Good day, everyone, and welcome to the iSpecimen Third Quarter 2022 Conference Call. [Operator Instructions] This conference call is being recorded. A replay of today's call will be available on the Investor Relations section of iSpecimen's website and will remain posted there for the next 30 days. I will now hand the call over to Allison Soss, Investor Relations, for introductions and the reading of the safe harbor statement. Please go ahead.

Thank you, operator. Good morning, everyone, and welcome to iSpecimen's third quarter 2022 results conference call. With us on today's call is Tracy Curley, Interim Chief Executive Officer and Chief Financial Officer. Before we begin, I would like to remind you that today's call contains certain forward-looking statements from our management made within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities and Exchange Act of 1934 as amended concerning future events. Words such as may, should, project, expect, intend, plan, believe, anticipate, hope, estimate and variations of such words and similar expressions are intended to identify forward-looking statements. These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's Form 10-K for the year ended December 31, 2021, filed with the SEC. Copies of this document are available on the SEC's website at www.sec.gov. Actual results may differ materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation to update these statements for revisions or changes after the date of this call, except as required by law. Now it is my pleasure to introduce Tracy Curley, Interim Chief Executive Officer and Chief Financial Officer. Tracy, please go ahead.

Good morning, everyone, and thank you for joining us today on our third quarter 2022 earnings conference call. Today, I will begin by addressing some recent changes in the C-suite, followed by a review of our operational and financial performance for the three and nine months ended September 30, 2022. We will then open the call for questions. As reported in September and effective on October 25, both Christopher Ianelli, former CEO, and Jill Mullan, former COO, are no longer with the company. I would like to personally thank Chris and Jill for the important contributions they made in constructing and building a proprietary marketplace platform that connects life science researchers with valuable specimens. I am confident that their vision will continue. The Board and I understood that the simultaneous departures of the CEO and COO, coupled with naming me Interim CEO, represented one of the most important changes to the company, especially in a public context. Against that backdrop, I am pleased to report that the entire organization successfully mobilized to ensure continuity both internally and externally and to make certain that we continue to provide superior customer service and successfully facilitate transactions across our platform. Our core business remains strong, and we haven't missed a beat. At the same time, I would be remiss if I didn't express my deep gratitude to the entire iSpecimen team for their continued strong work and dedication to our collective vision and success. Their understanding and willingness to move forward in a positive, productive and collaborative manner has been invaluable to me. While it has been a little over six-weeks since my transition, I've increased my efforts to manage my expanding responsibilities as Interim CEO, while continuing as the CFO. Since my appointment, I have increased cross-functional team communications to help improve…

Thank you. [Operator Instructions] And it will come from Matt Hewitt with Craig-Hallum Capital. Please go ahead.

Good morning, Tracy. Thanks for providing the update and all the detail. Maybe the first one for me. There's been a lot of questions and comments the past quarter or two regarding the health of the biotech and pharma markets. You touched on it briefly. But I'm just curious, what are you seeing and hearing from your customers both on the supply and the procurement side as far as the health of that market? I know it's primarily the small biotech and pharma customers. But are you seeing some of that impact? Or what could you tell us there?

So on the customer side, we are seeing that we are still getting projects, but they're smaller in value, possibly more specimens, but the values are smaller. But in our opinion, they're preserving cash. They're continuing to do research, but they're trying to preserve cash at the moment.

Got it. And then I think one of the things that you mentioned earlier is that your plan -- one of the enhancements that you're going to be making is to the search capabilities. And I'm just curious, as you work through something like that from a functionality standpoint, what steps -- or what do you put in place to ensure that you don't have any disruption to the ongoing business?

Well, we're doing that in parallel. And we're doing a lot of testing, if you will, off into an environment that doesn't impact. So we don't go live until we're sure that the product is ready to go live. So there's no disruption.

Got it. All right. And maybe one last one and I'll hop back in the queue. I think you laid out a few different enhancements that you're going to be working on: a couple for the first half, one for the second half of the year. Of those 3, what do you view as being the biggest potential driver to accelerating growth and profitability? Thank you.

For me, it's the revenue stream associated with the data. This is something that we talked about pre-IPO that the proceeds that we raked in the IPO were going to be used to develop our technology further. And one of the things we discussed was our ability to tap into our data so we can monetize that. So to me, that's a really exciting thing, that, by the middle of next year, we're going to be doing our pilot on data as a revenue stream. So I'm pretty excited about that, Matt

That’s great. Thank you very much.

Thank you.

And this will conclude our question-and-answer session. I'd like to turn the call back over to Ms. Tracy Curley, Interim CEO and CFO, for any closing remarks.

I would like to thank everyone again for joining us today and for your continued interest in iSpecimen. We look forward to having follow-up conversations with many of you and to seeing many of you at upcoming events. And with that, I thank you. Have a great day.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.