Good afternoon ladies and gentlemen and welcome to the Third Quarter of Fiscal Year 2018 Earnings Conference Call for Helius Medical Technologies. At this time all participants have been placed on listen-only mode. Please note that this conference is being recording and that the recording will be available on the company's website for replay shortly. Before we begin, I would like to remind everyone that our remarks and responses to your questions today may contain forward-looking statements that are based on the current expectations of management, including statements regarding the potential FDA approval of the PoNS device, the future commercialization of the PoNS therapy and expected future clinical and regulatory timelines. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those indicated, including those identified in the Risk Factors sections of our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Such factors may be updated from time to time in our filings with the SEC, which are available on our website. All statements made during this call are as of November 8, 2018. We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise, except as required by law. I would now like to turn the call over to Mr. Phil Deschamps, Helius Medical's Chief Executive Officer. Please go ahead, sir.

Thank you very much, Jesse. Welcome everyone for Helius Medical's third quarter of 2018 earnings conference call, which happens to be the first quarter of the earnings call that we've hosted in our company's history. I'm joined on the call today by Joyce LaViscount, our Chief Medical Officer and COO. We have a lot to cover on today's call. So let me begin with a quick agenda. I'll begin with an introduction and a high level overview of Helius Medical Technologies, which will include a review of our recent operational progress. Following these remarks, I'll turn the call over to Joyce to update you on our financial results for the period ending September 30, 2018, and then I'll return to share a few closing thoughts before opening the call for questions. As this is Helius Medical Technologies' first quarterly earnings call, we thought it would be helpful to provide everyone with a description of our company. Helius Medical Technologies was incorporated in 2014 and is based in Newtown, Pennsylvania. Helius is best described as a neuro-tech company focused on neurological wellness in the medical device industry. We have developed a noninvasive neuromodulation-based technology, which we call the Portable Neuromodulation Stimulator or PoNS. This is an experimental device that's not been cleared for marketing in the US. PoNS recently received authorization from Health Canada to be marketed in Canada as a Class 2 medical device. This novel technology is used in combination with physical and/or cognitive therapy to provide what we refer to as PoNS treatment. PoNS treatment has been demonstrated to help the brain to recover from the symptoms caused by neurological disease and trauma. During treatment, patients wear our PoNS device which provides gentle stimulation to the tongue by a mouthpiece while performing physical and cognitive therapy twice a…

Yeah, thanks, Phil. Operating expenses for the third quarter 2018 decreased $1.1 million or 18% year-over-year to $4.9 million compared to $6 million for the third quarter of 2017. The change in operating expenses was driven by $1.5 million decrease in research and development expenses, which was due to the reduced clinical trial expenses and product development costs. This offset partially by an increase of $0.4 million or 19% year-over-year in general and administrative expenses primarily due to higher wages and salaries as well as increased consulting expenses relating to our commercial infrastructure build out. Loss from operations for the third quarter of 2018 was $4.9 million, compared to a loss from operations of $6.0 million for the prior year period. Total other income expense for the third quarter of 2018 increased $7.3 million year-over-year to an income of $0.4 million compared to an expense of $7 million in the third quarter of 2017. The year-over-year increase in total other income expense was driven primarily by the change in fair value of derivative financial instrument, which was a gain of $0.4 million for the third quarter of 2018 compared to a loss of $6 million in the third quarter of 2017. The change in fair value of derivative financial instrument was primarily attributable to the change in our stock price, the volatility and the number of derivative financial instruments being measured during the period as we request non-employee stock options previously recorded as derivative financial instrument to equity. The increase in total other income expense was also driven by the change in foreign exchange gain/loss, which resulted in a gain of 1000 for the third quarter of 2018 compared to a loss of $1 million in the third quarter of 2017. The change in foreign exchange gain/loss was primarily due…

Thank you, Joyce. Overall we are really pleased with the significantly progress that our company has achieved in the recent months. As we look ahead to the remainder of the year and 2019, we'll continue to focus on the key activities that are outlined to begin commercializing the PoNS treatment in Canada and to prepare for potential commercialization in the US. Specifically we expect to build our commercial and operating infrastructure through our exclusive strategic and distribution alliance with HealthTech Connex in Canada, while continuing to advance our clinical experience programs in the US in anticipation of FDA clearance. In addition we intend to submit applications from marketing authorization in Europe and Australia by the end of 2018 which represents future long-term opportunities for commercialization. Since the inception of the company, we have been working on our intellectual property portfolio. Today we received over 50 patents for the PoNS in the US and around the world. This includes method patents that protect the method of delivery of our treatment. We believe our IT portfolio will present a significant better year to entry competition. We believe that our focus and execution with respect to our key activities will position Helius to bring our innovative PoNS treatment to market efficiently and effectively, improve the lives of patients and their family and address the large global unmet need for the effective treatment of balance deficit due to TBI in addition to delivering long-term value to our shareholders. With that, operator, let's open it up for questions.

Thank you. [Operator Instructions] We are currently showing no participants in the queue. I will now turn the call back to the speakers.

Okay. Thanks, operator. Then in closing I would like to profoundly thank our employees, shareholders for their support, as well as everyone on today's call for their interest in Helius and as always if you have any questions, please feel free to email us at our Investor Relations mailbox info@heliusmedical.com. Thank you very much everyone.

That does conclude our conference call for today. Thank you for your participation.