Physiomics Plc (PYC) Earnings Call Transcript & Summary

Good afternoon, and welcome to the Physiomics Plc Interim Results Update Investor Presentation. [Operator Instructions] Before we begin, I'd like to [indiscernible] poll. And I'd now like to hand you over to Dr. Jim Millen, CEO. Good afternoon, sir.

Good afternoon, and thank you very much for joining me this afternoon for this interim results presentation for the 6 months ended 31st of December 2021. So just mindful that some attendees may not be long-term investors in our company. I will cover a couple of bases, and apologies to those of you who are more familiar with our activities. But Physiomics remains a consultancy business focused on cancer primarily and specifically is involved in the mathematical modeling of cancer intervention. So drugs, radiation, immuno-oncology therapies and so on and so forth. We work with a variety of clients from the very small to the very large and provide a range of services depending on the size of the client. So for small clients, we may provide a soup-to-nut service where we do everything from basic data analysis through to more sophisticated modeling. And with our largest clients like Merck Serono, for example, we might be using our own in-house Virtual Tumour software, which has been pioneered actually through the collaboration with Merck, in order to assess the effect of combination cancer regimens on various different cancer types. In parallel with our revenue-generating consultancy business, we're also engaged in some internal R&D work to generate a tool for the personalization of dosing in cancer. We've won a number of NIHR and Innovate U.K. grants over the past 5 years in this space. And we've applied all of that funding to developing a software tool that can be used to personalize the dose of certain oncology drugs in certain cancer types. As many of you know, and we'll be well aware, we have a couple of strategic initiatives going on in that space, one of which is the agreement with Tabula Rasa's DoseMeRx division, of which I'll say a little bit more later on and also in response to some questions that I've received prior to this meeting. And then the second initiative in that space is the ongoing observational trial being run down in Portsmouth. That, as you know, was unfortunately slightly delayed in starting due to COVID as were many clinical trials over the last 12 to 24 months but is now going strong and is scheduled to read out and be completed over the course of this year. In terms of our client base, we continue to work with a variety of clients from the small to the very large. Our main big pharma client remains Merck Serono, a client that we've had now since, I think, around 2012, even prior to my involvement with the company. But where the collaboration continues and, in fact, goes from strength to strength every year, we seem to do a little bit more work with them and be engaged with them around more of their leading clinical programs. And I'll say again a little bit more about that later. In parallel with the work that we do with big pharma, we've continued to build our small and midsize client base. And you will have seen that just earlier this week, we announced the signing of an agreement -- a first agreement with a new Boston-based biotech client called Ankyra Therapeutics, which has a very exciting technology that we're going to be pleased to work with and alongside them to support. In addition, we've had repeat business from Numab Therapeutics with a second project signed with them just before Christmas and continue to work with Bicycle Therapeutics that has really become a long-term client of ours over the last 2 or 3 years since we started working with them. In parallel, we continue to explore various opportunities for further grant work. And as and when it becomes appropriate, we would announce progress on that front. Again, just to mention some of the things that we do with clients. I won't read all of these out. Many of you will have heard and seen them before. However, at the end of the day, there is a strong imperative from regulators nowadays to -- for companies that are starting, especially human trials, to be able to justify the design of their trial in terms of the dose and the regimen of their individual drug or combination regimen that they're proposing. And there's an expectation on the part of regulators that companies support their trial design with a mathematical modeling, which is what we do. So many of the engagements, which we work on behalf of clients involved are collaborating with them to make that first step from preclinical studies, studies in mice typically through to studies in human beings. And the work that we do has been pivotal for a number of clients in helping them gain acceptance from regulators as to the design and, indeed, the success of their early clinical trials. Moving on to what you already have read in the press release yesterday, specifically some of the financial highlights from the first half of our financial year, which