PAVmed Inc. Q3 FY2022 Earnings Call

Ladies and gentlemen, greetings and welcome to the PAVmed Inc. Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Adrian Miller, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Good afternoon, everyone. This is Adrian Miller, Vice President of Investor Relations at PAVmed. Thank you for participating in today's business update call. Joining me today on the call are Dr. Lishan Aklog, Chairman and Chief Executive Officer of PAVmed, along with Dennis McGrath, President and Chief Financial Officer of PAVmed. The press release announcing our business updates and financial results is available on PAVmed's website. Please take a moment to read the disclaimer about forward-looking statements in the press release. The business update press release and this conference call, both include forward-looking statements and these forward-looking statements are subject to known and unknown risks and uncertainties, that may cause actual results to differ materially from statements made. Factors that could cause actual results to differ are described in the disclaimer and in our filings with the SEC. For a list and description of these and other important risks and uncertainties that may affect future operations, see Part 1, Item 1A entitled Risk Factors in PAVmed's most recent annual report on Form 10-Q filed with the SEC and subsequent updates filed in quarterly reports on Form 10-Q and in subsequent Form 8-K filings. Except as required by law, PAVmed disclaims any intentions or obligations to publicly update or revise any forward-looking statements to reflect changes in expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. With that, I'd like to turn the call over to Lishan Aklog. Dr. Aklog?

