Q2 2024 Predictive Oncology Inc Earnings Call
Speaker Change: Thank you.
Operator: ..... Garmont Vennare, Predictive Oncology,
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Operator: ............ [inaudible] The Garmont, Raymond Vennare, Predictive Dr. Garmont, Raymond Vennare, Predictive Oncology, Thank you very much.
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Operator: Thanks for watching, and don't forget to like, share, and subscribe to our channel. A-R-R-R-R-R-R-R-R-R A-R-R-R-R-R, Welcome to the Predictive Oncology Second Quarter 2024 Earnings Conference. At this time, all participants are in a listen-only mode.
Speaker Change: Good day and thank you for standing by. Welcome to the Predictive Oncology second quarter 2024 earnings conference call. At this time all participants are in a listen-only mode. After the speakers prepared presentation there will be an opportunity to ask questions.
Operator: After the speaker's prepared presentation, there will be an opportunity to ask questions; please be advised that today's conference is being recorded. I would now like to hand the call over to your speaker, Mr. Glenn Garmont, Investor Relations. Thank you. You may begin.
Speaker Change: Please be advised that today's conference is being recorded. I would now like to hand the call over to your speaker, Mr. Glenn Garmont, Investor Relations. Thank you. You may begin.
Raymond Vennare: Welcome and thank you, everyone, for dialing into the Predictive Oncology second quarter 2024 financial results call. First, you'll hear from our Chief Executive Officer and Chairman of the Board, Raymond Vennare, and then our Chief Financial Officer, Josh Blacher, will review our financials. Certain matters discussed on this call contain forward-looking statements. These forward-looking statements reflect our current expectations and projections about future events and are subject to substantial risks, uncertainties, and assumptions about our operations and the investments we make.
Speaker Change: Welcome and thank you everyone for dialing in to the Predictive Oncology second quarter 2024 financial results call.
Speaker Change: First, you'll hear from our Chief Executive Officer and Chairman of the Board, Raymond Vennare, and then our Chief Financial Officer, Josh Blacher, will review our financials.
Speaker Change: Certain matters discussed on this call contain forward-looking statements.
Speaker Change: These forward-looking statements reflect our current expectations and projections about future events and are subject to substantial risks, uncertainties, and assumptions about our operations and the investments we make.
Speaker Change: All statements other than the statements of historical facts included in the call regarding our strategy, future operations, future financial position, future revenue and financial performance, projected costs, prospects, plans, and objectives of management are forward-looking statements.
Speaker Change: The words anticipate, believe, estimate, expect, intend, may, plan, would, target, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our actual performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors, including, among other things,
Speaker Change: factors discussed under the heading risk factors in our filings with the ACC.
Raymond Vennare: except as expressly required by law the company disclaims any intent or obligation to update these forward-looking statements. Now I'd like to turn the call over to Raymond Vennare, Chief Executive Officer. Raymond?
Raymond Vennare: Thank you, Glenn, and good morning, everyone. I would like to begin this morning with a recap of a significant announcement that we made just a few weeks ago regarding the successful retrospective multi-year ovarian cancer study that we completed with UPNC McGee Women's Hospital over the past five years. As a result of this study, the findings of which were presented at the American Society of Clinical Oncology Annual Meeting and June, we have expanded our artificial intelligence and machine learning offering to independently pursue the discovery of novel biomarkers that can predict patient outcomes and drug responses in oncology.
Raymond Vennare: Thank you, Glenn, and good morning, everyone.
Raymond Vennare: I would like to begin this morning with a recap of a significant announcement that we made just a few weeks ago regarding the successful retrospective multi-year ovarian cancer study that we completed with UPNC McGee Women's Hospital conducted over the past five years.
Raymond Vennare: As a result of this study, the findings of which were presented at the American Society of Clinical Oncology annual meeting in June ,
Raymond Vennare: We have expanded our artificial intelligence and machine learning offering to independently pursue the discovery of novel biomarkers that can predict patient outcomes and drug responses in oncology.
