Thank you, Rohan. Thanks to you and to J.P. Morgan for having us here today. As Rohan mentioned, my name is Joel Becker, and I'm pleased to be here representing NeuroPace and the team at NeuroPace. These slides are also up on our website at NeuroPace.com, so you can find them there as you do. Please recognize the disclaimer, and thanks to all of you for being here today. I'm going to start, as I like to start any discussion of NeuroPace, with our most important slide. Our most important slide is the one that contains the mission of the business, and it's important that you all see it and read it because it's really what catalyzes the activity that we engage in every day and guides our decision-making as well as energizes our efforts.
And that's the mission of transforming the lives of people suffering from epilepsy by reducing or eliminating the occurrence of debilitating seizures. And we have a strong feeling of stewardship toward these patients and the clinicians that care for them. And that's why we do what we do and have developed what we have here at NeuroPace. The company and the business is led by an extraordinary team of people, some of whom are here today and you'll hear from as well. But then also a tremendous team here based in Mountain View, California, and spread across the United States that comes from a tremendous background and a blend of both people who have been here for some time as well as people who bring new and additional skills to the team as we grow and develop the business.
As you think about NeuroPace, there are some highlights that I'd like to communicate to you. First of all, we're very well positioned strategically and have a set of strong fundamentals that position us for growth, both in the near term as well as over the next number of years. And I'll spend the rest of today's presentation talking to you about those near-term results as well as our strategy and plans for advancing the mission and growing and developing the business. Some of the elements of NeuroPace include, number one, best-in-class differentiated outcomes that improve over time. What you hear about today is best-in-class data, best-in-class technology, as well as a best-in-class team that has been developed and put in position to take advantage of those opportunities. And that really is built on the RNS System itself.
I'll spend some time talking about that, but it is a unique cranial implant that allows us to continuously monitor, record, analyze, and then tailor therapy based on IEEG data, where we can individualize detection and stimulation parameters to treat the tailored needs for therapy that are different among each individual epilepsy patient. As a result, we end up with a unique dataset that is also an important part of what we do and I'll spend more time around. In addition to best-in-class technology and best-in-class data, we also have what we consider to be a significant and best-in-class market opportunity in front of us. We're in the early innings with single penetration rate share in this space and penetration rate of neurostimulation in the drug-resistant epilepsy patient population. We have a significant amount of room to run as well.
We just recently achieved. We announced yesterday morning we achieved $100 million in revenue for the first time. So a significant milestone for the company. Over the past number of years, we've treated approximately 8,000 patients. We're committed to a 20% top-line revenue growth rate with our current indications and more indications to come. And all of that is focused on a tremendous opportunity of helping a significantly underserved drug-resistant epilepsy population with a market potential in excess of $3 billion. As I mentioned, we announced our preliminary results for the fourth quarter of 2025 and full year 2025 yesterday morning. In addition to the $100 million and 25% year-on-year growth for 2025, we also posted almost $82 million, $81.7 million in revenue for our core technology, the RNS System, at 25% growth as well.
That growth was delivered in a disciplined fashion, both from an overall spending perspective as well as from a gross margin perspective with 77.2% gross margins. It was a strong quarter that capped off that year, 26.6% revenue growth, 24% year-on-year growth for the quarter as well, and 26% RNS revenue growth in the quarter. Accelerating revenue growth for our core franchise in the fourth quarter as well. Again, a strong gross margin profile. To put some color around our 2025 performance, as I mentioned, robust revenue growth. Top line of $100 million and 25% year-on-year growth, really driven by our core RNS franchise. Momentum built throughout the year. We accelerated from the first half to the second half of the year and delivered a particularly strong Q3 followed by the fourth quarter I just told you about.
That's really built on the commercial execution of the team. We have a team that has achieved all-time highs with regard to prescribers as well as implanters. The utilization amongst those prescribers and implanters also continues to climb, which is hard to do. It's hard to expand the number of prescribers and implanters as well as utilization at the same time. The team achieved that in the quarter. We also experienced increased contributions outside of our core customer group, our Level 4 Comprehensive Epilepsy Centers, by expanding into the community. The team that executed this is one that we've been investing in, have been developing, and feel particularly strong about our sales leadership and the pipeline management that they've demonstrated. All of that contributed to the strong Q4 in 2025.
