With regard to the revenue potential, this is still something that we are exploring. We know that the opportunity for revenue in the existing deal is extremely high. We were asked to actually pitch that in the RFP. The other aspect of this that’s really exciting is that initially in the very beginning of setting up the data organization, it’s a lot of basically FTEs, but not much other cost. And once it’s up and running the profit margins are extremely high. So with regard to actual revenue potential, what we are doing right now involving both BioStrand marketing and sales is taking a very close look at exactly what this kind of piece of the market looks like and what we believe the piece of that pie is that we can take on right now with BioStrand and how to manage those FTEs and the capacity if we’re able to win a good percentage of those.
At this point in time, we know this group is actually the third group that we would be able to perform this capability for them. So this is pretty new. Will, it’s only been about a week since they were brought through that process and awarded in the final RFP Group. And so we’re kind of full steam ahead in analyzing this with a lot of excitement.
Will McHale: Great. We’ll look forward to hearing updates on that. Thanks. I’ll get back into the queue.
Jennifer Bath: Thank you, Will.
Operator: Your next question will come from the line of Swayampakula Ramakanth with H.C. Wainright. Please go ahead.
Swayampakula Ramakanth: Thank you. Good morning, Jennifer.
Jennifer Bath: Hello.
Swayampakula Ramakanth: So a couple of quick questions. The first one, just looking at a 40,000-foot level with funding needs for some of these biotech companies not either being met or some even decreasing your R&D spend? Are you seeing any impact in your pipeline?
Jennifer Bath: In terms of, for instance, like clients and partners coming to IPA?
Swayampakula Ramakanth: Yes. Yes.
Jennifer Bath: Yes. So we have not. Last year, we saw some changes that we alluded to on previous calls, where we were seeing that some of the smaller companies were being absorbed into larger companies. And then the majority of the time, those larger companies were still being guided back to IPA’s, they weren’t already with us. So we kind of replaced some of our historical clients with new clients in those transitions. Now more recently, in the last two quarters, we really haven’t seen any changes at all with regard to clients being impacted by an inability to raise money. And as Barry demonstrated in his portion of the conversation, we actually have had a very significant increase in the number of new clients and the overall number of clients that we are serving dramatically so when we compare it just these first three quarters compared to last year as well.
Swayampakula Ramakanth: Perfect. That’s great. As we were speaking about BioStrand, I certainly understand it has a large potential. But some of these projects and our industry relationships seems to be taking a little bit longer than at least what I was expecting. Is this more because some of these legal minutia that you need to kind of meander through for these transactions or is there a request from some of these potential partners for additional development or additional data such that they can move forward?
