Insight Molecular Diagnostics Inc. (IMDX) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Shareholders of OncoCyte. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Cavan Redmond, Chairman of the Board of OncoCyte, Inc. The floor is yours.

Good morning, everybody, and welcome to the 2021 Annual Meeting of Shareholders of OncoCyte. [Technical Difficulty]. I'm Cavan Redmond, Chairman of the Board. Due to the ongoing COVID-19 concerns, this year's meeting is being held online. Bob, can you go on mute, please? Bob, can you please go on mute? Let me start again for everybody. Thank you for your patience as we get the few technical difficulties done. Good morning, and welcome to the 2021 Annual Shareholders meeting of OncoCyte Corporation. I'm Cavan Redmond, Chairman of the Board. Due to the ongoing COVID-19 concerns, this year's meeting is being held as a hybrid meeting, meaning that in addition to holding the meeting at the company's offices in California for any shareholder who chose to come to the meeting in person, we've also made arrangements to hold the meeting online for those shareholders and participants who would prefer to attend remotely. We really appreciate your flexibility and understanding, given the highly unusual circumstances we have all faced in 2020 and '21, and I'm looking forward to welcoming you in person at next year's Annual Meeting. OncoCyte continues to stay focused on its mission because of the very dedicated member of -- very dedicated work of every member of our team in the company. I'd like to personally thank them for their continued dedication and continuing to deliver on our mission. Joining me for today's meeting in both in-person and online are Ronnie Andrews, our CEO and Director; Mitch Levine, our CFO, Chief Financial Officer; Andrew Arno, Director; Alfred Kingsley, Director; Andy Last, our Director; Leslie Angel, Assistant Corporate Secretary; Richard Soroko, Legal Counsel for the company, and Chris Hall, Senior Relationship Manager for American Stock Transfer and Trust Company, the company's transferred agent. Following the formal portion of this annual meeting, everyone is welcome to stay online or stay in the room and listen to our CEO, Ronnie Andrews, present a brief update of our company's performance. Representatives from our independent auditor, OMU and Company LLP, are also present at today's meeting. May I ask OMU to confirm their presence? Thank you. Our OMU representatives will be available to answer any questions from shareholders regarding our audited financial statement for the year ended December 31, 2020, and the review of our quarterly financial statements for the 3 months ending March 31, 2021. I'll act as Chair of today's meeting. Ms. Angel will act as secretary of the meeting, and Mr. Hall will act as the inspector of elections and has previously taken the oath of inspector of election. I've been advised by Mr. Hall that a quorum is present, so the meeting is now called to order. The Assistant Secretary has delivered an affidavit of mailing, establishing the notice of this meeting was duly given. A copy of the notice of meeting and the affidavit of mailing will be incorporated into the meeting minutes. All holders of record of OncoCyte Corporation common stock at the close of business May 10, 2021, are entitled to vote at the annual meeting. A certified list of shareholders has been available for examination at the company's offices 10 days prior to this meeting and is available for inspection at this meeting. We'll now turn to the formal part of this meeting. The matters to be voted on at this meeting are listed in the company's proxy statement. We will briefly review each of the proposals and then open the floor to questions from shareholders concerning any of these proposals. So please reserve your questions until we have completed our reading of the proposals. The company has not received any -- received from any of its shareholders any of their additional matters to be considered at today's meeting, and therefore, no proposals other than those listed in the company's proxy statement may be properly introduced by shareholders. The first proposal before the shareholders of the company is the election of directors to serve until the annual meeting in 2022 and until their successors are duly elected and qualified. The Board of Directors recommends the election of the following 7 persons as directors of the company; Ronald Andrews, Andrew Arno, Jennifer Levin Carter, Melinda Griffith, Alfred Kingsley, Andrew Last, and Cavan Redmond. The Board of Directors recommends a vote for the approval of this proposal. The vote required to approve this proposal is the affirmation vote of a majority of shares represented and voting provided that it is also a vote -- providing that the vote is also a majority of a quorum. The second proposal before shareholders is the ratification of the selection of our independent registered public accountant. The Board proposes and recommends that shareholders ratify the selection of the firm OMU & Company LLP to serve as our independent registered public accountants for the fiscal year December 31, 2021. The Board of Directors recommends a vote for the approval of this proposal. The vote required to approve this proposal is the affirmation vote of a majority of shares represented and voting provided that the vote is also a majority of