Operator: Welcome to the Precipio Q2 2026 Shareholder Update Conference Call. [Operator Instructions] Please note that the conference is being recorded. Statements made during this call contain forward-looking statements about our business. You should not place undue reliance on forward-looking statements as these statements are based upon our current expectations, forecasts and assumptions and are subject to significant risks and uncertainties. These statements may be identified by words such as may, will, should, could, expect, intend, plan, anticipate, believe, estimate, predict, potential, forecast, continue or the negative of these terms or other words or terms of similar meaning. Risks and uncertainties that could cause our actual results to differ materially from those set forth in any forward-looking statements include, but are not limited to, the matters listed under the Risk Factors in our annual report on Form 10-K for the year ended December 31, 2025, which is on file with the Securities and Exchange Commission as well as other risks detailed in our subsequent filings with the Securities and Exchange Commission. These reports are 1vailable at www.sec.gov. Statements and information, including forward-looking statements, speak only to the date they are provided, and we do not undertake any obligation to publicly update any statements or information, including forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Now let me hand the call over to Ilan Danieli, Precipio's CEO. Please go ahead.

Ilan Danieli: Good afternoon, everyone, and thank you for joining us for Precipio's Second Quarter 2026 Shareholder Update Call. On the call today, I'm going to walk through our second quarter results, provide some additional context around what drove the quarter, discuss what we're seeing across our pathology and product businesses and then talk about what we can expect as we move into the second half of the year. After our prepared remarks, we'll open the call for questions. I'd like to start by putting this quarter's results into perspective. Three months ago, when we discussed Q1, we explained that despite relatively flat revenue and a small cash burn, we believe the underlying business remains strong. We talked about the timing of shipping orders to customers and how that impacted quarterly revenue numbers. We also talked about the normal seasonality in the early part of the calendar year in terms of cash collections. And most importantly, we talked about the commercial pipeline we're building and our expectations that the numbers will demonstrate that the business continues its momentum as we move through the year. I think our Q2 numbers did exactly that. For the first time in Precipio's history, quarterly revenue surpassed $7 million. We returned to positive adjusted EBITDA. We generated approximately $700,000 in operating cash flow, and we ended the quarter with more than $3 million cash in the bank with an increase of $0.5 million in cash in just this quarter. What I think is particularly important is we achieved that cash position organically without raising capital. So when I look at Q2, I don't simply see a good quarter. I see another important validation of the operating model we spent years building. Before we review the quarterly numbers, I'd like to take a moment to discuss our key strategic advantage in the market as we've described Precipio in the past as having a unique flywheel. Our laboratory enables us to identify problems in the processes of diagnosing cancer. We then develop solutions, validate them in the real-world clinical laboratory and then commercialize those solutions to other laboratories. The Pathology division generates revenue while providing us direct exposure to real-world diagnostic problems. This is a significant competitive advantage. One I'd like to explain why this is an advantage is that most diagnostic companies develop a product and then try to recreate the use of the product in the clinical laboratory. They come up with a scientific concept and then try to apply that concept to create a product they believe will have demand in the market. And that doesn't always happen for various reasons ranging from clinical utility to workflow to regulatory or due to billing or economic hurdles. Our model is different. Our clinical experience drives product development because we already have the clinical laboratory. We experience the problems firsthand. We then develop solutions to those problems. We use those solutions ourselves in our labs to improve outcomes for the patient samples that arrive to our lab daily while demonstrating clinical, operational and economic value. And when all the boxes are checked, we begin the process of taking those products outside of our 4 walls. The products are often -- are then offered to other laboratories, our customers, which results in them delivering an impact on patients far beyond Precipio's own laboratory footprint. The lab division isn't simply a service business and the product division isn't simply a manufacturing business. They reinforce one another, and that is our flywheel. That expands our addressable market without requiring us to build another Precipio laboratory every time we want to enter a new geography or reach another customer. And as our product grow, it creates a more scalable revenue stream alongside our core pathology operations. Q2 is a good example of our unique model where both divisions are working together simultaneously. A great example of where this model is particularly relevant is AML or acute myeloid leukemia. Our approach has always been to identify diagnostic problems where we can create a solution that can have a meaningful impact on patient care. AML is a great example because treatment decisions can be extremely time critical. The A in AML stands for acute, which indeed AML patients are at immediate risk of dying, sometimes within 48 hours. In reality, where time-critical molecular