Pulse Biosciences Inc (PLSE) 2024 Q1 法說會逐字稿

Thanks and welcome to the Pulse Biosciences First Quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

感謝並歡迎參加 Pulse Biosciences 2024 年第一季財務業績電話會議。（操作員說明）提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Trip Taylor. Please go ahead.

現在我很高興向大家介紹你們的主持人特里普·泰勒。請繼續。

Thank you, operator. Before we begin, I'd like to inform you that comments and responses to your questions during today's call reflect management's views as of today, May seventh, 2024 only and will include forward-looking statements and opinions. Statements, including predictions, estimates, plans, expectations and other similar information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today.

謝謝你，接線生。在我們開始之前，我想通知您，在今天的電話會議中對您的問題的評論和答复僅反映管理層截至今天（2024 年 5 月 7 日）的觀點，並將包括前瞻性陳述和意見。陳述，包括預測、估計、計劃、期望和其他類似資訊。由於某些風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。我們今天早些時候發布的新聞稿更全面地描述了這些風險和不確定性。

In our filings with the US Securities and Exchange Commission. Our SEC filings can be found on our website or on the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements.

在我們向美國證券交易委員會提交的文件中。我們的 SEC 備案文件可以在我們的網站或 SEC 網站上找到。投資者應注意不要過度依賴前瞻性陳述。我們不承擔更新或修改這些前瞻性陳述的義務。

We will also discuss certain non-GAAP financial measures disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures can be found in the press release. Please note that this conference call will be available for audio replay on our website at Pulse Biosciences.com in the News and Events section on our Investor Relations page.

我們還將討論有關這些非公認會計原則財務指標的某些非公認會計原則財務指標的揭露，包括與新聞稿中最具可比性的公認會計原則指標的調節表。請注意，本次電話會議將在我們的網站 Pulse Biosciences.com 投資者關係頁面的新聞和活動部分提供音訊重播。

With that, I would now like to turn the call over to President and Chief Executive Officer, Kevin Danahy.

現在，我想將電話轉給總裁兼執行長凱文·達納西 (Kevin Danahy)。

Thank you, Trip. And good afternoon, everyone, and thank you all for joining us. I'm excited to provide today's condensed update. As our last call was just over five weeks ago, Mike Koffler, Vice President of Finance will join me in the prepared remarks to review our first quarter 2024 financial results. Then Robert Duggan, Executive Chairman of the Board, Darren Nucor, Chief Technology Officer, and Director, and Mitch Levinson, Chief Strategy Officer, will join me for a question and answer session.

謝謝你，特里普。大家下午好，感謝大家加入我們。我很高興提供今天的簡要更新。由於我們上次通話是在五週多前，財務副總裁 Mike Koffler 將與我一起發表準備好的講話，回顧我們 2024 年第一季的財務業績。然後，董事會執行主席 Robert Duggan、技術長兼董事 Darren Nucor 和首席策略長 Mitch Levinson 將與我一起參加問答環節。

During today's call, we will give you an update about our proprietary designed and engineered cell FXNSPFA. energy delivery system, and three novel proprietary Endo factor devices. Q1 was a very active and productive quarter for Pulse Biosciences. As you know, we are making a material and significant commitment to the field of nanosecond pulsed field ablation, addressing soft tissue ablation for human beings need. Pulse Biosciences is pleased to bring into existence a novel electrophysiology and surgical treatment modality that focuses in the nanosecond up to billions of a second pulse duration range. This is up to two orders of magnitude faster than the millions of a second range currently deployed in the pulsed field ablation area.

