Polarean Imaging plc (POLX) Earnings Call Transcript & Summary

I'm delighted to share why Polarean is such an exciting opportunity for potential investors like you. My name is Christopher Von Jako. I've been the CEO of the company since I joined in June of 2023. I spent my entire career, which is about 30 years plus now in bringing technology similar to this to the market and then growing them. Now before I begin, as a reminder, these are normal disclaimers. The plan for the next hour or so is for me to introduce the company and our technology along with some recent updates. I will then hand it off to Dr. Laura Walkup from Cincinnati Children's the #1 children's hospital in the U.S. and maybe also in the world. Dr. Walkup will present a critical clinical application of Xenon MRI which has been the focus of her research and has now become part of routine clinical practice and Cincinnati Children's. She will then hand it off to Alan, our VP of Global Sales, who has been with us for about 6 months now. He will share insights into our continued advancements in market adoption. And then finally, we'll use the remainder of our time for audience Q&A. First, I want to start by recognizing and thanking our incredible team whose dedication continues to drive our mission of revolutionizing pulmonary medicine with our truly groundbreaking technology. The entire team remains laser-focused on advancing our vision of optimizing lung health. We now have 22 customers and growing with the majority based in North America. We market the first and only FDA-approved inhaled contrast agent for lung function imaging, compatible with all 3 major MRI vendors. Looking at the first image on the right, you'll see a standard MRI, which shows little to no lung detail because MR mainly images soft tissues. And the lung is mostly filled with air. In contrast, the far right image highlights our inhaled contrast agent shown in blue, making lung function clearly visible. We received a reimbursement code over a year ago and has been fundamentally changed the conversations at targeted hospitals. This helps drive adoption with favorable return on investment supporting our 10-second Xenon MRI scan. We hold over 20 patents with several more pending across the U.S. and internationally, securing protection for at least another decade plus. And lastly, while we work with our all three MRI vendors, we have a strong strategic partnership with Philips, which continues to be valuable and a collaborative partner for us. So to understand a solution, you first need to understand the challenge. The lung has two primary functions. The first is ventilation, bringing air in and out. As you can see here, the lung airway network starts large and branches into smaller passages as they extend deeper into the lung. Modern imaging can visualize the large airways but as they get smaller, traditional imaging as well as lung function test lose sensitivity. This region is known as the silent zone. The silent zone is critical because it is where the second and more important function of the lung occurs, gas exchange. Oxygen dissolves across the thin membrane into the bloodstream, while carbon dioxide moves out to be exhaled. Any disruption in this process, whether from obstructive lung disease, which leads to things like inflammation and/or mucus buildup or Interstitial lung disease, which causes fibrosis in the membrane can result in breathlessness. Unexplained breathlessness is a huge challenge in the U.S. and with up to 10 million people in the U.S. and $200 million in the world, it is difficult to diagnose and manage especially when underlying issues in the silent zone. This is where Xenon MRI changes the game by illuminating hit disease in the silent zone and revealing what is preventing lung from functioning properly. Spirometry, the standard for lung function today is nearly 200 years old. It basically blow into a tube for a global measurement, but it's insensitive to the silent zone. It's highly variable, and often requires about a 15% to 20% change to guide decision -- clinical decision-making. It relies on reference equations based on age, sex, height and sometimes ethnicity, which missed individual differences and early disease, again, especially those in the silent zone. I tried it myself at Duke a few weeks ago. It's not fun and not everyone can do it. As I noted earlier, MRI has been underutilized for lung imaging, and we're changing that. This slide shows how our technology delivers a true 3-dimensional view of lung function. In these standard MR images, you'll see the lungs cavity outer edge, moving from left to right and then down left to right to finally see the patient's spine in the lower right images. With Xenon MRI, we reveal exactly where the lung function exists and where it doesn't. As you would assume, MRI vendors naturally support this technology as it boosts demand for more of their systems. Okay. Let's take an example of one of our clinical customers. A middle-aged man presents to the ER or A&E in the U.K. with difficulty breathing. As standard, the first step was to acquire a chest x-ray. The X-ray appeared normal, so they proceed to a CT scan with both the chest x-ray and CT scan appearing normal, they followed up with spirometry, which is measured at 82% in this case, and that's at the lower end of normal. A bronchodilator was likely administered. The patient was sent home, but returned 4 months later with worsening symptoms. A repeat spirometry yielded similar results. However, when they perform the Xenon MRI, the results were dramatically different. It revealed large areas where the air was not reaching. Using these images, these clinicians were able to target their biopsies to these specific areas, leading to a more informed diagnosis. So where are the clinical use cases for Xenon MRI. Like most diagnostic imaging technologies, we're focused on 3 main areas. The first is disease characterization. Then therapeutic response and then image guidance. There's a long list of examples of obstructive lung disease or conditions that obstruct due to inflammation and/or mucus build up. Additionally, we've recently developed a strong focus on cancer, where Xenon MRI can help guide specific procedures like tumor section and radiation therapy. Today, Dr. Walkup will explain how Xenon MRI plays a role in bone marrow transplants. So here's how CT differs from MRI in a healthy patient, CT shows lung structure, kind of like a highway map with roads and bridges, while Xenon and rye reveals function like a real-time traffic data showing where, in this case, air flow -- flows or it stops. For severe asthma patients, CT looks normal, but Xenon MRI exposes these functional gaps. Spirometry is a lagging indicator. Sometimes it can take up to 12 months to assess a biologic treatment response, which is a fairly new and expensive treatment option for these patients with severe asthma. Xenon MRI, however, predicts in about 4 weeks, as shown in 2 studies plus it's radiation-free and ideal for repeated use, especially in children. This is a really busy slide, I