<aside> <img src="/icons/calendar_green.svg" alt="/icons/calendar_green.svg" width="40px" /> This May 2024 update reviews our performance from April, 2024.

You can expect to see our next update on June 20, 2024, reviewing performance for May 1-31st, 2024

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<aside> 💡 After 12 months, all historic Investor Updates, Friday Forums, and other inside the company content can be found here:

Inside Levels - Friday Forums and Investor Updates

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Overview

Loom

https://www.loom.com/share/b498a70f8c4a4994b96cd05cafb03730

Letter

<aside> <img src="/icons/circle-dot_green.svg" alt="/icons/circle-dot_green.svg" width="40px" /> Levels Investors –

For the last several months we have been focusing on improving our margins and operating burn - we’ve had strong success and shown progress in this area. We’ve met or exceeded our burn target for over 6 months and our cash position is set to improve with recent fundraising efforts. As a result, our runway is in a stable position and we are well-positioned to invest in growing the business.

Our product and engineering efforts have been focused on building value through a standalone software experience.

• In April, we made significant progress on our ‘freemium’ offering which will allow customers to use Levels as a standalone software product - our beta release is planned for May.
• We also made progress on the data we capture through quick photo logging and how we surface that data to help drive improvements through insights and day review.

Despite our rapid pace of software development and improvement, progress on our global retention and acquisition metrics has been slow. This is largely due to the significant cost associated with ongoing CGM usage, which we expect to start to unlock with the release of our standalone software product. In the interim, we are seeing strong improvements in some of our underlying metrics, with a 10% increase in macro logging frequency over the past 2 months.

In Growth, we continue to build strong awareness and have been focused on improving the efficiency of our funnel while learning how to market our software product as a standalone offering. Our Youtube channel performed exceptionally well in April with over 3.4m views.

<aside> <img src="/icons/arrow-right-basic_green.svg" alt="/icons/arrow-right-basic_green.svg" width="40px" /> Next Month

In product and engineering, we have a busy release schedule planned in late May with freemium, insights, day review and quick photo logging all scheduled to ship to our customer base.

We are excited about the prospects for this phase to unlock scalable growth, but we’ll also take the time to learn and gather signal about our go-to-market approach. Our first iteration will be testing a freemium structure with our beta launch. Because our release will be measured we don’t expect to see immediate rapid growth over the next couple of months.

In Growth we’ll be supporting the launch of our software product with a focus on learning, refining our go-to-market approach, and preparing to scale our

Levels co-founder Casey Means’ book Good Energy is launching in May - we’re excited about the impact this will have on awareness and actions to improve metabolic health in the broader community.

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Good Energy

Casey Means’ book Good Energy was released this month and is currently the #1 selling book in America. It is a must-read, so please check it out and recommend to your friends and colleagues.

Order a copy here

<aside> <img src="/icons/help-alternate_green.svg" alt="/icons/help-alternate_green.svg" width="40px" /> Asks

If you’re able to help with any of the asks below, we’d really appreciate it.

<aside> 🤝 JILA Boulder Connection

We’re looking for connections to the faculty at JILA Boulder (The Joint Institute between UC Boulder and NIST).

Please reach out to @Josh Clemente ([email protected]) if you can make an introduction or have insights to share.

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<aside> 🤝 Introduction to Metabolic Thought Leaders

We would like to speak with metabolic thought leaders on the highest leverage biomarkers for three different areas: athletic performance, liver health, and metabolic psychiatry.

Endocrinologists or cardiologists tackling the root cause of metabolic syndrome, specifically:

• **Josh Rabinowitz, PhD (Website)**Princeton University researcher, specializes in metabolic pathways and their implications in diseases like metabolic syndrome.
• Mark Herman MD (LinkedIn) Duke University cardiologist and researcher, addresses complex metabolic and cardiovascular diseases through clinical and molecular research.

Elite coaches or researchers focusing on improving athletic performance through data, specifically:

• Prof. Iñigo San Millán (LinkedIn) from the University of Colorado School of Medicine.
• Olav Aleksander Bu (LinkedIn) Norwegian sports scientist best know for his data first approach to triathlon training w/ Gustav Iden & Kristian Blummenfelt
• Tommy Wood, M.D., Ph.D. (LinkedIn) Physician at University of Washington leveraging machine learning to develop methods for tracking biological aging.

Clinicians focusing on metabolic solutions to psychiatric conditions, specifically:

• Shebani Sethi MD, ABOM (LinkedIn) Founder of the Stanford University’s Metabolic Psychiatry Clinic focusing on metabolic treatments for eating disorders and obesity.

Please reach out to [email protected] if you can make an introduction.

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<aside> 🙏 Special thanks this month to Crowdfund Investors and to Daniel Lee, Reza Safai, and Joseph Kroon

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Table of Contents

Metrics