Axe Compute Inc. Q2 FY2024 earnings call

• Significant announcement of successful retrospective multiyear ovarian cancer study with UPMC Magee-Womens Hospital, expanding AI and ML offering for biomarker discovery. The study used data from 235 ovarian cancer patients and various inputs to train models, delivering strong predictive models. - Launched novel organ-specific 3D cell culture technology that mimics human tissue architecture better than 2D assays, benefiting drug developers. - Progress with Accelerating Compound Exploration (ACE) initiative, resulting in first collaboration with University of Michigan, expanding small molecule capabilities. - Implemented comprehensive cost reduction initiative, including consolidating Birmingham operations to Pittsburgh to streamline operations and extend cash runway, expected to reduce cash used in operating activities by ~$2.5 million annually. - Recent capital raises: $3.7 million net in May through ATM facility and $1.3 million gross in July through warrant inducement transaction.

The company's revenues for the second quarter of 2024 were $279,000, compared to $490,000 in the comparable period of 2023, primarily derived from the EGAN operating segment. The Birmingham segment generated a net loss of $2.0 million in 2023 and $1.8 million in 2022 with de-minimis supporting revenue.

Q: [Operator Instructions] A: Mr. Vennare thanks everyone for being on the call, concludes the call, and looks forward to the next quarterly update in November