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Investor team,

August was a good month for us. We've continued to see customer excitement about the product, even in its rough form. We’re still testing a number of beta product concepts, the most promising of which is a dedicated app paired with a MMS-based chatbot-type interface.

We are charging $389 for our beta and we’ve been happy with the number of people that have signed up. We intend to hold revenue to around $5,000/mo while we continue with the beta, as we do not have the capacity to onboard more people while we are rapidly iterating on the product.

While not especially meaningful now since we’re in closed beta, revenue is the most important metric to track the health of the company going forward as we continue to refine the product. Our expected margin on each sale is approximately 60%-70%.

Additional

  1. We’re in the process of building our physician network to allow us to write prescriptions, which is progressing more slowly than we would like, but in line with what we were told to expect.
  2. Josh will be at Crossfit MDL1 in October, which is Crossfit’s major conference for doctors. Our goal is to have an "open beta" version of the product ready by then so people at the event can sign up.
  3. We have enough cash to comfortably get us through the beta and into our seed round, and we have commitments for another $200k and should receive the wires early September.
  4. We’re on track for a public launch by the end of the year.

Key metrics for August

Burn: $106,000*

Revenue: $6,774

Cash: $528,921

*$45,403 of the July burn is from legal fees related to setting up the physician network and FDA compliance documents and is not a repeat expense.

How you can help