Sareum Holdings plc (SAR) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to the Serum Holdings plc Annual Results Investor Presentation. [Operator Instructions] These will be available via our investment company dashboard. You'll be notified once they're ready for your review. I'd also like to remind you that 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 Dr. John Reeder, CSO; and Dr. Tim Mitchell, CEO. Good morning.

Good morning, everyone. My name is Tim Mitchell, I'm the CEO and a Co-Founder of Sareum. Also presenting today is Dr. John Reader, Chief Scientific Officer and Co-Founder. And thank you for joining us as we present our progress in financial results for the last year. Before we start, I need to show this disclaimer. So as a reminder, then our business model is to do the early stage design and development of new drug candidates, and then license them on to larger pharmaceutical companies to further clinical development and licensing. We've developed a [indiscernible] pipeline of internal and partnered pipeline assets that address emerging high-value disease targets, which we'll describe in more detail later in the presentation. Our business model has been validated by our Chk1 kinase cancer program. Working with the Cancer Research U.K.-funded organizations, we developed SRA737 and took it into Phase I studies before it was licensed to Sierra Oncology in a $300 million deal. Internally, we're focusing on our TYK2/JAK1 kinase inhibitor programs, SDC-1801 targeting autoimmune diseases, including a particular current interest, the cytokine storm that's often the course of [indiscernible] COVID-19 patients and SDC-1802 targeting cancer and cancer immunotherapy. We are a very experienced team of management directors and advisers with a deep understanding of drug design, developments and commercialization. We've been listed on AIM since 2004. And as you may have noticed, our share price has risen considerably since we last met here, such that our market cap is the order of GBP 220 million, which I hope and agree is a significant increase in value from the GBP 21 million of cash we've raised to date. For those of you not today with us, let me introduce you to the Board then. So from the top, Stephen Parker, our Chairman and a long career in healthcare and pontoon corporate finance and investment. [indiscernible] large, medium and small pharmaceutical and biotech companies for over 30 years now with over 17 of those being at Sareum. John Reader has a long research career in biotech, both in the U.K and U.S. And likewise, it's been at Sareum for 17 years. Michael Owen, Non-executive Director was Biopharmaceuticals Head of Research at GSK before leaving to a co-founder of Kymab. Mike has a long expertise in immunology, which is particularly useful to us. Clive Birch, also Non-executive Director, has a career in audit, specializing in early stage health care companies. And it's a great asset with our compliance and corporate governments. This is a snapshot of our research pipeline. At the top, we have our [indiscernible] TYK2/JAK1 programs with SDC-1801, nearly completing these preclinical studies and also median disease. And the CODE program running alongside it. SDC-1802, the cancer and cancer immunotherapy program is a little further behind in its preclinical development. SRA737, the molecules for Sierra Oncology has completed 2 Phase II studies, 1 is a monotherapy and the other in combination with low-dose gemcitabine. As well as the gemcitabine combination, there's an emersion body of preclinical data on combinations with other targeted cancer therapies, such as PET, PARP [ or V1] inhibitors and also cancer immunotherapy. Sierra have indicated their intention to continue SRA737 development in one of these combination settings in the first half of next year. Moving on to the highlights we reported for the last year. We've made substantial progress despite the challenges of COVID-19. So in SDC-1801 for autoimmune and severe COVID. We're nearing the completion of the pre-clinical phase with the intent to file CTA a clinical trial approval in mid of next year, and start Phase I clinical trials using a higher-performing [indiscernible] formulation shortly after that. For COVID-19, we received a [ GBP 170,000 ] grant from U.K. research and innovation to explore the potential against severe respiratory inflammation caused by COVID and other virus supplier infections and we've reported very encouraging results from the preclinical studies on this devastating cytokine regulation in several disease models. For SDC-1802, we're currently designing translational studies to define the optimal cancer application price completing the toxicology and manufacturing studies required to file the CTA for that program. And the residential property portfolio has been strengthened with 2 U.S. patents for 1802 being granted and also the publication of a solid and crystal form pattern for the TYK2 program. To check one, the license agreement between Sierra and our partners, the cancer research technology for [indiscernible] was amended last year, which we believe will expedite further development. And actually, Sierra made a number of announcements on the potential future of SRA737 recently. So they in-licensed a BET inhibitor from AstraZeneca, is now known as SRA515, and they're talking about potential combinations with that molecule plus another scenarios. And so we believe Sierra will be in a position to continue clinical trials in the first half of next year. On the finances, we raised GBP 2.37 million in June and reported cash in the bank at the end of the financial period as GBP 2.7 million. We reported a loss after tax of GBP 