Thank you for standing by, welcome to the Nautilus Biotechnology second quarter 2023 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star one one on your telephone. To remove yourself from the queue, simply press star one one again. As a reminder, today's program is being recorded. Now I'd like to introduce your host for today's program, Carrie Mendivil, Investor Relations. Thank you. Earlier today, Nautilus released financial results for the quarter ended June 30th, 2023. If you haven't received this news release, or if you'd like to be added to this company's distribution list, please send an email to investorrelations@nautilus.bio. Joining me today from Nautilus are Sujal Patel, Co-founder and CEO, Parag Mallick, Co-founder and Chief Scientist, and Anna Mowry, Chief Financial Officer. Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking within the meaning of the federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled Forward-Looking Statements in the press release Nautilus issued today. Except as required by law, Nautilus disclaims any intention or obligation to update or revise any financial or product pipeline projections or other forward-looking statements, either because of new information, future events, or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast, August 2, 2023. With that, I'll turn the call over to Sujal. Thanks, Carrie. Good morning, thank you to everyone for joining us today. On this call, we'll share our financial results for the second quarter and provide an update on our recent activities. First, I want to take a moment to acknowledge the Nautilus teams in the Bay Area, Seattle, and San Diego, who day in and day out exhibit the type of passion, ingenuity, and commitment that will enable us to bring to market a platform that we believe will set the new gold standard for proteomic exploration. A platform capable of unleashing the potential of the proteome to advance basic science research, to build new diagnostics, and of course, to make a substantial impact on drug development. As Parag will expand on in a few minutes, I'm excited by the progress we made in Q2 against some of our foundational scientific and development goals, and in the ways we continue to prepare the various elements of our platform for commercial launch. For those paying close attention, you'll note that June 9th represented the second anniversary of Nautilus entering the public markets on Nasdaq. In those two years, we've evolved and matured as a business, buttressed our senior leadership teams, particularly in R&D, and continue to operate in a highly efficient way intended to maximize our cash runway. More on that from Anna later on. Through it all, we remain convinced that the world of biological research thirsts for a platform that overcomes the inherent limitations of both traditional protein analysis methods and of emerging affinity-based and peptide sequencing methods. The market understands how important intact single molecule protein analysis, and the Nautilus platform in particular, will be to their explorations of the proteome and its role as a critical driver of innovative, impactful biological research. Many of the people and audiences we speak with maintain a heavy focus on the use of mass spectrometry for proteomics. The positive attention our platform and methods consistently receive from them is a good sign for things to come with this critically important and influential buying audience. We believe that the Nautilus platform is going to spur tremendous creativity and innovation in the broader proteomics community. We took advantage of additional opportunities to share our story this quarter at events including the European Proteomics Association Conference, the Alzheimer's Association International Conference, and we look forward to being a sponsor of the Human Proteome Organization's International Congress in Busan, South Korea, in mid-September. At these and other events, we consistently hear from proteomics KOLs about the broad range of uses they see for our platform and the excitement that is building as we gather feedback from them in the lead up to our early access program. While never intended to be a significant revenue driver, the EAP will launch in the months leading up to commercial availability, it will serve as a high-value means by which to generate data to support both internally and externally generated scientific papers, customer grant proposals, and will get meaningful data into the hands of potential future customers. We will keep you informed as we get closer to launching the program. Meaningful progress has been made in development activities surrounding each of the core components of the platform. For updates on these and other things, let me now turn the call over to Parag. Thanks, Sujal. As Sujal mentioned in his opening remarks, we made solid progress across a number of important research and development fronts in Q2. I'm very proud of our team and the way they continue to positively and methodically address the inevitable scientific and engineering challenges associated with pioneering a platform as innovative as ours. My thanks go out to each of them. As a company bringing to market a first-of-its-kind product capable of comprehensively quantifying the proteome, there are a wide range of platform elements that must integrate seamlessly. These elements include nanofabricated chips for single-molecule protein deposition, nanoparticles for affixing proteins to those chips, affinity reagents and their labels for probing affixed proteins, assay buffers and parameters, an instrument capable of reliably and routinely performing a series of single-molecule binding measurements, and machine learning-based