GENinCode Plc (GENI.L) Earnings Call Transcript & Summary

Good morning, and welcome to GENinCode Plc Interim Results Investor Presentation. [Operator Instructions] And I would now like to hand you over to CEO, Matthew Walls. Good morning to you.

Good morning, Alex, and good morning, everyone, who is on the call. So as Alex said, Matthew Walls here, CEO of GENinCode. I'm here at the Cavendish offices in the City of London with Paul Foulger, the CFO. As Alex said, what we're going to do is move fairly swiftly through the slides so that we give ourselves plenty of time at the end for some Q&A. So if you want to submit any questions, please go ahead and do so. So I'll start with the presentation. There's a bit of delay. We're going to talk through the interim results, a review of where we are in -- as a company in the U.S., in the U.K., EU. We'll have an update on ROCA, and we'll finish on financial summary and outlook. Won't spend too long on this, but I hope most people are aware of what we do, who we are. We're involved in the genetics of heart disease. Importantly, this is a missing piece in terms of the standard of care. And it's coming very quickly to be recognized as being perhaps the most important piece for recognizing those individuals in the population most at risk of heart disease in the future. We're scaling our products in the U.S., Europe and the U.K. We've got established systems. So from a development perspective, we're towards the end of that process. We're now into selling and scaling. We have strong, globally leading evidence base, so our publications are leading in this area. Strong IP protection. We're not just a single product focused, we've got multiple test products, and some of those you'll see now coming online in the U.K. and U.S. And as I said at the start, the most important piece here is genetics, in the case of cardiovascular disease, is a missing piece. It needs to be included in and alongside clinical risk assessment. And by comparison for those who are aware of oncology and cancer, cancer is ahead in this space. It's been involved in genetics of oncology and cancer for the last 15, 20 years. A little bit more difficult in cardiovascular because we deal with what we call polygenics, multiple genes. So that's the area we specialize in as a company. Okay. I'm jumping now to Slide 5. This is a good summary of where we've been in the first half of this year. Starting with the ROCA update, simply because it's just been announced by the NHS on the day we posted the interim results, the NHS also gave an update on ROCA. Very pleased. There was good coverage from Channel 4, The Independent, a number of newspapers yesterday as well. For those who are not familiar with this, this is the risk of ovarian cancer algorithm. It surveys, monitors women at risk for uncertain staging for ovarian cancer. And it's so important because, in the case of ovarian cancer, it's a silent killer, let's say, and disease as it comes. So to get a surveillance for those women who are putting off, preventive surgery is an important step. It's the only test globally in this space. So it's also leading. And we're very pleased, we've got both UCLH and also the Trust now coming online in England and assessing them. So pleased about that. There's also quite a lot of demand coming from overseas too. But importantly for where we are, we want to focus on getting the NHS fully up and running in this space and leading globally in terms of ovarian cancer surveillance. Then moving on to the core of the company. This is all around cardiovascular risk assessment and prevention. In the U.S., we've seen good growth at the end of last year, 20 clinics onboarded. We now have 40. I'm hoping that by the end of this year will be at least 60 clinics. And for me and for us as a team, it's really important we keep pushing those clinic numbers upwards, onboarding more physicians and gradually building up that volume in terms of testing that's happening in the U.S. It's a good process for us. There's a lot of -- a lot more happening in terms of profile as well. So pleased with the growth that we're seeing in the U.S. FDA, for those who are closely following the company, you'll know that we've had an ongoing supervisory review with the FDA. That's all finished. We've agreed the outstanding deficiencies and also the additional information required to close out and get approval of the de novo. Disappointed that it's taking us longer than we wanted. But at the same time, this is a big area that we're talking about. Predicting any disease, predicting anything in life is difficult; predicting heart disease based on your genetics is a tough area. The FDA are asking reasonable questions, although we feel we've answered all of those earlier this year. The areas that they've come back on are more information on what we call powering, for some of the subgroup analyses for Black Africans, and also medical chart reviews. So that's a sense check on the data that's been provided. And bear in mind, that data is provided by Kaiser, Kaiser Permanente, our partner in the U.S. So we don't get involved in that. They use all our testing, but they provide all the data independently of us to the FDA. I'm pleased to say we've got ongoing and advanced discussions with commercial partners CARDIO inCode. This is for the distribution nationally in the U.S. Those discussions are extending more than just the U.S. There's an interest in moving it more broadly to both Europe and the rest of the world too. So that's a good thing, and also will likely involve manufacturing as well. So it is a full collaboration, and it will be perhaps the first time that the company is then what I would say moving to a level of exploiting the technology and products we have on a national and international basis. So pleased with the progress there, and we expect to give a further update in the coming, I'll say, month, months, around what's happening in that area. It's an exciting process for us moving forward. We received the inclusion of CARDIO inCode-Score. This is about $500 per test from the -- in the CMS Clinical Lab Fee Schedule in the U.S. That's from Medicare and Medicaid, so it allows us to move our product now into the U.S. market, CARDIO inCode, for sale through Medicare and Medicaid. So that's an important part of that national distribution process. NHS, good growth. I mean whilst it's grown in the year, we're not happy with it. We think it should be growing much faster, much quicker. We're dealing with globally preventive positioning. We've given and offered the NHS the pricing, significantly reduced price, for a test that's globally leading. And we're just not happy that it's growing fast enough. So whilst it's grown, it's not growing fast enough. And we've got quite a lot of activity going on at the moment to try and bring more attention to this. We've managed to not only grow what we're doing in the north of England, but also meet the 10-year plan for prevention of heart disease in that region. So this is globally leading, we're delivering the NHS 10-year plan. We're not happy that it's not happening quick enough. It needs to move faster. So we'll be pushing hard on the NHS for further growth in that area. Good growth, albeit steady, in Spain, Italy and Germany. Steady, solid growth on that side, so pleased about that. And a lot happening in terms of publications at the moment. In the coming weeks, we've got another big publication coming. And perhaps the most important today, which is around the importance of polygenic risk score for the modulation of cholesterol. So for those who are familiar with