Artrya Ltd

ASX:AYA

Q1-2026 Earnings Call

[David Allen]

My name is David Allen from Hawkesbury Partners, and I'll be hosting the call today. The host from the company is John Konstantopoulos, CEO of Artrya, and he's joined by Bernie Ridgeway, Executive Chairman; and Harvey Farrington, acting CFO.

This call is being recorded [Operator Instructions] A recording of this call will also be on Artrya's website shortly.

I'm now going to hand the call over to John Konstantopoulos, CEO of Artrya. Please go ahead.

[John Konstantopoulos, executive]

Thanks, David, and good morning to everybody on the call. It's really great speaking to all our shareholders after what's been a really busy quarter for us as a company. And what we've really been pushing forward towards is shifting gears from development type of company to really executing commercially. And I'm really pleased with our progress so far from a regulatory perspective as well as a commercial perspective and some of the milestones that we've kicked off this quarter.

As many of you know, the biggest accomplishment for the quarter was the FDA clearance of our Salix Coronary Plaque module, which was cleared in August. This is really a major step forward for us, but also our goal to provide clinicians with a solution that can better assess the risks of patients with coronary artery disease. But most importantly, it gives us access now to that USD 950 of reimbursement that's available in the U.S. And I will speak about that in a moment.

We've also made solid progress on the ground in the U.S. when we earlier this year, signed the commercial agreement with Tanner Health. And I'm really pleased to say that since July this year, we've been billing them monthly on a subscription basis and generating revenues from Tanner on the Salix Coronary Anatomy platform. And now that the Salix Coronary Plaque module is cleared, we are currently putting that into the Tanner workflow, which we expect to be finalized next month. And the final part of this process has been working with their billing and coding team so that Tanner is able to successfully be reimbursed for Plaque. And our onboarding and reimbursement team have worked closely with them to structure that for the system.

We're also taking some of those learnings that we received from Tanner Health and moving those and incorporating those together with Northeast Georgia Hospital system as well as Cone Health. We recently completed the technical integration into Cone Health's test PACS system as well as their EMR, which went really well. And we're now well advanced with the commercial negotiations for both Northeast Georgia and Cone Health, and we expect to conclude those soon. We are still very confident that we'll have all three of these U.S. launch partners fully commercial by the end of this year, giving us a solid base to launch into 2026.

Another key activity for us this quarter was boosting our balance sheet to support some of the commercial activities that we have planned. And as you know, we recently completed a successful capital raise of $80 million, which was strongly supported by existing shareholders as well as new shareholders, and we are now focusing on building a strong U.S. operational infrastructure that we need to successfully grow in the U.S. and tackle that market and the opportunity that is there. And I personally want to thank all the existing shareholders as well as the new incoming shareholders for their support on what we're doing.

So as we move forward in the coming quarters, we'll start to accelerate some of the initiatives we have planned for our U.S. market entry strategy. We know it's very critical to get this right and get the right people involved and make sure that all the onboarding experiences are successful so that we can use those foundations to ramp up and secure additional customers as we move forward from there. And a key part of that is we are now setting up a commercial hub in the Atlanta region so that we've got the ground support for those first three customers of Tanner Health, Northeast Georgia and Cone Health. And those -- that hub will expand into some of the other participants in the SAPPHIRE study as we bring them on board commercially.

We've already appointed a Senior Customer Success Director to support the implementation process as well as onboarding. She's also a reimbursement expert. So we now have that expertise in-house. And other roles that we are looking to fill at the moment and actively hiring for are a senior executive in the U.S. to lead the U.S. operations, integration specialists, clinical field specialists to support the clinical side of the hospital systems there and then customer support personnel, all who will be based in that hub in Atlanta.

Some of the other key activities we've undertaken this quarter also include we're accelerating and onboarding the SAPPHIRE partners, and I'll address that in a little more detail in a moment. We're also developing a clinical advisory board, which will include highly respected clinicians and key opinion leaders that are formed from that SAPPHIRE study group who will provide a strong clinical voice for us as a company going forward in the U.S.

Here in Australia, we're working with Sonic Healthcare and Lumus Imaging to finalize the onboarding of their test sites, and that we expect to be completed in the near future. But all in all, this quarter has really laid the commercial foundation and groundwork for us to really focus on what we're really trying to do as a company in the U.S. going forward and really move from this development phase to a commercial reality.