laboratory results are delivered on average in 10 to 14 days, the diagnostic market systematically fails the clinical need of these patients. Our rapid AML delivers that critical information in one day, ensuring that the patient is placed on the appropriate therapy in a time frame that aligns with the urgent clinical situation the patient faces. This is not a theoretical exercise either. Every week, we receive several patient samples that are diagnosed with AML in our lab, and we've observed firsthand the impact of our lab delivering those results the same day in a speed that meets the clinicians' needs to take care of their patients. Our ability to develop and clinically validate solutions within our own laboratory gives us an advantage in bringing products to market that address true clinical problems faced by laboratories and clinicians. And just as important, once we validated those solutions internally, the product business gives us the opportunity to scale them beyond the patients who come through Precipio's own laboratories. That's how we think about the relationship between innovation, patient impact, scaling the business and shareholder value. This assay in particular, has garnered quite a bit of interest within numerous customers, both domestically and internationally. In addition to actual sales, we're working on several substantial marketing collaborations as well as clinical study initiatives that will both call attention to the problem as well as put our solution front and center. Supplementing the sales effort with these marketing initiatives is a crucial element within the biotech world. In the past, we've not had the resources to drive these initiatives, but we do now, and I'm looking forward to sharing some of those initiatives in the near future. Now let's look at the numbers, starting with revenue. Revenue for Q2 exceeded $7 million compared with approximately $6.7 million in Q1. Perhaps more importantly, revenue increased approximately 22% year-over-year from $5.7 million in the same quarter of 2025. So we're seeing both sequential quarter and year-over-year growth. Breaking down those numbers, our pathology business generated approximately $6.1 million in revenue compared with $6 million in Q1. This is a modest increase, but keep in mind that as we said before, our resources are focused on the commercial growth of our products. And indeed, our product business generated approximately $900,000 compared with approximately $660,000 in the prior quarter, up 35%. Now that's an important number. Our previous quarter record for products revenue was approximately $750,000, which happened in Q4 of last year or 2 quarters ago. So Q2 was approximately 21% above our previous record. And I want to take a moment to connect this back to something we discussed last quarter. In Q1, we explained that one of our larger customers had moved the shipment that was expected at the end of March into early April. We emphasized back then that this was a timing issue, not a loss of a customer and not a change in any underlying demand. Q2 gives us an opportunity to see that distinction more clearly. Intuitively, we all know that a business is an ongoing breathing entity and that the division into quarters is an arbitrary cutoff, a mark in the sand that doesn't always coincide with the organic movement of the business. Quarter-to-quarter timing will always create some variability, particularly in our product business. That's why I believe it's important to look beyond any individual quarter and focus on the positive trajectory of the business. I'd like to spend a few moments on products because I think this is a more important development of the quarter. Alongside the '21 growth from our previous record high, what is equally encouraging is the continued growth of our pipeline. During Q2, our commercial team added approximately 10 new distributor reps to the team they are working with. This opens the door to more territories and more potential customers. We've also identified over 25 new qualified customers and have over 30 meetings either being scheduled or already completed during the second quarter with those new customers. All that builds into a further increase to our pipeline. One of the challenges we've discussed in the past is figuring out the recipe of how to work with each of these distributors. We have distribution partnerships with Thermo Fisher, McKesson, Medline and Cardinal, which basically covers the entire targeted market. Many investors have asked why this business has taken so long to ramp up and why for a period of time, revenue was relatively flat. We discussed the hiring of a new commercial team that started at the beginning of this year, and that's a key factor in having a capable team that can go out and sell. But the other factor is developing the working relationships with our distributors. We know that with these 4 distributors, we have total coverage of the market. But each of these are huge organizations that operate very differently. Their sales team are structured differently, their ways of interacting with vendors are different and their incentives vary from one organization to the other. It's not a one size fits all. I give kudos to our commercial team who are making progress in figuring out those unique recipes for each distributor and the results show a significant increase to our pipeline. In the second half of the year, I expect to see a start of moving those accounts from pipeline to active with corresponding revenue making significant contributions to our growth. Moving to our Pathology division. Revenue increased to approximately to $6.1 million from $6 million in Q1. While this sequential increase is modest, it's important to remember the goals for this division as we briefly described it as a critical part of Precipio's flywheel. The main purpose is the generation of recurring revenue and cash flow, but more importantly, the provision of the clinical