cholesterol measurement, we tend to look at it as an absolute measure, a simple cholesterol level within the blood, which is given. But it's more than that, because what we're now seeing is that individuals who, even at a low level of cholesterol, if they have a high polygenic risk score, it modulates their risk. It effectively multiplies that risk up. So this paper will be presented in perhaps the biggest journal in the U.S., the American Cardiology Journal, about the equivalent of The Lancet. And it will push forward as -- not only polygenic risk for early prediction of heart disease, but also showing the importance in relation to modulation of cholesterol. Financial highlights. We wanted them to be stronger than this. 15% growth in revenues, but we think that, by the end of the year, it will be up around 25%. But again, we want to see more than that. We're pushing for much higher growth because we have now not only the products, the model, the business, the infrastructure to deliver it, and we can do better in our view. We've successfully completed a round early this year. Losses, very tight. We're keeping the cost base incredibly tight with a view to chasing down and moving to breakeven as quickly as we can. Cash reserves at the half year just over -- just under GBP 2.5 million. Okay. On the product side, we've got THROMBO inCode now coming through as well for the U.K. and the U.S. So in the next few months, that will be validated up, and it's being sold as a third product in both the U.K. and the U.S. The systems, as I've just mentioned, we have them now in place in Europe, U.K. and the U.S. They're harmonized. That's really important because as we grow out and change the technology, improve things as we move forward, it's harmonized on an international basis. And just so everyone is aware, that's the ordering system, the reporting system, all our algorithms, AI, all of the data warehousing is held within SITAB. It's a very valuable system. We continue to improve it. And all of the investment in this was made over the last 10, 15 years. Initially and primarily at the beginning, the original setup was done by Ferrer Pharmaceuticals where we originally acquired GendiAG and Ferrer inCode to form GENinCode in 2018. The market in the U.S., significant and growing, perhaps some would say growing out of control. It's a major issue. The numbers, it's moved now significantly into the biggest -- it was always at the high end, ischemic heart disease, but now the numbers are getting ever bigger. So it's the biggest reason for mortality and death in the U.S. And therefore, it's not only in high mortality terms, but the cost burden to the U.S. state is significant. The focus in terms of the way we're rolling out, we're on the key opinion leaders, in the main educational academic institutions, hospital institutions in the U.S. We have our regulatory in place. Obviously, we're waiting for FDA de novo. We'll touch on that in a moment. We have our reimbursement set up for LIPID inCode, which is driving most of the revenues to date that we're reporting. We have our coding in place. And obviously now the main focus is on our commercial development. And on this slide, 10, in yellow, we have -- these are the 40 active ordering sites. So we had 20 at the end of last year, we have 40 now. And as I said, I expect it to grow significantly over the coming months too. So by the end of the year, at least 60, perhaps more. But what that means, on the right-hand side there, not only the client numbers increasing, but the numbers of tests are now starting to lift quickly. For the full year last year, we had about 130, 140 tests. We're now well above that for the half year and continuing to grow. So part of the growth model is around us moving more and more units, ordering clients online, of which there are many, many individuals we can work with. So that's the intention, to keep pushing up those client numbers. In addition to that, we've obviously then got the national distribution piece, which is why we've gone for the FDA medical device piece. As I mentioned, we made good progress with them in discussions. We're obviously disappointed that we haven't got it yet. But we've now focused down on just a handful of points that we're looking at to deliver these over the coming months. So by quarter 1 of 2026, we'll be submitting this additional information. The 3 areas, and it's mainly the clinical validation area that we're focused on -- population analysis. So that's the Black African population, further numbering and powering on that side. Medical chart review, this sense check for the data that we're providing or Kaiser are providing to the FDA. The analytical validation, cybersecurity, more internal, we can do those and provide that information to them. So again, we can see and we're very focused on making sure we've got everything in place. We answer in full all of the additional information requirements for the FDA. We want to get this done and in place. And as a result of that and in line with that, that's where the commercial distribution discussions are ongoing with the partners in the U.S. But good progress on that. It's likely, as I mentioned earlier, that we'll be signing this in advance of the FDA approval. Okay. This is just a quick extract of one of the big papers coming in the next few weeks. But just to show, the polygenic risk assessment for heart disease and for cardiovascular disease, we're now able to see individuals at risk earlier in life, those individuals at high risk that are undetected by clinical assessments, we can up-classify them for treatment. That means that where we see they're at high risk, they go on to a much more aggressive form of treatment. It's actionable. And it's totally independent to clinical risk assessment. So this is vitally important for the future of how we treat and prevent a heart disease. And we're coming quickly. We're the only group globally that's putting out anything in this space at a population level, mainly because it's so difficult to do. And our systems, the way -- this is 17 years of development that brings us to this position. But I'm pleased to say the papers, and we've got several papers coming, which the one in the next few weeks is a powerful one. We'll give you further information on that. So look out for it when it's released. We, as a result of that, we're now starting to see the guidelines beginning to change. So all of the main bodies in Europe and the U.S. are now starting to issue statements on polygenic risk assessment. And it's for those individuals who are not recognized at high risk that you then, as a result of their genetic risk assessment, we can then find that they are, and therefore, treat them more appropriately. And this is really important because it's -- if you think about the way that, through life, we start to see the onset of clinical symptoms, in this instance, we can see that much earlier by virtue of your genetics. And by recognizing those individuals at risk early in life, we can truly start to prevent the onset of heart disease. So really important, a route -- particularly because it comes alongside and is additive in terms of risk assessment to clinical assessment. But now pleased to say that the other bodies, certainly for our key markets, are now all starting to fold into line with where we are. And also, we share all our papers with them, so they're very familiar with what we're doing. We showed before a little bit, but I put this one in, this is the way that it's brought in alongside clinical risk assessment. So all of -- as an individual when you move to above 30 years