CelLBxHealth plc (CLBX.L) Earnings Call Transcript & Summary

Good afternoon, and welcome to the CelLBxHealth plc investor presentation. [Operator Instructions] And I would now like to hand you over to your CEO, Peter Collins. Good afternoon to you.

Thank you. Good afternoon. Peter Collins, CEO at CelLBxHealth. I'm looking forward to share the latest around how we are moving the company forward with a new strategy and business plan. On the call today, with myself presenting; my colleague, Sinead Armstrong, our FD. Would you like to introduce yourself, Sinead?

Yes. Sinead Armstrong. I have been with CelLBx, formerly ANGLE, over the last 25 years in various roles within finance. Doing my current role for about the last 7 to 8 years.

Thank you, Sinead. Unfortunately, on this part of the presentation, our Executive Chairman, Dr. Jan Groen, can't join us. But Jan has significant experience in the diagnostic industry. Some companies here he's been involved in establishing from Europe and successfully transition them into the U.S. Two of them you can see there with Agendia and the company MDxHealth. And Jan and I have previously worked together. From my own side, I spent the last 25 years or so in senior executive roles across either oncology, diagnostic or drug development and, in many cases, both, that included -- includes a 5-year stint at GSK where I headed diagnostics, reporting to the Board, but also was part of their immunotherapy drug development group. So seeing both sides of the drug development story. And I spent the last 10 years in liquid biopsy, primarily in the oncology space, which included a couple of years at Guardant Health and then involved in the -- as the CEO of the successful acquisition of a U.K. company, Inivata, by NeoGenomics for 400 million, pre-commercial. So excited to be looking at the other side of liquid biopsy where circulating tumor cells, I believe, can make a really major difference. And together with Jan, we have over 60 years of significant experience working in this industry. So excited about the future for CelLBxHealth. So the summary of the opportunity here is, as I'm sure many of you will be aware, there's a huge market, total addressable market size here, which is growing annually at about 12%. And there's a real clinical need now for the use of circulating tumor cells to add the, importantly, complementary and unique insights beyond ctDNA. The liquid biopsy space has been dominated by ctDNA for the last 10 or 15 years. But there's a real recognition that we've kind of reached the limit of what we can achieve with that, and we still need to do more to get patients on the right drug at the right time. So there's a real shift in the business model here from science and academic collaborations towards a very focused commercialization approach, which will essentially be led through a wide variety of partners, both strategic partnerships with key players in the industry and also the lab services providers that are either addressing patients or the biopharma space. And in order to do that, we want to increase the footprint of the Parsortix and, hence, the flow-through of consumables, et cetera, that go with that. So we've got a well-qualified sales pipeline, GBP 12.6 million, that we've got good sight of over the next 2 years. And we've weighted that back to feel very confident about GBP 4.5 million of those revenues in the coming 2 years. So it's a new leadership team with a significant amount of commercial and also clinical experience. And this is a very focused strategy driving towards profitability and cash flow breakeven towards the back end of 2028. As you all know, given the structure of the company and the raise now versus the market cap, we're going to require a significant restructuring of the business, and we'll go into that in more details. So a summary of where we are to date with the funding, is we've successfully raised GBP 6.8 million gross, which has just been announced. Would like to -- big shout-out to our larger shareholders who've come in and really supported the business, believe in both CTCs and what we're doing and have significantly increased their positions. And the retail offer, as you can see, is at -- of up to GBP 1 million at 1p a share. General Meeting is planned for December 15. Admission thereafter on the 18 of December. I'm sure many of you, again, many of you are aware, cancer is a significant and a growing challenge for both the individuals and their families and also for governments and society to deal with. And tools such as the ones that we plan to develop are going to be critical to addressing those questions. Many of you are familiar that cancer diagnosis is -- currently, standard of care is made via tissue biopsy. That's generally only able to be done once. It's painful, it's costly. And unfortunately, it only provides information at that time of the original diagnosis. And during a patient's cancer journey, evolution will occur and then that block is no -- or that tissue is no longer representative of the patient. We've done a lot of work on circulating tumor DNA, but you can't always find it. There are technical failures. So this leaves the