Bionano Genomics, Inc.

Good day and welcome to the Bionano First Quarter 2024 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to David Holmes from Investor Relations. Please go ahead.

Thank you, Operator, and good afternoon, everyone. Welcome to the Bionano First Quarter 2024 Financial Results Conference Call. Leading the call today is Dr. Eric Holman, CEO of Bionano. He is joined by Golsan Kama, CFO of Bionano. After market closed today, Bionano issued a press release announcing its financial results for the first quarter 2024. A copy of the release can be found on the investor relations page of the company's website. Certain statements made during the conference call may be forward-looking statements, including statements about Bionano's revenue outlook, profitability, cash runway, cost savings initiatives, and commercialization and product plans. Such statements are based on current expectations, and there can be no assurances that the results contemplated in these statements will be realized. Actual results may differ materially from such statements due to a number of factors and risks, some of which are identified in BioNano's press release and BioNano's reports filed with the SEC. These forward-looking statements are based on information available to BioNano today, May 8, 2024, and the company assumes no obligation to update statements as circumstances change. In addition, to supplement BioNano's financial results reported in accordance with the U.S. Generally Accepted Accounting Principles, or GAAP, the company reports certain non-GAAP financial measures. A description of these non-GAAP financial measures, as well as the reconciliation to the nearest GAAP financial measures, are included at the end of the company's earnings release issued earlier today, which has been posted on the investor relations page of the company's website. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures. should be read in conjunction with the company's consolidated financial statements prepared in accordance with GAAP, have no standardized meaning prescribed by GAAP, and are not prepared under any comprehensive set of accounting rules or principles. An audio recording and webcast replay for today's conference call will also be available online on the company's investor relations page. With that, I will turn the call over to Eric.

Thank you, David, and good afternoon, everyone. We accomplished a lot in Q1, and I look forward to discussing the progress in detail. I want to start off today's call, however, by sharing a remarkable story of medical advancement in which optical genome mapping played a significant role. I'm referring to the first successful kidney transplant from a genetically modified pig into a human patient, which was conducted at Massachusetts General Hospital on March 16th. eGenesis, a BioNano customer and OGM user, provided the kidney from a pig donor that was genetically edited using CRISPR-Cas9 technology to remove harmful pig genes and add certain human genes to improve its compatibility with humans. They also used gene editing to inactivate porcine endogenous retroviruses in the pig donor to eliminate any risk of infection in humans. The process of creating the cells that eventually grew into the pig donor followed multiple steps of genetic modification to eventually arrive at the cells that were used to grow the donor. Throughout the process, optical genome mapping was used as part of a regimen to confirm that desired gene edits were in place and that off-target effects were not detected or those that were detected were not deleterious. Optical genome mapping was used as an alternative to G-banding karyotype analysis because of its ability to detect genome variation that other methods commonly miss. We are seeing growth in our biopharma customer group, and we believe it's because these customers see tremendous value in OGM's utility for the development of safe and innovative therapies. Our focus in 2024 remains on strengthening the company's long-term growth profile. As part of our ongoing evolution, we are continuing to execute cost savings and strategic productivity initiatives that we began in May of 2023 and that are intended to allow us to be more agile, to increase efficiency across the company, and to prioritize investing in opportunities where we see the greatest potential to drive adoption and utilization of optical genome mapping across multiple end markets. Golsan is going to open our call today by walking you through our financial results for the quarter and explaining how some of the steps in our streamlined operational plan have begun to positively impact our financial performance and cash runway. Golsan?