apologize, but the key message is simple. There are multiple factors driving the demand for better lung function technologies. So there's a clear gap in lung disease diagnosis that our solution tackles head on. For those eyeing a stock with growth potential, here's why we stand out. First, our advanced imaging technology platform is noninvasive, radiation-free and reimbursement approved. It uses proprietary technology to generate recurring revenue per patient and it's built to scale. Second, we're targeting a $2 billion-plus consumable market for lung diseases like asthma, COPD, cancer and transplants. This is an underserved space ready for disruption. Third, by adding gas exchange capabilities, we unlock another $3 billion plus market in lung and vascular conditions, offering multiple growth paths plus global expansion beyond the U.S. in the future. Lastly, partnerships with pharma and medtech will accelerate adoption and strengthen our edge. Why does this matter? Well, Polarean is transforming pulmonary medicine, and our stock offers a clear path to value creation, and we're gaining momentum. So now let me turn to briefly introduce our technology platform, which is the heart of this opportunity. On the left, you'll see our multi-dose Xenon cylinder containing proprietary gas blend sufficient for approximately 100 patients. This feeds into our single dose -- single-use dose bag, which delivers our inhaled contrast agent to the patient. Well, here's how it works. The gas blend passes through our specialized system where it's transformed to a contrast agent that illuminates lung function on an MRI scan. Before the delivery of the dose is verified using our precision measurement system, once prepared the dose bag taken from this area, this hyperpolarization lab over to the MRI room and it's administered to the patient. It flows throughout the lung, including the critical silent zones often missed by other methods, revealing a detailed picture of lung function. Our software then integrates the Xenon enhanced MRI with a standard scan providing detailed analysis of lung function. So let's look at the software, where brings our technology to life with powerful insights. Here you can see an example of an asthma patient. On the initial Xenon MRI, areas of reduced air flow in the lungs are highlighted in red, accompanied by quantitative measure called ventilation defect percentage or VDP which, in this case, was 34%. As Dr. Walkup will show this quantitative information and presentation, I want you to know that VDP reflects lung health. The lower the number, the better the function. After the first seat on image, the patient received a bronchodilator treatment, and then the followup Xenon MRI showed a significant improvement with VDP dropping to 19%. And of course, you see less red in these images now. Unfortunately, in this case, it's still not a healthy lung. For those following the Polarean's journey, you'll recognize our strategy rest on a focused 5-fold plan to drive success. The first 3 pillars drive utilization, growing our user base and broadening our reimbursement, secure wider coverage and accelerate uptake. I'll let Alan speak more about these as well as a bit more on our fourth pillar, expanding our total addressable market. Typically, here, I speak about gas exchange, but today, I'd like to provide you more details on the pediatric space, a key area of expansion for us in 2025. And finally, our fifth pillar, developing partnerships. We gained significant momentum this week as we made a major announcement on Monday at our partner, VIDA. So currently, our FDA approval covers patients aged 12 and older, reaching only 1/3 of the pediatric population. Our original submission included data down to age 6, but we lacked a suitable dose bag. We've since developed new bags, refined our measurement system to account for these new bag sizes and submit the information to the FDA last July. We're optimistic about approval this summer, enabling a controlled launch later this year. Not only does this expand our technology to another 1 million pediatric patients but it also improves service for patients with smaller lungs and boost our margins with these newly developed dose bags. I was delighted to announce on Monday that we're expanding our Xenon MRI platform into pharma-sponsored trials, unlocking a third revenue vertical. Our existing partnership with VIDA creates a scalable imaging service platform, delivering harmonized imaging for multicenter trials. Xenon MRI advances drug development by offering a sensitive noninvasive biomarker that outperforms traditional lung function tests. Xenon MRI sensitivity potentially reduces trial sample sizes and accelerates clinical trial efficiency. On Monday, so happy to announce that a leading global pharmaceutical company selected Xenon MRI service platform for a multicenter study of an investigation lung therapy. This further validates our technology and its role in this space. Beyond systems and gas sales, this service model strengthens our growth strategy by building a network of Xenon MRI-enabled trial sites we're accelerating pharma adoption and securing a lasting competitive edge with rising growth potential in long-term shareholder value for Polarean, so we had a very strong finish to last year. Our updated unaudited revenue forecast of $3 million to $3.1 million, slightly exceeded the top end of our guidance. Notably, consumables grew by over 50% compared to prior year, a clear indication of our success in driving utilization. We're investing in a commercialization while maintaining tight control over cash operating expenses. Our cash position stands at $12.1 million at the end of December with no debt securing us through Q1 2026. Lastly, we continue to enjoy robust strategic support from Bronco Imaging, a $1 billion-plus contrast imaging leader in new chem isotopes are raw Xenon supplier. It's been a great start to 2025. At the top, you'll see my personal Xenon MRI images, Luckily, I was a healthy volunteer, and I had my scans done at Duke a few weeks ago. It was an amazing to experience the power and simplicity of our technology firsthand. And below at the end of January, it was with leading pulmonary and radiology conditions at the annual Xenon Consortium meeting reflecting the strong collaboration propelling us forward. After a solid 2024, this momentum sets the edge for a year of clinical impact and shareholder value. Last October, we held our first virtual investor webinar and I consider titling it, The Future Is Now. I wonder if that might be too bold. Until I found this article late last year in distinguished pediatric radiology journal written by Dr. Jason Woods who happens to be a colleague of our next presenter. This article converted my original thoughts. The time is now. So with that, it's my great pleasure to introduce Dr. Laura Walkup from Cincinnati Children's. I deeply admire her pioneering work, which has unlocked a new application for Xenon MRI should explain why patients with bone marrow transplants need lung imaging. So Laura, off to you.

