NeuroPace, Inc. Price & Performance (NPCE)

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those implied by the forward looking statements. Accordingly, you should not place undue reliance on these statements. For more detailed descriptions of the risks and uncertainties associated with our business, please refer to the Risk Factors sections of our public filings with the SEC including our recent quarterly reports on Form 10 Q annual report on Form 10 ks for the year ended December 31, '24, to be filed with the SEC. Any other reports that we may file with the SEC in the future. Conference call contains time sensitive information, which we believe is accurate only as of this live broadcast on 03/04/2025. Neuropace disclaims any intention or obligation except as required by law, to update or revise any financial projections, or forward looking statements whether because of new information, future events or otherwise. And with that, I will now turn the call over to Neuropace's Chief Executive Officer, Joel Becker. [indiscernible] Thank you, Jeremy.

And good afternoon, everyone. I will start out today's call by reviewing our performance in the fourth quarter as well as providing additional insights around our key business priorities for 2025. Before turning the call over to our CFO, Rebecca Kuhn, to present the details of our financial performance, for the quarter and year, ended 12/31/2024, Let's get started. 2024 was a tremendous year for the NeuroPace team As we delivered on several initiatives across our business, As a result, we grew total revenue in 2024 by 22% to $79,900,000 compared to $65,400,000 last year with contributions from sales of the R and S system, and Dixie Medical SEEG products. The momentum in our business continued to rise steadily throughout the year and we reported record quarterly revenue in the fourth quarter. In addition, I'm very proud of our team's ability to consistently deliver this top line growth [indiscernible] Our forward looking growth plans are focused on our three part [indiscernible] of expanding adoption and utilization within Level four comprehensive epilepsy centers expanding site of service delivery with Project CARE, and expanding the indications of use for the R and S system.

This strategy is designed to drive our near and medium term growth across existing and new groups of clinicians as well as patients. In the large total addressable market The first part of our strategy focused on increasing adoption, and utilization of R and S systems in Level four centers resulted in increasing the number of active prescribers of R and S therapy to record levels in 2024 and much of the R and S sales growth. Our core market opportunity within the Level IV comprehensive epilepsy centers is estimated at approximately $2,000,000,000 annually. We also made good progress throughout 2024 on expanding access to Arness therapy outside the Level four CECs. We refer to this as the Project CARE program. The pilot program under this initiative was launched in early twenty twenty four. As we progressed throughout the year, both the referrals and implant procedures began making a meaningful contribution to our revenue growth during the second half of twenty twenty four a positive early trend for this program. We're executing these growth initiatives with financial discipline. And have demonstrated gross margin improvement as well as efficient operating expense allocation including investing in our organization, with a focus on our commercial team.

The focus on these levers was demonstrated in 2024 by generating greater than 20% top line growth, while increasing operating expenses by only 7% and maintaining gross margins.

However, these activities are just part of our long range plan to drive growth. As we presented at our Investor Day in January, we are also advancing a number of key development programs across our clinical, product and market development initiatives. With regard to clinical development, we've made good progress across three key programs.

Our post approval study, and the Nautilus idiopathic generalized DRE and pediatric focal DRE indication expansion studies. We recently announced positive three year safety and effectiveness from our ongoing five year prospective post approval study of the RNS system which is the largest prospective study in neuromodulation for adults with drug resistant focal epilepsy. This strong data showed unmatched seizure control with lasting impact. Patients experienced rapid seizure reduction, long term relief and forty two point five percent of patients in the study experienced periods of seizure freedom for six months or more. These data are a great addition to the R and S system safety and efficacy profile and we can't wait to see the study data presented at AAN April 5 through the ninth, 2025.

Moving to our ongoing Nautilus pivotal study, which I know everyone is really looking forward to seeing the top line data in the coming months. As the first and only pivotal clinical study to evaluate neuromodulation therapy in the idiopathic generalized epilepsy or IgE population if successful and supports regulatory approval, it would make the R and S system the first device based therapy with an approved indication In addition, this patient segment has the potential to have more ready access to R and S and that they do not require Phase two invasive monitoring and would be able to proceed to R and S system therapy faster. Following a non invasive diagnostic process that could be performed both within and outside of CECs. In terms of status of the study, we expect the primary endpoint safety and effectiveness evaluations to be performed following the completion of one year follow-up visits later this month.