ended on the 31st of December 2021. Our total income is, again, I think, the highest ever, only marginally, not very significantly up on last year, but still, it's nice to be able to say that, that's another record set. Our operating loss has widened slightly but primarily as the result of quite deliberate investments that we have made and, indeed, flagged and previously announced around additional marketing activities and around the hiring of a new business development lead, the first time that Physiomics has ever had a business development function in-house other than myself as the CEO. And we're very excited to have welcomed our new Head of BD on board last -- late last autumn. And she is already making an impact on our pipeline, a positive impact, and I'll come on to talk a little bit more about that presently as well. In terms of our cash position, it remains very strong. So we have assets of over GBP 1 million. Our cash position is pretty stable. It fluctuates from year-to-year by a few hundred thousands, sometimes up, sometimes down, as a function of investments that we make and cash flow timing. But at the end of the day, our cash position is stable, and we're pretty much covering our costs for the most part. I think the real difference, as I sit here today on the 8th of March and compare with the collaboration -- sorry, with the announcement that we made at a similar time last year, is that the second half is already looking very strong for us. So for the first time ever, we've had pretty much full visibility to what we are going to be able to do in the next 6 months. And it's already the case that our contracted revenues for the second half of this financial year are around about GBP 460,000. And if we fulfill those, assuming that there's no slippage in any of those programs -- and obviously, that's a floor because we may sign new projects between now and the end of the financial year as well, then we should be on course to have another best year ever, probably not very substantially higher than 2020, but certainly a very strong bounce back and recovery from 2021 that was hit by various COVID-related headwinds, as we previously discussed. So we should be very well positioned to meet market expectations for the full year ending 30th of June 2022. Here's the same thing just pictorially. And again, just to note that the first half revenues are higher than ever before, although not very substantially, as I noted previously. But I think the big difference is that we've never had this level of visibility to second-half income, and that's just based on what we have signed up right now at this moment in time. So just to cover a few of the specific operational highlights. As usual, we were awarded a raft of contracts by Merck towards the end of the year. And we fully expect that as has been the case every year for my time at Physiomics that, that initial raft of contracts will be supplemented by further extensions and other projects over the course of this year. And indeed, a number of those contracts have already been extended to some -- to a greater or lesser extent over the last 6 months. Contracted revenues I've already covered, and market expectations also. As I mentioned a couple of slides ago, we have the second contract with Numab Therapeutics with whom we're developing a strong relationship. And I would very much hope that they will become a long-term client of ours just as Bicycle Therapeutics has. Talking about Bicycle Therapeutics, then we continue to work with them on a number of their most advanced clinical compounds, and they've been now a long-term and exciting consulting partner. I've mentioned already the PARTNER study, which is ongoing in Portsmouth and should read out over the next months. And then the data that comes from that will certainly be used to refine and further develop the dosing tool, which is, as I mentioned, also the subject of the Tabula Rasa DoseMeRx agreement. We recruited an additional team member late last summer. And then as I've already mentioned, the new Head of Business Development came later in the autumn. So we're continuing to expand both our capacity to deliver consulting projects, but also importantly, our capacity to fill our pipeline and develop our pipeline. And then finally and most recently, just earlier this week -- sorry, at the end of -- yes, just earlier this week, we announced the signing of the agreement with the new client, Ankyra. So just some more general comments in terms of the key opportunity areas for the company, and then I will wind up the presentation and go to some of the questions that we received both before the presentation, but also during it. So 3 main areas remain in terms of the core areas of focus for the company. The first is the core consulting business. So obviously, this continues to be the main revenue generation engine for the company. And we still see significant potential to grow this business. It has been a bit of a slow burn. And with COVID-related headwinds, we had to take a little step back, but it