number of patients who aren't able to get on the right drug at the right time. So there's a need for additional information to be found, preferably from a simple blood draw, to improve how we're able to manage those patients. This slide here is to demonstrate that tumors have a rich blood supply. And so constantly they're regularly seeing circulating tumor cells move into the bloodstream. When we look for circulating tumor DNA, which are fragments of DNA from dead or dying cells, the way in which they actually get into the bloodstream is quite different. And the challenge we face is that we currently run, number one, tissue biopsy; and number two, ctDNA, and we're not able to get all the information we need. So it's really important now that we press on with using circulating tumor cells, which are a live representation of the tumor at that time. And so we're able to do a lot more with those cells and give a lot more information for the physicians and for the drug development process. Good timing recently was this independent expert consensus from a publication that we actually press-released, confirming from that group, some of whom are customers, some of whom are groups that, certainly, I've previously worked with, that CTC is going to play a significant role potentially for all metastatic cancer patients during the coming years, moving into the here and now. And as importantly, in terms of the platform that we have in the Parsortix is recognized as a best-in-class sample preparation platform for circulating tumor cells. And it was identified by 40% of the panel that the Parsortix was the technology for now and for the future. Some of you would have seen before the images of the instrument and progress here. So you can see on the right-hand side there is blood running through the channels of the cassette that we use, where the magic occurs, to provide this very representative or most representative of high numbers of circulating tumor cells, which we can collect to use for further downstream analysis. And it's important to recognize that there is -- has over the years developed a huge amount of clinical validity data that you can find circulating tumor cells across all stages of cancer in pretty much all the solid tumors. The system itself could be integrated and works well in existing lab instrument and workflow environments. Of course, over the years, we have managed to place a number of platforms and we've done work on a number of contracts. So there is certainly enough commercial validation that the instrument does what it says on the tin, so to speak, and we can generate good data with our partners. But unfortunately, we haven't been able to place enough or grow that business fast enough. And we do have good recognition here for the fact that we have the right quality management systems in place that have enabled us to work with the FDA and, obviously, some high-profile customers that we work with who would all confirm that we -- working with us, we do great work. So moving forward, what's different? We really want to focus on accelerating the uptake of Parsortix platforms and their consumables, predominantly through the specialist CRO groups who have full-line pathology services for, yes, for the biotech industry, for both small biopharma and the bigger pharma companies, and also the clinical labs in the -- primarily that's here in the U.S. who are regularly developing tests for dealing with the unmet needs of their cancer patients. We will continue to work in the area of laboratory services for clinical trial support and some assays with a limited number of partners, but we don't want to be involved in managing and looking for large numbers of biopharma partners with whom we effectively have to share the risk of drug development with them and with no upside. So the idea is to work with the labs who are set up for managing this on a much larger scale than we could ever hope to do. And then on the laboratory developed test side, well, we've got some strategic partnerships in place, which we'll come to further down the line, the likes of Roche, QIAGEN and others, where we can expand, yes, the reach of existing tests and effectively leverage the platform that they have broadly across the industry. So here's some good insight into the companies that we've been working with, and much of this is in the public domain. We're very excited about the opportunity with Myriad Genetics, which again is confirmation that tissue tests fail on a regular basis, in some cases, up to 30% of the time. And so the option for a simple blood draw and the ability to identify the same genetic alterations from the circulating tumor cells is an extremely attractive one. And Myriad have -- is an example of -- they're a billion-dollar company, processing about 1 million samples a year broadly across all tumor types. And so one can imagine there are multiple opportunities with different cancer types and tests that they pull together where we could integrate into their workflow. Roche, another great example, we've been working with Roche Tissue Diagnostics. We had a -- post the work that we had done with them, one of the -- well, the biggest drug