Part I [Business](index=6&type=section&id=Item%201.%20Business) Applied DNA Sciences (APDN) develops DNA-based technology solutions via its LinearDNA™ platform for biotherapeutics, COVID-19 diagnostics, and supply chain security, with recent growth driven by COVID-19 products - The company develops and markets DNA-based technology solutions using its **LinearDNA™** large-scale polymerase chain reaction (PCR) manufacturing platform[16](index=16&type=chunk) - Business segments include Biotherapeutic Contract Research and Manufacturing, Non-Biologic Tagging (supply chain security), and COVID-19 diagnostics and testing services[16](index=16&type=chunk) - In response to the pandemic, the company developed and sells an FDA EUA-authorized PCR-based molecular diagnostic test for COVID-19 (**Linea™ COVID-19 Assay Kit**) and offers high-throughput pooled testing services (**safeCircle™**)[16](index=16&type=chunk) - While historically generating revenue from supply chain security solutions, near-term growth has been primarily driven by sales of its **Linea™ COVID-19 Assay Kit** and related testing services[41](index=41&type=chunk) [Overview and Corporate History](index=6&type=section&id=Overview%20and%20Corporate%20History) The company utilizes its LinearDNA™ platform for DNA production across diagnostics, drug development, and supply chain security, recently expanding into COVID-19 testing with an FDA EUA-authorized kit - The **LinearDNA™ platform** is highlighted for its speed, scale, and purity compared to traditional plasmid-based DNA manufacturing[17](index=17&type=chunk) - The company was initially formed in **1983**, reincorporated in Delaware in **2008**, with key subsidiaries **LineaRx, Inc.** (2018) for biotherapeutics and **Applied DNA Clinical Labs, LLC** (2020) for COVID-19 testing[19](index=19&type=chunk) [Business Segments and Technology](index=7&type=section&id=Business%20Segments%20and%20Technology) The company's segments include Biotherapeutics (LinearDNA™ for therapies), COVID-19 (Linea™ Assay Kit, safeCircle™ services), iCTC Technology for cancer diagnostics, and Non-Biologic Tagging for supply chain security - The **LinearDNA™ platform** manufactures DNA for in vitro diagnostics and preclinical nucleic acid-based drug development, including CAR T therapies, DNA vaccines, and RNA therapies[21](index=21&type=chunk)[22](index=22&type=chunk) - A jointly developed **LinearDNA COVID-19 vaccine candidate** is in a veterinary clinical trial in domestic felines, inducing neutralizing antibodies against SARS-CoV-2 variants[23](index=23&type=chunk) - The **Linea™ COVID-19 Assay Kit** received FDA Emergency Use Authorization (EUA) in **May 2020** and is amended for serial asymptomatic screening[24](index=24&type=chunk) - The company's clinical lab (**ADCL**) received its New York clinical laboratory permit and CLIA certification in **May 2021**, enabling COVID-19 testing services[27](index=27&type=chunk) - The **iCTC Technology** uses a patented functional assay to capture live invasive circulating tumor cells for early cancer diagnosis and monitoring[33](index=33&type=chunk) - The **Non-Biologic Tagging** business uses **SigNature® molecular tags** for product authentication and supply chain security, with the **CertainT® platform** integrating tagging, testing, and tracking[34](index=34&type=chunk)[35](index=35&type=chunk) [Strategy and Markets](index=12&type=section&id=Strategy%20and%20Markets) The company's strategy leverages its LinearDNA™ platform for DNA manufacturing, COVID-19 testing, and supply chain security, targeting large markets like DNA diagnostics, biotherapeutics, and anti-counterfeiting, while pursuing strategic acquisitions - The company's strategy focuses on **DNA manufacturing services**, **COVID-19 testing**, and **supply chain security** for textiles, pharmaceuticals, and nutraceuticals[40](index=40&type=chunk) - The company intends to pursue **strategic acquisitions and collaborations** to strengthen its technology portfolio and expand market penetration[44](index=44&type=chunk) - The **DNA Diagnostics market** is projected to reach **$23.8 billion by 2022**, addressed by LinearDNA for in vitro diagnostics and iCTC technology for cancer diagnostics[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - The **counterfeit drug market** is estimated between **$163 billion and $217 billion annually**, targeted with molecular tags via a partnership with Colorcon[58](index=58&type=chunk)[60](index=60&type=chunk) - The company's **CertainT platform** provides molecular tagging and authentication for textiles, including cotton, recycled polyester, and leather, ensuring product integrity throughout the supply chain[64](index=64&type=chunk)[65](index=65&type=chunk) [Operations and Commercial Activities](index=22&type=section&id=Operations%20and%20Commercial%20Activities) The company's operations include R&D ($3.8 million in FY2021) and manufacturing at its NY facility, with key COVID-19 testing contracts up to $35 million, and significant customer concentration in FY2021 Research and Development Expenses (Millions USD) | Fiscal Year | R&D Expense | | :--- | :--- | | 2021 | $3.8M | | 2020 | $3.3M | - Awarded a competitively-bid COVID-19 testing contract by the **City University of New York (CUNY)** with