Pressure BioSciences (PBIO) 21 Nov 232023 Q3 Earnings call transcript

Greetings. Welcome to the Pressure BioSciences Q3 and Year-to-date Investor Call and Business Update.

[Operator Instructions]

Please note, this conference is being recorded. I will now turn the conference over to your host, Richard Schumacher, President and CEO.

begin. may You

actually Appreciate holiday there, I and we John. some This thanks, for it -- you everybody, a make so your we Thank apologize couldn't I done it's get to auditors it. done. had not us. that didn't may of a some know week, to into usual. that have And did, Friday. as joining but want it started with holiday everything sure and holidays, a get it you, ran and And in already to week, convenient is was had we on number of we our I things as a file

filed we So it yesterday.

wish happy and happy to So everybody a holiday. if a I Thanksgiving I forget, want

I of triple Some hell through surgery, replaced. the August, you many know that know of I I of you and heart you open went personally, -- valve had I had in aortic bypass some

I have this thanks for normal year for. So give my to a to me, addition in personally lot

I'm I've it of a number been now. I'm it. So for weeks at at back.

But later, So day, hurting a I anything for day. I'm chest -- healthy my X.X-hour I I month was take walk in lot and operation. every was a guy. started a don't a granted. one for

remember we So let's and something on that to and to all about, Thanksgiving have day. give guys, give many thanks things every

we remarks Litigation may So Securities meaning to I'm of the constitute the going within that up Act need statements of front. Reform to some reading following XXXX. forward-looking by read The remarks start Private

of Exchange in which from performance may and factors time include, risks, company's be unknown and results, and with Commission. the Such those results, from the by others, statements. cause achievements the or forward-looking any performance expressed future company detailed actual the different Securities achievements or to such known factors, among other to materially or time involve statements implied filings Forward-looking uncertainties

expectations in to agenda circumstances undertaking which similar forward-looking or to conditions is past. any agendas the change or any revisions disclaim release We our The expressly or any is to any reflect or publicly events, of based. today to in statements updates obligation statement any such the on change

to and Jeff First, is Jeff. financial I the Board business PBI update. back Chairman. Peterson, PBI's review welcome to Jeff want Welcome,

pleasure a It's join you to again.

start third For and XXXX quarter today's going year-to-date. very meeting, the we're a discussion to financial brief results of with

take time results As I the mentioned has to questions the because release the been before, but no really end, going has The We'll through is everybody them. of filed. lot a Q press need there's out. at spend

important the and I very, very is quarter the accomplishments think our what's more exciting that going to fourth goals about talk on. for A year. lot made next talk are and about of things also we've

commercializing think had are the Ultra into you, have. I I Some move very to of we've going Shear. past exciting or a you think in in that has we further times exciting best I the to of very, there's as quarters, lot come. and past But yet the And we year things on talked that some X,

to for, So briefly we going And be of do through we only and be I to time I remaining, them make. course, been always, but build as to finances, our questions best up open the fun go And here, that's the phone and if a into not investors. after that probably sent for going that time remarks we're employees going our to lines. a also have -- it's going we're few think, with in, answer Jeff

our quarters versus this third to and 'XX year-to-date. very had. course, QX matched good talk We X of good So ever record overview months first, quarter we've financial I'm at the going to look it date a -- of that to the about a X QX as briefly comparatively date. and Basically, of

John And after release, good and said want John a over year, we've start been working do as was how numbers. months, press learned where has with to X we in the those X we good hard said one. what are. all way where we revenues, it -- or these see X past want on enough. really we increase to not and numbers a We're it's the We them. the being So they But not happy

it of Ultra X. Ultra And quite shipping and frankly, shipping Shear on just on summer and a know and rest Shear that taking started we we is in to the October lot going orders

a where to is we're going it's yet, of a business, them. though technology that even core not putting into instruments, our because so it's of lot this of cycling But and our them lot happen. is lot effort a And on focus really not happening pressure

burgeoning what terrific the We're around We've the which a instruments having had -- so world. we've economy best what do, for a India, we there up with placing we is year far in distributor signed sell. maybe

we We doing So core is understand big Ultra how the not Shear going until will this coming think our starts and well. everyone something we say, is is weeks to And believe over that and years take wait hitting, Ultra business Shear months. few to be hit.

