electroCore, Inc.

Thank you everyone for joining. The call will begin shortly. Greetings, everyone, and welcome to the Electric Core third quarter 2025 earnings conference call. At this time, all participants have been placed in a listen-only mode. Please make sure to mute yourself. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It's now my pleasure to introduce you to your host, Dan Goldberger, Electric Core's Chief Executive Officer. Dan.

Thank you all for participating in today's ElectraCore earnings call. Joining me today are Dr. Thomas Arako, one of our founders and investor and our newly elected chairman, Joshua Lev, our chief financial officer, and our investor relations team from FNK IR. Earlier today, ElectraCore published results for the third quarter ended September 30th, 2025. A copy of the press release is available on the company's website. I'd like to remind you that management will make statements during the call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including without limitation any guidance, outlook, or future financial expectations or operational activities and performance, are based upon the company's current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list of the risks and uncertainties associated with the company's business, please see the company's filings with the Securities and Exchange Commission. Electric Core disclaims any intention or obligation except as required by law to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. This conference call contains time-sensitive information that is accurate only as of the live broadcast today, November 5, 2025. To begin, our chairman would like to share a few thoughts on the company's strategy and future. Dr. Errico?

Thank you, Dan. Good afternoon, everyone, and thank you for joining ElectriCorps' third quarter 2025 earnings call. My name is Tom Errico. And as the newly elected chairman of the board, it's an honor to address you today. As a founder, practicing physician, consistent investor, and daily user of our non-invasive vagal nerve stimulation technology for over 15 years, I am deeply committed to our mission of transforming lives. Today, I'll outline our strategic vision and discuss the background behind our key shift to accelerate growth. Dan and Josh will follow with an in-depth review of our financial and operational performance. Let's begin. ElectriCorps was established to modernize vagal nerve stimulation by developing a non-invasive technology starting with our FDA-approved medical device for the prevention and treatment of migraines and cluster headaches. While I personally do not suffer from these conditions, I use non-invasive vagal stimulation daily. About 12 years ago, during an investment meeting on vagal nerve stimulation in New York City, Dr. Kevin Tracy, the pioneer of VNS, was asked if he used the technology himself. At that time, he used an auricular device for at least 20 minutes a day. When questioned about this commitment, he answered, because it gives me a daily overwhelming sense of wellbeing. As a routine user of VNS, his words strongly resonated with me and helped explain the positive performance enhancing effects I was experiencing. Fast forward a decade or so, and research from Air Force labs has further confirmed the remarkable performance benefits of non-invasive vagal nerve stimulation associated with ElectroCore's technology. As a practicing physician working with both adults and children, I encounter patients daily who could benefit from the substantial health and wellness impacts of VNS. Expanding access to this technology inspired us to launch TrueVega. As a micro-cap company listed on NASDAQ, we are uniquely positioned to innovate, although we contend with challenges related to scale and visibility. Previously, the company anticipated achieving positive quarterly cash flow from operations by the end of 2025. Along the way, opportunities emerged to significantly boost shareholder value by redirecting investments towards areas with higher growth potential. We were confident navigating this pivot, having experienced quarters with modest shortfalls, but approaching positive cash flow on an adjusted EBITDA basis. After thorough evaluation, the board determined that maintaining the status quo would cap our growth and market penetration, failing to realize eCore's full potential and meet shareholders' expectations. To accelerate progress, we executed targeted investments, completed a strategic acquisition, expanded our medical division through key hires, onboarded a new software AI partner to enhance our wellness app and welcome two new board members from Microsoft and Google. These immediate investments may slightly delay near-term profitability, but we are confident that they will set the stage for accelerated revenue growth in future quarters. We are managing these expenditures rigorously and strategically to ensure sustainable long-term value creation. To provide greater transparency and detail, our path to profitability would have likely yielded limited short-term gains, primarily from one FDA cleared medical device within the VA and the single