Hello, and welcome back to another company webcast presentation featuring Neuraxis, that trades under ticker NRXS on the NYSE American. For today's discussion, Brian Carrico, CEO at Neuraxis, will be taking us through the slide presentation, followed by Q&A discussion. With that, Brian, the floor is yours.
Thank you, Ben. Good afternoon, everyone. Good to talk to you again, and for some of you, probably the first time. So hope everyone had a nice holiday and a Happy New Year as we kick off 2025. We're extremely excited, and we'll talk more about this later today, coming off of Q3 and Q4. And I'm going to talk a little bit about the company, go through a few slides on the company as to where we are and where we're going in 2025, and then open us to questions to Ben at the end. So for those of you who don't know, my name is Brian Carrico, President and CEO of Neuraxis. And our company, Neuraxis, is an early growth stage med tech company founded in 2012, really got started in 2013.
We want to hit on a few highlights of the company as we get started here. We, as a company, have, as I said, an early growth stage med tech company. We've been public for about 16, 17 months now. We have one FDA indication leading into this presentation. We actually just received a second FDA indication, which we'll talk about throughout this presentation. We've had one FDA indication with our flagship technology. We have pediatric functional abdominal pain associated with IBS in children. That's our flagship technology. That's our flagship indication. With that, we've talked about from day one the fact that we are focused on strong data because strong data gets us strong policy coverage and reimbursement. The strong reimbursement with the coverage brings us strong revenue growth, which we'll talk more about today.
So with that first indication that we've had for some time, the real focus has been on data, which has really been completed. And now we're focused on gaining insurance policy coverage, which is happening at a pretty rapid rate now that the data is published. And that's bringing us significant revenue growth, which we'll talk more about. But overall, with our first FDA indication, we've got a large total addressable market, $9 billion on the pediatrics side and about $14 billion on the adult side. This first indication in pediatrics consists of a very large unmet clinical need. We're talking about a population of children that really has no treatment option. We went through the FDA de novo clearance process for this indication, meaning we were and are the first and only FDA-indicated treatment for these children.
We have a technology-specific CPT billing code, category three, which is an unlisted code. It's a tracking code. And we were just approved for a category one CPT code, which will take effect on January 1st of 2026. So we're under 12 months now of having a permanent billing code, which we will talk more about today. We have major insurance payer coverage initiated. As of last year, at this time, we had about 4 million lives. And today, we're sitting around 40 million covered lives. And we'll talk more about that today. Strong IP on the device and the method. Overwhelming clinical evidence at this point, which we'll talk about. Experienced management team. This is the team that got us where we are. We were continuously adding key personnel from other large med tech companies with great experience.
But this is the management and executive team. Here is the team that got us where we are. Then we have a clear path to profitability. When you look at our financials and look at our burn rate and look at where we're headed, we have a clear path to profitability, which is good news for any investor. With those highlights, I'm going to move to some more specifics to the company. I talked about our total addressable market. I want to start on the left side here. The pediatric indications, we've got about a $9 billion total addressable market. I want to explain our current FDA indication, and then you can extrapolate that process out to the other indications. We have functional abdominal pain and IBS in children on the bottom of this wheel.
And in this $3 billion, we get to that number because there are six million children in the United States with this condition, and 10% of those are debilitated. That 10%, that's our target market. If you multiply that 600,000 children times $5,000, which is how much we get for each patient, that comes out to $3 billion. So that's our first FDA indication. That's real revenue. On the right side, on the top right, you'll see a product called RED that has a $2 billion market opportunity. That's our second FDA indication, which we'll talk more about. We received that on December 6th. So we'll talk more about that a little later today. So our current FDA indication is important because before this IB-Stim technology, there were no FDA-approved therapies for children with abdominal pain-related disorders of the gut-brain interaction.
This disorder negatively affects their quality of life, their ability to attend school, play sports, and socialize with friends. There is no data, virtually no data, to support the use of most prescribed drugs, and many of these drugs have FDA black box warnings with serious side effects. Most families and physicians also seek non-pharmacological alternatives for children, so this is setting up for a perfect storm. This is a quick slide showing the negative effects for the pharmaceuticals that are in place today that have been offered for some 40 or 50 years to these children. You're talking about drugs that have not beat placebo. You're talking about drugs with significant side effects like weight gain, mood changes, increase in suicidal ideation, long-term risk of dementia. These are real issues for pharmaceuticals that have been offered for these children for some time until we got our FDA indication.