Thanks, Adrian and thank you all. Good afternoon for joining us on this PAVmed's quarterly update call. I would like to first start by thanking our long-term shareholders for their ongoing commitment and support. You'll note that this quarter, we're using a new format with a webcast in response to feedback, including one of our long-term investors in Boston. We're really happy that we've done this. So far, the feedback from the recent webcast yesterday has been uniformly positive. I'll remind you, speaking of Lucid, that will present a tear down update on Lucid today, and encourage those of you who want to seek more details to review the webcast as yesterday's dedicated listed Update Call which will be available for a week on the Investor Relations page on Lucid's website. So during this past quarter and the recent weeks, our team has continued its relentless focus on executing on our long-term strategy and our vision to build a high growth diversified medical technology company. Lucid, Veris, and technology teams are all delivering results, which are steadily advancing us towards that goal, and are doing so, I'm proud to say, it's on schedule and under budget, as we continue to keep a close eye on cash preservation to protect our long-term position. Let me start with a few quarterly updates, starting with Lucid. As we reported yesterday, EsoGuard testing volume increased 20% sequentially quarter-to-quarter, and 436% annually to 1,088 tests in the third quarter. We now have 13 Lucid Test Centers operating in 11 states and we plan to open three more during the fourth quarter. The laboratory is operating independently, and we demonstrated enhanced quality and efficiency metrics on yesterday's call. And as we noted, we started to receive payments recognizing revenue on each of our claims we started submitting in August. Very excited that the various cancer care platform has progressed well and it is now proceeding towards initial launch later this year. All of the key pre-commercial development projects, including Mercury, CarpX ultrasound, and EsoCure are all progressing well, ultimately towards design freeze development, testing, and regulatory submission. And as I mentioned, from our overall balance sheet point of view, we've been able to continue to be active and execute our growth strategy while preserving cash. Just a couple of introductory slides on PAVmed. PAVmed is a diversified commercial stage medical technology company. We started in the medical device space, but we've diversified over the years to include both the diagnostic sector and digital health sectors. Corporate structure currently consists of two, by majority owned subsidiaries, which include diagnostics and a publicly held company in the medical diagnostic space and a varied health or digital health company which remains privately held. PAVmed's model has evolved into a shared services model where PAVmed provides comprehensive shared services to its subsidiaries and other internal business units. With everything from administration, HR, Finance, product development, regulatory, manufacturing, clinical research and others are provided at a PAVmed level on behalf of the subsidiaries and business units. This provides us with a variety of key benefits for the company and we believe for our long-term shareholders in terms of economies of scale and facilitates diversification, impacting our cost of capital and also our growth potential. PAVmed's current portfolio can be divided into commercial products, pre-commercial products that are on a clear path towards commercialization, and then projects which remain in the R&D realm. On the commercial side, we have two Lucid products, EsoCheck. We continue to do commercial cases with the first generation complex device. On the pre-commercial side, we have the CarpX ultrasound product. We have the two Veris products, both software platforms, the cancer care platform, as well as several iterations around Veris smart port and then EsoCare, which is our Esophageal Ablation Device complementary to our EsoGuard and EsoCheck products. We also continue to work on R&D projects, our NextFlo and PortIO, and I'll touch on this a little later. Just a few summary slides to get on Lucid, which you can pair down from our update yesterday. As we mentioned, our growth of the testing volume for EsoGuard testing has continued to steadily increase, 28% from the last quarter. This growth has been driven by a combination of things, including increased personnel in the field, improved sales training, and data-driven processes. I've said repeatedly that we view this as a mid-throttle strategy; we're not at full throttle yet. We want to generate sufficient test volume to demonstrate our ability to grow testing volume and to demonstrate physician adoption as well as to generate claims history, which is important for long-term contracting in our contracting with payers. I described this in a bit more detail yesterday, but briefly, the volume has shifted to include about 22% of patients that have been tested at satellite Lucid Test Centers where our own nurse practitioners co-located at a physician practice, and we're excited about the expansion opportunity that comes with that new model. I mentioned we continue to steadily grow according to plan and expand our sales team, which can be seen here; we were up to 37 professionals on the team. As we've described over the last couple of quarters, our plan is to continue that growth and plateau at a level of approximately 58 sales professionals. That time period has been pushed into the first quarter of next year, and we expect to reach that number by mid-first quarter. The plan from that point on is to use that 16, but we believe we'll be able to continue to drive test volume growth through an increased experience or median rep right now has been in the field for a month or two. We believe it takes about four months to be fully effective. Similar stories with our Lucid Test Centers. Our goal is to have 11 states covered right now with 13 centers; we look to expand that with an additional three by the end of the year. That won't get us to 16, and again, we are planning this to plateau there, not planning on opening additional test centers and allowing the current drivers of growth to support that work with our expanded sales infrastructure. Just a couple of comments about the laboratory. For those of you who know, we took over the operations in the laboratory starting in February. We’ve seen some dramatic improvements in various operational and quality parameters, which were detailed yesterday. Perhaps the most relevant aspect from the point of view of patients and physicians is that we have the turnaround times now down to a record low of just under a week. As I've also described in more detail yesterday, the process by which we are able to submit claims has improved, and we started that process in August. We have about 2,000 plus claims that we've held since the laboratory transferred to us in February. We are in the process of submitting those claims, and we actually have started to receive payments even though that process started in August, with claims paid in the past quarter. Just one comment about a couple of comments regarding Medicare. If you look at the payer mix, you can see that our payer mix is heavily weighted towards private payers, about 11% are Medicare. With regard to the Lucid -- with regard to the LCD, as you may recall, back in the spring, we had fairly intense activity with the publication of a draft local coverage determination, and a flurry of activity around the public comment period. Now that public comment period is over, we simply wait until MolDx, entities affiliated with the Medicare Administrative Contractor, complete their review and respond. I want to make one thing clear that there may have been some confusion on the call earlier as reports that MolDx was not engaging with us. That is just not the case; we have actually had calls with MolDx to discuss our clinical utility plan. However, the LCD process is not an interactive process, and we will have the opportunity to respond after they publish an updated LCD. On the private payer side, we continue to have conversations with private payers, but ultimately for us to have meaningful discussions we need two things to happen: we need increased claims history, which we are just starting to do, and also clinical utility data, which we're beginning to collect. As I mentioned, we have had out-of-network payments that are being paid at the full 50% to 60% out-of-network benefit, in respect to the target list price that we submit, and those payments are coming in at about $1,200 to $1,400, which is gratifying. As I discussed yesterday, on the manufacturing side, we're really happy to transport our manufacturing of EsoCheck for high-volume manufacture, and we're already seeing immediate benefits in terms of decreased manufacturing costs as well as capacity and scalable long-term capacity. Let's move on to Veris Health. Veris Health is a digital health company that's developing a cancer care platform that combines patient engagement with smartphones and connected devices, along with an enhanced cancer care platform that the clinical care team can use to collect and respond to data on patients who have cancer under their care. The long-term plan is to incorporate smart device physiological monitoring with an implantable form that has biosensors allowing for physiological monitoring. The plan, which we've described in previous calls, is to first launch our Veris Solar platform, which is a cloud-connected software platform in conjunction with various Bluetooth-enabled health care measuring devices. Our Veris Mercury is our first effort to deliver an implantable smart port. This is a modular device that has an implantable physiological monitoring device with a traditional vascular access cord. The final stage will be to have a fully integrated smart implantable vascular access network with geological and physiological monitoring. As I mentioned, and I'll talk in more detail now, we are on the verge of launching the Veris platform by the end of this year as scheduled. The software platform is completed testing and is now ready for launch, along with Bluetooth connected health care measuring devices including activity monitors, blood pressure cuffs, and digital thermometers. All of those are Bluetooth connected to a hub that the company provides, allowing that data along with the patient's symptom reporting to be transmitted through the cloud to the physicians' platform. On the commercialization side, we worked extensively with Deloitte Consulting to establish the market dynamics and to define our commercial strategy. We're quite excited about this model as it is subscription-based with recurring revenue. The practice will pay Veris a fixed subscription fee per seat and will be able to build for remote patient monitoring, while using established RPM codes. We've also learned through our initial engagements with potential clients that the new enhanced oncology model, a CMS program, uses incentives regarding quality of care that will be enhanced with remote monitoring providing financial incentives for practices that can add significantly to their revenue. We are targeting a full range of oncology care practices from large cancer centers to integrated health networks, with an early emphasis on rural practices. Our commercial team is already utilizing demos to interact with such practices. The other aspect of this, as you might imagine, is getting started with customer integration. We have a talented and experienced person leading this effort and they’re doing a great job establishing the necessary infrastructure for customer integration. Our initial interactions with potential clients have shown a strong focus on tools that enable remote patient monitoring, and the feedback we've received so far has been quite positive. We look forward to getting our first contracted customer by the end of this year. Now, for an overview of the other products within our portfolio. As I mentioned, we continue to perform complex procedures utilizing key opinion leaders at a low level to provide procedural and product improvements. But, as I've described previously, all of our efforts for a longer-term expanded commercial launch are focused on the CarpX ultrasound device, which is making good progress through its design and product development phases. We're starting to conduct cadaver work and are getting images demonstrating that we can use this device to visualize anatomical structures in the carpal tunnel accurately. The second area of focus on pre-commercial products is on the smart port, which we refer to internally as Veris Mercury; it is progressing well. We've had multiple interactions with the FDA to understand what our preclinical testing will need to be for an FDA submission, and we've engaged high-caliber outside contract manufacturing partners for various electronics and enclosures. This product is moving forward on track with plans to get to design freeze and work required for regulatory submission rapidly. A similar story with EsoCure, which is a device competing with Medtronic's device for ablating dysplastic Barrett's Esophagus, creating synergies with our EsoGuard and EsoCheck products. It utilizes direct thermal energy rather than radiofrequency. We're making good progress with both the catheters and console electronics; all mechanical aspects have shown promising results and include indirect head-to-head comparisons with competing devices. We're again on target and scheduled to advance through design freeze and towards regulatory filings. A few comments about our R&D projects. You may recall we had hoped to have NextFlo complete pre-submission testing and go for regulatory submission. We were achieving good regulation of flow, but we encountered technical challenges that required us to reevaluate and revert NextFlo back to an R&D project. We're committed to this concept and see good market opportunity, but still do not know when we can bring this back to a pre-commercial path. PortIO is our Implantable Intraosseous Vascular Access Device; it also remains an R&D project. The first-generation device continues to undergo first-in-human testing in Colombia, which is going well with no complications, and we're expanding the number of patients. Our long-term plans for this depend on a revised regulatory strategy, and our new VP of regulatory quality has engaged with us on streamlining this process. Depending on how that goes, we may move this into the pre-commercial realm after completing tests. So with that, I'll end and hand the reins over to Dennis for the financial update.

