Aptamer Group PLC (APTA) Earnings Call Transcript & Summary

Good afternoon, and welcome to the Aptamer Group plc full-year results investor presentation. [Operator Instructions] The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and we'll publish our responses where it's appropriate to do so. Before we begin, we would just like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from Aptamer Group plc. Arron, good afternoon, sir.

Hello, how are you? Well, good afternoon, and welcome to Aptamer Group's full-year results for the 12 months to the 30th of June 2024. So the presentation will be structured with an intro to the presenting team, a quick look at last year's results, an explanation about company changes, strategy, forward momentum, and then on to some questions and answers. So please submit any questions you have as we go along. So an introduction to me. So I'm one of the co-founders and CEO of Aptamer Group. I founded the company like more than 16 years ago to help bring the technology to the forefront when I realized there was a great potential, both scientifically and commercial, for the technology platform. I have a background in structural biology and biophysics. And I've essentially run the day-to-day activities of the company for the past 12 years and built the company to a position of IPO in 2021.

Good afternoon, everybody. I'm Andrew Rapson, CFO, Aptamer Group. And I've just got over 20 years' experience now as a chartered accountant. I joined Aptamer in August '22 and took on the role as CFO in August '23, and I've worked in the AIM environment now since 2015.

Okay. Thank you, Andrew. So at its core, Aptamer Group is a contract research-based company founded by myself and a guy called David Bunka in 2008. We have a proprietary platform for the discovery of high-value molecules called Optimers, which we essentially use to solve high-value problems for pharmaceutical companies and biotechnology companies. We're recognized as a key global player in the space, and we now have relationships with all of the top 10 pharma companies and 75% of the top 20 companies. We have a talented team of 34 people, 70% of whom have PhDs or master's level qualifications, as is needed in a highly technical company of this nature. We're based in the north of England, and we did our IPO in December 2021. So what is an Optimer or an Aptamer? So what is our technology? So Optimers are our proprietary technology. They're essentially short, synthetic strands of DNA or RNA that combined with high levels of affinity and specificity to various targets that can be of commercial value. So an Optimer is a type of Aptamer optimized and designed to improve upon natural limitations of traditional Optimers and antibodies. As a company, we're pretty IP rich. We have around 50 patents. And our platform has unique properties, such as broad target applicability, which means we can generate binders to virtually any target that is sent to us. Speed of discovery is fast because we have an automated system. And once we developed a molecule, because they're synthetic, they're essentially printed, their manufacture is reproducible and scalable, which offers us a niche in the market. So as we discussed on the last slide, Optimers are affinity ligands or binders which we develop as an alternative to antibodies using this automated discovery platform. So automating the discovery is one of our USPs. It leads to higher project success rates and faster completion of projects for all of our customers. So as a business, we're essentially paid on a fee-for-service basis for solving these difficult, often-unsolved scientific problems for our clients. Now the affinity ligand or binder market is huge. It's around $170 billion to be exact and growing at a healthy compound annual growth rate. The market is currently dominated by antibodies, but interestingly, around 50% of antibodies fail to perform. They're expensive, slow to develop. And so there is a genuine need for alternative solution providers. So we're one such provider, and we sit alongside of the platform companies such as argenx, Bicycle Therapeutics, Molecular Partners, Ablynx or even Avacta. We generate revenues by solving these problems in 3 broad areas. So in reagents for research purposes or drug development purposes, often defined as critical reagents. We develop tools for assistance for the development of diagnostics, but also more recently, we've been developing molecules for therapeutic delivery, but also to support the therapeutic development process. But due to the versatility of our offering, we even found use for the molecules in the fast-moving consumer goods industry, which is what we have on the bottom right-hand side there in the yellow cog. So our business model is to essentially to use our platform, which is represented by the blue cog in the middle to solve difficult unsolved problems for our partners and develop IP-backed assets and eventually passive revenue streams from licensing and royalties. So easy to say that, but building a high-value IP-backed revenue stream requires 2 key components. Number one is a strong platform effectively with protection for IP, which, as I said earlier, we have with around 50 patents protecting it; and two, the ability to solve unique problems in generating new IP and licensing opportunities, both of which we have a tick against. So here are 3 examples of fee-for-service work that we have been paid for and we've turned into potentially high-valuable, IP-based licensing opportunities, which we believe demonstrates the model. So the first one on the left-hand side is our project with Unilever, which you may have seen, if you followed our story. Here, we were asked to develop binders. It can be used to treat malodor or body odor by silencing the ability of the bacteria that live in the armpits, essentially from making the compounds that cause the smell. To date, we've had excellent results from the lab and have signed an extension with Unilever recently aimed at taking this through to on-person studies by the end of the year. Number two, our partnership with Neuro-Bio, which represents the use of our molecules in diagnostic devices. And here, we're trying to develop a diagnostic test with the detection of early-stage Alzheimer's, potentially up to 10 or 20 years earlier when symptoms occur. So we have developed the binders in-house, and we're now exploring ways to convert the binders and the assay to a user-friendly format like a lateral flow device, similar to a COVID test. We're currently negotiating commercial terms on that particular asset. Thirdly, the use of Optimers as delivery vehicles to -- in this case, to treat liver fibrosis is another exciting area that we're working on. And we're focusing on this area due to an unmet therapeutic need and huge commercial potential. And as far as I'm aware, we're the only company with a fibrotic delivery asset in development. And because of this, we already have a couple of active partnerships with big pharma who have good molecules that are in need of selective delivery to various tissues within the liver. We also have internal programs developing the biomarker, which our binder recognizes, which I'll come onto a bit later and explain what a biomarker is. We aim to develop this further over the next 12 months. So essentially structuring the business in this way allows us to focus on generating revenue as a fee-for-service business, but also addressing these huge GBP 21 billion, GBP 4 billion and GBP 14 billion markets with a targeted IP-based asset strategy. And we're very excited by the progress here. Any one of these opportunities taken off would be transformational for the business. So we do look forward to exploring more opportunities and presenting those to the shareholders as they arise. So I'll now pass on to Andrew to go through the finances for the past year and give his view.

