Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $10,000, down from $24,000 in Q4 2024, reflecting modest revenue fluctuations in the early commercial stage [20] - Total revenue for 2025 was $81,000, slightly up from $77,000 in 2024, indicating a gradual revenue expansion [21] - Operating expenses for Q4 2025 were $9 million, down from $9.4 million in the prior year, showcasing disciplined expense management [20] - Net loss for Q4 2025 was $7.9 million compared to a net loss of $8.6 million in Q4 2024, demonstrating improved financial control [21] Business Line Data and Key Metrics Changes - Research and development expenses for 2025 were $13.2 million, down from $14.7 million in 2024, driven by lower clinical study costs following the completion of the PRIME study [21] - Selling, general, and administrative expenses were $23.3 million in 2025 compared to $21.9 million in 2024, reflecting targeted commercial readiness investments [21] Market Data and Key Metrics Changes - The company engaged with 13 states for partner programs, exceeding its initial goal of six states [9] - The strategy aims to expand to 15-17 states by year-end 2026, representing 58%-60% of U.S. births [9] Company Strategy and Development Direction - The company aims to build evidence, access, and commercial infrastructure to drive preTRM adoption at scale, with a focus on Medicaid and high preterm birth burden states [5][8] - Plans for 2026 include expanding partner programs and generating real-world evidence to support clinical adoption and reimbursement expansion [9][10] - The company is pursuing CE marking approval for the PreTRM Global Test in Europe, with submissions expected in the coming months [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum gained from the PRIME publication and the engagement with payers and state legislators [35] - The company anticipates gradual adoption of its technology, supported by compelling clinical evidence and increasing payer engagement [45] Other Important Information - The company ended 2025 with $95.8 million in cash equivalents, providing a runway through 2028 for significant adoption and commercial milestones [22] - A new Head of Sales and Strategic Accounts was introduced, expected to enhance commercial execution and market access [15] Q&A Session Summary Question: Can you expand on converting payer discussions and partner programs using outcomes and economic data? - The company highlighted the importance of clinical outcomes and economic benefits for payers, particularly regarding NICU admissions and cost drivers [29][30] Question: What feedback was received at the SMFM conference regarding PRIME? - Engagement with providers and leadership at SMFM was positive, focusing on next steps to improve access to the test [33][35] Question: How will the company balance investments in U.S. states versus the EU launch? - The company plans to reallocate spending from clinical and R&D activities towards commercial activities, including EU opportunities [38] Question: Can you elaborate on the profile of new partners? - The company is negotiating with various partners, including large health systems and provider payers, to implement the PreTRM test into clinical workflows [40][42]