1.5 million. That's increase on previous years, mainly due to the extra expense of the research involved in these preclinical stages. And then the balance sheet was further strict on post period end by a further GBP 2.18 million being raised. So making a total of GBP 4.6 million raised through a number of shared subscriptions and more exercises. So if we now move on for a more detailed look at our research programs, I'll do an introduction and then hand over to John. So TYK2/JAK1, members of the JAk family of cell signaling enzymes which are important for maintaining a healthy immune system and as such of targets of great interest to pharmaceutical companies. There's been good clinical validation for TYK2 and TYK1 from BMS and Pfizer in diseases such as of psoriasis and psoriatic arthritis. And these companies are completing further Phase II trials in other autoimmune diseases, including lupus, ulcerative colitis, Crohn's disease, the readout is expected throughout the next few years. There's also good scientific evidence for the role of TYK2 in modulating the severe inflammatory response and symptoms arising from coronavirus and other viral infections, and several JAk family inhibitors have been tested in the clinic or being prepared to test it for COVID-19. The market size for JAk family inhibitors is currently stands at around GBP 18 billion, but has been projected to rise to GBP 320 billion by 2026, and BMS are forecasting GBP 4 billion sales for their TYK2 inhibitor deucravacitinib in 2029. I'll now hand over to John to update you on the status of our programs

Thank you, Tim. So the JAk family kinases transmit extra cellular signals from cytokines through to the stacked transcription factors, which go on to produce a wide variety of gene products. The cytokine binds to its receptor, and each receptor is associated with one or more particular JAk kinase family members. And some of the key cytokines, the receptors and their associated JAks are shown here on the slide. As you can see, TYK2/JAK1 signal all of our therapeutically relevant cytokines shown here, except for EPO, which is involved in red blood cell formation. And of course, we don't want to inhibit that pathway. You can see that's dependent exclusively on JAK2. It's JAK2 and JAK3 inhibition that are associated with the FDA black box warnings for serious infections, lymphoma and thrombosis that have been issued to the JAK1/JAK3 inhibitor, Xeljenz, formerly known as tofacitinib and the JAK1/JAK2 inhibitor, olumiant for baricitinib. So we believe that there are significant and clear opportunities here for Sareum. We're focused on our selective and potent TYK2/JAK1 inhibitors. There are currently no TYK2 selective products on the market. And there are no selective TYK2 inhibitors in clinical trials for cancer. So that gives us a first-in-class opportunity with SDC-1802. We're developing 2 distinctive TYK2/JAK1 kinase inhibitors. Both the potent inhibitors of TYK2/JAK1 and have good selectivity over JAK2 and JAK3 and importantly, the rest of the more than 500 kinases that make up for human kinome. In our mouse disease models, we dosed orally twice daily. But based on our modeling, we believe there'll be -- we'll be able to dose once daily in any human studies. We've noted the potential of our TYK2/JAK1 inhibitors to treat the cytokine storm that can be fatal in many COVID-19 patients. We've been encouraged by the promising results achieved from our UKRI grant-funded preclinical study and we're exploring ways to progress this into clinical studies. There's also potential application for our molecule in lung COVID, although I would say the science is less well established there. But obviously, we're keeping a very close eye on those studies as they emerge. And then we have a strong patent portfolio protecting our products in the major markets, and that's been exemplified by our recent U.S. patent grant announcements. Our internal focus is on completing the preclinical studies on SDC-1801 TYK2/JAK1 inhibitor, so that we can start its clinical development. To this end, we've recently appointed consultants to help us develop the clinical plan. And to give us some guidance as to the optimal autoimmune disease indication that we'll use for our first studies in patients. We've presented these programs to many potential pharmaceutical partners and we'll be looking to strike commercial licenses during the early clinical stages onwards, bearing in mind the risk return funding requirement balance of an early deal versus a later-stage licensing. The slide here shows a road map to starting the studies. So for the remainder of this year, we'll be completing the toxicology studies on SDC-1801 required to file an exploratory CTA, while we continue to develop the plan for the clinical studies. In the first quarter of next year, we expect to complete GMP manufacturing of SDC-1801. So this is the actual production of a molecule itself on large scale. That's in progress as we speak and will be completed early in 2022. And then in Q2 next year, again, these studies have already started, but we would aim to complete the development of the capsule formulation for the SDC-1801 drug product. It's a more advanced formulation than the powder in bottle formulation we'd originally envisioned, and it does take slightly longer time to develop but we believe that it gives us some clear advantages a better chance of a meaningful and successful clinical trial result. Once preparation of those capsules is complete, we'll be able to file our application to commence clinical trials. We expect the trial to commence in Q3 next year, starting with a Phase Ia, safety and dose-ranging studies in healthy