Thanks, Lishan, and good evening, everyone. You see in front of you the balance sheet and our summary financial results for the third quarter as reported in the press release published earlier today. On the next three slides, I want to emphasize a few key highlights from the quarter, but I encourage you to consider those remarks in the context of a full disclosure covered on our quarterly report on Form 10-Q filed with the SEC yesterday afternoon, and is available on our website. As you can see here, cash saw a sequential decrease of $8.4 million. Vendor payables had a $3 million sequential decrease when considering accounts payable and other recurring accrued expenses. The convertible note showed a net increase of $6 million driven by $10.2 million in net proceeds from the issuance of an additional convertible note, offset by $5 million of principal converted to equity related to the April 2022 note. As mentioned yesterday, the committed equity facility from Lucid stock issuance proceeds for the quarter was $1.8 million, most of which was already reported as part of our update in August. As of today, shares outstanding for PAVmed, including invested restricted stock awards, is 93.2 million shares. As also mentioned yesterday, Lucid is now S3 eligible and similar to what we have done at PAVmed, the Lucid Board considers it good governance to have a shelf registration with an embedded ATM on file with the SEC and plans to do so in due course. Slide 18 compares this year's third quarter to last year's third quarter on certain key items, and I trust you'll review the information with my comments in light of the cautionary disclosure at the bottom about supplemental information, particularly non-GAAP information. Revenue for the quarter reflects 39 EsoGuard tests at an average payment rate of $1,945 per test. The rate is slightly higher than the $1,938 Medicare rate, and we received one payment close to our ASP of $2,499. The prior year reflects a fixed monthly fee received from the third-party lab that Lucid used before establishing our own lab earlier this year. Revenue recognition is a key determinant, and we've mentioned multiple times in the past that for the majority of Lucid patient out-of-network claim submissions, revenue recognition occurs when the claim is actually collected rather than when the patient report is invoiced. As outlined in our 10-Q, this terminology corresponds with the variable consideration in the jargon of GAAP ASC 606 revenue recognition, which everyone must adhere to. Presently, there is insufficient predictive data to recognize revenue when invoiced. Our GAAP loss is slightly higher at about 2%, and our non-GAAP loss is slightly lower, around 5% lower for the third quarter, due to higher non-cash charges related to convertible debt. Most comparisons are sequential comparisons, and our non-GAAP loss per share is $0.15 for the third quarter compared to a loss of $0.17 per share in the previous quarter. Slide 19 provides a graphic representation of our operating expenses presented in detail in our press release. The total GAAP and non-GAAP OpEx remained relatively flat sequentially. Cost of revenue primarily consists of EsoCheck devices, lab supplies, and fixed lab monthly or facility costs. This is now being presented in our 10-Q as operating expenses consistent with practices of other diagnostic companies. Sales and marketing decreased slightly, about 5% sequentially. G&A also decreased around 9% sequentially, with some of that reflecting an allocation of lab costs in the prior quarter, as no revenue was recognized then, and typical cost of revenue expenses reclassified to G&A in the previous quarter. Lastly, R&D expenses decreased by 8% sequentially. With that, operator, let's open it up for questions.

