PBIO - Earnings call 2 2023 | Pressure BioSciences, Inc.

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Operator

Good day, everyone, and welcome to the Pressure BioSciences Second Quarter 2023 Investor Call and Business Update.

[Operator Instructions] It is now my pleasure to turn the floor over to your host, Richard Schumacher, President and Chief Executive Officer of Pressure BioSciences. Sir, the floor is yours.

Richard Schumacher

Thank you, Matthew, and welcome, everybody, to the PBIO second quarter financial review and business update.

As always, we'll begin with a cautionary statement. constitute Litigation within Reform may the meaning remarks Securities Private Act following forward-looking the statements of The of XXXX.

known cause forward-looking performance or achievements involve factors, statements. different from company statements and or results, uncertainties materially risks, Forward-looking performance future and to which be may achievements implied the or results, expressed any actual of the unknown other by such

which We others, in Securities revisions such include, may to among any those disclaim Commission. the and in our in any filings factors time publicly time any or detailed reflect or Such to to statement obligation any events, the company's with Exchange release based. on statements undertaking change be expressly any or from conditions change expectations any to forward-looking or updates circumstances

call, agenda pleased all, today, to welcome. of welcome back Jeff Jeff, the first Chairman the Peterson. I company's to For am of Board, the our

Jeffrey Peterson

everybody. to Hello Glad you again. Rick. join to

Richard Schumacher

start XXXX for with So going discussion quarter results. second of today's brief a financial meeting, we're to the

fiscal that the and and goals XXXX our general the first rest operational expectations XXXX update. our part Of during year to them. published to achieved number, need as as for successes a don't some and release, night going press talk and of were and will the last some and of as again going of technical we business in both spend certainly talk them we we today by after second well of so but time quarters through the Then the we're and them about of to those highlight course,

the And with questions Jeff lines today's remaining, and a on that of a questions request be time open handful that few take have we if that, a them up me to to answer pleased address we'll live. after phone is been and we'll sent Afterwards, call.

to going not to of the second the year. second review, financial quarter. the but compared discuss, also X to discuss this quarter only I'm last first also year of So going for the second the I'm quarters And quarter

a good but record you it quarter. X, record much particularly on basis. for and X quarter, as both quarter was Basically, quarter. good a quarter a This a quarter, quarter better operational quarters, was it second -- had, first an We and X financial, a was but recall, first technical

sales our revenue, higher total in our Our were sales, XXXX QX sales were than QX Agrochem consumable XXXX. PBI and instrument in they all

we're second during the the -- spray. but of disappointed It revenue process we of in that quarter had quarter, and May, in and before around the topical quarter that no the goes this the second first year of without Nano-CBD the focus end the UltraShear our did intense launch had saying UltraShear's launch on that, we XXrd we planned

know to were number purchased spray on get happy already able of that So out works. and and have we already phone the people very seen a that I well that it how call have today

the QX than greater in quarter one UltraShear last But we it was in in XXXX. in today's on release $X and as post be million to at going tough press revenue mentioned have we conference of QX sales strong get UltraShear to knew also least and revenue goal our to with It expect quarter in So QX. certainly remains a XXXX. to call, fully

million We've the for in its are that million revenue. $X but of It it's tail. So remains $X by got can quarter can a them, our have the These our revenue. to year ever in lofty next month hit next we we goals, where believe them. we be feel each in have and hit over tiger first we X quarter also goal quarters X for goal to

spray oral year, good. Nano-CBD topical happy we're extremely to are very perhaps UltraShear been September. with excited has about performance in the and data We releasing of date that, an We'll the this our later clearly be And spray.

of them, that year $X.X sorry, it take in about month per a just $X the we are once, the and -- sales, next that if puts between a generally quarter next so not more the least oral per our to X at -- And do and million quarter topical $X million it's X which million year, month -- that possible about year spray, a do year, we often. could believe

