Brian McKelligon: Yes, I would say Tejas, I think similar to my prior commentary to Kyle, what we’ve tried to bake into our guide is really a continuation of the existing market pressures that we were all feeling in Q3 and certainly Q4 on the capital side. So I think that’s going to be our approach. We feels like we’ve been living in continuing resolutions and questions on the NIH budget for over a decade. It’s just perhaps a little bit more acute now. So that’s kind of how we’re looking at it. What is Tejas in our control and I think where we’re realizing some successes is in areas that are less prone to being impacted by macros, which is the reagent utilization on our platform and the advancing of our clinical opportunities, which are in the well-funded arenas of immune-ontology, as I noted on the call.
So we’re going to continue to focus on those areas. They are again less prone to some of these macro dynamics, and the ROIs are significant for us. So that’ll be our area — key areas of focus to mitigate any instrument pressures.
Tejas Savant: Got it. And then one final one. One for you, Brian, and one for Johnny. Brian, I know you’ve sort of like, shifted the focus a little bit in 2023 to optimizing existing solutions, driving consumables, growth, et cetera. But how should we think about the product development roadmap? Perhaps not in 2024, but over the next couple of years here? And Johnny, obviously people are pretty happy to see operating cash flow break-even by year-end, but is it fair to assume that 2025 will be the first full year of cash flow break-even for you guys?
Brian McKelligon: So I’ll take the first part first and then Johnny the second. So you can think of our product development priorities focused on workflow simplifications throughout this year and getting over the clinical finish line and getting additional partnerships whether or not we speak to those publicly is to be determined. So that is the priority now. But you’re correct. Longer-term, in terms of platforms, there are really two areas that I think are opportunities for the company. Number one is ensuring that we have an IBD grade system, because we will have a menu of products. So it’s ensuring that that roadmap is solidified. On the other extreme, in the upstream discovery market, we are going to — we are already at a place where spatial biology is going to be done at scale.
Large scale studies, large scale database studies, so getting the instruments to a place where they can do that, having the reagents at a place where they can support that, and algorithms like MaxFuse to be able to leverage these large data sets. Spatial is going to go the direction that we’ve seen all other powerful life sciences tools go, which is studies are getting larger and larger at scale, and there is true sample elasticity in this market. You make the systems faster, easier and more affordable to use, and there will be more samples. So longer-term, Tejas, those are the two avenues of full, additional platform development opportunities for us.
Johnny Ek: And Tejas, to your question on 2025, certainly we haven’t guided, obviously to 2025, but we don’t expect to move top-line or margin. We expect those to continue to be strong, continue to grow. And really, it’s about maintaining a reasonable OpEx, which we absolutely expect to be able to do, which drives a full year sort of cash flow from ops, a good full year cash flow from ops in 2025, that’s positive. So the building blocks sort of build themselves. If we continue to execute and maintain that OpEx where we expect it to, that’s our target absolutely.
Operator: Thank you. One moment for our next question. Our next question comes from the line of John Sourbeer from UBS. Your line is open.
John Sourbeer: Good evening, and thanks for taking my question. I was wondering if you could just talk a little bit more on the announcement with Thermo and the ViewRNA assays. I guess any initial feedback from customers there? And what is the demand you’re seeing on the multiomic capabilities?
Brian McKelligon: Yes. I think for us, in kind of reverse order, John, thank you for the question and for your time. We look at RNA as something that’s complementary to our high-plex protein technology platform on the PhenoCycler-Fusion. So we really are focused on integrating an RNA solution that is at a plex level that’s consistent with that theme. And the ViewRNA technology is perfectly suited to do that. It’s really a high resolution, amplified, single cell resolution platform. And so we’re just beginning to integrate and roll that stuff out. We just announced it, so a lot of the hard work is happening right now. I think we’ll probably be talking more about some of those details at AACR. And the demand for from our customers to have a complementary RNA technology is strong.
And I think both the ViewRNA implementation, but equally important, perhaps John and we’ll see how it plays out, I think algorithmic approaches like Max sheets do represent a transformative addition on how people leverage not just their own data, but publicly available data to get informatically derived multiomic solutions. So I think both are important.
John Sourbeer: Thanks. And as a follow-up, you have customers who started adopting Fusion 22 now I guess you have 50% at 2.0 upgrade. What is the runway you think here that you have for some of these users to hit full utilization and just talk about longer-term where you think the pull-through could go?
