Sareum Holdings plc (SAR) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen, and welcome to the Sareum Holdings plc EGM and Half Year Results Investor Presentation. Throughout this recorded meeting, investors will be and attendees will be in listen-only mode. Questions are encouraged. They can be submitted at any time using the Q&A tab situated on the right hand corner on your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company review all questions submitted today and publish responses, where it's appropriate to do so. Before we begin, we'd like to submit the following poll for those online. I'm sure the company would be most grateful for your participation. I'd now like to hand over to Dr. Stephen Parker, Chairman from Sareum Holdings. Good afternoon, sir.

Good afternoon, ladies and gentlemen. I'm Stephen Parker. I'm the Chairman of the company. Since it's now 02:30 -- 02:31, I will start the meeting and welcome all of you. I informed that at least 2 members of the company are entitled to vote at the meeting are present in person or by proxy, a quorum is therefore present and the meeting can proceed. The circular containing the notice convening this meeting was sent to the company's shareholders on the 4th of February 2022. The notice sets out the resolutions proposed to be passed at this meeting. Does anyone object, if I take this notice of the meeting as read? Thank you. In accordance with Article 56 of the company's Articles of Association, voting today will be done on a show of hands. By appointing the company's registrar, Link Asset Services, to act as scrutineers. I will now proceed to take the meeting through the resolutions proposed at this extraordinary general meeting. Just so you understand the format, we will deal with the formal business first, and there have been a few questions received specifically regarding the -- particularly the share consolidation, proposed consolidation, I will deal with those before we go to the formal vote, and then once the voting is completed, we'll go to the half yearly review and deal with any other questions that arise after that's been completed. So if I then, perhaps I should remind you that Resolution 1 is a special resolution, Resolution 2 is the ordinary resolution regarding the consolidation of shares. So one of the questions that has been received is addressing the question that a higher relative price is more attractive to institutional investors? And I have to say that in my 35-plus years experience of dealing with City companies and investment funds, I have found this to be absolutely the case. It may not be logical, but it is absolutely the case that penny stocks are strongly disliked by institutions in pretty much any country and shares, which are measured in multiples of pence or preferably pounds are much more easily tradable and favored by the institutions, which is the fundamental reason why we are seeking to make this change. I would also point out that institutions may choose to come into any future fundraising, but of course, are free to trade on secondary markets. And I'm hoping to see both of those events taking place, as a result of the consolidation once it happens. I think that's the main question that has been raised with this. Before I throw it open to people in the room, do you have any questions specifically on this -- on the topics [indiscernible]. Thank you. In which case, I will proceed to the formal closing of resolution. Resolution 1 is for the purpose of adopting new articles of association of the company. Such resolution along with the summary of the proposed changes is set out in full in the notice of the extraordinary general meeting. For this resolution to be passed, it requires votes in favor of none less than 75% of the votes cast. For all those in favor of the resolution, please raise their hands, thank you, and against, thank you. Accordingly, I declare Resolution 1 duly passed as a special resolution. As mentioned earlier, I can now tell you the votes that have been received votes for 813,549,009, the votes against 129,225,243, which represents a majority of 86.3% and therefore, duly passed. Resolution 2, Resolution 2 is for the purpose of approving the share consolidation. Such resolution is set out in full in notice of extraordinary general meeting. For this resolution to be passed, it requires voting in favor of more than 50% of votes cast. For all those in favor of the resolution, please raise their hands, thank you. As against? Thank you. Accordingly, I declare Resolution 2 duly passed as an ordinary resolution. The votes received from proxies were votes for 809,024,537, votes against 135,837,347, representing a majority in favor of 85.6%, and therefore, is duly carried. Thank you for that. The final results of the voting, including the proxies will be announced through the RNS and published on the website as soon as reasonably practical. If there's no other business, that concludes the business of this Extraordinary General Meeting. Thank you for attending the formal part. I declare the meeting closed. I'm very happy to pass over to Tim Mitchell, who will take us through the half year results update.