We've of for to the the we've going the UltraShear. XXXX on about made, meetings So very of all and talked the for in so driven investor we've be about excited that some quite comments some in that talked about far. that. here It's by phone, previous certainly meetings time,

highlights there's I'd think the financial that point I second like of out. X things quarter on the to So

The burn first continues to decreased. is be our cash that

cognizant of towards We totally use cash to our are cash very of the working. We're very and getting burn. that cognizant put the UltraShear out needing platform of

of of both and the in too. UltraShear. most importantly between or that's cash able headway that, all roughly importantly, And and technically cash -- so are we've the into efforts expanding reduced base. But the it, from our distributor make about going XX% efforts operations. talk good We burn very just our in been as we spending to We'll

first our were from last a in quarter, just decreased year-over-year it. first year year-over-year last we the about we've In $XXX,XXX second year, this XXXX talked cash was XX% XX%. to where first burn about we the around year, from quarter quarter. of the decrease the of In quarter It

cash decrease. $X in XXXX for about And decreased went we've XX% a of million first million first that's year the cash in overall, XXXX. We So $X.X in our XXXX. operations to the of for to compared half burn needed this from half

either we've of in to and particular. or the of the that need operational both by equity. borrow headway cash technical able in reduces amount areas it we to the So been But make good UltraShear dilute selling still

which taking of we're our UltraShear. but important areas, on as in not our all A lot areas, those still areas in our XX% it's and is X those We're customers, efforts anything PCT. efforts so but of minimizing working into BaroFold right now those of we come our of new in out our put working care

So very happy has this first burn half over the the cash say to year. decreased of that tremendously

In went us, And you press who's today, to mentioned out I'm few several maybe that with the take talk if of going Jeff, release things. could the you in here ask the Jeff, about release. the that a things and press mentioned today over podium

Jeffrey Peterson

Rick. Sure,

to is of course I in to our earliest efforts. And restructuring stepping a our being the particularly second one to we or very at NYSE the debt of path long-term convert pleased obviously attention deal the and think uplift one opportunity. to complete quarter the been stone great focused on about $XX has investors impact preferred stock. that of of able our beneficial of And major significant this, balance sheet things on were of uplift on NASDAQ an a balance has toward into that our the important intended sheet during is million the and agreed an

a significant additional as we to of also amount anticipate with debt efforts positioned is position complete convert uplisting. associated We that financing to equity

align that and positive how pleased with to continue puzzle of the us. for So progress pieces we're

to importantly, I put just could could either has at us assets would comment merger/acquisition Board to As noncore looking be part that efforts, at platform. some leveraged by be but of help that that impact of continued roll-up opportunities our opportunities UltraShear on looking some some path accelerate create funding divest assist would that strategic that these strong accretive, attention and the strategic strongly would the we help or

active view, many learning think platform, will whether variety beverage food audience as the I markets oil-based over leading cosmeceuticals, a a been in of I've product The that's our and months other a in a variety has take or in to transformational oil of our other care to industries that ability to technology across nutraceutical game-changing world antioxidant astaxanthin, nutraceuticals molecule, and or products or wide pharmaceuticals The mentioned. UltraShear skin wide is a retinol soluble now areas. an agrochem, the the in from like be

rapidly desirable. CBD much in And one highly tiny droplets absorb attention those we that applications. doing in undesired avoiding technology consumers, And for oil-based is is of are lot water-based droplets. And bodies by at, payload looked they're UltraShear different that out being these chemicals the oil we absorbing, undesired into all delivery. that to And processes or been damage a of molecules revolutionary can to the acting, of for cannabis our showing and capabilities various them, fast absorb other effective to Obviously, dose more have competitive get getting active cannabinoids truly biology enough has THC, the have product some fast our and actives.

