All right. Good morning, everyone. My name is Martina Therovitz. I'm from the Growth Life Science Tools and Diagnostics team. Welcome to the last day of J.P. Morgan Healthcare Conference. It is my pleasure to introduce our next company, Berkeley Lights. As a reminder, after the presentation, we will have a Q&A, and you can ask a question by raising your hand or entering it online. With that, I will turn it over to the Berkeley Lights management team. Thank you so much. Good morning, everyone, and thank you for being here on the Thursday late morning. I'm sure you really want to know what Berkeley Lights does and really appreciate you guys all being here. I also have my management colleagues with me, Troy and Rolando, and both of them will support me during the Q&A. Especially as the questions become more and more technical, I get more and more dangerous with answers. I wanna make sure that I have the support for that. Let me start by sort of a very big picture, 25,000 feet level picture on what is happening in the life sciences and then as a result, what's happening in life sciences tools space. This chart kind of explains the three levels of innovation or three waves of innovation that have taken place in, sort of broader, what I call the revolution in biology. The first wave of innovation was around small molecules and a lot of the efforts were, you know, been going on for, you know, earlier than 1970 really. That's where a lot of the early therapeutics focused on. We've all learned the last 30, 40 years of history of the large molecule innovations in peptides, monoclonal antibodies and recombinant proteins. I think we are beginning to experience a very rapid growth in the third wave of innovation with respect to gene therapy, RNA-based therapeutics, stem cells, and T-cell. I think these last 4 things have really become a mainstay in where a lot of the new funding and new ideas are coming from. How does it, how does it relevant to the Berkeley Lights, which is basically a tools provider? I think a lot of tools providers have focused on serving the 1st and 2nd wave, and Berkeley Lights is squarely focused on actually 2nd and 3rd wave as its, sort of, main area of focus. The 2nd differentiating things about Berkeley Lights, kind of again at the 10,000 feet level here, is that most of the life sciences tools companies have focused on two areas. Sequencing, which is a whole industry in itself. By the way, even though the structure of DNA was discovered in 1957, it's taken us good 70 years to actually start to make sequencing a tool that can be utilized for sort of everyday research use. Editing, which is more recent phenomenon, but also has become a big, you know, play here, where modifying the biology has become another very important tool industry segment. The area that we participate in as Berkeley Lights is purely focused on functional biology. It's a place where there are very few companies participating in truly understanding the function of a cell. Most other cell biologists analysis tool is looking for a surrogate of what a cell function is. If you're trying to study, for example, a T-cell eating up a tumor cell, in Berkeley Lights platform, you can actually visualize that happening. You're not relying on some tertiary measurement to understand that that transaction, if you will, the combination, who is more powerful, the T-cell or the tumor cell, you can visualize that. The company is mostly focused on functional biology, and I think I wanna mention that that's a theme that I'll keep coming back to as we talk about the company and its future. It is relatively young company, and relatively young company with, in my opinion, for a tools company, a remarkable success in a very short timeframe. Company's platform was launched in 2017. I've been in the life sciences tools industry for a very long time. I can tell you that the company, for our little boutique space, for revenue to go from 0 to close to 100 is not often. When it does happen, it happens over a longer period of time. In Berkeley Lights case, actually, a whole management team came from not this industry, came from semiconductor industry. It came with one fundamental breakthrough. That was that under a certain condition of electrical polarization, if you have biological matter sitting there, light, just a simple focused light, can move the biological matter. They decided to take that idea into using it into moving cells deterministically. You can have thousands of cells flowing through Berkeley Lights platform and use that light focus on a chip and can be guided into what we call the NanoPen. They're very small chambers in which thousands of parallel experiments could be run. This is truly revolutionary in the space. The company actually went through a very rapid growth. Was taken public in a, in a post-COVID world that we all lived through, where life sciences tools and sort of broader biotech industry saw a huge bolus of investments and an appetite for investment. It's happened to many companies, although company did have a challenge as a public company, as you all have noticed in the few quarters prior to that. The new management team was appointed. I was a board member at Berkeley Lights for two quarters before I was appointed as a CEO about three quarters ago. Me and some of my colleagues here, we are part of the new management team of the company. I think just as we move forward for today's discussion, I'll also talk about an important announcement that we had made as part of our five-pillar strategy that I'm gonna describe in detail here for those of you who haven't heard about it before, to do an acquisition and consolidation of a whole range of assets into what I believe is a very unique time in our industry, life sciences tools, to consolidate a cell biology-based assets in life sciences tool space. Acquisition of IsoPlexis was announced just a few weeks ago, and we'll talk about what that