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StemoniX

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uuid0000nrh

Namestring
StemoniX
Websiteurl
stemonix.com
Company typeenum
Private
Founded yearint
2014
Descriptiontext

StemoniX, founded in 2014 and headquartered in Maple Grove, Minnesota, is a biotechnology company that develops human brain organoid technology for preclinical drug safety and efficacy assessment. Operating commercially as 28bio, the company serves pharmaceutical and biotechnology companies engaged in CNS drug development, addressing the high attrition rates in neurological drug trials caused by inadequate preclinical models. With 11-50 employees, StemoniX targets a specific translational failure point in neuroscience: the poor predictive performance of animal models and 2D cell-based assays for clinical CNS outcomes.

The company's core technology is built on induced pluripotent stem cell (iPSC)-derived 3D neural cultures that produce brain organoids capable of measuring human neural activity. Its product portfolio comprises CNS-3D Brain Organoids (for predicting clinical seizure liability), CNS-3D Inflammatory Organoids (for neuroinflammatory disease modeling), CNS-3D Myelinated Organoids (for remyelination drug testing), and a CNS-3D Alzheimer's Model (for neurodegeneration research), complemented by dedicated CNS-3D and PNS-3D service offerings. The technology is validated through the Endurance Study, a retrospective analysis using clinical outcomes from 120,551 patients, which reported 83% sensitivity and 89% specificity in seizure liability prediction — performance positioned as 13x more predictive than animal models and aligned with regulatory agency guideline recommendations.

StemoniX generates revenue through B2B direct sales to enterprise pharmaceutical and biotechnology customers, with pricing not publicly disclosed. Go-to-market is anchored on scientific content marketing — webinars, scientific publications, application notes, and industry events such as 28bioLIVE — rather than broad digital demand-gen, which is consistent with a high-touch, validation-driven preclinical services sale. The company has raised approximately $33.2 million in disclosed funding across multiple rounds through 2020, with the largest being a $14.4 million Series A in February 2019 led by Brightstone Venture Capital, alongside participation from Alumni Ventures, Mayo Clinic, Keshif Ventures, and Seed San Diego. No revenue, customer logo, or partnership data has been publicly disclosed.

Short descriptiontext

StemoniX (operating as 28bio) develops iPSC-derived 3D brain organoids for preclinical CNS and PNS drug safety and efficacy testing, serving pharmaceutical and biotechnology companies in neurological drug development.

Ownership categoryenum
Headcount rangeband
11–50
akta.pro rankint
HeadquartersMaple Grove, United States
HQ citystring
Maple Grove
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Keyword5 values
brain organoid technology, preclinical safety testing, neurotoxicity testing services, drug discovery platforms, stem cell biotechnology
Industry2 codes
1In Vitro Model Systems & Organoid Platforms (iPSC/organoids, microphysiological systems)
CodeHLAAAIAJPrimaryYes
2Organoids & Organ-on-Chip (regenerative models)
CodeHLAAAGADPrimaryNo
NAICS code2 codes
  • Research and Development in Biotechnology (except Nanobiotechnology)541714
  • Scientific Research and Development Services5417
SIC code1 code
  • Services-Commercial Physical & Biological Research8731
Product category
Preclinical Drug Safety Testing
Social media profiles2 records
Marketing channels5 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels1 record

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

StemoniX (operating as 28bio) develops and commercializes human iPSC-derived 3D brain organoid products and related testing services for preclinical safety and efficacy assessment in drug development. The company's core offerings include CNS-3D Brain Organoids, disease-specific organoid models (inflammatory, myelinated, Alzheimer's), and dedicated CNS-3D and PNS-3D testing services used by pharmaceutical and biotech companies to predict clinical seizure liability, neurotoxicity, and peripheral neuropathy.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 2 values shown
  • 83% sensitivity and 89% specificity predicting clinical seizure liability
+1 more record
Product overview1 text field

28bio offers a portfolio of CNS-3D organoid products and services designed for preclinical safety and efficacy assessment in drug development. The core offering centers on CNS-3D Brain Organoids, which use human iPSC-derived neural cultures to predict clinical outcomes like seizure liability. Additional products include CNS-3D Inflammatory Organoids for disease modeling, CNS-3D Myelinated Organoids for remyelination studies, and CNS-3D Alzheimer's Model for neurodegeneration research. The portfolio is supported by dedicated CNS-3D and PNS-3D service offerings. The Endurance Study demonstrated that CNS-3D Brain Organoids achieve 83% sensitivity and 89% specificity in predicting clinical seizure liability, outperforming animal models by 13x.