be study released, the So progress initial we're some that in consumer generating very testing. also being about results we've been results should preclinical demonstrated excited about

path the think I and bright. that, to about excited So continues be

Richard Schumacher

Jeff some have to come last of operational most before but the the today's of on Thanks, quarter. we press over go they're this And technical in them, Jeff. get wanted queue. The as of they're out releases part to highlights. them they've a -- in we touched some out couple and of during release, press the questions, come and

relates UltraShear we the of the we -- number each retail had did XXth in so XXrd, And the around this commercial to first had a distributors May, the X one of Nano-CBD they and When outlets. rollout.

of selling e-commerce or both. brick-and-mortar it were through them were and some Some

about, had all and commercialization. a know, don't covering I and conservative we X comfortable groups X and we our well. was everything took deliberate And bases started working these weeks, out very we the with were it we X that expansion felt that and of or And

that distribution Phase we will And in announced than which -- Phase the network. the And and we coming rest to the a weeks a that X that, of -- before that shipped so received we rapid end had enter We've much year. II, $XXX,XXX that after we the are the orders more and year. to Much X X to weeks we be about had be around II week, then of shipped X more ago were our last before doubled announced was over of it the into over is going expansion. gone from much

branded will bulk It their the an told own white-label add at vials a and everybody on as the customers. additional their We sell distributors. We leader. label then see sell a thousand we want own make We're It will working either it, them will we don't a label to leaders that in We them to We're it a final dispense it sell additional against them. sell its we could material. us expect customer a be in company. or which product vials time, our could put the sell business-to-business on and compete and and be product into don't and it product. they

by going, we're we've goal initially is increased next saying said by our time have but distributors that the to outlets by So now dozens We That's have are this one, two out. XXX Day, even dozens we year. selling year, next XX, distributor rate around of has product time be to with Each that this next going retail the to Labor hope XXX. XXX multiple distributors. or

dozen, that a dozen thousands be even So of to even outlets mean customers. X we're hundreds, it X dozens could very about dozen selling or maybe because will excited distributor that X hundreds, retail

So we're going to get it there. out

the XXX get XXX? what will a to And outlets distributors a to release important? customers. now out And retail to XX Why a the can themselves outlets. outlets XXX, be is We retail that have to dozens, us? will XXX to we're And for shooting between why is number. selling and put we putting something think we're it. to will soon, to number of goal be those -- -- get that to but number More hundreds magic that We'll end that selling out us retail we within be XXX. X. year that's That later. number about in could mean We together that get that is endpoint that and be of does think be Our press again,

handful a for more. on under even and once be we'll working are more contract, looking We those are

product product get to by that's it's spray let's on say, oral the because one you we So the as of And hope hear about not as every out could from we're the expect We've I going have selling well October or September, X, topical. to the time tremendous to, we just us the responses product. be on end the had topical. distribution to the to adding how two, network week think

accelerating. So that is

produce, story fruits able things and ripening. We out for be also needs and into -- news absorbed seeing press following couple in years. down I've I've Nano-CBD had to the and people slow of be to interesting. the about release using very the a been CBD vegetables to needs been a be it to

store what I've that a Nano-CBD, buy bought days of like old not XX in the days that day. call had seen the pretty strawberries different like strawberries them knows eaten, it they've I've look seen We natural market. seen -- was of pictures been that of at on they're sprayed in everybody later, they're coatings. And days the pictures probably like. X and I've strawberries where days, if coating, XX if or it pictures it's And XX were with grungy. look a shown

And the method in now. to excited best believe world about make we so that very the have this Nano-CBD because delivery method -- right we

a be well very or few is an that CBD absorbed the excited compelling. believe how we're using weeks We is, how animal the it data believe, at well Nano-CBD if we it's This slow ripening XXX% and We you And we're fruits to it's And coming it based our product, ago. was much give term, shelf told life Xx to product how a will Xx were the absorbed academic the something have down the reasons that very to and mentioned academic that's That's And -- you model processed believe animal, a publication key Nano-CBD and about data can extremely we publication on many that that into. Jeff, that. is is UltraShear, in out. an be submitted reasons the compelling. and that are believe for looking vegetables. looks we longer going absorbance. how quickly gets quickly

to light believe that our best see show We come are edge going it's made possible. by on because this the in waiting out we to Nano-CBD the UltraShear

it? Jeff, you you already add want to to Do about something that, talked please?