And as many of you know, the -- one of the big strategic focus points for us is the SAPPHIRE study. It's a big commercial driver for us as a company, and we've made some good progress so far this quarter. We announced two high-quality, high-volume centers in Piedmont Healthcare in Atlanta as well as the Huntsville Heart Center in Alabama. It's a critical study for us because of really two parts. One, we want to use this to drive broader adoption within the U.S. by bringing many of those partners on board commercially. And the second piece, from a clinical perspective, it will help show that we can change the standard of care in the future by using our Salix platform to better assess the risk of coronary artery disease and how patients are managed.

From a regulatory perspective, I mentioned that the success we had this quarter around the Salix Coronary Plaque module. This was cleared in August. And I do want to just take a quick moment just to talk about that submission clearance. We spent a lot of time upfront with that application where we put a lot of effort into the clinical study as well as high-quality submission, and we took our time to do that so that we could accelerate the clearance process. And we're really pleased to say, as everybody knows that, that was cleared in August, at least just under 30 days earlier than the expected 90-day period.

We've also made good progress this quarter on the Salix Coronary Flow module. We had a very successful Q-Sub meeting with the FDA in October. And based on their feedback, we are refining our submission and completing the clinical studies we need so that we can lodge our 510(k) submission with the FDA.

Similar to what we did with Salix Coronary Plaque we're taking very much the same approach where we're putting a big effort upfront to develop and submit a high-quality submission, which will hopefully support another rapid and successful clearance for the Coronary Flow module by the FDA.

And finally, we've also -- as we continue to grow as a company, we are increasing our investor engagement in a stepwise fashion. And as part of a broader push to raise awareness of Artrya's investment case with investors, brokers and analysts, we attended the 2025 Bioshares Conference in Hobart, where -- which was joined by a number of health care executives and investors, and we found that conference very useful in expanding the messaging.

I've spoken about the $80 million capital raised to support our U.S. growth, and we'll talk about our near-term priorities in a moment, but I would first like to hand over to Harvey to discuss some of the financial results.

[Harvey Farrington, executive]

Thanks, John. I'll now run through the financial activities for the September quarter. All these amounts are in Australian dollars and are unaudited. Cash outflows from operating activities were $6 million, with the increase from last quarter due to the scaling up of our commercial activities for the Salix platform launch as well as regulatory costs associated with the FDA clearance of the Salix Plaque module, the Salix Flow Q-Sub meeting with the FDA as well as some one-off costs.

Our key areas of operating activities were project manufacturing and operating costs, which includes all our project-based work. such as the integration and onboarding costs for our U.S.-based hospital systems. The second main area of operating costs was for the development work, which includes the regulatory costs supporting our FDA submission of the Salix Plaque module and enhancing our Salix Flow module with both the Q-Sub meeting and technical work as we move to complete that module.

While our outflows did increase, it is important to note that this included about $830,000 of one-off costs. These related to the departure of our CEO and CFO on the 1st of July as well as the Salix Coronary and Plaque milestone costs. If we exclude these one-off costs, our cash outflows from operations would have been $5.1 million, which is actually down from $5.4 million in the June '25 quarter. Our financing inflows were strong this quarter with the first tranche of our placement completed in September '25, providing $60.3 million before costs. We expect to receive the second tranche of $14.7 million before costs this week when it settles after we received shareholder approval last Friday. Additionally, the $5 million raised from the oversubscribed share purchase plan was received by us on the 3rd of October. Both of these amounts are not included in the quarterly cash inflows.

We ended September 30th of September with a cash balance of $62.8 million. And on a pro forma basis with the SPP funds and the second tranche of the placement, this would have been $82.5 million before costs. We have also lodged our tax return for the R&D rebate and expect to receive over $5 million from that by the end of this calendar year.

So looking ahead, we expect our quarterly cash burn to increase slightly as we resource up to expand our U.S. commercial operations. The costs associated with the Salix Flow study and 510 application will fall away post submission and be replaced by the expansion costs in the U.S.

I'll now hand back to John to discuss our outlook and priorities. Thank you.

[John Konstantopoulos, executive]

Thanks, Harvey. And just before I move into the Q&A, I do want to touch on our near-term priorities, which really laid the foundation for us as a company to expand and commercially launch into 2026. And this will be explained more at the AGM later this next month, but it's really focused on three major pillars. One is really want to drive commercial growth. generating revenue from three foundation customers as well as incremental revenue from new ones as we expand into the SAPPHIRE study, setting up the operational infrastructure, as I mentioned earlier, and then expanding on to the SAPPHIRE study and then really building from there to scale our company. And in the near term, the priorities that we are focusing on is securing the commercial agreements for the other two U.S. partners of Northeast Georgia Health System as well as Cone Health. In parallel, we are hiring our next U.S. go-to-market personnel, as I mentioned earlier, initially focused in that Atlanta hub to support those three partners and also the future SAPPHIRE customers.