在今天的電話會議中，我們將為您提供有關我們專有設計和工程的細胞 FXNSPFA 的最新資訊。能量輸送系統和三種新穎的專有 Endo 因子設備。對於 Pulse Biosciences 來說，第一季是非常活躍且富有成效的季度。如您所知，我們正在納秒脈衝場消融領域做出重大承諾，解決人類軟組織消融的需求。Pulse Biosciences 很高興推出一種新型電生理學和外科治療方式，重點關注納秒至數十億秒的脈衝持續時間範圍。這比目前脈衝場消融區域中部署的數百萬秒範圍快兩個數量級。

This increase in Pulse speed in conjunction with the capacity to increase Pulse Amplitude is believed by us potentially bring out material improvements in safety and efficacy as well as overall significant improvements in treatment times and thus treatment outcomes. Additionally, NSPFA. is a very patient physician care provider friendly treatment option. Going forward, we are planning to do multiple clinical trials across different indications. It is important to note that inclusive of 6,000 Humann dermatological skin lesions treated, not a single serious adverse event has occurred. In March 2024, we received FDA five 10 K clearance for our non-cardiac cell XNSPF., a percutaneous system for soft tissue ablation indication. Soft tissue ablation is used by physicians in a wide range of procedures, including the thyroid, liver, breast and other areas of the body.

我們相信，脈衝速度的增加以及脈衝幅度的增加可能會帶來安全性和有效性的實質改進，以及治療時間和治療結果的整體顯著改善。此外，國家SPFA。是一個非常耐心的醫生護理提供者友好的治療選擇。展望未來，我們計劃針對不同適應症進行多項臨床試驗。值得注意的是，在治療的 6,000 例 Humann 皮膚病皮膚損傷中，沒有發生任何嚴重不良事件。2024 年 3 月，我們的非心肌細胞 XNSPF 獲得 FDA 五個 10 K 許可，這是一種用於軟組織消融適應症的經皮系統。軟組織消融被醫生廣泛應用於各種手術中，包括甲狀腺、肝臟、乳房和身體的其他部位。

Currently, we have treated 30 patients in need of soft tissue ablation for thyroid disease. Dr. Stefanos Piazza, Chief of endocrine surgery division at Naples Hospital Demare in Naples, Italy, our key opinion leader in the field of fibroids in collaboration with Dr. Ralph Stefano medical director heading endocrine surgery, the Sarasota Memorial Health Care System, I've successfully performed soft tissue ablation procedures on 30 patients with the SLFXNSPF., a percutaneous system in Italy. The first patient was treated in April 2023, and the last patient in January 2020 for all procedures were thyroid for amended protocols at our request. We have observed patients as early as one week and up to this point as late as 180 days. Patient follow-ups are weekly for the first four weeks, 1030, 60, 90, 180 and 360 days time points following the procedure, no evidence of scarring or injury to the surrounding tissue has been observed and patients treated have been judged to be successful.

目前，我們已經治療了30名因甲狀腺疾病而需要軟組織消融的患者。Stefanos Piazza 博士是義大利那不勒斯德馬雷醫院內分泌外科主任，我們在子宮肌瘤領域的關鍵意見領袖，與薩拉索塔紀念醫療保健系統負責內分泌外科的醫學主任 Ralph Stefano 博士合作，I'我們使用義大利經皮系統SLFXNSPF. 成功對30 名患者進行了軟組織消融手術。第一個患者於 2023 年 4 月接受治療，最後一個患者於 2020 年 1 月接受治療，所有手術均針對甲狀腺，並根據我們的要求修改了方案。我們對患者的觀察早至一周，晚至 180 天。在手術後的前 4 週、1030、60、90、180 和 360 天的時間點每週對患者進行隨訪，沒有觀察到周圍組織疤痕或損傷的證據，並且患者治療被判斷為成功。

Moving on to the update of our cardiac indications, starting with our surgical plan. In the past few weeks, we have communicated with the FDA regarding our cell effects and SPFA. surgical clamps for cardiac procedures. The FDA has requested clinical data prior to rendering a final decision in pursuit of our request for FDA five 10 K clearance. As of today, only preclinical animal work has been performed. No patient has been treated as of yet without cell FXNSPFA. surgical claims in present time. However, we have submitted to the ethics committee in the Netherlands and applications to start first-in-human feasibility study with the cell FXNSPF., a surgical plan. We anticipate their response within the next several weeks. The study is designed to treat up to 30 patients in several centers in the Netherlands. This study would provide information on first in-human effectiveness and safety with our device.