Jeffrey Peterson

that about back just that a some the bit think that We've THC doing clearly other results the I'll THC have course, explain about specifically, this. retinol both we Yes, CBD topical with and nanoemulsions. our couple a hands areas, applications excitement more partners, with CBD a I evaluators. external specifically a the and of for and been been I around relate certainly have recently expand I will little in many in But perhaps little in so on early to talking talk and astaxanthin mentioned, some of about although people remarkable can of applications work come focused that,

of purposes, THC for consumers, whether consumed been THC primary it's for recreational X use has modes. traditionally or X in other

various there's more You're the the drawback of of But forms long-term equipment either don't of so and the the that, impact, side. #X various lot stuff on is that eating avoid necessary the smoking and tremendous the been health a vaping But on. products. tract, it, messages limiting the consumption it care is or aspects course, in to lungs other health inhaling of is all via about in And impact gastrointestinal of the lungs it. issue. A for health amount big To the leading THC that. beyond the and of factor inhalation that concern the folks broadly impact is

that the aren't you're and so it, response the you fundamental And people, takes are just associated problems the the It bloodstream your if down liver I from ingesting what the the while stomach into to first-pass everything the is absorbed. the a into stream, the metabolism. directly into it it is of with that go rooted it, thing blood tract the where think, going issue get called get many from that But your aware GI to goes into even doesn't absorb after is slow encounters circulating it tract directly into fact liver. directly gastrointestinal is

in of shopping other is or nutrients a up at first that the and chance use THC about of efficient actual gets GI inputs various from CBD is amount So the that that reducing product, and the case received tract your that talking to in so as bloodstream. the liver very step. Well, THC whether circulating example, the the

of Wikipedia up that and that's you'll in in a publications that CBD, X% X%, scientific that's telling see only bioavailability efficiently Wikipedia, no that it that look And efficiently the it all results the to see at you'll kinds area. you CBD through If in number. how certainly look What you has gut, circulating you're or the in getting or X% THC liver is you've so absorbed bloodstream. of X% through reduced matter just metabolites

mentioned the actually and of alternative many not The or and as studies spray tongue, have Certainly, but and into through payload rats directly get just Rick the gastrointestinal and just tell through go skin products under CBD of very into well. By the tract, the with absorption the delivery. management you in penetrates effective pain amount that cheek a that And high. that's topical can extremely straight product first-pass the the absorption arena, the be the under a to that reducing applying ability it we THC the in you in in or It's liver done skin swallowed blood effective fast skin. tongue, efficiency that is the done the it cheek can the is accumulating very metabolism to the the the lot were that being actual spraying stream. cases, from to through

that cheek, a follow the may products wide through potentially under or skin, variety dose, or increased. THC, go So CBD through delivering and the is that tongue other the the we whether if efficiency that, of bypass a it's enormously of

tract in in a but testing say in questionnaires minutes, first where XX oral But X wondering later, take of to hours cases you most frustrated seeing some I patients, effects a effect couple many XX formulations, answering gastrointestinal floor. small minutes. THC the closer XX, did more of why that XX to as less, minutes and saw in find spray get number cases, shouldn't effects, themselves consumers were patients then to we minute are answering compare become they the XX on X is, waiting people And when on questionnaires or where they nonetheless, first to we by lack cases, in of a and in they're

affect It's experienced XX fast a spray effective I typically within opportunity a dose have heard, action high that, delivery very not The an in story have years. to many and think, it minutes where over to then can oral tool effective as shift. XX we very is the happening to in to if so paradigm markets one the different experiences a been people And that is cannabis understand complete has an personally expect something it's difference many relate the market and happens, mechanism.