So the device, how does the device work? Well, this is a neuromodulation technology. We're accessing the central nervous system through the peripheral and cranial nerves. The stimulation is reducing the firing of the amygdala, which is a part of the brain. And then we're actually inducing changes in brain pathway and connectivity, which is allowing long-term results. This device on the left side that you see in the picture is what our current device looks like. We are in the process of redesigning this device, and it will look more like an Apple product, if you will. And the current device retail list price is almost $1,200. And each patient requires four devices over four weeks. So that's where we get, we are almost at $5,000 per patient that comes to the company. From a margin standpoint, we've got about 90% gross margins.
We've reported in the 88% range because we do donate devices for research purposes, and we do have a humanitarian program for children who are in need and don't have means or insurance for coverage, so we're just under 90% reporting our gross margins. This slide's important. It might be our most important slide. This speaks to the foundation of who we are. If you look at micro-cap, small-cap med tech companies that are successful, they have overwhelming data that's published, which brings them strong insurance policy coverage, which brings them great revenue growth. That's who we are. We now have 16 publications utilizing our technology. We've done 10 different types of studies at major institutions around the country. We've shown we've beat placebo. We've got long-term data in multiple studies. We've got registry data available, 300-plus patient registry study that was just published last spring. We've got fMRI data.
We've done every type of study, I believe, that you can do, including head-to-head against the standard of care. So the data is overwhelming, and that's why you see the amount of insurance policy coverage coming into play. I want to get to this slide, which talks about our pipeline. If people say, "Look at this slide," you might think to yourself, "Well, this looks like a busy slide. It looks like maybe you're not focused." Well, this slide, except for the second indication down called RED and adults, which we'll talk about, is all the same technology, the same brain-gut axis, the same mechanism of action, the same call points in the children's hospital, pediatric GI, and adult gastroenterologist. So we're very focused in what we're doing. We have the top indication being commercialized, as we've discussed.
We're going to skip the second one for a second and go to functional dyspepsia or functional nausea in children. Then the fourth one down, functional abdominal pain and IBS in adults, we're cautiously optimistic that we'll have both of these FDA indications by the end of 2025, which will significantly increase our total addressable market and add to our current opportunity. Regarding RED in adults, this is a technology that was developed by the University of Michigan. We licensed this technology in 2024 for several reasons. One reason is there is an unmet need. There are about eight million constipation visits per year. Currently, the physicians have to guess between whether or not the patient goes to pelvic floor therapy or whether the patient gets a pharmaceutical to help with their constipation.
This is an in-office test that will allow the physician and the patient to know on the spot what treatment is best for that patient. There's also a category one CPT code already available, permanent reimbursement for this technology. And there is commercial insurance reimbursement for this technology, including Medicare reimbursement. So this is a technology that now that we have FDA indication, we're launching in Q1 as a soft launch. And in Q2, we'll do a permanent hard launch on this technology. And we expect this to do very well from both a clinical and a financial aspect. This slide's also really important, our go-to-market strategy. As I mentioned earlier, coming into 2024, we had about four million covered lives. That's about the time when all the data was finally published, which is why we expanded coverage. This says 35 million covered lives.
You'll see some announcements in the coming week or two where we've expanded coverage to about 40 million covered lives. In order to get the largest payers, we need to have the academic society, which is an independent aspect of our technology and the guidelines published. We've seen the academic society guidelines stating that our technology is the standard of care, that it is the highest grade of evidence. That was released in abstract form this past summer. We're expecting that to be published in the next couple of months in a top-tier pediatric gastroenterology journal. At that point, we're told that the largest payers will write policy coverage. That should significantly expand our 40 million covered lives. In addition to that, to grow, we also need to get the Category I CPT code effective.
The category one CPT code, as I mentioned earlier, will become effective on January 1st of 2026. Just under 12 months from right now. Between the guidelines being published and the category one CPT code becoming effective next January, we're expecting consistent and significant growth quarter over quarter for the foreseeable future. IP, we've got significant IP in place. We continue to add to the IP on a monthly basis. We've got very strong device and method intellectual property. We feel very protected. The IP runs through 2039 as of now, but we continue to add to that IP on a regular basis. Manufacturing. Manufacturing is located in Indiana. Most everything here is U.S. sourced, except for the needles currently. And we keep at least six months of product on the shelf. And we look to continue to expand that operation as we scale the technology.
