Quanterix Corporation (QTRX) Earnings Call Transcript & Summary

All right. We're going to kick it off. Good afternoon. I'm Tycho Peterson. It's my pleasure to introduce our next company this afternoon, Quanterix. Just a quick reminder for folks that want to ask questions to submit them through the website. With that, let me turn it over to Kevin.

Thanks, Tycho. Really excited to be presenting today. This has been a 15-year journey of hiring precision health and trying to understand how the proteomics revolution, we think, can have a very disruptive opportunity to affect and impair a lot of the diseases that are out there. And so today, I'm going to go through these agenda have vision and strategy for disruption and creating value. We're going to talk about our DIFI methodology that we've been deploying that really allows us to have a market-driven vision it's almost like we learn about the killer application. And then we go into various companies, and we evolve that technologies that we think can fulfill that vision. We believe there's an opportunity for true proteomics leadership as part of this. We're going to talk about research and diagnostics and how we're leapfrogging commercially into the payer groups. Also, we feel like the progress has been almost like a grand slam in the first inning. So we're pretty excited about the opportunity of what we've been able to do for the world in COVID, but we think it's actually built us a highway from RUO into diagnostics that's going to have many different vehicles going through it, including neuro tools after COVID diagnostics is established. We also believe that this is going to transcend and play a major role in Alzheimer's disease, where there's already the concerns that some of the COVID realization longer term and long haulers could actually create early Alzheimer's and/or other types of neurodegeneration. So there's a pretty important long hauler studies that are going to be critical. And we think this whole ecosystem can be catalyzed by many of the advances that we had in 2020. There is basically the big 3, neuro, COVID and immunology that we feel we're going to be driving for disruption. And then we'll close out with what we think the overall proteomics opportunity is when you look at the landscape of discovery through translation and into diagnostics. So with that intro, I would start by saying last year, we showed this slide -- first slide, we said research on the left, diagnostics on the right. We talked about the execution story of no regulatory reimbursement risk. It was actually Tycho that talked us into starting with execution where there wasn't regulatory and reimbursement risk. Make sure we have the validation before going into the aspirational side of our business, which is the diagnostics, where the TAMs are typically 5 to 10 times larger. And so we basically have 1,000 third-party peer-reviewed publications now. We've got over 1,000 trials that have been done Phase I, II, III drug trials. The most advanced and fastest adoption I've seen in pharma, and I've been running companies for 25 years in this landscape. We went from $0 to $85 million of revenue in that 4-, 5- or 6-year period. Since going public, we've actually doubled our growth because many of our investors give us leads to try to get their pharma companies if they own stock in to get their drugs approved. And they do that at the C-suite, which is very productive and helping us create rapid adoption and disruption. We have raised about $350 million. Our valuation has continued to evolve very productively. The growth catalyst on this execution side are just increased the penetration in neuro but now because of the COVID advances in diagnostics, we're going to go backwards into research for the long haulers and drug trials with Gilead, Lilly and Regeneron, we think it's important to get drugs for COVID from research and the vaccinations as well. There'll be a lot of new research. And in immuno, we're Going to use menu expansion, and we're going to actually go after drug and population trials to significantly ramp our growth. We're going to scale consumables with our new COO that's got a plan to bring PPH, the Powering Precision Health ecosystem inside of our company in the commercialization of our company and driving that throughout all of the mainstream scaling that we have to do to catch up with all the growth that we can see over the next 3 to 5 years. And we're going to expand into the upstream discovery tools at a later date. We think that Sear -- 908 Devices were on the Chairman of 908 as well, as well as Berkeley Lights and SomaLogic and Olink. These are -- these companies have great discovery tools that we think will further fill the pipeline, and we are going to be downstreaming that to try to advance the value creation over from translation trials into diagnostics. Hey, on the right-hand side, we didn't think that we would be this far along. We thought it would take 3 years, but we did sign that ABI deal, nonexclusive, $10 million upfront. With $25 million of milestones and some royalties. Plus we did a Siemens deal just for NFL to further build the highway for