feels like we're taking a big step forward again this year. And I think we have a very strong base upon which to build. As I mentioned earlier, there is a strong drive from regulators for companies to come to them with mathematical modeling that supports their trial designs. And it's a fact that smaller companies rarely have that capability in-house. Therefore, they really have to look elsewhere in order to obtain that. And we are now well positioned to support companies developing oncology drugs, both companies that are based in Europe, and as you've seen from the signing of Ankyra, companies that are based in North America. Alongside of that core consulting business, we're continuing to develop the personalized medicine initiative. We still see significant benefits from personalization of dosing, and we still believe that the optimization in the use of current drugs as well as new drugs that are coming up through company pipelines is a great way for health systems to optimize their spending because it's showing more cost-effective to make proper use of what you have rather than pay an awful lot for something new or at least to do the former before the latter. In terms of other opportunities, we are actively considering which other directions we can take the company. We want those directions to be synergistic and sympathetic to the core business of the company at the moment. And we're looking at a number of things, including, for example, companion diagnostic software combinations, types of modeling that can be -- take advantage of AI type techniques in order to enhance pharmaceutical R&D and also even the possibility of some sort of participation in a drug development program, no longer lines that we have historically with Sareum and ValiRx, but perhaps something even more substantial if we can identify an appropriate opportunity. So all of these things are being actively looked at by the Board and its advisers, and we will tell you more as soon as we have something material and substantive that we can talk about on one of those topics. But in the meantime, we're full-steam ahead on the core consulting business and also on the personalized dosing initiatives that I've already described. So just to summarize and wrap up on the main presentation. We still see significant opportunity in the core consulting business. We have invested in marketing. We've invested in social media. We've invested in various tools to help us identify new clients. We've invested in marketing materials to help make the case to those potential new clients that we would be a good collaborator for them. And then we've hired -- specifically hired a full-time individual to help drive that forward. And I think that we are beginning to see the results of that already insofar as existing leads that were just leads when our BD Head came on board have now been converted to contracts in a timescale that's significantly reduced compared to what we've been able to achieve in recent times under Ian's team before we have that dedicated support. So I'm really excited over the next 6 to 12 months to see how much more difference that's going to make to the size and the growth rate of our pipeline and, ultimately, a cost of our company. Secondly, the personalized medicine initiative is ongoing. Obviously, you will have seen the recent announcement by Tabula Rasa relating to DoseMeRx. I know a little more than you guys -- a little more than what is in the public domain, but all I can tell you with certainty is that we are still very actively working with DoseMeRx. They still remain interested in oncology as a new therapeutic area for them to expand into. And depending on who buys them, there could be even more interest in the pursuit of personalized dosing than is the case currently. So I'm really hoping and I believe, although I have no knowledge at this point of who's going to buy them, but I hope that whoever it is, is going to be at least as interested in personalized dosing as is the case currently. And I think there's a significant possibility that they may be more interested, in which case that would be potentially a real upside for us. And then thirdly, and finally, but not least, as I mentioned, we are actively seeking other opportunities that are synergistic with what we're doing at the moment, other ways that we can use our talent in mathematical modeling in the life sciences and biotech space in order to create assets that could be of material value to the company. And more on that as and when we reach a stage where we feel that it's material and it's sufficiently likely to go ahead that it's something that we want to talk about externally. So that concludes the main part of the presentation, and I will now go to some of the questions that we received prior to the presentation. I apologize in advance if I can't answer all of them, but I will get through as many as I can and unable to -- and then I should take a look at the questions have also been submitted online during the presentation, and let's see where we get to.

