing appropriate resources and benefits to their physician networks to leverage the test and treat model.
Jan: We will work closely with payers to help drive outcomes. They can expect from artisan treats strategy.
Jan: We're also engaging with employers, particularly initial self insured employers who are recognizing the tremendous value of including pre Trump test in their benefit portfolio, not only because of cost savings and health outcomes for mothers and babies, but also because additional value in the ability to attract and retain parents as healthier babies increased presenteeism and b.
Jan: Goodness of their parent workforce.
Jan: Okay.
Evguenia Lindgardt: Our studies have shown that care coordination is important following the use of the preterm test to achieve the best possible outcomes for moms and babies. We have tested our care coordination protocol in two large studies now, and have OB-GYN nurses available to support implementation of the test-and-treat strategy with our institutional customers. We expect to work with the medical community and payers to find the best path to delivering care coordination to as many patients as possible. This is particularly important when one considers that, for example, hospital obstetric care is only available in half of the rural counties in the United States. It is a problem that needs urgent attention at the national level, especially when it comes to meeting the needs of underserved patients in healthcare deserts. We all have to do more to provide the solution.
Jan: Our studies have shown that care coordination is an important following use of the preterm tests to achieve the best possible outcomes for moms and babies.
Jan: We have tested our care coordination protocol in two large studies now.
Jan: And half obgyn nurses available to support implementation of the tests in sheet strategy with our institutional customers.
Jan: We expect to work with the medical community and payers to find the best path to delivering care coordination to as many patients as possible.
This is particularly important when one considers that for example hospital obstetric care, it's only available in half of the rural counties in the United States. It.
Jan: It is a problem that needs urgent attention at the national level, especially when it comes to meeting the needs of underserved patients and health care Desert.
Speaker Change: We all have to do more to provide the solution.
Evguenia Lindgardt: To broaden the availability of our blood test and to also address underserved communities, we have made solid strides on preterm sample collection and assay enhancements, which will provide simpler, cheaper collection methods and a more efficient lab process. We've been working on this for a while, and validation is nearly complete. With that, our plan is to launch a self-collection device for collecting dried capillary blood in the coming months across certain initial geographies. We anticipate the consumer convenience of self-collection could be a game changer for preterm and other products we can bring to market for improving the maternal and neonatal experience. To use our resources efficiently, we will time broader physician and consumer education campaigns region by region to track where publication and payer coverage win.
Speaker Change: The broadened the availability of our blood test and to also address underserved communities. We have made solid strides on preterm sample collection, and SA enhancements, which will provide simpler cheaper collection methods and more efficient processing.
Speaker Change: We've been working on this for a while and validation is nearly complete with that our plan is to launch a self collection device for collecting drive capillary blood in the coming months across certain initial geographies. We anticipate the consumer convenience of self collection could be a game changer for preterm and other products, we can bring to market for improving the maternal and neonatal.
Speaker Change: Yes.
Speaker Change: They use our resources efficiently.
Speaker Change: We will time broader physician and consumer education campaigns region by region, the track with publication and payer coverage wins as we gain payer coverage, we anticipate expanding our commercial activity and team we expect to kick off broad based traditional media and social media advertising targeted physicians and expectant mothers in the second half.
Evguenia Lindgardt: As we gain payer coverage, we anticipate expanding our commercial activity and team. We expect to kick off broad-based traditional media and social media advertising targeted at physicians and expectant mothers in the second half of 2024. Although our preterm test is the first product we've brought to market, Sera is not just about preterm. Preterm is the first product from our proprietary platform and the data set that we've amassed from over 20,000 pregnancies. We've worked hard to develop proteomic capabilities that allow us to discover proteins that spell out the risk of particular pregnancy complications.
Speaker Change: 2024.
Speaker Change: Although our preterm test is the first product we brought to market. So it is not just about preterm preterm is the first product from our proprietary platform and the dataset that we've amassed from over 20000 pregnancies and worked hard to develop proteome capabilities that allow us to discover proteins that spell out the risk of.
Speaker Change: Pregnancy complications this proteomics enabled platform should allow us to take other product to market in the years ahead and offer us the opportunity to partner with or out license, our data to others and potentially high value applications and maternal and neonatal health.
Speaker Change: Our platform, which enables unique pregnancy insights has been instrumental in our activities to continue to progress our product pipeline beyond our commercially available preterm test with three products. Currently in later stages of development to build out our portfolio and diversify and support our revenue growth.
Evguenia Lindgardt: This proteomics-enabled platform should allow us to take other products to market in the years ahead and offer us the opportunity to partner with or license our data to others for potentially high-value applications in maternal and neonatal health. Our platform, which enables unique pregnancy insights, has been instrumental in our activities to continue to progress our product pipeline beyond our commercially available preterm test, with three products currently in later stages of development to build out our portfolio and diversify and support our revenue growth. These include the Consumer-Directed Time-to-Birth Test.