volunteers. And then alongside that, we'll undertake some further toxicology studies so that we can run a Phase Ib trial in autoimmune disease patients. And we'll also be looking for further opportunities to progress SDC-1801 in severe COVID-19. So a Phase Ia study that I've just described in healthy volunteers will set us up nicely for trials in COVID patients. And we'll also be exploring further funding opportunities for this, from schemes such as the U.K. Government's Therapeutics Taskforce and The Agile Clinical Platform. Moving on to SDC-1802. The molecule has shown good efficacy in a number of cancer disease models, including kidney, colorectal, melanoma and B-cell lymphoma. The strong evidence that it exerts its effects through an immunotherapeutic mechanism. We've seen positive results in cancer models in immunocompetent mice when dosed orally as a monotherapy or additive effects when used in combination with chemotherapy. Our recent patent grants, as mentioned, have strengthened our IP portfolio in the major territories with protection for the composition of matter, that's the molecular structure of SDC-1802 and also protection for its use in the treatment of certain cancers. Currently in progress, we're carrying out translational studies to help us understand where best to use SDC-1802. The studies will help us to understand more precisely the mechanism of action of a molecule. And that, in turn, will guide our selection of a patient population for any subsequent Phase I trial. So for example, we might be selecting to run the trial in a specific disease such as colorectal cancer, or it might be in a population of patients with cancers at different sites, but all with, for example, an elevated interferon gene signature or rather biomarker. We're aiming to get substantially down this path before completing the toxicology and manufacturing studies required to take SDC-1802 into the clinic. I think it's worth mentioning that our experience in the development of SDC-1801 will be very helpful in the development of 1802. So for example, the synthetic path is very similar. The first 2 steps are identical. So what we've learned in the development of 1801 will really help us in development of 1802. So moving on to our partner candidate, SRA737 as well as completing 2 Phase II clinical studies in the hands of license partners, Sierra Oncology. SRA737 has shown an exciting potential in -- well, an increasing number of preclinical combination studies. The one I'm showing here is the triple combination of SRA737, low-dose gemcitabine and an immune checkpoint therapy. And you can see absolutely spectacular result, 100% tumor regression in this preclinical model of small cell lung cancer, a very difficult to treat lung cancer. As discussed also, though, there have been very exciting preclinical data showing its potential in combination with BET inhibitors, PARP inhibitors, DNA, [indiscernible]. We won inhibitors. So we really excited about the potential for Sierra to start some additional clinical studies hopefully as soon as possible next year. Okay. That's the end of the technical part of the presentation. So I'll hand back to Tim now to take you through the rest of the presentation.

Thank you, John. So I'll finish this part of the presentation with the current clinical development status of SRA737, then we'll go through the financials and look ahead to see what we might expect from the next year and then finish with the answers to your questions. So as I mentioned earlier, towards the end of last year, we announced that the license agreement between our partners CRT Pioneer Fund and Sierra Oncology have been renegotiated. So it reduced the total amount of milestone payments but introduced a new $2 million milestone payment. So this will be payable on the first patient post in any new clinical trial. Sorry, it still remains eligible for its 27.5% share of the economics of the deal. So that would result in a $550,000 payment being paid to Sareum on that next milestone, the first patient dose. And our total share of future milestones payment is getting on for $80 million now. The recently Sierra has indicated that we indicated that we'll continue the clinical development of SRA737 next year. They did license the best inhibitor from AstraZeneca and represented opportunities for clinical studies in combination with SRA737. They have also noticed the potential combination studies with SRA737 in PARP-resistant pancreatic cancer in addition to the previously described potential preclinical studies of 737 or outside other anticancer agents, including immunotherapies and PARP inhibitors. So any one of those clinical studies would trigger this new milestone payment on first dosing. We look forward to providing updates as and when Sierra announces their further progress. So if you turn to the finances that we reported a week or so ago, in the income statement, we see the U.K. RI COVID grant of GBP 171,000 in the other operation expenses line. Again, as I mentioned earlier, the operating expense has increased quite a bit from last year, but this reflects the high cost of the preclinical studies that we've been undertaking. We also see the R&D tax credit of GBP 218,000, which we receive as cash usually early in the new year. In the balance sheet, we see the cash balance of GBP 2.7 million most of which arose from the 2 subscriptions that we announced in June for a total of GBP 2.4 million from a high net worth individual. This has been further strengthened during July and August by 2 further placings to high net worth, totaling GBP 2.2 million, such that we had a quite healthy cash total of GBP 4.5 million at the end of September this year. So