Raymond Vennare: With these capabilities, we are very well positioned to play a significant role, not only in validating biomarkers that have already been discovered by potential partners but also in discovering our own unique biomarkers and playing a more active and direct role in drug discovery and development. Please recall that the McGee study was designed to identify key features that drive overall survival endpoints in ovarian cancer, a very serious cancer type with a very high rate of recurrence. This study included data from 235 ovarian cancer patients from 2010 through 2016.
Speaker Change: with these capabilities.
Speaker Change: We are very well positioned to play a significant role, not only in validating biomarkers that have already been discovered by potential partners, but also in discovering our own unique biomarkers and playing a more active and direct role in drug discovery and development.
Speaker Change: Please recall that the McGee study was designed to identify key features that drive overall survival endpoints in ovarian cancer, a very serious cancer type with a very high rate of recurrence.
Speaker Change: This study included data from 235 ovarian cancer patients.
Raymond Vennare: A broad array of inputs, including patient data, whole exome sequencing, whole transcriptome sequencing, drug response profile, and digital pathology profiles were used to train the 160 models that were included in the study. As we previewed during our first quarter conference call, we were able to obtain NLive data that supports novel ovarian cancer biomarker discovery and development. We are very pleased to report that we were able to deliver strong predictive models with high levels of accuracy, and our machine learning capabilities demonstrated the ability to identify prognostic subgroups within ovarian cancer patient populations.
Speaker Change: from 2010 through 2016.
Speaker Change: A broad array of inputs including patient data, whole exome sequencing, whole transcriptome sequencing, drug response profile, and digital pathology profiles were used to train the 160 models that were included in the study.
Speaker Change: As we previewed during our first quarter conference call, we were able to obtain an NLive data that supports novel ovarian cancer biomarker discovery and development.
Speaker Change: We are very pleased to report that we were able to deliver strong predictive models with high levels of accuracy, and our machine learning capabilities demonstrated the ability to identify prognostic subgroups within ovarian cancer patient populations.
Raymond Vennare: This progress represents a natural extension of our core artificial intelligence capabilities, where we employ our active machine learning and diverse patient tumor samples preserved in our expansive biobank to predict responses to drugs with a very high degree of accuracy. We are now taking this one step further by applying state-of-the-art, deep-learning approaches for biomarker discovery for both overall survival and drug response. This includes our ability to extract differentiating features from our digitized pathology slides, which are, in and of themselves, potential biomarkers.
Speaker Change: This progress represents a natural extension of our core artificial intelligence capabilities, where we employ our active machine learning and diverse patient tumor samples preserved in our expansive biobank
Speaker Change: to predict responses to drugs with a very high degree of accuracy.
Speaker Change: We are now taking this one step further by applying state-of-the-art deep learning approaches for biomarker discovery for both overall survival and drug responses.
Speaker Change: This includes our ability to extract differentiating features from our digitized pathology slides, which in and of themselves are potential biomarkers.
Raymond Vennare: Our platform now enables us to pursue deep learning as a methodology to accelerate the initial stages of biomarker discovery and stratify patient cohorts and further extend our capabilities, either independently or in partnership with our biopharma company. Ovarian cancer represents a significant unmet need in oncology, with epithelial ovarian cancer being the deadliest of all gynecologic malignancies. While these cancers are sensitive to front-line chemotherapy in approximately 75% of cases, these women will ultimately experience disease relapse in an equal percentage, which is incurable. Outside of primary chemotherapy, there is no universal treatment decision path to determine the agent, sequence, and timing of the standard of care for chemotherapy agents.
Speaker Change: Our platform now enables us to pursue deep learning as a methodology to accelerate the initial stages of biomarker discovery and stratify patient cohorts and further extend our capabilities, either independently or in partnership with our biopharma companies.
Speaker Change: Ovarian cancer represents a significant unmet need in oncology, with epithelial ovarian cancer being the deadliest of all gynecologic malignancies.
