Good day, and welcome to the Organovo Holdings Fiscal Third Quarter 2017 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Steve Kunszabo, Investor Relations. Please go ahead.

Good afternoon, and thanks for joining us. I’d like to welcome you to our fiscal third quarter 2017 earnings call. Joining me on the call this afternoon are CEO, Keith Murphy; our CFO, Craig Kussman; and our General Manager, Paul Gallant. Today’s call will begin with a discussion of the 2017 fiscal third quarter results, followed by Q&A. Before I turn things over to Keith, I’d like to caution all participants that our call this afternoon may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical fact, and include statements about our future expectations, plans, and prospects. Such forward-looking statements are based upon our current beliefs and expectations, and are subject to risks, which could cause actual results to differ from the forward-looking statements. Such risks are more fully discussed in our filings with the Securities and Exchange Commission. Our remarks today should be considered in light of such risks. Any forward-looking statements represent our views only as of today, and while we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our expectations or views change. During the call, we’ll also be referring to certain supplemental financial measures. These supplemental financial measures are not prepared in accordance with generally accepted accounting principles. Please refer to today’s earnings release for a definition of these supplemental financial measures. With that, let me turn over to Keith.

Thanks, Steve, and good afternoon, everyone. I’ll kick us off by highlighting that with a quarter still left in fiscal 2017, we’ve already more than doubled our total revenue from the previous fiscal year. Excellent progress on many fronts during the last several months, but we have a great deal left to do. New markets, new tissues and new applications are on the horizon, as we seek to maximize the value of our platform technology. The foundation of our business remains compelling. We address attractive and growing markets with critical unmet needs. We enjoy favorable competitive dynamics with a first-mover advantage. And finally, we’re technology leaders with a strong IP portfolio. While we may have some unevenness on how our quarterly revenue tracks to our long-term growth profile, these key elements will continue to serve us well. We revised our guidance today closer to the lower-end of the range, where we originally started the year due to some temporary headwinds. Our fiscal third quarter was strong and continued our solid year. Our fiscal fourth quarter won’t be quite as strong due to a couple of specific short-term challenges that I will cover today. However, we expect to be back on track with a robust sales pace in a few months. With that overview, I’ll move on to my customary business update and focus on two primary areas. Progress in our preclinical safety segment and how we’re addressing this bump in the road and advancing our liver therapeutics tissue and what lies ahead in the coming months and years. As always, Craig will follow me with a detailed financial review, and Paul Gallant, the GM of our commercial business is also here to join us for Q&A. In our in vitro business, liver research services continue to be our primary source…

Thanks, Keith, and good afternoon, everyone. I’ll start by recapping our key financial metrics for the fiscal third quarter, and then walk you through updates to our fiscal 2017 outlook. I’ll wrap up my thoughts by briefly reviewing our balance sheet and liquidity profile. Organovo generated fiscal third quarter total revenue of $1.2 million, which was up 251% from the prior year period, but down 16% sequentially. On a year-over-year basis, total revenue benefited from an increase in customer activity for our tissue research services and milestone achievements to our collaborative work with Merck and L’Oreal. When assessing the impact of collaborations revenue on our overall financial result, it’s important to remember that revenue recognition can be uneven or lumpy, given the nature of these research partnerships. These agreements are often long-term and typically have multiple phases with interim milestones. As we transition through the various parts of these contract, it is common to have meaningful quarterly variances as we complete work and plan next step with our partners. Keeping this in mind, our updated fiscal 2017 total revenue guidance assumes very minimal contribution from collaborations revenue in the fiscal fourth quarter. I’ll focus next on operating expense. We reported $0.2 million in cost of revenues for the fiscal third quarter. As a reminder, we began reporting this expense line item for the first time at the beginning of this fiscal year. It captures our costs related to manufacturing and delivering our product and service revenues. It’s an important indicator of how effectively we’re commercializing the business and provides insight to our financial help when considering the associated profit margins. Research and development expenses were $5 million, a 10% year-over-year increase, largely due to higher costs related to increased staffing and lab supplies. We continue to expect that higher employee-related…

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Our next question comes from Brandon Couillard of Jefferies. Please go ahead.

Our next question comes from Ren Benjamin of Raymond James. Please go ahead.

This concludes our question-and-answer session. I’d like to turn the conference back over to Keith Murphy for any closing remarks.

Thank you very much. I want to thank everyone for joining us today and thanks everyone for the engagement in the good questions. Just to sum up, we’re very confident in our technology. We’re very confident in our results to-date, and we’re looking forward to a very strong rest of the year and calendar 2017 here. We look forward to engaging with you at the next call and summarizing how we move forward on – over some of these operational hurdles and continue to showing – to continue to show good progress, both on the uptake of our tissue services, but – and also moving forward and giving you more information on the pipeline, on the timeline for the liver therapeutic tissue. So thanks, everyone, for your time today. And I appreciate it and thanks from the whole Organovo team here. Thank you.

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.