a quorum. The third proposal before the shareholders is the approval of an amendment, the common stock amendment to our Articles of Incorporation that, if approved by our shareholders, will increase the number of authorized shares of common stocks, no par value, to 230 million shares from the currently authorized 150 million shares. The Board of Directors recommend a vote for approval of the common stock amendment proposal. The vote required to approve this proposal is the affirmative vote of a majority of outstanding shares entitled to vote. The fourth proposal before the shareholders is an approval of the amendment, the main change amendment, to our Articles of Incorporation that, if approved by our shareholders, will officially change the spelling of our name from OncoCyte Corporation with the capital letter C in cyte to Oncocyte Corporation with a lower c in cyte. The Board of Directors recommends a vote for approval of the name change amendment proposal. The vote required to approve this proposal is the affirmative vote of a majority of outstanding shares entitled to vote. The fifth proposal before our shareholders is to approve an amendment to our Incentive Plan Amendment that, if approved by our shareholders, will make an additional 10 million shares of our common stock available for the grant of awards to our employees, directors and consultants. The Board of Directors recommends a vote for the approval of the Incentive Plan Amendment proposal. The vote required to approve this proposal is the affirmative vote of a majority of shares represented and voting on this matter provided that the vote is also a majority of a quorum. Your proxy statement and proxy cards include an additional proposal that we call the adjournment proposal that would have been included for vote today if we did not have a quorum to conduct business at this meeting or if we needed time to solicit proxies to approve the common stock proposal. Because we received a sufficient number of proxies to constitute a quorum and to approve the common stock amendment proposal, we will not be submitting the adjournment proposal amendment for vote today. I'm now going to open the floor to shareholders for questions pertaining to the proposals that we will be voting upon. For those of you who are attending online with a control number, you may submit your questions via the chat feature on the meeting portal. To do that, click the 3 dot icon in the upper left side of your screen. This will open a chat window that will appear towards the bottom of your screen, simply type your question in the chat window and submit it. [Voting]

I now declare the polls open for voting. Shareholders who have voted by proxy do not need to vote again unless they wish to change their vote. If you have not already voted or you wish to change your vote, please raise your hand if you're in attendance here, or , and we will provide you with a ballot if attending in person or if you were online, you can click vote proxy link on your screen, enter your control number an electronic version of the proxy card will open, and you can cast your selection then. Has everyone had the opportunity to cast their ballot? The polls are now closed, and I've been previously advised by the inspector of election that the inspector of election has completed the preliminary vote count. There were sufficient votes to approve the election of all nominees for directors and to ratify the appointment of OMU Company LLP as the company's independent registered public accountant and to approve the common stock amendment proposal and to approve the name change amendment proposal and to approve the incentive plan amendment proposal. And the inspector of elections will deliver the final report that will be included as part of this recording of the meeting. The final voting results will be included in the company's current reporting to be filed with the Securities and Exchange Commission no later than June 30, 2021. I'd like to thank everybody for taking the time to read our proxy and doing the votes and would -- and this formally concludes today's portion of the meeting. I declare this Annual Meeting of Shareholders to be officially adjourned. On behalf of the OncoCyte Board of Directors and the management of the company, I want to thank all of you for attending today's meeting and your continued support for the company. We look forward to seeing you in person in 2022. As we continue our focus and drive in molecular diagnostics to meet the needs of both patients, physicians and, of course, their families with a combination of science-driven products and focused commercial efforts, we want to continue to give you insights to our company. We continue to build that focus with a team that is incredibly dedicated to growing the company through science and the commercialization of that science. I'll now invite Ronnie Andrews, CEO of OncoCyte, to provide an update regarding the company. Following Ronnie's presentation, we'll open the floor to questions and remarks from shareholders. And as a reminder, given this year's hybrid format, if you're attending in person, raise your hands or if you're attending online, please use the chat function. In addition to that, the presentation that Ronnie will be going through will be in our 8-K that has been filed. So with that, I'd like to turn it over to Ronnie and the management team.