But we also advanced a number of very important strategic initiatives that portend well for the longer term for the company as well, including submitting the PMA supplement to the FDA for our indication expansion for idiopathic generalized epilepsy patients. I'll talk a little bit more about that, as well as then advanced the programs for indication expansion into pediatrics and Lennox-Gastaut patients. Long term, our goal is to have the instructions for use for the RNS System to read for drug-resistant epilepsy patients. Today, we're delivering, we've built the business and we're delivering the business that we have on the adult focal population, but we have plans in place to expand indications through our research pipeline and leverage both our prospectively developed as well as real-world data as a key leg of our long-term growth strategy.
And then finally, the third leg in that stool is the product development platforms that we're developing that leverage our unique dataset, what that unique dataset affords us in terms of AI opportunities to improve effectiveness as well as efficiency, and then roll that all into both annual software releases as well as a next-generation hardware platform. So near-term execution, strong growth, and advancing of both medium-term and longer-term indication expansion and product development initiatives, a strong 2025. So looking toward 2026, we are guiding to revenue of $98-$100 million, RNS revenue growth of $20-$22 million, and gross margin of between 81% and 82%. This is really focused on growth of the RNS platform, continuing to expand adoption and utilization within our core Level 4 centers, and continuing to expand into the community while also advancing our clinical and product development initiatives.
We're doing all this, as I mentioned, into a market that has significant opportunity. Take a step back and talk about epilepsy in the United States. Approximately 3.4 million people in the United States have epilepsy. About a third of those are drug-resistant. So about 1.2 million patients in the United States have drug-resistant epilepsy. Those are the patients that we're focused on helping. And we do so with what I had mentioned is a unique technology platform, RNS, or responsive neuromodulation system that allows us to tailor the therapy to each patient here. What you can see on this slide are the three key steps of how we individualize that therapy. One, we continuously monitor brain activity. Two, we can recognize and then respond to indicators of seizure activity.
And three, we record all of that information so that we can analyze and then tailor therapy on an ongoing basis for the individual disease pattern of that patient. That affords us the opportunity to target significant populations of patients, both those that have targeted discrete onsets, which is what we're indicated for today, focal discrete onsets in the adult focal population with a number of subpopulations there, but then also network stimulations for patients who may need focal as well as stimulation of anatomic targets for rapidly propagating disease. And then therapy in combination where the classic treatment for drug-resistant epilepsy would be resection, surgical resection. In some cases, surgical resection may still be appropriate, but it may not be everything that's needed.
And you can use the RNS System in combination as well as to inform surgery by recording the patient's brain pattern and showing physicians where resection should more accurately take place. So we have a unique technology and a significant opportunity with identified market segments for us to grow and move into. That's supported by, as I had mentioned, best-in-class data. And here you can see that data. And a couple of things I'd point out. The dark blue histogram bars are the data from our original FDA study and long-term treatment trial. A couple of things to point out here. You can see as you move up and to the right, the data continues to improve. And what you see there is that individualized and tailoring of the data or tailoring of the therapy based on that data.
So we continue to be able to individualize therapy and improve patient outcomes over time, up to 75% at year nine in the original patient population. We recently then published in April of 2025 our long-term post-approval study data, which are the light blue bars here. A couple of things I'd call your attention to here. One, we started at a much higher rate in the post-approval study, which is because we learned a lot as to how to program these patients. Two, we increase at a greater rate. And we end up, number three, at a higher median seizure reduction rate as well.
So you can see we've learned things over time and we've learned how to suggest therapy protocols and manage individual patients up to now and including an 82% median seizure reduction rate at three years, which is best-in-class data to go along with the best-in-class technology, offering patients a meaningful improvement in seizure reduction. That's then complemented by the preliminary results that we've released in our Nautilus trial in idiopathic generalized epilepsy patients, where in that trial we showed at 18 months a 77% median seizure reduction rates in these patients, these patients, many of whom are suffering from generalized tonic-clonic seizures, the most severe and significant and injury-causing seizures, showing best-in-class data in this category as well.
And on the right side of the slide, you can see both the physician as well as the patient reported outcomes on quality of life improvement undergoing therapy here, auguring well for the application of the technology in this patient population. So to give you a summary here of the RNS System itself, what we really have is, as I'd mentioned, that world-class technology coupled with data and now markets as well that put us in a position to continue to expand the patients that we can treat in the ways we can treat them. To expand a little bit on another aspect of what we're doing and an emerging topic strategically for us is the power of the data that the system allows us to collect. We have an unmatched dataset. And when I say unmatched, I mean unmatched.