conference annually. The ADCs, this is a huge class of drugs, which currently AstraZeneca are the leader with their drug in HER2. These drugs all work by basically being able to identify proteins on the surface of cells to which the antibody side attaches to the cell and then the drug payload is conjugated to the back of that. And that's how the drug gets delivered. That's very difficult to do, challenging in tissue, and you can't answer it with -- answer the question with genomics. Some of the work we've done there is both Roche Diagnostics and ourselves are very excited about that you can fit this into standard workflows. And from the previous slide, there was a picture of an instrument called the Benchmark Ultra, and there are over 30,000 of those worldwide. So the idea of being able to develop workflows for both drug development and ultimately for patients is very exciting, and a lot of very good response to that. We're also looking at ways of transfer, and currently -- tests that are currently done on a DNA basis, i.e. circulating tumor DNA, so where those tests have a failure rate anything up to 20% of the time, that leaves maybe 20% of patients, a good example, maybe non-small cell lung cancer, where these patients can't be biopsied. So 20% of the time, those patients will have no option due to a test failure. So we've got a very exciting project going with a partner, which we'll announce more about at a later date, which would see them have failed tests reflex to circulating tumor cells to identify actionable alterations to get patients on drug. I think once we've demonstrated that kind of clinical utility, similar to the Myriad Genetics side, having clinical utility means getting these tests to patients, physicians making decisions about treatment, and obviously, it will have a knock-on effect to the pharma companies as well. So we're very excited about these partnerships as we move into '26 and '27. So hopefully, this flow diagram gives you a good idea of how the business model is going to work. So on the left-hand end, we have our consumables and our instrument, Parsortix at the top. The cell [ keeps wide ] for working in the cell environment, and then the cassette itself isolating the circulating tumor cells. We've got our strategic providers -- excuse me -- who either do imaging of the cells or the, as I said, they extract DNA for downstream analysis. Excuse me, I'd just take a sip of my coffee onboard. And then we very clearly identified who the customers we want to work with, the specialist CROs and some of the big ones, a group in there where we'll continue to do lab services. And then the clinical labs, so there's a significant installed base and we can work with the strategic partners to identify the right people to work with both on CRO and clinical labs side. And there's a very clear number of customers that we've identified who we can work with to deliver the revenue plan in '26 and '27. And I mentioned earlier, we have a sales pipeline of GBP 12.6 million gross, which we weighted back to GBP 4.5 million. But we're very confident about those revenues during '26 and '27. So in 'summary, from a commercial perspective over the next 18 months, we'll be increasing that razor, razor-blade model. We plan to do some at least 2 technology transfers and 2 U.S. clinical labs well identified. Again, clear number of pilot programs and assay development projects with the existing pharma partners in the pipeline. And then we will also work in the laboratory developed test area with work that we've already done or working with partners. And we believe we can take those into other labs, particularly in the U.S. So the current outlook is we expect to hit the forecasted number of GBP 1.6 million at the end of this year, where we mentioned the pipeline. Again, we're looking for all the cost efficiencies that we can. We'll no longer be doing any manufacturing in-house; we'll do that all with partners. And by doing that, we can increase the margins to 70% plus and GBP 8 million plus of revenues in the medium term. Expect to break even at the end of '28. We're going to alter the way that we interact with the shareholder base and keep people updated on how we're progressing. So we will move to quarterly reporting. And our news flow will be based around important events that I would describe as value inflection, particularly the relationship with companies like Myriad Genetics, and our other project, which will see the reflexing of failed ctDNA tests to looking for alterations in circulating tumor cells. I can't -- that's a huge opportunity. There are somewhere in excess of 1 million liquid biopsies that -- CGP annually, and 150,000 to 200,000 of those will probably not deliver any data. So that's a huge opportunity for more patients to be identified, the drug, and, obviously, more downstream analysis via sequencing or possibly PCR going forward. So a lot of excitement with the partners we're working with. So for our financial reset, you can see here where -- and ask Sinead to go into the details, but you could see how we're reducing cash burn footprint and head count to have the company that we need for going forward.