Our medical advisory board, as you can see, these are six pediatric gastroenterologists from around the country at top institutions, key opinion leaders. Our board of directors, Beth Kayser, who's the President of Blue Cross Blue Shield of Indiana, Mitch Watkins, who has med tech commercialization experience. He's been at the beginning of and exit of, I believe, three med tech companies. And then Kristin Ferge was a controller of a public company. She's our Audit Chair, and then myself, and then Dr. Brown, who is one of the founders. Our executive team, again, the team that's gotten us here, except we just added Tim Henrichs, who is our new full-time CFO as of last February. So he's been here almost one year. Again, this is the team that's gotten us where we are, and we'll continue to add to this team as we move forward.
He highlights, "Look, we have been public, as I said, for about 16 or 17 months. We now have all the data published. We've got strong academic society support from both the American Academy of Pediatrics and from the North American Society for Pediatric Gastroenterology, which is the pediatric GI society. We are gaining significant insurance policy coverage at this point. And the two goals moving forward are to get the guidelines published to continue expanding that insurance policy coverage and make the Category I CPT code effective next January 1st." That really appears to be the only barriers remaining to significant widespread adoption of the technology. With the academic society support, that just tells us, and we've known this for some time, that we have overwhelming support from the physicians wanting to prescribe this.
But with the cost of the technology, it's imperative that we have insurance policy coverage in place. So that's a really high level of kind of where we are and where we're going. We're extremely excited coming out of 2024, the fact that we were awarded a Category I CPT code, which is extremely difficult to maintain. We had very strong Q3 results with 40% growth, and we had a very strong fourth quarter coming off of that third quarter. So from there, I'm going to turn this back over to Ben and open this up to any questions that might come in.
Thanks, Brian. You mentioned sort of alternatives to IBS treatments. Can you talk a little bit more about alternatives, but also kind of what you consider to be your competition in the field?
Yeah, great questions, Ben. There are three answers to that question.
One, we don't have any true competition because we're the only FDA-indicated treatment. If you want to talk about other options, which could be considered competition, there are pharmaceuticals, amitriptyline, SSRIs, antidepressants. These are drugs with FDA black box warnings. They are off-label. There is no good data with these drugs, but physicians do use them and do have some success. From a real competition standpoint, I would say, to some degree, we're competing. I wouldn't say we're competing against the insurance companies at this point, but that's the barrier. That's the barrier to widespread adoption. We need to get the guidelines published, which are out of our control. We've seen these guidelines published, but we need them. I'm sorry, we've seen them in abstract form. We need to see them published so that the largest payers in the country, the top four payers, will write policy coverage.
That's really the strongest barrier remaining between where we are today at several million dollars in revenue to doing a number exponentially higher than that.
Okay. So let's delve into the insurance coverage a little bit more. You speak about the published research and how that sort of leads to the insurance coverage. You've had nice success in gaining about 35 million lives, but there's obviously more to go. What are some of the next catalysts to get that coverage much larger?
Great question. The data's published. And we've got, as I mentioned on the call, roughly 40 million covered lives now. We'll see some announcements in the next couple of days, next week, on additional policy coverage that gets us around the 40 million mark.
But catalysts to gain the biggest policy coverage really is there are some payers such as Blue Cross Blue Shield, local Blue Cross Blue Shield plans that we believe are in the process of writing policy coverage. But we also have been told directly by the largest payers that they need to see the academic society guidelines in published form. They've got to be published. They can't just be in an abstract form. They've got to be published. And we're expecting those in the coming any time now.
Got it. Got it. So we have seen some good revenue traction in the second half of 2024, much of that having to do with your increased insurance coverage. Can you just talk about the strong numbers you saw in Q3 and Q4 and what you're learning from that?
Yeah. We were down Q1 last year 20%. We were down Q2 5%.
We didn't really lose any business. What had happened were a couple of very large institutions, children's hospitals, paused treatment because of insurance policy issues. In Q3, we saw that some of that subside, but really, it was just some organic growth from current children's hospitals along with some new insurance policy coverage. That put us up 40%. We turned right around in Q4, and we were up over 50%. We just announced that, and those numbers will be out and permanent in March. We went 40% in Q3 and up 50%, over 50% in Q4. The interesting thing, Ben, and to the investment community is that we're still treating virtually no one. At $5,000 a patient, we can grow pretty quickly. Again, we're essentially still not really treating anyone.