We will then plan to proceed with data readout and FDA submission in the second half of twenty twenty five. As also discussed in detail at our Investor Day, we are working on a pediatric indication for the RNS system as well with FDA and an organization called the National Evaluation for healthcare technology or NEST an organization focused on the use of real world data to expand indications for use particularly to underserved populations. We believe RNS therapy for pediatric patients with drug resistant focal epilepsy is a great candidate for this program. We are well underway on this initiative and are also working with Pediatric Epilepsy Research Consortium or PERC On gathering an extensive set of data from a database we found of children treated with RNS therapy across 27 pediatric epilepsy centers and more than 25 peer reviewed publications about R and S system use in pediatrics. These data have been the topic of several meetings with FDA to discuss how we can use all of these data sources to support an expansion in our indication for use. In addition, we have the support of several advocacy groups calling for this review. We believe that we are making good progress toward the attainment of the official NEST mark of approval.

If this is the result, it would mean that the FDA has agreed in principle that the data is available to develop and support a full study protocol and they will accept that as sufficient. We would then perform a data analysis along with Nest following the protocol and provide that data to FDA. We also plan to submit these data to the FDA in the second half of this year. Moving to our product development programs in our annual cadence of product releases with AI enabled software tools remote programming and our next generation platform to enable efficiency, ease of use, and increased efficacy for the platform.

As we continue to gather more and more data from an ever growing population of patients, we saw an exciting opportunity to use new cloud technologies to build the next generation scalable patient data management system that will support our advancements into the future for years to come. And we plan to release our first AI enabled software tool later this year with an AI powered seizure classifier that automatically identifies electrographic seizures. This has been designed to allow physicians an easier, more efficient [indiscernible] to treatment. In addition, physicians will be able to review histograms that show the progress of treatments as well as a patient's unique circadian and multi day rhythms.

These are insights designed to translate directly to patient care. These are exciting developments which we believe will further contribute to the access to and adoption of R and S therapy.

As you can see, our team has been very busy in delivering on many fronts. And as I've mentioned previously, if you've not already had a chance, please listen to the archive of our Investor Day presentation held in January It was a terrific event that offered some valuable insights. From several KOLs and our own team members many of the topics I discussed today. Considering the momentum in our business, and exciting progress being made around each of our initiatives, we recently announced completing a public offering that we believe strengthened our balance sheet by the right amount provided for potential increased liquidity of our stock and allowed for organized evolution in our shareholder base. According to our recently presented long range plan, we anticipate our cash and short term investments will be sufficient to support our planned operations until achieving cash flow breakeven. As a result, we have terminated our ATM offering program. As I mentioned, in addition to raising capital support our operations as part of our recent offering, we raised approximately $49,500,000 specifically to repurchase 5,270,845 shares of the company's common stock [indiscernible] which was an early investor in Neuropace NeuroPace. In this offering, we were able to bring in a strong new group of long term focused institutional investors while also providing an organized sale of all of KCK's remaining shares.

We believe that this repurchase addressed the potential overhang on our stock that selling from KCK in the open market may have had in 2024. Would like to thank KCK NeuroPace We believe that the success of this offering demonstrated a strong interest in Neuropace among new investors and support With that as an overview of our operational Let me now turn the call over to Rebecca. To review our financial results for the fourth quarter of twenty twenty four and guidance for 2025.

Rebecca? Thank you, Joel.

Our team has been hard at work and it is great to see these efforts reflected in our financial results in the fourth quarter.

As well as the building of momentum that will help drive our projected growth in the future. For the fourth quarter of twenty twenty four, Neuro cases revenue was $21,500,000 representing growth of 19% compared to $18,000,000 for the fourth quarter of twenty twenty three. Revenue growth was primarily driven by increased sales of our R and S system.

Excluding the contribution from Nautilus study cases the fourth quarter of twenty twenty three, R and S sales grew by 27% We also continued to generate meaningful revenue growth from sales of Dixie Medical products, Revenue for the full year of 2024 an increase of 22% compared to $65,400,000 in 2023. In addition, we exceeded our original revenue guidance for 2024 of $73,000,000 to $77,000,000 Revenue from sales of Dixie Medical product was approximately 17% of our total revenue in 2024, compared to approximately 15% in 2023.

Gross margin for the fourth quarter of twenty twenty was 75.4% compared to 75.2% in the fourth quarter of twenty twenty three. Our gross margin increase for R and S products as our fixed manufacturing overhead costs were spread over more units partially offset by the lower gross margin from distribution of Dixie Medical products. R and D expense was $6,100,000 in the fourth quarter of twenty twenty four compared with $5,400,000 in the same period of 2023.