Product and service6 records
1CNS-3D Brain Organoids
CategoryPreclinical Safety Testing Product
Description

Human brain organoids derived from iPSC technology that measure human neural activity to predict clinical seizure liability; demonstrated 83% sensitivity, 89% specificity, and 13x better predictive performance than animal models in the Endurance Study. Sold to pharmaceutical and biotech companies for preclinical CNS safety testing.

2CNS-3D Inflammatory Organoids
CategoryDisease Modeling Product
Description

3D brain organoid model designed for neuroinflammatory disease modeling, enabling measurement of human neural activity linked to clinical safety and efficacy. Targeted at pharmaceutical researchers studying neuroinflammation.

3CNS-3D Myelinated Organoids
CategoryDisease Modeling Product
Description

Specialized brain organoid model for remyelination drug efficacy testing, enabling evaluation of therapeutic candidates for demyelinating diseases such as multiple sclerosis.

4CNS-3D Alzheimer's Model
CategoryDisease Modeling Product
Description

Brain organoid model specifically developed for Alzheimer's disease modeling, supporting drug discovery and efficacy assessment for neurodegenerative disease therapeutics.

5CNS-3D Services
CategoryContract Testing Services
Description

Service offerings centered on the CNS-3D technology platform for preclinical safety assessment, CNS toxicity testing, and efficacy evaluation performed for pharmaceutical and biotech clients.

6PNS-3D Services
CategoryContract Testing Services
Description

Peripheral nervous system 3D testing services for drug-induced peripheral neuropathy testing, providing predictive human neural activity measurements to pharmaceutical clients.

Recent move4 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Peers8 records
TypeDirect peer
Description

Hesperos builds multi-organ microphysiological systems and organoid-based assays for preclinical drug testing, including neurological applications, making it a direct peer in human-relevant preclinical safety and efficacy services.

TypeDirect peer
Description

Emulate's organ-on-chip platform provides human-relevant in vitro models for toxicity and disease modeling across multiple tissues, overlapping with 28bio's CNS and PNS preclinical testing value proposition.

TypeBroad incumbent
Description

WuXi AppTec is a large global CRO/CDMO providing preclinical safety and efficacy services, including CNS testing, and is a broad incumbent competing for outsourced neuroscience drug development work.

TypeEmerging player
Description

Prellis Biologics uses 3D bioprinting and organoid technology for antibody discovery and human tissue models, intersecting with 28bio's organoid-based drug discovery applications.

TypeDirect peer
Description

Axol Bioscience supplies iPSC-derived neural cells and custom neurological disease models for drug discovery, directly competing in the iPSC-based CNS modeling and assay market.

TypeDirect peer
Description

InSphero develops 3D organoid and spheroid models for preclinical drug safety and efficacy testing, including neurotoxicity assays, competing head-to-head with CNS-3D Brain Organoids in the human-relevant preclinical services market.

TypeBroad incumbent
Description

Charles River is a global CRO offering extensive preclinical CNS safety and efficacy testing services. While not organoid-specialized, it competes for the same pharma preclinical testing wallet and is a natural channel partner or competitive threat.

TypeDirect peer
Description

Newcells Biotech offers iPSC-derived cell and organoid models, including neural models, for drug discovery and toxicity testing — a closely comparable iPSC-based preclinical platform serving pharma and biotech customers.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat5 records

Each record includes

Type, Details

Key risks5 records

Each record includes

Headline, Details, Source

Key highlights5 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature5 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds11 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors11 records

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

StemoniX

Preclinical Drug Safety Testingstemonix.com

StemoniX (operating as 28bio) develops iPSC-derived 3D brain organoids for preclinical CNS and PNS drug safety and efficacy testing, serving pharmaceutical and biotechnology companies in neurological drug development.

What StemoniX does

StemoniX, founded in 2014 and headquartered in Maple Grove, Minnesota, is a biotechnology company that develops human brain organoid technology for preclinical drug safety and efficacy assessment. Operating commercially as 28bio, the company serves pharmaceutical and biotechnology companies engaged in CNS drug development, addressing the high attrition rates in neurological drug trials caused by inadequate preclinical models. With 11-50 employees, StemoniX targets a specific translational failure point in neuroscience: the poor predictive performance of animal models and 2D cell-based assays for clinical CNS outcomes.