接下來從我們的手術計劃開始更新我們的心臟適應症。在過去的幾周里，我們與FDA就我們的細胞效應和SPFA進行了溝通。用於心臟手術的手術夾。FDA 在做出最終決定之前已要求提供臨床數據，以尋求 FDA 5 10 K 許可的請求。截至目前，僅進行了臨床前動物研究。迄今為止，尚未有患者在未使用細胞 FXNSPFA 的情況下接受治療。目前的外科手術主張。然而，我們已經向荷蘭倫理委員會提交了申請，以啟動細胞FXNSPF的首次人體可行性研究，即手術計劃。我們預計他們會在接下來的幾週內做出回應。該研究旨在治療荷蘭多個中心的多達 30 名患者。這項研究將提供有關我們的設備首次在人體中的有效性和安全性的信息。

Our second device for cardiac indication is iCell effects and SPFA. 360 degree cardiac catheter. We are pleased to announce that 24 of 30 patients have been successfully treated in Prague by Dr. Vivek Reddy, Director of cardiac arrhythmia services at Mount Sinai Hospital in New York and direct, Dr. Peter Newton, Chief of Cardiology at Hamaca local hospital products and his team and product, the remaining six patients are expected to be treated within the next 45 days. The primary endpoints for this study are acute effectiveness at the time of the procedure and add up to 30 days for safety. Discussions with the FDA are ongoing and present time, and we will provide updates in a timely manner. Pulse Biosciences will have a strong presence at the upcoming Heart Rhythm Society, HRS meeting May 16th to the 19th in Boston cross-sell effects. NSPFA. energy delivery system will be featured in a total of six poster presentation abstracts as well as a live case presentations.

我們的第二個心臟適應症設備是 iCell 效應和 SPFA。 360 度心導管。我們很高興地宣布，紐約西奈山醫院心律不整服務主任 Vivek Reddy 博士和哈馬卡當地醫院心臟科主任 Peter Newton 博士的指導下，布拉格 30 名患者中的 24 名已成功接受治療​​以及他的團隊和產品，其餘6 名患者預計將在未來45 天內接受治療。這項研究的主要終點是手術時的急性有效性和長達 30 天的安全性。目前與 FDA 的討論正在進行中，我們將及時提供最新資訊。Pulse Biosciences 將在即將於 5 月 16 日至 19 日在波士頓舉行的心律協會 HRS 會議上發揮重要作用，交叉銷售效應。國家糧食安全局。能量傳輸系統將出現在總共六張海報演示摘要以及現場案例演示中。

Before turning the call over to Mike, I will now provide additional details on our efforts to strengthen our balance sheet through the rights offering. This offer serves as a stockholder friendly avenue for Pulse Biosciences to secure the necessary capital to advance our novel and factors fluids market entrants, while offering our existing stockholders a potential non-dilutive opportunity to continue to support the company's growth. The Board of Directors has approved a rights offering of up to $60 million worth of units that will be available to all holders of record of the company's common stock. As of the specified record date this week, the Company determined to initiate the rights offering in June or July, not met so that the early record date of May 16th will most likely be changed to a date in mid June. The date will be selected by our Board and announce once all the necessary filings have been completed. Subscriptions may begin immediately once the company commences the rights offering most likely in June. It is important to note that the subscription rights will expire and have no value if they are not exercised prior to the expiration date of the offering, which date will also be announced by the company once the necessary filings have been completed. Assuming that the rights offering is fully subscribed at the initial price, the Company will receive gross proceeds up to $60 million less expenses related to the rights offering and upon exercise of all the warrants, a potential to raise up to $126 million of fully subscribed rights. Our parent would fund the Company's growth plans into the first quarter of 2026. Please refer to our release on the rights offering for more information.