Richard Schumacher

Jeff. Thanks,

So mention the take -- had Jeff touched groups XX operational consumers had on a take wanted THC the it UltraShear. our to was and We that product using processed been highlights, X last highlights the different study. -- on technical focus I about in

so and May said, in of use this So many X had XX or it's go XX me one using -- then and if we before I want made and bed don't smoke of relaxed. at could the them take And how company an I I as go UltraShear, told to product. And take to to it, effects forget, Jeff June this a not and it XX for a like been be you'd of year, minutes need in to California if vape they I gummy close I to him, get fraternity have milligrams. another you window want while he small night a bed our that want THC he minutes. minutes -- a to product. a effects of a don't and THC. we take processing into I immediate as between minutes. brothers that's high. I you'd for a terrific made just to I which gummy And and only brought take and where And to to it every to the THC X got union get spray spray people, Rick, sleep. you my been a of product, these instrument, XX said, when just the versus the minutes XX taught you done they winner using or when THC and for it It's edible for producing are is or usually people have a -- And product and

or our so people X found minute, the what those between and material Jeff X as astounding. found and majority the had they effects, in some UltraShear X were some made to they was we're is -- that, independent X vast by using And to, Usually, and X the take alluded What minutes, studies milligrams. third-party feeling And many done an many, that was minutes. group. in are

that longer laid spray bloodstream sprayed And fast-acting slower quickly -- very so was we're it the getting within and versus people and into a was looking normally minutes. in or was bloodstream they the cheeks It route X tongue just of being instantaneously the almost at Jeff and the made the was out. X getting it reasons a because a under that THC extremely to because into the feeling it much were

So is we THC little difficult a about own have has machines state state. are every people number in its because to more bring We'd rules. that. of to every a talking

to it. in lot And developing Massachusetts Jeff we this capabilities some multistate individual do here operators, California. do the also that CBD working and of We to but is on talking a can in ship is easier we're talking companies. because and to busy are

customers. year West we our over having bicoastal, East available mentioned about ago As Coast, had to a a and having both

to I a I there. So wanted all that's through I wanted questions attack. do have of go that bunch to

it's come already lot of particularly which value had is the as say patents. we our intellectual the you going one but can them you of see but up property, have, Jeff, from up, a lately, that comes a to that I'm them lot, list not our of Some

have these particularly if X in since I've a BaroFold. it's that's patent in of very release to come -- said in patents not in patents. I've a the people cheap. of are have press UltraShear I previous we XX I BaroFold at of we pending in patents personal more a we and in strong acquired look worth PCT them ago, business that That's and enterprise especially lot. market and already more opinion -- being and It's good a my UltraShear than and we my XX years X I've there's believe back than estates which are patents more XXXX, We have much personal is just not some patents, say, But cap area that our upon issued much not close newer the hired cheap, patents, XX value. technology couple UltraShear. total I'd There's even a based issued some own other that had so worth have strong weeks the our back. very these in areas, of are XX that to being opinion in life,

come believe believe the at in group appraisal. of who them held by that would multiples again, that by them at of up looking others I appraisal and looked value. possibility getting be current would We're a that, will at that in apprise the our could appraisal,

we're on it price. now that a more like reputation we'd for that later but done can find if get than of to can it do sooner later, So working reasonable someone good we

Jeffrey Peterson

cannabis about I'll time a focus our strategy. spend later overall jump in of call on even we we well. might circle there cannabis-centric all was you I'm around this because a this when say that certainly -- and not have I it's little made self-conscious the terms I on on Rick, company talking going points but just on anyway, some to as back

to other so on. where a and have Within vector outside for we the market it. UltraShear larger relate area, opportunities us very people convenient across demonstration sectors has for so of vastly experiences been and many can personal Cannabis

hours mean and of -- get to not the beyond. import in to give a have meet this with literally only make technology and nutraceutical a was This but the a the One of order Pressure application, at acquainted game-changing, a $XX that expect to team, of sense that example, impact started then that clinical UltraShear-treated trial into initial example come conference and This President stopped of to Boston outside we with specifics, meetings was agrochem this to we've the company again, that Rick cosmoceuticals, billion just effort trial. type clinical a but Bio of have. without have multinational divulging kind spend product I in to of the an is as can had and technology getting be to get the

So excited about that.