software for determining protein identities and quantities from those measurements. In Q2, we made considerable progress in each of these areas, enabling us to successfully execute the largest scale and complexity experiments that we have pursued to date. Let me briefly discuss some of the key Q2 advances. Critical to the creation of a high-quality, hyperdense single-molecule protein array is our ability to consistently fabricate the nanopatterned chips that form the foundation of that hyperdense array. Considerable progress was made qualifying our external patterning and assembly partners. We additionally improved the stability of our in-house functionalization processes and transitioned those processes to our manufacturing scale facility in San Carlos, California. When we conceived of the platform, we recognized the challenges associated with creating a novel class of antibodies that were not typically built because they were not protein-specific. In Q2, we increased the development pace for our affinity reagent consumables. This increase was a result of significant efforts to improve the yield and throughput of our affinity reagent pipeline. In addition, we have scaled our processes for labeling our affinity reagents and for quality assurance of labeled probes. This increase in consumable scale and quality has been critical in supporting our ability to consistently expand the number and breadth of the experiments we perform, getting us progressively closer to our launch targets of performing measurements with hundreds of probes across 150 cycles. Scaling our experimental capabilities is critical to demonstrating and validating the commercial viability of our Prism methodology. In Q2, we performed a greater number of high probe and high cycle number experiments than in any previous quarter. These large-scale experiments also incorporated advances in our formulations that delivered enhanced assay stability. These large-scale efforts are allowing us to improve the integration of our consumables, assay, instrument, and software in increasingly complex model systems on the path to the proteome. Initial studies were focused on validating targeted proteoform measurement studies with externally generated affinity reagents, such as through the tau studies done in partnership with Genentech. The next step is validating our internally generated affinity reagents through tests on individual short peptides that had been used in the creation of those affinity reagents. At HUPO last year, we introduced data showing the application of our Prism methodology to decode a model protein within experiments incorporating two dozen probes across 70 cycles. In Q2, the use of a larger probe library alongside a more robust assay enabled us to increase the set of model proteins that could be successfully decoded. In the coming quarters, our planned efforts on model systems that include increased numbers of individual recombinant or purified proteins, mixes of multiple proteins across a range of concentrations, simple organisms such as viruses, and ultimately whole cell lysates from well-studied cell lines. We are excited about the upcoming efforts towards applying our assay to model systems that will increasingly resemble customer samples. Lastly, I'll note that Q2 also saw continued focus on advancing our commercial instrument. The process of taking an instrument from concept to prototype, to build, to commercial use is complex and involves a number of important phases that are closely orchestrated collaborations between our engineering, software, assay development, and product integration teams. We continue to validate assay performance on our commercial instrument and to transition to a manufacturing posture. My enduring takeaway from Q2 will be the strong progress we made in advancing the robustness and scale of our work as we mature our assay towards achieving our launch targets. With that, I'll hand the call back to Sujal. Thanks, Parag. I'm pleased with the scientific progress I saw in Q2 and continue to closely monitor our steady evolution from a company focused primarily on research to one focused on development and commercialization. I also pay very close attention to the dynamics in the marketplace and the technical and product advancements happening in ours and adjacent spaces. I'm really pleased to share that I believe that interest in proteomics has never been greater and continues to build momentum. Despite what some have recently held up as improvements in the performance and specifications of traditional protein analysis methods, we are confident that Nautilus's core value proposition will deliver important and distinct advantages. Specifically, we believe that single-molecule comprehensive quantification of intact proteins and proteoforms will establish a new gold standard for proteomic data. In addition, our platform, unlike any other on the market, is designed to get better and better over time as additional data provides rich context to findings and additional identification data adds even greater precision to our machine learning algorithms. Finally, our platform's ease of use was designed from its inception to far exceed that of traditional analysis methods. This innovation will open up proteomics to an entirely new universe of potential researchers. Researchers who would love to incorporate proteomic data into their work, but have been unable or unwilling to invest the time and resources required to master traditional tools and methods. Late last year, at a well-attended luncheon seminar during the Human Proteome Organization's annual meeting, Nautilus Scientific Advisory Board member, Dr. Ruedi Aebersold, shared that a frequent characteristic