Speaker Change: While these cancers are sensitive to frontline chemotherapy in approximately 75% of cases, these women will ultimately experience disease relapse in an equal percentage, which is incurable.
Speaker Change: Outside of primary chemotherapy, there is no universal treatment decision path to determine the agent, sequence, and timing of the standard of care for chemotherapeutic agents.
Raymond Vennare: These capabilities extend well beyond ovarian cancer and can be used in the discovery of biomarkers for other cancer types, as well as diseases outside of oncology. External sources have valued the biomarker discovery market at more than $51 billion in 2024. So, this is a very significant opportunity for us to leverage our unique set of assets and capabilities to play a role in the discovery of next-generation therapeutics while creating enduring value for shareholders.
Speaker Change: These capabilities extend well beyond ovarian cancer and can be used in the discovery of biomarkers for other cancer types as well as diseases outside of oncology.
Speaker Change: External sources have valued the biomarker discovery market at more than $51 billion in 2024.
Speaker Change: So this is a very significant opportunity for us.
Speaker Change: to leverage our unique set of assets and capabilities to play a role in the discovery of next-generation therapeutics while creating enduring value for our shareholders.
Raymond Vennare: We look forward to further validating these capabilities through development collaborations with leading biopharmaceutical partners and healthcare networks during the second quarter. Additionally, in addition to our biomarker discovery initiative, we launched a novel organ-specific 3D cell culture technology that more closely mimics human tissue architecture than 2D assays. It does this by preserving critical interactions between a tumor and its cellular and extracellular surroundings and creates a more representative method for in vivo clinical testing for drug candidates.
Speaker Change: We look forward to further validating these capabilities through development collaborations with leading biopharmaceutical partners and healthcare networks.
Speaker Change: also during the second quarter.
Speaker Change: In addition to our biomarker discovery initiative, we launched a novel organ-specific 3D cell culture technology that more closely mimics human tissue architecture than 2D assays.
Speaker Change: It does this by preserving critical interactions between a tumor and its cellular and extracellular surroundings and creates a more representative method for in vivo clinical testing for drug candidates.
Raymond Vennare: This allows for more robust predictions of clinical outcomes and can be used to optimize candidate selection for subsequent clinical development. The potential benefits to drug developers are numerous. They decrease the cost of new drug development and the time to market, while also reducing the need for animal testing and time-consuming iterations during clinical trials.
Speaker Change: This allows for more robust predictions of clinical outcomes and can be used to optimize candidate selection for subsequent clinical development.
Speaker Change: The potential benefits to drug developers are numerous. They decrease the cost of new drug development and the time to market, but also reducing the need for animal testing and time-consuming iterations during clinical trials.
Raymond Vennare: The 3D cell market is estimated by third parties to grow 14% annually from 1.4 billion in 2022 to 5.3 billion in 2030. Also worth mentioning is the progress that we have made with our Accelerating Compound Exploration Program, otherwise known as the ACE Initiative. This program, as you may remember, is geared toward novel discovery through partnerships with universities and academic institutions and was created to provide early stage academic development groups access to predictive oncologies, and artificial intelligence platform, which, as you also know, leverages extensive and diverse by the co-patteraging use of tumor samples.
Speaker Change: The 3D cell market is estimated by third parties to grow 14% annually from $1.4 billion in 2022 to $5.3 billion in 2032.
Speaker Change: Also worth mentioning is the progress that we have made with our Accelerating Compound Exploration Program, otherwise known as the ACE Initiative.
Speaker Change: This program, as you may remember, is geared toward novel discovery through partnerships with universities and academic institutions and was created to provide early stage academic development groups access to Predictive Oncology's artificial intelligence platform, which
Speaker Change: As you also know, leverages are extensive and diverse by the Appetteraging Use tumor samples.
Raymond Vennare: The ACE program is designed to enable academic investigators to evaluate their drug compounds and facilitate more informed selections of drug-tumor type combinations to increase the probability of future clinical success by efficiently addressing tumor heterogeneity earlier in development. This program, which we have been nurturing for more than a year, has resulted in our first collaboration with the University of Michigan. The library created by the University of Michigan's Natural Products Discovery Corps is one of the largest collections of pharmaceutically viable extracts in the United States.