Yes. So we're looking at a significant tightening of the belts and reducing the footprint of the business. We currently have about 108 employees, and we're looking to reduce that to around about 44, with a pivot in the business case to move us from a large research and development company to a much leaner R&D team that is focused on the driving of the revenue-generating activities. The cash burn will move from GBP 12.7 million down to GBP 5.5 million in 2026. And this, along with the headcount changes, we will move from 2 locations in Guildford to 1 location, merging both our clinical and our R&D lab facilities, and looking at cost cutting right throughout the company.

Thanks, Sinead. Just as a reminder here that there have been significant acquisitions in the liquid biopsy market over the last 5 years. And maybe the most relevant one for this audience was Bio-Rad's acquisition of Celsee, which was dedicated to being able to isolate circulating tumor cells for downstream analysis of which a company like Bio-Rad or a multibillion-dollar company have multiple options and instrument systems to be able to investigate. So over 5 years ago, they put the better part of GBP 100 million into a platform. And that's a platform that we consistently beat when we came up against them. And so that's -- you can see that there's -- given the information provided earlier about this move into clinical utility, a lot more people are going to want to have a dedicated approach to -- and something with a standardized approach to isolating circulating tumor cells, so you can incorporate that in workflows in a multitude of different environments. So we're very excited about who we could well end up with working with in the future as this starts to grow at a much greater pace than previously seen. So I think we will go to the final slide here. So this is our use of fund going forward. I'd say R&D team is greatly reduced, but we've got some significant value-generating projects that we will be working on. Obviously, we've got work to do with our current pharma partners. We'll expand the sales and marketing capabilities so we can work closely with the partners we've identified. There'll be significant restructuring and cost optimization here. So that comes down to a 60% reduction in head count, obviously a significant reduction in our footprint in general. So those savings amount to, yes, circa GBP 5.9 million. We've not in the past -- or in the past, we've had some legacy systems that we feel need replacing to ensure it's scalable and we had less requirement for people to involved in the processes around here. So requires a small investment. And obviously, we'll then be left with the appropriate GBP 3.6 million of working capital, yes, which is a significant reduction versus -- in '26 versus '25, et cetera. So assuming the full uptake of the retail offer, that would see us with GBP 7.8 million in cash there. So summary, yes, successfully raised the GBP 6.8 million. Again, big thanks to the larger shareholders who have stepped in and actually take up significantly increased positions. And the retail offer is up to GBP 1 million at 1p a share. That was the logistics of getting it all in place. So thank you for your time, and happy to try and address some of the questions.

That's great. Peter, Sinead, thank you very much indeed for your presentation. [Operator Instructions] While the company takes a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation along with the copies of the slides and the published Q&A can be accessed via the Investor Dashboard. Peter, Sinead, as you can see, we have received a number of questions throughout today's presentation. If I may now hand back to you and kindly ask you to read out the questions where appropriate to do so, and I'll pick up from you both at the end. Thank you.

Okay. There's a question here from [ TP ]. Please, could you provide an update on where CelLBxHealth are with the AstraZeneca collaboration? Obviously, can't give details, but suffice to say we are working very closely with AstraZeneca. And I think they're certainly very excited about the fact that, as the dominant player in the ADC antibody drug conjugate market, they have a number of assets that they want to develop, which only makes sense that they would work with circulating tumor cells. I've been privileged to work with AstraZeneca over the last 20 years with a couple of drug approvals for them. So excited to be working with a group that I know super well. And I think we -- yes, the [ portraits ] are good for the work going forward. So there's a question here about, why limited total fundraise at GBP 7.8 million? Would you not have preferred a large amount to give you a greater runway to breakeven? I think the general consensus was that we have a plan to deliver to, so there's some good discipline associated in doing that. There are value inflection points coming up this year, which I think would see us, when we go back to the market next time, it's on the basis of a very different profile to the business. And so the agreement was that we could move forward at that price and exercise the appropriate amount of discipline required here. We've got a clear path through to getting the business on an even keel financially. So we're very comfortable with the amount that we've raised now to be able to deliver on the plan we've got. And next time, we, at the risk of repeating myself, we want to go forward next time raising money with a much stronger position than we currently have from a value perspective. There's a question further up here about LDTs. Previous incumbents made much of the current U.S. administration resistance to their development. I'm not sure it was the U.S. administration. It was much more from the FDA have always had an option to exercise oversight over the world of laboratory developed tests, which has a different body for regulatory approvals. The FDA had never exercised that. And so over a period of time, they have on a couple of occasions attempted to gain control. And so that was an exercise that was -- went through. And ultimately, that approach was kicked out because the American Medical Association and other bodies did not want to see the FDA involved and believed that would have stifled innovation. So this somewhat, I don't know, fractious relationship that exists between the LDT world and IBDs will continue in the U.S. for some time moving forward. At this point, there is no change. I think we're -- we've kind of moved beyond that. You want to do the breakeven one, Sinead? Yes.

There's a question here that asks, what do we base the end 2028 breakeven point? That's very much on revenue growth of -- expected for next year, about GBP 3.6 million, increasing to GBP 5.5 million in 2027 and increase to GBP 8 million in 2028. That along with the continued restrictions on growth and maintaining the costs as low as possible, with no additions in head count in 2027 and additions in head count in 2028, that match with the delivery of projects and -- revenue-generating projects.

