Sareum Holdings plc (SAR) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to the Sareum plc final results investor presentation. [Operator Instructions] The company may not be in a position to answer every question it received during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available via our Investor Meet Company dashboard. I'd also like to remind you this presentation is being recorded. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Tim Mitchell, CEO; and Dr. John Reader, Chief Scientific Officer of Sareum plc. Good morning.

Good morning, everybody. Thank you for joining us for this final results presentation today. I'll begin with an introduction to the company for new shareholders who may not be so familiar with us. And then I'll hand over to John, who will take us through the updates with the various research programs we have ongoing. And then I'll finish up with a look ahead to what we can look forward to for the rest of this year and next year. Since this is a results presentation, we'll go through the financial results, and then we'll open the floor for questions. So let me start off. So for those of you who are less familiar with the company then, we design and develop new drug candidates taken through to close the clinical trials or into first-in-human clinical trials. And then look to out-license these molecules to larger pharmaceutical and biotechnology companies, who will then do the further clinical trials and take them onto the market. So we have a pipeline of both internal programs that we are currently working on and partner programs where we've been through this process of research and then licensing. And these address high-value disease targets in emerging disease areas. So looking on the right-hand side of the slide with the blue headings, these are the 2 programs that we have so far partnered the Chk1 program of molecules called SRA737. And this is licensed to Sierra Oncology in 2016, and is now completed to a proof-of-concept Phase I/II trials. Earlier this year, we announced the licensing of our FLT3 and Aurora program to a Chinese-based specialty pharmaceutical company, who are completing the preclinical development. Then internally, we're concentrating on our TYK2/JAK1 programs. So we have SDC-1801, which is completing its preclinical development and targets autoimmune diseases. And 18 -- SDC-1802 in -- again, in preclinical development. And this molecule targets cancer and cancer immunotherapies. And as well as the autoimmune and cancer applications, it's become apparent through the scientific literature that the immune system over reaction to coronavirus and other viral infections could be controlled by JAK-family inhibitors such as our TYK2/JAK1 inhibitors. And we've applied for a government grant to fund some research into doing that. The company operates a flexible outsourced R&D model. So we have minimal internal staff and overheads. Internally, we design molecules and work out, the sequence of events and experiments needed to get these molecules into early clinical trials, and then commission the work in laboratories of fee-for-service CROs or research partners with some sort of revenue share on future funding. So this gives us the option to turn research on and off as we require it and gives us access to research laboratories throughout the world. So this model has been validated by our licenses to FLT3 and Aurora and also to ChK1. And once the program has been out licensed, then the continued development is 100% funded by the partners. And typically, the license involves an upfront payment and then milestones as the -- milestone payments as the program progresses through the various stages and then royalties on any future sales. The company is backed by experienced management, board and advisers. Between us, we have a deep understanding of molecular design, drug development and the requirements of future license partners. So I'll quickly introduce you to the Board, Chaired by Dr. Stephen Parker. He has a long experience in corporate finance with both investment companies and biotechnology companies and holds another -- holds a number of non-executive positions at other pharmaceutic companies, too. John and myself have a strong scientific background, both in large and small pharmaceutical companies. So both in research and in research management. And then our 2 nonexecutive directors, Michael Owen, has a long experience in both big and small pharmaceutical companies. So he has a long experience in research, particularly in the areas of immune diseases. And then Clive Birch has an audit partner experience and he's a great asset in our corporate governance. If we take a quick look at our pipeline of research programs. I'll just point out the new features since it's our last presentation. I think, in general, the programs have been advancing across the board. If you look at the TYK2/JAK1, we've talked about the expansion into potential COVID applications and the grant application submitted for that. The FLT3 and Aurora program, as I mentioned before, is now licensed to a Chinese-based specialty pharmaceutical company, who will continue the preclinical development. And then for the ChK1 program, the SRA737 molecule has now completed the 2 Phase I/II clinical trials that had been ongoing for the last few years. Now I'll just highlight some of the key events during the last year or so. So starting with the TYK2/JAK1 program then. So the preclinical studies are progressing. We're looking to complete these or at least one of these molecules by the end of this year. So that will be completing the experimental stage so that we're ready to file a CTA, taht's a Clinical Trials Application in the first quarter of next year. So for 1801, we had been struggling a bit with formulations that will allow us to reach the very high doses that we are having to go to see toxicity in these preclinical studies that we need to do before we get clinical trials. And we believe we've cracked that. So we've got the formulation that will enable us to continue these studies. As I say, we look to wrap those up to a stage where we can file for Clinical Trials Application by the end of this year. And in the toxicity studies we have done so far, we see excellent tolerability, and also for therapeutic dosing, we've got a formulation identified for that. For SDC-1802, we've shown the anti-cancer effect via immunotherapy, and this was presented at an international cancer conference this -- just about a year ago. And then we had an important completion of our IP protection. So the U.S. Patent Office issued a Notice of Allowance that the pattern would grant in the U.S. earlier this month. So that completes the worldwide protection in major territories for that molecule. And then during the year, we also applied for the -- to granted a UKRI, that's U.K. Research and Innovation, to fund some exploratory studies of whether our TYK2/JAK1 inhibitors would be useful against the respiratory inflammation caused by COVID and other viral infections. So for FLT3 and Aurora, as I mentioned earlier, in March this year, we announced the global licensing deal with a Chinese specialty pharmaceutical company. So this deal could potentially pay us a GBP 900,000 milestone on reaching a preclinical development milestone. And this could be paid by January next year. And then on top of that, there are further milestones and shares of commercialization revenues as the program progresses. For SRA737, so previously, Sierra had said that they were looking for a license partner for this program. But it seems that they had some internal changes. They've had a new CEO and new Chief Business Officer. And they now say they're exploring options that include internal funding to support the further development themselves, which I think we see as positive. I've already noted that the molecule is completed its Phase I/II clinical trials. So this is both as a monotherapy and in combination with LDG, that's low-dose gemcitabine. As well as those treatment modalities, there's plenty of preclinical data highlighting opportunities of combining SRA737 with PARP inhibitors. This is a new important class of anti-cancer agents and also cancer immunotherapy, which is a big area for cancer treatment. And then as well as that, there's some preclinical data published by our colleagues at the Cancer Research U.K., highlighting the potential of checkpoint One inhibitors, including SRA737, with inhibitors of DNA replication and repair. Then financial highlights. We reported cash of GBP 1.8 million, that's an increase on this time last year, mainly because we raised GBP 1 million in placements in June of this year via Hybridan and PrimaryBid. Before I hand over to John, I'll just make a quick statement on the impact to us on COVID-19. So we continue to be fully operational, while we're following advice to minimize risk to staff. So for instance, we are working from home nearly all of the time now. We're very used to working with remote teams. So working from home is kind of business as usual for us. So we -- the laboratory work is carried out through our network of contract research organizations, and they report only minimum impact on their productivity. So there have been some delays in deliveries of chemicals and solvents. We're beginning to see a little increase in lead times to initiate new experiments, but it hasn't majorly affected us. But if further restrictions on work and movement are added, we may see some delays creep in. Okay. So that completes my introduction. I'll hand over to John now to take you through our research programs.