Thanks, Arron. Yes, so if we go onto the income statement, I start with in the current year revenue reduced to GBP 0.9 million from GBP 1.8 million in the prior period. We had a challenge in H1 following the fundraise in August '23 and reported only GBP 0.3 million of revenue in H1. Much of H1 was spent rebuilding the sales pipeline, and these efforts were rewarded with a few excellent deals that we signed in December '23, totaling GBP 0.8 million. One of these was a genetic medicine's gene therapy delivery contract worth up to GBP 0.5 million, which is progressing very well through the lab by the minute. This contract supported GBP 0.3 million of our revenue for H2, and so, we delivered GBP 0.6 million in the second half to close the year at GBP 0.9 million. We had a strong finish to the year in sales with GBP 1 million of deals being won in the last quarter. It has put the production pipeline in a good position with which to commence FY '25. As we stand today, we have visibility over GBP 0.9 million of revenue for FY '25 from sales contracts that have now been delivered to the lab. At this point, it's worth just taking a moment to look at how the sales pipeline converts to revenue, the GBP 0.9 million of revenue visibility that we've got for this current financial year all relates to work that has been passed over to the lab and customers have delivered target material to us to begin our work. I mentioned that to give everyone a better indication of translation to revenue because there's 2 key areas that impact conversion of our sales pipeline to revenue. And the first one of those is the likelihood that it will be scientifically successful and thereby being able to complete the contract. Typically, we achieve 60% to 70% conversion of a sales contract value to revenue. We often refer to this in our announcements of scientific attrition. The second area is target material. So understanding when target material will be delivered by the customer for us to begin our working them up. It's not unusual for us to wait 6 months plus for target material to be manufactured, to be procured, so it can be delivered to us, and we're able to start our work raising an Optimer against our target. It's only when we start working on the target material in the lab that we can start recognizing the revenue. So hopefully, an understanding of those 2 key points that helps you to understand how we convert contract value to revenue. As we work through the income statement, the admin expenses for the period reduced to GBP 3.2 million from GBP 4 million in the prior year. This reduction is a result of the cost base restructure that took place in Q1 along with the fundraise in August '23. GBP 1.2 million of this cost reduction came from staffing costs as a result of reducing the headcount to 34 from 46 for the prior period and implementing a leaner Board cost. And the remainder of the cost reduction was spread across admin and operational costs as we reduce advisory costs, equipment use and marketing activities to realign with the cost base with the activity levels then. We continue to monitor the operating costs and look to reduce these a little further for the coming financial year to circa GBP 3 million per annum. Most of this has been achieved through senior management and Board changes, which have not affected the scientific capabilities within the company. A new monetary line on the P&L this year was the operating income. We saw 2 new income streams there. We received 81,000 in grant income partnering on the European Eurostar project, where we successfully delivered Optimer binders for use in medical devices to detect placental disease. We've also sublet part of the office space during the year, which is part of our efforts to reduce our operational footprint. This subletting started halfway through the period and contributed GBP 46,000 of income during the year. So the adjusted EBITDA loss of GBP 2.8 million for the year versus GBP 4.7 million from 2023 was mostly a result of cost reduction exercises that allowed us to significantly reduce our cash burn. Moving on to the balance sheet. And the net assets for the period end were -- stood at GBP 0.9 million versus GBP 0.3 million for the prior year. The increase in net assets is a result of the fundraising that took place in August and September '23, where we issued 370 million shares at GBP 0.01 and a further 28 million shares at 1.1p. Cash at the end of the year was GBP 0.9 million, which increased slightly from GBP 0.2 million in June '23. Post-year-end, we've raised a further GBP 2.6 million, which then gives us good forward cash visibility on a reduced cost base of circa GBP 250,000 a month. On to the other components of the balance sheet. An impairment charge of GBP 2.6 million was recognized in FY '23 as a cash balance and requirement for investment. It was a clear indicator of the impairment. This impairment charge is recognized across the CGU, and we've done the same assessment this year, but no further impairment was deemed necessary. And intangibles have increased slightly as we continue to protect our intellectual property. In the year, we filed a patent for the malodor Optimer that we're working on with Unilever. The right-of-use assets increased slightly as we replace some essential lab equipment. Another notable item in the assets is the tax receivable, which relates to R&D tax credits. We have a history of claiming tax credits. This data relates to the latest period, and we normally expect these to be paid in January, February time following filing of the tax returns. The amount receivable this year was reduced a little bit and that's because of the reduction in the cost base and also a reduction in the rates related to R&D. Trade receivables, payables and accruals have all reduced in line with the cost base and activity level reduction. So that concludes a review of the balance sheet and the financial review in general. I'll now pass over to Arron, again, to take us through the operational and the post-period highlights.

