Theracryf Plc (TCF.L) Earnings Call Transcript & Summary

Hello, and a warm welcome to the Theracryf webinar featuring CEO, Dr. Huw Jones; and Non-Executive Chair of the company, Dr. Alastair Smith. This webinar is virtually by Tanner Pope. It's a firm that offers corporate brokering services to publicly listed companies as well as investment services to private investors and family offices as well. So a happy new year to you both.

Happy New Year, thanks.

Happy New Year.

Let's maybe start with Alastair because the last time we spoke, it was early April, you'd recently joined the company as Chair. So how has your first year gone?

Well, in almost all respects, it's been an extremely successful 12 months or so since I joined Theracryf. Our initial challenge was to review strategy and make sure we were focusing resources on those few things that were most capable of driving shareholder value, and we quickly chose correctly in my view, to focus on our CNS assets and in particular, on the OX1 antagonist that Huw is going to talk about in more detail shortly. And again, in my view, focus in a small biotech is absolutely critical. It was extremely clear to me that the OX1 asset has enormous potential, both to address issues in addiction that we'll hear about, but also to deliver significant value to shareholders. And that's paramount to us. And the ingredients are present here for a very significant upside in my view. I mean, in short, CNS is a really hot area in general with lots of M&A and licensing deals. So commercially, we're in the right space to monetize our hard work. Our OX1 asset demonstrates preclinical performance that's superior in a number of ways. Again, Huw will talk about that, superior from those very few other OX1 antagonists that are in development. And yet we know it's a really important pathway to target in the control of addiction and others have tried to drug that pathway. So not only that, but when I joined, as you said, Katie, we raised capital to get OX1 to the clinic, and we targeted 2026 this year now to achieve that goal. So in the past 12 months, we've delivered on each and every IND-enabling package on time or, in fact, slightly ahead of schedule in some cases, and we're on track to get that IND this year as planned. So given the current valuation of the company, which is very low, it's clear to me that we're within touching distance now of a significant re-rating as we get our first CNS asset to the clinic. So I did say in almost all respects, progress has been excellent. So the one thing that I'm not happy about is that we haven't been able to convey the value that we're adding and see that reflected in the share price. But we're absolutely not complacent about that, and that's our highest priority for 2026. So all in all, outstanding progress, really pleased with the team and our outsourced partners, and we need to see that reflected in the share price.

All right. We will talk about the share price later on when I introduce these questions from your investors and some followers. But before we do that, let's give you the floor now and let you dig into further detail and go to your webinar itself.

