Q2 2024 OncoCyte Corp Earnings Call

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Rochelle: Thank you for standing by. My name is Rochelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the OncoCyte second quarter 2024 earnings conference call.

All lines have been placed on mute to prevent any background noise.

After the speaker's remarks, there will be a question and answer session.

If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad.

Rochelle: If you would like to withdraw your question, press star 1 again. You may also submit a question via the webcast by clicking on the Q&A button on your screen. I would no like to turn the call over to Jeff Ramson from PCG Advisory. Please go ahead.

Jeff: Thank you, Rochelle, and thank you to everyone for joining us for today's conference call to discuss OncoCyte's second quarter 2024 financial results and recent operating highlights. If you've not seen today's shareholder letter, please visit investors.ancocyte.com to read it. Today's prepared remarks build upon the information already shared in this robust letter. Before turning the call over to OncoCyte President and CEO Josh Riggs, I'd like to go over our Safe Harbor Statement. The company will make projections and forward-looking statements regarding future events.

Jeff Ramson: Thank you, Rochelle, and thank you to everyone for joining us for today's conference call to discuss OncoCyte's second quarter 2024 financial results and recent operating highlights.

Speaker Change: If you've not seen today's shareholder letter, please visit investors.ancocyte.com to read it. Today's prepared remarks build upon the information already shared in this robust letter.

Speaker Change: Before turning the call over to OncoCyte President and CEO Josh Riggs, I'd like to go over our Safe Harbor Statement.

Speaker Change: The company will make projections and forward-looking statements regarding future events. Any statements that are not historical facts are forward-looking statements.

Jeff: Any statements that are not historical facts are forward-looking statements. Such statements are made pursuant to and within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. We encourage you to review the company's SEC filings, including the company's Forms 10-K and 10-Q, which identify risks that may cause future actual results or events to differ materially. OncoCyte expressly disclaims any intent or obligation to update these forward-looking statements, except as otherwise may be required under applicable law. Finally, we'll be taking questions today on the line from our covering analysts as well as written questions from our investor community. I'd like to now turn the call over to Josh Reed.

Rochelle: These statements are made pursuant to and within the meaning of the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. We encourage you to review the company's SEC filings, including the company's forms 10K and 10Q.

Rochelle: which identify risks that may cause future actual results or events to differ materially. On the site expressly disclaims any intent or obligation to update these forward-looking statements, except as otherwise may be required under applicable law.

Rochelle: Finally, we'll be taking questions today on the line from our covering analysts as well as written questions from our investor community.

Rochelle: I'd like to now turn the call over to Josh Riggs

Josh Reed: Thanks Jeff. Welcome, and thank you for tuning in. We have on the call with us today our Chief Science Officer, Dr. Eki Shoots, as well as Chief Financial Officer, Andrea James. It's great to be able to announce the successful commercial launch of Graft2Shore with our initial beta customers. We had confidence going into launch, but you never really know until your product is out in the field. And the feedback that we're getting is exceeding our expectations. As we started our pivot last year, we said we were going to do three things.

Josh Riggs: Thanks, Jeff. Welcome and thank you for tuning in. We have on the call with us today, our Chief Science Officer, Dr. Eki Schutz, as well as Chief Financial Officer, Andrea James.

Speaker Change: It's great to be able to announce the successful commercial launch of Graft2Shore with our initial beta customers.

Speaker Change: We had confidence going into launch, but you never really know until your product is out in the field. And the feedback that we're getting is exceeding our expectations.

Rochelle: As we started our pivot last year, we said we were going to do three things.

Josh Reed: We said we would keep our cash burn low, produce a product, and welcome a strategic channel partner. And we've done all three, and we are thrilled with the partnership and investment from Bio-Rad. Those three pillars set us beautifully to meet the commitment made earlier this year to launch our graph to sure research product in Q2, which we are happy to say that we met. Going forward, we expect to maintain a capitalized business model, focus on site adoption in the U.S. and Germany, and deliver an IVD product to the market.

Rochelle: We're going to keep our cash burn low, produce a product, and welcome a channel strategic partner. And we've done all three, and we are thrilled with the partnership and investment from BioRath.

Rochelle: And those three pillars set us up beautifully to meet the commitment made earlier this year to launch our Graph2Sure research product in Q2, which we are happy to say that we met.

Rochelle: Going forward, we expect to maintain a capitalized business model, focus on site adoption in the U.S. and Germany, and deliver an IVD product to the market.

Josh Reed: Success in all three sets us up to disrupt the transplant testing market and deliver exceptional margins. Our head of commercial and I have been out in the field talking with customers and exploring more partnerships. It's just like a flower that keeps opening up; the more we engage with the market, the more it responds.

Rochelle: Success in all three sets us up to disrupt the transplant testing market and deliver exceptional margins.

Speaker Change: Our head of commercial and I have been out in the field talking with customers and exploring more partnerships. It's just like a flower that keeps opening up. The more we engage with the market, the more it's responding.

Josh Reed: We believe that over the next few years, our research product will double or triple the amount of research done using donor-derived cell-free DNA. This biomarker has been clinically accepted and is nearly standard of care, and yet you don't see an explosive growth in research. And we believe this is reflective of how the Central Lab model, which we aim to disrupt, has not been able to fully support the research community and all the questions that they want to ask.

Rochelle: We believe that over the next few years our research product will double or triple the amount of research done using donor-derived cell-free DNA.

Rochelle: This biomarker has been clinically accepted and is nearly standard of care, and yet you don't see an explosive growth in research.

Rochelle: And we believe this is reflective of how the Central Lab model, which we aim to disrupt.

Rochelle: Has not been able to fully support the research community and all the questions that they want to ask.

Josh Reed: We know that there are a lot of these questions that are going unanswered today, so putting a research tool out there in the field and giving research institutions around the world access to it means there is a real market need. One of our early adopters is studying pediatric transplant patients. And sadly, there is a paucity of research in this space, and seeing one of our first centers jump in feels really good.

Rochelle: We know that there are a lot of these questions that are going unanswered today.

Rochelle: Putting a research tool out there in the field and giving research institutions around the world, access to it, meets a real market need.

Rochelle: One of our early adopters is studying

Rochelle: And sadly, there's a paucity of research in this space, and seeing one of our first centers jump in feels really good.