Speaker Change: The ACE program is designed to enable academic investigators to evaluate their drug compounds.
Speaker Change: and facilitate more informed selections of drug-tumor type combinations to increase the probability of future clinical success by efficiently addressing tumor heterogeneity earlier in development.
Speaker Change: This program, which we have been nurturing for more than a year, has resulted in our first collaboration with the University of Michigan.
Speaker Change: The library created by University of Michigan's Natural Products Discovery Corps is one of the largest collections of pharmaceutically viable extracts in the United States.
Raymond Vennare: This library, which has been meticulously constructed over the past decade in the laboratory of Dr. David H. Sherman at the University of Michigan's Life Sciences Institute, is comprised of strains from Asia Pacific, the Middle East, South America, North America, and the Antarctic.
Speaker Change: This library, which has been meticulously constructed over the past decade,
Speaker Change: and the laboratory of Dr. David H. Sherman at the University of Michigan's Life Sciences Institute.
Speaker Change: It's comprised of strains from Asia Pacific, Middle East, South America, North America, and the Antarctic.
Raymond Vennare: Most importantly, this collaboration represents Predictive Oncology's foray into true drug discovery. With the addition of the University of Michigan's natural products and drug candidates, we are very well positioned to expand our small molecule capabilities, to include development of large-molecule models using our proprietary AI and ML platform. Several publications will definitely come out of this drug discovery initiative.
Speaker Change: Most importantly, this collaboration represents Predictive Oncology's foray into true drug discovery.
Speaker Change: With the addition of University of Michigan's natural products and drug candidates, we are very well positioned to expand our small molecule capabilities to include development of large molecule models using our proprietary AI and ML platform.
Speaker Change: Several publications will definitely come out of this drug discovery initiative.
Raymond Vennare: To ensure that we remain nimble and able to capitalize on this and other new opportunities that continue to emerge, we announced more recently that we implemented a comprehensive and strategic cost reduction initiative aimed at streamlining our operations and extending our cash runway, as a key part of this initiative. We made the challenging decision to consolidate our Birmingham operations, which houses our biologics business, into Pittsburgh, which, as you know, also serves as our corporate headquarters from a strategic perspective.
Speaker Change: to ensure that we remain nimble and able to capitalize on this and other new opportunities that continue to emerge.
Speaker Change: We announced more recently that we implemented a comprehensive and strategic cost reduction initiative aimed at streamlining our operations and extending our cash runway.
Speaker Change: As a key part of this initiative, we made the challenging decision to consolidate our Birmingham operations, which houses our biologics business, into Pittsburgh, which, as you know, also serves as our corporate headquarters.
Raymond Vennare: It is important to understand the context of this action. First and foremost, it is incumbent on the company to remain laser-focused on its core capabilities with respect to the application of artificial intelligence to drive drug discovery. Second, the very thing that enables our ability to model and predict drug tumor responses, identify biomarkers, and predict outcomes with such accuracy is the quality of the tumor samples in our biobank and the significance of the pristine longitudinal data that has been generated from those samples.
Speaker Change: From a strategic perspective, it is important to understand the context of this action.
Speaker Change: First and foremost, it is incumbent on the company to remain laser-focused on its core capabilities with respect to the application of artificial intelligence to drive drug discovery.
Speaker Change: 2nd.
Speaker Change: The very thing that enables our ability to model and predict drug tumor responses, identify biomarkers, and predict outcomes with such accuracy is the quality of the tumor samples in our biobank and the significance of the pristine longitudinal data that has been generated
Raymond Vennare: This has now been externally validated and was presented at the Association of Surgical Oncologists. The ability to deliver on the accuracy of our predictions and relevance of our models requires constant sequencing, characterizing, curating, and digitization of tissue samples, drive response data, and pathology. This is an ongoing effort, and one which drives the precision with which our AI-generated models are perfected.
