John Sourbeer: Thanks. And then last one here, maybe for Dalen. Just appreciate the color on the cash runway into the second half of 2025. Just any additional puts and takes you can give us on, just the cadence this year and how we should think about that burn?
Dalen Meeter: Yes, hey, John. Thanks for the question. Yes, Q4 OpEx and burn was a little bit lower. There were some seasonality in there related to some payroll and labor-related items. In addition to that, we are going through our 2023 annual budgeting process, looking through the prioritization of activities and investment. I think just natural course of that slowed pace of spend a little bit. If you look historically, our quarterly kind of burn in expense run rate has been about $25 million. And I think that’s a good baseline to think about starting Q1 here in 2023, adjusted a little bit for kind of annual just salary merit increases for the employee base. But I think that’s probably a pretty good baseline to start the year.
John Sourbeer: Got it. Thanks for the questions and congrats on the revenue milestone.
Dalen Meeter: Thanks.
Operator: Thank you. Our next question is coming from Julia Qin with JPMorgan. Please post your question.
Unidentified Analyst: Thanks for taking the question. This is Martina on for Julia. I just wanted to ask about the customer mix. You previously mentioned it’s mostly academic, but you hope to see a shift towards biopharma as well. So what’s your expected customer breakdown for ’23 based on your current funnel? Any color you can share there?
Drew Spaventa: Yes. I think we expect the current funnel to be fairly representative of what we think the installed base will look like. Right now, it’s majority academic, either core labs or investigator labs. It’s probably, I would think, around60% academic and 40% others. So it’s not a huge SKU in 1 direction. We think it will even out more over time. I think we are learning that the academics in a lot of ways are kind of early adopters. Some private companies as well. But when you talk about biopharma or CROs or other central labs or people that are doing clinical testing, those are probably going to be, what we call, qualified leads in the funnel further out, and we think that, that will — that mix will change over time as we kind of get the system out there and establish the market.
Unidentified Analyst: Thank you. And then the second question, how has the sales cycle changed in 4Q, and how is it trending so far in ’23?
Drew Spaventa: Yes. So sales cycles for these types of instruments, they’re a little bit longer. We expect a 6 to 9-month sales cycle. Similarly, we expect it to take a rep that’s hired 6 to 9 months to really get fully up to speed and be able to hit quotas. I don’t know if there’s much change from last year into this year. On the academic side, we certainly haven’t really seen much change, although understanding budgeting cycles better is giving us more visibility into when those purchases and when this demand will convert into placements, and that’s really looking more into the second half. A lot of the academic budgeting cycles, they’ll look at different options for the first half of the year, put their request in midyear and then they’ll be looking to take delivery and pay on the second half and mostly Q4.
On the private side, I think we are seeing people a little more hesitant to adopt new technology or spend money in the current macro environment. So I think that will change at some point. So maybe longer sales cycle with private companies, academic unchanged.