Physiomics Plc (RVW1.F) Earnings Call Transcript & Summary

Good afternoon, and welcome to the Physiomics plc investor presentation. [Operator Instructions]. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Dr. Peter Sargent, CEO. Good afternoon, sir.

Thank you. Hello, and welcome all to Physiomics end of year company update. Just move on the slide. So as most of you know, my name is Peter Sargent. I'm the CEO here at Physiomics, and I'm joined here today by our Non-Exec Chairman, Dr. Jim Millen. So the purpose of this presentation is to give those of you who are less familiar with the business, a brief overview of what we do and who we are, then off the back of our recently released results for our financial year ending the 30th of June 2025, give an overview of how the business has performed over the year and what we've been up to. Following this, I will then give an update as to how we're tracking this year so far and our strategy. I know many of you have already submitted questions for us already. So we'll be sure to leave plenty of time at the end of the presentation to answer these questions, along with any additional questions you submit during this session. Okay. So for those of you who are less familiar with Physiomics, we're a data-driven contract research organization and consultancy supporting biopharma and research institutes around the world develop new drugs. So we've built the business around these 3 core capabilities shown here in the Venn diagram. The first one being Quantitative Pharmacology. So this is the use of mathematical modeling and AI techniques to understand and predict the behavior of drugs in biological systems, such as humans or in animals. The second capability is around Data Science and Biostatistics. So this is the ability to identify, curate, analyze and visualize kind of complex and often quite disparate data, driving insights from that data. And then the third capability is around disease biology. So this is the understanding of the underlying biological mechanisms of disease. So initially, we developed this capability focused primarily around oncology. But more recently, we've developed capabilities into new therapeutic areas such as immunology, infectious disease and cardiovascular. So how we apply these capabilities? So the business focuses these capabilities into 2 main areas, one of which is our consultancy services or contract research services. And then the second one is in our internal R&D where we're developing personalized dosing tools. The services from the services side, they fall into 3 main areas. So the first one is modeling and simulation or model-informed drug development, which I'll use that term going within this presentation. So this service has been our historic core service, and it's where we help our clients make better use of the data or data in the public domain by creating mathematical models to help predict the outcome of their research and their drugs behavior, really helping them guide and make smarter research decisions and also supporting regulatory and investment decisions and submissions. The second service is our new service offering, Biometrics. So Biometrics itself is actually an umbrella term that encompasses biostatistics, statistical program and data management. And with this service, we're supporting clients with the setup, conduct and reporting of their clinical trials. So a very important area of drug development. Finally, the third service, data science and bioinformatics. So this is actually an integral part of the first 2 services, modeling and simulation and biostatistics. So going forward in this presentation, I'll probably be just referring to the first 2 services. But the reason why I wanted to highlight this service here is that actually, even though it is an integral part of the first 2 services, it can actually be a stand-alone service, and we've already delivered a couple of projects based on this. Outside the consultancy services part of the business, as I mentioned, the business has been developing a personalized medicine dosing software. So this is utilizing many of the modeling techniques we use in our consultancy services to develop tools that allow clinicians to tailor the dose patients receive during therapy. So to add a bit more context here, in many therapies kind of therapies, patients typically receive standard doses of drugs. But as you all know, we're all very different with different sizes, different metabolism, different genetics. So people have typically very different outcomes to the same dose. So therefore, tailoring the dose to fit individual patients is becoming increasingly important in maximizing patient outcomes. And I'll come to talk about this in a bit more detail in later slides. So considering our core services, so the modeling and Biometrics, you might be asking, okay, why are we focused on those? What's the opportunity for the business? So looking at this from a client perspective, drug developers, as I'm sure you're aware, are -- they face a lot of challenges when developing new drugs. Firstly, drug development is extremely costly and time-consuming. But actually, the probability of success is very low. And to give some context there, when you're looking at drugs which are in kind of discovery phase, only between 1% and 2% of those drugs will actually make it to market. And even when you look at those assets which are further up the value chain and are entering the clinic, still only 9% to 14% of those drugs will actually make it to market. So a very low probability of success. And these pressures on these -- on the companies are actually being compounded further by increasingly stringent regulations by regulators such as the FDA and EMA. In addition to these pressures, our clients and these companies are seeing challenges around the increasing volume and complexity of data being generated from research and are therefore, looking at ways in which they can better use this data to address some of the kind of the broader challenges