Speaker Change: This has now been externally validated and was presented at the Association of Surgical Oncology.
Speaker Change: The ability to deliver on the accuracy of our predictions and relevance of our models requires constant sequencing, characterizing, curating, and digitization of tissue samples, drug response data, and pathology slides.
Speaker Change: This is an ongoing effort and one which drives the precision with which our AI generated models are perfected.
Raymond Vennare: In the absence of these silent efforts, we cannot possibly distinguish ourselves in the market. All of this requires dedicated resources, and in this case, the reallocation of those resources from Birmingham to Pittsburgh. Lastly, innovation perpetuates value creation, and adding value to the company impacts valuation. By adding value, we are signaling our relevance to the market with respect to the significance of our core asset. This initiative, once fully implemented in Q4 of this year, is expected to reduce our run rate for cash, use, and operating activities by approximately $2.5 million annually, which equates to roughly 20% of our cash burn based on our stated 2023 cash, use, and operating activities of $13.2 million.
Speaker Change: In the absence of these silent endeavors, we cannot possibly distinguish ourselves in the marketplace.
Speaker Change: All of this requires dedicated resources, and in this case, the reallocation of those resources from Birmingham to Pittsburgh.
Speaker Change: Lastly, innovation perpetuates value creation and adding value to the company impacts valuation of the company.
Speaker Change: By adding value, we are signaling our relevance to the market with respect to the significance of our core assets.
Speaker Change: This initiative, once fully implemented in 2.4 of this year,
Speaker Change: is expected to reduce our run rate for cash.
Speaker Change: used in operating activities by approximately $2.5 million annually, which equates to roughly 20% of our cash burn based on our stated 2023 cash used in operating activities of $13.2 million.
Raymond Vennare: As a point of reference, the Birmingham segment generated a net loss of $2.0 million in 2023 and $1.8 million in 2022 with de minimis supporting revenue. Moreover, since Birmingham has become tangential to our core focus in Pittsburgh over time, and in light of its lack of profitability, this simply became the right decision for the company and the shareholders moving forward. We would be remiss not to extend our gratitude to our partners in Birmingham, especially Dr. Larry DeLucas, Senior Vice President of Biologics, for his years of leadership and dedication. Thank you, Larry.
Speaker Change: As a point of preference, the Birmingham segment generated a net loss of $2.0 million in 2023 and $1.8 million in 2022 with de minimis supporting revenue.
Speaker Change: Moreover, since Birmingham has become tangential to our core focus in Pittsburgh over time, and in light of its lack of profitability, this simply became the right decision for the company and the shareholders moving forward.
Speaker Change: We would be Renith not to extend our gratitude to our partners in Birmingham, especially Dr. Larry DeLoupis, Senior Vice President of Biologics, for his years of leadership in dedication. Thank you, Larry.
Raymond Vennare: Further strengthening our financial position, we've announced over the last few months a couple of significant capital races, 5.0 million in total, that have also helped to bolster our cash balance sheet and extend our runway. In May, the company raised $3.7 million, net of $0.6 million of issuance costs, for $3.1 million in net proceeds through its at-the-market facility through the issuance of 1.6 million shares. And in July, the company raised an additional $1.3 million in gross proceeds through the exercise of 958,000 warrants through our warrant inducement transaction. And now, I would like to turn this call over to Josh Blacher, our chief financial officer, to review our second quarter financials in detail. Josh said,
Speaker Change: To further strengthen our financial position, we've announced over the last few months a couple of significant capital raises, $5.0 million in total, that also help to bolster our cash balance sheet and extend our runway.
Speaker Change: In May, the company raised $3.7 million, a net of $0.6 million of issuance costs.
Speaker Change: for $3.1 million in net proceeds through its at-the-market facility through the issuance of 1.6 million shares.
Speaker Change: And, in July , the company raised an additional $1.3 million in gross proceeds
Speaker Change: through the exercise of 958,000 warrants through our warrant inducement transaction.