of age, you're going to a clinical risk assessment for heart disease. So typically, you're assessed at that as being low, broad-line, intermediate or high risk clinically. And then when I say that low, broad-line, intermediate or high, that's either low is below 5% of an event, for example, a heart attack. Or in the case of high, above 20%, so 1 in 5 chance of a heart attack, in the next 10 years. These are the clinical risk assessment guidelines that are used pretty much across Europe and the U.S. But what we now do is that we bring alongside that then the genetics, and you're either categorized into low genetic risk, intermediate or high. And in the case of those individuals who were typically at low or broad-line, intermediate, where you have a high genetic risk, the physician will be certainly unaware until they see the genetic risk of the individual. They'll be thinking seriously about taking action, so acting, and initiating or intensifying statins, that the patient isn't lipid-lowering medication, or in the case of blood pressure lowering, looking at antihypertensives. So this is the way the treatment from -- on the basis of recognizing an individual at high genetic risk. Very important and it's coming very quickly. LIPID inCode, this is the main product that we drive revenues for not only in the U.S., but also U.K. and Europe. It's been our main focus over the last 18 months, to start bringing this in now and growing the revenue. So I'm pleased to say that's happening. In the case of the U.S., the revenue reimbursement at an insurance level, around about $1,200. But it's a little bit more than just receiving $1,200 when we sell it, we're selling and we're receiving that payment from insurance companies. For those who are familiar with health insurance in the U.S., it's a very complex and difficult areas to work in. So initially, when we bill and we claim money from them, they won't pay. They don't work like that. They want to, first of all, analyze who you are, "Who is GENinCode? We've never heard of them." There's been a lot of pushback, what we call denial. We have to appeal it, we have to chase it down. We have to explain why the patient had all of the medical necessity and criteria for a test. And then eventually, we'll get paid. I'm pleased to say we're starting to get paid, but not at the level we want. So there's a lot of appeals and denials going on. And as a result of that, we're not recording the full revenue amounts in our accounts. We're recording reduced levels until we get in the future much more acceptance from insurance companies for payment. So just so you know, in the accounts that we report, we are, what we call, through revenue recognition, reporting reduced figures until we get more confident in that. Figures are still growing, but they're necessarily being provided for effectively reduced to a lower level because of what we call this revenue recognition reduction based on slow insurance on the U.S. side. Family Heart Foundation or what's called -- what used to be called Familial Hypercholesterolemia Foundation, but it's changed its name. It's a broad group given the national objective to improve risk assessment for heart disease in the U.S. population. We're working closely with them. We are the chosen test, and this is a national program. Continues to build. It's still early at this stage, but it's important that we're part of it to grow out what we're doing in the U.S. market. Moving across now to the U.K. Again, for those of you who've followed us over the last few years, we've gradually got more and more penetration into the NHS. So really pleased that we've made great progress. Not only that, this month, they've just issued this statement around where we are. We've done around about 30,000 tests in the north of England, which has meant that they're pushing now up to meeting the 10-year plan, which is great. We've also identified probably around about 500, 600 patients now that are suffering with FH. So these are the individuals in the population most at risk from heart disease. They've got an accelerated onset for plaque buildup in and around the heart muscle. So important to recognize them. And previously, they wouldn't have been recognized and we wouldn't have seen them. And the first indication may be then they have a heart attack, at which point it can also be too late. So this is getting ahead of it, identifying them early. And everything that the NHS is trying to do around prevention, we're delivering. The sad thing is they're not doing it quick enough, they're not providing funding. And it's totally inappropriate given we provide this to them at half the cost of anything close to what they're trying to do internally. And it's sad because we need to move. We need to move on. I know that there are other priorities and we're waiting lists, and ambulance ties, all of these other things, or the drugs, but we still have to push our case, and we will be over the coming weeks and months. We're in a strong position here. It's important that we capitalize on it. This is a model where we work with north of England, we're now delivering that. We're also talking with northwest in London, but they don't have funds. They're struggling to get the funding they need to implement what we need to do. And that's for us part of the reason why we're not growing faster. We need to move quicker. We can do. Our systems are ready, products, our turnaround times. I mean by comparison, as I said before, we're at half the price. A much more comprehensive test that covers all aspects of genetics for prevention of heart disease. And we do it in a 10, 12-day turnaround from the sampling to report out, where the NHS with just smaller test process take about 6 to 8 months by comparison. So it's not -- it's a no brainer by comparison with where we are and what we're doing. Okay. On the EU side, again, good, solid growth. A more fragmented market. So Spain is the lead market here. Good growth in the first half, mainly driven by what we're doing with the rollout in Catalonia and Extremadura, Catalonia especially in the first half. Good collaborative growth there too as well. And also we're seeing expansion in Italy and also in Germany too. So good, steady, solid growth. We're pleased about that. But obviously disappointed somewhat; we want to see faster growth in the U.K. and also in the U.S. too. ROCA, as I mentioned to start, a lot of coverage from ROCA in the past few days. Also, just to say that we've moved into the market here. It's a unique product to GENinCode, unique in its supply at the moment through the NHS. There is no one else that is a test that's approved for use for surveillance of women at high risk of ovarian cancer. Importantly, this is the total addressable market in the bottom right-hand corner, if you can see that, for what we're doing here just in NHS England. If you think about this, we're focused on those high-risk women, but we're also interested in following up more broadly on the results and the test data we get back over the coming years because we think that the ROCA test perhaps may have broader application. So very exciting. First trust in for the NHS, we'll be looking to capitalize and grow that quickly over the coming year. We have our second trust lining up as well. Hopefully, we'll be talking about that in the coming weeks and months too. And then third, fourth, we've got sixth at the moment that we're focused on. Importantly as well, we've got kickstart funding to get this work going. So a little bit unlike cardiovascular, on the oncology side, the coffers are a little bit deeper. Okay, Paul.