Josh Reed: Empowering research not only serves the market more broadly, but it also creates new opportunities for OncoCyte, including in pharmaceutical research. You can see the early innings of that with the Phase II Clinical Trial by HiBio, which used our Vitagraft Kidney Assay to monitor for responses to their anti-CD38 therapy, the results of which were published in the New England Journal of Medicine. Since then, a second publication has shown the ability to monitor for response to a second anti-CD38 therapy for antibody-mediated rejection. In this case series study, patients were given daratumumab off-label to treat antibody-mediated rejection, and Vitagraft Kidney was able to identify that the drug was working with a simple blood test.

Rochelle: Empowering research not only serves the market more broadly, but it also creates new opportunities for OncoCyte, including in pharmaceutical research use.

Rochelle: You can see the early innings of that with the Phase 2 clinical trial by HiBio, which used our Vitagraft kidney assay to monitor for responses to their anti-CD38 therapy, the results of which were published in the New England Journal of Medicine.

Rochelle: Since then, a second publication has shown the ability to monitor for response to a second anti-CD38 therapy for antibody-mediated rejection.

Rochelle: In this case-series study, patients were given there a tumor map, off-label to treat antibody mediator rejection, and biographed kidney was able to identify that the drug was working with a simple blood test.

Josh Reed: In addition to these publications, you may have seen in the shareholder letter that in the second quarter, we signed an agreement to be the provider of DDCF DNA testing for a Phase 2 trial in AMR with a European Biotechnology company. We think that this speaks to our growing market leadership as the research partner of choice. You know, before I go on, there's an important real-world human element here to consider regarding the partnership with PhRMA.

Speaker Change: In addition to these publications, you may have seen in the shareholder letter that in the second quarter, we signed an agreement to be the provider of DDCFDNA testing for a Phase 2 trial in AMR with a European biotechnology company.

Rochelle: We think that this speaks to our growing market leadership in Research Partner of Choice.

Rochelle: You know, before I go on, there's an important real world human element here to consider regarding the partnership with Pharma.

Josh Reed: Many kidney transplant recipients experience body mediator rejection, and when that happens historically, there are not a lot of options for doctors or the patient. They may lose the organ or go back on dialysis, or even eventually die, and it's a serious problem.

Speaker Change: Many kidney transplant recipients experience antibody mediator rejection, and when that happens historically, there are not a lot of options for doctors or the patient. They may lose the organ, go back on dialysis, or even eventually die, and it's a serious problem.

Josh Reed: We're humbled by the opportunity to support pharmaceutical companies as they study ways to solve that problem and turn organ rejection from a potential death sentence into a manageable condition. Of course, detecting antibody mediator rejection very early, which data has shown that our technology can do. We'll be very important to solving this problem when drugs are available that can treat the disease, even though we are a small company and we are still largely pre-revenue and transplant.

Speaker Change: We're humbled by the opportunity to support pharmaceutical companies as they study ways to solve that problem-interend organ rejection from a potential death sentence into a manageable condition.

Speaker Change: Of course, detecting antibody-mediated rejection very early, which data has shown that our technology can do, will be very important to solving this problem once drugs are available that can treat the disease.

Speaker Change: Even though we are a small company and we are still largely pre-revenue and transplant, we sit upon an established body of science and more than 10 years of research in the field.

Josh Reed: We sit upon an established body of science, and more than 10 years of research in the field, we have long been out in front with the clinical data that we are generating. We're excited, as you saw in the shareholder letter, that for the first time on July 11th, researchers outside of OncoCyte began using our commercial research technology, GraftAssure. And it's a major effort for labs like this to bring the workflow up. It's a significant investment of time and resources, and they don't take it lightly.

Speaker Change: We have long been out in front with the clinical data that we are generating.

Speaker Change: We're excited, as you saw in the shareholder letter, that for the first time on July 11th, researchers outside of OncoCyte began using our commercial research technology, GraftAssure.

Speaker Change: And it's a major effort for labs like this to bring up the workflow. It's in a significant investment of time and resources, and they don't take it lightly. They are signing up because they believe in what we are building.

Josh Reed: They are signing up because they believe in what we are building. We believe that these labs are exhausted by the sendout only model, and they want to work with us in building an IVD technology. They want an IVD test so that they can detect transplant rejection quickly and easily on-site, and they want to be able to run that test alongside all of their other routine tests. They, like us, believe in the power of democratized access to technology.

Speaker Change: We believe that these labs are exhausted by the send-out-only model, and they want to work with us in building an IVD technology. They want an IVD test so that they can detect transplant rejection quickly and easily on-site, and they want to be able to run that test alongside all of their other routine tests.

Speaker Change: They, like us, believe in the power of democratized access to technology.

Josh Reed: In our launch program, they start with some sample product to get comfortable using the assay before switching over to revenue-producing products. As we pointed out in the shareholder letter, we are about six weeks into the commercial launch of RAPTISHER, and we have transplant centers that represent nearly 25% of the U.S. transplant volume in our funnel, and roughly the same percentage in Germany, our two-key launch mark.

Speaker Change: In our launch program, they start with some sample product to get comfortable using the assay before switching over to revenue-producing product.

Speaker Change: As we pointed out in the shareholder letter, we are about six weeks into the commercial launch of Rapture.

Speaker Change: And we have transplant centers that represent nearly 25% of the U.S. transplant volume in our funnel, and roughly the same percentage in Germany.

Josh Reed: This is exceptional and much faster than we would have expected with an RUO product. The market enthusiasm for GraftAssure has given us the confidence to make some incremental investments in the back half of the year to support commercial launch and the FDA submission process for the IVD product. These investments include FDA-compliant software engineering necessary to generate a test result, consumables to support the FDA submission, as well as an inventory build to bring customer sites up. We aim to hold our cash burn in Q3 and Q4 relatively in line with what you saw in Q2.

Speaker Change: are two key launch markets.

Speaker Change: This is exceptional and much faster than we would have expected with an RUO product.

Speaker Change: The market enthusiasm for GraftAssure has given us the confidence to make some incremental investments in the back half of the year to support commercial launch and the FDA submission process for the IVD product.

Speaker Change: These investments include FDA-compliant software engineering necessary to generate a test result, consumables to support the FDA submission, as well as an inventory build to bring customer sites up.

Speaker Change: We aim to hold our cash burn in Q3 and Q4, relatively in line with what you saw in Q2.

Josh Reed: Our product development team expects to deliver a completed data package to the FDA by summer next year. And depending on how quickly the FDA is processing submissions at that time, the earliest we could expect a positive coverage decision is late Q4. We enjoy bench drinks to support us in the IVD process, which is why I have invited Eki to the call. He is here to help address any questions you might have today on the details of the FDA approval process.