our NFL with the FDA. And we've had numerous pharma advances, particularly in this Alzheimer's landscape where it's gotten very interesting with Biogen and Lilly as well as Novo Nordisk. We got a lot of opportunities, we believe, to either allow earlier cohorts of disease, where it's easier for the drug to be efficacious or to further enhance the cohorts by eliminating Lewy body syndrome and frontotemporal dementia from those cohorts so that these drug trials have a better chance of being efficacious. We also are so excited about the payer acceptance for our cost and outcome models with biomarkers. We think that's going to revolutionize our opportunity. Hey, the NIH discovered us this year, exciting, the RADx program. These folks work around the clock, they gave us $20 million to just build out our highway for diagnostics. And that FDA ecosystem having an opportunity to meet almost weekly with Tim Stenzel, the product -- the Director of the FDA around some of our disruption, they've been just amazing. The FDA in the RADx personnel been working around the clock. Now NIH in some of Francis Collins and also Tony Faucher's organization has got some of our technologies because of our ability to see the virus in blood and the importance of that. So hey, the short and long-term growth catalysts in this area would be COVID EUAs, I would still consider that more of a onetime event. However, the road that it created for us allows a lower risk, better return neuro 2 entry leveraging that COVID highway. And then liquid biopsies. Initially, we probably will be partnering with those that are trying to bring proteins into this solution like Thrive, Exact Sciences and Freenome, but there's also the optionality of a vertical at some point. And then advance the payer outcome, leapfrog, we think this is a big opportunity, not only for research side, but also for the diagnostics side. So hey, we've shown this slide many times over the years. It just basically says, invasive is on the left, and it's when you actually are able to diagnose the disease on the x-axis. And you can see here that with today's current detection technologies, it's very late-stage for cancer, neuro and even COVID after symptoms. And so when you look the click, you see what our sensitivity can do to both axises, and we think both axises are critically important for today's solution and really important for COVID, which we will showcase. We think the protein and the proteome is so important. It's all these genes on the left, there's a lot of, what I would call, content, but the utility is extremely high for the protein but yet the coverage and the content of protein is still only 5% to 10%. So we got a lot of opportunity and as we've shown in the past, the identical twins story basically says you're born with the same DNA, but yet you grow up later in life and you have very different elements of disease. And so most of disease is associated with the way you live your life, those environmental triggers. And it's the protein that helps you differentiate that. So our whole vision has been, let's get the same sensitivity on the protein that we have on the DNA and that will allow a revolutionary opportunity for the protein to play a major role. And then here's the sensitivity. Going from analog telephone to the new iPhone, we've created the ability to have 1,000 to even 100,000 times with our newer pilot demonstrations, sensitivity on the protein. There was a time, a lot of people said, well, what's the point? You don't need all that sensitivity. Look at -- today, there's 1,300 proteins in research that can be measured with today's sensitivity and look at Abbott, Roche and Siemens, they have the huge ELISA $22 billion worth of value in these proteins. And so there's already a lot of proteomics establishment. But if you can get down into these very good high levels of sensitivity. You can see lower abundancy and do it less invasively, which the right-hand side shows that is -- can be transformative. And that dream that we've had for 15 years, we're starting to now see the validation of it with the 1,000 third-party peer-reviewed publications as well as just many advances in pharma around it. So here's the real trick that we felt we had a lot of influence with learnings from our PPH ecosystem, and that is that if you have great sensitivity on this x-axis, you can convert that to early detection, less invasive testing, multiplex without giving up sensitivity, you can dilute samples, eliminate matrix effects and still maintain your sensitivity. And then you can quantitate and tell you how much there is. So having less invasive, smaller samples, new biomarkers, even like in the field of Alzheimer's, it used to be you'd measure total tau but if you look in the cerebral spinal fluid, you can find subtypes with today's level of sensitivity, but CNOs in blood is what we can do. And now there's like 5 or 6 key subtypes. And so pTau-181, pTau-217, even 231. These are subtypes that are actually great for a stratifying disease and ensuring you got good specificity on the actual Alzheimer's disease that your agent is going after, multiplexing and help unravel