Thanks, Sinead. A question here, can you detail how your strategy builds on the efforts we have seen before? Well, I think it's essentially here, this is very much a narrowing of the focus. I think in the past, it's not uncommon, a company trying to be -- with a platform with infinite possibilities, there's always a tendency to want to try and do everything as far as possible, with as many partners as possible. But I think at some point, one realizes that there's a reason there are dedicated CROs addressing the biopharma world. To get involved with carrying the risk of drug development with no upside is a very challenging business to be in. I guess it was also the case that there have been partners out there who are interested in developing high-value tests. Most of the money to be made in the U.S., for example, is in the downstream analysis of, in this case, circulating tumor cells, but coming up with winners and the amount of study required to do, or the size of studies required to develop true clinical utility is pretty huge. You effectively have to do a Phase III clinical trial. And that's much better done with a pharma company, for example. So trying to cherrypick one's own test that we think might be super successful is very difficult. Hence, we want to expand the footprint of labs to work with and not compete with the other LDT test providers or even compete with the companies who are dedicated to supporting the biopharma business. We're basically looking to narrow the focus and work exclusively with partners, and not try and do too much or all the stuff all on our own. There was a question after that which basically said, why did previous management fail? And what are you doing differently? I think that all comes under the same heading. It's just a much more focused and commercial process here working with partners. Question. Does the company have to sell hardware for the testing? Or is there a way sort of you can just do a test? I think, yes, the company has to provide hardware to the laboratories who will be developing the tests that eventually, certainly in the U.S. in particular, that a surgeon or a treating physician can order from one of those labs, of which there are thousands in the U.S. Okay. The commercial adoption of Parsortix has been slower than initially expected, in part to material change in market demand, also the commercial execution. Has this market changed? In my opinion, yes, the market environment has changed. The fact that the likes of the relationship we currently have with Myriad is effectively them coming to us as opposed to us trying to persuade them that "Wouldn't it be a great idea if you could adopt this technology to improve the current tests that you have available, so you have less failures?" Similarly, the partner that we're working with regarding identification of patients, particularly in the lung cancer space, who have failed so-called ctDNA, that's then coming to us saying, "Can you help us address this challenge of 20% of our patients we can't get any information on? We know there's a high likelihood that many of them would be eligible for targeted therapies." So I think that that switch now is a recognition that we've kind of reached the end of the line in terms of we really understand fully the limitations of circulating tumor DNA. So I think those are all key moves. And I think the fact that we worked closely with -- let me take a step back. There are a couple of key drug classes, the ADCs, antibody drug conjugates, and the RLTs, the radioligand therapies, where tissue remains a huge problem. It's far too slow to get them to enter clinical trials and you can't identify patients genomically. You need circulating tumor cells, again, so that you can identify the right cells to either develop drugs on or to find patients who will benefit. So I think that is a material change in those drug classes are coming into play now. So another question, the BioView HER2 assay. That work has been completed to the point of the test is available in our menu and can be promoted. There now needs to be further work done to demonstrate the clinical utility of this. I can't emphasize enough how, again, if you want to develop the full range -- or if you want to capture the full range of value within the market, developing tests of clinical utility are incredibly challenging to do. And going through a process of analytical validation, clinical validity and then clinical utility is a very expensive one. And to date, for whatever reason, and especially in circulating tumor cells, we only have been able to develop clinical validity data. So unfortunately, you end up with a lot of very good and, I guess, well-meaning academic labs that end up to some extent with an echo chamber of, yes, this is associated here, and it would make sense to look at it in the context of this cancer. But unless the test tells a physician what they can do with the patient, then, unfortunately, if you can't pass the so-what question, then you're never going to be regularly requested or used. So it's finding the best way to partner to develop -- to deliver that clinical utility. Is there any route to get the NHS to use the Parsortix? All I would say to that is kind of watch this space. There's no reason why the NHS should not be using this in some very key areas. Sorry, my question might not have been clear. Who do you need to sell to? Yes. Laboratories. I mean, I think we've said this. CROs with dedicated laboratories providing full ranges of -- a full-range pathology service. So everything you would find in a clinical lab, but dedicated to addressing questions for the biopharma industry. And I get that would have been one of our big challenges here. We're only really offering 1 sample type and a limited amount of analyses, whereas the CROs have the whole gamut of technologies and equipment to provide information for drug development, which is going to be many more biomarkers than circulating tumor cells. Given the precipitous fall in share price, is the correct strategy now in place to create meaningful shareholder value? Well, yes, we believe that to be the case, and I think the fact that 3 of the largest shareholders, who obviously have experienced significant exposure during that window, are backing new management and new plan. Aspirations post breakeven. Well, I think it all depends on the -- what I referenced as value inflection points in terms of clinical utility. I think once we've achieved those value inflection points, that we have a number of options that become open to us. Clearly, addressing the question of scaling, if there's sufficient demand for circulating tumor cells, becomes a big question. And clearly, the current Parsortix instrument is not really set up for any kind of high throughput scenario. So that would give us the ability to consider our own M&A activity to increase our footprint and what we can offer to our partners. Equally, there has to be a reasonably high likelihood that we would actually become the target of a high-value M&A activity ourselves.