There's no place else on earth, no other organization that has the dataset that we have of EEG recordings of epilepsy seizure patients. More than 24 million, at least at the time the slide was made, more than 24 million individualized EEGs. What that allows us to do is enable real-time therapy for these patients and longer-term support the product development work that we're doing to build AI algorithms that can look at that database and then tailor and recommend therapy protocols for individual patients. Not only do we get the benefit of continuing to increase the amount of data that we have, but we're also working on deploying that data into future proprietary software tools, the first of which we'll be launching this year has been submitted to the agency, and I'll talk a little bit more about that.
All of that leads to the building of a proprietary AI data ecosystem for the business, that unique set of data that then, as I had mentioned, is incorporated into an AI set of tools, and finally is intended to result in a device that can both use the data to suggest optimal detection, optimal therapy, and then be an automatically adaptive device inside of therapy parameters that the physician would set. So we see this both as a way to further improve efficacy as well as efficiency in the therapy and to continue to build a moat around the differentiation of the technology and the assets, both the devices and the data itself, which has the potential to open up significant advantages both within the adult focal, generalized, and pediatric focal populations, all of which are significant indication expansion opportunities for us.
As we think about expansion into those opportunities, we have multiple initiatives underway to really take advantage of and address these opportunities. The first, I'll start with our clinical development. You've heard me mention the post-approval study here for our adult focal population that was recently presented and will be published in the upcoming year. We just completed the Nautilus study in idiopathic generalized epilepsy patients, and that has been submitted in December to the agency, and we're engaged with them now in the review of that submittal. A pediatric focal effort as well in the focal population were indicated for adult patients and are moving into a retrospective data analysis for pediatric patients. And then importantly, while the smaller segment patients that have significant and severe disease that we believe we can help, the Lennox-Gastaut or LGS patient population.
Stage one of the strategy that you're seeing deliver the Q4 in the 2025 that we did is execution of the current business model and the current indications. Stage two of the strategy is indication expansion clinically. Stage three of the strategy is our product development strategy with the NeuroPace AI suite of tools, the first of which is seizure detection all the way to adaptability or adaptivity, rather. The second piece is remote programming, so patients won't have to come to clinics to get the device programmed, and then finally a next-generation hardware platform. Finally, then market development work, which we have been investing in over time that allows us to both have the sales force capacity that we need today to take advantage of these indication expansions, move into the community as well as expand our direct-to-patient marketing and professional education.
So we're lined up with both execution on the current business as well as business expansion and execution initiatives going forward. I'll take just a minute here to talk a little bit more about the product development pipeline. We have four key initiatives underway that we think are going to be helpful to the expansion and access of RNS, both with regard to efficiency, effectiveness, and ease of use. The first is a redesign of the architecture for our data interface, increasing the efficiency and ease of use. The second I mentioned is now submitted to the FDA, our NeuroPace AI first product seizure ID, which simplifies review of the data. The third then is proposed detection settings as well as therapy settings, and then fourthly, remote programming.
So a fundamental reorientation of the interface with the device, the data, and the programming underway over the next two to three years. Finally, then we do have development underway on our next-generation hardware platform. This next-generation hardware platform will feature automated data transfer as well as support expanded capability for the underlying hardware. Finally, I just pictorially like to show you here the layers to the overall strategy that we're executing on today, expansion across both Level 4 centers, expansion into the community, and expansion of our clinical indications. I'll leave you with we're delivering today on the 20% plus growth in our current business that we've committed to. We're doing so in a disciplined fashion, leveraging operating expense investment with growth on the top line. And we're doing all that into world-class markets, data, technology in a team that's been assembled.
Thanks for the opportunity to be here and talk with you about NeuroPace today.
I think he's going to stand, so he's going to use it. Yeah, I'll stand. Thanks so much, Joel, for that great presentation. I think just to start off, and just because it's top of mind with the pre-announcement and guide, we have a lot to discuss, but I just wanted to kick things off with the four key results. Actually, I got to grab my questions from over there, but the four key results. You guys pre-announced $26 million in the quarter. Thank you. $26 million in the quarter. It was significantly above kind of expectations, good gross margin performance as well.
So maybe if you could talk a little bit about utilization, what you're seeing as far as new center adds as well as utilization at some of your top performing centers and maybe help quantify that a bit just to start off.