the single molecule heterogeneity is key for this counting ability of this technology. So early detection, health to disease continuum triggering the home care post Zoom, this is key to have home care capability for testing and sample collection. And that, I think, is enabled by this sensitivity. And even like finger pricks and saliva, there's a lot lower concentration. So disease progression monitoring is one area you're going to see us get into and neuro first. But eventually, we think it can play a major role in preventing and having much better cost outcomes with the payer groups. This was a slide we've shown where -- it started with concussion, but you can see the blood on the left-hand side of this on the right-hand side, has a high concentration of NFL, amyloid beta and tau but when you want to see those same proteins in blood, they're at about a 50x lower concentration so that's the secret of taking a really relevant protein and then being able to see it noninvasively significantly increases its utility. These are some of the big trends that I think have changed the world this past year, the rise of home care and the need for it, employee and student entertainment safely without the virus, prevention in asymptomatic medicine, we think is going to be now very much being realized through COVID, but ultimately will play a big role in a lot of other areas. Inclusion and equity, getting to those that are less capable to get access. We think that these technologies can move into these areas where there's -- the underserved, get a real opportunity to have the same health. The proteomics disruption, to me, is going to be the key to this future advance. And immunology and viral mutations will become commonplace and long haulers from these mutations, the impact it has on the immune system as well as on essential nervous system. And we think the centralized trials through the payer groups and being able to access through home care sampling is going to enable a whole new economic and a better approach for getting earlier cohorts into these disease and drug trials. Now I'm going to try to summarize the various steps that we're going to try to take on our TAM over the next 5 to 6 years. This is a long-term play, but we're really strong on the bottom left corner in research. For neurology. That's where we really started. And post COVID, it allowed us to cut across in COVID and go into the diagnostics side with these EUAs. That has been game changing. So we're going to leverage that up to pull neuro over into that upper right corner over time. And we're also going to go backwards into COVID and really bring out what we think are drug trials, vaccine trials as well as long hauler profiling so we can better understand why this virus for 20% of those that have had severe symptoms, they can't eradicate those symptoms after 6 months in some cases. And a lot of it is there's a belief that the virus is still hanging around, the immune system can't quite shut it down. So seeing it in blood has been key to that, and we think there's a lot of research opportunity. That takes our TAM from $30 billion up to $32 billion. And then if you look at the right-hand side, when you get into immunology and oncology, the liquid biopsies, you can significantly see the evolution of that TAM. So trial decentralization and health screens also enable a big piece of this. And then as we said, someday, it will be good to go back into discovery and further enhance those discovery tools and the more proteins that are coming through the pipeline, the more value that can be created. So in our priorities for the next 12 months, commercializing these EUAs is really something that's very important, and we're going to do that for the world. We're going to drive leading edge research on that long hauler or we're going to convert to novel differentiated commercial applications that we learn from the research work. In the neurology vertical, we've been talking about a single site IVD or single site LDT for really a couple of years. Now that we've broken across with the EUAs and have good relationships and credibility for our technology, we're going to keep evolving that opportunity. There were 2 drugs that were approved this past year for MS with our NFL as first and secondary endpoints from Novartis and Roche. So we got a lot of demonstration in MS for residual disease. But ultimately, the Alzheimer cascade is really where the significant opportunity. And the immunology expansion will come via really just the evolution of the cytokine biomarkers that are being used in COVID. And then disrupting health care is really the payers outcome leapfrogging into decentralizing trials. So hey, when you look at the progress of this past year on the COVID side, the EUAs, the $20 million from the RADx, all these new FDA NIH ties, the payer adoption leapfrogging into population studies, running 5 IRBs right now for the one of the largest payers. And then the leading edge research that comes from that. In neurology, we just launched pTau-181, which is specific for Alzheimer's versus Lewy body dementia as well as frontotemporal dementia, significantly