But even have segments year patent recall of which in distributor Chinese announcement the rest more for traction have where, the of several and historical our remaining think we of and significant state delivered In been XX I machines, commitment earlier the with build of may major a PCT, this audience already. this again, a for already and PCT year.

and the out PCT member in growth that again, up team a We by about shouldn't say I India have have India we a business. first we, accomplished to and here to flying new Rick be sector but we a our we're not distributor I, significant to in that for established and is proceed expect started, -- coming getting of install into, quickly very the

couple area, number a biopharmaceutical BaroFold proteins, some of to refolding to to to put request dozen and facilities be sites into again, potentially. in unfolding addressed more the biopharma going than which needs is BaroFold of area and programs responding desires manufacturing partners companies a key to indications of We've that we specific had critical and development getting the In internally. processes. and literally are in the from quote on organizations is with And now with contract which development manufacturing

bit to continues excitement in folks the develop So helpful for business, to feel what of these with think other dimensions and flavor. it's that are of it the a I little

Richard Schumacher

comment roughly was said, to multiple people you mentioned that's we landed working points XX years, talked it we one basically, assure and I have company. on, over of companies, a We've said were And X the company we summarize on -- you or big are. I Why asked, asked why comment a already Jeff, big the on asked $XX billion aren't to of what to about haven't that contracts? one can we big questions contract? you the already,

this definition one that that's start all worked We've that X big exception, company have along. you answer working another again. XX my company. ask small when numbers those we've were We you and in other the a years, put has a for as done between company, with about ringer $X But unchanged had billion that plan without through almost been with they they a Having to companies and work with many and do the company, small things a of wherewithal of under be association I XXX company cake. it's to say but even under people when you a small that. And do to icing able that staff frankly, even and not maybe It's of small the all a just people, a often money not necessary. company may bigger small company, quite a business on has company, XXX

to very is big it so And with work companies. difficult

You company. out business, big can get go a to a land of trying

always you our been, bigger very turn everybody companies the let's let's quickly. land we plan companies business several customers can So all But more them, along because have that it. has go when nimble smaller, into after knows

We'll and hour. guy this or I we in and right. billion $XX CEO are all be that's in so could the called company called when said, you. his we and an there of was U.S. come visit working, the local said ecstatic And half I only

want and for can they as be stayed long hours. X.X You as you

distributors because and headway, pretty that be and headway we're and are with are with lot mentioned So companies, we're product. signed our everybody one new up X already making of working making certainly aware soon. will And announced mentioned also be we've working companies we've of and a smaller we we others big

and big working we with small. So with are

that people out together there, answers we -- of hope sent people the put were these question questions. I in. by so Most us And use in and whoever bunch several sent are IR of that a

Isiah one talks they Isiah and releases I called can Denese, exciting about Thomas Another company is a with different Products. company. we World a have you, really press who's Adrienne about one tell about, had Thomas, it release NBA All-Star, an One press two

a we night can. Ken minutes talking and I there battle. have I job with the as know, and together, the we X And the look on equal was and how within OTCQB, And up. maybe days, spend done small believe on X plus believe. of we making don't you we make market, good the about great If all hour, XX between are a Ken last And I XX I still fight it phone, we headway. you it Products World X and work can a on OTC believe, One they're We about Sunday spoke Isiah how the are companies half should us. can talking fighting

certainly been with skin dead we And billion. is far care, skin we're We're generation And next said Denese the we that team. seller -- her that what we've the she work retinol-based could lot XX care going of of we years, talking QVC going going #X on from Adrienne come anti-aging product end. history working a is on are Dr. on. we're Denese So on and $X.X she calls a in skincare. QVC, of to we a said out to antiaging to said work work Dr. that