The second priority is earning our first commercial revenues from the Salix Coronary Flow module -- excuse me, Plaque module, and we'll expect that to happen with Tanner Health first.

Thirdly, we're finalizing our launch plans for the SAPPHIRE study in early 2026, which will be a combination of securing the final three to five sites beyond the two that we've already announced and completing those ethics reviews this calendar year. And then really completing the Salix Coronary Flow module and submission for the 510(k) application so that we can start working with the FDA towards the clearance of that module.

And as we get into questions, I'd like to end this formal part of the presentation and really open it up to the floor for any questions now. Thanks, David.

[David Allen]

Thank you, John. Now we have a number of questions that are coming through. [Operator Instructions]

Your first question comes from Nick Fabrio. Has there been any consideration to get further exposure to U.S. investors, whether by a NASDAQ ADR listing in the future or med tech conferences?

[John Konstantopoulos, executive]

Thanks, Nick. Yes. So I am in New York next month presenting at a health care conference, which includes a number of investors across the U.S. This is in front -- this is also in conjunction with some of our competitors that are presenting at the same conference. So we've got a real good opportunity to present before the competitors there and really give a lot of investors in the U.S. exposure to our value proposition as a company.

[David Allen]

Your next question comes from Andrew Wilkinson, analyst at Venn Brown.

There's a couple of questions. We might just tackle the first ones. John, revenue, it sounds like we shouldn't expect anything material from SCP until the third quarter of 2026. Is that correct?

[John Konstantopoulos, executive]

So, as I mentioned, we'll be looking to get Tanner Health using Plaque this calendar year and then launching into the new year with both Northeast Georgia, Cone -- and Cone Health using both the SCA as well as the SCP platform. And as we've mentioned in the past, once the Flow product is cleared, that will really get us the combination of all three modules into one, and we expect to be ramping at full revenue -- sorry, full click with each of the modules for the three hospital partners into the end of FY '26 and into FY '27.

[David Allen]

And now a follow-on question from Andrew in relation to the SAPPHIRE study. John, you mentioned there's six sites. Does that mean there's only six partners now?

And secondly, when do you think you might finalize the protocol for the study?

[John Konstantopoulos, executive]

Yes. So we've always said between six to eight sites. And the major reason is really just bulking up the number of scans, retrospective scans we need to show the true power of the study. And that will -- that may expand beyond six and go to seven to eight.

We expect to finalize the study in the coming month or so and then really launching into the new year with the respective partners that are part of that study.

[David Allen]

And then one final one from Andrew in relation to the flow module. Were there any changes or surprises that came out of your Q-Sub meeting with the FDA?

[John Konstantopoulos, executive]

No. It was a very constructive and very open discussion with them, which was very refreshing. And I mean, the major things were agreeing on acceptance criteria for the accuracy as well as our ground truthing, which we really mostly knew anyway, and they've just confirmed what we expected, and we're going forward there with what they put forward now and really starting to push that study forward.

[David Allen]

We have another question from another investor in relation to the Flow module. And are you expecting to do more trials in order to be ready to complete the submission for the flow module? And what is the time frame that you're expecting to submit the 510(k) application to the FDA?

[John Konstantopoulos, executive]

Yes. So, yes, so we do need to run a study for that 510(k) application. It's a fairly simple study with regards to the FDA telling us we need to compare ourselves to a ground truth, which will be a combination of using some of the predicate scans as well as some invasive angiography scans. And then we'll run that study and submit that as part of the application.

At this point, we are still aiming for the end of this year submission. But as I mentioned earlier, we're putting a big effort into a quality submission. So that's really where we're going with that application at the moment.

[David Allen]

Your next question comes from Tanu Jain, analyst at Petra. With the work on reimbursement and the coding being currently under done with Tanner for the Plaque module, have you similarly repeated work in the same way for the Flow module and ready of that being approved?

And second part of the question, how soon can a customer live with the Plaque module already start generating revenue?

[John Konstantopoulos, executive]

Okay. I'll tackle the first part. So, no, for SCF, that's one of the, I suppose, the positives of being that agile fast follower where HeartFlow, one of our competitors has already set up all that work around the coding, the implementation into the hospital system. So effectively, as soon as we cleared for SCF, then we can start generating revenue straight away because all that work has been done.