Thank you, Cavan, and thanks for those here in attendance. And for you folks online, if you'd like to follow along, as Cavan said, we did 8-K the presentation. It is on our website, and I would encourage you to pull it down and follow along. Of course, as usual, we always have an opportunity to use forward-looking statements. So we will be -- please read the forward-looking statement comment. So you'll know that we are planning on talking about the future of this company, which we feel is very bright. So our mission has been pretty consistent all along. But this -- over the last year, we really refined our mission statement that you'll see on Slide 3. We have focused a lot on taking large-scale genomics, Slide 3, Leslie, please. Slide 3, there we go. OncoCyte is a precision diagnostic company. And what does that mean? So we spent a lot of time thinking about who we were when we started versus now. In our world, a lot of companies and us including, came from the large scale genomics world where we thought, hey, we got -- we conquered the genome project. We'll now be able to use large scale genomics to cure all these diseases, cancer being one of those. What we really figured out over the last 10 years is that large-scale genomics tell us what could happen but really RNA tells us what's happening. And in order to be precise about that, we really have to take those large-scale genomic panels that we've all been using through the years to characterize cancer and shrink it down into a usable product that is precise in terms of its endpoint, what is the question we want to answer and how do we answer those questions better. And so we altered our mission statement heading into this year, really focused on the fact that we are a precision diagnostic company and a monitoring company. And this will be very important as you see the strategy going forward. If you go to Slide 4, I want to just take a second and recognize our team. Last year, I don't think anyone would disagree was quite a fascinating year in so many ways. It was a year where a pandemic overwhelmed the country, a lot of fear, such fear that created situations where patients with cancer were not getting treated because they're afraid to go to the hospital. And so it was a really challenging year. Despite that, our team worked through incredible organization around a protocol that allows us to continue to work and operate within a very safe environment and still get every milestone that we had put forward the company done. And we're on track, as you'll see from Slide 4, to hit all the major milestones for this year, which is really quite a testimony to the dedication of our team. If you go to Slide 5, the real opportunity for us is to take the knowledge that we had, as I said earlier, from the large-scale genome where we came from and create an RNA platform company that could take the knowledge, synthesize it into smaller panels and answer some critical decisions. The first decision that we want to answer was early-stage lung cancer, do I need to give this patient chemo? Many folks in our industry will recognize a company called -- test Oncotype DX from Genomic Health. Years ago, they answered the same question for early-stage breast cancer. We saw patients that had early-stage cancer that were getting the tumor removed, but they were getting recurrence. It is their way to figure that out. They conquered that, had a great run, and they exited that business for about $2.4 billion a couple of years ago. Despite their ability to do that in lung cancer, they never -- sorry, in breast cancer, never accomplished in lung cancer. And so in 2011/'12, our team in the previous life invested behind a couple of physicians at UCSF, who were on to an RNA panel that could identify early-stage lung patients that were high risk for recurrence. And basically, what we call as they were micrometastatic. They already had metastatic cells. You took out the tumor, you thought they were cured because it was Stage I, but it wasn't. There was already cells in the blood creating that second tumor. If you give those patients a round of chemo, you kill those micrometastatic cells and you improve their outcome. And so we launched the DetermaRx test a year ago right in the face of the pandemic. And this test is profoundly important for early-stage lung cancer patients. Because if you're in early-stage lung cancer patient, you've got about a 30% to 40% chance of recurrence and don't know it. And if you don't know it, your chances for a 5-year survival is about 49%. If you use our test and we call you high risk and you get chemo, that 49% 5-year survival goes to 92% 5-year survival. So the beauty of OncoCyte's vision is to take large-scale genomics and create tests like DetermaRx that will actually have a profound impact on patient care. So the second test that we wanted to go after was a real critical question, should I give immune therapy? We'll talk a little more about IO today because it is