Thank you. [Operator Instructions] Our first question comes from the line of Frank Takkinen from Lake Street. Please go ahead.

Good evening. Hi, guys. This is Charlie Montang on for Frank. Just a couple of quick questions for me. First on the Lucid front. I heard your comments about the plateauing centers; I assume that does not mean indefinitely. Can you maybe just talk about what you're looking to see before re-accelerating openings and any feel for timing around that?

Sure. Let me just start by emphasizing one thing to keep hammering this point: the Lucid Test Centers support growth; they're not the drivers of growth. They don't generate actual activity. They're available for tests that are ordered by physicians through our sales and marketing process to perform tests. I also want to emphasize one thing real quick, Charlie, before answering, which is that we've now expanded our use of the satellite Lucid Test Centers where our nurse practitioners can be more mobile and work within those centers. So the plateauing of the Lucid Test Centers and the sales force is part of the same strategy, which aims to plateau both simultaneously. This was described in more detail in our last quarterly call. As part of our efforts to be cautious with cash preservation, we set a target for both that we think would give us a critical mass regarding the sales team and with sufficient support from Lucid Test Centers to support the sales team. We could continue at a fixed level to drive growth through increased effectiveness of the sales force as they accumulate more time in the field, and so forth. This is really driven by our mid-throttle strategy, right. We want to have enough activity to demonstrate ongoing sales growth and to get the word out to maintain our momentum with physician adoption. We also need to continue that growth to generate claims history, a critical step toward engaging private payers for in-network contracts, but we want to do so cautiously because we still don't have predictable reimbursement. So the answer to your last part is, is this a permanent thing? No, it isn’t. It's really just pausing at a level we believe will allow us to continue driving testifying growth while keeping our costs in check, and pivoting from that will be a function of what we observe regarding the trajectory of out-of-network payments and the percentage of Lucid tests that are paid out of network. We've been quite pleased with the payments we're receiving, but we don't yet have enough sample size to determine what percentage of tests will generate that volume. As we collect clinical utility data and engage with private payers, we'll begin to see some in-network payments as well. Until then, it's really a holding pattern we believe can drive test volume growth while maintaining cost controls.