I've just mentioned above. And it's this latter point, which is actually certainly where model and modeling and simulation comes into play. And the slide -- right-hand side of this slide actually gives an example of how model-informed drug development supports drug development. I won't go through each of these points one by one. But as you can see, the impact of modeling simulation has a huge impact on the cost of drugs, saving up to $0.5 billion in drug development. They are known to increase the probability of success, and they can also save upwards of 2 years off the development time. Then going down to Biometrics or Biostatistics, Statistical Programming, this is slightly a different need here from our clients or market pull. As utilizing kind of solid biostatistics and programming and data management in actual drug development is actually a legal requirement. So all companies need to follow this and include Biometrics -- solid Biometrics when running a clinical trial, which is slightly different to the modeling side of things where modeling is not yet a legal requirement or regulatory requirement in drug development. But also just a point, poor statistical design, as you can imagine, does negatively impact drug success rate. So highlighting really the need for companies developing new drugs to ensure that they have experienced statisticians helping them with their trial design. So the benefits of these services also reflect in where the markets are tracking. So I've broken this down this slide into the kind of the 3 main areas in which the company operates. And as you'll see by these projections, going from the top down, the modeling and simulation market is set to grow significantly over the next few years with a compound annual growth rate of around about 17.5%. So increasing in size from $3.79 billion in 2024 up to $13.65 billion by 2032. So a huge growth there. And similarly, with the biometric service market, which actually is currently larger than the modeling and simulation market is set to grow even faster at a growth rate of around about 23.8% upwards -- reaching up to kind of $40 billion by 2030. So from a service perspective, this opens up significant opportunity for us as a business to grow into these markets, certainly around Biometrics, where we're only at the beginning of our journey with that service line following its recent launch. So away from the service side, I've also put some data around our model informed dosing market around the model informed dosing market or kind of personalized dosing market. Again, this market is set to kind of grow significantly over the coming years and certainly in North America, which is an opportunity for Physiomics when we take into account the -- our partnership with the U.S. firm, DoseMe. So that's a brief introduction to who we are and the opportunities for the business. Switching gears a bit and looking at how we did last year. So that's for the financial year ending the 30th of June 2025. So many of the changes we made following our strategic review early in 2024 have really started positively impacting kind of the top-line numbers. So as you can see here, total income grew 46%, so up to GBP 834,000 from GBP 570,000 from the previous year. Operating loss and loss after tax both decreased by 32% year-on-year. Surplus of shareholder funds was GBP 692,000 at the end of the year, compared to GBP 282,000 the previous year. And then also cash and cash equivalents was up to GBP 461,000 from GBP 191,000 the previous year. And in actual fact, the cash position at the end of the year was a bit lower than what we'd initially hoped due to a high amount of trade debtors up to GBP 246,000 versus GBP 103,000 the previous year. And the reason why the trade debtors was slightly higher at the end of this last financial year compared to the rest was primarily down to a couple of large client invoice payments just falling outside the year just by a couple of days. So we've now got that cash in the bank, but unfortunately, it hasn't been reflected in the cash figures here. Finally, the year also resulted in us successfully raising over GBP 900,000 of funds to help grow our various growth initiatives, which hopefully many of you -- many of which are starting to bear fruit. So expand the tiny bit on the previous slide and comparing trends over the last 3 years. As you'll see, total income is trending up to a 3-year high and operating loss is trending down to a 3-year low. And this has been helped along by tight cost control kind of procedures within the business, keeping operating costs roughly in line with inflation. So operating costs increased around about 3% from FY '24 to FY '25. And the previous 2 years, the operating costs increased by 5%. So we're still -- as well as trying to grow the business, we are trying to keep control -- tight control of the costs and ensure that we focus the investments into the right areas. So what have we done differently this year? Certainly, a big area of investment has been around our business development and marketing. And to be clear here, this focus -- this is focused primarily on our consultancy services. So the year saw us attend 7 key events for our industry, including events in Europe and U.S. with Physiomics providing sponsorship for one of those events where we're able to put our brand in across the event and actually present in one of the many key sessions. The attendance of these events is actually a very important tool for us here at Physiomics because firstly, they enable us to meet new clients and check in with our current clients, ensuring that we maintain those relationships. But they're also an important source of market and technical intelligence, helping us keep an eye on trends, learning about new techniques as well as keep an eye on some of our competitors and what they're doing in the market. So in addition, we've continued investing in our marketing. We've refreshed some of our messaging and carrying out various kind of social media and targeted marketing