For SCP, as soon as we put the system in place and start the contractual -- sorry, as soon as we -- we get the contract signed up, generally, we start the whole onboarding integration process. And what we've learned from Tanner Health is just to evaluate where they are from an SCP perspective with regards to the systems, and we'll start putting that in place early on now as well. But what we have found with Tanner Health because they are more regional in where they are based, they've got less exposure to the Plaque module that other more streamlined systems in the major cities have. So we haven't seen the need to do this type of thing that we've done with Tanner with others yet. So we don't think that's going to make a difference going forward.

So just to sort of summarize that, as soon as SCF is cleared, we can start generating revenue from them straight away.

[David Allen]

The next question is in relation to your staffing in the U.S. The recruiting for the U.S.-based personnel appears to be done in-house at Artrya. As you have a lot of work to get through, why is this not being outsourced to a specialist HR firm in the U.S. to allow more focus on matters such as the onboarding at Northeast Georgia and Cone?

[John Konstantopoulos, executive]

We've actually taken two pathways on that one. Yes, we are doing part of that internally, but that's through introductions from some of our consulting partners who are ex-HeartFlow and bringing in a lot of those relationships. So we're not doing that directly ourselves. We are getting a lot of those introductions. We also do have an external outsource or hiring company, recruitment company in the U.S. that are helping with us with that at the moment as well. So we are really tackling this in two parts.

[David Allen]

A related question. As you're now moving to be more commercial in the U.S., how do you see yourself competing in the market with other technologies such as HeartFlow? They seem to have a lot of salespeople and expensive infrastructure. So how do you see yourself competing with them?

[John Konstantopoulos, executive]

Yes. I mean we've always put a big emphasis on the value proposition of point-of-care and real-time analysis, and we're really starting to see a massive amount of interest in that. So the competing against HeartFlow is really not a direct head-to-head because we are able to provide the clinicians with that real-time approach to assess a patient while the patient is still in the hospital room or the imaging room. So we will be focusing on that going forward. And a lot of the work we have been doing is making sure that our assessment times are coming down as well as a lot of the resimulation times are in near real time as well so that we're expanding that value proposition.

And what we've seen specifically over the last month with a lot of the systems that have long wait times, they are having to adjust their workflow because of HeartFlow's time that it takes for them to do that. And it's really frustrating them where a system like ours can accelerate their throughput and accelerate their efficiencies, and we're seeing a lot of interest over there.

[David Allen]

Your next question comes from Wei Sim of Jefferies and relates to the CPT 1 code. And why do you still need a reimbursement expert in your group?

[John Konstantopoulos, executive]

Yes, it's a good question. It's not for any other reason that we want to make sure that we're across the lives covered for all our products going forward. We do want to have someone that can interact with CMS and Medicare and the private payers in the future as well and to really show the value proposition of us as a company that benefits the insurers as well.

So bringing that in-house really, one makes a difference to us as a company for that understanding of the U.S. market, but also allows us to bring that value proposition to our customers as things change in the U.S. and insurance companies start reimbursing for other modules that we're bringing on board as well.

[David Allen]

Coming back to that commercialization, given that your success relies on the distribution of your product in the U.S., HeartFlow looks to be spending a lot of money on marketing. Why are you not handling the marketing of your product yourself?

[John Konstantopoulos, executive]

So we see the SAPPHIRE study as our marketing arm, and we don't see the need to a, put a huge marketing budget in place to promote what we're doing. What we're finding is that the value proposition of the product automatically does that with a lot of the hospital systems. We already have a group of key opinion leaders that are promoting our software for us in the U.S., and that's where a lot of the introductions to the SAPPHIRE partners have come on from a lot of these key opinion leader introductions. And we're seeing a lot of inbound coming to us at the moment outside of any promotion we're doing, and we're trying to hold off on that inbound because we want to focus on getting the three partners as well as the SAPPHIRE partners onboarded commercially first.

And as I have mentioned in a previous call, the three partners perform about 15,000 scans a year. So that for us is about USD 12.5 million in opportunity. The SAPPHIRE partners perform up to about 400,000 scans a year, which is USD 300 million plus in revenue opportunity. So we don't really need to market or put a big sales team on the ground. Just those partners really will drive a lot of opportunity for us as a company.

[David Allen]

There's a related question, John, on the SAPPHIRE study. How are these large groups expected to use the platform during the study phase? Is there any reimbursement? Or when might you start to generate commercial revenues from those groups?

