Good morning, everyone. I'm Robbie Marcus, the MedTech analyst at JPMorgan. Very happy to introduce our next company, Ceribell. We'll have Jane Chao, the CEO, come up for a presentation, followed by some Q&A. Jane?
Thank you, Robbie. Good morning, everyone. I'm very excited to share with you the overview of Ceribell and our 2025 accomplishment and 2026 plan, so at the highest level, Ceribell has developed a platform for neuromonitoring. It has the hardware that makes EEG or brainwave acquisition really easy and fast. So nurses can set it up in a few minutes instead of waiting for a specialized EEG technician that's often hours and days. It also has the AI-powered algorithm called Clarity, detecting multiple different neurological disorders. Till today, our commercial effort has been 100% focused on seizure detection in acute care, and that is ICU and ED largely, and that, in the U.S. alone, translates into about more than $2 billion market opportunity. This past year, we are guiding $87 million-$89 million, 34% year-over-year growth at 88% gross margin.
In 2025, we also made significant progress in expanding our market, so the TAM grew from $2 billion-$3.5 billion. I'll walk you through, largely driven by expanding seizure to pediatric and neonate population, as well as gaining FDA clearance on the first and only delirium detection. Now, I will focus on seizure detection in acute care setting for the first half of this presentation. Seizures are very common in the ICU. A third of neurological patients have seizures, and it's often post-stroke, post-traumatic brain injury, post-neurosurgery. It also goes beyond neuro patients, post-cardiac arrest or post-sepsis with altered mental status. Somewhere between 10%-30% of these patients would have seizures, and the seizures in the ICU are very different than seizures in the epilepsy patients, which is often we think about as seizures in the epilepsy context.
They are quiet in the ICU, the seizures, and they are more aggressive. What do I mean by quiet seizures? 92% of the seizures in the ICU are non-convulsive, meaning patients do not have obvious symptoms. So you have to have an EEG to diagnose the seizure. And also, they are aggressive. Patients can seize from hours to days. And here you can see on the left chart, when patients seize 10, 20 hours, the mortality rate can go as high as 33% and goes even higher if patients seize longer. The gray bar is the morbidity that's often permanent secondary brain injury. So even when patients survive, you can see a very high portion, more than 50% of patients would acquire that. You might wonder which modern ICU would allow your patient to seize for 10- 20 hours.
Unfortunately, that's very, very common before Ceribell, and I'll walk you through that. So this is why our physicians also say time is brain, not just for stroke, but also for seizure management in acute care setting. Another parallel is the good news is they are easy to manage if you knew patients have seizures. The treatment is easily available. Nurses can treat patients if they knew. And if you treat the patient early, so on the right side, within the first 30 minutes of seizure onset, 80% of the patients will respond, and often the outcome would be very optimized. If you just delay that treatment by one or two hours, half of the patients stop responding to the medication. So early treatment, which is often driven by early detection, early EEG, is one of the most important factors to manage seizures in the ICU.
And guidelines already show that requiring EEG arrives on the bedside within an hour for post-cardiac arrest patients, post-stroke. Before Ceribell, almost not a single hospital in the U.S. or globally can be properly compliant with these guidelines. And the reason is that the standard of care is the conventional EEG, which has been around for more than 100 years. It was designed for epilepsy diagnosis for the outpatient setting, while patients can wait for weeks or months. It's now designed for acute care setting that every hour counts. It has intrinsic bottlenecks. First, on the hardware front, you have to have an EEG technician to set up. And most hospitals often have just a couple of EEG technicians, and it's Monday to Friday, 9:00 A.M. to 5:00 P.M., the technicians are on site. So if the patient arrives on Friday afternoon, that's pretty much a guaranteed two-day delay.
Even when you wait for hours and days the technician arrives, it still takes them 30, 40 minutes to set up, and on the interpretation side, EEG recording doesn't help anyone. You have to know the result to change patient management, and the bedside physicians usually do not know how to read the EEG. You require very specialized neurologists, neurophysiologists, or epileptologists. Again, hospitals have very limited access to them, so that leads to a further delay, often hours, and at last, no physician can actually continuously monitor EEG because it takes 10, 20 hours. You simply don't have that human capacity and resource to do that. It's important to monitor EEG because seizures are dynamic. It can come and go. I'll show you more examples later, so instead of being compliant with the guideline, the reality of getting EEG always takes hours and often takes days.