allowing better stratifications. This was I think one of the key moves of most of those in Alzheimer's are looking at 181, and so we're really happy to now be able to do this in blood versus in CSF. And there's a broader neuro panel that we also launched that's got many of these markers for neurology. So Alzheimer drug trial momentum is going to be big for the first half of this year, and I think all year. MS drug approvals for NFL will continue. And we really grew our fleet of HD-Xs 48% by year-end, our HD-X of the HD1 HD-X and we had a strong growth. We also piloted 100x greater sensitivity. We had record publications. Almost half of our publications came in this past year, over 1,000 now, and we did raise $100 million through a secondary, but another $30 million nondilutive through the Abbott agreement plus some -- the NIH money, and we grew our lab services. So this basically gives you a sense of that advance that we've had. It's pretty big. On the publications front, you can see over 1,100 at this point. The number of biomarkers by the different disease categories shown here, mostly in the area of immunology and oncology, but the 96 that are in neurology have a lot of utility opportunity, really 10% penetrated in neurology. And the number of instruments, you can see how that has evolved even during this COVID crisis year. And a lot of the movement was in our laboratory services that are very strategic, and we can see the advances there that we made in the number of drug trials that were running in red. So that's a continued evolution of the economics. And on the right-hand side, you can see that our growth was on a top level, 50%. But if you go non-GAAP and just look at the real business, many thought that, that would probably decline because of COVID headwinds, but we really had a great progress on so many key fronts, which we're very excited to say, the employee group at Quanterix, I've never dealt with anyone in my life that's been so committed, so much believers in helping the world and just doing everything they can, working around the plot. And you can see we've had a pretty systemic and very methodical growth but since going public, our CAGR has actually been more like 50% because many of our investors who own pharma stocks trying to get those drugs approved in those pharma companies have been part of our sales force and helping us get to the senior levels in pharma to help them with our biomarkers to get those drugs approved. So going public has been a big boost. And so you can see on the left, your 80% increase in the accelerator revenue. 48% of the fleet is now HD-Xs of the HD-1s, 180 instruments placed this year, we went into the year thinking if we could do 170, that would be huge, and that was before COVID. So we actually outpaced that significantly. And we did have pretty strong consumable growth in Q4, which further suggest that we're starting to see some revitalization. So here's the geography customers' diseases. And we've got a good balanced mix. We got to do more in China and Asia. We're working on that this year. We still have a concentration primarily with pharma. That growth continues very strong with all these trials. The neurology did grow 30% to 40% in Q4, but on a total last 12 months basis because of Cove, there was a little bit of a pullback. And then on the bottom right, you can see that we did grow our accelerator in consumables in Q4 nicely, which is the most strategic part of our business. And so when you look at the dashboard of things we said we would do last year, across the board, we got greens. We did everything we said, plus we did a lot more. I won't go into these details. This will be in the package. But when you look at 2021, we've got a lot of things we're doing to penetrate neurology, and we want to go for 65% of that of the HD-X being the installed base by year-end of all the HDs. And we want to see measurable progress on the neurodiagnostics vertical and payer pharma drug trials, we think, are going to be key for getting at Alzheimer's and many of the neuro diseases. And COVID, we want to go ahead and drive antigen and serology, but don't -- think of that more as one time, even though we're going to be placing these in strategic locations where we're going to have a lot of durability of longer-term growth because of the things that our technology can look at. But the RADx scale-up is key and getting that all executed with our new COO. We got a lot of work to do there. Will Geist, he's a great guy. My whole senior team, Mark Roskey, Dawn Mattoon, Amol Chaubal, these folks have just literally believed completely in what we're doing and haven't stopped because of the possibilities that we can see to help the world. And so expanding the payer surveillance studies is key in COVID as well. And in immunology, we wanted to get into this with our SP-X where we can do multiplexing tem plexus of cytokines, there's a lot of issues with COVID long haulers, but also going back into cancer. And we see opportunities to team up with the NIH, who's using our right now, in Tony Faucher's groups, a guy named, Chip Lance, is actually doing a lot of work looking at