wellness product through Vega. Instead, we chose to defer profitability and invest in three priority areas to broaden our product range, diversify revenue streams, and enhance long-term shareholder value. This intentional diversification also reduces customer concentration risk and is expected to increase Electric Core's resilience over time. Pivot one, the neurometrics acquisition. We acquired the Quell portfolio, including a second FDA-cleared neuromodulation therapy from Neurometrics at a minimal upfront cost aside from the transaction expenses and a minor capped royalty. Quell fibromyalgia gained FDA de novo authorization in 2022. becoming the first non-drug device indicated from fibromyalgia-related chronic pain. In addition to Quell Fibromyalgia, we added the over-the-counter Quell Relief brand to our platform. According to Persistence Medical Research via a Global Newswire article, Global fibromyalgia treatment revenue reached $1.3 billion in 2022 with a projected CAGR of 7% to 2.7 billion by 2033. This acquisition diversifies our offering within the VA and meaningfully mitigates product risk in that channel. We launched Pwell Fibromyalgia to our sales force in July and its early performance has exceeded expectations. Third quarter and fourth quarter projected results should cover the full acquisition costs and support years of revenue growth. Dan will share more details on this. Pivot two, strengthening our VA channel. Our foundation in VA medical sales is robust. Although we saw a temporary slowdown in Q4 2024 due to external macroeconomic and political factors, we navigated these headwinds effectively. VA revenue growth resumed and we secured a new five-year contract and upgrade from our previous three-year agreement. we are selectively expanding our VA sales team and pursuing multiple strategies to boost adoption and drive growth within the VA. Beyond the VA, there are short-term opportunities in certain managed care systems. Even though our therapy has been included in formularies, we recently finalized a contract that provides a clear route to access and coverage. We have made a modest investment in a dedicated sales team to create a sustained revenue stream. Pivot three, developing our wellness division. We have enhanced our expertise in the wellness division and strengthened our board. James Theophilus, formerly at Microsoft and now at Google, is a member of the Theophilus family, our largest investor. and I look forward to continued collaboration with him on the board. More recently, we welcomed Elena Bonfilioli from Microsoft to our board. She brings expertise in artificial intelligence, international product development, and wellness. Her insights are shaping our approach to developing integrated software applications for our wellness products. Through her introduction, we partnered with Strategi, a European software and AI firm, to build software that complement Truvega and Quell, providing users with personalized data-driven experiences and potentially generating new recurring revenue streams. We're not just participating in the $600 million global VNS market, We're targeting the fast-growing non-invasive category, aiming at an 80 to 120 million global wellness opportunity with Truvega and Quell. If we succeed in building out AI-integrated software, we could establish a recurring revenue model in a market growing 15% annually. with data supported by Insight Ace Analytics and Global Wellness Institute. Additionally, I want to mention another significant investor in ElectriCorps, Stephen Zhang, an experienced China-based investor. ElectriCorps is broadening its options outside the US through a royalty-based arrangement with his company to commercialize ElectriCorps products in China. Timelines for approval and commercialization depend always on local regulatory processes, but this arrangement requires no capital investment from ECOR. Regulatory and commercialization efforts fall to the licensee. We appreciate Mr. Zhang's ownership and enthusiasm for our products. This teamed with Ms. Bonfiglioli's residents and connections in the EU and the Middle East we have made a direct decision to broaden our opportunity outside of the US. Dan can provide more specifics. As a founder, investor, and daily user of non-invasive VNS, I remain confident that prioritizing focused investments over immediate quarterly profitability is the right long-term strategy for our shareholders. Dan will outline our revised timeline shortly. The board's decisions are intended to transform how people manage their health by merging the ancient practice of neuromodulation with cutting-edge AI and data technology. In summary, ElectroCore stands at a pivotal moment. Through acquisitions, expanded channels, board enhancements, and advanced software integration, we aim for sustained growth and broader impact. We are evolving into the company we always aspired to be. Thank you for the ongoing support from our shareholders, employees, and users. I look forward to what the future holds. I'll now hand things over to Dan for a detailed review of our quarterly performance. We welcome your questions. Thank you. Dan?