Financial Data and Key Metrics Changes - Product revenue increased 105% to $1,700,000 in Q3 2025 compared to $800,000 in Q3 2024, with a year-to-date increase of 100% to $6,400,000 from $3,200,000 [4][13] - Product gross margins improved to 53.9% in Q3 2025 from 34.1% in Q3 2024, with gross profit rising to $900,000 from $300,000 [4][14] - Net loss improved to $1,500,000 or a loss of $0.03 per share in Q3 2025, compared to a net loss of $2,800,000 or a loss of $0.10 per share in Q3 2024 [17] - Cash and cash equivalents increased to $8,000,000 as of June 30, 2025, from $1,500,000 as of September 30, 2024 [18] Business Line Data and Key Metrics Changes - Licensing revenue of $3,000,000 was generated in the first nine months of fiscal 2025, compared to no licensing revenue in the same period of fiscal 2024, derived from an expanded agreement with Zimmer Biomet [13][14] - Total operating expenses decreased 9% to $2,800,000 in Q3 2025 compared to $3,100,000 in Q3 2024, with R&D expenses stable at $1,200,000 [15][16] Market Data and Key Metrics Changes - The company is pursuing market opportunities in pain management, including trigeminal neuralgia and lower back pain treatments, with potential revenue generation expected in late 2025 [6][7] - The spinal cord stimulation market is estimated to generate over $3,000,000,000 in annual revenue, representing a significant opportunity for the company [8] Company Strategy and Development Direction - The company aims to expand its product portfolio in pain management and other therapeutic applications, leveraging its thin film ablation technology [6][7] - Plans to initiate a post-market registry to collect outcomes data for patients treated with the 1RF ablation system, highlighting positive patient outcomes [5][6] Management's Comments on Operating Environment and Future Outlook - Management reiterated expectations of being funded through at least fiscal year 2026 based on contractual minimum orders and potential cash flow breakeven if key milestones are achieved [5][18] - The company is confident in its fiscal year 2025 guidance, expecting product revenue to be in the range of $8,000,000 to $10,000,000, representing a significant increase over fiscal year 2024 [12] Other Important Information - The company has received its first international patent for its spinal cord stimulation electrode and is in the process of securing ISO certification for international commercialization [10][11] - New hires in the management team are expected to contribute positively and bring cost savings [11] Q&A Session Summary Question: Can you provide an update on the drug delivery platform and its testing status? - The devices are currently ordered for initial bench testing, followed by animal testing, with human trials planned if animal testing is successful [21][22] Question: What is the market potential for trigeminal ablation and the physician specialties involved? - Approximately 150,000 people in the US suffer from trigeminal neuralgia, with potential procedures being similar to brain ablations, targeting the same physician specialties [25][26] Question: Can you discuss the design and target levels for spinal cord stimulation? - The therapy targets lower back pain, likely from L3, L4 to S1, with multiple components expected in the system [27][28] Question: Any outlook for 2026? - The company is not providing a forecast for 2026 at this time, but remains confident in its current range due to minimum purchase requirements from Zimmer [30]