This increase was primarily driven by an increase in personnel and program expenses for product development. Including AI powered software and next generation device platform projects. SG and A expense was $13,800,000 in the fourth quarter of twenty twenty four compared with $13,200,000 in the prior year period. This increase was primarily due to an increase in sales and marketing personnel related expenses, partially offset by a decrease in general and administrative expenses. Total operating expenses were $19,800,000 in the fourth quarter of twenty twenty four compared with $18,600,000 in the same period of the prior year, representing an increase of 7%. With revenue growing by 19% for the quarter, we continue to demonstrate strong operating leverage resulting from our focus on driving revenue growth while also effectively managing our operating expenses and gross margin.

We plan to continue to focus on balancing these objectives. Loss from operations was $3,700,000 in the fourth quarter of twenty twenty four compared with $5,100,000 in the prior year period. We recorded $2,200,000 of interest expense in the fourth quarter of twenty twenty four compared to $2,200,000 in the prior year period.

Net loss was $5,300,000 for the fourth quarter of twenty twenty four compared with $6,200,000 in the fourth quarter of twenty twenty three. Our cash burn in the fourth quarter of twenty twenty four was $4,800,000 Our cash and short term investments balance as of 12/31/2024 was $52,800,000 Subsequent to the quarter, we completed a public offering of our common stock with net proceeds of approximately $69,800,000 after deducting underwriting discounts and commissions and estimated offering expenses. As Joel mentioned, we used approximately $49,500,000 of the net proceeds from the offering to repurchase approximately 5,300,000.0 shares of our common stock from KCK Limited which ensured an orderly exit from their remaining position. Our pro form a cash cash equivalents and short term investments balance as of 02/28/2025 after completing the public offering and stock repurchase, is approximately $68,600,000 We expect our strengthened balance sheet will be sufficient to support our planned operations as represented in the long range plan we presented at our Investor Day in January, until achieving cash flow Our long term borrowings totaled $59,500,000 as of December 31, 2024. As a reminder, the final maturity of our debt is 09/30/2026.

Regarding annual guidance for 2025, we expect our total revenue to be in a range of $92,000,000 to $96,000,000 an increase of approximately 15% to 20% over 2024. This growth is expected to be mostly driven by an increase in sales of our R and S system, with growth from sales of Dixie Medical products, continuing to make a meaningful contribution. We expect our gross margin to be in a range of 73% to 75% for 2025 although we may see some small variability due to fluctuations in the proportion of Dixie Medical and other factors. We expect operating expenses for 2025 to range between $92,000,000 and $95,000,000 including approximately $11,000,000 in stock based compensation a non cash expense. I would now like to turn the call back over to Joel for closing remarks. Joel, Thank you, Rebecca. We're pleased with the steady rate of revenue growth and the effective management, of our margins and operating expenses demonstrating our focus on execution of our operating priorities and financial discipline throughout 2024. The success we have had over the past year is the result of the hard work by our team. And we are focused on maintaining this momentum into 2025 and beyond.

As we have mentioned previously, our goal over the course of the next three years is to have a revenue growth rate of 20% plus annually and to achieve cash flow breakeven. I look forward to updating everyone on our continued progress throughout 2025. This concludes our prepared remarks. I would now like to turn the call over to the operator. Who will open the call for questions. Operator? Thank you. Thank you. Our first question is from Priya Sakhteva [indiscernible] Please proceed with your question.

Hi, guys. Thanks so much for taking the Congrats on a solid end to the year. I guess I could just start on the guidance for 2025. Guys could just maybe talk about some of the puts and takes to the range, what gets you to the high end or the low end? And what level of growth contribution is factored in from Project Care?

Thank you, Priya. Appreciate the the question and we're looking forward 2025 and appreciate your participation here today. When we look at the guide, there are a number of things that we consider there, including really execution of our three part strategy, which is driven by acceleration of adoption and utilization within our Level four centers are building out of our project care growth and are ongoing [indiscernible] with regard to Dixie as well. As we think about the things that can accelerate growth. It's really within the level four centers, the prescriber growth as well as then expanding utilization within each of those prescribers. We talked about at the at the Investor Day where we were together, opportunity to really expand project Care and our goal being to more than double the implants and referrals from care. And so we see that as a growth driver as well. We think can really help us have a strong 25% and continue the momentum that we've got now.