So let's move then to the formal part of this webinar, the presentation on the update of the overall business, both for the year 2025 and the exciting progress we've got in the plan for 2026. So we've completed a year of strong delivery, as Alastair said. We've delivered against the targets we set out during the fundraise. And we've delivered rather more actually than we needed to deliver against those targets. So we're ahead of the game to some respect. We've got a year of major value reflection now coming up in 2026, culminating in the clinic readiness of our lead asset in a GBP 40 billion or $40 billion dollar market. We're a public company, as you know, so the usual disclaimers will apply. So the unmet needs that Theracryf are addressing are really to improve the lives of patients with neuropsychiatric disorders. And we do that currently by focusing on 2 key assets: one funded and one awaiting funding. And the funded asset is in addiction that's our orexin-1 blocker or orexin-1 antagonist, which is completely novel, patents granted almost completely across the world. And because of this fundamental mechanism of orexin-1 being overactive in certain compulsive behaviors like food over indulgence, alcohol over indulgence or even drug over indulgence, we believe that this is an almost universal anti-addictive mechanism. And as a result of Alastair coming on Board and Turner Pope helping us raise the money at the beginning of 2025, we're now funded to clinic readiness. That is ready to complete the dossier to send to the regulatory authorities to allow permission to administer this to human volunteers. More on this agent coming up. The second agent in neuropsychiatry is in fatigue and narcolepsy. It's a dopamine modulator. We call it DAT for short. Completely novel, again, patents granted across most major territories of the world. And this is particularly suitable in fatigue of brain origin. So not gym fatigue, not muscle fatigue, but fatigue of brain origin. Where do you get that? Things like multiple sclerosis, 80% of MS patients complain of fatigue a lot of the time. And this will be ideal for such patients with another neurodegenerative disease or at least glial degenerative disease, where it will alleviate fatigue. We have that data in models of that fatigue already. And we have our legacy program, SFX-01 in brain cancer, which is funded by a grant from the Dutch government. Theracryf is virtual. We're very highly capital efficient, that is that we can turn up or down the R&D volume control more or less at will. The business model is to develop to early proof-of-concept, POC, that refers to proof of concept or early clinical data and then out-license and monetize the asset to large pharma and large biotech companies. We do this pretty seamlessly with a team that's done it many, many times before. Almost a couple of centuries combined experience in drug development, in managing of these companies, funding or raising money, both dilutive and nondilutive and M&A activity, including licensing. So the investment case then. We have a lead asset that's class leading. At least it's class-leading so far in all the lab work we've seen, and we hope to demonstrate its class leading in the clinic in the not-too-distant future, either in partnership or with dilutive or nondilutive funding. It's a potential treatment for addiction as we touched on, heavily derisked because of the data package that's already been completed and all the work that was done during 2025. It's very close to the clinic. The lead program then it blocks the fundamental pathway in the brain, the orexin-1 pathway that's known to effect addiction. If you turn that pathway down as we do with this drug, you turn the impulse to overindulge in, as we said, drugs, alcohol, food. You turn that down. In preclinical work, we've shown best-in-class properties. What does that mean? It doesn't interfere with any of the receptor system in the brain. It gets into the brain readily. And it's the more selective. There are 2 orexin systems, 1 and 2. If you block one, you get this anti-addictive property. If you block 2, you get sleep, where you don't want sleep, you want a pure anti-addictive property. Our asset is the most selective. That is the one that most selectively hits 1 versus 2. So the chances of sleep or sedation in our studies is minimal, by far, by a factor of 10, greater than other agents that have made it to the clinic and some that have failed actually in the clinic. Heavily derisked then with a huge body of data on a short path now, way before the end of this year with all the data ready for human volunteer trials. Management team has done this. We know what we're doing. We're planning the next stage of development now, either doing it with dilutive or nondilutive funding, as I mentioned. It's a huge area now central nervous system disorders, particularly the psychiatric space, a lot of M&A activities in the $1 billion to $14 billion, $15 billion range on that bullet, last but 1 bullet there, BMS bought Karuna 18 months or 2 years ago for $14 billion. Karuna itself was a public company in the U.S. BMS decided it wanted to be active in this space and it acquired the entire company with a late-stage neuropsychiatry asset. There are many, many other licensing transactions, some more coming up in this presentation to show you if you just sell a single asset, what the price is when you do that. And the Board entirely agree that the potential of the orexin-1 asset, just this one asset in the portfolio, is not yet reflected in the valuation of the business. And the progress actually that we've made in 2025 is certainly not reflected in the valuation of the business as it currently stands. And we hope to change that in 2026. So the pipeline in a bit more detail. The first indication for our anti-addiction program, the orexin-1 blocker is binge-eating disorder. That's a massive overeating. It's a disease of planning, execution, 7,000 calories in one sitting and then remorse. There may be a resting period, and then the whole cycle, some days or weeks later starts again. So we always start with a single indication, and we believe that market is the best opportunity currently to start with. And then you expand your indications or diseases of interest with other studies into alcohol, for example, and cocaine addiction because of this fundamental mechanism. The key value for this asset is it's got class-leading potential. I've said before, it's class leading in the lab, and we expect it to be class leading in the clinic as well. What's the USP? It's got the ideal profile. It's the more selective, we've discovered, it doesn't interfere with any other receptor systems. So the chance of off-target side effects is minimal and the chance of sedation or sleepiness is also minimal with this agent. Our second and as yet unfunded one is our dopamine modulator. And our first indication there, we have preclinical data there is fatigue in MS and other fatigues of brain origin represent expansion opportunities for us. Where else do you get brain fatigue? Chemotherapy, for example, long COVID or indeed the genetically driven condition, narcolepsy, where we also have some preclinical data. The value is this is a unique mechanism. There's nothing approved in MS fatigue and this is -- again, the most selective, the most unique mechanism thus far discovered in this space. The USP, it's very, very highly selective for just the dopamine system and no other systems. So it won't have stimulant like effects like some of the other agents that have been tried in this area. So let's go back a bit then. The highlights of last year, we successfully raised money at the beginning of the year. We delivered very solidly against our plan. We delivered everything we said we were going to deliver to get this OX1 asset ready for the clinic. We