Aktis Oncology, Inc.

you Thank you. Thank you for watching. Good day, ladies and gentlemen, and welcome to the Acoustis Technologies Business Update Conference Call. As a reminder, this conference call is being recorded. At the conclusion of the company presentation, Acoustis Management will take questions. To ask a question, please press star 1 on your keypad to be placed into the queue. A replay of the call will be available on the Investor Relations section of the Acoustis website.

Thank you, Operator, and good morning to everyone on the call. Welcome to ACOUSTA's first quarter fiscal 2021 business update conference call. We are joined today by our founder and CEO, Jeff Scheele, interim CFO, Ken Bowler, and EVP of business development, Dave Eichle. Before we begin, please note that today's presentation includes forward-looking statements about our business outlook. All statements other than statements of historical facts included during this conference call, including statements regarding our strategies, operations, costs plans and objectives including the timing and prospect of product development and customer orders our expectations regarding achieving design wins from current and future customers the possibility of entering into collaborative or partnering relationships potential impacts of the covet 19 pandemic and guidance regarding expected revenue product orders and milestones for the current and future fiscal quarters our forward-looking statements Such forward-looking statements are predictions based on the company's expectations as of today and are subject to numerous risks and uncertainties. The company and our management team assume no obligation to update any forward-looking statements made on today's call. Our SEC filings mention important factors that could cause actual results to differ materially. Please refer to our latest Form 10-K and Form 10-Q filed with the SEC to get a better understanding of those risks and uncertainties. In addition, our presentation today will also refer to certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measure is presented in our earnings call highlight release available in the Investors section of Acoustics.com. I would now like to turn over the call to Jeff Scheele, founder and CEO of Acoustus.

Thank you, Tom, and welcome everyone to our 2021 first fiscal quarter business update call. We had a strong start to our fiscal 2021 year as we entered production in two high-volume commercial markets, including Wi-Fi 6 and 5G small cell networking equipment. In Wi-Fi, we ramp production with a Tier 1 consumer-focused brand that is currently stocking shelves with a tri-band multi-user MIMO CPE router ahead of the holiday season. We started volume shipments with our Tier 1 5G small cell network infrastructure customer, which we expect to continue ramping moving forward with multiple XBall filter design wins. We achieved all of our strategic milestones for the September quarter, and delivered on unexpected fronts that I will discuss during the conference call today. In fiscal Q1, we beat our revenue guidance of up 50% quarter over quarter based upon our initial ramp in Wi-Fi and 5G small cell shipments. And today, I am pleased to announce we expect our fiscal Q2 revenue to be up at least 50% sequentially. This means for the first time we expect to achieve approximately $1 million in quarterly revenue from our chip business. The growth is being driven by strength across our Wi-Fi, network infrastructure, and mobile business segments. Overall, our optimistic outlook is grounded with execution across multiple markets, which should contribute to our revenue ramp, providing ACOUSTIS with the opportunity for significant top and bottom line growth for years to come. Before I talk about each of our market segments, I would like to spend a moment discussing the ongoing impact the COVID-19 pandemic has had on our business and touch on what we expect over the coming months. As a result of the pandemic, ACOUSTIS continues with several precautionary steps, including selective remote work authorization, and worksite isolation from outside visitors. Overall, we continue to experience the incredible flexibility afforded by our in-house manufacturing model in the current environment as it allows us to continue to develop and ship our product with minimal delays. To this day, Acoustis has continued to operate with all key personnel as an essential business in both New York and North Carolina during the pandemic and we continue to accelerate product development consistent with our strategic roadmap. We greatly appreciate our employees and value their flexibility and discipline, staying safe during this challenging time. Looking ahead, it is difficult to know the additional impact of the pandemic, particularly on our customers, regarding their respective supply chains and product launches. As we discussed on the last conference call, Wi-Fi 6 has experienced the greatest disruption earlier in calendar 2020 as OEMs continue to build existing designs. Looking forward, we see future designs with both Wi-Fi 6 and Wi-Fi 6E where we are well positioned with our product portfolio. The defense market is also showing some signs that programs are being delayed, but this should not impact our expectations for calendar 2021. as growth in our high volume commercial markets should more than compensate for any delays in the defense business. We have organized today's call to give you both a progress report and or target milestones on each of our four main filter market segments, those being Wi-Fi, 5G network infrastructure, 5G mobile devices, and finally, our other market segment. In addition, Ken will provide an overview of our financial results