It's so nice to be here and talk to you all. I'm going to talk a little bit today about pediatric bone marrow transplantation and how we've been using Xenon MRI to enhance clinically care. Chris, if you go to the next slide, please. I want to start by introducing myself though. I've been in Hyperpolarized Xenon for over 10 years now. I earned my PhD in 2013 at Southern Illinois University and I was doing basic physics and operational updates to how we manufacture Hyperpolarized Xenon Gas. I was recruited to Cincinnati Children's in 2013 as a post-doc, and I helped establish our center for pulmonary imaging research, which I'll talk about a little bit at the next slide, and in 2019, I joined the faculties as a member. And last year, I was promoted to Associate. And the focus of my lab's research is really on bench to bed side. So that means the technological development of how do we do MRI better and faster and then seeing those innovations pushed forward into clinical applications and in particular, in pediatric lung diseases. Next slide. So I am one of many engaged pediatric researchers at Cincinnati Children's in the center for pulmonary imaging research. And our mission is to develop and translate new lung imaging methods with an emphasis on quantitative and functional imaging and novel biomarkers of lung disease. So this is just a snapshot of a few of us. But we have many different collaborators across the institution and across many diff departments and divisions. And our group represents about $7 million of research annual funding. And across our institution, we perform about 250 Xenon MRI scans per year. So I want to talk about bone marrow transplant today. So I want to give you a little bit of background about the process. So bone marrow transplant is also known as hematopoietic stem cell transplant. And specifically, today, I want to talk about allogeneic transplant. This is where stem cells from a donor are transplanted into a patient. Bone marrow transplant is a life-saving therapy for a growing list of conditions. And this is what I've highlighted in the blue box below. You'll see there's a mixture of malignant and nonmalignant indications where allogeneic transplant is as a curative therapy. And according to the CIBMTR, about 10,000 allogeneic bone marrow transplants are happening in the U.S. every year. And at my institution, we perform about 150 allo bone marrow transplants per year and about half of those are in children younger than age 5. And you're going to see why that's important in a little bit. Bone marrow transplant is a life-saving therapy, but it does come with the risk of multi-organ complications. And since I'm a lung imaging girl, I'm going to talk about the pulmonary complications of bone marrow transplant. And this chart is showing us sort of the landscape of pulmonary complications after bone marrow transplant. And you can see that it's broken into infectious and noninfectious complications and a varying timeline after transplant. I've drawn a blue box around the chronic graft versus host disease, GVHD, this is where that new immune system is viewing the patient's organs as being foreign and initiating immune response. So if you're familiar with solid organ transplantation and organ rejection, this is almost that same kind of thing. And specifically, we're looking at late onset lung GVHD. This is also known as bronchiolitis obliterans. So you may be familiar with this from lung transplantation it's very challenged to diagnose early because symptoms sort of mimic infectious complications. And so there's a lot of clinical workup that goes into ruling out infection before BOS is diagnosed. Next slide. Pulmonary complications after bone marrow transplant are very common and can be very deadly. So this is a recent study of two pediatric centers. And they found that pulmonary complications of all kinds, happen in about half of their patients. And if you look at the blue box, I've highlighted the survival curves showing the difference in mortality between those with pulmonary complications and those without. So you can clearly see that those with pulmonary complications are at a significant risk of mortality. So this is why it's really important that we diagnose lung complications early so we can intervene and improve outcomes. Next slide. So how do we diagnose Bronchiolitis Obliterans Syndrome, BOS. This is from the ATS, the American Thoracic Society. They recently published clinical care guidelines to how to diagnose BOS in children after bone marrow transplant. The chart on the right is just showing the workflow of how surveillance starts before transplant and then after transplant with repeated assessments to watch a person's lung function. And in the blue box, I've highlighted in children who can perform spirometry, we're looking for repeated sustained drops in spirometry that aren't attributed to infectious causes. So we're doing a lot of spirometry and we're looking for changes across time. Next slide. As Chris mentioned earlier, spirometry is really challenging, right? So here's a photo of Chris doing spirometry. And if you've done this before, you know it can be challenging. And so now imagining a sick 6-year-old, 7-year-old, 8-year-old, trying to do the same test is really hard. So in the orange box, I'm showing success rates for performing spirometry across ages. And what you can see here is that about half of 7-year-olds can perform acceptable and repeatable spirometry. And you'll remember that I said half of the patients that we transplant here are under the age of 5. So how can we diagnose BOS in a child who can't perform the test. Next slide. The ATS has guidelines for this, too. This is that same slide from earlier. And now I've moved the blue box down to how do we diagnose BOS in the children who can't perform spirometry, and this is relying on a constellation of symptoms and imaging findings. Specifically air trapping on an x-ray computed tomography, CT scan. So this is where because imaging is already playing a role in the diagnosis and management of these patients, this is where there's great opportunity for Xenon MRI to help enhance clinical care for these patients. Next slide. A few years ago, we wanted to know what does Xenon MRI look like in children after bone marrow transplant. So this was a cross-sectional pilot study that I conducted here in Cincinnati. Let me walk you through this slide. So over on the top left on that chart, the bottom axis is the FEV1% predicted. This is the outcome from spirometry. And anything that's greater than or equal to 80% is considered normal. The vertical axis is the ventilation defect percentage from Xenon MRI. This is what Chris just mentioned in his talk. Remember, a lower number is better. What we found with Xenon MRI that we were sensitive to airflow obstruction in children after bone marrow transplant who had normal spirometry. So again, Xenon MRI is sort of a leading indicator telling us that there's already airflow obstruction here in a child with normal spirometry. And if we have the next slide, please, the animation. I want to highlight these two cases. So both of these children have identical FEV1s, 81% predicted. The person on the top row has very uniform ventilation and a low VDP. So this is suggestive that maybe the child is deconditioned or their effort on the spirometry wasn't good, but there's no airflow obstruction here. That second case in the orange box also has 81% FEV1 and you'll see these large focal ventilation defects. So this is telling us that there is something going on in the lung tissue that we need to be aware of. So we saw a lot of heterogeneity across this patient population, including those with solar spirometry values. This was really exciting for us. Next slide. But I think what's really super exciting about the Xenon MRI technology is that it's allowing us to assess children who cannot perform spirometry, those who cannot perform the clinical test. So if you look at the heavy blue box on the bottom, the bottom axis is the number of days after bone marrow transplantation. And remember, I said that first year after transplant folks are really at risk to develop BOS. The vertical axis is the ventilation defect percentage from the Xenon MRI. You'll notice all these little triangle markers. All of those markers are children who could not perform spirometry but they could perform Xenon MRI, and we solve ventilation defects and heterogeneity on their images. And I've called out one of these cases, in particular, in the heavy blue triangle. And you can see his images at the top. So 9-year-old boy can't perform spirometry, but has very heterogeneous ventilation with a lot of mixed little defects. We saw these images, and we alerted his clinical care team. They pursued additional testing and therapy. And if you advance the slide, he came back and saw us 2 months later, and you don't have to be a radiologist to see this beautiful improvement in the ventilation and a reduction in the VDP. This was a great outcome for this patient. And who knows how long the lung disease would have worsened and progressed if we hadn't had seen these ventilation patterns with the Xenon MRI. So this is allowing us to truly assess