Speaker Change: Our product development team expects to deliver a completed data package to the FDA by summer next year, and depending on how quickly the FDA is processing submissions at that time, the earliest we could expect a positive coverage decision is in late Q4.

Speaker Change: We enjoy bench-strength to support us in the IVD process, which is why I have invited Eki to the call. He is here to help address any questions you might have today on the details of the FDA approval process.

Josh Reed: It's going to be a lot of fun in the next couple of years. We have a lot to execute, but we are dedicated to democratizing access to novel molecular diagnostic testing, improving patient outcomes, and creating substantial shareholder value along the way. Now, I'd like to introduce a new cover song to our earnings call.

Speaker Change: It's going to be a lot of fun in the next couple of years. We have a lot to execute, but we are dedicated to democratizing access to novel molecular diagnostic testing, improving patient outcomes, and creating substantial shareholder value along the way.

Speaker Change: Now, I'd like to introduce a newcomer to our earnings call. We welcomed Andrea James to OncoSite in June, and she has hit the ground running. Some of you may know Andrea from Tesla or Axon.

Speaker Change: I'm thrilled to work with Andrea, and we are already benefiting so much from her insights, particularly when it comes to building and preparing for explosive growth.

Josh Reed: She is delivering decisive, analytical leadership, and heterodox thinking to our team, and I'm delighted by the partnership. I've asked her to tell you why she came to OncoCyte. I think it was a great achievement for us to be able to attract her, and I think she sees in OncoCyte what we think the world will see over time. And, as some of you know, Andrea has a history of being ahead of the curve. Andrea?

Speaker Change: She is delivering decisive analytical leadership and heterodox thinking to our team, and I'm delighted by the partnership.

Andrea James: Hi back. I'm sure to tell you why she came to Uncle Sight.

Speaker Change: I think it was a great achievement for us to be able to track her and I think she sees in Augustite what we think the world will see over time.

Speaker Change: And, as some of you know, Andrea has a history of being ahead of the curve.

Speaker Change: Andrea. Thank you, Josh. Hi everyone. It's great to be here. And some of you may know me from Act on our Tesla or the cell side before that. As Josh said, I joined Iconco site to help build and scale the company.

Andrea: There were four primary factors that drew me to Onko-Site, mission, timing, strategy, and team.

Speaker Change: First, the mission here is attractive, and it reminds me of what we had at Ad Son, which is the saved lives.

Speaker Change: You'll notice in the new Investor presentation we published today that we've synthesized our mission very succinctly as follows. To democratize access to novel, molecular, diagnostic testing to improve patient outcomes.

Andrea James: We have an opportunity to do a lot of good with our technology and to do it quite soon, which brings me to timing. Where we are in our commercialization journey was very attractive to me. When I started talking with a company this spring, I learned that OncoCyte was just on the cusp of commercializing a product with more than a decade of history of development behind it. My background isn't in tech and finance. I don't have a background in healthcare.

Speaker Change: We have an opportunity to do a lot of good with our technology, and to do it quite soon, which brings me to timing.

Speaker Change: Where we are in our commercialization journey was very attractive to me. When I started talking with the company this spring, I learned that OncoCyte was just on the cusp of commercializing a product with more than a decade of history of development behind it.

Speaker Change: My background isn't tech and finance. I don't have a background in healthcare. And it wasn't interested in going to a company where it would take 10 years to bring up a product to market. So thank you to those of you on the call, who have worked for 10 years on this product.

Speaker Change: In a distance of timing, I found the strategy to be highly compelling. I'm very much attracted to the strategy of selling diagnostic tests at software-like growth margins, the business model that is disruptive to the industry.

Andrea James: We have the potential to be an asset-like, high-margin company that can scale quickly and eventually become quite large. The analyst and the investor in me have always appreciated businesses like that. And my guess is that many of you do too.

Speaker Change: We have the potential to be an asset-like, high-margin company that can scale quickly and eventually become quite large.

Speaker Change: The analyst and the investor in me has always appreciated businesses like that, and my guess is that many of you do too.

Andrea James: Third, I was drawn to the quality of the team. We enjoy having world-renowned scientists in this company, including our Chief Science Officer, Dr. Eki Schutz, who's on the line today. These scientists have extensive experience developing cell-free DNA products, developing immuno-oncology products, and obtaining regulatory approval to sell diagnostic test kits. This world-class expertise has created IP that we expect will support compelling margins. Josh Riggs, who is sitting here beside me in Irvine, California, is a deep subject matter expert.

Speaker Change: Third, I was drawn to the quality of the team. We enjoy having world-renowned scientists in this company, including our Chief Science Officer, Dr. Eckysheets, who's on the line today.

Speaker Change: These scientists have extensive experience developing cell-free DNA products, developing immunotechnology products, and with obtaining regulatory approval to sell diagnostic test kits.

Speaker Change: This world-class expertise has created IP that we expect will support compelling margins.

Speaker Change: Josh Riggs, who is sitting here beside me in Irvine, California, is a deep subject matter expert. He exhibits a clear ability to make important decisions with a high degree of clarity.

Andrea James: He exhibits a clear ability to make important decisions with a high degree of clarity. The company's pivot over the past few years has not been easy, and I admire the combination of smarts, integrity, and grit. It also helps to be a CFO stepping into a culture that already enjoys strong financial discipline. Of course, it was born of necessity, but I knew that this could be a great partnership. That muscle of fiscal discipline will remain strong, and it will support future operating leverage.

Speaker Change: The company's pivot over the past few years has not been easy and I admire the combination of smarts, integrity, and grit.

Speaker Change: and

Josh Riggs: It also helps to be a CFO stepping into a culture that already enjoys strong financial discipline. Of course it was born of necessity, but I knew that this could be a great partnership.

Josh Riggs: That muscle of fiscal discipline will remain strong and it will support future operating leverage. Okay, so the strategy makes sense and the team punches above their weight. Now the question is, how will this strategy play out?

Andrea James: Okay, so the strategy makes sense, and the team punches above their weight. Now the question is, how will this strategy play out? I saw three things that point to a company that is potentially in the early innings of success. First, we have great indications of product-market fit. The interest we are already gaining with grass ashore is pretty exciting. What's amazing is that research centers are proactively reaching out to OncoCyte to get access to the transplant diagnostic even without four sales reach from us. And wouldn't it be great if we could invest more in that failed muscle and go faster?

Speaker Change: I saw three things that point to a company that is potentially in the early innings of success.