of new transformative platforms is that they often have an early phase during which platform performance can very rapidly improve. This is in stark contrast to the comparatively slower pace of growth for more mature platforms. While this rapid iteration phase often leads to extremely valuable products and market-leading companies, shipping that first product can be slower and more challenging than initially anticipated. Let me give you an example. Solexa, the company that invented Illumina's Next-Generation Sequencing technology, spent eight years working on their first product, the Genome Analyzer, or GA. The GA had a lot of flaws. It was incomplete, but its fundamentally transformative nature paved the way for the GAIIx, the HiSeq 2500, the HiSeq X Ten, and the MiSeq, all of which shipped within eight years of the first GA. It took eight years to ship the first product, the next eight years were marked by incredibly rapid iteration and dramatic reductions in the cost of sequencing. We anticipate that our journey at Nautilus will be very similar to this path, much like Dr. Ruedi Aebersold discussed at HUPO last year. As we at Nautilus weighed the work in front of us to get our first product out the door and balance that with our time to market goal, it became clear that we needed to evaluate what part of our product specification needed to be in our first product and what could wait for version 1.5 or version 2 follow-ons. We spent a lot of time this year, and particularly in Q2, listening to our customers and trying to refine towards a minimum product launch specification. There are some characteristics, like sensitivity and ease of use, that are totally non-negotiable. On the other hand, we've heard much more flexibility from the market around characteristics such as minimum amount of sample input and number of proteins quantified. While I use the words minimum product launch specification, you should still interpret that to mean game changing. Just like the Solexa Illumina Genome Analyzer launch in 2006, we expect our version one product will be transformative to our market, and we will rapidly iterate, reaching the full specifications we previously disclosed and beyond. It should be noted that we expect enhancements to the V1 system, enhancements that get us to the previously disclosed specification levels, will only require updated consumable kits, not a new instrument. With the refined focus of our V1 launch specifications, we've updated our development plans and continue to target roughly the middle of 2024 for the launch of our platform. We look forward to updating you on firm launch specifications and timing when we're closer to launch in 2024. Let me now hand the call over to Anna for a look at our Q2, 2023 financials. Anna? Thanks, Sujal Patel. Total operating expenses for the second quarter of 2023 were $19.0 million, up $3.5 million compared to the second quarter of 2022, and up $0.9 million above last quarter. This modest increase in operating expenses year-over-year was primarily driven by growth in personnel costs and laboratory expenses as we continue to invest in the development of our platform. Research and development expenses in the second quarter of 2023 were $11.9 million, compared to $8.9 million in the prior year period. General and administrative expenses were $7.1 million in the second quarter of 2023, compared to $6.6 million in the prior year period. Overall, net loss for the second quarter of 2023 was $15.8 million, compared to $14.7 million in the prior year period. Turning to our balance sheet, we ended the quarter with approximately $287 million in cash, cash equivalents, and investments. This compares to $302 million at the end of last quarter and reflects a cash burn of approximately $27 million since the beginning of the year. We view our balance sheet as a critical competitive advantage and are continuing to be extremely diligent in managing our spend. At our 2022 year-end call in February, we stated that we expect our overall operating expenses to be up approximately 40% from 2022 levels, ahead of a more meaningful ramp in 2024, along with our commercial launch. Given our overall operating expenses from the first half of 2023, along with our expected spend for the remainder of the year, we now expect 2023 operating expenses to be up approximately 30% compared to 2022. We continue to run a very lean business, and our tight management of expenses means that we have a strong balance sheet to draw from in the coming years. We now expect our cash runway to extend through 2025 and into 2026. It's important to note that our timeline for cash runway includes continuing our investment in development, includes the initial build-out of our commercial organization ahead of launch, and contemplates a range of 2024 product launch date scenarios. With our robust balance sheet and no debt, we have the flexibility to ensure we are in the best possible position for commercial launch. As Sujal mentioned earlier, the primary goal of our early access program is to generate data and customer interest ahead of our commercial launch. While we do intend to charge for this service, it's likely that we will offer incentives and other perks that will serve to make it easier for early adopters to try our platform and ultimately to buy a system. Once we transition out of early access, these incentive programs will expire. However, revenue from those initial early access engagements is likely to be nominal. Finally, while we are targeting the launch of our platform in mid-2024, it's reasonable to expect that instrument shipments will begin in the second half of 2024 and pick up more meaningfully in 2025. Once we begin placing instruments, we