Okay. Thank you, Tim, and good morning, everybody. So as you've heard, we're focused on selective and potent TYK2/JAK1 inhibitors. This is the area in which all of our internal effort is directed at the moment. The JAK family, emerging targets of increasing industry interest. And the JAK family consistent 4 kinases, TYK2, JAK1, JAK2 and JAK3. They all play a role in maintaining a healthy and a balanced immune system. The strong clinical validation for our particular combination of TYK2 and JAK1, particularly with a Pfizer molecule, which has a very similar profile to ours. And the BMS molecule, which is selective for TYK2 and is showing some good results in the clinic, but we think there is room for improvement. There's late-stage clinical trials going on with both molecules, in lupus, Ulcerative colitis, Crohn’s disease and vitiligo with a number of readouts expected over the next few years. There's also evidence emerging for the role that these kinases play in modulating the severe inflammatory responses, the cytokine storm and the respiratory symptoms that arise from coronavirus and from other viral infections. And where now several JAK-family inhibitors, being tested or being prepared for testing in clinical trials in COVID-19 patients. So there are significant clear opportunities available to Sareum. There are currently no marketed products with TYK2/JAK1 selectivity profile. There are no TYK2 inhibitors currently in clinical trials for cancer. So we have a first-in-class opportunity with our Cantor candidate. And TYK2 and JAK1 inhibition may be the optimal mechanism for addressing the cytokine storm caused by viral infections. So we're working hard to advance our TYK2/JAK1 inhibitors, SDC-1801, which has demonstrated efficacy in a number of autoimmune disease models and SDC-1802, which has demonstrated efficacy in a number of cancer models, including operating via an immunomodulatory effects. We used the compounds orally. They're dosed orally. We do that twice daily in our mouse models, but the computational modeling that we've carried out to date suggest that they will be suitable for once-daily dosing in humans. They have a favorable selectivity profile versus some of the first generation of JAK inhibitors, such as tofacitinib and baricitinib, which are potently inhibit JAK3 and/or JAK 2, which we believe is responsible for some of the side effects and severe side effects that those molecules demonstrate. During the period, our co-development partner, SRI International via a U.S. Department of Defense Grants published some encouraging preclinical results in disease models of lupus. And we've talked about the potential of the molecules to treat the cytokine storm over reaction in COVID-19 patients. So we have an internal focus on completing the preclinical studies for SDC-1801 and SDC-1802. Tim mentioned that we've recently overcome a formulation issue with SDC-1801, and the new formulation has been developed, which will enable us to continue our high dose toxicity studies. We have a manufacturing route completed or near complete for both molecules. And so we're aiming to complete the tox studies for at least one of the compounds in the current quarter to enable clinical trial application to be filed in Q1 2021, dependent, of course, upon successful progress of the remaining experiments. We are seeking development partners for commercial licenses at the late preclinical or early clinical stage. And our strategy balances the cost against the risks and potential returns of early versus later licensing and also the requirement for additional funding in taking molecules further in the process. This slide illustrates very nicely the different value of license deals as a molecule is developed into later development stages. So on the left, we're highlighting a deal between Theravance and Pfizer at the preclinical stage. And you can see a $10 million upfront payment and the potential for $240 million dependent on milestones and royalties. In the middle, another Theravance project, partner with Janssen in this case, at the clinical Phase I stage. And you can see, in this instance, a $100 million upfront payment and up to $900 million milestones and double-digit royalties. And then Filgotinib in the right-hand box here is a deal struck up between Galapagos and Gilead, $300 million upfront cash plus billions in milestones. So you can see that as a molecule has taken further into the clinic, obviously, it's value increases and the size of the deals that can be struck are increasingly lucrative. So that's great. However, of course, there is additional risk as you take a molecule further through the clinic. There is a greater chance of it failing as well. So in our calculations, we are working out this balance between additional expense on the program, the potential rewards of the later stage deal and the additional risk of progressing the molecule further. Just briefly touching on the potential application of TYK2/JAK1 inhibitor in COVID-19. We've heard that diseases such as COVID-19 also SARS and MERS and influenza can be