Thank you, Stephen. Good afternoon, everybody. Thank you for attending the meeting. So yes, myself and John will take you through a quick update that we published in our half year results recently. So if I -- I'll top and tail and John will take us through the technical parts. I'll just move past the disclaimer. So just to remind everybody, we're working in 2 principal areas at Sareum. Internally, we're looking at our TYK2/JAK1 inhibitors for autoimmune diseases, including the severe respiratory symptoms of COVID and other viral infections, and also in cancer. These programs are in preclinical and the 1801 autoimmune COVID program is just completing its preclinical journey, and we'll -- we'll spend most of the technical time on that program. And then also, we have the Checkpoint kinase 1 program that's partnered with Sierra Oncology. And again, to remind you, it's completed 2 Phase 2 trials, one is monotherapy, one in combination with low-dose gemcitabine. Recently, Sierra have noted that they are finalizing the designs on some further trials in combination with other anticancer agents, and we'll give you a quick update of that and but that's -- that's based entirely on what Sierra have made public. So if I just run through some recent highlights then. For SDC-1801, the autoimmune and COVID program then, we're making good progress towards clinical development. We -- so we've successfully completed the final toxicology studies to file the first exploratory clinical trials authorization. Those are completed at the end of last year. So that's the experimental stage. Preliminary results all look fine. We're expecting the final report in Q1. So that -- that's going to be next month now. So our intention is still to file that CTA in mid-2022, and then start a Phase 1a trial in healthy volunteers. This is to assess safety and dose levels in the second half of this calendar year. The production of the drug substance, [ that's actually ] active ingredient and the drug product, and that's essentially the formulated product is progressing to plan. Again, John will provide a few more details on that when we get into the details. For 1802, the cancer program, we continue to design translational studies to work out the optimal cancer application before we complete the toxicology and manufacturing studies on this program. And just as a note, the IP property was further strengthened with another U.S. patent granted on that program. And then highlights from the Chk1 program, that's the SRA737 molecule. As I said earlier, Sierra is finalizing the design of several new clinical trials, which we hope will start in 2022. The first patient dosed in any of these trials will trigger a milestone payment to Sareum worth $550,000. And again, we look forward to that. And Sierra have indicated that the potential types of trial that they could study 737 is in combination with the newly in-licensed BET inhibitor. This is SRA515, which they in-licensed from AstraZeneca, that's in blood cancers, another combination with SRA515, including standard of care in other solid tumors, and then as well as a study that they have been planning for some time. So this is a 737 plus low-dose gemcitabine plus immunotherapy. And if you recall to some of the slides we've shown before, when -- we've seen some very good results in small cell lung cancer. They'll be looking at this triple combination in solid tumors or that's what they say they're finalizing designs for. And then in terms of finances, then, we raised a total of GBP 6.3 million in calendar year 2021. So that left us with cash in bank of GBP 5.6 million, as of the end of December last year comparing to GBP 1.3 million at the end of December 2020. And that gives us sufficient funds to complete the Phase 1a trial with SDC-1801 and also to accelerate the preclinical development of SDC-1802. Okay. With that introduction from me, if I hand over to John for a more deeper dive into the technical aspects.

