So it sort of removes one burden and obviously, you’re dealing with a totally different regulatory environment in that and particularly, say, in Saudi Arabia, where there can be almost an individual decision maker that can make some things happen as far as allowing the device in the region. Whatever we did would be putting the toe in the water, I would say, to start testing in trials and understand the interest and things of that nature. And there are other markets that we would look at a little bit. But our primary focus is going to be here in the U.S. and the U.K. Another one you would hear us talk about seeking approval would be in Mainland Europe. That’s the CE mark. That’s a longer process than what the U.K. process was — and then you also have to go a little bit country by country after that.
So we want to do that, but we want to really focus on meeting the time lines we’ve established here in the U.S. and the U.K. Secondly, I’m going to forget the other part of your question, I didn’t write it down.
Christopher Recouso : The other part of the question was I know that you –.
Peter Carlson: Growth rates. Yes, growth rate, sorry. I would not think about it as compounded growth rates right now because the nature of our revenue is going to shift. What we’ve talked about is $28 million for 2024 and that’s our R&D revenue. I would remind you what I talked about regarding this first part of the Project BioShield contract that has a value total of $55 million and runs through the first quarter of 2026. So you can probably do some math and figure out the order of magnitude of 2025 revenues from that. And then the $95 million a would be reflected over several years as well as we would begin the commercialization and would begin to add up in the U.K., along with the deployments, as we just talked about, that would be parallel to our activity under the BARDA Project BioShield contract.
So it’s not necessarily — it’s such chunky and almost contract-driven revenue that wouldn’t necessarily talk about growth rates, but there will be some growth in that. It’s not that there’s not growth, but it’s just not a recurring item on which to base the number, we’ll have this first phase R&D revenue for the first quarter of 2026 and then we’ll have some commercial revenue beginning that will grow, and so you would see compounding there. And then we would have new commercial revenue coming in, in the U.S. for burn or in the U.S. for DFU and then the U.K. for DFU. So multiple types of revenue coming in, and it’s not until we get into the commercial transactions that you really would look at something on which it would be appropriate to start building growth rates.
Christopher Recouso : See. And one more brief question, if I may. In terms of this spin-off announcement that you gentlemen made. Should I be conceptualizing this as almost like a holdco opco structure or somewhat of an exclusivity area if you think about it from a schematic perspective, is it essentially like a sidebar subsidiary where MDAI holds an either significant minority or majority stake in it?
Peter Carlson: It would be a brother sister type arrangement within an org chart. So no, it’s not a holdco opco. Spectral AI is the holding company. Spectral MD is our U.S. operating company. There’s a U.K. company in the U.S., and then there is a Spectral IP. So they’re all that one tier down from the holding company.
Operator: And ladies and gentlemen, this concludes today’s question-and-answer session. I would like to turn the conference back over to Pete Carlson for any closing remarks.
Peter Carlson: Thank you, Chad, and thank you, everyone, for your participation and continued interest in Spectral AI. We’re very pleased with the progress we continue to make and remain optimistic about our prospects for growth. We hope to speak with some of you at the upcoming events, including the Sidoti Microcap Virtual Conference on May 8 to 9 later this week, at our Annual Meeting of Shareholders next week on May 14, at the Northland Virtual Growth Conference in late June and various other investor conferences that we will announce throughout the year. Thank you, and have a good evening.
Operator: And thank you, sir. The conference has now concluded. Thank you for joining today’s presentation. You may now disconnect.