Josh Blacher: And now, I would like to turn this call over to Josh Blacher, our Chief Financial Officer, to review our second quarter financials in detail.
Joshua Blacher: Thank you, Raymond. We concluded the second quarter of 2024 with $5.3 million in cash and cash equivalents compared to $8.7 million as of December 31, 2023, and $4.1 million in stockholders' equity compared to $8.3 million as of December 31, 2023. Note that our cash balance as of June 30, 2024 includes net proceeds of $3.1 million that we raised from our ATM facility in but excludes amounts raised subsequent to the end of the second quarter from the warrant inducement transaction that Raymond described earlier.
Josh Blacher: Josh
Josh Blacher: Thank you, Raymond. We concluded the second quarter of 2024 with $5.3 million.
Josh Blacher: and Cash Equivalents.
Josh Blacher: compared to $8.7 million as of December 31st, 2023, and $4.1 million in stockholders' equity compared to $8.3 million as of December 31st, 2023. Note that our cash balance as of June 30th, 2024 includes net proceeds of $3.1 million that we raised from our ATM facility in May, but excludes amounts raised subsequent to the end of the second quarter from the warrant-inducement transaction that Raymond described earlier.
Raymond Vennare: Our net loss per share for the second quarter of 2024 was $0.68 per basic and diluted share as compared to $0.98 per basic and diluted share for the second quarter of 2023.
Joshua Blacher: Our net loss per share for the second quarter of 2024 was $0.68 per basic and diluted share as compared to $0.98 per basic and diluted share for the second quarter of 2023. The company recorded revenues of $279,000 in the second quarter of 2024 compared to $490,000 for the comparable period in 2023. Revenues for the quarter ended June 30, 2024 and June 30, 2023 were primarily derived from the company's EGAN operating segment. General and administrative expenses primarily consist of management salaries, professional fees, consulting fees, administrative fees, and general office expenses.
Raymond Vennare: The company recorded revenues of $279,000 in the second quarter of 2024 compared to $490,000 for the comparable period in 2023.
Raymond Vennare: Revenues for the quarter ended June 30th, 2024, and June 30th, 2023, were primarily derived from the company's Egan operating segment.
Raymond Vennare: General and administrative expenses primarily consist of management salaries, professional fees, consulting fees, administrative fees, and general office expenses.
Joshua Blacher: G&A expenses decreased by $567,000 to $2.1 million in the three months ended June 30, 2024, compared to $2.7 million in the comparable period 2023. The decrease was primarily due to lower employee compensation and decreased industrialization costs offset by increased consulting. Operation expenses primarily consist of expenses related to product development and prototyping and testing. Operations expenses decreased by $100,000 to $893,000 for the three months ended June 30, 2024, compared to $993,000 in the comparable period in 2023.
Raymond Vennare: G&A expenses decreased by $567,000.
Raymond Vennare: to $2.1 million in the three months ended June 30, 2024, compared to $2.7 million in the comparable period 2023. The decrease was primarily due to lower employee compensation and decreased investor relation costs offset by increased consulting fees.
Raymond Vennare: Operational expenses primarily consist of expenses related to product development and prototyping and testing.
Raymond Vennare: Operations expected decreased by 100,000 to 893,000 in the 3 months and the June 30th, 2024 compared to 993,000 in the comparable period in 2023.
Joshua Blacher: The decrease was primarily due to decreased cloud computing expenses related to our Pittsburgh operating segment. We expect these types of savings to continue going forward. Sales and marketing expenses consist of expenses required to market and sell our products, including staff-related expenses for individuals performing such work. Sales and marketing expenses decreased by $145,000 to $284,000 in the three months ended June 30, 2024, compared to $429,000 in the comparable period in 2023. The decrease was primarily due to lower employee compensation, including sales commissions.
Raymond Vennare: The decrease was primarily due to decreased cloud computing expenses relating to our Pittsburgh operating segment. We expect these types of savings to continue going forward.
