Image source: The Motley Fool.

DATE

Wednesday, Aug. 12, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• Managing Director of KCSA Strategic Communications - Valter Pinto
• Chief Executive Officer - Shaun Bagai
• Chief Medical Officer executive chair and founder - Ramtin Agah
• Chief Financial Officer - Mark Voll

Need a quote from a Motley Fool analyst? Email [email protected]

TAKEAWAYS

• Revenue -- $909,000, representing 115% growth year over year and a record quarterly performance.
• Full Year 2026 Revenue Guidance -- $3.75 million to $4.25 million, an increase from the previous guidance of $3 million to $4 million.
• Active Commercial Cancer Centers -- 21 centers at the end of the quarter, representing an increase of more than 30% sequentially.
• Commercial Pipeline -- 63 total centers in the funnel, including 42 additional sites in evaluation, approval, and activation stages.
• TIGeR-PaC Enrollment -- Full enrollment achieved for the Phase III trial, with patient enrollment officially closing on Aug. 7.
• Phase III Survival Events -- 78 events observed as of Aug. 11, 2026, out of the 86 required to trigger the final analysis.
• Top-Line Data Timeline -- Management expects initial results from the TIGeR-PaC trial to be available in the second half of 2027.
• Gross Margin -- 84% for the quarter, reflecting the underlying economics of the RenovaCath device.
• Operating Loss -- $3.4 million, representing an improvement from the $3.5 million operating loss in the first quarter.
• Net Loss Per Share -- $0.06, compared to a loss of $0.08 in the second quarter of the prior year.
• Cash and Cash Equivalents -- $9.5 million as of June 30, 2026, compared to $12.4 million at the end of the previous quarter.
• Cash Runway -- Current resources are sufficient to fund operations into the second half of 2027.
• Breakeven Threshold -- Management identified a quarterly revenue run rate of approximately $5 million as the level required for cash flow breakeven.
• Breakeven Timeline -- Internal plans anticipate reaching breakeven operations in the fourth quarter of 2027.
• Product Procedures -- More than 900 successful procedures completed using RenovaCath since receiving FDA 510(k) clearance.
• Year-End Site Target -- 36 or more active commercial cancer centers, which the company remains on pace to achieve.
• TIGeR-PaC Site Transitions -- 15 clinical trial sites are positioned to transition to commercial RenovaCath use in the second half of 2026.
• Sarcoma Case Completion -- First commercial clinical use of RenovaCath in sarcoma treatment, marking an expansion beyond the core focus on pancreatic cancer.
• Research and Development Expenses -- $200,000, reflecting continued investment in the Phase III trial and post-marketing studies.
• Selling, General, and Administrative Expenses -- $2.9 million, driven by the expansion of commercial infrastructure.

SUMMARY

Management reported that **RenovoRx, Inc.** (RNXT -2.61%) achieved record quarterly revenue of $909,000, driven by the expansion of its active commercial cancer center network and recurring product orders. The company confirmed the completion of enrollment for its Phase III TIGeR-PaC trial, shifting the focus of its clinical program toward final data analysis expected in late 2027. Management stated that the first commercial use of RenovaCath for sarcoma treatment demonstrates the utility of the platform for solid tumors beyond its primary pancreatic cancer indication. Full year 2026 revenue guidance was raised to reflect confidence in commercial execution and the anticipated transition of clinical trial sites to commercial operations. The company expects to reach cash flow breakeven by the fourth quarter of 2027 as revenue scales across its growing customer base.

• CEO Bagai noted that the record revenue was a "direct measurable result of the commercial model" involving more active centers and increased procedural volume.
• Chief Medical Officer Agah stated that the company believes its Trans-Arterial Micro-Perfusion (TAMP) technology represents a "fourth option" for cancer care alongside surgery, radiation, and chemotherapy.
• Management anticipates introducing a next-generation product sometime next year, which CFO Voll stated "will allow us to increase the gross margins" from the current 84% to 85% range.
• CEO Bagai indicated that third quarter revenue is "tracking to exceed the second quarter" based on current repeat ordering trends and the customer pipeline.
• The company identified approximately 200 target centers in the market, with the top 10 advanced cancer centers representing approximately 25% of the total revenue opportunity.
• CMO Agah emphasized that the peer-reviewed publications and case series by physicians signal that the TAMP procedure is "becoming standard of care."
• Management attributed the pace of site activations to a small, dedicated sales team focusing on high touch points with physicians rather than early-stage partnerships.