These include the consumer directed time to birth test predictive analytics product for consumers and for physicians and their pregnancy risk prediction panel targeted exposition.
Speaker Change: Our time to breath test addresses one of the highest interest questions and pregnancy when is the baby due.
The due date prediction methodology currently used has limited accuracy and fewer than 4% of babies are born on their due date.
Speaker Change: Our time to burst blood test is designed to provide mothers with a more accurate delivery date for planning time off work family rival moving to a bigger place we're securing childcare support.
Evguenia Lindgardt: Predictive Analytics Products for Consumers and for Physicians, and the Pregnancy Risk Prediction Panel, targeted at physicians. Our Time-to-Birth test addresses one of the highest-interest questions in pregnancy. When is the baby due?
Speaker Change: This test is being developed as a self water South Bay and south collect kit.
Speaker Change: We're working to enable expectant mothers to order it online with a capillary blood cells collection kits sent to them by mail to be shipped back to the lab and priced as a consumer based test.
Evguenia Lindgardt: The due date prediction methodology currently used has limited accuracy, and fewer than 4% of babies are born on their due date. Our Time-to-Birth Blood Test is designed to provide mothers with a more accurate delivery date for planning time off work, family arrival, moving to a bigger place, or securing child care support. This test is being developed as a self-order, self-pay, and self-collection kit. We are working to enable expectant mothers to order online with a capillary blood self-collection kit sent to them by mail to be shipped back to the lab and priced as a consumer-paid test. To make it an economically attractive addition to Sera's portfolio, this test will be launched on what is called an enzyme-linked immunosorbent assay, or ELISAplas.
Speaker Change: To make it an economically accretive addition to serious portfolio. This test will be launched on what is called an enzyme linked immune assortment assay or Elisa platform.
Speaker Change: To ensure continued focus of our organization on our core strategic goals. We have partnered with a lab, which will provide blood collection kits and analyze the blood specimen to support the launch of this product.
Speaker Change: Launching this consumer directed product should allow us to build a relationship with women earlier in their pregnancy and should it be accretive to building adoption of serious clinical test preterm.
Speaker Change: Today's expectant mothers are digital natives and much of the information they get about pregnancies online.
Speaker Change: The majority of digital resources, such as baby apps, mainly provide generic information about the stage of a pregnancy you baby at the size of assessing the seat now at peak enrollment.
Speaker Change: We believe mothers and the market are lagging a clinical research based personalized pregnancy journey guide laying out the propensity for a wide range of meaningful frequency characteristics from chances of gaining an above average amount of wait two chances of an early C section.
Evguenia Lindgardt: To ensure continued focus of our organization on our core strategic goals, we have partnered with a lab that will provide blood collection kits and analyze the blood specimen to support the launch of this product. Launching this consumer-directed product should allow us to build a relationship with women earlier in their pregnancy and should be a creative way to build adoption of Sera's clinical test preterm. Today's expectant mothers are digital natives, and much of the information they get about pregnancy is online. However, the majority of digital resources, such as baby apps, mainly provide generic information about the stage of a pregnancy. Your baby is now the size of a sesame seed now, a pea, or an almond.
Speaker Change: Sarah is advantaged and its ability to leverage that data set and portfolio of clinical research to provide information on the relative likelihood of specific outcomes or features other pregnancy. These done as proprietary predictive analytic algorithms.
Speaker Change: Overtime this could be even more valuable if I were a pregnancy journey companion can be enhanced by further tailoring it to specific pregnancy, but the result of a biomarker test.
Speaker Change: What would your lands and S. M. S N. Our unrestrained in addressing a public health crisis of increasing maternal and neonatal mortality in the United States.
Speaker Change: Cms's Innovation Center launched a nationwide initiative transforming maternal health care in 'twenty or 'twenty, one to improve maternal health care experience and outcomes. This initiative aims to address shortage of staff and equity of care across the country by providing stronger access to care quality initiatives and comprehensive risk appropriate screening and care.
Evguenia Lindgardt: We believe mothers in the market are lacking a clinical research-based personalized pregnancy journey guide laying out the propensity for a wide range of meaningful pregnancy characteristics, from chances of gaining an above-average amount of weight to chances of an early c-section. Sera is advantaged in its ability to leverage its data set and portfolio of clinical research to provide information on the relative likelihood of specific outcomes or features of a pregnancy based on its proprietary predictive analytic algorithm. Over time, this could be even more valuable if our pregnancy journey companion can be enhanced by further tailoring it to specific pregnancy as a result of a biomarker test. OBGYNs and SMFMs are under strain in addressing the public health crisis of increasing maternal and neonatal mortality in the United States.
Speaker Change: Solutions. This shows how critical physician tools for risk stratification and shares patient physician decision, making will be in the next decade.