Raymond Vennare: Sales and marketing expenses consist of expenses required to market and sell our products including staff related expenses for individuals performing such work.
Raymond Vennare: Sales and marketing expenses decreased by $145,000 to $284,000 in the three months ended June 30, 2024, compared to $429,000 in the comparable period in 2023. The decrease was primarily due to lower employee compensation, including sales commissions.
Joshua Blacher: As a part of the cost savings initiative, we've taken a hard look at marketing spending in general as it relates to ROI hurdles, so you can expect that such reductions will continue going forward. Net cash used in operating activities was $6.6 million for the six months ended June 30, 2024, down from $7.0 million for the comparable period in 2023. The company incurred net losses of $3.2 million and $3.9 million for the quarters ended June 30, 2024 and June 30, 2023, respectively. As of June 30, 2024, the company had an accumulated deficit of $175 million as compared to $168 million as of December 31, 2023.
Speaker Change: As a part of the cost savings initiative, we've taken a hard look at marketing spending in general as it relates to ROI hurdles, so you can expect that such reductions will continue going forward.
Speaker Change: Net cash used in operating activities was $6.6 million.
Speaker Change: for the six months ended June 30, 2024, down from $7.0 million for the comparable period in 2023. The company incurred net losses of $3.2 million and $3.9 million for the quarters ended June 30, 2024 and June 30, 2023, respectively.
Speaker Change: As of June 30, 2024, the company had an accumulated deficit of $175 million as compared to $168 million as of December 31, 2023. That concludes the financial overview. We will now open the call out for questions. Operator?
Operator: That concludes the financial overview. We will now open the call out for questions. Operator?
Operator: Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.
Speaker Change: Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question,
Operator: You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start button. One moment, please, while we poll for questions. Mr. Vennare, I'd like to turn the floor back to you and close the cop question and answer.
Speaker Change: Please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.
Speaker Change: You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions.
Speaker Change: Thank you for your time.
Speaker Change: [inaudible]
Speaker Change: Thank you very much.
Speaker Change: [inaudible]
Speaker Change: Garmont, Raymond Vennare, Joshua Blacher, Joshua Blacher, Joshua Blacher, Joshua Blacher,
Speaker Change: Mr. Vennare, I'd like to turn the floor back to you and close the question and answer session.
Raymond Vennare: Thank you very much, and thanks, everyone, for being on the call. So that concludes our call for today. We hope that you take away from this call that we are extremely excited to actively pursue novel biomarker discovery and play a more direct role in the discovery and development of next-generation therapies, either independently or with a partner. This represents a tremendous opportunity for us to bring new hope to millions of patients worldwide in cancer and other high-need indications while creating long-lasting value for our shareholders.
Mr. Vennare: Thank you very much and thanks everyone for being on the call. So that concludes our call for today. We hope that you take away from this call that we are extremely excited to actively pursue novel biomarker discovery and play a more direct role in the discovery and development of next-generation therapies either independently or with a partner.
Mr. Vennare: This represents a tremendous opportunity for us to bring new hope to millions of patients worldwide in cancer and other high-need indications while creating long-lasting value for our shareholders.
Mr. Vennare: Thank you again for your support and your patience, and I look forward to the next quarterly update in November . Have a great day.
Raymond Vennare: Thank you again for your support and your patience, and I look forward to the next quarterly update in November. Have a great day! Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.
Speaker Change: Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.
Operator: .. .. .. .. ...
Operator: .. .. .. .. .. .. [inaudible].
Raymond Vennare: All statements other than statements of historical facts included in the call regarding our strategy, future operations, future financial position, future revenue and financial performance, projected costs, prospects, plans, and objectives of management are forward-looking statements. The words anticipate, believe, estimate, intend, may, plan, would, target, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our actual performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors, including, among other things, factors discussed under the heading risk factors in our filings with the SEC. Except as expressly required by law, the company disclaims any intent or obligation to update these forward-looking statements. And now, I'd like to turn the call over to Raymond Vennare, chief executive officer. Raymond?