INDUSTRY GLOSSARY

• RenovaCath: A patented, FDA-cleared drug-delivery device used for the isolation of blood flow and delivery of therapeutic agents to peripheral vascular sites.
• TAMP (Trans-Arterial Micro-Perfusion): A proprietary technology designed for targeted delivery of chemotherapy across arterial walls to bathe a tumor while minimizing systemic toxicity.
• TIGeR-PaC: A Phase III clinical trial evaluating the efficacy of intra-arterial gemcitabine delivery compared to standard systemic chemotherapy.
• LAPC: Locally advanced pancreatic cancer, the primary solid tumor indication targeted by RenovoRx's lead clinical program.
• IAG: Intra-arterial gemcitabine, a chemotherapy agent delivered locally via the RenovaCath device.
• IIT: Investigator-initiated trials, which are clinical studies conducted by independent researchers and supported by the company to build clinical evidence.
• Orphan Drug Designation: A status granted by the FDA to drugs for rare diseases, providing seven years of market exclusivity upon approval.

Full Conference Call Transcript

Operator: Good afternoon. I will be your conference call operator today. Please note that today's call is being recorded. There will be a Q&A session following management's presentation. I will now turn the call over to Valter Pinto, managing director of KCSA Strategic Communications. Please go ahead.

Valter Pinto: Thank you, operator. Good afternoon, welcome, everyone, to the RenovoRx Second Quarter 26. Financial Results Conference Call. I am joined today by members of our leadership team, including Shaun Bagai, Chief Executive Officer Doctor. Ramtin Agah, Chief Medical Officer executive chair and founder and Mark Voll, chief financial officer. Before we begin, I would like to remind everyone that statements made during today's call contain or may contain forward looking statements. Covered by the Safe Harbor provisions and the Private Securities Litigation Reform Act of 2,000, And applicable federal securities laws.

These statements, including statements regarding RenovoRx clinical and commercial plans, strategies and estimates, or expectations of financial or operational performance, including revenue, are based on management's current plans and assumptions, and actual results may differ materially. Please refer to our filings with the SEC, including our Form 10 Q for the ended 06/30/2026 for detailed discussion of the risks and uncertainties facing RenovoRx. With that, I would now like to turn the call over to our Chief Executive Officer, Shaun Bagai.

Shaun R. Bagai: Thank you, Valter, and good afternoon, everyone. Over the past several quarters, we set out 3 milestones for RenovoRx. And this quarter, we delivered on all 3. First, revenue growth. The second quarter was a record revenue quarter, our strongest to date. Second, commercial momentum. We activated new commercial cancer centers at a pace ahead of our internal targets. And third, expansion beyond locally advanced pancreatic cancer. For the first time, a treating physician chose RenovaCath to deliver therapy to a patient with a different solid tumor. We told our investors we were going to achieve these goals, and we delivered. Last quarter, we spoke openly about the meaningful progress we have made on the commercialization of RenovaCath.

Shifting our narrative from concept to execution and growth. This quarter shows our commercial execution in action. With our highest quarterly revenue we could not be more excited about our future. Our job now is to keep delivering quarter after quarter. For the second quarter ended 06/30/2026, RenovoRx generated record revenue of $909 thousand our strongest quarterly performance to date. Increasing approximately 61% sequentially and approximately 115% year over year. To put this performance in perspective, our second quarter revenue alone represented approximately 83% of our entire full year 2025 revenue of $1.1 million. This is a direct measurable result of the commercial model we have described. More active commercial cancer center customers more procedures, and more revenue.

