Day, welcome to the iAccess Alpha Virtual Best Ideas Summer Investment Conference 2026. Our next presenting company is electroCore, Inc.. If you would like to ask a question during the webcast, you may do so at any point during the presentation by clicking the Ask Question button on the left side of your screen. Type your question into the box and click Send. I'd now like to turn the floor over to today's host, Joshua Lev, Interim President and CFO at electroCore, Inc.. Please go ahead. Thank you. Thank you very much for participating in today's iAccess Alpha Virtual Investor Conference. A special thank you to Wiley Johnson for hosting us today. My name is Joshua Lev. I'm the Interim President and CFO of electroCore. We are listed on Nasdaq with our ticker ECOR. We are a bioelectronic medicine and wellness company with our main focus in providing health and wellness products that are non-invasive products utilizing bioelectronic technologies for different therapeutic areas and for health and wellness. Our products themselves are comprised of two different categories. One, are prescription-based products. The other are health and wellness products, which are sold direct to consumer. Over the course of the last few years, we've been able to grow the revenue at a five-year compounded annual growth rate of approximately 50%, and we've been able to do that while we have been increasing and expanding our gross profit margins from roughly 72% in 2019 to roughly 87% in the first quarter of 2026. Our sales model is variable in that we use a bifurcated sales organization that's comprised of both W-2 employees as well as 1099s or commission-only based sales executives, which allow us to go ahead and scale the business in a way where we can begin seeing operating leverage out of our P&L. The majority of our revenue comes from the VA, the Veterans Administration or Association, utilizing our prescription-based product, gammaCore. What's important to understand and note is in April of 2026, we have brought on a new commercial leader, a gentleman by the name of Mike Fox, who has spent the better part of the last decade in commercializing revenues in the federal markets. In terms of what that means for us, as we look to expand and grow our commercial adoption of our product base over the course of the next few quarters and years, we look to the new commercial leader, Michael Fox, to help us expand the commercial adoption, not only through the contacts that he's developed over the course of the last decade, but as well as utilizing some of the strategies and tactics that we believe can help us reduce our overall sales and marketing expense as a percentage of revenue and ultimately get us closer to cash flow breakeven. As of the first quarter of 2026, we reported $9.6 million of top-line revenue and $8.8 million of cash on our balance sheet. From a guidance point of view, we have guided to the street in excess of 30% of top-line revenue growth year-over-year. We're ending full year 2026, roughly around $42 million in top-line revenue. As mentioned earlier, we've got two main categories of products. We have our prescription-based products, which you could see on the left, and we have a category of general wellness products which are sold utilizing the FDA's general wellness guidelines in the middle and on the right. I'll go into each of those products in a little bit more detail. Our flagship product is called gammaCore Sapphire. This is the product that's primarily sold into the VA, and it's FDA-cleared for different forms of primary headache. That includes items such as cluster headache, migraine, both for use acutely as well as use preventatively, and also in adults and adolescents. This product comprises roughly $25 million of our overall revenue that we see. The reason why the VA has been such a large adopter of this product is primarily because it is a non-opioid based therapeutic that can be used and leveraged within the VA. The technology that it uses is called non-invasive vagus nerve stimulation, or said differently, what we do is we stimulate the vagus nerve non-invasively by utilizing a handheld device that can stimulate for two to four minutes over a duration of time. The reason why this has been so useful to the VA is not just that it's a non-pharmacological based therapeutic, but non-invasive vagus nerve stimulation is a systemic approach to therapy rather than a direct approach to therapy. What I mean by that is the vagus nerve, which is also known as the 10th cranial nerve, is the largest nerve in the body, and it connects to all the visceral organs. When you stimulate the vagus nerve, what you're actually doing is stimulating a nerve that is controlling not just the brain, but also other areas of your body. Because of that, what we see is our non-invasive vagus nerve stimulation product works particularly well with patients that have a lot of things wrong with them. When you look at the VA patient population and you think about how many of those patients have a lot of comorbidities, not just headache, but headache being a symptom of other issues. The reason why our product has been so effective in the VA and adopted so quickly in the VA is because people that have a lot of different things wrong