Speaker Change: You have to go to the hospital.

Speaker Change: First, we have great indications of product market set. The interest we are already gaining with graph Deshours is pretty exciting. What's amazing is that research centers are proactively reaching out to on the site to get access to the transplant diagnostic, even without four cells reach from us.

Speaker Change: And wouldn't be great if we can invest more on that field of muscle and go faster.

Andrea James: Second, the strategic investment and partnership with Bio-Rad really, really is a big deal. This company's channel partner is also its second largest investor. And third, the scientific validation has many proof points, the most recent of which appeared in the May 2024 publication of the New England Journal of Medicine.

Speaker Change: Second, the strategic investment and partnership with Bio-Rad really, really is a big deal. This company's channel partner is also its second largest investor.

Speaker Change: And third, the scientific validation has many proof points, the most recent of which appeared in the May 2024 publication of the New England Journal of Medicine.

Andrea James: It was clear to me that OncoCyte is focusing on a scalable, high-margin product that fills a clear market need and is selling it into pre-built channels. This adds up to the potential to be a big winner.

Speaker Change: It was clear to me that OncoCyte is focusing on a scalable, high-margin product that fills a clear market need and is selling it into pre-built channels. This adds up to the potential to be a big winner. Now to be clear, I also came in with eyes wide open.

Andrea James: I also came in with eyes wide open. While I knew some of the investors in the company and was aware of their strong support, and while I was impressed with the management team and the board, it is also true that we are a tiny company, our trading volume is still small, and we have a weak balance sheet. But all of this is solvable.

Speaker Change: While I knew some of the investors in the company, and I was aware of their strong support, and while I was impressed with the management team and the board, it is also true that we are a tiny company, our trading volume is still small, and we have a weak balance sheet.

Andrea James: What was also clear to me from my prior background is that investors will provide money to companies with certain characteristics. These characteristics include the ability to move fast and capture opportunities, the ability to manage risks and mitigate them, and a compelling value proposition in the customer market. And this is where we are.

Speaker Change: All of this is solvable.

Speaker Change: What was also clear to me from my prior background is that investors will provide money to companies with certain characteristics.

Speaker Change: These characteristics include the ability to move fast and capture opportunities, the ability to manage risks and retire them, and a compelling value proposition in the customer market. And this is where we are.

Andrea James: The opportunity over the next two to three years is very large. In the near term, we have the opportunity to tap your market share by selling a known biomarker test into the transplant diagnostic market. We also have a compelling opportunity over the 5 to 10 year period, which is a period I've always focused on with companies such as Tesla or iPhone. Over that time frame, it is not unreasonable that we could become a $1 billion company. That potential is why I am here.

Speaker Change: The opportunity over the next two to three years is very large. In the near term, we have the opportunity to capture market share by selling a known biomarker test into the transplant diagnostic market.

We also have a compelling opportunity over the 5 to 10 year period, which is a period I've always focused on with companies such as Tesla or AXON. Over that time frame, it is not unreasonable that we could become a $1 billion company. That potential is why I am here.

Andrea James: We have a compelling story to tell, and I'm eager to help tell it, as well as guide it. As far as telling that story goes, you can see that with this earnings report, we are introducing a shareholder letter. We are also publishing a new investor deck that explains why we are investing in molecular diagnostic testing and specifically in developing test kits versus developing an in-house clinical lab model. In these materials, we present a graphic that is intended to help you understand why we are so excited about our beta customers that we are bringing online as we speak.

Andrea James: We have a compelling story to tell, and I'm here eager to help tell it, as well as guide it.

Speaker Change: As far as telling that story, you can see that with this earnings report, we are introducing a shareholder letter. We are also publishing a new investor deck that explains why we are investing in molecular diagnostic testing and specifically in developing test kits versus developing an in-house clinical lab model.

Speaker Change: In these materials, we presented a graphic that is intended to help you understand why we are so excited about our beta customers that we are bringing up online as we speak.

Andrea James: In the graphics, we show a projected revenue build that assumes we get FDA approval to sell an IVD product in late 2025 and assumes that the Customer Transplant Center eventually switches from sending out their clinical tests to managing their patient populations in-house. Now, there's a reason why we do a forward-looking statement disclaimer on all projections, and that is because there are no guarantees.

Speaker Change: In the graphic, we show a projected revenue build that assumes we get FDA approval to sell an IVD product in late 2025 and assumes that the customer transplant center eventually switches from sending out their clinical tests to managing their patient populations in-house.

Andrea James: Now, there's a reason why we do a forward-looking statement disclaimer on all projections, and that is because there are no guarantees.

Andrea James: But we also felt that it was important to share our view of what we are building from where we sit today. You can count on us to be transparent on our growth journey. And that includes transparency, not only about the opportunities but also about the risks. As for the numbers we reported in the quarter, they're in the shareholder letter, and you don't need me to read off tables for you. The one thing I would highlight is that our April fundraise was very successful. We had participation from new and existing investors, including our first corporate partner, BioRad, and it was done at market with no warrant coverage and no discounts.

Speaker Change: But we also felt that it was important to share our view of what we are building from where we sit today. You can count on us to be transparent on our growth journey, and that includes transparency not only about the opportunities, but also about the risks.

Speaker Change: As for the numbers we reported in the quarter, they're in the shareholder letter and you don't need me to read off of tables for you.

Andrea James: The one thing I would highlight is that our April fundraise was very successful. We had participation from new and existing investors, including our first corporate partner, Bio-Rad, and it was done at market with no warrant coverage and no discounts.

Andrea James: This speaks to the fact that we have a real market opportunity to go after and that others in the capital markets are starting to see that opportunity. I'd also highlight that, with the preferred stock reductions in April, we now enjoy a streamlined capital structure with just common stock and no debt or preferred stock, which hopefully excites you as much as it excites me as we hit an inflection point. We truly value our partnership and relationship with the investment community, including our analysts and shareholders.

Andrea James: This speaks to the fact that we have a real market opportunity to go after, and that others in the capital markets are starting to see that opportunity.

Andrea James: I'd also highlight that with the preferred stock redemptions in April , we now enjoy a streamlined capital structure with just common stock and no debt or preferred stock, which hopefully excites you as much as it does me as we hit an inflection point.

Andrea James: We truly value our partnership and relationship with the investment community, including our analysts and shareholders. So thank you for joining today, and we look forward to welcoming more investors over time as we grow.