combined company will look like as well. Before we do that, I wanted to talk about sort of what Berkeley Lights has been and what we are going towards. The company has been a technology platform company, and this is not atypical of something where an instrument is launched with very sophisticated capabilities to do a unique set of workflows. Berkeley Lights is a very unique company with some very powerful tools that, you know, dozens of steps have been combined into an instrument, and allowing us to do steps that are much fewer and much simpler steps to do antibody discovery and cell line development, as we'll discuss later. From that shift of a technology platform company to what we are going to become is a diverse life sciences tools and services company. I think it's important to note that most life sciences tools companies who are successful are multi-product, multi-platform, diverse companies and not a single product company. That's the main focus of what we are moving our business towards. At the same time, instead of just focusing on growth for the sake of growth, so just the revenue for the sake of revenue, our second focus is making the company growing but profitable and sustainable leader in the life sciences industry. To accomplish that, we announced a few months ago a strategic plan that's focused on five very simple pillars of our strategic operating plan that's defined for a short and a medium term. It's built on five very concrete goals that we have that you as investors can measure us against. One is building a world-class leadership team. Life sciences tool is still a small industry. There is a shortage of talent, and building a team that has experiencing dealing with this unique industry, which is a B2B, very specialized marketplace, is important. I'm very confident to sit here today and talk about not only what, you know, I bring to the table personally, but more importantly, many of my colleagues that have been part of my team now, what they bring to table. We truly have a world-class leadership team for the size of the company that we intend to be. The second is making sure that R&D investments are actually prioritized based on return of investment. What has happened in the past 10 years of free money world, which has been very good for this industry, in my opinion, lots of investments have happened in life sciences tools. As a result, a lot of investments have happened also in the ideas that will never turn into a product. As a company, we must focus on focusing and prioritizing things that turn into return for our investors. Instead of just doing a whole range of products and seeing what sticks, which has been unfortunately, in a post-2020 world, a lot of initiatives have been launched out with a lot of good intentions, but will never probably see the light of a product. We are very focused on rigorously defining which portfolio of projects we pursue and which we fail fast with and stop pursuing them. Third is delivering consistent commercial execution. I would say that we are still making our progress towards this goal. To deliver life sciences products into all different parts of the world requires a specific level of focus on sales process, the discipline, the technical capabilities of selling these products into all different parts of the world with different language capabilities, and making sure that we have that commercial consistent execution is something we are building right now around the world in different parts of the world. Fourth focus is very simple. It is that we do not wanna be dependent on the cash from investors going forward. We've come together with the strategy to generate the positive operating cash flow by early 2025. In fact, with our announcement on the fifth goal here, we are actually even closer to achieving that goal than what we had planned as a standalone company. Finally, the fifth, which is evaluating M&A opportunities that will accelerate profitable growth to leverage our current cost structure that we have in place in all aspects of our cost structure, sales and marketing, G&A, as well as the innovation part of our portfolio. Going back to the one of the five pillars now, I'm gonna describe each pillar and sort of where we stand right now with respect to the progress on that. Our pillar number one is around leadership with deep life sciences experience. We have built a very strong team with seasoned executives. Mehul is a med tech CFO from 25-34 years of experience. Lucas Vitale and myself and Rolando, who is sitting here today with me, all three of us, along with Susan Hatcher, we all worked at the early creation of one of the best life sciences tools company called Life Technologies. I was an executive there, where we had rolled up many assets and was responsible for about $2 billion of portfolio of 25 plus assets that we put together there. Lucas Vitale is the Chief Human Resources Officer also from that company. We also have Troy Lionberger and a few other colleagues from Berkeley Lights who are the true visionaries who actually created this innovative technology platform. We have people who come in from industry experience as well as the people who have been with the company, and I think it's a very strong team that is gonna take us into the future. Going to the second part of our pillar here, to be more specific about the R&D investment. We've kinda simplified what does it mean for us in the next few years. Dedicating the resources for the highest value projects. We had two different parts of our company, one where we sell the platform, and we sell the box for others to use, and that's a box that we would send with a consumption of consumables that they would do in their laboratories. The second part of our company's commercial approach was to provide services and provide services to our clients. We decided to actually narrow down the scope of both of this portfolio. Only provide services when it is really