with them, for example, inflammatory issues with their lungs. They see a lot of benefit utilizing our non-invasive approach versus using just the traditional pharmaceutical product, which is directed specifically to take care of just that headache. In May of 2025, we acquired a company called NeuroMetrix. NeuroMetrix had a unique platform that they developed called Quell, and the Quell technology had previously been utilized and adopted and sold through a Class II medical designation of over-the-counter. A few years back, NeuroMetrix ran into some issues, and they began to go down the pathway of getting a Class II medical clearance for fibromyalgia. When we acquired this business in May of 2025, they had just launched their Quell fibromyalgia product into the VA, and they were selling approximately $50,000 a month worth of revenue. We acquired the business with no dilution to the electroCore shareholders. We did not pay any cash, we did not raise any cash, and we also did not dilute the shareholders by providing the NeuroMetrix shareholders with any of electroCore stock. We provided those NeuroMetrix shareholders with the cash that was already on the NeuroMetrix balance sheet, as well as a CVR based off of a royalty payment that's capped at $500,000 over the course of two years. When we acquired this business, it was doing approximately $50,000 a month in revenue. In March of 2026, less than a year later, we reported that we did $400,000 of revenue in this individual product. In the first quarter of 2026, we did in excess of $1 million of revenue through this product line. What was unique about this product and why it made so much sense to us is, this is another version of a non-opioid based pain therapeutic that we're very easily able to add directly to our sales bag. When we're able to add more products to the bag of our sales organization, which we've already seen to establish as a commercial channel that is working for us, specifically for these non-invasive, non-opioid based pain therapeutics, we were able to see high adoption. Utilizing this product is particular of interest to us because roughly 8%-11% of active duty military come back from deployment with some form of fibromyalgia. We believe that this is a very large total addressable market that hasn't been tapped yet, and it already fits in very well to our bag, where we're getting some sales leverage without actually having to incur any additional cost in order to do so. We sell our non-invasive vagus nerve stimulation products direct to consumer, utilizing the general wellness product guideline, which effectively says, if your product is safe and your product does not cure a medical condition, you are allowed to sell it as a general wellness product. The best example that we can give for that is we could say that our product is used to improve your sleep, but we cannot say that it's used for insomnia. Insomnia is a medical diagnosis. What we do is utilize our non-invasive vagus nerve stimulation technology and offer it up to the consumer marketplace as a device to help them reduce stress, improve sleep, and help with stress over the course of a normal day. There's a massive market when you think about the total addressable market for health and wellness products, and the way that we look at this market is, it is in its infancy. When you look at all the additional products that exist in the market, for example, you have your WHOOP bands, you have your Oura Rings, you have your HoomBand. All of those different products, what they do is they tell somebody from a health and wellness point of view, that their biometrics are telling them that something isn't necessarily right or something isn't necessarily working. What's different about our product is our product actually does something. It stimulates the vagus nerve. It helps control the parasympathetic and sympathetic nervous system. What that does is it helps correct many of the things that those devices, such as Oura Ring and WHOOP and Apple Watches, are giving you measurements around. We offer two different versions of this product direct to consumer, both of which are available through our website, truvaga.com. The version on the left, the Truvaga Plus, is our app-enabled, non-invasive vagal nerve stimulation product. Why that's important is as we look to the future, and when I talk about the future catalysts, one of the items that we're looking to do is, how do you take this app-enabled product that we have and create future generations of product that you can deploy a recurring revenue model or some form of subscription-based model, which will allow the company to increase its lifetime value of this product. The reason why that's so important is, as a consumer electronic device, the Truvaga product line is a very expensive product to run. Similar to all other consumer electronic devices and marketplaces, there is a high marketing cost associated with these products, particularly when you don't have any scale and you don't have any mass adoption or mass knowledge of the brand itself. Fundamentally speaking, what we have said over the course of the last few earnings calls is, while we've been able to grow this business at roughly triple digits from 2024 of $2.4 million to