Awesome. And then maybe just on that project carrier, you guys called out a strong referral base and highest number of implanters. So just to any more color on the impact from the rollout of Project Care that you could give us? Thanks so much.

You bet. So we last quarter when we were together, we mentioned for the first time that we'd seen meaningful impact beginning to show up in the pilot activities in Q3. We saw that continue in Q4. In fact, we saw an increase in both the referrals as well as implants in Q4 over Q3. So continued good momentum there and again a continued meaningful impact on the overall performance of the business and we're looking forward to accelerating that and really building on it in 2025.

Our next question is from Rohan Patel with JPMorgan.

Hi.

Thanks so much for taking the question and congrats on a successful I guess I just wanted to start with that.

I'll be there's no shortage of opportunities here.

For the business just between indication expansion and product development. And so I just wanted to get a sense for how you're prioritizing that capital over the next year or so? Where can we expect you to invest more and just how are you thinking about that and the priorities into cash flow breakeven?

Great question, Rohin. Thank you. As you mentioned, we do have significant opportunities for growth here in front of us. And as we've said previously, we're not going to hesitate to invest in taking advantage of those growth opportunities. And so in 2025, our focus and our investment is on accelerating the adoption and utilization within our Level four centers as our foundation. That's where the majority of our growth has been coming.

Concentration of patients are. And so we've been focused on building out incremental expansion of our commercial organization And we've commented on that previously that that first group of folks is now out in the field and in under in participating in independent activities and we are also planning further incremental expansion of the commercial organization here in 2025. So that's clearly an area prioritized investment for us as well as then our direct to consumer efforts, we see good response from we see elasticity in the response from our investments in direct to consumer awareness and education. And so those are both priorities as well as then the launch of what we're calling Care two point zero, which are materials programs and and other activities associated in particular with education around expanding both our number of targets as well as the activities around Care two point zero. So if you think about kind of impacts in 2025, those are all things that that we're investing in and focused on that can impact 2025. And then longer term, the preparing for and really scaling the organization as well as doing the work now in front of indication expansion. Are things that we're investing in now and look forward to getting leverage from pending successful submittal and approvals for both the idiopathic as well as the pediatric populations.

And again, the investments we're making now in the commercial organization and the investments we're making now in our launch planning, we think those are all things that will put us in position to hit the ground Thanks. And then I just had a follow-up. On gross margin. You had pretty healthy expansion year over year and sequentially and I think your target came about 200 basis points ahead of the Street and where we were thinking So I just wanted to get a sense for what the primary drivers were there. How do you expect that to trend into 2025? And how should we think about just gross margin generally moving forward?

I'll say a little bit and then I'll ask Rebecca to say a little too and you're exactly right, Royanne.

We picked up 20 basis points on on gross margin quarter to quarter and 30 year on year. And so the annual gross margin performance came in at the top end of the margin guide. So revenue came in at the top end of the guide, gross margin came in at top end of the guide and OpEx came in toward the bottom end of the And so I think we're walking the walk here in terms of the growth story with discipline that we talked about at the Investor Day. And really the primary contributors to gross margin for us are are ongoing volume increases, the thing we can do is continue to grow the top line in terms of those implants and sales. And then as we've talked about previously as well, we do have some price opportunity within the R and S system and so low single digit pricing is also something that continues to support our gross margin performance and then good contracting discipline. Being real focused on and and delivering on contracted discipline as well. Rebecca, what would you add there? Well, that was a pretty fulsome explanation, Joel.

We do see some fluctuations quarter to quarter and we do see a little bit of pickup in the fourth quarter. Some of that has to do with compensation costs, payroll taxes being lower at the end of the year, people taking some vacations. And so it's not so surprising that we see a little pickup in the fourth quarter. But we're comfortable with the guide we gave of 73% to 75% in 2025, we expect ongoing improvement from R and S [indiscernible] And then of course that is tempered by the gross margin from a distributed product line.

Great. Thank you.

Thank you, Ryan.

Our next question is from Frank Tackenin with Lake Street Capital Markets.

Great.

Thanks for taking the questions and congrats on all the progress.

Was hoping you could talk a little bit more about the indication expansion as it relates to reimbursement. Is there any additional work that needs to be done in those areas as it relates to kind of generalized and pediatric So first of all, just as a reminder, reimbursement is very well established in routine in our currently indicated patient population As we move into generalized epilepsy and pediatric market.