valuable to our clients and something that could be a sustainable long-term business. We've taken some very tough medicine in 2022 and cut down many projects. The same thing is true with respect to the product portfolio. Instead of doing multi-generational product portfolio launches that are very complex, we've become very simplified in our approach to product portfolio. Within the services part, we have two areas of interest, which are potentially very large value-creating for our clients and frankly, as a result, for the entire ecosystem of the biotech industry. One is to work on the area of AAV manufacturing, and then this is where we have a very unique tool, and has a potential to be one of the largest ROI for Berkeley Lights, as a company. The second is exploring opportunities for TCR discovery. Again, we have some very strong results with very large companies involved into specialized, personalized cancer vaccines. Our tool has a unique ability to help people to make personalized discoveries around TCR, just like the antibody discovery workflow that we have, but a much more sophisticated technology that's been used and developed in-house. In those two cases, we will actually not sell a machine, but we will actually take the company's proprietary technology in-house and provide a partnership approach with licensing of our technology for that. There are other technologies that company had under development, including in the area of cell therapy manufacturing systems and a few other areas where we do not believe that we are the rightful owner of the company alone, the technology alone. We are looking at the commercial partnerships for those where we bring in a player who is more well-versed into those areas, especially in the cell therapy manufacturing systems area, and work with other people to bring our technology to market. The third aspect of our strategy is delivering consistent commercial execution. Personally, I have led business for life sciences tools company in various parts of the world, including North America, as well as living in Japan and China, personally, myself, and I know what it takes to build businesses in this, you know, very important but unique geographies, where we need to put in place businesses where not only putting our own teams in place, but also putting in place partnerships that allow us to do that. The second thing is enhancing the product portfolio. Our tech-platform technology's original list price was $2 million. We are now actually introducing two more models, one launched this week, called Beacon Select, which is approximately the half price point. It's a slightly reduced capability from our first platform, but allows us to go after a much broader marketplace in cell line development. We are also launching in the 2Q of this year a lower-cost device that is going to be launched for academic market. Our current plan before we announced the acquisition with IsoPlexis was to launch a lower cost, much, much lower cost benchtop device that will be launched in 2025. The pricing strategy is to reflect the obvious need of our clients to access this very important technology available to them at a lower barrier to capital upfront in exchange for higher consumable pricing for the total cost of ownership being the same for the clients. This is what the technology platform looks like. Currently, as I mentioned so far in the applications, our applications are focused on antibody therapeutics, cell line development, gene therapies, TCR discovery, and agricultural client base. The crux of our technology is not a big machine that I just shared with you in the earlier slide. Crux of our technology is this very small chips about 1.5 each by 1.5 each, fits into my fingers like this. It's very unique and I wanna talk about sort of what is truly unique about the power of the technology here. The most important thing, if you can remember after this presentation that I want you to remember, is that throughout the last 80, 90 years of experiments with biology, scientists have studied cells with a shotgun approach. Where they study bulk cells, they study them with a random pool of cells together, and most of the results have been around this studying of the cells in a bulk. In the last 10 years, there is a bunch of techniques that actually are able to parse those cells into single cell devices. You heard the word single cell. It's basically taking bulk samples and separating them into small spaces. Only Berkeley Lights platform can deterministically guide cells with light into its specific chamber. We have our chip, which is a geometric structure which can have either a few thousand all the way to up to 20,000 different, you know, call them, you know, little cells or prison cells for the cells. We can guide cells with light deterministically. What we know exactly what is in the NanoPen is what we call these little chambers, NanoPen number 35 or NanoPen number 2,006. We know exactly what is being placed in those cells. We also have something very unique about technology that we can. Most cell biology experiments, as a result of the analysis and an experiment you do with them, kill the cells. Our technology is ability to keep the cells alive. We can do multiple truly functional assays. Instead of the surrogate analysis of some other marker of the cell, we can actually watch cells do things while they are being done. Visualizing very clearly what is a functional output from a cell. Is this T-cell going to kill the tumor cell, or is this tumor cell gonna be more powerful against the T-cell? We can visually watch that happen in our NanoPen structure. Truly revolutionary in terms of our capability. Commercially, where the company is in a commercial stage right now, we have about 128 Beacon systems placed as of Q3 of last year. A few more in Q4, we haven't tallied them up here. Approximately 450+ patents. Our business is split between 50% biopharma, 