an emerging test that we're going to be launching this year. So I've got some special slides on it, and we'll go through that. We're launching TX with it, which is the targeted panel. And so by the end of this year, we will be a one-stop laboratory for all the treatment decision, knowledge, a physician needs to manage their patients. Very important point for us. We also, as you guys saw earlier this year, acquired a company in Europe called Chronix. Chronix has a patented technology that's very powerful in the early monitoring for therapeutic efficacy and we'll get more into that as we get later today. So we -- over the last 2 years, since I stepped in, I think my 2 anniversary is next week, and we've been very blessed. We have a Board that supported this vision. We've got shareholders behind this vision. And in 2 short years, we've gone from a single product company that was a very risky product to a company that has a solid menu that will be delivering a profound impact into the world of managing cancer patients. And I'm very proud of our team and what we've been able to do. If you go to Slide 6, it works now. Thank you. So just wanted to make sure everybody saw that we are on time for our pipeline DetermaRx did launch last year. DetermaIO and TX in this menu will be launching in the fourth quarter of '21. DetermaCNI, our monitoring assay we just acquired, will have a launch in Europe in the fall, and we'll be launching in the U.S. as an RUO product late this year. What does RUO mean? Research use only. In the U.S. before we go through the regulatory basis, we launched these tests so that pharma can begin to use them in clinical trials. We get some revenue from that, but that helps us create a much deeper data set to publish, so it strengthens our data as we go to get reimbursement. And so then DetermaMx, we were very blessed when we acquired Chronix, the C&I company, they had a significant set of patents around rare events in blood with a very specific methodology and a technology called Digital PCR, and we will be building on that patent state to look for small signals in blood once the patient is treated, and they're okay, we call it disease-free, then we'll be monitoring once a quarter the blood to say is it coming back to catch it ahead of time, so we can actually treat it ahead of time. This is our, what I could call, investment to make cancer a chronic disorder. And if we all in our industry are honest, curing cancer is very hard after Stage 2a, but we can make it chronic. I believe that's the goal, at least my generational work in this area, and I think it's a profound reality that we'll be able to get there. So let me give you a quick update really fast on the year ago scorecards. So if you look at DetermaRx, we had a phenomenal first year. It was a very challenging year, as you know, because our reps could not see physicians. But in that first year, we had over 3,000 touches into the health care community virtually, most of those through virtual work. We had, in the first year, we outpaced Genomic Health first year, their test in breast cancer in the first year with 20 reps, 3x the market opportunity and no pandemic. They did about 500 patients and we exceeded almost 600 patients in the first year with 6 reps in pandemic in 1/3 of the market. So we feel really good about what we were able to accomplish despite the headwind and obviously look forward to the new vaccinated world and our new normal. Our reps are now able to get in, and we look forward to seeing this continued progress. I'm going to spend a little more time on DetermaIO. This is an assay that we acquired from Insight Genetics a year ago this past January. We rapidly took it through its paces and clear validated it out of our Nashville lab and launched it as an RUO product last April, and we have made significant progress on the data that will strengthen and provide the basis for our submission to CMS and also allow us to enter the market. I want to pause on this. This is a really important slide and one that I think our shareholders when they understand it, I think they'll understand the importance of why this is something that we are focused on. The immunotherapy world is a very promising world. But if you look at the TV ads by the large pharma companies, they paint such an amazing picture of success when the reality is only 15% to 40% of patients that get an immune therapy have a durable response. Almost all of them get the -- their immune system fires up, but only about 40% of the time does it do anything to the tumor. But because of that and because of the sheer nature of firing up the immune system, these patients are coming in with latent autoimmune diseases to complement the cancer or not to complement, but to be -- have to be treated with the cancer. And so one of the concerns that's emerging from the world that we live in from the oncology world is we're going to spend a lot of money over the next few years on these immune therapies. You