在將電話轉交給麥克之前，我現在將提供有關我們透過配股來加強資產負債表的努力的更多詳細資訊。此次要約為Pulse Biosciences 提供了一條對股東友好的途徑，以確保獲得必要的資金來推動我們的新型和因子流體市場進入者的發展，同時為我們現有的股東提供潛在的非稀釋機會，以繼續支持公司的成長。董事會已批准配股，價值高達 6,000 萬美元，所有公司普通股記錄持有人均可認購。截至本週規定的股權登記日，公司決定在6月或7月啟動配股，尚未滿足，因此5月16日的早期股權登記日很可能會更改為6月中旬的日期。該日期將由我們的董事會選擇，並在所有必要的備案完成後宣布。一旦公司最有可能在六月開始配股，認購可能會立即開始。值得注意的是，如果在發行到期日之前未行使認購權，則認購權將到期且沒有任何價值，一旦完成必要的備案，公司也將宣布該日期。假設配股發行以初始價格獲得全額認購，公司將獲得高達6,000 萬美元的總收益，減去與配股相關的費用，並且在行使所有認股權證後，有可能籌集高達1.26 億美元的全額認購權。我們的母公司將為公司的成長計畫提供資金直至 2026 年第一季。請參閱我們有關配股的新聞稿以了解更多資訊。

Now I will pass the call over to Mike Kofler for an update on our financial results.

現在我將把電話轉接給麥克‧科弗勒 (Mike Kofler)，以了解我們財務表現的最新情況。

Thank you, Kevin. Today, I will highlight our GAAP and non-GAAP financial results. I encourage you to review today's earnings release for a detailed reconciliation of non-GAAP measures to the most comparable GAAP measures in the first quarter of 2020. For total, GAAP costs and expenses increased by $1 million to $10.6 million compared to $9.6 million in the prior year period. The increase in GAAP costs and expenses was primarily driven by an increase in noncash stock-based compensation expense, which was $1.8 million in the first quarter of 2024 compared to $0.9 million in the prior year period. Total non-GAAP costs and expenses in the first quarter of 2024 increased by $0.3 million to $8.6 million compared to $8.3 million in the prior year period. The increase in total non-GAAP costs and expenses was primarily driven by an increase in research and development expenses to support the advancement of our cell effects and SPFA. devices.

謝謝你，凱文。今天，我將重點介紹我們的 GAAP 和非 GAAP 財務表現。我鼓勵您查看今天的收益報告，以了解 2020 年第一季非 GAAP 指標與最具可比性 GAAP 指標的詳細調節情況。總體而言，公認會計準則成本和費用增加了 100 萬美元，達到 1,060 萬美元，而去年同期為 960 萬美元。GAAP 成本和費用的增加主要是由於非現金股票薪酬費用的增加，2024 年第一季為 180 萬美元，而去年同期為 90 萬美元。2024 年第一季的非 GAAP 成本和費用總額增加了 30 萬美元，達到 860 萬美元，而去年同期為 830 萬美元。非 GAAP 總成本和費用的增加主要是由於支持我們的細胞效應和 SPFA 進步的研發費用增加所致。裝置.

Gaap net loss in the first quarter of 2024 was $10.1 million compared to $9.8 million in the prior year period. Non-gaap net loss in the first quarter of 2024 was $8.1 million compared to $8.6 million in the prior year period. Cash and cash equivalents totaled $34.9 million as of March 31st, 2024 compared to $44.4 million as of December 31st, 2023. Cash used in the first quarter of 2024 totaled $9.5 million compared to $7.2 million used in the same period in the prior year and $6.9 million used in the fourth quarter of 2023. The sequential quarterly increase was driven mainly by $2 million in 2023 annual cash bonus payouts.

2024 年第一季公認的會計原則淨虧損為 1,010 萬美元，而去年同期淨虧損為 980 萬美元。2024 年第一季的非 GAAP 淨虧損為 810 萬美元，而去年同期為 860 萬美元。截至 2024 年 3 月 31 日，現金及現金等價物總額為 3,490 萬美元，而截至 2023 年 12 月 31 日為 4,440 萬美元。2024 年第一季使用的現金總額為 950 萬美元，而去年同期使用的現金為 720 萬美元，2023 年第四季使用的現金為 690 萬美元。季度環比成長主要是由 2023 年年度現金獎金支付 200 萬美元推動的。

I will now turn the call back over to Kevin?