The company's core technology is built on induced pluripotent stem cell (iPSC)-derived 3D neural cultures that produce brain organoids capable of measuring human neural activity. Its product portfolio comprises CNS-3D Brain Organoids (for predicting clinical seizure liability), CNS-3D Inflammatory Organoids (for neuroinflammatory disease modeling), CNS-3D Myelinated Organoids (for remyelination drug testing), and a CNS-3D Alzheimer's Model (for neurodegeneration research), complemented by dedicated CNS-3D and PNS-3D service offerings. The technology is validated through the Endurance Study, a retrospective analysis using clinical outcomes from 120,551 patients, which reported 83% sensitivity and 89% specificity in seizure liability prediction — performance positioned as 13x more predictive than animal models and aligned with regulatory agency guideline recommendations.

StemoniX generates revenue through B2B direct sales to enterprise pharmaceutical and biotechnology customers, with pricing not publicly disclosed. Go-to-market is anchored on scientific content marketing — webinars, scientific publications, application notes, and industry events such as 28bioLIVE — rather than broad digital demand-gen, which is consistent with a high-touch, validation-driven preclinical services sale. The company has raised approximately $33.2 million in disclosed funding across multiple rounds through 2020, with the largest being a $14.4 million Series A in February 2019 led by Brightstone Venture Capital, alongside participation from Alumni Ventures, Mayo Clinic, Keshif Ventures, and Seed San Diego. No revenue, customer logo, or partnership data has been publicly disclosed.

StemoniX firmographics

Firmographics
Name
StemoniX
Website
https://stemonix.com
Company type
Private
Founded year
2014
Headcount range
11–50 employees
Short description
StemoniX (operating as 28bio) develops iPSC-derived 3D brain organoids for preclinical CNS and PNS drug safety and efficacy testing, serving pharmaceutical and biotechnology companies in neurological drug development.
Ownership category
akta.pro rank

StemoniX industry classification

Industry
Product category
Preclinical Drug Safety Testing
NAICS
Research and Development in Biotechnology (except Nanobiotechnology) (541714), Scientific Research and Development Services (5417)
SIC
Services-Commercial Physical & Biological Research (8731)
akta.pro primary industry
In Vitro Model Systems & Organoid Platforms (iPSC/organoids, microphysiological systems) (HLAAAIAJ)
akta.pro secondary industry
Organoids & Organ-on-Chip (regenerative models) (HLAAAGAD)

Keywords

  • Brain organoid technology
  • Preclinical safety testing
  • Neurotoxicity testing services
  • Drug discovery platforms
  • Stem cell biotechnology

Where StemoniX is headquartered

Location

Headquarters

HQ city
Maple Grove
HQ country
United States
HQ region
North America

Markets served

StemoniX business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Distribution channels1 record

Marketing channels5 records

StemoniX product offering

Product offering

Core offering

StemoniX (operating as 28bio) develops and commercializes human iPSC-derived 3D brain organoid products and related testing services for preclinical safety and efficacy assessment in drug development. The company's core offerings include CNS-3D Brain Organoids, disease-specific organoid models (inflammatory, myelinated, Alzheimer's), and dedicated CNS-3D and PNS-3D testing services used by pharmaceutical and biotech companies to predict clinical seizure liability, neurotoxicity, and peripheral neuropathy.

Product overview

28bio offers a portfolio of CNS-3D organoid products and services designed for preclinical safety and efficacy assessment in drug development. The core offering centers on CNS-3D Brain Organoids, which use human iPSC-derived neural cultures to predict clinical outcomes like seizure liability. Additional products include CNS-3D Inflammatory Organoids for disease modeling, CNS-3D Myelinated Organoids for remyelination studies, and CNS-3D Alzheimer's Model for neurodegeneration research. The portfolio is supported by dedicated CNS-3D and PNS-3D service offerings. The Endurance Study demonstrated that CNS-3D Brain Organoids achieve 83% sensitivity and 89% specificity in predicting clinical seizure liability, outperforming animal models by 13x.

Differentiator

Problem solved

Functional benefit

Products and services

  • CNS-3D Brain Organoids Human brain organoids derived from iPSC technology that measure human neural activity to predict clinical seizure liability; demonstrated 83% sensitivity, 89% specificity, and 13x better predictive performance than animal models in the Endurance Study. Sold to pharmaceutical and biotech companies for preclinical CNS safety testing.
  • CNS-3D Inflammatory Organoids 3D brain organoid model designed for neuroinflammatory disease modeling, enabling measurement of human neural activity linked to clinical safety and efficacy. Targeted at pharmaceutical researchers studying neuroinflammation.
  • CNS-3D Myelinated Organoids Specialized brain organoid model for remyelination drug efficacy testing, enabling evaluation of therapeutic candidates for demyelinating diseases such as multiple sclerosis.
  • CNS-3D Alzheimer's Model Brain organoid model specifically developed for Alzheimer's disease modeling, supporting drug discovery and efficacy assessment for neurodegenerative disease therapeutics.
  • CNS-3D Services Service offerings centered on the CNS-3D technology platform for preclinical safety assessment, CNS toxicity testing, and efficacy evaluation performed for pharmaceutical and biotech clients.
  • PNS-3D Services Peripheral nervous system 3D testing services for drug-induced peripheral neuropathy testing, providing predictive human neural activity measurements to pharmaceutical clients.