patients who can't do the clinical test. Next slide. I want to talk about our clinical Xenon MRI program. Having all of this engagement early and in research, the bone marrow transplant group has led to a really robust clinical pipeline for recruiting BMT patients. We did our first seat on MRI scan in May of 2023, and we received referrals from our institution and also the University of Cincinnati, that's the adult hospital across the set. And if you look at this word cloud, this is the indication for those clinical scans, you see there's a lot of post BMT, so these are the people that were looking for bronchiolitis obliterans and trying to look at spirometry reductions after bone marrow transplant. There's also some pre-BMT people. These are people who have abnormal lung function before they've even gone into build marrow transplant. So we want to assess their ventilation before the transplant. I see a lot of little mixes of different kinds of indications for transplant like the anemia and thalassemia, dyskeratosis. So there's a lot of growth and a lot of opportunities are coming through our cancer and blood disorders program. The clinical Xenon MRI is being reimbursed through the hospital, which is very exciting for us. And one thing I really want to emphasize in this audience is that of 20% our clinical referrals have been in children younger than age 12. So these are scans that we're doing off label in younger children because do clinicians see the benefit of doing Xenon MRI, and they want to pursue that for their patients. So in the bottom, I have like Laura's Wishlist of things, I'm really excited to see that label expansion down to age 6, and I'm also really excited to see the label include the Xenon gas change MRI. And that's what I want to spend our last few minutes together talking about. So just a reminder about the Xenon gas exchange MRI. During that inhalation of Xenon gas, a small fraction of the gas passes through the lungs tissues and into the red blood cell. And when we look with the MRI scanner, we can actually resolve Xenon in each of these 3 functional compartments. So we have Xenon in the alveolar airspace. This is ventilation. This is the stuff we've been talking about already. We have Xenon that's in the interstitial tissue and in the blood plasma. This is the membrane. This is all the stuff in the middle before you get to the red blood cell, the RBC. If you're familiar with diffusion capacity of carbon monoxide testing, this is kind of like a high-resolution DLCO or TLCO test. So we have all this spatial resolution, but we can also differentiate each of these 3 functional apartments. There's lots of exciting work using gas exchange MRI and adult fiber diseases, but our institution was the first to demonstrate the technique in any pediatric population. Next slide. So how do we make sense of these images? How do we use them? I'm showing here the 3 functional compartments and just a single image from each of those compartments. We take the signal intensity in the image, and we overlay it on a healthy reference distribution and we see where the signal intensity in our case falls on that distribution. And we use that information to recolor the images, and we make these gas exchange maps. If that's too much for you. All you need to remember is green is good. Green means that the signal intensity in that region falls in what you expect from a healthy person. Anything that's red or orange means that there's less Xenon here than you would expect. And anything that's blue or hot pink in the membrane means that there's more Xenon here than we would expect. So what's really cool here is that we have quantitative biomarkers of obstruction that's looking at that ventilation compartment, fibrotic and restrictive processes in the interstitium. That's all part of the membrane and we can look at gas exchange abnormalities with that red blood cell compartment. And we can do all of this with high resolution in a single Xenon MRI scan. Next slide. So what does this look like in bone marrow transplant. This is an example case of a 9-year-old who is transplanted for AML. He has normal FEV1 and normal DLCO. I'm showing each of those 3 functional compartments, the ventilation membrane in RBC and the histogram. So you can see how the signal intensity shifts around. You'll notice ventilation is green. Everything is good here. There's no airflow obstruction. You'll also see that red blood cell is also green. So gas transfer to the red blood cell is normal too. But what really stands out here is the bright pink in the membrane, right? Bright pink means that there's more Xenon in this compartment than we would expect based on the healthy reference. So what is this? Could it be an inflammatory process or a fibrotic process, something that's increasing the amount of tissue and stuff they're available to absorb the Xenon gas. We don't really know yet. And this is why additional research and clinical partnership is needed. Because once we understand what this membrane signal is telling us, there may be clinically actionable information here that we get back to the clinicians, and we can improve outcomes for these children. Next slide. We did a small pilot study cross-sectional to look at this gas exchange MRI. And what we were really interested in is how does gas exchange look in BMT patients with BOS. That's the blue bar compared to their peers without BOS, that's the white bar, the BMT controls versus healthy controls. So that's the green bars here. And we have each of our three functional compartments. And what we saw was that the BOS group had lower ventilation compared to their peers and the healthy controls. This makes sense. BOS is an obstructive disease. So that would give rise to lower ventilation. We also saw on the right-hand side that the BOS group had lower RBC transfer than healthy controls. So BOS is also impacting gas exchange. And then in the middle, we look at the membrane, we saw at the BMT controls, those are the ones without BOS, they have higher membrane uptake than healthy controls. So here, Xenon MRI is revealing both ventilation and gas exchange abnormalities across this patient population with a single Xenon MRI scan. Next slide. I'm going to wrap it up. Hopefully, I've convinced you that the BMT population needs innovative methods to assess loan health. And I believe Xenon MRI is just the right tool for the ticket. These are rare conditions that are medically complex. And some of these patients come into bone marrow transplant with pre-existing lung disease and radiation sensitivity. So we don't want to use CT scans to look at those folks. BMT is expensive. That's what I'm showing in the right-hand column, and I've circled a couple of interesting values on how expensive BMT is. And these patients have high ongoing health care utilization. It's a planned procedure with known elevated risk of lung injury, in particular, in the first year, and there's already a screening algorithm in place to look for lung injury. So this is an excellent place for Xenon MRI to step in and enhance clinical care. We know that spirometry is a lagging indicator. And in children, we might not even get the data to start with. So now Xenon MRI is very sensitive to early disease. It's allowing us to see that silent zone that spirometry isn't, and it's feasible in kids who can't do spirometry. It's the whole deal. And even better yet, there are therapies available to stabilize lung function decline. So once we detect it with Xenon-MRI, there's something we can do about it. Next slide. This is my last slide. So clinical care decision-making is already being impacted by Xenon MRI. We know that Xenon MRI is safe for repeated assessments. So here, clinically, we're using it to look before transplant to screen for lung disease. And we're using it after bone marrow transplant to screen for bronchiolitis obliterans syndrome. It's helping us differentiate real obstruction on PFTs versus deconditioning and poor effort. It's helping us understand response to therapy and intervention. That's what's being shown in the graph here on the right. So the bottom axis is the number of days after transplant. The black markers are the FEV 1% predicted, and the blue markers are an outcome from Xenon MRI. And you can see as this child's lung function worsens, there's a worsening in the ventilation images. And then around 2 years, her lung function stabilizes. There's no change in FEV1. But oh my gosh, look at this improvement that we see in the Xenon MRI. So this was very reassuring to the clinicians that she was having a positive response to the therapy that she was being given. And Chris mentioned this, too, some of these children will go on to have bronchoscopy. And so now we can leverage that spatial information from Xenon MRI to tell the clinicians where they need to go, and that will improve diagnostic yield from those invasive procedures. Again, Xenon MRI is allowing us to see not only the silent zone but the silent zone in our silent children, the ones that we can't assess with spirometry. And momentum to technique is growing at our institution. I'm so excited and honored to be in this space. And I'm glad that you're here, too. Thank you so much.

