2Q21 Results. Canadian COVID related restrictions continue to impact Helius operating results. Helius reported 2Q revenue of $71,000 down from $84,000 in 1Q21. Net loss for the quarter including $2.6 million of stock-based compensation expense was $6.0 million, or $2.58 per share, compared to a net loss of $3.6 million, or $2.90 per share last year. We had forecast revenue of $90,000 and a net loss of $3.6 million, or $1.53 per share.U.S. Commercialization Efforts Ongoing. Helius continues to develop a plan for U.S. commercialization of the PoNS Treatment. The Company recently hired a new VP of Sales & Marketing for North America, Fred Fantazzia, an expert in developing the market for new neuromodulation technologies. State approvals rose to 43 from 24 at the end of 1Q21. The Company has refined its initial target market to 10 states with about 130,000 MS patients with gait deficit who may require physical therapy.Liquidity. At the end of the quarter, Helius had $7.4 million of cash, down from $11.4 million at the end of the first quarter. While management had previously forecast this to be sufficient until the first quarter next year, increased investment in U.S. commercialization likely will force the Company to return to the capital markets sooner.Updated Projections. The environment in Canada remains COVID challenged and expenses will uptick as the U.S. effort is built out. Given the current conditions, we are projecting third quarter 2021 revenue of $79,000, down from our previous $90,000, and a net loss of $4.2 million, or $1.75 per share, above our previous estimate of a loss of $3.2 million or $1.32 per share. For the full year we are now at revenue of $333,000 and a net loss of $18.0 million or $7.75 per share.Maintaining Outperform Rating. We are maintaining our Outperform rating and $20.00 12-month price target on HSDT shares. Through its PoNS device and treatment program, we believe Helius has a first mover advantage in using the tongue for neurostimulation to reduce symptoms of neurological disease or trauma. Read More >>