approximately $5 million in 2025, we believe from a strategic point of view that it's better to grow this business at roughly 30%-50% year-over-year and improve our operating metrics and our operating margins rather than continue to grow this at triple digits, to the detriment of our operating margins. The next product line that we offer is called TAC-STIM, which is short for tactical stimulation. This product was developed in conjunction with the Air Force Research Laboratory, human performance wing. This is a general wellness product, and the reason why that's important is if you wanted to actually sell this product into the active duty military and deploy it across certain units, they do not want to have the extra red tape associated with having a prescription associated with this product. This product was created, coming off of the backs of two different studies that were done. The first was being done by a drone pilot commander who saw that his drone pilots were having issues working large shifts, 12-14-hour shifts. They're taking uppers and downers, and they were trying to modulate their sleep, and they were getting into car accidents on the way home and dying. What that commander said to us was, "These are very expensive units to replace. These drone pilots are very expensive assets to replace." They utilized our product, and what they were able to determine is not only was their sleep improved and their mood improved, probably due to better sleep improves your mood, improves your focus, it also improves your cortisol levels. They were able to identify targets more accurately over a longer duration. That's very important when you have a cognitive load, specifically when every little dot that you see on that screen as a drone pilot could be a life or death situation. Around the same time, the Defense Language Institute, which is a government entity that we utilize to train our soldiers on learning second and third languages, did a study that showed that people utilizing our product were actually able to learn a second and third language quicker and retain it longer than those that weren't. The reason why that's important is utilizing these two different pieces of data, the Air Force Research Labs came to us and developed a military spec version of this product, which is currently purchased by different government units, special forces units from the Army, special forces units from the Navy, Air Force, that are currently buying this product and deploying it across different members of their units for specifically human performance and mental cognition. We have large total addressable markets. As mentioned before, we just brought on a new Chief Operating Officer, Mike Fox, who brings us more than a decade's worth of experience selling specifically into the federal marketplaces. Specifically, when we look into the VA, there's approximately 1,300 facilities that can actually write a prescription. We have sold into approximately 200 of those facilities. Of those 1,300, approximately 170 of them had the opportunity to actually dispense a product or have their own budget, and we've sold into approximately 150 of those. The reason why we think that this is important is there's a tremendous amount of upside that we still have within the VA. As we look to accelerate our adoption within the federal marketplaces, not only do we see it coming from different areas such as federal workers comp, TRICARE, and active duty military, but we believe our core customer, which is currently the VA, has more than enough opportunity within its own right. There's approximately 600,000 headache patients in the VA. Of those 600,000 patients, we've only sold to approximately 2.5% of them. In addition, on the commercial side, in 2025, we got on formulary and on contract with Kaiser Permanente. Kaiser Permanente, just by way of total size and scale, has 12.5 million covered lives within their organization prior to the acquisition of Geisinger. The VA has 9.5 million covered lives. It's actually a larger managed care system, larger than the VA. We believe that if we could start showing some adoption within Kaiser, other commercial insurers will follow suit, because when commercial insurers look at our patient population, they say VA patients are different and don't really look like our commercial patients. However, the commercial patients within other commercial organizations do look very similar to that of Kaiser. The Kaiser strategy is our beachhead strategy in order to help adoption with further growing our commercial efforts in the commercial insurer space. In terms of our technology, I think it's misunderstood that electroCore is a single product, single customer company. Our technology itself, because it touches all the visceral organs, is actually more of a platform technology. We've more than 30 investigator-initiated trials currently ongoing, studying the use of non-invasive vagal nerve technology in other functional therapeutic areas such as PTSD, long COVID, stroke, gastroparesis, and others. The reason why this is important is as we continue down the pathway of who it is we're looking to become and what it is we want The Street to see, we're really trying to change that narrative around electroCore and why it's an