We're treating less than one-tenth of 1% of the patients in this country that are disabled, and that really boils down to our two remaining barriers. One is insurance policy coverage with the largest four payers, and number two is the category one CPT code, which takes effect next January 1st. So although we had great growth, we expect that growth to continue, but again, we're still treating virtually no one. Again, less than one-tenth of 1%, and we will start to really cut into that number as we get more and more insurance policy coverage, and then the Cat 1 code takes effect.
Okay. Great. Over the last couple of months, you've had two important announcements with regards to IB-Stim. Can you talk a bit more on them?
Yeah. First is in September, we were awarded the category one CPT code.
It's hard to explain unless you're in med device or in healthcare how important a category one CPT code is. Category three CPT codes like we have now are not recognized by most Medicaid states or payers. They're not recognized by a lot of commercial insurance payers. They're considered investigational and experimental, and a category one CPT code, it requires significant utilization, and it also requires overwhelming data. It takes a long time to get these seven, eight, nine, 10 years, and we've been working on this for a long time, so to have this happen and be awarded effective next January, I think the only way to explain this will be what I expect and what we expect as an executive team and a commercial team is the revenues this will produce.
A Category III code that we have now makes it very difficult for the coding and billing teams. It makes it because of how the insurance companies treat that code, and with a Category I CPT code, it does a few things. Number one, it's universally recognizable and accepted. Number two, it brings a permanent reimbursement amount, which will be set later in 2025, and number three, it brings revenue units to physicians, and revenue units or RVUs are how physicians are paid, so this will be right now, they're essentially placing the device to some degree for free. They're not being credited their RVUs, so this is a really, really big deal, so that was one announcement, and the second announcement was the age expansion for IB-Stim, our flagship technology. We went from 11 to 18 years of age to 8 to 21 years of age.
The 8 to 21 years of age, that takes us from 7 age groups to 13 age groups. It nearly doubled our total addressable market in the pediatric space. We expect that to do really, really well for us in 2025 and 2026 as we move forward. Great. I want to touch a bit on RED. You recently received the 510(k) clearance for the product, which gives you the go-ahead to commercialize. Walk us through the next six to nine months in terms of the opportunity from a revenue standpoint. We haven't given any guidance, Ben, on this product. But what we do know is that the market feedback and the response to this has been significant. It's been stronger than we had even thought. That's because, number one, the clinical need is there. Again, the number of constipation visits are significant on an annual basis.
And number two, these patients don't have an answer. They have to go to physical therapy for three to six months or they're put on some type of pharmaceutical for three to six months. And it's really a guessing game. It's time-consuming. It's uncomfortable. It's expensive. And this will allow, from a clinical standpoint, the physician and the patient to have an answer on the spot. And then furthermore, the reimbursement. There is a Category I CPT code, which at this point in the call, you understand is very important, already in place for this technology. And it's reimbursed by Medicare and by, it appears, most commercial insurance companies. So this will allow the physicians to begin treating with this technology now and be reimbursed and paid for their time. And we expect this to be a time saver and a cost saver for all parties involved.
All right.
Finally, what are some of the things you think are underappreciated about Neuraxis, either from the investment community or from your potential customers?
From the investment community, I think that's easy. I think it's just education on this med tech space. I don't think people. I know people don't understand based on where the stock is trading. A few things. Number one, the fact that we're first to market with our technologies. Number two, the total addressable market available. And number three, the catalyst of how much data we have in the insurance policy covers is taking effect, and then the importance of the Category I CPT code. So for example, I'm not laying awake at night wondering if some study is going to be positive. The work is done. This is about some of the bureaucratic processes simply taking their time.
And it takes this much time to get in place for the insurance policy coverage to get in place for us to get a couple of new indications through the FDA for the Category I CPT code to take effect. For anyone who is in this space and understands the importance of the amount of data we have and we see the insurance coverage happening, I think that's the biggest misunderstanding or lack of understanding of where we are that's not appreciated. Just the fact that the work is done. Now it's about getting the wheels in motion and making these key milestones effective and turning them into revenue, which, as we see, Q3 up 40%, Q4 up 50%. And we expect this growth to continue into 2025. But we will just continue to produce with these milestones.