focused, we pivoted with Alastair joining into CNS assets as our main value drivers with that successful fundraise. We've got key deliverables that are more than half delivered now, manufacturing scale up and toxicology. Final scale-up and final toxicology will be done in the first 2/3 of 2026. We have appointed Pharmaron, a top-tier contract research, contract manufacturing outfit to deliver these work packages with a talented team of consultants overseeing every single part of it. We're at or slightly ahead of schedule, actually. Just at the beginning of this week, we sent an RNS out to show that we've delivered slightly more than our target weight of drug, 10.6 kilograms and that we've achieved that scale up very smoothly indeed with efficiencies built into the process. That makes the process quicker and cheaper to execute every time we need to make industrial quantities of material. Purity, ahead of target, well ahead of target actually, well ahead of 99%. We started making the clinical grade material to a much higher standard, 2 kilograms of that expected during this year and we've achieved also formulation experiments where we now have an optimal formulation for giving to all species, including man. We've confirmed a second species, which is mandated by law for toxicology. We've done some early work in that species, and we know that the drug is suitable for that species and for toxicology. In addition to the U.S. patent that's already granted and the European one that's granted, we've got one granted in South Korea during the period, towards the end of the period, strengthening our global position. We've got very near global coverage, now all patents granted for coverage and protection of this high-value asset. Financial highlights then representing Toni, our CFO here. We made a post-tax loss in the half year. That's the last published financial review that we did. That's the year to September, which we released in early November, the post-tax loss was GBP 1.3 million versus GBP 1.2 million in the prior year. Cash outflow was GBP 1.3 million, in line versus GBP 1.2 million previously. Cash used in operations, GBP 0.7 million versus GBP 1.4 million the year before. There are some puts and takes in there, particularly R&D tax credits, which arrived in this period, making the cash used somewhat less because of the arrival of the R&D tax credit. Our cash balance is then remaining our GBP 3.5 million versus GBP 1.2 million in the previous year. So a healthy cash balance, which up to this period to 30th of September, gave us a cash runway unchanged to end 2026 in the top 20% of all European listed biotech companies. So a healthy cash balance, all of it allocated to maintaining operations and indeed delivering the milestones that we've set out. So to 2026 then. I'm grateful for Alastair for making this slide. We've got a lot of inflection points coming. And I think we should describe it graphically, and that's what we've done in the two halves of the current year. The big chunks of activity divide up into CMC, that's manufacturing, chemistry, manufacturing and controls. DMPK, pharmacokinetics and toxicology, that's all about safety or potential safety of the drug and then the regulatory work which allows us to submit a dossier ultimately towards the end of this year to the regulatory authorities to say, please give us permission to use this in humans. So the 10-kilogram drug substance, as I said earlier, is complete. That's done and slightly over target and slightly over purity target as well. So that's great. We've made -- started making 2 kilograms of what's called good manufacturing practice, or GMP, drug substance at the top there, that's for human use. So a very high standard to that whole manufacturing process done in a dedicated facility and all things you'd expect to be of the purity for human use. That work has already started. And then ultimately, later in the year, once we've got kilogram quantities of human grade material, we'll make the drug product that capsules that will be ready for the Phase I study. On the safety side, the next row down. We've established the dose rate for our tox studies. That is in species that we're going to study. Those results are ongoing, just about coming to the end of that piece of work. That is what is the range of toxicology doses, we need to explore to satisfy the regulators that this is entirely safe for human use. We're then developing analytical methods for the toxicology species and for humans actually. We need to develop a particular analytical method for man so that we make sure that the way we measure it in human blood is appropriate, and we pick up everything we need to pick up. That's fairly standard work in the industry. And then later on, beginning in the second half of the year, maybe quarter 3, we expect to see the full longer-term toxicology in both species complete. That's the key milestone on the safety piece of this workflow. In parallel ongoing is the regulatory documentation that we're putting together as we generate each part of the plan. So going at or slightly ahead of plan, and we anticipate that to continue through 2026. Now then stepping off the sort of operational plan for a minute and talking to you about how you value these sorts of drugs. So valuing CNS assets. We did some work with some analysts using publicly available data about what happens if you do an asset out licensing. So the left-hand histogram there, it's not all jam tomorrow. The jam tomorrow piece is on the right-hand side. That's the total deal excluding royalties in millions of dollars when you license out an asset like this in brain disease to a larger company. So at the preclinical stage, the total deal value in milestones is about $400 million. When you get to Phase I, that pushes more towards $600 million. That's the right hand graph. Again, not all jam tomorrow, those milestones come in stages of development and even marketing stages. But there are some very substantial upfronts available in this space. One of the reasons we pivoted towards this class of drug. The average preclinical upfront payment, that is the payment for the license in the first place is $26 million. That's the light blue histogram on the left there. The darker blue turquoise color is the size of the upfront alone when you get to Phase I completion, that's $49 million on the nail upfront. So we can see then that rather than this being a late stage, all the money comes later, this can make a huge difference even with the upfront payments, if we successfully conclude a licensing deal for OX1. And we've put on the far left there, our current market cap in dollars, which is about $6 million, it varies a bit, but it's about $6 million. You can see now the value accretion potential of just one asset in our portfolio. And I can tell you now that we are working towards deals with larger companies. It's a slow process, but we are in active discussions. So just to sum up, then before we turn back to Katie and the questions. We've got a diversified portfolio in some very highly attractive therapeutic areas. We've got 2 assets in these very attractive therapeutic areas very close to the clinic, and we've got an opportunity, a near term, a 2026 opportunity to build substantial value very quickly in this business. Our lead program is already funded to those value inflection points in this year and the management team does have the experience and the track record to have done it before and to see value being extracted from this portfolio when we expect it to be. So there we are, that's Theracryf. The formal piece done in the quarter of an hour. We're focused. We are financed to these inflection points. And we're flourishing at least when we measure it in terms of the progress to target on our funded addiction program. Katie, I'll hand back to you now for the questions.