Thank you, Tim. So the JAK inhibitors are emerging targets of increasing industry interest. The JAK family of kinase is a key component in maintaining the [Technical Difficulty] and healthy immune system. The strong and emerging clinical validation of JAK inhibitors, particularly in the autoimmune disease area from BMS and Pfizer for their TYK2 in the face of BMS TYK2 selective and in a dual TYK2/JAK1 inhibitor from Pfizer, they're publishing some nice date in psoriasis and psoriatic arthritis, where a number of mid-stage clinical trials of TYK2 and dual TYK/JAK inhibitors ongoing for lupus, ulcerative colitis, Chron's disease and vitiligo with some readouts have come out recently and others into 2024. There is good scientific evidence for a role of JAKs in modulating a severe inflammatory responses and respiratory symptoms arising from coronavirus and other viral infections. Several JAK family inhibitors have been tested or are in the process of being tested against the severe respiratory symptoms of COVID infection. And in 2020, the JAK inhibitor market size was $18 billion, and there's quite dramatic growth projected over the next few years up to $320 billion by 2026. And as an example of that, BMS are forecasting in excess of $4 billion sales for their TYK2 inhibitor Deucravacitinib by 2029. Slide shows the some of the key immunoregulatory cytokines that are affected by JAK signaling proteins and how JAK inhibition will interfere with the signaling pathways. You can see in the diagram, number of cytokines that are affected by TYK2 and JAK1. So I think our areas of principal interest of interferon alpha, IL-12 and IL-23. They have roles in psoriasis, IBD, lupus and potentially resistance to immuno-oncology therapies and the viral or bacterial pneumonia. Interestingly and importantly, JAK2 and JAK3 inhibition has been associated with the FDA black box warnings for serious infections, lymphoma and thrombosis that Xeljanz, the JAK1, JAK3 inhibitor from Pfizer, and Olumiant is JAK1, JAK2 inhibitor from Eli Lilly have been issued with. So we are focused on selective and potent inhibitors of TYK2/JAK1 inhibitor. So we want to avoid this inhibition of JAK2 and JAK3. I think there are significant clear opportunities available. There are no marketed products with selectivity for TYK2, which is important for differentiation. And there are no selective TYK2 inhibitors in clinical trials for cancer. So we believe we have a first-in-class opportunity with SDC-1802. So SDC-1801 and SDC-1802 are potent and selective inhibitors of TYK2 and JAK1. They have a favorable selectivity profile versus JAK2 and JAK3 in contrast to tofacitinib and baricitinib. They are orally bioavailable. We used them twice daily when dosing to our preclinical disease species and mice, but we believe there is potential for once daily oral dosing in humans. There's also this potential to treat the cytokine storm immune system overreaction, which is frequently tied to an COVID-19 patients. And as Tim mentioned earlier, we have a strong intellectual property portfolio protecting these candidates in the key markets. Focusing on SDC-1801 and which is our autoimmune disease candidate. This slide shows some time line about our development strategy. Our internal focus is on progressing SDC-1801 into its first in-human Phase 1a clinical trial. We are working with the consultancy that has been appointed to assist in developing the clinical plan and selecting the initial indication for clinical studies beyond the Phase 1a. So this will be in patients in an envisaged Phase 1b clinical trial. The strategy is to seek development partners for commercial licensing at the early to mid clinical stage, and that strategy balances the costs versus the risk versus the potential returns of an early deal versus a later licensing opportunity, balancing that with the requirements for additional funding. So in Q4, 2021, we completed all of the laboratory work for the SDC-1801 toxicology studies. The reporting for this is in progress at the moment. We expect to have that complete by Q1, 2022. We have seen all the data. We know what it's going to say, but there's not a lot of GLP-type activities that need to go on before that report is finally signed off on. In Q1, 2022 then, we are aiming to complete the synthesis of the SDC-1801 drug substance and the GMP conditions and to finalize the clinical plan. In the next quarter Q2, '22, we will complete the drug product development. This is the SDC-1801 in its capsule formulation, and we aim to file the CTA with the MHRA in the U.K. And then in half 2 of '22, we aim to initiate the Phase 1a clinical trials within healthy volunteers with SDC-1801. In the meantime, we're exploring the potential for further funding at SDC-1801 and severe COVID-19 from U.K. government therapeutics taskforce or AGILE clinical development platform for one of the other equivalent programs. Moving on to SDC-1802 then. This is targeting multiple cancers. We've seen good efficacy in a number of immunotherapy disease models against multiple types of cancer. The antitumor effects have been seen in models of kidney, colorectal, skin cancers and B-cell lymphoma. There's evidence that SDC-1802 induces its anticancer activity through an immunotherapeutic mechanism. And we've seen these positive results when dosed orally as a monotherapy and in combination with several chemotherapeutic agents. Again, recent patent grants have strengthened the IP portfolio in the major territories, which we've published on and currently underway of various translational studies designed to define the optimal cancer application. There will be additional biomarker studies to really dig deep into the mechanism of action of the molecule really with the objective of identifying a suitable patient population for Phase I clinical trial. And we aim to complete this before we move on to the completing of the toxicology and the manufacturing studies. I think the experience that we've had in the development of 1801 will enable the development of 1802 to be more rapid than just been -- for 1801, for example, the significant overlap in the chemical synthesis of the 2 molecules. So we'll be taking what we've learned with 1801 forward into the synthesis of 1802. And then moving on to SRA737, which is the inhibitor of Chk1 kinase, which we discovered in a collaboration with various cancer research U.K. organizations and it's out licensed to Sierra Oncology. We're showing here a slide from Sierra's corporate presentation from November last year, I believe, and yes, really just to reiterate what Tim said already, a number of clinical trials are in the planning process by Sierra, combinations with the BET inhibitor that they've in-licensed recently from AstraZeneca and other combinations planned with immuno-oncology agents, low-dose gemcitabine. There is a $550,000 milestone payment due to Sareum upon achievement of the next milestone event which will be the first patient in the next clinical trial. We remain eligible for up to [ $79.75 million ] in total milestone payments, plus royalties -- share of royalties. And obviously, we will aim to keep our shareholders updated, as the program progresses. So I'll hand back to Tim now to conclude the rest of the presentation.