different drugs, using our technology as an endpoint in blood. So this is key to get better therapies in place and linking them with payers and with pharma for some of the Alzheimer's trials and for the antibody enhancements and drug modulation -- immune modulation trials, we think are really important opportunities. In the financials, we've been saying 30% to 40% research CAGR growth and we're continuing to maintain that today that we feel very comfortable with that. 105 HD-X placements this year, 60% of those will be new installs. Last year, it was more like 50%. And 140 new SR-X SP-X placements and on the platform leveled, operation, scale Quanterix with Will is really important, to find the pathway to deploy 100x sensitivity in the field is key. And then this DIFI, the disruptive innovation, 5 steps in our ecosystem, making sure we continue to develop those disruptive relationships. And this is that -- bringing innovation to patients quickly. It's a nonprofit that sits outside of Quanterix. Investors are invited, but we have all the top KOLs in infectious disease, oncology as well as neurology. And certainly, the points that we're now starting to see across neurology and in all aspects of it. So when we look at these opportunities to bring it together, we see that brain health, COVID and immuno onco is really where the disruption is going to occur. Now I wanted to show you the DIFI system that we use to commercialize starts with a greater purpose. Let's take cancer and Alzheimer's down. And now we're talking COVID. Let's work with the PPH ecosystem, bring the best culture and leadership where you're transparent and you really work with your people and let them teach you the way to proceed. And we've got an incredible culture in our company, very inspired, very focused. And now the strategy road map we're laying out and make sure we have superb execution like we've had really for many years. I think it's 13 quarters we've been public now, really crushing expectations each quarter, and we think it's really important to continue that. And now to scale Quanterix with this DIFI model. And over on the left, you can see all the different constituencies that come to Powering Precision Health. And it's all of that breadth that takes a village to truly go after a disease. We're going after drug and therapy first with biomarkers, but second, disease prevention. And these are some of the universities and companies and agencies that we've been working very closely with this year that have made major advances but the key here is putting them into the ecosystem and having them share information back and forth. And there's even some other ecosystems like what Leroy Hood is doing with ISB and some of -- we just presented earlier in the week with his overall effort. The Milken Institute, we've got the Global Peter Drucker. A lot of other places where we're trying to really disrupt quickly, bringing innovations to patients quickly. And so the other part of this would be the neurology is poised for value creation. There's a kind of a 3-step process that we're deploying. Drug development, biomarker adoption first. You can see the companies that are utilizing our technology down below, then demonstrate the clinical utility of those various drug trials second and making sure that you can show the efficacy, and you can see 6 key biomarkers that will be paramount for our growth. It was really 7 there because there's 2 amyloid betas, 40 and 42. And then the agencies to help us move it into diagnostics and launch. And we actually see this cycle really working productively. The more we have access to the clinic, the more the farmers want to work with us because they know if they can bring a companion diagnostic to expand and increase the probability of getting approvals, they could then rapidly get that deployed in a diagnostic setting. And the more that they can do, the more interest they have in working with us, which helps our research side of our business. And the more we work in research, the more we find those critical molecules that we need to bring this sensitivity to lower the invasiveness and see the diseases earlier to bring to diagnostics. And so we think this is the juggernaut fuel engine that helps us really evolve. And across the board now, you can see almost every pharma and biotech, this has been an incredibly fast speed of adoption across all sectors, including most research institutions as well. So hey, is it the right drug? This is just in the area of neurology. We had 2 drugs approved this year from Novartis and Roche that used our NFL. And if you're on the right drug, you might die standing up with MS. But if you're on the wrong drug, you could end up in a wheelchair. And so getting people quicker to the right drug is where we think NFL can play a major role in disease progression monitoring. There is now 300 or 400 third-party peer-reviewed publications showcasing that capability. Now this is a game-changing chart because you may have seen us on New York Times and Bloomberg this past year where they have proven -- a lot of neurologists have proven, they can see Alzheimer cascade. And they use