a maximum value not to exceed **$35.0 million** over 12 months[76](index=76&type=chunk) - Awarded a COVID-19 testing contract by **Suffolk County Community College (SCCC)** for a one-year term with renewal options[75](index=75&type=chunk) Customer Concentration (Fiscal Year 2021) | Metric | Value | | :--- | :--- | | Revenue from Customer 1 | 18% | | Revenue from Customer 2 | 13% | | Accounts Receivable from 2 Customers | 67% | [Competition, IP, and Regulations](index=25&type=section&id=Competition%2C%20IP%2C%20and%20Regulations) The company faces intense competition, relying on its 96 issued patents, while its COVID-19 kit operates under a temporary FDA EUA, and future products face extensive, costly FDA regulatory processes - Competitors in nucleic-acid therapeutics include **Precigen, Aldevron, and Touchlight Genetics**; in diagnostics, **LabCorp, Quest, and Roche**; and in anti-counterfeiting, **Authentix and De La Rue**[82](index=82&type=chunk)[83](index=83&type=chunk) - The company holds approximately **96 issued patents** and **37 pending patent applications**, expiring between **2021 and 2037**[85](index=85&type=chunk) - The **Linea™ COVID-19 Assay Kit** is sold under a temporary **FDA EUA**, effective until the public health emergency ends or the EUA is revoked[91](index=91&type=chunk) - The company's clinical lab (**ADCL**) is certified under the **Clinical Laboratory Improvement Amendments (CLIA)**, mandating standards for personnel, quality control, and inspections[121](index=121&type=chunk) - Drug and biologic products require a lengthy and expensive **FDA regulatory approval process**, including preclinical studies and multi-phase human clinical trials, before marketing[98](index=98&type=chunk)[101](index=101&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including going concern doubt from recurring losses, reliance on temporary FDA EUA for COVID-19 revenue, intense competition, and the need for substantial funding for high-risk pharmaceutical development - There is substantial doubt about the company's ability to continue as a going concern, given recurring net losses, an accumulated deficit of **$284.1 million** as of September 30, 2021, and a net loss of **$14.3 million** for fiscal year 2021[139](index=139&type=chunk)[149](index=149&type=chunk) - The **Linea™ COVID-19 Assay Kit** is sold under a temporary **FDA Emergency Use Authorization (EUA)**, which can be revoked or cease, significantly harming business[140](index=140&type=chunk)[158](index=158&type=chunk) - COVID-19 testing services could become obsolete due to the pandemic's end, widespread vaccine distribution, or changes in regulatory guidance for surveillance and pooled testing[141](index=141&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk) - Opportunities in pharmaceuticals and biologics require substantial additional funding and face high inherent risks of failure in drug development, with no guarantee of regulatory approval or commercial success[140](index=140&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk) - The company faces intense competition from larger, better-capitalized companies across all its markets, including biotherapeutics, diagnostics, and supply chain security[141](index=141&type=chunk)[176](index=176&type=chunk)[179](index=179&type=chunk) - A large number of outstanding options and warrants could cause substantial dilution to existing stockholders upon exercise[145](index=145&type=chunk)[229](index=229&type=chunk) [Unresolved Staff Comments](index=66&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[235](index=235&type=chunk) [Properties](index=67&type=section&id=Item%202.%20Properties) The company leases its 30,000 sq ft corporate headquarters and 2,200 sq ft lab space in Stony Brook, NY, plus a 1,108 sq ft satellite facility in Ahmedabad, India - The company leases its **30,000 sq ft** corporate headquarters and **2,200 sq ft** of lab space in Stony Brook, NY, with the lease extended to **January 15, 2022**[237](index=237&type=chunk) - A satellite testing facility of **1,108 sq ft** is leased in Ahmedabad, India, with the lease renewed through **August 31, 2022**[237](index=237&type=chunk) [Legal Proceedings](index=67&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently aware of any material legal proceedings expected to adversely affect its business or financial condition - The company is not currently aware of any material legal proceedings[238](index=238&type=chunk) [Mine Safety Disclosures](index=67&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[238](index=238&type=chunk) Part II [Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=67&type=section&id=Item%205.%20Market%20for%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under "APDN" with 124 record holders as of December 2, 2021, and no history or plans for cash dividends - Common stock is listed on **The Nasdaq Capital Market** under the symbol **"APDN"**[240](index=240&type=chunk) - As of **December 2, 2021**, there were approximately **124 holders of record** of the common stock[241](index=241&type=chunk) - The company has never declared or paid cash dividends and does not plan to do so in the foreseeable future[242](index=242&type=chunk) [Selected Financial Data](index=67&type=section&id=Item%206.