For the full-year 2023, revenue of $5.9 million was down by 29% from $8.3 million in 2022, principally due to the Medicare Advantage CMS rule changes. Gross profit in Q4 2023 was about $850,000. The gross profit reduction of about $400,000 from $1.2 million in Q4 of last year, correlates with the drop in revenue. Our Q4 gross margin rate was 64.4%, a slight contraction from the prior year quarter, reflecting a reduction in the absorption of indirect manufacturing costs, which resulted from lower production problem -- lower production volumes. For the full-year 2023, gross profit was $3.9 million at a margin rate of about 67%, down by $1.8 million from $5.8 million in 2022 at a margin rate of just under 70%. Operating expenses in the fourth quarter totaled $2.7 million.

The OpEx increase of about $600,000 or 30% from the prior year quarter reflects the timing of R&D spending for outside engineering services plus increased sales and marketing headcount during the year to support the launch of Quell Fibromyalgia. Personnel costs, this will be headcount and compensation, throughout the organization were significantly higher in comparison with the prior year. Full-year OpEx of $11.1 million increased by $600,000 or 5.8% from 2022. Net loss in Q4 was $1.6 million or $1.43 per share. The net loss increased by $1 million from a net loss of just under $700,000 a or $0.73 a share in Q4 of last year. Operating cash usage in the quarter was about $1.4 million this year versus $1.5 million in Q4 of last year. For the full-year, our net loss of $6.5 million or $6.27 per share increased from a loss in 2022 of $4.4 million or $4.97 per share.

We closed the quarter with liquid assets of $18 million, as I mentioned previously. During Q4, we executed sales of common stock under our ATM facility of approximately $1.9 million and of that, about $1.6 million settled during the fourth quarter. Common stock outstanding at the end of 2023 totaled approximately 1.5 million shares. And this is after the November 1, 2023, date in which we implemented a reverse split in the ratio of 1.8% in order to comply with NASDAQ minimum bid requirements. So those are the highlights from the financial report. And now for the comments of Dr. Shai Gozani, our Founder and CEO.

Shai Gozani: Thank you, Tom. Our growth strategy is built on three core efforts. The first to establish and grow the Quell Fibromyalgia indication in the U.S. market. The second is to advance the Quell Neurotherapeutics program, which will lead to additional indications in an expanded addressable market. And the third is to revise the DPNCheck business strategy to account for the recent negative changes [Technical Difficulty] Quell is our wearable Neuromodulation platform. It is based on our proprietary adaptive transcutaneous electrical nerve stimulation technology, and it is the only daily multi-hour wearable treatment for chronic pain syndromes. It is FDA cleared for relief of lower extremity chronic pain and has received FDA de novo authorization as the first and only neuromodulation device indicated to help reduce the symptoms of Fibromyalgia and this latter indication is available by prescription only.

At this time, our commercialization efforts are exclusively focused on the Fibromyalgia indication. Fibromyalgia is a complex chronic pain syndrome that affects up to 15 million people in the U.S. The only FDA-approved drugs are pregabalin, duloxetine and milnacipran which can have substantial side effects. Therefore, there is a critical unmet need for additional safe treatments. The fourth quarter of 2023 was the fourth quarter of the commercial launch of Quell Fibromyalgia. At this time, we are in a deliberate strategic phase that is intended to optimize the effectiveness of our prescription processing solution to refine the clinical and marketing messaging and to identify the most attractive patient cohorts for the solution. Our commercial team consists of a National Director of Sales and two regional business managers, which provide us with preliminary coverage in the Florida, Texas and California markets.

We have partnered with a national online pharmacy to fulfill both the initial prescriptions and refills. At this time, Quell Fibromyalgia is available on a cash pay basis with the exception of certain VA facilities, where it is a covered treatment. We have also added a telehealth option that allows patients to foresee prescriptions without requiring an in-person physician visit. We are pleased with the growth in the Quell Fibromyalgia business in the fourth quarter of last year. There are 199 unique prescribers due in Q4, compared to 125 during Q3. The most common prescribers are rheumatologists, pain medicine specialists and neurologists. The number of Quell Fibromyalgia prescriptions were written -- increased written increased to 583 in Q4 from 262 in Q3, with about 60% of prescriptions filled by patients.