familial Alzheimer cases in order to get this proof where they can see elevated NFL, elevated 217 as early as 16 to 20 years before dementia hits. Now that was game-changing. And that was kind of a research trial. But then you watch what's happening over on the right side with what's going on at Biogen with aducanumab. And now Lilly, there's new interest and more inspiration being pumped in. And who knows if COVID does have some deleterious effects on the central nervous system, could it trigger earlier Alzheimer's or earlier Parkinson's. And so even COVID, we know could have some implications based on our NFL being able to measure a lot of this. And so getting pTau launched this year and looking at 217 lines sometime this year, there's correlations in a recent publication showing it correlates to CSF biomarker measurement. That's in the cerebral spinal fluid, which is a $5,000 very painful spinal tap, or PET imaging, which is $5,000. And that correlation creates a whole new opportunity to bridge between research trials over into the diagnostic side. And once a drug gets approved, we think there's incredible opportunity for there to be a diagnostic and a health screen to move people into the drug using blood testing. And so as we've seen this evolution on the liquid biopsy side, we think that there's a liquid MRI for the brain side that we are helping disrupt with a lot of our relationships. And we cannot say enough about our partner, customers as well as the agencies and then in our employee group and the investors that have really bridged us into many of the leading neurodegenerative trials. And you can now see on the left-hand side, it used to be PET and spinal taps across all those biomarkers, but all those diseases in the center can be informed and opined on by now seeing many of them on the right in blue, we can already see them in venous draws, and in some cases, the dry blood spot or the fingerprint. So I wanted to now move from neurology to COVID to give you an explanation of how this asymptomatic technology is playing a role. This is a typical COVID patient, day 0, the antigen, which is the virus starts to elevate and by day 6, typically symptoms appear. Here is the challenge is that the most contagious portion has been shown to be 24 hours before the symptoms. Normally, it's the sneezing and coughing that creates the spread of the contagion. But in this case, it's actually happening before symptoms. And so we've been measuring with many of our parties around the world in the hot zones, all the cytokines and even the interferon alpha, which is the first spike, this is the innate immune system trying to fight the virus, and it pops up and we could see there's papers out that if you don't have the right interfering response, it can trigger a cytokine storm. And those are the patients that get pneumonia and end up on a ventilator. And then there's this innate immune system that starts to fight it downstream. And you can see when those curves hit. Now here's the challenge is that today's technologies, most of them, particularly for those that have only been approved, which is 90% of them for symptomatic testing, they're only really seeing a lot of the tops of these curves, and you see so many false positive negatives occurring. And many times, particularly before symptoms, they're told that they, I think, 90% false negative rate because it's hard to harpoon the virus through the nose when you don't even have symptoms yet. So that's been one of the delicate problems. So this detection window is what we are looking to expand, the promise of expanding that with our sensitivity is a lot of what we've been able to do in many of our trials, and we're further advancing this. And this is, we think, key to many aspects. So whether it's looking at the innate immune system with our cytokines, or looking at those that lost taste and smell and brain fog with our NFL, and now with the quantitative serology EUA, and now as of a week ago, we've got the antigen EUA that allows initially nasal flaring geo and what the payer groups interested as well as many of the universities that have the interest of trying to see the -- and see contagion and infection before symptoms, we're hopeful that we can go after asymptomatic claims in the future. And so this gives you a comprehensive look. You can see on the bottom right, the antigen coming down on that curve, while the antibodies are going up. Being able to have that longitudinal precision is key, we think. And right now, we've got a menu. It goes all the way around the body for all the different symptoms that are going on, and we have biomarkers that can help that research effort. So we see some key accelerators moving us and COVID into diagnostics. It starts with expanding manufacturing to regulatory quality capabilities with all that RADx investment that they believed in us for, and we thank them immensely because that was incredibly helpful, $20 million. The FDA relationships become very credible and it's enabling major payer and population surveillance studies. We've got 5 IRBs already underway for one of the key payers. That payer has also bought instrumentation