about exciting And so that's what's it. so

than last sales, through better consumable X quarter that all quarters, quarters consumable than last total revenue, all equal or revenue and better are in year. X better not as total than year, So any instrument our the in but than year and or had sales I to just last we've said, better sales And instrument were sales past. revenue,

while not on is cash very it's going John do to to whatever flow. it and business hard because working come continue to happy in believe take to grow Ultra it the satisfied core we're we So that But we're XXXX in starts and as will. with it, with Shear brings strong

the of couple financial on A end. things important

press we release. to the is in the in find is first it release, but this -- thing Q, the The and it's press in that hard

about burn was reduced cash Our XX% year-over-year. by

$X $XXX,XXX quarter for third in So $XXX,XXX over our our to in cash to XXX,XXX $X burn XXXX. months X was burn a little the about for X million month, of XX% less a date, was And quarter. cash which the the year about burn of the favorably first year, was or this ago. the a cash months last million than -- compares months X which year

we've So $XXX,XXX taken for $XXX,XXX operations in it from about XXXX. to cash down XXXX, required in

cash. So we're our carefully watching very

helpful to stock moment. at of are Some have the us which take the we to who burn cash than investors is because rather is cash, willing

of gone the cash the has but very burn, is gone stock So down. has number up important, shares which

operating thing is The other loss.

same X%, but the compared year, the loss about slightly was the quarter last operating was down this Our loss the months. in year significantly X operating in third down quarter to first

don't charges If you expect the third take onetime to out were see quarter again. that in we the that

You and operating our our out down cash take was significantly. loss them --

several Jeff -- So a going press and number about we accomplishments. number put I to together put won't We of together Q, talk lot. and we we through. a are put the But spend of in in go the a as accomplishments. together you release

the but close I review the was would a think it publication to clearly Ultra best number thing Jeff accomplishments. a us the products quarter it a very asked groups peer clearly just of and happened in I've in operational our speak the who the top in X that's And to of #X minute, natural on paper accomplishment the in to in one, the accomplishments, journal country, by of he nanoemulsion Shear CBD. cannabis terms Dr. if and was It is

our study he talked using in bioavailability primarily unprecedented Nano CBD. speed, that efficiency, about his found Sola the animal reliability and

And And I'm going to in to at if take more end, questions them. go detail. Jeff into that ask the then bit little we'll there's a

We India. a life the a in is distributor in announced of distribution which people's Bioscreen, also estimation, science agreement with #X lot

they're very they're X sent They to lot have telling on over they're training, and looking instrument sales but very, XXXX. to happy. for train we're purchased us they think So in a start it, Jim going of Benke them to we --

team order to XXX they order white by gave us CBD So we're the an it about label nano that service that. they increased at -- We're very who excited an going initial were veteran of models for tenfold. excited

relationship multiplied [indiscernible]. it "No, and by have X,XXX we Arts XX the Marshal models." a with They They said, need mixed

veteran to team, their If DSD, service go you dsd.org. website,

them NanoCBD that off You the reasonable start product market let and a they know and very, selling good can it to order decided it it very they're both people going a to at from what price seed the to is. try

So dsd.org.