campaigns. We also developed a kind of established a partnership with a consultancy, Weatherden, who specialize in clinical development strategy to support drug developers. So this collaboration has been very fruitful, not only in helping us amplify our messaging and reach out to a broader set of clients, but it's actually also resulted in a number of client opportunities for us, which has been fantastic. Finally, we've also had a successful year around our scientific publications and thought leadership. And we're certainly proud of our 3 papers with Astellas, Merck and Kyra as it's these types of materials that are a very powerful way to credentialize the impact of our services when we are talking to new clients and trying to win new business. So looking at kind of what investment, what kind of return on investment in that BD and marketing is looking like. So we're certainly picking up momentum in our pipeline. So since our strategic review back in 2024, the total value of contracts won in the year has increased significantly with the actual 2-year average now being over GBP 1 million worth of new contracts each year, which when compared to the previous 5 years is a 63% increase. So a significant increase in our business development output. I've also talked previously about expanding our service offering and diversifying our client base. So this year certainly has seen a lot of progress in this area. We've successfully launched our biometric service line and won our first 2 Biometrics contracts with total value of GBP 111,000. We were historically an oncology-focused consultancy. Now 50% of our consultancy projects support the development of new drugs in areas outside oncology, so in areas such as immunology and cardiovascular disease. We've also increased the win rate of our contracts from new clients, moving further away from that kind of overreliance of 1 or 2 key clients, which maybe we were historically dependent on. And finally, we've also worked on our success rate, so increasing that conversion of opportunities to contracts. And last year, we had a conversion rate of 45% versus 27% in the previous 2 years. So a significant increase there. So moving away from BDM marketing. The consultant team has been very busy in the year with delivering over 15 projects across 8 different clients, including clients in the -- based here in the U.K. and EU, Switzerland and the U.S. These clients have been a real mix of kind of new and repeat business, including projects for some of our more established clients, as you may have heard of us talk about before, so Numab and CRUK. Actually, at the start of the year, Numab had some fantastic news regarding their NM26 assets, which we supported them with. And after a successful start of their clinical program, they actually sold this asset to J&J for a staggering $1.25 billion, which is a huge success for them. Reflecting the expansion of services, I mentioned in the previous slide, as you can see here, the projects delivered in the year covered a wide range of different therapeutic areas, techniques and modalities. And then also in line with our growth plans, the year also saw us continue to invest in many of the new systems and processes within the team, along with the development of kind of new functionality in our kind of proprietary virtual tumor model. So expanding that ready to support a wider subset of clients. So that is primarily around the kind of our consultancy services. So looking at how we have progressed and what we progressed from the personalized medicine dosing tool perspective. So as a reminder, this dosing software is to support dosing decisions for the chemotherapy agent, docetaxel, but also dosing decisions for an expensive biological drug known as G-CSF, which treats actually treats the side effects of chemotherapy. So primarily funded by government grants and government grants, a work in version of the dosing software has now been developed. The next step in this development is to carry out kind of further calibration and validation of this tool to really refine its performance and generate kind of the evidence required to support commercialization. So to do this, real-world data from patients undergoing treatment is needed, and the company has been exploring 2 different avenues to access this data. So the first one is our PREDICT-ONC trial. So that's the trial in which we are running in partnership with Beyond Blood and Blackpool NHS Trust. So which last year, after delays, unfortunately, out of our control, we announced obtaining regulatory and ethical approval form. So that project -- that trial is now progressing well with clinical data already being received here at Physiomics and starting to be fed into the modeling and the clinical development work. There is still a lot more data to be obtained from the trial, and the recruitment is expected to continue through to March next year, so March 2026. So in parallel to the PREDICT-ONC trial, kind of the second source of data is through our partner, DoseMe. So as a reminder, DoseMe is a U.S. company who has developed a personalized dosing platform already utilized by hospitals across the U.S. and Europe. So the DoseMeRx platform hosts dosing tools very similar to the ones we're developing and gives clinicians access in a way that can be used within a hospital or clinical setting. So it interfaces with like a tablet, which they can carry around when treating patients. So this partnership with DoseMe offers up a number of opportunities for us. Firstly, since they -- since they already have a platform actively being used by clinicians, the DoseMeRx platform provides us with a real route to market and later paid for functionality. But in addition, the platform also allows us to gain early feedback from clinicians such as kind of gaining human factor evidence feedback around the usability of the model in a clinical setting. So last year, we announced the implementation of our tool onto the DoseMeRx platform, enabling us to start getting this kind