我現在將電話轉回給凱文？

Thank you, Mike. It is an exciting year for Pulse Biosciences as we continued to advance our novel platform technology into the hands of more physicians for the benefit of more patients through their calls, we will provide real-time updates on events and interactions as they unfold.

謝謝你，麥克。對於Pulse Biosciences 來說，這是激動人心的一年，因為我們繼續將我們的新穎平台技術推進到更多醫生手中，透過他們的電話讓更多患者受益，我們將在事件發生和互動發生時提供即時更新。

Joining me for the question and answer session today are Executive Chairman of the Board. Robert Duggan, Chief Technology Officer and Director, Darren Nucor, and Chief Strategy Officer, Mitch Levinson.

與我一起參加今天問答環節的是董事會執行主席。Robert Duggan，Darren Nucor 技術長兼總監，Mitch Levinson 首席策略長。

Operator, please open the call for questions.

接線員，請打開電話提問。

Thank you, Kevin. Now we're going to address a few questions we've received over e-mail, then we'll open up the line for questions from the audience.

謝謝你，凱文。現在我們將解決透過電子郵件收到的一些問題，然後我們將開通觀眾提問熱線。

First one is how is the pilot launch going in the U.S. with the percutaneous electrode now that it's approved. What's the interest level? And when can we anticipate full commercial launch and Patriot business?

第一個是經皮電極現已獲得批准，在美國的試點啟動情況如何。興趣程度是多少？我們什麼時候可以預期全面的商業發布和愛國者業務？

Maybe I can take that one as has since our five 10 K clearance we got a few weeks ago, we've reached out to the KOLs that we were targeting for our pilot program and the interest has been just really high. We've got a lot of physicians at major institutions that want to evaluate our system for soft tissue ablation. As some of you may know, an institution or institutions like this in hospitals, there's an approval process usually takes several weeks, sometimes longer to approve bringing in new technologies.

也許我可以接受這一點，因為我們幾週前獲得了 5 個 10 K 許可，我們已經聯繫了我們試點計劃的目標 KOL，他們的興趣非常高。我們的主要機構中有很多醫生想要評估我們的軟組織消融系統。你們中的一些人可能知道，醫院中的一個或多個機構，批准引進新技術的審批過程通常需要幾週時間，有時甚至更長。

We've got multiple KOLs currently working through that approval process, and we expect our PHIL effects. Percutaneous system is going to be used in a number of prominent hospitals and clinics by the end of this year. And right now, we are just really focused on building the appropriate training around the system, providing comp strong clinical support and just ensuring that we are doing everything we can to help our our physician customers get the best possible clinical outcomes that they can with our technology.

我們目前有多個 KOL 正在處理該審批流程，我們預期我們的 PHIL 效果。經皮系統將於今年底在多家知名醫院和診所使用。現在，我們只是真正專注於圍繞該系統建立適當的培訓，提供強大的臨床支持，並確保我們正在盡一切努力幫助我們的醫生客戶獲得盡可能最佳的臨床結果技術。

Operator, can you please open the line for questions now?

接線員，現在可以撥打電話提問嗎？

(Operator Instructions) Anthony Petrone with Maxim Group.

（操作員說明）Maxim Group 的 Anthony Petrone。

Thank you and congratulations on the progress here. You may be a little bit just on the FDA dialogue. It sounds like that's that's moving in the right direction. They've they've sort of given a little bit of guidance here, I think on just kind of the clinical pathway going forward. And so maybe anything you could add there on how broad-based a pivotal program could look like on how many sites, how many patients and I guess your early views on timing of when this could be launched and of one follow-up.

謝謝並祝賀這裡的進展。您可能只是關注 FDA 的對話。聽起來這正在朝著正確的方向發展。他們在這裡給出了一些指導，我認為只是關於未來的臨床路徑。因此，也許您可以添加任何內容，包括一項關鍵計劃的基礎有多廣泛，包括多少個網站、多少患者，以及我猜您對何時啟動該計劃以及一項後續行動的早期看法。

Yes, Darren, you want to take that?