Okay. Thank you, Andrew. So our new approach after refinancing focused on -- focuses in essentially on 2 areas, the strength of our platform in order to generate ongoing revenues from fee-for-service work; and two, a priority focus on product development to really look at leveraging IP-based passive revenue by building a portfolio of high-value assets while keeping the cost base low. So at the start of the financial year, we reorganized the Board with the skills necessary to raise the finances and restructure the financial and commercial side of the business, which I feel we've done a really good job of. Over the last 12 months, we've built a pipeline capable of sustaining the required revenue for financial year '24-'25. This has led to an increase in signing of deals in the final quarter, as Andrew mentioned, totaling around GBP 1 million. We've advanced our discussions, and it's important to reiterate this, we're always advancing discussions towards licensing some of our assets across a few different areas. We moved on to the second phase of developing assets for Neuro-Bio. We launched our new technology platform, which is called Optimer+ and made 2 commercial sales within several weeks of launch. We have also focused on developing more data to support our liver fibrosis asset. The post-period highlights are, in my opinion, a lot more exciting. We feel we've made tremendous progress over the last few months. We've continued our momentum. There were a few take-home messages for this slide that I would really like to kind of try to drive home. So we successfully raised an additional GBP 2.6 million to assist working capital and helped develop key assets. We restructured the Board this time with a focus on the asset development and the licensing opportunities that we feel are now within touching distance. And it was important to do this after we got the company back on a sure footing in terms of cost base and commercial momentum. We signed a new contract with Unilever to take the kind of the deodorant project to the next stage of on-person testing. We actually delivered on our genetic medicines project that Andrew mentioned earlier, transferring test amounts of material for in-house testing, adding a potential new IP-based therapeutic asset to our portfolio. We've delivered work in binders for our prenatal diagnostics project, adding another potential IP-based asset within the diagnostics arena here. And we've made exciting progress. We have the liver fibrosis project, and we're in the final stages of identification of the biomarker, which we will seek to patent if it turns out to be novel. And this happens to be a key step in our ability to license this asset. So I said earlier, I'd explain what a biomarker is. If we can take a brief segue, essentially a biomarker is a measurable indicator of a condition like prostate-specific antigen or PSA would be for prostate cancer. But in this case, it's for liver fibrosis. Once it's patented, what it effectively gives us is exclusive rights to use, develop or license this marker for use within that area. So the identification of a novel biomarker offer substantial value potential for the group and for the company. We've also restructured the sales team focusing more on pipeline build and generating operational revenue. We've taken the pipeline from GBP 2.1 million in July '24 to around GBP 4.3 million currently. We've 1 million in signed and locked-in deals in production waiting to go through the lab, as Andrew explained earlier. And finally, further development of our liver fibrosis asset attracting a collaboration with AstraZeneca to explore our first-in-kind liver fibrosis delivery vehicles. So generally speaking, we feel the operating highlights a much better post period because we've been able to apply ourselves and focus on advancing the science and advancing the pipeline after restructuring and without having all of the kind of hassles associated with refinancing and cost cutting, which do take a lot of management time. So as I mentioned, the refreshed Board with the skills and experience needed to take the company to the next level. So in addition to myself and Andrew, we've also got David Bunka, Adam Hargreaves and Tim Sykes. So, David, you will probably have seen in lot of presentations previously. Dave is one of the world-leading experts in Optimer technology. I have worked with Dave on a daily basis since around 2004 when I met him