%20Selected%20Financial%20Data) This item is not applicable as the company is a Smaller Reporting Company electing scaled disclosure requirements - Information is not applicable as the company is a **Smaller Reporting Company**[243](index=243&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=69&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total revenues significantly increased to **$9.0 million** in FY2021, driven by COVID-19 testing and product sales, yet net loss widened to **$14.3 million** due to higher operating expenses, raising going concern doubts [Results of Operations](index=74&type=section&id=Results%20of%20Operations) In FY2021, total revenues surged **367%** to **$9.03 million**, primarily from COVID-19 services and products, but operating expenses increased, leading to a wider net loss of **$14.28 million** Comparison of Revenues (Fiscal Year Ended September 30) | Revenue Category | 2021 (USD) | 2020 (USD) | Change (USD) | % Change | | :--- | :--- | :--- | :--- | :--- | | Product Revenues | $3,295,849 | $615,430 | +$2,680,419 | +436% | | Service Revenues | $937,735 | $1,238,517 | -$300,782 | -24% | | Clinical Laboratory Service Revenues | $4,794,154 | $77,550 | +$4,716,604 | +6,082% | | **Total Revenues** | **$9,027,738** | **$1,931,497** | **+$7,096,241** | **+367%** | - The increase in product revenue was primarily driven by **$1.95 million** in sales of the **Linea™ COVID-19 Assay Kit**[259](index=259&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **26%** to **$12.6 million**, mainly due to higher stock-based compensation and payroll costs[263](index=263&type=chunk) - The company recorded an impairment loss of **$821,741** related to intellectual property, customer lists, and goodwill from a 2015 asset purchase[266](index=266&type=chunk) - A loss on extinguishment of debt of **$1.77 million** was recorded related to the repayment of the July 2019 Notes[269](index=269&type=chunk) - Net loss increased by **10%** to **$14.3 million** for fiscal 2021, compared to **$13.0 million** for fiscal 2020[271](index=271&type=chunk) [Liquidity and Capital Resources](index=77&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2021, the company had **$6.6 million** in cash, used **$13.4 million** in operations, and raised **$14.7 million** from financing activities, with recurring losses raising going concern doubts - As of **September 30, 2021**, the company had cash and cash equivalents of **$6.6 million**, down from **$7.8 million** at the end of fiscal 2020[326](index=326&type=chunk) - Cash used in operating activities was **$13.4 million** for fiscal 2021[273](index=273&type=chunk) - The company's history of recurring net losses raises substantial doubt about its ability to continue as a going concern[274](index=274&type=chunk) - In **January 2021**, the company closed a registered direct public offering, raising net proceeds of approximately **$13.8 million**[284](index=284&type=chunk) - In **October 2020**, the company repaid its secured convertible notes in full for an aggregate amount of **$1.67 million**[283](index=283&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=81&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable as the company is a Smaller Reporting Company electing scaled disclosure requirements - Information requested by this Item is not applicable as the company is electing scaled disclosure requirements available to **Smaller Reporting Companies**[289](index=289&type=chunk) [Financial Statements and Supplementary Data](index=81&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The company's consolidated financial statements and supplementary data are included in the report from page F-1 through F-30 - The full financial statements are available starting on **page F-1** of the report[289](index=289&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=81&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable to the company - Not applicable[290](index=290&type=chunk) [Controls and Procedures](index=83&type=section&id=Item%209A.%20Controls%20and%20Procedures) As of September 30, 2021, management, including the CEO and CFO, concluded that the company's disclosure controls and internal control over financial reporting were effective - Management, including the CEO and CFO, concluded that as of **September 30, 2021**, the company's disclosure controls and procedures were effective[292](index=292&type=chunk) - Based on the **2013 COSO framework**, management concluded that the company's internal control over financial reporting was effective as of **September 30, 2021**[294](index=294&type=chunk) [Other Information](index=83&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[295](index=295&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=84&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information for this item will be incorporated by reference from the company's definitive proxy statement for the 2022 Annual Meeting of Stockholders - Information for this item will be included in the definitive proxy statement for the **2022 Annual Meeting of Stockholders** and is incorporated by reference[299](index=299&type=chunk) [Executive Compensation](index=84&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item will be incorporated by reference from the company's definitive