[John Konstantopoulos, executive]

Yes, it's a retrospective study. So it's not similar to pharma where a lot of the pharma companies may get reimbursement for it. This is a retrospective study that we'll get the scans in and we'll process it from a clinical perspective to show the clinical validity of that novel feature of ours.

But as part of that, we will be integrating into their PACS systems to also receive the data, and that's part of our commercial pathway where we integrate into their PACS systems, we get the scans to -- for the study, but also we are able to start giving them the software to use in situ while they're reporting patients in a normal setting and compare our software to their normal standard of care and show the value proposition that way.

[David Allen]

And related to that, you've got your first three target customers. Do you think there's a high potential that your fourth customer -- commercial customer in the U.S. is outside the SAPPHIRE or from those SAPPHIRE study participants?

[John Konstantopoulos, executive]

No, it will definitely be from the SAPPHIRE study participants. And if you look at the participants in there, there are three small to medium-sized groups. Huntsville Heart Center, Piedmont are the two that we've already announced. And then we have a number of large systems that are part of that as well.

So similar to what we've done with the Tanner Health and Northeast Georgia and Cones, we'll focus on the medium-sized ones first and bring those on board. And then in parallel, we're already in discussions with many of the large ones. Many of these discussions aren't new. We've already started expanding into the discussions with these systems for a period of time already. So it's now just structuring our pathway forward with the SAPPHIRE partners.

[David Allen]

And related to that, John, do you have the resources or capacity to take on a large hospital network such as HCA or Ascension in the SAPPHIRE study? Or would you say that they're too big or difficult to integrate at this point?

[John Konstantopoulos, executive]

So we are focusing on that hub in Atlanta for the group of Tanner, Northeast Georgia, and Cone. And then if you think of the others in that area, Piedmont, Huntsville Heart Center, Wellstar, all in that geographic location. An HCA or an Ascension will probably require a dedicated team to manage those onboardings, those integrations and the support for them as well.

So as we start working and getting closer to contractual and commercial agreements with them, we'll start either shifting some of that support from Atlanta to support this group, and we'll also start hiring to support those large groups as well.

[David Allen]

In relation to your growth in the company, you're better funded, your market cap has grown. Do you want to make a comment perhaps yourself or Bernie in relation to building out the Board and the senior leadership to match that?

[John Konstantopoulos, executive]

So I'll talk about the senior leadership and Bernie is on just to talk about the Board.

Yes, we are working, as I mentioned earlier, on bringing in a senior executive in the U.S. to lead the operational side of their build the business for us, and I'll be working very closely with that person as we go forward. And I will be looking to move to the U.S. next year as well. So that will help a lot of that expansion. And similar to what we've done with the others, make sure that we're bringing on the leadership team there in a structured manner to support our growth in the U.S.

[Bernard Ridgeway, executive]

Thanks, John. I'll take the Board situation. Yes, it's a good question and fully -- investors would fully expect us to bulk up the expertise on the Board. We're well advanced in appointing a new U.S.-based director. And we have appointed a -- well, sorry, rephrase that, we are going through looking at firms at the moment to bring on an additional Australian-based director. So we'll have two new Board members within the next three to six months, one based here in Australia and one in the U.S.

[David Allen]

Thank you, Bernie. The next question comes back to the SAPPHIRE study. How many of those participants are currently using or have already used one of the competing products? I guess this comes back to their desire to work with Salix.

[John Konstantopoulos, executive]

Yes. So that's a really good question. Many of them have used or are using some of the competing products at varying levels of usage and frustration. And as David just said, it's a real testament to what we're doing as a company that they are excited about the software. They're excited about the study and are not taking any other work around other studies that are available from our competitors because they want to work with us using our software in the future so that they can accelerate their need to put something like ours in place to improve their workflow.

[David Allen]

And related to that, John, can you just give a little bit of an understanding about what's involved with rolling out or integrating Salix into these SAPPHIRE partners? What's -- how many people? How long does it take? And how many people do you currently have doing this work for you?

[John Konstantopoulos, executive]

Yes. So first thing, we'll integrate into their PACS system, which is directly a direct connection, which we've now done with Tanner, Northeast Georgia and Cone. So it's a fairly simplistic process for us to do that. That will then get the scans we need for the study being pushed to us. But as I mentioned earlier, because it is connected to their PACS, as patients come in, those scans come to our system as well, which will then give us the ability to provide the software to the clinicians to start comparing Salix to the normal workflow.