There was a question earlier about how the staff are reacting to the announced cuts to head count. We started the consultation process yesterday, and it has been -- yes, it's been quite difficult. There's been a lot of shock. There was an expectation as the run rate. The cash runway had -- was limited. There was an expectation that this fundraise had to happen or there was a likelihood of administration. So there was a collective sort of holding of breath to see what would happen. But there was an expectation that we would be cutting head count, but the amount of head count that we are cutting was not expected. That said, of the staff that is staying, there's quite a really positive attitude to the challenge ahead. There is a feeling that this is the absolute right business case, business plan going forward, and that we will be looking much more like what they would expect a company of our type to be looking like in terms of the size and the ability to deliver what we need to do. Yes.

Yes. And we're certainly comfortable that we can -- or we're able to retain all the, yes, what we mentioned are the key people to be able to deliver on the new business plan going forward. I think there's one other question, which is collaboration with Solaris/MidLantic regarding prostate cancer. Collaboration which funds were raised for. This is one, obviously, that predates me. As far as I can understand, there is still an opportunity to collaborate. I think the initial work that we had done had looked promising, and then we've basically reached a hiatus as we moved towards the next steps. But we are still in discussions with Solaris about how we move that forward. It's not currently within the plan for next year because we've had to cut back and there's a significant commitment for the clinical trial to develop the utility data that we're not resourced to do right now. But we will certainly look to exploit that as soon as we can.

Future dilution from granting of share options. We would expect to issue, increase the pool that exists to no more than 10% of the share capital. But what I would say is that the issues -- the options issued to management will have capital growth restrictions on them. And so it will be a number of years before they will vest. Visibility on the revenue forecast. Well, we have spoken about that a certain extent. We have good visibility on about GBP 4.5 million up to GBP 6 million. And then as we move out over the years, obviously, the visibility is not as clear.

And then, Parsortix+ has higher throughput, I presume, more aligned with companies doing downstream analysis. Well, all the companies we plan to work with will be doing downstream analysis. And we have a very good line of sight on the companies we know we need to work with. And I think I mentioned earlier our strategic partnerships who are basically the people who provide all the equipment and consumables to do that downstream analysis, we are triangulating with to ensure that there's a kind of seamless integration on workflow, so they're all set up to go with the discussions that their commercial-facing teams have with the biopharma world. Similarly, these platform providers do the same thing and then we kind of effectively triangulate with the pharma companies to drive demand back through our strategic partners and the labs that we work with. So in that respect, the new strategy, yes, is a real force multiplier on the size of the commercial team and the footprint that we need working closely with people, that we're all pointed in the same direction. So it's a, yes, classic win-win for everybody. We're not competing with anyone other than other providers of circulating tumor cells.

That's great. Peter, Sinead, if I may just jump back in there and thank you for addressing all those questions from investors today. Of course, the company can review all questions submitted today and will publish those responses on the Investor Meet Company platform. And Peter, before we direct investors to provide you with their feedback, which I know is particularly important to the company, could I please just ask you for a few closing comments?

Yes. No, we're obviously super-excited that we've managed to successfully raise funds for a reprofiled business with a very different business model. And certainly, given the quality of the strategic partnerships we've got in place and those opportunities, I think, yes, we will need to execute flawlessly on those programs as described, and will be significant value inflection points, along with revenue growth, over the next 12 to 18 months. So we're very excited about what the future will hold and would expect with those value inflection points in particular to see the value of the company increase. So exciting times. And hopefully, the group here all feel well-motivated to participate. Thank you.

Fantastic. Peter, Sinead, thank you once again for updating investors as investors today. [Operator Instructions] On behalf of the management team of CelLBxHealth plc, we would like to thank you for attending today's presentation, and good afternoon.