Speaker Change: <unk> is uniquely positioned to contribute through our predictive analytics toolkit and testing solutions, our pregnancy risk prediction blood test, which is further out on the horizon is expected to further inform doctors and patients and care management decisions to promote better outcomes in pregnancies went about 30% of pregnancies in United States include a major comp.
Speaker Change: Location.
Evguenia Lindgardt: CMS's Innovation Center launched a nationwide initiative transforming maternal health care in 2021 to improve maternal health care experience and outcomes. This initiative aims to address shortages of staff and equity of care across the country by providing stronger access to care, quality initiatives, and comprehensive risk-appropriate screening and care solutions. This shows how critical physician tools for risk certification and shared patient-physician decision-making will be in the next decade. Sera is uniquely positioned to contribute through our predictive analytics toolkit and testing solutions. Our Pregnancy Risk Prediction Blood Test, which is farther out on the horizon, is expected to further inform doctors and patients in care management decisions to promote better outcomes in pregnancies when about 30% of pregnancies in the United States include a major complication.
Speaker Change: In conclusion, the combination of the predictive analytics product and our blood test is expected to give unparalleled results not achievable with mrna or any other technologies available and should put us in an enviable competitive position when launched.
Speaker Change: But this year our strategic focus is aligned on two key areas first promoting to physicians payers. The growing evidence of the clinical utility of preterm to build adoption. This is essential towards showcasing to the medical payer and guideline setting communities through peer reviewed publications that preterm has been validated and can.
Speaker Change: Truly make a difference.
Speaker Change: We cannot control nor guarantee the timing of the publication, we are excited by the potential of publishing and hopefully in the near term on our prime and a bird studies to back up the prior findings of the preterm Ptb's study.
Speaker Change: Second building awareness with expectant mothers and developing patient facing products that can put us in direct contact with women and expand and diversify our revenue opportunities. We plan to develop a digital storefront where expected mothers can find key information to manage their pregnancies and where we can offer our products with easier ordering.
Evguenia Lindgardt: In conclusion, the combination of the Predictive Analytics product and our blood test is expected to give unparalleled results not achievable with mRNA or any other technologies available and should put us in an enviable competitive position when launched. For this year, our strategic focus is aligned on two key areas. First, promoting to physicians and payers the growing evidence of the clinical utility of preterms to build adoption. This is essential towards showcasing to the medical, payer, and guideline-setting communities through peer-reviewed publications that preterm has been validated and can truly make a difference. While we cannot control nor guarantee the timing of publication, we are excited by the potential of publishing, and hopefully in the near term, on our prime and Avert studies to back up the prior findings of the preterm PTB study. Second, building awareness with expectant mothers and developing patient-facing products that can put us in direct contact with women and expand and diversify our revenue opportunities. We plan to develop a digital storefront where expectant mothers can find key information to manage their pregnancies and where we can offer our products for easier ordering.
Speaker Change: This should enable greater awareness of Sarah beyond the medical community and allow us to provide more than one test demand through convenient self collection and generate more revenue through self pay with a higher return on investment.
Speaker Change: Through this endeavor.
Speaker Change: We will seek to elevate and increased demand generation at the consumer level and we will expect to share more with you with you as we pursue this advantageous strategic approach to the market we serve.
Speaker Change: We expect a range of scenarios over the coming year for how fast the achievement of our critical milestones will unfold such as publication payer coverage and your institutional customers. Therefore, we're allowing for commensurate flexibility in our budget and cash expenditures to be able to invest behind our wins with that I will.
Speaker Change: Now turn the call over to Austin for a review of our fourth quarter financial results and more detail on our 'twenty to 'twenty four outlook Austin.
Austin: Thank you Danielle and good afternoon, everyone let.
Austin: Let me review our financial results for the quarter, and then ill provide a bit of color on our opex savings actions cash runway and business outlook on revenue as well as activities to foster revenue generation.
Austin: Revenue for the fourth quarter of 2023 was $41000 compared to $65000 for the fourth quarter of 2022.
Austin: As we previously noted we had expected that 2023 total revenues would be less than $400000 in total revenue for the year came in at $306000.
Austin Aerts: This should enable greater awareness of Sera beyond the medical community and allow us to provide more than one test a month through convenient self-collection and generate more revenue through self-pay with a higher return on investment. Through this endeavor, we will seek to elevate and increase demand generation at the consumer level, and we will expect to share more with you as we pursue this advantageous strategic approach to the market we serve. We expect a range of scenarios over the coming year for how fast the achievement of our critical milestones will unfold, such as publications, fair coverage, and new institutional customers. Therefore, we're allowing for commensurate flexibility in our budget and cash expenditures to be able to invest behind our wins. With that, I will now turn the call over to Austin for a review of our fourth quarter financial results and more detail on our 2024 outlook. Thanks, Evguenia, and good afternoon, everyone.