We have a team here in Australia that has done all the work with Tanner, Northeast Georgia, and Cone. However, as I mentioned, we are starting to bring on and hire those experts in the U.S. to take on that work so that we have a 24/7 support team, both from an integration perspective with the team work in the U.S. to do that work as well as the team over here who are now experienced at doing that in the U.S. as well.

[David Allen]

We have a follow-up question here from Andrew Wilkinson. In relation to cash flows, given the size of your cash position as you ended the quarter, are you looking at pushing out your target for free cash flow in FY '27 as you accelerate growth and maximize your first-mover advantage. So the question is, will that target move out as you look to accelerate?

[Harvey Farrington, executive]

Yes. Look, thanks, Andrew. Yes, the cash balance is obviously pretty high. As we said before, we expect our cost to increase slightly in the near term as we accelerate into the U.S. But the FDA clearance numbers will be -- the actual regulatory costs will drop away, and we'll reuse that cash for the U.S. build, if you like. So we expect to have a large cash balance for obviously some time. And FY '27, we're still targeting moving to a breakeven position.

[David Allen]

And then a related question, with the SAPPHIRE study participants, obviously, the intention is that you'd like them to move on to commercial agreement. Do you see there's a risk that they maybe don't sign a commercial agreement either during or after the study?

[John Konstantopoulos, executive]

Look, we don't. And we've seen interest from all of them, and we're working with each of those at the moment, first, just to make sure that we sign them up as part of the SAPPHIRE study, get through the ethics approvals this calendar year. And we're already working with some of them in parallel at the moment around the usage of the software in the future as well.

So we don't see that as an issue. But as I mentioned, we have such a large amount of inbound interest from us that if something falls away, we could always bulk that up pretty quickly.

[David Allen]

And coming back to SAPPHIRE study. The question is in relation to a little bit more background or color on the sales pitch with these groups that have signed up to the SAPPHIRE study. How do you sort of promote yourself information-wise or featuring the product? And what are the key things that are securing them? Is it the speed, accuracy, visualization? So maybe you'd just like to comment on that sales cycle, John?

[John Konstantopoulos, executive]

Yes. I mean there's really three major things that really drive our value proposition compared to our competitors. One, we can streamline the Coronary CT process and reporting into a single solution where our competitors provide multiple solutions, which makes it pretty frustrating for clinicians when they've got to click between screens and between different bits of software. And that also consolidates and optimizes how clinicians report, so it brings everybody up to the same level.

The second piece of it is because we are able to provide this in real time, their throughput improves quite drastically as well, so they can bring a lot more patients through the system. That really helps from an efficiency perspective and a cash perspective or a revenue perspective, but it also allows them to enrich the patients that are going for elective PCI or elective stenting as well, which they can really grow their volumes over there and get more patients going through that a lot faster.

And for many of the systems in the U.S., they also have what we call independent diagnostic centers or freestanding emergency rooms where they're trying to scale that a lot faster as well. And having a tool like this that provides the clinician with the opportunity to report in real time allows them to enhance those freestanding diagnostic centers or emergency room centers because they can get more patients through there and rule them out of the hospital system either a lot faster or discharge them a lot faster or bring them in a lot faster as well.

So we are seeing a lot of value propositions to our software on its own, which is driving the interest into the SAPPHIRE study. And part of the SAPPHIRE study is that novel component of ours, which looks at how plaque is dispersed on the coronary artery. And that really changes the risk and the treatment profile for the patient over time, and that's where they're getting excited from a research perspective as well.

And the final thing is we've mentioned in the past that we are putting also a big focus on coronary artery disease in women. It's a very underserviced or underdiagnosed and undertreated area or demographic because they get treated the same way and diagnosed the same way as men and women's coronary arteries -- the structure is very different to men. So having our novel features around plaque assessment as well as this dispersion piece is going to allow us to bring additional value proposition around this extra demographic that is underdiagnosed and undertreated at the moment.

[David Allen]

Thanks, John. We don't have any more questions on the line at this stage. I'd like to add that we've had a very strong attendance today. So thank you for everyone who's joined the call and for your interest in Artrya. I'll hand you back now, John, for any final remarks.

[John Konstantopoulos, executive]

No, I appreciate the time for everybody. And as I mentioned, it was a strong quarter this past quarter, and we are really accelerating the pace in a number of areas to move towards this commercial setting as a company and launching into 2026. Again, thank you for all the support thus far, and I'd like to close the call now.

[David Allen]

Thank you, everyone. That does conclude the call. Thank you for participating, and you may now disconnect.