Right. Well, thank you both very much, indeed, plenty of detail. Let's get started here with the investor questions that have been sent into us and thank you to everyone for registering and joining us this evening. So okay. Your progress has been acknowledged. You've achieved a lot, they say, in just a few months on your OX1 program during 2025. Why do you think the market though has not reacted?

It's something that occupies us greatly, and Alastair touched on that in his introductory comments. I think it's probably threefold. Firstly, I think all biotechs need to do a better job of communicating the importance of each stage of drug development. And these late preclinical stages. They're a bit esoteric, they're hard to get over the real impact that this has, making large industrial amounts of chemical versus stuff that's only been made in the lab before. Doesn't sound very exciting, but actually as a piece of drug development and getting ready to give it to man shortly, it's a major, major milestone as is early toxicology and full-size toxicology studies. Alastair, I'll draw back to you as well, given your early comments at the start of this webinar.

Yes. Yes. I mean obviously I agree with everything you said, Huw. I mean we've not done a good enough job and it's difficult for all biotechs to communicate the value add of the hard work. We've seen in the presentation the sort of scale that acquirers or licensees, the sort of values that are applied to assets as you move through preclinical and its clinical phase. So one can see that value is being added. But we need to do a better job of communicating that. And we -- as you said, it's right at the front of our minds to not only deliver the technical work, but to make sure we convey that value add. Until ultimately, of course, it's monetized in the commercial deal, and then it's very clear to the market that, that value is there. But difficult whilst it's a very technical story, right?

You're right. And that communication obviously starts here, and that's exactly what we're doing today. Okay. This next question says, why is it so unusual for drug development programs to run to or even ahead of schedule?

Well, I think between us here, we've probably got some tens of drug development programs under our belt already in the decades past. This has gone extraordinarily smoothly and the question is very well put actually. Quite often, you get hiccups, things go wrong, little things go wrong when it causes either delays or slight overspends. I think because of the experience of the team, and I'm just representing that team here, we've got an extremely experienced COO in Helen. We've got some key consultants who are decades subject specialists in each of the subsections of this plan. So we've got a sort of 3-layer expert group running every single part of this process. They are very aware of our budgets. We're open with them. They're very aware of our deadlines. We're a public company, it's very important to make your deadlines and lay out what the plan is and then deliver to that plan. I have to say, though, this is going usually well without hiccups in fairness.

Unusually well, I like that. Okay. This person is asking about the news flow. So what news flow should investors be looking out for this year? And can you give approximate time lines as well?