during my PhD, and essentially not to be too clichéd, but what Dave doesn't know about Optimer technology isn't worth knowing. Adam is our current Chairman. So Adam is a pathologist by training with lots of preclinical drug development expertise. Adam worked for AstraZeneca for a number of years, and there's many big pharma contacts with great business acumen, but more importantly, he has the skills and the knowledge in order to help us navigate this kind of development and preclinical path that the company is moving forward to. Tim has a lot of Board experience in the AIM environment. He has been very useful over the last several weeks and months since he's joined the company. He's worked as both the CFO and CEO offering great mentorship to myself and Andrew and has worked with technology and life sciences businesses, the likes of Avacta and various other companies. So we feel we've got a solid Board to move the company forward to the next phase of growth. So this slide exemplifies what we're aiming to do over the next couple of years and the progress we've made so far in this year. So it's generally split into 3 sections, financial year '24, '25 and '26 across the top with the 4 main kind of drivers of value for the company down the left-hand side. So in order, so with Unilever, last year, we streamlined the performance of the binders to increase the ability for them to be functional. We've proved that the technology is functional in our hands and Unilever's hands with excellent results from both sides. And we've both filed patents protecting this to look after the downstream value. This financial year, we signed an extension to the contract to allow further development and kind of set the foundations for this on skin testing of the compounds, which Unilever have told us will begin this calendar year. We anticipate the project to be completed by the end of financial year '26. And as cosmetics don't take as long as therapeutics to commercialize with less kind of barriers to entry, we would hope to begin to see the economics develop of this kind of opportunity around this time. The project with Neuro-Bio, so last financial year, the Optimers were validated in both our hands and in Neuro-Bio's labs and shown to recognize the targets. They were further validated to work on biosensors and lateral flow devices with a clear remit of being used in future for testing clinical samples. We're now developing the lateral flow strategy for our diagnostic test with a view to test completion by the end of financial year '26. So thirdly, the drug delivery systems. So last year, we continued the development of our fibrotic liver delivery assets, including in vitro demonstration of performance, and we've shown significant therapeutic effect in lab-based assays. This has enabled us to sign a research evaluation agreement with AstraZeneca to look at our platform with their own siRNA therapies. We're also working on the identification of the biomarker, as I said earlier, with an aim to take this whole project into an in vivo or an animal model to confirm functionality by the end of financial year '26. And finally, our fee-for-service pipeline has been rebuilt, and we will continue to expand this and sign contracts that will turn into high-value opportunities, like the ones mentioned previously. So in summary, I'd like to leave you with around 4 key take-home messages. Our platform targets a $170 billion market for affinity ligands. We've established relationships with all top 10 and 75% of the top 20 pharmaceutical companies globally. We've now developed 3 prime assets that have been further moved forward over the past year, and we have plans to take these forward with strategic partners for future licensing revenue while we continue to put more projects to our platform that will deliver future assets for growth. Our business model is to secure IP, and therefore, leverage lucrative IP-based licensing and royalty revenue streams. And now we are fully funded to take these assets forward to licensing, underpinned clearly by our fee-for-service business. So we've got the foundations. We already have the relationships. We've reset the business. This is a platform for growth, and we're working very hard to deliver opportunities in news flow, and we look forward to updating shareholders with exciting news and updates. So that concludes the presentation. And now we will move on to the questions and answers.