exciting time today to be an investor in electroCore. We are not a single product, single customer company. We are a platform technology company that has the ability to commercialize its technology, not necessarily in different forms of different indications, but also have it become more widely adopted throughout our commercial channels, both existing and future to come. As we look at the strategic catalyst that we want investors to follow us on and track over the course of the next few quarters and years, we're really pushing to show that we can increase the number of indications that we currently have utilizing non-invasive vagus nerve stimulation, as well as maybe some of the technology that we've deployed with our Quell product. We want to be able to show that we can come out with different products and different form factors that will be utilized on the commercial side. It's not necessarily from an R&D perspective, just about increasing the number of indications, but the form factors that exist that we can then utilize in different forms of indications. An example of that, not something that we are currently going after today, but an example of that could be, for example, a patch-based deployment method which could be utilized in acute treatment of stroke. From a commercial point of view, Mike Fox has the experience, has deployed strategies and tactics in order to help grow his previous company from approximately $20 million of revenue to $80 million of revenue within the VA over an 18-month period. We're looking for him to utilize some of those same tactics and strategies within our own organization. It's not just about growing the VA. It's also about going to places like Federal Workers Comp, TRICARE, and active duty military, where we are currently very much on contract but have never actually focused on having our technology be utilized in those different functional commercial areas. Our goal over the course of the next few quarters is to start showing the street that we are going to have more adoption in different areas, not just the VA, but hopefully opening up new accounts and new types of customers so that we can diversify our revenue set across a portfolio of different federal systems as well as commercial systems. Last but not least, and maybe the most important, is operational, which is we have guided to approximately a 30% year-over-year revenue growth, but we want to be able to continue showing above-market returns relative to our comp set. If you look at a comparable set of electroCore versus some other companies that we look at, and we look at as comp sets, our revenue and our gross margin both outpace those competitive sets. What we want to continue to do is continue to show that above-market return in terms of growth, and in terms ultimately, getting to the point where we can do it in a way that shows operating leverage in our P&L and ultimately gets us to the point of cash flow breakeven. We believe that our sales and marketing expense as a percentage of overall revenue will be a leading indicator and one of the main areas of focus that we are looking at specifically starting in this quarter, Q2, and as we look into future quarters, as we bring down that sales and marketing expense as a percentage of revenue from its current roughly 60% range to market standard of around 40% range. Our revenue growth over the course of the last five years has, as I mentioned earlier, been growing at greater than 50% compounded annually over the course of the last five-year period, as indicated by the chart. We've been able to grow our business very effectively. Even on a financing point of view, we've been able to do it in a way that has kept a very clean cap table for shareholders of electroCore. We have no variable rate securities within our cap table. We have no ratchet provisions, no anti-dilutes. We have a very clean cap table that's comprised primarily of shareholders, board members and insiders, and long-term equity incentive for employees. As mentioned earlier, our leadership team has changed. In April of 2021, our former CEO, Dan Goldberger, retired. I took over as the Interim President and Chief Financial Officer at the time. My prior role with the organization was Chief Financial Officer, and before that, I was the Chief Strategy Officer. We brought on a new Chief Operating Officer by the name of Michael Fox, who comes with 35 years of experience in commercializing medical devices, the last 10 of which, or a decade of which, has been really focused in the federal marketplaces. We also have Dr. Tom Errico and Dr. Peter Staats, who are founders, inventors, and investors in this company who have been along with the company since it went public roughly in 2018. Actually, they've been around with the company since 2005 when the company was founded. With that, our company is traded on Nasdaq. The ticker is ECOR, E-C-O-R. I'm going to turn over to the Q&A section or portion of the conversation and take any questions that may pop up in the Q&A section of the presentation. I'm just giving it a moment for questions to come in. First question that came in is, "What are the main drivers behind your confidence in achieving 30% growth in 2026?" Great question. We believe that we could have