Andrea James: So thank you for joining us today, and we look forward to welcoming more investors over time as we grow. The Opportunity Set that we say is exciting. Day by day, our path to revenue is steadily being de-risked. Once we are capturing that revenue, we think you'll be pleased with the leverage in the business model itself, which is both high gross margin and capital light. Okay, so now we welcome your questions. Go ahead, Jack. Do we have any questions in the queue?

Andrea James: The opportunity set that we face is exciting. Day by day our task to revenue is steadily being de-risked.

Jeff: Once we are capturing that revenue, we think you'll be pleased with the leverage in the business model itself, which is both high-growth margin and capitalite. OK, so now we welcome your questions. Go ahead, Jeff. Do we have any questions in the queue?

Operator: uh... we do uh... michelle can you uh.., allow the the verbal questions.

Operator: We do. Michelle, can you?

Michelle: Allow the verbal questions.

Operator: Certainly.

Speaker Change: As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue.

Speaker Change: If you would like to withdraw your question...

Speaker Change: Simply press star 1 again. You may also submit a question via the webcast by clicking on the Q&A button on your screen. Your first question is from Mike Matson with Needham. Please ask your question.

Joseph Vaughn: Hey everyone, how's it going today? This is Joseph Vaughn from Mike. Life's good, Mike. Thanks.

Joseph Vaughn: Hey, everyone. How's it going today? This is Joseph Vaughn from Mike. Life's good, Mike.

Joseph Vaughn: Yeah, this is Joseph on for Mike, but just a quick question on Vitagraft started out. I saw in the press release that you talked about increasing throughput at the CLIA lab. Just kind of want to get an understanding of where this test stands. I assume Volume hasn't started yet, but maybe you could dissect that a little bit. Maybe this prep work, what are you kind of aiming for in terms of volume for this test? And then obviously liver is still under review at CMS, so if you could give an update there, that would be helpful.

Joseph Vaughn: Thanks.

Joseph Vaughn: Yeah, this is just a fun for Mike, but just quick question on Biden graph started out.

Joseph Vaughn: I saw on the press release that you talked about the increasing throughput of the clear lab.

Joseph Vaughn: I just kind of want to get an understanding of where this test stands. I assume volume hasn't started yet, but maybe you could dissect that a little bit. Maybe this prep work, what are you kind of aiming for, for volume for this test?

Joseph Vaughn: And then obviously liver is still under review of CMS, so if you can give an update there, that will be helpful.

Josh Reed: Yeah, thanks for the question. I think what we've done is, you know, expanded our capacity in the lab in Nashville. So we're talking about an investment that we're making in that lab infrastructure. It's primarily to support the extra work that's coming at us for the FDA program. So that's just about the amount of samples and the amount of data that we need to generate to support the FDA submission.

Josh Reed: Yeah, no, thanks for the question. I think what we've done is, you know, expanded our capacity in the lab at Nashville, and so we're talking about...

Josh Reed: You know, an investment that we're making into that lab infrastructure, it's primarily to support the extra work that's coming at us for the FDA program. So that's just about the amount of samples in the amount of data that we need to generate to support the FDA submission, and so that's really more of a capital spent to support that effort. We've largely pulled back on most of our commercial efforts towards the LDT service product and put all of that energy into, you know, working on the site placements where we just kind of

Josh Reed: And so that's really more of a capital spend to support that effort. We've largely pulled back on most of our commercial efforts towards the LDT service product and put all of that energy into, you know, working on the site placements where we just kind of had an overwhelming response and needed to pivot our commercial team more towards, you know, activating sites for the RUO product.

Josh Reed: had an overwhelming response and needed to pivot our commercial team more towards an activating sites for the RUO product.

Joseph Vaughn: Okay, yeah, that makes sense, so I guess maybe just to ask another question on that. As we look at the chart, I guess you provided for the beta path. In terms of just material revenue before that inflection point, I guess estimated inflection point around, you know, second half 2026, is there anything that we should start baking into our estimates, or is the next really material driver IBD, you know, Vitagraph for Kids?

Joseph Vaughn: Okay, yeah, that makes sense. So I guess maybe just...

Joseph Vaughn: To ask another question on that, as we look at the chart, I guess you provided for the beta path.

Joseph Vaughn: In terms of just material revenue before that inflection point, I guess estimated inflection point around, you know, second half 2026, is there anything that we should start baking into our estimates or is the next really material driver IBD, you know, Vitagraph for kidney?

Josh Reed: Yeah, you know, with a low burn rate, every dollar of revenue feels material to us. But you know, with the RUO product, I mean, you know, it's going to be modest revenue, and it's hard for us to gauge that because this is a new product for the industry. They haven't had anything like this.

Josh Reed: Yeah, with a low burn, every dollar of revenue feels material to us.

Josh Reed: But, you know, with the R-U-O products, I mean, you know, it's going to be modest revenue and it's hard for us to gauge that because this is a new product for the industry they haven't had anything like this.

Joseph Vaughn: So we could be pleasantly surprised by the orders. But I think we're going to keep those expectations modest for now, until we get confidence that they're going to be much higher. And I think we do a good job in that net graphic kind of highlighting that there's a relatively slow burn of revenue per site for the RUO product. And then, as you pointed out, it really kicks up once we have an IVD product out there.

Joseph Vaughn: So we could be pleasantly surprised by the orders, but I think we're going to keep those.

Joseph Vaughn: The expectations modest for now, until we get confidence that it's going to be much above. I think we do a good job in that graphic kind of highlighting that there's a relatively slow burn of revenue per site for the R-U-O product and then as you pointed out, it really kicks up once we have an IVD product out there.

Josh Reed: Okay, and then maybe just a final question, just as we look forward to these next couple of years. In terms of site adoption in Cashper, and just, you know, kind of wondering how you're leveling that, if you're more looking at just finding the strategic centers and, you know, implanting relationships there, or if it's going to be a slow buildup of customers there over time.

Josh Reed: Okay, and then maybe just final question.

Josh Reed: And just as we look forward to these next couple of years.

Speaker Change: It in terms of sight adoption and cash for, and you're just, you know, kind of wondering how are you level setting that if you're more looking at just finding the strategic centers and, you know, and planting relationships there, or if it's going to be a slow build-up of customers there over time.

Josh Reed: Thanks. You know, I would say one is an exceptional concentration at the top. Transplant is a relatively complicated surgery, and so it tends to aggregate at the higher end academic centers. That's both here in the U.S. and Europe and around the world. And so, you know, any one of these top 100 centers feels meaningful to us because the top 100 here in the United States do 80% of the transplant volume or better.