And continuous reviewing and monitoring of EEG is very, very rare. And this is not what patients need. And this is what we change. So Ceribell, with the hardware, can allow the bedside to get EEG within just five minutes. Nurses can set up or anybody on the bedside after very short training. And Clarity, our algorithm, would kick in and detect seizures almost right away and continuously monitor the EEG every 10 seconds, never get tired. So how do we do that? This is the hardware you see that's on the left, the disposable headband, and that's connected to the recorder that's roughly the phone size. And the recorder will record and also display proper information and stream the data to the Ceribell portal. And that's where a neurologist or other physician can log in and read EEG.
So this already provides the majority of the functionality of the conventional EEG. Now, we have the fourth component that the conventional EEG does not have. That's our algorithm, Clarity. So let's look into how does Clarity work. Clarity monitors EEG every 10 seconds and reports the seizure detection result, both on the portal front to help neurologists to read even more efficiently, as well as on the bedside to help the ICU intensivists and ED physicians to manage the patient more effectively. So on the left side, this very complicated curve you see is raw tracing of EEG data. It probably helps you appreciate why it takes a very specialized neurologist to read. It's very complex data. Also, it's very time-consuming to read. So this one page is only 15 seconds of EEG. And EEG can last 12 hours, 24 hours, or even days.
That means neurologists have to go through thousands, sometimes tens of thousands of pages to read. At the bottom of this chart, that's where Clarity helps, so you see this curve. The x-axis is actually the entire recording of the EEG. I'll explain what the y-axis is, but even without knowing it, your intuition is to click the peak, and you're absolutely right. That's where seizure happens, so it guides neurologists to know when did seizure happen and when is the patient seizure-free, so the y-axis is seizure burden. It's recommended by the American Neurophysiology Society. It's defined as the percentage of time patients spend in seizure during the past five minutes, so if 100%, that means five-minute seizure, that's clinically called status epilepticus. It's considered absolutely a neuroemergency, and that's the main condition physicians monitor on the bedside and manage on the bedside.
If it's 0%, that means the patient has been seizure-free for five minutes. Now, when patients pass 90% and are getting close to status epilepticus, the bedside recorder will send an alert, so this enables the bedside physician to know immediately when patients start to seize continuously, and it also shows the seizure burden curve, and this allows bedside physicians to see how patients respond to the medication. That's a lot of information, so let me walk you through one real patient case. You can see how the different components are in action. First thing, at the bottom left chart, it's 1:00 A.M. This is actually a community hospital at the heart of San Francisco, not far from here. At 1:00 A.M., even in a large city, a pretty well-funded hospital, you cannot get an EEG before Ceribell. In this case, the nurse notices something abnormal.
They set up an EEG right away, and again, even if you could get an EEG before Ceribell, it's very unlikely you'll get a neurologist to read for you right away. It's almost for sure a few hours' delay, but in this case, within 10 minutes, the device starts alerting the bedside. Patients are seeing status epilepticus or continuous seizure is a medical emergency, and the little pink needle you see here is the real bedside annotation after the physician ordered the treatment within minutes, and if you recall, patients do not always respond to the first-line medication, so in this case, the patient did not respond, and in about an hour, the device went back alerting and saying, "Hey, your patient is still seizing nonstop." And you can see the needle came back again, and they escalate the treatment, and you can see the curve start dropping.
This is when the bedside physician knows, "OK, I'm on the right path," and patients stop seizing, and again, without Ceribell, even if you get a neurologist to read for you right away, it's very unlikely that a neurologist will stay up at 2:00 A.M. and just watch it. And this patient would be under treatment, but still seize out the entire night. I also mentioned continuous monitoring is critical for this population, and here's the example. The patient became seizure-free at 3:00 A.M., but at 4:30 A.M., the patient returned to continuous seizure, and with Ceribell, you're able to react very quickly. I asked which modern ICU would leave a patient seizing for 10, 20 hours. This patient is not an outlier at all, so this is the powerful impact we bring to the patient, and it's not just anecdotal. We have published close to 50 publications, 100 abstracts.