Quantifiable outcome

  • 83% sensitivity and 89% specificity predicting clinical seizure liability
  • +1 more outcomes

Companies that use StemoniX

Customer profile

Segments1 record

Ideal customer profiles1 record

StemoniX technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature5 records

StemoniX partnerships and signals

Strategic signal

Recent moves4 records

Expansion highlights4 records

StemoniX competitors and assessment

Company assessment

Direct peers

  • Hesperos: Hesperos builds multi-organ microphysiological systems and organoid-based assays for preclinical drug testing, including neurological applications, making it a direct peer in human-relevant preclinical safety and efficacy services.
  • Emulate: Emulate's organ-on-chip platform provides human-relevant in vitro models for toxicity and disease modeling across multiple tissues, overlapping with 28bio's CNS and PNS preclinical testing value proposition.
  • Axol Bioscience: Axol Bioscience supplies iPSC-derived neural cells and custom neurological disease models for drug discovery, directly competing in the iPSC-based CNS modeling and assay market.
  • InSphero: InSphero develops 3D organoid and spheroid models for preclinical drug safety and efficacy testing, including neurotoxicity assays, competing head-to-head with CNS-3D Brain Organoids in the human-relevant preclinical services market.
  • Newcells Biotech: Newcells Biotech offers iPSC-derived cell and organoid models, including neural models, for drug discovery and toxicity testing — a closely comparable iPSC-based preclinical platform serving pharma and biotech customers.

Broad incumbents

  • WuXi AppTec: WuXi AppTec is a large global CRO/CDMO providing preclinical safety and efficacy services, including CNS testing, and is a broad incumbent competing for outsourced neuroscience drug development work.
  • Charles River Laboratories: Charles River is a global CRO offering extensive preclinical CNS safety and efficacy testing services. While not organoid-specialized, it competes for the same pharma preclinical testing wallet and is a natural channel partner or competitive threat.

Emerging players

  • Prellis Biologics: Prellis Biologics uses 3D bioprinting and organoid technology for antibody discovery and human tissue models, intersecting with 28bio's organoid-based drug discovery applications.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

StemoniX social profiles

Digital presence

StemoniX financial estimates

Financial estimate

Revenue estimate

Valuation estimate

StemoniX leadership team

Management profile

Number of profiles

StemoniX funding detail

Funding detail

Funding overview

Funding rounds11 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

StemoniX M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about StemoniX

What does StemoniX do?

StemoniX (operating as 28bio) develops and commercializes human iPSC-derived 3D brain organoid products and related testing services for preclinical safety and efficacy assessment in drug development. The company's core offerings include CNS-3D Brain Organoids, disease-specific organoid models (inflammatory, myelinated, Alzheimer's), and dedicated CNS-3D and PNS-3D testing services used by pharmaceutical and biotech companies to predict clinical seizure liability, neurotoxicity, and peripheral neuropathy.

When was StemoniX founded?

StemoniX was founded in 2014. It employs 11 to 50 people.

Where is StemoniX based?

StemoniX is headquartered in Maple Grove, United States, in the North America region.

Who are StemoniX's main competitors?

Direct peers on record are Hesperos, Emulate, Axol Bioscience, InSphero and Newcells Biotech. Broad incumbents are WuXi AppTec and Charles River Laboratories. Prellis Biologics is listed as an emerging player.

Does StemoniX have an API?

No public API is recorded for StemoniX.

What industry is StemoniX in?

StemoniX's product category is Preclinical Drug Safety Testing. Its primary akta.pro industry code is HLAAAIAJ, In Vitro Model Systems & Organoid Platforms (iPSC/organoids, microphysiological systems), with a secondary code of HLAAAGAD, Organoids & Organ-on-Chip (regenerative models). Its NAICS code is 541714 and its SIC code is 8731.