[Operator Instructions] The first question that we have here reads as follows, are there any plans to consolidate the share price in order to make it more attractive to institutional investors?

Do you want to take it?

Yes. Thank you, Arron. I'll take that question. So we don't have any plans to consolidate the number of shares in issue at the moment. We're mindful that there's been a large number of shares issued as a result of the last 2 fundraisings. But we would only look to consolidate the shares when the timing is right for shareholders. It's something as a Board that we will keep on the review for much of the near term.

Next questions we have here, we've actually had a number of questions that have come in on this theme. So perhaps if we take this one as -- I think it will speak to the others that have come in as well. Given the pipeline of opportunities, do you have enough funding to deliver these? Or will you need to raise further capital in the next 6 months?

Okay. So I can take this one again. So there's no plans for capital raising in the next 6 months. The opportunities in development can all be delivered to the milestones that we set out for the next 2 financial years. And we've got all the capability and the capacity within the current team to be able to deliver on the sales pipeline as well. So there's no plans on fundraising in the next 6 months.

Are you able to reduce the timeframe of contract signing and start of revenue recognition and cash flows?

We look to retain our intellectual property as much as possible. And this often means that deals can become quite complex and they take time to agree. As much as possible, we look for upfront cash on our deals to pay for each phase of development. We do everything that we can to minimize the time it takes to get to the revenue recognition. Arron, do you want to?

Yes, I want to add on to that. I mean, I was in the lab this morning, going through some of the process efficiencies that should be able to make the scientific delivery somewhat shorter, which is obviously fantastic for recognizing revenue faster and for our customers. But the deal signing takes the most time, and I'm involved with quite a lot of these deals personally. And it's just how the big pharma companies work, which is why the increase in the pipeline is so significant for us because it should aim to help smooth out these kind of issues over time.

The next question asks, will you be making further cost reductions across the group?

So we've made significant cost reductions in quarter 1 of the FY '24 period. We've done the bulk of what can be done, but we'll continue to look for efficiencies as I mentioned in the presentation. We've already identified some further savings, and we think we'll get that down to about GBP 3 million per annum. I think if you do anything further, it runs the risk really of compromising the skill base and the capacity within the team to be able to deliver on the plans that we've set out in our milestones and we're focused on really delivering those asset opportunities and converting the commercial pipeline.

And in terms of the sales team, do you have enough capacity to capitalize on commercial deals in the U.K. and overseas?

So that's a good question. So at the moment, where the pipeline stands, we've got more than in a staff to manage the existing pipeline. But obviously, as the need grows, we will look to expand the team when needs dictate. But as it currently stands, it's manageable at the moment. If you look at what we've done with the pipeline, we've increased it. And just to set some kind of concerns straight, we are signing deals. We signed GBP 1 million in the last quarter of last year. We just don't announce everything that we do. We've just signed a GBP 200,000 level deal with the top pharma company with potential for licensing. We've got multiple other deals in late-stage development, 70% of which are with big pharma, all going through legal discussions and IP negotiations. And just to keep the shareholders updated, we will be putting this out by RNS as and when we can.

The next question here asks, how do you plan to further exploit the consumer goods space for Aptamer use?

Yes, that's another good question, and I don't mind taking that one, Andrew. It's important to kind of consider that the fast-moving consumer goods space is not just deodorants and the likes of Unilever don't just work in deodorants, and there are more opportunities in personal care such as things like shampoos and skin creams. I mean I have personally spoken to the VP of R&D from Unilever, and they are interested in exploring additional work in due course, and we will update as and when we're able to. So there is technically no reason that these products can't work in other areas, and we'll look to explore those opportunities as they present themselves.