So the first question here is relating to Tabula Rasa and the DoseMeRx platform. So I think I've probably just covered this in the comments on my last slide, but I will just repeat that DoseMe remains interested and is still actively working with us to look for opportunities to commercialize our personalized dosing tool and platform. Though I have no knowledge genuinely of who might be interested in buying DoseMeRx, but I do hope and I think there's a reasonable chance that whoever it is, is going to be at least as interested in personalized dosing as DoseMeRx' current owners. But we'll have to watch that space, and I am just as interested as you guys to see what happens there. Obviously, as and when more information is available, then you'll probably see it in the public domain first. But insofar as there's any implications for that side of our business, then we will do our best to assess those and to communicate them to you as quickly as possible. Next question is around growing the business. So there's a question that basically says that the market cap has fluctuated but is not significantly greater than it was a couple of years ago. And what are the aspirations of the company relating to growing the business? So I mean, obviously, we did take a little bit of a hit in financial year 2021 due to COVID, as many of our competitors did as well. But since then, and I think you've seen from the figures that have been announced this week, we bounced back pretty strongly. I hope we're going to be bouncing back to a level that is, in fact, even higher than the level that we achieved pre-COVID. And from there, my personal belief is that we're only going to build strongly from here going forward. Appreciate investors' belief in the company and those of you who've been with us a long time. We are all working as hard as we can in order to generate value in the company. Next question is in relation to the Advisory Board that we held around about a year ago. And again, I think, I covered this in the last couple of slides. But again, last year, we were really all hands to the pumps trying to address the shortfall that was created by the COVID crisis. Since that has now mitigated, we're now totally 100% focused again, both on growing the core business, but also investigating some of these more strategic initiatives that were the subject of that Advisory Board. And again, we will update the market just as soon as we can with progress that we're making on that front. Second -- another question is in relation to the work that we've been doing with ValiRx. We announced last year that we were doing some risk-based work with ValiRx, whereby we would waive our normal fee in return for a percentage of a royalty on the revenues associated with the product that we were supporting them with. There is a question around whether other such arrangements exist or whether any such arrangements might be entered into going forward. I guess all I can say is that where -- if were we to enter into such an arrangement, we would have cost make that public. ValiRx is the main company where we have that sort of arrangement at the moment, but I do think it's possible that we could seek out and secure other similar arrangements going forward. Obviously, we have to make a carefully balanced judgment about sacrificing revenues that are here and now for the possibility of revenues in the future. And we do that always on a case-by-case basis, depending on the relationship that we have with the client or potential client and depending on the quality of the asset that they're developing. But we will continue to look at those sorts of opportunities for sure. There's a question around the Portsmouth study. What will happen to the data collected from the study? And will this be used to update the DoseMeRx tool? And I guess the short answer to that is yes. So the purpose of that study is to gather data to further validate and to suggest further directions of development for the personalized dosing tool. That would certainly apply to the version of the tool that we are progressing with DoseMeRx. And once that data is in and we've analyzed it than any learnings or opportunities that we see arising from it, we will communicate those if we can externally, of course. But in addition, and perhaps more importantly, from your perspective, we would certainly try and see whether there were opportunities to enhance, upgrade or further develop the tools that we're developing with DoseMe. Another question from prior to the meeting. What competitive advantage does Physiomics have? Well, that's a great question. I believe that we have several. On the one hand, we are a specialist in oncology mathematical modeling. And there are not many companies out there -- I'm not sure there are any other companies out there that can say that with their hand on heart. We have competitors that do mathematical modeling. They tend to be generalists. We have competitors that focus on oncology, but they don't tend to be specialists in modeling. So I think the confluence of those 2 things is a position where we have a unique market opportunity. The second thing I would say is our people. Our people and our experience are really second to none. Our people, they work hard. They're smart, and they're universally well respected by the clients that we take on. And I also believe that we're making genuinely important contributions to the R&D efforts of the clients that we work with. And that has led to a significant boost in our reputation, I believe, over the last 3 to 5 years. So whereas when I arrived at the company, we were fairly