XX patent, and Ultra And Ultra issued so Canadian got are world patents Shear first that XX pending in more to which we around brings our and X Shear. us in up issued patents the

grow continues Shear. the So to grow Ultra is and our which right an area, IP in estate

of extend can, looked at that in process, a data fresh at are release pretty we day. were talked There vegetables. the that XX like looked they with where and strawberries picked days the CBD strawberries CBD bad. CBD shelf fruits extend there life was that like the way in saw press lot fact, in things look Nano True a to And being as Ultra a Nano produce of sprayed out you were There's lifetime. that Nano Shear X when that I about days

State, call So beverage this. about studies, this. And uses technology. particularly work publish Ultra to and had our us partner, several Shear we're in about who area people and We've continuing the Ohio is the food looking of at on is

this starting in in the we'll companies third important X But that had companies. public and So brief. what my it like couple running is and announcements of year-to-date. I've those I've are fourth arena the -- I've in is I and is public them that publicly try of be do years this to releases, been the company. things And some the to of now press had. in happened quarter Jeff, for any to wonderful of But traded on terms turn have this XX-plus a most one I'd

it's that in have We've of this -- it will be. had to had today that. before, doesn't I'm to people, what deaf word a going its We're lot I terms to Ric, said, that out. get X on but I'd to going fix but put the hasn't ear It announcements impact somebody ears, impact and yet. shame top great I of in the a fell the was talking of who have

[indiscernible] in journal that article. needs So what Professor know was and what the found to world

to So short I'm a to turn you. over Jeff, do it going synopsis, to

Ric. Thanks,

drop important active the a is it's that significance for the the So nanoemulsion of over for in oil gone oil that think down active considerable in material and the incredibly in droplets and X-nanometer maybe of Ultra down preferably that nanoemulsion Shear that I everybody to in There the nanometers, anymore oil oil the kind has that to this, stage can't amount it's the get issue years XXX you're where absorption in is critical the droplet what from are soluble whatever as the about size below is here. and bioavailability of the an body the getting to understand size, differentiation these tiny technology after desired impact hide just to of of inside. published set been improving molecules

delivers that impact that the it. and ultimately just animal a larger product tiny is size the the fast the body plant droplet and so human with so for active Most droplets. bioavailability product the size that the droplets the nearly passes the full emulsions node through tiny delivery in consuming or consistently and the full is of or Traditionally the to is of of it and controlling excreted at they're or

the industrial with adequately the to therefore, that breaks can start are struggle conglomerate have to into customer larger And There nanoemulsion droplets. struggled of they with to damage droplet that in ability out unstable heat the size give other exposure the ones have that to inconsistent and and the bases and emulsion product you scale emotion technologies product the that an are or the the scale or there down. serve

its numbers consistent very size. benefit nanometers, can for whether nanometers, can large make in at But here of effectively it's to at critical size as to R&D we literally reasonably is do can tune multiple to work that that our where large the molecules XX we do industrial and of on the Shear well. sizes it, batches down on molecules larger that we equipment to getting scale We're produce are need industrial So sizes able ability small small that drop minute scale or on it to getting in down whatever. leaders a partners smaller Ultra to XX

marketplace potential literature, in we on products in care past to that of we were the So Shear in have effectiveness. Ultra or have just was on applications. various based products unusual known cannabis arena different in it We testing were that this anecdotal nutraceutical already were additional skin accounts receiving our the arenas, in from going or users information whether

really some technology. that anecdotal to was We of by was for leaders were well-recognized But the kind getting that have us. provide peer-reviewed further that consumer ran would the validating study So scientific that validation. we hardcore of missing was what testing, validation a

and us for the initial one [indiscernible] for of [indiscernible] licensed from his Professor to team by activity arguably government. And the do to And they're right U.S. ago, that what he was study probably and the leading are person in world, X and government grow the sanctioned cannabis in receiving can the in other some animals Dr. excellent When and the world. we emerged to for controlled-marijuana by preclinical process platform do the he that. over up our an happen stepped some to platform X XX years the were ideal large an top researchers that rats early first about what early the become on. in or of heard marijuana humans and so want results in of did, loosing

have stomach first were planning they a set gastrointestinal orally was guys on. have received we data point when control they XX the to the the to would And sure past, would based no, set of a he reps in and and pack. be the this then this and other minutes that in And no, X-minute take another that that intravenously study And would at rats "Oh, we get to need the and a it on done earlier down no, minutes at product study, doing right. enough, basically, we proposed another XX was originally get at scrap actually which back of came a said, see said, they you so study, going points, point they absolutely so going and And to the started said, And as and least money. we X of were you work felt the we at minutes. want waste it absorption like

