Financial Data and Key Metrics Changes - In Q1 2025, the company generated $155 million in net revenue, a 12% increase from the same period last year, driven primarily by an 11% growth in active patients [27] - The gross margin for the quarter was 75%, down from 76% in the prior year, attributed to the rollout of new HFE arrays and the launch of non-small cell lung cancer (NSCLC) treatment [29][30] - The net loss for the quarter was $34 million, with a loss per share of $0.31, and adjusted EBITDA was negative $5 million [33] Business Line Data and Key Metrics Changes - The company reported 4,162 active patients globally for its GBM business, marking a record high and continued year-over-year growth, particularly in France and Japan [21] - For the NSCLC launch, the company received 92 prescriptions in Q1, ending the period with 62 patients on therapy, and had 44 mesothelioma patients on therapy, totaling 106 active patients [13][21] - The company collected $1.5 million from NSCLC claims, split roughly evenly between mesothelioma and NSCLC [28] Market Data and Key Metrics Changes - Active patient growth was 46% in France, 17% in Japan, 10% in Germany, and 4% in the U.S. compared to the prior year [27] - The company anticipates a linear and sustainable adoption curve for its products globally, particularly in the context of the NSCLC launch [20] Company Strategy and Development Direction - The company aims to transition from a single indication treating GBM to a multi-indication oncology company, focusing on execution in regulatory and commercial fronts [8] - The recent CE Mark approval for OptuneLua in Europe for metastatic NSCLC is a significant milestone, with plans for a launch in Germany [9][20] - The company is also preparing for a launch in Japan later this year and is focused on expanding its clinical pipeline to include applications of tumor treating fields in pancreatic and lung cancers [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the technology and the team's ability to reach more patients and drive substantial revenue growth [35] - The company is focused on building a collection track record for NSCLC claims to support revenue recognition upon billing [29] - Management highlighted the importance of the upcoming ASCO presentation for the PANOVA-3 trial, which is expected to generate significant interest in the oncology community [49] Other Important Information - The company is facing potential gross margin headwinds due to evolving tariff landscapes, with estimates indicating that import duties could impact costs significantly [30][75] - The company has initiated several supply chain optimization initiatives to mitigate the impact of tariffs [31] Q&A Session Summary Question: How does the launch of non-small cell lung cancer compare to newly diagnosed GBM? - Management indicated that while it is difficult to directly compare the two, the early adoption metrics for NSCLC are promising, with a focus on the right physicians and patients [40][41] Question: What expectations should be set for the PANOVA-3 presentation at ASCO? - Management confirmed that the presentation will include full data sets and demographic breakdowns, highlighting the trial's success in extending survival in pancreatic cancer [47][48] Question: How is the growth of prescribers expected to evolve? - Management noted that growth will come from both expanding the prescriber base and deepening relationships with current prescribers, with a focus on ensuring quality first experiences [60][62] Question: What is the reimbursement pathway in Germany for NSCLC? - Management explained that reimbursement will initially be on a case-by-case basis, similar to the U.S. market, with expectations for a more predictable reimbursement rate over time [69][70] Question: How is enrollment progressing in the LUNAR trials? - Management stated that enrollment is still in the early stages, with updates expected once there is clearer visibility on patient flow [82]