Andrea James: Thank you Josh. Hi everyone. It's great to be here, and some of you may know me from Act on our Tesla or the cell side before that. And just as I said, I joined IconcoCyte to help build and scale the company. There were four primary factors that drew me to OncoCyte: mission, timing, strategy, and team. First, the mission here is attractive, and it reminds me of what we had at Axon, which was to save lives. You'll notice in the new investor presentation we published today that we've synthesized our mission very succinctly, as follows. To democratize access to novel molecular diagnostic testing to improve patient outcomes.

Speaker Change: Thanks, you know, I would say one advantage that we have in in transplant is.

Speaker Change: and exceptional concentration at the top. You know, some of the transplants are relatively complicated surgery. And so it tends to aggregate at near the higher end academic centers. You know, that's both here in the US and Europe and around the world.

Speaker Change: And so, you know, any one of these, you know, top hundred centers, you know, feels meaningful to us because, you know, the top hundred here in the United States do. Eighty percent of the transplant volume are better.

Josh Reed: And so I guess if I'm going to answer your question, I think when we get to 10 to 15 to 20 sites, we will have picked up a very meaningful percentage of that local market opportunity. I think that's what we're excited about. You know, so when we look at our funnel today, I mean, you know, 25% of the U.S. transplant volume is represented there. And so, I mean, all of these guys feel strategic to us.

Josh Reed: And so, I guess, if I'm going to answer your question, I think when we get to 10 to 15 to 20 sites...

Josh Reed: We will have picked up a very meaningful percentage of that local market opportunity. I think that's what we're excited about. When we look at our funnel the day, 25% of the U.S. transplant volume is represented there. All of these guys feel strategic to us.

Joseph Vaughn: Okay, great. Yeah, that's all super helpful. Thank you very much for taking our questions today.

Speaker Change: Okay, great. Yeah, that's all super helpful. Thank you very much for taking our questions today.

Operator: Your next question comes from the line of Mark Massaro with BTIG. Your line is open.

Speaker Change: For sure.

Speaker Change: Your next question comes from the line of Mark Massaro with BTIG. Your line is open.

Vivian: Hey, guys. This is Vivian. I'm from Mars.

Vivian: Hey guys, this is Vivian. I'm from MARC. Thanks for taking the questions.

Vivian: Thanks for taking the question. So as it relates to FDA approval, could you just remind us of any interim milestones, what publications and studies you're expecting to leverage to get there? I think in the press release, the Q sub was mentioned. And then I believe FDA clearance in late 25 sort of represents your bull case. But just can you give us a range of the timing of that?

Vivian: So, as it relates to FDA approval, could you just remind us of any interim milestones, what publications and studies you're expecting to leverage to get there? I think in the press release, the Q sub was mentioned.

Vivian: And then I believe FDA clearance in late 25 sort of represents your bull case, but just can you give us a range of the timing of that?

Josh Reed: Sure. You know, I'll take some of the timing questions and then I'll ask Ecky to talk about the milestones that he has in front of him. I think, you know, we, as you might guess, we're very hopeful that the FDA will move quickly and we don't, we don't really control that process. But, you know, we're going to give ourselves the best chance we have to get through by the end of 25.

Josh Reed: Sure, you know, I'll take some of the timing question, and then I'll ask Ike to talk about the milestones that he has in the front of him. I think, you know, we...

Josh Reed: I think we're, as you might guess, we're very hopeful that the FDA will move quickly and we don't we don't really control that process.

Josh Reed: But, you know, we're going to give ourselves the best chance we have to get through by the end of 2025. That may drift into early part of 2026.

Josh Reed: That may drift into the early part of 26, you know, just depending on how quickly the FDA is processing things at that time. But, Ecky, if you could, you know, just talk a little bit about the key milestones that you have in front of us, you know, the Q-Sub and then what you guys are doing from a product development point of view and where you hope to be kind of going into next year.

Josh Reed: You know, just depending on how quickly the FDA is processing things at that time. But, Eki, if you could, you know, just talk a little bit about the key milestones that you have in front of us, you know, the Q-sub, and then what you guys are doing from a product development point of view and where you hope to be kind of going into next year.

Eki Shoots: All right, thank you. So our QSAP is planned for that in six to eight weeks from now. We are right now putting all the material together. I would say we have 50% there.

Eki Shoots: All right, thank you. So our queue set is planned like that in six to eight weeks. On now we are right now putting all the materials together. We'll say we have 50 percent there. So we are going to start.

Eki Shoots: We are going to start, I would say, the revision process next week. So we are all going to go into that and revise it according to all the needs. And it's a pretty formalized process where you are just presenting your intended use, you're presenting the method or the essay, and you are presenting what kinds of studies, like analytical validation and clinical validation, you're planning. And then you ask the FDA a question, "Are you fine with that?". Is our analytical validation according to what you are looking for? Is our clinical validation according to what you are looking for?

Speaker Change: I would say the revision process next week. So we are all going into that and devise it by all the needs.

Eki Shoots: And it's a pretty formalized process where you are just presenting your intended use, you are presenting the method or the essay.

Eki Shoots: And you are presenting what kinds of studies like analytical validation clinical.

Eki Shoots: validation of your planning.

Eki Shoots: And then you ask the FDA a question. Are you fine with that? It's our analytical validation.

Eki Shoots: And then we hope to get good answers. We had a really pretty good experience with the FDA when we did our BDD submission last year. They are very cooperative.

Eki Shoots: I call in what you are looking for is our clinical validation, the following.

Eki Shoots: what you are looking for and then we hope to get good answers.

Eki Shoots: We had made actually pretty good experience with the FDA when we did our BDD submission last year. They are very cooperative, and so they are really trying to work with you and not against you, which I really appreciated.

Eki Shoots: And so they are really trying to work with you and not against you, which I really appreciate. So, bottom line, they have some time to tell us, okay, this is okay, this might be, perhaps, this or that detail, something where we want to have a modification, which at the end of the day helps us with the design and planning of our IVD endeavor. That said, also, the IVD route is a very, very formal way of putting documents and data together.

Eki Shoots: So, bottom line that they have some time to tell us, okay, this is okay, this might be perhaps this or that detail, something where we want to have a modification, which at the end of the day helps us.

Eki Shoots: for the design and planning.

Eki Shoots: of our IVD endeavor. That said, also this IVD route is a very, very formalized way of.