Our largest study came out last year is the SAFER study. It's a retrospective of about 1,000 patients. The first thing we showed we actually did the study at Yale, University of New Mexico, Mass General. They are top teaching centers and probably have the best conventional EEG capability in the country. Even with that, you see conventional EEG arrives on the bedside 19 hours later. That's in the top teaching center. You can only guess when you get outside the top teaching center. These are the hospitals with EEG technicians on site during after-hours. We also showed that Ceribell patients stayed in the ICU 4.1 days shorter. When you think about it, that's a very significant reduction of length of stay. Also, with much better outcome, we looked at the percentage of patients who have severe disability at the discharge. Conventional cohort, 76%. Ceribell, 58%.
That's an 18 percentage point reduction. Roughly, that means one out of five patients can go home instead of nursing centers. When you think about the impact to that patient and the family. Now, how do we translate this clinical impact to a sustainable business model? Our business model has two main largely reoccurring revenue streams. The first 25% is the subscription fee, and that's the monthly fee hospital pays us to have access to the recorders, our Clarity, as well as the portal. The other 75% is the disposable headband, and that's single patient use. So with this model, this is the quarterly revenue you can see during the past few years. You see very strong and steady growth, and one thing you notice is every single quarter is growing compared to the previous quarter, and as a matter of fact, this is true throughout our entire commercial history.
We have not a single quarter that's lower than the previous quarter revenue. And part of this is driven by the nature of the recurring revenue, the business model I just walked you through. Part of it is driven by how sticky the device is. Often, when physicians use it, this becomes a habit and becomes how they practice. So we're very proud of what we have accomplished already commercially. And we're really just scratching the surface. We believe that we're only 3% penetrated in the seizure acute care market in the U.S. And how do we get there? Very simple math. If you look at the number of hospitals we're in, that's about 600 + out of 6,000 hospitals, about 10% penetration. Within the 600 plus hospitals we're in, we're only serving about 30% of the patients in these hospitals. We simply looked at our top 10% customers.
They use 3x more than our average customers after calibrating the hospital size, so 10 x 30%, that's 3%. Moving forward, we'll continue to drive both in account acquisition as well as driving utilization of existing accounts. On the account acquisition front for 2026, we have multiple catalysts, so we already know the account acquisition strategy well, so we'll continue executing what we know we have done successfully the past seven, eight years. We also significantly expanded our sales force in 2025. We see the new members start to be productive in 2026. In 2025, we also gained FedRAMP High Cybersecurity certification, and that gave us access to about 160 VA hospitals. We successfully completed the pilot with VA last year and won the first significant cohort of VA hospitals, so we will continue to drive that momentum and drive the expansion to VA in 2026.
VA is a great example of how top-down engagement with the hospital system can expedite the account acquisition process. We are also building out our health care system infrastructure and our playbook. On the driving utilization in existing accounts, the first one is departmental expansion. The majority of our customers, we're still not in every single ICU, step-down units, and the floor. We'll continue to drive to additional departments. Even for the departments we're in, very likely we have not trained all the physicians and providers. We'll continue to drive that. Even for the physicians that are using Ceribell, they might not be aware of all the new guidelines in different populations, like post-stroke, post-cardiac arrest. We'll partner with the hospital to integrate Ceribell into the patient-specific protocols. We didn't just drive the penetration of the existing market.
We also significantly expanded the seizure market in 2025. We gained FDA clearance both on the neonate for Clarity, and that includes the preterm, as well as the pediatric age one and older, and the neonate also covers from preterm all the way to age one, so this actually makes Ceribell cover the entire age, starting from preterm. This unlocks incremental $400 million TAM. That's about 20% and TAM expansion, and also access to the 280 children's hospital, which we had limited access to before, and we are very happy with the limited commercial pilot we ran last year and planned the full launch in 2026. Often, we think about pediatric and neonate products. You think about maybe just shrinking the size, but it's very complicated here because we're talking about EEG seizure detection.
And the brainwave of preemie and pediatric population are much more complex due to the rapid growth of the population's neurological state and the intrinsic complexity of it. So we are actually the first and only algorithm FDA-cleared for preemie, as well as a young population as young as one-year-old. So I want to talk a little bit more about neonate. A lot of challenges we see in the adult front, lack of EEG, 24/7 access EEG, neurologists read, translate to this market. However, in this market, the challenges are even bigger, and what's at stake is even higher. For adult population, the physician can sometimes observe the patient and establish their neurological or movement baseline and use that baseline to judge maybe this patient has a higher risk of seizure or lower risk.