reveals important they measurable X-minute point our study, partners many at have test across industries. for first very the users which a complete on and this seminal of results potential to went We for points number and really

to gastrointestinal the in is CBD The And being one bioavailability -- of the the X% today, is going of most amount arena. down the in important with points bloodstream pathway. adjusted the X%

that up in or look can And Ultra XX% other gastrointestinal Shear various the articles. journal route, Wikipedia they our You using bioavailability. nanoemulsified CBD via achieved

Xx in to do. X to technologies fivefold current talking tissues in blood, we're increase of your what body over So circulating four the bioavailability the can feeding

And very people it most was CBD importantly, goes CBD, metabolized absorbed is readily and CBD is gut is the liver. just not but a the the into vein they not the the heart, liver. is to that directly to And bloodstream realize a critical the in More going of not in vein other what metabolites a and and conclusion. there fascinating may of the the measured through everything

one levels was of the in showed such circulating reasons the So blood. the he that see XX% But gut. low the that's in CBD absorbed of you

So the Ultra got X% case in the liver the XX% circulating vast case in and in the in was of a metabolized majority normal only Shear. or blood

in available Ultra XX% effective so the So XX% getting we was the absorbed that Shear blood. of were in circulating

for skin, routes cheek go tone, absorption. What a it potential potential available. the into is there are up that, consumers for upon rubbed Used CBD not and go through that spray directly don't tees route. for doing into the gastrointestinal under and other liver to by our And the partners, really the us, to you the the the -- for in

circulating directly the and over which only to into liver go blood the of material You feeding percentage going the a stream, the body, active blood being the time. then has metabolized through

although reading So consumer important that. of X I XX just X very and very of that that out screaming that. may and the that everybody study a just appreciative result level, of was we're And get to study the at put a out together came clearly not

to that that meetings, a of with we've able share discussions something into been outcomes partners are led strategic actively variety Ric to. alluded has major It and potential developing us quickly potential that that is

that how was So journal into And peer-reviewed it. of we're key in we excited accelerate our article very addition company that about terms forward. a arsenal the

back Ric, I'll go to you.

Jeff, thank you.

And I this with hopefully this that in add ingredient. important think you gives said CBD, different -- participants problem in bioavailability that's oil-based active different important. of understanding it's any idea, but -- clear and more some extremely our a is the the to thing how very of one maybe all a I'll is about is what

an and know, the that in is acting, it We've there's has had far, we've us not very as inside stable, so not nutraceuticals. ingredient we not every essentially oil, it affect that we Shear pharmaceuticals. faster on active Ultra if yes. done for adversely what Shear good We've done matter lot, but more faster believe no active more accrete well, We've we shareholders, is different. does And do ingredient category. And amazing couple in So the is We've a soluble. and what done adverse pharmaceutical and bioavailable, cosmeceuticals is make oil, a any very water can more done agrochemicals. which as what process the effect Ultra done

physics, people be to it tell are be not we Chemistries bad. chemistry. but can bad, good, We can using can that tend be

are eating, whatever that into people material they're chemical putting you're you're You're beverage ingesting chemical. ingesting or putting this that whatever food

and harmed, not but all the is active category Jeff says, becomes all materials. the much that thing important as more, in using And are soluble is more We much fast-acting. any plant-based ingredient natural,

some on point THC showed just sights will we done our CBD the X- the press beginning. remember if releases you X by and that are on prove things. work many different studies our guys a We've published in is So effects which DHC said, to THC, of And I minutes. XX feeling X. individuals spray, the is effects weekend is someone X and unheard the X-minute conversation to about over of fast-acting using we're said how where had a I