Great, okay. Thank you for clarifying that for us. My other question, just looking at the balance sheet, it looks good. Last quarter, you talked about modulating spend across your asset portfolio outside of Lucid, with a focus on the most near-term and largest opportunities. Have your capital allocations changed at all since then? Or should we continue to think about the order of operations being CarpX?

It's exactly what we described, and we've stuck to that plan. We’ve been seeing some savings already on the R&D side, so it is entirely within that non-Lucid context. For now, let's just split it into two for now. We obviously have the commercial products with Lucid. Very soon we'll have the commercial software product with Veris out in the market. When it comes to the investment of resources and capital allocation, the focus remains on those three products: the ultrasound version of CarpX; the first version of our implantable Veris device, Veris Mercury; and the EsoCure esophageal ablation product. That is where we are directing our resources and capital allocation. However, we're not shutting down other projects. We continue making some effort on the two research projects I described, but those are relatively modest investments focused solely on R&D at this point. As we talked about last time, we've rationalized and put on the backburner several lower priority, lower yield, and higher risk projects. Those remain on hold for now.

Okay, great. Thank you very much. One last quick question. You spoke to a commercial agreement with potential reimbursement increases in May. Can you give us an update on that contract and whether you’ve received reimbursement under it, and if so, at what level?

Just to remind you that while we had that first example, since then, we've reported on multiple similar secondary PPO contracts. We have not broken out that data, and we're not reporting on those individual plans at this point, as that would be too granular for us at this level considering the sample size. I think, just suffice it to say that we saw we had 39 payments this quarter, which were a mix from a variety of private payers. Dennis provided you with data on the average payment, which was just over $1,900, while other network payments are coming in at $1,200 to $1,400. As we achieve higher volume, and have a large enough sample size, we will be in a position to break down those payments by source, whether they come from secondary PPOs, traditional payers, or eventually from Medicare. At this point, it feels premature to make a breakdown, Dennis, do you want to add anything?

No, I agree. It's too early to provide any directional information that can reliably create a forecast based upon the information we've received so far. It's still early in submission and collection processes.

The bottom line, Charlie, is that the 39 payments we submitted in August and received before September were from private payers. It was a mix of different payers, and we look forward to increasing that and possibly breaking it down at some point.

Okay, great. Thank you very much, and thanks for answering my questions. I'll hop back in the queue.

Thanks, Charlie.

Thank you.

Thank you. Our next question comes from the line of Ed Woo from Ascending Capital Markets LLC. Please go ahead.

Hello. Yes, thanks for taking my question and congratulations on the progress. I know you are very focused with your capital allocation right now, but what are you seeing in the M&A space regarding opportunities for adding new products into your portfolio? Have you seen valuations come down significantly to the point where you're seeing interesting opportunities out there, or are valuations still all over the place?

The answer is yes, and I appreciate you asking this question. There are a lot of opportunities out there. Historically, we get to see many opportunities within our space and evaluate them. You’re correct that many companies are tight for cash for various reasons, and they're looking to partner or be acquired. While there’s much activity, nothing is ready to report yet, but we will share with you all if and when we cross the threshold with any of the opportunities we're exploring.

Let me reiterate a point I made last time: our cash preservation stance is important because we need to maintain our runway to protect our long-term interests. However, I've also stated that we're not going to violate our core DNA, which is to seize attractive opportunities like we did with Lucid and Veris. The profile of potential opportunities will look different now than it did 2-3 years ago. We are looking at opportunities closely, ensuring they can synergistically enhance our current portfolio and not be capital drains, while also being accretive in some capacity in the near future. Those are the criteria we’re focused on and will update you as we find suitable opportunities.