fatal due to a cytokine storm, an overreaction of the patient's immune system. Many of the key cytokines that have been demonstrated to be elevated in COVID-19, intensive care unit patients signaled via JAK-family kinases. We're not the only people who have noticed is, of course, some of our clinical trials of JAK-family inhibitors, ruxolitinib, tofacitinib and baricitinib in COVID-19 patients that are either in progress or planned and some recent data was released by Eli Lilly, demonstrating that that's a combination of baricitinib and remdesivir, the antiviral, showed reduced mortality. And the reduced time to recovery for hospitalized COVID-19 patients, and it seemed to be particularly effective in patients who require supplemental oxygen. In other words, the patients at the more severe end. So we believe that our TYK2/JAK1 inhibitors have a potential to be efficacious, but also to have a better safety profile. And there's also some additional evidence to suggest that there may be a better protection against secondary bacterial infections than the JAK2 inhibitors that have been tested today. We've submitted the grant application to UKRI to fund preliminary lab studies, which will investigate the ability of our molecules to down-regulate the overactive immune system in a series of cellular and animal disease models. The response from UKRI is expected by the end of 2020. And the studies are designed as a potential first step towards clinical studies dependent, of course, upon success in the research and further funding. The global license for our FLT3 and Aurora inhibitor was signed with a Chinese-based specialty pharma company in March 2020. Our FLT3+Aurora kinase inhibitors have demonstrated excellent activity in AML models, and we're showing this xenograft graph here, the bottom right of the slide, which shows a really marked reduction and regression in tumor volume in a disease model of acute myeloid leukemia, where it is driven by a mutation in FLT3, which is a kinase. Our molecules inhibit wild-type FLT3. FLT3-ITD, which is the mutation in this particular model and quizartinib-resistant FLT3. We deprioritized this work in 2018 because of a significant effort required to overcome a formulation issue, and we believed we were better off devoting our resources to TYK2 and JAK1 programs. But earlier this year, we licensed the IP around molecule to a Chinese-based company. They have formulation, clinical development and commercial expertise. Their focus is on developing an oral formulation of our molecule. And as you heard, we are eligible for a GBP 900,000 milestone payment if they're able to solve a particular development milestone. There are further success-based milestone payments potentially as well and the share of commercialization revenues. SRA737 is our potent selective orally bioavailable small molecule inhibitor of checkpoint kinase, developed at the Institute of Cancer Research and a collaboration with Sareum, and we're funding from Cancer Research U.K. and Sareum. ChK1 is a key regulator of cell cycle checkpoints and a central mediator in a DNA damage response network. This was licensed to Sierra Oncology in 2016, and they have now completed 2 clinical studies, SRA737 was a monotherapy, and in combination with low-dose gemcitabine. We're awaiting the final study reports and preliminary data was released in 2019. It's very promising preclinical data when SRA737 is combined with PARP inhibitors and immune checkpoint inhibitors. The graph at the bottom right of this slide is showing some data from a study that was reported on in 2019 and where SRA737 in a model of small cell lung cancer is combined either with low-dose gemcitabine or with an immuno checkpoint blocker or in a triple combination, the 3 agents used together. And you can see that SRA737 does synergize well with either low-dose gemcitabine, which, of course, was the combination used in one of the clinical trials to date. Also synergized as well with the immuno checkpoint blockade. But when the 3 agents are combined, there was 10 out of 10, 100% regressions observed at the end of treatment from day 21. And as the animals will grow out until day 60. 8 of them remained completely free of tumor. The triple combination was well tolerated with no weight loss. So this is a very exciting result. We are very hopeful that either Sierra or somebody else will investigate this combination in clinic. So some developments at Sierra during the year, they've appointed a new CEO and CBO. And they're exploring options, including securing funding to support the advancement of SRA737. Under the current Sierra deal, Sareum is eligible for up to $5.4 million upon achievement of the next likely milestone event, which would be a first patient dosed in a randomized Phase II trial. And then a further $88 million in total milestone payments plus royalties when the product is commercialized -- if and when the product is commercialized. And we'll be providing future updates as and when possible. So I'll hand back to Tim now to take you through the rest of the presentation.