The product is the same. The coding will all be the same, used for reimbursement. The one thing that is different is that we will need to work with payers to expand coverage criteria in their policies. Private payers have written coverage policies in place that track our FDA approved indication really very closely. So we'll work with them sharing the published peer reviewed evidence when we have that and And we're confident that we'll be able to get coverage policies expanded for those new [indiscernible] Okay, that's helpful. And then maybe just one on the 2025 outlook and looking back at the last few years, you haven't really been impacted by too much seasonality. And typically, we've actually seen even a step up from Q4 to Q1 again?

It's a great question, Frank. And if you look at we talked a little bit about this last quarter, We can see a little bit of variability quarter to quarter, but if you take a look at the business kind of in six month increments, What you see is a more smoothed out good steady progression of growth north of 20%. We grew the business 20 and talk about 2024, we grew the business 21% in the first half year and 23% in the second half of the year. And so a nice acceleration of the business throughout the year. And in the past couple of years, we've actually seen the second half of the year be a bit stronger. Than the first half of the year.

As well. So we would expect similar kinds of trends We're working on things that we think are going to accelerate the growth of the business and would expect that to take place through the year and expect to see a cadence that we've that's similar to what we've seen over the past couple of years as well.

Okay.

Thank you, Frank.

Our next question is from Mike Krakke with Wearing.

Hi, everyone. Thanks for taking questions and apologies for any background noise.

So really encouraging to see the increase in implants and referrals from Project Care in the fourth Are you starting to see multiple implants from new accounts outside of the Level four CECs and to what degree are the economics for R and S supportive outside of Level four centers?

Thanks for the question, Mike. It's great to see Care continuing to pick up momentum. We do see accounts where we've seen multiple implants and referrals. And so that's obviously encouraging to see folks kind of get their system down and really start to make it a more routine part of what they do from an R and S perspective. And I'll ask Rebecca to comment a little bit on the economics these centers as well. But the economics are very viable. Within these centers. Of course, centers have different reimbursement rates and payer mix is a factor as well. But it makes sense for patients and clinicians and centers to be doing RNS implants both within the comprehensive epilepsy centers as well as within the level three and community centers too. Again dependent to a certain degree on the variability and payer mix.

Absolutely. Obviously, there are center to center differences, but we continue to see reimbursement rates increase, looking across our broadened customer base in 2024, including the care centers, And as Joel mentioned, we think it's very viable if you think about The cost incurred by patients that continue to have seizures it's really quite significant. Due to their ongoing antiepileptic drugs and frequent emergency room visits So it's really an attractive value proposition to centers and payers to for to treat patients and get patients' seizures under control. Thank you, Mike. Our next question is from Vic Chopra with Wells Fargo.

Hey, good afternoon and congrats on finishing on strong year. So one question for me. Joel, you've talked about Project Care and Market expansion initiatives to more than double implants and referrals from care accounts in 2025. Can you put some more color around that or additional details and kind of what we should be in the lookout for? Thanks.

You bet. I think what we're focused on is really building off of the activity from the pilot program and we're focused on the delivery of new and different Programs, both educational as well as awareness, for clinicians professional education programs that we do everything from peer to peer as well as symposia, as well as then targeted DTC efforts where we're able to use our digital media approaches to dial in messages to specific geographies and and target those geographies. So we're expanding all of that and watching all of that and and following up with all those metrics closely, And then from an execution perspective, we're looking at really three things. One, expanding the number of centers So the number of care centers increasing those who are doing either referrals and or implants and were underway with that target group expansion now. Two, expanding the number of actual implanting centers. So So people who are doing everything from management. Having fully serviced centers is another metric that we're watching closely. And then expanding the number of programming centers as well. As I've mentioned before, a sub segment is people who are who have the patients and are happy to have them managed, but they want to be able to refer the patient out for implant.

And so the number of centers, the number of implanting centers and then the number of programming centers are all three key metrics that were we're watching and keeping an eye on. And again, we've seen good momentum with increasing referrals and implants in in the second half of the year and in Q4 over Q3 and we expect that to continue.

Okay. Thanks, Joel. And just a quick follow-up. Just talk about the assumptions that get you to the top end of your revenue guidance range?