25% CRO/CDMO, and 25% academic. Our current focus is on building install base of these technologies and putting this machine in the hands of as many people as possible and focusing on recurring growth. The next pillar was the $150 million of revenue and free cash flow positive by 2025. These are three relatively simple goals. The 70% gross margin is kind of approximately where we are at right now. It's to maintain the margins, get the revenue to $150 million, and at that point, we will not need further cash drain on the business. Finally, evaluating M&A opportunities. We publicly announced in Q3, Q4 of last year that we believe that this life sciences tools small cap space, whether it's a public company or a set of private companies, it is gonna be hard for these companies to actually stand alone as a single product entities. The companies are gonna have to be consolidated. In our case, we were looking for synergistic opportunity where we can level, at least, if nothing else, our G&A structure as a public company. There have been a class of 15 or 20 companies that have gone public in the last two, three years. Many of them have the same exact challenge, which is they have built a G&A structure to be public. In addition, they have to build a sales and marketing structure to be part of every part of the world, as I described for commercial. In many cases, each of them have to justify a wide range of product portfolio for it to be a public company. What we believe is there is an opportunity here to consolidate the industry in a single cell biology space, in the cell biology space, more broadly speaking. We were very interested in going after, and we publicly announced this criteria, that we were looking at combining the different businesses with. Very happy to announce that we did actually end up with something that hits on all of those objectives. The company we are combining with is a company named IsoPlexis, also public. very similar to us, a functional biology company in a cell biology space. the combination is gonna be renamed as it closes in Q1 this year to a company named PhenomeX with a ticker symbol CELL, C-E-L-L. I think this is something that kind of implies the future vision of the company. It is, it is gonna be a broader, diversified cell biology company that is focused on understanding the phenome of the company. I think this is where I wanna distinguish between what has happened in the last 30, 40 years and what I believe is how the space is evolving. A lot of the expense structure has gone into from an R&D into studying the genomes. I think it's been rightfully so, because that's the one thing that we got really good as humanity is to lower the cost of sequencing. I believe the fundamental reason for biology and the discovery in biology is around function, whether that's function for understanding normal function or the abnormal function which we call disease. In both of these cases, studying the cells in its entirety is gonna be important. Genomics is part of it. It's gonna be very important to have genomic tools that could be very valuable in studying single cells. It's also gonna be very important to study the function itself and visualize these functions as cells are doing their thing. That's what these two companies bring together, and that's what we're gonna build on as we look at building the company through both organic and inorganic efforts. In simple words, PhenomeX, what do we do? We are trying to be very simple about our mission. We enable scientists to unlock the potential of cell biology for research and clinical applications. It's a very simple goal. How do we do it? By providing a deeper analysis of cell function while preserving the live cells of interest. That's a differentiating force. We are able to keep the cells of interest alive. Why does it matter? Because understanding the phenome is really the most central to all questions in biology. A little bit about IsoPlexis' platform. In its own right, IsoPlexis was a very parallel journey with Berkeley Lights. I'm not gonna go into all the history of it, but it has a very unique platform that can understand cell dimension at a multidimensional level versus flow cytometry. It has a bulk proteomics platform that allows us to do proteomics for, you know, 35, 40 analytes at the same time. It's a uniquely ELISA, you know, protein versus the standards of, you know, multi-omics platform that are out there. It's a platform that they have in roadmap for something called a dual-omic that combines multi-omics into single-cell workflow. Significant install base as a company in four years, 277 instruments launched in the field, 112 publications, and approximately $80 million-$90 million of revenue. It is something that has been adopted by every single top pharma in the top 15 pharmaceutical company and 80% of comprehensive cancer centers in the United States are actually also participating with that instrument. In our current roadmap, not fully integrated roadmap yet because we haven't closed the transaction yet, but our current roadmap includes the Beacon system that we already launched and IsoSpark and IsoLight, the two instrument platforms that IsoPlexis has already launched, as well as the BeaconSelect that we just announced the launch of. We have a BeaconQuest coming up shortly in a couple of quarters, and then the future systems were designed around IsoPlexis's, you know, frame, which is a much lower cost frame than Berkeley Lights, but with Berkeley Lights capabilities placed inside of that. Significantly expanding our commerce customer base. The combination lays a great foundation for a very strong life sciences tools company. 