So in is, we're get oil world's prednisone or potent very DX the bloodstream whether a to [indiscernible], back what [indiscernible] in the is cheek. of or tongue which under [indiscernible] as or it's means most it antioxidant, vitamin going whatever spray the the or or in quickly this the

so number Jeff said, to of other doors. about growing of a for a it many effort just enhancing as CBD not it but that a things is of lot enhancing ingredients to like up We're and put a lot be going that, but sleep response and people, active into And talking used opens CBD, about we're might because immune market.

related other [indiscernible] X companies historically, nano drug to a market, to done on our approached in drugs It's one be or X and and on multibillion more He us to stops concoction but market, not which other we've the been We've Epidiolex, the It's that those talked CBD only to And stop pharmaceutical said is to there bioavailable. the on found it. has whatever ours, -- specifically that's drug is X.Xx paper. is and market Professor this the diseases, be -- these dollar the is to can and seizures ability who bioavailable children drug market. and different mostly X the more this of don't. active. epileptic saying, used section seizures scale have for he very the that conclusion the well, It you he's

bioavailable class we an [indiscernible] it's drug We in in those delivering the getting So becoming method. world of and best you're world interested in a think a have the nanoemulsion if with characteristics. more that's and the

a people. talking of number we're to So

and going and So that with out, to additional times we're we're it's additional happy for the exciting be working studies. and others for us, paper's papers

we're we conducive about about So office it X this miles about of to in far, please because going we're and We believe vitamins let XX we building about is solution office park talked for we've We're an a supplements XXXX be start other place manufacturing. we're talk in South talk when that to the in short-term working for I that's getting thing -- another have and make to a Boston be And fact work your of want a in months with an not about people facility want can large-scale so here. not taken orders, number written facility the ago, it's things. CBD, want we just and that big orders but is orders. said, alone for we the many to

landlord between We're combine spaces. have given to our And landlord of Mass. and X us So where in small in the going X Boston, our or we in East we're R&D lab. North our notice somewhere lab a We've at footprint to X looking with we other have R&D here places. and here the

have encouraging up X we from the place or like that lot in particular we Friday writing news think be with that something tomorrow. very got a we'll in and We some we and followed landlord, today

guess, it's is or a -- building for manufacturing, not space my It's facility space. this really here, in than space at we're And of XXx offices. this meant the has But the XX% of is for amount is space XXx manufacturing. looking And our the total here manufacturing. XX% more for got available that

We're to we're starting a want don't already of at about downtime. to this. look So have lot move. excited the We

to for ways team another This gentleman prepare site talked we're the one that license that also license going a CBD group yesterday. So visited today. of to in the I in members with state is has THC of the is I Massachusetts of have a a state. get the in that my around Massachusetts. several I to

having it be and a us we'll be to it good, down December, of the our instead strong and might to couple for game to they lab people just of his longer they being at build thinking his have and to people down material anyway, equipment weeks about this of staff very would lab we're period. our is facility at They extra middle we be and to might we of up a this technical being only able in use instead space, a away moving CBD until -- moving supply through back out. license. that down wanted have We they and the person's open. They lab -- space new on have sit it are there cranking

So we're will be only it's very be up of and beyond about because grow short down move like excited an at plan work product -- they going the quite folks well a the developed place space that for CBD other to period us new the XXth give it December, room time, to well and we've train in just to while or be is instrument can back looks interim shipped. XXth we the allow of us and making to the

knew asked the both notice that of everyone December sites. -- and at coming given a an were we've is about that our that to we people end So because lease lot end at of

not best solution. happen, get have multiples an work we things we the -- what are for But interim only now. all will with will hopefully, will site so that grow we also, of a we of us And as

longer. down So we're be or X, which than talking for a not going could week more versus to we're be much

we wanted So wanted that. mention patents. the to -- to continue to I file patent mention I

that guys the more And have developed, company. XX of have XX We area It's total we of that have we have patents are are patents -- the we issued will have technology be an but Shear, in in Ultra our pending. Ultra patents amazing going in. them X in Shear.