是的，達倫，你想接受嗎？

Yes, yes, sure. Thanks, Anthony. This is on the clamp, right. I apologize.Yes, that was downright on, no cardiac Clancy up.Yes. So I think as we discussed on our last call, we received an additional information letter from the FDA that led to a couple of meetings with FDA one that we had very recently and a very collaborative, great discussion with FDA as we're moving this forward.

是的，是的，當然。謝謝，安東尼。這是在夾子上，對吧。我道歉。因此，我認為正如我們在上次電話會議中討論的那樣，我們收到了FDA 的一封額外信息函，這導致我們與FDA 舉行了幾次會議，我們最近舉行了一次會議，並在我們推動這一計劃時與FDA 進行了一次非常合作的、精彩的討論向前。

As of today, as we mentioned, we remain in the five 10 K process and after receiving a letter that that goes on hold with regard to the review cycle, as you probably know, and you know, I think we had good dialogue with FDA about the need or request for human clinical data. And so we're really in the process of discussing that with FDA and coming to some agreement on what that clinical program would look like.

截至今天，正如我們所提到的，我們仍處於 5 個 10 K 流程中，在收到一封信後，審查週期被擱置，正如您可能知道的那樣，我認為我們與 FDA 進行了良好的對話關於人類臨床數據的需要或請求。因此，我們確實正在與 FDA 進行討論，並就臨床計劃的內容達成一些協議。

And likewise, the regulatory path going forward right now, we really don't have much to report on that in terms of timing and one of the things on the clinical side that and that we have discussed is a first in human feasibility study for a clamp which will happen in Europe in the Netherlands and that we've submitted to the ethics committee there. We expect to hear back from the ethics committee within the next several weeks and then commence that study on soon thereafter. And so we've got a lot going on on that side. Fda is aware of that study, and we'll just be working with FDA over the next period of time to finalize what's going to be required for the plant in the United States.

同樣，目前的監管路徑，我們在時間方面確實沒有太多可報告的，我們已經討論過的臨床方面的事情之一是人類可行性研究的第一個這將在歐洲的荷蘭進行，我們已將其提交給那裡的道德委員會。我們希望在接下來的幾週內收到倫理委員會的答复，然後很快就開始這項研究。所以我們在這方面做了很多事。FDA 知道這項研究，我們將在接下來的一段時間內與 FDA 合作，最終確定美國工廠的要求。

That's helpful. And then a follow-up would be just on HRS. Looking ahead here, you have a live case with Celebrex that is being presented posted presentations as well. The market here in the United States is now officially underway. We have pulse select and power poles out there.

這很有幫助。然後後續行動將僅在 HRS 上進行。展望未來，您將看到 Celebrex 的真實案例，該案例也正在發布的簡報中展示。美國這裡的市場現已正式啟動。我們有脈衝選擇和電源極。

So what are you expecting out of HRS? And I guess from the perspective of Pulse Biosciences. Are you surprised at the rate of adoption by the early PFA catheters? And maybe just the of the expectations on physician feedback for cell effects that are made in Europe thanks again and thereafter, Anthony?

那麼您對 HRS 有何期望？我是從 Pulse Biosciences 的角度來看的。您對早期 PFA 導管的採用率感到驚訝嗎？也許只是歐洲對醫生對細胞效應的回饋的期望，再次感謝，安東尼？

Yes, thanks, Kevin. Yes, I would I guess I would say, you know, we are really looking forward to HRS. We have six abstract presentations as you mentioned, and those are both actually on the catheter and our plan. And so that is something that is very encouraging to get both of our products into HRS. for this important meeting. And then as you mentioned, we have a live case in the PFA. Summit at the beginning of the meeting.

是的，謝謝，凱文。是的，我想我會說，你知道，我們真的很期待 HRS。正如您所提到的，我們有六個抽象演示，這些實際上都在導管和我們的計劃上。因此，將我們的兩種產品納入 HRS 是非常令人鼓舞的。為了這次重要的會議。正如您所提到的，我們 PFA 中有一個真實案例。會議開始時舉行高峰會。

And as it relates to PFA in general, I think we are not surprised by the progress of PFA and the progress that we're seeing in the United States and by those other devices, I think you know, it seems the data is pretty clear that PFA offers some pretty significant advantages over current modalities. What we're all excited about and I'm looking forward to at HRS is talking about nanosecond PFA and our view that it's a sort of a next generation as it relates to PFA. and what the the differentiation is in terms of and the lesions that we create, the the integrity and durability of those lesions, the depth of those lesions, the speed with which EP.s are able to create those lesions.