of early human feedback. And then through DoseMe's connections across various U.S. clinical sites, we're also in discussion around accessing a large data set that would augment the data we are starting to receive from the PREDICT-ONC trial, which in turn hopefully should accelerate the tools development. In addition, last financial year, we also announced a couple -- at the end of last year, we also announced the expanded partnership with DoseMe with the aim to explore the development of new tools, new dosing tools beyond the current docetaxel GCF-1 in development. So we'll be sure to provide further kind of feedback and announcements as we progress that expanded partnership. So I hope you can see that a lot has been achieved this last financial year across the various -- across our various growth initiatives with these efforts starting to be reflected in top-line financials. But I have to say, none of this could have been done without the right people. And this is why this year has also seen us hire several key roles. So these include the hiring of our 2 heads of service lines, so Mark Davies and Jesse Thissen, but also other team members who are key in helping us not only expand our expertise into new techniques and services, but have also been providing that critical technical solution experience needed during the sales cycle, so driving pipeline conversion. And I feel now we're in an exciting position to have this team in place, along with some additional flexible resourcing we have to really help us kind of grow and accelerate the growth of the business. So that was the last financial year. So the year just ended on 30th of June 2025. Thinking more towards this current financial year, we've started the year very strong. As of the 1st of July, we had GBP 594,000 worth of consulting contracts already signed and projected to be recognized in the year. We also had the remaining of our Innovate grant valued at GBP 60,000, again, projected to be recognized within the year. So this means that we started as of the 1st of July, we started the year with GBP 654,000 worth of income already contracted and projected, which is an incredible start. Since July, so over the first few months of the year, we've also won a couple of additional contracts. So this is in addition to what was -- what we brought into the year and one change order, so extending the kind of scope and value of one of our existing contracts. And we also have a very strong pipeline with 6 late-stage opportunities in progress. So what I mean here by kind of late-stage opportunities is where proposals have been submitted and under review and negotiation with clients. Finally, we have great momentum across the other initiatives. And in addition to those -- that contracted revenue projected to be recognized in this financial year, we are already starting to build contracted revenue for the year following, so in the year '27, which is good. I won't spend too long on this slide, but this is a slide I presented before, highlighting what we're focusing on over the next year across the various business areas. So in the consulting service area, we're still going to keep pushing the BDM marketing. Certainly, now we have Biometrics online. This gives us a much bigger market to approach. There are several operational kind of areas we are looking to invest in. Firstly, enhancing our quality management system to meet some of the new services we are bringing online and some changes in regulations. As for the people, we don't have any immediate hires, but as we grow and expand, we'll be exploring a combination of kind of flexible resourcing through contractors offshore or through permanent hires. From a personalized medicine perspective, as I described in my earlier slide, our focus will remain around the collaboration and validation of the model, really helping us kind of take the model towards commercialization. We also aim to build upon the expanded partnership with DoseMe and start exploring opportunities around new dosing tools, so new dosing tools outside the current tool. So that potentially is in areas outside oncology. And then finally, across the whole business, in addition to driving and progressing these various growth initiatives organically as we have been doing up until this point, the company will continue exploring strategic options. So either some form of M&A or strategic partnerships that could really help accelerate our growth. So to finish off and summarize my presentation here today. So this last financial year showed us -- showed that we were able to increase in the total income by 46% compared to the previous year. We reduced loss after tax by 32% compared to the previous year. We've maintained operating costs in line with inflation. We've successfully launched our Biometric service line and have recruited our Head of Biometrics and won our first 2 contracts in that service, which is a really exciting area for us in the business. Our pipeline is as good as it's ever been with our yearly contract awards reaching a record high, which is 63% higher than the previous 5 years. We've increased the number of new clients. We've diversified our services, including expanding into new therapeutic areas. We've recruited new expertise. We've recruited our service line heads and quantitative pharmacology scientists. We've published 3 original peer-reviewed publications with prominent top-tier pharmaceutical companies and biotech company. We've obtained regulatory and ethical approval for the PREDICT-ONC trial with data now being received and fed into the development program. And finally, we've implemented our personalized dosing tool onto the DoseMeRx platform and are starting to identify clinical -- U.S. clinical sites to obtain data to help with that development as well as we announced an expanded partnership with DoseMe to explore the development of new dosing solutions and dosing tools beyond our current one. So I will stop there. Thank you very much. I think we can potentially move on to Q&A.