little known other than amongst a small circle of clients that we've been working with for a while. Now we're getting referrals. So people that we work with talk to their friends and literally relatives sometimes, and we get phone calls from those individuals who may be working in other companies. And they commission us. They commission work. And very often, it's not even competitive. So we may work with someone at one big company. They have a friend who works at a biotech. We got a call from that biotech and they'll say, look, we've heard that you're great at this, and we'd really like you to propose for a project. And we've had several of those over the last 12 months, and it's gratifying. And I think it's a real demonstration that what we do makes a difference and that our clients continue to value that. Another question. Please say a few words on the current pipeline. Well, look, the short statement I can make about that is that the pipeline is genuinely the strongest it's ever been. For the first time, we've really been able to quantify that by disclosing that we have contracted revenue of over GBP 460,000 for this half that we're in now. We've never been able to say that before. We've never had that degree of visibility to -- even to the next sort of 5 months. And obviously, that's just the revenues that we have signed up at this point in time. Below that in -- or above that, if you like, in the pyramid of business development, we have a number of contracts that are in discussion, one of which is with another big pharma company, as I think we disclosed during our -- as part of our full-year results as well. So if we can clench that one, then that is another very exciting opportunity and could be a big step forward for the company. But it's not the only opportunity. There are a raft of them. And although we have now a more rigorous process for categorizing the different opportunities, thanks to our new BD lead, which is not something that I can explain in a few words, I can assure you that at every stage within that BD funnel, we now looking -- we are now looking stronger than I think we ever have done before. So another question, right? In a world where CEOs are quick to hide behind all manner of different excuses, what keeps me motivated, I think, is the sentiment here when things could so easily drag you down. Well, listen, I think we make a difference. That's really what motivates me on a day-to-day basis. I try not to make excuses either from my own personal performance or that of my team or that of my company. I try and be honest and direct with you guys -- people, sorry. And I think for the most part, we -- when we say we're going to do something definitively, we do it. Obviously, there's always uncertainty in this game, and there are some things that we can't promise hand on heart. But for the most part, I think we've delivered materially on the specific targets that we've set ourselves. We're going to continue to try and raise the bar so that our targets are always stretched targets. But what motivates me is making a difference for our clients, both as individuals at a personal level to help them be successful individually and as companies and then ultimately to be making a contribution to the creation of cancer drugs that are going to help save lives for conditions that have a terrible negative impact on people's lives and cost economies huge amounts of money. So really, that's what keeps me in the business. Another question on cash runway. So it just says, is the cash runway sufficient? Well, I think you can do the math yourselves. Some -- we've had a year recently where we had a positive cash flow of 100,000 or so. We've had other years where it's been a couple of hundred negative. But our cash position, I would say, is pretty stable. We've had about GBP 1 million of assets now, the majority of which is cash for some time, and that looks like a stable situation. Now we may choose selectively to make some investments from that cash pile. But obviously, we want to be cautious and leave ourselves afloat just in case of unexpected circumstances. But at least from my perspective, I don't see anything to be concerned about that. So pressing on, there was a question relating to Project Optimus in the last presentation. Please could I just elaborate on this? Well, just to remind everyone that Project Optimus is an FDA -- that's the U.S. drug regulator. It's an FDA initiative aimed at helping companies developing drugs to focus more on the personalization of dosing. So although I don't think it's an initiative we would necessarily directly engage with, it's certainly a clear signal that regulators are interested in how companies come to decisions about dosing in clinical trials. And it's certainly, a key driver of the interest by our clients in engaging with mathematical modeling and specifically with us in the field of oncology to provide some weight, some thoughts and calculation behind the decisions that they're making on trial design, specifically in relation to dosing and scheduling, decisions that have been really made on a more holistic basis in the past, which just means rule of thumb, right? If you go back 20 or 30 years in pharmaceuticals, the way in which people calculated initial human doses was really just based on very simple algorithms. Whereas now, we're able to bring to bear far more sophisticated tools, and this is becoming an expectation. And therefore, I think the market for this sort of activity is going to continue to grow. So there's a question here about presentations. Could they be longer? Could they involve