Austin: Total operating expenses for the fourth quarter of $8 $9 million were down significantly from $10 $5 million for the same period, a year ago due to steps, we took to streamline commercial operations better focus our commercial strategy and reduce overall operating expenses.
Austin: Research and development expenses were $3 $9 million and up from $3 $5 million for the fourth quarter of 2022, due primarily to higher clinical study costs.
Austin: Selling general and administrative expenses for the fourth quarter were $5 million and down significantly from $6 $9 million for the same period, a year ago due to the steps we've taken to reduce expenses, while focusing on the best pathways to increase revenue in the quarters ahead.
Austin: Net loss for the fourth quarter of 2023 was $7 $9 million, which was down from $9 $7 million for the fourth quarter of 2022.
Austin: As of December 31, 2023, the company had cash cash equivalents and available for sale securities of approximately $79 $9 million.
Austin Aerts: Let me review our financial results for the quarter, and then I'll provide a bit of color on our OPEX savings actions, cash runway, and business outlook on revenue, as well as activities to foster revenue generation. Revenue for the fourth quarter of 2023 was $41,000 compared to $65,000 for the fourth quarter of 2022. As we previously noted, we had expected that 2023 total revenues would be less than $400,000, and total revenue for the year came in at $306,000. Total operating expenses for the fourth quarter of $8.9 million were down significantly from $10.5 million for the same period a year ago due to steps we took to streamline commercial operations, better focus our commercial strategy, and reduce overall operating expenses. Research and development expenses were $3.9 million, up from $3.5 million for the fourth quarter of 2022, due primarily to higher clinical study costs.
Austin: The improvements in our company wide cost structure, and our careful management of cash burn have paid off.
Austin: The result is that our total 2023 gross cash expenses came in at $33 $7 million consistent with our shared expectation of bringing this down to about $34 million for the year and down significantly when compared to approximately $39 million for 2022.
Austin: Our total 2024 gross cash expenses are expected to be lower still as we realize the full year impact of our cost management activities.
Our current run rate current run rate has us on track for annual gross cash burn of less than $25 million.
Austin: We are forecasting gross cash expenses of about $26 million. This year with a potential additional investment of up to $5 million beyond that amount to invest behind the achievement of prerequisite milestones to respond to commercial opportunities for preterm and to advance our product pipeline.
Austin Aerts: Selling general and administrative expenses for the fourth quarter were $5 million, and down significantly from $6.9 million for the same period a year ago due to the steps we've taken to reduce expenses while focusing on the best pathways to increase revenue in the quarters ahead. Net loss for the fourth quarter of 2023 was $7.9 million, which was down from $9.7 million for the fourth quarter of 2022.
Austin: We will continue to exercise diligence stewardship of our cash and invest opportunistically only in activities. We believe could create additional value and have the greatest near and long term revenue generating potential.
Austin: We will evaluate each activity with the goal of maintaining operating cash well into 2027.
Building revenue takes time and we've consistently noted that revenue acceleration requires three key drivers.
Austin: Applications, validating our preterm test insurance coverage and consumer and physician awareness and adoption.
Austin: We're on our way there in solidifying those drivers for their preterm business at the same time, we hope to expand our product portfolio by the end of this year.
Austin Aerts: As of December 31, 2023, the company had cash, cash equivalents, and available-for-sale securities of approximately $79.9 million. The improvements in our company-wide cost structure and our careful management of cash burn have paid off. The result is that our total 2023 gross cash expenses came in at $33.7 million, consistent with our shared expectation of bringing this down to about $34 million for the year and down significantly when compared to approximately $39 million for 2022. Our total 2024 gross cash expenses are expected to be lower still as we realize the full year impact of our cost management activities. Our current run rate has us on track for an annual gross cash burn of less than $25 million.
Austin: To deepen our relationship with our customers and diversify our revenue potential.
Austin: As Daniel noted our 2024 strategy is focused on executing each of these objectives with achievement of key milestones to watch for in the coming year.
We see 2024 is a year of execution, a buildup to support future revenue growth in 2025 and beyond.
Austin: Exceeding 2020 threes revenues by orders of magnitude as is the current consensus expectation would require achieving all of our key prerequisites in the first half of the year, which we think is highly uncertain.
Austin: In the absence of that we do not expect revenue to be orders of magnitude higher than our total revenue for 2023.
Austin: We will update you on a quarterly basis of milestone achievements that we believe will position us well for a pivotal 2025.
Speaker Change: Operator, we can now open the call for questions.
Speaker Change: We will now begin the question and answer session.
Speaker Change: To ask a question you May press Star then one on your telephone keypad if.
