Good afternoon, ladies and gentlemen, and welcome to the Pulse Biosciences First Quarter 2025 Financial Results Conference Call. At this time all lines are in listen-only mode. Following the presentation we will conduct a question-and-answer session. [Operator Instructions]. This call is being recorded on Thursday, May 8, 2025. I would like to hand over the conference to the first speaker today, Trip Taylor, Investor Relations. Please go ahead.

Thank you, operator. Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views as of today, May 8, 2025 only and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations, and other similar information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in our filings with the U.S. Securities and Exchange Commission. Our SEC filings can be found on our website or on the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. We will also discuss certain non-GAAP financial measures. Disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, can be found in the press release. Please note that this conference call will be available for audio replay on our website at pulsebiosciences.com in the News and Events section on our Investor Relations page. With that, I would now like to turn the call over to Co-Chair of the Board and Chief Executive Officer, Paul LaViolette.

Good afternoon, and thank you for joining. Pulse Biosciences has made strong progress through the first quarter and today. Since we held our last call just five weeks ago, I will keep our updates focused on new achievements and status while highlighting our progress within each of our market programs. I will then turn the call over to our CFO, Jon Skinner, who will review the first quarter 2025 financial results. We will then be joined by Bob Duggan, Co-Chair of the Board for a question-and-answer session. Pulse Biosciences at its core is an innovative medical device company focused on advancing human health by developing and commercializing its proprietary Nanosecond Pulsed Field Ablation technology. Nanosecond Pulsed Field Ablation or nano or nsPFA technology builds on the strength of microsecond PFA fast, safe and workflow efficient while creating a fundamentally different mechanism of action to enable a deeper ablation in shorter delivery times, all while delivering lower energy levels, which further reduce the risk of thermal damage. Our early clinical studies in multiple applications and our initial launch efforts in soft tissue ablation indicate Nanosecond PFA will be a truly disruptive technology. As a next-generation leader in Pulse Field Ablation and with unique and versatile platform, our focus reflects a commitment to advance therapies that can transform care across multiple large markets. Our company's seven FDA clearances, treatment of over 6,000 patients and FDA breakthrough device designation for our cardiac surgical clamp have largely derisked the technology and serve as strong validation of its proprietary mechanism of action and therapeutic potential. Pulse Biosciences is focused on a few main objectives in 2025. Our top priorities are initiating commercialization of the percutaneous electrode for soft tissue ablation in benign thyroid disease and initiating IDE pivotal studies for our Cardiac 360 catheter and…

Thank you, Paul. Now I will highlight our GAAP and non-GAAP financial results. I encourage listeners to review today's earnings release for a detailed reconciliation of non-GAAP measures to the most comparable GAAP measures. In the first quarter of 2025, total GAAP costs and expenses increased by $7.4 million to $18 million compared to $10.6 million in the prior year period. The increase in GAAP costs and expenses was primarily driven by an increase in noncash stock-based compensation, which was $5.7 million in the first quarter of 2025 compared to $1.8 million in the prior year period, along with other compensation and administrative expenses related to the expanding organization to support advancement of our nsPFA device clinical trials and commercialization. To remind everyone, non-GAAP costs and expenses exclude stock-based compensation, depreciation and amortization and legal settlement expenses. Total non-GAAP costs and expenses for the first quarter of 2025 increased by $4.1 million to $12.7 million compared to $8.6 million in the prior year period. GAAP net loss in the first quarter of 2025 was $16.8 million compared to $10.1 million in the prior year period. Non-GAAP net loss in the first quarter of 2025 was $11.4 million compared to $8.1 million in the prior year period. As of March 31, 2025, cash and cash equivalents totaled $119.3 million compared to $34.9 million as of March 31, 2024, and representing an increase of $1.2 million versus year-end 2024. Cash used in operating activities during the first quarter of 2025 was $13.5 million compared to $9.8 million used in the same period in the prior year, and $9.1 million in Q4 of 2024. This was more than offset by $14.1 million in proceeds from the exercise of warrants. Now joining us for the question-and-answer session is Bob Duggan, Co-Chairman of the Board. Operator, please open up the call for questions.

Thank you, operator. Thanks to all participants on the call today for your interest in Pulse Biosciences. We look forward to providing additional updates on our progress in quarter three. Thank you.

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.