if we look forward to what we might expect to achieve during the rest of 2021 and into 2022. For TYK2/JAK1 then we're looking to complete the STC-1801 preclinical tox studies by the end of the year. If you remember the time line that John presented earlier today. Then we're looking to file for the clinical trials approval by Q2 of next year and then start the Phase Ia stage of the clinical trials shortly thereafter in Q3. We hope also to be reporting updates from the U.K. ROI rounded COVID-19 research and the next steps there and updates on SDC-1802 as we progress that through preclinical. For the 737 Check 1 program then, so we're looking to see further clarity from Sierra on future development plan states in particular, which particular combinations and with particular cancers they're going to be targeting. So there's the potential for advancement, as we mentioned earlier,of 737 into further clinical trials. So these combined with the triple combination with low-dose gemcitabine and immune checkpoint blockers and/or the combination with the BET inhibitor SRA515 or a host of other potential combinations such as PARP and B1 inhibitors. And as I've just said, the milestone payment that's the $2 million, of which we received $550,000 would be payable on the first patient dosed in any one of those trials. So we're expecting to report important preclinical/clinical progress during 2021 to 2022 from the continued development of all these programs. Okay. So that's the end of the presentation part of the presentation, and thank you very much for listening in. So I'll hand back to Paul to start the Q&A session.

That's fantastic. Thank you very much, indeed, Tim, John, thank you indeed for the presentation today. [Operator Instructions] Tim, John, we received a number of presubmitted questions from investors, together with questions as submitted during today's presentation. If I may just hand back to you to run through those pre-submitted questions and then click on that Q&A tab and where appropriate to do so, read out any of today's questions and give your responses where appropriate to do so.

Thanks, Paul. Just -- let me just check it down my mic is on, great. Yes. So thank you very much for your questions, both during the session and also the ones prepublished. So we've had a lot of questions posted prior to this meeting. What is grouped them into the various categories they fall into. So if I may, I'll start by answering each group of these questions. So there have been some questions regarding our cash runway. So how much -- have enough cash to get to the direction we need to get to? Is the plan to take all our compounds all the way, but as that leads to market. And then also regarding cash runway for current projected and planned activities, how much runway does our current cash in hand give us? Is it sufficient for Phase I, Phase II of 1801 and 1802? So the new funds raised over this due to August period, so that's the before bit million, anticipated to allow us to exit our near-term strategy of advancing SDC-1801 into clinical trials and completing the preclinical work on 1802. As we've mentioned in our full year results, we'll require further funding to take these programs any further than that. We don't have any plans to take our compounds all the way to market. We're looking to out-license them at the appropriate stage but certainly before we think about getting the compound approved for marketing. Moving on then, there are some questions regarding licensing and partnering. As we talked for partnering for considerable time now. Is this because we're expecting a better financial agreement or a lack of partner being able to invest? Could the Board expand on the partnering strategy, what's the strategy for when therapies will be licensed and the type of partners selective? Can you clarify if the intention is to go forward in partnership Sareum, is to be brought over? So if I can answer those. So we continue to engage with a number of potential license partners, but I can't provide any further details as the status of these interactions. Of course, we'll communicate any developments that will require disclosure to shareholders. Our business model and expertise are aimed at designing and discovering new drug candidates and developing them through early development and then realizing value for shareholders through out-licensing them to partners. As we previously said, we're [indiscernible] 1801 and 1802 at the appropriate stage and the revenues generated from that would enable us to look for other opportunities and repeat this process. We keep an eye on attractive programs, which we can add similar expertise and value. And as we noticed in the presentation, we continue to assess the potential returns, funding requirements and risk of licensing at our later versus an earlier stage. We continue to keep our interested counterparties updated with our progress and continue to be prepared to discuss any form of transaction where we believe the terms will be beneficial to shareholders. We have quite a lot of questions regarding the recent publication of a solid [indiscernible] patent. So could the crystallization techniques covered by the patent be applied to other compounds? Plus, yes. Regarding that, patent does discover enable you to address formulation problems with AURORA FLT3 program. Several questions along that line. One of the implications with competitors using the formulation process in the patent application. What are the time scales on the reveal of -- it's all the secret patent, I think it's -- that was the status of the patent prepublication and potential licensing partners. There are 3 other individuals as current