400+ install base in every single top pharma, more salespeople across the world. The combined sales, commercial footprint, sales, and support employees will be north of 100 people. Ability to reach the academic and biopharma and CRO companies across all geographies. Accelerated product launch time because we would be able to take the IsoPlexis' box frame and put our technology into it and allow us to accelerate our lower cost benchtop device. A significant intellectual property estate. The combined company has 600 patent portfolio. That is very unique in single-cell biology space. Our ability to manipulate cells, sort them in a specific way, keep them alive, as I said, and export them out of the platform. All very unique things that have almost no competitor now that these two companies have come together. From a intellectual property perspective, it creates a very, very strong footprint. We also announced publicly that both of these companies were small public companies with a lot of cost structure built up for the different era. We all know of that era before 2020, we have announced that the $70 million of costs are gonna come out of these two combinations by end of 2024. We have a whole range of synergies on G&A, focusing R&D onto fewer projects and implementing them really well, also making sure that our marketing resources and sales support functions are rationalized. We have significant abilities to put manufacturing synergies in place because both companies have their own manufacturing processes. We have a lot of outsource, but IsoPlexis has an in-house manufacturing plant where we can put more of our manufacturing through that. In final words here, investment highlights of why should we invest into PhenomeX as we come together. It's a platform for further consolidation for high growth, single cell biology tool space. A balanced product portfolio with a price point that is, you know, significantly, you know, diverse price points for our customers to access. Substantially expanded access to much larger cell biology market. When we bring these two companies' core technologies bring together, it is not just the niche markets in which the current applications are, but actually it has the power to become much more ubiquitous cell biology tool that will be used for every single scientific institution in the world. The cost synergies, which will increase the profitability and accelerate the timeline to become cash flow breakeven. Finally, led by a world-class team committed to unlocking value for our shareholders. Leaving here on the last page, which is, you know, our sort of launch of our new brand, PhenomeX, and ready for questions. Great. Thank you. Let's start with the Q&A. If anybody has a question, feel free to raise your hand. Do you mind moving your bottle? Thank you. Okay. Let's start quickly with the financials. You know, you pronounced 4Q recently. What were some of the trends you saw in the quarter, and any qualitative color you can share with us? Yeah. I think we continue to see just a couple of trends on the quarter. The capital, especially because we participate in the very high value capital segment market. The capital transactions are longer sales cycle. They have been taking longer and longer, and much more approvals are needed in the cost in a credit-constrained world that we see. China is an interesting place. It's just opening up. The transactions there are starting to change but not fully changed yet. I think there's still a lot of change happening in China. Finally, for us, this is specific to company, which is where we actually narrowed down our services focus. Instead of going after growth for the sake of growth, we pared down our projects and cut down many projects. Our focus is on value creating and value enhancing, so much more longer term service projects. We saw also a significant reduction in our service business. Okay. I guess related to that, in light of the current macro environment, how should we think about 2023? Any qualitative color you can share? Yeah. I mean, this is not the conference that I'm gonna give 2023 guidance, but, you know, we are, we are working for our main focus is sort of, you know, our top three priorities for the company are, focus on integration with the company we just acquired, really focus on getting the cost synergies, building the commercial strength in all parts of the world, and then coming up with a combined product roadmap that, you know, will speak to the promise of the combination. That's how I would actually measure us in the, in the next 12 months. actually thinking, you know, in light of the macro environment, would you ever consider alternative arrangements such as leases, for example? Yes, absolutely. I think what, as we launch these new devices, we are launching alternative approaches for our customers to access them in either a rental reagent kind of a model or in a standard lease and financing approach as well. Okay. How should we think about the adoption of Beacon Select compared to Beacon? What about the consumable utilizational pulse for it? Yeah. Beacon Select is slightly different than Beacon. Beacon can do four experiments at the same time. It has four different slots to put our chips in. You can run experiments with the four different chips at the same time. Beacon Select is two. The cost of the capital is much lower as a result of that, but the cost of consumables is higher. Specifically dedicated right now for cell line development, where our arrangement with the customers had been that our cost of consumables was actually frankly too low, and we were not getting a full value for that. We actually are now resetting the value in a different place. Where some of our customers already have bought a Beacon, and they're not ready for a full another Beacon capacity yet, but they wanna have something more. One for sort of, you know, sometimes just to have two units instead of one and get training going for other people. Sometimes they just have an additional capacity that they... It'll be, for those clients, this is a very important tool. Instead of buying a second Beacon and a full four chip system, they can buy a more affordable unit. There's a whole client