can see from the slide that the analysts in our space predict about $120 billion of therapeutic spend, of which about $60 billion will be wasted. And so the reality is, there is not a good biomarker today for precision diagnostics to actually predict the outcome. And so you can see on the left, there is a large market opportunity for testing to identify the patient population that is most likely to respond. We had acquired a company Insight Genetics. It's a company that we have worked with through my years in breast cancer. And then as I went into my world that large-scale genomic world. It's a classifier of tumor type and there's been referenced over 1,800 times. I get a lot of questions from investors, how did we find it? How does it come on the scene so fast? The reality is it's one of the most cited classifications in literature of tumors. And what we did is we took this 2000 gene classifier and we found a 27 RNA panel that looks at the tumor microenvironment specific to immune response. So when we were able to do that, we were able to then rapidly launch what is now DetermaIO as a 27 gene RNA PCR panel. Why is that important? PCR is a preliminary chain reaction that's been popular unfortunately by COVID. It was the testing technology behind COVID that allowed us to do rapid checks to see if patients had a CoV-2 infection, but we've been using this technology in cancer since the early 2000s. And the idea here is we take the RNAs from both the from the hot tumor environment and the cold tumor environment, which I'll explain in a second, and it's the combination of those that makes us very, very unique. So this is my slide on -- a little cartoon, if you go to Slide 12. This slide is really what's going on in your system, your immune system. Every day, each of us unfortunately have cancer cells that are being programmed within your body, but your immune system has an innate ability to see them, attack them and get rid of them before any of us get cancer, knock on wood, right? We call that tumor immune homeostasis. When they do progress, though, there is a PD-L1 receptor that's expressed and that is the target for KEYTRUDA, OPDIVO, some of these immune therapies. And most of the time, you see at the top of this slide, if the tumor is hot, they will respond to that. The problem we have is it's a very unique biology that we've learned through the years and now patented around is that what happens is the tumor cell is very smart. And it begins to say, "I don't want to get attacked by the immune system. So I'm going to hijack the tissue repair mechanism within your body's immune system. And I'm going to start surrounding myself with cells that look like are under repair. Because in normal biology, your immune system is not going to attack tissue under repair. For instance, if you get a cut on your arm, the first thing that happens is your immune system sends white cells, cleans up any bacteria, so you don't get infection. And then you get -- that stops and when that process stops, you have your tissue repair mechanism. And your fibroblasts come in, and they start to create a clot and then that turns into a scab and then your body heels. Same thing in a tissue field. And so when that starts to happen, these tissue repair cells start to tell the immune system to stop, don't attack me anymore. And that is what we call tumor escapes. Today, the 2 tests on the market look at the hot receptors. They don't look for this biology of tissue repair. We're the only test on the market that has a complete review of the tissue microenvironment. And so we use relevant RNAs from both the cold cells, the tissue under repair and the hot cells, which is the immune modulated cells. So real important because this is the differentiator, and this is why DetermaIO continues to outperform all the other tests in the industry because we are able to see both sides of that equation and that allows us to not only pick the people that have hot tumors, but also pick the people that have cold tumors and identify a subset of those that may still respond but will need a complementary drug to KEYTRUDA, KEYTRUDA in chemo or KEYTRUDA to an IL-12, IL-15 or some of these drugs that inhibit it. And so you can see from the deck that there are numerous cells here or numerous studies now published. And so we feel really, really strong about where we are as a company and where we are with this test. Most of you have seen us publish and talk all year about the data that we have out. We're very excited about the NeoTRIP trial for -- that's going to be released at ESMO really soon in September. This was a trial that looked at a -- it's a randomized prospective pharma trial that looked at a subclass of triple-negative breast cancer patients that failed based on the PD-L1 stats. And we're eager to see those data. We're very enthusiastic about the study team from Fondazione Michelangelo in Milan, and we're looking forward to that and that we should see that right