由於它與總體 PFA 相關，我認為我們對 PFA 的進展以及我們在美國和其他設備所看到的進展並不感到驚訝，我想你知道，數據似乎非常清楚與當前的模式相比，PFA 具有一些相當顯著的優勢。我們在 HRS 上感到興奮和期待的是納秒 PFA 的討論，以及我們的觀點，即它是與 PFA 相關的下一代技術。以及我們創造的損傷的區別是什麼，這些損傷的完整性和持久性，這些損傷的深度，EP.s能夠創造這些損傷的速度。

So all those things we think are going to be really important to both physicians and patients, and we're looking forward to HRS to be able to talk about that and present our both both our preclinical and clinical data that supports those different benefits. So we think it is going to be a really exciting meeting for PSA in general. But and but also, of course, for nanosecond PFA and Pulse Biosciences.

因此，我們認為所有這些事情對醫生和患者都非常重要，我們期待 HRS 能夠討論這一點，並展示支持這些不同益處的臨床前和臨床數據。因此，我們認為這對 PSA 來說將是一次非常令人興奮的會議。當然，對於納秒 PFA 和 Pulse Biosciences 來說也是如此。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Robert McCarthy with [medical book production].

羅伯特·麥卡錫與[醫學書籍製作]。

If this question is for Bob, a little preliminary. The ablation and catheters and so on. And so I'm real surgical on a coming of basically dual BOPs feel, though that you have all the patents and the have a head of all the other people, plus, of course, the machine itself are you said you are the tip of the spear well ahead of Bob, and the team would be somewhat similar, right but you really put your patent base together evaluated thoroughly, which we're constantly doing at this point where we're very pleased with what we have and what we are generating the acid test is when you bring it to market, it's not against a lot of developed anything you want even copy, you can alter that you can go denovo. But when you bring it to market. That's where the patents really swing. And so and we'll find out. But I am yes, I am Bob Duggan. I'm confident that we're in a good position there and I like the speed at which we continue to evolve our patent base. I hope that answers your question, but thank you.

如果這個問題是問鮑伯的，那麼這個問題就有點初步了。消融和導管等。所以我對雙 BOP 的到來感到真正的外科手術，儘管你擁有所有專利並且擁有所有其他人的頭腦，另外，當然，機器本身是你說的你是尖端矛遠遠領先於鮑勃，團隊會有點相似，對吧，但你真的把你的專利基礎放在一起進行了徹底的評估，我們在這一點上一直在做，我們對我們所擁有的和我們所擁有的感到非常滿意產生嚴峻的考驗是當你把它推向市場時，它並不反對你想要複製的許多已開發的任何東西，你可以改變你可以從頭開始。但當你把它推向市場時。這才是專利真正發揮作用的地方。所以我們會找到答案。但我是的，我是鮑伯杜根。我相信我們在這方面處於有利地位，我喜歡我們繼續發展專利基礎的速度。我希望這能回答你的問題，但還是謝謝。

Welcome.

歡迎。

I would like to turn the floor over to Kevin Danahy for closing remarks.

我想請凱文·達納西 (Kevin Danahy) 致閉幕詞。

Thank you, operator. In closing, I just want to thank you all for continuing to support and given us the confidence that we have in our company. We are dedicated to delivering value and growth with NSPFA., and we look forward to the opportunities that lie ahead. Thank you for joining us today.

謝謝你，接線生。最後，我只想感謝大家的持續支持，並給予我們對公司的信心。我們致力於與 NSPFA 一起創造價值和成長，並期待未來的機會。感謝您今天加入我們。

And we remain committed to driving success for this company. Thank you.

我們仍然致力於推動這家公司取得成功。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。