along with forward revenue guidance. And finally, I will highlight our expectations and milestones beyond the December quarter. And now, I would like to move onto our business performance by market segment, beginning with Wi-Fi. The September quarter was our strongest quarter to date in Wi-Fi, as it marked the initial production ramp by our first Wi-Fi 6 tri-band multi-user MIMO customer. This customer is a high-profile, Tier 1 consumer-focused brand that is currently shipping finished product into the retail channel for holiday sales and marks the first commercial Wi-Fi product with multiple Xbox filters on board. Initial feedback from the customer has been extremely positive, and discussions are already underway with increased unit expectations for next year. We have met all delivery expectations for our 5.2 and 5.6 gigahertz filters, and I am personally very proud of our design and operations teams that have successfully managed this first significant commercial production ramp. We are now tracking multiple active engagements with OEMs, ODMs, SOC makers, and channel partners in Wi-Fi 6, Our team has done an excellent job filling our sales funnel and we are now in the advanced stages of the sales cycle with several customers where we expect additional design wins over the coming months despite the current impact of the global pandemic. As we have discussed previously, the FCC announced in late April the approval of 5.9 to 7.1 gigahertz for Wi-Fi 6E unlicensed use which is the largest spectrum addition since the FCC allocated unlicensed spectrum for Wi-Fi in 1989. This next generation of Wi-Fi is expected to use the existing 5.1 to 5.8 gigahertz unlicensed bands, which we refer to as the 5.5 band, along with the newly allocated 5.9 to 7.1 gigahertz bands, which we refer to as the 6.5 band. to deliver higher data rates for Wi-Fi 6E. The engineering challenges in delivering these new filters include high frequency operation, ultra-wide bandwidth, and high adjacent band rejection, leveraging key performance features of our patented XBAR technology. We have been aggressively developing wide-bandwidth piezoelectric materials, device models, and RF filter designs, and have filed new key patent applications surrounding Wi-Fi 6E RF filters. During the September quarter, we successfully introduced the first ball-based 6.5 Wi-Fi 6E filter. This followed our tandem 5.5 GHz filter, which we introduced during the June quarter, We have achieved robust sampling of these filters with multiple OEMs, ODMs, and SOC vendors, and we expect to design, lock, and start qualification of these new XBAL filters by the end of the current calendar year. These two Wi-Fi 6E filters are standard products that will be available to all customers as catalog parts. We received our first order for our 5.5 and 6.5 gigahertz tandem solution during the September quarter from a tier one enterprise class OEM and expect production to begin by mid-calendar 2021. In addition to the standard Wi-Fi 6E 5.5 and 6.5 gigahertz XBAL filters, some OEMs are requesting custom solutions During the September quarter, we signed a strategic purchase agreement for multiple Wi-Fi 6E filters with a tier one enterprise class Wi-Fi OEM, which is expected to go into production in calendar 2021. In the September quarter, we shipped multiple custom Wi-Fi 6E filters to this customer and look to deliver additional samples in the coming months in our new wafer level packages, which deliver the form factor required for the mobile market, including 5G smartphones. Whereas activity in Wi-Fi 6 remains strong, the interest and demand for Wi-Fi 6E filter solutions is robust, as many OEMs and ODMs have quickly shifted new CPE product designs to address Wi-Fi 6E. In addition, we strongly believe there will be a need for ball microfilter solutions for Wi-Fi 6E and mobile handsets. And as I just mentioned, we are about to ship our first WLP solution sample that we expect will satisfy what should be a very sizable opportunity. In summary, we believe the revolution into Wi-Fi 6E will drive significant unit and revenue growth for Acoustus beginning in the first half of calendar 2021. Next, I would now like to discuss our opportunities in 5G network infrastructure. Wide bandwidth, high power handling, low insertion loss, and high out-of-band rejection are the core product performance features for 5G network infrastructure. Acoustis is ideally positioned to grow its market share in this segment, given our small form factor solution and our growing portfolio of RF filters above 3 gigahertz. where 5G is being deployed worldwide. We are currently designing and or shipping filters in three main segments of the 5G infrastructure market, including small cell base stations, macro base stations, and citizens broadband radio service or CBRS equipment. In the 5G small cell market, we shipped an initial volume order with our tier one customer with a banned N77 filter in the September quarter. We also announced our third 5G small cell design win with this customer and shipped a fourth filter that we expect will go into production in early calendar 2021. In the September quarter, we were also pleased to announce that we had received a design win from a second 5G small cell customer that is expected to start ramping in early calendar 2021. And we are actively engaged with four additional potential small cell customers, including two tier one equipment providers. In our last update, we spoke about our other existing tier one 5G network equipment customer and the plan to deliver this customer a spec compliant high power filter by the end of November. with the intent to go into production by the middle of calendar 2021. We are currently tracking toward the execution