Thanks, Laura. Appreciate it. All right. Alan.

Yes. Thank you so much. And Dr. Walkup that was amazing to see that you guys are doing at Cincinnati Children's. It was great to be with last week and extremely exciting to see the progress that you've made. As Chris introduced earlier, my name is Alan Huang, and I'm the Global VP of Sales. Just similar to Laura, I'll give a quick introduction about myself as well. I actually have a PhD in biomedical engineering from Johns Hopkins University where I actually focused on MR physics during my PhD. I've had 12 years of experience in the med-tech industry, targeting customers in radiology, neurology and radiation oncology. And throughout my career, I've actually had increasing roles of responsibility within Philips across sales, marketing, product management and even research and development. So I've had a fairly broad background of experience and risk business functions. My last role before I joined Polarean was actually as the General Manager for the MRI division in North America, where I led a $300 million business and had responsibility for marketing, sales, service, everything that you need to run a business end-to-end. I'm really excited to be at Polarean today and excited to be speaking to you about our commercial strategy here. So our commercial strategy has been focused on 3 main pillars. The first one is converting our existing research base. As Chris mentioned, we currently have 22 customers around the world with a little under 20 in North America. We're working towards converting some of those existing research customers into clinical customers. Next, we're focused on targeting the top 100 lung hospitals within the U.S. that do a large number of procedures that Chris had mentioned on one of his earlier slides. I'll speak a little bit more towards what we're doing to target some of the pediatric hospitals as well. And then finally, we are working towards driving the utilization of our technology at our existing sites to really grow our consumables business. Next slide, Chris, One of the things that I started to do when I first joined the company about 6 months ago was to really build out our sales team. the criteria of people that we were looking for were people who had a background in radiology or radiation oncology capital equipment as well as people who had a background in pulmonology. As you may have seen earlier on Chris' slide, even though we market primarily to pulmonology physicians, the actual equipment itself is purchased typically by a radiology department. And so having that background in capital equipment sales is highly beneficial. Next slide, Chris. I'm quite proud of the fact that we've built out a very strong sales team with individuals that cover the different parts of the U.S., the East, the Midwest, the West and the Southeast and you can see from the distribution that the territories are well defined with a relatively even number of teaching hospitals across these different territories. We also have an individual on my team who's responsible for driving clinical adoption as well at some of those existing clinical sites denoted by the blue stars. Next slide, Chris. One of our recent wins was with SimonMed Imaging, which is a large diagnostic imaging chain in the United States with over 170 sites across 11 states. One thing that is great about SimonMed imaging is they specialize in using the newest diagnostic imaging technologies and bringing them to the community in an affordable and accessible way. Their logo, which is See Tomorrow Today resonates extremely well with our goal of visualizing lung disease at an earlier stage. You can see from some of the exciting linked inputs that Chris, our CEO, is very excited about this partnership, but also Dr. John Simon, who is a practicing thoracic radiologist himself is very excited about bringing the Xenon technology to the Phoenix, Arizona market. Next slide. We've identified some sales targets with the highest potential for conversion. We're targeting sites that have the MRI equipment that's necessary in order to go live clinically very quickly. We're also targeting sites within radiation oncology and other pharma industry trials that have done quite a bit of work on developing new technologies and bringing new technologies to market. We also have our top pulmonology indications as well where you heard Dr. Walkup speak about bone marrow transplant. Next slide. We are also working on expanding the market as well. So you heard from Dr. Walkup earlier that one of the items on her wish list is expanding the clinical indication for children all the way down to 6 years of age, which we will have within a few months. We're also focused on defining a value proposition around oncology that we've seen quite a bit of traction with over the past few months since I've been on board. And then finally, we are opportunistically looking at where we can potentially expand outside of the U.S. with life minded dealers who can potentially help us bring this to markets that have a history of adopting new technology and capital technology. Next slide, Chris. One of the things that we're currently doing to prepare for our pediatric expansion is engaging with as many of the top 20 hospitals, children's hospitals in the U.S. as we can. We're currently working with Cincinnati Children's, which is the top children's hospital in the U.S. and potentially even the whole world. We're also working with tick kids in Toronto as well as British Columbia Children's Hospital. And we've had a number of different conversations with many other children's hospitals as well. I'm extremely excited with some of the work that Dr. Walkup has done and how this may help us grow within this pediatric and children space. Next slide. As I mentioned earlier, we're also focusing our value proposition towards the oncology space. We all know that there is a lot of money in cancer. In fact, the U.S. oncology spending was $200 billion in 2020 and is projected to reach $250 billion in 2030. When you look at Xenon MRI within oncology, we can address all of the different oncology disciplines, starting from surgical oncology, where a tumor might be respected in the lung to radiation oncology, where we're targeting the tumor within that lung to medical oncology. And of course, you heard Dr. Walkup speak about hematology. And our technology can be used not only in free treatment planning but also post-treatment assessment as well as following up with the patient as they start to improve or as we start to track some of their lung function development after they had their treatment. This information has resonated extremely well with many of the cancer centers that we have been speaking with. Next slide, Chris. To that end, we have been targeting some of the key cancer centers within the United States, and we currently have active conversations in 80% of the top 20 cancer centers within the U.S. We're proud of the fact that we currently have -- we're currently working closely with MD Anderson and the University of Iowa and are looking forward to some of the results in the studies that we're working on today. In fact, after this call, I myself and headed to a cancer center that isn't on this list to continue the conversation in order to evaluate what the potential might be there. Next slide, Chris. And as I mentioned earlier, we are beginning to explore opportunities outside of the U.S. We're looking for like-minded dealers in countries that are progressive with new technologies and accepting of capital equipment who will perform the installation and service and will handle 100% of the responsibility. To that end, we've actually signed our first distributor agreement with Sumtage in Taiwan. I myself and actually Taiwanese, I'm from Taiwan. When I was there recently for personal trip, I was able to meet with several customers in Taiwan, who actually were already familiar with this technology due to some of the customers that we are already working with like Duke University. One of the pulmonologists from Duke also like myself, was Taiwanese and had gone back to Taiwan also for personal reasons and had shared the research that he was doing with this technology. And so there's already quite a bit of excitement within Taiwan to be able to have access to this technology. Next slide, Chris. Obviously, none of this would be possible without a dedicated reimbursement code as mentioned, we do have a dedicated reimbursement code. And in total, [ sites ] can receive up to $2,500 of Medicare reimbursement for each scan. We received this about a year ago and this has really changed the dynamic of conversations with many of the customers that we're in conversation with today. Personally, over the course of my career, I have had experiences with new technologies. And what I've seen is when you have a strong clinical use case like what we have with Xenon MR, a group of existing supporters like the Xenon MRI consortium and a dedicated reimbursement code for the technology, you can build a strong, successful business. This is one of the key reasons why I chose to come to Polarean myself. Next slide, Chris. And what we're seeing is customers who can do between 2 or 3 scans per week over a 5-year period are able to generate a return on investment with this technology. When we think about some of the top 100 lung hospitals that we're targeting, many of these have 20,000 to 30,000 patients that are eligible for this scan. And so what we're seeing is a lot of these hospital systems really need to scan between 1% to 2% of their total eligible patient pool to be able to really generate cash flow positive investment on this technology. So very excited to be here today. And with that, I'll conclude and open the floor for any questions.