I there eventually organizations. the in products hours, work but We've as do any to intend on I We news in hasn't there, that you that. market. to continue the to with that hours. out still past intend we're been assure we spoken with And are can So people both XX in working. them know XX partners

Jeffrey Peterson

different they And the was many Dr. might back. provided anti-aging is UltraShear skin ran the formulations. I vehicle think, the for and ingredient us I standard seeing delightful a Denese that feedback Dr. to that for Denese on work earlier, had in for the skin level it never shocking that samples mentioned for like UltraShear produced. think of and protocol And that, her that was, as her hear I through the is in this. the she testing tightening retinol have we at add that test with products tightening results I retinol And used course, career

Richard Schumacher

Jeff. Thanks,

much at of couple and things. had level. upset we've So We've tell period, continue level the both have that a number Board of recently, at are in releases. a because press to our us lawyers blackout who a going company we're we're employees One we -- more in X the that on so is mentioned

there buying can't stock. And be so we in

to up started we we a stock pulling So month set purchase an need ago together everything about and employee plan.

able I stock would and automatic So bit to the that X installed when a But any question do from deduction in have to most me months of to complicated. last so these. and payroll. And their and it employee dilution we're plan going." and This what with it's participate will everything purchase one cheap ago, this participate we've and XXX of to has that here, able complex shares "I it's covered like get employees plan can is to employees crazy, under was from stock. have Rick, that ago, an doing XXb-X to sell thought so we here, the can X we of X.X be allow directly the anti-dilution just sort and could out this $X.XX I this get a be years years came you hurry buy the like ago So up that to a Several that at share. and stock of deal were said, company is we in for doesn't say us clause their we did

we millions that convert notes allow shares otherwise, millions of shares at to to price. apply that of to or have lower be to So

And that be hand would heavy of dilution. a

the for bit done $X, And you're of I the we've a this impossible. difficult when more done it but But -- and difficult, makes notes pretty -- it is much years. by in value. at were of successful makes below Jeff not we've almost people we've that number a convert what so And that's very $X.XX, $X, it will And lot in when how is, were though stock gotten saw even way it because $X.XX a at below they up or paying it's -- we if bringing a even they share.

at to debt million amazing a UltraShear. as the of the of lot So the so, as can in, our to to investor largest bring in a capital in debt commercialize we that doing to we've agreed in us an money Jeff earlier, added to instrument technology mentioned But of And debt bring this continue the person help Commonwealth look the balance through equity. $XX preferred effectuated on and quarter, Massachusetts, do you'll debt got million the sheet. second -- into see And of did the convert stock balance first once state the of into we of quarter, $XX see it, less in you'll conversion, sheet.

stock. be such, so both to will willing gone believe will are that of Jeff to go have debt for I preferred believe tradable in #X not that that where the we there market. by this will it's people equity X that multiple the months other be the investors was having it's investor say their last direction and other this on stock a gain convert equity. as And into there the much that to opposite I who converted

I've person converted million converted as can the selling common So had and the stock answer tell, I person the far and have who because not no, stock people stock. into preferred into some $XX say, is, the is as preferred converted they

return somebody well. good us deserves converting know to plus would be strongly been and things like very that -- their it investment to very this doing So on I very a a person sell and equity. terrific make And this, to years the is very over shareholder, that them person supportive Jeff a for debt the difficult this

an is us doing indebted can opinion. the everything help he is would this who we're investor be selling out This who to So not our investor. investor in this in to

it. we've here and a notice to XX So from have got that's XX. had minutes, we're -- I supposed

So then on I and with to need things. know we get summarize that

things summary. So going but do summary, I any -- do Jeff, to any do before last you'd like I'm to my a that