segment where $2 million price point was just becoming a barrier. Those are actually sort of mid-sized pharmaceutical companies or sort of, you know, mid-sized CROs or even a smaller CRO. For them, this is a very valuable tool to access. Related to that, what have you heard since launch from interested customers? Have you began taking pre-orders? What kind of feedback are you hearing? Yeah. There's a whole range of customers who could not afford a $2 million price point. We have a whole funnel of people who just could not get to that number. It's a very, very, very, very funnel for us. Okay. Thinking about Beacon, Similar question. What percentage of market adoption potential is locked by price, and what percentage is locked by applications? It's a fantastic question. I believe it's a little bit of both. There is With the current applications that we have launched in the marketplace, our ability to generate, you know, more Beacon sales, if you will, is going to be limited by the number of applications we have. However, the two applications we do have, there is still a sizable market to go after. Okay. Given the recent merger announcement, can we assume that the targets you put out at Analyst Day didn't necessarily incorporate the merger? That is correct. I think the broad thesis of becoming, you know, a cash flow positive company by 2025 still remains. I think it will accelerate the timeline a little bit for us. Okay. How should we think about the gross margins given the merger? I think similar to what we announced. Yeah. Okay. Regarding the turnaround roadmap you announced last year, what has been achieved to date and what remains to be done, and what were some of the main challenges you encountered? Yeah. If I go back to my five pillars, I think on a leadership, development and leadership bench strength, I would say we have reached about 85%. The two places where I would say that we still need more appointments and more resources are in the commercial area. We still need to put more commercial team members in place. In some places, we need commercial leadership. That's one place where I think the work is still incomplete. On the R&D productivity, I think we've done a lot of good work on that. We've simplified our focus and have very clear sort of top three things that we must achieve. I believe that the success of the organization is really dependent on how many things you do and what resources you put behind getting those things done really, really well. I think we've made some good progress around that. Any questions in the audience? Thank you, Siddhartha. You mentioned two initiatives in addition to the pillars, the AAV manufacturing and TCR discovery. Given everything that's on your plate in 2023, how should one think about the progress in those two areas? Also, the TCR play sounded like a different one, and is there a risk of, you know, you're competing against customers. Yeah. In that context? Yeah. I'm gonna ask Rolando, who is leading that effort with Troy to answer that question. Yeah. It, it's a good question. We're not afraid of, let's call it competing with our customers. The way we're gonna commercialize AAV and TCR discovery is through partnerships. We control the extent in how we do that. Because it's not a straight sale. It's still an arm's length transaction, but it's a more customizable type of partnership. In terms of the resources, it is they are two of our pillars for growth in the future, in the near future and long term. We're that did not get deprioritized. It's still up front in our priorities. It's part of the five pillars. Yes. It's one of the highest value R&D projects we have in the company. A lot of resources are in play for that. Great. Hi. Can you just comment a little bit on competitors? You mentioned sequencing and editing as sort of the first two phases of the evolution of the market and, you know, Thermo Fisher and other competitors in that area. In terms of the functional side of things, there's Repligen maybe. Which Can you just describe how you view? It's a great question. Yeah. I think one of the reasons why we've chosen to be participating in a functional cell biology space and a single cell biology space is because there is not a, kind of a single standout competitor who owns the cell biology space today. There's lots of people who are participating. In cell biology as a kind of overall spend is divided into three large buckets. One is the simple things to keep the cells alive or cells themselves, so cell culture media, you know, things that you need for cells to be healthy. The second is analysis tools of visualizing cells. A microscopy company could be in there, or flow cytometry companies could be in there. A third level is actually the single cell world, which is where a lot of the research is moving now. In the single cell world, there are two aspects of it. It is ability to sort cells into unique chambers, the question is how many? How many chambers can you have? What kind of analysis can you perform? I think in our opinion, truly the current assets we've brought together actually allow us with the most formidable intellectual property mode and the platforms already in launch in the customer's hands, where we can claim a stake on sort of something that's very unique that is not easy to compete against. It will take somebody a number of years to do what we do right now as a collective company. In addition, we would end up competing with sort of broader single cell biology marketplace as we take our company and kind of continue to expand either through organic efforts or through inorganic into a cell biology space more broadly. Just on IsoPlexis. I think we're out of time. Is that a quick question? Yeah, it's quick. Okay. Just on IsoPlexis, it sounds like you view it as sort of neutral to maybe slightly accretive on, you know, combining the company. Is that right? That is correct. Yeah. Yeah. Great. Thank you so much.