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Live signals
GlobeNewswireCancer Genetics and StemoniX Announce Merger ClosingCancer Genetics, Inc. merged with StemoniX, closing the deal and renaming to Vyant Bio, effective March 30, 2021. The company will trade on Nasdaq under the symbol VYNT starting March 31, 2021, with StemoniX as a wholly-owned subsidiary. The merger aims to integrate human-powered scientific systems with preclinical experience to accelerate drug discovery.GlobeNewswireCancer Genetics Announces Shareholder Approval of All Proposals in Connection with the Proposed Merger with StemoniXCancer Genetics shareholders approved all proposals in connection with its proposed merger with StemoniX, including share issuance, a reverse stock split, and an equity incentive plan. The merger, filed with the SEC, was unanimously recommended by the board. The combined entity aims to create a platform for drug discovery with biopharma partners.GlobeNewswireCancer Genetics Announces Roland J. Carrillo, PhD as Vice President of Business DevelopmentCancer Genetics appointed Roland J. Carrillo, PhD, as Vice President of Business Development. He brings over a decade of drug discovery and translational science experience, including roles at Crown Bioscience, BellBrook Labs, and The Jackson Laboratory. The company also announced a proposed merger with StemoniX.GlobeNewswireCancer Genetics to Present at the Annual 33rd ROTH ConferenceCancer Genetics CEO Jay Roberts will present at the Annual 33rd ROTH Conference, held virtually March 15-17, 2021. He will highlight the company's proposed merger with StemoniX, Inc., and its broader corporate vision. The company also offers outside virtual 1:1 meetings during and after the conference.BenzingaMid-Morning Market Update: Markets Open Higher; Coca-Cola Profit Beats Views - Aware (NASDAQ:AWRE), KE HoCoca-Cola reported fourth-quarter earnings of $0.47 per share, exceeding analyst estimates of $0.42 per share, while quarterly sales reached $8.61 billion. Bio-Path Holdings surged 290% after receiving a third U.S. patent grant for its platform technology, and Cancer Genetics Inc. jumped 97% following a merger agreement with StemoniX.PR NewswireHalper Sadeh LLP Continues to Investigate the Following Mergers; Shareholders Are Encouraged to Contact the Firm - CPAH, UROV, ANH, CGIX, CBLI, NEOSHalper Sadeh LLP, an investor rights law firm, announced it is investigating six corporate merger transactions for potential violations of federal securities laws and breaches of fiduciary duties. The transactions involve: CounterPath Corporation's sale to Alianza, Inc. for $3.49 per share; Urovant Sciences Ltd.'s sale to Sumitovant Biopharma Ltd. for $16.25 per share; Anworth Mortgage Asset Corporation's merger with Ready Capital Corporation; Cancer Genetics, Inc.'s merger with StemoniX, Inc.; Cleveland BioLabs, Inc.'s merger with Cytocom, Inc.; and Neos Therapeutics, Inc.'s sale to Aytu BioScience, Inc. The firm stated it may seek increased consideration, additional disclosures, or other relief on behalf of shareholders.NewsfileStemoniX to Participate in Biotech Showcase(TM) Digital 2021StemoniX announced its participation in the 2021 Biotech Showcase, presenting advancements in CNS disorders. The presentation covers OrganAi, a joint venture with Atomwise combining neural organoid platforms and AI for drug discovery. The company aims to accelerate clinical translation of novel therapeutics.PR NewswireMoore Kuehn Encourages CGIX, AKER, TGC and DNKN Investors to Contact Law FirmMoore Kuehn, a New York securities litigation law firm, announced investigations into four proposed mergers: Cancer Genetics being acquired by StemoniX, Akers Biosciences being acquired by MYMD Pharmaceuticals, Tengasco merging with Riley Exploration-Permian, and Dunkin' Brands being acquired by Inspire Brands for $106.05 per share. The law firm is examining whether the boards of these companies acted to maximize shareholder value, disclosed material information, and conducted fair processes. The investigations concern allegations of potentially unfair terms, inadequate prices, and incomplete disclosure in merger solicitation statements filed with the SEC.BenzingaWhy Cancer Genetics Is Trading Higher TodayCancer Genetics (NASDAQ:CGIX) shares surged 130.24% to $6.70 on Monday after the company announced a definitive merger agreement with StemoniX, a deal that would combine two early-stage precision medicine companies focused on oncology diagnostics. Cancer Genetics develops molecular- and biomarker-based tests that help physicians personalize cancer treatment and enable biotech firms to select candidate populations for therapeutics. The merger represents a strategic consolidation in the precision oncology space, with the combined entity expected to strengthen capabilities in diagnostic products and services.BenzingaMid-Afternoon Market Update: MOGU Falls After Q1 Results; Cancer Genetics Shares Jump - MOGU (NYSE:MOGU)U.S. equity markets rose on Monday, with the Dow Jones Industrial Average gaining 0.88%, while specific stocks experienced significant volatility due to corporate announcements and regulatory actions. Cancer Genetics shares surged 137% after signing a merger agreement with StemoniX, whereas MOGU fell 20% following its Q1 earnings report.