I've had the chance to watch this in its entirety now. A couple of key takeaways:

• It starts to get most interesting (in terms of new information/details) from about slide 24. This is the first time I've seen a written reference to the Pivotal Study as being 'Phase 3'. I've did a bit of research and it's not incorrect - just a term I usually associate with drug or vaccine schedules. I think it is used here to show how late-stage Anteris' product is to the new US IPO audience and perhaps just shorthand to help US analysts understand. It is interesting because I never really saw Anteris reference the Early Feasibility Study as being either a 'Phase 1' or 'Phase 2'. CEO Wayne Paterson has often been at pains to differentiate med-tech from pharma (especially when noting med-tech is less likely to have a catastrophic 'Phase 3' failure), but he appears to be just rolling with it now.
• The same slide also details that it will be a 1:1 randomisation with the control products being either Edward's Sapien TAVR or Medtronic's Evolut. I suspect that the choice of which competitor product will be that of the surgeon or individual centre (there will be a total of 80 sites).
• Precisely how costs work in these trials I don't know. US healthcare is hard enough for me to understand as it is. However, the average TAVR operation is $60,000 US, with about half of this being for the device itself (which, just quietly, leaves a fair chunk for overheads including a surgeon's labour costs which seems to be a good gig if you can get it). It would be interesting to know how much of the device is being paid for by Anteris during the trial -- if it is a large portion you can see hour $100 million can go pretty quickly.
• I didn't see or hear a specific number of patients on this one, but previous presentations and announcement have put it at between 500 to 1000 patients. It seems like a lot of surgeries but slide 4 puts that it some context where it shows that in 2019 73,000 TAVR surgeries were performed in the United States.
• The trial -- in terms of actual surgeries -- is to begin with first patient by end of September 2025 and last patient by end of December 2026. Its possible FDA approval could take until 2027 or beyond but the true value of Anteris well be known to the market before then. This isn't an area where it pays to anticipate the first free cashflow positive quarter to make your stake.
• You might see on slide 25 the mention of revenue (during trials and review) of $25,000 per device. I think this will be more than offset by the costs discussed above (even if it is the patient & insurance companies paying for all devices and surgeries) -- it will just not be done at enough scale to move the dial and Anteris should be considered a pre-revenue company for several years still. You can see how that arithmetic changes should Anteris win even just a 10% share of just the US TAVR market (that's 7,300 operations on just the 2019 US TAM) after eventual FDA approval for sale.