[Operator Instructions] I'd like to remind you that recording of this presentation along with a copy of the slides and the published Q&A can be accessed by our investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Can I please ask you to read them out and give responses where appropriate to do so, and I'll pick up from you at the end.

Thank you. Yes. So I will see this. We had a number of questions that were received prior to the presentation today and a few that have come in over the course of the last half an hour as well. So we'll go through -- I think we should have time to get to most of them. We'll start off with the ones that came in prior to the start of the presentation today and then work through as many of the others as we can. So first one then, Pete. And I think you covered it to some extent actually in the comments that you made during your presentation, but the question is that in recent presentations, there's been talk of the company potentially growing through acquisition of another business. And is this something which is still being actively considered?

Yes, you're right, Jim. I did touch upon this very briefly in the presentation. Yes, this is certainly something we're continuing to explore. There are various angles being explored here. So -- and that includes expansion of the business through kind of acquisition of another company with a related service. So that could be another modeling company or a Biometrics business, bringing with them kind of additional clients and revenue. But also we're exploring the potential of strategic partnerships as well. So whereby we might partner with another company, another service company or platform-based company, which either adds additional value to our service or enable us to access a kind of a bigger pool of clients. And this could be a company providing clinical development strategy services, for instance, or providing the clinical trial management, and we would kind of support each other when approaching clients.

Thank you, Pete. So the next question relates to ValiRx and shareholders will recall that we have had historical agreements with ValiRx relating to specific compounds. Someone had spotted that a ValiRx subsidiary had done a deal around one of its assets, VAL401, and they were wondering if this was one of the assets that was subject of previous deals with Physiomics. Perhaps you could just clarify that for us.

Yes. So the agreement between Physiomics and ValiRx as we announced, I think, back in 2021 relates to VAL-201, where we agreed that royalty payments will be based on future revenue. So to my understanding, the asset here is a different drug. I think the asset, the VAL401 relates to a repurposed formulation of risperidone, which is a different asset.

Yes. Thanks for summarizing that for us. So the next question is around AI. The question is that the company has recently entered into contracts with organizations involved in the AI field. Where does PYC see its future role in relation to the development of and use of AI?

Yes. So I guess we need to perhaps try to be a bit careful around the word AI because I think it is sometimes often used a bit too frequently by companies. However, here in Physiomics, we do use AI and incorporate elements of AI into our models. We're primarily using large language models to support our activity -- our consultant activities, so supporting sourcing of data, extracting kind of insights from scientific research and kind of some level of coding. Then some of our models and our quantitative models themselves utilize elements of machine learning to help drive predictions through the analysis of kind of large data sets. As a technology itself, AI is very broad. It is, for sure, becoming utilized more and more in our industry and really helping to transform many aspects of drug development. There is a balance here to be had, though, as certainly from a regulatory perspective, they are less keen on kind of black box solutions when analyzing data and producing results, which could potentially be either used in a regulatory submission or impact patient safety. So look, I think AI has certainly got a place in life sciences, in drug development. I think it's an exciting area. But there's also a balance to be had in its use.

Thanks, Pete. Next question, are we as in PYC currently exploring any government or other nondilutive funding initiatives or partnerships, which may help to grow the business in the near term?

Yes. In short, yes, we are. So we continue to keep an eye out for additional government grant funding from those grant bodies such as the National Institute for Health Research, Renovate or the European Innovation Committee. So yes, we continually look at and keep an eye out for grants and apply to those which we feel is kind of best suited for our businesses.

Yes. I mean, just to note from my own earlier experience in applying for and successfully winning grants, there's typically a sort of a 6-month cycle between the grant call being issued and an application being made and then the announcement of winners. So if we get sufficiently far along the process with any of those that we feel we should share with shareholders, then we would certainly do that. Yes. Okay. Next question. Really, just can you comment on our current working relationship with Bicycle Therapeutics? Obviously, we've worked with them on multiple occasions in the past. What does that relationship look like right now?

Yes. We're still very much in touch with several of the folks at Bicycle. At this point in time, we don't have any active projects with them. But that's not to say that touch wood, we don't have any in the future. I think more broadly than Bicycle, we do have several good relationships, long-term relationships with clients now. As I mentioned in my presentation, I think and certainly in the annual report, I think it's over 40% of our clients come back and contract additional work from us, which, in my mind, is a testament to the kind of the quality and the impact of the services we provide our clients. And hopefully, Bicycle will come back and ask for more support with their development programs.

Thanks, Pete. So the next question is relating to our various personalized medicine, personalized dosing initiatives. And really, I guess, to paraphrase, it's asking at what point that may become a commercial driver for the company. Obviously, there's a number of different moving parts to that, which you outlined earlier, but I don't know if you can give some overarching comments on how it might evolve into something revenue-generating.