Thank you very much, John. Yes. So looking forward to the rest of this year and into next year then starting from the top for TYK2/JAK1. So we're hoping to provide updates on as the preclinical tox studies progress. So that will be, hopefully, by the end of this year. Then we're looking to submit CTA, so that's the European Clinical Trials Application or IND, that's the U.S. equivalent in the first quarter of next year. We continue to engage with potential license partners. So there's always the potential for a preclinical licensing deal or, of course, in early clinical stage. We've talked about the Grants awards for COVID-19 research, and we're looking to hear from UKRI on that by the end of this month. And then we've been working with some academic groups on SDC-1802 and its cancer applications, and we're hoping to get a paper out of that. It does seem to have taken some while to get published on the use of 1802 against solid tumors. For FLT3 and Aurora, we'll be looking to report R&D progress, and then there's the potential of the GBP 900,000 milestone payment, which would be expected by January 2021 if our partners meet their development milestone. On ChK1, we're looking for clarity from Sierra on the future development, funding and plans. So whether they're looking to partner the program or whether to fund it internally and what that internal progression may be if they choose to do that. We'll be looking for the data readouts from the 2 completed clinical studies. That's the Phase I, Phase II as a monotherapy and low-dose gemcitabine combination. If Sierra or their partners do progress, the compound in the further clinical trials, then there's the potential for milestone payments to us. There's also the potential to advance the molecule in other treatment modalities, such as the PARP inhibitor combination and also the triple combination with low-dose gemcitabine and immune chop -- the checkpoint blockers. The GBP 1.82 million cash at the bank that we reported, we said is sufficient to fund ongoing preclinical development of TYK2/JAK1, and that will certainly led us to get at least one of the TYK2/JAK1 programs to a stage where we can file for a Clinical Trials Application. Okay. I'll just finish off with the financials that we reported earlier this week. So we -- you'll see a revenue line there. So this is the modest upfront payment for the FLT3 and Aurora program. We've been looking after our cash quite carefully during the last year. So you'll see a decrease in our operating expenses. So it does mean a reduced loss for the year. You'll notice that we -- the tax line is positive because we get a tax credit for the R&D we spend, which we received as cash generally around about the December, January time. On the balance sheet, it's really to note that there's the GBP 1.8 million cash in the bank there. Okay. So that concludes the formal presentation part of this event. I'll open the floor up to questions. As I say, we'll try and answer what we can. The ones that we can answer immediately, I'll go through verbally. The others, we will provide a written answer to and post them on the IMC website. But of course, we won't be able to answer all of those questions, but we will acknowledge the ones that we can't answer.