build and we to this use hope to we'll and So continue, [indiscernible] fence have expect so thing available the we're the go take enough do it space if approved, America the to around to find country have this. or that make this too. for get this we we going around North technology patents and And edible and route to drug topical a to a that, FDA around partner an if protect which we as

us. that's exciting to those to So have all options able available we're very of that

I'll thing -- So the mention... and last

working cannabis was you I and Ric, relative Jeff. to say CBD to on just serving both to we're in ahead, that add, the the of with partner the the Go going and capacity might capacity California a also this have side facilities THC side. industry,

manufacturing as to for two-pronged in we're terms So capacity more California so looking around equipment our and of serve having on, of servicing X optimization, place. as we formulation to here license available in development, toward we other we so And have U.S. footprint of that lease have markets in able grow the model a that footprints to approach for tool extend downstream. move R&D kind clients our be with and

longer has Absolutely. -- in longer there cannabis than Obviously, state been Great California. the opportunity union. almost and licensed maybe any than in

remaining place building has one benchtop And have our the in that shipping facility come if needs one X have And that we're working And Jeff knows up. to that's people and loaned January. California which one this Massachusetts, we'll effectively. send quite first-generation leaving we are we small more, second with Massachusetts. to had now, set a disappointment We out to great of instrument stuff needs we used our and all not time that to part that my new We're X expensive in is parts and but on quite second the have in there. far to away from done. now instruments, that parts. one purchased second building site the probably in it of having California in big over this a well months. most the other helped one. we're I be can But be the past And And are X We've only right -- one instruments we're we'd ordering instrument also been

a but So they backup, capacity. have double not only the

this product. that to ship concomitant and able done of being making we're sure doing, else product we're going all is everything always that with make to be So

very, building So important. exon these very instruments the is instruments,

companies The working I'll work that an that -- something. are largest week that something before about last we them, might several with is the of we've earlier world an mention, billion-dollar companies thing for next mention The are talked one do and business got Jeff I to and about up ask I'll with from I us. of that then maybe thing multinational setting and and the ago talk it's in companies we one intrigued and about talking the last about meeting. for hour e-mail its next

least goal pilot X theirs where February. be our a of not is So just into could We're do the or January, expectation on that can become X a year. one, vendor are we these it being there and is here, turn XXXX, it in we be and we bring at or in the pushing do January, it maybe themselves, into December. X in it to later an could R&D for in they in so production worked but going that instrument from nano-emulsification. of It

we billion up to for work we having what or $X push billion for and paying them that start they a material where can a with instrumentation to So supplying setting and continue companies big with lease them have or $X license the and them have point with dollars need them. us

up. part get off certainly be of this money. I in way thing part about to non-core generally and a of way last questions investors this complementary to that non-dilutive the businesses, could mention in but past Jeff maybe that I some think It is be merger good -- of about selling So bring our I lot is an a from because accretive would the acquisition roll of talked technology before could

if in you've I want want second. involved you Jeff, that a been -- if some to of to know take discussions for these just you don't So

I'm to, Yes, happy Ric.

the the make the capacity to in the as our about to this funding critical Ultra been company in the talked initial bringing part it for market couple need opportunities limited scale we've of company equipment all has emerging done that product order developing course years have. order that and in our very of We've studies over terms just been So developing. serve serve some. last of the Shear to and A getting been the as opportunities to challenge we we've the literally we its to challenge we're of financial and

other non-core either turn team other the to continuously some of company the help for in frustrating frustrating opportunity opportunities progress hand partner made advancement. to cash-generating advance some that otherwise that, And at the and So sell and being chasing faster review the or And we to and address we of certainly it's asset been the in evidence in it the BaroFold. into areas. of sectors a given a

other contract talked space BaroFold sites. We've successful signaled biopharmaceutical using equipment of or has may in us measured with dozens The of interest early R&D has equipment tens programs -- in a into after the and equipment in leader the manufacturing phases sites. about in major be multiple that potentially getting and how purchased other