publications can stand on the patent, would they be entitled to any percentage of a revenue share of any license revenues? And then a further question on which particular program it applies to? So in answer to those programs. And so this patent was recently published on of October. And as we noted in our full year results, it describes a solid and crystalline forms of TYK2 inhibitor. This type of solid for patent is standard pharmaceutical industry practice, an important step to fully protect the intellectual properties surrounding the company's research programs and to extend the patent life of its portfolio. So the techniques used here can't necessarily be applied to the Aurora FLT program. They were specifically aimed at the TYK2 program. They may or may not be attributed to the Aurora FLT program. I'd be surprised if they were useful there. So we don't believe there's any formulation information in the pattern that could be used to advantage by our competitors. And we retain our IP laws and pies as you'd expect to make sure that we don't give out any unnecessary information that could be advantageous. So although there are co-applicant save on the patent, it's wholly owned by Sareum. So the coauthors are not entitled to any revenue share. If I move on then, the questions regarding the capital formulation of SDC-1801. So yes, the CTA for 1801 has been delayed over the last few years. When we gave a communication previous RNS did we not consider it would be a better way for capital formulation? Why are we adding delays by waiting for capital formulation. So our decision to go down this route has been influenced by outcomes and ongoing preclinical studies formulation and manufacturing work we've done to repair SDC-1801 for clinical trials. This data alongside the additional funding received during the year gave us an opportunity to look at ways like valid to our programs earlier in the development process. So the capital formulation was something that we have to do anyway at a later stage and we thought it was in our best interest to go straight to that formulation rather than sort of a simpler type of formulation to start with and then move on to the capital formulation. We have some questions regarding SRA737. So how confident are you that Sierra will progress 737 in the next 12 months? Are you excited about the range of solid tumor cancers that the Chk1 inhibitor could potentially treat? So we can only go by what Sierra has reported in the public domain, but our understanding is that Sierra intends to recommence clinical trials with SRA737 in the first half of 2022. And yes, we see a number of potential combinations with other inhibitors and potential clinical settings as a great advantage for SRA737. Related to 737 and partner questions, there's a question about what lessons we've learned from the previous licensing deals with 737 and FLT3 in Aurora? So yes, there is learnings we had some of these previous agreements. We're putting these into a practice in our preclinical studies to ensure these and formulation and manufacturing processes and clinical trial plans are well for that and robust and position our programs in the best life for this. So there's a number of questions regarding 1801 and COVID. So given the promising results for 1801 with COVID, why is 1801 not being admitted to agile? And what's the current status? If the government agile program is used to progress. Do you foresee any potential drawbacks, are you losing control of the program? Can we give more clarity about the timing of the COVID-19 clinical trial? We'll discuss further work on COVID with the government in any other countries. And given the possible connection between lung COVID and cytokine response, have we looked at the role of 1801 for lung COVID. So taking those questions then. So Agile is a clinical trial platform. So we need to complete our preclinical studies on SDC-1801 before considering agile or any other clinical trail funding programs. Our understanding is that we wouldn't lose any control of the program if we were successful in obtaining agile or similar funding. The Phase Ia clinical bots ranging and safety studies as John mentioned that we plan for 1801 will be applicable to both COVID-19 and autoimmune diseases. We'll continue our dialogue with experts and consultants to do the funding and location for further COVID-19 studies and take their advice as we see fit. And we're aware of the reports suggesting elevated cytokine levels as one of the several mechanisms responsible for non-COVID. So we continue to monitor the literature and can see how we might experimentally demonstrate the benefits of a TYK2 inhibitor here. Another proposal on COVID mechanism connects it with elevated auto antibodies, which are also observed in lupus patients. And we have preclinical data to show our TYK2 inhibitors reduce the levels of these auto antibodies. So there's another team that has along COVID that we could potentially explore. I have a number of questions regarding the subscription part of high net worth individuals. So will we approached by them we approach the individuals as is part of the defined fundraising strategy. So in answer to all those questions, we really can't disclose any details on investors or their holdings. And let's say it's above the 3% level where we required to report or their company directors and their close associates. And then finally, from the presubmitted questions, regarding Peel Hunt, could you outline the reason behind the appointment of them co-brokers and the timing? So appointing Peel Hunt as co-broker, gives us the opportunity to be given, especially life science analyst coverage, plus also an additional