Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $264,000, up from $86,000 in Q3 2025, driven by both capital and disposable devices [23] - GAAP net loss for Q4 2025 was $17.4 million, compared to $19.4 million in the prior year period [24] - Cash and cash equivalents totaled $80.7 million as of December 31, 2025, down from $118 million as of December 31, 2024 [25] Business Line Data and Key Metrics Changes - The nPulse cardiac catheter achieved a 96% procedural success rate at 1 year and 90% freedom from atrial arrhythmia at 12 months [11][39] - Revenue from the Vibrance system and electrodes in Q4 was $264,000, an increase compared to Q3 [17] Market Data and Key Metrics Changes - The company is focused on expanding its presence in the electrophysiology market, particularly for atrial fibrillation, which is the most common arrhythmia [39] - The nPulse Vibrance system is being used to treat symptomatic benign thyroid nodules, with a significant annual incidence of 250,000 new diagnoses in the U.S. [17] Company Strategy and Development Direction - The company aims to transition the medical field towards nanosecond pulsed field ablation (nsPFA) technology, which offers precision and efficiency in treating diseases [4][5] - Plans for 2026 include completing enrollment in pivotal trials for the nPulse cardiac catheter and expanding the IDE program for the NanoClamp-AF surgical device [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical and commercial progress made in 2025 and early 2026, emphasizing the importance of data in driving future growth [6][32] - The company anticipates that achieving FDA therapeutic clearances will be essential for significant revenue growth [22] Other Important Information - The company added 67 issued and 77 pending patents in 2025, totaling 250 granted patents and 180 pending [5] - A research collaboration with the University of Texas MD Anderson Cancer Center is underway to evaluate the use of nsPFA for treating thyroid tumors [20] Q&A Session Summary Question: Transition from limited release to broader release for Vibrance - Management indicated that the current focus is on market development and quality outcomes before scaling up commercialization [31][33] Question: Enrollment timelines for the post-market surveillance study for thyroid - Enrollment is on track to be completed in the next few months, with plans to expand the study [34] Question: Reception of nPulse data from the AF Symposium - The reception has been exceptionally positive, with significant interest from physicians and stakeholders in the cardiovascular space [39] Question: Integration of nPulse with mapping systems - Management confirmed that improved software integration is expected in the IDE, which could enhance procedural accuracy [50] Question: Update on next-gen nPulse - The next-generation nPulse system is still in development, intended to integrate multiple ablation capabilities into one device [52] Question: Spillover benefits from nClamp - There are expected synergies between the nPulse and nClamp systems, reinforcing the potency of the ablation energy [53]