Yes, we touched it at the latter stages of the presentation we just gave. So -- and it's divided into 2 halves. The news flow now is the completion of these key activities. There's a shorter run now to getting ready for the clinic than there was when Alastair joined and we raised the capital at the beginning of last year. So we've got less time to go now, and it's sort of rolling downhill at an accelerated pace, really. What is that news flow? It is completion of, I think, called dose ranging. So we're examining the doses needed for the toxicology studies and then doing those toxicology studies themselves in 2 species, which is a legal requirement. Two different species and a rodent and nonrodent just to make sure that nothing untoward is going to happen when we give it to man, which will be not in the not-too-distant future. So the finishing of those toxicology species and the other big piece is manufacturing clinical grade material. So that is to a much higher standard of course, if you're giving it to people even volunteers, you make it to a human grade not a toxicology grade. So that has started, and we'll be finishing in this period. That's a major milestone, getting what's called GMP quality material ready. And then underlying all of that is writing up the documentation. That's constant. It's ongoing. So we're writing the regulatory documentation. So there's no delay really, no lag in finishing the experimental work and getting the dossier ready to submit ready for permission to give to volunteers.

Just to add to that, if I might, Katie, just going back to the point about communicating the value add of these steps. Imagine if you're sitting down with a large pharmaceutical company who is interested in licensing these assets, and they say to you, can you manufacture clinical-grade material as pills, so that we can deliver it to patients. Do you know all the details about the GLP toxicology, chronic and acute and so forth? All that information is critical to having those commercial discussions to ultimately monetize the asset. So whilst it is science and necessarily probably challenging for people to understand. If you think about the ultimate goal, getting to the point of a commercial deal that monetizes these assets, you have to have that data in order to do that.

Okay. This next one is asking about time lines and budget really. So given that drug development programs are expensive, of course, are you still confident that you can get to clinical trial readiness in 2026 and on budget? Okay. So this next question is asking about the time lines and the budget as well. So given that drug development programs are so expensive, are you still confident you can get to clinical trial readiness in 2026 and crucially on budget as well?

Yes absolutely.

Yes, absolutely. So that's 2 one word answers -- two word answers actually. Because we're so confident now of the book that's been done. And the plan and the work that's already started, almost everything that has been started. It's really a question of finishing it. The budget set, the money is there and really it's just a question of delivering to each of those milestones.

Okay. That was pretty emphatic. So we'll move on. Why do you think the opportunity for OX1 is so large?

It's huge. Because -- and this is a bit of neuroscience really, hopefully, not too kind of degree standard. The orexin-1 pathway is a fundamental pathway that causes you to abuse things that you like to abuse if you've got that personality set. A psychiatrist will describe an addictive, anxious personality. And that underpins addiction to whatever the favored substance is. That substance could be food. In that condition, it's a recognized medical condition. It's called binge-eating disorder. It could be alcohol. Alcohol use disorder is the technical clinical name for that. It could be drugs, cocaine use disorder, for example. And the mechanism that we're blocking with OX1 is fundamental to all of those potential addictions. It just switches off that impulse, or reduces your likelihood of getting that impulse and acting on it.

Okay. This actually follows on from that then. So what about the GLP-1 class, like Ozempic, lots of people are talking about right now. Won't they make your drug redundant?

Yes, good question, comes up very often. The answer is no. The answer is we act just on the brain to reduce the impulse. The Ozempic class, the GLP-1s, as they're called, act in a number of different places, mainly the gut, the stomach and the intestine with maybe, we don't know yet some effect on the brain. There's no reason these two can't be used together. So if you've got an overweight binger, so you've got a binge-eating disorder patient who overeats, raids the fridge at 6:00 a.m. in the morning and may eat the entirety of the contents. We're talking 7,000 calories in a sitting typically. So we can help switch off the binge whilst the Ozempic class can help people reduce weight. Now not all bingers are obese, they don't need it. So there are no reason they can't work together, but they act in completely different ways for completely different conditions. And of course, as we learn more about the GLP-1s, their side effect profiles coming out. Very rarely, there are visual disturbances, sometimes permanent. You get pancreatitis and then most people feel pretty miserable on them early on because you feel nauseous. So your gut slows, you feel a bit unpleasant with them. They work very well, and they've revolutionized, of course, that part of the market. riding that wave, we see as a good thing.