more people? And so yes, I would love to get more of the team involved in these presentations. I think that's a fantastic suggestion, and we will take that on board and into consideration and try and make that happen at some point perhaps later this year. Okay. So question, could I comment on our work or involvement with Merck KGaA, which is the German Merck company that used to be called Merck Serono? I think I've probably set most of this already over the course of the presentation so far, but we've been engaged with Merck since. Actually, many years before I arrived in the company. I think it's around 2012 was our first project. As you guys will recall, shortly after my arrival in the company in around 2017, Christmas, I think, we signed our first sort of umbrella agreement with Merck KGaA where they aspired to spend at least EUR 500,000 with us -- on us or retain services from us worth at least EUR 0.5 million annually. And I'm proud to say that we've done at least that every year since then. It's not guaranteed, and yet they've come back for more on a regular basis. We have weathered management changes, reorganizations at that large pharmaceutical company. And I would say that our relationship with them today, I believe, is as good as it has ever been and possibly the best it's ever been. I can also say with my hand on my heart that we are an integral part of some of their decision-making and provide really important input into some critical decisions that are being made around how they develop some of their drugs. And that makes us feel good. It's a good source of revenue. It's a good source of validation of our platform and the Virtual Tumour tool, in particular. Just moving on to the last couple of questions that came in prior to the presentation, and then I shall move to have a look through a selection of the ones that came in over the course of the last half an hour or so. So there's a question around what we can announce in terms of the value of the contracts. And there's a fairly straightforward answer to that one. We can't always disclose both the identity of our client and the value of the contract because they won't let us. In my view, it's more important for our shareholders and other stakeholders to understand who it is that we're working with and what we're doing rather than announce that we have a contract with an undisclosed pharmaceutical or biotech company because that sort of announcement never feels very satisfying. It means that we can't then really talk in any detail about what we're doing with that client. And I think the value of the -- of being able to disclose the identity of clients is at least from our perspective, and I believe, in fact, from the perspective of the company and its shareholders, greater than the value of just telling you how much the contract is worth, but at the cost of not necessarily being able to also tell you who it's with. So that's our rationale there. We don't have a lot of rigor room in many cases. Clients don't want us always to tell the world what they're spending on particular activities. Obviously, where we're required to disclose for reasons of compliance with AIM regulation or other regulations, then we do so just as we did for the Merck contracts and continue to do for the Merck the contracts. So that's the simple explanation for that. There's a final question that came in prior to the meeting here relating to whether or not we might develop some sort of a software solution or a licensing -- software license solution. Now that is something that we have looked at periodically. I think it's something that we have even alluded to in some of our updates. And we continue to be open-minded about that. I guess all I would say is that we're not selling a sort of a prepackaged Microsoft Word or even sort of SAS type solution where a user can easily quickly read an instruction manual and then type a couple of keys and get an answer out. It is a more sophisticated software platform. We have, in fact, created stand-alone versions in the past that we have left with clients as part of projects, but they tended to be bespoke for the particular engagement that we've been working with the client on not just a free access to the system for the purposes of developing new models. However, that is something that we continue to keep an open mind in regard of. And if we saw an opportunity to do that, then we would certainly take a close look at that and see whether that could be interesting for us. So I think that concludes the questions that we were provided with prior to the meeting. I'm just going to have a look at a selection of the ones that came in over the course of the last 30 or 40 minutes. So there's a question here that is as follows. Given the size of the global oncology pipeline, could you significantly increase modeling revenues even without a huge increase in new clients? What are the barriers in scaling your highly specialized skills? And how can you mitigate them? Okay. Well, that's a great question. I do think that the market for what we do, as I said earlier, is continuing to expand. I think that's part of the reason why we have such a strong pipeline at the moment. It is true that what we do is very specialized. All I can say in terms of scaling is that we've -- given the base that we started from, we were initially a little bit cautious in wanting to take on a lot of additional fixed cost in the form of full-time in-house consultants. However, we are certainly now in a position where we could expand the team, and I think I've already said that we're looking at options to do that. One