Financial Data and Key Metrics Changes - Net revenue for Q3 2025 was $16,000, a decrease from $29,000 in the same period last year [17] - Total operating expenses for the quarter were $9.0 million, slightly up from $8.9 million in Q3 2024 [17] - Research and development expenses decreased to $3.3 million from $3.5 million, attributed to lower clinical study costs [17] - Selling, general, and administrative expenses increased to $5.7 million from $5.4 million, reflecting investments in commercial activities [18] - Net loss for the quarter was $7.8 million, down from $7.9 million in Q3 2024 [18] - Cash, cash equivalents, and available-for-sale securities totaled approximately $102.4 million as of September 30, 2025 [18] Business Line Data and Key Metrics Changes - The company is focusing on the PreTRM test adoption, with significant progress in commercialization efforts [4][6] - The first Medicaid pilot program in Nevada is actively enrolling patients, indicating initial traction in the market [7][12] Market Data and Key Metrics Changes - The company is targeting six initial states, representing approximately 33% of U.S. births and 35% of Medicaid births annually [8] - Engagement with 10 payers across 13 states is underway, indicating a diverse mix of national and regional opportunities [12] Company Strategy and Development Direction - The company is executing a geographically focused strategy to enhance coverage, physician education, and patient awareness [4] - A two-prong approach is being utilized for commercialization: targeting state engagement and payer-driven adoption through pilots [9][10] - The company aims to establish the PreTRM test as a standard of care for preterm birth risk [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the commercial momentum and the potential for significant growth opportunities [18] - The timeline for guideline inclusion is estimated to be 24-36 months post-publication of the PRIME study results [31] Other Important Information - The company plans to publish full results of the PRIME study in a peer-reviewed journal by the end of the year [5] - Key leadership appointments have been made to strengthen the team and drive the adoption of the PreTRM test [14][15] Q&A Session Summary Question: Progress on Medicaid pilots and timeline for additional pilots - Management confirmed they are on track with one pilot launched and another in contracting, with discussions ongoing for additional pilots [22] Question: Economics of the Nevada pilot and payment structure - The pilot size is expected to be a few hundred patients, with discussions for value-based healthcare arrangements ongoing [24] Question: Timing of PRIME publication and additional data - Management is confident the publication will be out before year-end and will provide new insights upon release [27][29] Question: Pathway to guideline inclusion and focus areas - The timeline for guideline inclusion remains 24-36 months, with a focus on geographic adoption and broader engagement with payers and providers [31][32] Question: Organizational readiness post-PRIME publication - The company has prepared for the publication with plans for payer engagement and dissemination of information to clinicians [38]