Austin Aerts: We are forecasting gross cash expenses of about $26 million this year with a potential additional investment of up to $5 million beyond that amount to invest behind the achievement of prerequisite milestones to respond to commercial opportunities for preterm and to advance our product pipeline. We will continue to exercise diligent stewardship of our cash and invest opportunistically only in activities we believe could create additional value and have the greatest near and long-term revenue-generating potential. We will evaluate each activity with the goal of maintaining operating cash well into 2027. Building revenue takes time, and we've consistently noted that revenue acceleration requires three key drivers. Publications validating our preterm test, insurance coverage, and consumer and physician awareness and adoption
Speaker Change: If you were using a speakerphone please pick up your handset before pressing the keys to.
Speaker Change: To withdraw your question. Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
Speaker Change: Our first question today comes from Andrew Brachman with William Blair. Please go ahead.
Andrew Frederick Brackmann: Hi, good afternoon, thanks for taking the question.
Andrew Frederick Brackmann: Maybe just start on the prime publication I think it's pretty clear on why you would now waiting to share that data until such publication comes about but can you maybe just sort of talk about your ability to work with and show that data to the guideline groups I think you'd mentioned that in your prepared remarks, but I'm just trying to better understand your ability to sort of make progress on those fronts, even before we.
Andrew Frederick Brackmann: That publication.
Speaker Change: Thank you so much for the question Andrew you're.
Speaker Change: You're absolutely right, we've been actually in lock step updating the guidelines setting bodies throughout our prime right after a kickoff.
Austin Aerts: We are on our way there and solidifying those drivers with our pre-term business. At the same time, we hope to expand our product portfolio by the end of this year to deepen our relationship with our customers and diversify our revenue potential. As Evguenia noted, our 2024 strategy is focused on executing each of these objectives with the achievement of key milestones to watch for in the coming year. We see 2024 as a year of executional buildup to support future revenue growth in 2025 and beyond. Exceeding 2023's revenues by orders of magnitude, as is the current consensus expectation, would require achieving all of our key prerequisites in the first half of the year, which we think is highly uncertain. In the absence of that, we do not expect revenues to be orders of magnitude higher than our total revenue for 2023.
Speaker Change: We do so because our staff is closely connected to.
To the organizations and understand deeply how the guidelines effect and of course step number one in that is sharing our progress and keeping them updated onto the studies are being conducted and.
Speaker Change: And their results.
Speaker Change: We are we have indeed had.
Speaker Change: <unk> had conversations with them at the upcoming meetings.
Speaker Change: Sam and of course, we'll have conversations at a cog.
Speaker Change: Specifically.
We're delighted that there's a lot of interest in the results as well as recommendations that the guideline setting bodies are giving us on how to further our strategy to ensure the broader adoption.
Operator: We will update you on a quarterly basis on milestone achievements that we believe will position us well for a pivotal 2025. Operator, we can now open the call for questions. We will now begin the question and answer session. To ask a question, you may press star, then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the key.
Speaker Change: And therefore evolution of the guidelines appropriately. So it's using those recommendations that were shaping our publication plan were engaging with the guidelines any bodies specifically on that plan.
Speaker Change: And are looking forward to continued dialogue with them rest assured. These conversations are at least quarterly and we look forward to seeing the fruits of that engagement as soon as the data becomes available.
Operator: To withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. Our first question today comes from Andrew Brackmann with William Blair. Please go ahead. Hi, good afternoon.
Speaker Change: Great. Thanks for that and then if I could on the payer side I. Appreciate you sort of be an upfront and sort of the reality that it may take some time, but you do have a lot of momentum on the publication front moving throughout 2024 can you maybe just expand on what else do you think you might need in order to successfully engage with the payers moving forward.
Andrew Frederick Brackmann: Thanks for taking the questions. Maybe to start on the prime publication, I think it's pretty clear why you're now waiting to share that data until such a publication comes about. But can you maybe just sort of talk about your ability to work with and show that data to the guideline groups? I think you mentioned that in your prepared remarks, but I'm just trying to better understand your ability to sort of make progress on those fronts even before we see that publication? Thank you so much for the question, Andrew. You're absolutely right.
Speaker Change: Anything that we should be keeping an eye on aside from a co locations.
Speaker Change: Definitely thank you well at least two things and we're working on those right now and of course engaging with both national and regional payers. One is as I shared there is a huge economic benefit of the test and treat strategy. So for us to lay out for the payers and what could it look.
Evguenia Lindgardt: We've actually been, in lockstep, updating the guideline-setting bodies throughout PRIME right after kickoff. We do so because our staff is closely connected to the organizations and understands deeply how the guidelines are set. And, of course, step number one in that is sharing our progress, keeping them updated on the studies that are being conducted and the results. We have, indeed, had conversations with them at the upcoming meetings at SMSM. And, of course, we'll have conversations at ACOG.
Speaker Change: Like for their member population.
Speaker Change: And communicate that effectively is something we're actively working on in addition to the publication. So of course, leveraging the model that already exists we're plugging in different assumptions based on the data from avert and prime so that will be ready alongside a as the value proposition to the payer community.