achieved the 30% growth even before we brought in a commercial leader. The way that our system CRMs and products work is that we actually track things like new patient starts as well as refills. Based off of our overall cadence of business and utilizing percentages, we believe that that 30% revenue growth is actually something that's very achievable. With that being said, that 30% growth is what we believed we could do prior to making changes in our commercial organization. I could tell you that Mike Fox started in April of 2026, earlier this quarter. He has brought on a team of people, including 1099s and other commercial sales executives that he has worked with in the past that have provided him, that have generated for him revenue in other areas. While our current guidance is 30%, I believe that historical prescriptions and refills justify that 30% is achievable, and it's typically backloaded in the half of the year. Moreover, as we get better and smarter about the way that we sell and the way that we grow our sales organization, I believe that 30% has the ability to grow further. "Q1 revenues grew 43%. What drove the strength across the prescription device and consumer wellness business?" Great question. I think, overall, the 43% growth, a lot of it has to do with those new patient starts that we had, as I mentioned to you, in prior years and prior quarters. The company does have a robust Inside sales and customer experience organization where what we're able to do is provide white glove service to all of our customers and patients that come in to ensure that they're staying on compliance and using the device correctly. Really, the more you use it, the better it works, and therefore, the pipeline of refills can become a repeatable business. The VA remains your largest channel, but penetration is still only around 2.5%. What are the biggest opportunities? I think the biggest opportunity right now is changing the makeup of our sales organization. That's one of the things that's currently being done by our new Chief Operating Officer. What I mean by that is a few things. Number one, the way that our territories are currently carved up allows for ample opportunity for people, salespeople specifically, to generate revenue. However, they've got large batches of territories. The best example I can give for the moment is we've got one territory business manager that has Southern Florida as part of his territory. He does very well in Fort Lauderdale, and he does very well in Miami VAs. There's areas such as Gainesville, which is about a five-and-a-half-hour drive from where he currently resides, that doesn't do as well as those two. If we're able to carve up the territories in a different manner such that we actually have the ability to have someone in that Gainesville VA more frequently, I believe that'll be an area where we can go ahead and actually grow or to continue to grow, our revenue base in a more repeatable fashion. The other way that we look at this as well is you have to show up in the VA. What I mean by that is, even though the VA is our largest customer, there's this false premise that we are a single customer product. The way that it actually works is, of those VAs, we actually have 150 separate and unique customers. Just like any other business, 80% of our revenue is coming from approximately 20% of our customers. What we need to do is we need to go better in terms of depth of our customer base rather than the breadth of our customer base. How meaningful could Quell become in the VA? I believe Quell, over the course of the next three to five years, may have the ability to surpass gammaCore as it relates to its overall opportunity. The reason why I say that is roughly 8%- 10% of overall active duty military that come back from deployment come back with some form of fibromyalgia. Fibromyalgia is very interesting. It's not necessarily something that has historically been identified as ubiquitously accepted as a diagnosis. There is inflammation. People are in pain. People don't really know why. Now, fibromyalgia is becoming more and more better adopted as a quote, diagnosis. More importantly than that, when you look at products like gammaCore, there are a large number of pharmaceutical-based products, commoditized-based products that are used for treating headache. Items such as triptans, sumatriptans, even Advil, and Tylenol. Fibromyalgia doesn't have that. We are the only device that's currently available to treat fibromyalgia. I actually see that as being a larger opportunity for us in the future. How do you think about the long-term opportunity for Truvaga as a general wellness product versus gammaCore and Quell? I think the Truvaga opportunity itself has a much larger total addressable market. If you think about the context of all the products that exist within the health and wellness space, which, I'm sorry, Truvaga fits into, I'd say that market is a lot higher, but the operating margins on that business are a lot smaller, and it takes a lot of money to get to critical mass. The way that we're thinking about it now is we really want to grow the medical side of the business, which has much higher operating margins, be able to utilize that as a function to basically underwrite, if you