All right Great. Thanks, Alan. That was great. Laura, I see you as well. [Operator Instructions]. So the first one I have here on the list is, do you have any update on the Type C meeting you had in December with the on gas exchange. So yes, I think we've stated that we wanted to -- we put a note into the FDA in order to have a conversation with them, which is a Type C meeting. to get further explanation of where we are at with gas exchange. We put that in just the day before Christmas eve, we got notification back, and we'll be meeting with the FDA actually this month. Let's see next question here. How is the clinical pathway change after obtaining the FDA approval for Xenon MRI at Cincinnati children. So maybe I'll let you [ tackle ] this one, Dr. Walkup.

Yes. Thank you so much for the question. So it's been really exciting. We've seen Xenon MRI now being integrated into the that these bone marrow transplant patients are having. So that includes they're coming here for pre-transplant evaluation. So they're having Xenon MRI done in addition to all of their other work up. We've also integrated it into our care algorithm for looking at BOS after transplant. Certainly, the kids who can't do spirometry, we're seeing a lot of them for Xenon MRIs, especially if they're symptomatic or having shortness of breath walking around those kind of things. We're also seeing patients who have declines in spirometry that are not explained by infection. And so we're looking at those patients as part of the algorithm to determine, is this person just deconditioned from being in the hospital for 3 months and not walking around a lot? Or are we seeing abstraction, are we seeing early signs that we need to be aware of and we need to be intervening on?

Awesome. Thank you, Dr. Walkup. Next question, how many of the 7 clinical systems you have been installed? So we haven't publicly disclosed that number, but most of them have been installed today are fully installed, but we're waiting on some site issues to get the rest of them installed and we're hoping to get these clinical places up and running sometime in 2025. And of course, we're also anticipating additional orders I think we had a question here, why have new sales been slow between September '24 and March '25, only one new customer was secured I think, obviously, we brought Alan on in September. We had been building up the pipeline. But just about a year ago, we only had one salesperson and now we have a good team of and we're steadily moving people through the pipeline, which is good. Alan, I don't know if you want to add anything else to that.

Yes, absolutely. I -- like you said, we've got 6 dedicated salespeople now. I am quite happy with how the sales pipeline is progressing with this enhanced effort. We have grown the number of customers that we're speaking to significantly and have a pipeline of opportunities to meet our revenue targets for this year.

So the next question is how many scans per week are being performed at sites with clinical systems? I think we don't have a great visibility to that. But I think you can talk to Dr. Walkup for this, maybe you can confirm, I know that your center -- you actually have 3 hyperpolarizers there, all 3 clinical hyperpolarizers or at least 2 clinical hyperpolarized systems, but you have 3 MRI machines that are capable of doing clinical. And I think you said typically on a weekly basis, you're doing somewhere between 5 to 8 research and clinical somewhere in that level, right?

That's right, yes.

Yes. So I think sometimes it's really difficult for us to kind of get the visibility there, but we know the sale of gas plant cylinders and other consumables. The past year has increased by about 50%. So we're confident that our efforts are leading to greater utilization, which is quite good. Let's see, another question here. What would be the impact of health care should the use of XenoView in pediatrics gets lowered from 12 to 6. Dr. Walkup, do you want to take that one?

Sure. So as I sort of mentioned, the it's challenging to assess anybody under the age of -- anybody under the age of 6 with spirometry, anybody under the age of 10 was spirometry. So allowing for there to be a label expansion for the XenoView, that would allow us to look at different patient populations. There is enthusiasm across this hospital to look at lung disease using this technology. A few things that come to my mind like sort of immediately, pediatric asthma could be very difficult to diagnose and treat. And so using Xenon MRI to better understand asthma phenotypes, preterm birth is a major contributor to lung disease in children. Cincinnati Children's Capital is a level for NICU that takes care of very extremely preterm children. And then we have a bronchopulmonary display center that follows those children longitudinally. So they've been very excited about doing clinical MRI scans to better understand lung function in those kids. And then I wanted to throw out to mention a cystic fibrosis because I saw this also in the chat come up. we do image a lot of people with cystic fibrosis. And you may aware that the current CFTR modulator as are really improving outcomes for children with cystic fibrosis. So they're living longer with more subclinical lung disease. So this is where we can leverage that sensitivity Xenon MRI to see airflow obstruction in children with normal PFTs and cystic fibrosis. And there's talk about -- this is still in research space, but using Xenon MRI to help individualized clinical care for people living with CF. So do they need to be doing their airway clearance every day twice a day or is once a day sufficient? And I think that there's room here for Xenon MRI to help individualize those care decisions for people living with CF.

Thanks, Yes, I saw that in the chat there which about -- I was going to actually put that one to you. So I'm glad you took that one up there. So another one here, great news about the clinical trial using gas exchange. There's a bunch of clinical trials using gas exchange and A lot of that work actually started to Duke more than a decade ago. Someone is asking here can confirm the pharma partner? No, we cannot. I would love to confirm the pharma partner, but I'll just say it's one of the very, very big pharmaceutical companies, which is a great testament. One of the also unique things is our partner, VIDA, does a lot of these lung trials using CT. Now with us, we're bringing MRI into the mix, which is nice. But this was a pharmaceutical company, a large pharmaceutic company that VIDA had not worked with before, which was great. Have the FDA approved the use of gas exchange even though it's not fully approved have I'm not sure I understand the question there. But in general, we know we have to do a study in order to get the FDA approval for gas exchange. It is, however, and we mentioned this a number of times, being used at some of our clinical sites as label I don't think Cincinnati has done it off label, maybe Dr. Walkup up, do you know if they've done enough label. Maybe basically -- well, I'll let you answer.