Thank you, John. So if we move to the results that we put out recently then. If we look at the income statement, just running down from the top the -- operating expenses, so that includes generally admin expenses and R&D are increased significantly over the corresponding period last time. This is because of the extra expenses in the preclinical studies we've been doing. And you can sort of see that reflected in the tax credit, which is significantly higher in the same period last year. So admin expenses has been pretty much the same. That extra spend is pretty much all in R&D, giving us a loss for the half year of [ GBP 850,000 ] after tax. If we just have a quick look at the balance sheet, I suppose the highlight there is the GBP 5.6 million cash that we've got. So that's significantly higher than previous periods. That's essentially building our war chest to run the Phase 1a studies. And obviously, we're very pleased to have that and are very grateful to our recent high net worth subscribers over the last year. And there's not really much more to say about the figures obviously. If there's anything particular you want to ask a question about, if you post it in the Q&A, and I'll be happy to answer it if I can. So I'll just move on to a quick look ahead at the coming year and things that you might be -- be expecting to publish, and it's really all about the transition of SDC-1801 into the clinic. So we'd look to submit the exploratory CTA in the middle of the year, obviously subject to obtaining approvals and finalizing the drug substance and product. And I suppose, dependent on how quickly the MHRA can turn around our submission, we'd be looking to start the clinical trial in the second half of this year. We'll also finalize the initial indication for the Phase 1b trial that John mentioned and the intention would be to [ tack that ] on to the end of the Phase 1a study. And then, we'll also be looking to provide some further updates on the preclinical progress of SDC-1802. And then, for 737, this should -- well, we're hoping this will all be about the new trials of 737 with the various agents we've already mentioned, so the low-dose gemcitabine, an immune checkpoint inhibitor and the SRA515 BET inhibitor combination. So the initiation of the trials in those areas are potentially 3 new trials. And as we already mentioned, the first patient dosed in the first of these trials will -- will trigger the milestone payment for us. So we're expecting to report a lot of important preclinical and clinical progress during 2022 for all 3 of the products, but I suppose primarily 1801 and 737, but also 1802. So that concludes my part of the presentation. Mark, do you just want handle it?

That's very kind of you, Tim. Thank you so much for your update and presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated on the right-hand corner of your screen. Thus while, the company take a few moments to review those questions submitted already, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A can be accessed via your Investor Meet Company dashboard. Tim, I haven't given you a long while, but as you will know, that you received a number of questions ahead of today's event and of course, investors and attendees, who had the ability to submit a number of questions throughout your presentation. Perhaps if I may, if I could just hand back to you to read out any questions and give a response, where it's appropriate to do so.

Yes. Thank you, Mark. Before we do that, perhaps, we do have shareholders in the room, and I think it might be appropriate if there's the opportunity to ask questions from those shareholders first.