option is the use of consultants, and we have a number of people who worked with us for many years very effectively on a part-time basis as consultants. And I anticipate we would continue to use them. That is a flexible resource that we can dial up and down to some extent, depending on what's going on. But we've certainly reached the stage now where I think we need to be looking at increasing the full-time in-house headcount, again, having only recruited our last technical team member last July, I think. So certainly significantly less than a year ago. So we will certainly be looking to that. We'll make further announcements as and when that's possible. There's another question around DoseMe. Can you please elaborate on the potential significance of DoseMeRx being integrated into other platforms? So just to clarify, DoseMeRx is a subsidiary of Tabula Rasa Healthcare. It's the name -- used to be the name of the company before it was acquired by Tabula Rasa. It's also the name of their software platform, which is wholly owned by them, of course. What we have done is, together with them, do an implementation of our personalized dosing tool on their platform. So that was done on a research basis. And we're now looking to see in what other areas of oncology, we can expand that in order to produce an offering, which could be really commercially interesting to some of the -- some of their clients. So that's kind of where we're at with that. I still think it's a significant initiative. Obviously, we don't know whether and who is going to buy DoseMeRx, as we've spoken at length already. So that is a bit of a question mark. But I think potentially that could be a positive for us, but it does depend on the identity of that acquirer, of course. So another question, can we say how long we've been in discussion with the new pharma? I assume that means a new big pharma client from the recent RNS. I think I don't see why not. I would -- we've been in discussion with them for over 12 months, and that is not uncommon for big pharma clients. So they take a long time to bring on board. But once you've got through all of the myriad procurement processes as well as the commercial negotiation around the contract, then with the following win, they can turn out to be a client like Merck. So I think the opportunity is significant, and it's the sort of investment of time that as a CEO or a head of business development, you never mind making as long as you feel like you're making progress and it's been a bit softly, softly, catchee monkey. But as I said in the RNS, we are in advanced discussions with the company, and we'll say more as soon as we're able to one way or another. So final question here, I think, before we conclude, is there any update with regard to the commercialization of the VAL201 deal? And any revenue Physiomics will benefit from? So unfortunately, I can't comment on that. It's not our asset. So you'll have to ask that question to Suzy Dilly, who's the CEO of ValiRx. I'm sure she'd be happy to address it. All I can say is that, obviously, yes, we do have this deal that's been made very public in relation to that asset. And if at some stage, it is commercialized, and I think there was an announcement from ValiRx before Christmas that there was some discussion around the term sheet at least, then we would qualify for a proportion of the revenues, as has previously been detailed. We'd love that to happen, but I -- apart from the fact that I genuinely have no knowledge of what the state of play is, it's also not our asset. So I can't comment directly on that. Okay. So I think that concludes.

Thank you very much, Dr. Millen. I think you've addressed those questions you can from investors. And of course, the company will review all questions later today, and we'll publish those responses on the [indiscernible] on the company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, could I just ask you for a few closing comments?

Yes. Sure. So I mean just in summary, again -- summarizing the summary, I'm enthused by the fact that we have a really talented team, which we're almost certainly going to add to -- and what I forgot to mention earlier is that we never seem to have any shortage of people who are interested in working with us because it's a really exciting, vibrant small company working environment. So if there are anyone listening out there that's interested in a highly technical job, then please do reach out. I'm excited by the fact that we've brought on board this new BD lead who, I believe, is making a material difference already. And I'm very interested to see how that further develops over the next 6 to 12 months. I believe that we have a -- I've said this before, but I genuinely mean it. I believe that we have one of our strongest ever pipelines and highest-ever levels of client interest on the core consulting business. And in parallel with that, we are exploring other opportunities. And I know that there's impatience to hear more about those, but we will, I promise, to get back to you as soon as we can and have something material and significant to say on those. So just to conclude, I'm honestly feeling the most optimistic and excited that I have been since I joined Physiomics and look forward to a bright future. Thank you.

Dr. Millen, thanks once again for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirect to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few minutes to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team at Physiomics Plc, we'd like to thank you for attending today's presentation, and good afternoon to you all.