The next question we've got here, I think we've touched on previously, but perhaps if there's anything further to add. Can you reduce the delays in converting the sales pipeline?

I can try to take this one. So to build on the kind of theme, the typical time for a sale is anywhere between 3 and 9 months. Sometimes they can be a bit quicker, sometimes they can take a bit longer. And that all depends on the complexity of the deal, the funding situation for the companies and how complicated the legal negotiations are. We could move some deals a bit faster if we gave the IP away. But that would essentially cannibalize the opportunity for revenue downstream, and ultimately, where we see the value of the business. But to be honest, a lot of our work, it is with big pharma, and these companies are absolutely huge. There's tens of thousands of staff, multiple levels of approval from the initial scientist who's interested in the solution all the way through to their manager, vice presidents, budget holders, procurement team, legal team. And then it gets to the place where we have to get the materials delivered from the scientist to start the work. So as a business, we can only really go as fast as the kind of slowest part. And unfortunately, big pharma have many stakeholders, and they're just not as responsive and nimble as we are as a business, which is, again, why this bigger pipeline is so important for us. I don't know if you've got anything to add there, Andrew.

No, I think we covered it a little bit earlier, but, yes, the key is really protecting ourselves on the intellectual property and rather than rushing the conversion to on the sales pipeline for lower value deals. We try to protect value for shareholders by protecting our intellectual property. And then hopefully, on success, we're in a better position to maximize the value of those deals.

Just turning to the next question, which asks, how is the R&D budget being allocated to support future growth and innovation?

Yes, I'll take this one. So the R&D budget is being allocated to deliver the milestones that we've just set out in the strategy. Specifically, this involves advancing the fibrotic liver delivery asset and the lateral flow device for Neuro-Bio. We're continuing to develop our platforms, including Optimer+. And really, it's about producing a best-in-class offering.

Do you see the downturn in conditions across the life science market improving?

Difficult to answer that for the industry on a whole. It's difficult to say whether it will turn up or not. But we've just seen our pipeline double, which could represent an upturn in people looking to spend more money on outsourced R&D. I mean essentially, our services can represent cost and time saving for customers. So for us, we're in a position to capitalize it really in either scenario, particularly now we're operating from a lean cost base. So it looks fairly good for us from where we're sat at the moment.

The next question has actually come in a couple of times as well. But what news flow can investors expect over the next few months?

Yes, I can take that one. I can't tell you the exact precision, what's going to come out because of the unpredictable kind of timelines for signing deals, what we would hope in the next few months as these are kind of related to scientific processes, a betting person might predict with an increased pipeline and that would translate to deals being signed and updates in that area, but also updates on the progress as we make it with our key assets and other things that we might be working on in the background that we haven't yet released information on.

And the next question asks, if the feasibility work with Neuro-Bio is successful and has progressed to develop an LFT for early detection of AD, would you consider setting up a joint venture with Neuro-Bio or would the arrangement be a license and payment of royalties?

Yes, that's a good question. As it stands at the moment, the discussions that I'm having with Neuro-Bio are around a licensing arrangement and not structuring a joint venture. I mean, to be honest, Neuro-Bio was owned and managed by Baroness Susan Greenfield. They have other things within the company that they're developing in terms of therapeutic molecules alongside the Alzheimer's diagnostic. So I don't think, personally, it's an appropriate kind of vehicle as a joint venture because for us, there will be no point in doing that. We would -- it would be as easy for us to not have the burden of managing the joint vehicle and just have the licensing revenue.

And that actually concludes all of the questions there. So Andrew, thank you very much indeed for being so generous with your time there in addressing all of those questions that came in from investors. And of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended, just for you to review and to then add any additional responses, of course, where it's appropriate to do so, and we'll publish all those responses out on the platform. But Arron, perhaps before really just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you just for a few closing comments to wrap up with, that would be great.

Yes. I'd just like to say, as always, it's been a pleasure to update the shareholders, and we thank people for their attention and listening to our updates, and we look forward to updating in the near future. And please be patient while we rebuild and grow the company.

Arron, Andrew, thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order the management team can really better understand your views and expectations? This will only take a few moments to complete, but I'm sure it will be greatly valued by the company. On behalf of the management team of Aptamer Group plc, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.