proxy statement for the 2022 Annual Meeting of Stockholders - Information for this item will be included in the definitive proxy statement for the **2022 Annual Meeting of Stockholders** and is incorporated by reference[299](index=299&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=84&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item will be incorporated by reference from the company's definitive proxy statement for the 2022 Annual Meeting of Stockholders - Information for this item will be included in the definitive proxy statement for the **2022 Annual Meeting of Stockholders** and is incorporated by reference[299](index=299&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=84&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company disclosed related party transactions, including a completed 2019 consulting agreement and December 2020 warrant exercises by a major shareholder yielding **$1.1 million** in net proceeds - In **December 2019**, the company entered into a consulting agreement with **Meadow Hill Place, LLC**, owned by board member Scott L. Anchin, completed in **June 2020**[297](index=297&type=chunk) - In **December 2020**, **Dillon Hill Capital, LLC**, a greater than 5% shareholder, exercised **200,000 warrants**, providing approximately **$1.1 million** in net proceeds to the company[298](index=298&type=chunk) [Principal Accountant Fees and Services](index=84&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information for this item will be incorporated by reference from the company's definitive proxy statement for the 2022 Annual Meeting of Stockholders - Information for this item will be included in the definitive proxy statement for the **2022 Annual Meeting of Stockholders** and is incorporated by reference[299](index=299&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=84&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists documents filed with the Form 10-K, including consolidated financial statements, auditor's report, and a detailed index of exhibits, with financial statement schedules omitted - The consolidated financial statements for the years ended **September 30, 2021 and 2020**, along with the auditor's report, are filed with this report[301](index=301&type=chunk) - All financial statement schedules have been omitted because the required information is not applicable or is included within the main financial statements[302](index=302&type=chunk) - A comprehensive list of exhibits filed with the **Form 10-K** is provided in the exhibit index[303](index=303&type=chunk)

Applied DNA Sciences, Inc. (NASDAQ:APDN) Q3 2021 Earnings Conference Call August 12, 2021 4:30 PM ET Company Participants Sanjay Hurry - IR Beth Jantzen - CFO James Hayward - President & CEO Judy Murrah - COO Clay Shorrock - Chief Legal Officer Conference Call Participants Jonathan Aschoff - ROTH Capital Partners Jon Salmanson - Hubble Wealth Management Operator Good day and welcome to the Applied DNA Sciences Fiscal Third Quarter 2021 Financial Results Conference Call. All participants will be in a listen- ...

Financial Data and Key Metrics Changes - Total revenues for Q2 2021 increased to $2.7 million from $552,000 in the prior period, representing a year-over-year increase of 384% and a quarter-over-quarter increase of 65% [6][9] - Product revenues rose to $965,000 for Q2 2021 compared to $198,000 in the same period last year, primarily due to sales of the COVID-19 Diagnostic Assay Kit [7] - Net loss for Q2 narrowed to $1.5 million compared to $3 million in the year-ago period, with net loss per share improving to $0.21 from $0.79 [9][10] - Cash and cash equivalents totaled $13.9 million as of March 31, 2021, reflecting a strong balance sheet and increased working capital [10] Business Line Data and Key Metrics Changes - The safeCircle pooled COVID-19 surveillance testing service significantly contributed to service revenue, with an increase of $1.4 million attributed to a full quarter of testing for clients secured in the prior quarter [5][6] - Operating expenses increased by 52% to $4.6 million, driven by higher SG&A and depreciation expenses, with SG&A expenses rising to $3.6 million from $2.3 million [8][9] - R&D expenses increased to $874,000 from $703,000, mainly due to clinical lab build-out and development of COVID-variant mutation panels [9] Market Data and Key Metrics Changes - The pandemic has increased the relevance of the Health Sciences components of the business, particularly in diagnostics and the development of LinearDNA as an alternative to plasmid-based therapies [15][16] - Year-over-year revenues from the wellness and dietary supplement market saw a 2.5-fold increase, driven by Nutrition21's transition to the CertainT platform [39] - The supply chain security business has been negatively impacted by the pandemic, but brands are adapting to operational changes, which may lead to future growth [16][39] Company Strategy and Development Direction - The company aims to establish LinearDNA as a manufacturing platform and a disruptive alternative to current DNA sourcing standards, with a focus on developing a pipeline of LinearDNA-based therapeutic candidates [13][17] - The strategy includes targeting profitable market niches, particularly in diagnostics and