Yes. Can I make an observation and also there's a question at the end of this that in August 2019, it was stated, it was the company's intention to advance our first TYK2/JAK1 inhibitor clinical trials in 2020. You also stated that the program continues to attract interest from international pharmaceutical companies. And in terms of where we are now, the share price is now half where it was 6 months ago, maybe it should peak promoted by [indiscernible] high net worth individuals investment. And as a shareholder, I'm concerned in terms of any potential slippage to these [ programs ] because clearly, as the news flow is slow the share price slips, we've lost a lot of momentum. And I was wondering that either you Tim or John or Steve would like to comment in terms of how slippage can be prevented in the coming 12 months.

So I'll take that [ if I can ]. So we did have a delay, as you say, sort of 2019, 2020, we stumbled across the formulation issue, which took us several months to finally crack. So I think that's the reason for the slippage there. I'd like to well -- I suppose, the further down the track we go, the less problems, that are not solved. So I'm hoping that as we near the final hurdle, there's very few problems less solved. So the chances of further slippage are lower. But obviously, research is an uncertain business, and we can't make guarantees. And of course, we can never predict what problems or how long they are going to take to solve. So any estimates we give are assuming a reasonable degree of success. And of course, if things go wrong, then generally time lines get longer than -- and get shorter. I think it's fair to say that we're -- we'd like to think we're on a fairly easy path now to that finish line.

[indiscernible] well, I wouldn't say easy, but there are certainly fewer obstacles to overcome that because as you progress, there is clearly more and more hurdles, and there are fewer hurdles ahead of you. There are also hurdles [indiscernible] research things -- unexpected things going to happen, and you have to work your way through that.

I mean, bearing in mind that back on our [ press ] from the RNS, there was this interest from international pharmaceutical companies and that what you just said Tim and John that -- there's consultancy helping with the design of the trials. Presumably, that is being done in mind of who may be interested in requiring or licensing the molecules from us.

Yes, yes, certainly. I mean part of the trial design is to create a package that will position the compound very favorably for licensing.

Yes. I mean there's -- from our point of view, there's 2 results we'll get from the trial. One is to clear the path towards the next set of trials. And as you say, to also to populate a data package with the information that a pharma partner would look for in a licensing game perhaps.

So we're taking a strategy of being therapeutic agnostic. So we're developing a package, whereby a larger company than us with the development experience can take data that we're going to generate, I'll say, okay, yes, it's the same, [indiscernible] is important at this stage. And this evidence of it might work in this disease, that disease -- in the disease, so that's really what we're trying to position. Now we are planning for Phase 1b subjects, everything going well in a specific disease population, not quite yet decided, but to be decided shortly, which will provide -- obviously, it will provide data in that specific disease, but it will also provide data that could be extended out to other disease.

Right. So that's being done with a view to improving shareholder value in what we can bet, over the past 10 years. And that's a very important point today reduction risk on where we're going to in terms of potential value, whether it's licensing or whatever. So I'm also assuming that the business model has published on Sareum website has not changed since, but we're looking for that earlier rather than later.

Yes. I mean, I suppose -- I suppose that the fact that we're funded through Phase 1a now, yes, it means -- means, where we can probably be a little bit more choosy with who we partner with. And so, yes, we can, we are not [Technical Difficulty].

Ladies and gentlemen, I do believe that we do have connection. If you just give me one second, we should have you connected back in 2 seconds time, and then we can carry on, give me just one second, please. Thank you. If you just acknowledge the control, and I'll be able to turn on your microphone, that's it perfect. Thank you very much indeed.

Hey, Mark.

Hi, Tim, can you hear us okay?

Yes. Yes, apologies for that. We've had a slight technical issue here with the...

Tim, well, I thought power might have gone or something.

[indiscernible] yes.

I thought you may have done. Well, look, you've reconnected now. I have held everybody on. We still have nearly 200 people still on the call. So thank you once again to everybody for being so patient during that outage. If I may, Tim, if I could just hand back to you to carry on. Obviously, I think we got the last question that was submitted from the room, and obviously, you know you've got the online questions there as well. Thank you. So I'll hand back to you now. Thank you.