With each new center we activate adding to our growth and creating a compounding effect. Let's walk through our predictors of our future revenue. Revenue growth is the outcome, but the leading indicator of continued revenue growth in the coming quarters and the metric I would encourage investors to continue to watch most closely is new account activations. Our activated commercial cancer centers to date have been a source of recurring repeat demand so the pace at which we activate accounts is what gives us confidence in future revenue growth. On that measure, our progress is clear. At the time of our May 14th earnings call, we had 16 active commercial cancer centers.

We ended the second quarter with 21 active commercial cancer centers. An increase of more than 30% in just 1 quarter. We remain on pace to meet or exceed our target of 36 active commercial cancer centers by year end 2026. The majority of these paying customers are cancer centers that purchase RenovaCath and are distinct from the clinical trial research sites participating in our Phase III TIGeR-PaC study. And our customer pipeline beyond those active centers is robust. In addition to our 21 active customers, we have 42 additional centers in various stages of evaluation, approval, and activation representing a total of 63 centers in our commercial funnel.

The growth of our total customer funnel is a 31% increase over the 48 centers we reported on our first quarter call. In addition, 15 of our TIGeR-PaC trial sites are positioned to move to commercial RenovaCath use. And several have already begun doing so. As these sites transition, we expect them to be meaningful contributors to revenue in the second half of 26. Another key metric of commercial success is repeat orders. We continue to see strong repeat ordering from our existing customers, which is 1 of the clearest indicators of physician satisfaction, product utility in interventional oncology.

When a physician places a second, third, and fourth order for RenovaCath it confirms the product is delivering an important treatment option and clinical utility for their patients. Given our customer pipeline and based on what we are seeing so far in terms of repeat orders, our third quarter revenue is tracking to exceed the second quarter and become yet another record revenue quarter. This commercial growth and strong customer pipeline are driven by a lean commercial team that is in place and executing. The results certainly speak for themselves.

Going forward, we may incrementally add to our sales team where a specific market opportunity warrants it, but our growth model remains focused on efficient capital allocation and investing into our growth as needed. We are deploying the capital from our March capital raise prudently and effectively. And we are generating a strong return on that investment. We reduced our operating loss for the quarter and as our revenue scales, we expect our operating loss will continue to decline. Physician to physician advocacy continues to grow which is historically the most powerful driver of adoption in interventional oncology. Since receiving FDA 510(k) clearance, RenovoCath has been used in more than 900 successful procedures.

Before I turn the call over to Ramtin, I want to take a moment to touch on the current overall pancreatic cancer market and how we believe this benefits us. There has been significant industry attention recently on new therapies for pancreatic cancer. And we believe those developments represent a meaningful opportunity for RenovoRx. Because RenovaCath is a device to deliver treatments more optimally, we see breakthroughs in pancreatic cancer therapy as complementary and as an important tailwind for our business. Beyond always putting the patient first for this deadly disease, I want to remind everyone that our TAMP technology enabled by RenovoCath is a collaborative, localized, drug delivery platform, with 2 ways emerging therapies can strengthen our opportunity.

First, we can deliver established drugs locally sequentially to or concurrently with novel therapies. Creating the potential for improved patient outcomes, concentrating therapy where it is needed. Second, as new drugs come to market, we believe many of them can be delivered directly via RenovaCath device. And in both cases, our view is that novel improved therapies make our targeted delivery platform even more valuable. We recently announced the first commercial clinical use of RenovaCath in sarcoma treatment marking the expansion of our targeted drug delivery device to other solid tumors and showing real potential for expansion of localized delivery of chemotherapy.

Ramtin will go into more detail about this milestone but it is important to note that this expansion is physician driven. An important and encouraging element as we look towards the potential for broader adoption of RenovaCath. In closing, I could not be more proud of our team for their execution and hard work. The second quarter was a record quarter for us, not only from a revenue perspective, but also across all our key metrics, including growing customer pipeline, high retention rate and repeat orders. With that, I will turn the call over to our Chief Medical Officer, Executive Chair and Founder, Dr. Ramtin Agah.