You bet. Thank you. It's a great question. It was a strong quarter, capping off a strong year. What really drove the growth was an increase in adoption as well as utilization inside our core Level 4 centers. So the comprehensive epilepsy centers that are the tertiary referrals and treat these complex epilepsy patients, we've been working and have been setting new highs with regard to both prescribers as well as implanters. And then, as I mentioned, increasing utilization among those prescribers and implanters as well, which leads to good, efficient growth for us.
A couple of things I'd point out there too is I think in addition to that, we've got some things coming, not really coming into focus for us that we've been investing in over time, which is our focus on DTC, our focus on expansion into community centers, and our focus on growing and developing our commercial organization as well. So while the individual driver is the adoption and utilization rates in those core customers, I think what we're really starting to see is the strategy that we've had in place over the past two or three years where we're now starting to really yield the results that we've been looking for.
Great. And you also guided to $98 million-$100 million in revenues for 2026. I know that you're winding down the Dixie business a bit sooner than you had initially expected as well.
You guided to core RNS growth of 20%-22%. So maybe just if you could walk through some of the kind of components of the guide for 2026, what's assumed as far as Dixie, what's assumed as far as, I know, services revenue, core RNS growth, obviously, and maybe if you could talk a little bit about how you're thinking about new patients versus replacements as well. I think that would be helpful.
Great. Yeah. So we guided to the 20%-22% growth. The growth there is all RNS, and that's our core focus here. We did wind down the distribution relationship with Dixie Medical at the end of the third quarter. The relationship officially ended at the end of the third quarter in 2024, and then we had a six-month wind-down period.
We chose to have that be a three-month wind-down period, and largely because we can see the benefits of the focus in the RNS business. And we prefer to have our focus there as we get into 2026, both from the core business as well as then as we think about indication expansion. And so that's really the purpose of that.
Got it. And so essentially, if you were to get kind of generalized approval sometime in the second half as well as pediatric, that would just be incremental to kind of the guidance that you have out there.
Yeah. The guide that we've given here is for our core focal RNS business. It does not assume any revenue from Dixie or from service or from IGE indication approval. So this is with the core business we've got today is the guide.
Got it. Thanks.
And maybe just if you could discuss a little bit about the cadence as well. I know this has been something that shifted over the years just as you've kind of grown as a company. My fourth Q kind of RNS revenue was roughly flat to slightly down versus third Q on a dollar basis. So maybe if you could just help us frame that for 2026, how should we think about cadence and progression throughout the year?
Yeah. I think you should think about 2026 based on what you've seen in 2024 and 2025. And as we've talked about, I find it helpful to look at the business in six-month increments.
And if you look at the business in those six-month increments, what you'd see is a business that consistently grows in those periods north of 20% and is growing in those periods, accelerating from the first half of the year to the second half of the year. And so we expect those dynamics to continue. And it's what we have seen in 2023, 2024, and 2025.
Got it. Historically, and I want to take a step back. I know this is a pretty, obviously, an invasive surgery if you really think broadly about the RNS kind of procedure, but you've done a fantastic job of streamlining that for patients over the years. And I know you've faced several challenges during the COVID era, but it seems as though the company has really emerged from that period much stronger.
So I really want to understand some of the pain points in the patient journey for NeuroPace and how you're leveraging AI and some of the technologies that you've discussed to really just make that easier for patients to get them through the funnel quicker and ultimately, obviously, improve outcomes, improve the therapy for them over time.
It's a great question. It really starts with, as in all things, safety. And so what the team has been able to do and what the clinicians who care for these patients have been able to deliver is an extremely safe procedure. It has very low complication rates. And so any patient-clinician discussion is going to start with, "Doctor, is this safe for me?" And we have a safe procedure and a safe device. From a patient flow then, I think for us, it really starts with three things.
One, the customers, the epileptologists and the functional neurosurgeons that we work with. RNS and neurostimulation and the responsive nature of neurostimulation is well understood for many of them, and so the work that we do with them to utilize and implement RNS is very much within the skill sets and capabilities of those customers and what they do. The third thing is we have a team of extraordinary people from a training and education perspective as well as commercial organization that supports and provides insight to both the functionality of the device as well as then the data that is being generated by patients and supporting the ongoing programming.
