Unknown Speaker
Operator: Hello, everyone. Thank you for joining us, and welcome to Corvex's First Quarter 2026 Earnings Call. I will now hand the call over to J Cogan, CFO. Please go ahead, sir.
Jeremy Cogan: Thanks, Kara. Good afternoon, everyone, and welcome to Corvex's First Quarter 2026 Earnings Conference Call. Joining me today are Corvex's CEO, J Crystal; and Co-Founder and Director, Seth Demsey. A press release detailing our results was issued this afternoon and is available in the Investor Relations section of our website. A replay and transcript will be posted following the call. During today's call, we will make forward-looking statements based on current expectations. Our actual results may differ materially from such statements. Descriptions of the risks and uncertainties associated with Corvex are included in our SEC filings, which can be accessed through our website. Today's discussion also includes references to non-GAAP financial measures. Reconciliation to the most directly comparable GAAP measure is included in our press release and on our IR website. On March 19, 2026, Corvex, Inc., formerly known as Movano Inc., acquired Corvex Legacy Holdings, Inc., also known as Corvex OpCo. The company was renamed Corvex Inc. effective March 23, 2026. Pursuant to the merger agreement, at closing, we issued to the prior security holders of Corvex OpCo 240,562 shares of Series B convertible preferred stock, representing no more than 19.9% of our outstanding common stock immediately prior to closing as well as 23,551.5195 shares of Series C preferred stock and 30,227.0524 shares of Series D preferred stock. On March 31, 2026, each share of Series B preferred stock automatically converted into 1,000 shares of common stock. In the coming weeks, subject to stockholder approval of the conversion proposal at our upcoming annual meeting, each share of Series C preferred stock will automatically convert into 1,000 shares of common stock and each share of Series D preferred stock will be convertible into 1,000 shares of common stock. As part of the merger agreement, we also declared a stock dividend of 0.358 shares of common stock for every share outstanding at the close of business on March 30, 2026. The stock dividend was distributed on April 6, 2026. Turning to Q1 2026 results. Our reported financial results for the first quarter reflect our legacy healthcare business for the entire period and the inclusion of Corvex's AI platform for the 12 days following the March 19 merger closing. In today's press release and in a separate 8-K we published this afternoon alongside our March 2026 quarter Form 10-Q, we also provided pro forma results for the first quarter of 2026 and fiscal year 2025. We believe the disclosure of pro forma financials provides further insight into the combined company's recent operating performance. On a reported basis, our revenue was $510,000 in the first quarter of 2026, and we reported an operating loss of $4.8 million for the period. …