Ramtin Agah: Thank you, Shaun, and good afternoon, everyone. Before discussing the broader opportunity, let me briefly remind everyone of the science at the core of what we are building. Our patented Trans-Arterial Micro-Perfusion or TAMP technology enables targeted therapeutic delivery across the arterial wall near the tumor site designed to bathe the target tumor while potentially minimizing a therapy's toxicity versus systemic intravenous therapy. For patients fighting solid tumor cancers while also managing the debilitating side effects of treatment, that difference matters. For decades, cancer care has rested on 3 pillars, surgery, radiation, systemic chemotherapy. We believe TAMP, enabled by RenovaCath, represents a fourth option. 1 that is targeted, tolerable, and increasingly supported by growing body of real-world clinical evidence.

As Shaun mentioned, earlier this month, we announced the first commercial clinical use of RenovaCath in sarcoma treatment, showing the real world potential beyond LAPC for expansion of localized delivery of chemotherapy. This first commercial sarcoma case marked an important milestone for RenovoRx. Demonstrating RenovoCath's potential as a standalone device for treatment of other solid tumors beyond our core focus on locally advanced adenocarcinoma of the pancreas. This was a case where a physician who has treated LAPC using RenovaCath came back to RenovoRx with a plan to use our catheter to treat sarcoma. And we believe that this is a powerful endorsement of RenovoCath's potential.

We believe targeted localized delivery may offer advantages over systemic treatment for many other difficult to treat solid tumors. And we look forward to working with our cancer center customers to find new and broaden use of RenovoCath within its FDA cleared fields of use. In the second quarter of 26, scientific data updates supported the use of intra arterial gemcitabine delivery via TAMP in LAPC. A peer reviewed case study by researchers at Moffitt Cancer Center published in radiology case reports found that PET CT imaging rather than CT alone showed a meaningful reduction in tumor metabolic after activity after treatment. These findings suggest that PET imaging may help optimize monitoring of therapeutic response following temp delivery treatment.

In addition, the PK sub study of TIGeR-PaC trial has been and soon to be published in the Journal of Cancer Chemotherapy and Pharmacology. The findings support TAMP as a targeted delivery method for gefceptibine demonstrating its potential to increase global drug potency. While reducing systemic exposure and common side effects. Finally, a peer reviewed case series, case reports in oncology, from researchers at Hackensack Meridian Health, Jersey Shore University Medical Center, was accepted and would be published in the near future. The case series highlights their experience with TAMP procedure in LAPC.

The ramping up of publications of TAMP procedure by physicians, I believe is another sign of adoption, as TAMP traverses from an experimental procedure to becoming standard of care. Earlier this week, we were pleased to announce that RenovoRx has achieved full enrollment in our Phase 3 TIGeR-PaC trial for locally advanced pancreatic cancer. This significant milestone reflects years of patient recruitment, clinical execution, and collaboration among investigators and study team evaluating intra arterial gemcitabine delivered through RenovoRx Trans-Arterial Micro-Perfusion or TAMP platform. A RenovaCath device as a novel drug device product candidate for difficult to treat LAPC. The primary endpoint of this study is overall survival.

TIGeR-PaC is designed to evaluate whether Renova Rx's patented method of targeted delivery of the chemotherapy, gemcitabine, improves patient survival, safety, and tolerability compared to standard of care. Systemic intravenous chemotherapy, gemcitabine plus Abraxane. On August 7th, TIGeR-PaC trial investigators were notified that patient enrollment is closing. Completion of the trial is expected during the first half of 27. After 86 events have been observed. As of August 11, 2026, 78 events have occurred. Following the completion of the trial, initial top line data is expected to be available during the back half of 27.