Eki Shoots: It starts with phase one, which is design, planning, and inputs. So, you are completely put together about what your design should look like and have all the inputs in there, like, okay, what are we going to achieve, what is our target, and that's something we want to get finalized by actually six weeks from now. We want to have that phase done in six weeks, and from there, you go into the second phase, which is the development and design output.

Eki Shoots: putting documents and data together. It starts with

Eki Shoots: It's one which is a design planning and input, so you are completely put together how your design looks like.

Eki Shoots: and have all the inputs in there, like, okay, what are we going to achieve? What is our target? And that's something we want to get finalized by actually six weeks from now.

Eki Shoots: So we want to have that face done in six weeks and from there you are getting into the second phase, which is

Eki Shoots: So from there, you develop everything like work packages, what you want to do, how you want to do that, which studies, and so forth. And then the design output means you are checking that what you have put into your design document really can be achieved. So that's the second so-called phase gate.

Eki Shoots: development and design out of it. So from there, you are developing everything like work packages, what you want to do, how you want to do that, which study then and so forth.

Eki Shoots: And then the design output means you are controlling that what you have put into your design document, really can be achieved. So that's the second.

Eki Shoots: And then the third phase is verification and validation. That's where we are going to do an analytical validation and physical validation with the, at that point, locked in final product. And this is what we have planned to get accomplished by Q4-25-Q1-26. So that's the entire plan. It's a lot of writing documents to just show the FDA that you have thought about everything that needed to be thought about and that you are not just getting some data randomly put together by chance. The entire idea behind that is so-called design control. Everything needs to be set from the very beginning, and then you are just working with what you have.

Eki Shoots: Silica validation with the, at that point, locked-in final product.

Eki Shoots: And this we are planned to get accomplished by 24, 25, that's 21, 26. So that's the entire plan. It's a lot of writing documents. And just show the FDA that you are thought about.

Eki Shoots: everything that needed to be thought about and that you are not just getting some data randomly put together by chance.

Eki Shoots: The entire idea behind that is so-called design control. Everything needs to be set from the very beginning and then you are just working along what you have planned.

Vivian: Perfect. Thank you, Aki. I just want to make one comment on... Thank you for being a follow-up. I just wanted to make a comment.

Speaker Change: Perfect. Thank you, Aki.

Speaker Change: I just want to make one comment on...

Speaker Change: Yeah, one thing that we've been pleasantly surprised with is kind of the warm reception to the IBD program we felt from the community.

Speaker Change: You know, one of the questions where we're asking sites, as we're as we're bringing them up and we're moving them through the funnel is

Operator: Certainly, as a reminder, if you would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star 1 again. You may also submit a question via the webcast by clicking on the Q&A button on your screen. Your first question is from Mike Matson with Needham; please ask your question.

Speaker Change: Hey, are you interested in participating in the IBD program?

Speaker Change: And it's just kind of been overwhelmingly positive. I think these centers want to help us.

Speaker Change: You get the samples together. They want to help us with reproducibility studies. And so it's really feeling...

Speaker Change: like a community effort here to push the IVD process along. So I think we're overwhelmed by the positive support that we're getting from the community. And I think there's just a general excitement that they're going to have access to this technology and they get to help make it happen.

Operator: There are no further questions from the line at this time. I'd like to ask Jeff to see if we have any questions from the webcast.

Operator: There are no further questions from the line at this time. I'd like to ask Jeff to see if we have any questions from the webcast.

Jeff: Yes, we do have a few actually, thank you. Josh Andrea, how do you calculate the $1 billion transplant testing market opportunity, and how does OncoCyte plan to capture its $1 billion market opportunity?

Jeff: Yes, we do have a few actually, thank you. Josh and Andrea, how do you calculate the $1 billion transplant testing market opportunity and how does OncoSci plan to capture its $1 billion market opportunity?

Josh Reed: I mean, it's a good question. I think we put this out, I think, in our investor deck, but you know, we've got an estimate of somewhere around three to three and a half million testing opportunities globally. And, you know, that number, you know, we're obviously multiplying that by a mix of our RUO product and our IVD product, where we expect to be IVD in the U.S. and Europe and then probably say RUO in the rest of the world.

Josh Reed: I mean it's a good question, I think we put this out, I think, in our investor deck, but you know we've got it.

Josh Reed: An estimate of somewhere around three to three and a half million testing opportunities globally.

Josh Reed: And, you know, that number, you know, we're obviously multiplying that by a mix of our RUO product and our IVD product, you know, where we expect to be IVD in the US and Europe and then probably say, are you a rest of the world?

Josh Reed: You know, that market's growing, at least according to current estimates, about 9% a year. So we see the billion dollars as a relatively conservative estimate of what the market opportunity is. And, you know, we're not going to move that up until we have a chance to do more price discovery. And this is just something that's hard to do until you actually have the IVD product out there and know what you're going to get reimbursed.

Josh Reed: You know, that market's growing, at least according to current estimates, about 9% a year. So, we see the billion dollars as a relatively conservative.

Josh Reed: estimate of what the market opportunity is and you know we're not going to move that up until we have a chance to do more price discovery and this is just something that's hard to do until you actually have the IBD product out there and know what you're going to get reimbursed. So we're erring on the side of being conservative there.

Josh Reed: So we're erring on the side of being conservative there. You know, from a market capture point of view, I think we've talked about this a good bit, but, you know, it's democratization, right? It's giving people access, and it's meeting the demand where it is, which, you know, right now, the demand is at the local center, and they don't have access to technology that works for them today.

Josh Reed: From a market capture point of view, I think we've talked about this a good bit, but it's democratization, right? It's giving people access and it's meeting the demand where it is, which right now the demand is at the local center and they don't have access to a technology that works for them today.

Josh Reed: Yeah, do you want to add just a little bit about that $1 billion total addressable market based on the current clinical indication? Yeah, I mean,

Speaker Change: Yeah, do you want to add just a little bit about that $1 billion total addressable market is based on the current clinical indication? Oh yeah, I mean, you know...

Josh Reed: Oh, yeah. I think the most exciting thing for us that's come out of the past, you know, two or three months is the work that's being done on anti-CD38 drugs where they're really meeting an unmet clinical need from a pharma point of view. And that just opens up kind of just these significant monitoring opportunities, so therapeutic efficacy monitoring, like is the drug working, and then also recurrence monitoring.

Josh Reed: I think the most exciting thing for us that's come out of the past...

Josh Reed: you know, two or three months is, you know, the work that's being done on, like, the anti-CD38 drugs, where...