[indiscernible] very good news to see, we're making some progress with 737 at last. But there is one thing, I was slightly surprised that is that you recall conversations in the past, we had combination with PARP inhibitor, I don't know whether that is not on the agenda or...

So we haven't seen that on Sierra's plans.

So yes, there's preclinical data that looks very encouraging, but we haven't seen that, yes. So Sierra haven't -- and we only know what Sierra tell us. So we haven't seen any more information on that.

So it may be that we just don't know it.

Yes. [indiscernible]. I think I've probably taken up enough time. Thank you.

Yes. So Stephen, you're going to -- have you got some more of those still before I hand it to John for some...

I think most -- most of these ones now are technical.

John, do you want to -- there were some preposted technical questions.

Yes. Looks like there is one from Florence, statement on toxicology. Sareum has successfully determined the organs which are affected by 1801?Are these in line with other TYK2 compounds which have recently been showed through these initial results provide harmful side effects has been projected to be less severe than competitors? The first thing I will say, it's impossible to compare competitors' molecules across because nobody really publishes their toxicology results. So we're not able to compare direct our data with what our competitors' compounds are showing in the clinic. What I will say, it's just a reminder that toxicology -- that both the toxicology studies is to look at higher concentrations of your molecule than you would expect to use in the clinic and with the objective of finding some toxicity and identifying what organs that toxicity affects. Our toxicology studies have been successful. And I'm just saying, really, we're going to be seeing JAK Inhibitor -- typical JAK Inhibitor effects. But as I said, it's impossible to compare them with competitive compounds. And we're very confident that we have suitable therapeutic window so that the concentrations we're looking at where we saw those threats is much greater than we would expect to achieve in the clinic. Someone said -- Erika said, there are few TYK2 kinase inhibitors noted recently, can you explain what Sareum's key differentiator is which has some indication that Sareum's TYK2 would not immediately fall into the same failure bucket? I'm assuming this refers to the BMS allosteric inhibitor Deucravacitinib. It must achieve its primary endpoints in a clinical trial events, inflammatory bowel disease. I mean, just to say, our molecule doesn't have a different mechanism of action. It is not an allosteric inhibitor, it's a direct inhibitor that cuts [indiscernible] sides for TYK2 and it also has the JAK1 activity. So that's not to say that we will definitely take it into an IBD trial, but if someone licenses the compound, they would take it into an IBD trial, but I don't think that single failure really reads through to our molecule. I know there were also couple of disappointing results from the Theravance clinical trials. They're really looking at Pan-JAK Inhibitors where there are issues specific. So for example, they had a compounded MDs, stays in the lung, it does not gets systemic exposure and it's not that safe and disappointing in an asthma trial. And I believe they have an IBD trial which was also disappointing. Again, that molecule Pan-JAK and was restricted to the gastrointestinal tract. Again, [indiscernible] our molecule is quite different. We have -- they need the systemic deliveries so for molecules in the single blood stream. And we have the TYK2/JAK1 and selectivity profile. There's another question that a recent Type 1 diabetes of TYK2 allosteric BMS molecule showed a negative correlation between TYK2 and KRAS. Does our TYK2 had similar results preclinical? And what does this mean for safety of a molecule? Secondly, have Sareum initiated any preclinical models of SDC-1801 against Type 1 diabetes? And do you see this as a potential target in the future? If I can take the second part first, we haven't done any preclinical models of SDC-1801 against Type 1 diabetes. I don't know if we were still connected when I was addressing the gentlemen who is in the room here with us, was asking a question about therapeutic areas. We've tried to take a very agnostic view at therapeutic areas. So really looking for biomarker-driven effects which should give some indication of the therapeutic areas to focus on. It may be the Type 1 diabetes. It's one of those that's certainly an interferon now for effect in T1D and our molecule inhibits interferon pathway signaling. So those potential we have not looked at it. I think the question about the negative correlation between TYK2 and KRAS are giving a safety concern. I mean, we haven't seen it, but we haven't looked for it. What I will say is that BMS molecule has been used for multiple years now into the clinic. They are not seeing any increase in cancer, which I imagine is what the questioner's concern is about the KRAS increase. I think the other thing just to quickly slide in with that TYK2 technical -- KRAS-driven cancers are driven by mutations in KRAS generally, which switches on KRAS permanently. So it's constantly signaling. And I don't think that an increase in expression KRAS would have the same effect. So I'm not rushing that [indiscernible] is concerned, but I think there's a lot safety data being generated by both BMS other JAK Inhibitors, Pfizer molecule and there's been no reports of increased cancer is driven by a KRAS pathway. So I hope that addresses those concerns. There was another question. What is the delaying with the toxicology results? I'm not sure there is a delay. As I've mentioned earlier [Technical Difficulty]