TIGeR-PaC is the cornerstone of our clinical program, bringing us closer than ever in our effort to validate IAG and its efficacy through rigorous long term evaluation. Completing enrollment in the phase 3 TIGeR-PaC trial marks a major milestone for RenovoRx and our clinical program. With enrollment complete, we are now focused on advancing towards final data analysis. We believe TIGeR-PaC will provide meaningful additional validation. Of our TAMP therapy platform. In an area with significant unmet need and limited therapeutic progress. The trial is designed to demonstrate the potential safety and superiority of intra arterial gemcitabine delivered via RenovaCath for locally advanced pancreatic cancer versus systemic IV chemotherapy. The current standard of care.

I want to underscore a very important point. The transition of TIGeR-PaC sites is additive to our commercial expansion story. Not separate from it. As Shaun noted, several of these sites have already begun moving to commercial RenovaCath use. And as more do, they join our growing network of active commercial cancers centers. This is an anticipated and meaningful contributor to our second half 26 revenue. In parallel with TIGeR-PaC, we continue to build the evidence base for the TAMP platform. Our post marketing registry study is a multicenter study generating real world safety and efficacy data in patients with solid tumors. We also continue to support investigator-initiated trials or IITs, in borderline resectable and metastatic pancreatic cancer.

Which are designed to achieve cost neutrality while broadening the platform's evidence base. In the second quarter of 26, we began supporting a new IIT study for cholangiocarcinoma or bile duct cancer, is in process to begin soon. Clinical data builds physician confidence. Physician confidence drives adoption and adoption drives revenue. Commercial traction is now the foreground of the RenovoRx story, and our TIGeR-PaC clinical trial is important background. We are a scaling commercial business today. Not a binary event bet. At the same time, the trial remains a significant long term value driver. And a positive phase 3 readout would have meaningful positive implications physician adoption and reimbursement.

Once we reach breakeven, we believe RenovoRx can be a profitable high margin, low overhead cash generating business. A rare profile in our space. Thank you for your interest in RenovoRx. I will turn the call over to our chief financial officer, Mark Voll.

Mark Voll: Thank you, Ramtin, and good afternoon, everyone. The second quarter was a strong quarter for RenovoRx. And the financial results reflect meaningful progress on our commercial plan. Let me walk you through the numbers. For the second quarter ended 06/30/2026, RenovoRx reported record revenue of $909 thousand our strongest quarter to date. That is approximately 61% growth versus first quarter revenue of $563 thousand and approximately 115% growth versus $422 thousand in the second quarter of 25. This growth was driven by continued active commercial center expansion and repeat ordering from our existing customer base.

Gross profit for the second quarter was $706 thousand representing a gross margin of approximately 84% consistent with our roughly 85% gross margin we reported in the first quarter and reflecting the strong underlying economics of RenovaCath. Research and development expenses for the second quarter were approximately $200 thousand reflecting our continued investment in the Phase III TIGeR-PaC trial in our post- marketing study and our investigator initiated trial program. Selling, general and administrative expenses were approximately $2.9 million, reflecting the disciplined investment we have made to build and support our commercial infrastructure.

Loss from operations for the quarter was approximately $3.4 million an improvement from the $3.5 million operating loss in the prior quarter However, adjusting both periods to exclude the noncash expense for stock based compensation our second quarter operating loss was approximately $370 thousand less than our first quarter operating loss. As our revenue scales, we expect our operating loss will continue to decline. Net loss per share improved to $0.06 compared to a loss of $0.08 in the second quarter of 25 and a loss of $0.09 in the prior quarter. As of 06/30/2026, RenovoRx had approximately $9.5 million in cash and cash equivalents. Compared with approximately 12.4 million at March 31, 2026.

This change aligns with our internal forecast and reflects the disciplined deployment of capital we raised in March. Importantly, assuming our revenue scales as what we anticipate, our active site count grows our cash burn will continue to decline. We believe our cash position provides sufficient runway to fund operations into the second half of 27 as we continue to work towards our goal of cash flow positive operations. We will be opportunistic if capital market conditions are favorable but raising capital is not our focus today. Our priority is revenue generation and execution. Management believes that reaching a quarterly revenue run rate of approximately $5 million would position RenovoRx at cash flow breakeven.