To establish a baseline of movement and cognitive level for neonate is very challenging for obvious reasons. So here we show that not only 90% of seizures happen in the NICU are non-convulsive, similar to adults. 70% of the time when physicians observe the patient and think the patient has seizure, physicians are wrong 73% of the time. Therefore, the guidelines recommendation is don't think about observing the patient. You need the EEG to monitor this patient, regardless of what you think based on the observation, and the guideline also listed very clear indications on the right. You can see that all these patients have a pretty significant prevalence of seizure. If you walk into a NICU in your neighborhood, very likely many of these patients are not being monitored on EEG because of EEG resource.
Even when the guideline made the recommendation, it recognized we understand you might not have enough EEG resource. But really, this is the right thing to do for the patient. But when you don't monitor this patient, what's at stake is so high. These patients obviously are just starting their life. They have their entire lifetime ahead of them. So look at the right chart. The y-axis is the language score. 100 means average, so kind of similar to IQ. 85 is where the development delay threshold is. So the difference for the patient between 100 and 85 is drastic. It's the difference between you can go to your neighborhood school, have a normal life, to go to a specialty need school, or public counseling support you would need, and think about the toll for the family. How much seizure caused the difference between 100 and 85? One hour.
One hour, if a patient is spending in seizure, that would completely change the trajectory of this patient. So how much does early EEG help? Studies show that if you delay treatment by one hour, you would double the time a patient spends in seizure. So if you reverse that, every hour you can get EEG faster, you can get treatment faster, you're going to cut the time a patient spends in seizure by half, and this is what's at stake, and this is what we want to change. I recently visited a NICU, and the medical director said a couple of things. I think this really reflects how the neonatologists are thinking about this. First thing she said, she said, Jane, seizure is different in the NICU compared to adult ICU. Adult ICU, you have quite a few different neurological abnormalities to manage. You have stroke. You have TBI.
In our population, seizure is the number one neuro complication we manage. So it gets all the attention. And the second thing she said is it's not just about the hearts and the lungs anymore. I want my patients to be able to go to college if they want to. And that's what we're working on. So in 2026, on the account acquisition front, we'll expand to this additional children's hospital. To drive utilization, we'll expand to hundreds of NICU and PICU in the existing accounts and also drive the pediatric population. We just spent the past about 20 minutes talking about seizure management in the acute care setting. And that is our first growth horizon. We look at our future in three growth horizons. The second growth horizon, we still focus on acute care. But we use EEG and AI to expand beyond seizure, delirium, stroke, and other indications.
The goal is to make EEG a new vital sign. Just if a patient has chest pain, you put the EKG on. If a patient has altered mental status, you put the Ceribell on. The third horizon would move beyond acute care, and that could go to outpatient clinics, and it also moves beyond seizure, potentially using EEG as a biomarker for many neurological or psychiatric disorders, detection of dementia, management of depression, ADHD, you name it. For the rest of this talk, I'm going to focus on the second horizon, and that is making EEG a new vital sign. Why does it matter? So one thing you would know you are in the ICU compared to the floor is you have more screens. You have more beeping because the patient is in such a critical state.
But we don't monitor the brain, even in the best ICUs, because we don't have the tool. So here's an example. Let's say if you are a surgeon, you perform the major cardiac surgery. And if the patient didn't wake up in time or patients still have altered mental status, you have to run your algorithm. Wait, patient has probably 0.5%, 1% chance of having a stroke. Is this stroke? Or patient probably has a 10% chance of having a non-convulsive seizure. Is this seizure? Or patient's likely to have a delirium, 30%, 40%, depends on their age. It can be 70% if they're elderly. Is this delirium? The manifestation looks similar. Patient's altered. And you don't really have a tool to help you to differentiate and continuous monitor. Ceribell is beautifully positioned to solve this problem. First of all, you have to solve access.
Before Ceribell, you can't even get the EEG for seizure, so forget about other indications, and second, to use AI, as you know, you need a large quality data set, and Ceribell has probably one of the biggest EEG databases for acute care setting, and it's very well labeled, and last, you need to have very sophisticated in-house AI capacity, and we started our data science team eight years ago, so with all that, 2025 has been an absolutely milestone year for us to achieve this vision. We gained FDA clearance on delirium detection. This is, again, the first and only delirium detection ever cleared by FDA. We also submitted the NTAP New Technology Add-on Payment application based on the existing breakthrough designation we already have, and this unlocked at least a $1 billion opportunity in the ICU.