of this goal. In late July, the FCC began the auction of the Priority Access License, or PAL, portion of the citizen broadband radio service spectrum for the US market. The CBRS bands operate between 3.5 and 3.7 gigahertz and will provide cellular carriers and other major communications companies new and additional sub six gigahertz spectrum, which can be a key last mile data service and improving coverage of individual unlicensed networks. Verizon, Dish Networks, Comcast, and Charter were the early winners spending approximately 3.7 billion of the total 4.6 billion for PALS in the recent auction. We believe that the utilization of CBRS bands within the 5G network will likely require a significant amount of high frequency filters to deal with a multitude of coexistence issues, which falls squarely into our sweet spot producing and delivering high-quality, high-frequency ball filters. To our knowledge, Acoustus continues to be the only supplier providing ball filters for this application, and we are receiving increased interest given the performance and size of our CBRS filter solution. As we announced this past March, we have design locked our first CBRS X-Ball filter and have sampled it to greater than 10 SOC and CBRS equipment makers, up from the three customers we announced in the March quarter. In addition, we completed orders to a distributor to support promotion and customer engagements for the 3.6 gigahertz ball filter. Furthermore, last week we announced that we have received our first design wins from a CBRS network infrastructure OEM for our 3.6 gigahertz XBAR RF filter solution, which are expected to ramp into production in the second half of calendar 2021. The order is from a customer that received and tested the filters when they were originally introduced over a year ago and are now ready to produce new CPE and network equipment as operators are looking to build out their networks now that the auctions have been held and Spectrum is now available. The customer intends to use our XBall filters for CPE products and for inclusion in network infrastructure equipment. I would now like to discuss our efforts in the mobile device market. The mobile handset market is our largest potential ball filter market opportunity by both unit volume and revenue. Our XBAR filters have already been evaluated by several select top tier one and tier two mobile handset OEMs, and we're seeing increased interest in using our XBAR filters in the mobile device market. As we have discussed before, entering the tier one handset market in the near term would require a partner, However, we believe with the ongoing 500% capacity expansion of our New York FAB that we will have the wherewithal to enter the handset market servicing one or more tier two handset OEMs without a partner. I am happy to announce this morning that we have received our first order from a new customer for XBAL filters for 5G mobile RF front end solutions. We are jointly developing coexistence RF filters for integration into our customers' RF modules, which are expected to enable RAMP in second half of calendar 2021. From our early discussions with this customer, we see the opportunity to supply multiple filters in multiple bands for 5G and Wi-Fi RF modules. Since our customer supplies numerous device OEMs, this represents a one-to-many sales opportunity for Acoustus in the 5G mobile market. Beyond customer-driven activity, we have dedicated engineering resources focused on dramatic package size reductions, specifically the development of advanced wafer-level packaging, or WLP, and wafer-level chip-scale packaging, or WLCSP solutions, to address next generation of 5G mobile products. Working within a 100% North American supply chain, Acoustis has been developing a WLCSP process with the capacity needed to support the high volumes associated with the mobile device market. WLCSP technology development has been steadily progressing throughout calendar 2020 with pre-production parts expected to be available in early calendar 2021. We are also actively developing flip chip wafer level dye solutions which provide a low-cost WLP technology supporting improved performance and smaller footprint integration. We remain on track to deliver qualified packages by the end of the current calendar year. And finally, in our other markets segment, I was pleased to announce last Tuesday that we have been awarded a new multi-year R&D contract from the Defense Advanced Research Projects Agency, or DARPA, to further develop Acoustis' technology through the development of a piezo MEMS process design kit, or PDK, for the company's proprietary and patented XBAL process. The Directive Phase II, or DP2, program will be dedicated to developing a general-purpose PDK that will enable BAL and other similar MEMS structures to be designed and fabricated using the company's state-of-the-art XBAL process. The proposed Piezo MEMS PDK will encompass all aspects of the process ranging from materials properties, process rules for stacked dimensions, process control monitoring, design rule checking, and example device models. Upon successful completion of the DP2 program, DARPA has an option to fund a phase three program. This option supports multiple new customer engagements leveraging the new PDK to create devices and circuits, including RF filters, using the company's XBall process. We expect this will greatly expand the opportunities for XBall moving forward as other designers will be able to develop new products utilizing our novel piezoelectric materials and substrates outside of the current devices, which could lead to new opportunities in adjacent markets. Now I would like to turn the call over to Ken to go through select financial highlights.