Speaker Change: That's the first thing second thing is I think it's essential for us to collaborate with payers as I mentioned in my remarks to drive adoption and their provider networks. So we're actively thinking through what could be.
Evguenia Lindgardt: Specifically, we're delighted that there's a lot of interest in the results, as well as recommendations that the guideline-setting bodies are giving us on how to further our strategy to ensure the broader adoption and, therefore, evolution of the guidelines appropriately. So it's using those recommendations that we're shaping our publication plan. We're engaging with the guideline-setting bodies specifically on that plan and are looking forward to continued dialogue with them. Rest assured, these conversations take place at least quarterly, and we look forward to seeing the fruits of that engagement as soon as the data becomes available. Great. Thanks for that.
Speaker Change: Models and initiatives to drive density of adoption in particular geographic areas are maybe in particular states.
Speaker Change: With dominant players in that area and what role they can play together with us.
Speaker Change: In driving that adoption and awareness.
Speaker Change:
Speaker Change: That initiative and set of initiatives, we hope to drive together with our payer partners as soon as a as soon as data is available and of course, we will bring all three to the conversations with the Payors data.
Andrew Frederick Brackmann: And then, on the payer side, I appreciate you sort of being up front about the reality that this may take some time, but you do have a lot of momentum on the publication front moving throughout 2024. Can you maybe just expand on what else you think you might need in order to successfully engage with the payers moving forward? Anything that we should be keeping an eye on aside from the publications? Thanks.
Speaker Change: Economic analysis, and where it could be start in terms of showing in particular geographic areas, what broad based adoption and utilization of preterm test and treat strategy could achieve for their patient population.
Evguenia Lindgardt: Definitely. Thank you. Well, at least two things, and we're working on those right now and, of course, engaging with both national and regional payers. One is, as I shared, there is a huge economic benefit to the test and treat strategy. So for us to lay out for the payers what it could look like for their member population and communicate that effectively is something we're actively working on in addition to the publication. So, of course, leveraging the model that already exists, we're plugging in different assumptions based on the data from AVERT and PRIME. So that will be ready alongside as a value proposition to the payer community. That's the first thing.
Speaker Change: Thank you for the question.
Speaker Change: I'll leave it there thank you.
Again, if you have a question. Please press Star then one.
Speaker Change: The next question is from Dan Brennan with TD Cowen. Please go ahead.
Speaker Change: Okay.
Daniel Gregory Brennan: Great. Thanks for thanks for taking the questions maybe just the first one just going back to the you know the Prime study can you just remind us like in order to have you obviously stopped on the interim look you know when we eventually see the publication what's like the you know the magnitude of the benefit on the primary endpoints that we should expect to come out like.
Daniel Gregory Brennan: And is there a range of outcomes and I'm just wondering like.
Daniel Gregory Brennan: If it's at the higher end or the lower end of the range like how much would that really matter towards you know a cog or.
Evguenia Lindgardt: The second thing is that I think it's essential for us to collaborate with payers, as I mentioned in my remarks, to drive adoption in their provider networks. So we're actively thinking through what could be models and initiatives to drive density of adoption in particular geographic areas, maybe particular states, with dominant payers in that area and what role they can play together with us in driving that adoption and awareness. That initiative and set of initiatives we hope to drive together with our payer partners as soon as data is available. And, of course, we will bring all three to the conversations with the payers, economic analysis, and where we could start in terms of showing in particular geographic areas what broad-based adoption and utilization of preterm test-and-treat strategies could achieve for their patient population. Thank you for the questions. I'll leave it there.
Daniel Gregory Brennan: Doctors, just trying to think through what the type of outcomes that we could see when the publication of actually comes out.
Speaker Change: Thank you so much for the question given the standard of care for expecting mothers, who unfortunately get missed because of the risk factors in the guidelines are only capture at tiny portion of those at risk for preterm birth.
Speaker Change: We believe that any.
Speaker Change: Improvement will make a big difference of photos are women and their children.
So we don't have a particular expectation that a low range or high end of the range on any of those outcomes are a prerequisite or threshold for guideline setting bodies to to let's say a comment on it or put it into guidelines.
Evguenia Lindgardt: Thank you. Again, if you have a question, please press star then 1. The next question is from Dan Brennan with T.D. Cowan.
So as you think about the four endpoints, we put into our Prime study two primary and two secondary.
Daniel Gregory Brennan: Please go ahead. Great, thanks for taking the questions. Maybe just the first one, just going back to the prime study. Can you just remind us, like, in order to have you obviously stopped on the interim look, you know, when we eventually see the publication, what's the magnitude of the benefit on the primary endpoints that we should expect to come out like? And is there a range of outcomes?
Speaker Change: All of when all of them talk about both the health of the baby.
Speaker Change: The neonatal morbidity mortality index and the hospital stay whether it is general hospital stay or Nick you stay we believe that even modest improvement on any of those make a big difference in the health outcome. So.