Great. Well, thank you and good luck.

Thanks, Ed.

Thank you. Our next question comes from the line of Anthony Vendetti from Maxim Group LLC. Please go ahead.

Good evening, Dennis. Hi, Lishan. How are you?

Great.

Wanted to dig a little deeper into the commercial launch for Veris by the end of the year. Can you talk about that particular business model? And what the pipeline of potential customers looks like at this point?

Yes, let me start with the latter. The pipeline of potential customers encompasses every type of oncology practice, from smaller private practices to larger practices and mega practices, extending to cancer programs affiliated with moderate-sized community hospitals and major academic medical centers. All of them are our targets. As I mentioned, there's a clear opportunity with rural practices, given that patients tend to be more dispersed and remote patient monitoring presents significant advantages in those groups. Our business model involves engaging practices and conducting demos showcasing how our software platform enables patient symptom reporting as well as data from Bluetooth connected devices. This integration allows physicians to enhance patient care while also driving revenues through established RPM reimbursement codes. The practices must show that patients submit data from FDA-authorized devices for at least 16 days each month to bill for RPM codes monthly. To succeed, we need a robust patient engagement platform that encourages data submission. Once we offer an implantable device, patient engagement and compliance won't be as crucial. Additionally, integrating our system with the practices' existing infrastructure is necessary, which requires skilled talent. I'm happy to report we've recruited a highly experienced individual for this role, and they're establishing a solid infrastructure for customer integration. Our initial interactions with potential clients indicate a strong interest in tools for remote patient monitoring, and the feedback has been very positive. We anticipate landing our first contracted customer by the end of this year.

That's great to know. Just a quick follow-up on CarpX. There's debate about how much coverage CMS, which expanded coverage of telemedicine during COVID, will currently allow to continue. For remote patient monitoring, are there particular CPT codes right now that this falls under?

Yes, it's actually outlined on Slide 15. There are codes for one-time onboarding and for the monthly fee. These are not temporary codes; they’ve been established prior to COVID. Unlike telemedicine codes, which were introduced during the pandemic and are subject to change, these RPM codes have been stable. Our codes and payment rates are well-established, and the requirements for billing are clearly defined concerning patient reports for at least 16 days each month.

Great. That’s helpful. Before switching to CarpX, just to confirm, the 37 sales professionals going up to 58, is that all for Lucid?

Yes, that's for Lucid. We haven't reported on the commercial team for Veris yet. Veris is just gearing up, and we have leadership in place. We're beginning to create individual sales reps, and right now the sales leadership is focused on identifying early adopters for the Veris technologies. We'll provide updates on the Veris sales team over time. On CarpX, we have three individuals working exclusively on procedural and product improvement to support the launch, and they remain the same.

Okay. Any feedback from KOLs on CarpX at this point?

CarpX activity right now remains focused on procedural and product development and improvements. We maintain our core group of KOLs for training but are not expanding it beyond that limited group as we're using this exclusively for procedure and product development. We are waiting for CarpX to transition to the ultrasound launch before gearing up for a full commercial launch.

Great! I'll hop back in the queue. Thank you very much. Appreciate it.

Just one quick follow-up. I wanted to clarify something. The surgeons on our KOL list, who we conduct training with, have also viewed the CarpX ultrasound device prototypes, and the feedback has been quite positive regarding the ability to visualize anatomical structures in the carpal tunnel using the intraluminal ultrasound during the procedure. We're utilizing these KOLs to inform our development processes. Thank you, operator. Sorry for the interruption.

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. I would now like to turn the conference over to Dr. Lishan Aklog, Chairman and CEO, for closing comments.

I'd like to again thank you all for joining us today. Great questions from all the participants, and a good discussion. We look forward to maintaining transparency in our communications and keeping you updated on our progress. Please monitor our press releases and these quarterly calls for updates. We appreciate any feedback. The webcast version of this was a result of feedback from individual investors who requested improved communication methods, and we always welcome such input. Please stay informed by signing up for our email alerts and checking our social media feeds. As always, Adrian is available for direct contact at akm@pavmed.com. So again, thanks everyone, and have a great day.

Thank you. The conference of PAVmed Inc has now concluded. Thank you for your participation. You may now disconnect your lines.