We also received a breakthrough designation of large vessel monitoring for the inpatient setting. So I want to talk a little bit about delirium. Physicians often call delirium acute brain failure. I find that term more prescriptive. Just like many organ failures physicians manage in the ICU, kidney failure, liver failure, it's very common. It's the most common neuro complication in the ICU. It impacts 3 + million patients. 30% of ICU patients have it, 80% if they're on the ventilator, much higher if they're elderly patients. And it has strong evidence associated with very poor outcome. One day in the ICU with delirium means a 10% increase of mortality risk and a 60% increase of developing dementia after surviving ICU. The current standard of care is called CAM-ICU. It's a nursing protocol, behavior-based.
It's subjective, depending on the nursing training, and a pretty significant burden to the nurses as well. The results are binary. So your patient is delirium or not. Or it's also not continuous. The best centers, you get the result twice a day. Delirium treatment or management has very clear paths. It's laid out in the guideline. But the challenge there is delirium evolves, have wax and wane over hours and days. When you don't have an objective quantitative trend, continuous monitoring, it's very hard for doctors to know whether or not they are on the right path and how patients are responding to the therapy and path they're putting patients on. This is where we believe that our solution that's objective, continuous, can support physicians to manage this very complicated disease state. Another thing that's important to know is seizure and delirium are not independent.
They are highly intertwined. As I mentioned earlier, they have similar presentation, but the treatment paths are completely different. It's almost ironic. The first line medication of anti-seizure is benzo, and that's the number one deliriogenic agent. So if your patient has seizure, you have to treat the patient with a very large dose of benzo very quickly. If your patient has delirium, you want to minimize or eliminate patient's exposure to benzo. So it's really important for you to know patient's altered, but is it delirium or seizure? And to make this more complicated, 48% of seizure patients later experience delirium. And 42% of delirious patients, they have seizure or other seizure-like abnormalities. So with that, in 2026, we will conduct and start our market development as well as commercial pilot that's very consistent with our overall commercial plan.
We are planning a full launch of Delirium in Q4 2026 or early 2027. On the LVO stroke front, we'll continue the clinical product and regulatory advancement. We are also continuing developing our second-gen hardware and additional features and other features to support additional indication. So in summary, we have been laser-focused on driving the penetration of seizure management in acute care in the US. We have very strong catalysts laid out in the next multiple years. In 2026, we'll continue to expand to VA and start to see the impact of our recent expanded sales team and also leverage the launch of pediatric and neonate accessing to children's hospital, potentially expanding to NICU as well as pediatric, and that starts to have a $2.5 billion TAM in 2026. In 2027, as we think about launching Delirium, and that further expands the TAM to $3.5 billion.
As we make further progress on stroke and other algorithms and product development we have in the pipeline, we'll continue not only driving the penetration but also expand our market. What we do is not easy. We actually have a record year. We accomplished all that by many first and only. So in 2025 alone, we became the first and only medical device company ever received FedRAMP High certification, where the first and only FDA-cleared seizure detection algorithm covering preterm. And we're also the first and only FDA-cleared seizure detection algorithm covering age one and above, which makes us the first and only seizure detection algorithm covering the entire age. It's also the first and only delirium detection algorithm cleared by FDA and first and only large vessel monitoring algorithm. So I'm incredibly proud of the Ceribell team.
And we can accomplish all this is because Ceribell employees' absolute commitment to our mission and to excellence. I'm deeply grateful to our customers and our investors. Our foundation has never been stronger. So I'm thrilled to deliver more impact to the patients and translate those patients to the values for the shareholders. Thank you.
Well, great. Maybe we could kick it off. You had a couple tidbits in there about 2026 around Delirium launch timing. We'll get the full 2025 results and guidance on the fourth quarter call. But anything you can, headwinds or tailwinds or high-level comments you could talk to about the momentum and new product launches in 2026?
Yeah, absolutely. For 2026, the core adult seizure market, we have multiple tailwinds. I mentioned probably all of them already, but it's good to summarize them all.
On the account acquisition front, we're going to see the impact of the sales team we expanded in 2025. We're also going to continue to drive the impact from VA as well as going to children's hospital. And on utilization front, it will be a new opportunity with NICU and pediatric as well as some proven initiatives we proved out in 2025, including departmental expansion and protocolization. Delirium probably will be more impacting 2027 and beyond. In terms of headwind, I would think this is the first year that we're not just executing our core market. We start to balance on continuing execution in the core market, introducing new growth initiatives already, and launching new products. I think as an organization, as we scale very rapidly to find that balance, to not lose track of core execution while we're launching new products, it's going to be a challenge and opportunity.
