Yes, you've pretty much nailed it. They can now start work on the algorithm. Then they need to prove it is accurate with a fresh trial. It will certainly take months to complete development and then a clinical trial.
And there is definitely a risk that the effect of Covid on the lungs might change with new variants. However this last might be a relatively low risk. Covid is transmitted primarily by expelled breath. This implies that a significant locus of the infection must be in the lungs. Any variant that doesn't impact the lungs significantly is likely to be less transmissible, so less of a threat (unless it's also spectacularly deadly), so unlikely to take over and dominate the lung-infecting variants. And if only lung-infecting variants are considered it seems reasonable to assume that the effect of the infection on lung tissue will be basically the same.
I don't feel like the boat has been missed. Yet. This particle of misery is well and truly out of Pandora's box forever. The questions are whether a Covid cough can be distinguished sufficiently accurately from other conditions (or no condition at all), and whether Resapp is able to be the one that brings the solution to the market.
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