Financial Data and Key Metrics Changes - Pharma services revenue for Q1 2025 was $2.1 million, exceeding expectations due to a large order processed quickly, with $1.4 million invoiced in the last few days of the quarter [16][17] - Gross margins for pharma services reached 62%, extending the company's cash runway and deepening customer relationships [16][17] - The company ended Q1 2025 with nearly $33 million in cash, including restricted cash, and reported a free cash flow of negative $6.2 million, aligning with the target average quarterly cash burn of $6 million [20][22] Business Line Data and Key Metrics Changes - The majority of revenue in Q1 came from a single corporate customer, which is now seeking partnership opportunities on one of the oncology assays [17] - The company has 10 sites running its research use only (RUO) assay across various countries, including the US, Germany, UK, Switzerland, Austria, and Southeast Asia [8][12] Market Data and Key Metrics Changes - The company expects to have 20 sites trained on its graft to share workflow by the end of 2025, which is part of a strategy to land hospitals with the RUO product and expand to selling the clinical kitted product post-FDA clearance [8][12] - Interest from several university hospitals in the clinical trial has been noted, with expectations to include at least three of the top 10 transplant centers in the US [6][8] Company Strategy and Development Direction - The company is focused on finalizing its clinical assay and trial design, preparing for an FDA submission by the end of 2025, and spring loading revenue for the second half of 2026 [5][6] - A strategic pivot has been made towards transplant diagnostics, with plans to unveil a new company name that reflects this direction [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made and the future potential of the transplant product, noting increased interest from corporate partners [15] - The company is optimistic about the FDA approval timeline, targeting the first half of 2026 for approval [8][21] Other Important Information - The company is investing in improving and simplifying digital PCR workflows, which are seen as a differentiator compared to NGS platforms [10][11] - The company plans to announce a new Nasdaq ticker alongside the name change, emphasizing a resource-conscious approach to capital allocation [22] Q&A Session Summary Question: Inquiry about the larger revenue-generating pharma customer and oncology interest - Management confirmed that the interest is related to DetermaIO and potential kitted versions, indicating unique advantages in tougher cancers [25] Question: Next milestones for DetermaIO - The focus is on the SWOG study involving 800 patients, with data expected towards the end of the year [28] Question: Feedback from US transplant centers regarding the study - Management reported enthusiasm from transplant centers, indicating a strong desire for in-house technology access [31] Question: Impact of the IOTA model on market growth - Management acknowledged skepticism from partners but noted that increased demand for testing is anticipated [41] Question: Potential friction between transplant centers and physicians regarding test orders - Management indicated that most centers allow physicians to choose tests, emphasizing the importance of demonstrating the technology's performance [45] Question: Final Q-sub meeting expectations - The company is on track for submission and has incorporated FDA feedback into the Q-sub [49]