Thanks, Matthew. Morning, everybody. So first half revenue, so up to GBP 1.6 million, 15% year-on-year growth. As always, that's geographically in the 3 main regions. So Spain represented an increase from GBP 990,000 to GBP 1.13 million, so roughly a 14% growth, mainly driven by CARDIO inCode rollout to Extremadura and the Catalonia region. U.K. grew from GBP 328,000 to GBP 380,000. That's mainly driven by ROCA. ROCA increased from GBP 3,000 to GBP 51,000 in the period. So a great increase. So still small, but it's growing rapidly, as Matthew mentioned on the previous slide. And then we've got the U.S. region grew from GBP 71,000 to GBP 88,000. Again, a small increase, we would have liked more. But just to explain in a little bit more detail about those U.S. revenues. There's 3 main revenue recognition areas. We have institutions, which has been mainly LIPID inCode sales to Beverly Hills Cardiovascular. That's 100% recognition because they order 15 or 20 tests at a time and pay in 30 days or so. Then we have self-pay, where the patient chooses to pay themselves. That tends to be $350 to $400. It may well be they don't have medical insurance or they really don't want to go through that insurance claim route. So again, that's collected upfront, and we recognize that 100%. The area which is, well, subjective is the insurance side. So we're still not firing on all cylinders with insurance companies. They do take a long time to pay. Some of those debts are 12 to 18 months old, which we are told is absolutely usual in the U.S. It's a shame that it takes so long. But over time, we do expect to receive those payments and we do expect payment to be more forthcoming and much quicker as we move forward. So at the moment, we are recognizing around 40% of those insurance sales that we're getting through. Just so you know, on an activity basis, the number of tests in the first 6 months has been around 50% more than the whole of 2024. So we are seeing growth, and July and August have been strong months as well. So we do expect to see that continuing to accelerate the rest of this year. Gross margin improved slightly to 53%. Again, that's mainly geographic margin mix, as I've always said. But the Spanish region is around 45%, 46% margin. The U.K. in the first 6 months was around 73% and the U.S. around 68%. So that margin mix will improve as we go forward as well. Adjusted EBITDA loss of GBP 2 million, about the same as last year. The important point to make here is that we're keeping our overheads to a sensible level. It grew inflationary by around 3% in the year. And as we said before, we've already really expanded the major CapEx, the development costs, the clinical trials. So we are moving forward with what we believe is a fixed cost base that we can manage, and we'll only grow proportionately to commercial sales growth levels. So that's an important objective for us. And that leads to a comprehensive loss of GBP 2.5 million and cash balances at the end of June of GBP 2.4 million.