And then the final thing I would say is that we've been working hard to expand access to RNS, both where patients can have the procedure performed as well as then the ease of use and efficiency with which physicians can use the technology so that they can have more patients in their practices and efficiently use the data to treat them better. So it's multifactorial, starting with safety, working through then ease of use, efficiency, training, and education, and then support from our organization.
Got it. I think that's a good segue into the next question about the community setting and Project CARE. It's been a good growth driver for you over the past year as you've rolled it out.
Maybe if you could just comment a little bit about the impact of Project CARE in fourth quarter, how you're thinking about it in 2026, and then also just some of the logistics around actually kind of onboarding those community centers? I know that it gets a lot of airtime during the earnings calls, and I think it would be helpful for people to really understand and appreciate what you're actually doing within those centers to kind of onboard physicians, raise awareness, and get them prepared for the procedure.
Absolutely. So for those maybe not quite as familiar with it, Project CARE is our effort to expand access to RNS to community and Level 3 Epilepsy Centers in addition to the Level 4 Comprehensive Epilepsy Centers for patients who either couldn't or wouldn't be referred to a Level 4 center otherwise.
And the good news is the training and education work that we do in our core Level 4 centers is very similar to then what's needed to bring the Level 3 centers on board. And what we've been focused on then is being able to have increasing numbers of epileptologists, referring neurologists, and functional neurosurgeons be able to implant patients who can appropriately be treated in those centers. And then secondly, the further development of a referral network for patients who should be referred into Level 4 centers to then also go there for the phase two testing and more complex procedures that are done in those locations. So it's been an important aspect of both increasing access and capacity for patients in those communities as well as then further establishing referral networks. That's been the case up until now.
The part of the planning associated Project CARE as well is that as we expand into the idiopathic generalized population, that population doesn't need the phase two testing that can only be done in comprehensive epilepsy centers. And the reason for that is phase two testing is done to localize the focal point of seizure activation in patients. And when you have generalized seizures everywhere all at once, there's nothing to localize. And so doing the phase two testing isn't necessary, and these patients can be treated in expanded centers, both Level 3 centers and in the community. And so we've been doing that work in advance to both expand capacity for today's patients as well as prepare for indication expansion. And we think both of those things are both helpful today as well as prepare the market and customers.
And then further, finally, advance what will become Project CARE will move to is a part of our broader referral patient flow and access efforts. And one of the things that I didn't mention when I was talking about the recent results that I think have contributed significantly. And now, as we talk about referral and moving more access or moving the technology closer to patients and more access, is we've really done a nice job. The commercial team has really, and the education team have really done a nice job of increasing and strengthening our patient funnel. So funnel development and management of patients is something that we've really raised our level on. We can see it impact the business, and we see that being important going forward as well.
Got it. That's helpful. And maybe just to touch on generalized, this is a massive opportunity.
If approved and successful, it almost doubles your current TAM. The data was good as well. I know that the initial kind of endpoint wasn't what you might have quite hoped for when designing the trial, but it seems as though you managed to kind of successfully file the supplement and are hopeful for approval hopefully later this year, I believe at the earliest. So I guess maybe if you could talk a little bit about the generalized opportunity, what you're seeing as far as competition here. I know that there is a bit more competition potentially in generalized just as some of the competitor devices might be more suitable here versus in the focal population. So how are you thinking about positioning relative to the competitors when you enter or when and if you enter this market?
Great question.
When we think about the opportunity, we really start with, and I'll talk about the TAM and the total number of patients available, but it really starts on an individual patient basis, and today, there are no FDA-approved devices indicated for the treatment of drug-resistant idiopathic generalized epilepsy patients. And so patients today and clinicians today are looking for solutions, and they're looking for options in being able to treat these patients, so the numbers of patients out there that need this therapy and innovation, if we step back for a second, you'll remember I talked about the 1.2 million drug-resistant epilepsy patients in the United States. About 60% of those patients are focal. About 40% are generalized. Within the generalized population, the most significant group is the idiopathic generalized population, so about 20% of the entire market. So 40% of the 1.2 is about 480,000 patients.
About half of that is about 250,000 idiopathic generalized epilepsy patients that are out there today. So even if you think about just the population that is currently in comprehensive epilepsy centers and then start to consider those that aren't going to comprehensive epilepsy centers because there aren't device-based solutions to provide them, you're exactly right. This has a significant TAM expansion opportunity that is in the face of a significant unmet clinical need for which the data that the Nautilus trial has generated, again, is best in class.