up at their labs. And so this is key to further advancing the menu. And so then builds distributed infrastructure to track to support the future for the Neuro CDx and then COVID PPH think tank is connecting the dots for what we think are the next-gen viruses that will be coming behind COVID '19 as well as what drugs can totally eradicate the long hauler issues and vaccine efficacy. So for our go to market, we're trying to be strategic and place them at universities and that payers for residential and university kind of testing. We actually hope that many of the leading scientists at these universities will create the durability of those placements into these other areas once the vaccinations that are occurring start to take hold. So we're looking for more strategic longer-term benefits of this opportunity versus the short-term almost onetime gain. So our focus is really on pre and asymptomatic testing. We want to expand into nasal, oral swabs as well as saliva and dry blood spots. We got a lot of samples we're working on right now. It will take time. So don't buy our stock based on COVID, don't buy our stock based on diagnostics. We've always said that there's a lot of value creation opportunity just in research where the risk profile of us executing is much better. So our value proposition really moves into home collection and use that sensitivity to also enable pooling. So hey, then the final slide here, we went through neuro, then we talked about COVID. And then in the area of cancer. Cancer doesn't discriminate who gets it. And whether it be Beau Biden or Alex Trebek or Angelina Jolie, who never really got cancer, but took an aggressive action of the double mastectomy prior to letting it get to her or Al Roker's PSA, we think seeing it earlier, less invasively has tremendous potential. We already can see many protein markers that others can't that could further increase their algorithms in the liquid biopsy area. So seeing proteins in blood or less invasive samples with a lot of specificity and sensitivity, if that is what's needed to really drive the algorithms that they have, we're the company that can help you see that. So I do want to make a comment before leaving this section around the payer disruption and the leapfrogging into outcomes, we actually think because of COVID now, these -- at least one major payer sees tremendous long-term impact of looking at biomarkers quarterly of their members to see disease long before symptoms. And that could change the whole diagnostic industry. So there are today known biomarkers and known therapies like MS, we have the NFL, in diabetes that's true, in COVID now it's true. So there, you want to deploy now. Then there's this known biomarkers, but no therapy. Alzheimer's doesn't have a therapy yet. You may not want to know 15 years before that you have it until there's a therapy. And so how can we team up with the payers to help get their cohort of their membership to help enhance the cohorts of earlier and more precise stratification with these biomarkers. And then C, let's look at long-term studies that look for pancreatic cancers and many of the late-stage symptomatic diseases that are very lethal. Let's look for 10 years and track biomarkers for that whole 10-year period quarterly and look back when those diseases come into the membership and see what biomarkers might have been able to reveal it earlier, and that will be what we call the discovery effort C. So hey, when we look at this overall transformation of technologies, we saw the analog go to the iPhone, incredible productivity over the years. But that was for somewhat every institution, we think the health care industry can really benefit. And if you look at what's gone on in genomics, and the value creation of next-generation sequencing in the way that has evolved very productively. And you're now seeing some major consolidation occurring of key players. We think that it's time for proteomics, given what I said earlier around being more phenotypic, given greater utility. And it's only 5% covered right now. If we can get the sensitivity of the protein to be equal to DNA, which we now are able to do in many different biomarkers, we think there's a serious opportunity. So if you go back and look at Illumina, one of the things I found interesting and our founder, David Walt, what an incredible founder that is running around the clock during COVID with our technologies and really spurred us on initially to the possibilities of what we could do for COVID down at Brigham and Women's with his own installations. But with that, Illumina did buy Solexa and they created a big pipeline of DNA opportunities through the pipeline. But a lot of the value ended up being captured downstream by the companies that use that technology. So they spun Grail out for $1 billion. And then they bought it back for $8 billion. So now they're more comprehensive. We think our case is a little bit different because the ELISA, which is all we're doing, has been around for 50 years with Abbott, Roche and Siemens. All we've done is digitize it. So it's a much more common technology. It wasn't -- didn't require the