before ESMO, we think those abstracts will be published and then we can talk more about it. As you can see, we have a head and neck study plan, colorectal is planned. We just announced an opportunity with Foundation GONO out of Pisa. And that is a very exciting study for us. Again, it's a randomized prospective trial immune therapy called the atezo. And so we're very excited that we are now being invited into all these trials. It's very important for the ongoing data set that we're going to need to become the standard of care for selecting patients with precision that will respond to an immune therapy. Real quickly on the Chronix acquisition. This is our entry into the blood-based monitoring world. This is a very attractive market. This TAM of $15 billion really TAM that Guardant put up there with some data behind it at JPMorgan this year. We looked at it. It's somewhere between in the U.S. $6 billion to $9 billion, globally $15 billion based on number of people living with cancer and the decisions that have to be made either after a drug is given, is it working or they've been treated and now is it coming back. And so it's a really interesting opportunity for us. Our team has been in this market since 2008, '09 and we've been working in it or following it since then, and we believe that the market is finally ready for this technology to start being played out. Our technology is a technology that was developed by company Chronix in Germany. To date, there's 4 papers published with 365 patients under study. The quote kind of says it all from clinical cancer research, if you can't -- if it's too small to read, it says the tumor cell free DNA copy number instability predicts therapeutic response to immunotherapy showed 92% predicted value for disease progression prior to cycle 2 of immunotherapy. So why is that important? So I'm going to walk you through what happens when the patient gets diagnosed and when we determine they're going to need therapy the time line. So today, a patient gets diagnosed. We run DetermaIO. They're high predictable or predictive responder, you give them an IO drop. The current methodologies for doing this from other competing companies where you have to take a large piece of tissue from a genome, from that genome create a custom panel and then monitor, you can see on the top, we call this tumor-informed monitoring. Tumor-informed monitoring can take up to 9 weeks, maybe 10 weeks before you can even start monitoring the patient because once the physician thinks all right, I want to put them on the drug, you've got to get the tumor blot. That's not at the medical oncology office, that's at the pathologist office wherever the patient initially had the biopsy. So that has to be ordered. That has to be shipped to the company that's going to do the large-scale genome or exome for the custom company that takes 2 to 3 weeks. And once that's done, that data goes to the companies that are doing these tumor-informed monitoring methods and it takes 2 to 3 weeks to use AI engines to synthesize down the right panel, then they have to order the primers and the probes, build the panel, then they have to validate that panel, and then they're ready to start monitoring the patient. Versus what we do with our technology that we acquired is day 1, we decide we're going to give them an immune therapy, we draw blood. That's your baseline. At first cycle, we draw another tube. And at the second cycle, we draw another tube. So within 6 weeks, with 92% positive predictive value, we can tell a physician if that patient is progressing or that tumor is progressing or not. And if it's progressing, we need to change therapy or add therapy to get the best outcome. If it's not progressing, then you keep them on it and then we'll keep monitoring as we go forward. So the beauty of this opportunity for us is it's faster, it's much cheaper than methodology up top. And we believe with our patented technology, it's more specific to the actual outcome we're looking for. So we're very excited about this test. We have significant number of studies already ongoing in Europe. I was notified by our friends in Europe yesterday. It looks like we have about 2,000 patients now enrolled in various studies, but it's very exciting for us. And so we'll be transferring this assay to the U.S. for the U.S. studies to begin sometime in the fourth quarter. But a really nice opportunity for our company to emerge as a leader in blood-based monitoring given the ease of use and the cost and the precision of what we're going to be doing with this. So if you look at our growth drivers, second half of this year, clearly, the Milan trial at ESMO is going to be a seminal opportunity for us to break out and really claim the precision indication that we believe we have. We have DetermaIO and TX will both be launching in the second half of this year. We did submit to NCCN for guidelines for RX. That submission is in on time, and we will -- that meeting is in