You bet. As I mentioned, the Execution within the Level four centers where the majority of our customers are today and expanding adoption as well as utilization within those centers is a key driver for us. As I mentioned previously, we continued in 2024 to set records in terms of the number of active prescribers. So the number of clinicians that have prescribed an RNS device in the past twelve months we continue to top those numbers and that's a key element for us in terms of metric on adoption. So both increasing the number of prescribers and in 2024, we grew that number significantly and we grew that number significantly more and faster than we did in 2023. As well. So we're making increasing amounts of progress even in our level four comprehensive epilepsy centers. So then once we have people who are prescribing building out utilization. That's really the first plank in the strategy. The second that can really help us accelerate growth is the expansion of the care program insights. And then the third is the increased return from our expanded direct to consumer efforts. Those are all things that can accelerate the R and S business further.

And then finally, the ongoing good work and growth that we've seen in are doing with Dixie as well. So those are four key leading indicators for us in terms of driving further and accelerated growth. But within as well as then to the top of the range. Next question please. Our next question is from Ross Osborne with Cantor Fitzgerald.

Hi guys. This is Matthew Park on for Ross today. Thanks for taking the question. I guess starting off, as you work to expand R and S system treatment to pediatrics, can you walk us through how you envision the side of the service dynamics here? Would these procedures primarily be concentrated in Level four epilepsy centers? Or do you see an opportunity for broader adoption in the community setting over time?

It's a great question. And hi, Matthew. Thanks for being on with us. So as you mentioned, we're working hard and we feel like we're making good progress. Towards the submission for pediatric indication. And really the way to think about the treatment for pediatric patients is much the same as you'd think about adolescent and adult patients. It's really focused on the type of epilepsy. So for a focal patient, those patients most of the time we'll need Phase two monitoring and that Phase two monitoring primarily takes place in comprehensive epilepsy centers and so we would see a similar potential adoption in ImplantDynamic with pediatric patients going through the Phase two monitoring [indiscernible] pediatric patients that have a generalized epilepsy pending a successful trial in generalized epilepsy, idiopathic generalized epilepsy those patients could also go through a similar referral and implant track as an adult patient. Where they would only need the Phase one monitoring and as a result then those patients could be treated either in Level three or outside Level four centers. So really the way to think about it is not so much by age group, but by disease type.

And we feel like, again, our site of service expansion and our indication expansion is really all under the rubric of increasing access to R and S therapy and access both in terms of the site of service as well as the label really being one that applies to all significant segments of the drug resistant epilepsy population PETs being a key area of focus here for us for 2025.

Got it. That's helpful. And then just one more quick one for me. With an expanding market opportunity on horizon, how are you thinking about manufacturing capacity in 2026 and beyond?

We're in good shape from a capacity perspective, Matthew. We're we've got what we need. We're ready to go.

Got it. Good to hear. Congrats again on the quarter.

Thank you.

Thank you. Our next question is from Michael Pollard with Wolfe Research.

Hey, good evening. Joel, you mentioned top line data from Nautilus potentially in the coming months. If you said it, I missed it. Have you decided on a forum or venue to to show that and how and how soon? Thank you. Thanks, Mike. So yes, So with regard to Nautilus, we expect just to reiterate, we expect a submission in the second half. We will be working to coordinate the publication and presentation of Nautilus with both the agency's the societies, With regard to data readout on Nautilus. As we talked about during the Investor Day, our timeline of events here is that we'll we're working to finalize patient follow-up here in March. After we get that data, then we'll monitor it all ensure that the data is complete then we'll do the statistical analysis, exchange that [indiscernible] at which point we get alignment with the agency [indiscernible] and then be developing and submitting to the agency and toward the tail end of that process. From the time we have data lock and alignment with the agency to submission and we do plan to do a data readout on the study. We've not identified a specific time or location associated with that, but hopefully that helps you kind of dial in the steps in the process here and just to further make the point, we do think we think the Nautilus trial is it's a first of its kind trial and it's a very high level of clinical evidence and study design.

And we think as a result of both of those things, Oren's high profile publication as well as presentation and that's how we're thinking about it. We plan to to be submitting for both the publication presentation to significant forums so that we really get this important information out to clinicians.

Appreciate that, Joel. Thank you. Thank you, Mike. Thank you.

There are no further questions at this time.

I would like to hand the floor back over to Joel Becker for any closing comments.

Thank you everybody for your time your attention this afternoon. We're really excited about the year to come and really pleased with the completion of 2024. The team is working hard to execute on the growth story and the growth story with We've got a number of significant events coming up here in front of us and we look forward to keeping everybody up to date for 2025 and and at our next time to be together at the end of Q1 for our Q1 earnings call.

Thanks again.

This concludes today's conference. You may disconnect your lines at this time.

Thank you for your participation.