So all of those factors combined together on top, of what Brad mentioned is what we feel is a really robust long-term opportunity for our spatial franchises and the stability of nCounter, we think put us in a really good position, to get where we need to be on our existing cash resources. Our perspective on that is unchanged.
Kyle Boucher: Got it. Thank you.
Operator: Your next question comes from the line of Baird. Please go ahead. Your line is open.
Catherine Schulte: Hi guys. Thanks for the questions. Catherine Schulte here. Brad, you mentioned expecting to carry your CosMx backlog into 2024. What was the CosMx backlog at the end of the third quarter? And what do you expect it to be at the end of next year?
Brad Gray: Catherine. Thank you for the question. We are no longer reporting that quantifying publicly our backlog on CosMx. So I’m not sure I’m in a position, to satisfy you on that. We are – I’ll say in a mode of continuing, to work down the backlog. As you know, we accumulated an enormous backlog of preorders that require some customers, to wait up to a year to receive their CosMx instrument, that’s not a situation that we want to continue. We are steadily working down the backlog to a situation where customers would be able to receive their instrument either during the same quarter that they order the instrument, or the core subsequent. So that’s the trajectory we’re on. We will continue to carry backlog into 2024, but certainly we don’t want it, to be backlog that will require long delays in customer receipts of instruments.
Catherine Schulte: Okay. Got it. And then what kind of top line growth is needed to underwrite your full year profitability in ’25, with the Street revenue outlook get you there? And then just on the OpEx side, I recognize your comments on Street probably being $15 million high. But is most of that leverage is going to come from R&D? Any sort of bridge you could give to the 2025 full year profitability would be appreciated?
Tom Bailey: Sure, Catherine. I think we’ll reserve comment on the revenue side until we guide in 2024, but I think that we’re generally comfortable with where Street models, are right now we can say that, we’ll kind of more explicitly as we get into 2024. On the OpEx side, most of the leverage that, we’re talking about in that $15 million number, is out of a combination of R&D and out of operations, which is where most of the reorganization activity occurred. So thinking about updating your models, if you’re taking OpEx down, I would take most of it out of R&D, and then a little bit of it supports that, better gross margin number, but just comes out of the operation side of the business, which gets reported our of cost of goods sold.
Brad Gray: Yes and then maybe just to build on Tom’s answer, Catherine. We’ve always said that between $200 million and $300 million in revenue, was where we thought a business of our type, should be breaking even. And I think Street models on 2025, are just about the midpoint, of that range right now. So, I think it’s consistent with our past commentary.
Catherine Schulte: Okay. Great. Thank you.
Operator: Your next question comes from the line of Stifel. Please go ahead. Your line is open.
Evan Stampler: Hi guys. This is Evan on for Dan. Thanks for the question. Kind of want to dig a little bit deeper into the previous question. I mean, I think that, the backlog is something that people, are going to be pretty focused on. I understand maybe your peers aren’t giving, too much visibility to that, but I think people are – especially with the guide down here, I think people are – I guess, you’re a little bit in a bit of a little bit different situation. And so, is there any kind of commentary that, you can give that to give people comfort, as to how next year is going to shape up and like how you’re going to exit the year. I felt like – lot of the commentary you given previously, was we have this big backlog, we’re probably going to exit the year with – I think you said something similar to kind of where you were.