an opportunity that partners as [indiscernible] we that at in would strategic accelerated subsets opportunity the have talking off and/or sell with any for the that whether for itself the some be to the cycling opportunity of it business and scale us, us. attractive or and with peer-reviewed doing arrangement, across and arrangements significant is use a potential we've the THC opportunity with but CBD, with The of the players major generate Ultra arena. potentially and from remains pharmaceutical the in to But keep a area arena to cosmetics whether publication to level of asset really of enter partners into there. care from activities to partner Shear. something the structures length that to deeper being the do of of that ] certainly, mainstream now Certainly, work or an for CBD, us article, that strategic licensing the it's fashion arm's possibilities of more PC arena, a about the potential a cannabis, our cash and company capacity relationship strategic THC by the in other in acquisition been interest. BaroFold [ nutraceuticals for technology partnerships And course, of traditional the or interest many fields pressure within some arena, in merger skin the separation

be in pharmaceutical be in folks The could products affecting alluded can so users the as partners as impact we've or large something and that a out of this $X activity, that billion-plus are pharmaceutical as interest be that could products pursuing actively strategic But avenues in to the arising there number processes. of drivers are that competitive that of this decision-making see to this acquisition that for of the behind their prospective that high. merger a opportunity a there. market And the remains in for arena, earlier, the even we're sinks number

examine strategic diligently. regularly wanted So options the that our investor continue and audience to listening reassure I just to we

there lot doesn't the lot important things. understand a of it there's disjointed an Jeff, hear better we have in tremendous haven't of out paper it there's that into paper zillions lot a that's scale stock, and That so on maybe of effect turned display is lot stock. was It to our a published. and understand that out it a technology we there importance of takes don't our if how if And it's reaction that on did I have it investors takes that but of why know is of mean the do information I getting an not far. from dollars enormously it effect have the going and hear than So that a stock. anything the we time, a not don't

the on paper it doesn't for the that us. hasn't It someone goes only price for that very of and far had value can shortsighted look opening so at X it's -- listeners doors an opportunities stock to And It's it's our weeks think, assure on to company been on could effect I And mean beyond. come, have opening weeks. We've X phone ago. had taking and didn't this stock. and going or calls, calling X paper "Oh, our years have for effect it an to only on having us, we that That already dream effect our an people about meetings the is started.

people need went And of We iceberg. that, old of is know the important importance paper the saw immensely which let for the tip of that us every a of or the reasons, everyone through, iceberg inch Jeff. is, going system So nutraceutical or that and use it's is enormous a how number you to cannabis many we bare use we -- effective first some on week, to non-cannabis, impact showing our or for everyday, going pharmaceutical. it's whether for forward month paper even it we have every

is that I'm tiny people this in to get they as that investors X the I'll but published today strong leave tiny, now a impact as the opinion. and were today very to the peer-reviewed this so have a be hear from or compared journal it to month impact will were, So be to that top and going in far at a year in a understand it's that world do at hoping data that, my what listen to that now, from was difficult of it

the weeks, manifest and out think in coming So think. I over I results be developing next news further will the several

agree. Yes. I Yes,

I'm So yes, you glad that point out.

important this I think and not say, something listeners say, it's where "Okay. to have to is investors

gone So interesting haven't I and there this if see paper. year some from is happening related this -- by day heard where happens." what a that's I Schumacher -- isn't Now to let's said we had now, that it a

meeting, Someone someone before. that meeting calling take we didn't get couldn't in a a I me, expect

many you fact a this?" has did "Hey, about here. think strong it saying, of more the is and ever extremely that coming important and And doing calling set got patents Someone also

to if to there's minutes, question hour. not that so XX So anybody like there to And to a we want have going I open it minutes ask an X. X in, so floor over for time we're we It's -- or go only something. the up, John, have would

Instructions] [Operator

First from investor. Rory Jensen, comes question private

and Glad strong. to is health good Ric. glad hear and now, you, good sound I'm your you