will, the future growth of Truvaga, rather than having to go to the market every year or every other year to raise additional capital to grow Truvaga. We believe that we can do it with the high operating margin business that we currently have within the medical side of the business, Our focus is going to be as focused on the high medical side without depleting or getting rid of completely the Truvaga side of the business. The Department of Defense appears to be underdeveloped opportunity. How does the sales cycle comply with the VA? It's a great question. I can't answer that question yet because I don't really have the answer to that question. We're just starting now on the Department of Defense side, but we hope to provide additional information in future quarters. Gross margin remained at 87%. How sustainable is that? We guide all of our analysts that mid-80s is where we believe our margins are going to fall. There'll be some quarters where they're lower than 85%, some that are higher than 85%, we guide at a roughly 85% gross profit. Potential label expansion for PTSD and TBI. Which pipeline opportunities are the most important strategically? I think that's a great question. PTSD, from a strategic point of view, probably makes the most sense because it's the lowest hanging fruit. What I mean by that is our largest customer is the VA. They have a large number of PTSD patients, as you can imagine. There's a very high comorbidity between PTSD patients as well as headache patients. The challenge with that is going to be the data that currently exists. Even though that is a large opportunity for us, we also know that our product is being sold off-label already for PTSD. Other areas like mild traumatic brain injury also exist as a large commercial opportunity. There's other areas of opportunity that we have. For example, CIPN, which is chemotherapy-induced peripheral neuropathy, which is something that we inherited as part of the acquisition for NeuroMetrix. That may actually be a lower hanging fruit than all the other gammaCore related. For investors new to electroCore, what do you believe is most underappreciated about the company's growth platform today? That's a great question. I really think the answer to that is we are a platform technology business with the opportunity to expand on the commercial opportunities rather than just a single product, single customer company. We are on the precipice of commercial adoption in areas both accelerating within the VA, but within other areas of the federal marketplaces. We believe that our P&L is starting to actually show operating leverage. As revenues continue to scale, we ultimately do see the pathway to profitability. We just need to continue the trajectory of revenue growth to ensure that we can cover all of the fixed expenses and now get to the point where we are truly seeing the operating leverage out of the P&L. Then, the last question I have here is how important is your broad IP portfolio? I would say, we believe that the technology portfolio is an important part of the assets that we have in the organization. I briefly skimmed over the slide before because of time limits. Fundamentally speaking, we have more than 300 patents, and patents pending both in the United States and globally. I think non-invasive vagus nerve stimulation in the cervical area of the neck, primarily in the neck area, is going to be very important because vagus nerve stimulation as a product or as a therapeutic has been around for many years. Most of the vagus nerve stimulation products that currently exist on the marketplace that have ubiquitous adoption are implantables. They're implanted utilizing a surgery where you open somebody up, you wrap a stimulator around the vagus nerve, then you close them up. Those are currently being deployed by companies like LivaNova, SetPoint, Cyberonics, are all companies that have utilized these products in different areas, functional areas such as epilepsy and depression. What I think makes us unique is how do you stimulate the vagus nerve non-invasively for all those people that don't want to have a surgery? Because I believe, or we believe as an organization, that from an adoption standpoint, vagus nerve stimulation is something that could be ubiquitously adopted for different reasons, which is great. Invasive exists currently, since the vagus nerve runs up and down the cervical region of the neck, it also touches the auricular area or the ear. Well, when you look at the vagus fibers, roughly 80%-90% of the vagal fibers run in the cervical region, where roughly 2%-14% run within the auricular area or the ear. If you're going to use non-invasive vagal nerve stimulation, utilizing it in the neck area is going to be more efficacious. Doesn't mean that auricular won't work, but you'll probably be able to do it in a more effective and more timely manner than utilizing auricular-based modalities to stimulate the nerve. With that, I appreciate everybody's participation in today's meeting. Again, the ticker is ECOR. Happy to schedule any additional meetings if there is interest. Thank you. Thank you. That concludes electroCore, Inc.'s presentation. You may now disconnect. Please consult the conference agenda for the next presenting company.