anticipate our revenue will grow quickly from the combination of new instrument sales and the reagent kit consumables driven by our growing instrument install base. Taking into account my earlier comments on revenue from our early access program, we expect revenue in 2024 to be modest and opportunistic. As you have consistently heard from our team, our priority is to deliver a best-in-class platform that will enable our customers to achieve new levels of proteomic insight. Looking ahead, we are confident in our strong position that is allowing us to focus on our scientific progress and to deliver the type of platform that will change the trajectory of proteomics. With that, I will turn it back to Sujal. Thanks, Anna. Based on what we shared with you today, we are excited about what lies ahead for Nautilus and the difference we plan to make in biological science. Our mission to positively impact the health and lives of people around the world remains our guiding light and reflects a passion for innovation exhibited by every member of our team. I'm grateful to our investors, our strategic partners, our research collaborators, and our team for joining us on this journey to transform proteomics and empower the scientific community in ways never before thought possible. We continue to make good progress and look forward to updating you all along the way as we continue towards commercialization of our platform next year and beyond. With that, I'll turn the call back to the operator. Operator? Certainly. Once again, ladies and gentlemen, as a reminder, if you do have a question at this time, please press star 1 1 on your telephone. One moment for our first question. Our first question comes from the line of Tejas Savant from Morgan Stanley. Your question, please. Hi, this is Yuko on for Tejas. I was wondering if you could elaborate on the current thinking on the initial specs for that V1 product, and what could be pushed out for a later update? Good morning, Yuko, this is Sujal. Maybe I'll take a stab at this and see if Parag has anything to add. In terms of some areas where we think that our capabilities that we've talked about before are non-negotiable, things like single-molecule sensitivity, things like ease of use, you know, exceptionally high dynamic range is important as well. I think what we've heard from the marketplace in talking to a lot of our customers in the first half of the year here, is that there's more flexibility on the initial specifications around things like, around things like the number of proteins that can be quantified or the sample input. Those are some of the areas that would, that would be the first areas that we will likely make a few compromises. You know, as I mentioned in prepared remarks, we still expect that, you know, the end result here is a, is a game-changing product, and we expect that consumable revisions only will be required to take us all the way through all the specifications that we've, we've disclosed and talked about in the past. Great. That was super helpful. With the recent launches from mass spec vendors, at ASMS, bringing instruments with greater sensitivity and deeper coverage to the market, how do you feel about the competitive positioning of your proteomics instrument? With the new instruments improving on throughput as well, could you give us a color on how your instrument specs, the V1 may compare? Yeah, why don't I take this first? This is Sujal again, and then I'm gonna probably kick it over to Parag, see if he has any other comments, since he is a mass spec opinion leader. You know, we have obviously have been watching the announcements from the mass spec community very, very closely, in particular, the announcements this year. Your first question was sort of how I react to it. I, I'm incredibly excited when I see those types of announcements, and I'm excited for a few reasons. One is that we continue to see, as we expected over the last, you know, five+ years, just modest incremental improvements to the capabilities of the mass specs. You know, many of these companies are very successful, and they're very good at taking their strongest suits and figuring out how to talk about them in a really compelling way. When you dig underneath the fundamental limitations with sensitivity and dynamic range, the fundamental limitations with quantification of proteins, all those limits are still there. One of the things that gives me really a lot of excitement is that one of the vendors, which I won't mention, pushed the price point of the mass spec that they released up to close to $2 million, which to me, is an incredible indication of the power that the customer sees in these solutions and the opportunity that Nautilus has. the one specifications that I discussed earlier with respect to dynamic range sensitivity, the coverage of proteins that could be quantified, the ease of use, we will exceed the capabilities of all of the traditional proteomics analysis solutions, the affinity-based arrays, and we expect to see the solutions of all of the emerging peptide sequencing companies as well. Rod, do you have anything you want to add there? I think that was a fantastic answer. The only other point that I'll add is, our general philosophy on the proteomics space has been that depending upon the question that you are interested in asking, there are different tools that may be best suited for asking and answering that question. The new, the new offerings, the expanded offerings from the different vendors, we're really excited to see the progress in the field. We're really excited that that's driving the conversation more and more towards the importance of proteomics in the biological community. We also still