Thanks, Paul. Okay. And just on that fine point, Paul, when we say growing, the cost base is largely fixed. And therefore, we're driving that top line growth, revenue, obviously getting solid, strong margins with a view to pushing with that fixed cost base that reduced loss writedown. That's our model. That's where we are to derisk what we're doing moving forward. So this is just to start to close out a little bit. FDA regulatory discussions, we're kind of pretty much through those now. We've agreed to everything we need to do for the additional information. The submission of the final information, additional information, should be made around about the beginning, all being well, in quarter 1 '26. Between now and then, we will have expected to give you an update on where we are with our collaboration partners in the U.S., so look out for that. Further NHS updates to come over the coming months too. Of all the states, we've got state approval on all of them with the exception of New York State. Takes a little bit longer there. We expect that imminently. We've finished all of the work there. We've been waiting for a little bit of time on that, so it's expected shortly. Kaiser, more publications coming from them in and around all the work we're doing. They're also onboarding the testing with their system too. Once we have FDA approval, we'll then push forward with what we call a MolDX process. This then gives us -- whilst we've got state-by-state pricing, the MolDX process with FDA approval then gives us the ability to charge Medicare and Medicaid by state. So that's the piece that we follow up. And in quarter 2, we're in a growth mode again, albeit now with a collaborative partner, with a regulatory approved product and a significantly higher revenue position. We're currently looking at quarter -- 2026 forecast, but we anticipate, on the basis of where we are, significant growth in the company. So coming back to finishing off this year, whilst we're looking at growth for this year of around about 25% growth, we wanted to be more. We would like it to be 50%, 60% growth in revenue. So good growth at 25%, but not as high as we wanted. And therefore, we've guided markets to around about GBP 3.3 million for the full year. LIPID and CARDIO are the key to growth across the U.K. -- Europe and U.K. We'll push forward on the FDA approval, finalize that commercial partnership, which will give us a new dimension. It will be pivotal to the growth of the company moving forward, and further continued solid growth across Europe. So we're pleased about that. And as we've said before, driving towards breakeven over the medium term. Okay, that's it. I'll -- Paul is there, and we'll just take stock of any questions that are coming up.