Yes. So as I hope you'd have seen in my presentation, we are trying to develop a personalized tool -- dosing tool in a number of different ways in parallel. So as well as generating the data, which is needed to kind of calibrate and validate the model, -- we're also working with DoseMe around a potential route to commercialization. So once we are ready for -- once we have a more validated tool, we are then in a situation where we can put the tool in front of clinicians and health professionals. As for timelines, the PREDICT-ONC trial is due to end in March next year. We hope to have the bulk of the data needed to finalize calibration soon after that. And then it is a matter of trying to get the tool kind of refined and then out into the hands of these clinicians. So I can't give specific timelines to it, but we're certainly getting close.

Thanks, Pete. So another good question here around the biometric service line. And the question is, is biometric services being cross-sold to existing clients? And I guess that could apply in reverse as well, but that wasn't specifically the question. So you could comment on those.

Yes, that's a great question. Yes, it is. It is. And actually, that's one of the first things we did as we established Biometrics was reach out to our existing clients and relationships. And actually, it's something I may have mentioned in previous presentations, both the modeling side of the business and Biometrics actually kind of work quite well hand in hand. A lot of the companies we work with are companies finishing preclinical research and are trying to get their assets into the clinic. At the same time as using kind of modeling to help them do that, they also need to be thinking about the design of that trial, so the biostatistics around it. So there's very much an integrated offering there. So yes.

Thank you, Pete. So a question around returns, which I guess, I think the question me sort of profitability and profit levels. And it's just asking with so many different moving parts to the business at the moment, how we're going to balance where we focus and the revenues versus our expenditure. So perhaps you could comment on that in.

No, sure. So our focus as a business is around revenue generation. We are focused around getting to becoming cash generative. And so that is kind of where we are focusing our efforts. In addition to that, we obviously need to manage our expenditure. And as I hope you've kind of seen in the -- my presentation, we have been managing to do that. And we're very selective in how we -- and where we invest our money.

Yes. Thanks, Pete. I mean, I guess just to add to that a little bit, historically, we have mostly come in under our estimated expenses for the year, at least sort of internally and generally being within the market expectations for expenses, i.e., the estimates that are put out by our broker Hybridan. We're very disciplined. We don't spend money unnecessarily. But on the other hand, we do need to invest to grow. And I think that's mainly being a people business in the form of people. And Pete has gone through kind of step by step the various different senior client-facing individuals who have been brought on board in the last year or so. And I think we're beginning to see a real impact of having those people on board already. Obviously, most recently with the new Biostats head, a significant project within months of him joining, which is really good news and really, I think, sets the tone for how we expect that business to contribute to the overall business going forward. So a good question. Then final question, I think, unless any more come in, and this is just a very general one around the current sentiment for biotech funding. and how that, if it does impact our pipeline and the conversion of conversations into new business.

Yes. No, certainly, the market -- the capital markets for biotech are still very challenging. A number of our -- the companies we've been engaging with during our business development efforts, we've lost the opportunity because the clients didn't receive the funding they were expecting. I think that's not too uncommon nowadays. I think broader than that, actually, I think the life sciences market, drug development market is challenging. You may have seen in the news that actually a lot of the pharma companies, the larger pharma companies are scaling back, restructuring. At the moment, that's not directly impacting us. I think we are lucky that we are focused on a kind of a very much growing market. So yes, it's certainly not easy. It's certainly not easy, but I think there's a lot of opportunity there for us as a business.

Thanks, Pete. And I guess just to conclude from my perspective, I would like to say well done to you and the team for really turning things around in this last year. Obviously, we had a challenging year, the year before last, but the year that's just gone has been a real bounce back. And I think with the addition, in particular, of the Biostats part of the business and some of the progress that we're making on the personalized dosing projects, then I think that there's a real promise for the future there. So thanks very much indeed.

Pete and Jim, thank you for answering all those questions you can from investors. And of course, the company can review all questions submitted today, and we'll publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, Peter, could I please ask you for a few closing comments?

Can you hear me?

We can hear you, Pete. Okay. I think we've lost Pete. So I think we can probably leave it there. I appreciate investors' participation and interest and continued interest in the company and look forward to giving a further update in due course.

Peter, Jim, thank you for updating investors today. Can I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of Physiomics plc, we'd like to thank you for attending today's presentation, and good afternoon to you all.