We've been mostly doing gas exchange in a research space only. I think that there's still -- we're still learning a lot about what gas exchange looks like in children. And so I don't think we're at the point quite yet where the clinicians are wanting to for off-label use. But yes, I do know that there are sites that are using -- that are acquiring the gas exchange off label right now.

All right. Great. It says, when do you expect a sale that is in partnership with Philips, GE or Siemens, is it likely in 2025. So maybe I'll start that, Alan, and then you can jump on to it. I would say the great thing about our partnership with Philips and Alan can talk about this, is how Alan and I first met, but in essence, what the Philips partnership is giving to us is it's giving us access to their customers, allowing us to kind of go out and work together with the Philips Group and have a good collaboration and communication with them. That's only fully enhanced since their boss now is with us, which is great. And then we do speak to GE and Siemens on a regular basis, which is also quite nice. And the great thing about bringing Alan on board is he knows a lot of those people. Some of those people he's worked with for years. They may have actually worked at Philips at some time. I don't know -- so in general, will we get a sale with one of these companies. Its potential to happen where maybe they're acquiring new MRI equipment and the sale kind of goes through one of these groups. But we're kind of working closely together with them. Alan, I don't know if there's anything else you want to add with -- about the MRI vendors.

Yes. A couple of other details. So as Chris mentioned, this is actually how he and I met because when I was the General Manager of the MRI division at Philips, I saw the value in Polarean, I had an individual online who is working very closely with Polarean, we saw with the reimbursement that Polarean had that this could be a way to access for a hospital to justify the purchase of additional MRs or on those MRs as well. And as Chris and I started to talk got excited about the opportunity here in Polarean. We have also -- and actually, when I was in Philips, I had invited Chris and his team to come and train the Philips MR salespeople. We are also working closely with GE and Siemens to have equivalent trainings as well. We did -- our last team has training in March of last year. And then we had our last GE training in November. So just continued discussions and conversations with the different vendors we elaborate with has really strengthened our ability to go to market.

Can you tell us anything on the updated sales approach or metrics you're using with the expanded team. Alan, do you want to take this one?

Yes, absolutely? So I -- yes, as Chris I've been using some of the sales tactics and approaches that I've honed over my 12-year career to advance the sales pipeline that I inherited as we continue to build additional prospects as well.

Awesome. How have you seen the recognition of Xenon MRI change in the past 5 years? Well, I haven't been here for 5 years and neither has Alan. And obviously, maybe Dr. Walkup, you can handle this one since you've been in this field for about a decade now.

Yes. I'm chuckling because I'm thinking about 10 years ago, going to academic conferences, all of the Xenon people would be together in a session, it would be the last day, be very poorly attended by anybody that wasn't already speaking in the session. So we were pretty siloed. And I would say, especially in the last 5 years, there's been on of interest in Xenon MRI. So you could go -- if you go to the American Thoracic Society meeting, and there's session on interstitial lung disease. They'll be a Xenon talk that's in that session. So there's definitely growing interest across the community engagement with clinicians people are starting to ask me and my trainees, more information about what would it take to get Xenon MRI at my facility at my institution. So it's very, very exciting. And I think, last year at ATS, there was something like 40 talks with Xenon MRI in them, and they were all dispersed across all these different patient populations and sessions. So it's a very exciting time to be in Xenon MRI.

Awesome Dr. Walkup. A question about how many clinical installations do you expect to complete in calendar 2025. I mean I think in general, there's a number of questions around this. We have our projections that are out there. We stand behind them. We've built a really good pipeline that we're targeting on. And I think Alan's group is doing a great job, and we're continuing to progress towards that. I don't know, Alan, did you want to add anything to that?

No. It's exactly as you said. We have a lot of different opportunities. New opportunities are being develop daily as well. As I mentioned immediately we conclude this call, I'm headed to another cancer center to have discussions with them about this technology as well.

Okay. Thanks, Alan. So do you expect any issues with the FDA approval to reduce the minimum age from 12 to 6 years old Well, nothing is ever solid, but I'm feeling pretty good about it. We've had a pretty regular constant communications with the FDA about our submission, which been last July. They don't actually have to move. They have about a year to move and come back with notice, but we've had pretty good constant back and forth with the FDA even as late as a couple of weeks ago. So while nothing is ever maybe guaranteed, especially around with the FDA, I do feel very confident that we'll hear something by mid-summer and be able to, as I mentioned, roll out into what we call a controlled market release at a number of centers. We're obviously going to start with Cincinnati Children's and looking forward to doing that with the group, with Dr. Walkup and the rest of the group there. So pretty excited about it. I know in talking to some of the clinicians like Dr. Heusinger, he's very excited, Dr. Walkup about getting this with the BPD patients. Maybe you could just kind of -- I don't -- did you expound on that at all? I don't know if you or not about BPD patients but maybe?

I just mentioned what BPD was. Yes, chronic lung disease of prematurity. And as neonatal care has gotten better and better over the past like 2 decades, there's a lot more children who are being born pretty earlier and earlier preterm. And many of the -- because the lungs are still developing in neutral, there's significant lung injury and lung burden that can come with preterm birth. And so Cincinnati Children's has a large bronchopulmonary dysplasia center that's clinicians and researchers working together to understand respiratory health and the trajectories of that over time. So if a child is born extremely preterm and now they're 6 years old and they're looking at on clinic, what is their respiratory health going to look like as their lungs continue to grow and age. So there's a lot of really engaged clinicians like Dr. Heusinger researchers like Dr. Woods that are looking at using Xenon MRI to help enhance clinical care for those born extremely preterm.

Sorry, I must have missed it. I've been reading the questions. I apologize if you had to repeat yourself there.

It's okay.

Yes. Let's see. So here's -- there's a few of them around sort of outside the U.S. Let's and take the first one here. What are your plans for Asia Pacific and other international markets going forward? Will you require more investment to pursue these markets. Alan, do you want to take that one?

Yes, definitely. Yes. So as I mentioned in my presentation, we're looking opportunistically at some of these other markets, especially those that are more willing to adopt new technologies. And then one of the things that is important to Polarean is looking we're for like-minded partners and dealers who will take on 100% of the responsibility from sales to service to install and basically take hold of that completely. Some of the markets that we've looked at, obviously, we've signed a distributor for Taiwan. We're looking into Japan, Hong Kong, South Korea, India and even the Middle East as well. So those are some of the markets where we think there might be some opportunities.