pioneering that next-generation sequencing required. We sit at the end of this pipe translating with greater sensitivity, lower invasive sampling. So we bring the utility of the protein at the end of the pipeline in these trials. And then if we can get to the right-hand side, just like with the Illumina discussion, there's a lot of value that sits over on the right-hand side. And we're starting to see the protein, even in liquid biopsies, with Thrive being acquired by Exact Sciences and Freenome. We do see real opportunities for the protein in that landscape. But we're starting by going into COVID, as we pointed out earlier, and then we're going to try to pull brain health into that landscape for MS and Alzheimer's. And then down at the bottom, the health screens with the largest kind of payer groups, we think that, that's really the revolutionary commercialization. And so that pipeline, based on all of the advances of the discovery side of this pipe with Seer going public and Olink -- and Olink hasn't gone public, but 908 Devices and Berkeley Lights have. But there's a lot of valuation and a lot of focus now on getting proteins. Now their sensitivity isn't ours, but if they use that sensitivity, where the concentration is highest on cerebral spinal fluid and biopsies, they can really uncover, we think, for the next 3 years, a lot of new proteins that will further allow us to refine them and translate them into the value that is sitting there and available. Ultimately, we should probably advance the sensitivity of the left-hand side, and I think they'll be advancing it on their own as well. But we do think the reason I'm working very closely with 908, they got some of the best engineers in the world and I've gotten to see them in action. I've been on that Board for 7 years, and they just have the ability to innovate and organically move into new categories. And so getting the sensitivity of Quanterix upstream in discovery someday could also be very productive. So in summary, go back to the first slide, we showed this last year. Execution on the left, aspiration on the right. We didn't think we'd be into the diagnostic side of this for another year or 2. COVID has created a really interesting bridge for us, and we do think that we've got really solid short and long-term growth catalysts in both research and diagnostics. And it's a symbiotic relationship that being in both actually is better serving the other side. So keeping them combined, at least for now, is creating, we think, a lot of opportunity for further advancement. Hey, why not have an aspiration 2.0 so many investors says, well, where does this ultimately go? Well, the vision of PPH and what we're doing in that area is looking at digital health and bringing the marriage of biomarkers in the body with wearable devices. And even the largest payer group is very fired up about this part with us, but someday, could we have a biomarker watch which could be like a Fitbit on steroids, to augment and see disease long before it presents symptoms. And so we do think there is an aspiration to continue this evolution all the way to that level. So Tycho, that's it. I hope that serves this audience well, and thank you for the time.

Great. Well, we are at the end of the session. Kevin, I'm just going to ask you 1 or 2 quick ones just because I want to get them in. The Lilly Alzheimer's data, big, big news this week. It's obviously -- had a good reaction in your stock. Maybe just talk a little bit about what that means for you guys and the program?

We find them to be incredibly advanced in the way they think about Alzheimer's and biomarkers has been playing a major role over the years with them and they've taught us a lot of what they're looking for. So we actually believe that pTau-217 and pTau-181 as well as NFL, all of them can play a role that we talked about stratifying and improving recruitment for earlier stage. And I think Biogen, Novo Nordisk, Merck, Takeda, a lot of those different neuro pipelines can benefit from those 2 factors, recruitment and enhancement of the cohort.

And then last one, just how big a revenue contributor could the antigen test be that you just got approved?

Again, I hate to talk about this one because I would not buy our stock based on diagnostics yet. And I do think that we can produce about 25 instruments a month based on our relationship with Stratec. And how big that can be will depend on a lot of factors, but we can run about 1,000 tests a day per instrument and so on a quarterly basis, you've got about 75 instruments could be produced. That's 75,000 tests per day. So you can do the math and start to see the level of impact we can have and our supply chain is a little bit more enhanced, and that's part why RADx picked us. Going after the antigen with this great precision enables us to have a little bit different supply chain. So we don't get as complicated with a lot of the pieces that are sold out in the PCR cascade.

Great. Well, I've been told by the IT guys we have got to wrap it up. So thanks for a great session. This is a good overview, and enjoy the rest of the conference.

Thanks so much, Tycho. Bye-bye.