Okay. This 1 is more about the money side of the equation again. So will you have to raise money to fund Phase I yourselves?

Question for both of us, I guess. But there are a number of ways now to fund Phase I. We call them dilutive and nondilutive. There's no decision made. We could, for example, do a quick deal. The positive of that is somebody else pays for the next stage of development, pays us for rights to the asset. That the flip side is we don't get quite as much money doing an early-stage deal as we would do if we finished Phase I ourselves. There's a very good analysis in the presentation we just gave to show the difference between an early deal and a deal that you do just after Phase I clinicals. So two-edged sword that one, we could attempt to do it ourselves with dilutive or non-dilutive funding and even grants. So all of those things are up in the air with no decision made at the moment.

It's obviously a decision to make in the future. But as Huw says, shareholder value is absolutely paramount, and we can deliver far more shareholder value with a clinical asset that we license than a preclinical asset. So it's an important strategic decision later, but one that I think has a very clear history of decision-making in biotech, clinical assets are worth a lot more money.

Okay. Let's move on because this person is asking about SFX-01. Where is that going firstly? And when can you expect a progress update from Erasmus?

If you do high-risk research and glioblastoma is very high-risk research in the sense that most drugs you try in that awful devastating condition don't work. So if you're doing high-risk research, the idea is not to get the shareholder to pay for it. And they're not, it's funded by a grant by the Dutch government. So the high-risk research on SFX is being funded by the Netherlands. So there's no downside to us of continuing. We talk to them on a relatively frequent basis. When we have something fundamental to share on that, we will do. But the work is ongoing and it's at the preclinical stage at the moment.

Okay. Following on from that, do you have any large pharma companies showing an interest in this product?

We're off to a major partnering meeting next week. In fact, just in a couple of days from this webinar. And we'll be meeting with a large number of companies, big biotech, big pharma because the courtship of doing this deal is a long one. And you keep people updated at each stage. We've said to a number of major companies. This is what we're going to do. This is what the fund raise permits us to do. And we've done every single one of those things. We're saying, okay, here's an update. And then ultimately, you hope that it ends up in a transaction. As Alastair said, the transaction is much, much better for the shareholder if it's a clinical stage.

And just to conclude here, let's maybe go back and talk about shareholder value because that's what the majority of the questions are kind of alluding to really. How do you think the 2026 plan is going to be different in terms of this shareholder value?

Well, I think, if I perhaps start on that one, Huw. I mean, I've said and Huw has also said, we, in common with many other biotechs, need to do a better job of communicating the value that's being added. That requires effort, and we will do everything we possibly can. As we go through '26, hit those milestones, which I'm confident we will do to communicate the value uplift when we get to a clinical stage with this asset. I think the far easier point to realize that value is when we get that commercial deal, that licensing agreement, that partnership agreement, that is readily understood by the market. But prior to that, during through '26, we need to just communicate better as we're adding value by hitting those milestones and getting to the point of IND submission. So I wouldn't say there was a lack of activity in terms of communication in 2025, not at all. But clearly, it didn't deliver what we all want, which is some recognition of that value add in the market. So we'll do that this year.

If I take us back to look at this another way, if I take it back to the last time we spoke, Katie, we haven't appointed a key research partner. We haven't appointed our key consultants. We just finished a fund raise. So in the matter of 10 months since we last spoke, even fewer, we have appointed a partner. We've put together a crack team. We have -- set to do a big pharma industry standard finishing the early development before clinic, which is like preclinical. So we've made as opposed to test tubes sitting in a lab on storage which is what we had at that time. We've now made 10 bags of sugar of this material to over 99% purity, ready. So a huge, a sack load of it versus a little test tube full of it. And we've learned a huge amount of other way to make it. We've made that process more efficient, therefore, cheaper. We've got patents awarded during that period, which gives us almost global coverage. There's only one country left to drop. So in the period since we last spoke with the share price kind of where we are now to today, we've added immense value and our job is to try and get people to understand the value accretion that we've already created, and that there's a lot more to come.

Okay. Well, hopefully, this is a great start to the year. Thank you so very much indeed. That's Huw and Alastair there. Thank you for taking us through your research, your programs, your milestones there. And thank you, everyone, for joining us this evening as well for the questions that you sent in for your participation as well. Have a lovely evening, everybody. We will see you at the next event.

Thank you.

Thank you.