Masoud Toloue: Yes, absolutely. So, just a little bit of an update. As you know, we’re collaborating with ADDF on a plasma diagnostic test. And we’re collaborating with the VUMC, Amsterdam University Medical Center on four phases of a clinical trial that we announced last quarter, and this is for a multianalyte test. And so, we believe with a multianalyte test, we can begin to replace more invasive tests. And so, happy to say that phase one was completed in Q4. We looked at over 1,200 patient samples, and Phase 1b is going to be our retrospective cohort, and Phase 2 will be the prospective trial, and those are expected to start this quarter. The second clinical test we’re working on is in collaboration with the Global Alzheimer’s Platform Foundation.
And so, that – again, we mentioned this last quarter, but 17 sites, 1,000 Alzheimer patients. That closed in November 2022, and we’re beginning to do the data analysis. We expect that data to be fully analyzed by Q2 of this year. And just as a reminder that this global Alzheimer’s test is a prospective validation trial that’s expected to support our regulatory filing for the FDA on the p-Tau 181 test.
Puneet Souda: Got it. Okay. Thanks, guys.
Operator: One moment for our next question. Your next question comes from Kyle Mikson of Canaccord. Your line is open.
Kyle Mikson: Yes. Hey, guys, thanks for taking the questions, Masoud, and Mike. In the guidance, what’s the implied revenue growth in the first half of 2023 compared to the second half? Like, what’s the revenue mix, I guess? And then jumping off that, do you expect the topline growth rate and the gross margins will kind of like continue to expand sequentially each quarter heading into the second half of €˜24 when the assay redevelopment program is scheduled to be completed? And I mean, if margins are like stable or declined a bit sequentially in any quarter here going forward, should we be concerned by that, or could it be a little bit lumpy? Thanks.
MikeDoyle: Yes. I would say the best way to think about it, at the low end of our guidance, it would imply a decline in the first half of the year, Kyle, and then a single-digit growth. At the midpoint though is the best way to think about it, probably a slight decline in first half and then high single-digit in the second half of the year. So, that’s how we’re thinking about revenue growth. And I’d say gross margin, I would think about it in steady increments sequentially. That said, in any given quarter, we could have a mix shift that could create a little bit of a move backwards, but I don’t think anything would be dramatic, and we’d be able to articulate sort of the what and the why. But right now, we’re just looking at sort of steady improvements.
And I would expect that – to the question on €˜24, it would continue because as growth accelerates, we’ll begin to get even more leverage there. So, I expect that will continue. The gross margin should continue to increase into €˜24.
Kyle Mikson: All right. Thanks, Mike. And maybe just one more on the financials. You noted the company should achieve cash breakeven, or at least positive cash flow at that like $170 million, $190 million revenue range. And so, you guys are you doing under 170 in 2025, like maybe 168 or so? So, maybe like regarding the timing of that quarterly positive cash flow, like would during €˜25 be a reasonable fit for that?
MikeDoyle: Yes. I think that’s how we’re thinking about it, that we would like to be exiting approximately 2025 as hitting cash flow breakeven, Kyle, could – obviously, things could move a bit, but that’s kind of €˜25, €˜26, how we’re thinking about it. And you look at managing cash burn, I feel pretty good about that. So, I look at our cash balances, we’re not going to have a need to go to the market to sustain our existing business before we hit breakeven. So, feel pretty good about that.