see tremendous differentiation. The single molecule nature of what we're offering is very unique. The way that we identify proteins, such that every protein is, is identified from, 10, 20, distinct measurements, provides incredibly high confidence in identifications that are made, quantifications that are made. Then really, this, one of the critical differentiators of our instrument is that you walk up, you drop a flow cell on, and you press go. That ease of use, starting all the way back at the sample handling process, through instrument, execution and data interpretation analysis, are really important differentiators for our platform. Great. Thank you very much. Thank you. Thank you. One moment for our next question. Our next question comes from the line of Dave Delahunt from Goldman Sachs. Your question, please. Hey, guys, appreciate the update. You mentioned the platform is demonstrating routine assays with higher numbers of probes and cycles. I think you've said before that the number of probes is directionally helpful, but it's not linearly correlated. Any other qualitative or quantitative detail you could share with us on the progress there? Sure. Parag, do you want to take first? Sure, go ahead, and then I'll, I'll jump in after. Yeah, absolutely. I think we really brought to light a few very specific areas of advancement this quarter. One of which I'll point out is really around the reagent scale and quality. As you know, the system uses a very large number of reagents, and so being able to build them effectively, being able to build a large number of them, being able to qualify them, were really important advances. One of the other key areas that you highlighted was on just the scale of experiments. Sujal, in his remarks, called back to the initial efforts with Solexa. There were points in that development process, and this is very normal in any multi-cycle measurement, where they were operating in the handful of cycles, and then they were working in the teams of cycles, and they were working up to about 100 cycles. So we're seeing similar progressions in our hands, where we're identifying sources of instability or variability, and pushing that that number up and up and up. I think at HUPO last year, we talked about experiments that were 80 cycles. I, I think what you're seeing is you're seeing us finding out all of the aspects of our platform that are critical for stability and, and optimizing each of the different steps and formulations and pieces of the process to enable that scale. Great. With the flexibility you mentioned that potential users have on sample input and number of proteins, any additional color there to help us think about that? Yeah, Dave, this is Sujal. I don't think I've got anything more there to add this minute. I mean, we still have, we still have time to finalize those specifications. I think that once we have kind of wrapped up specifications, pricing, firm timeline, all those sort of things, I think we'll, we'll do a larger update for the street. At this point, I think, you know, all the comments I mentioned earlier in prepared remarks and then in terms of the answer to you guys' questions, I think are, are all the detail I've got right now. Got it. All right. Congrats on the progress. Thanks. Thanks. Thank you. One moment for our next question. Our next question comes from the line of Dan Brennan from Cowen. Your question, please. Great. Thank you. Thanks for taking the questions. I joined a little late, but maybe just the first question would be just broadly, when will, you know, investors be able to get, you know, the first kind of thorough checks, would you say, on the product as it gets in, you know, more fully in the customer's hands with the early beta? Just kind of wondering. Can, if, you know, if you can just, and if you spoke to this a little bit during the prepared remarks, apologize. Just kind of getting a sense of, you know, when we'll be able to, you know, do some checks and kind of, you know, see some early publications, you know, of the new product. Yeah, that's a, that's a great question, Dan. Let me kind of walk through that. Maybe to just kind of set a little bit of context that'll help understand my answer. One of the things that is very important about our platform is a unique characteristic that enables us to take at a single-molecule level, one protein molecule, and probe it over and over and over again, getting more and more and more information about it. After we probe that molecule with about 300 different probes, roughly, as we've disclosed in the past, we can, with a very high degree of certainty, identify what that molecule is for the vast majority, the 90, 90-95% of the proteome, identify what the molecule is. Then we can keep probing that molecule to understand the heterogeneity of the proteoform landscapes, understand what isof orm it is, to understand all sorts of different characteristics, and that's incredibly unique. As we go and continue to integrate probes, we continue to increase the number of cycles that our instrument and assay perform. As we continue to optimize those conditions, more and more things can be identified. As Parag mentioned in his prepared remarks, over the course of the last six months, we've been moving through various model systems, from peptide to oligopeptides to proteins. As we start getting up to a reasonable number of proteins, call it a 2,000, we will start putting that technology into the hands of some KOLs and some labs that can help us to validate those assumptions, and that would be the first point at which the investment community and the analysts could go and make those checks and, and see what the potential of our technology is. We've, you