All right. Well, Brian, thank you. And thank you, everyone, for watching.
If you have any questions or would like to schedule a meeting with Neuraxis, please send me an email at shamsian@lythampartners.com. That's shamsian@lythampartners.com. We have another webcast coming up here next, so don't go away just yet. Thank you, everyone, and have a good rest of the day.
Thank you, everyone. Thank you, Ben.
Thank you, Ben. It was great hearing more about Neuraxis. Up next, we have a fireside chat with the management of OsteoGene. Stick around for more.
Hello again, and welcome back for our next fireside chat featuring OsteoGene. I'll be moderating this Q&A discussion with Dr. Daniel Oh, President and Co-founder of the company. Dr. Oh, welcome.
Hello. Thank you for inviting me here.
So maybe to kick things off, can you tell us a little bit about yourself and OsteoGene?
Sure. I'm a material scientist.
I have been experienced more than 10 years as a professor at the University of Texas at San Antonio, Biomedical Department, and Columbia University College of Dental Medicine and Orthopedic Department. It is developed through all these academic research activities. OsteoGene Tech was founded in 2015 by myself and Dr. Dong-Woo Sohn. OsteoGene Tech is an ISO 13485 certified medical device company focused on restoring the functionality of the human body back to its natural state and increasing the joy in people's lives. Yes.
And do you have any FDA-approved products? And if so, what are their indications?
Yes. Currently, it's named InRoad Bioceramic Bone Graft US FDA 510(k) Clearance. Yes.
And are the products being used right now, and for what purpose?
Yes. It's the dental and oral maxillofacial rehabilitation purposes it's used now.
And how did you come up with the technology behind InRoad?
Yeah. On that question, I would like to start with this question too. How long can you survive without food, without water, without oxygen? I think people can survive without food about a week or a month. But without water, I think you cannot survive more than 10-20 days. But the oxygen is dramatically changing your life. Nobody can survive without oxygen like within 5-10 minutes. Yes. So that's why the oxygen is the most important thing for the life. And then the oxygen, how can the body get the oxygen? That's through blood circulations. That's what we are thinking about creating the blood circulation functionality into our product. So this is one of the samples of the single granule. This is the one single granule of InRoad. So if you cut the InRoad in half, you can see the microchannels, what we created inside the material.
These microchannels are inducing the capillary action through the materials into our body. When we put this in the body, it's sucking the blood right away so in this way, the basic structure of InRoad is modeled after the honeycombs, one of nature's strongest forms, and the capillary action is responsible for transporting water and nutrients in trees like the giant sequoia. The trees suck the water's nutrients from the root, and then it transports to the leaves. That's the way they survive. It's the same way when you put in the, this is just the material but when you put it in the body, and then it's sucking the blood right away through the material so this can be, the blood can be through the materials, and at the same time so down the road, this space turning to bone like this way.
In this way, InRoad provided the double space than any other bone graft. So outside of the material and then inside of the materials because of the channels. InRoad is designed with a macro, micro, and nano triple structure that promotes blood absorption and circulations in the body. Yes.
So what is the product used for now, and how does it work?
Yeah. So currently, especially using it for the bone regeneration, for the implant placement, and then the long-term stability. So for the long-term stability, it's kind of the issues in the field. Because currently, people are talking about the implant itself, implant, implant, implant. But if you fail to create the generated new healthy bones, you cannot expect any good things. That's why the bone is matter. So first of all, you have to build a very strong, healthy bone and then place the implant.
In that way, you can use any kind of implant, including the ceramic implant or the metal implant. This technology is based on my 20 years of research. Using this technology, our product has a unique structural composition. And then this composition results in superior absorption and integration properties of the host body and bone cells. And up to 70% of the space becomes filled with newly regenerated natural bone. Yes.
So InRoad is a fairly new product. What do dentists typically use, and why is InRoad a better option?
Yes. We would like to say these three words: confidence, comfort, and consistency to the dentist so they can do their jobs on these three C's and for the patient, regenerate your bone, and then restore your dream, finally rebuild your life. Three R's. This is what we say to the dentist.