Based on our current trajectory, our internal plan anticipates achieving breakeven operations in a fourth quarter of 27. And we expect to make steady progress towards that run rate as our active site count scales towards and beyond our year end target of 36 centers. Reflecting on our strong first half performance, we are raising and tightening the range of our full year 2026 revenue guidance to a range of $3.75 million to $4.25 million from our prior range of $3 million to $4 million This increase reflects our confidence in continued revenue scaling in the second half of this year.

This new guidance implies year over year growth of 241% to 286% in 2026 compared to revenue $1.1 million in 2025. Beyond revenue, our primary commercial KPI remains active commercial center count. We are at 21 active commercial centers at quarter end that are targeting 36 or more by year end. As TIGeR-PaC sites continue to transition to commercial use in the second half of this year, we expect that activity contribute meaningful to revenue. Executing within our guidance range keeps us on the path we have laid out towards cash flow positive operations. Thank you. I will turn the call back to the operator for Q and A.

Operator: Thank you. We will now begin the question-and-answer session. If you would like to ask a question, please press *1 on your telephone keypad. You may press *2 if you would like to remove your question from the queue. Before pressing the star keys. 1 moment, while we poll for questions. Our first question is from Justin Walsh with JonesTrading. Please proceed with your question.

Justin Walsh: Hi, thanks for taking the questions. I was wondering if you could provide additional color on what prompted the physician to use TAMP and RenovoCath in that particular sarcoma patient.

Ramtin Agah: Justin, thanks for the question. So as we have been talking about the utility of this technology to reach more tumors is out there. This is a physician who is gotten comfortable with treating pancreatic cancers specifically. And based on that, he saw a case where there is a difficult to reach sarcoma tumor These are challenging cases in general. And with that, he thought this would be a great opportunity to be able to utilize RenovaCath to isolate flow and really get good tumor penetration of the drug. So it is what we expect. Radiologists are quite inventive in terms of physicians. Given that they work across the entire body.

And as we have been told by many doctors, is once we get this in their hands, they will get see themselves getting in positions where they could utilize this with other tumors and other patients. So it is I begin believe the beginning of adoption across the spectrum in several areas, and it is great to see that he took the opportunity here to help 1 of his patients with our technology.

Justin Walsh: Great. Thanks. And 1 more question for me. I am wondering if you can expand on how learnings from activating the first set of commercial centers can help facilitate your efforts to convert the additional centers from your pipeline.

Shaun R. Bagai: that is a great question, Justin. that is 1 of the reasons we did not hire a big sales force last year is to really understand what the sales cycle and sales process is. And we found that there are a lot of moving parts in terms of getting back approvals to be able to purchase the catheter. Also, in terms of referring patients and making sure that referring patients know that the technology is now available when it becomes available, and the radiologists are connected with those physicians as well.

And so I think a lot of the learnings to accelerate that site activation, and we have seen this, is to ensure that we have got buy in from multiple specialties strong communication, and a lot of touch points. Now having a field force in the field and constant communication and showing up on is really helping drive that. So that was important to have that focus with a small dedicated Salesforce versus going out to look at a partnership this early stage in market development. To ensure that we actually get products on the shelves and then get referring physicians in with high touch points from our local reps.

Operator: Our next question is from Charles Wallace with H.C. Wainwright. Please proceed with your question.

Charles Wallace: First 1 for me. So congrats on finishing enrollment for the TIGeR-PaC study. So I was wondering, now that enrollment's closed, how many of the patients actually ended up randomized I guess I am asking if the full 114 patients were randomized at this point. Or if the number actually fell above or below that.

Shaun R. Bagai: So we have not yet completed randomization. So that is still in process. And we did not report publicly the exact number, but we are we are very close in terms of randomization with a handful of patients left. And part of allowing the study to be open a little bit longer than June, like we anticipated, was to be able to have physicians enroll patients, have them in the induction phase. So if there are dropouts, we would be able to randomize the 114 patient without issue. And we do have that buffer now. So we will we will be pretty close to randomization completion here.