So as we think about Delirium coming online, I imagine pediatric goes hand in hand with adult. There's probably not much extra work you have to do there, I imagine. As you think about Delirium and the launch starting in fourth quarter, first quarter in 2027, what are some of the things investors should be considering? How will you go about launching this? Do you need extra sales force? Is there overlap with seizure? Just give us some of the thoughts there.
Yeah. I mean, we talked about this before. And this is really we start to see the impact. Delirium and pediatric, it's the similar patient population. It's a very similar call points. We're still calling the neurologist now pediatric neurologist. And Delirium is still the same intensivists and same physicians. So we largely expect to leverage our existing sales force.
Yeah, it might be some incremental as we launch Delirium, where that's why we're doing the commercial pilot. So the 2026 commercial pilot on Delirium, we're going to really focus on partially getting the feedback in the real world, how the algorithm can deliver patient impact, what's the best workflow to integrate it with the existing care as well as seizure detection, and also to select the proper patient population so we can drive proper strong utilization since day one. Another thing to think about Delirium is also we are already in the ICU. So in many ways, the potential adoption barrier from administrative perspective is lower. Even for NICU, often it's the departmental expansion. You have to get new recorder, Clarity coverage. For Delirium, it's more a patient expansion. So we are very excited.
But we want to do the pilot and to be able to talk about it more quantitatively moving forward.
What are some of the reasons that you shouldn't have 100% of existing accounts using Delirium also? Are there operational or financial considerations for the hospitals?
Yeah. It's still early. But from my perspective, it's hard for me to think of if you combine patient care and we also have NTAP, so the first few years can leverage NTAP health economic-wise, it's hard to think about rational reasons to say we shouldn't introduce a device that provides a diagnosis that's continuous. In reality, of course, hospitals often have competing priorities. We have seen that in seizure detection. But the good news is that we have been calling on ICU for years now. So we know how ICUs plan their priority.
And we know how to best partner with them to overcome those potential barriers as well.
When I look at your model and your existing penetration into hospitals around the country, there's still a good amount of penetration to go on getting more hospitals on board. But to me, there's a significant amount of leverage still in driving utilization in existing accounts. So how's the sales force set up right now in terms of hunters and gatherers? And where do you see the most opportunity moving forward?
Yeah, that's a great question as well. Historically, we have always prioritized both account acquisition as well as driving utilization. And the way we were able to do this is about a few years ago, we actually restructured our sales team. We have two independent, highly collaborative sales teams, one accountable for account acquisition and one accountable for driving utilization, the CAM organization.
In many medical devices, the clinical team is more supportive. Our clinical team is actually really, truly their sales, their drive utilization. This enables us to constantly drive initiatives independently because they don't have them as issue. Another thing we try to see is at the hospital system level, we start to see we can potentially both accelerate account acquisition if we have a more holistic hospital system plan and can also work on standardized certain protocol at the hospital system level. There's strong synergy between the two teams as well.
As I think about down the P&L and the drive towards profitability, we'll see what tariffs may be on Wednesday. If those get repealed, that might give your gross margin a little boost. I know you've taken measures to diversify your country location of manufacturing on the headsets.
But how are you thinking about both the margins and expenses moving forward? And when do you think we can get to cash flow break-even?
Yeah. We are growth first, but not growth at all cost. So we have been very diligent when we think about our investment. We are very confident that we can reach break-even with the cash we have raised during IPO. And so we still look for different opportunities when we see a strong growth signal. One example this year that we didn't talk much last year is we're going to grow the infrastructure of health care system team. And because we start to see very strong signal if we better engage health care system. So overall, we are not providing the timeline for break-even. But with the cash, with the margin we have, we are confident we can achieve that.
I would imagine Delirium should help you get there as the incremental selling expense is probably a lot less than what you have with seizure.
That's a really great point, yes. And also neonate and pediatric because it's leveraging the existing sales team. And the TAM expansion is significant. And some of the initial adoption barrier for new indications, you could argue, is lower compared to initially gaining access for seizure.
Well, we're about out of time. Maybe that's a great place to end it. Thank you so much. Thanks, everybody, for coming.
Thank you, Robbie. Thank you, everyone.