And then InRoad is a ceramic bone graft substitute that exists in any current bone graft product when it comes to inducing bone regeneration and restoring bone function, revealing the natural bone in these areas. So on this way, and then at the same time, because of the capillary action sucking the property, it's easy handling to the dentist. And then that means it shortens the surgical times. And then they are very comfortably handling these bone graft materials delivered to the patient bodies. Yes.
Can you also discuss the personalized medicine opportunity with InRoad?
Sure. Current product is kind of the granule types filling small defects for a couple of dental implants.
But for instance, if you have a tumor, you have to dissect the big chunk of the bone or thinking about our young soldiers in the battlefield, when they injured their face or their arms, long bones, they need to customize bone block shapes, customize the bone block. So in that case, we can customize any kind of the shapes. First of all, get the images from the patient, and then we will use the CAD files, creating the prototypes. And then we created the InRoad customized bone block and then delivered to the operating room, and then they put it in. So that's kind of the customized personalized medicine in the future.
And to prepare the product InRoad for the patient, you'd use the patient's own blood and mix it with InRoad to make it into a moldable product to be inserted and installed?
Yes, sure.
With the current granule types, when you drop the blood, you can see the right directly making the kind of the sticky bone. It's making the sticky bone, and then it's easy to handling, and then it's molding. And then it's easy to deliver, and then you mold whatever the shape it is. That's the granule types. And at the same time, if you're using the block types, so it's sucking the blood. And then these microchannels are guidelines for the blood circulations. Yes.
You're selling InRoad right now. How are you selling the product and promoting it to the marketplace?
Yeah. Luckily, OsteoGene Tech has partnered with Spartan Medical, a military contractor, the government contractor, to sell its product to 172 Veterans Affairs hospitals and 35 Department of Defense military hospitals in the United States. Also, we're considering our revolutionary technology.
We're seeking opportunities to gain market share by forming a partnership with the leading company in this space. It's widely open to discuss about the distributorships or the partnerships. Yes.
And do you manufacture InRoad, and what's your capacity like?
Yeah. So we manufacture in the New Jersey facility, which is located in Norwood. Norwood is in Northern New Jersey. And we currently produce about 50,000 vials per year. But we plan to expand our facility to meet future production needs.
And what's the shelf life of InRoad, and how does that compare to other bone grafts?
Yes. It's typically in the field, it's three years. InRoad also three years. For instance, like allograft, the human bone or the animal bone, maybe shorter. But typically, the ceramic or the other bone graft, it's three years. InRoad is three years now.
Aside from dental applications, are there other uses for InRoad, and what is the timeline on some of those opportunities?
Sure. Definitely. Our second product, we are targeting about orthopedic purposes, especially spinal application. So technology-wise, we are ready. So based on my research in the academia, so we say the skeletal tissue, we can create any kind of the bone. But regulatory-wise, we need kind of maybe the three years. So we're expecting in 2028.
Is there anything else you want to add to the discussion before we conclude?
Yeah, sure. So I want to share this phrase from the German philosopher Martin Heidegger said, "Technology is not an instrument. It is a way of understanding the world." I strongly agree with him, and we will continuously pursue to understand the world through our innovative technology for the quality of life.
In the meantime, in the middle term, OsteoGene Tech plans to use its unique technology to develop products for spinal fusion and orthopedic and craniofacial applications. Long-term, InRoad will open a new era for customized fabricated bone graft substitutes for functional and cosmetic bone regeneration. And at the same time, so typically in the market, human bone or the xenograft is the animal bone. That's kind of the popular. But as we know, emotionally, and at the same time, so it's a risk of transmission disease. So that's kind of things still exist. So that's why in the future, it's a ceramic, bioceramic bone graft is kind of the emerging technology. That's what I would like to say.
If listeners want to reach out to you or contact you, how can they do so?
So I think LinkedIn is the best way. You can type the Daniel Oh OsteoGene.
You can see the directory of my activity, and then you can send the message directly to me, or you can send emails through info@osteogene.com.
Great. Thank you, Dr. Oh. Thank you, everyone, for watching. If anyone out there has any questions and would like to schedule a meeting with OsteoGene, send me an email at loewensteiner@lythampartners.com. We have another presentation coming up next, so don't go anywhere yet. Thank you and have a great rest of your day.
Thank you.
Thank you, Adam, for that interesting conversation with OsteoGene. To close out today's summit, please enjoy an encore presentation by Dror Ortho Design CEO recorded back in November. Thank you.