Charles Wallace: Okay. that is that is very helpful. And then, I guess, on the site activation, now that you are at a 21 active sites, it is a, I think, a 5-site gain from the first quarter. So what gives you confidence that you can reach the 36 centers by the end of the year? How many of these are from the clinical trial? Version?

Shaun R. Bagai: So it is interesting. The 21 is as of the end of the quarter. So we have activated, more since then, which we will report out in the not too distant future. What gives us confidence is that we have got 42 additional centers that are in the process. So well over 36 total with the with the bulk of the 15 TIGeR-PaC sites not yet treating commercially. A handful of those wanted to wait till enrollment's complete so they would not have a competing interest from the physicians. So we anticipate starting to activate those over the next quarter or 2. So those should contribute meaningfully to the revenue.

But the other 40 or so plus in the customer pipeline will also allow us to overachieve that 36 target for the end of the that is helpful.

Charles Wallace: And I guess on this, another follow-up, on that. So on the on the clinical trial sites that become active commercial sites, what is your anticipation of the timeline of from when they are activated to when they order?

Shaun R. Bagai: Actually, that is a great point, Charles, and good clarification. So when we say active, these are actually they have purchased a catheter and treated a patient. So what we did not want to do is start looking at sites that either are ready to go or have not purchased a device yet. So when we say active, these are actually purchasing using customers. And the other 42 in the pipeline could be somewhere along the process, including being greenlit to order may have ordered already but have not treated their first patient. So they are real active commercial sites.

Charles Wallace: Great. Thanks, Shaun, for answering all my questions.

Shaun R. Bagai: Good question. Thanks, Charles.

Operator: Our next question is from Ed Woo from Ascendiant Capital Markets. Please proceed with your question.

Ed Woo: Sure. that is close to now. I want to congratulate you guys on all the progress on both front. My question is, as you guys scale up the volume for the RenovaCath, do you think your margins can go higher, gross margin, operating margin as you guys scale up in volume?

Mark Voll: Yes. Good question, Ed. I think have the opportunity to do that when we get to our next generation product, which we will introduce sometime next year. And I think that will allow us to increase the gross margins current level.

Ed Woo: Great. That sounds good. And then my second question is on these centers that you guys have in process. Is there any difference in terms of the volume or business potentials with the first 21 that you have already activated? Are they much smaller? Are they the same size? You know, revenue potential for these additional centers beyond what you are gonna that you already have?

Shaun R. Bagai: Yes. Great question, Ed. it is you know, what is what is great to see is that the 21 is a good representation of this full spectrum. So within those active centers, we have a couple of the high volume centers, and we have some of the smaller community based hospitals. hospitals. So if you look at the heat map of about 200 target centers, with the bulk of them being treated at a small number of centers. We have not hit all the volume places yet. So there is a lot of opportunity here for revenue growth. Mark, do you want to maybe touch on the 200 a little bit more detail.

Mark Voll: So, you know, when we look at the market, it is pretty concentrated. You know, the top 10 advanced cancer centers represent about 25% of the market. And so while we are really targeting the larger ones, we are not-- we are still looking at a broad range of active cancer centers to bring online. But again, getting the larger centers will get us to-- they will give us the amount largest amount of revenue opportunity in those centers.

Ed Woo: Great. Great. Well, I note that you guys have very good representative samples in your 21 center so far. I really appreciate you guys answering my questions, and I wish you guys good luck.

Shaun R. Bagai: Thank you. Thank you, Ed. So I believe that concludes the questions, remaining. I wanna thank everyone for joining, and excited to have you along this journey as we really demonstrate progress and really, again, capitalizing on our 3 major missions that took place this last quarter and driving revenue increasing our commercial centers, and now expanding the technology beyond pancreatic cancer. Looking forward to many great quarters ahead. And if you have questions, please do follow up.

Operator: This concludes today's conference call. Thank you for your participation. You may now disconnect.