Oncocyte Corporation

Good day and welcome to the OncoSite first quarter 2023 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal conference specialists by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. And to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Ms. Stephanie Prince of PCG Advisory. Please go ahead, ma'am.

Thank you, Chuck. And thank you to everyone joining us for today's conference call to discuss OncaSight's first quarter 2023 financial results and recent operating highlights. If you have not seen today's press release, financial results press release, please visit the company's website on the investor page. Before turning the call over to Josh Riggs, the company's president and CEO, I would like to remind you that during this conference call, the company will make projections and forward-looking statements regarding future events. Any statements that are not historical fact are forward-looking statements. We encourage you to review the company's SEC filings, including, without limitation, the company's forms 10-K and 10-Q, which identify the specific risk factors that may cause actual results or events to differ materially from those described in these forward-looking statements. Actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. ONCA site expressly disclaims any intent or obligation to update these forward-looking statements except as otherwise may be required by law. With that, I'll turn the call over to Josh Riggs. Josh?

Thanks, Stephanie, and welcome everyone to our conference call to discuss our first quarter 23 highlights. On today's call, we will review the progress we have made improving our cost structure and pivoting to a high margin, scalable product business. OncoSight has a faster path to market and lightweight infrastructure. Before we go there, I would like to provide a little extra context on our shift in strategy. While many other diagnostic companies are pursuing the more typical service lab business model, They have also historically generated substantially large losses and continue to consume significant capital. OncoSight's kitted product commercial model should allow us to scale our revenue with relatively little capital while we generate higher profit margins that are sustainable over the long term. As a company, we continue to face adverse market conditions. Reining in cost and focusing investment in Q1 was critical. We've consolidated our lab operations, pared down our product portfolio, and right-sized the company, eliminating over $20 million in annual operating expense. Going forward, we will continue to focus on managing spend down and driving towards a capital-efficient model. These efforts and the shift in strategy allowed us to complete a $13.86 million equity raise that was at market, contained the warrant coverage, and was composed of top holders and insiders. We appreciate that continued commitment to the company and meeting the needs of patients. Now onto our product portfolio. On our last call, we talked about DETERMA-IO RUO as a kitted product. We are happy to announce that we are complete with the first phase of development and are now optimizing the assay to prepare for manufacturing. DETERMA-IO continues to build its case as the best-in-class measure of the tumor microenvironment. We believe that this is evident in the recent peer-reviewed publication of the results of a study applying DETERMA-IO to samples collected from the randomized Phase II atezotribe clinical trial in metastatic colorectal cancer. The results were published in Clinical Cancer Research and showed the utility of DETERMA-IO in potentially identifying more responders to ICI therapy than current standard of care biomarkers. Additionally, we presented four abstracts exploring the tumor microenvironment and its potential implications for therapeutic response at the annual meeting of the American Association for Cancer Research. Also at AACR, data was presented highlighting exciting study results applying DETERMA-CNI, our blood-based test, to metastatic pancreatic cancer that indicate our test can identify patients not responding to therapy. The Termocyanide is a blood-only solution for efficacy monitoring, which we believe will make it an attractive alternative for researchers that don't have access to or need to conserve precious tissue since no upfront tumor typing is required. Our vitagraft assays for transplant management continue to work their way through CMS as we pursue reimbursement. The kitted version of the transplant test is through phase one of development and is on pace to enter manufacturing in the next three months. We are looking forward to an expected early access launch date later this year, making our technology available to research labs here in the U.S. and abroad. Revenue is expected to begin in the first half of 2024. Gaining reimbursement for our portfolio and bringing our test to market to generate revenue growth is essential. We believe our optimized product strategy will attract revenue-generating external partnership and licensing opportunities, and our reduced burn ensures our current resources will carry us well into the first half of 2024. At this point, I would like to turn the call over to Anish John to review our financials.