route of access to institutional investors. So those are the presubmitted questions. I think we've got some time to run through some of the ones submitted during the meeting. Give me while I look through. So there's a question about how many partners? I think it's license partners, but we're interested in them. I think I've covered that in some of the pre-submitted questions and if we can't disclose too much information about and how many partners we're talking to. There is a question about the split on R&D expenditure between autoimmune, COVID and 1802. So the -- I think as you've seen from the presentation, right now, the autoimmune and the COVID programs are running in parallel, and we'd expect them to receive the lion's share of future funding, but there's some important progress from 1802 that we'll also be funding as well. Generally, the further down research tractor go, the more expensive the experiments are, hence, the greater share of R&D expenditure being on the 1801 program. There's a question about how many TYK2 candidates the market can absorb? And then some related questions on capital formulation and then also TYK2 in cancer. So let me take this one by one. So I showed earlier a slide on the market size. So projected market size of JAk family inhibitors are GBP 320 billion with BMS projecting GBP 4 billion for deucravacitinib. So I suppose you could almost do the math from that, but because that doesn't really cover the individual -- JAk family as a whole rather than TYK2 in particular. I think where we are on that is that there's such a wide range of diseases that a TYK2 inhibitor group potentially be a useful treatment for that there is quite a large market size and we're not concerned about not being first market here. I think I've covered off the capital formulation route in that we will go -- we'd be ending up with a capital formulation for later-stage critical trials anyway. So that's sort of slightly unrelated to what the market would accept can say that's something we have to do. And then in terms of the picture in cancer indications, I think the -- it's really a lack of understanding as to the precise role of TYK2 in cancer, and that's something that we are trying to understand in the translational studies that John described earlier. There's a question on the capacity of our CRO partners. So we've noted several times during the last year or so that our CRO partners are very busy, and we're not -- well, it's not necessarily a capacity issue. It's just the lead time to starting new experiments, seems to be getting longer and longer. So we just need to make sure that we book our slots in good time. But once our experiment is starting, we're not really seeing any delays in them being completed. There's a question on why Sierra haven't paid any milestone payments? And that's because the completion of the Phase I/II trial were to trigger all the milestone payments. So it's not like the [indiscernible] anything on group today, or a bridge of agreements, the stages that they completed weren't triggered for the milestone payments. We have a question on the read across we can make from BMS is published TYK2 safety profile versus our compounds. And I think we're very encouraged by the good safety center that BMS are receiving from their TYK2 [indiscernible] programs. There's 2 reasons why are not -- or 2 broad reasons why novel compound comparing clinical trials but toxicity-type of reasons. So one is that the inhibiting the target it's going to give rise to toxic events. And it looks like that isn't the case for BMS's data. And then the other reason is that the voyage has side effects on other targets, for instance, and that's essentially what we have to prove when we do our taking place, particularly in the clinic. I'm just moving down then. I think a lot of the questions have been covered off. And we'll group those in the other questions that we've covered every previously in the answers we published. There's a question about are we releasing any preclinical data for our TYK2 compounds to the market. So we'll announce progress, I suppose, as the -- as part of our general reporting, so during the various periodic statements that we make such as we did expect a pre-AGM statement, we'll do first half results announcements, early next year, where we'll note the progress that we made then.

Tim, John. I think you have covered off an awful lot of questions as you've gone through there, but I think -- if there aren't any further questions that you can address, of course, the team will be able to review all questions that are submitted today, and we publish responses where appropriate to do so, unless there's anything else you want to address now.

I'm just looking through that. I think most of them answered in the pre-submitted questions. So forgive me if I skipped over something that there is a point that has been covered. But as we said, we'll respond to all questions in the answers we published post the meeting.

I think then on that basis, Tim, if I may, and just say thank you very much for your presentation today and along with John and for answering so many questions. Of course, as Tim just said, we I guess in response to other questions that come through and any further questions that are submitted by the attendees. So thank you again for submitting so many questions. Can I please ask investors not to close the session as you will be automatically redirected for the opportunity 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 is greatly valued by the company. On behalf of the management team of Sareum Holders posed like to thank you for attending today's presentation. That concludes today's session.