Josh Reed: They're really meeting an unmet clinical need from a pharma point of view. And that just opens up kind of just these significant monitoring opportunities. So therapeutic efficacy monitoring, like is the drug working? And then also recurrence monitoring.

Josh Reed: And we're seeing a lot of this in oncology right now, and there's just an enormous amount of value creation that's happening in the oncology space, you know, just kind of on that therapeutic efficacy and, you know, recurrence monitoring. And we're starting to see that emerge here in transplant. So we've got our fingers crossed that, you know, these trials will continue to be successful so that, you know, patients have an option instead of just, you know, losing their organs. And I think that creates an incredible tailwind for us because we're out in front there. And so I would say that that easily expands the market opportunity.

Josh Reed: lot of this in oncology right now and there's just an enormous amount of value creation that's happening in the oncology space. You're just kind of like on that therapeutic efficacy and you know recurrence monitoring and we're starting to see that emerge here in transplant and so we're we've got our fingers crossed.

Josh Reed: that these trials will continue to be successful.

Josh Reed: so that, you know, patients have an option instead of just, you know, losing their organ. And I think that creates, that's an incredible tailwind for us.

Eki Shoots: Very good. If I may, I would just add to what Tosh was saying to make it really clear what the new situation that we have created is. I recall a NET Board meeting about..., eight months ago, where we were talking about how much you would use the test in a high-risk population, and most of the people were saying, "Why should I? We don't have any therapy. Why do I want to know?

Eki Shoots: If I may, I would just add to what Josh was saying, to make it really clear what the new situation that we have created is. I recall an ad board meeting like perhaps...

Eki Shoots: eight months ago, where we were talking how much would you use the test.

Eki Shoots: in a high risk population and most of the people are saying why should I, we don't have any therapy, why do I want to know?

Eki Shoots: And this has dramatically changed. Now we have the first working therapy for chronic active antibody-mediated rejection, and it's not only something we can show our test is perfect monitoring. It's also a huge, huge relief for patients who are suffering because earlier than that, there was no therapy, and the organ would ultimately be lost, and now we have a therapeutic option, and our contribution is really to show that people are going into this disease earlier than we can do with another K.R.

Eki Shoots: And this has dramatically changed. Now we have the first working therapy for chronic active antibody-mediated rejection. And it's not only something where we can show our test is perfect monitoring.

Eki Shoots: It's also a huge, huge relief for patients who are suffering.

Eki Shoots: Because earlier than that, there was no therapeutic option.

Eki Shoots: And the organ would ultimately be lost, and now we have a therapeutic option. And our contribution is really to show that people are going into this disease earlier than we can do it with standard of care.

Josh Reed: I have one other question, Josh. How does OncoCyte envision building recurring revenue streams when most diagnostics are currently performed episodically on an as-needed basis?

aki: Great, thank you, Aki.

Josh Reed: I'm going to check that out.

Josh Reed: I have one other question, Josh.

Speaker Change: Okay? How does on-co-site efficient building recurring revenue streams when most diagnostics currently are performed at the side of the building and at the end of the next floor? Sorry.

Josh Reed: Yeah, I would say, you know, the transplant is, you know, inherently a recurring revenue opportunity because these these patients are, you know, living with their organs, hopefully, you know, for 10, 12, 15 years or better. And unfortunately, though, there's a high rate of rejection. And so there's just inherently a number of touch points over the life of the patient where the physician just needs a noninvasive way or a minimally invasive way to check on that organ.

Josh Reed: i

Josh Reed: Yeah, I would say, you know, the transplant is, you know, inherently a recurring revenue opportunity because, you know, these patients are, you know, living with their organs, you know, hopefully, you know, for 10, 12, 15 years or better.

Josh Reed: And unfortunately, though, there's a high rate of rejection.

Josh Reed: So, there's just inherently a number of touchpoints over the life of the patient.

Josh Reed: The physician just needs a non-invasive way or a minimally invasive way.

Josh Reed: And, you know, we, along with, you know, the other players in the space, are kind of meeting that need. And so I think it's just inherent to the product of the industry that we're in.

Josh Reed: You know, just check on that organ, you know, we along with, you know, the other players in the space are kind of, you know, meeting that need. So I think it's just inherent to the product and the industry that we're in.

Jeff: Okay, great. There's no more questions. Rochelle?

Rochelle: Got it.

Rochelle: Okay, great. There's no more questions.

Operator: Currently, we don't have any questions from the line, but once again, if you wish to ask a question, please press star 1 on your telephone keypad.

Rochelle: Currently we don't have any questions from the line but once again if you wish to ask a question please press star 1 on your telephone keypad.

Jeff: Thanks, Rochelle and Jeff. I guess we'll give it maybe like five seconds here, a pregnant pause, and then maybe Josh will close us out.

Jeff: i

Speaker Change: Thanks for selling Jeff. I guess we'll give it maybe like five seconds here pregnant flaws and then maybe Josh will close this out.

Jeff: address

Josh Reed: Okay, guys, thanks everybody for joining us today. I mean, we're obviously excited about where we are as a company. It feels great to be out in the field with a product, engaging with the research community, and just feeling a groundswell of support. So we look forward to updating you guys on our progress and, you know, capturing these sites across the United States and across Europe. We'll have some very exciting things to announce here in the future.

Josh Reed: Okay guys, you know, thanks everybody for joining us today. I mean, you were obviously excited about where we're at as a company. It feels great to be out in the field with a product engaging with the research community. And just feeling a ground swell of support. So we look forward to updating you guys on our progress and, you know, capturing these sites across the United States and across Europe. It was some very exciting things to announce here in the future and the other things are playing along.

Operator: And, you know, thanks for playing along. Thank you. Thank you. Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining us.

Operator: Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Thank you for watching!

Operator: Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

Operator: You can find this and many other recipes at www.mehr-als-rohkost.de. Thank you for watching! I hope you enjoy cooking at home! Thank you for watching! I hope you enjoy cooking at home!

Operator: Thank you for watching!

Andrea James: And I wasn't interested in going to a company where it would take 10 years to bring a product to market. So, thank you to those of you on the call who have worked for 10 years on this product. In addition to timing, I found the strategy to be highly compelling. I'm very much attracted to the strategy of selling diagnostic tests at software-like growth margins via a business model that is disruptive to the industry.

Josh Reed: We welcome Andrea James to OncoCyte, and she has hit the ground running. Some of you may know her from Tesla or Axon. I'm thrilled to work with Andrea, and we are already benefiting so much from our insights, particularly when it comes to building and preparing for explosive growth.