Tim, I think you've lost connection one more time. Stay with us one second while we try to reconnect you. [Technical Difficulty] Tim, just to say, you're back in the room. I have supplied the venue with the dial-in number. So in the event that happens, they'll make that available to you. But you're back.

Can you hear me, Mark?

I can hear you. Yes.

I think you could finish off, John, with the pre-posted questions.

I think so, yes. Hopefully everyone -- I got to the end of my answer, but obviously, we'll address these online anyway. So answers will be posted on our website with all the questions we've received.

So I'll just pick through. We've got about 5 or 10 minutes left now. So I'll just pick through some of the questions that have been posted live. So a question from Glenn G. Are there any plans to list on NASDAQ? The answer is no, we don't have any plans to list on NASDAQ. I did see some questions on -- bear with me. There are some questions on the timing of the toxicology report. I think we have covered this in the presentation though. As John said, the experimental stage of the toxicology studies were completed by the back end of last year. The report is quite complex. A document that has been used to good laboratory practice. But we said that we're expecting by Q3 by the end of March. And we're still on track for that Q1. Paul B. has asked a question about can you give details on how the capsule is progressing and what the current date for completion is expected to be? So that is progressing to schedule and we are expecting to have the capsules this summer I think is probably -- is the current expected date. We don't actually have to receive the capsules before we file the CTA. They just have to be fully in progress. So we can file for the clinical trials authority before we've actually received in our hands capsules for the study. A question from Phil M. Please, can you clarify what patents have been granted and what patents are awaiting decision? If you look on our website on the patents and publications stage, that lists all the patents that have been granted or that have been published and are waiting final grants. So there's a lot of them. I can't really go through them all now, but the website contains all that information for you. A question from Paul B. So what will you be able to share in terms of details of the tox results? And I think looking through the questions, there's a number of questions related to this. So as John mentioned, it's not usual practice or no other companies publish this level of detail about the toxicology results and we have no intention of doing that either. There's a question about the consolidation. So consolidation price would be close of business today. I think that's my understanding that as markets open tomorrow then that's when the new share price will appear. That concludes all the questions that we can give an immediate verbal answer to. We will -- as John said, we'll publish answers to the questions online in due course, but this concludes our session now. Mark, shall I hand back to you or to Stephen for a final...

That's great. But just as a say, to remind investors that Tim assumes you and the team have had a chance to review these questions, we'll notify everybody on the call that they're ready for their review. So absolutely thank you for that, Tim. As you quite rightly said, [indiscernible] redirect investors to and attendees to give you their thoughts and expectations and feedback. Apologies for the disconnection issues that they've experienced today. But perhaps before I finish up, if I could hand back to Dr. Stephen Parker, just for a few closing comments before redirecting investors.

Principally to thank you all for both attending this EGM and briefing and your forbearance with the technical issues that we came across. We would expect to obviously produce news as it arises, but we'd like to brief following our year-end results, which is of course, June, and there will be some time in the autumn, October November time. So thank you for bearing with us. Thank you for your for the company, and we look forward to producing more news and more data as time moves on. Thank you.

That's great. Thank you very much indeed, Dr. Stephen Parker. Thanks, everyone. Please can I ask you not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure we'll be greatly valued by the company. Once again, any apologies for the localized issues that the company experienced this afternoon. On behalf of the management team of Sareum Holdings plc, we'd like to thank you very much for your time today. That concludes today's session, and good afternoon to you all.