infrastructure behind our product development strategy. We, therefore, believe that this division will continue to grow organically and continue to fill its purpose for the overall business. Turning to profitability. Adjusted EBITDA was approximately $400,000 in Q2 compared to negative $200,000 in Q1. That's an approximate $600,000 swing from quarter-to-quarter. There are 2 primary items that contributed to that change. First, revenue increased by approximately $300,000; and second, stock-based compensation expense decreased by approximately $200,000. But I think the broader takeaway is more important than any individual expense line item. As revenue grows, we have the opportunity to leverage the infrastructure we've already built. Q2 provides another example of that operating leverage. There's a meaningful difference between buying growth through significant spending and scaling up using the infrastructure we've already built. We spent years building the laboratory, developing our products, establishing the commercial infrastructure and putting the people and systems in place. And we grow revenue on that platform, we expect more of the incremental revenue to make its way through down to the P&L. And that brings me to perhaps the most important number in this quarter's results, cash. We generated approximately $700,000 in cash from operations during Q2, which is 10% of quarterly top line number. That's an impressive achievement, particularly at our modest revenue numbers in our size. Total cash increased approximately $0.5 million, and we ended Q2 with more than $3 million cash in the bank. For comparison, our cash balance at the end of Q2 of last year was approximately $1.1 million. I want to emphasize something important here. That increase didn't come from a financing event. It came from business operations. For a company at our stage and in our sector, that's an important distinction. Emerging growth companies and particularly in diagnostics and biotech typically need to repeatedly return to the capital markets to fund their growth. Our approach is different. We've worked hard to build a business that can fund an increasing portion of its growth through its own operations. Generating $700,000 of operating cash while simultaneously growing the business is an important indication of what this model can potentially produce as we continue to scale. Moving to the second half of 2026. What should shareholders be watching for as we move into the second half? First, we expect continued revenue growth. We've now crossed the $7 million quarterly threshold. Our focus is on building from here on. Second, product revenue growth. Reaching approximately $900,000 in quarterly product revenue is an important achievement, and we'll continue working to expand the customer base and commercial reach of that business. Third, commercial pipeline conversion. We've invested and will continue to invest in expanding our sales capacity as we expect opportunities generated through those investments to increasingly translate into revenue. Fourth, operating leverage. As revenue grows, we'll continue focusing on translating that growth into adjusted EBITDA and ultimately cash generation. I'll end with this. Three months ago, we asked shareholders to look beyond a relatively flat Q1 and focus on what was happening beneath the headline numbers. Q2 shows why. Quarterly revenue and specifically product revenue reached a company record while the business generated solid adjusted EBITDA and cash flow. Those are meaningful financial milestones that are a result of a strong business and commercial operations. But we're not looking at them as an endpoint. We view them as evidence that the model we've built is beginning to demonstrate the operating leverage and cash generation potential we've been working towards. Our focus now is execution. We need to continue to both build and convert the product's commercial pipeline. We need to continue to innovate, creating new products that create -- that deliver better patient care and provide better value to our customers. And we need to demonstrate the continued translation of revenue growth into EBITDA and cash flow, which ultimately drives shareholder value. I think we're entering the second half of 2026 in a stronger position than we've ever been in, and we're excited about the opportunities ahead. Thank you again for your continued support and for joining us today. And with that, we'll open the call to questions.

Operator: [Operator Instructions] Your first question comes from the line of Adam Hutt from Leviticus Partners.

Adam Hutt: Congratulations on a fine quarter. My question is, can you guys offer any commentary at all on the unusually high trading last month when you traded about 800,000 shares in a 2-day period, where those shares came from? How on earth did it do that? Are you guys on top of that at all? Or...

Ilan Danieli: Yes. Adam, thanks for the call. Honestly, I wish there was more transparency from our end into that. You probably with the Bloomberg Terminal see more than we do. So it's as surprising to me as it is to you. I think we're starting to see the fruits of some of the more IR activities that we're doing, participating in investment conferences. We had a great event at the MicroCap Conference in Vegas in -- when was this in June, I think. So I think word is starting to spread just like we had planned after we came out at the beginning of the year, I think there's more and more attention that's being caught by us. The other factor, of course, as you know, is computer algo trading, which is very hard to trace and very hard to explain.

Operator: [Operator Instructions] No further questions at this time. Mr. Danieli, please proceed.

Ilan Danieli: Yes. I just want to thank everyone for joining and your continued support. Have a nice evening, everyone. Thank you.

Operator: This concludes today's call. Thank you for participating. You may all disconnect.