therapeutics, while leveraging the pandemic's impact to enhance growth opportunities [24][30] - The company is expanding its CLIA-certified lab capabilities to include high-throughput diagnostic testing and developing a portfolio of novel diagnostics and complementary services [21][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the successful commercialization of COVID-19 diagnostics and the potential for LinearDNA in therapeutic applications [13][17] - The company anticipates a normalization of capital expenditures as the clinical lab becomes fully operational, which should lead to lower cash burn in the second half of fiscal 2021 [11] - Management noted that the pandemic has spurred innovation and investment in the biopharmaceutical industry, which could benefit the company in the long term [14][15] Other Important Information - The company received a reissued EUA from the FDA, expanding the intended use of the Linea Assay Kit to include asymptomatic serial screening testing [22] - The SGS Panel was launched to identify mutations associated with COVID-19 variants, which could enhance the company's market position in diagnostics [26][30] - The company is exploring entry into the larger apparel market, leveraging its expertise in cotton genotyping and next-generation sequencing capabilities [41][42] Q&A Session Summary Question: What is your sense of the commercial appetite and thus, the partnership potential for a mink vaccine? - Management believes the mink vaccine is crucial for the industry's recovery and presents a significant opportunity, especially given the similarities in clinical responses between minks and humans [47] Question: Can you update us on the cannabis tagging and the invasive CTC programs? - Management sees strong interest in cannabis tagging as the industry evolves, while the invasive CTC program is progressing well, with plans for CLIA certification to enhance its marketability [49][51] Question: Did you provide any update to 2021 revenue with the CLIA certification and testing asymptomatic patients? - Management has not provided specific revenue guidance at this stage [53] Question: Can you quantify the opportunity from the LinearDNA platform? - The initial commercial effort has led to significant orders from a key customer, with expectations for further success from additional projects in development [55][57] Question: When do you anticipate a pickup in cotton demand? - Management indicated that cotton demand may begin to pick up around the ginning season starting in October, with potential orders as early as June [59]

LinearDNA Platform Highlights - Applied DNA Sciences' LinearDNA is positioned as a disruptive nucleic acid manufacturing platform, offering a pure, fast, and flexible alternative to plasmid-based DNA production[4, 7, 17] - The LinearDNA manufacturing process enables large, gram-scale DNA production through PCR, eliminating the need for recombination or plasmids[17] - LinearDNA offers advantages over plasmid DNA, including no risk of antibiotic resistance transfer or endotoxin contamination, and faster manufacturing times (hours vs days to weeks)[20] COVID-19 Related Programs - Applied DNA Sciences has COVID-19 programs focused on detection and protection against coronavirus, including Dx, Surveillance, Variant Detection, and Vaccine Design & Production[5] - The company offers COVID-19 pooled surveillance testing services, utilizing self-collected saliva or anterior nasal swabs, with samples pooled in groups of 5[9, 11] - The Linea™ COVID-19 Assay Kit discriminates virus-positive samples for the 69-70del mutation, enabling efficient and cost-effective variant spread monitoring[16] Vaccine Development - Applied DNA Sciences is developing LinearDNA COVID-19 vaccine candidates for both humans and veterinary use, in partnership with Takis Biotech[9, 26] - Preclinical studies of LinearDNA COVID-19 human vaccine candidates yielded strong antibody and T cell responses in mice, with seroconversion in all mice to produce IgG against SARS-CoV-2 Spike protein by Day 14[26] - The company is pursuing a USDA APHIS conditional license for its veterinary vaccine to prevent SARS-CoV-2 in animals, with Phase I and II trials planned[27] Commercialization and Pipeline - Applied DNA Sciences is pursuing a multi-faceted commercialization strategy for Linear DNA, including CRO, CMO, strategic alliances, and proprietary therapeutics[23] - The company has multiple revenue-generating development customers and is developing a cancer vaccine candidate in partnership with Takis/Evvivax SRL[25] - The development pipeline includes preclinical and clinical programs in veterinary anti-cancer vaccines, LinearDNA COVID-19 human and veterinary vaccine candidates, and anti-CD19b CAR T adoptive cell therapy[26]

Applied DNA Sciences, Inc. (NASDAQ:APDN) Q1 2021 Earnings Conference Call February 11, 2021 4:30 PM ET Company Participants Sanjay Hurry - Investor Relations Beth Jantzen - Chief Financial Officer James Hayward - President and Chief Executive Officer Judy Murrah - Chief Operating Officer Conference Call Participants Yi Chen - H.C. Wainwright Jonathan Aschoff - ROTH Capital Partners Jon Salmanson - Hubble Wealth Management Operator Good afternoon and welcome to the Applied DNA Sciences’ Fiscal First Quarter ...