Daniel Gregory Brennan: I'm just wondering, like, you know, if it's at the higher end or the lower end of the range, like how much would that really matter to, you know, ACOG or, you know, doctors just trying to think through what the type of outcomes that we could see when the publication eventually comes out. Thank you so much for the question. Given the standard of care for expectant mothers who unfortunately get missed because the risk factors in the guidelines only capture a tiny portion of those at risk for preterm birth, we believe that any improvement will make a big difference for those women and their children. So we don't have a particular expectation that a low range or high end of the range on any of those outcomes is a prerequisite or threshold for guideline setting bodies to, let's say, comment on it or put it into guidelines.
Speaker Change: So look forward to sharing the specifics of that once the data becomes public but at this point I won't be able to comment whether it's at the low range or high end of the range I would just point out that it's very consistent with the outcomes you've seen from the data that's already available out there.
Speaker Change: Got it and then in terms of the cash.
Speaker Change: And then in terms of the cash well into 'twenty seven you know obviously, if we just keep the same burn and run it out that would get you know like you know call.
Speaker Change: Call it breakeven in twenty-seven just kind of what what else can you show any of the other assumptions that you were assuming when you kind of comment about cash.
Speaker Change: And the twenty-seven kind of beyond this year.
Speaker Change: Yeah.
Dan Lofton: Sure Hi, Dan Lofton.
Dan Lofton: So our at our current levels with which we just said in our prepared remarks.
Dan Lofton: We can easily get into 2020 'twenty 'twenty seven and beyond we did talk about expanding that.
Dan Lofton: Cash usage, as we invest into our opportunities and behind our opportunities are.
Daniel Gregory Brennan: So as you think about the four endpoints we put into our prime study, two primary and two secondary, all of them talk about both the health of the baby, the neonatal morbidity mortality index, and the hospital stay, whether it is a general hospital stay or a NICU stay. We believe that even modest improvement on any of those makes a big difference in health outcomes. So I look forward to sharing the specifics of that once the data becomes public. But at this point, I won't be able to comment on whether it's at the low range or high end of the range.
Dan Lofton: That will obviously potentially speed up the burn, but we are remaining extremely diligent and prudent in in the amount and the timing.
Dan Lofton: And how we invest in those opportunities so really right now like we said the goal is to get into 2027.
Dan Lofton: Essentially beyond.
Speaker Change: Okay, and then maybe a final one just on the guidelines I know Andrew asked it but just maybe a little more color there just.
Speaker Change: So you were able to share the data now with them from prime before its publisher you have to wait till it's published and then what's the right way to think about the pace at which the guide.
Evguenia Lindgardt: I would just point out that it's very consistent with the outcomes you've seen from the data that's already available out there. And then in terms of the cash... And then in terms of the cash well into 27, you know, obviously, if we just keep the same burn and run it out, that would get, you know, like, call it break-even in 27. Can you share any of the other assumptions that you're assuming when you kind of comment about cash well into 27, kind of beyond this year? Hi Dan, this is Austin.
Speaker Change: A cog the other guy that kind of guidelines would look to possibly incorporate your test is it one publication as two publications like how long does that process, usually take could it be a year or two years and then when we think about the timing how critical our guidelines towards payers. Thank you.
Speaker Change: Great three questions in one.
Speaker Change: Tackle them one at a time one specific one.
Austin Aerts: So at our current levels, which we just said in our prepared remark, you know what? We can easily get into 2027 and beyond. We did talk about expanding that cash usage as we invest in our opportunities and behind our opportunities. That will obviously potentially speed up the burn, but we are remaining extremely diligent and prudent in the amount, the timing, and how we invest in those opportunities. So really right now, like we said, the goal is to get into 2027 and potentially beyond. Okay, and then maybe final one, just on the guidelines, I know Andrew asked it, but maybe a little more color there, just so you're able to share the data now with them from Prime before it's published, or you have to wait until it's published, and then what's the right way to think about the piece at which the guide, you know, the ATOG, the other kind of guidelines would look to possibly incorporate your test? I Is it two publications? Like how long does that process usually take?
Speaker Change: We do think even with the first publication of the interim Prime results.
Speaker Change: We can expect.
Speaker Change: E reaction.
Speaker Change: I do not expect them changing guidelines are on the basis of one study.
Speaker Change: And that's just my expectation that said if the results are breakthrough and the guideline bodies see the potential of it.
Speaker Change: Absolutely history does show that it takes years and multiple results to do that so your wife to ask is it multiple publications multiple results.
Speaker Change: We will be adding our interim study is our third in a row and the final one will be fourth.
Speaker Change: I'm not sure if that is.
Speaker Change: Just right in terms of the number of studies what I would suggest is probably the earliest is going to come is a is a commentary a guideline sending bodies tend to comment on our at 2030 studies per year.
Daniel Gregory Brennan: Could it be a year, two years? And then, you know, when we think about the timing, how critical are guidelines to payers? Thank you. Great three questions in one.