Paul, do you want to have a look and then just read them out and then we'll go through them?

Sure. So we have some questions on the Q&A that have been submitted. First question is, can you envisage coming back to shareholders for another fundraise?

We're in discussions at the moment with a lot of different people in different ways. So part of it is collaborative, part of it is non-dilutive funding. And whilst those are going on, and discussions, I'm not ready to make a decision. I can tell you that it's -- there's a lot of important pieces that we're considering. So no is the answer. We're not looking at that right now. But we will advise the market as and when the time is appropriate.

Roger has asked the question, when you say pushing NHS to go faster, are you also lobbying politically and talking to journalists, et cetera? Or is that likely to be counterproductive?

Well, you're right. The back end of the question that you just asked is right. We've got to -- we can't throw in glass houses. They're our customer, so we don't want to make them feel uncomfortable. But there comes a point where we're trying to grow the company and give them something that is really valuable to improve health care for U.K. and NHS Plc. Well, we have a globally leading position at a price point that's half of what they're doing, it is, like I said earlier, a no-brainer. So we're trying to encourage them in the right way. But we do have to up the ante a little bit if things are not going in the right way, without destroying that relationship that we have with them. So on the one hand, they've done a great job this week on Channel 4 and The Independent in putting out the news flow for ROCA, but at the same time, we still haven't got prevention up and running for heart disease. So let's go, let's move.

I hope that answers your question, Roger. Tom has asked the question, how are you looking to manage the partnership discussions in the U.S. so you get some form of visibility of revenue potential?

Exactly that. So say, it's likely to be a 3 to 5-year program. Why? Because any less than that isn't long enough to properly work with a partner and make good progress. Any more than that, you don't want to tie yourself in for a future growth position for where we will be as a company in 5 years. So that's kind of just a rough outline of thought there as to where it might shake up. Importantly, within that time frame, there are key commercial milestones, guidelines and activities that will ensure that. This is a valuable deal for us moving forward. So that's all part of the negotiation. It still needs to be worked through and finalized. But rest assured, entering into that collaboration, it will be because we know that it has -- adds significant value to us as a company. At the moment, we're growing organically, entirely on the back of what we are and who we are. But I can see that we're now ready to move significantly forward on an accelerated basis with a commercial partner.

Okay. We do have one more question from Tom, but if anyone has got any more questions, please feel free to submit them online as we speak. So Tom asks another question. The NHS always seems to be delayed when doing anything. Will you look to be better positioned to focus efforts on other geographies?

Well, we are. I mean we've never been only focused on the NHS. So that would suggest that we were, and we're not. The sad thing is that we're focused in Europe and the U.S., which is starting to grow faster than our home base, our backyard. And I for one, because we all live here and we feel that we're trying to be community focused, would like to make sure the world-best tests are available in our own backyard. And given that it is our backyard and given that we are growing and given that we can make profits and improve the Rachel Reeves tax returns, it would be nice to see a bit of circular funding support for what we're doing at the globally leading edge, paying back in tax coffers to Rachel Reeves. I mean there's something about this that is completely right and something about the way that we're currently managing the NHS which is completely wrong. So the earlier question about political, yes, we're trying to get messages up to the right people. And we do believe that they've got the right intent, but sometimes you have to bring it front and fore, black and white to make it very clear, and we're having to do that ever more. So it is a little bit frustrating given the amount of effort and work going on.

I think that's the last question. Unless anybody else has got anything else, we will hand back to Alex.

That's great, Paul. Matthew, thank you very much indeed for addressing all those questions from investors today. Of course, the company can review all questions submitted today and will publish those responses on Investor Meet company platform. But Matthew, before I redirect investors to provide you with their feedback, which I know is particularly important to the company, could I please ask you for a few closing comments?

First one is thank you to our investors because, as anybody who's journeyed with us, knows how tough it is in the current market. So thank you for supporting us on the journey. I hope you can see the progress we're making. It's now getting -- significant piece is getting bigger and it's getting more exciting. And for me, the business model now is all about driving that top line and improving the rate at which we move it and accelerate it. So stand firm with us. Please let us know if there's anything that you want more information on. We're always and I'm always available. And I look forward to speaking to you if you have any further questions. But no, thank you, everyone, for your time and for attending the meeting.

That's great. Matthew, Paul, thank you once again for updating investors today. [Operator Instructions] On behalf of the management team of GENinCode Plc, we would like to thank you for attending today's presentation, and good morning.