Greetings, and welcome to Pulse Biosciences First Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host Philip Taylor, Investor Relations of Pulse Biosciences. Thank you. You may begin.

Thank you, operator. I hope that you all are keeping well during this time. We are hosting our call from a number of different locations today, so please bear with us, if there are any technical challenges or pauses. Before we begin, I would like to inform you that comments and responses to your questions during today’s call reflects management’s views as of today, May 11, 2020 only, and will include forward-looking statements and opinion statements. These include statements regarding our plans and expectations relating to regulatory clearance, including the process, timelines and expected outcomes, our commercial, operational, scientific, clinical and financial projections, product including the uses and applications of such products, the impact of the COVID-19 pandemic on our business, our expectations regarding our rights offering including our ability to raise capital and other future events. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are described in our filings with the SEC including our most recent Form 10-K filed on March 16 2020. We undertake no obligation to update forward looking statements. Our SEC filings can be found through our website or at the SEC’s website. Investors are cautioned not to place undue reliance on forward-looking statements. Please note, that this conference call will be available for audio replay on our website at pulsebiosciences.com on the News & Events section of our Investor Relations page. With that I would now like to turn the call over to our President and Chief Executive Officer, Darrin Uecker.

Thank you all for joining us this afternoon middle-east time times. I'm going to start with thanking all of the healthcare front liners, essential workers and first responders currently supporting all of us through the COVID-19 crisis. Our thoughts are with everyone who has been impacted by [technical difficulty] and while we have faced unprecedented circumstances in the last several months, as we adapt to the challenges brought about by COVID-19, we remain optimistic about the near-term and long-term prospects for Pulse Biosciences and our Nano-Pulse Stimulation technology. As with all companies during this unusual time here at Pulse Biosciences, the number one priority is the safety of our employees. And we have been diligent and taking precautions to mitigate the risk of COVID-19 infection in our community. On March 16, we closed our office and for the safety of our employees instituted a work from home policy, consistent with a shelter in place order that was announced in the San Francisco Bay Area counties of Northern California, which includes Alameda County where our headquarters are located. We are still operating under these conditions as the current order is in effect until May 31. The small number of employees who are not able to perform the required functions of their role from home have been able to visit our office which is sanitized twice daily in staggered shifts to maintain proper social distance and ensure their safety. Members of the R&D, engineering and scientific teams have had restricted access to our laboratories at limited occupancy also to maintain social distance during this time. We were following the guidelines provided by the County, State and Federal Agencies. And we are grateful that at this point, none of our employees have tested positive for COVID-19. Fortunately, these workplace adjustments have not caused…

Thank you, Darrin. I will start by sharing our customer observations and recent primary market research on the impacts of COVID-19 precautions on physician’s practices, and aesthetic dermatology procedure volumes. We all understand that electric procedure volumes decreased considerably from mid-March to April has medical facilities followed various state and local regulations for elective procedures. Impact on elective procedure volumes have varied based on the specific regional guidelines and in general, that the firm procedures are being rescheduled. To better understand dermatology elective procedure prospects. We recently conducted a nationwide online survey just last week with 37 aesthetic dermatologists seeking their impressions on the current impact of COVID-19 precautions and the future outlook as restrictions on elective procedures are lifted in the coming weeks and months. Not surprisingly, 92% of the physicians reported current anesthetic procedure volumes have either reduced by at least 50% or up to a complete reduction of all aesthetic procedures. However, when asked about when they anticipate on resuming aesthetic procedures once restrictions are lifted, the majority of dermatology practices expect to begin elective aesthetic procedures again within a few weeks to two months. And they predict the resumption of normal [indiscernible] aesthetic procedures as soon as several weeks to as long as six months in some cases, with the majority of practices predicting recovery to normal aesthetic procedure volumes in two months or less. This optimism for rapid recovery was further reflected in advanced procedure bookings. 75%, of aesthetic dermatologist said that they are actively scheduling future procedures or have never stopped scheduling future procedures for available calendar dates in the future. Finally, once aesthetic procedures open up again, most dermatologists expect to resume in person discussions with industry representatives, such as our sales team within a few weeks to a few months. These findings…

Thank you, Ed. Operating expenses for the three months ended March 31, 2020 were $12 million compared to $10.4 million for the prior year period. The increase in operating expenses was driven by the expansion of operational infrastructure, including the marketing and sales functions as well as the expansion of the research and development team and clinical trial costs. Included in the three months ended March 31, 2020, operating expenses was $2.6 million of stock-based compensation versus $2.4 million in the year ago period. General and administrative expenses consists of salaries and related employee expenses for executives, sales and marketing, finance, legal, human resources, information technology and administrative personnel, as well as professional fees, patent fees and costs, insurance costs and other general corporate expenses. General and administrative expenses increased by $1.2 million to $5.6 million for the three months period ended March 31, 2020 from $4.4 million during the same period in 2019, primarily related to increase personnel from a year ago. General and administrative expenses are expected to continue at approximately the current rate for the remainder of 2020. Research and Development expenses consists of salaries and related expenses for manufacturing, research and development personnel, as well as clinical trials and consulting costs related to the design, development and enhancement of our potential future products. Research and development expenses increased $0.3 million to $6.2 million for the three month period ended March 31, 2020, from $5.8 million during the same period in 2019, primarily due to related increased personnel from a year ago. Research and development expenses are expected to continue at approximately the current rate for the remainder of 2020. Net loss for the first quarter ended March 31, 2020 was $11.9 million, compared to $10.1 million for the first quarter ended March 31, 2019. Cash used…

Thank you, Sandy. Before I hand the call back to the operator for Q&A. I would like to thank everyone on the call for your continued interest in Pulse Biosciences. I would also like you to know, that we at Pulse Biosciences remain optimistic, in particular about the progress we're making on our three key objectives, regulatory clearance on our CellFX System, both in the U.S. and in the EU. Preparations for commercial launch of the CellFX System in those territories and our upcoming rights offering, during and in spite of the challenges of the COVID-19 pandemic. As a company we have and will continue to persevere keeping ourselves focused on the vital few key objectives in front of us. I am extremely grateful for the entire Pulse Biosciences team, our employees, our Board of Directors, our consultants, contractors, suppliers, and many other partners without all of them, we would not be making the progress we are in this challenging time. Looking ahead, we will continue to monitor the potential impacts of COVID-19. We look forward to returning to our office and are ready with the accommodations necessary to keep our employees safe when the local government gives us the go ahead. Until then, we will continue to work from home and overcome the challenges we are confronted with in pursuit of our key objectives. Joining me for Q& A is at Ed Ebbers - Executive Vice President and General Manager of Dermatology and Sandy Gardiner - Executive Vice President and Chief Financial Officer. Operator, let's open the call for question.

Thank you operator and thank you everybody for dialing-in. We appreciate your support. Stay safe and healthy during these challenging times.

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.