That's fantastic. Just to give you guys just a bit of time perhaps to have a look-through those questions. [Operator Instructions] And as Tim just stated there, they will review all of the questions coming through. I'd also like to remind you, a recording of the presentation, along with a copy of the slides and the published Q&A will be available on your investor dashboard on Investor Meet Company platform. And post the Q&A, immediately after the presentation, you will be redirected for the opportunity to provide feedback in order so the company can better understand your views and expectations. Guys, I know perhaps you haven't had a great time to have a look at the questions that have come through, but if you could just perhaps read them out for investors where appropriate to do so, that will be fantastic. Thank you.

Okay. Yes. So I see quite a few questions on the COVID application. I guess it's a hot topic of interest at the moment. So I'll group some of those together. I'll answer some or hand over to John for it is more technical aspects. So there's a question on whether a separate molecule, also different to 1801 or 1802 will be developed for the treatment of COVID-19. And so our intention is to first look at 1801 and 1802 and see how they perform. If the research sort of leads us down a different path requiring a new molecule, then that's where we can go dependent on sufficient funding, of course. There's a number of questions on the regulatory process of getting a COVID-19 molecule into patients. So there's a number of steps involved here. And chime in, John, as you feel fit. So first step is to make -- is to demonstrate that the molecule is going to work in laboratory studies. So this would be in essentially test tube and cellular and animal models. And that's the focus of the grant that we have applied for. So having established that it shows some sort of effects in these models. The next step is to show that it's safe. And there's really no shortcuts for that. So if the molecule that we took forward did happen to be 1801 or 1802, it would just -- it would go through the same safety clinical trial study as it would for the autoimmune. Actually, let me back up on that. The -- it would have to be shown to be safe and healthy volunteers, and that's really the autoimmune side of the ones. The first clinical study for 1802 would be in patient, of course. John, anything else you want to add on the way of getting a COVID molecule into patients?

Yes. I mean, I can just say that our plan for the SDC-1801 clinical trials, as you just mentioned, is to conduct the initial safety experiments in healthy subjects. And that follows a process, it's called SAD/MAD, which is basically single ascending dose where a volunteer is given, and you start at low doses, which is all driven by your toxicity studies in the pre clinical species, but you start at a low dose, a single, low dose. And then after a safety assessment, you can progress on to a higher dose. We're also -- would looking to be looking for biomarker readouts. And so some blood tests that give us an indication of what the exposure of a compound is like in the blood levels of the volunteers. And we could start to get some proof of the mechanism of molecules from that research. And then as that's progressing, you start to do the MAD stage, which is the multiple ascending dose, where, again, in healthy volunteers, they would be dosed the compound for multiple numbers of days. It's likely to be something like 7 to 10 days. And again, this is really to get safety information. We're looking for the proof that the molecule is well tolerated and doesn't cause any unexpected side effects. We're also, of course, looking at the pharmacokinetics of the molecule to what's the exposure like in the patient, how different is it between patients. And we would, again, be looking at a biomarker. So some sort of proof of -- not necessarily the efficacy because, of course, these are not patients, but proof that we're hitting the biochemical target that we want to hit. And typically, a Phase I trial like that can take from between 6 to 9 months. And so we are hoping, all being well, that the in vitro and the animal model work on COVID-19, which we completed during that stage. And so if all is well from the Phase Ia part of the trial, this SAD/MAD study, then we could be in a position to start going into COVID-19 patients towards the end of that safety assessment. So that's the plan. If it all comes together, that will be very nice. Of course, there's research involves here and things happen. So -- but that's the time we're working towards at the end.