And maybe I know it's quite small for you guys. The partnership revenue is something new. You've had some small partnership revenue over the past couple of years, I believe, and it's something that you've talked about as well. So maybe if you could just kind of explain to us, I guess, what exactly are these partnerships?
How are you thinking about them strategically for NeuroPace over the long run? What's the benefit of kind of entering into them now, and how do they kind of fit strategically within the RNS business?
It's a great question, and I know you've been focused on this and kind of picked up on this the first time we talked about it, so I'm not surprised to get the question, and you're right, it is a unique strategic opportunity for us, so what's being referred to are strategic relationships that we've developed with pharma and biotech companies where we can use the diagnostic and monitoring capability to record data for patients that are in trials for these different compounds, so patients who have RNS devices, and we can monitor the biomarker responses to the administration of these compounds.
As you might imagine, in today's world, both in the drug studies as well as then just out each day, epilepsy patients' seizure activity is tracked qualitatively by a seizure diary, writing down when did they have a seizure, how long was the seizure, what did it feel like. In fact, patients many times can't even remember if they've had a seizure, and they can't remember the frequency or the severity. And so we're able to provide quantitative biomarker-based evidence in these trials as to what is the effect with the presence and absence of compounds.
So it's a natural thing for us to do, and I think speaks to the value of the data that I talked about and how it is really a strategic advantage for us to provide a window into the brain of patients through our monitoring capabilities and then a unique asset generating value that we think from an AI perspective will be important in optimizing efficacy in our devices going forward as well. It's a small revenue number so far today, but I think really speaks to the value that the device and the recording of that information can provide.
Great. And I do want to ask a question to you, Patrick, as well, just on margins and profitability. You've guided to 81%-82% gross margin for 2026. I know that that incorporates essentially almost all RNS revenue, which is higher gross margin than Dixie.
So maybe if you could talk about kind of the puts and takes on margin in 2026, what you think is a steady-state gross margin for the RNS, I guess, an essentially 100% RNS business over time. And what if or have there been any changes, I guess, to your outlook on free cash flow, break-even? I believe you said at the last analyst day, 2027, you'd expect to achieve that.
Yeah, and I appreciate the question. And so maybe taking a little step back, we did report the results, and as we talked about, we're discontinuing a portion of our business. And so we were able to get an accounting treatment, which we anticipate to happen in our Q1 2026 results.
And so for the screening on an apples-to-apples, we'll be able to show a pure RNS business on a year-over-year basis, which I think is helpful from just the optics of it. With that said, the RNS business has a very robust gross margin. And so we've broken out a P&L, and you can look at the financial supplement, but we should be hitting 81%-82%, maybe even some upside on that. We continue to make great strides on our manufacturing process as well as the fact that we continue to take ASP increases within the community. With that said, I'll hit the service real quick. We did not include any service revenue in our guidance. That's a very robust gross margin. You're probably looking at 90% plus gross margin on that. And so we've got a lot of tailwinds here that are coming up.
In terms of our results in Q4, for the first time in the company's history, we actually increased our cash balance from $60 million in Q3 to $61 million in Q4. Hot off the presses after looking at it and getting a cash flow statement, that was from operations. And so on an adjusted EBITDA basis, we're going to see another positive result in Q4. That's our second quarter in a row. And so we're very confident in our ability to generate cash flow, to generate profitability. We gave a long-term plan back in January of 2025, not too long ago, about a year ago, and we talked about exiting 27 at cash flow break-even. I think at this point, nothing keeps us from maintaining that, but the profile is a little bit different. We had anticipated Dixie then and maybe some expanded indication.
But the last thing I would leave you with is the fact that upon getting what we believe will be the IGE expanded indication, we've got all the infrastructure in place. So that additional revenue is going to translate very, very well through our P&L.
Got it. Thank you. And with 30 seconds, Joel, I'll leave it to you for closing remarks.
Again, thank you. We've got a business that is delivering on its core business and core indication in excess of the 20% annual growth rate that we've talked about for our current indication one. Two, we have indication expansion in front of us that is planned to start in 2026 with IGE, followed by pediatrics, followed by further work in LGS.
And then the third layer of our growth strategy are the product development initiatives that we have to leverage fundamentally a unique position with regard to data monitoring and what that can mean from an easy use and efficacy perspective. So we're excited about world-class markets, world-class data, world-class technology, and a world-class team, and looking forward to delivering on 2026. Great. Thanks so much, both of you. Thank you.