Speaker Change: We.
Speaker Change: We look forward to sharing the results with them as soon as they're available so that they are very well informed them to issue such commentary.
Speaker Change: The third question you asked is is it necessary.
Evguenia Lindgardt: I will tackle them one at a time. We do think, even with the first publication, the interim prime results, we can expect, a reaction. I do not expect changing guidelines on the basis of one study, and that's just my expectation. That said, if the results are breakthroughs and the guideline bodies see the potential of it, absolutely. History does show that it takes years and multiple attempts. We will be adding an interim study as our third in a row. The final one will be fourth.
Speaker Change: That's a really really good one is it necessary to be in the guidelines for payer coverage no I don't believe so.
Speaker Change: Payer coverage to me is a really critical prerequisite to drive physician adoption and physician adoption is going to be a great vote of confidence for the guideline sending bodies to change and evolve the guidelines.
Speaker Change: So it's actually going to go hand in hand.
Evguenia Lindgardt: I'm not sure if that is just right in terms of the number of studies. What I would suggest is probably the earliest that is going to come is a commentary. Guidelines-setting bodies tend to comment on 20, 30 studies per year.
Speaker Change: Four really mass adoption across physicians.
Speaker Change: Yes guidelines are necessary, we do think that a lot of physicians will start adopting the test as soon as we remove the barriers that exist right. Now number one is published data number two is reimbursement so hopefully that that tackles.
Evguenia Lindgardt: We look forward to sharing the results with them as soon as they're available so that they are very well informed to issue such commentary. The third question you asked is, "Is it necessary?". That's a really, really good one.
Evguenia Lindgardt: Is it necessary to be in the guidelines for payer coverage? No, I don't believe so. Payer coverage, to me, is a really critical prerequisite to drive physician adoption, and physician adoption is going to be a great vote of confidence for the guideline-sending bodies to change and evolve the guidelines. So it's actually going to go hand-in-hand. For really mass adoption across physicians, yes, guidelines are necessary. We do think that a lot of physicians will start adopting the test as soon as we remove the barriers that exist right now.
Speaker Change: Our guidelines strategy we are.
Speaker Change: Really focused on making sure that we do our best yet we're not counting on them as a key blocker to driving revenue and adoption of the test.
Speaker Change: Got it actually one final one on modeling should we expect any milestone payments this year.
Speaker Change: Introduce persistent twenty-five or are they just kind of one and done.
Speaker Change: Yes.
Evguenia Lindgardt: Number one is published data, number two is reimbursement. So hopefully, that addresses our guideline strategy, really focused on making sure that we do our best. Yet, we're not counting on them as a key blocker to driving revenue and adoption of the test.
Speaker Change: The minimum payments, we did have a pretty large receivable on our books at the end of 2023 and that cash was received at the beginning of 'twenty 'twenty four.
Speaker Change: Got it so that's it then.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Minimal.
Speaker Change: Great. Okay. Thank you.
Daniel Gregory Brennan: Got it. Actually, one final one on modeling. Should we expect any milestone payments this year? And could those persist into 25, or are they just kind of one and done?
Speaker Change: Once again, if you have a question. Please press Star then one please standby as we poll for questions.
Speaker Change: Showing no further questions. This concludes our question and answer session I would like to turn the conference back over to Jenny Lind Guard for any closing remarks.
Austin Aerts: Yeah, the minimum payments. We did have a pretty large receivable on the books at the end of 2023, and that cash was received at the beginning of 2024. Got it. So that's it then? Yeah, and that, yeah, they're completely minimal.
Speaker Change: Thank you so much for everyone for attending our call today in moving through the rest of the year, we will invest in our strategy to drive revenue growth and ROI, while addressing the public health challenge of premature birth.
Daniel Gregory Brennan: Great. Okay. Thank you. Once again, if you have a question, please press star, then 1. Please stand by as we poll for questions.
Speaker Change: Absolutely can expect to see us share more in the quarters ahead, and we're excited by what's in store and 'twenty 'twenty four.
Evguenia Lindgardt: Showing no further questions, this concludes our question and answer session. I would like to turn the conference back over to Evguenia Lindgardt for any closing remarks. Thank you so much to everyone for attending our call today. In moving through the rest of the year, we will invest in our strategy to drive revenue growth and ROI while addressing the public health challenge of premature birth. You absolutely can expect to see us share more in the quarters ahead, and we're excited by what's in store for 2024.
Speaker Change: Thank you so much for your support and joining us on this journey I'll now turn it back over to the operator to conclude the call operator.
Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: Okay.
Operator: Thank you so much for your support and joining us on this journey. I'll now turn it back over to the operator to conclude the call. Operator? The conference is now concluded. Thank you for attending today's presentation. You may now disconnect. BF-WATCH TV 2021
Speaker Change: [music].