know, we've told that to investors as well, like, that's the key milestone to look for, because at that point, everything has come together, and from there it's more probes, more cycles, and just getting, getting over that last hump to go and rapidly climb from 2,000 to 5,000, 7,000, 10,000 and beyond. That rapid climb is based on the fact that the combination of all of these probings at each molecule is a computational data science task. So the first 50, 7,500 probes virtually give us nothing on a complex human sample, the next 100 from there give us a tremendous amount of data, and the last 100 finish it off. Once we get to that milestone, you'll have some data, some things that you can go and talk to KOLs about. In addition to that, we'll have a much firmer sense on specifications, first release, timing and our cost and all those sorts of things. Correct. And, and that would be middle of 2024, first half 2024, end of 2024? Like, it's 2024, I'm just wondering. If you... So prepared remarks, in prepared remarks, you didn't, you weren't able to attend to all of it. In prepared remarks, what we said was that, we have gone out to the marketplace over the course of the first half of the year, talked to a lot of our customers, and we've refined sort of a minimum set of product specifications that we believe are still game changing. With that set of, set of product specifications in hand, we are still targeting the middle of 2024 for a launch. When we talk about that launch, that launch is instrument, consumable, software. That is the, the actual instrument ready to go. It's our intention sometime before that, to have this 2,000 protein mark to be able to put that in some customers' hands. As that climbs up a little bit to 3,000, 4,000, 5,000, really start our early access period as well, where customers can go and really look at the data coming off of our platform, and we can use that to drive primarily publications and market evidence for future customers, but in addition, to begin to get customers thinking about pre-orders. Got it. In terms of, like, a scientific meeting next year, would these early publications come out just on a, as done basis? Or like, what would be the scientific meeting we would look for, that they, you think the first wave of these would be presented at? Yeah, I mean, you know, between US HUPO, the Human Proteome Organization, show, the World Congress that they do, there's 2 shows, and then there's a whole host of others between AGBT and ASMS and AAIC, which we attended recently. At each of those conferences, we take the opportunity to either take 1 element of our product and explain it in depth to the scientific community or to show our advances. I don't know if I've got a exact show lined up for you, but those are the, but those are the primary vehicles that we use to deliver updates out to the scientific community and by proxy, to the investment community. Maybe final one, could you speak to just kind of customer interest broadly? Obviously, you know, in terms of leading edge, customers are super excited to the extent the product can meet kind of the targets that you're kind of discussing qualitatively and quantitatively. Just any, any color about what an early funnel looks like. Obviously, you have to deliver on the product, but just any, any, any thoughts there would be helpful. Thank you. Yeah, I mean, maybe I will, I'll chime in here and then, you know, Parag spends a ton of time talking to the customers in the proteomics community. I'll let him chime in as well. What I'm hearing from the marketplace is a tremendous amount of excitement around our platform. We've disclosed our method, we've disclosed early, early data. At HUPO last year, we showed the, the first really significant multi-cycle data, and we continue to roll out data that is quite exciting to the KOLs and the customers that I talk to. This fundamental nature of being able to, in a non-destructive way, take a molecule and probe it over and over and over again in order to get more and more information, the scientific community sees that idea and the implementation of it that we are pursuing, as a really significant advance over what's available today, which either has to chop proteins into peptides for analysis, where you lose a huge chunk of the context in the data, or the emerging peptide sequencing methods, all of which are destructive to the protein and incredibly insensitive, and the affinity-based solutions that are out there, which you have to build a specific antibody that, that answers one specific question. All of those approaches are fundamentally limited. I'm hearing from customers a huge amount of excitement around our approach, and they're tracking us pretty closely. Rob, do you want to chime in and add anything there from what you've heard from the market recently? Yeah, absolutely. I, I think certainly one of the things that's really fun is chatting with customers and hearing the incredibly wide range of applications that they see for the platform, both in ways that are complementary to studies that they have ongoing in mass spectrometry, as well as in areas, you know, like single-molecule, intact proteoform, analysis that simply can't be done any other way. Every time we go out and talk to customers, we come back with new, exciting applications of the technology. I'd, I'd say all of those conversations are illuminating and are, are helping us understand that, frankly, there's, there's so much more that can be done with our platform than we had even envisioned at the outset. Terrific, guys. Thank you very much. Thanks, yeah. Thank you. This does conclude the question and answer session, as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.