And the number of month refills increased from 315 in the third quarter of last year to 525 in the fourth quarter. Following the end of the quarter, we increased the refill price by 33%. Overall, we are pleased with the early commercial experience with Quell Fibromyalgia and we hope to see continued progress leading to material revenue this year. Now in terms of the overall Quell Neurotherapeutics program it is the second element of our growth strategy, and that is to increase our pipeline beyond the Fibromyalgia indication. The program that is furthest along is for treatment of chronic chemotherapy-induced peripheral neuropathy, or CIPN, which affects as many as 30% of the approximately 1 million people who receive chemotherapy every year.

It is a chronic and debilitating side effect of cancer treatments. Quell received FDA breakthrough designation for treating moderate-to-severe CIPN in January of 2022 based on a pilot study conducted at the University of Rochester. A NIH-funded multicenter double-blinded randomized sham-controlled trial completed enrollment in the third quarter of 2022. And we recently submitted a premarket notification our 510(k) with the FDA for a Quell CIPN indication that was done in December. Depending on the FDA review time line, the ultimate decision we could be in a position to initiate commercialization before the end of this year or early next year. We also reported positive results from a pilot study of Quell in post-acute COVID-19 syndrome, which is also called long COVID.

About one-third of patients with long COVID have a Fibromyalgia-like presentation, and we are currently evaluating whether this recent clinical data is sufficient to support a 510(k) submission with Quell Fibromyalgia as the predicate device. Now moving on to DPNCheck. DPNCheck is a rapid point-of-care test for peripheral neuropathy such as diabetic peripheral neuropathy, or DPN, which is the most common long-term complication of diabetes. DPNCheck is the only point-of-care peripheral neuropathy test based on gold standard nerve conduction study technology. Our DPNCheck business has been comprised of B2B sales into the U.S. Medicare Advantage market, and international sales in China and Japan through distribution partners. Historically, 80% of our DPNCheck revenue has come from domestic sales.

We have a value-based commercial care team. that has been focused on increasing DPNCheck adoption in the Medicare Advantage market. This includes large medical groups, integrated delivery networks, health systems and health assessment companies where a substantial portion of their patients are covered under Medicare Advantage. The business had been growing for several years. However, substantial uncertainty was injected into the Medicare Advantage sector last year due to policy changes announced by the Centers for Medicare and Medicaid Services, or CMS. In April, CMS announced significant changes to the Hierarchal Condition categories or HCC risk adjustment model for the calendar year 2024. The new model alters the risk adjustment environment and among its many changes essentially eliminates HCC codes for peripheral neuropathies are detected by DPNCheck screening programs.

We are evaluating the evolving landscape and at this point, we believe it will be necessary to alter our strategy to move away from Medicare Advantage focused business to 1 more broadly addressing value-based care. We are currently exploring various alternate markets within value-based care and retail health care and attempt to reconstitute a profitable, scalable business model. We are not yet in a position to outline a new commercial strategy. As we saw this quarter, the Medicare Advantage changes have caused a material downward pressure on DPNCheck revenues. Implementation of new strategies will take time, and therefore, we do not see a reversal in revenue this year. Nevertheless, we expect the DPNCheck business line will continue to generate positive cash flow by virtue of its attractive operating margins.

Now to move on to our recent release on executing a review of strategic options. While the company management and the Board are disappointed by the impact of external forces on DPNCheck, we remain enthusiastic about the potential for our Quelle Neuromodulation business and, in fact, also our DPNCheck business. Of course, we are also mindful of the divergence between our stock price and the potential of our product line is a strong balance sheet. A few weeks ago, we announced that we were initiating a process to review strategic options to promote growth of our product lines and to maximize shareholder value. We intend to consider various options, including changes in marketing strategies, the acquisition of new assets, potential sale of company assets and merger or other strategic transactions.

While we are exploring these options, we do not -- do not expect to make any fundamental changes in the company's commercial operations. We have engaged Landenburg Thalmann with whom we have a long-standing relationship to help us in this process. There can be no assurances that any specific actions will be taken or emerge from this process. And that represents our prepared comments. And at this point, we'd be happy to take any questions.

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