Yes. I think just from my standpoint, our main focus -- and Alan's main focus is on the U.S. since we've actually spent quite a bit of time and effort and money into getting the FDA approval and then also the reimbursement, and that's really where we're growing up and growing big. But like Alan mentioned, we're looking for these like-minded potential dealers. And from my experience in over 30 years of having done this, there are particular geographies that are more well adapted to bringing new technology like this and capital equipment like this on. And I think Alan kind of summarized those -- the reason I say that there's another question here, has there been any interest in the U.K. and Europe? If not, what time line would you envision. So again, I think Europe is a little bit of a difference where capital equipment is a little bit harder there. unlike places like Hong Kong, Japan, Korea, India, that kind of focus on capital equipment. We've had some interest from research side as well as beyond research. Obviously, we have two centers in the U.K., most prolifically is Oxford, who's done a lot of work for us there, in particular, a lot of work on long-COVID patients as well. But we will look up any type of opportunity that sort of makes sense for us. Switzerland comes to mind because that's an area where they can go off of an FDA approval. So again, we're kind of being opportunistic in these stages, but we are speaking with a number of people. Alan and I met with a number of distributors back in early December. One of those was actually Samtage at the North American radiology meeting. So there should be some more news coming in the future about other areas that we want to focus on as we find these like-minded investors. Here's a good one. Dr. Walkup for you. Obviously, there's a lot going on in the news these days in the U.S. From a researcher perspective, do you have any exposure to the wider NIH funding challenges.

Sure. That's a really good question yet. The first one I had to tell my mom what an indirect cost was. But at the moment, we haven't seen an impact on our research operations. Obviously, we're very cognizant of the situation and keeping an eye on how things are going for research perspective, we're still submitting all of our grants as usual and hoping that the process works itself out, but it is something that we are very aware of and keeping an eye on.

All right. Here's a good question. Thanks, Dr. Walkup. What does off-label mean? Yes, so I apologize. And do you make revenue from this? So -- maybe I'll just give a quick one here and Dr. Walkup, you can talk about it. But there are on-label and off-label procedures that are done in a hospital setting, off-label procedures be it doesn't have an FDA approval do that procedure, but a physician can actually ask it to be done even though it's off label. And of course, we would still -- if the procedure is being done and they are buying the gas to do it, we would obviously get paid. What doesn't happen though is off-label procedures are typically not paid by the government, sometimes private insurance may pay for it to not I don't know if there's anything else you want to add to that, Dr. Walkup?

Yes, sure. I'll add that in a pediatric hospital, many of the things, many of the procedures and drugs that are being used are already being used off-label. So there's -- there are private reimbursers that are reimbursing for our Xenon scans. So that are being done off label. So in pediatrics, the clinicians are not really shy about ordering procedures that they think are an official to the patient. And sometimes it's an additional conversation with the payer to justify why we're doing this procedure off label. But in general, that's a very common thing that happens in our hospital and those procedures are reimbursed.

Thank you. Let's see just maybe a couple more we're kind of go into a little past the time that we wanted to, but let me just answer a couple more. Can you talk more about the pharma agreement in that vertical business I think we're really excited, obviously, to get that done. Alex Dusek, our Chief Business Officer, worked extremely hard with VIDA. I think I mentioned that. And I think the first one we get done and we'll kind of fell others to get done. I think I mentioned earlier, people are asking who the pharma company is. And we obviously can't mention that at the time. But we worked really hard with our customers, including Dr. Walkup on some of the trials that they've done. They're at Cincinnati with a number of different drug companies, and we're continuing to drive and build that pipeline with our partners at VIDA. Maybe just one last one here. Okay. What more does an MRI manufacturer want to see from an imaging technology like XenoView to more formally -- the question went away. I think it was asking basically about specifically about like what MRI manufacturers want to see with the technology before they'll jump on board. I think in general, maybe the 3 of us can answer this, but -- and especially maybe Alan, since he came from one of the big 3, I think that obviously, these big manufacturers are dealing with a number of different things. They're trying to bring new technology on board and they're very large, right? So new technology might take them a little bit of time to adopt. But we've seen, obviously, Philips jump into it and get really excited about it. We were -- just all 3 of us. We're just at the Xenon consortium meeting. And all 3 manufacturers were there and presented and they all are building out particular things in their pipeline in order to incorporate Xenon. I don't think there's much more that you can say then to validate that. I don't know, Alan, do you want to add something else on to that?

Yes, definitely. So just coming from Philips, a lot of times what Philips is looking for is, is there going to be adoption of this technology? And so being able to work with some of those existing Philips sites to bring this technology to those sites and then seeing some of the potential revenue stream that Polarean can help contribute to fill up. Sometimes an upgrade on the MR is required before they are able to do the Xenon procedures. The companies to the big OEMs do like to see some of the proof points there in terms of the revenue that we help them bring in as well. So we're definitely having those conversations. That's how my team adds value to the Philips and GE and Siemens, sales organizations as well. And hopefully, as we build up more momentum, they'll see the impact that we're able to bring. I do come back to the fact that our procedure is reimbursable. And that is one thing that GE Philips and teams all see as potential for helping them drive additional upgrades on their MRIs or even additional orders as well as we've seen with one particular customer.

Okay. Maybe Dr. Walkup. You are a Philips Center. I know obviously, you have 3 multinuclear that are set up there now. And I believe you also have GE systems there. So I don't know if you want to add anything into that?

Yes. I'll be brief. Yes, we -- yes, we're briefly -- we're just getting into the GE space. And I think what's exciting here as a researcher, we've had this deep partnership with Philips for a number of years on the research side. And now Philips is coming to us to ask questions about how to develop the Xenon MRI pipelines for clinical utilities. So what we're doing, the research that we're doing is actually helping to enhance and impact that clinical adoption by all of these manufacturers. And so I think that leaning on the research side, thinking about the partnerships with the Xenon MRI Clinical Trials Consortium that represents like all 3 of the major MRI manufacturers. Everyone there has really good research partnerships already starting. And so now that's becoming also this clinical partnership with each of those manufacturers. And it's just an exciting time where we're seeing that translational that bench to bedside pathway for the Xenon MRI happening right now.

All right. Well, listen, I want to thank Dr. Laura Walkup for presenting, answering the questions and also you, Alan. And I want to thank everybody for joining us today, all the investors, analysts and other participants and for your interest in Polarean. So with that, please enjoy the rest of your day.