] going I into looking a in going that end and $X.XX total isn't say, absolutely keep in million revenue to day. XX,XXX [ we agrochemical be get to of the of I this U.S. this for the the your on rid you? into the still stream. [ huge XXXX, that assets is going ] at So keep That's the at yes. this on this of are to enormous to all agrochemical. back back Q, matters and this one want look the was that's great. to that this what Are I at put going revenues COG to agrochemical the potentially addressable you market you're as and

say is say have little a if what we it's us Shear off in wants is worth because can't filing Ultra big but listen, a I to I imagine to going pay think to we'll cheek someone limits. nothing very that be number. I and

cycling be going Rory. at look I'm pressure to So technology. here. not we're BaroFold, going everything, to specific agrochemical,

big agriculture as it they pharmaceutical, -- so them are great beverage, just a All in as as none but because food, of so big. it just as of none of is many Ultra opinion, -- all flows these them future, big into it have are our is Shear

now, next ourselves So getting nothing moving the and limits. older. is up and our days off right -- company is focus But this XX getting in with running

a the to have Shear number for within margins with front priorities UltraSertere. and that, and than pharmaceutical spaces. there quite we're look cosmoceutical order for lot to interest add transformative in of the lower is that we in for are us at AgroChem of of profit sectors in that fits in Ultra industry, Ultra I'll are But and certainly Ric, us, the Shear that of one AgroChem of impact just outstanding dealing a nutraceutical

those Shear our All first focus is but arenas is large on well. really forward agrochem going a Ultra as right. opportunity think we So priority for

a product lot have follow-up -- it's we've that's a I about curious ready shipping. I where mean, because was now And I got to shelf ship. on of

on could that little large So a would it if with we investment be great return no to -- was it. ship wants that to somebody that because

are Canadian that see Providence much be of the getting nature? then Are Providence at -- you you And from that each Yes. Ric, that patent, do license for information [indiscernible], something So that. would you that looking

that our patent. get maybe it's more question a in we provinces. -- first I'd all It's patent No. and Canadian Rory, Shear. one Canadian Ultra -- can we say for It's got I'll just in. the

do right that. lot have -- on U.S. we have year, we easier But a some now we're the Canada now, So we're protection. next focused our It's and eyes on to

comes Kurt. from Kurt The next question Triber,

efforts on was what we wondered our licensing projected. that just state I Ric, with going

I was wondering we year. of this just April I was where stand. around think it

clear as license. we have progress. we've still of I we And that met someone's running It's already the under X under his gentleman been it a run someone it -- yesterday will and else's been and made license. license take is equipment we've working if the issues, we tonight of -- that Yes. it in we're that mentioned with And course,

have We to move, Kurt.

Massachusetts, right So move January in, of once be not that we'll making But stopping time it's with and moved will don't us from settled product time. than we we'll think elsewhere the month -- it and anything. at very it's and now, which deal in more doing take I much the get much and we'll instrument

that was thought referring going that were be to helpful. monies we we to getting in very would I basically be

to With respect the license? state

Yes. Weren't them we sell state licenses going to and X try get million dollars. to to

apologize. license. I did our in selling state takers. have I of We state us getting a talking obviously, lot you're have about takers We not thought license. any the didn't

days XX upon based in happened what change might that think I that's think purview I the Journal ago.

queue. further We questions in have no

further Thanksgiving. of guaranteed have in anything are That's none good queue. remember us because Everybody that everybody, we time appreciate in no again, happy to needs I life.

could attack the said, that you in death, should had and heart I and my have blew I when but XX minutes doctor was walking up blood I flow. firsthand I lucky August come for chest while collateral to said out that found it been waited I so your you're And down,

Guys, So and wives but your are Friday them and in and thereafter. here, out hug I learned love your going firing and tell we to Thanksgiving come your going do you and them a kids your husbands lot. to it we're enjoy on then

everybody. Thanks,

everyone. care, Take

Thank Thank time. Bye. disconnect this a lot. at for and may lines you. This participation. concludes your Thanks conference, your today's you you