Jeffrey Peterson

made about UltraShear. clear with off our that our plus our we've to that in are PCT of on delighted strategic as running of positive line We're going confident activities The think points. of But not and new partnering and in encouraging are traditional the BaroFold the hit remain here as in areas well. new on and and with cannabis cannabis. I'll focus programs area the the partnerships, UltraShear. mention most I at beginning, larger outside product say is very excited Rick just XX% we at distributors trend attention in path activities forward the and

the opportunity. So optimistic try rest into we I of NYSE we're to the at move path think an quite uplift NASDAQ the or as about excited and navigating to earliest

Richard Schumacher

world? do the Jeff. thing that is in company that And start we world. to everything we we guy for this said, and the say doubt. can I personally. I'm founder I'm yes, years using I the bed -- this And we the And power it. lay want is ago no can I can the and nature does Thanks, of of wonder first There's we that And me, XX answer take I could a change if pressure incredible can the company change the it? did company.

after UltraShear like something platform there's that it's here, transfuse do is is way, started has prove I I has the prove bank know And the to and of it already of superior we when that what millions the for. our hundreds products did we them back said far we disease people, or own -- wrong was first weeks, the we blood, commend We've joined in feel article the so that not transfusions that and people, This thousands journal as works. that hope life, infectious thousands no people many actually with will retest. And for a of get of -- in matter because tens thousands testing I Boston company, proven strong. Biomedica have came will help a blood technology it products comes or this it. we've blood that hospital stronger. blood and made it, of peer-reviewed testing it XXX me feel maybe time think days at saved my that people out go we my just because patents I I that technology of lives not I helped presented and data which out, happen products of

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world assets his noncore us. that with things that strategic value Jeff are more we today, looking very partner small the we're a way to quote at. Biomedica. obviously, have we can very going lot than we're want that It's we're -- in a number so for it but talking exciting. It's because world we mentioned about We're talked changed makes been have of change company done. investments. the much we And we of along looking tough of on. that it that think companies to undercapitalized, fund a And difficult technology it a that as So to have Boston everything, getting the that's

people this those area, We've business you some off in or of this the of other? if to group, in interest actually is about have any assets and say, had in licensing XX% come to what us Do your selling us.

mind day. So every ways of me, believe when they're of the finance, nondilutive single different tips at in you start looking our

know we need change need We So which help. focus, in we We to we is We know areas. what our what have multiple world doing, and the your about shareholders. we we're know we excited of we're help have. the can

why. you you this direction, of do. need So that's in in it. we're for This worth wrong the understand again, to whether we us what show And And to multiples. and to market believe opinion, worth cap, real McCoy. we we show the the tough months our in our is the stuck value we who don't time it's is has last where those worth with company multiples multiples, And of this the few very the going is, thank it's at in goal or enterprise what them have this just people. this stock We time gone value that is is know the that

of a million can our quarters. quarter, to thousand of And appreciate $X I keep one ways record the going with at the get we us quarter first goal we everybody half million. there. linear. us. Rick, a UltraShear bankers now taking said just had a you been we're go one sticking think But to our $XXX-plus on it's appreciate already appreciate got saying, do hit heck I everybody's So to to have And time $X it's -- We've we -- second UltraShear help. good of I of this is today. year. one So

going up towards I, bang-up see a and and steps how You've company. leading up, it's now laid he are towards can leading and up profitability and the and the foundation

And so our in it that's what feel bones. we're We about show. to

to we talk appreciate look and We in third we everybody, you quarter November our with forward numbers. talking about when

very you much. thank Matthew, So

hour X I you think we've used up exactly the gave us.

Operator

Thank event. This concludes you, today's everyone.

Thank day. for participation. your disconnect time, at may You have wonderful and this a you

Pressure BioSciences (PBIO) 22 Aug 232023 Q2 Earnings call transcript