July. We probably won't hear from them until September or October. C&I, we are going to launch in the U.S. pharma services this year. And then obviously, we are expanding DetermaRx globally with our relationship with Burning Rock in China, which is going very, very well and on schedule as well as our ability now owning footprint in Germany to launch RX into the German market and ultimately into Northern Europe. '22 is going to be another continued year of amazing progress for us. And so bottom line is we feel like as a company, we've got what we need in the continuum to provide the data that we need to really answer the questions physicians that really wanted to answer, and we feel really solid about our position compared to the other competitors in the market. And we know it's -- these are big markets, there'll be competition, but we feel really good about our position. What I always tell folks is it's not our first rodeo. And so we know how to be the David in the Goliath world against people like Guardant and Natera and we feel really, really solid about our position. One of the things I tell shareholders a lot when they want to talk about technology is our methodology is to be agnostic to the technology we need and focus on the answer the doc needs to have -- the questions doc needs an answer to. Everybody else just use next-gen sequencing for everything. Well, that's like a hammer, but not every question in oncology is a nail. And so our goal is to make sure that when we do need large-scale genomics, we have that. But when we don't, we are very precise in how we deploy technologies that may not need to be as expensive and can be kitted and executed in a global way. And that's the other thing I'll leave with. I think one of the things that is important for our shareholders to understand is a lot of these companies play in the U.S. because it's a central lab strategy. Our vision is global, and therefore, everything we do, we want to do in a way that can also be kitted and put into a kit regulated and on a platform that probably is already in existence ex U.S., so that we can have a platform partner and we can deploy our test through kitted products ex U.S. It's very, very difficult to build a lab at every country in Europe and make money. So the best way to do it is take advantage of the key opinion leaders in each country provide a platform and our tests for them to run and receive the revenue stream from their utility of it in their local community, which is kind of how Europe operates versus the U.S. So with that, I'm going to say thank you for your time today. I'll open the floor for questions. I will say that I could not do this without an amazing staff and team. We're a small team, incredibly dedicated team, as Cavan said at the beginning. And obviously, very proud of them and what they've accomplished in the 2 years of our tenure. So we'll open the floor up for questions. We have some folks local, so we're going to let them go first.

[indiscernible] I'm just curious what some of the -- most of the tests that you talked about are from Milan or they're all Italian places.

Yes. So we have connections in sort of the investigator from our previous life in Europe in some of these principal investigators. Italy is a very progressive country. Pharma company -- companies when they go to Italy, they have to have a partner investigator, so they can sponsor a trial, but the investigator owns the trial. Though the important nuance there is they've still been paying somebody to do it, the investor takes funding from typically philanthropic funds or the government, and they run independent surveys of these drug trials. And the importance of that is that you feel like it's more randomized prospective type of activity is really -- at least in the Italian way, as they feel more confident in the independence of the data. And so we found favor there with the team in Milan. They -- when they saw how well we work together and the data they turned us on to the team in Pisa and so we're very excited about that. Plus, I'm a big fan of Italian Tuscan wine. So it doesn't hurt to be able to go visit those folks as well. So now the Italian molecular pathology world is very advanced, and we enjoyed that relationship since the early 2010, '11. Anything else? Okay. Well, thank you. Thanks for coming. Any other questions in the room? If not, operator, we'll open the floor for questions from our callers.

[Operator Instructions] I'm showing no questions from the phone line.

Thank you. Well, listen, let's close up today's call. Thank you. We really appreciate the support of our shareholders. Obviously, we wouldn't be where we are today if it weren't for you and your continued belief in us as a management team and our company. And we certainly look forward to the upcoming report out on numerous milestones that we have for the rest of this year. Thank you, and have a great day.

Thank you. This concludes the meeting. You may now disconnect.