Great. Thanks, John. Then the final point I see regarding COVID is a question on whether SRI -- so this is the U.S. research organization that we had been working alongside TYK2 autoimmune with, would they be involved in the COVID work? And could they apply for their own U.S. grant to advance the molecule? So we're not planning to involve SRI in any of this future work, but should they -- they are at liberty to apply for their own grants for U.S. funding to advance that molecule. But we're not aware of any applications that they've made. Okay. Let's just move on a bit. I see a question on the licensing of SDC-1801 and 1802. And could we split the license deals for those 2 compounds. So the answer there is, yes, there's separate IP for each molecule. So we could license the 2 separately. So 1 company takes on the autoimmune applications, and other takes the cancer applications or, of course, we could license the 2 together. I see some questions about the Aurora, FLT program. So will the Chinese pharmaceutical company as yet we unnamed, will there be a stage where we can name this company? And the answer is, yes. Our understanding is that if they successfully reach the milestone payment, then we will be able to name the company. And then there's a question in the same vein of that. Will further details of the deal be released if the Chinese partner get to the GBP 900,000 milestone payment? And the answer to that is no, actually for commercial confidentiality, we would only announce the -- we can announce the -- I suppose the growth overall amount of milestone payments. But each individual one, we would only announce when it was paid. There's some more questions on filing of programs. So yes. So on the basis of fining CTA for 1801 in Q1, when is it realistic to get approval? John, do you want to talk about the time to get approval?

Sorry, which question are we looking at?

So this is from Roger F. at 1029.

Okay. So yes, our understanding is it's going to be approximately a 3-month wait between filing the CTA and getting approval to begin the clinical trial.

Great. Thanks. Okay. Looking through, I think there's questions that I'm happy to answer. I think it just needs some considerations, shall we say, from our point. And we'll provide written answers to the rest of the questions that we can that we can answer. So I've missed out any of the ones that we can answer immediately.

One here Tim, I can answer. Are you able to say whether the application for the COVID grant included the data from baricitinib in the same [indiscernible]. It did not. The data for baricitinib had not been available at the time of grant application was made. We did talk to a fact that baricitinib has been suggested as a potential therapeutic for COVID, and we talked about the potential contrasts we might expect between inhibiting TYK2/JAK1 and inhibiting JAK2, JAK1, which is baricitinib dose. So the data wasn't a at all. We could, therefore, not include it. But we did talk about the potential of baricitinib.

Great. Actually there's a question about that actually, which is fairly straightforward to answer. So does Sareum have any employees other than myself and John? So myself and John are the only full-time employees. We have a part-time finance controller, and of course, our non-execs and non-execs Chairman are on the payroll as well. But apart from, I suppose that, team of 6. We don't have any other employees.

Tim, John, unless there's any other questions you can address now. Of course, as you stated, the company will review all questions submitted to them, publish those answers on the Investor Meet Company platform. Tim perhaps now, I'd just -- ask you just to wrap up before I can redirect investors for feedback then on that basis.

Great. Yes. So yes, thanks very much. So yes, I think this has been a very positive year for Sareum. We've seen progression on all fronts. So we've licensed on the FLT3+Aurora program that had been sitting there on the back burner. And I think really in terms of progressing the TYK2/JAK1 programs, the big news for us is that we've been able to -- or we believe we've been able to crack this formulation issue that had been holding things up. So now we can push forward to complete the toxicity studies and get this molecule into first human trials. And then also there's, I suppose, the bonus added excitement of COVID-19 applications with these molecules. So again, we thank our investors for their support, and we look forward to our next meeting, which is most likely will be our AGM in December.

Fantastic. Tim, John, thank you very much for updating investors today. Could I ask investors not to close the session, you will be automatically redirected for the opportunity to provide your feedback. It takes a couple of seconds after the end of the webinar. If you've accessed the meeting from our website, the feedback page will appear in front of you. If you access it via the link sent to you by e-mail, if you could just log in and submit your feedback, that would be most welcome. On behalf of the management team of Sareum Plc, we'd like to thank you for attending today's session. That concludes today's presentation. Many thanks, indeed.